Nexxen International Ltd (NEXN) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Janine, and I will be your conference operator today. Welcome to Nexxen's third quarter earnings call. (Operator Instructions) This call is being recorded and a replay of today's call will be made available on Nexxen's Investor Relations website.

感謝您的支持。我叫 Janine，今天我將擔任您的會議接線生。歡迎參加 Nexxen 第三季財報電話會議。（操作員指示）本次通話將被錄音，今天通話的重播將在 Nexxen 的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.

我現在將電話交給投資者關係副總裁 Billy Eckert，進行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 third quarter earnings call. During today's call, we will discuss our financial and operating results for the three and nine months ended September 30, 2024, as well as our forward-looking guidance.

謝謝您，接線生。大家早安，歡迎參加 Nexxen 第三季財報電話會議。在今天的電話會議上，我們將討論截至 2024 年 9 月 30 日的三個月和九個月的財務和經營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 和公司財務長 Sagi Niri。今天早上，我們發布了一份新聞稿，您可以在我們的 IR 網站 investors.nexxen.com 上訪問。

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. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, financial outlook, partnership and anticipated benefits related to those partnerships, anticipated benefits related to the potential changes in the company's trading security structure, anticipated benefits related to the company's intended growth and platform investments, 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.

在今天的電話會議中，我們將做出前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述。我們建議謹慎並依賴前瞻性陳述。這些聲明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、財務展望、合作夥伴關係及與這些合作夥伴關係相關的預期收益、與公司交易安全結構的潛在變化相關的預期收益、與公司預期增長和平台投資相關的預期收益、對宏觀經濟和行業狀況的前瞻性觀點以及有關我們產品或服務的預期發展、業績

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。這些聲明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聲明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. 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.

有關這些風險因素和其他風險因素的更多詳細信息，請參閱我們提交給美國證券交易委員會的文件中，包括但不限於我們最近的 20-F 表年度報告中“風險因素”部分列出的風險和不確定性。除非法律要求，否則 Nexxen 不會更新或更改其前瞻性陳述，無論是否出現新資訊、未來事件或其他原因。

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. 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.

此外，本公司在本次電話會議中的新聞稿和管理聲明將包括對國際財務報告準則和非國際財務報告準則條款中的某些措施和財務資訊的討論。我們建議您參閱本公司的新聞稿以獲取更多詳細信息，包括非國際財務報告準則項目的定義以及國際財務報告準則與非國際財務報告準則結果的對帳。

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

現在，我很高興介紹 Nexxen 執行長 Ofer Druker。奧弗，請繼續。

Thanks, Billy. Since late last year, we significantly improved the company's performance. Our improvement is a direct byproduct of our hard work integrating Amobee's technology, data assets and talent base since we accomplished amidst challenging macroeconomic conditions as well as our rebrand to Nexxen, the combination of which has boosted our standing within the industry.

謝謝，比利。自去年下半年以來，我們大幅提高了公司的表現。我們的進步是我們努力整合 Amobee 的技術、數據資產和人才基礎的直接結果，因為我們在充滿挑戰的宏觀經濟條件下取得了成功，並且我們更名為 Nexxen，這些舉措提升了我們在行業中的地位。

Since early 2024, we achieved significantly better results than in 2023 as our business, sales teams and markets is on better footing, as evidenced by our ability to generate record Q3 results and accelerate our growth prospects by winning partnerships with some of the world's top companies. After enhancing our tech products, data and advanced CTV capabilities, Nexxen is being recognized as a strategic partner that can drive superior results regardless of how customers across the industry choose to work with us. It is clear, Nexxen is now viewed as the data-first AdTech platform that enhance outcomes and solves key problems across the supply chain with data-driven video, advanced TV and audience-targeting capabilities unlike any other in the industry.

自 2024 年初以來，我們取得了比 2023 年更好的業績，因為我們的業務、銷售團隊和市場基礎更加牢固，這從我們能夠創造創紀錄的第三季度業績並通過與一些世界頂級公司建立合作夥伴關係來加速我們的增長前景就可以看出。在增強我們的技術產品、數據和先進的 CTV 功能後，Nexxen 被公認為策略合作夥伴，無論整個行業的客戶選擇如何與我們合作，它都能帶來卓越的成果。顯然，Nexxen 現在被視為數據優先的廣告技術平台，它透過數據驅動的視訊、先進的電視和受眾定位功能來增強成果並解決整個供應鏈中的關鍵問題，這是業內其他平台所無法比擬的。

Our strategy to seamlessly connect our robust data solution to our flexible platform to fuel better customer outcome is a winning value proposition that is leading more and more partners to select Nexxen as the platform of choice. A key advantage for Nexxen is that we are one of the pioneers and leaders in the concept of owning and operating an end-to-end platform, a trend that others in AdTech are trying to catch up to.

我們的策略是將強大的數據解決方案與靈活的平台無縫連接，以促進更好的客戶成果，這是一個成功的價值主張，正在吸引越來越多的合作夥伴選擇 Nexxen 作為首選平台。Nexxen 的一個關鍵優勢在於，我們是擁有和營運端到端平台概念的先驅和領導者之一，而廣告科技領域的其他公司正在努力追趕這一趨勢。

Operating a full-stack platform brings efficiency and simplicity to our partners, and customers that adopt multiple solutions across our end-to-end ecosystem typically save costs while generating improved results and ROI. Our end-to-end platform includes a flexible full-service, state-of-the-art DSP and SSP centered around a data platform, which is unique and differentiated in the marketplace. And our data strategy strongly complements and significantly advance the benefits created by our full-stack tech infrastructure.

營運全端生態系統為我們的合作夥伴帶來了效率和簡便性，而在我們的端到端生態系統中採用多種解決方案的客戶通常可以節省成本，同時獲得更好的結果和投資回報率。我們的端到端平台包括靈活的全方位服務、最先進的 DSP 和 SSP，以數據平台為中心，在市場上獨一無二且差異化。我們的數據策略有力地補充了我們的全端技術基礎設施所創造的優勢，並顯著提升了這一優勢。

Through Amobee, we gained even greater combined technology and data benefits and reach, which are now providing massive advantages for Nexxen and its customers in the market. Following the integration, our robust data is now fully intertwined into our advanced technology solution across our platform, enabling our partners to better fulfill their needs, better service their clients and win new accounts. As I will touch on later, we plan to incorporate GenAI more and more across our platform to further enhance our combined tech and data capabilities and competitive advantage to drive even better results and usability for our customers.

透過 Amobee，我們獲得了更強大的綜合技術和數據優勢及覆蓋範圍，這為 Nexxen 及其市場客戶提供了巨大的優勢。整合之後，我們強大的數據現在已完全融入我們平台上的先進技術解決方案中，使我們的合作夥伴能夠更好地滿足他們的需求，更好地服務他們的客戶並贏得新客戶。正如我稍後會提到的，我們計劃在我們的平台上越來越多地融入 GenAI，以進一步增強我們的綜合技術和數據能力和競爭優勢，從而為我們的客戶帶來更好的結果和可用性。

Customer prospects continue to increasingly embrace our data-powered end-to-end approach. A great example is our partnership with Stagwell, who is continuing to adopt a growing number of solutions within our product suite as they are driving better results when leveraged together. Stagwell recently ran an analysis of our performance against another major DSP for one of its clients. Our combined data and technology offerings significantly outperformed, generating far superior returns on ad spend, a tremendous reduction in cost per customer acquisition and a notable increase in CPM efficiencies.

潛在客戶越來越接受我們以數據為驅動的端到端方法。一個很好的例子就是我們與 Stagwell 的合作，他們正在繼續採用我們產品套件中越來越多的解決方案，因為它們結合起來可以帶來更好的結果。Stagwell 最近針對我們的表現與其客戶之一的另一個主要 DSP 進行了分析。我們結合的數據和技術產品表現優異，產生了遠超預期的廣告支出回報、大幅降低了每個客戶獲取成本並顯著提高了 CPM 效率。

Data is a key element for the success of any advertising campaign. This is the main reason customers lately have been seeking to partner with Nexxen as the company has robust and unique data capabilities and assets that fuel better results. Our tools like Nexxen Discovery enable advertisers to find and target audiences, unlock insights, [visual trends] and extend likely to engage or buy audience reach to achieve better returns. Advertisers are also able to onboard their first-party data onto our platform and enrich it with our datasets or any other dataset of their choosing, improving their results when activating campaigns on Nexxen DSP by enhancing the power of our recently launched data platform.

