DoubleVerify Holdings Inc (DV) 2022 Q4 法說會逐字稿

Greetings, and welcome to the DoubleVerify Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Tejal Engman. Thank you, Tejal. You may begin.

您好，歡迎參加 DoubleVerify 2022 年第四季度財務業績電話會議。 （操作員說明）作為提醒，正在錄製此會議。現在我很高興向您介紹 Tejal Engman。謝謝你，特賈爾。你可以開始了。

Good afternoon, and welcome to DoubleVerify's fourth quarter and full year 2022 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎來到 DoubleVerify 的第四季度和 2022 年全年收益電話會議。今天和我們在一起的是首席執行官 Mark Zagorski；和首席財務官 Nicola Allais。

Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us, and our actual results could differ materially. For more information, please refer to the Risk Factors in our recent SEC filings, including our annual report on Form 10-K.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受固有風險、不確定性和變化的影響，反映了我們目前的預期和我們目前可獲得的信息，我們的實際結果可能存在重大差異。有關更多信息，請參閱我們最近向美國證券交易委員會提交的文件中的風險因素，包括我們在 10-K 表格上的年度報告。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also during the quarter today, we'll be referring to the slide deck posted on our website.

此外，我們今天的討論將包括對某些補充性非 GAAP 財務措施的參考，應考慮補充而不是替代我們的 GAAP 結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上獲取。同樣在今天的季度中，我們將參考我們網站上發布的幻燈片。

With that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thanks, Tejal, and good afternoon, everyone. We're pleased to share with you today an update on the strong financial results, major product expansions and continued market share gains that we delivered in 2022, a year that cemented DV's credentials as a market-leading, highly resilient technology business that consistently outperforms the broader digital advertising industry. We continue to see a large growing business opportunity for our verification solutions across new markets, new platforms and new customers. We are leaning in where our competition is leaning out, providing an opportunity to continue to take market share in a multibillion-dollar sector that remains widely untapped.

謝謝，Tejal，大家下午好。今天，我們很高興與您分享我們在 2022 年取得的強勁財務業績、主要產品擴展和市場份額持續增長的最新情況，這一年鞏固了 DV 作為市場領先、高彈性技術業務的信譽，並始終表現出色更廣泛的數字廣告行業。我們繼續看到我們的驗證解決方案在新市場、新平台和新客戶中不斷增長的巨大商機。我們正在向競爭對手傾斜的方向傾斜，這為我們提供了一個機會，可以繼續在這個價值數十億美元且尚未廣泛開發的行業中佔據市場份額。

Our ongoing EBITDA accretive investments in global sales resources to expand our international presence and machine learning and AI technology to fortify our successes in social platforms like TikTok and in groundbreaking uniquely accredited solutions like Authentic Attention exemplify our laser focus on building profitable market gains via a growing number of long-term sticky relationships that less innovative, less invested competitors will be challenged to dislodge. Our unwavering vision to be the ubiquitous driving force creating a stronger, safer, more secure digital ad ecosystem continues to not only be DV's North Star but has proven to yield exceptional ROI for our customers and partners.

我們持續對全球銷售資源進行 EBITDA 增值投資，以擴大我們的國際影響力，以及機器學習和人工智能技術，以鞏固我們在 TikTok 等社交平台和 Authentic Attention 等開創性的獨特認證解決方案方面的成功，這體現了我們對通過不斷增長的市場增長建立盈利性市場收益的高度關注一些缺乏創新、投入較少的競爭對手的長期粘性關係將面臨驅逐的挑戰。我們堅定不移的願景是成為創造更強大、更安全、更安全的數字廣告生態系統的無所不在的驅動力，這不僅繼續成為 DV 的北極星，而且已被證明可以為我們的客戶和合作夥伴帶來卓越的投資回報率。

Now let's jump into the results. We measured 5.5 trillion ad transactions in 2022, resulting in record revenue of $452 million, an increase of 36% year-over-year. Our business generated a 31% adjusted EBITDA margin and approximately $95 million of net cash from operating activities last year, even as we continue to thoughtfully invest in expanding our solutions, growing our workforce and integrating new businesses. We ended 2022 with a fourth quarter revenue growth rate of 27%, which is multiples above the digital advertising industry's single-digit growth rate. Robust top line growth in the fourth quarter, which is our largest revenue quarter, resulted in adjusted EBITDA margins of 37%, a testament to the strong operating leverage inherent in our business.

現在讓我們來看看結果。我們測得 2022 年有 5.5 萬億筆廣告交易，收入達到創紀錄的 4.52 億美元，同比增長 36%。去年，我們的業務產生了 31% 的調整後 EBITDA 利潤率和大約 9500 萬美元的經營活動淨現金，儘管我們繼續深思熟慮地投資於擴展我們的解決方案、增加我們的員工隊伍和整合新業務。截至 2022 年，我們第四季度的收入增長率為 27%，比數字廣告行業的個位數增長率高出數倍。第四季度收入強勁增長，這是我們收入最高的季度，調整後的 EBITDA 利潤率為 37%，證明了我們業務固有的強大運營槓桿。

We continue to gain market share by winning new enterprise clients and expanding usage by existing clients who activated more solutions, platforms and geographies with DV in the fourth quarter. We won a greater number of new and expansionary deals in Q4 2022 than we did in the same period in 2021, maintaining an 80% plus win rate across all opportunities with 67% of our wins being greenfield. Fourth quarter wins included General Mills, Dropbox, Adobe Japan, Amazon Prime Video, GlaxoSmithKline, Swarovski and Abbott. Additionally, we have a robust pipeline of new deals, and our first quarter win momentum remains strong with high-profile advertisers, including Air France, Airbnb, Fujifilm Japan and Mattress Firm choosing DV solutions.

我們通過贏得新的企業客戶並擴大現有客戶的使用來繼續獲得市場份額，這些客戶在第四季度使用 DV 激活了更多的解決方案、平台和地區。我們在 2022 年第四季度贏得了比 2021 年同期更多的新交易和擴張性交易，在所有機會中保持了 80% 以上的中標率，其中 67% 的中標是新建項目。第四季度獲勝的公司包括 General Mills、Dropbox、Adobe Japan、Amazon Prime Video、GlaxoSmithKline、Swarovski 和 Abbott。此外，我們有大量新交易，我們第一季度的贏利勢頭依然強勁，包括法國航空公司、Airbnb、日本富士膠片和床墊公司在內的知名廣告商選擇了 DV 解決方案。

In the fourth quarter and early this year, we achieved product and platform expansion milestones that we expect to fuel growth in 2023 and beyond. Let me discuss these in the context of the 3 key differentiators that drive our business, our rapidly growing scale, market-defining innovation and a deep commitment to being a trusted, unbiased and independent partner across the digital advertising ecosystem.

在第四季度和今年年初，我們實現了產品和平台擴展里程碑，我們預計這些里程碑將推動 2023 年及以後的增長。讓我在推動我們業務的 3 個關鍵差異化因素、我們快速增長的規模、市場定義的創新以及成為數字廣告生態系統中值得信賴、公正和獨立的合作夥伴的堅定承諾的背景下討論這些。

Beginning with scale and innovation, we meaningfully expanded our product coverage and our customer value proposition across CTV, social media and retail media networks, 3 underpenetrated media environment where we expect to unlock large long-term growth opportunities for DV. First, we continue to grow our CTV coverage, especially across the top ad-supported CTV providers. A vast majority of CTV ad impressions are delivered across a small group of the top CTV platforms, including Hulu, YouTube, Amazon, Roku, Warner Bros. Discovery, NBCUniversal, Paramount and Samsung with Disney+ and Netflix recently entering the ad-supported category.

從規模和創新開始，我們在 CTV、社交媒體和零售媒體網絡 3 中有意義地擴大了我們的產品覆蓋範圍和我們的客戶價值主張，我們希望在這些媒體環境中為 DV 釋放大量的長期增長機會。首先，我們繼續擴大我們的 CTV 覆蓋範圍，尤其是在廣告支持的頂級 CTV 提供商中。絕大多數 CTV 廣告印像是通過一小部分頂級 CTV 平台投放的，包括 Hulu、YouTube、亞馬遜、Roku、華納兄弟探索頻道、NBCUniversal、派拉蒙和三星，迪士尼+和 Netflix 最近也進入了廣告支持類別。

Following years of hard work to drive ubiquitous coverage of the Authentic Ad, DoubleVerify is now the only verification company that covers all of the top ad-supported CTV providers. Not only does DV cover the platforms that receive nearly all CTV ad spend, but we've also launched industry-leading solutions that span all aspects of CTV ad buying from pre-bid avoidance to post-bid blocking and monitoring. Plus, we're the only verification provider with end-to-end accreditation across pre- and post-bid solutions. Our advertiser partners demand a single, consistent metric everywhere they buy advertising, especially on CTV, and with DV's Authentic Ad, they have it.

經過多年努力推動 Authentic Ad 的廣泛覆蓋，DoubleVerify 現在是唯一一家涵蓋所有頂級廣告支持 CTV 提供商的驗證公司。 DV 不僅覆蓋了幾乎所有 CTV 廣告支出的平台，而且我們還推出了行業領先的解決方案，涵蓋 CTV 廣告購買的各個方面，從投標前規避到投標後攔截和監控。此外，我們是唯一一家在投標前和投標後解決方案中擁有端到端認證的驗證提供商。我們的廣告客戶合作夥伴要求在他們購買廣告的任何地方（尤其是在 CTV 上）有一個單一、一致的指標，而對於 DV 的 Authentic Ad，他們擁有它。

In addition to scale, DV is driving innovation in CTV's premium priced environment, where every ad dollar needs to perform. CTV viewability is quickly becoming a key concern for advertisers. Even in some of its hot CTV apps, DV's proprietary technology has found that 1 in 4 environments play content and record ad impressions after the TV is turned off. And in some environments, we found that 1 in 2 ad impressions drop before reaching 2 seconds of play. To address these issues, DV launched the industry's first scalable CTV viewability measurement solution earlier this year.

除了規模之外，DV 還在 CTV 的高價環境中推動創新，每一筆廣告費用都需要發揮作用。 CTV 可見度正迅速成為廣告商的主要關注點。即使在一些熱門的 CTV 應用程序中，DV 的專有技術也發現四分之一的環境會在電視關閉後播放內容並記錄廣告印象。在某些環境中，我們發現有二分之一的廣告印象會在播放 2 秒之前下降。為了解決這些問題，DV 在今年早些時候推出了業界首個可擴展的 CTV 可見度測量解決方案。

Through our automated MRC-accredited, fully on-screen certification process, we ensure that ads are only recorded when the TV screen is turned on. Subsequently, our CTV viewability solution then measures whether or not an ad is 100% in view for at least 2 seconds or more, thereby meeting both the IAB's and the MRC's viewability standards.

通過我們經過 MRC 認證的自動化全屏幕認證流程，我們確保僅在電視屏幕打開時才錄製廣告。隨後，我們的 CTV 可見度解決方案會測量廣告是否至少 2 秒或更長時間 100% 可見，從而滿足 IAB 和 MRC 的可見度標準。

Advertisers are thus able to uniformly compare viewability rates, unlocking measurement parity across screens and devices and ensuring that their ad spend is efficiently and effectively delivered while someone is actually watching. No other company is delivering this level of confidence to advertisers in CTV.

