Integral Ad Science Holding Corp (IAS) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the IAS Q1 2025 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 IAS 2025 年第一季財報電話會議。（操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Jonathan Schaffer, SVP and Investor Relations. Please begin. Thank you.

現在，我想將會議交給今天的第一位發言人、高級副總裁兼投資者關係喬納森·謝弗 (Jonathan Schaffer)。請開始。謝謝。

Good afternoon, and welcome to the IAS first quarter 2025 financial results conference call.

下午好，歡迎參加 IAS 2025 年第一季財務業績電話會議。

I'm joined today by Lisa Utzschneider, CEO; and Jill Putman, Interim CFO. 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.

今天與我一起參加的還有執行長 Lisa Utzschneider 和臨時財務長 Jill Putman。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的陳述。我們建議您參閱本公司向美國證券交易委員會 (SEC) 提交的文件，該文件發佈在我們的投資者關係網站 investors.integralads.com 上，以便了解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參考非公認會計準則指標。我們的投資者關係網站上的今天的收益報告中包含了非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。除非另有說明，否則所有財務比較均基於去年同期。

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.

這些手續辦完後，我現在想把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 2025 first quarter call. Our first quarter results build on our positive momentum from the fourth quarter. We are seeing clear expectations and delivering on them. We reported 17% revenue growth in the first quarter, ahead of our prior outlook of a 13% increase at the midpoint of our guide.

謝謝你，喬納森。歡迎大家參加我們的 2025 年第一季電話會議。我們第一季的業績建立在第四季度積極勢頭的基礎之上。我們看到了明確的期望，並且正在實現這些期望。我們報告第一季營收成長 17%，高於我們先前預測的 13% 的中位數增幅。

We achieved an adjusted EBITDA margin of 31%. We are executing on our business strategy as we lean into our competitive differentiators. We are advancing our leading AI-backed technology, leveraging our first-to-market platform partnerships, and expanding our reach across channels and geographies with an 18% increase in revenue outside of the Americas in the first quarter.

我們實現了 31% 的調整後 EBITDA 利潤率。我們正在執行我們的業務策略，同時依靠我們的競爭優勢。我們正在推動我們領先的人工智慧技術，利用我們率先上市的平台合作夥伴關係，並擴大我們在各個通路和地區的影響力，第一季美洲以外地區的收入成長了 18%。

By closely listening to the voice of the customer, we are innovating and creating value across product and technology, while maintaining a high bar for quality and reliability. We believe that our customer value proposition, focused on driving ROI and greater efficiencies, continues to resonate with marketers in the current environment.

透過密切傾聽客戶的聲音，我們在產品和技術上進行創新並創造價值，同時保持高品質和可靠性的標準。我們相信，我們的客戶價值主張，即專注於提高投資報酬率和效率，在當前環境下繼續引起行銷人員的共鳴。

As a result, we expect double-digit, profitable growth in the second quarter and for the full year 2025. On our last call, we discussed three priorities for our 2025 product roadmap: performance, reach, and innovation.

因此，我們預計第二季和 2025 年將全年實現兩位數的獲利成長。在上次電話會議上，我們討論了 2025 年產品路線圖的三個優先事項：效能、覆蓋範圍和創新。

Starting with performance, we are all in on increasing ROI for advertisers. Last month, we announced the availability of Dynamic Performance Profiles, or DPP. DPP is designed to help advertisers realize maximum performance across their media buys. Powered by our proprietary Total Visibility product, DPP uses customer outcome data to automatically identify and bundle top-performing contextual targeting segments.

從績效開始，我們全力提高廣告商的投資報酬率。上個月，我們宣布推出動態效能設定檔 (DPP)。DPP 旨在幫助廣告商在媒體購買中實現最佳效果。在我們專有的 Total Visibility 產品的支援下，DPP 使用客戶結果資料自動識別和捆綁表現最佳的上下文定位細分。

An IAS case study of an advertiser’s conversion-based campaign in APAC last December revealed that DPP-activated campaigns increased conversion rates for this customer by 34% and eCPM efficiency by 26%. DPP is an essential component of our Total Media Performance, or TMP, suite of pre-bid optimization products designed to maximize ad performance while protecting brand equity.

去年 12 月，IAS 對亞太地區某廣告主的基於轉換的行銷活動進行了案例研究，結果表明，DPP 活化的行銷活動使該客戶的轉換率提高了 34%，eCPM 效率提高了 26%。DPP 是我們整體媒體表現 (TMP) 的重要組成部分，TMP 是一套競價前優化產品，旨在最大限度地提高廣告效果，同時保護品牌資產。

Within our TMP suite, we are also launching in the second quarter audience-enriched contextual targeting segments, which demonstrates our commitment to delivering advanced performance-enhancing tools. We expect these segments to reach high-value, targeted audiences with a contextual-first solution to enhance scale and performance.

在我們的 TMP 套件中，我們還將在第二季推出受眾豐富的上下文定位細分，這表明我們致力於提供先進的效能增強工具。我們希望這些細分市場能夠透過情境優先解決方案接觸高價值的目標受眾，進而提升規模和表現。

Customers can activate segments in DSPs to reach their target audience where they are most engaged. In March, we conducted a case study in partnership with a customer in the travel vertical and found that placements with audience-enriched segments drove a 159% higher success rate at 72% lower cost.

客戶可以啟動 DSP 中的細分市場，以在他們最感興趣的領域接觸目標受眾。今年 3 月，我們與旅遊業的一位客戶合作進行了一項案例研究，發現受眾豐富的廣告位成功率提高了 159%，成本降低了 72%。

We are also broadening our reach with the major platforms and protecting customers’ brand equity wherever they invest. In the first quarter, we launched new features and increased global availability for our content block list optimization solution on Meta.

我們也正在擴大與主要平台的覆蓋範圍，並保護客戶的品牌資產，無論他們在哪裡投資。第一季度，我們在 Meta 上推出了內容阻止清單優化解決方案的新功能並提高了全球可用性。

In April, we announced general availability of pre-bid video-level exclusion lists on TikTok as part of our social optimization offering. The expansion follows successful testing on the platform. Advertisers on TikTok can now benefit from pre-bid granular exclusion powered by IAS’s AI-backed multimedia technology, giving them greater control over their advertising investments.

今年 4 月，我們宣佈在 TikTok 上全面推出競價前視訊級排除列表，作為我們社交優化服務的一部分。此次擴展是在平台測試成功之後進行的。TikTok 上的廣告商現在可以受益於由 IAS 的 AI 支持的多媒體技術支持的競價前細粒度排除，從而讓他們能夠更好地控制廣告投資。

In April, we announced the expansion of our partnership with Reddit to include viewability and invalid traffic, or IVT, measurement. These capabilities complement our earlier integration of our Total Media Quality, or TMQ, brand safety and suitability measurement on the platform.

今年 4 月，我們宣布擴大與 Reddit 的合作關係，包括可見性和無效流量（IVT）測量。這些功能補充了我們先前在平台上整合的整體媒體品質 (TMQ)、品牌安全和適用性測量。

Advertisers now have access to third-party campaign insights backed by trusted and transparent metrics to help brands safeguard and scale across Reddit. Last week, we announced a strategic, first-to-market partnership with Nextdoor, the essential neighborhood network, establishing IAS as the provider of pre-bid brand safety and suitability optimization on the platform.

廣告主現在可以獲得由可信賴且透明的指標支援的第三方廣告活動洞察，以幫助品牌在 Reddit 上進行保護和擴展。上週，我們宣布與重要的社群網路 Nextdoor 建立策略性、率先上市的合作夥伴關係，確立 IAS 為該平台上競價前品牌安全和適用性優化的供應商。

Using AI-driven multimedia technology, IAS will offer advertisers two an additional layer of third-party transparency and suitability for their Nextdoor campaigns. We continue to expand our partnership with the general availability of TMQ for Nextdoor expected in the second half of 2025.

IAS 使用人工智慧驅動的多媒體技術，為廣告主提供額外的第三方透明度和適合其 Nextdoor 活動的條件。我們將繼續擴大合作關係，預計 2025 年下半年 TMQ 將全面上市。

Our pre-bid optimization solutions on the social platforms are shown to improve performance and ROI for advertisers. According to initial IAS studies, advertisers’ annual savings can reach as high as 2 times their investments when using our social optimization solutions.

我們在社群平台上的競價前優化解決方案已被證明可以提高廣告商的績效和投資報酬率。根據初步的 IAS 研究，使用我們的社群優化解決方案時，廣告主每年可節省高達其投資的 2 倍。

In May, we announced the launch of our pre-screen brand safety solution for Google’s Search Partner Network. With this launch, we will provide advertisers with greater control over their investments before their ads are shown across the Search Partner Network.

