Ibotta, Inc. (IBTA) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Ibotta's Q1 2026 earnings conference call. With us today are Bryan Leach, Founder and CEO; and Matt Puckett, CFO.

各位下午好，歡迎參加 Ibotta 2026 年第一季（Q1）財報電話會議。今天與會者包括創辦人兼執行長 Bryan Leach，以及財務長 Matt Puckett。

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 2026, our ability to grow our revenue, factors contributing to our potential revenue growth, our key initiatives, our partnerships, 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.

今日的新聞稿與本次電話會議可能包含前瞻性陳述。前瞻性陳述包括關於我們未來營運成果、我們對 2026 年第二季（Q2）的指引、我們提升營收的能力、促成我們潛在營收成長的因素、我們的關鍵計畫、我們的合作夥伴關係，以及我們產品與技術能力的相關陳述；上述皆受固有風險、不確定性與變動影響。這些陳述反映我們目前的預期，並以目前可得資訊為基礎；實際結果可能出現重大差異。更多資訊請參閱我們近期向美國證券交易委員會（SEC）提交文件中的風險因素。

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, our 10-Q, and our Q1 2026 earnings presentation, which are all available on our Investor Relations website at investors.ibotta.com.

此外，我們今天的討論將提及若干補充性的非 GAAP 財務衡量指標，應與我們的 GAAP 結果一併考量，而非用以取代 GAAP 結果。與最可比 GAAP 指標的調節表可於今日的財報新聞稿、我們的 10-Q，以及我們 2026 年第一季財報簡報中取得；上述資料皆可於我們的投資人關係網站 investors.ibotta.com 查閱。

Unless otherwise noted, revenue and adjusted EBITDA comparisons to prior periods are provided on a year-over-year basis.

除非另有說明，營收與調整後 EBITDA 與前期的比較皆以年對年（YoY）基礎提供。

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

接下來把時間交給 Bryan。

Good afternoon, everyone. Thank you for joining our discussion of first-quarter results.

各位下午好。感謝各位參與我們對第一季業績的討論。

We're pleased to report first-quarter revenue and adjusted EBITDA that are both above the top end of the guidance range we provided on our fourth-quarter earnings call. We continue to anticipate that our year-over-year revenue trends will improve sequentially, returning us to overall revenue growth in the third quarter of 2026, which is consistent with the outlook we provided in February.

我們很高興報告，第一季營收與調整後 EBITDA 皆高於我們在第四季財報電話會議所提供指引區間的上緣。我們仍預期年對年營收趨勢將逐季改善，並在 2026 年第三季恢復整體營收成長，這與我們在 2 月提供的展望一致。

The improved trajectory of our business is mostly the result of our sales team's success in deepening and broadening the supply of offers available to us.

我們業務走勢的改善，主要來自銷售團隊成功加深並擴大我們可取得的優惠供給。

Our core promotions product is demonstrating strong market fit, while our more recent offering, LiveLift, continues to receive positive early feedback.

我們的核心促銷產品展現出強勁的市場契合度，而較新的產品 LiveLift 也持續獲得正面的早期回饋。

On the publisher front, we've added two new partners in quick succession, both of which have entered into multiyear exclusive partnerships with us. In late March, we announced the addition of Uber, meaning that later this year, Ibotta's digital promotions will appear within the Uber, Uber Eats, and Postmates apps.

在出版商（publisher）方面，我們接連新增兩位合作夥伴，且兩者皆與我們簽訂多年期的獨家合作協議。3 月下旬，我們宣布新增 Uber，意味著今年稍晚 Ibotta 的數位促銷將出現在 Uber、Uber Eats 與 Postmates 應用程式中。

And today, we announced that Giant Eagle is also joining the Ibotta Performance Network. I'll say more about the significance of these new publisher wins later on, but first, I'd like to provide a bit more context on our recent financial performance and share additional details about the from-to pathway we see ourselves on.

而在今天，我們宣布 Giant Eagle 也將加入 Ibotta Performance Network。稍後我會再談這些新出版商合作案的重要性；但首先，我想就我們近期的財務表現提供更多背景，並分享我們所看到的「從—到」發展路徑的更多細節。

On a year-over-year basis, our redemption revenue performance has almost fully recovered. In the first quarter, it was down 1% year over year, compared to being down 15% in the third quarter of last year and down 5% in the fourth quarter. This gradual recovery has been partly driven by redeemer growth, with 15% more redeemers in Q1 than in the same quarter last year. That said, increased demand for offers alone doesn't move the needle unless we also source enough offers to take advantage of it.

以年對年來看，我們的兌換（redemption）營收表現幾乎已完全復原。第一季年對年僅下滑 1%，相較於去年第三季下滑 15% 以及第四季下滑 5%。這種逐步復甦部分由兌換者（redeemer）成長所帶動，第一季兌換者數較去年同期增加 15%。不過，僅有對優惠的需求增加並不足以帶來顯著影響，除非我們同時能取得足夠的優惠供給來加以承接。

This is all about having the right team in place, spending more time in market, multi-threading our outreach to stakeholders at different levels within an organization, and being more immediately responsive to our clients' needs. Building trust in these ways is allowing our team to continue moving forward further upstream in our client's strategic planning processes.

這一切都關乎建立合適的團隊、投入更多時間在市場上運作、以多線並進方式接觸組織內不同層級的利害關係人，並更即時回應客戶需求。透過這些方式建立信任，使我們的團隊得以在客戶的策略規劃流程中持續向更上游推進。

We're also doing a better job of supporting our sellers and account managers with B2B marketing, training and enablement, and client-specific insights.

我們也更有效地透過 B2B 行銷、訓練與賦能（enablement），以及客戶專屬洞察來支援我們的業務人員與客戶經理。

Our product team is working hard to deliver new tools that make each step in the quote-to-cash process easier, faster, and more efficient. Encouragingly, our success has been broad-based, which continues to increase our conviction in the path we're on.

我們的產品團隊正努力推出新工具，讓報價到收款（quote-to-cash）流程中的每一步都更容易、更快速且更有效率。令人鼓舞的是，我們的成功是全面性的，這也持續強化我們對目前路徑的信心。

Our sales team is adding new clients, securing new, often larger, commitments from existing clients, and retaining the overwhelming majority of our clients.

我們的銷售團隊正在新增客戶、從既有客戶取得新的（且往往更大規模的）承諾，並留住絕大多數客戶。

Our strategic partnership with measurement leader, Circana, continues to generate sales and marketing momentum. We recently published a case study available on our website that independently validates Ibotta's ability to deliver successful results for our clients.

我們與衡量（measurement）領導者 Circana 的策略合作夥伴關係，持續帶動銷售與行銷動能。我們近期在官網發布了一份個案研究，透過獨立驗證 Ibotta 為客戶帶來成功成果的能力。

Chomps, the fastest-growing meat snack brand in the United States, ran a campaign earlier this year to drive trial and household penetration. The results were outstanding and were independently verified through a sales lift study conducted by Circana.

Chomps 是美國成長最快的肉類零食品牌，今年稍早推出一項活動以推動試用並提升家庭滲透率。成果非常出色，並由 Circana 進行的銷售提升（sales lift）研究獨立驗證。

Households exposed to the Ibotta campaign spent an average of 15% more on Chomps than their unexposed counterparts. Even more impressively, the campaign outperformed Circana's snack category benchmarks for sales lift by more than 4.5x and surpassed household penetration benchmarks by a staggering 9x.

接觸到 Ibotta 活動的家庭，在 Chomps 上的平均花費比未接觸者高出 15%。更令人印象深刻的是，該活動的銷售提升表現超越 Circana 零食品類基準超過 4.5 倍，家庭滲透率也大幅超越基準達驚人的 9 倍。

Stacey Hartnett, the SVP of Marketing at Chomps, summarized the impact well. She noted that achieving strong on-shelf presence was only their first milestone. Their strategy has now shifted toward winning new buyers through smarter promotional strategies. She stated that our partnership has become a key lever in that effort and that the study reinforces that the IPN delivers impact well beyond a discount, helping them reach the incremental shoppers critical to their long-term growth.