因此，廣告商能夠統一比較可見率，解鎖跨屏幕和設備的測量平等，並確保他們的廣告支出在有人實際觀看時高效且有效地投放。沒有其他公司能夠向 CTV 的廣告商提供這種程度的信心。

Turning to social. TikTok announced last week that DV is now 1 of only 3 badged measurement partners in the TikTok Marketing Partner Program. In November of last year, we expanded our measurement solution to include brand safety and suitability on their platform, and since then, we have seen solid initial uptake by advertisers. Driven by the addition of new brand safety metrics, we experienced a 19% sequential increase in the number of advertisers activating DV on TikTok from Q3 to Q4. After Meta and YouTube, TikTok generated the most social measurement revenue for DV in the fourth quarter despite its relatively low penetration of our existing customer base. In January, we tripled the number of advertisers leveraging the Authentic Ad on TikTok year-over-year from 21 to 68. And with over 1,000 brands on the DV platform, we've got plenty of room to grow.

轉向社交。 TikTok 上周宣布，DV 現在是 TikTok 營銷合作夥伴計劃中僅有的 3 個帶徽章的測量合作夥伴之一。去年 11 月，我們擴展了我們的衡量解決方案，將品牌安全性和適用性納入其平台，從那時起，我們就看到了廣告商的初步採用。在增加新的品牌安全指標的推動下，從第三季度到第四季度，我們在 TikTok 上激活 DV 的廣告商數量環比增長了 19%。在 Meta 和 YouTube 之後，TikTok 在第四季度為 DV 創造了最多的社交測量收入，儘管它在我們現有客戶群中的滲透率相對較低。 1 月份，我們在 TikTok 上使用 Authentic Ad 的廣告商數量同比增加了兩倍，從 21 家增加到 68 家。DV 平台上有 1,000 多個品牌，我們有很大的發展空間。

We also launched brand safety and suitability measurement on Twitter's timeline this January and expect to launch suitability measurement on Meta's feed later this year. As a result of increased customer interest in our expanding brand safety coverage, social measurement revenue growth accelerated from 24% year-over-year in the first half of 2022 to 32% in the second half. We ended 2022 with social representing 37% of our full year measurement revenue, up from 33% in 2021. And the growth opportunity remains substantial given that social is expected to comprise almost 60% of digital ad spend ex search in 2023, according to MAGNA Global.

今年 1 月，我們還在 Twitter 的時間線上推出了品牌安全性和適宜性衡量，並預計在今年晚些時候在 Meta 的 feed 上推出適宜性衡量。由於客戶對我們擴大品牌安全覆蓋範圍的興趣增加，社會測量收入增長從 2022 年上半年的同比 24% 加速到下半年的 32%。到 2022 年，我們的社交媒體收入占我們全年衡量收入的 37%，高於 2021 年的 33%。根據 MAGNA 的數據，鑑於社交媒體預計將在 2023 年佔除搜索之外的數字廣告支出的近 60%，因此增長機會仍然很大全球的。

The Meta platform represented nearly half of our social measurement in 2022. Almost 80% of that revenue was driven by DV's top 100 customers, where only 54 of the 100 activated DV on Meta in 2022. As we continue to grow our customer value proposition through brand safety, suitability measurement and coverage of Meta's feed, we expect many more of our top 100 customers to activate, substantially growing our revenue generation from the platform.

到 2022 年，Meta 平台占我們社會衡量指標的近一半。該收入的近 80% 是由 DV 的前 100 名客戶推動的，到 2022 年，在 Meta 上激活的 100 家 DV 中只有 54 家。隨著我們繼續通過以下方式發展我們的客戶價值主張品牌安全、適用性衡量和 Meta 提要的覆蓋範圍，我們希望更多的 100 強客戶能夠激活，從而大幅增加我們從該平台獲得的收入。

Retail media networks, one of the largest and fastest growing ad environments in the U.S., is emerging as a unique new business opportunity for DoubleVerify. It took only 5 years for retail media advertising to ramp from $1 billion to $30 billion of ad spend. Retail media will be the fourth largest ad spending environment in 2023 at $45 billion and will exceed ad spend on linear TV by 2025 according to eMarketer. DV grew trackable revenue from retail media by 115% year-over-year thanks to our compelling value proposition for advertisers who want to ensure their spend could be verified consistently across all media environments, including those managed by the world's largest retailers. Without consistent media quality standards like those measured by DV's Authentic Ad, return on ad spend analyses are inherently flawed.

零售媒體網絡是美國最大、發展最快的廣告環境之一，正在成為 DoubleVerify 獨特的新商機。零售媒體廣告的廣告支出從 10 億美元猛增至 300 億美元僅用了 5 年時間。根據 eMarketer 的數據，到 2023 年，零售媒體將成為第四大廣告支出環境，達到 450 億美元，到 2025 年將超過線性電視的廣告支出。 DV 來自零售媒體的可追踪收入同比增長 115%，這要歸功於我們對希望確保其支出能夠在所有媒體環境（包括全球最大零售商管理的媒體環境）中得到一致驗證的廣告商的極具吸引力的價值主張。如果沒有一致的媒體質量標準（如 DV 的 Authentic Ad 衡量的標準），廣告支出回報率分析就存在固有缺陷。

DV works with some of the largest retail media networks, including Amazon, Walmart, Target, Macy's, Best Buy and Kroger, and we're working to expand our coverage with international retailers as well. We provide activation and measurement solutions for advertisers as well as platform verification products, thereby creating value across the entire media transaction, both for the buy and the sell side. We expect retail media growth to continue at triple-digit rates in 2023 with contributions across all 3 of our business lines.

DV 與一些最大的零售媒體網絡合作，包括亞馬遜、沃爾瑪、塔吉特、梅西百貨、百思買和克羅格，我們也在努力擴大我們對國際零售商的覆蓋範圍。我們為廣告商提供激活和測量解決方案以及平台驗證產品，從而在整個媒體交易中為買賣雙方創造價值。我們預計零售媒體在 2023 年將繼續以三位數的速度增長，我們所有 3 條業務線都將做出貢獻。

Importantly, retail media networks offer DV verification solutions to brands of all sizes on their platforms, essentially acting as an SMB channel partner, allowing us to tap into entirely new ad budgets and providing the opportunity to meaningfully grow our TAM. Enhancing our value proposition across CTV, social media and retail media networks provides customer upsell opportunities that we expect will continue to increase our average revenue per customer in 2023 and beyond.

重要的是，零售媒體網絡為其平台上的各種規模的品牌提供 DV 驗證解決方案，本質上充當 SMB 渠道合作夥伴，使我們能夠利用全新的廣告預算並提供機會來有意義地發展我們的 TAM。加強我們在 CTV、社交媒體和零售媒體網絡中的價值主張，為客戶提供追加銷售機會，我們預計這將在 2023 年及以後繼續增加我們每位客戶的平均收入。

Upselling compelling products across new platforms creates a flywheel for long-term growth as we've seen with Authentic Brand Suitability, or ABS, which was launched at the end of 2018. Now in its fourth year, ABS revenue continues to grow at a rapid 46% pace and contributed approximately $123 million to our top line in 2022. Nearly 60% of ABS' 2022 revenue growth was driven by new logo wins and upsells to existing customers while approximately 40% was driven by existing ABS customers using the product more, including leveraging ABS in a larger number of international markets.

正如我們在 2018 年底推出的 Authentic Brand Suitability (ABS) 中看到的那樣，跨新平台追加銷售引人注目的產品為長期增長創造了飛輪。現在已經是第四個年頭，ABS 收入繼續快速增長46% 的速度，並在 2022 年為我們的收入貢獻了約 1.23 億美元。ABS 2022 年收入增長的近 60% 是由新徽標贏得和對現有客戶的追加銷售推動的，而大約 40% 是由現有 ABS 客戶更多地使用該產品推動的，包括在更多的國際市場上利用資產支持證券。

It's been exciting to see so many of our top 100 customers, including Amazon AWS, Merck, Diageo, Vodafone and Mondelez expand their use of ABS internationally. We expect ABS to continue to grow given that 35% of our top 500 customers have yet to activate this industry-leading solution, and ABS innovations continue to create growth opportunities.

很高興看到我們的 100 強客戶中有這麼多，包括亞馬遜 AWS、默克、帝亞吉歐、沃達丰和億滋在國際上擴大對 ABS 的使用。鑑於我們 35% 的前 500 強客戶尚未激活這一行業領先的解決方案，我們預計 ABS 將繼續增長，並且 ABS 創新將繼續創造增長機會。

Today, we're announcing the launch of Authentic Direct, which empowers publishers to offer ABS controls to their direct advertisers, sharply reducing brand safety violations and block rates on campaigns not purchased via programmatic platform. Authentic Direct provides a direct link to an advertiser's suitability profile, allowing publishers to easily automate targeting that reflects an advertiser's granular preferences. It further solidifies DV's drive to ensure our metrics are viewed as advertiser currency wherever their spend may be.

今天，我們宣布推出 Authentic Direct，它使發布商能夠向他們的直接廣告商提供 ABS 控制，從而大幅減少品牌安全違規和非通過程序化平台購買的活動的屏蔽率。 Authentic Direct 提供指向廣告商合適性資料的直接鏈接，使發布商能夠輕鬆地自動進行反映廣告商精細偏好的定位。它進一步鞏固了 DV 的動力，以確保我們的指標被視為廣告商的貨幣，無論他們的支出在哪裡。

As our product coverage grows, we have more solutions to offer across a greater number of media environments and geographies than ever before. From activating our core verification solutions everywhere to adopting our newer performance solutions, including DV Authentic Attention, DV Custom Contextual and Scope3 sustainability measurement, our flywheel has never had greater momentum.

隨著我們產品覆蓋範圍的擴大，我們可以提供比以往更多的解決方案，涵蓋更多的媒體環境和地區。從到處激活我們的核心驗證解決方案到採用我們更新的性能解決方案，包括 DV Authentic Attention、DV Custom Contextual 和 Scope3 可持續性測量，我們的飛輪從未有過更大的動力。

We see this momentum reflected in our key customer KPIs. We achieved a net revenue retention rate of 127% in 2022, maintaining an over 120% NRR for the last 4 years. The average revenue from our top 100 customers grew 16% year-over-year to $2.6 million. We had 70 clients generate more than $1 million of revenue in 2022, and that's 22% more than in 2021. In addition, we grew the total number of advertisers generating over $200,000 of revenue in 2022 to $246,000, a 29% increase over 2021. And our advertiser relationships remain incredibly sticky. Our top 75 customers have stayed with DV for over 7 years, while our top 50 and top 25 have been loyal DV customers for over 8 years.

