Integral Ad Science Holding Corp (IAS) 2025 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the IAS second-quarter 2025 financial results conference call.

再會。感謝您的支持。歡迎參加 IAS 2025 年第二季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker, Jonathan Schaffer, Senior Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給第一位發言人，投資者關係高級副總裁喬納森·謝弗 (Jonathan Schaffer)。請繼續。

Thank you. Good afternoon. Welcome to the IAS second-quarter 2025 financial results conference call.

謝謝。午安.歡迎參加 IAS 2025 年第二季財務業績電話會議。

I'm joined today by Lisa Utzschneider, CEO; and Alpana Wegner, CFO.

今天與我一起出席的還有執行長 Lisa Utzschneider 和財務長 Alpana Wegner。

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

在我們開始之前，請注意今天的電話會議和準備好的評論包含前瞻性的陳述。我們建議您參閱本公司在投資者關係網站 investors.integralads.com 上發布的向美國證券交易委員會 (SEC) 提交的文件，以獲取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 second-quarter call.

謝謝你，喬納森。歡迎大家參加我們的 2025 年第二季電話會議。

We continued our business momentum and delivered profitable growth in the second quarter that exceeded our expectations. Total revenue increased 16% at a 35% adjusted EBITDA margin.

我們延續了業務勢頭，第二季度實現了超出預期的獲利成長。總營收成長 16%，調整後 EBITDA 利潤率為 35%。

During the quarter, we expanded our relationships with existing customers, added new brand logos. and furthered our global reach. We are raising our full-year outlook to reflect our positive second-quarter performance.

本季度，我們擴大了與現有客戶的關係，增加了新的品牌標識，並進一步擴大了我們的全球影響力。我們上調了全年預期，以反映第二季的正面表現。

We are customer-obsessed at IAS. Our ongoing investment in AI infrastructure enables us to anticipate our customers' needs and drive demand in this rapidly evolving AI landscape.

在 IAS，我們以客戶為中心。我們對人工智慧基礎設施的持續投資使我們能夠預測客戶的需求並推動快速發展的人工智慧領域的需求。

In the second quarter, we executed on our product priorities of performance, reach, and innovation as we enhanced our differentiated technology and grew our platform partnerships. Our performance products are driving efficiency and ROI for our customers.

在第二季度，我們執行了性能、覆蓋範圍和創新等產品重點，同時增強了我們的差異化技術並擴大了我們的平台合作夥伴關係。我們的高性能產品正在為客戶提高效率和投資回報率。

CTV is the fastest-growing channel in terms of media spend according to eMarketer. Our publisher performance products for CTV were strong contributors in the second quarter. We are growing our international leadership position in CTV with our Publica products as we partner with major broadcasters globally.

根據 eMarketer 的數據，CTV 是媒體支出成長最快的管道。我們為 CTV 推出的出版商績效產品在第二季做出了巨大貢獻。隨著我們與全球主要廣播公司合作，我們的 Publica 產品正在提升我們在 CTV 的國際領導地位。

In the second quarter, we reached a two-year expansion and renewal with Samsung, a leader in the CTV space and our largest OEM partner. In EMEA, we won the ad serving business of a major German publisher. In APAC, we signed Australia - SBS, a public service broadcaster, for a strategic deal to monetize their live sports inventory focused on the 2026 FIFA World Cup. In addition, we continue to drive customer adoption of our Vault offering built to increase bidding competition in CTV ad auctions.

第二季度，我們與CTV領域的領導者、我們最大的OEM合作夥伴三星達成了為期兩年的擴張和續約協議。在歐洲、中東和非洲地區，我們贏得了德國大型出版商的廣告投放業務。在亞太地區，我們與澳洲公共服務廣播公司 SBS 簽署了一項策略協議，將其專注於 2026 年 FIFA 世界盃的現場體育賽事資源貨幣化。此外，我們繼續推動客戶採用我們的 Vault 產品，以增加 CTV 廣告拍賣中的競價競爭力。

We are expanding our capabilities across channels to wherever brands activate their digital advertising. We added to our buy-side offerings for CTV by expanding Quality Sync, or QSP, into CTV inventory supply to support quality control and supply path insights for CTV. Advertisers now have access to a transparent view into where their ads are being delivered across all their CTV buys to enable them to find the most efficient pathways for their ad dollars.

我們正在透過各種管道擴展我們的能力，以覆蓋品牌激活其數位廣告的任何地方。我們透過將 Quality Sync（QSP）擴展到 CTV 庫存供應中來增加我們為 CTV 提供的買方產品，以支援 CTV 的品質控制和供應路徑洞察。廣告主現在可以透明地了解其廣告在所有 CTV 購買中的投放情況，從而幫助他們找到最有效的廣告投放途徑。

QSP is available across all major DSPs, with strength in the second quarter on DV360, launched in the first quarter; and on Amazon DSP, launched late last year.

QSP 可在所有主流 DSP 上使用，其中，第二季度在 DV360（於第一季推出）和 Amazon DSP 上表現強勁，後者於去年年底推出。

QSP is part of Total Media Performance, or TMP, an AI-driven bundle of our leading measurement and optimization solutions. According to our study of a client campaign, our performance products delivered 8 times more efficient eCPMs and nearly $9 in return on ad spend for every dollar spent on media over a four-month period. That's 93% higher than the customer's target.

QSP 是 Total Media Performance（TMP）的一部分，TMP 是我們領先的測量和優化解決方案的 AI 驅動套件。根據我們對客戶活動的研究，我們的效果產品在四個月內實現了 8 倍更有效率的 eCPM，每花費 1 美元在媒體上，就能獲得近 9 美元的廣告支出回報。這比客戶的目標高出 93%。

We continue to see strong demand for our products, with significant room to grow with new and existing customers.

我們持續看到市場對我們產品的強勁需求，新舊客戶都有很大的成長空間。

In the second quarter, we secured several competitive wins. A global apparel company selected IAS for our leading measurement products in the US. Our superior brand suitability classification technology and supply path transparency were deciding factors for the company.

