Kubient Inc (KBNT) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Kubient's Third Quarter 2022 Earnings Conference Call. Joining us for today's call are Kubient's Founder, Chairman, Chief Executive Officer, Chief Strategy Officer and President, Paul Roberts; and Chief Financial Officer, Josh Weiss. Following their remarks, we will open the call for your questions.

下午好，歡迎來到 Kubient 2022 年第三季度收益電話會議。與我們一起參加今天電話會議的有 Kubient 的創始人、董事長、首席執行官、首席戰略官兼總裁 Paul Roberts；和首席財務官 Josh Weiss。在他們發言之後，我們將開始徵集您的問題。

Before we get started, I need to alert you to our safe harbor statements under the Securities Litigation Reform Act of 1995. During this call, we will be making forward-looking statements, including statements related to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

在我們開始之前，我需要提醒您注意我們根據 1995 年證券訴訟改革法案做出的安全港聲明。在這次電話會議中，我們將做出前瞻性聲明，包括與未來事件或我們未來財務業績和涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果、活動水平、績效或成就與這些前瞻性陳述明示或暗示的任何未來結果、活動水平、績效或成就存在重大差異。

Listeners should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could and likely will materially affect actual results, levels of activity, performance or achievements.

聽眾不應過分依賴前瞻性陳述，因為它們涉及已知和未知的風險、不確定性和其他因素，在某些情況下，這些因素超出我們的控制範圍，並且可能並且可能會對實際結果、活動水平、績效產生重大影響或成就。

Any forward-looking statement reflects our current views with respect to future events and is subject to these other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or implied during the call.

任何前瞻性陳述都反映了我們目前對未來事件的看法，並受到與我們的運營、運營結果、增長戰略和流動性相關的其他風險、不確定性和假設的影響。這些陳述受已知和未知的風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與電話會議期間預測或暗示的結果大不相同。

Furthermore, listeners are referred to the documents filed by Kubient, Inc., with the SEC, including our annual report on Form 10-K filed with the SEC on June 30, 2022, with the understanding that our actual future results may be materially different from what we expect, which include these and certain other important risk factors. We qualify all of our forward-looking statements by these cautionary statements.

此外，請聽眾參考 Kubient, Inc. 向美國證券交易委員會提交的文件，包括我們於 2022 年 6 月 30 日向美國證券交易委員會提交的 10-K 表格年度報告，並理解我們未來的實際結果可能存在重大差異根據我們的預期，其中包括這些和某些其他重要的風險因素。我們通過這些警示性聲明來限定我們所有的前瞻性聲明。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Please refer to Kubient's SEC filings, specifically its registration statement on Form S-1 initially filed on December 12, 2020, for a more detailed description of risk factors that may affect the company's results.

另請注意，本次電話會議的前瞻性陳述是基於截至今天我們可獲得的信息。除非法律要求，否則我們沒有義務出於任何原因公開更新或修改這些前瞻性陳述，或更新實際結果可能與這些前瞻性陳述中預期的結果存在重大差異的原因，即使新信息可用於未來。請參閱 Kubient 向美國證券交易委員會提交的文件，特別是其最初於 2020 年 12 月 12 日提交的 S-1 表格註冊聲明，以更詳細地描述可能影響公司業績的風險因素。

During the call today, management will discuss adjusted EBITDA and non-GAAP financial measures. In the company's press release and filings with the SEC, both of which are posted on the company's website, you'll find additional disclosures regarding this non-GAAP measure, including a reconciliation of this measure with its comparable GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for or superior to GAAP results. The company encourages you to consider all measures when analyzing its performance.

在今天的電話會議上，管理層將討論調整後的 EBITDA 和非 GAAP 財務指標。在公司網站上發布的公司新聞稿和向美國證券交易委員會提交的文件中，您會發現有關此非 GAAP 措施的更多披露，包括此措施與其可比的 GAAP 措施的對賬。非 GAAP 財務指標不應孤立於、替代或優於 GAAP 結果來考慮。公司鼓勵您在分析其業績時考慮所有措施。

Now I would like to turn the call over to Paul Roberts. Sir, please proceed.

