NIQ Global Intelligence PLC (NIQ) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the NIQ second-quarter earnings conference call. (Operator Instructions)

大家好，感謝您的收聽。我叫蒂芬妮，今天將擔任你們的電話會議主持人。現在，我歡迎大家參加NIQ第二季財報電話會議。 （接線生指示）

I would now like to turn the call over to Will Lyons, Head of Investor Relations.

現在我想將電話轉給投資者關係主管威爾·萊昂斯 (Will Lyons)。

Will, please go ahead.

威爾，請繼續。

Thank you. Good morning, everyone, and welcome to NIQ's second-quarter 2025 earnings call. Joining me today are CEO, Jim Peck; COO, Tracey Massey; and CFO, Mike Burwell. I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

謝謝。大家早安，歡迎參加NIQ 2025年第二季財報電話會議。今天與我一同出席的有執行長Jim Peck、營運長Tracey Massey和財務長Mike Burwell。我想藉此機會提醒大家，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's earnings press release. Any forward-looking statements that we make on this call are based on our assumptions today, and we undertake no obligation to update these statements as a result of new information or future events.

可能導致這些結果出現重大差異的因素已在今天的收益新聞稿中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於我們目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release. The earnings press release and the accompanying investor presentation are available on our website at investors.nielseniq.com.

在本次電話會議中，我們將介紹 GAAP 和部分非 GAAP 財務指標。非 GAAP 指標與 GAAP 指標的對帳表已包含在今天的收益新聞稿中。收益新聞稿及隨附的投資者簡報可在我們的網站 investors.nielseniq.com 上取得。

A replay of this call will also be available on our Investor Relations website. Following management's prepared remarks, we will open the call to Q&A. Also, we intend to file our 10-Q later today after market closed.

本次電話會議的重播也將在我們的投資者關係網站上提供。在管理階層發表準備好的演講後，我們將進入問答環節。此外，我們計劃在今天稍後市場收盤後提交10-Q財報。

And with that, I'll hand the call to Jim.

說完這些，我就把電話交給吉姆。

Thank you, Will, and welcome, everyone. We appreciate you joining us for our first call as a public company following our July IPO. We're looking forward to a productive ongoing dialogue with all of you. We had a great second quarter and first half of 2025, delivering another quarter of profitable growth and margin expansion. We continue to provide our data and insights to our clients around the globe, enabling them to compete and win.

謝謝，威爾，歡迎大家！感謝您參加我們7月IPO後作為上市公司的首次電話會議。我們期待與大家進行富有成效的持續對話。 2025年第二季和上半年，我們取得了優異的業績，再次實現了獲利成長和利潤率提升。我們將繼續為全球客戶提供數據和洞察，幫助他們競爭並最終獲勝。

Our 2Q results exceeded the top end of our July pre-announcement range shared in the IPO prospectus. We generated more than $1 billion in revenue, up 5.7% on an organic constant currency basis. Revenue from our largest two segments, Americas and EMEA grew 5.4% and 8.1%, respectively. Within our Solutions, our core intelligence revenue grew 7.5%. Intelligence Subscription revenue, our version of ARR, grew 6.9%.

我們的第二季業績超出了7月IPO招股說明書中公佈的業績預期上限。我們的營收超過10億美元，以固定匯率計算，有機成長5.7%。美洲和歐洲、中東和非洲地區這兩個最大的業務部門的營收分別成長了5.4%和8.1%。在我們的解決方案業務中，核心情報收入成長了7.5%。情報訂閱收入（相當於我們的年度經常性收入）成長了6.9%。

We have been growing and increasing profitability. Our Q2 net loss was $14.1 million, while adjusted EBITDA grew 16% to $215 million for nearly a 21% margin, expanding nearly 2 percentage points year-over-year.

我們一直在成長，獲利能力也在提升。第二季淨虧損1,410萬美元，調整後息稅折舊攤提前利潤（EBITDA）成長16%，達到2.15億美元，利潤率接近21%，較去年同期成長近2個百分點。

So because this is our first earnings call, I'll briefly outline our mission and strategy for creating long-term shareholder value. NIQ powers next-gen global consumer intelligence covering $7.2 trillion in consumer spending across more than 90 countries. We ingest 3.5 trillion data records weekly, leveraging AI and human intelligence to deliver differentiated granular insights.

由於這是我們的首次財報電話會議，我將簡要概述我們為創造長期股東價值而開展的使命和策略。 NIQ 賦能下一代全球消費者智能，涵蓋 90 多個國家 7.2 兆美元的消費者支出。我們每週採集 3.5 兆筆數據記錄，利用人工智慧和人類智慧提供差異化的精細洞察。

We also are the only provider that can combine consumer measurement and panel data for a holistic view of shopping behavior globally. Our AI tech-powered platform is a growth enabler. It powers our data scale, breadth and depth as well as our capital-efficient innovation, automated coding and at lower data costs.

我們也是唯一能夠整合消費者測量和麵板數據，從而全面洞察全球購物行為的供應商。我們基於人工智慧技術的平台是成長的助推器。它不僅提升了我們的數據規模、廣度和深度，還促進了我們高效的資本創新、自動化編碼和更低的數據成本。

This has driven mid-single-digit growth, high incremental margins and increased client satisfaction. We believe there's significant upside ahead, and we are positioned to capture a leading share of a $57 billion TAM with significant white space.

這推動了中等個位數的成長、較高的增量利潤率和更高的客戶滿意度。我們相信未來還有巨大的成長空間，我們有能力在570億美元的潛在市場規模中佔據領先地位，並擁有巨大的市場空白。

As I cover our Q2 highlights, I would like to reiterate our revenue growth algorithm, which has four components: Strong revenue retention; value-based pricing; cross-selling and upselling our new capabilities and solutions; and finally, penetrating fast-growing adjacent verticals and markets.

當我介紹第二季度的亮點時，我想重申我們的收入成長演算法，它有四個組成部分：強勁的收入保留；基於價值的定價；交叉銷售和追加銷售我們的新功能和解決方案；最後，滲透快速增長的相鄰垂直行業和市場。

Starting with our strong revenue retention, including 105% net dollar retention rate, which demonstrates our durable client partnerships, the mission criticality of our solutions and the value we create. Next is pricing, which was the biggest driver of Q2 growth.

首先是強勁的收入留存率，包括105%的淨美元留存率，體現了我們與客戶持久的合作關係、我們解決方案的關鍵使命以及我們創造的價值。其次是定價，這是第二季成長的最大驅動力。

Tech upgrades and cost of living escalators are baked into subscription contracts. Like renewals, we earn these increases every year by being a great partner and innovating to serve our clients' needs.

科技升級和生活成本的提升都包含在訂閱合約中。與續約一樣，我們每年都透過成為優秀的合作夥伴並不斷創新以滿足客戶需求來獲得這些提升。

The next component is upselling and cross-selling our innovative new capabilities and solutions. In Q2, we saw rapid adoption of our consumer panel product in Europe and Latin America. In US and Europe, client demand remains very strong for our e-commerce measurement products. In fact, we've reached 50% e-commerce product upsell penetration across our 100 largest CPG clients.

