DoubleVerify Holdings Inc (DV) 2024 Q1 法說會逐字稿

Greetings, and welcome to the DoubleVerify First Quarter 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 DoubleVerify 2024 年第一季財務業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Tejal Engman, Senior Vice President, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係高級副總裁 Tejal Engman。謝謝。你可以開始了。

Good afternoon, and welcome to DoubleVerify's First Quarter 2024 Earnings Conference Call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎參加 DoubleVerify 2024 年第一季財報電話會議。今天與我們在一起的有首席執行官馬克·扎戈斯基 (Mark Zagorski)；以及財務長 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，反映了我們當前的預期和目前可用的信息，我們的實際結果可能存在重大差異。欲了解更多信息，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 表和 10-K 表年度報告。

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.

此外，我們今天的討論將包括對某些補充非 GAAP 財務指標的引用，這些指標應被視為對我們的 GAAP 結果的補充，而不是替代品。今天的收益新聞稿中提供了與最具可比性的 GAAP 指標的對帳表，您可以造訪我們的投資者關係網站 ir.doubleverify.com 取得。

Also during the call today, we will be referring to the slide deck posted on our website. With that, I'll turn it over to Mark.

此外，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。說完這些，我會把話題交給馬克。

Thanks, Tejal, and thank you all for joining us today. I'm excited to discuss our solid first quarter performance and to share the substantial product and business development progress we've achieved so far this year, setting a robust foundation for future growth and success.

謝謝，Tejal，也謝謝大家今天加入我們。我很高興討論我們第一季的穩健業績，並分享我們今年迄今為止取得的重大產品和業務發展進展，為未來的成長和成功奠定了堅實的基礎。

From scaling our independently accredited core verification solutions across leading social and CTV environments to increasing customer adoption of our key performance solutions, Scibids and Authentic Attention, DV is excelling across multiple growth vectors. And in the process, we're evolving our core value proposition to include protection and performance of media spend, solidifying our market leadership and driving sustained business growth.

從在領先的社交和 CTV 環境中擴展我們獨立認可的核心驗證解決方案，到增加客戶對我們的關鍵效能解決方案 Scibids 和 Authentic Attention 的採用，DV 在多個成長領域表現出色。在此過程中，我們正在發展我們的核心價值主張，包括媒體支出的保護和績效，鞏固我們的市場領導地位並推動持續的業務成長。

In the first quarter, we exceeded the top end of our guidance ranges on revenue and adjusted EBITDA, achieving solid revenue growth, profitability and cash flow. We grew first quarter revenue by 15% year-over-year to $141 million with double-digit revenue growth across both Activation and Measurement. We delivered $38 million of adjusted EBITDA, representing a 27% margin and grew net cash from operating activities by nearly 50% year-over-year to $32 million.

第一季度，我們的營收和調整後 EBITDA 均超出預期範圍，實現了穩健的營收成長、獲利能力和現金流。我們第一季的營收年增 15%，達到 1.41 億美元，其中啟動和測量部分的營收均達到兩位數成長。我們實現了 3,800 萬美元的調整後 EBITDA，利潤率為 27%，經營活動產生的淨現金年增近 50%，達到 3,200 萬美元。

I'd like to begin my comments today by highlighting an evolving trend that's become increasingly prominent in recent months, the role that digital video is playing in driving ad impression growth. More specifically, we're seeing ad spend increase in social video and CTV, which are 2 of DB's fastest-growing media environment. Advertisers, particularly DB's large brand advertisers, value these environments for their audience addressability, expansive scale across the purchase funnel and measurable performance outcomes.

今天，我想先強調一下近幾個月來日益突出的一個發展趨勢，即數位影片在推動廣告印象成長方面所扮演的角色。更具體地說，我們看到社群影片和 CTV 的廣告支出正在增加，這是 DB 成長最快的兩個媒體環境。廣告商，尤其是 DB 的大型品牌廣告商，重視這些環境，因為其受眾可尋址性、整個購買管道的廣泛規模以及可衡量的績效結果。

We're at a pivotal point with the ongoing increase in digital video has emerged as a key catalyst for digital advertising growth. As reported by MAGNA Global, although global programmatic ad spend grew 10% in 2023, this growth rate would have been 5% if you excluded CTV. Similarly, the MAGNA data highlights that video comprised nearly 70% of social content in 2023. And the IAB expects social video to grow by 20% year-over-year, faster than any other type of media.

我們正處於一個關鍵時刻，數位影片的持續成長已成為數位廣告成長的關鍵催化劑。根據 MAGNA Global 報道，儘管 2023 年全球程序化廣告支出增加了 10%，但如果不包括 CTV，這一增長率將為 5%。同樣，MAGNA 數據顯示，到 2023 年，影片將佔社群內容的近 70%。

DV is primed to capitalize on this trend in social media, where video comprised 81% of our social measurement impression volumes in Q1. Our AI-powered Universal content intelligence technology excels in measuring video content with unmatched efficiency and accuracy and underpins our growth trajectory across all video environments.

DV 已準備好利用社交媒體的這一趨勢，其中影片佔第一季社交測量印象量的 81%。我們由人工智慧驅動的通用內容智慧技術在以無與倫比的效率和準確性測量視訊內容方面表現出色，並支撐了我們在所有視訊環境中的成長軌跡。

Today, social media is the leading driver of DV's impression volume and revenue growth. Our newly launched brand safety and suitability measurement capabilities on platforms like Meta, YouTube and TikTok are accelerating this growth trajectory, particularly in international markets where our brand suitability language footprint continues to grow. We grew our social measurement revenue by 51% year-over-year in the first quarter, following 48% growth in the full year 2023.

如今，社群媒體已成為DV展示量和收入成長的主要動力。我們在 Meta、YouTube 和 TikTok 等平台上新推出的品牌安全性和適用性測量功能正在加速這一成長軌跡，特別是在國際市場，我們的品牌適用性語言足跡持續成長。繼 2023 年全年成長 48% 之後，第一季我們的社交測量收入年增 51%。

Most of our social media revenue growth was driven by existing DV advertisers who increased their usage of our social measurement solutions. In addition, we increased the number of top 100 customers leveraging our solutions across Meta, YouTube, TikTok, Pinterest and Snap compared to last year. We're especially enthusiastic about the increase in ad spend on social media platforms, giving DV strong competitive advantage in this media environment.

我們的大部分社群媒體收入成長是由現有的 DV 廣告商推動的，他們增加了對我們的社群測量解決方案的使用。此外，與去年相比，利用我們的解決方案在 Meta、YouTube、TikTok、Pinterest 和 Snap 上的前 100 名客戶的數量有所增加。我們對社群媒體平台廣告支出的增加尤其感到興奮，這讓 DV 在這種媒體環境中擁有了強大的競爭優勢。

In contrast to the old web, social platforms have limited partnerships with verification and measurement companies. In addition, the technical integrations acquired by social platforms are complex and demand substantial infrastructure and expertise to handle efficiently. DV distinguished itself by providing the most comprehensive independently accredited solutions across social platforms while simultaneously supporting the largest scale across the entire Internet, spaning both social media platforms and the open web.

與舊的網路相比，社交平台與驗證和測量公司的合作有限。此外，社交平台獲得的技術整合非常複雜，需要大量的基礎設施和專業知識才能有效處理。 DV 的獨特之處在於，它提供跨社交平台最全面的、經過獨立認證的解決方案，同時支援整個互聯網上最大規模的解決方案，涵蓋社交媒體平台和開放網路。

We see multiple layers of growth in our social media business, starting with measurement and increasingly extending to activation. In measurement, there is ample opportunity to grow our social revenue by expanding our verification and performance products across new geographies and driving existing customer adoption.

我們的社群媒體業務呈現多層次成長，從測量開始，逐漸延伸到活化。在測量方面，透過在新的地區擴展我們的驗證和性能產品並推動現有客戶的採用，我們有充足的機會增加社會收入。

Let me take a moment to outline some recent developments in social measurement. On Meta, we currently have over 40 DV advertisers testing our recently expanded brand safety and suitability measurement solutions, including 9 of DV's top 100 customers who have never activated us on Meta. Our meta volumes have expanded across large advertisers as we grow our scale and enhance our measurement capabilities across the platform. We launched DV's brand safety and suitability measurement on Facebook and Instagram feeds and reels in 7 languages in January and expanded to 18 more languages later in the quarter.

請容許我花點時間概述社會測量領域的一些最新發展。在 Meta 上，我們目前有超過 40 個 DV 廣告商正在測試我們最近擴展的品牌安全性和適用性測量解決方案，其中包括 9 個從未在 Meta 上啟動過我們的 DV 前 100 名客戶。隨著我們規模的擴大和整個平台的測量能力的增強，我們的元資料量已在大型廣告商中擴展。我們於 1 月在 Facebook 和 Instagram 動態和影片中以 7 種語言推出了 DV 品牌安全性和適用性測量，並在本季稍後擴展到 18 種語言。

Together, these 25 languages cover markets representing over 90% of global digital ad spend ex China. Furthermore, we expanded our viewability and fraud measurement coverage to include Explore on Instagram, an area within the Instagram app that is dedicated to content discovery. We offer immediate quality measurement across key areas on Facebook and Instagram and are continually improving our coverage across some of the most engaging, user-generated content environments in the world.

這 25 種語言涵蓋了中國以外全球數位廣告支出 90% 以上的市場。此外，我們擴大了可見性和詐欺測量範圍，包括“Instagram 上的探索”，這是 Instagram 應用程式內專用於內容發現的區域。我們為 Facebook 和 Instagram 上的關鍵區域提供即時品質測量，並不斷提高我們對世界上一些最具吸引力的用戶生成內容環境的覆蓋範圍。

On TikTok, where nearly half our first quarter revenue came from EMEA and APAC markets, we're scaling our solutions across the platform by expanding our brand safety and suitability measurement capabilities to additional languages in markets. This year, we've already introduced brand safety and suitability measurement in key TikTok markets like Japan and Brazil and broadened our Spanish coverage to include our 4 Central American countries where TikTok is launched. As a result, we now provide brand safety and suitability solutions on TikTok in 36 markets, representing over 90% of total digital ad spend ex China and India. Moreover, we've introduced 16 new brand safety and suitability categories to complement TikTok's latest inventory filters, vertical sensitivity and category exclusion.

在 TikTok 上，我們第一季近一半的收入來自歐洲、中東和非洲地區以及亞太地區市場，我們正在透過將品牌安全和適用性測量功能擴展到其他語言市場來在整個平台上擴展我們的解決方案。今年，我們已經在日本和巴西等主要的 TikTok 市場引入了品牌安全和適用性測量，並擴大了我們在西班牙的覆蓋範圍，將 TikTok 的覆蓋範圍覆蓋到 4 個中美洲國家。因此，我們目前在 36 個市場的 TikTok 上提供品牌安全和適用性解決方案，佔中國和印度以外數位廣告支出總額的 90% 以上。此外，我們還推出了 16 個新的品牌安全和適用性類別，以補充 TikTok 最新的庫存過濾器、垂直敏感度和類別排除。

With our expanded coverage and solutions on TikTok, advertisers can confidently verify and protect their ad spend allocation across all regions. While our social media revenue is currently driven by measurement, the progress we've made in extending our industry-leading free screen activation and optimization solutions across social platforms points to a substantial opportunity to monetize social impressions further. This trajectory mirrors DV's business evolution on the open web 15 years ago, where we started enabling measurement solutions and progressively introduced premium priced activation solutions. Measurement data feeds our activation solutions, enabling advertisers to optimize media spend effectively.

透過我們在 TikTok 上擴大的覆蓋範圍和解決方案，廣告商可以自信地驗證和保護他們在所有地區的廣告支出分配。雖然我們的社交媒體收入目前是由測量驅動的，但我們在跨社交平台擴展我們行業領先的免費螢幕激活和優化解決方案方面所取得的進展表明，進一步將社交印象貨幣化存在巨大的機會。這條軌跡反映了 15 年前 DV 在開放網路上的業務發展，當時我們開始啟用測量解決方案並逐步推出高價啟動解決方案。測量數據為我們的啟動解決方案提供訊息，使廣告商能夠有效地優化媒體支出。

We are excited to continue to build upon our robust social media measurement data foundation which, when coupled with our activation capabilities, will establish closed-loop verification and optimization that's tailored for the expansive social media market.

