MNTN, Inc. (MNTN) 2026 Q1 法說會逐字稿

Hello and welcome to the MNTN first-quarter 2026 results call. (Operator Instructions)

您好，歡迎參加 MNTN 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Brinlea Johnson please go ahead.

我現在把會議交給 Brinlea Johnson，請開始。

Good afternoon. Thank you for joining us for MNTN's first-quarter 2026 earnings call. With me today is Mark Douglas, CEO; and Patrick Pohlen, CFO.

各位下午好。感謝各位參加 MNTN 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Mark Douglas，以及財務長 Patrick Pohlen。

Just to remind everyone, today's call includes forward-looking statements that are subject to risks and uncertainties, and actual results can materially differ from those anticipated in these forward-looking statements. For the risks and uncertainties that may affect future results, please see our most recently filed periodic report, which is also available on our website.

提醒各位，今天的電話會議包含前瞻性陳述，可能受到風險與不確定性影響，實際結果可能與這些前瞻性陳述所預期者有重大差異。關於可能影響未來結果的風險與不確定性，請參閱我們最近提交的定期報告，亦可於我們網站上取得。

We will also discuss non-GAAP financial measures on today's call. Reconciliations of these measures are available in our earnings materials on our website.

我們也將在今天的電話會議中討論非 GAAP 財務衡量指標。這些指標的調節表已收錄於我們網站上的財報資料中。

And with that, I'll turn the call over to Mark. Please go ahead.

那麼，我把電話會議交給 Mark。請開始。

Thank you for joining us today. MNTN reported strong financial results, delivering first-quarter revenue growth of 25% year over year, along with strong adjusted EBITDA growth of 74% year over year and record positive net income.

感謝各位今天加入我們。MNTN 公布了強勁的財務表現，第一季營收年增 25%，同時調整後 EBITDA 年增 74%，並創下淨利為正的歷史新高。

Before we get into the numbers, I want to take a step back and remind everyone about MNTN's unique value proposition in the connected TV market, and then discuss our future priorities that continue to position MNTN for a long runway (inaudible).

在進入數字之前，我想先退一步，提醒各位 MNTN 在連網電視（Connected TV）市場的獨特價值主張，並接著談談我們未來的優先事項，這些事項將持續讓 MNTN 擁有很長的成長跑道(聽不清楚)。

I've said this many times, I've founded MNTN with the mission to democratize television advertising. Democratizing TV means bringing any size brand from emerging e-commerce companies to category leaders to the most exciting storytelling medium in the world, the TV in your home. And doing this for one reason: to enable emerging organizations to grow their business and drive incremental revenue.

我已多次提到，我創立 MNTN 的使命是讓電視廣告民主化。讓電視民主化，意味著讓任何規模的品牌——從新興電商公司到品類領導者——都能進入世界上最令人興奮的敘事媒介：你家中的電視。而這麼做只有一個原因：協助新興組織擴大業務並帶動增量營收。

These brands want to reach very specific consumers alongside content that not only performs well, but elevates their brand, and they want that investment to be measurable from the start. That's performance marketing applied to television.

這些品牌希望在不僅表現良好、也能提升品牌形象的內容旁，觸及非常特定的消費者，並且希望從一開始就能衡量這項投資的成效。這就是把成效行銷應用到電視上。

It's simple. Choose your budget, your audience, your goals, and upload your creative. Everything is automated from targeting and optimization, bringing digital, marketing precision, and accountability to streaming TV.

很簡單。選擇你的預算、受眾、目標，並上傳你的創意素材。從受眾鎖定到最佳化全部自動化，把數位行銷的精準度與可問責性帶到串流電視。

AI plays an ever-expanding role in that automation, but we're using AI in creative, too. QuickFrame AI, our AI-powered creative video platform, was released from beta this morning and has become one of the fastest-growing elements in the mountain suite. Our customers benefit from using QuickFrame AI as it combines AI video generation with professional-grade creative controls, so teams can produce polished videos easily, iterate continuously, and go live quickly.

AI 在這些自動化中扮演日益擴大的角色，但我們也在創意端使用 AI。QuickFrame AI——我們以 AI 驅動的創意影片平台——今天上午已結束 Beta 測試正式發布，並成為 MNTN 產品套件中成長最快的元素之一。客戶使用 QuickFrame AI 可受益於其結合 AI 影片生成與專業級創意控制，讓團隊能輕鬆製作精緻影片、持續迭代，並快速上線。

The latest release, QuickFrame AI 3.0, brings a major expansion of capabilities. This update includes saveable characters, a new storyboard editor, collaborative editing, and more. It continues to evolve as a creative platform designed to accelerate creative output and bring more campaigns to market with less friction.

最新版本 QuickFrame AI 3.0 帶來能力的大幅擴充。本次更新包含可儲存的角色、新的分鏡腳本編輯器、協作式剪輯等功能。它持續演進為一個旨在加速創意產出、以更少摩擦讓更多行銷活動上市的創意平台。

MNTN has consistently led through product innovation. We've been first in performance TV in a number of innovations that directly impact our customers. That includes the first brand-direct self-serve platform for television, the first company to bring performance advertising to connected TV, the first to provide AI targeting for connected TV, and the first to provide creative AI tools that can create TV commercials in minutes.

MNTN 一直以產品創新領先。在多項直接影響客戶的創新上，我們在成效型電視（Performance TV）領域率先推出。包括：首個品牌直達的電視自助式平台、首家將成效廣告帶入連網電視的公司、首家為連網電視提供 AI 受眾鎖定的公司，以及首家提供可在數分鐘內製作電視廣告的創意 AI 工具。

We'll continue to innovate and expand our AI capabilities with several new features already in customer beta and moving towards broader release.

我們將持續創新並擴展 AI 能力，目前已有多項新功能在客戶 Beta 測試中，並正邁向更廣泛的發布。

We also recently announced the addition of Garland Hill as Mountain's Chief Revenue Officer and Peter Blacker as Head of Content.

我們近期也宣布任命 Garland Hill 擔任 MNTN 的首席營收長（Chief Revenue Officer），並任命 Peter Blacker 擔任內容主管（Head of Content）。

Garland was previously Head of Growth at TikTok. He launched that team from scratch to over 1,000 people and billions in revenue. Prior to TikTok, Garland led the CPG sales team at Meta. No one is better suited to lead and continue to build MNTN's revenue.

Garland 先前是 TikTok 的成長主管。他從零開始建立該團隊，擴展至超過 1,000 人，並創造數十億美元營收。在加入 TikTok 之前，Garland 曾在 Meta 領導 CPG（民生消費品）銷售團隊。沒有人比他更適合領導並持續打造 MNTN 的營收成長。

Peter Blacker's previous role was head of streaming at NBC Universal. We built NBC's streaming division. Television has the best content in the world, and Peter's role at MNTN is to ensure MNTN provides our customers access to nearly all of that content.

Peter Blacker 先前的職務是 NBC Universal 的串流業務主管。我們建立了 NBC 的串流事業部門。電視擁有世界上最好的內容，而 Peter 在 MNTN 的角色是確保 MNTN 能讓客戶取得幾乎所有這些內容的投放機會。

In Q1, we provided our customers access to performance advertising across nearly all streaming networks, including advertising on March Madness, the NFL playoffs, Major League Baseball, reality content like Housewives, Traders, and more. We have even more exciting content continuing to roll out through the Peters efforts. Together, they fortify two key areas of our growth strategy, scaling revenue and continued access to the best TV content available.

在第一季，我們讓客戶能在幾乎所有串流媒體網路上投放成效廣告，包括「三月瘋」（March Madness）、NFL 季後賽、美國職棒大聯盟（MLB）、以及《Real Housewives》、《Traitors》等實境內容等。透過 Peter 的努力，還有更多令人振奮的內容將持續上線。兩位新任主管共同強化我們成長策略的兩大關鍵領域：擴大營收規模，以及持續取得最優質的電視內容資源。

Looking ahead, our priorities are clear. First, continue to attract new customers. We're very focused on bringing new customers onto our platform and actively expanding our footprint in the SMB market. We're executing on a massive opportunity and a TAM that we created, having successfully transformed TV into a measurable, performance-driven advertising channel.

