PubMatic Inc (PUBM) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to PubMatic's fourth-quarter and full-year 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.

大家好，歡迎參加 PubMatic 2024 年第四季和全年財報電話會議。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。提醒一下，本次網路研討會正在錄製中。

And I will now turn the call over to Stacie Clements with the Blueshirt Group. Stacie, over to you.

現在我將把電話轉交給 Blueshirt Group 的 Stacie Clements。史黛西，交給你了。

Good afternoon, everyone, and welcome to PubMatic's earnings call for the fourth-quarter and full-year 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.

大家下午好，歡迎參加 PubMatic 2024 年第四季和全年財報電話會議。我是 Blueshirt Group 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。

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)

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。（活動須知）

A copy of our press release can be found on our 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. These forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict.

我們的新聞稿副本可在我們的網站 investors.pubmatic.com 上查閱。我想提醒各位與會者，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。這些前瞻性陳述受制於難以預測的固有風險、不確定性和情境變化。

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 investor.pubmatic.com, including our most recent Form 10-K and our 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. All information discussed is as of today February 27, 2025, 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.

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 investor.pubmatic.com 上找到，包括我們最新的 10-K 表格以及我們隨後提交的 10-Q 表格或 8-K 表格。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。所有討論的資訊截至 2025 年 2 月 27 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. 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。我們的新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的對帳。

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

現在，我將把電話轉給 Rajeev。

Thank you, Stacie, and welcome everyone. 2024 was a year of solid revenue growth and margin expansion, driven by strength in CTV, new products and revenue streams, and marquee customers choosing PubMatic to build and scale their ad businesses. Revenue growth for the year more than doubled, growing 9% over 2023. We delivered expanded adjusted EBITDA margins of 32%, and we returned to a rule of 40 company. This marks our fourth of the last five years that we exceeded this benchmark. These results include a significant headwind in desktop display, which started in May of 2024 related to a single DSP partner.

謝謝 Stacie，歡迎大家。 2024 年是營收穩健成長和利潤率擴大的一年，這得益於 CTV 的強勁成長、新產品和收入來源，以及選擇 PubMatic 來建立和擴展其廣告業務的知名客戶。全年營收成長一倍以上，比 2023 年成長 9%。我們實現了 32% 的調整後 EBITDA 利潤率，並恢復了 40 家公司的規則。這是我們過去五年中第四次超過這個基準。這些結果包括桌面顯示器領域的巨大阻力，該阻力始於 2024 年 5 月，與單一 DSP 合作夥伴有關。

In the fourth quarter, the impact from this buyer delivered a softer than anticipated seasonal uptick. Looking beyond this isolated impact, we delivered strong underlying growth in all other areas of the business. We also benefited from significant strength in political ad spend. Excluding revenue from this DSP and political advertising, Q4 revenue was up 16% year over year. And I’m particularly pleased with the scale of our CTV business, which represented 20% of our Q4 revenue, more than doubling its share of our business versus the prior year. I want to thank the entire team for their hard work and relentless focus on our strategy.

在第四季度，該買家的影響導致季節性上漲幅度低於預期。除了這一孤立影響之外，我們在所有其他業務領域都實現了強勁的潛在成長。我們也受惠於政治廣告支出的大幅成長。不包括該 DSP 和政治廣告的收入，第四季營收年增 16%。我對我們的 CTV 業務規模感到特別滿意，它占我們第四季度收入的 20%，比上年增長了一倍多。我要感謝整個團隊的辛勤工作和對我們策略的不懈關注。

As I look ahead to 2025, we are a materially different company than we were just a few years ago. Our mix of business has changed, and our platform has expanded beyond core SSP technology. A sizeable share of our revenue and growth are now driven by high consumer engagement channels such as CTV, mobile app and commerce media. We now serve four key customer segments: publishers, media buyers, commerce media networks, and curators or data providers. As we deliver value and expand usage with each customer segment, the value proposition of our platform to other segments increases, creating a flywheel that accelerates revenue growth and increases profitability.

展望 2025 年，我們與幾年前相比已經有了實質的不同。我們的業務組合發生了變化，我們的平台已經超越了核心 SSP 技術。目前，我們的收入和成長很大一部分來自於 CTV、行動應用程式和商業媒體等高消費者參與度管道。我們現在服務於四個主要客戶群：出版商、媒體購買者、商業媒體網路以及策展人或數據提供者。隨著我們為每個客戶群提供價值並擴大其使用範圍，我們平台對其他群體的價值主張也隨之增加，從而形成了一個加速收入成長和提高獲利能力的飛輪。

For example, unique demand via our Supply Path Optimization deals and Activate solution with Dentsu, GroupM, and Mars, attracts premium publisher inventory from streamers like Roku, TCL, and Dish TV, and mobile apps like Audiomob, Freeplay and SoundCloud to our platform. Our combined strength of supply and demand attracts high-value data providers like Experian, NCSolutions and Proximic by Comscore, and commerce media companies like Instacart and Western Union, who want to grow their ad businesses. These rich and compelling data sets in turn attract more buyers seeking higher return on ad spend in the open internet, and the cycle repeats.

