Perion Network Ltd (PERI) 2026 Q2 法說會逐字稿

Hello, everybody, and welcome to the Perion Network second quarter 2026 earnings conference call. Today's conference call is being recorded. 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. Before we begin, I'd like to read the following safe harbor statement.

各位好，歡迎參加 Perion Network 2026 年第二季財報電話會議。今天的電話會議將被錄音。網路直播的存檔將發布於公司網站。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，我想先宣讀以下的安全港聲明。

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 headings 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, performance or achievements anticipated or implied by these forward-looking statements.

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。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，包括公司於 Form 20-F 年度報告中「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 a non-GAAP basis. While mentioning EBITDA, we will be referring to adjusted EBITDA. We have provided a detailed reconciliation of non-GAAP measures and their comparable GAAP measures in our earnings release, which is available on our website and has also been filed on Form 6-K.

公司不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。與以往季度相同，今天公布的結果將同時以 GAAP 與非 GAAP 基礎進行分析。在提及 EBITDA 時，我們指的是調整後 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，該新聞稿可於我們網站取得，並已以 Form 6-K 形式提交。

Hosting the call today are 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.

今天主持電話會議的是 Perion 執行長 Tal Jacobson，以及 Perion 財務長 Elad Tzubery。現在我想把電話會議交給 Tal Jacobson。請開始。

Good morning and thank you for joining us on Perion's Earnings Call for the second quarter of 2026. Nearly two years ago, we made a deliberate decision to diversify Perion away from the open web. We quickly adapted to the demands of the marketplace ahead of the budget shift the industry is experiencing today. This diversification was driven by both our organic investment in CTV and Retail Media and our M&A strategy from Hivestack in Digital Out of Home to Greenbids and the Outmax AI agent. Ever since, we've been doubling down on that strategy.

各位早安，感謝各位參加 Perion 2026 年第二季財報電話會議。將近兩年前，我們做出一項審慎的決策，讓 Perion 的業務多元化、降低對開放網路（open web）的依賴。我們迅速因應市場需求，並在產業如今正經歷的預算轉移之前就已提前調整。這項多元化策略同時來自我們在 CTV 與零售媒體（Retail Media）的有機投資，以及我們的併購策略——從數位戶外（Digital Out of Home）的 Hivestack，到 Greenbids 與 Outmax AI 代理（agent）。自那時起，我們持續加碼推進這項策略。

And this quarter's results reflect that conviction with strong traction across all our key growth engines. In the second quarter of 2026, we saw a massive adoption of the Perion One platform and its product lines. This reflects a growing advertising trust and accelerating adoption of our solution across our client base. CTV, Retail Media and Digital Out of Home all outpaced the market, and our advanced AI technology, Outmax, continued to scale rapidly with a triple-digit year-over-year spend growth.

而本季的結果反映了這份信念：我們在所有關鍵成長引擎上都取得強勁進展。在 2026 年第二季，我們看到 Perion One 平台及其產品線被大量採用。這反映出廣告主信任度提升，以及我們解決方案在客戶群中加速導入。CTV、零售媒體與數位戶外皆跑贏市場，而我們先進的 AI 技術 Outmax 也持續快速擴張，年對年投放金額成長達三位數。

We also continue to expand our reach this quarter, both geographically and in the depth of our platform capabilities. In Retail Media, Best Buy Canada selected Perion as its end-to-end in-store Retail Media Technology partner, which is now available to our Retail and Digital Out of Home advertisers.

本季我們也持續擴大觸及範圍，無論在地理版圖或平台能力深度上皆有所拓展。在零售媒體方面，Best Buy Canada 選擇 Perion 作為其端到端的店內零售媒體技術合作夥伴，該方案現已可供我們的零售與數位戶外廣告主使用。

As part of our strategy to double down on Retail Media and Digital Out of Home, especially with in-store inventory, we expect those new partnerships to unlock new budget from high-growth verticals, the same verticals that are targeting consumers at the moment of purchase decisions. This quarter, we also added a new distribution partner to bring Outmax to Greece and to the Central and Eastern Europe.

作為我們加碼零售媒體與數位戶外（尤其是店內庫存）策略的一部分，我們預期這些新合作夥伴關係將為高成長垂直領域帶來新的預算——也就是那些在消費者做出購買決策當下鎖定消費者的垂直領域。本季我們也新增一個發行（distribution）合作夥伴，將 Outmax 帶入希臘以及中東歐地區。

This partnership extended our reach into new regions through the partner-led model. On the technology side, we extended our full stack Digital Out of Home infrastructure into Google DV360, giving buyers the ability to activate our programmatic guaranteed inventory through Google's Media platform. We also launched an Agentic Self-Serve mobile application within Perion One, which we call Ask Perion. This upgrade transforms our execution capability to be more accessible to advertisers and agencies.

透過以合作夥伴為主導的模式，這項合作將我們的觸及範圍延伸至新區域。在技術方面，我們將完整堆疊（full stack）的數位戶外基礎設施延伸至 Google DV360，讓買方能透過 Google 的媒體平台啟用我們的程式化保證（programmatic guaranteed）庫存。我們也在 Perion One 內推出一款代理式（Agentic）自助行動應用程式，稱為 Ask Perion。此升級使我們的執行能力更易於被廣告主與代理商使用。

New distribution channels, new Retail Media and Digital Out of Home partnership and advancing our technologies are exactly what's driving the sustainable momentum we're seeing across our growth engines. Marketers navigate a universe of channels, screens, platform, formats, data sets and buying environments, all while consistently chasing higher performance.

新的發行通路、新的零售媒體與數位戶外合作夥伴關係，以及技術的持續推進，正是推動我們在各成長引擎上看到可持續動能的關鍵。行銷人員在由通路、螢幕、平台、格式、資料集與採買環境構成的宇宙中穿梭，同時持續追求更高的成效。

Budget, signals and optimization remain siloed by channels. This fragmentation is exactly what breaks efficiency and performance. Perion One is designed to close that gap with advanced technology-driven solutions. Perion One is our unified AI-native execution infrastructure for advertisers. It is built to plan, activate and optimize advertising campaigns across CTV, social, Digital Out of Home, Retail Media and open web.

預算、訊號與最佳化仍然依通路各自為政、彼此孤立。這種碎片化正是破壞效率與成效的原因。Perion One 的設計目的就是以先進的技術驅動解決方案來彌補這個缺口。Perion One 是我們為廣告主打造的統一、AI 原生（AI-native）的執行基礎設施。它用於在 CTV、社群、數位戶外、零售媒體與開放網路上規劃、啟動並最佳化廣告活動。

At the center of Perion One is Outmax, our proprietary AI agent, continuously optimizing outcomes across channels and platforms. Perion One is an infrastructure, not a tool set. Here's what it looks like in practice. The advertiser's entry point is Perion One, our platform and AI execution layer. Under the hood, whenever we need outcome-driven activations, Outmax operates as an agent that plans and executes on our advertisers' behalf.

