Fluent Inc (FLNT) 2025 Q2 法說會逐字稿

Good afternoon and welcome. Thank you for joining us to discuss Fluent second quarter 2025 earning results. With me today are Fluent Chief Executive Officer, Dan Patrick; Chief Financial Officer Ryan Perfit, and Chief Strategy Officer Ryan Schulke. Our call today will begin with the comments from Don and Ryan Perfit followed by a question answer session.

下午好，歡迎。感謝您加入我們討論 Fluent 2025 年第二季的獲利結果。今天與我一起的有 Fluent 執行長 Dan Patrick、財務長 Ryan Perfit 和首席策略長 Ryan Schulke。我們今天的電話會議將以唐和瑞安·珀菲特的評論開始，然後是問答環節。

I would like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on Fluent website. To access the webcast, please visit the investor relations page at www.fluentco.com.

我想提醒您，本次通話正在進行網路直播和錄音。電話會議結束後，Fluent 網站上將提供此活動的重播。如需觀看網路直播，請造訪投資者關係頁面：www.fluentco.com。

Before we begin, I would like to advise listeners that certain information discussed by management during this conference call will contain forward-looking statements covered under the safe harbor provisions of the (inaudible) Securities Litigation Reform Act of 1995. Any forward-looking statements made during this call speak only as of the date hereof. Actual results could differ materially from those stated or implied by such forward-looking statements due to risk and uncertainties associated with the company's business.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中討論的某些資訊將包含 1995 年《證券訴訟改革法案》（聽不清楚）安全港條款所涵蓋的前瞻性陳述。本次電話會議中所做的任何前瞻性陳述僅代表截至本次電話會議當天的觀點。由於公司業務相關的風險和不確定性，實際結果可能與此類前瞻性陳述所明示或暗示的結果有重大差異。

These statements may be identified by words such as expects, plans, projects, could, will, and estimates and other words of similar meaning. The company undertakes no obligation to update the information provided on this call.

這些陳述可以透過預期、計劃、項目、可能、將會、估計和其他類似含義的詞彙來識別。本公司不承擔更新本次電話會議所提供資訊的義務。

For a discussion of the risk and uncertainties associated with Fluent website, Fluent business, we encourage you to review the company's findings with the Securities and Exchange commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

有關 Fluent 網站、Fluent 業務的風險和不確定性的討論，我們建議您查看公司向美國證券交易委員會提交的調查結果，包括公司最新的 10-K 表年度報告和 10-Q 表季度報告。

During the call management, we'll also present certain non-GAAP financial information relating to media margin, adjusted EBITDA, and adjusted net income. Management evaluates the financial performance of the company's business on a variety of indicators, including these non-GAAP metrics. The definition of these metrics and reconciliations to the most directly comparable GAAP financial measures are provided in the earnings press release issued earlier today.

在電話會議管理期間，我們還將提供與媒體利潤、調整後 EBITDA 和調整後淨收入相關的某些非 GAAP 財務資訊。管理階層根據多種指標評估公司業務的財務業績，包括這些非公認會計準則指標。今天稍早發布的收益新聞稿中提供了這些指標的定義以及與最直接可比較的 GAAP 財務指標的對帳。

With that, I'm pleased to introduce Fluent's CEO Don Patrick. Please go ahead.

我很高興向大家介紹 Fluent 的執行長唐‧帕特里克 (Don Patrick)。請繼續。

Good afternoon. Thank you all for joining our call today. I'm here together with Ryan Schulke, our Chief Strategy Officer and company co-founder; and Ryan Perfit, our Chief Financial Officer.

午安.感謝大家今天參加我們的電話會議。我和我們的首席策略長兼公司聯合創始人 Ryan Schulke 以及我們的財務長 Ryan Perfit 一起來到這裡。

As we projected during our last earnings call, our second quarter consolidated financial results continued to reflect the investment we've made over the last 30 months to shift our mix into the commerce media growth strategies.

正如我們在上次收益電話會議上所預測的那樣，我們的第二季度綜合財務業績繼續反映了我們在過去 30 個月中為將我們的產品組合轉向商業媒體成長策略而進行的投資。

Well this has created expected difficult consolidated coms for a business as expected. We are executing a very intentional strategy that we are confident we build a more valuable business. We're approaching a tipping point. We're in the second half of 2025. We believe we will begin seeing the financial impact of our commerce media solutions business as the revenue and gross profit mix shift begins to show in the consolidated Fluent financials.

正如預期的那樣，這給企業帶來了預期的困難合併。我們正在執行一項非常有針對性的策略，我們有信心打造更有價值的業務。我們正接近一個臨界點。我們已經進入2025年下半年。我們相信，隨著收入和毛利組合變化開始在合併的 Fluent 財務報表中顯現，我們將開始看到我們的商業媒體解決方案業務的財務影響。

Our Q2 consolidated financial results are as follows. Revenue of $44.7 million representing a 19% decline versus Q1 of 2025. Our median margin of $11.9 million was a decrease of 13% versus Q1 2025. And adjusted EBITDA negative $2.8 million, representing a 300k improvement versus Q1 2025. Our positive commerce media revenue growth trend in the quarter was not yet enough to offset our owned and operated (inaudible) decline of 31% quarter-over-quarter, exasperated by strong regulatory headwinds.

我們第二季的合併財務結果如下。營收為 4,470 萬美元，較 2025 年第一季下降 19%。我們的平均利潤率為 1,190 萬美元，與 2025 年第一季相比下降了 13%。調整後的 EBITDA 為負 280 萬美元，與 2025 年第一季相比改善了 30 萬美元。本季度，我們積極的商業媒體收入成長趨勢尚不足以抵銷我們自有和經營的（聽不清楚）收入環比下降 31%，強勁的監管阻力加劇了這一下降。

One of our key strategic motivators behind our shift, the mix strategy. We expect commerce Media to become the majority of our revenue as we move into 2026. To be clear, owned and operated remains core to our long term growth strategy, I'll be with a much tighter nucleus. And while we continue to reduce our strategic reliance on owned and operated, it represents a strong brand equity we built in the marketplace of the last decade that is still highly leverageable by our commerce media business.