第二季度，我們取得了幾場競爭性的勝利。一家全球服裝公司選擇 IAS 作為我們在美國領先的測量產品。我們卓越的品牌適用性分類技術和供應路徑透明度是該公司的決定性因素。

A luxury retailer switched to IAS from an incumbent provider for our Measurement and Optimization Solutions. We are excited to expand our leading presence in the luxury vertical after demonstrating the value, efficiency, and performance of our offerings.

一家奢侈品零售商從現有供應商轉向 IAS 來獲取我們的測量和優化解決方案。在展示了我們產品的價值、效率和性能之後，我們很高興能夠擴大我們在奢侈品垂直領域的領先地位。

A major media and entertainment company selected IAS to provide viewability, invalid traffic, and brand safety and suitability products. We won this customer as a result of our best-in-class service and suitability offerings.

一家大型媒體和娛樂公司選擇 IAS 來提供可見性、無效流量以及品牌安全和適用性產品。我們憑藉一流的服務和適用性產品贏得了這位客戶。

We are also driving penetration across our product stack with existing customers. Volkswagen of America chose to adopt TMQ across the major social platforms in the US. This builds on our multi-year partnership with Volkswagen Group for our measurement and optimization offerings, including QSP and total visibility. TMQ provides Volkswagen with transparency and efficiency across the social platforms, helping to maximize return on ad spend, while ensuring their brands are protected.

我們也致力於推動我們的產品系列向現有客戶的滲透。美國大眾汽車公司選擇在美國主要社交平台上採用 TMQ。這是基於我們與大眾汽車集團多年的合作夥伴關係，旨在提供包括 QSP 和全面可視性在內的測量和優化產品。TMQ 為大眾汽車提供了跨社交平台的透明度和效率，幫助其最大限度地提高廣告支出回報，同時確保其品牌受到保護。

We have completely transformed our head-to-head testing capabilities in the last 12 months. As a result, another major automotive company switched to IAS, following a competitive RFP process with our performance products. We were originally selected to provide our verification offerings in the US. We've now expanded this partnership to include QSP to drive improved outcomes for the brand, while optimizing for safety.

在過去的 12 個月裡，我們徹底改變了我們的面對面測試能力。結果，另一家大型汽車公司在對我們的性能產品進行競爭性 RFP 流程後，轉向了 IAS。我們最初被選中在美國提供驗證服務。現在，我們將這項合作關係擴大到包括 QSP，以推動品牌取得更好的成果，同時優化安全性。

A leading financial services company expanded their relationship with IAS to include Social Optimization in the second quarter. Our superior automation capabilities allowed this company to scale their needs across social environments, while prioritizing performance.

一家領先的金融服務公司在第二季擴大了與 IAS 的合作關係，將社會優化納入其中。我們卓越的自動化能力使該公司能夠擴展其在社交環境中的需求，同時優先考慮效能。

We are expanding our product reach through deeper integrations with our platform partners. In June, we launched new contextual category reporting for Meta platforms across Facebook and Instagram feed and reels. We are closing the loop for advertisers by aligning measurement reporting to contextual categories available through IAS' first-to-market Content-Block (inaudible) Optimization Solution for Meta.

我們正在透過與平台合作夥伴的更深入的整合來擴大我們的產品覆蓋範圍。6 月份，我們為 Facebook 和 Instagram feed 和 reels 上的 Meta 平台推出了新的上下文類別報告。我們將測量報告與 IAS 率先推出的 Meta 內容區塊（聽不清楚）優化解決方案提供的上下文類別相結合，為廣告商提供閉環。

During the quarter, we extended our track record of first-to-market platform integrations on the strength of our leading AI-backed technology. In June, we announced a partnership with Lyft, enabling advertisers to validate the quality of their Lyft media buys with our viewability, invalid traffic, and brand safety measurement. As the first Media Quality Measurement partner for Lyft Media, we are trusted to ride along on every impression. This enables us to provide advertisers with greater transparency into their media buys through trusted and transparent metrics.

本季度，我們憑藉領先的人工智慧技術，延續了率先進入市場的平台整合記錄。今年 6 月，我們宣布與 Lyft 建立合作夥伴關係，使廣告主能夠透過我們的可見性、無效流量和品牌安全測量來驗證其 Lyft 媒體購買的品質。作為 Lyft Media 的首個媒體品質測量合作夥伴，我們值得信賴，能夠全力支持每一次展示。這使我們能夠透過可信賴、透明的指標為廣告主提供更高的媒體購買透明度。

In June, we announced a strategic partnership with Snap and Lumen Research to bring customized attention measurement to Snapchat. Snap Attention Measurement will now enable advertisers to directly and seamlessly gain social attention metrics, combining Lumen eye tracking and IAS' AI-powered media quality data to create a bespoke Snapchat attention score within the IAS Signal platform.

6 月，我們宣布與 Snap 和 Lumen Research 建立策略性合作夥伴關係，為 Snapchat 帶來客製化的注意力測量。Snap 注意力測量現在將使廣告主能夠直接無縫地獲得社交注意力指標，結合 Lumen 眼動追蹤和 IAS 的人工智慧媒體品質數據，在 IAS Signal 平台內創建客製化的 Snapchat 注意力分數。

Our leading global presence is a clear differentiator and important contributor to our customer growth and retention. International accounts represented over 50% of adoption of our ramping Prebid Social Optimization offering in the second quarter.

我們領先的全球影響力是我們明顯的差異化優勢，也是客戶成長和留任的重要貢獻者。在第二季度，國際帳戶占我們不斷成長的 Prebid 社交優化產品的採用率的 50% 以上。

Our performance products are purpose-built for mid-market customers and offer streamlined self-serve, easy-to-activate solutions. We are excited to announce the partnership with StackAdapt, a mid-market-focused technology company in advertising and marketing. We are integrating IAS Pre-Bid Avoidance and Targeting within the StackAdapt DSP so brands of any size can remain confident that they are optimizing impressions with greater confidence and accuracy.