展望未來，我們的優先事項很明確。第一，持續吸引新客戶。我們非常專注於把新客戶帶上平台，並積極擴大我們在中小企業（SMB）市場的版圖。我們正在把握一個龐大的機會，以及由我們所開創的總可服務市場（TAM）：我們已成功把電視轉型為可衡量、以成效為導向的廣告渠道。

Second, innovate and launch new products. We continue to invest in R&D and have a strong product pipeline, position on this market. As of today, over 50% of MNTN's headcount is engineering, which we believe is the highest in our industry.

第二，創新並推出新產品。我們持續投資研發（R&D），並擁有強勁的產品管線，以鞏固我們在此市場的定位。截至今日，MNTN 超過 50% 的員工人數為工程人員，我們相信這是本產業中最高的比例。

Third, leverage AI. AI is an enabler to our business to both improve our product innovation and to become more efficient in our own operations to drive margin expansion.

第三，善用 AI。AI 是我們業務的賦能者，既能提升產品創新，也能讓我們自身營運更有效率，以推動利潤率擴張。

And finally, accelerate our go-to-market. We are investing in sales and partnerships to broaden distribution and reach more customers. MNTN is helping a whole new generation of marketers unlock the full potential of television as a performance channel. With solid customer growth, continued innovation across our platform, and expanding margins, MNTN is well-positioned for sustained growth and profitability.

最後，加速我們的市場推進（go-to-market）。我們正在投資銷售與合作夥伴關係，以擴大通路並觸及更多客戶。MNTN 正協助新一代行銷人員，釋放電視作為成效渠道的全部潛力。憑藉穩健的客戶成長、平台持續創新，以及利潤率擴張，MNTN 已具備持續成長與獲利的良好條件。

Now I'll turn it over to Patrick.

現在我把時間交給 Patrick。

Thank you, Mark. We reported strong first quarter results to start the year, exceeding our prior revenue and adjusted EBITDA guidance. Our solid performance reflects continued customer adoption of performance TV, particularly by companies that had not previously advertised on television.

謝謝你，Mark。我們以強勁的第一季表現為今年揭開序幕，營收與調整後 EBITDA 皆超越先前指引。我們的穩健表現反映客戶持續採用成效型電視（Performance TV），尤其是過去從未在電視上投放廣告的公司。

Our first-quarter revenue increased to $73.7 million, 25% year over year after adjusting for the divestiture of Maxim Effort on April 1, 2025. To note, this will be the last quarter where we report revenue, excluding Maxim Effort. We again included a table in our press release and also in our investor presentation that breaks out our revenue growth and gross margin over the past several quarters, both including and excluding the prior year's contribution from maxim effort.

我們第一季營收增至 7,370 萬美元；在調整 2025 年 4 月 1 日剝離 Maxim Effort 的影響後，年增 25%。需要說明的是，這將是我們最後一季在營收揭露中排除 Maxim Effort 的影響。我們在新聞稿以及投資人簡報中再次附上一張表格，拆解過去幾季的營收成長與毛利率，並同時呈現包含與不包含前一年 Maxim Effort 貢獻的數據。

First-quarter gross margins improved to 81%, up 1,220 basis points over the prior year period. Our core PTV business improved over 980 basis points, with the balance coming from the impact of the maximum effort divestiture, as well as a full quarter of reduced hosting costs.

第一季毛利率提升至 81%，較去年同期增加 1,220 個基點。我們核心 PTV 業務改善超過 980 個基點，其餘則來自 Maxim Effort 剝離的影響，以及主機託管成本降低的完整一季效益。

As you can see from the table in our earnings release, at the end of Q1, we had 3,874 active PTV customers when measured over the trailing 12 months. On a year-over-year basis, this represents growth of 46%. It's worth reiterating that the number of active PTD customers we bring onto the platform is entirely within our control and is predominantly a function of how firmly we step on the accelerator to move down market.

如您從我們財報新聞稿中的表格所見，截至第一季末，以過去12個月滾動期間衡量，我們有3,874位活躍的PTV客戶。以年對年來看，這代表46%的成長。值得再次強調的是，我們導入平台的活躍PTD客戶數量完全在我們的掌控之中，且主要取決於我們在下沉市場時踩下油門的力度。

Our intent is to regularly evaluate and adjust our efforts to ensure that we are onboarding clients that have strong product market fit and a likelihood of. Succeeding on our platform, and as a result, this number will bounce around from quarter to quarter.

我們的目標是定期評估並調整我們的投入，以確保我們正在導入的客戶具有強勁的產品市場契合度，並且有較高的可能性在。我們的平台上取得成功，因此，這個數字會在各季度之間上下波動。

Our expansion rate, which measures the spend of our current customers as compared to those same customers spent a year ago, is quite healthy and remains well north of 115%, continuously demonstrating that when our customers achieve their desired returns on advertising spend, they continue to increase their budgets with us.

我們的擴張率（衡量現有客戶相較於一年前同一批客戶的支出）相當健康，且持續遠高於115%，不斷證明當客戶達成其期望的廣告投資報酬時，他們會持續提高在我們這裡的預算。

Total operating expenses for the first quarter were $50.4 million. For the first quarter, we achieved positive net income of $8.8 million for a GAAP EPS of $0.12.

第一季的營運費用總額為5,040萬美元。第一季我們達成正的淨利8,80萬美元，GAAP每股盈餘為0.12美元。

Adjusted EBITDA increased to $16.3 million, up from $9.4 million in Q1 of 2025, an increase of 74%. The company's adjusted EBITDA margin grew to 22.2%, up 770 basis points compared to 14.5% in Q1 of 2025. The improvement was driven by increased revenue and gross margin expansion and demonstrates the leverage inherent in our model.

調整後EBITDA增至1,630萬美元，高於2025年第一季的940萬美元，增幅為74%。公司調整後EBITDA利潤率提升至22.2%，較2025年第一季的14.5%提高770個基點。此改善由營收增加與毛利率擴張所帶動，並展現我們商業模式內在的槓桿效應。

Although we are committed to gradually delivering operating leverage, our primary focus is on pursuing strong growth rather than maximizing our margins. Accordingly, we will continue to aggressively and strategically invest in sales and marketing to drive penetration into this nascent but large market opportunity. This may cause our EBITDA margins to bounce around from quarter to quarter, as the timing of our investments may not always match the slope of our revenue growth.

儘管我們致力於逐步釋放營運槓桿，我們的首要重點仍是追求強勁成長，而非將利潤率最大化。因此，我們將持續在銷售與行銷上積極且策略性地投資，以推動在這個仍處早期但規模龐大的市場機會中的滲透率。由於投資時點未必總能與營收成長斜率一致，這可能使我們的EBITDA利潤率在各季度之間上下波動。

Our balance sheet remains strong, and we ended the quarter with $215 million in cash and cash equivalents with no borrowings outstanding. We ended the quarter with 73.9 million shares outstanding. And looking ahead, we remain confident in our momentum and the underlying health of our business.

我們的資產負債表依然強勁，本季末持有2.15億美元的現金及約當現金，且沒有任何未償借款。本季末流通在外股數為7,390萬股。展望未來，我們對自身動能以及業務的基本健康狀況仍充滿信心。

For Q2 2026, we expect revenue in the range of $81 million and $83 million, representing 20% year-over-year growth at the midpoint of $82 million.

對於2026年第二季，我們預期營收介於8,100萬至8,300萬美元，以中位數8,200萬美元計算，年對年成長20%。

We expect adjusted EBITDA to be between $19 million and $22 million, reflecting continued leverage as we scale the business. While continuing to remain disciplined in our investments. For the full year 2026, we are raising our revenue guidance to the range of $347 million and $357 million, representing over 24% year-over-year growth at the midpoint of $352 million when normalizing for the effect of the divestiture of maximum effort.

