PubMatic Inc (PUBM) 2024 Q3 法說會逐字稿

Well, hello everyone and welcome to Pubmatic's third-quarter 2024 earnings call. My name is Kelsey, and I will be your Zoom operator today. We thank you all for your attendance today. And as a reminder, this webinar is being recorded. And now I would like to turn the call over to Stacy Clements with the Blueshirt Group. Stacy over to you.

大家好，歡迎參加 Pubmatic 2024 年第三季財報電話會議。我叫凱爾西 (Kelsey)，今天我將擔任您的 Zoom 操作員。我們感謝大家今天的出席。溫馨提醒，本次網路研討會正在錄製中。現在我想將電話轉給 Blueshirt 集團的 Stacy Clements。史黛西交給你了。

Good afternoon, everyone, and welcome to PubMatic's earnings call for the third quarter ended September 30, 2024. This is Stacie Clements with the Blueshirt Group, and I'll be your operator today. Joining me on the call are Rajeev Goel, Co-Founder and CEO and Steve Pantelick, CFO. 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. (Operator Instructions)

大家下午好，歡迎參加 PubMatic 截至 2024 年 9 月 30 日第三季財報電話會議。我是 Blueshirt 集團的 Stacie Clements，今天我將擔任您的接線生。與我一起參加電話會議的還有聯合創始人兼執行長 Rajeev Goel 和財務長 Steve Pantelick。在我們開始之前，我有一些家務事要處理。今天的準備好的演講已經錄製完畢，之後 Rajeev 和 Steve 將主持現場問答。（操作員指令）

A copy of our press release can be found on the website at investors.pubmatic.com. 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.

我們的新聞稿副本可在 investors.pubmatic.com 網站上找到。我想提醒與會者，在本次電話會議中，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對我們的業務、經濟和未來狀況的當前預期和假設。

These forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. 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 Forms 10-Q or 8-K.

這些前瞻性陳述受難以預測的固有風險、不確定性和情況變化的影響。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，這些報告可在investors.pubmatic.com上查閱，包括我們最新的 10-K 表格以及任何後續的 10-Q 表格或 8-K 表格。

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. All information discussed is as of November 12, 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.

我們的實際結果可能與前瞻性陳述所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。討論的所有資訊均截至 2024 年 11 月 12 日，我們不打算也不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來發展或其他原因，除非法律可能要求。

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.

此外，今天的討論將涉及某些非公認會計準則財務指標，包括調整後的 EBITDA、非公認會計準則淨收入和自由現金流量。這些非 GAAP 指標僅供補充資訊使用，不應被視為依照 GAAP 提供的財務資訊的替代品。

A reconciliation of these measures are the most directly comparable GAAP measures is available in our press release. And now I will turn the call over to Rajeev.

我們的新聞稿中提供了這些指標的對帳表，它們是最直接可比較的 GAAP 指標。現在我將把電話轉給 Rajeev。

Thanks, Stacie, and welcome, everyone. Our third-quarter results exceeded expectations on both the top and bottom line. Revenue in the quarter grew 13% year over year. Clients continue to build their advertising businesses on our platform, and we are becoming more embedded into clients' tech stacks and more integrated across the ecosystem.

謝謝，史黛西，歡迎大家。我們的第三季業績無論是營收或淨利都超出預期。本季營收年增13%。客戶繼續在我們的平台上建立他們的廣告業務，我們也越來越融入客戶的技術堆棧，並越來越融入整個生態系統。

Over the last few months, driven by the strength and scale of our CTV solutions as well as the depth of our expertise, we capitalized on the surge of political advertising demand. In just a few short years, we have organically scaled our CTV business, and we now work with 70% of the top 30 streaming publishers.

在過去的幾個月裡，憑藉我們 CTV 解決方案的實力和規模以及我們專業知識的深度，我們充分利用了政治廣告需求的激增。在短短幾年內，我們有機地擴大了我們的 CTV 業務，現在我們與前 30 名串流媒體出版商中的 70% 有合作。

Even as we further penetrate the head of this market where the bulk of consumers are spending their time, we also have tremendous opportunity to expand our existing streamer relationships. On average, CTV monetized impression volume was up over 100% year over year for the third straight quarter as we have reached a critical mass of streaming inventory to meet the surge in ad demand on our platform.

隨著我們進一步滲透到這個大部分消費者都花費時間的市場，我們也有巨大的機會來擴大我們現有的串流關係。平均而言，CTV 貨幣化展示量連續第三個季度同比增長超過 100%，因為我們已經達到了串流媒體庫存的臨界量，可以滿足我們平台上激增的廣告需求。

Included in this surge was greater-than-expected activity from political advertising, which was heavily focused on CTV. Certainly, the increase in streaming inventory on our platform drove growth in this category, but more impactful is our ability to quickly build new products that drive incremental growth.

這一激增包括來自政治廣告的活動超出預期，這些廣告主要集中在 CTV 上。當然，我們平台上串流媒體庫存的增加推動了這一類別的成長，但更有影響力的是我們快速打造新產品以推動增量成長的能力。

In Q3, we launched new tools to help unlock streaming inventory in order to better capitalize on political ad budgets. For context, many publishers typically block political ads altogether as a way to protect the user experience from unwanted political issues or candidates. But this is a blunt strategy and leaves money on the table.

在第三季度，我們推出了新的工具來幫助解鎖串流媒體庫存，以便更好地利用政治廣告預算。就背景而言，許多出版商通常會完全封鎖政治廣告，以保護用戶體驗免受不必要的政治問題或候選人的影響。但這是一種粗暴的策略，不會帶來任何利益。

We developed a better approach for streamers utilizing generative AI technology. Our solution classifies each ad on granular criteria such as political party, federal, state or local candidate or issue, sentiment and more.

我們利用生成式 AI 技術為串流媒體開發了更好的方法。我們的解決方案根據政黨、聯邦、州或地方候選人或問題、情緒等細粒度的標準對每個廣告進行分類。

As a result, more than 250 incremental publishers and streamers that have historically blocked political ads chose to open their inventory to PubMatic for political campaigns that meet their user experience criteria. This enabled us to scale political spend on our platform much faster than we expected as buyers were able to reach the audiences they were targeting while content creators maintain control over their inventory.

結果，超過 250 家歷來封鎖政治廣告的出版商和串流媒體選擇向 PubMatic 開放他們的廣告庫存，以進行符合其用戶體驗標準的政治廣告活動。這使我們能夠比預期更快地擴大我們平台上的政治支出，因為買家能夠接觸到他們目標的受眾，而內容創作者可以控制他們的庫存。

Further, political buyers were able to leverage Connect to curate rich political data sets on PubMatic inventory for targeted higher ROI advertising. This underlying Gen AI technology will have ongoing applications as we leverage it in other ad-sensitive categories or markets such as language and sentiment detection.

此外，政治買家能夠利用 Connect 在 PubMatic 庫存中整理豐富的政治數據集，以針對性地投放投資回報率更高的廣告。隨著我們將其應用於其他廣告敏感類別或市場（例如語言和情感檢測），這種底層的 Gen AI 技術將持續應用。

Looking forward, we'll continue to build solutions that unlock inventory and increase monetization. This includes our recently launched CTV marketplace, which offers real-time inventory curation along numerous dimensions built on sell-side technology.

展望未來，我們將繼續建立解鎖庫存和提高貨幣化的解決方案。這包括我們最近推出的 CTV 市場，它基於賣方技術提供多維度的即時庫存管理。

With the simple opt-in, streamers can unlock more value from their inventory while making it easier for buyers to access premium content and targeted audiences. For example, ad buyers specifically looking to reach sports fans can leverage our off-the-shelf and easy-to-buy live sports inventory. DIRECT TV advertising and Roku are already leveraging PubMatic CTV marketplace with positive feedback from both publishers and buyers. As the CTV marketplace grows, we believe it will create stickiness for our CTV business.

透過簡單的選擇加入，串流媒體可以從他們的庫存中釋放更多價值，同時讓買家更容易存取優質內容和目標受眾。例如，專門希望吸引體育迷的廣告購買者可以利用我們現成的、易於購買的現場體育賽事庫存。DIRECT TV 廣告和 Roku 已經利用 PubMatic CTV 市場，並獲得了出版商和買家的正面回饋。隨著 CTV 市場的成長，我們相信它將為我們的 CTV 業務創造黏性。

We continue to onboard new streamers, growing our streaming customer count by 13% year over year to over 280. For example, we recently signed Xumo, a joint venture between Comcast and Charter that offers streaming devices and services to tens of millions of customers per month. Through this partnership, PubMatic will bring demand from our SPO relationships across their content portfolio, including Xumo Stream Box, Xumo TV, and its fast app, Zumo Play.