數據是任何廣告活動成功的關鍵要素。這是客戶最近一直尋求與 Nexxen 合作的主要原因，因為該公司擁有強大而獨特的數據能力和資產，可以帶來更好的結果。我們的 Nexxen Discovery 等工具使廣告商能夠找到並定位受眾、解鎖洞察力、[視覺趨勢]並擴大參與或購買受眾的範圍，從而獲得更好的回報。廣告主還可以將他們的第一方資料納入我們的平台，並使用我們的資料集或他們選擇的任何其他資料集來豐富它，透過增強我們最近推出的資料平台的功能，在 Nexxen DSP 上啟動廣告活動時改善他們的結果。

Our data platform combines our data assets, capabilities and applications in one place and also feature a unified ID graph solution. Our ID graph combines and deduplicates several identifiers into a merged graph, enabling increased scale, frequency capping and better targeting and attribution at the person and household level while furthering our already strong positioning to address change in privacy and identity. We are also adding curated media capabilities to our roster of data offering. In short, our differentiated ability to connect the data and AdTech supply chain through our data onboarding, audience enrichment, activation and measurement capabilities separate Nexxen from the pack.

我們的資料平台將我們的資料資產、功能和應用程式集中在一個地方，並提供統一的 ID 圖形解決方案。我們的 ID 圖將多個標識符組合併刪除重複數據，形成一個合併圖，從而能夠在個人和家庭層面擴大規模、限制頻率、實現更好的定位和歸因，同時進一步鞏固我們已經很強大的地位，以應對隱私和身份方面的變化。我們還在我們的數據產品名單中添加了精選媒體功能。簡而言之，我們透過數據導入、受眾豐富、激活和測量功能連接數據和廣告技術供應鏈的差異化能力使 Nexxen 從眾多競爭對手中脫穎而出。

Our holistic set of data capabilities have also led to new opportunities in growth areas like commerce media as Kinective Media by United Airlines recently selected Nexxen as a preferred data platform partner. The partnership extends third-party data from United's customers and MileagePlus program members to advertisers leveraging Nexxen for activation across premium off-site CTV, linear and digital content. Our clients can leverage [this data to layer added insights] on to campaigns. And Tinuiti, one of the leading performance agents within the US, has been an early adopter, enabling its clients to reach new audiences. We strongly believe in the importance of CTV advertising as it reflects a critical conduit to better understand and more effectively reach likely to engage or buy audiences.

我們的整體數據能力也為商業媒體等成長領域帶來了新的機遇，美國聯合航空的 Kinective Media 最近選擇 Nexxen 作為首選數據平台合作夥伴。此次合作將美聯航客戶和 MileagePlus 計畫會員的第三方資料擴展到利用 Nexxen 的廣告商，以在優質的場外 CTV、線性和數位內容中啟動廣告。我們的客戶可以利用[這些數據來增加洞察力]到活動中。Tinuiti 是美國領先的演出經紀公司之一，也是早期採用該技術的公司，幫助其客戶接觸到新的受眾。我們堅信 CTV 廣告的重要性，因為它是更好地了解和更有效地接觸可能參與或購買的受眾的重要管道。

Our full-stack platform benefits TV advertisers and streaming platform, as we bring unique demand and supply to each side of the transaction, while enabling cost efficiencies. We also hold relationships with all the world's major CTV OEMs, provide access to premium supply for many of the largest streaming players and possess exclusive TV data assets. Within our data offering, which stands out for our unique and advanced CTV data solution such as our Discovery tool and exclusive global ACR data capabilities enabled by our partnership with VIDAA, which amplify the effectiveness and appeal of our TV-focused tech products.

我們的全端平台使電視廣告商和串流媒體平台受益，因為我們為交易的每一方帶來獨特的需求和供應，同時實現成本效率。我們也與全球所有主要的 CTV OEM 保持合作關係，為許多最大的串流媒體播放器提供優質供應，並擁有獨家電視數據資產。在我們的數據產品中，我們以獨特和先進的 CTV 數據解決方案脫穎而出，例如我們的發現工具和透過與 VIDAA 合作實現的獨家全球 ACR 數據功能，這增強了我們以電視為中心的技術產品的有效性和吸引力。

We have built these capabilities over several years. And as a result, today, Nexxen is a leader in CTV advertising, data and technology. We believe we are well positioned to capitalize over the long term amid continued growth in ad-supported TV content and live sports going digital. Our differentiated TV data assets and capabilities led us to win a strategic partnership with The Trade Desk in Q3, resulting in our ACR data segments becoming available on their platform for activation in the US, UK, Canada and Australia. Nexxen's segments enable The Trade Desk clients to unlock unique targeting capabilities that can enhance their TV advertising efforts, while we gain another channel to expand our data licensing revenue over time.

我們經過數年時間建立了這些能力。因此，如今 Nexxen 已成為 CTV 廣告、數據和技術領域的領導者。我們相信，隨著廣告電視內容和體育直播數位化的持續增長，我們已做好準備，從長遠來看從中獲利。我們差異化的電視數據資產和能力使我們在第三季度贏得了與 The Trade Desk 的戰略合作夥伴關係，從而使我們的 ACR 數據片段可以在他們的平台上使用，並在美國、英國、加拿大和澳大利亞激活。Nexxen 的細分市場使 The Trade Desk 客戶能夠解鎖獨特的定位功能，從而增強他們的電視廣告效果，同時我們也獲得了另一個管道來隨著時間的推移擴大我們的數據授權收入。

We also recently entered a data partnership with StackAdapt, in which our ACR data segments became available for activation in the US within their programmatic platform. The StackAdapt platform connects to our SSP, and this partnership creates increased data licensing revenue opportunities and serves as a testament to customers leveraging several solutions within our ecosystem, underscoring the strategic nature of our platform.

我們最近也與 StackAdapt 建立了資料合作夥伴關係，我們的 ACR 資料片段可以在美國的程式化平台內啟動。StackAdapt 平台連接到我們的 SSP，這種合作關係創造了增加資料授權收入的機會，並證明了客戶利用我們生態系統中的多種解決方案，強調了我們平台的策略性。

Data licensing reflects a significant long-term opportunity for Nexxen. In addition to these recent wins, we are in advanced discussions with many others seeking to license our data, including some of the industry's largest and most recognized brands. As I mentioned, live sports is shifting to CTV, creating opportunities for Nexxen amid strong and growing advertiser demand. Our relationship with Fox, Fubo and DIRECTV amongst others, are driving sports-related tailwinds. For example, Fox has a plethora of live college football inventory. And Nexxen has been able to complement their sales efforts, enabling them to maximize yield and monetization. Additionally, other partners are granting Nexxen access to live NFL and other major sports inventory, driving better monetization for these customers while creating robust and unique opportunities for our advertiser clients.

數據許可為 Nexxen 帶來了重大的長期機會。除了最近的這些勝利之外，我們還在與許多其他尋求授權我們數據的公司進行深入討論，其中包括一些業內最大和最知名的品牌。正如我所提到的，體育賽事直播正在轉向 CTV，在廣告商需求強勁且不斷增長的情況下，為 Nexxen 創造了機會。我們與 Fox、Fubo 和 DIRECTV 等公司的合作關係正在推動體育相關的發展。例如，福克斯擁有大量的大學橄欖球比賽現場直播。Nexxen 能夠補充他們的銷售努力，使他們能夠最大限度地提高收益和貨幣化。此外，其他合作夥伴還授予 Nexxen 訪問 NFL 和其他主要體育賽事直播的權限，從而為這些客戶帶來更好的盈利能力，同時為我們的廣告客戶創造強大而獨特的機會。

Our data-driven political solution launched in Q3 also enable us to capitalize on the US election cycle, particularly in Q4 and generate what we believe will reflect record annual political contribution ex-TAC for Nexxen based on results we have seen to this point in the year. These tools empowered our political advertiser customers to gain deeper insights and maximize audience reach. And our data and audience capabilities drove better targeting and engagement with multicultural voters. This emerged as a key feature that we believe will serve us in the future as many companies increasingly focus on diversity and seek solution to help them prudently address the topic.

