Integral Ad Science Holding Corp (IAS) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to IAS Fourth Quarter and Full Year 2022 Financial Results Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 IAS 第四季度和 2022 年全年財務業績電話會議。 （操作員說明）

I would now like to hand the call over to Jonathan Schaffer, Vice President, Investor Relations. Please go ahead.

我現在想將電話轉交給投資者關係副總裁 Jonathan Schaffer。請繼續。

Thank you. Good afternoon, and welcome to the IAS 2022 Fourth Quarter and Full Year Financial Results Conference Call. I'm joined today by Lisa Utzschneider, CEO; and Tania Secor, CFO.

謝謝。下午好，歡迎參加 IAS 2022 年第四季度和全年財務業績電話會議。今天，首席執行官 Lisa Utzschneider 加入了我的行列；和首席財務官 Tania Secor。

Before we begin, please note that today's call and prepared remarks contain forward-looking statements. We refer you to the company's filings with the SEC, posted on our Investor Relations site at investor.integralads.com, for more details about important risks and uncertainties that could cause actual results to differ materially from our expectations.

在我們開始之前，請注意今天的電話會議和準備好的評論包含前瞻性陳述。我們建議您參閱公司向美國證券交易委員會提交的文件，這些文件發佈在我們的投資者關係網站 investor.integralads.com 上，以了解有關可能導致實際結果與我們的預期大不相同的重要風險和不確定性的更多詳細信息。

We will also refer to non-GAAP measures on today's call. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is contained in today's earnings release available on our Investor Relations site. All financial comparisons unless noted otherwise, are based on the prior year period.

我們還將在今天的電話會議上提及非 GAAP 指標。非 GAAP 措施與最直接可比的 GAAP 措施的對賬包含在我們投資者關係網站上今天發布的收益中。除非另有說明，否則所有財務比較均基於上一年期間。

So with these formalities out of the way, I'd now like to turn the call over to our CEO, Lisa Utzschneider. Lisa, you may begin.

因此，在完成這些手續後，我現在想將電話轉給我們的首席執行官 Lisa Utzschneider。麗莎，你可以開始了。

Thanks, Jonathan, and welcome, everyone, to our 2022 fourth quarter and full year call. We reported a strong fourth quarter with revenue growth of 15% at a 34% adjusted EBITDA margin. Revenue of $117.4 million exceeded our forecast of $111 million to $113 million. For the full year, revenue grew 26% to $408.3 million at a 31% adjusted EBITDA margin. Today's results demonstrate our ability to deliver profitable growth at greater scale.

謝謝喬納森，歡迎大家參加我們 2022 年第四季度和全年的電話會議。我們報告第四季度業績強勁，收入增長 15%，調整後 EBITDA 利潤率為 34%。 1.174 億美元的收入超出了我們預測的 1.11 億美元至 1.13 億美元。全年收入增長 26% 至 4.083 億美元，調整後 EBITDA 利潤率為 31%。今天的結果表明我們有能力實現更大規模的盈利增長。

I am proud of the entire IAS team for what we accomplished together in 2022. By prioritizing technology and product innovation, superior customer service and deep partner integrations, we ended the year with positive business momentum heading into 2023.

我為整個 IAS 團隊在 2022 年共同取得的成就感到自豪。通過優先考慮技術和產品創新、卓越的客戶服務和深入的合作夥伴整合，我們在 2023 年以積極的業務勢頭結束了這一年。

Let me start with a few highlights from 2022. We invested in our platform partnerships and product expansion in programmatic, social and connected TV. We signed 12 new global partnerships, broadening our measurement capabilities and reach to benefit our marketers.

讓我從 2022 年的一些亮點開始。我們在程序化、社交和聯網電視方面投資於我們的平台合作夥伴關係和產品擴展。我們簽署了 12 個新的全球合作夥伴關係，拓寬了我們的衡量能力和範圍，使我們的營銷人員受益。

In 2022, we won several large multiyear deals, including JPMorgan Chase, LinkedIn, Progressive and Kimberly Clark. Today, we are excited to announce several new competitive wins that reinforce our standing in the market as a leading provider and formidable competitor. Ford, Hershey, Bel and Kering selected IAS after extensive tech and product due diligence versus other competitors. As these are major global wins with marquee brands we'd like to walk you through why they chose to partner with IAS.

2022 年，我們贏得了幾筆多年期大型交易，包括摩根大通、LinkedIn、Progressive 和 Kimberly Clark。今天，我們很高興地宣布幾項新的競爭勝利，這些勝利鞏固了我們作為領先供應商和強大競爭對手的市場地位。在對其他競爭對手進行廣泛的技術和產品盡職調查後，福特、好時、貝爾和開雲選擇了 IAS。由於這些都是知名品牌在全球取得的重大勝利，我們想向您介紹他們選擇與 IAS 合作的原因。

Ford selected IAS as their global ad verification partner. We expect to expand our coverage with Ford from 17 to over 50 markets, including the U.S. which has been serviced by an incumbent provider. We are proud that our robust brand safety technology continues to attract new customers.

福特選擇 IAS 作為其全球廣告驗證合作夥伴。我們希望將我們與福特的覆蓋範圍從 17 個擴大到 50 多個市場，其中包括由一家現有供應商提供服務的美國。我們為我們強大的品牌安全技術繼續吸引新客戶而感到自豪。

Hershey chose IAS based on our differentiated CTV technology, campaign automation and high standard of service. Bel, a world leader in branded cheese, including Babybel, and a major player in the healthy snacking segment awarded IAS with a global deal. Bel was impressed by IAS' measurement capabilities, our integrations with the leading tech partners and our superior customer service. Kering, a major worldwide luxury group with notable brands such as Gucci and Yves Saint Laurent, signed a global deal with IAS in the first quarter of 2023. We clinched this win as a result of our leadership in the luxury vertical, superior technology integrations with Google and exceptional client support.

好時選擇 IAS 是基於我們差異化的 CTV 技術、活動自動化和高標準的服務。 Bel 是品牌奶酪（包括 Babybel）的世界領導者，也是健康零食領域的主要參與者，與 IAS 簽訂了一項全球協議。 Bel 對 IAS 的測量能力、我們與領先技術合作夥伴的整合以及我們卓越的客戶服務印象深刻。開雲集團是一家擁有 Gucci 和 Yves Saint Laurent 等知名品牌的全球主要奢侈品集團，於 2023 年第一季度與 IAS 簽署了一項全球協議。我們憑藉在奢侈品垂直領域的領導地位、與Google 和出色的客戶支持。

Our enhanced go-to-market strategy under our new Chief Commercial Officer is yielding returns as highlighted by these global brand wins.