我們不斷吸收新的串流媒體，串流媒體客戶數量年增 13%，達到 280 多家。例如，我們最近簽約了康卡斯特和Charter的合資企業Xumo，該公司每月為數千萬客戶提供串流媒體設備和服務。透過此次合作，PubMatic 將透過我們的 SPO 關係為其內容組合帶來需求，包括 Xumo Stream Box、Xumo TV 及其快速應用程式 Zumo Play。

Also aiding our growth are agencies and advertisers that increasingly consolidate buying on PubMatic. Half of our activity is from SPO as buyers move more ad spend to our platform due to our growing technology, workflow, and data capabilities.

代理商和廣告商越來越多地在 PubMatic 上購買，這也有助於我們的成長。由於我們不斷成長的技術、工作流程和數據能力，買家將更多的廣告支出轉移到我們的平台上，因此我們的一半活動來自 SPO。

Major agency holding companies have moved and are in the process of moving direct buys on behalf of their clients to our platform to capitalize on their supply path optimization relationships with us, including through Activate.

主要代理控股公司已經或正在將其客戶的直接採購轉移到我們的平台，以利用與我們的供應路徑優化關係，包括透過 Activate。

Earlier this year, Dentsu launched Mercury for Media, which is a centralized data, media activation and creative execution platform that is being rolled out across its agencies. We are thrilled to partner with Dentsu on this transformative initiative as PubMatic technology is being integrated at the center of Merkury for Media. PubMatic's?s Connect will increase audience reach and cost efficiency, particularly within CTV and streaming. Activate will provide end-to-end cookie-less digital media activation and measurement at scale.

今年早些時候，電通推出了 Mercury for Media，這是一個集中數據、媒體活化和創意執行平台，目前正在其各機構推廣。我們很高興與電通合作進行這項變革性舉措，因為 PubMatic 技術正在整合到 Merkury for Media 的核心中。PubMatic 的Connect 將增加觀眾覆蓋率和成本效率，特別是在 CTV 和串流領域。Activate 將提供端到端無 cookie 的數位媒體啟動和大規模測量。

Our platform sits at the intersection of data, commerce media, SPO, omnichannel inventory and global scale. Our innovative technology and differentiated approach are what enable us to scale with our clients and partners as they build integrated digital ad businesses. It's also why clients and partners choose PubMatic.

我們的平台位於資料、商業媒體、SPO、全通路庫存和全球規模的交會處。我們的創新技術和差異化方法使我們能夠與客戶和合作夥伴一起擴大規模，建立綜合數位廣告業務。這也是為什麼客戶和合作夥伴選擇 PubMatic 的原因。

PubMatic's SSP is one of the only omnichannel platforms with a scaled SDK footprint, which seamlessly integrates directly into publishers' apps. This key differentiator was just one of the reasons that one of the largest global mobile mediation platforms expanded their partnership with us.

PubMatic 的 SSP 是唯一具有擴展 SDK 佔用空間的全通路平台之一，可直接無縫整合到發布商的應用程式中。這關鍵的區別因素只是全球最大的行動中介平台之一與我們擴大合作的原因之一。

We are now a certified bidder and exchange partner, making it easier for app developers to integrate our solution with the click of a button, streamlining access to PubMatic's valuable advertising demand that app publishers have historically struggled to access at scale. The partnership expansion brings more than 80,000 global app developers into our sales funnel, creating a significant growth opportunity for us.

我們現在是經過認證的競標者和交易夥伴，應用程式開發人員只需單擊按鈕即可更輕鬆地整合我們的解決方案，從而簡化了對 PubMatic 寶貴廣告需求的訪問，而應用程式發布商一直難以大規模訪問這一需求。合作夥伴關係的擴大將為我們的銷售管道帶來超過 80,000 名全球應用程式開發商，為我們創造了巨大的成長機會。

Our mobile app business grew over 20% year-over-year for the fourth consecutive quarter. Our strong foothold in this market positions us well for continued growth. Per Magna's forecast, $58 billion in mobile app ad spend is expected to flow through the open Internet this year.

我們的行動應用業務連續四個季度年增超過20%。我們在這個市場上站穩了腳跟，為我們的持續成長奠定了良好的基礎。根據 Magna 的預測，今年預計有 580 億美元的行動應用程式廣告支出將透過開放網路流動。

The value of our comprehensive integrated platform offers multiple new revenue streams and TAM expansion opportunities like Commerce Media. As retailers and transactional commerce companies lean into advertising as a major revenue and profit driver, they are realizing their need for SSP technology.

我們全面整合平台的價值提供了多種新的收入來源和 TAM 擴展機會，例如 Commerce Media。隨著零售商和交易商務公司傾向於將廣告視為主要收入和利潤驅動力，他們意識到需要 SSP 技術。

For example, PubMatic's integrated platform allows Western Union to scale its advertising initiatives more effectively. Originally integrated to support on-site monetization, we have recently expanded our partnership as they launched their Western Union Media network earlier this year.

例如，PubMatic 的整合平台使西聯匯款能夠更有效地擴展其廣告計劃。我們最初的合作是為了支持現場貨幣化，隨著他們在今年早些時候推出西聯媒體網絡，我們最近擴大了合作夥伴關係。

Using Convert, Western Union will leverage our off-site media solutions, applying insights from their 115 million annual consumer money transfer transactions in the US across PubMatic's premium inventory. This gives them the power to manage their monetization strategy via a single unified tech stack, streamline operations, and enhance efficiency.

透過 Convert，西聯匯款將利用我們的異地媒體解決方案，應用其在美國透過 PubMatic 優質庫存每年 1.15 億筆消費者匯款交易的洞察。這使他們能夠透過單一統一的技術堆疊管理其貨幣化策略，簡化營運並提高效率。

At the same time, the publishers integrated into our SSP benefit from unique ad budgets only available on the PubMatic platform when Western Union data is applied. The added value customers receive through solutions like Convert also creates incremental revenue opportunities such as data and SSP fees for PubMatic.

同時，融入我們 SSP 的出版商可享有隻有在應用西聯匯款資料時才可在 PubMatic 平台上獲得的獨特廣告預算。客戶透過 Convert 等解決方案獲得的附加價值也為 PubMatic 創造了增量收入機會，例如資料和 SSP 費用。

Another vector for our long-term growth includes social media companies entering the open Internet arena as they expand their ad businesses outside of their own walled gardens. To do this, they need solutions to help them monetize their audiences, curate their inventory, and access open Internet ad budgets. Signaling a strategic focus, many of these companies have hired programmatic leaders with industry expertise and are partnering with PubMatic to help them build and scale.

我們長期成長的另一個方向是社群媒體公司進入開放的網路領域，將他們的廣告業務拓展到自己的圍牆花園之外。為了實現這一目標，他們需要解決方案來幫助他們從受眾群體中獲利、管理庫存並獲得開放的網路廣告預算。為了體現策略重點，許多公司都聘請了具有行業專業知識的程序化領導者，並與 PubMatic 合作，幫助他們進行建立和擴大規模。

We are particularly excited to launch advertising with X, formerly known as Twitter, which serves more than 335 million users. Historically, X had only accessed social media ad budgets. They selected PubMatic as an SSP partner, opening up their traditionally closed ecosystem to tap into the $26 billion in open Internet native display and video ad spend.

我們特別高興能與 X（原名 Twitter）合作推出廣告，目前 Twitter 為超過 3.35 億用戶提供服務。從歷史上看，X 僅訪問過社群媒體廣告預算。他們選擇 PubMatic 作為 SSP 合作夥伴，開放其傳統上封閉的生態系統，以利用 260 億美元的開放網路原生展示和影片廣告支出。

PubMatic is able to build differentiated solutions across these customer segments because of the strength of our integrated platform and our consistent track record of organic innovation. Over the last two years, we've been successfully adopting generative AI technology across our software development, testing and release process. We estimate a 10% to 15% increase in engineering productivity so far this year with more gains to come.