Chomps 行銷資深副總裁（SVP）Stacey Hartnett 很好地總結了其影響。她指出，達成強勁的貨架陳列（on-shelf presence）只是他們的第一個里程碑。他們的策略如今已轉向透過更聰明的促銷策略贏得新買家。她表示，我們的合作夥伴關係已成為推動該目標的關鍵槓桿，而該研究也再次證實 IPN 所帶來的影響遠超過折扣本身，能協助他們觸及對長期成長至關重要的增量消費者。

Turning to LiveLift, we continue to see positive signs of product market fit even though it's still early days. We continue to limit access to those clients willing to spend a certain amount and run their campaigns for a certain duration.

談到 LiveLift，儘管仍處於早期階段，我們持續看到產品市場契合度的正面訊號。我們仍將使用權限限制在願意投入一定金額並以一定期間執行活動的客戶。

For this reason, the revenue contribution from LiveLift remains modest for now, and we aren't forecasting a significant ramp in revenue until we loosen those eligibility requirements. I'll have more to say on what that will require in a moment.

因此，LiveLift 目前對營收的貢獻仍屬有限；在我們放寬這些資格條件之前，我們不預期營收會出現顯著加速成長。稍後我會再說明這需要哪些條件。

Actual re-up rates among clients that have completed a LiveLift campaign remain consistent with the approximately 80% level we've discussed in prior quarters. Those clients who have not yet re-upped are primarily smaller CPGs, which we believe reflects our eligibility criteria rather than any dissatisfaction with the product consistent with what we've said previously.

已完成 LiveLift 活動的客戶，其實際續約（re-up）率仍與我們在前幾季討論的約 80% 水準一致。尚未續約的客戶主要是規模較小的 CPG（消費性包裝商品）公司；我們認為這反映的是我們的資格標準，而非對產品不滿，這也與我們先前所述一致。

Repeat users represented approximately 60% of LiveLift campaigns in the quarter, with the remainder being first-time users running pilots. The average campaign size for LiveLift campaigns remains meaningfully larger than for our core product.

本季 LiveLift 活動中，重複使用者約占 60%，其餘為首次使用者進行試點（pilot）。LiveLift 活動的平均規模仍明顯大於我們核心產品的活動規模。

The most common question I received after our last earnings call was, can you help me better understand what the pathway to greater adoption of LiveLift will look like? So let me try to shed some light on what that entails and why I believe we're making solid progress.

在我們上次財報電話會議之後，我收到最常見的問題是：你能否幫我更好地理解 LiveLift 走向更高採用率的路徑會是什麼樣子？因此，讓我試著說明這其中包含哪些內容，以及為什麼我相信我們正在取得紮實的進展。

Of course, as with any innovative product development process, it's impossible to know in advance everything we will learn along the way, or exactly how long that will take. Our goal is to make it as easy as possible for our CPG clients to buy campaigns on the Ibotta Performance Network. Some will prefer to stick with managed service, while others may take advantage of our self-service tools, which we will continue to refine and improve.

當然，如同任何創新產品的開發流程一樣，我們不可能事先知道沿途會學到的一切，或確切需要多長時間。我們的目標是讓我們的 CPG 客戶能夠盡可能輕鬆地在 Ibotta Performance Network 上購買行銷活動。有些客戶會偏好繼續採用代管服務，而另一些客戶則可能會利用我們的自助式工具；我們也將持續精進並改善這些工具。

In the future, our clients may also rely on agents to make more autonomous media buying decisions. Whichever interface they choose, clients will start by identifying the goals of their campaign. Our LiveLift platform then takes this information and evaluates a wide range of possible campaigns and chooses the best fit for their goals; projects the amount of redemptions, incremental sales, and cost per incremental dollar we think they will achieve; tracks these metrics on an ongoing basis, providing profitability readouts at various points during the campaign; and optimizes the campaign as necessary along the way. Scaling LiveLift to our wider client base will require greater automation of these processes.

未來，我們的客戶也可能依賴代理（agents）來做出更自主的媒體採買決策。無論他們選擇哪種介面，客戶都會先界定其行銷活動的目標。接著，我們的 LiveLift 平台會取得這些資訊，評估各式各樣可能的活動方案並選出最符合其目標者；預測我們認為他們將達成的兌換量、增量銷售，以及每一增量美元的成本；在活動期間持續追蹤這些指標，並在活動進行的不同時間點提供獲利能力讀數；並在過程中視需要優化活動。要將 LiveLift 擴展到更廣泛的客戶群，將需要更高程度的流程自動化。

With that in mind, we are focused on a few key initiatives.

基於此，我們聚焦於幾項關鍵計畫。

First, we're building a more sophisticated programmatic API layer so that our software, as well as any agents we create, can interface with the various models and systems that power LiveLift, allowing our system to fully harness the power of AI and programmatically design, build, launch, optimize, and report on a campaign. This includes considering different scenarios and making the best possible projections and recommendations more quickly and at lower cost.

第一，我們正在建置更精密的程式化 API 層，使我們的軟體以及我們可能打造的任何代理（agents）都能與驅動 LiveLift 的各種模型與系統介接，讓系統能充分運用 AI 的能力，以程式化方式設計、建置、上線、優化並產出活動報告。這也包括考量不同情境，並以更快速度、較低成本做出最佳的預測與建議。

Second, we're refining the underlying models that power LiveLift. These models become more robust as we train them on the data generated by running these early LiveLift campaigns as we receive additional data from existing publishers and as we expand the publisher network, gaining access to new sources of data. Widening the availability of LiveLift requires continued model training through repeated experiments, and those take time. We are building a novel capability in this industry, and that necessitates a disciplined, phased approach to scaling.

第二，我們正在精進驅動 LiveLift 的底層模型。隨著我們以這些早期 LiveLift 活動所產生的資料來訓練模型、從既有發布商取得更多資料，以及擴大發布商網路以取得新的資料來源，這些模型將變得更為強健。擴大 LiveLift 的可用性需要透過反覆實驗持續訓練模型，而這需要時間。我們正在打造本產業一項全新的能力，因此必須以嚴謹、分階段的方式來擴張規模。

Third, we are working on what I would broadly call AI enablement. That means documenting processes to create additional context for AI, defining standard operating procedures, and simplifying our product catalog to reduce complexity. Creating this scaffolding takes time, but once we have a simpler set of products with the appropriate context, more reliable agentic AI flows become possible.

第三，我們正在推進我廣義稱之為「AI 賦能」的工作。這意味著將流程文件化以為 AI 提供更多脈絡、定義標準作業程序，並簡化我們的產品目錄以降低複雜度。建立這些支架需要時間，但一旦我們擁有更精簡的產品組合並具備適當脈絡，就能實現更可靠的代理式 AI 流程。

We believe that the progress we're making along all these fronts will ultimately allow us to more meaningfully inflect the level of CPG offer supply.

我們相信，我們在上述各方面取得的進展，最終將使我們能更有意義地推動 CPG 優惠供給的提升。

Switching to the demand side of the equation, we continue to see strong results this quarter with healthy redeemer growth driven by organic growth at our existing publishers and the 2025 launch of DoorDash. One of our top priorities has been diversifying our publisher base, and we have begun doing that with the recent additions of Uber and Giant Eagle, both of which entered into multiyear exclusive partnerships with Ibotta.

轉到等式的需求端，本季我們持續看到強勁成果；兌換者（redeemer）維持健康成長，主要由既有發布商的自然成長以及 2025 年 DoorDash 上線所帶動。我們的首要任務之一是讓發布商基礎更多元化，而我們已透過近期新增的 Uber 與 Giant Eagle 開始推進；兩者皆與 Ibotta 簽訂多年期獨家合作夥伴關係。

Adding Uber to the IPN allows us to intercept consumers in high-intent commerce moments and solidifies our leadership position in the fast-growing and important e-commerce delivery space.

將 Uber 納入 IPN，使我們能在消費者高意圖的商務時刻進行攔截，並鞏固我們在快速成長且重要的電商配送領域中的領導地位。

Our partnership with Giant Eagle further validates the strength of our model and enhances our presence in the traditional grocery channel. As one of the nation's largest multi-format food and pharmacy retailers and a recognized industry thought leader, Giant Eagle chose to transition to Ibotta in order to access a more robust and relevant offer gallery that moves the needle for their customers.

我們與 Giant Eagle 的合作進一步驗證了我們模式的強度，並強化我們在傳統雜貨通路的布局。作為全美最大的多業態食品與藥局零售商之一，且是公認的產業思想領袖，Giant Eagle 選擇轉向 Ibotta，以取得更強健且更具相關性的優惠展示（offer gallery），為其客戶帶來實質影響。

We're pleased with the terms and the economic profile of both of these new partnerships. These partnerships demonstrate the extensive work of our business development and technology teams behind the scenes to enable these milestones.