我們在新任首席商務官的領導下加強的上市戰略正在產生回報，這些全球品牌的勝利突顯了這一點。

We are the leading global provider of digital media quality with the largest international footprint. In 2022, we expanded our global presence in markets, including India, Indonesia, South Korea, Taiwan, Vietnam, Denmark and Norway. We recently opened a new office in Dublin, Ireland, focused on engineering and technical services.

我們是全球領先的數字媒體質量提供商，擁有最大的國際足跡。 2022 年，我們擴大了在全球市場的影響力，包括印度、印度尼西亞、韓國、台灣、越南、丹麥和挪威。我們最近在愛爾蘭都柏林開設了一家新辦事處，專注於工程和技術服務。

Lastly, we enhanced our senior leadership team with key appointments, including Tania Secor as CFO, who joins us today. We increased our employee count to 835, up 10% year-over-year. At the same time, we realigned our resources to drive greater efficiencies.

最後，我們通過重要任命加強了我們的高級領導團隊，包括今天加入我們的首席財務官 Tania Secor。我們的員工人數增加到 835 人，同比增長 10%。與此同時，我們重新調整資源以提高效率。

Now let's review some of the key growth drivers of our business, including programmatic, social and CTV.

現在讓我們回顧一下我們業務的一些主要增長動力，包括程序化、社交和 CTV。

In programmatic, contextual and non-contextual revenue increased in the quarter. Context control contributed approximately $86 million to total revenue in 2022.

在程序化、情境和非情境收入方面，本季度有所增長。上下文控制在 2022 年為總收入貢獻了約 8600 萬美元。

Marketers value our solutions to avoid inappropriate content and target high-performing content to maximize engagement with consumers. They are also prioritizing efficiency and automation in the current environment. As a result, marketers are shifting budgets to programmatic and relying on IAS to drive higher return on their ad spend. Our Quality Sync pre-bid product, which is integrated with large DSPs, including The Trade Desk, enables partners to leverage our contextual tools in an efficient way. In addition, Total Visibility, our quality path optimization solution, helps customers increase efficiency and improve ROI in their programmatic ad spend.

營銷人員重視我們的解決方案，以避免不當內容並定位高性能內容以最大限度地與消費者互動。他們還在當前環境中優先考慮效率和自動化。因此，營銷人員正在將預算轉向程序化，並依靠 IAS 來推動更高的廣告支出回報。我們的 Quality Sync 出價前產品與包括 The Trade Desk 在內的大型 DSP 集成，使合作夥伴能夠以有效的方式利用我們的上下文工具。此外，我們的質量路徑優化解決方案 Total Visibility 可幫助客戶提高效率並提高程序化廣告支出的投資回報率。

Our attention metrics help marketers optimize their buying decisions based on placement and media partner at the campaign level. Our research conducted in 2022 demonstrates that there is a 180% lift in return on ad spend for in-view ads versus not-in-view. In addition, we found that there's a 171% increase in conversions for impressions with time-in-view greater than 15 seconds.

我們的注意力指標可幫助營銷人員根據活動級別的投放和媒體合作夥伴優化他們的購買決策。我們在 2022 年進行的研究表明，與不在視野中的廣告相比，在視野中的廣告的廣告支出回報率提高了 180%。此外，我們發現觀看時間大於 15 秒的展示的轉化率增加了 171%。

In social media, we are accelerating growth based on our advanced multimedia classification, or MMC, technology and platform expansions. As a reminder, our MMC technology powers content-level brand safety solutions at scale. It maps frame-by-frame, video level data to the Global Alliance for Responsible Media, or GARM, brand safety categories.

在社交媒體方面，我們正在基於我們的高級多媒體分類 (MMC)、技術和平台擴展加速增長。提醒一下，我們的 MMC 技術支持大規模的內容級品牌安全解決方案。它將逐幀視頻級數據映射到全球負責任媒體聯盟或 GARM 品牌安全類別。

Our TikTok offering includes a full end-to-end measurement suite in TikTok For You feed. We're driving customer adoption of our TikTok offering with active post-bid campaigns up 54% in the fourth quarter compared to the third quarter. In 2023, we aim to scale marketer demand for our TikTok solutions and expand availability into over 20 additional markets.

我們的 TikTok 產品包括 TikTok For You 提要中的完整端到端測量套件。我們正在推動客戶採用我們的 TikTok 產品，與第三季度相比，第四季度活躍的投標後活動增加了 54%。到 2023 年，我們的目標是擴大營銷人員對我們的 TikTok 解決方案的需求，並將可用性擴展到 20 多個其他市場。

IAS is excited to join the TikTok Marketing Partners Program as a badged measurement partner for their new Brand Safety & Suitability specialty. IAS was chosen thanks to our record of wins on TikTok and meeting their highest standard of measurement solutions. As a badged partner, IAS brings marketers a comprehensive set of media quality solutions to manage their advertising campaigns on TikTok.

IAS 很高興加入 TikTok 營銷合作夥伴計劃，成為其新的品牌安全和適用性專業的帶徽章測量合作夥伴。 IAS 之所以被選中，是因為我們在 TikTok 上的獲勝記錄以及滿足他們測量解決方案的最高標準。作為徽章合作夥伴，IAS 為營銷人員提供了一套全面的媒體質量解決方案，以管理他們在 TikTok 上的廣告活動。

With Meta, we're excited to continue our partnership and value their commitment to implementing suitability controls and verification for fees.

通過 Meta，我們很高興繼續我們的合作夥伴關係，並重視他們對實施適用性控制和費用驗證的承諾。

With Twitter, we announced our expansion into third-party brand safety and suitability measurement in the U.S. With tweet-level analysis, advertisers can better understand the content that appears adjacent to their ads on Twitter's feed. This significant advancement now provides Twitter advertisers with reporting that is aligned with GARM brand safety and suitability risk levels. For broader analytics, advertisers can access campaign-level reporting for overall metrics.

借助 Twitter，我們宣佈在美國擴展到第三方品牌安全和適用性衡量。通過推文級別的分析，廣告商可以更好地了解在 Twitter 信息流中出現在其廣告旁邊的內容。這一重大進步現在為 Twitter 廣告商提供了與 GARM 品牌安全和適用性風險級別一致的報告。對於更廣泛的分析，廣告商可以訪問廣告系列級別的整體指標報告。

In CTV, we are leading with innovation and scale. We ensure trust, performance and control to both buyers and sellers.

在中視，我們以創新和規模領先。我們確保買賣雙方的信任、績效和控制。

We were delighted to announce that Netflix selected IAS as a transparency partner for their ad-supported plan. We look forward to partnering with Netflix to provide viewability and invalid traffic verification of Netflix inventory.

我們很高興地宣布，Netflix 選擇 IAS 作為其廣告支持計劃的透明合作夥伴。我們期待與 Netflix 合作，提供 Netflix 庫存的可見度和無效流量驗證。

By the end of 2023, 78% of CTV video ad spending in the U.S. is expected to be bought programmatically according to eMarketer. IAS is enabling marketers to increase their programmatic buying in CTV without sacrificing media quality.