我們看到這種勢頭反映在我們的主要客戶 KPI 中。我們在 2022 年實現了 127% 的淨收入保留率，在過去 4 年中保持了超過 120% 的 NRR。來自前 100 大客戶的平均收入同比增長 16% 至 260 萬美元。到 2022 年，我們有 70 個客戶的收入超過 100 萬美元，比 2021 年增加了 22%。此外，我們將 2022 年收入超過 200,000 美元的廣告商總數增加到 246,000 美元，比 2021 年增加了 29%。我們的廣告客戶關係仍然非常牢固。我們排名前 75 位的客戶已經與 DV 保持了 7 年以上，而我們排名前 50 位和排名前 25 位的客戶已經成為忠實的 DV 客戶超過 8 年。

Transitioning to our final and perhaps most important differentiator, trust. Trust is core to the value we deliver to our customers and underpins our important role in the digital advertising ecosystem. This year, DV announced the discovery of BeatSting, the first large-scale audio ad fraud scheme, which costs advertisers up to $1 million per month. In addition, we recently collaborated with Roku to eradicate a highly sophisticated ad fraud scheme called SmokeScreen that falsified CTV traffic. Working with platforms to mitigate fraud is a part of DV's mission to make digital advertising ecosystem stronger, safer and more secure.

過渡到我們最後的，也許是最重要的區別因素，信任。信任是我們為客戶提供的價值的核心，也是我們在數字廣告生態系統中發揮重要作用的基礎。今年，DV 宣布發現首個大規模音頻廣告欺詐計劃 BeatSting，廣告商每月損失高達 100 萬美元。此外，我們最近與 Roku 合作，根除了一個名為 SmokeScreen 的高度複雜的廣告欺詐計劃，該計劃偽造了 CTV 流量。與平台合作減少欺詐是 DV 使數字廣告生態系統更強大、更安全和更有保障的使命的一部分。

Moreover, we began 2023 with the announcement that the MRC has accredited DV Authentic Attention, which is now the industry's first accredited attention product. Through our industry-leading number of accreditations and fiercely independent market position, we remain the sector's most trusted verification provider.

此外，我們在 2023 年伊始就宣布 MRC 已認可 DV Authentic Attention，這是目前業界首款獲得認可的注意力產品。通過我們行業領先的認證數量和高度獨立的市場地位，我們仍然是該行業最值得信賴的驗證提供商。

To conclude, despite headlines focused on macro headwinds and recession fears, the digital advertising industry continues to grow. Global digital ad spend is expected to expand by 8% in 2023 according to MAGNA Global, and DV expects to grow significantly faster than that. In fact, every digital channel from display -- digital display to premium CTV is projected to deliver ad spend growth in 2023, according to the IAB survey of nearly 220 ad investment decision makers.

總而言之，儘管頭條新聞關注宏觀逆風和對經濟衰退的擔憂，但數字廣告行業仍在繼續增長。根據 MAGNA Global 的數據，全球數字廣告支出預計將在 2023 年增長 8%，而 DV 預計增長速度將遠高於此。事實上，根據 IAB 對近 220 位廣告投資決策者的調查，從數字顯示到優質 CTV 的每個數字渠道預計將在 2023 年實現廣告支出增長。

According to the survey, advertisers stated 2 of their top 3 goals are improving media efficiency and improving brand equity. In addition, cross-platform measurement is an area that most participants said they would command an increasing focus. DoubleVerify solutions directly address these spending priorities by reducing media waste, improving brand equity and enabling cost platform measurement at scale, providing parity across multiscreen campaigns. DV helps make every ad dollar count.

根據調查，廣告商表示他們的前 3 個目標中有 2 個是提高媒體效率和提高品牌資產。此外，跨平台測量是大多數參與者表示他們將越來越關注的領域。 DoubleVerify 解決方案通過減少媒體浪費、提高品牌資產和實現大規模成本平台衡量直接解決這些支出優先事項，從而在多屏廣告活動中提供平等待遇。 DV 有助於使每一筆廣告費用都發揮作用。

We are excited about the sizable greenfield opportunity to expand our solution to the hundreds of top brands that we do not work with today, increasing the influence and scope of our verification currency around the globe, and we're equally excited to continue to build on our current relationships and expand our solutions with the 1,000-plus advertisers that are existing DV customers. We remain focused on maintaining our strong pipeline momentum of new and expansionary deals, thus driving significantly greater market share and an even stronger long-term growth trajectory. The opportunity for DV has never been greater, and our global team armed with the most accredited, trusted product suite is primed to take advantage of it.

我們很高興有巨大的綠地機會將我們的解決方案擴展到我們今天沒有合作的數百個頂級品牌，增加我們的驗證貨幣在全球的影響力和範圍，我們同樣很高興繼續發展我們目前的關係，並擴展我們與現有 DV 客戶的 1,000 多家廣告商的解決方案。我們仍然專注於保持新交易和擴張性交易的強勁勢頭，從而推動更大的市場份額和更強勁的長期增長軌跡。 DV 的機會從未如此巨大，我們的全球團隊擁有最受認可、最值得信賴的產品套件，隨時準備利用它。

With that, let me hand the call over to Nicola.

有了這個，讓我把電話交給尼古拉。

Thank you, Mark, and good afternoon, everyone. DV had a strong fourth quarter and full year 2022, demonstrating the resilience of our business and the strength of our operational execution through a challenging macro environment. Let me begin with a review of our 2022 performance before discussing our 2023 outlook.

謝謝馬克，大家下午好。 DV 在第四季度和 2022 年全年表現強勁，展示了我們在充滿挑戰的宏觀環境中的業務彈性和運營執行力。在討論我們的 2023 年展望之前，讓我首先回顧一下我們 2022 年的表現。

Fourth quarter total revenue growth of 27% was driven by 40% growth in activation, 10% growth in measurement and 29% growth in supply side. Our activation and measurement businesses, which are driven by advertisers, were a combined 91% of our total fourth quarter revenue. Advertiser revenue grew 26% in the fourth quarter, driven by 22% growth in volume, or MTM, and 3% growth in pricing, or MTF, on a year-over-year basis. In addition, OpenSlate performed in line with our expectations and is now fully integrated into our business, making DV the only provider to offer end-to-end social verification from pre-campaign activation to post-campaign measurement.

第四季度總收入增長 27%，主要受激活增長 40%、測量增長 10% 和供應增長 29% 的推動。我們的激活和測量業務由廣告商推動，合計占我們第四季度總收入的 91%。廣告客戶收入在第四季度增長了 26%，這主要受銷量（MTM）同比增長 22% 以及定價（MTF）同比增長 3% 的推動。此外，OpenSlate 的表現符合我們的預期，現已完全融入我們的業務，使 DV 成為唯一一家提供從活動前激活到活動後測量的端到端社交驗證的提供商。

MTM growth accelerated sequentially from 17% in the third quarter to 22% in the fourth quarter. We drove volume growth through product, channel and geographic expansion with existing customers and through new customer wins. DV's continued volume growth in the face of macro headwinds underpins both the durability and the resilience of our revenue model.

MTM 增長從第三季度的 17% 連續加速到第四季度的 22%。我們通過現有客戶的產品、渠道和地域擴張以及贏得新客戶來推動銷量增長。面對宏觀逆風，DV 的銷量持續增長鞏固了我們收入模式的持久性和彈性。

With regards to pricing, MTF growth of 3% in the quarter was attributable to continued mix shift towards premium priced solutions. ABS' strong impression volume growth of 49% in Q4 was partly driven by international, where, as Mark mentioned, global brand customers are continuing to expand their use of ABS.

在定價方面，本季度 MTF 增長 3% 歸因於繼續向高價解決方案的組合轉變。 ABS 第 4 季度 49% 的強勁印象量增長部分是由國際推動的，正如 Mark 提到的那樣，全球品牌客戶正在繼續擴大他們對 ABS 的使用。

Fourth quarter measurement revenue grew 10% and was led by social where volumes grew 33%. International measurement revenue grew 5% in the quarter on a reported basis, a slight pickup from 2% in the third quarter. DV's measurement business is predominantly U.S.-based today with a relatively small exposure to international, which comprised 26% of total 2022 measurement revenue. We continue to see several growth catalysts for DV's measurement business. Our product and coverage expansion on social, CTV and retail media networks as well as our new customer wins are expected to contribute to measurement growth in 2023 and beyond.

第四季度測量收入增長了 10%，其中社交收入增長了 33%。根據報告，本季度國際測量收入增長 5%，較第三季度的 2% 略有回升。 DV 的測量業務目前主要位於美國，國際業務相對較少，佔 2022 年測量總收入的 26%。我們繼續看到 DV 測量業務的多種增長催化劑。我們在社交、CTV 和零售媒體網絡上的產品和覆蓋範圍擴展以及我們贏得的新客戶預計將有助於 2023 年及以後的測量增長。

On supply side, revenue grew 29%, largely driven by new revenue from platforms that embed DV solutions to provide their customers with inventory that meets a standard level of third-party verification. Publisher revenue also grew, mainly driven by growth in new publisher customers.

在供應方面，收入增長了 29%，這主要是由嵌入 DV 解決方案的平台帶來的新收入推動的，這些平台為客戶提供符合第三方驗證標準水平的庫存。出版商收入也有所增長，主要受新出版商客戶增長的推動。

For full year 2022, revenue growth of 36% was driven by activation where both premium and core programmatic products delivered strong growth of 50%. Revenue growth of 17% in measurement was primarily driven by social, which comprised 37% of 2022 measurement revenue. With spend on social platforms expected to comprise approximately 60% of digital ad budget ex search in 2023, our social measurement revenue continues to have a long runway for growth. Supply side revenue growth of 47% was driven by increased platform and publisher revenue and by the addition of OpenSlate's platform solution.

2022 年全年，36% 的收入增長是由激活驅動的，其中優質和核心程序化產品實現了 50% 的強勁增長。測量收入增長 17% 主要是由社交驅動的，社交收入佔 2022 年測量收入的 37%。到 2023 年，社交平台上的支出預計將佔搜索前數字廣告預算的 60% 左右，因此我們的社交衡量收入繼續有很長的增長空間。供應方收入增長 47%，這主要得益於平台和發行商收入的增加以及 OpenSlate 平台解決方案的加入。

For full year 2022, advertiser revenue growth was primarily driven by volume growth. We measured 5.5 trillion transactions, a 22% year-over-year increase in MTM, while average fee per impression increased to $0.072, a 7% year-over-year increase in MTF. In 2023, we expect volumes to remain the primary driver of our growth as we continue to verify more digital ad impressions through product innovation, channel and geographic expansion with existing and new customers.

2022 年全年，廣告商收入增長主要由銷量增長推動。我們測量了 5.5 萬億筆交易，MTM 同比增長 22%，而每次展示的平均費用增加到 0.072 美元，MTF 同比增長 7%。到 2023 年，我們預計銷量仍將是我們增長的主要驅動力，因為我們將繼續通過產品創新、渠道和與現有和新客戶的地理擴張來驗證更多的數字廣告印象。

Moving to expenses. Cost of revenue in the fourth quarter increased by 24%, primarily driven by our revenue sharing arrangements with programmatic partners as activation revenue grew to 56% of total revenue from 51% a year ago. Revenue less cost of sales remained at steady levels in 2022 at 83% of revenue and at slightly lower levels than prior year, reflecting the larger share of activation revenue in addition to continued investments in scaling the infrastructure needed to support our growth.

