Perion Network Ltd (PERI) 2025 Q1 法說會逐字稿

Hello, everybody, and welcome to the Perion Network Q1 2025 earnings conference call. Today's conference is being recorded, and an archive of the webcast will be posted on the company's website. The press release detailing the financial results is available on the company's website at www.perion.com.

大家好，歡迎參加 Perion Network 2025 年第一季財報電話會議。今天的會議正在錄製，網路直播的存檔將發佈在公司網站上。詳細介紹財務表現的新聞稿可在公司網站 www.perion.com 上查閱。

Before we begin, I'd like to read the following safe harbor statement. Today's discussion includes forward-looking statements. These statements reflect the company's current views with respect to future events. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F that may cause actual results, performance, or achievements to be materially different and any future results, performance or achievements anticipated or implied by these forward-looking statements.

在我們開始之前，我想先讀以下安全港聲明。今天的討論包括前瞻性陳述。這些聲明反映了公司對未來事件的當前看法。這些前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，包括在「風險因素」標題下和公司 20-F 表年度報告其他部分中討論的因素，這些因素可能會導致實際結果、業績或成就產生重大差異，以及這些前瞻性陳述預期或暗示的任何未來結果、業績或成就。

The company does not undertake to update any forward-looking statements to reflect future events or circumstances. As in prior quarters, the results reported today will be analyzed both on a GAAP and non-GAAP basis. Whilst mentioning EBITDA, we will be referring to adjusted EBITDA. We have provided a detailed reconciliation of non-GAAP measures to their comparable GAAP measures in our earnings release, which is available on our website and has also been filed on Form 6-K.

該公司不承諾更新任何前瞻性陳述以反映未來事件或情況。與前幾季一樣，今天報告的結果將根據 GAAP 和非 GAAP 進行分析。在提到 EBITDA 時，我們指的是調整後的 EBITDA。我們在收益報告中提供了非 GAAP 指標與可比較 GAAP 指標的詳細對賬，該對賬可在我們的網站上查閱，並且已在 6-K 表中提交。

Hosting today's call is Tal Jacobson, Perion's Chief Executive Officer; and Elad Tzubery, Perion's Chief Financial Officer. I would now like to turn the call over to Tal Jacobson. Please go ahead.

主持今天電話會議的是 Perion 執行長 Tal Jacobson；以及 Perion 財務長 Elad Tzubery。現在我想把電話轉給塔爾·雅各布森 (Tal Jacobson)。請繼續。

Good morning, and thank you for joining us on the earnings call for the first quarter of 2025. Every C-suite executive needs a platform that powers the right business outcome. CROs have Salesforce, COOs have monday.com., CTOs have Jira, and now CMOs have Perion as their go-to platform.

早安，感謝您參加 2025 年第一季財報電話會議。每位主管都需要一個能夠推動正確業務成果的平台。CRO 有 Salesforce，COO 有 monday.com，CTO 有 Jira，現在 CMO 有 Perion 作為他們的首選平台。

Perion One gives marketing leaders a platform that delivers what truly matters, better business outcomes at scale. EdTech is often misunderstood, and sometimes it is viewed by investors as complex, crowded, and fragmented. Yet the past few decades tell us that EdTech companies that are growing through technology can change the world. And more importantly, EdTech companies have been using advanced technology to boost value for investors.

Perion One 為行銷領導者提供了一個平台，可以實現真正重要的事情，即大規模地實現更好的業務成果。教育科技經常被誤解，有時投資者認為它複雜、擁擠且分散。然而過去幾十年的經驗告訴我們，透過科技不斷發展的教育科技公司可以改變世界。更重要的是，教育科技公司一直在利用先進技術為投資者提升價值。

From DoubleClick and Google to Meta, Amazon, AppLovin, and The Trade Desk, companies that are viewed by many investors as tech companies are truly ad tech companies at their core. All these businesses mastered how to connect brands with consumers more effectively at scale. They build their foundation in ad technology, generating tremendous value for investors.

從 DoubleClick 和 Google 到 Meta、亞馬遜、AppLovin 和 The Trade Desk，許多投資者認為的科技公司本質上都是廣告科技公司。所有這些企業都掌握瞭如何更有效地將品牌與消費者連結起來。他們在廣告科技領域奠定了基礎，為投資者創造了巨大的價值。

We believe Perion is on the same trajectory. Building Perion One as an outcome-driven platform allows us to create a long-term value for CMOs and for our shareholders. Perion One platform is an outcome-driven infrastructure for modern digital advertising. It is aimed to provide measurable outcomes with channel-agnostic, supply neutral, and fully flexible to work with any agency tech stack.

我們相信 Perion 也處於同樣的發展軌跡。將 Perion One 建構成一個結果驅動的平台使我們能夠為 CMO 和股東創造長期價值。Perion One 平台是針對現代數位廣告的結果驅動型基礎設施。其目的是提供可衡量的成果，具有通路無關性、供應中立性，並且完全靈活地與任何機構技術堆疊配合使用。

By integrating creative insights and AI-powered optimization under one roof, Perion One delivers a unified and intelligent brand experience from planning to result. The first quarter of 2025 was a strong start to the year on all 4 essential pillars. Our business performance exceeded the result that we initially expected, and we enjoyed an increase in all of our growth engines that continue to outperform the market.