根據 eMarketer 的數據，到 2023 年底，預計美國 78% 的 CTV 視頻廣告支出將以程序化方式購買。 IAS 使營銷人員能夠在不犧牲媒體質量的情況下增加他們在 CTV 中的程序化購買。

For CTV publishers, Publica provides yield through unified auctions, inventory management and ad stitching that enables CTV content and ads to be delivered in a seamless stream. Publica was recently named Best Video Ad Server in the AdWeek Readers Choice Awards. Publica is now making it possible for publishers to access IAS insights within the Publica UI. This enables streaming publishers to optimize their inventory around the trusted IAS metrics the buy-side uses to inform their ad buying practices. This feedback loop of IAS data facilitates the buying and selling of CTV inventory at scale.

對於 CTV 發布商，Publica 通過統一拍賣、庫存管理和廣告拼接提供收益，使 CTV 內容和廣告能夠以無縫流的方式交付。 Publica 最近在 AdWeek 讀者選擇獎中被評為最佳視頻廣告服務器。 Publica 現在使出版商能夠在 Publica UI 中訪問 IAS 見解。這使流媒體發布商能夠圍繞買方用來告知其廣告購買實踐的可信 IAS 指標優化其庫存。 IAS 數據的這種反饋循環促進了 CTV 庫存的大規模買賣。

For marketers, we offer a single platform to verify, optimize and measure addressable TV. IAS has created private marketplaces with over 90 publishers in 2022 to ensure greater transparency and access to higher-quality CTV media.

對於營銷人員，我們提供單一平台來驗證、優化和測量可尋址電視。 IAS 已在 2022 年與 90 多家出版商創建了私人市場，以確保更高的透明度和訪問更高質量的 CTV 媒體。

Marketers and publishers depend on our solutions to ensure their digital media quality needs are met.

營銷人員和出版商依靠我們的解決方案來確保他們的數字媒體質量需求得到滿足。

Retail media is an exciting opportunity for marketers and represented over $44 billion in total ad spend in the U.S. in 2022 according to eMarketer. We provide measurement solutions in retail media across 9 out of the top 10 largest networks. Measurement represents a starting point for IAS in retail media. We look forward to helping marketers fully realize the ROI potential in this high-growth medium.

根據 eMarketer 的數據，零售媒體對營銷人員來說是一個令人興奮的機會，2022 年美國的廣告總支出超過 440 億美元。我們為 9 個最大的 10 大網絡中的零售媒體提供測量解決方案。測量代表 IAS 在零售媒體中的起點。我們期待幫助營銷人員充分發揮這一高增長媒介的投資回報率潛力。

In emerging channels, we continue to make progress with Spotify in audio, launching the industry's first third-party brand safety and suitability reporting tool for podcasts.

在新興渠道方面，我們繼續與 Spotify 在音頻方面取得進展，推出了業界首個針對播客的第三方品牌安全和適用性報告工具。

In gaming, IAS announced its first-to-market partnership with Gadsme, a premium in-game advertising platform. IAS will verify Gadsme's ad inventory globally and provide marketers with third-party viewability and invalid traffic reporting.

在遊戲方面，IAS 宣布與高級遊戲內廣告平台 Gadsme 建立市場合作夥伴關係。 IAS 將在全球範圍內驗證 Gadsme 的廣告庫存，並為營銷人員提供第三方可見度和無效流量報告。

Our products have never been more relevant as marketers lean into our differentiated solutions. IAS enables safe content to thrive which results in greater efficiency and return on ad spend for marketers and increased deals and optimization for publishers.

隨著營銷人員轉向我們差異化的解決方案，我們的產品變得前所未有的重要。 IAS 使安全內容得以蓬勃發展，從而為營銷人員帶來更高的效率和廣告支出回報，並為發布商增加交易和優化。

Our model is highly differentiated as our pricing is independent of the media rate and negotiated eCPMs directly with marketers. We're a volume-based model and not immune to volatility in ad spend. However, the essential nature of our solutions provides us with some level of insulation.

我們的模式具有高度差異化，因為我們的定價獨立於媒體費率並且直接與營銷商協商有效每千次展示費用。我們是一個基於數量的模型，不能免受廣告支出波動的影響。然而，我們解決方案的本質為我們提供了一定程度的隔離。

Building on our accomplishments in 2022, we plan to continue to innovate further on behalf of our customers with data as the foundation. Under the leadership of our new CTO, we are enhancing our tech stack for greater scale and the ability to access, process and analyze data to fuel superior results for marketers. This will enable us to support future growth and innovation in high-growth areas.

基於我們在 2022 年取得的成就，我們計劃繼續以數據為基礎代表我們的客戶進一步創新。在我們新任 CTO 的領導下，我們正在增強我們的技術堆棧，以擴大規模和訪問、處理和分析數據的能力，從而為營銷人員帶來卓越的結果。這將使我們能夠支持高增長領域的未來增長和創新。

In conclusion, we made tremendous strides in 2022 to position IAS for long-term success. We strengthened our leadership team, invested in high-growth areas and solidified our partnerships. We are thrilled to extend our market presence with recent logo wins which highlights the success of our new go-to-market strategy. I am excited to unleash the potential of IAS in 2023 and beyond. We are geared up and ready to go.

總之，我們在 2022 年取得了巨大進步，使 IAS 取得長期成功。我們加強了領導團隊，投資於高增長領域並鞏固了我們的合作夥伴關係。我們很高興能夠通過最近贏得的徽標來擴大我們的市場影響力，這凸顯了我們新的上市戰略的成功。我很高興能在 2023 年及以後釋放 IAS 的潛力。我們整裝待發，準備出發。

Thanks to everyone on today's call for your ongoing support. I'll now turn it over to Tania. We are thrilled to have her on the team, and she is making a tremendous impact already. Tania?

感謝今天電話會議上的每一個人一直以來的支持。我現在將其轉交給塔尼亞。我們很高興她加入團隊，她已經產生了巨大的影響。塔尼亞？

Thanks, Lisa. I am delighted to speak with all of you on my first earnings call as CFO of IAS. Since joining, I've focused on getting to know what is a very impressive team, learning the products and executing on my abilities as CFO. I'm excited to partner with the leadership team to bring IAS' operating plan to the next level. That requires focus and discipline in prioritizing IAS' multiple growth levers and investments to drive durable, profitable growth.

