Integral Ad Science Holding Corp (IAS) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the IAS Q3 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 IAS 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Jonathan Schafer, SVP of Investor relations. Please go ahead.

現在我想將會議交給今天的第一位發言者、投資者關係高級副總裁喬納森·謝弗 (Jonathan Schafer)。請繼續。

Thank you. Good afternoon and welcome to the IAS 2024 third 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 2024 年第三季財務業績電話會議。今天，執行長 Lisa Utzschneider 也加入了我的行列。和財務長 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.integralsads.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。我們建議您參閱該公司向 SEC 提交的文件，該文件發佈在我們的投資者關係網站 Investors.integralsads.com 上。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資訊。

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.

我們也將在今天的電話會議上提及非公認會計原則措施。非公認會計原則衡量標準與最直接可比較的公認會計原則衡量標準的調節包含在我們投資者關係網站上今天發布的收益報告中。除非另有說明，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.

完成這些手續後，我現在想將電話轉給我們的執行長 Lisa Utzschneider。麗莎，你可以開始了。

Thank you, Jonathan. Welcome everyone to our 2024 third quarter call. We report a double digit increase in total revenue for the quarter with growth across our optimization, measurement and publisher businesses. We also advanced our technology and product innovation, expanded platform partnerships including our first to market Meta optimization solution, won new customers including from Oracle and announced strategic senior level hires.

謝謝你，喬納森。歡迎大家參加我們的 2024 年第三季電話會議。我們報告稱，隨著優化、衡量和發布商業務的成長，本季總收入實現了兩位數成長。我們也推動了技術和產品創新，擴大了平台合作夥伴關係，包括我們第一個推向市場的 Meta 優化解決方案，贏得了包括 Oracle 在內的新客戶，並宣布了戰略高層招聘。

While we made significant progress towards positioning IAS for long term sustainable performance, our third quarter revenue growth of 11% was limited by a slowdown in volume growth in the near term, most notably in CPG and retail. As a result, we are taking a prudent approach to our fourth quarter and full year outlook and expect fourth quarter revenue growth of 11% consistent with the third quarter. The fourth quarter is expected to represent approximately 28% of full year 2024, revenue on par with last year's fourth quarter contribution.

雖然我們在定位 IAS 以實現長期永續業績方面取得了重大進展，但我們第三季 11% 的營收成長受到近期銷售成長放緩的限制，尤其是消費品和零售領域。因此，我們對第四季和全年展望持謹慎態度，預計第四季營收成長 11%，與第三季一致。第四季預計將佔 2024 年全年的約 28%，營收與去年第四季的貢獻相當。

We exceeded our adjusted EBITDA expectations for the third quarter by diligently managing our costs. We reported a record third quarter adjusted EBITDA margin of 38% which we expect to maintain in the fourth quarter. IAS is a market leader based on our differentiated technology, including our suite of AI backed products and our ability to deliver greater ROI and efficiency to brands and their advertising spend. In recent months, we've enhanced our executive leadership, platform partnerships and product offerings to drive long term growth.

透過努力管理成本，我們超出了第三季調整後的 EBITDA 預期。我們公佈的第三季調整後 EBITDA 利潤率為創紀錄的 38%，我們預計第四季度將保持這一水平。IAS 憑藉我們的差異化技術成為市場領導者，包括我們的人工智慧支援產品套件以及我們為品牌及其廣告支出提供更高投資回報率和效率的能力。近幾個月來，我們加強了執行領導力、平台合作夥伴關係和產品供應，以推動長期成長。

In September, we welcome Marc Grabowski to IAS as Chief Operating Officer and Srishti Gupta as Chief Product Officer. The addition of Mark and Srishti to our leadership team, strengthens our customer first approach and advances our product development to meet the future needs of our customers and partners. Mark and Srishti's visionary leadership further IAS's commitment to customer obsession in superior product development.

9 月，我們歡迎 Marc Grabowski 加入 IAS 擔任營運官，Srishti Gupta 擔任首席產品長。Mark 和 Srishti 加入我們的領導團隊，加強了我們的客戶至上方法，並推進了我們的產品開發，以滿足客戶和合作夥伴的未來需求。Mark 和 Srishti 富有遠見的領導力進一步推動了 IAS 對客戶至上的卓越產品開發的承諾。

Mark brings extensive global leadership experience across the demand and supply sides of the advertising industry, spanning both enterprise and midmarket. He joined IAS from Oracle Advertising where he led their global commercial organization for Oracle Advertising products including Moat, Datalogix, BlueKai, and Grapeshot. He also brings senior level leadership experience at Criteo, Persio, and Yahoo!. As COO, Mark leads our commercial organization encompassing global revenue, customer success and marketing.

馬克在廣告業的需求和供應方面帶來了豐富的全球領導經驗，涵蓋企業和中端市場。他從 Oracle Advertising 加入 IAS，領導 Oracle Advertising 產品的全球商業組織，包括 Moat、Datalogix、BlueKai 和 Grapeshot。他也帶來了 Criteo、Persio 和 Yahoo! 的高階領導經驗。作為首席營運官，馬克領導我們的商業組織，負責全球收入、客戶成功和行銷。

Srishti, has a proven track record of launching ad measurement and optimization products at global scale. At Amazon, Srishti spearheaded the creation of cross channel measurement and optimization products. She also brings additional measurement experience from her tenure with IRI, now Circana, where she built products from the ground up. Most recently, she served as Chief Product Officer at Rokt, an e-commerce technology company, where she ensured a highly relevant experience across billions of ecommerce transactions. At IAS, Srishti leads our global product team, go to market initiatives, product marketing and research and insights.

Srishti 在全球推出廣告衡量和優化產品方面擁有良好的記錄。在亞馬遜，Srishti 率先創建了跨通路衡量和優化產品。她還帶來了在 IRI（現為 Circana）任職期間積累的額外測量經驗，她在那裡從頭開始建立產品。最近，她擔任電子商務技術公司 Rokt 的首席產品官，確保在數十億次電子商務交易中提供高度相關的體驗。在 IAS，Srishti 領導我們的全球產品團隊，負責市場計劃、產品行銷以及研究和見解。

Mark and Srishti have hit the ground running spending time with our customers, identifying opportunities to advance our go to market capabilities and positioning IAS for success in 2025.

Mark 和 Srishti 已開始與我們的客戶共度時光，尋找提升我們進入市場能力的機會，並為 IAS 在 2025 年取得成功做好準備。

We continue to maintain a strong pace of new business momentum including Greenfield opportunities with major global brands, as well as signed partnerships with advertisers, publishers and platforms previously with Oracle. We won more than 75 new Oracle customers since June representing a 72% win rate on oracle opportunities in which we participated. We have hired over 30 former Oracle employees which we believe gives us an advantage in securing and onboarding Oracle customers.

我們繼續保持強勁的新業務勢頭，包括與全球主要品牌的綠地機會，以及與先前與甲骨文合作的廣告商、出版商和平台簽署的合作夥伴關係。自 6 月以來，我們贏得了超過 75 位新的 Oracle 客戶，這意味著我們參與的 Oracle 機會的贏得率為 72%。我們僱用了 30 多名前 Oracle 員工，我們相信這使我們在爭取和吸引 Oracle 客戶方面具有優勢。

New Oracle wins. Include brands such as Peacock, Heineken and Emirates platforms such The Trade Desk, Quantcast, Nextdoor, Kargo, and Pandora and publishers such as Dow Jones, Bloomberg, NASCAR, Conde Nast, and TripleLift. Let me provide some additional color on some of these recent wins.

新甲骨文獲勝。包括 Peacock、Heineken 和 Emirates 等品牌，The Trade Desk、Quantcast、Nextdoor、Kargo 和 Pandora 等品牌以及 Dow Jones、Bloomberg、NASCAR、Conde Nast 和 TripleLift 等出版商。讓我對最近的一些勝利提供一些額外的說明。

Peacock switched from Oracle Mote to IAS as part of the Moat deprecation, taking advantage of the seamless integration with auto tagging and our CTV offerings. Heineken selected IAS, as their exclusive global strategic partner replacing Oracle Mote. IAS was awarded the opportunity based on our robust total visibility solution which delivers transparency into media quality and costs across the programmatic supply chain, along with our full suite of core measurement solutions including quality attention and sustainability.