我們在第三季度推出的數據驅動政治解決方案還使我們能夠利用美國選舉週期，特別是在第四季度，並根據我們今年迄今為止看到的結果，為 Nexxen 創造創紀錄的年度政治捐款（不包括 TAC）。這些工具使我們的政治廣告客戶能夠獲得更深入的洞察力並最大限度地擴大受眾範圍。我們的數據和受眾能力推動了我們更好地定位和吸引多元文化選民。隨著越來越多的公司越來越關注多元化並尋求解決方案以幫助他們審慎地解決這個問題，我們相信這將成為未來為我們服務的關鍵特徵。

In Q3, we added an all-time high 138 new actively spending first-time advertiser customers. This included 31 new enterprise self-service customers and two new independent agencies, leveraging Nexxen's self-serve offering. We also added 61 new supply partners in Q3, highlighted by premium streaming customers and new audio customers like SoundCloud. Finally, we believe inclusive of GenAI and machine learning, Nexxen is uniquely situated to harness the full power of AI as we operate a full-stack platform connected by data, which benefits customers across all steps of their workflows.

在第三季度，我們新增了 138 位首次主動消費的廣告客戶，創歷史新高。其中包括 31 個新的企業自助服務客戶和 2 個新的獨立機構，均利用 Nexxen 的自助服務產品。我們還在第三季增加了 61 個新的供應合作夥伴，其中包括優質串流媒體客戶和 SoundCloud 等新音訊客戶。最後，我們相信，包含 GenAI 和機器學習，Nexxen 具有獨特的優勢，可以充分利用人工智慧的全部力量，因為我們經營著一個由資料連接的全端平台，這使客戶在其工作流程的所有步驟中受益。

Over several years, we have developed deep machine learning, AI and data capabilities. And by integrating GenAI, we can amplify the power of Nexxen platform across planning, activation and monetization. We believe Nexxen has an AI edge due to how many data signals we collect and utilize. AI solutions are dependent on robust data to generate accurate signals and access it on a plethora of it.

多年來，我們開發了深度機器學習、人工智慧和資料能力。透過整合 GenAI，我們可以增強 Nexxen 平台在規劃、活化和貨幣化方面的能力。我們相信，由於我們收集和利用了大量數據訊號，Nexxen 擁有人工智慧優勢。人工智慧解決方案依賴可靠的數據來產生準確的訊號並對其進行大量存取。

Because we operate an end-to-end full-stack platform, we can also incorporate AI very broadly and effectively. GenAI can benefit Nexxen across many use cases, including driving incremental opportunities, predictive analytics, data enrichment, customer support automation, content creation and personalization, creative ideation and optimization. We are now actively integrating GenAI into our core products to drive better usability and customer returns. In recent months, we have built out a GenAI team and partnership roster, featuring OpenAI and others to execute on this initiative.

由於我們經營的是端到端的全端平台，因此我們也可以非常廣泛且有效地融入人工智慧。GenAI 可以在許多用例中為 Nexxen 帶來益處，包括推動增量機會、預測分析、資料豐富、客戶支援自動化、內容創建和個人化、創意構思和最佳化。我們現在正積極將 GenAI 整合到我們的核心產品中，以提高可用性和客戶回報。最近幾個月，我們建立了 GenAI 團隊和合作夥伴名冊，其中包括 OpenAI 和其他公司來執行這項計劃。

In the near future, within our data and planning solution, we anticipate releasing a GenAI-powered in-platform virtual assistant to help customers find and reach new audiences, generate audience segments and seamlessly activate them on our DSP and SSP. Our first priority is to leverage GenAI to empower our Discovery tool to drive additional value and generate better results around audience creation, gaining granular insights on targets within those created audiences, extending likely to engage or buy audience reach and activating those enhanced and extended audiences on our DSP. We expect this will make Discovery more user-friendly, widen its utility beyond the new industry analysts and further the differentiation and appeal of Nexxen platform.

在不久的將來，我們預計將在我們的數據和規劃解決方案中發布一個由 GenAI 驅動的平台內虛擬助手，以幫助客戶找到並接觸新的受眾，生成受眾群體並在我們的 DSP 和 SSP 上無縫激活它們。我們的首要任務是利用 GenAI 來增強我們的發現工具，以推動附加價值並在受眾創建方面產生更好的結果，獲得對所創建受眾中的目標的細緻洞察，擴大可能參與或購買的受眾範圍，並在我們的 DSP 上激活那些增強和擴展的受眾。我們預計這將使 Discovery 更加用戶友好，擴大其在新產業分析師之外的實用性，並進一步增強 Nexxen 平台的差異化和吸引力。

On activation, we plan to introduce GenAI-powered copiloting capabilities within our DSP as part of a new and enhanced user interface. These features will proactively extract key insights, find enhancement opportunities and offer campaign optimization suggestion in real time. We believe these upgrades and others planned in the future will further position our platform technology and data capabilities as the primary driver of better customer results.

在啟動時，我們計劃在我們的 DSP 中引入由 GenAI 驅動的副駕駛功能，作為新的增強型使用者介面的一部分。這些功能將主動提取關鍵見解，尋找增強機會並即時提供活動優化建議。我們相信，這些升級以及未來計劃的其他升級將進一步定位我們的平台技術和數據能力，成為改善客戶結果的主要驅動力。

Looking ahead, we are poised to continue accelerating our growth. In 2025, we expect our recently launched partnership and data licensing opportunities to scale and our GenAI-fueled enhancements to attract more partners to our platform. These catalysts alongside our data, CTV and video capabilities and flexible platform position us to continue capitalizing on large multi-solution revenue opportunities, grow our market share and showcase our value as the best-in-class strategic partner for the industry.

展望未來，我們準備繼續加速成長。2025 年，我們預計我們最近啟動的合作夥伴關係和資料授權機會將擴大規模，而我們由 GenAI 推動的增強功能將吸引更多合作夥伴加入我們的平台。這些催化劑加上我們的數據、CTV 和視訊功能以及靈活的平台使我們能夠繼續利用大型多解決方案收入機會，擴大我們的市場份額，並展示我們作為行業一流戰略合作夥伴的價值。

With that, I'm happy to turn the call to Sagi.

有了這些，我很高興將電話轉給 Sagi。

Thank you, Ofer. In Q3, we generated contribution ex-TAC of $85.5 million, achieving 12% growth from Q3 2023. Programmatic revenue was $81.6 million in Q3, reflecting 10% growth from Q3 2023, while contribution ex-TAC from our non-programmatic business line increased slightly year-over-year from a dollar perspective. Growth in Q3 was broad-based, driven by enhanced sales execution, scaling partnerships and improved market conditions. We observed strength in CTV, video, display, mobile and PMPs and increases across 10 of our 11 industry verticals with the biggest increases reflected in our government, finance, health and automotive verticals.

謝謝你，奧弗。第三季度，我們產生的 TAC 貢獻為 8,550 萬美元，較 2023 年第三季成長 12%。第三季程序化收入為 8,160 萬美元，較 2023 年第三季增長 10%，而從美元角度來看，非程序化業務線的貢獻（扣除 TAC）同比略有增加。第三季的成長基礎廣泛，得益於銷售執行力的增強、合作關係的擴大和市場條件的改善。我們觀察到 CTV、視訊、顯示器、移動和 PMP 表現強勁，並且我們 11 個垂直行業中的 10 個行業均出現增長，其中政府、金融、醫療和汽車垂直行業的增幅最大。

On the opposite side, in Q3, we observed year-over-year decrease in our travel vertical. We achieved a major year-over-year increase in CTV revenue in Q3, generating $29.7 million in CTV revenue, which reflected 52% growth from Q3 2023. Q3 2024 was the second best CTV revenue quarter in Nexxen's history, reflecting strong results for the second consecutive quarter as CTV revenue represented 36% of programmatic revenue, up from 26% in Q3 2023. CTV revenue growth was driven by benefits related to our partnership with LG Ad and strong sales execution, admit a continued shift by new and existing customers into our premium CTV solutions. We strongly believe that our differentiated advanced TV technology and data solutions, robust CTV and OEM partnerships, platform's ability to flexibly cater to both sides of the CTV advertising ecosystem and access to premium supply positions us to capitalize on what we believe to be a long-term CTV growth opportunity still in early innings.

另一方面，在第三季度，我們發現旅遊垂直產業較去年同期下降。我們在第三季的 CTV 營收年增率大幅成長，達到 2,970 萬美元，比 2023 年第三季成長了 52%。2024 年第三季是 Nexxen 史上 CTV 營收第二好的季度，連續第二季業績強勁，CTV 營收佔程式化營收的 36%，高於 2023 年第三季的 26%。CTV 收入的成長得益於我們與 LG Ad 的合作以及強勁的銷售執行力，我們承認新舊客戶不斷轉向我們的優質 CTV 解決方案。我們堅信，我們差異化的先進電視技術和數據解決方案、強大的 CTV 和 OEM 合作夥伴關係、平台靈活滿足 CTV 廣告生態系統雙方的能力以及獲得優質供應的能力，使我們能夠利用我們認為仍處於早期階段的長期 CTV 增長機會。

Video revenue continues to account for most of our programmatic revenue, expanding to 71% in Q3 2024 from 66% in Q3 2023. This year-over-year increase was driven by video revenue strength fueled by CTV, outpacing programmatic revenue growth. We continue to expect video revenue to be a primary growth driver over time and for Nexxen to remain one of the most heavily indexed AdTech companies to video on the open Internet. Our advanced TV offering and audience extension capabilities across the video advertising ecosystem have emerged as key reasons for major industry players to increasingly choose to partner with Nexxen for their video advertising needs.

