Ibotta Inc (IBTA) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Ibotta’s Q1 2025 earnings conference call. With us today are Bryan Leach, Founder and CEO; and Valarie Sheppard, Interim CFO.

下午好，歡迎參加 Ibotta 2025 年第一季財報電話會議。今天和我們在一起的是創辦人兼執行長 Bryan Leach；以及臨時財務長 Valarie Sheppard。

Today’s press release and this call may contain forward-looking statements. Forward looking statements include statements about our future operating results, our guidance for Q2 2025, our ability to grow our revenue, factors contributing to our potential revenue growth, our ability to support additional scale and the capabilities of our offerings and technology, all of which are subject to inherent risks, uncertainties and changes. These statements reflect our current expectations and are based on the information currently available to us, and our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings.

今天的新聞稿和本次電話會議可能包含前瞻性陳述。前瞻性陳述包括有關我們未來經營業績、我們對 2025 年第二季度的指引、我們增加收入的能力、有助於我們潛在收入增長的因素、我們支持額外規模的能力以及我們的產品和技術的能力的陳述，所有這些都受固有風險、不確定性和變化的影響。這些聲明反映了我們目前的預期，並基於我們目前掌握的信息，而我們的實際結果可能存在重大差異。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的文件中的風險因素。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in today’s earnings press release and our 10-Q, which are available on our Investor Relations website at investors.ibotta.com. Also, during the call today, we’ll be referring to the slide deck posted on our website. Unless otherwise noted, revenue and adjusted EBITDA comparisons to prior periods are provided on a year-over-year basis.

此外，我們今天的討論將包括對某些補充非 GAAP 財務指標的引用，這些指標應被視為對我們的 GAAP 結果的補充，而不是替代品。今天的收益新聞稿和我們的 10-Q 中提供了與最具可比性的 GAAP 指標的對賬，可在我們的投資者關係網站 investors.ibotta.com 上找到。此外，在今天的電話會議中，我們將參考我們網站上發布的幻燈片。除非另有說明，否則收入和調整後的 EBITDA 與前期的比較均以同比計算。

With that, I’ll turn it over to Bryan.

說完這些，我就把麥克風交給布萊恩。

Thanks, Shalin. Good afternoon, everyone. Thank you for joining us to discuss our first quarter results. I’m pleased to report that we delivered first quarter revenue and adjusted EBITDA above the guidance range we provided on our fourth quarter earnings call. Our interim CFO, Valarie, will have more to say about this in a bit, but first let me give you my perspective on our industry and Ibotta’s place within it based on what I’m hearing out in the market.

謝謝，Shalin。大家下午好。感謝您加入我們討論第一季的業績。我很高興地報告，我們第一季的收入和調整後的 EBITDA 高於我們在第四季度收益電話會議上提供的指導範圍。我們的臨時財務長 Valarie 稍後會就此發表更多看法，但首先，讓我根據我在市場上聽到的消息，談談我對我們行業以及 Ibotta 在其中的地位的見解。

Right now, CPG companies are searching for new ways to reinvigorate their businesses. More than ever, they need every dollar to work harder and they’re applying a higher bar for measuring the effectiveness of their spending. They know they need to take advantage of new technologies like AI to grow their businesses in bolder and more creative ways, but they haven’t found the right solution. Against this backdrop, Ibotta is positioning itself as an invaluable strategic partner that can deliver profitable revenue growth at a scale that moves the needle for their businesses. We’re doing this by bringing performance marketing to the CPG industry like never before.

目前，消費品公司正在尋找新的方式來重振業務。他們比以往任何時候都更需要讓每一分錢發揮更大的作用，並且他們正在採用更高的標準來衡量支出的有效性。他們知道需要利用人工智慧等新技術以更大膽、更有創意的方式發展業務，但他們還沒有找到正確的解決方案。在此背景下，Ibotta 將自己定位為一個寶貴的策略合作夥伴，能夠以可推動其業務發展的規模實現獲利收入成長。我們透過以前所未有的方式將績效行銷引入 CPG 產業來實現這一目標。

The concept of performance marketing isn’t new. In fact, it’s been one of the main drivers in the growth of digital commerce over the past two decades. Platforms such as Google, Meta, AppLovin and The Trade Desk have proven the power of this model by giving advertisers a simple interface that lets them do three main things. One, set targets; two, measure their performance on an ongoing basis; and three, reach a large and growing population of consumers.

績效行銷的概念並不新鮮。事實上，它是過去二十年來數位商務成長的主要驅動力之一。Google、Meta、AppLovin 和 The Trade Desk 等平台已經證明了這種模式的強大功能，它們為廣告商提供了一個簡單的介面，讓他們可以做三件主要的事情。一、設定目標；二、持續衡量他們的表現；第三，接觸大量且不斷成長的消費者群體。

Because CPG brands sell most of their products at stores, they haven’t had the benefit of cookies, pixels or SDKs to tell them which ads or promotions are leading to incremental sales. And without those real-time signals of conversion, they haven’t been able to harness the power of machine learning to maximize conversion at the lowest possible cost.

由於 CPG 品牌的大部分產品都是在商店銷售的，因此他們無法利用 cookie、像素或 SDK 來了解哪些廣告或促銷活動會帶來銷售成長。而且，如果沒有這些即時轉換訊號，他們就無法利用機器學習的力量以盡可能低的成本實現最大化轉換。

Ibotta is changing all this by bringing the first omnichannel performance marketing platform to the CPG industry. Because of our access to data and our investment in next generation technologies, we believe we are uniquely well positioned to apply the proven best practices of performance marketing to a massive new industry.

Ibotta 為 CPG 產業帶來了第一個全通路績效行銷平台，從而改變了這一切。由於我們能夠存取數據並投資於下一代技術，我們相信我們擁有獨特的優勢，可以將經過驗證的績效行銷最佳實踐應用到龐大的新興產業。

After a year of speaking directly with senior leaders and CPG companies, I concluded that they all want more or less the same three things. First, incremental sales, meaning sales that would not have happened had they not run a promotion. Second, credible measurement, meaning a compelling system for measuring how many incremental sales have actually been delivered. And third, scale, meaning the ability to move the needle for their businesses. Ibotta’s platform delivers all three.

經過一年與高層領導和 CPG 公司直接交談後，我得出結論，他們或多或少都想要相同的三樣東西。首先，增量銷售，即如果沒有促銷就不會發生的銷售。第二，可信賴的衡量標準，即建立一個令人信服的系統來衡量實際上實現了多少增量銷售。第三，規模，即推動業務發展的能力。Ibotta 平台可實現這三種功能。

For the first time, CPG companies can set specific targets for cost efficiency and volume of incremental sales, measure their cost per incremental dollar or what we call CPID on an ongoing basis, and optimize their campaigns based on these results. This remains in pilot mode for now and only a select few of our top clients have been given access. But as I will explain more below, the early results have been exciting and they give us confidence in our roadmap over the coming year.

這是消費品公司首次可以針對成本效率和增量銷售量設定具體目標，持續衡量每增量美元的成本（即我們所謂的 CPID），並根據這些結果優化其行銷活動。目前該功能仍處於試點模式，只有少數頂級客戶可以存取。但正如我將在下面詳細解釋的那樣，早期的結果令人興奮，它們讓我們對未來一年的發展路線圖充滿信心。

Our technology is making it possible for CPG brands to manage their businesses on a day-to-day basis like never before. Once companies realize the power of these new tools, we believe they will embrace our platform like never before, leading to significantly greater revenue for Ibotta.

我們的技術使 CPG 品牌能夠以前所未有的方式管理日常業務。一旦公司意識到這些新工具的強大功能，我們相信他們會前所未有地接受我們的平台，為 Ibotta 帶來更大的收入。

On our fourth quarter earnings call, I referenced two large CPG clients that had recently launched campaigns that would leverage our latest capabilities. We selected these two companies because they are widely regarded as pioneers within the CPG industry. They’re known to invest time and money only when they believe a platform has the scale to become material to their business. Both take an especially rigorous approach when it comes to analytics and measurement, and this has made them skeptical of past promotional formats such as paper coupons. We knew that if we could deliver for these clients and address their concerns, it would accelerate our learnings and allow us to improve product market fit.

在我們第四季的財報電話會議上，我提到了兩家大型 CPG 客戶，他們最近發起了利用我們最新能力的活動。我們之所以選擇這兩家公司，是因為它們被廣泛認為是 CPG 產業的先驅。眾所周知，只有當他們相信某個平台的規模足以對其業務產生實質影響時，他們才會投入時間和金錢。兩家公司在分析和衡量方面都採取了特別嚴格的方法，這使得他們對過去的紙本優惠券等促銷形式持懷疑態度。我們知道，如果我們能夠為這些客戶提供服務並解決他們的擔憂，這將加速我們的學習並使我們能夠改善產品市場契合度。

I’m happy to report that both programs have been successful to date. In general, we’ve delivered incremental sales at an attractive cost per incremental dollar while delivering significant volumes of incremental sales. Both clients have analyzed our performance in detail. Both have chosen to expand the number of brands or pack sizes in our program since the last earnings call.

我很高興地報告，這兩個項目迄今為止都取得了成功。總體而言，我們以極具吸引力的每增量美元成本實現了增量銷售，同時實現了大量的增量銷售。兩位客戶都對我們的表現進行了詳細的分析。自上次收益電話會議以來，兩家公司都選擇擴大我們計劃中的品牌數量或包裝尺寸。

Our redemption revenue for one of these clients is expected to almost double year-over-year through the first half of the year. We have seen this level of growth even though we are only working with a portion of the brands for this client in just one segment of their business. With the other client, our redemption revenue is expected to be up 8x year-over-year in the first half.

預計今年上半年我們從其中一位客戶獲得的贖回收入將比去年同期幾乎翻倍。儘管我們僅與該客戶業務中的一部分品牌合作，但我們仍然看到了這種成長水平。對於另一位客戶，我們上半年的贖回收入預計將年增 8 倍。

Beyond the numbers themselves, there are a few other factors that we find encouraging. First, it’s unusual for large CPG companies to ramp up their investment levels this quickly, especially when it requires allocating dollars that were not previously earmarked within their annual budgets. Second, we’re actively engaging with leaders at the highest levels of both organizations. That is bringing us into their planning conversations much further upstream and allowing us to contribute more directly to their strategic goals.