我們對這兩項新合作的條款與經濟特性（economic profile）感到滿意。這些合作也展現了我們商務拓展與技術團隊在幕後為達成這些里程碑所投入的大量工作。

I'll now turn the floor over to our Chief Financial Officer, Matt Puckett, to walk through our financial results and guidance in more detail.

接下來我把時間交給我們的財務長 Matt Puckett，請他更詳細說明我們的財務結果與展望指引。

Thank you, Bryan, and good afternoon, everyone. Right off the top, I'll repeat Bryan's comments. We're pleased to have delivered another quarter that was ahead of our initial outlook, further validating that we are very much on the right track.

謝謝你，Bryan，各位下午好。一開始我先重申 Bryan 的評論。我們很高興再次交出一個季度的表現優於我們最初的展望，進一步驗證我們確實走在正確的軌道上。

With that, let me jump into the Q1 results.

接著，讓我直接進入第一季（Q1）的結果。

We delivered revenue and adjusted EBITDA that were respectively 3% and 25% above the midpoint of the guidance range that we provided on our fourth-quarter earnings call.

我們的營收與調整後 EBITDA 分別較我們在第四季財報電話會議所提供的指引區間中點高出 3% 與 25%。

Now to unpack our top-line results for the quarter. Revenue was $82.5 million, a decline of 2% versus last year. Within that, redemption revenue was $73 million, down approximately $400,000 or 1% year-over-year. Both redemption revenue and add another revenue trends. Improved on a year-over-year basis as compared to the fourth quarter.

現在來拆解本季的營收表現。營收為 8,250 萬美元，較去年下滑 2%。其中，兌換營收為 7,300 萬美元，年減約 40 萬美元或 1%。兌換營收與「加上另一項營收」的趨勢。相較第四季，在年對年基礎上有所改善。

We continue to be pleased with the results our sales organization is driving and how both our core product offerings and LiveLift are resonating with our clients. As Bryan noted, the LiveLift re-up rate remains healthy, underscoring that clients are realizing the measurable benefits that these next-generation capabilities deliver.

我們持續對銷售組織所帶動的成果感到滿意，也看到我們的核心產品組合與 LiveLift 都能引起客戶共鳴。如 Bryan 所提，LiveLift 的續約率（re-up rate）仍維持健康，凸顯客戶正實際感受到這些新一代能力所帶來的可衡量效益。

Third-party publisher redemption revenue was $54 million, up 12% versus last year and accelerating sequentially versus the prior quarter's increase of 8%.

第三方發布商兌換營收為 5,400 萬美元，較去年成長 12%，且相較前一季 8% 的增幅呈現加速。

Direct-to-consumer redemption revenue was $19 million, down 25% year over year and similar to Q4's result, where, as anticipated, we've continued to see redemption activity shift to our third-party publishers.

直面消費者（direct-to-consumer）的兌換營收為 1,900 萬美元，年減 25%，與第四季結果相近；如先前預期，我們持續看到兌換活動轉移至第三方發布商。

Ad and other revenues, which represented 11% of our revenue in the quarter, were $9.5 million, down 15% versus last year due primarily to continued pressure on ad revenue as a result of lower direct-to-consumer redeemers. This reduction was partially offset by growth in data revenue.

廣告及其他營收占本季營收的 11%，為 950 萬美元，較去年下滑 15%，主要原因是直面消費者兌換者較少，導致廣告營收持續承壓。這一下滑部分被資料營收的成長所抵銷。

Turning now to the key performance metrics supporting redemption revenue. Total redeemers were $19.7 million in the quarter, up 15% year over year. We saw another quarter of significant growth in third-party redeemers across the IPN, including strong growth with our largest publisher partner, highlighting the continued health of the demand side of our network.

接著看支撐兌換營收的關鍵績效指標。本季兌換者總數為 1,970 萬，年增 15%。我們看到 IPN 全網第三方兌換者再度出現顯著成長，其中包括我們最大發布商合作夥伴的強勁成長，凸顯我們網路需求端持續健康。

In addition to organic growth with existing publishers, the quarter also benefited from the launch of DoorDash in the second quarter of 2025.

除了與現有出版商的有機成長之外，本季也受惠於 2025 年第二季 DoorDash 的上線。

Redemptions per redeemer were 4.5, down 6% versus last year. A meaningful improvement in trend versus the second-half of last year when redemptions per redeemer were down 22%. But where the decline continues to be driven by both the quantity and quality of offers available to each redeemer, as well as the growth in third-party redeemers, which have a lower redemption frequency as compared to our direct-to-consumer redeemers.

每位兌換者的兌換次數為 4.5 次，較去年下降 6%。相較於去年下半年每位兌換者的兌換次數下降 22%，趨勢有顯著改善。但下降仍持續，主要是由於每位兌換者可取得的優惠在數量與品質上皆受影響，以及第三方兌換者的成長所致；相較於我們的直面消費者兌換者，第三方兌換者的兌換頻率較低。

Redemption revenue per redemption was $0.83. Which was flat versus Q4, and down 7% versus last year, driven primarily by the mix of redemption activity.

每次兌換的兌換收入為 0.83 美元。與第四季持平，較去年下降 7%，主要由兌換活動組合所驅動。

Summing it all up, total redemptions were $88 million, up 6% versus last year, driven by 15% redemption growth on our third-party publishers. This represents a more measurable return to year-over-year growth in redemptions for the first time since the first quarter of 2025 after being flattish in the fourth quarter.

綜合來看，總兌換量為 8,800 萬次，較去年成長 6%，主要由我們第三方出版商的兌換量成長 15% 所帶動。在第四季表現持平之後，這是自 2025 年第一季以來，兌換量首次更明確地回到年對年成長。

Now, switching to the cost side of our business. As anticipated, non-GAAP cost of revenue was up $2 million versus a year ago, largely driven by an increase in technology-related costs, along with a more modest increase in publisher costs. This resulted in a Q1 non-GAAP gross margin of 78%, down approximately 300 basis points versus last year.

接著轉到我們業務的成本面。如預期，非 GAAP 營收成本較去年增加 200 萬美元，主要由技術相關成本上升所致，同時出版商成本也有較溫和的增加。因此第一季非 GAAP 毛利率為 78%，較去年下降約 300 個基點。

As we discussed last quarter, much of the increase in technology-related costs is a function of increased investment in product development, as well as a higher allocation of certain costs from R&D expense to cost of revenue.

如同我們上季所討論，技術相關成本增加多半源自於對產品開發投資的提升，以及將部分原本列在研發費用中的成本更高比例地分攤至營收成本。

Before I review non-GAAP operating expenses, let me point out that we've made a change in how non-GAAP operating expenses are defined and shown on page 12 of the presentation that accompanies our earnings materials. You'll notice we are now including depreciation and amortization in non-GAAP operating expenses.

在我檢視非 GAAP 營業費用之前，我先指出，我們已調整非 GAAP 營業費用的定義，並在隨同財報資料之簡報第 12 頁呈現。你會注意到，我們現在將折舊與攤銷納入非 GAAP 營業費用。

Now, turning back to the results. Non-GAAP operating expenses were up 5% versus last year and were 71% of revenue, an increase of approximately 470 basis points year over year. Within that, non-GAAP sales and marketing expenses were up 17%, driven by higher sales labor, the cost of third-party lift studies, and B2B marketing expenses.

現在回到業績結果。非 GAAP 營業費用較去年增加 5%，占營收 71%，年對年增加約 470 個基點。其中，非 GAAP 銷售與行銷費用增加 17%，主要由較高的銷售人力成本、第三方提升成效研究（lift studies）成本，以及 B2B 行銷費用所帶動。

Non-GAAP research and development expenses decreased by 21%, primarily a result of higher capitalization of software development costs and a higher allocation of labor expense to cost of revenue. This is due to more of our investment in R&D being directly focused on product development.

非 GAAP 研發費用下降 21%，主要因為軟體開發成本資本化比例提高，以及更多人力費用分攤至營收成本。這是因為我們在研發上的投資有更多是直接聚焦於產品開發。

Lastly, non-GAAP general administrative expenses increased by 5%, while depreciation and amortization increased by approximately $600,000, or 60%.

