NIQ Global Intelligence PLC (NIQ) 2026 Q1 法說會逐字稿

Good morning, and welcome to NIQ's first-quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. With that, I'd like to turn the call over to Will Lyons, Head of Investor Relations. Please go ahead.

早安，歡迎參加 NIQ 2026 會計年度第一季財報電話會議。為避免任何背景雜音，所有線路均已設為靜音。在講者致詞後，將進行問答環節。接下來，我想把電話交給投資人關係主管 Will Lyons。請開始。

Thank you. Good morning, everyone, and welcome to NIQ's first-quarter 2026 earnings call. Joining me today are CEO, Jim Peck; CFO, Mike Burwell; and Chief Product Officer, Troy Treangen. Following Jim's and Mike's prepared remarks, we'll open the line for Q&A. As a reminder, today's remarks will include forward-looking statements regarding our expectations and outlook.

謝謝。各位早安，歡迎參加 NIQ 2026 會計年度第一季財報電話會議。今天與我一同出席的有執行長 Jim Peck、財務長 Mike Burwell，以及產品長 Troy Treangen。在 Jim 與 Mike 的準備致詞後，我們將開放線路進行問答。提醒各位，今天的發言將包含關於我們預期與展望的前瞻性陳述。

Actual results may differ materially from those expressed or implied in these statements. For information about factors that could cause actual results to differ materially, please refer to today's earnings press release and our SEC filings. We undertake no obligation to update any forward-looking statements made on this call, except as required by law.

實際結果可能與這些陳述所明示或暗示者有重大差異。關於可能導致實際結果與預期有重大差異的因素，請參閱今日的財報新聞稿以及我們向 SEC 提交的文件。除法律要求外，我們不承擔更新本次電話會議中任何前瞻性陳述的義務。

During this call, we will also discuss both GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in our earnings press release, which is available on our IR website. A replay of this call will also be available there.

在本次電話會議中，我們也將討論 GAAP 與非 GAAP 財務衡量指標。非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已收錄於我們的財報新聞稿中，並可於我們的投資人關係網站取得。本次電話會議的重播也將於該網站提供。

And finally, a few housekeeping items. Unless otherwise noted, growth rates mentioned on this call are compared with the prior year period. In addition, a supplemental file is posted alongside our Form 10-Q and earnings release, reflecting the retrospective reallocation of revenue and costs from our end-to-end businesses, which are now reported based on geographic location. These changes had no impact on our consolidated financial statements.

最後，幾項會議事項說明。除非另有說明，本次電話會議提及的成長率均與去年同期相比。此外，我們在 Form 10-Q 與財報新聞稿旁亦上傳了一份補充檔案，反映我們將端到端業務的收入與成本進行追溯性重新分配；目前改以地理位置為基礎進行揭露。這些變更對我們的合併財務報表沒有影響。

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

接下來，我把電話交給 Jim。

Thank you, Will. Good morning, everyone. At NIQ, we power mission-critical consumer commerce decisions globally. Our ecosystem connects brands, retailers, and consumers across 90 countries and $7.4 trillion of consumer spending, an unmatched position with enduring value. Our first quarter results reflect this.

謝謝你，Will。各位早安。在 NIQ，我們為全球關鍵性的消費商務決策提供動力。我們的生態系連結 90 個國家的品牌、零售商與消費者，涵蓋 7.4 兆美元的消費支出，這是無可匹敵且具長期價值的地位。我們第一季的成果反映了這一點。

We delivered organic constant currency revenue growth of 5.1%, expanded adjusted EBITDA margin by 150 basis points to and generated meaningful free cash flow improvement, all while accelerating our AI investments. These are not separate stories. Our ability to grow revenue, expand margins, and invest in AI reflects the strength of our business model and financial profile.

我們在固定匯率基礎下的有機營收成長 5.1%，調整後 EBITDA 利潤率擴張 150 個基點，並帶來顯著的自由現金流改善，同時加速我們在 AI 的投資。這些並非各自獨立的故事。我們能夠推動營收成長、擴大利潤率並投資 AI，反映出我們商業模式與財務體質的強韌。

On recent earnings calls, I've outlined how AI is a profitable growth enabler for NIQ and how our data is permissioned and governed. Today, I will discuss our views on the evolving AI landscape, where AI agents increasingly mediate commerce, and how it can advantage NIQ, and create structural tailwinds for our business. I'll cover four areas.

在近期的財報電話會議中，我已說明 AI 如何成為 NIQ 的獲利成長推動力，以及我們的資料如何在取得授權並受治理的前提下使用。今天，我將談談我們對不斷演進的 AI 版圖的看法：AI 代理（agents）正日益在商務中扮演中介角色；這將如何讓 NIQ 受益，並為我們的業務帶來結構性的順風。我將涵蓋四個面向。

One, our context layer that makes our proprietary data decision grade. Two, how AI is already driving measurable growth and deepening our partnerships. Three. How agentic commerce is a transformative new channel that further amplifies NIQ's leading role, and four, how all this can translate to faster, profitable growth over the long-term.

第一，我們的情境層（context layer），使我們的專有資料達到可用於決策的等級。第二，AI 如何已經在推動可衡量的成長並深化我們的合作夥伴關係。第三。代理式商務（agentic commerce）如何成為具變革性的全新通路，進一步放大 NIQ 的領先角色；第四，這一切如何在長期轉化為更快且更具獲利性的成長。

On the first point, our foundation is a clear advantage. We have nearly 9,000 retailer partnerships across 90 countries, 5.5 million consumer panelists, and 253 million product items in our database. Because our data is permissioned, governed, and not publicly available, it's a differentiated asset that is impractical to replicate.

就第一點而言，我們的基礎本身就是明確的優勢。我們在 90 個國家擁有近 9,000 個零售商合作夥伴、550 萬名消費者樣本小組成員，以及資料庫中 2.53 億個產品品項。由於我們的資料是經授權取得、受治理且非公開可得，因此這是一項差異化資產，實務上難以複製。

But the deeper advantage is what we build on top. Every week, NIQ harmonizes 4 trillion data records on consumer purchases, from fragmented retailer feeds, proprietary panels, traditional trade and e-commerce receipts, and creates a unified, de-duplicated view of the market, down to the SKU level. We then add context that makes the data intelligible and actionable.

但更深層的優勢在於我們在其上所建構的能力。每週，NIQ 會將關於消費者購買行為的 4 兆筆資料紀錄進行整合與一致化，來源包括分散的零售商資料流、專有樣本小組、傳統通路與電商收據，並建立一個統一、去重複的市場視圖，細至 SKU 層級。接著我們加入情境，使資料可被理解並可付諸行動。

Specifically, our semantic framework encodes how consumer markets actually work across categories, products, substitutes, promotions, and retail relationships, embedding NIQ's vertical expertise directly into the data. This transforms raw data into a proprietary system that can be understood and acted on.

具體而言，我們的語意框架（semantic framework）會編碼消費市場在各品類、產品、替代品、促銷與零售關係中的實際運作方式，將 NIQ 的垂直領域專業直接嵌入資料之中。這使原始資料轉化為一套可被理解並可據以行動的專有系統。

With our context, AI can interpret data correctly, reason across it, and generate decision-grade answers to critical business questions. Because our intelligence is constantly refreshed with the latest ground truth, clients can deploy it across their enterprises with confidence. We deliver intelligence directly to our client's point of decision.

有了我們的情境，AI 就能正確解讀資料、跨資料推理，並對關鍵商業問題產出可用於決策等級的答案。由於我們的洞察會以最新的真實資料（ground truth）持續更新，客戶可以有信心地在其企業內部廣泛部署。我們將洞察直接送達客戶的決策點。

Today, this happens through Discover, our client tools and shared clean rooms, and increasingly through direct integrations into clients' AI systems and autonomous agent workflows. Even our most sophisticated clients with strong internal data science teams are leaning in with NIQ. Building a complete dynamic commerce intelligence layer is expensive, complex, and time-intensive.

目前，這是透過 Discover、我們的客戶工具與共享潔淨室（clean rooms）來實現，並且愈來愈多地透過直接整合至客戶的 AI 系統與自主代理工作流程。即便是最成熟、內部擁有強大資料科學團隊的客戶，也正更積極與 NIQ 合作。打造一個完整且動態的商務智慧層成本高昂、複雜且耗時。

Our specialized vertical expertise and interconnected data position NIQ as the highest quality, most decision-ready partner in the market. We believe our context layer is increasingly essential infrastructure for the AI era. It informs not only what happened but drives what to do next across growth strategy, innovation, and emerging agentic channels.

我們專精的垂直領域專業與互聯的資料，使 NIQ 成為市場上品質最高、最可直接用於決策的合作夥伴。我們相信，在 AI 時代，我們的情境層正日益成為不可或缺的基礎設施。它不僅說明發生了什麼，也能驅動下一步該做什麼，涵蓋成長策略、創新，以及新興的代理式通路。

As AI agents begin to influence and execute transactions, NIQ's intelligence can help determine what brands and products get seen, selected, and sold. We're building the commerce of tomorrow from a position of embedded strength. Clients use NIQ as a system of record to make everyday pricing, assortment, promotion, and competitive decisions.

隨著 AI 代理開始影響並執行交易，NIQ 的洞察可協助決定哪些品牌與產品會被看見、被選擇並被售出。我們正以深度嵌入的優勢地位，打造明日的商務。客戶將 NIQ 作為記錄系統（system of record），用以做出日常的定價、品類組合、促銷與競爭決策。

In Q1, that role strengthened. For example, in Q1, we closed 17 seven-figure wins, averaging three years in duration. In Americas, we took multiple accounts from an established competitor, with clients pointing to the strength of NIQ's Full View platform, and the quality of our service. This included several high, seven-figure renewals and expansions, including with a large multinational food manufacturer and the win-back of a major global beverage manufacturer across multiple markets.

在第一季，這個角色進一步強化。例如，第一季我們拿下 17 筆百萬美元等級（seven-figure）的新案，平均合約期間為三年。在美洲地區，我們從一家既有競爭對手手中取得多個客戶，客戶指出 NIQ Full View 平台的優勢以及我們服務品質的卓越。其中包括數筆高額的百萬美元等級續約與擴約案，包含一家大型跨國食品製造商，以及在多個市場重新贏回一家主要全球飲料製造商。

In EMEA, our largest Q1 wins included retail measurement and consumer panel within a single integrated relationship, multi-product adoption that differentiates from point solution competitors and drives long-term customer retention. Following a formal competitive RFP, a leading global financial services client renewed for the seventh consecutive year.

在 EMEA，我們第一季最大筆的得標案包含在單一整合式合作關係中同時涵蓋零售量測與消費者樣本小組；這種多產品採用模式可與單點解決方案競爭者形成差異，並推動長期客戶留存。在一項正式的競爭性 RFP 之後，一家領先的全球金融服務客戶連續第七年續約。

In Eastern Europe, we monetized a new loyalty data product across 15 brand clients in a market where no other provider can deliver this level of granularity. In APAC, one of our eight-figure renewals was a five-year global commitment with a leading tech and durables enterprise client that will anchor its worldwide category strategy to our intelligence and activation solutions.