我們預期調整後EBITDA介於1,900萬至2,200萬美元，反映隨著業務規模擴大而持續釋放槓桿效益。同時也將持續維持投資紀律。對於2026年全年，我們將營收指引上調至3.47億至3.57億美元區間；在將「Maximum Effort」剝離的影響正規化後，以中位數3.52億美元計算，年對年成長超過24%。

We expect adjusted EBITDA to be between $96 million and $101 million. To wrap up, we delivered another solid quarter and believe MNTN will continue to gain market share in the massive performance television market. We are confident that our future growth initiatives and the strength of our operating model will position MNTN to drive continued growth and profitability.

我們預期調整後EBITDA介於9,600萬至1.01億美元。總結來說，我們再度交出穩健的一季，並相信MNTN將在龐大的績效電視市場中持續提升市占率。我們有信心，未來的成長計畫與我們營運模式的優勢，將使MNTN得以推動持續成長與獲利能力提升。

With that, we'll open up the line for questions.

接下來，我們開放提問。

(Operator Instructions) Shyam Patil, Susquehanna.

(接線員指示) Shyam Patil，Susquehanna。

Congrats on the continued strong execution and results. Mark, I had one question for you. You mentioned in your script that the company has made some pretty significant hires with some very strong backgrounds in this space. Can you just talk a little bit more about this and maybe what you're envisioning? Thank you.

恭喜持續展現強勁的執行力與成果。Mark，我有一個問題想請教你。你在講稿中提到公司在這個領域延攬了幾位相當重要、背景非常強的人才。你能否再多談一些，以及你對此的構想？謝謝。

Yeah, thanks for the question. So what we're seeing is that we think the market that essentially we created, which is the concept of performance TV and bringing television to the small and mid-sized business sector, that that market is starting to move kind of early adopt to the mainstream. And so we added these individuals to the team, Garland Hill, Peter Blacker, and they, of course, are also adding people to the teams.

好的，謝謝你的提問。我們看到的是，我們認為基本上由我們所創造的市場——也就是績效電視（performance TV）的概念，並將電視帶入中小企業市場——正開始從早期採用者走向主流。因此我們把這些人加入團隊，包括Garland Hill、Peter Blacker，而他們當然也會為各自的團隊增補人員。

Their teams that they're building out in the company in order to kind of meet that mainstream market head on. Garland in particular, he has been involved in significant build outs in the performance marketing space. I think his experience, his knowledge, his skills, and his network are incredibly valuable to the company.

他們正在公司內擴建的團隊，是為了正面迎戰主流市場。Garland尤其如此，他曾參與績效行銷領域的大規模團隊與業務建置。我認為他的經驗、知識、技能與人脈對公司極具價值。

Same with Peter in turn, he was there day one building out streaming at NBC Universal, kind of building out that team and our whole concept of NBCUniversal and Peacock. So I'm pretty excited about these individuals, them being on the team, the people they're going to bring.

Peter也是一樣；他在NBC Universal從第一天起就參與串流業務的建置，打造那支團隊，以及我們整個NBCUniversal與Peacock的概念。所以我對這些人加入團隊、以及他們將帶來的人才感到非常興奮。

And I'm excited for -- kind of as the year unfolds and we see the market kind of going, like I said, from that early adopt, moving from that early adoptive phase into the kind of mainstream segment where every company starts to expect that they can be on television as part of their marketing mix.

而且我也很期待——隨著今年的推進，我們會看到市場如我所說，從早期採用階段走向主流區隔；屆時每家公司都會開始期待，電視能成為其行銷組合的一部分。

Ronald Josey, Citi.

Ronald Josey，花旗（Citi）。

Great. Thanks for taking the question. Mark, I want to ask about your streaming partners and just with the addition of more and more tentpole events like March Madness, NHL playoffs and. And obviously the hire of Peter. Just talk just how your partnerships have evolved here and how your partners are viewing you as an additional source of monetization. Anything's changed here or perhaps accelerated?

很好。謝謝讓我提問。Mark，我想問你們的串流合作夥伴；隨著越來越多的旗艦級活動加入，例如NCAA三月瘋（March Madness）、NHL季後賽以及。以及顯然你們聘用了Peter。請談談你們的合作關係在這裡如何演進，以及合作夥伴如何將你們視為額外的變現來源。這裡有什麼改變，或是有加速嗎？

And then I wanted to ask, of course, on QuickFrame AI 3.0, clearly with we're now on version 3 after having been in beta for only maybe since the fall. Just talk just how the sales cycles have been post-QuickFrame, how conversion rates, anything along those lines. Thank you.

另外我也想問，當然，關於QuickFrame AI 3.0；很明顯我們現在已經到第3版，而從去年秋天起可能才剛進入beta不久。請談談導入QuickFrame之後的銷售週期如何、轉換率如何，或任何相關指標。謝謝。

Sure. So in terms of the -- well, I'm sorry, I can't call this streaming partner is an evolution. Streaming partner is an evolution. Yeah, sorry about that. I started thinking about the quick break question.

當然。所以就——嗯，抱歉，我不能把這稱作串流合作夥伴的演進。串流合作夥伴是一種演進。對，抱歉。我開始在想QuickFrame的問題了。

So I think what's really critical here is that in order for performance marketing to work, you have to reach the consumer where they are, right? So meaning that you can't pick a network and maybe some of. People that you want to reach or watching, you need to reach everyone that's within the target group of consumers that you're going after.

我認為這裡真正關鍵的是，若要讓績效行銷奏效，你必須在消費者所在之處觸及他們，對吧？也就是說，你不能只選一個電視網，然後也許其中有一些。你想觸及的人正在收看；你需要觸及你所鎖定的那個消費者目標族群中的每一個人。

So we previously have built out relationships with virtually every streaming network in America, but as the overall connected TV space has brought on things like live sports, like you said, tent pole events like the Oscars. As those have come to streaming, we think it's important that we be bringing our customers to those events also.

我們先前已與美國幾乎所有串流平台建立合作關係；但隨著整體連網電視（Connected TV）領域引入像你提到的現場體育賽事、以及像奧斯卡這類旗艦級活動。當這些內容轉向串流時，我們認為也必須把客戶帶到這些活動上。

And so bringing Peter on, he would, obviously this year, NBC is like covering virtually everything. They have the Olympics. I think the the World Cup, just his experience and knowledge in terms of how that content plays out with all the relationships that we already have with these networks, as well as he has. We just thought that that was a role where we wanted someone with just tremendous experience in this industry to be making sure that MNTN is giving our customers access to everything.

因此聘請Peter加入；顯然今年NBC幾乎涵蓋所有內容。他們有奧運。我想還有世界盃；就他在內容如何落地呈現方面的經驗與知識，再加上我們既有與這些電視網的關係，以及他本身的人脈。我們認為這是一個我們希望由具備極其豐富產業經驗的人來擔任的角色，以確保MNTN能讓客戶取得所有內容的投放機會。

And then in terms of relation with networks, I believe. They view us as a growth channel. Now, I've said this that many times before, 95% of our customers have never advertised on television before. And so that's net new revenue in industry. So that means to MNTN and to our partners. And so this is just, his role is just a really important part of wherever the consumer, that target consumer is, MNTN is there and we're bringing our customers there with us.

接著就與各大聯播網的關係而言，我認為。他們把我們視為一個成長通路。我以前也說過很多次，我們有 95% 的客戶過去從未在電視上投放過廣告。因此，這對整個產業而言是全新的增量營收。所以這對 MNTN 以及我們的合作夥伴都很重要。因此，這就是——他的角色在於：無論消費者、也就是目標消費者在哪裡，MNTN 就在那裡，而我們也把客戶一起帶到那裡。

And then in terms of the comment or the question about QuickFrame AI. The product is new. We want it to really work. We're going after not just video clips, full-blown, professional-quality commercials. So we did a long beta. We've had many companies use QuickFrame AI and continue to use QuickFrame.

接著關於對 QuickFrame AI 的評論或提問。這個產品是新的。我們希望它真的能運作得很好。我們追求的不只是影片片段，而是完整的、專業品質的商業廣告。所以我們做了很長時間的 Beta 測試。已經有很多公司使用 QuickFrame AI，並且持續使用 QuickFrame。

And we thought with this version 3, this was really fully ready for anyone to use, and we're really excited. The team is excited, and we're excited. With the commercials that people are building in the product and that they're going to continue to build.