作為 Moat 棄用的一部分，Peacock 從 Oracle Mote 切換到 IAS，利用與自動標記和我們的 CTV 產品的無縫整合。喜力選擇 IAS 作為其獨家全球策略合作夥伴，取代 Oracle Mote。IAS 之所以獲得這個機會，是因為我們強大的整體可見性解決方案能夠讓整個程式化供應鏈的媒體品質和成本變得透明，同時我們也擁有包括品質關注和永續性在內的全套核心衡量解決方案。

Emirates, the global airline based in Dubai chose IAS as a global measurement and optimization provider, following a competitive process. IAS won the Emirates opportunity based on our superior coverage, industry leading CTV offerings, the strength of our product roadmap commitment to technology innovation and personal in market service. In addition, we expanded our relationships with existing customers as part of several recent contract renewals.

總部位於杜拜的全球航空公司阿聯酋航空經過競爭流程後選擇 IAS 作為全球測量和優化供應商。IAS 憑藉我們卓越的覆蓋範圍、行業領先的 CTV 產品、我們產品路線圖對技術創新的承諾以及個性化的市場服務，贏得了阿聯酋航空的機會。此外，作為最近幾次續約合約的一部分，我們擴大了與現有客戶的關係。

Volvo cars renewed and expanded its global relationship with IAS. The expanded partnership includes post bid total media quality or TMQ across social platforms, total visibility and made for advertising reporting as well as pre-bid brand safety, invalid traffic and contextual avoidance.

沃爾沃汽車續簽並擴大了與 IAS 的全球關係。擴大的合作夥伴關係包括跨社交平台的競價後整體媒體品質（TMQ）、廣告報告的整體可見性以及競價前的品牌安全、無效流量和上下文避免。

Opella, previously Sanofi CHC, a multinational healthcare company, renewed and expanded its global agreement with IAS. Our agreement with Opella, now includes TMQ attention and sustainability measurement.

Opella（原跨國醫療保健公司賽諾菲 CHC）續約並擴大了與 IAS 的全球協議。我們與 Opella 的協議現在包括 TMQ 關注度和永續性衡量。

Verizon recently expanded its relationship with IAS to include contextual avoidance across its business lines in the US. IAS's context control suite helps protect the Verizon brand across its programmatic channels. Verizon has been a valued IAS customer since, 2016 and was most recently an early adopter of our total media quality products and major social platforms.

Verizon 最近擴大了與 IAS 的關係，將情境迴避納入其在美國的業務範圍內。IAS 的上下文控制套件有助於在其程式化管道中保護 Verizon 品牌。自 2016 年以來，Verizon 一直是 IAS 的重要客戶，最近也成為我們整體媒體品質產品和主要社群平台的早期採用者。

IAS is a trusted partner to brands as they embrace an omni channel marketing strategy. TMQ, our AI driven multimedia classification technology for social live feeds continues to drive measurement performance. We have extended our TMQ capabilities on both new and existing platforms.

IAS 是品牌值得信賴的合作夥伴，因為它們採用全通路行銷策略。TMQ 是我們用於社交直播的人工智慧驅動的多媒體分類技術，持續推動測量效能。我們在新平台和現有平台上擴展了 TMQ 功能。

With Meta, we are now supporting six additional languages for brand safety and suitability measurement for a total of 34 languages in over 100 countries. We recently expand our TMQ offering on TikTok to include viewability, invalid traffic and brand safety and suitability measurement across several new ad placements.

借助 Meta，我們現在支援另外六種語言進行品牌安全性和適用性衡量，涵蓋 100 多個國家/地區的總共 34 種語言。我們最近擴展了 TikTok 上的 TMQ 產品，包括可見度、無效流量以及多個新廣告投放的品牌安全性和適用性衡量。

These include TikTok profile feed following feed, search feed and TikTok lite. We are also expanding TMQ for TikTok, vertical sensitivity and category exclusion, controls coverage to 75-plus markets by the end of 2024. In addition, we are live with TMQ on new platforms including first to market with Snap, Pinterest and Reddit scheduled to launch by the end of this year.

其中包括 TikTok 個人資料供稿、搜尋動態和 TikTok lite。我們也正在擴大 TikTok 的 TMQ、垂直敏感度和類別排除，到 2024 年底將覆蓋範圍控製到 75 個以上市場。此外，我們也在新平台上與 TMQ 合作，包括計劃於今年年底推出的 Snap、Pinterest 和 Reddit 等率先上市的平台。

At IAS we lead with customer obsession, the voice of the customer informs everything we do. We build products based on customers' needs in areas that can drive accelerated revenue growth. Heading into this year's US elections marketers asked us to enhance our TMQ measurement offering to include misinformation detection in social media feeds. Previously available only on the open web, we launched our missed detection capabilities on TikTok and Meta in April in advance of the general election and several months ahead of our nearest competitor. In September, we announced the launch of brand safety and suitability reporting for misinformation on YouTube.

在 IAS，我們以客戶至上為主導，客戶的聲音影響著我們所做的一切。我們根據客戶在能夠推動收入加速成長的領域的需求來建立產品。在今年的美國選舉即將到來之際，行銷人員要求我們增強 TMQ 衡量產品，以包括社群媒體來源中的錯誤訊息偵測。之前僅在開放網路上提供，我們於 4 月大選前在 TikTok 和 Meta 上推出了漏檢功能，比最接近的競爭對手提前了幾個月。9 月，我們宣布針對 YouTube 上的錯誤訊息推出品牌安全性和適用性報告。

pre-bid optimization in social media is another emerging area where we are meeting customer demand with industry leading innovation, using our pre-bid social products, brands can now optimize their ad placements, customize their suitability settings, eliminate waste and increase ROI. The pre-bid solutions are integrated within our full optimization suite so customers can apply their open web preferences seamlessly within social environments.

社群媒體中的競價前優化是另一個新興領域，我們透過業界領先的創新來滿足客戶需求，使用我們的競價前社群產品，品牌現在可以優化其廣告投放，客製化其適合性設置，消除浪費並提高投資報酬率。投標前解決方案整合在我們完整的優化套件中，因此客戶可以在社交環境中無縫應用他們的開放網路偏好。

Our differentiated classification technology has accelerated the rollout of our pre-bid optimization offering across the major social platforms. We were delighted that Meta selected IAS as their initial partner for the testing of our pre-bid optimization solutions on Meta.

我們的差異化分類技術加速了我們在主要社交平台上的出價前優化產品的推出。我們很高興 Meta 選擇 IAS 作為他們的初始合作夥伴，在 Meta 上測試我們的出價前優化解決方案。

Our third party content block listing solution for ads on Facebook and Instagram feed and reels offers global advertisers the ability to automatically avoid placing ads next to unsuitable content for their brands as aligned to industry standards. This launch closes the loop from pre-bid optimization to post bid measurement on Meta.

我們針對 Facebook 和 Instagram Feed 和 Reels 上廣告的第三方內容阻止清單解決方案使全球廣告商能夠自動避免將廣告放置在不適合其品牌的內容旁邊，並符合行業標準。此次發布結束了 Meta 上從出價前優化到出價後衡量的循環。

The launch of pre-bid optimization on Meta in October follows earlier pre-bid integrations with TikTok, LinkedIn, and X. Last month, we announced that we are currently in alpha testing in partnership with TikTok for our new video level exclusion list solution as we extend the reach of our pre-bid offerings on the platform. pre-bid optimization more than doubles the size of our social opportunity and builds on our post bid social media measurement revenue which accounted for 22% of total revenue in the third quarter and over $100 million in annual revenue.

繼先前與TikTok、LinkedIn 和X 進行預競價整合之後，10 月在Meta 上推出了預競價優化。 ：我們擴大了平台上投標前產品的範圍。競價前優化使我們的社交機會規模增加了一倍以上，並建立在競價後社群媒體衡量收入的基礎上，佔第三季總收入的 22%，年收入超過 1 億美元。

Last week, we announced the launch of IAS curation on Google Ad Manager with IAS Curation, advertisers can now consolidate bidding on high quality inventory and precisely target contextually relevant content to drive efficiency for their ad buys. This launch is the latest expansion of IAS longstanding partnership with Google. IAS is currently the only verification provider supporting Google's Curation launch.

