DoubleVerify Holdings Inc (DV) 2024 Q4 法說會逐字稿

Greetings, and welcome to the DoubleVerify fourth quarter and full year 2024 earnings call.

大家好，歡迎參加 DoubleVerify 2024 年第四季和全年財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（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.

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。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，接線生。

Good afternoon, and welcome to DoubleVerify's fourth quarter and full year 2024 earnings conference call.

下午好，歡迎參加 DoubleVerify 2024 年第四季和全年財報電話會議。

With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

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 actual result could differ materially.

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，實際結果可能存在重大差異。

For more information, please refer to the risk factors in our recent SEC filings, including our annual report on Form 10-K.

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-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 a substitute for our GAAP results.

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。

Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also during the call today, we'll be referring to the slide deck posted on our website.

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。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。

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

說完這些，我會把話題交給馬克。

Thanks, Tejal, and good afternoon, everyone. 2024 was a year of meaningful progress in the face of significant business and market challenges.

謝謝，Tejal，大家下午好。 2024年是面對重大商業和市場挑戰有意義進展的一年。

We grew total revenue by 15% year-over-year to $657 million, powered by double-digit growth across all three revenue lines.

我們的總營收年增 15%，達到 6.57 億美元，這得益於三條營收線均實現兩位數的成長。

We measured a record $8.3 trillion billable media transactions, a 19% increase year-over-year, demonstrating DV's unmatched scale across every digital media environment, format and device.

我們計算計費媒體交易額達到創紀錄的 8.3 兆美元，比去年同期成長 19%，彰顯了 DV 在各種數位媒體環境、格式和設備上無與倫比的規模。

We won an unprecedented number of large global enterprise customers in 2024, further cementing our position as the trusted partner for the world's biggest brands.

2024 年，我們贏得了數量空前的全球大型企業客戶，進一步鞏固了我們作為全球最大品牌值得信賴的合作夥伴的地位。

Our 2024 win rate remained above 80% across all opportunities with greenfield deals where advertisers weren't previously using third-party tools, accounting for 64% of full year wins. -- major new partnerships with P&G, Microsoft, Google, Kellogg's, Kennedy, DISH, National Bank of Canada, Bosch and BetMGM, highlight BB's continued industry leadership and reinforce the accelerating adoption of our solutions worldwide.

在廣告商之前未使用第三方工具的所有綠地交易機會中，我們的 2024 年成功率仍保持在 80% 以上，佔全年成功的 64%。 -- 與寶潔、微軟、谷歌、家樂氏、肯尼迪、DISH、加拿大國家銀行、博世和 BetMGM 建立重要的新合作夥伴關係，凸顯了 BB 持續的行業領導地位，並加強了我們解決方案在全球範圍內的加速採用。

Moreover, our growth extended beyond advertisers.

此外，我們的成長範圍不僅限於廣告商。

Supply side revenue grew 25% year-over-year, fueled by rising demand from retail media platforms and a record influx of platform and publisher customers.

受零售媒體平台需求不斷增長以及平台和出版商客戶創紀錄的湧入推動，供應方收入年增 25%。

This momentum helped our business remain strong and profitable, delivering a 33% adjusted EBITDA margin and $160 million in net cash from operating activities in 2024, up 33% from last year.

這一勢頭幫助我們的業務保持強勁和盈利，2024 年實現調整後 EBITDA 利潤率 33%，經營活動淨現金 1.6 億美元，比去年增長 33%。

These results highlight our ability to execute effectively while also making the strategic investments necessary to leverage our unique data assets and client engagements and evolve DoubleVerify for a partner that ensures media spend is protected to one that also measures performance and optimizes the effectiveness of that spend.

這些結果凸顯了我們有效執行的能力，同時也進行了必要的策略性投資，以利用我們獨特的數據資產和客戶參與度，並為合作夥伴開發 DoubleVerify，以確保媒體支出受到保護，同時衡量績效並優化支出的有效性。

Despite our successes, 2024 also tested our resilience and adaptability.

儘管我們取得了成功，但 2024 年也考驗了我們的韌性和適應力。

Throughout the year, we navigated some isolated headwinds, including scale back ad spend from six large customers.

在這一年中，我們克服了一些孤立的逆風，包括縮減六家大客戶的廣告支出。

And in Q4, one of our largest customers facing billions of dollars of sharply escalating commodity costs dramatically reduced its spend with DV as part of a sweeping cost reduction initiative that also impacted their other advertising and marketing partners.

在第四季度，我們最大的客戶之一面臨著數十億美元的商品成本急劇上漲，作為全面成本削減舉措的一部分，該客戶大幅減少了在 DV 上的支出，這也影響了其其他廣告和行銷合作夥伴。

Although this customer has maintained limited engagement with DV while temporarily shifting to standard native tools within each tech platform, we have completely excluded them from our 2025 guidance to provide a realistic outlook for the year ahead.

儘管該客戶在暫時轉向每個技術平台內的標準原生工具的同時，仍與 DV 保持著有限的互動，但我們已將其完全排除在我們的 2025 年指引之外，以便為未來一年提供現實的展望。

These factors, combined with the absence of a post-election rebound in ad spend resulted in a disappointing Q4 that fell short of our expectations.

這些因素，加上選舉後廣告支出沒有反彈，導致第四季的表現令人失望，低於我們的預期。

Beyond these isolated customer challenges, we also saw the continued shift of ad dollars from open web programmatic to proprietary platforms like social, where most of our activation solutions were unavailable until early this year.

除了這些孤立的客戶挑戰之外，我們還看到廣告資金持續從開放網路程式化轉向社交等專有平台，而我們的大多數啟動解決方案直到今年年初才在這些平台上可用。

And spending in private marketplaces, PMPs and direct programmatic guarantee deals or PG, also started to accelerate temporarily limiting advertisers ability to attach DV solutions to every transaction.

私人市場、PMP 和直接程序化擔保交易或 PG 的支出也開始加速，暫時限制了廣告商將 DV 解決方案附加到每筆交易的能力。

So let's be clear, these challenges do not define DV's long-term future.

所以我們要明確一點，這些挑戰並不能決定 DV 的長期未來。

In fact, they have sharpened our strategy and fueled our drive for diversified growth and product innovation.

事實上，他們完善了我們的策略，激發了我們多元化成長和產品創新的動力。

We've taken decisive action to address these market shifts and will continue to do so.

我們已採取果斷行動來應對這些市場變化，並將繼續這樣做。

Our investment in prebid solutions across Meta and TikTok will position us for future social growth as dollars shift into proprietary platform.

隨著資金轉向專有平台，我們對 Meta 和 TikTok 上的預競價解決方案的投資將為我們未來的社交成長做好準備。

Our recent launch of sell-side curation and decisioning solutions on major SSPs will drive higher attach rates of DV data to PMP and PG deals, aligning with the evolution of the Protomatic ecosystem.

我們最近在主要 SSP 上推出了賣方策劃和決策解決方案，這將提高 DV 數據與 PMP 和 PG 交易的附加率，與 Protomatic 生態系統的發展保持一致。

And with strategic acquisitions like DV Sybase and the newly acquired Rocker Box, we're expanding further into performance measurement and optimization, unlocking an entirely new TAM of mid-market customers and lower funnel direct response ad budgets.

透過 DV Sybase 和新收購的 Rocker Box 等策略性收購，我們進一步拓展了效能測量和優化領域，解鎖了全新的中階市場客戶 TAM 和低階管道直接回應廣告預算。

At the same time, we're accelerating revenue diversification by continuing to add large new customers.

同時，我們正在透過持續增加新的大客戶來加速收入多元化。

In 2024, we grew the number of customers generating over $200,000 of revenue to $331, up from $290 in 2023.

到 2024 年，我們創造收入超過 20 萬美元的客戶數量將從 2023 年的 290 美元增加到 331 美元。

We are executing with focus adapting with speed and positioning DV for long-term success.

我們正在重點執行，快速適應，並將 DV 定位為長期成功。

With these actions in motion and with less macro variability than we saw around the elections late in 2024, we are entering the year with confidence.

隨著這些行動的實施，加上宏觀波動比 2024 年末選舉時更小，我們滿懷信心地進入新的一年。

We are ready to drive continued growth.

我們已準備好推動持續成長。

These tactical moves are part of a larger strategic evolution to leverage DV's unmatched data scale, relentless innovation and extensive client engagements to turn challenges into catalysts for future growth.

這些戰術舉措是更大戰略變革的一部分，旨在利用 DV 無與倫比的數據規模、不懈的創新和廣泛的客戶參與，將挑戰轉化為未來成長的催化劑。

Our vision is simple but powerful, to unify media quality, optimization and performance measurements into a single platform to help advertisers maximize the effectiveness of every ad dollar.

我們的願景簡單而強大，將媒體品質、最佳化和效能衡量統一到一個平台，以幫助廣告商最大限度地提高每一美元廣告的有效性。

In a market increasingly driven by demands for efficiency and accountability, DV delivers the tools advertisers need to make every impression more impactful.

在日益受效率和責任感需求驅動的市場中，DV 提供了廣告主所需的工具，使每一次展示更具影響力。

Media quality has always been foundational to performance.

媒體品質始終是效能的基礎。

It separates inventory the potential to perform from inventory that never will.

它將有潛力的庫存與永遠無法運作的庫存區分開來。

With our unique scale core data asset of essential signals like fraud prevention, brand suitability, viewability, attention and context, DV gives advertisers the critical insights they need to invest with confidence.

憑藉我們獨特的規模核心資料資產，包括詐欺預防、品牌適宜性、可見度、關注度和背景等重要訊號，DV 可以為廣告主提供他們充滿信心地進行投資所需的關鍵見解。

The addition of Sybase AI, we take campaign optimization to the next level, leveraging these and other data signals to drive advertiser KPIs more effectively than standard bidding algorithms can.

透過添加 Sybase AI，我們將廣告活動優化提升到一個新的水平，利用這些數據和其他數據訊號比標準競價演算法更有效地推動廣告商 KPI。

Like the size acquisitions, the pending acquisition of Rocker Box, a leader in marketing attribution and performance measurement marks another important step forward for DV, by integrating Rocker Box advanced attribution capabilities with DV's media quality data and Civis AI optimization, we're giving advertisers a comprehensive real-time view of media performance. enabling cross-platform adjustments for smarter spending and stronger outcomes.

與規模收購一樣，即將收購行銷歸因和績效衡量領域的領導者 Rocker Box 標誌著 DV 向前邁出了又一重要一步，透過將 Rocker Box 先進的歸因功能與 DV 的媒體品質數據和 Civis AI 優化相結合，我們將為廣告商提供全面的即時媒體績效視圖。實現跨平台調整，以實現更明智的支出和更好的成果。

And it continues DV's legacy of powering media performance while remaining agnostic and independent to media channel and media investment.

它延續了 DV 推動媒體表現的傳統，同時保持對媒體管道和媒體投資的不可知和獨立性。

Expanding DV's capabilities to deliver a comprehensive end-to-end performance measurement solution meaningfully expands DD's total addressable market, unlocking access to midsized performance advertisers and get direct response budgets.

擴展 DV 提供全面的端到端效能測量解決方案的能力，可以顯著擴大 DD 的整體可尋址市場，解鎖中型績效廣告商的存取權限並獲得直接回應預算。

While Rocket Box current client faster, which includes household names like Staples, Lowe's Hotel and Weight Watchers has minimal overlap with DV's existing customers, around 200 of their target customers already partner with DV.

雖然 Rocket Box 目前的客戶群（包括 Staples、Lowe’s Hotel 和 Weight Watchers 等家喻戶曉的品牌）與 DV 現有的客戶重疊程度很小，但其約 200 名目標客戶已經與 DV 合作。

This alignment opens the door for meaningful cross-sell opportunities and long-term revenue synergies, further enhancing the value we deliver to our customers.

這種協調為有意義的交叉銷售機會和長期收入協同效應打開了大門，進一步提升了我們為客戶提供的價值。

Driving media ROI is critical, and performance measurement is essential for all advertisers.

提高媒體投資報酬率至關重要，績效衡量對於所有廣告主來說都是不可或缺的。

By integrating Locker box, cross-channel attribution, DV's media quality analytics and Sybase AI-driven optimization we're transforming fragmented marketing data into a unified actionable intelligence platform.

透過整合 Locker box、跨通路歸因、DV 的媒體品質分析和 Sybase AI 驅動的優化，我們將碎片化的行銷數據轉化為統一的可操作智慧平台。

We've already seen a great example of this dynamic in action.

我們已經看到了這個動態現象的一個很好的例子。

With a direct-to-consumer brand that was using several DV's media quality solutions and it also employed rocker blocks to track media spend and performance.

直接面向消費者的品牌使用多種 DV 媒體品質解決方案，同時也採用搖桿塊來追蹤媒體支出和效果。

Their key conversion KPI was the cost of customer sign-ups for membership.

他們的關鍵轉換KPI是客戶註冊會員的成本。

And their goal is clear reduce CPA.

他們的目標很明確，就是降低 CPA。

With DV's optimization, the brand was able to optimize their bidding strategies, leveraging the CPA data measured in RockerBox integrating these real-time performance insights to dynamically adjust their bidding algorithms.

透過 DV 的最佳化，該品牌能夠優化其競價策略，利用 RockerBox 中測量的 CPA 數據並整合這些即時效能洞察來動態調整其競價演算法。

The results were immediate.

