Perion Network Ltd (PERI) 2026 Q1 法說會逐字稿

Hello, everybody, and welcome to the Perion network first-quarter 2026 earnings conference call. Today's conference call is being recorded, and an archive of the webcast will be posted on the company's website.

各位好，歡迎參加 Perion Network 2026 年第一季財報電話會議。今天的電話會議將進行錄音，網路直播的存檔將發布於公司網站。

The press release detailing the financial results is available on the company's website at www.perion.com. 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.

詳述財務結果的新聞稿可於公司網站 www.perion.com 取得。在開始之前，我想宣讀以下「安全港」聲明。今天的討論包含前瞻性陳述。這些陳述反映公司目前對未來事件的看法。

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, performances or achievements to be materially different and any future results, performances or achievements anticipated or implied by these forward-looking statements.

這些前瞻性陳述涉及已知與未知的風險、不確定性及其他因素（包括公司 Form 20-F 年報中「風險因素」及其他章節所討論者），可能導致實際結果、表現或成就與這些前瞻性陳述所預期或暗示的任何未來結果、表現或成就存在重大差異。

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 on a non-GAAP measure.

公司不承諾更新任何前瞻性陳述以反映未來事件或情況。與先前季度相同，今天公布的結果將同時以 GAAP 與非 GAAP 指標進行分析。

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 will be available on our website and has also been filed on Form 6-K.

在提及 EBITDA 時，我們將指調整後 EBITDA。我們已在財報新聞稿中提供非 GAAP 指標與其可比 GAAP 指標的詳細調節表，該新聞稿將於我們網站提供，並已以 Form 6-K 申報。

Hosting the call today is Tal Jacobson, Perion's Chief Financial Officer -- 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.

今天主持電話會議的是 Tal Jacobson，Perion 的首席財務官——首席執行官；以及 Elad Tzubery，Perion 的首席財務官。現在我想把電話交給 Tal Jacobson。請開始。

Good morning, and thank you for joining us on Perion's earnings call for the first-quarter of 2026. 2025 was year one for the new Perion. 2026 focuses on advancing our new technologies and accelerating their adoption among our clients.

各位早安，感謝參加 Perion 2026 年第一季財報電話會議。2025 年是「新 Perion」的第一年。2026 年將聚焦於推進我們的新技術，並加速客戶採用。

In the first-quarter of 2026, we saw an increase across all our growth engines. Our fastest-growing channel, CTV and Digital Out of Home outgrew the market. In Retail Media adoption, we experienced significant growth that Elad will present.

在 2026 年第一季，我們看到所有成長引擎均有所提升。我們成長最快的渠道——CTV 與數位戶外（Digital Out of Home）——增速超越市場。在零售媒體（Retail Media）採用方面，我們也經歷了顯著成長，Elad 將進一步說明。

And I'm also happy to share that Outmax, our AI Agent technology that was part of the Greenbids acquisition is growing rapidly and is becoming a meaningful part of Perion One. A few important data points from our quarterly numbers, the Perion One product line is seeing an increase of 6% in marketing budgets, which we refer to as spend. This is an encouraging number, as we see a faster adoption of our platform and the Outmax AI agent usage among our clients.

我也很高興分享，Outmax——我們在收購 Greenbids 時納入的 AI Agent 技術——正快速成長，並逐步成為 Perion One 的重要組成。從本季數據來看，有幾個重點：Perion One 產品線的行銷預算（我們稱為 spend）增加了 6%。這是一個令人鼓舞的數字，因為我們看到客戶對我們平台以及 Outmax AI agent 的使用採用速度更快。

You can also recognize that both acquisitions, Hivestack and Greenbids were extremely successful, as both Out of Home and Outmax numbers are continuing to grow quarter after quarter. This represents our ability to acquire high-quality companies and integrate them efficiently.

你也可以看出，兩項收購——Hivestack 與 Greenbids——都非常成功，因為戶外（Out of Home）與 Outmax 的數據持續一季接一季成長。這展現了我們收購高品質公司並高效率整合的能力。

Perion One is designed to solve the complexity of the global advertising ecosystem that is both massive and fragmented. Marketers navigate in a universe of screens, platforms, formats, data sets and buying environments, while trying to achieve higher standards of performance.

Perion One 的設計旨在解決全球廣告生態系的複雜性——這個生態系既龐大又高度碎片化。行銷人員在由螢幕、平台、格式、資料集與採購環境構成的宇宙中穿梭，同時力求達到更高的成效標準。

Budget, signals and optimizations are siloed by channels, creating a challenging fragmentation that leads to efficiency and performance breakdown. This is the core challenge we've been focused on solving. We are building Perion One as an AI-native execution infrastructure to unify the fragmented ecosystem for both advertisers and publishers. Perion One enables advertisers to perform highly complex marketing activities. It allows them to make confident decisions faster while continuously optimizing every campaign in real time.

預算、訊號與最佳化被按渠道各自分割，造成嚴重碎片化，進而導致效率與成效的崩解。這正是我們一直專注要解決的核心挑戰。我們正在打造 Perion One，作為 AI 原生（AI-native）的執行基礎設施，為廣告主與媒體主統一這個碎片化的生態系。Perion One 讓廣告主能執行高度複雜的行銷活動。它讓他們能更快做出有把握的決策，同時即時、持續地最佳化每一個活動。

With Perion One, publishers are able to maximize inventory value through smarter demand allocation and yield optimization. By aligning execution across both sides of the ecosystem, demand and supply, Perion One improves efficiency, performance and outcomes end-to-end. Perion One is an infrastructure, not a tool set.

透過 Perion One，媒體主能藉由更聰明的需求分配與收益率最佳化，最大化庫存價值。透過在生態系兩端——需求與供給——對齊執行，Perion One 可端到端提升效率、成效與結果。Perion One 是一個基礎設施，而不是一套工具。

The most advanced part of Perion One is the Outmax technology, our AI agent, which is showing tremendous growth. Outmax goal is to be the one AI agent for every channel. Whether it's YouTube, Facebook, Instagram, NBC or Disney Plus, Outmax is designed to act as an intelligent execution agent that ensures every dollar spent is working at its maximum potential. Outmax removes the guesswork and replaces it with algorithm certainty. It is designed to allocate spend, manage pacing and optimize outcomes in real time, both inside Perion One and on external platforms.

Perion One 最先進的部分是 Outmax 技術，也就是我們的 AI agent，正展現驚人的成長。Outmax 的目標是成為覆蓋每個渠道的唯一 AI agent。無論是 YouTube、Facebook、Instagram、NBC 或 Disney Plus，Outmax 都被設計為智慧執行代理，確保每一美元的投入都能發揮最大效能。Outmax 消除猜測，以演算法的確定性取而代之。它被設計用於分配投放、管理節奏（pacing），並即時最佳化成果——不僅在 Perion One 內，也能在外部平台上運作。

We are continuously expanding the channels and platforms that Outmax connects to. This quarter, we announced Outmax for TikTok, which is already showing great results.

我們持續擴展 Outmax 可連接的渠道與平台。本季我們宣布推出 TikTok 版 Outmax，且已展現出極佳成果。

TikTok is one of the fastest-growing advertising platforms in the world with 1.6 billion users and ad revenue projected to exceed $50 billion by next year. Outmax for TikTok early results are strong, with Outmax already delivering up to 25% lift in performance on TikTok.

TikTok 是全球成長最快的廣告平台之一，擁有 16 億用戶，且其廣告營收預計在明年將超過 500 億美元。TikTok 版 Outmax 的早期結果強勁，Outmax 已在 TikTok 上帶來最高達 25% 的成效提升。

This is exactly the land-and-expand pattern that we are focusing on, adding new high-growth channels, clear performance advantages in a global path to allow us to scale across more customers and more platforms.