在東歐，我們將一項新的忠誠度資料產品成功變現，並在一個沒有其他供應商能提供如此細緻粒度的市場中，拓展至 15 家品牌客戶。在 APAC，我們其中一筆千萬美元等級（eight-figure）的續約案，是與一家領先的科技與耐用品企業客戶簽訂為期五年的全球承諾；該客戶將以我們的洞察與啟動（activation）解決方案作為其全球品類策略的核心。

And across markets, we accelerated e-commerce revenue growth to 33%. We also expanded full-view measurement to 209 clients, reinforcing NIQ's role at the center of omnichannel decision-making. We extended our leadership in high-growth verticals and strengthening the retailer side of our ecosystem.

此外，在各市場中，我們將電商營收成長加速至 33%。我們也將 Full View 量測擴展至 209 家客戶，進一步鞏固 NIQ 在全通路決策核心的角色。我們在高成長垂直領域擴大領先優勢，並強化我們生態系中零售商端的實力。

For example, in beauty, leading specialty retailer Ulta selected NIQ as its primary insights panel provider, expanding our full view of beauty in a vertical that's growing approximately 10% annually, with online growth running roughly six times faster. On the retailer front, we scaled manufacturer participation in our Wake Fern Retailer Analytics program in the U.S.

例如，在美妝領域，領先的專業零售商 Ulta 選擇 NIQ 作為其主要洞察面板供應商，擴大我們對該垂直領域的全景視圖；該領域年增約 10%，其中線上成長速度約為其六倍。在零售商方面，我們在美國擴大了製造商參與我們 Wake Fern Retailer Analytics 計畫的規模。

On the tech side, we introduced Activate Light, our software platform that helps small and mid-sized retailers access decision-grade retail intelligence and activation tools without building a full analytics stack. In new verticals, we expanded our media marketing mix offering into three additional categories: auto, telecom, and retail. Clients turn to NIQ at their most consequential moments.

在技術方面，我們推出了 Activate Light，這是一個軟體平台，協助中小型零售商在無需建立完整分析技術堆疊的情況下，取得決策級零售情報與啟用工具。在新垂直領域方面，我們將媒體行銷組合（marketing mix）產品擴展至另外三個類別：汽車、電信與零售。客戶在最關鍵的時刻會求助於 NIQ。

For example, in Q1, multiple global consumer products companies used NIQ data as a primary input to M&A due diligence. They chose NIQ for data quality, credibility, and speed, reinforcing NIQ not just as a measurement provider but as a trusted strategic partner when the stakes are highest, a role that's hard to displace. NIQ's embeddedness compounds, creating high switching costs and strong retention.

例如，在第一季，多家全球消費品公司將 NIQ 數據作為併購（M&A）盡職調查的主要輸入。他們選擇 NIQ 是因為數據品質、可信度與速度，這強化了 NIQ 不僅是衡量服務供應商，更是在風險最高、利害最重大的時刻值得信賴的策略夥伴——這樣的角色很難被取代。NIQ 的深度嵌入效應持續累積，形成高轉換成本與強勁的留存。

Q1 net dollar retention was 104%, gross retention was 99%, and annualized subscription revenue was $2.9 billion, up 5.9%. Q1 was our ninth consecutive quarter of durable subscription growth, reflecting the stickiness of our relationships, and this stickiness increases as we develop our new AI capabilities.

第一季淨美元留存率為 104%，總留存率為 99%，年化訂閱收入為 29 億美元，成長 5.9%。第一季是我們連續第九個季度實現穩健的訂閱成長，反映出我們關係的黏著度；而隨著我們發展新的 AI 能力，這種黏著度還會進一步提升。

In intelligence, the global beverage manufacturer we won back in Americas cited AskArthur and our advanced analytics roadmap and AI-driven capabilities as the deciding factor. A leading CPG chose NIQ over multiple competitors for a growth strategy engagement, specifically because of our AI-powered integration of qualitative and quantitative intelligence.

在情報（intelligence）方面，我們在美洲重新贏回的一家全球飲料製造商表示，AskArthur 以及我們的先進分析路線圖與 AI 驅動能力是決定性因素。一家領先的民生消費品（CPG）公司在成長策略專案中於多家競爭者之間選擇 NIQ，特別是因為我們以 AI 驅動的方式整合定性與定量情報。

Just a few examples, but multiple exist. In activation, less than a year since launch, more than 70 clients have embedded our AI-native solutions, Base's AI Screener and Product Developer, into their workflows. Clients have tested more than 2,300 product concepts, helping accelerate their innovation, development, and delivery. And adoption continues to broaden globally, with these AI-native solutions now in use across 27 countries.

這只是幾個例子，但類似案例不只如此。在啟用（activation）方面，自推出至今不到一年，已有超過 70 家客戶將我們的 AI 原生解決方案——Base 的 AI Screener 與 Product Developer——嵌入其工作流程。客戶已測試超過 2,300 個產品概念，協助加速其創新、開發與交付。而採用範圍仍在全球持續擴大，這些 AI 原生解決方案目前已在 27 個國家使用。

Clients are seeing strong value. For example, global leader in hygiene and health products, Reckitt, cited 65% faster consumer research innovation velocity at 50% lower cost through AI Screener. We continue to see rapid NIQ data consumption, including our top clients engaging with our AI-native applications and increasing spend faster than non-adopters. Clear signals of NIQ's value.

客戶正看到顯著價值。例如，全球衛生與健康產品領導者利潔時（Reckitt）指出，透過 AI Screener，消費者研究的創新速度提升 65%，成本降低 50%。我們也持續看到 NIQ 數據被快速使用，包括我們的頂級客戶與我們的 AI 原生應用互動，且其支出成長速度快於未採用者。這些都是 NIQ 價值的明確訊號。

Base's AI is just the beginning. Our go-forward vision is organized around a single purpose: to fuel the future of trusted AI. We seek to achieve this through our three-pillar AI strategy. The first pillar is to deliver NIQIP that fuels AI.

Base 的 AI 只是開始。我們未來的願景圍繞單一目的：為可信任 AI 的未來提供動能。我們希望透過三大支柱的 AI 策略來達成。第一個支柱是提供可為 AI 提供燃料的 NIQIP。

This pillar makes NIQ's most valuable proprietary assets, data, models, coefficients, product content, and analytical constructs, available as licensable infrastructure for clients building and operating their own AI systems. It is delivered through an API and MCP-first governed architecture. That architecture reflects our more than $1 billion invested in platform transformation and strategic acquisitions since 2021.

此支柱將 NIQ 最有價值的專有資產——數據、模型、係數、產品內容與分析架構——以可授權的基礎設施形式提供給客戶，用於建置與運行其自有 AI 系統。其透過 API 與以 MCP-first 治理的架構交付。該架構反映了自 2021 年以來，我們在平台轉型與策略性併購上累計投入超過 10 億美元。

Second, we're building AI applications for smarter outcomes. This pillar delivers purpose-built tools across specific commercial use cases, ranging from everyday insights and growth strategy to innovation, brand and media, digital shelf, and price and promotion. We made strides on this front in Q1. We beta-launched Arthur AI Analyst within our Discover platform.

第二，我們正在打造 AI 應用，以實現更智慧的成果。此支柱提供針對特定商業使用情境的專用工具，涵蓋從日常洞察與成長策略，到創新、品牌與媒體、數位貨架，以及定價與促銷。我們在第一季於此方面取得進展。我們在 Discover 平台內推出 Arthur AI Analyst 的 Beta 版本。

We also beta-launched Arthur Chat to clients, providing them with a conversational AI experience that unifies Discover and Full View into a single intelligence interface powered by NIQ consumer intelligence. These beta launches, plus the capabilities on our product roadmap throughout 2026 and into 2027, lay the foundation for usage-based monetization.

我們也向客戶推出 Arthur Chat 的 Beta 版本，提供對話式 AI 體驗，將 Discover 與 Full View 統一為單一情報介面，並由 NIQ 消費者情報驅動。這些 Beta 上線，加上我們在 2026 年至 2027 年產品路線圖上的能力，為以使用量計費（usage-based）的變現奠定基礎。

Our third pillar is delivering commerce intelligence. Let me describe this in detail. Over the past decade, consumer shopping has moved from in-store to omnichannel to social and quick channels. Each wave added complexity, making NIQ's measurement capabilities more critical. The same is happening with Agentic, which is estimated to be the most significant structural shift since the advent of e-commerce.

第三個支柱是提供商務情報（commerce intelligence）。我來詳細說明。過去十年，消費者購物從實體店轉向全通路，再到社群與即時（quick）通路。每一波都增加了複雜度，使 NIQ 的衡量能力更為關鍵。Agentic 也正在發生同樣的事，估計這將是自電子商務誕生以來最重大的結構性轉變。

McKinsey estimates up to $1 trillion in U.S. Consumer revenue could be orchestrated by AI agents by 2030, with global potential of $3 trillion to $5 trillion. NIQ's own research shows 74% of shoppers are already using AI for some form of product discovery, and consumer openness to AI-assisted purchasing rises from 40% to 50% to 70% to 85% after a single positive experience.

麥肯錫估計，到 2030 年，美國消費者收入中最多可有 1 兆美元由 AI 代理（agents）協調運作，全球潛力為 3 兆至 5 兆美元。NIQ 自身研究顯示，74% 的購物者已在某種形式上使用 AI 進行產品探索；而消費者對 AI 輔助購買的接受度，在一次正向體驗後，會從 40% 提升至 50%、70% 乃至 85%。

NIQ is advantageously positioned for this shift. As agents move from search assistance to autonomous transaction engines, discovering, evaluating, and buying on behalf of consumers, the intelligence layer they rely on becomes the layer commerce runs on. NIQ is building that layer. Let me make this concrete.

NIQ 在這一轉變中具備有利定位。當代理從搜尋輔助走向自主交易引擎，代表消費者進行發現、評估與購買時，它們所依賴的情報層將成為商務運行的底層。NIQ 正在打造這一層。我用具體例子說明。

A consumer asks an AI shopping agent to plan a week of high-protein, heart-healthy groceries within a set budget. Using NIQ's granular product content, the agent recommends comparable options with more protein, stronger heart health attributes, and a better price. Those recommendations are powered by NIQ intelligence across product attributes, consumer demand, pricing, and availability.

一位消費者請 AI 購物代理在既定預算內規劃一週的高蛋白、護心健康的採買清單。代理使用 NIQ 的細緻產品內容，推薦蛋白質更高、護心屬性更強且價格更佳的可比選項。這些推薦由 NIQ 在產品屬性、消費者需求、定價與供應可得性等方面的情報所驅動。

This is the vision we are building towards. For decades, NIQ has been a leader in measurement and analytics. In an increasingly agentic world, our granular proprietary measurement data amplifies NIQ's value in several ways. When our product content is structured, enriched, and AI-ready, making a brand discoverable and selectable in an agent's recommendation set, that would be NIQ ensuring our client wins the agentic shelf.

這就是我們正在打造的願景。數十年來，NIQ 一直是衡量與分析領域的領導者。在日益 agentic 的世界中，我們細緻的專有衡量數據以多種方式放大 NIQ 的價值。當我們的產品內容被結構化、豐富化並具備 AI 就緒（AI-ready）特性，使品牌能在代理的推薦集合中被發現並被選擇時，這就是 NIQ 在確保客戶贏得 agentic 貨架（agentic shelf）。

And when an agent cross-references consumer preference models to personalize a result, that would be NIQ intelligence driving conversion. And when an AI agent wants to have higher confidence that the products it is recommending for same-day delivery are available, that would be NIQ data and infrastructure powering the match.