最後，非 GAAP 一般與行政費用增加 5%，而折舊與攤銷增加約 60 萬美元，或 60%。

Similar to the last couple of quarters, while overall non-GAAP operating expenses grew modestly year over year, our investments in areas related to our transformation, inclusive of both the P&L and what is being capitalized to the balance sheet, increased at a faster pace. This increase was approximately 12% and again was highlighted by higher labor costs in the sales organization and other technology-related costs.

與過去幾季類似，雖然整體非 GAAP 營業費用年對年僅小幅成長，但我們在轉型相關領域的投資（包含損益表上的支出以及資本化至資產負債表的部分）成長速度更快。該增幅約為 12%，且同樣主要由銷售組織較高的人力成本及其他技術相關成本所帶動。

We delivered Q1 adjusted EBITDA of $8.7 million, representing an adjusted EBITDA margin of 11%. Non-GAAP net income of $6 million, and non-GAAP diluted net income per share of $0.24. Our non-GAAP net income excludes $16.7 million in stock-based compensation, and it includes a $0.3 million adjustment for income taxes.

我們第一季調整後 EBITDA 為 870 萬美元，調整後 EBITDA 利潤率為 11%。非 GAAP 淨利為 600 萬美元，非 GAAP 稀釋後每股淨利為 0.24 美元。我們的非 GAAP 淨利排除 1,670 萬美元的股份基礎給付，並包含 30 萬美元的所得稅調整。

We ended the quarter with $164.6 million of cash and cash equivalents. And in Q1, we spent approximately $45 million repurchasing approximately 1.9 million shares of our stock at an average price of $22.92. We had 25.6 million fully diluted shares outstanding as of 3/31. And as of the end of the quarter, we had 90.3 million remaining under our current share repurchase authorization, which, as previously disclosed, was increased by $100 million upon authorization from the Board of Directors on March 11.

本季末我們持有現金及約當現金 1.646 億美元。第一季我們花費約 4,500 萬美元，以平均價格 22.92 美元回購約 190 萬股自家股票。截至 3/31，我們完全稀釋後流通股數為 2,560 萬股。截至季末，在目前的庫藏股回購授權額度下仍餘 9,030 萬美元；如先前揭露，董事會已於 3 月 11 日核准將授權額度增加 1 億美元。

And finally, we generated $23.3 million in free cash flow, an increase of 56% versus last year, largely driven by higher cash flow from operations as a result of decreases in working capital compared to the first quarter of 2025.

最後，我們產生 2,330 萬美元的自由現金流，較去年增加 56%，主要由於相較 2025 年第一季，營運資金下降帶動營運現金流提高。

Now, shifting to Q2 guidance, we currently expect revenue in the range of $82 million to $86 million, representing a 2% year-over-year decline at the midpoint and at the same time, a 2% sequential increase versus Q1 at the midpoint. And we expect Q2 adjusted EBITDA in the range of $9 to $12 million, representing about a 12.5% adjusted EBITDA margin at the midpoint.

接著談第二季財測，我們目前預期營收介於 8,200 萬至 8,600 萬美元，中位數年對年下降 2%，同時中位數較第一季季對季增加 2%。我們預期第二季調整後 EBITDA 介於 900 萬至 1,200 萬美元，中位數約為 12.5% 的調整後 EBITDA 利潤率。

With that, let me provide a little more color on our outlook. First off, as both Bryan and I have mentioned, we continue to be pleased with the consistency of our execution with our clients and publisher partners, both with core product offerings and with LiveLift pilots. This has been the driver of improving revenue trends during the last couple of quarters, and we expect that to continue.

在此我再補充一些對展望的說明。首先，如 Bryan 和我都提到的，我們對於與客戶及出版商合作夥伴的執行一致性仍感到滿意，無論是在核心產品方案或 LiveLift 試點上皆是如此。這一直是過去幾季營收趨勢改善的驅動因素，我們預期這種情況將持續。

One other point to make on Q2 revenue. At the midpoint of our revenue outlook, we would expect redemption revenue to return to growth for the first time since Q1 of 2025. Beyond our specific Q2 revenue guidance, we are confirming our expectation of a return to year-over-year growth in total revenue in Q3 in the low-single-digit range.

關於第二季營收還有一點要說明。以我們營收展望的中位數來看，我們預期兌換收入將自 2025 年第一季以來首次回到成長。除了第二季的具體營收指引之外，我們也確認我們的預期：第三季總營收將回到年對年成長，幅度為低個位數。

It's probably on your mind, so let me highlight the assumptions implied in our outlook specific to the two new publishers we're adding to the network. We've assumed an immaterial impact on Q2 during the testing and piloting phase and expect a small benefit to revenue in the second half of the year as we ramp up with these partners. I'll note that (inaudible) supply will be the governor on the near-term revenue impact of this expansion on the demand side of our network.

這可能也是你在想的，因此我說明一下我們展望中，針對新增至網路的兩家新出版商所隱含的假設。我們假設在測試與試點階段，對第二季的影響不具重大性，並預期隨著我們與這些夥伴逐步擴大合作，下半年營收將有小幅助益。我也要指出，（聽不清）供給將是限制因素，決定這次擴張在短期內對我們網路需求端營收影響的上限。

As it relates to costs, our expectations are broadly unchanged from last quarter. We continue to expect to see a modest sequential increase in quarterly non-GAAP cost of revenue and operating expenses throughout the balance of the year. That continues to be a function of investing in areas that are critical to our transformation.

就成本而言，我們的預期大致與上季相同。我們仍預期在今年剩餘期間，季度非 GAAP 營收成本與營業費用將出現溫和的季對季增加。這仍是因為我們持續投資於對轉型至關重要的領域。

Specifically within cost of revenue, as we said last quarter, we expect to have substantially less growth in publisher-related costs as compared to what we saw in 2025. And we do expect, similar to the first quarter, that the biggest factor driving an increase in cost of revenue will be higher technology costs. Which is partially a function of where these costs are allocated in the P&L relative to last year.

具體來看在營收成本之內，如同我們上季所說，相較於我們在 2025 年看到的情況，我們預期與出版商相關的成本成長將會顯著放緩。而且我們也預期，與第一季類似，推動營收成本增加的最大因素將是較高的技術成本。這部分原因在於，與去年相比，這些成本在損益表（P&L）中的歸類位置有所不同。

Lastly, with a healthy balance sheet and positive free cash flow, we'll continue to prioritize investing in organic growth and the strategic priorities of the business, while also returning cash to shareholders.

最後，憑藉健康的資產負債表與正向自由現金流，我們將持續優先投入有機成長與公司策略重點，同時也會向股東返還現金。

We remain excited and energized by the opportunities ahead and look forward to returning to year-over-year revenue growth in the second-half of this year.

我們對未來的機會仍感到興奮且充滿動能，並期待在今年下半年回到年對年營收成長。

With that, operator, let's please open up the line for Q&A.

接下來，接線員，請開放電話線進行問答。

(Operator Instructions) Ken Gawrelski, Wells Fargo.

(接線員指示) Wells Fargo 的 Ken Gawrelski。

Thank you. Can you hear me okay?

謝謝。你們聽得到我嗎？

Yes.

可以。

Okay, great. Thanks so much for the question. Could you -- maybe, Bryan, could you talk about how you -- as you move more to LiveLift over time and you get this sales process really humming, when you look into '27 and '28, how do you think the financial picture may change? Like what does it mean for the margin structure of the business relative to kind of post-IPO, what fundamental differences do you see there? Maybe this is the first one.

好的，很好。非常感謝讓我提問。能否——也許 Bryan，你能談談，隨著時間推進你們愈來愈轉向 LiveLift、而且銷售流程真正順起來之後，當你展望 2027、2028 年時，你認為財務面貌可能會如何改變？例如，這對公司利潤率結構相較於 IPO 後的狀態意味著什麼？你看到哪些根本性的差異？也許先問這個。

Sure.

當然。

And then second, maybe I would say -- no that's okay.

然後第二個，也許我會說——不，沒關係。

Go ahead, please. Yeah.

請繼續。對。

I'll follow-up. The second one is this, is like, if you think about the -- as you think about the progress you can make in the back half of this year and into early next year, how much of it is like the year like the change in the calendar year provides another opportunity, kind of another bite at the apple with some of those big CPG brands versus just getting your go-to-market strategy and process working? Thank you.