轉向開支。第四季度的收入成本增加了 24%，這主要是由於我們與程序化合作夥伴的收入分成安排推動的，因為激活收入佔總收入的比例從一年前的 51% 增長到 56%。減去銷售成本的收入在 2022 年保持穩定水平，佔收入的 83%，略低於上一年的水平，這反映出除了繼續投資擴大支持我們增長所需的基礎設施外，激活收入的份額更大。

Non-GAAP product development costs grew 50%. Sales, marketing and customer support costs grew at 26%, and G&A costs grew 22% in the quarter as compared to the prior year. We delivered $49 million of adjusted EBITDA or 37% margin. For full year 2022, total non-GAAP operating expenses represented 51% of total revenue, consistent with 2021. We ended 2022 with 902 employees, up from 810 at the end of 2021, an 11% year-over-year increase as compared to a 36% revenue increase in that same period, reflecting the efficiency of our operations as we scale. Full year adjusted EBITDA of $142 million represented a 31% adjusted EBITDA margin as our business continues to combine high revenue growth with high margins.

非 GAAP 產品開發成本增長了 50%。與去年同期相比，本季度銷售、營銷和客戶支持成本增長了 26%，而 G&A 成本增長了 22%。我們交付了 4900 萬美元的調整後 EBITDA 或 37% 的利潤率。 2022 年全年，非美國通用會計準則運營費用總額佔總收入的 51%，與 2021 年持平。截至 2022 年，我們擁有 902 名員工，高於 2021 年底的 810 名，同比增長 11%同期收入增長了 36%，反映了我們在擴大規模時的運營效率。全年調整後 EBITDA 為 1.42 億美元，調整後 EBITDA 利潤率為 31%，因為我們的業務繼續將高收入增長與高利潤結合起來。

In terms of balance sheet, we generated approximately $95 million of net cash from operating activities in 2022, resulting in an operating cash flow to adjusted EBITDA ratio of 67%. Capital expenditures of approximately $40 million in 2022 included approximately $32 million invested in expanding our global headquarters as we return to office this year with a significant larger employee base than before the pandemic. Finally, we ended the year with $268 million of cash on hand and 0 long-term debt.

在資產負債表方面，我們在 2022 年從經營活動中產生了約 9500 萬美元的淨現金，導致經營現金流與調整後 EBITDA 的比率為 67%。 2022 年的資本支出約為 4000 萬美元，其中包括投資約 3200 萬美元用於擴大我們的全球總部，因為我們今年重返辦公室，員工人數比大流行前大得多。最後，我們以手頭現金 2.68 億美元和 0 長期債務結束了這一年。

Moving to guidance. Let me first highlight the market trends we are seeing. Overall, the demand environment for our solutions remain healthy, and we continue to close on deals in our pipeline, which remains robust. Heading into 2023, we believe we have realistically accounted for the evolving macro headwinds and expect to continue to deliver industry-leading revenue growth and strong profitability.

轉向指導。首先讓我強調一下我們看到的市場趨勢。總體而言，我們解決方案的需求環境保持健康，我們繼續完成管道中的交易，這些交易仍然強勁。進入 2023 年，我們相信我們已經現實地考慮了不斷變化的宏觀逆風，並期望繼續實現行業領先的收入增長和強勁的盈利能力。

For the full year 2023, we expect revenue in the range of $550 million to $564 million, a year-over-year increase of 23% at the midpoint, and adjusted EBITDA in the range of $164 million to $172 million, representing a 30% adjusted EBITDA margin at the midpoint. We expect the quarterly share of full year revenue to be similar to the seasonal patterns that we experienced in 2022.

對於 2023 年全年，我們預計收入在 5.5 億美元至 5.64 億美元之間，中點同比增長 23%，調整後的 EBITDA 在 1.64 億美元至 1.72 億美元之間，佔 30%調整後的 EBITDA 利潤率在中點。我們預計全年收入的季度份額將與我們在 2022 年經歷的季節性模式相似。

For the first quarter 2023, we expect revenue in the range of $117 million to $119 million, a year-over-year increase of 22% at the midpoint and adjusted EBITDA in the range of $28 million to $30 million, representing a 25% adjusted EBITDA margin at the midpoint.

對於 2023 年第一季度，我們預計收入在 1.17 億美元至 1.19 億美元之間，中點同比增長 22%，調整後的 EBITDA 在 2800 萬至 3000 萬美元之間，佔調整後 25%中點的 EBITDA 利潤率。

For modeling purposes, we expect stock-based compensation expenses in the range of $11 million to $12 million for the first quarter and in the range of $54 million to $59 million for the full year. We expect weighted average fully diluted shares outstanding for the first quarter in the range of 171 million to 173 million. With 0 debt and a strong cash balance, we are well positioned to drive further business expansion and accelerate our long-term growth in 2023.

出於建模目的，我們預計第一季度基於股票的薪酬支出在 1100 萬至 1200 萬美元之間，全年在 5400 萬至 5900 萬美元之間。我們預計第一季度的加權平均完全稀釋流通股在 1.71 億至 1.73 億股之間。憑藉零債務和強勁的現金餘額，我們有能力推動進一步的業務擴張並加速我們在 2023 年的長期增長。

And with that, we will open up the line for questions. Operator, please go ahead.

有了這個，我們將打開問題熱線。接線員，請繼續。

(Operator Instructions) And our first question comes from the line of Raimo Lenschow from Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank for Raimo. Congrats on the quarter, guys. I wanted to ask on how the ROI pitch is resonating with new customers in this macro. And with that, specifically, are there any trends to call out on the new greenfield deals?

這是雷莫的弗蘭克。恭喜這個季度，伙計們。我想問一下 ROI 宣傳如何與這個宏中的新客戶產生共鳴。因此，具體而言，是否有任何趨勢可以呼喚新的綠地交易？

Great question. Thanks for that. I mean, look, we have always leaned very heavily into the fact that media quality, which is what we measure and verify, is the basis for all performance, right? The quality of what you're buying, ensuring that it's viewable, ensuring that there's no fraud and it aligns with who your brand is, is the main reason why customers work with us.

很好的問題。感謝那。我的意思是，聽著，我們一直非常重視這樣一個事實，即我們衡量和驗證的媒體質量是所有性能的基礎，對嗎？您所購買商品的質量、確保其可見、確保沒有欺詐行為並與您的品牌保持一致，是客戶與我們合作的主要原因。

So in good times, it resonates; and in times in which ad budgets may be a little tight, it resonates even more. So I think it's been super helpful, particularly as we move into greenfield areas, where clients are [using] anything. If they believe that we can help optimize their spend, which we do, it makes that sale that much more powerful. And I think if you saw -- as we mentioned in the call, we had -- we closed more new deals in Q4 this year than we did last year. Our greenfield win rate was almost 70% again. So it is helping to attract new clients, and that story is resonating even more in this kind of challenging environment.

所以在美好的時候，它會引起共鳴；在廣告預算可能有點緊張的時候，它更能引起共鳴。所以我認為這非常有幫助，特別是當我們進入未開發區域時，客戶正在 [使用] 任何東西。如果他們相信我們可以幫助優化他們的支出（我們確實這樣做了），那麼銷售就會更加強大。我想如果你看到——正如我們在電話會議中提到的那樣——我們今年第四季度完成的新交易比去年多。我們的綠地勝率再次接近 70%。因此，它有助於吸引新客戶，而且在這種充滿挑戰的環境中，這個故事更能引起共鳴。

So it hasn't changed our pitch a lot, but I think it's definitely helped us with those customers, push some of them over the edge, who may have been kind of staying on the sidelines questioning whether or not they needed verification by proving that we're actually helping them make their ad dollars that much more efficient. It's truly kind of made a bigger part of their value equation as they look to spend. So it's been helpful on greenfield for sure.

所以它並沒有太大改變我們的音調，但我認為它肯定幫助了我們與那些客戶，將他們中的一些人推到了邊緣，他們可能一直在觀望，質疑他們是否需要通過證明來驗證我們實際上是在幫助他們提高廣告收入的效率。當他們想要花錢時，它確實在他們的價值方程式中佔據了更大的一部分。所以它肯定對綠地有幫助。

Great. One follow-up if I can. I was wondering if you could touch on the macro assumptions baked into the guide. And how much, if any, is baked in from newer platforms like TikTok, Netflix, Meta, et cetera?

偉大的。如果可以的話，進行一次跟進。我想知道您是否可以談談指南中的宏觀假設。如果有的話，有多少是來自 TikTok、Netflix、Meta 等較新的平台？

Yes. So I'll take that question. The -- I'll start with the back of your question, which is, we haven't baked in a lot of upside for the integration that you just mentioned. We have the tool in place, and we're working with the platforms, but the numbers are really based much more on a realistic view of core products for core market and core solutions. So the guidance takes a more realistic approach around just continuing to sell the current products to our current clients with obviously some new sales on top of it but limited revenue impact from the new platforms, yes.

是的。所以我會回答這個問題。 - 我將從你的問題的背面開始，也就是說，我們沒有為你剛才提到的整合帶來很多好處。我們有合適的工具，我們正在與平台合作，但這些數字實際上更多地基於對核心市場和核心解決方案的核心產品的現實看法。因此，指南採取了一種更現實的方法，只是繼續向我們當前的客戶銷售當前產品，顯然還有一些新的銷售，但新平台對收入的影響有限，是的。

And the next question comes from the line of Arjun Bhatia with William Blair.

下一個問題來自 Arjun Bhatia 和 William Blair 的對話。

Congrats on the quarter and the strong execution to close the year. Maybe going back to the greenfield question. It seems like there's obviously a lot more opportunity that's still out there. What were these customers doing before they used -- they decided to adopt rather? And was that something that was outsourced to agency, something they were doing manually or something that was not addressed at all? And now what is the factor in your view that's driving these brands to decide, hey, we need to adopt DV now and we need third-party verification, fraud mitigation, et cetera?

祝賀本季度和結束這一年的強大執行力。也許回到綠地問題。看起來顯然還有更多的機會。這些客戶在使用之前在做什麼——他們決定採用？那是外包給代理機構的事情，他們手動做的事情還是根本沒有解決的事情？現在，您認為促使這些品牌做出決定的因素是什麼，嘿，我們現在需要採用 DV，我們需要第三方驗證、欺詐緩解等？

Yes, it's a great question, Arjun. And so a couple of things to consider. The first is, in many cases, the customer has pretty limited awareness of the verification solutions that may be available and how they actually can help accelerate what they're doing on the media spend side. So the first aspect of this is creating awareness and showing them that there's an opportunity for them to better optimize their spend. In those cases, they're not using anything, right? They're, in some cases, not focused on the impact that fraud may have on their spend. In other cases, they may see viewability as a [giving], so something that they would assume in certain environments. And when we kind of give them the heads up that environments like CTV, viewability is not a giving .

