DoubleVerify Holdings Inc (DV) 2025 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。我叫黛西蕾，今天我將擔任你們的會議接線生。在此，我謹代表 DoubleVerify 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把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's third quarter 2025 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO. 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 the 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.

下午好，歡迎參加 DoubleVerify 2025 年第三季財報電話會議。今天和我們在一起的是執行長馬克·扎戈爾斯基和財務長尼古拉·阿拉伊斯。今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受固有風險、不確定性和變化的影響，反映了我們目前的預期和我們目前可獲得的信息，而我們的實際結果可能與預期存在重大差異。有關更多信息，請參閱我們最近向美國證券交易委員會提交的文件（包括我們的 10-Q 表格和 10-K 表格年度報告）中的風險因素。

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 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.dobleverify.com. Also, during the call today, we will be referring to the slide deck posted on our website.

此外，我們今天的討論將涉及一些補充性的非GAAP財務指標，這些指標應作為GAAP結果的補充，而不是替代方案。與最接近的GAAP指標的調節表已在今天的盈利新聞稿中提供，該新聞稿可在我們的投資者關係網站ir.dobleverify.com上查閱。此外，在今天的電話會議上，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.

接下來，我將把麥克風交給馬克。

Thanks, Tegel. And thank you all for joining us today. Q3 reflected disciplined execution and resilient performance across the business. Revenue grew 11% to $189 million within our guidance range, and adjusted EBITDA margin reached 35%, once again above expectations, demonstrating the scalability of our model. We're leveraging automation and AI to drive structural efficiency and profitability, proving DV's ability to deliver strong margins even in a dynamic ad market.

謝謝你，泰格爾。感謝各位今天蒞臨現場。第三季業績反映了公司各部門的嚴謹執行力和穩健的表現。營收成長 11% 至 1.89 億美元，符合我們的預期範圍；調整後的 EBITDA 利潤率達到 35%，再次超出預期，證明了我們模式的可擴展性。我們正在利用自動化和人工智慧來提高結構效率和獲利能力，這證明了即使在動態的廣告市場中，DV 也能夠實現強勁的利潤率。

During the quarter, market dynamics led to some retail budgets being softer, while growth in our other core verticals, including CPG, remained in line with expectations. Upsell momentum stayed strong, led by early demand for our AI-powered DV Authentic AdVantage solution, which closed roughly $8 million in annual contract value after only its first few weeks in market, fueled by early adoption from global CPG leaders.

本季度，市場動態導致部分零售預算放緩，而包括消費品在內的其他核心垂直領域的成長仍符合預期。追加銷售動能依然強勁，這主要得益於市場對我們人工智慧驅動的 DV Authentic AdVantage 解決方案的早期需求。該解決方案在上市後的短短幾週內就簽訂了價值約 800 萬美元的年度合同，這主要得益於全球消費品領導者的早期採用。

We also maintained strong customer retention with zero churn among our top 100 customers in Q3, underscoring the stability of our largest relationships. Core customer engagement and adoption rates remain healthy, and we continue to execute with discipline.

第三季度，我們的前 100 位客戶實現了零流失，客戶留存率也保持強勁，這凸顯了我們與最大客戶關係的穩定性。核心客戶參與度和採用率仍然保持良好，我們將繼續嚴謹地執行各項工作。

At the same time, Social and CTV are adding new growth and diversifying our revenue, strengthening the foundation for 2026. To frame the quarter simply DV's growth drivers, AI-driven product innovation, margin expansion, and customer success remain firmly in our control and on those levers, we continue to deliver.

同時，社群媒體和連網電視正在為我們帶來新的成長點，並使我們的收入多元化，從而為 2026 年奠定更堅實的基礎。簡單來說，DV 的成長動力、人工智慧驅動的產品創新、利潤率擴張和客戶成功仍然牢牢掌握在我們手中，我們繼續依靠這些槓桿來實現目標。

Today, I'll focus on three themes shaping our progress this quarter and beyond. First, innovation, how we're harnessing AI and automation to launch new products for the AI era, advanced content classification and drive greater efficiency at scale.

今天，我將重點放在影響我們本季及未來發展進程的三大主題。首先是創新，我們如何利用人工智慧和自動化技術推出人工智慧時代的新產品、先進的內容分類，並大規模地提高效率。

Second, diversification, how growth across Social, Streaming TV and Programmatic is strengthening the durability of our model. And third, monetization, how we're translating that innovation and diversification into sustained revenue growth, operating leverage, and cash flow.

其次，多元化，社群媒體、串流電視和程式化廣告的成長如何增強了我們模式的持久性。第三，貨幣化，也就是我們如何將創新和多元化轉化為持續的收入成長、營運槓桿和現金流。

Each of these themes builds on the next. Starting with innovation. At the center of innovation is AI, the engine behind our product development, precision, and scale. AI is driving the next major transformation in digital media, fundamentally changing how content is created, distributed, and consumed. Marketers, publishers and AI agents themselves are beginning to design advertising strategies around this new layer of engagement and DV is already embedded within it, capturing proprietary data that reveals how this ecosystem is taking shape.

這些主題環環相扣，層層遞進。從創新開始。創新的核心是人工智慧，它是我們產品開發、精準性和規模化的引擎。人工智慧正在推動數位媒體的下一個重大變革，從根本上改變內容的創建、分發和消費方式。行銷人員、出版商和人工智慧代理商本身都開始圍繞這個新的互動層面設計廣告策略，而數位視覺已經嵌入其中，捕捉專有數據，揭示這個生態系統是如何形成的。

Each month, we analyze nearly 2 billion automated agents, crawlers and bots, giving us unmatched visibility into how declared a systems like ChatGPT, Claude, and Perplexity as well as undeclared or evasive bots and personal stopping agents, shape media performance. These interactions represent an untapped opportunity for a marketer-to-LLM engagement that DV is driving to enhance and monetize.

每個月，我們分析近 20 億個自動化代理、爬蟲和機器人，讓我們能夠無可比擬地了解像 ChatGPT、Claude 和 Perplexity 這樣的已聲明系統以及未聲明或規避的機器人和個人攔截代理如何影響媒體表現。這些互動代表著行銷人員與LLM之間尚未開發的合作機會，DV正在推動這種合作以增強其效果並從中獲利。

To meet this moment, this week, we launched the DV AI Verification offering, a group of tools built to empower advertisers in an AI-driven world. The suite includes DV's Agent-ID measurement, which in its first generation, identifies measures and classified declared and evasive AI activity.

為了應對這一時刻，本週我們推出了 DV AI 驗證產品，這是一組旨在賦能 AI 驅動世界中廣告商的工具。該套件包括 DV 的 Agent-ID 測量，其第一代產品可識別測量結果，並對已申報和規避的 AI 活動進行分類。

It also features DV's AI SlopStopper, which detects and blocks synthetic or manipulated media across the programmatic open web with expansion to social underway. Within Pinnacle, advertisers were able to view and act on this data in real time, quantifying AI impact and eliminating waste pre-bid.

它還採用了 DV 的 AI SlopStopper，可以檢測和阻止程序化開放網路上的合成或篡改媒體，目前正在擴展到社交媒體領域。在 Pinnacle 中，廣告主能夠即時查看和利用這些數據，量化 AI 的影響，並在競價前消除浪費。

Powering the AI SlopStopper and our broader contextual classification capabilities is our Agentic Classification system, which uses generative AI to automatically build and retrain thousands of models using DV's proprietary data across programmatic and walled gardens. Rolling out this technology will enable us to double our classification volume with fewer people and should achieve a fourfold gain in productivity per classification specialists by the end of 2026.

AI SlopStopper 和我們更廣泛的上下文分類能力由我們的智慧分類系統提供支持，該系統使用生成式 AI，利用 DV 在程序化和封閉式平台上的專有數據，自動構建和重新訓練數千個模型。這項技術的推廣將使我們能夠用更少的人力將分類量翻一番，到 2026 年底，每個分類專家的生產力應該會提高四倍。

It also lets us scale labeling volume by 260% and generate results 2,300 times faster than human labeling, all while maintaining human-level accuracy at lower cost. Bottom line, we're leveraging AI to not only innovate but also to expand margins, doing more, faster with fewer resources while simultaneously creating new monetization opportunities as AI agents play a larger role in digital advertising.

它還可以將標註量提高 260%，產生結果的速度比人工標註快 2300 倍，同時以更低的成本保持人工水準的準確性。總而言之，我們正在利用人工智慧不僅進行創新，而且還擴大利潤空間，用更少的資源更快地完成更多工作，同時隨著人工智慧代理商在數位廣告中發揮更大的作用，創造新的獲利機會。

Just as DV helped define transparency during the rise of programmatic as well as the emergence of ad-supported CTV, we're now beginning to set the standard for trust and accountability in AI-powered media positioning DV as the independent benchmark for verifying both human and AI mediated engagement and content.

正如 DV 在程式化廣告興起和廣告支援的連網電視出現時幫助定義了透明度一樣，我們現在開始為人工智慧驅動的媒體的信任和問責制設定標準，將 DV 定位為驗證人類和人工智慧介導的互動和內容的獨立基準。

Moving to our next growth engine diversification. Our progress in AI-powered innovation is driving customer adoption in social and CTV. Beginning with social activation, both DV Authentic AdVantage and our Meta Pre-screen solutions are off to solid starts, underscoring the demand for transparent performance-driven solutions in walled gardens. Social within activation is growing at 20% and remains one of our fastest-growing sectors.

轉向下一個成長引擎多元化。我們在人工智慧驅動的創新方面取得的進展正在推動社交和聯網電視領域的客戶採用。從社交活化開始，DV Authentic AdVantage 和我們的 Meta Pre-screen 解決方案都取得了良好的開端，凸顯了封閉生態系統中對透明、以效果為導向的解決方案的需求。社群活化業務正以 20% 的速度成長，仍然是我們成長最快的領域之一。

DV Authentic AdVantage, which launched on YouTube towards the end of September is a DV-exclusive solution that unifies pre-bid brand suitability, Scibids AI optimization and post-bid measurement into one seamless automated workflow. Early adoption has been strong, led by major CPG brands, including Kraft Heinz and Helion. Much like our flagship authentic brand suitability product, which was one of the most successful launches in DV's history, Authentic AdVantage delivers measurable ROI right out of the gate.

DV Authentic AdVantage 於 9 月底在 YouTube 上推出，是 DV 獨家解決方案，它將競價前品牌適用性、Scibids AI 優化和競價後衡量整合到一個無縫的自動化工作流程中。早期採用情況十分強勁，主要由卡夫亨氏和 Helion 等大型消費品品牌引領。就像我們的旗艦產品「真實品牌適用性」一樣，該產品是 DV 歷史上最成功的產品發布之一，Authentic AdVantage 從一開始就能帶來可衡量的投資回報率。

In early CPG test, this solution delivered 24% to 34% lower CPMs and 26% to 50% higher impression volumes while maintaining or improving brand suitability. Continuing on social activation and turning to Meta, we significantly expanded content level avoidance on Facebook and Instagram feeds and reels nearly doubling our ability to filter our content on behalf of an advertiser's suitability preferences across categories and markets.

在早期 CPG 測試中，該解決方案在保持或提高品牌適用性的同時，使 CPM 降低了 24% 至 34%，曝光量提高了 26% 至 50%。我們繼續進行社交激活，並轉向 Meta，大幅擴展了 Facebook 和 Instagram 信息流和 Reels 的內容級別迴避功能，使我們根據廣告商在不同類別和市場中的適用性偏好篩選內容的能力幾乎翻了一番。

Revenue from meta activation solutions continues to outpace expectations with 56 advertisers now live and in the early stages of scaling up from 26 last quarter. 20 of our top 100 customers now leverage our meta-activation solution, up from 13 in Q2 and usage is beginning to ramp.

元激活解決方案的收入持續超出預期，目前已有 56 家廣告主上線使用，並正處於規模擴張的初期階段，高於上季度的 26 家。我們前 100 家客戶中有 20 家正在使用我們的元激活解決方案，高於第二季度的 13 家，使用量也開始迅速成長。

Today, our pre-bid solution is attached to roughly 6% of our brand suitable measurement impressions on Meta, representing an upsell opportunity we expect to rise meaningfully as adoption deepens. On TikTok, we expanded our video exclusion list by 100 times, significantly enhancing advertisers' ability to proactively avoid unsuitable content and reducing their rate of unsuitable content by one-third.

目前，我們的競價前解決方案已應用於 Meta 上約 6% 的品牌適用衡量展示，這代表著一個追加銷售機會，我們預計隨著採用率的加深，這一機會將顯著增長。在 TikTok 上，我們將影片排除清單擴大了 100 倍，顯著增強了廣告商主動避免不適合內容的能力，並將不適合內容的出現率降低了三分之一。

Together, these advancements strengthen pre-screen protection on the world's largest social and video platforms and demonstrate our partners' commitment to giving advertisers the tools they need to safeguard brand equity and improve contextual relevance at scale while still driving performance.

