Nexxen International Ltd (NEXN) 2024 Q2 法說會逐字稿

Welcome to Nexxen's second-quarter earnings call. (Operator Instructions)

歡迎參加 Nexxen 第二季財報電話會議。（操作員說明）

This call is being recorded, and a replay of today's call will be made available on the Nexxen's Investor Relations website.

本次電話會議正在錄音，今天電話會議的重播將在 Nexxen 投資者關係網站上提供。

I will now hand the call over to Billy Eckert, Vice President of Investor Relations for introductions and the reading of the Safe Harbor statement. Billy, please go ahead.

我現在將把電話轉交給投資者關係副總裁比利·埃克特 (Billy Eckert)，由他介紹並宣讀安全港聲明。比利，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Nexxen's second-quarter earnings call. During today's call, we will discuss our financial and operating results for the three and six months ended June 30, 2024, as well as our forward-looking guidance.

謝謝你，接線生。大家早安，歡迎參加 Nexxen 第二季財報電話會議。在今天的電話會議中，我們將討論截至 2024 年 6 月 30 日的三個月和六個月的財務和營運業績，以及我們的前瞻性指引。

With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer; and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release, which you can access on our IR website at investors.nexxen.com.

參加今天電話會議的有 Nexxen 執行長 Ofer Druker；以及該公司財務長 Sagi Niri。今天早上，我們發布了一份新聞稿，您可以透過我們的投資者關係網站 Investors.nexxen.com 訪問該新聞稿。

During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements.

在今天的電話會議上，我們將做出前瞻性聲明。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。我們建議謹慎行事並信賴前瞻性陳述。

These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, financial outlook, partnerships, and anticipated benefits related to those partnerships and forward-looking views on macroeconomic and industry conditions as well as any other statements concerning the expected development, performance and market share or competitive performance relating to our products or services.

這些陳述包括但不限於有關我們預期的未來財務和經營業績、市場機會、成長前景、策略、財務前景、合作夥伴關係以及與這些合作夥伴關係相關的預期收益的陳述和預測，以及對宏觀經濟和行業狀況的前瞻性看法，以及與我們的產品或服務相關的預期發展、業績和市場份額或競爭業績的任何其他聲明。

All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions.

所有前瞻性陳述均基於截至本次電話會議之日我們所掌握的資訊。這些陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與這些前瞻性陳述所暗示的結果有重大差異，包括我們業務的意外變化或宏觀經濟或行業狀況的意外變化。

More detailed information about these risk factors and additional risk factors are set forth in our filings with the US Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F.

有關這些風險因素和其他風險因素的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件，包括但不限於我們最近的年度報告中標題為“風險因素”的部分中列出的風險和不確定性。

Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms.

Nexxen 無意更新或更改其前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。此外，該公司在本次電話會議期間的新聞稿和管理層聲明將包括對國際財務報告準則和非國際財務報告準則術語中的某些措施和財務資訊的討論。

We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results.

我們建議您參閱該公司的新聞稿以了解更多詳細信息，包括非 IFRS 項目的定義以及 IFRS 與非 IFRS 結果的調節。

At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexxen. Ofer, please go ahead.

此時此刻，我很高興向您介紹 Nexxen 執行長 Ofer Druker。奧弗爾，請繼續。

Thank you, Billy. In the second quarter, we benefited from significantly improved execution while taking important steps to enhance the strength of our platform and advance our sales and marketing strategy to drive further momentum.

謝謝你，比利。第二季度，我們受益於執行力的顯著提高，同時採取重要措施增強我們平台的實力並推進我們的銷售和行銷策略以推動進一步的發展勢頭。

Our improved ability to execute enable us to generate strong performance across the business, resulting in record Q2 contribution expect programmatic revenues and CTV revenue alongside significantly expanded adjusted EBITDA.

我們提高的執行能力使我們能夠在整個業務中創造強勁的業績，預計第二季度的程序化收入和 CTV 收入將達到創紀錄的水平，同時調整後的 EBITDA 也將顯著擴大。

Our rebrand to Nexxen was clearly a catalyst that contributes to our better performance in Q2 and is continuing to position us for new and expanded partnership with industry leaders. The rebrand has driven greater recognition in the market, clarify the holistic value proposition of our full stack offering and fueled a better understanding of how Nexxen addresses the industry's biggest challenges, including maximizing the value of data to generate better results and returns to customers.

我們更名為 Nexxen 顯然是一種催化劑，有助於我們在第二季度取得更好的業績，並繼續使我們與行業領導者建立新的和擴大的合作夥伴關係。此次品牌重塑提高了市場認知度，闡明了我們全端產品的整體價值主張，並促進了人們更好地了解Nexxen 如何應對行業最大的挑戰，包括最大限度地發揮數據價值，為客戶帶來更好的結果和回報。

Nexxen is placing data firmly and the strength of its strategy. Data has restored given access an advantage over other competitors as our full stack platform has been unified by a robust data [investment] platform that integrates directly with our DSP and SSP to improve activation. Through the integration of Amobee, we've been able to improve our data capabilities further by integrating some of Amobee's products into our ecosystem.

Nexxen 堅定地重視數據及其策略的力量。由於我們的全端平台已由強大的數據[投資]平台統一，該平台直接與我們的 DSP 和 SSP 整合以提高激活率，因此數據恢復了訪問權限，從而比其他競爭對手具有優勢。透過與Amobee的整合，我們將Amobee的一些產品整合到我們的生態系統中，進一步提高了我們的資料能力。

Today, on top of our data rich activation elements, we offer other unique data solutions that provide comprehensive audience segmentation, insights, and data enrichment capabilities as well as an ID graph.

如今，除了豐富的資料啟動元素之外，我們還提供其他獨特的資料解決方案，這些解決方案提供全面的受眾細分、見解、資料豐富功能以及 ID 圖。

Since completing the integration, we have also been able to free up resources to invest more into driving innovation. This innovation has enabled the recent release of many of the data capabilities that have helped Nexxen gain greater recognition and with new partnerships with some of the leading forces in the industry.

完成整合後，我們也能夠釋放資源，投入更多資金推動創新。這項創新使得最近發布的許多數據功能幫助 Nexxen 獲得了更大的認可，並與行業中的一些領先力量建立了新的合作夥伴關係。

Our data capabilities are serving as a massive differentiator for us and has a pace for some of this important new partnership. And we believe they will continue to benefit Nexxen and its customers over the immediate and long term.

我們的數據能力對我們來說是一個巨大的差異化因素，並且為一些重要的新合作夥伴關係提供了步伐。我們相信，它們將繼續讓 Nexxen 及其客戶在短期和長期內受益。

Data is present in every component of our offering and drive enhanced outcomes across all steps of our advertiser and publisher customers work through. Our data sources and capabilities enable advertisers to better understand audiences and create valuable audience segments, find and targets likely to engage or by customers across platforms and devices, maximize reach, boost returns and measure effectiveness.

數據存在於我們產品的每個元件中，並推動廣告商和發布商客戶工作的所有步驟以取得更好的成果。我們的資料來源和功能使廣告主能夠更好地了解受眾並創建有價值的受眾群體，跨平台和裝置找到可能吸引或被客戶吸引的目標並確定目標，最大限度地擴大覆蓋範圍，提高回報並衡量有效性。

Our exclusive advanced TV data access and unique capabilities, alongside our premium supply foster are also materially enriching our customers' advertising results across CTV and other formats and driving partners to increasingly choose to work with Nexxen.

我們獨特的先進電視數據存取和獨特功能，以及我們優質的供應培育，也極大地豐富了我們客戶在 CTV 和其他格式上的廣告效果，並促使合作夥伴越來越多地選擇與 Nexxen 合作。

As I mentioned, our data sources and capabilities have been key along the journey to attracting advertisers and publishers to engage with Nexxen, and the number of partners seeking to work with us is growing, particularly following the launch of our new robust Nexxen Data Platform in Q2.

正如我所提到的，我們的資料來源和能力在吸引廣告商和發布商與Nexxen 合作的過程中發揮了關鍵作用，尋求與我們合作的合作夥伴數量正在不斷增加，特別是在我們在2019 年推出新的強大的Nexxen 資料平台後。

Nexxen Data Platform combines and better unify all our data assets and applications resulting in an unrivaled full-stack end-to-end data offering that has strengthened our competitive positioning and amplify the effectiveness of our solutions.