Perion One 透過將創意洞察與人工智慧優化整合在一起，提供從規劃到結果的統一、智慧的品牌體驗。2025 年第一季在所有四大基本支柱上都取得了強勁開局。我們的業務表現超出了我們最初的預期，我們所有成長引擎都實現了成長，並且繼續跑贏市場。

This quarter, we advanced our product by creating a new integration partnership with The Trade Desk, adding UID 2.0 to Perion One capabilities. This foster interoperability across the industry, enabling more seamless and effective solutions for our clients.

本季度，我們透過與 The Trade Desk 建立新的整合合作夥伴關係，將 UID 2.0 添加到 Perion One 功能中，從而改進了我們的產品。這促進了整個行業的互通性，為我們的客戶提供了更無縫、更有效的解決方案。

Recently, we were happy to announce a double-digit audience engagement with our first-to-market AI-powered chatbot, offering brands a new way to create interactive high-impact experience that drives real outcomes.

最近，我們很高興地宣布，我們首個上市的人工智慧聊天機器人的受眾參與度達到了兩位數，為品牌提供了一種創造互動式高影響力體驗的新方式，從而推動真正的成果。

As we announced this morning, we advanced our AI capabilities by acquiring Greenbids, a cutting-edge AI company that significantly enhanced our technology. This new advanced custom algorithm for leading DSPs and closed gardens allows us to dramatically increase our total addressable market.

正如我們今天早上宣布的那樣，我們透過收購 Greenbids 提升了我們的人工智慧能力，這是一家尖端的人工智慧公司，大大增強了我們的技術。這種針對領先 DSP 和封閉式花園的全新高級客製化演算法使我們能夠大幅增加我們的總可尋址市場。

And finally, industry recognition. Our innovation and culture continue to be recognized from campaign finalists at the drum to winning Edge Best Places to Work. All our growth engines continue to show positive momentum, digital out-of-home, CTV, and retail media, all outpacing the market growth.

最後，業界認可。我們的創新和文化不斷獲得認可，從競選決賽入圍者到贏得 Edge 最佳工作場所獎。我們所有的成長引擎都繼續呈現正面的勢頭，數位戶外、CTV 和零售媒體都超過了市場成長。

We are encouraged by the increase in all of our growth engines, especially the digital out-of-home, which grew by 80%. The consistent growth in our digital out-of-home activity proves that our methodology of buying and integrating companies, in this case, Hivestack is working. With that, I'm happy to announce the acquisition of Greenbids. This is one of the most exciting moments in this quarter, a bold step that advances our platform in a meaningful way.

我們所有成長引擎的成長都令我們感到鼓舞，尤其是數位戶外廣告，成長了 80%。我們的數位戶外活動的持續成長證明了我們購買和整合公司的方法（在本例中為 Hivestack）是有效的。我很高興地宣布收購 Greenbids。這是本季最令人興奮的時刻之一，這是一個大膽的舉措，以有意義的方式推進了我們的平台。

Greenbids allows us to embed a custom AI-based algorithm into Perion One, extending our optimization capabilities across walled gardens. This includes YouTube, Facebook, and Instagram alongside leading DSPs platforms such as The Trade Desk and Google DV360. Greenbids custom algorithm is focused on reducing waste in advertising budgets and increasing business outcomes.

Greenbids 讓我們可以將基於 AI 的自訂演算法嵌入到 Perion One 中，從而將我們的最佳化能力擴展到整個封閉式系統。其中包括 YouTube、Facebook 和 Instagram 以及 The Trade Desk 和 Google DV360 等領先的 DSP 平台。Greenbids 客製化演算法專注於減少廣告預算的浪費並提高業務成果。

The Greenbids algorithm targets and bypasses inefficiencies in the advertising ecosystem. This is how we win and grow profitability for advertisers. For us, Greenbids is more than a strategic fit. It's a significant leap forward. We're thrilled to welcome the world-class team of Greenbids to join us at Perion. They share our vision and bring elite AI and ethic talent to our company.

Greenbids 演算法瞄準並繞過了廣告生態系統中的低效率。這就是我們為廣告商贏得勝利並增加盈利的方式。對我們來說，Greenbids 不僅僅是一種策略契合。這是一個重大的飛躍。我們非常高興地歡迎 Greenbids 的世界級團隊加入 Perion。他們與我們有著共同的願景，並為我們公司帶來了精英人工智慧和道德人才。

Greenbids is a trusted platform used by over 80 top global brands. And by applying our scale, we can accelerate its reach even further. We didn't just acquire tech. We gained talent and momentum from day 1. Together, we are poised to unlock the next phase of intelligent advertising. Historically, our strength has been in top and mid-funnel environments on the open web, helping brands reach broader audience and drive consideration.

Greenbids 是一個值得信賴的平台，受到 80 多個全球頂級品牌的青睞。透過運用我們的規模，我們可以進一步加速其影響力。我們不只是收購技術。我們從第一天起就獲得了人才和動力。我們已準備好攜手開啟智慧廣告的下一個階段。從歷史上看，我們的優勢在於開放網路的頂部和中部漏斗環境，幫助品牌接觸更廣泛的受眾並推動考慮。

With Greenbids, we are expanding into the lower funnel where purchase decisions are made, and we are gaining deeper access to performance budgets across social and video walled garden platforms. This significantly increased our addressable market and creates more ways to deliver value to advertisers. It's always rewarding when strong execution translates into strong numbers. And that's exactly why we're raising our guidance today. It is essential to state that even without the Greenbids acquisition, we would have raised our guidance as our Q1 results were very encouraging. With Greenbids, we expect this growth to be even stronger.