除了數字本身之外，我們還發現其他一些令人鼓舞的因素。首先，大型 CPG 公司如此迅速地增加投資水準並不常見，尤其是當它需要分配其年度預算中之前未撥出的資金時。其次，我們正在積極與兩個組織的最高層領導人接觸。這使我們更深入地參與他們的規劃對話中，並使我們能夠更直接地為他們的策略目標做出貢獻。

Finally, both clients have set up meetings designed to encourage their retailer contacts to join the IPN. This kind of direct advocacy is new for us, and it speaks to their strong belief in what we are building together.

最後，兩家客戶都安排了會議，旨在鼓勵他們的零售商聯絡人加入 IPN。這種直接的倡議對我們​​來說是新的，它顯示了他們對我們共同建立的事業的堅定信念。

In addition to our two initial clients, we have now lined up another three CPG clients that are piloting our latest capabilities. We expect this number to increase as we move into the second half of the year. I want to stress that in these initial stages, we are not focused on maximizing the number of companies we’re working with. Rather, we are handpicking a small number of industry thought leaders who share our vision for how transformative this can be for the CPG industry and who are committed to providing us with detailed feedback. Their feedback is allowing us to pressure test our systems, standardize our approach and automate our processes in ways that will lay the groundwork for scaling up to our full client base.

除了我們最初的兩個客戶之外，我們現在有另外三個 CPG 客戶正在試用我們的最新功能。我們預計，進入下半年，這數字還會增加。我想強調的是，在最初階段，我們並不專注於最大限度地增加與我們合作的公司數量。相反，我們精心挑選了少數行業思想領袖，他們與我們有著共同的願景，認為這將為 CPG 行業帶來多大的變革，並致力於為我們提供詳細的反饋。他們的回饋使我們能夠對我們的系統進行壓力測試，標準化我們的方法並自動化我們的流程，從而為擴展到我們的整個客戶群奠定基礎。

Based on recent progress, we’ve begun to schedule top-to-top meetings with a small number of additional clients with the goal of ramping CPID related revenue over the next several quarters. We’re excited to begin pitching our new capabilities more widely, but we’re also cognizant that any true paradigm shift takes time. We are up against decades of entrenched habits and partners who are accustomed to measuring things with very imprecise tools.

根據最近的進展，我們已經開始安排與少數額外客戶的高層會議，目標是在未來幾季增加 CPID 相關收入。我們很高興開始更廣泛地推廣我們的新功能，但我們也意​​識到任何真正的範式轉移都需要時間。我們面臨著數十年來根深蒂固的習慣以及習慣於用非常不精確的工具來衡量事物的合作夥伴。

So far, our clients have been extremely receptive as we have explained to them our vision of bringing well established concepts from the world of media and digital commerce to the world of CPG. For others, it will take more time and they will need to test the platform before deciding to make it a central part of their strategy going forward.

到目前為止，當我們向客戶解釋我們的願景，即將媒體和數位商務領域的成熟概念引入快速消費品領域時，客戶們都非常樂意接受。對於其他人來說，這將花費更多的時間，他們需要測試該平台，然後才能決定將其作為未來策略的核心部分。

As you can imagine, these efforts have consumed a significant amount of management bandwidth and required us to begin shifting resources across sales and technology. As we begin to allocate more of our sales resources towards CPID-related efforts, we’re at the same time trying to make sure that the majority of the sales force continues to service our clients as well as we always have to ensure we maximize the non-CPID promotional dollars flowing onto our network. That provides a good segue to the topic of our sales execution.

你可以想像，這些努力消耗了大量的管理頻寬，並要求我們開始在銷售和科技之間轉移資源。當我們開始將更多的銷售資源分配給 CPID 相關工作時，我們同時試圖確保大多數銷售人員繼續為我們的客戶提供服務，並且我們始終必須確保最大限度地增加流入我們網路的非 CPID 促銷資金。這為我們的銷售執行主題提供了良好的過渡。

Since joining us in January, our Chief Revenue Officer, Chris Riedy, has spent significant time with our CPG clients and publishers to determine what we’re doing well and where we have room to improve. From a client service perspective, Chris is working to address pain points on certain accounts while at the same time improving the crispness of account handoffs when they are necessary. Internally, he is working to right size account assignments, increase seller time on task, reduce administrative burdens on our sellers, improve communication across teams and standardize our go-to-market processes.

自從一月加入我們以來，我們的首席營收長 Chris Riedy 花了大量時間與我們的 CPG 客戶和出版商一起確定我們做得好的地方以及還有改進的空間。從客戶服務的角度來看，Chris 正在努力解決某些帳戶的痛點，同時在必要時提高帳戶交接的清晰度。在內部，他致力於合理分配帳戶任務、增加賣家的工作時間、減少賣家的管理負擔、改善團隊之間的溝通並標準化我們的市場進入流程。

The process of streamlining our sales motion takes time and requires a high degree of coordination with other departments to ensure that all our systems internally are operating in harmony, from account mapping all the way through to billing. Over time, organizations outgrow the systems that have worked for them up to that point. Transitioning to new and better systems can be an essential step to unlocking the next phases of growth.

簡化銷售流程的過程需要時間，並且需要與其他部門高度協調，以確保我們內部的所有系統（從帳戶映射到計費）都能協調運作。隨著時間的推移，組織的發展會超越先前適用的系統。過渡到新的、更好的系統可能是開啟下一階段成長的重要一步。

We believe tackling these challenges now will pay big dividends for the business over the long run. I’m pleased with the steps we’re taking and how our sales team has responded to the challenge. One positive leading indicator is that turnover amongst sellers has gone down substantially from the fourth quarter of 2024 to the first quarter of 2025.

我們相信，現在應對這些挑戰從長遠來看將為企業帶來巨大的回報。我對我們正在採取的措施以及我們的銷售團隊如何應對挑戰感到滿意。一個正面的領先指標是，從 2024 年第四季到 2025 年第一季度，賣家的營業額大幅下降。

To wrap up my remarks, let me say we are happy with the performance of our initial CPID campaigns and with the strong initial client response to these results. We’re making progress establishing Ibotta as the first true omnichannel performance marketing platform for the CPG industry. By breaking out of the promotions category, we will be in a stronger position to capture a greater portion of the $200 billion annual addressable spend in the US CPG industry. While the journey may not always be linear, we are excited about the destination and our conviction in this approach is higher than it ever has been.

總結一下，我想說，我們對最初的 CPID 活動的表現以及客戶對這些結果的強烈反應感到滿意。我們正在努力將 Ibotta 打造為 CPG 產業第一個真正的全通路績效行銷平台。透過突破促銷類別，我們將處於更有利的地位，佔據美國 CPG 產業每年 2000 億美元可尋址支出的更大份額。雖然旅程並不總是一帆風順，但我們對目的地感到興奮，我們對這種方式的信心比以往任何時候都高。

With that, let me briefly introduce Valarie Sheppard, our Interim CFO and Board member. I’ve had the great pleasure of working with Valarie over the last four years on our Board. She has played an invaluable role both for me and for Ibotta as our former Lead Independent Director and as the Former Chair of our Audit Committee. Valarie brings 34 years of financial leadership experience at Procter & Gamble, where she was the Treasurer, Controller, EVP Transition Leader, among many other roles.

接下來，請容許我簡單介紹一下我們的臨時財務長兼董事會成員 Valarie Sheppard。過去四年來，我很榮幸能與瓦萊麗在我們的董事會共事。作為我們的前首席獨立董事和審計委員會前主席，她對我和 Ibotta 都發揮了不可估量的作用。瓦萊麗在寶潔公司擁有 34 年的財務領導經驗，曾擔任財務主管、財務主管、執行副總裁過渡領導等職務。

Her devotion to Ibotta and her belief in what we’re building is so strong that she volunteered to step in as our Interim CFO. On short notice, she temporarily relocated to Denver to work closely with our team in-person, and I’ve been extremely grateful for her support. In addition to stepping in as the leader of Ibotta’s finance and accounting functions and helping us search for a permanent CFO, we’re also leveraging Valarie’s deep subject matter expertise in the CPG industry. As it turns out, that has been especially helpful as we take to market an exciting new set of solutions.

她對 Ibotta 的熱愛以及對我們所打造的事業的堅定信念使得她自願擔任我們的臨時財務長。她在短時間內臨時搬到丹佛與我們的團隊密切合作，我非常感謝她的支持。除了擔任 Ibotta 財務和會計職能的領導者並幫助我們尋找永久的財務長之外，我們還利用 Valarie 在 CPG 行業的深厚專業知識。事實證明，當我們向市場推出一套令人興奮的新解決方案時，這尤其有幫助。

I’ll hand it over to her now to discuss our first quarter results and second quarter guidance in more detail. Valerie, the floor is yours.

我現在將交給她，更詳細地討論我們的第一季業績和第二季指引。瓦萊麗，現在請你發言。

Thank you, Bryan. And good afternoon, everyone. As Bryan said, I have been a strong supporter of Ibotta for many years and I’m pleased to be with you here today in my role as Interim CFO.

謝謝你，布萊恩。大家下午好。正如布萊恩所說，多年來我一直是 Ibotta 的堅定支持者，我很高興今天以臨時財務長的身份與大家相聚在這裡。

In summary, we delivered revenue and adjusted EBITDA that were 3% and 22% above the midpoint of the guidance range that we provided on our fourth quarter earnings call. Both redemption revenue and add and other revenue outperformed our expectations. Expenses were largely as forecasted, which resulted in revenue outperformance falling entirely to the bottom line.

總而言之，我們的營收和調整後的 EBITDA 分別比我們在第四季財報電話會議上提供的指導範圍中點高出 3% 和 22%。贖回收入以及附加及其他收入均超出我們的預期。支出基本上符合預期，導致收入表現完全落到底線。

Let’s break down our revenue results in more detail. Revenue in the first quarter was $84.6 million, representing revenue growth of 3% year-over-year. Within that, redemption revenue was $73.4 million, up 8% year-over-year. Third-party publisher redemption revenue was $48.2 million, up 38% year-over-year, while D2C redemption revenue was $25.2 million, down 24% year-over-year. Ad and other revenues, which now represents 13% of our revenue, were $11.2 million, down 22% year-over-year.

讓我們更詳細地分解一下我們的收入結果。第一季營收為8,460萬美元，年增3%。其中贖回收入為7,340萬美元，較去年同期成長8%。第三方出版商兌換收入為 4,820 萬美元，年增 38%，而 D2C 兌換收入為 2,520 萬美元，年減 24%。廣告和其他收入目前占我們收入的 13%，為 1,120 萬美元，年減 22%。

Turning to our key performance metrics. Total redeemers were 17.1 million in the quarter, up 37% year-over-year. We saw healthy growth in third-party redeemers across the IPN on a year-over-year basis, highlighting the continued strength of the demand side of our network. Growth was driven by the launch of Instacart during the fourth quarter of 2024, like-for-like growth of Walmart’s audience and the launch of Family Dollar in the second quarter of 2024.