Perion One 的核心是 Outmax——我們的專有 AI 代理，持續跨通路與平台最佳化成果。Perion One 是一套基礎設施，而不是一組工具。以下是其在實務上的運作方式。廣告主的入口是 Perion One，也就是我們的平台與 AI 執行層。在底層，當我們需要以成果為導向的啟動（activation）時，Outmax 會以代理的形式運作，代表廣告主進行規劃與執行。

Perion One leverages multiple connections to audiences, data and measurement technologies, including our own SORT audience segmentation technology. From there, Perion One reaches into the channels themselves, every major open and walled garden DSP and SSP from YouTube, Meta, TikTok and the broader open web, plus our own Perion-owned Digital Out of Home DSP and SSP. It's an open ecosystem with effectively unlimited connections we keep adding, giving advertisers the reach to the entire global market.

Perion One 透過多重連結串接受眾、資料與衡量技術，包括我們自有的 SORT 受眾分群技術。接著，Perion One 會深入各個通路本身，連結所有主要的開放與封閉生態（walled garden）的 DSP 與 SSP，涵蓋 YouTube、Meta、TikTok 以及更廣泛的開放網路，並包含我們自有的 Perion 數位戶外 DSP 與 SSP。這是一個開放的生態系，具備幾乎無上限的連結，我們也持續新增，讓廣告主得以觸及整個全球市場。

Outmax, our AI agent, works across all major channels, which allows us to optimize complex campaigns and drive better business outcomes to advertisers. Outmax removes the guesswork and replaces it with algorithm certainty, allocating spend, managing pacing and optimizing outcomes inside Perion One and beyond.

Outmax——我們的 AI 代理——可跨所有主要通路運作，使我們能最佳化複雜的活動，並為廣告主帶來更好的商業成果。Outmax 消除猜測，以演算法的確定性取而代之，在 Perion One 內外進行預算分配、節奏（pacing）管理與成果最佳化。

This quarter, we introduced Ask Perion, sparking deeper conversation with CMOs and agencies eager to get ahead of the agentic media buying curve. Ask Perion puts the power of Perion One directly into the hands of advertisers and agencies through a simple conversational interface. Ask Perion is about making sophisticated execution more accessible to more customers.

本季我們推出 Ask Perion，促成與希望走在代理式媒體採買（agentic media buying）趨勢前端的 CMO 與代理商更深入的對話。Ask Perion 透過簡單的對話式介面，將 Perion One 的能力直接交到廣告主與代理商手中。Ask Perion 的目標是讓更複雜的執行能力能被更多客戶更容易地使用。

This expansion gives our customers easier access to our technology while embedding Perion One more deeply within the infrastructure they use. This quarter, Best Buy Canada selected Perion as its end-to-end in-store Retail Media Technology partner for its digital signage network. Using Perion's ad server, SSP and header bidding technologies, Best Buy Canada is moving from a fixed loop-based signage to a programmatic retail media model that selects ads dynamically.

這項擴展讓客戶更容易取得我們的技術，同時也讓 Perion One 更深度嵌入他們所使用的基礎設施之中。本季，Best Buy Canada 選擇 Perion 作為其數位看板網路的端到端店內零售媒體技術合作夥伴。透過 Perion 的廣告伺服器、SSP 與 header bidding 技術，Best Buy Canada 正從固定循環播放（fixed loop-based）的看板模式，轉向可動態選擇廣告的程式化零售媒體模式。

This technological adoption is designed to give advertisers more measurable in-store Retail Media campaign capabilities. For Perion, this partnership expands our Retail Media reach, deepens our role as a full stack infrastructure partner and supports a repeatable model for building more predictable infrastructure-level revenue streams over time.

這項技術導入旨在為廣告主提供更可衡量的店內零售媒體活動能力。對 Perion 而言，這項合作擴大了我們的零售媒體觸及範圍，深化我們作為完整堆疊基礎設施合作夥伴的角色，並支持一個可複製的模式，隨時間建立更可預測、以基礎設施層級為主的營收來源。

This full stack infrastructure is also becoming easier for buyers to access. We added programmatic guaranteed deal execution for Digital Out of Home directly within Google's DV360 media platform. This gives buyers access to premium Digital Out of Home inventory through their primary DSP with fixed pricing, committed inventory and predictable delivery.

這套完整堆疊基礎設施也正變得更容易讓買方取得。我們在 Google 的 DV360 媒體平台內，直接新增了數位戶外的程式化保證交易（programmatic guaranteed deal）執行能力。這讓買方能透過其主要 DSP 以固定價格、承諾庫存與可預期的投放交付，取得優質的數位戶外庫存。

This capability is available across our full global Digital Out of Home supply reach, covering more than 1.6 million screens in over 40 countries. By bringing guaranteed Digital Out of Home buying into the same workflow advertisers already use for display, video and CTV, we are making our supply more accessible and expanding its monetization potential.

此能力可在我們全球完整的數位戶外供給觸及範圍內使用，涵蓋超過 40 個國家、逾 160 萬個螢幕。透過將保證型數位戶外採買納入廣告主既有的工作流程（同一套用於展示、影音與 CTV），我們讓供給更易取得，並擴大其變現潛力。

We are also extending our reach geographically through our capital-efficient partner-led model. Most recently, we partnered with Acrossmedia241 to bring Outmax to agencies and brands across Greece and the broader Central and Eastern European region. Acrossmedia241 brings established relationships across agencies, national tourism boards and international buying desks as well as existing experience with Perion's Digital Out of Home technology. Through this partnership, Outmax can be applied across major digital channels and optimized toward advertiser-defined business outcomes.

我們也透過資本效率高、由合作夥伴主導的模式，在地理版圖上擴大觸及範圍。最近，我們與 Acrossmedia241 合作，將 Outmax 帶給希臘以及更廣泛的中東歐地區的代理商與品牌。Acrossmedia241 與代理商、國家旅遊局及國際採購平台（buying desks）建立了既有關係，並且具備使用 Perion 數位戶外（Digital Out of Home）技術的經驗。透過此合作，Outmax 可應用於主要數位渠道，並可依廣告主所定義的業務成果進行最佳化。

This builds on a distribution model we have already applied in other markets. The partnership is expected to accelerate Outmax's path to revenue growth and extend our reach with low incremental cost and margin-accretive growth potential. This quarter, we also added a new data partnership with Fetch, the leading consumer reward and purchase intelligence platform, accessed through LiveRamp. This gives our advertisers access to verified SKU-level purchase data from over 13 million monthly active users and 26,000-plus merchants.