我們轉變背後的一個關鍵戰略動機是混合戰略。我們預計，到 2026 年，商業媒體將成為我們收入的主要來源。需要明確的是，擁有和經營仍然是我們長期成長策略的核心，我將採取更緊密的核心。雖然我們繼續減少對自有和經營的策略依賴，但它代表了我們在過去十年的市場中建立的強大品牌資產，我們的商業媒體業務仍然可以高度利用它。

Put simply, owned and operated provides an essential operational and capability platform that our competitors can't rival, which acts as a springboard for our commerce media marketplace expansion. And the cash flow our owned and operating business generates fuels our long term growth strategies.

簡而言之，自有和營運提供了我們的競爭對手無法比擬的重要營運和能力平台，這為我們的商業媒體市場擴張提供了跳板。我們擁有和經營的業務所產生的現金流推動了我們的長期成長策略。

That said, the key driver to our business trajectory right now is the growth in commerce media solutions. We fundamentally believe we are creating a differentiated commerce media business that represents a transformational pivot for Fluent, while delivering a competitive advantage in a rapidly growing higher gross profit marketplace.

也就是說，目前我們業務發展軌跡的關鍵驅動力是商業媒體解決方案的成長。我們從根本上相信，我們正在創造一個差異化的商業媒體業務，這代表 Fluent 的轉型支點，同時在快速成長的高毛利市場中提供競爭優勢。

As of June 30, 2025, our commerce media revenue grew 121% compared to the prior year, representing 36% of our consolidated revenue and has surpassed an annual revenue run rate of $80 million. Over 20% sequential increase from Q1.

截至 2025 年 6 月 30 日，我們的商業媒體營收較前一年成長 121%，占我們合併收入的 36%，年營收運作率已超過 8,000 萬美元。較第一季季增 20% 以上。

As we continue to expand our model and grow market share based on the consumer value we are creating for our clients and advertisers. We are on a decided path to deliver sustainable growth with margins that are creative to our core business.

我們將繼續擴展我們的模式，並根據我們為客戶和廣告商創造的消費者價值來增加市場份額。我們正堅定地走在實現永續成長的道路上，並創造對我們核心業務的創造性利潤率。

To support the strategic pivot we are executing, today we announced over $10 million equity financing with high quality and diversified group of fundamental investors who are also joined by insiders. This financing bolsters our balance sheet and will fuel the growth of profitability. We appreciate the support of such a solid group of investors who got to know us, became confident in our strategy and growth trajectory.

為了支持我們正在執行的策略重點，今天我們宣布從高品質、多元化的基本面投資者群體以及內部人士那裡獲得超過 1000 萬美元的股權融資。此次融資增強了我們的資產負債表，並將推動獲利能力的成長。我們感謝這樣一群堅實的投資者的支持，他們了解我們，並對我們的策略和成長軌跡充滿信心。

I just want to take a minute to stand back and remind everyone the market opportunity that we are going after. Commerce Media is projected to grow over $100 billion over the next five years and is expected to account for 25% of all digital media spend in 2026.

我只是想花一點時間回顧並提醒大家我們正在追求的市場機會。預計未來五年內商業媒體的規模將成長超過 1,000 億美元，並預計在 2026 年將佔所有數位媒體支出的 25%。

This is a considerably larger market opportunity than our legacy owned and operated business, and the growth we are seeing in the Commerce Media segment reflects how we are squarely positioned as a leader in this quickly growing marketplace.

這是一個比我們傳統擁有和經營的業務大得多的市場機會，我們在商業媒體領域看到的成長反映了我們如何在這個快速成長的市場中處於領先地位。

In Q2, Commerce Media Solutions revenue grew 121% year-over-year while increasing its percent of consolidated enterprise revenue from virtually [02] years ago to now account for 36% of our consolidated revenue as we aggressively established Fluent's equity in the commerce media marketplace.

在第二季度，隨著我們積極確立 Fluent 在商業媒體市場的權益，商業媒體解決方案的收入年增 121%，其在企業合併收入中的佔比從近 [02] 年前上升到現在的 36%。

Its impact on Fluent's consolidated annual financials was actually partially masked by the seasonality-driven lower marketplace volume that is reflective of the retail vertical. As such, its growth is not yet enough to offset the decline in our still larger owned and operated marketplace, where revenue and media margins continue to be negatively impacted by the volatility and media cost on the bidable platforms. which affect our ability to buy media at scale at acceptable margins.

它對 Fluent 合併年度財務狀況的影響實際上被季節性驅動的較低市場交易量（反映零售垂直市場）部分掩蓋。因此，其成長尚不足以抵消我們仍然較大的自有和營運市場的下滑，該市場的收入和媒體利潤率繼續受到可競價平台的波動性和媒體成本的負面影響，這影響了我們以可接受的利潤率大規模購買媒體的能力。

We will more aggressively shift the mix to Commerce Media in the second half as we onboard new partners and continue to scale our marketplace. In turn, our shareholders will begin to see the financial momentum behind our strategic pivot and that momentum will carry into the fiscal year 2026.

隨著我們加入新的合作夥伴並繼續擴大我們的市場規模，我們將在下半年更積極地將業務組合轉向 Commerce Media。反過來，我們的股東將開始看到我們策略轉型背後的財務動力，而這種動力將延續到 2026 財年。

Importantly, our strategic premise continues to be validated by the staple of iconic brands who are choosing to partner with us. We are energized by the world-class brands that continue to engage us in partnership. So we added 15 new partners to our Commerce Media platform since the beginning of Q2 that will provide long-term dividends.