轉向我們的關鍵績效指標。本季總兌換人數為 1,710 萬人，年增 37%。我們看到 IPN 上的第三方兌換者數量較去年同期健康成長，凸顯了我們網路需求方的持續強勁。成長的動力來自於 2024 年第四季度 Instacart 的推出、沃爾瑪受眾的同比增長以及 2024 年第二季度 Family Dollar 的推出。

Redeemers were about flat sequentially, primarily reflecting the ramp up of Instacart which offsets the pronounced seasonal decline we typically see in the first quarter. Redemptions per redeemer were 4.8, down 15% year-over-year, driven primarily by the growth in third-party redeemers which have a lower redemption frequency as compared to our D2C redeemers.

兌換者數量與上一季基本持平，主要反映了 Instacart 的成長，抵消了我們通常在第一季看到的明顯的季節性下滑。每位兌換者的兌換次數為 4.8 次，年減 15%，這主要是由於第三方兌換者的成長，與我們的 D2C 兌換者相比，第三方兌換者的兌換頻率較低。

Redemptions per redeemer on our third-party publishers were down only 4% year-on-year in comparison. Redemption revenue per redemption was $0.89, down 7% year-on-year, primarily reflecting a mix shift toward third-party redemptions and to a lesser extent from a modest negative mix within CPG. On our third-party publishers this metric was only down 2% by comparison. As a reminder, redemption revenue per redemption can vary for quarter-to-quarter based on seasonal patterns and variation in offer mix.

相較之下，我們第三方出版商的每位兌換者的兌換率年比僅下降了 4%。每次贖回的贖回收入為 0.89 美元，年減 7%，主要反映了向第三方贖回的組合轉變，以及在較小程度上反映了 CPG 內部的適度負面組合。相較之下，我們的第三方出版商這項指標僅下降了 2%。提醒一下，根據季節模式和優惠組合的變化，每次贖回的贖回收入可能會因季度而異。

Now, let’s discuss the cost side of our business. Non-GAAP cost of revenue was up $6 million versus a year ago driven by an increase in Instacart-related costs, revenue sharing agreements with certain other publishers, as well as increased variable technology costs and higher amortization of capitalized software. This resulted in a Q1 non-GAAP gross margin of 81%, down nearly 700 basis points year-over-year.

現在，讓我們討論一下業務的成本方面。非公認會計準則收入成本較去年同期增加 600 萬美元，原因是 Instacart 相關成本增加、與某些其他出版商的收入分成協議增加，以及可變技術成本增加和資本化軟體攤銷增加。這導致第一季非公認會計準則毛利率為 81%，較去年同期下降近 700 個基點。

Non-GAAP operating expenses as a percent of revenue were 65%, an increase of approximately 360 basis points year-over-year. Within that, non-GAAP sales and marketing expenses decreased by 2% year-on-year. Non-GAAP research and development expenses increased by 9%. Lastly, non-GAAP general and administrative expenses increased by 29% or $3.7 million. As a reminder, Q1 2024 was the last full quarter prior to our IPO and thus did not contain any public company costs.

非公認會計準則營業費用佔收入的百分比為 65%，較去年同期成長約 360 個基點。其中，非公認會計準則銷售及行銷費用較去年同期下降2%。非公認會計準則研發費用增加了9%。最後，非公認會計準則一般及行政開支增加了 29% 或 370 萬美元。提醒一下，2024 年第一季是我們 IPO 前的最後一個完整季度，因此不包含任何上市公司成本。

We delivered Q1 adjusted EBITDA of $14.7 million, representing an adjusted EBITDA margin of 17%. We delivered adjusted net income of $12.1 million and adjusted diluted net income per share of $0.36. Our adjusted net income excludes $13.8 million in stock-based compensation, $1.6 million in restructuring charges and includes a $3.8 million adjustment for income taxes.

我們第一季的調整後 EBITDA 為 1,470 萬美元，調整後 EBITDA 利潤率為 17%。我們實現調整後淨收入 1,210 萬美元，調整後每股攤薄淨收入 0.36 美元。我們的調整後淨收入不包括 1,380 萬美元的股票薪資、160 萬美元的重組費用，並包括 380 萬美元的所得稅調整。

We ended the quarter with $297.1 million of cash and cash equivalents. In Q1 we spent $72.7 million repurchasing 8.1 million shares of our stock at an average price of $39.47. We had 31.3 million fully diluted shares outstanding at the end of the quarter. In March, our Board authorized $100 million increase to our share repurchase program. As a result, at the end of the quarter we had $96.1 million remaining under our current authorization.

本季末，我們的現金和現金等價物為 2.971 億美元。第一季度，我們花了 7,270 萬美元，以平均 39.47 美元的價格回購了 810 萬股股票。截至本季末，我們已發行 3,130 萬股完全稀釋股票。三月份，我們的董事會批准將股票回購計畫增加 1 億美元。因此，截至本季末，我們目前的授權金額還剩下 9,610 萬美元。

Turning to our Q2 outlook. We currently expect revenue in the range of $86.5 million to $92.5 million, representing 2% revenue growth at the midpoint. We expect Q2 adjusted EBITDA in the range of $17 million to $22 million, representing about a 22% adjusted EBITDA margin at the midpoint and a 4% increase in adjusted EBITDA margin relative to the first quarter. This is a byproduct of higher revenue and flattish operating costs, consistent with our commentary on our fourth quarter earnings call.

談談我們對第二季的展望。我們目前預計營收在 8,650 萬美元至 9,250 萬美元之間，中間值代表營收成長 2%。我們預計第二季調整後的 EBITDA 在 1,700 萬美元至 2,200 萬美元之間，中間值約為 22% 的調整後 EBITDA 利潤率，與第一季相比，調整後的 EBITDA 利潤率增長 4%。這是收入增加和營運成本持平的副產品，與我們在第四季度收益電話會議上的評論一致。

I’d like to provide you with a little more color on our Q2 outlook. While we continue to make progress on validating and rolling out CPID-based campaigns, we are still in the early days. We expect a gradual increase in CPID-related contribution, as well as slow and steady improvements to our sales execution, although there will likely be some short-term disruptions as we continue to refine and enhance our go-to-market processes and incorporate key learnings from our first few CPID-based campaigns.

我想向您詳細介紹一下我們第二季的前景。雖然我們在驗證和推出基於 CPID 的活動方面不斷取得進展，但我們仍處於早期階段。我們預計 CPID 相關的貢獻將逐步增加，我們的銷售執行也將緩慢而穩定地改善，儘管在我們繼續完善和增強我們的上市流程並吸收從我們最初幾個基於 CPID 的活動中吸取的關鍵經驗時，可能會出現一些短期中斷。

As a result, we expect to continue to be supply constrained in the short term, but expect to drive sequential improvement in offer supply over the course of this year. We now expect our adjusted tax rate to be in the low 20s for the full year. Our full year cash tax expectations are broadly unchanged.

因此，我們預計短期內供應將繼續受限，但預計今年全年供應將持續改善。我們現在預計全年調整後的稅率將在 20% 以下。我們對全年現金稅的預期基本上保持不變。

And with that operator, let’s please open up the call for Q&A.

有請接線員，讓我們開始問答環節。

Just before we do that, one small clerical correction, we repurchased 1.8 million shares. I think Valarie may have said 8.1 shares.

就在我們這樣做之前，進行了一次小小的文書更正，我們回購了 180 萬股。我認為瓦萊麗可能說的是 8.1 股。

Sorry about that.

很抱歉。

That would be cool, but it’s 1.8 shares.

那很酷，但它是 1.8 股。

1.8 shares. Sorry about that, Bryan.

1.8股。很抱歉，布萊恩。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

Thanks so much for taking the question. Wanted to know if we could get a better sense of early learnings from the Instacart integration. How do you think that will be a driver of growth both on volumes, end users, as you look out deeper into the year? And then, layer on top of that as a follow-up sort of elements about how to think about DoorDash being layered into the platform as the year progresses. Thanks so much.

非常感謝您回答這個問題。想知道我們是否可以更好地了解 Instacart 整合的早期經驗。展望今年，您認為這將如何成為銷售量和最終用戶成長的動力？然後，在此基礎上，進一步考慮如何隨著時間的推移將 DoorDash 融入平台中。非常感謝。

Thanks, Eric. Yes, we’re excited about the progress we’ve made with both Instacart and DoorDash. This represents a substantial amount of the online grocery marketplace market that’s part of the Ibotta performance network. In terms of some early learnings, at Instacart we found that we have very attractive redemption rates based on the path to purchase that exists online, being one where it is relatively easy to find an encounter and be influenced by the various offers. That gives us confidence because we know that that’s inherent to the way that you shop in those environments and is going to stay that way.

謝謝，埃里克。是的，我們對 Instacart 和 DoorDash 的進展感到非常興奮。這代表了 Ibotta 性能網絡的一部分——在線雜貨市場——的很大一部分。就一些早期經驗而言，我們在 Instacart 發現，根據網上購買路徑，我們擁有非常有吸引力的兌換率，因為在網上購買時相對容易找到邂逅並受到各種優惠的影響。這給了我們信心，因為我們知道這是您在這些環境中購物的方式所固有的，並且會保持這種狀態。

We’ve also seen steady growth in redeemers on both platforms. In the case of Instacart, we’ve managed to expand into beer, wine and spirits, which is a new AlcBev, I think, we’re calling it a new category for us Eric. That’s been successful. However, one learning is that that’s only operative in about 13 states because it is a discount model. Whereas if we can transition that over time to a reward model or an online rebate model, it would be available in 41 states. So that’s a learning.

我們也看到兩個平台的兌換人數穩定成長。就 Instacart 而言，我們已成功擴展到啤酒、葡萄酒和烈酒領域，我認為這是一種新的 AlcBev，我們稱之為我們的新類別 Eric。一切順利。然而，我們了解到，由於這是一種折扣模式，因此該模式僅在約 13 個州有效。然而，如果我們能夠隨著時間的推移將其轉變為獎勵模式或線上返利模式，它將在 41 個州普及。這是一種學習。

With DoorDash, we’ve applied some of the learnings from the way we rolled out Instacart, there were some bumps in how we handled that in terms of just change management from a client perspective. There were some clients that Instacart already had that were using their promotions, platform and self-service tools that we had to transition over to our self-service tools. I think we’ve learned from that broadly in terms of change management. But the big thing is that at DoorDash, they didn’t have a preexisting promotions business. So that challenge of change management is significantly less pronounced.