謝謝，麗莎。我很高興在我作為 IAS 首席財務官的第一次財報電話會議上與大家交談。自加入以來，我一直專注於了解什麼是令人印象深刻的團隊，學習產品並發揮我作為 CFO 的能力。我很高興能與領導團隊合作，將 IAS 的運營計劃提升到一個新的水平。這需要在優先考慮 IAS 的多種增長槓桿和投資以推動持久的盈利增長方面集中精力和紀律。

I bring a strong competitive drive and believe IAS has an incredible opportunity to win in a large and growing market. IAS represents a great fit given my background in both media and technology. Having spent the past 5 years at The Interpublic Group Companies, a top 5 advertising holding company, I bring a deep understanding of the media landscape that has enabled me to ramp quickly. IAS has a strong customer value proposition and plays a mission-critical role in protecting and amplifying brands and maximizing return on ad spend.

我帶來了強大的競爭動力，並相信 IAS 擁有在一個龐大且不斷增長的市場中獲勝的絕佳機會。鑑於我在媒體和技術方面的背景，IAS 非常適合。在過去的 5 年裡，我在排名前 5 的廣告控股公司 Interpublic Group Companies 工作，我對媒體格局有了深刻的了解，這使我能夠迅速成長。 IAS 擁有強大的客戶價值主張，在保護和擴大品牌以及最大化廣告支出回報方面發揮著關鍵任務的作用。

Now let's turn to the financial results for the fourth quarter. Total revenue increased 15% year-over-year to $117.4 million and exceeded our upwardly revised guidance of $111 million to $113 million. Higher-than-expected revenue was across all of our offerings. In both the advertiser direct and programmatic segments, we saw improvement in automotive and tech/telco as well as a stronger-than-expected contribution from World Cup advertising campaign. Higher-than-expected supply side revenue was driven by continued demand for Publica's CTV offerings. The fourth quarter is our seasonally largest quarter for revenue and reflects all organic growth for the first time since the completion of the Publica acquisition in the third quarter of 2021. For the full year, total revenue increased 26% and year-over-year to $408.3 million. 2022 revenue included a full year contribution from Publica versus 2021 which only included a partial year from Publica.

現在讓我們來看看第四季度的財務業績。總收入同比增長 15% 至 1.174 億美元，超過了我們向上修訂的 1.11 億美元至 1.13 億美元的指導。我們所有產品的收入都高於預期。在廣告客戶直銷和程序化細分市場，我們看到汽車和科技/電信業務有所改善，世界杯廣告活動的貢獻也強於預期。高於預期的供應方收入是由對 Publica 的 CTV 產品的持續需求推動的。第四季度是我們季節性最大的收入季度，自 2021 年第三季度完成對 Publica 的收購以來首次反映了所有有機增長。全年總收入增長 26%，同比增長至4.083 億美元。 2022 年收入包括 Publica 的全年貢獻，而 2021 年僅包括 Publica 的部分年度貢獻。

Programmatic revenue for the fourth quarter grew 30% year-over-year to $55.1 million. Programmatic growth was primarily attributable to continued adoption of Context Control, including our contextual avoidance solutions. Context Control represented 47% of total programmatic revenue in the fourth quarter compared to 45% in the third quarter of 2022 and 38% in the fourth quarter of 2021. Non-contextual programmatic revenue grew 17% year-over-year in the fourth quarter. Programmatic reached 55% of total revenue from advertisers in the quarter versus 49% in the prior year period.

第四季度程序化收入同比增長 30% 至 5510 萬美元。程序化增長主要歸功於持續採用上下文控制，包括我們的上下文迴避解決方案。上下文控制佔第四季度程序化總收入的 47%，而 2022 年第三季度為 45%，2021 年第四季度為 38%。第四季度非上下文程序化收入同比增長 17% .本季度程序化交易占廣告商總收入的 55%，而去年同期為 49%。

Advertiser direct revenue, which includes open web and social platforms, increased 2% year-over-year to $44.7 million. Video, which commands a pricing premium to display, accounted for 47% of total advertiser direct revenue, consistent with the third quarter of 2022. We expect video to continue to grow at a faster pace than display. Social media represented 42% of advertiser direct revenue in the period compared to 44% in the third quarter. This slight decline was a result of a stronger contribution from open web. On a combined basis, total revenue from advertisers, including advertiser direct and programmatic revenue, represented 85% of fourth quarter revenue.

包括開放網絡和社交平台在內的廣告商直接收入同比增長 2% 至 4470 萬美元。與 2022 年第三季度保持一致的是，視頻顯示的定價溢價佔廣告商直接總收入的 47%。我們預計視頻將繼續以比顯示更快的速度增長。社交媒體占同期廣告商直接收入的 42%，而第三季度為 44%。這種小幅下降是開放網絡貢獻更大的結果。綜合來看，來自廣告商的總收入（包括廣告商直接收入和程序化收入）佔第四季度收入的 85%。

Supply side revenue from publishers increased to $17.6 million, including revenue from Publica. We are pleased that Publica's revenue contribution of $34 million in 2022 slightly exceeded our 8% target for the year. As Publica has been fully integrated, we will no longer be breaking out its contribution moving forward. Total supply side revenue represented 15% of total fourth quarter revenue.

來自出版商的供應方收入增加到 1760 萬美元，其中包括來自 Publica 的收入。我們很高興 Publica 在 2022 年的收入貢獻為 3400 萬美元，略高於我們當年 8% 的目標。由於 Publica 已完全集成，我們將不再打破它向前的貢獻。供應方總收入佔第四季度總收入的 15%。

We continue to grow our leading global market presence. International revenue, excluding the Americas, increased 6% and represented 32% of total revenue in the fourth quarter. Our international business includes a lower mix of programmatic revenue, consistent with the industry.

我們繼續擴大我們領先的全球市場影響力。第四季度，不包括美洲在內的國際收入增長了 6%，佔總收入的 32%。我們的國際業務包括較低的程序化收入組合，與行業一致。

Gross profit margin for the fourth quarter was 81% compared to 84% in the prior year period, primarily reflecting increased hosting fees to support our premium offerings. For the full year, gross profit margin was 81% as expected.

第四季度的毛利率為 81%，而去年同期為 84%，這主要反映了為支持我們的優質產品而增加的託管費用。全年毛利率為81%，符合預期。

Sales and marketing, technology and development, and general and administrative expenses combined, increased 16% in the fourth quarter compared to the prior year period. This increase was primarily due to higher stock-based compensation expense and restructuring charges, partially offset by compensation savings in December related to the restructuring. In the fourth quarter, we incurred $5.3 million of restructuring and related charges due to the termination of approximately 120 employees in December. This was consistent with our prior expectation of $5 million to $7 million. These expenses are excluded from adjusted EBITDA. Stock-based compensation expense for the period was $11.6 million compared to our prior expectation of $12 million to $13 million.