借助 Greenbids，我們可以將業務擴展到做出購買決策的下層管道，並且可以更深入地獲取社交和視訊圍牆花園平台上的績效預算。這大大增加了我們的潛在市場，並創造了更多向廣告商提供價值的方式。當強有力的執行轉化為強勁的數字時，總是值得的。這就是我們今天提高指導的原因。必須指出的是，即使沒有收購 Greenbids，我們也會提高我們的預期，因為我們的第一季業績非常令人鼓舞。有了 Greenbids，我們預計這種成長將會更加強勁。

Based on our Q1 performance, the financial contribution we expect from the Greenbids acquisition and our continued confidence in execution, we are raising our full year 2025 guidance. This reflects our strengthened position and the growing market opportunities ahead. As we grow, we remain committed to what drives long-term value, continued investment in our customers, our people and our technology.

根據我們第一季的業績、我們預期從 Greenbids 收購中獲得的財務貢獻以及我們對執行的持續信心，我們上調了 2025 年全年業績指引。這反映了我們地位的加強和未來不斷增長的市場機會。隨著我們的成長，我們仍然致力於推動長期價值，持續投資於我們的客戶、我們的員工和技術。

Before I hand it over to our CFO, Elad Tzubery, I'd like to personally invite you to meet us at one of those upcoming events. Today, we'll be at the LUMA and Needham events next week at the Oppenheimer event and of course, at the Cannes Lions next month, ready to connect, share more and show you how Perion is shaping the future of outcomes-driven intelligent advertising.

在我將其交給我們的財務長 Elad Tzubery 之前，我想親自邀請您參加我們即將舉行的活動之一。今天，我們將參加下週的 LUMA 和 Needham 活動、Oppenheimer 活動，當然還有下個月的坎城國際創意節，準備與您聯繫、分享更多信息，並向您展示 Perion 如何塑造以結果為導向的智能廣告的未來。

Elad, over to you.

埃拉德，交給你了。

Thank you, Tal, and thank you all for joining us on the call today. Four main factors allowed us to exceed our expectations for the first quarter of 2025. Our performance was hallmarked by solid execution, the market's positive response to our new Perion One platform strategy, our continued operational discipline and our continued focus on growth on both top and bottom lines.

謝謝你，塔爾，也謝謝大家今天參加我們的電話會議。四個主要因素使我們超出了對 2025 年第一季的預期。我們的業績以穩健的執行力、市場對我們新的 Perion One 平台策略的積極響應、我們持續的營運紀律以及我們對營收和利潤成長的持續關注為標誌。

All these factors give us the conviction to increase our 2025 full year financial guidance. In the first quarter, our core growth channels, digital out-of-home and CTV continued to outperform the market, growing 80% and 31% year-over-year, respectively. These channels now represent 31% of our total revenue. In addition, our Retail Media vertical grew by 33% year-over-year, also outperforming the broader market. This reflects the growing alignment between our strategy and the evolving advertisers' demand.

所有這些因素使我們有信心提高 2025 年全年財務指引。第一季度，我們的核心成長通路數位戶外和連網電視持續跑贏市場，分別較去年同期成長80%和31%。這些管道目前占我們總收入的31%。此外，我們的零售媒體垂直市場年增 33%，也優於大盤。這反映出我們的策略與不斷變化的廣告商需求之間的日益一致。

Moving to our financial results for the quarter. Total revenue for the first quarter was $89.3 million. This is higher than our initial expectations as a result of outperforming in CTV and digital out-of-home channels and continued growth of our Retail Media business. Adjusted EBITDA was $1.8 million, also higher than our expectations, reflecting a continuous operational control and margin discipline. Our cash position remains strong with nearly $360 million in net cash. We remain focused on profitable growth, operational leverage and strategic reinvestment where we see long-term return.

轉向本季的財務業績。第一季總營收為8,930萬美元。由於 CTV 和數位戶外管道的出色表現以及零售媒體業務的持續成長，這一數字高於我們最初的預期。調整後的 EBITDA 為 180 萬美元，也高於我們的預期，反映了持續的營運控制和利潤率控制。我們的現金狀況依然強勁，淨現金近 3.6 億美元。我們將繼續專注於獲利成長、營運槓桿和策略再投資，以獲得長期回報。

Perion's revenue mix reflects where the market is headed. We remain focused on our core growth channels, including digital out-of-home and CTV, which outperformed the first quarter. Digital out-of-home increased by 80% year-over-year, reaching 19% of the total revenue, up from 6% last year. CTV increased by 31% year-over-year, representing 12% of revenue compared to 5% last year. Web revenue declined by 28% year-over-year, representing 46% of the total revenue compared to 37% in the same quarter of last year. We expect web revenue to stabilize on a year-over-year comparison starting next quarter.

