PubMatic Inc (PUBM) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to PubMatic's second-quarter 2024 earnings call. My name is Annabeth Ferris, and I will be your Zoom operator today. Thank you for your attendance today. As a reminder, this webinar is being recorded.

大家好，歡迎參加 PubMatic 的 2024 年第二季財報電話會議。我叫 Annabeth Ferris，今天我將成為你們的 Zoom 操作員。感謝您今天的出席。謹此提醒，本次網路研討會正在錄製中。

I will now turn the call over to Stacie Clements with The Blueshirt Group.

我現在將把電話轉給 Blueshirt Group 的 Stacie Clements。

Good afternoon, everyone, and welcome to PubMatic's earnings call for the second quarter ended June 30, 2024. This is Stacie Clements with The Blueshirt Group, and I'll be your operator today.

大家下午好，歡迎參加 PubMatic 截至 2024 年 6 月 30 日的第二季財報電話會議。我是 The Blueshirt Group 的 Stacie Clements，今天我將擔任您的接線生。

Joining me on the call are Rajeev Goel, Co-Founder and CEO; and Steve Pantelick, CFO.

與我一起參加電話會議的還有共同創辦人兼執行長 Rajeev Goel；和財務長史蒂夫潘泰利克。

Before we get started, I have a few housekeeping items. Today's prepared remarks have been recorded, after which Rajeev and Steve will host live Q&A. (Event Instructions) A copy of our press release can be found on our website at investors.pubmatic.com.

在我們開始之前，我有一些家務用品。今天準備好的發言已被錄製，之後拉吉夫和史蒂夫將主持現場問答。（活動說明）我們的新聞稿副本可在我們的網站 Investors.pubmatic.com 上找到。

I would like to remind participants that during this call, management will make forward-looking statements, including, without limitation, statements regarding our future performance, market opportunity, growth strategy, and financial outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and future conditions. These forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances that are difficult to predict.

我想提醒與會者，在這次電話會議中，管理層將做出前瞻性陳述，包括但不限於有關我們未來業績、市場機會、成長策略和財務前景的陳述。前瞻性陳述是基於我們目前對我們的業務、經濟和未來狀況的預期和假設。這些前瞻性陳述受到固有風險、不確定性和難以預測的情況變化的影響。

You can find more information about these risks, uncertainties, and other factors in our reports filed from time to time with the Securities and Exchange Commission and are available at investors.pubmatic.com, including our most recent Form 10-K and any subsequent filings on Form 10-Q or 8-K. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements.

您可以在我們不時向美國證券交易委員會提交的報告中找到有關這些風險、不確定性和其他因素的更多信息，並可在Investors.pubmatic.com 上獲取，包括我們最新的10-K 表格和任何後續文件表格 10-Q 或 8-K 上。我們的實際結果可能與前瞻性陳述中預期的結果有重大差異。因此，我們警告您不要依賴任何這些前瞻性陳述。

All information discussed today is as of August 8, 2024, and we do not intend and undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

今天討論的所有資訊均截至 2024 年 8 月 8 日，我們不打算也不承擔任何義務更新任何前瞻性聲明，無論是由於新資訊、未來發展或其他原因，除非法律要求。

In addition, today's discussion will include references to certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income, and free cash flow. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures is available in our press release.

此外，今天的討論還將涉及某些非公認會計準則財務指標，包括調整後的 EBITDA、非公認會計準則淨利潤和自由現金流量。這些非公認會計原則措施僅供補充資訊之用，不應被視為取代根據公認會計原則提出的財務資訊。我們的新聞稿中提供了這些衡量標準與最直接可比較的公認會計原則衡量標準的調節表。

And now, I will turn the call over to Rajeev.

現在，我將把電話轉給拉吉夫。

Thank you, Stacie, and welcome, everyone. We continued to deliver strong growth in key secular areas. Revenue from omnichannel video, which includes CTV, mobile, and desktop devices, grew 19% over Q2 last year. Mobile app grew even faster. Driving this was significant growth in monetized impressions.

謝謝你，史黛西，歡迎大家。我們持續在關鍵長期領域實現強勁成長。全通路影片（包括 CTV、行動和桌面裝置）的營收比去年第二季成長了 19%。行動應用程式成長更快。推動這一趨勢的是貨幣化展示次數的顯著成長。

We expanded existing customers and partners such as Haleon, Omnicom Media Group, and Mars, and we signed new marquee customers like Roku and Disney+ Hotstar.

我們擴大了 Haleon、Omnicom Media Group 和 Mars 等現有客戶和合作夥伴，並簽署了 Roku 和 Disney+ Hotstar 等新的大客戶。

Looking beyond these rapid growth areas, our revenue in the quarter was impacted by some macro softness and a large DSP buyer on our platform that changed their bidding approach, as mentioned on our call in May. We now expect activity from this buyer to stabilize in the coming months. Importantly, the growth we've delivered outside of this one buyer highlights the momentum we're seeing in the rest of the business.

除了這些快速成長的領域之外，我們本季的營收還受到一些宏觀疲軟以及我們平台上的大型 DSP 買家改變了投標方式的影響，正如我們在 5 月的電話會議中提到的那樣。我們現在預計該買家的活動將在未來幾個月趨於穩定。重要的是，我們在這個買家之外實現的成長凸顯了我們在其他業務中看到的勢頭。

The programmatic market is rapidly maturing as content creators and media buyers build out their ad tech stacks, and I'm confident that the solutions we offer today and the investments we are making in supply path optimization, CTV, commerce media, audience targeting, and performance marketing will drive long-term, profitable revenue growth.

隨著內容創作者和媒體購買者建立他們的廣告技術堆棧，程序化市場正在迅速成熟，我相信我們今天提供的解決方案以及我們在供應路徑優化、CTV、商業媒體、受眾定位和效果營銷將推動長期、有獲利的收入成長。

It's no coincidence that content creators and buyers are investing in these same areas to scale and grow their businesses. As inventory expands and ad budgets shift to digital, there's a fundamental shift towards programmatic. To better illustrate this, we need only look at some of the key outcomes of the recently concluded Upfronts. With the growing onslaught of streaming inventory now available, the market is maturing, bringing CTV prices down and attracting a greater share of advertisers' media budgets as they see higher ROI from this channel.

內容創作者和購買者在這些相同領域進行投資以擴大和發展業務並非巧合。隨著庫存的增加和廣告預算轉向數位化，程序化的方式發生了根本性的轉變。為了更好地說明這一點，我們只需看看最近完成的前期工作的一些關鍵成果。隨著串流媒體庫存的不斷增加，市場日益成熟，CTV 價格下降，並吸引廣告商更大份額的媒體預算，因為他們看到該頻道的投資回報率更高。

We are benefiting from this lift. In the second quarter, CTV growth accelerated significantly in both monetized impressions and revenue growth. Adding to the opportunity, many of the biggest names in streaming like Netflix, Disney, NBC, and Roku are opening up programmatic access to their premium inventory, and many of them are leveraging PubMatic technology to do so.

我們正從這次提升中受益。第二季度，CTV 的貨幣化展示次數和營收成長均顯著加速。Netflix、迪士尼、NBC 和 Roku 等串流媒體領域的許多知名公司正在開放對其優質廣告資源的程式化訪問，其中許多公司正在利用 PubMatic 技術來實現這一目標，這增加了這一機會。

Programmatic is also reshaping ad buying across the open internet. We have seen an accelerated pace of conversations with walled gardens and social companies as they seek access to unique ad budgets and premium inventory available via PubMatic's platform. For example, PubMatic has expanded its work with Amazon Ads to include enhanced API integrations that provide streamlined access to PubMatic's SSP inventory and participation in the Certified Supply Exchange Program which enables advertisers using the Amazon DSP to create unique deals to reach Amazon audiences on PubMatic inventory.