我們的性能產品專為中階市場客戶打造，提供簡化的自助服務、易於啟動的解決方案。我們很高興宣布與 StackAdapt 建立合作夥伴關係，這是一家專注於中端市場的廣告和行銷技術公司。我們正在 StackAdapt DSP 中整合 IAS 競價前規避和定位功能，以便任何規模的品牌都可以確信他們能夠以更大的信心和準確性優化印象。

In June, the IAS team attended the Cannes Lions Festival of Creativity, where we unveiled new Signal platform capabilities. The Signal application platform offers customers a unified experience across activation, Pre-Bid Optimization, and Post-Bid Measurement, encompassing open and closed ecosystem, CTV, and emerging channels.

6 月，IAS 團隊參加了坎城國際創意節，並在會上展示了新的 Signal 平台功能。Signal 應用平台為客戶提供涵蓋活化、競價前優化和競價後測量的統一體驗，涵蓋開放和封閉生態系統、CTV 和新興管道。

Recent enhancements enable mid-market customers to adopt measurement features via self-service. We are investing in new Agentic and Gen AI capabilities to accelerate activation and deliver actionable insights.

最近的增強功能使中端市場客戶能夠透過自助服務採用測量功能。我們正在投資新的 Agentic 和 Gen AI 功能，以加速啟動並提供可操作的見解。

At IAS, we are scaling Gen AI into our technology and product stack to drive innovation. Up to 97% of model validation has moved from humans in the loop to Gen AI. Our AI labeling is now 29 times faster and 45% more precise than human annotators. We process 50 years of video content per day, up from just two years of video less than 24 months ago. This heightened velocity and precision fuels premium products like Total Media Quality, Pre-Bid Social Optimization, and our TMP bundled solution.

在 IAS，我們正在將 Gen AI 擴展到我們的技術和產品堆疊中以推動創新。高達 97% 的模型驗證已從人類轉移到 Gen AI。我們的 AI 標記現在比人類註釋者快 29 倍，精確度高 45%。我們每天處理 50 年的影片內容，而不到 24 個月前我們只處理 2 年的影片內容。這種更快的速度和更精確的精度推動了諸如 Total Media Quality、Pre-Bid Social Optimization 和我們的 TMP 捆綁解決方案等優質產品的發展。

Leveraging our AI models, we can now launch new suitability profiles quickly, detect new content risk at speed, and proactively build custom segments. These capabilities position IAS as the industry signal to what works when investing in digital advertising.

利用我們的人工智慧模型，我們現在可以快速推出新的適用性配置文件，快速檢測新內容風險，並主動建立自訂細分。這些功能使 IAS 成為投資數位廣告的有效行業訊號。

Last week, we announced that we received the first Ethical Artificial Intelligence Certification from the Alliance for Audited Media. This certification sets IAS apart for our use of AI and underscores our high standards of responsible and ethical AI across our measurement products and services.

上週，我們宣布獲得了審計媒體聯盟頒發的首個道德人工智慧認證。此認證使 IAS 在人工智慧應用方面脫穎而出，並強調了我們在測量產品和服務中對人工智慧負責任且合乎道德的高標準。

We are investing in top talent to amplify our innovation leadership and enhance our go-to-market capabilities. In July, we appointed industry leader, Care Seifer, as Executive Vice President of Global Sales, reporting into Mark Brabowski' COO.

我們正在投資頂尖人才，以擴大我們的創新領導力並增強我們的市場進入能力。7 月，我們任命產業領導者 Care Seifer 為全球銷售執行副總裁，向營運長 Mark Brabowski 匯報工作。

In conclusion, we executed on our strategic priorities in the second quarter and built on our growth momentum. Our investments in performance, reach, and innovation continue to drive results.

總之，我們在第二季度執行了我們的策略重點，並保持了成長勢頭。我們在性能、覆蓋範圍和創新方面的投資繼續帶來成果。

We believe there is significant runway for growth as we scale product adoption, add new customers, and partners and deepen existing relationships.

我們相信，隨著我們擴大產品採用率、增加新客戶和合作夥伴並深化現有關係，我們將擁有龐大的成長空間。

We were thrilled to welcome Alpana Wegner as our new CFO in June. Alpana brings over 25 years of financial leadership to IAS, including significant public company experience. Alpana is off to a great start. We are excited to have her join today's call.

我們很高興在六月歡迎 Alpana Wegner 擔任我們的新任財務長。Alpana 為 IAS 帶來了超過 25 年的財務領導經驗，包括豐富的上市公司經驗。Alpana 取得了良好的開端。我們很高興她能參加今天的電話會議。

I will now turn the call over to Alpana to review the financials. And then, we'll take your questions.

我現在將把電話轉給 Alpana 來審查財務狀況。然後，我們將回答您的問題。

Thanks, Lisa. It's great to be here today. I'm excited to join the IAS team. I've been impressed with the company's deep customer relationships, AI-first technology, and differentiated products, all of which provides us with a strong foundation to increase shareholder value as we execute on our growth strategy.

謝謝，麗莎。今天能來到這裡真是太好了。我很高興加入 IAS 團隊。我對公司深厚的客戶關係、人工智慧優先技術和差異化產品印象深刻，所有這些都為我們在執行成長策略時增加股東價值提供了堅實的基礎。

Let's start with our second-quarter results; and then, we'll turn to our financial outlook for the third quarter and full year.

讓我們先來看看第二季的業績，然後我們再看看第三季和全年的財務展望。

Total revenue in the second quarter increased 16% to $149 million, ahead of our prior outlook as a result of the higher-than-expected spend on our social measurement offerings and optimization products. We also benefited from the contribution of the new customers, including the Oracle win.