重要的是，我們的策略前提繼續得到選擇與我們合作的眾多標誌性品牌的認可。世界一流品牌不斷與我們合作，這讓我們充滿活力。因此，自第二季初以來，我們為 Commerce Media 平台增加了 15 個新合作夥伴，這將帶來長期紅利。

This growing list of partners recognizes the fundamental value we are creating in building consumer loyalty. As we are consistently exceeding their revenue in advertiser return on ad spend expectations. As one example, subsequent to the quarter, we expanded our relationship with authentic brands, a leading sports, lifestyle, and entertainment brand owner generating more than $32 billion in global retail sales.

不斷增長的合作夥伴名單認可了我們在建立消費者忠誠度方面所創造的根本價值。因為我們的廣告支出報酬率收入一直超出他們的預期。舉個例子，在本季之後，我們擴大了與正宗品牌的關係，正宗品牌是一家領先的體育、生活方式和娛樂品牌所有者，其全球零售額超過 320 億美元。

This expanded relationship supports additional brands like Reebok, Champion, and more. Also, a recently announced strategic partnership with Rebuy Engine, a leading e-commerce personalization platform for Shopify brands. Has opened an expansive network of over 12,000 plus active e-commerce brands on the Shopify ecosystem, which is a new channel for us.

這種擴大的合作關係支持了銳步、Champion 等更多品牌。此外，最近也宣布與 Shopify 品牌領先的電子商務個人化平台 Rebuy Engine 建立策略合作夥伴關係。已在 Shopify 生態系統上開闢了超過 12,000 個活躍電子商務品牌的廣泛網絡，這對我們來說是一個新的管道。

That execution is progressing as planned. But the strategic partnership also creates an oasis of upside as we cultivate new business relationships. What's most important to the business and our shareholders is ultimately having our financial scorecard reflect our strategic wisdom.

該執行工作正在按計劃進行。但在我們培育新的商業關係時，策略夥伴關係也創造了一個有利的綠洲。對於企業和股東來說，最重要的是我們的財務記分卡最終能夠反映出我們的策略智慧。

We expect to see strong momentum in the second half of the year and into 2026. Specifically, we expect the commerce media solutions will continue to grow at a triple digit rate this year and next. These results are testament to the investment we've made in the marketplace platform this Fluent team has built, which is validated by the world class brand partnerships we are establishing and that trend is accelerating.

我們預計今年下半年及 2026 年將出現強勁勢頭。具體來說，我們預計今年和明年商業媒體解決方案將繼續以三位數的速度成長。這些結果證明了我們對 Fluent 團隊建立的市場平台所做的投資，我們正在建立的世界級品牌合作夥伴關係也證實了這一點，而且這種趨勢正在加速。

As Commerce Media scales, we expect to be adjusted EBITDA positive in Q4 and achieve positive adjusted at EBITDA for the full year 2026 and beyond.

隨著 Commerce Media 規模的擴大，我們預計第四季度的調整後 EBITDA 將為正值，2026 年全年及以後的調整後 EBITDA 將為正值。

I will now turn the call over to Ryan to review the financial results.

我現在將電話轉給瑞安來審查財務結果。

Thank you, Don, and thanks to everyone for joining us today. I'll now provide a review of our second quarter results.

謝謝你，唐，也感謝今天與我們一起的所有人。我現在將回顧我們的第二季業績。

While total revenue of $44.7 million in the second quarter of 2025 reflects a decrease of 24% from the prior year. As Don just mentioned, Commerce Media Solutions revenue grew 121% to $16.1 million, consistent with our expectation of triple digit growth of this business for 2025. Commerce Media Solutions represents 36% of our total consolidated revenue in the second quarter of 2025 compared with just 12% in the second quarter last year.

2025 年第二季總營收為 4,470 萬美元，較上年下降 24%。正如唐剛才所提到的，Commerce Media Solutions 的營收成長了 121%，達到 1,610 萬美元，這與我們對該業務 2025 年實現三位數成長的預期一致。2025 年第二季度，Commerce Media Solutions 占我們總合併收入的 36%，而去年第二季僅為 12%。

We're optimistic about the growth we're seeing in Commerce Media Solutions and believe the segment is positioned to displace our owned and operated business as the main component of our consolidated revenues before the end of the year.

我們對商業媒體解決方案的成長持樂觀態度，並相信該部門將在年底前取代我們擁有和經營的業務，成為我們合併收入的主要組成部分。

Owned and operated revenue decreased approximately 49% in the quarter as our long-term strategy has shifted to focus on Commerce Media. Media margin in the second quarter was $11.9 million, which represented 26.7% of revenue compared to $15.7 million or 26.7% of revenue last year.

由於我們的長期策略已轉向以商業媒體為重點，本季自有和營運收入下降了約 49%。第二季媒體利潤為 1,190 萬美元，佔營收的 26.7%，而去年同期為 1,570 萬美元，佔營收的 26.7%。

Our Commerce Media margin in the 2nd quarter of 2025 was $3.2 million or 20% of Commerce Media Solutions revenue compared with $2.2 million or 30.4% of revenues in the second quarter of 2024. The second quarter Commerce Media margin was compressed related to flexibility around our pricing structure to remain competitive and win long-term partners and gain traction in new verticals. As we improve monetization in those new verticals and move past short-term pricing incentives, we expect media margin to return to the high 20s.

2025 年第二季度，我們的 Commerce Media 利潤率為 320 萬美元，佔 Commerce Media Solutions 營收的 20%，而 2024 年第二季的利潤率為 220 萬美元，佔營收的 30.4%。第二季 Commerce Media 利潤率受到壓縮，這與我們的定價結構靈活性有關，以保持競爭力並贏得長期合作夥伴並在新的垂直領域中獲得吸引力。隨著我們在這些新垂直領域的貨幣化改善以及擺脫短期定價激勵，我們預計媒體利潤率將回升至 20% 的高點。

On a GAAP basis, total operating expense in the second quarter of 2025 totaled $14.9 million compared with $18.2 million in the second quarter of 2024. Interest expense in the second quarter decreased to $702,000 from $1 million in the prior year period.