程序化也正在重塑開放網路上的廣告購買。我們看到與圍牆花園和社會公司的對話步伐加快，因為他們尋求透過 PubMatic 平台獲得獨特的廣告預算和優質庫存。例如，PubMatic 擴展了與Amazon Ads 的合作，包括增強的API 集成，可簡化對PubMatic 的SSP 庫存的訪問，並參與認證供應交換計劃，該計劃使廣告商能夠使用Amazon DSP 創建獨特的交易，以吸引PubMatic 庫存上的亞馬遜受眾。

None of these major industry shifts would be possible without the use of sell-side technology. PubMatic enables content creators to have full control and transparency to bring their inventory to market. Our solutions facilitate data-driven targeting across their supply, create liquidity for their inventory, and ultimately drive yield in conjunction with their insertion order-based direct sales.

如果不使用賣方技術，這些重大的產業轉變就不可能實現。PubMatic 讓內容創作者能夠完全控制和透明地將他們的庫存推向市場。我們的解決方案促進了整個供應鏈中數據驅動的定位，為庫存創造了流動性，並最終結合基於插入訂單的直接銷售提高了產量。

We also offer scaled access to ad budgets. In many cases, we are signing new publishers because of our strong media buyer relationships built over many years via supply path optimization. While early investments with agency holding companies continue to deliver growth in SPO, we are also seeing tremendous success with independent agencies and direct brands.

我們也提供可擴展的廣告預算。在許多情況下，我們之所以會簽約新的出版商，是因為我們多年來透過供應路徑優化建立了強大的媒體買家關係。雖然對代理商控股公司的早期投資繼續推動 SPO 的成長，但我們也看到獨立代理商和直營品牌取得了巨大成功。

Haleon, the consumer health company with a portfolio of household name brands including Advil, Tums, and Centrum, is on a journey to optimize the quality of their media while reducing the carbon footprint of their media buying operations. To solve these challenges, they needed to get closer to the publisher and directly control their media supply chain. They selected PubMatic to create a global marketplace that meets Haleon's inventory quality targets, resulting in a significant increase in the number of impressions won while improving the environmental sustainability and effectiveness of their campaigns.

Haleon 是一家消費者健康公司，擁有 Advil、Tums 和 Centrum 等家喻戶曉的品牌組合，該公司正在優化媒體質量，同時減少媒體購買業務的碳足跡。為了解決這些挑戰，他們需要更接近出版商並直接控制他們的媒體供應鏈。他們選擇 PubMatic 來創建一個滿足 Haleon 的庫存品質目標的全球市場，從而顯著增加了贏得的展示次數，同時提高了環境永續性和活動成效。

Underpinning the growth in SPO activity is Activate. Omnicom Media Group in the Netherlands recently expanded its SPO relationship to include Activate. With Activate, PubMatic offers OMG-curated marketplaces for scaled access to multi-publisher deals as well as direct access to premium inventory.

Activate 是 SPO 活動成長的基礎。荷蘭 Omnicom Media Group 最近擴大了其 SPO 關係，將 Activate 納入其中。借助 Activate，PubMatic 提供 OMG 策劃的市場，以擴大對多發行商交易的訪問以及直接訪問優質庫存。

The greatest testament to the strength of Activate is the impressive results clients are seeing. When Mars Petcare was seeking to build awareness and consideration for Greenies pet treats, they and their agency GroupM tapped Activate to create an optimized path to premium CTV supply. Key to enabling this is Activate's ability to make the entire digital advertising supply chain more efficient by reducing the overhead caused by using multiple technology platforms for each ad impression.

客戶所看到的令人印象深刻的結果是Activate實力的最大證明。當瑪氏寵物護理公司 (Mars Petcare) 尋求提高人們對 Greenies 寵物零食的認知度和考慮度時，他們及其代理機構群邑 (GroupM) 利用 Activate 來創建一條優質 CTV 供應的優化途徑。實現這一目標的關鍵在於，Activate 能夠減少因每次廣告展示使用多個技術平台而產生的開銷，從而提高整個數位廣告供應鏈的效率。

Jonathan Tuttle, Associate Director of Media for Mars Pet Nutrition North America, explained that leveraging Activate to go direct-to-media supply was a game changer for the brand, allowing them to invest more of their budget in working media.

瑪氏寵物營養北美公司媒體副總監 Jonathan Tuttle 解釋說，利用 Activate 直接向媒體供應改變了該品牌的遊戲規則，使他們能夠將更多預算投入到工作媒體上。

In his own words, quote, one of the primary goals of our media at Mars is to drive business efficiencies through new and innovative approaches to the way we buy and deliver our media. We were able to accomplish this in spades by leveraging PubMatic Activate, close quote. Ultimately, Mars exceeded its sales lift goal by 20% and exceeded incremental sales goals by 126%.

用他自己的話來說，瑪氏媒體的主要目標之一是透過新的創新方法來購買和交付媒體，從而提高業務效率。透過利用 PubMatic Activate，關閉報價，我們能夠毫不費力地實現這一目標。最終，瑪氏超越了其銷售提升目標 20%，並超越了增量銷售目標 126%。

The greenfield opportunities we see for Activate are amplified by the growing trends in programmatic advertising across streaming media. These trends mirror what we are seeing across our business with our rapidly growing CTV publisher footprint, many of which are scheduled to go live in the second half of 2024.

我們看到的 Activate 的綠地機會因串流媒體程式化廣告的成長趨勢而被放大。這些趨勢反映了我們在整個業務中所看到的情況，即我們的 CTV 發行商足跡迅速增長，其中許多計劃於 2024 年下半年上線。

We recently onboarded Disney+ Hotstar, India's streaming platform offering a wide range of content across Indian and international titles, as a preferred SSP. This summer has seen a boon of live sports content coming to streaming devices, with the Olympic Games in Paris, the T20 Global Cricket Tournament, Copa America and the Euros, all occurring within a few weeks span.

我們最近加入了 Disney+ Hotstar，這是印度的串流平台，提供印度和國際影片的廣泛內容，作為首選 SSP。今年夏天，串流媒體設備上出現了大量體育直播內容，巴黎奧運、T20 全球板球錦標賽、美洲盃和歐洲盃都在幾週內舉行。

On top of that, the active political cycle is bringing more eyeballs to streaming media. With premier publisher relationships and media buyers already on our platform, we are participating in these CTV consumption tailwinds.

最重要的是，活躍的政治週期為串流媒體帶來了更多的關注。憑藉我們平台上的優質出版商關係和媒體買家，我們正在參與這些 CTV 消費順風車。

Additionally, I'm excited to share that we recently integrated into Roku's newly announced Roku Exchange, providing advertisers with access to their highly engaged audiences across premium live and on-demand programming. PubMatic brings the strength of our SPO relationships as well as unique budgets from Activate to maximize demand for Roku's streaming ad inventory.

此外，我很高興地告訴大家，我們最近整合了 Roku 新推出的 Roku Exchange，為廣告主提供了透過優質直播和點播節目吸引高度參與的受眾的機會。PubMatic 帶來了我們 SPO 關係的優勢以及來自 Activate 的獨特預算，以最大限度地提高對 Roku 串流廣告庫存的需求。

As I mentioned last quarter, we believe we are in the early stages of a new CTV and online video flywheel for growth. Adding to this momentum is an increase in mobile app, which is the vast majority of mobile ad spend. Our mobile app revenue grew over 20% for the third straight quarter, nearly double 2024's expected year-over-year market growth rate of 13%.

正如我上季度提到的，我們相信我們正處於新的 CTV 和線上影片飛輪成長的早期階段。行動應用程式的成長加劇了這一勢頭，行動應用程式佔據了行動廣告支出的絕大多數。我們的行動應用收入連續第三個季度成長超過 20%，幾乎是 2024 年市場預期成長率 13% 的兩倍。

PubMatic has a decade of experience providing mobile solutions, empowering app developers and providing buyers with a more efficient and controlled path to deliver ad experiences on mobile devices. Together, these have resulted in mobile app market share gains. Major apps like Dwango, Newsbreak, and Talkatone are seeing success through their integrations with our tech.

PubMatic 擁有十年的行動解決方案經驗，為應用程式開發人員提供支持，並為買家提供更有效率、更可控的路徑，在行動裝置上提供廣告體驗。這些共同帶來了行動應用市場份額的成長。Dwango、Newsbreak 和 Talkatone 等主要應用程式透過與我們的技術整合取得了成功。

We see mobile app as a key differentiator for PubMatic amongst our peer set. We are one of the only omnichannel SSPs to have a scaled SDK footprint integrated directly into publishers' apps. This provides us with increased performance along with greater control of the ad experience for the end user as we render the ad in the mobile device.