第二季總營收成長 16%，達到 1.49 億美元，高於我們先前的預期，這得益於我們在社群測量產品和優化產品上的支出高於預期。我們也受益於新客戶的貢獻，包括 Oracle 的勝利。

During the second quarter, we generated double-digit growth in our Optimization and Publisher businesses. Our Measurement revenue growth rate increased to 8% from 4% in the first quarter, with continued gains in social media.

在第二季度，我們的優化和發佈業務實現了兩位數的成長。我們的測量收入成長率從第一季的 4% 上升至 8%，社群媒體持續成長。

Optimization revenue grew 16% to $68 million in the second quarter. We continue to capitalize on the industry shift to performance with our leading Optimization products. We also benefited from the strength in financial services, particularly in insurance, as well as increased adoption of our QSP product across DSPs; most notably, DV360 and Amazon DSP.

第二季優化營收成長 16%，達到 6,800 萬美元。我們將繼續利用我們領先的優化產品來抓住產業向性能轉變的機會。我們也受惠於金融服務（尤其是保險）領域的實力，以及我們的 QSP 產品在 DSP 上的採用率不斷提高；最值得注意的是 DV360 和 Amazon DSP。

Measurement revenue increased 8% to $57 million in the second quarter. Measurement growth was fueled by the strength in the retail and financial services verticals.

第二季測量營收成長 8%，達到 5,700 萬美元。零售和金融服務垂直行業的強勁成長推動了測量的成長。

Looking at Measurement revenue by channel:

按通路查看測量收入：

Social media revenue grew 22%, representing 60% of Measurement revenue and 23% of total revenue, with increased spend from large accounts. Open Web revenue declined 7% year over year, which is the same rate as the first quarter, representing the balance of our measurement revenue.

社群媒體收入成長了 22%，佔測量收入的 60% 和總收入的 23%，大帳戶支出增加。開放網路收入年減 7%，與第一季下降幅度相同，代表了我們測量收入的平衡。

Turning to Measurement revenue by format:

按格式衡量收入：

Video grew 26% on the strength of TMQ, accounting for 61% of Measurement revenue. We continue to see consistent trends in Display impacted by the shift to Social Measurement and Optimization.

在 TMQ 的推動下，影片成長了 26%，佔測量收入的 61%。我們繼續看到展示廣告受到向社交測量和優化轉變的影響的一致趨勢。

Publisher revenue increased 36% to $24 million, representing 16% of total revenue. We continue to expand our OEM partnerships, which include our new CTV products such as our Publica Vault offering. We also benefited from the onboarding of new customers.

出版商營收成長 36%，達到 2,400 萬美元，佔總營收的 16%。我們繼續擴大我們的 OEM 合作夥伴關係，其中包括我們的新 CTV 產品，例如我們的 Publica Vault 產品。我們也受益於新客戶的加入。

International revenue in the second quarter grew 8% to $43 million and year to date, increased 13% and represented 30% of total revenue. International revenue growth in the second quarter reflects timing of advertiser campaigns. In addition, 45% of Measurement revenue in the second quarter came from outside of the Americas. We continue to prioritize global coverage, where our product capabilities are a key competitive differentiator.

第二季國際營收成長 8%，達到 4,300 萬美元，年初至今成長 13%，佔總營收的 30%。第二季國際收入的成長反映了廣告商活動的時機。此外，第二季 45% 的 Measurement 營收來自美洲以外地區。我們繼續優先考慮全球覆蓋，我們的產品能力是關鍵的競爭優勢。

Turning to profitability, gross margin for the second quarter was 77%, reflecting our ongoing infrastructure investments as well as higher costs related to Optimization growth. We expect gross margin to improve in the back half of the year due to typical seasonality and increased operational efficiencies.

談到獲利能力，第二季的毛利率為 77%，反映了我們正在進行的基礎設施投資以及與優化成長相關的更高成本。我們預計，由於典型的季節性因素和營運效率的提高，下半年毛利率將會提高。

Operating expenses for the second quarter, excluding stock-based compensation, increased 14% due primarily to the timing of compensation-related items. In addition, sales and marketing increased due to investment in mid-market sales. The increase in technology and development reflects higher investments in our engineering and product teams.

第二季度的營運費用（不包括股票薪酬）增加了 14%，這主要歸因於與薪酬相關的項目的時間表。此外，由於對中端市場銷售的投資，銷售和行銷有所增長。技術和開發的增加反映了我們對工程和產品團隊的更多投資。

G&A increased as a result of higher professional services fees, partially offset by lower bad debt expense. Stock-based comp expense for the period was $19 million, within our expected range.

由於專業服務費用增加，一般及行政費用增加，但壞帳費用減少部分抵銷了此影響。本期間的股票薪酬費用為 1,900 萬美元，在我們的預期範圍內。

Adjusted EBITDA, which excludes stock-based compensation and one-time items, increased 12% to $52 million at a 35% margin, ahead of our prior outlook as a result of higher revenue. On a year-over-year basis, adjusted EBITDA margin reflects lower gross margin in the quarter, as well as the timing of certain compensation-related items as previously anticipated.

調整後的 EBITDA（不含股票薪酬和一次性項目）成長 12%，達到 5,200 萬美元，利潤率為 35%，由於收入增加，高於我們先前的預期。與去年同期相比，調整後的 EBITDA 利潤率反映了本季毛利率的下降，以及先前預期的某些薪酬相關項目的時間表。

Net income for the second quarter was $16 million or $0.10 per share compared to $8 million or $0.05 per share in the second quarter of 2024.

第二季淨收入為 1,600 萬美元，即每股 0.10 美元，而 2024 年第二季淨收入為 800 萬美元，即每股 0.05 美元。

Moving to our performance metrics, our second-quarter advertiser Net Revenue Retention, or NRR, was 110% on a trailing 12-month basis. The total number of large advertising customers, which includes both mid-tier and top-tier customers with annual revenue over $200,000, grew to 240 compared to 232 in the prior year period. Revenue from large advertising customers was 87% of total advertising revenue on a trailing 12-month basis.

