Integral Ad Science Holding Corp (IAS) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the IAS 2023 First Quarter Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jonathan Schaffer, VP of Investor Relations with IAS. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 IAS 2023 第一季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，IAS 投資者關係副總裁 Jonathan Schaffer。請繼續。

Thank you. Good afternoon, and welcome to the IAS 2023 First Quarter 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 2023 第一季度財務業績電話會議。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 investors.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。請參閱我們的投資者關係網站 investors.integralads.com 上發布的公司提交給美國證券交易委員會的文件。有關可能導致實際結果與我們的預期存在重大差異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 2023 first quarter earnings call. We accelerated our business momentum in the first quarter as demand for our mission-critical products increased. Results exceeded our prior guidance for both revenue and adjusted EBITDA. In addition, we are raising our financial outlook for the full year.

謝謝喬納森，歡迎大家參加我們 2023 年第一季度的財報電話會議。隨著對我們關鍵任務產品的需求增加，我們在第一季度加快了業務發展勢頭。結果超出了我們之前對收入和調整後 EBITDA 的指導。此外，我們還上調了全年的財務展望。

Revenue increased 19% to $106.1 million in the first quarter, ahead of our forecast of $102 million to $104 million. We benefited from strong seasonal demand for marketer campaigns in support of March Madness, tax preparation and new content releases across our streaming partners.

第一季度收入增長 19% 至 1.061 億美元，高於我們預測的 1.02 億美元至 1.04 億美元。我們受益於對營銷活動的強勁季節性需求，以支持我們的流媒體合作夥伴的瘋狂三月、稅務準備和新內容髮布。

In addition, recent new business wins contributed to performance in the period. Adjusted EBITDA reached $34.1 million at a 32% margin. We also achieved net income profitability for the fifth straight quarter. IAS is a customer-obsessed global technology company. We are launching innovative and scalable products at high velocity, and we continue to invest in engineering and data science talent. Science is in our name, and we are meeting with the most advanced AI and ML technologies. Everything we build is global, scalable and repeatable. A great example of this is the rollout of our total media quality, TMQ solution, which delivers comprehensive analysis of content across platforms in over 90 languages.

此外，最近贏得的新業務也為這一時期的業績做出了貢獻。調整後的 EBITDA 達到 3410 萬美元，利潤率為 32%。我們還連續第五個季度實現淨利潤盈利。 IAS 是一家以客戶為中心的全球科技公司。我們正在高速推出創新和可擴展的產品，我們將繼續投資於工程和數據科學人才。科學以我們的名義出現，我們正在與最先進的 AI 和 ML 技術會面。我們構建的一切都是全球性的、可擴展的和可重複的。一個很好的例子就是推出我們的整體媒體質量 TMQ 解決方案，該解決方案以 90 多種語言跨平台提供內容的綜合分析。

Our partnership with TikTok ramps up in the first quarter driven by marketer adoption of our end-to-end measurement solutions. Active post-bid campaigns were up 33% in the first quarter compared to the fourth quarter of 2022. We currently operate in 7 markets and 3 languages with TikTok. We are expanding rapidly into over 30 new markets over the next several weeks, well ahead of our prior expectation of an additional 20 markets by year-end.

在營銷人員採用我們的端到端測量解決方案的推動下，我們與 TikTok 的合作關係在第一季度得到加強。與 2022 年第四季度相比，第一季度活躍的投標後活動增長了 33%。我們目前在 7 個市場以 3 種語言開展 TikTok 運營。在接下來的幾週內，我們將迅速擴展到 30 多個新市場，遠遠超過我們之前預期的到年底再擴展 20 個市場。

Earlier this week, IAS announced that its brand safety and suitability reporting on YouTube will now be aligned to the Global Alliance for Responsible Media or GARM framework. As a result, IAS will offer more granular reporting for campaigns on YouTube.

本週早些時候，IAS 宣布其在 YouTube 上的品牌安全和適用性報告現在將與全球責任媒體聯盟或 GARM 框架保持一致。因此，IAS 將為 YouTube 上的廣告系列提供更精細的報告。

With Meta, we're excited to continue our partnership and value their commitment to implementing suitability controls and verification for feed. We look forward to the expansion of feed verification to all badged partners later this year.

通過 Meta，我們很高興繼續我們的合作夥伴關係，並重視他們對實施飼料適用性控制和驗證的承諾。我們期待在今年晚些時候將 Feed 驗證擴展到所有帶徽章的合作夥伴。

Last quarter, we announced our expansion into third-party brand safety and suitability measurement in Twitter's live feed in the U.S. We look forward to expanding our capabilities with Twitter globally into new markets, including Australia, the U.K. and Canada.

上個季度，我們宣佈在美國的 Twitter 實時動態中擴展第三方品牌安全和適用性衡量。我們期待通過 Twitter 將我們的能力擴展到全球新市場，包括澳大利亞、英國和加拿大。

We are investing in ease of use and activation of our programmatic solutions. We are enhancing the customer experience via superior user interface, increased functionality and expanded reporting capabilities.

我們正在投資提高程序化解決方案的易用性和激活性。我們正在通過卓越的用戶界面、增加的功能和擴展的報告能力來增強客戶體驗。

During the first quarter, we integrated our Quality Sync Pre-bid product into DSPs, including Yahoo! and MediaMath, joining other major DSPs. Quality Sync helps marketers optimize media spend and campaign outcomes by reaching higher quality impressions. In addition, strong adoption of context control continues to fuel our programmatic growth.

在第一季度，我們將 Quality Sync Pre-bid 產品集成到 DSP 中，包括 Yahoo!和 MediaMath，加入其他主要 DSP。 Quality Sync 通過獲得更高質量的印象來幫助營銷人員優化媒體支出和活動結果。此外，上下文控制的大力採用繼續推動我們的程序化增長。

We're also developing attention metrics to help marketers better optimize their media spend and achieve targeted outcomes while building a framework of strategic partners whose unique strengths will further enhance our product offerings. This week, IAS announced the strategic partnership with U.K.-based Lumen Research, a global attention technology company specializing in cutting-edge eye-tracking solutions. By combining IAS' attention capabilities and actionable data with Lumen's eye-tracking expertise, our customers will have an even more powerful way to track which impressions have captured attention and are likely to drive the business results.

我們還在開發注意力指標，以幫助營銷人員更好地優化他們的媒體支出並實現目標結果，同時建立一個戰略合作夥伴框架，其獨特優勢將進一步增強我們的產品供應。本週，IAS 宣布與總部位於英國的 Lumen Research 建立戰略合作夥伴關係，Lumen Research 是一家專注於尖端眼動追踪解決方案的全球注意力技術公司。通過將 IAS 的注意力能力和可操作數據與 Lumen 的眼動追踪專業知識相結合，我們的客戶將擁有一種更強大的方式來跟踪哪些印象引起了注意並可能推動業務成果。

We are also actively participating in the IAB working groups and with the Media Rating Council, or MRC, on the ongoing development of expanded standards in this area.