現在我想把電話轉給 Paul Roberts。先生，請繼續。

Thanks, operator, and thanks to everyone who joined us today. On our last call, we focused heavily on the new implementation of our cost-cutting practice, an initiative which can bear fruit early on and something that will show in our financial results, both sequentially and year-over-year in the coming quarters. Today, I'm happy to report on the efforts, advancements and positive developments undertaken in the previous and current quarters centered around our proprietary technology.

謝謝接線員，也感謝今天加入我們的每一個人。在我們的最後一次電話會議上，我們重點關注了成本削減實踐的新實施，這項舉措可以早日取得成果，並將在未來幾個季度的連續和同比財務業績中顯示出來。今天，我很高興地報告在過去和當前幾個季度圍繞我們的專有技術所做的努力、進步和積極的發展。

Clients continued to re-sign with our services, utilizing the Audience Cloud, and partnerships continued to evolve as new customers arrive via successful sales initiatives. With the current economic climate, brands and companies are looking further into various means that can ensure their advertising spend is funneled through channels of consistent, reliable and established ROI production.

客戶繼續使用我們的服務重新簽約，利用 Audience Cloud，隨著新客戶通過成功的銷售計劃到達，合作夥伴關係繼續發展。在當前的經濟環境下，品牌和公司正在進一步研究各種方法，以確保他們的廣告支出通過一致、可靠和既定的 ROI 生產渠道進行投放。

With this shift into tighter measurements of the utilizing paid advertising and marketing comes a more focused spender, more willing to turn towards services like Kubient. We offer a safe haven for those unwilling to compromise on unproductive and wasteful advertising spend. It's this mentality that brought us to create and develop our chief offering that I'm confident will carry us forward into the changing market trends.

隨著這種轉變為對付費廣告和營銷的使用進行更嚴格的衡量，消費者變得更加專注，更願意轉向 Kubient 等服務。我們為那些不願在無用和浪費的廣告支出上妥協的人提供了一個安全的避風港。正是這種心態讓我們創造和發展了我們的主要產品，我相信它將帶領我們進入不斷變化的市場趨勢。

To say the least, the shift towards a more conscious ad spender is very timely for Kubient. At this time, momentum is both created and carried by the progress we have made with KAI. As we announced in mid-October, we publicly launched the KAI Dashboard, a reporting and optimization platform that helps both media publishers and platforms better understand and manage inventory health to ensure the quality of inventory they are sending to demand platforms.

至少可以說，向更有意識的廣告支出者轉變對 Kubient 來說是非常及時的。此時，我們與 KAI 取得的進展既創造了動力，也帶動了動力。正如我們在 10 月中旬宣布的那樣，我們公開推出了 KAI Dashboard，這是一個報告和優化平台，可幫助媒體出版商和平台更好地了解和管理庫存健康狀況，以確保他們發送到需求平台的庫存質量。

The dashboard helps to bridge the gap in visibility and information provided to brands and platforms centered around problems that arise on the inventory management level, specifically in the connected TV or CTV channel. Utilizing the power of KAI's artificial intelligence and machine learning algorithms, publishers are now able to easily identify what is causing inventory to remain unmonetized, be alerted of the problem and able to take immediate action to drive increased revenue.

儀表板有助於彌合可見性和提供給品牌和平台的信息的差距，這些問題集中在庫存管理級別上出現的問題，特別是在連接的電視或 CTV 頻道中。利用 KAI 的人工智能和機器學習算法的力量，出版商現在能夠輕鬆識別導致庫存未獲利的原因，收到有關問題的警報，並能夠立即採取行動來增加收入。

To this date, the dashboard has already helped publishers tremendously by showing full insights into inventory health, driving improvements in inventory quality and increasing the efficiency of ad monetization efforts for greater revenue acquisition. The effectiveness and worthwhile nature of this offering is already showing customers a lift of 20-plus percent in revenue due to the dashboard.