這是在我們已於其他市場採用之分銷模式基礎上的延伸。預期此合作將加速 Outmax 的營收成長路徑，並以較低的增量成本擴大我們的觸及範圍，同時具備提升利潤率的成長潛力。本季我們也新增與 Fetch 的資料合作夥伴關係；Fetch 為領先的消費者獎勵與購買洞察平台，並透過 LiveRamp 存取。這讓我們的廣告主可取得來自每月超過 1,300 萬名活躍用戶與 26,000 多家商戶的、經驗證之 SKU 級購買資料。

Purchase behavior is the most direct signal of consumer intent and accessing it at a scale outside the closed platform has been a persistent industry challenge. Fetch data spans more than 1,300 retail agnostic segments from category-level shopper profiles to SKU-specific competitor targeting.

購買行為是最直接的消費者意圖訊號，而在封閉平台之外以規模化方式取得此類資料，一直是產業長期面臨的挑戰。Fetch 的資料涵蓋超過 1,300 個不受零售商限制（retail agnostic）的細分族群，從品類層級的購物者輪廓到 SKU 特定的競品定向皆包含在內。

Taken together, those initiatives show how Perion One scales, first, by embedding more deeply with enterprise customers; secondly, by expanding access to our infrastructure; and finally, by extending Outmax into new markets through our partners. This reach and trust are the foundation of our land-and-expand model, giving us a strong base to deepen customer relationships and drive sustainable growth over time.

綜合而言，這些舉措展現 Perion One 的擴張方式：第一，更深度嵌入企業客戶；第二，擴大對我們基礎設施的存取；最後，透過合作夥伴將 Outmax 延伸至新市場。這樣的觸及與信任是我們「先落地、再擴張」（land-and-expand）模式的基礎，讓我們具備強大的根基以深化客戶關係，並在時間推移中推動可持續成長。

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 good morning, everyone. Our second quarter performance reflects our continued operational focus on driving scale and adoption across Perion One. In the second quarter, Perion One spend increased 15% year-over-year to $156.7 million. This was driven by the strong momentum in CTV and Digital Out of Home channels, growing 56% and 45% year-over-year, respectively. In addition, our Retail Media vertical spend grew by 60%, partially offset by continued softness in the open web advertising across the industry.

謝謝你，Tal，各位早安。我們第二季的表現反映出我們持續聚焦營運，推動 Perion One 的規模化與採用率提升。第二季，Perion One 的投放金額（spend）年增 15% 至 1.567 億美元。這主要由 CTV 與數位戶外（Digital Out of Home）渠道的強勁動能所帶動，兩者分別年增 56% 與 45%。此外，我們的零售媒體（Retail Media）垂直領域投放年增 60%，但部分被全產業開放網路（open web）廣告持續疲弱所抵銷。

Perion One contribution ex-TAC came in at $34.9 million, down 4% year-over-year. This was driven by the use of promotional terms to acquire new accounts and drive incremental spend from existing customers, which temporarily impacted our take rates. As we scale the platform, take rates naturally normalize over time, though we expect them to modestly improve in the second half of the year.

Perion One 的 contribution ex-TAC 為 3,490 萬美元，年減 4%。這主要是因我們採用促銷條款以取得新客戶，並推動既有客戶增加投放，短期內影響了我們的抽成率（take rate）。隨著平台規模擴大，抽成率會隨時間自然回歸常態；不過我們預期在下半年將小幅改善。

Outmax, our AI agent, continued to scale rapidly with spend growing 136% year-over-year on a pro forma basis, reflecting strong adoption across walled gardens. Our focus on delivering advanced technological solutions is translating into tangible enterprise wins. During the quarter, Best Buy Canada selected Perion as its end-to-end retail Digital Out of Home technology partner, deploying our complete ad server, SSP and header bidding technologies to power one of the largest SSP-enabled Digital Out of Home media networks in Canada.

Outmax（我們的 AI 代理）持續快速擴張，以備考（pro forma）基礎計算，投放年增 136%，反映其在封閉生態（walled gardens）中的強勁採用。我們專注於提供先進技術解決方案，正轉化為具體的企業級勝利。本季，Best Buy Canada 選擇 Perion 作為其端到端零售數位戶外（Digital Out of Home）技術合作夥伴，部署我們完整的廣告伺服器、SSP 與 header bidding 技術，為加拿大規模最大的、支援 SSP 的數位戶外媒體網路之一提供動力。

This relationship validates our Digital Out of Home business strategy, and it allows us to replicate this offering to other retailers, growing our Retail Media business globally. We also remain focused on creating immediate value through our shareholders' return program. Our highly disciplined approach to capital allocation allowed us to repurchase 2.7 million shares for $24.5 million during the quarter.

這項合作驗證了我們的數位戶外業務策略，並使我們能將此方案複製到其他零售商，推動我們的零售媒體業務在全球成長。我們也持續透過股東回饋計畫，專注於創造即時價值。我們在資本配置上高度自律，使我們得以在本季以 2,450 萬美元回購 270 萬股。

Finally, based on our growing visibility going into the second half of the year, the strong momentum we are seeing in our pipeline, new strategic agreements and the structural efficiencies we have secured, we are narrowing our full year guidance ranges. We are adjusting the high end of our contribution ex-TAC outlook to reflect the softer first half while maintaining the midpoint of our EBITDA guidance. I will discuss this in more detail shortly. Let's take a look at spend, the top line metric, which reflects customers' adoption of Perion solutions.

最後，基於我們對下半年能見度的提升、我們在管線中看到的強勁動能、新的策略性協議，以及我們已取得的結構性效率，我們正在縮窄全年財測區間。我們調整 contribution ex-TAC 展望的上緣，以反映上半年較疲弱的表現，同時維持 EBITDA 指引的中位數不變。我稍後會更詳細說明。我們先來看投放（spend）這個反映客戶採用 Perion 解決方案的最上層指標。

Total spend for the quarter increased 9% year-over-year, reaching $194.7 million. More importantly, spend on the Perion One platform grew 15% year-over-year to $156.7 million, accounting for 80% of our total spend. This compares to 76% in the same period last year, proving that our unified platform strategy is successfully attracting enterprise media budgets. This was driven by the continuous acceleration of our core growth engines. CTV spend grew 56% year-over-year to $17.7 million.

本季總投放年增 9%，達 1.947 億美元。更重要的是，Perion One 平台投放年增 15% 至 1.567 億美元，占總投放的 80%。相較去年同期的 76%，這證明我們的統一平台策略正成功吸引企業媒體預算。這主要由我們核心成長引擎的持續加速所帶動。CTV 投放年增 56% 至 1,770 萬美元。

Digital Out of Home spend grew 45% year-over-year to $87.7 million. Both continue to vastly outpace the broader market growth expectations as advertisers are actively shifting budgets towards Perion One to gain precise performance and cross-channel execution. In addition, our Retail Media vertical spend significantly accelerated, growing 60% year-over-year to $59.4 million. Retail Media represents a strategic focus for Perion, bringing together our CTV, Digital Out of Home and display capabilities. Enterprise mandates like Best Buy Canada demonstrate our ability to modernize in-store media networks.