上週，我們宣佈在 Google Ad Manager 上推出 IAS Curation，借助 IAS Curation，廣告客戶現在可以整合對高品質廣告資源的出價，並精確定位上下文相關的內容，以提高廣告購買的效率。此次發布是 IAS 與 Google 長期合作夥伴關係的最新擴展。IAS 是目前唯一支援 Google Curation 推出的驗證供應商。

Last month, we announced the expansion of our quality attention post bid measurement product to publishers and sell side platforms. Leveraging our ML-backed models, quality attention weighs metrics into an actionable attention score which publishers and SSPs can use to take advantage of their best performing inventory.

上個月，我們宣布將我們的品質關注出價後衡量產品擴展到出版商和賣方平台。利用我們的 ML 支援的模型，品質注意力將指標權衡為可操作的注意力分數，出版商和 SSP 可以使用該分數來利用其表現最佳的庫存。

In CTV, we are investing in all layers of the stack including device, publisher, and delivery with the goal of unlocking a projected $40 billion ad spend market by 2027 according to eMarketer. Our core customers are accessing the full suite of our publica products which allows us to drive even greater optimization across demand sources. We have introduced new product features to increase bidding competition in ad auctions. Publica recently won the prestigious Video Week award for best CTV app innovation, showcasing our superior technology and the commitment of our global team.

根據 eMarketer 的數據，在 CTV 中，我們正在對堆疊的所有層面進行投資，包括設備、發布商和交付，目標是到 2027 年解鎖預計 400 億美元的廣告支出市場。我們的核心客戶正在存取我們的全套 publica 產品，這使我們能夠跨需求來源推動更大的最佳化。我們推出了新的產品功能，以增加廣告拍賣的競價競爭。Publica 最近榮獲著名的視訊週最佳 CTV 應用創新獎，展現了我們卓越的技術和全球團隊的承諾。

Throughout 2024 we have also pursued strategic partnership discussions with prominent data providers aiming to enrich our first party media quality signals. We expect these collaborations will allow us to measure campaign outcomes added deeper level while expanding IAS's monetization potential. Our goal is to enable advertisers to leverage IAS data with trusted third party data sets and optimize their campaigns to meet key performance objectives. This initiative underscores our commitment to providing measurable value and high quality insights and we look forward to building on our progress in 2025.

2024 年，我們也與知名資料提供者進行了策略合作夥伴討論，旨在豐富我們的第一方媒體品質訊號。我們預計這些合作將使我們能夠更深入地衡量活動成果，同時擴大 IAS 的貨幣化潛力。我們的目標是使廣告主能夠利用 IAS 資料和值得信賴的第三方資料集，並優化其廣告活動以滿足關鍵績效目標。這項舉措強調了我們對提供可衡量的價值和高品質見解的承諾，我們期待在 2025 年繼續取得進展。

To conclude, we deliver growth and profitability well above the Rule of 40 and we're taking steps to improve business and performance. We've strengthened our senior leadership team with recent sea level appointments and we are winning new revenue opportunities including Oracles former advertising customers. As highlighted by our first to market pre-bid optimization solution on Meta, we are leading with product innovation informed by the voice of the customer. We expect to benefit from these initiatives with a focus on delivering double digit revenue growth in 2025.

總而言之，我們的成長和獲利能力遠高於 40 法則，我們正在採取措施改善業務和績效。我們透過最近的海平面任命加強了我們的高階領導團隊，並且我們正在贏得新的收入機會，包括甲骨文的前廣告客戶。正如我們在 Meta 上推出的第一個出價前優化解決方案所強調的那樣，我們在根據客戶聲音進行產品創新方面處於領先地位。我們預計將從這些措施中受益，重點是在 2025 年實現兩位數的收入成長。

And with that, I'll turn the call over to Tanya to review the financials and then we'll take your questions.

接下來，我會將電話轉給 Tanya，讓其審查財務狀況，然後我們將回答您的問題。

Thanks Lisa, and welcome everyone. We reported 11% revenue growth for the third quarter with gains across our optimization measurement and publish our businesses. In addition, we reported record profitability with an adjusted EBITDA margin of 38%.

謝謝麗莎，歡迎大家。我們公佈的第三季營收成長了 11%，得益於我們的優化衡量和發布的業務。此外，我們也公佈了創紀錄的獲利能力，調整後的 EBITDA 利潤率為 38%。

As Lisa noted advertiser revenue growth for the quarter was limited by a slowdown in volume growth in the near term, most notably in CPG and retail. We attribute this to budget cuts and delays and digital media spending in these verticals in the second half of the quarter. In addition, while we're seeing healthy adoption of several new products launched this year, we experienced lower than anticipated monetization in the period.

正如 Lisa 指出的那樣，本季廣告商收入的成長受到近期銷售成長放緩的限制，尤其是在消費品和零售領域。我們將此歸因於本季下半年這些垂直領域的預算削減和延遲以及數位媒體支出。此外，雖然我們看到今年推出的幾款新產品得到了良好的採用，但在此期間我們的貨幣化程度卻低於預期。

Total revenue in the third quarter increased 11% to $133.5 million. Optimization revenue grew 7% to $61.1 million in the third quarter. Optimization revenue growth in the period reflects increased adoption of our context control avoidance offerings including quality sync and made for advertising. Measurement revenue increased 11% to $52.9 million in the third quarter, measurement growth was driven primarily by increased adoption of our premium TMQ offering across the global social platform.

第三季總營收成長 11%，達到 1.335 億美元。第三季優化營收成長 7%，達到 6,110 萬美元。在此期間優化收入的成長反映出我們越來越多地採用我們的上下文控制避免產品，包括品質同步和廣告製作。第三季測量收入成長 11%，達到 5,290 萬美元，測量成長主要是由於我們的優質 TMQ 產品在全球社交平台上的採用率增加而推動的。

Social media revenue grew 21% and represented 55% of measurement revenue, up from 53% in the second quarter of 2024. Social media revenue represented 22% of total revenue in the third quarter. Open web revenue which represented 45% of measurement revenue was consistent with the prior year period. Video grew 15% in the third quarter as a result of the growth of social media and accounted for 56% of measurement revenue.

社群媒體營收成長 21%，佔衡量營收的 55%，高於 2024 年第二季的 53%。社群媒體收入佔第三季總營收的22%。佔測量收入 45% 的開放網路收入與去年同期一致。由於社群媒體的成長，影片在第三季成長了 15%，佔測量收入的 56%。

Total revenue from advertisers, which includes both optimization and measurement represented 85% of total revenue in the third quarter. Publisher revenue increased 26% to $19.5 million ahead of our growth expectations for the third quarter. We scaled new products in Publica, particularly with our large OEM partners and saw some benefit from political spend. Non CTV IAS publisher revenue also increased in the period. Publisher revenue represented 15% of total third quarter revenue.

來自廣告商的總收入（包括優化和衡量）佔第三季總收入的 85%。出版商營收成長 26%，達到 1,950 萬美元，超出我們對第三季的成長預期。我們在 Publica 擴展了新產品，特別是與我們的大型 OEM 合作夥伴，並從政治支出中看到了一些好處。非 CTV IAS 發行商收入在此期間也有所成長。出版商收入佔第三季總收入的 15%。

We believe our extensive global footprint continues to be a competitive differentiator. International growth of 11% benefited from adoption of our social media products including TMQ as well as the contribution from new logos. 31% of our total revenue in the third quarter or $41 million came from outside of the Americas. In addition, 44% of measurement revenue was from outside of the Americas. Gross profit margin for the third quarter was 80%, up from 79% in the prior year period. Gross margin performance reflects improved optimization of our hosting costs.

我們相信，我們廣泛的全球足跡仍然是我們的競爭優勢。國際成長 11% 得益於我們的社群媒體產品（包括 TMQ）的採用以及新商標的貢獻。第三季總收入的 31%（4,100 萬美元）來自美洲以外地區。此外，44% 的測量收入來自美洲以外地區。第三季毛利率為80%，高於去年同期的79%。毛利率表現反映了我們託管成本的最佳化改善。

Sales and marketing, technology and development, and general and administrative expenses combined increased 4% year-over-year. We continue to make strategic hires including new oracle talent while closely managing costs.

銷售和行銷、技術和開發以及一般和管理費用合計年增 4%。我們持續進行策略性招聘，包括新的甲骨文人才，同時密切管理成本。

Stock based compensation expense for the period was $16.4 million in line with our prior outlook of $16 million to $17 million. Adjusted EBITDA for the third quarter, which excludes stock based compensation and onetime items was $50.6 million above our prior outlook of $48 million to $50 million. Adjusted EBITDA margin increased to 38% from 34% last year.