到目前為止，儀表板已經通過顯示對庫存健康狀況的全面洞察、推動庫存質量的改進以及提高廣告貨幣化工作的效率以獲取更多收入，從而極大地幫助了發布商。由於儀表板，該產品的有效性和價值性已經向客戶展示了 20% 以上的收入提升。

What's continued to fuel our development of the dashboard has been the encouraging feedback we have received from several organizations within the industry at conferences. The work we've developed and performed with the new dashboard is reflective of our thesis which is to remain nimble and productive as we have listened intently to the needs of both publishers and advertisers while delivering an immediate accretive product.

繼續推動我們開發儀表板的是我們在會議上從業內多個組織收到的令人鼓舞的反饋。我們使用新儀表板開發和執行的工作反映了我們的論點，即保持敏捷和高效，因為我們在提供即時增值產品的同時專心傾聽發布商和廣告商的需求。

It's with this exercise that we've had our horizons expanded even further to the capabilities KAI possesses beyond fraud detection and prevention. Instead, we see it becoming the comprehensive intelligence layer that sits between the buyer and seller of digital advertising throughout several transactions. In this case, brands that are frequently worried about how their data is being used to better protect their own data.

正是通過這次練習，我們的視野進一步擴大到 KAI 擁有的超越欺詐檢測和預防的能力。相反，我們認為它成為數字廣告買賣雙方之間的綜合智能層，貫穿於數筆交易中。在這種情況下，品牌經常擔心他們的數據如何被用來更好地保護自己的數據。

On that note, we have seen successful and sought-after intelligence-related features centered around the implementation of machine learning on KAI, with the ability to infer the personhood of each user that passes through the platform, assisting with ridding the Audience Cloud of fraudulent users or bots.

在這一點上，我們已經看到成功且廣受歡迎的智能相關功能以在 KAI 上實施機器學習為中心，能夠推斷通過該平台的每個用戶的個性，幫助消除 Audience Cloud 的欺詐行為用戶或機器人。

Some preliminary examples of how KAI can be augmented with the data and the information it collects consists of tools to do real-time targeting, audience targeting attribution, insight into why media buying is not successful times for buyers and sellers and more. We want to remind everyone that the ad tech realm still remains a nascent industry with a significant amount of white space opportunities.

KAI 如何通過數據和它收集的信息得到增強的一些初步示例包括進行實時定位的工具、受眾定位歸因、洞察為什麼媒體購買對買家和賣家來說不是成功的時代等等。我們想提醒大家，廣告技術領域仍然是一個新興行業，擁有大量空白機會。

To that end, we want to bet on KAI and continue investing in growing its portfolio of capabilities, which is why we've made the decision to hire additional engineers that can help manifest what incremental layers we can add to KAI, what other tools can be built in conjunction with it and what other features can be placed in it. The impetus for this move has once again been due to feedback we're garnering from partners in the space which has been very validating.

為此，我們希望押注 KAI 並繼續投資以擴大其功能組合，這就是為什麼我們決定聘請更多工程師，以幫助證明我們可以向 KAI 添加哪些增量層，以及其他工具可以做什麼與它一起構建以及可以在其中放置哪些其他功能。這一舉措的推動力再次歸功於我們從該領域的合作夥伴那裡獲得的反饋，這些反饋非常有效。

Additionally, with the recent popularity of clean data rooms, which is where brands don't want their data out into the ecosystem anymore, KAI could come into effect by being the AI decisioning that would take the data, interpret it and understand what the outcome would be. KAI has the potential to become the decisioning engine of the future that allows brands to remain in control of their valuable data while also being able to use machine learning and AI to understand in real time the best possible advertising opportunity for their target audience.

此外，隨著近期清潔數據室的流行，品牌不再希望他們的數據進入生態系統，KAI 可以通過人工智能決策來生效，該決策將獲取數據、解釋數據並了解結果將是。 KAI 有潛力成為未來的決策引擎，使品牌能夠繼續控制其有價值的數據，同時還能夠使用機器學習和人工智能實時了解為其目標受眾提供的最佳廣告機會。

Regarding the patent notice for KAI, on August 19 of this year, Kubient was issued a Notice of Allowance. This document is delivered to a company after a USPTO patent examiner has determined that a patent should be issued. In other words, when a patent examiner has determined that all the legal requirements for patent issuance have been met, a Notice of Allowance is sent. That said, our patent attorneys are confident we will receive the final issuance for this patent before the end of the year.