我們認為行動應用程式是 PubMatic 在我們同行中的關鍵區別因素。我們是唯一將擴展 SDK 足跡直接整合到發行商應用程式中的全通路 SSP 之一。這為我們提供了更高的效能，並在我們在行動裝置中呈現廣告時更好地控制最終用戶的廣告體驗。

Programmatic mobile app advertising is nearing an inflection point of growth. All of the major mediation layers, including AppLovin, Google AdMob, and Unity, are moving away from waterfall auctions to embrace unified auction technology. This is exactly what our OpenWrap software is built to enable.

程序化行動應用程式廣告正接近成長拐點。所有主要的中介層，包括 AppLovin、Google AdMob 和 Unity，都在放棄瀑布式拍賣，轉而採用統一拍賣技術。這正是我們的 OpenWrap 軟體的建構目的。

OpenWrap SDK showed strong growth, doubling in revenue from a year ago. All of this opens up ad opportunities for more buyers, including performance-oriented brand buyers looking to drive outcomes and ROI within mobile app environments.

OpenWrap SDK 顯示強勁成長，營收比一年前翻了一番。所有這些都為更多買家提供了廣告機會，包括希望在行動應用環境中推動成果和投資回報率的以效果為導向的品牌買家。

Our existing SPO relationships provide us with direct access to advertiser and agency budgets to fill this inventory and take advantage of this growing opportunity. This is one of the reasons Roblox chose to partner with PubMatic. Together, we are implementing programmatic media buying with select buyers and expect to expand access to more buyers later this year.

我們現有的 SPO 關係使我們能夠直接接觸廣告商和代理商的預算，以填補庫存並利用這一不斷增長的機會。這是 Roblox 選擇與 PubMatic 合作的原因之一。我們正在與選定的買家一起實施程序化媒體購買，並預計在今年稍後擴大到更多買家的訪問範圍。

Targeted investments in commerce media are adding significant long-term opportunity and contributing to growth. Our technology enables commerce companies to build their ad businesses by unlocking the value of their shopper data and ad inventory, both onsite and offsite.

對商業媒體的有針對性的投資正在增加重要的長期機會並促進成長。我們的技術使商業公司能夠透過釋放現場和場外購物者數據和廣告庫存的價值來建立廣告業務。

The commerce media market is growing faster than any other form of digital advertising. Our conversations with retailers and transactional commerce companies have accelerated over the past few months as we continue to scale our commercial and engineering teams dedicated to this line of business.

商業媒體市場的成長速度超過任何其他形式的數位廣告。在過去的幾個月裡，隨著我們繼續擴大致力於這條業務線的商業和工程團隊，我們與零售商和交易商務公司的對話加快了。

We have an active pipeline of over 100 commerce media companies in every region and one consistent theme has emerged, commerce media networks are increasingly in the market for leading SSP technology like PubMatic's. Leading retail media companies Instacart and Klarna, which we announced in early Q2, are expected to launch later this year.

我們在每個地區都擁有超過 100 家商業媒體公司的活躍管道，並且已經出現了一個一致的主題：商業媒體網路越來越多地進入市場，尋求 PubMatic 等領先的 SSP 技術。我們在第二季初宣布的領先零售媒體公司 Instacart 和 Klarna 預計將於今年稍後推出。

Ridesharing apps also represent a huge opportunity. For example, Uber's advertising business is on pace to exceed $1 billion this year. We see this as a growing customer segment for PubMatic. And in Q2, we signed Rapido, an Indian ride-hailing service for 10 million people across 120 cities. Rapido selected PubMatic initially for our monetization and unified auction technology with the opportunity to expand to onsite and offsite audience monetization as they evolve their commerce media offering.

乘車共享應用程式也代表著巨大的機會。例如，Uber 的廣告業務今年可望突破 10 億美元。我們認為這是 PubMatic 不斷成長的客戶群。第二季度，我們簽署了 Rapido，這是一項印度叫車服務，為 120 個城市的 1000 萬人提供服務。Rapido 最初選擇 PubMatic 是因為我們的貨幣化和統一拍賣技術，隨著他們發展其商業媒體產品，有機會擴展到現場和場外受眾貨幣化。

I couldn't be more excited about the breadth of opportunities ahead of us in commerce media. We see this line of business as a natural extension of our omnichannel platform.

我對商業媒體面臨的廣泛機會感到非常興奮。我們認為該業務線是我們全通路平台的自然延伸。

As a sell-side technology leader, we continue to invest and innovate, unlocking new avenues for growth. As digital advertising becomes increasingly programmatic, both media buyers and content owners are choosing to build their advertising businesses on our platform, with several large, exciting partnerships set to launch over the coming months.

作為賣方技術領導者，我們不斷投資和創新，開闢新的成長途徑。隨著數位廣告變得越來越程序化，媒體買家和內容所有者都選擇在我們的平台上建立他們的廣告業務，並將在未來幾個月內推出幾個大型的、令人興奮的合作夥伴關係。

Our product portfolio supports the key secular growth drivers across the industry, supply path optimization, CTV, mobile app, commerce media, and addressability.

我們的產品組合支援整個產業的關鍵長期成長驅動力、供應路徑優化、CTV、行動應用程式、商業媒體和可尋址性。

I'll now turn the call over to Steve for the financials.

我現在將電話轉給史蒂夫詢問財務狀況。

Thank you, Rajeev. And welcome, everyone. Revenue grew 6% over Q2 last year, which was lower than expected, largely due to the changes made by one large DSP buyer in late May. This impact was approximately $2 million, primarily in desktop display. Late-quarter weakness in several ad verticals represented an additional $1 million shortfall.

謝謝你，拉吉夫。歡迎大家。營收較去年第二季成長 6%，低於預期，主要是由於 5 月底一家大型 DSP 買家做出的改變。這一影響約為 200 萬美元，主要是在桌面顯示方面。幾個廣告垂直領域的季度末疲軟意味著額外的 100 萬美元缺口。

Based on the timing of the DSP changes, our software optimizations will continue through Q3. In the coming months, we expect activity from this buyer to stabilize. Note, this was the last major DSP to make this shift to exclusively first-price auctions, and nearly all impressions on our platform are now transacted via this bidding approach.

根據 DSP 更改的時間，我們的軟體優化將持續到第三季。在接下來的幾個月裡，我們預計該買家的活動將趨於穩定。請注意，這是最後一個轉向僅以第一價格拍賣的主要 DSP，我們平台上的幾乎所有展示現在都是透過這種出價方式進行交易的。

The majority of our business delivered strong results which helped partially offset this impact. Excluding this DSP buyer, our business in aggregate grew nearly 10% year over year. Our omnichannel video, mobile, and emerging revenue products all grew well above our expectations. This outcome highlights the value of our diverse omnichannel platform and productive multi-year investments in key secular growth areas.

我們的大部分業務都取得了強勁的業績，部分抵消了這種影響。除去這個DSP買家，我們的業務總量年增了近10%。我們的全通路視訊、行動和新興收入產品的成長都遠遠超出了我們的預期。這一結果凸顯了我們多元化的全通路平台以及在關鍵長期成長領域的富有成效的多年投資的價值。

Looking at the quarterly highlights, ad buyers are consolidating spend on our platform. SPO activity, which drives greater visibility and incremental margin, was over 50%. Monetized impressions across all formats and channels grew 12% over last year and overall CPMs were stable year over year. Q2 was the fourth quarter in a row where our total monetized impressions grew in double-digit percentages year over year.

從季度亮點來看，廣告買家正在整合我們平台上的支出。SPO 活動推動了更高的可見度和增量利潤，超過 50%。所有格式和管道的貨幣化展示次數比去年增長了 12%，整體每千次曝光費用較去年同期穩定。第二季是我們的總貨幣化印象數連續第四個季度年增兩位數。

Emerging revenue streams, comprised of new products like Activate and growing data partnerships and enterprise software integrations, almost doubled year over year and contributed 2 percentage points of growth.