對於 DoorDash，我們運用了從推出 Instacart 流程中獲得的一些經驗，從客戶角度來看，在處理變更管理方面遇到了一些障礙。Instacart 的一些客戶已經在使用他們的促銷、平台和自助服務工具，我們必須將這些客戶轉換到我們的自助服務工具。我認為我們在變革管理方面從中獲得了廣泛的教訓。但最重要的是，DoorDash 並沒有預先存在的促銷業務。因此，變革管理的挑戰就沒那麼明顯了。

We’ve begun rolling out at DoorDash, but we have not achieved 100% rollout where taking the same approach we always do, which is making sure that it’s working, that there are no bugs, that there is no issues with conversion rates and so forth. And we’re pleased with the steady progress of that and believe that we will be able to support alcohol and beverage offers there. And I think based on the learnings from both of those intend to roll out alcohol and beverage offers on Walmart and other parts of the network as well.

我們已經開始在 DoorDash 上推出這項服務，但尚未實現 100% 的推廣，我們採取的方法和以往一樣，確保它能夠正常運作、沒有錯誤、轉換率沒有問題等等。我們對此的穩步進展感到高興，並相信我們將能夠在那裡支持酒精和飲料的供應。我認為，基於這兩家公司的經驗，他們也打算在沃爾瑪和網路的其他部分推出酒精和飲料優惠。

I think some of the other learnings relate to just how we work with our publisher partners to do lifecycle marketing and surrounding sort of programming to make sure people are aware of the offer content and we want to always take those best practices out across the rest of our network.

我認為其他一些經驗與我們如何與出版商合作夥伴合作進行生命週期行銷和周邊程式設計有關，以確保人們了解優惠內容，並且我們希望始終將這些最佳實踐推廣到我們網路的其他部分。

James Michael Sherman Lewis, Citi.

花旗銀行的詹姆斯‧麥可‧謝爾曼‧劉易斯 (James Michael Sherman Lewis)。

Great, thanks. This is actually Ron Josey on, I was using James Michael’s (inaudible). So I wanted to ask a little bit more, Bryan, on CPID on the cost per incremental dollar and you talked about expanding the pilot program to more clients and you gave us some good insights on how that’s going. I would love your thoughts on what the governor is maybe for the two clients that have seen success enrolling out CPID to more brands if you will? And then, as you think about rolling it out to the full client list, what are the mile markers that are needed I guess to give more confidence for that to go to the next level? Thank you.

太好了，謝謝。這其實是 Ron Josey 的作品，我用的是 James Michael 的作品（聽不清楚）。因此，布萊恩，我想多問一些關於 CPID 每增加一美元的成本的問題，您談到了將試點專案擴展到更多客戶，並且您對專案的進展給了我們一些很好的見解。我很想聽聽您對這兩位成功將 CPID 推廣到更多品牌的客戶的看法？然後，當您考慮將其推廣到完整的客戶名單時，我猜想需要哪些里程碑才能給予更多信心以使其進入下一個階段？謝謝。

Thanks, Ron. Great questions. Taking them in turn. We have seen our partners expand the brands that are participating with this tool, which is a great sign. We’ve seen some of their flagship brands, some of their most important brands that they don’t entrust to just any partner. And we’ve actually seen those brands have good enough results that they’ve decided to include brands that initially they weren’t sure they wanted to put in the program.

謝謝，羅恩。很好的問題。依序服用。我們看到我們的合作夥伴擴大了使用該工具的品牌，這是一個好兆頭。我們看到，他們的一些旗艦品牌、一些最重要的品牌不會隨便委託給任何合作夥伴。而且我們確實看到這些品牌取得了足夠好的成績，因此他們決定將原本不確定是否要納入該計畫的品牌納入其中。

So it’s as simple as getting on cycle with these companies. I mean these are sort of dollars they’re finding mid cycle that were not part of the previously planned budget. And I have a lot of confidence that if we continue to deliver these kind of results that there are going to be a lot of brands within these companies that are knocking on the door saying I want to get the benefit of this.

因此，與這些公司合作就像騎自行車一樣簡單。我的意思是，這些是他們在周期中期發現的資金，不屬於先前計劃的預算。我非常有信心，如果我們繼續取得這樣的成果，這些公司中的許多品牌都會來找我們，說我想從中受益。

I like the control this gives me. I like the ability to drive top and bottom-line growth at the same time. I think these organizations generally have either finance or measurement teams that want to go deep on this and audit these things and scrutinize how you’re measuring and exactly what claims you’re making regarding incremental sales. We’ve been going through that process and that’s also an essential step before they open up to a much broader spigot of spend.

我喜歡它帶給我的控制力。我喜歡同時推動營收和利潤成長的能力。我認為這些組織通常都有財務或測量團隊，他們希望深入研究這個問題並審計這些事情並仔細審查你的測量方式以及你對增量銷售的具體聲明。我們一直在經歷這個過程，這也是他們開放更廣泛的支出管道之前的必要步驟。

And what I found in this industry is that, once you go through that process and build that trust with credible measurement, that is then not something that has to recur over time. It’s something that you kind of travel through and then you can deepen the relationship, add more brands and also things like more pack sizes. So it’s not just a brand that would be added. It might be a new business unit, it might be a new pack size. And that could be rather significant for example.

我在這個行業發現，一旦你經歷了這個過程，並透過可靠的衡量標準建立了信任，那麼這種信任就不再是需要隨著時間的推移而重複的事情。這是一個你需要經歷的過程，然後你就可以加深關係，添加更多的品牌，以及更多的包裝尺寸。因此，這不僅僅是一個被添加的品牌。它可能是一個新的業務部門，也可能是一個新的包裝尺寸。例如，這可能相當重要。

In terms of the mile markers and things that would, be important for us to expand this to additional clients. There are a number of things, I think, on the product side, first of all, some of the things we do today in terms of the deliverables around CPID, both the projected CPID ranges, for example, and the actuals are much more manual computations than they will be once we get a chance to standardize and automate those processes.

就里程碑和其他事情而言，這對於我們擴大其業務範圍並吸引更多客戶非常重要。我認為，在產品方面有很多事情，首先，我們今天在 CPID 交付成果方面所做的一些事情，例如預計的 CPID 範圍和實際情況，都是比我們有機會標準化和自動化這些流程時更多的手動計算。

And so if we were to try to do what we’re doing for these clients for the other 798 clients that we have, it would be challenging because there are just not enough client analytics resources to crank through that analysis. But what we’re doing is, by day, we’re automating those procedures and making sure that we’re automating the right thing is important. So you don’t want to jump straight into automation before you’ve really confirmed product market fit. That’s really important.

因此，如果我們嘗試為其他 798 位客戶做我們正在為這些客戶做的事情，那將是一個挑戰，因為沒有足夠的客戶分析資源來完成這些分析。但我們每天都在做的是將這些程式自動化，並確保我們自動化正確的事情非常重要。因此，在真正確認產品適合市場之前，您不會想直接進入自動化領域。這真的很重要。

The second part of that is that we know that we don’t want to be doing manual targeting and optimization. We want to move toward more of a machine learning implementation. And so that’s a matter of training models on the early data that you’ve run. And as they get smarter and smarter, they get better and better at projecting these costs per incremental dollars and these volumes of incremental dollars. And so that gives more and more confidence as you get more and more precision. And that I think allows you to get beyond just the early adopters of this kind of technology, because they’re reassured by that.

第二部分是我們知道我們不想手動定位和優化。我們希望更多實現機器學習。所以，這就是基於您運行的早期資料來訓練模型的問題。隨著他們變得越來越聰明，他們也越來越善於預測每增加一美元的成本以及增加一美元的數量。因此，隨著精度越來越高，您會越來越有信心。我認為這可以讓你超越這種技術的早期採用者，因為他們對此感到放心。

I think being able to have a more weekly, and then ultimately even more frequently daily ability to check on your results will be an important thing for this industry to really claim that this is the same kind of performance marketing interface that we’ve seen in other areas, right now, that process, again, is inhibited by just the lack of automation.

我認為，能夠每週、最終甚至每天更頻繁地檢查結果，對於這個行業來說非常重要，這可以真正宣稱這是與我們在其他領域看到的相同類型的績效營銷界面，目前，該流程再次因缺乏自動化而受到抑制。

And so I think, we’re moving rapidly in that direction. I’m pleased with the progress that our product team has on that. I think we’re on track. I think we’re all, I mean, we have a call every single morning to talk about learnings, and it sometimes feels like we’re on kind of a vertical learning curve. But it’s truly an exhilarating time at Ibotta, because unlike anything else that I can remember us developing, the reaction that we’re getting to this, both the idea of it and the performance of it, is extremely positive. And so that’s giving us the energy that we need to work as hard as we’re working to crank it out to the other 798. And hopefully we’ll bring in some new clients that are persuaded by this model who might not have been interested in traditional promotions.

所以我認為，我們正朝著這個方向快速前進。我對我們的產品團隊在這方面取得的進展感到滿意。我認為我們正走在正確的軌道上。我想我們都是，我的意思是，我們每天早上都會​​打電話討論學習情況，有時感覺我們處於一種垂直的學習曲線上。但這確實是 Ibotta 令人振奮的一段時光，因為與我記憶中我們開發的其他產品不同，我們對它的反響，無論是它的理念還是它的性能，都是非常積極的。這給了我們所需的能量，讓我們能夠像其他 798 人一樣努力工作。希望我們能吸引一些對這種模式感興趣的新客戶，他們可能對傳統的促銷方式不感興趣。

That’s great. Great to hear. Thank you, Bryan.

那太好了。很高興聽到這個消息。謝謝你，布萊恩。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Great. Thanks very much for taking the question. Maybe just a quick one for you, Bryan. Just maybe give an outlook on how to think about total CPG budgets for this year? How has that changed from the start of the year? I think you mentioned that supply is obviously still constrained, but any updates there on how to think about the budgets from your clients more holistically?