我們還積極參與 IAB 工作組和媒體評級委員會 (MRC) 的工作，以持續開發該領域的擴展標準。

In our recent white paper, Taking Action on Attention, we analyze millions of advertising data signals refined by machine learning models. The report concluded that comprehensive media quality measurement and optimization solutions that leverage visibility, the surrounding ad environment and ad interaction signals are core to driving attention.

在我們最近的白皮書《對注意力採取行動》中，我們分析了數百萬由機器學習模型提煉的廣告數據信號。該報告得出結論，利用可見性、周圍廣告環境和廣告交互信號的綜合媒體質量測量和優化解決方案是吸引註意力的核心。

IAS currently provides a custom report in our Signal UI that helps marketers understand these 3 components across their programmatic media spend. We are building on our leadership in ad verification in CTV. We believe we have the most robust and forward-thinking product portfolio as well as global breadth and depth across all the major CTV ad-supported platforms. By combining IAS and Publica data, we provide marketers with transparency on where their ads are running in programmatic CTV.

IAS 目前在我們的 Signal UI 中提供自定義報告，幫助營銷人員了解其程序化媒體支出中的這 3 個組成部分。我們正在鞏固我們在 CTV 廣告驗證方面的領導地位。我們相信，我們在所有主要的 CTV 廣告支持平台上擁有最強大和最具前瞻性的產品組合以及全球廣度和深度。通過結合 IAS 和 Publica 數據，我們為營銷人員提供了他們的廣告在程序化 CTV 中的運行位置的透明度。

Publica was recently named Best Video Ad Platform in Digiday's video and TV awards.

Publica 最近在 Digiday 的視頻和電視大獎中被評為最佳視頻廣告平台。

In March, IAS launched viewability and invalid traffic verification for Netflix's ad-supported plan. IAS is ensuring that advertising campaigns running on Netflix are delivered fraud-free and are seen by real viewers. Verification on Netflix is now available in 12 markets globally and across all platforms. We're also excited to announce that Publica renewed its exclusive partnership with Samsung to be their primary CTV ad server, helping them to power their ad break decisioning across Samsung TV plus globally.

3 月，IAS 對 Netflix 的廣告支持計劃推出了可見度和無效流量驗證。 IAS 確保在 Netflix 上運行的廣告活動無欺詐地交付並被真實觀眾看到。 Netflix 驗證現已在全球 12 個市場和所有平台上推出。我們還很高興地宣布，Publica 續簽了與三星的獨家合作夥伴關係，成為他們的主要 CTV 廣告服務器，幫助他們在 Samsung TV plus 全球範圍內製定廣告插播決策。

Our pre-bid solutions are now live with Xandr Invest DSP. These offerings ensure marketer's ad stop playing when the TV screen is off and provide metadata to better understand programmatic CTV spend.

我們的投標前解決方案現在與 Xandr Invest DSP 一起使用。這些產品確保營銷人員的廣告在電視屏幕關閉時停止播放，並提供元數據以更好地了解程序化 CTV 支出。

Beyond CTV, we're pleased to announce that Mail Metro Media, the U.K.-based global news publisher is now using IAS context control as well as our publisher verification and optimization products. IAS is ensuring that ads running on Mail Metro's digital platforms can be properly seen by audiences, are fraud-free and brand safe for advertisers.

除了 CTV，我們很高興地宣布總部位於英國的全球新聞出版商 Mail Metro Media 現在正在使用 IAS 上下文控制以及我們的出版商驗證和優化產品。 IAS 正在確保在 Mail Metro 的數字平台上投放的廣告能夠被受眾正確看到、無欺詐且對廣告商而言是品牌安全的。

Our leading-edge technology, along with our energized sales effort, is driving increased customer adoption and higher conversion of multiyear, multimillion dollar new business opportunities.

我們的領先技術以及充滿活力的銷售努力正在推動客戶採用率的提高和多年、價值數百萬美元的新商機的更高轉化率。

On last quarter's call, I highlighted several major global brand wins, including Ford, Hershey, Kering and Bel. We are winning these deals after extensive head-to-head product and tech due diligence. We're also focused on activating these wins faster, which is reflected in our first quarter results.

在上一季度的電話會議上，我強調了幾個主要的全球品牌勝利，包括福特、好時、開雲和貝爾。經過廣泛的產品和技術盡職調查後，我們贏得了這些交易。我們還專注於更快地激活這些勝利，這反映在我們第一季度的業績中。

Most recently, Canva has selected IAS based on our actionable attention data, ability to drive greater efficiencies across programmatic buying and enhanced CTV offerings as Canva shifts more budgets to the space.

最近，Canva 根據我們可操作的注意力數據、提高程序化購買效率的能力以及隨著 Canva 將更多預算轉移到該領域而增強的 CTV 產品選擇了 IAS。

In addition, we won several new accounts outside the U.S. In Europe, BT selected IAS based on our differentiated product innovation. In APAC, we're delighted to welcome Singapore Airlines and Panasonic. Our global presence stands as a key differentiator for IAS as marketers consolidate their buying decision around 1 provider across geographies.

此外，我們在美國以外贏得了幾個新客戶。在歐洲，BT 基於我們差異化的產品創新選擇了 IAS。在亞太地區，我們很高興歡迎新加坡航空公司和松下電器。我們的全球業務是 IAS 的一個關鍵差異化因素，因為營銷人員圍繞 1 個跨地區的供應商鞏固了他們的購買決策。

In the first quarter, we accelerated revenue growth with double-digit gains in the Americas, EMEA and APAC. Expanding on our existing relationship with Amazon, we announced recently that IAS is the first verification vendor whose suite of publisher optimization solutions are now available via Amazon Publisher Services or APS connections marketplace. By leveraging their existing APS connection, publishers can easily discover and onboard new tech solutions with a streamlined and more efficient adoption and integration process.

第一季度，我們加速了收入增長，在美洲、歐洲、中東和非洲和亞太地區實現了兩位數的增長。擴展我們與亞馬遜的現有關係，我們最近宣布 IAS 是第一家驗證供應商，其出版商優化解決方案套件現在可通過亞馬遜出版商服務或 APS 連接市場獲得。通過利用現有的 APS 連接，出版商可以通過簡化且更高效的採用和集成流程輕鬆發現和採用新技術解決方案。

In March, the MRC granted continued accreditation of IAS' core digital ad verification service. Since appointing Kevin Alvero as Chief Compliance Officer, we've intensified our efforts to grow our MRC accreditations. Kevin is a widely renowned industry authority who was at Nielsen for 20 years prior to joining IAS. We look forward to continuing to work closely with the MRC.

3 月，MRC 繼續對 IAS 的核心數字廣告驗證服務進行認證。自從任命 Kevin Alvero 為首席合規官以來，我們加大了努力，以增加我們的 MRC 認證。凱文是一位廣為人知的行業權威，在加入 IAS 之前，他在尼爾森工作了 20 年。我們期待繼續與 MRC 密切合作。

Finally, IAS went live with our previously announced partnership with Good-Loop. We are working with Good-Loop to enable marketers to measure the carbon emissions of their digital ad campaigns.