與去年同期相比，第四季度銷售和營銷、技術和開發以及一般和管理費用合計增長 16%。這一增長主要是由於更高的股票薪酬費用和重組費用，部分被 12 月份與重組相關的薪酬節省所抵消。第四季度，由於 12 月約 120 名員工離職，我們產生了 530 萬美元的重組和相關費用。這與我們之前預期的 500 萬至 700 萬美元一致。這些費用不包括在調整後的 EBITDA 中。該期間基於股票的薪酬費用為 1160 萬美元，而我們之前的預期為 1200 萬至 1300 萬美元。

Turning to profitability and performance metrics. Adjusted EBITDA for the fourth quarter, which excludes stock-based compensation and onetime items, increased 20% year-over-year to $40 million. Adjusted EBITDA margin was 34% compared to the 33% midpoint of our prior guidance due to the stronger revenue in the fourth quarter. Foreign exchange, which is excluded from adjusted EBITDA, was a loss of $1.2 million in the quarter, down significantly from the third quarter loss of $4.1 million.

轉向盈利能力和績效指標。第四季度調整後的 EBITDA（不包括基於股票的薪酬和一次性項目）同比增長 20% 至 4000 萬美元。由於第四季度收入強勁，調整後的 EBITDA 利潤率為 34%，而我們先前指引的中點為 33%。不計入調整後 EBITDA 的外彙在本季度虧損 120 萬美元，遠低於第三季度 410 萬美元的虧損。

Net income for the fourth quarter was $11.5 million or $0.07 per share. We achieved net income profitability in every quarter of 2022. We believe adjusted EBITDA remains the best measure of profitability for the company. Fourth quarter net revenue retention, or NRR, was 118%, reflecting our ability to grow with our customers. Total advertising customers increased to 2,103 versus 2,073 last year. Total number of large advertising customers with annual revenue of over $200,000 increased to 199 compared to 183 last year.

第四季度淨收入為 1150 萬美元或每股 0.07 美元。我們在 2022 年的每個季度都實現了淨利潤。我們認為調整後的 EBITDA 仍然是衡量公司盈利能力的最佳指標。第四季度淨收入保留率 (NRR) 為 118%，反映了我們與客戶共同成長的能力。廣告客戶總數從去年的 2,073 人增至 2,103 人。年收入超過 20 萬美元的大型廣告客戶總數從去年的 183 家增加到 199 家。

We ended the year with a strengthened financial position. Cash generated from operations and after investments in 2022 was used to decrease long-term debt by $20 million, repurchase $24 million worth of IAS stock at a cost of $7.68 per share in the third quarter and increase our cash balance by $14 million. Cash and cash equivalents at year-end were $87 million and debt was $223 million. In terms of capital allocation, our strong cash flows and balance sheet capacity provide us with significant financial flexibility to invest in the business, both organically and via strategic acquisitions.

我們以加強的財務狀況結束了這一年。運營和 2022 年投資後產生的現金用於減少長期債務 2000 萬美元，在第三季度以每股 7.68 美元的成本回購價值 2400 萬美元的 IAS 股票，並將我們的現金餘額增加 1400 萬美元。年末現金和現金等價物為 8700 萬美元，債務為 2.23 億美元。在資本配置方面，我們強大的現金流和資產負債表能力為我們提供了顯著的財務靈活性，可以通過有機和戰略收購來投資業務。

As we look to 2023, we are monitoring the evolving digital media trends. While we continue to navigate the current macroeconomic environment, we believe we are well positioned to grow faster than the industry based on the value our products provide. For the first quarter ending March 31, 2023, we expect total revenue in the range of $102 million to $104 million. Adjusted EBITDA for the first quarter is expected in the range of $29 million to $31 million. For the full year 2023, we expect total revenue in the range of $453 million to $463 million. Adjusted EBITDA for 2023 is expected in the range of $141 million to $149 million.

展望 2023 年，我們正在關注不斷發展的數字媒體趨勢。在我們繼續應對當前的宏觀經濟環境的同時，我們相信，根據我們產品提供的價值，我們有能力比行業更快地增長。對於截至 2023 年 3 月 31 日的第一季度，我們預計總收入在 1.02 億美元至 1.04 億美元之間。第一季度調整後的 EBITDA 預計在 2900 萬至 3100 萬美元之間。對於 2023 年全年，我們預計總收入在 4.53 億美元至 4.63 億美元之間。 2023 年調整後的 EBITDA 預計在 1.41 億美元至 1.49 億美元之間。

A few additional modeling points. For the full year 2023, we expect gross profit margin of approximately 78% to 80%, reflecting investment in our data infrastructure and increased hosting costs. We expect to optimize the gross profit margin of these offerings as we scale over time.

一些額外的建模點。對於 2023 年全年，我們預計毛利率約為 78% 至 80%，這反映了我們對數據基礎設施的投資和託管成本的增加。隨著時間的推移，我們希望優化這些產品的毛利率。

At the midpoint of our guidance, we expect adjusted EBITDA margin expansion in 2023. We expect increased operating leverage in 2023 as operating expenses, excluding stock-based compensation and onetime items, are expected to grow at a slower rate than revenue. This is due primarily to the December 2022 restructuring and our focus on efficiency and productivity.

在我們指引的中點，我們預計調整後的 EBITDA 利潤率將在 2023 年擴大。我們預計 2023 年的運營槓桿將增加，因為運營費用（不包括基於股票的薪酬和一次性項目）預計將以低於收入的速度增長。這主要是由於 2022 年 12 月的重組以及我們對效率和生產力的關注。

First quarter stock-based compensation expense is expected in the range of $11 million to $13 million. Full year stock-based compensation expense is expected in the range of $62 million to $66 million. The increase compared to 2022 primarily reflects the incremental expense due to the second year of our annual RSU program.

第一季度基於股票的薪酬支出預計在 1100 萬至 1300 萬美元之間。全年基於股票的補償費用預計在 6200 萬至 6600 萬美元之間。與 2022 年相比的增長主要反映了由於我們年度 RSU 計劃的第二年而增加的費用。

We expect weighted average shares outstanding for the first quarter in the range of 154 million to 155 million shares and, for the full year, 155 million to 157 million shares.

我們預計第一季度的加權平均流通股數在 1.54 億至 1.55 億股之間，全年為 1.55 億至 1.57 億股。

We're very pleased with our fourth quarter performance, and we're off to a strong start in the first quarter of 2023. We see tremendous opportunity for IAS' products globally and continued demand for our differentiated offering with several exciting new wins. We will continue to invest in tech innovation to enhance our value proposition for marketers and publishers. We will also maintain fiscal discipline to optimize our resources and deliver efficiencies in a dynamic environment.