關於KAI的專利通知，今年8月19日，Kubient收到了授權通知。在 USPTO 專利審查員確定應授予專利後，該文件將交付給一家公司。換句話說，當專利審查員確定專利頒發的所有法律要求都已得到滿足時，就會發送許可通知。也就是說，我們的專利代理人有信心我們將在年底前收到該專利的最終授權。

I'd like to take a quick second to emphasize the difficulty of receiving a patent within the ad tech industry. Given the relative nascency and complexity of our industry, there are not many patents that get issued. This once more illustrates the compelling nature of KAI and highlights the vast potential of our solution.

我想快速強調一下在廣告技術行業獲得專利的難度。鑑於我們行業的相對初級和復雜性，獲得的專利並不多。這再次說明了 KAI 的引人注目的本質，並突出了我們解決方案的巨大潛力。

All in all, the organic growth we see in Kubient will spur from our efforts on the KAI front, something we predict will result in powerful opportunities for our company and investors. As I iterated at the onset of my prepared remarks, we have been encouraged by several clients that have re-signed their engagement with us this past quarter.

總而言之，我們在 Kubient 看到的有機增長將得益於我們在 KAI 方面的努力，我們預計這將為我們的公司和投資者帶來強大的機會。正如我在準備好的發言開始時反复提到的那樣，我們受到了一些客戶的鼓舞，他們在上個季度重新簽署了與我們的合作協議。

One example I wanted to specifically highlight was with our long-term partner, MediaMath, where we recently decided to shift a portion of our direct brand advertiser budget from The Trade Desk over to them. This will provide MediaMath with the ability to purchase ads directly on Kubient's SSP which, of course, has KAI built into it. We're confident that this move will give us the opportunity to provide strong data-driven case studies, revealing the impact of higher efficiency advertising spend on our platforms from both the demand and supply sides of the equation.

我想特別強調的一個例子是與我們的長期合作夥伴 MediaMath 的合作，我們最近決定將一部分直接品牌廣告商預算從 The Trade Desk 轉移給他們。這將使 MediaMath 能夠直接在 Kubient 的 SSP 上購買廣告，當然，其中內置了 KAI。我們相信，這一舉措將使我們有機會提供強大的數據驅動案例研究，從等式的需求和供應方面揭示更高效的廣告支出對我們平台的影響。

With the transactions expected to take place on our marketplace, we're given the autonomy in controlling the ad budgets and where the spend goes. We are envisioning there will be opportunities for direct brands to get 20% to 30% of their media buying power back due to KAI and look forward to sharing the results of these case studies in the near future as this project is now currently live. We're very pleased with our MediaMath partnership and plan to leverage several synergies with them looking ahead.

由於預計交易將在我們的市場上進行，我們在控制廣告預算和支出去向方面擁有自主權。由於 KAI，我們預計直銷品牌將有機會獲得 20% 至 30% 的媒體購買力，並期待在不久的將來分享這些案例研究的結果，因為該項目目前正在進行中。我們對與 MediaMath 的合作夥伴關係感到非常滿意，併計劃在未來利用與他們的多項協同效應。

With most of the COVID-related restrictions lifted, we have also seen an uptick in media spend from one of our largest direct advertising clients who is a live events and entertainment company. The results we were able to provide in 2022 had led this partner to extend their media buying partnership with Kubient through 2023.

隨著大多數與 COVID 相關的限制解除，我們還看到我們最大的直接廣告客戶之一的媒體支出有所增加，該客戶是一家現場活動和娛樂公司。我們能夠在 2022 年提供的結果促使該合作夥伴將他們與 Kubient 的媒體購買合作夥伴關係擴展到 2023 年。

As an ongoing topic, I want to note that we continue to field and look for interesting opportunities to inorganically grow Kubient's strength and reach in the M&A realm. We recognize that there is still a ton of companies interested in a public vehicle amidst this turbulent time within the stock market and the economy, where there is virtually no access to cheap capital today.