是的，這是一個很好的問題，Arjun。所以有幾件事需要考慮。首先，在許多情況下，客戶對可能可用的驗證解決方案以及它們實際上如何幫助加速他們在媒體支出方面所做的事情的認識非常有限。因此，第一個方面是提高認識並向他們表明他們有機會更好地優化支出。在那些情況下，他們沒有使用任何東西，對吧？在某些情況下，他們並不關注欺詐可能對其支出產生的影響。在其他情況下，他們可能會將可見度視為一種[給予]，因此他們會在某些環境中假設。當我們提醒他們像 CTV 這樣的環境時，可見度並不是給予。

So in most of those cases, it's a combination of lack of awareness of what the impact is -- of verification solutions can be. But also the fact that they're just not -- and they're not using anything to begin with. Along that is spend that's outside of the U.S. as well, so as we go into new markets, they were still getting some traction there. And that's kind of the first bucket.

因此，在大多數情況下，這是由於缺乏對驗證解決方案可能產生的影響的認識的結合。但還有一個事實，即他們只是不——而且他們一開始就沒有使用任何東西。隨之而來的是美國以外的支出，所以當我們進入新市場時，他們在那裡仍然有一些吸引力。那是第一個桶。

Second bucket, some of them may be using some native tools, homemade stuff, tools that are embedded in platforms themselves. And this is where our positioning around being independent, being unbiased is really the sale because if you're using a tool for fraud that's baked into a transactional platform, there's not really a ton of incentives for that platform, just flag as much fraud as possible if they're getting paid for it, right?

第二個桶，他們中的一些人可能正在使用一些本地工具，自製的東西，平臺本身嵌入的工具。這就是我們圍繞獨立定位的地方，不偏不倚才是真正的銷售，因為如果你使用的是交易平台中內置的欺詐工具，那麼該平台並沒有太多的激勵措施，只需標記盡可能多的欺詐行為如果他們為此得到報酬，那是可能的，對吧？

So I think that is the other case, too. They're either using nothing, so we have to create awareness; or they are using an embedded tool, and at some point, they actually start feeling that the lack of independence on that tool is going to hurt them.

所以我認為這也是另一種情況。他們要么什麼都不用，所以我們必須提高意識；或者他們正在使用嵌入式工具，在某些時候，他們實際上開始覺得該工具缺乏獨立性會傷害到他們。

Awesome. That's super helpful. And then I wanted to touch on Authentic Direct. It seems like a really interesting product, probably a lot of applicability in your customer base. How should we think about the revenue cadence for this? Because I remember when ABS was launched and that kind of drove a hockey stick in growth in programmatic, what are you thinking of adoption trends and how you take this to market within your customer base?

驚人的。這非常有幫助。然後我想談談 Authentic Direct。這似乎是一個非常有趣的產品，可能在您的客戶群中有很多適用性。我們應該如何考慮這方面的收入節奏？因為我記得當 ABS 推出時，它推動了程序化增長的曲棍球棒，你如何看待採用趨勢以及如何將其推向客戶群中的市場？

Yes. It's a great question. We're really excited about Authentic Direct because it extends the power of ABS into direct buys, and it makes DV that much more powerful as a currency, right? It's really about ensuring that DV data can be used wherever and however an advertiser buys. Now the spin on Authentic Direct is that it's a publisher tool. Actually, it's a tool that enables publishers to provide the same level of granular verification that advertisers use in pre-bid in the programmatic space, to use that on their direct buys.

是的。這是一個很好的問題。我們對 Authentic Direct 感到非常興奮，因為它將 ABS 的功能擴展到直接購買中，並且它使 DV 作為一種貨幣更加強大，對吧？這實際上是為了確保 DV 數據可以在廣告商以任何方式購買的任何地方使用。現在，Authentic Direct 的特點是它是一個發布工具。實際上，它是一種工具，使發布商能夠提供與廣告商在程序化空間的預投標中使用的相同級別的精細驗證，以便在他們的直接購買中使用它。

So because it's a publisher tool, it's definitely less of a massive revenue driver than an advertiser tool would be. However, it adds to the total value proposition of what DV provides for an advertiser, right? So now that they know that their currency -- that ABS currency can be used in programmatic, can now be used in direct buys as well. So I would -- we're being pretty tempered on the growth trajectory of that product and what impact it may have. We look at really more of a strategic investment in broadening the acceptance of our data wherever a buyer may buy.

因此，因為它是一個發布商工具，所以它絕對不像廣告商工具那樣是一個巨大的收入驅動因素。但是，它增加了 DV 為廣告商提供的總價值主張，對嗎？所以現在他們知道他們的貨幣——ABS 貨幣可以用於程序化，現在也可以用於直接購買。所以我會 - 我們對該產品的增長軌跡及其可能產生的影響非常溫和。我們實際上更多地關注戰略投資，以擴大買家可能購買的地方對我們數據的接受度。

And the next question comes from the line of Andrew Boone with JMP Securities.

下一個問題來自 Andrew Boone 與 JMP Securities 的對話。

As Facebook is set to open more broadly up towards the end of this year, can you talk about the learnings you've had from Twitter as well as TikTok? And what does that suggest about the opportunity for Facebook as that becomes more of a reality?

由於 Facebook 將在今年年底前更廣泛地開放，您能談談您從 Twitter 和 TikTok 中學到的東西嗎？隨著 Facebook 成為現實，這意味著什麼？

Thanks, Andrew. It's a great question, and you nailed it. The work that we've been doing with TikTok and Twitter has really given us a great basis from which to think about how we approach news feed environments and particularly, those news feed environments with a ton of very rich content. And a few things that we learned were first that there is a flywheel of knowledge, so there's a relatively heavy machine learning investment upfront. But once that thing gets flying, it makes it easier and easier over time to kind of manage the feeds and provide verification across those.

謝謝，安德魯。這是一個很好的問題，你搞定了。我們在 TikTok 和 Twitter 上所做的工作確實為我們提供了一個很好的基礎，可以從中思考我們如何處理新聞提要環境，尤其是那些內容非常豐富的新聞提要環境。我們了解到的一些事情首先是知識的飛輪，因此前期的機器學習投資相對較大。但是，一旦它飛起來，隨著時間的推移，管理提要並提供跨這些提要的驗證變得越來越容易。

So from a technical perspective, we're learning a ton that I think actually, to be very direct, it was probably better that we learn to walk on some of the smaller social networks so that we can run when we hit Meta. So I think that's the first thing.

所以從技術的角度來看，我們正在學習很多東西，我認為實際上，非常直接，我們可能更好地學習在一些較小的社交網絡上行走，這樣我們就可以在點擊 Meta 時運行。所以我認為這是第一件事。

The second thing we're seeing is that brand safety and suitability is by far the biggest demand for advertisers when it comes to social media networks in those news feeds. So we've provided viewability and IVT measurement for a while across those platforms. But when we launched with TikTok, for example, the brand safety and suitability solutions, we saw a significant growth in advertisers who want to turn us on across social and across TikTok.

我們看到的第二件事是，品牌安全性和適用性是迄今為止廣告商對這些新聞提要中的社交媒體網絡的最大需求。因此，我們已經在這些平台上提供了一段時間的可見度和 IVT 測量。但是，當我們與 TikTok 一起推出品牌安全和適用性解決方案時，我們看到想要在社交和 TikTok 上吸引我們的廣告商數量顯著增加。

So we know that it's a big trigger for growth, and we know that it's super valuable. So I think the -- from a technical perspective, going to those 2 environments has helped us kind of just become smarter and how we're going to apply our tool set and our machine learning tool set. And from a business perspective, what we're finding is that it really is unlocking an entirely new source of advertiser interest when you start putting brand safety on top of the news feed environment.

所以我們知道它是增長的重要推動力，我們知道它非常有價值。所以我認為 - 從技術角度來看，進入這兩個環境已經幫助我們變得更聰明，以及我們將如何應用我們的工具集和機器學習工具集。從商業角度來看，我們發現，當您開始將品牌安全置於新聞提要環境之上時，它確實開啟了廣告商興趣的全新來源。

So we really remain bullish on what we're going to be able to do there. We've noted TikTok went from 0 to our third largest social network on a measurement basis in a year, and that was largely based on, I think, some of the momentum that we got when we started announcing things like brand safety and suitability measurement loss there. So we're looking forward to Meta. Again, no clear defined date that we've been able to -- that we will be able to provide at this point. But we are excited, and it should be substantial for our business.

所以我們真的仍然看好我們在那裡能夠做的事情。我們注意到，在衡量基礎上，TikTok 在一年內從 0 發展為我們的第三大社交網絡，我認為這主要是基於我們開始宣布品牌安全和適用性衡量等內容時獲得的一些動力損失在那裡。所以我們期待 Meta。同樣，我們目前無法提供明確定義的日期。但我們很興奮，這對我們的業務來說應該是可觀的。

That's helpful. And then I wanted to touch on international. You guys had 5% growth in 4Q, kind of low single digits in 3Q. Understood the macro there and everything else that's going on. But how do you guys accelerate that? And how do we think about just the potential for international to become a bigger part of the business?

這很有幫助。然後我想談談國際。你們在第四季度有 5% 的增長，在第三季度有點低個位數。了解那裡的宏以及正在發生的一切。但是你們如何加速呢？我們如何看待國際化成為業務更重要部分的潛力？

Yes. Maybe I'll talk a little bit about the kind of strategic part of international, and Nicola, you want to add any numbers to make -- to back me up on this, that would be great. We talked about, over the last 12 to 18 months, how we felt we were underinvested in our international sales force, and we kind of juiced that up over the last several quarters.

是的。也許我會談談國際的戰略部分，尼古拉，你想添加任何數字來製作 - 支持我這一點，那會很棒。在過去的 12 到 18 個月裡，我們談到了我們對國際銷售團隊投資不足的感受，而在過去的幾個季度裡，我們稍微加強了這一點。

And I think we truly believe that there's a significant amount of growth outside of North America that we've yet to tap into. Despite the headwinds there, there's still a relatively unpenetrated business. When we look at our measurement business, for example, less than 30% is coming from outside of the U.S. And that means when 60% of digital ad spend is outside the U.S., we're definitely underweighted when it comes to those markets.

而且我認為我們真的相信北美以外還有大量我們尚未開發的增長。儘管那裡有逆風，但仍有相對未滲透的業務。例如，當我們查看我們的測量業務時，只有不到 30% 來自美國以外。這意味著當 60% 的數字廣告支出在美國以外時，我們在這些市場上的權重肯定偏低。

So that investment we made over the last few years was to make up for that. Despite those headwinds there, when we look at the wins that we had in Q4, good number of them were outside the U.S., big ones like Swarovski, like Adobe Japan, Airbnb, General Mills on a global basis. These are big -- McDonald's Japan. These are big international growth numbers that we're able to close via further investment in our global team. So we look at that as still an untapped opportunity. APAC is definitely performing better than EMEA was, which is no surprise based on kind of the different global headwinds that we've seen in the 2 regions, but we see both of them actually turning corners to stronger growth rate coming into 2023.

所以我們在過去幾年所做的投資是為了彌補這一點。儘管存在這些不利因素，但當我們審視我們在第四季度取得的勝利時，很多勝利都在美國以外，像施華洛世奇這樣的大公司，如 Adobe Japan、Airbnb、General Mills 在全球範圍內。這些很大——日本麥當勞。這些是我們能夠通過對全球團隊的進一步投資來實現的巨大國際增長數字。所以我們認為這仍然是一個尚未開發的機會。亞太地區的表現肯定好於歐洲、中東和非洲地區，這並不奇怪，因為我們在這兩個地區看到了不同的全球逆風，但我們看到這兩個地區實際上都在轉折，在 2023 年實現更強勁的增長率。

The next question comes from the line of Matt Swanson with RBC Capital Markets.