我們認為在第 3 版，這已經真正完全準備好讓任何人使用，我們非常興奮。團隊很興奮，我們也很興奮。對於大家在產品中正在製作、以及未來會持續製作的那些廣告。

In terms of a question about the sales cycle for QuickFrame AI, currently that we -- most of our younger customers, I guess you could say small businesses, or in some way using quick frame AI, and so we're excited about that. But we're not really measuring in terms of length, the sales cycle, we're measuring it more in terms of how quickly can companies get live and can they keep refreshing their creative over and over and over again after they're live.

至於關於 QuickFrame AI 銷售週期的問題，目前我們——我們較新的客戶，多半可以說是小型企業，或以某種方式在使用 QuickFrame AI，所以我們對此感到很興奮。但我們並沒有真正以銷售週期長短來衡量；我們更多是以公司能多快上線，以及上線後能否一再、一再、一再地持續更新他們的創意素材來衡量。

So those are stats we're looking at, we're excited about where that's headed.

所以這些是我們在看的統計指標，我們也對其發展方向感到興奮。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Thanks so much for taking the questions. I'd like to start off in terms of guidance. The full-year guide implies just an acceleration in the back half. Can you guys either explain that to us or just talk to us about the confidence you have to be able to achieve that?

非常感謝讓我提問。我想先從財測指引談起。全年指引意味著下半年會加速成長。你們能否為我們解釋一下，或談談你們對於能達成該目標的信心來源？

And then, Patrick, I think in your comments earlier, you talked about throttling new customers in terms of onboarding. Can you just talk to us in terms of how you guys think about the pacing of onboarding customers and what may be a good fit for the platform versus may not be? Just help us understand the dynamics of what you guys are looking for in terms of customer ads. Thanks so much.

另外，Patrick，我想你在先前的評論中提到，會在導入（onboarding）方面對新客戶進行節流（throttling）。你能否談談你們如何看待客戶導入節奏，以及哪些客戶可能適合這個平台、哪些可能不適合？也請幫助我們理解，你們在客戶廣告方面所觀察與重視的動態。非常感謝。

Sure. So I'll take the first one, and Mark and I may share the second one, Andrew. So we continue to see a lot of strength in the PTV business, and that's indicated in both our Q2 guide and our fiscal year guide. We anticipate continued growth in revenue and adjusted EBITDA and see a long runway of growth ahead of us.

好的。我先回答第一個問題，第二個問題我和 Mark 可能會一起回答，Andrew。我們持續看到 PTV 業務非常強勁，這也反映在我們的第二季指引與全年財年指引中。我們預期營收與調整後 EBITDA 將持續成長，並且看到前方仍有很長的成長跑道。

The Q2 guide is $81 million to $83 million, $82 million at the midpoint, 20% year-over-year growth. The fiscal year guide is $347 million to $357 million, 24% growth at the midpoint.

第二季指引為 8,100 萬至 8,300 萬美元，中位數為 8,200 萬美元，年增 20%。全年財年指引為 3.47 億至 3.57 億美元，中位數年增 24%。

And we continue to invest strategically in things that will drive revenue growth, particularly in sales and marketing, and we also have initiatives that, as to continue to improve our gross margin. So the combination of strong customer and revenue growth, gross margin strength, disciplined investment to drive more revenue, we think sets us up very nicely for the future.

我們也持續在能推動營收成長的事項上進行策略性投資，特別是在銷售與行銷方面；同時我們也有一些計畫，持續改善我們的毛利率。因此，強勁的客戶與營收成長、毛利率的韌性，以及為了帶動更多營收而進行的有紀律投資，我們認為這些結合起來，讓我們在未來的布局非常到位。

And in terms of the second question, I think I can start to address that. So I think the way you should think about it, or the way we think about it is you have small business and what we call mid-market. One of the lines of distinction is the size of the business, but an even more important line of distinction is as companies get larger, they have dedicated marketing teams, and those teams have basically very specific needs.

至於第二個問題，我想我可以先開始回答。我認為你可以這樣理解，或我們是這樣看待的：有小型企業，以及我們所稱的中型市場（mid-market）。其中一條區分線是企業規模，但更重要的區分在於：公司越大，就越有專職的行銷團隊，而這些團隊基本上有非常明確、特定的需求。

And our platform, we initially focused on the needs of those mid-market customers. Smaller businesses tend to be in often more kind of owner-led, owner-controlled. You have individuals in the company handling a lot of marketing who maybe not as developed a marketing skill sets. So we essentially see those as different and the needs, the core platform are the same, but some of the needs of the platform are different.

而我們的平台一開始是聚焦在那些中型市場客戶的需求。小型企業往往更偏向由老闆主導、老闆掌控。公司裡可能是由個人負責大量行銷工作，但其行銷技能組可能沒有那麼成熟。所以我們基本上把它們視為不同族群；核心平台是一樣的，但平台在某些需求面向上會有所不同。

Our mid-market has been consistently growing the entire time since we launched version one of the concept of Performance TV. We see the small business as something where we want to make sure they come on, they're successful, our cost to acquire them is where we want it to be and that they have long and sustained growth. So each quarter, or really each month, if not even each day.

自從我們推出第一版「成效型電視（Performance TV）」概念以來，我們的中型市場業務一直都在持續成長。至於小型企業，我們希望確保他們加入後能成功、我們取得客戶的成本符合我們的目標，並且他們能有長期且持續的成長。因此每一季——甚至每一個月，如果不是每天的話。

We are making adjustments in terms of how much small business we're driving towards, adjustments to the product, to the reporting and things like that. So when Patrick says we control it, what he means is we control the marketing investment and acquiring those customers. We control where they come on board in terms of product minimums.

我們都在調整：要推動多少小型企業進來、對產品做哪些調整、對報表與相關功能做哪些調整等等。所以當 Patrick 說我們會控制時，他的意思是：我們會控制行銷投資以及取得這些客戶的節奏。我們也會控制他們在產品端上線時的最低門檻（minimums）。

And we want to make sure that we continue, obviously, our success in mid-market, but we also are bringing on small business at a sustainable and responsible and profitable rate. And so that's why that part of our business, we kind of take up and make adjustments to in order to kind of really land that exactly where we want it. And that will continue to evolve over the course of the year and beyond.

我們希望確保中型市場持續成功；同時也要以可持續、負責任且具獲利性的速度導入小型企業。因此，對於這一塊業務，我們會持續調整，以便把它精準落在我們想要的位置。而這會在今年以及更長期的時間中持續演進。

And it's something that -- it's one of the most important topics in the company because to realize our full vision, we want all businesses to have access to it, but with the right features to set the right price point and something that we're constantly evolving and we have dedicated teams on.

而且這是——公司內最重要的議題之一，因為要實現我們的完整願景，我們希望所有企業都能使用它，但需要具備正確的功能、設定正確的價格帶；這也是我們持續迭代的方向，並且有專門團隊在投入。

And we did grow 46% year over year.

而且我們的年增成長是 46%。

Yeah, in terms of customer growth.

對，就客戶成長而言。

Robert Coolbirth, Evercore ISI.

Robert Coolbirth，Evercore ISI。

Hi, everybody. This is Rob on the call from Mark. Thanks for the opportunity to ask a question. I wanted to ask two, if we could. First, I just wanted to maybe follow-up on a quick frame of question. Are there any benefits you're seeing in the beta period that are giving you more confidence of the go-live times, the career of refresh, and sort of matching up the product with where it needs to be for customers to have success, especially as you go down the market in the SMB?

大家好。我是 Rob，代表 Mark 參與這通電話會議。感謝讓我有機會提問。如果可以的話，我想問兩個問題。第一個，我想跟進一下關於 QuickFrame 的問題。在 Beta 期間，你們是否看到任何好處，讓你們對上線時間、創意更新的節奏，以及讓產品更符合客戶成功所需（特別是當你們往 SMB 市場下沉）更有信心？

And just wondering, does that give you any additional confidence, Patrick, to. Invest incrementally or press a little bit harder on the accelerator, to use that metaphor. And then secondarily, the gross margin came in, I think, a fair amount better than we expected. Any levers that you've pulled in the quarter that you'd maybe like to call out?