今年 5 月，我們宣布推出 Google 搜尋合作夥伴網路的預先篩選品牌安全解決方案。透過此次發布，我們將為廣告商提供更大的投資控制權，讓他們的廣告在搜尋合作夥伴網路上展示之前能夠得到更好的控制。

We are scaling Quality Sync pre-bid segment adoption on the leading DSPs. With Quality Sync, advertisers can automatically sync their pre-bid and post-bid settings across all channels for programmatic buys. We are generating traction with Amazon DSP, launched late last year, as well as with Display and Video 360, launched in the first quarter.

我們正在領先的 DSP 上擴大 Quality Sync 競價前細分市場的採用。透過 Quality Sync，廣告主可以自動同步所有管道的程式化購買競價前和競價後設定。我們正在透過去年年底推出的 Amazon DSP 以及第一季推出的 Display and Video 360 來吸引消費者的注意。

According to an IAS study, campaigns using Quality Sync benefit from lower contextual, brand safety, and IVT fail rates. Lower fail rates result in 58% lower cost per conversion, helping brands boost ROI and media efficiency.

根據 IAS 的一項研究，使用 Quality Sync 的廣告系列受益於較低的上下文、品牌安全性和 IVT 失敗率。較低的失敗率可使每次轉換的成本降低 58%，從而幫助品牌提高投資報酬率和媒體效率。

In 2025, we are optimizing our go-to-market strategy to provide superior global support and service to an ever increasing set of customers. We are expanding our reach across market segments, channels, and geographies. We are expanding our reach and performance offerings within the mid-market segment.

2025 年，我們將優化市場進入策略，為不斷成長的客戶提供卓越的全球支援和服務。我們正在擴大我們的市場領域、通路和地域覆蓋範圍。我們正在擴大中端市場領域的覆蓋範圍和性能產品。

Mid-market customers require streamlined, impactful, and easy-to-activate solutions, and we are delivering just that - including Pro Measurement, powered by our next-generation Signal experience, built with the agentic future in mind.

中端市場客戶需要精簡、有效且易於激活的解決方案，而我們所提供的正是這樣的解決方案 - 包括 Pro Measurement，它由我們的下一代 Signal 體驗提供支持，並考慮到代理的未來而構建。

We continue to invest in growing media channels including audio and gaming. Last week, IAS announced with Spotify the launch of new brand safety and suitability targeting and measurement tools for podcast advertisers for the Spotify Audience Network.

我們將繼續投資於音訊和遊戲等不斷發展的媒體管道。上週，IAS 與 Spotify 共同宣佈為 Spotify Audience Network 的播客廣告商推出新的品牌安全和適用性定位和測量工具。

This solution includes pre-bid classification and tailored targeting to safeguard brand reputation while driving ROI. In April, Roblox announced that IAS will offer coverage across media quality and performance solutions, including fraud, brand safety and suitability, and viewability.

該解決方案包括投標前分類和客製化定位，以在提高投資回報率的同時維護品牌聲譽。今年 4 月，Roblox 宣布 IAS 將提供涵蓋媒體品質和性能解決方案的保障，包括詐欺、品牌安全和適用性以及可見性。

Turning to our focus on innovation, our AI and data strategy are core investment areas for IAS. AI is an integral part of our DNA and powers the majority of our products. Today, AI plays a critical role in how we operate: increasing velocity by streamlining workflows, enabling scale through automation and personalization, and improving accuracy by identifying patterns and three insights that inform beer decisions.

談到我們對創新的關注，我們的人工智慧和數據策略是 IAS 的核心投資領域。人工智慧是我們 DNA 中不可或缺的一部分，並為我們的大多數產品提供動力。如今，人工智慧在我們的營運中發揮著至關重要的作用：透過簡化工作流程來提高速度，透過自動化和個人化實現規模化，透過識別模式和三種有助於啤酒決策的見解來提高準確性。

We apply AI with intent — not just to move faster, but to solve problems more effectively. AI enhances how we build, analyse, and deliver, while ensuring that human judgment, transparency and responsibility remain central to everything we do.

我們有意應用人工智慧——不僅是為了行動更快，而且是為了更有效地解決問題。人工智慧增強了我們建構、分析和交付的方式，同時確保人類的判斷、透明度和責任仍然是我們所做一切的核心。

Our differentiated data fuels AI investments by our customers, to enable them to maximize the value of quality media signals. In April, we announced the launch of our Impression Feed, an innovative approach to monetizing impression-level data. Advertisers and agencies can use the Impression Feed’s granular metrics to gain transparency into their digital advertising investments.

我們的差異化數據推動了客戶的人工智慧投資，使他們能夠最大限度地發揮優質媒體訊號的價值。今年 4 月，我們宣布推出 Impression Feed，這是一種將印象級資料貨幣化的創新方法。廣告主和代理商可以使用 Impression Feed 的細粒度指標來提高其數位廣告投資的透明度。

Our publisher business is another great example of how IAS innovates. IAS’s Publica capabilities set us apart in the CTV market. We are scaling product features built to increase bidding competition in ad auctions, and therefore to increase yield for publishers.

我們的出版商業務是 IAS 創新的另一個很好的例子。IAS 的 Publica 功能使我們在 CTV 市場中脫穎而出。我們正在擴展產品功能，以增加廣告拍賣的競價競爭，從而提高出版商的收益。

We are also enabling publishers to maximize supply path optimization by providing them with optionality to connect directly with their demand sources. These differentiated solutions highlight the synergies between IAS and Publica and the power of our publisher-facing technology.

我們也為出版商提供直接與需求來源連接的可選性，使他們能夠最大限度地優化供應路徑。這些差異化的解決方案凸顯了 IAS 和 Publica 之間的協同作用以及我們面向出版商的技術的強大功能。

Turning to our new business momentum, we have secured several new wins and renewals in key verticals. Customers cite several reasons for partnering with IAS such as our advanced technology, ease of activation, and superior global customer service.

談到我們的新業務勢頭，我們在關鍵垂直領域獲得了許多新的勝利和續約。客戶列舉了與 IAS 合作的幾個原因，例如我們先進的技術、易於啟動以及卓越的全球客戶服務。

Zegna, a global fashion luxury company, established an exclusive agreement with IAS and expanded their global partnership to include IAS’s measurement and optimization solutions. IAS will provide TMQ, social optimization, and Attention.

全球時尚奢侈品公司傑尼亞 (Zegna) 與 IAS 達成獨家協議，並擴大其全球合作夥伴關係，涵蓋 IAS 的測量和優化解決方案。IAS 將提供 TMQ、社交優化和注意力。

Zegna selected IAS based on the accuracy of our classification technology. This win reinforces IAS’s leadership in the luxury goods vertical along with expanded partnerships with EssilorLuxoica and Prada announced on last quarter’s call.

Zegna 之所以選擇 IAS，是因為我們分類技術的準確性。這場勝利鞏固了 IAS 在奢侈品垂直領域的領導地位，並擴大了上個季度電話會議上宣布的與 EssilorLuxoica 和 Prada 的合作夥伴關係。

ASICS, the sporting goods company, picked IAS as their global verification provider for our full suite of measurement offerings, including TMQ, after previously working with Oracle. We won this partnership based on the ease of activation and use of our products, as well as the superiority of our tech and detailed reporting capabilities.

運動用品公司 ASICS 在先前與 Oracle 合作之後，選擇 IAS 作為其全套測量產品（包括 TMQ）的全球驗證提供者。我們憑藉產品的易激活和易用性以及我們技術的優勢和詳細的報告功能贏得了這項合作。

AXA, one of the world’s leading insurance companies, renewed their partnership with IAS following an extensive diligence process. Our established relationship and high service levels enabled IAS to maintain its position as AXA’s preferred ad verification provider.

AXA 是世界領先的保險公司之一，經過廣泛的盡職調查後，與 IAS 續簽了合作夥伴關係。我們建立的合作關係和高水準的服務使 IAS 能夠維持其作為 AXA 首選廣告驗證提供者的地位。

This renewal continues our track record of success in France with global brands including Renault, Opella, Stellantis, and LVMH.

這項續約延續了我們在法國與雷諾、歐佩拉、Stellantis 和 LVMH 等全球品牌合作的成功記錄。

We added a new partner and secured a major renewal in the chocolate and confectionary vertical, increasing our global leadership in the sector with partnerships with 8 of the top 10 producers worldwide. Lastly, we are ramping our new clients that selected IAS following Oracle’s exit from the advertising business.