下一個環節是追加銷售和交叉銷售我們創新的新功能和解決方案。第二季度，我們的消費者面板產品在歐洲和拉丁美洲迅速普及。在美國和歐洲，客戶對我們的電子商務測量產品的需求仍然強勁。事實上，在我們最大的100家快速消費品客戶中，我們的電子商務產品追加銷售滲透率已達50%。

In Q2, we also launched and expanded our innovation-focused activation product, BASES AI Screener, live now in 10 countries and 89 categories, we cross-sold this solution to several large intelligence clients. We acquired and integrated Gastrograph AI, a leading sensory insights platform, that provides food and beverage manufacturers with predictive analytical capabilities related to ingredients.

第二季度，我們也推出並擴展了以創新為重點的活化產品 BASES AI Screener，該產品目前已在 10 個國家和 89 個品類上線，並已向多家大型智慧客戶交叉銷售該解決方案。我們收購並整合了領先的感官洞察平台 Gastrograph AI，該平台為食品和飲料製造商提供與成分相關的預測分析能力。

This acquisition further strengthens our BASES AI Screener product road map. The last component is penetrating adjacent verticals and high-growth markets. Adjacent verticals include financial services, government and media.

此次收購進一步強化了我們的BASES AI Screener產品路線圖。最後一個組成部分是滲透相鄰的垂直行業和高成長市場。相鄰的垂直行業包括金融服務、政府和媒體。

Last week, we also announced our entrance into the supply chain vertical by acquiring M-Trix, a leading Brazil-based SaaS company with a network of more than 2,000 manufacturers, wholesalers and distributors covering consumer transactions across approximately 1.2 million points of sale throughout Brazil.

上週，我們也宣布透過收購 M-Trix 進軍供應鏈垂直領域，M-Trix 是一家領先的巴西 SaaS 公司，擁有超過 2,000 家製造商、批發商和分銷商的網絡，覆蓋巴西各地約 120 萬個銷售點的消費者交易。

M-Trix is prime for growth, already active in more than 25 markets, bolting M-Trix into the NIQ platform can drive deeper penetration into LATAM, APAC and EMEA. In summary, client demand remains strong despite ongoing uncertainty in its global trade policy. We believe this demonstrates a key point. NIQ solutions are mission-critical in all economic environments.

M-Trix 擁有良好的成長潛力，目前已活躍於超過 25 個市場。將 M-Trix 整合到 NIQ 平台，可以進一步提升其在拉丁美洲、亞太地區以及歐洲、中東和非洲地區的滲透率。總而言之，儘管其全球貿易政策持續存在不確定性，但客戶需求仍然強勁。我們認為這體現了一個關鍵點。 NIQ 解決方案在任何經濟環境下都至關重要。

This is reflected in the financial guidance we're issuing today. Just a few comments before I pass to Tracey to cover our client-first approach and revenue growth strategy. It was a great Q2, and we believe we are only just starting to reap the benefits of our transformation.

這體現在我們今天發布的財務指引中。在請Tracey介紹我們的客戶至上理念和收入成長策略之前，我只想說幾句。第二季業績表現優異，我們相信，我們才剛開始收穫轉型帶來的成果。

We'll continue to press our competitive advantages, powering innovation, serving clients, penetrating our TAM and delivering on our promises, driving towards consistent revenue growth, margin expansion and free cash flow generation. I want to thank our NIQ associates worldwide for their commitment, and I also want to thank our investors for their partnership along this exciting journey.

我們將繼續鞏固競爭優勢，推動創新，服務客戶，擴大我們的TAM，兌現我們的承諾，推動收入持續成長、利潤率提升和自由現金流產生。我要感謝NIQ全球員工的奉獻，也要感謝投資人在這趟令人興奮的旅程中給予的合作。

Tracey?

特蕾西？

Thanks, Jim, and thank you to everyone for joining us on today's call. Our growth strategy is rooted in our innovative culture that is accountable, committed to integrity and driven to win. We put clients at the heart of everything we do, and our business model aligns our success with their success.

謝謝，吉姆，也謝謝各位參加今天的電話會議。我們的成長策略植根於我們勇於創新、勇於擔當、誠信立業、追求成功的企業文化。我們一切工作都以客戶為中心，我們的商業模式將我們的成功與客戶的成功緊密結合。

NIQ data, software and expertise are deeply embedded within our clients' enterprises, from the C-suite to sales and marketing, to R&D and supply chain management. We drive mission critical strategic and operating decisions for $1 billion budget, including pricing strategies, trade spend, advertising, innovation, supply chain and M&A.

NIQ 的數據、軟體和專業知識深深植根於我們客戶的企業，從高階主管到銷售和行銷，再到研發和供應鏈管理。我們為 10 億美元的預算提供關鍵的策略和營運決策，涵蓋定價策略、貿易支出、廣告、創新、供應鏈和併購。

We win due to several factors. We're the only global source of truth and the only one that marries what consumers bought with why they bought it. We have unmatched data scale, insights and capabilities. We're embedded within client operations and we're mission-critical to their daily decision-making. We're trusted by the world's top consumer brands, many over decades, and our AI-powered tech stack enables rapid innovation and upsell.

我們的優勢在於：我們是全球唯一的資料來源，也是唯一能夠將消費者的購買行為與購買原因完美結合的平台。我們擁有無與倫比的數據規模、洞察力和能力。我們深入客戶運營，對客戶的日常決策至關重要。數十年來，我們深受眾多全球頂級消費品牌的信賴；我們基於人工智慧的技術棧能夠快速創新，並實現追加銷售。

A few highlights on our Q2 success align to the growth algorithm that Jim outlined. First, on renewals, we continue to have strong renewals with our clients. One of these was securing a multiyear 8-city renewal with one of our largest CPG clients and our note that this client opted against running an open RFP process based on our strong relationships and differentiated value.

我們第二季成功的幾個亮點與Jim概述的成長演算法相符。首先，在續約方面，我們持續與客戶保持著強勁的續約動能。其中之一就是與我們最大的CPG客戶之一達成了為期多年的8個城市的續約協議。我們注意到，該客戶基於我們強大的客戶關係和差異化的價值，選擇不進行開放式的RFP流程。

And across all regions, we renewed and grew with existing retailers and added new retailers to our ecosystem. Second, we continue to upsell and cross-sell new capabilities and solutions.

在所有地區，我們與現有零售商實現了更新和發展，並將新的零售商添加到我們的生態系統中。其次，我們繼續追加銷售和交叉銷售新的功能和解決方案。

Our tech transformation is enabling us to rapidly innovate and grow share of wallet. 90% of our largest clients have adopted at least one of our new capabilities. For example, our Digital Shelf e-commerce product enables clients to quickly understand pricing effectiveness, respond to competitive promotions, track category share and monitor online search share among many other benefits. Digital Shelf is now available in 70 markets globally.

我們的技術轉型使我們能夠快速創新並提升客戶份額。 90% 的最大客戶已採用至少一項新功能。例如，我們的「數位貨架」電商產品能夠幫助客戶快速了解定價有效性、應對競爭性促銷、追蹤品類份額、監控線上搜尋份額等諸多優勢。 「數位貨架」現已覆蓋全球 70 個市場。

We're also seeing rapid US market adoption of our all-in-one Full View measurement products. These products bring together all of NIQ's data assets in one single platform, including online and offline point-of-sale data, sales and share data from different retailers and our omnishopper consumer panel data.