而當代理交叉參照消費者偏好模型以個人化結果時，這就是 NIQ 情報在推動轉換。而當 AI 代理希望更有把握其推薦的當日送達商品確實有貨時，這就是 NIQ 的數據與基礎設施在促成匹配。

Our commerce intelligence strategy is tied to three pillars: product intelligence and availability, channel and media measurement, and agentic transaction integration. Together, these form the data and measurement foundation required for AI-driven commerce to operate reliably at scale. We launched NIQ Commerce Labs to support our agentic commerce vision, and advance our thought leadership on proposed industry standards, driving collaboration and feedback, and sharing learnings and prototypes.

我們的商務情報策略連結三大支柱：產品情報與可得性、通路與媒體衡量，以及 agentic 交易整合。這些共同構成 AI 驅動商務能夠在規模化下可靠運作所需的數據與衡量基礎。我們成立 NIQ Commerce Labs 以支持我們的 agentic 商務願景，並推進我們在擬議產業標準上的思想領導力，促進協作與回饋，並分享學習成果與原型。

Inside NIQ, we are building agentic commerce measurement standards grounded in our vertical expertise. Lastly, we believe our position at the nexus of consumer commerce makes NIQ central to the AI value creation stack. We are engaging with all the major players across the ecosystem accordingly. At the infrastructure layer, we completed a proof of concept with Snowflake on clean room data sharing and have begun a follow-on sprint using production data.

在 NIQ 內部，我們正基於我們的垂直領域專業，建立 agentic 商務的衡量標準。最後，我們相信我們位於消費者商務交會點的定位，使 NIQ 成為 AI 價值創造堆疊中的核心。因此，我們正與生態系中的所有主要參與者展開互動。在基礎設施層，我們已與 Snowflake 完成潔淨室（clean room）數據共享的概念驗證，並已開始使用生產數據進行後續衝刺。

At the distribution and application layer, we are in active discussions with several leading AI platforms. Our discussions reflect a consistent recognition that governed, permissioned data is essential for AI to work effectively. Let me bring this together financially. Our advantaged position creates incremental monetization opportunity.

在分發與應用層，我們正與多個領先 AI 平台進行積極討論。我們的討論一致反映出：受治理且經授權（permissioned）的數據對 AI 有效運作至關重要。我把財務面整合說明一下。我們的有利定位帶來額外的變現機會。

We have now delivered 5% plus organic constant currency revenue growth for nine consecutive monetization opportunity. We have now delivered 5% plus organic constant currency revenue growth for nine consecutive quarters. That consistency is supported not only by strong retention, cross-sell, upsell, and adjacent market expansion, but also by pricing power.

我們如今已連續九個變現機會實現 5% 以上的有機、固定匯率營收成長。我們如今已連續九個季度實現 5% 以上的有機、固定匯率營收成長。這種一致性不僅來自強勁的留存、交叉銷售、加購，以及相鄰市場擴張，也來自我們的定價能力。

In Q1, a leading global management consulting firm renewed its NIQ relationship at a 50% price increase. While anecdotal, we believe that reflects the mission-critical role our data plays in client workflows. Looking forward, as we continue to build the Commerce Intelligence Foundation, we see AI revenue upside through new features, faster product releases, and usage-based monetization models.

在第一季，一家全球領先的管理顧問公司以 50% 的漲價幅度續約其與 NIQ 的合作關係。雖然這只是個別案例，但我們認為這反映了我們的數據在客戶工作流程中所扮演的關鍵任務角色。展望未來，隨著我們持續打造 Commerce Intelligence Foundation，我們看見 AI 營收上行空間，來自新功能、更快的產品發布，以及以使用量為基礎的變現模式。

Add to that our ability to do more with less, and we see a clear path to margins in the 30s over time. We began our transformation journey in 2020 at 13% margins. We exited 2025 at 22%. Today, we reaffirmed full-year 2026 guidance, approaching 24%, bringing us closer to our midterm target of mid-20%.

再加上我們以更少資源做更多事的能力，我們看到長期而言利潤率達到 30% 區間的清晰路徑。我們於 2020 年以 13% 的利潤率啟動轉型旅程。我們在 2025 年底達到 22%。今天，我們重申 2026 全年指引，利潤率接近 24%，使我們更接近中期目標的 20% 中段水準。

Our AI investments are delivering measurable, tracked results across the business today. In engineering, we have deployed AI-assisted development tools across more than 2,600 engineers. We are scaling output, faster time to market, higher productivity, without adding headcount. That is direct operating leverage flowing through our cost structure.

我們的 AI 投資目前已在全公司帶來可衡量、可追蹤的成果。在工程方面，我們已在超過 2,600 名工程師中部署 AI 輔助開發工具。我們在不增加人力的情況下擴大產出、加快上市時間並提升生產力。這是直接反映在成本結構中的營運槓桿。

In operations, we are deploying agentic AI across our data collection and coding workflows, the work that powers every product we deliver. Recently, an AI-powered coding system operated at extreme scale on a major global retailer data challenge, compressing timelines and reducing delivery costs.

在營運方面，我們正於資料蒐集與編碼工作流程中部署代理式 AI，這些工作支撐我們交付的每一項產品。近期，一套 AI 驅動的編碼系統在某大型全球零售商的資料挑戰中以極大規模運作，壓縮時程並降低交付成本。

In customer support, AI-driven automation is running ahead of plan through ticket deflection, automated resolution, and translation tools now live across our global support operations. These are durable reductions in cost to serve. We're unlocking productivity gains from our 2026 cost program and now expect $70 million to $80 million of annual run rate savings versus our 2025 expense base.

在客戶支援方面，透過工單分流、自動化解決，以及翻譯工具（現已在我們全球支援營運中上線），AI 驅動的自動化進度超前於計畫。這些是可持續的服務成本降低。我們正釋放 2026 年成本計畫帶來的生產力提升，並預期相較於 2025 年費用基礎，每年可帶來 7,000 萬至 8,000 萬美元的年度化節省。

As I mentioned in February, this program signals a prominent next phase for NIQ, reflecting our commitment to leveraging AI, automation, advanced digital tools, and data-driven processes to streamline operations, enhance agility, and reinforce competitive advantages. We'll continue to actively identify opportunities to structurally improve margins and drive long-term free cash flow.

如我在二月提到的，這項計畫標誌著 NIQ 下一個重要階段，反映我們致力於運用 AI、自動化、先進數位工具與數據驅動流程，以精簡營運、提升敏捷性並強化競爭優勢。我們將持續積極尋找結構性改善利潤率並推動長期自由現金流的機會。

The path to long-term margins in the 30s is fundamentally about scale. As revenue grows, we can spread a largely fixed and increasingly productive cost base across a larger business. Commerce intelligence and agentic AI help on both sides of the equation.

通往長期 30% 區間利潤率的道路，本質上在於規模。隨著營收成長，我們可以把大致固定且生產力持續提升的成本基礎分攤到更大的業務規模上。商務智慧與代理式 AI 在等式兩端都能提供助力。

They create new revenue opportunities through new products, new customer types, such as AI platforms and ecosystem partners, deeper client embedment, and usage-based monetization, and they reduce cost to serve through efficiency and process reinvention. As a result, each incremental dollar of revenue should carry higher margin than the last. That is the path from the mid-20s to the 30s, and it is already underway.

它們透過新產品、新客戶類型（例如 AI 平台與生態系夥伴）、更深度的客戶嵌入，以及以使用量為基礎的變現，創造新的營收機會；同時也透過效率提升與流程再造降低服務成本。因此，每增加一美元營收，其利潤率應高於前一美元。這就是從 20% 中段走向 30% 區間的路徑，而且已經在進行中。

So let me conclude by bringing this all together. We believe NIQ is well-positioned to win in AI. Our AI-ready data, expanding AI-native product suite, and deepening ecosystem partnerships strengthen that position. And because NIQ is embedded in mission-critical client workflows, we believe we are uniquely positioned to lead as agentic commerce emerges, not only as the gold standard in measurement and analytics, but increasingly as a conversion catalyst.

最後我把以上重點做個總結。我們相信 NIQ 已具備在 AI 領域勝出的有利位置。我們的 AI 就緒數據、持續擴展的 AI 原生產品組合，以及日益深化的生態系合作夥伴關係，都強化了這一定位。而且由於 NIQ 已嵌入客戶的關鍵任務工作流程，我們相信，隨著代理式商務興起，我們具備獨特優勢引領市場——不僅作為衡量與分析的黃金標準，也將日益成為轉化的催化劑。

We also have a strong and improving financial foundation, with upside as we execute. In closing, Q1 was a solid start to the year, and we're excited about the long-term future we're building. I want to thank NIQ Associates Worldwide for their expertise and dedication. I'm confident in our team, our position, and our strategy to create value for clients, partners, and shareholders.

我們也擁有穩健且持續改善的財務基礎，隨著執行落地仍有上行空間。總結而言，第一季為今年打下穩健開局，我們對正在打造的長期未來感到振奮。我要感謝全球 NIQ 同仁的專業與投入。我對我們的團隊、定位與策略充滿信心，能為客戶、合作夥伴與股東創造價值。

With that, I'll turn it over to Mike.

接下來我把時間交給 Mike。

Thanks, Jim, and good morning, everyone. We have a solid start to 2026, with first-quarter results exceeding our expectations. Revenue grew 5.1% on an organic, constant-currency basis. Adjusted EBITDA increased 19.1%, and margins expanded to 21%, all reflecting continued, ongoing, disciplined execution. We also delivered meaningful year-over-year improvements in free cash flow and maintained a strong balance sheet position.

謝謝你，Jim，各位早安。我們在 2026 年有個穩健的開局，第一季結果超出我們的預期。在有機、固定匯率基礎上，營收成長 5.1%。調整後 EBITDA 成長 19.1%，利潤率擴張至 21%，這些都反映我們持續、穩定且紀律嚴明的執行。我們也實現自由現金流的顯著年增改善，並維持強健的資產負債表狀況。

In our earnings release this morning, we revised upwards our full-year guidance for reported revenue and adjusted EBITDA, largely due to positive FX movements. Based on our first-quarter outperformance and generally healthy underlying demand trends, balanced against a dynamic and uncertain market and prudent guidance approach, all other financial guidance remains unchanged versus what we provided in late February.

在今天早上的財報新聞稿中，我們上調了全年已報告營收與調整後 EBITDA 的指引，主要是因為匯率（FX）走勢正向。基於第一季表現優於預期以及整體健康的基礎需求趨勢，同時考量市場動態且不確定，以及審慎的指引方法，其他所有財務指引相較於我們二月底提供的內容維持不變。

This outlook reflects our continued progress, durable revenue growth, attractive margin expansion, free cash flow generation and deleveraging. I'll start with a brief walkthrough of our first-quarter results, then cover liquidity and free cash flow, and finish with our detailed outlook for Q2 and the year. Q1 revenue grew 11.1% reported to $1.1 billion, or 5.1% on an organic constant currency basis, exceeding the top end of our guidance and in line with consensus.

此展望反映我們持續的進展、具韌性的營收成長、具吸引力的利潤率擴張、自由現金流產生能力以及去槓桿。我將先簡要說明第一季結果，接著談流動性與自由現金流，最後提供第二季與全年更詳細的展望。第一季已報告營收成長 11.1% 至 11 億美元；以有機固定匯率計算成長 5.1%，超出我們指引區間上緣，並與市場共識一致。

Growth was driven by value-based pricing, strong retention, and continued cross-sell and upsell of new capabilities, with contributions across both intelligence and activation. Net loss and adjusted net income improved by $29.7 million and $47.9 million, respectively, year-over-year. Adjusted EBITDA growth accelerated to 19.1% year-over-year to $224.8 million, with margins expanding 150 basis points year-over-year to 21%.