另外想請教，這是否讓你有額外的信心，Patrick，去。逐步增加投資，或把油門再踩深一點——借用這個比喻。其次，毛利率表現我認為比我們預期好不少。這一季你們有採取哪些槓桿或措施，是你們想特別點出的嗎？

Thank you.

謝謝。

Sure. Mark and I will share the first one. In terms of -- and your question was, again, Rob?

好的。第一個問題我和 Mark 會一起回答。就——你的問題是，再確認一下，Rob？

Why are there any benefits we're seeing from that?

為什麼——我們從中看到任何好處嗎？

Why don't you do the anecdotal benefits?

你為什麼不談談一些軼事性的效益？

So I think in terms of quick frame AI, so why is version 3 the version that we're now calling full production? We basically announced that today. You'll see more in terms of marketing.

所以我想用 QuickFrame AI 的角度來看，為什麼第 3 版是我們現在稱為全面正式上線（full production）的版本？我們基本上今天就宣布了。你會在行銷方面看到更多內容。

It's essentially -- we've been literally watching customers use the product, looking at the rates of starting projects, getting them live, how much time it's taking them and we felt we were really pleased with where those metrics were getting to and kind of our ability to scale that and just kind of the knowledge that people needed to have to do it.

本質上——我們一直在實際觀察客戶如何使用產品，查看專案啟動率、上線率、他們花了多少時間；我們覺得這些指標的表現讓我們非常滿意，也對我們擴展規模的能力，以及人們需要具備哪些知識才能做到這件事，有了更清楚的掌握。

So we've kind of brought the effort down the go-live rates up in terms of QuickFrame AI. We were seeing that people with less creative skills were increasingly more successful. Part of that is the investment technology we made. I think in the announcement we announced now you can have savable characters, which is like casting inside, AI casting, essentially, savable locations.

因此，就 QuickFrame AI 而言，我們某種程度上降低了投入的努力、提高了上線率。我們看到創意技能較少的人也越來越能成功。其中一部分原因是我們在技術上的投資。我想在公告裡我們也宣布了，現在你可以有可儲存的角色（就像內建選角、AI 選角一樣），以及可儲存的場景地點。

You can pick products you want in the video, that functionality. Also, part of it is that the AI-generative models just keep getting better, and we're integrated with all of the best models, so Seedance 2.0, Kling, the Gemini VEO from Google. And other models and like that inflection point, it's hard to remember, but literally last March, you could not create a usable AI video.

你也可以選擇你希望影片中出現的產品，具備那樣的功能。另外一部分原因是，AI 生成模型本身持續變得更好，而我們也整合了所有最好的模型，例如 Seedance 2.0、Kling、Google 的 Gemini VEO。以及其他模型；而且那個拐點很難想像，但其實就在去年三月，你還無法做出可用的 AI 影片。

And we're just a little over a year later and like the evolution of these models as well as the evolution of us orchestrating them to create professional grade videos just reached a point. In terms of the benefit to our sales cycle or go live times and things like that, we're definitely seeing benefits there in terms of small business, mainly because there's no approvals involved, like the person can come on, create an account, create the video, and go live.

而我們只是在一年多之後，這些模型的演進，加上我們協同編排它們以產出專業級影片的能力，都已經到了一個程度。就對我們銷售週期或上線時間等的效益而言，我們確實看到好處，尤其在小型企業方面，主要是因為不需要任何核准流程；使用者可以進來、建立帳號、製作影片，然後就上線。

And in the mid-market segment, there tend to be a few more approvals involved. There may be professional video people involved. So we're seeing some improvement there, but the improvement on the small business sizes is pretty significant.

而在中型市場（mid-market）區隔，通常會牽涉到更多核准流程。也可能會有專業影片人員參與。所以我們也看到一些改善，但小型企業規模的改善相當顯著。

And I don't think we're ready to exactly provide those numbers, but we're really excited about the release that went production today, like really enthused about what this is going to mean for customers and where the metrics are headed in terms of QuickFrame and the resulting impact on MNTN.

我想我們還沒準備好精確提供那些數字，但我們對今天正式上線的版本非常興奮——真的很振奮，因為這將對客戶意味著什麼，以及 QuickFrame 的各項指標走向、以及對 MNTN 的最終影響。

So Rob, in terms of the cost, and so I think we have enough anecdotal evidence that it is what we thought it would be, which is an enabler to our core PTV business, particularly in small, but also we see a lot of mid-sized customers using it. The cost is -- we haven't quantified it yet because we just came out of beta, but the cost we're managing, I think, quite well, so it's worth. What we're seeing in terms of enabling both mid-sized customers and small businesses to get TV commercials to get on the platform.

所以 Rob，就成本而言，我想我們已經有足夠的軼事證據顯示它符合我們原先的預期：它能促進我們核心的 PTV 業務，特別是在小型客戶，但我們也看到很多中型客戶在使用。成本方面——我們還沒量化，因為我們才剛結束 beta，但我認為我們把成本控管得相當好，所以是值得的。我們看到它能讓中型客戶與小型企業都能製作電視廣告並上到平台。

And so I think as we now with it sort of released generally, I think we will start to track that more, but we've never really built it necessarily for a revenue stream, but rather to enable the core PTV business.

因此我想，現在它算是全面釋出後，我們會開始更追蹤這些，但我們從來不是把它當作一個營收來源來打造，而是用來促進核心 PTV 業務。

Then, Patrick, anything you can just call out on gross margin a little bit better?

那 Patrick，你能不能再多談一點毛利率？

Yeah, sure. So we had a nice quarter in terms of gross margin at 81%. Again, that is a mix of strong revenue growth because revenue growth drives gross margin improvement, but we also we got rid of Maximum Effort. We spun them out, and that gives us a huge benefit in terms of the creative cog.

好的，當然。我們這一季的毛利率表現不錯，達到 81%。同樣地，這是強勁營收成長的組合效果，因為營收成長會帶動毛利率改善；另外我們也處理掉了 Maximum Effort。我們把他們分拆出去，這在創意成本（creative COG）方面帶來很大的好處。

And similarly, for Q1, we had the full benefit of the switch of hosting providers. And so I think the combination of that is actually quite strong in terms of -- and we think that will continue into the future. We think the combination of revenue growth, driving gross margin.

同樣地，在第一季，我們也完整享受到更換託管服務供應商的效益。所以我認為這些因素的組合其實相當強——而且我們認為這會延續到未來。我們認為營收成長的組合會持續推動毛利率。

The creative COG, the hosting COG and the other COGs, having discipline around them will put us squarely in a position to stay in the long-term target of 75% to 80%.

創意 COG、託管 COG 以及其他 COG，在這些方面保持紀律，將使我們穩穩地維持在長期目標 75% 到 80% 的區間。

Matt Weber, Canaccord.

Canaccord 的 Matt Weber。

Hi. Thanks so much for taking the question and congrats on the strong quarter. Just as we think about the broader macro backdrop, how would you describe the health of your SMB advertiser base over the past few months? Have you noticed any changes in budget pacing or campaign duration that might reflect a tighter discretionary spending environment? And are large enterprise customers behaving any differently?

嗨。非常感謝讓我提問，也恭喜你們這一季表現強勁。就更廣泛的總體環境來看，你會如何描述過去幾個月你們 SMB 廣告主客群的健康狀況？你們是否注意到任何預算投放節奏或活動期間的變化，可能反映出可自由支配支出更緊縮的環境？大型企業客戶的行為是否有任何不同？

Yes. So in terms of the macro, for the SMB sector, I don't really think they're greatly affected by macro, unless it's very difficult circumstances. I mean, you can look back to COVID, where literally like just essentially all business nearly stopped. And that was one of the biggest years we had and many other companies in the performance advertising space had.