例如，透過我們與電通、群邑和瑪氏達成的供應路徑優化交易和激活解決方案，我們產生的獨特需求吸引了來自 Roku、TCL 和 Dish TV 等串流媒體以及 Audiomob、Freeplay 和 SoundCloud 等行動應用程式的優質出版商庫存到我們的平台。我們的供需綜合實力吸引了 Experian、NCSolutions 和 Comscore 的 Proximic 等高價值數據供應商，以及 Instacart 和 Western Union 等希望擴大廣告業務的商業媒體公司。這些豐富且引人注目的數據集反過來又吸引了更多尋求在開放互聯網上獲得更高廣告支出回報的買家，如此循環往復。

As a result, we have a strong, growing footprint across the ecosystem. Key to this is our multi-year investment in product innovation in our SSP and OpenWrap wrapper solution for publishers, in Supply Path Optimization and Activate for media buyers, in Connect for curators and data providers, and Convert for commerce media networks. These products have expanded our end customer base, and more than doubled our total addressable market to over $120 billion since the time of our IPO four years ago.

因此，我們在整個生態系統中擁有強大且不斷增長的影響力。其中關鍵在於我們多年來對產品創新的投資，包括針對出版商的 SSP 和 OpenWrap 包裝器解決方案、針對媒體購買者的供應路徑優化和激活、針對策展人和數據提供商的 Connect 以及針對商業媒體網絡的 Convert。這些產品擴大了我們的最終客戶群，自四年前首次公開募股以來，我們的總目標市場規模增加了一倍多，達到 1,200 多億美元。

In addition, early adoption and prioritization of generative AI throughout our business has led to continued innovation, increased productivity and greater operational excellence. This focus is already delivering compelling products, with tremendous opportunities in three major areas: optimizing and accelerating many internal functions to drive profitability, improving our customer-facing products and features to drive more usage and therefore revenue, and building entirely new capabilities that weren’t possible before.

此外，我們在整個業務中早期採用和優先考慮生成式人工智慧，從而帶來了持續的創新、生產力的提高和卓越營運的提升。這一重點已經帶來了引人注目的產品，並在三個主要領域帶來了巨大的機會：優化和加速許多內部功能以提高盈利能力，改進面向客戶的產品和功能以推動更多使用並因此增加收入，以及構建以前不可能實現的全新功能。

I will go deeper on the value we bring to each customer segment as well as our generative AI strategy.

我將更深入地探討我們為每個客戶群帶來的價值以及我們的生成性人工智慧策略。

Let’s start with publishers. Connected TV and streaming was our fastest growing publisher segment in 2024, with growth exceeding our expectations in the second half of the year as we continued to add top tier broadcasters and streaming platforms like Roku, DISH Media, Disney+ Hotstar and Xumo. We also added important streamers, like Vevo and Fremantle, who own valuable content and audiences that are important to ad buyers.

讓我們從出版商開始。連網電視和串流媒體是我們 2024 年成長最快的發布商領域，隨著我們繼續增加 Roku、DISH Media、Disney+ Hotstar 和 Xumo 等頂級廣播公司和串流媒體平台，下半年的成長超出了我們的預期。我們還增加了重要的串流媒體，例如 Vevo 和 Fremantle，它們擁有對廣告買家來說很重要的寶貴內容和受眾。

Propelled by the surge of political ad dollars, revenue from omni-channel video reached a high-water mark of more than 40% in Q4, of which half was CTV. Our platform is rapidly gaining CTV market share as CTV increasingly shifts from insertion order-based buying to programmatic. We continue to onboard new streamers and now work with 80% of the top 30 globally, up from 70% a quarter ago. Our robust product capabilities and datasets create sticky customer engagement, whereby streamers are increasingly using our platform to setup and execute their direct sold programmatic deals.