我們增加了新的合作夥伴，並在巧克力和糖果垂直領域實現了重大更新，透過與全球十大生產商中的八家建立合作夥伴關係，增強了我們在該領域的全球領導地位。最後，在 Oracle 退出廣告業務後，我們正在擴大選擇 IAS 的新客戶。

We are increasing adoption of our premium TMQ product for brand safety and suitability along with our optimization offerings. We expect to grow the scope of these relationships as we build trust through actionable data that drives superior results.

我們正在越來越多地採用我們的優質 TMQ 產品來確保品牌安全性和適用性以及提供優化產品。我們期望透過可操作的數據來建立信任，從而擴大這些關係的範圍，從而帶來卓越的成果。

We exceeded our expectations for the first quarter and advanced our 2025 product roadmap with a focus on performance, reach, and innovation. By executing on these priorities and offering differentiated products, we are creating a flywheel effect to drive superior performance for our customers. We expect profitable growth in 2025 as we partner with marketers to achieve their goals.

我們超越了第一季的預期，並推進了 2025 年產品路線圖，重點在於效能、覆蓋範圍和創新。透過執行這些優先事項並提供差異化產品，我們正在創造飛輪效應，為我們的客戶提供卓越的性能。我們預計，隨著我們與行銷人員合作實現他們的目標，2025 年將實現獲利成長。

With that, I’ll turn the call over to Jill to review the financials and then I’ll comment on our outlook.

說完這些，我將把電話轉給吉爾來審查財務狀況，然後我會對我們的前景發表評論。

Thanks, Lisa and welcome everyone. We reported a strong quarter, and we are pleased with how we executed on our top priorities. Based on our current outlook, we expect to deliver double-digit, profitable growth in the second quarter and for the full year.

謝謝，麗莎，歡迎大家。我們報告了一個強勁的季度，並且我們對我們首要任務的執行情況感到滿意。根據我們目前的展望，我們預計第二季和全年將實現兩位數的獲利成長。

Total revenue in the first quarter increased 17% year-over-year to $134.1 million, ahead of our prior outlook of $128 million to $131 million. During the quarter, we generated strong double-digit growth in our optimization and publisher businesses with single-digit growth in measurement.

第一季總營收年增 17% 至 1.341 億美元，高於我們先前預測的 1.28 億美元至 1.31 億美元。本季度，我們的優化和發佈業務實現了強勁的兩位數成長，而衡量業務則實現了個位數成長。

Our overall growth was driven by both expansion of our top accounts as well as new logo wins. In addition, we reported adjusted EBITDA of $41.5 million at a 31% margin. Optimization revenue increased 24% to $64.8 million in the first quarter.

我們的整體成長是由頂級帳戶的擴張以及新標誌的成功所推動的。此外，我們報告的調整後 EBITDA 為 4,150 萬美元，利潤率為 31%。第一季優化營收成長 24%，達到 6,480 萬美元。

Optimization growth was fueled by several verticals including financial services, particularly in insurance, as well as retail and travel and entertainment. New products, including expanded Quality Sync availability on Amazon DSP and DV360, also contributed to our strong optimization results.

優化成長受到多個垂直行業的推動，包括金融服務（尤其是保險）、零售、旅遊和娛樂。新產品（包括在 Amazon DSP 和 DV360 上擴展的 Quality Sync 可用性）也為我們出色的最佳化結果做出了貢獻。

Measurement revenue increased 4% to $48.4 million in the first quarter. Looking at measurement revenue by channel, social media revenue increased 15% with strength in travel and entertainment. Social media represented 58% of measurement revenue and 21% of total revenue in the first quarter.

第一季測量營收成長 4%，達到 4,840 萬美元。從各管道衡量收入來看，社群媒體收入成長了 15%，旅遊和娛樂業務表現強勁。第一季度，社群媒體佔測量收入的 58%，佔總收入的 21%。

Social growth in the quarter outpaced overall digital advertising spend, with healthy demand for our TMQ product suite across our largest social platforms. We continue to see a shift in advertiser spend from measurement to our premium optimization offerings.

本季的社交成長超過了整體數位廣告支出，我們最大的社交平台對 TMQ 產品套件的需求旺盛。我們持續看到廣告主的支出從衡量轉向我們的優質優化產品。

As a result, open web revenue, which is primarily display, decreased single digits and represented 42% of measurement revenue.

結果，主要為展示的開放網路收入下降了個位數，佔測量收入的 42%。

Turning to measurement revenue by format, video revenue increased 14% in the first quarter as a result of the growth in social media. Video accounted for 58% of measurement revenue with display and other formats including audio and gaming representing the balance.

從形式衡量收入來看，由於社群媒體的成長，第一季影片收入成長了 14%。影片佔測量收入的 58%，其餘部分則來自顯示和音訊、遊戲等其他格式。

Publisher revenue increased 33% to $20.9 million resulting from ongoing adoption of new Publica products by large OEM partners. In addition, we saw growth in non-CTV IAS publisher revenue that was attributable, in part, to the contribution from new Oracle customers.

由於大型 OEM 合作夥伴持續採用新的 Publica 產品，出版商收入成長 33%，達到 2,090 萬美元。此外，我們還看到非 CTV IAS 出版商收入的成長，這在一定程度上歸功於新 Oracle 客戶的貢獻。

Publisher revenue represented 16% of total first quarter revenue. Revenue outside of the Americas increased 18% in the first quarter to $42.7 million, representing 32% of total revenue in the first quarter, with strong double-digit growth in EMEA.

出版商收入佔第一季總收入的 16%。第一季美洲以外地區的營收成長 18%，達到 4,270 萬美元，佔第一季總營收的 32%，其中 EMEA 地區實現了強勁的兩位數成長。

Gross profit for the first quarter was $103.9 million at a 78% margin compared to 77% in the prior-year period. On a combined basis, our operating expenses for the first quarter, excluding non-cash expense items, grew 13% year-over-year to $62.5 million.

第一季毛利為 1.039 億美元，利潤率為 78%，去年同期為 77%。綜合來看，第一季我們的營運費用（不包括非現金支出項目）年增 13%，達到 6,250 萬美元。

Stock-based compensation expense for the period was $15.5 million, in line with our prior outlook of $15 million to $17 million. Adjusted EBITDA for the first quarter, which excludes stock-based compensation and one-time expenses, increased 26% to $41.5 million, above our prior outlook of $38 million to $40 million.

股票型本期間薪酬支出為 1,550 萬美元，與我們先前預測的 1,500 萬至 1,700 萬美元一致。第一季調整後的 EBITDA（不包括股票薪資和一次性費用）成長 26%，達到 4,150 萬美元，高於我們先前預測的 3,800 萬至 4,000 萬美元。

Adjusted EBITDA margin for the first quarter increased to 31% from 29% in the prior-year period. Net income for the first quarter was $8.0 million, or $0.05per share, compared to a net loss of $1.3 million, or $0.01 per share, in the first quarter of 2024.

第一季調整後的 EBITDA 利潤率從去年同期的 29% 上升至 31%。第一季淨收入為 800 萬美元，即每股 0.05 美元，而 2024 年第一季淨虧損為 130 萬美元，即每股 0.01 美元。

Moving to our performance metrics: Our first quarter advertiser net revenue retention, or NRR, was 109%, up from 107% in the fourth quarter of 2024. The total number of large advertising customers, which includes both mid-tier and top-tier clients with annual revenue over $200,000, grew to $239,000 compared to $227,000 in the prior-year period and up from $237,000 in the fourth quarter of 2024.

轉向我們的績效指標：我們第一季的廣告客戶淨收入保留率（NRR）為 109%，高於 2024 年第四季的 107%。大型廣告客戶總數（包括年收入超過 20 萬美元的中型和大型客戶）成長至 23.9 萬美元，而去年同期為 22.7 萬美元，高於 2024 年第四季的 23.7 萬美元。

Revenue from large advertising customers was 84% of total advertising revenue on a trailing 12-month basis. Cash and cash equivalents at the end of the first quarter totaled $59.1 million. We further lowered our debt to $15 million at the end of the first quarter.