作為一個持續的話題，我想指出，我們將繼續尋找有趣的機會，以無機地增強 Kubient 在併購領域的實力和影響力。我們認識到，在股市和經濟動蕩的時期，仍然有大量公司對公共汽車感興趣，而如今幾乎無法獲得廉價資本。

As a publicly traded organization with shelf eligibility, in addition to a healthy balance sheet, very strong core technology, exceeding the executive team, we understand the value we could provide to private corporations that would want to leverage us as a public vehicle.

作為一家具有貨架資格的上市公司，除了健康的資產負債表、非常強大的核心技術、超越執行團隊之外，我們了解我們可以為希望利用我們作為公共工具的私營公司提供的價值。

With that, I'll hand this call over to Josh who will provide additional color on the quarter from a financial perspective. Josh?

有了這個，我會把這個電話交給喬什，他將從財務角度為本季度提供額外的顏色。喬什？

Thanks, Paul, and good afternoon, everyone. Thanks for joining our call. Now to our financial results for the third quarter ended September 30, 2022.

謝謝，保羅，大家下午好。感謝您加入我們的電話。現在來看我們截至 2022 年 9 月 30 日的第三季度財務業績。

Net revenues for the third quarter of 2022 were approximately $482,000, compared to approximately $677,000 in the same period last year. The decrease was primarily due to a decrease of net revenues associated with one of our customers as compared to the 2021 period, partially offset by revenues generated in the 2022 period related to customer contracts acquired in connection with our acquisition of MediaCrossing in November 2021.

2022 年第三季度的淨收入約為 482,000 美元，而去年同期約為 677,000 美元。減少的主要原因是與我們的一個客戶相關的淨收入與 2021 年期間相比有所減少，部分被 2022 年期間與我們在 2021 年 11 月收購 MediaCrossing 時獲得的客戶合同相關的收入所抵消。

Technology expenses decreased to approximately $525,000 from approximately $777,000 in the same period last year. The decrease was primarily due to a decrease in head count costs, hosting fees, software technology subscription expense, amortization and consulting expenses.

技術費用從去年同期的約 777,000 美元減少至約 525,000 美元。減少的主要原因是人員成本、託管費用、軟件技術訂閱費用、攤銷和諮詢費用的減少。

General and administrative expenses decreased to approximately $1.1 million, compared to approximately $1.5 million in the same period last year. The decrease was primarily due to a decrease in noncash stock-based compensation, professional services and consulting expenses.

一般和行政費用減少至約 110 萬美元，而去年同期約為 150 萬美元。減少的主要原因是非現金股票薪酬、專業服務和諮詢費用減少。

GAAP net loss attributable to common shareholders improved to approximately $1.7 million, or a $0.12 loss per basic and diluted share, compared to a net loss of approximately $2.3 million, or $0.16 loss per basic and diluted share, in the same period last year.

歸屬於普通股股東的 GAAP 淨虧損改善至約 170 萬美元，即每股基本股和稀釋股虧損 0.12 美元，而去年同期為淨虧損約 230 萬美元，即每股基本股和稀釋股虧損 0.16 美元。

Adjusted EBITDA loss, a non-GAAP measure, improved to approximately $1.5 million, or $0.11 loss per basic and diluted share, for the 3 months ended September 30, compared to an adjusted EBITDA loss of approximately $1.9 million, or $0.13 loss per basic and diluted share, in the same period last year.

截至 9 月 30 日止的 3 個月，調整後的 EBITDA 虧損（一項非公認會計準則衡量指標）改善至約 150 萬美元，或每股基本股和稀釋股虧損 0.11 美元，而調整後的 EBITDA 虧損約為 190 萬美元，或每股基本股和稀釋股虧損 0.13 美元稀釋後的份額，在去年同期。

As of September 30, 2022, we continue to have a strong cash balance of approximately $16.9 million. That concludes my financial summary. For a more detailed analysis, please reference our Form 10-Q, which we plan to file today.

截至 2022 年 9 月 30 日，我們繼續擁有約 1690 萬美元的強勁現金餘額。我的財務摘要到此結束。如需更詳細的分析，請參考我們計劃今天提交的 10-Q 表格。

I will now turn the call back over to Paul. Paul?