Perion 的收入結構反映了市場的走向。我們仍然專注於我們的核心成長管道，包括數位戶外和 CTV，這些管道的表現優於第一季。數位戶外廣告年增80%，佔總營收的19%，高於去年的6%。CTV 年成長 31%，佔營收的 12%，而去年為 5%。網路營收年減28%，佔總營收的46%，去年同期為37%。我們預計從下個季度開始網路收入將比去年同期穩定下來。

In the past three quarters, we have been seeing the search revenue stabilizing at approximately $20 million per quarter. For the first quarter of 2025, search revenue represented 22% of the total revenue compared to 52% in the same quarter of last year. In the first quarter, the contribution, excluding traffic acquisition costs margin was 44% compared with 38% in the first quarter of 2024.

在過去三個季度中，我們看到搜尋收入穩定在每季約 2000 萬美元的水平。2025 年第一季度，搜尋收入佔總收入的 22%，去年同期為 52%。第一季度，不包括流量獲取成本的貢獻利潤率為 44%，而 2024 年第一季為 38%。

This is primarily due to the changes in our product mix that is now centered around more profitable solutions. Adjusted EBITDA for the first quarter was $1.8 million, representing 5% of contribution ex-TAC. During the first quarter of 2025 and as part of the ongoing implementation of our Perion One strategy, we continue to take structural steps to optimize our cost base that align with our unified operations.

這主要是因為我們的產品組合發生了變化，現在以更有利可圖的解決方案為中心。第一季調整後的 EBITDA 為 180 萬美元，佔扣除 TAC 貢獻的 5%。在 2025 年第一季度，作為我們持續實施 Perion One 策略的一部分，我們將繼續採取結構性措施來優化與統一營運一致的成本基礎。

These actions include a reduction in headcount, tighter expense control and improvements in sales and marketing efficiency. These efforts are directly tied to our broader transformation, creating a more agile and scalable organization designed to drive long-term growth and profitability. On a GAAP basis, our first quarter net loss was $8.3 million or $0.19 per diluted share versus net income of $11.8 million in the first quarter of 2024 or $0.24 per diluted share.

這些措施包括減少員工人數、嚴格控制費用以及提高銷售和行銷效率。這些努力與我們更廣泛的轉型直接相關，旨在創建一個更靈活、更具可擴展性的組織，推動長期成長和獲利能力。以 GAAP 計算，我們第一季淨虧損為 830 萬美元，即每股攤薄虧損 0.19 美元，而 2024 年第一季淨收入為 1,180 萬美元，即每股攤薄虧損 0.24 美元。

On a non-GAAP basis, net income was $5.4 million or $0.11 per diluted share versus $22.6 million in the first quarter of 2024 or $0.44 per diluted share. Our ability to remain profitable on a non-GAAP basis despite the loss of search revenue is a testament to the operational efficiency of our business. In the first quarter of 2025, cash used in operating activities was $7.1 million. Adjusted free cash flow was a negative $7.4 million. The first quarter cash from operations was temporarily impacted by $8 million of collections that shifted from March to April.

以非公認會計準則計算，淨收入為 540 萬美元，即每股攤薄收益 0.11 美元，而 2024 年第一季淨收入為 2,260 萬美元，即每股攤薄收益 0.44 美元。儘管搜尋收入有所損失，但我們仍能按照非公認會計準則保持獲利，這證明了我們業務的營運效率。2025年第一季，經營活動所用現金為710萬美元。調整後的自由現金流為負 740 萬美元。第一季的經營現金流暫時受到 3 月到 4 月的 800 萬美元收款的影響。

We remain confident in our ability to return to a high cash flow conversion rate. We expect full year adjusted free cash flow to be closely in line with our adjusted EBITDA guidance. As of March 31, we had on our balance sheet $358.5 million in cash, cash equivalents, short-term bank deposits and marketable securities. We continue to maintain a very strong financial position. Our cash balance provides us the flexibility to execute our inorganic growth strategy, invest in innovation and return capital to our shareholders. We continue to execute on our capital allocation plan with discipline.

我們仍然對恢復高現金流轉換率的能力充滿信心。我們預計全年調整後的自由現金流將與我們的調整後 EBITDA 指引緊密一致。截至 3 月 31 日，我們的資產負債表上有 3.585 億美元的現金、現金等價物、短期銀行存款和有價證券。我們繼續保持非常強勁的財務狀況。我們的現金餘額使我們能夠靈活地執行無機成長策略、投資創新並向股東返還資本。我們將繼續嚴格執行我們的資本配置計劃。

On March 10, our Board approved an expansion of the share repurchase program to $125 million, reinforcing our long-term confidence in Perion's value. Since the beginning of the buyback program until the end of the first quarter of 2025, we've repurchased almost 6 million shares at a total amount of $53.3 million. In March this year, Perion adopted an accelerated share repurchase plan. And to date, in the second quarter, we already repurchased additional 3 million shares at a total amount of over $26 million. Earlier today, we announced the acquisition of Greenbids, a cutting-edge AI platform focused on custom bidding algorithms across walled garden platforms, including YouTube, Facebook and Instagram.