由於我們整合平台的強大以及我們一貫的有機創新記錄，PubMatic 能夠在這些客戶群中建立差異化解決方案。在過去的兩年裡，我們在軟體開發、測試和發布過程中成功地採用了生成式人工智慧技術。我們預計，今年迄今的工程生產力將提高 10% 至 15%，並且未來將進一步提高。

What's even more exciting is that we are also leveraging new AI capabilities and customer-facing solutions to drive higher revenue. In Q3, we hosted our first AI-focused hackathon, where internal teams take two days to ideate and innovate around the clock.

更令人興奮的是，我們也正在利用新的人工智慧功能和客戶導向的解決方案來提高收入。在第三季度，我們舉辦了首屆以人工智慧為重點的黑客松，內部團隊用兩天時間全天候進行構思和創新。

In annual tradition since 2014, this was our largest hackathon to date. More than a third of our global employee base participated across 90 teams. One-third of the submissions incorporated AI and machine learning. The idea creation and collaboration were inspiring, highlighting PubMatic's deep commitment to innovation and technology. The AI-based creative classification tool that help publishers monetize political ad budgets across our CTV inventory came from our hackathon.

自 2014 年以來，這一直是我們每年的傳統，也是迄今為止最大的黑客馬拉松。我們全球超過三分之一的員工參加了這項活動，他們來自 90 個團隊。三分之一的提交內容採用了人工智慧和機器學習。這些創意和合作令人鼓舞，凸顯了 PubMatic 對創新和技術的堅定承諾。我們的黑客馬拉松計畫推出了基於人工智慧的創意分類工具，幫助出版商透過我們的 CTV 庫存將政治廣告預算貨幣化。

I'm particularly pleased with how quickly we were able to launch it in our live environment in time for this year's election cycle. Looking ahead, we have a number of additional customer-facing applications on the horizon related to reporting, private marketplace deals, and workflow.

我對我們能夠在今年選舉週期之前如此迅速地在實時環境中推出它感到特別高興。展望未來，我們將推出一系列面向客戶的應用程序，涉及報告、私人市場交易和工作流程。

I recently spent time at Advertising Week in New York, where conversations were centered around the need for end-to-end supply chain control, transparency, efficiency, effectiveness, and privacy. We'll continue to innovate and invest in key growth areas to drive greater value across the ecosystem. As publishers, buyers, and data partners build and scale their ad businesses, they must address the complex needs of the evolving ecosystem with sell-side technology becoming a critical component.

我最近參加了紐約廣告週，會上討論的重點是端到端供應鏈控制、透明度、效率、有效性和隱私的需求。我們將繼續創新並投資關鍵成長領域，以在整個生態系統中創造更大的價值。隨著出版商、購買者和數據合作夥伴建立和擴大他們的廣告業務，他們必須滿足不斷發展的生態系統的複雜需求，而賣方技術正成為關鍵組成部分。

The growing importance of sell-side technology has led Forrester to address the SSP category for the first time in more than a decade. I couldn't be more proud of our team's vision and their accomplishments. PubMatic was recognized as an SSP leader in the Forrester Wave, achieving the highest possible scores in the criteria of programmatic auctions, publisher protections, commerce media and innovation.

賣方技術日益增長的重要性使得 Forrester 十多年來首次關注 SSP 類別。我對我們團隊的願景和成就感到無比自豪。PubMatic 被 Forrester Wave 評為 SSP 領導者，在程序化拍賣、出版商保護、商業媒體和創新等標準中獲得了最高分。

Our platform provides a foundation for innovation and expansion for many of our clients across the ecosystem, including publishers, app developers, agencies, and commerce media platforms. Plus, the strength of our leading SSP is driving new entrants to the open Internet sector to select PubMatic as their tech partner.

我們的平台為整個生態系統中的許多客戶提供了創新和擴展的基礎，包括出版商、應用程式開發人員、代理商和商業媒體平台。此外，我們領先的 SSP 的優勢正在推動開放網路領域的新進業者選擇 PubMatic 作為他們的技術合作夥伴。

These trends have resulted in significant growth in key secular areas of the business, and I'm excited by the large opportunity in front of us as content creators and buyers alike choose PubMatic to scale their ad businesses. I'll now turn the call over to Steve for the financials.

這些趨勢導致了業務關鍵長期領域的顯著增長，隨著內容創作者和購買者都選擇 PubMatic 來擴展他們的廣告業務，我對我們面前的巨大機會感到興奮。現在我將把電話轉給史蒂夫，討論財務問題。

Thank you, Rajeev, and welcome, everyone. Revenue grew 13% over Q3 last year, above expectations, driven by strong growth in CTV. In addition, we successfully monetized more inventory against the strong political ad buying cycle. Even more exciting, our business grew 17% year over year, excluding political advertising and the large DSP buyer that I called out earlier this year.

謝謝你，Rajeev，歡迎大家。受 CTV 強勁成長的推動，營收較去年第三季成長 13%，超出預期。此外，我們在強勁的政治廣告購買週期中成功地將更多庫存貨幣化。更令人興奮的是，不包括政治廣告和我今年稍早提到的大型 DSP 買家，我們的業務比去年同期成長了 17%。

Highlighting our differentiated infrastructure approach, gross profit increased at an even faster pace. Due to the combination of cost management, productivity improvements, and an increasing proportion of high-value impressions like CTV, gross profit was up 23% year over year. Other important callouts in the quarter. We increased monetized impressions across all formats and channels with the fastest growth coming from omnichannel video impressions at nearly 50% growth year over year.

由於我們突出了差異化的基礎設施方法，毛利成長速度更快。由於成本管理、生產力提高以及 CTV 等高價值展示比例的增加，毛利年增了 23%。本季的其他重要公告。我們增加了所有形式和管道的貨幣化展示量，其中成長最快的是全通路影片展示量，較去年同期成長近 50%。

With the growing mix of video, our overall platform CPM also increased. In addition, emerging revenue streams more than doubled year over year and contributed an incremental three-percentage points of year-over-year growth.

隨著影片的種類越來越多，我們平台的整體 CPM 也隨之增加。此外，新興收入來源年增一倍以上，貢獻了年增三個百分點。

Our Q3 performance underscores the value of our diverse omnichannel platform and the significant impact of our strategic multiyear investments in key secular growth areas. It also demonstrates the strength of our durable model and our ability to deliver profitable growth. We delivered adjusted EBITDA of $18.5 million or 26% margin ahead of expectations.

我們的第三季業績凸顯了我們多樣化全通路平台的價值以及我們在關鍵長期成長領域的多年策略投資的重大影響。這也證明了我們持久模式的實力和實現獲利成長的能力。我們實現的調整後 EBITDA 為 1,850 萬美元，利潤率超出預期 26%。

Breaking down Q3 by format and channel. We saw continued secular growth above market rates for omnichannel video revenue, which grew 25% over Q3 last year, an acceleration from last quarter's 19% growth. The share of omnichannel video revenue to total revenue hit an all-time high of 36% in the quarter. Notably, CTV monetized impressions more than doubled over last year.

按格式和管道細分第三季。我們看到全通路視訊收入持續保持高於市場水平的長期成長，較去年第三季成長 25%，高於上一季 19% 的增幅。本季全通路視訊收入佔總營收的份額創下36%的歷史新高。值得注意的是，CTV 的展示貨幣化量比去年增加了一倍以上。

Our mobile app business continued to perform strongly and grew over 20% year over year for the fourth quarter in a row. Our display revenues across both mobile and desktop channels grew 9% year-over-year. We saw strong organic growth as our existing publisher revenues on a trailing 12-month basis continued to grow with net dollar-based retention at 112%.

我們的行動應用業務持續表現強勁，連續四個季度年增超過20％。我們的行動和桌面通路的展示收入年增了 9%。我們看到了強勁的有機成長，因為我們現有出版商的收入在過去 12 個月內持續成長，淨美元保留率達到 112%。

SPO represented approximately 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 was 113%. Across the globe, all regions grew in the third quarter.

SPO 約占我們平台總活動的 50%。為凸顯這些關係的長期策略價值和黏性，擁有至少三年支出的 SPO 合作夥伴過去 12 個月的淨支出留任率為 113%。縱觀全球，所有地區在第三季均實現成長。

Looking at growth in ad spend, the top 10 ad verticals inclusive of political increased by 20% year over year. Among the four verticals that I commented on last quarter, we saw some recovery in travel and arts and entertainment, while technology and automotive remained soft.