該期間的股票薪酬支出為 1,640 萬美元，與我們先前預期的 1,600 萬至 1,700 萬美元一致。第三季調整後 EBITDA（不含股票薪資和一次性專案）比我們先前預期的 4,800 萬至 5,000 萬美元高出 5,060 萬美元。調整後 EBITDA 利潤率從去年的 34% 增加到 38%。

Higher gross profit margin, increased capitalization of internally developed software and greater operating expense efficiencies contributed to our strong adjusted EBITDA margin in the third quarter. Net income for the third quarter was $16.1 million or $0.10 per share compared to a $13.7 million loss in the third quarter of 2023. The net loss in the prior year period was driven by the timing of our income tax provision related to stock based compensation from the return target options expensed in the second quarter of 2023.

更高的毛利率、內部開發軟體的資本增加以及更高的營運費用效率促成了我們第三季強勁的調整後 EBITDA 利潤率。第三季淨利為 1,610 萬美元，即每股 0.10 美元，而 2023 年第三季虧損 1,370 萬美元。上一年期間的淨虧損是由我們在 2023 年第二季支出的回報目標選擇權中與股票薪酬相關的所得稅撥備的時間所造成的。

Moving to our performance metrics. Our third quarter net revenue retention or NRR was 108% which reflects the trend of our overall advertising revenue growth rate for the trailing 12 month period.

轉向我們的績效指標。我們第三季的淨收入保留率或 NRR 為 108%，這反映了過去 12 個月期間我們整體廣告收入成長率的趨勢。

The total number of large advertising customers which includes both mid-tier and top tier clients with annual revenue over $200,000 grew to $232,000 compared to $219,000 last year. Revenue from large advertising customers with 85% of total advertising revenue on a trailing 12 month basis. We continue to generate strong cash flows and maintain a healthy balance sheet with cash and cash equivalents at the end of the third quarter of $57 million. During the quarter, we reduced our long term debt by $30 million to $65 million. As a result, our net debt at the end of the third quarter was $8 million.

大型廣告客戶總數（包括年收入超過 20 萬美元的中階和頂級客戶）從去年的 21.9 萬美元增加到 23.2 萬美元。大型廣告客戶的收入佔過去 12 個月廣告總收入的 85%。我們繼續產生強勁的現金流，並保持健康的資產負債表，截至第三季末，現金和現金等價物為 5,700 萬美元。本季度，我們將長期債務減少了 3,000 萬美元，達到 6,500 萬美元。因此，第三季末我們的淨債務為 800 萬美元。

Turning to guidance for the fourth quarter ending December 31, 2024 we expect total revenue in the range of $148 million to $150 million or 11% year-over-year growth at the midpoint. Our fourth quarter revenue outlook assumes the continuation of lower volume growth in the near term. Most notably in CPG and retail. We have also factored in lower than anticipated monetization of new products in the fourth quarter.

談到截至 2024 年 12 月 31 日的第四季指引，我們預計總營收在 1.48 億美元至 1.5 億美元之間，中間值年增 11%。我們第四季的營收前景假設短期內銷售成長持續較低。最引人注目的是消費品和零售業。我們也考慮到第四季新產品的貨幣化低於預期。

In addition, at the start of the quarter, we were impacted by softening brand spend leading up to the US elections. Our fourth quarter outlook includes the anticipated contribution of the new Oracle wins discussed earlier. Adjusted EBITDA for the fourth quarter is expected in the range of $55 million to $57 million or a 38% margin at the midpoint. For the full year 2024, we are updating our revenue outlook to $525 million to $527 million or 11% year-over-year growth at the midpoint. We are increasing our full year adjusted EBITDA outlook to $185 million to $187 million or a 35% margin at the midpoint.

此外，在本季初，我們受到美國大選前品牌支出疲軟的影響。我們對第四季的展望包括前面討論的甲骨文新勝利的預期貢獻。第四季調整後 EBITDA 預計在 5,500 萬美元至 5,700 萬美元之間，中間利潤率為 38%。對於 2024 年全年，我們將營收預期更新為 5.25 億至 5.27 億美元，即年增 11%。我們將全年調整後 EBITDA 預期上調至 1.85 億美元至 1.87 億美元，中間利潤率為 35%。

A few additional modeling points. As a result of our strong gross margin performance, we now expect to achieve the upper end of our full year gross margin target of 77% to 79%. Fourth quarter, stock based compensation expense is expected in the range of $15 million to $16 million and $62 million to $63 million for the full year. We expect weighted average shares outstanding for the fourth quarter in the range of $162 million to $163 million shares and $160.5 million to $161.5 million shares for the full year.

一些額外的建模點。由於我們強勁的毛利率表現，我們現在預計將實現全年毛利率目標的上限，即 77% 至 79%。第四季度，股票補償費用預計在 1,500 萬美元至 1,600 萬美元之間，全年股票補償費用在 6,200 萬美元至 6,300 萬美元之間。我們預計第四季度的加權平均流通股將在 1.62 億美元至 1.63 億美元之間，全年的加權平均流通股在 1.605 億美元至 1.615 億美元之間。

As we move into 2025 we will continue to focus on profitable growth while we are not providing 2025 guidance today, we are planning for double digit revenue growth in 2025 and we are expecting moderate growth in Q1 with a ramp through the year.

當我們進入2025 年時，我們將繼續關注利潤增長，雖然我們今天不提供2025 年指導，但我們計劃在2025 年實現兩位數的收入增長，並預計第一季將實現溫和增長，並在全年中實現成長。

We expect to benefit from the scaling of products launched in 2024 as well as the adoption of pre-bid optimization in social media along with the full year contribution from recently won Oracle business. We will continue to invest in differentiated products in 2025 while managing our costs and maintaining strong profitability. We are targeting full year adjusted EBITDA margin in 2025 similar to the forecasted margin of our 2024 outlook, which will keep us well above the Rule of 40 for the fifth consecutive year since IPO.

我們預計將從 2024 年推出的產品擴展、社交媒體中競標前優化的採用以及最近贏得的 Oracle 業務的全年貢獻中受益。2025年，我們將繼續投資差異化產品，同時管理成本並維持強勁的獲利能力。我們的目標是 2025 年全年調整後 EBITDA 利潤率與 2024 年展望的預測利潤率相似，這將使我們自 IPO 以來連續第五年遠高於 40 法則。

And with that, Lisa and I are now ready to take your questions. Operator?

現在，麗莎和我準備好回答你們的問題了。操作員？

(Operator Instructions)

（操作員說明）

Matt Farrell, Piper Sandler.

馬特法瑞爾，派珀桑德勒。

Thanks for letting me ask a question. My first one would just be, I would love to hear any additional color you can provide regarding the dynamics in the third and fourth quarter that impacted the outlook. Was the retail in CPG dynamics broad based or was it isolated to a few customers? And would love to hear a little bit more as well about the slower than expected ramp of new products. Was that an internal driver? Was it a customer specific driver? Anything you could add would be helpful? Thanks.

謝謝你讓我問一個問題。我的第一個想法是，我很想聽聽您能提供有關第三季和第四季影響前景的動態的任何其他資訊。CPG 動態中的零售是基礎廣泛還是僅限於少數客戶？並且很想聽到更多關於新產品成長速度慢於預期的資訊。這是內部驅動程式嗎？是客戶特定的驅動程式嗎？您可以添加任何內容會有幫助嗎？謝謝。

Sure. Happy to take that. So as we move through third quarter, we did see a slowdown in volume growth particularly in CPG and retail verticals, we attribute the slowdown to a few things, budget cuts, delays in digital media spend in these verticals and also slower than expected ramp of new product adoption.

當然。很高興接受。因此，當我們進入第三季度時，我們確實看到銷售成長放緩，特別是在消費品和零售垂直領域，我們將這種放緩歸因於一些因素，包括預算削減、這些垂直領域數位媒體支出的延遲以及成長速度低於預期。

One highlight that I do want to call out for the quarter is our publisher growth of 26% outperformed as we scaled new Publica CTV products with large OEM products and in terms of the slower than expected ramp of the new product adoption, basically, as you might remember, we had a robust product road map.

