DoubleVerify Holdings Inc (DV) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoubleVerify Holdings second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DoubleVerify Holdings 2025 年第二季財報電話會議。（操作員指示）

I will now like to turn the conference over to Tejal Engman, Senior Vice President of Investor Relations. You may begin.

現在，我想將會議交給投資者關係高級副總裁 Tejal Engman。你可以開始了。

Good afternoon, and welcome to DoubleVerify second-quarter 2025 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎參加 DoubleVerify 2025 年第二季財報電話會議。今天與我們一起的有首席執行官 Mark Zagorski 和首席財務官 Nicola Allais。

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

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受固有風險、不確定性和變化的影響，反映了我們當前的預期和目前可獲得的信息，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. Also during the call today, we'll be referring to the slide deck posted on our website.

此外，我們今天的討論將包括對某些補充非 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可比較 GAAP 指標的對帳表，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上取得。在今天的電話會議中，我們也會參考網站上發布的幻燈片。

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

說完這些，我就把麥克風交給馬克。

Thanks, Tejal. We delivered a standout second quarter with revenue up 21% year over year at $189 million, beating the raised guidance we issued at Innovation Day and building on the 17% growth we delivered in Q1. Growth was broad-based with double-digit expansion across all three of our revenue lines: activation, measurement, and supply side. Our advertiser business, which accounts for 91% of our total revenue, also delivered 21% year-over-year growth, its highest quarterly growth rate since the fourth quarter of 2023.

謝謝，Tejal。我們在第二季表現出色，營收年增 21%，達到 1.89 億美元，超過了我們在創新日發布的上調預期，並延續了第一季 17% 的成長勢頭。成長基礎廣泛，我們的三個營收線（活化、測量和供應方）均實現了兩位數的成長。我們的廣告業務占我們總營收的 91%，也實現了 21% 的年成長，這是自 2023 年第四季以來的最高季度成長率。

We drove Q2 growth with the same focused execution that fueled growth in Q1 by expanding our relationships with existing advertisers and rapidly scaling new ones. The largest share of our first-half revenue growth came from existing advertisers attaching new DV solutions and expanding usage across channels and geographies. That momentum underscores the success of our Attach, Stack, and Scale revenue growth strategy, which leverages our growing proprietary suite of verification and optimization solutions to build deeper customer relationships that deliver bottom line results.

我們透過擴大與現有廣告商的關係並迅速擴大新廣告商的關係，以與第一季相同的重點執行方式推動了第二季的成長。我們上半年營收成長的最大份額來自於現有廣告商附加新的 DV 解決方案以及擴大跨通路和跨地區的使用。這一勢頭凸顯了我們的「連接、堆疊和擴展」收入成長策略的成功，該策略利用我們不斷增長的專有驗證和優化解決方案套件來建立更深層的客戶關係，從而帶來最終結果。

Our recently launched Media AdVantage Platform, or MAP, is a first-to-market unified approach that brings together verification, optimization, and outcomes measurement, powered by the recently acquired Rockerbox asset across programmatic, social, and CTV. MAP is clearly resonating with the market, enabling new and current customers to protect immediate quality and improve efficiency with scaled integrated solutions that aren't available anywhere else.

我們最近推出的 Media AdVantage 平台 (MAP) 是一種率先進入市場的統一方法，它將驗證、優化和結果衡量結合在一起，由最近收購的 Rockerbox 資產提供支持，涵蓋程序化、社交和 CTV。MAP 顯然與市場產生了共鳴，它使新舊客戶能夠透過其他地方無法提供的規模化整合解決方案來保護即時品質並提高效率。

Further underscoring the value and appeal of DV's differentiated solutions and revenue engine, roughly one-third of our first half revenue growth came from new advertisers with last year's moat advertiser wins contributing roughly 1 percentage point to our 19% first-half revenue growth. Large enterprise customers, such as Microsoft and Kenvue, signed in 2024 are now scaling meaningfully, a testament to our ability to displace incumbents, gain share, and grow our engagements with those customers over time.

進一步強調了 DV 差異化解決方案和收入引擎的價值和吸引力，我們上半年收入成長的約三分之一來自新廣告商，去年贏得的護城河廣告商為我們上半年 19% 的收入成長貢獻了約 1 個百分點。2024 年簽約的微軟和 Kenvue 等大型企業客戶目前正在大幅擴張，這證明了我們有能力取代現有客戶、獲得市場份額並隨著時間的推移加強與這些客戶的合作。

This represents more than a onetime migration lift. It exemplifies our consistent execution to drive sustained new customer growth by focusing on our competitively differentiated Stack. We expect a gradual ramp of new-win momentum in 2025, which will largely benefit 2026 and supported by strong enterprise win rates and an active pipeline. To reiterate, though, the primary driver of our growth continues to be existing customers stacking new DV solutions and expanding their usage reinforcing the durability of our model and the strength of our net revenue retention.

這代表的不僅是一次性的遷移提升。它體現了我們透過專注於具有競爭差異化的 Stack 來推動新客戶持續成長的持續執行力。我們預計 2025 年新勝利動能將逐漸增強，這將極大有利於 2026 年，並受到強勁的企業勝利率和活躍管道的支持。不過，需要重申的是，我們成長的主要動力仍然是現有客戶堆疊新的 DV 解決方案並擴大其使用範圍，從而增強我們模型的持久性和淨收入保留的強度。

Our success to date is occurring in parallel to a business transition in which we are evolving our product suite to navigate a shifting market and take advantage of innovations in AI. While we continue to develop our social activation and CTV-product suites, we've been able to drive strong upsell momentum of our core solutions, resulting in healthy recurring revenue growth and underscoring the durability of our customer value proposition.

我們迄今為止的成功與業務轉型同步發生，我們正在不斷改進我們的產品套件以應對不​​斷變化的市場並利用人工智慧的創新。在我們繼續開發社交激活和 CTV 產品套件的同時，我們已經能夠推動核心解決方案的強勁追加銷售勢頭，從而實現健康的經常性收入增長，並強調我們的客戶價值主張的持久性。

Our business momentum is clear on the strength of our customer relationships. In Q2, we secured major expansions with global leaders such as Reckitt Benckiser, Sony PlayStation, Electronic Arts, General Motors, Lexus, Fidelity, and Kroger, all of which deepened their investment in DV across new solutions, markets or media types. We also added several new enterprise clients across retail, consumer goods and financial services, including a leading toy and entertainment company, a major global payments platform, and one of the world's best-known fashion retailers, along with new logos like Lidl, Haribo, TransUnion, Sage, Zendesk Banco do Brasil, Dave's Hot Chicken, and iFIT. We expect our new client wins to further accelerate our attach and stack strategy by expanding both the breadth and depth of advertiser relationships.

我們的業務發展勢頭明顯依賴我們與客戶之間的牢固關係。在第二季度，我們與利潔時、索尼 PlayStation、藝電、通用汽車、Lexus、富達和克羅格等全球領導者達成了重大擴張，這些企業均加大了對新解決方案、新市場或新媒體類型 DV 的投資。我們還在零售、消費品和金融服務領域增加了幾家新的企業客戶，包括一家領先的玩具和娛樂公司、一個主要的全球支付平台和一家全球最知名的時尚零售商，以及 Lidl、Haribo、TransUnion、Sage、Zendesk Banco do Brasil、Dave's Hot Chicken 和 iFIT 等新標誌。我們期望新客戶能夠透過擴大廣告商關係的廣度和深度來進一步加速我們的附加和堆疊策略。

New win momentum is already evident in the evolution of our customer base. 10 recently won large advertisers now feature in our top 100 with 3 ranking among our top 15 revenue contributors. Their rapid scaling fueled by strong adoption of DB's solutions demonstrate how the compounding power of our product stack is resonating with customers and delivering immediate, measurable value. At the same time, our revenue is becoming more diversified as we grew the number of advertiser customers generating over $200,000 in annual revenue by 12%, a clear indication that our platform is driving deeper engagement and long-term value.

我們客戶群的發展變化已經明顯顯示出新的獲勝動能。 10 個最近贏得的大型廣告商現在進入了我們的前 100 名，其中 3 個躋身我們的前 15 名收入貢獻者之列。他們透過大力採用 DB 的解決方案而實現了快速擴展，這表明我們的產品堆疊的複合力量如何引起客戶的共鳴並提供即時、可衡量的價值。同時，我們的收入變得更加多樣化，因為我們每年創造超過 20 萬美元收入的廣告客戶數量增加了 12%，這清楚地表明我們的平台正在推動更深入的參與和長期價值。

Now let's dive into our second-quarter performance across three of our key growth environments: social media, CTV, and programmatic. Social continues to be one of DV's most important growth opportunities. In Q2, social measurement revenue grew 14% year over year led by the growth on YouTube, TikTok, and Meta and global advertiser expansion across CPG, tech, health care, and media. A major milestone this quarter was the beta launch of DV Authentic AdVantage on YouTube, our most-advanced integrated solution to date. While Unifi's prebid suitability DV's AI optimization and postbid measurement, this solution is far more than a bundling of capabilities.

現在讓我們深入了解我們第二季在三個主要成長環境中的表現：社群媒體、CTV 和程式化。社交仍然是 DV 最重要的成長機會之一。第二季度，社群測量收入年增 14%，這主要得益於 YouTube、TikTok 和 Meta 的成長以及全球廣告商在 CPG、科技、醫療保健和媒體領域的擴張。本季的一個重要里程碑是在 YouTube 上推出 DV Authentic AdVantage 測試版，這是我們迄今為止最先進的整合解決方案。雖然 Unifi 的競價前適用性 DV 具有 AI 優化和競價後測量功能，但解決方案遠不止是功能的捆綁。

DV Authentic AdVantage introduces a first-of-its-kind automated workflow that harnesses the unique strength of each component solution to drive outcomes that are better than the sum of its parts. Focused initially on the high-value social and social video sectors, Authentic AdVantage will be generally available in the early September, enabling advertisers to achieve stronger contextual brand relevance, greater reach and more efficient spend all while maintaining their desired standards of protection.

DV Authentic AdVantage 推出了首創的自動化工作流程，利用每個組件解決方案的獨特優勢來推動比各部分總和更好的結果。Authentic AdVantage 最初專注於高價值社交和社交視訊領域，將於 9 月初全面上市，使廣告商能夠實現更強的品牌相關性、更大的覆蓋範圍和更高效的支出，同時保持他們期望的保護標準。

It's evidence of how DV continues to lead through purposeful innovation, solving real advertiser challenges and delivering measurable impact. As the only player in the market with this unification of capabilities, we're delivering what many in the industry have long sought, protection without compromising performance.