我現在將把電話轉回給保羅。保羅？

Thanks, Josh. The landscape right now is froth with opportunities for Kubient as we've reinforced our balance sheet and have begun capitalizing on the quality of our staff and offerings. The excitement for what lies ahead is alive and well with our management and organization as a whole. We intend to continue operating efficiently as a lean and mean company, as a small team, looking to solve very big problems.

謝謝，喬希。隨著我們加強了資產負債表並開始利用我們員工和產品的質量，現在的前景充滿了 Kubient 的機會。我們的管理層和整個組織都對未來充滿興奮。我們打算繼續作為一家精益求精的公司和一個小團隊高效運營，以解決非常大的問題。

Now I'll turn it over to the operator for Q&A.

現在我將其轉交給運營商進行問答。

(Operator Instructions) Your first question is coming from Jack Codera of the Maxim Group.

（操作員說明）您的第一個問題來自 Maxim Group 的 Jack Codera。

This is Jack Codera calling in for Jack Vander Aarde. I have a couple. Last quarter, there was some cost cutting. It sounds like you guys kind of got yourselves in the right spot. And I think you mentioned there was 21 full-time employees, which got you about 24 to 36-month runway. I was wondering if that's still the case. And then just any color on any strategic changes surrounding that at all?

我是 Jack Codera 為 Jack Vander Aarde 打電話。我有一對。上個季度，有一些成本削減。聽起來你們好像來對地方了。我想你提到有 21 名全職員工，這讓你有大約 24 到 36 個月的跑道。我想知道是否仍然如此。然後圍繞它的任何戰略變化有任何顏色嗎？

Sure. Great to talk to you, Jack. And obviously, I'll let Josh comment on some of the financial details, but the reality is we all saw a huge shift in advertising, number one, due to COVID and then, obviously, number two, due to the financial markets moving. So we wanted to be proactive with the cash we had on hand and be very strategic on how we spend that money.

當然。很高興和你交談，傑克。顯然，我會讓 Josh 評論一些財務細節，但現實是我們都看到了廣告的巨大轉變，第一，由於 COVID，然後，很明顯，第二，由於金融市場的變化。因此，我們希望積極主動地使用手頭的現金，並在如何花這筆錢方面非常有戰略意義。

So as you noted, we did make some very hard, tough cuts towards the beginning of this year. We're starting to see some of the dust settle and brands get back into a more normalized media plan. So we've begun internally looking at where do we start to fill in some of the head count, especially on the tech side relating to KAI. And then also on the business development side where we went all the way down to 2 salespeople.

因此，正如您所指出的，我們在今年年初確實進行了一些非常艱難的削減。我們開始看到一些塵埃落定，各品牌重新採用更加規範化的媒體計劃。所以我們已經開始在內部研究我們從哪裡開始填補一些人手，特別是在與 KAI 相關的技術方面。然後在業務開發方面，我們一直到 2 名銷售人員。

So it's challenging to really scale and get the traction we're looking for with those types of numbers. So hopefully, next quarter, when we have this call again, we're going to talk about some additional head count and also some strategic news as well around KAI.

因此，真正擴展並獲得我們正在尋找的這些類型的數字的牽引力是一項挑戰。所以希望下個季度，當我們再次接到這個電話時，我們將討論一些額外的員工人數以及一些關於 KAI 的戰略新聞。

So with that being said, Josh, if you just want to go into a little more detail on the cost savings of where we are and any further we might get will be helpful.

話雖這麼說，喬希，如果你只是想更詳細地了解我們所處的成本節約以及我們可能進一步節省的成本，將會有所幫助。

Yes. I mean I don't really have much to add, Paul. But yes, we did make the cuts that Paul mentioned. And we are finally seeing the benefits of those cuts over the last few months. And as Paul mentioned, we're always looking to hire the right people in the right places. And with the way the landscape has been changing, we're looking forward to some good opportunities there.

是的。我的意思是我真的沒有太多要補充的，保羅。但是，是的，我們確實進行了 Paul 提到的削減。在過去幾個月中，我們終於看到了這些削減的好處。正如保羅所提到的，我們一直在尋求在合適的地方僱用合適的人。隨著格局的變化，我們期待著那裡的一些好機會。

That's amazing color. And if I can kind of switch gears. I had a couple of questions on KAI. There were some press releases kind of mid-October and you guys mentioned again today, 20% of -- on the CTV content, like 20% is monetized.