最後，IAS 上線了我們之前宣布的與 Good-Loop 的合作夥伴關係。我們正在與 Good-Loop 合作，使營銷人員能夠衡量其數字廣告活動的碳排放量。

We're off to a strong start in 2023 with first quarter results ahead of our prior expectations. We are delivering superior products to our customers and we are investing in our technology to support future growth initiatives with data as the foundation.

我們在 2023 年開局強勁，第一季度業績超出了我們之前的預期。我們正在為客戶提供卓越的產品，我們正在投資於我們的技術，以支持以數據為基礎的未來增長計劃。

We have a robust new business pipeline, and we are benefiting from our enhanced go-to-market strategy. We are excited to host our first Analyst and Investor Day on June 13. We encourage you to join us in person at the NASDAQ market site in New York City. The event will be a great opportunity to meet and hear from several members of the IAS senior leadership team on our strategy and vision.

我們擁有強大的新業務渠道，並且受益於我們增強的上市戰略。我們很高興在 6 月 13 日舉辦我們的第一個分析師和投資者日。我們鼓勵您親自到紐約市納斯達克市場參加我們的活動。該活動將是一個很好的機會，可以與 IAS 高級領導團隊的幾位成員會面並聽取他們對我們的戰略和願景的看法。

We'll feature product demos that highlight our robust technology. We will also host an expert panel to provide insights into IAS and the broader digital media industry. I'd like to thank everyone on today's call for your ongoing support. I'll now hand it over to Tania to review our financial results in detail.

我們將展示突出我們強大技術的產品演示。我們還將主持一個專家小組，提供對 IAS 和更廣泛的數字媒體行業的見解。我要感謝今天電話會議上的每一個人，感謝你們一直以來的支持。我現在將其交給 Tania 來詳細審查我們的財務結果。

Thanks, Lisa, and welcome, everyone.

謝謝，麗莎，歡迎大家。

We exceeded our expectations in the first quarter, highlighted by accelerated year-over-year revenue growth of 19% and adjusted EBITDA margin expansion to 32%. As a result of our positive business momentum, we are raising our financial outlook for the full year.

我們在第一季度超出了我們的預期，突出表現是收入同比加速增長 19%，調整後的 EBITDA 利潤率擴大至 32%。由於我們積極的業務勢頭，我們上調了全年的財務展望。

Total revenue in the first quarter increased to $106.1 million. Our revenue growth rate of 19% for the period accelerated from the 15% growth rate in the fourth quarter of 2022. We generated increased marketer demand across our product offerings, in social media, video and open web with a strong contribution from seasonal campaigns in the period.

第一季度的總收入增至 1.061 億美元。我們在此期間的收入增長率為 19%，高於 2022 年第四季度 15% 的增長率。我們在社交媒體、視頻和開放網絡中對我們的產品提供了更多的營銷需求，其中季節性活動做出了巨大貢獻時期。

In addition, recent new business wins added to our results. CPG, auto and finance verticals performed well in the period.

此外，最近贏得的新業務也增加了我們的業績。 CPG、汽車和金融垂直行業在此期間表現良好。

Programmatic revenue for the first quarter grew 26% year-over-year to $51.0 million. primarily attributable to Context Control. Context Control represented a similar percentage of programmatic revenue as in the fourth quarter of 2022.

第一季度的程序化收入同比增長 26% 至 5100 萬美元。主要歸因於上下文控制。上下文控制佔程序化收入的百分比與 2022 年第四季度相似。

Non-contextual programmatic revenue increased at a double-digit rate in the first quarter. Programmatic revenue reached 56% of total revenue from advertisers in the first quarter versus 54% in the prior year period. We see opportunity for expansion of our Context Control business beyond the top 100 accounts, particularly in the mid-market, both in the U.S. and internationally. We are also further developing other areas within programmatic, including our Total Visibility offering.

非上下文程序化收入在第一季度以兩位數的速度增長。第一季度程序化收入佔廣告商總收入的 56%，而去年同期為 54%。我們看到了將我們的上下文控制業務擴展到前 100 大客戶之外的機會，特別是在美國和國際的中端市場。我們還在進一步開發程序化的其他領域，包括我們的 Total Visibility 產品。

Advertiser direct revenue, which includes social media platforms and open web, increased 18% year-over-year to $40.7 million. Social media revenue grew 25% and represented 43% of advertiser direct revenue in the first quarter, up from 42% in the fourth quarter of 2022. Year-over-year growth was driven by customer adoption of our post-bid solutions for TikTok as well as revenue from our existing partnerships with Meta and YouTube, which continue to diversify and scale.

包括社交媒體平台和開放網絡在內的廣告商直接收入同比增長 18% 至 4070 萬美元。社交媒體收入增長了 25%，佔第一季度廣告商直接收入的 43%，高於 2022 年第四季度的 42%。同比增長是由客戶採用我們的 TikTok 投標後解決方案推動的以及來自我們與 Meta 和 YouTube 的現有合作夥伴關係的收入，這些合作夥伴關係繼續多樣化和擴大。

Video, which commands a pricing premium to display, grew 25% in the quarter. Video accounted for 47% of advertiser direct revenue in the first quarter, unchanged from the fourth quarter of 2022. On a combined basis, total revenue from advertisers, including programmatic and advertiser direct revenue represented 86% of total first quarter revenue.

要求顯示定價溢價的視頻在本季度增長了 25%。第一季度視頻佔廣告商直接收入的 47%，與 2022 年第四季度持平。合併後，來自廣告商的總收入（包括程序化和廣告商直接收入）佔第一季度總收入的 86%。

Supply side revenue from publishers increased 2% to $14.4 million in the period. Gains in Publica were partially offset by the performance of our non-CTV supply side businesses. Total supply side revenue represented 14% of total first quarter revenue.

在此期間，來自出版商的供應方收入增長了 2%，達到 1,440 萬美元。 Publica 的收益部分被我們非 CTV 供應方業務的表現所抵消。供應方總收入佔第一季度總收入的 14%。

Revenue grew in all 3 regions in the first quarter. Revenue growth in the Americas accelerated to 23%, ahead of 19% growth in the fourth quarter of 2022, driven by gains in Context Control, TikTok and Publica.

第一季度所有 3 個地區的收入均有所增長。在 Context Control、TikTok 和 Publica 的增長推動下，美洲的收入增長加速至 23%，高於 2022 年第四季度 19% 的增長。

International revenue growth, excluding the Americas accelerated to 11%, outpacing growth of 6% in the fourth quarter of 2022, fueled by new business wins, adoption of our offerings and investments in emerging markets.

在贏得新業務、採用我們的產品以及對新興市場的投資的推動下，不包括美洲在內的國際收入增長加速至 11%，超過了 2022 年第四季度 6% 的增幅。

Gross profit margin for the first quarter was 80%, compared to 81% in the prior year period. Gross profit margin performance in the first quarter reflects investment in our data infrastructure and increased hosting costs. Gross profit margin was in line with our prior outlook of 78% to 80%, which we continue to forecast throughout 2023.