我們對第四季度的業績感到非常滿意，我們在 2023 年第一季度取得了良好的開端。我們看到了 IAS 產品在全球的巨大機遇，以及對我們差異化產品的持續需求，以及幾項激動人心的新勝利。我們將繼續投資於技術創新，以提升我們對營銷人員和出版商的價值主張。我們還將保持財政紀律，以優化我們的資源並在動態環境中提高效率。

I'm excited to be part of the IAS team, and I look forward to engaging with all of you.

我很高興成為 IAS 團隊的一員，並期待與大家交流。

Lisa and I are now ready to take your questions. Operator?

麗莎和我現在準備好回答你的問題了。操作員？

(Operator Instructions) Our first question comes from the line of Jason Helfstein of Oppenheimer.

（操作員說明）我們的第一個問題來自 Oppenheimer 的 Jason Helfstein。

Two questions. The first, Lisa, as we all think about the Internet advertising sector, we kind of think about it like bracketing into 3 buckets. So you have Tier 1, which is like meta and search. Then you have like kind of other platforms, we'll call them like Tier 2, and then kind of like open web and display called Tier 3. And it seems that when you go into an ad recession, the cutbacks happen in reverse order, right? They cut back Tier 2 then Tier 3, and the last thing people cut back, or advertisers, is like meta and search.

兩個問題。首先，麗莎，當我們都想到互聯網廣告行業時，我們有點像把它分成 3 個桶。所以你有第 1 層，就像元和搜索。然後你有類似的其他平台，我們將它們稱為第 2 層，然後有點像開放網絡和顯示稱為第 3 層。似乎當你進入廣告衰退時，削減以相反的順序發生，正確的？他們削減了第 2 層，然後是第 3 層，人們或廣告商削減的最後一件事就是元數據和搜索。

Given your exposure to those categories. Do you think it's fair to say that, as a result of that, you saw cutbacks maybe earlier? And then as a result, as the spending comes back, you see kind of a greater rebound on the platforms that you serve the most? That's my first question, and then I have a quick follow-up for Tania.

鑑於您接觸過這些類別。您是否認為可以公平地說，因此，您可能更早看到了裁員？然後結果是，隨著支出的回升，你看到你服務最多的平台出現了更大的反彈嗎？這是我的第一個問題，然後我會快速跟進 Tania。

Okay. Thanks, Jason. So the way to think about macroeconomic and the way marketers invest in digital advertising, I'll say there are 2 buckets. The first is marketers want to go where the users are. And when you look at the trends right now, rapid explosive adoption of socials, all things related to social platforms; and secondly, streaming, rapid adoption of CTV. Those are the 2 areas and platforms where IAS, we are completely leaning in. They are core priorities for our 2023 product and tech road map, and we are innovating in both social and CTV, and that's where marketers are investing their digital advertising. So I'd put both of those buckets in the Tier 1, those large major platforms.

好的。謝謝，傑森。因此，考慮宏觀經濟的方式和營銷人員投資數字廣告的方式，我會說有兩個桶。首先是營銷人員想去用戶所在的地方。當你看看現在的趨勢時，社交的快速爆炸式採用，所有與社交平台相關的東西；其次，流媒體，CTV 的快速採用。這些是 IAS 完全依賴的兩個領域和平台。它們是我們 2023 年產品和技術路線圖的核心優先事項，我們正在社交和 CTV 方面進行創新，這也是營銷人員投資數字廣告的地方。所以我會把這兩個桶放在第 1 層，那些大型的主要平台。

The second point I want to make is marketers, they're investing more in video. Again, where the users are going and how they're consuming media, they want sight, sound and motion. And when you take a look at our projections and where we are investing, we're shifting from display to video, and we'll continue to double-down in video, both in open web and in the major platforms.

我想說的第二點是營銷人員，他們在視頻上投入更多。同樣，用戶要去哪里以及他們如何消費媒體，他們需要視覺、聲音和動作。當你看一下我們的預測和我們的投資方向時，我們正在從展示轉向視頻，我們將繼續在開放網絡和主要平台上加大視頻投入。

And then, Tania, you just quick on the guide. You're guiding first quarter for 15% growth, the full year for 12%. How are you thinking about the cadence by quarter? Are you assuming second quarter as the low point for growth, or any other color there?

然後，Tania，您只需快速了解指南即可。你指導第一季度增長 15%，全年增長 12%。您如何看待每個季度的節奏？您是否假設第二季度是增長的低點，或者那裡的任何其他顏色？

Sure. So our guide reflects a pretty strong momentum that we're seeing right now as we head into the first quarter, continuing from the fourth quarter. And I would say, overall, our seasonality that we expect in 2023 should be similar to the seasonality we've seen in the past.

當然。因此，我們的指南反映了我們在進入第一季度時看到的非常強勁的勢頭，從第四季度開始繼續。我想說，總的來說，我們預計 2023 年的季節性應該與我們過去看到的季節性相似。

Our next question comes from the line of Mark Kelley of Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

I just want to go back to the kind of macro bigger picture question. I'm just curious how conversations with advertisers have gone so far in 2023. Is there any improvement relative to December? Any more visibility on your end?

我只想回到宏觀大局問題。我只是好奇 2023 年到目前為止與廣告商的對話進展如何。與 12 月相比有什麼改善嗎？你這邊還有更多能見度嗎？

And then second, happy to hear you talk about retail media a little bit more tonight. Can you maybe frame how large that channel is today and what we can expect from a growth perspective for IAS over the next year or 2?

其次，很高興聽到你今晚更多地談論零售媒體。您能否勾勒出該渠道今天的規模，以及我們在明年或兩年內從 IAS 的增長角度可以期待什麼？

Sure. Happy to take those, Mark. So in terms of marketers, and you know, we've talked about this, I personally spend a lot of time with marketers, with the agencies in the field. And I have to say, feedback from them is they're optimistic about 2023 and the investments that they're making in digital advertising. But I will also say, in this current macroeconomic environment that we're all in, marketers, they're doubling down in ROI. They're doubling down in efficiency, and our products at IAS have never been more relevant. So we are seeing optimism and we'll just continue to innovate on behalf of marketers.

當然。很高興接受這些，馬克。因此，就營銷人員而言，你知道，我們已經討論過這個問題，我個人花了很多時間與營銷人員以及該領域的機構合作。我不得不說，他們的反饋是他們對 2023 年以及他們在數字廣告方面的投資持樂觀態度。但我還要說，在當前我們所處的宏觀經濟環境中，營銷人員，他們的投資回報率正在翻倍。他們的效率翻了一番，我們在 IAS 的產品從未像現在這樣重要。因此，我們看到了樂觀情緒，我們將繼續代表營銷人員進行創新。

And then in terms of retail media. Retail media, it's also a top priority for us at IAS. It's one of the fastest-growing emerging channels, and marketers are absolutely leaning into retail media networks and shifting their linear dollars into retail media. We work with 9 out of the top 10 retail media platforms, including platforms like Walmart, Amazon, CVS, Walgreens, and we'll continue to invest in retail media. In terms of size of the market, I mean, I think it's been estimated north of a $50 billion marketplace. So huge opportunity, lots of greenfields in the retail media space.