這正是我們所聚焦的「先落地、再擴張」（land-and-expand）模式：新增高成長渠道、提供明確的成效優勢，並沿著全球化路徑，讓我們能在更多客戶與更多平台上擴大規模。

This quarter, we entered into an exclusive partnership with McSorely Media and Mediamark, deploying Outmax AI agent across Africa. This new partnership unlocks a programmatic market forecasted to reach $6.5 billion by 2029, growing at a 15.3% CAGR. The value this partnership brings is clear.

本季我們與 McSorely Media 與 Mediamark 達成獨家合作夥伴關係，在非洲部署 Outmax AI agent。這項新合作將解鎖一個預計到 2029 年達 65 億美元的程式化市場，年複合成長率（CAGR）為 15.3%。此合作帶來的價值十分明確。

Outmax AI agent and Perion's programmatic Digital Out of Home capabilities paired with our partner's agency footprint across Africa create an accelerated distribution for our technologies across the region. This expands Perion's commercial footprint and creates new revenue channels without adding further expenses to our P&L.

Outmax AI agent 與 Perion 的程式化數位戶外（Digital Out of Home）能力，結合合作夥伴在非洲的代理商版圖，將加速我們技術在該地區的分發。這擴大了 Perion 的商業版圖，並在不增加損益表（P&L）額外費用的情況下，創造新的營收渠道。

The following case studies show how the same execution model delivers for different brands. Bouygues Telecom, one of the leading French telcos, deployed Outmax across always-on campaigns. They embedded Outmax into their enterprise marketing operations to continuously control and optimize media execution.

以下案例研究展示相同的執行模型如何為不同品牌帶來成果。法國領先電信業者之一 Bouygues Telecom，在常態運行（always-on）的活動中部署 Outmax。他們將 Outmax 嵌入其企業行銷營運中，以持續控制並最佳化媒體執行。

The results show 34% lower customer acquisition costs and a 51% reduction in carbon intensity. Bouygues is already extending Outmax to additional channels, another example of the land and expand model in action. C4 Energy is one of the fastest-growing energy drinks brands in the US with a younger performance-oriented audience. This makes YouTube a crucial channel for reaching their consumers.

結果顯示，客戶獲取成本降低 34%，碳強度降低 51%。Bouygues 已在將 Outmax 延伸至更多渠道，這是「先落地、再擴張」模式運作中的另一個例子。C4 Energy 是美國成長最快的能量飲料品牌之一，受眾更年輕且以表現導向為主。因此，YouTube 成為觸及其消費者的關鍵渠道。

C4 Energy turn to Perion to achieve a greater control across their audience targeting and contextual placement on YouTube, and the results speak for themselves, a skippable view rate of 80%, above the benchmark, a 20.7% lift in brand awareness and a 4.1% lift in brand at recall. (technical difficulty), a clothing brand known for its youthful style and bold statement pieces ran a multichannel campaign across Meta in YouTube with Outmax AI agent, continuously optimizing delivery in real time.

C4 Energy 轉向 Perion，以在 YouTube 上的受眾定向與情境投放方面取得更高的控制力；結果不言自明：可略過（skippable）觀看率達 80%，高於基準；品牌知名度提升 20.7%，品牌廣告回想度（ad recall）提升 4.1%。(technical difficulty) 一個以年輕風格與大膽單品著稱的服飾品牌，透過 Outmax AI agent 在 Meta 與 YouTube 上執行多渠道活動，並即時持續最佳化投放。

Results show how Outmax delivers performance across multiple platforms with multiple KPIs. And finally, [Vaseline], a campaign that demonstrate how our advanced real-time data capabilities and our programmatic Digital Out of Home can be leveraged to benefit our brands.

結果顯示 Outmax 如何在多個平台、以多個 KPI 交付成效。最後，[Vaseline] 的案例展示我們先進的即時資料能力與程式化數位戶外（Digital Out of Home）如何被運用來為品牌帶來效益。

[Vaseline] integrated live UV index data directly into its Digital Out of Home creative, dynamically presenting exposure risks through a clear visual color-coated system updated in real time. The campaign delivered over 1.65 million impressions, turning everyday commutes into moments of relevant contextual skin care education.

[凡士林]將即時 UV 指數資料直接整合進其數位戶外（DOOH）創意中，透過清晰的視覺色彩分級系統動態呈現曝曬風險，並即時更新。該活動帶來超過 165 萬次曝光，將日常通勤轉化為具相關情境的肌膚保養教育時刻。

This is an example of how digital out-of-home can offer dynamic data-driven storytelling that performs. Many of the challenges marketers face are consistent. Earlier this quarter, we partnered with EMARKETER on a research study of senior marketers and agencies. The findings reinforce exactly what we have been building towards. 89% of marketers say that creative is crucial for their performance, nearly half believed that if creative could be optimized in real time, they would unlock 11% to 30% of performance lift.

這是一個數位戶外如何提供具成效的動態、數據驅動敘事的例子。行銷人員面臨的許多挑戰其實相當一致。本季稍早，我們與 EMARKETER 合作，針對資深行銷人員與代理商進行研究調查。研究結果再次印證了我們一直努力打造的方向：89% 的行銷人員表示創意對其成效至關重要；近一半的人認為，若能即時優化創意，將可解鎖 11% 至 30% 的成效提升。

And more than half, say, creative insights arrive too slowly to act upon. The conclusion is factual. The industry does not have a creative problem or a media problem, it has an execution problem. Insights exist, signals exist. What is missing is a unified layer that turned those signals into action in real time across channels.

此外，超過一半的人表示，創意洞察來得太慢，無法及時採取行動。結論是客觀明確的。產業並非缺乏創意或媒體，而是缺乏執行力。洞察存在、訊號存在。缺少的是一個統一層，能將這些訊號在跨渠道中即時轉化為行動。

This is exactly the gap Perion One was built to close. We at Perion are committed to continue to evolve. We adjust our processes and our structure whenever we believe they are beneficial for our company's future. With that, I would like to share that our Chief Revenue Officer, Stephen Yap will be transitioning out of his role. We thank him for his partnership during his tenure.

這正是 Perion One 所要補上的缺口。我們 Perion 承諾將持續演進。只要我們認為有利於公司未來，就會調整流程與組織架構。基於此，我想分享我們的首席營收長（Chief Revenue Officer）Stephen Yap 將轉任並退出其現任職務。感謝他在任期間的合作與貢獻。

As we enter the next phase of our 2026 road map, we are pivoting our sales leadership team to ensure we are better positioned to convert our growing pipeline into realized revenue.

隨著我們進入 2026 年路線圖的下一階段，我們正調整銷售領導團隊，以確保能更好地將持續成長的銷售管線轉化為已實現的營收。

With that, I will hand it over to Elad to walk through the financials.

接下來我把時間交給 Elad，請他帶大家回顧財務表現。

Thank you, Tal, and thank you all for joining us on the call today. Our first-quarter results reflect a period of disciplined execution, as we are continuing our structural evolution. The results for the first-quarter came in largely as we expected, reflecting the seasonally low quarter in our industry. Importantly, we are seeing a significant increase in spend across our core growth engines, and the adoption of Perion One continues to build momentum.

謝謝你，Tal，也謝謝各位今天參與電話會議。我們第一季的結果反映了我們在持續進行結構性演進之際，仍保持紀律執行。第一季的表現大致符合我們的預期，也反映出本產業季節性偏淡的季度特性。更重要的是，我們看到核心成長引擎的投放支出顯著增加，而 Perion One 的採用也持續累積動能。

This demonstrates that the infrastructure we are building is driving measurable value for our customers. This quarter, we continue the strategic building process of Perion One, as an AI-native multichannel execution infrastructure, driven by the continued momentum in our growth engines, total Perion One spend increased 6% year-over-year. Outmax, our proprietary AI agent is rapidly expanding across customers, regions and platforms.