第一季度的毛利率為 80%，而去年同期為 81%。第一季度的毛利率表現反映了我們對數據基礎設施的投資和託管成本的增加。毛利率符合我們之前 78% 至 80% 的預期，我們將繼續預測整個 2023 年。

We expect to optimize the gross profit margin of our offerings as we scale over time. Sales and marketing, technology and development and general and administrative expenses combined increased 10% in the first quarter compared to the prior year period. Slower expense growth reflects our streamlined operations resulting from our recent restructuring efforts. We continue to prioritize our hiring as we focus on profitable growth. Higher stock-based compensation also drove the year-over-year increase.

隨著時間的推移，我們希望優化我們產品的毛利率。與去年同期相比，第一季度銷售和營銷、技術和開發以及一般和管理費用合計增長 10%。費用增長放緩反映了我們最近的重組努力導致的精簡運營。我們繼續優先考慮我們的招聘，因為我們專注於盈利增長。更高的股票薪酬也推動了同比增長。

Stock-based compensation expense for the period was $11.3 million, in line with our prior expectation of $11 million to $13 million. Adjusted EBITDA for the first quarter, which excludes stock-based compensation and onetime items, increased 37% year-over-year to $34.1 million. Adjusted EBITDA margin was 32% and exceeded expectations.

該期間基於股票的薪酬支出為 1,130 萬美元，符合我們此前預期的 1,100 萬至 1,300 萬美元。第一季度調整後的 EBITDA（不包括基於股票的薪酬和一次性項目）同比增長 37% 至 3,410 萬美元。調整後的 EBITDA 利潤率為 32%，超出預期。

Higher-than-expected revenue for the period as well as increased operating efficiencies contributed to our strong adjusted EBITDA margin in the first quarter. In addition, long-term investments in our technology and improved productivity of our engineering team resulted in increased capitalized expenses, which contributed to margin performance.

這一時期高於預期的收入以及運營效率的提高為我們在第一季度調整後的 EBITDA 利潤率做出了巨大貢獻。此外，對我們技術的長期投資和我們工程團隊生產力的提高導致資本化費用增加，這有助於提高利潤率。

Net income for the first quarter was $3.1 million or $0.02 per share. This marks our fifth consecutive quarter of net income profitability.

第一季度的淨收入為 310 萬美元或每股 0.02 美元。這標誌著我們連續第五個季度實現淨收入盈利。

Turning to our performance metrics. First quarter net revenue retention, or NRR, was 118%, reflecting our ability to grow with our customers. Total advertising customers was 2,100, essentially unchanged from the prior year period. The total number of large advertising customers with annual revenue over $200,000 increased to 204 compared to 184 last year and up sequentially from 199 in the fourth quarter of 2022.

轉向我們的績效指標。第一季度淨收入保留率 (NRR) 為 118%，反映了我們與客戶共同成長的能力。廣告客戶總數為 2,100 家，與去年同期基本持平。年收入超過 20 萬美元的大型廣告客戶總數從去年的 184 家增加到 204 家，比 2022 年第四季度的 199 家有所增加。

We maintain a healthy balance sheet with strong cash flow conversion that provides us with financial flexibility to invest in the long-term growth of the business. Cash and cash equivalents at the end of the first quarter were $94.4 million. During the quarter, we reduced our long-term debt by $10 million to $215 million, resulting in net debt of $121 million.

我們保持健康的資產負債表和強大的現金流轉換，為我們提供財務靈活性，以投資於業務的長期增長。第一季度末現金和現金等價物為 9440 萬美元。本季度，我們將長期債務減少 1000 萬美元至 2.15 億美元，淨債務為 1.21 億美元。

We are increasing our revenue and adjusted EBITDA outlook for the full year to reflect our first quarter outperformance and positive business momentum. For the second quarter ending June 30, 2023, we expect total revenue in the range of $111 million to $113 million or 12% year-over-year growth at the midpoint of the range.

我們正在增加我們的收入並調整全年的 EBITDA 展望，以反映我們第一季度的出色表現和積極的業務勢頭。對於截至 2023 年 6 月 30 日的第二季度，我們預計總收入在 1.11 億美元至 1.13 億美元之間，或在該範圍的中點同比增長 12%。

Adjusted EBITDA for the second quarter is expected in the range of $35 million to $37 million. For the full year of 2023, we now expect total revenue in the range of $457 million to $465 million or 13% year-over-year growth at the midpoint of the range, up from our prior guidance of $453 million to $463 million. Adjusted EBITDA for 2023 is expected in the range of $147 million to $153 million, up from our prior guidance of $141 million to $149 million, which reflects a slight improvement in adjusted EBITDA margin compared to our prior outlook.

第二季度調整後的 EBITDA 預計在 3500 萬至 3700 萬美元之間。對於 2023 年全年，我們現在預計總收入在 4.57 億美元至 4.65 億美元之間，或在該範圍的中點同比增長 13%，高於我們之前 4.53 億美元至 4.63 億美元的指導。 2023 年調整後的 EBITDA 預計在 1.47 億美元至 1.53 億美元之間，高於我們之前的 1.41 億美元至 1.49 億美元的指導，這反映出調整後的 EBITDA 利潤率與我們之前的預期相比略有改善。

Our updated adjusted EBITDA guidance reflects our increased revenue outlook, financial discipline driving organizational efficiencies and an increase in the level of capitalized technology and development expense as a result of investments in our technology platform. We are reinvesting some of these benefits into strategic initiatives to support our long-term growth.

我們更新後的調整後 EBITDA 指南反映了我們增加的收入前景、推動組織效率的財務紀律以及由於對我們的技術平台的投資而增加的資本化技術和開發費用水平。我們正在將其中一些收益重新投資到戰略計劃中，以支持我們的長期增長。

A few additional points. We expect second quarter year-over-year revenue growth of 12% at the midpoint, compared to higher Q1 growth, which benefited from seasonal campaigns as discussed. Advertiser direct revenue in the second quarter is expected to benefit from the ongoing ramp and adoption of our leading social media products as well as demand for our open web products from new advertiser customers.

補充幾點。我們預計第二季度的中點收入同比增長 12%，而第一季度的增長率更高，這得益於所討論的季節性活動。第二季度的廣告商直接收入預計將受益於我們領先的社交媒體產品的持續增長和採用，以及新廣告商客戶對我們開放網絡產品的需求。

Balancing this, programmatic revenue growth in the second quarter is expected to reflect moderating context controlled growth as the business increases scale. As mentioned, we expect gross profit margin in the range of 78% to 80% throughout the year.

為了平衡這一點，第二季度的程序化收入增長預計將反映出隨著業務規模的擴大，情境控制的增長正在放緩。如前所述，我們預計全年毛利率在 78% 至 80% 之間。

Second quarter stock-based compensation expense is expected in the range of $15.5 million to $17.5 million. Full year stock-based compensation expense is expected in the range of $61 million to $64 million, lower than our previous guidance of $62 million to $66 million. We expect weighted average shares outstanding for the second quarter in the range of 155 million to 156 million shares and 155 million to 157 million shares for the full year.