偉大的。非常感謝您回答這個問題。布萊恩，這對你來說可能只是一個快速的問題。也許可以展望一下如何看待今年的 CPG 總預算？今年年初以來，情況有何改變？我認為您提到過供應顯然仍然受到限制，但是關於如何更全面地考慮客戶的預算，您有什麼更新資訊嗎？

Yes, thanks. It’s great to hear your voice, Curt. Appreciate the question. I mean, I think there are a couple dimensions to this. There’s the macro and then there’s kind of the sales execution dimension to that. So taking those, I think if you think about the macro, obviously things like tariffs have created some uncertainty in certain pockets of our business. We’ve seen that with regard to general merchandise in particular, where they are more exposed to those kinds of supply chains abroad. We’ve seen that in smaller and emerging brands to some degree, taking kind of a wait and see approach.

是的，謝謝。很高興聽到你的聲音，Curt。感謝你的提問。我的意思是，我認為這有幾個方面。這其中既有宏觀層面，也有銷售執行層面。因此，考慮到這些，我認為如果從宏觀角度考慮，顯然關稅等因素為我們業務的某些領域帶來了一些不確定性。我們發現，對於日用百貨商品而言，它們更容易受到國外此類供應鏈的影響。我們看到一些小型和新興品牌在某種程度上採取了這種觀望態度。

We think based on what we know, we factor that into the guidance we provided. But we’re keeping close, a close eye on that in terms of what impact that might have on supply in the short-term. I think in terms of sales execution, there are things we can be doing better and I think we’ve gotten our arms around what those challenges are and what needs to be different? One of the things that Chris has brought to us is perspective from having seen this at a much later stage. And a much more successful kind of up on the plane version of this kind of operation, sales operations.

我們根據所了解的情況進行思考，並將其納入我們提供的指導中。但我們正在密切關注這可能對短期供應產生的影響。我認為在銷售執行方面，我們可以做得更好，而且我認為我們已經了解了這些挑戰是什麼以及需要做出哪些改變？克里斯帶給我們的其中一件事就是他在後來的階段所看到的視角。這種運作方式在飛機上有一種較為成功的版本，即銷售營運。

And so I think that the supply is out there and, in some cases, we can be doing even more to support our sellers in getting that supply, even with the value proposition we have today. Don’t forget, we’re reaching over 17 million redeemers are -- we’ve got a great story to tell. Our redemption, our volume of on the third-party publisher network in particular is, is really up dramatically. We’ve seen redeemers on third-party publishers up 45% year-over-year. Redemption revenue up 38% year-over-year. Total redeemers up 37% on the platform year-over-year.

所以我認為供應是存在的，在某些情況下，即使我們今天有價值主張，我們也可以做更多的事情來支持我們的賣家獲得供應。別忘了，我們的兌換者已經超過 1700 萬——我們有一個精彩的故事要講。我們的兌換量，特別是第三方出版商網路的兌換量，確實大幅上升。我們發現第三方出版商的兌換率年增了 45%。贖回收入較去年同期成長38%。該平台的總兌換人數較去年同期成長了 37%。

So we’re making sure that we get to market with that message and we don’t sort of roll everything into the next-generation solution and founder in the short term. So it’s a balance. Striking that balance I think is important. But I would say, our outlook is broadly the same. Except to say, that I am greatly heartened by what we’ve proven in the last quarter in terms of the conversations around getting to an always on understanding with our clients.

因此，我們要確保將這一訊息帶入市場，並且不會將所有東西都捲入下一代解決方案中，然後在短期內失敗。所以這是一種平衡。我認為達到這種平衡很重要。但我想說，我們的觀點大致相同。但我還要說的是，上個季度我們在與客戶進行溝通以達成始終如一的理解方面所取得的成果令我感到非常振奮。

And that is really about convincing them that we can deliver incremental sales with credible measurement at scale. Because if you can do that and demonstrate that your contribution margin positive meaning that every single incremental dollar, they’re making money on the bottom line, we’re one of the few tactics they want to plow money into at a time where they’re otherwise perhaps pausing or pulling back.

這實際上是為了讓他們相信，我們可以透過大規模的可靠衡量來實現增量銷售。因為如果你能做到這一點，並證明你的貢獻利潤率為正，這意味著每一美元的增量，他們都在盈利，我們就是他們在可能暫停或撤退的時候想要投入資金的少數策略之一。

And so I think if we were just to speak in terms of kind of traditional promotions, budgets, I might have a different answer. But I’m looking at the future of our business in a very, very different way than that. And we’re starting to see that it’s now not as binary. Do I turn on a promotion? I don’t know if I need to right now. I’m not in a window where I’m launching a new product. That kind of episodic tactical approach has been, how it’s been? But what we’re now seeing is a different conversation where we’re saying what number would we need to hit in terms of cost per incremental dollar for you to keep this on?

因此我認為，如果我們只是從傳統促銷和預算的角度來談論，我可能會有不同的答案。但我對我們業務的未來的看法與此截然不同。我們開始發現它現在不再是二進制的了。我要開啟促銷活動嗎？我不知道現在是否需要這麼做。我目前沒有推出新產品。這種偶發性的戰術方法怎麼樣？但我們現在看到的是一場不同的對話，我們在說，就每增加一美元的成本而言，我們需要達到什麼數字才能讓你繼續這樣做？

And the understanding is that as long as we’re within that constraint, they will do so. And of course, if we’re not, then they won’t and they can decide where they want to set that threshold that’s just a completely different conversation and one that I think will ultimately get us out of this sort of fixed supply conversation.

我們的理解是，只要我們遵守這個限制，他們就會這麼做。當然，如果我們不這樣做，他們也不會這樣做，他們可以決定將門檻設在哪裡，這是一個完全不同的話題，我認為這最終會讓我們擺脫這種固定供應的話題。

Thanks very much.

非常感謝。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Can you hear me, okay?

你聽見我說話嗎？

Yes.

是的。

Okay, thanks. Sorry about that. Just two for me. First, maybe if you could talk a little bit about the publisher side. I know that I appreciate the commentary on Instacart and the DoorDash partnership starting up, but maybe you could talk about some of the existing publisher’s kind of prior to those digital service providers coming on. What are you seeing in terms of any adaptations that they’ve made in the offline to online side that may be easing the opportunity -- kind of greasing the wheels for you to accelerate redemption activity there? So maybe the first on the publisher side you could talk about traditional publishers.

好的，謝謝。很抱歉。對我來說只要兩個。首先，您能否談談出版商方面的情況？我知道我很欣賞對 Instacart 和 DoorDash 合作夥伴關係啟動的評論，但也許您可以談談在這些數位服務提供者出現之前的一些現有出版商的情況。您認為他們在線上下到線上做了哪些調整，這些調整可能會為您帶來更多機會，從而加速線上的兌換活動？因此，也許首先從出版商方面您可以談談傳統出版商。

And then, secondly, maybe I just want to return to this, the question on supply and maybe a real specific question is, do you see as like CPID like is converting those the supply side, the CPG players and to kind of CPID buyers as the key unlock or other things just clearly in the traditional sales channel that you can improve that you think will help you grow supply throughout the year? Thank you.

其次，我可能只想回到供應問題，一個真正具體的問題是，您是否認為像 CPID 這樣的公司正在將供應方、CPG 參與者和 CPID 買家轉化為關鍵的解鎖手段，或者其他一些在傳統銷售管道中可以改進的東西，您認為這些改進將有助於您全年增加供應量？謝謝。

Can you just clarify the second question for me, Ken? I’m not sure I quite follow. You’re saying when on the supply side we see the CPID value proposition as the key unlock?

肯，你能為我澄清第二個問題嗎？我不確定我是否完全明白。您是說，在供應方面，我們將 CPID 價值主張視為關鍵解鎖因素？

That’s right. When we think about -- you talked about the supply side in the supply of promotions improving throughout the year sequentially. How dependent is that upon your ability to kind of get CPID penetration into new accounts? Or is it just improving the existing go-to-market sales strategy? Thank you.

沒錯。當我們思考時—您談到促銷供應方面的供應在全年連續改善。這在多大程度上取決於您將 CPID 滲透到新帳戶的能力？還是只是改進現有的市場銷售策略？謝謝。

Got it. Great. Thank you. Taking those two questions in turn. First, on the publisher side, yes, there’s been nice consistent improvements in the Walmart experience. For example, as you may see now out there in the public domain, we now have telephone number as a way to check out and earn your Walmart Cash. This is a pretty big improvement in the experience from having to download the Walmart app, navigate to the QR code, scan subsection of the Walmart app, which is tricky, and then scan a QR code on the screen at the self-checkout or the checkout. Imagine all the different ways in which that can go wrong. Someone doesn’t have a phone, doesn’t have the app, can’t find the scanner versus here’s my phone number.

知道了。偉大的。謝謝。依序回答這兩個問題。首先，從出版商的角度來看，沃爾瑪的體驗確實得到了持續的改善。例如，正如您現在在公共領域看到的，我們現在有電話號碼作為結帳和賺取沃爾瑪現金的一種方式。這對體驗來說是一個相當大的改進，因為必須下載沃爾瑪應用程序，導航到二維碼，掃描沃爾瑪應用程式的子部分（這很棘手），然後在自助結帳或結帳時掃描螢幕上的二維碼。想像一下所有可能出錯的不同方式。有人沒有電話，沒有應用程序，找不到掃描儀，而這裡有我的電話號碼。

And that’s exciting because we believe that even further illustrates how central our program is to digital identification, which lies at the heart of everything Walmart is achieving in terms of their progress on things like retail media. So that is further entrenching that strategic relationship with Walmart. And it’s also, I think, one of the reasons why we’re seeing very nice redeemer growth there and everywhere else is that we continue to bring those best practices to them.

這令人興奮，因為我們相信這進一步說明了我們的計劃對於數位識別的重要性，而數位識別是沃爾瑪在零售媒體等領域取得進展的核心。這進一步鞏固了與沃爾瑪的戰略關係。我認為，我們看到那裡和其他地方的贖回者數量增長非常好的原因之一是我們繼續向他們提供這些最佳實踐。

Some other examples of things on punch list that we’ve mentioned are, I mentioned earlier in the call, ways of incorporating this content into regular touch points, both in the store or online or in terms of email correspondence reminding people that they have this or that offer. So we continue to see a lot of opportunity for ongoing improvement, not just growth in number of people, but the yield from those people because of the punch list that we’re working through with our partners there.