視訊收入繼續占我們程序化收入的大部分，從 2023 年第三季的 66% 擴大到 2024 年第三季的 71%。這一同比增長是由 CTV 推動的視頻收入強勁增長所推動的，超過了程序化收入的增長。我們繼續預計，隨著時間的推移，影片收入將成為主要的成長動力，而 Nexxen 仍將是開放網路上影片領域指數最高的廣告科技公司之一。我們在整個視訊廣告生態系統中提供的先進電視服務和受眾擴展能力已成為主要行業參與者越來越多地選擇與 Nexxen 合作以滿足其視訊廣告需求的關鍵原因。

Elsewhere, contribution ex-TAC from display grew 21% year-over-year in Q3, while self-service contribution ex-TAC increased 15%. Contribution ex-TAC from PMPs grew 52% and contribution ex-TAC from mobile grew 4% year-over-year. On political contribution ex-TAC, while we didn't see much of a lift in Q3, as we anticipated in Q4, we saw this number increase sharply heading into election day in the US. To this point in 2024, we generated approximately $10 million in political contribution ex-TAC, which we believe will ultimately result in an annual political contribution ex-TAC record for Nexxen.

其他方面，第三季展示業務貢獻（不含 TAC）年增 21%，自助服務業務貢獻（不含 TAC）成長 15%。PMP 的貢獻（不包括 TAC）較去年同期成長 52%，行動端的貢獻（不包括 TAC）較去年同期成長 4%。在不計入 TAC 的政治捐款方面，雖然我們在第三季度沒有看到像在第四季度預期的那樣出現大幅增長，但我們看到這一數字在美國選舉日臨近時急劇增加。截至 2024 年，我們已產生約 1000 萬美元（不含 TAC）的政治捐款，我們相信這最終將創下 Nexxen 年度政治捐款（不含 TAC）的最高紀錄。

In Q3, we also generated adjusted EBITDA of $31.6 million, which reflected a 49% year-over-year increase from Q3 2023. Our adjusted EBITDA growth was a byproduct of higher contribution ex-TAC, improving cost efficiencies and our platform model's ability to generate significant operating leverage, particularly as an increasing number of customers choose to adopt multiple solutions within our ecosystem. Our adjusted EBITDA margin in Q3 increased to 37% as a percentage of contribution ex-TAC from 28% in Q3 2023, and we remain confident in our ability to further expand our adjusted EBITDA margin over time.

在第三季度，我們也實現了 3,160 萬美元的調整後 EBITDA，與 2023 年第三季相比年增 49%。我們的調整後 EBITDA 成長是 TAC 貢獻增加的副產品，提高了成本效率，並且我們的平台模型能夠產生顯著的營運槓桿，特別是當越來越多的客戶選擇在我們的生態系統中採用多種解決方案時。我們第三季的調整後 EBITDA 利潤率（扣除 TAC 後的貢獻百分比）從 2023 年第三季的 28% 上升至 37%，我們仍然有信心能夠隨著時間的推移進一步提高調整後的 EBITDA 利潤率。

In Q3, we generated over 3x more net cash from operating activities year-over-year, generating $39.9 million in net cash from operating activities compared to $13.1 million in Q3 2023. As of September 30, we had $166.5 million in net cash, $90 million undrawn on our revolving credit facility and no long-term debt. We also reported non-IFRS diluted earnings per ordinary share of $0.14 in Q3 2024 compared to $0.09 in Q3 2023. During Q3, we repurchased roughly 5.1 million ordinary shares, reflecting an investment of GBP 14.1 million or $18.3 million.

在第三季度，我們產生的經營活動淨現金年增了 3 倍多，達到 3,990 萬美元，而 2023 年第三季為 1,310 萬美元。截至 9 月 30 日，我們擁有 1.665 億美元的淨現金、9,000 萬美元的循環信貸額度未動用，且沒有長期債務。我們還報告稱，2024 年第三季非國際財務報告準則每股普通股攤薄收益為 0.14 美元，而 2023 年第三季為 0.09 美元。第三季度，我們回購了約 510 萬股普通股，投資額為 1,410 萬英鎊或 1,830 萬美元。

From March 1, 2022, through September 30, 2024, we invested around $137.2 million in our repurchase program, buying back roughly 33.4 million ordinary shares, or 21.6% of shares outstanding. We received approval to launch a new $50 million ordinary share repurchase program, which is expected to begin on November 19 and expect it to continue until May 19 or completion. Our previous program expired on November 1. If shares remain at prices the Board believes continue to reflect a discount to fair value following the end of the upcoming program, we will consider initiating an additional one thereafter.

從 2022 年 3 月 1 日至 2024 年 9 月 30 日，我們在回購計畫中投資了約 1.372 億美元，回購了約 3,340 萬股普通股，佔已發行股票的 21.6%。我們獲得批准啟動一項新的 5000 萬美元普通股回購計劃，預計將於 11 月 19 日開始，預計將持續到 5 月 19 日或完成。我們先前的計劃於 11 月 1 日到期。如果董事會認為在即將到來的計畫結束後，股價仍將維持在低於公允價值的水平，我們將考慮隨後啟動額外的計畫。

With that, I'll turn to our outlook. For full year 2024, we are reaffirming our guidance for contribution ex-TAC in a range of approximately $340 million to $345 million and for programmatic revenue to reflect approximately 90% of full year 2024 revenue. We are also now raising our full year 2024 adjusted EBITDA guidance to approximately $107 million from approximately $100 million. In Q4 2024, we anticipate achieving a strong quarter from a contribution ex-TAC and adjusted EBITDA perspective, as we continue to see momentum from Q3 carrying over into the fourth quarter. Our debt-free balance sheet and cash-generating abilities also enable us to continue investing in share repurchases in Q4 2024 and 2025, which we view as one of our key capital allocation priorities, assuming that our shares continue to trade at or around levels our Board deemed to reflect a discount to fair value.

接下來我將談談我們的展望。對於 2024 年全年，我們重申對扣除 TAC 後的貢獻約為 3.4 億美元至 3.45 億美元的指導，並且項目收入將反映 2024 年全年收入的約 90%。我們現在也將 2024 年全年調整後 EBITDA 預期從約 1 億美元上調至約 1.07 億美元。我們預計 2024 年第四季將從扣除 TAC 和調整後 EBITDA 的貢獻角度實現強勁成長，因為我們繼續看到第三季的勢頭延續到第四季度。我們的無債務資產負債表和現金產生能力也使我們能夠在 2024 年第四季和 2025 年繼續投資於股票回購，我們將其視為我們的主要資本配置重點之一，假設我們的股票繼續以董事會認為反映公允價值折扣的水平或附近交易。

As Ofer mentioned in Q4 2024 and 2025, we will also boost our data and technology investments to further our platform differentiation and advantages with a core focus on increasing our AI edge by incorporating GenAI across our core products. Looking ahead, we will continue focusing on expanding revenue relationships with customers through increased spending and multi-solution adoption, attracting new partners to our platform and growing our data licensing and CTV revenue opportunities. Through a combination of our flexible end-to-end platform's ability to service the industry holistically across formats, devices and the data and AdTech supply chain as well as our collective robust and unique data and technology solutions, which help attract and drive better ROI for customers, we believe we remain well positioned for sustainable long-term growth, expanded profitability and AdTech leadership.