效果立竿見影。

A nearly 40% reduction in CPA within the first 8 weeks, followed by an additional 20% decrease in weeks 9 through 12.

前 8 週內 CPA 降低了近 40%，隨後第 9 週至第 12 週又降低了 20%。

This is the power of a fully integrated performance measurement and optimization engine, delivering measurable business results at scale, an increasingly complex digital landscape.

這是完全整合的效能測量和優化引擎的強大功能，可以在日益複雜的數位環境中大規模提供可衡量的業務成果。

Together, we will provide advertisers with a single integrated solution can measure, optimize and drive real business outcomes with greater efficiency and an increasingly complex digital landscape.

我們將共同為廣告主提供單一整合的解決方案，以更高的效率和日益複雜的數位環境來衡量、優化和推動實際業務成果。

To explore the future of measurement and data-driven innovation at DV and to highlight the role of RockerBox cross-platform performance and measurement capabilities, DV's executive team, along with industry experts, will host an in-person Innovation Day for the investment community on Wednesday, June 11 from 1:00 PM to 4:00 PM at the New York Stock Exchange in New York City.

為了探索 DV 測量和數據驅動創新的未來，並強調 RockerBox 跨平台性能和測量功能的作用，DV 的執行團隊將與行業專家一起於 6 月 11 日星期三下午 1:00 至下午 4:00 在紐約市紐約證券交易所為投資界舉辦現場創新日活動。

The event will also be webcast live.

該活動還將進行網路直播。

Now let's take a few minutes to dive into how we're evolving DV's strategic vision to drive long-term growth across social media, the Open Web and CTV.

現在讓我們花幾分鐘來深入了解如何發展 DV 的策略願景，以推動社交媒體、開放網路和 CTV 的長期成長。

Social media accounts for over 60% of digital ad spend, excluding search.

社群媒體佔數位廣告支出的 60% 以上（不包括搜尋）。

Yet today, DB measures only about 5% of all US social impressions, highlighting a massive growth opportunity.

然而如今，DB 僅占美國所有社交印象的 5% 左右，凸顯了巨大的成長機會。

In 2024, we grew our social media measurement revenue by 27%, making it a nearly $110 million business for DV.

2024 年，我們的社群媒體測量收入成長了 27%，這對 DV 來說是一項近 1.1 億美元的業務。

That's more than double the $45 million we generated just three years ago in 2021, a testament to our relentless focus on expanding social media product and language coverage.

這比我們三年前 2021 年創造的 4500 萬美元收入增加了一倍多，證明了我們堅持不懈地致力於擴大社交媒體產品和語言覆蓋範圍。

A key part of ensuring continued future growth in social is expanding DV's value proposition from solely post-bid measurement to prebid activation, helping advertisers optimize their media investments before they are made.

確保社群媒體未來持續成長的關鍵部分是將 DV 的價值主張從單純的競價後測量擴展到競價前激活，幫助廣告商在進行媒體投資之前對其進行優化。

I'm thrilled to announce the launch of our content level avoidance solution for Meta's Facebook and Instagram feeds and reels powered by DV's Universal Content Intelligence AI.

我很高興地宣布，我們推出了由 DV 的通用內容智慧 AI 提供支援的針對 Meta 的 Facebook 和 Instagram 動態消息和捲軸的內容等級規避解決方案。

This game-changing innovation ensures that advertisers can proactively avoid unsuitable content while continuing to drive superior media performance.

這項改變遊戲規則的創新確保廣告主可以主動避免不合適的內容，同時繼續推動卓越的媒體表現。

In partnership with Meta, we're delivering this solution at an incredible scale.

透過與 Meta 合作，我們以驚人的規模提供此解決方案。

It was more by seamlessly integrating our content level avoidance controls with postpaid measurement tools, we've created a closed-loop system that ensures every ad delivers maximum impact.

透過將我們的內容等級避免控制與後付費測量工具無縫集成，我們創建了一個閉環系統，確保每個廣告都能發揮最大的影響力。

In addition, we've rolled out 30 new content level avoidance categories, giving advertisers unprecedented control and precision in their campaigns across Facebook and Instagram feeds and reels.

此外，我們還推出了 30 個新的內容等級規避類別，讓廣告主在 Facebook 和 Instagram 動態和影片中開展廣告活動時擁有前所未有的控制力和精確度。

Similarly, we launched TikTok video exclusion list solution powered by DV and expanded alpha testing, empowering advertisers to proactively exclude videos flagged as unsuitable through our reporting further strengthening our prebid coverage across social media.

同樣，我們推出了由 DV 提供支援的 TikTok 視頻排除列表解決方案並擴大了 alpha 測試，使廣告商能夠通過我們的報告主動排除被標記為不合適的視頻，從而進一步加強了我們在社交媒體上的競價前覆蓋範圍。

We've seen solid initial interest in both activation solutions with nearly 200 customers in our Meta pipeline and several already launched and live in the week since the solution has made available.

我們已經看到人們對這兩種激活解決方案的濃厚興趣，我們的 Meta 頻道中已有近 200 個客戶，並且自解決方案推出以來的一周內已有多個客戶啟動並上線。

Rocker Box will also play a role as we continue to grow our overall value proposition in social.

隨著我們在社交領域的整體價值主張不斷提升，Rocker Box 也將發揮重要作用。

By linking social performance and conversion data from Rocker Box with DV media quality data and optimizing against both the Sybase, advertisers will be able to eliminate waste, drive better engagement and higher ROI, all while ensuring their ads appear in safe, high-quality environments.

透過將 Rocker Box 的社交表現和轉換數據與 DV 媒體品質數據相鏈接，並針對 Sybase 進行最佳化，廣告商將能夠消除浪費、提高參與度和提高投資回報率，同時確保他們的廣告出現在安全、高品質的環境中。

As we redefine how advertisers drive performance in social media, we remain as committed as ever to expanding our measurement coverage across key social media platforms with enhanced viewability and invalid traffic detection for display ads on Facebook reels.

當我們重新定義廣告主如何在社群媒體中推動效果時，我們仍然一如既往地致力於擴大我們在主要社群媒體平台上的測量覆蓋範圍，增強 Facebook Reels 上展示廣告的可見性和無效流量檢測。

On TikTok, we extended our brand safety solutions to 18 new international markets and introduced advanced vertical sensitivities tailored to local market needs.

在 TikTok 上，我們將品牌安全解決方案擴展到 18 個新的國際市場，並引入了根據當地市場需求量身定制的高級垂直敏感度。

Finally, we recently expanded our viewability and brand safety coverage across additional formats on YouTube as well.

最後，我們最近也擴大了 YouTube 上其他格式的可見度和品牌安全覆蓋範圍。

Now turning to the Open Web, the largest driver of DV's revenue across those activation and measurement, our performance solutions are already delivering strong results even as they scale from a relatively small base.

現在轉向開放網絡，這是 DV 在激活和測量方面收入的最大驅動力，我們的性能解決方案即使從相對較小的基礎開始擴展，也已經取得了強勁的成果。

In activation, DV's Sybase revenue grew over 50% year-over-year, surpassing the top end of our expectations.

具體來說，DV 的 Sybase 收入年增超過 50%，超出了我們的最高預期。

Since acquiring Sybase in August of 2023, we've successfully upsold the solution to 79 DV customers and 40 of our top 100 clients have started to use Sybase AI to optimize their campaigns.

自 2023 年 8 月收購 Sybase 以來，我們已成功向 79 家 DV 客戶推銷該解決方案，並且我們前 100 名客戶中的 40 家已開始使用 Sybase AI 來優化他們的活動。

On the measurement front, DDR's authentic attention continued its strong momentum, growing nearly 190% year-over-year.

在測量方面，DDR 的真實關注度持續保持強勁勢頭，較去年同期成長近 190%。

As I mentioned earlier, as advertisers increasingly shift their open web spend to PMPs and programmatic direct deals were being to this opportunity by deploying DV's activation solutions across numerous sell-side platforms.

正如我之前提到的，隨著廣告商越來越多地將他們的開放網路支出轉移到 PMP 和程式化直接交易，他們透過在眾多賣方平台上部署 DV 的啟動解決方案來抓住這個機會。

E-marketer projects US programmatic display ad spending to grow just 4% for the open exchange but over 30% for PMPs and programmatic direct deals between 2024 and 2026.

E-marketer 預測，2024 年至 2026 年間，美國程式化展示廣告支出在公開交易市場中僅成長 4%，但 PMP 和程式化直接交易的支出將增加 30% 以上。

We always drive to ensure DV data can be employed wherever and however advertisers focus their spend.

我們始終致力於確保 DV 數據能夠應用於廣告商的支出重點所在的任何地方。

So as advertisers increasingly prioritize curated inventory that are turning to DD to help them achieve greater control, transparency and performance.

因此，廣告商越來越重視精選庫存，並開始借助 DD 來幫助他們實現更大的控制力、透明度和效能。

By leveraging our trusted brand safety, contextual viewability and fraud data, DV delivers optimized inventory that powers smarter, more effective media investments through curated deals on the advertisers preferred platform.

透過利用我們值得信賴的品牌安全性、上下文可見性和詐欺數據，DV 可以透過廣告主首選平台上的精選交易提供優化的庫存，從而實現更聰明、更有效的媒體投資。

To that end, I'm excited to share that we've launched an integration with Google Ad Manager allowed programmatic buyers to seamlessly access DV's media quality data through curated inventory packages.

為此，我很高興地告訴大家，我們已經啟動了與 Google Ad Manager 的集成，允許程式化購買者透過精選的庫存包無縫存取 DV 的媒體品質資料。

This integration allows advertisers to source inventory that meets critical benchmarks for context, brand safety and viewability all while driving better performance at scale.

透過這種整合，廣告主能夠找到滿足背景、品牌安全性和可見性等關鍵基準的廣告資源，同時大規模地提高績效。

By connecting directly with Google Ad Manager, we're making it easier than ever for advertisers to ensure their campaigns are optimized for safety and effectiveness, and hiring them to achieve stronger results across the programmatic ecosystem.

透過直接與 Google Ad Manager 連接，我們可以讓廣告客戶比以往更輕鬆地確保其廣告系列在安全性和有效性方面得到最佳化，並僱用他們在整個程式化生態系統中取得更好的效果。

This is in addition to other sell-side integrations we recently announced, including new solutions with Index Exchange and Criteo.

這是我們最近宣布的其他賣方整合的補充，包括與 Index Exchange 和 Criteo 合作的新解決方案。

Turning to CTV, our strategic vision is helping fill one of the most exciting growth opportunities in Digital Media.

談到 CTV，我們的策略願景正在幫助填補數位媒體領域最令人興奮的成長機會之一。

In 2024, we delivered impressive results in CTV with measurement impression volumes growing 66% for the full year and 95% in the fourth quarter alone.

2024 年，我們在 CTV 領域取得了令人矚目的成績，全年測量展示量成長了 66%，光是第四季就成長了 95%。

This momentum drove a significant milestone.

這一勢頭推動了一個重要的里程碑。

CTV accounted for 11% of DB's total measurement impression volume in 2024, more than doubling its 5% share in 2023.

2024 年，CTV 將佔 DB 總測量展示量的 11%，是 2023 年 5% 份額的兩倍多。

Our growing CTV base creates a significant future monetization opportunity for DV as we develop deeper content level contextual insights and stronger connectivity to outcomes data that drive performance.

隨著我們發展出更深層的內容層面背景洞察力和更強的與推動績效的結果數據的連接性，我們不斷增長的 CTV 基礎為 DV 創造了重要的未來貨幣化機會。

Turning to Retail Media Networks.

轉向零售媒體網路。

Our supply side Retail Media Solution grew 36% year-over-year in 2024, contributing to our overall supply side growth rate of 25% year-over-year.

我們的供應方零售媒體解決方案在 2024 年年增 36%，貢獻我們整體供應方較去年同期成長 25%。

Led by our partnerships with the leading retail media platforms, our global reach and connectivity and Retail Media continues to expand.

在與領先的零售媒體平台的合作推動下，我們的全球影響力和連結性以及零售媒體不斷擴大。

DV's measurement tags are now accepted on 124 key global retail media networks and sites, including 16 top retail media platforms and 108 major retailers with close to fast supporting DV measurement on their owned and operated properties.

DV 的測量標籤目前已被 124 個全球主要零售媒體網路和網站所接受，其中包括 16 個頂級零售媒體平台和 108 家主要零售商，這些零售商幾乎可以快速支援 DV 對其自有和經營的資產進行測量。

More broadly, on the supply side, we secured over a dozen new platform and publisher deals in Q4, including things like Newsweek and Ozon, underscoring the continued opportunity for DV to support leading open web publishers.

更廣泛地說，在供應方面，我們在第四季度獲得了十幾個新的平台和出版商交易，包括《新聞周刊》和 Ozon 等，這凸顯了 DV 繼續有機會支持領先的開放網絡出版商。

As we wrap up, it's clear DoubleVerify continues to make meaningful progress to address our challenges while we lay the foundation for future growth.

總結一下，很明顯，DoubleVerify 在應對挑戰方面繼續取得有意義的進展，同時為未來的發展奠定了基礎。

Looking ahead, our opportunity remains vast.