我們很高興能夠繼續鞏固我們強大的社交媒體測量數據基礎，當與我們的激活能力相結合時，它將建立適合廣闊的社交媒體市場的閉環驗證和優化。

Shifting focus to CTV. The IAB predicts CTV advertising to grow by 12% in 2024 to $22.7 billion, outpacing total media growth by 32%. DV's CTV measurement growth continues to outperform the market with CTV impression volumes growing by 45% year-over-year in the first quarter.

將焦點轉移到 CTV。 IAB 預測，到 2024 年，CTV 廣告規模將成長 12%，達到 227 億美元，超過整體媒體成長 32%。 DV 的 CTV 測量成長持續優於市場，第一季 CTV 展示量較去年同期成長 45%。

In activation, we see a significant portion of programmatic spend growth being driven by CTV and online video. However, our attachment rate to CTV activation impression volumes has room to grow because this premium priced inventory is largely acquired through private marketplaces or within programmatic guarantees or programmatic direct deals, where DV solutions are implemented more selectively.

在啟動方面，我們看到程式化支出成長的很大一部分是由連網電視和線上影片推動的。然而，我們對 CTV 活化印象量的附加率還有成長空間，因為這種高價庫存主要是透過私人市場或程序化擔保或程序化直接交易獲得的，其中 DV 解決方案的實施更有選擇性。

To take advantage of this dynamic, DV is focused on increasing the attachment rate of our solutions to programmatic CTV impressions at scale and maximizing their monetization potential. We've been working on enhancing our proposition for CTV by driving greater transparency for key DV data sets, namely brand safety, suitability, viewability and fraud at the showroom.

為了利用這種動態，DV 專注於提高我們的解決方案對程式化 CTV 展示的大規模附加率，並最大限度地發揮其貨幣化潛力。我們一直致力於透過提高關鍵 DV 資料集（即品牌安全性、適用性、可見性和展廳詐欺行為）的透明度來增強我們對 CTV 的主張。

Show-level transparency has been limited in programmatic CTV purchases, both in direct data deals and, to a greater extent, in programmatic option until now. Driven by advertiser demand, streaming publishers are warming up to selectively providing the more granular data and transparency needed to satisfy advertisers and significantly amplify DV's value in this premium-priced media landscape.

到目前為止，程式化連網電視購買的節目級透明度一直受到限制，無論是在直接資料交易中，還是在更大程度上的程式化選項中。在廣告主需求的推動下，串流媒體出版商正熱衷於選擇性地提供更細化的數據和透明度，以滿足廣告商的需求，並在這種高價媒體環境中顯著提升 DV 的價值。

As we mentioned on our last call, we partnered with a leading streaming network to introduce our pioneering program level measurement solution for advertisers on OTT devices, including CTV. This groundbreaking development and streaming verification will empower advertisers to measure and optimize for brand safety and suitability as well as content performance at the granular level.

正如我們在上次電話會議中提到的，我們與領先的串流媒體網絡合作，為包括 CTV 在內的 OTT 設備上的廣告商推出了開創性的節目級測量解決方案。這項突破性的發展和串流媒體驗證將使廣告主能夠在精細層面上衡量和優化品牌安全性和適用性以及內容表現。

This is a win-win for all involved. Advertisers gain invaluable transparency and insights, DV, CTV and OTT solutions see broader attachment rates and the streaming companies receive increased, more premium budget allocation. As major streaming companies adopt this level of transparency, it will catalyze others to follow suit swiftly.

這對所有參與者而言都是雙贏的。廣告主獲得了寶貴的透明度和洞察力，DV、CTV 和 OTT 解決方案獲得了更廣泛的附著率，串流媒體公司獲得了更多、更優質的預算分配。隨著大型串流媒體公司採用這種程度的透明度，它將催化其他公司迅速效仿。

We believe that achieving content transparency at scale will not only drive a widespread adoption of brand suitability measurements on CTV and the broader OTT market, which spans all devices but will also fuel our CTV and OTT activation volumes in the future. Ultimately, this progress will also enable DV to better align our fees for CTV activation and measurement with the higher value of CTV ad impressions.

我們相信，大規模實現內容透明度不僅將推動品牌適用性測量在 CTV 和涵蓋所有設備的更廣泛的 OTT 市場上的廣泛採用，而且還將推動我們未來的 CTV 和 OTT 激活量。最終，這一進展也將使 DV 能夠更好地將我們的 CTV 激活和測量費用與 CTV 廣告展示的更高價值結合起來。

Today, DV leads the market with its premier CTD activation measurement solutions. We've achieved MRC accreditation for video viewability and CTV and broaden accreditations for our CTV prebid data segments to include property level brand suitability, contextual and fully on-screen segments. Moreover, DV has the widest CT coverage, including media quality authentication on Amazon's owned and operated ad-supported OTT and CTV inventory.

如今，DV 憑藉其卓越的 CTD 活化測量解決方案引領市場。我們已獲得 MRC 視訊可見性和 CTV 認證，並擴大了 CTV 競標前資料段的認證範圍，以包括物業級品牌適用性、上下文和全螢幕段。此外，DV 擁有最廣泛的 CT 覆蓋範圍，包括對亞馬遜擁有和經營的廣告支援的 OTT 和 CTV 庫存的媒體品質認證。

Brands can leverage DV's fraud detection, NGO measurement and app level suitability across devices, including desktop, mobile and CTV. Additionally, DV enables marketers to gauge viewability and attention on Amazon's owned and operated ad supported CTV inventory.

品牌可以利用 DV 的詐欺偵測、非政府組織測量和跨裝置（包括桌上型電腦、行動裝置和 CTV）的應用程式層級適用性。此外，DV 還可以讓行銷人員衡量亞馬遜所擁有和經營的廣告支援的 CTV 庫存的可見性和關注度。

Finally, we continue to innovate rapidly in CTV where a tension measurement is gaining traction. Recognizing its value, platforms are leveraging attention data as a selling point similar to how ratings are used to sell TV inventory.

最後，我們繼續在張力測量日益受到關注的 CTV 領域快速創新。平台認識到了其價值，正在利用注意力數據作為賣點，類似於利用收視率來銷售電視庫存。

With DV's authentic attention metrics, platforms can emphasize not only impression level verification and attention data, but also exposure and engagement across CTV content. This approach highlights high attention shows, maximizing the efficacy of TV inventory.

借助 DV 真實的注意力指標，平台不僅可以強調印像水平驗證和注意力數據，還可以強調 CTV 內容的曝光和參與。這種方法突顯了關注度高的節目，最大限度地提高了電視庫存的效率。

Recently, DV partnered with Netflix to deliver a CTV attention measurement report using DV's CTV authentic attention to compare Netflix to other AVOD apps and FAST channels. This exciting development is just the beginning of DV authentic attentions pioneering advancements in CTV, which fueled a tripling of attention revenue and advertiser adoption in the first quarter compared to Q1 last year.

最近，DV 與 Netflix 合作，提供了 CTV 關注度測量報告，利用 DV 的 CTV 真實關注度將 Netflix 與其他 AVOD 應用程式和 FAST 頻道進行比較。這一令人興奮的發展只是 DV 真實關注在 CTV 領域開創性進步的開始，與去年第一季相比，這一進步推動了第一季度的關注收入和廣告商採用量增長了兩倍。

We are gaining solid momentum with this differentiated measurement offering and look forward to updating all of you on our ongoing progress. We see a significant potential for unlocking value with DV's solutions in the CTV space. By expanding our solutions at the show level, we expect higher attach rates and a more rewarding value prop for DV in an underpenetrated segment that accounts for a large share of programmatic revenue growth.

憑藉這款差異化測量產品，我們正獲得強勁發展勢頭，並期待向大家通報我們正在取得的進展。我們看到 DV 的解決方案在 CTV 領域釋放價值的巨大潛力。透過在展會層面擴展我們的解決方案，我們預計在佔程序化收入成長很大份額的滲透率較低的領域，DV 可以獲得更高的附加率和更有價值的價值主張。

Moving on to the topic of accelerating customer wins. We won numerous RFPs in the first quarter and have a robust new customer acquisition pipeline. DV boasts an impressive list of blue-chip clients working with nearly half of the top 1,000 advertisers in the world. In addition to our previously announced first quarter wins, which included the global advertising business of Pepsi and Haleon, we closed additional new logos in the first quarter, including McAfee, Mars, Heineken, Levi Strauss and Dolce & Gabbana in the United States; Carlsberg in Europe; and SoftBank, New Balance and Aon Financial in Japan. We've also signed meaningful expansions with existing clients including Vodafone, Audible by Amazon, Pepsi and Bacardi adopting ABS across global markets as well as Sanofi and [Beiersdorf] scaling our social solutions.

繼續討論加速客戶贏得勝利的議題。我們在第一季贏得了大量 RFP，並擁有強大的新客戶獲取管道。 DV 擁有令人印象深刻的藍籌客戶名單，與全球前 1,000 強廣告商中的近一半都有合作。除了我們先前宣布的第一季勝利（包括百事可樂和 Haleon 的全球廣告業務）之外，我們還在第一季完成了其他新標誌的合併，包括美國的麥克菲、瑪氏、喜力、李維斯和杜嘉班納；嘉士伯在歐洲；以及日本的軟銀、New Balance 和怡安金融。我們還與現有客戶簽署了有意義的擴展協議，包括沃達豐、亞馬遜的 Audible、百事可樂和百加得在全球市場採用 ABS，以及賽諾菲和 [拜爾斯道夫] 擴展我們的社交解決方案。

Our win rate across all opportunities remains above 80%, with 62% 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. 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 12% in the first quarter, with nearly 60% of our top 700 customers, using less than half of our 7 core products, the opportunity to expand within our existing customer base remains significant.

我們在所有機會中的成功率仍然保持在 80% 以上，其中第一季的成功率為 62% 為全新領域，我們將其定義為廣告商未使用第三方工具即可獲得 DV 所贏得的業務的成功。新客戶的成功得益於我們成功的「登陸與擴張」策略，透過該策略，我們在第一季將過去 12 個月內創造收入超過 20 萬美元的廣告客戶數量增長了 12%，在我們最大的 700 名客戶中，有近 60% 的客戶使用了不到我們 7 種核心產品的一半，因此，在現有客戶中的機會仍然很大。

Having covered social and CTV, let's move to the open web and touch upon retail media and Scibids AI. Our global scale and connectivity across retail media environment continues to expand. DV's measurement tags are now accepted on 82 of the key global retail media networks and sites, including 15 of the top retail media platforms and 67 major retailers. Approximately half support DV measurement on their owned and operated sites, while 2/3 support DV measurement on their off-site networks. As a result, we grew our first quarter retail meter measurement revenue by more than 45% year-over-year.

在介紹了社交和 CTV 之後，讓我們轉向開放網路並談談零售媒體和 Scibids AI。我們的全球規模和跨零售媒體環境的連結性不斷擴大。 DV 的測量標籤目前已被全球 82 個主要零售媒體網路和網站接受，其中包括 15 個頂級零售媒體平台和 67 家主要零售商。大約有一半支援在其擁有和經營的站點上進行 DV 測量，而 2/3 支援在其異地網路上進行 DV 測量。因此，我們第一季的零售電錶計量收入年增了 45% 以上。

Finally, on Scibids AI, we're at an exciting inflection point with the adoption of custom bidding solutions to drive scalability and performance and optimizing programmatic advertising campaign is gaining real traction. Since acquiring Scibids AI, we have successfully sold the solution to 19 DV customers, of which 8 are among DV's top 100 advertisers. Moreover, we've engaged numerous large advertisers who, until now, weren't DV customers.

最後，在 Scibids AI 上，我們正​​處於一個令人興奮的轉折點，採用客製化競價解決方案來推動可擴展性和效能，而優化程式化廣告活動正在獲得真正的吸引力。自從收購 Scibids AI 以來，我們已成功將此解決方案銷售給 19 家 DV 客戶，其中 8 家是 DV 前 100 名廣告商之一。此外，我們也與許多大型廣告商合作，但到目前為止，他們還不是 DV 的客戶。

Currently, we are in discussions with most DV customers and global prospects leveraging our global sales team to cross-sell this powerful solution that can utilize DV core verification assets. This early success is rooted in DV Scibids AI's capability to consistently deliver strong advertising returns with an average return on investment of $4 for every $1 invested in Scibids.