這些進步共同加強了全球最大的社交和視訊平台上的預篩選保護，並展現了我們的合作夥伴致力於為廣告商提供所需的工具，以保護品牌資產並大規模提高上下文相關性，同時還能推動業績成長。

There's been some debate about whether platform native AI optimization tools those black box tools that automate targeting, creative and attribution could reduce the need for independent verification. The reality is while those systems optimize delivery they don't disclose where ads run or how suitability is maintained.

關於平台原生 AI 優化工具（即那些能夠自動進行目標定位、創意設計和歸因分析的黑箱工具）是否可以減少獨立驗證的必要性，一直存在一些爭論。事實上，雖然這些系統優化了廣告投放，但它們並沒有透露廣告的投放位置或如何維持廣告的適宜性。

And a sample of AI run social campaigns, we found brand suitability rates to be roughly 2 points lower than in non-AI campaigns. As these closed algorithm scale, advertisers are relying even more on DV for the transparency control that platforms don't provide. In our sample, our pre-bid protection was applied more than 3 times as often on AI campaigns than on standard campaigns, evidence that advertisers see higher risk in these black box solutions and a greater need for safeguards.

我們對人工智慧驅動的社群行銷活動進行了抽樣調查，發現品牌適宜率比非人工智慧行銷活動低約 2 個百分點。隨著這些封閉式演算法的規模擴大，廣告主越來越依賴數位驗證來獲得平台無法提供的透明度控制。在我們的樣本中，AI 廣告活動應用程式競價前保護的頻率是標準廣告活動的 3 倍以上，這表示廣告主認為這些黑箱解決方案風險更高，更需要安全保障。

The takeaway is clear. As platform AI engines become more sophisticated, the need for an independent trusted verification becomes even more essential to ensure performance, suitability and accountability worked together.

結論很明確。隨著平台人工智慧引擎變得越來越複雜，對獨立可信任的驗證的需求變得更加重要，以確保效能、適用性和問責制能夠協同運作。

Turning to social measurement, we continue to expand post-bid coverage across the world's largest social media environments, expanding our AI-powered brand suitability measurement to meta threads giving advertisers independent transparency on yet another fast-growing social media platform.

在社群衡量方面，我們繼續擴大在全球最大社群媒體環境中的競價後覆蓋範圍，將我們人工智慧驅動的品牌適宜性衡量擴展到元話題，使廣告主能夠在另一個快速成長的社群媒體平台上獲得獨立的透明度。

We also extended our brand suitability measurement on Snapchat to shows and publisher stories adding to our existing coverage of creator stories and spotlight and giving advertisers greater clarity across more premium inventory.

我們也擴大了 Snapchat 上的品牌適宜性衡量範圍，涵蓋了節目和出版商故事，進一步擴展了我們對創作者故事和焦點報道的現有覆蓋範圍，讓廣告商能夠更清晰地了解更多優質廣告資源。

Shifting to diversifying revenue through CTV growth advertisers continue to describe the streaming landscape as fragmented and opaque. They often don't know where their ads run, the quality of the content they appear in or even if those ads are viewable and paid attention to by a real human. In some cases, ads are intended for premium full episode TV experiences end up in mobile gaming apps like Solitaire or other non-TV environments. This is a problem we estimate impacts roughly 15% of CTV impressions and waste over $1 billion of media spend each quarter, eroding trust as well as ROI.

透過 CTV 實現收入多元化的趨勢仍在繼續，廣告商仍然認為串流媒體市場格局分散且不透明。他們通常不知道自己的廣告在哪裡投放，廣告出現的內容品質如何，甚至不知道這些廣告是否能被真人看到和關注。在某些情況下，原本旨在提供優質完整劇集電視體驗的廣告最終會出現在手機遊戲應用（如紙牌遊戲）或其他非電視環境中。據估計，這個問題影響了約 15% 的 CTV 曝光量，每季浪費超過 10 億美元的媒體支出，削弱了信任度和投資報酬率。

At the same time, advertisers still rely on manual time-consuming and error-prone workflows to manage Do Not Air brand suitability list leading to misplaced ads and miss optimizations at scale. We've said before that DV has not fully monetized its CTV exposure, and we're now addressing that opportunity head on with three streaming TV specific product launches this quarter and with more to come in 2026.

同時，廣告主仍然依賴耗時且容易出錯的手動工作流程來管理「禁止投放」品牌適宜性列表，導致廣告投放位置錯誤和大規模優化失敗。我們之前說過，DV 尚未完全實現其 CTV 業務的盈利，現在我們正在積極應對這一機遇，本季度將推出三款專門針對串流媒體電視的產品，2026 年還將推出更多產品。

On the measurement side, this week, we announced the launch of DV Verified Streaming TV measurement, a market-first capability that provides impression-level transparency across digital video campaigns helping advertisers ensure that ads are delivered in high-quality TV-like environments, not an outstream players on blog pages or in gaming apps, which too often pass as TV inventory and reseller channels in the open market and private marketplace.

在衡量方面，本週我們宣布推出 DV 驗證串流電視衡量功能，這是一項市場首創的功能，可提供數位影片廣告系列的展示級透明度，幫助廣告商確保廣告在高品質的類似電視的環境中投放，而不是在部落格頁面或遊戲應用程式等插播平台投放。這些平台經常被當作電視廣告資源和轉售管道，在公開市場和私人市場中流通。

We're also extending our Verified Streaming TV capabilities into activation launching pre-bid Verified Streaming TV segments across leading programmatic platforms such as The Trade Desk, Teads, StackAdapt, Microsoft Curate and Index Exchange allowing advertisers to target authentic streaming inventory in open market and PMP buys and avoid wasted delivery to rogue environments.

我們還將我們的認證串流電視功能擴展到激活領域，在 The Trade Desk、Teads、StackAdapt、Microsoft Curate 和 Index Exchange 等領先的程序化平台上推出預競價認證串流媒體電視細分，使廣告商能夠在公開市場和 PMP 購買中定位真實的串流媒體庫存，並避免浪費廣告資源投放到非法環境中。

Additionally, in activation, we've launched pre-bid Do Not Air list for streaming TV with an ABS, modernizing what was once a manual spreadsheet based process and to one that automatically enforces brand compliance policies across streaming platforms at scale.

此外，在激活方面，我們推出了針對串流媒體電視的競標前禁止播出列表，該列表採用 ABS 技術，將曾經基於手動電子表格的流程現代化，並自動大規模地在串流媒體平台上執行品牌合規政策。

And finally, we announced a new deal with entertainment database IMDb, leveraging authoritive metadata and popularity insights licensed from IMDb to enhance show-level transparency and classification for streaming TV. This partnership will help fuel agentic streaming TV contextual solutions that we'll be launching in early 2026.

最後，我們宣布與娛樂數據庫 IMDb 達成一項新協議，利用從 IMDb 獲得授權的權威元數據和受歡迎程度信息，提高流媒體電視的節目級別透明度和分類。此次合作將有助於推動我們將在 2026 年初推出的智慧串流電視情境解決方案。

Together, these innovations strengthen both sides of our CTV business, measurement, and activation, giving advertisers the visibility, precision and performance they need as streaming becomes the centerpiece of digital media. On measurement, our adoption continues to accelerate. In Q3, our CTV measurement volumes grew 30% year-over-year, reflecting the growing scale of our streaming verification footprint and growing advertiser demand for transparency in CTV.

這些創新共同加強了我們 CTV 業務的兩個方面：衡量和激活，為廣告商提供了他們所需的可見性、精準性和效果，因為串流媒體正成為數位媒體的核心。在衡量方面，我們的採用速度持續加快。第三季度，我們的 CTV 測量量年增 30%，這反映出我們的串流驗證覆蓋範圍不斷擴大，以及廣告主對 CTV 透明度的需求不斷增長。

Turning to programmatic. We continue to see healthy volume growth across open web environments on mobile and desktop. Approximately 65% of the open web media transactions we measure today occur on mobile devices underscoring the increasingly app-centric nature of digital advertising. Excluding CTV, programmatically purchased video display impressions grew at double-digit rates in the third quarter and year-to-date in 2025 reflecting sustained advertiser demand for transparent, measurable and brand suitable media.

轉向程序化購買。我們看到，在行動和桌面端的開放式網路環境中，存取量持續健康成長。在我們目前衡量的開放網路媒體交易中，約有 65% 發生在行動裝置上，這凸顯了數位廣告日益以應用程式為中心的特性。除連網電視外，2025 年第三季和年初至今，程式化購買的影片展示廣告曝光量均以兩位數的速度成長，反映出廣告主對透明、可衡量和適合品牌的媒體的持續需求。

Programmatic display and video impression volumes continue to rise across high-quality content-rich publishers in categories like news, lifestyle, food and hobbies for advertisers continue to find engaged brand suitable audiences.

在新聞、生活風格、美食和愛好等類別中，高品質內容豐富的出版商的程序化展示廣告和影片廣告展示量持續增長，廣告商不斷找到與品牌相關的活躍受眾。

On the supply side, growth was also a standout again this quarter, up 27% year-over-year, driven by continued momentum in Retail Media, which grew 30% year-over-year. DV's tags are now accepted across 149 of the key global retail media networks and sites, including 18 of the top retail media platforms.

本季供應方面，成長也再次表現突出，年增 27%，這主要得益於零售媒體的持續成長勢頭，其年增 30%。DV 的標籤目前已被 149 個主要的全球零售媒體網路和網站接受，其中包括 18 個頂級零售媒體平台。

We also added new platforms and publishers, including AMC, Univision, Comcast's Versant, Rumble, Wiley, Rakuten Viber. As we look ahead, all of these innovations are creating clear catalysts for our largest monetization streams, activation, and measurement. Our medium-term North Star is to grow social streaming TV and AI verification solutions from under 30% of total revenue today to roughly 50% while continuing to efficiently grow our other key sectors. Achieving this revenue mix will provide a more defensible and scalable platform for growth that more closely mirrors global digital ad spend allocation.

我們也新增了 AMC、Univision、Comcast 的 Versant、Rumble、Wiley、Rakuten Viber 等平台和發行商。展望未來，所有這些創新都將為我們最大的獲利來源、活化和衡量創造明顯的催化劑。中期目標是將社群串流媒體電視和人工智慧驗證解決方案的收入佔比從目前的不到 30% 成長到約 50%，同時繼續有效率地發展我們的其他關鍵領域。實現這種收入結構將為成長提供一個更具防禦性和可擴展性的平台，更能反映全球數位廣告支出分配。

In activation, our social products are already turning adoption into revenue. DV Authentic AdVantage and Meta pre-bid are scaling quickly driven by advertiser demand for transparent, performance-driven tools and side-closed platforms. And just a few weeks since the launch, DV Authentic AdVantage has closed nearly $8 million in expected annual contract value, while we expect Meta pre-bid to generate an annualized run rate of at least $7 million by this year's end.

在實際應用中，我們的社交產品已經將用戶成長轉化為收入。受廣告主對透明、效果導向工具和側封閉式平台的需求驅動，DV Authentic AdVantage 和 Meta pre-bid 正在迅速擴展。自推出以來短短幾週，DV Authentic AdVantage 已達成近 800 萬美元的預期年度合約價值，而我們預計 Meta pre-bid 到今年年底將產生至少 700 萬美元的年化運行率。

Together, we believe these social activation solutions could represent a $120 million to $160 million annual revenue opportunity over the long term. In Streaming TV, we expect our Pre-bid Verified Streaming TV segments and Do Not Air list within ABS to add roughly $10 million in incremental annual activation revenue once fully ramped.

我們相信，從長遠來看，這些社群活化解決方案每年可帶來 1.2 億至 1.6 億美元的收入機會。在串流媒體電視領域，我們預計一旦全面鋪開，我們的預先競價驗證串流電視細分市場和 ABS 中的「禁止播出」清單將每年增加約 1000 萬美元的增量啟動收入。

Across measurement, we see upside from our AI verification suite, Verified Streaming TV measurement and content level transparency from partnerships like IMDb. Together, these products are expected to deliver meaningful incremental revenue as adoption scales. While the digital ad ecosystem continues to evolve, our strategy and product innovations are positioning DV for durable long-term growth.