根據我們的績效指標，我們第二季的廣告客戶淨收入保留率（NRR）為過去 12 個月的 110%。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）從去年同期的 232 個成長至 240 個。過去 12 個月，來自大型廣告客戶的收入佔總廣告收入的 87%。

We continue to generate strong cash flows, with $55 million in operating cash flow this quarter. We maintained a healthy balance sheet with cash and cash equivalents at the end of the second quarter of $91 million.

我們持續產生強勁的現金流，本季的營運現金流為 5,500 萬美元。我們保持了健康的資產負債表，第二季末的現金和現金等價物為 9,100 萬美元。

During the quarter, we paid off our remaining long-term debt. We also announced the extension of our $300 million credit facility, which increases our borrowing capacity with an accordion feature that allows borrowings to at least $550 million at more favorable rates.

本季度，我們還清了剩餘的長期債務。我們還宣布延長 3 億美元的信貸額度，這將提高我們的借貸能力，並允許以更優惠的利率借款至少 5.5 億美元。

As a result, we have greater flexibility to pursue our growth initiatives as part of our Build/Buy Partner Strategy.

因此，作為我們建構/購買合作夥伴策略的一部分，我們可以更靈活地推行成長計畫。

Turning to guidance, we remain encouraged by the current advertising environment as reflected in our positive second-quarter performance and increased outlook for the full year. Our outlook assumes that the macro environment in the second half of the year remains consistent with what we are seeing today.

談到指引，我們仍然對當前的廣告環境感到鼓舞，這反映在我們第二季的正面業績和全年前景的提升。我們的展望假設下半年的宏觀環境與我們今天看到的東西保持一致。

For the third quarter ending September 30, 2025, we expect total revenue in the range of $148 million to $150 million or 12% year-over-year growth at the midpoint. Adjusted EBITDA for the third quarter is expected in the range of $51 million to $53 million or a 35% margin at the midpoint.

截至 2025 年 9 月 30 日的第三季度，我們預計總營收將在 1.48 億美元至 1.5 億美元之間，或年增 12%。預計第三季調整後 EBITDA 在 5,100 萬美元至 5,300 萬美元之間，中間值為 35%。

We are raising our full-year 2025 revenue and adjusted EBITDA outlook. For the full-year 2025, we are increasing our revenue outlook to $597 million to $605 million or 13% year-over-year growth at the midpoint. For the full-year 2025, we are increasing our adjusted EBITDA outlook to $208 million to $214 million or a 35% margin at the midpoint.

我們正在上調 2025 年全年營收和調整後 EBITDA 預期。對於 2025 年全年，我們將營收預期上調至 5.97 億美元至 6.05 億美元，即年增 13%。對於 2025 年全年，我們將調整後的 EBITDA 預期上調至 2.08 億美元至 2.14 億美元，或中間值為 35%。

A few additional modeling points:

一些額外的建模要點：

We expect to maintain gross margin for the full-year 2025 in the range of 77% to 79%. Third-quarter stock-based compensation expense is expected in the range of $18.5 million to $19.5 million and $71 million to $73 million for the full year. We expect weighted average shares outstanding for the third quarter in the range of 166 million to 167 million shares and 165 million to 167 million shares for the full year. We expect an effective tax rate of approximately 25% for the full-year 2025.

我們預計2025年全年毛利率將維持在77%至79%之間。預計第三季股票薪酬費用將在 1,850 萬美元至 1,950 萬美元之間，全年股票薪酬費用將在 7,100 萬美元至 7,300 萬美元之間。我們預計第三季的加權平均流通股數將在 1.66 億至 1.67 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。我們預計 2025 年全年有效稅率約為 25%。

In conclusion, we executed on our strategic plan in the second quarter and extended our business momentum with 16% revenue growth. Based on the midpoints of our increased revenue and adjusted EBITDA outlooks for 2025, we expect to reach the Rule of 48 for the full year, which speaks to our commitment to delivering profitable growth.

總之，我們在第二季度執行了策略計劃，並延續了業務成長勢頭，營收成長了 16%。根據我們增加的收入和調整後的 2025 年 EBITDA 前景的中點，我們預計全年將達到 48 規則，這表明我們致力於實現盈利增長。

We look forward to updating you on our progress moving forward. With that, Lisa and I are now ready to take your questions. Operator?

我們期待向您通報我們未來的進展。現在，麗莎和我可以回答你們的問題了。操作員？

(Operator Instructions)

（操作員指示）

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

First, if we could talk about the MOAT customers. How would you characterize your progress on getting those customers up the curve? I know there was the intent to just acquire them and then, upsell them eventually on some of your premium-priced products. Wondering how that's going at this point.

首先，我們可以談談 MOAT 客戶。您如何描述在幫助這些客戶提升業績方面所取得的進展？我知道你們的意圖只是收購他們，然後最終向他們推銷一些高價產品。想知道目前進展如何。

Sure, Andrew. Thank you for the question. Happy to take it.

當然，安德魯。謝謝你的提問。很開心收到。

We continue to see great momentum with our Oracle customers. As you might remember, back half of last year, the team did a terrific job of signing over 75 accounts, 70% renewal rate -- very focused on onboarding, integrating the new brands, publishers, and platforms to IAS.

我們持續看到 Oracle 客戶呈現強勁發展動能。您可能還記得，去年上半年，團隊表現非常出色，簽署了超過 75 個帳戶，續約率達到 70%——非常注重入職培訓，將新品牌、出版商和平台整合到 IAS。

Round into 2025, the team is very focused on cross-selling and upselling all of these three customer types. We're seeing great performance, especially in our Optimization Solution. The Oracle customers are leaning into Optimization.

到 2025 年，該團隊將非常注重對這三種客戶類型的交叉銷售和追加銷售。我們看到了出色的效能，特別是在我們的最佳化解決方案中。Oracle 客戶傾向於最佳化。

In addition to cross-sell and upsell, the team is also continuing to put new Oracle wins across the board.