這顯示我們正在打造的基礎設施，正為客戶帶來可衡量的價值。本季我們持續推進 Perion One 的策略性建置，作為 AI 原生的多渠道執行基礎設施；在成長引擎動能延續的帶動下，Perion One 總投放支出（spend）年增 6%。Outmax（我們自有的 AI 代理）正快速擴展至更多客戶、地區與平台。

We recently launched Outmax for TikTok, extending our AI-driven optimization capabilities to one of the fastest-growing digital platforms. This has already generated over $1 million in spend during the first-quarter.

我們近期推出 TikTok 版 Outmax，將 AI 驅動的優化能力延伸至成長最快的數位平台之一。這在第一季已帶來超過 100 萬美元的投放支出。

To accelerate our global footprint, we continue to add more collaborations and partnerships. In the first-quarter, we launched a strategic reseller initiative in Africa by partnering with Mediamark and McSorely Media to resell Outmax and programmatic Digital Out of Home. As part of Perion One's continued transformation, we will no longer provide a channel revenue breakdown as a primary KPI.

為加速全球版圖，我們持續新增更多合作與夥伴關係。第一季我們透過與 Mediamark 與 McSorely Media 合作，在非洲啟動策略性轉售商計畫，轉售 Outmax 與程式化數位戶外（DOOH）。作為 Perion One 持續轉型的一部分，我們將不再以渠道營收拆分作為主要 KPI 提供。

This shift reflects our evolution into a truly channel-agnostic platform centered around Outmax, our proprietary advanced AI agent designed to plan, execute, optimize and measure campaigns across diverse media environments. By moving away from siloed reporting, we are aligning our financial disclosures with our operational strategy, focusing on how our technology delivers integrated value for the advertiser rather than focusing on the performance of individual channels.

此一調整反映我們正演進為真正不受渠道限制的平台，以 Outmax 為核心——這是我們自有的先進 AI 代理，旨在於多元媒體環境中規劃、執行、優化並衡量行銷活動。透過不再採用各自為政的分項報告，我們讓財務揭露與營運策略一致，聚焦於我們的技術如何為廣告主提供整合價值，而非著眼於單一渠道的表現。

Instead, it makes much more sense to report our growth engines in terms of spend and not as revenue or contribution ex-TAC. Spend represents the total media budget running through our platform. It is the truest leading indicator of our platform's adoption, customers trust and long-term scale.

因此，以投放支出（spend）來呈現我們的成長引擎，比以營收或扣除 TAC 後的貢獻（contribution ex-TAC）更有意義。投放支出代表透過我們平台運行的總媒體預算。它是衡量平台採用度、客戶信任與長期規模化最真實的領先指標。

And now to our quarterly results. Revenue for the first-quarter was $90.4 million, a 1% increase year-over-year. Total contribution ex-TAC was $39.7 million, flat year-over-year with a 44% margin consistent with the same period last year.

接著說明本季財務結果。第一季營收為 9,040 萬美元，年增 1%。扣除 TAC 後的總貢獻（total contribution ex-TAC）為 3,970 萬美元，與去年同期持平；貢獻率為 44%，亦與去年同期一致。

Adjusted EBITDA for the quarter was $0.5 million compared to $1.8 million in the first-quarter of 2025. The decrease was mainly the result of higher go-to-market investments aiming to support our three-year growth plan. We generated cash flow from operations of $6.7 million and adjusted free cash flow of $7 million.

本季調整後 EBITDA 為 50 萬美元，低於 2025 年第一季的 180 萬美元。下降主要源於我們加大市場拓展（go-to-market）投資，以支援三年成長計畫。我們產生的營運活動現金流為 670 萬美元，調整後自由現金流為 700 萬美元。

During the quarter, we repurchased 2.5 million shares for over $24 million, bringing our net cash position to $293 million as of the end of the quarter. Let's take a look at the momentum of our growth engines through the lens of spend. As advertisers increasingly trust our AI infrastructure to execute their campaigns, we expect more dollars to flow through the Perion One platform. CTV spend grew 68% year-over-year to $18 million, underscoring the strong demand for our performance-driven CTV capabilities.

本季我們以超過 2,400 萬美元回購 250 萬股，使得截至季末的淨現金部位達 2.93 億美元。接下來我們以投放支出的角度，看看成長引擎的動能。隨著廣告主愈來愈信任我們的 AI 基礎設施來執行其行銷活動，我們預期將有更多預算流入 Perion One 平台。CTV 投放支出年增 68% 至 1,800 萬美元，凸顯市場對我們以成效為導向的 CTV 能力有強勁需求。

Digital Out of Home spend grew 29% year-over-year to $60.6 million, reflecting our expanding global footprint and our advanced Digital Out of Home technology. Retail Media spend increased by 27% year-over-year to $36.5 million. We continue to unlock commerce-related outcomes for top-tier brands despite some market softness, especially in the CPG sector.

數位戶外（DOOH）投放支出年增 29% 至 6,060 萬美元，反映我們全球版圖的擴張與先進的 DOOH 技術。零售媒體投放支出年增 27% 至 3,650 萬美元。儘管市場略顯疲弱、尤其在民生消費品（CPG）領域，我們仍持續為一線品牌解鎖與商務相關的成效。

It is also important to note that CTV, Digital Out of Home and Retail Media have been consistently outpacing the broader market. These impressive growth rates drove a 6% year-over-year increase in total Perion One spend compensating for the decrease in Web. The aggregate impact of the customer spend shows a growing momentum through this important KPI.

同時也必須指出，CTV、數位戶外與零售媒體的成長率一直持續領先整體市場。這些亮眼的成長帶動 Perion One 總投放支出年增 6%，抵銷了 Web 端的下滑。客戶投放支出的整體影響顯示，這項重要 KPI 的動能正在增強。

In the first-quarter of 2026, we achieved a solid 6% increase in Perion One spend, while navigating the near-term macro headwinds and cautious advertisers' planning cycles. This is a testament of the increasing demand for our solutions and our expected scale, as we look towards the second half of the year.

在 2026 年第一季，我們在面對短期宏觀逆風與廣告主較為審慎的規劃週期下，仍達成 Perion One 投放支出穩健年增 6%。這證明市場對我們解決方案的需求持續提升，且我們預期可進一步規模化，並展望今年下半年。

Revenue for the first-quarter came in at $90.4 million, with Advertising Solutions revenue at $66.7 million and Search at $23.7 million. Contribution ex-TAC remained flat year-over-year at $39.7 million. The 44% margin was stable and consistent with last year. While Advertising Solutions revenue decreased in the first-quarter due to the anticipated decline in the web activity, it is important to emphasize that Perion One contribution ex-TAC increased by 7% year-over-year aligned with the spend trajectory.

第一季營收為 9,040 萬美元，其中廣告解決方案（Advertising Solutions）營收為 6,670 萬美元，搜尋（Search）為 2,370 萬美元。扣除 TAC 後的貢獻（contribution ex-TAC）年比持平，為 3,970 萬美元。44% 的貢獻率穩定，與去年一致。雖然廣告解決方案營收在第一季因預期中的 Web 活動下滑而下降，但必須強調的是，Perion One 的 contribution ex-TAC 年增 7%，與投放支出走勢一致。

This demonstrates that as we are gradually shifting our business to the Perion One platform, contribution ex-TAC and spend are becoming the true indicators of our underlying growth. Perion One contribution ex-TAC continued to be the main profit driver, representing 81% of the total contribution ex-TAC, up from 75% in the first-quarter of 2025.

這顯示隨著我們逐步將業務轉向 Perion One 平台，contribution ex-TAC 與投放支出正成為衡量我們內在成長的真正指標。Perion One 的 contribution ex-TAC 仍是主要獲利驅動來源，占總 contribution ex-TAC 的 81%，高於 2025 年第一季的 75%。

We expect the structural shift to continue with Perion One growing to 85% to 90% of the full year 2026. With respect to our search revenue, as we transition away from the Microsoft agreement, the margin profile of our search activity is naturally shrinking. As a result, even though search revenue increased year-over-year by 21%, the related contribution ex-TAC decreased by 70% as expected.