數位戶外（Digital Out of Home）投放年增 45% 至 8,770 萬美元。由於廣告主正積極將預算轉向 Perion One，以獲得精準成效與跨渠道執行，這兩項業務的成長仍大幅超越整體市場的成長預期。此外，我們的零售媒體垂直領域投放顯著加速，年增 60% 至 5,940 萬美元。零售媒體是 Perion 的策略重點，整合了我們的 CTV、數位戶外與展示型廣告能力。像 Best Buy Canada 這類企業級委任案（mandates）展現了我們現代化店內媒體網路的能力。

This uniquely positions us to bridge the physical and digital worlds. The combination of physical and digital unlocks powerful synergies between in-store digital screens and external digital out-of-home screens, delivering a truly unified end-to-end customer journey that few in the industry can match. Revenue for the second quarter was $98.2 million, down 5% year-over-year. Contribution ex-TAC for the second quarter was $42.3 million, down 11% year-over-year. Perion One contribution ex-TAC was $34.9 million, representing 83% of total contribution ex-TAC in the quarter, up from 76% last year.

這使我們具備獨特定位，能夠連結實體與數位世界。實體與數位的結合，能釋放店內數位螢幕與店外數位戶外螢幕之間的強大協同效應，提供真正統一的端到端客戶旅程，這是業界少數公司能匹敵的。第二季營收為 9,820 萬美元，年減 5%。第二季 contribution ex-TAC 為 4,230 萬美元，年減 11%。Perion One 的 contribution ex-TAC 為 3,490 萬美元，占本季總 contribution ex-TAC 的 83%，高於去年的 76%。

Perion One contribution ex-TAC declined 4% year-over-year, mainly due to our use of promotional terms to acquire new accounts and drive incremental spend from existing customers through our platform. As we continue to scale the platform, we expect take rates to naturally normalize over time, though modestly improved in the second half of the year.

Perion One 的 contribution ex-TAC 年減 4%，主要因我們使用促銷條款以取得新客戶，並透過平台推動既有客戶增加投放。隨著平台持續擴大規模，我們預期抽成率（take rate）會隨時間自然回歸常態，不過在下半年將小幅改善。

As expected, search revenue declined 2% year-over-year, while search contribution ex-TAC declined 30% year-over-year. We continue to manage the search business to maximize cash flow to reinvest into Perion One and return capital to shareholders through share repurchase program. Adjusted EBITDA for the second quarter was $2.8 million, representing a 7% margin of contribution ex-TAC.

如預期，搜尋營收年減 2%，而搜尋 contribution ex-TAC 年減 30%。我們持續管理搜尋業務，以最大化現金流，用於再投資 Perion One，並透過股票回購計畫向股東返還資本。第二季調整後 EBITDA 為 280 萬美元，相當於 contribution ex-TAC 的 7% 利潤率。

This includes a $1.6 million of foreign exchange headwind. Excluding this foreign exchange impact, adjusted EBITDA would have been $4.4 million. As we are scaling our top line and capturing more market share, we remain focused and disciplined on improving our operational efficiency.

其中包含 160 萬美元的外匯逆風。若排除此外匯影響，調整後 EBITDA 將為 440 萬美元。在我們擴大營收規模並取得更多市占的同時，我們仍專注且自律地提升營運效率。

At the end of the second quarter, we executed targeted efficiency initiatives to optimize our cost base as part of this year's efficiency plan. While the second quarter did not benefit from these actions, we expect adjusted EBITDA margin to meaningfully inflect upward in the second half of the year to reach our full year targets.

在第二季末，我們執行了有針對性的效率提升措施，作為今年效率計畫的一部分，以最佳化成本基礎。雖然第二季尚未受惠於這些行動，但我們預期下半年調整後 EBITDA 利潤率將明顯向上拐點，以達成全年目標。

On a GAAP basis, second quarter net loss was $6.8 million or $0.18 per diluted share. On a non-GAAP basis, net income was $3.9 million or $0.09 per diluted share. It is important to emphasize that the year-over-year increase in our GAAP net loss was almost entirely driven by negative foreign exchange impact to our nonoperating finance income and lower interest income from our cash balance.

按 GAAP 基準，第二季淨虧損為 680 萬美元，或每股稀釋虧損 0.18 美元。按非 GAAP 基準，淨利為 390 萬美元，或每股稀釋盈餘 0.09 美元。需要強調的是，我們 GAAP 淨虧損的年增幾乎完全是由於外匯不利影響衝擊我們的非營運財務收入，以及現金餘額帶來的利息收入下降所致。

While our underlying operations remain profitable on a non-GAAP basis, the combination of these nonoperating financial headwinds and the lower outstanding share count mathematically amplifies our GAAP loss per share this quarter. However, we are making a highly strategic trade-off.

雖然我們的核心營運在非 GAAP 基準下仍維持獲利，但這些非營運財務逆風與流通在外股數較低的組合，從數學上放大了本季 GAAP 每股虧損。然而，我們正在進行一項高度策略性的取捨。

By aggressively executing our buybacks now at depressed valuations, we are permanently reducing our share count. As our profitability scales in the second half of the year and into 2027, this concentrated equity base is expected to serve as a powerful multiplier for future EPS growth. In the second quarter, we generated $2.5 million in net cash from operating activities, while adjusted free cash flow reached $4.8 million.

我們在估值偏低時積極執行庫藏股回購，將永久性降低股數。隨著我們的獲利能力在今年下半年並延伸至 2027 年擴大，這個更集中的股權基礎預期將成為未來每股盈餘成長的強力乘數。第二季，我們自營運活動產生 250 萬美元淨現金，而調整後自由現金流達到 480 萬美元。

On a yearly basis, we expect to maintain a strong conversion rate relative to adjusted EBITDA as we did in previous years. This reliable cash generation provides us with the financial flexibility to fund our organic growth initiatives, invest in platform innovation and support our shareholders' return commitments, all without stretching our balance sheet.

以年度來看，我們預期將如同過去幾年一樣，維持相對於調整後 EBITDA 的強勁轉換率。這種可靠的現金創造能力，讓我們具備財務彈性，可資助有機成長計畫、投資平台創新並支持對股東的回饋承諾，且無需拉高資產負債表槓桿。

As of June 30, 2026, we held $268 million in cash, cash equivalents, short-term bank deposits and marketable securities with $0 debt. During the second quarter, we continued strong execution of our shareholder return program. We repurchased 2.7 million shares for $24.5 million at an average price of $9.12 per share.

截至 2026 年 6 月 30 日，我們持有 2.68 億美元的現金、約當現金、短期銀行存款及有價證券，且負債為 0。第二季期間，我們持續強力執行股東回饋計畫。我們以每股平均 9.12 美元回購 270 萬股，總金額 2,450 萬美元。

Since the initiation of this buyback program, nine quarters ago, we have repurchased a cumulative total of 18.0 million shares for $166.8 million. By the end of this year, we plan to fully execute the remaining $33.2 million under the current plan. Repurchasing our stock at current valuation levels reflects our confidence in Perion's long-term value and future prospects.