是的。就總體環境而言，對 SMB 族群來說，我不認為他們會受到總體因素很大的影響，除非情況非常艱難。你可以回顧 COVID，當時幾乎所有商業活動幾乎都停擺。而那反而是我們表現最好的一年之一，績效廣告領域的許多公司也是如此。

And that's because SMB customer companies, merging companies, in difficult environments, they don't lose their ambition. If anything, they are more determined to grow in order to outpace their competitors. And so we're not seeing any meaningful impact, I would say nearly zero impact from macro concerns or anything to that effect.

那是因為 SMB 客戶公司、新興公司，在艱難環境下不會失去企圖心。如果有什麼不同，那就是他們更下定決心要成長，以便超越競爭對手。因此我們沒有看到任何有意義的影響；我會說幾乎是零影響，來自總體疑慮或類似因素。

In the enterprise space, if you mean like truly large global brands, that's not really a part of Mound's business. And so, I would look to other companies to kind of answer that question. But in the SMB market, we are seeing full speed ahead in terms of our customers. I don't -- like macro is not mentioned. It's not something where they're coming to us and saying like, oh, because of concerns.

至於企業端，如果你指的是真正大型的全球品牌，那其實不是 MNTN 業務的一部分。所以那個問題我會建議去看其他公司怎麼回答。但在 SMB 市場，我們看到客戶仍然全速前進。我不——總體環境根本不會被提起。他們不會來跟我們說，像是因為擔心什麼。

Whatever macro concern of the day there is, we're pulling back spend. It's just not a conversation. They are entirely focused on return on ad spend. And hitting their growth down to the individual who often has bonuses tied, personal bonuses tied to hitting metrics and things like that. So in a metrics-focused business like they are in and we are in, these are not generally things that we've had to deal with.

不管當天的總體疑慮是什麼，我們要縮減支出。這根本不是一個會出現的對話。他們完全專注在廣告投資報酬（ROAS）。以及達成他們的成長目標，甚至到個人層級——很多人有獎金、個人獎金是跟達成指標等掛鉤的。所以在像他們與我們這樣以指標為核心的業務裡，這些通常不是我們需要去面對的事情。

Got you. That's a great answer. I like that answer. Just as a quick follow-up, switching gears, is there any update you can share on your media planning tool when you're targeting to bring that to market and anything you can share in terms of the key points of differentiation versus existing solutions that are in market today? Thanks so much.

了解。這回答得很好。我喜歡這個回答。再快速追問一下，換個話題，你們的媒體規劃工具有沒有任何最新進展可以分享？預計什麼時候推向市場？以及相較於目前市面上的既有解決方案，你們的關鍵差異點是什麼？非常感謝。

I was joking to some people today that I'm obviously not Steve Jobs, but I usually have one more thing. I definitely am a product guy. Yeah, you'll be hearing more about that very soon. We think it's another exciting development in terms of AI technology from MNTN.

我今天還跟一些人開玩笑說，我顯然不是 Steve Jobs，但我通常會有「還有一件事」。我確實是個產品人。是的，你們很快就會聽到更多消息。我們認為這是 MNTN 在 AI 技術方面另一個令人興奮的進展。

So it's with customers, we're getting very positive reviews on it. I have a tendency to talk about things before they're fully released in production, but so you remembered and that is something. That I'm pretty excited about and you'll be hearing more about soon.

所以它已經在客戶那邊，我們收到非常正面的回饋。我有個習慣是在還沒完全正式上線前就先談一些事情，不過你記得這件事，這也算是——我相當期待的內容，你們很快就會聽到更多。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Hi, thanks for taking my questions. Maybe two, please. First, if we could talk a little bit about the recent Pinterest announcements that they're doing with TV Scientific, just kind of how that affects the broader performance TV space and you in particular?

嗨，謝謝讓我提問。我想問兩個問題。第一，想請你談談 Pinterest 最近與 TV Scientific 的相關公告，這對更廣泛的成效型電視（performance TV）市場，以及對你們本身，會有什麼影響？

And then second, given what you mentioned and what you've seen out of events in Q1 like March Madness and the pro playoffs, how are you thinking about a World Cup boost as we get into the summer months?

第二，基於你剛才提到的，以及你們在第一季看到像三月瘋（March Madness）和職業季後賽等活動的表現，你們如何看待進入夏季後，世界盃可能帶來的拉抬效應？

Sure. So first, in terms of question about Pinterest and TV Scientific. I think what the at at one time, TV Scientific was kind of a company that was trying to, I think, kind of copy MNTN in terms of concept of performance TV. I think Pinterest's interest in them was driven because they have a lot of data and they wanted to find more ways to monetize it. So that makes sense for them.

當然。先談 Pinterest 與 TV Scientific 的問題。我認為 TV Scientific 曾經一度算是一家嘗試在成效型電視概念上「複製」MNTN 的公司。我想 Pinterest 對他們感興趣，是因為 Pinterest 擁有大量數據，並希望找到更多方式將其變現。所以這對他們來說是合理的。

We're not seeing that as kind of competitive in terms of we run into TV Scientific and sales cycles or anything like that. So I think that's, again, a way for Pinterest to kind of find more ways to monetize the data that they get from people using Pinterest, so not competitive to MNTN.

我們並沒有把這視為競爭，因為在銷售週期或其他方面，我們並沒有遇到 TV Scientific 這類競爭情況。所以我認為這同樣是 Pinterest 想要找到更多方式，把使用者在 Pinterest 上產生的數據加以變現；因此對 MNTN 並不具競爭性。

In terms of the World Cup, it's a massive event, especially the fact that it's in the US. This year, and the Mountain is making World Cup available to our customers. One thing I want to remind though, our customers are always focused on return on ad spend first. So we think, I've said many times, television has the best content in the world.

至於世界盃，這是一個非常大型的賽事，尤其是它在美國舉辦。今年，MNTN 也會把世界盃內容提供給我們的客戶。不過我想提醒一點：我們的客戶永遠是先以廣告投資報酬率（ROAS）為優先。所以我們認為——我也說過很多次——電視擁有全世界最好的內容。

We think it's important our customers be on all of that we think wherever the consumer is watching, if it's the target consumer for a brand on MNTN's platform, we want to be there too. But the spend on our platform is ultimately not driven by the television content, meaning like not a specific event like World Cup is driven by the return on ad spend, and you get that by being on all available content, including content like the World Cup.

我們認為，客戶應該出現在所有這些內容上；我們認為消費者在哪裡觀看，如果那就是某品牌在 MNTN 平台上的目標消費者，我們也希望在那裡。但我們平台上的投放，最終並不是由電視內容本身所驅動——也就是說，不是由像世界盃這樣的特定事件所驅動——而是由廣告投資報酬率所驅動；而要取得好的 ROAS，你必須覆蓋所有可用內容，其中也包括像世界盃這樣的內容。

So we would definitely be there, but it's not something that is like a separate line item or separate like effects or guidance or internal forecast or anything like that.

所以我們肯定會在那裡，但這並不是什麼獨立的預算項目，或是會形成獨立影響、指引或內部預測之類的因素。

Rob Sanderson, Loop Capital.

Rob Sanderson，Loop Capital。

Yeah, thanks for the reminder. The first-time user on this mute button. Sorry for that, but good afternoon. Thanks for taking my question.

是的，謝謝提醒。我第一次用這個靜音鍵。抱歉，不過大家午安。謝謝讓我提問。

I want to talk about your go-to-market evolution. The past few years, your business has really been driven by inbound leads and like 90% plus of new customers, but you've expanded the sales force quite meaningfully recently and seem to be focusing a little bit more on developing agency relationships.

我想談談你們的市場進入（go-to-market）策略演進。過去幾年，你們的業務主要由主動詢問（inbound）線索驅動，新客戶中有 90% 以上來自 inbound；但你們最近相當明顯地擴編了銷售團隊，似乎也更著重於發展代理商（agency）關係。

So can you talk two things, Mark? Maybe speak to how these efforts are going so far. When do you expect to see more sort of fruits of those efforts? I know it takes a little time to build. And then are these like direct sales and agencies? Would this be kind of incremental to inbound or are you kind of shifting the mix deliberately somehow?

所以 Mark，能否談兩件事？先談談目前這些努力進展如何。你預期何時會看到這些努力更明顯的成果？我知道建立起來需要一些時間。另外，這些是像直銷與代理商兩條線嗎？這會是對 inbound 的增量，還是你們有意在某種程度上調整組合？

And then any notable margin implications as the mix changes?