3 月 10 日，董事會批准將股票回購計畫擴大至 1.25 億美元，增強了我們對 Perion 價值的長期信心。自回購計畫開始至 2025 年第一季末，我們已回購近 600 萬股，總金額為 5,330 萬美元。今年3月，Perion採取了加速股票回購計畫。到目前為止，在第二季度，我們已經回購了額外的 300 萬股，總金額超過 2,600 萬美元。今天早些時候，我們宣布收購 Greenbids，這是一個尖端的人工智慧平台，專注於跨 YouTube、Facebook 和 Instagram 等封閉式平台的客製化競價演算法。

This strategic acquisition allows Perion to expand our total addressable market into new lower funnel performance opportunities. It introduced us to brand-specific KPI-driven optimization capabilities that enhance client retention. It also enriches our Perion ONE platform with incremental data and intelligence, improving our automation and measurement capabilities over time. The transaction terms include $27.5 million in cash paid at closing, a $22.5 million cash earnout over two years tied to performance milestones and a $15 million retention package in cash and equity structured over three years. The transaction is expected to be accretive to adjusted EBITDA already starting this year with early synergies contributing to profitability.

此次策略收購使 Perion 能夠將我們的整體目標市場拓展到新的低階通路績效機會。它向我們介紹了針對特定品牌的 KPI 驅動的最佳化功能，可提高客戶保留率。它還透過增量數據和智慧豐富了我們的 Perion ONE 平台，隨著時間的推移提高了我們的自動化和測量能力。交易條款包括交易結束時支付的 2,750 萬美元現金、與業績里程碑掛鉤的兩年內 2,250 萬美元現金收益以及三年內 1,500 萬美元的現金和股權留任方案。預計該交易將從今年開始增加調整後的 EBITDA，早期的綜效將為獲利能力做出貢獻。

Looking ahead, the contribution to both adjusted EBITDA and revenue is expected to significantly accelerate from 2026 onwards, driven by incremental synergies across technology integration, go-to-market expansion and platform scalability. This is fully aligned with our M&A strategy, minimizing upfront risk while maximizing strategic value and synergetic with our core business, ensuring seamless integration.

展望未來，在技術整合、市場擴張和平台可擴展性方面的增量協同效應的推動下，調整後 EBITDA 和收入的貢獻預計將從 2026 年起顯著加速。這與我們的併購策略完全一致，最大限度地降低前期風險，同時最大限度地提高策略價值，並與我們的核心業務產生協同作用，確保無縫整合。

Turning to our 2025 guidance. Based on our strong performance in the first quarter, our organic growth expectation, along with the onboarding of Greenbids, we are revising our full year 2025 guidance upwards to reflect our improved outlook and stronger market position. We are increasing our revenue guidance for the year from a range of $400 million to $420 million to a new range of $430 million to $450 million, reflecting an increase of 7% at the midpoint. In addition, we are increasing our adjusted EBITDA guidance from a range of $40 million to $42 million to a new range of $44 million to $46 million, reflecting an increase of 10% at the midpoint.

轉向我們的 2025 年指導。基於我們第一季的強勁表現、我們的有機成長預期以及 Greenbids 的加入，我們正在上調 2025 年全年指引，以反映我們改善的前景和更強大的市場地位。我們將今年的營收預期從 4 億美元至 4.2 億美元提高至 4.3 億美元至 4.5 億美元，中間值成長 7%。此外，我們將調整後的 EBITDA 預期從 4,000 萬美元至 4,200 萬美元提高至 4,400 萬美元至 4,600 萬美元，中間值成長 10%。

This updated guidance demonstrates our ability to grow efficiently, unlock synergies and continue to deliver meaningful value to our shareholders. To summarize, we started the year strong, and we positioned ourselves to maintain this momentum going forward. We remain disciplined in execution, prioritizing value for our customers, employees and shareholders.

這項更新後的指引證明了我們高效成長、發揮協同效應並繼續為股東帶來有意義的價值的能力。總而言之，我們今年開局強勁，並且我們已準備好保持這一勢頭。我們在執行上始終嚴守紀律，優先考​​慮客戶、員工和股東的價值。

With that, I will now turn it back to the operator for the Q&A session. Thank you.

現在，我將把話題交還給接線員，進行問答環節。謝謝。

(Operator Instructions) Thank you. Our first question comes from Jason Helfstein at Oppenheimer.

（操作員指示）謝謝。我們的第一個問題來自奧本海默公司的 Jason Helfstein。

So I'll do two questions. One, obviously, the guidance has a significant kind of pickup in the business over the next few quarters. I guess you alluded part of it you've addressed the decline in open web or I guess, in display. So maybe just talk a little bit about why you feel comfortable that display has stabilized.

所以我要問兩個問題。首先，顯然，該指引預示著未來幾季業務將顯著回升。我想您已經提到了其中的一部分，您已經解決了開放網路的衰落問題，或者我想，在展示方面。因此，也許可以稍微談談為什麼您對顯示已經穩定感到放心。

And then just kind of maybe some of the other factors you're thinking about to drive the acceleration in advertising for the rest of the year? And then just can you review the impact of the acquisition on revenue on the full year guide?

那麼，您是否考慮過其他一些因素會推動今年剩餘時間內廣告業的成長？那麼，您能否回顧一下此次收購對全年指南收入的影響？

So regarding the guidance, we raised our guidance with our strong Q1 performance, first of all. Our organic growth, together with the Greenbids acquisition allowed us to increase this guidance. We see a healthy pipeline going into the rest of 2025, also contributing from the web business as you indicated.