正如 Ofer 在 2024 年第四季和 2025 年所提到的那樣，我們還將加大數據和技術投資，以進一步提升我們的平台差異化和優勢，核心重點是透過在我們的核心產品中融入 GenAI 來提升我們的 AI 優勢。展望未來，我們將繼續致力於透過增加支出和採用多解決方案來擴大與客戶的收入關係，吸引新的合作夥伴加入我們的平台，並增加我們的數據授權和 CTV 收入機會。透過結合我們靈活的端到端平台在格式、設備、數據和廣告技術供應鏈方面為行業提供全面服務的能力，以及我們集體強大而獨特的數據和技術解決方案，幫助吸引客戶並提高投資回報率，我們相信我們仍然處於有利地位，可以實現可持續的長期增長、擴大盈利能力並在廣告技術方面保持領先地位。

Finally, this morning, we announced that our Board approved submission of several changes to our stock exchange structure for shareholders to consider and vote on at our upcoming AGM in December. If the proposal is approved, we believe this evolved structure can significantly benefit Nexxen and its shareholders over the long term. If shareholders approve the proposal, the company intends to exchange its NASDAQ-listed ADRs to NASDAQ-listed ordinary shares and terminate the ADR facility, conduct a reverse stock split at a 2-for-1 ratio, which will allow for a 1:1 exchange for ADRs to ordinary shares and delist from the AIM.

最後，今天上午，我們宣布董事會批准對我們的股票交易結構提出幾項變更，供股東在 12 月即將舉行的年度股東大會上審議和投票。如果該提案獲得批准，我們相信這種改進的結構將為 Nexxen 及其股東帶來長期顯著利益。如果股東批准該提議，該公司打算將其在納斯達克上市的 ADR 兌換為在納斯達克上市的普通股並終止 ADR 機制，以 2 比 1 的比例進行反向股票分割，這將允許 ADR 以 1:1 的比例兌換為普通股並從 AIM 退市。

We believe these proposed changes are beneficial for several reasons. These reasons include, amongst others: increasing the potential to attract US investors; reducing the complexity of the company's reporting and regulatory compliance structure; consolidating and likely increasing liquidity; and possible inclusion in major indices, which the company shares are precluded from due to its current ADR structure. Additionally, we also believe these proposed changes better align our stock with other US-listed AdTech companies, help reduce price volatility that can result from being dual listed and save costs.

我們相信這些提議的改變是有益的，原因有幾個。這些原因包括但不限於：增加吸引美國投資者的潛力；降低公司報告和監管合規結構的複雜性；鞏固並可能增加流動性；以及可能納入主要指數，而由於其目前的 ADR 結構，公司股票無法被納入。此外，我們也相信這些建議的變更將使我們的股票與其他在美國上市的廣告科技公司更能保持一致，有助於降低雙重上市可能導致的價格波動並節省成本。

Our AGM circular provides greater detailed information on this proposal, the timing of the proposed changes and its effect on trading for our US and UK investors. We also intend to host calls for both US and UK investors and analysts ahead of our AGM to provide greater details on the proposed changes, timing of those changes and our strategic rationale.

我們的年度股東大會通函提供了有關此提案、擬議變更的時間及其對我們美國和英國投資者交易的影響的更詳細資訊。我們也打算在年度股東大會之前召開美國和英國投資者及分析師電話會議，提供有關擬議變更、變更時間以及我們的策略原則的更多詳細資訊。

Over the last several quarters, we've enhanced our tech, data and CTV capabilities, rebranded to clarify our platform's value proposition and bolstered our sales effort and team, the combination of which has improved our results, standing within the industry and long-term growth position. Following these milestones, we believe it is now time for our trading structure to also undergo advancements to further align our business improvements and stronger results with our future capital appreciation potential. We look forward to continuing to work hard to serve our customers, partners and shareholders and are excited about these potential changes and for what lies ahead.

在過去的幾個季度中，我們增強了技術、數據和 CTV 能力，透過更名來明確我們平台的價值主張，並加強了我們的銷售力度和團隊，這些因素的結合提高了我們的業績，增強了我們的行業地位和長期增長地位。繼這些里程碑之後，我們相信現在是時候對我們的交易結構進行改進，以進一步使我們的業務改進和更強勁的業績與我們未來的資本增值潛力保持一致。我們期待繼續努力為我們的客戶、合作夥伴和股東服務，並對這些潛在的變化和未來感到興奮。

Operator, we'll now take questions.

接線員，我們現在來回答問題。

(Operator Instructions)

（操作員指示）

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Ofer, I really appreciated the Stagwell example of the head-to-head DSP. Yes, example. I guess with all these new capabilities and then everything else that you guys are now investing in around data and GenAI, can you just talk a little bit more about how you get customers and advertisers to see the new Nexxen and to kind of go to market with all these new capabilities?

Ofer，我真的很欣賞 Stagwell 的面對面 DSP 範例。是的，例如。我想，有了這些新功能，以及您現在在數據和 GenAI 方面進行的其他投資，您能否再多談一下如何讓客戶和廣告商看到新的 Nexxen，以及如何利用這些新功能將其推向市場？

Of course. I think that the entry point for us that we are now presenting to new advertisers and clients is our Discovery tool. Our Discovery tool is a very powerful tool that we basically acquired through the acquisition of Amobee. It's a very amazing ability to basically connect and integrate a lot of datasets into one platform in order to learn about audiences. And basically, what we are doing, we are showing through this platform, an ability for the advertisers to learn about this potential audience, to learn about the insights and sentiment of the audience regarding this product or service that he's trying to offer, to create audiences and to activate them very simple -- in a very simple mode on our platform, basically on our SSP or DSP that he wants to and even measure results.

當然。我認為我們現在向新廣告商和客戶展示的切入點是我們的發現工具。我們的 Discovery 工具是一個非常強大的工具，基本上是我們透過收購 Amobee 而獲得的。為了了解受眾，將大量資料集連接並整合到一個平台中，這是一種非常了不起的能力。基本上，我們所做的是透過這個平台展示廣告商了解潛在受眾的能力，了解受眾對他試圖提供的產品或服務的見解和情緒，創造受眾並以非常簡單的方式激活他們——在我們的平台上，基本上在他想要的 SSP 或 DSP 上，甚至可以衡量結果。

So everything is basically now all the data efforts that we are doing. The ability to run and to follow a campaign from end to end and to follow the journey of the campaign across all the systems are basically translated to a very powerful capability on the Discovery tool that basically enable the advertisers to do what I just mentioned. And this is how we are basically demonstrating it to them. And of course, advertisers' reaction is very good to the platform and to the ability because it's giving them a lot of capabilities that they cannot find in any other manner in other platform. And also the simplicity of the activation of the audience and the learning on our platform is very meaningful because they don't need to take the data out and find a place to activate it, which usually is very complicated or to upload data.

所以現在我們所做的一切基本上都是數據工作。從頭到尾運行和追蹤廣告活動以及追蹤廣告活動在所有系統中的進程的能力基本上轉化為 Discovery 工具上的一項非常強大的功能，使廣告商能夠做到我剛才提到的事情。這就是我們向他們展示的基本方式。當然，廣告商對該平台和功能的反應非常好，因為它為他們提供了許多其他平台上無法找到的功能。而且，在我們的平台上啟動觀眾和學習的簡單性非常有意義，因為他們不需要取出資料並找到啟動它的地方，這通常非常複雜或上傳資料。

The second thing that we are enabling on the Discovery is basically for leading advertisers to upload their data, first-party data in and enrich it with our data. And I will give just one example, which is our TV data that enable them to basically match their data and enrich it with our TV data, and it's giving them a lot of insights in order to push more campaigns through CTV, more campaigns through linear if they choose to do that and so on, and it's a unique and very powerful tool. So this is basically the window that we are giving to advertisers in order to choose and to understand our capabilities that are getting more mature lately, and we feel that we are in the right place and the right time in order to serve our clients, both sides, by way, advertisers and major publishers. I hope that answered your question.

我們在 Discovery 上實現的第二件事基本上是讓領先的廣告商上傳他們的數據、第一方數據，並用我們的數據來豐富它。我僅舉一個例子，那就是我們的電視數據，它使他們能夠基本上匹配他們的數據並用我們的電視數據來豐富它，並且它為他們提供了許多見解，以便通過 CTV 推動更多的活動，如果他們選擇這樣做的話，通過線性推動更多的活動等等，這是一個獨特且非常強大的工具。因此，這基本上是我們為廣告商提供的窗口，以便他們選擇並了解我們最近日益成熟的能力，並且我們覺得我們處於正確的地點和正確的時間，以便為我們的客戶（包括廣告商和主要出版商）雙方提供服務。我希望這回答了你的問題。

Yes. No, that's perfect. And maybe this answer is similar. But I think on first blush when people saw the strong growth you had in CTV, the assumption would be maybe there is political contribution. But it sounds like that wasn't really the case in Q3. So could you talk a little bit more just kind of about where you guys are seeing success that led to such a strong growth rate there?