在各項衡量指標中，我們看到了人工智慧驗證套件、認證串流電視衡量指標以及與 IMDb 等合作夥伴的內容等級透明度所帶來的提升。隨著市場規模的擴大，這些產品可望共同帶來可觀的增量收入。儘管數位廣告生態系統不斷發展，但我們的策略和產品創新正使 DV 實現持久的長期成長。

We're deepening relationships with global leaders, including Vodafone, Paramount Pictures, Haleon, Papa John's and Sonos, expanding partnerships across new solutions, markets, and media types. We've recently also added new enterprise customers like Tesco, Citigroup UK, Henkel, Red Bull, Under Armour, Burger King, Subway, Popeye's, Premier Inn, and Dominos by continue to strengthen our foundation for growth.

我們正在深化與沃達豐、派拉蒙影業、Haleon、棒約翰和 Sonos 等全球領導者的關係，拓展在新解決方案、市場和媒體類型方面的合作夥伴關係。我們最近也新增了 Tesco、英國花旗集團、漢高、紅牛、安德瑪、漢堡王、賽百味、大力水手、Premier Inn 和達美樂等企業客戶，繼續加強我們的成長基礎。

Our large customer base is also becoming more diversified. The number of advertisers generating over $200,000 in annual revenue grew by 11% year-over-year to 347, reflecting broader adoption, higher product penetration and increasing long-term value per client.

我們的大型客戶群也日趨多元化。年收入超過 20 萬美元的廣告商數量同比增長 11%，達到 347 家，這反映出更廣泛的採用、更高的產品滲透率以及每個客戶的長期價值不斷增加。

Fueled by our industry-leading scale and innovation, DV continues to differentiate itself from its competitors as the only public independent scaled verification platform emerging as the benchmark for transparency and trust in the AI era.

憑藉著業界領先的規模和創新，DV 不斷從競爭對手中脫穎而出，成為唯一一個公開獨立的規模化驗證平台，成為人工智慧時代透明度和信任度的標竿。

We've built this position through investing $210 million more in GAAP R&D than our closest competitor from 2023 through 2025 to date, creating product differentiation across social and streaming TV, empowering the launch of unique proprietary offerings such as DV Authentic AdVantage, DV Verified Streaming TV, DV Agent ID, DV AI Slopstopper and more.

從 2023 年到 2025 年，我們透過比最接近的競爭對手多投入 2.1 億美元用於 GAAP 研發，從而建立了這一地位。我們在社群和串流電視領域實現了產品差異化，並推動了 DV Authentic AdVantage、DV Verified Streaming TV、DV Agent ID、DV AI Slopstopper 等獨特專有產品的推出。

Additionally, through acquisitions like Scibids AI and Rockerbox, we've expanded our value proposition beyond verification into AI-powered optimization and outcomes measurements, core pillars of our Media Advantage Platform strategy, which brings the full power of our data and technology to advertisers. Together, these form a broad-based scaled solution, unlike any in the market that will further distance us from the competition and provide future avenues of growth.

此外，透過收購 Scibids AI 和 Rockerbox 等公司，我們已將價值主張從驗證擴展到 AI 驅動的優化和結果衡量，這是我們媒體優勢平台戰略的核心支柱，該戰略將我們數據和技術的全部力量帶給廣告商。這些措施共同構成了一個廣泛基礎的規模化解決方案，與市場上任何其他解決方案都不同，這將進一步拉開我們與競爭對手的距離，並為未來的成長提供途徑。

TV is innovating and evolving with AI, enabling us to do so at increasing speed and efficiency, helping to expand margins in parallel. We are developing unique solutions that differentiate and diversify our revenue into the fast-growing sectors of social and CTV and with new AI verification tools we are positioning ourselves for expansive growth as the inevitability of LLM centric advertising becomes a source of new monetization opportunities.

電視產業正藉助人工智慧進行創新和發展，使我們能夠以越來越快的速度和效率做到這一點，同時也有助於擴大利潤空間。我們正在開發獨特的解決方案，使我們的收入在快速成長的社交和連網電視領域實現差異化和多元化。借助新的人工智慧驗證工具，我們正在為快速成長做好準備，因為以LLM為中心的廣告的必然性將成為新的獲利機會的來源。

When we kicked off 2025, we shared with you all that this will be a year of transition and evolution. We've leaned into both weathering variable market conditions while introducing more TAM-expanding solutions than at any time in our history, catalyzing future growth opportunities and delivering full year growth ahead of our initial plans.

2025 年開始，我們曾告訴大家，這將是轉型和發展的一年。我們既積極應對不斷變化的市場環境，又推出了比以往任何時候都多的拓展市場規模的解決方案，從而促進了未來的成長機會，並提前實現了全年增長目標。

As we move into 2026, our priorities remain clear. Execution, innovation and sustained value creation for our customers and shareholders. We appreciate your continued support as we drive towards an exciting future for DV. With that, let me turn the call over to Nicola.

展望2026年，我們的工作重點依然明確。為我們的客戶和股東創造價值，專注於執行、創新和持續發展。感謝您一直以來對DV的支持，我們將共同邁向令人興奮的未來。那麼，我把電話交給尼古拉吧。

Thank you, Mark, and good morning, everyone. Our third quarter results reflect continued double digit year-over-year revenue growth, solid profitability, and strong cash generation. We delivered approximately $189 million in total revenue in the third quarter, up 11% year-over-year and within our guidance range. Adjusted EBITDA was $66 million, above the high-end of our guidance range and representing a 35% margin, driven by cost discipline, operating leverage, and AI-driven efficiency gains across the organization.

謝謝你，馬克，大家早安。第三季業績反映了營收年增兩位數、獲利能力穩健以及現金流強勁。第三季總營收約 1.89 億美元，年增 11%，符合我們的預期範圍。經過調整後的 EBITDA 為 6,600 萬美元，高於我們預期範圍的上限，利潤率為 35%，這得益於成本控制、營運槓桿以及人工智慧驅動的整個組織的效率提升。

As we outlined last quarter, Q3 revenue was essentially flat on a sequential basis, driven primarily by tougher year-over-year comps, as we lapped our strongest growth quarter of 2024, and further driven by softer retail spend. We expected second-half revenue growth to moderate, consistent with our full year outlook for double-digit revenue growth, strong profitability, and the scaling of new activation and measurement products focused on Social, CTV, and AI heading into 2026.

正如我們上個季度概述的那樣，第三季度收入環比基本持平，這主要是由於同比基數較高，因為我們剛剛度過了 2024 年增長最強勁的季度，而且零售支出也較為疲軟。我們預計下半年營收成長將放緩，這與我們對2026年全年兩位數收入成長、強勁盈利能力以及專注於社交、聯網電視和人工智慧的新激活和衡量產品的規模化發展的預期相一致。

Last quarter, we also noted that approximately a third of our first-half 19% revenue growth came from new advertisers, with the Moat wins from last year contributing about one percentage point. Through the first nine months of 2025, revenue is up 16% year over year, with a similar contribution pattern to the first half, approximately one-third of revenue growth came from new advertisers with Moat winds from last year contributing approximately 1 percentage point. The majority of our growth continues to come from existing customers expanding their use of DV solutions.

上個季度，我們也注意到，我們上半年 19% 的營收成長中，約有三分之一來自新廣告商，而去年 Moat 的成功合作貢獻了約 1 個百分點。2025 年前九個月，營收年增 16%，貢獻模式與上半年類似，約三分之一的營收成長來自新廣告商，去年 Moat winds 貢獻了約 1 個百分點。我們的大部分成長仍然來自現有客戶擴大對 DV 解決方案的使用。

In the third quarter, total advertiser revenue grew 10%, driven by increased volumes. Media Transactions Measured, or MTMs, increased 12% year-over-year, while Measured Transaction Fees, or MTFs, decreased 4% year-over-year, reflecting product and geographic mix, and excluding the impact of one introductory fixed fee deal.

第三季度，受銷售成長的推動，廣告主總收入成長了 10%。媒體交易量（MTM）較去年同期成長 12%，而交易費用（MTF）較去年同期下降 4%，這反映了產品和地理組合的變化，並且不包括一項介紹性固定費用交易的影響。

Activation revenue grew 10% year-over-year in the third quarter. ABS, which accounted for 54% of activation revenue grew 12% year-over-year, driven by new logo activations, upsell to existing customers and expanded usage among current users. 73% of our top 500 customers have now activated ABS, up from 68% in Q3 last year, demonstrating the continued adoption of this premium product.

第三季活化營收年增 10%。ABS 佔啟動收入的 54%，年增 12%，主要得益於新客戶活化、現有客戶追加銷售以及現有用戶使用量的增加。我們前 500 家客戶中已有 73% 啟動了 ABS，高於去年第三季的 68%，顯示這款高階產品正持續受到用戶的青睞。

non-ABS activation revenue grew 8%, reflecting solid demand for our social activation solutions, partially offset by softer spend from retail advertisers. Measurement revenue grew 9% year-over-year with momentum in social, partly offset by weaker retail spend.

非 ABS 活化收入成長 8%，反映出市場對我們社群活化解決方案的強勁需求，但零售廣告商支出疲軟部分抵銷了這一成長。測量收入年增 9%，社群媒體的成長勢頭強勁，但零售支出疲軟部分抵消了這一成長。

Social measurement grew 9% and accounted for 48% of total measurement revenue, while international revenue grew 2% and accounted for 27% of total measurement revenue. Excluding the suspension of the one CPG customer at the start of the year, social measurement revenue would have grown 22% in Q3 and 21% year-to-date. Revenue from Rockerbox was in line with expectations and is on track to achieve our expected 2025 revenue contribution of approximately $8 million. Finally, supply side revenue grew 27% in the third quarter driven by growth on existing platforms and new platform and publisher partnerships.

社會測量收入成長了 9%，佔總測量收入的 48%；國際收入成長了 2%，佔總測量收入的 27%。如果排除年初暫停與消費品客戶的合作，社交測量收入在第三季將成長 22%，年初至今將成長 21%。Rockerbox 的營收符合預期，並有望實現我們預期的 2025 年約 800 萬美元的營收貢獻。最後，第三季供應方收入成長了 27%，這主要得益於現有平台的成長以及與新平台和出版商的合作。

Moving to expenses. Cost of revenue increased 14% and primarily due to growth in activation revenue, which carries increased partner costs tied to revenue sharing arrangements as well as higher data and hosting costs driven by increased usage.

轉到費用部分。收入成本增加了 14%，主要原因是啟動收入的成長，這導致與收入分成安排相關的合作夥伴成本增加，以及因使用量增加而導致的資料和託管成本上升。

In Q3, we delivered an 82% margin on revenue less cost of sales, and we expect to maintain margins between 80% and 82% in Q4. R&D expenses increased as we continue to invest in AI capabilities, engineering talent, and product development, including the integration of Rockerbox and continued improvement of DV Authentic AdVantage. Sales and marketing expenses and G&A included costs related to the Rockerbox acquisition and other strategic initiatives.

第三季度，我們的收入減去銷售成本後的利潤率為 82%，我們預計第四季度利潤率將保持在 80% 到 82% 之間。隨著我們持續投資於人工智慧能力、工程人才和產品開發，包括 Rockerbox 的整合和 DV Authentic AdVantage 的持續改進，研發費用增加。銷售和行銷費用以及一般及行政費用包括與收購 Rockerbox 及其他策略舉措相關的成本。

As noted last quarter, hiring remains disciplined as we realign resources towards growth priorities and continue to optimize for efficiencies. Adjusted EBITDA of approximately $66 million in the third quarter represented a 35% margin, exceeding expectations, driven by cost discipline, operating leverage, and AI-driven efficiency gains across the organization. GAAP net income reflected the impact of higher tax expenses, which is largely driven by the tax impact of our lower share price and by higher stock-based compensation costs.

正如上個季度所指出的，隨著我們將資源重新調整到成長重點領域並繼續優化效率，招募工作仍然保持謹慎。第三季調整後 EBITDA 約為 6,600 萬美元，利潤率為 35%，超出預期，這得益於成本控制、營運槓桿作用以及人工智慧驅動的整個組織的效率提升。GAAP 淨收入反映了稅收支出增加的影響，這主要是由於股價下跌帶來的稅收影響以及股票選擇權費用增加所致。

Looking ahead to 2026, we're implementing an updated equity incentive plan that is projected to reduce annual stock-based compensation cost by 20%. This quarter, we also introduced an adjusted EPS calculation to provide an additional metric to evaluate the business. We delivered net cash from operations of approximately $51 million in the quarter. Capital expenditures were approximately $12 million in the quarter as compared to approximately $6 million in the same quarter last year as we accelerated investments in new solutions across social, streaming TV and AI.