這證明了 DV 如何透過有目的的創新繼續保持領先地位，解決真正的廣告商挑戰並產生可衡量的影響。作為市場上唯一擁有這種統一功能的廠商，我們實現了業內許多人長期以來的追求，即在不影響性能的情況下提供保護。

DV Authentic AdVantage has now been tested across 90 campaigns and is delivering customers measurable gains in CPMs, scale, and suitability. More importantly, is driving incremental value for customers by expanding product adoption, increasing customer lifetime value, and strengthening our position across measurement, activation, and optimization. It's a clear example of how the integrated power of DV's Media AdVantage platform is unlocking new growth.

DV Authentic AdVantage 目前已在 90 個活動中進行了測試，並為客戶帶來了 CPM、規模和適用性方面的可衡量收益。更重要的是，透過擴大產品採用、提高客戶終身價值以及加強我們在測量、活化和優化方面的地位，為客戶創造增量價值。這是 DV Media AdVantage 平台的綜合實力如何釋放新成長的一個明顯例子。

On Meta, we continue to scale both activation and measurement. Since launching our pre-screen suitability solution on Meta in late Q1, we've seen solid momentum. Revenue from Meta activation solutions remains ahead of plan with 26 advertisers live, including 13 of our top 100 now leveraging pre-screen suitability on the platform. With both pre-screen activation and postbid measurement, we are now able to compound value across the media transaction and monetize our social impressions twice.

在 Meta 上，我們繼續擴大激活和測量的規模。自從第一季末在 Meta 上推出我們的預篩選適用性解決方案以來，我們看到了強勁的發展勢頭。Meta 啟動解決方案的收入仍然超出計劃，目前有 26 個廣告商上線，其中前 100 名中的 13 個現在正在利用平台上的預篩選適用性。透過預篩選啟動和競價後測量，我們現在能夠在整個媒體交易中複合價值，並將我們的社交印象兩次貨幣化。

Pre-screen impressions as a percentage of our most bid suitability impressions on Meta doubled from March to Q2 this year. underscoring our expectation that this solution will be a more significant growth contributor into 2026. We are also actively evolving our initial brand suitability solution that was launched in 2024 and expanding brand suitability measurement on Meta to include more categories. By connecting our full suite of pre-screen controls with postbid AI-powered measurement, we continue to deliver the true closed-loop coverage across Facebook and Instagram Feeds and Reels.

今年 3 月至第二季度，預篩選展示次數佔 Meta 上最具出價適宜性展示次數的百分比翻了一番，這突顯了我們的預期，即該解決方案將在 2026 年成為更重要的增長貢獻者。我們也積極改進 2024 年推出的初始品牌適合度解決方案，並擴展 Meta 上的品牌適合度測量以包含更多類別。透過將我們的全套預篩選控制與競價後人工智慧測量相結合，我們繼續在 Facebook 和 Instagram Feeds 和 Reels 上提供真正的閉環覆蓋。

Turning to CTV. The thesis that the premium nature of CTV negates the need for verification solutions is not playing out in the market. CTV remains one of DV's most exciting growth drivers and a key part of our goal to verify everywhere media runs. In Q2, CTV measurement impressions grew 45% year over year significantly outpacing overall company growth. CTV represented 11% of total measurement impression volumes in the first half of 2025 and 22% of our nonsocial measurement volumes, a sign of growing advertising adoption and deeper engagement across premium streaming inventory.

轉向 CTV。CTV 的優質特性否定了對驗證解決方案的需求這一論點在市場上並未得到證實。CTV 仍然是 DV 最令人興奮的成長動力之一，也是我們驗證媒體運作各個環節目標的關鍵部分。第二季度，CTV 測量印象年增 45%，遠超過公司整體成長。2025 年上半年，CTV 佔總測量展示量的 11%，佔非社群測量量的 22%，這顯示優質串流媒體庫存的廣告採用率不斷提高，參與度也越來越深。

On the activation front, adoption of DV's Authentic brand suitability and fraud solutions continues to build across CTV inventory. On our largest DSP partner, CTV now represents nearly 20% of video impressions where advertisers apply ABS and fraud, clear evidence that prebid protection is becoming standard even in premium streaming environments. On the supply side, we continue to expand our CTV footprint through new partnerships with major platforms, including Samsung and TCL.

在啟動方面，DV 的真實品牌適用性和詐欺解決方案的採用在 CTV 庫存中不斷擴大。在我們最大的 DSP 合作夥伴中，CTV 現在佔據了廣告主應用程式 ABS 和詐騙行為的影片展示量的近 20%，這清楚地表明，即使在優質串流媒體環境中，競價前保護也正在成為標準。在供應方面，我們透過與三星和TCL等主要平台建立新的合作夥伴關係，繼續擴大我們的CTV足跡。

As ad dollars continue to shift from linear TV to streaming, DV is scaling right along with them. What's often lumped into the programmatic Open Web is in reality, a fast-growing share of high-quality CTV inventory, and DV is uniquely positioned to capture that opportunity. Our 2025 Global Insights report reinforces this. 68% of US advertisers say CTV outperforms their baseline KPIs, yet only 57% are investing meaningfully in the channel today, pointing to significant investment headroom.

隨著廣告收入不斷從線性電視轉向串流媒體，DV 也隨之擴大。人們通常將程式化開放網路歸為一類，但實際上，高品質 CTV 庫存的份額正在快速增長，而 DV 具有獨特的優勢來抓住這一機會。我們的 2025 年全球洞察報告證實了這一點。 68% 的美國廣告商表示 CTV 的表現優於其基準 KPI，但目前只有 57% 的廣告商在該頻道上進行有意義的投資，這表明投資空間巨大。

And despite progress in CTV supply quality, advertisers still face fragmentation, limited transparency, and inconsistent measurement, all areas where DV adds critical value. DV continues to invest in and enhance our CTV suite and has road map numerous CTV activation and measurement expansions, which we believe will continue to drive our CTV growth into 2026.

儘管 CTV 供應品質有所進步，但廣告商仍面臨著分散化、透明度有限和衡量不一致的問題，而 DV 在這些領域都發揮了關鍵作用。DV 繼續投資和增強我們的 CTV 套件，並製定了眾多 CTV 激活和測量擴展路線圖，我們相信這將繼續推動我們的 CTV 增長到 2026 年。

Now let's turn to programmatic, a high-growth and dynamic part of our business. Programmatic today goes well beyond just websites on the open web. It powers CTV video, fuels the rise of retail media networks, and supports a wide range of high engagement inventory that sits outside social walled gardens. In many ways, it's become a catch-all for the next wave of digital opportunity. As AI transforms how consumers discover content, programmatic has become the infrastructure layer, powering access to new high-value addressable engagement.

現在讓我們來談談程式化廣告，這是我們業務中高成長、充滿活力的部分。如今，程式化廣告已遠遠超出了開放網路上的網站範圍。它為 CTV 視頻提供支持，推動零售媒體網絡的興起，並支持社交圍牆花園之外的廣泛高參與度庫存。從許多方面來看，它已經成為下一波數位機會的總稱。隨著人工智慧改變消費者發現內容的方式，程序化已成為基礎設施層，為獲取新的高價值可尋址參與提供動力。

Advertisers looking for scalable, cost-effective and brand suitable reach beyond social walled gardens are increasingly leaning into broader digital ecosystem where quality engagement is growing rapidly. DV powers that ecosystem, aligning suitability, performance and accountability at every impression.

廣告商尋求可擴展、具成本效益且適合品牌的覆蓋範圍，超越社交圍牆花園，他們越來越傾向於更廣泛的數位生態系統，其中優質參與度正在快速增長。DV 為該生態系統提供動力，在每次印像中協調適用性、性能和責任。

In Q2, DV saw healthy programmatic volume across both video and display formats with activation acceleration driven by ABS, which grew 23% year over year and by Scibids AI, which delivered another strong quarter. Since acquiring Scibids in August 2023, we've successfully upsold its AI optimization capabilities to hundreds of DV customers. Adoption amongst our top 100 customers continues to climb with over 50 now using Scibids AI to optimize campaigns. We've also expanded Scibids into the Google Ads platform and plan to launch across two additional platforms by year-end.

在第二季度，DV 在影片和展示格式上的程式化交易量均表現健康，其中 ABS 的活化加速，較去年同期成長 23%，而 Scibids AI 也再次表現強勁。自 2023 年 8 月收購 Scibids 以來，我們已成功將其 AI 優化功能推銷給數百名 DV 客戶。我們前 100 名客戶的採用率持續攀升，目前有超過 50 名客戶使用 Scibids AI 來優化行銷活動。我們也將 Scibids 擴展到 Google Ads 平台，並計劃在年底前在另外兩個平台上推出。

An increasing share of our programmatic volume is coming from newer high-growth areas. I mentioned CTV is a big part of that, accounting for nearly 20% of our prebid video impressions on one leading DSP, but so is retail media. Today, DV tags are accepted across 144 major retail media networks, including 17 of the world's largest platforms with nearly half of these now supporting DV measurement on their owned and operated properties. Supply side partnerships are key to DV's ability to deliver both activation and measurement solutions across retail media, a channel that continues to scale with supply-side retail media revenue up 39% year over year in Q2.

在我們的程序化廣告份額中，越來越多的份額來自新興的高成長地區。我提到過，CTV 是其中很重要的一部分，在一家領先的 DSP 上，CTV 佔據了我們競價前視頻展示量的近 20%，但零售媒體也是如此。如今，DV 標籤已被 144 個主要零售媒體網路接受，其中包括全球 17 個最大的平台，其中近一半現在支持對其擁有和經營的資產進行 DV 測量。供應方合作夥伴關係是 DV 在零售媒體上提供活化和測量解決方案的關鍵，該管道繼續擴大，供應方零售媒體收入在第二季度同比增長 39%。

So to wrap up programmatic, it's evolving rapidly as spend flows into higher-growth channels like CTV, retail media and AI-driven optimization and DV is meeting that shift head on, introducing new solutions in new verticals, delivering protection and performance wherever advertising dollars go. Taken together, Q2 demonstrates that DV is delivering what the market needs, which is not just verification alone, but the only integrated suite of verification, optimization, and outcomes measurement solutions that leverage DV data to drive better results across social, CTV, and the broader digital ecosystem.