是的。不，那太完美了。也許這個答案是類似的。但我認為，當人們第一眼看到 CTV 的強勁成長時，他們會認為其中可能包含政治捐款。但聽起來第三季的情況並非如此。那麼，您能否再多談談你們在哪些方面取得了成功，從而實現如此強勁的成長率？

Of course. So political was part of that, but it's not the major force, of course, that generated this growth. This growth is coming from a few elements. One of them is that we are working on technology for CTV for the last -- more than five years now, from 2019. And I think that we got to a point that we can really offer to advertisers and to publishers a very strong tech stack that enable them to run their campaign in the most efficient manner and also to publishers to offer their media in the most efficient manner and to sell audiences and not just media. This is, of course, integrated with a lot of algorithm and machine learning that we built over the years that are optimizing our capability to run on CTV. This, if you will check back in the last five years, we are talking about it, and we are demonstrating that basically.

當然。因此，政治因素是其中的一部分，但當然不是推動這種成長的主要力量。這種成長源自於幾個因素。其中之一就是我們從 2019 年開始為 CTV 開發技術已有五年多了。我認為我們已經達到了這樣的程度，我們可以真正為廣告商和出版商提供非常強大的技術堆棧，使他們能夠以最有效的方式開展廣告活動，同時也使出版商能夠以最有效的方式提供他們的媒體，並銷售受眾而不僅僅是媒體。當然，這與我們多年來構建的大量演算法和機器學習相結合，優化了我們在 CTV 上運行的能力。如果你回顧過去五年，你會發現我們正在談論這個問題，基本上在證明這一點。

The second point is also the fact that we are increasing always the publisher list that we got and the partner list that we got on the CTV front, from ability to reach additional users and additional audiences in the market. And it's working very well because of point one that I said, our technology capabilities that basically we can prove to these publishers that we can add to them value and we can add to them more revenues that they don't see from other connections that they got to other SSPs because we have also our own sales team.

第二點是，我們一直在增加我們在 CTV 方面獲得的發布商名單和合作夥伴名單，以便能夠接觸市場上的更多用戶和更多受眾。而且效果非常好，因為我說的第一點，我們的技術能力基本上可以向這些出版商證明，我們可以為他們增加價值，我們可以為他們增加更多收入，這是他們從其他 SSP 獲得的其他連接中看不到的，因為我們也有自己的銷售團隊。

And the third element that helped us this year is also the LG settlements that basically enable us to acquire much more media, much more quality media in the market and enable us to grow our revenues. So this is the major three elements. And the fourth one is what I said before, which is the discovery that basically today, people are choosing to buy more CTV. So if you are able to show them the Discovery tool, teach them or work with them about their audiences and enable them to learn about their insights and sentiment and also direct it to CTV, it's, of course, an important element that help us.

今年對我們有幫助的第三個因素也是 LG 的和解，基本上使我們能夠在市場上獲得更多的媒體、更多優質媒體，並使我們能夠增加收入。這是主要的三個要素。第四個是我之前說過的，那就是發現基本上今天人們選擇購買更多的 CTV。因此，如果您能夠向他們展示發現工具，教導他們或與他們一起了解他們的受眾，並使他們能夠了解他們的見解和情感，並將其引導到 CTV，這當然是幫助我們的重要因素。

And the last point, which is not connected to us but connected to the market, I think that the market is now in a better shape. So it's helping people to -- in a good market condition, people direct most spend also to CTV.

最後一點，與我們無關，但與市場有關，我認為市場現在處於更好的狀態。因此，它可以幫助人們——在良好的市場條件下，人們將大部分支出用於 CTV。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

For you, Ofer. So the first thing you talked a lot about was your end-to-end platform, and you think that gives you competitive advantage. But I would just point out that most of the end-to-end platforms during the quarter grew 12%, and the single-sided platforms, Viant and Trade Desk, grew 25%. So right now, it looks like the single-sided platforms have a big competitive advantage in terms of being adopted by new clients. So if you could talk about why you think end-to-end platforms have an advantage. And if they do, why their growth rate isn't closer to the single-sided platform, I'd be interested in that answer.

為了你，奧弗。所以您首先談論的是您的端到端平台，您認為這會為您帶來競爭優勢。但我只想指出，本季大多數端到端平台成長了 12%，而單邊平台 Viant 和 Trade Desk 則成長了 25%。因此目前看來，單邊平台在被新客戶採用方面具有很大的競爭優勢。那麼，您可以談談為什麼您認為端到端平台具有優勢。如果他們確實這麼做了，為什麼他們的成長率不接近單面平台，我對這個答案很感興趣。

And then you -- basically, you used the word data in almost every sentence. And so if data is important, that means scale is important because Trade Desk wins if data is important just because it's bigger. So does that -- is there something you bring to data because you don't have as much of it as you're not that big? So is there something you bring to the data that adds value? Or do you need to be buying things because you need to be double and triple your current size?

然後你——基本上，你幾乎在每句話中都使用了數據這個詞。因此，如果數據很重要，那就意味著規模也很重要，因為如果數據很重要，那麼 Trade Desk 就會獲勝，因為它的規模更大。那麼，您是否對數據有所了解，因為您沒有那麼多數據，而且規模也不是很大？那麼，您能為數據帶來什麼附加價值嗎？或者您需要購買東西，因為您需要將尺寸擴大一倍或三倍？

Thank you, Laura. I will start with your second point about data. We are mentioning data in every sentence because it's incorporated about in 90% of our campaigns. Usually now, advertisers are running campaigns and they are using data in order to enhance their -- basically their performance and in able to get the results that they are looking for. And we basically already for the last few years are implementing data. And also, we have a very strong DMP, ID graph, curated media that we're launching that is all about data because we believe that this is the future. That's why I'm mentioning it a lot. And we have, yes, we have a lot of unique stuff that we are having on the data side.

謝謝你，勞拉。我將從關於數據的第二點開始。我們在每句話中都提到了數據，因為它被納入了我們 90% 的活動中。現在，廣告主通常會進行廣告活動並使用數據來提高他們的表現並獲得他們想要的結果。我們在過去幾年基本上已經在實施數據了。此外，我們還擁有非常強大的 DMP、ID 圖表和精選媒體，我們正在推出這些內容，它們全都與數據有關，因為我們相信這就是未來。這就是我多次提及它的原因。是的，我們在數據方面擁有許多獨特的東西。

I think that we are one of the only companies in the open web that has basically an agreement with the OEM to harvest their ACR data and utilize it in order to get targeting. And we are very dominant and active in the TV world, meaning to gain this data and incorporate it, they can reach other datasets in order to get more insight for advertisers about their audiences related to TV. So I think that when you're looking at these 2 points, meaning more than 90% of our campaigns are using data in a very big manner in order to achieve better results.

我認為我們是開放網路中唯一與 OEM 達成協議的公司之一，我們可以收集他們的 ACR 數據並利用它來獲取目標。我們在電視領域佔據主導地位並非常活躍，這意味著透過獲取這些數據並將其整合在一起，他們可以訪問其他數據集，以便廣告商更深入地了解與電視相關的受眾。所以我認為，當你看這兩點時，意味著我們 90% 以上的活動都在大量使用數據，以便取得更好的結果。

The second thing, we have a lot of unique datasets. Also to remind you about United, they choose to upload their data about MileagePlus on another platform. And we are gaining a lot of other sources of data from our activity and from other companies that are basically launching their campaigns, of course, with consent. So I think that on the data element, it's good that we are mentioning it because this is a very important part of our -- what we are doing.

第二件事，我們有很多獨特的資料集。另外，提醒您有關美聯航的情況，他們選擇在另一個平台上傳有關 MileagePlus 的資料。我們也從自己的活動以及其他基本上是在徵得同意的情況下開展活動的公司那裡獲得了大量其他資料來源。因此我認為，就資料元素而言，我們提到它是件好事，因為這是我們正在做的事情的一個非常重要的部分。

Regarding your first point about one-sided campaigns, I think that when you are including The Trade Desk, it's a little bit changing the picture, but The Trade Desk themselves also operates with an SPO, which means that they are already achieving more and more what we call end-to-end capabilities. And also other companies are doing the same in the sector, meaning they are adding different capabilities in order to close the loop and to be able to touch side to side.