從廣告支出的成長來看，包括政治在內的十大廣告垂直領域年增了 20%。在我上個季度評論的四個垂直行業中，我們看到旅遊業、藝術和娛樂業有所復甦，而科技和汽車業仍然疲軟。

Shifting to our operating priorities. We continue to make significant progress. As a reminder, our priorities are focused on delivering multiyear revenue growth and incremental margin expansion. First, we continue to invest in areas where we see the highest revenue growth opportunities. We have added over 100 team members in sales and technology since Q3 of last year.

轉向我們的營運重點。我們不斷取得重大進展。提醒一下，我們的重點是實現多年收入成長和增量利潤擴大。首先，我們繼續在我們認為收入成長機會最高的領域進行投資。自去年第三季以來，我們在銷售和技術方面增加了 100 多名團隊成員。

As a result of our innovation and focused sales efforts, we have reached critical mass in our CTV business and are seeing strong CTV growth as buyers and publishers are making us a preferred partner. We are also investing in supply path optimization to address the large greenfield opportunities from independent agencies and direct brands.

由於我們的創新和專注的銷售努力，我們的 CTV 業務已達到臨界規模，並且隨著買家和出版商將我們視為首選合作夥伴，我們的 CTV 增長強勁。我們也正在投資供應路徑優化，以解決來自獨立機構和直銷品牌的大量綠地機會。

We have filled the majority of the buyer-focused sales positions we had planned to hire this year. As these team members ramp, we expect increased productivity that will position us well for continued growth in 2025.

我們已經填補了今年計劃招聘的大多數以買家為中心的銷售職位。隨著這些團隊成員的成長，我們預計生產力將會提高，這將為我們在 2025 年的持續成長奠定良好基礎。

And our investment in people and technology to drive emerging revenues is paying off. As I mentioned, emerging revenue streams contributed three-percentage points of growth in Q3 and is on track to be four to five-percentage of total revenue in Q4.

我們為推動新興收入而對人才和技術的投資正在獲得回報。正如我所提到的，新興收入來源在第三季貢獻了 3 個百分點的成長，並有望在第四季達到總營收的 4% 到 5%。

We are at the early stages in the adoption cycle of these products. And looking ahead, we anticipate that these innovative solutions will continue adding meaningful incremental revenue and profit growth in 2025 and beyond. Second, we continue to prioritize efficiency and operational excellence by optimizing our infrastructure and making prudent investments in CapEx. As a result, we've increased capacity on our platform while improving margins and unlocking dollars to fund new products.

我們正處於這些產品採用週期的早期階段。展望未來，我們預計這些創新解決方案將在 2025 年及以後繼續帶來有意義的增量收入和利潤成長。其次，我們透過優化基礎設施和對資本支出進行審慎的投資，繼續優先考慮效率和卓越營運。因此，我們增加了平台的容量，同時提高了利潤率並釋放了資金來資助新產品。

We added 20% incremental gross impression capacity on our platform year over year. At the same time, software optimization initiatives led to lower unit costs. The cost of revenue per million impressions was down 18% on a trailing 12-month basis.

我們平台的總展示容量較去年同期增加了 20%。同時，軟體優化措施也降低了單位成本。過去 12 個月，每百萬次展示的收入成本下降了 18%。

This productivity contributed to the 23% gross profit increase year over year, which was an acceleration over Q2's growth of 10%. Overall, the progress we have made against our operating priorities has allowed us to return value to shareholders through our expanded share repurchase program. For example, we increased the pace of repurchases in Q3 to $29 million and bought back 1.8 million shares or 3.3% of fully diluted shares outstanding.

這項生產力推動毛利年增 23%，高於第二季 10% 的增幅。總體而言，我們在營運重點方面所取得的進展使我們能夠透過擴大的股票回購計畫向股東回報價值。例如，我們在第三季將回購速度加快至 2,900 萬美元，並回購了 180 萬股，佔完全稀釋流通股的 3.3%。

Moving down the P&L. Q3 GAAP operating expenses were $47.6 million or 3% sequential increase from Q2 as we made targeted investments in technology and sales team members. Q3 GAAP net loss was $0.9 million or a loss of $0.02 per diluted share. Adjusted EBITDA was $18.5 million or 26% margin.

降低損益表。由於我們對技術和銷售團隊成員進行了有針對性的投資，第三季 GAAP 營運費用為 4,760 萬美元，較第二季環比成長 3%。第三季 GAAP 淨虧損為 90 萬美元，即每股虧損 0.02 美元。調整後的 EBITDA 為 1,850 萬美元，利潤率為 26%。

Moving to cash and our capital allocation, we have a healthy balance sheet and generated positive cash flow, which supports our long-term capital allocation strategy. We believe our strong capital structure and effective capital allocation plan will help us deliver long-term shareholder value. We ended the quarter with $140.4 million in cash and marketable securities and zero debt.

轉向現金和資本配置，我們擁有健康的資產負債表並產生了正現金流，這支持了我們的長期資本配置策略。我們相信，強大的資本結構和有效的資本配置計畫將幫助我們實現長期股東價值。截至本季末，我們擁有 1.404 億美元現金和有價證券，且零債務。

Since the inception of our repurchase program in February 2023 through the end of Q3, we have bought back 7.6 million Class A common shares for $124.1 million. As of the end of the third quarter, we had $50.9 million remaining in our repurchase program authorized through December 31, 2025.

自 2023 年 2 月啟動回購計畫以來至第三季末，我們以 1.241 億美元回購了 760 萬股 A​​ 類普通股。截至第三季末，我們授權至 2025 年 12 月 31 日的回購計畫剩餘金額為 5,090 萬美元。

In Q3, we generated $19.1 million in net cash provided by operating activities. Free cash flow in the quarter was $2.9 million and was impacted by the two items I called out last quarter, one, the timing of our CapEx investments, which peaked in Q3; and two, the increase in DSOs resulting from a change in our receivables mix associated with the option changes made by one of our large DSPs. We view this DSO change as a short-term phenomenon that will work its way through our working capital by mid next year.

第三季度，我們經營活動產生的淨現金為 1,910 萬美元。本季的自由現金流為 290 萬美元，受到我上個季度提到的兩個因素的影響，一是我們的資本支出投資時機，在第三季達到高峰；二是，由於我們的一家大型 DSP 所做的期權變更導致應收帳款組合發生變化，從而導致了 DSO 的增加。我們認為 DSO 的變化只是短期現象，到明年年中就會對我們的營運資本產生影響。

Now turning to our outlook. We are pleased with the growth we're seeing, particularly from secular growth drivers, and we remain cautiously optimistic as we head into the peak holiday season. In October, omnichannel video revenues grew in the double-digit percentages and political advertising continued its strong momentum.

現在來談談我們的展望。我們對所看到的成長感到滿意，特別是來自長期成長動力的成長，並且在進入假期高峰期時我們仍然保持謹慎樂觀。十月份，全通路影音收入達到兩位數成長，政治廣告延續強勁動能。

As we had expected, spending from the large DSP we called out earlier this year was steady, though as a reminder, at a reduced level year over year. In terms of Q4 holiday spending, trends were muted leading up to the election. Taking all these factors into account, we expect revenue in the fourth quarter to be in the range of $86 million to $90 million.

正如我們預期的那樣，我們今年早些時候呼籲的大型 DSP 支出保持穩定，但需要提醒的是，支出同比有所下降。就第四季度假日支出而言，選舉前趨勢較為低迷。考慮到所有這些因素，我們預計第四季度的營收將在 8,600 萬美元至 9,000 萬美元之間。

On an apples-for-apples basis, excluding political advertising and the DSP buyer, the implied Q4 year-over-year revenue growth rate is over 15%. As a reminder, we will lap the DSP impact at midyear 2025. For the full year, we have raised our revenue guidance to be between $292 million and $296 million or 10% year over year growth at the midpoint, including the negative impact from the DSP buyer. In terms of costs, we expect Q4 GAAP costs to increase sequentially in the low single-digit percentages. With our revenue guidance and targeted investments associated with our operating plan, we expect Q4 adjusted EBITDA to be between $34 million and $37 million, approximately 40% margin at the midpoint.