另外，隨著組合改變，是否有任何值得注意的毛利／利潤率影響？

Yes, so in terms of go-to-market, I think that speaks to my point about, excuse me, my earlier point about the market going kind of early adopted and mainstream. So the agencies that Mountain works with are generally performance agencies. So they're not like a WPP or publicist. They're independent agencies that built their businesses around paid search, then paid social, and.

是的，關於 go-to-market，我認為這呼應了我先前提到的——抱歉——市場正從早期採用者走向主流。MNTN 合作的代理商通常是成效型代理商。所以它們不是像 WPP 或 Publicis 這種大型集團。它們是獨立代理商，最初以付費搜尋建立業務，接著是付費社群，然後……

Now see performance TV as a new opportunity for them, and we want to be there to power that opportunity and to help them grow and to help them build their business. That's not necessarily a shift in our strategy. So more than 90% of performance TV advertisers don't use an agency. So there's no opportunity -- even if we wanted to shift it, you can't because you have to go where the customers are, and the vast majority of performance.

現在把成效型電視視為新的機會；我們希望在那裡為這個機會提供動能，協助他們成長並建立他們的業務。這不一定代表我們策略的轉向。因為超過 90% 的成效型電視廣告主並不使用代理商。所以其實沒有什麼「轉移」的空間——即使我們想轉也不行，因為你必須到客戶所在之處，而絕大多數的成效型……

Advertisers aren't direct. They're direct users in our platform and other performance platforms like the Meta Ad platform. But there is a portion of the market, a sizable portion, 10%, and that tends to be large or mid-sized brands who do use agencies, we think that's great. We want to be a great partner to them and vice versa.

廣告主不是透過代理商。他們是直接使用我們平台的用戶，也同樣直接使用其他成效平台，例如 Meta 的廣告平台。但市場中仍有一部分——相當可觀的一部分，大約 10%——通常是大型或中型品牌會使用代理商；我們認為這很好。我們希望成為他們很好的合作夥伴，反之亦然。

And we're being there. We started, I mentioned on previous earnings calls, and I think we did a press release last year, that the agency was one of faster growing segments for us, and we continue to see that as a big opportunity, and that is part of, with Garland coming on as Chief Revenue Officer, how he's shaping his organization is around making sure we have coverage wherever there's opportunity, both direct to brand and via agencies to brand.

而我們也確實在那裡。我在之前的財報電話會議提過，而且我想我們去年也發過新聞稿：代理商是我們成長較快的細分之一；我們仍然把它視為很大的機會。而這也是 Garland 加入擔任首席營收長（CRO）後，他在塑造其組織時所著重的部分：確保我們在所有存在機會的地方都有覆蓋，包含直接面向品牌，以及透過代理商面向品牌。

In terms of how that shifts our mix. We ultimately count the brands. So we see the agencies as a one-of-many opportunity, meaning that one agency can bring many customers, but we still ultimately look at it as what's the number of brands that we're working with, they are ultimately the financial responsible party and the final decision and the decision maker on use of our platform.

至於這如何改變我們的組合。我們最終是以品牌數來計算。所以我們把代理商視為眾多機會之一：也就是一家代理商可以帶來很多客戶，但我們最終仍會看我們合作的品牌數量；他們才是最終的財務責任方，也是對是否使用我們平台做出最終決策的決策者。

So it always, at some point, goes back to the brand, even with agencies being an important part of that relationship in those instances.

所以即便在那些情況下代理商是關係中很重要的一環，但最終在某個時間點，仍然會回到品牌本身。

And the direct sales expansion?

那直銷團隊的擴張呢？

Yeah, the direct sales, I think, like you said, it's a bit early. We have no concerns there. We know, we think the opportunity is large and there's more than enough room to continue to expand our sales organization to meet it head on.

是的，直銷方面，我想如你所說，現在還算早期。我們對此沒有任何疑慮。我們知道、也認為機會很大，而且有非常充足的空間，讓我們持續擴大銷售組織，正面迎戰這個機會。

And so, like you said, that takes a bit of time to fully cement and kind of like those individuals become fully productive, but we're pleased with where that's headed and that's something that we viewed as a pretty low-risk investment that we were banking.

所以如你所說，確實需要一些時間才能完全到位，讓這些人員達到完全產能；但我們對目前的發展方向感到滿意，我們也把這視為一項風險相對低的投資。

Yeah, in terms of margin, Rob, I mean, as you've seen, our model has a lot of natural leverage in it. And so, I don't think it will have an impact on our bottom-line margin.

至於利潤率，Rob，如你所見，我們的模型本身具有很強的自然營運槓桿。因此我不認為這會影響我們的最終（bottom-line）利潤率。

Okay, great. If I could do another on just the competitive sort of dynamic and some of the sustainability factors, like larger players are all aspiring to move down market and focus more on SMBs. And that's Amazon and Roku and AppLovin is going to do more here and Trade Desk eventually maybe aspires to serve smaller customers.

好的，很棒。如果我可以再問一題，關於競爭動態以及一些可持續性因素：大型玩家都希望往下沉市場、更多聚焦中小企業（SMB）。這包括 Amazon、Roku，AppLovin 也會在這裡做更多，Trade Desk 最終也可能希望服務更小的客戶。

So what do you think that some of the more common misperceptions you think investors have about your competitive differentiation and just what are the most durable elements of your competitive mode?

所以你認為投資人對你們競爭差異化最常見的誤解是什麼？以及你們競爭護城河中最具持久性的要素是哪些？

Yeah, so to answer your question, so we are purpose-built for the SMB market, which means that -- and let's talk about some of the differences. So the targeting is incredibly important because when the smaller the business, the smaller the target pool of customers.

好的，回答你的問題：我們是為 SMB 市場量身打造（purpose-built）的，這代表——我們來談一些差異。精準定向（targeting）極其重要，因為企業越小，可觸及的目標客群池就越小。

And so instead of you trying to reach millions of consumers in the US, these are businesses that are often trying to reach thousands. And so when you're spending money on performance TV like this, you have to have incredibly pinpoint targeting, which is why it's so important that we started leveraging AI technology really early as part of our targeting engine.

因此，你不是要觸及美國數百萬消費者；這些企業往往只想觸及數千人。所以當你在這樣的成效型電視上花錢時，你必須具備極度精準的定向能力；這也是為什麼我們很早就開始把 AI 技術納入我們的定向引擎中，這點非常重要。

They don't have TV ads when we meet them. So 95 out of 100 companies that come to mountain.com, at least 95, might even be higher, don't have a television ad when they visit our website. And they don't have the budget to go get production crews, so we've addressed that.

當我們與他們見面時，他們沒有電視廣告。因此，來到 mountain.com 的 100 家公司中有 95 家，至少 95 家，甚至可能更高，在造訪我們網站時都沒有電視廣告。而且他們也沒有預算去找製作團隊，所以我們已經針對這點提出解決方案。

And even the way we buy ads, a programmatic bidding engine is purpose-built to respond to signals on performance and alter the ad buy in order to buy the right media. We talked a little earlier about media planning. Like all of these things are purpose-built for the SMB market, plus more.

甚至連我們購買廣告的方式也是如此；程式化競價引擎是為了回應成效訊號而專門打造，並會調整廣告採買，以便買到正確的媒體。我們稍早談到一些媒體規劃。像這些事情全部都是為 SMB 市場量身打造的，甚至還不只如此。

Giving the customer a single solution that addresses all their needs across nearly every streaming network in America gets them on premium content, not remnant content, and gets consumers to respond to these ads.

為客戶提供一套單一解決方案，能在美國幾乎所有串流網路上滿足他們的各項需求，讓他們投放在優質內容上，而不是剩餘流量內容，並促使消費者對這些廣告做出回應。

And so -- and then there's a final thing, the go-to-market motion. If you have a sales team built around large enterprise customers, getting that team to want to go after small businesses is nearly impossible, so you have to essentially build a whole other sales organization, marketing organization, drive more traffic to your brand and get them to sign up, all of these things have to be built out. So I respect the efforts of other companies.