依照 GAAP 標準，2025 年第二季的總營運費用為 1,490 萬美元，而 2024 年第二季的總營運費用為 1,820 萬美元。第二季利息支出從去年同期的 100 萬美元下降至 70.2 萬美元。

We reported a net loss of $7.2 million in the second quarter compared with the net loss of $11.6 million in the prior year period. Net loss also improved on a sequential basis compared to $8.3 million in the first quarter of 2025.

我們報告第二季淨虧損為 720 萬美元，而去年同期淨虧損為 1,160 萬美元。與 2025 年第一季的 830 萬美元相比，淨虧損也較上季有所改善。

Adjusted net loss, a non-GAAP measure was $5.9 million, equivalent to a loss of $0.24 per share, compared with an adjusted net loss of $7.3 million or a loss of $0.47 per share in the second quarter of 2024. Adjusted EBITDA in the second quarter of 2025 was a loss of $2.8 million compared with an adjusted EBITDA loss of $4.5 million in the second quarter of 2024.

調整後淨虧損（非公認會計準則）為 590 萬美元，相當於每股虧損 0.24 美元，而 2024 年第二季調整後淨虧損為 730 萬美元，即每股虧損 0.47 美元。2025 年第二季調整後 EBITDA 虧損 280 萬美元，而 2024 年第二季調整後 EBITDA 虧損 450 萬美元。

As we continue to drive our shift in revenue mix to focus more on Commerce Media Solutions, we expect adjusted EBITDA to improve over time.

隨著我們繼續推動收入結構轉變，更加重視商業媒體解決方案，我們預計調整後的 EBITDA 將隨著時間的推移而改善。

Now shifting to our balance sheet. We ended the quarter with $4.9 million in cash and cash equivalents and an additional $2.4 million of restricted cash. We also announced today a private placement in excess of $10 million with multiple quality new investors as well as participation from insiders.

現在轉到我們的資產負債表。本季末，我們擁有 490 萬美元的現金和現金等價物，以及 240 萬美元的受限現金。我們今天也宣布了一項超過 1000 萬美元的私募，有許多優質新投資者以及內部人士參與。

This private placement gives us the working capital to support the continued growth of our Commerce Media business and gives us sufficient capital to reach adjusted EBITDA profitability in Q4 and for the full year of 2026 and beyond.

此次私募為我們提供了營運資金，以支持我們的商業媒體業務的持續成長，並為我們提供了足夠的資本，以在第四季度以及2026年全年及以後實現調整後的EBITDA盈利。

Our total net long-term debt was $19.9 million at June 30, 2025, compared with $31.9 million at December 31, 2024. We had an outstanding principal balance of $20 million on our credit facility with SLR Credit Solutions. This facility provides us with a $20 million term loan and a revolving credit facility of up to $30 million that matures on April 2, 2029.

截至 2025 年 6 月 30 日，我們的長期債務總額為 1,990 萬美元，而 2024 年 12 月 31 日為 3,190 萬美元。我們與 SLR Credit Solutions 的信貸額度中未償還的本金餘額為 2,000 萬美元。該貸款為我們提供了一筆 2000 萬美元的定期貸款和一筆高達 3000 萬美元的循環信貸額度，到期日為 2029 年 4 月 2 日。

We will continue to strategically utilize debt as a source of capital as our business scales. We're encouraged by the progress we've made so far this year, and we believe that we're well positioned for success as we move through the back half of 2025.

隨著業務規模的擴大，我們將繼續策略性地利用債務作為資本來源。我們對今年迄今的進展感到鼓舞，我們相信，在 2025 年下半年，我們已做好準備取得成功。

Commerce Media Solutions has consistently grown at triple digit pace, and we're approaching a key inflection point where revenue from this segment is set to surpass owned and operated revenue as the main contributor to consolidated revenue.

Commerce Media Solutions 一直以三位數的速度成長，我們正接近一個關鍵的轉折點，該部門的收入將超過自有和營運收入，成為合併收入的主要貢獻者。

With that shift, we expect to deliver increased revenue, enhanced margin performance, positive adjusted EBITDA, and positive cash flow for our business. With our current visibility, we expect positive adjusted EBITDA in the fourth quarter of 2025, as well as full year double digit consolidated revenue growth and full year adjusted EBITDA profitability in 2026.

透過這項轉變，我們預計將為我們的業務帶來增加的收入、增強的利潤率表現、正的調整後 EBITDA 和正的現金流。以我們目前的前景來看，我們預計 2025 年第四季度調整後 EBITDA 將為正，2026 年全年綜合收入將實現兩位數增長，全年調整後 EBITDA 將實現盈利。

With that, we'll be happy to take questions at this time.

這樣，我們很樂意回答大家的提問。

(Operator Instructions)

（操作員指示）

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

Great. Thanks so much for taking my questions. Can you maybe expand a little bit more on what drove some of the sort of steep declines in your O&O segment here in Q2? And just given sort of the run rate of the business now. What are your thoughts on sort of stabilizing the segment from here?

偉大的。非常感謝您回答我的問題。您能否進一步解釋一下導致第二季 O&O 部門大幅下滑的原因是什麼？並且只給出現在業務的運作率。您對從現在開始穩定這一領域有何想法？

Yeah, Thanks, Maria. Thanks for your question. So I'll unpack it a little bit. You guys know that like the owned and operated business, we've been operating for 15 years now. The first 12, we were able to drive it and grow it on a compounded average growth rate of double digits until the FTC settlement.

是的，謝謝，瑪麗亞。謝謝你的提問。因此我將稍微解釋一下。你們知道，作為自有和經營的企業，我們已經經營了 15 年。在前 12 年，我們能夠推動它並以兩位數的複合平均成長率成長，直到 FTC 達成和解。

We had very diversified media channels across a very wide group. So as media moved up and down in pricing, we were able to obviously adjust that and be much more adept in terms of managing across the media channels.