我們預期這項結構性轉變將持續，Perion One 在 2026 全年占比將成長至 85% 至 90%。就我們的搜尋營收而言，隨著我們逐步轉離與微軟的協議，我們搜尋業務的利潤率結構自然正在收縮。因此，儘管搜尋營收年增 21%，但如預期，相關貢獻（扣除 TAC）下降了 70%。

Adjusted EBITDA for the first-quarter was $0.5 million compared to $1.8 million in the first-quarter of 2025. While we are laser-focused on operational efficiency and disciplined execution, the year-over-year delta was expected. This reflects the incremental expense base from the Greenbids acquisition in the second-quarter of 2025, and additional go-to-market investments to support our three-year growth plan.

第一季調整後 EBITDA 為 50 萬美元，對比 2025 年第一季的 180 萬美元。雖然我們高度聚焦於營運效率與紀律執行，但這個年對年差異在預期之內。這反映了 2025 年第二季收購 Greenbids 所帶來的新增費用基礎，以及為支持我們三年成長計畫而增加的市場推進（go-to-market）投資。

In addition, during the first-quarter of 2026, the headwinds of the US dollar weakness represented $1.4 million impact related to foreign exchange. Excluding this foreign exchange impact, adjusted EBITDA would have been $1.9 million, largely flat year-over-year, despite the additional costs planned for. As we onboard several large strategic agreements currently in advanced stages, we expect adjusted EBITDA to inflect meaningfully in the second half of the year. This is consistent with the second half-weighted profile of our business similar to last year.

此外，在 2026 年第一季，美元走弱的逆風帶來與外匯相關的 140 萬美元影響。若排除此外匯影響，調整後 EBITDA 將為 190 萬美元，儘管有已規劃的額外成本，年對年仍大致持平。隨著我們導入數項目前已進入後期階段的大型策略性協議，我們預期調整後 EBITDA 將在下半年出現顯著拐點。這與我們業務偏重下半年的型態一致，與去年相似。

On a GAAP basis, net loss was $10 million or $0.26 per diluted share. This compares with a net loss of $8.3 million or $0.19 per diluted share in the first-quarter last year. On a non-GAAP basis, net income was $4.8 million or $0.11 per diluted share.

按 GAAP 基礎，淨損為 1,000 萬美元，或每股稀釋虧損 0.26 美元。相較之下，去年第一季淨損為 830 萬美元，或每股稀釋虧損 0.19 美元。按非 GAAP 基礎，淨利為 480 萬美元，或每股稀釋盈餘 0.11 美元。

This compares with $5.4 million or $0.11 per diluted share in the first-quarter last year. Net cash provided by operating activities was $6.7 million and adjusted free cash flow was $7 million. The cash generative quality of our business model and our disciplined CapEx investment practices ensure that our internal operations are streamlined to support our growth.

相較之下，去年第一季為 540 萬美元，或每股稀釋盈餘 0.11 美元。營運活動提供的淨現金為 670 萬美元，調整後自由現金流為 700 萬美元。我們商業模式的現金創造能力，以及我們在資本支出（CapEx）上的紀律投資作法，確保內部營運精簡，以支持成長。

We ended the first-quarter with $293 million in cash, cash equivalents, short-term bank deposits and marketable securities on our balance sheet. While we continue to generate positive cash flow from operations, the $20 million reduction from year-end is driven by $24.1 million, returning cash to our investors in the form of share repurchases.

第一季末，我們資產負債表上的現金、約當現金、短期銀行存款及有價證券合計為 2.93 億美元。雖然我們持續從營運產生正向現金流，但相較年末減少的 2,000 萬美元，主要是因為我們以庫藏股回購的方式向投資人返還現金 2,410 萬美元。

This strong liquidity profile gives us the financial flexibility to pursue organic investments, M&A opportunities and continued shareholders' return. Our capital allocation priorities remain highly disciplined, focused on creating long-term value.

這樣強勁的流動性概況，讓我們在進行有機投資、把握併購（M&A）機會，以及持續回饋股東方面具備財務彈性。我們的資本配置優先順序仍高度自律，聚焦於創造長期價值。

During the first-quarter, we repurchased 2.5 million shares for a total of $24.1 million. Under our current authorized program, we have now repurchased a cumulative total of 15.3 million shares for $142.2 million. Since the program's initiation, we have acquired these shares at an average price of $9.27 per share.

第一季期間，我們回購了 250 萬股，總金額 2,410 萬美元。在目前核准的計畫下，我們累計已回購 1,530 萬股，金額 1.422 億美元。自計畫啟動以來，我們回購這些股份的平均價格為每股 9.27 美元。

This is notably lower than our average stock price at the last 30 days. By doing so, we have already generated immediate tangible value for our shareholders. Buying back our own stock at current valuation levels, alongside disciplined organic and inorganic investments is the most effective use of our excess cash. It reflects our confidence in Perion's long-term intrinsic value.

這明顯低於我們過去 30 天的平均股價。透過這麼做，我們已為股東創造了立即且具體的價值。在目前估值水準下回購自家股票，並同時進行有紀律的有機與無機投資，是我們運用超額現金最有效的方式。這反映了我們對 Perion 長期內在價值的信心。

Despite the expected macro headwinds for the second-quarter, given the momentum we see building in our pipeline for the back half of the year, particularly the several large strategic agreements that are in advanced stages, we are reiterating our full year 2026 guidance.

儘管第二季預期將面臨總體環境逆風，但鑑於我們看到年度下半年管線動能正在累積，尤其是數項已進入後期階段的大型策略性協議，我們重申 2026 全年財測指引。

To conclude, Perion entered 2026 with a strong financial foundation, a proven platform strategy, highly disciplined operations and a set of growth engines that are constantly outpacing their markets. The infrastructure is in place. The pipeline is building continuously, and we are prioritizing sustainable, profitable growth and long-term value creation for our shareholders. With that, I will turn the call back to the operator to open the line for questions. Thank you.

總結而言，Perion 以強健的財務基礎、經驗證的平台策略、高度自律的營運，以及一組持續跑贏其市場的成長引擎進入 2026 年。基礎建設已就位。管線持續累積，我們正優先推動可持續、具獲利性的成長，並為股東創造長期價值。接下來我將把電話交回給主持人，開放提問。謝謝。

(Operator Instructions)

（主持人指示）

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

I wanted to start off with one on Outmax, some really good numbers there. And we're seeing the agentic space getting increasingly crowded. I guess how are you differentiating Outmax in the marketplace in your go-to-market process that is allowing it to more than triple spend year-over-year? And then I have a follow-up.

我想先從 Outmax 談起，那裡的數字非常不錯。而且我們看到代理式（agentic）領域越來越擁擠。我想請問你們在市場推進（go-to-market）過程中，如何在市場上差異化 Outmax，使其支出得以年對年成長超過三倍？之後我還有一個追問。

Yes. Thank you, Andrew. Yes, so you saw Outmax, the AI agent technology that we have grew by over 300%. The main thing and our main advantage is we're the only technology out there that can perform this across both CTV, web and social with closed gardens, which is a major advantage. To have only one AI agent technology and infrastructure that can run across all those channels, all those platforms is a major, major advantage.

是的。謝謝你，Andrew。是的，你看到 Outmax，也就是我們的 AI 代理技術，成長超過 300%。最主要的一點、也是我們的核心優勢在於：我們是市面上唯一能同時在 CTV、網頁與社群（包含封閉式生態／walled gardens）上執行這項能力的技術，這是很大的優勢。擁有一套 AI 代理技術與基礎設施，就能跨所有這些渠道、所有這些平台運作，是非常、非常大的優勢。

Great. And then maybe one for Elad. Can you expand a little bit on the commentary that you gave in your prepared remarks on the uneven macro conditions and some of the caution you're seeing from advertisers. From your peer set, we're kind of hearing feedback that's quite variable, so I'd just like to get a little bit more granularity of what you're seeing from your position.