由Activate等新產品以及不斷增長的數據合作夥伴關係和企業軟體整合組成的新興收入流幾乎同比翻了一番，並貢獻了2個百分點的增長。

We added 25% incremental gross impression capacity on our platform year over year, while at the same time lowered the trailing 12-month cost of revenue per million impressions by 14%, driven by ongoing software optimization.

在持續的軟體優化的推動下，我們平台的總印象容量同比增加了 25%，同時將過去 12 個月每百萬印象的收入成本降低了 14%。

Our cost management and productivity improvements allowed us to keep our GAAP cost of revenue flat year over year. Gross profit was $42.1 million, an increase of 10% year over year; and adjusted EBITDA was $21 million, or 31% margin. Overall, the positive results we're seeing in the growth areas of our business and the advertising ecosystem's accelerating shift towards programmatic platforms position us well for long-term, profitable growth.

我們的成本管理和生產力改善使我們能夠保持 GAAP 收入成本與去年同期持平。毛利為4,210萬美元，較去年同期成長10%；調整後的 EBITDA 為 2,100 萬美元，利潤率為 31%。總體而言，我們在業務成長領域看到的積極成果以及廣告生態系統向程序化平台的加速轉變為我們的長期獲利成長奠定了良好的基礎。

Breaking Q2 down by format and channel. We saw continued secular growth above market rates for omnichannel video revenue, which includes CTV, mobile, and desktop devices, which grew 19% over Q2 last year, driven by an increase in monetized impressions of over 50%.

按格式和管道細分第二季。我們看到全通路視訊收入（包括 CTV、行動和桌面設備）持續高於市場水平的長期成長，在貨幣化展示次數增長超過 50% 的推動下，比去年第二季度增長了 19%。

CTV monetized impressions nearly doubled over last year. Our mobile app business across video and display continued to perform strongly and grew over 20% year over year for the third quarter in a row. Total mobile, inclusive of web, app, video, and display, increased 12% year over year. We expect continued growth in mobile as we ramp up our partnerships with Roblox and others.

CTV 貨幣化展示次數比去年幾乎翻了一番。我們的視訊和顯示行動應用業務持續表現強勁，連續第三季年增超過 20%。行動總量（包括網路、應用程式、影片和顯示）年增 12%。隨著我們加強與 Roblox 和其他公司的合作夥伴關係，我們預計行動業務將持續成長。

Display faced the largest year-over-year headwind from the combined DSP change and the Yahoo! business challenges that emerged in Q3 last year. Despite these challenges, Display increased 2% year over year. Excluding the DSP change and Yahoo! impacts, Display revenues exceeded expectations and increased 21% year-over-year. For reference, the year-over-year decline in Yahoo! revenues in Q2 was approximately $2 million. Beginning this Q3, we will have lapped the step down in the Yahoo! business.

由於 DSP 的變化和 Yahoo! 的合併，顯示器面臨著比去年最大的阻力。去年第三季出現的業務挑戰。儘管面臨這些挑戰，顯示器業務仍較去年同期成長 2%。不包括 DSP 變更和 Yahoo!受此影響，顯示器收入超出預期，年增 21%。作為參考，雅虎的同比下降！第二季的營收約為 200 萬美元。從第三季開始，我們將在雅虎！商業。

Across the globe, all regions grew in the second quarter. We also expanded our existing publisher revenues on a trailing 12-month basis with net dollar-based retention at 108%. Excluding Yahoo!, net dollar-based retention was 117%.

在全球範圍內，所有地區第二季度均實現成長。我們也擴大了過去 12 個月的現有發行商收入，以美元計的淨留存率為 108%。不含 Yahoo!，以美元計算的淨留存率為 117%。

Looking at growth in ad spend, 6 of our top 10 ad verticals in aggregate grew above 20% year over year: shopping, business, food and drink, personal finance, health and fitness, and style and fashion. At the same time, we saw a notable slowdown in other verticals: technology and computing, automotive, travel, and arts and entertainment. Overall, the top 10 ad verticals combined increased by 18% over Q2 last year.

從廣告支出的成長來看，十大廣告垂直產業中有 6 個產業的年增幅超過 20%：購物、商業、食品和飲料、個人理財、健康和健身以及風格和時尚。同時，我們看到其他垂直產業的成長顯著放緩：技術和計算、汽車、旅行以及藝術和娛樂。總體而言，排名前 10 位的廣告垂直行業合計比去年第二季增長了 18%。

Our long-term relationships with buyers continued to expand as activity from SPO climbed to over 50% of total activity on our platform. Underscoring the long-term strategic value and stickiness of these relationships, the trailing 12-month net spend retention rate from SPO partners with at least three years of spending on our platform was 120%.

隨著 SPO 的活動攀升至我們平台總活動的 50% 以上，我們與買家的長期關係持續擴大。在我們平台上支出至少三年的 SPO 合作夥伴的過去 12 個月淨支出留存率為 120%，凸顯了這些關係的長期策略價值和黏性。

In February, I outlined our key operating priorities to lay the foundation for delivering multi-year accelerated revenue growth and incremental margin expansion. I'm happy to share that we have made significant progress on these priorities.

二月份，我概述了我們的主要營運重點，為實現多年加速收入成長和增量利潤擴張奠定基礎。我很高興與大家分享，我們在這些優先事項上取得了重大進展。

First, we continue to invest in supply path optimization, adding buyer-focused sales team members to address the large greenfield opportunity within SPO from independent agencies and direct brands. We're also focused on creating additional value for publishers and buyers by expanding the breadth of our emerging products such as OpenWrap, an important solution as we differentiate in mobile.

首先，我們繼續投資於供應路徑優化，增加以買家為中心的銷售團隊成員，以解決 SPO 內來自獨立機構和直接品牌的大型綠地機會。我們也致力於透過擴大 OpenWrap 等新興產品的範圍來為出版商和買家創造額外價值，OpenWrap 是我們在行動領域脫穎而出的重要解決方案。

We have also responded proactively to Google's change in plans to keep third-party cookies and are selectively reallocating resources from Google's Privacy Sandbox to other growth areas of the business. For example, we are reallocating resources to Connect and our data targeting efforts to take advantage of the rise in performance media and commerce media.

我們也積極回應 Google 保留第三方 Cookie 的計畫變更，並選擇性地將資源從 Google 隱私沙箱重新分配到業務的其他成長領域。例如，我們正在重新分配資源給 Connect 和我們的資料定位工作，以利用績效媒體和商業媒體的崛起。

We are confident that the use of alternative targeting solutions will continue to increase as buyers seek higher ROI and publishers seek incremental ways to increase monetization, leveraging their valuable data assets.

我們相信，隨著買家尋求更高的投資回報率，而出版商尋求增量方法來利用其寶貴的數據資產來增加盈利，替代定位解決方案的使用將繼續增加。

Second, we remain focused on optimizing our infrastructure and making prudent investments in CapEx to keep pace with the success we've had in increasing monetized impressions while improving our margins and unlocking dollars to fund new products.

其次，我們仍然專注於優化我們的基礎設施，並對資本支出進行審慎投資，以跟上我們在增加貨幣化印象方面所取得的成功，同時提高我們的利潤率並釋放資金來資助新產品。

Two-thirds of the incremental capacity we added in Q2 was the direct result of software optimization as opposed to CapEx. Our team is driving tangible cost savings, while optimizing via software and AI to deliver incremental efficiencies across our owned and operated infrastructure.

我們在第二季增加的增量容量的三分之二是軟體優化的直接結果，而不是資本支出。我們的團隊正在推動切實的成本節約，同時透過軟體和人工智慧進行最佳化，以提高我們擁有和營運的基礎設施的效率。

For example, our engineers are continuously deploying software revisions that improve the throughput of our ad servers. Because we own and operate our own infrastructure, we are able to customize our infrastructure to process high volumes of ad impressions while minimizing our hardware and operating costs. These savings allow us to make investments to drive revenue growth while delivering strong margins.