那是驚人的顏色。如果我可以換檔的話。我有幾個關於 KAI 的問題。 10 月中旬發布了一些新聞稿，你們今天再次提到，20% 的內容是關於 CTV 內容，比如 20% 是貨幣化的。

It sounds like a really compelling value proposition. I was wondering if you can speak kind of overall what that TAM is in like the connected TV market, and then any color for the strategic road map of that solution?

這聽起來像是一個非常引人注目的價值主張。我想知道您是否可以總體上說一下 TAM 在聯網電視市場中的情況，然後是該解決方案的戰略路線圖的任何顏色？

Sure. So what we were hearing back from a lot of our partners is a lot of budget was moving to CTV or connected TV, which is just a massively big opportunity for us because of the fact that it's new. And when things are new, and there's a lot of money involved, it typically attracts a lot of fraud. So it was a really, really good opportunity for us to insert KAI, start to identify what's real, what isn't real, et cetera.

當然。所以我們從很多合作夥伴那裡聽到的是，很多預算都轉移到了 CTV 或聯網電視上，這對我們來說是一個巨大的機會，因為它是新的。當事情是新的，並且涉及大量資金時，它通常會吸引很多欺詐行為。所以這對我們來說是一個非常非常好的機會，可以插入 KAI，開始識別什麼是真實的，什麼不是真實的，等等。

But then what we started to notice also is that a lot of errors were firing within the auction marketplace. At the end of the day, connected TV is an application that sits on a device. It's usually a television that hangs on your wall. The fact that it's somewhat of a newer channel, you're going to see a lot of people setting campaigns up improperly, installing the apps into the marketplaces improperly. So we see all of this with KAI.

但隨後我們也開始注意到，拍賣市場中出現了很多錯誤。歸根結底，聯網電視是一種安裝在設備上的應用程序。它通常是掛在牆上的電視機。事實上，它是一個較新的渠道，你會看到很多人不正確地設置活動，不正確地將應用程序安裝到市場中。所以我們通過 KAI 看到了所有這些。

We're able to see, okay, this partner connected to outdoor TV or Fox TV, they're getting an error message. And we met with somebody recently at a conference here in New York called Programmatic I/O, and she told me that she has 3 full-time employees where all they're doing is trying to troubleshoot the error messages that they're getting. So we realized that if we can make this available on our dashboard, we can very easily help both the buy and the sell side transact. The publishers make upwards of 20% more using KAI, using our platform.

我們可以看到，這個合作夥伴連接到戶外電視或 Fox TV，他們收到一條錯誤消息。我們最近在紐約這裡的一個名為 Programmatic I/O 的會議上遇到了一個人，她告訴我她有 3 名全職員工，他們所做的就是嘗試解決他們收到的錯誤消息。所以我們意識到，如果我們可以在我們的儀表板上提供它，我們就可以非常輕鬆地幫助買賣雙方進行交易。使用我們的平台，出版商使用 KAI 的收入增加了 20% 以上。

So we don't have numbers right now because a lot of people on the TAM for connected TV, they're also adding in other channels around video. But we just hear anecdotally that almost every brand is pushing more and more dollars into connected TV and Kubient and our KAI solution be able to give back 20% more revenue to those app owners.

所以我們現在沒有數字，因為很多人在 TAM 上觀看聯網電視，他們也在圍繞視頻添加其他頻道。但我們只是聽說幾乎每個品牌都在向聯網電視投入越來越多的資金，而 Kubient 和我們的 KAI 解決方案能夠將 20% 的收入返還給這些應用程序所有者。

This has been pie-in-the-sky type thinking. This is -- here's actionable insights today, very clear and concise on a dashboard that allow you to make more money. And having this as a byproduct because of this amazing KAI Dashboard has just been -- it's been so well received. It's good news for us.