然後在零售媒體方面。零售媒體，這也是我們 IAS 的首要任務。它是增長最快的新興渠道之一，營銷人員絕對傾向於零售媒體網絡，並將他們的線性資金轉移到零售媒體上。我們與前 10 大零售媒體平台中的 9 家合作，包括沃爾瑪、亞馬遜、CVS、Walgreens 等平台，我們將繼續投資零售媒體。就市場規模而言，我的意思是，我認為它估計超過 500 億美元的市場。如此巨大的機會，零售媒體領域的許多綠地。

Our next question comes from the line of James Heaney of Jefferies.

我們的下一個問題來自 Jefferies 的 James Heaney。

What specifically caused the outperformance you saw in the fourth quarter? We've definitely heard a number of companies talk about December being a challenging month for advertising. So I would love to hear just your thoughts on what's offset that weakness.

是什麼具體導致了您在第四季度看到的出色表現？我們確實聽過許多公司談論 12 月對廣告來說是一個充滿挑戰的月份。所以我很想听聽您對抵消這種弱點的想法。

Then my second question is just around Context Control, kind of what you're seeing in Q4 and then so far early in Q1. Lisa, are there any mile markers of just adoption of where you're going to be by the end of the year?

然後我的第二個問題是關於上下文控制的，就像你在第四季度和第一季度早期看到的那樣。麗莎，是否有任何里程標記表明您將在今年年底到達哪裡？

Yes, great questions. Thanks, James. So in terms of Q4 performance, we're very pleased with our results for fourth quarter that we delivered 15% year-over-year growth. We saw performance across all of our business lines. And there are a couple of key verticals where we saw strength. And then I'm happy to hand it to Tania, if you want to add some additional color on fourth quarter. But the verticals included automotive, we saw strength, tech/telco as well as performance from the World Cup.

是的，很好的問題。謝謝，詹姆斯。因此，就第四季度的表現而言，我們對第四季度的業績感到非常滿意，我們實現了 15% 的同比增長。我們看到了我們所有業務線的表現。我們在幾個關鍵的垂直領域看到了優勢。然後我很樂意將它交給 Tania，如果你想在第四季度添加一些額外的顏色。但垂直領域包括汽車，我們看到了實力、技術/電信以及世界杯的表現。

Tania, do you want to add?

塔尼亞，你想補充嗎？

Yes. I just would add 2 other things to that, Lisa. We also saw strong spend in the fourth quarter on the new logos from 2022 and contextual avoidance also contributed to the above expectation of performance on the programmatic side.

是的。麗莎，我只想添加另外兩件事。我們還看到，從 2022 年開始，第四季度在新徽標上的支出強勁，而情境迴避也促成了上述程序化方面的業績預期。

Okay. Great. And James, to your second question around Context Control, a couple of call-outs there are programmatic growth, it did exceed expectations for fourth quarter. We continue to see just rapid adoption of Context Control, represents 47% of programmatic in fourth quarter, up from 45% in third quarter. And we expect to continue to see strong growth in Context Control in 2023 both in terms of contextual avoidance, seeing healthy adoption both in the U.S. and international markets, EMEA in particular. And we're also seeing a strong uptick with contextual targeting product, and we'll continue to invest in our Context Control.

好的。偉大的。詹姆斯，關於你關於上下文控制的第二個問題，有幾個調用有程序化增長，它確實超出了第四季度的預期。我們繼續看到上下文控制的快速採用，佔第四季度程序化的 47%，高於第三季度的 45%。我們預計 2023 年情境控制在情境迴避方面將繼續強勁增長，並在美國和國際市場，尤其是 EMEA 市場得到健康采用。我們還看到上下文定位產品的強勁增長，我們將繼續投資我們的上下文控制。

Our next question comes from the line of Brian Fitzgerald of Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

We know it's still early, but as premium CTV ramps, could you talk through the value-add that you provide the marketing partners? Are you finding some of the viewability issues that you've talked about in the past as you're delivering that value is resonating? Any sense of whether marketers or platforms want to go further with additional functionalities like brand safety and suitability?

我們知道現在還早，但隨著優質 CTV 的增加，您能否談談您為營銷合作夥伴提供的附加值？您是否發現過去在交付價值時談到的一些可見性問題引起了共鳴？營銷人員或平台是否想進一步提供品牌安全性和適用性等附加功能？

Sure. Happy to take that, Fitz. So we're winning in CTV everywhere. We have global breadth and depth across all of the major CTV ad-supported platforms. And IAS, we're the only provider with line of sight into the entire CTV ecosystem. And I have to say we have the most robust and forward-thinking product portfolio. And then the other thing that differentiates us, Fitz, in the CTV ecosystem is our data. We have incredibly robust data from our Publica integration and our ability to combine our Publica data with our IAS data. We give greater transparency to marketers, so they have a better understanding of where their ads are running on programmatic CTV.

當然。很高興接受，菲茨。所以我們到處都在 CTV 中獲勝。我們在所有主要的 CTV 廣告支持平台上擁有全球廣度和深度。而 IAS，我們是唯一一家能夠洞察整個 CTV 生態系統的供應商。我不得不說，我們擁有最強大、最具前瞻性的產品組合。然後，讓我們 Fitz 在 CTV 生態系統中脫穎而出的另一件事是我們的數據。我們擁有來自 Publica 集成的強大數據，以及我們將 Publica 數據與 IAS 數據相結合的能力。我們為營銷人員提供了更高的透明度，因此他們可以更好地了解他們的廣告在程序化 CTV 上的投放位置。

So in terms of viewability, that's what marketers are looking for. They definitely want to move more of their linear TV dollars over into programmatic CTV, but they just want the transparency and visibility to understand where their ads are running.

因此，就可見性而言，這正是營銷人員所尋求的。他們肯定希望將更多的線性電視收入轉移到程序化 CTV 中，但他們只是希望透明度和可見性能夠了解他們的廣告在哪裡運行。

(Operator Instructions) Our next question comes from the line of Andrew Marok of Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 Andrew Marok。

Wanted to dig in a little bit maybe on the tech side of retail media and the kind of progress of innovation there. Because you've talked about in the past how, to some extent, some tech can be portable between social feeds, for instance, or video formats. But is retail media more of a ground-up build? Or do you have aspects of the platform that can kind of be repurposed to specifically suit retail media? And then I have a follow-up.