成長動能來自價值導向定價、強勁留存，以及新能力的持續交叉銷售與加購，且在 intelligence 與 activation 兩大領域皆有貢獻。淨損與調整後淨利分別較去年同期改善 2,970 萬美元與 4,790 萬美元。調整後 EBITDA 年增 19.1% 加速至 2.248 億美元，利潤率年增 150 個基點至 21%。

Margin expansion was driven by profitable revenue growth. Disciplined cost management, operating leverage, and early benefits from AI-enabled automation and our 2026 productivity initiatives. From a segment perspective, America's revenue grew 9.3% in organic constant currency, driven by both intelligence and activation.

利潤率擴張主要由具獲利性的營收成長所帶動。同時也受惠於嚴謹的成本管理、營運槓桿，以及 AI 賦能自動化與我們 2026 年生產力計畫的早期效益。從事業部角度來看，美洲地區以有機固定匯率計算營收成長 9.3%，由 intelligence 與 activation 共同驅動。

In the U.S., we reinforced intelligence leadership through key renewals and competitive wins, including renewed long-standing agreements with a global media holding company and a leading management consulting firm, and takeaways with a multinational packaged foods producer and a regional salty snack manufacturer, both choosing NIQ for a more integrated, full-channel view through our Discover-led platform.

在美國，我們透過關鍵續約與競爭性勝出鞏固 intelligence 的領導地位，包括與一家全球媒體控股公司及一家領先的管理顧問公司續簽長期協議；並從一家跨國包裝食品製造商與一家區域性鹹味零食製造商手中取得業務，兩者皆選擇 NIQ，透過我們以 Discover 為核心的平台，獲得更整合、全通路的視角。

In LATAM, we bolstered pricing with the rollout of Market Trak Pro in Brazil. America's adjusted EBITDA grew 13.2% to $122.5 million, with margins flat year-over-year, driven by timing-related expense allocations that we expect to normalize over Balance of the year.

在拉丁美洲（LATAM），我們透過在巴西推出 Market Trak Pro 來強化定價。美洲地區調整後 EBITDA 成長 13.2% 至 1.225 億美元，利潤率與去年同期持平，主要受時點相關的費用分攤影響；我們預期這些影響將在今年剩餘期間趨於正常。

EMEA revenue grew 4.6% on an OCC basis, driven primarily by strong intelligence renewal momentum, pricing, and cross-sell/upsell despite the ongoing conflict in the Middle East. We delivered several large multi-year agreements combining retail measurement, consumer panel, and e-commerce, reinforcing NIQ's role as a trusted full-view partner.

EMEA 地區以 OCC 基礎計算營收成長 4.6%，主要由強勁的 intelligence 續約動能、定價，以及交叉銷售/加購所帶動，儘管中東衝突仍在持續。我們簽下多筆大型多年期合約，結合零售衡量、消費者樣本面板與電商，進一步強化 NIQ 作為可信賴全景合作夥伴的角色。

In Southern Europe, we achieved a meaningful intelligence win back with a global beverage and refreshment leader, renewing and displacing a competitor through stronger local execution and faster insight delivery. EMEA adjusted EBITDA grew 24.0% to $155.2 million, with margins expanding 270 basis points to 31.8%, reflecting profitable revenue growth, disciplined cost management, and benefits from ongoing efficiency initiatives, including restructuring actions.

在南歐，我們與一家全球飲料與茶點領導企業取得具意義的 intelligence 回流勝利，透過更強的在地執行與更快的洞察交付完成續約，並取代競爭對手。EMEA 調整後 EBITDA 成長 24.0% 至 1.552 億美元，利潤率擴張 270 個基點至 31.8%，反映具獲利性的營收成長、嚴謹的成本管理，以及持續效率計畫（包含重組措施）帶來的效益。

APAC revenue declined 3.6% on an organic constant currency basis. As we navigate the early stages of turnaround in this region, we are beginning to see early returns from investments focused on improving retailer relationships and data coverage. For example, in China, we expanded our retail ecosystem by partnering with one of the country's largest grocery retail chains and a scaled convenience store operator, significantly broadening our modern trade and convenience coverage.

亞太地區（APAC）營收以有機固定匯率（OCC）基礎計算下降3.6%。在我們推動該區域轉型的早期階段，我們已開始看到聚焦於改善零售商關係與資料覆蓋的投資帶來初步回報。例如，在中國，我們透過與該國最大的雜貨零售連鎖之一及一家規模化的便利商店營運商合作，擴大了我們的零售生態系，顯著拓寬了我們在現代通路與便利通路的覆蓋。

In Japan, we partnered with leading market research and data analytics firm Intage in a mutual sales collaboration that pairs its nationwide retail store panel data with NIQ's global retail measurement services footprint across 100-plus countries and regions.

在日本，我們與領先的市場研究與資料分析公司 Intage 建立互惠的銷售合作，將其全國零售門市樣本面板資料與 NIQ 在100多個國家與地區的全球零售衡量服務版圖相結合。

Building on our tech and durables presence, the partnership expands our reach in CPG and helps clients close historic comparability gaps between Japan and global markets, supporting global companies expanding into Japan and Japan-based companies growing internationally.

在我們既有的科技與耐用品布局基礎上，該合作擴大了我們在快速消費品（CPG）的觸及範圍，並協助客戶彌補日本與全球市場之間長期存在的可比性缺口，支持全球企業拓展日本市場，以及以日本為基地的企業走向國際成長。

Our internal forecast reflects an improving trajectory in APAC over the course of the year as these retailer partnerships contribute to data coverage improvements and client confidence. APAC adjusted EBITDA increased 10.1% to $34.8 million, with margins expanding 230 basis points to 22.7%, reflecting early turnaround benefits.

我們的內部預測反映，隨著這些零售商合作推動資料覆蓋改善並提升客戶信心，亞太地區在今年內將呈現逐步改善的走勢。亞太地區調整後 EBITDA 成長10.1%至3,480萬美元，利潤率擴張230個基點至22.7%，反映轉型初期效益。

From a product perspective, Intelligence revenue grew 5.1% in OCC. As Jim mentioned, we've seen continued strong growth in e-commerce and consumer panel, reinforcing client demand for our full-view value proposition. Annualized Intelligence subscription revenue reached $2.9 billion, growing 5.9%.

從產品角度來看，Intelligence（洞察）營收以 OCC 計成長5.1%。如 Jim 所提，我們在電商與消費者面板持續強勁成長，強化了客戶對我們「全景式」價值主張的需求。年化 Intelligence 訂閱營收達29億美元，成長5.9%。

NDR was 104%, and GDR improved to 99%, underscoring the durability of our revenue algorithm and the mission criticality of our solutions. Activation revenue accelerated materially to 5.3% in OCC. This reflects strong new client wins, including scaling our Wakefern Retail Analytics program we signed last fall, as well as converting some of our project backlog that was delayed from late 2025.

NDR 為104%，GDR 改善至99%，凸顯我們營收演算法的韌性以及我們解決方案的關鍵任務屬性。Activation（啟動）營收以 OCC 計顯著加速至5.3%。這反映了強勁的新客戶贏單，包括擴大我們去年秋天簽署的 Wakefern Retail Analytics 計畫，以及將部分自2025年末延後的專案積壓轉為收入。

While it's a bit early to expect Q1's growth to repeat every quarter, we do expect that the operational changes Jim described in February and a healthy forward pipeline can drive steady growth improvement. Now I'll walk you through the details of our P&L. Q1 operating expenses increased 14%, driven by higher restructuring costs related to the 2026 program.

雖然現在就期待第一季的成長每季都能重現仍稍早，但我們確實預期 Jim 在2月所描述的營運變革，以及健康的前瞻管線，能推動成長穩步改善。接下來我將帶各位看損益表（P&L）的細節。第一季營業費用增加14%，主要由與2026年計畫相關的較高重組成本所致。

Excluding these charges, operating expenses grew well below reported revenue growth of 11.1%, reflecting continued cost discipline and operational efficiencies. One-time and restructuring costs totaled approximately $80 million in the quarter. Of this amount, $55 million was driven by expenses associated with the 2026 program announced last quarter.

若排除這些費用，營業費用增幅遠低於11.1%的已報告營收成長，反映我們持續的成本紀律與營運效率提升。本季一次性與重組成本合計約8,000萬美元。其中5,500萬美元來自上季宣布的2026年計畫相關費用。

Depreciation and amortization was $153.7 million for the quarter, approximately 14% of our revenue, in line with prior quarters. Below the operating line, GAAP interest expense was $58.5 million, $25 million lower compared to prior year, driven by lower debt balances from transforming our capital structure through our IPO and successful debt refinancings.

本季折舊與攤銷為1.537億美元，約占營收14%，與前幾季一致。在營業利益線以下，GAAP 利息費用為5,850萬美元，較去年同期減少2,500萬美元，主要因我們透過 IPO 與成功的債務再融資調整資本結構，使負債餘額下降。

Changes in foreign currency resulted in a $5.6 million gain in the period compared to a $32 million gain last year, driven primarily by remeasurement of our debt obligations held in foreign currencies. Income tax expense was $25.6 million, or approximately 11% of adjusted EBITDA, reflecting a favorable earnings mix across jurisdictions during the quarter.

匯率變動使本期產生560萬美元收益，去年同期為3,200萬美元收益，主要由以外幣持有之債務義務重新衡量所致。所得稅費用為2,560萬美元，約為調整後 EBITDA 的11%，反映本季各司法管轄區之間較有利的獲利組合。

Net loss attributable to NIQ improved by $29.7 million year-over-year, while adjusted net income improved by $47.9 million, resulting in positive adjusted net income of $43.4 million, driven primarily by higher adjusted EBITDA and lower interest expense. Adjusted EPS was $0.15, well ahead of both guidance and consensus of $0.10.

歸屬於 NIQ 的淨損較去年同期改善2,970萬美元，而調整後淨利改善4,790萬美元，使調整後淨利轉為正值4,340萬美元，主要由較高的調整後 EBITDA 與較低的利息費用所帶動。調整後每股盈餘（Adjusted EPS）為0.15美元，明顯高於指引與市場共識的0.10美元。

As of March 31, 2026, the company had $362.3 million in cash and cash equivalents and $747.5 million of available revolver capacity, resulting in total available liquidity of $1.1 billion. Cash used in operating activities was $63.6 million in Q1, a $90 million improvement due to higher profitability, improved net working capital, and lower interest.

截至2026年3月31日，公司持有現金及約當現金3.623億美元，並有7.475億美元可用的循環信貸額度（revolver），合計可用流動性為11億美元。第一季營運活動使用現金為6,360萬美元，因獲利能力提升、淨營運資金改善及利息降低而改善9,000萬美元。

Cash used in investing activities was $59.2 million in Q1 2026, compared to $3.7 million in Q1 2025, a period in which we received roughly $62 million of proceeds from our Netquest divestiture. Capital expenditures were $59.6 million in the first quarter, largely flat to last year, representing about 5.5% of revenue.

