DoubleVerify Holdings Inc (DV) 2023 Q1 法說會逐字稿

Greetings. Welcome to DoubleVerify's First Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 DoubleVerify 的 2023 年第一季度財務業績電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to Tejal Engman, Investor Relations. Thank you. You may begin.

我現在將會議轉交給投資者關係部的 Tejal Engman。謝謝。你可以開始了。

Good afternoon, and welcome to DoubleVerify's First Quarter 2023 Earnings Conference Call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎來到 DoubleVerify 的 2023 年第一季度收益電話會議。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 Form 10-Q and 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，包括我們的 10-Q 表格和 10-K 表格的年度報告。

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 comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com.

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可比較的 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 上查閱。

Also during the call today, we'll be referring to the slide deck posted on our website.

同樣在今天的電話會議中，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 thank you all for joining us today. I'm excited to discuss our strong first quarter performance and optimistic outlook for the rest of the year.

謝謝，Tejal，感謝大家今天加入我們。我很高興討論我們強勁的第一季度業績和今年剩餘時間的樂觀前景。

We started 2023 laser focused on a few key areas: first, on launching innovative, outcome-driving products anchored in our deep expertise and legacy investments in machine learning and data science; second, scaling our independently accredited core verification solutions across leading social and CTV platforms; and finally, expanding our partnerships with large advertisers and preeminent digital ad platforms around the globe. On all 3 fronts, we can confidently state that we are executing ahead of our expectations.

我們從 2023 年開始專注於幾個關鍵領域：首先，基於我們在機器學習和數據科學方面的深厚專業知識和傳統投資，推出創新的、成果驅動的產品；其次，在領先的社交和 CTV 平台上擴展我們獨立認可的核心驗證解決方案；最後，擴大我們與全球大型廣告商和卓越數字廣告平台的合作夥伴關係。在所有 3 個方面，我們可以自信地說我們的執行超出了我們的預期。

In the face of a challenging macro environment, our performance remains resilient due to the efficacy and utility of our solutions and the deep trust we have built with all of our stakeholders as an unbiased, independent analytics engine committed to making the digital advertising ecosystem stronger, safer and more secure. This steadfast vision continues to be DV's north star, core to the value we deliver and proven to generate exceptional ROI for our customers and partners. Our first quarter results exemplify the impact of this commitment when it is embraced and empowered by a passionate group of DV team members in 21 locations around the world.

面對充滿挑戰的宏觀環境，由於我們解決方案的有效性和實用性，以及我們與所有利益相關者建立的深厚信任，我們作為一個致力於使數字廣告生態系統更強大的公正、獨立的分析引擎，我們的表現仍然保持彈性，更安全，更有保障。這一堅定的願景仍然是 DV 的北極星，是我們提供的價值的核心，並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。我們的第一季度業績體現了這一承諾的影響，因為它得到了全球 21 個地點的一群熱情的 DV 團隊成員的支持和支持。

We grew first quarter revenue by 27% year-over-year to $123 million, exceeding the top end of our guidance and significantly outpacing the growth rates of both the digital ad industry and our competitors. We saw strong, sustained and broad-based demand for DV's solutions, with each of our 3 business lines delivering double-digit growth. Advertiser demand for both our premium-priced Authentic Brand Suitability programmatic solution and our social measurement solutions continue to grow, resulting in strong business expansion with existing customers and new customer wins.

我們第一季度的收入同比增長 27% 至 1.23 億美元，超過了我們指導的上限，並且大大超過了數字廣告行業和我們競爭對手的增長率。我們看到了對 DV 解決方案的強勁、持續和廣泛的需求，我們的 3 條業務線均實現了兩位數的增長。廣告商對我們高價的 Authentic Brand Suitability 程序化解決方案和我們的社會衡量解決方案的需求持續增長，從而實現了與現有客戶的強勁業務擴張並贏得了新客戶。

We won numerous RFPs in the first quarter, representing meaningful expansions with existing clients, including Merck adopting DV measurement and ABS in 60 international markets; Airbnb making DV Authentic Ad its measurement currency in multiple LatAm markets; and Amazon Prime Video deploying DV's proprietary pre-campaign activation and post-campaign measurement solutions on YouTube.

我們在第一季度贏得了眾多的 RFP，代表了與現有客戶的有意義的擴展，包括默克在 60 個國際市場採用 DV 測量和 ABS； Airbnb 將 DV Authentic Ad 作為其在多個拉美市場的衡量貨幣； Amazon Prime Video 在 YouTube 上部署 DV 專有的活動前激活和活動後測量解決方案。

On the customer acquisition front, in addition to previously announced Q1 wins, including Air France and Swarovski in EMEA and Mattress Firm in the U.S., we closed additional new logos in the first quarter, including Evoke Health and New York Presbyterian in the U.S., Daikin in APAC and the Public Investment Fund of Saudi Arabia in the Middle East. Our win rate across all opportunities remained above 80%, with 67% of our first quarter wins being greenfield, which we define as wins where the advertiser wasn't using third-party tools for the business that DV won. This steady rate of greenfield wins exemplifies the underpenetrated TAM that DV continues to benefit from.

在客戶獲取方面，除了之前宣布的第一季度勝利，包括歐洲、中東和非洲地區的法國航空公司和施華洛世奇以及美國的床墊公司，我們在第一季度關閉了更多新標識，包括美國的 Evoke Health 和紐約長老會、大金在亞太地區和沙特阿拉伯在中東的公共投資基金。我們在所有機會中的獲勝率保持在 80% 以上，其中 67% 的第一季度勝利是未開發的，我們將其定義為廣告商未使用第三方工具來獲得 DV 贏得的業務的勝利。這種穩定的新建項目成功率證明了 DV 繼續受益於未充分滲透的 TAM。

These new client wins play into our successful land-and-expand strategy through which we grew the number of advertiser customers generating more than $200,000 over the last 12 months by 31% in the first quarter. With 45% of our top 700 customers using less than half of our key products in 2022, the opportunity to expand within our existing customer base remains significant.

這些贏得的新客戶對我們成功的土地擴張戰略發揮了作用，通過該戰略，我們在第一季度將過去 12 個月收入超過 200,000 美元的廣告客戶數量增加了 31%。到 2022 年，我們前 700 名客戶中有 45% 使用的關鍵產品不到一半，因此在我們現有客戶群中進行擴展的機會仍然很大。

Our acquisition strategy also continues to pay dividends when it comes to client growth. By focusing on M&A that accelerates our product road map, adds complementary new technologies and expands new local market coverage, we create growth opportunities across the DV portfolio and drive measurement currency ubiquity. Since integrating our acquired social activation tools at the beginning of 2022, over 65 new customers have activated DV's pre-campaign social solutions on YouTube and/or on Meta. Newly acquired resources helped drive growth across our international measurement customer base, with over 60 new customers activating the DV Authentic Ad in EMEA since the fourth quarter of 2021.

在客戶增長方面，我們的收購戰略也繼續帶來紅利。通過專注於加速我們的產品路線圖、增加互補的新技術和擴大新的本地市場覆蓋範圍的併購，我們在 DV 產品組合中創造增長機會並推動測量貨幣的普及。自 2022 年初整合我們收購的社交激活工具以來，已有超過 65 位新客戶在 YouTube 和/或 Meta 上激活了 DV 的活動前社交解決方案。新獲得的資源幫助推動了我們國際測量客戶群的增長，自 2021 年第四季度以來，已有 60 多個新客戶在 EMEA 激活了 DV Authentic Ad。

DV continues to outpace the industry and gain market share due to 3 key differentiators: our rapidly growing scale, our industry-leading innovation and the deep level of trust we've built with our customers as an unbiased and independent partner.

由於 3 個關鍵差異化因素，DV 繼續超越行業並獲得市場份額：我們快速增長的規模、我們行業領先的創新以及我們作為公正和獨立的合作夥伴與客戶建立的深厚信任。

Beginning with innovation, DV's innovation engine is fueled by the unparalleled scale and ubiquity of the data we capture and which is brought to life by the proprietary data science that drives our machine learning technologies. AI and the machine learning that powers it have become buzzwords with little explanation of how they drive differentiation and build advantages for the companies that leverage them. Let's discuss how this works for DV.

從創新開始，DV 的創新引擎是由我們捕獲的數據的無與倫比的規模和普遍性推動的，而這些數據是由驅動我們的機器學習技術的專有數據科學賦予生命的。人工智能和為其提供動力的機器學習已經成為流行語，但很少有人解釋它們如何推動差異化並為利用它們的公司建立優勢。讓我們討論一下這對 DV 是如何起作用的。

Head-to-head tests show that DV's ML-supported pre-bid brand safety and suitability solutions consistently drive greater reductions in post-bid block rates than our competitors' solutions do. We believe this is due to our differentiated and proprietary text and video classification technologies that leverage sophisticated models that have been built and trained over the last decade.

面對面測試表明，與競爭對手的解決方案相比，DV 的 ML 支持的投標前品牌安全性和適用性解決方案始終推動更大程度地降低投標後阻止率。我們認為這是由於我們的差異化和專有文本和視頻分類技術利用了過去十年建立和訓練的複雜模型。

The same is true for our fraud verification capabilities. The DV Fraud Lab consists of dedicated data scientists, mathematicians and analysts from the cyber fraud prevention community who have developed and trained DV's proprietary algorithms, making them incredibly effective at identifying millions of bot and malware devices daily.

我們的欺詐驗證功能也是如此。 DV 欺詐實驗室由來自網絡欺詐預防社區的專門數據科學家、數學家和分析師組成，他們開發和訓練了 DV 的專有算法，使他們每天能夠非常有效地識別數百萬個機器人和惡意軟件設備。

The growth of AI also may have an interesting impact on the utility and opportunity for our product suite as an increasing number of advertisers are wrestling with their approach to AI-created content and their comfort with having ads associated with it. DV currently identifies low-quality content that may be algorithmically generated and is working with clients to determine how we evolve classification to meet their new demands.

人工智能的發展也可能對我們產品套件的實用性和機會產生有趣的影響，因為越來越多的廣告商正在努力解決他們對人工智能創建的內容的方法以及他們對與之相關的廣告的舒適度。 DV 目前識別可能由算法生成的低質量內容，並與客戶合作確定我們如何改進分類以滿足他們的新需求。

The data science rigor that powers our AI models is best-in-class, extending from contextual classification to fraud detection and now to attention. Today, DV offers the industry's most robust cross-platform attention solution, which uses impression-level data, not limited to panels, to measure 50 unique data points related to the exposure and engagement of ad impressions that are first verified as viewable by DV's industry-accredited standards.