關於您關於片面宣傳活動的第一點，我認為當您將 The Trade Desk 納入其中時，情況會有所改變，但 The Trade Desk 本身也採用 SPO 運營，這意味著他們已經越來越多地實現了我們所說的端到端功能。其他公司也在該領域做同樣的事情，這意味著他們正在增加不同的功能以形成閉環並能夠實現左右接觸。

I think that our advantage comes from the fact that we are fully functional DSP and fully functional SSP on the other side, which is connected to our DMP, which not a lot of companies that we just mentioned got them. So it's -- I think that eventually, you have so many advantages to have end-to-end solution, which are fully functional because of efficiency, because of privacy, because of data synchronization, because when we will talk about GenAI, when you have ability to basically follow the signals of the data end-to-end, it's giving you a lot of more capabilities to integrate the machine learning and the algorithm that we already built and to utilize them through the GenAI in a much more perfect manner when you are controlling end-to-end solution.

我認為我們的優勢在於我們擁有功能齊全的 DSP 和功能齊全的 SSP，它們與我們的 DMP 相連，而我們剛才提到的許多公司都沒有這些功能。所以，我認為，最終，端到端解決方案會給你帶來很多優勢，這些解決方案由於效率、隱私、數據同步而功能齊全，當我們談論 GenAI 時，當你有能力基本上跟踪端到端數據信號時，它會給你更多的能力來整合我們已經構建的機器學習和算法，並在你控製端到端解決方案時通過利用 GenAI 以更完美的方式利用它們。

So I strongly believe in that. And I cannot argue with your numbers, but I think that end-to-end solution has a lot of advantages. And in general, I think that the other companies are basically building these capabilities and using different things for that.

所以我堅信這一點。我無法反駁您的數字，但我認為端到端解決方案有很多優勢。總的來說，我認為其他公司基本上都在建立這些功能，並為此使用不同的東西。

Those are super helpful. And Sagi, one for you. If you're going to delist basically offshore and be a NASDAQ-listed company, any thoughts about moving to US GAAP out of IFRS at some point?

這些都超級有幫助。Sagi，給你一個。如果您打算從海外下市並成為納斯達克上市公司，您是否考慮過在某個時候從國際財務報告準則轉向美國公認會計準則？

Yes, it's a good question. Yes, we are considering that. We may lose our FPI status going forward. So we acknowledge that somewhere in the time line, we should move to US GAAP. So it's something that we are taking into consideration. And of course, it will help us to get into more indices. So it's something that is on the table, and we are -- and probably, we will move to that in some point of time.

是的，這是個好問題。是的，我們正在考慮。我們未來可能會失去 FPI 地位。因此，我們承認，在某個時間點，我們應該轉向美國公認會計準則。所以這是我們正在考慮的事情。當然，它將幫助我們獲得更多的指數。所以這是正在討論的事情，而且我們很可能會在某個時間點轉向這個話題。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Maybe one that I think you've touched on in a couple of your previous answers. But Sagi, I heard the phrase strong sales execution a couple of times in your remarks. I guess what's changing there? Is it really just the result of the broader product offering you're able to sell? Or are there some maybe internal measures that drove either better efficiency or anything you can call out there? And kind of how does that play into your investment priorities for the sales force over the near term?

也許我認為您在之前的幾個回答中已經提到過這一點。但是 Sagi，我在你的評論中聽到過幾次“強勁的銷售執行力”這個短語。我猜那裡發生了什麼變化？這真的只是您能夠銷售更廣泛的產品的結果嗎？或者是否存在一些內部措施可以提高效率或您可以提及的其他措施？那麼這對您近期對銷售團隊的投資重點有何影響？

I will take this one. I think that after the acquisition of Amobee, what we saw is that we needed -- and after the rebranding that basically we've done last year, we needed to basically sharpen our message in the market. And as you know, when you are just making a move and changing your messaging and changing your -- not having yet like a very sharp message, it's, of course, affecting your sales teams because they need a very sharp understanding about what you are basically offering and how it will be basically communicate with the tech stack that you got and what are the unique capabilities that we got.

我要這個。我認為，在收購 Amobee 之後，我們看到我們需要——並且在去年完成品牌重塑之後，我們需要從根本上加強我們在市場上的信息。如你所知，當你採取行動並改變你的訊息並改變你的 - 還沒有一個非常清晰的訊息時，它當然會影響你的銷售團隊，因為他們需要非常清晰地了解你提供的基本產品以及它將如何與你獲得的技術堆疊進行基本溝通，以及我們獲得的獨特功能是什麼。

So I think that in the last nine months, we see a really good improvements on that. So our sales team are more aligned with our offering. I think that our sales materials, our messaging outside, our rebranding, everything is getting more mature and more sharpened. And it's helping, of course, our salespeople to drive better results. So it's not -- we didn't change the metrics. We are counting cash and sales, basically. But I think that we have a much sharpened message inside and outside that is helping us to achieve better results. Sagi, you want to (inaudible)?

所以我認為在過去的九個月裡，我們看到了這方面確實有了很好的改善。因此我們的銷售團隊與我們的產品更加一致。我認為我們的銷售資料、外部資訊、品牌重塑，一切都變得更加成熟、更加敏銳。當然，它也能幫助我們的銷售人員取得更好的績效。所以不是——我們沒有改變指標。我們基本上計算的是現金和銷售額。但我認為，我們在內部和外部都傳達了更明確的訊息，這有助於我們取得更好的結果。Sagi，你想（聽不清楚）？

No, that's fine.

不，沒關係。

Yes, okay.

是的，好的。

I appreciate it. Maybe one quick one on 4Q and political, if I could. We've heard from some other companies in the industry, maybe a little bit of a crowding out in October as political kind of heated up. It doesn't sound like that's the case from your neck of the woods. So I guess what's kind of embedded in the 4Q guide in terms of post-election macro assumptions and things like that if you're coming off of a strong political in October and early November?

我很感激。如果可以的話，我想快速談談第四季和政治問題。我們從業內其他一些公司聽說，由於政治局勢升溫，十月可能會出現一些排擠現象。從你的角度來看，情況似乎並非如此。因此，我想，如果 10 月和 11 月初的政治形勢強勁，那麼在選舉後的宏觀假設等方面，第四季度指南中會包含哪些內容？

Andrew, I think that as we said earlier, it was on a full year 2024 political contribution ex-TAC were a record for Nexxen. Having said that, it's not a lot. Some of it, of course, came in Q3 and some of it came in Q4. I think as Ofer mentioned, our -- we are seeing the trend of Q3 keeping into Q4. And we are seeing -- we really don't see any drop post political election day revenues. And of course, we have a tight forecast that we are maintaining and a tight pipeline.

安德魯，我認為正如我們之前所說，2024 年全年的政治捐款（TAC 除外）創下了 Nexxen 的最高紀錄。話雖如此，但不多。當然，其中一些出現在第三季度，一些出現在第四季度。我認為正如 Ofer 所提到的那樣，我們看到第三季的趨勢延續到第四季。我們看到——我們確實沒有看到政治選舉日後收入有任何下降。當然，我們有一個嚴格的預測，並且正在維持嚴格的管道。

I think as Ofer mentioned, the growth drivers that are within our company for a long time is now materializing. And I think as Ofer mentioned, data is a huge opportunity, of course. CTV, we are well positioned as we grew more than 50% year-over-year. And of course, we think our TV capability, full stack, premium supply, end-to-end footprint make this a key growth driver, set us amazingly with the customers. So I think nothing changed. Political was nice for us, it's not material, and we are moving full steam ahead.

我認為，正如奧弗所提到的，我們公司長期以來的成長動力現在正在實現。我認為，正如奧弗所提到的，數據當然是一個巨大的機會。CTV，我們處於有利地位，因為我們的年增長率超過 50%。當然，我們認為我們的電視功能、全端、優質供應、端到端覆蓋使其成為關鍵的成長動力，讓我們在客戶中脫穎而出。所以我認為什麼都沒有改變。政治對我們來說是好事，它不是物質的，我們正在全力前進。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Maybe just two for me. I guess the first one just on the political side. I appreciate the color there. And I know you guys don't really consider it material. But I guess how do we think about seasonality as we go from Q4 to Q1 as we take that political out? That's my first question.

對我來說可能只有兩個。我想第一個是關於政治方面的。我很欣賞那裡的色彩。我知道你們並不認為它有什麼實質內容。但我想，當我們從第四季進入第一季時，當我們把政治因素排除在外時，我們該如何考慮季節性？這是我的第一個問題。

And then the second one is at what point do you think we might see your CTV growth outpace PMP growth, which would imply that we're seeing more open exchange programmatic inventory in CTV?