受政治廣告費用激增的推動，全通路影片收入在第四季度達到了 40% 以上的高位，其中一半來自 CTV。隨著 CTV 逐漸從基於插入訂單的購買轉向程序化購買，我們的平台正在迅速獲得 CTV 市場份額。我們繼續吸收新的主播，目前與全球排名前 30 位的主播中的 80% 都有合作，而上一季這一比例為 70%。我們強大的產品功能和資料集創造了緊密的客戶參與度，因此串流媒體越來越多地使用我們的平台來設定和執行他們的直銷程式化交易。

In the second half of 2024, we launched a CTV Marketplace which aggregates like inventory across our platform, offering buyers specific inventory categories like Gen Z or Hispanic audiences. As a result, our streaming partners are accessing incremental ad demand. This is especially true in the fast-growing, live sports category, and why leading TV manufacturer and streaming content provider, TCL, chose PubMatic.

2024 年下半年，我們推出了 CTV 市場，該市場匯總了我們平台上的類似庫存，為買家提供特定的庫存類別，例如 Z 世代或西班牙裔觀眾。因此，我們的串流媒體合作夥伴正在獲得增量廣告需求。在快速成長的現場體育賽事類別中尤其如此，這也是領先的電視製造商和串流媒體內容提供商 TCL 選擇 PubMatic 的原因。

Our CTV marketplace integrates TCL, viewership data and premium inventory with our privacy-safe targeting solution. According to Jeremy Straight, TCL Ads’ VP and Global General Manager, the partnership, quote, allows advertisers to leverage TCL’s premium inventory, including our ad-supported TCLtv+ app that brings a variety of broadcast sports content and channels to over 24 million viewers, to connect with this valuable audience in a more targeted and effective way, end quote. With live sports as a leading catalyst for our continued CTV growth, I’m excited to scale this partnership and leverage our Supply Path Optimization relationships to help TCL grow its digital ad business.

我們的 CTV 市場將 TCL、收視資料和優質庫存與我們的隱私安全定位解決方案結合。TCL 廣告副總裁兼全球總經理 Jeremy Straight 表示，此次合作使廣告商能夠利用 TCL 的優質資源，包括我們廣告支持的 TCLtv+ 應用，該應用為超過 2400 萬觀眾帶來各種廣播體育內容和頻道，從而以更有針對性和更有效的方式與這些寶貴的受眾建立聯繫。由於現場體育賽事是我們 CTV 持續成長的主要催化劑，我很高興擴大這項合作夥伴關係並利用我們的供應路徑優化關係來幫助 TCL 發展其數位廣告業務。

Mobile app also provides significant opportunity for publishers and app developers to participate in the open internet advertising ecosystem. For the full year, our mobile app business grew 16% year-over-year, driven by our OpenWrap SDK, a leading mobile mediation solution that integrates into mobile apps and provides access to programmatic open internet ad demand. With our recently announced mobile partnerships starting to ramp up, including our recent expansion into social media with X, we have over 900 mobile app publishers on platform. Given this large opportunity in front of us and our leading SDK solution, we believe this channel will continue to grow in the double digits.

行動應用程式也為出版商和應用程式開發人員參與開放網路廣告生態系統提供了重要機會。全年來看，我們的行動應用業務年增 16%，這得益於我們的 OpenWrap SDK，這是一款領先的行動中介解決方案，可整合到行動應用中並提供程式化開放式網路廣告需求。隨著我們最近宣布的行動合作夥伴關係開始加強，包括我們最近與 X 一起向社交媒體領域的擴張，我們的平台上擁有超過 900 個行動應用程式發布商。鑑於我們面前的巨大機會和我們領先的 SDK 解決方案，我們相信該管道將繼續保持兩位數的成長。

The scale and quality of our premium publishers, combined with our robust technology solutions, are attracting more advertisers and agencies to consolidate their buying on PubMatic. We crossed a major milestone in 2024 with more than half of the activity on our platform, 53%, transacted via Supply Path Optimization. This is up from a third of activity just two years ago, driven by both new media buyers on platform and expanding customers via multi-year strategic partnerships.

我們的優質出版商的規模和質量，加上我們強大的技術解決方案，吸引了更多的廣告商和代理商在 PubMatic 上整合他們的購買。2024 年，我們跨越了一個重要的里程碑，我們平台上超過一半（53%）的活動是透過供應路徑優化進行交易的。這一數字比兩年前的三分之一有所上升，這得益於平台上的新媒體購買者和透過多年策略合作夥伴關係不斷擴大的客戶。

We have a strong partnership with IPG Mediabrands, who leverages our sell-side technology to enhance advertiser ROI. By customizing PubMatic's algorithms, they have improved CPMs and win rates for clients. And most recently, utilizing Activate has optimized workflows and has improved IPG's ability to meet client performance goals. As a result, our partnership with IPG Mediabrands has seen significant growth over the past five years. I’m excited to continue to partner and innovate alongside IPG Mediabrands to deliver more value for its agencies and their clients.