過去 12 個月，來自大型廣告客戶的收入佔總廣告收入的 84%。第一季末的現金和現金等價物總額為5,910萬美元。我們在第一季末進一步將債務降低至 1500 萬美元。

We are closely monitoring the broader advertising environment. As such, Lisa will comment on our second quarter and full-year outlook. Here are a few modeling points to consider:

我們正在密切關注更廣泛的廣告環境。因此，麗莎將對我們的第二季和全年展望發表評論。以下是需要考慮的幾個建模要點：

Second quarter stock-based compensation expense is expected in the range of $19 million to $21 million and $72.5 million to $75.5 million for the full year. We expect weighted average shares outstanding for the second quarter in the range of 164.5 million to 165.5 million shares and 165 million to 167 million shares for the full year.

預計第二季股票薪酬費用在 1,900 萬美元至 2,100 萬美元之間，全年股票薪酬費用在 7,250 萬美元至 7,550 萬美元之間。我們預計第二季的加權平均流通股數將在 1.645 億至 1.655 億股之間，全年的加權平均流通股數將在 1.65 億至 1.67 億股之間。

We expect an effective tax rate of approximately 30% for the full year 2025. In conclusion, we executed on our priorities in the first quarter and delivered 17% revenue growth at a seasonally strong adjusted EBITDA margin of 31%. We are planning for double-digit profitable growth in the second quarter and for the full year.

我們預計 2025 年全年有效稅率約為 30%。總而言之，我們在第一季執行了我們的優先事項，實現了 17% 的收入成長，季節性強勁的調整後 EBITDA 利潤率為 31%。我們計劃在第二季和全年實現兩位數的利潤成長。

And with that, I’ll turn it back over to Lisa to discuss our outlook.

說完這些，我將把話題交還給麗莎，討論我們的前景。

We are raising the midpoint of our full-year financial outlook to reflect our strong first quarter performance. Our guidance is based on brand spend in the current environment and ongoing budget shifts to our premium optimization offerings.

我們上調了全年財務預期的中點，以反映我們第一季的強勁表現。我們的指導是基於當前環境下的品牌支出以及持續的預算轉向我們的優質優化產品。

We expect to deliver another year of double-digit profitable growth. For the second quarter ending June 30, 2025, we expect total revenue in the range of $142 million to $144 million, or 11% year-over-year growth at the midpoint.

我們預計今年的獲利將再創兩位數成長。截至 2025 年 6 月 30 日的第二季度，我們預計總營收將在 1.42 億至 1.44 億美元之間，或以中位數計算年增 11%。

Adjusted EBITDA for the second quarter is expected to be in the range of $45 million to $47 million, or a 32% margin at the midpoint. For the full year 2025, we are increasing the midpoint of our revenue outlook to reflect our strong Q1 performance. We now expect revenue of $590 million to $600 million, or 12% year-over-year growth at the midpoint.

預計第二季調整後 EBITDA 在 4,500 萬美元至 4,700 萬美元之間，中間值為 32%。對於 2025 年全年，我們將提高營收預期的中點，以反映我們第一季的強勁表現。我們現在預計營收為 5.9 億美元至 6 億美元，中間值年增 12%。

We are also raising the midpoint of our full year 2025 adjusted EBITDA to be in the range of $204 million to $210 million, or a 35% margin at the midpoint. We expect to maintain gross margin for the full year 2025 in the range of 77% to 79%.

我們也將 2025 年全年調整後 EBITDA 的中點提高至 2.04 億美元至 2.1 億美元之間，即中點利潤率為 35%。我們預計2025年全年毛利率將維持在77%至79%之間。

And with that, we are now ready to take your questions. Operator?

現在，我們就可以回答你們的問題了。操作員？

(Operator Instructions) Andrew Marok, Raymond James.

（操作員指示）安德魯·馬羅克，雷蒙德·詹姆斯。

Hi, thanks for taking my questions. Maybe first if we could talk about in the context of the current digital advertising market with the shorter visibility windows and such, just the advertiser demand you're seeing, especially for the performance oriented solutions that you talked about at the at the beginning of the call.

你好，謝謝你回答我的問題。首先，我們可以談談目前數位廣告市場的背景下，由於可見視窗較短等因素，您所看到的廣告商需求，特別是您在通話開始時談到的以表現為導向的解決方案。

(Operator Instructions)

（操作員指示）

Okay, I'll respond to Andrew's question. Andrew, can you hear me?

好的，我會回答安德魯的問題。安德魯，你聽得到我說話嗎？

I can hear you, yes.

是的，我聽得到你的聲音。

Okay. So let's get back to the current macro environment. So as I was saying before, we've made a bet on performance. We talked about it in our previous earnings -- Q4 earnings call, the three pillars of our product road map being performance, reach, and outcomes that on performance is absolutely paying off.

好的。讓我們回到當前的宏觀環境。正如我之前所說的，我們對業績下了賭注。我們在之前的第四季財報電話會議上討論過這個問題，我們的產品路線圖的三大支柱是效能、覆蓋範圍和成果，而這些效能絕對會帶來回報。

You see in our Q1 results, both Q1, we put 17% up on the Board for growth year-over-year. Optimization in particular, 24% growth. It's a reflection of the value that we're offering to brands as they're leaning into performance programmatic offerings that drive greater transparency, greater efficiency, and greater ROI.

您可以看到，在我們的第一季業績中，我們為董事會設定的第一季年增 17%。特別是優化，成長了24%。這反映了我們為品牌提供的價值，因為品牌傾向於提供性能程序化產品，以提高透明度、提高效率和提高投資回報率。

So it's great to see that the brands are leaning in. We love the attached rate and the adoption that we're seeing with the product, and we'll continue to drive that value for our customers.

因此，看到各大品牌紛紛加入進來，真是令人欣喜。我們非常滿意該產品的附加費率和採用情況，並且我們將繼續為客戶創造價值。

Thank you. And maybe at the risk of breaking the call again if I could get a quick follow up. You've, I think you've mentioned in the past, your open web display business, or your open web measurement business rather has been kind of been an onboarding point for new clients.

謝謝。如果我能快速跟進的話，也許會再次面臨斷線的風險。我想您過去曾提到過，您的開放式網路展示業務或開放式網路測量業務已經成為新客戶的入職點。

Is that still the case or are a lot of your newer clients going directly to things like open or like social measurement and your optimization solutions? Thank you.

情況仍然如此嗎？或者您的許多新客戶直接採用開放或社交測量以及您的最佳化解決方案？謝謝。

Yeah, great question. So as we mentioned earlier on the call, we are seeing softness similar to across the internet in open web display. We're pleased with our social measurement growth for Q1 being 15%. Again, it's a testament to the value that we're driving to our advertisers.

是的，很好的問題。因此，正如我們之前在電話中提到的那樣，我們看到開放網路顯示的軟度與網路上類似。我們對第一季 15% 的社交衡量成長率感到滿意。這再次證明了我們為廣告商帶來的價值。

So we're seeing the advertisers continue to drive TMQ adoption across all the major social platforms both here in the US and internationally. We are seeing some shift in budgets from measurement to optimization again as brands are leaning into all things related to efficiency and ROI.

因此，我們看到廣告商繼續推動 TMQ 在美國和國際所有主要社交平台上的採用。隨著品牌越來越傾向於與效率和投資回報率相關的所有事物，我們看到預算再次從衡量轉向優化。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Everybody, glad to hear you loud and clear. So first, just can we get some color on how you're thinking about second quarter by discipline. And I guess maybe when you talk about that, in certain lines there's a good amount of like volatility quarter-to-quarter and some of that goes away if we look at it on a two-year stack like optimization is pretty stable on a two-year basis but variable on a one-year basis.

各位，很高興能清楚聽到你們的聲音。首先，我們能否了解您對第二季度各學科的看法。我想也許當你談論這一點時，在某些方面，季度與季度之間會存在相當大的波動，如果我們從兩年的角度來看，其中一些波動就會消失，比如優化在兩年的基礎上相當穩定，但在一年的基礎上會發生變化。

So just kind of any maybe any color just around what you're looking for the second quarter. And then just like when we think about the first quarter any drivers that weighed a bit more in measurement growth was like legacy products or just more of a mix away from this play.

因此，任何顏色都可以，只要接近您所尋找的第二季的顏色即可。然後，就像我們思考第一季時那樣，任何在測量成長中佔有更大比重的驅動因素都像是遺留產品，或者只是遠離這一遊戲的更多混合體。

Jill, do you want to take Jason's first question? I'll take the second.

吉爾，你想回答傑森的第一個問題嗎？我要第二個。

Okay, I'll take it. I'll take both, Jason, all right, so, your first question related to Q2 and the drivers that we're seeing in Q2, couple things to call out, we're seeing anticipating double digit growth, in total advertiser revenue in the second quarter.