我再追問。第二個問題是：當你思考今年下半年到明年初你們能取得的進展時，其中有多少是因為跨到新的曆年帶來另一個機會——有點像對那些大型 CPG（民生消費品）品牌「再咬一口蘋果」——而不是單純因為你們把 go-to-market（市場進入）策略與流程運作起來？謝謝。

Thanks, Ken. So I'll take those in turn. So the first one, I'll answer at a high level and then let Matt provide additional detail, and then I'll have him pass it back to me for the second question.

謝謝你，Ken。我會依序回答。第一個問題我先從較高層次回答，接著讓 Matt 補充更多細節，然後我會請他再把話題交回給我來回答第二個問題。

So for the first one, I would say, broadly speaking, we feel like we're in a good place with our expenses to be able to build the products we need to drive the increase in offer supply over the next few years, you asked about '26, '27, '28. And so that should -- in other words, we don't expect to have to continue to ramp expenses at the same rate that we're ramping revenue. So that should be positive in terms of the margins and the contribution to adjusted EBITDA over the next three years.

關於第一個問題，我會說，整體而言，我們認為目前的費用水準處於一個不錯的位置，足以在未來幾年打造我們所需的產品，以推動供給端（offer supply）的提升——你問到 2026、2027、2028 年。換句話說，我們不預期需要以與營收成長同樣的速度持續拉升費用。因此，這在未來三年對利潤率以及對調整後 EBITDA 的貢獻應該是正面的。

We have ongoing innovation that's baked into the R&D that's part of our current effort. I think more time will allow us to get in front of our customers with the LiveLift message. It is an evolution in the industry that is moving from kind of annual planning and annual allocation and annual measurement to the more ongoing. Measurement and optimization using rule-based or outcome-based systems. And that go-to-market takes some time to build the necessary trust and conviction and then have the cultural changes that need to happen on the client side.

我們在研發（R&D）中已內建持續創新，這也是我們目前努力的一部分。我認為，更多時間將讓我們能以 LiveLift 的訊息更充分地接觸客戶。這是產業的一種演進：從某種程度上的年度規劃、年度配置與年度衡量，轉向更持續性的做法。也就是使用以規則為基礎或以成果為基礎的系統來進行衡量與最佳化。而這樣的 go-to-market 需要一些時間，才能建立必要的信任與信心，並促成客戶端必須發生的文化改變。

But I feel like the developments that I described in my remarks will put us in a position where there'll be a variety of different ways that people can buy on our network, and those ways will be more sophisticated and allow us to meet the needs of our clients more often and allow us to earn the way into larger and larger budgets, which is what's really going to move the needle and drive the revenue in this business.

但我覺得我在談話中描述的這些進展，會讓我們處於一個位置：人們將有多種不同方式可以在我們的網路上購買，而這些方式會更成熟，讓我們能更頻繁地滿足客戶需求，並讓我們逐步切入更大、再更大的預算——這才是真正能帶來顯著影響、並推動這門生意營收的關鍵。

I'll let Matt add any additional thoughts on that before turning to your second question.

在我轉到你的第二個問題之前，我先讓 Matt 就此補充任何額外想法。

Yeah, Ken, just a couple of things I would add, without being precise, which obviously we're not going to do about regarding our financial algorithm, a couple of things I'll say, one is kind of more medium term and then longer-term, which is really kind of reiterating Bryan's points.

好的，Ken，我再補充幾點。我不會講得很精確——顯然我們不會就我們的財務演算法做精確說明——但我會說幾件事：一部分偏中期，另一部分偏長期，其實就是重申 Bryan 的重點。

We've been talking for a couple of quarters now about the investments that we were making, right, in first in the sales organization, which is restructuring, reorganizing and really just leveling up the capabilities in the sales organization, as well as the investments we've been making in our technology as it relates to the transformation of the business and the capabilities that we've been building.

過去幾季我們一直在談我們所做的投資，對吧，首先是在銷售組織上，也就是重整、重新編制，並真正提升銷售組織的能力；同時也包括我們在技術上的投資，這些投資與業務轉型以及我們正在建立的能力相關。

We're kind of nearing lapping most of those investments. We're not fully there, but over the course of this year, we will lap all of those investments. That's factored into everything we've said about what the forward picture looks like.

我們已接近把這些投資的影響大多「走完一輪」（lap）。我們還沒有完全到位，但在今年的過程中，我們將會把所有這些投資都走完一輪。這也已納入我們對未來展望所說的一切之中。

Once we've done that, then as we sit here today with what we see that needs to get done, we don't expect to have to add -- not another step change in investment profile from here. So as we see the top-line stabilize and then we start to drive consistent sustainable growth, we're going to see the opportunity to expand both gross margins and EBITDA margins over time. So hopefully, that helps answer.

一旦完成之後，以我們今天所看到仍需完成的事項來看，我們不預期從現在起還需要再增加——也就是不會再出現另一個投資輪廓的「階躍式」提升。因此，當我們看到營收端趨於穩定，並開始推動一致且可持續的成長時，我們將有機會隨時間擴大毛利率與 EBITDA 利潤率。希望這能回答你的問題。

The second question, Ken, about the back half and the change in the calendar year. I would say that different clients have different fiscal years. Some of our clients reset in July, some of them reset in the fall, some of them reset on the calendar year.

第二個問題，Ken，關於下半年以及曆年更替。我會說，不同客戶有不同的會計年度。有些客戶在 7 月重置，有些在秋季重置，有些則在曆年重置。

And while that is definitely a factor in situations where we have kind of gotten through the budget that was allocated to us in the previous cycle, we get a chance to kind of demonstrate the effectiveness of that, the level of performance earns us into a larger budget, that's true.

而這確實是一個因素：在某些情況下，當我們已經用完上一個週期分配給我們的預算時，我們就有機會展示其成效；表現水準會讓我們獲得更大的預算，這點沒錯。

However, I think it is more a function just of being able to get in front of clients with our core product, demonstrate the scale that we have, that we are along the path to purchase in all these different places now, the addition of these new publishers, that allows us even in between, even in intra-year, to go back and make the case that this is where they should be spending more money at a time when they're aware that this is how they gain market share is by intelligently thinking about where they're pricing their products and how they're promoting their products. So I don't want to lean too much on that as sort of some major driver. We are always selling both in the annual planning process and then, within that year.

不過，我認為更主要的因素是：我們能夠帶著核心產品去面對客戶，展示我們的規模，展示我們現在在各種不同場域都位於購買路徑（path to purchase）上；再加上這些新出版商的加入，使我們即使在年度之中、甚至在同一年度內，也能回頭再提出論點：在他們意識到要取得市占率，就必須更聰明地思考產品定價與促銷方式的時候，這裡就是他們應該投入更多預算的地方。所以我不想過度倚賴曆年更替，把它當作某個主要驅動因素。我們一直都同時在做年度規劃流程中的銷售，以及在年度之內的持續銷售。

And then I would say also our whole goal here is to move the industry away from that mentality of annual planning and into a mindset of I always want to buy this as long as these rules and constraints are being met. So I want every dollar of top- and bottom-line revenue and profit that I can get through this platform. And I'll spend until I'm no longer seeing that level of efficiency. And so that's ongoing. But I think it's safe to say that for now, we are still living in a world where we do participate in those annual rehab conversations. There's just thousands of brands happening all the time at different parts of the year.

然後我也想說，我們在這裡的整體目標，是要讓產業擺脫那種年度規劃的心態，轉而進入一種思維：只要符合這些規則與限制，我就一直想買。所以我希望透過這個平台，盡可能取得每一塊營收與利潤（不論是營收端或獲利端）。而且我會持續投入，直到我不再看到那樣的效率水準為止。所以這是持續進行的。但我想可以很安全地說，就目前而言，我們仍然處在一個會參與那些年度「rehab」討論的世界。因為一年當中不同時間點、不同階段，隨時都有成千上萬個品牌在發生各種事情。

And Matt was going to add one more thing.

Matt 還想再補充一點。

Yeah, Ken, just one more thing to make sure we got to the essence of part of your question there on kind of the margin profile. As we grow LiveLift overtime as a bigger penetration of the business, that doesn't materially change the margin profile. Whether it's core product offering or LiveLift, you wouldn't see a real different outcome. It's really about the investments we've made to enable the growth that will flow through our business model.

對，Ken，再補充一點，確保我們抓到你問題中關於利潤率結構（margin profile）的核心。隨著我們讓 LiveLift 隨時間成長、在業務中的滲透率提高，這並不會實質改變利潤率結構。不論是核心產品方案或 LiveLift，你不會看到真正不同的結果。重點其實在於我們為了支撐成長所做的投資，這些會透過我們的商業模式反映出來。

Thank you.