我們與 IPG Mediabrands 建立了牢固的合作夥伴關係，他們利用我們的賣方技術來提高廣告商的投資報酬率。透過客製化 PubMatic 的演算法，他們提高了客戶的 CPM 和贏率。最近，利用 Activate 優化了工作流程並提高了 IPG 滿足客戶績效目標的能力。因此，我們與 IPG Mediabrands 的合作在過去五年中取得了顯著成長。我很高興能繼續與 IPG Mediabrands 合作並共同創新，為其代理商及其客戶提供更多價值。

Activate continues to fuel growth across our platform as clients seek greater control and transparency across their advertising supply chains. In addition, Activate delivers valuable efficiency gains, with an average decrease in CPMs of 13%. This translates to significant cost savings for media buyers and an increase in working media dollars that flow back to our publishers. Activate is growing rapidly as a result, with significant long-term potential. All six global agency holding companies now spend ad budgets on Activate, with several, like IPG and Dentsu, using our platform as a central technology in their own proprietary media buying solutions. 2024 was a breakout year as we grew the number of Activate customers by nearly 6x versus the prior year.

隨著客戶尋求對其廣告供應鏈的更大控制和透明度，Activate 繼續推動我們平台的成長。此外，Activate 也帶來了寶貴的效率提升，平均每千次曝光費用 (CPM) 降低了 13%。這意味著媒體購買者可以節省大量成本，並增加流向我們出版商的媒體營運資金。因此，Activate 正在快速發展，具有巨大的長期潛力。目前，所有六家全球代理商控股公司都將廣告預算投入到 Activate 上，其中 IPG 和 Dentsu 等幾家公司將我們的平台用作其專有媒體購買解決方案的核心技術。 2024 年是突破性的一年，因為我們的 Activate 客戶數量比前一年增長了近 6 倍。

Retail and commerce media have emerged as pivotal components of the advertising landscape, offering inventory and audience data to brands seeking more impactful and measurable ways to engage consumers at the point of purchase. We continued to scale our commerce media business last year, as buyers sought to reach high-intent consumers and apply valuable transaction insights across the open internet. Similarly, leading commerce media networks like Instacart, Dollar General and Western Union, chose to make their data and audiences available on PubMatic, where they can grow their offsite media business while controlling access to their data. Our commerce media platform, Convert, also enables customers to manage their mix of onsite and offsite media across multiple channels and formats, including CTV, online video, mobile app and display.

零售和商業媒體已成為廣告領域的關鍵組成部分，為尋求更具影響力和可衡量的方式在購買點吸引消費者的品牌提供庫存和受眾數據。去年，我們繼續擴大商業媒體業務，因為買家尋求接觸有強烈購買意願的消費者，並在開放的網路上應用有價值的交易洞察。同樣，Instacart、Dollar General 和 Western Union 等領先的商業媒體網絡選擇在 PubMatic 上提供其數據和受眾，這樣他們就可以在控制數據訪問的同時發展其場外媒體業務。我們的商業媒體平台 Convert 還使客​​戶能夠管理跨多個管道和格式的現場和非現場媒體組合，包括 CTV、線上視訊、行動應用程式和顯示器。

Intuit, for example, chose PubMatic to help power their SMB MediaLabs, a first-of-its-kind media network focused solely on small and medium sized businesses. Through this integration, Intuit makes 36 million identifiers available to advertisers, while keeping the underlying customer data secure on Intuit's platform. As a result, advertisers can execute more effective business-to-business marketing campaigns across the open internet. Much of the success we have seen across our offsite commerce media business is built off of multi-year investments in Connect, which is now a leading platform for data partners and curators to integrate first-party data, package inventory, sell to and optimize outcomes for their buyers. Importantly, sell-side curation with first-party data is now a critical need for open internet ad buyers.

例如，Intuit 選擇 PubMatic 來幫助支援其 SMB MediaLabs，這是第一個專注於中小型企業的媒體網路。透過此次整合，Intuit 向廣告主提供了 3,600 萬個標識符，同時確保了 Intuit 平台上底層客戶資料的安全。因此，廣告主可以在開放的網路上進行更有效的 B2B 行銷活動。我們在場外商務媒體業務中取得的成功很大程度上得益於對 Connect 的多年投資，Connect 目前已成為數據合作夥伴和策展人整合第一方數據、打包庫存、向買家銷售並優化結果的領先平台。重要的是，利用第一方資料進行賣方策劃現在已成為開放網路廣告買家的迫切需求。

First, it drives greater efficiency, scale and transparency. Second, data providers gain increased control of their valuable audience data and therefore grow their participation in the open internet. And third, sell side curation eliminates the need for third-party cookies, and closes the performance gap that advertisers typically see between walled gardens and the open internet. As curation evolves, we believe it will expand buying activity in the open internet as buyers seek premium, brand safe inventory.