為我們的 AI 模型提供支持的數據科學嚴謹性是一流的，從上下文分類到欺詐檢測，再到現在的關注。如今，DV 提供業界最強大的跨平台注意力解決方案，該解決方案使用印象級數據（不僅限於面板）來衡量與廣告印象的曝光和參與度相關的 50 個獨特數據點，這些數據點首先被 DV 行業驗證為可見-認可的標準。

Last week, we were thrilled to make the leap from attention to action by launching the DV Universal Attention segment, the industry's first automated, attention optimization solution for programmatic media buying. Powered by DV's global attention data, our pre-bid Universal Attention segment enables brands to improve performance by optimizing away from low-attention environments without sacrificing scale and reach. Across numerous leading DSPs, any advertiser can activate DV's Universal Attention segment, including those that use our competitors' measurement solutions, not only creating a fast long-term activation opportunity but also unlocking a large measurement upsell opportunity down the road.

上週，我們很高興通過推出 DV Universal Attention 細分市場實現從關注到行動的飛躍，這是業界首個針對程序化媒體購買的自動化注意力優化解決方案。在 DV 的全球關注數據的支持下，我們的出價前普遍關注部分使品牌能夠通過優化遠離低關注環境來提高績效，而不會犧牲規模和影響力。在眾多領先的 DSP 中，任何廣告商都可以激活 DV 的 Universal Attention 細分市場，包括那些使用我們競爭對手的測量解決方案的廣告商，這不僅可以創造快速的長期激活機會，還可以在未來釋放大量的測量追加銷售機會。

Speaking of measurement, DV Authentic Attention measurement continues to gain momentum, with first quarter test volumes doubling and campaign activations tripling year-over-year. Nearly 80 advertisers have activated DV Authentic Attention campaigns so far in 2023, exceeding the number of advertisers that activated campaigns in all of 2022.

說到測量，DV Authentic Attention 測量繼續獲得動力，第一季度測試量翻了一番，活動激活量同比增長了兩倍。到 2023 年為止，已有近 80 家廣告商激活了 DV Authentic Attention 活動，超過了 2022 年全年激活活動的廣告商數量。

Our pioneering work in attention goes beyond thought leadership. DV has real attention solutions that are at the forefront of driving attention as a currency and generating real results for our customers in market today.

我們在註意力方面的開創性工作超越了思想領導力。 DV 擁有真正的注意力解決方案，這些解決方案處於推動注意力作為貨幣並為當今市場上的客戶產生實際結果的最前沿。

Let's move on to one of DV's most successful and important product innovations, Authentic Brand Suitability. Since its release in 2018, we significantly enhanced the value ABS delivers through the release of new performance driving functionality, including brand suitability tiers, CTV exclusion and inclusion lists, page exception lists and new content avoidance categories that outstrip any competitive offering. On the heels of our successful price bifurcation for our standard programmatic products in 2022, we've also started to implement a bifurcation of ABS' pricing by introducing a higher rate for ABS video while maintaining the original price for display.

讓我們繼續討論 DV 最成功和最重要的產品創新之一，Authentic Brand Suitability。自 2018 年發布以來，我們通過發布新的性能驅動功能顯著提高了 ABS 提供的價值，這些功能包括品牌適用性等級、CTV 排除和包含列表、頁面例外列表以及超越任何競爭產品的新內容避免類別。在 2022 年我們的標準程序化產品價格分叉成功之後，我們還開始實施 ABS 定價分叉，為 ABS 視頻引入更高的費率，同時保持顯示的原始價格。

ABS revenue grew 56% year-over-year in the first quarter driven by a 55% increase in volume and a 1% increase in price. Our ability to raise prices, even on our premium price products, while continuing to deliver strong volume growth, speaks to the value our solutions deliver to our customers and the long-term potential for DV to evolve towards a more value-based pricing model, particularly for higher CPM media, such as CTV.

在銷量增長 55% 和價格上漲 1% 的推動下，第一季度 ABS 收入同比增長 56%。我們提高價格的能力，即使是我們的高價產品，同時繼續實現強勁的銷量增長，說明了我們的解決方案為客戶帶來的價值，以及 DV 向更基於價值的定價模式發展的長期潛力，特別是 CTV 等 CPM 較高的媒體。

On top of these great revenue-generating innovations, DV continues to launch self-service automation tools like Campaign Automator and Pinnacle 2.0, our upgraded client UI, which lower client overhead to employ DV solutions, making it easier than ever to efficiently drive results across a client's full portfolio of brands.

除了這些偉大的創收創新之外，DV 繼續推出自助服務自動化工具，如 Campaign Automator 和 Pinnacle 2.0，我們升級的客戶端 UI，可降低客戶使用 DV 解決方案的開銷，從而比以往任何時候都更容易有效地推動結果客戶的完整品牌組合。

With our next differentiator, scale, let me begin with social measurement, which delivered 33% year-over-year volume growth in the first quarter. Our social measurement growth in dollar terms was led by advertisers leveraging our solutions on Meta's platform, which generates almost half of our social measurement revenue, followed by YouTube applications and then DV tools on TikTok. Existing social customers, such as Mondelez and Airbnb, expanded their use of DV's social solutions on Meta and YouTube and activated the Authentic Ad on TikTok for the first time, with new logo wins also contributing to the social measurement growth.

關於我們的下一個差異化因素，規模，讓我從社會衡量開始，它在第一季度實現了 33% 的同比銷量增長。我們以美元計算的社交衡量增長是由廣告商在 Meta 平台上利用我們的解決方案帶動的，該平台產生了我們近一半的社交衡量收入，其次是 YouTube 應用程序，然後是 TikTok 上的 DV 工具。 Mondelez 和 Airbnb 等現有社交客戶在 Meta 和 YouTube 上擴大了對 DV 社交解決方案的使用，並首次在 TikTok 上激活了 Authentic Ad，新徽標的贏得也為社交衡量增長做出了貢獻。

Our customers are rapidly activating the DV Authentic Ad on TikTok where we have doubled the number of customers year-over-year and grown TikTok's first quarter revenue contribution by over 50% compared to the fourth quarter of 2022. In fact, we generated nearly as much TikTok revenue in Q1 as we did in the full year of 2022. With TikTok supporting their badged measurement partners' brand safety and suitability expansion to nearly 45 markets, we are scaling our coverage across key English, Spanish, French and Portuguese speaking markets this year with a focus on maximizing market coverage for our top advertiser customers.

我們的客戶正在迅速激活 TikTok 上的 DV Authentic Ad，與 2022 年第四季度相比，我們的客戶數量同比翻了一番，TikTok 第一季度的收入貢獻增長了 50% 以上。事實上，我們產生了近第一季度的 TikTok 收入與我們在 2022 年全年的收入相當。隨著 TikTok 支持其帶徽章的測量合作夥伴的品牌安全性和適用性擴展到近 45 個市場，我們今年將擴大對主要英語、西班牙語、法語和葡萄牙語市場的覆蓋範圍這一年的重點是最大限度地擴大我們頂級廣告商客戶的市場覆蓋率。

As a badged Meta business partner, we value Meta's ongoing commitment to providing advertisers with transparency through brand suitability controls and verification. We are excited to be expanding our offerings over the coming months and remain in consultation with Meta for brand suitability verification and measurement solutions on the feed, which will complement our viewability and invalid traffic solutions, enabling further expansion of DV's Authentic Ad coverage to an even broader array of consumer engagement.

作為有徽章的 Meta 業務合作夥伴，我們重視 Meta 通過品牌適用性控制和驗證為廣告商提供透明度的持續承諾。我們很高興能在未來幾個月內擴展我們的產品，並繼續與 Meta 就品牌適用性驗證和 Feed 測量解決方案進行磋商，這將補充我們的可見度和無效流量解決方案，從而進一步擴大 DV 的真實廣告覆蓋範圍，達到平均水平更廣泛的消費者參與。

Turning to CTV scale. We grew CTV measurement volumes by 39% in the first quarter, outpacing the 14% CTV revenue growth expected of the industry in 2023, according to IAB Research. We launched viewability verification and fraud protection coverage on Netflix ad-supported plan, with DV's verification on Netflix now available in 12 markets globally. CTV remains a strong differentiator for DV due to our comprehensive coverage, industry-leading solutions and proprietary ability to identify CTV fraud. Only DV covers all of the platforms that receives the majority of CTV ad spend, and our industry-leading solutions span all aspects of CTV, from pre-bid avoidance to post-bid blocking and monitoring. Most importantly, we believe that no other company has made as comprehensive as an investment in people, infrastructure and partnerships to ensure that CTV transactions are fraud-free.

轉向 CTV 規模。根據 IAB Research 的數據，我們在第一季度將 CTV 測量量增長了 39%，超過了該行業 2023 年 14% 的 CTV 收入增長預期。我們在 Netflix 廣告支持計劃中推出了可見度驗證和欺詐保護範圍，DV 在 Netflix 上的驗證現已在全球 12 個市場推出。由於我們全面的覆蓋範圍、行業領先的解決方案和識別 CTV 欺詐的專有能力，CTV 仍然是 DV 的一個強大差異化因素。只有 DV 涵蓋了接收大部分 CTV 廣告支出的所有平台，而我們行業領先的解決方案涵蓋了 CTV 的各個方面，從競價前規避到競價後攔截和監控。最重要的是，我們認為沒有其他公司像在人員、基礎設施和合作夥伴關係方面的投資一樣全面，以確保 CTV 交易無欺詐。

Let me wrap up on scale with a focus on our international business expansion, where we delivered 26% year-over-year measurement revenue growth in the first quarter, with both the EMEA and APAC regions exhibiting double-digit growth. Since the beginning of 2021, we've nearly doubled our international sales, marketing and client services head count, including appointing several new country leaders to cultivate local business. With approximately 170 commercial personnel in the EMEA and APAC and a market growth plan that includes opening 5 new international markets, we will expand DV's commercial footprint to 26 locations by year-end. We couldn't be more excited about our prospects outside of North America in the coming years.