目前，我們正在與大多數 DV 客戶和全球潛在客戶進行討論，利用我們的全球銷售團隊交叉銷售這種可以利用 DV 核心驗證資產的強大解決方案。這項早期成功源自於 DV Scibids AI 持續提供強勁廣告回報的能力，在 Scibids 上每投資 1 美元，平均可獲得 4 美元的投資回報。

Moreover, it delivers an average media cost savings of nearly 40%. It's also worth noting that marketers currently spend nearly 1/4 of their time manually optimizing campaigns, a task that Scibids AI can significantly streamline and improve, thereby enhancing overall marketing efficiency and effectiveness. Like authentic attention, DV Scibids represents another important step in DV's evolution: to expand our client engagement to not only protect their media spend, to help it to perform as well.

此外，它還可節省平均近 40% 的媒體成本。另外值得注意的是，行銷人員目前花費近四分之一的時間手動優化行銷活動，而 Scibids AI 可以顯著簡化和改進這項任務，從而提高整體行銷效率和成效。與真實的關註一樣，DV Scibids 代表了 DV 發展中的另一個重要步驟：擴大我們的客戶參與度，不僅保護他們的媒體支出，還幫助其取得良好的表現。

To conclude, we are witnessing strong growth in digital video, including CTV, social video and online video. We see this growth characterized by increasing ad spend on social video and CTV which is primarily acquired through private marketplace for programmatic guaranteed and direct deals. For advertisers, this is meant navigating through more closed ecosystem, leading to greater fragmentation, complexity and challenges in implementing scalable strategies, interpreting data, evaluating performance and establishing trust across various networks.

總而言之，我們正在見證數位影片的強勁成長，包括 CTV、社交影片和線上影片。我們看到這種成長的特點是社交影片和 CTV 的廣告支出不斷增加，這些支出主要透過程式化保證和直接交易的私人市場獲得。對於廣告商來說，這意味著要在更封閉的生態系統中導航，從而導致更大的碎片化、複雜性以及在實施可擴展策略、解釋數據、評估績效和在各個網路之間建立信任方面的挑戰。

Strong, independent verification of closed ecosystem is essential to maintaining accountability and sustaining buyer confidence. DV has extensive experience in harnessing the power of AI, machine learning and data science as well as building trusted, scalable solutions integrated across all platforms, whether open or closed. We measure data that correlates with the business outcomes advertisers aim to achieve, and we can activate that measurement data to help advertisers drive better outcomes.

對封閉生態系統進行強有力的獨立驗證對於維護責任和維持買家信心至關重要。 DV 在利用人工智慧、機器學習和資料科學的力量以及建立跨所有平台（無論是開放還是封閉）整合的可信賴、可擴展的解決方案方面擁有豐富的經驗。我們測量與廣告商想要實現的業務結果相關的數據，我們可以啟動這些測量數據來幫助廣告商實現更好的結果。

All of this leaves DV well positioned to play a pivotal role in shaping the evolving future of digital advertising. Our growth drivers of product upsell, channel expansion, customer acquisition and growth and international expansion remain intact, and we continue to see a large growing business opportunity for our expanding set of verification and performance solutions across new markets, platforms and customers.

所有這些都使 DV 能夠在塑造數位廣告不斷發展的未來方面發揮關鍵作用。我們的產品追加銷售、通路擴展、客戶獲取和成長以及國際擴張的成長動力保持不變，我們繼續看到我們不斷擴展的驗證和性能解決方案在新市場、平台和客戶中的巨大增長商機。

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

說完這些，讓我把電話交給尼可拉。

Thanks, Mark, and good afternoon, everyone. Our first quarter results exceeded the top end of our revenue and adjusted EBITDA guidance ranges, driven by all 3 of our revenue lines, activation, measurement and supply side gaining momentum in March. Total revenue grew 15% in the first quarter to $141 million, primarily driven by 16% advertiser revenue growth, which continues to be volume led.

謝謝，馬克，大家下午好。我們的第一季業績超出了我們的收入和調整後 EBITDA 指導範圍的最高限值，這得益於我們所有三大收入來源，即激活、測量和供應方在 3 月份獲得發展勢頭。第一季總營收成長 15%，達到 1.41 億美元，主要得益於廣告商營收 16% 的成長，且成長仍以廣告量為主導。

In the first quarter, media transactions measured, or MTM, increased 18% year-over-year. Measured transaction fees, or MTF, declined 2% year-over-year, primarily due to product mix as activation revenue, which is premium priced to measurement, represented a smaller share of total revenue relative to the prior year period. We anticipated this mix shift given the strength in social and international revenue and the impact of reduced programmatic spending by a handful of large retail and CPG advertisers we referenced last quarter.

第一季度，媒體交易量（MTM）年增 18%。衡量交易費用（MTF）年減 2%，主要由於產品組合原因，活化收入（高於衡量標準的價格）佔總收入的比重與去年同期相比有所減少。考慮到社交和國際收入的強勁增長，以及上個季度提到的少數大型零售和快速消費品廣告商減少程序化支出的影響，我們預計會出現這種組合轉變。

While we expect MTS on a per product basis to remain stable, we expect total MTS to continue to reflect the impact of the mix shift towards measurement relative to more premium price activation. Activation revenue increased 13% compared to the prior year, and ABS, which represented 55% of activation revenue in the quarter increased 12% year-over-year. 85% of ABS' growth in the quarter was driven by new advertiser spend and by upselling ABS to existing DV customers. ABS is activated by over 90% of our top 100 advertisers, and by over 60% of our top 500 advertisers.

雖然我們預期每種產品的 MTS 將保持穩定，但我們預期整體 MTS 將繼續反映產品組合向計量轉變（相對於更高的溢價激活）的影響。激活收入比上年增長了 13%，其中佔本季激活收入 55% 的 ABS 年增長了 12%。本季 ABS 的 85% 成長是由新廣告商支出以及向現有 DV 客戶追加銷售 ABS 所推動的。我們的前 100 名廣告主中超過 90% 啟用了 ABS，前 500 名廣告主中超過 60% 啟用了 ABS。

Moving forward, we're focused on new advertiser spend and an upselling ABS to existing DV customers as the primary driver of ABS' growth. Scibids continues to build momentum with existing customers and prospects and continues to meet our performance expectations.

展望未來，我們將專注於新廣告商支出以及向現有 DV 客戶追加銷售 ABS，這是 ABS 成長的主要動力。 Scibids 繼續與現有客戶和潛在客戶建立良好的合作關係，並繼續滿足我們的業績預期。

Turning to measurement. Revenue increased 19% versus the prior year, primarily driven by existing customer expansion on social. Social revenue increased 51% year-over-year and represented 49% of measurement revenue in the quarter. Social measurement growth continued to be led by Meta and YouTube which, together, accounted for 80% of our first quarter social measurement revenue with TikTok being a distant third. As Mark mentioned, nearly half of our first quarter TikTok revenue was sourced from EMEA and APAC markets.

轉向測量。收入較前一年增長了 19％，主要得益於社交媒體上現有客戶的擴張。社交收入年增51％，佔本季測量收入的49％。社交測量成長繼續由 Meta 和 YouTube 引領，它們合計占我們第一季社交測量收入的 80%，而 TikTok 則位居第三。正如馬克所提到的，第一季 TikTok 收入的近一半來自 EMEA 和 APAC 市場。

Growth in social drove international measurement revenue, which increased 40% compared to the prior year and now represents 31% of total measurement revenue, up from 26% in the first quarter of 2023. Finally, supply side revenue grew 8% in the first quarter, driven by the early signing of new platform deals.

社交成長推動了國際測量收入，與上年相比成長了 40%，目前佔總測量收入的 31%，高於 2023 年第一季的 26%。

Shifting to expenses. Cost of revenue increased by approximately $3 million, primarily due to an increase in cloud services costs as we further invest in scaling the infrastructure required to support our growth, followed by an increase in cost from revenue-sharing arrangements with programmatic partners tied to higher programmatic revenue.

轉向費用。收入成本增加了約 300 萬美元，主要是由於我們進一步投資於擴展支援成長所需的基礎設施導致雲端服務成本增加，其次是與更高的程式化收入相關的程式化合作夥伴的收入分成安排導致的成本增加。

Revenue, less cost of sales of 81% in Q1 '24, was in line with our expectations. Research and development expenses increased due to investments in AI and machine learning engineering resources. Sales and marketing expenses increased as we invested in additional resources to promote and sell our most recent product launches, including Scibids, around the globe.

24年第一季的營收減去81%的銷售成本，符合我們的預期。由於對人工智慧和機器學習工程資源的投資，研發費用增加。由於我們投入了額外的資源來在全球範圍內推廣和銷售我們最新推出的產品（包括 Scibids），銷售和行銷費用有所增加。

G&A expenses remained relatively stable year-over-year as our growing scale drives leverage on this operating expense line. Adjusted EBITDA of $38 million in the first quarter represented a 27% margin and was ahead of plan, primarily due to higher revenues.

由於我們規模的不斷擴大推動了這項營運費用項目的槓桿作用，一般及行政費用較去年同期保持相對穩定。第一季調整後的 EBITDA 為 3,800 萬美元，利潤率為 27%，超出計劃，主要原因是收入增加。

We delivered net cash from operations of approximately $32 million compared to $21 million in the same period in the prior year. Capital expenses were approximately $6 million compared to approximately $4 million in the first quarter of 2023. We ended the quarter with $302 million in cash on hand. And in addition, we invested in the quarter approximately $32 million in treasury bills and maturities over 3 months to capitalize on favorable interest rates. This short-term investment is reflected as a use of cash and including the investing activities in the cash flow statement. Including this investment, cash and short-term investments were $334 million at quarter end.

我們的經營活動淨現金約為 3,200 萬美元，而去年同期為 2,100 萬美元。資本支出約為 600 萬美元，而 2023 年第一季約為 400 萬美元。此外，我們在本季投資了約 3,200 萬美元的 3 個月期國庫券和到期債券，以利用優惠利率。此短期投資反映為現金的使用，並包括現金流量表中的投資活動。包括這項投資在內，季末的現金和短期投資為 3.34 億美元。

Turning to guidance. We are lowering our full year guidance primarily due to uneven spending patterns by the select large retail and CPG advertisers that we mentioned last quarter. These customers are heavy users of our activation solutions, including ABS. And our lower revenue expectation from this cohort accounts for most of the change in our full year guidance. Additionally, we expect more of our existing and new customers' ad spend to be allocated to social and CTV.

轉向指導。我們下調了全年業績預期，主要原因是我們上個季度提到的部分大型零售和 CPG 廣告商的支出模式不均衡。這些客戶都是我們的活化解決方案（包括 ABS）的重度使用者。我們對這群人的收入預期較低，這是全年預期變化的主要原因。此外，我們預計更多現有和新客戶的廣告支出將分配給社交和CTV。

While we earn a lower fee in social media measurement today, we see a significant opportunity to upsell our social activation and optimization capabilities going forward. As for CTV, Mark mentioned that we have been working on enhancing our solutions by providing show-level transparency, which will increase the attach rate to CTV impression. We expect second quarter revenue in the range of $152 million to $156 million, which implies year-over-year growth of 15% at the midpoint. We expect second quarter adjusted EBITDA in the range of $41 million to $45 million, which represents a 28% margin at the midpoint.

雖然我們目前在社群媒體測量中賺取的費用較低，但我們看到了未來提升我們的社群活化和優化能力的巨大機會。至於 CTV，馬克提到，我們一直致力於透過提供節目級透明度來增強我們的解決方案，這將提高 CTV 印象的附加率。我們預計第二季營收在 1.52 億美元至 1.56 億美元之間，這意味著年增 15%。我們預計第二季調整後的 EBITDA 在 4,100 萬美元至 4,500 萬美元之間，中間值為 28%。

For the second quarter, we expect stock-based compensation to range between $23 million and $26 million and weighted average diluted shares outstanding to range between 175 million and 177 million shares.

對於第二季度，我們預計股票薪酬在 2,300 萬美元至 2,600 萬美元之間，加權平均稀釋流通股數在 1.75 億股至 1.77 億股之間。

For full year 2024 guidance, we expect revenue in the range of $663 million to $675 million, which implies a year-over-year growth of 17% at the midpoint. We expect adjusted EBITDA in the range of $199 million to $211 million, which represents a 31% margin at the midpoint.

對於 2024 年全年指引，我們預計營收將在 6.63 億美元至 6.75 億美元之間，這意味著中位數年增 17%。我們預期調整後的 EBITDA 在 1.99 億美元至 2.11 億美元之間，中間值為 31%。

Our full year guidance reflects the following key assumptions: first, we anticipate more moderate growth throughout the year from the select retail and CPG advertisers we identified as slow starting at the beginning of the year. While we saw an improvement in March, April's performance showed slower pacing. And as a result of this variability, we assume these select advertisers will spend [unevenly] for the rest of the year.