以同類標準計算，不包括政治廣告和 DSP 買家，第四季度隱含的年收入成長率將超過 15%。提醒一下，我們將在 2025 年中期實現 DSP 的影響。我們已將全年營收預期上調至 2.92 億美元至 2.96 億美元之間，或年增 10%，其中包括 DSP 買家帶來的負面影響。在成本方面，我們預計第四季 GAAP 成本將比上季低個位數百分比成長。根據我們的收入指引和與我們的營運計畫相關的有針對性的投資，我們預計第四季度調整後的 EBITDA 將在 3,400 萬美元至 3,700 萬美元之間，中間值利潤率約為 40%。

For the full year, we expect adjusted EBITDA to be between $89 million and $92 million or approximately 31% margin at the midpoint. In summary, we are pleased with our Q3 results and the growth we're seeing across the business, especially in CTV. Our investments in the secular growth areas of video and mobile are showing excellent results, and we are building the pipeline for further incremental growth in the future with our emerging revenue products.

我們預計全年調整後的 EBITDA 在 8,900 萬美元至 9,200 萬美元之間，或中間值利潤率約為 31%。總而言之，我們對第三季的業績以及整個業務（尤其是 CTV）的成長感到滿意。我們在視訊和行動等長期成長領域的投資正在取得優異的成績，並且我們正在利用新興的收入產品為未來進一步的增量成長奠定基礎。

Heading into 2025, the combination of our strong financial health, momentum in the fastest-growing areas of programmatic advertising, and our differentiated scaled technology platform give me confidence that we are well positioned to deliver significant value to our customers and shareholders. With that, I'll turn the call over to Stacie for questions.

展望 2025 年，我們強勁的財務狀況、程序化廣告成長最快領域的發展勢頭以及差異化的規模技術平台，讓我相信，我們有能力為我們的客戶和股東帶來巨大的價值。說完這些，我將把電話轉給 Stacie 來回答問題。

(Operator Instructions) Shweta Khajuria.

(操作員指令) Shweta Khajuria。

Thanks, Stacie. Let me try two, please. One is on what you've seen in terms of demand trends quarter to date from advertisers as well as just consumer spend. If you have that visibility, that would be great, but specifically advertiser spend. And then the second one is next year.

謝謝，史黛西。請讓我試兩次。一是您所看到的本季迄今的廣告主需求趨勢以及消費者支出狀況。如果您具有這樣的可見性，那就太好了，但具體來說是廣告商支出。第二個是明年。

So Steve, as you think about next year with headcount, OpEx, how are you positioning the company in terms of your goals for next year, especially in light of maybe there was some change around 1% of headcount fairly recently. Thanks a lot.

那麼史蒂夫，當你考慮到明年的員工人數和營運支出時，你如何根據明年的目標來定位公司，尤其是考慮到最近員工人數可能發生了約 1% 的變化。多謝。

Sure. Nice to reconnect, Shweta. So first, with respect to recent trends, as I shared in the prepared comments, we started off the quarter very well. Omnichannel video continued its double-digit growth as it has all year long, and we saw continued very strong political. And as others have commented on, the political spending has been significant across the ecosystem, and that did seem to mute holiday spending.

當然。很高興能重新聯繫，Shweta。首先，就最近的趨勢而言，正如我在準備好的評論中所分享的那樣，我們本季的開局非常好。全通路影片一如既往地保持著兩位數的成長，而且我們看到政治因素持續強勁。正如其他人所評論的那樣，整個生態系統的政治支出都相當可觀，這似乎抑制了節日支出。

But as a reminder, we are going into the peak holiday spending mid-November onwards. So, from our perspective, all the fundamentals are very positive. I shared the statistic that if you just look at the business that excludes the DSP change, excludes political, compared to last year in the third quarter, that grew 17%.

但要提醒的是，11月中旬以後我們將進入假期消費高峰。因此，從我們的角度來看，所有基本面都非常積極。我分享了一個統計數據，如果你只看不包括 DSP 變化和政治因素的業務，與去年第三季相比，成長了 17%。

And the implied guidance that I shared is over 15%. So, our core business is very healthy. We're cautiously optimistic about the fourth quarter. But big picture, we're doing all the right things in terms of investing in the right areas behind all the long-term secular growth drivers.

我分享的隱含指導值超過 15%。因此，我們的核心業務非常健康。我們對第四季持謹慎樂觀的態度。但從總體來看，我們在所有長期成長動力背後的正確領域進行投資方面做了所有正確的事情。

Now with respect to 2025, I'd say from our long-term perspective, we've always focused on efficiency and productivity, and that's not going to be any different going into 2025. And one of the things that we're going to do is continue to look for opportunities around efficiency. Rajeev shared some of the points around AI, but it's also going to be around productivity.

現在談到 2025 年，我想說，從我們的長遠角度來看，我們始終專注於效率和生產力，到 2025 年這一點也不會有什麼不同。我們要做的一件事就是繼續尋找提高效率的機會。Rajeev 分享了一些有關人工智慧的觀點，但也涉及生產力。

So, I would say that we're probably not going to add as many people in the team as we did this year or prior years and really get more leverage. And primarily, it's because we get a lot of really targeted hiring for the roles that we need, and we are -- they're in place. And so, we're feeling really good about the level of resources in the market right now.

因此，我想說，我們可能不會像今年或前幾年那樣增加那麼多團隊成員，也無法真正獲得更多的影響力。最主要的是，我們針對我們所需的職位進行了大量有針對性的招聘，而且，這些職位已經到位。因此，我們對目前市場資源水準感到非常滿意。

Matthew Swanson, RBC.

馬修·斯旺森（Matthew Swanson），RBC。

Yeah. Thank you guys so much for taking my question. Maybe building off Shweta's question, and you mentioned the 100 team members in sales and technology. Could you just expand a little bit about kind of the go-to-market motion with these new products and the emerging revenue stream and kind of how you're able to let people know the value proposition for them?

是的。非常感謝你們回答我的問題。也許是針對 Shweta 的問題，您提到了銷售和技術團隊的 100 名成員。您能否稍微詳細說明一下這些新產品的上市動向和新興收入來源，以及如何讓人們了解這些新產品的價值主張？

Sure. Yes. Why don't I take that one, Matt? So, I think a big part of what we've been doing over the last couple of years and is continuing is to get deeper and closer on the buy side of the ecosystem, such with agencies and advertisers, primarily given our SPO value proposition. And we mentioned earlier in the call that we're now 70% penetrated into, for instance, the top 30 streamers.

當然。是的。我為什麼不選擇這個呢，馬特？因此，我認為我們在過去幾年中所做的並將繼續做的一大部分工作就是更深入、更緊密地與生態系統的買方（例如代理商和廣告商）建立聯繫，這主要考慮到我們的 SPO 價值主張。我們之前在電話會議中提到過，目前我們已經滲透到了排名前 30 的串流媒體中，佔比達到 70%。

We're growing the commerce media business. We announced Activate partnership and Connect with Dentsu. So, we really think that it's important that we engage with a growing sector of the buyer ecosystem. And while a couple of years ago, we started with the agency holdcos. There's no shortage of large advertisers that also want to engage in supply path optimization, along with independent agencies. So, the go-to-market is really a combination of two things.

我們正在發展商業媒體業務。我們宣布與電通建立合作關係並建立聯繫。因此，我們確實認為，與買家生態系統中不斷成長的部門接觸非常重要。幾年前，我們開始從事代理控股公司業務。除了獨立代理商之外，大型廣告主也希望參與供應路徑優化。因此，進入市場實際上是兩件事的結合。

One is we have relationship-focused people on the buy side, so they're covering the big buyers. And then more recently, we've moved to or in the process of moving to a specialist sales structure where we will have product specialists that are going in with those relationship folks in order to expand those relationships. So, we think that's a critical part of the opportunity.

一是我們在買方擁有註重關係的人員，因此他們負責覆蓋大買家。最近，我們已經轉向或正在轉向專業銷售架構，我們將有產品專家與這些關係人員一起擴大這些關係。因此，我們認為這是機會的關鍵部分。

Again, the Dentsu example is a good one where we've been working with them with SPO for quite some time and now expanding that into Connect and into activate. GroupM is another good example where we've been powering the premium marketplace for a number of years, and we've had a steady geographic expansion. We started in Europe, then into the U.S. and now most recently into Latin America.

再次，電通的例子很好，我們已經透過 SPO 與他們合作了很長一段時間，現在將其擴展到 Connect 和 activate。群邑是另一個很好的例子，我們多年來一直為高端市場提供支持，並且實現了穩定的地域擴張。我們從歐洲開始，然後進入美國，最近又進入拉丁美洲。

That's super helpful. And then maybe just a question on the DSP change. We talked a bit last quarter about the need to do some algorithm optimization post the change and about that taking some time. Could you just kind of give us an update? I know it's still early on just what you're seeing from your reaction to the reaction, I guess?