Nexxen 數據平台結合併更好地統一了我們所有的數據資產和應用程序，從而形成了無與倫比的全端到端數據產品，增強了我們的競爭地位並增強了我們解決方案的有效性。

Through Nexxen Data Platform, customers can now directly and securely onboard first-party data. After onboarding customers can leverage Nexxen discovery to create audiences, unlock insights and rich first-party data.

透過 Nexxen 資料平台，客戶現在可以直接、安全地載入第一方資料。入職後，客戶可以利用 Nexxen 發現來創建受眾、解鎖見解和豐富的第一方資料。

Our customers highly value these two. It has been adopted by important new partners like AG and Stagwell who are using it to enhance insights for them and their customers and is also attracting significant interest from other major players in the industry.

我們的客戶非常重視這兩點。它已被 AG 和 Stagwell 等重要的新合作夥伴採用，他們利用它來增強對自己及其客戶的洞察力，同時也吸引了業內其他主要參與者的濃厚興趣。

Additionally, customers can also take advantage of our robust TV intelligence solutions, which have the ability to meaningfully enhance their CTV targeting and measurement. Our full suite of data capabilities is unique to Nexxen and provides operational performance and economic benefit for our partners. Within Nexxen data platform, we also launched our unified entity graph in Q2, which combines multiple identifiers into a merged graph, enabling increased scale and better targeting capabilities.

此外，客戶還可以利用我們強大的電視智慧解決方案，該解決方案能夠有意義地增強他們的 CTV 定位和測量。我們的全套數據功能是 Nexxen 獨有的，可為我們的合作夥伴提供營運績效和經濟效益。在 Nexxen 資料平台內，我們也在第二季推出了統一實體圖，它將多個識別碼組合成合併圖，從而實現了更大的規模和更好的定位能力。

While Google has pivoted from food cookie deprecation to an open approach, our graph better positions Nexxen and its customers for changes in identity and privacy regards. We were well positioned for cookies application, but Google recent decision reduces risk and removes an industry overhang. That said, we continue to impress the industry's need for alternative IV solutions like ours and our agnostic identity strategy hasn't changed in wake of Google decision nor is our preparedness for their evolving approach.

雖然 Google 已從食品 cookie 棄用轉向開放方法，但我們的圖表更好地定位了 Nexxen 及其客戶在身分和隱私方面的變化。我們在 cookie 應用方面處於有利地位，但谷歌最近的決定降低了風險並消除了行業懸而未決的問題。也就是說，我們繼續強調行業對像我們這樣的替代 IV 解決方案的需求，並且我們的不可知身份策略並沒有隨著 Google 的決定而改變，我們也沒有為他們不斷發展的方法做好準備。

We have also recently treated our ID Graph capabilities by partnering with experience to bring in PII data, which helps customers reduce costs and audience loss in the data onboarding process. Advertisers are now seeking to partner with our data platform, including our ID graph as these solutions enable them to extract greater value from their budgets, reach a wider audience, optimize returns and remain prepared for identity changes.

最近，我們也透過與經驗合作引入 PII 資料來處理我們的 ID Graph 功能，這有助於客戶降低資料匯入過程中的成本和受眾流失。廣告主現在正在尋求與我們的數據平台（包括我們的ID 圖）合作，因為這些解決方案使他們能夠從預算中獲取更大的價值，覆蓋更廣泛的受眾，優化回報並為身份變化做好準備。

Our data platform has already attracted key new partners to Nexxen, while unlocking new data licensing and commerce media opportunities, and we expect it will serve as a long-term growth driver and differentiator.

我們的數據平台已經吸引了 Nexxen 的重要新合作夥伴，同時釋放了新的數據許可和商業媒體機會，我們預計它將成為長期成長驅動力和差異化因素。

As a direct byproduct of our data platform and identity graph launch in Q2, Stagwell selected Nexxen as its tech and data partner and the relationship is off to a great start. The partnership enables Stagwell marketing cloud clients to utilize Nexxen data platform to onboard and enhance their customer data, improve targeting and planning efforts and extend audience reach across formats and devices.

作為我們在第二季度推出的數據平台和身份圖的直接副產品，Stagwell 選擇 Nexxen 作為其技術和數據合作夥伴，雙方關係有了一個良好的開端。此次合作使 Stagwell 行銷雲端客戶能夠利用 Nexxen 資料平台來加入和增強其客戶資料、改善定位和規劃工作並跨格式和裝置擴展受眾範圍。

Stagwell's clients can then seriously activate this enriched data in campaigns across Nexxen platform to improve return on ad spending. Since beginning the relationship, we have led training and education sessions with Stagwell employees and customers to accelerate the partnership benefit.

然後，Stagwell 的客戶可以在 Nexxen 平台上的活動中認真啟動這些豐富的數據，以提高廣告支出回報。自建立合作關係以來，我們為 Stagwell 員工和客戶舉辦了培訓和教育課程，以加速合作關係的效益。

As a partnership continues to scale, we are optimistic our solutions will not only enhance Stagwell's customers' results, but also drive increased revenue properties for both companies over time. Our data platform launch also led to Nexxen being selected as the first-to-market audience extension partner for United Airlines Commerce Media Network connective media. This partnership unlocks a new revenue growth opportunity for Nexxen e-commerce media, where we weren't active previously.

隨著合作關係的不斷擴大，我們樂觀地認為，我們的解決方案不僅會提高 Stagwell 客戶的業績，而且隨著時間的推移，還會推動兩家公司的收入增加。我們的數據平台推出也導致 Nexxen 被選為聯合航空商業媒體網路連接媒體的第一個市場受眾擴展合作夥伴。此次合作為 Nexxen 電子商務媒體帶來了新的營收成長機會，而我們之前在這方面並不活躍。

Selective Media is leveraging Nexxen Data Platforms onboarding capabilities to extend travel and transaction data from United MileagePlus program to partner leveraging Nexxen for activation. United's MileagePlus program reflects a massive database that is now accessible on Nexxen Data Platform and able to serve our advertiser customers with the guidance and cooperation of connective media.

Selective Media 正在利用 Nexxen 資料平台的加入功能，將聯合航空前程萬裡 (MileagePlus) 計畫中的旅遊和交易資料擴展到利用 Nexxen 進行啟動的合作夥伴。美聯航的前程萬裡 (MileagePlus) 計畫反映了一個龐大的資料庫，現在可在 Nexxen 資料平台上存取該資料庫，並能夠在連接媒體的指導和合作下為我們的廣告商客戶提供服務。

Through the partnership, brands can unlock new off-site media network revenue streams while Nexxen's advertiser clients can leverage the data to efficiently extend audience reach. Nexxen Data Platform is also driving new data licensing opportunities. Our platform feature access to robust sources of advanced TV data for targeting and measurement, highlighted by exclusive access to global ACR data through our partnership with VIDAA, the CTV operating system for Hisense and [Fushima].

透過合作夥伴關係，品牌可以解鎖新的場外媒體網絡收入來源，而 Nexxen 的廣告商客戶可以利用這些數據有效地擴大受眾範圍。Nexxen 數據平台也正在推動新的數據許可機會。我們的平台可以存取強大的高級電視資料來源來進行定位和測量，特別是透過與海信和海信的 CTV 作業系統 VIDAA 的合作，獨家存取全球 ACR 資料。[福島]。

These are growing global reach enable us to recently enter into global ACR data licensing partnership with the Trade Desk, creating new revenue opportunities and boosting our industry recognition. Nexxen is providing the Trade Desk ACR data segments to offer their clients advanced cross-channel and cross-device targeting capabilities, which are now available on their self-service platform for activation in the US, UK, Canada, and Australia.

這些不斷增長的全球影響力使我們最近能夠與 Trade Desk 建立全球 ACR 數據授權合作夥伴關係，創造新的收入機會並提高我們的行業認可。Nexxen 正在提供 Trade Desk ACR 資料段，以便為客戶提供先進的跨通路和跨裝置定位功能，這些功能現在可以在其自助服務平台上在美國、英國、加拿大和澳洲啟動。

We are in licensing discussions with a large number of other industry players, and we are optimistic about achieving additional new partnerships, particularly around the international ACR data, given the scarcity of heavy data in markets outside the US. We continue to believe that a licensing is a huge long-term growth opportunity for Nexxen.

我們正在與許多其他行業參與者進行許可討論，並且考慮到美國以外市場缺乏大量數據，我們對建立更多新的合作夥伴關係持樂觀態度，特別是圍繞國際 ACR 數據。我們仍然相信授權對 Nexxen 來說是一個巨大的長期成長機會。

We also recently released data power tools for political advertisers, enabling them to leverage Nexxen suite of tech and measurement capabilities to gain deeper campaign insights and maximize audience reach to enhance results and fully capitalize for the US election cycle.