2026年第一季投資活動使用現金為5,920萬美元，相較之下，2025年第一季為370萬美元；當時我們自 Netquest 出售案取得約6,200萬美元的處分款。第一季資本支出為5,960萬美元，與去年大致持平，約占營收5.5%。

I'll note that Q1 is typically a lighter CapEx quarter, and we continue to expect CapEx of 6.5% to 7% of revenue this year, based on our growth investments in consumer panels, our platform, and our AI capabilities.

我補充說明，第一季通常是資本支出較輕的季度；基於我們在消費者面板、平台與 AI 能力上的成長投資，我們仍預期今年資本支出占營收比重為6.5%至7%。

As a result, levered free cash flow increased by $93.1 million year-over-year in Q1, reflecting stronger revenue flow through to adjusted EBITDA, improved working capital performance and lower interest expense following transforming our capital structure, partially offset by cash costs related to the 2026 restructuring program we announced in February.

因此，第一季槓桿自由現金流（levered free cash flow）較去年同期增加9,310萬美元，反映更強的營收轉化為調整後 EBITDA、營運資金表現改善，以及在資本結構轉型後利息費用下降；部分被我們2月宣布的2026年重組計畫相關現金成本所抵銷。

Our cash flow performance was in line with consensus and with our estimates shared with the research analysts leading up to our IPO, a strong result considering those estimates did not contemplate our 2026 restructuring program. Also, we remained undrawn on our revolver during Q1, which, as we've noted before, is our seasonal cash low point due to variable compensation, IT payments, and data costs.

我們的現金流表現符合市場共識，也符合我們在 IPO 前與研究分析師分享的估算；考量到這些估算並未納入我們的2026年重組計畫，這是一個強勁的結果。此外，我們在第一季期間循環信貸額度仍未動用；如先前所述，第一季因變動薪酬、IT 付款與資料成本等因素，通常是我們季節性現金低點。

We believe our Q1 performance continues to demonstrate our powerful levered free cash flow inflection, and we're on track to deliver material, positive free cash flow this year. Net debt remained broadly stable at $3.2 billion at the end of Q1. We have hedged roughly 60% of our term loans and ended the quarter with an all-in weighted average interest rate of approximately 5%, benefiting from lower spreads during the period.

我們認為第一季表現持續展現我們強勁的槓桿自由現金流拐點，我們也正按計畫在今年實現顯著且為正的自由現金流。第一季末淨負債維持大致穩定，為32億美元。我們已對約60%的定期貸款進行避險，並在季末的加權平均全成本利率約為5%，受惠於期間利差下降。

Our net leverage ratio remained broadly stable at approximately 3.4 times, despite Q1 being our seasonal cash flow low point. We remain committed to achieving our net leverage ratio target below 3.0 times at the end of 2026. Now, turning to our guidance. As I mentioned, we have revised upwards our full-year guidance for reported revenue and adjusted EBITDA, largely due to positive FX movements.

儘管第一季是我們季節性現金流低點，淨槓桿比率仍大致維持穩定，約為3.4倍。我們仍致力於在2026年底將淨槓桿比率目標降至3.0倍以下。接下來談我們的財測指引。如我所提，我們上調了全年已報告營收與調整後 EBITDA 指引，主要因匯率（FX）正向變動。

All other financial guidance remains unchanged. Execution remains strong, supporting our outlook even as the macro environment remains uncertain. I'll note that Q2 has started well, with April organic constant currency growth ahead of Q1. Our guidance balances Q1 outperformance and healthy underlying demand trends against a dynamic market backdrop and prudent guidance approach.

其他所有財務指引維持不變。即使宏觀環境仍不確定，我們的執行力依然強勁，支撐我們的展望。我也補充，第二季開局良好，4月的有機固定匯率成長高於第一季。我們的指引在第一季超預期表現與健康的基本需求趨勢之間，並結合動態市場背景與審慎的指引方法取得平衡。

With that as a backdrop, for the second quarter, we expect reported revenue growth of approximately 6.0% to 6.3%. Organic constant currency revenue growth of approximately 4.9% to 5.2%. Adjusted EBITDA growth of 12% to 14%, driving margin of 22.0% to 22.2%. Adjusted EPS of $0.19 to $0.21. For the full year, we expect reported revenue and adjusted EBITDA to be higher compared to prior guidance, largely due to FX.

在此背景下，對於第二季，我們預期已報告營收成長約6.0%至6.3%。有機固定匯率營收成長約4.9%至5.2%。調整後 EBITDA 成長12%至14%，帶動利潤率為22.0%至22.2%。調整後每股盈餘（Adjusted EPS）為0.19至0.21美元。就全年而言，我們預期已報告營收與調整後 EBITDA 將高於先前指引，主要因匯率（FX）因素。

The rest of it remains unchanged. Reported revenue growth of approximately 6.5%. 4% to 6.7%, organic constant currency revenue growth of approximately 5.0% to 5.3%, adjusted EBITDA growth of 14% to 16%, driving margin of 23.5% to 23.8%, adjusted EPS of $0.95 to $0.99, levered free cash flow of $235 million to $250 million, and our net leverage ratio tracking to below 3 times by year-end.

其餘部分維持不變。報告營收成長約 6.5%。4% 至 6.7%，以有機、固定匯率計之營收成長約 5.0% 至 5.3%，調整後 EBITDA 成長 14% 至 16%，帶動利潤率達 23.5% 至 23.8%，調整後 EPS 為 0.95 美元至 0.99 美元，槓桿自由現金流為 2.35 億美元至 2.50 億美元，且我們的淨槓桿比率預計在年底前降至 3 倍以下。

Full-year restructuring costs associated with the 2026 program announced last quarter are now expected to be approximately $65 million to $75 million. The increase is primarily driven by incremental costs associated with actions identified to integrate AI throughout our operations.

與上季宣布的 2026 計畫相關之全年重組成本，現預期約為 6,500 萬美元至 7,500 萬美元。增加主要來自於為在我們整體營運中整合 AI 而識別之行動所產生的額外成本。

The majority of these incremental costs are expected to be executed in Q2, and we now expect approximately $70 million to $80 million of annualized run rate cost savings by the end of 2026. Moving forward, we expect to continue to identify additional efficiency opportunities.

上述多數額外成本預計將於第二季執行，而我們目前預期至 2026 年底可達成約 7,000 萬美元至 8,000 萬美元的年化執行率成本節省。展望未來，我們預期將持續辨識更多效率提升機會。

Other full-year 2026 modeling assumptions remain unchanged from prior guidance. Depreciation and amortization of $614 million to $619 million, approximately 14% of revenue. GAAP net interest expense of approximately 16% of adjusted EBITDA, implying net interest expense of $230 million to $235 million. Income tax expense of $165 million to $170 million.

其他 2026 全年模型假設與先前指引一致，維持不變。折舊與攤銷為 6.14 億美元至 6.19 億美元，約占營收 14%。GAAP 淨利息費用約為調整後 EBITDA 的 16%，意味著淨利息費用為 2.30 億美元至 2.35 億美元。所得稅費用為 1.65 億美元至 1.70 億美元。

A diluted share count of approximately $300 million, and CapEx at approximately 6.5% to 7% of revenue focused on our top growth initiatives: panel build-out, platform enhancements, and AI capabilities. Lastly, I will address our capital allocation priorities. Our approach is clear. First, continue deleveraging to less than three times, which we expect to achieve by year-end 2026.

稀釋後股數約為 3.00 億股，資本支出（CapEx）約占營收 6.5% 至 7%，並聚焦於我們最重要的成長計畫：樣本面板擴建、平台強化，以及 AI 能力。最後，我將說明我們的資本配置優先順序。我們的方法很明確。第一，持續去槓桿至低於 3 倍，我們預期在 2026 年底前達成。

Second, pursue targeted tuck-in M&A across geographies, categories, and capabilities where we see compelling return profiles. I'll note that we do not currently have a share repurchase authorization in place, but we are very unsatisfied with the dislocation in our stock. As we deleverage the business in 2026 and into 2027, we will continue to assess the full range of ways to return capital to shareholders and will provide an update at the appropriate time.

第二，在我們看到具吸引力報酬輪廓的地理區域、品類與能力面向，推動具針對性的補強型併購（tuck-in M&A）。我也要指出，我們目前並沒有股票回購授權，但我們對公司股價的脫節狀況非常不滿意。隨著我們在 2026 年並延伸至 2027 年持續為業務去槓桿，我們將持續評估向股東回饋資本的各種方式，並在適當時點提供更新。

Our ongoing free cash flow inflection gives us confidence in our ability to execute our long-term-oriented profitable growth strategy. In conclusion, Q1 was a solid start to the year. We remain focused on what we can control, strengthening. Strengthening our financial profile and investing prudently against long-term opportunities.

我們持續的自由現金流拐點，讓我們對執行以長期為導向的獲利成長策略更具信心。總結而言，第一季是今年穩健的開局。我們仍專注於我們能掌控的事項，強化。強化我們的財務體質，並審慎投資於長期機會。

With that, operator, we're ready to open the call for Q&A.

接下來，接線員，我們準備開放問答。

(Operator Instructions)

（接線員指示）

Manav Patnaik, Barclays Services Corp

Manav Patnaik，Barclays Services Corp

Thank you. Good morning, Jim. I wanted to ask about how you would describe the client behaviour today in today's environment. And obviously, the market is making assumptions and how they might react given AI and the macros and everything, but just what are you seeing a lot of PR from your end. So clearly, things are going good, but any color there would be appreciated.

謝謝。早安，Jim。我想請教你會如何描述在當前環境下客戶的行為。顯然市場正在對他們在 AI、總體環境等各種因素下可能的反應做出假設，但從你們這邊看，你們有很多正面消息。所以很明顯情況進展良好，但若能提供一些補充說明將不勝感激。

Sure Manav, good morning. Thanks for the question. I think you might be talking about some of the world events, let's call them, that are going on that are certainly very serious. As far as their impact on the world. But I think what we're seeing is an affirmation that no matter what is going on, and there's always going to be something given we're in 90 countries, that NIQ is mission critical in like all economic clients, and our guidance really reflects that kind of condition.

當然，Manav，早安。謝謝你的問題。我想你可能是在談一些正在發生的全球事件，我們姑且這麼稱呼，這些事件確實非常嚴重。就其對世界的影響而言。但我認為我們看到的是一種確認：無論發生什麼事——而且鑑於我們在 90 個國家，總會有事情發生——NIQ 對幾乎所有經濟體的客戶而言都是關鍵任務（mission critical），而我們的指引也確實反映了這樣的狀況。

And I have been traveling quite a bit, and I've noticed. That -- like I was in Asia-Pac about a month and a half ago. While our clients are certainly impacted by what's going on in the Middle East, their minds are certainly going to be thinking about navigating that, and certainly them and, in fact, our clients in the Middle East are deciding how they're going to spend their money, but they're still going to spend their money, and it may cause a temporary Impact to their businesses, but they're really thinking about the big picture right now.

而我最近出差相當頻繁，也注意到。也就是——大約一個半月前我在亞太地區。雖然我們的客戶確實受到中東局勢的影響，他們當然會思考如何因應，也確實如此；而且事實上，我們在中東的客戶也在決定他們要如何花錢，但他們仍然會花錢；這可能會對他們的業務造成短期影響，但他們現在真正思考的是更大的全局。

And that is how AI is going to impact their ability to do business. And while they're thinking about that picture, they're still doing the things that they're going to continue to do to figure out how to help consumers understand what they're selling and then to get them to buy.