謝謝。

Tim Mitchell, Raymond James.

Tim Mitchell，Raymond James。

Hey, guys. Thanks for taking my questions. So first, I have a couple.

嗨，各位。謝謝回答我的問題。首先，我有幾個問題。

So first, if you could just kind of talk about some of the early progress with the Uber partnership and how to ads tracking. And then within that commentary you gave on some of the initiatives surrounding LiveLift in terms of what it's going to take to ramp that a little further. Any thoughts on like what ending you're in, any progress made on this initiative so far?

第一個，如果可以的話，請談談與 Uber 合作夥伴關係的一些早期進展，以及廣告追蹤（ads tracking）的情況。然後也請在你剛才對 LiveLift 周邊一些推動措施的評論中，談談要讓它再進一步加速成長需要做些什麼。你們覺得目前處於哪個階段、到目前為止這項計畫有什麼進展嗎？

And then secondly, just on the macro, curious if you're seeing any impacts of energy prices, whether it be on CPG spend or on the health of the lower-end consumer? Thanks.

第二個，關於總體環境（macro），想了解你們是否看到能源價格帶來任何影響，不管是對 CPG 支出，或是對較低端消費者的健康狀況？謝謝。

Great. Thanks, Tim. So first, on the Uber partnership, pleased to have announced that a little while ago. That's like all of our publishers, they don't just turn that on overnight to 100% of all of their customers across thousands of stores that they support. They do that in a stepwise function, and we are in the process of the early part of the process of that rollout. And we will, then begin working with them on other aspects of that partnership to make sure that we're able to do the most sophisticated forms of measurement and personalization, et cetera, marketing, reactivation, activation, those best practices.

很好。謝謝你，Tim。先談 Uber 的合作夥伴關係，我們很高興在不久前宣布了這件事。這就像我們所有的發行商（publishers）一樣，他們不會一夜之間就把它對其支援的數千家門市、所有客戶一次開到 100%。他們會以分階段的方式逐步推進，而我們目前正處於這個上線推廣流程的早期階段。接著我們也會開始與他們合作這項夥伴關係的其他面向，確保我們能夠做到最先進的衡量與個人化等行銷能力，包括再活化（reactivation）、啟動（activation）等最佳實務。

I would say we're -- but we are in a position where the technology to support this has been built. And we're, like I said, early days in the process of introducing that to different customers at Uber. And we're excited about that. As you know, we have a strong presence in that area, and that's something where we hope that it will also have the same level of uptake and higher redemption rates that we've seen in that category more broadly.

我會說我們——但我們已經具備支援這件事所需的技術，且已完成建置。而且如我所說，我們正處於把它導入 Uber 不同客戶的早期階段。我們對此感到很興奮。如你所知，我們在那個領域有很強的布局，我們也希望它能有同樣的採用速度（uptake）以及更高的兌換率（redemption rates），就像我們在該品類更廣泛範圍內所看到的一樣。

Second question, or I guess the second part of your first question was to do with the progress we've made on the ramp of LiveLift. I think we've made significant progress from the last time we had a conversation in late February. That is along all the different dimensions that I mentioned.

第二個問題，或者說你第一個問題的第二部分，是關於我們在 LiveLift 加速成長（ramp）方面的進展。我認為自從我們上次在 2 月底對話以來，我們已經取得了顯著進展。這涵蓋了我提到的所有不同面向。

AI itself is evolving very rapidly, and so we are investing heavily in AI enablement to take advantage of the efficiencies that are available to us through using things like Claude Code, but also our ability to create this programmatic API layer. We're absolutely working on that around the clock, getting that to a place where we'll be able to automate more of these processes, which will benefit our entire business, not just LiveRamp, but also all of our core offers benefit from having it be easier to design, set up, revise, and so forth from beginning to end a campaign.

AI 本身演進非常快速，因此我們正大幅投資 AI 賦能（AI enablement），以利用像 Claude Code 這類工具帶來的效率，同時也包括我們打造這個程式化 API 層（programmatic API layer）的能力。我們確實是 24 小時不間斷在做這件事，把它推進到能夠自動化更多流程的程度，這將讓我們整個業務受益，不只是 LiveRamp；我們所有核心方案也都會受益，因為從頭到尾設計、設定、修改等活動（campaign）流程都會更容易。

And then the models underlying, I think I mentioned that those get better with the more data, with the more refinement of the model and the more publishers you add. The addition of Uber and Giant Eagle will help us refine those models. That itself represents progress. But we also are seeing that as we get a second, a third LiveLift campaign from some of these repeat customers, I mentioned 60% of LiveLift is from a repeat customer, they're able to test out different strategies, and we're able to learn something about the way the consumer responds to different structured promotions based on their goal. That then helps project the next campaign that much better. So those clients that are participating or gaining an advantage, they are all aware that doing that in this environment is important, which is a good segue to your last question about the macro.

接著是底層模型，我想我提過，資料越多、模型越精煉、加入的發行商越多，模型就會越好。新增 Uber 和 Giant Eagle 將有助於我們精煉這些模型。這本身就代表進展。但我們也看到，當一些回頭客戶開始做第二個、第三個 LiveLift 活動時——我提過 LiveLift 有 60% 來自回頭客戶——他們能測試不同策略，而我們也能學到消費者在不同目標下，對不同結構化促銷（structured promotions）的反應方式。這會讓下一次活動的預測更準。因此，那些參與的客戶或正在取得優勢的客戶，都清楚在這樣的環境下這麼做很重要，這也正好銜接到你最後一個關於總體環境的問題。

The news you're reading is the same thing we're hearing from our clients. The American consumer is looking for value. We're excited that we're an integral part of that. Whether that is driven by the war in Iran or gas prices or tariffs or some other exogenous factor, there's a lot of focus on this topic.

你讀到的新聞，跟我們從客戶那裡聽到的是同一件事。美國消費者正在尋求「價值」。我們很興奮能成為其中不可或缺的一環。不論這是由伊朗戰爭、油價、關稅或其他外生因素所驅動，大家都非常聚焦在這個議題上。

Even earlier today, the CEO of Kraft Heinz put out a message, Steve Cahillane, saying the new mantra is value, quote, consumers are literally running out of money, end quote. Those are the kinds of things that cause people to take a closer look at the product that we sell.

甚至就在今天稍早，Kraft Heinz 的執行長 Steve Cahillane 發出一則訊息說，新的口號是「價值」；他引述說：「消費者真的快沒錢了。」這類訊息會讓人們更仔細地檢視我們所販售的產品。

And I think that we're making the case that there's smarter and less smart ways to do that, to deliver that value. And we think the Ibotta Performance Network is a really good way to do that in a way that's also capitalizing on the latest technologies that are available. So I think that will continue to be true.

而我認為，我們正在證明：要交付這種價值，有更聰明與沒那麼聰明的做法。我們認為 Ibotta Performance Network 是一個非常好的方式，既能交付價值，也能同時運用最新可用的技術。所以我認為這點會持續成立。

But I also want to stress that this is non-discretionary spending. So no matter what the macroenvironment is, people are looking for value on the things they have to buy week in, week out. If you look at the press release we put out today from Giant Eagle, they commented on why they switched to Ibotta. They switched to Ibotta because they wanted to see an 8x increase in value delivery for their customers, and they're hearing consistently that that is what makes the difference in why people shop at Giant Eagle versus somewhere else.

但我也想強調，這是非選擇性支出（non-discretionary spending）。所以不管總體環境如何，人們都會在那些每週都必須購買的商品上尋求價值。如果你看我們今天與 Giant Eagle 一起發布的新聞稿，他們提到為什麼改用 Ibotta。他們改用 Ibotta，是因為他們希望為客戶帶來 8 倍的價值交付提升，而且他們持續聽到，這正是人們選擇在 Giant Eagle 而不是其他地方購物的關鍵原因。

And so both on the CPG side, for example, Kraft, or on the publisher side, for example, Giant Eagle, being in this field right now is particularly important.

因此，無論是在 CPG 端（例如 Kraft），或是在出版商端（例如 Giant Eagle），此刻身處這個領域都格外重要。

Thank you.

謝謝。

Stefanos Crist, Needham & Company.

Stefanos Crist，Needham & Company。

Hey, can you hear me?