因此，總結程式化廣告，隨著支出流入 CTV、零售媒體和人工智慧驅動的優化等高成長管道，程式化廣告正在快速發展，而 DV 正在迎接這種轉變，在新的垂直領域推出新的解決方案，無論廣告費用流向何處，都能提供保護和效能。總的來說，第二季表明 DV 滿足了市場的需求，這不僅是驗證本身，也是唯一一套整合的驗證、優化和結果測量解決方案，利用 DV 數據在社交、CTV 和更廣泛的數位生態系統中推動更好的結果。

Existing clients are expanding their use of core solutions while rapidly engaging with new products like Authentic AdVantage, validating the strategic value of our stack and scale approach, of which the Media AdVantage platform provides an optimal framework and a durable executional model. We also continue to prove our ability to win and scale new enterprise logos, displace legacy providers, and expand into greenfield budgets, all of which reinforce the competitive strength of our platform.

現有客戶正在擴大其核心解決方案的使用範圍，同時快速使用 Authentic AdVantage 等新產品，驗證了我們的堆疊和規模方法的戰略價值，其中 Media AdVantage 平台提供了最佳框架和持久的執行模型。我們也繼續證明我們贏得和擴大新企業標誌、取代傳統供應商以及擴展到綠地預算的能力，所有這些都增強了我們平台的競爭實力。

Overall, our execution in the first half, combined with early traction from key emerging growth drivers reinforces our confidence in our long-term growth trajectory. We're building from a foundation of recurring value, executing with the consistency, and positioning DV to continue to lead as media investment continues to evolve.

整體而言，我們上半年的執行情況，加上主要新興成長動力的早期推動，增強了我們對長期成長軌跡的信心。我們以重複性價值為基礎，堅持執行，並讓 DV 在媒體投資不斷發展的過程中繼續保持領先地位。

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

說完這些，讓我把電話轉給尼古拉。

Thanks, Mark, and good afternoon, everyone. Q2 '25 was another strong quarter with both revenue and adjusted EBITDA exceeding the high end of the guidance we previously raised intra-quarter at Innovation Day. We achieved balanced performance across the business with growth converting into healthy profitability even as we continue to invest in long-term initiatives supporting the evolution of the DV Media AdVantage platform vision, including products such as DV Authentic AdVantage and the integration of the recently acquired Rockerbox solutions.

謝謝，馬克，大家下午好。2025 年第二季度又是一個表現強勁的季度，營收和調整後的 EBITDA 都超過了我們先前在創新日提出的季度內預期的高端。我們在整個業務中實現了均衡的業績，成長轉化為健康的盈利能力，同時我們繼續投資於支持 DV Media AdVantage 平台願景發展的長期計劃，包括 DV Authentic AdVantage 等產品和最近收購的 Rockerbox 解決方案的整合。

Total revenue grew 21% year over year to $189 million, building on a strong 17% growth in Q1 '25. Adjusted EBITDA grew 22% year over year to $57 million with a 30% margin, up from a 27% margin in Q1 '25. Advertiser revenue grew 21% year over year in the second quarter, driven by stronger measurement attach and deeper product stacking or upsells, driving higher volumes across the platform. Media transactions measured, or MTMs, increased 19% year over year, while measured transaction fees, or NTS, declined 1% year over year, a relative improvement compared to the same period last year due to changes in product mix and geographic mix, driven by strong upselling of premium products such as ABS and social activation.

總營收年增 21%，達到 1.89 億美元，這得益於 25 年第一季 17% 的強勁成長。調整後的 EBITDA 年成長 22%，達到 5,700 萬美元，利潤率為 30%，高於 25 年第一季的 27%。第二季度，廣告主營收年增 21%，這得益於更強大的測量附加功能和更深入的產品堆疊或追加銷售，從而推動了整個平台的銷售成長。媒體交易量（MTM）年增 19%，而交易費用（NTS）年減 1%，與去年同期相比有所改善，原因是產品組合和地域組合發生變化，受到 ABS 等高端產品的強勁追加銷售和社交激活的推動。

Activation revenue grew 25% year over year in the second quarter. All four activation solution groupings: ABS, core programmatic, social activation, and Scibids AI contributed to our second quarter growth.

第二季活化營收年增25%。所有四個激活解決方案組：ABS、核心程序化、社交激活和 Scibids AI 都為我們第二季度的成長做出了貢獻。

ABS, which accounted for 52% of activation revenue this quarter, grew 23% year over year. ABS growth is being driven by expansion within existing advertisers across more brands and markets, new logo wins, and upsells to current clients. We achieved solid ABS upsell momentum with 70% of our top 500 customers now using the product in the second quarter, up from 65% in the same quarter last year. Non-ABS activation revenue grew 26% year over year, driven by both existing and new customer adoption.

ABS 佔本季啟動營收的 52%，年增 23%。ABS 的成長得益於現有廣告商在更多品牌和市場的擴張、新標誌的勝利以及對現有客戶的追加銷售。我們實現了強勁的 ABS 追加銷售勢頭，第二季前 500 名客戶中有 70% 正在使用該產品，高於去年同期的 65%。受現有客戶和新客戶的推動，非 ABS 活化收入年增 26%。

Turning to measurement. Revenue grew 15% year over year in the second quarter, driven primarily by growth in social. Social measurement revenue rose 14%, accounting for 48% of total measurement revenue. Growth was driven by both greater adoption among existing customers and by new advertiser wins. YouTube, TikTok, and Meta remain the primary contributors, collectively accounting for over 90% of Q2 social measurement revenue.

轉向測量。第二季營收年增 15%，主要得益於社交業務的成長。社會測量收入成長14%，佔總測量收入的48%。成長的動力來自於現有客戶的廣泛採用和新廣告商的勝利。YouTube、TikTok 和 Meta 仍然是主要貢獻者，總計佔第二季社交測量收入的 90% 以上。

Non-social measurement also grew 16%, supported by the Rockerbox acquisition, which remains on track to contribute approximately $8 million to DV's full-year 2025 revenue. International measurement revenue grew 8% year over year, representing 28% of total measurement revenue. And finally, supply side revenue grew 26% year over year, driven by increased revenue from existing and new platform and publisher customers.

在收購 Rockerbox 的推動下，非社交測量業務也成長了 16%，這仍有望為 DV 2025 年全年營收貢獻約 800 萬美元。國際測量收入年增8%，佔總測量收入的28%。最後，供應方收入年增 26%，這得益於現有和新平台及出版商客戶的收入成長。

Shifting to expenses. Cost of revenue increased by $7 million year over year, reflecting continued growth in activation due to revenue sharing with partners as well as ongoing investments in cloud infrastructure to support future scale. Revenue less cost of sales was 82% in the second quarter and we expect it to remain within our target range of 80% to 82% for the year as we invest to meet long-term demand.

轉向費用。收入成本年增了 700 萬美元，反映了由於與合作夥伴分享收入而導致的激活持續增長，以及對雲端基礎設施的持續投資以支持未來的規模。第二季的營收減去銷售成本為 82%，我們預計全年比例將維持在 80% 至 82% 的目標範圍內，因為我們進行投資以滿足長期需求。

R&D expenses increased as we continue to invest in engineering talent, software and services to support our product road map, including advancements in AI, the integration of Rockerbox and continued development of DV Authentic AdVantage. Sales and marketing expenses grew more modestly than revenue, highlighting operating leverage and G&A included costs related to the Rockerbox acquisition and other strategic initiatives.

隨著我們繼續投資工程人才、軟體和服務以支援我們的產品路線圖，研發費用增加，包括人工智慧的進步、Rockerbox 的整合以及 DV Authentic AdVantage 的持續開發。銷售和行銷費用的成長幅度低於收入的成長，凸顯了營運槓桿和 G&A 包括與 Rockerbox 收購和其他策略舉措相關的成本。

As we shared last quarter, we expect hiring to remain disciplined for the rest of the year as we prioritize product innovation, realign resources behind growth initiatives and continue to optimize the business. Adjusted EBITDA was $57 million in the second quarter, driven by higher revenue and representing a 30% margin ahead of expectations. We generated approximately $50 million in net cash from operations compared to $36 million in the same quarter last year. Capital expenditures were approximately $10 million compared to $7 million in the same quarter last year.

正如我們上個季度所分享的，我們預計今年剩餘時間內招聘仍將保持紀律，因為我們優先考慮產品創新，重新調整資源以支持成長計劃並繼續優化業務。第二季調整後的 EBITDA 為 5,700 萬美元，受營收增加的推動，利潤率超出預期 30%。我們本季的營業淨現金約為 5,000 萬美元，而去年同期為 3,600 萬美元。資本支出約 1,000 萬美元，而去年同期為 700 萬美元。

We ended the quarter with approximately $217 million in cash and cash equivalents and short-term investments. We remain committed to a prudent and strategic capital allocation strategy as we balance investments in the business operations, evaluate M&A opportunities, and consider additional share repurchases. In the first half of 2025, we repurchased $82 million of stock. As of June 30, $140 million remained available under the current authorization and we will continue to evaluate buybacks, including as a means to offset the dilution impact from our stock-based compensation program.

本季末，我們擁有約 2.17 億美元的現金、現金等價物和短期投資。我們將繼續致力於審慎和策略性的資本配置策略，平衡業務營運投資，評估併購機會，並考慮額外的股票回購。2025 年上半年，我們回購了價值 8,200 萬美元的股票。截至 6 月 30 日，根據目前授權仍有 1.4 億美元可用，我們將繼續評估回購，包括作為抵銷股票薪酬計畫稀釋影響的一種手段。

Turning to guidance. We're raising full-year 2025 revenue growth to approximately 15% year over year, up from the prior guide of approximately 13% year over year. This increase reflects not only the first half outperformance, but also a higher growth outlook for each of Q3 and Q4. We are reaffirming full-year adjusted EBITDA margin guidance of approximately 32%, reflecting continued investment discipline alongside strong top line momentum.

轉向指導。我們將 2025 年全年營收成長率從先前預測的約 13% 提高到約 15%。這一成長不僅反映了上半年的優異表現，也反映了第三季和第四季更高的成長前景。我們重申全年調整後的 EBITDA 利潤率預期約為 32%，這反映了持續的投資紀律以及強勁的收入成長勢頭。

For Q3, we expect revenue to range between $188 million and $192 million, representing a 12% year-over-year growth at point. We expect adjusted EBITDA to range between $60 million and $64 million, representing a 33% margin at the midpoint. We expect stock-based compensation to range between $27 million and $30 million and diluted weighted average shares outstanding to range between $167 million and 169 million shares.