也就是 AI 將如何影響他們的經營能力。而在思考這個全局的同時，他們仍在做他們會持續做的事情：想辦法幫助消費者理解他們在賣什麼，並促使消費者購買。

So the pricing and promotion, their assortment, their demand decisions, all that stuff is still going on while the world continues to turn. So we're seeing good steady demand as always with a twist of they're trying to figure out not just today but tomorrow, and we're talking about Agentic Commerce, for example, how they're going to win in the new world.

因此，定價與促銷、商品組合、需求決策等所有這些事情，在世界持續運轉之際仍在進行。所以我們一如既往看到良好且穩定的需求，只是多了一個轉折：他們不僅在思考今天，也在思考明天；例如我們談到的 Agentic Commerce，他們要如何在新世界中勝出。

And I've also been with a significant number of clients as they're deciding how they're going to spend their capital in AI, and it's very heartening for our business to see that they're coming to an even fuller realization how not only our data itself, but the context we provide around the data, which I described, is fundamental to how they're going to connect their own information and other information inside their shops, and that by providing them kind of a semantic layer, by providing them our brainpower and our data.

此外，我也與相當多的客戶一起討論他們將如何在 AI 上投入資本；對我們的業務而言，看到他們更充分地意識到：不僅是我們的數據本身，還有我們圍繞數據所提供的情境（我剛才也描述過），對於他們如何串接自有資訊以及其內部系統中的其他資訊至關重要；而透過提供某種語意層（semantic layer），提供我們的專業腦力與數據。

They're going to be able to move much more quickly. And so we're seeing a lot of proof of concept in something we call AI Builder and we certainly described a lot about agentic commerce. So while these things are going on in the world with our clients, of course, and they have to face them day-to-day just like we do, we don't see them reducing demand in any significant way and we see them actually thinking about the bigger picture, which is going to help us accelerate our growth.

他們將能更快速地推進。因此，我們在一個稱為 AI Builder 的項目上看到許多概念驗證（proof of concept），而我們也確實談了很多關於 agentic commerce 的內容。所以，儘管客戶當然也要面對這些世界事件，並且像我們一樣每天都得處理，但我們沒有看到他們以任何顯著方式降低需求；反而看到他們在思考更大的全局，而這將有助於我們加速成長。

Got it. And then maybe just another quick one, the comments on April being better than 1Q, I'm guessing a lot of that is kind of the timing of the macro events, but can you just help maybe appreciate seasonality on 1Q versus the rest of the year?

了解。另外再快速問一個：你們提到 4 月表現優於第一季，我猜其中很多與總體事件的時間點有關，但你能否協助我們理解第一季相較於全年其他季度的季節性？

Hey, Manav, it's Mike. Maybe just when you think about our seasonality, traditionally, you've seen Q1 as our lowest quarter, but when we look at what we've seen already in April, our April revenues has been stronger from when we look at our Intelligence business already and overall has been a greater revenue growth than what we saw for the first quarter.

嗨，Manav，我是 Mike。談到我們的季節性，傳統上第一季通常是我們最低的一季；但從我們已經看到的 4 月表現來看，從 Intelligence 業務以及整體而言，4 月營收更強，營收成長也高於第一季。

So we're seeing strength already starting in Q2. Seasonality Q1 is generally our lowest quarter of the year with Q4 being the highest quarter. And so we're seeing that overall and as I say, seeing strength already in Q2 starting off with April being very strong.

因此我們已經看到第二季開始走強。季節性方面，第一季通常是全年最低的一季，而第四季是最高的一季。整體上我們也看到這樣的趨勢；如我所說，第二季一開始就展現強勁動能，4 月表現非常強。

Kyle Peterson, Needham & Company LLC.

Kyle Peterson，Needham & Company LLC。

Great. Good morning and appreciate you guys taking the questions. I wanted to touch on the Agentic opportunity. I really appreciate you guys giving all the additional details and the materials and the prepared remarks. I think it seems like it's an underappreciated part of the story here.

很好。早安，也感謝你們回答問題。我想談談 Agentic 的機會。我非常感謝你們在補充資料與事先準備的講稿中提供了更多細節。我認為這似乎是這個故事中一個被低估的部分。

So I guess could you maybe expand a little more on how quickly this is maybe evolving and gaining momentum during client conversations maybe compared to some past new products and such, kind of how quickly is this getting more eyeballs and attention?

所以我想請你能否再多延伸說明一下，這項趨勢在與客戶的對話中，可能相較於過去一些新產品，是如何、以多快的速度在演進並累積動能？也就是說，這件事獲得更多關注與目光的速度到底有多快？

And how should we think about where this will start to contribute to the P&L? Is this in kind of value-based pricing? Is it upsell, cross-sell, new logos or all of the above?

另外，我們應該如何看待它何時會開始對損益表（P&L）產生貢獻？這會是某種以價值為基礎的定價嗎？會是加值銷售、交叉銷售、開發新客戶（new logos），還是以上皆是？

Sure. So good question, a lot of questions in there. Introduced Troy Treangen. He's our Chief Product Officer to dive into the Agentic component. But let's start with AI generally. We are seeing, as I commented earlier, our clients taking their capital and saying, how can I string together more of my information, more of my processes together to basically do business quicker?

當然。這是個好問題，裡面其實包含了很多問題。我先介紹 Troy Treangen。他是我們的首席產品長，會深入說明 Agentic 的部分。不過先從整體 AI 談起。正如我先前提到的，我們看到客戶正在投入資本並思考：我如何把更多資訊、更多流程串接起來，基本上讓業務運作更快？

And we're seeing them ask us, please help us because we see that you have the way you look at the world, that the semantic layer, the way you look at data is what we need to help string together our own business. And I think we can't put a specific date on these things because we're doing proof of concepts, but those things are real.

我們也看到他們在問我們：請幫助我們，因為我們看到你們看待世界的方式——那個語意層（semantic layer）、你們看待資料的方式——正是我們需要的，來協助把我們自己的業務串接起來。我想我們無法為這些事情給出一個明確日期，因為我們正在做概念驗證（POC），但這些都是真實在發生的。

They will be based likely on a combination of a hybrid combination of subscription-based pricing and then usage-based pricing. So there'll be tiers, which will enable us to grow and probably some type of fee associated with actually bringing our world into their world. And so that I see coming sooner than later.

它們很可能會建立在混合式的組合之上：訂閱制定價加上用量計價（usage-based pricing）。因此會有分級（tiers），讓我們能夠成長，並且可能會有某種費用，與實際把我們的世界帶進他們的世界相關。所以我認為這會比想像中更快到來。

With regards to Agentic Commerce, I think that's going to evolve rapidly, it may come in fits and starts, and we certainly have a huge role to play there just like we do across any of the commerce or any of, let's say, the omni shopper or wherever consumer shops, so Troy, do you want to jump from here?

至於 Agentic Commerce，我認為它會快速演進，可能會以時快時慢、斷續推進的方式發生；而我們在其中肯定能扮演非常重要的角色，就像我們在任何商務場景、或任何所謂全通路購物者（omni shopper）或消費者不論在哪裡購物的情境中一樣。所以 Troy，你要不要從這裡接著說？

So hello, everybody, it's Troy. So I've been in this industry for just about 30 years, and I've never been more confident about the capabilities that we've built over the last several years and what's coming to, I mean, amplify and take advantage of this dynamic shift here. And I think it's shown in just the results that Jim and Mike have talked through in the other remarks.

大家好，我是 Troy。我在這個產業將近 30 年了，而我從未像現在這樣，對我們過去幾年所打造的能力，以及接下來即將到來、將放大並善用這個動態轉變的能力，如此有信心。我想這也反映在 Jim 和 Mike 在其他發言中談到的成果上。

But how we're tackling this is it's in broader three buckets. It's all about bucket one being product discovery and availability. It's using our rich product content and allowing our retailers, manufacturers and the LLMs directly to use that content so consumers can find the products that actually fit their needs.

我們處理這件事的方式，主要分成更廣義的三個桶（three buckets）。第一個桶是產品探索（product discovery）與可得性（availability）。也就是運用我們豐富的產品內容，讓零售商、製造商以及 LLM 直接使用這些內容，讓消費者能找到真正符合其需求的產品。

And that detailed product content is now fully live in 30 markets, and we have more markets going to continue to expand in the coming years, and there was many more markets that were added just in 2025 and early '26 alone. The second bucket for Agentic Commerce is all around channel and media measurement. Agentic Commerce is projected to be a $1 trillion industry in the US.

而這些詳細的產品內容目前已在 30 個市場全面上線；未來幾年我們還會持續擴展到更多市場，而且僅在 2025 年與 2026 年初，就新增了更多市場。Agentic Commerce 的第二個桶，則完全圍繞在通路與媒體衡量（channel and media measurement）。預估 Agentic Commerce 在美國將是一個 1 兆美元的產業。

And our own research shows that 74% of shoppers are already using Agentic Commerce to make product discovery recommendations and Agentic Commerce is going to be a channel like every other channel that we measure, that's what we do. And then on the media side, we'll do the media ROI and marketing effectiveness things like we do in the broader marketplace.

我們自己的研究顯示，已有 74% 的購物者正在使用 Agentic Commerce 來取得產品探索推薦；而 Agentic Commerce 將會像我們衡量的其他通路一樣，成為一個通路——這正是我們在做的事。在媒體端，我們也會像在更廣泛的市場中一樣，進行媒體投資報酬（media ROI）與行銷效能（marketing effectiveness）的衡量。

And the last bucket of agentic commerce is all around the commerce activation activities, which is embedding the intelligence to allow for better purchase dynamics, path to purchase recommendations and just be embedded in the workflows.

Agentic Commerce 的最後一個桶，則是圍繞在商務啟動（commerce activation）活動：把智慧嵌入其中，以促成更好的購買動態、提供購買路徑（path to purchase）建議，並且直接嵌入工作流程。

And that tied back to the comments that Jim just made. So in general, the point is the agentic shift is here, we are set up for very well in the foundation and the granularity of data we have to enable this. And it's coming now. It's not coming in 2030. Clients, we are working with clients now in all the context, Tim just mentioned.

這也呼應了 Jim 剛才的評論。總的來說，重點是：agentic 的轉變已經來了；我們在基礎建設與資料細緻度（granularity）方面的布局非常到位，足以支撐這件事。而且它正在發生。不是 2030 年才會來。我們現在就正在與客戶合作，涵蓋 Tim 剛提到的所有脈絡。

Great. Thanks for all the additional color insights.

很好。謝謝你補充這麼多背景與洞見。

Kevin McVeigh, UBS.

UBS 的 Kevin McVeigh。

Great. Thanks so much, and congratulations on the results. I guess, as you're implementing the AI across the organization. Does that come phased based on geography with North America being first and then internationally or is it based on what the client need is and just tied into that?

很好。非常感謝，也恭喜你們的業績表現。我想問，當你們在整個組織推行 AI 時，這會依地理區域分階段進行嗎——例如先北美、再國際——還是會依客戶需求來決定並與之連動？

And just one question. In addition to that, how are you thinking about the margin opportunity philosophically in terms of how much would be reinvestment in the business versus sharing that with institutional investors?

另外再問一題。除此之外，從理念上你們如何看待毛利率／利潤率的機會：有多少會再投資於業務， versus 有多少會與機構投資人分享？

Sure, Kevin. So let me take your geographical question. I think you're talking about how we're doing that externally, and we can also talk about it internally. Certainly, global companies, global clients who have lots of capital, to put at this are leading the way. Many of them are headquartered in the U.S., and so a lot of the thought leadership on their front or the readiness on their front comes from the United States.