我們的全年指引反映了以下關鍵假設：首先，我們預計，從年初起步緩慢的特定零售和快速消費品廣告商來看，全年將實現更溫和的成長。儘管我們在三月看到了進步，但四月的表現卻放緩了。由於這種變化，我們預計這些特定廣告商在今年剩餘時間內的支出將會[不均衡]。

Second, we expect a moderation in overall growth as we see current and new customers allocating more of their budgets to social and CTV. Third, the newly onboarded large global advertisers we mentioned last quarter are now performing in line with our expectations. We expect their continued ramp up in the second half of the year to contribute to a sequential acceleration of our year-over-year growth in the second half of the year. Overall, we expect the second half of the year to contribute approximately 56% of our total revenue, broadly in line with last year.

其次，我們預計整體成長將會放緩，因為我們看到現有和新客戶將更多的預算分配給社交和 CTV。第三，我們上個季度提到的新加入的大型全球廣告商現在的表現符合我們的預期。我們預計，它們將在下半年繼續成長，從而促進我們下半年同比增長的連續加速。總體而言，我們預計下半年將貢獻我們總收入的約 56%，與去年大致持平。

Finally, as in prior years, we expect the fourth quarter to deliver the highest quarterly share of total revenue, ranging between 30% and 32%. We remain measured in our full year revenue expectations for the following opportunities: adoption by existing advertisers of our measurement solutions on Meta, which now includes brand safety, accelerated revenue growth from the extension of TikTok into non-English speaking markets, and accelerated revenue growth from Scibids, authentic attention and on CTV.

最後，與往年一樣，我們預計第四季將佔據總營收的最高季度份額，介於 30% 至 32% 之間。我們仍將根據以下機會來衡量全年收入預期：現有廣告商採用我們在 Meta 上的測量解決方案，現在包括品牌安全、TikTok 向非英語市場擴展帶來的加速收入增長、以及 Scibids、真實關注和 CTV 帶來的加速收入增長。

In conclusion, we delivered a solid first quarter with double-digit revenue growth, robust profits and substantial cash flow, ending the quarter with 0 debt and $302 million of cash on hand. Our focus remains on driving execution to build growth momentum throughout the remainder of the year.

總而言之，我們第一季取得了穩健的成績，營收實現兩位數成長，利潤穩健，現金流充裕，季末債務為 0，現金餘額為 3.02 億美元。我們的重點仍然是推動執行，以在今年剩餘時間內建立成長勢頭。

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

現在，我們將開放問答熱線。接線員，請繼續。

(Operator Instructions) And our first question comes from Matt Swanson with RBC Capital Markets.

（操作員指示）我們的第一個問題來自 RBC Capital Markets 的 Matt Swanson。

We have a lot of good metrics in the quarter, right? Attention, triple; social, 51; CTV, 45; Retail Media, 45; International, 40. Could you just maybe go a little bit more into the parts of the business that didn't perform as well? Because obviously, those numbers are all quite a bit higher than overall revenue growth. So maybe drilling down a little deeper beyond those handful of CPG and retail companies.

本季我們有很多好的指標，對嗎？注意，三倍；社會，51； CTV，45；零售媒體，45；國際，40.您能否更詳細地介紹一下表現不佳的業務部分？因為很明顯，這些數字都比整體營收成長高出不少。因此，也許我們應該深入研究那些少數的快速消費品和零售公司。

Matt, thanks for the question. In addition to that, we also saw great growth outside of the U.S. that was a positive. And so we do see some bright spots. Now obviously, where we saw some challenges is where our activation business, which has been such a powerhouse over the last several quarters. And I think a lot of that was driven by those core customers who are heavily leaned into our activation solutions, including ADS. So I think there is definitely some drag on the activation side of our business, as we noted, considering this is the first quarter that I can remember in which activation actually grew slower than measurement.

馬特，謝謝你的提問。除此之外，我們也看到美國以外地區也出現了正面的成長。因此我們確實看到了一些亮點。顯然，我們現在面臨著一些挑戰，那就是我們的激活業務，該業務在過去幾個季度中一直表現強勁。我認為這很大程度上是由那些嚴重依賴我們的啟動解決方案（包括 ADS）的核心客戶所推動的。因此，我認為我們的業務激活方面肯定受到了一些拖累，正如我們所指出的，因為這是我記憶中第一個激活增長實際上慢於測量增長的季度。

And I think that's obviously, very large part due to those customers who we saw the drag in Q1. We're projecting them to remain relatively [even] through the year is the first part. And the second is obviously a good amount of spend is starting to head towards social, in which we got a lower attach rate at this stage for some of our previous solutions although we're seeing a pretty big measurement upswing. So the bright spots continue to be social, international and some of the areas on that side of the business. Where we saw drag was pretty early in activation, which, again, those core customers who did slow down and we expect them to be uneven for the year, have a high concentration of spend (inaudible)

我認為這顯然很大程度上是由於我們在第一季看到拖累的那些客戶。我們預計，今年上半年，它們將保持相對穩定。第二，顯然大量的支出開始流向社交領域，儘管我們看到了相當大的衡量上升，但現階段我們之前的一些解決方案的附加率較低。因此，亮點仍然是社交、國際以及業務方面的一些領域。我們看到的阻力出現在活化的早期階段，那些核心客戶確實放緩了速度，我們預期他們全年的支出會不均衡，他們的支出集中度很高（聽不清楚）

Yes, that's really helpful. And then I think it might just be helpful to kind of go over 2 of the things that were investor focus is coming out last quarter. And one, it didn't show up at all, obviously, in measurement. But just any commentary around the pricing environment competitively. And then maybe on the second, like you said the same companies as before, but just that there hasn't been any contagion of spreading out beyond kind of those retail CPG customers we identified.

是的，這確實很有幫助。然後，我認為回顧上個季度投資者關注的兩件事可能會有所幫助。首先，顯然，在測量中它根本沒有表現出來。但只是圍繞競爭性定價環境的任何評論。然後也許在第二個方面，就像你說的和之前相同的公司，只是沒有蔓延到我們所確定的那些零售 CPG 客戶之外的傳染病。

Yes. I'll take that one. So I'll start with the second one. The answer to that is no, it is the same cohort of advertisers where we're seeing just uneven pattern of spend. They actually really saw nothing in March but seen in April. And so we feel it's the right thing to do to take our numbers down for the year assuming they will remain fairly uneven for the year as a cohort. So this is not a growing number of advertisers.

是的。我要那個。因此我將從第二個開始。答案是否定的，我們看到的是同一批廣告商的支出模式並不平衡。他們實際上在三月什麼也沒看到，但在四月卻看到了。因此，我們認為，假設今年的群體人數仍然相當不均衡，那麼降低今年的數字是正確的做法。因此，廣告商的數量並沒有成長。

On the first question for MTF, what we saw this quarter is an overall decline on MTF because the mix has shifted towards measurement. And as we've always said, activations command higher premium priced products. And so as more volume is shifting to measurement, you will feel on the MTF, the impact of lower price points on social, lower price points or international in general. The third product, pricing, has remained stable. And that's really the part that we can follow the MTF mix shift to sort of a byproduct of where the advertisers are spending.

關於 MTF 的第一個問題，我們本季看到的是 MTF 整體下降，因為組合已轉向測量。正如我們一直所說，啟動需要更高的溢價產品。因此，隨著越來越多的數量轉向測量，您會感受到 MTF、較低價格點對社會、較低價格點或整個國際的影響。第三個產品，定價維持穩定。這其實是我們可以追蹤 MTF 組合轉變的部分，也是廣告商支出的副產品。

And our next question comes from Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Andrew Boone。

Mark, can you talk about the early learnings from Meta brand safety and what advertiser conversations are like currently in terms of adoption and demand for the product?

馬克，您能談談 Meta 品牌安全的早期經驗以及目前廣告商對該產品的採用和需求情況嗎？

Yes. Thanks, Andrew. We've got -- we're engaged with just about every one of our top customers on the Meta brand safety solution. I think last -- in the last call, we've talked to something like 40 to 45 folks are testing it. The good is we're starting to wrap those tests now and activate some of those clients. So we've got a handful of folks who are now running. A bunch of them are new. And the feedback has been really positive. They like the fact now that we've got the full suite across all the solutions. As we noted in the call, we've now even extended some new aspects of Instagram as well.

是的。謝謝，安德魯。我們幾乎與每位頂級客戶就 Meta 品牌安全解決方案展開合作。我想最後——在最後一次通話中，我們已經與大約 40 到 45 名正在測試它的人進行了交談。好消息是我們現在開始完成這些測試並啟動其中一些客戶端。因此，我們現在有少數人正在參選。其中很多都是新的。並且反饋也非常正面。他們喜歡我們現在擁有涵蓋所有解決方案的全套產品。正如我們在電話會議中提到的，我們現在甚至擴展了 Instagram 的一些新方面。

So I think it's pacing as we expected. We talked about starting to really pick up on the second half of this year. As Nicola noted in his guidance comments, we still are planning for a moderated impact on the business based on that. But net-net, good traction. It's exactly what we wanted to do and expected to do and Meta as a partner, has really leaned into it as represented by the fact we started the year and launched with a handful of languages, and we expanded to over 20 languages by the end of the quarter, which is a great sign that they think this is important, and they want to continue to work with us on this front.

所以我認為它的步伐正如我們所預期的那樣。我們談到了今年下半年開始真正復甦。正如尼古拉在其指導意見中指出的那樣，我們仍在計劃在此基礎上對業務產生適度的影響。但整體而言，牽引力良好。這正是我們想要做和期望做的事情，而 Meta 作為合作夥伴也確實傾向於此，這一點可以從我們今年年初推出的幾種語言版本看出，到本季度末，我們擴展到了 20 多種語言，這是一個很好的跡象，表明他們認為這很重要，並且他們希望繼續與我們在這方面合作。

And then, Mark, just as a follow-up for that to help us maybe try to quantify the qualification of strong demand on Meta. Is there anything you guys are seeing in terms of violation rates or anything else, again, that you can discuss maybe in broad strokes that suggest that, hey, advertisers need to be implementing a brand safety tool within social media UGC environment?

然後，馬克，作為後續行動，也許可以幫助我們嘗試量化對 Meta 的強烈需求的資格。就違規率或其他方面而言，你們是否看到了什麼？

I can't speak to Meta specifically, but we know that all social environments have a sense of brand safety and suitability challenges that we ensure that they can -- these tools are made for, right? And I think that the interest in demand around them is based on the fact that the reality is that there's lots of growth in dollars flowing into social networks as we've seen, and advertisers want to have comfort in those environments. So net-net, I think the solutions are doing what they need to do, which is provide greater transparency, not just on brand safety and suitability but on viewability, on ensuring there's not invalid traffic, et cetera.

我無法具體代表 Meta 發言，但我們知道所有社交環境都具有品牌安全和適用性挑戰意識，我們確保它們能夠——這些工具就是為此而設計的，對嗎？我認為，人們對它們的需求感興趣是基於這樣一個事實：正如我們所見，流入社交網路的資金正在大幅增長，廣告商希望在這樣的環境中感到安心。所以總的來說，我認為這些解決方案正在做它們需要做的事情，即提供更高的透明度，不僅在品牌安全性和適用性方面，而且在可見性方面，確保沒有無效流量等等。

And I think they're playing that role. And as exemplified is the growth that we saw in the quarter of over 50% growth in social, and I think there's still going to be people who lean on those.

我認為他們正在扮演這個角色。正如我們在本季看到的社交成長超過 50% 的例子，我認為仍然會有人依賴這些成長。

Our next question comes from Arjun Bhatia with William Blair.

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

Maybe for Mark to start. It seems like, obviously, social is a little bit of a headwind here. But when you think about getting more attached with prebid, I guess, how is product parity for DV solution and what you have in social from a prebid perspective versus what you have with ABS and programmatic? And then just help us understand maybe what tools you have at your disposal to actually increase those attach rates on the social side. And maybe chop away at some of these headwinds that I see impacting you.