例如，我們的工程師不斷部署軟體修訂版，以提高廣告伺服器的吞吐量。由於我們擁有並經營自己的基礎設施，因此我們能夠客製化基礎設施來處理大量廣告展示，同時最大限度地降低硬體和營運成本。這些節省使我們能夠進行投資以推動收入成長，同時實現強勁的利潤率。

Moving down the P&L. GAAP operating expenses in Q2 were $46.1 million, lower than Q1 and a 2% increase over the prior year. Note, last year's Q2 included $5.7 million in expense related to the bankruptcy of one of our DSP partners. Our OpEx reflects both prudent cost management and targeted investments in technology and sales. Across these two areas combined, we have increased full-time employees by 17% year over year.

損益表向下移動。第二季度 GAAP 營運費用為 4,610 萬美元，低於第一季度，比上年增長 2%。請注意，去年第二季包括與我們的 DSP 合作夥伴之一破產相關的 570 萬美元費用。我們的營運支出反映了審慎的成本管理以及對技術和銷售的有針對性的投資。在這兩個領域中，我們的全職員工人數較去年同期增加了 17%。

Q2 GAAP net income was $2 million, or $0.04 per diluted share. Adjusted EBITDA was $21 million, or 31%, and included other income related to our work to build and test integrations with the Google Privacy Sandbox. This income was received in part to offset Privacy Sandbox development costs we already incurred during the first six months of 2024.

第二季 GAAP 淨利為 200 萬美元，或攤薄後每股收益 0.04 美元。調整後的 EBITDA 為 2,100 萬美元，即 31%，其中包括與我們建立和測試與 Google Privacy Sandbox 整合的工作相關的其他收入。收到的部分收入是為了抵消我們在 2024 年前六個月已經產生的 Privacy Sandbox 開發成本。

We have a strong balance sheet that supports our long-term capital allocation strategy. We ended the quarter with $166 million in cash and marketable securities and zero debt.

我們擁有強大的資產負債表，支持我們的長期資本配置策略。本季結束時，我們擁有 1.66 億美元的現金和有價證券，債務為零。

Year to date through July 31, 2024, we have repurchased 2 million shares of Class A common stock for $41 million in cash. Since the inception of our repurchase program in February 2023, we have bought back a total of 6 million shares for $100 million. We have $75 million remaining in our repurchase program authorized through December 31, 2025.

截至 2024 年 7 月 31 日，我們已以 4,100 萬美元現金回購了 200 萬股 A​​ 類普通股。自 2023 年 2 月啟動回購計畫以來，我們以 1 億美元回購了總計 600 萬股股票。截至 2025 年 12 月 31 日，我們的回購計畫仍有 7,500 萬美元的授權。

We generated $12 million in net cash provided by operating activities and delivered approximately $7 million in free cash flow. Note, over the next couple of quarters, we expect an increase in DSOs as our accounts receivable mix changes as the result of the bidding changes made by one of our large DSPs. We view this as a short-term phenomenon that will work its way through our working capital by mid next year.

我們透過經營活動產生了 1,200 萬美元的淨現金，並交付了約 700 萬美元的自由現金流。請注意，在接下來的幾個季度中，我們預計 DSO 會增加，因為我們的應收帳款組合因我們的大型 DSP 之一所做的投標變化而發生變化。我們認為這是一種短期現象，到明年中期將耗盡我們的營運資金。

Now turning to our outlook. We are adjusting our full-year outlook based on our latest assessment of the DSP bidding change and recent macro trends. First, the timing of the DSP bidding change in late May prevented us from offsetting the impact in the quarter. This impact was approximately $2 million.

現在轉向我們的展望。我們正在根據 DSP 投標變化的最新評估和近期宏觀趨勢調整全年展望。首先，5 月下旬 DSP 投標變更的時間使我們無法抵消本季的影響。這一影響約為 200 萬美元。

Because we operate in a real time environment, our planned software changes could not be tested at scale until the DSP made its change. Given the complexity of these changes, optimization efforts have continued into the third quarter.

由於我們在即時環境中運行，因此在 DSP 做出更改之前，我們計劃的軟體變更無法進行大規模測試。鑑於這些變化的複雜性，優化工作一直持續到第三季。

Related to this change, we are reducing our full-year revenue outlook by $5 million, comprised of the $2 million impact in Q2 plus an estimated $3 million impact in the second half of the year. We expect activity from this buyer to stabilize in the coming months.

與這項變更相關，我們將全年營收預期下調了 500 萬美元，其中包括第二季 200 萬美元的影響以及下半年預計的 300 萬美元的影響。我們預計該買家的活動在未來幾個月將趨於穩定。

Second, we are also factoring in into our full-year revenue guidance an estimated $5 million impact related to macro softness based on the trends we saw in several ad verticals in Q2. $1 million of this impact occurred in Q2 and we are estimating an additional $4 million impact over the second half.

其次，根據我們在第二季在幾個廣告垂直領域看到的趨勢，我們還將與宏觀疲軟相關的估計 500 萬美元的影響納入了全年收入指導。其中 100 萬美元的影響發生在第二季度，我們預計下半年還會產生 400 萬美元的額外影響。

Despite these two factors, we are encouraged by the rapid growth we're seeing in key secular areas of the business, notably omnichannel video and mobile app. Emerging revenue is also building momentum, growing sequentially quarter over quarter.

儘管存在這兩個因素，但我們對業務的關鍵長期領域（特別是全通路視訊和行動應用程式）的快速成長感到鼓舞。新興收入也在累積動力，逐季環比成長。

We also see upside in Q4 from several major customers newly integrated or soon to be integrated onto our platform. In addition, political spend and recent upfront deals with a growing mix of programmatic ad spend will command greater proportions of ad budgets in the second half of the year.

我們也看到第四季的優勢來自於新整合或即將整合到我們平台上的幾個主要客戶。此外，政治支出和最近與日益增長的程序化廣告支出組合的前期交易將在今年下半年佔據更大比例的廣告預算。

For Q3 revenue, we expect $65 million to $67 million, or approximately 4% year-over-year growth at the midpoint. For the full year, we expect revenue to be between $288 million and $292 million, or 9% year-over-year growth at the midpoint.

對於第三季的收入，我們預計為 6,500 萬至 6,700 萬美元，中間值年增約 4%。我們預計全年營收將在 2.88 億美元至 2.92 億美元之間，即年增 9%。

In terms of costs, we expect GAAP cost of revenue to increase sequentially each quarter in the low single-digit percentages. We also expect GAAP operating expenses to increase sequentially in the low single-digit percentages for both Q3 and Q4 as we continue to invest for long-term growth.

就成本而言，我們預計 GAAP 收入成本每季都會以較低的個位數百分比持續成長。我們也預計，隨著我們繼續為長期成長進行投資，第三季和第四季的 GAAP 營運費用將以較低的個位數百分比連續成長。

With our revenue guidance and expected cost structure, which is largely fixed in the near term by design, we expect Q3 adjusted EBITDA to be between $15 million and $17 million, or approximately 24% margin at the midpoint.

根據我們的收入指引和預期成本結構（在短期內基本上是透過設計確定的），我們預計第三季調整後的EBITDA 將在1500 萬美元至1700 萬美元之間，或中點利潤率約為24%。

For the full year, we expect adjusted EBITDA to be between $87 million and $91 million, or approximately 31% margin at the midpoint. Our full-year CapEx projections remain in line with our prior expectations of $16 million to $18 million, with a bias to the higher end of the range as we take advantage of the continued strong growth in omnichannel video and mobile app impressions.

我們預計全年調整後 EBITDA 將在 8,700 萬美元至 9,100 萬美元之間，即中點利潤率約為 31%。我們的全年資本支出預測與我們先前 1,600 萬美元至 1,800 萬美元的預期保持一致，但隨著我們利用全通路視訊和行動應用印像數的持續強勁增長，我們會偏向該範圍的高端。

Most of our CapEx will be made in Q3. In terms of Q3 and Q4 free cash flow, the timing of this CapEx and earlier referenced change in DSOs, our free cash flow will be somewhat lower in the short term but revert back to historical trends next year.

我們的大部分資本支出將在第三季進行。就第三季和第四季的自由現金流、本次資本支出的時間安排以及先前提到的DSO 變化而言，我們的自由現金流在短期內將有所下降，但明年將恢復到歷史趨勢。

In closing, Q2 demonstrated our ability to deliver strong growth in key secular areas of the business while achieving robust profitability. Looking ahead, our strong financial profile and proven, durable business model positions us well to manage through the current environment and take advantage of the significant opportunities ahead in programmatic advertising.