展望 2026 年，我們正在實施一項更新的股權激勵計劃，預計該計劃將使年度股票選擇權補償成本降低 20%。本季度，我們也引入了調整後的每股盈餘計算方法，以提供評估業務的額外指標。本季我們實現了約 5,100 萬美元的營運活動淨現金流。本季資本支出約為 1,200 萬美元，而去年同期約為 600 萬美元，因為我們加快了對社交、串流媒體電視和人工智慧等新解決方案的投資。

In terms of capital allocation, in the third quarter, we repurchased 3.3 million shares of DV common stock for $50 million. As of November 7, remain available and authorized for additional repurchases. Through September 30, we deployed $132 million to repurchase 8.4 million shares more than offsetting the anticipated full year 2025 stock-based compensation costs. We also deployed $82 million net of cash to acquire Rockerbox as part of our M&A strategy to diversify our product offering from protection to performance.

在資本配置方面，第三季我們以 5,000 萬美元的價格回購了 330 萬股 DV 普通股。截至 11 月 7 日，仍可供購買並授權進行額外回購。截至 9 月 30 日，我們投入 1.32 億美元回購了 840 萬股股票，足以抵銷預計 2025 年全年股票選擇權激勵成本。我們還投入了 8,200 萬美元的淨現金收購了 Rockerbox，這是我們併購策略的一部分，旨在使我們的產品供應從防護型產品多元化到高性能產品。

In addition to investing into the business, we will continue to evaluate M&A opportunities and buybacks, including beyond the current authorization as part of our capital allocation strategy to maximize shareholder value.

除了對公司進行投資外，我們還將繼續評估併購機會和股票回購，包括在當前授權範圍之外進行回購，這是我們資本配置策略的一部分，旨在最大限度地提高股東價值。

In the first nine months of 2025, we delivered net cash from operations of approximately $138 million compared to approximately $122 million in the same period last year. Capital expenditures in the first nine months of 2025 were approximately $28 million compared to approximately $20 million in the same period last year.

2025 年前九個月，我們的營運活動淨現金流約為 1.38 億美元，而去年同期約為 1.22 億美元。2025 年前九個月的資本支出約為 2,800 萬美元，而去年同期約為 2,000 萬美元。

In the first nine months of 2025, cash generated from operations after funding capital expenditures totaled approximately $110 million as compared to adjusted EBITDA of $168 million. We ended the third quarter with approximately $201 million in cash and cash equivalents. Our strong cash generation combined with disciplined capital allocation and share repurchases continues to enhance long-term per share value.

2025 年前九個月，扣除資本支出後，經營活動產生的現金總額約為 1.1 億美元，而調整後的 EBITDA 為 1.68 億美元。第三季末，我們持有約 2.01 億美元的現金及現金等價物。我們強勁的現金流，加上嚴格的資本配置和股票回購，持續提升了每股長期價值。

Turning to guidance. we're updating our fourth quarter outlook to reflect ongoing retail softness in a key seasonal period. We expect revenue to range between $207 million and $211 million, representing 10% growth at the midpoint. We expect adjusted EBITDA to range between $77 million and $81 million, representing a 38% margin at the midpoint and continued strong operating leverage. While Q4 is our easiest comparison for existing customer growth, it is also our toughest for new customer growth as we lap a period of outsized advertiser, publisher and platform additions.

關於業績展望，我們正在更新第四季業績展望，以反映關鍵季節性時期零售業持續疲軟的狀況。我們預計營收將在 2.07 億美元至 2.11 億美元之間，中位數為 10%，這意味著營收將成長 10%。我們預計調整後的 EBITDA 將在 7,700 萬美元至 8,100 萬美元之間，中間值為 38%，並維持強勁的營運槓桿。雖然第四季是我們現有客戶成長最容易進行比較的時期，但對於新客戶成長而言，這也是最艱難的時期，因為我們經歷了廣告商、出版商和平台數量大幅成長的時期。

For full year 2025, we expect to deliver approximately 14% year-over-year growth at the midpoint and are raising our adjusted EBITDA margin guidance from approximately 32% to approximately 33% and reflecting margin expansion even as revenue growth normalizes to approximately 10% in the back half of the year. We also expect a full year 2025 margins of approximately 33% to be a base case for full year 2026, supported by continued cost discipline, AI-driven efficiency gains and the inherent operating leverage in our model.

對於 2025 年全年，我們預計將年增約 14%（取中間值），並將調整後的 EBITDA 利潤率預期從約 32% 上調至約 33%，反映出即使下半年營收成長正常化至約 10%，利潤率仍將擴張。我們也預計，2025 年全年利潤率約為 33%，這將是 2026 年全年的基本情況，這得益於持續的成本控制、人工智慧驅動的效率提升以及我們模型中固有的營運槓桿作用。

For the fourth quarter, we expect stock-based compensation to range between $25 million and $28 million and weighted average diluted shares outstanding to range between 163 million and 165 million shares. Looking beyond 2025, upside from the 10% base case revenue growth we're expecting for the second half of 2025 will be driven by the pace of adoption and scaling of our social activation products, our CTV solutions alongside the ramp of our new AI offerings.

我們預計第四季度股票選擇權激勵支出將在 2,500 萬美元至 2,800 萬美元之間，加權平均稀釋後流通股數將在 1.63 億股至 1.65 億股之間。展望 2025 年以後，我們預計 2025 年下半年基本營收成長將達到 10%，而在此基礎上，成長空間將主要來自我們社群活化產品、CTV 解決方案的採用和規模化速度，以及我們新的 AI 產品的推廣。

As Mark mentioned, our medium-term goal is to grow social, streaming CTV and AI verification solutions from less than 30% of total revenue today to approximately 50% while continuing to expand our other key sectors. This evolution will create a more diversified and resilient growth profile and position DV to capture a larger share of the fast-growing digital advertising ecosystem.

正如馬克所提到的，我們的中期目標是將社交、串流 CTV 和 AI 驗證解決方案的收入佔比從目前的不到 30% 增長到大約 50%，同時繼續拓展我們的其他關鍵領域。這一演變將創造更加多元化和更具韌性的成長模式，並使DV能夠在快速成長的數位廣告生態系統中佔據更大的份額。

In closing, our results show consistent double-digit growth, disciplined operational execution and strong profitability. Our balance sheet remains robust with over $200 million in cash and no long-term debt, supporting innovation, strategic partnerships and share repurchases. DV's business model continues to demonstrate resilience and scalability, and we remain confident in our ability to create long-term value for our shareholders.

總之，我們的業績顯示出持續兩位數的成長、嚴謹的營運執行和強勁的獲利能力。我們的資產負債表依然穩健，擁有超過 2 億美元的現金，且無長期債務，這為創新、策略合作和股票回購提供了支持。DV的商業模式持續展現出韌性和可擴展性，我們仍然有信心為股東創造長期價值。

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

接下來，我們將開放提問環節。操作員，請開始。

(Operator Instructions)

（操作說明）

Maria Ripps, Canaccord Genuity.

Maria Ripps，Canaccord Genuity。

First, can you maybe help us sort of think through some of the growth drivers for next year? And I know you sort of touched on this a little bit in your prepared remarks, but it would be great to get a little bit more -- sort of get a little bit more detail around some of the drivers there. And then if the business performed similarly to this year, let's say, mid-tens growth hypothetically, how should we think about sort of incremental profitability and the cash flow through next year? And then I have a quick follow-up.

首先，您能否幫我們思考明年的一些成長驅動因素？我知道您在準備好的發言稿中已經稍微提到了這一點，但如果您能了解更多細節，特別是關於其中的一些司機，那就太好了。如果公司業績與今年類似，例如假設成長10%左右，那麼我們該如何看待明年的增量獲利能力和現金流呢？然後我還有一個簡短的後續問題。

Yes, Maria, I'll take that question. So as we said in the remarks, we're looking at a base case scenario of a 10% growth, which is basically where the second half of '25 is coming out. We're not providing guidance, but that's a base case based on what we see today, and that's based on the recurring business that we have. As we said at the beginning of this year, entering this year, which we've always noted as a transition year, the upside will come from all the new solutions that we're putting in market for social, for CTV, which we've been discussing and now for AI solutions. And the upside to the base case will depend on the ramp for the adoption for those new products.

是的，瑪麗亞，我會回答這個問題。正如我們在發言中所說，我們目前考慮的基本成長情境是 10%，基本上就是 2025 年下半年的成長情況。我們不提供指導意見，但這是我們根據目前情況和現有業務量得出的基本結論。正如我們在今年年初所說，進入今年——我們一直將今年視為過渡之年——所有利好因素都將來自我們為社交、CTV（我們一直在討論）以及現在的AI解決方案推出的所有新解決方案。而基本情況的上升幅度將取決於這些新產品的普及速度。

And we've been very consistent with that story, and we see that flowing into 2026 as well. In terms of margins, we are raising the overall margin for 2025 to 33%. And we're considering that a base case for '26 as well. The upside on that margin number will come from adoption of AI tools and solutions that allow us to be more efficient in the business. I would say our strategy remains to reinvest in the business for new solutions, but AI tools will allow us to be more efficient in how we go after those opportunities.

我們一直堅持這個觀點，我們認為這個觀點也會延續到 2026 年。就利潤率而言，我們將 2025 年的整體利潤率提高到 33%。我們也把這視為 2026 年的基本情況。利潤率的提升將來自於人工智慧工具和解決方案的應用，這些工具和解決方案能夠提高我們的業務效率。我認為我們的策略仍然是繼續投資於業務，尋求新的解決方案，但人工智慧工具將使我們能夠更有效率地抓住這些機會。

That's very helpful. And then you mentioned several streaming TV sorts of product launches later this quarter. Could you maybe share a little bit more color around that sort of the expected adoption rate? And any thoughts on that monetization?

那很有幫助。然後您提到本季稍後將推出幾款串流電視產品。能否再詳細介紹一下預期的採用率？關於這種獲利模式，您有什麼想法嗎？

Sure. So as Nicola noted, we look at our growth drivers going into next year as being focused really on social, CTV and AI-specific tools. On the social stuff, obviously, we talked a lot about Authentic AdVantage and Meta pre-bid, and we see triple-digit millions coming out of that over the lifetime of those products. But CTV is something where we've arguably been hammered on for years, which is, hey, this is a fast-growing segment, why aren't you guys driving more revenue from it. We're seeing great volume growth.

當然。正如 Nicola 指出的那樣，我們認為明年的成長動力將主要集中在社交、連網電視和人工智慧專用工具上。在社交方面，我們顯然談了很多關於 Authentic AdVantage 和 Meta pre-bid 的內容，我們預計這些產品在其生命週期內將帶來數億美元的收益。但多年來，我們一直被詬病 CTV，那就是，嘿，這是一個快速成長的領域，為什麼你們沒有從中獲得更多收入。我們看到銷量大幅成長。

So this quarter, CTV grew at over 30%, 30% on a volume perspective. But where we haven't been able to really extract the value is kind of on the commensurate CPM or percentage of media. I think we're finally getting to the point with the new products that we've launched that we're going to start to be able to do that. So this V1 of CTV measurement includes what we call Verified Streaming TV. And as we noted in the call, we estimate around 15% of CTV impressions don't end up any place near a real CTV type or streaming quality, high-quality experience.

因此，本季 CTV 成長超過 30%，從數量上成長了 30%。但我們一直未能真正從中挖掘價值的地方在於相應的 CPM 或媒體百分比。我認為隨著我們推出的新產品，我們終於要開始實現這個目標了。因此，CTV 測量的 V1 版本包含了我們所說的經過驗證的串流電視。正如我們在電話會議中提到的，我們估計大約 15% 的 CTV 曝光量最終都無法達到真正的 CTV 類型或串流品質的高品質體驗。

That could be as much of $1 billion a quarter in spend. What we're able to do now is very clearly identify the fact that an impression ends up in a high-quality CTV environment or streaming player environment, not in an app or a blog post or an outstream player someplace and do that both on a pre-bid and a post-bid fashion. So I think, a, we're starting to lean in now to this quality initiative around CTV. And I think Jeff Green said something really interesting on The Trade Desk call last night. He said there will always be more supply than demand when it comes to kind of open markets.

那可能意味著每季高達10億美元的支出。我們現在能夠非常清楚地識別出廣告曝光最終出現在高品質的 CTV 環境或串流媒體播放器環境中，而不是出現在應用程式、部落格文章或其他地方的插播播放器中，並且能夠在競價前和競價後都做到這一點。所以我認為，我們現在開始重視圍繞 CTV 的這項品質提升計劃。我覺得傑夫格林昨晚在The Trade Desk電話會議上說了一些非常有趣的話。他說，在開放市場中，供應總是會大於需求。

And I think that, that is starting to take place in CTV, where with the emergence of Amazon and Netflix, there is lots and lots of CTV supply. So the ability to make sure that you're getting the cleanest, highest quality supply is something that's becoming more and more important to advertisers. And we're providing tools that allow them to do that.