這非常有幫助。然後也許只是一個關於 DSP 變化的問題。上個季度我們討論過變更後需要進行一些演算法最佳化以及這需要一些時間。您能否提供我們最新進展？我知道現在還為時過早，我猜只是從你的反應來看，情況如何？

Sure. Yeah, go ahead, Steve.

當然。是的，繼續吧，史蒂夫。

Yeah, happy to. So, one of the things that I commented at, Rajeev, as well, that it was a process that we're going to work through, and we had confidence that we're going to be able to do that. And the good news is that the spend from this buyer has stabilized. And so, there was an adjustment at midyear. And since then, it's been steady going.

是的，很高興。因此，我和 Rajeev 也提到過，這是一個我們要努力完成的過程，我們有信心能夠做到這一點。好消息是該買家的支出已經穩定下來。因此，年中進行了調整。自此以後，一切進展順利。

So, I'd say that as we called out, it's a change in the level of spend, but not the change in terms of how we're operating with that DSP. And we feel very enthusiastic about the ability to grow that over time. But we are going through an adjustment period, as noted last quarter and this quarter, and we will for the first half of 2025.

所以我想說，正如我們所說的，這是一個支出水準的變化，而不是我們使用該 DSP 的方式的變化。我們對這種隨著時間的推移而發展的能力感到非常興奮。但正如上個季度和本季所指出的，我們正在經歷調整期，2025 年上半年也將如此。

But the key point to note is the rest of the business, which is the majority of the business, over two-thirds, is growing significantly in the third quarter, 17%, slated to grow 15%-plus in the fourth quarter. So the fundamentals of our business are very robust. We see the DSP change as in the rearview mirror, and we're just working through it now.

但需要注意的關鍵點是其餘業務，即大部分業務，超過三分之二，在第三季將大幅成長 17%，預計第四季將成長 15% 以上。因此，我們的業務基礎非常強勁。我們看到 DSP 的變化就像後視鏡中的那樣，我們現在正在努力解決它。

Yeah. Maybe I can just add a quick comment on that. So, it's true, of course, Matt, we're going to have a bit of a headwind with that DSP until middle of next year. But to Steve's point, we're getting much more deeply embedded into advertising-driven businesses. The X announcement, the supply path optimization with Dentsu with Connect and Activate, Western Union and Commerce.

是的。也許我可以對此做一點簡短的評論。所以，當然，馬特，直到明年年中，我們在 DSP 方面都會遇到一些阻力。但正如史蒂夫所說，我們正在更深入地融入廣告驅動的業務。X 公告，與電通、Connect 和 Activate、西聯匯款和 Commerce 進行供應路徑最佳化。

We've expanded the Roku relationship into CTV marketplaces. So, these are all, I think, good examples of how we're getting more and more embedded into really large players in the advertising ecosystem. What I'm really excited about is how the pieces are very much overlapping and reinforcing.

我們已將 Roku 關係擴展到 CTV 市場。所以，我認為，這些都是我們如何越來越多地融入廣告生態系統中真正大型參與者的很好的例子。讓我真正興奮的是各個部分是如何相互重疊和相互加強的。

So, when we engage in supply path optimization, that brings more streamers and publishers and commerce media customers to our platform because they want access to those dollars. Commerce Media partners, they bring more streamers to us because we can overlay the commerce data onto the streaming inventory.

因此，當我們進行供應路徑優化時，會為我們的平台帶來更多的串流媒體、出版商和商業媒體客戶，因為他們想要獲得這些資金。Commerce Media 合作夥伴，他們為我們帶來了更多的串流媒體，因為我們可以將商業數據疊加到串流媒體庫存上。

And then Commerce and Connect participants, they create more bids for our publishers, which generates more revenue for them. So, I think we're getting into a really interesting point here where all of these pieces are coming together and reinforcing each other.

然後，Commerce 和 Connect 參與者為我們的出版商創建更多出價，從而為他們創造更多收入。所以，我認為我們現在已經進入了一個非常有趣的階段，所有這些部分都結合在一起，相互加強。

James Heaney, Jefferies.

傑富瑞的詹姆斯希尼 (James Heaney)。

Great. Thank you for taking the question. Rajeev, what do you think is helping you get to critical mass in CTV? Is that due to the increased focus on your buy-side solutions? Or do you feel like the big difference is the amount of CTV supply growth that you're seeing?

偉大的。感謝您回答這個問題。Rajeev，您認為什麼有助於您在 CTV 達到臨界規模？這是因為您更關注買方解決方案嗎？或者您覺得最大的差異在於您所看到的 CTV 供應量成長的數量？

Yeah. I think it's a combination of a couple of things. One is technology innovation. And then the second is our SPO buyer relationships. And then the third is what I was just referencing, but all of the pieces coming together like Connect for curation and data as well as Commerce Media and Activate.

是的。我認為這是多種因素的結合。一是技術創新。第二個是我們的 SPO 買家關係。第三個是我剛才提到的，所有的部分都整合在一起，例如用於管理和資料的 Connect，以及 Commerce Media 和 Activate。

So, just to kind of unpack that a little bit, we built, I think, a very significant now CTV business organically, right, over the last couple of years. So, we're excited to be at 70% of the top 30, and that creates a level of critical mass. But it's really coming through organic innovation, building all of those product capabilities. The Gen AI example that we cited earlier is a great example of how we were able to unlock really a significant volume of political ad spend through innovation.

所以，稍微解釋一下這個問題，我認為，在過去幾年裡，我們有機地建立了一個非常重要的 CTV 業務。因此，我們很高興能夠佔據前 30 名中的 70%，而這達到了臨界水平。但它實際上是透過有機創新實現的，建構了所有這些產品功能。我們之前引用的 Gen AI 範例是一個很好的例子，說明我們如何能夠透過創新釋放大量政治廣告支出。

Second, of course, is supply path optimization, right? So, because of the relationships that we have with buyers, then that brings streamers to our platform. This Dentsu announcement is a great example where, as that gets going, there will be dollars flowing through Activate on our platform. And so, then streamers know that, hey, in order to access those budgets, we need to be working with PubMatic. And as we mentioned earlier, those agencies are also moving their direct buy. So, that's a single buyer, single advertiser to a single publisher's inventory.

第二當然是供應路徑優化，對吧？因此，由於我們與買家建立了關係，因此串流媒體才會進入我們的平台。電通的這項聲明就是一個很好的例子，隨著這項計畫的實施，將會有資金透過 Activate 流入我們的平台。所以，主播們就知道，為了獲得這些預算，我們需要與 PubMatic 合作。正如我們之前提到的，這些機構也正在轉向直接購買。所以，這是一個單一買家、單一廣告商對單一出版商的庫存。

They're moving those buys to our platform as well. And then lastly, as we scale up our Connect platform for curation and data partners and we scale up Commerce Media, that just brings more and more incremental demand to our publishers, and that is not necessarily demand that they'd be able to get elsewhere. And so, I think that combination of innovation and SPO and then the other demand drivers is really what's driving streamers to lean into working with us.

他們也將這些購買轉移到我們的平台。最後，隨著我們擴大用於管理和資料合作夥伴的 Connect 平台以及 Commerce Media 的規模，這只會為我們的出版商帶來越來越多的增量需求，而這些需求並不一定是他們能夠從其他地方獲得的需​​求。因此，我認為創新和 SPO 以及其他需求驅動因素的結合才是真正推動串流媒體傾向於與我們合作的因素。

Great and then maybe just to follow up for Steve, can you talk about the capacity needs for the business for the rest of '24 and '25? Do you expect you'll need to invest incrementally in infrastructure in the, you know, near to medium term to support the next leg of growth.

太好了，然後也許只是為了跟進史蒂夫的問題，你能談談 24 年和 25 年剩餘時間的業務產能需求嗎？您是否預計需要在近期至中期逐步投資基礎設施以支援下一階段的成長？

Sure. We're already locked and loaded for 2024. And so that's done, and that's reflective of the CapEx that I referenced in the prepared comments. And as we look to 2025, our expectations are going to be continuing what we've seen is work very effectively.

當然。我們已經為 2024 年做好了準備。這樣就完成了，這反映了我在準備好的評論中提到的資本支出。展望 2025 年，我們期望目前的做法能夠繼續有效。

First, we look for opportunities to optimize our existing infrastructure. So, no net new CapEx. And then when we see sort of the runway for that opportunity, then we determine the incremental opportunity. And the great news is that we are really driving our CTV impressions, our omnichannel video impressions. And those carry with it a lot higher value CPMs. And so, our expectation over time is that we won't need to invest at the same level as we have historically.