我確實想在本季指出的一個亮點是，我們的發行商成長了26%，表現出色，因為我們使用大型OEM 產品擴展了新的Publica CTV 產品，而且新產品採用率的成長速度慢於預期，基本上，正如您所見可能還記得，我們​​有一個強大的產品路線圖。

We had many new products that we've launched in 2024. Some have seen tremendous adoption. TMQ is a great example of that as we launched on Meta in first quarter, with some of the other products, the brands are absolutely leaning in and adopting the products. They're just the ramp and the rate of adoption is taking a little longer than we had anticipated. But we're pleased with the fact that we're delivering value to the advertisers.

我們在 2024 年推出了許多新產品。有些已經得到了廣泛的採用。TMQ 就是一個很好的例子，我們在第一季在 Meta 上推出了一些其他產品，品牌絕對傾向於並採用這些產品。它們只是一個斜坡，採用率比我們預期的要長一些。但我們很高興能夠為廣告商提供價值。

And then as a follow up question, would just love to hear what the key learnings to date with the early integration of Oracle customers. How are those ramping as we move through 2024? And how should we be thinking about the contribution to that double digit revenue growth next year? Thank you.

作為一個後續問題，我很想聽聽迄今為止與 Oracle 客戶的早期整合相關的關鍵知識。隨著 2024 年的到來，這些成長情況如何？我們該如何考慮明年兩位數營收成長的貢獻？謝謝。

Sure. Happy to talk about Oracle. As you might remember the summer of Oracle, I'm really proud of the efforts of our sales team. I know that we just shared our win rate, but we saw a 72% win rate on the Oracle opportunities and the team put 75 new Oracle customers on the board since Oracle announced that they were exiting the advertising business.

當然。很高興談論 Oracle。您可能還記得 Oracle 的那個夏天，我對我們銷售團隊的努力感到非常自豪。我知道我們只是分享了我們的獲勝率，但我們看到 Oracle 機會的獲勝率為 72%，並且自 Oracle 宣布退出廣告業務以來，該團隊將 75 個新的 Oracle 客戶加入了董事會。

What really helped both with bringing these customers on board? But I'd say more importantly with the integration, the activation, getting these customers live by October 1, given that Oracle announced September 30, exit date. What we found is listening very closely to the new customer needs, getting a focused and dedicated team in place to ensure that we were properly integrating, onboarding the customers and getting them live and up and running in fourth quarter.

是什麼真正幫助雙方吸引了這些客戶？但我想說更重要的是整合、激活，讓這些客戶在 10 月 1 日之前上線，因為 Oracle 宣布了 9 月 30 日的退出日期。我們發現，我們非常仔細地傾聽新客戶的需求，組建了一支專注、專注的團隊，以確保我們能夠正確整合、引導客戶並讓他們在第四季度上線、啟動和運行。

In terms of the ramp Matt, the revenue contribution from Oracle is factored into our fourth quarter guide.

就成長馬特而言，甲骨文的營收貢獻已納入我們第四季的指南中。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Thank you for taking my questions as well. So we know that the Oracle shutdown went through on September 30. But are there a significant volume of advertisers still outstanding that might still be evaluating their go forward plans?

也感謝您回答我的問題。所以我們知道 Oracle 關閉是在 9 月 30 日。但是否還有大量尚未完成的廣告商可能仍在評估他們的未來計劃？

Yeah. So we are very focused with the current on boarding integration activation of the 75-plus customers that I just had mentioned and I should call out these customers range from brands, publishers and platforms, but there is still runway to win more business. And the team again, they're very focused on activating the Oracle business on focusing, on cross sell and upsell especially given the fact that Oracle did not have a robust brand safety and suitability solution. So the team is focused on that upsell cross sell, but we're also going after more business to win.

是的。因此，我們非常關注我剛才提到的 75 多個客戶當前的登機整合激活，我應該指出這些客戶來自品牌、發行商和平台，但仍有機會贏得更多業務。再說一遍，他們的團隊非常專注於啟動 Oracle 業務，專注於交叉銷售和追加銷售，特別是考慮到 Oracle 沒有強大的品牌安全性和適用性解決方案。因此，團隊專注於追加銷售交叉銷售，但我們也在追求更多業務以贏得更多業務。

Great and then maybe one more if I could. We've seen some press reports over the last couple of weeks that I may have been raising prices on some of their solutions. One, if you could comment on that specifically, that would be great, but just kind of a holistic overall where you feel that your prices stand currently with respect to the value that you're providing for your clients and how that's contemplated into your '25 commentary. Thank you.

太棒了，如果可以的話，也許還能再來一張。過去幾週我們看到一些媒體報導我可能提高了他們的一些解決方案的價格。一，如果您能具體對此發表評論，那就太好了，但這只是一種整體，您認為您的價格目前相對於您為客戶提供的價值以及如何將其考慮到您的“ 25 評論。謝謝。

Sure. So we lead with value. We lead with demonstrating value of our differentiated products. We never leave with price first. It is a competitive marketplace as we had just mentioned, the Oracle Jumpball summer that's been happening over the last few months. But what's so important especially with the products where we command a higher premium price like a total media quality that we're offering across all of the social platforms that we are quantifying the value that we are offering to our customers.

當然。因此，我們以價值為主導。我們以展示我們差異化產品的價值為先。我們從不以價格為先。正如我們剛才提到的，這是一個競爭激烈的市場，過去幾個月發生了 Oracle Jumpball 夏季活動。但重要的是，特別是對於我們要求更高溢價的產品，例如我們在所有社交平台上提供的整體媒體質量，我們正在量化我們為客戶提供的價值。

We are demonstrating to them, how our products provide greater transparency that we're helping them run their ads adjacent to higher quality media, TikTok alone. We're already proving out that we are ensuring that ads are running adjacent to 3x higher quality media that lead to higher ROI.

我們正在向他們展示我們的產品如何提供更大的透明度，幫助他們在更高品質的媒體（僅 TikTok）附近投放廣告。我們已經證明，我們正在確保廣告與品質提高 3 倍的媒體相鄰投放，從而帶來更高的投資回報率。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Hi, this is [Steve Rohman] on the line for Jason. So just one quick one from us. So you mentioned that some advertisers started to -- in leading up to the US election began moderating this spend. Just wonder -- I know you gave 4Q guidance but just wondering how those advertisers are now, whether they are spending or have sort of increased their spend back to normal levels, post US election. Thanks.

大家好，我是傑森的[史蒂夫·羅曼]。我們只提供一份快速的報告。所以你提到，有些廣告商在美國大選前就開始控制這筆支出。只是想知道 - 我知道您給出了第四季度的指導，但只是想知道美國大選後這些廣告商現在的情況如何，他們是否正在支出或是否已將支出增加到正常水平。謝謝。

So we did see a slowdown in advertising spend at the start of the fourth quarter leading up to the US elections. We have not, it's too early to tell if there's any bounce back yet. But as we've developed our fourth quarter guide, we were prudent in our approach and taking into consideration all of the factors that we reflected and discuss like this start to October as well as the moderating adoption of our new product offerings as well as the pacing that we're seeing with volume overall, particularly in CPG and retail.

因此，在美國大選前的第四季初，我們確實看到廣告支出有所放緩。我們還沒有，現在判斷是否有反彈還為時過早。但在我們制定第四季度指南時，我們採取謹慎的態度，並考慮到我們從 10 月份開始反映和討論的所有因素，以及我們新產品的適度採用以及我們看到整體銷量的增長速度，特別是在消費品和零售領域。

Great. Thanks.

偉大的。謝謝。

James Heaney, Jefferies.

詹姆斯·希尼，杰弗里斯。

Great. Thanks for taking the questions. Could you just talk a little bit more about -- I realize it's not formal guidance but the preliminary 2025 outlook of double digit growth and what gives you the confidence that you can sustain that into next year? Just hearing about some of the product momentum that you have and what you expect to drive that growth? Thank you.

偉大的。感謝您提出問題。您能否再多談談——我知道這不是正式的指導，而是 2025 年兩位數增長的初步前景，是什麼讓您有信心將這種增長維持到明年？只是聽說您擁有的一些產品動力以及您期望推動這種增長的因素是什麼？謝謝。

Sure, James. So a couple of things about 202 guidance, while we're not providing 2024 guidance today. We are planning for double digit revenue growth in 2025 and we are expecting a moderate growth in Q1 with a ramp through the year, a couple of factors, why we expect to benefit with this double digit growth?