好的，我接受。傑森，我會回答這兩個問題，好的，你的第一個問題與第二季度以及我們在第二季度看到的驅動因素有關，有幾點需要指出，我們預計第二季度廣告總收入將實現兩位數增長。

Second thing to call out is we expect double digit optimization growth above the forecasted total Q2 revenue growth of 11% and the full year growth of 12%, but below the Q1 levels because we saw such strength at that 24% for optimization.

第二件需要指出的是，我們預計優化業務將實現兩位數成長，高於預測的第二季總收入成長 11% 和全年成長 12%，但低於第一季的水平，因為我們看到優化業務的強勁成長達到了 24%。

Also in terms of measurement, we do expect single digit measurement growth in Q2, improving from the first quarter levels, you probably saw that at 4% for Q1. And then in terms of publisher, another highlight for Q1 being 33%, in Q2 we do expect double digit revenue growth in the publisher revenue in Q2, but we do anticipate that growth to be below Q1 levels related to the timing of onboarding of Oracle customers.

另外，在測量方面，我們確實預期第二季測量值將出現個位數成長，較第一季的水準有所提高，您可能會看到第一季的測量值成長了 4%。然後就出版商而言，第一季的另一個亮點是 33%，在第二季度，我們確實預計出版商收入將實現兩位數增長，但我們預計該增長將低於第一季的水平，這與 Oracle 客戶入職的時間有關。

And then in terms of drivers for Q1 measurement growth, the thing I'll call out again is social growth being 15% is a highlight for the quarter. The way to think about that is we continue to grow our business both here in the US and internationally outside of the Americas.

然後就第一季衡量成長的驅動因素而言，我要再次指出的是，社會成長率達到 15%，這是本季的亮點。我們應該這樣想：我們將繼續在美國本土以及美洲以外的國際範圍內發展我們的業務。

Another bright spot for the quarter was our international growth of 18%. And one of the drivers of that growth is as our large global advertisers continue to adopt TMQ in international markets and emerging markets, that's driving the social measurement growth.

本季的另一個亮點是我們的國際業務成長了 18%。這種成長的驅動因素之一是，隨著我們的大型全球廣告商繼續在國際市場和新興市場採用 TMQ，這推動了社交測量的成長。

And then the other caller I'll say tied to the social growth is both on Meta and TikTok, as two of the three largest social platforms. We do see north of 50% revenue on both Meta and TikTok internationally.

然後我要說的是，另一個與社交成長相關的來電者是 Meta 和 TikTok，它們是三大社交平台中的兩個。我們確實看到 Meta 和 TikTok 在國際上的收入都超過了 50%。

And just can I follow up so but why did it slow though versus the 12% of what?

我可以跟進一下嗎，但是為什麼與 12% 相比它卻變慢了呢？

For the measurement growth?

為了測量成長？

Correct, yeah.

正確，是的。

Yeah, so you might remember as we continue to cross sell and upsell TMQ with these large global advertisers in the international markets and emerging markets in particular. The emerging markets, and this is across the industry that this isn't just with the IAS tend to have smaller budgets, lower CPM, so that is one of the reasons that you're seeing that 12% -- from 12% to Q1 measurement growth.

是的，您可能還記得，我們​​繼續與國際市場尤其是新興市場的大型全球廣告商進行交叉銷售和追加銷售 TMQ。新興市場以及整個行業的情況都如此，不僅僅是 IAS 的預算較少，CPM 較低，所以這是您看到 12% 的原因之一——從 12% 到第一季的測量增長。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great, thank you very much. I was hoping maybe you could expand just a little bit on the mid-market strategy that you alluded to Lisa in your prepared remarks. I know that's been, part of the strategy here for a bit, so maybe a little bit more color on, what changes you think you need to make, and is that, feedback from some of the mid-market agency, deals and clients that you have already.

太好了，非常感謝。我希望您能稍微詳細闡述一下您在準備好的發言中向麗莎提到的中端市場策略。我知道這已經成為了我們策略的一部分，所以也許您可以更詳細地說明一下，您認為需要做出哪些改變，以及這些改變是否來自您已經擁有的一些中端市場機構、交易和客戶的回饋。

And then second. We also love to get your thoughts just on the Google at tech trial. Curious if you're seeing more interest in in Publica as a result or maybe, any other thoughts that you have there. That would be great.

然後是第二。我們也很想知道您對 Google 科技試用版的看法。我很好奇您是否因此對 Publica 產生了更多興趣，或者您對此有什麼其他想法。那太好了。

Yeah, thanks, Mark. I'll take both questions. So a couple of things about midmarket. You might remember the way we define mid-market is annual spend between [200k] and a million. Mid-market clients, these are performance-based marketers who are focused on all the things related to ROI, driving efficiency, driving outcomes, and we've been very pleased with the growth that we're seeing in mid-market, both in the US and internationally.

是的，謝謝，馬克。我將回答這兩個問題。關於中端市場有幾件事。您可能還記得，我們​​對中階市場的定義是每年支出在 [20 萬] 到 100 萬之間。中階市場客戶是基於績效的行銷人員，他們專注於與投資報酬率、提高效率、推動成果相關的所有事項，我們對美國和國際中端市場的成長感到非常滿意。

The area where mid-market is really starting to pop is the adoption of our performance-based products that we've launched both in the back half of last year and in the first half of 2025. All of our new products on our 2025 product roadmap, they've all been released to date, which is the fastest, the highest velocity we've seen in shipping products. And it's really resonating, especially with the mid-market advertisers again, they're performance based.

中階市場真正開始流行的領域是採用我們在去年下半年和 2025 年上半年推出的基於效能的產品。我們 2025 年產品路線圖上的所有新產品迄今均已發布，這是我們見過的最快、最高的產品運輸速度。它確實引起了共鳴，特別是對於中階市場廣告商來說，他們再次以績效為基礎。

The other area where we're seeing nice growth in mid-market is from Oracle clients. You might remember one of the customer types within the Oracle business, our mid-market accounts, and the team's doing a great job on closing them, onboarding them, and lots of cross sell and upsell.

我們看到中階市場出現良好成長的另一個領域是 Oracle 客戶。您可能還記得 Oracle 業務中的一種客戶類型，即我們的中端市場帳戶，我們的團隊在關閉這些帳戶、引導他們進入這些帳戶以及進行大量交叉銷售和追加銷售方面做得非常出色。

So again, we're pleased with midmarket. It's another important bet for 2025, a bet we've made both on the back end in beefing up our performance related products, investing in automation to make it much simpler for mid-market accounts to activate the products, and then on the front end continue to invest in a mid-market sales team as well as a service team.

因此，我們對中端市場感到滿意。這是針對 2025 年的另一個重要賭注，我們在後端做出了這一賭注，以增強與性能相關的產品，投資自動化以使中端市場帳戶更輕鬆地激活產品，然後在前端繼續投資中端市場銷售團隊和服務團隊。

In terms of the Google trials that have happened, I would say that it's too early to tell with Publica in particular, the majority of our business is on the buy side, the demand side, but Publica represents the Supply side, especially in CTV, and we're seeing strong growth in Publica. It's too soon to tell, but it could potentially be a tailwind for business should the publishers reassess their ad tech partners depending on what the verdict is for Google.

就已經進行的 Google 試驗而言，我想說現在對 Publica 進行評論還為時過早，我們的大部分業務都在買方、需求方，但 Publica 代表供應方，尤其是在 CTV 領域，我們看到 Publica 正在強勁增長。現在下結論還為時過早，但如果出版商根據Google的判決重新評估他們的廣告技術合作夥伴，這可能會為業務帶來順風。

Great, thank you, Lisa.

太好了，謝謝你，麗莎。

Yeah, thanks Mark.

是的，謝謝馬克。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

Great, thank you guys. I guess sticking on the topic of Publica, you've been growing revenue now for, last couple quarters over around 30% year-on-year. Just interested to hear what's been driving that success, anything specific on the product side of the go to market, just anything you call out on that. Thank you.

太好了，謝謝大家。我想繼續討論 Publica 的話題，過去幾個季度，你們的營收年增了約 30%。我只是有興趣聽聽看是什麼推動了這一成功，在產品上市方面有什麼具體的事情，或者您對此有何看法。謝謝。

Yeah, thanks for the question, James. So few callouts on Publica, as I mentioned before, our 33% publisher revenue for Q1 is another highlight for the quarter that we're really proud of. Publica, it continues to be a great asset for the company.