下一個問題來自 Matt Swanson 與 RBC Capital Markets 的對話。

I want to dig in a little on the macro. Mark, I think you mentioned a couple of times that this has been a challenging macro, which I don't think is the first thing someone would think when they see your results. So I mean if there's areas that you would point out specifically saying that we're more impacted from a macro headwind standpoint, I think that'd be interesting.

我想深入了解一下宏觀。馬克，我想你曾多次提到這是一個具有挑戰性的宏，我認為這不是人們看到你的結果時首先想到的。所以我的意思是，如果您要特別指出從宏觀逆風的角度來看我們受到的影響更大，我認為那會很有趣。

And then the second part, you've mentioned a few times about a lot of your appeal coming from optimizing spend. And that almost feels like something that would be a tailwind in a challenging market. It's people focusing in that area. So maybe if you could just kind of talk about the puts and takes of the current environment.

然後是第二部分，你已經多次提到優化支出對你的吸引力很大。在充滿挑戰的市場中，這幾乎感覺像是順風。人們專注於那個領域。所以也許你可以談談當前環境的投資和收益。

Yes. So thanks for the question, Matt. So on the macro side, look, we have always been pretty clear that we are not immune to macro headwinds, but we're pretty resilient, and I think that's what our performance shows. We are not a percentage or take rate business that get impacted by CPMs because we're a fixed transaction fee. We run on volume, and those volumes continue to be good.

是的。謝謝你的問題，馬特。所以在宏觀方面，看，我們一直很清楚，我們不能免受宏觀逆風的影響，但我們非常有彈性，我認為這就是我們的表現所顯示的。我們不是受 CPM 影響的百分比或費率業務，因為我們是固定交易費用。我們以銷量為基礎，這些銷量仍然很好。

But there's always some challenges, and I think the challenges that we saw were really more international-based than they were domestic-based. And since our international -- I'll conjure what I just said. So our international exposure is relatively light. I think we were impacted significantly less than other businesses -- ad-based businesses over the last several quarters, even though there was a bit of a drag there. And we are clear in our Q4. Our Q3 call, there was some drag particularly around EMEA.

但總會有一些挑戰，我認為我們看到的挑戰更多是基於國際的，而不是基於國內的。由於我們的國際--我會想起我剛才說的話。所以我們的國際曝光率比較低。我認為我們受到的影響遠小於其他業務——過去幾個季度基於廣告的業務，儘管那裡有一些拖累。我們在第四季度很清楚。我們的第三季度電話會議特別在歐洲、中東和非洲地區出現了一些阻力。

That being said, I think we are confident that based on the new products that we're launching, new coverage that we're able to provide across new sectors and our further investment in some of those international markets where we see things actually doing pretty well, that macro, again, we won't be immune to it, but it's not going to hit us the way other companies have gotten hit. And I think both our results in Q4 and our guide for the rest of the year kind of exemplify that.

話雖這麼說，我認為我們有信心，基於我們推出的新產品、我們能夠在新領域提供的新覆蓋範圍，以及我們對一些國際市場的進一步投資，我們看到這些市場實際上做得很好好吧，這個宏，我們不會對它免疫，但它不會像其他公司受到打擊一樣打擊我們。我認為我們在第四季度的結果和我們今年剩餘時間的指南都證明了這一點。

On the optimization front, I think you're exactly right. I think there was a question earlier regarding how has it changed your pitch or has it helped you in greenfield opportunities. It definitely has. And from the fact that if we can prove to an advertiser that it's important for you to worry about fraud, right? If 5% of your spend is going to fraud and you're a CMO, your marketing budget, which is cut by 20%, that extra 5% is critically important.

在優化方面，我認為你是完全正確的。我認為之前有一個問題是關於它如何改變你的音調或者它是否幫助你獲得了新的機會。它肯定有。如果我們可以向廣告商證明您擔心欺詐很重要，對吧？如果你有 5% 的支出用於欺詐，而你是一名 CMO，那麼你的營銷預算將被削減 20%，這額外的 5% 至關重要。

So I think it's -- the idea of ensuring that there's the equality, that the ads are being seen, that they're actually being delivered to a real human, those things become much more important to advertisers when their budgets get squeezed. So we've always kind of said, we're important in good times because it just makes sense, and we're even more important in challenging times because when every dollar counts, there's no room for waste, and we help ensure that advertisers don't waste.

所以我認為這是 - 確保存在平等的想法，廣告被看到，它們實際上被交付給一個真正的人，當他們的預算受到擠壓時，這些事情對廣告商來說變得更加重要。所以我們總是說，我們在繁榮時期很重要，因為它只是有道理，在充滿挑戰的時期我們更重要，因為當每一分錢都很重要時，就沒有浪費的餘地，我們幫助確保廣告商不要浪費。

Yes. That's super helpful. If I could do one more. I guess on the MRC accreditation around attention, can you just kind of give us some more color on how big that is for customers? And then I guess we're kind of looking to see -- I don't think you want to predict the next ABS given how successful that's been, but the next big upsell product. Did Authentic Attention feel like the one that may be next in line?

是的。這非常有幫助。如果我能再做一次。我想關於關注度的 MRC 認證，你能不能給我們更多關於它對客戶有多大的顏色？然後我想我們有點想看看——我認為你不想預測下一個 ABS 的成功程度，而是下一個大的追加銷售產品。 Authentic Attention 感覺像是下一個嗎？

We love all of our children, and we want them all (inaudible), but we're hoping for that. I think that look, we are incredibly bullish on attention as a category, right? It's getting a significant amount of focus from advertisers, particularly as they look at things like reach and frequency being limited in their effectiveness as a proxy for an outcome.

我們愛我們所有的孩子，我們都想要他們（聽不清），但我們希望如此。我認為看起來，我們非常看好注意力作為一個類別，對吧？它得到了廣告商的大量關注，特別是當他們將覆蓋面和頻率等因素視為結果代理時，其有效性受到限制。

And as the digital ad ecosystem becomes increasingly fractioned across multiple different types of platforms, the ability to measure across this platform becomes tougher and tougher. So I think that having a proxy like attention is really attractive to advertisers because of the cross-platform nature of companies like us that can do that but also because of the fact that they're getting increasingly wary of, again, reach frequency being the only proxy that works for an outcome.

隨著數字廣告生態系統在多個不同類型的平台上變得越來越分散，跨該平台進行衡量的能力變得越來越強硬。所以我認為像注意力這樣的代理對廣告商來說真的很有吸引力，因為像我們這樣的公司的跨平台性質可以做到這一點，但也因為他們越來越擔心，再次，達到頻率是唯一適用於結果的代理。

So when it comes to accreditation, it is important. And the reason why it's so important is because you're looking at a category that no one has really defined yet. And we've always said, in the buildup to attention and the success of attention, there's kind of 3 phases. There's kind of socialization, which is getting people to understand what it is and getting our customers to engage with attention. There's standardization, and there's commercialization, right? It's getting out and scaling the business.

所以說到認證，這很重要。它之所以如此重要，是因為您正在查看一個尚未真正定義的類別。我們一直說，在註意力的積累和注意力的成功中，有 3 個階段。有一種社會化，讓人們了解它是什麼，並讓我們的客戶引起注意。有標準化，就有商業化，對吧？它正在走出去並擴大業務。

I think we're still focused on the first 2 layers of that, which is getting people to understand and engage with it. So we've launched the Authentic Attention snapshot, and we've had literally thousands of our engagements with that to our Pinnacle UI or tool set with the snapshot for it. So that said, the socialization started with our customers.

我認為我們仍然專注於前兩層，即讓人們理解並參與其中。因此，我們推出了 Authentic Attention 快照，我們已經與我們的 Pinnacle UI 或帶有快照的工具集進行了數以千計的互動。也就是說，社會化始於我們的客戶。

The standardization is key, and I think that gets standardized through accreditation, through folks like the MRC but also through creating industry standards to groups like the IAB. Once those get set and a great example that we use all time, viewability, was a category that started off as kind of the wild west and kind of decide what they thought viewability was, but then was corralled by standards and accreditations. And viewability became a multi-hundreds of millions of dollar category, right?

標準化是關鍵，我認為通過認證，通過像 MRC 這樣的人，以及通過為像 IAB 這樣的團體創建行業標準來實現標準化。一旦這些設置好並且我們一直使用的一個很好的例子，可見度就是一個開始作為狂野西部的類別並且有點決定他們認為可見度是什麼，但隨後被標準和認證所限制。可見度變成了數億美元的類別，對嗎？

So we believe that attention can be a similar sized category as viewability, if not, greater, and we also believe that we are in the full position to own that space. So again, early days, early time in the process, but we are enthusiastic about it. And as one of our favorite children right now, we are going to shower that product with love and attention and make sure that it's successful.

因此，我們相信注意力可以是與可見度相似大小的類別，如果不是，則更大，並且我們也相信我們完全有能力擁有該空間。所以，再一次，早期，早期的過程，但我們對此充滿熱情。作為我們現在最喜歡的孩子之一，我們將用愛和關注來沐浴該產品，並確保它成功。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe a two-parter if I can. Always wanted to get the perspective at the beginning of the fiscal year of what you see as sort of the 2 to 3 most important high-priority investment dynamics in the business, not only with an eye towards 2023 but setting the business up for compounded growth beyond 2023. And with that answer on investments as a backdrop, how should we be thinking about variability in the margin that you've laid out for 2023 and/or a dynamic around the exit velocity of the margin in the business for '23 going into out years?

如果可以的話，也許是兩個人。一直希望在財政年度開始時了解您所認為的業務中最重要的 2 到 3 個最重要的高優先級投資動態，不僅要著眼於 2023 年，還要為業務的複合增長做好準備2023 年以後。以這個關於投資的答案為背景，我們應該如何考慮您為 2023 年制定的利潤率的可變性和/或圍繞 23 年的業務利潤率退出速度的動態變化進出年？

I'll take the first part of that, and Nicola can take the second part. I think when we think about our high-priority investments, the -- I want to start with the kind of basis of everything we do, and that's involved in investments in our machine learning and AI technology. These are things and these are investments in which underpin a good number of our products. And we found that as we invest more on those, it allows us to run those products more efficiently, more effectively and in the long term, more profitably as well.

我負責第一部分，Nicola 可以負責第二部分。我認為，當我們考慮我們的高優先級投資時，我想從我們所做的一切的基礎開始，這涉及對我們的機器學習和人工智能技術的投資。這些是支撐我們大量產品的東西和投資。我們發現，隨著我們在這些方面的投資越來越多，它使我們能夠更有效、更有效地長期運行這些產品，也更有利可圖。

So, a, that would be one key investment for us. And the second is more product specific. We've got 2 areas that we talked about on the call that I think are -- continue to be growth drivers for us, which are social and CTV. Our investments in those products over the next 12 to 18 months will provide not only short-term returns, but as those sectors grow, particularly CTV, we're in a really great position to take advantage of that growth over time.