我們也看到美國市場迅速採用我們的一體化Full View測量產品。這些產品將NIQ的所有數據資產整合到一個平台上，包括線上和線下銷售點數據、來自不同零售商的銷售和份額數據以及我們的全通路消費者面板數據。

Full View has unleashed new product capabilities that drive differentiated insights for our clients, such as one of our top CPG clients who uses Full View measurement to track and optimize their in-store and digital commerce performance. This solution was fully launched in the US last year, and we will continue to innovate.

Full View 已推出全新產品功能，為我們的客戶帶來差異化洞察。例如，我們一家頂級快速消費品客戶就使用 Full View 數據追蹤和優化其店內和數位商務績效。該解決方案已於去年在美國全面推出，我們將繼續創新。

For example, we're in the early days of bringing Full View measurement products to European markets. Our innovative approach to consumer panel is also driving strong adoption, upsell and cross-sell. In Q2, we expanded our US omnishopper panel, now the largest of its kind in the US at 250,000 households.

例如，我們正處於將「全視角」測量產品引入歐洲市場的初期階段。我們創新的消費者樣本庫方法也推動了強勁的採用率、追加銷售和交叉銷售。第二季度，我們擴展了美國全通路購物者樣本庫，目前已成為美國同類樣本庫中規模最大的，涵蓋25萬戶家庭。

More broadly, our consumer panel product is driving ample takeaways across Western Europe, North America and Latin America, and panel revenue is growing by double digits. Another Q2 innovation was the launch of our new omnichannel measurement sales and share read of a leading US Club retailer.

更廣泛地說，我們的消費者面板產品在西歐、北美和拉丁美洲的銷售強勁成長，面板收入也實現了兩位數成長。第二季的另一項創新是我們推出了全新的全通路銷售衡量和市佔率衡量系統，服務一家領先的美國俱樂部零售商。

It's resonating and we're driving upsell with clients of all types from brands to retailers to financial services professionals like those on this call. Born as of a North American sales and product collaboration, this showcases how we create new value from our rich granular data.

它引起了共鳴，我們正在推動各類客戶的追加銷售，從品牌到零售商，再到像本次電話會議中提到的金融服務專業人士。它源自於北美銷售和產品合作，展示了我們如何利用豐富的精細數據創造新價值。

In addition to upselling our new capabilities, we also see significant cross-selling with existing Intelligence clients with complementary Activation solutions. These already have strong attachment rates with approximately 76% of Activation revenue coming from existing Intelligence clients during the quarter.

除了提升新功能的銷售外，我們還看到與現有 Intelligence 客戶進行交叉銷售，這些客戶均擁有互補的 Activation 解決方案。這些客戶的購買率已經很高，本季約 76% 的 Activation 收入來自現有 Intelligence 客戶。

However, only 40% of existing Intelligence clients are currently buying Activation, giving us strong cross-selling potential ahead. Turning to adjacent and high-growth markets. In addition to entering supply chain through M-Trix, we leverage Agentic AI across our rich data assets to enter the packaging vertical, another example of how we can mine our data to create our own growth opportunities.

然而，目前只有40%的現有Intelligence客戶購買Activation的產品，這為我們未來帶來了強大的交叉銷售潛力。我們正轉向鄰近和高成長市場。除了透過M-Trix進入供應鏈外，我們還利用Agentic AI豐富的資料資產進軍包裝垂直產業，這也是我們如何挖掘資料以創造自身成長機會的另一個例子。

Yet another example of this is our approach to penetrating SMB. Our data enables us to identify the category upstarts and our tailored solutions, specialized sales force and customer success teams help SMB clients turn into category leaders.

另一個例子是我們深入中小企業的方法。我們的數據使我們能夠識別品類新貴，並透過我們量身定制的解決方案、專業的銷售團隊和客戶成功團隊，幫助中小企業客戶成為品類領導者。

We've been growing SMB revenue at double-digit rates this year, and we believe we're well positioned to capture extensive growth white space ahead. Our core algorithm underpins our expectation for mid-single-digit revenue growth.

今年，我們的中小企業收入一直保持兩位數成長，我們相信我們已做好準備，抓住未來廣闊的成長空間。我們的核心演算法支撐了我們對中等個位數收入成長的預期。

We also have multiple additional growth levers, including large new client wins, including client win-backs, organic growth investments to penetrate new opportunities, and strategic bolt-on M&A such as our Gastrograph and M-Trix acquisitions, which we normalize out of organic revenue growth, but are sources of profitable growth moving forward.

我們還擁有多個額外的成長槓桿，包括贏得大量新客戶（包括重新贏得客戶）、有機成長投資以滲透新機遇，以及策略性附加併購，例如我們的 Gastrograph 和 M-Trix 收購，我們將其從有機收入成長中正常化，但卻是未來獲利成長的來源。

We are pleased with strong demand and increased client satisfaction, including an NPS score that reached 45 in Q2, up 7 points versus December 2024 and more than triple 2019. We are focused on serving our clients and in turn, driving this metric higher. In summary, we're executing well and believe we have all the ingredients to lead, win and grow for the long term.

我們對強勁的需求和不斷提升的客戶滿意度感到欣慰，其中第二季度的淨推薦值 (NPS) 達到 45 分，較 2024 年 12 月上升 7 個百分點，是 2019 年的三倍多。我們專注於服務客戶，從而推動這項指標不斷提升。總而言之，我們執行力出色，並堅信我們具備長期領先、獲勝和發展的所有要素。

I'll now pass to Mike to cover our Q2 financials and outlook.

現在請麥克來介紹我們第二季的財務狀況和前景。

Thanks, Tracey, and good morning, everyone. It's great to engage with our investors and our analysts for the first time as a public company. And I'm looking forward to working with all of you as we scale the company and build shareholder value. Our strong revenue visibility and ongoing cost discipline positions us for ongoing profitable growth and strong cash flow. Key highlights of our financial profile.

謝謝，Tracey，大家早安。很高興能作為上市公司首次與我們的投資者和分析師見面。我期待與大家攜手合作，共同擴大公司規模，創造股東價值。我們強大的收入可視性和持續的成本控制能力，使我們能夠持續獲利成長，並保持強勁的現金流。以下是我們財務狀況的主要亮點。

Our revenue is approximately 80% recurring with multiyear subscription-based contracts and built-in price escalators. This gives us great top line visibility. On the cost side, roughly 80% of our costs are fixed and ratable throughout a given year.

我們約80%的收入來自經常性收入，採用多年訂閱式合同，並內建價格調整機制。這讓我們的收入具有極佳的可視性。在成本方面，我們約80%的成本是固定的，且在特定年份可按比例分攤。

Fixed costs include most of our data acquisition costs, which provide the jumping off point for our global AI-powered data intelligence engine. Our fixed cost base enables high revenue flow-through to EBITDA, as you see in our Q2 results and outlook, all of this driving significant free cash flow inflection as we deliver profitable growth against lower onetime costs, CapEx and interest expense.

固定成本包括我們大部分的資料收集成本，這為我們基於AI的全球資料智慧引擎提供了起點。正如您在我們第二季度的業績和展望中所見，我們的固定成本基礎使高額收入能夠轉化為EBITDA，所有這些都推動了自由現金流的顯著變化，因為我們在一次性成本、資本支出和利息支出較低的情況下實現了盈利性增長。

Turning to our Q2 results. Q2 organic constant currency revenue grew 5.7% to $1.04 billion, above the top end of our July pre-announcement range. We saw particular strength across Americas and EMEA and Intelligence driven by strong renewals, value-based pricing, cross-sell and upsell and growth in new verticals.