對於第三季度，我們預計營收將在 1.88 億美元至 1.92 億美元之間，年增 12%。我們預計調整後的 EBITDA 將在 6,000 萬美元至 6,400 萬美元之間，中間值為 33%。我們預計股票薪酬將在 2,700 萬美元至 3,000 萬美元之間，稀釋加權平均流通股數將在 1.67 億股至 1.69 億股之間。

We are raising both Q3 and Q4 outlook based on strong momentum from our existing advertiser base driven by continued success in getting advertisers to attach new diverse solutions and expand usage across channels and markets. At the same time, we're accounting for increasingly tougher year-on-year comparisons on new customer revenue growth in the second half and continued macroeconomic uncertainty. In parallel, we continue to convert a strong pipeline of new enterprise wins that are expected to scale in 2026 and beyond, further supporting our long-term growth trajectory.

我們上調了第三季和第四季的業績預期，這得益於我們現有廣告客戶群的強勁發展勢頭，而這得益於我們不斷成功地讓廣告客戶採用新的多樣化解決方案並擴大跨渠道和市場的使用範圍。同時，我們正在考慮下半年新客戶收入成長的年比變化越來越困難，以及持續的宏觀經濟不確定性。同時，我們將繼續轉化強大的新企業勝利管道，預計這些管道將在 2026 年及以後擴大規模，進一步支持我們的長期成長軌跡。

Importantly, we continue to view 2025 as a transition year as we are in the early stages of monetizing the large opportunities we outlined at Innovation Day most notably Meta pre-screen and DV Authentic AdVantage. These social activation solutions require advertisers to go through testing, integrate them into existing workflows and allocate budget processes that take time. As adoption ramps up, we expect monetization to build gradual more meaningful contribution meaning in 2026 and scaling into 2027.

重要的是，我們繼續將 2025 年視為過渡年，因為我們正處於將創新日概述的巨大機會貨幣化的早期階段，其中最引人注目的是 Meta 預篩選和 DV Authentic AdVantage。這些社群啟動解決方案需要廣告商經過測試，將其整合到現有的工作流程中並分配需要時間的預算流程。隨著採用率的提高，我們預期貨幣化將在 2026 年逐步建立更有意義的貢獻意義，並在 2027 年擴大規模。

In conclusion, we delivered a strong second quarter with double-digit revenue growth across all 3 revenue lines, healthy profitability and solid cash generation. We're raising full year guidance to reflect stronger-than-expected performance in the first half and stronger second half momentum, particularly as existing customers continue to expand through upsell driven growth.

總而言之，我們第二季表現強勁，三條營收線均實現兩位數營收成長，獲利能力良好，現金產生能力穩健。我們上調了全年業績預期，以反映上半年優於預期的業績和下半年更強勁的勢頭，特別是現有客戶繼續透過追加銷售驅動的成長而擴大。

We ended the quarter continuing to carry no debt, and with $217 million in cash and short-term investments, reinforcing the strength of our financial position. As we look to the second half, we remain focused on disciplined execution and on sustaining our growth momentum.

本季結束時，我們繼續沒有負債，並擁有 2.17 億美元的現金和短期投資，增強了我們的財務狀況。展望下半年，我們將繼續專注於嚴格執行並保持成長動能。

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

接下來，我們將開放問答熱線。接線員，請繼續。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Great. Congratulations on the quarter. It's been an impressive first half for a transition year. Maybe double clicking on something you both talked about a little bit, which was that social growth. 14% maybe doesn't sound per outlandish, but I mean that's a really big acceleration from 1% in Q1 given the large customer dynamic.

偉大的。恭喜本季。對於過渡年來說，上半年的表現令人印象深刻。也許雙擊你們都談到的一點，那就是社交成長。 14％可能聽起來並不奇怪，但我的意思是，考慮到龐大的客戶動態，這比第一季的 1％ 有了很大的加速。

So could you dive a little bit more into that, if any of the headwinds we saw do you want to be at all? Or just what drove a 1,300-basis-point sequential increase?

那麼，您能否更深入地談談這個問題，看看我們是否看到了哪些不利因素？或者究竟是什麼推動了 1,300 個基點的連續成長？

Matt, thanks for the question. I think if we look at what drove the growth, it was almost evenly split between kind of new-user expansion, so current customers like Unilever, Colgate, Pepsi, et cetera kind of expanding their use, and then some new logo wins, Cantor, Chipotle, Banco do Brasil, and a few others. So I think what we've seen is just increased adoption across the solutions. We saw nice growth from folks like Reddit, which are new to the platform and TikTok continues to be a really nice accelerant. So I think it's a combination of new customers, some expansion with current customers, adding some new partners on there.

馬特，謝謝你的提問。我認為，如果我們看看推動成長的因素，就會發現它幾乎平均分為新用戶擴張，因此現有客戶如聯合利華、高露潔、百事可樂等都在擴大其使用範圍，然後是一些新標誌的勝利，如 Cantor、Chipotle、巴西銀行和其他一些公司。所以我認為，我們看到的是解決方案的採用率有所提高。我們看到 Reddit 等新用戶取得了良好的成長，而 TikTok 繼續成為非常好的加速器。所以我認為這是新客戶、現有客戶的一些擴展以及增加一些新合作夥伴的組合。

And then the addition of the Meta prebid solution, which we launched earlier this year is now starting to attract measurement customers as well. If you remember, when we launched the Meta measurement solution, One of the gating aspects of that was people were waiting for prebid, Well, now that we have prebid, we're adding customers for both pre- and postbid measurement. So it's helping our measurement numbers as well. So again, it's a slow and steady kind of growth trajectory across social that we're seeing. And we like it that it's based on some new solutions, some new platforms as well as some new customers.

然後，我們今年稍早推出的 Meta 預出價解決方案現在也開始吸引測量客戶。如果你還記得的話，當我們推出 Meta 測量解決方案時，其中一個限制因素是人們在等待預出價，那麼，現在我們有了預出價，我們正在為出價前和出價後測量添加客戶。所以它也有助於我們的測量數字。因此，我們看到的是一種緩慢而穩定的社交成長軌跡。我們喜歡它是基於一些新的解決方案、一些新的平台以及一些新的客戶。

And maybe we'll make it a true follow-up question, stay on Meta. I mean their advertising platform is evolving a lifestyle stand-alone basis with their use of gen AI. Have you given a lot of thought or seen or heard anything from customers that will kind of tell you how this is going to impact DoubleVerify further down the road with Meta?

也許我們會把它作為一個真正的後續問題，繼續關注 Meta。我的意思是，他們的廣告平台正在利用人工智慧發展一種獨立的生活方式。您是否考慮過，或看到或聽過客戶的任何消息，可以告訴您這將如何影響 DoubleVerify 未來與 Meta 的合作？

I think you certainly hit the nail on the head, which is Meta is attracting more and more ad dollars, right? And I think that is why we're so focused on our partnership with them and across all social platforms. But I think the things that attracted our customers to begin with are laying out on Meta, which is our independence. So our ability to kind of check what's happening on the sites, our focus on a drive towards greater transparency. So many of the AI solutions don't include a lot of transparency on kind of what's going on.

我認為您說得非常對，Meta 正在吸引越來越多的廣告收入，對嗎？我認為這就是我們如此重視與他們的合作以及在所有社交平台上的合作的原因。但我認為，首先吸引我們客戶的是 Meta，這是我們的獨立性。因此，我們有能力檢查網站上發生的事情，我們專注於提高透明度。很多人工智慧解決方案對於正在發生的事情缺乏足夠的透明度。

They deliver good results, but not how they got their results. And that's part of our role is to drive transparency and open up that black box a bit. So I think that value prop is holding true with the customers who are engaging us on Meta and all the social platforms who are leaning into AI tools to drive kind of better results, but without a lot of transparency or clarity on how we're getting there.

他們取得了良好的成果，但不知道他們是如何取得成果的。我們的職責之一就是推動透明度並稍微打開黑盒子。因此，我認為，對於在 Meta 和所有社交平台上與我們互動的客戶來說，這一價值主張是正確的，他們傾向於使用人工智慧工具來獲得更好的結果，但對於我們如何實現這一目標卻缺乏足夠的透明度或清晰度。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Excellent. Congrats as well. Two questions maybe. Mark, innovation there, you guys preannounced the quarter with revenues of about 17%. You just put up a revenue by 21%. Can you maybe just speak to the drivers of the outperformance relative to that guidance what you've seen throughout July so far? Just trying to understand where the delta may have been derived from and the sustainability of that.

出色的。也恭喜你。可能是兩個問題。馬克，你們預先宣布本季的營收將成長約 17%。你的收入剛剛增加了 21%。您能否談談截至目前為止，七月份業績超出預期的驅動因素是什麼？只是想了解三角洲可能從何而來以及其可持續性。

And then, Nicola, MTF down 1%, I think, is a big deal, big improvement after many quarters of year-on-year decline. Can you maybe unpack that a little bit and also talk about kind of how you see MTFs within the guidance that you provided for the second half?

然後，尼古拉，我認為，MTF 下降 1% 是一件大事，在經歷了多個季度的同比下降之後，這是一個很大的改善。您能否稍微解釋一下這個問題，並談談您如何看待您為下半年提供的指導中的 MTF？

For sure. Thanks for the question, Youssef. So let me talk a little bit about kind of drivers. And the first is obviously, a strong activation quarter, particularly around ABS. And we saw a 23% growth year over year in ABS, which shows that that solution still has legs and is still attracting a significant amount of new activations, so folks like Kenvue and Microsoft and Charter, and still growing with current clients as well. So I think when we look at kind of what's driving growth, that's certainly the number one driver of growth and one in which, as you noted, Innovation Day, we were still seeing momentum dollars going in there.

一定。謝謝你的提問，優素福。那麼讓我來簡單談談驅動因素。首先顯然是強勁的激活季度，特別是在 ABS 方面。我們看到 ABS 同比增長了 23%，這表明該解決方案仍然具有潛力，並且仍然吸引大量新的激活，因此像 Kenvue、Microsoft 和 Charter 這樣的公司也仍然在與現有客戶一起成長。因此，我認為，當我們研究推動成長的因素時，這肯定是成長的首要驅動力，正如您所說，在創新日，我們仍然看到資金流入其中。

It's not surprising considering we're at a time in which advertiser dollars are still very tentative with regard to when and how they spend and programmatic gives them that flexibility. And I think we see that in our numbers. So I think that is a key driver. It's a key thing that I think we identified back at Innovation Day. And that's why we're so focused on things are -- all of our activation solutions, including social activation, which continues to be a big opportunity for us coming down the road.