當然，詹姆斯。雖然我們今天不提供 2024 年指導，但關於 202 年指導的一些事情。我們計劃在2025 年實現兩位數的營收成長，並預計第一季將出現溫和成長，並在全年中有所成長，有幾個因素，為什麼我們預計會受益於這種兩位數的成長？

The first is the scaling, activation, adoption of products that we launched in 2024. These are both products that we launched earlier in the year like TMQ on Meta and some of these newer products we rolled out in the back half of the year, Adoption of our pre-bid optimization in social media, I know we just spoke to that, the fact that Meta had selected IAS to launch the highly demanded pre-bid social optimization product.

首先是我們在 2024 年推出的產品的擴展、活化和採用。這些都是我們今年早些時候推出的產品，例如 Meta 上的 TMQ，以及我們在下半年推出的一些新產品，在社交媒體中採用了我們的競價前優化，我知道我們剛剛談到過事實上， Meta 選擇IAS 來推出需求量大的競價前社群優化產品。

We have already run that product through beta with a handful of advertisers and we're live in GA in fourth quarter and we're really pleased with the results and engagement that we're seeing. And then also another factor to 2025 guidance is the full year contribution of recently won Oracle businesses and further Oracle wins. One other point to make is that we are targeting full year adjusted EBITDA margin in 2025 similar to the forecasted margin of our 2024 outlook, which does keep us well above the Rule of 40 for the fifth consecutive year since IPO.

我們已經與一些廣告商一起測試了該產品，並在第四季度正式上線，我們對所看到的結果和參與度感到非常滿意。2025 年指導的另一個因素是最近贏得的 Oracle 業務和其他 Oracle 業務的全年貢獻。另一點需要指出的是，我們的目標是 2025 年全年調整後 EBITDA 利潤率與我們 2024 年前景的預測利潤率類似，這確實使我們自 IPO 以來連續第五年遠高於 40 規則。

Great. Thank you.

偉大的。謝謝。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hi, thanks very much. I just wanted to backtrack a little bit on the third quarter and ask -- as the quarter progressed, you when did you start to see this dip in advertiser spending? I assume that the effect that you saw in the month of October leading up to the election was preceded by some kind of effect in September and possibly August, was it something that changed abruptly or was it more of like a kind of consistent downward trend, through July, August and September?

你好，非常感謝。我只是想回顧一下第三季度的情況，然後問一下——隨著季度的進展，您什麼時候開始看到廣告商支出下降的？我認為你在 10 月選舉前看到的影響是在 9 月甚至可能是 8 月出現的某種影響之前發生的，是突然改變的還是更像是一種持續下降的趨勢，到七月、八月和九月？

The shift that we saw in volume growth started in the middle of the third quarter. So August was particularly soft, softer than usual. This was primarily with CPG and retail clients as we saw reductions in their budgets and delays, and their digital media spending. September is typically a strong seasonal month and we are expecting an uptick in September which did not materialize. And then as we saw, -- as we mentioned earlier, as we kicked off the beginning of the fourth quarter, we did see still softness in brand spending leading up to the elections.

我們看到銷量成長的轉變始於第三季中期。所以八月特別軟，比平常軟。這主要是針對消費品和零售客戶，因為我們看到他們的預算和延遲以及數位媒體支出都減少了。九月通常是一個強勁的季節性月份，我們預計九月會出現上漲，但這一情況並未實現。然後，正如我們所看到的，正如我們之前提到的，當我們在第四季度初開始時，我們確實看到選舉前的品牌支出仍然疲軟。

And would you be able to give us a sense of what the growth was in the first half of that quarter? Or is that too granular of a question?

您能否讓我們了解該季度上半段的成長情況？還是這個問題太細粒度了？

Yeah, really just wanted to give you the talking points around what we saw from a growth perspective for the second half. Yeah, we can't give specific numbers.

是的，我真的只是想向您提供有關我們從下半年成長角度看到的談話要點。是的，我們無法給出具體數字。

Okay. Thank you.

好的。謝謝。

Jason Kreyer, Craig Hallum Capital Group.

賈森·克雷爾，克雷格·哈勒姆資本集團。

Great. Thank you. This is Cal on for Jason. So first question, sorry if this has been addressed already. But just what sort of feedback have you received from advertisers that have started testing the Meta optimization? And how are you looking at that opportunity and optimization versus your existing post bid tools?

偉大的。謝謝。這是卡爾為傑森代言的。第一個問題，很抱歉這個問題已經解決。但您從已經開始測試元優化的廣告主那裡收到了什麼樣的回饋呢？與現有的出價後工具相比，您如何看待這個機會和優化？

Sure. So it's early days with the pre-bid optimization product, as I mentioned before, we ran beta, with a handful of advertisers. We received very positive feedback and just given what high demand this product has been. I mean, we are currently running pre-bid with TikTok with LinkedIn, but the advertisers have been patiently waiting for the launch with Meta. So the feedback has been quite positive both from the beta advertisers and now the advertisers who are in GA.

當然。因此，正如我之前提到的，競價前優化產品還處於早期階段，我們與少數廣告商一起進行了測試。我們收到了非常正面的回饋，並且考慮到該產品的需求量很大。我的意思是，我們目前正在與 LinkedIn 一起對 TikTok 進行預競價，但廣告商一直在耐心等待 Meta 的發布。因此，無論是測試版廣告商還是現在正式版廣告商的回饋都非常正面。

And the team is very focused, on ensuring that these advertisers who are currently running the product. They see the value of the product that we continue to activate and get more advertisers liv and the one other thing to call out in terms of the pre-bid opportunity is that pre-bid social, we estimate its 2x opportunity from a revenue perspective versus post bid measurement. And you might remember prior to any of these pre-bid products that I was referring to everything that we've been running on TMQ up to this date has been post bid measurement.

該團隊非常專注於確保目前正在運行該產品的廣告商。他們看到了我們繼續激活的產品的價值，並吸引了更多的廣告商 liv，而在預投標機會方面需要指出的另一件事是預投標社交，我們從收入角度估計其 2 倍的機會投標後衡量。您可能還記得，在任何這些投標前產品之前，我指的是迄今為止我們在 TMQ 上運行的所有內容都是投標後衡量的。

So we'll just continue to work with the brands, get the activation, continuing to accelerate with pre-bid social optimization on Meta and ensure we kick off 2025 with that activation continuing to increase.

因此，我們將繼續與品牌合作，獲得激活，繼續加速 Meta 上的競價前社交優化，並確保我們在 2025 年開始時激活持續增加。

Great. And then just last one, could you just expand on the launch of the IAS Curation within GAM? You know what's the opportunity you see within curation, given the data assets that you have? And could this be extended with similar integrations across other Southside partners?

偉大的。最後一個問題，能否詳細介紹一下 GAM 內 IAS Curation 的推出？考慮到您擁有的數據資產，您知道您在策展中看到的機會是什麼嗎？這是否可以透過其他 Southside 合作夥伴的類似整合來擴展？

Yeah, sure. We were thrilled to announce first to market launch of IAS Curation with Google Ad Manager. And the way to think about that is leveraging IAS's contextual data and embedding it in Google ad Manager, to ensure that brands are able to consolidate their bidding on higher quality inventory and target contextually relevant content in a more precise way. This one too. It's early days, but it is a demonstration of long standing partnership with Google and we're thrilled, we're continue to innovate with Google.

是的，當然。我們很高興地宣布首次向市場推出 IAS Curation 與 Google Ad Manager。考慮這一點的方法是利用 IAS 的上下文資料並將其嵌入到 Google Ad Manager 中，以確保品牌能夠整合對更高品質廣告資源的出價，並以更精確的方式定位上下文相關的內容。這個也有啊雖然現在還處於早期階段，但它證明了與Google的長期合作夥伴關係，我們很高興，我們將繼續與Google一起創新。

Perfect. Thank you.

完美的。謝謝。

Thank you.

謝謝。

Brian Pitz, BMO.

布萊恩·皮茨，BMO。

Thanks for the question. I know you discussed previously that advertisers continue to seek transparency and efficiency and that broader shift from insurance to performance over the long run. Can you give us an update on the discussion and feedback during your sales processes? Is this something that most accounts are only a handful are really discussing or asking for right now and then I know it's early but maybe just a quick update on integration into video gaming platforms, notably Roblox. How's that going? Any feedback there? Thanks.