我們擁有覆蓋廣泛群體的多元化媒體管道。因此，隨著媒體價格的漲跌，我們顯然能夠進行調整，並且在跨媒體管道管理方面更加熟練。

The FTC settlement really restricted our ability to buy in certain media channels profitably. It was primarily on the biddable platforms, and those vital platforms are even more volatile than the other channels that we're on.

聯邦貿易委員會的和解確實限制了我們在某些​​媒體管道中獲利的能力。它主要發生在競價平台上，這些重要平台比我們所使用的其他管道更加不穩定。

So if you think about it, the owned and operated -- the advertiser side, the demand has stayed very, very strong. The media supply is now very, very much narrowed in terms of our diversification, and there's a lot more variability in that.

所以如果你考慮一下，自有和經營的廣告商方面的需求一直非常非常強勁。就我們的多樣化而言，媒體供應現在已非常非常狹窄，並且其中的變化性也更大。

So we had a steep increase in pricing on those biddable platforms that happened in the later part of Q1 and launch to continue into and we manage the margin. So that business has always managed to margin. We've obviously lowered the revenue but kept margin percentage in line as we manage it. So a combination of, obviously, the volatility of those biddable platforms. But equally important, it's obviously our lack of diversification in those media channels right now, Maria.

因此，我們在第一季後期大幅提高了這些可競價平台的價格，並持續管理利潤。因此該業務始終能夠獲利。我們顯然降低了收入，但在管理過程中保持了利潤率的穩定。因此，顯然這些競價平台的波動性是綜合的。但同樣重要的是，瑪麗亞，我們目前的媒體管道顯然缺乏多元化。

Got it. That's very helpful. And then on your Commerce Media Solutions, can you maybe talk about sort of how your partnership with Rebuy is progressing, and are you fully sort of engaged with the majority of our brands on the platform on the Rebuy platform? Or maybe talk about sort of the pace of them adopting your offerings?

知道了。這非常有幫助。然後，關於您的商業媒體解決方案，您能否談談您與 Rebuy 的合作進展如何，以及您是否與 Rebuy 平台上的大多數品牌進行了充分的合作？或者可以談談他們採用您的產品的速度嗎？

Sure. We are obviously -- it's still very young. We announced in June, we're two months in. But we're very, very happy with the progress that we have there with the partnership. The teams are working well and have great cultural fit.

當然。顯然，我們還很年輕。我們在六月宣布了這一消息，現在已經兩個月了。但我們對合作所取得的進展感到非常高興。團隊運作良好，文化契合度高。

I'd say we are ahead on the product and operational side of the partnership. And we've started the partnership. We've had no meaningful effect in Q2, obviously, if it started in June. We're starting to see it show up on our staff page, it's still less than 10% of our Commerce Media volume, but there's good momentum with onboarding the merchant partners. So there's a lot of acceleration in that piece.

我想說我們在合作的產品和營運方面處於領先地位。我們已經開始合作。顯然，如果這種情況從 6 月開始，那麼在第二季我們並沒有產生任何有意義的影響。我們開始看到它出現在我們的員工頁面上，它仍然不到我們商業媒體交易量的 10%，但在加入商家合作夥伴方面勢頭良好。因此，這部分的速度非常快。

It's still very early days. We see tremendous upside in terms of accessing all of their 12,000 merchants and equally important, the large sort of top 50 that they after. So we're very early stage here. We think this is something that will drive not only our growth in the second half of 2025, but significantly in 2026 also.

現在還處於早期階段。我們看到，在接觸其全部 12,000 家商家方面具有巨大的優勢，同樣重要的是，他們所追求的前 50 名商家數量也相當可觀。所以我們目前處於非常早期的階段。我們認為這不僅會推動我們在 2025 年下半年的成長，而且還會在 2026 年產生重大推動作用。

Great. Thanks so much for the color.

偉大的。非常感謝這個顏色。

Thanks Maria.

謝謝瑪麗亞。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi, thank you, I just wanted to follow-up on the Commerce Media side. So on the new agreements that you're reaching with firms, are those mostly revenue share in nature? Or are they more like mean guarantee. I'm just kind of curious like how long should we think of like these margin pressures easing? Is that kind of just improved monetization, helping automatically list that? Or is that -- I guess, what are some of the dynamics there that should improve the margin profile?

你好，謝謝，我只是想跟進 Commerce Media 方面的情況。那麼，您與各公司達成的新協議，本質上主要是收入分成嗎？或者它們更像是平均保證。我只是有點好奇我們應該考慮多久才能緩解這些利潤壓力？這是否只是一種改進的貨幣化，有助於自動列出？或者說－我想，有哪些動態因素可以改善利潤率狀況？

Yes, Pat, thanks for the question. And obviously, our margin did decline as you saw in Q2 on the Commerce meet side. There's really three things that are driving that.

是的，帕特，謝謝你的提問。顯然，我們的利潤率確實下降了，正如您在第二季度從商務會議中看到的那樣。其實有三件事在推動這現象。

First is that we have launched into some adjacent Commerce Media Solutions that are very early stage that we are starting to scale. So much like when we got first into the post transaction side, margins were lower. But as we scaled up those margins came back in line to where the industry is at. So the first piece has been some additional solutions that we're working with existing partners on to establish and continue to build our strategic relationship.

首先，我們已經推出了一些相鄰的商業媒體解決方案，這些解決方案處於非常早期的階段，我們正開始擴大規模。就像我們第一次進入交易後階段一樣，利潤率較低。但隨著我們擴大規模，利潤率又回到了產業水準。因此，第一步是一些額外的解決方案，我們正在與現有合作夥伴合作建立並繼續發展我們的策略關係。

In Q3, we've already seen those margins increase significantly compared to Q2 for close to doubling that. So we see that opportunity, the margins improving from Q2 over that over the new solutions that we're scaling.