最後，第二季證明了我們有能力在業務的關鍵長期領域實現強勁成長，同時實現強勁的獲利能力。展望未來，我們強大的財務狀況和經過驗證、持久的商業模式使我們能夠很好地應對當前環境，並利用程式化廣告領域的重大機會。

With that, I will turn the call over to Stacie for questions.

這樣，我會將電話轉給 Stacie 詢問問題。

Thank you, Steve. (Event Instructions) Ian Peterson, Evercore.

謝謝你，史蒂夫。（活動說明）Ian Peterson，Evercore。

Thank you for taking my questions. Two if I may. First, it'd be great to get just a little bit more clarity on the DSP headwind. Did that $2 million impact to Q2 come in in line with your expectations or below your expectations? And how should we think about that $3 million headwind contribution to Q3 and Q4? Will it be spread evenly between the two or more so in Q3?

感謝您回答我的問題。如果可以的話，兩個。首先，如果能更清楚地了解 DSP 的逆風就太好了。第二季 200 萬美元的影響符合您的預期還是低於您的預期？我們該如何看待第三季和第四季 300 萬美元的逆風貢獻？在第三季度，它會在兩個或多個之間均勻分佈嗎？

And then my second question is it'd be great to get some more color on which verticals you are seeing softness in both Q2 and Q3 to date. Thanks.

然後我的第二個問題是，如果能在迄今為止第二季和第三季看到的疲軟垂直領域獲得更多的信息，那就太好了。謝謝。

Sure, Ian. So maybe I can just start a little bit and then I'll turn it over to Steve on some of the financial aspects of your question. So we're seeing strong growth in a number of secular areas, as we talked about, but that is being overshadowed by the DSP bidding change in the near term, where that DSP converted all of its auctions to first-price auctions, where historically, that DSP used a combination of first and second price. And the good news is that these changes make their methodology consistent with the rest of the industry, which had made this change over the last several years.

當然，伊恩。所以也許我可以先開始一點，然後我將把你問題的一些財務方面的問題轉交給史蒂夫。因此，正如我們所討論的，我們看到許多長期領域的強勁增長，但這被近期 DSP 投標變化所掩蓋，DSP 將其所有拍賣轉換為最高價拍賣，而歷史上， ，該DSP 使用了第一和第二價格的組合。好消息是，這些變化使他們的方法與行業中的其他公司保持一致，這些公司在過去幾年中做出了這一改變。

So let me turn it over to Steve now.

現在讓我把它交給史蒂夫。

Sure. Good to connect, Ian. So with respect to the impact in the second quarter, because of the timing, very relatively speaking to what we had assumed, we just didn't have time to optimize at scale because we operate at real-time auction environment. So it was slightly worse than we had expected. So that $2 million is a function of sort of the timing.

當然。很高興聯繫，伊恩。因此，就第二季的影響而言，由於時間安排，相對於我們的假設而言，我們只是沒有時間大規模優化，因為我們在即時拍賣環境中運作。所以情況比我們預期的要差一些。因此，200 萬美元是時間的函數。

Now, when I think about the impact in the coming months, I think it'll be more weighted to the third quarter than the fourth quarter because as I said, we have fully engaged on a real-time basis optimizing and we see some really good progress and outcomes as a result of those efforts.

現在，當我考慮未來幾個月的影響時，我認為第三季度的權重將比第四季度更大，因為正如我所說，我們已經充分進行了即時優化，並且我們看到了一些真正的優化。

Now, with respect to the softness, there's a couple verticals that we start to see softness right at the tail end of Q2. And the reason why we are looking at it closely is that they were on a very strong trajectory, fourth quarter, first quarter, and then we saw some weakness emerge and that has continued into July. So ad vertical number one is the technology area. Strong growth up until, let's call it, about June, and then on a year over year basis, basically flatlined.

現在，就柔軟度而言，我們在第二季末開始看到一些垂直方向的柔軟度。我們之所以密切關注它，是因為它們處於非常強勁的軌跡，第四季度、第一季度，然後我們看到出現了一些疲軟，並且這種情況一直持續到七月。因此，廣告垂直領域的第一名是技術領域。強勁成長一直持續到六月左右，然後與去年同期相比，基本上持平。

In terms of other areas that we saw some softness, we saw softness in automotive, travel, and arts and entertainment. And all told, those are important verticals for us and do reflect what we've seen other companies comment in terms of softness they're seeing relative to specific verticals.

就其他領域而言，我們看到了一些疲軟，我們在汽車、旅行、藝術和娛樂領域看到了疲軟。總而言之，這些對我們來說都是重要的垂直領域，並且確實反映了我們所看到的其他公司相對於特定垂直領域的疲軟程度的評論。

Now, having said all that, we also saw a really good robust growth in very important verticals for shopping, business, food and drink, personal finance, health and fitness, all grew above 20% in the second quarter. So we see this as, I'll call it, an air pocket, not really a significant impact to the second half, and you can see that in the guidance that we've given. It's really just a couple million dollars to reflect that.

話雖如此，我們也看到購物、商業、食品和飲料、個人理財、健康和健身等非常重要的垂直行業出現了非常強勁的成長，第二季的成長均超過 20%。因此，我們認為這是，我稱之為“氣穴”，對下半年並沒有真正的重大影響，你可以在我們給予的指導中看到這一點。反映這一點實際上只需幾百萬美元。

And then the last thing I'll say, ultimately, we feel really good about the core growth of our business, the omnichannel video and mobile. And these are areas that we've been investing in extensively. And the transition in terms of this one, DSP, we obviously see as a short-term phenomenon and feel that it's going to be something that we'll be looking at the rearview mirror early next year.

最後我要說的是，最終，我們對我們業務的核心成長、全通路視訊和行動感到非常滿意。這些是我們一直在廣泛投資的領域。DSP 方面的轉變，我們顯然將其視為一種短期現象，並認為我們將在明年初看到後視鏡。

Thank you.

謝謝。

Shweta Khajuria, Wolfe.

施韋塔·卡朱里亞，沃爾夫。

Hello. Thanks for taking my question. Okay, Rajeev or Steve, Trade Desk just reported and Magnet reported yesterday, they did not call weakness out or any softness out. So any particular reason that you're calling it out in the third-quarter guide? Thanks a ton.

你好。感謝您提出我的問題。好的，Rajeev 或 Steve，Trade Desk 剛剛報道，Magnet 昨天報道，他們沒有指出疲軟或任何疲軟。那麼您在第三季指南中提到這一點有什麼特別的原因嗎？非常感謝。

Sure. I'll take that. So as we always endeavor to do, we are transparent in terms of the trends that we're seeing. So I can't comment on what other companies are seeing.

當然。我會接受的。因此，正如我們一直努力做的那樣，我們對所看到的趨勢保持透明。所以我無法評論其他公司所看到的情況。

The reality is we are a very broad scale SSP, omnichannel. We have 20-plus ad verticals. We're a global business. So we really do see a lot of activity across the globe.

現實情況是，我們是一家規模非常廣泛的全通路 SSP。我們有 20 多個廣告垂直領域。我們是一家全球性企業。所以我們確實看到全球範圍內有很多活動。

And these specific ad verticals wouldn't be normally called out unless we saw some trend in the near term. And as I said a moment ago, we're not sensing this is a major change. What we -- as we always try to do, is put together a prudent guidance, reflecting the puts and the takes, and so that's what we've seen recently. At the same time, from our perspective, we have many other areas that are growing very rapidly, and I have called out the ad verticals that are performing strongly.

除非我們在短期內看到一些趨勢，否則這些特定的廣告垂直領域通常不會被提及。正如我剛才所說，我們並不認為這是一個重大變化。正如我們一直在努力做的那樣，我們正在製定審慎的指導意見，反映看跌和看跌，這就是我們最近看到的情況。同時，從我們的角度來看，我們還有許多其他領域正在快速成長，我已經指出了表現強勁的廣告垂直領域。

Matt Swanson, RBC.