謝謝你的提問。我知道您之前討論過，廣告商繼續尋求透明度和效率，以及從長遠來看從保險到績效的更廣泛轉變。您能否向我們介紹銷售過程中討論與回饋的最新情況？這是大多數帳戶現在真正討論或要求的事情嗎？怎麼樣？有反饋嗎？謝謝。

Sure, happy to answer that one. So the advertisers are absolutely very focused on all things related to efficiency and ROI and this is more at a macro digital advertising perspective. Every single dollar that an advertiser invests in digital advertising, they want to get the best bang for their buck.

當然，很高興回答這個問題。因此，廣告商絕對非常關注與效率和投資回報率相關的所有事情，這更多的是從宏觀數位廣告的角度來看。廣告商在數位廣告上投入的每一美元，他們都希望獲得最大的回報。

So with that, the fact that IAS is providing transparency, providing solutions that help the brands reach higher quality media, offering pre-bid products again, that drive that efficiency and drive higher ROI, the brands are very focused on that, I would also say at a macro level heading into fourth quarter efficiency is the word that we repeatedly hear from the brands when it comes to advertising their expectations around advertising. So this ship from insurance, ensuring that we protect brand equity, brand reputation for the Fortune 500 brands.

因此，IAS 正在提供透明度，提供解決方案來幫助品牌獲得更高品質的媒體，再次提供投標前產品，從而提高效率並提高投資回報率，品牌非常關注這一點，我也想在宏觀層面上說，進入第四季度，效率是我們在品牌宣傳他們對廣告的期望時反覆聽到的一句話。所以這艘船來自保險，確保我們保護財富500強品牌的品牌資產、品牌聲譽。

That we're protecting that brand equity. But equally if not more important is that we're also helping, The brands drive higher ROI through the solutions and products that we're offering. So it's definitely top of mind for the brands.

我們正在保護品牌資產。但同樣重要的是，我們也在幫助品牌透過我們提供的解決方案和產品來提高投資報酬率。因此，這絕對是品牌的首要考慮因素。

In terms of feedback on gaming. Gaming continues to be an important emerging channel for the brands. Roblox partnership is a reflection of. I would say, from a channel perspective and how the brands prioritize the various channels and solutions, especially when it comes to is products, I would say it is social optimization, retail media, audio and then gaming.

在遊戲回饋方面。遊戲仍然是品牌的重要新興管道。Roblox 的合作夥伴關係就是這一點的體現。我想說，從通路的角度來看，以及品牌如何優先考慮各種管道和解決方案，特別是當涉及到產品時，我會說是社交優化、零售媒體、音頻，然後是遊戲。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Mat Cost, Morgan Stanley.

馬特‧科斯特，摩根士丹利。

Great. Thanks for taking the question. I just wanted to ask about publisher revenue. It was a pretty meaningful acceleration this quarter and it's actually followed, I think, over a year of accelerating growth on the publisher side of business. So I guess anything that you would call out that's changing their areas of strengthen your adoption. Thank you.

偉大的。感謝您提出問題。我只是想問一下發行商的收入。本季這是一個非常有意義的加速，我認為，實際上是在發行商業務一年多的加速成長之後。因此，我想您會提出的任何改變他們加強您採用的領域的內容。謝謝。

Sure. So Publica in particular within our publisher business continued to post very strong growth in the third quarter accelerating from the 20%-plus growth we disclosed in the second quarter. We're really pleased with this performance as we continue to expand our partnerships. And we also Publica did have a modest benefit from political advertising in the third quarter. The also the other call out on our publisher business is that we did see growth in our non CTV publisher business due to some strength in that business as a reflection of some of the historical investments, we've been making.

當然。因此，Publica，特別是我們的出版商業務，在第三季繼續實現非常強勁的成長，高於我們在第二季揭露的 20% 以上的成長。隨著我們繼續擴大我們的合作夥伴關係，我們對這一表現感到非常滿意。我們的 Publica 也確實從第三季的政治廣告中獲得了一定的收益。關於我們的發行商業務的另一個呼籲是，我們確實看到了非 CTV 發行商業務的成長，因為該業務的一些實力反映了我們一直在進行的一些歷史投資。

As we move into the fourth quarter, we expect the publisher revenue growth to moderate a bit given third quarter did have a modest benefit from political, but we are expecting mid teen growth overall in our publisher business in the fourth quarter and bringing the full year to mid-10% growth.

隨著我們進入第四季度，我們預計出版商收入成長將略有放緩，因為第三季度確實從政治中獲得了適度的好處，但我們預計第四季度出版商業務的整體成長將達到中位數，並將為全年帶來影響。

Great. Thank you.

偉大的。謝謝。

Robert Coolbrith, Evercore ISI

羅伯特·庫布里斯，Evercore ISI

Great. Thank you for taking our questions. I wanted to ask on the pre-bid social tools. Have there been any customers who haven't used social measurement? But we think the pre-bid optimization tools could be an unlock to activate demand and then a couple of quick ones on Oracle, anything you can tell us about the mix of anticipated ex-Oracle revenue between advertising and publishing revenue. And was there any contribution from anyone who moved over before end of life in Q3? Thank you.

偉大的。感謝您接受我們的提問。我想問競價前社交工具。還有沒有使用過社交測量的客戶嗎？但我們認為投標前最佳化工具可能是啟動需求的解鎖工具，然後是 Oracle 上的一些快速工具，您可以告訴我們有關廣告和出版收入之間的預期前 Oracle 收入組合的任何資訊。在第三季生命結束前搬過來的人有什麼貢獻嗎？謝謝。

Okay. So the first question around pre-bid social, do we anticipate any advertisers who have yet to use post bid social to adapt, pre-bid. It's early days for pre-bid social optimization, ideally, we want all brands to use both pre-bid and post bid. The ones that have currently engaged in pre-bid in both the beta and the GA are the larger Fortune 500 brands. But I would say, that in terms of a type of advertiser who would lean into pre-bid and has yet to activate post bid would be mid market. So midmarket being more performance based marketers. And again, the team is out, they're pitching the product hard both to those big advertisers and the mid-market advertisers. And yeah -- and we'll just continue to drive the activation.

好的。因此，圍繞預競價社交的第一個問題是，我們是否預期有任何尚未使用競價後社交的廣告商來適應預競價。競價前社群優化還處於早期階段，理想情況下，我們希望所有品牌都使用競價前和競價後。目前在 Beta 版和 GA 版中進行預競標的是較大的財富 500 強品牌。但我想說，對於傾向於預出價且尚未啟動後出價的廣告商來說，這將是中間市場。因此，中階市場是更多基於績效的行銷人員。團隊再次出局，他們正在向大型廣告商和中端市場廣告商大力推銷產品。是的，我們將繼續推動激活。

Yeah. In terms of the mix of oracle revenue in the short term, we do expect to see an impact across our publisher business also across our advertising business, particularly in measurement. As we scale over time, we do expect that mix to shift as the optimization opportunity becomes larger over time and we continue to upsell and cross sell our offerings.

是的。就短期內的甲骨文收入組合而言，我們確實預期我們的出版商業務和廣告業務都會受到影響，特別是在衡量方面。隨著我們隨著時間的推移進行擴展，我們確實預計隨著優化機會隨著時間的推移變得更大，這種組合會發生變化，並且我們將繼續追加銷售和交叉銷售我們的產品。

Great. Can I ask a quick follow up. Is there a way -- maybe to pitch this to some of those midmarket or performance oriented advertisers, a sort of a performance based solution around pre-bid, are there you know performance implications from utilizing the pre-bid optimization or benefits there? Thank you.

偉大的。我可以要求快速跟進嗎？有沒有辦法——也許可以向一些中端市場或以績效為導向的廣告商推銷這一點，這是一種圍繞預出價的基於績效的解決方案，您是否知道利用預出價優化對性能的影響或好處？謝謝。

Yeah, great question. I would say that since we're in basically the first pitch of the first inning around pre-bid social optimization in Meta, we would need to activate some of these pre-bid midmarket accounts in pre-bid social. So in 2025 once we have more data in terms of the performance and results, we're happy to provide more color.

是的，很好的問題。我想說，由於我們基本上處於 Meta 中競價前社交優化第一局的第一場比賽，因此我們需要在競價前社交中激活其中一些競價前中端市場帳戶。因此，到 2025 年，一旦我們在性能和結果方面獲得更多數據，我們很樂意提供更多顏色。

Thank You.