回顧我們第二季的業績。第二季有機固定匯率營收成長5.7%，達到10.4億美元，高於我們7月公告前的預期上限。美洲、歐洲、中東和非洲地區以及智慧業務表現尤為強勁，這得益於強勁的續約、基於價值的定價、交叉銷售和追加銷售以及新垂直領域的成長。

All of this contributed Americas' growth of 5.4% and EMEA growth of 8.1%. From a product perspective, Total Intelligence and annualized Intelligence Subscription revenue showed notable strength, growing 7.5% and 6.9%, respectively.

所有這些因素共同推動了美洲地區5.4%的成長和歐洲、中東和非洲地區8.1%的成長。從產品角度來看，Total Intelligence和年度化Intelligence Subscription營收表現強勁，分別成長7.5%和6.9%。

Activation decreased slightly in Q2 as clients worked through project timing considerations. Of note that we've seen solid project demand in recent months. On expenses, total operating expenses were $1 billion. We reduced expenses by $12 million or 1.2% by driving operating efficiencies from our NIQ transformation as well as GfK synergies as we wind down onetime integration expenses. And our net loss was $14.1 million, while adjusted EBITDA grew 16% and margins expanded 180 basis points to 20.6%.

由於客戶考慮了專案時間安排，第二季的啟動量略有下降。值得注意的是，近幾個月來，我們的專案需求強勁。在費用方面，總營運費用為10億美元。透過NIQ轉型提升營運效率，以及減少一次性整合費用帶來的GfK綜效，我們減少了1,200萬美元（1.2%）的支出。我們的淨虧損為1,410萬美元，調整後EBITDA成長了16%，利潤率提高了180個基點，達到20.6%。

We have a proven integration playbook to increase shareholder value. We ramped up adjusted EBITDA margins from 13% in 2020 to 18.5% in 2024, and we expect the results of the GfK integration will be a key driver of margin expansion this year and next.

我們擁有行之有效的整合方案，能夠提升股東價值。我們已將調整後EBITDA利潤率從2020年的13%提升至2024年的18.5%。我們預計，GfK整合的成果將成為今明兩年利潤率提升的關鍵驅動力。

Turning to free cash flow. We expect 2025 to be a significant positive inflection year, particularly in the second half given our post-IPO capital structure. It's important to focus on free cash flow over the second half of the year given the change in our capital structure and our debt paydown.

談到自由現金流。我們預計2025年將是一個重要的正向拐點，尤其是在下半年，考慮到我們IPO後的資本結構。考慮到我們資本結構和債務償還的變化，關注下半年的自由現金流至關重要。

We expect to significantly grow free cash flow in the second half as we grow revenue, expand adjusted EBITDA margins and drive capital efficiency. Also, our July IPO has helped us significantly deliver the balance sheet, and we are targeting a 3.5x net leverage ratio by the end of 2025 and below 3x by the end of fiscal year 2026. Through our IPO and our two successful debt refinancings, we have reduced interest expense by over $100 million per year, significantly lowering our overall cost of capital.

隨著營收成長、調整後EBITDA利潤率提升以及資本效率提升，我們預計下半年自由現金流將大幅成長。此外，我們7月份的IPO幫助我們大幅改善了資產負債表，我們的目標是到2025年底將淨槓桿率降至3.5倍，到2026財年末降至3倍以下。透過IPO和兩次成功的債務再融資，我們每年的利息支出減少了1億多美元，顯著降低了我們的整體資本成本。

I'll also note, we have built-in automatic interest spread step-downs in our credit agreements that can deliver another $10 million of annual interest savings as our leverage ratio decreases. Taking all of this into account, we expect to generate $245 million to $275 million of levered free cash flow in the second half of 2025, which is up approximately $230 million versus the same period in 2024.

我還要指出的是，我們的信貸協議中內建了自動利差遞減機制，隨著槓桿率的降低，每年可以額外節省1000萬美元的利息。綜合考慮所有這些因素，我們預計2025年下半年將產生2.45億至2.75億美元的槓桿自由現金流，較2024年同期增加約2.3億美元。

This is an exciting first step of free cash flow inflection in the coming years. Turning to our balance sheet. I'll outline our post-IPO and debt repayment view and cash position. Following our IPO and subsequent debt paydown as well as our recent debt refinancing, we have more than $250 million of cash on the balance sheet and total available liquidity of more than $1 billion, including our upsized $750 million revolving credit facility. As mentioned earlier, this week we closed an amend and extend transaction of our USD and euro-denominated term loan B, lowering our cost of debt and extending our maturities by 2.5 years to October 2030.

這是未來幾年自由現金流轉折點令人振奮的第一步。接下來是我們的資產負債表。我將概述我們對IPO後和債務償還的預期以及現金狀況。在IPO和隨後的債務償還以及最近的債務再融資之後，我們的資產負債表上有超過2.5億美元的現金，總可用流動資金超過10億美元，其中包括我們增加的7.5億美元循環信貸額度。如前所述，本週我們完成了一項美元和歐元計價的B類定期貸款的修訂和延期交易，降低了我們的債務成本，並將期限延長了2.5年，至2030年10月。

I'm pleased to see our strengthened credit profile recognized by the agencies with rating upgrades from both Moody's to B1 and Fitch to BB- and a positive outlook from S&P. On capital allocation, as free cash flow ramps, repaying debt is our top priority.

我很高興看到我們增強的信用狀況得到了各大評級機構的認可，穆迪和惠譽分別將我們的評級上調至B1和BB-，標準普爾也給予了積極的展望。在資本配置方面，隨著自由現金流的成長，償還債務是我們的首要任務。

Also, as you have seen from our Gastrograph and M-Trix announcements, we will continue to pursue strategic tuck-ins that are accretive and complement our growth strategy. Our post-capitalization liquidity position gives us the flexibility while also achieving our net leverage goal. To conclude, I'll provide our thoughts on the 2025 financial outlook.

此外，正如您在 Gastrograph 和 M-Trix 的公告中所看到的，我們將繼續尋求策略性補充，這些補充將帶來增值，並補充我們的成長策略。我們資本化後的流動性狀況賦予我們靈活性，同時也實現了我們的淨槓桿率目標。最後，我將分享我們對 2025 年財務前景的看法。

I'll note that based on our strong Q2 performance and favorable business dynamics, we're setting guidance ahead of our estimates we shared with the research analysts leading up to the IPO. For the third quarter of 2025, we expect revenue growth as reported of approximately 4.2% to 4.4%.

需要指出的是，基於我們第二季的強勁業績和良好的業務動態，我們設定的業績指引高於我們在IPO前與研究分析師分享的預期。我們預計2025年第三季的營收成長率約為4.2%至4.4%。

Organic constant currency revenue growth of approximately 5% to 5.2% and adjusted EBITDA growth of approximately 13% to 14% or nearly 20% margin, which implies around 165 basis points of expansion on a year-over-year basis.

有機固定匯率營收成長約 5% 至 5.2%，調整後 EBITDA 成長約 13% 至 14%，或利潤率接近 20%，這意味著同比增長約 165 個基點。

For the full year of 2025, we expect revenue growth as reported of approximately 4.1% to 4.3%. Organic constant currency revenue growth of approximately 5.2% to 5.4%, adjusted EBITDA growth of approximately 18% to 19% or approximately a 21% margin, which implies approximately 270 basis points of year-over-year margin expansion.