也許應該由馬克來開始。顯然，社交在這裡似乎有點逆風。但是當您考慮更多地使用預競價時，我想，DV 解決方案的產品平價以及從預競價角度來看您在社交方面所擁有的產品與您在 ABS 和程序化方面所擁有的產品相比如何？然後幫助我們了解您可以使用哪些工具來真正提高社交方面的附加率。也許可以消除一些我認為對你有影響的不利因素。

Yes, it's a great question, Arjun. So we -- in the slides we showed, our some level of prescreen controls across a handful of social network. So certainly not as broad across activation as we have across measurement. And the depths and types of those tools are different. So prescreening, social heavily leaned on YouTube and TikTok right now is the main drivers of application. I think there is opportunity for us to expand on both of those platforms, and we are as well as look at growing out some of the things we're doing on optimization and activation.

是的，這是一個很好的問題，阿瓊。因此，我們在幻燈片中展示了我們對少數社交網路進行一定程度的預先篩選控制。因此，我們在活化方面的範圍肯定不如在測量方面的範圍那麼廣。這些工具的深度和類型是不同的。因此，預先篩選、目前嚴重依賴 YouTube 和 TikTok 的社交是應用程式的主要驅動力。我認為我們有機會在這兩個平台上進行擴展，並且我們也在考慮在優化和激活方面進行一些工作。

So we've got some work to do. Right now, most of that work is around selling, not on product development. Less than 20% of our top 700 customers are using us on social prescreen. So I think we've got an opportunity to upsell there. We also have some product and coverage work to do, but I do think we have an opportunity to continue to grow that.

因此我們還有一些工作要做。目前，大部分工作都圍繞著銷售，而不是產品開發。在我們的前 700 名客戶中，只有不到 20％ 在社交預篩選中使用我們的服務。因此我認為我們有機會在那裡提高銷售量。我們還有一些產品和覆蓋範圍的工作要做，但我確實認為我們有機會繼續發展。

Okay. And then maybe sticking on that theme. Certainly, I think we see it across the advertising landscape that more and more spend is getting allocated to media, whether it's social or CTV. And I think you have implemented some price -- some premium price on some video solutions. But as you look ahead, I think those -- when you look at advertising (inaudible) there's a pretty wide discrepancy. So like how do you think about price as a lever on some of those more premium impressions because I think there's still quite a bit of a gap there with the ad systems and what you (inaudible)

好的。然後也許堅持這個主題。當然，我認為我們在整個廣告領域看到越來越多的支出被分配到媒體上，無論是社群媒體還是 CTV。我認為你們已經對一些視訊解決方案實施了一些定價——一些溢價。但放眼未來，我認為──當你看廣告時（聽不清楚），就會發現差異相當大。那麼，您如何看待價格作為槓桿來影響這些更優質的展示效果，因為我認為廣告系統和您所看到的（聽不清楚）之間仍然存在很大差距

Yes. We've talked about this in prior calls, and it's a great point. I think we are still leaving money on the table based on the pricing structure that we have on video. And I think it becomes a bigger factor as more dollars move there. So I think we've got an opportunity to drive pricing at the level our value is that we're not taking advantage of. But I do think there's an opportunity for us to do that. We've done it a bit, as we said, in some of our activation solutions when we bifurcated between displaying video on some of the platforms. I think we have an opportunity as well to look at both activation and measurement pricing as those CPMs in video become higher and the demand for video becomes greater, pushing them up.

是的。我們在之前的通話中討論過這個問題，這是一個很好的觀點。我認為，根據我們現有的影片定價結構，我們仍然沒有賺到錢。我認為，隨著越來越多的美元流入，這個問題會變得越來越重要。因此我認為我們有機會將價格推至我們尚未利用的價值水平。但我確實認為我們有機會做到這一點。正如我們所說的，當我們在某些​​平台上分叉顯示影片時，我們在某些​​啟動解決方案中做了一些工作。我認為我們也有機會研究啟動定價和測量定價，因為影片中的每千次展示費用 (CPM) 越來越高，並且對影片的需求越來越大，從而推高了它們的價格。

And our next question comes from Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. Despite the [trim] guidance, it still implies a step-up in the growth rate throughout the year. With that, what's giving you the most confidence there? And within this, how much does Meta ramping factor in, especially relative to your Q4 view?

這是弗蘭克 (Frank) 代替雷莫 (Raimo)。儘管有[削減]指引，但仍意味著全年成長率將會加快。那麼，什麼給了您最大的信心呢？在此之中，Meta 的成長佔多大比重，尤其是相對於您對第四季的看法？

Yes, I'll take that question, Frank. So if you just step back and look at what we're expecting in the second half versus the first half of the year, we expect the second half to contribute about 56% of total revenue, which is in line with what we saw last year. So there is always more revenue in the second half of the year as there is in the first half. So that's one way to look at the numbers.

是的，我願意回答這個問題，弗蘭克。因此，如果回顧我們對下半年和上半年的預期，我們預計下半年將貢獻總收入的 56% 左右，這與我們去年的情況一致。因此下半年的收入總是比上半年多。這是一種觀察數字的方法。

We have assumed the continued ramp-up in the second half. Part of that is based on the ramping that we're seeing from the new large global advertisers that we had already mentioned last quarter, they are now performing in line with our expectations that there is a slow start. So that is one of the parts of the equation. The other part I would say related to that is additional new advertisers are large global enterprise advertisers that are likely to take our premium price products, which will have an impact on activation off of what we saw in the first quarter.

我們預計下半年將持續成長。部分原因在於我們看到上個季度已經提到的新的大型全球廣告商正在不斷成長，他們現在的表現符合我們的預期，雖然起步緩慢。這是等式的一部分。我想說的另一部分是，額外的新廣告商是大型全球企業廣告商，他們可能會購買我們的高價產品，這將對我們在第一季看到的情況產生啟動影響。

So those are the 2 large ones. I think if you think about other questions the other way, we thought it was the right thing to do to take down the contribution from the cohort of advertisers just to be on the safe side based on the volatility of their spend. What is not yet in the second half, and we spoke about this on the prepared remarks, we have not assumed a meaningful contribution from the Meta brand safety solutions. That has not changed. It's always been our view that it will take time for that to provide meaningful contributions to our numbers, but that could go faster than we expected based on the stats that Mark shared in terms of the pickup on that solution.

所以那是兩個大點的。我認為，如果你從另一個角度考慮其他問題，我們認為根據廣告支出的波動性，降低廣告客戶群的貢獻是正確的做法，以確保安全。下半年還沒有，我們在準備好的評論中談到了這一點，我們還沒有假設 Meta 品牌安全解決方案會做出有意義的貢獻。這一點沒有改變。我們一直認為，這需要時間才能為我們的數字提供有意義的貢獻，但根據馬克分享的有關該解決方案的統計數據，這可能比我們預期的要快。

TikTok is also now available in a lot of non-English languages. It is providing some growth, but again, it could go faster than we had expected. And Scibids is performing to expectation and that has proven to be very successful in terms of testing. So there are factors that are not included in what we've shown in the second half guidance. But overall, it's 56% of the full year revenue, which is smaller total we did last year.

TikTok 現在也提供了許多非英語語言版本。它確實實現了一定程度的成長，但其速度可能比我們預期的要快。 Scibids 的表現符合預期，並且在測試方面被證明是非常成功的。因此，我們在下半年指引中所顯示的因素並未納入其中。但總體而言，它佔全年收入的 56%，比去年的總收入要少。

Our next question comes from Tim Nollen with Macquarie.

下一個問題來自麥格理的蒂姆·諾倫。

Mark, I'd like to pick up on your comments on the opportunity in CTV. And I thought it was very interesting discussing how a majority of CTV deals are still done on insertion orders, not through private marketplaces, but that, that is changing. And actually, the role that DV can play in helping bring about that change to CTV. I just wonder if you could expand a bit more on that. Is this comment and efforts you're getting from your advertiser base to move toward that, that you can offer more attribution tools that can help move that market to be more biddable programmatically driven? I just think it's a very interesting concept. I'd love to hear some more color on that, please.

馬克，我想了解你對 CTV 機會的評論。我認為討論大多數 CTV 交易仍然透過插入訂單而不是透過私人市場完成是非常有趣的，但這種情況正在改變。事實上，DV 可以發揮重要作用，幫助 CTV 實現這項改變。我只是想知道您是否可以對此進行進一步闡述。這是你們從廣告客戶群獲得的評論和努力嗎？我只是認為這是一個非常有趣的概念。我希望聽到關於此事的更多詳細信息。

Yes. Thanks for the question. I think this is something I've been personally (inaudible) for a while, which is the lack of transparency in CTV buying, which has led towards basically an old school way of purchasing, which is [private] PG or programmatic guaranteed buys, which are not very innovative, don't apply any data and don't really take advantage of the programmatic pipes and the elegance of the programmatic pipes that people like Trade Desk and others have. I think where we see an opportunity there is to provide the same level of granular transparency and safety and suitability performance applications that we see on a page level on the open Internet.

是的。謝謝你的提問。我認為這是我個人一段時間以來一直關注的問題（聽不清楚），即 CTV 購買缺乏透明度，這導致了一種基本上老派的購買方式，即 [私人] PG 或程序化保證購買，這種方式不是很有創新性，不應用任何數據，也沒有真正利用 Trade Desk 等公司擁有的程序化管道和程序化管道的優雅性。我認為我們看到的機會是提供與開放網路頁面等級相同等級的細粒度透明度、安全性和適用性效能應用程式。

I think we've started to be able to crack that with some partners out there on the publisher side to be able to get we call show level data so that we can provide measurement and granular measurement for advertisers. So they have a greater sense of transparency and a greater sense of opportunity to buy in more elegant ways. And I think that's -- we're just at the start of that. Like if I'd say we are the first to kind of get into that space in a real way, it provides an opportunity down the road for us.

我認為我們已經開始與發布商方面的一些合作夥伴一起解決這個問題，以便能夠獲得所謂的節目級數據，這樣我們就可以為廣告商提供測量和細粒度的測量。因此，他們擁有更強的透明度和更大的機會以更優雅的方式購買。我認為──我們才剛開始。如果我說我們是第一個真正進入這個領域的人，那麼它就為我們未來提供了一個機會。

And the granular aspect of the data, I think, is going to open that up a bit. And the nice part is we're not blowing our own horn. We think this is good for everybody. It's good for the publishers because it allows for better, safer buying at a more premium level. It's good for the platforms because they want to use the tools that they have to enhance those buys. And obviously, it helps us too as we get a higher attach rate.

我認為，數據的精細化方面將會使這一點更加清晰。令人欣慰的是，我們並沒有自我吹噓。我們認為這對每個人都有好處。這對出版商來說是件好事，因為它允許以更優質的水平進行更好、更安全的購買。這對平台來說是件好事，因為他們想利用現有的工具來增加購買量。顯然，這也對我們有幫助，因為我們獲得了更高的附加率。

The one other aspect that I'd say beyond that, which is really interesting, we mentioned in the script is the opportunity for attention in CTV. And we've seen this not with just now some of the solutions that we've launched, but we mentioned Netflix running a study with us on attention across their solutions or across their platform. I think CTV is looking for new ways to measure and sell their impressions. The reach and frequency play is something that doesn't really resonate in the digital world the way it did in the linear world. So I think things like attention where we've shown some great promise and year-over-year, we've tripled our business even though it's small, and it provides a really interesting opportunity in CTV and OTT applications, but I think we're at the early stages of taking advantage of.

除此之外我想說的另一個方面非常有趣，我們在劇本中提到過，那就是在 CTV 上獲得關注的機會。我們不僅在我們推出的一些解決方案中看到了這一點，我們還提到 Netflix 正在與我們一起對他們的解決方案或整個平台的關注度進行研究。我認為 CTV 正在尋找新方法來衡量和銷售他們的印象。覆蓋範圍和頻率的發揮在數位世界中並不像在線性世界中那樣產生共鳴。因此，我認為在關注方面，我們已經展現出了巨大的潛力，儘管規模很小，但我們的業務同比增長了三倍，這為 CTV 和 OTT 應用提供了非常有趣的機會，但我認為我們正處於利用這一優勢的早期階段。

And our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. In terms of the components of the advertising dynamic that is leading you to lower the guide for this year. Can you maybe unpack a little bit of how much of that trajectory you now see as sort of a permanent downtick? Or it's just delayed or deferred and there could be elements where some of that on the category side come back as we go through the year? That would be question one. .

如果可以的話，也許是 2。就廣告動態的組成部分而言，這導致您降低今年的指導價。您能否稍微解釋一下，您現在認為這種軌跡在多大程度上是一種永久性的下滑？或者它只是被推遲或延期了，隨著我們度過這一年，類別方面的一些因素可能會重新出現？這是第一個問題。 。

And then as you look towards the back part of the year and you frame it against what you typically talk about in terms of your long-term growth drivers, can you give us a little bit more sense of how your visibility continues to evolve into those long-term growth drivers returning the company, either the exit velocity in Q4 or the exit velocity as an indicator towards 2025 in terms of compounded growth higher than the levels you're talking about tonight?