我們最近也為政治廣告商發布了數據動力工具，使他們能夠利用 Nexxen 的技術和測量功能套件來獲得更深入的競選見解並最大限度地擴大受眾範圍，從而提高結果並充分利用美國選舉週期。

Resolution includes political district targeting and Nexxen discovery powered political gas pod, providing candidates, issue and sentiment analysis and the ability to retarget customer audiences that has previously been exposed to political ads through a partnership with Comscore.

解決方案包括政治選區定位和 Nexxen 發現支援的政治 Gas pod，提供候選人、問題和情緒分析，以及透過與 Comscore 合作重新定位先前接觸過政治廣告的客戶受眾的能力。

In Q2, we didn't observe significant political ad spending on our platform. However, in Q3, we are seeing increased demand and expect this to accelerate in Q4 as we get closer to Election Day. Given our enhanced suite of tools, new partnership and increased sales focus on the verticals. In Q2, we added 86 new actively spending first-time advertising customers. This included 16 new enterprise self-service customers and two new independent agencies, leveraging Nexxen's self-service offering.

在第二季度，我們沒有在我們的平台上觀察到大量的政治廣告支出。然而，在第三季度，我們看到需求增加，並預計隨著選舉日的臨近，這種需求將在第四季度加速。鑑於我們增強的工具套件、新的合作夥伴關係以及對垂直行業的銷售重點的增加。第二季度，我們新增了 86 位積極消費的首次廣告客戶。其中包括利用 Nexxen 自助服務產品的 16 個新的企業自助服務客戶和兩個新的獨立機構。

We also added 78 new supply partners in Q2, including 74 in the US. In all, Q2 was a great quarter that indicates we have reached an inflection point in the business following the transformational milestones we have achieved over nearly the last two years.

第二季我們也新增了 78 個供應合作夥伴，其中 74 個位於美國。總而言之，第二季度是一個偉大的季度，這表明繼過去兩年實現的轉型里程碑之後，我們已經達到了業務轉折點。

Our strategy is to connect our cutting-edge data platform to our flexible unified full-stack ad tech solution to drive better customer outcomes is working and enabling us to win wallet and market share through increased spending and product adoption. It is also empowering us to gain traction with the world's top ad tech companies, agencies and brands.

我們的策略是將我們的尖端數據平台與靈活的統一全端廣告技術解決方案連接起來，以推動更好的客戶成果，並使我們能夠透過增加支出和產品採用來贏得錢包和市場份額。它還使我們能夠獲得世界頂級廣告技術公司、代理商和品牌的關注。

On the sales front, we are continuing to focus on generating increased customer spending and full-stack product adoption, attracting major new partners to our platform, deepening relationship with streaming players and scaling our data opportunities.

在銷售方面，我們將繼續專注於增加客戶支出和全端產品採用，吸引主要的新合作夥伴加入我們的平台，加深與串流媒體播放器的關係並擴大我們的數據機會。

From a product perspective, we will also continue to invest in innovation and focused on expanding our GenAI and machine learning utilization. We believe GenAI will advance the effectiveness of our data, audience, insights and activation tools as well as our health features. This is expected to benefit our customers, increase our platform tech and data advantages and create efficiencies.

從產品角度來看，我們也將持續投資創新，重點在於擴大 GenAI 和機器學習的使用率。我們相信 GenAI 將提高我們的數據、受眾、見解和激活工具以及健康功能的有效性。預計這將使我們的客戶受益，增加我們的平台技術和數據優勢並提高效率。

We remain excited for anticipated catalysts in the back half of 2024 and beyond, including our recent partnership generating increased revenues, data licensing revenue scaling and potential modest tailwinds from the US election cycle.

我們仍然對 2024 年下半年及以後的預期催化劑感到興奮，包括我們最近的合作夥伴關係帶來的收入增加、數據許可收入的擴大以及美國選舉週期潛在的溫和推動。

I'm more confident than ever we have the right people and solutions in place to drive continued execution, capitalize on our long-term growth opportunity and realize our vision of becoming the industry go-to strategic tech and data partner. With that, I'm happy to turn the call over to Sagi to discuss our financial results and outlook.

我比以往任何時候都更有信心，我們擁有合適的人員和解決方案來推動持續執行，利用我們的長期成長機會並實現我們成為行業首選策略技術和數據合作夥伴的願景。至此，我很高興將電話轉給 Sagi，討論我們的財務表現和前景。

Thank you, Ofer.

謝謝你，奧弗。

In Q2, we generated contribution ex-TAC of $83.1 million, achieving 4% growth from Q2, 2023, a 19% growth from Q1, 2024. Programmatic revenue was $78.6 million in Q2, reflecting 3% growth from Q2, 2023 and 20% growth from Q1, 2024, while contribution ex-TAC from our non-programmatic business line was up slightly year-over-year in Q2, 2024.

第二季度，我們的 TAC 貢獻額為 8,310 萬美元，較 2023 年第二季成長 4%，較 2024 年第一季成長 19%。第二季程序化營收為 7,860 萬美元，較 2023 年第二季成長 3%，較 2024 年第一季成長 20%，而 2024 年第二季非程式化業務的 TAC 貢獻較去年同期略有成長。

Growth in Q2 was broad-based, driven by enhanced sales execution, scaling partnerships and improved market conditions. We observed strength in CTV, video, mobile, display, data products and PMPs and across our finance, health, retail, government and automotive verticals.

在銷售執行力增強、合作夥伴關係擴大和市場狀況改善的推動下，第二季的成長基礎廣泛。我們觀察到 CTV、視訊、移動、顯示、數據產品和 PMP 以及金融、健康、零售、政府和汽車垂直領域的實力。

On the opposite side, we observed the year-over-year decrease in our travel and technology verticals in Q2. CTV was a bright spot in Q2 as we generated $28.2 million in CTV revenue, reflecting 14% growth from Q2, 2023 and 50% growth from Q1, 2024. This was the second-best CTV revenue quarter in Nexxen's history as CTV revenue represented 36% of programmatic revenue in Q2, 2024, up from 32% in Q2, 2023. CTV revenue growth was driven by a broad customer shift into our premium CTV solution and our partnership with Alphonso and LG Electronics beginning to scale. E-marketer projects, U.S.

另一方面，我們觀察到第二季度旅行和技術垂直領域同比下降。CTV 是第二季的亮點，我們的 CTV 營收為 2,820 萬美元，較 2023 年第二季成長 14%，較 2024 年第一季成長 50%。這是 Nexxen 史上第二好的 CTV 營收季度，因為 CTV 營收佔 2024 年第二季節目營收的 36%，高於 2023 年第二季的 32%。CTV 收入成長的推動因素是廣泛的客戶轉向我們的優質 CTV 解決方案，以及我們與 Alphonso 和 LG Electronics 的合作夥伴關係開始擴大。電子行銷項目，美國

CTV advertising spend will grow at a roughly 14% CAGR over the next several years, fueled by billions of dollars of linear budget shifting to advanced TV, new advertiser migrating to streaming as consumer and services increasingly embrace ad-supported content and live sports going digital.

未來幾年，CTV 廣告支出將以約14% 的複合年增長率增長，這得益於數十億美元的線性預算轉向先進電視、隨著消費者和服務越來越多地接受廣告支持的內容以及體育直播數位化，新的廣告商轉向串流媒體。

We believe our long-standing streaming DNA, TV data capabilities and solutions, access to premium supply and flexible unified platform designed to enhance CTV results for customers across the ecosystem uniquely positions us to capitalize on this long-term growth opportunity and gain market share.

我們相信，我們長期的串流媒體基因、電視數據能力和解決方案、優質供應和靈活的統一平台旨在為整個生態系統的客戶提高 CTV 效果，使我們能夠利用這一長期增長機會並獲得市場份額。

Video revenue continued to account for most of our programmatic revenue, expanding to 74% in Q2, 2024 from 71% in Q2, 2023. This year-over-year increase was driven by video revenue strength, fueled primarily by CTV outpacing programmatic revenue growth. We continue to anticipate outsized video revenue growth over time due to our strategic video and CTV focus and capabilities and believe we are among the most heavily indexed asset companies to video on the open Internet.