所以——然後還有最後一點：市場進入（go-to-market）的推進方式。如果你的銷售團隊是圍繞大型企業客戶建立的，要讓那個團隊願意去開發小型企業幾乎是不可能的，因此你基本上必須再建立一套完全不同的銷售組織、行銷組織，為品牌導入更多流量並讓他們註冊，這些都必須建置出來。所以我尊重其他公司的努力。

I think like they say it's a big validator of the scale of the opportunity, if Roku, if Trader or others see this as in the future a potential area to go after, but we're also not standing still, we're moving forward, capturing more of the opportunities. And again, you can't just take an enterprise go-to-market motion, an enterprise technology and just kind of say, now let's offer it to small businesses, you have to kind of build a whole new organization and technology platform for the small businesses.

我認為，正如他們所說，如果 Roku、如果 Trader 或其他公司把這視為未來可能要切入的領域，這是對機會規模的一個重大驗證；但我們也沒有停下腳步，我們持續向前，掌握更多機會。而且再說一次，你不能只是把企業級的市場進入模式、企業級技術，然後就說現在把它提供給小型企業；你必須為小型企業打造一個全新的組織與技術平台。

And we think that's something we've already done, we're really good at and we can and we never stand still in doing, which is why, more than half of MNTN is engineers, software engineers working at the company. So we're excited about that.

而我們認為這正是我們已經做到、也非常擅長、並且會持續不斷精進的事情；這也是為什麼 MNTN 超過一半的員工是工程師，也就是在公司工作的軟體工程師。所以我們對此感到很興奮。

Laura Martin, Needham.

Needham 的 Laura Martin。

Hi there. So I sort of -- so I want to talk about orchestration. You've talked in the past about orchestration and what's interesting is you were first on that, but that is what Amazon is saying that they're seeing on their Bedrock platform is that almost all companies are using multiple AI LLMs. And I'm wondering if you have any move forward in being an orchestration layer?

你好。所以我想——我想談談編排（orchestration）。你過去談過編排，而有趣的是你最早提出這個概念，但這也是 Amazon 在其 Bedrock 平台上所說他們看到的情況：幾乎所有公司都在使用多個 AI LLM。我想知道你們在成為一個編排層方面是否有任何進展？

And then on the competitive landscape, sort of building on that last question. One of the things we're hearing from other companies is that everybody is getting into omnichannel performance, that they're adding connected television because they were in the open Internet, which is threatened by chatbots. My question to you is there some competitive advantage for you guys of not being omnichannel and just being performance CTV?

然後在競爭格局方面，延續上一個問題。我們從其他公司聽到的一件事是：大家都在做全通路（omnichannel）成效導向，他們在原本的開放網際網路（open Internet）領域之上加入了連網電視，因為開放網際網路正受到聊天機器人的威脅。我想問你們：你們不做全通路、而只做成效型 CTV，是否反而有某種競爭優勢？

Thank you.

謝謝。

Sure. So I think in terms of the first question, orchestration, when I'm using that, that's primarily in the context of the creative, although it definitely can apply in any area. I think at the end of the day, what it means is using the best-of-breed LLM, generative AI capabilities or agentic capabilities for whatever the specific task and content of that task is.

當然。我想就第一個問題——編排而言，我使用這個詞主要是在創意（creative）的脈絡下，雖然它確實也可以適用於任何領域。我認為歸根結底，它的意思是：針對特定任務及其內容，使用最適合的 LLM、生成式 AI 能力或代理式（agentic）能力。

Now when it comes to creative, 30-second TV commercial or even starting to be longer, that could mean different scenes in a commercial might be using different basic LLMs. In other words, Seedance might be in one VO in another, some are better at showing products, some are better at having multiple talking actors.

現在談到創意，例如 30 秒的電視廣告，甚至開始變得更長，這可能意味著一支廣告中的不同場景會使用不同的基礎 LLM。換句話說，Seedance 可能用在某一段，VO（旁白）用在另一段；有些模型更擅長呈現產品，有些更擅長呈現多位會說話的演員。

And so in order to get to professional quality video, you have to have a layer of technology that knows that and can orchestrate them, plus voiceovers, plus music and things like that. And that's something recognized really early and we built out a whole layer of technology to do and we consider that part of a technology to be proprietary.

因此，為了達到專業品質的影片，你必須有一層技術知道這些差異並能加以編排，還要整合旁白、音樂等元素。我們很早就意識到這點，並建立了一整層技術來做到這件事；我們也把這部分技術視為專有能力。

We're not the -- and it's essentially using our own AI tech in order to do that. And so it's a really important part. In terms of whether other people can do that, they'd better because they're not going to be able to match the quality unless they do. I don't think everyone's going to reach that level, but at some point, we're probably not going to be the only ones that recognize that that's needed. And so that's just kind of normal cost of business.

我們並不是——而這本質上是運用我們自有的 AI 技術來完成。所以這是一個非常重要的部分。至於其他人能不能做到，他們最好能做到，因為如果不做，他們就無法匹配這樣的品質。我不認為每個人都能達到那個水準，但在某個時間點，我們大概不會是唯一認知到這是必要條件的人。所以這就是一種正常的經營成本。

In terms of omni-channel, I think the biggest advantage we have is sometimes those unspoken, is we have the highest level of performance for TV. We have never been in a head-to-head test. Just mono and mono, your performance against our performance and we lost. And why is that? It's because we've been doing this longer, we built out models longer, we built out the programmatic ad stack, built to drive outcomes.

至於全通路（omni-channel），我認為我們最大的優勢有時是那些不言而喻的：我們在電視上的成效表現是最高水準。我們從未在正面對決的測試中——就是一對一、你們的成效對上我們的成效——輸過。為什麼？因為我們做這件事更久，我們建立模型的時間更長，我們打造了以成果為導向的程式化廣告技術堆疊（ad stack）。

And so we see it right now that competitively being the highest level of performance for an area. In other words, if someone's the highest level of performance for social, that maintaining that lead is a big part of their competitive advantage. In our case, being the highest level of performance for streaming TV is a big competitive advantage.

因此我們現在看到，在競爭上，成為某個領域的最高成效水準本身就是優勢。換句話說，如果有人在社群（social）上是最高成效水準，維持那個領先就是其競爭優勢的重要部分。就我們而言，在串流電視上成為最高成效水準，就是一個很大的競爭優勢。

As to whether we should go omnichannel, I mean, it's -- I think I wouldn't say we're not doing that right now it's something that I think about, and ultimately, I'm going to follow the customer as to the customer is looking to basically just give a bag of money to one company and say, hey, you spend it and let me know the results.

至於我們是否應該走向全通路，我的意思是——我想我不會說我們現在完全沒有在做；這是我會思考的事情，而最終我會跟著客戶走，看客戶是否希望基本上把一袋錢交給一家公司，然後說：嘿，你幫我花掉，並告訴我結果。

Right now, I think it's intriguing, but I don't think it's clear that that's -- it's where I think some of the players in the ad space market want to go, but I'm not sure the customers are fully on board. So we'll see how that develops. And I think it's an interesting area that, Laura, we talk at conferences and things like that. I'm sure it's an interesting area we'll continue to talk about.

就目前而言，我覺得這很耐人尋味，但我不認為很明確——這是我認為廣告市場的一些玩家想要前往的方向，但我不確定客戶是否已完全買單。所以我們會看看它如何發展。而且我認為這是一個有趣的領域，Laura，我們在會議等場合也會討論。我相信這也是我們會持續討論的一個有趣領域。

There are no further questions at this time. I will now turn the call back to Mark for closing remarks.

目前沒有其他問題。我現在把電話交回給 Mark 做結語。

I will just say I thank everyone for their time. We're happy with this quarter and we're excited about the rest of the year. So stay tuned and we'll keep doing this.

我只想說，感謝大家撥冗參與。我們對本季表現感到滿意，也對今年剩下的時間感到興奮。所以敬請期待，我們會繼續努力。

And that's it. Thanks, everyone.

就這樣。謝謝大家。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。