我認為，這種情況正在連網電視領域開始出現，隨著亞馬遜和 Netflix 的出現，連網電視的供應量非常大。因此，確保獲得最乾淨、最高品質的廣告素材對廣告主來說變得越來越重要。我們正在提供工具，讓他們能夠做到這一點。

The other tool we've launched is automated Do Not Air list, which I think is the first step towards a much finer targeting capability for advertisers to block certain types of content as well as on a program level to exclude those programs from any type of open market or PMP buy. So this is the first step in a much broader suite of CTV products that are going to enable us to actually extract the kind of value out of that segment that we should have and that we can.

我們推出的另一款工具是自動化的「禁止播出」列表，我認為這是廣告商實現更精細的定向投放能力的第一步，他們可以屏蔽某些類型的內容，還可以從節目層面將這些節目排除在任何類型的公開市場或 PMP 購買之外。所以，這是我們更廣泛的 CTV 產品套件的第一步，這些產品將使我們能夠真正從該細分市場中榨取我們應該擁有和能夠獲得的價值。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

I'd be interested if you could shed more light on the softness that you have mentioned in retail. And for instance, is it concentrated within a handful of customers? Is it something that is broader based? And then do you sense -- like would you connect the dots between the low-end consumer pressures that are becoming evident in the US economy and what you're seeing? Or is it -- are you seeing it kind of up into the high end as well?

如果您能就您在零售業中提到的柔軟度做更詳細的說明，我將不勝感激。例如，這種情況是否集中在少數客戶身上？它是否具有更廣泛的影響？那麼，你是否感覺到——比如，你是否能將美國經濟中日益明顯的低端消費者壓力與你所看到的情況聯繫起來？或者說——你也看到這種情況在高端市場也有體現嗎？

Yes. So Mark, I'll take the question. The softness is across the vertical. And as you know, retail is a large vertical for us. So it represents a large share of our top 100 spenders.

是的。那麼，馬克，我來回答這個問題。柔軟度體現在垂直方向。如您所知，零售業是我們的一個重要業務部門。因此，它占我們前 100 名消費者中的很大一部分。

So it's not concentrated on specific accounts. It has been a disruptive year with both tariffs and other factors in the market, and it is impacting the retailers, whether it's -- our base of clients are generally large distributors of retail, so it does impact them. But we are seeing the impact across the entire vertical.

所以它並非集中於特定帳戶。今年由於關稅和其他市場因素的影響，市場動盪不安，零售商也受到了影響，尤其是我們的客戶群通常是大型零售分銷商，因此這對他們確實產生了影響。但我們看到這種影響波及整個垂直領域。

Okay. And then for Mark, how do you think about trying to project the timing for OpenAI, Perplexity, Anthropic, et cetera, to begin their own advertising at scale? And how aggressively do you think your customers might push them to make sure that Double Verify is showing up in those venues?

好的。那麼對於 Mark 來說，你如何看待預測 OpenAI、Perplexity、Anthropic 等公司何時開始大規模投放廣告？你認為你的客戶會以多大的力度敦促他們確保 Double Verify 出現在這些地方？

Yes, it's a great question. And interestingly enough, we've seen this story play out before, particularly on connected television. And the most recent example is Netflix, who for years said they're never going to ever have advertising, they're never going to have advertising and then literally out of the blue decided they were going to have advertising. And in that case, within 90 days of that announcement, we had already been engaged with building a product and we're ready to launch that product with them. So we think that the LLMs movement into advertising is going to be one that's going to be pretty quick.

是的，這是一個很好的問題。有趣的是，我們以前就看過類似的故事發生，尤其是在連網電視上。最近的例子就是 Netflix，他們多年來一直聲稱永遠不會投放廣告，永遠不會投放廣告，然後突然就決定要投放廣告了。在這種情況下，在宣布後的 90 天內，我們已經開始著手開發產品，並且我們準備與他們一起推出產品。所以我們認為，LLM（法學碩士）進軍廣告業的步伐將會非常迅速。

It will be -- I think it's going to be broad-based. So it's not going to be one of them will go into it. I think they will all go into it. And from what we've seen in the past is as soon as they engage with advertisers, the first thing advertisers are going to want to know is how am I going to drive ROI from this. And the second thing they're going to want to know is how can I trust anything that's occurring in this engagement.

我認為這將是——而且將是廣泛的。所以他們之中不會有人會參與其中。我認為他們都會參與其中。從我們過去的經驗來看，一旦他們與廣告商接觸，廣告主首先想知道的就是如何從中獲得投資報酬率。他們想知道的第二件事是，我如何相信這次交往中發生的一切。

And I think that's where we play a big role, whether it's social platforms like Meta, TikTok, YouTube, where we play a verification role, the open web, CTV, I think the LLMs are going to be the next venue for us to actually provide verification, trust and control for advertisers. The products that we just launched are kind of a first step in giving our advertisers much more transparency of the kind of engagements that are occurring out in the open web with LLMs, and I think starting from that base, we're going to be in an interesting position to actually start to now play a larger role when the advertising rolls out across those platforms.

我認為這正是我們發揮重要作用的地方，無論是像 Meta、TikTok、YouTube 這樣的社交平台（我們扮演著驗證的角色），還是開放網路、連網電視，我認為 LLM 將成為我們為廣告商提供驗證、信任和控制的下一個場所。我們剛推出的產品算是邁出了第一步，旨在讓我們的廣告商更清楚地了解在開放網路上與LLM進行的互動類型。我認為，以此為基礎，當廣告在這些平台上推出時，我們將處於有趣的地位，可以開始發揮更大的作用。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Can I stay on the direction that Mark started. Nicola, if you think about the -- you talked about the base case for next year, the 10%, which is kind of what we're seeing this year. Can you speak to like what are the assumptions around economy, et cetera, that we're doing here? It's like stable? Is it worth maybe putting an extra buffer in?

我可以繼續沿著馬克開始的方向走嗎？尼古拉，如果你想想——你談到了明年的基本情況，10%，這和我們今年看到的情況差不多。您能否談談我們在這裡所做的關於經濟等方面的假設是什麼？它很穩定嗎？是否值得增加額外的緩衝空間？

Can you speak to that, your thinking there? And then, Mark, one for you. Obviously, your industry looks like it's changing because Moat is gone, now one of your other public competitors might be going. How do you think about the impact to the industry overall?

您能談談您的想法嗎？然後，馬克，給你來一個。顯然，你的行業看起來正在發生變化，因為 Moat 已經倒閉了，現在你的其他上市競爭對手之一可能也會倒閉。您認為這對整個產業會有什麼影響？

Yes. So I'll take the first question. I would say we're not expecting a dramatic change from what we're seeing right now in the macro. But having said that, what we're seeing in the macro this year has been pretty disrupted. We had advertisers that kept spending through uncertainty in the first half.

是的。那我先回答第一個問題。我認為，在宏觀經濟方面，我們預計不會出現與目前情況相比的劇烈變化。但話雖如此，我們今年看到的宏觀經濟狀況受到了相當大的衝擊。上半年市場充滿不確定性，但我們仍有一些廣告商持續在投放廣告。

We're now feeling some of the impact on the retail vertical based on what's actually happening in the macro. So the assumption for next year is that it is not materially different than what we're seeing today, and that is a year where we will achieve 14% growth, but it's 10% in the second half, which is what we were expecting all the time.

現在，我們已經感受到宏觀經濟情勢對零售業的一些影響。因此，我們對明年的假設是，情況不會與今天有實質的不同，我們將實現 14% 的成長，但下半年的成長率為 10%，這正是我們一直以來所預期的。

And regarding the kind of the landscape, I think there's a few things to think about. Obviously, less scaled competitors with the departure of Moat in the last 12 months. But also our direct competitor now going private, does create a different marketplace with regard to kind of pricing dynamics. They're a different business now. They're one that's heavily loaded with debt.

至於景觀類型，我認為有幾點需要考慮。顯然，隨著 Moat 在過去 12 個月中的退出，規模較小的競爭對手減少了。但同時，我們的直接競爭對手私有化，也確實在定價動態方面創造了一個不同的市場。他們現在是一家不同的公司了。他們是一家負債累累的公司。

That's going to have to think how that impacts pricing dynamics for their product in the marketplace. And the competitive field looks different with the fact that you've got a company here in DV that's kicking off a ton of cash that has no debt and has the ability now to continue to invest in product development.

這需要考慮這會對市場上其產品的定價動態產生怎樣的影響。競爭格局也隨之改變，因為DV這裡有一家公司，它獲得了大量現金，沒有債務，現在有能力繼續投資產品開發。

Obviously, we've just launched a slew of products to invest in M&A to build out a broader platform and to keep focused on revenue growth and market growth as this is -- the dynamics of the market keep changing. So I do think it puts us in a very advantageous position right now with regard to the ability to invest, the ability to maintain price and the ability to kind of continue to grow our solution set, both organically and inorganically. And so I think we've always said we're in this to win it. We're now $150 million of revenue larger plus than our closest competitor, and I think we can continue to extend that gap over time.

顯然，我們剛剛推出了一系列產品，投資於併購，以建立更廣泛的平台，並繼續專注於收入成長和市場成長，因為市場動態不斷變化。所以我認為這使我們目前處於非常有利的地位，無論是在投資能力、維持價格的能力，還是在有機成長和非有機成長方面，我們都能夠繼續擴大我們的解決方案組合。所以我覺得我們一直都說，我們參賽就是為了贏。我們現在的收入比最接近的競爭對手高出 1.5 億美元，而且我認為隨著時間的推移，我們可以繼續擴大這一差距。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

So maybe one quick follow-up to this 10% base case growth for 2026. Nicola, is the assumption that (inaudible) continues to be pretty soft the way it is -- it has been? Or do you expect that to worsen or to maybe improve? And then maybe this could actually be related, maybe not. But Kenvue is a top customer.

那麼，或許可以對 2026 年 10% 的基本成長率做一個快速的後續說明。尼古拉，假設（聽不清楚）仍然像以前那樣相當溫和，是嗎？你認為情況會惡化還是會好轉？那麼，這或許真的與此有關，或許無關。但 Kenvue 是我們最重要的客戶之一。

It's being acquired by Kimberly-Clark. One is Kimberly-Clark the current customer? Is Kenvue still spending at the same level as before? Just kind of what's going on in that?

它將被金佰利公司收購。其中一位是金佰利公司，也就是目前的客戶嗎？Kenvue的支出水準是否與以前相同？那到底是怎麼回事？

Yes. So I'll take the first part. Again, just to be clear, we're not providing guidance for '26. I think the idea around a base case of 10% is what we're seeing in the second half of 2025. And with all the drivers that I already mentioned around uneven spend and a pretty disruptive macro environment, we're essentially assuming that we can maintain that 10% base case in 2026.

是的。那我來回答第一部分。再次聲明，我們不提供 2026 年的指導。我認為，2025 年下半年，我們將看到 10% 的基本成長率。鑑於我之前提到的支出不平衡和宏觀環境動盪等各種因素，我們基本上假設我們可以在 2026 年維持 10% 的基本情況。

It's a base case, off of which we can grow based on how we can sell our new products. Again, we will end up this year at 14% growth in a macro that was very disruptive quarter-on-quarter. So the 10% does not assume a dramatic difference in the macro.

這是一個基本案例，我們可以以此為基礎，根據新產品的銷售情況進行發展。今年我們最終將實現 14% 的成長，而宏觀經濟狀況在各個季度之間都經歷了很大的波動。因此，這10%並不意味著宏觀經濟會發生劇烈變化。

And with regard to kind of Kenvue and let's just talk about the broader health care segment in general, in consumer products in general. We had strong growth last quarter in CPG and in health care, both of which grew in double digits year-over-year. And with regard to that specific customer, we continue to see growth. Kimberly-Clark is not a current customer of ours, but we've had strong engagement with them in the past. We have strong relationships at Kenvue.

至於 Kenvue，我們不妨談談更廣泛的醫療保健領域，以及整個消費品領域。上個季度，我們在消費品和醫療保健領域均實現了強勁增長，這兩個領域的同比增長率均達到兩位數。就這位特定客戶而言，我們持續看到成長。金佰利公司目前不是我們的客戶，但我們過去曾與他們有過密切的合作。我們在 Kenvue 擁有牢固的關係。

And we are assuming that, that relationship will continue moving forward. So we've been really good in the past about continuing to maintain relationships in light of agency changes and in light of kind of structural changes at companies. So Kenvue is a client that we just won this year. They've continued to grow with us. They're a solid partner. They're expanding their use of our solutions. And we don't see any change in that in the short term.