然後，當您展望今年下半年並將其與您通常談論的長期增長動力進行比較時，您能否讓我們更多地了解一下您對這些讓公司重返的長期增長動力的認識如何繼續演變，無論是第四季度的退出速度，還是作為 2025 年復合增長率高於您今晚談論的水平的指標的退出速度？

Yes, Eric, I'll start. On the -- for the impact that we're seeing from this cohort of advertisers, let me just be clear. No one's turned off the service. This is really based on advertiser spending patterns at the client level, and it's prior to specific issue as a client. So we don't see that as a permanent downshift. We're just seeing it as more of an uneven spending pattern, which is why it is going to impact the rest of the year and which is why it's having the impact on the guide. It is -- as an aside, this is the largest component of impact to the changed guidance that we quoted today.

是的，艾瑞克，我先開始了。關於我們從這群廣告商身上看到的影響，請讓我先明確一點。沒有人關閉該服務。這實際上是基於客戶層面的廣告商支出模式，並且它優先於作為客戶的特定問題。因此我們並不認為這是一種永久性的降檔。我們只是將其視為一種不均衡的支出模式，這就是它將影響今年剩餘時間的原因，也是它將對指南產生影響的原因。順便說一句，這是對我們今天引用的變化的指導影響最大的部分。

The impact of these uneven spend in our view that we're just going to take it down. So that is for the first step. So that is not a situation. And as I said, no one has turned off the solution. They're just (inaudible). In terms of exit and growth rates going into next year. Obviously, we're seeing very solid growth rates in social, in international, and those are bound to continue. I mean in social, what we're seeing today in terms of growth rate is 51% growth in the quarter versus 48% last year, but it's still basically a de minimis impact from the launch of brand safety of Meta. And that, as we've talked in the past, is a very large opportunity. The social growth is we expect them to continue at a healthy clip. International. Within that, obviously, will be held by social. This the first time international is over 30% of measurement revenue. And as we know, international spend for the percent of total is well above 31%, right?

我們認為，這些不均衡支出所造成的影響我們將予以消除。這是第一步。所以情況並非如此。正如我所說，沒有人關閉該解決方案。他們只是（聽不清楚）。就明年的退出和成長率而言。顯然，我們看到社交和國際領域非常穩健的成長率，而且這種趨勢必將持續下去。我的意思是，在社交方面，我們今天看到的成長率是本季 51%，而去年是 48%，但這基本上還是 Meta 品牌安全推出所帶來的微不足道的影響。正如我們過去談到的，這是一個非常大的機會。我們預期社會成長將繼續保持健康的速度。國際的。其中，顯然將由社會舉辦。這是國際業務首次占到計量收入的30%以上。我們知道，國際支出佔總支出的比例遠高於 31%，對嗎？

So we saw the gap there to fill. And that will continue and will certainly still be in the exit rate. I think what we will see at the end of this year that we may not be seeing in the first quarter is the combined impact of the lower advertising spend and the fact that more dollars are moved to source the ABS as part of the activation is lower, right? It's 12% growth range in the quarter. This is a premium-priced product, it is a successful product. It is the only one in the market. As we sign new deals, we do anticipate that growth rate to increase as well.

因此我們看到了需要填補的空白。這種狀況將會持續下去，而且肯定仍會存在於退出率中。我認為，我們在今年年底將會看到，我們可能在第一季度看不到的是，廣告支出減少和作為激活的一部分用於獲取 ABS 的更多資金這一事實的綜合影響較低，對嗎？本季成長率為 12%。這是一款高價產品，這是一款成功的產品。它是市場上唯一的一款。隨著我們簽署新的協議，我們預計成長率也會增加。

Yes. And just to throw one to go back to here is, for the second half of the year and the trajectory we see kind of running out of the year, we do -- we have a really nice slate of customer wins. And those will start hitting and rolling in the second half as well as a robust pipeline as we mentioned in the call. We still have a great win ratio of opportunities that stayed stable.

是的。回顧一下，對於今年下半年以及我們看到的今年的發展軌跡，我們確實取得了一系列非常好的客戶勝利。正如我們在電話會議中提到的那樣，這些將在下半年開始發揮作用，同時形成強大的管道。我們仍然擁有很高的獲勝機會並且保持穩定。

And again, we saw almost 2/3 of those wins coming from what we call greenfield customers. So those things, I think, will start to lean in and fill some of the gaps that those large customers who have uneven spend have created in the second half of the year.

而且，我們再次發現，其中近三分之二的成功案例來自於我們所謂的「綠地客戶」。因此，我認為，這些因素將開始發揮作用，並填補下半年那些支出不均衡的大客戶所造成的一些缺口。

And our next question comes from Omar Dessouky with Bank of America.

下一個問題來自美國銀行的 Omar Dessouky。

So I'm hearing a couple of things. I'm hearing, first of all, that your large select advertisers that you called out last quarter was one reason for the lowered outlook for the back half of this year. I wanted to just double check like how many of it -- how many of them were there? And could you remind us which verticals they were in? And then I have a question about CTV as a follow-up.

我聽到了一些事情。首先，我聽說，您在上個季度提到的大型精選廣告商是下調今年下半年前景的原因之一。我只是想再檢查一下有多少個——有多少個？您能否提醒我們他們從事哪些垂直行業？然後我有一個關於 CTV 的後續問題。

Yes. So we said it's a handful of advertisers. They are all in our top 100. Just to give you a sense of scale, the average spend on the top 100 is over $3 million, and these are advertisers that are towards the top of the top 100 for us. They are in the retail and CPG space. As we said in the first quarter and we'll repeat it here, these are spending patterns that are tied to specific issues at the advertiser. This is not tied to the segments of our product is that these clients are going through their own issues that has led them to do some belt tightening around advertising spend.

是的。所以我們說這是少數廣告商。他們都在我們的前 100 名之內。他們從事零售和快速消費品領域。正如我們在第一季所說的那樣，我們將在這裡重複一遍，這些支出模式與廣告商的具體問題相關。這與我們產品的各個部分無關，因為這些客戶正在經歷自己的問題，這導致他們在廣告支出方面縮減開支。

So -- sorry, I apologize, but I did -- I thought that I heard after the last quarter that one of the advertisers was in the health care area. Is that -- are you able to comment on that at all? Because that doesn't sound like either CPG or retail. Correct me if I'm wrong.

所以 - 抱歉，我道歉，但我確實 - 我想我在上個季度後聽說其中一個廣告商是在醫療保健領域。是的—您能對此發表評論嗎？因為這聽起來既不像快速消費品，也不像零售。如果我錯了請糾正我。

I think we did. I think we quoted retail and CPG. These are retail and CPG clients not health care.

我想我們做到了。我認為我們引用了零售和快速消費品。這些是零售和快速消費品客戶，而不是醫療保健客戶。

Okay. Got it. Okay. And then just a question on CTV now. I'm getting a little bit of a sense that there is a shift in ad spending towards CTV. It's a market that I think is fairly small for you at the moment. Does the product market fit within CTV differ for your advertisers as compared to the markets that you've traditionally focused on? Also, how is the competitive environment different among CTV verification firms as compared to your bread and butter, if at all?

好的。知道了。好的。現在 CTV 上有一個問題。我有點感覺到廣告支出正在轉移到 CTV 上。我認為目前這個市場對你們來說還相當小。與您傳統上關注的市場相比，您的廣告主在 CTV 中的產品市場定位是否有所不同？此外，與你們的主要業務相比，CTV 驗證公司之間的競爭環境有何不同？

Yes. So on the latter half, the competitive set isn't any different. Actually, it's even more limited because the ability to verify and measure within CTV is a pretty heavy lift and like any walled garden or kind of closed environment, partners only platforms only work with a handful of folks. For example, Netflix when they rolled out, they worked with 2 verification partners and one measurement partner when they launched, right?

是的。因此在後半段，競爭對手並沒有什麼不同。實際上，它甚至更加有限，因為在 CTV 內驗證和測量的能力是一項相當繁重的工作，並且像任何圍牆花園或封閉環境一樣，僅限合作夥伴平台僅與少數人合作。例如，Netflix 在推出時與 2 個驗證合作夥伴和 1 個測量合作夥伴合作，對嗎？

So I think a competitive set is even more limited than it is on the open web. With regard to product market share, I think that's something that we were kind of alluding to in the comments, but really, it's -- there's 2 aspects to it. The first is current product market fit with the way most CTV is being bought and sold, which is through programmatic guarantees and through limited kind of direct buying. That provides a lower attach rate for us is due to the fact that it's really a one-to-one buy in many cases, and there's not data or targeting or verification applied. Where we see that evolving, however, is where the opportunity lies, which is as CTV inventory becomes much more prevalent. And the balance goes from limited CTV inventory to over abundance of inventory in the same way we saw it in the open web, the same way you saw it in mobile.

因此我認為競爭環境比開放網路上的競爭環境更有限。關於產品市場份額，我認為這是我們在評論中提到的內容，但實際上，它有兩個方面。首先是目前的產品市場適合大多數 CTV 的購買和銷售方式，即透過程序化擔保和有限的直接購買。這為我們提供了較低的附加率，因為在許多情況下這實際上是一對一的購買，並且沒有應用資料或定位或驗證。然而，我們看到，這種發展正是機會所在，因為 CTV 庫存正變得越來越普遍。而且平衡從有限的 CTV 庫存轉變為過剩的庫存，就像我們在開放網路上看到的那樣，就像您在行動裝置上看到的那樣。

I think there's a change in the dynamics of how CTV will be bought and sold. More of it will be programmatic, more of it will be open market or more open PMPs or private marketplace packages, in which there's a better product market fit for us and, a better attach rate for us. That will be enhanced as we get more granular on our ability to measure on a show level. So I think the opportunities there go from being a relatively small opportunity today as far as the overall volume and percentage of revenue to one which is greater and commensurate with the percentage that CTV is taking of the overall ad market. So again, I think there's some evolution of how CTV's bought and sold, that will be a positive attach rate driver to our product. And then there's some evolution in the actual product to the measurement products that we're building to be able to do so on a show level basis in the same way we do in the open web.

我認為 CTV 的買賣方式的動態發生了變化。其中更多的將是程序化的，更多的將是開放市場或更多的開放 PMP 或私人市場包，其中有更適合我們的產品市場，並且對我們來說有更好的附加率。隨著我們在節目層面的衡量能力越來越強，這一點將會得到增強。因此，我認為就總體數量和收入百分比而言，那裡的機會從現在相對較小的機會變為更大並且與 CTV 在整個廣告市場中所佔的百分比相稱的機會。所以，我認為 CTV 的買賣方式發生了一些變化，這將對我們的產品產生積極的附加率驅動作用。然後，我們正在建立的實際產品到測量產品有一些演變，以便能夠以在開放網路上相同的方式在展示層級上進行測量。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

You've covered this a few times, but it sounds like the softness from those retail CPG from advertisers is really just a function of their overall ad spend as opposed to any migration away from your products or any competitive pressure. But I wanted to just ask about the competitive landscape and if you're seeing any changes there. And then separately, you were able -- despite the lower revenue guide, you were able to keep your EBITDA margin guidance pretty consistent. So I just wanted to ask what dynamics you're seeing that are enabling you to kind of keep your profitability levels up.

您已多次談到這一點，但聽起來，廣告商的零售 CPG 的疲軟實際上只是他們整體廣告支出的一個函數，而不是任何從您的產品轉移或任何競爭壓力。但我只想問一下競爭格局以及您是否看到任何變化。然後另外，儘管收入指引較低，但您仍然能夠保持 EBITDA 利潤率指引相當一致。所以我只是想問一下，您看到了哪些動態，可以讓您保持較高的獲利水準。

Thanks, Michael. So I'll take the first part, Nicola will take a second. On the competitive dynamics, I mean, I think as we mentioned last quarter, we have been with a lot of the same competitors for over a decade and that dynamic remains as it always has been, which is robust, but certainly has not devolved into any type of pricing competition or pricing. We were very clear about that. In the first quarter, we remain steadfast in our position that there's nothing happening that it hasn't happened in the past, which is great products win customers, great service keeps customers, and we always are very competitive with the folks out there. So they have not played a role in the slowness and even a sensing those core customers that we saw. So they're not taking. Our competitors haven't taken chunks of that business or our competitors haven't caused that slowness to happen. So the environment remains as it always has been. We've not, as Nicola noted, seen a degradation on per product pricing between activation and measurement. So those dynamics remain the same.