在第三季度，我們已經看到利潤率與第二季度相比大幅增加，幾乎翻了一番。因此，我們看到了這個機會，從第二季開始，利潤率隨著我們正在擴展的新解決方案而提高。

The second piece is, as you talked about, depending on how competitive the sales processes, we will provide some different revenue splits in a very short-term targeted way to encourage them to come on to our platform faster or some guarantees to get them to move. They hit harder in Q1 and Q2 because of the lower volume. Those are fixed dollars that obviously over the course of the year will equal out. But when they're lower volume and lower margins, they have a bigger impact into that. So that obviously is going to continue to trend.

第二點，正如您所說，根據銷售流程的競爭程度，我們將以短期有針對性的方式提供一些不同的收入分成，以鼓勵他們更快地加入我們的平台，或者提供一些保證來讓他們行動起來。由於交易量較低，他們在第一季和第二季的打擊更為猛烈。這些都是固定金額，顯然在一年內就會平衡。但當產量和利潤率較低時，其影響就會更大。所以這顯然會繼續成為趨勢。

And then the third one is -- there is tremendous upside in the Rebuy and the other channel partnerships that we are working on, but they tend to have slightly lower margins than the enterprise side. So those are moving pieces in there.

第三個是－Rebuy 和我們正在合作的其他通路合作夥伴關係具有巨大的優勢，但它們的利潤率往往比企業方面的利潤率略低。所以這些都是裡面移動的部分。

As we head into -- in the second half year, Pat, we have significant new enterprise clients coming on, the new enterprise solutions that we're excited about, and we'll talk more about later this year, obviously, is starting to scale back up to the margins. So we see us getting back to historical margins in the Q4 time frame.

帕特，隨著我們進入下半年，我們將迎來重要的新企業客戶，我們對新的企業解決方案感到興奮，我們將在今年稍後詳細討論，顯然，這些解決方案正開始縮減利潤率。因此，我們預計第四季度的利潤率將恢復到歷史水準。

Okay. And then just on the new solutions, does that change some of like the, I guess, advertising relationships that you've had -- that you've have or have you got to find additional advertising partners to digest that inventory?

好的。那麼就新的解決方案而言，這是否會改變您現有的一些廣告關係，或者您是否需要尋找其他廣告合作夥伴來消化這些庫存？

For the most part, it's the same advertising group. There might be a different concentration or mix depending on the solution, Pat, but one -- obviously one of the benefits of the owned and operated businesses we used a lot of the advertiser relationships to launch into Commerce Media. And then we've been able to use those advertisers from both to launch and continue to have that strong demand in our newer solutions also.

大部分都是同一個廣告群組。帕特，根據解決方案的不同，可能會有不同的集中度或組合，但顯然，自有和經營業務的好處之一是，我們利用大量廣告商關係進軍商業媒體。然後，我們就能夠利用這兩方面的廣告商來推出我們的新解決方案，並且繼續滿足這種強勁的需求。

Okay, thank you.

好的，謝謝。

Alright, thanks, Pat.

好的，謝謝，帕特。

(Operator Instructions)

（操作員指示）

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management 的負責人。

Thank you. I have a group of questions. First of all, would you please discuss the new placements beyond post transactions that you referenced in the press release?

謝謝。我有一組問題。首先，您能否討論新聞稿中提到的交易後的新安排？

Hi, Bill, thanks for the question. We've talked about this in other earnings releases and we've sort of hinted that exciting opportunities that we were being asked to move into it with both our partners that we have now. We've talked about a loyalty play, which allows us to really bring our Commerce Media post-transaction technology and solution into a loyalty play to help retain existing customers of our our partners.

你好，比爾，謝謝你的提問。我們已經在其他收益報告中討論過這個問題，我們已經暗示了令人興奮的機會，我們被要求與我們現在的合作夥伴一起進入這個領域。我們討論了忠誠度遊戲，這使我們能夠真正將我們的 Commerce Media 交易後技術和解決方案帶入忠誠度遊戲，以幫助留住我們合作夥伴的現有客戶。

We have a couple of opportunities there that we're building. And then in general, what I'll call post event. So other things like post-receipt or post registration. We're helping our commerce partners monetize within those other consumer experiences. So it is still pretty early days on those, but obviously, they are big -- very large big opportunities beyond post transaction that we think is a very strong road map for continued growth.

我們正在那裡創造一些機會。整體來說，我稱之為事後事件。還有諸如郵寄收據或郵寄登記之類的事情。我們正在幫助我們的商業夥伴透過其他消費者體驗來實現盈利。所以現在還處於早期階段，但顯然，它們是巨大的——交易後的巨大機遇，我們認為這是持續成長的非常強大的路線圖。

Don, would you like to expand on the post receipt and how that might work and practically kind of how we could envision that?

唐，您能否進一步介紹郵政收據以及它如何運作，以及我們實際上可以如何設想它？

Yeah. The post receipt is much of the post-transaction build. So there's obviously, as a consumer goes in and is going through the flow of getting a receipt. There's like -- like in a post transaction, there's an ad module that will pop up. They'll be very targeted based on our data and our one-to-one marketing of what the next most relevant at is.

是的。後期收據大部分是交易後建造的。顯然，當消費者進去並經歷獲取收據的流程時。就像在交易後，會彈出一個廣告模組。他們將根據我們的數據和一對一行銷來確定下一個最相關的內容。

So from that perspective, it's very similar to the consumer flow and a consumer experience that we have now. The only difference, obviously, is in the post transaction, that consumer has its credit card out, they're purchasing, and they are obviously much more engaged consumer than it's a post receipt or post registration or things like that. There's still -- you have to get -- they're not as intended as a post-transaction consumer.

因此從這個角度來看，它與我們現在的消費者流程和消費者體驗非常相似。顯然，唯一的區別是在交易後，消費者拿出信用卡購買，他們顯然比收到收據或註冊後或類似情況時更加投入。但你還是要明白，他們並不是交易後消費者。

On the loyalty side that we talked about, it's actually quite exciting. We're instead of serving up and add, for example, Hulu's streaming services to one of the consumers, we will bring offers to them to bring loyalty currency, whatever that partner is to allow them to win currency coins or points or scorecard points, et cetera, it allows them to obviously use that back into the loyalty program of our partners.