除了交叉銷售和追加銷售之外，該團隊還在繼續全面取得 Oracle 的新勝利。

So really excited about the ramp. We're excited about the ongoing strength of the Oracle business.

我真的很興奮能有這個坡道。我們對 Oracle 業務的持續強勁成長感到非常興奮。

The team, again, they're doing a great job, both extending the existing accounts and then, putting new wins on the board.

團隊再次表現出色，既擴大了現有帳戶，又取得了新的勝利。

Great. One more, if I could. It dovetailed into that last question.

偉大的。如果可以的話，再說一個。它與最後一個問題相吻合。

On the Social Optimization features, obviously, you're continuing to put out new segments, new capabilities, et cetera. Is there ever a point at which you hit a critical mass, where some customers who may have been on the fence about adopting Social Optimization, that's the key decision factor for them and they choose to come over? Or is it something where it's just an additional value enhancer for the customers that you have and are looking to acquire?

在社群優化功能方面，顯然您會繼續推出新的細分市場、新的功能等等。是否存在一個臨界點，一些客戶可能對採用社交優化猶豫不決，但社交優化是他們做出決定的關鍵因素，因此他們選擇採用？或者它只是為您現有的和正在尋求獲得的客戶提供一種額外的價值增強劑？

Yeah. Happy to take that one, too.

是的。我也很高興接受這個。

We're very pleased with the onboarding we're also seeing with Pre-Bid Social Optimization. You might remember that we have hundreds and hundreds of advertisers who've already adopted TMQ across all of the major social platforms, Meta being the largest one.

我們對競價前社交優化的入職感到非常滿意。您可能還記得，我們​​有成百上千的廣告商已經在所有主要社交平台上採用了 TMQ，其中 Meta 是最大的一個。

In addition to continuing to increase and expand the TMQ adoption internationally, the team is also very focused on driving adoption of Pre-bid Social Optimization. For example, what we're seeing quarter over quarter is we've doubled the number of advertisers who've adopted Pre-Bid Social. Where we're seeing lots of adoption happening is in EMEA.

除了繼續增加和擴大 TMQ 在國際上的採用之外，該團隊還非常注重推動競價前社交優化的採用。例如，我們每季都看到採用 Pre-Bid Social 的廣告商數量增加了一倍。我們看到歐洲、中東和非洲地區正在大量採用該技術。

In addition to Pre-Bid Social, we were also thrilled that Meta announced this afternoon -- I don't know if you saw that announcement with Threads -- the fact that IAS has been selected to expand our partnership with Meta through a new test to measure Threads Feed inventory.

除了 Pre-Bid Social 之外，我們也很高興 Meta 今天下午宣布——我不知道您是否看到了 Threads 的公告——事實上，IAS 已被選中通過一項新測試來衡量 Threads Feed 庫存，以擴大我們與 Meta 的合作夥伴關係。

It starts today, the test. It's with a limited number of advertisers. But we'll be running third-party Brand Safety and Suitability Measurement for the Threads Feed, again, with a select group of advertisers. Meta also plans to make the third-party verification for Threads Feed globally available in the coming months.

今天就開始考試了。廣告商數量有限。但我們將再次與一組精選的廣告商合作，對 Threads Feed 進行第三方品牌安全和適用性測量。Meta 還計劃在未來幾個月內在全球範圍內提供 Threads Feed 的第三方驗證。

Again, this deep strategic collaboration that we have with Meta, it underscores our mutual dedication to brand safety, transparency, and innovation. So we were thrilled that that announcement came out this afternoon. We're thrilled we've already started the test on Threads.

再次，我們與 Meta 的深度策略合作凸顯了我們對品牌安全、透明度和創新的共同奉獻精神。因此，我們很高興今天下午發布了這項公告。我們很高興我們已經開始對 Threads 進行測試。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

You continue putting up really impressive growth in the Publisher segment. Just hoping you could talk a bit more about the underlying drivers there and how we should think about the growth in that segment, going forward.

您在出版商領域持續取得令人矚目的成長。只是希望您能多談談其中的潛在驅動因素，以及我們應該如何看待未來該領域的成長。

Sure. Thanks, James. Happy to take that one, too.

當然。謝謝，詹姆斯。我也很高興接受這個。

Yeah. Again, we're really pleased with the 36% growth in the Publisher business that we put on the board for second quarter. A couple of drivers of the Publisher business includes expanding our OEM partnerships, including driving adoption of new CTV products; including Vault, which helps the OEMs with their bidding functionality.

是的。再次，我們對第二季出版商業務 36% 的成長率感到非常高興。出版商業務的幾個驅動因素包括擴大我們的 OEM 合作夥伴關係，包括推動採用新的 CTV 產品；包括 Vault，它可以幫助 OEM 實現其競價功能。

We've also benefited in Publica. The team, again, has done a great job of putting new customers on the board. We cited a few of them previously internationally, both in EMEA and APAC.

我們也從 Publica 中受益。團隊再次出色地完成了吸引新客戶的任務。我們之前在歐洲、中東和非洲地區以及亞太地區等國際上引用過其中的一些。

So Publisher continues to be a tailwind for our business, both with Publica, which is a leading CTV platform; as well as IAS Publisher, which we are seeing double-digit growth in second quarter, as we continue to drive greater enhancements for the traditional publishers with IAS solutions.

因此，Publisher 繼續成為我們業務的順風，無論是領先的 CTV 平台 Publica 還是 IAS Publisher，我們在第二季度都看到了兩位數的增長，因為我們將繼續透過 IAS 解決方案為傳統出版商提供更大的增強。

(Operator Instructions)

（操作員指示）

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

This is [Nick Gruner], on for Youssef.

我是 [Nick Gruner]，代替 Youssef。

On the 3Q guide, can you just unpack a little bit what's baked in across Optimization, Measurement, and Publisher?