我們假設這種關係將繼續發展下去。所以過去我們一直做得很好，能夠應對代理商的變化以及公司內部的結構性變化，繼續維護良好的關係。Kenvue 是我們今年剛贏得的客戶。他們與我們共同成長。他們是可靠的合作夥伴。他們正在擴大對我們解決方案的使用範圍。短期內我們看不到任何改變。

Laura Martin, Needham & Company.

勞拉馬丁，尼德姆公司。

My first one is on client base. I love all the new products. Do you -- Mark, I think Wall Street is really excited about SMBs coming into the CTV space and sort of expanding the TAM. My question is your client base has historically been very large. Do you see any of these new products as maybe potentially garnering new and maybe lower -- coming down the size, scale of products?

我的第一點是關於客戶群的。我喜歡所有的新產品。馬克，我認為華爾街對中小企業進入 CTV 領域並擴大 TAM 感到非常興奮。我的問題是，貴公司的客戶群歷來都非常龐大。您認為這些新產品中是否有任何可能吸引新的、規模較小的客戶—也就是降低產品尺寸或規模？

And then my second one is on almost every ad tech company we cover, we've asked them this question about traffic. Are they seeing diminution in traffic? And they're all saying, No, no, no, we're not seeing any demise of traffic even in spite of Google doing answers. And then when you ask them, but is some of that bots, they say, Oh no, no, we have verification for impressions, and we know which are humans or which are bots. I assumed that was you doing that. But are there new competitors doing that since it sounds like you're just now introducing Gen AI verification solutions.

其次，我們幾乎問過我們報道過的每家廣告科技公司關於流量的這個問題。他們是否發現交通流量減少了？他們都說，不，不，不，即使谷歌提供答案服務，我們也沒有看到流量下降。然後當你問他們，其中是否有些是機器人時，他們會說，哦不，不，我們對點擊量有驗證，我們知道哪些是真人點擊，哪些是機器人點擊。我以為是你做的。但是，既然你們似乎現在才推出 Gen AI 驗證解決方案，那麼是否有新的競爭對手也在做同樣的事情呢？

Let me -- thanks for the question, Laura. I'll take the latter half of that first. We've always been able to identify basically we call nonhuman traffic. Right, the idea around what we call either SIBT or GIVT. GIVT is more benign. Those are your usual crawlers, they could be search crawlers, any type of other kind of positive or neutral crawlers.

讓我來回答－謝謝你的提問，蘿拉。我先接受後半部。我們一直能夠辨識出我們稱之為非人類交通的物體。沒錯，這就是我們所說的 SIBT 或 GIVT 的理念。GIVT 相對良性。這些就是常見的爬蟲，它們可能是搜尋爬蟲，也可能是其他任何類型的正面或中性爬蟲。

And then SIVT, which we consider kind of fraud or negative engagement activities. So that's always been able to be kind of verified and cleanly kind of identified. And in most cases, it gets blocked or is unpaid for. What we've launched now is a much more greater level of transparency.

還有 SIVT，我們認為這是一種詐欺或負面互動活動。所以這一點一直都能得到某種程度的驗證，並且能夠被清楚地辨識出來。而且在大多數情況下，它會被封鎖或未獲得報酬。我們現在推出的是更高水準的透明度。

And I think this is really interesting because there's greater engagement with ads and even with content with LLMs and in some cases, personal agents, right? And those have always been defined as GIVT which is something an advertiser shouldn't pay for, right? It's not a human. But what if that agent or that crawler or that bot is actually doing something positive and is looking to buy a product, is looking to find a coupon. Those are engagements that right now that the universe of the ad tech world has basically said, All right, don't engage, right? It's -- we're not going to pay for this.

我認為這真的很有意思，因為LLM（貸款管理師）和某些情況下個人經紀人對廣告和內容的參與度更高，對吧？而這些一直都被定義為GIVT（贈予價值），廣告商不應該為此付費，對吧？它不是人類。但是，如果那個代理商、爬蟲或機器人實際上是在做積極的事情，例如想要購買產品、尋找優惠券呢？目前，廣告科技領域的普遍看法是：好吧，不要參與這些互動，對吧？我們不會為此付費。

But what about the future? What about when an advertiser does want to engage with an agent from one of the LLMs? Who is going to decide and what information do they have on that? That's the kind of granularity that we're starting to provide, which is what is the bot's motive, what is -- where is it coming from. And right now, again, I think advertisers are still in the learn phase, but in the future, it could be something where they do want to engage and do want to render or pay for the ads.

但未來會怎麼樣呢？如果廣告商確實想與某個LLM機構的代理人合作，該怎麼辦？誰來做決定？他們掌握了哪些資訊？這就是我們開始提供的細緻程度，即機器人的動機是什麼，它來自哪裡。而現在，我認為廣告主仍處於學習階段，但未來他們可能會願意參與其中，並願意投放或付費投放廣告。

So I think it's a level of granularity and that we're able to provide now with this new tool that gives us the basis from which to launch new solutions in the future, in which agents may be talking to agents and bots may be talking to bots and advertisers might want to be part of that engagement.

所以我認為，我們現在能夠透過這個新工具提供這種精細程度，這為我們未來推出新的解決方案奠定了基礎，屆時代理商可以與代理商交談，機器人可以與機器人交談，廣告商也可能希望參與其中。

On the first part of your question, the growth of SMBs in the CTV world, I think like we have in the programmatic space with our ability to kind of be part of The Trade Desk buying tool, be part of DV 360's buying tool, where we insert our data directly into those.

關於您問題的第一部分，即 CTV 領域中小企業的成長，我認為就像我們在程序化領域一樣，我們有能力成為 The Trade Desk 購買工具的一部分，成為 DV 360 購買工具的一部分，我們將我們的數據直接插入這些工具中。

And we know that in those cases, upwards of 15% to 20% of our engagements every month are from non-scaled, non-engaged customers who literally click a box and say, apply DV prebid to my buy. As more buyers come into the CTV universe and they're buying through platforms, we think there's an opportunity in the same manner where they can apply DV, for example, Verified Streaming TV segments to our buy or apply a Do Not Air list to my buy very seamlessly.

我們知道，在這些情況下，我們每月有 15% 到 20% 的互動來自未擴展規模、未參與互動的客戶，他們只是點擊一個框，然後說，將 DV 預出價應用於我的購買。隨著越來越多的買家進入 CTV 領域，並且他們透過平台進行購買，我們認為這是一個機會，他們可以以相同的方式將 DV（例如，經過驗證的串流電視片段）應用於我們的購買，或者將「禁止播出」清單應用於我的購買，非常無縫。

So I think the entrance of SMBs into the CTV world is an opportunity for us in the same way that we get upside from that through the programmatic buying platforms. We'll be inserting our solutions into the buying platforms for SMBs on CTV as well and more scale is better, more opportunity is better. And I think since we are a CPM-based business for the most part, as more impressions get pushed through CTV, that's a good thing for us.

所以我認為，中小企業進入連網電視領域對我們來說是一個機會，就像我們透過程式化購買平台從中獲益一樣。我們也將把我們的解決方案引入到中小企業的 CTV 購買平台中，規模越大越好，機會越多越好。我認為，由於我們主要是一家以 CPM 為基礎的企業，隨著越來越多的廣告曝光透過 CTV 實現，這對我們來說是一件好事。

Matt Condon, Citizens.

馬特康登，市民。

My first one, Mark, just as we sit here today and you've had discussions with advertisers just around Meta pre-bid and you're thinking about 2026. Just how are those conversations developing? And how are you thinking about that product scaling in 2026?

馬克，我的第一個問題是，就在我們今天坐在這裡的時候，你已經和廣告商們討論過 Meta 競價前的廣告投放，並且你在考慮 2026 年的事情。這些對話究竟進展如何？您認為該產品在 2026 年的規模發展前景如何？

And then similarly, with just DV Authentic AdVantage, it seems like it's off to a very good start. Can you just talk about discussions there and also just scaling throughout 2026?

同樣地，僅憑 DV Authentic AdVantage，似乎也開局非常順利。您能談談這方面的討論，以及到 2026 年的規模擴張計畫嗎？

Yes. So on both of those solutions, we've got pretty high hopes for continued growth and scaling. The Meta pre-bid solution, it's a product that we launched earlier this year, and it's gotten better and better over time. We've expanded the number of block lists that we're able to push through. We've expanded the categories that we're able to refine the filtering around and that's helped catalyze a pretty significant growth rate.

是的。因此，我們對這兩種解決方案的持續成長和規模化都抱有很高的期望。Meta 投標前解決方案是我們今年早些時候推出的產品，隨著時間的推移，它變得越來越好。我們增加了能夠突破的屏蔽清單的數量。我們擴大了可以進行更精細篩選的類別，這有助於促進相當顯著的成長速度。

I think as we mentioned in the call, we're now approaching a $7 million run rate, and that continues to scale. And we've got some pretty large -- some of our largest CPG customers are already starting to scale against that. So as we look at that rolling into next year, we see pretty significant upside coming from that solution. And as we noted on our Innovation Day, we believe that prebid business can be as large as our postbid business on Meta, which is currently around a $40 million a year business. So we feel good about that. It's beginning to scale well, and our customers are leaning in.

正如我們在電話會議中提到的，我們現在的年收入接近 700 萬美元，而且這個數字還在不斷增長。我們有一些規模相當大的客戶——我們最大的消費品客戶已經開始利用這一點擴大規模。因此，展望明年，我們認為該方案將帶來相當大的發展潛力。正如我們在創新日上指出的那樣，我們相信投標前業務的規模可以與我們在 Meta 上的投標後業務一樣大，而 Meta 目前的投標後業務規模約為每年 4000 萬美元。所以我們對此感到很滿意。它開始發展壯大，我們的客戶也越來越積極地參與其中。

On the Authentic AdVantage front, I mean, this is a brand-new solution we just brought to market in September, and it's going gangbusters. Like we love what we've seen from the initial test where we're increasing scale, decreasing CPMs and making brand suitability better, all-in-one package on YouTube. That is our -- we've already booked almost $8 million in ACV for that product in the first few weeks. And we think that can be a real home run for us, very similar to where ABS was. It hits a lot of bases for advertisers.

就 Authentic AdVantage 而言，我的意思是，這是我們在 9 月剛剛推向市場的全新解決方案，而且它非常成功。就像我們非常喜歡從最初的測試中看到的那樣，我們正在擴大規模、降低 CPM 並提高品牌適用性，在 YouTube 上提供一體化解決方案。那是我們的——在短短幾週內，該產品的年度合約價值就已經接近 800 萬美元。我們認為這可能會為我們帶來巨大的成功，就像 ABS 那樣。它滿足了廣告商的許多需求。

We've had a pre-screen business on YouTube for a while, but one of the challenges always was, when I filter out inventory, what's left costs more. We've been now able to address that by saying you can filter out inventory that's not great for you, increase or maintain your brand suitability or brand safety standards while compressing costs, gives advertisers more reach, allows their spend to be more effective.

我們在 YouTube 上開展預篩選業務已經有一段時間了，但一直面臨的挑戰之一是，當我篩選掉庫存後，剩下的成本反而更高了。我們現在已經能夠透過以下方式解決這個問題：您可以篩選掉不適合您的廣告資源，提高或維持您的品牌適宜性或品牌安全標準，同時降低成本，為廣告商提供更廣泛的覆蓋面，使他們的支出更加有效。

And I think it's really resonating. So we see that scaling up well into 2026 and beyond. And we framed our pre-bid or Authentic AdVantage products to be triple-digit millions over the life of that solution. And I think we're well on our way there.

我覺得它真的引起了共鳴。因此，我們預計這種規模將持續擴大到 2026 年及以後。我們將競價前或 Authentic AdVantage 產品定位為在該解決方案的生命週期內創造數億美元的價值。我認為我們正朝著目標穩步前進。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. I was hoping you could expand on international some more. If we go back to the Innovation Day, I know some of your go-to-market changes were designed to just simplify the selling process over there. So I would love to hear about just how that's trending in more detail and what actions you might take to make international more material in 2026?

偉大的。我希望您能更詳細地介紹一下國際方面的內容。回顧創新日，我知道你們的一些市場推廣策略調整旨在簡化那邊的銷售流程。所以我很想更詳細地了解這方面的趨勢，以及您可能會採取哪些措施來使國際市場在 2026 年更具實質意義？

Yes. Thanks, Justin, for the question. I think international has been really a very variable area for us. We had -- two years ago, we had very soft international growth. Last year was relatively strong. This year is kind of in the middle. And I think we have put in together a strategy that will enable us to continue to scale there better.

是的。謝謝賈斯汀的提問。我認為國際業務對我們來說一直是一個非常不穩定的領域。兩年前，我們的國際成長非常緩慢。去年表現相對強勁。今年算是中間年份。我認為我們已經制定了一項策略，使我們能夠更好地繼續擴大在那裡的規模。

We -- what we've looked at are localized sales resources in region, but built on a centralized go-to-market plan. That's allowed us to scale efficiently, which is, as you can see in kind of our margins, we continue to improve, but also build local relationships there. The one thing that we have found is from region to region, the product needs and where folks are leaning in are very different.