我們預計2025年全年營收成長率約為4.1%至4.3%。以固定匯率計算，有機營收成長率約5.2%至5.4%，調整後EBITDA成長率約18%至19%，利潤率約21%，這意味著利潤率年增約270個基點。

It was a great quarter, and we're excited for what's ahead. So operator, we're ready to open up the call for Q&A.

這是一個非常棒的季度，我們對未來充滿期待。接線員，我們準備好開始電話問答環節了。

(Operator Instructions)

（操作員指示）

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫‧帕特奈克 (Manav Patnaik)。

Thank you. Good morning. I was just wondering if the momentum that you talked about and why you raised the second half of the guide, how that reconciles with some of the noise we're seeing in the market, the uncertainty, the new round of tariff and the news, I guess, that you had called out had impacted some of your business in the first half? Just was hoping how you factor that in.

謝謝。早安.我只是想知道，您提到的勢頭，以及您為什麼上調了指引的後半部分，這與我們在市場上看到的一些噪音、不確定性、新一輪關稅以及您之前提到的新聞，是否對您上半年的部分業務產生了影響？我只是想知道您是如何將這些因素考慮在內的。

Yeah, sure, Manav. Good to talk to you again. And I think as we've talked about before, the information and the analytics that we provide to our clients impacts so many parts of their business that whether there's a recession or not a recession or whether there's tariffs, which are kind of a new thing, and I think we've seen that our business has performed through that, they need our insights in literally every kind of environment. So we're not experiencing any of that kind of choppiness, and we're just seeing a good steady performance that you'd expect from us.

是的，Manav，很高興再次與您交談。正如我們之前提到的，我們為客戶提供的資訊和分析影響著他們業務的方方面面，無論經濟衰退與否，也無論是否存在關稅——這都是一個新現象。我認為我們已經看到，我們的業務在各種環境下都表現出色，客戶幾乎在各種環境下都需要我們的洞察。因此，我們沒有遇到任何波動，而是保持著良好穩定的業績，正如您所期望的那樣。

Got it. Okay. And just to follow up, the second half guide, can you just help us in terms of the Activation and Intelligence, what that should look like? Like is there any tough comps or projects baked revenue stuff to consider?

明白了。好的。接下來，關於指南的後半部分，您能否就“激活”和“智能”方面，具體介紹一下？例如，有哪些比較棘手的比較項目或項目相關的收入方面需要考慮？

Yeah. When you -- Manav, it's Mike. When you look at those second half comps, that we have lower comps. We had tougher comps in the first half and lower comps in the second half. So you're going to see improvement in Activation that's included and reflected in those numbers over the second half.

是的。當你…馬納夫，我是麥克。當你看下半年的比賽數據時，你會發現我們的比賽數據更低。上半年的比賽數據更難，下半年的比賽數據更低。所以你會看到激活方面的改進，這包含在下半年的數據中，並會反映出來。

So again, overall, we took those comps up as you see and reflected in those numbers versus what we had previously established as guidance, and that includes both the Intelligence and Activation businesses.

因此，總的來說，正如您所見，我們將這些比較結果反映在這些數字中，與我們先前製定的指導意見相比，這包括情報和激活業務。

Yeah, thank you very much.

是的，非常感謝。

Thanks for the question.

謝謝你的提問。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯 (Jeff Silber)，BMO 資本市場。

Thanks so much. I wanted to first focus on Activation. If I remember correctly, you had talked earlier about some of the softness around the tariffs. And I know you kind of answered that question. But do you think you're out of the woods yet? Do you really think that we've kind of gone through that and folks are kind of back to sort of normalized buying?

非常感謝。我想先談談Activation。如果我沒記錯的話，您之前談到了關稅方面的一些寬鬆政策。我知道您已經回答了這個問題。但您認為您已經脫離困境了嗎？您真的認為我們已經度過了那個階段，人們的購買行為已經恢復正常了嗎？

Sure, Jeff. Great to hear from you.

當然，傑夫。很高興收到你的來信。

So Tracey, that's a great question for you to answer.

那麼 Tracey，你這個問題回答得非常好。

Yeah, sure. Jeff, we really didn't see an adverse impact of tariffs. If anything, we saw additional demand for pricing studies in particular and consumer sentiment work. So as Jim said at the start, we really are mission-critical to our clients, irrelevant of what's going on in the market, whether that be the economic climate, market growth of different categories, changing consumer sentiment. We don't see softness in end market impacts.

是的，當然。傑夫，我們確實沒有看到關稅的負面影響。如果有什麼影響的話，那就是我們看到了對定價研究和消費者情緒研究的額外需求。正如吉姆一開始所說，我們對客戶來說至關重要，無論市場如何變化，無論是經濟狀況、不同類別的市場成長，或是消費者情緒的變化，我們都無動於衷。我們沒有看到終端市場的影響力減弱。

We sometimes see some temporary slowdown from internal issues in our clients like reorganization or leadership changes, but we're really not seeing any impact. In Q2 last year, we had very strong Activation business. And as Mike said, so we had a very high comp as we faced Q2 this year.

我們有時會看到客戶內部問題（例如重組或領導層變動）導致業務暫時放緩，但我們實際上並沒有看到任何影響。去年第二季度，我們的活化業務表現非常強勁。正如麥克所說，今年第二季我們的業績非常強勁。

The second half of this year has lower comps. And I'll also note that we have underlying -- very, very strong underlying demand for our Activation business.

今年下半年的可比銷售額較低。我還要指出的是，我們的活化業務有著非常非常強勁的潛在需求。

It remains very robust. We have seen a strong increase across our order book in recent months because clients need NIQ to help them innovate, compete and win.

它仍然非常強勁。近幾個月來，我們的訂單量強勁成長，因為客戶需要NIQ來幫助他們創新、競爭和獲勝。

That's really helpful. And then just looking at the quarter, I know you haven't provided any specific color by segment, but I think the EMEA revenues, especially that accelerating growth was a bit better than most people had thought. Can we talk a little bit about that? You alluded to a little bit in your comments, but if we can get a little bit more color, that would be great.

這真的很有幫助。再來看看本季度，我知道您沒有提供任何具體的分部數據，但我認為歐洲、中東和非洲地區的收入，尤其是加速成長，比大多數人預想的要好一些。我們可以談談這個嗎？您在評論中提到了一些，但如果我們能更詳細地說明一下，那就太好了。

Yeah, sure. The EMEA business is highly levered towards the Tech and Durables business. So the old GfK business that we bought, that is very big in that region, and we saw a strong rebound for that business in particular. And we also saw very strong growth on consumer panel. So we're very excited by our EMEA performance in Q2.

是的，當然。 EMEA 業務高度依賴科技和耐用品業務。我們收購的原 GfK 業務在該地區規模很大，而且我們看到該業務強勁反彈。此外，我們的消費品業務也實現了強勁成長。因此，我們對第二季 EMEA 業務的業績感到非常興奮。

It reflects our underlying growth algorithm. So across all parts of the algorithm, they did well. But in particular, I would point to the consumer panel innovation. And like I say, GfK, the old GfK rebound. We don't report on that.

它反映了我們底層的成長演算法。所以，從演算法的各個方面來看，它們都表現良好。但我尤其要指出的是消費者面板的創新。就像我說的，還有GfK，​​也就是之前的GfK反彈。我們不報道這方面的情況。

It's very integrated, but a strong rebound in the Tech and Durables business.