謝謝，麥可。因此我將負責第一部分，尼古拉將負責第二部分。關於競爭態勢，我的意思是，正如我們上個季度提到的那樣，十多年來，我們一直與許多相同的競爭對手合作，而且這種態勢一如既往，十分強勁，但肯定沒有演變為任何類型的價格競爭或定價。我們非常清楚這一點。在第一季度，我們始終堅定不移地認為，沒有發生過過去沒有發生過的事情，那就是優質的產品贏得客戶，優質的服務留住客戶，我們始終保持著很強的競爭力。因此，他們對於我們所看到的那些核心客戶的成長緩慢甚至察覺都沒有發揮應有的作用。所以他們不接受。我們的競爭對手還沒有搶佔該業務的份額，或者說，我們的競爭對手並沒有導致這種發展放緩。所以環境還是跟原來一樣。正如尼古拉所說，我們並未看到激活和測量之間每個產品的價格下降。因此這些動態保持不變。

Yes. And on the second question, we -- our business is very profitable, right? So -- and you can even see it on the cost of sales being [1%] of revenue. The dynamics we are seeing are the same as we saw at the beginning of the year, which is we are starting to see some benefits from the use of AI and machine learning around the [case] that it takes us to innovate. We are continuing to innovate. We're also benefiting from the fact that we are seeing the economies of scale around G&A in general. So the benefit of our model is basically contributing to us to be able to continue to manage our 31% margin, even though we're continuing to invest in the business.

是的。第二個問題，我們的業務非常賺錢，對嗎？所以 — — 你甚至可以看到銷售成本佔收入的 [1%]。我們所看到的動態與年初所看到的相同，即我們開始看到人工智慧和機器學習的使用為我們創新帶來一些好處。我們正在不斷創新。我們也受益於我們看到的總體 G&A 方面的規模經濟。因此，我們模型的好處基本上在於，儘管我們繼續對業務進行投資，但我們能夠繼續保持 31% 的利潤率。

And our next question comes from Mark Kelley with Stifel.

下一個問題來自 Stifel 的 Mark Kelley。

I wanted to ask a question just about bigger picture, just guidance philosophy. Win rate above 80%, sounds like the RFP pipeline is pretty robust. You mentioned 40-plus advertisers kind of evaluating Meta brand safety. I guess when you take a look at all of the visibility that you do have to any of those, I guess, what's the right way for us to think about how you embed that into the full year guide? That's my first question. And then the second one is just more of a clarification. The commentary about slower pacing in April. I just want to make sure that, that is a comment that's focused on the retail and CPG clients and not a broader statement about what you're seeing at the corporate level.

我想問一個關於更大圖景的問題，只是指導哲學。得標率超過 80%，聽起來 RFP 通路相當強勁。 您提到有 40 多家廣告主正在評估 Meta 品牌安全性。我想，當您查看對其中任何一個的所有可見性時，我們應該如何正確思考將其嵌入到全年指南中？這是我的第一個問題。第二個問題只是為了澄清一下。關於四月份節奏較慢的評論。我只是想確保，這條評論重點關注零售和 CPG 客戶，而不是關於您在公司層面所看到情況的更廣泛的聲明。

Yes. So Mark, I'll start with the second question. You're correct. That statement was related to this cohort of advertisers, which is why we've chosen to take a year down based on the volatility that we've seen around that cohort. And again, they are within the top 100 of their material clients for us.

是的。馬克，我先問第二個問題。你是對的。該聲明與這群廣告商有關，這就是為什麼我們根據觀察到的這群廣告商的波動性選擇將一年的數據縮短。而且，他們是我們重要客戶中排名前 100 名的客戶。

The -- I think this goes a little bit into the philosophy that we took around guidance, which is not unlike what we've done in prior quarters, which is probably close to the pin based on what we see at the time that we are issuing guidance. So it felt like the right thing to do to take the impact of these advertisers into the guidance. You're correct that there are lots of positive momentum around pockets of the business as we anticipate will continue. So it is a measured view of the second half of the year, but the reality around this cohort of advertiser is a material impact on what we're guiding to today. It is a vast majority of the impact that we took on today's guide.

我認為這有點符合我們在指引方面採取的理念，這與我們前幾季所做的並無不同，根據我們在發布指引時看到的情況，這可能已經接近準確。因此，將這些廣告商的影響納入指導似乎是正確的做法。您說得對，各個業務領域都存在著許多積極的勢頭，我們預計這種勢頭將會持續下去。因此，這是對今年下半年的一個謹慎的看法，但圍繞這一群體廣告的現實情況對我們今天的指導有著重大影響。這佔了我們今天的指南所承受的絕大部分影響。

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

下一個問題來自 KeyBanc Capital Markets 的賈斯汀·帕特森 (Justin Patterson)。

Great. I was hoping you could elaborate a little bit more on just the spending from large customers. I appreciate that there's some uneven spending there, a few large ones in retail and CPG cutting, but it's also a pretty robust brand advertising market. You started some nice trends around social within there. So just trying to get a better understanding of how macro is playing in this and perhaps that there might be a little bit of crowding out from a more price inflationary versus impression having market.

偉大的。我希望您能更詳細地闡述一下大客戶的支出狀況。我知道那裡存在一些不均衡的支出，零售和快速消費品領域的一些大支出削減，但這也是一個相當強勁的品牌廣告市場。您在那裡開創了一些有關社交的良好趨勢。因此，只是想更了解宏觀經濟在其中是如何發揮作用的，也許物價通膨與印象市場相比可能會產生一點擠出效應。

Yes. I think, Justin, we're going to say again what we said in the first quarter because it remains consistent, which is we are seeing issues that are specific to these clients. We talked about this in the first quarter. Some of these clients are going through a corporate restructuring and have either items that are leading them to tighten their ad spend. So we're not seeing this -- we're not saying that this is a broader macro factor. And as I answered to a prior question, we haven't seen this spread to other clients at all. So we're not factoring this as a macro component at all. This is really specific to these advertisers.

是的。賈斯汀，我想，我們會再次重複我們在第一季說過的話，因為它保持一致，也就是說，我們看到了這些客戶特有的問題。我們在第一季討論過這個問題。其中一些客戶正在經歷公司重組，並且有一些項目導致他們縮減廣告支出。所以我們沒有看到這一點——我們並不是說這是一個更廣泛的宏觀因素。正如我回答之前的問題一樣，我們根本沒有看到這種情況蔓延到其他客戶。所以我們根本沒有將其視為宏觀組成部分。對於這些廣告商來說，這確實是特定的。

Got it, which I think contributes to some of the confusion of it still a pretty solvent brand advertising market in there. So is there any other factors that you're watching, perhaps it's just less visibility because activations become a larger piece of revenue that's kind of driving the outlook here?

明白了，我認為這造成了一些混亂，因為那裡仍然是一個相當有償付能力的品牌廣告市場。那麼，您是否還關注其他因素？

Yes. I think we did -- we added a factor, which is creating some questions around moderated growth, which is the shift to spend to social, right, from open web and from Internet. And by the shift to spend, I mean, the shift of the growth, right? A lot of the growth that we're seeing in our business, as we noted, is coming in social. Now that business is not as rich for us as our activation businesses.

是的。我認為我們確實增加了一個因素，這引發了一些有關適度增長的問題，即將支出從開放式網路和網路轉向社交。我所說的支出轉變，是指成長轉變，對嗎？正如我們所注意到的，我們業務中的許多成長都來自於社交領域。現在這項業務對我們來說並不像激活業務那麼富有。

So we are seeing some of that impact as we see dollars go to CTV or see dollars go to social. And we mentioned CTV a lot in the call because we think there's a big opportunity there. But as you and a lot of analysts have noted, we're still underpriced in that space, right? And I think that's something that we need to start to work on getting our value prop aligned and our value aligned with the price of those impressions. So it's something that I think we've talked about in the past. I think it will be a focus of ours moving forward.

因此，當我們看到資金流向 CTV 或社交時，我們就看到了其中的一些影響。我們在電話會議中多次提到 CTV，因為我們認為那裡有很大的機會。但正如您和許多分析師所指出的，我們在該領域的股價仍然被低估，對嗎？我認為我們需要開始努力使我們的價值主張保持一致，使我們的價值與這些印象的價格一致。我認為這是我們過去談論過的事情。我認為這將是我們今後關注的重點。

And our next question comes from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬修·科斯特。

I have 2. I'll start with one just on the large customers. I guess last quarter, you articulated kind of the same headwinds and uneven spend that you saw from the NIM that you're talking about now. I guess, how are you getting confident at this point now that 3 months later, it's a little bit worse than you thought it was when you guided last time. How are you getting confident that it won't keep getting worse for these large customers? Like why should we be confident that this is appropriately de-risked in the second half, given that you have the same mix of revenue in the second half that you had last year, but you don't have this drag that could get worse over the course of the year? And then I have a follow-up.

我有 2 個。我想上個季度您所表達的與您現在談論的 NIM 中所看到的相同的阻力和不均衡的支出。我想，現在您如何變得有信心，因為 3 個月過去了，情況比您上次指導時想像的要糟糕一些。您如何確信這些大客戶的情況不會持續惡化？例如，為什麼我們應該有信心在下半年適當降低風險，因為你們下半年的收入組合與去年相同，但是沒有這種可能在一年內惡化的拖累？然後我有一個後續問題。

Yes. I think, look, we're getting -- we are feeling it's the right thing to take the number down for the pattern that we've seen in the first 4 months, right? So there actually was a good -- there was a pickup in spend in March, but April is now uneven again. And so we are taking the impact of all of that into the second half. It is -- it certainly feels like the right thing to do for the second half of the year. So I think if you back into that, then the question is really how to think about the second half and what is happening there, and the sequential growth from new customers is one of the factors that is going to help us deliver sequential revenue percentage growth in the second half of the year versus the first half of the year, along with other opportunities. And we do think that -- from what we can see now, the right thing to do for the average other was to take it down in the second half.

是的。我想，看，我們得到了——我們感覺根據我們在前 4 個月看到的模式，降低這個數字是正確的做法，對嗎？因此，實際上這是一個好事——3 月支出有所回升，但 4 月又不平衡了。所以我們會把所有這些影響帶到下半年。是的——這確實是今年下半年該做的事。所以我認為，如果你回到這個問題，那麼問題實際上是如何看待下半年以及下半年會發生什麼，新客戶的連續增長是幫助我們在下半年實現相對於上半年的連續收入百分比增長的因素之一，還有其他機會。我們確實認為——從我們現在看到的情況來看，對其他人來說正確的做法是在下半年將其撤下。

Got it. And then you mentioned some of the new dollars coming in sort of being more focused on social and CTV rather than open web. Is that a structural issue that maybe gets worse when cookies go away at some point in the future? And if it's not, I assume it's because eventually you'll launch the full suite of products that you have on open web on social and CTV, but how long does it take for that to unfold? And then could there be a mismatch in how quickly dollars shift next year on to social and CTV versus your road map of launching all your products on those verticals?

知道了。然後您提到一些新流入的資金更多地集中在社交和 CTV 而不是開放網路上。這是一個結構性問題嗎？如果不是，我認為這是因為最終你會在社交和 CTV 上的開放網路上推出全套產品，但這需要多長時間才能實現？那麼，明年資金向社交和 CTV 轉移的速度與您在這些垂直領域推出所有產品的路線圖之間是否存在不一致？

Yes, it's a great insight. And I want to be clear on one thing is that we don't need to wait to launch new products to take advantage of this growth, right? So we've -- our expansion already across Meta and TikTok has borne a significant amount of fruit based on the solutions that we have in place. So we are experiencing that growth, and that will continue to be a factor in our trajectory moving forward. So I think we certainly are not banking our ability to grow in CTV or social on new products.

是的，這是一個很棒的見解。我想明確一點的是，我們不需要等待推出新產品來利用這種成長，對嗎？因此，我們已經在 Meta 和 TikTok 上的擴張取得了顯著成果，這得益於我們現有的解決方案。所以我們正在經歷這種成長，而且這將繼續成為我們前進軌跡的一個因素。因此我認為，我們肯定不會將我們在 CTV 或社交領域的成長能力寄託於新產品。

I think they will enhance our opportunities there and kind of give us even more fuel to continue to grow at the trajectory we want. With regards to cookies and the role they'll play there. I mean this is something where I think it's probably less about cookie deprecation than it is about performance. And as advertisers push for more granularity, more transparency and more performance, both on social and CTV, that will be the biggest deciding factor on how it works. And performance is directly tied, not just remember to like closing a loop, but what the CPMs are of those platforms.