讓我總結一下規模，重點關注我們的國際業務擴張，我們在第一季度實現了 26% 的測量收入同比增長，其中 EMEA 和 APAC 地區都實現了兩位數的增長。自 2021 年初以來，我們的國際銷售、營銷和客戶服務人員人數幾乎翻了一番，包括任命了幾位新的國家領導人來培育當地業務。我們在 EMEA 和 APAC 擁有約 170 名商務人員，並製定了包括開闢 5 個新國際市場在內的市場增長計劃，到年底，我們將把 DV 的商業足跡擴大到 26 個地點。我們對未來幾年在北美以外的前景感到無比興奮。

A great example of the payoff of our increased international investments is the deal we recently closed with the TBS Television Network in Japan, a news site owned by 28 Japan News Network TV broadcasting companies. TBS has adopted DV's Publisher Suite, an analytics and automation solution that comprehensively supports ad quality control and revenue analysis for publishers and media companies globally.

我們最近與日本 TBS 電視網達成的交易是我們增加國際投資帶來回報的一個很好的例子，該新聞網站由 28 家日本新聞網絡電視廣播公司擁有。 TBS 採用了 DV 的 Publisher Suite，這是一種分析和自動化解決方案，可全面支持全球出版商和媒體公司的廣告質量控制和收入分析。

Our final differentiator is trust, which underpins our relationships with advertisers and platform partners and is core to the value we deliver to the digital advertising ecosystem. DV has a comprehensive suite of accreditations and certifications and had never lost an international accreditation or had one revoked. Our globally recognized TAG certifications and MRC accreditation demonstrate DV's commitment to innovation and delivery against the highest possible industry standards.

我們的最終區別是信任，它鞏固了我們與廣告商和平台合作夥伴的關係，並且是我們為數字廣告生態系統提供的價值的核心。 DV 擁有一套全面的認證和證書，並且從未失去或撤銷過國際認證。我們全球認可的 TAG 認證和 MRC 認證證明了 DV 致力於按照最高行業標准進行創新和交付。

This trust extends to how we approach privacy and data management as well. DV was recently ranked in the top 1% of over 1,600 data providers scored by Neutronian in their latest transparency ratings report and has renewed its Neutronian Cookieless Certification badge, which provides marketers with verification that the certified data provider is future-proofed for the deprecation of third-party cookies.

這種信任也延伸到我們處理隱私和數據管理的方式。 DV 最近在 Neutronian 最新的透明度評級報告中被評為 1,600 多家數據提供商中的前 1%，並更新了其 Neutronian Cookieless 認證徽章，該徽章為營銷人員提供了驗證，證明經過認證的數據提供商在未來不會棄用第三方 cookie。

Our concerted action to uncover and publicize sophisticated global fraud schemes that attempt to siphon millions of dollars of ad spend across industry channels cements our position as a trusted partner acting in the best interests of our customers and the industry. Aggressively unearthing fraud is core to DV's mission and the basis upon which any advertising outcomes should be measured. Last year, DV's Fraud Lab detected and mitigated dozens of fraud schemes and variants, with new fraud schemes more than doubling over the last 2 years. This year, DV uncovered BeatSting, an audio fraud scheme, and partnered with Roku to expand its Watermark technology to uncover many more fraud use cases, including sophisticated user spoofing that creates fake impressions. This was the case with SmokeScreen, a fraud scheme that DV identified that continues to generate more than 300 million ad requests and siphons over $6 million monthly from unprotected advertisers and publishers.

我們採取一致行動揭露和宣傳複雜的全球欺詐計劃，這些計劃試圖跨行業渠道竊取數百萬美元的廣告支出，鞏固了我們作為值得信賴的合作夥伴的地位，為我們的客戶和行業的最大利益行事。積極發現欺詐行為是 DV 使命的核心，也是衡量任何廣告效果的基礎。去年，DV 的欺詐實驗室檢測並緩解了數十種欺詐方案和變體，新的欺詐方案在過去 2 年中翻了一番以上。今年，DV 發現了一種音頻欺詐方案 BeatSting，並與 Roku 合作擴展其 Watermark 技術以發現更多欺詐用例，包括創建虛假印象的複雜用戶欺騙。 SmokeScreen 就是這種情況，這是 DV 發現的一種欺詐計劃，它繼續產生超過 3 億個廣告請求，每月從不受保護的廣告商和發布商那裡吸取超過 600 萬美元。

Trust isn't only about accreditations or reports. It's about people and relationships. Since the day I joined nearly 3 years ago, my drive has been to build a powerful, diverse and stable leadership team made up of the most innovative, customer-centric minds in the space. Our transparent commitment to a clear common goal has allowed us to attract the best talent who become a consistent voice to all of our stakeholders and generating trust across the advertising ecosystem. Driven by a common mission and belief in our long-term vision, our team sticks together, and based on our 95% gross revenue retention rate over the last 3 years, they are a big factor in why our clients stick with us too.

信任不僅僅與認證或報告有關。這是關於人和關係的。自從我近 3 年前加入的那一天起，我的動力就是建立一個強大、多元化和穩定的領導團隊，該團隊由該領域最具創新性、以客戶為中心的思想組成。我們對明確的共同目標的透明承諾使我們能夠吸引最優秀的人才，他們成為我們所有利益相關者的一致聲音，並在整個廣告生態系統中產生信任。在共同的使命和對我們長期願景的信念的推動下，我們的團隊團結一致，基於過去 3 年我們 95% 的總收入保留率，他們也是我們的客戶堅持我們的一個重要因素。

To conclude, while we often talk about how scale, innovation and trust are our 3 key differentiators, execution is arguably the most critical to the success of any business. DV continues to win because we execute better, period. Our ability to successfully innovate drives better product performance that helps us win new clients which, in turn, provides the data fuel that powers the flywheel that ultimately grows our business.

總而言之，雖然我們經常談論規模、創新和信任是我們的 3 個關鍵差異化因素，但執行可以說是任何企業成功的最關鍵因素。 DV 繼續獲勝是因為我們執行得更好，就這樣。我們成功創新的能力推動了更好的產品性能，幫助我們贏得新客戶，這反過來又提供了數據燃料，為最終發展我們業務的飛輪提供動力。

We are pleased with the strong start to the year and remain laser-focused on growing and realizing our solid pipeline of new and expansionary deals that will further drive our market share and create an even stronger long-term growth trajectory.

我們對今年的強勁開局感到滿意，並將繼續專注於發展和實現我們穩固的新交易和擴張性交易渠道，這將進一步推動我們的市場份額並創造更強勁的長期增長軌跡。

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

有了這個，讓我把電話交給尼古拉。

Thanks, Mark, and good afternoon, everyone. We're pleased to have delivered strong revenue growth and profitability in the first quarter. The outperformance relative to our expectations was primarily driven by stronger-than-expected measurement growth, which gives us the confidence to raise our full year 2023 revenue and adjusted EBITDA guidance.

謝謝，馬克，大家下午好。我們很高興在第一季度實現了強勁的收入增長和盈利能力。超出我們預期的表現主要是由強於預期的衡量增長推動的，這使我們有信心提高 2023 年全年收入和調整後的 EBITDA 指引。

Total revenue grew 27% in Q1 '23 to $123 million, primarily driven by advertiser revenue growth of 28%, which continues to be volume led. In the first quarter, MTMs were up 25% year-over-year, while MTFs grew 3% year-over-year. Activation revenue continues to be driven by our premium ABS programmatic solution, which is now in its fifth year since launch. ABS delivered 56% revenue growth and comprised 56% of Activation revenue compared to 48% in the prior year period.

23 年第一季度的總收入增長了 27%，達到 1.23 億美元，這主要是受廣告商收入增長 28% 的推動，廣告收入繼續以銷量為主導。第一季度，MTM 同比增長 25%，而 MTF 同比增長 3%。激活收入繼續由我們的優質 ABS 程序化解決方案推動，該解決方案自推出以來已進入第五個年頭。 ABS 實現了 56% 的收入增長，佔 Activation 收入的 56%，而去年同期為 48%。

As Mark mentioned, ABS volumes were up 55% and the ABS fixed fee was 1% higher as we rolled out bifurcated ABS pricing for display and video impressions, following the implementation of a similar price bifurcation for our standard programmatic products in the first quarter of last year. The ABS price bifurcation was assumed in our original full year 2023 guidance. And most of ABS' first quarter growth came from volume expansion by existing customers who continue to deploy this industry-leading solution across additional markets.

正如 Mark 提到的那樣，ABS 數量增長了 55%，ABS 固定費用增加了 1%，因為我們在第一季度對我們的標準程序化產品實施了類似的價格分叉後，針對展示和視頻印象推出了分叉的 ABS 定價。去年。 ABS 價格分叉是在我們最初的 2023 年全年指引中假設的。 ABS 第一季度的大部分增長來自現有客戶的銷量擴張，他們繼續在其他市場部署這一行業領先的解決方案。

Turning to measurement. Revenue grew 22% driven by existing customer expansion on social and by the ramp of new enterprise customers that we signed last year. Social measurement growth was led by Meta and by TikTok, which almost achieved its full year 2022 revenue contribution in the first quarter alone. International growth of 26% in the first quarter outpaced the overall measurement growth and now represents 26% of total measurement revenue. Supply side revenue grew 15% driven in particular by continued platform revenue growth from Amazon and LinkedIn.

轉向測量。收入增長了 22%，這得益於現有社交客戶的擴張以及我們去年簽署的新企業客戶的增加。社交衡量增長由 Meta 和 TikTok 引領，僅在第一季度就幾乎實現了 2022 年全年的收入貢獻。第一季度 26% 的國際增長超過了整體測量增長，目前佔總測量收入的 26%。供應方收入增長了 15%，尤其是受亞馬遜和 LinkedIn 平台收入持續增長的推動。

Shifting to expenses. Cost of revenue increased by approximately $7 million, primarily due to higher costs from revenue-sharing arrangements with programmatic partners tied to higher programmatic revenue and also due to an increase in cloud services costs. Revenue less cost of sales of 80% in Q1 '23 is expected to remain relatively stable for the remainder of the year as we continue to invest in scaling the infrastructure needed to support our growth.

轉向費用。收入成本增加了約 700 萬美元，這主要是由於與程序化合作夥伴的收入分享安排與更高的程序化收入相關的成本增加以及雲服務成本的增加。隨著我們繼續投資擴展支持我們增長所需的基礎設施，預計 23 年第一季度的收入減去 80% 的銷售成本將在今年剩餘時間內保持相對穩定。

First quarter research and development expenses increased due to investments in AI and machine learning engineering resources. Sales and marketing and G&A expenses combined remained relatively stable year-over-year as our growing scale is driving leverage on these 2 operating expense lines.