所以，那將是我們的一項關鍵投資。第二個是更具體的產品。我認為我們在電話會議上談到了兩個領域——繼續成為我們的增長動力，即社交和 CTV。我們在未來 12 到 18 個月內對這些產品的投資不僅會提供短期回報，而且隨著這些行業的增長，尤其是 CTV，我們處於一個非常有利的位置，可以隨著時間的推移利用這種增長。

So I think core investment, machine learning and AI, that drives kind of a lot of our verification tools, and then specific investments across social and CTV are going to pay off because those are just underpenetrated segments for us that are continuing and growing across the macro.

因此，我認為核心投資、機器學習和 AI 驅動了我們的許多驗證工具，然後在社交和 CTV 方面的具體投資將獲得回報，因為這些對我們來說只是未被充分滲透的細分市場，而且在整個宏。

Nicola, do you want to talk about (inaudible)?

尼古拉，你想談談（聽不清）嗎？

Yes. I think just to follow up on that, with that in mind, we are going to make sure to balance the market opportunity with what we're seeing in the market in terms of variability. So we're going to be thoughtful about how we actually invest, the speed of the investment. The opportunity is obviously there for us to take. So we're guiding to a margin that remains steady at a healthy 30%, but obviously, we'll take a look at the market to see how we need to manage that to continue to invest but also to remain at those kinds of levels in terms of guidance for the margins.

是的。我認為只是為了跟進這一點，考慮到這一點，我們將確保在市場機會與我們在市場上看到的可變性之間取得平衡。因此，我們將仔細考慮我們的實際投資方式，投資速度。機會顯然就在我們面前。因此，我們正在指導保持穩定在健康的 30% 的利潤率，但顯然，我們將看看市場，看看我們需要如何管理它以繼續投資，但也保持在那種水平在利潤率指導方面。

And the next question comes from the line of Michael Graham with Canaccord.

下一個問題來自 Michael Graham 與 Canaccord 的對話。

I wanted to drill into CTV for a minute and just maybe ask you to spend a second on what kind of trends you're seeing with the big ad-supported streaming platforms, maybe how pricing is normalizing on some of those, particularly Netflix. Maybe just a few comments there would be helpful.

我想花一點時間深入了解 CTV，也許會請您花點時間了解一下您在大型廣告支持的流媒體平台上看到的趨勢，也許其中一些平台的定價正在正常化，尤其是 Netflix。也許只是一些評論會有幫助。

Yes. So we don't have a -- just to be direct, we don't have a ton of visibility on the actual ad pricing that's going across those platforms. But when we look at our solution, we've bundled in the CTV covers into our standardized measurement pricing across video. So we've not trifurcated our price between video and CTV as of yet. We're still kind of looking to gain traction across those platforms.

是的。所以我們沒有 - 直接地說，我們對跨這些平台的實際廣告定價沒有太多的了解。但是當我們審視我們的解決方案時，我們已經將 CTV 封面捆綁到我們跨視頻的標準化測量定價中。因此，到目前為止，我們還沒有將視頻和 CTV 的價格分成三部分。我們仍然希望在這些平台上獲得牽引力。

So at the end of the day, for us, it's limiting the amount of friction when it comes to CTV measurement so that we can get people up and running across those ad-supported platforms and get them measuring there. So pricing-wise, we haven't moved the needle on that yet, but volume-wise, we've seen a nice uptick in CTV volumes based on our additional coverage on those expanded platforms.

因此，歸根結底，對我們來說，它限制了 CTV 測量時的摩擦量，這樣我們就可以讓人們在那些廣告支持的平台上啟動和運行，並讓他們在那裡進行測量。因此，在定價方面，我們還沒有在這方面採取行動，但在數量方面，基於我們在這些擴展平台上的額外覆蓋，我們看到 CTV 數量有了很好的增長。

Okay. And then maybe just a quick follow-up. I just wanted to ask on the international MTF trends. Are we seeing expansion there? I know there's a bit of a tougher macro. But are we seeing those MTFs kind of expand to get closer to the North American levels? Or is that still something that's not in the cards?

好的。然後可能只是快速跟進。我只是想問一下國際MTF趨勢。我們在那裡看到擴張了嗎？我知道有一個更嚴格的宏。但我們是否看到這些 MTF 正在擴大以接近北美水平？還是那仍然是不可能的事情？

Michael, no. I would say we're not seeing the gap closing yet, and we're not necessarily surprised by it. I think the -- obviously, as you know, our model is really volume driven, and we're looking to just make sure to be able to verify everywhere we can. So it's a function of really where the CPMs are in different parts of the world, and obviously, there are some markets that are more mature than others. But in general, the rest of the world rates do remain lower than the U.S. rate.

邁克爾，不。我會說我們還沒有看到差距縮小，我們不一定對此感到驚訝。我認為 - 顯然，如您所知，我們的模型確實是數量驅動的，我們希望確保能夠在任何地方進行驗證。因此，這實際上取決於 CPM 在世界不同地區的位置，顯然，有些市場比其他市場更成熟。但總的來說，世界其他地區的利率確實低於美國的利率。

Our next question comes from the line of Vasily Karasyov with Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

My question is about your guidance for fiscal '23. If you look at your guidance for revenue and then adjusted EBITDA, which one are you more confident in if you had to choose? My guess would be probably EBITDA. Do you have some wiggle room in the cost base in case something catastrophic happens and the resilience in your business model is breached by something that's going on with the ad market and you would be able to save that? Would that be the correct assumption? Or am I looking at it the wrong way? Can you please talk about it and help us understand more where the safer area is there?

我的問題是關於你對 23 財年的指導。如果您查看您的收入指導，然後調整 EBITDA，如果必須選擇，您對哪一個更有信心？我的猜測可能是 EBITDA。如果發生災難性的事情，你的商業模式的彈性被廣告市場正在發生的事情破壞，你的成本基礎是否有一些迴旋餘地，你將能夠挽救它？那是正確的假設嗎？還是我看錯了？能否請您談談這件事，幫助我們更多地了解哪裡更安全？

Yes. Vasily, I would say, as I answered in the prior question, we are being thoughtful and prudent in terms of managing our expenses because of the variability that we're seeing in the market still. So we are able to dial up or down the investments that we need to make to grab the market opportunity fairly quickly. So I think your perspective is the right one. We do have the levers there. We're not going to be super rigid. If we see an enormous opportunity and we need to go after it with additional investments, we will do that. But we are going to be mindful of the bottom line and the profitability.

是的。 Vasily，我想說，正如我在前面的問題中回答的那樣，由於我們在市場上看到的變化仍然存在，我們在管理我們的費用方面是深思熟慮和謹慎的。因此，我們能夠調高或調低我們需要進行的投資，以相當快地抓住市場機會。所以我認為你的觀點是正確的。我們確實有槓桿。我們不會超級死板。如果我們看到一個巨大的機會並且我們需要追加投資，我們就會這樣做。但我們將注意底線和盈利能力。

And the next question comes from the line of Mark Murphy with JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

You have [Cameron] on for Mark Murphy. Just maybe 2 questions. At a high level, obviously, you guys are tied to volumes. But the major brands you've been interacting with, how are they thinking about 2023? And kind of what volume assumptions are they embedding in their plans?

你讓 [Cameron] 代替 Mark Murphy。也許只是2個問題。顯然，在高層次上，你們與數量有關。但是您一直在與之互動的主要品牌，他們如何看待 2023 年？他們在計劃中嵌入了什麼樣的體積假設？

Yes, I think we've always noted that we report on MTM and MTF, but really MTM is the lifeblood of our business, right? We want to drive volume, and we do that in kind of 3 main ways. We do it by growing our current customer business with our current products. We grow it by expanding the products we sell to them. So they're buying more products that hit more impressions, and we do it by covering more sectors like covering just more types of media.

是的，我認為我們一直注意到我們報告了 MTM 和 MTF，但 MTM 真的是我們業務的命脈，對嗎？我們想提高銷量，我們通過三種主要方式來做到這一點。我們通過使用現有產品發展現有客戶業務來實現這一目標。我們通過擴大我們銷售給他們的產品來發展它。因此，他們購買了更多能獲得更多印象的產品，而我們通過覆蓋更多行業（例如覆蓋更多類型的媒體）來做到這一點。

And we've seen that media expansion happen in CTV. We've seen that media expansion happen with social. So I think when we look at our MTM growth this year, what we're hearing from them is, on core ad spend, advertisers have been pretty conservative, right? They've looked at the year and said we're not going to come out and say we're going to grow ad spend by double digits. We're going to be relatively conservative here.

我們已經看到 CTV 發生了媒體擴張。我們已經看到媒體擴張發生在社交媒體上。所以我認為，當我們查看今年的 MTM 增長時，我們從他們那裡聽到的是，在核心廣告支出方面，廣告商一直非常保守，對吧？他們回顧了這一年，並表示我們不會出來說我們將以兩位數的速度增長廣告支出。我們將在這里相對保守。

However, that's probably a bit less meaningful to us than the fact that, a, that core ad spend, even if it's flat, it's probably going to be buying CPMs that are cheaper, right, because there's less supply and demand. And since we're a fixed CPM business, they're probably going to buy more impressions for a less rate -- a lesser CPM rate, and so -- but still spend the same budget. And that's the first piece.

然而，這對我們來說可能沒有什麼意義，因為核心廣告支出，即使持平，也可能會購買更便宜的每千次展示費用，對吧，因為供求關係較少。由於我們是一家固定每千次展示費用的企業，他們可能會以更低的費率購買更多的印象——更低的每千次展示費用等等——但仍然花費相同的預算。這是第一部分。

The second piece is those 2 other ways that we drive revenue, so drive MTM, are by covering more sectors and launching new products. We feel pretty good about the fact that our additional coverage in social and CTV and the new products that will support those is going to be a great buffer against any core volume degradation than those customers may see on their basic buy.

第二部分是我們推動收入的其他兩種方式，因此推動 MTM，是通過覆蓋更多領域和推出新產品。我們對以下事實感到非常滿意：我們在社交和 CTV 方面的額外覆蓋以及支持這些的新產品將極大地緩衝任何核心銷量下降，而不是那些客戶在基本購買時可能看到的。

So I think those 2 things, think of like new products, new sectors that drive MTMs for us. And the fact that even if those customers reduce core spend, that doesn't always mean that the number of impressions that they buy go down, particularly in a market where CPMs are getting soft. So I think we have pretty good outlook and the fact that advertiser spend may be conservative, but we still have good growth prospects despite that.

所以我認為這兩件事，比如新產品，為我們推動 MTM 的新領域。事實上，即使這些客戶減少了核心支出，也並不總是意味著他們購買的印像數會下降，尤其是在每千次展示費用變得疲軟的市場中。所以我認為我們的前景非常好，而且廣告客戶的支出可能是保守的，但儘管如此，我們仍然有良好的增長前景。

Okay. Great. And then a quick follow-up just on your hiring plans for 2023. Is there any benefit given the kind of broader layoffs that are occurring across technology for DoubleVerify as far as an easing environment to hire into?