展望未來，我們的機會依然龐大。

We already work with nearly half of the world's top 1,000 advertisers, yet our revenue contribution represents less than 0.5% of their total media spend, demonstrating the significant runway for growth within our existing customer base.

我們已經與全球近一半的前 1,000 名廣告商合作，但我們的收入貢獻還不到他們總媒體支出的 0.5％，這表明我們現有的客戶群具有巨大的成長空間。

Beyond that, we continue to expand and diversify our reach, evolving our solution set to power performance measurement, outcomes optimization and attribution while strengthening our presence with mid-market and direct response advertisers.

除此之外，我們繼續擴大和多樣化我們的覆蓋範圍，改進我們的解決方案以支援績效衡量、結果優化和歸因，同時加強我們在中端市場和直接反應廣告商中的影響力。

With a strong and profitable core and expanded customer base and an unmatched commitment to quality and innovation, DV is well positioned to capture the opportunities ahead.

憑藉強大而盈利的核心、不斷擴大的客戶群以及對品質和創新無與倫比的承諾，DV 已準備好抓住未來的機會。

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

說完這些，讓我把電話轉給尼古拉。

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。

In the fourth quarter, we successfully ramped our new customer wins, highlighting our ability to swiftly onboard large global enterprise clients.

第四季度，我們成功贏得了更多新客戶，凸顯了我們迅速吸收大型全球企業客戶的能力。

However, as Mark mentioned, Q4 revenue fell short of expectations as the slowdown in spending from existing customers that began in October due to political ad spend crowding out brand advertising persisted throughout the quarter.

然而，正如馬克所提到的，由於政治廣告支出擠佔了品牌廣告，現有客戶支出從 10 月開始放緩，並且這種放緩持續了整個季度，因此第四季度的收入未能達到預期。

This was exacerbated by a sharp reduction in spend from one of our largest customers later in the quarter driven by rising commodity costs.

由於本季末大宗商品成本上升，我們最大的客戶之一的支出大幅減少，這進一步加劇了這種情況。

As part of a broader cost-cutting initiative affecting multiple advertising and marketing partners, this customer is suspending its business with DV in early February 2025.

作為影響多個廣告和行銷合作夥伴的更廣泛的成本削減舉措的一部分，該客戶將於 2025 年 2 月初暫停與 DV 的業務往來。

This customer contributed over $20 million of revenue in fiscal year 2024, where nearly half of this revenue attributable to social measurement and almost 1/3 generated through ABS.

該客戶在 2024 財年貢獻了超過 2,000 萬美元的收入，其中近一半的收入歸因於社會衡量，近三分之一是透過 ABS 產生的。

As a result, we have removed this customer from our 2025 guidance.

因此，我們已將該客戶從 2025 年指導中刪除。

For the fourth quarter of 2024, total revenue of $191 million grew 11%, driven by 10% growth in activation, 7% growth in measurement and 34% growth in supply side.

2024 年第四季度，總營收 1.91 億美元，成長 11%，其中活化成長 10%、測量成長 7% 和供應方成長 34%。

Our activation and measurement businesses, which are driven by advertisers comprised 91% of our total fourth quarter revenue.

由廣告商推動的活化和測量業務占我們第四季度總收入的 91%。

Advertiser revenue grew 9% in the fourth quarter, driven by 14% growth in volume or NTM, and a 5% decrease in pricing or NTF, excluding the impact of an introductory fixed-fee deal, for one large customer that we onboarded from moot.

第四季度，廣告商收入成長了 9%，其中，廣告量或 NTM 成長了 14%，而定價或 NTF 下降了 5%，不包括介紹性固定費用交易的影響，這個收入來自我們從 moot 引入的一位大客戶。

ABS, which represented 53% of our activation revenue in the fourth quarter grew 6% year-over-year, driven by new logo activations and upsells to existing customers.

ABS 占我們第四季度啟動收入的 53%，年增 6%，這得益於新標誌的活化和對現有客戶的追加銷售。

Adoption of this premium product continues to expand, with 70% of our top 500 customers activating ABS in Q4, up from 68% in Q3.

此優質產品的採用範圍持續擴大，我們前 500 名客戶中有 70% 在第四季度啟動了 ABS，高於第三季的 68%。

Our core programmatic solutions and Sybase also delivered solid year-over-year growth.

我們的核心程式化解決方案和 Sybase 也實現了穩定的年成長。

Fourth quarter measurement revenue grew 7%, driven by 9% growth in social revenue.

第四季測量營收成長 7%，受社交收入 9% 成長的推動。

Social revenue growth was impacted by the slowdown in spend by large brand advertisers that persisted after the election and by the same customer that significantly reduced its spend with us due to a sharp increase in commodity costs.

社會收入成長受到大選後持續存在的大型品牌廣告商支出放緩以及同一客戶因商品成本急劇上漲而大幅減少在我們的支出的影響。

International Measurement revenue grew 11% in the quarter and comprised 30% of measurement revenue, up from 29% in the fourth quarter of 2023.

本季國際測量收入成長了 11%，佔測量收入的 30%，高於 2023 年第四季的 29%。

Supply side revenue grew 34%, driven by growth in existing platforms, including retail media as well as several new platform integrations, including with former mode clients.

供應方收入成長了 34%，這得益於包括零售媒體在內的現有平台的成長以及與前模式客戶的多個新平台的整合。

Full year 2024 revenue grew 15%, driven by 13% growth in activation and 15% growth in measurement.

2024 年全年營收成長 15%，其中活化量成長 13% 和測量量成長 15%。

Social measurement revenue grew 27% for the full year as compared to 47% growth in the first half of 2024.

全年社會測量收入成長 27%，而 2024 年上半年的成長率為 47%。

As mentioned in prior calls, the adoption of our measurement solutions on meta progressed at a more gradual pace than we anticipated in 2024.

正如先前的電話會議中所提到的，我們在元測量解決方案上的採用進展速度比我們在 2024 年預期的要慢。

As some advertisers waited for the rollout of social activation solutions to test both measurement and activation together.

一些廣告商正在等待社交激活解決方案的推出，以便同時測試測量和激活效果。

The social activation solution is now in market as of mid-February.

截至二月中旬，社群啟動解決方案已經上市。

Social measurement revenue represented 48% of measurement revenue in 2024, up from 43% in 2023.

到 2024 年，社交測量收入將佔測量收入的 48%，高於 2023 年的 43%。

Supply side revenue growth of 25% was driven by increased platform revenue.

供應方收入成長25%，主要是因為平台收入增加。

Advertiser revenue growth for the full year was primarily volume driven with $8.3 trillion billable transactions measured the 19% year-over-year increase in MTM, while MTS decreased by 4% to $0.072.

全年廣告商收入成長主要由數量推動，8.3 兆美元的可計費交易量意味著 MTM 同比增長 19%，而 MTS 下降 4% 至 0.072 美元。

In 2025, we expect volumes to remain the primary driver of growth as we continue to verify more digital ad impressions through new product launches and channel and geographic expansion.

到 2025 年，我們預計銷量仍將是成長的主要動力，因為我們將繼續透過新產品發布以及管道和地理擴展來驗證更多的數位廣告印象。

We expect NTF to continue to decline in 2025 and reflecting the impact of competitive rates for major new global brand wins, in particular, Oracle accounts and the greater shift towards measurement and international impressions.

我們預計 NTF 將在 2025 年繼續下降，並反映出主要新全球品牌獲勝的競爭價格的影響，尤其是 Oracle 帳戶以及向測量和國際印象的更大轉變。

For full year 2024, we achieved a net revenue retention rate of 112% while gross revenue retention remained above 95% for the fifth consecutive year.

2024 年全年，我們的淨收入保留率達到 112%，而毛收入保留率連續第五年維持在 95% 以上。

We grew average revenue from our top 100 customers by 14% year-over-year to $4.2 million.

我們從前 100 名客戶獲得的平均收入年增 14%，達到 420 萬美元。

We grew the number of advertisers generating more than $200,000 of annual revenue by 14% year-over-year to $331 million.

我們年收入超過 20 萬美元的廣告商數量年增 14%，達到 3.31 億美元。

And our long-term customer relationships remain strong with top 75, top 50 and top 25 customers working with us for approximately 8 years.

我們與客戶保持著穩固的長期關係，前 75 名、前 50 名和前 25 名客戶都與我們合作了約 8 年。

Moving to expenses.

轉向費用。

In the fourth quarter, cost of revenue increased 14%, primarily driven by an increase in revenue sharing arrangement cases with programmatic partners driven by activation revenue growth as well as higher hosting and bandwidth costs.

第四季度，收入成本增長了 14%，主要原因是激活收入增長以及託管和頻寬成本上升帶動與程序化合作夥伴的收入分成安排案例增加。

We delivered 82% revenue less cost of sales.

我們實現了82%的收入減去銷售成本。

Total non-GAAP operating expenses, which excludes stock-based compensation and other items for comparability, grew 7% as compared to 11% revenue growth, reflecting the efficiency of our operating model.

非公認會計準則下的總營業費用（不包括股票薪酬和其他可比較項目）增加了 7%，而收入增加了 11%，這反映了我們營運模式的效率。

Finally, we delivered $74 million of adjusted EBITDA or a record 39% margin and $23 million of net income.

最終，我們實現了 7,400 萬美元的調整後 EBITDA，即創紀錄的 39% 的利潤率和 2,300 萬美元的淨收入。

For full year 2024, cost of revenue increased by 9%, and we delivered 82% revenue less cost of sales.

2024 年全年，收入成本增加了 9%，我們實現了 82% 的收入減去銷售成本。

Total non-GAAP operating expenses grew 15% and represented 49% of total revenue, the same as in 2023.

非公認會計準則總營業費用成長 15%，佔總收入的 49%，與 2023 年相同。

We delivered full year adjusted EBITDA of $219 million, representing a 33% adjusted EBITDA margins to combine revenue growth with solid profitability.

我們全年調整後的 EBITDA 為 2.19 億美元，調整後的 EBITDA 利潤率為 33%，實現了營收成長與穩健的獲利能力。

We ended 2024 with 1,197 employees, up from 1,101 at the end of 2023.

截至 2024 年底，我們的員工人數為 1,197 人，高於 2023 年底的 1,101 人。

Over 40% of our headcount growth in 2024 was in R&D investments for engineering and product resources.

2024 年，我們員工人數成長的 40% 以上來自對工程和產品資源的研發投資。

In 2025, we expect hiring to slow as we continue to invest in product innovation while we reallocate resources towards growth initiatives and actively optimize the organization.

2025 年，我們預計招募速度將會放緩，因為我們將繼續投資於產品創新，同時將資源重新分配用於成長計畫並積極優化組織。

Net income for full year 2024 was $56 million or a 9% margin as compared to a 12% net income margin in full year 2023, primarily driven by slower year-on-year revenue growth and higher year-over-year stock-based compensation expenses.

2024 年全年淨收入為 5,600 萬美元，利潤率為 9%，而 2023 年全年淨收入利潤率為 12%，這主要由於收入增長同比放緩和股票薪酬費用同比增加。

Stock-based compensation through 2024 reflects the impact of our inaugural annual equity award program introduced in 2021 when we went public.

到 2024 年的股票薪酬反映了我們於 2021 年上市時推出的首個年度股權獎勵計劃的影響。

Looking ahead and excluding the potential impact of future M&A, we expect the annual growth in stock-based compensation expenses to stabilize in the high teens.

展望未來，排除未來併購的潛在影響，我們預期股票薪酬費用的年增率將穩定在百分之十幾。

In terms of share buybacks, we repurchased in the fourth quarter 4.2 million shares of DV common stock for $78 million, bringing total share repurchases for full year 2024 to 6.8 million shares for $128 million.

在股票回購方面，我們在第四季以 7,800 萬美元回購了 420 萬股 DV 普通股，使 2024 年全年的總回購量達到 680 萬股，價值 1.28 億美元。

In January 2025, we repurchased an additional 1.1 million shares for $22 million.

2025 年 1 月，我們又以 2,200 萬美元回購了 110 萬股。

As of February 27, 2025, $200 million remains available and authorized under the new repurchase program for utilization throughout 2025.

截至 2025 年 2 月 27 日，根據新的回購計劃，仍有 2 億美元可用並獲授權可在 2025 年全年使用。

Moving to cash flow.

轉向現金流。

We generated approximately $160 million of net cash from operating activities in 2024.

2024 年，我們從經營活動中產生了約 1.6 億美元的淨現金。

This represented an operating cash flow to adjusted EBITDA ratio of 73%, highlighting a strong cash flow generation and EBITDA conversion.

這意味著經營現金流量與調整後 EBITDA 的比率為 73%，突顯出強勁的現金流產生和 EBITDA 轉換。

Capital expenditures were approximately $27 million in 2024.

2024 年資本支出約 2,700 萬美元。

Finally, we ended the year with $311 million of cash on hand and short-term investments and zero long-term debt.

最後，我們在年底時擁有 3.11 億美元的現金和短期投資，並且沒有長期債務。

Turning to Rockerbox.

轉向 Rockerbox。

We have agreed to acquire this leading platform measurement for $85 million in cash.

我們同意以 8,500 萬美元現金收購這個領先的平台規模。

This transaction is subject to customary closing condition and adjustments and is expected to close in the second quarter.