好的，Kevin。我先回答你關於地理區域的問題。我想你問的是我們對外如何推進；我們也可以談談對內的做法。當然，具備大量資本可投入的全球性公司、全球性客戶正在領先。其中許多總部在美國，因此他們在思維領導（thought leadership）或準備度方面，很多都來自美國。

But I wouldn't say that it's going to start there and sweep the rest of the world. I mentioned I was in Asia. packed for about a week. And our businesses are really doing well there outside of China where we've had to kind of relook at our full view, let's call it, itself, right? And so we're doing some things there to bolster that.

但我不會說它會從那裡開始，然後席捲世界其他地方。我提到我人在亞洲，出差大概一週。我們在那裡的業務表現其實非常好——中國除外，我們必須某種程度上重新檢視我們的全盤視角，姑且這麼說，對吧？因此我們也在那裡做一些事情來強化。

But they're just as -- clients in Asia Pacific, for example, are just as interested in leveraging AI across their business, the big ones internally. And then clients, let's say, that are more in the category, they don't really have that capital to do those things themselves, are very interested in how we're integrating AI capabilities into our discover product through what, as we're calling Arthur.

但例如亞太地區的客戶，同樣非常有興趣在其業務中運用 AI，尤其是大型客戶在內部推動。而至於那些可以說屬於另一類、沒有那麼多資本自行投入的客戶，也非常關注我們如何把 AI 能力整合進我們的 discover 產品——也就是我們稱為 Arthur 的那個。

So it's not -- I would call it maybe the larger clients have more wood behind the arrow in their ability to leverage AI, and we're right in the middle of that. And it's been almost exhilarating, I would say, to sit through the meetings where they're saying, Wow, this is what you are enabling.

所以這不是——我會說也許大型客戶在運用 AI 的能力上「箭上有更多力道」（more wood behind the arrow），而我們正好位於其中的核心位置。而且我得說，坐在會議裡聽他們說「哇，這就是你們正在促成的事情」，幾乎令人振奮。

We didn't think of you that way before. We thought of you in our insights, we thought with you in our marketing, but not necessarily in our IT space. And so we're getting to a whole new set of buyers. So that's that, and that opportunity is unfolding before us, and we're prepared for it. Because we've done all the good hard work to make sure our data and our metadata and our models are prepared to do that.

他們以前不會用這種方式看待我們。他們把我們視為洞察（insights）的夥伴、行銷的夥伴，但不一定把我們視為 IT 領域的夥伴。因此我們正在接觸到一整套新的採購決策者（buyers）。所以這就是現況，而這個機會正在我們眼前展開，我們也已準備就緒。因為我們已經做了所有艱難而扎實的工作，確保我們的資料、後設資料（metadata）與模型都已準備好做到這件事。

As far as how we use it internally, we've already made a lot of progress, as relative to expanding our margins. I still think there's a lot of runway ahead of us. We're having a tremendous amount of epiphanies. Internally, as these tools evolve, I was just at an OpenAI Frontiers conference last week, it was kind of learning with the rest of the folks in the room about how to leverage these tools like really deeply in the organization.

至於我們在內部如何使用它，我們在擴大利潤率方面已經取得了很大進展。我仍然認為我們前方還有很長的跑道。隨著這些工具演進，我們內部出現了大量「頓悟」時刻。我上週剛參加 OpenAI Frontiers 會議，算是和現場其他人一起學習，如何在組織內更深度地運用這些工具。

So people are making things happen on their own, but we're doing it in a structured way. I think you'll see us -- I'd say we're still -- as much progress as we've made, we're still in the early innings of all this. We have a lot of runway ahead of us.

所以人們正在自行促成事情發生，但我們是以更有架構的方式在做。我想你會看到我們——我會說我們仍然——儘管我們已經取得不少進展，但這一切仍然處於非常早期的階段。我們前方還有很長的跑道。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi. Thank you very much. Jim, I want to just start by touching on the volume versus pricing dynamic in the AI environment that we're discussing. It seemed like the growth in the quarter was more weighted towards pricing versus the long-term dynamic of or expectation of being more balanced.

嗨。非常感謝。Jim，我想先談談我們正在討論的 AI 環境中，「量」相對於「價」的動態。看起來本季的成長更偏向由價格帶動，而不是長期動態或原先預期的較為均衡。

And I wanted to know, are you seeing pricing going up specifically because of AI or is there something else going on? And you mentioned like a large consulting client that took a 50% increase. Did data include something specific for AI, where you're putting together like AI-ready data?

我想了解的是，你們是否看到價格上升是特別因為 AI，還是有其他因素在發生？另外你提到像是一家大型顧問客戶接受了 50% 的漲價。資料是否包含某些針對 AI 的特定內容，例如你們在整理所謂「AI 就緒」的資料？

We are seeing other firms that are able to really up-price because of that AI-ready data, and I'm trying to understand how that fits into your pricing versus volume dynamic and just overall how you're expecting that to improve the revenue growth for the company?

我們看到其他公司能夠因為那種 AI 就緒資料而大幅提高定價，我想了解這如何融入你們的「價格對量」動態，以及整體而言你們預期這會如何改善公司的營收成長？

Sure. Somewhere, I think, in our deck, we mentioned that clients who are using AI are buying more and more of our services. And so as they see that they're able to get more and more value, it does make our what's called pricing and negotiation position stronger because the value of what we bring to the table is even more self-evident.

當然。我想在我們的簡報某處有提到，正在使用 AI 的客戶會購買越來越多我們的服務。因此當他們看到自己能取得越來越多價值時，確實會讓我們所謂的定價與談判立場更強，因為我們帶到桌面上的價值變得更加不言自明。

So I -- our renewals go much more smoothly because they're not as much focused on the kind of the old way of doing things. They're trying to figure out for themselves how they're going to use AI internally and with our information combined to create a ton of value, and they're seeing that happen.

所以——我們的續約進行得順暢得多，因為他們不再那麼聚焦在舊的做法。他們在嘗試釐清自己要如何在內部使用 AI，並結合我們的資訊創造大量價值，而他們也正在看到這件事發生。

The specific deal that you mentioned with the 50% price increase, again, driven by the fact that we're able to say, look, we know the value you're getting out of this. So as our full-view strategy, we're always gathering more and more information, more and more context, more and more semantic layer, more and more, building more and more models.

你提到那筆價格上調 50% 的特定交易，同樣是因為我們能夠說：你看，我們知道你從中獲得的價值。因此在我們的 full-view 策略下，我們一直在蒐集更多資訊、更多脈絡、更多語意層，並建立更多模型。

What's happening is, though, with AI. It's being able to be used more, even more so, and the value is becoming, like I said, self-evident. So I think what's happening is there's less friction on the pricing, and you're going to see that trend continue. And then we've got to do the good hard work of putting in place more usage-based and consumption-based models as our clients evolve their use of our information inside their shops, essentially.

而 AI 帶來的變化是：它讓這些內容能被更廣泛地使用，價值也如我所說變得不言自明。所以我認為正在發生的是，定價上的摩擦變少了，而你會看到這個趨勢持續。接下來我們必須踏實地把更多以使用量為基礎、以消耗量為基礎的模式建置到位，因為客戶在其內部（本質上）持續演進他們對我們資訊的使用方式。

And Shlomo, it's Mike. I would just add to Jim's comments there. Look, our revenue algorithm remains intact. It's balanced between the three components that we've continually talked about since the IPO, price, cross-sell and upsell, and that we're continuing to grow in our adjacent verticals.

Shlomo，我是 Mike。我想在 Jim 的評論上再補充一下。你看，我們的營收演算法仍然維持不變。它在我們自 IPO 以來持續談到的三個構成要素之間保持平衡：價格、交叉銷售與向上銷售，以及我們在相鄰垂直領域的持續成長。

And AI, as Jim highlighted, has continued to be a big component of that and helping us generate new wins, but I guess I would just reiterate that balanced algorithm is important in terms of what we're driving overall.

而 AI，如 Jim 所強調的，一直是其中很重要的一部分，並幫助我們拿下新的勝利；但我想我會再重申，這個均衡的演算法對於我們整體推動的方向很重要。

Great. And Mike, maybe just one more on the housekeeping. You mentioned, I think it was $55 million in one-time expenses from the restructuring program. How much were cash costs and are you expecting the rest of the cash costs to come out primarily in the second quarter as well? I'm just trying to think about the pacing of the free cash flow through the year.

很好。Mike，可能再問一個行政性問題。你提到重整計畫有大約 5,500 萬美元的一次性費用。其中有多少是現金成本？你是否預期剩餘的現金成本也會主要在第二季流出？我是在思考全年自由現金流的節奏。

Yes, you'll see more of that cash flow happen in Q2. I'd reference you back, Shlomo. And when you look at our Q, look at footnote 11. And in there, we highlight out the restructuring charges and the cash cost payments that have happened. So it will give you a very good reconciliation of it, but just as a reference point. But yes, you're going to see more of that cash cost go out here in Q2 overall.

是的，你會看到更多那部分的現金流在第二季發生。我會請你回去參考一下，Shlomo。當你看我們的 Q——請看註腳 11。在那裡我們把重整費用以及已發生的現金成本支付列示出來。所以它會給你非常好的對帳，但就作為一個參考點。不過是的，整體而言你會在第二季看到更多那部分現金成本流出。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Hi. Good morning. Thank you for taking my question. To stay on the AI topic, I mean, a lot of positive comments here today. I think one of the questions that I'm kind of thinking through is the impact from a competitive landscape perspective. Are you noticing -- it sounds like interest from clients, but to what extent is your investment in the AI capabilities of the platform a differentiator on the client win side?

嗨。早安。謝謝你回答我的問題。延續 AI 的主題，今天有很多正面的評論。我在思考的一個問題是，從競爭格局的角度來看會有什麼影響。你們是否注意到——聽起來客戶很有興趣，但你們在平台 AI 能力上的投資，在贏得客戶方面到底在多大程度上構成差異化？

And is this something that you would expect to be a share shift kind of catalyst over the next couple of years or is it something that kind of lifts all boats in the industry from a supply and demand perspective? Because I know some of your larger competitors are also rolling out tools, although I don't have a great sense of just the different capabilities relative to one another.

而這是否是你預期在未來幾年會帶來市占移轉的催化劑，還是說從供需角度來看，它只是讓產業「水漲船高」？因為我知道你們一些更大的競爭對手也在推出工具，雖然我不太清楚彼此之間能力差異到底有多大。

Sure. So it's a good question. Going back to the basics, we, through all of the shifts in technology, have to have the full view, right? So we have to understand consumer shopping behavior better than anyone else, and we have to put information around that and build the models around that and build the delivery mechanisms around that that enable our clients to do their jobs every day.

當然。這是個好問題。回到基本面，面對所有技術變遷，我們都必須具備 full view，對吧？所以我們必須比任何人都更了解消費者的購物行為，並圍繞這些行為建立資訊、建立模型、建立交付機制，讓我們的客戶能夠每天把工作做好。

So we never lose sight of that, right? Because if we lose that, that's our big differentiator. And we also have to be really good at not only AI, but other kinds of technologies to extract value from the information that we provide to integrate it quickly, and easily into our clients' workflows as their need to compete by being faster and smarter and cheaper within their internal operations continues to evolve.