因此，就指導而言，首先，我們根據第一季的強勁表現提高了指導。我們的有機成長加上對 Greenbids 的收購使我們能夠提高這項指導。我們預計 2025 年剩餘時間內將會有健康的管道，正如您所說，網路業務也會做出貢獻。

And that's why we believe that the web will be stabilized already from the next quarter on a year-over-year basis. I think the entire guidance is taking into consideration both the Greenbid numbers, but also the synergy that we already see taking place. As part of the acquisition, we checked some of the synergies as possible, and we saw good traction on that. So we felt very comfortable to increase already the guidance on the EBITDA guidance by 10%.

這就是為什麼我們相信從下個季度開始網路將比去年同期更加穩定。我認為整個指導意見既考慮了 Greenbid 的數字，也考慮了我們已經看到的協同效應。作為收購的一部分，我們盡可能地檢查了一些協同效應，並且看到了良好的進展。因此，我們非常樂意將 EBITDA 指引提高 10%。

And on the revenue side, we see additional 7% at the midpoint. But everything is combined, first of all, from our organic growth. But in addition to that, for 2025, we have the Greenbids and to get to align with the synergy that we see. I think it's important to say that in 2026, we will actually see it even more contributing to our top line and the bottom line. We are investing more in Greenbids to see even we'll be able to see scale and to gain even more market share quite fast. So the real impact that we see in the guidance even more will be in 2026.

在收入方面，我們預計中點將額外成長 7%。但一切的結合首先源自於我們的有機成長。但除此之外，對於 2025 年，我們還有綠色投標，並與我們所看到的協同效應保持一致。我認為重要的是，到 2026 年，我們實際上會看到它對我們的收入和利潤做出更大的貢獻。我們正在對 Greenbids 進行更多投資，以便能夠擴大規模並快速獲得更多的市場份額。因此，我們在指南中看到的真正影響將在 2026 年顯現。

Let me just echo a few of the things that Elad said. One, even though you're seeing Q1 numbers better than we expected, what we're really encouraged is by the fact that our pipeline is better than we expected. So we're actually seeing a healthy pipeline. Elad touched on that. But we also wanted to note that with Greenbid, we started from a partnership, working on a few things together.

讓我重複一下埃拉德說過的幾句話。首先，儘管第一季的數據比我們預期的要好，但真正讓我們感到鼓舞的是，我們的管道比我們預期的要好。所以我們實際上看到了一條健康的管道。埃拉德談到了這一點。但我們也想指出，我們與 Greenbid 是從合作關係開始的，共同進行一些工作。

And now we're seeing those customers that Greenbids and us work together on coming back and asking for more. So it's synergies from day 1. And by our pipeline, their pipeline and the immediate synergies, that's what makes us feel so comfortable about raising our guidance.

現在我們看到那些與我們合作的 Greenbids 客戶紛紛回頭並要求提供更多服務。所以從第一天起就有協同效應。透過我們的管道、他們的管道和直接的協同效應，我們對於提高指導感到很放心。

Our next question comes from Andrew Marok at Raymond James.

我們的下一個問題來自 Raymond James 的 Andrew Marok。

Andrew, I'm just going to come back to you shortly. We seem to have some problem with your audio there. So our next question comes from Eric Martinuzzi at Lake Street.

安德魯，我很快就會回來找你。您的音訊似乎出了點問題。我們的下一個問題來自 Lake Street 的 Eric Martinuzzi。

I wanted to follow up on your comment about the contribution for the year. I just want to make sure I've got the impact of Greenbids as well as the performance of the legacy business understood. The midpoint of your revenue increased $30 million and the midpoint of your adjusted EBITDA increased $4 million. How much of that increase is due to Greenbid?

我想跟進您關於今年貢獻的評論。我只是想確保我了解 Greenbids 的影響以及傳統業務的表現。您的收入中點增加了 3000 萬美元，調整後的 EBITDA 中點增加了 400 萬美元。其中有多少成長歸功於 Greenbid？

So Greenbids as a stand-alone, despite being a young company, they're already profitable, I would say, on a single low digit. As I previously said, and we see many synergies from day 1 in this acquisition. And we are looking at everything combined together.

因此，Greenbids 作為一家獨立公司，儘管是一家年輕公司，但我想說，他們已經實現了盈利，而且盈利幅度很小。正如我之前所說，我們從此次收購的第一天起就看到了許多綜效。我們將所有事物綜合起來看待。

And having said that, we are planning to invest even more in Greenbid 2025 in order to be able to scale and to get more market share starting from day 1. And that's why we believe that the full impact of this acquisition we see in 2026. They are on stand-alone are profitable. But together, we can definitely run to the market much more faster and to be their distribution with all of our global presence.

話雖如此，我們計劃在 Greenbid 2025 上投入更多資金，以便能夠擴大規模並從第一天起獲得更多的市場份額。這就是為什麼我們相信此次收購的全部影響將在 2026 年顯現。它們單憑獨立營運就能獲利。但只要我們攜手合作，我們一定能更快進入市場，並利用我們的全球影響力成為他們的經銷商。

Since you won't answer my question, what about this, Maybe if I ask it this way, in 2024, what was Greenbid's revenue and adjusted EBITDA?