在第三季指南中，您能否稍微解釋一下優化、測量和發佈器中涉及的內容？

And then, stepping back to, like, trends in the international markets, can you just talk about what trends you're seeing across these markets and where you're seeing pockets of strength or weakness?

然後，回顧一下國際市場的趨勢，您能否談談您在這些市場中看到的趨勢以及您看到的強勢或弱勢領域？

Yeah. Thanks, Nick, for the question. This is Alpana. It's great to speak with you today. I'll take the first one in terms of the guide on a business-line basis. And then, I'll let Lisa weigh in on your question on the international markets.

是的。謝謝尼克提出的問題。這是阿爾帕納。今天很高興與您交談。我將根據業務線指南選擇第一個。然後，我請麗莎回答你關於國際市場的問題。

From an overall second-half perspective and what we're seeing trending in the business, we're happy coming off of a strong Q2, with the 16% growth in the top line.

從整個下半年的角度以及我們看到的業務趨勢來看，我們很高興看到第二季業績強勁成長，營業收入成長了 16%。

As we look across the various lines of business, we continue to expect Measurement to be in the high single digits and similar to what we saw in Q2. We expect Optimization to continue to see the trends that we're seeing there, more broadly in terms of the shift of spend. We see that continue to grow in the mid-teens, just below what we saw in Q2. And then, from A publisher standpoint, we still anticipate, as Lisa just mentioned, strong double-digit growth. We do have some [anniversarying] of some benefits year over year from last year but we continue to see growth there in the double digits, more in line with what we're seeing from a total company perspective.

當我們審視各個業務線時，我們仍然預期測量值將達到高個位數，與我們在第二季看到的情況相似。我們預計優化將繼續看到我們所看到的趨勢，更廣泛地體現在支出轉變方面。我們看到這一數字繼續以十幾歲的幅度增長，略低於第二季度的水平。然後，從出版商的角度來看，正如麗莎剛才提到的，我們仍然預期會出現強勁的兩位數成長。與去年相比，我們確實有一些年度福利，但我們繼續看到兩位數的成長，這與我們從整個公司角度看到的情況更加一致。

Sure. Thanks, Alpana. I'll take the second question, Nick, in terms of international trends that we're seeing.

當然。謝謝，阿爾帕納。尼克，我想回答第二個問題，關於我們所看到的國際趨勢。

Our International footprint, it continues to be a big differentiator at IAS, growing 13% in the first half of the year.

我們的國際業務足跡持續成為 IAS 的一大差異化因素，今年上半年成長了 13%。

A couple of call-outs in terms of trends that we're seeing in International:

就我們在國際上看到的趨勢而言，有幾點值得注意：

The first is social. When you take a look at social, as I mentioned before, TMQ -- so TMQ adoption -- as these large Fortune 500 global brands continue to adopt our TMQ solution in international markets, emerging markets. We're really pleased with that adoption we're seeing across EMEA and APAC; as well as Pre-Bid Social Optimization adoption, in particular, in EMEA.

首先是社交。正如我之前提到的，當你看一下社交時，TMQ——也就是TMQ的採用——這些大型財富500強全球品牌繼續在國際市場和新興市場採用我們的TMQ解決方案。我們對歐洲、中東和非洲地區以及亞太地區的採用感到非常高興；尤其對歐洲、中東和非洲地區競價前社交優化的採用也感到非常高興。

Second trend, as I mentioned before, Publica. We love the fact that the team is putting international wins on the board, both in EMEA and APAC. We have been investing in more boots-on-the-ground with Publica and CTV.

第二個趨勢，正如我之前提到的，Publica。我們很高興看到該團隊在歐洲、中東和非洲地區以及亞太地區取得了國際勝利。我們一直在與 Publica 和 CTV 合作，投資更多實地人員。

And then, the third trend I'll call out -- not necessarily a trend -- China. We announced China two quarters ago. We have luxury and CPG brands that are running our [China-In] Solutions. You might remember that's IAS Verification Solutions that we're offering to major global brands who want to extend the reach into China. We're really pleased with the beta that we're seeing in China. We are starting to hire in China.

然後，我要說的第三個趨勢──不一定是趨勢──是中國。我們在兩個季度前宣布了進入中國市場的消息。我們擁有一些奢侈品和快速消費品品牌正在運行我們的[China-In]解決方案。您可能還記得，我們​​為想要拓展中國業務的全球主要品牌提供 IAS 驗證解決方案。我們對在中國看到的測試版本感到非常滿意。我們開始在中國招募。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

I just ask one. Lisa, we've seen a bunch of volatility, like, between the different segments; between Measurement and Optimization, if you look at year-over-year growth on a quarterly basis. It feels like we shouldn't be focusing on quarterly trends there and instead, looking at it on an annual basis, on a trailing 12-month basis.

我只問一個。麗莎，如果你按季度查看同比增長情況，你會發現不同細分市場之間存在大量波動，測量和優化之間存在大量波動。感覺我們不應該關注季度趨勢，而應該以年度為基礎，以過去 12 個月為基礎來看待它。

Can you just unpack that a bit? Because I just think there just continues to be surprise -- how, like, volatile those components have been quarter to quarter.

你能稍微解釋一下嗎？因為我認為，這些組成部分的季度間波動性一直令人驚訝。

Thanks, Jason, for the question. Happy to answer it.

謝謝傑森提出這個問題。很高興回答。

A couple of things to note. The first is we're pleased with our 16% growth in Q2. We're seeing strength across all of our businesses, including 16% in Optimization. Measurement, yes, it's single digit at 8%. But it doubled quarter over quarter. We continue to see strength in Social at 22%, as well as CTV - Publisher at 36%.

有幾件事需要注意。首先，我們對第二季 16% 的成長感到滿意。我們所有業務都表現強勁，其中優化業務成長了 16%。測量結果顯示，是的，其比例為 8% 的個位數。但季度環比增長了一倍。我們繼續看到社群媒體的強勁成長，佔比為 22%，CTV - 出版商則為 36%。

Our Q2 performance, it's actually driven by higher-than-expected spend in Social from the large global advertisers who I had cited before; as well as we're really pleased with the adoption we're seeing of our Optimization products.