嗨，你們聽得到我嗎？

Yeah, we got you.

對，我們聽得到。

Awesome. Thanks for taking the question. I just wanted to ask on third-quarter revenue reflecting positive. What are the assumptions in there? Are you baking in a certain ramp in LiveLift or are you including Uber and Giant Eagle? We'd just love to go through the assumptions there and where there could be upside. Thanks.

太棒了。謝謝讓我提問。我想問一下，第三季營收展望反映為正成長。裡面的假設是什麼？你們是否把 LiveLift 的某種爬坡（ramp）納入，或是已經包含 Uber 和 Giant Eagle？我們很想了解這些假設，以及可能有哪些上行空間。謝謝。

Great. I'm going to hand that one to Matt.

很好。我把這題交給 Matt。

Yeah. So it's really kind of what we're doing today continuing, right? We've seen sequentially improving results in our business, particularly driven by redemption revenue, and that's really the driver. We expect to see that get better in Q2 versus Q1 and the same to be true for Q3 versus Q2, and that's all going to translate into growth.

對。所以基本上就是我們今天正在做的事情持續下去，對吧？我們看到業務表現逐季改善，特別是由兌換（redemption）營收帶動，而那確實是主要驅動因素。我們預期 Q2 相較 Q1 會更好，而 Q3 相較 Q2 也同樣如此，這些都會轉化為成長。

There's no step change assumed in terms of LiveLift adoption or us further opening the aperture to that. It's kind of where we are today is the expectation. We've assumed a very modest impact from the two new publishers in the back half of the year. That'd be a little bit less in Q3, a little bit more in Q4. That's probably the way to think about that. But it's really an ongoing kind of performance that we've seen to date driven by consistent execution, and the fact that our products, both core products and obviously LiveLift as well, are resonating with our clients.

在 LiveLift 採用方面，或我們進一步擴大其適用範圍方面，並沒有假設會出現任何階躍式變化（step change）。基本上就是以我們目前的狀態作為預期。我們假設兩家新出版商在下半年帶來的影響非常溫和。Q3 會少一點，Q4 會多一點。大概可以這樣理解。但核心仍是我們迄今看到的持續性表現，來自一致的執行力，以及我們的產品——核心產品，當然也包括 LiveLift——正在與客戶產生共鳴。

Got it. Thanks. If I could squeeze one more in. Just on the monetization of Uber and Giant Eagle, I assume Uber is similar to like a DoorDash, but how about Giant Eagle? Is that similar to like a Dollar General or any differences there in these two partnerships? Thanks.

了解。謝謝。如果我可以再塞一題。關於 Uber 和 Giant Eagle 的變現，我猜 Uber 類似 DoorDash，但 Giant Eagle 呢？它比較像 Dollar General 還是有什麼不同？這兩個合作夥伴在合作模式上有差異嗎？謝謝。

Yeah, I think, without going into the specifics of the economics of individual partnerships, broadly speaking, those are similar to how we've approached these in the past, and we're happy with the economics of those partnerships.

對，我想在不深入談個別合作夥伴經濟條款細節的前提下，概括來說，這些合作方式與我們過去的做法相近，而且我們對這些合作的經濟性很滿意。

And I think that it's as we get greater scale and more momentum, greater access to supply, we continue to see publishers that much more interested and motivated to deliver the best possible value for their customers. And that, we think, will continue to contribute to favorable economics going forward.

而且我認為，隨著我們規模更大、動能更強、對供給端的取得更充分，我們持續看到出版商更有興趣、也更有動機，為他們的客戶提供盡可能最佳的價值。我們認為這也將持續促成未來更有利的經濟性。

Great. Thank you.

很好。謝謝。

Nitin Bansal, Bank of America.

Nitin Bansal，美國銀行（Bank of America）。

Thank you for taking my question. Bryan, can you provide some more details on your progress with the go-to-market transformation, specifically like how did the new sales motion impacted your 1Q results? And what additional changes are you making to the sales team that could impact your performance for the rest of the year? Thanks.

謝謝讓我提問。Bryan，你能否提供更多關於你們 go-to-market 轉型進展的細節，特別是新的銷售打法（sales motion）如何影響你們 1Q 的結果？以及你們還在對銷售團隊做哪些額外調整，可能影響今年剩餘時間的表現？謝謝。

Thanks, Nitin. Absolutely. There are a number of different things that have been going on since the arrival of Chris Riedy on our team. And that started with taking a look at the team itself and making sure we have the right people in the right roles to help ourselves with the kind of selling that we're going to need to do, which is much more of a kind of consultative sale where we have to be fluent in the businesses of our clients.

謝謝你，Nitin。當然可以。自從 Chris Riedy 加入我們團隊以來，發生了許多不同的事情。一開始是檢視團隊本身，確保我們把對的人放在對的角色上，以支援我們所需要的銷售方式——更偏向顧問式銷售（consultative sale），我們必須能夠熟悉並精通客戶的業務。

We reorganize the sales organization to be no longer geographic, but focused on the actual industry-based approach. So we have experts in beverage, for example, or in household products or what have you -- we separated into enterprise clients versus emerging clients with each having its own industry sub-verticals.

我們重整了銷售組織，不再以地理區域劃分，而是聚焦在實際的產業導向方法。因此，例如我們有飲料領域的專家，或家用產品等——我們也把客戶分成企業客戶（enterprise clients）與新興客戶（emerging clients），各自再依產業次垂直（sub-verticals）來劃分。

We focused on a variety of support structures that weren't in place that needed to be, such as bringing in an SVP of enterprise sales, SVP of business marketing to help us with sort of the B2B marketing expertise, beefed up the sales finance, sales operations, training and enablement of our sellers.

我們也著重建立多項原本缺乏、但必須到位的支援架構，例如引進企業銷售資深副總裁（SVP of enterprise sales）、商業行銷資深副總裁（SVP of business marketing）來補強 B2B 行銷專業，同時強化銷售財務、銷售營運，以及銷售人員的訓練與賦能（enablement）。

And I think that was very important. We filled all those senior leadership roles by early October of 2025, as I've said on previous calls. And we brought in the right people, we brought in excellent talent. And that has helped us in a lot of different fronts.

我認為那非常重要。如同我在先前的電話會議中提到的，我們在 2025 年 10 月初就補齊了所有這些資深領導職位。我們找到了對的人，延攬了非常優秀的人才。這在很多面向都幫助了我們。

So we mentioned on the last call, the thought leadership, the ability to be proactive, get in front of our clients. I think the example I gave was the SNAP program. We had a kind of a playbook that was designed, we reached out that led to incremental dollars being committed to Ibotta that weren't in their previous annual plan that were kind of opportunistic, which is really valuable.

所以我們在上一通電話會議提到，例如思想領導力（thought leadership）、主動出擊、走到客戶前面。我想我舉的例子是 SNAP 計畫。我們設計了一套作戰手冊（playbook），並主動聯繫，結果促成額外的預算投入 Ibotta——這些原本不在他們先前的年度計畫中，而是屬於機會型的投入——這非常有價值。

We've talked a little bit about other things that we've done, like multi-threading is a term we've used, meaning teaching our sellers to go in at multiple different levels of an organization at the same time to speak to different needs and pain points of the people in those organizations using the language of their business. It's a simple fact of being on the ground more often, being in the room more often. The hustle factor, continuity, so not handing people over between rep to rep. That is really about trust.

我們也談過一些其他作法，例如我們用過「multi-threading」這個詞，意思是訓練我們的業務同時在同一個組織的多個層級切入，針對不同層級人員的需求與痛點，用他們業務語言來溝通。很簡單的事實是：更常在第一線、更常在現場、更常在會議室裡。拼勁（hustle factor）、連續性——也就是不要在不同業務代表之間把客戶交接來交接去。這些其實都關乎信任。

Most of the structural changes were made last year, but we're continuing to build that trust. And as we're doing that, we're getting invited into more and more important strategic conversations. We're getting clients that are wanting to say, let's come out and spend a day with you, and we're going to bring significant senior members of our team to discuss where you think this industry is heading and how it's impacted by things like technology, AI, et cetera. So I think we're being embraced more as a thought leader and invited more into upstream strategic planning conversations.