自九個季度前啟動此回購計畫以來，我們累計回購 1,800 萬股，總金額 1.668 億美元。我們計畫在今年底前，將現行計畫剩餘的 3,320 萬美元全數執行完畢。在目前估值水準回購本公司股票，反映我們對 Perion 長期價值與未來前景的信心。

Turning to our updated 2026 outlook. Based on our increased visibility for the second half of the year and the momentum we see building in our pipeline, we are narrowing our full year 2026 outlook ranges. We now expect contribution ex-TAC of $215 million to $225 million and adjusted EBITDA of $51 million to $53 million, implying an adjusted EBITDA margin of 24% at the midpoint. Our confidence in meeting this guidance is driven by tangible second half catalysts. Leading these catalysts is the execution of large-scale strategic agreements.

接著說明我們更新後的 2026 年展望。基於我們對今年下半年的能見度提升，以及我們在管線中看到的動能正在累積，我們正縮窄 2026 全年展望區間。我們目前預期扣除 TAC 的貢獻（contribution ex-TAC）為 2.15 億至 2.25 億美元，調整後 EBITDA 為 5,100 萬至 5,300 萬美元，意味著以中位數計算的調整後 EBITDA 利潤率為 24%。我們對達成此指引的信心，來自於下半年具體可見的催化因素。其中最主要的催化因素是大型策略性協議的執行。

These recently signed agreements are actively in the onboarding phase. Their material financial contribution is expected to kick in towards the end of the third quarter and accelerate moving forward. In addition, the continued scaling of Perion One growth engines, combined with a streamlined sales organization is rapidly converting a robust pipeline into realized spend. In parallel to our top line expansion, operational efficiency remains a core priority. In the first half of the year, we took decisive steps to optimize our cost structure and streamline operations.

這些近期簽署的協議正處於導入（onboarding）階段。其具體的財務貢獻預期將在第三季末開始顯現，並在後續加速成長。此外，Perion One 成長引擎的持續擴張，加上精簡後的銷售組織，正快速將強勁的管線轉化為實際投放支出。在推動營收成長的同時，營運效率仍是核心優先事項。今年上半年，我們採取果斷措施以優化成本結構並精簡營運。

These deliberate actions are yielding productivity gains and cost savings designed to positively impact our profitability starting in the second half of the year and beyond. With an optimized expense base and growing momentum across Perion One, we are scaling our business on a strong agile foundation, and we remain completely on track to achieve our 2028 growth and efficiency targets.

這些有意為之的行動正在帶來生產力提升與成本節省，旨在自今年下半年起並延續至未來，對我們的獲利能力產生正面影響。在費用基礎已優化且 Perion One 各面向動能持續增強之下，我們正以強健且敏捷的基礎擴大業務規模，並且完全按計畫推進，以達成 2028 年的成長與效率目標。

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

接下來，我將把電話交回給主持人，進入問答環節。謝謝。

(Operator Instructions)

(主持人指示)

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

My questions maybe first on the Outmax and Ask Perion trends that you're seeing so far. Obviously, the double-digit growth in Outmax is great to see. But can you also talk about the synergy possibilities you see between Ask Perion and Outmax? And maybe more generally, what you're seeing with clients with tools like this are helping to make complex workflows more accessible?

我的問題可能先從你們目前看到的 Outmax 和 Ask Perion 趨勢談起。顯然，Outmax 的雙位數成長很令人振奮。但你們也能談談你們看到 Ask Perion 與 Outmax 之間可能的協同效應嗎？以及更廣泛地說，你們看到客戶使用這類工具，如何幫助讓複雜的工作流程更容易被使用與理解？

Thank you, Andrew. You were breaking up, so I'll see if I got all of it. So Outmax grew and continues to grow very fast. We do see synergies between our products as Outmax is now pushing a lot of CTV, Retail and social. And Outmax is becoming an integrated part of Perion One.

謝謝你，Andrew。你的聲音有點斷斷續續，所以我先確認我是否都聽到了。Outmax 成長了，而且仍在非常快速地成長。我們確實看到產品之間的協同效應，因為 Outmax 現在正在推動大量的 CTV、零售與社群。而 Outmax 正逐步成為 Perion One 的整合式一部分。

It actually drives lot of the AI technologies within the platform. Again, you were breaking up a bit, so I'm not sure I answered the entire question. So if you want to -- if I didn't, if you want to repeat the parts that were not answered, that would be great.

它實際上也驅動了平台內許多 AI 技術。再次說，你的聲音有點斷，所以我不確定我是否回答了整個問題。如果我沒有回答到的部分，你想再重複一下，我會很感謝。

I think you got most of it. It was really just kind of the synergies between Ask Perion and Outmax, both kind of these agentic tools and how generally the agentic workflows that you're bringing to market are helping make some of these complex workflows for advertisers more accessible?

我想你大致都回答到了。主要就是 Ask Perion 和 Outmax 之間的協同效應，兩者都算是這種代理式（agentic）的工具；以及更一般而言，你們推向市場的代理式工作流程，如何幫助讓廣告主的一些複雜流程更容易上手？

Yeah, So absolutely. The agentic solution that we have, including Ask Perion, is fully integrated with Outmax. So Outmax actually provides a lot of the answers within Ask Perion, including the suggestion of how do you reallocate budgets in between platforms. If you just completed a campaign on different social platforms, it will suggest what's next, right?

是的，完全沒錯。我們的代理式解決方案（包含 Ask Perion）已與 Outmax 完整整合。因此 Outmax 實際上會在 Ask Perion 中提供許多答案，包括建議如何在不同平台之間重新分配預算。如果你剛在不同社群平台完成一個活動，它會建議下一步該做什麼，對吧？

So it would say, I would put more money towards open web, CTV or Meta or YouTube or whatever it is, but Outmax is becoming an even more integrated solution within our entire agentic platform and Ask Perion, obviously.

它可能會說，我會把更多預算投向 open web、CTV、Meta、YouTube 或其他平台；但 Outmax 正在成為我們整個代理式平台以及 Ask Perion 中更深度整合的解決方案。

Maybe one more if my audio will allow me. Can you talk a little bit about the trajectory toward your medium-term goals given the 2026 performance you're seeing so far? Are those still accessible for you and the path to get there? Thank you.

如果我的音訊允許的話，再問一個。能否談談在你們目前看到的 2026 年表現之下，朝向中期目標的進展軌跡？那些目標你們是否仍可達成，以及達成的路徑？謝謝。

Andrew, I'm sorry, it's very hard to hear you, if you can repeat it for a second.

Andrew，不好意思，很難聽清楚，你可以再重複一次嗎？

Just talking about your medium-term goals and the 2026 performance so far, if you are still on track for the medium-term goals at the beginning of the year and the track on how to get there?