第二季度基於股票的薪酬支出預計在 1550 萬美元至 1750 萬美元之間。全年基於股票的薪酬支出預計在 6100 萬美元至 6400 萬美元之間，低於我們之前 6200 萬美元至 6600 萬美元的指導。我們預計第二季度的加權平均流通股數在 1.55 億至 1.56 億股之間，全年為 1.55 億至 1.57 億股。

To conclude, we are pleased with our first quarter performance, which sets the stage for profitable growth in 2023. We are generating positive business momentum, highlighted by major wins that are already contributing to our results. We are excited to advance our partnerships with the major platforms, which expand our addressable market opportunities and we are realizing operating efficiencies while reinvesting in the business for long-term sustainable growth to benefit our customers and shareholders.

總而言之，我們對第一季度的業績感到滿意，這為 2023 年的盈利增長奠定了基礎。我們正在產生積極的業務勢頭，突出表現是已經為我們的業績做出貢獻的重大勝利。我們很高興推進與主要平台的合作夥伴關係，這擴大了我們可尋址的市場機會，我們正在實現運營效率，同時對業務進行再投資以實現長期可持續增長，從而使我們的客戶和股東受益。

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 is from James Heaney with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 James Heaney。

I have 2. Tania, just looking at your Q2 guide, it implies a bit of a softer sequential growth compared to prior second quarters. Is there anything driving that? Just anything on the macro? And then one for Lisa, could you just talk about the opportunity to expand Context Control to mid-market accounts? We heard Tania mention it on the call. So just be great to hear about the traction that you're seeing there.

我有 2. 塔尼亞，看看你的第二季度指南，這意味著與之前的第二季度相比，連續增長有點疲軟。有什麼驅動嗎？只是宏上的任何東西？然後是給 Lisa 的，你能談談將 Context Control 擴展到中端市場客戶的機會嗎？我們聽到 Tania 在電話中提到了它。所以很高興聽到你在那裡看到的牽引力。

Sure. We were very pleased with our first quarter results, driven by stronger-than-expected revenue from seasonal campaigns. This -- and so we are -- and so we're expecting some deceleration from the higher-than-expected seasonal campaigns in Q1. And this trend is consistent with our prior expectation of higher Q1 growth versus the full year.

當然。我們對第一季度的業績感到非常滿意，這得益於季節性活動收入強於預期。這 - 我們也是 - 所以我們預計第一季度高於預期的季節性活動會有所放緩。這一趨勢與我們之前對第一季度增長率高於全年的預期一致。

And in the second quarter, our guidance reflects -- we're pleased to continue to guide double-digit revenue growth, as you mentioned, 12% and strong profitability in the second quarter based on strong continued demand for our products.

在第二季度，我們的指導反映了——我們很高興繼續指導兩位數的收入增長，正如你提到的那樣，基於對我們產品的持續強勁需求，第二季度 12% 和強勁的盈利能力。

Sure. Happy to take the second question about expanding Context Control to mid-market. We are seeing a nice uptick with mid-market adoption of Context Control, contextual avoidance in particular, both in the U.S. and EMEA. We're also starting to see a nice uptick for Context Control in international. Mid-market in particular, we define mid-market north of top 100 accounts. And where we're really getting traction is with the independent agencies outside of the top 6 holdcos.

當然。很高興回答關於將 Context Control 擴展到中端市場的第二個問題。我們看到，在美國和歐洲、中東和非洲，中端市場採用情境控制（尤其是情境迴避）的情況出現了良好的增長。我們也開始看到 Context Control 在國際上的良好增長。特別是中端市場，我們定義了前 100 個客戶以北的中端市場。我們真正獲得關注的地方是前 6 大控股公司之外的獨立機構。

Our next question comes from Matt Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matt Cost。

I guess just on the Amazon Publisher Services partnership, I think it was mentioned in the release, how needle moving do you think this can be for your go-to-market and how long will it take you to assess whether you're seeing more onboarding through that channel?

我想就亞馬遜出版商服務合作夥伴關係而言，我認為在發布中提到了這一點，你認為這對你的上市有多大影響，你需要多長時間來評估你是否看到更多通過該渠道入職？

Great question, Matt. Yes, we were thrilled to announce that IAS was the first verification vendor whose suite of publisher optimization solutions are now available on APS. It enables publishers to easily discover and onboard new tech solutions. And in terms of onboarding and timing, I would say the back half of this year will be a steady onboarding, steady ramp. And then we expect fuller adoption in 2024.

好問題，馬特。是的，我們很高興地宣布 IAS 是第一家其出版商優化解決方案套件現已在 APS 上可用的驗證供應商。它使出版商能夠輕鬆發現和採用新技術解決方案。在入職和時間方面，我想說今年下半年將是一個穩定的入職，穩定的增長。然後我們預計 2024 年將得到更全面的採用。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

Kind of a 2-part question around Connected TV. So first, just on the Samsung partnership. Is the primary benefit -- is the main benefit to them choosing you to be their primary ad server that you can tell if the TV is actually on versus alternative ways to basically measure or kind of do what you do with Connected TV? And then just talk about -- I guess, we're kind of going to get to the point maybe in a few more quarters where the growth of kind of public and CTV should offset some of the declines on the legacy supply side. So just kind of talk broadly how that product and you ultimately see Connected TV kind of growing the supply side line of the model.

關於聯網電視的問題分為兩部分。首先，關於三星的合作夥伴關係。主要好處是——他們選擇你作為他們的主要廣告服務器的主要好處是你可以判斷電視是否真的在開著，而不是其他方法來基本測量或做你用聯網電視做的事情？然後只是談論 - 我想，我們可能會在幾個季度內達到這樣的程度，即公眾和 CTV 的增長應該抵消傳統供應方面的一些下降。因此，請廣泛地談論該產品以及您最終如何看到聯網電視在某種程度上增加模型的供應側線。

Sure. Thanks for the questions, Jason. So yes, we were thrilled that we renewed our exclusive partnership with Samsung as their primary CTV ad server. To address your question about on-off, I mean, we have such an extensive strategic partnership with Samsung. In addition to serving their ads, we're doing lots of other things to help Samsung better optimize and drive higher yields for their CTV ad inventory. And then in terms of our publisher revenue, we continue to see impressive growth from Publica, it represents a little more than half of our publisher business. And the Publica growth, it was partially offset by our traditional non-CTV publisher offering.