很好。接著可能問 Elad 一題。你能否更詳細說明一下你在事先準備的發言中提到的總體環境不均衡，以及你看到廣告主出現的一些謹慎態度？從同業那邊，我們聽到的回饋差異很大，所以我想更細緻地了解你們從自身位置所觀察到的情況。

Sure, thanks, Andrew. So in terms of the headwinds that we are seeing, we see that the inflation in the oil prices, a lot of the attention in the Middle East caused some uncertainty in terms of the budget spend, especially, I would say, around CPG, we see and slightly around auto.

當然，謝謝你，Andrew。就我們看到的逆風而言，我們看到油價通膨、中東局勢受到高度關注，導致在預算支出上出現一些不確定性；尤其我會說在民生消費品（CPG）方面較明顯，汽車類也略有影響。

In addition to that, we are continuing to see the slow or say, short planning cycles of the advertisers in terms of their budget spend. So this is what we see currently towards Q2. But it is important to say that we always start to see some more momentum growing in our pipeline towards the second half of the year.

此外，我們仍持續看到廣告主在預算支出上的規劃週期偏慢，或可說是偏短的規劃週期。這就是我們目前對第二季所看到的情況。但重要的是要說，我們通常會在接近下半年時，開始看到管線動能逐步增強。

Now of course, we do not know yet the timing of when all of those headwinds will really be over. We do not anticipate, but we do see more and more strength into our pipeline moving forward, especially around Outmax, the adoption of more and more customers to this solution. And of course, we're taking all of those considerations when we are building the guidance towards the rest of the year.

當然，我們目前還不知道這些逆風真正結束的時間點。我們不做預判，但我們確實看到未來管線越來越強，尤其是在 Outmax 方面，越來越多客戶採用這個解決方案。當然，在制定今年剩餘期間的指引時，我們也會把所有這些因素納入考量。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Can you hear me?

你聽得到我嗎？

Yes.

聽得到。

First, your comment just about tracking total spend, which we agree with, are you planning to break down total spend by -- between advertising and search or that was just a comment of like just one number for that? And then I've got some follow-ups.

首先，關於你提到追蹤總支出（total spend）的評論，我們也同意；你們是否計畫把總支出拆分為——在廣告與搜尋之間拆分？還是那只是說像是一個單一數字的評論？然後我還有一些追問。

So in terms of the spend, our main growth -- our main focus and strategic focus is around Perion One. So definitely Perion One will continue to give the spend levels for Perion one and to give the trajectory of how much we are growing year-over-year, of course.

就支出而言，我們的主要成長——我們的主要聚焦與策略重點是在 Perion One。因此，Perion One 一定會持續提供 Perion One 的支出水準，並且當然也會提供我們年對年成長幅度的趨勢。

And also, as you saw, we started to provide spend also for our growth engines, how does CTV, Digital Out of Home contribute in terms of spend, how exactly Outmax is performing in terms of spend. And this is how we are managing our day to day operation in the business as well. So we have tied this one together.

另外，如你所見，我們也開始針對我們的成長引擎提供支出資訊，例如 CTV、數位戶外（Digital Out of Home）在支出方面的貢獻，以及 Outmax 在支出表現方面究竟如何。這也是我們在業務中管理日常營運的方式。因此我們把這些整合在一起。

In search, (technical difficulty) right now our main strategic focus of the business, we are -- it's still stabilized, and we are providing obviously, most of the trajectory moving forward in terms of contribution ex-TAC, of course, to give you the full profitability of the business.

在搜尋業務方面，（技術問題）目前我們的主要策略重點是——我們仍然維持穩定，並且顯然在未來的貢獻走勢上（以扣除 TAC 前的貢獻 ex-TAC 來看）提供了大部分的動能，當然，這是為了讓你看到業務的完整獲利能力。

And I think Search was better than expected in the quarter. Just any thoughts why that happened?

而且我認為本季的搜尋表現優於預期。對於為什麼會發生這種情況，你有什麼想法嗎？

Yes. So we saw a minor increase in search spend, say, year-over-year. This is contributing to 21% in revenue, the search, year-over-year. But if you are looking at it from a contribution ex-TAC, which is more importantly, is we are shifting out from Microsoft and focusing on other search providers.

是的。因此我們看到搜尋支出年增小幅上升。搜尋在營收方面年增貢獻達到 21%。但如果你從扣除 TAC 前的貢獻（ex-TAC）角度來看，更重要的是，我們正在從 Microsoft 轉移，並聚焦於其他搜尋供應商。

As expected, the margins are lower, the contribution ex-TAC from search activity was actually reduced year-over-year. I have to say it was exactly as we build into our guidance this year. So despite seeing the contribution ex-TAC flat year-over-year, actually, what you are seeing is that Perion One increase of 7% year-over-year in the contribution ex-TAC. And Search is actually declining, but ended up exactly as we expected at the beginning of the year.

如預期，毛利率較低，來自搜尋活動的 ex-TAC 貢獻實際上年減。我必須說，這完全符合我們今年在財測指引中所納入的假設。因此，儘管你看到 ex-TAC 貢獻年對年持平，但實際上你看到的是 Perion One 的 ex-TAC 貢獻年增 7%。而搜尋其實是在下滑，但結果正如我們年初所預期。

Okay. And then I guess with the weaker advertising in the quarter, I think, relative to what folks were expecting yet, you're still keeping your full year guidance. I mean, how much is this kind of known versus unknown? I mean, obviously, the macro is unknown, right? I think you said that this macro was maybe a little worse than you thought in the quarter, but yet you're again, still keeping your full year guide the same and you're assuming new clients start spending.

了解。那我想，儘管本季廣告相對於市場預期較疲弱，你們仍維持全年指引。我的意思是，這當中有多少是已知、多少是未知？顯然總體環境是未知的，對吧？我想你提到本季的宏觀環境可能比你原先預期更差一些，但你們仍然維持全年指引不變，並假設新客戶會開始投入支出。

So I guess like why is that the most prudent way to look at this right now? Why not lower the full year outlook for maybe weaker first-quarter? I don't know why is this the right way to look at the business right now?

所以我想問，為什麼你認為這是目前最審慎的看法？為什麼不因為第一季較弱而下修全年展望？我不太確定——為什麼這是目前看待這項業務的正確方式？

Okay. So I will touch this in three different points. First, we do see tangible pipeline that's increasing already towards the second half of the year coming from adoption of Outmax. As we saw, by the way, in the previous quarter, if you remember the land and expand model, it takes time to ramp, but we're seeing the traction right now.

好的。我會從三個不同面向來說明。第一，我們確實看到可量化的 pipeline 已經在增加，並且正朝向下半年成長，主要來自 Outmax 的採用。順帶一提，如同你在上一季看到的，如果你還記得「落地並擴張」（land and expand）模式，需要時間爬坡，但我們現在正看到動能。

And we see the adoption towards the second half. In addition to that, and I discussed in the my script, we have a few strategic agreements that are expect to be closed very soon to onboard already in the next few weeks in Q2, and we will start to see the ramp already in the second half of the year.

而且我們看到採用將在下半年更明顯。此外，我在講稿中也提到，我們有幾項策略性協議預期很快就會完成簽署，並在第二季接下來幾週內完成導入（onboard），我們將在下半年開始看到爬坡成長。

So those, I would say, two initiatives are tangible things, that we see, and we are building into the pipeline. I would add also that in terms of the EBITDA, that will have growth, but also from an expense perspective, we are investing right now in the right places that will give us this growth to H2, same as we did last year, both from a growth perspective and also from EBITDA perspective on the efficiency level.

所以我會說，這兩項計畫都是我們看得到、也納入 pipeline 的具體事項。我也要補充，就 EBITDA 而言，將會成長；同時在費用面，我們目前正把投資放在正確的位置，以帶動下半年成長——就像去年一樣，無論是成長面，或是 EBITDA 面在效率層級的提升。

As we saw last year, the second half of the year is much more -- we are much more heavy weighted towards the second half, and it's very much important right now to continue our investment in terms of the growth, but also in terms of the efficiency that we'll be able to see the benefit going into the second half of the year.