就我們談到的忠誠度方面而言，這實際上非常令人興奮。例如，我們不會向消費者提供和添加 Hulu 的串流媒體服務，而是向他們提供優惠，讓他們獲得忠誠度貨幣，無論合作夥伴是什麼，都可以讓他們贏得貨幣硬幣、積分或記分卡積分等等，這顯然允許他們將這些資訊用於我們合作夥伴的忠誠度計劃中。

So it does two things. One is it turns loyalty into a weapon rather than like a loss statement for our partners, and it allows us to really help them drive consumer engagement and higher loyalty throughout that. So these are still very early stages. We have obviously not a -- we have a small handful of clients that we're scaling with -- but we -- from an external perspective, we know the demand and the need is there. And our solution can drive that pretty successfully and move this to scale.

所以它做兩件事。一是它將忠誠度轉化為一種武器，而不是合作夥伴的損失聲明，它使我們能夠真正幫助他們推動消費者參與並提高忠誠度。所以這些仍處於非常早期的階段。我們顯然沒有——我們只有少數幾個正在擴大規模的客戶——但是——從外部角度來看，我們知道需求是存在的。我們的解決方案可以非常成功地推動這一進程並擴大規模。

Great, thank you, And then I believe in prior press releases, you may have also alluded to this, but you explicitly stated it here in this release that first-party data differentiates you from competitors in this market. Would you please discuss how that becomes important and the implications from, I guess, a winning business perspective? And as a shareholder, the shareholders benefits. So I guess really the question is, what's the benefit to your customer? What's the benefit to your bottom line?

太好了，謝謝。然後我相信在先前的新聞稿中，您可能也提到了這一點，但您在本次新聞稿中明確指出，第一方數據使您有別於這個市場上的競爭對手。您能否討論一下這一點為何變得重要，以及從成功的商業角度來看其影響是什麼？身為股東，股東也會受益。所以我想真正的問題是，這對您的客戶有什麼好處？這對你的底線有什麼好處？

Right. Got it, Bill. So we announced, obviously, Acetic Brands Group, we announced Rebuy. We will announce a number of other very large partnerships that we -- that are coming on to our platform over the next sort of four to six weeks. So we continue to win and win aggressively.

正確的。明白了，比爾。因此，我們顯然宣布了 Acetic Brands Group，我們宣布了 Rebuy。我們將在未來四到六週內宣布一些其他非常大的合作夥伴關係，這些合作夥伴關係將加入我們的平台。因此，我們會繼續獲勝，並且贏得非常積極。

The core -- at the very core of it, Bill, it comes down to very simply is that we drive better results than our competitors, right? At the end of the day, does the consumer experience meaningful and additive to our partners, and number two, how does it monetize and how the results come from a financial perspective.

核心－比爾，從根本上來說，很簡單，就是我們比競爭對手取得更好的業績，對嗎？歸根究底，消費者體驗對我們的合作夥伴是否有意義和附加價值？其次，它如何貨幣化，以及從財務角度來看結果如何。

So we've been -- in the two short years, we've been able to really build up a very strong brand around driving results. And underneath that results, there's really two things that drive that significantly. The first, as you mentioned, is our first-party data asset that we built over 15 years.

因此，在短短兩年內，我們能夠真正打造出一個非常強大的品牌，並推動業績成長。而在這些結果背後，其實有兩件事起到了顯著的推動作用。首先，正如您所說，是我們花了 15 年建立的第一方資料資產。

So if you were on a website purchasing sneakers -- as you know, we have milliseconds to determine who you are, what your purchasing behavior has been and will be and how do we serve the ex post relevant ad view that whatever amount of data that gets passed from our partner to us then goes against our human identity graph.

因此，如果您在網站上購買運動鞋——如您所知，我們只有幾毫秒的時間來確定您是誰、您的購買行為過去和將來會是什麼，以及我們如何提供事後相關廣告觀點，即無論我們的合作夥伴向我們傳遞多少數據，都會違背我們的人類身份圖譜。

So that first-party data asset allows us to better identify who you are, better understand your purchasing history and your needs and then serve the most relevant ad to you. So that, along with the second piece, which is our DNA of 15 years from our owned and operated being a performance marketer. We know how to work with our advertisers.

因此，第一方數據資產使我們能夠更好地識別您是誰，更好地了解您的購買歷史和需求，然後向您提供最相關的廣告。因此，第二部分是我們作為績效行銷者擁有和經營 15 年的 DNA。我們知道如何與廣告商合作。

We know how to understand audiences, what audiences monetized better versus others versus different offers and et cetera, that -- those are the two things that allow us to drive better results. So that first-party data asset is proprietary. Nobody else has a first-party data asset in the post transaction space that we're working on, and we believe that is our competitive advantage and competitive moat driving better results.

我們知道如何了解受眾，了解哪些受眾比其他受眾、不同的優惠更能獲利等等，這兩點讓我們能夠取得更好的結果。因此第一方資料資產是專有的。在我們正在研究的交易後領域，沒有其他人擁有第一方數據資產，我們相信這是我們的競爭優勢和競爭護城河，可以帶來更好的結果。

And so just said very directly, that first-party data allows you to essentially have more of your customers' consumer convert over and take one of your ads, that means your customer makes more money and when they make more money, so to you since it's a revenue or profit play.

所以直接地說，第一方數據可以讓你從本質上讓更多的客戶轉換並接受你的廣告，這意味著你的客戶可以賺更多的錢，而當他們賺更多的錢時，對你來說，這是一個收入或利潤的發揮。

Yes, basically that's right, Bill.

是的，基本上是這樣，比爾。

Okay. That's helpful. And if you allow me a couple of more. I realize I'm taking more than my share of time here. The Commerce Media second quarter revenue, you stated were $16.1 million annualized or then at $16.1 million, if you annualize that, that $64 million.