是的，謝謝你的提問，詹姆斯。正如我之前提到的，關於 Publica 的關注很少，我們第一季 33% 的出版商收入是本季度的另一個亮點，我們對此感到非常自豪。Publica，它繼續成為公司的寶貴資產。

Large OEMs, they continue to see the value of our highly differentiated Publica offerings. And one area in particular where we continue to invest in, I remember talking about this in last quarter's call, is introducing and refining product features to increase the bidding competition across the ad auctions.

大型 OEM 繼續看到我們高度差異化的 Publica 產品的價值。我記得在上個季度的電話會議上討論過這個問題，我們特別持續投資的一個領域是引入和改進產品功能，以增加廣告拍賣中的競價競爭。

The OEMs, they love seeing the performance of these bidding enhancements that we're making, and we'll continue to invest in those features and additional features for Publica. The other thing I think it's important to call out is just the non-CTV IS publisher continues to also be a strength in our portfolio of products, and it's just great to see the brands leaning into our IAS publisher solutions.

原始設備製造商 (OEM) 很高興看到我們正在進行的這些競價增強功能的性能，我們將繼續為 Publica 投資這些功能和附加功能。我認為另一件值得一提的事情是，非 CTV IS 發布商仍然是我們產品組合中的一大優勢，很高興看到品牌傾向於我們的 IAS 發布者解決方案。

Youssef Squali, Truist.

Youssef Squali，Truist。

Thank you so much. Hey, Lisa, hey Jill, so maybe just double clicking on the measurement growth again at 4%. I think you said that open web revenues were down single digit percentage for the quarter on year-on-year basis.

太感謝了。嘿，麗莎，嘿，吉爾，也許只需再次雙擊 4% 的測量增長率。我想您說過，本季開放網路收入年減了個位數百分比。

Can you maybe unpack the reasons for that? How much of that may have to do with maybe growing curation from SSBs or maybe some other things? Just try to see whether this is a new trend that's likely continue, is this something that's going to kind of infect again next quarter, especially that you said next quarter's measurement growth should be improving versus that 4%.

您能解釋一下其中的原因嗎？這其中有多少可能與 SSB 的策展成長或其他一些因素有關？只是試著看看這是否是一個可能持續的新趨勢，這是否會在下個季度再次產生影響，特別是您說下個季度的測量增長應該會比 4% 有所改善。

And then at a high level relative to your kind of your guidance this quarter versus prior quarter and I'm talking more about your guidance for the full year, it looks like you beat Q1 by a bit more than you you've raised your number for the year. I understand maybe the macro and the uncertainty around it may be the driver but just would love to see or to hear if there's anything else going on there. Thank you.

然後，相對於本季度與上一季的指導以及全年指導而言，從較高水平來看，看起來您的業績比第一季略有提升，而您提高了全年的數字。我明白宏觀因素及其周圍的不確定性可能是驅動因素，但我還是想看看或聽聽那裡是否還有其他事情發生。謝謝。

Yeah, thanks for the question, Youssef. So the first one around the measurement 4% growth in Q1, we delivered single digit growth in measurement as expected, and as I mentioned before, we're also pleased with that double digit 15% growth in social media.

是的，謝謝你的提問，優素福。因此，圍繞第一季 4% 的成長測量，我們按照預期實現了個位數成長，正如我之前提到的，我們對社群媒體 15% 的兩位數成長也感到滿意。

The reflection of open web down by single digits that -- there's we're seeing it across the industry that display across the digital ecosystem is down. I think it's just a reflection of what's happening at a macro level from a display perspective but also want to reiterate the point I made earlier is we are seeing budget shifts from measurement to optimization. I think part of that has to do with macro environment.

開放網路的反映下降了個位數——我們看到整個產業都出現了這種情況，顯示整個數位生態系統都在下降。我認為這只是從顯示角度對宏觀層面發生的事情的反映，但也想重申我之前提出的觀點，即我們看到預算從衡量轉向優化。我認為部分原因與宏觀環境有關。

As the brands continue to seek out differentiated solutions that drive performance, drive efficiency, drive ROI, so I think it's a combination of the two of just display softness in the ecosystem and then the brands doubling down on all things related to optimization.

隨著品牌不斷尋求提高性能、提高效率、提高投資回報率的差異化解決方案，我認為這是兩者的結合，即在生態系統中顯示柔軟度，然後品牌加倍投入與優化相關的所有事物。

And then with their second question around the full year guide and beating Q1 more than the raise, there are a few points I'll make on that in terms of macroeconomic environment. The first is, as we're customer obsessed at IAS, and over the last few weeks and months we've been spending, and I've personally been spending a lot of time with customers on the road, meeting with some of our largest advertisers, Hold cos, publishers and platforms, and the feedback has been consistent in terms of how they view the macroeconomic conditions, the value that that they're seeing in the products that we're offering, the fact that we're doubling down and providing greater transparency into all things related to programmatic.

然後，針對他們關於全年指引以及第一季業績超出預期的第二個問題，我將從宏觀經濟環境的角度提出幾點看法。首先，由於我們在 IAS 非常注重客戶，在過去的幾周和幾個月裡，我們一直在花費大量時間，我個人也花了很多時間在路上與客戶見面，與我們的一些最大的廣告商、Hold cos、出版商和平台會面，他們的反饋在宏觀經濟狀況的看法、他們對我們提供的產品的價值的看法、以及我們正在加倍努力並為與程序化的所有事情提供的透明度相關的觀點、以及我們正在加倍努力的所有事情相關的透明度。

And based on all that feedback that we're receiving and the line of sight that we have to the forecast, that is why we set the guide the way that we set the guide.

根據我們收到的所有回饋以及我們對預測的視線，這就是我們以這種方式設定指南的原因。

Okay. Thank you, Lisa.

好的。謝謝你，麗莎。

Yeah, thank you, Youssef.

是的，謝謝你，優素福。

[Rob] of Evercore ISI.

Evercore ISI 的 [Rob]。

Great, thank you very much. Wondering if you could talk about market response so far to pre optimization tools and social, and if you could tell us whether that was maybe a factor in driving the strength and optimization and in the quarter if it's just too early.

太好了，非常感謝。想知道您是否可以談談迄今為止市場對預優化工具和社交的反應，以及您是否可以告訴我們這是否是推動實力和優化的一個因素，以及在本季度是否還為時過早。

And then secondly, wanted to ask if you could maybe spend a minute or two just educating us on how you go to market with dynamic performance profiles and the other TPM products. Is that a play on curation by the SSPs? Is it something that's activated through the buy side, just any anything more you can tell us about how you sort of go to market there. Thank you.

其次，我想問您是否可以花一兩分鐘時間向我們介紹如何將動態效能設定檔和其他 TPM 產品推向市場。這是 SSP 策展的一種玩法嗎？它是透過買方啟動的嗎？您能否告訴我們更多關於您如何進入那裡的市場的資訊？謝謝。

Yeah, sure, thank you for the for both questions. So in terms of pre-bid social optimization, we're tracking in line with expectations. We're very pleased with the adoption rate that we're seeing in pre-bid Social. We're also pleased with the ramp and the new features and increased global reach that we've continued to expand the product on all three of the major social platforms: Meta, TikTok, and YouTube.

是的，當然，感謝您提出這兩個問題。因此，就競價前的社會優化而言，我們正在按照預期進行追蹤。我們對競標前社交的採用率感到非常滿意。我們也對產品的提升、新功能和全球影響力的擴大感到滿意，我們將繼續在三大社交平台上擴展產品：Meta、TikTok 和 YouTube。

We receive ongoing feedback from the advertisers who have adopted the product. They continue to see improved performance and ROI, and I know that we cited this stat earlier on the live call, but the brands that are using our social optimization solutions, they can see annual savings reach of 2 times their ad investments, and they really appreciate the fact, especially during the macroeconomic conditions that we are quantifying the ROI. We are quantifying the results that they're seeing. So we expect to continue to scale pre-bids in 2025, and we would anticipate more meaningful revenue in 2026.

我們不斷收到採用該產品的廣告商的回饋。他們繼續看到績效和投資回報率的提高，我知道我們之前在現場通話中引用過這個統計數據，但是使用我們的社交優化解決方案的品牌，他們可以看到年度節省達到其廣告投資的 2 倍，他們真的很欣賞這一事實，特別是在我們正在量化投資回報率的宏觀經濟條件下。我們正在量化他們所看到的結果。因此，我們預計 2025 年將繼續擴大預投標規模，並預計 2026 年將獲得更有意義的收入。

And then in terms of the go to market with the curation products, there are a few things about that product that we've launched. Again, it's along the lines of leaning into all things related to performance and efficiency and ROI that we're delivering on behalf of the advertisers.