大多數結構性調整是在去年完成的，但我們仍在持續建立這種信任。而在這個過程中，我們被邀請參與越來越多重要的策略性對話。我們也看到客戶會想說：來吧，跟你們一起花一天時間，我們會帶上我們團隊中相當資深的成員，討論你們認為這個產業將走向何方，以及科技、AI 等因素如何影響它。所以我認為，我們更被視為思想領導者，也更常被邀請進入更上游的策略規劃對話。

I think the introduction of Circana and ABCS has allowed our sales team to provide this third-party independent analysis. That's given them another important platform. We've done a better job with event marketing.

我認為引入 Circana 和 ABCS，讓我們的銷售團隊能提供第三方、獨立的分析。這也給了他們另一個重要的平台。我們在活動行銷（event marketing）方面也做得更好。

So Chris Riedy has been on stage all over the place. He's been on the stage at AdWeek and places like this, if possible, NACDS, lots of different conferences where we're getting in front of all different parts of the CPG organization.

所以 Chris Riedy 已經在各地登台發表。如果可以的話，他曾在 AdWeek 等場合、NACDS，以及許多不同的會議上登台，讓我們能接觸到 CPG 組織中各個不同部門。

So I think it's not one thing, Nitin, it's a variety of different upgrades to how our team sells. And I think that, of course, having something like LiveLift to discuss, having the ability to focus on incremental sales and really lead the conversation around rigorous measurement, that's given them a lot to talk about, and I'm really proud of the work they're doing.

所以我認為，Nitin，這不是單一因素，而是我們團隊銷售方式的多項不同升級。而且我認為，當然，有像 LiveLift 這樣的內容可談、能夠聚焦於增量銷售並真正主導嚴謹衡量的對話，這讓他們有很多可說的，我也為他們正在做的工作感到非常自豪。

Thank you.

謝謝。

Tim Juang, Citizens JMP.

Tim Juang，Citizens JMP。

Hi, thank you for taking my question. I wanted to follow-up about the pricing changes that were talked about in last quarter's call with regard to pricing being more linked to AOV. Just like, could you give any color on how that's been received or just like further progress during the quarter on pricing and what's been flowing through? Thank you.

嗨，謝謝你回答我的問題。我想追問一下上季電話會議中提到的定價變更，關於定價與 AOV 的連動更緊密。想請你分享一下這項變更的市場回饋如何，或是本季在定價方面的進一步進展，以及有哪些影響已經反映出來？謝謝。

Thanks, Tim. Sure, you're right. and your memory is spot on. It's a question of moving from a flat fee that is applied based on the price band that a product falls within.

謝謝，Tim。當然，你說得沒錯，你的記憶非常準確。這是要從依產品所落入的價格區間而適用的固定費率，轉向另一種方式。

So the old system was, if your product was $3 to $4, you paid this cost per unit. Sold or per redemption rather. If your product was $4 to $5, $5 to $6, $10-plus dollars, you might pay a different cost per redemption under the old model.

舊制度是，如果你的產品價格在 3 到 4 美元，你就支付某個每單位成本。更準確地說，是每次兌換的成本。如果你的產品在 4 到 5 美元、5 到 6 美元、10 美元以上，在舊模式下你可能會支付不同的每次兌換成本。

And of course, the problem with that is that as you get to either side of that range, you get kind of discontinuities. So you get the ratio that your fee represents as a percentage of the overall product price, and that's the kind of total economics available to the brand varies, and that can create inadvertent inefficiencies.

當然，這樣的問題在於，當你接近區間的任一端時，會出現某種不連續性。也就是你的費用占整體產品價格的百分比，以及品牌可取得的整體經濟效益會隨之變動，這可能造成非預期的效率損失。

So it might make it unnecessarily expensive, for example, to use Ibotta with lower-cost products where our fee per redemption constitutes a high enough percentage that it's hard to deliver a cost per incremental dollar that's attractive, meaning lower than the contribution margin of that product, consistent with a goal of profitability.

例如，對於低單價產品，使用 Ibotta 可能會變得不必要地昂貴，因為我們每次兌換的費用占比高到使得很難達到具吸引力的「每增量美元成本」，也就是低於該產品的貢獻毛利，並符合獲利目標。

So the solve for that is to shift toward a system where it's continuous. So it is a fixed percentage of the price itself. And that way, whether you're at $1.01 or $1.99, you're equally able to take advantage of that structure.

因此解法是轉向一個連續性的制度。也就是按價格本身的一個固定百分比計費。如此一來，不論你是 1.01 美元或 1.99 美元，都能同樣受惠於這個架構。

What we've been doing is introducing this transition in our pricing as part of a broader reset of some terms that we have in our preferred partnerships and our agreements. That has been very well received. I think people view that as simplifying the system, dispensing with discrete fees for things like setup costs and things. It makes it simpler, everything's wrapped into this one percentage of the price fee.

我們正在做的是，將這項定價轉換作為更廣泛重設的一部分，涵蓋我們在優先合作夥伴關係與協議中的一些條款。這項作法獲得非常好的回饋。我想大家把它視為簡化系統、取消像是建置成本等離散費用。它讓事情更簡單，所有內容都整合為按價格百分比計費的單一費率。

As I said, it's encouraging clients to promote lower priced items. We're still very much in the middle of that transition because we didn't want to just mandate that. Everybody turn on a dime, you have to now institute this new pricing. But as we come back through these conversations on our annual preferred partnerships, for example, that, along with other conversations around things like payment terms, are a natural part of our conversation. And that's been, broadly speaking, I think going well. We're seeing success in that transition, although we're still very much in the midst of it.

如我所說，這也在鼓勵客戶促銷較低單價的品項。我們仍然正處於這個轉換的中段，因為我們不想直接強制規定。要大家立刻轉向、必須馬上採用新定價。但當我們在年度優先合作夥伴關係等對話中回到這些議題時，這項內容連同付款條件等其他議題，都是我們對話中很自然的一部分。整體而言，我認為進展順利。我們看到這項轉換正在取得成效，雖然我們仍然在進行當中。

And Matt's going to add one more thing.

Matt 會再補充一點。

Yeah, I would just say, and you'll see this, obviously, in our results, our rejection fee, those numbers are going down a little bit, right, in terms of kind of the way to think about price. We pay attention to that. We understand it, but honestly, it doesn't scare us.

對，我只想說，而且你也會在我們的業績中看到，兌換費率（redemption fee）那些數字正在略微下降，對吧，就定價的思考方式而言。我們會關注這點。我們理解它，但老實說，這不會讓我們感到擔心。

In order to maximize revenue, in many cases, it makes sense to lower fees. It allows our clients hit profitability objectives and think about our business model, our financial model as it sits here today, incremental revenue flows to the bottom line at a really high rate. So it's actually not a bad thing. We do understand it and pay attention to it, but seeing revenue coming down as a result of fees but then offset by higher volume is actually a good answer for us in most cases.

為了最大化營收，在很多情況下，降低費用是合理的。這能讓客戶達成獲利目標；而從我們目前的商業模式、財務模型來看，增量營收以非常高的比例流向最終利潤。所以這其實不是壞事。我們確實理解並關注，但看到因費用降低而使營收下降、同時又被更高的量所抵銷，對我們而言在多數情況下其實是個好結果。

Yeah, I think broadly speaking, Tim, it's fair to say we've been. We've had greater level of analytical rigor. And I think looking at that has caused us to -- is one of the reasons why we arrived at this transition in our pricing. And I think we did a lot of -- had a lot of conversations with our clients before we settled on this. And so fortunately, I think we had properly prepared for the transition, and I'm happy with how it's going.

對，我想整體而言，Tim，可以說我們已經——我們採用了更高程度的分析嚴謹性。而我認為，檢視這些因素讓我們——也是我們之所以做出這次定價轉換的原因之一。而且在定案之前，我們與客戶進行了大量——很多對話。因此幸運的是，我認為我們已為這次轉換做好充分準備，我也對目前的進展感到滿意。

Thank you.

謝謝。

(Operator Instructions) This now concludes the Q&A session. I would now like to turn the call back to management for closing remarks.

(接線員指示) 問答環節到此結束。我現在把電話交回管理層作結語。

Thanks very much, everyone, for your time today. We are pleased with the results that we reported and the momentum in our business, and we look forward to speaking with you again soon.

非常感謝各位今天撥冗參與。我們對所公布的業績與業務動能感到滿意，也期待不久後再次與各位交流。

Thank you for joining today's session. This call has concluded. You may now disconnect.

感謝您參加今天的會議。本次電話會議到此結束。您現在可以掛線。