由於對人工智能和機器學習工程資源的投資，第一季度研發費用有所增加。銷售和營銷以及 G&A 費用的總和同比保持相對穩定，因為我們不斷擴大的規模正在推動這 2 條運營費用線的槓桿作用。

Adjusted EBITDA of $36 million in Q1 '23 represented a 29% margin and was ahead of plan due to higher revenue as well as a moderated pace of hiring, which we expect to accelerate in the second quarter.

23 年第一季度調整後的 EBITDA 為 3600 萬美元，利潤率為 29%，由於收入增加以及招聘步伐放緩，我們預計第二季度招聘步伐將加快，因此超出了計劃。

Net operating cash flow was $21 million, primarily driven by higher year-over-year net income and stronger cash collections. We ended the quarter with nearly $286 million in cash on hand and continue to have 0 debt outstanding.

淨經營現金流為 2100 萬美元，主要受同比淨收入增加和現金回款增加的推動。本季度結束時，我們手頭現金接近 2.86 億美元，未償債務繼續為 0。

Turning to guidance. We expect second quarter revenue in the range of $131 million to $135 million, which implies year-over-year growth of 21% at the midpoint. The sequential growth implied by our revenue guidance reflects a tough comparison with the second quarter of 2022 when large new advertisers significantly ramped their revenue contribution and when the standard programmatic price bifurcation was fully rolled out.

轉向指導。我們預計第二季度收入在 1.31 億美元至 1.35 億美元之間，這意味著中點同比增長 21%。我們的收入指引所暗示的連續增長反映了與 2022 年第二季度的艱難對比，當時大型新廣告商大幅增加了他們的收入貢獻，並且標準程序化價格分叉已全面推出。

We expect second quarter adjusted EBITDA in the range of $37 million to $39 million, which implies a 29% margin at the midpoint.

我們預計第二季度調整後的 EBITDA 在 3700 萬美元至 3900 萬美元之間，這意味著中點利潤率為 29%。

For the second quarter, we expect stock-based compensation to range between $14 million and $16 million and weighted average diluted shares outstanding to range between 171 million and 173 million shares.

對於第二季度，我們預計基於股票的薪酬將在 1400 萬美元至 1600 萬美元之間，加權平均稀釋流通股將在 1.71 億至 1.73 億股之間。

For full year 2023 guidance, we expect revenue in the range of $557 million to $569 million, which implies year-over-year growth of 24% at the midpoint, and we expect adjusted EBITDA in the range of $171 million to $179 million, which implies a 31% margin at the midpoint.

對於 2023 年全年的指導，我們預計收入在 5.57 億美元至 5.69 億美元之間，這意味著中點同比增長 24%，我們預計調整後的 EBITDA 在 1.71 億美元至 1.79 億美元之間，這意味著在中點有 31% 的餘量。

We have raised full year revenue and adjusted EBITDA guidance due to a stronger first quarter performance and an expectation that the positive business trends, particularly in measurement, will continue. We expect full year adjusted EBITDA margins of 31% based on the strength in first quarter profitability while reflecting our plan to continue to invest in hiring engineering and sales talent, enhancing machine learning capabilities and further building out the IT infrastructure to support our growth.

由於第一季度業績強勁，並且預計積極的業務趨勢，尤其是在衡量方面，我們將繼續保持積極的業務趨勢，因此我們提高了全年收入並調整了 EBITDA 指引。基於第一季度強勁的盈利能力，我們預計全年調整後的 EBITDA 利潤率為 31%，同時反映出我們計劃繼續投資於招聘工程和銷售人才、增強機器學習能力並進一步構建 IT 基礎設施以支持我們的增長。

On a sequential basis, we expect the third quarter to represent a little less than 25% of full year revenue, and we expect third quarter adjusted EBITDA margins to remain consistent with the second quarter.

按順序計算，我們預計第三季度將略低於全年收入的 25%，我們預計第三季度調整後的 EBITDA 利潤率將與第二季度保持一致。

To close, we delivered a strong first quarter with double-digit revenue growth across all of our business lines and are focused on successfully executing against our plan for the rest of the year.

最後，我們在第一季度實現了強勁的增長，所有業務線的收入都實現了兩位數增長，並專注於成功執行我們今年剩餘時間的計劃。

And with that, we will open 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) Our first question is from Michael Graham with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Michael Graham 和 Canaccord Genuity。

Congrats on the strong numbers. I just wanted to focus on the international measurement growth for a minute because the last couple of quarters, that growth rate had really slowed down and you accelerated to 26% growth this quarter against a tough comp in Q1 of last year of 40% growth. So I really just wanted to hear a little bit more about how you're achieving that sort of growth rebound internationally.

祝賀強大的數字。我只想花一分鐘時間關注國際衡量增長，因為在過去的幾個季度裡，增長率確實放緩了，本季度你加速到 26% 的增長，而去年第一季度增長了 40%。所以我真的只是想多聽聽你是如何在國際上實現這種增長反彈的。

Thanks, Michael, for the question. And we're really pleased with the progress that we've made in the markets outside the U.S. EMEA grew at 23% year-over-year for the quarter, APAC at 31%. And I think a lot of that had to do with something we've been talking about for the last few quarters, which is our continued investment in commercial resources outside of the U.S. and then our commercial reorg, which we started at the beginning of last year, which really started to close up at the end of the year. Those two things gave us a lot of confidence in the fact that we have the right people in the right places outside the U.S., and they had the right mission in front of them.

謝謝，邁克爾，提出這個問題。我們對我們在美國以外市場取得的進展感到非常高興。歐洲、中東和非洲本季度同比增長 23%，亞太地區增長 31%。我認為這在很大程度上與我們過去幾個季度一直在談論的事情有關，即我們對美國以外的商業資源的持續投資，然後是我們從去年年初開始的商業重組年，到年底才真正開始收尾。這兩件事給了我們很大的信心，因為我們在美國以外的地方有合適的人，他們面前有正確的使命。

Because of that, we saw a really strong pipeline coming out of Q4, which we mentioned earlier this year on our first call. That pipeline really came to fruition in Q1. So it was a lot of hard work by our teams. It was a lot of investment in people and planning and ultimately turned into just better sales, better pipeline. And that pipeline team came to bear in Q1 of this year.

正因為如此，我們看到第四季度出現了一個非常強大的管道，我們在今年早些時候的第一次電話會議上提到了這一點。該管道在第一季度真正實現了。因此，我們的團隊付出了很多努力。這是對人員和計劃的大量投資，最終變成了更好的銷售，更好的管道。該管道團隊在今年第一季度開始承擔責任。

Our next question is from Arjun Bhatia with William Blair.

我們的下一個問題來自 Arjun Bhatia 和 William Blair。

Congrats on the strong quarter here. I noticed you were optimistic. You raised your full year guide, obviously, and you called out, I think, optimism on the measurement side of the business. One, can you just talk about what makes you confident in raising guidance for the year? And what are you seeing in measurement specifically that's making you optimistic on the rest of the year here?

祝賀這裡的強勁季度。我注意到你很樂觀。顯然，您提高了全年指南，我認為您對業務的衡量方面表示樂觀。第一，你能談談是什麼讓你有信心提高今年的指導嗎？您在測量中具體看到了什麼讓您對今年餘下時間持樂觀態度？

Thanks for the question, Arjun. We've always said that the core measurement business was the backbone or the workforce of the business. And a lot of our success there is related to, what I mentioned to the question from Michael, investment in sales resources and sales planning and reorganization of that sales team. Those are the guys that go out and close the deals. And measurement, as we said, is kind of core to spinning that flywheel of, let's say, upselling into programmatic, upselling into performance solutions. So when that base hits, it's great news for us for the year.

謝謝你的問題，Arjun。我們一直說核心衡量業務是業務的骨乾或勞動力。我們的很多成功都與我提到的邁克爾的問題有關，即對銷售資源的投資以及銷售團隊的銷售計劃和重組。那些人出去完成交易。正如我們所說，測量是旋轉飛輪的核心，比方說，向上銷售到程序化，向上銷售到性能解決方案。因此，當該基地擊中時，這對我們今年來說是個好消息。

I wouldn't totally equate it to a SaaS business where they get a big chunk of their meat upfront and they know what the year is going to look like. But we know measurement customers, when they buy in, they buy in and stick, and that sticks with their spend throughout the year. So I think we've got confidence on the fact that those customers that have come in are measurement customers, those dollars are not as fluid as activation dollars, which tend to move with programmatic spend, so that gives us a good amount of confidence that, yes, we're in the right place where we need to be to raise the guide for the year, and we've got a good basis from which to do so.

我不會將其完全等同於 SaaS 業務，在 SaaS 業務中，他們預先獲得了一大塊肉，並且他們知道這一年會是什麼樣子。但是我們知道測量客戶，當他們購買時，他們會購買並堅持下去，並且全年都會堅持下去。所以我認為我們有信心那些進來的客戶是衡量客戶，這些美元不像激活美元那樣流動，激活美元往往隨著程序化支出而移動，所以這給了我們很大的信心是的，我們正處於提高年度指南的正確位置，而且我們已經有了這樣做的良好基礎。

Perfect. That's very helpful. And then I wanted to touch on attention. It seems like that product is starting to get some good traction here. Are we crossing the chasm with that solution? And maybe just would love to hear how you think the pre-bid capabilities that you launched with Universal Attention might help advance some of the adoption of this attention solution here?

完美的。這很有幫助。然後我想談談注意力。似乎該產品在這裡開始獲得良好的吸引力。我們是否正在通過該解決方案跨越鴻溝？也許只是想听聽您認為您使用 Universal Attention 啟動的出價前功能如何有助於推動這種注意力解決方案的部分採用？

Yes. I think it's a great question. And we do talk a lot about attention. I don't know if we'd call it a chasm, but let's call it a mountain to climb. And we've started making our way up that mountain, and I think we're getting some good traction. We saw 2x the volume of tests year-over-year, 2x the volume of revenue in Q1 year-over-year, 3x the volume of campaign blueprints in Attention. So we're getting there, right? The scale is getting there.