此交易需滿足慣例成交條件及調整，預計第二季完成。

We expect Rocket box to contribute approximately $8 million to DV's total revenue in 2025 within our measurement revenue line, and this partial year contribution has already been included in our 2025 guidance.

我們預計，Rocket Box 將在我們的衡量收入線內為 DV 2025 年的總收入貢獻約 800 萬美元，並且該部分年度貢獻已包含在我們的 2025 年指引中。

Currently, near breakeven, Rockerbox offered scalable growth across our customer base.

目前，Rockerbox 已接近盈虧平衡，並為我們整個客戶群提供了可擴展的成長。

We plan to accelerate this growth through strategic investments in talent, technology and integrated data systems across both companies.

我們計劃透過對兩家公司的人才、技術和整合數據系統的策略性投資來加速這一成長。

Now turning to 2025 guidance.

現在轉向2025年指導。

For the first quarter of 2025, we expect revenue to range between $151 million and $155 million, representing a year-over-year increase of 9% at the and adjusted EBITDA to range between $37 million to $41 million, representing a 25% adjusted EBITDA margin at the midpoint.

對於 2025 年第一季度，我們預計營收在 1.51 億美元至 1.55 億美元之間，年增 9%，調整後的 EBITDA 在 3,700 萬美元至 4,100 萬美元之間，中間值為 25% 的調整後 EBITDA 利潤率。

For full year 2025, we expect revenue growth of approximately 10%.

到 2025 年全年，我們預計收入成長約為 10%。

And our guidance reflects the business transition that we are navigating in 2025 with the impact of two specific headwinds related to clients and a measured take on the impact of three large opportunities that we expect will contribute meaningfully beyond this year.

我們的指引反映了我們在 2025 年所經歷的業務轉型，其中包括與客戶相關的兩個特定不利因素的影響，以及對三大機會的影響的衡量，我們預計這些機會將在今年之後做出有意義的貢獻。

On headwinds, our guidance accounts for the suspension of service for one of our largest customers, and a limited anticipated year-over-year growth from the court of six advertisers that waited on 2024 results.

在不利因素方面，我們的預期考慮到了我們最大的客戶之一的服務暫停，以及六家等待 2024 年業績的廣告商預計將同比增長有限。

In terms of opportunities, our guidance accounts for moderate growth in new social revenue, factoring in time for clients to test and onboard and newly launched social activation solutions.

在機會方面，我們的指導考慮了新社交收入的適度增長，並考慮到客戶測試和採用新推出的社交激活解決方案的時間。

The 1, 2, 3-year period to upsell our premium solutions to the most clients that we onboarded in Q4 2024 and a measured -year revenue upside from Rockerbox as we prioritize the integration of product and operations in 2025.

我們將用 1、2、3 年的時間向 2024 年第四季度入駐的大多數客戶追加銷售我們的高級解決方案，並且隨著我們在 2025 年優先整合產品和運營，Rockerbox 的收入將實現可觀的年增長。

We expect the weighting of our full year revenue between the first half and the second half of the year to near 2024.

我們預計上半年和下半年全年收入的比重將接近2024年。

We expect full year 2025 adjusted EBITDA margins of 32% to account for the acquisition of Rockerbox, which is near breakeven today and year one investments to integrate the acquisition.

我們預計 2025 年全年調整後的 EBITDA 利潤率為 32%，以彌補對 Rockerbox 的收購，該公司目前已接近盈虧平衡，並且進行了第一年的投資以整合收購。

We expect full year revenue less cost of sales to remain above 80%.

我們預計全年收入減去銷售成本將維持在80%以上。

For the first quarter of 2025, we expect stock-based compensation expenses to range between $22 million and $25 million.

對於 2025 年第一季度，我們預計股票薪資支出將在 2,200 萬美元至 2,500 萬美元之間。

For full year 2025, we expect stock-based compensation expenses to range between $105 million and $110 million.

到 2025 年全年，我們預計股票薪酬支出將在 1.05 億美元至 1.1 億美元之間。

We expect weighted average fully diluted shares outstanding for the first quarter of 2025 to range between $168 million and $170 million.

我們預計 2025 年第一季的加權平均全面稀釋流通股數在 1.68 億美元至 1.7 億美元之間。

We anticipate 2025 capital expenditures, including capitalized software of approximately $36 million to invest in new product innovation and product infrastructure growth.

我們預計 2025 年的資本支出，包括約 3,600 萬美元的資本化軟體，將投資於新產品創新和產品基礎設施成長。

With zero debt and $311 million of cash on hand and short-term investments, we're well positioned to drive business expansion and long-term growth in 2025.

憑藉零債務、3.11 億美元現金和短期投資，我們有能力在 2025 年推動業務擴張和長期成長。

In closing, in 2024, we maintained strong margins and grew revenue despite shifting ad spend trends and a slowdown from key customers while returning capital to shareholders through our share repurchase program.

最後，在 2024 年，儘管廣告支出趨勢發生變化且主要客戶業務放緩，我們仍保持了強勁的利潤率並實現了收入增長，同時透過股票回購計劃向股東返還資本。

As we mentioned on our previous call, we recognized 2025 as a transition year.

正如我們在上次電話會議上提到的，我們將 2025 年視為過渡年。

We're taking decisive action to navigate an evolving advertising environment and we remain committed to investing in innovation, operational efficiencies and scalable growth to drive long-term value for our shareholders.

我們正在採取果斷行動來應對不斷變化的廣告環境，並將繼續致力於投資創新、營運效率和可擴展成長，以推動股東的長期價值。

And with that, we will open the line for questions.

現在，我們將開放問答熱線。

Operator, please go ahead.

接線員，請繼續。

Thank you.

謝謝。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

(Operator Instruction)

（操作員指令）

Matt Swanson, RBC.

馬特·斯旺森（RBC）。

Great, thank you guys for taking my question.

太好了，謝謝你們回答我的問題。

Mark, on Rocker box, it's an intriguing acquisition, given the focus on attribution, performance measurement, obviously differing from kind of the core verification business.

馬克，對於 Rocker Box 來說，這是一次有趣的收購，因為它專注於歸因和績效衡量，這顯然不同於核心驗證業務。

And as you mentioned, this has always been part of the long-term strategic idea of expanding wallet share.

正如您所說，這一直是擴大錢包份額的長期戰略思想的一部分。

I'm getting up from that 0.5% of media spend, you talked about.

我正在從您談到的 0.5% 的媒體支出中獲益。

So can you talk about or elaborate on kind of the strategic rationale and specifically how this is going to enhance the customer value proposition and fits in with the existing solutions.

那麼您能否談論或闡述策略原理以及具體如何增強客戶價值主張並與現有解決方案相適應。

Yeah.

是的。

Thanks for the question, Matt.

謝謝你的提問，馬特。

And this is something, as you know, that we've been talking about for a while here is this evolution of DV to leverage our relationships and core data sets, to not only ensure that media spend is protected, but that it starts to perform as well.

如你所知，這是我們一直在談論的事情，DV 的這種演變是為了利用我們的關係和核心資料集，不僅可以確保媒體支出受到保護，而且還能使其開始發揮作用。

And I think Sybase was one of the first steps we took there. our investments in metrics like attention were other steps.

我認為 Sybase 是我們在此採取的第一步。我們對注意力等指標的投資是其他步驟。

And I think this kind of starts to round out the picture where we can verify, optimize and then measure performance in one platform.

我認為這開始完善我們可以在一個平台上驗證、優化和測量效能的圖像。

And I think what's really cool about Rockerbox is similar to Sybase, it fits that narrative, but also creates a real competitive differentiator for us.

我認為 Rockerbox 真正酷的地方在於它與 Sybase 相似，不僅符合這一敘述，還為我們創造了真正的競爭優勢。

We won numerous deals last year, enterprise deals based on the fact that we had a differentiated product set and attention in Sybase played a big part of that.

去年我們贏得了無數交易，這些企業交易是基於我們擁有差異化的產品組合，而 Sybase 的關注在其中發揮了重要作用。

Rockerbox does the same thing.

Rockerbox 做同樣的事情。

So number one, it plays out our evolutionary story of being an end-to-end measurement solution that also addresses performance and outcomes.

因此，首先，它展現了我們作為端到端測量解決方案的進化歷程，同時也解決了效能和結果問題。

Number two, it creates a differentiator for us that helps us win business and catalyze growth.

第二，它為我們創造了差異化因素，幫助我們贏得業務並促進成長。

And as you know, like none of these acquisitions have in themselves had a ton of revenue when we bought them.

如你所知，當我們收購這些公司時，它們本身並沒有帶來大量收入。

But as we saw with Sybase last year, it grew over 50%.

但正如我們去年看到 Sybase 的情況一樣，它的成長超過了 50%。

Rockerbox is small, but we're going to look at leveraging that as a differentiator to grow other business, and continue to invest in that property so that we can increase that value prop.

Rockerbox 規模雖小，但我們將利用這一點作為差異化因素來發展其他業務，並繼續投資該資產，以便我們能夠提高其價值主張。

And as you noted, it's not just about wallet share for advertisers, but it's not making it easier for them to understand what their spend is doing, where it's going and how it's performing.

正如你所說，這不僅關係到廣告商的錢包份額，而且還無法讓他們更容易了解他們的支出去向、去向和效果如何。

And if we can do that, that's a huge win, not just for our customers, but it's a win for us, too.

如果我們能夠做到這一點，這將是一個巨大的勝利，不僅對我們的客戶而言，對我們來說也是一場勝利。

So we're excited about the acquisition.

因此我們對此次收購感到非常興奮。

As always, it will take time to integrate and scale, but we've had a really good track record and we're going to use the playbook that we use with Sybase extend that with Rocker-Box as well.

像往常一樣，整合和擴展需要時間，但我們擁有良好的業績記錄，我們將使用與 Sybase 一起使用的劇本，並將其擴展到 Rocker-Box。

I appreciate that.

我很感激。

And then, Nicola, thank you for kind of going through all the moving parts, the 2025 guide, highlighting some of those headwinds and tailwinds, but when we're thinking about some of the other things that we're excited about for this year in the story or for DoubleVerify in general, between Sybase, remote displacements, CTV, new social solutions, how are you thinking about those ramping throughout the year?

然後，尼古拉，感謝您詳細介紹了所有活動部分、2025 年指南，強調了一些不利因素和有利因素，但是當我們考慮今年故事中讓我們興奮的一些其他事情，或者對於 DoubleVerify 總體而言，Sybase、遠程位移、CTV、新的社交解決方案，您如何看待這些在全年的發展？

Because and I guess the other way to put it would be the things that you said were headwinds feel like they might be confined to '25 and the tailwinds seem like they're just getting starting '25.

因為我想，換句話說，您所說的逆風似乎只會持續到 2025 年，而順風似乎才剛開始。

So is it reasonable to think about the model accelerating in '26?

那麼認為該模型在 26 年加速是合理的嗎？

Yeah, Matt, I think the way you're describing is how we're seeing it, right?

是的，馬特，我想你描述的方式就是我們所看到的方式，對嗎？

So we have headwinds that are client specific.

因此，我們面臨的阻力是針對客戶的。

And then we have opportunities that are in the long term, we believe, will be very large for us.

我們相信，從長遠來看，我們將擁有巨大的機會。

We're taking a measure of protein '25 for those opportunities.

我們正在對蛋白質‘25進行測量，以尋找這些機會。

But the size of them, it doesn't take away from the size that we think those are.

但是它們的大小並不會改變我們想像的大小。

So the three that we specifically mentioned in the guidance section are social activation.

因此，我們在指導部分特別提到的三個是社會活化。

We're just a week into the product having launched and we believe it will be a large opportunity for us in the longer term.

該產品剛剛推出一周，我們相信從長遠來看這對我們而言將是一個巨大的機會。

In '25, we're going to account for time for clients to test and activate the solution.

在 25 年內，我們將留出時間讓客戶測試並啟動解決方案。

That's one.

那是一個。

The second part is moat.

第二部分是護城河。

We were very successful in winning these clients in Q4 of '24, but they were coming from a platform that have basic services.

我們在 2024 年第四季非常成功贏得了這些客戶，但他們來自一個擁有基礎服務的平台。

And so we won those clients on a basic service like-for-like and now we are going through the motions of upselling those clients to solutions that are more sophisticated and we just didn't have time to present during the RFP process for the remote clients.

因此，我們以相同的基本服務贏得了這些客戶，現在我們正在向這些客戶推銷更複雜的解決方案，但我們只是沒有時間在遠端客戶的 RFP 流程中進行展示。

And as we've shown many times, the opportunities for us to upsell for premium products could expand the opportunity 2 times to 3 times once you have the client on the basic product.

正如我們多次展示的那樣，一旦客戶購買了基礎產品，我們追加銷售優質產品的機會就可以擴大 2 到 3 倍。

So that's the second one.

這是第二個。

And then the third one is Rockerbox.

第三個是 Rockerbox。

So as Mark said, it's a very interesting acquisition.

正如馬克所說，這是一次非常有趣的收購。

It expands what we can provide to our customers.

它擴大了我們可以為客戶提供的服務範圍。

It also expands our opportunity to first year is going to be about integrating the acquisition.

這也擴大了我們第一年進行收購整合的機會。

There is a small amount of revenue in 2025.

2025年有少量收入。

Rockerbox has an existing business and will be for a partial year.

Rockerbox 已有一項業務，並將持續一年左右。

But really, the opportunity there is 2026.