我們考察的是區域內的在地化銷售資源，但這些資源是建立在集中化的市場推廣計畫之上的。這使我們能夠有效地擴大規模，正如你從我們的利潤率中看到的那樣，我們不僅不斷提高利潤率，而且還在當地建立了關係。我們發現的一點是，不同地區的產品需求和人們的關注點都大不相同。

You've got APAC, which is a very social-driven market, which has lower CPMs. You've got North America, which obviously is a very video- and CTV-driven market with higher CPMs. And you've got Europe, which is somewhere in the middle, depending on the region.

亞太地區是一個非常注重社交的市場，其 CPM 較低。北美市場顯然是一個非常依賴視訊和連網電視的市場，每千次展示成本 (CPM) 也更高。而歐洲則處於中間位置，具體情況取決於所在地區。

So what we've done is really focused on leaning into specific product suites in specific markets that align with the kind of media they're buying there. And ultimately, one of the things that we put out there is our North Star is we want 50% of our revenue coming from Social, CTV and new AI-focused solutions.

因此，我們真正專注於在特定市場推出與他們購買的媒體類型相符的特定產品套件。最終，我們提出的目標之一是，我們希望 50% 的收入來自社群媒體、連網電視和以人工智慧為中心的新解決方案。

And I think a big part of that is scaling our international business around social and getting those new products to market that make social buys, particularly across video and social video, i.e., YouTube, much more acceptable in markets where things like CPMs are much lower.

我認為其中很大一部分是圍繞社群媒體擴大我們的國際業務規模，並將那些讓社群購買（尤其是在影片和社群影片領域，例如 YouTube）在 CPM 等因素較低的市場中更容易被接受的新產品推向市場。

The way we've done that is look at different pricing models. And one of the things we did talk about our Innovation Day was a percentage of media model, which we've now launched on our social solutions, so on Meta prebid as well as on Authentic AdVantage. And that gives us the ability to sell those solutions in markets where CPMs are lower but still get good reach and good revenue upside opportunity.

我們採取的方法是研究不同的定價模式。我們在創新日上討論的內容之一是媒體百分比模型，我們現在已經在我們的社交解決方案中推出了該模型，例如 Meta prebid 和 Authentic AdVantage。這使我們能夠在 CPM 較低但覆蓋範圍廣、收入成長潛力大的市場銷售這些解決方案。

Matt Swanson, RBC Capital Markets.

Matt Swanson，加拿大皇家銀行資本市場。

Mark, you just mentioned briefly the different pricing models. And obviously, this has been a big year for innovation. There's a lot more product. We've come up also with some kind of bundling strategies.

馬克，你剛才簡單地提到了不同的定價模式。顯然，今年是創新蓬勃發展的一年。產品種類更多了。我們也提出了一些捆綁銷售策略。

Could you just talk about how you're thinking about go-to-market and just making sure that your sales force is -- maybe it's more of a shift to like value-based selling of -- solving some of these problems that are arising for your customers. But just how you're thinking about pitching the value proposition as you expand what you're offering?

您能否談談您是如何考慮市場推廣策略的，以及如何確保您的銷售團隊——或許更多地轉向基於價值的銷售——來解決客戶遇到的一些問題？但隨著你不斷擴展產品和服務範圍，你打算如何推銷你的價值主張？

Yes. One of the challenges when you launch a lot of products are -- is that you got a lot of products, right? And our customers are really looking for simplification, simplification of their engagement, but also simplification of how they buy media. And this is one of the reasons why some of the AI-based kind of black box solutions are doing so well, whether it's Advantage+ or PMax, et cetera, the ability for an advertiser just to set it and forget it, buy something and drive ROI is really important.

是的。推出大量產品時面臨的挑戰之一是——產品太多了，對吧？我們的客戶真正尋求的是簡化，簡化他們的參與方式，也簡化他們購買媒體的方式。這也是為什麼一些基於人工智慧的黑箱解決方案（無論是 Advantage+ 還是 PMax 等）表現如此出色的原因之一：廣告商只需設置好就不用管了，購買一些東西就能獲得投資回報率，這一點非常重要。

And I think we're thinking the same way with our solutions, where things like Authentic AdVantage are products where you can set a brand safety or suitability floor or target, but then let the solution run and drive CPMs down and drive volume up and reach up.

我認為我們在解決方案方面也是秉持著同樣的理念，例如 Authentic AdVantage 這類產品，您可以設定品牌安全或適用性的最低標準或目標，然後讓解決方案運行，降低 CPM，提高廣告量和覆蓋範圍。

So from a market kind of implementation practice, we're kind of following that solution set. From a go-to-market and sales process, the idea here is, a, making bundles more digestible. So rather than have 17 different features that we sell for 17 prices, particularly on the measurement side, to bundle our solutions up and enable an advertiser who's buying across CTV to kind of get everything that we offer on CTV for a fixed price.

所以從市場實施實務的角度來看，我們正在遵循這套解決方案。從市場推廣和銷售流程來看，這裡的想法是，a，使捆綁銷售更容易被接受。因此，與其推出 17 種不同的功能並以 17 種價格出售（尤其是在衡量方面），不如將我們的解決方案打包在一起，使在 CTV 上購買廣告的廣告商能夠以固定價格獲得我們在 CTV 上提供的所有服務。

And to do the same across social and open web, et cetera. So bundling on the measurement side, flexibility on pricing on the programmatic or buy side when it comes to filtering and prebid, these are ways that we're kind of easing the introduction of numerous suite of tools that continues to grow, but has value in different markets for different types of customers.

在社交網路和開放網路等領域也這樣做。因此，在衡量方面進行捆綁，在程序化或購買方面進行定價的靈活性（例如過濾和預競價），這些都是我們正在努力簡化眾多工具套件引入流程的方式，這些工具套件不斷發展壯大，但在不同的市場中對不同類型的客戶都具有價值。

So it's a lot that we're introducing. And I think the way that we're going to -- the way that we are making it digestible is making pricing adaptable to the market and making bundles much more part of how we sell things.

所以我們要引入的東西很多。我認為，我們實現這一目標的方式——也就是讓價格適應市場，並讓捆綁銷售更多地成為我們銷售方式的一部分——是讓產品更容易被接受。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

So we heard your commentary around the EBITDA margin outlined. But maybe within that, how do you think about potential flex in places like product development or tech costs from having to invest in AI solutions like agentic and SlopStopper as that space and the potential AI threat landscape evolves at a rapid pace? And then maybe for Mark, just how you're setting up the teams to respond to AI landscape innovations in as nimble a fashion as possible.

我們聽到了您關於 EBITDA 利潤率的評論。但或許在此背景下，您如何看待在產品開發或技術成本等方面可能存在的靈活性，因為隨著人工智慧領域和潛在的人工智慧威脅情勢的快速發展，必須投資像 Agentic 和 SlopStopper 這樣的人工智慧解決方案？那麼，對馬克來說，或許更重要的是，你如何組建團隊，盡可能靈活地應對人工智慧領域的創新。

Yes. So I'll take the first question around investment. So the profile of the companies that we have been able to invest and achieve the growth that we have within a margin range of 33%, right? And what's happened with the opening of the AI tools is that it allows us to reinvest faster into new opportunities because we're able to achieve what we are doing already in the core business more efficiently. So AI tools allow us to classify more effectively and do it in a more cost-efficient basis.

是的。那麼，我先回答第一個關於投資的問題。所以，我們投資的公司都具備這樣的特點，並且實現了33%的利潤率範圍內的成長，對吧？人工智慧工具的開放使我們能夠更快地將資金重新投入到新的機會中，因為我們能夠更有效率地實現我們在核心業務中已經取得的成就。因此，人工智慧工具使我們能夠更有效地進行分類，並以更經濟高效的方式完成分類。

And with that in mind, we will be able to essentially invest into the new categories more efficiently. And still, as we said at the beginning of the call, I feel confident that we can achieve as a base case, a 33% margin. So we're able to reinvest in the right categories more efficiently now that AI tools are available to us.

考慮到這一點，我們將能夠更有效地投資新的領域。不過，正如我們在電話會議開始時所說，我仍然有信心，我們能夠實現 33% 的基本利潤率。有了人工智慧工具，我們現在能夠更有效地將資金重新投入正確的領域。

And first of all, I want to thank you for being the first analyst to say SlopStopper on this call, which we are hoping someone would ask about. But our philosophy around AI is pretty straightforward. We're AI first, AI always and AI everywhere. And that has to do really with three main areas of focus. Our operations, our current solutions and then building out solutions for a new AI-enabled ad tech ecosystem.

首先，我要感謝你成為這次電話會議上第一個提到 SlopStopper 的分析師，我們希望有人會問這個問題。但我們對人工智慧的理念非常簡單明了。我們始終堅持人工智慧優先、人工智慧貫穿始終、人工智慧無所不在。這主要與三個關注領域有關。我們的營運、目前的解決方案，以及為新的人工智慧廣告技術生態系統建立解決方案。

What Nicola just mentioned was kind of the second part of it, which is how do you make our solutions better, more granular, and more efficiently do so. And we talked about how we're doing that with labeling. And if you think about labeling, what that is, is just kind of the contextualization of content, which is the base of everything we do, whether we call something suitable or viewable, et cetera, that has to do with labeling.

Nicola 剛才提到的其實是問題的第二部分，也就是如何讓我們的解決方案更好、更精細、更有效率地實現這些目標。我們討論瞭如何透過標籤來實現這一點。如果你思考一下標籤的含義，它其實就是內容的脈絡化，這是我們一切工作的基礎，無論我們稱某物為合適的還是可見的等等，都與標籤有關。

Through AI, we're doing that faster and more accurately than we ever have before, allowing us to more than quadruple the volume that an individual labeler can handle and increase the speed in which it's done by over 2,000 times. I mean, think about that.

透過人工智慧，我們比以往任何時候都更快、更準確地完成這項工作，使我們能夠將單一標註員能夠處理的工作量提高四倍以上，並將完成速度提高 2000 倍以上。我的意思是，想想看。

This is in a process that's taken us less than a year. We've been able to get these kinds of achievements. That will ultimately make a better product, a better core product and allow us to do so at a much more efficient rate. And that's why we've been able to kind of lean into both investment while actually increasing margins. I think that's super important to understand.

這個過程耗時不到一年。我們已經取得了這些成就。最終這將創造出更好的產品，更好的核心產品，並使我們能夠以更高的效率完成這項工作。正因如此，我們才能在加大投資的同時，實際提高利潤率。我認為理解這一點非常重要。

And then on the third leg, which is building products for an AI universe, I think that's a place where we've just started because most of the AI-enabled universe isn't really ad-driven yet. So what we've done is start looking at the impacts of AI so far in that space, whether it's the volume of crawlers and agents or the AI-generated content that SlopStoppers trying to keep advertisers away from, that is an opportunity for us to continue to grow our position as a transparency and verification leader, the same way we have in all of the other media spaces that we've gone after.

然後，在第三個階段，也就是為人工智慧世界建立產品，我認為這是我們剛起步的地方，因為大多數人工智慧世界還沒有真正以廣告為驅動。因此，我們開始關注人工智慧迄今為止在該領域的影響，無論是爬蟲和代理的數量，還是 SlopStoppers 試圖阻止廣告商接觸的人工智慧產生的內容，這都為我們提供了一個機會，讓我們能夠繼續鞏固我們作為透明度和驗證領導者的地位，就像我們在所有其他媒體領域所做的那樣。

So AI is infused in who we are as a business. It's infused in what our efficiency and operational capabilities are in the future. And it's infused in the new products that we're going to be building for in a new environment that we're building for in the future.

因此，人工智慧已經融入我們企業的各個層面。它融入了我們未來的效率和營運能力之中。而且，它將融入我們未來將在新環境中開發的新產品中。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Mark, maybe a quick one on TikTok. With an increasingly likely TikTok will be allowed in the US. if the company needs to launch a separate app, how much headwind could it be to DV going forward? Or will all the products essentially be transferred very easily? With that app staying in the US. are you seeing more demand from advertisers for TikTok products? Any color would be great.

馬克，或許可以在TikTok上快速發個影片。鑑於TikTok在美國獲準運營的可能性越來越大，如果該公司需要推出單獨的應用程序，這對DV未來的發展會有多大的阻礙？或者說所有產品都能非常輕鬆地轉移？由於該應用程式仍將在美國運營，您是否看到廣告商對TikTok產品的需求增加？任何顏色都可以。

Yes. So we -- TikTok currently is our third largest social platform after Meta and YouTube, which make up over 80% of our volume and around 50% or so of TikTok volume for us is US. So 50% outside of US. 50% in US. So the impact on the business, although it's growing really fast, is still relatively small on our social footprint. That being said, I think our products are -- would likely be relatively easily transferable to the new solution.