是的。我認為這是一個很好的問題。我們確實談論了很多注意力。我不知道我們是否會稱它為鴻溝，但讓我們稱它為一座需要攀登的山。我們已經開始攀登那座山，我認為我們正在獲得一些良好的牽引力。我們看到測試量同比增長 2 倍，第一季度收入同比增長 2 倍，Attention 活動藍圖量增長 3 倍。所以我們到了那裡，對吧？規模正在擴大。

I think a big part of it, and I think we also mentioned this on our last call, was we love the value prop of having pre-bid and post-bid work together. We've seen the power of that with our core verification solutions. We've seen the power of that with ABS working with measurement. And I think the ability for us to kind of grow the attention category as a whole, I think, will also benefit from having pre-bid and postpaid working together. So I think we always say, it's still early days, even though it's been a long period of early days, but as the industry catches up with standardization and those things get locked in -- and even if competition gets greater, I think competition is okay in this space because it actually kind of justifies the idea that attention matters and attention matters to advertisers. We're going to see more traction there.

我認為其中很大一部分，我想我們在上次電話會議上也提到了這一點，我們喜歡投標前和投標後一起工作的價值支撐。我們已經通過我們的核心驗證解決方案看到了它的力量。我們已經看到 ABS 與測量一起使用時的威力。而且我認為我們在某種程度上增加註意力類別的能力，我認為，我認為也將受益於出價前和後付費的協同工作。所以我想我們總是說，現在還處於早期階段，儘管早期階段已經持續了很長時間，但隨著行業趕上標準化進程，這些東西被鎖定——即使競爭變得更激烈，我認為競爭是在這個領域沒問題，因為它實際上證明了注意力很重要並且注意力對廣告商很重要的想法。我們將在那裡看到更多的牽引力。

So we love the introduction of a pre-bid solution. We think that's going to help drive the optimization cycle. And this is just the beginning for pre-bid on attention. We think there's an evolution of that to an even more powerful solution on the pre-bid side the same way we evolved Standard Brand Safety and Brand Suitability into Authentic Brand Suitability, which is arguably now still one of our most powerful products. I think we've got a long way to go, but we're taking those steps one by one, and the introduction of really the first scaled optimization pre-bid attention segment out there is a great step towards that.

所以我們喜歡引入投標前解決方案。我們認為這將有助於推動優化週期。而這僅僅是關注度的開始。我們認為，在出價前，它已經演變為更強大的解決方案，就像我們將標準品牌安全和品牌適用性發展為真正的品牌適用性一樣，可以說它現在仍然是我們最強大的產品之一。我認為我們還有很長的路要走，但我們正在一步一步地採取這些步驟，並且真正引入第一個縮放優化出價前註意部分是朝著這個方向邁出的一大步。

Congrats again on the quarter, guys.

伙計們，再次祝賀本季度。

Our next question is from Justin Patterson with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Justin Patterson。

Two questions. I'll do the first and then follow up after. I just wanted to touch on ABS. It's been your biggest solution, 5 years in launch and now still growing 56%. I think most of that was driven by volume this quarter. Could you just talk about how you see that volume expansion potential from existing customers going forward? And then I'll stop there and go for my follow-up after.

兩個問題。我會先做，然後再跟進。我只想談談 ABS。它是您最大的解決方案，推出 5 年，現在仍在增長 56%。我認為其中大部分是由本季度的銷量推動的。您能否談談您如何看待現有客戶未來的銷量增長潛力？然後我會在那裡停下來進行後續跟進。

Yes. Look, ABS continues to be a real powerhouse for us. As you noted, a majority of the growth that we had from ABS, the revenue growth, came from existing customers this quarter. 94 of our top 100 customers are using ABS right now in Q1. So what that shows to me is that, even with pretty significant penetration of our top 100 customers, to be able to grow at a 56% year-over-year growth rate means ABS works, clients are using it in more markets, they're using it across more brands and it's still got legs.

是的。看，ABS 仍然是我們真正的動力。正如您所指出的，我們從 ABS 獲得的大部分增長，即收入增長，都來自本季度的現有客戶。第一季度，我們前 100 名客戶中有 94 家正在使用 ABS。所以這向我表明，即使我們的前 100 大客戶的滲透率相當高，能夠以 56% 的同比增長率增長意味著 ABS 有效，客戶正在更多市場中使用它，他們'在更多品牌中使用它，它仍然有優勢。

So we continue to lead with our programmatic solutions in many pitches. We continue to have opportunities below the top 100 clients to continue to grow. And we think ABS is going to continue to drive growth for us even after, as we noted, a price bifurcation in which we raised the price of video. We saw very little friction from that price increase. So it not only shows the utility of the product but the value that we're creating for advertisers to show that growth.

因此，我們繼續在許多推介中以我們的程序化解決方案領先。我們繼續擁有前 100 名以下客戶繼續增長的機會。我們認為 ABS 將繼續推動我們的增長，即使正如我們所指出的那樣，在我們提高視頻價格的價格分歧之後。我們幾乎沒有看到價格上漲帶來的摩擦。因此，它不僅展示了產品的實用性，還展示了我們為廣告商創造的價值，以展示這種增長。

Great. And then for the second question, I wanted to touch on social measurement a bit more. Meta and TikTok almost achieving their '22 revenue contribution in just the first quarter is very impressive. Would love to hear more about just how you're thinking about social progressing in the year and whether that could actually turn into a channel that brings net new advertisers into the broader DV ecosystem.

偉大的。然後對於第二個問題，我想多談談社會衡量。 Meta 和 TikTok 幾乎在第一季度就實現了 22 年的收入貢獻，這令人印象深刻。很想听聽更多關於您如何看待這一年的社會進步，以及這是否真的可以轉變為將淨新廣告商帶入更廣泛的 DV 生態系統的渠道。

Yes, Justin, I'll take this one. So just to clarify, it is TikTok revenue that achieved all of '22 revenue in Q1 '23. Meta is a much larger base, and we've had products with Meta for a much longer period of time. But your points around social are the right ones. We were very pleased with how strong the uptake is on the TikTok product. It is now already our third largest social platform. It remains small if you compare it to Meta and YouTube, but it is an indicator that our products are really resonating in the social channel. Social was about 38% of our measurement business in the quarter, and that was up from where it was last year. So we feel very strongly that we will continue to see traction on the social walled gardens as we continue to put more products out there and go into new markets.

是的，賈斯汀，我要這個。所以澄清一下，TikTok 的收入在 23 年第一季度實現了 22 年的全部收入。 Meta 的基礎要大得多，而且我們使用 Meta 的產品的時間要長得多。但是你關於社交的觀點是正確的。我們對 TikTok 產品的接受度如此之高感到非常高興。它現在已經是我們的第三大社交平台。如果將它與 Meta 和 YouTube 進行比較，它仍然很小，但它表明我們的產品在社交渠道中確實引起了共鳴。本季度，社交業務約占我們測量業務的 38%，高於去年的水平。因此，我們非常強烈地感到，隨著我們繼續推出更多產品並進入新市場，我們將繼續看到社交圍牆花園的吸引力。

And I'll throw one other point there, too, Justin, which is you mentioned does it have the ability to attract new customers. In Q1, it certainly did because 40% of our revenue growth was from new customers in the quarter -- social measurement growth, that is, was from new customers. And it is folks like Marks, Paramount, Bumble, [Bayer], ConAgra, big brands who we're activating across social, TikTok is certainly helping on that front because people are moving there. So again, social is a place that we're going to feel very comfortable, continue to focus on growth there, and we'll continue to invest as well.

賈斯汀，我還要提出另一點，你提到它是否有能力吸引新客戶。在第一季度，確實如此，因為我們 40% 的收入增長來自本季度的新客戶——社會衡量增長，即來自新客戶。像 Marks、Paramount、Bumble、[Bayer]、ConAgra 這樣的大品牌，我們正在通過社交活動激活它們，TikTok 無疑在這方面有所幫助，因為人們正在向那裡移動。因此，社交是一個讓我們感到非常舒適的地方，我們將繼續專注於那裡的增長，我們也將繼續投資。

Our next question is from Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Andrew Boone。

Mark, you took the EBITDA guide up 1 point. And earlier, you mentioned the investments that you made last year in international. I guess my question is, are you now at a scale with resources that you can let more upside flow through to EBITDA and profitability?

馬克，您將 EBITDA 指南提高了 1 點。早些時候，你提到了你去年在國際上所做的投資。我想我的問題是，您現在的資源規模是否可以讓更多的上行空間流入 EBITDA 和盈利能力？

And then for my second, you guys mentioned 45% of the top 700 clients are using less than half of the key products in 2022. Can you just talk about that upsell cycle? What's left that you guys really want to push as you think about '23 and '24? What do you think is the low-hanging fruit from here on the upsell?

然後是我的第二個，你們提到 45% 的前 700 名客戶在 2022 年使用不到一半的關鍵產品。你能談談追加銷售週期嗎？當你想到 23 和 24 年時，你們真正想要推動的還有什麼？您認為從這裡開始的追加銷售的低垂果實是什麼？

Sure. I'll take the second half of that question and let Nicola take the first half. Anything that's said to EBITDA, I put that to the CFO, he's much better at those numbers. But when we look at the upsell cycle -- and you're right, we've got still a pretty decent amount of product upsells to make across the board. We talked about ABS. Although ABS has some pretty high penetration in our top 100 clients, we still got a lot of room in our next several hundred to go after, and that's always going to be our first go to when we look at the upsell cycle is move anybody who's using Standard Brand Safety or Brand Suitability to ABS, right? So I think that's a big one.

當然。我將回答該問題的後半部分，讓 Nicola 回答前半部分。對 EBITDA 說的任何話，我都告訴了首席財務官，他在這些數字上做得更好。但是，當我們查看追加銷售週期時——你是對的，我們仍然有相當數量的產品追加銷售可以全面進行。我們談到了 ABS。儘管 ABS 在我們的前 100 名客戶中有相當高的滲透率，但我們在接下來的幾百個客戶中仍有很大的空間可以追求，而且當我們查看追加銷售週期時，這始終是我們的第一個目標。對 ABS 使用標準品牌安全或品牌適用性，對嗎？所以我認為這是一個很大的問題。

The second one is when we look at social. Social measurement continues to be a great growth engine for us. But we look at social as a separate category. So just because you're doing measurement for us over the Web or even if you use programmatic or over the web doesn't mean you're client is using us for measurement on social. So when we think of like the first two things we're going to walk into a customer to do and we're going to upsell, it's going to be ABS and then social. And I think we've got room on both of those products as we look at the potential upsell, plus we know that they're both great margin drivers for us, great growth drivers for us, particularly in opportunities outside the U.S.