既然你不回答我的問題，那怎麼樣？如果我這樣問，2024 年，Greenbid 的收入和調整後的 EBITDA 是多少？

Yes. So Greenbids is a fairly new company. It accelerated very fast. They are profitable as a stand-alone company, and they're growing fast. The reason why we're not breaking it down into what they're doing and what we're doing is we start to see synergies from day 1, and it's going to be very hard to break them down into separate businesses.

是的。所以 Greenbids 是一家相當新的公司。加速非常快。作為一家獨立公司，他們實現了盈利，並且發展迅速。我們之所以沒有將其細分為他們正在做的事情和我們正在做的事情，是因為我們從第一天起就開始看到協同效應，而將它們細分為獨立的業務將非常困難。

From day 1, our sales team is going to sell them. Our technology and their technology is going to be integrated. That's why we do not think we need to look at them as separate entities. But I can say that even as a stand-alone, they're growing very fast and they're very profitable.

從第一天起，我們的銷售團隊就會銷售它們。我們的技術與他們的技術將會融合。這就是為什麼我們認為不需要將它們視為獨立的實體。但我可以說，即使作為一家獨立公司，他們的成長速度也非常快，利潤也非常豐厚。

And Eric, to your question on 2024, on a stand-alone basis, the revenue contribution was, I would say, the low double digit and the EBITDA contribution of low single digit. But they are, as Tal mentioned, they are growing fast. And together with us, we believe that they will even grow faster.

艾瑞克，關於你關於 2024 年的問題，就獨立基礎而言，我想說，收入貢獻是低兩位數，EBITDA 貢獻是低個位數。但正如塔爾所提到的，它們正在快速發展。我們相信，與我們一起，他們將會成長得更快。

Okay. Let me shift gears, then. Is there going to be a timeline required to embed Greenbid's technology into Perion One? Is that why we're saying the 2026 better contribution?

好的。那麼，讓我換個話題。將 Greenbid 的技術嵌入 Perion One 是否需要時間表？這就是我們說 2026 年貢獻較好的原因嗎？

No, it's not about the integration. The integration it happens immediately. So the integration part is not going to take time. I think what we're trying to do here is, while they're extremely strong in Europe, we're now taking them to more American companies, American brands.

不，這與整合無關。整合立即發生。因此整合部分不會花費時間。我認為我們在這裡嘗試做的是，雖然它們在歐洲非常強大，但我們現在將它們帶給更多的美國公司、美國品牌。

And we're going to see the full impact within a few quarters. But even this year, they have a very healthy pipeline of new customers and a good base of existing customers. We just think that the acceleration is going to take a bit more time to get a bigger base of customers in the US.

我們將在幾個季度內看到其全部影響。但即使是今年，他們仍然擁有非常健康的新客戶管道和良好的現有客戶基礎。我們只是認為，要在美國獲得更大的客戶群，加速發展還需要一些時間。

Okay. Well, the technology definitely sounds interesting and kind of leading edge. So we'll be looking to see what you can do with the acquisition here, but congratulations on landing it.

好的。嗯，這項技術聽起來確實很有趣，而且有點前衛。因此，我們將觀察您能利用此次收購做些什麼，但恭喜您成功收購。

For our next question, I'm going to head back to Andrew Marok and see if our audio line is clear.

對於我們的下一個問題，我將回到 Andrew Marok 並看看我們的音訊線是否清晰。

Just one for me, please. So as the Perion ONE concept has kind of rolled out here, you've added capabilities like UID 2.0 and now Greenbids, how is that message to CMOs coming across in terms of familiarity, excitement with the kind of unified offering and the opportunities that you can see coming out of that?

請給我一個。因此，隨著 Perion ONE 概念的推出，您添加了 UID 2.0 和現在的 Greenbids 等功能，就熟悉程度、對統一產品的興奮程度以及由此帶來的機會而言，這一信息如何傳達給 CMO？

Yes. Thank you. Thank you for your question. So the way we've actually thought about Greenbids is, as you know, Stephen Yap, which was leading all the sales of Google DV 360 for 17 years, he left Google to come with -- for Perion to push this towards more CMOs. And the process with Greenbids actually start from partnership, but then we've sent it Stephen to speak with CMOs. And the response was so positive about this is what the market needs. This is what -- on the Perion One and with the custom algorithm through AI to reduce waste.

是的。謝謝。感謝您的提問。因此，如您所知，我們對 Greenbids 的看法是，Stephen Yap 曾領導 Google DV 360 的所有銷售工作長達 17 年，他離開 Google 後加入 Perion，負責將這項業務推向更多的 CMO。與 Greenbids 的合作流程實際上是從合作開始的，但隨後我們讓 Stephen 與 CMO 進行交談。對此的反應非常積極，這正是市場所需要的。這就是——在 Perion One 上透過 AI 使用自訂演算法來減少浪費。

So I think CMOs are excited about both Perion One and the custom algorithm through AI and the actual results of Greenbids with customers. And they're actually telling us that a unified solution under one platform makes a lot of sense as they do not want to continue to handle so many platforms. So all-in-all, it's been a very positive responses both on Perion One and the Greenbids, custom algorithm solutions. And we're thinking that now combining both of them is going to drive it even faster. I hope that answers the question.