是的。所以，TikTok 目前是我們繼 Meta 和 YouTube 之後的第三大社群平台，占我們流量的 80% 以上，而我們 TikTok 流量的 50% 左右來自美國。所以50%在美國境外，50%在美國境內。因此，儘管業務成長速度非常快，但對我們的社會影響仍然相對較小。也就是說，我認為我們的產品—應該能夠相對容易地轉移到新的解決方案。

They exist via APIs and via blocklists that are relatively transferable from place to place. And if you remember, we actually do this in multiple languages across multiple instances of TikTok. And I think that's kind of flexibility enables us to kind of move this into any new app environment that comes to play. So we're not overly concerned about that. We've been flexible before with TikTok and with all the social platforms. And I think we'll be able to make that transition relatively easily when it comes.

它們透過 API 和屏蔽列表存在，這些屏蔽列表相對來說可以從一個地方轉移到另一個地方。如果你還記得的話，我們實際上是在多個 TikTok 實例上使用多種語言進行這項操作的。我認為這種靈活性使我們能夠將其應用到任何新的應用程式環境中。所以我們並不太擔心。我們之前在與TikTok以及所有社交平台的合作中都保持了靈活性。我認為，到時候我們能夠相對輕鬆地完成這種轉變。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect. I had two quick questions. First, let me just go back to the retail sort of weakness. Nicola, is there any way to just quantify how big of a headwind that was in Q3? And then how you see that kind of factoring into your guidance in Q4 as well, given it's obviously the strong holiday season.

完美的。我有兩個問題想問一下。首先，讓我再回到零售業的疲軟態勢上來。尼古拉，有沒有辦法量化第三季面臨的逆風有多大？那麼，考慮到第四季度顯然是重要的假期季，您認為這會如何影響您對第四季度的業績預期呢？

And then for Mark, I'm curious just as you think about the Meta ramp, you have 56 advertisers already. When you think about growth there, how much of it is going to come from the existing kind of advertisers scaling their usage and volume versus kind of adding new advertisers?

還有，Mark，我很好奇，就在你考慮 Meta 的成長計畫時，你已經有 56 位廣告商了。當你思考這方面的成長時，有多少成長將來自現有廣告商擴大使用量和規模，又有多少成長將來自新增廣告主？

Yes. So Arjun, I'll take the first part. So as we said, Q3 results reflect some disruption on the retail spend, right? And it is our largest -- it's one of our largest industry vertical. So it does have an impact on our results.

是的。那麼，阿俊，我來回答第一部分。正如我們所說，第三季業績反映出零售支出受到了一定程度的影響，對嗎？而且它是我們最大的——它是我們最大的行業垂直領域之一。所以它確實會對我們的結果產生影響。

Into Q4, Q4 is a high retail spend season. So guidance does reflect sort of more muted spend from retail going into a season that would otherwise be strong for them. Regarding 2026, I'll go back to what I was saying earlier in the call, which is we feel 2025 was a very disruptive year in terms of macro drivers. We had started the year guiding to 10%. We'll end up achieving a 14% growth.

進入第四季度，第四季是零售消費旺季。因此，該指引確實反映出零售業在通常情況下銷售旺季的支出有所放緩。關於 2026 年，我重申我之前在電話會議中說過的話，那就是我們認為 2025 年在宏觀驅動因素方面是一個非常動蕩的一年。年初時，我們的指導目標是 10%。最終我們將實現14%的成長。

So within a disruptive macro off of a base case of 10%, we were still able to achieve 14%, and going into '26, we're not anticipating macro to necessarily do any worse or any better. And that's what's kind of in the 10% base case.

因此，在宏觀經濟受到衝擊、基準值為 10% 的情況下，我們仍然實現了 14% 的成長。展望 2026 年，我們預期宏觀經濟不一定會變得更糟或更好。這就是 10% 基本情況的大致情況。

Yes. And Arjun, on the question on Meta, we've mentioned in the last two calls that we're pleasantly surprised and scaling ahead of expectations on that product. We know any new product takes time to scale, especially one that's within a walled garden and has specific limitations that need to -- it needs to grow into in advance. And in this case, the 56 customers that we have on that platform, nine are new to measurement. So they were not using us on the measurement side and came to us to do both measurement and pre-bid. I think that's a great sign of new customers.

是的。Arjun，關於 Meta 的問題，我們在最近兩次電話會議中提到過，我們對該產品的表現感到驚喜，其規模增長超出了預期。我們知道任何新產品都需要時間來擴大規模，尤其是那些處於封閉生態系統且有特定限制的產品，需要提前發展壯大。在這種情況下，我們平台上的 56 位客戶中，有 9 位是首次接觸測量。所以他們沒有讓我們負責測量工作，而是來找我們做測量和投標前的準備工作。我認為這是新客戶到來的好兆頭。

But a vast majority of them, the other 47 are upsells and that's where we're going to see the real volume growth. Customers are just starting to scale, just starting to launch that in specific markets. And -- but some of those upsells are some of our biggest CPG customers and some of the biggest spenders on social. So we see volume growth primarily coming from current customers based on upsells.

但其中絕大多數（其餘 47 件）都是追加銷售，而這才是真正能帶來銷售成長的地方。客戶才剛開始擴大規模，才剛開始在特定市場推出產品。而且—但其中一些追加銷售的客戶是我們最大的消費品客戶，也是社群媒體上消費最高的客戶。因此，我們看到銷售成長主要來自現有客戶的追加銷售。

And that's a good thing because that means we're getting the low-hanging fruit, we're getting the folks who are spending who we haven't been able to tap into those social budgets yet. And now we have a solution on their arguably largest social spend platform that we can start to monetize.

這是件好事，因為這意味著我們獲得了唾手可得的成果，獲得了那些我們之前無法從社會預算中爭取到的消費群體。現在，我們已經在他們可以說是最大的社交消費平台上找到了一個解決方案，可以開始將其貨幣化了。

Tim Nollen, SSR.

蒂姆·諾倫，SSR。

I've got -- I'd like to come back to the topic of CTV again, if that's okay. You had a press release several days ago about your work with Roku. You mentioned Netflix on the call. My question really is how penetrated are you across the CTV platforms? How difficult is it to provide coverage across both the open and the walled garden CTV services?

我還有──如果可以的話，我想再回到CTV這個主題上來。幾天前你們發布了一份關於與 Roku 合作的新聞稿。你在電話會議中提到了Netflix。我真正想問的是，你們在連網電視平台上的滲透率有多高？同時涵蓋開放式和封閉式 CTV 服務有多難？

And then just kind of stepping out a bit more broadly, what is your view of the role that DV can play in TV measurement in general, given everyone complains about how bad the measurement is or how inconsistent it is or how much is changing? Just what is the role that DV can play across this evolving landscape?

然後，讓我們更廣泛地探討一下，鑑於每個人都在抱怨電視收視率測量有多糟糕、多不一致或變化有多大，您認為數位影片在電視收視率測量中可以發揮什麼作用？在這種不斷變化的情況下，家庭暴力究竟能發揮怎樣的作用？

Thanks for the question. With regard to kind of penetration, I mean, we are working with all of the top 10 streaming TV platform. So everybody from Netflix to Disney, to Warner Brothers and the rest of the folks, Paramount, et cetera. So with regard to provide basic verification, viewability, impression counting, et cetera, we're there. So we have the relationships, we have the integrations, et cetera.

謝謝你的提問。就滲透程度而言，我的意思是，我們正在與排名前十的串流媒體電視平台合作。所以從 Netflix 到迪士尼，再到華納兄弟和其他公司，派拉蒙等等。因此，在提供基本驗證、可見性、曝光量統計等方面，我們已經做到了。所以我們有了關係，我們有了整合等等。

With regard to kind of getting into the measurement business, and the measurement business in the TV or CTV world usually means reach and frequency measurement, I don't think that's a space that we plan on entering. I think for several reasons. The first is, I think it's becoming increasingly less important to advertisers who are looking to drive outcomes, and they look at CTV as just another outcome engine, the same way search or display or social is.

至於涉足測量業務，以及電視或連網電視領域的測量業務通常指的是覆蓋率和頻次測量，我認為我們並不打算進入這個領域。我認為有幾個原因。首先，我認為對於那些希望推動廣告成效的廣告商來說，CTV 的重要性正在逐漸降低，他們把 CTV 看作是另一種效果引擎，就像搜尋、展示或社群媒體一樣。

So I think being in the measurement of that, I don't think -- being in the measurement of reach and frequency is a place where there's lots of people competing over a piece of pie that I think is going to eventually shrink. But I do think we can play a role on something that's increasingly important, which is evaluating quality, driving greater transparency and enabling better and more granular targeting, and those are areas where we've leaned in, I think our new solutions are the first step in getting further down that path.

所以我認為，衡量覆蓋率和頻率並不是一個好辦法，因為很多人在爭奪一塊最終會縮小的蛋糕。但我認為我們可以在一些日益重要的事情上發揮作用，那就是評估品質、提高透明度、實現更好、更精細的目標定位，而這些正是我們一直在努力的方向，我認為我們的新解決方案是朝著這個方向邁出的第一步。

And those are areas as more and more impressions are being bought, through PMPs or through open marketplaces, as the level of inventory increases, I think the ability to drive greater transparency, to drive greater trust in that engagement is going to be incredibly valuable, and that's a role that DV is playing. And we'll continue to play and expand that role over time.

隨著越來越多的廣告展示機會透過 PMP 或開放市場購買，庫存水準不斷提高，我認為提高透明度、增強用戶信任度的能力將變得極為重要，而這正是 DV 正在發揮的作用。我們將繼續發揮並隨著時間的推移擴大這一作用。

That's great. I meant measurement in a very broad sense, which I think you did address in your answer.

那太棒了。我所說的測量是指非常廣義的測量，我認為你在答案中已經談到了這一點。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Earlier this fall, President Trump ordered his health department to look into direct-to-consumer pharmaceutical advertising. And I was wondering if you had any update on whether that's potentially affecting some of your pharmaceutical clients, whether it affects programmatic advertising at all, if you saw any effect in the quarter and if it's contemplated in your fourth quarter guide?

今年秋天早些時候，川普總統下令衛生部門調查直接面向消費者的藥品廣告。我想問一下，您是否有任何最新消息，說明這是否可能影響到您的一些製藥客戶，是否對程序化廣告有任何影響，您是否在本季度看到了任何影響，以及您是否在第四季度業績指引中考慮了這一點？

It's a great question. We work with a significant number of health care and pharma companies. So everybody from Lilly to Novartis to Pfizer. And to be blunt, we've not seen significant drag or friction on any of their advertising. As a matter of fact, the lean into GLP drugs has been a real catalyst for advertising growth.

這是一個很好的問題。我們與眾多醫療保健和製藥公司合作。所以從禮來到諾華再到輝瑞，所有公司都參與其中。坦白說，我們沒有看到他們的任何廣告活動受到明顯的阻礙或摩擦。事實上，大力推廣符合良好實驗室規範 (GLP) 的藥物已成為廣告成長的真正催化劑。

And in discussions with them, it doesn't seem like there's any indication that, that is going to slow down at all. That being said, any type of regulatory is obviously out of our hands and out of their hands. But as of right now, the indications are spend continues to be strong on health care. It grew double digits for us last quarter, and it's grown double digits for us all throughout the year. And as of now, we look at a forecast in which we don't see significant headwinds against pharma advertising anytime soon.

在與他們的討論中，似乎沒有任何跡象表明這種趨勢會放緩。也就是說，任何類型的監管顯然都不在我們和他們的控制範圍內。但就目前來看，種種跡象顯示醫療保健支出依然強勁。上個季度我們實現了兩位數的成長，而且全年都保持了兩位數的成長。就目前來看，我們預測短期內醫藥廣告不會面臨重大阻力。

That concludes the question-and-answer session. I would like to turn the call back over to our CEO, Mark Zagorski.

問答環節到此結束。現在我想把電話轉回給我們的執行長馬克·扎戈爾斯基。

Thank you all for joining us this early morning. We are laser-focused on disciplined execution, continued innovation and delivering sustainable growth and long-term value for our shareholders. We look forward to seeing many of you at the conferences in the coming months.

感謝各位一早就來參加我們的節目。我們始終專注於嚴謹的執行、持續的創新，並為股東帶來可持續的成長和長期的價值。我們期待在接下來的幾個月裡在會議上見到你們中的許多人。

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。