我們在清單上提到的其他一些事項的例子是，我在電話會議中早些時候提到過，將這些內容納入常規接觸點的方式，無論是在商店還是在線，或者通過電子郵件提醒人們他們有這樣或那樣的優惠。因此，我們繼續看到許多持續改進的機會，不僅僅是人員數量的增長，而且由於我們正在與合作夥伴一起完成清單，這些人的收益也隨之增加。

We had several excellent meetings, not just with that one publisher, but multiple publishers on things that we can do. Some of them -- it’s sort of proprietary for me to get into the details, so I won’t do that on this call. But rest assured that, feel good about the ones we have growing. And reminder that even if we didn’t add a single additional publisher, we are supply constrained. So we believe that we could accommodate up to 10% -- 5% to 10% of the redemptions -- sorry, 5x to 10x the redemptions we have now with the audience we have now, right? And that’s probably the biggest misconception that I hear out there is that, well, will they be able to get their publisher audience larger?

我們舉行了幾次非常出色的會議，不僅與那一家出版商，還與多家出版商討論了我們可以做的事情。其中有些——對我來說，談論細節有點專有權，因此在這次通話中我不會談論這些。但請放心，我們對正在成長的事物感到高興。需要提醒的是，即使我們沒有增加任何一家出版商，我們的供應也會受到限制。因此，我們相信，我們可以滿足高達 10%（5% 到 10%）的贖回量——抱歉，根據我們現在的觀眾，贖回量是現在的 5 倍到 10 倍，對嗎？這可能是我聽到的最大的誤解：那麼，他們能否擴大出版商受眾群？

Yes, is the answer, but even if we didn’t, we’ve got so much room to run on the second question of yours, which is supply side. So let’s turn to that. Look, I think execution is still an important part of this, and I think that the sales execution improvements that I alluded to will cause a sequential improvement in the supply of offers over the course of the year, totally independent of the success and the unlock of CPID and the penetration of that.

是的，答案是肯定的，但即使我們沒有這樣做，我們在回答你的第二個問題，也就是供應方面，也有很大的發展空間。那麼讓我們來討論一下這個問題。你看，我認為執行仍然是其中的一個重要部分，而且我認為我提到的銷售執行改進將導致全年報價供應的連續改善，完全獨立於 CPID 的成功和解鎖及其滲透。

I think we expect that is also a function of just seasonality. There are things that improve with back to school and time of year and so forth, and we think that we’ve seen those spike in the summer. That’s baked into our business forecasting and planning. I also think that the penetration of CPID, we’re still early stages. It’s a bit of a wild card. Some of these brands choose to embrace these things and go, wow, we want to be at 8x where we were this time last year because we really, really need this in our business right now, and we’re going to go find this money, and we have senior enough contacts there where we can go make that happen relatively quickly.

我認為我們預期這也是季節性的函數。隨著開學、一年中各個時間點的到來等，情況有所改善，我們認為我們已經在夏季看到了這些情況的激增。這已融入我們的業務預測和規劃中。我還認為，CPID 的滲透仍處於早期階段。這有點難以預料。一些品牌選擇接受這些事情，然後說，哇，我們想要達到去年同期的 8 倍，因為我們現在的業務真的非常需要它，我們會去尋找這筆錢，我們在那裡有足夠多的高級聯繫人，我們可以相對快速地實現這一目標。

In other contexts, it moves more slowly where we move sort of more of a bottom up, much, much smaller test, build a win with one brand, and then they bring it to another versus starting out with six or eight brands or whatever with all their most important pack sizes and brands. So it depends on the mix of those and how those go. I think it also just depends on whether what we saw with the first two turns out to be representative. I mean, I think I mentioned that it’s been eight months since we really approached these companies and now, we’re really seeing this hit stride.

在其他情況下，進展會比較慢，我們更多的是自下而上地進行，進行小規模的測試，先用一個品牌贏得勝利，然後再推廣到另一個品牌，而不是從六個或八個品牌或其他品牌開始，推廣所有最重要的包裝尺寸和品牌。所以這取決於這些因素的混合以及它們的進展。我認為這也取決於前兩者所見是否具有代表性。我的意思是，我想我提到過，自從我們真正接觸這些公司以來已經有八個月了，現在，我們確實看到了這種巨大的進步。

Will it be six to eight months of lead time every time or now that we have all of these new learnings and tools and better materials and sharper value proposition and case studies and so forth, can we substantially shorten those timelines? And that remains to be seen, to be honest.

每次都需要六到八個月的準備時間嗎？或者現在我們有了所有這些新知識、新工具、更好的材料、更清晰的價值主張和案例研究等等，我們能否大幅縮短這些時間表？說實話，這還有待觀察。

Thank you, Bryan.

謝謝你，布萊恩。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay. Thank you. I want to follow-up on the first question from Eric about the success or the traction you’re gaining with Instacart and DoorDash and category expansion. And so I guess the simple question is, as you -- the addition of those two partners really help fill a category. Are there other kind of major greenfield category opportunities you see ahead for the company that, that there are other that there are similar kind of Instacart, DoorDash solutions for? Thank you very much.

好的。謝謝。我想跟進 Eric 的第一個問題，關於 Instacart 和 DoorDash 以及品類擴展所取得的成功或吸引力。所以我想簡單的問題是，正如你所說——這兩個合作夥伴的加入確實有助於填補一個類別。您是否認為公司未來還有其他類型的重大綠地類別機會，是否有類似 Instacart、DoorDash 的解決方案？非常感謝。

Thanks, Mark. That’s a tricky one to answer in a public forum. Yes, is the answer. I definitely don’t want to give our competitors a lighted roadmap into all the wins we’re going to announce in the future. But suffice to say that there is still a huge amount of untapped opportunity in the publisher ecosystem.

謝謝，馬克。在公共論壇上回答這個問題比較棘手。是的，答案是。我絕對不想為我們的競爭對手提供一份未來我們將要宣布的所有勝利的路線圖。但可以說，出版商生態系統中仍存在大量未開發的機會。

And so some of those are expansions of the kinds of things that our current publishers are doing. So for example, maybe a publisher is heavy into in-store and doesn’t have much of an e-commerce presence, but then decides that they want to lean into that. Some of them might be an extension of what they do. So for instance, there are a lot of other adjacent extensions of some of these marketplaces that our content isn’t live in right now.

其中一些是我們當前出版商所做的事情的擴展。舉例來說，也許某個出版商非常注重店內銷售，而沒有太多的電子商務業務，但後來他們決定要傾向於電子商務。其中一些可能是他們所做工作的延伸。舉例來說，這些市場中有很多其他相鄰的擴展，我們的內容目前尚未上線。

And then, there may be whole verticals that we see opportunity in both within and beyond fast moving consumer goods. As you think about things like specialty retail, how do you leverage the learnings of the value of these high redemption rate environments like ecommerce to look at pure play ecommerce players in specialty retail? So there’s a lot of different things I’m tempted to go into but will not in response to your question with apologies.

然後，我們可能會在快速消費品內部和外部的整個垂直領域中看到機會。當您考慮專業零售之類的事情時，您如何利用電子商務等高兌換率環境的價值經驗來觀察專業零售中的純電子商務參與者？因此，有很多不同的事情我想深入探討，但抱歉，無法回答您的問題。

Okay. Thank you very much, Bryan.

好的。非常感謝，布萊恩。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great. Thanks for taking the question. Bryan, I want to go back to a comment that you’d made in a prior question, and it was with regards to just asking to help unlock supply, what cost per incremental dollar do we need to hit to keep this spend continuing to stay on platform? Just curious, are you seeing that the brands are now demanding a higher cost per -- or a lower cost per incremental dollar than what you have in the past? Any sort of kind of framing of the magnitude of that there would be helpful?

偉大的。感謝您回答這個問題。布萊恩，我想回到你在之前的問題中提出的評論，它是關於幫助解鎖供應，我們需要達到每增加一美元的成本多少才能使這些支出繼續留在平台上？只是好奇，您是否發現品牌現在要求的每美元成本比過去更高或更低？任何形式的對其程度的框架都會有幫助嗎？

And then just as we think about the CPID ramp and going after the broader pool of brands that you have on the platform today, how should we think about the resources that you have to continue to engage with more brands in a manual fashion and potential needs to expand resources around continuing to ramp them manually versus investing more in the automation? And could this be something where we’re thinking about 5% of these brands being allocating spend through CPID by the end of the year? Thanks.

然後，當我們考慮 CPID 的成長和追逐目前平台上更廣泛的品牌池時，我們應該如何考慮您必須繼續以手動方式與更多品牌互動的資源，以及擴大資源的潛在需求，以便繼續手動成長而不是在自動化方面投入更多資金？我們是否可以考慮在年底前讓 5% 的品牌透過 CPID 分配支出？謝謝。

I like that stealth third question in there. Don’t think I missed that, Chris. But, yeah, let’s go through those in turn. Great questions. I think the first one is so fascinating, which is that there is not one answer to what’s the target CPID question. It’s a bit like saying what cost per install do you have to achieve AppLovin in order to be successful?

我喜歡其中隱密的第三個問題。別以為我錯過了，克里斯。但是，是的，讓我們依次討論一下這些。很好的問題。我認為第一個問題非常有趣，即對於目標 CPID 問題沒有一個答案。這有點像問，為了獲得成功，你必須為 AppLovin 支付多少安裝成本？

Well, AppLovin is just a platform, right? They each have -- the clients that have different values or lifetime value horizons or value propositions. So what’s interesting is we’ve seen a different answer to that question depending not only on the brand and where they are in the balance between cost efficiency and volume. So that’s obvious, right? If you give me a higher CPID to work with, I can give a richer offer with a lower threshold to a larger number of people and I get you a whole lot of incremental dollars.

那麼，AppLovin 只是一個平台，對嗎？他們各自都有──具有不同價值觀、終身價值範圍或價值主張的顧客。有趣的是，我們看到了這個問題的不同答案，這不僅取決於品牌，還取決於他們在成本效率和數量之間的平衡位置。這很明顯，對吧？如果您給我更高的 CPID，我可以向更多的人提供更優厚的報價和更低的門檻，並且我會為您帶來大量的增量資金。

If you give me a really constrained CPID, I can hit it. I can hit any CPID, that’s not the issue. The question is how much volume can I deliver at that CPID? And that is really the big change in the industry. To go from an industry where people kind of buy a program and then weeks after the program ends, they get this kind of recap deck to one where they can log in and on a regular basis, see exactly how it’s trending and make adjustments.