視訊收入繼續占我們程序化收入的大部分，從 2023 年第二季的 71% 擴大到 2024 年第二季的 74%。這一同比增長是由視頻收入強勁推動的，而視頻收入增長主要是由 CTV 超過程序化收入增長推動的。由於我們對視訊和 CTV 的策略重點和能力，我們繼續預期視訊收入將隨著時間的推移而大幅增長，並相信我們是開放網路上視訊指數最高的資產公司之一。

Contribution ex-TAC from display grew 14% year-over-year in Q2, while contribution ex-TAC from mobile increased 5%. Contribution ex-TAC from data products increased 57% and contribution ex-TAC from PMPs increased 29%. Our ability to offer a variety of software solution across formats and devices is a tremendous advantage, which enable us to retain customers, attract new partners and proactively adapt to changing market conditions and the industry's diverse and evolving needs.

第二季度，來自顯示器的扣除 TAC 的貢獻年增 14%，而來自行動裝置的扣除 TAC 的貢獻則增加 5%。來自數據產品的 ex-TAC 貢獻增加了 57%，來自 PMP 的 ex-TAC 貢獻增加了 29%。我們能夠提供跨格式和設備的各種軟體解決方案，這是一個巨大的優勢，這使我們能夠留住客戶、吸引新的合作夥伴並主動適應不斷變化的市場條件和行業多樣化且不斷變化的需求。

Being able to service customers across formats and devices also allows us to capitalize on a larger total addressable market, while our data solutions are creating a slide wheel effect that is opening new opportunities and attracting more spend to our platform.

能夠跨格式和設備為客戶提供服務也使我們能夠利用更大的整體潛在市場，同時我們的數據解決方案正在創造滑輪效應，從而開闢新的機會並吸引更多的支出到我們的平台上。

In Q2, we generated adjusted EBITDA of $26.8 million, which reflected a 27% year-over-year increase from Q2, 2023 and a 126% increase from Q1, 2024. Our adjusted EBITDA growth was a byproduct of higher contribution ex-TAC, improving cost efficiencies and our platform model's ability to generate increasing degrees of operating leverage.

第二季度，我們的調整後 EBITDA 為 2,680 萬美元，較 2023 年第二季度年增 27%，較 2024 年第一季成長 126%。我們調整後的 EBITDA 成長是更高的 TAC 貢獻、提高成本效率以及我們的平台模型產生更高程度的營運槓桿的能力的副產品。

Our adjusted EBITDA margin in Q2 increased to 32% on a contribution ex-TAC basis from 26% in Q2 2023, and we remain confident in our ability to continue expanding our adjusted EBITDA margins over time. In Q2, we generated $20.9 million in net cash from operating activities after generating $11.9 million in Q2, 2023.

我們第二季的調整後 EBITDA 利潤率（不含 TAC）從 2023 年第二季的 26% 增至 32%，並且我們對隨著時間的推移繼續擴大調整後 EBITDA 利潤率的能力充滿信心。在 2023 年第二季度，我們從經營活動中產生了 1,190 萬美元的淨現金，而在第二季度，我們產生了 2,090 萬美元的淨現金。

As of June 13, we had $151.9 million in net cash and $90 million undrawn on our revolving credit facility, following the full repayment of our outstanding long-term debt in April. We also reported non-IFRS diluted earnings per ordinary share of $0.09 in Q2, 2024 compared to $0.06 in Q2, 2023.

截至 6 月 13 日，在 4 月全額償還未償長期債務後，我們的循環信貸額度有 1.519 億美元的淨現金和 9,000 萬美元的未提取資金。我們還報告稱，2024 年第二季的非國際財務報告準則稀釋後每股普通股收益為 0.09 美元，而 2023 年第二季為 0.06 美元。

During Q2, we repurchased roughly 2.5 million ordinary shares through our completed $20 million repurchase program and newly launched $50 million program, reflecting an investment of GBP 5.8 million or $7.3 million. From March 1, 2022, through June 30, 2024, we invested around $119 million in our repurchase program, buying back roughly 28.3 million ordinary shares or 18.3% of shares outstanding. If shares remain at prices, the Board believes reflects a discount to fair value at the end of our current repurchase program, we will consider initiating a new one.

第二季度，我們透過已完成的 2,000 萬美元回購計畫和新推出的 5,000 萬美元計畫回購了約 250 萬股普通股，投資額為 580 萬英鎊或 730 萬美元。從2022年3月1日到2024年6月30日，我們在回購計畫中投資了約1.19億美元，回購了約2,830萬股普通股，佔已發行股票的18.3%。如果董事會認為股票價格維持在目前回購計畫結束時相對公允價值的折扣，我們將考慮啟動新的回購計畫。

Finally, I'll turn to our outlook. For full year 2024, we are reaffirming our guidance for contribution ex-TAC in the range of approximately $340 million to $345 million, adjusted EBITDA of approximately $100 million and for programmatic revenue to reflect approximately 90% of full year 2024 revenue.

最後，我將談談我們的前景。對於 2024 年全年，我們重申我們的指導，即不計 TAC 的貢獻約為 3.4 億至 3.45 億美元，調整後的 EBITDA 約為 1 億美元，計劃收入反映 2024 年全年收入的約 90%。

Our momentum from Q2 has carried over into Q3. We are seeing continued strength across our core growth drivers, solid spending trends, growing benefits from recently launched partnerships, increasing pipeline demand and improved visibility, reinforcing our confidence in our ability to meet our guidance.

我們第二季的動能已經延續到第三季。我們看到我們的核心成長動力持續強勁、穩健的支出趨勢、最近推出的合作夥伴關係帶來的不斷增長的收益、不斷增加的管道需求和提高的可見性，增強了我們對我們達到指導目標的能力的信心。

As a result, we expect contribution ex-TAC and programmatic revenue acceleration in H2, with year-over-year growth anticipated in Q3, Q4, H2 and full year 2024. We anticipate a record year for political contribution ex-TAC in 2024 with most of the benefits likely to be recognized in Q4. We also continue to anticipate CTV revenue acceleration in H2, with year-over-year growth expected in Q3, Q4, H2 and full year 2024, driven by increasing demand for our CTV solutions and growing revenue tied to our partnership with Alphonso and LG.

因此，我們預計下半年的扣除 TAC 和程序化收入的貢獻將加速，預計第三季、第四季、下半年和 2024 年將全年同比增長。我們預計 2024 年 TAC 以外的政治捐款將創歷史新高，大部分收益可能會在第四季得到認可。我們也繼續預計下半年CTV 收入將加速成長，預計第三季、第四季、下半年和2024 年全年將實現同比增長，這主要是由於對我們的CTV 解決方案的需求不斷增長，以及我們與Alphonso 和LG 的合作關係帶來的收入不斷增長。

Additionally, we continue to expect growth in our data licensing revenue in full year 2024 compared to full year 2023, with further acceleration anticipated in 2025. We also anticipate adjusted EBITDA and adjusted EBITDA margin will be higher in Q3, Q4, H2 and full year 2024 than in the prior year period, driven by expectations for increased contribution ex-TAC.

此外，我們繼續預期 2024 年全年資料授權收入將比 2023 年全年成長，並預計在 2025 年進一步加速。我們也預計，由於不計 TAC 貢獻增加的預期，2024 年第三季、第四季、下半年和全年的調整後 EBITDA 和調整後 EBITDA 利潤率將高於去年同期。

Our debt-free balance sheet and cash-generating capabilities enable flexibility to invest in share repurchases, sales growth initiatives and innovation. And at this point in time, we don't plan any major near-term acquisitions. We will continue shifting our focus to product innovation and expand our GenAI and machine learning utilization and expect GenAI to be a primary product investment focus in 2025.

我們的無債務資產負債表和現金產生能力使我們能夠靈活地投資於股票回購、銷售成長計​​劃和創新。目前，我們沒有計劃進行任何重大的近期收購。我們將繼續將重點轉向產品創新，擴大 GenAI 和機器學習的利用，預計 GenAI 將成為 2025 年的主要產品投資重點。

We will also boost our sales and marketing investments to further our commercial traction and ensure we continue expanding all our recent momentum. As Ofer mentioned, the success we're seeing now is a byproduct of our hard work enhancing our holistic ability to execute. Our platform approach and ability to offer customers synergistic software and data solutions across the FX supply chain and across their workflows continues to differentiate Nexxen enables more shots on goal and positions us for sustainable and accelerated long-term growth and expanded profitability.