這並不奇怪，因為我們正處於廣告商對於何時以及如何花錢仍非常猶豫的時期，而程序化廣告為他們提供了這種靈活性。我認為我們從數字上就可以看出這一點。所以我認為這是一個關鍵驅動因素。我認為這是我們在創新日上確定的關鍵點。這就是為什麼我們如此專注於所有激活解決方案，包括社交激活，這對我們來說仍然是一個巨大的機會。

So a big driver of growth, I think, across the board, even if you look at our non-ABS programmatic. So core programmatic as well as sides, that grew at 27%. So stuff that drives results that delivers ROI and that drives performance. as well as that's in the programmatic space that allows advertisers to move dollars in and out pretty easily are things that we're seeing that are creating a much more resilient kind of start to the year than we've seen in the past.

因此，我認為，即使你看一下我們的非 ABS 程序，這也是全面成長的一大動力。因此，核心程序化廣告以及附加程式化廣告的成長率為 27%。因此，推動結果、提供投資回報率和推動績效的因素，以及程序化空間中允許廣告商相當輕鬆地進出資金的因素，都是我們看到的正在創造比過去更有彈性的新年開局的因素。

Yes. Youssef, on your question related to MTF, you're right. The decline of 1% is a relative improvement compared to what we've seen in the past few quarters. And this is not due to meaningful changes in the competitive environment or just broad pricing dynamic. It's truly just driven by product mix, which is what we've said all along.

是的。優素福，關於你提出的有關 MTF 的問題，你是對的。與過去幾季相比，1% 的降幅相對有所改善。這並不是由於競爭環境的重大變化或僅僅是廣泛的定價動態。這其實只是由產品組合驅動的，這也是我們一直以來所說的。

MTF is an output of what the clients are buying. And in this quarter, in particular, we had very strong upside momentum on ABS, which, as you know, is our premium priced product. That was for both existing clients using it on more and more of their volume, new logos using it and us being able to upsell new clients to the to the solution. ABS grew 23% this quarter, which is very strong.

MTF 是顧客所購買產品的輸出。特別是本季度，我們的 ABS 表現出非常強勁的上漲勢頭，正如您所知，這是我們的高端產品。這對於現有客戶越來越多地使用它、新客戶使用它以及我們能夠向新客戶推銷該解決方案都是如此。本季 ABS 成長了 23%，非常強勁。

So MTF is an output. It's an output of our ability to upsell to premium priced products. this quarter, you see the meaningful impact of ABS growing. Going forward in the year, we've talked a lot about social activation ramping. That is all at a premium price point. So that should also have an impact on MTF.

因此 MTF 是一種輸出。這是我們追加銷售高價產品能力的展現。本季度，您會看到 ABS 的顯著影響不斷增長。展望今年，我們討論了許多有關社會活躍度提升的問題。所有這些都是以高價出售的。所以這也會對 MTF 產生影響。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Mark, how is your overall confidence that some of the fits and starts that the company had with the social products when we think back to the last couple of years might be solidifying now into something that's a little more sustainable? What I mean is, for instance, do you feel better about the ability to verify the content or the fraud risk prebid? Or is the go-to-market motion maybe looking a little more effective just in terms of the number of meta accounts or other accounts that you're adding?

馬克，當我們回想過去幾年時，你對公司在社交產品上遇到的一些斷斷續續的情況，現在可能正在鞏固為一種更可持續的發展，總體上有何信心？我的意思是，例如，您是否對驗證內容的能力或預先出價的詐欺風險感覺更好？或者，僅從您新增的元帳戶或其他帳戶的數量來看，進入市場的舉措是否看起來更有效一些？

Yes, Mark, great question. I think what we've always focused on with all of our solutions is how we can make it a durable growth driver, right? And how we can -- and the way that comes together is providing value to the customer. And I think when we launched measurement across the feed on Meta last year, the one gap that we had was different than what we had in the open web, which was the ability to actually screen and remove impressions, not to measure. And I think that was a gating factor to growing that product.

是的，馬克，這個問題問得好。我認為，我們所有解決方案始終關注的是如何使其成為持久的成長動力，對嗎？我們如何能夠—以及共同努力的方式就是為客戶提供價值。我認為，當我們去年在 Meta 上推出跨 feed 測量功能時，我們所面臨的一個差距與開放網路所面臨的差距不同，即我們實際上能夠篩選和刪除印象，而不是進行測量。我認為這是該產品發展的限制因素。

Since this year -- earlier this year, we launched that solution. I think that has allowed us to build more confidence in our overall social measurement and social activation growth because we have both sides of the equation. And we saw that in the increase in social measurement going up to 14% this quarter. So I think that is certainly a win. So number one, kind of having the complete round trip pre and post on that it helps.

從今年年初開始，我們就推出了這個解決方案。我認為這讓我們對整體社會衡量和社會活化成長更有信心，因為我們擁有等式的兩邊。我們看到本季社會測量值增幅上升至 14%。所以我認為這無疑是一場勝利。因此，首先，在事前和事後進行完整的往返行程是有幫助的。

And that also, the product has gotten better over the last several quarters. So we've added more categories. We've added more coverage of languages, et cetera. So as we get more granular as we build a product in a more complete way, that helps to give us confidence that, yes, this is the kind of closed-loop solution that will deliver a ton of value to our customers. And we've seen that as well, the customers that are adopting prebid, we brought in almost half a dozen new ones who'd never used us for measurement. So we're getting that flywheel effect of folks who have sat on the bench a bit for doing postbid, now that we have prebid coming into the fold.

而且，該產品在過去幾個季度也變得更好了。因此我們新增了更多類別。我們增加了更多語言等方面的覆蓋範圍。因此，當我們以更完整的方式建立產品時，我們會變得更加細緻，這有助於讓我們有信心，是的，這是一種可以為我們的客戶帶來巨大價值的閉環解決方案。我們也看到，在採用 Prebid 的客戶中，我們引進了近六個從未使用過我們進行測量的新客戶。因此，我們得到了那些在競標後階段暫時擱置的人的飛輪效應，因為我們現在已經有了競標前階段的參與。

Okay. Understood. And Nicola, just I think in maybe aligning a little too to use this question, when we look at the incremental upside since you positively preannounce Q2, it's obviously a nice -- it's a surprise. And I'm curious if we should think of that incremental upside really is occurring there in the last two to three weeks of June.

好的。明白了。尼古拉，我認為，也許在回答這個問題時，我們也可以稍微調整一下，當我們看一下自從您積極地預先宣布第二季度以來的增量上升空間時，這顯然是一個好消息——這是一個驚喜。我很好奇，我們是否應該認為這種增量上漲確實發生在六月的最後兩到三週。

Another did you feel -- do you feel a little better about the exit rate activity coming out of the June quarter? Or did you leave a little cushion in terms of that original positive pre-announcement.

另外，您是否感覺——您對 6 月季度的退出率活動感覺好一點了嗎？或者您是否在最初的積極預告方面留下了一點緩衝。

Yes. I think what -- your question goes to sort of what we saw that was a positive surprise in the quarter. And I think the resilience in our advertiser spend levels despite the macro uncertainties around tariffs and other announcements, it was a positive. It was a positive sign into our business. It created a momentum that was evenly distributed through the quarter statement as we made in the first quarter, right? So evenly January, February, March were positive versus our own expectation and same for April, May, and June. So the resilience despite the uncertainty is a strong driver of the momentum.

是的。我認為—您的問題與我們在本季看到的正面驚喜有關。我認為，儘管關稅和其他公告方面存在宏觀不確定性，但我們的廣告客戶支出水平仍具有彈性，這是一個積極的因素。這對我們的業務來說是一個積極的信號。它創造了一種勢頭，並且像我們在第一季所做的那樣，在整個季度報表中均勻分佈，對嗎？因此，一月、二月和三月的表現都優於我們的預期，四月、五月和六月的表現也是如此。因此，儘管存在不確定性，但韌性是推動這一勢頭的強大動力。

Programmatic, which does tend to be variable, the spending patterns there can be very variable and very quick to turn actually had a very strong quarter. ABS at 23% growth is a very strong quarter. that shows the power of our premium products. And that, of course, is creating momentum that we're carrying from the second -- the first half into the second half. We're raising the year to 15% growth versus 13%, and that's both the momentum of the first half and what we're seeing in Q3 and Q4, right? So we're raising by more than just what we saw in the first half based on those factors.

程序化廣告確實具有可變性，其支出模式可能變化很大，而且轉變非常快，實際上本季表現非常強勁。ABS 成長 23%，這是一個非常強勁的季度。這顯示了我們優質產品的實力。當然，這也為我們從下半場（上半場）延續到下半場創造了動力。我們將今年的成長率從 13% 提高到 15%，這既是上半年的勢頭，也是我們在第三季和第四季看到的情況，對嗎？因此，基於這些因素，我們的增幅將超過上半年的增幅。

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

Congrats on the quarter. I just wanted to expand on Mark's question actually. Could you maybe give us a little bit more color on how impactful the recent expansion of content level categories on Meta properties is for market instead of advertiser engagement? I guess how advanced are your filtering capabilities now sort of compared maybe more mature offerings? And have you seen any sort of increased willingness from Meta to enable a streamlining of the activation process for advertisers?

恭喜本季取得佳績。實際上，我只是想擴展馬克的問題。您能否向我們詳細介紹最近擴展的元屬性內容等級類別對市場（而非廣告商參與度）的影響？我猜想與更成熟的產品相比，您的過濾功能現在有多先進？您是否看到 Meta 更願意簡化廣告主的啟動流程？

Thanks for the question, Maria. Yes, I think like all of our solutions, we constantly drive to improve them, make them more granular and more impactful. So adding the 30 categories, plus adding a level of custom categories or custom category per client has actually not just the solution but enabled us to engage more of our customers because they're used to that level of granularity in the open web. And I think the product that we launched was V1 last year on the measurement side. And now the product that we're moving into is more of a of V2.

謝謝你的提問，瑪麗亞。是的，我認為就像我們所有的解決方案一樣，我們不斷努力改進它們，使它們更加細緻、更有影響力。因此，添加 30 個類別，再加上添加一定級別的自訂類別或每個客戶的自訂類別實際上不僅僅是解決方案，而且使我們能夠吸引更多的客戶，因為他們習慣於開放網路中的這種粒度級別。我認為我們去年在測量方面推出的產品是 V1。現在我們正在推出的產品更像是 V2。

We still have a gap that we need to continue to drive to get to the same level of granularity that we have in open web. But I think this is, by far, well beyond where I think most customers expected to have an independent solution and are really pleased with the results that we've been able to drive.