好的。偉大的。然後快速跟進您 2023 年的招聘計劃。考慮到 DoubleVerify 跨技術發生的更廣泛的裁員，就寬鬆的招聘環境而言，是否有任何好處？

Yes. Look, it's a great question. And it certainly is a different hiring environment than it was a year ago, and I think that provides an opportunity for us to continue to hire great people and do so in a way that's hopefully faster and a bit more efficient. One of the things that we mentioned in the script and we'll continue to -- we see a huge opportunity out there. And it would be silly of us not to take advantage of these greenfield opportunities where we can win business and where we know our customers, once we nail them, are going to be with us for 7 to 8 years.

是的。看，這是一個很好的問題。與一年前相比，這肯定是一個不同的招聘環境，我認為這為我們提供了一個機會，可以繼續聘用優秀人才，並以一種希望更快、更高效的方式這樣做。我們在劇本中提到的一件事，我們將繼續——我們看到了巨大的機會。如果我們不利用這些可以贏得業務的新機會，並且我們知道我們的客戶，一旦我們確定了他們，就會與我們在一起 7 到 8 年，這對我們來說是愚蠢的。

So as Nicola said, we're going to be thoughtful with our investments. If we see signs of something that gives us pause, we certainly aren't going to continue to lean in. But as of now, we think this hiring environment is good for us. It provides opportunities for us to grow in a really smart way and opportunities for us to grow our business while others are kind of leaning back and hiding. This is a great opportunity for us. We've got greenfield wins all over the place, and we're going to continue to take them.

因此，正如尼古拉所說，我們將對我們的投資進行深思熟慮。如果我們看到讓我們停下來的跡象，我們當然不會繼續努力。但截至目前，我們認為這種招聘環境對我們有利。它為我們提供了以真正聰明的方式成長的機會，也為我們提供了發展業務的機會，而其他人則有點退縮和躲藏。這對我們來說是一個很好的機會。我們到處都有新的勝利，我們將繼續取得勝利。

And our next question comes from the line of Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

I was wondering if you could talk about the retail media business a bit and just the notion of getting access to maybe some smaller, more midsized clients than you've historically had. Are you seeing that already? Or is that just something that you're expecting, and that's something that we can maybe count on 2024 and beyond? And then second, maybe can we get a little bit more color on the OpEx cadence throughout the year or margin cadence that kind of bridges the gap between 1Q and 2Q, given that you've got a bigger return to the office and some other things that may be more embedded into the members over the last couple of years?

我想知道你是否可以談談零售媒體業務，以及接觸一些比以往更小、更中型客戶的想法。你已經看到了嗎？還是這只是您所期待的，而這正是我們在 2024 年及以後可以指望的事情？其次，也許我們可以在全年的 OpEx 節奏或保證金節奏上獲得更多色彩，從而彌合 1Q 和 2Q 之間的差距，因為您已經獲得了更大的辦公室回報和其他一些東西在過去的幾年中，這可能會更多地嵌入到成員中？

Yes. So great question on retail media networks. We noted we are really bullish on that sector. We're excited to be working with, by far, the biggest companies out there, so Amazon, Walmart, Macy's, Target, Kroger, Best Buy. These are the biggest retail media networks out there. And when we mentioned the access to SMBs, I think it's this kind of an added bonus that we never thought would come out of it, which is we work with you guys on the supply side or the platform side to help them protect their media. We help the -- on the activation side when people are buying through DSPs, through -- or other platforms, retail media.

是的。關於零售媒體網絡的好問題。我們注意到我們真的看好該行業。我們很高興能與迄今為止最大的公司合作，例如亞馬遜、沃爾瑪、梅西百貨、塔吉特、克羅格、百思買。這些是最大的零售媒體網絡。當我們提到對 SMB 的訪問時，我認為這是一種我們從未想過會從中獲得的額外好處，即我們與供應方或平台方合作，幫助他們保護他們的媒體。當人們通過 DSP 或其他平台、零售媒體購買時，我們會在激活方面提供幫助。

But we also have plugged directly into the transactional platforms that these guys are using as well. And what that does is it opens us up to a whole bunch of customers that we would really never have access to in the same way programmatic platforms like Trade Desk and DV360 open us up to programmatic buyers that we would -- they'll be too small for us to have direct relationship.

但我們也直接接入了這些人也在使用的交易平台。這樣做的目的是讓我們接觸到一大群我們永遠無法接觸到的客戶，就像 Trade Desk 和 DV360 這樣的程序化平台讓我們接觸到我們會接觸到的程序化買家一樣——他們也會小對我們有直接的關係。

These retail media networks attract a lot of mid-sized OEMs and small manufacturers who we would just have an engagement with. So I think it really has given us a channel partner to tap into these guys. We've seen, like I said, triple-digit growth last year across retail media networks. We're expecting the same on a relatively small base but a nice growth rate again this year. And it's, again, an added benefit of not just working with these platforms but getting access to a whole new group of SMBs through them.

這些零售媒體網絡吸引了許多中型原始設備製造商和小型製造商，我們只會與之接觸。所以我認為它真的給了我們一個渠道合作夥伴來接觸這些人。正如我所說，去年零售媒體網絡實現了三位數的增長。我們預計今年的基數相對較小，但增長率仍然不錯。而且，這再次帶來了一個額外的好處，即不僅可以使用這些平台，還可以通過它們接觸到全新的 SMB 群體。

Yes. Mark, on your question for the margin cadence, we -- '22 is a good indicator of what we expect in '23. The margin profile sort of follows the patterns on the revenue side, which is Q1 is generally the smallest quarter. Q4 is the largest. And the EBITDA side will follow similar patterns, so it will look pretty much like '22.

是的。馬克，關於保證金節奏的問題，我們 - '22 是我們對 '23 的期望的一個很好的指標。利潤率概況有點遵循收入方面的模式，即第一季度通常是最小的季度。 Q4是最大的。 EBITDA 方面將遵循類似的模式，因此它看起來很像 22 年。

And our next question comes from the line of Youssef Squali with Truist Securities.

我們的下一個問題來自 Youssef Squali 與 Truist Securities 的合作。

Congrats, guys. So maybe, first, can you just talk about the level of visibility you have into the business today versus, say, a year ago? Just trying to get a sense of that 23% top line guide for the year, how much of that do you have line of sight into today, maybe existing client spend versus kind of new clients that you have in the pipeline, which I think in the release, you talked about being pretty robust? What's -- maybe that's the first question.

恭喜，伙計們。所以也許，首先，你能談談你今天對業務的可見性水平與一年前相比嗎？只是想了解一下今年 23% 的收入指南，你今天對其中有多少有了解，也許是現有客戶支出與你正在籌備中的新客戶類型，我認為發佈時，您談到過非常健壯？什麼是——也許這是第一個問題。

Yes. Youssef, I'll answer that one. The visibility we have, as we've said in the past, is really around the measurement side of the business more than on the activation side just because for the measurement side of the business, we do need to have visibility into the campaigns that our advertisers want us to measure. And that's generally pretty solid 3 months out.

是的。優素福，我會回答那個問題。正如我們過去所說，我們擁有的可見性實際上更多地圍繞業務的衡量方面而不是激活方面，因為對於業務的衡量方面，我們確實需要了解我們的活動廣告商希望我們衡量。這通常是 3 個月後相當穩定的。

We obviously have very high net revenue retention rates, and our gross revenue retention is over 95%. So we have a good sense of the recurring base will remain fairly steady and grow. But to answer specifically your question, the direct visibility is really 3 months out on the measurement side of the business. The only way it's changed since a year ago is just that activation is a bit more of our total revenue than it was 12 months ago, but the drivers of what we have as visibility remains the same as on the measurement side. It's basically, 3 months out.

我們顯然有非常高的淨收入保留率，我們的總收入保留率超過 95%。因此，我們很清楚經常性基礎將保持相當穩定和增長。但要具體回答您的問題，直接可見性實際上是在業務測量方面 3 個月後。自一年前以來唯一發生變化的方式就是激活占我們總收入的比例比 12 個月前多了一點，但我們所擁有的可見性的驅動因素與測量方面的驅動因素相同。基本上，3個月了。

And so would you expect growth in measurement versus growth in activation to be somewhat similar to what you posted in -- well, I mean, there's got to be a slowdown. But would the slowdown be kind of commensurate across both segments?

因此，您是否期望測量增長與激活增長與您發布的內容有些相似——好吧，我的意思是，一定會放緩。但是，這兩個細分市場的放緩是否會相稱？

Yes. I think the way we're thinking about that question is, is the share of revenue going to change among the 3 lines of our revenue. Supply side is likely to remain about 10%. So if you think about the advertiser piece, more revenue has been going through activation versus measurement just because that's where the advertisers want to spend their dollars, right? They want to be on the pre-bid side as opposed to just on the measurement side.

是的。我認為我們考慮這個問題的方式是，我們收入的 3 條線之間的收入份額是否會發生變化。供應方面可能會保持在10%左右。因此，如果您考慮廣告商部分，更多的收入是通過激活而不是衡量來獲得的，因為這是廣告商想要花錢的地方，對嗎？他們希望處於出價前，而不僅僅是測量方面。

So activation was already 56% of advertiser by '22, and that was up 5 points. Again, we're a little agnostic, but it's likely to continue to move further towards activation and measurement with the big caveat that if and when Meta, TikTok and Twitter really grow fast since that's on the social, on the measurement side, measurement will remain very, very healthy for us.

因此，到 22 年，廣告客戶的激活率已經達到 56%，上升了 5 個百分點。同樣，我們有點不可知論，但它可能會繼續朝著激活和測量方向進一步發展，但需要注意的是，如果 Meta、TikTok 和 Twitter 真正快速增長，因為這是在社交方面，在測量方面，測量將對我們來說保持非常非常健康。

Yes, makes sense. And lastly, just on CapEx, Nicola, how do you see it for 2023? I know there was a big increase because of HQ. Does it go back to that like $10 million or so that you were on prior or no?

是的，有道理。最後，就資本支出而言，尼古拉，你如何看待 2023 年？我知道由於 HQ，增長幅度很大。它會回到你之前或沒有的 1000 萬美元左右嗎？

Yes. The answer is it will go back. You're right to highlight that we had $30 million or so. That was based on going back to the office. So we expect it to be in the $15 million to $20 million range, and that's really capitalized software costs and some CapEx.

是的。答案是會退的。你強調我們有 3000 萬美元左右是正確的。那是基於回到辦公室。所以我們預計它會在 1500 萬到 2000 萬美元之間，這實際上是資本化的軟件成本和一些資本支出。

There are no further questions at this time. Now I'd like to turn the floor back over to Mark for any closing comments.

目前沒有其他問題。現在，我想將發言權轉回給 Mark，聽取任何結束評論。

Thank you all again for your time today, and I know it was a lot. DV remains enthusiastic about our continued opportunities for growth and truly appreciate the support and commitment of our team, our investors, our partners and customers. We look forward to seeing you at upcoming conferences and updating you all throughout the coming year.

再次感謝大家今天的時間，我知道這是很多。 DV 仍然對我們持續的增長機會充滿熱情，並衷心感謝我們的團隊、我們的投資者、我們的合作夥伴和客戶的支持和承諾。我們期待在即將舉行的會議上見到您，並在來年為您更新最新信息。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。