我們還將增加銷售和行銷投資，以進一步增強我們的商業吸引力，並確保我們繼續擴大我們最近的勢頭。正如奧弗所提到的，我們現在看到的成功是我們努力工作的副產品，增強了我們的整體執行能力。我們的平台方法和能力為客戶在整個外匯供應鏈和整個工作流程中提供協同軟體和數據解決方案，這繼續使Nexxen 能夠實現更多目標，並使我們能夠實現可持續和加速的長期成長並擴大盈利能力。

Our recently launched data platform is also unlocking new high-margin data licensing revenue opportunities and commerce media revenue opportunities and attracting more advertising spend as the industry increasingly takes a data-driven approach to achieve better results and returns. The industry's major players are now actively seeking multi-solution data and tech partnerships across our platform, leading to more sizable and durable revenue opportunities, and their adoption and recognition is driving other big names to engage with us, accelerating our growth prospects.

隨著業界越來越多地採用數據驅動的方法來實現更好的結果和回報，我們最近推出的數據平台也釋放了新的高利潤數據授權收入機會和商業媒體收入機會，並吸引更多的廣告支出。該行業的主要參與者現在正在我們的平台上積極尋求多解決方案數據和技術合作夥伴關係，從而帶來更大規模和更持久的收入機會，他們的採用和認可正在推動其他知名企業與我們合作，加速我們的成長前景。

For some time, challenging market conditions and our focus on improving the business for the long-term force us to be on defense. Now we're back on the offensive and excellently positioned to realize our strategic vision of becoming one of the industry's most sought-after strategic ad tech and data partners. We are excited for what lies ahead.

一段時間以來，充滿挑戰的市場條件以及我們對長期改善業務的關注迫使我們採取防禦措施。現在，我們重新發起攻勢，並處於有利位置來實現我們的策略願景，成為業界最受歡迎的策略廣告技術和數據合作夥伴之一。我們對未來感到興奮。

And operator, we'll now take questions.

接線員，我們現在回答問題。

(Operator Instructions) Matt Swanson, RBC Capital Markets.

（操作員說明）Matt Swanson，RBC 資本市場。

Congratulations on the quarter. Great to see the rebound in CTV. I know we talked last quarter about some advertisers opting to lower-cost formats. Could you just dive in a little bit deeper on the dynamics that led to the growth, the kind of the mix of the benefit from more adoption of premium solutions versus the increased CTV supply that maybe make some of these ads more affordable?

恭喜本季。很高興看到 CTV 的反彈。我知道我們上個季度討論過一些廣告商選擇較低成本的格式。您能否更深入地探討一下導致成長的動力，即更多採用優質解決方案所帶來的好處與 CTV 供應量的增加（可能會使其中一些廣告更便宜）的結合？

Matt, of course, thank you for the question. For many years, we are putting a lot of emphasize on CTV. And I think that a few things happen basically. One of them is that the market is in a better condition, so people are willing to spend more on -- or to invest more on CTV channels instead of what we said before that they were like running to cheaper channels in order to get results. Again, we see movement of budget to CTV, which is good for us.

馬特，當然，謝謝你的提問。多年來，我們非常重視 CTV。我認為基本上會發生一些事情。其中之一是市場狀況更好，所以人們願意在中視頻道上花更多的錢，或者說在中視頻道上投入更多，而不是像我們之前所說的那樣，他們為了獲得結果而跑到更便宜的頻道。我們再次看到預算向 CTV 轉移，這對我們有利。

The second thing is that the amount of tools and technology that we created for CTV is really unparalleled. And when you're looking at the abilities of our clients to target, to measure, and the major booster of publishers that we got is giving them a lot of [reputation] basically not just to target we have, but also to reach big audience takes to the spread of the publishers that we got. So they are getting much better results than usual when they are using our platform for CTV.

第二件事是，我們為 CTV 創建的工具和技術的數量確實是無與倫比的。當你觀察我們的客戶定位、衡量的能力時，我們得到的出版商的主要推動者是給他們很大的[聲譽]，基本上不僅是為了我們的目標，而且是為了吸引大量受眾影響我們獲得的出版商的傳播。因此，當他們使用我們的 CTV 平台時，他們獲得了比平常更好的結果。

And we see that for many -- a long time, but now it's even in end, thanks to the release of our data management platform and the enablement of the discovery with the ACR data VIDAA that is included and enable to create segments and audiences and to learn more insights about the users. So all of that is coming together.

我們在很長一段時間裡都看到了這一點，但現在它終於結束了，這要歸功於我們的數據管理平台的發布以及通過包含的 ACR 數據 VIDAA 實現發現，並能夠創建細分和受眾，以及了解更多有關用戶的見解。所以所有這些都在一起了。

There is still work to do, but we are on the right trend, and we see that in the numbers.

仍有工作要做，但我們正處於正確的趨勢，我們從數字中看到了這一點。

And then also great to see the margin expansion after all the heavy lifting you've done for the platform integration. So how should we think about margins moving forward as you reap the benefits from those previous investments but then also highlighting some of the new investments, specifically around GenAI sales and marketing?

在您為平台整合完成所有繁重工作後，很高興看到利潤率擴大。那麼，當您從先前的投資中獲益，同時也強調一些新的投資，特別是圍繞 GenAI 銷售和行銷的投資時，我們應該如何考慮未來的利潤率？

Matt, I think that we did this quarter 32% of adjusted EBITDA margin out of contribution ex-TAC. I think that this -- again, we are waited as our peers in the industry as the industry all for H2. And of course, it's all around a scale game. So as long as our scale will increase, for sure, our margins will be better. Having said that, I think we are still reaffirming our guidance of around $100 million of adjusted EBITDA out of, let's take the midpoint of $ 342.5 million.

馬特，我認為本季我們調整後 EBITDA 利潤率的 32% 是來自 TAC 以外的貢獻。我認為，我們和業內同行一樣，都在等待下半年的到來。當然，這一切都是圍繞著規模遊戲進行的。因此，只要我們的規模擴大，我們的利潤率肯定會更好。話雖如此，我認為我們仍然重申調整後 EBITDA 約為 1 億美元的指導，讓我們取 3.425 億美元的中位數。

So it's somewhere around 30%. I think that on a yearly basis, this will represent what we can do now. Of course, going into 2025, I think that we can do better. And again, the weighted margin between the different quarters is reflected and related to the seasonality. So I'm guessing that in Q4, we will do much more than 32%.

所以大約是 30% 左右。我認為，從每年的角度來看，這將代表我們現在可以做的事情。當然，進入2025年，我認為我們可以做得更好。同樣，不同季度之間的加權利潤率也反映了季節性並與季節性相關。所以我猜測第四季我們的工作量將遠遠超過 32%。

But on a yearly basis, and this is the way you should look at it, I think we should -- now we will settle it around on the 30-ish. And going forward, I think that we can do more than that.

但在每年的基礎上，這就是你應該看待它的方式，我認為我們應該——現在我們將在 30 左右解決這個問題。展望未來，我認為我們可以做得更多。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

The first question I have is, could you talk about your GenAI road map, please? Where do you think you're going to be focusing first on integrating GenAI into your product portfolio?

我的第一個問題是，您能談談您的 GenAI 路線圖嗎？您認為將 GenAI 整合到您的產品組合中首先會關注哪些方面？

Laura, of course. So our advantage when you look at the GenAI is that we have also a lot of points of data connected to our activation platform, which is giving us a lot of opportunities to integrate GenAI into our work stream and into our platform. The first place that we are going to integrate GenAI will be around our discovery, which is basically the units, the data platform that enable advertisers to source their audiences, to learn about -- to get more insights and to get sentiment to their products and services and to create segments that they can operate on our platform.

勞拉，當然。因此，當你看到 GenAI 時，我們的優勢在於我們還有很多數據點連接到我們的激活平台，這給了我們很多機會將 GenAI 整合到我們的工作流程和我們的平台中。我們要整合GenAI 的第一個地方將是圍繞我們的發現，這基本上是一些單元，一個數據平台，使廣告商能夠找到他們的受眾，了解——獲得更多的見解並了解他們的產品和情緒。

So we believe that this is the first place that we need to invest and integrate GenAI and it's in the process already. And we believe that, thanks to the fact that it's all around data that is connected to our activation tools, the GenAI will have like more capabilities and power and basically the ability of users to utilize the service will not just be based on the person that is operating the discovery tool, but on the GenAI and the accumulative knowledge and capabilities of our company.

所以我們相信這是我們需要投資和整合 GenAI 的第一個地方，而且它已經在這個過程中了。我們相信，由於所有數據都連接到我們的啟動工具，GenAI 將擁有更多的功能和力量，基本上，用戶使用該服務的能力將不僅僅取決於使用該服務的人。基於GenAI以及我們公司累積的知識和能力。

Okay. And it's built on which cloud, which -- are you using open AI? Or are you using Google Cloud, which we on?