我們仍然存在差距，需要繼續努力才能達到與開放網路相同的粒度。但我認為，到目前為止，這已經遠遠超出了大多數客戶對獨立解決方案的期望，並且他們對我們所能取得的成果感到非常滿意。

With regard to prebid, Meta has been very helpful in helping us kind of drive customer engagements and supportive and continuing to advance the solution. So the nice part of our relationship with Meta is that it's not a one and done thing. Ever since we launched measurement, we moved on relatively quickly to prebid and then added an expense categories, we're adding and expanding new features and functionality over time. And those will help us gain adoption.

關於 prebid，Meta 在幫助我們推動客戶參與、支持和繼續推進解決方案方面提供了很大的幫助。因此，我們與 Meta 的關係的良好之處在於它不是一次性的事情。自從我們推出測量功能以來，我們相對較快地轉向預先競標，然後添加了費用類別，隨著時間的推移，我們正在添加和擴展新的特性和功能。這些將有助於我們獲得採用。

So it's a collaborative opportunity for them and us. I think it helps drive more business and more confidence in meta. And I think it's obviously going to continue to grow with us over time. And as we noted in the call, we're ahead of expectations on prebid revenue. We moderated those expectations knowing that it just takes time to test, it takes time to shake loose budgets. And I think we feel really good about the momentum that we have in that solution as we head into the second half of the year.

所以這對他們和我們來說都是一個合作的機會。我認為它有助於推動更多的業務並增強對元資料的信心。我認為隨著時間的推移它顯然會繼續與我們一起成長。正如我們在電話會議中指出的那樣，我們的競標前收入超出了預期。我們降低了這些期望，因為我們知道測試需要時間，擺脫寬鬆的預算也需要時間。我認為，隨著我們進入下半年，我們對解決方案的勢頭感到非常滿意。

Got it. And then at your Innovation Day, you talked about sort of increasingly leveraging a percent of spend pricing model. I guess what are your thoughts on sort of extending this pricing model into CTV sort of specialist CTV spend is increasingly becoming performance based. I guess, what are some sort of puts and takes for us to consider here?

知道了。然後在您的創新日上，您談到了越來越多地利用支出百分比定價模型。我想問一下，您對將這種定價模式擴展到 CTV 有何看法？專業的 CTV 支出越來越以績效為基礎。我想，我們在這裡需要考慮哪些優缺點呢？

Yes. I think we've been increasingly open to more dynamic pricing models, particularly on some of our new solutions. We mentioned at Innovation Day that we look at percentage of media, it not really allows us to take advantage of those higher CPM environments like CTV. But on the -- totally on the other side, it allows us to expand into emerging markets where CPMs are much lower and our fixed CPMs can sometimes be a gating factor for advertisers in those markets. So I think it allows us to play both sides of that card.

是的。我認為我們對更具動態性的定價模式越來越開放，特別是對於我們的一些新解決方案。我們在創新日提到，我們關注媒體的百分比，它實際上並不允許我們利用 CTV 等更高 CPM 環境。但另一方面，它使我們能夠擴展到新興市場，這些市場的 CPM 要低得多，而我們的固定 CPM 有時會成為這些市場廣告商的限制因素。所以我認為這可以讓我們發揮這張牌的兩面性。

So as we launch new CTV solutions, looking at taking advantage of those higher CPMs. And even as we launch performance solutions like Scibids, having a percentage of media on that solution makes it much easier to digest in emerging markets. And just a little color on Scibids, we've seen really strong traction in Southeast Asia and in markets where CPMs are really tight. But not only does decided to drive a great result for them because we price that product on a percentage of media, it makes much more sense in those markets.

因此，當我們推出新的 CTV 解決方案時，我們會考慮利用更高的 CPM。即使我們推出了像 Scibids 這樣的性能解決方案，在該解決方案上擁有一定比例的媒體也使其更容易在新興市場中被消化。關於 Scibids，我們只需稍微介紹一下，我們發現它在東南亞和 CPM 非常緊張的市場中具有非常強勁的吸引力。但我們不僅決定為他們帶來出色的結果，因為我們根據媒體的百分比為產品定價，而且這在這些市場上更有意義。

So for -- interestingly enough, Scibids has been a catalyst for us to actually experiment the percentage of media pricing and it's worked out really well. So now it becomes a flexible tool for us in our toolbox to start looking at how we launch new solutions in that way, but also look at legacy solutions in emerging markets and pricing them in a different way that makes sense.

因此，有趣的是，Scibids 已成為我們實際試驗媒體定價百分比的催化劑，而且效果非常好。因此，現在它成為我們工具箱中的一個靈活工具，讓我們開始研究如何以這種方式推出新的解決方案，同時也研究新興市場中的傳統解決方案，並以不同的方式對其進行定價。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Mark, you just -- we're talking about Scibids, maybe any update on the number of top customers using Scibids to optimize. I think last quarter, you said it was 15%, maybe 40% a quarter before. Is there any updated number you can provide for the top 100 customers are actually using it?

馬克，你剛才——我們正在談論 Scibids，也許有任何關於使用 Scibids 進行優化的頂級客戶數量的更新。我認為上個季度您說的是 15%，上個季度可能是 40%。您能否提供實際使用它的前 100 名客戶的最新數據？

And then maybe separately, it looks like you did not buy back stock for the first time in four quarters after buying back think it was about $78 million and $82 million over the last two quarters. How should we think about capital allocation, specifically around buybacks and M&A going forward as the story looks to be getting back on track?

然後也許單獨來看，看起來你們四個季度以來第一次沒有回購股票，回購金額估計在過去兩個季度約為 7800 萬美元和 8200 萬美元。當一切似乎重回正軌時，我們應該如何考慮資本配置，特別是未來的回購和併購？

Yes. Thanks for the question, Brian. I'll take the first one, and Nicola will jump on for the second. So yes, as we noted in the script, we've been really happy with Scibids and the continued trajectory that business has. Over 50 of our top 100 customers have now engaged at some level, that we still have a lot more room to grow even with those 50. So they may have engaged in one market or crossed one single campaign. But the traction is substantial. And folks as diverse as Colgate and Heineken to Cox and the Home Depot have now employed it in some campaigns in some markets.

是的。謝謝你的提問，布萊恩。我會選擇第一個，而尼古拉會選擇第二個。是的，正如我們在腳本中提到的，我們對 Scibids 以及業務的持續發展軌跡感到非常滿意。在我們前 100 名客戶中，已有超過 50 名客戶以某種方式參與其中，即使只有這 50 名，我們仍然有很大的成長空間。因此他們可能只涉足一個市場或參與過單一的活動。但其吸引力是巨大的。從高露潔、喜力到考克斯和家得寶等不同品牌，現在都已在某些市場的一些活動中採用了它。

So the great news is it's been engaged. It's been attached. And now it's about expanding and scaling, right? So going back to that attach stack and scale. It is right in the midst of that stack. And now it's about scaling that across those top 50 of our top 100.

好消息是它已經訂婚了。已附上。現在是關於擴張和擴大規模，對嗎？因此回到那個附加堆疊和比例。它就在那堆東西的正中央。現在我們要將其擴展到我們前 100 名中的前 50 名。

Yes. And Brian, in terms of capital allocation, our strategy hasn't changed as it remains very balanced between investments in the business, evaluating M&A, and considering additional share repurchases. In the first quarter of this year, we had a fairly substantial cash outlay of $160 million. It was both buybacks but also the acquisition of Rockerbox. So we're being prudent coming out of that quarter, making sure we're going to replenish our cash balance and cash reserves.

是的。布萊恩，就資本配置而言，我們的策略沒有改變，因為它在業務投資、評估併購和考慮額外股票回購之間保持了非常平衡的情況。今年第一季度，我們的現金支出相當可觀，達到1.6億美元。這既是回購，也是對 Rockerbox 的收購。因此，我們在該季度採取謹慎態度，確保補充現金餘額和現金儲備。

We do have $140 million remaining available on the authorization. And as we said in the past, one of the things that we look at is to offset the dilution of stock-based comp. So we have $140 million available. We've already done $82 million in this fiscal calendar versus about $110 million of stock-based comp, but we will consider it based on other potential allocation of capital.

我們確實還有 1.4 億美元的授權可用。正如我們過去所說的那樣，我們考慮的事情之一就是抵消股票薪酬的稀釋。因此我們有 1.4 億美元可用。我們在本財政年度已經完成了 8,200 萬美元，而股票薪酬約為 1.1 億美元，但我們將根據其他潛在的資本配置來考慮它。

Matt Condon, Citizens JMP.

馬特康登 (Matt Condon)，公民 JMP。

My first one is just on moat and upsiding those clients. Just where are we today, what everything are we in relative to maybe just the rest of your client base as we think about that being a tailwind for the next couple of quarters or years here?

我的第一個目標就是保護護城河並提升那些顧客。我們今天處於什麼位置，相對於你們的其他客戶群，我們的處境如何？我們認為這會成為未來幾季或幾年的順風嗎？

And then my second question is just on margins. Just as revenue continues to come in better than you expect, do you expect that to flow through to the bottom line? Or should we expect that to be reinvested back into the business to maintain these about 30% EBITDA margins going forward?

我的第二個問題是關於利潤率的。正如收入持續優於您的預期一樣，您是否預期這會影響到利潤？或者我們是否應該期望將其重新投資到業務中以維持未來約 30% 的 EBITDA 利潤率？

Sure, Matt. So on the moat story, I mean, again, these are a lot of relatively large customers that we brought on board late last year, and we've been selling them slowly but surely over time. I think one of the interesting things is when we talked about our growth of our growth in the first half of the year, only 1 percentage point of those 19 percentage points came from those customers. I think that's a positive because it shows that we've got substantial growth to come from them, but also we've got lots of other new business that's driving growth. So I think slowly but surely upselling those -- some of those customers.