所以我們從不忽視這一點，對吧？因為如果我們失去這個，那就是我們最大的差異化。而且我們也必須非常擅長的不只是 AI，還包括其他類型的技術，用以從我們提供的資訊中萃取價值、快速整合，並且輕鬆地嵌入客戶的工作流程；因為他們在內部營運中為了競爭而必須更快、更聰明、更低成本的需求仍在持續演進。

So it's really a combination of both that's going to set us apart and continue to set us apart. I would say that at the global nature of our business, the deep understanding we have of our clients because we understand how to deliver information to them in the context within which they run our business is enabling us to take a bigger footprint because they're realizing having a bunch of suppliers isn't really helpful, right?

所以真正能讓我們脫穎而出、並持續脫穎而出的，是兩者的結合。我會說，以我們業務的全球性，以及我們對客戶的深度理解——因為我們了解如何在他們營運業務的情境中把資訊交付給他們——這讓我們能取得更大的佔有率，因為他們意識到擁有一堆供應商其實沒有幫助，對吧？

And if we can, as we continue to evolve and do a lot of things that they need, they're saying, well, let's consolidate, and it's allowing us to take a bigger footprint. And some of our takeaways have been directly related to our ability to show the full view.

而如果我們能在持續演進的同時，做更多他們需要的事情，他們就會說：那我們來整併吧；這也讓我們能取得更大的佔有率。而我們的一些搶下來的份額，確實與我們展現 full view 的能力直接相關。

At the same time, we're able to show how using, let's say, AI-based technologies to continue to draw data, sorry, insights out of the information quickly is showing us to be differentiated. So it's really helping us on both fronts, I'd say, as far as doing more cross-sell and upsell but also taking share.

同時，我們也能展示，例如使用以 AI 為基礎的技術，持續快速地從資訊中提取資料——抱歉，是洞見——這也讓我們看起來更具差異化。所以我會說，它在兩個面向都在幫助我們：一方面做更多交叉銷售與向上銷售，另一方面也在取得市占。

Great. Thank you. That's helpful. And then for my follow-up, and Mike, I think you touched on it a little bit in the prepared remarks, but maybe just more directly, is there a way for us to think about how much of the activation strength in the quarter was timing or maybe projects that spilled over from second-half of '25 versus anything specific to overall business momentum building in the first quarter?

很好。謝謝。這很有幫助。那我的追問是，Mike，我想你在事先準備的講稿裡有稍微提到，但更直接地問，有沒有一種方式讓我們思考：本季 activation 的強勁有多少是時點因素，或是從 25 年下半年延續過來的專案所致；相較之下，有多少是第一季整體業務動能正在建立的具體反映？

Yeah. No problem. So look, when we look at that acceleration of 5.3% organic constant currency growth. For the first quarter for Activation, it reflects both our backlog catch-up, as you referenced, and real operational improvement. Q1 included some conversion of those project backlogs.

是的。沒問題。所以你看，當我們看待 5.3% 的有機固定匯率成長加速時。就 Activation 的第一季而言，這反映了你所提到的我們消化積壓訂單（backlog）的追趕進度，以及實際的營運改善。第一季也包含了部分專案積壓的轉換。

But look, from a structural standpoint, 78% of our Activation revenue comes from Intelligence clients, and 40% of our Intelligence clients currently buy Activation products and AI tools. And improving what we're seeing as an overall pipeline.

但你看，從結構面來說，我們 Activation 營收的 78% 來自 Intelligence 客戶，而我們的 Intelligence 客戶中目前有 40% 會購買 Activation 產品與 AI 工具。而且我們看到整體管線也在改善。

So without getting into all the specifics, nonetheless, we feel very good about the cross-sell runway that we have in front of us is substantial, and we're continuing to see improvements as it relates to the curve. But we thought it was appropriate to make sure you heard that part of that was a backlog that happened from Q4 that moved into Q1 overall.

所以在不深入所有細節的情況下，儘管如此，我們對於眼前可進行交叉銷售的成長跑道感到非常樂觀，規模相當可觀，而且我們持續看到與成長曲線相關的改善。但我們認為有必要讓你知道，其中一部分是第四季的積壓訂單在整體上移轉到第一季。

Understood. Thanks again.

了解。再次感謝。

No problem. Thanks for the question.

沒問題。謝謝你的提問。

Jeff Mueller, Baird.

Jeff Mueller，Baird。

Yeah. Thank you. So e-commerce revenue growth obviously doing really well for you lately. Can you talk about e-commerce data aggregation as AI capabilities advance both the opportunity for you and maybe talk through the your sustainable advantage and where it lies, relative to competitors or upstarts that may be AI enabled on going after that data.

是的。謝謝。所以你們最近電商營收成長顯然表現得非常好。能否談談隨著 AI 能力提升，電商資料彙整對你們帶來的機會；也請談談相較於競爭對手或可能以 AI 賦能、想要切入這些資料的新進者，你們可持續的優勢以及優勢所在？

Sure, I'm going to have Troy jump in here, so we can let him, you can hear his voice and let him participate. But let me, before we say that, so e-comm is a just another channel for us, and it's an extremely important channel. It is sold separately as an upsell, cross-sell, and as our clients, some of whom haven't, viewed Ecom as a significant channel are realizing, oh, this is a significant channel, we have a tremendous amount of upside.

當然，我會請 Troy 在這裡加入，讓他參與、也讓你聽到他的聲音。不過在此之前先說，電商對我們而言只是另一個通路，但它是極其重要的通路。它會以加購（upsell）、交叉銷售（cross-sell）的方式單獨銷售；而我們的客戶中，有些過去並未把電商視為重要通路，現在正逐漸意識到，喔，這其實是個重要通路，我們有非常大的上行空間。

So in the baseball analogy, we're in the early innings on being able to capitalize on that, not only in the U.S. but globally. And Troy, why don't you jump on the kind of competitive aspects of what makes us special in context of the full view?

用棒球來比喻，我們還在比賽前段局數，正要開始把握這個機會，不僅在美國，也在全球。Troy，你要不要談談在「全景視角」的脈絡下，我們在競爭面上有哪些特別之處？

Okay. I think the other thing to add here is the breadth of the capabilities we have in e-com. It's not just a basic one product that we deliver within that space, whether it's digital shelf, digital purchases, whether it's the coverage we deliver through all the different mechanisms of e-commerce with agentic commerce and social commerce, just --

好的。我想這裡還要補充的是，我們在電商領域的能力廣度。我們在這個領域提供的不只是單一、基本的產品；不論是數位貨架（digital shelf）、數位購買（digital purchases），或是我們透過各種電商機制所提供的覆蓋，包括代理式商務（agentic commerce）與社群商務（social commerce），就--

Ladies and gentlemen, please hold for technical difficulties.

各位女士先生，因技術問題請稍候。

Hey, guys. I think we lost Troy somehow. And I'll just try and finish up. I think we're talking about the scope of the e-comm data that we have across a significant number of actual what's called point-of-sale providers, but also in our consumer panel data, which really gives us an advantage. And then, of course, it's on a global scale, and we have a significant amount of consumers.

各位。我想我們不知怎麼把 Troy 斷線了。我先試著把後面補完。我想我們談的是，我們擁有的電商資料範圍，涵蓋相當多實際所謂的銷售點（point-of-sale）供應商，同時也包含我們的消費者樣本（panel）資料，這確實帶給我們優勢。當然，這是全球規模，而且我們擁有相當大量的消費者。

And then it's the integration of that information together with the other channels that really gives us our advantage. So it's not -- we always worry about what's going on in the world and the competition, but there really isn't like a single upstart is going to say, here, just use us for here, but use NIQ for everything else. I don't see that as a significant competitor for us in this space. Let's go ahead and let him follow-up.

此外，把這些資訊與其他通路的資料整合在一起，才真正形成我們的優勢。所以並不是——我們當然一直關注外部世界與競爭，但不太可能有某個單一新進者會說：這一塊用我們，其他全部用 NIQ。我不認為那會成為我們在這個領域的重要競爭威脅。我們讓他接著追問。

Yeah. Just on margin and talking about getting margins into the 30s over time, obviously making good progress towards the medium-term mid-20s target. Once you get to the mid-20s, is there some framework we should be thinking about either in terms of timeline to get into the 30s or like annual rate of expansion past mid-20s?

是的。關於利潤率，以及談到長期把利潤率提升到 30% 多，顯然你們正朝中期目標「20% 中段」取得不錯進展。當你們達到 20% 中段之後，我們是否應該用某種框架來思考，例如進入 30% 多的時間表，或是超過 20% 中段後每年的擴張速度？

Yeah. So Jeff, we haven't given a timeline to get to the 30s yet, but what we talked about in previous quarters and during the IPO process itself was with our fixed cost structure and continued mid-single-digit revenue growth, we should generate 50 to 100 basis points continued margin improvement with the tools that Jim referenced that we're seeing, those are accelerants.

是的。Jeff，我們目前還沒有給出達到 30% 多的時間表；但我們在前幾季以及 IPO 過程中談到的是，憑藉我們的固定成本結構，以及持續的中個位數營收成長，我們應該能帶來持續 50 到 100 個基點的利潤率改善；而 Jim 提到、我們也正在看到的那些工具，會是加速器。

And accelerants to revenue growth, accelerants to managing costs, et cetera, and we're continuing to recalibrate it. So we definitely see a path to getting to those 30s. We will continue to update you and the rest of the analysts on our timeline to that, but nonetheless, we haven't defined that yet, but we definitely have a path to it and we'll be continuing to communicate that out into the future.

也就是營收成長的加速器、成本管理等方面的加速器，而我們也會持續重新校準。所以我們確實看到一條通往 30% 多的路徑。我們會持續向你以及其他分析師更新相關時間表；不過目前我們尚未明確定義，但我們確實有路徑，並會在未來持續對外溝通。

We'll close with this. I'd like you guys to think of our company as very target-rich when it comes to AI and how it can make us more efficient, how it can make us do a better job for our clients and how it really allows us to even draw more value out of our information.

我們用這點作結。我希望各位把我們公司視為在 AI 方面「目標非常多」：AI 如何讓我們更有效率、如何讓我們為客戶做得更好，以及它如何讓我們甚至能從資訊中萃取出更多價值。

So it's going to be a combination of accelerated growth and also how we are using AI and, frankly, other tools to get even more efficient.

因此，這將會是加速成長的組合，同時也包括我們如何運用 AI，坦白說還有其他工具，來進一步提升效率。

This concludes the question-and-answer portion of today's call. I will now hand the conference over to Jim Peck for closing remarks.

以上為今日電話會議的問答部分。接下來我將把會議交給 Jim Peck 作結語。

Thanks, everyone, for joining us today. We're at an exciting time. We are at the forefront of an exciting secular growth opportunity and are rapidly laying the foundation to capitalize on our leading position in commerce intelligence and agentic commerce. I'm excited by what we're building and the value we can create, and I look forward to updating you on our progress on future calls.

感謝各位今天加入。我們正處於令人振奮的時刻。我們站在一個令人振奮的長期結構性成長機會的最前沿，並正快速奠定基礎，以把握我們在商務智慧（commerce intelligence）與代理式商務（agentic commerce）領域的領先地位。我對我們正在打造的內容以及我們能創造的價值感到興奮，也期待在未來的電話會議中向各位更新我們的進展。

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

今日電話會議到此結束。感謝各位出席。您現在可以掛線。