但實際上，機會是在2026年。

Thank you.

謝謝。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thank you so much for taking the question.

非常感謝您回答這個問題。

Maybe too if I could, Mark, there's been a lot of discussion about the opportunities and the challenges that AI is going to create for the advertising ecosystem.

如果可以的話，馬克，關於人工智慧將為廣告生態系統創造的機會和挑戰已經有很多討論。

Maybe you could refresh on your worldview and how you're aligning the company for what you expect to be the impact broadly from AI across the advertising ecosystem as we look out over the next 12 to 18 months and then maybe.

也許您可以刷新您的世界觀，以及您如何調整公司以應對未來 12 到 18 個月內人工智慧對整個廣告生態系統的廣泛影響。

Following up on that question with respect to 2025, is there a way to go a little bit deeper in how the margin trajectory to the business builds beyond Q1 where there's specific guidance against the full year and how some of the headwinds to margin and Q1 might abate or scale to a better outcome as you get deeper into 2025 on the margin side for Nicola.

關於 2025 年的後續問題，是否有辦法更深入地了解第一季之後業務利潤率的走勢，其中有針對全年的具體指導，以及隨著 2025 年 Nicola 利潤率的深入，利潤率和第一季度的一些不利因素可能會如何減弱或縮小為更好的結果。

Thank you so much.

太感謝了。

Thanks for the question, Eric.

謝謝你的提問，艾瑞克。

So, on the AI front, we obviously are leaning really heavily into AI as part of our core value prop and what we do for our customers and how we do it for them.

因此，在人工智慧方面，我們顯然非常依賴人工智慧作為我們核心價值主張的一部分，以及我們為客戶做什麼以及我們如何為他們做。

Our universal content intelligence tool in which we analyze video and images on social is powered by AI.

我們的通用內容智慧工具由人工智慧驅動，可用於分析社群媒體上的影片和影像。

It's helped us scale very rapidly on the measurement side on social networks, moving to new languages and new markets.

它幫助我們在社交網路的測量方面迅速擴大規模，並轉向新的語言和新的市場。

So I think it's a core part of our investment in growing our social business.

所以我認為這是我們發展社會業務投資的核心部分。

Also SII, which is basically an AI first business which looks at how do we use algorithms to compress bids to find more efficient media based on certain KPIs, is, first and foremost leveraging AI to drive value for customers.

此外，SII 基本上是一家 AI 優先的企業，它研究如何使用演算法來壓縮出價，以便根據某些 KPI 找到更有效的媒體，它首先利用 AI 為客戶創造價值。

So like our product set continues to grow based on that and I think it's important.

因此我們的產品系列在此基礎上持續成長，我認為這很重要。

Finally, the aspect of using AI in our own operations, as Nicola noted in the call, we're going to look at relatively limited.

最後，正如尼古拉在電話中指出的那樣，在我們自己的營運中使用人工智慧的方面，我們將相對有限地進行研究。

Investments in human capital this year and a lot of that's not because we're not growing, it's because we're being more efficient.

今年對人力資本的投資很大程度不是因為我們沒有成長，而是因為我們提高了效率。

Our engineers are leveraging it to write code.

我們的工程師正在利用它來編寫程式碼。

Our teams are leveraging it to engage with customers and find solutions for them.

我們的團隊正在利用它與客戶互動並為他們尋找解決方案。

So across the board, I think it's part of what we do in the ecosystem itself.

所以總的來說，我認為這是我們在生態系統本身中所做工作的一部分。

I mean you can't deny the fact that it's changing some of the nature of advertising from dynamic creative to, bidding out there like we're talking about.

我的意思是，你不能否認這樣一個事實，即它正在改變廣告的某些性質，從動態創意轉變為我們正在談論的競價。

To even how it's impacted search and publisher page views.

甚至它如何影響搜尋和發布商頁面瀏覽量。

I think you're going to see a greater, impact on the sell side than on the buy side with regards to, what AI is doing to site traffic and web traffic, etc. So.

我認為，就人工智慧對網站流量和網路流量等的影響而言，賣方受到的影響將大於買方受到的影響。

It is having a pretty significant impact, I think the key for us as a company is making sure we harness it, we leverage it to our benefit, and we don't get caught in areas where AI is, eating up, opportunities, but we're creating opportunities.

它的影響非常重大，我認為對於我們公司來說，關鍵是確保我們能夠利用它，利用它來獲取利益，並且我們不會陷入人工智慧蠶食機會的領域，而是正在創造機會。

And on the margin side, Eric, a few points, I would say, if you the historical patterns of the business is that margins grow as the year progresses and part of that is because the latter quarters of the year are large in terms of revenue.

關於利潤率方面，艾瑞克，我想說幾點，如果你了解業務的歷史模式，那就是利潤率隨著時間的推移而增長，部分原因是每年後幾個季度的收入較大。

So we're guiding to 32% margin for the year.

因此我們預計今年的利潤率為32%。

That is to account for the fact that we are acquiring Rockebox, and we will have one investments.

這是因為我們正在收購 Rockebox，並且我們將進行一項投資。

So it's a little lower than where we ended the year at 33% in 2024, but we did end at 39% in the fourth quarter of 2024.

因此，它比 2024 年底的 33% 略低，但 2024 年第四季的年末成長率確實達到了 39%。

So we have capacity to expand the margins.

因此我們有能力擴大利潤。

We're planning for the investments for the year one acquisition and the trajectory over the course of the year will follow very much the past as we saw in prior years with higher margins in the second half of the year.

我們正在為第一年的收購進行投資計劃，今年的走勢將與過去非常相似，就像我們在前幾年看到的那樣，下半年的利潤率更高。

Youssef Squali, Truist Securities.

Truist Securities 的 Youssef Squali。

Great, thank you for taking the question.

太好了，謝謝您回答這個問題。

So I have two as well.

所以我也有兩個。

Mark, so if I look at performance of the business over the last several quarters, it seems like it's been your growth has been pretty clouded by a number of onetime items like the six customers that you guys mentioned early last year, then the lower pricing from some of the customer wins, particularly on the measurement side than this new customer that popped up this quarter and is causing you to lower maybe growth versus what you would have expected for 2025.

馬克，如果我看一下過去幾季的業務表現，似乎你們的成長一直受到一些一次性專案的影響，例如你們去年年初提到的六個客戶，然後一些客戶贏得的較低定價，特別是在測量方面，與本季度出現的新客戶相比，這可能導致你們的成長率低於你們對 2025 年的預期。

As you step back and look at the health of the ecosystem.

當你退後一步看看生態系統的健康狀況。

Could you maybe just help opine on that?

您能幫忙對此發表一下意見嗎？

And any of this gives you pause in terms of either the TAM or in terms of the sustainability of this segment of the market continuing to grow in excess of digital advertising, which I guess is somewhere in the low teens, I think based on some numbers we've seen.

所有這些都會讓你停下來思考 TAM 或該細分市場的可持續性，該細分市場是否能繼續以超過數位廣告的速度成長，根據我們看到的一些數據，我猜這個數字應該在 10% 左右。

And then Nicola, could you maybe just parse out the puts and takes in or your NCF comment about that being down this year?

然後尼古拉，你能否分析一下投入和產出，或者你對今年 NCF 下降的評論？

I know it's been down for the last several quarters, but how much of that is pure just product mix versus maybe other things that we need to be aware of as we look to maybe model this beyond 2025.

我知道過去幾個季度它一直在下降，但其中有多少是純粹的產品組合問題，還是其他因素，我們需要注意，因為我們可能會為 2025 年以後的情況進行建模。

Thank you.

謝謝。

Yeah, I will start of.

是的，我這就開始。

Thanks for the question.

謝謝你的提問。

You kind of nailed it in one aspect is right when we think we got our arms around what the isolated challenges have been, we've had another one pop up.

您在某種程度上說對了，當我們認為我們已經掌握了孤立的挑戰時，另一個挑戰又出現了。

And I think we've done a good job trying to manage a lot of that variability during the period.

我認為我們在管理這段時期的許多變化方面做得很好。

And I think rolling into '25, some of the comments we made is that I think we've addressed them both in our guidance and our confidence in the year going forward.

我認為，進入25年，我們提出的一些評論是，我認為我們已經在我們的指導和對未來一年的信心中解決了這些問題。

That being said, questions around the health of the ecosystem really has to do with not is advertising and digital advertising healthy, but where are those dollars are going and who can you take advantage of that shift.

話雖如此，有關生態系統健康狀況的問題實際上並不在於廣告和數位廣告是否健康，而在於這些錢都流向了哪裡以及誰能從這種轉變中獲益。

We've noted over the last few calls that we continue to see dollars moving into proprietary platforms.

我們在過去的幾次電話會議中註意到，我們繼續看到資金​​流入專有平台。

And that our solutions are playing a bit of catch up there to have the same kind of efficacy and scale as we had in the open web.

我們的解決方案正在發揮一些追趕作用，以實現與開放網路相同的功效和規模。

I think we're in a good position now with the launch of our meta tools on prescreen and the alpha release of our TikTok tools in the same place on activation.

我認為我們現在處於一個很好的位置，因為我們在預篩選上推出了元工具，並且在啟動時在同一位置發布了我們的 TikTok 工具的 alpha 版本。

So I think ultimately, we can start taking advantage of where those dollars are shifting.

因此我認為最終我們可以開始利用這些資金的流動機會。

And some of that variability that we saw in Q4 and other companies mentioned here around political I think, have been cleaned up a bit.

我認為，我們在第四季度看到的一些變化以及這裡提到的其他公司在政治方面的變化已經被稍微消除了。

So we are confident that our long-term growth prospects remain strong. due to the fact that the investments that we've made over the last several quarters and following where dollars are going are going to pay off.

因此，我們有信心我們的長期成長前景依然強勁。因為我們在過去幾季所做的投資以及資金的流向都將獲得回報。

And as Nicola noted, we've been measured in that in those expectations in '25, but the addition of new customers, who can leverage those tools from the dissolution of moat.

正如尼古拉所說，我們已經在 25 年的預期中衡量了這一點，但增加了新客戶，他們可以利用護城河解體帶來的這些工具。

And the initial pipeline and initial scaling that we've seen, I think, give us optimism that we've done the right things.

我認為，我們所看到的初始管道和初始擴展讓我們樂觀地認為我們所做的事情是正確的。

We're in a great position to take advantage of it and dollars shifting to those platforms is going to be a win for us, not a drag for us.

我們處於一個非常有利的位置來利用它，而將資金轉移到這些平台對我們來說將是一種勝利，而不是一種阻礙。

Yeah.

是的。

And on the question for MTS.

關於 MTS 的問題。

The so we've been consistent on the drivers of what impacts MTF, right, which is there's a continued mix shift towards international and social, which is at a lower price point at this point.

因此，我們一直在關注影響 MTF 的驅動因素，對吧，那就是混合趨勢繼續向國際和社會轉變，目前價格處於較低點。

And we've also been consistent with the idea that as we launch new premium priced products, we're able to offset what would otherwise be a declining.

而且我們始終堅信，隨著我們推出新的高價產品，我們能夠抵銷原本的下滑。

What's new in the story since the middle of last year are the most deals that we want at competitive rates.

自去年年中以來，故事的新內容是我們希望以有競爭力的價格達成最多的交易。

These are very large clients. and we won them for basically a basic solution that mirrors what they had with moat, and that we'll be able to upsell them to our products.

這些都是非常大的客戶。我們憑藉基本解決方案贏得了他們的青睞，這個解決方案與他們擁有的護城河相似，而且我們能夠向他們推銷我們的產品。

That's a new factor in MTMNTS.

這是 MTMNTS 的一個新因素。

The overall story for 2025 is that we do expect overall, the MTF to go down because these large deals as we onboard them and as we start to upsell the premium price product.

2025 年的總體情況是，我們確實預計 MTF 總體上會下降，因為隨著我們加入這些大型交易，並開始追加銷售高價產品。

So we do expect the MTF to continue to decline in 2025.

因此，我們確實預計 MTF 將在 2025 年繼續下降。

We are launching new products.

我們正在推出新產品。

We talked about social activation, which is going to be something that is very interesting for us in terms of getting more dollars into the ecosystem for us. '25 will be a decline in MTF, but it doesn't mean that, overall, it will continue to decline.

我們討論了社會激活，這對我們來說是一件非常有趣的事情，因為它可以為我們的生態系統帶來更多的資金。 '25 MTF 將會下降，但這並不意味著整體上它會繼續下降。

It's on us to launch produce products that will allow us to upsell to better solutions.

我們要推出能讓我們銷售更好解決方案的產品。

If I can add one thing, too, is that even though we've seen declining MTF based on the factors that Nicola noted, we're able to maintain a really strong gross margin, right, which is still above 80%.

我還可以補充一點，儘管基於尼古拉提到的因素，我們看到 MTF 有所下降，但我們仍然能夠保持非常強勁的毛利率，仍然在 80% 以上。

It shows that the leverage we have in the model, the resiliency in our cost structure and still dropping strong EBITDA numbers as well.

這表明我們在模型中擁有的槓桿作用、我們成本結構的彈性以及 EBITDA 數字仍然強勁下降。

And even in Q4, we dropped to 39% EBITDA margin.

即使在第四季度，我們的 EBITDA 利潤率也下降到了 39%。

So we still are running a very profitable business even if our cost or revenue per impression is impacted.