第二個是當我們看社交的時候。社會衡量仍然是我們的重要增長引擎。但我們將社交視為一個單獨的類別。因此，僅僅因為您正在通過網絡為我們進行測量，或者即使您使用程序化或通過網絡進行測量，也不意味著您是客戶正在使用我們進行社交測量。因此，當我們想到前兩件事時，我們將走進客戶並進行追加銷售，這將是 ABS，然後是社交。而且我認為，當我們考慮潛在的追加銷售時，我們在這兩種產品上都有空間，而且我們知道它們都是我們的重要利潤驅動因素，對我們來說都是巨大的增長動力，特別是在美國以外的機會中。

Yes, in terms of EBITDA margins and expectations and how we think about it for the future of the business, we did have a strong first quarter around profitability. I think the numbers that make us feel very strongly that we have a business that can scale is really where the investments were. So we were able to essentially have virtually year-on-year flat on sales and marketing and G&A. And we've spoken about the fact that we've already invested in SG&A in prior years. And in a quarter where, for example, you see 26% growth in international, it's not as though we have to invest additional resources to achieve that growth. So there is inherent scale coming from those two lines as we become a larger company.

是的，就 EBITDA 利潤率和預期以及我們對業務未來的看法而言，我們第一季度的盈利能力確實強勁。我認為讓我們非常強烈地感到我們擁有可以擴展的業務的數字確實是投資所在。因此，我們基本上能夠在銷售和營銷以及 G&A 方面實現同比持平。我們已經談到我們在前幾年已經投資於 SG&A 的事實。例如，在一個季度中，您看到國際業務增長了 26%，似乎我們不必投入額外的資源來實現這一增長。因此，隨著我們成為一家更大的公司，這兩條線會產生固有的規模。

However, we are continuing to choose to invest in R&D. That is the one area where you will see growth in investments year-on-year. And that is specifically around data scientists to allow us to go deeper into AI and machine learning investments. These are not brand-new investments. We've been doing it for many years already. But the opportunity there to continue to invest is available to us, and we're going to do it because it's going to accelerate our product road map. So it's a long way to say we are choosing to continue to invest. Our EBITDA margin is still very healthy, but we are already seeing the benefits of the scaling of our business in sales and marketing and G&A.

但是，我們將繼續選擇投資於研發。這是您將看到投資同比增長的一個領域。這特別是圍繞數據科學家，使我們能夠更深入地研究人工智能和機器學習投資。這些不是全新的投資。我們已經做了很多年了。但我們有機會在那裡繼續投資，我們將這樣做，因為這將加速我們的產品路線圖。因此，說我們選擇繼續投資還有很長的路要走。我們的 EBITDA 利潤率仍然非常健康，但我們已經看到了我們在銷售和營銷以及 G&A 方面擴大業務的好處。

Our next question is from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

I'll add my congrats. Mark, I wanted to ask you, the win rates remain very high, can you refresh us on the role of accreditations through that lens, just to help you win business? And how wide is the gap today in the accreditations between DoubleVerify and if we compare that to the #2 and #3 competitors? And then I have a quick follow-up.

我會加上我的祝賀。馬克，我想問你，勝率仍然很高，你能通過這個鏡頭讓我們重新了解認證的作用，只是為了幫助你贏得業務嗎？如果我們將其與排名第二和排名第三的競爭對手進行比較，那麼今天 DoubleVerify 之間的認證差距有多大？然後我有一個快速跟進。

Yes. Look, accreditations are definitely part of the matrix of elements that go into decision process for an advertiser. It's an important one as is customer service and customer support, as is pricing. But probably still the most important one is the performance of the platform. And that's where we continue to lean in. That's why technology expense is such an important one for us to keep investing in because when those platforms go head to head, we've said this time and again, whichever platform delivers the highest ROI by filtering out the most fraud, by creating the greatest level of brand suitability, granularity is the one that's going to win. And I think that's driving a great win ratio for us.

是的。看，認證絕對是進入廣告商決策過程的元素矩陣的一部分。它與客戶服務和客戶支持以及定價一樣重要。但可能仍然是最重要的一個是平台的性能。這就是我們繼續努力的地方。這就是為什麼技術費用對我們來說如此重要，因此我們要繼續投資，因為當這些平台正面交鋒時，我們一次又一次地說，無論哪個平台通過過濾提供最高的投資回報率消除最多的欺詐，通過創造最高水平的品牌適用性，精細度是必勝之道。我認為這為我們帶來了巨大的贏率。

But when it does come to accreditations, I mean, we look at the number across the multiple different organizations that are out there. Our best estimate is we're anywhere from 50% more different accreditations to almost double, depending on it. It's hard to find, and there's lots of different places where people have accreditations in different countries. But we certainly outpace our competitors by a significant amount in that space.

但是當談到認證時，我的意思是，我們會查看現有多個不同組織的數量。我們最好的估計是，我們獲得的不同認證從 50% 到幾乎翻倍不等，具體取決於它。很難找到，而且有很多不同的地方，人們在不同的國家獲得認證。但我們在該領域肯定遠遠超過了我們的競爭對手。

Okay. And then as a quick follow-up, what are you discovering in terms of viewability in the CTV realm? What I mean is, are there fewer issues because, in some cases, you have much larger screens? Or are you finding that there are more issues because you can you can encounter buffering or ad placement problems or some of the ad skipping capabilities of those platforms?

好的。然後作為快速跟進，您在 CTV 領域的可見度方面有什麼發現？我的意思是，是否因為在某些情況下屏幕更大而導致問題減少？或者您是否發現存在更多問題，因為您可能會遇到緩衝或廣告投放問題或這些平台的某些廣告跳過功能？

Yes, it's a great question. I mean there's always been this assumption that CTV is 100% viewable, right? So if it's in someone's leaving room, how could it not be viewed? Very different problems than a banner ad on a web page where someone can scroll by it or an impression on a mobile phone that gets pushed by very quickly or shut off. But there are still significant issues around viewability.

是的，這是一個很好的問題。我的意思是，一直以來都假設 CTV 是 100% 可見的，對嗎？那麼如果是在別人的房間裡，怎麼可能看不到呢？與網頁上的橫幅廣告截然不同的問題，人們可以滾動瀏覽它，或者手機上的印像很快就會被推送或關閉。但是圍繞可見性仍然存在重大問題。

And the things that we're tracking are exactly the things, Mark, that you know, which is does the ad runs for the full first quartile, right; does it run for that period of time that it's actually registered as viewable; most importantly, is it running while the TV is on which is, believe it or not, becoming an increasingly significant issue for advertisers because many apps are not passing the signal that says this television is on. They're actually running ads while the TV is off, either just natively, because they should be doing that, or on purpose because they're not legitimate apps.

馬克，我們正在跟踪的事情正是你知道的，即廣告是否運行了完整的第一個四分位數，對嗎？它是否運行了實際註冊為可見的那段時間？最重要的是，它是否在電視開著時運行，不管你信不信，這對廣告商來說正成為一個越來越重要的問題，因為許多應用程序沒有傳遞表明這台電視開著的信號。他們實際上是在電視關閉時播放廣告，要么是本機播放，因為他們應該這樣做，要么是故意的，因為它們不是合法的應用程序。

So viewability, the way that we measure viewability, it's a bit different than what you think of in a traditional Web world. But those issues are continuing to be real issues for advertisers, which is ads not running to the full extent they should and ads running when a television screen is actually off. The box is on, the system's working, the computer is working, and it's running that streaming application, but the screen is not on. So those are issues that continue to be challenging to advertisers. And I think they're just starting to wake up to the fact that this is really something that we should start measuring and paying attention to.

因此，可見度，即我們衡量可見度的方式，與您在傳統網絡世界中的想法略有不同。但這些問題仍然是廣告商面臨的真正問題，即廣告沒有充分發揮應有的作用，以及在電視屏幕實際關閉時投放廣告。盒子是開著的，系統在工作，電腦在工作，運行那個流媒體應用，但是屏幕不亮。因此，這些問題仍然是廣告商面臨的挑戰。我認為他們才剛剛開始意識到這確實是我們應該開始衡量和關注的事情。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe two, if I could. In terms of the stat you gave on increase in number of large advertisers and bringing that back to potentially new logos, are there any industry verticals and/or geos you are calling out when you look at your backlog for new large advertisers or new logos that you think we should be monitoring for potential for outsized growth or areas where the backlog is showing a lot of promise in terms of building not only for 2023 but beyond?

也許兩個，如果可以的話。就您提供的有關大型廣告商數量增加並將其帶回潛在的新徽標的統計數據而言，當您查看新的大型廣告商或新徽標的積壓訂單時，是否有任何垂直行業和/或地理區域您認為我們應該監控超額增長的潛力或積壓的領域，這些領域不僅在 2023 年而且在以後的建設方面都顯示出很大的希望？

And then the second question would be on Netflix as a platform. How much of scaling the Netflix business now as we move through '23 and out into the out year is about elements where you need to invest to sort of position you to benefit from what they build over the long term versus just them executing on simply scale of ad-supported customers and subscribers over time and that's where the revenue unlock is?

然後第二個問題是關於 Netflix 作為一個平台。隨著我們走過 23 年並進入下一年，現在 Netflix 業務的規模有多大是關於你需要投資的元素，以便讓你從他們長期構建的東西中受益，而不是僅僅在簡單的規模上執行隨著時間的推移，廣告支持的客戶和訂閱者的數量，這就是收入解鎖的地方？

All right. So your first question, the nice thing about our business, which we mentioned in the past, is that we've got a pretty broad-based set of advertisers. So if you remember several quarters ago, there were supply chain issues around auto delivery and electronics delivery. So a lot of folks who were focused on those two segments had some challenges running ads because there just was no reason to advertise if you couldn't sell the product or get the product in store. We didn't see that because we're really nicely distributed across all the major ad segments. So there's not one in which we can say we've seen an either oversized increase or decrease over the last several quarters. We've seen growth across all of them, which has been pretty nice.