如同去年所見，下半年權重明顯更高——我們的表現更偏向下半年；因此此刻持續投資於成長，以及投資於效率，讓我們能在下半年看到效益，這點非常重要。

Matthew Weber, Canaccord.

Matthew Weber，Canaccord。

Just wanted to ask about your comments on pivoting the sales leadership team to better convert pipeline into the realized revenue. Can you just provide some additional color on what this entails? Are you looking to make new hires, altering the compensation structure of employees or reorganizing the team? And then I have a quick follow-up.

我想詢問你提到要調整銷售領導團隊，以更好地把 pipeline 轉化為已實現的營收。你能否補充一些細節，這具體包含哪些內容？你們是打算新增招募、調整員工的薪酬結構，或是重組團隊嗎？另外我還有一個簡短的追問。

Yes. Absolutely. Thank you for your question. So the main idea is how do we streamline our growing pipeline towards conversion. So we're flattening our organization. As I said, part of the call that Stephen Yap is transitioning out of his role, and we're flattening the organization to make it more streamlined and more efficient.

是的。當然。謝謝你的提問。主要想法是：我們如何把持續成長的 pipeline 更順暢地導向轉換。因此我們正在把組織扁平化。如我在電話會議中提到，Stephen Yap 正在從他的職務轉任離開，我們也藉由扁平化組織，使其更精簡、更有效率。

We're also introducing a lot of new AI capabilities to the sales team, especially a new capability of AI SDR, which is lead qualification with faster turnaround from leads to sales. And we are now mainly focusing -- as we advance our technology, focusing a lot on accelerating ourselves. So that's part of it.

我們也正在為銷售團隊導入許多新的 AI 能力，特別是一項新的 AI SDR 能力，也就是更快速地進行名單（leads）資格判定，縮短從名單到成交的週期。而且隨著我們技術的推進，我們現在主要聚焦——更聚焦於加速我們自己。這是其中一部分。

Got it. And then just on the launch of Outmax to African markets, I believe it's currently available in South Africa. What does the timing for a broader Continental rollout look like? And are there any major investments you still need to make to support these efforts? Or is it just a matter of execution?

了解。另外關於 Outmax 進軍非洲市場的推出，我相信目前已在南非上線。更廣泛的非洲大陸（Continental）推廣時程會是什麼樣子？你們是否仍需要投入任何重大投資來支持這些工作？還是只是執行面的問題？

So we've just launched this new partnership with those new partners to see how do we work on a reseller agreement and have mainly Outmax with resellers across now Africa, but we're going to put a lot of efforts to launch new more and more resellers going forward. We believe Outmax is the perfect product for resellers. It's an easy pitch, easy setup. There are worldwide, the majority of budgets in marketing sits within Meta, YouTube and TikTok. So it's pretty perfect anywhere on planet.

我們剛與這些新夥伴啟動新的合作關係，來看看如何以經銷商協議（reseller agreement）運作，並讓 Outmax 主要透過經銷商在非洲各地推廣；但接下來我們會投入大量努力，持續拓展更多經銷商。我們相信 Outmax 是非常適合經銷商的產品。它很容易推介、也很容易設定。在全球範圍內，行銷預算的大多數都集中在 Meta、YouTube 和 TikTok。所以它在地球上任何地方都非常適用。

At the same time, we can grow without adding extra cost to our P&L. So it's -- we believe it's only the beginning of something that can become much bigger worldwide, the reseller program that we launched.

同時，我們可以在不增加損益表（P&L）額外成本的情況下成長。因此——我們相信這只是開始；我們推出的經銷商計畫有機會在全球範圍內變得更大。

Laura Martin, Needham.

Laura Martin，Needham。

So the advertising growth was negative 4%. Total growth was -- for net TAC was 0. And most of the industry has reported now, I think you're last, so and then really the benchmark was 10% to 12%. So could you talk about how you're planning to close the gap to the rest of the ad tech industry growth rates?

所以廣告成長是負 4%。總成長——以淨 TAC 來看是 0。而且我想現在產業大多數公司都已經公布了，你們應該是最後一家；同時市場基準大約是 10% 到 12%。所以你能談談你們打算如何縮小與其他廣告科技產業成長率之間的差距嗎？

And then secondly, AI, could you talk about what you're doing with generative AI internally to cut costs and then externally to increase sales velocity -- not sales velocity, but like new product velocity and how you think it helps you retain growth in the advertising part of your business.

第二個問題是 AI：你能談談你們在內部如何使用生成式 AI 來降低成本，以及在外部如何提升銷售速度——不是銷售速度，而是像新產品推出速度（new product velocity）——以及你認為它如何幫助你們在廣告業務部分維持成長？

I will take the first question, and then I'll hand over to Tal. So in terms of the advertising solution revenue, the reason for the decrease that we see right now in the advertising solution revenue line is mainly related to product mix. From an accounting perspective, there are certain products that are recognized on a net basis and some of them are recognized on a gross basis.

我先回答第一個問題，然後再交給 Tal。就廣告解決方案營收而言，我們目前在廣告解決方案營收線看到下滑的原因，主要與產品組合（product mix）有關。從會計角度來看，有些產品以淨額（net basis）認列，有些則以總額（gross basis）認列。

That's why we -- and by the way, is more -- as we are leaning more and moving more towards Perion One solution, we'll see more and more revenue recognized on a net basis. That's why we started to focus more and more on the contribution ex-TAC and the spend because as you see in this quarter, those are really reflecting the real trajectory of the business as the leading indicator for how we growing.

這就是為什麼我們——順帶一提，這也更是如此——隨著我們越來越傾向並逐步轉向 Perion One 解決方案，我們會看到越來越多的營收以淨額基礎認列。這也是為什麼我們開始越來越聚焦於 contribution ex-TAC 與支出（spend），因為如你在本季所見，這些指標確實反映了業務的真實走勢，並作為我們成長方式的領先指標。

So the spend of Perion One increased 7%, the -- 6% sorry, the contribution ex-TAC increased by 7%. So I would say the gap that you're referring to from the peers is not different. We do -- we are I would say, investing more, as I said, towards the go-to-market, and we changed some of our sales strategy as discussed, and we're building the pipeline. And in our models, we are seeing much more increased, I would say, growth, more in line, by the way, with the plan that we provided also towards the 2028 three-year plan that we provided.

因此，Perion One 的支出成長了 7%，呃——抱歉，是 6%；contribution ex-TAC 成長了 7%。所以我會說，你所提到與同業之間的差距並沒有不同。我們確實——我會說——如我所述，正在加大對 go-to-market 的投資，我們也如先前討論調整了一些銷售策略，並正在建立銷售管線（pipeline）。而在我們的模型中，我們看到更大幅度的成長提升，我會說，順帶一提，這也更符合我們所提供的計畫，也就是我們提供到 2028 的三年計畫。

And as for AI, we have two layers of AI. Obviously, Perion One.and Outmax is fully AI-driven. And the new products that we're about to launch are fully agentic. But on the internal part, everything is becoming AI-driven from our R&D, it's fully deployed with [ cost closed ], and we do see accelerated development and accelerated launches of features.

至於 AI，我們有兩個層面。很明顯地，Perion One 和 Outmax 都是完全由 AI 驅動。而我們即將推出的新產品是完全 agentic（代理式）的。但在內部方面，從我們的研發開始，一切都正在變成 AI 驅動；目前已全面部署（[ cost closed ]），我們確實看到開發加速以及功能推出加速。

And internally, like I said before, one other example is we now have an AI agent for an SDR. It's all part of the 2028 plan that we announced three months ago. We believe we're going to start seeing even more meaningful efficiency in H2 because we do deploy pretty fast our AI solution mainly for the efficiency part.