好的。這很有幫助。如果你允許我再說幾句。我意識到我在這裡花費的時間已經超過了我應得的份額。您所說的 Commerce Media 第二季度營收為年化 1,610 萬美元，或以年化 1,610 萬美元計算，即 6,400 萬美元。

The press release says that your run rate exceeds $80 million. So that implies to me that there's been new business won just in the last six weeks. Is that the right way to read that? Or am I somehow comparing apples and oranges?

新聞稿說你們的運行率超過了 8000 萬美元。所以對我來說這意味著在過去的六週內我們已經贏得了新的業務。這樣讀對了嗎？還是我是不是在比較蘋果和橘子？

Hi Bill, this is Ryan. The annual revenue run rate, we use that metric because we believe that it better references kind of what the next 12 months would look like if we didn't grow from there. It takes into account seasonality that you wouldn't see there, but it doesn't take into account anything that happened after the end of the quarter.

你好，比爾，我是瑞安。我們使用年度收入運行率這個指標是因為我們相信，如果我們沒有從那裡成長，它能夠更好地參考未來 12 個月的情況。它考慮了您不會看到的季節性，但沒有考慮季度結束後發生的任何事情。

So as of 6/30, that would count all of the media partners that we had brought on through that point and take into account their annual sessions. We then take what we earn per session and kind of annualize that over a full 12-month period. So any new partners that we had in Q3 will add to that number additionally on top of that. But the difference you're seeing between Q2 and that annual number is seasonality, generally speaking.

因此，截至 6 月 30 日，我們將統計當時引入的所有媒體合作夥伴，並考慮他們的年度會議。然後，我們將每次會議的收入計算為整個 12 個月的年化收入。因此，我們在第三季擁有的任何新合作夥伴都會在此基礎上進一步增加這個數字。但一般來說，第二季和年度數字之間的差異是季節性的。

That's really helpful. Thank you. And then maybe you can help me make sure I'm doing some math correctly here. You said that you anticipate having double-digit revenue growth in 2025. Last year, you had $255 million of revenue. So if we take the very lowest possible double-digit number is 10%.

這真的很有幫助。謝謝。然後也許您可以幫助我確保我在這裡正確地進行一些數學運算。您說過預計 2025 年營收將達到兩位數成長。去年，你們的收入為 2.55 億美元。因此，如果我們取最低的兩位數，那就是 10%。

10% growth on $255 million is $280 million. And if we remove what you have had for revenues in the first half, that would imply that you need another $180 million in the second half or the split evenly, which I understand it won't be. But if it were, that would be $90 million a quarter between Q3 and Q4. So Q3 will be something less than $90 million in Q4, something greater than $90 million to hit your target. Is that -- is that the correct math in the way you're thinking about that? Those are really massive numbers.

2.55億美元成長10%，就是2.8億美元。如果我們去掉您上半年的收入，那就代表您下半年需要另外 1.8 億美元或均分，而我的理解是不會的。但如果是這樣的話，那麼第三季和第四季之間的每季營收將是 9,000 萬美元。因此，第三季的金額將略低於 9,000 萬美元，而第四季的金額將略高於 9,000 萬美元，才能達到目標。這是—按照您所想的方式，這是正確的數學嗎？這些數字確實非常龐大。

Sorry, Bill, I think you misunderstood the -- we've been doing triple-digit growth in Commerce Media and what we said on the call is that we expect to have double-digit growth in 2026 from a consolidated basis. So that's 2026 over 2025

抱歉，比爾，我想你誤解了——Commerce Media 一直保持著三位數的成長，我們在電話會議上說，我們預計 2026 年的合併後業務將實現兩位數的成長。所以是 2026 年而不是 2025 年

That's '26, not 2025. Correct. So basically, the math that I did will work in six months when we know with the 2025 revenues are?

那是 2026 年，而不是 2025 年。正確的。所以基本上，當我們知道 2025 年的收入是多少時，我所做的計算將在六個月內起作用？

That's very helpful. Okay, thank you.

這非常有幫助。好的，謝謝。

Thank you, Bill.

謝謝你，比爾。

Thank you. I'm not showing any further questions at this time. I would now like to turn it back over to Don Patrick for closing remarks

謝謝。我目前沒有其他問題。現在我想把發言時間交還給唐·帕特里克，請他做最後發言

Thank you. This month marks an incredible milestone. It's the 15th anniversary of Fluent. And I just want to extend a heartfelt thank you to every team member, every partner and every shareholder for your invaluable contributions to this journey.

謝謝。這個月標誌著一個令人難以置信的里程碑。今年是 Fluent 誕生 15 週年。我只想向每一位團隊成員、每一位合作夥伴和每一位股東表達衷心的感謝，感謝你們為這趟旅程所做的寶貴貢獻。

Over the last 15 years, we've had incredible growth and have witnessed and great milestones achieved, all thanks to your dedication and your support. We remain very bullish on our agenda and excited about our momentum we've generated. We continue to lean into significant mega opportunity in the rapidly growing commerce media industry.

在過去的 15 年裡，我們取得了令人難以置信的成長，並見證了偉大的里程碑，這一切都要歸功於您的奉獻和支持。我們對我們的議程仍然非常樂觀，並對我們所產生的勢頭感到興奮。我們將繼續抓住快速發展的商業媒體產業中的巨大機會。

We're expanding our strategic value proposition to world-class partners beyond customer acquisition and delivering higher-quality consumer engagement across the entire marketing funnel. As our strategic trend line continues throughout the second half of 2025, we believe shareholder value will follow. Thanks, everyone, and we look forward to speaking to you again next quarter.

我們正在將我們的策略價值主張擴展到世界一流的合作夥伴，而不僅僅是客戶獲取，並在整個行銷管道中提供更高品質的消費者參與。隨著我們的策略趨勢線在 2025 年下半年持續下去，我們相信股東價值也將隨之而來。謝謝大家，我們期待下個季度再次與您交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。