當然，馬特。所以關於護城河的故事，我的意思是，這些都是我們在去年年底引進的相對較大的客戶，隨著時間的推移，我們一直在緩慢但穩定地向他們銷售產品。我認為有趣的事情之一是，當我們談到上半年的成長時，19個百分點中只有1個百分點來自這些客戶。我認為這是積極的，因為這表明我們將從他們那裡獲得實質的成長，而且我們還有很多其他新業務可以推動成長。因此我認為要緩慢但穩定地向這些客戶增加銷售。

Some of the bigger names that we pulled over, so folks like entire brands, P&G, Google, and others, I think, have a lot more runway ahead. And I think because they are relatively large, the sales cycle for upselling them, who are on basic solutions. We take them from a Hyundai to a Mercedes and now we're going to sell them a Porsche. It takes time to get there, but we've got a lot of confidence and we've got great engagements with all those folks to continue to build a long-run relationship and growth trajectory.

我們拉攏的一些大公司，像是整個品牌、寶潔、Google等，我認為，未來還有很長的路要走。我認為，由於他們的規模相對較大，所以銷售週期適合向他們推銷基本的解決方案。我們讓他們從現代換成了賓士，現在我們要賣他們一輛保時捷。實現這一目標需要時間，但我們非常有信心，並且與所有這些人都有良好的合作，以繼續建立長期關係和成長軌跡。

Yes. And in terms of margins, we're guiding to 32% for the year. It was 33% prior two years, and that's because of the impact that the acquisition of Rockerbox has on the year. Our philosophy in terms of investment is to continue to invest in areas that are going to produce strong top line growth and we're going to continue with that philosophy.

是的。就利潤率而言，我們預計今年的利潤率為 32%。前兩年這一比例為 33%，這是因為收購 Rockerbox 對當年產生了影響。我們的投資理念是繼續投資於能夠帶來強勁收入成長的領域，我們將繼續秉持這一理念。

We just report 21% revenue growth. We do have investments to make towards all the products that we presented at Innovation Day. But we'll remain balanced within that range. Again, 32% for the year is mainly because of the impact of Rockerbox.

我們剛剛報告收入成長了 21%。我們確實對創新日上展示的所有產品進行了投資。但我們會在該範圍內保持平衡。再次，今年 32% 的成長主要得益於 Rockerbox 的影響。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Mark, I want to take the opportunity to ask you maybe more of a big picture I think investors have heard a variety of different views on earnings calls so far over the last couple of weeks about the evolution of the open web, the impact that AI might have on publisher traffic and the evolution answer engines and walled gardens.

馬克，我想藉此機會向您詢問一些更宏觀的問題，我認為投資者在過去幾週的財報電話會議上聽到了各種不同的觀點，涉及開放網絡的發展、人工智能可能對出版商流量產生的影響以及答案引擎和圍牆花園的演變。

How do you think about your own view of that evolving over the next couple of years? And when you think about aligning that with your strategic priorities and some of the things you've emphasized to investors maybe going back to Innovation Day, maybe align a little bit of your priority list with how you think about your world view evolving.

您如何看待未來幾年內您對此的看法會改變？當您考慮將其與您的策略重點以及您在創新日向投資者強調的一些事情相結合時，也許可以將您的優先事項清單與您對世界觀演變的看法相結合。

Yes. Great take, Eric. And I'll do a bad quote here. If you remember the reports of my death have been greatly exaggerated. Well, I think the reports of the death of the open web has been greatly exaggerated as well.

是的。很棒，埃里克。我要在這裡引用一句不好的話。如果您還記得的話，有關我死亡的報道被大大誇大了。嗯，我認為有關開放網路死亡的報導也被大大誇大了。

When we looked at our programmatic growth in the first half of the year, much of that programmatic comes from the open web. So there is still traffic and traction to be had there, even as it evolves over time in AI and generative AI tools start to eat away at kind of engagement.

當我們回顧今年上半年的程序化成長時，我們發現大部分程序化廣告都來自開放網路。因此，即使隨著時間的推移人工智慧不斷發展，並且生成式人工智慧工具開始蠶食這種參與度，那裡仍然有流量和吸引力。

That being said, as we've noted, even coming into this year, that transition of consumer engagement from open web into proprietary platforms does form the basis of our long-term thesis for our business, which is doubling down on social doubling down on CTV and doubling down in areas like retail media, where the although much of it is open web, it's created its own kind of quasi walled garden by pulling together premium publishers and data together in one place.

話雖如此，正如我們所指出的，即使到了今年，消費者參與度從開放網絡向專有平台的轉變確實構成了我們業務長期主題的基礎，即加倍投入社交、加倍投入 CTV 以及加倍投入零售媒體等領域，儘管其中大部分是開放網絡，但它通過將優質出版商和數據匯集到一個地方，創建了自己的準圍牆花園。

So I think that where we're focused on and investing are the areas where dollars are going and dollars are going where consumers are engaged and that continues to be social. And if you look at the success of platforms like Reddit and TikTok, it's not only the big guys all the time. There are emerging social platforms that we are engaged with that continue to grow.

所以我認為，我們關注和投資的領域是資金流向的領域，資金流向的領域是消費者參與的領域，而這仍然是社交領域。如果你看看 Reddit 和 TikTok 等平台的成功，你會發現並非只有大公司才能成功。我們正在參與的新興社交平台正在不斷發展。

And CTV, which is rapidly becoming democratized from being a premium-only, brand-only substitute for television to being much more broadly distributed, generative-AI tools are enabling lots of smaller advertisers to be part of that universe. And that means generally more inventory, lower CPMs, and that benefits where we play.

CTV 正迅速從僅限高階、僅限品牌的電視替代品走向普及化，成為分佈更為廣泛的電視，而生成式人工智慧工具使許多小型廣告商能夠成為這個領域的一部分。這通常意味著更多的庫存、更低的 CPM，這對我們的業務有利。

As we noted, 20% of our prebid video solutions on one of our largest partner platforms are now CTV. So we have a role to play in CTV. We have our independent role to play on social. And as our Retail Media business grew on the supply side or on the sell side, almost 40% last quarter, we certainly have a role to play in retail media, and those are the places we're focused on.

正如我們所指出的，我們最大的合作夥伴平台之一上的 20% 的競價前視訊解決方案現在都是 CTV。因此我們在 CTV 中扮演著重要的角色。我們在社交方面有自己獨立的角色要扮演。隨著我們的零售媒體業務在供應方或銷售方的成長，上個季度成長了近 40%，我們當然可以在零售媒體中發揮一定的作用，而這些正是我們關注的重點。

Vasily Karasyov, Cannonball Research.

瓦西里‧卡拉西約夫，《砲彈研究》。

Alinda Li, William Blair.

阿琳達李，威廉布萊爾。

Perfect. Mark, first question, where are we in the CTV-premium-product development. Is there a time line on when we can expect the product innovations to roll out for the year, for example, with the quality scorecard?

完美的。馬克，第一個問題，我們在 CTV 優質產品開發方面處於什麼階段。我們是否可以預期產品創新會在何時推出，例如品質記分卡？

Yes. So it's a great question. So I mentioned in the call that we're going to have future iterations of our CTV measurement solution. You'll see some of those starts to roll out before the end of this year and then a much larger, more robust CTV implementation coming out early in 2026. So I think we're going to have a nice progression of improvements to that solution over the next several quarters.

是的。這是一個很好的問題。因此我在電話中提到，我們將對 CTV 測量解決方案進行未來迭代。您將看到其中一些項目在今年年底前開始推出，然後在 2026 年初推出更大規模、更強大的 CTV 實施。因此我認為在接下來的幾個季度裡，我們將對此解決方案進行穩步的改進。

Awesome. And in terms of the unified platform, how are customers looking at DV differently since the Unified platform rollout Innovation Day?

驚人的。就統一平台而言，自統一平台推出創新日以來，客戶對 DV 的看法有何不同？

Yes. It's been really exciting. So it's not only kind of changed our go-to-market, but it's changed the nature of our discussions with clients. And I'll use a personal example. I was just in a recent pitch with the client. And rather than kind of come in and say, hey, here's us versus our competitor and here's our pricing versus our competitor and here's the chart. It was a very different discussion.

是的。這真是令人興奮。因此，它不僅改變了我們的行銷方式，也改變了我們與客戶討論的本質。我將舉一個我個人的例子。我最近剛與客戶進行了一次推銷。而不是進來說，嘿，這是我們與競爭對手的對比，這是我們與競爭對手的定價對比，這是圖表。這是一次非常不同的討論。

It was hey, we're here to help you succeed across all of these three areas across verification and finding the right context for where you want your ads, across optimization and finding those impressions at the most efficient price possible. And then finally, like helping prove whether or not that spend worked.

嘿，我們在這裡幫助您在這三個領域取得成功，包括驗證和找到您想要投放廣告的正確環境，以及優化和以最有效的價格找到這些印象。最後，幫助證明這筆支出是否有效。

It's a different dialogue. It's allows us to engage clients at a different level, not just the procurement type level, but at the strategic level, which, again, benefits our engagement with them, but also helps us bottom line sell more stuff, right? It's a more complete package that we're able to show that's very different than our competitors. There is not a single competitor that can deliver all the things that we're delivering right now. So it just changes the dialogue altogether.

這是不同的對話。它使我們能夠在不同的層面上與客戶互動，不僅僅是採購類型層面，而是策略層面，這再次有利於我們與他們的互動，而且還有助於我們銷售更多的東西，對嗎？這是我們能夠展示的更完整的產品包，與我們的競爭對手的產品包有很大不同。沒有任何一個競爭對手能夠提供我們現在提供的所有產品。所以它完全改變了對話。

Mark Kelley, Stifel.

馬克凱利，Stifel。

I kind of want to go back to the question that Eric had just about open web traffic. Just curious if you think over time, maybe the more premium publishers will be able to command higher CPMs, given where that's probably where the majority of traffic will go at the expense of and some lower-quality websites that don't really offer premium content? And if so, I guess is that part of the more take rate pricing strategy that you have in mind to be able to kind of capture just where the budgets are going? That's the first question.

我想回到 Eric 剛才提出的有關開放網路流量的問題。我只是好奇，您是否認為隨著時間的推移，也許更優質的出版商將能夠獲得更高的 CPM，因為這可能是大部分流量流向的地方，而一些質量較低的網站實際上並不提供優質內容？如果是這樣，我想這是否是您所考慮的更高費率定價策略的一部分，以便能夠準確掌握預算的去向？這是第一個問題。

And then the second one, I really appreciated the incremental thoughts on CTV this quarter. Can you maybe just parse out what you consider to be CTV. Does that include things like YouTube proper? Or is it more of the kind of broadcast or linear replacements?