然後，就精選產品進入市場而言，我們已經推出了一些有關該產品的產品。再次強調，這與我們代表廣告主提供的與效能、效率和投資報酬率相關的所有事物有關。

The way it works is its automated optimized automation where we embed contextual segments at a pre-bid level to help the advertisers find higher quality media at automated that leads to higher outcomes, better outcomes for the brand.

它的工作方式是自動優化自動化，我們在競價前的層級嵌入上下文片段，以幫助廣告商自動找到更高品質的媒體，從而為品牌帶來更高的成果和更好的結果。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thank you. Lisa, last call you talked about China as an opportunity we're pursuing more. I realized everything's fluid right now, but I'm curious how your timeline and investment levels around China may have changed for the year. Thank you.

偉大的。謝謝。麗莎，上次您談到中國是我們正在進一步尋求的一個機會。我意識到現在一切都在不斷變化，但我很好奇您今年在中國的時間表和投資水平可能發生了怎樣的變化。謝謝。

Yeah. Thanks, Justin, for the question. So as you remember last quarter we launched first to market in China in fourth quarter, both a China in and a China out strategy. We are still alpha testing in China with luxury goods customers and receiving very encouraging feedback.

是的。謝謝賈斯汀提出這個問題。正如大家所記得的，我們在上個季度第四季率先在中國市場推出了「中國進」和「中國出」的策略。我們仍在中國針對奢侈品客戶進行 alpha 測試，並收到了非常令人鼓舞的回饋。

We also have a strong pipeline of prominent global brands, both within luxury and CPG categories. And the other thing to know, and this was very exciting for the team, on April 1, we had our first IAS China event in Shanghai with over 40 clients and agencies in attendance, and they were combinations.

我們還擁有強大的知名全球品牌陣容，涵蓋奢侈品和快速消費品類別。另外要知道的是，這對團隊來說非常令人興奮，4 月 1 日，我們在上海舉辦了第一屆 IAS 中國活動，有超過 40 個客戶和代理商出席，他們是組合。

Some of them focused on local advertising in China and then some of the larger global brands were there focused more on the China out strategy. We're also Investing in growing headcount in support of our China-based initiatives.

其中一些專注於中國本地廣告，而一些較大的全球品牌則更注重中國本土化策略。我們還投資增加員工數量以支持我們在中國的業務計劃。

So again, it's very early days in China, but we're really pleased with the level of interest and engagement, and we'll continue to running the alpha and providing value to the brands who are running the products.

所以，雖然我們在中國還處於起步階段，但我們對大家的興趣和參與度感到非常滿意，我們將繼續進行 alpha 測試，並為使用我們產品的品牌提供價值。

(Operator Instructions) Brian Pitz, BMO Capital Markets.

（操作員指示）Brian Pitz，BMO 資本市場。

Thank you, Lisa. Maybe two questions for me. Can you talk about traction on alternative platforms like gaming, given that Roblox has recently noted they're seeing more meaningful growth on in their ad business that's new.

謝謝你，麗莎。也許對我來說有兩個問題。鑑於 Roblox 最近注意到他們的新廣告業務正在取得更有意義的成長，您能否談談遊戲等替代平台的吸引力？

And then as you look further out with the rise of AI agents, can you talk about how these agents who perform tasks on users on the Internet solutions, how are your viewability and maybe invalid traffic solutions becoming increasingly more important?

然後，隨著人工智慧代理的興起，您能否談談這些在互聯網解決方案上為用戶執行任務的代理，您的可見性和無效流量解決方案如何變得越來越重要？

Are those customers starting to talk to you more about looking into the future and how they're going to navigate some of those changes to the landscape. Thank you.

這些客戶是否開始與您談論更多未來以及他們將如何應對市場格局的一些變化？謝謝。

Yeah, sure, Brian. Thank you for both questions. So gaming is an important channel, and Roblox is an important strategic partner. One thing to call out about Roblox is in April we did announce that we were offering coverage on Roblox across media quality and performance solutions.

是的，當然，布萊恩。感謝您提出這兩個問題。因此，遊戲是一個重要的管道，而 Roblox 是一個重要的策略夥伴。關於 Roblox 需要指出的一點是，我們在 4 月確實宣布過，我們將為 Roblox 提供媒體品質和效能解決方案的保障。

And basically what that means is offering fraud, brand safety, suitability and viewability on Roblox. We'll continue to test and learn with Roblox. When I think about gaming, it's not the top priority compared to the scale and reach of social platforms, but we'll continue to lean in with Roblox and test that capability.

這基本上意味著在 Roblox 上提供詐欺、品牌安全、適用性和可見性。我們將繼續使用 Roblox 進行測試和學習。當我考慮遊戲時，與社交平台的規模和影響力相比，它並不是首要任務，但我們將繼續依賴 Roblox 並測試其功能。

And then in terms of AI and capabilities, as I mentioned earlier on the call, a few things to call out about AI and at IAS we're an AI first company. We have been leveraging AI for years. AI powers the majority of our products, powers the majority of our new products in 2025, but what distinguishes IAS, in terms of the use of AI and how we use it, it's not just the presence of AI, but I'd say more importantly how we're applying AI, and I'll walk you through a few cases of how we're using it.

然後就人工智慧和能力而言，正如我之前在電話中提到的，關於人工智慧有幾點需要注意，在 IAS，我們是一家人工智慧優先的公司。我們已經利用人工智慧很多年了。人工智慧為我們大多數產品提供動力，為我們 2025 年的大多數新產品提供動力，但就人工智慧的使用和我們如何使用它而言，IAS 的與眾不同之處不僅僅在於人工智慧的存在，更重要的是我們如何應用人工智慧，我將向您介紹幾個我們如何使用人工智慧的案例。

We're using AI strategically to produce measurable outcomes beyond automation. We also combined human judgment with machine learning, applying AI where it adds the most value for our customers. We leverage AI to accelerate execution. And then also with everything that we do related to AI, we apply it responsibly with a clear focus on transparency, fairness, and trust.

我們正在策略性地使用人工智慧來產生超越自動化的可衡量的成果。我們也將人類判斷與機器學習結合，將人工智慧應用於為客戶創造最大價值的地方。我們利用人工智慧來加速執行。而且，對於我們所做的一切與人工智慧相關的工作，我們都以負責任的態度應用它，明確地註重透明度、公平性和信任。

And to be clear, AI is not replacing how we work. It's an extension of what we can do as a company and driving value for our customers and we treat it as a practical ever evolving tool. So we're really excited with how we're leveraging AI, how we continue to leverage it to drive differentiation and value for our customers.

需要明確的是，人工智慧不會取代我們的工作方式。這是我們作為一家公司所能做的事情的延伸，為我們的客戶創造價值，我們將其視為一種不斷發展的實用工具。因此，我們對如何利用人工智慧以及如何繼續利用它來為客戶帶來差異化和價值感到非常興奮。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great thank you. Just one question on the customers you brought over from Oracle? How are those conversations progressing just across the cross sell opportunity and are there any changes to what you would expect that contribution could look like over the next few quarters.

非常感謝。關於您從 Oracle 引進的客戶，只有一個問題嗎？這些對話在交叉銷售機會方面進展如何？您預計未來幾季的貢獻會有什麼變化嗎？

Yeah, thanks, Jason. Happy to answer that question. So a couple of things on Oracle. You might remember last summer was the summer of Oracle. We were really pleased with our close rate of over 70%, bringing on 75 plus new accounts into IAS.

是的，謝謝，傑森。很高興回答這個問題。關於 Oracle 有幾件事。您可能還記得去年夏天是 Oracle 的夏天。我們對超過 70% 的成交率感到非常滿意，為 IAS 帶來了 75 多個新帳戶。

Equally as excited about the fact that we hired over 30 employees from Oracle. So since the back half of last year, the team we've been very focused on onboarding these accounts, integrating the accounts, having them start utilizing our products, but I'd say also more importantly to drive cross sell and upsell.

同樣讓我們興奮的是，我們從 Oracle 聘用了 30 多名員工。因此，自去年下半年以來，我們團隊一直非常注重接納這些帳戶、整合帳戶、讓他們開始使用我們的產品，但我想說更重要的是推動交叉銷售和追加銷售。

We're pleased with the stickiness that we've seen with the Oracle customers, their adoption of multiple products across the portfolio in all three of our business lines. And then the other thing I think is important to know is we are seeing a higher adoption of context control from the former grapeshot. Then we are from non-Oracle accounts.