如果您給我一個真正受約束的 CPID，我就可以實現它。我可以擊中任何 CPID，這不是問題。問題是我可以在那個 CPID 下交付多少量？這確實是行業的巨大變化。從人們購買程序，然後在程序結束幾週後，他們才會得到這種回顧平台的行業，轉變為他們可以定期登入並準確了解其趨勢並進行調整的行業。

So the answer is always you should be using this tool. The question is just can you get what you the volume you are hoping for at the constrained efficiency that you impose? And as we grow the network, you can get more and more volume. As we teach the machine learning, you can get more and more volume because what we learn is, hey, Chris didn’t need that level of incentive. He could have been stretched one unit further, and we steadily improve on those CPIDs over time.

所以答案始終是您應該使用這個工具。問題只是，您能否在您施加的受限效率下獲得您所希望的數量？隨著我們網路的擴大，您可以獲得越來越多的容量。當我們教導機器學習時，你可以獲得越來越多的數量，因為我們學到的是，嘿，克里斯不需要那種程度的激勵。他本可以再延長一個單位，並且我們會隨著時間的推移穩步改善這些 CPID。

I will say there are multiple use cases, right? So even within the idea of a trade-off for one period of time, you may say, well, I’m really interested in closing this sales gap, and so I’m going to tolerate a more relaxed CPID. Or you may say, I’m really looking for kind of a baseline of profitable growth, in which case you may impose a more strict CPID, and you may do some of both. Think of it like a slider that you can adjust at different moments in time in the course of your year. And that agility is so different from an industry than one where you have an annual plan and very episodic measurement, often annual measurement.

我會說有多種用例，對嗎？因此，即使在一段時間內進行權衡，你可能會說，好吧，我真的很想縮小這個銷售差距，所以我會容忍更寬鬆的 CPID。或者你可能會說，我真正尋找的是某種獲利成長的基準，在這種情況下，你可能會實施更嚴格的 CPID，或者你可能會兩者兼而有之。可以將其想像成一個滑塊，您可以在一年中的不同時間點進行調整。這種敏捷性與擁有年度計劃和非常偶然的測量（通常是年度測量）的行業截然不同。

Now, you have effectively real-time or near-real-time measurement and your plan can change and adjust and dollars can flow where they need to in that moment. Now, sometimes, there’ll be other considerations as well. So a brand will need to shoot for a lower CPID for a period of time because of other spend they have going on at that period of time. We’re learning a lot about this, and I think ultimately the more of these we do, the more we’ll be able to factor in all these things like seasonality and the more we’re training the model, the better we’ll be predicting and informing these decisions that they make.

現在，您可以有效地進行即時或近乎即時的測量，並且您的計劃可以改變和調整，資金可以在那一刻流向需要的地方。現在，有時也會有其他考慮。因此，品牌需要在一段時間內努力降低 CPID，因為在這段時間內他們還有其他支出。我們對此進行了大量研究，我認為最終我們所做的越多，我們就越能夠考慮到季節性等所有因素，我們對模型的訓練越多，我們就越能夠預測和指導他們所做的決策。

But what I can say is there’s an awful lot of enthusiasm about even being able to have this conversation, right? So even having someone ask you, what would be a CPID at which you’re generating contribution margin positive profitable revenue growth is like not a question that a lot of these companies have really ever been asked, right? So it’s bringing that level of control at a time that they feel a desire for that real control in their business that is psychologically very powerful part of our sale.

但我可以說的是，大家對能夠進行這樣的對話都抱持著極大的熱情，對吧？因此，即使有人問你，在什麼樣的 CPID 下，你的貢獻利潤率才能產生正的盈利收入增長，而這個問題很多公司實際上從未被問過，對嗎？因此，當客戶渴望真正控制自己的業務時，我們就為他們提供了這種程度的控制權，這在心理上是我們銷售中非常強大的一部分。

The question of resource expansion and manual versus automation, I mean, our aspiration is very clear, which is that this should be as much of an automated process as possible. That said, there will always be tools that can be used entirely as self-service and also tools that can be used as part of a broader managed service offering. So you may get additional insights or support or more proactive expertise and recommendations wrapped around some of these automated tools if you’re one of our top tier clients. And so we’re always going to need excellence in our client analytics.

關於資源擴展和手動與自動化的問題，我的意思是，我們的願望非常明確，那就是這應該盡可能是一個自動化的過程。也就是說，總是會有可以完全用作自助服務的工具，以及可以用作更廣泛的託管服務產品的一部分的工具。因此，如果您是我們的頂級客戶之一，您可能會獲得有關這些自動化工具的更多見解或支援或更多主動的專業知識和建議。因此，我們始終需要在客戶分析方面做到卓越。

But it is clear that on our roadmap, we already have a very detailed and clear plan to get to a place where these processes that are rate limiting steps now back to Ron’s question, will not be right. They will not be. And I think the power of that is extremely exciting because what we’re seeing is that if we can get one or two or three brands to participate, they’ll take it in and they’ll tell their agency about it, they’ll tell their procurement about it, they’ll tell their senior leadership about it.

但很明顯，在我們的路線圖上，我們已經有一個非常詳細和清晰的計劃，以達到這樣的目的：這些限制速度的步驟現在回到羅恩的問題，這是不正確的。他們不會。我認為它的力量極其令人興奮，因為我們看到的是，如果我們能讓一、二或三個品牌參與進來，他們就會接受，並會告訴他們的代理商、採購部門和高層領導。

And if we then teach them the vocabulary and teach them how to use these tools, we view this as sort of like the moment that Bloomberg came to the finance industry or that Lexus came to the legal industry. We want to be an indispensable tool for the next generation of brand management. And that means we need to be much more self-service and that’s following the arc that we’ve seen with many other companies that have done travel a similar path and built those tools out.

如果我們隨後教他們詞彙並教他們如何使用這些工具，我們認為這就像彭博進入金融業或雷克薩斯進入法律行業一樣。我們希望成為下一代品牌管理不可或缺的工具。這意味著我們需要更多地提供自助服務，這與我們看到的許多其他公司的做法一致，這些公司也走了類似的道路並建立了這些工具。

We have the talent that we need on the team to build those tools. It’s already on the roadmap, it’s already in the budget and we just need time to go build those tools. And it’s partly making sure we’re building the right tools. So it’s incorporating all those learnings that we’re getting and that’s why we have that morning call with all those people because we’re shortening those decision cycles and we’re then codifying that into a new set of go-to-market best practices that are taking into account all of those key learnings. I mean, we’re now able to get to a place where we can launch offers in a matter of much shorter period of time than we ever were before.

我們團隊擁有打造這些工具所需的人才。它已經在路線圖上，也已經在預算中，我們只是需要時間來建立這些工具。這在一定程度上確保了我們正在建立正確的工具。因此，它整合了我們所獲得的所有經驗教訓，這就是我們與所有這些人進行早晨通話的原因，因為我們正在縮短這些決策週期，然後將其編纂成一套新的上市最佳實踐，將所有這些關鍵經驗教訓都考慮在內。我的意思是，我們現在能夠在比以前更短的時間內推出優惠活動。

So anyway, and then your last question was something about can we expect this to be 5% of the spend of that I don’t know. I can’t speculate. What I can say is that the two clients that have seen it. It’s 8x and its 2x, right? And so those are two data points out of 800. I think it would be a little bit churlish of me to try to answer your question. So I’ll answer that more in the future.

無論如何，你的最後一個問題是，我們是否可以預期這佔支出的 5%，我不知道。我無法推測。我可以說的是，有兩個客戶已經看到了它。它是 8x 並且是 2x，對嗎？所以這是 800 個數據點中的兩個。我認為如果我嘗試回答你的問題就顯得有點無禮了。所以我以後會進一步回答這個問題。

Super helpful. Thank you.

超有幫助。謝謝。

Andrew Boone, Citizens Bank.

安德魯·布恩，公民銀行。

Thanks so much for taking the question. I wanted to go back to the salesforce question and ask it in a slightly different way, given some of those constraints that you’re having around teaching CPID, Bryan, are you at all limited in terms of bringing on new CPGs or going after newer opportunities? Like are you more in a harvest mode today? And then Valarie, gross margin, step down. You did a good job explaining it in the prepared remarks, but can you double click on that and help us understand whether that’s a sustainable difference or is that just temporary? Thanks so much.

非常感謝您回答這個問題。我想回到銷售人員的問題，並以稍微不同的方式來問，考慮到您在教授 CPID 方面遇到的一些限制，布萊恩，您在引進新的 CPG 或尋求新的機會方面是否受到限制？例如，你今天是否處於收穫模式？然後瓦萊麗，毛利率，下台。您在準備好的演講中很好地解釋了這一點，但您能否進一步解釋並幫助我們了解這是一個可持續的差異還是只是暫時的？非常感謝。

I’ll answer the hardest mode question, you answer the gross margins question. Okay, great. So yes, look, I mean, I think if we wanted to, we could go out to 500 clients right now and say, would you like to test this revolutionary new capability? We want to make sure that when we get our chance to make a first impression, that we absolutely kill it and make a great first impression.

我來回答最難的模式問題，你來回答毛利率問題。好的，太好了。所以是的，看，我的意思是，我認為如果我們願意的話，我們現在可以去找 500 個客戶，然後說，你想測試這個革命性的新功能嗎？我們希望確保當我們有機會給人留下第一印象時，我們一定會抓住機會，給人留下良好的第一印象。

And so we’re picking clients that we can really spend significant time with, their senior leadership team, their finance team, their measurement team, their agencies, and make sure that we dial the formula and that we become aware of any outliers or scenarios that we weren’t aware of before. And then we’re building those into the tools that we have. I think what we’re now going to shift into is a mode where we go out and reach out to a number of other clients and broaden our learnings a little bit further.

因此，我們選擇那些我們能夠真正投入大量時間的客戶，包括他們的高階領導團隊、財務團隊、測量團隊和代理商，並確保我們遵循公式，並意識到任何我們之前沒有意識到的異常值或場景。然後我們將它們融入我們現有的工具中。我認為我們現在要轉變的模式是走出去，接觸一些其他客戶，進一步擴大我們的學習範圍。

That’s very different from, hey, this is the new Ibotta. I think we’re still a ways away from that, but it’s voluntarily throttled, I think, is the spirit of the answer to your question. Andrew, I’ll let Valarie addressed the gross margin question.

這與新的 Ibotta 非常不同。我認為我們距離這個目標還有一段距離，但我認為，自願限制這種增長是回答你問題的精神所在。安德魯，我會讓瓦萊麗來解答毛利率問題。

Yeah. And if you wouldn’t mind, could you just repeat that question? Because I wasn’t sure which period you were talking about and exactly what you were looking for.