好的。所以你的第一個問題，我們過去提到過的關於我們業務的好處是我們有一個非常廣泛的廣告商。所以，如果你還記得幾個季度前，圍繞汽車交付和電子產品交付存在供應鏈問題。因此，許多專注於這兩個細分市場的人在投放廣告時遇到了一些挑戰，因為如果您無法銷售產品或無法在商店中買到產品，就沒有理由做廣告。我們沒有看到這一點，因為我們真的很好地分佈在所有主要的廣告部分。因此，我們可以說在過去幾個季度中我們沒有看到過大的增長或下降。我們已經看到所有這些都在增長，這非常好。

With regard to Netflix, it launched a few months ago in March and so still relatively early, but we're seeing some pretty decent volume starting to come across that, and it is having an impact on our CTV volume. We've got customers like Molson Coors, Nintendo, Santander, Toyota, that are starting to buy across and use verification across Netflix. So there's definitely interest. There's definitely dollars starting to flow there. Although it's pretty early for Netflix. It's pretty small. We're going to be there with them for the ride, which is great. And I think it's a nice place for us to be. We're in 12 markets with them. That will continue to grow, and we'll continue to grow with them.

關於 Netflix，它是在幾個月前的 3 月份推出的，所以還相對較早，但我們看到一些相當不錯的數量開始出現，這對我們的 CTV 數量產生了影響。我們有 Molson Coors、Nintendo、Santander、Toyota 等客戶，他們開始在 Netflix 上購買和使用驗證。所以肯定有興趣。肯定有美元開始流向那裡。儘管對於 Netflix 來說還為時過早。它很小。我們將和他們一起去兜風，這很棒。我認為這對我們來說是個好地方。我們與他們一起進入了 12 個市場。這將繼續增長，我們將繼續與他們一起成長。

Our next question is from Laura Martin with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Laura Martin。

Great results. My first one is on this 80% new business win you continue to get. My question is, when you go to pitch and then they try you versus your competitor, do you bundle your products so that, that hit rate goes up over time? Or when you do the RFP, does it always start with a single product, so you aren't really benefiting from bundling in these fabulous products and just curating later?

很棒的結果。我的第一個是你繼續獲得的 80% 的新業務勝利。我的問題是，當你去推銷然後他們將你與你的競爭對手進行比較時，你是否捆綁你的產品以便隨著時間的推移命中率上升？或者當你做 RFP 時，它是否總是從一個單一的產品開始，所以你並沒有真正從捆綁這些很棒的產品中獲益，只是在以後策劃？

It's a great question, Laura. I wish we could bundle everything in on day 1 and just sell them a big package. But the short answer is, it definitely varies. There are clients that are looking for single solutions, and we're displacing, for example, most on a viewability deal, or IAS, on a Brand Safety deal. And then we grow from there. So it definitely is a bit all over the board, but it still lends us to that whole kind of land and expand, right? We want to get in, get a foot in there, so that we can push other solutions across.

這是一個很好的問題，勞拉。我希望我們能在第一天就把所有東西都打包起來，然後賣給他們一個大包裝。但簡短的回答是，它肯定會有所不同。有些客戶正在尋找單一的解決方案，而我們正在取代，例如，大多數在品牌安全交易中的可見性交易或 IAS。然後我們從那裡成長。所以它肯定有點全面，但它仍然借給我們那片土地並擴張，對吧？我們想進入，涉足其中，以便我們可以推動其他解決方案。

And when we say 80% win ratio, that could be against a single product or it could be across a bundle or enterprise deal. So it is definitely a mix of different types of wins. But in either case, we're looking to sell them all products across our entire 6 categories of solutions. And I would say, in a vast majority of them, we're not going in with all 6 of those categories covered. It's a very small portion of that.

當我們說 80% 的勝率時，這可能針對單個產品，也可能針對捆綁銷售或企業交易。所以這絕對是不同類型勝利的混合體。但無論哪種情況，我們都希望向他們銷售我們整個 6 類解決方案中的所有產品。我會說，在絕大多數情況下，我們不會涵蓋所有 6 個類別。這只是其中很小的一部分。

Super helpful. My second one is you know the thing I like best is that you're carrying the video product for ABS. So my question on pricing strategy is, what is the business model for attention? Is it a percent of media? Or is it just an add-on to flat fee impressions?

超級有幫助。我的第二個是你知道我最喜歡的是你攜帶 ABS 的視頻產品。所以我關於定價策略的問題是，注意力的商業模式是什麼？它是媒體的百分比嗎？或者它只是固定費用印象的附加物？

Yes, it's a great question. Right now, attention is set up as a CPM-based product, so it's very much like measurement. It's a measurement solution sold incremental to our verification. So think of it as an add-on to verification. That's a relatively decent premium to core measurement. So it's a premium-priced add-on to our measurement solution today. It doesn't mean that, that model may not change in the future. And especially as we start expanding attention into CTV and other places, we'll certainly look at different models that may drive a different type of profile for the solution.

是的，這是一個很好的問題。目前，注意力被設置為基於 CPM 的產品，因此它非常類似於測量。這是一種測量解決方案，以增量方式銷售給我們的驗證。因此，將其視為驗證的附加組件。與核心衡量相比，這是一個相對不錯的溢價。因此，它是我們當今測量解決方案的高價附加產品。這並不意味著該模型將來可能不會改變。特別是當我們開始將注意力擴展到 CTV 和其他地方時，我們肯定會研究可能為解決方案帶來不同類型配置文件的不同模型。

Our next question is from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. Congrats on another strong quarter today. I want to stay on those new logo wins. Is the buying decision still more driven by the ROI pitch? Or have newer products and media begun to move the needle on those RFPs?

這是 Raimo 的弗蘭克。祝賀今天又一個強勁的季度。我想留在那些新標誌的勝利上。購買決定是否仍然更多地受到投資回報率的驅動？還是更新的產品和媒體開始推動這些 RFP？

Great question. I mean I think ROI is what gets us in the door, right? And the newer performance-based solutions are kind of at this stage, still the icing on the cake, right? I can tell you they do sometimes open that door for us. So when we launched, for example, our emissions measurement solutions with Scope 3, there was a huge amount of interest in looking at the environmental impact of ad transactions. That created a dialogue, which, of course, we came in and exploited to kind of sell additional solutions across the board. But for the most part, folks are usually looking for core solutions. We look to drive new implementations across those core solutions and supplement them with our performance solutions afterwards.

很好的問題。我的意思是我認為投資回報率是讓我們進門的原因，對吧？而較新的基於性能的解決方案在這個階段，仍然是錦上添花，對吧？我可以告訴你，他們有時確實會為我們打開那扇門。因此，例如，當我們推出帶有 Scope 3 的排放量測量解決方案時，人們對研究廣告交易對環境的影響產生了極大的興趣。這創造了一個對話，當然，我們進來並利用它來全面銷售額外的解決方案。但在大多數情況下，人們通常都在尋找核心解決方案。我們希望推動這些核心解決方案的新實施，並在之後用我們的性能解決方案對其進行補充。

It definitely varies across the board. And if that basket of goods gets bigger, it provides more opportunities to have conversations with our customers. And each of them has different needs. And that's why having a broad base of goods and broad coverage across multiple different types of platforms is so critically important to us because we just want to have a big net to capture lots of different types of opportunities.

它肯定是全面的。如果商品籃子變大，就會提供更多與客戶對話的機會。他們每個人都有不同的需求。這就是為什麼擁有廣泛的商品基礎和跨多個不同類型平台的廣泛覆蓋對我們來說如此重要，因為我們只想擁有一張大網來捕捉許多不同類型的機會。

Our next question is from Yun Kim with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Yun Kim。

Congrats on a solid quarter, Mark. And just following up on a question about the expansion with existing customers. So if you can talk about the current trends that you're seeing for the overall expansion rate for the existing customers, has that been steady? Or has that shown improvement in recent quarters? And also just kind of curious if you can compare that expansion rate with existing customers, is that more product-driven? Or is that more driven by customers simply increasing their volume and adding more channels?

祝賀一個穩定的季度，馬克。並且只是跟進有關擴展現有客戶的問題。所以，如果你能談談你所看到的現有客戶整體擴張率的當前趨勢，它是否穩定？還是最近幾個季度有所改善？還有一點很好奇，如果您可以將擴展率與現有客戶進行比較，那是否更受產品驅動？或者更多的是由客戶簡單地增加他們的數量和增加更多的渠道驅動的？

I'll let Nicola talk here.

我會讓尼古拉在這裡說話。

Yes, I'll take it. I'll say the one thing that we've seen that's consistent year-on-year is that this sort of getting in with the customer and then expanding has continued. What is really at the core of what's driving the expansion is, obviously, product upsell. But I don't want to forget geographic expansion, so we might start with a client in one region and then expand with volume in additional regions. And while the growth in international that we experienced in this quarter was partly on new wins, there is also an aspect of it, which is just geographic expansion for existing customers. So the profile of what we're seeing in terms of the expansion is mixed. It's really new products, new geographies. And obviously, as new sectors become available, such as TikTok, then we're able to expand as well.

是的，我會接受的。我要說的是，我們看到的與去年同期一致的一件事是，這種與客戶接觸然後擴展的方式一直在繼續。顯然，真正推動擴張的核心是產品追加銷售。但我不想忘記地理擴張，所以我們可能會從一個地區的客戶開始，然後在其他地區擴大規模。雖然我們在本季度經歷的國際增長部分是由於新的勝利，但也有一個方面，即現有客戶的地域擴張。因此，我們所看到的擴張情況是喜憂參半的。這真的是新產品，新地域。顯然，隨著 TikTok 等新領域的出現，我們也能夠擴展。

One measure to maybe kind of anchor the answer is the top 200 customers. On the top 200 customers, that number -- I'm sorry, on the customers that spent over $200,000 in the last 12 months, that number grew 29% in Q4 and it grew 31% in Q1 '23. So you see the power of the expansion on the dollars that we're getting from those customers.

一種可能錨定答案的方法是前 200 名客戶。在前 200 名客戶中，這個數字——對不起，在過去 12 個月內花費超過 200,000 美元的客戶中，這個數字在第四季度增長了 29%，在 23 年第一季度增長了 31%。因此，您可以看到我們從這些客戶那裡獲得的美元擴張的力量。

Great. And then Nicola, I have a follow-up. On the gross margin, was there a new higher revenue-sharing arrangement that drove that big sequential uptick? And then also, just the overall increase in cloud cost, is that primarily driven by new products that require more cloud resources? Is international mix having any impact on the gross margin?