因此，即使我們的每千次展示成本或收入受到影響，我們的業務仍然非常有利可圖。

It's still driving real results and bottom line results.

它仍然在推動實際成果和底線結果。

That's helpful.

這很有幫助。

Thank you both.

謝謝你們兩位。

Maria Rips, Canocor Genuity.

瑪麗亞·里普斯 (Maria Rips)，Canocor Genuity。

Great, thanks so much for taking my questions.

太好了，非常感謝您回答我的問題。

First, can you maybe share a little bit more color on the advertiser that impacted your Q4 results and outlook.

首先，您能否分享一些對您第四季業績和前景產生影響的廣告商的詳細資訊。

I guess did that advertisers sort of scale back at Penon broadly?

我猜 Penon 的廣告主是否大幅減少了廣告投放量？

Or was it sort of more so for adjacent services and anything you can share kind of in terms of the vertical exposure for this advertiser just given that it sounds like it's macro-related or commodity prices related?

或者它是否更多地適用於相鄰服務以及您是否可以分享有關該廣告商的垂直曝光方面的任何信息，因為這聽起來像與宏觀相關或商品價格相關？

Could we see sort of other advertisers in that vertical pulling back as well?

我們是否會看到該垂直領域的其他廣告商也紛紛撤退？

Yeah, I can start, Maria.

是的，我可以開始了，瑪麗亞。

So just to repeat what we said, this is an advertiser.

我重複我們說過的話，這是一個廣告商。

We experienced a sharp reduction in spend from this advertiser, and it is driven by rising commodity costs, this reduction is not just for our services as part of a broad cost-cutting initiative across multiple advertising and marketing partners.

我們在這個廣告商上花費的資金大幅減少，這是由於商品成本的上漲所致，這種減少不僅僅針對我們的服務，也是多個廣告和行銷合作夥伴採取的廣泛成本削減措施的一部分。

And as a result, the customer has suspended business with us.

結果，客戶暫停了與我們的業務往來。

This is a CPG customer.

這是 CPG 的客戶。

This is very much specific to a commodity pricing variability that we haven't seen impact our other CPG customers.

這很大程度上與商品價格波動有關，我們尚未看到其對其他 CPG 客戶產生影響。

As a matter of fact, our CPG vertical is growing and we signed several deals that we mentioned in the past. -- within CPG, it is a large category for us.

事實上，我們的 CPG 垂直市場正在成長，我們簽署了過去提到的幾項交易。 ——在 CPG 內部，這對我們來說是一個很大的類別。

And the we don't see this as a contingent on other CPG clients.

我們並不認為這取決於其他 CPG 客戶。

We have not seen that.

我們還沒有看到這一點。

And so it's very specific to this one client.

所以它對於這個客戶來說是非常具體的。

That's very helpful.

這非常有幫助。

And then I wanted to ask about sort of new social media, and I know you said growth there will likely be sort of moderate here?

然後我想問一下關於新的社交媒體的問題，我知道您說過那裡的增長可能會比較溫和？

But even more broadly, can you talk about your expectations for the cadence of ramp in activation sort of relative to what you saw with measurement on matter?

但更廣泛地說，您能否談談您對激活速度上升節奏的期望，相對於您對物質的測量結果？

And are you factoring any factoring any expectations that kind of launching activation also should help accelerate measurement adoption?

您是否考慮過任何預期，即這種啟動啟動也應該有助於加速測量採用？

Yeah, it's a great question.

是的，這是一個很好的問題。

So as Nicola noted in the guide, we've been pretty tempered in how we're looking at social activations impact on the budget or on our guide for the year.

因此，正如尼古拉在指南中指出的那樣，我們在看待社交活動對預算或年度指南的影響時一直非常謹慎。

We do know that it takes time for advertisers to scale and implement a launch.

我們確實知道廣告商需要時間來擴大規模並實施發布。

The good news there is that we had a pretty nice test bed of customers, and we've got a really nice pipeline of customers that we'll start to see impact from.

好消息是，我們擁有相當不錯的客戶測試平台，我們擁有非常好的客戶管道，我們將開始看到其影響。

We've launched several already, and they're scaling well.

我們已經推出了幾個，而且它們的擴展性很好。

So I think the impact will be certainly greater next year than this year, but we'll see some dollars come in this year as well.

因此我認為明年的影響肯定會比今年更大，但今年我們也會看到一些美元流入。

With regard to growing measurement, at least for one of the solutions, for example, for Meta, you need to be a measurement customer for activation to be employed.

關於不斷增長的測量，至少對於其中一種解決方案，例如對於 Meta，您需要成為測量客戶才能啟動使用。

So we do think that there's going to be a flywheel effect to, so if advertisers want to use an activation solution, they're going to have to be in measurement to help prime that pump, we did do some promotion at the end of Q4, to get new customers to at least try measurement to build a test bed for potential activation in the future, and it was really successful.

因此，我們確實認為這將會產生飛輪效應，因此，如果廣告商想要使用激活解決方案，他們就必須進行測量以幫助啟動該泵，我們確實在第四季度末做了一些促銷，讓新客戶至少嘗試測量來構建一個用於未來潛在激活的試驗台，而且它確實取得了成功。

So net-net, those two solutions go together.

因此總體而言，這兩個解決方案是相輔相成的。

We do think that there's a potential fly effect.

我們確實認為存在潛在的蒼蠅效應。

We've got a really strong pipeline.

我們擁有非常強大的管道。

The handful of customers who've launched over the last week or so, are showing nice volume growth.

過去一周左右新加入的少數客戶均表現出良好的銷售成長。

And again, we're going to be measured in that rollout, but we're optimistic about its impact on the business moving forward.

再次強調，我們將對這項舉措進行衡量，但我們對其對未來業務的影響持樂觀態度。

Great.

偉大的。

Thank you so much.

太感謝了。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I wanted to start off in terms of Rockerbox and moving more into a smaller advertiser.

我希望從 Rockerbox 開始，然後轉向規模較小的廣告商。

As we do think about DV ability to go into maybe not the mid-market, but certainly at the larger end of kind of mid-tier advertisers.

我們確實認為 DV 可能無法進入中階市場，但絕對可以進入規模較大的中階廣告商。

How do their needs change in terms of the solutions that DV provides, and how do you guys think about solving those problems.

就 DV 提供的解決方案而言，他們的需求有何變化，以及你們如何考慮解決這些問題。

And then, Mark, just something that's a little bit more philosophical.

然後，馬克，這只是一些更哲學的事情。

If we do think about growth slowing, EBITDA margins are coming down in terms of '25.

如果我們確實考慮成長放緩，那麼 25 年的 EBITDA 利潤率將會下降。

Can you just talk to us about the cost structure and how maybe the top line and EBITDA margins connect in your mind in terms of whether you have ability to invest or whether there is some sort of threshold that you want to hold in terms of kind of a margin profile.

您能否與我們談談成本結構，以及在您看來，營業收入和 EBITDA 利潤率是如何關聯的，即您是否有投資能力，或者在利潤率方面是否存在您想要保持的某種門檻。

Thanks so much.

非常感謝。

Sure.

當然。

So on the first one, I think the mid, I would look at this at Rockerbox as yes, a mid-market opportunity, but also really a performance advertiser opportunity.

因此，就第一個方面而言，我認為在中端，我會將 Rockerbox 視為一個中端市場機會，但同時也是一個真正的效果廣告商機會。

And we've talked about this in the previous calls, which is an area that's relatively untapped for our solutions because we work with a lot of big brands.

我們在之前的電話會議中已經討論過這個問題，這是我們的解決方案相對尚未開發的領域，因為我們與許多大品牌合作。

Now there is a crossover, which is pretty cool that we start to see with brands like Unilever, for example, Unilever works with Rocker Box because Unilever has some DTC brands.

現在出現了一種跨界合作，這非常酷，我們開始看到像聯合利華這樣的品牌，例如，聯合利華與 Rocker Box 合作，因為聯合利華有一些 DTC 品牌。

That creates the perfect storm for us or the perfect storm opportunity for us to work with Unilever on both branding solutions and on performance-based solutions that some of the DTC brands use.

這為我們創造了完美的機會，讓我們與聯合利華在品牌解決方案和一些 DTC 品牌使用的基於績效的解決方案上展開合作。

So I think that there are lots of other folks out there that are brand customers of ours that either have DTC applications or have been really performance-driven, and we haven't been able to provide them with a solution that is directly tied to their performance until we really launched Sybase, a little bit over a year ago.

因此，我認為有很多其他人也是我們的品牌客戶，他們要么擁有 DTC 應用程序，要么真正注重性能，直到一年多前我們真正推出 Sybase 之前，我們還無法為他們提供與他們的性能直接相關的解決方案。

That's where we saw such a good penetration of our top 100 customers with Sybase.

這就是我們看到 Sybase 在前 100 名客戶中的滲透率如此之高的原因。

Since then, I think we can see a similar opportunity with Rockebox down the road.

從那時起，我認為我們可以看到 Rockebox 未來有類似的機會。

The other aspect of this, you mentioned what are the needs, the difference.

關於這個問題的另一個方面，您提到了需求是什麼、有什麼區別。

I mean look advertisers are looking for clear data, which we've always provided, that is relevant in every market in a granular fashion, which we've always provided.

我的意思是，廣告商正在尋找清晰的數據，我們一直在提供這些數據，這些數據以細緻的方式與每個市場相關，我們一直在提供這些數據。

And in this case, they want to be able to apply it.

在這種情況下，他們希望能夠應用它。

And I think, again, the combination of our verification measurement our outcomes data that we're getting from Rockerbox and then size the ability to activate it brings all of those things together.

我認為，再次強調，我們將驗證測量與從 Rockerbox 獲得的結果數據以及激活它的能力相結合，將所有這些結合在一起。

So I think that creates a unique opportunity.

所以我認為這創造了一個獨特的機會。

On the kind of the philosophical growth measure.

論哲學成長尺度的種類。

One thing to know is Nicola said in his comments, our EBITDA margin actually with the exception of just absorbing Rockerbox, it would have held this year at the same rate we had last year.

需要知道的一件事是，尼古拉在他的評論中表示，實際上，除了吸收 Rockerbox 之外，我們的 EBITDA 利潤率今年將保持與去年相同的水平。

And when we look at '25, we've always said it's going to be a transition year. call last year, we started talking about the transition and the evolution of the business is going to.

當我們展望25年時，我們總是說這將是一個過渡年。在去年的電話會議上，我們就開始討論業務的轉型和發展。

And we look at this as being a time in which we're investing, we're continuing to evolve our solution set of all our teams.

我們將此視為投資的時期，我們將繼續改進所有團隊的解決方案。

And still do so in a way that really is still quite profitable, but positions us for future growth.

而且仍然以一種確實非常有利可圖的方式這樣做，但為我們未來的成長奠定了基礎。

And I think that's always been our philosophy, which is you have to innovate or you will die, right?

我認為這一直是我們的理念：你必須創新，否則你就會滅亡，對嗎？

And if you don't spend money on innovation, you end up like some of our competitors have not being around, right?

如果你不花錢進行創新，你最終就會像我們的一些競爭對手一樣不復存在，對嗎？

So we think there's an opportunity for us to continue to invest in growth is a transition year.

因此我們認為，在過渡年我們有機會繼續投資成長。

We know where we're heading.

我們知道我們要去哪裡。

We have a clear path to do so.

我們有明確的途徑來實現這一目標。

We've laid out the tactics of where we're heading with investments in social, investments in sell-side solutions, investments in outcomes and attribution products.

我們已經制定了在社交投資、賣方解決方案投資、成果投資和歸因產品投資方面的投資策略。

And I think that positions us for future growth.

我認為這為我們未來的成長奠定了基礎。

So we're doing that we're still delivering great margins by still delivering cash to the bottom line and setting ourselves up for a much stronger future than many companies in the space.

因此，我們這樣做是為了繼續提供豐厚的利潤，繼續為公司帶來現金流，並創造比該領域許多公司更強大的未來。

Thank you.

謝謝。

Brian Pitz, BMO Capital Markets.

BMO 資本市場部的 Brian Pitz。

Thanks.

謝謝。

Two questions, please.

請問兩個問題。

Last quarter, you mentioned Oracle clients are mostly using the basic product.

上個季度，您提到 Oracle 客戶大多在使用基本產品。

Any comments on the onboarding?

對於入職訓練有什麼評論嗎？

And are you seeing Oracle client starting to incorporate new products and/or transition to more sophisticated offerings?

您是否看到 Oracle 用戶端開始採用新產品和/或轉向更複雜的產品？

And then secondly, maybe a follow-up to Maria's question.

其次，也許是對瑪莉亞問題的後續回答。

Any specific details or updates on the CPG category, which was obviously more problematic for you last quarter?

關於 CPG 類別有任何具體細節或更新嗎？

Has it gotten better?

有好轉嗎？

Or is it about the same?

或者說是差不多的？

Thanks, Brian.

謝謝，布萊恩。

So on the first one, I think it's still relatively early days for some of those new acquisitions that we made in the last half in the last quarter.

因此，就第一個問題而言，我認為，對於我們在上半年和上個季度進行的一些新收購而言，現在還為時過早。

But we are seeing uptake.

但我們正在看到吸收。

We've got a handful of those customers now that are starting to look at created solutions that they hadn't used previously.