首先，它提高了效率、規模和透明度。其次，數據提供者對其寶貴的受眾數據有了更強的控制力，從而增加了其在開放互聯網中的參與度。第三，賣方策展消除了對第三方 cookie 的需求，並縮小了廣告商通常看到的圍牆花園和開放網路之間的效能差距。隨著策展的發展，我們相信它將擴大開放網路上的購買活動，因為買家尋求優質、品牌安全的庫存。

Strategically, the growth of Connect diversifies our revenues. These integrations generate incremental revenue from data fees, while also increasing the value of ad impressions. We now have 190 data sets available for buyers on PubMatic. Now scaled, Connect shifts buying activity away from third-party cookies to higher ROI data driven impressions and fuels growth across our platform.

從策略上來說，Connect 的成長使我們的收入多樣化。這些整合從數據費用中產生了增量收入，同時也增加了廣告展示的價值。我們目前在 PubMatic 上為買家提供 190 個資料集。現在，Connect 已擴大規模，將購買活動從第三方 cookie 轉移到更高 ROI 資料驅動的印象，並推動我們整個平台的成長。

I’m extremely proud of the team and all the hard work that goes into building revenue generating products like Activate, Convert and Connect. And now, with scaled adoption of generative AI across our engineering team, we have achieved several key milestones. In 2024, we increased engineering productivity by over 15%, by applying generative AI technology to our software development, testing, and release processes. More recently, we applied GenAI technology to customer-facing products and features that drive more usage and therefore revenue. Last quarter, I talked about our solution for political advertising, which unlocked millions of dollars in political ad spend.

我為這個團隊以及為打造 Activate、Convert 和 Connect 等創收產品所付出的所有努力感到非常自豪。現在，隨著我們的工程團隊大規模採用生成式人工智慧，我們已經實現了幾個重要的里程碑。2024 年，我們將生成式人工智慧技術應用於軟體開發、測試和發布流程，將工程生產力提高了 15% 以上。最近，我們將 GenAI 技術應用於面向客戶的產品和功能，以推動更多使用，從而增加收入。上個季度，我談到了我們的政治廣告解決方案，該解決方案釋放了數百萬美元的政治廣告支出。

Just last month, we launched PubMatic Assistant, a GenAI powered reporting tool that allows publishers to request any report or data using simple plain language text queries. As a result, publishers can streamline analytics, enhance productivity, and unlock new growth opportunities by uncovering insights in big data. This is a powerful tool that removes barriers to adoption and drives increased platform usage. Looking ahead, GenAI will continue to play an important role in our strategic development. We expect to release a steady cadence of exciting capabilities over the next several quarters, with a particular focus on solutions that will automate and streamline processes, drive greater monetization and ad performance, and fuel revenue growth.

就在上個月，我們推出了 PubMatic Assistant，這是一款由 GenAI 提供支援的報告工具​​，允許發布商使用簡單的純語言文字查詢來請求任何報告或數據。因此，出版商可以透過挖掘大數據的洞察力來簡化分析、提高生產力並釋放新的成長機會。這是一個強大的工具，可以消除採用障礙並推動平台使用率的提高。展望未來，GenAI將繼續在我們的策略發展中發揮重要作用。我們預計將在未來幾季穩定發布一系列令人興奮的功能，特別關注能夠自動化和簡化流程、提高貨幣化和廣告效果以及促進收入成長的解決方案。

As I wrap up, I want to leave you with three final thoughts. First, our underlying business is strong. We delivered 16% year-over-year revenue growth in the fourth quarter, excluding the DSP impact and benefit from political ad spend. This was well ahead of our internal expectations. Additionally, we crossed an exciting milestone as CTV continues to scale and becomes a larger share of our revenue, at 20% in Q4. And I’d be remiss not to mention our focus on live sports, curation, and commerce media. Investments in these areas diversify our revenue, increase exposure to secular growth areas, and provide a long runway for growth. With continued momentum across all of these areas, we are targeting our underlying business to grow 15% plus year-over-year in 2025.

在結束演講之前，我想給你們留下三點最後的想法。首先，我們的基礎業務強勁。不包括 DSP 的影響和政治廣告支出的收益，我們的第四季營收年增 16%。這遠遠超出了我們的內部預期。此外，隨著 CTV 規模不斷擴大並在我們收入中所佔的份額不斷增加（第四季度達到 20%），我們也跨越了一個令人興奮的里程碑。如果我沒提到我們對體育直播、策展和商業媒體的關注，那我就是失職了。在這些領域的投資使我們的收入多樣化，增加了對長期成長領域的投資，並為成長提供了長期的跑道。隨著所有這些領域的持續發展勢頭，我們的目標是到 2025 年，我們的基礎業務將年增 15% 以上。

Second, our multi-year investments are delivering profitable growth, and just as importantly, incremental value to our customers. As a leading provider of sell side technology, we will continue to innovate and strengthen our competitive moat.