它高度整合，但科技和耐用品業務強勁反彈。

Okay, really helpful. Thanks so much.

好的，真的很有幫助。非常感謝。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Good morning. This is [Jun Li] on for Jason Haas. Can you elaborate on the client project timing dynamics? What caused that and whether the softness is expected to persist into 3Q? Thank you.

早安.我是[李俊]，為您帶來Jason Haas的節目。您能詳細解釋一下客戶專案進度動態嗎？是什麼原因造成的？預計這種疲軟態勢會持續到第三季嗎？謝謝。

Could you repeat that question? It broke up just a little bit.

你能重複一下這個問題嗎？它只是稍微斷了一點。

Yeah, sorry. Can you elaborate on the client project timing dynamics and if that was caused by macro uncertainty or other factors and whether the softness is expected to persist into 3Q?

是的，抱歉。能否詳細說明一下客戶專案進度動態？這是否是由宏觀不確定性或其他因素造成的？預計這種疲軟是否會持續到第三季？

Okay. You just said client projects? Is that right?

好的。你剛才說的是客戶專案？對嗎？

Yeah. So Tracey, you alluded to that just a minute ago. Why don't you kind of just dive into that a little bit more?

是的。崔西，你剛才提到了這一點。為什麼不更深入地談談這個問題呢？

Yeah. So I'm assuming you're meaning Activation. So the softness we saw versus last year, so not softness, but a lower growth rate than we would expect the full year to be was because last year's Q2 was a very strong comp. So we had very, very strong Activation business last year. This year's business is strong, just wasn't quite as strong.

是的。所以我假設你指的是啟動業務。我們看到的與去年相比的疲軟，不是疲軟，而是低於我們預期的全年成長率，是因為去年第二季的年比表現非常強勁。所以去年我們的活化業務非常非常強勁。今年的業務表現強勁，只是沒有那麼強勁。

As we head into Q3 and Q4, we have much lower comps. So we're very, very confident of that business. The order book is very, very strong. We've seen a strong increase. So we don't expect softness in that area.

隨著進入第三季和第四季，我們的同店銷售額大幅下降。因此，我們對該業務非常有信心。訂單量非常強勁，我們看到了強勁的成長。因此，我們預計該領域不會出現疲軟。

Can you hear me better now? Sorry.

現在你能聽清楚我說話了嗎？抱歉。

Yeah.

是的。

Okay. And then for my follow-up question, so it looks like you have an easier comp in 3Q, but your guidance implies a deceleration in organic growth. So can you walk me through the moving pieces there?

好的。接下來是我的後續問題，看起來你們第三季的業績比較好，但你們的業績指引暗示有機成長將放緩。能不能具體說說其中的變化？

So I would say we have a portfolio of solutions across both Activation and Intelligence. Our growth guidance reflects this as well as our confidence of all of the underlying elements of our growth algorithm. So while our Activation order book is robust, there's confidence in Q3 and Q4 guidance, and it's a mixture of both.

所以我想說，我們在激活和智慧領域都有一系列解決方案。我們的成長預期反映了這一點，也反映了我們對成長演算法所有底層要素的信心。因此，雖然我們的啟動訂單量強勁，但我們對第三季和第四季的預期充滿信心，而且這種信心是兩者兼而有之的。

We don't give specific guidance splitting the two up. I was just specifically answering your question about Activation.

我們沒有提供具體的指導來區分這兩者。我只是在專門回答你關於激活的問題。

We feel very, very good about the order book. But overall, our guidance is as we showed you in Q3 and Q4.

我們對訂單量非常非常滿意。但總體而言，我們的預期與第三季和第四季的預期一致。

And maybe I would add one other comment to Tracey's, what Tracey stated. When you look at our Q3 guidance from what we had, had previously, we had taken it up from 4.7% to 5.2% overall. And look, we're highly confident in our ability to deliver, and that's why we increased those rates in terms of what our overall guidance will be. And so I guess I just want to make sure to emphasize that in addition to Tracey's comments.

我或許想補充一點，補充Tracey之前提到的內容。看看我們先前發布的第三季業績指引，我們發現整體成長率已從4.7%上調至5.2%。我們對自己的業績表現充滿信心，因此我們上調了整體業績指引。所以，除了Tracey的評論之外，我還想強調這一點。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning. Thanks for taking my questions. I wanted to double back to Tracey's response on the EMEA strength. It sounds like that's a really big driver, specifically from the rebound in GfK. How much is that a function of maybe the market environment or Tech and Durables strength versus execution of the NIQ transformation playbook?

大家早安。感謝您回答我的問題。我想再次回顧Tracey關於歐洲、中東和非洲地區經濟強勁的答案。聽起來這是一個非常重要的驅動因素，尤其是GfK的反彈。這在多大程度上取決於市場環境、科技和耐久財的強勁表現，還是取決於NIQ轉型方案的執行情況？

Sure. I'm going to say the answer is both, but I think -- again, I'll turn it over to Tracey to give more color as she kind of started the answer and let her take your question, Andrew.

當然。我想說兩者兼而有之，但我想——安德魯，我還是把時間交給特蕾西，讓她來更詳細地解釋一下，因為她已經開始回答你的問題了。

Yeah, it's both. So if you remember from the roadshow, the Tech and Durables business was a bit of a drag on our business last year, which was the first full year of integrating that business, and we were very confident that we would turn that around given the fact that we're using the same playbook as we did for the NIQ transformation. That's been very successful in the first half of this year, and we have gone from a slight decline last year to low-digit growth, and we expect it to get even stronger in the second half of the year. So just very confident on that turnaround of that Tech and Durables business. It isn't market related.

是的，兩者都有。如果你還記得路演的情況，去年科技和耐用品業務對我們的業務造成了一些拖累，那是整合該業務的第一年。考慮到我們採用的策略與NIQ轉型相同，我們非常有信心能夠扭轉局面。今年上半年，NIQ轉型非常成功，我們從去年的小幅下滑轉為低位數成長，預計下半年會更加強勁。所以，我們對科技和耐久財業務的扭轉非常有信心。這與市場無關。

It's our performance and how we're running that business, now we've integrated it in. And like I said, we're executing the same playbook. From the other side, it's panels. Again, we talked about that. If you remember, we had to divest our panels business that we got when we acquired GfK.

關鍵在於我們的業績以及我們如何經營這項業務，現在我們已經將其整合到其中。就像我說的，我們正在執行同樣的策略。另一方面，是太陽能電池板業務。我們之前也討論過這個問題。如果你還記得的話，我們不得不剝離收購GfK時獲得的太陽能板業務。

And therefore, last year, we weren't able to compete against the people we divested it to until Q4. So we really only started to see the benefit of the good consumer panel investments we've made last year Q4 and the first half of this year, and that's particularly strong in Western Europe as our innovation to combine consumer panel with RMS data on one system is really resonating with our clients, and we're seeing significant win backs in that area.

因此，去年我們直到第四季才能夠與那些被我們剝離業務的客戶競爭。所以，我們直到去年第四季和今年上半年才真正開始看到我們在消費者面板上進行良好投資的效益，而且在西歐尤其強勁，因為我們將消費者面板與RMS數據整合到一個系統中的創新，確實引起了客戶的共鳴，我們在該領域也看到了顯著的回報。

It's a very, very strong innovation, and it's resonating really well. So we remain confident of that. So I would say two things, the turnaround of Tech and Durables and the upsell, cross-sell of our solutions.