就是談你們的中期目標，以及目前為止 2026 年的表現；你們是否仍按年初設定的中期目標在軌道上，以及達成目標的路徑？

Yeah, all right. So I think towards looking at H2 of 2026. First of all, we are starting right now to onboard some strategic agreements we have discussed about in Q1. They're recently signed, we are seeing right now onboarding into our pipeline. And we see all of our growth engines continue to generate healthy pipeline as we are looking at Q3 and Q4.

好的。我想就 2026 年下半年（H2）來看。首先，我們現在開始導入一些我們在第一季討論過的策略性協議。這些協議近期已簽署，我們目前正看到它們導入並進入我們的管線。而當我們展望第三季與第四季時，我們看到所有成長引擎仍持續產生健康的管線。

And looking at last year as well, when we see the ex-TAC and EBITDA headwind on second half of the year, we feel that right now, we have the right visibility to narrowing down a bit the guidance for the continuance of the year. And of course, taking into account everything that we already did in -- with respect to efficiency measures that we took in Q1, we have the right visibility right now towards the second half of the year.

同時也回顧去年，當我們在下半年面臨扣除 TAC 的貢獻與 EBITDA 的逆風時，我們認為目前我們已具備足夠的能見度，得以把全年剩餘期間的指引再縮窄一些。當然，並且把我們在第一季已採取的效率措施等所有因素一併納入考量；就今年下半年而言，我們現在具備適當的能見度。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Hi, everybody. Can you hear me okay?

大家好。你們聽得到我說話嗎？

Yes.

是的。

Great. Okay. So can you give us a little bit of help? Obviously, you're giving us kind of the spend for Perion One, but we don't know the revenue. So I mean, obviously, the other parts of the business are still having a negative mix shift because overall revenue is still down, albeit you are guiding for like a mid-teen-ish type of growth in the back half of the year.

太好了。好。所以你能不能給我們一些協助？很明顯，你們提供了 Perion One 的支出情況，但我們不知道營收。所以我的意思是，很明顯，業務的其他部分仍然因為整體營收仍在下滑而出現不利的組合變動，儘管你們指引今年下半年會有大約中十位數百分比的成長。

So just maybe help us understand how much was either Perion One revenue in the quarter or the non-Perion One revenue year-over-year decline? So that's question number one, number two, would you think about perhaps changing like the segment disclosure to revenue ex-TAC since you're now guiding to revenue ex-TAC and not revenue? And so maybe giving us that like level of detail?

所以也許幫我們理解一下，本季 Perion One 的營收是多少，或是非 Perion One 的營收年對年下滑了多少？這是第一個問題；第二個問題，你們是否會考慮調整分部揭露方式，改為揭露扣除 TAC 的營收（revenue ex-TAC），因為你們現在提供的是 revenue ex-TAC 的指引，而不是營收？也就是說，能否提供那樣的細節層級？

Next question, you highlighted the RIF, headcount reduction. I'm just curious if we can get some more details like what percent of people -- how many people or what percent did that impact? And then just lastly, with the $268 million of cash, should investors assume it entirely goes to buybacks? Or are there other M&A opportunities you're looking at? Thank you.

下一個問題，你提到了裁員（RIF）、人力縮減。我只是好奇能否提供更多細節，例如影響了多少人——人數或比例是多少？最後，關於 2.68 億美元的現金，投資人是否應該假設會全部用於庫藏股回購？還是你們也在尋找其他併購（M&A）機會？謝謝。

Okay. Thank you, Jason. The revenue for Q2 for Perion One was $74.2 million. You have it obviously in the presentation that we will upload again to the website. It did show a slight decline year-over-year when you're looking at the revenue, but it's something that we will expect as we onboard more customers into the Perion One.

好的。謝謝你，Jason。第二季 Perion One 的營收是 7,420 萬美元。你在簡報中也可以看到，我們會再把簡報上傳到網站。從營收角度看，年對年略有下滑，但這是我們在把更多客戶導入 Perion One 的過程中所預期會發生的情況。

From a revenue recognition method, most of it will come on a net perspective, not necessarily as gross. So we expect to see it as well. From -- we are looking at the segment and how we are breaking that down, it is important for us to really speak about the spend and how we are contributing to spend towards different channel because we believe that the real adoption of our solution towards our customers is really coming into place when you're looking at the spend level. It's more giving an indication of our of the adoption of the customers.

就營收認列方式而言，其中大部分會以淨額（net）方式呈現，而不一定以總額（gross）呈現。所以我們也預期會看到這樣的情況。至於——我們正在檢視分部以及我們如何拆分揭露；對我們來說，談論支出以及我們如何把支出貢獻到不同渠道非常重要，因為我們相信，從支出層級來看，客戶對我們解決方案的真正採用正在到位。這更能反映客戶採用的程度。

And at the end, Perion One is a channel agnostic. So when we are contributing to different channels, it makes more sense to give it -- breaking down through the spend and Perion One is a total number, which obviously is supposed to produce a better ROI for the advertisers. From the reduction standpoint, so as we discussed, I believe even starting last year, we are constantly doing improvements on how we are operating our business and improving our cost base to be more efficient.

而且最終，Perion One 是渠道不可知（channel agnostic）的。因此，當我們把量導向不同渠道時，以支出來拆分並把 Perion One 作為一個總數來呈現更有意義；而這顯然應該為廣告主帶來更好的投資報酬率（ROI）。就縮減方面而言，如同我們討論過的，我相信甚至從去年開始，我們就持續改善營運方式，並優化成本結構以提升效率。

We'll be able to, first of all, of course, support all of the scale with the current cost base and improve wherever we can. We in H1, we're very focused about also creating this operational leverage going into the second half of the year.

首先，我們當然能以目前的成本結構支援所有規模的擴張，並在可行之處持續改善。在上半年（H1），我們也非常專注於建立營運槓桿，以迎接下半年。

We just announced right now the restructuring that we did. Roughly, I can tell you that we reduced roughly 10% of the cost base. It was intentionally made also to support the different fluctuation in the FX, but also to give us some room to invest more when we are going into 2027. We want to hit the top line expansion that we are aiming to get and the growth rates to Perion One. So not everything will be baked in 2027 without even getting into the guidance right now.

我們剛剛宣布了我們所做的重整。大致上我可以告訴你，我們將成本基礎大約降低了 10%。這也是有意為之，用以因應匯率（FX）的不同波動，同時也讓我們在邁向 2027 年時有更多空間加大投資。我們希望達成我們所追求的營收端（top line）擴張，以及 Perion One 的成長率。因此，不是所有內容都會在 2027 年就完全反映出來——先不談目前的指引。

For your question to the -- with respect to the cash, we currently have almost $270 million in cash in our balance sheet. We are continuously trying to do -- also looking at the buybacks. So we expect to end the buyback by the end of -- the current plan by the end of the year. But we are constantly also looking on M&A activities to see if there are any interesting opportunities out there that can generate more value to the Perion customers and to really increase our synergy dollars.