是的。如果您不介意的話，您能再問一次這個問題嗎？因為我不確定您談論的是哪個時期，也不確定您到底在尋找什麼。

Gross margin stepped down. I think you explained it for the quarter. But how do we think about gross margins on a go forward basis?

毛利率下降。我認為您已經對本季做出解釋。但是，我們該如何考慮未來的毛利率呢？

From a margin standpoint?

從利潤角度來看？

Yes. Gross margin step down is that.

是的。毛利率下降就是這樣。

Yeah. So our gross profit margin, as we said in the call, within the high 80s. That reflects the impact of having public company costs in there at this point in time. And as we think about our costs going forward, we are expecting those to be sort of flattish as we end the year. And so you’ll see the revenue growth, which of course, we said we expect to end the year with improved growth rate. So you’ll see that revenue sort of falling to the bottom line, but not in a huge way.

是的。因此，正如我們在電話會議中所說，我們的毛利率在 80% 左右。這反映了目前上市公司成本的影響。當我們考慮未來的成本時，我們預計到今年年底這些成本將會持平。因此，您會看到收入成長，當然，我們說過，我們預計今年年底的成長率會有所提高。因此，你會看到收入下降，但幅度並不大。

Thank you.

謝謝。

Bernie McKiernan, Needham.

伯尼·麥基爾南，尼德姆。

Great. Thanks for taking questions. Maybe just to start, Bryan, if you could just talk about, I’m sure the CPID transition or invest is a lot of your time investing, but are there additional financial resources that are being used as well? Just trying to think there was a step up in R&D sequentially in the quarter in G&A. Just wanted to get a sense in terms of, aside from your time, but financial resources being allocated to this as well.

偉大的。感謝您的提問。布萊恩，也許一開始你可以談談嗎？我相信 CPID 轉型或投資會花費你很多時間，但是否也使用了其他財務資源？只是想想本季的 G&A 支出中研發費用是否較上季增加。只是想了解一下，除了你的時間之外，還有財務資源分配給了這一點。

Yeah, they’re broadly flattish, I would say, Bernie. I mean we have shifted our focus of the resources we already have very much toward this, much as we did with the IPN transition in our business. I think we still, I think we’ve said we will continue to hire as needed where they have specialized skill sets on the measurement side, particularly in the business.

是的，我想說，它們總體上是平的，伯尼。我的意思是，我們已將現有資源的重點轉向此方面，就像我們在業務中對 IPN 轉型所做的那樣。我認為我們仍然，我認為我們已經說過，我們將繼續根據需要聘用在測量方面擁有專業技能的人，特別是在業務方面。

And we’ve certainly beefed up our stable of experts on that. I would say it’s broadly the same as what we said on the last call, which is that we plan on having flattish, cost sequentially, and I think we can continue to gain leverage through the tools that we’re building and then repurpose those resources to invest in the areas that we may need to invest in.

我們確實增強了這方面的專家團隊。我想說的是，這與我們在上次電話會議上所說的大致相同，即我們計劃逐步實現成本持平，我認為我們可以繼續透過我們正在建立的工具來獲得槓桿作用，然後重新利用這些資源來投資我們可能需要投資的領域。

Understood. Thanks, Bryan.

明白了。謝謝，布萊恩。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Thanks for taking my question. Maybe a two-parter if I could on the Family Dollar deal. The encouraging partnership may be hitting the liftoff phase there. Is that trajectory giving you increased confidence in other kind of the traditional grocery partnerships like the Snooks and AppCards of the world. And second, do you think its path is instructive to Instacart and DoorDash are those businesses different enough and kind of some of the features you talked about different enough that there’s a notably different forecasting process. Thanks.

感謝您回答我的問題。如果可以的話，我可能會就 Family Dollar 交易寫兩部分。令人鼓舞的夥伴關係可能正在進入升空階段。這種軌跡是否會讓您對其他類型的傳統雜貨合作夥伴關係（如 Snooks 和 AppCards）增強信心？其次，您認為它的發展路徑對 Instacart 和 DoorDash 是否有指導意義？這些企業是否​​有足夠的差異，您提到的一些特徵是否有足夠的差異，以至於預測過程有明顯不同。謝謝。

Okay. Yes, we’re very pleased with the trajectory of the Dollar Channel partners. We think that’s a critical channel to win in given the value proposition, the affordability proposition. We also think that those are companies that are investing very heavily in their retail media and e-commerce futures and that portends very well for us because we know that what we do is very, very symbiotic with retail media. The more you have manufacturer offers, the better performant your sponsored search and display ads are. We get more visibility onto those things because they show up in all those different parts of the user journey.

好的。是的，我們對 Dollar Channel 合作夥伴的發展軌跡非常滿意。我們認為，考慮到價值主張和可負擔性主張，這是一個取勝的關鍵管道。我們也認為，這些公司正在大力投資零售媒體和電子商務的未來，這對我們來說是一個好兆頭，因為我們知道我們所做的事情與零售媒體有著密切的共生關係。您提供的製造商越多，您的贊助搜尋和展示廣告的效果就越好。我們對這些東西有了更多的了解，因為它們出現在用戶旅程的所有不同部分。

We also know that as we apply learnings from the network broadly to our more recent partners, we see unlocks, we bring new solutions to them that bring increased awareness of the offering. And I think that, that’s going to be broadly true, including across to Cart and Dash. I do think that Cart and Dash are a different demographic obviously than the Dollar channel. They have a different path to purchase broadly speaking. Right now, the overwhelming, overwhelming majority of transactions, if you look at their public earnings calls are on, are in store in the Dollar channel. Very, very few online, if any to speak of.

我們也知道，當我們將網路學習到的知識廣泛應用到我們最近的合作夥伴時，我們看到了解鎖的機會，我們為他們帶來了新的解決方案，從而提高了他們對產品的認識。我認為，這大體上是正確的，包括 Cart 和 Dash。我確實認為 Cart 和 Dash 的人口統計與 Dollar 管道明顯不同。整體來說，他們的購買途徑不同。目前，如果你看一下他們的公開收益電話會議，你會發現絕大多數交易都發生在美元管道中。網路上的也非常少，如果有的話。

But look, as we get online presence in Dollar, you’ll see I think very similar broadly performance and redemption rates. Even though it’s a less value seeking audience, it intercepts people. You search for laundry detergent, and you see three and one of them has, an offer and you may choose the one that has an offer even if you are affluent or focused on convenience.

但是，隨著我們以美元形式在線運營，你會發現，我認為其表現和兌換率非常相似。儘管追求的價值較少，但它還是吸引了人們。您搜尋洗衣粉，看到三種商品，其中一種有優惠，即使您很富裕或註重便利，您也可能會選擇有優惠的那一種。

We’ve seen really good uptake including from Walmart online among Walmart plus users, people who are more affluent, Walmart shoppers. And so I think all of those are actually positive indicators in both directions for those new partners. And then there are things that are TBD. To be honest, Andrew, I don’t really know exactly how Alcobev is going to perform. The question would be, how much does it matter that we expand between the 13 states and the 41 states when we finally do launch at Walmart? There are some considerations that we’re working through there to make sure that there’s not, overly too much friction in those experiences.

我們看到，包括沃爾瑪網上商店在內的沃爾瑪用戶、較富裕的沃爾瑪購物者在內的消費者都對沃爾瑪產品產生了濃厚的興趣。因此，我認為所有這些對於新合作夥伴來說實際上都是雙向的積極指標。還有一些事情有待解決。說實話，安德魯，我真的不知道阿爾科貝夫的表現到底如何。問題是，當我們最終在沃爾瑪推出服務時，在 13 個州和 41 個州之間擴張有多重要？我們正在考慮一些問題，以確保這些體驗中不會出現過多的摩擦。

So we’re still learning, we’re still on a learning journey. I would say we’re working through the punch list that we have, but we’re also rearranging the priorities of the items on the punch list based on what we’re seeing hit or work elsewhere in the network. And that’s, I think, one of the compelling propositions for us as we go out to get additional publishers.

所以我們仍在學習，我們仍在學習的旅途中。我想說的是，我們正在完成現有的缺陷清單，但我們也在根據網路中其他地方的進度或工作情況重新安排缺陷清單上項目的優先順序。我認為，當我們出去尋找更多出版商時，這就是我們最有說服力的主張之一。

And back to Mark’s question that I dodged, basically being able to say, hey, look, we have yet another partner. Look at these results that you’re alluding to. It just creates more momentum and people say, I want to be with the innovative leader in this industry because what they know is this is where the dollars are going to flow onto this platform, into this performance marketing future. The previous approach has been very much kind of a let’s mop up the promotions dollars that exist and do our best to fight for a lot of retailer specific offers that brands may be feeling forced to do by the retailer.

回到馬克的問題，我迴避了這個問題，基本上可以說，嘿，看，我們又有了一個合作夥伴。看看你所提到的這些結果。它只是創造了更多的動力，人們說，我想成為這個行業的創新領導者，因為他們知道這就是資金將流入這個平台的地方，流入這個績效行銷的未來。先前的做法在很大程度上是讓我們吸收現有的促銷資金，並盡力爭取許多零售商特定的優惠，而品牌可能會覺得零售商迫使他們這樣做。

That’s not at all our approach. Our approach is we’re going to earn every single dollar, every single day, every dollar that you invest. You’re going to feel good about the performance of that, you’re going to trust the measurement of that and you’re going to want to spend more and more and more because rational people do rational things.

這根本不是我們的做法。我們的方法是，讓您投資的每一美元、每一天、每一分錢都得到我們的回報。你會對它的表現感到滿意，你會相信它的衡量標準，你會願意花越來越多的錢，因為理性的人會做理性的事情。

We’re not going to rely on, you have to do this because someone told you had to. Some merchant, some retailer somewhere. And that’s the key to transcending the sort of confined space that has always characterized our industry.

我們不會依賴，因為有人告訴你必須這麼做，你就必須這麼做。某個地方的某些商家、某些零售商。這就是超越我們產業一貫的密閉空間的關鍵。

This concludes the Q&A section of the call. I would now like to turn the call back to Bryan Leach for closing remarks.

本次電話會議的問答部分到此結束。現在我想請布萊恩‧利奇 (Bryan Leach) 致閉幕詞。

Thank you very much for everyone’s attention. We’re grateful for all of these great questions and we look forward to having an ongoing dialogue and to having a further conversation in August.

非常感謝大家的關注。我們非常感謝大家提出這些精彩的問題，並期待繼續進行對話並在八月進行進一步的討論。

Thank you for joining today’s session. The call has now concluded.

感謝您參加今天的會議。通話現已結束。