其次，我非常欣賞本季對 CTV 的增量思考。您能否分析一下您認為的 CTV 是什麼？這是否包括 YouTube 本身之類的內容？或者它更像是廣播或線性替代品？

All right. So great questions. I mean, I think, Mark, that starting off, it's -- I'm not one here to predict the dynamics of CPMs in the open web, but it would be a very challenging environment to say that CPMs are going to increase on the open web over time. I think the premium content has always attracted a premium CPM. They don't see it getting any better or worse, only due to the fact that good content has to perform. That is what's going to drive CPMs.

好的。這些問題都太棒了。我的意思是，我認為，馬克，首先，我不是來預測開放網路上的 CPM 動態的人，但要說 CPM 會隨著時間的推移在開放網路上增加，這將是一個非常具有挑戰性的環境。我認為優質內容總是會吸引優質的 CPM。他們不認為情況會變得更好或更壞，只是因為好的內容必須發揮作用。這就是推動 CPM 的因素。

And I think as we create greater connectivity between all impressions and performance, I think that is going to be -- there's going to be the haves and the have nots, those sites that actually can drive performance and those sites that don't drive performance. And that's what's going to determine what CPMs are.

我認為，隨著我們在所有印象和性能之間建立更大的連接，我認為將會有有和沒有的網站，有的網站實際上可以推動性能，而有的網站則不能推動性能。這就是決定 CPM 是什麼的原因。

As I mentioned earlier with regard to kind of different pricing models, I think we're looking more to be -- we want to take advantage, of course, of CPMs as they increase. But it's more to take advantage of where our customers and how our customers are comfortable buying. And in this case, again, if they're outside the US, they're used to buying a percentage of media because it enables more flexibility for low CPM environments. In North America, they're more accustomed to buying a fixed CPM because the predictability of CPMs is relatively stable here.

正如我之前提到的關於不同定價模式的內容，我認為我們更希望——當然，我們希望利用 CPM 的成長。但這更多的是為了利用我們的客戶所在位置以及我們的客戶舒適的購買方式。在這種情況下，如果他們在美國境外，他們習慣於購買一定比例的媒體，因為這可以為低 CPM 環境提供更大的靈活性。在北美，他們更習慣購買固定的CPM，因為這裡的CPM可預測性相對穩定。

So with regard to do I see CPMs going up on premium sites, I see them going up if they can connect that premium quality content to actually better advertiser outcomes. And that's something that the proprietary platforms have been really outstanding and doing.

因此，關於我是否看到優質網站的 CPM 上升，我認為如果他們能夠將優質內容與實際上更好的廣告商結果聯繫起來，那麼 CPM 就會上升。而這正是專有平台真正出色完成的事。

Regarding your second question on CTV, we define CTV as professional quality content that ends up on a large screen. I mean that -- it's really the screen delivery that's most important. And you still are bundling things like YouTube into social as far as our calcs go. And we look at CTV as, again, quality content that ends up in a living room on a large device.

關於您關於 CTV 的第二個問題，我們將 CTV 定義為最終在大螢幕上播放的專業品質內容。我的意思是──螢幕傳遞才是最重要的。就我們的計算而言，您仍然將 YouTube 等內容捆綁到社交中。我們再次將 CTV 視為最終透過大型設備在客廳中播放的優質內容。

Alec Brondolo, Wells Fargo.

富國銀行的亞歷克·布朗多洛。

Maybe one for me and I'll ask another AI question. I think investors are anticipating that a lot of the leading LLM products will have ad units embedded in them over time. And so ChatGPT will have some element of advertising. Have you started working with any of the leading companies to figure out what measurement, what suitability looks like in that context and kind of an ad unit that sits in another one?

也許一個適合我，然後我會問另一個人工智慧問題。我認為投資者預計隨著時間的推移，許多領先的 LLM 產品都會嵌入廣告單元。因此 ChatGPT 將會包含一些廣告元素。您是否已經開始與任何一家領先的公司合作，以弄清楚在那種情況下的衡量標準、適用性是什麼樣的，以及位於另一個環境中的廣告單元的類型？

Yes, it's a great question. And I think it's a really interesting situation because very similar to what we saw a few years ago in the CTV space, where there were companies vowing to never ever, ever have advertising. I think you're going to see the same developments occur with the AI tools, which they will value to never carry advertising. And ultimately, they will find it as too attractive for them not to do so. So we think it's a great opportunity just due to the fact that our role there is no different than our role in the open web or across social or across CTV or across mobile app, which is to be an independent arbiter to decide to help advertisers have more transparency and clarity of what's going on.

是的，這是一個很好的問題。我認為這是一個非常有趣的情況，因為這與我們幾年前在 CTV 領域看到的情況非常相似，當時有些公司發誓永遠不會做廣告。我認為你會看到人工智慧工具也發生同樣的發展，他們會重視這些工具，並保證永遠不會有廣告。最終，他們會發現這太有吸引力了，以至於他們不得不這麼做。因此，我們認為這是一個很好的機會，因為我們在那裡的角色與我們在開放網路、社交、CTV 或行動應用程式中的角色沒有什麼不同，我們都是作為一個獨立的仲裁者來決定幫助廣告商更透明、更清楚地了解正在發生的事情。

So we see that as a great opportunity for us down the road. We have started some discussions. It is super early days. I can tell you that the platforms we're talking to are very, very early, even in their understanding of advertising, how it will be part of their models. And I think it still remains to be seen of what advertising will look like across these platforms.

因此，我們認為這對我們未來來說是一個很好的機會。我們已經開始了一些討論。現在還為時過早。我可以告訴你，我們正在談論的平台還處於非常早期的階段，甚至對廣告的理解還不明確，不知道廣告將如何成為他們模式的一部分。我認為這些平台上的廣告將會是什麼樣子還有待觀察。

But nonetheless, since we operate in all different environments and different ad formats, from Roblox to CTV to mobile applications. I think it's the idea that we are the massive data processor who can look and objectively determine the quality and the validity and verify a transaction between a buyer and seller on any media.

但儘管如此，由於我們在各種不同的環境和不同的廣告格式中運營，從 Roblox 到 CTV 再到行動應用程式。我認為我們是海量數據處理器，可以查看並客觀地確定品質和有效性，並驗證任何媒體上買賣雙方之間的交易。

So it's a big opportunity for us. We certainly are engaged on that front. And I think as we saw in other mediums, I think verification will be a key part of their growth opportunities as they try to get into advertising.

所以這對我們來說是一個巨大的機會。我們確實正在致力於這一領域。我認為，正如我們在其他媒體中看到的那樣，當他們試圖進入廣告領域時，驗證將成為他們成長機會的關鍵部分。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基（Omar Dessouky），美國銀行。

I was on mute. In your opening remarks, you referenced having confidence in your long-term growth trajectory. I wanted to ask, relative to last quarter, has your confidence in your long-term growth trajectory increase significantly. And is it safe to -- is it safe at this point to think that future year's year-over-year growth would exceed this year or what you guided at the beginning of this year? I know that's a lot to ask, but any kind of clarification on of that statement would help.

我處於靜音狀態。在您的開場白中，您提到了對長期成長軌蹟的信心。我想問一下，相對於上個季度，您對長期成長軌蹟的信心是否顯著增強。現在是否可以安全地認為未來一年的同比增長將超過今年或您在今年年初預測的水平？我知道這個問題問得太多了，但任何對該聲明的澄清都會有所幫助。

So we certainly aren't going to give five-year guidance today, maybe some day, but not today. But I think what we're more confident, confident in are the things that we control. So the launch of products, our investment in AI and making our tools better our investment in acquisitions and connecting them and creating a really solid suite that we now believe is gaining significant traction with our customers. So we feel confident in that.

所以我們當然不會今天就給五年指導，也許有一天會，但不是今天。但我認為，我們更有信心、更有信心的是那些我們能夠控制的事情。因此，產品的推出、我們對人工智慧的投資以及使我們的工具更好的投資、我們對收購的投資以及將它們連接起來並創建一個真正可靠的套件，我們現在相信它正在獲得客戶的極大吸引力。所以我們對此充滿信心。

The things that, obviously, we don't have control over macro, tariffs, things like that are still obviously variables that we'll deal with. But our focus on our products and our continued investment in solutions that help drive performance for advertisers will help us become more resilient no matter what the macro comes up with. So again, we raised our guide for the year, we raised our guide for the quarter. we feel confident in what we've got in the outlook that we have ahead and the tools that we've built to take advantage of pretty much any situation.

顯然，我們無法控制宏觀因素，例如關稅等，這些顯然仍然是我們需要處理的變數。但無論宏觀經濟如何變化，我們對產品的關注以及有助於提高廣告商業績效的解決方案的持續投資都將幫助我們變得更具韌性。因此，我們再次提高了今年的指導方針，並提高了本季的指導方針。我們對未來的前景以及我們為利用幾乎任何情況而建立的工具充滿信心。

Okay. Could I just maybe ask then, has anything about the way that you kind of build your guidance change like your guidance methodology changed since, let's say, when you reported fourth quarter results?

好的。那麼，我是否可以問一下，自從您報告第四季度業績以來，您制定指導的方式是否發生了變化，例如您的指導方法是否發生了變化？

I'll take that one. The answer is no. I think what's really changed here is the fact that the macro uncertainty has been fairly heightened in the last few quarters. So the philosophy itself has not changed, but we are faced with an environment that's fairly volatile. And so we are raising as we see momentum in our products being upsold into our base and into our new clients, but it's obviously a unique environment that we're in today and that we're taking that into account in terms of what guidance we're providing.

我要那個。答案是否定的。我認為真正發生的變化是，過去幾季宏觀不確定性已經相當嚴重。因此，哲學本身並沒有改變，但我們面臨的環境相當不穩定。因此，隨著我們看到我們的產品在我們的基礎客戶和新客戶中不斷增長的勢頭，我們正在提高估值，但這顯然是我們今天所處的一個獨特環境，我們在提供指導時會考慮到這一點。

That concludes our question-and-answer session, and I will now turn the conference back over to Mark Zagorski for closing comments.

我們的問答環節到此結束，現在我將把會議交還給馬克·扎戈爾斯基 (Mark Zagorski) 進行總結發言。

Thanks, everyone, for joining us today. We are executing with focus, investing behind our most compelling growth opportunities and we're confident in our ability to deliver sustainable growth. We look forward to seeing many of you at the upcoming conferences. Thanks, and have a great night.

感謝大家今天加入我們。我們專注執行，投資於我們最引人注目的成長機會，我們對實現永續成長的能力充滿信心。我們期待在即將召開的會議上見到你們。謝謝，祝您有個愉快的夜晚。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。