至於你關於現金的問題——我們目前資產負債表上有接近 2.70 億美元的現金。我們也持續在推動——並且評估回購。因此，我們預期會在今年年底前完成目前這一輪的回購計畫。但我們也一直在關注併購（M&A）活動，看看是否有任何有趣的機會，能為 Perion 的客戶創造更多價值，並真正提升我們的協同效益金額。

Something very important to highlight on that. We are doing -- we are taking a very disciplined approach when we are looking at our cash, and we're always trying to see what will get the best value to our shareholders, whether this can be a buyback or an M&A or investing in our own business for the growth, but we are always trying to balance between those three.

這裡有一點非常重要需要強調。我們在運用現金時採取非常嚴謹自律的方法，並且總是試圖找出能為股東帶來最佳價值的選項——不論是回購、併購，或是投資自家業務以促進成長——但我們一直在這三者之間取得平衡。

Yeah, I'll just echo what Elad said and say, with our current cash, obviously, buyback, we still have a healthy chunk to complete this year. We're investing in our technology. So all the growth engines, we're putting some investment there to make sure that they continue to grow and continue to outpace the market. And we're constantly looking at M&A.

是的，我補充 Elad 的說法：以我們目前的現金水位來看，顯然回購方面，今年我們還有相當可觀的額度要完成。我們也在投資我們的技術。所以在所有成長引擎上，我們都投入一些資源，確保它們持續成長並持續跑贏市場。同時我們也持續關注併購（M&A）。

But as you can see in the past two or three years, we've always been disciplined in buying the right things with HiveStack, which is showing almost three years after, it's still showing amazing growth with Digital Out of Home. Greenbids with Outmax showing amazing growth. So we're not running to just spend the money. We are looking for good opportunities. And when we find something that makes sense and is extremely synergetic and profitable, then we can explore that.

但如你在過去兩三年所看到的，我們在收購合適標的上一直很自律；例如 HiveStack，將近三年後，數位戶外（Digital Out of Home）仍展現驚人的成長。Greenbids 與 Outmax 也展現驚人的成長。所以我們不會只是急著把錢花掉。我們在尋找好的機會。當我們找到合理、協同效益極高且具獲利性的標的時，我們就會去評估。

(Operator Instructions)

(接線員指示)

Matthew Weber, Canaccord.

Matthew Weber，Canaccord。

Hi, great. Can you hear me okay?

嗨，很好。你們聽得到我說話嗎？

Yeah.

聽得到。

Okay, great. Thanks, guys. I Just one for me. You talked about execution of recently signed agreements actively on the onboarding phase and starting to kick in towards the end of Q3. Can you just talk about some of the factors that go into sort of the pacing of those contributions and what could cause them to either exceed or drive some variance relative to your expectations and sort of those customers coming online?

好，太好了。謝謝各位。我這邊只有一個問題。你們提到最近簽署的協議正在積極執行、處於導入（onboarding）階段，並且會在第三季末開始發揮作用。你們能否談談有哪些因素會影響這些貢獻的節奏？以及哪些情況可能導致它們超出或相對於你們的預期產生一些差異——也就是這些客戶上線的進度？

Thank you, Matt, for the question. So we gave a bit of color of those agreements, but it's basically a volume play to very large agencies that it operates. I can tell you that it took us a lot of time to do the onboarding and all of the testing phases. In the entire H1, we're focusing about showcasing the Perion One capabilities and why it can drive better results for them and for their customers.

謝謝你，Matt 的提問。我們對這些協議提供了一些說明，但基本上是與其所服務的非常大型代理商相關的量能（volume）合作。我可以告訴你，我們花了很多時間進行導入以及所有測試階段。在整個上半年（H1），我們專注於展示 Perion One 的能力，以及它為他們及其客戶帶來更好成果的原因。

Right now, we just recently signed them. I think it will take a bit more time to do the onboarding phase. And then I believe that those contracts will be more materialized towards the end of Q3 and obviously, towards Q4 and mostly kick in, obviously in 2027 as well. It can be faster, and I want to be a bit careful about what -- when you look at a few months of testing, even though onboarding can take more time and it's there it's something that they are controlling.

我們是最近才簽下這些合約。我認為導入階段還需要一些時間。然後我相信這些合約會在第三季末更明顯地落地，並且在第四季更為顯著；而且當然在 2027 年也會大幅啟動。它也可能更快，但我想對此稍微謹慎一些——當你看到幾個月的測試期時，即使導入可能需要更久，而這部分是由他們掌控的。

We are very capable to take any volume that they will decide to give us. So there can be an upside on that, but it's not under our control. And that's why currently, we still see a range in the ex-TAC level from those specific reasons and the fact that, obviously, the entire industry is very heavy on the second half of the year, specifically towards Q4.

我們非常有能力承接他們決定交給我們的任何量。因此這方面可能有上行空間，但不在我們的控制範圍內。這也是為什麼目前我們在 ex-TAC 水準上仍看到一個區間，原因就在於這些特定因素，以及整個產業通常在下半年特別旺，尤其是第四季。

Yeah, I'll just say, again, to echo what Elad said, we spent H2 mainly showcasing how our technology can provide better outcomes than anything else to those two strategic clients that we have now. And we're actually happy to know -- it was a frustrating process to take so long to close those agreements. But the fact that the barrier for entry was so high gives us the confidence that our technology can provide great value and that others are going to have a very high barrier to entry, which we're considering as a very good thing. So we're feeling very optimistic about those two agreements, and we're now looking at how do we duplicate that with other clients.

是的，我再說一次，呼應 Elad 剛才所說的，我們在下半年主要是在向目前這兩家策略性客戶展示，我們的技術如何能為他們帶來比其他任何方案更好的成果。而且我們其實也很高興知道——雖然花了這麼久才敲定這些協議的過程令人沮喪。但進入門檻如此之高，反而讓我們更有信心：我們的技術能提供很大的價值，而且其他人要進入也會面臨非常高的門檻；我們把這視為一件非常好的事。因此，我們對這兩項協議感到非常樂觀，現在也在思考如何把這個模式複製到其他客戶身上。

Jason Kreyer, Craig-Hallum Capital Group.

Jason Kreyer，Craig-Hallum Capital Group。

Thank you. Can you guys unpack the commentary about the promotional activity on Perion One? It seems like there's maybe some take rate concessions upfront that will moderate over time. I'm just trying to understand how you migrate take rates to normalized levels and why there's more of an outsized impact in the near term?

謝謝。你們能否進一步說明一下關於 Perion One 促銷活動的評論？看起來可能一開始在抽成率（take rate）上有一些讓利，之後會隨時間趨於緩和。我想了解你們如何把抽成率移轉到正常化水準，以及為什麼短期影響會比較顯著？

Yeah, absolutely. Thanks for the question. So as we said, during H1, we ran a lot of test campaigns. Test campaigns come with very low margins. As their name suggests, it's tests. But now, again, as we close those two strategic agreements, obviously, they're not going to stay at testing rates. So that should be normalized.