我們現在有少數客戶開始關注他們以前從未使用過的解決方案。

We launched Sybase with a couple of them as well.

我們也與其中幾個公司合作推出了 Sybase。

So slow, but we're getting there, right?

雖然很慢，但我們快到了，對吧？

These are guys who kind of got what saw it pretty quickly and you need to just get something up and live. but our teams have done a great job of upselling and growing those customers over the last couple of months really to think about it since the beginning of the year.

這些人很快就明白了所看到的一切，你只需要做點什麼然後活下去。但我們的團隊在過去幾個月在追加銷售和增加客戶方面做得非常出色，從今年年初開始就真的考慮這個問題了。

Yeah.

是的。

And on the Brian, your question about CPG.

關於 Brian，您的問題是關於 CPG 的。

So CPG is about 27% of our revenue, not by design is because large brands are in CPG, and they want our services.

因此，CPG 約占我們收入的 27%，這並不是有意為之，而是因為大品牌都在 CPG 中，他們需要我們的服務。

We do believe that the items that we discussed by this one specific customer is specific to that customer.

我們確實相信，我們與這位特定客戶討論的內容是針對該客戶的。

The overall category is good.

整體類別良好。

We signed large customers in the CPG category last year, and they are growing and they are adopting more and more of our services.

我們去年在CPG類別中簽約了大客戶，他們正在成長，並且越來越多地採用我們的服務。

If the question is around tariffs that could hurt every customer, CPG or others.

如果問題是關於關稅的，那麼這可能會損害每個客戶、CPG 或其他公司的利益。

I will say our moving to performance and SMBs and mid-market clients with the acquisition of Rockerbox is part of our strategy to kind of broaden the scope of the clients that we work with.

我想說，透過收購 Rockerbox，我們轉向高效能、中小型企業和中端市場客戶，這是我們擴大合作客戶範圍的策略的一部分。

Because we do need to diversify, right, so that we're able to offset other surprises by a specific client, but it is the CPG category is 30% of our revenue is growing.

因為我們確實需要多樣化，對吧，這樣我們才能夠抵消特定客戶的其他意外，但 CPG 類別的收入增加了 30%。

It grew last year, and we did sign large customers from that category last year that will grow less than '25.

去年它實現了成長，而且我們確實簽下了該類別的大客戶，其成長率將低於 25%。

Thanks for the color.

謝謝你的顏色。

Laura Martin, Needham and Company.

勞拉馬丁 (Laura Martin)，尼德漢姆公司。

Hi, so philosophically, I'm wondering one of the things we're hearing from a lot of ad agencies is they want to work with fewer providers.

你好，從哲學上講，我想知道我們從許多廣告公司那裡聽到的一件事就是他們想與更少的供應商合作。

And so my guess is and I understand you've added Sybase, which is great, and you've added now Rockerbox, which is great.

所以我的猜測是，而且我知道您添加了 Sybase，這很好，現在您又添加了 Rockerbox，這也很好。

So you're sort of branching out.

所以你正在拓展業務。

The question is, is your product set too narrow even after you add these two acquisitions?

問題是，即使增加了這兩次收購，你的產品範圍是否也太窄了？

Or do you need to keep extending it to become more of a one-stop shop for services for your clients, please?

或者您需要繼續擴展它，以便為您的客戶提供一站式服務？

Thanks for the question, Laura.

謝謝你的提問，勞拉。

I think it's definitely a fair take.

我認為這絕對是一個公平的看法。

But if you look at the kind of landscape of measurement and attribution, I think we're starting to cover quite a few of the bases that the agencies and the advertisers are really concerned about.

但如果你看一下測量和歸因的概況，我認為我們已經開始涵蓋代理商和廣告商真正關心的許多基礎。

They want to measure outcomes.

他們想要衡量結果。

They want to optimize performance, and they want to make sure that their spend is safe, right?

他們希望優化績效，並且希望確保他們的支出是安全的，對嗎？

And I think bringing all of those together does check a lot of the boxes, now we've always said and we said in the script, we want to be agnostic to media.

我認為將所有這些結合在一起確實可以滿足很多要求，現在我們一直這麼說，而且我們在腳本中也說過，我們希望對媒體保持不可知論的態度。

We want to be agnostic to channel.

我們希望不受通路限制。

We don't want to be part of the media transaction itself.

我們不想成為媒體交易本身的一部分。

So I think we're doing a pretty good job of covering a lot of the bases that advertisers and marketers want when it comes to independent analysis of what's working, what's not working, how to make it work better and ensuring that the quality is there.

因此，我認為，在獨立分析什麼有效、什麼無效、如何使其更好地發揮作用並確保品質方面，我們做得相當不錯，可以滿足廣告商和行銷人員的許多需求。

So I agree.

所以我同意。

This is part of our thesis, too, which is advertisers want simple and agencies want simple, and they want to work with less.

這也是我們論點的一部分，廣告商想要簡單，代理商也想要簡單，他們希望用更少的資源來進行工作。

So everything from SPO to consolidation into platforms is our trends we're hearing from.

因此，從 SPO 到平台整合的一切都是我們所聽到的趨勢。

And I think we're in a good position to take advantage of we always use the data around how many solutions our customers are using out of our total solutions that it continues to grow.

我認為我們處於一個有利的位置，可以利用我們始終使用的數據來了解客戶在我們的整體解決方案中使用了多少解決方案，而且這些數據還在不斷增長。

And I think you have the opportunity to make that basket figure while making it simpler and more efficient and using one currency and one data set across multiple platforms I think is a key advantage of where DV sits in that kind of ecosystem.

我認為你有機會讓這個籃子數字變得更簡單、更有高效，並且在多個平台上使用一種貨幣和一套數據集，我認為這是 DV 在這種生態系統中的關鍵優勢。

Okay.

好的。

And then my last question is about pricing.

我的最後一個問題是關於定價。

I think you've been talking for a long time about increasing prices on the CTV regimen because there's so much more value you're contributing there.

我認為您一直在談論提高 CTV 方案的價格，因為您在其中貢獻了太多價值。

And I can't find it in my notes, but I think you said the impressions from CTV doubled from 5% to 11%.

我在我的筆記中找不到，但我認為你說過 CTV 的印象率從 5% 翻了一番，達到 11%。

So in this transition year, wouldn't this be the right time to increase the fixed cost of measuring fraud in the CTV ecosystem where the CPMs or sort of 10 times the social CPM.

因此，在這個過渡年，難道不是增加 CTV 生態系統中衡量詐欺的固定成本的正確時機嗎？

Yeah.

是的。

You got the numbers right.

你的數字是對的。

We just about doubled the volume of impressions that -- I'm sorry, the percentage of our measurement impressions that CTV makes up.

我們的印象量幾乎增加了一倍——抱歉，CTV 在我們的測量印像中所佔的百分比。

So it is of scale and it is kind of importance to both us and our customers.

因此，它具有規模，並且對我們和我們的客戶都很重要。

So look, I think we've always said that there needs to be a commensurate value prop with our advertisers.

所以，我認為我們一直在說，我們的廣告商需要有相稱的價值主張。

As you know, Laura, there used to be a memo of discontent with the level of transparency in CTV, I think that's now becoming a loud war, which is saying transparency needs to be greater on CTV.

勞拉，你知道，曾經有一份備忘錄表達了對 CTV 透明度的不滿，我認為這現在已經成為一場激烈的戰爭，意思是 CTV 需要提高透明度。

I think we're right on the edge of getting more transparent program level data.

我認為我們即將獲得更透明的程式級數據。

And I think that coinciding with the amount of inventory that's being pushed into the market kind of combines to an opportunity for us to provide greater transparency on a granular level and then look at that as an opportunity for us over time to increase our the pricing that we get for those impressions.

我認為這與推向市場的庫存量相結合，為我們提供了一個機會，讓我們可以在細節層面上提供更大的透明度，然後隨著時間的推移，將其視為一個機會，讓我們可以提高這些展示的定價。

So the things are starting to come together.

事情開始變得明朗起來。

Obviously, we're not going to commit to that in any day of the week or date this year, but I think the opportunity is getting closer for us.

顯然，我們不會在今年的某一天或某一天承諾這一點，但我認為機會對我們來說越來越近了。

Thank you very much.

非常感謝。

Arjun Bhatia, William Blair and Company.

阿瓊‧巴蒂亞 (Arjun Bhatia)，威廉‧布萊爾公司。

Perfect, thank you, Mark, one for you, if I can just follow up on something that you said in the prepared remarks around E&P and programmatic direct deals.

非常好，謝謝你，馬克，我有一個問題想問你在準備好的發言中提到的有關 E&P 和程序化直接交易的問題。

Can you just clarify how that's impacting DV?

您能解釋一下這對 DV 有何影響嗎？

Is that just more related to increased spend going in social?

這是否與增加社交支出有關？

Or are there other areas there that maybe I'm missing?

或者還有其他我可能遺漏的區域？

And what are you doing to sort of town out I'm sure you still have kind of a growing market to go after?

您對城鎮週邊做了哪些準備？

Yeah.

是的。

So we've been talking about PNG and PMP or PG and PMP for the last couple of calls and really in reference to connected television, right?

所以，在過去的幾次通話中，我們一直在談論 PNG 和 PMP 或 PG 和 PMP，實際上是指連網電視，對嗎？

So that was the first kind of play where a lot of CTV impressions were bought and sold that way.

這是第一種以這種方式買賣大量 CTV 印象的做法。

So the attach rate, particularly against P&G PG was pretty light for DV Solutions.

因此，DV Solutions 的配售率（尤其是相對於寶潔 PG 的配售率）相當低。

We've seen that grow and expand further into display solutions and display impressions.

我們看到它在顯示解決方案和顯示印象方面進一步成長和擴展。

So I think it's had somewhat of a drag on the ability for us to attach data into those applications.

所以我認為這對我們將數據附加到這些應用程式的能力產生了一定程度的阻礙。

What we're doing about it, we announced part of that today, which is working more on the sales side with both curation platforms like Google Curate and other platforms like Index Exchange and Criteo, who are looking at moving data into the sell side and actually packaging it into the PMPs that got pushed out.

我們今天宣布了我們正在採取的措施的一部分，即在銷售方面展開更多合作，包括與 Google Curate 等策展平台以及 Index Exchange 和 Criteo 等其他平台合作，他們正在考慮將數據轉移到賣方，並將其實際打包到推出的 PMP 中。

So that creates an opportunity for us.

這為我們創造了一個機會。

And as we've always said, we want our data to be employed anywhere in the ecosystem where it makes sense.

正如我們一直所說，我們希望我們的數據能夠在生態系統中任何有意義的地方被利用。

And I think, again, what is a short term, I think, somewhat drag, I think, is going to be a long-term opportunity based on the technology and the investments that we've made in that space.

我認為，短期的、有些阻力的，將是一個長期的機會，基於我們在該領域的技術和投資。

Okay.

好的。

Perfect.

完美的。

And then the next question, just going back to Meta for SAC.

然後下一個問題，回到 SAC 的 Meta。

Obviously, you're having you're making progress there, right, the prebilled activation capabilities are are live and up and running.

顯然，你在那裡取得了進展，對吧，預付費啟動功能已經啟動並運行。

I'm curious what you make of meditations and third-party tax checking.

我很好奇你對冥想和第三方稅務檢查有何看法。

And is there any read-through of what that means for kind of their focus on brand safety and what it means for DV or are those maybe two kind of separate issues at Meta here.

有沒有想過，這對他們對品牌安全的關注意味著什麼，對於 DV 又意味著什麼，或者，這可能是 Meta 的兩個獨立問題。

They seem like they would be linked, but I think they're a bit more disparate than you would think because back checking really has to do with content right?

它們看起來像是相互關聯的，但我認為它們比你想像的更加分散，因為回溯檢查確實與內容有關，對嗎？

And the -- and what content makes it to a customer's city.

以及什麼內容能夠到達客戶所在的城市。

And from an advertiser perspective, the advertisers always have the ability to avoid content that they did not we're not comfortable with, right?

從廣告商的角度來看，廣告商總是有能力避免他們不喜歡的內容，對嗎？

So at the end of the day, I think our tools as an independent look at what's going on, on meta are complementary to what Meta's tools have done in the past.

所以最終，我認為我們的工具可以獨立觀察元設備上發生的事情，與 Meta 工具過去所做的工作相輔相成。

But I don't think it creates a new opportunity.

但我不認為這會帶來新的機會。

The content is the content.

內容就是內容。

The advertisers have had the tools to and will have the tools with us now to do it from an independent angle to be around content and context that makes sense for them.

廣告商現在擁有並將擁有我們的工具，可以從獨立的角度來做對他們有意義的內容和背景。

For sure, there's definitely more noise in the market and more noise and uncertainty usually drives advertisers to safety and suitability and comfort.

可以肯定的是，市場上肯定存在更多噪音，而更多噪音和不確定性通常會促使廣告商追求安全、適用和舒適。

And that's never a bad thing for our business.

這對我們的業務來說絕不是壞事。

But ultimately, I think the advertiser has choice has always had choice.

但最終，我認為廣告商一直都有選擇。

And I think our role in that is now just as an outside party that can complement what meta is doing.

我認為我們現在在其中的角色只是作為一個外部方來補充 meta 所做的事情。

Andrew Murrock, Raymond James.