我們很高興看到 Oracle 客戶的黏性，他們在我們三個業務線的整個產品組合中採用了多種產品。我認為另一件重要的事情是，我們看到前一種霰彈槍對上下文控制的採用率更高。那我們來自非 Oracle 帳戶。

So this is just a great illustration. The story of Oracle, our ability to execute as a business, to quickly integrate dozens and dozens of accounts and drive extended and ongoing value as they adopt more and more products.

這是一個很好的例子。Oracle 的故事，我們作為一家企業執行的能力，能夠快速整合數十個帳戶，並在他們採用越來越多的產品時推動擴展和持續的價值。

Mark Zgutowicz.

馬克·茲古托維奇。

Thank you. Hi Lisa. Just a couple of quick, specific ones for me. An open web, I'm curious what your 2Q and '25 guide implies for growth there? You talked about, I think you said a single digit, growth number down single digits in 2Q and if you can maybe quantify whether that's high single or low single, but just trying to get a sense of the trajectory there cause it seems like it's come down a bit from fourth quarter.

謝謝。你好，麗莎。對我來說，只有幾個簡短、具體的問題。一個開放的網絡，我很好奇您的第二季和 25 年指南對那裡的成長有何影響？您談到了，我想您說的是第二季度的個位數成長數字下降，您是否可以量化這是高個位數還是低個位數，但只是想了解那裡的軌跡，因為它​​似乎從第四季度開始有所下降。

And then, as it relates to Oracle, incrementality, in Q1, just curious, sort of what the incrementality was there. You talked about 2Q being, the growth in publisher, being a little bit less than 1Q due to less onboarding of Oracle, just curious if that's a carry into the second half of the year, in terms of Oracle specifically, and then, also what sort of implied for Oracle in your '25 guide? Thank you.

然後，由於它與 Oracle 的增量有關，在第一季度，我只是好奇那裡的增量是什麼。您談到第二季出版商的成長，由於 Oracle 的加入較少，所以比第一季略有下降，我只是好奇這是否會延續到下半年，特別是就 Oracle 而言，然後，您的 25 年指南中對 Oracle 有何暗示？謝謝。

Sure, Jill, do you want to take the first question?

當然，吉爾，你想回答第一個問題嗎？

Yes, yeah, I'd be glad to. Hey Mark, thanks. So as far as measurement assumptions for growth. We're assuming measurement will contribute to the total advertiser growth in the single digits, but improving off of the four, the first quarter that was posted a 4%.

是的，是的，我很樂意。嘿，馬克，謝謝。就成長的衡量假設而言。我們假設衡量標準將對廣告主整體成長做出個位數的貢獻，但會比第一季 4% 的成長有所提高。

(multiple speakers) I guess specific to open web is just trying to -- I'm just trying to get a sense of the trajectory of open web that's implied in your guidance for the year.

（多位發言者）我想具體到開放網路只是想──我只是想了解你們今年的指導中隱含的開放網路的發展軌跡。

Yeah, I can take that. So measurement improved from 4% in Q2 and full year to single digits. The other thing to call out is will be higher than 4% in second quarter and full year on measurement mid-to-high single digits is appropriate.

是的，我可以接受。因此，測量值從第二季和全年的 4% 提高到個位數。另一件需要指出的是，第二季的成長率將高於 4%，而全年的成長率在中高個位數是合適的。

And then in terms of publisher growth due to onboarding and Oracle timing, as I mentioned before, we're really pleased with the adoption, the integration and adoption we've seen across all of the Oracle customers we brought on Board.

然後就由於加入和 Oracle 時機而導致的出版商成長而言，正如我之前提到的，我們對所有加入的 Oracle 客戶的採用、整合和採用感到非常滿意。

With the publisher, this in particular with Oracle, we expect continued strength and publisher revenue in Q2 at a lower rate than Q1 related to the timing of onboarding of the Oracle customers, and this is just the timing of the contracts and the timing of onboarding them.

對於出版商，特別是 Oracle，我們預計第二季度的出版商營收將繼續保持強勁，但成長速度會低於第一季度，這與 Oracle 客戶的入學時間有關，這只是合約的時間和入職的時間。

Omar Dessouky, Bank of America.

美國銀行的奧馬爾‧德蘇基 (Omar Dessouky)。

Hi there. I wanted to double click on your comment about continuing to invest in a mid-market sales team. So how should we think about the ramp of that investment? Namely, is it sort of like a onetime investment? Will you invest as you see growth, and what is the ultimate size of this incremental, sales force as compared to your existing sales force.

你好呀。我想雙擊您關於繼續投資中階市場銷售團隊的評論。那我們該如何看待這項投資的成長呢？也就是說，它有點像是一次性投資嗎？當您看到成長時，您會投資嗎？與現有的銷售團隊相比，這支增量銷售隊伍的最終規模是多少？

Thanks Omar for the question. So the way to think about the ramp of midmarket, we're being thoughtful about the ramp of the sales team, for a couple of reasons, bringing them on board training them to be able to sell our product but quickly be able to start activating accounts, lighting them up and generating revenue.

感謝奧馬爾提出這個問題。因此，在考慮中端市場的成長時，我們正在認真考慮銷售團隊的成長，原因有幾個，讓他們加入進來，培訓他們能夠銷售我們的產品，但很快就能開始啟動帳戶，點亮它們並創造收入。

So the plan we have in place it's several quarters of bringing these I'll say tranche of sales reps in and on board them and ramp them. The other thing, and I've seen this in my many years of running sales teams. Mid-market and inside sales teams are as successful as the revenue they generate.

因此，我們制定的計劃是，用幾個季度的時間將這些銷售代表分批引入並培訓，並提升他們的業績。另一件事，我在管理銷售團隊的多年經驗中已經看到了這一點。中端市場和內部銷售團隊的成功與他們創造的收入一樣。

So there's got to be some form of self-funded revenue model in place where the team has got to generate the revenue, put the numbers up on the Board as we continue to fund headcount. In terms of comparing the size of mid-market to our larger team, it's a fraction of the global enterprise team, but again, we're confident in this strategy in investing in midmarket, especially as we're seeing the adoption rate that we're seeing and putting up numbers like 24% in optimization.

因此，必須有某種形式的自籌資金收入模式，團隊必須創造收入，並在我們繼續為員工提供資金時將數字提交給董事會。將中端市場的規模與我們更大的團隊進行比較，它只是全球企業團隊的一小部分，但我們對投資中端市場的這一策略充滿信心，特別是我們看到了我們所看到的採用率，並在優化方面提出了 24% 這樣的數字。

So we'll keep investing in the performance based products in the automation and on boarding and training the sales team.

因此，我們將繼續投資於自動化領域的基於性能的產品以及銷售團隊的入職和培訓。

Okay. So that's very interesting, thank you. It sounds like you're alluding to an inside sale, model rather than, like more of a high touch model for your larger clients. Let me know if I'm hearing that right and how should we think about the sales cycles in midmarket as compared to your existing clients. Thanks.

好的。這非常有趣，謝謝。聽起來您指的是內部銷售模式，而不是針對大客戶的高接觸模式。如果我聽得對的話，請告訴我，與您現有的客戶相比，我們應該如何看待中端市場的銷售週期。謝謝。

That's the great question. Yeah, so mid-market, as I mentioned before, they're performance-based advertisers, they're lower touch, simpler activation, simpler product offering, but very fast to activate and accelerate and get live.

這是一個非常好的問題。是的，正如我之前提到的，中端市場是基於績效的廣告商，他們的接觸點更低、激活更簡單、產品供應更簡單，但激活、加速和上線速度非常快。

So investments both in simplifying the optimization product offering, investing in automation. So it doesn't require lots of white glove treatment. They're more self-serve clients and then again just ensuring that the products are driving the efficiency and ROI that they're looking for.

因此，投資既要簡化優化產品供應，又要投資自動化。因此不需要太多白手套處理。他們更像是自助服務客戶，然後再次確保產品能夠提高他們所尋求的效率和投資回報率。

And I am showing no further questions at this time. I would now like to turn the call back to Lisa Utzschneider for closing remarks. Your line is open.

我現在沒有其他問題了。現在我想請 Lisa Utzschneider 做最後發言。您的線路已開通。

Thanks everyone for joining today's call. We're off to a strong start in 2025, and we are executing on our growth strategy. We are leading with innovation have launched several first to market products that are live across platforms. Thanks to the entire global IAS team for your efforts. Have a good night, everyone.

感謝大家參加今天的電話會議。2025 年我們將迎來一個強勁的開端，並且正在執行我們的成長策略。我們以創新為先導，已推出多款跨平台的首批上市產品。感謝整個全球 IAS 團隊的努力。祝大家晚安。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。