這是一項非常非常強大的創新，而且反應非常好。所以我們對此仍然充滿信心。我想說兩件事：科技和耐久財業務的復甦，以及我們解決方案的追加銷售和交叉銷售。

That's super helpful. And then maybe for my follow-up, just if you could talk a little bit more on pricing as a contributor in the quarter? And maybe a reminder on how that is incorporated within your contract structures as it sits today? Thanks again.

這非常有幫助。接下來，作為我的後續問題，您能否再談談本季作為貢獻者時的價格問題？或者能否提醒一下，目前這些是如何納入你們的合約結構中的？再次感謝。

Yeah. So if you think about our growth algorithm, Q2, our growth algorithm, we drove 2.5% from pricing, 1.5% from upsell and cross-sell of our innovative new solutions and 1.7% from our new markets. That's the algorithm we showed you when we did the roadshow, and that's how it played out in Q2. So strong growth in pricing. I think our guidance was always 2.5% to 3%, and we hit the 2.5%.

是的。所以，如果你看一下我們的成長演算法，第二季度，我們的成長演算法顯示，定價成長了2.5%，創新解決方案的追加銷售和交叉銷售成長了1.5%，新市場成長了1.7%。這是我們在路演時展示的演算法，第二季也體現了這一點。定價增長強勁。我認為我們的預期一直是2.5%到3%，而我們最終實現了2.5%的目標。

Andy Grobler, BNP.

英國國家銀行的安迪·格羅布勒。

Hi, good morning. Thank you for taking my questions. Just firstly, on the margin expansion. You talked a little around the benefits from GfK synergies and the NIQ transformation. Can you just split out kind of the component parts of that plus anything you got from just operational leverage? Thank you.

大家好，早安。感謝您回答我的問題。首先，關於利潤率成長。您稍微談到了GfK綜效和NIQ轉型帶來的好處。您能否將其中的一些組成部分，以及您從營運槓桿中獲得的收益，分別解釋一下？謝謝。

Sure. Thank you for the question. When you look at it, roughly 60% of that was driven by our GfK integration. 30% of it has come from our continued drive of our mid-single-digit revenue growth and 80% fixed cost base. And again, roughly around 10% is being driven through the continued flow-through of our NIQ transformation, and it continues to flow through our business overall. So really, those are the main components.

當然。謝謝你的提問。具體來看，其中約60%的貢獻來自於我們對GfK的整合。 30%的貢獻來自於我們持續維持的中位數個位數收入成長，以及80%的固定成本基礎。另外，大約10%的貢獻來自於我們NIQ轉型的持續推進，而這種推動力會持續貫穿我們的整體業務。所以，這些才是真正的主要組成。

Okay. And then just one follow-up, if I may, on -- just on the guidance and FX because it was a tailwind in Q2. The guidance for the full year looks to be about 20 basis points, well, Q3 and for the full year. Given ongoing US dollar weakness, why isn't the tailwind from currency bigger than that?

好的。如果可以的話，我再問一個後續問題——關於業績指引和外匯，因為第二季的利多因素。全年業績指引看起來約20個基點，第三季和全年的指引也是如此。鑑於美元持續疲軟，為什麼匯率帶來的利多因素沒有更大？

Yeah. It's -- currency, when you look at the first quarter, back FX was a headwind. When you look at Q2, it was a tailwind. And when we look at it year-to-date, it was a headwind. Now if you dissect that a bit more, Americas, our Americas business has been more of a headwind, particularly as it relates to a consistent headwind associated with our peso and Canadian dollar, where our business for EMA has been more of a tailwind in terms of thinking about it.

是的。貨幣方面，第一季來看，外匯市場是逆風。第二季來看，它又是順風。而今年迄今為止，它仍然是逆風。現在，如果你再深入分析一下，美洲業務，我們的美洲業務一直面臨更大的逆風，尤其是與比索和加元相關的持續逆風，而我們的EMA業務則一直處於順風狀態。

So look, we used Q2 spot rates to forecast our guidance. And so we really didn't see a bigger tailwind through the rest of the year. And so that's what we really kept it flat in terms of thinking about it. So we're thinking we get back to really more like consistent constant currency rates. And so that's what we've used in our guidance overall.

所以，我們用第二季的即期匯率來預測我們的業績指引。因此，我們在今年剩餘時間確實沒有看到更大的利好。因此，我們實際上保持匯率平穩。我們認為，我們最終會回歸到更接近一致的固定匯率。這就是我們在整體指引中使用的方法。

And just on that, the Q2 spot rates, was that period end or average during the period?

那麼，第二季的即期匯率是該期間的末期匯率還是期間的平均值？

Okay, thanks very much.

好的，非常感謝。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yeah, thank you. On the consumer panel investments and growth, can you just go into detail on how your consumer panels are differentiated on a stand-alone basis and then talk through the incremental value and integrated with the core sales measurement data? And then on the market opportunity, is there much of a white space opportunity? Or is it more about competitive takeaways?

是的，謝謝。關於消費者樣本庫的投資和成長，您能否詳細談談你們的消費者樣本庫在獨立基礎上是如何差異化的，然後談談其增量價值以及如何與核心銷售衡量數據整合？然後，關於市場機會，是否存在很大的空白機會？還是更多的是競爭優勢？

Yeah. Hi, this is Tracey again. In terms of consumer panels, so I would say we just launched in the US this quarter, the largest panel -- household panel in the country. So 250,000 households.

是的。大家好，又是 Tracey。說到消費者面板，我想說的是，我們本季剛剛在美國推出了規模最大的面板——家庭面板。覆蓋了 25 萬戶家庭。

That's just launched. So we expect some strong performance from that going forward. In Europe, we increased our panel sizes in all of the countries. And I would say that's one of the things that's helping us. But the biggest thing that's helping us is the ability to put consumer panels alongside RMS on one system.

它剛剛推出。所以我們預計未來會有強勁的表現。在歐洲，我們增加了所有國家的面板尺寸。我想說這是對我們有利的因素之一。但對我們最大的幫助是能夠將消費級面板與RMS面板整合到一個系統中。

What happens when you're a manufacturer client or you're a marketer is often the two pieces of information, so the RMS and the consumer panel are slightly different because of where they come from. They have to spend a lot of time reconciling that. And it's quite a lot of work and it's quite difficult. By having two in one system, we do that for them. So they don't have all of that extra work.

當您是製造商客戶或行銷人員時，通常會遇到兩種訊息，因此 RMS 和消費者樣本庫會因來源不同而略有不同。他們需要花費大量時間來協調這些資訊。這項工作非常繁重，難度也很大。透過將兩種資訊合而為一，我們就能為他們解決這個問題。這樣他們就無需承擔所有這些額外的工作。

The answers are much quicker. They can get to decisions much quicker. So it's significantly beneficial, and that is where we are seeing the growth. People are -- our clients are seeing the integration, which nobody else can do because everybody else has panel or RMS, they're not able to put the two together. That's the really big differentiator that's causing our wins.

答案得到解答的速度更快了。他們可以更快地做出決策。所以這非常有益，這也是我們看到成長的原因。我們的客戶看到了這種整合，這是其他公司無法做到的，因為其他公司都有面板或RMS，他們無法將兩者結合。這正是我們成功的真正優勢。

Got it. And then for BASES AI, how does the pricing compare to the heritage solution, which is, I think, more services intensive? Or is there a margin opportunity, if you can talk through that?