其次，我們多年的投資正在帶來獲利成長，同樣重要的是，為我們的客戶帶來增量價值。作為領先的賣方技術供應商，我們將繼續創新並加強我們的競爭優勢。

And third, there is an inherent shift in the digital supply chain where greater value is now placed on the supply side at the source of first-party data. The future of the digital supply chain includes data curation, ad performance, and increased efficiency. We have a strong foundation on the supply side and are a trusted strategic partner to many of the world's leading publishers. The investments we've made put us at the forefront of this shift and I couldn't be more proud of the business we are today and the opportunities that now lie ahead of us.

第三，數位供應鏈正在發生內在轉變，第一方資料來源的供應方現在具有更大的價值。數位供應鏈的未來包括數據管理、廣告成效和提高效率。我們在供應方面擁有堅實的基礎，是許多世界領先出版商值得信賴的策略合作夥伴。我們所做的投資使我們處於這一轉變的最前沿，我為我們今天的業務和擺在我們面前的機會感到無比自豪。

I’ll now turn the call over to Steve to discuss the financials and our operating priorities.

現在我將把電話轉給史蒂夫，討論財務狀況和我們的營運重點。

Thank you, Rajeev, and welcome, everyone. 2024 marked an important inflection point in PubMatic’s growth trajectory as a result of our focused strategy and multiyear investments. CTV, mobile app, and our emerging revenues each hit a record share of total company revenue, and we achieved an all-time high of supply path optimization activity. This growth enabled us to offset a revenue headwind from a bidding change by one of our top DSP buyers that emerged mid-year.

謝謝 Rajeev，歡迎大家。由於我們的重點策略和多年投資，2024 年標誌著 PubMatic 成長軌蹟的一個重要轉折點。CTV、行動應用程式和我們的新興收入在公司總收入中所佔份額均創下了歷史新高，我們的供應路徑優化活動也達到了歷史最高水平。這一增長使我們能夠抵消年中出現的一位頂級 DSP 買家的競價變化帶來的收入阻力。

Let me summarize our major 2024 accomplishments. First, we delivered our number one priority, to accelerate revenue growth. Total revenues grew 9%, more than double the rate in 2023, driven by increases in both monetized impressions and CPMs. Excluding the headwind of the DSP change and the tailwind of political advertising, full year revenue increased 11% year on year. CTV revenue more than doubled in 2024, and in Q4 reached 20% of total revenue. Mobile app increased 16% and represented 20% of total revenue. Emerging revenue streams doubled in 2024. SPO increased 8 percentage points year-over-year, and represented 53% of all platform activity.

讓我總結一下我們在 2024 年所取得的主要成就。首先，我們實現了首要任務，加速收入成長。總收入成長了 9%，是 2023 年成長率的兩倍多，這得益於貨幣化展示次數和每千次曝光費用的增加。除去 DSP 變革的不利因素和政治廣告的順風，全年營收年增 11%。2024 年 CTV 營收成長一倍以上，第四季達到總營收的 20%。行動應用程式成長了 16%，佔總收入的 20%。2024年新興收入來源將翻倍。SPO 年成長 8 個百分點，佔平台所有活動的 53%。

Second, we significantly expanded our margins and increased adjusted EBITDA by 23% year over year. Gross margin increased by 250 basis points and our adjusted EBITDA margin by 350 basis points. We shifted our revenue mix to high engagement channels like CTV, mobile app, and emerging revenues. We further optimized our infrastructure, tightly managed our CapEx investments, and increased engineering efficiency with GenAI.

其次，我們大幅擴大了利潤率，調整後的 EBITDA 年成長 23%。毛利率增加了 250 個基點，調整後的 EBITDA 利潤率增加了 350 個基點。我們將收入結構轉向 CTV、行動應用和新興收入等高參與度管道。我們進一步優化了基礎設施，嚴格管理資本支出投資，並透過 GenAI 提高了工程效率。

Third, we managed our working capital to fund our growth and execute our share repurchase program. We delivered $73 million in operating cash flow and $35 million in free cash flow. We bought back over 4 million shares in 2024 equating to an 8% reduction in fully diluted shares outstanding. We finished the year with $141 million in cash and marketable securities and no debt.