在內部，如我之前所說，另一個例子是我們現在有一個用於 SDR 的 AI 代理。這都是我們三個月前公布的 2028 計畫的一部分。我們相信在下半年（H2）會開始看到更有意義的效率提升，因為我們部署 AI 解決方案的速度相當快，主要用於效率面。

Okay. Maybe I'll just follow up. So Google did its IO Developers Conference sort of keynote yesterday. And their vision tile is to get consumers in via search and then keep them in the Google perimeter and become essentially a gatekeeper and not really let them get to the open Internet.

好的。也許我再追問一下。所以 Google 昨天舉行了 IO 開發者大會的主題演講。他們的願景標題是透過搜尋把消費者導入，然後把他們留在 Google 的範圍內，基本上成為把關者，而不太讓他們進入開放網際網路。

Is there anything really you or any open Internet company can do if Google's vision is to keep consumers within their perimeter for all discovery, purchase consideration, essentially displacing the purchase funnel that we know today? Do you have any points of view about that?

如果 Google 的願景是把消費者在所有探索、購買考量等行為都留在其範圍內，等於取代我們今天所熟悉的購買漏斗，那你們或任何開放網際網路公司真的還能做什麼嗎？你對此有什麼看法？

Yes, absolutely. I think it's a great question. And I actually thought it was kind of related on their behalf. Now as you probably remember, we said that two years ago that LLMs are going to take over, web is not going to be in the future, open web is not going to be the future. This is why two years ago, we started moving from open web and towards out-of-home, which is a channel that is not going to get affected by LLMs and closed gardens.

是的，當然。我認為這是個很好的問題。而且我其實覺得這某種程度上也與他們的立場相關。如你可能記得，我們兩年前就說過 LLM 將會接管，Web 不會是未來，開放網路也不會是未來。這就是為什麼兩年前我們開始從開放網路轉向戶外（out-of-home），因為那是一個不會受到 LLM 與封閉花園（closed gardens）影響的渠道。

So Outmax works on YouTube, Meta, TikTok things that are not getting affected by those LLMs. But in parallel, our Outmax AI team, the development team are already researching how we deploy Outmax on platforms, such as ChatGPT and Google Shopping ads.

因此 Outmax 在 YouTube、Meta、TikTok 等平台上運作，這些不會受到那些 LLM 影響。但同時，我們的 Outmax AI 團隊、開發團隊也已在研究如何把 Outmax 部署到像 ChatGPT 與 Google Shopping Ads 這類平台上。

So that's already in the works. It requires a bit more development, but we're focusing on the marketing budgets, not on the channels themselves. And as I said in the past, we want to be channel-agnostic, wherever advertisers would want to advertise, we're going to be there. Now if you look at the new product of Google, the major parts are basically Google Shopping Ads. So it's not fully organic.

所以這已經在進行中。這需要更多一些開發，但我們聚焦的是行銷預算，而不是渠道本身。而且如我過去所說，我們希望做到渠道無關（channel-agnostic）：不論廣告主想在哪裡投放，我們都會在那裡。現在如果你看 Google 的新產品，主要部分基本上就是 Google Shopping Ads。所以它並非完全是自然流量（organic）。

Advertisers would still need to go through that. And that's why our Outmax team are investigating how do we get Outmax to deploy also on Google Shopping Ads. That's going to take a bit of time, but we're totally focusing on it.

廣告主仍然需要透過那個方式。這也是為什麼我們的 Outmax 團隊正在研究如何讓 Outmax 也能部署在 Google Shopping Ads 上。這會需要一些時間，但我們完全專注在這件事上。

Jason Kreyer, Craig-Hallum Capital.

Jason Kreyer，Craig-Hallum Capital。

Just one question for me. I wanted to talk about the customer pipeline. You've talked a few times just about your confidence in the second half of the year. Can you give a color on how the RFP processes has evolved over the last couple of quarters? Maybe how the different conversations have changed as Perion One and as Outmax have evolved?

我這邊只有一個問題。我想談談客戶管線（customer pipeline）。你們多次提到對今年下半年的信心。你能否說明一下過去幾個季度 RFP 流程是如何演變的？也許也談談隨著 Perion One 與 Outmax 的演進，不同的對話內容有哪些變化？

Sure. Thank you for the question. So I think two moving parts. The RFPs, we see that -- and what we saw in the last year as well that advertisers do not plan a year ahead. It's three months to six months, top, ahead. And that didn't change. It's still the same pace.

當然。謝謝你的問題。我認為有兩個變動因素。關於 RFP，我們看到——而且去年我們也看到——廣告主不會提前一年做規劃。最多就是提前三到六個月。而這點沒有改變。節奏仍然一樣。

The things that we have a bit different this year is the reseller agreements, so we launched two resellers in Africa. We have a few more agreements, which we consider strategic. We do believe that they're going to start ramping up in H2, which give us a bit more confidence about our pacing. And we do work on other things that we're going to announce once they're ready. But on an RFP to RFP, it's the same kind of pace that we saw last year. That didn't change. It's mainly the more strategic parts, like the things we just announced.

今年稍有不同的是經銷商（reseller）協議，所以我們在非洲推出了兩個經銷商。我們還有幾個我們認為具策略性的協議。我們確實相信它們會在下半年開始放量（ramping up），這讓我們對節奏更有信心一些。我們也在推進其他事項，等準備好後會再宣布。但就一個 RFP 到下一個 RFP 而言，節奏與去年看到的相同。這沒有改變。主要是更具策略性的部分，例如我們剛宣布的那些。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

So the three-year plan anticipates this, you talked about the platform One contribution ex-TAC about a 20% CAGR, and just based on kind of the early days, typically, CAGRs in the early years are greater and then they slow down in the later years. And yet we're in what I think I heard it was 6% or I guess, 7% contribution ex-TAC. Was that where we were for Q1?

所以三年計畫預期會是這樣：你提到平台 One 的 contribution ex-TAC 約 20% 的 CAGR，而就早期階段而言，通常早期年度的 CAGR 會更高，之後幾年會放緩。但我們現在處於我聽到的 6% 或我想是 7% 的 contribution ex-TAC。那是 Q1 的水準嗎？

Yes, 7%. And remember that our business, like (technical difficulty) business is extremely seasonal. So Q1 is the weakest of the quarters, typically, and we do see a 7% increase.

是的，7%。而且請記得，我們的業務，像（技術問題）業務一樣，季節性非常強。所以 Q1 通常是最弱的一季，而我們仍看到 7% 的成長。

As you go through -- I'm just wondering, at a certain point, we've actually got to get better than 20%. I'm just trying to size up this three-year progression, right, if we're starting out in kind of mid- to high single digits here, at what point should we anticipate -- are you guys already seeing, hey, this is a (technical difficulty). We're already -- based on the pipeline, we're going to see 20% plus in the back half of 2026?

隨著你們往下走——我只是想知道，在某個時間點，我們實際上必須要優於 20%。我想評估這三年的推進節奏，對吧？如果我們從中到高個位數開始，那麼在什麼時點我們應該預期——你們是否已經看到，嘿，這是一個（技術問題）。我們已經——基於管線——會在 2026 年下半年看到 20% 以上？

So to answer your question, I will divide my answer. First of all, when you're looking at 2028, we discussed right (technical difficulty) we'll have to bring some investment in the early stages to ramp it up. And the reason why we showed the land and expand because it takes time to get to the customers. We started -- if you remember, the previous customer that we saw, in the first year was only $50,000 in terms of spend. Second year, it was ramped up to $4.5 million, and the third year was more than $20 million in spend in different channels, et cetera.

為了回答你的問題，我會把回答分成幾部分。首先，當你看 2028 時，我們討論過，對吧（技術問題），我們必須在早期階段投入一些投資來把它拉升。而我們之所以展示 land and expand（先切入再擴張），是因為觸達客戶需要時間。我們開始——如果你記得，我們之前看到的那個客戶，第一年在支出方面只有 5 萬美元。第二年拉升到 450 萬美元，第三年在不同渠道等方面的支出超過 2,000 萬美元，等等。

So this is very much also how -- what you are thinking about the 2028 model with -- in term of the land and expand. So it takes time to ramp up. Now when I'm talking specifically about 2026, we do expect to see in the second half of the year to date, I would say in double-digit growth, and aiming towards the 20% already towards the fourth-quarter of the year. We will start seeing this ramp go.