當然。謝謝你的問題，傑森。所以，是的，我們很高興能與三星續簽獨家合作夥伴關係，作為他們的主要 CTV 廣告服務器。為了解決您關於開關的問題，我的意思是，我們與三星建立瞭如此廣泛的戰略合作夥伴關係。除了投放他們的廣告外，我們還在做很多其他事情來幫助三星更好地優化他們的 CTV 廣告庫存並提高收益。然後就我們的出版商收入而言，我們繼續看到 Publica 的驚人增長，它占我們出版商業務的一半多一點。而 Publica 的增長，部分被我們傳統的非 CTV 出版商產品所抵消。

So we're feeling really bullish about the future of CTV, we are winning in CTV everywhere and Publica absolutely is accelerating our growth with CTV, and we're just seeing such great demand, both from publishers and advertisers.

因此，我們對 CTV 的未來感到非常樂觀，我們在 CTV 中無處不在，Publica 絕對在加速我們在 CTV 方面的增長，我們看到來自出版商和廣告商的巨大需求。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

You had really nice acceleration in the advertiser direct segment this quarter and really notable uptick in the impression growth to 29%. You called out client growth in 10-Q, but wondering if you could also talk through the impact from emerging channels there and maybe also what you saw from the overall volume dynamics on the market right now.

本季度您在廣告客戶直接細分市場中的加速非常好，並且印象增長確實顯著上升至 29%。你在 10-Q 中提到了客戶增長，但想知道你是否也可以談談那里新興渠道的影響，也許還有你從目前市場的整體交易量動態中看到的情況。

Sure. Happy to take that, Fitz. So we were very pleased with the uptick in advertiser direct revenue in Q1. That was fueled by the team putting a lot of new wins on the business. A couple of reasons why we did see that strong growth with ad direct. The first is just strong performance in social, notably TikTok and a few other of the social media platforms as well as seasonal campaigns. So think of Q1 seasonal events like cold, flu, March Madness, and that also generated nice wins with advertising direct.

當然。很高興接受，菲茨。因此，我們對第一季度廣告商直接收入的增長感到非常高興。團隊在業務上取得了很多新勝利，這推動了這一點。我們確實看到直接廣告實現強勁增長的幾個原因。首先是社交方面的強勁表現，尤其是 TikTok 和其他一些社交媒體平台以及季節性活動。因此，想想第一季度的季節性事件，如感冒、流感、瘋狂三月，這也為直接廣告帶來了不錯的收益。

Our next question comes from Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

I wanted to get your thoughts on this attention partnership with Lumen, which is nice to see. And that approach is a little bit different than your main competitor, which doesn't use eye tracking and things like that. I guess what are the puts and takes between your methodology and some of the other ones that are out in the market? And then second, some of the categories that you called out is a bit stronger for you like autos and financials were weaker for some other folks in digital advertising. Curious if that's a read-through to newer wins that maybe you didn't have last year.

我想了解您對與 Lumen 的這種注意力合作夥伴關係的看法，這很高興看到。這種方法與您的主要競爭對手略有不同，後者不使用眼動追踪之類的東西。我想您的方法與市場上其他一些方法之間的看跌期權和價格是多少？其次，你提到的一些類別對你來說有點強，比如汽車和金融對數字廣告中的其他一些人來說較弱。好奇這是否是您去年可能沒有的新勝利的通讀。

Great. Thanks, Mark. So happy to talk about attention. And yes, we were thrilled to announce our partnership earlier this week with U.K.-based Lumen Research. As it sounds like you read about it, Lumen is a global attention company that specializes in eye tracking and the beauty of the partnership is we're combining our attention technology with Lumen's eye-tracking capability. And what's great is it's what marketers are asking for, that they want that combination of our attention data with Lumen's focused data on eye tracking. And what we're finding, the results so far, they look really strong, that in view ads, they're amounting to 64x higher attention than those were not in view.

偉大的。謝謝，馬克。很高興談論注意力。是的，我們很高興在本週早些時候宣布與總部位於英國的 Lumen Research 建立合作夥伴關係。正如您所讀到的那樣，Lumen 是一家專注於眼動追踪的全球注意力公司，合作的美妙之處在於我們將我們的注意力技術與 Lumen 的眼動追踪功能相結合。很棒的是，這正是營銷人員所要求的，他們希望將我們的注意力數據與 Lumen 在眼動追踪方面的重點數據結合起來。我們發現，到目前為止的結果，它們看起來非常強大，在觀看廣告中，它們的關注度比未觀看的廣告高出 64 倍。

I don't really want to speak to our competitors' offerings because we're just so focused on innovating on behalf of our advertisers. But again, we're thrilled about the partnership, and we're thrilled to offer a differentiated attention solution to our customer base.

我真的不想談論我們競爭對手的產品，因為我們非常專注於代表我們的廣告商進行創新。但同樣，我們對合作夥伴關係感到興奮，我們很高興為我們的客戶群提供差異化的注意力解決方案。

In terms of the verticals, Tania, do you want to take charge?

在垂直方面，塔尼亞，你想負責嗎？

Yes. Mark, in terms of auto and finance, we were really pleased to see the strong results in those 2 verticals. I would say there's a couple of things underlying that, and Fitz called this out earlier, we were really pleased on the ad direct side to see 29% volume increases in Q1. And that was a combination of a few things: one, the volume from social media; number two, our new wins are already starting to have an impact that we saw in Q1; and thirdly, particularly on the finance side, some of the advertisers on the finance side were more seasonally driven in terms of Q1. But we were, across the board with the areas I just highlighted, we're really pleased with the strong growth on the ad direct side.

是的。馬克，就汽車和金融而言，我們真的很高興看到這兩個垂直領域的強勁業績。我想說這背後有幾件事，Fitz 早些時候也提到了這一點，我們真的很高興在廣告直接方面看到第一季度的銷量增長了 29%。這是幾件事的結合：第一，來自社交媒體的數量；第二，我們的新勝利已經開始產生我們在第一季度看到的影響；第三，特別是在金融方面，一些金融方面的廣告商在第一季度更受季節性驅動。但是，在我剛剛強調的領域中，我們對廣告直接方面的強勁增長感到非常滿意。

Our next question comes from Andrew Marok with Raymond James.

我們的下一個問題來自 Andrew Marok 和 Raymond James。

One more on APS, if I could. I guess can you talk a little bit more about that partnership, I guess, what brought that about and what kind of walled garden or platform partnerships can that open up as like a demonstration of capabilities or a proof of concept. And then second, on attention, you mentioned in the answer to the last question that you have marketers that are kind of clamoring for this type of attention data. Are there any commonalities in the types of advertisers or clients that you're working with right now who are kind of seeking out that attention data, maybe more than others?

如果可以的話，再來一篇關於 APS 的文章。我想你能多談談這種夥伴關係嗎，我想，是什麼帶來了這種夥伴關係，以及什麼樣的圍牆花園或平台夥伴關係可以像能力展示或概念驗證一樣開放。其次，關於注意力，你在最後一個問題的答案中提到，你的營銷人員對這種類型的注意力數據大聲疾呼。您現在正在與之合作的廣告商或客戶類型是否有任何共同點，他們正在尋找注意力數據，也許比其他人更多？

Sure. So happy to answer the first question around APS. So the way to think about the APS integration and announcement, I mean, we have a deep strategic partnership with Amazon across multiple businesses of Amazon. In addition to our advertiser base of customers, we also have a deep publisher customer base and this is something that our customers have been -- our publisher customers have been asking for is just a broader and wider scale and distribution play, an opportunity to connect into APS and enabling publishers so they can easily onboard new tech solutions with a streamlined and more efficient adoption and integration process.