我們第二季的業績實際上是受到我之前提到的大型全球廣告商在社交方面支出高於預期的推動；同時，我們對我們的優化產品的採用感到非常滿意。

Similar to last quarter, we continue to see a shift from the big brands as they are shifting away from Open Web Display into Optimization as they're leaning in for solutions that are driving ROI, efficiency, transparency, and performance; as well as continue to spend in Social.

與上一季類似，我們繼續看到大品牌的轉變，他們正在從開放網路展示轉向優化，因為他們傾向於推動投資回報率、效率、透明度和性能的解決方案；並繼續在社交方面投入資金。

Actually, it's playing out as expected. We're really pleased with our performance.

事實上，一切正如預期的那樣。我們對我們的表現非常滿意。

(Operator Instructions)

（操作員指示）

Jacob Armstrong, Key.

雅各‧阿姆斯壯 (Jacob Armstrong)，關鍵人物。

First, can you talk about the drivers of optimization, average [CPMs], growing 10% year over year this quarter, while Optimization volumes saw considerable deceleration?

首先，您能否談談優化的驅動因素，本季平均 [CPM] 年成長 10%，而優化量卻大幅下降？

More broadly, can you discuss how you're viewing pricing as a growth lever, moving forward?

更廣泛地說，您能否討論一下您如何看待定價作為未來的成長槓桿？

Yeah. I'm happy to take that, too.

是的。我也很樂意接受這一點。

Again, we're really pleased with our Optimization performance in the quarter at 16% growth. With Optimization products, our Pre-Bid products, we continue to drive and command a premium price for Optimization, which we're pleased with.

再次，我們對本季 16% 的優化表現感到非常滿意。透過優化產品，即我們的競價前產品，我們繼續推動並要求優化的溢價，我們對此感到滿意。

Our Optimization pricing, it increased 10% year over year in Q2, primarily related to the ongoing adoption of QSP. We've been really pleased with our QSP adoption, especially as we lit up the last two DSPs being Google DV360 and Amazon; and very pleased with the performance of QSP across those two DSPs, as well as all of the major DSPs.

我們的優化定價在第二季度同比增長了 10%，這主要與 QSP 的持續採用有關。我們對 QSP 的採用感到非常高興，特別是當我們點亮最後兩個 DSP 即 Google DV360 和 Amazon 時；並且對 QSP 在這兩個 DSP 以及所有主要 DSP 上的表現非常滿意。

If I have time for one follow-up, on Social, this quarter, is there anything you can share on advertiser adoption of the Meta Optimization products and how that's progressing?

如果本季度我有時間進行一次社交方面的跟進，您能否分享一下廣告商對元優化產品的採用情況以及進展情況？

More broadly, how are you viewing the Social Optimization opportunity, as a whole?

更廣泛地說，您如何看待整個社交優化機會？

Yeah. Happy to take that one, too.

是的。我也很高興接受這個。

As I mentioned before, we have more than doubled the number of brands on Meta who are adopting Pre-Bid Social from Q1 to Q2.

正如我之前提到的，從第一季到第二季度，在 Meta 上採用 Pre-Bid Social 的品牌數量增加了一倍以上。

We also have seen over 50% of the adoption is coming from International; in particular, EMEA. You might remember both Meta and TikTok, over 50% of our revenue comes internationally. So we love the adoption rate we're seeing and the strength internationally.

我們還發現，超過 50% 的採用來自國際地區，特別是 EMEA 地區。您可能還記得 Meta 和 TikTok，我們超過 50% 的收入來自國際市場。因此，我們對所看到的採用率和國際實力感到滿意。

The other thing I should call out with Meta, we were also pleased in Q2 with the expansion of the content categories, which provides additional coverage on Meta for our brands, extending 46 content categories, as well as in 34 languages.

關於 Meta，我還應該指出的是，我們對第二季度內容類別的擴展感到滿意，這為我們的品牌在 Meta 上提供了額外的覆蓋範圍，擴展了 46 個內容類別，並支持 34 種語言。

The other noteworthy thing I should call out about Social is in addition to Meta and the other large social platforms I've mentioned, we're also really pleased with the contribution that we're seeing with some of the other really important social platforms include Reddit, Pinterest, and Snap.

關於社交，我應該指出的另一件值得注意的事情是，除了 Meta 和我提到的其他大型社交平台之外，我們也對其他一些非常重要的社交平台的貢獻感到非常高興，包括 Reddit、Pinterest 和 Snap。

So we're well diversified across the social platforms. Again, really pleased with the adoption rate that we're seeing. There's definitely room for growth with the adoption, both of our Pre- and Post-Bid Measurement products on the social platforms.

因此，我們在社交平台上實現了多元化。再次，我們對所看到的採用率感到非常滿意。我們的競價前和競價後測量產品在社群平台上的採用肯定還有成長空間。

I would now like to hand the conference back over to Lisa Utzschneider for any closing remarks.

現在，我想將會議交還給 Lisa Utzschneider 並請她做最後發言。

Thanks, everyone, for joining today's call.

感謝大家參加今天的電話會議。

We executed on our strategic plan and delivered another strong quarter of profitable growth. As a result, we raised our outlook for the full year.

我們執行了戰略計劃並再次實現了強勁的獲利成長。因此，我們上調了全年業績展望。

Our continued momentum reflects the hard work and dedication of the global IAS team. I'd like to thank the team for their efforts, along with the support of our customers and shareholders.

我們持續的發展動能反映了全球 IAS 團隊的辛勤工作和奉獻精神。我要感謝團隊的努力以及客戶和股東的支持。

We look forward to speaking with you throughout the quarter. Have a good night.

我們期待在整個季度與您交談。祝你晚安。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。