所以這也非常符合——你們在思考 2028 年模式時——就「先落地再擴張（land and expand）」在土地與擴張方面的思路。因此，拉升需要時間。現在如果我特別談 2026 年，我們確實預期在下半年會看到年初至今的表現，我會說是雙位數成長，並且在第四季已經朝 20% 的目標邁進。我們將開始看到這個爬坡啟動。

Sorry, can you repeat that last?

抱歉，你可以重複一下最後那段嗎？

I said for 2026, we will start, of course, to see the ramp along the year. And I believe that already in Q4, we'll start to see the double-digit growth aiming towards 20% already in Q4 in this year.

我說的是，針對 2026 年，我們當然會開始在全年看到爬坡。而且我相信在第四季，我們就會開始看到雙位數成長，並且在今年第四季就朝 20% 的目標邁進。

And then the contribution ex-TAC margin, was that totally at the -- it was below what I was anticipating. Another way to put it is to say that it was an increased tech. Is that pretty much all search related in your mind?

然後，扣除 TAC 的貢獻毛利（contribution ex-TAC margin），那個數字完全——它低於我原本的預期。換個說法，就是技術成本增加了。在你看來，這幾乎都跟搜尋（search）相關嗎？

It's very much search related. Search becoming, I would say, a smaller part of our business. And Perion One, will increase its part of the overall contribution, we will see the margin goes up, as I discussed earlier about the net recognition, et cetera.

這確實非常與搜尋相關。搜尋正在成為——我會說——我們業務中較小的一部分。而 Perion One 會提高其在整體貢獻中的占比；如我先前談到淨額認列等因素，毛利率也會上升。

So definitely this is something that we see. We need to remember that the search has lower seasonality than all of the -- rest of our business. So in Q1, you'll see that the search contribution ex-TAC was roughly 90% million of the -- or 80% of the overall contribution ex-TAC. So if you remember, last quarter, we certainly said that the overall Perion One will be 85% to 90%. So along the year, we'll see the seasonality much more revenue with respect to Perion One, and the margin will increase as well.

所以這絕對是我們看到的趨勢。我們需要記得，搜尋的季節性低於我們其他——其餘業務。因此在第一季，你會看到搜尋的扣除 TAC 貢獻大約是——約 9,000 萬——或占整體扣除 TAC 貢獻的 80%。所以如果你還記得，上季我們確實說過整體 Perion One 會是 85% 到 90%。因此隨著全年推進，我們會看到更多與 Perion One 相關的季節性收入，毛利率也會提高。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

I appreciate it. You made mention in your prepared remarks about onboarding agreements will drive a meaningful EBITDA inflection. Just curious if you could elaborate on what those agreements are and the timing in terms of the EBITDA inflection?

謝謝。你在事先準備的發言中提到，上線（onboarding）協議將帶來顯著的 EBITDA 拐點。想請你多談談那些協議是什麼，以及 EBITDA 拐點的時間點？

So in terms of this agreement a few strategic agreement that we start working on them over the last year. Of course, they are taking time. But we are maybe right now at the final stages, and we start to see more of this -- of their contribution is start to onboard our platform.

就這些協議而言，是幾個我們在過去一年開始推進的策略性協議。當然，它們需要時間。但我們現在可能已經在最後階段，並且開始看到更多——它們的貢獻開始上線到我們的平台。

It does take time. We believe that we're going to see some ramp up, but relatively to period in terms of the spread. And then of course, I cannot really speak about who are those names and in terms of geography, but they are very heavy on the spend of how much we are running in different markets.

這確實需要時間。我們相信會看到一些爬坡，但就期間而言，會相對分散在一段時間內。然後當然，我無法具體談這些客戶是哪些名字或其地理分布，但他們在不同市場的投放金額非常大。

And from the test that we did with them and we saw the network and what is the potential and how much we are believing that the ramp-up of their customers will be, et cetera, we see very good traction towards the second half of the year. And it should start, of course, building even higher going forward to next year. This is obviously some of the high-volume agreements that we have discussed that we expect to sign during this year.

從我們與他們進行的測試，以及我們看到的網路表現、潛力、我們對其客戶爬坡幅度的預期等等，我們在下半年看到非常好的進展。而且當然，往後到明年應該會持續建立得更高。這顯然就是我們先前討論過、預期在今年簽署的一些高量級協議。

Great. And then my second question is, and I know this is not the core growth focus of the business. It's not a growth focus at all, but the web advertising you go back six to nine months, commentary was that this business was flattening out for you, and it sounds like in Q1, it was more pressure on growth perhaps. And relative to your initial guidance for 2026, how much of a headwind does any negative shift in web create a hurdle for hitting your full year guidance?

很好。我的第二個問題是，我知道這不是公司核心的成長重點。甚至完全不是成長重點，但如果回到 6 到 9 個月前，你們的說法是這塊網頁廣告（web advertising）業務對你們而言正在趨於持平，而聽起來在第一季成長可能承受了更大壓力。相較於你們最初對 2026 年的指引，網頁業務若出現任何負向變化，對達成全年指引會造成多大的逆風與門檻？

So we do not see the web shift is actually affecting our guidance. If you look in the revenue, you see the the minus 4%. Obviously, it's come mostly from web, but we need to remember that web was relatively low margin. And we -- at the beginning of 2025, we took proactive action to close even some of the web solutions that we are providing.

所以我們不認為網頁端的變化實際上會影響我們的指引。如果你看營收，你會看到 -4%。顯然主要來自網頁端，但我們需要記得網頁端的毛利率相對較低。而且——在 2025 年初，我們採取了主動措施，甚至關閉了我們提供的部分網頁解決方案。

If we look at the contribution ex-TAC level, you will see that the CTV and out of home and Outmax, of course, actually compensated on the web shrinking. So we grew year-over-year. I believe that this is it's coming from the overall market and budgets that are shifting away from open web as we have discussed, moving into more closed gardens and Digital Out of home and CTV and also, of course, I believe, into the LLMs in the next future.

如果我們看扣除 TAC 的貢獻層級，你會看到 CTV、戶外媒體（out of home）以及 Outmax 當然實際上彌補了網頁端的萎縮。因此我們年對年仍然成長。我相信這反映的是整體市場，以及預算如我們所討論的，正從開放網路（open web）轉移，流向更多封閉式生態（closed gardens）、數位戶外（Digital Out of Home）與 CTV，當然我也相信在不久的將來也會流向 LLM。

So overall, as we are seeing more revenue flowing for the Perion One, we are becoming more channel-agnostic, and we are not really prioritizing our performance -- or doing the performance based on certain channels and more focusing on the ROI for the advertiseRogers Stadium. And so overall, we are not expecting this to change where we are at the guidance right now.

所以整體而言，隨著更多營收流向 Perion One，我們正變得更不受渠道限制（channel-agnostic），我們不會真的去優先某些渠道的表現——或以特定渠道來衡量表現——而是更聚焦於廣告主的 ROI。因此整體來看，我們不預期這會改變我們目前的指引水準。

Thank you. This concludes today's Q&A. I will now pass back to Tal Jacobson for closing remarks.

謝謝。今天的問答到此結束。我現在把時間交回給 Tal Jacobson 做結語。

Thank you. Thank you, everyone, for joining us on the Q1 earnings call. We will continue to invest and advance our technologies, and continue to invest in our clients and the adoption rate should be increasing. And we'll see you next time. Thank you.

謝謝。謝謝各位參加我們第一季財報電話會議。我們將持續投資並推進我們的技術，也會持續投資於我們的客戶，採用率應該會提高。我們下次再見。謝謝。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝各位參與。您現在可以掛線。