首先，我們尋找機會優化現有的基礎設施。因此，沒有淨新資本支出。然後，當我們看到這個機會的跑道時，我們就會確定增量機會。好消息是，我們確實在推動我們的 CTV 印象、我們的全通路影片印象。而這些都帶來了更高價值的 CPM。因此，我們預期未來我們不需要像過去那樣進行相同的投資。

And there's a variety of reasons why we feel very good about the gross margin profile, but not the least of which is long-term focus on efficiency and then managing our CapEx and then always looking for optimizations. And we think those opportunities are going to just continue to be in front of us. But I do not expect sort of a major uptick in CapEx in 2025 beyond sort of the similar levels of the last year or so.

我們對毛利率狀況感到非常滿意的原因有很多，但其中最重要的原因是我們長期專注於效率，然後管理我們的資本支出，並始終尋求最佳化。我們認為這些機會將繼續擺在我們面前。但我預計 2025 年的資本支出不會出現超過去年同期水準的大幅上漲。

Great. Thank you so much.

偉大的。太感謝了。

Ian Peterson, Evercore.

伊恩·彼得森，Evercore。

Thank you for taking my questions. Two, if I may. First question, there's a pretty significant acceleration in U.S. revenue in Q3. Can you just help us unpack that a little bit further? How much of that was just a function of political contribution, easier comps or other factors such as emerging products contribution? And if emerging products contribution, can you just tell or give us some hints on which products are driving that?

感謝您回答我的問題。如果可以的話，有兩個。第一個問題，第三季美國營收成長相當顯著。您能幫我們進一步解釋一下這個問題嗎？其中有多少僅僅是政治貢獻、更容易的補償或新興產品貢獻等其他因素的作用？如果有新興產品的貢獻，您能否告訴我們或提示哪些產品推動了這項貢獻？

And secondly, related to the $7 million headwind you called out on the last earnings call related to the DSP and macro environment. Can you just remind us how much of that played out in Q3, and how to think about that headwind that's implied in the Q4 guide?

其次，與您在上次財報電話會議上提到的與 DSP 和宏觀環境相關的 700 萬美元逆風有關。您能否提醒我們這在第三季產生了多大的影響，以及如何看待第四季指南中暗示的逆風？

Sure. So, with respect to the first question, just unpacking our outperformance, the real driver has been CTV, very strong growth. And it's all volume-driven impressions that we sold. And so, that was the lion's share of our performance.

當然。因此，就第一個問題而言，僅分析一下我們的優異表現，真正的驅動力是 CTV，其成長非常強勁。我們銷售的都是以銷售為導向的印象。所以，這佔據了我們業績的最大份額。

Now as Rajeev also commented on, because we have such a significant scale and the innovation that we brought to bear in terms of the AI tool, most of the political advertising that we generated was via CTV. So, in that respect, they're both related.

正如 Rajeev 所評論的那樣，由於我們的規模如此之大，並且在 AI 工具方面具有創新性，我們製作的大部分政治廣告都是透過 CTV 製作的。因此，從這個方面來看，它們是相關的。

But number one, CTV was the key driver of outperformance. Number two, continue to see great progress with mobile app. And as you know, we recently launched a partnership with a very large mobile app company. And that gives us access to over 80,000 mobile app publishers around the world. And so, we saw a strong growth out of mobile app, over 20% growth.

但最重要的是，CTV 是其優異表現的關鍵驅動力。第二，繼續看到行動應用取得巨大進步。如您所知，我們最近與一家大型行動應用程式公司建立了合作夥伴關係。這使我們能夠接觸到世界各地超過 80,000 家行動應用程式發布商。因此，我們看到行動應用程式的強勁成長，增幅超過20％。

It was the fourth quarter in a row, delivering that kind of growth. And then we also saw some solid display results. So, across the board, we feel like all the levers were in place. And the areas that we've been investing in are really showing dividends, as I just outlined.

這是連續第四個季度實現這種增長。然後我們也看到了一些可靠的顯示結果。因此，總體而言，我們感覺所有措施都已到位。正如我剛才概述的那樣，我們所投資的領域確實顯示出了紅利。

Now, in terms of just thinking through the outlook that I gave, I mean, the most important point is that, that situation has stabilized. And now we're just growing through that as evidenced by the commentary that I shared on the fourth quarter.

現在，就我給出的觀點而言，最重要的一點是，局勢已經穩定下來。現在我們正在經歷這一增長，這從我對第四季的評論中可以看出。

Overall, when you adjust for apples-for-apples, the expectation is that the implied growth is over 15%. So, I'd say put the DSP change in a box, and we're going to grow through that in Q1 and Q2. But on an apples-for-apples basis, it will be comparable Q3 onwards. And the most important factor is over two-thirds of our business is growing in the mid-teens, and that's helping us manage through this change that occurred midyear.

整體而言，當你進行同類調整時，預期隱含的成長率將超過 15%。因此，我認為將 DSP 變化放在一個框中，我們將在第一季和第二季實現這一目標。但從同類比較來看，從第三季開始情況將是相當的。最重要的因素是，我們超過三分之二的業務以十五六倍的速度成長，這有助於我們應對年中發生的變化。

Tim Nollen, Macquarie.

麥格理的蒂姆·諾倫 (Tim Nollen)。

Hi guys. Thanks for taking the question. Rajeev, I wonder if you could elaborate a bit more on this -- your work you're doing in curation, particularly in CTV. It's not exactly a new concept, but maybe sort of new-ish. And you referenced it as maybe a component to your success in CTV recently. Just could you give us maybe some examples or a bit more color around what you're doing with Curation and how you're doing it differently from others?

嗨，大家好。感謝您回答這個問題。Rajeev，我想知道您是否可以進一步詳細說明這一點——您在策展方面所做的工作，特別是在 CTV 方面。這不完全是一個新概念，但可能有點新。您最近提到這可能是您在 CTV 取得成功的一個因素。您能否給我們舉一些例子或更詳細地介紹一下您在策展方面所做的事情以及您與其他人的不同之處？

Sure. Yeah. So, we've been talking for several years now about sell-side targeting. And as you know, our Connect platform is roughly five-years old now. And just for a little bit of context, right, as third-party cookies decrease in scale and privacy regulation ramps up, first-party publisher data or first-party data in general is becoming increasingly important.

當然。是的。我們已經談論賣方定位好幾年了。如您所知，我們的 Connect 平台已有大約五年歷史。僅舉一點背景知識，隨著第三方 cookie 規模的減少和隱私監管的加強，第一方發布者資料或整體第一方資料變得越來越重要。

And that means targeting and curation will move to the sell side. And we believe that we have a leading platform in the industry for that. And just to kind of level set on the definition, we view curation as inventory packaging and selection. So, it's often aggregating the right inventory together based on a buyer's custom needs, packaging that up, and then making it very easy to buy that inventory.

這意味著定位和策劃將轉移到賣方。我們相信，我們擁有業界領先的平台。從定義上來說，我們將策展視為庫存的包裝和選擇。因此，它通常會根據買家的客製化需求將合適的庫存匯總在一起，將其打包，然後使購買該庫存變得非常容易。

And of course, historically, that's been done on the demand side, but now because of the reasons I mentioned, it's moving more and more to the sell side. And the reason I think we are doing so well is we have a pretty rich set of features, although there's always more to innovate and to build. We have very significant omnichannel inventory scale behind it, global as well.

當然，從歷史上看，這是在需求方完成的，但現在由於我提到的原因，它越來越多地轉向賣方。我認為我們做得如此出色的原因是我們擁有相當豐富的功能，儘管總有更多的功能需要創新和建造。我們擁有非常龐大的全通路庫存規模，而且是全球性的。

And so, we see that it's a significant contributor to our emerging revenue streams. And so, one of the -- Tim, the way that it works is we might add political inventory -- political data through our Connect platform onto our inventory. So, this is a pretty common practice in Q3 and October in our business.

因此，我們認為它是我們新興收入來源的重要貢獻者。因此，其中之一——蒂姆，它的工作方式是我們可能會透過我們的 Connect 平台將政治庫存——政治數據添加到我們的庫存中。因此，這是我們業務在第三季和十月相當常見的做法。

So, we would add political data, and then we would package up inventory across verticals and geos. So, a particular buyer might want Pennsylvania residents in certain ZIP codes that have -- that meet a certain audience profile, and they're looking for CTV inventory or they're looking for online video with an 80% viewable completion rate.