好的。它建立在哪個雲端上，您使用的是開放人工智慧嗎？還是您正在使用我們使用的 Google Cloud？

Google... We are using also Google cloud, but we are -- it's not I think the issue. In general, we are using our own infrastructure for everything, but for also for certain purposes, we are using Google and Amazon Cloud.

Google...我們也在使用谷歌雲，但我認為這不是問題。一般來說，我們在所有事情上都使用自己的基礎設施，但出於某些目的，我們也使用谷歌和亞馬遜雲端。

Okay. And then my second question is about -- you talked about United Airlines, which is pretty exciting. But when you do a partnership with American Airlines, is there revenue in that for you immediately? Or is it more like you do a partnership with United and that then attract new types of advertisers around e-commerce capability in new categories? How does the revenue work in with things like your United Airlines and your partnership?

好的。我的第二個問題是——你談到了聯合航空公司，這非常令人興奮。但是，當您與美國航空建立合作夥伴關係時，您會立即獲得收入嗎？或者更像是您與美聯航建立合作夥伴關係，然後圍繞新類別的電子商務能力吸引新型廣告商？收入如何與您的聯合航空公司和合作夥伴關係等運作？

So basically, when I -- when we look at the United Airlines, for us, it's the first step into -- into the retail world, first of all, and commercial world, which is collected data, which is a very important step that they gave us the trust and we, of course, honor them and reflect this step, and we do everything to touch their expectation from us and from the market.

所以基本上，當我——當我們看到聯合航空公司時，對我們來說，這是進入零售世界的第一步，首先是商業世界，這是收集數據的，這是非常重要的一步他們給予了我們信任，我們當然尊重他們並反映了這一步，我們盡一切努力滿足他們對我們和市場的期望。

The idea is to basically enable -- it's not that we are going to make two sources of revenue: one, to operate their activity. Basically, they have the whole sales team that is selling media, selling activation or based on their data. And the second one is that we will be able to offer this data also to our clients on the programmatic level. So these two levels -- these two revenue channels will basically come into fruition in the near future.

這個想法基本上是使我們能夠獲得兩種收入來源：一是經營他們的活動。基本上，他們擁有整個銷售團隊來銷售媒體、銷售啟動或基於他們的數據。第二個是我們也能夠在程序層面上向我們的客戶提供這些數據。那麼這兩個層面、這兩個收入管道在不久的將來基本上就會實現。

It's new to us. So it's hard to say how much revenue it will generate for us, but since it's a very interesting data set of more than 100 million travelers, we believe that it will be meaningful in the years to come.

這對我們來說是新的。所以很難說它會為我們帶來多少收入，但由於這是一個包含超過 1 億旅客的非常有趣的數據集，我們相信它在未來幾年將是有意義的。

Matt Condon, JMP.

馬特康登，JMP。

My first one is just following the integration of Amobee, it seems that sales execution has improved. Can you just elaborate on this and maybe how you feel about the sales force and where it sits today?

我的第一個是剛整合Amobee後，看起來銷售執行力有所提升。您能否詳細說明一下這一點，以及您對銷售團隊及其目前所處位置的看法？

Of course. Basically, about close to two years ago, we acquired Amobee, which was a bigger company than us. They had like close to 1,000 people. We were 600 people. And when you are combining two sales teams, there is a lot of noise work, integration and synchronization that to happen between the teams.

當然。基本上，大約兩年前，我們收購了 Amobee，這是一家比我們更大的公司。他們有接近 1,000 人。我們有 600 人。當您合併兩個銷售團隊時，團隊之間會發生大量噪音工作、整合和同步。

That's one. The second thing is the offering that need to be aligned because we are integrating new products. We are creating new offering into the market. So we need to, first of all, build the offering. The second thing is basically educate first of all, our people about the new offering and adjusting to the market needs.

這是一個。第二件事是需要調整的產品，因為我們正在整合新產品。我們正在向市場推出新產品。因此，我們首先需要建構產品。第二件事基本上是先對我們的員工進行有關新產品和適應市場需求的教育。

Sometimes you need to -- it's a process. It's not that the first time that you are creating an offer. It's like working 100%. So you need to adjust it over time. And what we saw lately is, first of all, the establishment of the people they know their assignments, they believe, they feel confident about the technology and product that we are offering.

有時你需要──這是一個過程。這不是您第一次建立報價。這就像 100% 工作一樣。所以你需要隨著時間的推移進行調整。我們最近看到的是，首先，他們了解自己的任務，他們相信，他們對我們提供的技術和產品充滿信心。

We packaged it and tightened the packaging in a way that they can explain it to the other side in a more meaningful and simple manner. And we feel the results, meaning people understand what we have to offer in the marketplace. They understand what is the value that we -- that our products can bring to them and they sign in and grow their revenues with us. And it's a process that I think that will just get better overtime because basically, we are learning also from the process, as I said, it's an ongoing process.

我們把它包裝起來，把包裝收緊，讓他們可以用更有意義、更簡單的方式向對方解釋。我們感受到了結果，這意味著人們了解我們在市場上提供的產品。他們了解我們的產品可以為他們帶來什麼價值，並且他們與我們簽約並增加收入。我認為這個過程會隨著時間的推移而變得更好，因為基本上，我們也在從這個過程中學習，正如我所說，這是一個持續的過程。

And the advantage that we got is that we basically got a lot of products that we integrated into a packaging that is -- makes really clear advantage to the clients on the other side to use.

我們獲得的優勢是，我們基本上將許多產品整合到一個包裝中，這為另一方的客戶使用提供了非常明顯的優勢。

So when our teams are aligned, educated, trained and they are coming to the market with organized material and offering, it's working. That's why we are talking about better execution. We are hiring more people. We are basically training them better, and we are able to give them more tools in order to win in the market.

因此，當我們的團隊協調一致、接受教育和培訓，並且他們帶著有組織的材料和產品進入市場時，它就發揮了作用。這就是我們談論更好的執行力的原因。我們正在僱用更多的人。我們基本上是在更好地培訓他們，我們能夠為他們提供更多的工具，以便在市場上獲勝。

That's helpful. And then maybe my second one is, can you talk about the progress you're making with the Stagwell partnership and just how demand has trended, I guess, relative to your expectations?

這很有幫助。然後也許我的第二個問題是，您能否談談您與 Stagwell 合作夥伴關係所取得的進展以及我想相對於您的期望需求的趨勢如何？

Stagwell is an important partner for us. We believe there are -- they are a great company that is basically also challenging the market in so many ways and forms. And we are in a process now. We're working together training, as we mentioned, educating, building together products that they are helping us to improve some of our products because of their better experience working with clients. They are closer to clients.

斯塔格韋爾是我們的重要合作夥伴。我們相信他們是一家偉大的公司，基本上也以多種方式和形式挑戰市場。我們現在正處於一個過程中。正如我們所提到的，我們正在共同進行培訓、教育、共同建立產品，他們正在幫助我們改進我們的一些產品，因為他們與客戶合作的經驗更好。他們離客戶更近。

They're an agency, of course. And in some ways, we are helping them on a technology level. So I think it's in process, and we believe that it will grow and it's meaningful because we believe that Stagwell is one of the challenges of this industry, and we believe that they will keep growing, and we will be able to keep growing our business with them.

當然，他們是一個機構。在某些方面，我們正在技術層面上幫助他們。所以我認為它正在進行中，我們相信它會成長並且很有意義，因為我們相信 Stagwell 是這個行業的挑戰之一，我們相信他們會不斷成長，我們將能夠繼續發展我們的業務和他們在一起。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

I wanted to revisit one of the issues that you brought up last quarter, and this was mentioned earlier on the call, but this one of the issues for Q1 was -- and the CTV revenue was the customers -- small and midsized agency customers that were opting for the company's lower-cost programmatic display and mobile and desktop video solutions. With this recovery that we're seeing in that business, is this the same customers coming back because their end advertisers have budget? Or is this kind of larger brands and agencies moving the needle for you?

我想重新審視您上季度提出的一個問題，這在電話會議的早些時候提到過，但第一季的問題之一是——CTV 收入是客戶——中小型代理客戶，選擇該公司成本較低的程式化顯示以及行動和桌面視訊解決方案。隨著我們在該業務中看到的復甦，這些客戶是否會因為最終廣告商有預算而回來？或者這種更大的品牌和機構正在為您帶來推動力？

Basically, when you're looking at business, business cannot grow so fast, Eric, just based on new money, it's always a mix of better revenues that is coming from your current clients, and we have hundreds of clients, hundreds partners and clients, advertisers that are buying from us CTV media. So what we feel that, as I mentioned, better education, better sales processes that we basically brought into the game because of the -- what I answered before about the better integration, alignment to the sales teams and so on.