我認為它們將增強我們在那裡的機會，並為我們提供更多動力，讓我們繼續按照我們想要的軌跡發展。關於 cookie 以及它們在其中發揮的作用。我的意思是，我認為這與 cookie 棄用關係不大，而與效能關係更大。隨著廣告主在社群媒體和連網電視上追求更高的細微度、更高的透明度和更好的效能，這將成為決定其如何運作的最大因素。並且與效能直接相關，不僅要記住關閉循環，還要記住這些平台的 CPM 是多少。

So if demand on those platforms starts to be so much that it exceeds the value or the ROI of spending on those platforms, then dollars will shift to where it's cheaper, whether there's cookies or not. And we actually saw this earlier this year with some of the social platforms and the people complaining that prices were being bid up by a lot of Asian reselling companies that advertise on the Super Bowl were driving CPMs up and lowering ROI for advertisers, which means they fled some of those platforms. So we've seen this before. So I think it's going to be a balance of dollar shift plus ROI on those dollars shift that will impact where spend goes. So I don't think -- without giving -- it's not game over yet for the cookie-based or non-cookie-based environment. It's going to be a story of return, ROI and CPMs.

因此，如果這些平台的需求開始變得如此之大，以至於超過了在這些平台上支出的價值或投資回報率，那麼資金就會轉移到更便宜的地方，不管是否有 cookie。事實上，我們在今年早些時候在一些社交平台上看到了這種現象，有人抱怨說，很多在超級碗上做廣告的亞洲轉售公司抬高了價格，推高了每千次展示費用 (CPM)，降低了廣告商的投資回報率 (ROI)，這意味著他們逃離了其中一些平台。我們以前就見過這種情況。所以我認為這將是美元轉移加上這些美元轉移的投資回報率之間的平衡，這將影響支出的去向。因此，我認為——無需多言——對於基於 cookie 或非基於 cookie 的環境來說，遊戲還沒有結束。這將是一個關於回報、投資報酬率 (ROI) 和每千次曝光費用 (CPM) 的故事。

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

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

This is Robert Zeller. I just wanted to ask a clarifying question on the unevenspending pattern as well. Do you think advertisers are pulling back on ABS like product specifically or the programmatic space altogether? And if an advertiser ships more spend social, I'm just curious why DV shouldn't see a greater tailwind in that channel?

這是羅伯特·澤勒。我只是想就不均衡支出模式提出一個澄清問題。您是否認為廣告主正在撤出 ABS 產品或整個程序化廣告領域？如果廣告主在社群方面投入更多，我只是好奇為什麼 DV 在該頻道沒有看到更大的順風？

Yes. I'll take the first one is the spend uneven this is across their entire spend. This is not specific to a product. It's overall lower spend. And as we said earlier in the call, we're not seeing any of these advertisers turn off the product, they're just overall spending less. In terms of the shift to social, yes, it is -- I mean, it's ultimately a positive for us, right, because it is part of the ecosystem where we do have products and that they are continuing to evolve.

是的。我認為第一個是支出不均衡，這是整個支出狀況。這並不是針對某一特定產品的。整體而言支出較低。正如我們早些時候在電話會議中所說的那樣，我們並沒有看到任何廣告商關閉產品，他們只是總體上減少了支出。就向社交的轉變而言，是的——我的意思是，這對我們來說最終是積極的，因為它是我們擁有產品的生態系統的一部分，而且它們正在不斷發展。

And if you think about the evolution here is we can get those social measurements going and then we are developing the products that will allow us to do a solid activation offering for social. So it is a positive overall for sure. In the short term, the activation products are premium priced. And so as more volume growth goes to social, we will have an impact there in terms of the revenue that we can extract. But over time, it is a positive for us in the industry.

如果你思考這裡的演變，我們就可以進行那些社交測量，然後我們正在開發產品，使我們能夠為社交提供堅實的激活服務。因此總體來說這肯定是正面的。短期來看，激活產品價格較高。因此，隨著社交業務量的成長，我們將對可獲取的收入產生影響。但隨著時間的推移，這對我們這個行業來說是一件好事。

And our next question comes from Vasily Karasyov with Cannonball Research.

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

I wanted to ask you if you are already having conversations with big connected TV platforms, apps and publishers and so on. And also with the advertisers who use TV through the open programmatic channels? And how far along are you in those conversations in terms of the growth opportunity you outlined? And connected to that question is when -- how long would it take for you to sort of get into that market and make that revenue stream sizable enough to return to growth in the 20 -- can we even say that when all is said and done, we will be growing at 25% again? Or do you think it's just a few percentage points growth a year?

我想問您是否已經與大型連網電視平台、應用程式和出版商等進行了洽談。還有透過開放的程序化管道使用電視的廣告商嗎？就您所概述的成長機會而言，您在這些對話中進展如何？與該問題相關的是，您需要多長時間才能進入該市場並使收入流足夠大以在 20 年內恢復增長——我們是否可以說，當一切都塵埃落定時，我們將再次實現 25% 的增長率？還是您認為每年僅成長幾個百分點？

Thanks, Vasily. So on the first question on CTV. I mean, yes, we are in dialogue with many of the top 10 publishers out there. Last month, we announced that we were working with NBC Universal on this front. And there's a string of others, which we hope to announce over the next several months. So that momentum is there, and we're pretty excited about it. With regard to growth, I mean, look, CTV is going to be part of the growth story. As we noted, we've got lots of growth levers we're still pressing on. Social still is driving a big chunk of growth.

謝謝，瓦西里。關於 CTV 的第一個問題。我的意思是，是的，我們正在與許多排名前十的出版商進行對話。上個月，我們宣布正在與NBC環球就此展開合作。還有一系列其他消息，我們希望在接下來的幾個月內宣布。所以這種勢頭是存在的，我們對此感到非常興奮。關於成長，我的意思是，看，CTV 將成為成長故事的一部分。正如我們所指出的，我們還有很多正在努力的成長槓桿。社交仍然是推動經濟成長的重要力量。

Global is still driving growth. our activation solutions and optimization solutions, Scibids is still a small but nice contributor. So we are optimistic about continuing to look at a strong growth profile in the future, about getting our pipeline deals closed to drive the additional growth that we think that is out there. And again, the dynamics of our penetration in the market haven't changed. You mentioned in the call that less than half of our customers use 4 more of our solutions. So we've got lots of upselling we can still do. And I think the ball is in our court right now. So we don't want to say this is all product development opportunity or it's all new solutions that are going to continue to drive growth. It's continue to lean in on places outside the U.S., continue to lean in on upselling solutions to our current clients and continue to expand coverage across the platforms where we already have relationships. Those things which drove our growth in the past are going to continue to drive our growth in the future.

全球仍在推動成長。我們的激活解決方案和優化解決方案，Scibids 仍然是一個小但很好的貢獻者。因此，我們對未來繼續保持強勁的成長勢頭持樂觀態度，我們對完成我們的管道交易以推動我們認為存在的額外成長感到樂觀。而且，我們滲透市場的動態並沒有改變。您在通話中提到，不到一半的客戶使用我們 4 種以上的解決方案。因此，我們也可以進行大量的追加銷售。我認為現在球在我們這邊。因此，我們不想說這都是產品開發機會，或都是將繼續推動成長的新解決方案。我們會繼續向美國以外的地方靠攏，繼續向現有客戶提供追加銷售解決方案，並繼續擴大我們已經建立關係的平台的覆蓋範圍。過去推動我們成長的因素也將持續推動我們未來的成長。

So would it be fair to say that judging by your guidance, you're not expecting this (inaudible) to yield results until next year? Or is it further out than that?

那麼，是否可以公平地說，根據您的指導，您預計這（聽不清楚）要到明年才會產生結果？或者說比那更遠？

Yes. I think it's -- this will take longer than a few quarters to play out, for sure.

是的。我認為這肯定需要幾個季度以上的時間才能完成。

And our next question comes from Robert Coolbrith with Wells Fargo.

下一個問題來自富國銀行的羅伯特·庫爾布里斯。

If we go back to the Meta-brands safety evaluations going on right now, could you perhaps expand on the early advertiser response to or adoption of Meta's own platform safety tools, essentially how many among your customer base are sort of prepared to layer on your verification tools at this point? And anything you can say about the early response to the verification tools as well. And then finally, as we think about industry changes that we may see in '25, wondering if you might be willing to give us a sense of TikTok U.S. scale in terms of your exposure and how that's been contributing to the growth?

如果我們回顧目前正在進行的 Meta-brands 安全評估，您能否詳細說明早期廣告商對 Meta 自己的平台安全工具的反應或採用情況，基本上，您的客戶群中有多少人準備好使用您的驗證工具？您也可以就驗證工具的早期回應發表什麼看法。最後，當我們思考 25 年可能看到的產業變化時，想知道您是否願意向我們介紹 TikTok 在美國的曝光率以及這對成長有何貢獻？

Yes. So on the Meta question, I think we mentioned that we're working -- we're in active test with over 40 of our customers, and many of them are some of our top 100 customers. The feedback has been solid. Many -- we've closed a number of activation deals after the test, and it's pacing on the schedule and at the rate at which we expect it to. The nice part about that is getting into social, the number of impressions that we see across those platforms is pretty massive, right? It's the dollar spent, the impressions that are going across the news feed are big. So when we close a deal with a customer there, these are not small deals. They're pretty big deals.

是的。因此，關於 Meta 問題，我想我們提到我們正在努力——我們正在與 40 多個客戶進行積極測試，其中許多是我們的前 100 名客戶。反饋非常正面。很多——我們在測試後完成了許多激活交易，並且一切按照計劃和我們預期的速度進行。這樣做的好處是，進入社交領域後，我們在這些平台上看到的印象數量相當龐大，對嗎？這是花費的錢，在新聞推播中傳播的印像是巨大的。因此，當我們與那裡的客戶達成交易時，這並不是小交易。這些都是相當大的交易。

And I think the pacing of that, the testing that is going as planned. And again, we mentioned over 40 customers with a number of them already closing and will start activating in the second half of the year. So that's going well. With regard to TikTok, I think we mentioned almost 50% of our TikTok revenue is outside the U.S. And I think that's significant to note because we just started expanding the language footprint on TikTok in the second half of last year and rolling into the first half of this year. So as we move into more language, as we move into more markets, that the balance between U.S. and the world will continue to shift probably towards more of the world than the U.S., considering where we sit today.

我認為，測試的進度和進度都按照計劃進行。我們再次提到了 40 多個客戶，其中一些已經完成交易並將在今年下半年開始啟動。一切進展順利。關於 TikTok，我想我們提到過，我們近 50% 的 TikTok 收入來自美國以外。因此，隨著我們進入更多的語言、更多的市場，考慮到我們目前所處的情況，美國和世界之間的平衡將繼續向世界而非美國傾斜。

So I think it's a topic -- a good growth driver. We still think there's legs there. And we're not going to sit here and try to prognosticate on what happens in the U.S. But net-net, they are growing their footprint outside the U.S. with us, which provides opportunity. And also to put that in scale, Facebook and YouTube are still, by far, our largest social platforms. I think we've mentioned the over 80% of our social revenue. So they are still the big dogs in this game.

所以我認為這是一個很好的成長動力。我們仍然認為那裡有腿。我們不會坐在這裡試圖預測美國會發生什麼。從規模上看，Facebook 和 YouTube 仍然是我們迄今為止最大的社交平台。我想我們已經提到80%以上的社會收入。所以他們仍然是這場遊戲中的主導者。

And there are no further questions at this time. I would like to turn the floor back to Mark Zagorski for closing comments.

目前沒有其他問題。我想將發言權交還給馬克·扎戈爾斯基，請他發表最後評論。

All right. Thank you all for your time today. We remain excited about the significant opportunities that lie ahead in social, CTV and retail media channels as we grow the value proposition with our customers around the world.

好的。感謝大家今天的寶貴時間。隨著我們與全球客戶共同拓展價值主張，我們對於社交、CTV 和零售媒體管道未來的巨大機會感到興奮不已。

Thank you. And with that, we conclude today's call. All parties may disconnect. Have a great day.

謝謝。今天的電話會議到此結束。各方均可斷開連線。祝你有美好的一天。