第三，我們管理營運資金以資助我們的成長並執行我們的股票回購計畫。我們實現了 7,300 萬美元的營運現金流和 3,500 萬美元的自由現金流。我們在 2024 年回購了超過 400 萬股股票，相當於完全稀釋的流通股減少了 8%。截至今年底，我們的現金和有價證券總額為 1.41 億美元，且無任何債務。

These results, taken together, are clear proof points of the tremendous opportunities ahead of us. First, it is a confirmation that our multi-year strategy to invest behind the most important secular growth areas is working. And second, it demonstrates we can deliver significant rates of profit and cash flow to fund our growth, while steadily reducing our fully diluted average shares outstanding.

這些結果綜合起來，清楚地證明了我們面前有巨大的機會。首先，這證實了我們多年來對最重要的長期成長領域進行投資的策略正在發揮作用。其次，它表明我們可以實現可觀的利潤率和現金流來資助我們的成長，同時穩步減少我們的完全稀釋平均流通股數。

Turning to our fourth quarter revenue results. While total revenues were below our expectations, it was a breakout quarter for CTV. Strong year-over-year growth for CTV and political advertising helped offset the impact from weak holiday spending by the large DSP buyer that had changed its bidding approach mid-May. Based on long-term historical trends, Q4 holiday advertising typically increases in double-digit percentages versus Q3. The rate of increase for this DSP was in the single digits and predominantly affected display formats. Excluding revenues from this DSP buyer and the benefit from political advertising, our underlying business grew 16% and represented almost two-thirds of total revenues. This underlying revenue growth demonstrates the continued secular mix shift in our business toward high-value, high-engagement formats and channels.

談談我們第四季的營收結果。雖然總收入低於我們的預期，但對於 CTV 來說這是一個突破性的季度。CTV 和政治廣告的強勁同比增長幫助抵消了大型 DSP 買家假期支出疲軟的影響，該買家已於 5 月中旬改變了競標方式。根據長期歷史趨勢，第四季度假日廣告通常比第三季成長兩位數百分比。此 DSP 的成長率為個位數，主要影響顯示格式。不包括該 DSP 買家的收入和政治廣告的收益，我們的基礎業務成長了 16%，佔總收入的近三分之二。這一潛在收入成長顯示我們的業務組合正在持續向高價值、高參與度的形式和管道轉變。

Omnichannel video in the quarter reached an all-time high of 43% of total revenues. This growth was powered by CTV which climbed to 20% of total revenue in the quarter, benefiting from our growing inventory scale, SPO relationships, and the uptick in political advertising. Emerging revenues also continued their rapid growth in the fourth quarter, more than doubling year-over-year and rising to 6% of revenues. A particular standout in this category was Connect, our curation and data business which grew 140% year over year. As called out, display was affected by the low holiday spend by the large DSP buyer and declined 8% year over year. Excluding this buyer, all other display revenues increased over 20% year over year.

本季全通路視訊收入佔總營收的比例達到歷史最高水準的43%。這一增長得益於 CTV，得益於我們不斷增長的庫存規模、SPO 關係以及政治廣告的增加，CTV 在本季度佔總收入的 20%。第四季新興業務收入也持續快速成長，較去年同期成長一倍多，佔營收的6%。這一類別中特別突出的是 Connect，我們的策展和數據業務年增了 140%。如同所提及的，展示廣告受到大型 DSP 買家假期支出較低的影響，較去年同期下降了 8%。除該買家外，所有其他展示收入年增超過 20%。

Moving down to P&L. Over the course of 2024, we aggressively managed our cost of revenue focusing on infrastructure optimization and leveraging prior CapEx investments. As a result, compared to 2023, we were able to keep our Q4 and full year costs increases at 3% and 2%, respectively. At the same time, we increased gross impression capacity on our platform by 20% and reduced the cost of revenue per million impressions by 18%.

轉到損益表。在 2024 年期間，我們積極管理收入成本，重點是基礎設施優化和利用先前的資本支出投資。因此，與 2023 年相比，我們能夠將第四季和全年成本增幅分別保持在 3% 和 2%。同時，我們平台的總展示容量提高了 20%，每百萬展示的收入成本降低了 18%。

Operating expenses for the fourth quarter and the full year were $45.8 million and $186.3 million, respectively. Over the course of the year, we made targeted investments in the secular growth areas which delivered the fastest growth rates for us. On a full year basis, operating expenses grew at half the rate as 2023, as we leveraged prior investments and gained higher productivity from new team members throughout 2024. Q4 GAAP net income was $13.9 million or $0.0026 per diluted share. Full-year net income was $12.5 million or $0.0023 per diluted share. Underscoring the benefit we are getting from higher value revenue streams, operational efficiency and cost leverage, our Q4 adjusted EBITDA came in ahead of expectations at $37.6 million, or 44% margin. Full year adjusted EBITDA was $92.3 million or 32% margin.