基本上，當你專注於業務時，業務不可能增長得這麼快，埃里克，僅僅基於新資金，它總是來自你當前客戶的更好收入的組合，我們有數百個客戶、數百個合作夥伴和客戶，從我們的 CTV 媒體購買廣告的廣告主。因此，正如我所提到的，我們認為更好的教育、更好的銷售流程基本上是我們引入遊戲中的，因為我之前回答過關於更好的整合、與銷售團隊的協調等等。

And of course, something which is very meaningful in CTV is what I mentioned in the first quarter is true, and that's what's happening. And you can see that across the industry is basically when there is like doubt or uncertainty, people are pulling their budgets more to the side of performance media and less to CTV and high-end inventory, and that's what helped us last year and the beginning of this year. And we see improvement in the sentiment of the advertisers to invest more.

當然，在 CTV 中非常有意義的事情是我在第一季提到的事情是真的，這就是正在發生的事情。你可以看到，整個產業基本上都是在存在疑問或不確定性的情況下，人們將預算更多地分配給績效媒體，而不是CTV和高端庫存，這就是去年和年初對我們有幫助的原因。我們看到廣告商加大投資的情緒有所改善。

And together with our better capabilities, better organization, more tight products and offering, we see the upsights, and we see the results in the CTV front, which have made a very big jump in revenues and in our capability, basically to provide good solutions to partners.

加上我們更好的能力、更好的組織、更緊密的產品和服務，我們看到了積極的一面，我們看到了CTV 方面的成果，這使得收入和我們的能力有了很大的躍升，基本上是提供良好的解決方案給合作夥伴。

Okay. And then revisiting the free cash flow expectation for 2024. Sagi think you've said that there's roughly $100 million of adjusted EBITDA, you expected that to translate into around $60 million of free cash flow. Is that still the expectation for 2024?

好的。然後重新檢視 2024 年的自由現金流預期。Sagi 認為您說過大約有 1 億美元的調整後 EBITDA，您預計這將轉化為大約 6000 萬美元的自由現金流。這仍然是2024年的期望嗎？

Yes, I think it's still it's like the low range of what we are anticipating. It can go up to 65%. But yes, this is like the range that we anticipate that we can generate through 2024. Of course, we are still utilizing a lot of the cash through our buyback plan, the one that we already ended in Q1 of the $20 million that we announced already at the end of 2023 and issued a new one in April, May of $50 million.

是的，我認為這仍然是我們預期的低範圍。最高可達 65%。但是，是的，這就像我們預計到 2024 年可以產生的範圍。當然，我們仍然透過我們的回購計劃使用大量現金，我們已經在第一季結束了我們在2023 年底宣布的2000 萬美元的回購計劃，並在4 月、5 月發行了新的5000 萬美元的現金。

So yes, as long as the Board and management will think that the undervalue of the company is worth spending our money and buy back our shares. We will continue to do that as well.

所以，是的，只要董事會和管理層認為公司的低估值得花我們的錢併回購我們的股票。我們也將繼續這樣做。

Mauricio Munoz, Raymond James.

毛里西奧·穆尼奧斯，雷蒙德·詹姆斯。

Yes. This is Mauricio for Andrew today. Yes, I just wanted to go back to the question on margins. So Sagi, obviously, margins were quite strong in the quarter. I'm just trying to understand the sources of upside and how sustainable these are.

是的。這是今天安德魯的毛里西奧。是的，我只是想回到關於邊距的問題。因此，Sagi 顯然本季的利潤率相當強勁。我只是想了解上行空間的來源以及它們的可持續性。

So you talked about your ability to capture cost efficiencies. And I'm assuming some headcount rationalization and maybe capability integrations now that move has been fully integrated for over a quarter. But just wondering about any positive margin contributions from the revenue mix, particularly any margin upside from data licensing revenue or ACR license revenues ramp with the platform scaling. So any color around that would be helpful.

所以你談到了你獲取成本效益的能力。我假設有些員工人數合理化，也許還有能力整合，因為此舉已經完全整合了四分之一以上。但只是想知道收入組合是否有任何積極的利潤貢獻，特別是數據授權收入或 ACR 授權收入隨著平台擴展而增加的任何利潤成長。所以周圍的任何顏色都會有幫助。

Sure. So I think you touched all of the right points. We announced yesterday on our -- on Nexxen and the Trade Desk partnership around ACR data in the US, Canada, UK, and Australia. I think that this is like our foray into this vertical or line of business where we are generating money out of the data that we have exclusively.

當然。所以我認為你觸及了所有正確的觀點。我們昨天在 Nexxen 和 Trade Desk 上宣布了圍繞美國、加拿大、英國和澳洲 ACR 數據的合作夥伴關係。我認為這就像我們進軍這個垂直行業或業務線一樣，我們利用我們專有的數據來賺錢。

And probably, over time, we will have more partnerships on that front. And the revenue that we'll generate from that will grow up as the partners will use it and utilize it more and more as we will see the benefit from that. And as VIDAA and fresh items will sell more TV sets. So I think that this line of business is contributing direct to the EBITDA line. We don't have any cost or any extra incremental cost around that.

也許，隨著時間的推移，我們將在這方面建立更多的合作關係。隨著合作夥伴越來越多地使用它，我們從中產生的收入也會成長，因為我們會看到從中帶來的好處。而隨著VIDAA和生鮮商品的出現，電視機的銷售量將會增加。因此，我認為該業務線直接為 EBITDA 線做出貢獻。我們沒有任何成本或任何額外的增量成本。

I think that's what I said, everything in our industry is the right seasonality so we can have a better quarter or a much better quarter and the margin the adjusted EBITDA line will be better at that quarter specifically. But again, I think we should look on our margins on a yearly basis.

我想這就是我所說的，我們行業中的一切都是正確的季節性，因此我們可以有一個更好的季度或更好的季度，並且調整後的EBITDA 線的利潤率將在該季度更好。但我再次強調，我們應該每年關注我們的利潤率。

And for that, I think that in 2024, we are going to generate something around the 30%. And going forward, as you said and as Ofer mentioned, the Amobee integration that is already been fulfilled. I don't want to say a long time ago, but it's already there.

為此，我認為到 2024 年，我們將實現 30% 左右的目標。展望未來，正如您所說和 Ofer 提到的，Amobee 整合已經完成。我不想說很久以前，但它已經在那裡了。

I think that now, as we said in the call before, we are back on the offense, and we are going to more and more efficiency and more cost leverage on our cost base. And I think that in the last, I don't know, four quarters at least, we are seeing like the numbers of the total headcount of the company's decreasing revenue quarter-over-quarter. And of course, this is helping to increase our margin. And it will be the same as we will move forward.

我認為現在，正如我們在先前的電話會議中所說，我們重新發動進攻，我們將在成本基礎上實現越來越高的效率和更多的成本槓桿。我認為在過去，我不知道，至少在四個季度，我們看到公司總人數逐季下降的收入。當然，這有助於增加我們的利潤。我們將繼續前進，這將是一樣的。

And then on capital allocation, maybe you can give us an update on your plans. Obviously, you retired $100 million in debt, now have $152 million in cash. So I'm assuming that following the acquisition of Amobee, you're probably going to pass on your M&A plans. But how should we think about the pace of the ongoing share buyback program? And any plans to simplify your charge structure?

然後在資本配置方面，也許您可以向我們提供您計劃的最新情況。顯然，您償還了 1 億美元的債務，現在擁有 1.52 億美元的現金。因此，我假設在收購 Amobee 後，您可能會放棄您的併購計劃。但我們該如何看待正在進行的股票回購計畫的步伐呢？有計劃簡化您的收費結構嗎？

Yes. I think, as I said before, we are generating money on a regular basis. Our net cash after we fully repaid our $100 million of loan that we took in order to finance some of them on the acquisition already was fully repaid. And we will keep generating money. This is our DNA, and this is our plan.

是的。我認為，正如我之前所說，我們正在定期賺錢。在我們全額償還了為收購其中一些公司提供資金而藉入的 1 億美元貸款後，我們的淨現金已經全部償還。我們將繼續賺錢。這是我們的 DNA，這就是我們的計劃。

And as long as management and Board will think that the value of the company or the -- is undervalued in the market, we will keep on buying back our shares. And according to your first part of the question, yes, I think that now after the full integration of Amobee, we don't think that we are seeing like any critical part and any important part.