馬特·斯旺森，加拿大皇家銀行。

Thank you. Maybe if I could start on some of the commentary around some of the emerging products and the cross-sell into the SPO. Rajeev, I think you had one good customer example there. Could you just talk a little bit more about the SPO installed base and just, I guess, how much traction there is with the emerging products and kind of getting more leverage, I guess, out of those SPO relationships?

謝謝。也許我可以開始對一些新興產品和 SPO 交叉銷售進行一些評論。Rajeev，我認為​​您有一個很好的客戶範例。您能多談談 SPO 安裝基礎嗎？

Sure, yeah. Why don't we talk about -- I'll talk about emerging revenue streams, emerging products broadly, and then we can get into Activate and SPO, in particular. So we've obviously been talking about these products for quite some time, OpenWrap solution, Activate, Connect + Convert, so that's for data and for e-commerce.

當然，是的。為什麼我們不談論——我將廣泛談論新興收入流、新興產品，然後我們可以特別討論Activate 和SPO。因此，我們顯然已經討論這些產品相當長一段時間了，OpenWrap 解決方案、Activate、Connect + Convert，這適用於數據和電子商務。

And collectively, what we're doing is building new innovative solutions, bringing those solutions to customers that are already on our platform, delivering value for them, and also creating leverage within our business. And this is all done via cross-sell and upsell into the existing customer base, in some cases on the buy side, and in some cases on the publisher side of the ecosystem. And in the case of commerce media, bringing in a new type of customer in terms of commerce media networks or transaction or retail-based companies.

總的來說，我們正在做的是建立新的創新解決方案，將這些解決方案提供給已經在我們平台上的客戶，為他們創造價值，並在我們的業務中創造影響力。這一切都是透過對現有客戶群的交叉銷售和追加銷售來完成的，在某些情況下是在生態系統的買方方面，在某些情況下是在發行商方面。就商業媒體而言，在商業媒體網路或交易或零售公司方面引進新型客戶。

So we're really excited about the progress there. Steve commented on the contribution to revenue growth.

因此，我們對那裡的進展感到非常興奮。史蒂夫評論了對收入成長的貢獻。

When we look specifically at SPO and Activate, we're seeing, I think, really good progress. So as a reminder with Activate, we're creating a single layer of technology for buyers to connect with publishers really for high-value transactions like CTV and online video. And it's roughly a $65 billion TAM expansion, and there's been very strong and positive feedback on our vision and capabilities. So it's resonating.

當我們專門關注 SPO 和 Activate 時，我認為我們看到了非常好的進展。因此，Activate 提醒您，我們正在創建一個單層技術，讓買家能夠與發布商真正實現 CTV 和線上影片等高價值交易。這是大約 650 億美元的 TAM 擴張，我們的願景和能力得到了非常強烈和積極的回饋。所以它引起共鳴。

The Mars Group case study, that's I think a great example and indicates that the product is real and it's capable. It's definitely not mature or full featured yet, so we're working on a lot of new capabilities all the time, but it's clearly delivering on the promise or the value proposition.

我認為瑪氏集團的案例研究是一個很好的例子，它表明該產品是真實的並且有能力。它絕對還不成熟或功能齊全，因此我們一直在開發許多新功能，但它顯然正在兌現承諾或價值主張。

And now we're also scaling it up. So we're seeing a lot of good pipeline interaction in every region across multiple buyer customer types, agencies, and advertisers. We're signing up agencies at a pretty good pace. Omnicom Netherlands, expansion of SPO relationship to utilize Activate is a good example of this.

現在我們也在擴大規模。因此，我們在每個地區都看到了跨多個買家客戶類型、代理商和廣告商的大量良好的管道互動。我們正在以相當快的速度簽署代理商。Omnicom 荷蘭利用 Activate 擴展 SPO 關係就是一個很好的例子。

And the product really came from listening to the ecosystem, right? So with SPO, as we're spending more time with buyers, we heard about some of the challenges and thought about opportunities that we have to build specifically to help them create more efficiency, create more leverage in their business around some of these transaction types that had not yet moved into programmatic. So we're really excited about it.

該產品確實來自於傾聽生態系統，對嗎？因此，透過SPO，隨著我們花更多時間與買家打交道，我們了解到了一些挑戰，並思考了我們必須專門構建的機會，以幫助他們提高效率，圍繞其中一些交易類型在業務中創造更多影響力尚未進入程序化階段。所以我們對此感到非常興奮。

I'll turn it over to Steve if he has any comments as well.

如果史蒂夫也有任何意見，我會將其轉交給他。

Yeah. I think just to build on that perspective and excitement that we feel, first and foremost, this set of products has really shown great momentum over the last year. But we see growth every quarter sequentially. As a category, it contributes 2 percentage points of total company growth, all of which have the potential to continue to grow and be much bigger parts of our business in the future.

是的。我認為，基於我們首先感受到的觀點和興奮，這套產品在去年確實展現了巨大的勢頭。但我們看到每個季度都在連續成長。作為一個類別，它為公司總成長貢獻了 2 個百分點，所有這些都有潛力繼續成長，並在未來成為我們業務的更大組成部分。

And the other facet that we've shared in the past but is really important to understand in terms of the impact on our bottom line is that we are repurposing leveraging our existing cost base. So the marginal profitability of these offerings is quite high. And so it gives us opportunities to reinvest for further growth and obviously to our incremental profitability.

我們過去分享過但對於理解對我們底線的影響非常重要的另一個方面是，我們正在重新利用現有的成本基礎。因此，這些產品的邊際獲利能力相當高。因此，它為我們提供了再投資的機會，以實現進一步成長，顯然也提高了我們的獲利能力。

That's great. And then maybe just a quick one on guidance for you, Steve. I know this isn't like the biggest contributor, but it's been a very odd political season from a seasonality standpoint. How are you thinking about when political revenue might come in Q3 versus the full-year guide?

那太棒了。然後也許只是給你一個簡短的指導，史蒂夫。我知道這不像是最大的貢獻者，但從季節性的角度來看，這是一個非常奇怪的政治季節。與全年指南相比，您如何看待第三季政治收入何時出現？

Sure. The way that we have put together our forecast around political spend is really take a look at the last presidential cycle four years ago. Obviously, we have a lot of contacts, buyers, publishers in the ecosystem. And our latest thinking is that there's going to be relatively little contribution in the third quarter, and the bulk of it will be coming through, and let's call it the last 1.5-ish month of the presidential cycle. So primarily a fourth-quarter benefit. And it's really just a function of getting in front of people, close to when they're going to vote.

當然。我們對政治支出進行預測的方式實際上是回顧四年前的上一次總統週期。顯然，我們在生態系統中有很多聯絡人、買家、出版商。我們最新的想法是，第三季的貢獻相對較小，其中大部分將完成，我們將其稱為總統週期的最後 1.5 個月左右。所以主要是第四季的收益。這實際上只是在人們即將投票時站在人們面前的功能。

So from our perspective, nothing's fundamentally changed in terms of our confidence in delivering a very nice uptick as a result of political. A couple things to call out. Four years ago, we did not have a CTV business. We then built a business that's growing very rapidly. And as we shared, the monetized impressions are growing double digit. In fact, last quarter, it doubled. And so, that CTV business positions us very well to take advantage of political spend, which we do believe will index more on the CTV vector.

因此，從我們的角度來看，我們對政治因素所帶來的經濟成長的信心並沒有根本性的改變。有幾件事需要指出。四年前，我們還沒有中視業務。然後我們建立了一家發展非常迅速的企業。正如我們所分享的，貨幣化展示次數正在以兩位數的速度成長。事實上，上個季度，這一數字翻了一番。因此，CTV 業務使我們能夠很好地利用政治支出，我們相信政治支出將更多地反映在 CTV 向量上。

So overall, we're feeling good about political. It's still early in the cycle, but we do anticipate to get our fair share of political spend.

總的來說，我們對政治感覺良好。現在還處於週期的早期階段，但我們確實預計會獲得公平的政治支出份額。

Thank you.

謝謝。

James Heaney, Jefferies.