當然。很高興回答有關 APS 的第一個問題。因此，考慮 APS 整合和公告的方式，我的意思是，我們與亞馬遜在亞馬遜的多個業務中建立了深厚的戰略合作夥伴關係。除了我們的廣告商客戶群外，我們還有深厚的出版商客戶群，這是我們的客戶一直以來的需求——我們的出版商客戶一直要求的只是越來越廣泛的規模和分銷活動，一個連接的機會進入 APS 並使出版商能夠通過簡化和更高效的採用和集成過程輕鬆地採用新技術解決方案。

So we're really excited to be the first verification vendor to announce our APS integration. And then in terms of our investments in attention, another thing that we rolled out recently is a white paper, All around Attention. And think of it as a thought leadership piece, and we're getting such strong feedback from our advertisers about this white paper. And the way we're thinking about the attention model, it's fit into 3 categories. And those categories include visibility, situation and interaction, and we are able to measure the attention in each of these areas. And again, combining up our overall attention data and marrying that with Lumen's eye-tracking data.

所以我們真的很高興成為第一個宣布我們的 APS 集成的驗證供應商。然後就我們對注意力的投資而言，我們最近推出的另一件事是白皮書，All around Attention。並將其視為思想領導力的作品，我們從廣告商那裡得到了關於這份白皮書的強烈反饋。我們考慮注意力模型的方式，將其分為 3 類。這些類別包括可見性、情境和互動，我們能夠衡量每個領域的注意力。再一次，將我們的整體注意力數據結合起來，並將其與 Lumen 的眼動追踪數據結合起來。

The way to think about attention too, it's early days, it's one really important part of outcomes and especially during these macroeconomic times, as advertisers are leaning in to understand ROI, efficiency, get closer to the ROI, ensure that every dollar that they invest, they're understanding the ROI investments in things like attention and overall performance and outcomes, it's a core part of our strategy at IAS, both this year and in future years.

考慮注意力的方式，現在還處於早期階段，它是結果中一個非常重要的部分，尤其是在這些宏觀經濟時期，因為廣告商傾向於了解投資回報率、效率，更接近投資回報率，確保他們投資的每一美元，他們了解在註意力、整體績效和結果等方面的投資回報率，這是我們今年和未來幾年 IAS 戰略的核心部分。

Our next question comes from Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

I wanted to touch a little bit on just the tech investments you're making for the year. I know that's been a big strategic priority for you. How are you just with that transition and starting to see the pace of product and feature velocity improve.

我想稍微談談你們今年所做的技術投資。我知道這對你來說是一個重要的戰略重點。您如何看待這種轉變並開始看到產品和功能速度的提高。

Yes. Great question, Justin. So in terms of tech investments, we're definitely firing on all cylinders. And a good example of that, and I know we spoke to it during the earlier call is total media quality and total media quality, we've launched it in the social platforms, both TikTok, we announced earlier this week with YouTube and the beauty of total media quality is we're offering brand safety and brand suitability. And the adoption rate has been phenomenal.

是的。好問題，賈斯汀。因此，就技術投資而言，我們肯定會全力以赴。一個很好的例子，我知道我們在早些時候的電話會議上談到了總體媒體質量和總體媒體質量，我們已經在社交平台上推出了它，包括 TikTok，我們本週早些時候通過 YouTube 和美妝宣布在總體媒體質量中，我們提供品牌安全性和品牌適用性。而且採用率非常驚人。

I'll just take the example of TikTok. We're actually ahead of our product road map schedule. We were scheduled to launch in 20 markets in Q2. We are already at 30 new markets, we'll be there over the next few weeks. And ultimately, with our total media quality product supporting 90 languages within these social platforms, we're able to move at that velocity and that scale, both by leveraging our AI and ML technologies but also tapping into open AI, and that's something you keep hearing about from all the tech companies in their quarterly earnings calls. This quarter is just the power of AI. And we'll make sure that we are leveraging both our deep tech but also open AI and other open technologies so that we can drive at speed and scale.

我僅以 TikTok 為例。我們實際上領先於我們的產品路線圖時間表。我們計劃在第二季度在 20 個市場推出。我們已經進入了 30 個新市場，我們將在接下來的幾週內到達那裡。最終，憑藉我們在這些社交平台中支持 90 種語言的總體媒體質量產品，我們能夠以這種速度和規模發展，既可以利用我們的 AI 和 ML 技術，也可以利用開放 AI，而這正是您要保留的在季度財報電話會議上聽取所有科技公司的意見。本季度正是 AI 的力量所在。我們將確保我們既利用我們的深度技術，也利用開放人工智能和其他開放技術，以便我們能夠以速度和規模推動。

If I could add on to that, Lisa, as well. Justin, one thing I'm very pleased to see from a finance perspective is that we are continuing to hire in technology. We're also driving more productivity across the organization, and that's contributing to our profitable growth across the quarter and also on a full year basis.

如果我可以補充一點，麗莎也一樣。賈斯汀，從財務角度來看，我很高興看到的一件事是我們將繼續招聘技術人員。我們還提高了整個組織的生產力，這有助於我們在整個季度和全年的盈利增長。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

First question for Tania. If you look at this guidance, you pushed through the Q1 outperformance on revenue and EBITDA, you did kind of pushed up a little bit more. What gives you that extra confidence there? And can you talk a little bit maybe about some of the initiatives there? And I have one follow-up.

塔尼亞的第一個問題。如果你看一下這個指南，你會在第一季度的收入和 EBITDA 上取得優異成績，你確實有點推高了一點。是什麼給了你額外的信心？你能談談那裡的一些舉措嗎？我有一個跟進。

In terms of specifically on profitability, Raimo?

就盈利能力而言，Raimo？

Yes.

是的。

Okay. Yes. So we're really pleased with Q1 coming in at 32%, which was up from 28% last year. We are -- we saw in the quarter greater-than-expected productivity efficiencies following debt restructuring that we did in December. And like I said, we are continuing to invest in the business but we were really pleased to see that prove out in Q1, which gave us the confidence to up margin at the midpoint of our guide.

好的。是的。因此，我們對第一季度的增長率為 32% 感到非常滿意，高於去年的 28%。我們是 - 我們在 12 月進行的債務重組後，在本季度看到了高於預期的生產效率。就像我說的那樣，我們將繼續投資於該業務，但我們真的很高興看到這一點在第一季度得到證明，這讓我們有信心在指南的中點提高利潤率。

Okay. Perfect. And then Lisa, more a bigger picture question around -- let everyone in software at least ask more on the [internet] side as well, I guess around open AI. Can you just talk a little bit about for your industry, what that means like because it's kind of everyone keeps asking for all segments, but it's -- how do you think about it for your industry and the implications for you guys?