因此，我們會添加政治數據，然後跨垂直行業和跨地區打包庫存。因此，特定買家可能希望賓州某些郵遞區號地區的居民符合特定的受眾特徵，並且他們正在尋找 CTV 庫存或可觀看完成率為 80% 的線上影片。

And so, we can package that inventory up and make that available for a buyer to buy. And so, that's a very, I think, sticky opportunity. Another similar one is using commerce media data sets. So, we've talked previously about Instacart, for instance, layering Instacart data onto our platform and then packaging that up.

因此，我們可以將這些庫存打包起來，供買家購買。所以，我認為這是一個非常棘手的機會。另一個類似的方法是使用商業媒體資料集。因此，我們之前討論過 Instacart，例如，將 Instacart 資料分層到我們的平台上，然後將其打包。

And I think that's a really nice match with CTV because often in CTV and in Commerce Media, we have a logged-in user, and so we're able to match that user. And so that's, I think, a really great opportunity because it brings unique ad spend to our platform and really highlights the strength of the PubMatic platform, and that brings more streamers into our portfolio. It also brings more buyers and it brings more commerce and other data participants.

我認為這與 CTV 非常匹配，因為在 CTV 和 Commerce Media 中我們經常有一個登入用戶，因此我們能夠匹配該用戶。所以，我認為，這是一個非常好的機會，因為它為我們的平台帶來了獨特的廣告支出，真正凸顯了 PubMatic 平台的實力，並為我們的投資組合帶來了更多的串流媒體。它還帶來了更多的買家以及更多的商業和其他數據參與者。

Great. Thanks for the explanation there. Can I just tag on one more related question? Do you think the really big rise in inventory of CTV ads over the last year or two contributes to more demand for curation services?

偉大的。感謝您的解釋。我可以再標記一個相關問題嗎？您是否認為過去一兩年內 CTV 廣告庫存的大幅增加導致了對策展服務的需求增加？

Yeah, I think it does. I mean I think if we think about the growth in CTV inventory, what it's causing is sellers to evolve their playbook in terms of how they sell that inventory. So whereas, let's say, a couple of years ago, where maybe there was a lot less supply and there was a more demand focus in the market.

是的，我認為是這樣。我的意思是，如果我們考慮 CTV 庫存的成長，它會導致賣家在銷售庫存的方式上做出改變。相比之下，幾年前，供應可能要少得多，市場更關注需求。

So, there's an imbalance more demand than supply. Then sellers could choose to say, okay, hey, I'm going to just sell on a one-to-one basis, right? So, my sales force is going to go out and they're going to sell the value proposition of whatever the streamers brand is.

因此，需求大於供應，存在不平衡。然後賣家可以選擇說，好的，嘿，我只以一對一的方式銷售，對嗎？所以，我的銷售人員將會出去銷售串流媒體品牌的價值主張。

As you get to more and more supply and you have obviously the entrance of purely digital players with no legacy businesses, I'm thinking of folks here like Amazon and Netflix, then that causes, I think, the typical seller to have to rethink their playbook, right? So, they might get the most premium CPM through that one-to-one deal where they're selling on the strength of their brand or the show, but then they need to fill the rest of their inventory.

隨著供應越來越多，而且顯然有純數位參與者進入，而沒有傳統業務，我想到的是像亞馬遜和 Netflix 這樣的公司，那麼我認為這會導致典型的賣家不得不重新考慮他們的劇本，對嗎？因此，他們可能透過一對一交易獲得最優質的 CPM，即憑藉其品牌或節目的優勢進行銷售，但隨後他們需要填補其餘的庫存。

And so, they're going to look to sell using curation. They're going to look to sell via our CTV marketplace. They're going to build that full book of demand at different price points.

因此，他們將尋求採用策展方式進行銷售。他們將尋求透過我們的 CTV 市場進行銷售。他們將以不同的價格點來建立完整的需求手冊。

And we think we have a significant role to play in doing that given the scale of the inventory on our platform from streamers, our connect capabilities, our commerce and convert capabilities and then supply path optimization.

我們認為，考慮到我們平台上串流媒體的庫存規模、我們的連接能力、我們的商業和轉換能力以及供應路徑優化，我們在這方面可以發揮重要作用。

Got it. Thanks a lot.

知道了。多謝。

Brianna Diaz, JMP.

布里安娜·迪亞茲，JMP。

Hi. Thank you so much for taking my question. Just one for me. With budgets increasingly moving into video, can you talk through the impact to monetization and take rates for 2025 and longer term? Thanks so much.

你好。非常感謝您回答我的問題。對我來說只有一個。隨著預算越來越多地轉向視頻，您能談談這對 2025 年及更長時間內的貨幣化和利率的影響嗎？非常感謝。

Sure. I'll take the first pass. From our perspective, the trends in omnichannel video, CTV plus online video are very robust. It's an area we've been investing in for a number of years. And so, at the beginning of this year, I said that my expectations for omnichannel video was for it to grow in the double digits.

當然。我將進行第一次傳球。從我們的角度來看，全通路影片、CTV 和線上影片的趨勢非常強勁。這是我們多年來一直投資的領域。因此，今年年初我就說過，我對全通路影片的期望是實現兩位數的成長。

And that's exactly what we're on track to do. And I do expect that to continue in 2025 and beyond. And it's because it provides what advertisers want, the right context, the right content, the right targeting. And so there's always going to be dynamics that shift in terms of supply and demand. And we are in a very advantaged position because we focus on the cost side, driving the unit cost down very much.

這正是我們正在做的事情。我確實預計這種情況將在 2025 年及以後繼續下去。因為它提供了廣告商想要的，正確的背景、正確的內容、正確的定位。因此，供需關係總是會改變。我們處於非常有利的地位，因為我們專注於成本方面，從而大大降低了單位成本。

And then we're able to, as we invest and grow our business into video, get that marginal profitability because basically, the cost to process a video impression and a display impression is roughly the same. And so, from our perspective, wherever the pricing might go with video, we're going to be well advantaged because of the marginal profitability that delivers.

然後，隨著我們投資並拓展視訊業務，我們就能夠獲得邊際獲利能力，因為基本上處理影片印象和展示印象的成本大致相同。因此，從我們的角度來看，無論影片定價如何，我們都會因其帶來的邊際獲利能力而佔據優勢。

And so, as we look into the future, we fully expect our mix to grow in video. We hit an all-time high this past quarter at 36%. And as I had commented, that drove our gross profit, improved our average CPM. So, there's a lot of things that are going positively for video, which will be the case for the foreseeable future.

因此，展望未來，我們完全預期我們的組合將在視訊領域實現成長。我們上個季度的比例達到了 36% 的歷史新高。正如我所說，這推動了我們的毛利，提高了我們的平均每千次展示費用 (CPM)。所以，很多事情對影片來說都是有利的，在可預見的未來也會如此。

Great. Thank you.

偉大的。謝謝。

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

謝謝史蒂夫。現在，我將把電話轉回給 Rajeev，請他作最後發言。

Thank you, Stacie, and thank you all for joining us today. Our strong results in the quarter highlight our progress in the secular growth areas of our business, omnichannel video, CTV, mobile app, SPO and our emerging revenue streams, all contributing to an accelerated year-over-year growth rate of 17% when excluding political and the one DSP buyer.

謝謝你，史黛西，也謝謝大家今天加入我們。我們本季的強勁業績凸顯了我們在業務的長期成長領域取得的進展，全通路影片、CTV、行動應用程式、SPO 和新興收入來源，所有這些都推動了不包括政治和一個 DSP 買家的情況下同比增長 17%。

We're launching new products and serving the critical mass of publishers and streamers while unlocking incremental value for our customers and us. We are partnering with some of the largest companies on the Internet as they choose to build their advertising businesses on PubMatic.

我們正在推出新產品並為大量出版商和串流媒體提供服務，同時為我們的客戶和我們自己釋放增量價值。我們正在與互聯網上的一些最大的公司合作，他們選擇在 PubMatic 上建立他們的廣告業務。

We have an exciting opportunity in front of us. We look forward to seeing many of you at upcoming conferences. Thanks, everyone, for joining us today, and have a great afternoon.

我們面前有一個令人興奮的機會。我們期待在即將召開的會議上見到你們。感謝大家今天的參與，祝大家下午愉快。