安德魯默羅克、雷蒙詹姆斯。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

Maybe one, if I could, on the announcement of the expansion of the URL level reporting, that you announced earlier this week.

如果可以的話，我想問您本週早些時候宣布的擴展 URL 級別報告的公告。

Just kind of how should we be thinking about that in terms of the potential lift that it can provide to metrics like retention spend per customer outcome lifts and things like that.

只是，我們應該如何思考這個問題，它能夠為諸如每個客戶結果的保留支出提升等指標提供潛在的提升。

Thank you.

謝謝。

Yeah, it's a great question.

是的，這是一個很好的問題。

So we announced the extension of log level or URL level transparency to our customers.

因此我們向客戶宣布了日誌等級或 URL 等級透明度的擴展。

It was something that we've always provided more or less on demand.

我們總是根據需求或多或少地提供它。

Now we're making it more broadly available and we'll make it available in our EI and then further available in third-party systems.

現在我們正在使其更加廣泛地普及，我們將在我們的 EI 中提供它，然後進一步在第三方系統中提供它。

I think it's more of a transparency initiative than an actual revenue or growth driver.

我認為它更多的是一種透明度舉措，而不是實際的收入或成長動力。

It kind of shows our commitment to driving greater transparency in the ecosystem to giving our advertisers comfort and confidence in where and how they're buying.

這表明我們致力於提高生態系統的透明度，讓我們的廣告商對他們的購買地點和購買方式感到安心和有信心。

So we do not look at it and don't look at it as a kind of a business accelerator.

所以我們並不視其為一種商業加速器。

We look at it as as part of our responsibility in driving trust in the ecosystem, and that's what people do.

我們將其視為推動生態系統信任的責任的一部分，而這正是人們所做的。

They trust DV with their spend.

他們信任 DV 的支出政策。

So I think this is part of that story and an important part of that story.

所以我認為這是故事的一部分，也是故事的重要部分。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo.

這是弗蘭克 (Frank) 代替雷莫 (Raimo)。

I just want to check in and ask what trends you guys saw out of the existing cohort of 6 in Q4 what specifically are you assuming from those customers in the '25 guide relative to their performance in '24?

我只是想檢查一下，問一下你們從第四季度現有的 6 個客戶群中看到了什麼趨勢，相對於 24 年的表現，你們對 25 年指南中的這些客戶有何具體假設？

Thank you.

謝謝。

Yeah.

是的。

So we exited 2024 with a fairly stable performance from the cohort of six.

因此，在 2024 年結束時，我們在六支球隊中取得了相當穩定的表現。

So if you recall at the beginning of the year, it was very uneven pattern of spend across the various months, guided by specific issues that each of these six advertisers we're having in Q4, as a cohort, it was more predictable.

因此，如果您回想一下年初的情況，您會發現各個月份的支出模式非常不均衡，並且受到我們在第四季度遇到的這六個廣告商各自的具體問題的指導，作為一個群體，這是更可預測的。

And in 2025, we're assuming a muted growth, right?

到 2025 年，我們預計成長將放緩，對嗎？

So this is weighing on the overall growth of the company.

這對公司的整體成長產生了影響。

but it has become more predictable.

但它已經變得更加可預測。

We do anticipate this cohort to be something that materially moves the way it did in 2024 month-on-month.

我們確實預計這個群體的環比變化將與 2024 年一樣顯著。

Thank you.

謝謝。

Mark Murphy, JP Morgan.

摩根大通的馬克墨菲。

This is Arti on for Mark Murphy.

這是 Mark Murphy 的 Arti on。

I know you guys noted some challenges from a lack of rebound in ad spend post election.

我知道你們注意到了選舉後廣告支出缺乏反彈所帶來的一些挑戰。

Beyond that, would you call out any other macro demand factors that you saw changed over the last few months?

除此之外，您能否指出過去幾個月您發現的其他宏觀需求因素的變化？

And I assume some of that impact from the post-election would kind of focus in the U.S.

我認為選舉後的一些影響將集中在美國。

Yeah.

是的。

I think the postelection impact was really that, which was an impact in November and December, and the trends worsened based on what we were seeing in October.

我認為選舉後的影響確實如此，也就是在 11 月和 12 月產生了影響，而且根據我們在 10 月看到的情況，趨勢更加惡化了。

We called it out in the prior call saying there's still uncertainty, and the facts are that it actually worsened in November and December, we just feel very specific to Q4.

我們在先前的電話會議中提到，仍然存在不確定性，事實是，11 月和 12 月的情況實際上有所惡化，我們只是覺得第四季度的情況尤其如此。

We're entering 2025 with a more stable outlook.

我們將以更穩定的前景邁入 2025 年。

It did not feel that it was beyond the fact that it was just an unstable environment from an ad spend perspective, it was tied to political.

它並不認為這超出了從廣告支出角度來看這是一個不穩定的環境這一事實，它與政治有關。

So we're entering with a more stable view for the year.

因此，我們對今年抱持著更穩定的看法。

Q4 '24 was just very unpredictable.

24 年第四季的情況非常難以預測。

Very helpful.

非常有幫助。

And then you guys also noted some pretty notable wins with Home Depot and Dollar General.

然後你們也注意到 Home Depot 和 Dollar General 取得了一些相當顯著的成功。

Can you talk about what you led with in those deals and whether social solutions are part of those conversations?

您能談談您在這些交易中主導了什麼嗎？

Yeah.

是的。

I think those were great examples of our continued focus on land and expand, right, we're getting with the basic solution usually around measurement and then look for opportunities around activation.

我認為這些都是我們持續關注土地和擴張的很好的例子，對的，我們通常圍繞測量獲得基本解決方案，然後尋找圍繞激活的機會。

Increasingly, that land and expand is pressing in on things like side, where it's an optimization and differentiation play, which once folks got to decide is the they love it because they continue to lower their costs.

越來越多地，土地和擴張正在對諸如此類的事情施加壓力，這是一種優化和差異化的遊戲，一旦人們決定了，他們就會喜歡它，因為他們可以繼續降低成本。

So that's a big part of as we move into these other areas like outcomes measurement and optimization, the real ROI is what the hook is and what keeps them sticky with us.

因此，當我們進入結果衡量和優化等其他領域時，這是一個很重要的部分，真正的投資報酬率才是吸引他們並讓他們對我們保持忠誠的因素。

So those customers and the others we grew with are great examples of the land and expand and moving into solutions that actually drive outcomes and ROI that keeps them attached to us.

因此，這些客戶以及與我們一起成長的其他客戶都是我們土地、擴張和轉向真正推動成果和投資回報率的解決方案的很好的例子，這些解決方案使他們與我們保持聯繫。

Great, thank you.

太好了，謝謝。

Alex Brondolo, Wells Fargo.

富國銀行的亞歷克斯‧布朗多洛 (Alex Brondolo)。

Hey, thank you so much.

嘿，非常感謝。

I wanted to ask a question on Rocker Box.

我想問一個關於 Rocker Box 的問題。

I think there's kind of a lot of these nascent measurement platforms out there, North Beam Triple well.

我認為目前有很多這樣的新興測量平台，像是北束三井。

And so what were kind of the specific capabilities that Rocker Box had or the points of product synergy with your vision that led you to kind of pursue a transaction with that platform specifically.

那麼 Rocker Box 具有哪些具體功能或與您的願景有哪些產品協同點，促使您專門與該平台進行交易。

Yeah.

是的。

It's a great question.

這是一個很好的問題。

One of the things that we found is there's kind of market diligence when you go out and just look at a bunch of companies which is one thing, but then there's actually working with the company.

我們發現，當你出去考察一堆公司時，你會需要進行某種市場調查，這是一回事，但實際上你還需要與這些公司合作。

And in the case of Rockerbox, we actually did projects with them.

就 Rockerbox 而言，我們實際上與他們一起做過專案。

We work together with customers, similar to how we work with sites and we definitely dated before we got married.

我們與客戶的合作方式類似於我們與網站的合作方式，而且我們在結婚前肯定約會過。

And I think that was the key part of it.

我認為那是其中的關鍵部分。

So the features and functions of the tools, the breadth of not only looking at things like MTA, but also market mix modeling and the granular data that they had in their the scope and scale of their integration, which was something that was really complementary to us.

因此，這些工具的特性和功能，不僅可以查看 MTA 之類的內容，還可以查看市場組合建模以及它們在整合範圍和規模中所擁有的詳細數據，這對我們來說是真正的補充。

So again, plugging into all the different social platforms to CTV platforms to mobile web and app platforms.

再次強調，要將所有不同的社群平台、CTV 平台、行動網路和應用程式平台都連結其中。

That breadth versus other platforms, I think, was unmatched.

我認為，與其他平台相比，這種廣度是無與倫比的。

And we ultimately came down to how well do they work together with our team, how well they tie solutions were together, were we able to actually drive results for customers?

我們最終要考慮的是他們與我們的團隊合作得如何，他們將解決方案結合在一起得如何，我們是否能夠真正為客戶帶來成果？

Because at the end of the day, it's can we deliver value to customers.

因為歸根究底，我們能否為顧客帶來價值。

And what we found with RockerBox is the short answer was yes.

而我們發現 RockerBox 的答案是肯定的。

So although relatively small acquisition, it's one, again, where I think there's great scaling opportunities.

因此，儘管這是一個相對較小規模的收購，但我認為它仍然具有巨大的擴展機會。

They had underinvested in sales and BD, and I think that's something that we've proven to be really good at.

他們在銷售和業務拓展方面投資不足，而我認為事實證明我們在這方面非常擅長。

And I think there's just strong opportunities down the road for both companies together.

我認為，兩家公司的合作未來都將帶來巨大的機會。

Thank you.

謝謝。

Omar Desowski, Bank of America.

美國銀行的奧馬爾·德索夫斯基（Omar Desowski）。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

So, your supply side business has been on fire for the last three quarters.

因此，您的供應方業務在過去三個季度一直很火爆。

You printed 34% growth this quarter.

本季你們實現了 34% 的成長。

And I just wanted to know what you think a normalized kind of growth rate for that would be kind of longer term or if we should expect these kind of growth rates beyond calendar '25 and into '26 and onwards?

我只是想知道，您認為長期的正常成長率是多少，或者我們是否應該預期這種成長率將持續到 2025 年以後，甚至 2026 年以後？

Yeah.

是的。

Mark so yes, we've had success on the supply side.

馬克，是的，我們在供應方面取得了成功。

And as a reminder, the way these deals work our platform deals where once you secure the deal, you have sort of volume you have minimums on a monthly basis and then upside if certain volumes on that.

提醒一下，這些交易的運作方式是，我們的平台進行交易，一旦你達成交易，你就會有一定的交易量，每月有一定的最低交易量，如果達到一定的交易量，就會有上漲空間。

And so it's kind of a step up process, which is once you win a customer that you have them.

所以這是一個逐步的過程，一旦你贏得了一個客戶，你就擁有了他們。

And then as volume grows, you get more revenue.

隨著銷量的成長，您將獲得更多收入。

All this to say that in the last 3 quarters, the success that we've seen in that line was tied to us signing a lot of new deals.

所有這些都表明，在過去的三個季度中，我們在該領域的成功與我們簽署了大量新交易有關。

Part of it was from moat.

部分來自護城河。

We were very successful in terms of our win rate quarter.

就本季的勝率而言，我們非常成功。

And so we basically reached a new level that we're going to stay at until we find the next platform.

因此，我們基本上達到了一個新的水平，我們將保持這個水平，直到我們找到下一個平台。

Within supply side, there's also the success that we're having in the recently yet network, part of the retail media network opportunity that we see is precising with those types of platforms. overall, it is about 9% to 10% of our revenue.

在供應方面，我們在最近的網路中也取得了成功，而我們看到的部分零售媒體網路機會正精準地利用這些類型的平台。總體來說，這約占我們收入的 9% 到 10%。

It is highly profitable and growing very well.

它的利潤很高，而且發展得很好。

We don't anticipate this to be much, much larger than 10% of our revenue mix, but it is obviously contributing very well to the top line and the bottom line.

我們預計這不會比我們收入結構的 10% 高出太多，但顯然它對營業收入和利潤的貢獻非常大。

So and we'll continue to find new platforms to go after, especially around network.

因此，我們將繼續尋找新的平台，尤其是網路平台。

Okay, Thanks for answering my question.

好的，謝謝你回答我的問題。

Thanks a lot.

多謝。

There are no further questions at this time.

目前沒有其他問題。

I'd like to turn the floor back over to Mr. Zagorski for closing comments.

我想把發言權交還給札戈爾斯基先生，請他發表最後評論。

All right.

好的。

Thank you all for joining us this evening.

感謝大家今晚參加我們的活動。

We're excited about the future and the investments we have made to take advantage of the opportunities that lie ahead.

我們對未來以及為利用未來機會而進行的投資感到興奮。

We look forward to seeing many of you at our upcoming investor conferences and encourage all of you to join us at our Innovation Day on June 11 at the New York Stock Exchange in New York City, where we'll dig into our ongoing evolution.

我們期待在即將舉行的投資者會議上見到大家，並鼓勵大家參加 6 月 11 日在紐約市紐約證券交易所舉行的創新日活動，我們將在那裡深入探討我們正在進行的變革。

Have a great evening.

祝您有個愉快的夜晚。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。