想深入了解零售媒體的技術方面以及那裡的創新進展。因為您過去曾談到，在某種程度上，某些技術如何可以在社交媒體或視頻格式之間移植。但零售媒體更像是一種全新的構建方式嗎？或者您是否擁有可以重新調整用途以專門適合零售媒體的平台的某些方面？然後我有一個後續行動。

Yes. Great question, Andrew. So the way we think about retail media and the tech requirements, it's a few, there are a few steps involved. The first is integrations with the major retail media platforms, ideally, server-to-server integrations that helps with data flow. It makes it more seamless and easier to scale. The other part of the integration is ensuring that our verification solutions are accessible to both the major marketers who are selling their products both on the retail media platforms, that's called the O&O inventory, and off of the retail media platforms and being able to extend it into mid and smaller advertisers who are selling their products.

是的。好問題，安德魯。因此，我們考慮零售媒體和技術要求的方式有幾個，涉及幾個步驟。首先是與主要零售媒體平台的集成，理想情況下是有助於數據流的服務器到服務器集成。它使它更加無縫並且更容易擴展。集成的另一部分是確保我們的驗證解決方案可供在零售媒體平台（稱為 O&O 庫存）和零售媒體平台外銷售產品的主要營銷人員訪問，並能夠對其進行擴展進入銷售其產品的中小型廣告商。

But I have to say, with retail media, where I see the big opportunity is in the data and leveraging our differentiated data. I spoke to the data before in terms of our IAS measurement data, combined with CTV data, and being able to layer that data with the retail media networks and helping those advertisers running on the retail media networks find higher-quality media, which leads to higher ROI. That is nirvana for the marketers.

但我不得不說，對於零售媒體，我認為數據和利用我們的差異化數據是巨大的機會。我之前談到過我們的 IAS 測量數據，結合 CTV 數據，能夠將數據與零售媒體網絡分層，並幫助那些在零售媒體網絡上運行的廣告商找到更高質量的媒體，這導致更高的投資回報率。那是營銷人員的必殺技。

Great. That's really helpful. One other thing I did want to ask about was, what was really driving the uptick that we saw in the number of large customers in 4Q? Because I think the sequential increase there was notably higher than I think we've seen in the past.

偉大的。這真的很有幫助。我想問的另一件事是，是什麼真正推動了我們在第四季度看到的大客戶數量的增長？因為我認為那裡的連續增長明顯高於我認為我們過去看到的。

I want to make sure I understood the question. So large uptick of the larger customers in the fourth quarter?

我想確保我理解了這個問題。第四季度大客戶的增長如此之快？

Yes. To 199 from 183 last year and 184 last quarter.

是的。從去年的 183 個和上個季度的 184 個增加到 199 個。

Sure. Tania can take that one.

當然。塔尼亞可以接受那個。

Sure. Andrew, we're pleased to see the strong performance of our top advertisers in the quarter. We've got a very diverse base of advertisers with an 8-year tenure. And what is notable there is that 1/3 of those new accounts added were international clients.

當然。安德魯，我們很高興看到我們的頂級廣告客戶在本季度的強勁表現。我們擁有非常多元化的廣告客戶群，任期長達 8 年。值得注意的是，新增賬戶中有 1/3 是國際客戶。

Our next question comes from the line of Mark Mahaney of Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

This is Ian Peterson on for Mark. Just one quick question. I know you guys didn't talk about in-app gaming at all or have it in the press release. Just curious if you guys could go over where you're at in terms of in-app gaming. Should we expect any kind of meaningful contribution in '23? And then I also have a follow-up.

這是馬克的伊恩·彼得森。只是一個簡單的問題。我知道你們根本沒有談論應用內游戲，也沒有在新聞稿中提及。只是好奇你們是否可以在應用程序內游戲方面回顧一下你們所處的位置。我們應該期待在 23 年做出任何有意義的貢獻嗎？然後我還有一個跟進。

Sure. Great question, Ian. So we're very excited about the gaming vertical. We see it as an important emerging vertical for our business. The way to think about gaming in 2023 is this is a build year where we're continuing to ensure our integrations are done, onboarding advertisers to our verification solutions on gaming. And I would expect in 2024, that's where we would see meaningful revenue.

當然。好問題，伊恩。所以我們對遊戲垂直領域感到非常興奮。我們將其視為我們業務的重要新興垂直領域。考慮 2023 年遊戲的方式是，這是一個建設年，我們將繼續確保完成集成，讓廣告商加入我們的遊戲驗證解決方案。我預計到 2024 年，我們將看到可觀的收入。

Great. And then on the follow-up, I apologize if this has been covered already. It looks like EMEA has been continuing to grow strong Q3 into Q4. Just curious on what you're hearing in terms of like sentiment for advertisers there, especially just given all of the regulatory headwinds.

偉大的。然後在後續行動中，如果已經涉及到這一點，我深表歉意。看起來 EMEA 一直在繼續強勁增長第三季度到第四季度。只是想知道您對那裡的廣告商的情緒有何看法，尤其是在考慮到所有監管不利因素的情況下。

Sure. Yes, we're excited that we are starting to see some strength coming out of EMEA in the fourth quarter. We saw it with some of those sizable wins that I called out, 2 out of the 4 wins are actually headquartered in EMEA. And we saw the uptick of 13% in the quarter, highlighted by major win like Kering. Also, it represented 32% of our revenue in the fourth quarter international in total. So we love the fact that we are seeing strength in the numbers in EMEA. It demonstrates our international footprint and the fact that more and more marketers are leaning into our solutions and seeing relevance with our products.

當然。是的，我們很高興我們開始看到第四季度歐洲、中東和非洲地區的一些實力。我們從我提到的一些相當大的勝利中看到了這一點，4 場胜利中有 2 場實際上總部位於歐洲、中東和非洲。我們在本季度看到了 13% 的增長，這在開雲集團這樣的重大勝利中得到了突顯。此外，它占我們第四季度國際總收入的 32%。因此，我們很高興看到歐洲、中東和非洲地區的數據強勁。它展示了我們的國際足跡，以及越來越多的營銷人員傾向於使用我們的解決方案並看到與我們的產品相關的事實。

I would now like to turn the conference back to Lisa Utzschneider for closing remarks. Madam?

我現在想把會議轉回 Lisa Utzschneider 作閉幕詞。女士？

Thank you, everyone, for joining us on today's call. We're coming off a strong fourth quarter, and we're pleased with our start to the new year with positive demand trends and major brand wins. It's clear that marketers value our products, particularly in the current environment where return on ad spend is a top priority. We'll look forward to seeing you at the upcoming investor events and to updating you on our progress. Thank you.

謝謝大家參加今天的電話會議。我們即將迎來強勁的第四季度，我們很高興以積極的需求趨勢和主要品牌的勝利開始新的一年。很明顯，營銷人員重視我們的產品，尤其是在廣告支出回報率是重中之重的當前環境下。我們期待在即將舉行的投資者活動中見到您，並向您通報我們的最新進展。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。