這是天上掉餡餅的想法。這是 - 這是今天可操作的見解，在儀表板上非常清晰和簡潔，可以讓您賺更多的錢。由於這個令人驚嘆的 KAI 儀表板，它作為副產品剛剛出現——它受到瞭如此廣泛的歡迎。這對我們來說是個好消息。

Yes, that's amazing. And then I had one last one. It's exciting to hear you -- it sounds like you guys are confident to get the patent by the end of the year. I think I heard that right. And I was just wondering generally what sort of infringement that patent is going to protect.

是的，這太棒了。然後我有最後一個。很高興聽到您的聲音——聽起來你們有信心在年底前獲得專利。我想我沒聽錯。我只是想知道該專利將保護哪種侵權行為。

And then also, I don't know if I was reading through wrong, but it sounds like maybe that is some sort of leverage on the sales front. Is that beneficial to you guys as well?

然後，我不知道我是否讀錯了，但聽起來這可能是銷售方面的某種槓桿。這對你們也有好處嗎？

It is. And when you talk about the infringement piece and we did put in our press release today, there's not many companies out there that have patented technology in digital advertising. The fact that we were able to develop this product, the fact that we're able to get a patent as far as we have and, like we mentioned, we're basically at the final stage of approval, we think there's going to be a lot of opportunity to look at others in the industry that are using our footprint or our fingerprint, if you will, and defend that vigorously.

這是。當你談到侵權時，我們今天確實發布了新聞稿，但在數字廣告領域擁有專利技術的公司並不多。事實上，我們能夠開發這個產品，我們能夠盡可能獲得專利，正如我們提到的，我們基本上處於批准的最後階段，我們認為將會有如果你願意的話，有很多機會看看業內其他人正在使用我們的足跡或指紋，並大力捍衛這一點。

So we have a very competent and experienced law firm that handled us with our patent work. We also have a very strong litigation team. So not to say we want to become litigious, but we spent a lot of time, a lot of shareholder and investor dollars in the development of KAI. So we will spend and we will work very hard to defend what we've built.

因此，我們有一家非常稱職且經驗豐富的律師事務所來處理我們的專利工作。我們還有一個非常強大的訴訟團隊。所以並不是說我們想打官司，而是我們在 KAI 的開發上花費了大量時間、大量股東和投資者資金。所以我們會花錢，我們會非常努力地捍衛我們已經建立的東西。

And I think it does give us a huge advantage because a lot of companies have a very black box model of how they are allegedly preventing ad fraud. So the fact that the U.S. patent office looked very deeply into what we've built, the technology, the methodology and was able to say, "Okay, this is noteworthy enough to be protected with a patent," I think that's going to be front and center in a lot of our future conversations.

而且我認為它確實給了我們一個巨大的優勢，因為很多公司都有一個非常黑箱的模型來說明他們如何防止廣告欺詐。所以事實上，美國專利局非常深入地研究了我們已經建立的東西、技術、方法，並且能夠說，“好吧，這足以受到專利保護，”我認為這將是在我們未來的許多對話中處於前沿和中心位置。

At this time, this concludes the company's question-and-answer session. If your question was not taken, you may contact Kubient's Investor Relations team at kubient@gatewayir.com. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

至此，公司問答環節到此結束。如果您的問題沒有被採納，您可以通過 kubient@gatewayir.com 聯繫 Kubient 的投資者關係團隊。我現在想把電話轉回給羅伯茨先生，讓他發表結束語。

Thank you, operator. And I just want to thank everyone for joining us today on our Q3 2022 earnings call. I especially want to take a moment and thank our employees. Obviously, it's been challenging times, and we want to really just say thank you again to everybody, our partners, our investors and customers for their support. We appreciate your continued interest in Kubient and look forward to updating you on our next call. Operator?

謝謝你，運營商。我只想感謝大家今天加入我們的 2022 年第三季度財報電話會議。我特別想花點時間感謝我們的員工。顯然，這是一個充滿挑戰的時代，我們真的想再次感謝大家、我們的合作夥伴、我們的投資者和客戶的支持。我們感謝您對 Kubient 的持續關注，並期待在我們的下一次電話中為您更新。操作員？

Thank you for joining us today for Kubient's Third Quarter and 2022 Earnings Conference Call. You may now disconnect.

感謝您今天加入我們參加 Kubient 第三季度和 2022 年收益電話會議。您現在可以斷開連接。