好的。完美的。然後是 Lisa，一個更宏觀的問題——讓軟件行業的每個人至少在 [互聯網] 方面也提出更多問題，我猜是圍繞開放 AI 提出的。你能談談你的行業，這意味著什麼，因為每個人都在不斷要求所有細分市場，但它 - 你如何看待它對你的行業以及對你們的影響？

Yes. Great question, Raimo. So again, as I had mentioned before, we're AI/ML-based companies. science is in the name of Integral Ad Science. So we're built off of technology and just leverage incredibly deep data insights. But in terms of the power of AI and open AI, the way we look at it is leveraging open AI when it is additive to our existing technology and products specs and ensuring that when we do leverage it, it's the right thing to do for our customers, it is additive from a product functionality and also it helps us like with that TikTok example, that speed to market matters. And being able to launch a product like total media quality and accelerate the road map and accelerate the ability to launch that product and get it to a place where we're over 90 languages available, that is incredibly powerful for our advertising customers. It's incredibly powerful for the platforms that we partner with. And I see it as a win-win, win across the board. So that's how we're thinking about open AI, is just leveraging it when it's additive to our existing technology.

是的。好問題，雷莫。所以，正如我之前提到的，我們是基於 AI/ML 的公司。科學以 Integral Ad Science 的名義出現。因此，我們建立在技術之上，只是利用了令人難以置信的深度數據洞察力。但就 AI 和開放 AI 的力量而言，我們看待它的方式是在開放 AI 附加到我們現有的技術和產品規格時利用它，並確保當我們利用它時，它是為我們做的正確事情客戶，它是產品功能的補充，它也幫助我們像 TikTok 的例子一樣，上市速度很重要。並且能夠推出像整體媒體質量這樣的產品並加快路線圖並加快推出該產品的能力並將其帶到我們可以使用 90 多種語言的地方，這對我們的廣告客戶來說非常強大。對於我們合作的平台來說，它非常強大。我認為這是雙贏的，全面的勝利。這就是我們考慮開放人工智能的方式，只是在它對我們現有技術的補充時加以利用。

Our last question comes from Jason Kreyer with Craig-Hallum.

我們的最後一個問題來自 Jason Kreyer 和 Craig-Hallum。

On the TikTok relationship, can you just talk more about where you're expanding that? And then yesterday, they announced a new publisher pulse solution. Curious if there's a bigger fundamental opportunity for you guys there?

關於 TikTok 的關係，你能多談談你們在哪些方面進行擴展嗎？然後在昨天，他們宣布了一個新的發布者脈衝解決方案。好奇你們那裡是否有更大的基本面機會？

Yes, great question. So with TikTok, we're seeing incredible adoption, both with our pre-bid and post-bid products. You might remember when we initially rolled it out, it was just in 3 markets, 3 languages, got it up to 7 markets. We're now on path to hit 30 markets in the back half of this year, that scale -- that global scale, we'll be reaching even more markets.

是的，很好的問題。因此，對於 TikTok，我們的出價前和出價後產品都得到了令人難以置信的採用。您可能還記得我們最初推出它時，它只在 3 個市場、3 種語言中使用，後來增加到 7 個市場。我們現在正準備在今年下半年進入 30 個市場，這個規模——全球規模，我們將進入更多的市場。

We're hearing strong feedback both from global marketing clients who are adopting TikTok and also local clients in local markets who are adopting the product. And again, I can't emphasize enough the importance that we can roll out languages quickly because that will drive up the adoption rate for our global marketers who want our scalable global solutions to be wherever they're running their advertising, and they just want to ensure that where they're running their ads, it's brand safe and brand suitable.

我們從採用 TikTok 的全球營銷客戶以及採用該產品的本地市場的本地客戶那裡聽到了強烈的反饋。再說一次，我不能足夠強調我們可以快速推出語言的重要性，因為這將提高我們全球營銷人員的採用率，他們希望我們的可擴展全球解決方案無論在哪裡運行他們的廣告，他們只是想要以確保他們投放廣告的地方具有品牌安全性和品牌適用性。

So I'm incredibly proud of our team. I'm proud of the fact that we are ahead of our Q2 product road map, especially when it comes to TikTok and really looking forward to working with the other social platforms and expanding TMQ or when the social platforms open up their live feeds.

所以我為我們的團隊感到無比自豪。我為我們領先於第二季度產品路線圖而感到自豪，尤其是在 TikTok 方面，我真的很期待與其他社交平台合作並擴展 TMQ，或者當社交平台開放他們的直播時。

One follow-up on Context Control. We've heard some pushback from publishers that there's a conflict of interest as contextual data is used for targeting or resold to advertisers. I'm just curious from your perspective, how you manage that relationship between the advertisers and the publishers with that contextual data.

上下文控制的一項後續行動。我們從發布商那裡聽到了一些反對意見，認為存在利益衝突，因為上下文數據被用於定位或轉售給廣告商。從您的角度來看，我只是很好奇，您如何使用上下文數據來管理廣告商和發布商之間的關係。

Yes. Great question, Jason. So that was actually something that -- I remember was an issue. I mean, we've had Context Control for 3 years now. So in the early days of Context Control, I would hear some feedback from the publishers that they perceived it potentially as a conflict of interest. But the reality is the publishers are our customers, too. And we see -- we play a critical role with the publisher ecosystem to help publishers optimize their inventory, drive higher yields for their inventory so that their publishing sites are sticky. So it's something that we don't really hear much from publishers recently about conflict of interest with Context Control.

是的。好問題，傑森。所以這實際上是——我記得是個問題。我的意思是，我們已經使用上下文控制 3 年了。所以在 Context Control 的早期，我會聽到一些來自出版商的反饋，他們認為這可能是一種利益衝突。但現實是出版商也是我們的客戶。我們看到——我們在出版商生態系統中發揮著關鍵作用，幫助出版商優化他們的庫存，提高他們的庫存收益，從而使他們的出版網站具有粘性。因此，我們最近並沒有真正從發行商那裡聽到太多關於上下文控制的利益衝突。

At this time, I would now like to turn it back to Lisa Utzschneider, CEO, for closing remarks.

現在，我想把它轉回給首席執行官 Lisa Utzschneider 作結束語。

Thanks, everyone, for joining us on today's call. We're off to a great start in 2023 with positive business momentum heading into the second quarter. we are driving growth across our product portfolio with advanced technology and actionable data insights for our customers. We're also excited to see our new business wins contributing to our performance. We look forward to seeing you at our Analyst and Investor Day on June 13 in New York City. Thank you.

謝謝大家參加今天的電話會議。我們在 2023 年有了一個良好的開端，進入第二季度時業務勢頭良好。我們正在通過為客戶提供先進的技術和可操作的數據洞察來推動我們產品組合的增長。我們也很高興看到我們的新業務勝利為我們的業績做出了貢獻。我們期待在 6 月 13 日於紐約市舉行的分析師和投資者日見到您。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。