好的，當然可以。謝謝你的問題。如我們所說，在上半年我們跑了很多測試型活動。測試活動的毛利率會非常低。顧名思義，這就是測試。但現在，隨著我們敲定這兩項策略性協議，顯然它們不會一直維持在測試費率。所以這部分應該會回到正常化水準。

But going forward, even though this -- we do think this is going to be normalized, we think testing budget is a great tool for us to use to showcase our technology and gain market share. So our goal is to gain as much market share as possible. But obviously, once we close those agreements and future agreements, we believe take rates will go back to normal.

但往後，即使我們認為這會正常化，我們也認為測試預算是很好的工具，能用來展示我們的技術並取得市占率。因此我們的目標是盡可能取得更多市占。但很明顯，一旦我們敲定這些協議以及未來的協議，我們相信抽成率會回到正常水準。

And just to add on what Tal said, only starting from the second half of the year, I believe that we're going to see the take rate to be a bit slightly increasing towards the second half of the year.

另外補充 Tal 的說法，我相信從今年下半年開始，我們會看到抽成率在下半年略為上升。

Thank you. And then as a follow-up, you guys had impressive growth across CTV and Out of Home and Retail Media. Can you just reconcile that to the CXT growth that was that declined in the quarter? When do you think the consolidated growth rates more closely align with these segments as opposed to kind of the legacy segments, which are in decline? Thanks.

謝謝。接著追問一下，你們在 CTV、戶外（Out of Home）以及零售媒體的成長都很亮眼。那能否說明一下，這與本季 CXT 成長下滑之間如何對照？你們認為什麼時候整體合併成長率會更貼近這些成長型分部，而不是那些正在下滑的傳統分部？謝謝。

So I think it's not a secret that the web is driving it down. The entire industry is -- we see budget shifting away from the open web and moving towards Digital Out of Home and CTV. Our solutions of Digital Out of Home and CTV are very much focusing most of them around self-serve which increasing the take rate from what we used to see in the past. But having said that, I think that our take rates are still very healthy when you are looking at total Perion One.

我想這不是秘密，網路（web）業務正在把它拉低。整個產業都是——我們看到預算正從開放網路（open web）移出，轉向數位戶外（Digital Out of Home）與 CTV。我們的數位戶外與 CTV 解決方案，多數都非常聚焦在自助式（self-serve），這也讓抽成率相較過去有所提升。但即便如此，從整體 Perion One 來看，我認為我們的抽成率仍然非常健康。

And we even -- they were even relatively high when we're looking at, so it gives us some room for all of those promotional years that we have discussed. When we are looking about the different channels, again, in our opinion, the best structured way to give it is on the spend because this is what really -- the discussion with the customers showcase really the adoption of how much we are using the platform.

而且即使——當我們回頭看時，它們其實也相對偏高，這也讓我們在先前討論的那些促銷年度上有一些操作空間。當我們看不同渠道時，我們認為最有架構的呈現方式仍是看投放金額（spend），因為這才是真正——與客戶的討論所呈現的，是他們採用平台的程度，也就是我們的平台被使用了多少。

And the Perion One, usually, it's a channel agnostic and it's not something that's under our control in terms of the take rate. We are, of course, controlling the overall take rate that we are expecting to get out of certain campaign, but not necessarily about where the money will be deployed in which channel.

而 Perion One 通常是渠道不可知（channel agnostic）的，就抽成率而言，並不是我們能控制它落在哪個渠道。當然，我們會控制我們預期從某個活動中取得的整體抽成率，但不一定能控制資金會被部署到哪個渠道。

So I'm assuming also next, we'll start to see more -- it leans towards CTV and Digital Out of Home as well. And obviously, we will influence that. But I would not expect it to grow relatively lower than the 20% rate that we see right now. As said, in H2, even we're going to see a moderate increase.

所以我也假設接下來我們會看到更多——會更偏向 CTV 與數位戶外。而且很明顯，我們會對此施加影響。但我不預期它會低於我們目前看到的 20% 成長率。如前所述，在下半年我們甚至會看到溫和的提升。

Thank you.

謝謝。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

Curious to know the repeat customers that are using Outmax. Are you seeing larger spend on subsequent campaigns?

我想了解使用 Outmax 的回購客戶情況。你們是否看到他們在後續活動中的投放金額更大？

Yes, thank you. I think the interesting thing about Outmax, specifically, it's a great product for the land and expand model. The majority of our clients that are using it started from small budgets and now they're growing quarter-over-quarter within the same account. So since Outmax is outcome driven, it can show actual business results for our clients. It's a very natural land-and-expand type of model with the majority of our clients of Outmax.

是的，謝謝。我認為 Outmax 特別有趣的一點是，它非常適合「先切入再擴張」（land and expand）的模式。我們使用它的大多數客戶都是從小預算開始，現在在同一個帳戶內逐季成長。因此，由於 Outmax 是以成效為導向（outcome driven），它能為客戶展示實際的商業成果。對我們大多數 Outmax 客戶而言，這是一種非常自然的先切入再擴張模式。

And I noticed in your guidance, you lowered the midpoint for the contribution ex-TAC for 2026. Was this a result of a slower-than-expected ramping of these two large strategic accounts?

另外我注意到，在你們的指引中，你們下調了 2026 年 contribution ex-TAC 的中位數。這是否是因為這兩個大型策略性帳戶的爬坡速度比預期慢？

Yes, Eric, I think that first of all, it's we -- our initial expectation was that this onboarding and those agreements will be signed earlier in the year, and we will be able to see more growth out there. But also factoring all of the macro headwinds that we saw in H1, we had better visibility to see where we are. But the reduce of the ex-TAC was -- narrowing down to the lower end was actually because of those two main factors.

是的，Eric。我想首先，我們——原先的預期是這些導入流程以及協議會在年初更早簽署，讓我們能看到更多成長。但同時也把我們在上半年看到的所有總體逆風因素納入考量後，我們對現況有了更好的能見度。而 ex-TAC 的下修——把範圍收斂到較低端——主要就是因為這兩個因素。

Yes. And I did note that you reiterated the midpoint on the adjusted EBITDA. So that was good to see.

了解。我也注意到你們重申了調整後 EBITDA 的中位數。所以看到這點很不錯。

Yes.

是的。

Yes

是的。

This concludes today's Q&A. I'll now hand back to management for any closing remarks. Thank you.

今天的問答環節到此結束。我現在把時間交回管理層做結語。謝謝。

Thank you all for joining. Perion One adoption is accelerating across every growth engine, and we're entering the second half with clear momentum. We look forward to updating you in the next quarter. Thank you for your time.

感謝各位參與。Perion One 在各個成長引擎上的採用正在加速，我們帶著明確的動能進入下半年。我們期待在下一季向各位更新進展。謝謝各位的時間。

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。