因此，我認為 CMO 對 Perion One 和透過 AI 定制的演算法以及 Greenbids 與客戶的實際結果感到興奮。他們實際上告訴我們，在一個平台下採用統一的解決方案非常有意義，因為他們不想繼續處理那麼多平台。總而言之，Perion One 和 Greenbids 自訂演算法解決方案都獲得了非常積極的迴響。我們認為，現在將兩者結合起來將會使其發展得更快。我希望這能回答這個問題。

Our next question comes from Jeff Martin at ROTH.

我們的下一個問題來自 ROTH 的 Jeff Martin。

I wanted to dive into the expanded TAM opportunity. Is that fairly easy to achieve capitalization on that expanded TAM? And if you could elaborate on the details of the strategy to go after that expanded TAM.

我想深入了解擴大的 TAM 機會。利用擴大後的 TAM 來實現資本化是否相當容易？您是否可以詳細說明擴大 TAM 的策略細節？

Yes. So Greenbids is actually working today on the walled garden, and it brings us much more new capabilities, including in YouTube, in Facebook and Instagram. We are expanding. We are -- part of our road map is to expand it very much quickly into even new platforms. So overall, it allows -- it gives us more lower funnel and performance capabilities into those platforms. When there are uncertainties in the market, I also say, we see budget shifts towards performance.

是的。因此，Greenbids 實際上正在努力打造圍牆花園，它為我們帶來了更多新功能，包括 YouTube、Facebook 和 Instagram。我們正在擴張。我們的路線圖的一部分是將其快速擴展到新的平台。所以總的來說，它允許——它為我們提供了進入這些平台的更低管道和性能能力。我還說，當市場存在不確定性時，我們會看到預算轉變為績效。

So it actually gives us the right time to do this acquisition. It's opened up the doors and the fact that they are really able to bring the brands better ROIs, show them how they are reducing their waste on non-monetized spend. Combining everything together, it definitely gives us more and more possibilities and offering more in this market.

因此這實際上給了我們進行此次收購的最佳時機。它打開了大門，事實上他們確實能夠為品牌帶來更好的投資報酬率，向他們展示如何減少非貨幣化支出的浪費。將所有因素結合在一起，無疑會為我們帶來越來越多的可能性，並為這個市場提供更多的東西。

And Tal as mentioned, I think that combining everything together, going with the brands that we are working today, showing them those capabilities, we already started to see and we believe that we'll actually be able to see more and more opportunities going -- diving into those platforms, the walled gardens that in the next, I would say, few quarters, we'll see more traction in definitely.

正如 Tal 所提到的，我認為將一切結合在一起，與我們今天合作的品牌一起，向他們展示這些能力，我們已經開始看到，並且我們相信我們實際上將能夠看到越來越多的機會——深入這些平台，在接下來的幾個季度裡，我想說，圍牆花園，我們肯定會看到更多的牽引力。

Absolutely. I think it's important to note that -- all the agencies and brands are looking to shift more dollars towards performance-based campaigns. So while Perion historically was amazing on the upper funnel, so brand awareness, within this, we're actually getting into an even more interesting segment, which is performance-based, it reducing risks, especially now with all the uncertainty in the market, the more you can show actual performance, the more traction you can get with customers.

絕對地。我認為值得注意的是——所有機構和品牌都希望將更多資金投入到基於績效的活動中。因此，雖然 Perion 歷史上在漏斗上層表現驚人，因此品牌知名度也隨之提高，但在此範圍內，我們實際上正在進入一個更有趣的領域，它以績效為基礎，從而降低風險，特別是現在市場充滿不確定性，你越能展示實際績效，你就越能吸引客戶。

And the second thing is, at the end of the day, the majority of money goes into the walled garden, not the open web, right? So Google, YouTube, Facebook and others are holding the bigger part. So we're actually entering those two parts, the performance-based and the walled gardens. So it's significant. For us, it is a significant move.

第二件事是，到最後，大部分資金都進入了封閉的花園，而不是開放的網絡，對嗎？因此，Google、YouTube、Facebook 和其他公司佔據了更大的份額。所以我們實際上進入了這兩個部分，基於績效的部分和圍牆花園的部分。所以這很重要。對我們來說，這是一個重大舉措。

There are no further questions on the line, which concludes today's Q&A session. So I'll now hand the call back over to Tal Jacobson and Elad Tzubery for closing remarks. Thank you.

在線上沒有其他問題，今天的問答環節到此結束。現在我將把電話交還給 Tal Jacobson 和 Elad Tzubery 來做結束語。謝謝。

Thank you very much for joining us today. We're excited about the future. With advancing our technology and raising our guidance, we think the Pelion One platform and strategy is the right way to continue our path. Thank you for being part of our journey and supporting us, and we hope to see you in the next quarter. Thank you.

非常感謝您今天加入我們。我們對未來充滿期待。隨著我們技術的進步和指導的提升，我們認為 Pelion One 平台和策略是我們繼續前進的正確方向。感謝您參與我們的旅程並支持我們，我們希望在下個季度見到您。謝謝。

Thank you.

謝謝。