偉大的。然後尼古拉，我有一個後續行動。在毛利率方面，是否有新的更高的收入分享安排推動了連續的大幅增長？然後，云成本的總體增長是否主要是由需要更多雲資源的新產品驅動的？國際組合對毛利率有影響嗎？

Yes. So what is driving the change in gross margin is a higher revenue share for the activation revenue, but it's not because the actual agreements are changed. It's just that the revenue is getting bigger. So it's a higher revenue share just because revenue is higher, and so it's impacting gross margin from that perspective.

是的。因此，推動毛利率變化的是激活收入的更高收入份額，但這並不是因為實際協議發生了變化。只是收益越來越大了。所以它的收入份額更高只是因為收入更高，所以從這個角度來看它正在影響毛利率。

In addition to those costs, as we said in our prepared remarks, we are choosing to invest in additional cloud computing resources, which are costs that are impacting the gross margin. This is a decision that we're making this year because we are expecting to see returns in terms of us being able to fuel more growth. So it is a business decision to invest into that line in addition to the fact that activation is now a larger share of our revenue.

除了這些成本，正如我們在準備好的評論中所說，我們還選擇投資額外的雲計算資源，這些成本會影響毛利率。這是我們今年做出的決定，因為我們希望看到能夠推動更多增長的回報。因此，除了激活現在占我們收入的更大份額這一事實之外，投資該產品線也是一項商業決策。

Our next question is from Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

I wanted to go back to attention really quickly. Just I want to get your thoughts, given that there's a bunch of different methodologies that are being worked on, things like eye tracking and the method that you guys use, does that kind of extend the time line for some sort of standardization across the industry? That's the first one.

我想很快回到注意力。我只是想听聽你的想法，考慮到有很多不同的方法正在研究中，比如眼動追踪和你們使用的方法，這是否會延長整個行業某種標準化的時間線？這是第一個。

And then the second one is just on this new AI product that you mentioned. Can you dive into that just a little bit more? I guess, what are the moving pieces? And how much of the current tech that you have can you reuse there?

然後第二個就是你提到的這個新的人工智能產品。你能再深入一點嗎？我想，移動的部分是什麼？您可以在那裡重複使用多少現有技術？

It's a great question. So first, let me address the question on the different types of ways that folks are trying to build attention metrics. I think the reality is methodology should not drive standardization. Standards are standards. Attention and engagement should be seen as relatively finite metrics that can be consistent, no matter of how someone determines what attention is, i.e., when someone is measuring reach and frequency, 18- to 34-year-old male is the metric, right? How you found that out is not determinant of what happens at the end. So I think the different methodologies shouldn't slow down the standardization, the standard metrics that people agree to determine how we're going to measure attention. So I think they can sometimes be helpful in accelerating discussion.

這是一個很好的問題。所以首先，讓我來解決人們試圖建立注意力指標的不同類型的問題。我認為現實是方法論不應該推動標準化。標準就是標準。注意力和參與度應該被視為可以保持一致的相對有限的指標，無論某人如何確定注意力是什麼，即，當某人測量範圍和頻率時，18 至 34 歲的男性是指標，對嗎？你如何發現並不能決定最後會發生什麼。所以我認為不同的方法不應該減慢標準化的速度，人們同意的標準指標決定了我們將如何衡量注意力。所以我認為它們有時有助於加速討論。

But at the end of the day, I think the industry is going to settle on a definition that makes sense no matter what the methodology is. We believe that census and impression-level methodology is the most valid, is the most robust. As we saw in the linear TV measurement world or any other world that uses panels or very small samples, they're going to have to be extrapolated in the wrong way to be misinterpreted and many times misapplied. So ultimately, we do feel that the most robust way of measuring attention has to do with census level and impression by impression measurement. It doesn't mean it can be supplemented by other types of panel-based methodology. But ultimately, we think that's the one that's going to have the highest level of effectiveness and efficiency around there.

但歸根結底，我認為無論採用何種方法，該行業都會確定一個有意義的定義。我們認為普查和印象級別的方法是最有效的，也是最穩健的。正如我們在線性電視測量領域或任何其他使用面板或非常小的樣本的領域中看到的那樣，它們將不得不以錯誤的方式進行推斷，從而被誤解和多次誤用。所以最終，我們確實認為衡量注意力的最可靠方法與人口普查水平和印象測量有關。這並不意味著它可以通過其他類型的基於面板的方法進行補充。但最終，我們認為那將是那裡具有最高水平有效性和效率的那個。

When it comes to what we mentioned regarding our new pre-bid product, this is the first step, and it's the first baby step into taking attention metrics and launching them into the activation sphere. We know how successful taking a measurement metric like brand suitability or brand safety can be when put into activation, so the ability to filter and optimize and then measure afterwards. So it's a first step there, just like our first steps with Standard Brand Safety and they evolved into Authentic Brand Suitability, which is a much more fluid, much more dynamic application in the programmatic world. We think this is kind of the first step in which we'll evolve into a much more fluid, much more dynamic application down the road on the pre-bid side.

當談到我們提到的關於我們新的出價前產品的內容時，這是第一步，也是採取注意力指標並將其投放到激活領域的第一步。我們知道將品牌適用性或品牌安全性等衡量指標投入激活後會有多成功，因此能夠進行過濾和優化，然後再進行衡量。所以這是第一步，就像我們在 Standard Brand Safety 上邁出的第一步一樣，它們演變成 Authentic Brand Suitability，這是程序化世界中更流暢、更動態的應用程序。我們認為這是第一步，在這一步中，我們將在出價前發展成為一個更加流暢、更加動態的應用程序。

And our final question is from Youssef Squali with Truist Securities.

我們的最後一個問題來自 Truist Securities 的 Youssef Squali。

Congrats on a solid quarter. So one quick question for Mark and one for Nicola. So Mark, it was interesting, in the press release, you mentioned the market share gains across your 3 business lines. I was just wondering if you could just please remind us of the 2 or 3 products that you feel you have the most kind of competitive advantage with the sustainability of that edge?

祝賀一個穩定的季度。所以一個簡短的問題要問 Mark，一個要問 Nicola。所以馬克，有趣的是，在新聞稿中，你提到了你的 3 個業務線的市場份額增長。我只是想知道您是否可以提醒我們您認為您擁有最具競爭優勢且具有可持續性的 2 或 3 種產品？

And then Nicola, sorry if you mentioned this in your prepared remarks, but can you just remind us what's baked into your guidance in terms of gross margin for Q2 and 2023?

然後尼古拉，如果你在準備好的發言中提到了這一點，我很抱歉，但你能否提醒我們你對第二季度和 2023 年毛利率的指導意見是什麼？

Great. So I'll talk a little bit about, I think, where we really excel in our product and our innovation. I think the first is something, again, we continue to talk about, which is ABS. There are indicators. There are other solutions out there that try to do the same thing. But no single product out there, we think, is comparable to ABS. And I think it shows with the continued legs and growth it has even after the numerous years it's been in market. To be able to grow at 56% year-over-year in Q1 is pretty exceptional. So I think ABS is an advantage. It helps us grow market share. It helps us win deals. And obviously, it helps drive revenue for the business as well.

偉大的。所以我想談談我們在產品和創新方面真正擅長的地方。我認為第一個是我們繼續談論的東西，那就是 ABS。有指標。還有其他解決方案試圖做同樣的事情。但我們認為，沒有任何一種產品可以與 ABS 相媲美。而且我認為它顯示了持續的腿和增長，即使在它進入市場多年之後。能夠在第一季度實現 56% 的同比增長是非常了不起的。所以我認為ABS是一個優勢。它幫助我們擴大市場份額。它幫助我們贏得交易。顯然，它也有助於推動業務收入。

I think outside of that, it's our unique basket of goods around the edges. I call them around the edges, but they're not lesser products. So our advantage in attention, I can tell you, just helped us win a major advertiser deal, not because it was going to be a huge part of what they did but they love what we did around attention and said, "This is a differentiator between you guys and others. We'll take your core solutions, but we're going to lean into attention down the road." And I think our continued ability to innovate around things like attention, around areas like CTV and CTV viewability where we have really unique viewability solutions and unique solutions that are detecting things like TV off, those are areas which we talk about a lot. They don't generate huge amounts of revenue for us yet, but when someone looks at the basket of goods they're buying, they want to look at core solution plus innovations around the edges, they really matter, and they help us close new deals.

我認為除此之外，這是我們獨特的邊緣商品籃子。我稱它們為邊緣產品，但它們並非次要產品。所以我們在註意力方面的優勢，我可以告訴你，只是幫助我們贏得了一筆重要的廣告客戶交易，不是因為這將成為他們所做工作的重要組成部分，而是他們喜歡我們圍繞注意力所做的事情，並說，“這是一個差異化因素在你們和其他人之間。我們將採用你們的核心解決方案，但我們將在未來轉向關注。”而且我認為我們持續圍繞注意力等事物進行創新的能力，圍繞 CTV 和 CTV 可見度等領域，我們擁有真正獨特的可見度解決方案和獨特的解決方案，可以檢測電視關閉等問題，這些是我們經常談論的領域。他們還沒有為我們帶來大量收入，但是當有人看到他們購買的一籃子商品時，他們想看看核心解決方案加上邊緣創新，它們真的很重要，它們幫助我們關閉新的交易。

And Youssef, on your second question, on the gross margin side, revenue less cost of sales, it was 80% in Q1. And we expect it to remain relatively stable around those levels as we choose to continue to invest in our infrastructure. So it's a choice we're making to invest in it.

Youssef，關於你的第二個問題，在毛利率方面，收入減去銷售成本，第一季度為 80%。我們希望它在這些水平上保持相對穩定，因為我們選擇繼續投資我們的基礎設施。因此，我們正在做出投資的選擇。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Mark for closing comments.

我們的問答環節已經結束。我想將會議轉回給 Mark 以供結束評論。

Thank you all for the great questions. And I'd like to take the time to thank the DV team worldwide for their hard work and commitment to our mission and for delivering another great quarter of results and also to thank all of our stakeholders, our customers, partners and investors for their continued support. We look forward to seeing many of you at upcoming conferences and events. Have a great evening, everybody.

謝謝大家提出的重要問題。我想花時間感謝全球 DV 團隊的辛勤工作和對我們使命的承諾，感謝他們又取得了出色的四分之一業績，還要感謝我們所有的利益相關者、我們的客戶、合作夥伴和投資者，他們一直以來支持。我們期待在即將舉行的會議和活動中見到你們中的許多人。大家晚上好

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you again for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，再次感謝您的參與。