謝謝。

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Thank you very much. Taniya can you just unpack the Q4 guide a little bit on the top line and kind of what, what are you guys assuming in terms of the trending optimization and measurement. And on measurement in particular on the back of some of these weight that you got from Oracle, was there a pressure on pricing that maybe is also part of the pressure that you've talked about.

非常感謝。Taniya，您能否在頂線上稍微解開第四季度指南，以及您在趨勢優化和衡量方面的假設是什麼。在衡量方面，特別是在您從甲骨文獲得的一些權重的背後，是否存在定價壓力，這可能也是您談到的壓力的一部分。

Sure. So I'll cover the first two, Lisa if you want to handle the third. Our fourth quarter guide, just really kind of unpacking where we are from a revenue perspective. The outlook assumes the continuation of the lower volume growth that we saw in the near term, particularly in CPG and retail, and we're just being thoughtful and prudent and adjusting our fourth quarter guidance to reflect that. We've also factored in the lower than expected monetization of the products we launched earlier this year. And as Lisa talked about, we did have a very robust product road map and we're still seeing really nice adoption, for example, TMQ on Meta, Meta accelerating growth in 2024 versus 2023 but not as large as we expected, given some of the current market dynamics.

當然。所以我會介紹前兩個，麗莎，如果你想處理第三個。我們的第四季度指南確實從收入角度揭示了我們的情況。展望假設我們在短期內看到的較低的銷售成長將持續下去，特別是在消費品和零售業，我們只是深思熟慮和謹慎地調整我們的第四季度指導以反映這一點。我們也考慮到了今年稍早推出的產品的貨幣化程度低於預期。正如Lisa 所說，我們確實有一個非常強大的產品路線圖，並且我們仍然看到非常好的採用，例如，Meta 上的TMQ，Meta 在2024 年相對於2023 年加速增長，但沒有我們預期的那麼大，因為考慮到一些當前的市場動態。

And then finally, we did see the softer than expected time frame leading up to the election. So we've factored this all in. We also factored in the impact from the new Oracle wins. And overall one metric that we also want to make sure we highlight with you is that the fourth quarter revenue contribution to the full year and our guide is about 28% which is consistent with this period last year.

最後，我們確實看到選舉前的時間框架比預期的要軟。所以我們已經考慮到了這一切。我們也考慮了甲骨文新勝利的影響。整體而言，我們也想向您強調的一個指標是，第四季營收對全年的貢獻約為 28%，這與去年同期一致。

It's also worth calling out, we were really pleased to exceed our guidance on EBITDA because some of the strengths particularly around our gross margin, improving year over year from the third quarter this year versus last year and raising our EBITDA guidance for the fourth quarter.

另外值得一提的是，我們真的很高興超過了 EBITDA 的指導，因為我們的一些優勢，特別是毛利率，今年第三季度與去年相比逐年改善，並提高了第四季度的 EBITDA 指導。

In terms of your -- sorry, I'll follow up on that. Youssef in terms of your question around any pricing pressure with the Oracle wins. Couple of notes there. Yes, it was a competitive jump ball process throughout the summer. Oracle offered a more basic level of product and service.

就你而言——抱歉，我會跟進此事。優素福就您關於甲骨文獲勝的任何定價壓力的問題進行了解答。那裡有一些註釋。是的，整個夏天都是一個充滿競爭的跳球過程。Oracle 提供了更基礎的產品和服務。

We offered, the customers that we won competitive rates with the opportunity to both upsell and cross sell our premium offerings. And as I mentioned before, we always focus first on value. So we engaged with these prospects, demonstrated the differentiation of our technology and product, demonstrate the value we were offering. And yes, we offered competitive rates.

我們向客戶提供具有競爭力的價格，並有機會追加銷售和交叉銷售我們的優質產品。正如我之前提到的，我們始終先關注價值。因此，我們與這些前景進行了接觸，展示了我們技術和產品的差異化，並展示了我們提供的價值。是的，我們提供有競爭力的價格。

One more thing to answer your second question specifically around the trend in measurement and optimization. We are expecting a slight uptick in the fourth quarter of the growth rate in our advertising revenue, both measurement and optimization. As I mentioned, publisher growth rate moderating. So our --midpoint of our guide is 11% in the fourth quarter, also 11% in the third quarter. But is there that dynamic with a slight uptick in advertising as publishers expected to moderate?

還有一件事要回答你的第二個問題，特別是關於測量和最佳化趨勢的問題。我們預計第四季度廣告收入的成長率（無論是衡量還是優化）都會略有上升。正如我所提到的，出版商成長率放緩。因此，我們的指導中點是第四季 11%，第三季也是 11%。但是，廣告投放是否會像出版商預期的那樣略有上升？

All right, that's helpful. Thank you both.

好的，這很有幫助。謝謝你們倆。

Thank you.

謝謝。

Yun Kim, Loop Capital Markets

Yun Kim，Loop 資本市場

Great. Thank you. Following up on last question, can you just talk about the overall pricing environment out there and in regard to the price increase? Are you able to get better pricing leverage when a customer adopts a certain products like pre-bid optimization versus if the customer is just a measurement customer? Thanks.

偉大的。謝謝。接續最後一個問題，您能否談談整體的定價環境以及價格上漲的情況？當客戶採用某些產品（例如出價前優化）時，與客戶只是衡量客戶相比，您是否能夠獲得更好的定價槓桿？謝謝。

Sure. So during the third quarter, our change in our average CPM was as expected in measurement, it was down 6% which is slightly better than the first two quarters this year. Our CPMs and optimization were consistent with the prior year and we do charge a material premium on optimization offerings versus measurement given the value of the tech and as we're rolling out pre-bid social, given the higher rates we charge for optimization, we do see a significant opportunity to cross sell and upsell and charge more for our pre-bid social optimization.

當然。因此，在第三季度，我們的平均 CPM 變化符合測量預期，下降了 6%，比今年前兩個季度略好。我們的每千次展示費用和優化與上一年一致，考慮到技術的價值，我們確實對優化產品相對於測量收取了實質性溢價，並且隨著我們推出預競價社交，考慮到我們對優化收取的費率較高，我們確實看到了交叉銷售和追加銷售的重要機會，並為我們的出價前社交優化收取更多費用。

Okay, great. And Tania also for your double digit revenue growth guide for next year. What are you expecting in terms of the optimization segment that do you expect that to grow double digits as well? Especially with the launch of all these new pre-bid optimization products.

好的，太好了。塔尼亞也提供了明年兩位數的收入成長指南。您對優化部分有何期望，您希望該部分也能達到兩位數成長嗎？特別是隨著所有這些新的出價前優化產品的推出。

So in 2025 we have shared today some guardrails of how to think about 2025 in terms of you know, the growth drivers, as we talked about continuing to scale our 2024 product launches. So TMQ continuing to scale that in 2025 that will be benefit measurement. And in terms of optimization, we do see, an opportunity to ramp our revenue from pre-bid social which will be included in our optimization numbers next year. And then Oracle, as I mentioned, the contribution for Oracle will be across all of our offerings.

因此，在 2025 年，當我們談論繼續擴大 2024 年產品發布規模時，我們今天分享了一些如何從成長動力角度思考 2025 年的護欄。因此，TMQ 將在 2025 年繼續擴大規模，這將是效益衡量。在優化方面，我們確實看到了增加競價前社交收入的機會，這將包含在我們明年的優化數據中。然後，正如我所提到的，甲骨文對甲骨文的貢獻將涵蓋我們所有的產品。

All right, great. Thank you so much.

好吧，太好了。太感謝了。

This does conclude the question and answer session. I would now like to turn it back to Lisa Utzschneider of CEO for closing remarks.

問答環節到此結束。現在我想請執行長 Lisa Utzschneider 發表結束語。

Thanks everyone for joining today's call. Our investments in leading market technology are yielding results with first to market products and partnerships as well as new business momentum including Oracle wins. We still have more work to do but with an enhanced leadership team in place, we are focused on driving results for our customers and shareholders. Have a great night.

感謝大家參加今天的電話會議。我們對領先市場技術的投資正在產生成果，包括率先上市的產品和合作夥伴關係以及新的業務動力，包括 Oracle 的勝利。我們還有更多工作要做，但隨著領導團隊的加強，我們將專注於為客戶和股東帶來成果。祝你有個愉快的夜晚。

This does conclude the program. You may now disconnect.

這確實結束了該程式。您現在可以斷開連線。