只要管理階層和董事會認為公司或公司的價值在市場上被低估，我們就會繼續回購我們的股票。根據你問題的第一部分，是的，我認為現在在 Amobee 完全整合之後，我們認為我們沒有看到任何關鍵部分和任何重要部分。

Of course, we may go into something that can add a critical test that we may need. But again, it will be a small acquisition or an IT acquisition in order to make a fast progress instead of develop it by ourselves. But again, we are not actively engaged in any M&A, and we are not looking actively for any M&A.

當然，我們可能會研究一些可以添加我們可能需要的關鍵測試的內容。但同樣，這將是一次小型收購或IT收購，以便取得快速進展，而不是我們自己開發。但同樣，我們沒有積極參與任何併購，也沒有積極尋求任何併購。

We think that we have all the parts we need. And it's now only about going to offense, execute and scaling our numbers up.

我們認為我們擁有所需的所有部件。現在我們要做的只是進攻、執行和擴大我們的人數。

Mark Kelley, Stifel.

馬克凱利，斯蒂菲爾。

I want to ask you about just CTV bigger picture. Are you seeing more biddable open programmatic transactions? Or is it still primarily private marketplace deals? And then second, can you maybe expand a bit on the Commerce Media strategy over the long term? Do you see that more as like a data strategy? Or is it going to be data paired with your ability to buy across disparate commerce media and retail media networks? Any help there would be great.

我想問你有關 CTV 大局的問題。您是否看到更多可出價的開放式程序化交易？或仍主要是私人市場交易？其次，從長遠來看，您能否稍微擴展一下商業媒體策略？您是否認為這更像是一種數據策略？或者它將是與您在不同的商業媒體和零售媒體網路上購買的能力相符的數據？任何幫助都會很棒。

I will start with your second question about the usage of data with retail, media and in general. So we are not trying to become like traders in data in general, but we are utilizing data in two elements. One of them is on the DSP side in order to enable better targeting for advertisers in order to reach better results.

我將從你的第二個問題開始，涉及零售、媒體和一般數據的使用。因此，我們並不想成為一般數據交易者，但我們正在利用兩個元素的數據。其中之一是在DSP方面，以便能夠更好地針對廣告主進行定位，從而達到更好的效果。

And usually, what we do is we tie our ability to provide data to people spend moving to our platforms and to have a platform from a technology perspective and our platform for media perspective, which, of course, contributes to us meaningfully. So this is something that we are putting emphasis for a long time on the advertiser side.

通常，我們所做的是將我們為人們提供數據的能力聯繫到我們的平台上，並從技術角度和媒體角度擁有一個平台，這當然對我們做出了有意義的貢獻。所以這是我們廣告商長期以來一直強調的事情。

Also for publishers, publishers started to use data in a very meaningful manner in order to upgrade their capabilities to sell not media but audiences. And we see this trend growing. And we want, of course, to be part of that because we believe in the ability to generate meaningful revenues from the combination of data and media. So -- that's one thing that we are doing. In some cases, we can sell also just that, but it will not be the majority of the revenues that we will generate from that activity.

對出版商來說，出版商也開始以非常有意義的方式使用數據，以提升其銷售受眾而非媒體的能力。我們看到這種趨勢正在成長。當然，我們希望成為其中的一部分，因為我們相信透過數據和媒體的結合能夠產生有意義的收入。所以——這是我們正在做的一件事。在某些情況下，我們也可以出售這些產品，但這不會占我們從該活動中產生的大部分收入。

And we believe that the major thing will come when we will basically merge it or connect to media. On the question of CTV, if you can refine your question, it will be great. Just for me to understand what you are trying to -- me to answer about.

我們相信，當我們基本上將其合併或連接到媒體時，重大的事情就會到來。關於中視的問題，如果你能提煉一下你的問題，那就太好了。只是為了讓我了解您想要回答的問題。

Yes, of course. Sure. Yes. I guess in terms of how CTV inventory is bought today are you seeing a shift towards more biddable and kind of open programmatic or is it still private marketplace direct deals that you're seeing primarily today?

是的當然。當然。是的。我想就如今 CTV 廣告資源的購買方式而言，您是否看到了向更可出價和開放程序化的轉變，或者您今天主要看到的仍然是私人市場直接交易？

I think it's a mix. I think that advertisers are closing deals with publishers that they want to run one to one, if they call it, which is they need the pipes in order to do that and they can use our technology in order to do it in a very good manner. Or sometimes, they want to buy it programmatically. We are, of course, we are enabling -- we are able to do both, and we can enable our partners to buy one-on-one or to buy programmatically. In general, I think that the -- it's -- the market is opening up.

我認為這是一個混合。我認為廣告商正在與出版商達成交易，他們希望一對一地進行交易，如果他們稱之為的話，那就是他們需要管道才能做到這一點，他們可以使用我們的技術以便以一種非常好的方式做到這一點。或者有時，他們想以程式方式購買。當然，我們正在推動——我們能夠做到這兩點，並且我們可以使我們的合作夥伴能夠一對一購買或以程式方式購買。總的來說，我認為市場正在開放。

You see a lot of new publishers coming into the market, increasing their inventory and opportunities from one side. On the other side, you see more and more advertisers that are interested to create one-on-one deals with certain publishers in order to buy their media.

你會看到許多新的發行商進入市場，從一方面增加了他們的庫存和機會。另一方面，您會看到越來越多的廣告商有興趣與某些出版商建立一對一的交易，以購買他們的媒體。

And of course, we respect both. It's hard for me to say which one is bigger right now because I think that even that we are in a major player in CTV, it's very to say, the full picture because right now, we see that we see growth -- we see a lot of programmatic of course, activity, but we start to see growth on one-on-one when people are basically using our technology in order to serve campaigns on publishers that they -- one, they can ask to buy just the specific publishers or they have a deal with these publishers that they can utilize through our technology.

當然，我們尊重兩者。我現在很難說哪一個更大，因為我認為即使我們是 CTV 的主要參與者，也可以說是全面的，因為現在，我們看到我們看到了增長——我們看到了當然，有很多程序化的活動，但是當人們基本上使用我們的技術來為出版商提供廣告活動時，我們開始看到一對一的增長，他們可以要求只購買特定的出版商或他們與這些出版商達成了協議，可以透過我們的技術加以利用。

As there are no further questions at this time. I would now like to turn the call over back to Mr. Ofer Druker for closing remarks.

因為目前沒有進一步的問題。現在我想將電話轉回給奧弗·德魯克先生致閉幕詞。

Thank you. So as we indicated also in our PR, in our message, after a long period of time of working very hard in order to integrate the companies, the company that we acquired Amobee into our company to match the sales teams like was mentioned here in our conversation to build a unified offering and messaging and basically to be able to package better. And after the rebranding process that we did last year that help us a lot and help people to understand better what we are offering.

謝謝。因此，正如我們在公關中所表示的那樣，在我們的訊息中，經過很長一段時間的努力工作以整合公司，我們將Amobee 收購到我們公司中，以匹配我們在我們的訊息中提到的銷售團隊。在我們去年進行的品牌重塑過程之後，這對我們幫助很大，並幫助人們更好地了解我們所提供的產品。

We see very good improvement in the parameters and the performance of the company from almost every aspect that we can look at. And we are happy about it, of course, because we worked for a long time very hard in order to create a situation.

從我們所能看到的幾乎每個方面，我們都看到公司的參數和績效都有很大的改善。當然，我們對此感到高興，因為我們為了創造一個局面付出了很長一段時間的努力。

And we are really excited and we believe in what we are doing. We still hold our strategy, which is around CTV, video and enhanced data that is basically unifying our platform and touching every point of the journey. And I think that we are equipped with the right tools and partnership in order to be a major player in this industry around the elements that I just mentioned, which is video CTV and data.

我們真的很興奮，我們相信我們正在做的事情。我們仍然堅持我們的策略，即圍繞 CTV、視訊和增強數據，這些策略基本上統一了我們的平台並觸及旅程的每個點。我認為我們配備了正確的工具和合作夥伴關係，以便圍繞我剛才提到的視訊 CTV 和數據等要素成為該行業的主要參與者。

So thank you, everyone, and hope to see you soon again. Thank you very much.

謝謝大家，並希望很快能再見到你們。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。