明白了。那麼，BASES AI 的定價與傳統解決方案相比如何？我認為傳統解決方案的服務內容更豐富。或者說，是否存在利潤空間？能具體談談嗎？

We don't give guidance about the pricing across our different solutions. Mike, I don't know if you want to comment, but we don't give that sort of breakdown?

我們不提供不同解決方案的定價指導。麥克，我不知道你是否想評論一下，但我們確實沒有提供這種細分方案？

Yeah. Look, I think you're asking us about the AI-based product. Of course, yes. So we're able to think about that, we're going to increase the number of transactions with that particular product because we can cycle through using AI feedback to our clients very quickly, and they love that. And we give them the feedback in the same format they would expect from the more intense study.

是的。你看，我想你問的是人工智慧產品的問題。當然。所以我們可以考慮，我們會增加該產品的交易量，因為我們可以快速地循環使用人工智慧回饋給客戶，他們很喜歡這一點。而且，我們以更深入的研究形式向客戶提供回饋。

But ultimately, when they're making these very big decisions about innovation and new products, which is what BASES is all about, they still ultimately want that very deep dive into kind of the emotional reaction and other reactions clients have to the name of their product, and in some cases, the taste of their product. And that has a lot more science in it than just AI.

但最終，當他們做出關於創新和新產品的重大決策時，也就是BASES的宗旨所在，他們最終仍然希望深入了解客戶對產品名稱的情感反應和其他方面的反應，在某些情況下，還包括產品的味道。這其中蘊含的科學遠不止於人工智慧。

So what we're seeing is there -- I guess I won't give you the name of any particular client, but they got on the edge of their chairs when they saw they could experiment and pay us appropriately upfront with a bunch of iterations. And then they ultimately, when they boil it down to a few, then we can go and apply our more, let's call it, scientific approach that dives deeper into consumer reaction in order to make them feel more confident in the big investments they're going to make.

所以我們看到的情況是——我不會透露任何特定客戶的名字，但當他們發現可以進行實驗並透過一系列迭代向我們支付適當的預付款時，他們興奮不已。最終，當他們將目標鎖定在幾個方案上時，我們就可以運用我們更科學的方法，深入研究消費者的反應，讓他們對即將進行的大筆投資更有信心。

Got it. Thank you.

明白了。謝謝。

Wahid Amin, Bank of America.

瓦希德·阿明，美國銀行。

Hey, good morning. Could you expand on the growth in new verticals? What are you seeing across the buckets of either government, financial services or media? Anything in particular you're seeing clients gravitate more towards, whether that be a certain product or whether that be across Intelligence or Activation?

早安.能詳細談談新垂直領域的成長嗎？您在政府、金融服務或媒體領域看到了哪些改變？您發現客戶更傾向於哪些特定產品，無論是在智慧化還是激活領域？

The biggest vertical or the biggest growth is SMB, so small and medium businesses. We saw that grow 22% in the quarter. It's a very big growth vector for us, working on those smaller clients. Like we said in the talking points we're able to identify who they are because we've got all the data of everybody who sells everything to a consumer. So we can identify those clients.

最大的垂直領域或最大的成長點是中小企業（SMB）。我們看到該領域在本季成長了22%。對我們來說，服務這些小客戶是一個非常重要的成長方向。正如我們在討論要點中所說，我們能夠識別他們是誰，因為我們擁有所有向消費者銷售產品的公司的資料。因此，我們可以識別這些客戶。

If they don't buy data from us, we're able to go to them with insights and then pick up that business. So that's probably the biggest growth vertical, but we see strong growth across all the verticals, whether that be financial packaging was a new one that we've just got into. So new verticals overall grew 14%. That would be financial services, packaging, those sorts of areas.

如果他們不向我們購買數據，我們就可以向他們提供洞察，然後接手這項業務。所以這可能是成長最快的垂直領域，但我們看到所有垂直領域都實現了強勁成長，無論是金融包裝還是我們剛剛涉足的新領域。因此，新垂直領域整體成長了14%。這包括金融服務、包裝等等。

But across the board, we see strong double-digit growth in all of those areas and expect that to continue.

但總體而言，我們看到所有這些領域都實現了強勁的兩位數成長，並預計這種成長勢頭將持續下去。

Okay. And for my follow-up, just the two recent M&As that you've done in the past few months, can you walk us through the philosophy, why those assets and specifically why now?

好的。接下來想問一下，您最近幾個月完成了兩筆併購，能否向我們介紹其中的理念，為什麼要收購這些資產，特別是為什麼是現在？

Yeah, sure. So we have built an engine both in terms of our systems with our Discover product and the underlying kind of data architecture and with our sales engine that we can easily absorb new capabilities into our world, let's call it, that we know our clients like and then easily upsell and cross-sell them without creating some kind of significant cost action.

是的，當然。所以我們建構了一個引擎，它既包括Discover產品本身的系統，也包括底層資料架構，還有我們的銷售引擎，讓我們可以輕鬆地將新功能融入我們的產品中。我們知道客戶喜歡這些功能，然後我們可以輕鬆地進行追加銷售和交叉銷售，而無需花費巨額成本。

And so I think you're going to see us continue to look for bolt-on acquisitions like this that are really immediately accretive, that essentially our clients bring to us as we're out in the market and they're using these same services and saying, boy, this would really be good if it was integrated with Discover and with NIQ. And in this particular case, both of these acquisitions hit a real meaningful spot for our clients. And so they're really instantly accretive and very low risk.

所以我認為你會看到我們繼續尋找像這樣的附加收購，這些收購能夠真正帶來即時增值。本質上，這些收購是我們的客戶在我們進入市場時主動推薦給我們的，他們也在使用同樣的服務，他們會說，天哪，如果能與Discover和NIQ整合，那就太好了。在這個案例中，這兩項收購都為我們的客戶帶來了真正有意義的利益。所以它們確實能夠立即帶來增值，而且風險非常低。

And Wahid, I would just ask that -- state that we are continuing to focus on our debt paydown, right? So these acquisitions fall within a small size or reasonable size in our mind that makes sure that we can still be focused on making sure we're generating debt paydown and making sure we're increasing our cash flow as we're at that inflection point in the business. So just to add to Jim's comments.

瓦希德，我只想問一下——我們是否繼續專注於償還債務，對嗎？所以，我們認為這些收購的規模較小或合理，可以確保我們仍然能夠專注於償還債務，並確保在業務處於轉折點的情況下增加現金流。補充一下吉姆的評論。

Thank you.

謝謝。

That concludes our question-and-answer session. I will now turn the call back over to James Peck for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給詹姆斯·佩克，請他作最後發言。

Yeah. So just very briefly, I'm super excited about this management team and all the people at NIQ who have capabilities that are uniquely primed to put us in a position to serve our clients. And we remain very confident and super excited about our strategy and our plans going forward, and we look forward to our next update.

是的。簡單來說，我對NIQ的管理團隊和所有員工都感到非常興奮，他們擁有獨一無二的能力，能夠幫助我們更好地服務客戶。我們對未來的策略和計劃充滿信心，也充滿期待，期待下一次更新。

Ladies and gentlemen, this concludes today's call. We thank you all for joining. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。