詹姆斯·希尼，杰弗里斯。

Great. Thank you, guys, for the question. Can you just talk about the trends that you're seeing on the pricing side? Is it fair to say that that's where most of the softness is showing up? And then any commentary you can provide on just pricing versus volume growth for the rest of the year? And then I had a follow-up.

偉大的。謝謝你們的提問。您能談談您在定價方面看到的趨勢嗎？可以公平地說，這就是大部分柔軟性表現出來的地方嗎？那麼您可以對今年剩餘時間的定價與銷售成長發表任何評論嗎？然後我進行了跟進。

Sure. So from our perspective, we're actually very positive about the trends that we're seeing. Number one, our progress for the majority of our business is all volume-driven. As I just mentioned a moment ago, omnichannel video is seeing double-digit growth in monetized impressions on a year-over-year basis, and we're delivering close to 20% revenue in the second quarter.

當然。因此，從我們的角度來看，我們實際上對我們所看到的趨勢非常樂觀。第一，我們大部分的業務進展都是由數量驅動的。正如我剛才提到的，全通路影片的貨幣化展示次數較​​去年同期出現兩位數成長，我們第二季的營收接近 20%。

And so, when I look at that part of our business through the rest of the year, I expect that we're going to continue to see very similar patterns, double-digit growth in revenues and double-digit growth in monetized impressions.

因此，當我在今年剩下的時間裡審視我們的這部分業務時，我預計我們將繼續看到非常相似的模式，即收入的兩位數增長和貨幣化印象的兩位數增長。

Now, in terms of where we're seeing CPM pressure is really related to sort of the display format, particularly desktop, not surprisingly. And that's sort of the, what I'll call, the instantiation of what we saw from the change with the DSP spending approach that those CPMs were impacted.

現在，就我們所看到的每千次展示費用壓力而言，確實與某種顯示格式有關，尤其是桌面格式，這並不奇怪。這就是我所說的，我們從 DSP 支出方法的變化中看到的那些 CPM 受到影響的實例。

But overall, our overall company CPMs were stable to up in the second quarter. And that really underscores the value and the benefit of our omnichannel platform, number one. Number two, the benefit impact from having a mix moving toward higher value formats, i.e., video.

但整體而言，我們公司整體每千次展示費用在第二季穩定上升。這確實強調了我們第一大全通路平台的價值和優勢。第二，混合轉向更高價值的格式（即視訊）帶來的效益影響。

So overall, our expectations are double-digit growth in the fastest-growing areas of our business. I anticipate Display will probably be in the single digits through the balance of the year, mostly coming through pressure of CPM, but offset by monetized impression growth.

因此，總體而言，我們的期望是我們業務成長最快的領域實現兩位數成長。我預計今年剩下的時間裡，展示廣告可能會保持在個位數，主要是受到每千次曝光費用的壓力，但會被貨幣化展示次數的成長所抵消。

The last thing I'll comment, and I shared it in the script, and that is the core display business that we have is doing quite well. So if you strip out the impact of Yahoo! and strip out the impact of the DSP, our Display revenues actually grew 20%. So what that means is that we are getting the benefit of consolidation and more and more publishers are relying on us to monetize this very important format.

我要評論的最後一件事，我在腳本中分享了它，那就是我們的核心顯示業務做得很好。因此，如果剔除雅虎的影響！剔除 DSP 的影響，我們的顯示收入實際上增加了 20%。因此，這意味著我們正在從整合中受益，越來越多的發行商依靠我們來透過這種非常重要的格式貨幣化。

Great. And then maybe just a follow-up, looking at your Q4 revenue guide, it does look like pretty decent sequential growth and acceleration on a year-on-year basis. Could you just talk about the factors driving that? Whether that's some seasonal factors or just improvements that you're expecting?

偉大的。然後也許只是後續行動，看看你的第四季營收指南，它看起來確實是相當不錯的連續成長和同比加速。您能談談推動這趨勢的因素嗎？這是否是一些季節性因素，或者只是您期望的改進？

Sure. So to frame it out for you and for others on the call, last year fourth quarter, our Q4 versus Q3 grew over 30%. And so the number you were referencing in our guidance, the implication is that we would grow our fourth quarter 36% versus the third quarter. And so, the build-up of that is a couple of things.

當然。因此，為了向您和電話會議中的其他人介紹一下，去年第四季度，我們的第四季度與第三季度相比增長了 30% 以上。因此，您在我們的指導中引用的數字意味著我們第四季的成長率將比第三季成長 36%。因此，它的建立有幾件事。

First, the very strong secular growth that we're seeing in omnichannel video and mobile, and that's going to continue, as I said. We also are anticipating the incremental benefit of political, couple million dollars that will supplement that.

首先，正如我所說，我們在全通路視訊和行動領域看到了非常強勁的長期成長，而且這種成長將持續下去。我們也預計政治上的增量利益將得到補充，即數百萬美元。

In addition, we're going to see the incremental benefit from our emerging products, Activate, OpenWrap, et cetera. And then Rajeev called out on the call a number of major customers that are either integrated or will be integrated that will add incremental revenues in the fourth quarter. So overall, we feel very good about our ability to step from the third-quarter guide into the fourth quarter.

此外，我們還將看到我們的新興產品（Activate、OpenWrap 等）帶來的增量收益。然後拉吉夫在電話會議上指出，一些已經整合或將要整合的主要客戶將在第四季增加收入。總的來說，我們對從第三季進入第四季的能力感到非常滿意。

Steve Hromin, Oppenheimer.

史蒂夫·赫羅明，奧本海默。

Hi. This is Steve asking for Jason. So just two questions from us. So one, why did the change only impact one DSP? Do you have different protocols for different DSPs? And secondly, more of a housekeeping, does your full-year CapEx guide include capitalized software? Thanks.

你好。這是史蒂夫在找傑森。我們只有兩個問題。那麼第一，為什麼這個改變只影響一個 DSP？對於不同的 DSP 有不同的協定嗎？其次，更多的是內務管理，您的全年資本支出指南是否包括資本化軟體？謝謝。

So, Rajeev, do you want to take the first one and I'll take the second?

那麼，Rajeev，你想選第一個，我選第二個嗎？

Sure, yeah. So, Steve, on your first question, so this impact -- this is really the last DSP of any significance to make the shift from first- and second-price auctions to first price only, and all other DSPs have made this change over the last several years. So that's why on your first question, it really only affects this one DSP.

當然，是的。所以，史蒂夫，關於你的第一個問題，所以這種影響——這實際上是最後一個具有重要意義的DSP，它實現了從第一價格和第二價格拍賣到僅第一價格拍賣的轉變，並且所有其他DSP 都在過去幾年。這就是為什麼對於你的第一個問題，它實際上只影響這個 DSP。

With respect to the housekeeping, the CapEx is solely related to PPE, property, plant, and equipment. You'll see in our financials the incremental related to software capitalization.

就內務管理而言，資本支出僅與 PPE、財產、廠房和設備相關。您將在我們的財務數據中看到與軟體資本化相關的增量。

Great. Thank you.

偉大的。謝謝。

Great. At this time, I'm going to turn the call back over to Rajeev for closing remarks.

偉大的。此時，我將把電話轉回給 Rajeev 進行總結發言。

Thank you, Stacie, and thank you, all, for joining us today. Content creators and buyers are turning to sell-side technology and choosing PubMatic to build their advertising businesses. With numerous new customers and expansion of existing customers already on the platform, we believe secular areas like omnichannel video, connected TV, commerce media, and mobile app will continue to drive our growth. With SPO activity climbing to over 50%, our opportunity will disproportionately grow as the market continues to shift to programmatic.

謝謝你，史黛西，也謝謝大家今天加入我們。內容創作者和買家正在轉向賣方技術並選擇 PubMatic 來建立他們的廣告業務。隨著平台上已有大量新客戶和現有客戶的擴展，我們相信全通路視訊、連網電視、商業媒體和行動應用程式等世俗領域將繼續推動我們的成長。隨著 SPO 活動攀升至 50% 以上，隨著市場繼續轉向程序化，我們的機會將不成比例地增長。

We look forward to meeting with many of you over the next month at various investor conferences. Thanks. And have a great afternoon, everyone.

我們期待在下個月的各種投資者會議上與你們中的許多人會面。謝謝。祝大家下午愉快。