然後第二個問題是，您認為什麼時候我們可能會看到您的 CTV 增長超過 PMP 增長，這意味著我們將在 CTV 中看到更多的開放式交易程序化庫存？

Mark, thank you for the question. I think if we are taking political, I'm not sure the comparison between Q4 and Q1 is a legit one. As you know, Q1 is the softest Q within the calendar year and Q4 is the strongest. I think that what we will see and we talked about it earlier is that our growth drivers are in place. We are putting a lot of emphasis on new initiatives around AI and GenAI in 2025. We are going to invest there. And I think that all the capabilities Ofer mentioned regarding our Discovery tool, datasets, end-to-end and other capabilities that we have in place that brought us to this point of time, that we are seeing the growth quarter-over-quarter. I'm sure that Q1 2025 will be better or much better than Q1 2024, if that's what you are asking.

馬克，謝謝你的提問。我認為，如果我們從政治角度考慮，我不確定第四季和第一季之間的比較是否合理。眾所周知，第一季是全年最疲軟的季度，而第四季則是最強勁的季度。我認為我們將會看到並且我們之前談到的是，我們的成長動力已經到位。我們非常重視 2025 年圍繞 AI 和 GenAI 的新措施。我們將在那裡投資。我認為 Ofer 提到的有關我們的發現工具、資料集、端到端和其他功能的所有功能都使我們達到了這個時間點，我們看到了季度環比的增長。如果您問的是這個，我相信 2025 年第一季會比 2024 年第一季更好，甚至好得多。

So I think we have all the capabilities we need in place. And as we mentioned on other calls, now it's all-around execution. And we are doing a great job on the offense with the team, of course, and we will see greater revenue generation going forward.

所以我認為我們已經具備了所需的所有能力。正如我們在其他電話會議中提到的那樣，現在它是全方位的執行。當然，我們球隊在進攻方面做得很好，未來我們將看到更大的收入成長。

On your other question about when CTV will bypass PMP, it's not like a one to -- apple-to-apple competition. But in general, CTV is making a meaningful part of our PMP activity basically. But I feel that PMP will be always bigger because on PMP, you have also other activities that is coming from other DSPs in our case that are not buying just CTV. They are buying also video, online video, and they are buying also display. So in general, I don't think that it's like a apple-to-apple competition.

關於您關於 CTV 何時會繞過 PMP 的另一個問題，這並不是一對一的競爭。但總的來說，CTV 基本上是我們 PMP 活動中一個有意義的部分。但我覺得 PMP 將會一直更大，因為在 PMP 上，您還可以進行其他活動，這些活動來自我們案例中的其他 DSP，而不僅僅是購買 CTV。他們還購買視頻、線上視頻，也購買顯示器。所以總的來說，我不認為這是一場同類競爭。

And I think that CTV is growing very fast, but I think that PMP is also, on our case, is growing very fast because this is basically following the trend of the market. And the agencies and the advertisers are now buying more programmatic than they used to, so the PMP will continue to grow. But of course, there are other opportunities in the market also.

我認為 CTV 發展非常快，但我認為就我們而言，PMP 發展也非常快，因為這基本上符合市場的趨勢。而且，代理商和廣告商現在購買的程式化廣告比以前更多，因此 PMP 將繼續成長。但當然，市場上還有其他機會。

Matt Condon, JMP Securities.

JMP證券的 Matt Condon。

My first one is just on the potential for additional commerce media partnerships. It's nice to see the partnership with United, but can you just remind us or update us on the pipeline of additional companies that you're potentially looking to partner with?

我的第一個問題是關於增加商業媒體合作關係的潛力。很高興看到與 United 的合作，但您能否提醒我們或向我們介紹您可能希望與之合作的其他公司的情況？

So it's basically you need a few examples in order to start selling it. And I think that we started now because of the Discovery tool that I mentioned before, because of the end-to-end solution, because of our deep reach in media, which is CTV and also other formats, we are making-- it's making more -- it's becoming more interesting for these type of clients basically to choose to work with us. And because of the fact that we are putting emphasis on our DMP, basically, data management platform that is very robust and enable them basically to load their data, to enrich it with TV data or other data that they choose to bring in or for us to connect and to be able to better target and to better utilize their media.

因此，基本上你需要一些例子才能開始銷售它。我認為我們現在開始是因為我之前提到的發現工具，因為端到端解決方案，因為我們在媒體方面的深度影響力，包括 CTV 和其他格式，我們正在讓這些類型的客戶更有興趣選擇與我們合作。而且由於我們非常重視我們的 DMP，基本上是一個功能強大的數據管理平台，使他們能夠加載他們的數據，用他們選擇引入的電視數據或其他數據來豐富數據，或者讓我們連接，並能夠更好地定位和更好地利用他們的媒體。

I cannot, of course, share with you like pipeline because it's not something that we can do in this session, but there is a very healthy pipeline of companies that are reaching out and we are reaching out to them in order to build it because we feel that people are looking exactly for the solutions that we are offering, which is very strong DMP, enabling to upload your data, enrich it, utilize it very easily and get more insights and sentiment about your audience and even measure your results after running the campaign. Sorry that I gave you the (inaudible).

當然，我無法與你們分享管道之類的東西，因為這不是我們在本次會議上可以做的事情，但是有很多公司正在聯繫我們，我們正在與他們聯繫以建立它，因為我們覺得人們正在尋找我們提供的解決方案，這是非常強大的 DMP，可以上傳您的數據，豐富它，非常輕鬆地利用它，並獲得更多關於您的受眾的見解和情緒，甚至在開展活動後的結果。很抱歉我給了你（聽不清楚）。

Okay. Yes, great. That's very helpful. And then my second one is just on your partnership with The Trade Desk. I just wanted to hear if there's any early indications of demand coming through that channel. Or maybe when we can expect that to start contributing to results potentially in 2025?

好的。是的，太棒了。這非常有幫助。我的第二個問題是關於您與 The Trade Desk 的合作關係。我只是想聽聽是否有任何透過該管道出現需求的早期跡象。或者我們什麼時候可以預期它會在 2025 年開始對結果做出貢獻？

So the relationship with The Trade Desk around the data just started like last quarter. And it's building up, meaning we started mostly in Australia, but it's building up. People need to get educated. The Trade Desk got, of course, a lot of datasets on their platforms, and we are one of them. But we are building traction with them and with their clients. And it's becoming more and more interesting. And the idea is to open more and more markets together globally because this is basically our strategy and it's matching some of their strategy. I cannot tell you that it's the full strategy because I'm not representing them. But in general, in this case, they want to expand with us internationally, and that's what we will do in the new period.

因此，與 The Trade Desk 圍繞數據的關係上個季度才剛剛開始。而且它正在不斷壯大，也就是說，我們主要從澳洲開始，但它正在不斷壯大。人們需要接受教育。當然，Trade Desk 在其平台上獲得了很多數據集，我們就是其中之一。但我們正在與他們以及他們的客戶建立聯繫。而且它變得越來越有趣。我們的想法是在全球範圍內共同開拓越來越多的市場，因為這基本上是我們的策略，並且與他們的一些策略相符。我不能告訴你這是完整的策略，因為我並不代表他們。但總的來說，在這種情況下，他們希望與我們一起在國際上擴張，這也是我們在新時期要做的事。

That concludes our Q&A session. I would now like to turn the call over to Ofer for closing remarks.

我們的問答環節到此結束。現在我想請奧弗致閉幕詞。

Thank you. Thank you, everyone, for getting on this call this morning. We strongly believe we made the right strategic decision in the past few years. We got really good tech products to cover what is important to our industry today, which we believe is data, CTV, privacy, GenAI and very strong programmatic capabilities.

謝謝。感謝大家今天早上接聽我們的電話。我們堅信過去幾年我們做了正確的戰略決策。我們擁有非常好的技術產品來涵蓋當今我們行業所重視的內容，我們認為這些內容是數據、CTV、隱私、GenAI 和非常強大的程式化能力。

Next year, we believe we got what we need from tech and product perspective, and we will put attention back to innovation and execution and good luck, and we are excited about the future. And I want to use this opportunity to thank our teams and our employees around the globe that are working very hard in the past few months and in general, in order to achieve these goals, and we are excited about it. So thank you, everyone, and have a nice weekend.

明年，我們相信我們會從技術和產品的角度得到我們需要的東西，我們會把注意力重新放在創新和執行上，祝你好運，我們對未來充滿興奮。我想藉此機會感謝我們遍布全球的團隊和員工，他們在過去幾個月以及總體上都非常努力地工作，為了實現這些目標，我們對此感到非常興奮。謝謝大家，祝大家週末愉快。

Thank you for joining the conference call for today. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。