第四季和全年營運費用分別為 4,580 萬美元和 1.863 億美元。在這一年中，我們對長期成長領域進行了有針對性的投資，這些領域為我們帶來了最快的成長率。從全年來看，由於我們利用了先前的投資，並在 2024 年從新團隊成員那裡獲得了更高的生產力，因此營運費用的成長率是 2023 年的一半。第四季 GAAP 淨收入為 1,390 萬美元，即每股攤薄收入 0.0026 美元。全年淨收入為 1,250 萬美元，即每股收益 0.0023 美元。我們的第四季調整後 EBITDA 超出預期，達到 3,760 萬美元，利潤率為 44%，這突顯了我們從更高價值的收入流、營運效率和成本槓桿中獲得的收益。全年調整後的 EBITDA 為 9,230 萬美元，利潤率為 32%。

Turning to cash flow, a long-term focus for us. Since going public in December 2020, we have generated over $330 million in net cash provided by operating activities and $175 million in free cash flow. In 2024, we generated $73.4 million in net cash provided by operating activities and free cash flow of $34.9 million. As a reminder, beginning in Q3, we saw an increase in DSOs related to the DSP change. We anticipate that this DSO change will normalize mid-2025.

談到現金流，這是我們長期關注的重點。自 2020 年 12 月上市以來，我們已產生超過 3.3 億美元的營運活動淨現金和 1.75 億美元的自由現金流。2024 年，我們產生的營業活動淨現金為 7,340 萬美元，自由現金流為 3,490 萬美元。提醒一下，從第三季開始，我們看到與 DSP 變化相關的 DSO 有所增加。我們預計這一 DSO 變化將在 2025 年中期實現正常化。

Moving to cash and our capital allocation.

轉向現金和資本配置。

We have a healthy balance sheet and generate positive cash flow which supports our long-term capital allocation strategy. We ended the quarter with $140.6 million in cash and marketable securities and zero debt. Since the inception of our repurchase program in February 2023, through the end of Q4, we have bought back 8.3 million Class A common shares for $134.6 million. As of the end of the fourth quarter, we had $40.4 million remaining in our repurchase program authorized through December 31, 2025. Turning to 2025, we are confident that our growth strategies are on track, and we are well-positioned to execute them.

我們的資產負債表健康，並產生正現金流，這支持了我們的長期資本配置策略。本季末，我們擁有 1.406 億美元現金和有價證券，且零債務。自 2023 年 2 月啟動回購計畫以來，截至第四季末，我們已以 1.346 億美元回購了 830 萬股 A​​ 類普通股。截至第四季末，我們授權至 2025 年 12 月 31 日的回購計畫剩餘金額為 4,040 萬美元。展望2025年，我們相信我們的成長策略正在步入正軌，而且我們已做好充分準備去執行這些策略。

Over the first half of 2025, as previously called out, we will be transitioning through the lower year-over-year spend levels by this DSP buyer until we lap it at the end of Q2. This headwind will predominantly affect the display portion of our business and accelerates our revenue shift towards the fastest growing secular categories of CTV, mobile app, and our emerging revenues. Outside of this near-term DSP headwind, our revenues are growing rapidly, and we believe we are at an important inflection point. In Q3 and Q4, our underlying business, excluding the DSP buyer and political, grew 17% and 16%, respectively. This year, we are targeting this portion of our business to grow 15% plus year over year.

正如之前所說，在 2025 年上半年，我們將過渡到該 DSP 買家同比較低的支出水平，直到第二季末達到這一水平。這種不利因素將主要影響我們業務的展示部分，並加速我們的收入轉向成長最快的長期類別 CTV、行動應用和新興收入的轉變。除了短期 DSP 逆風之外，我們的收入正在快速成長，我們相信我們正處於一個重要的轉折點。在第三和第四季度，我們的基礎業務（不包括 DSP 買家和政治）分別成長了 17% 和 16%。今年，我們的目標是讓這部分業務年增 15% 以上。

To support this level of continued growth and deliver healthy margins, we are adopting a two-pronged operating strategy. First, we will leverage the investments made in sales and technology and selectively add specialists to support the fastest growing areas. In 2024, we achieved a material breakthrough in terms of scale and growth in high engagement channels, and we are on track to continue this momentum.

為了支持這種持續成長並實現健康的利潤率，我們採取了雙管齊下的營運策略。首先，我們將利用在銷售和技術方面的投資，並選擇性地增加專家來支援成長最快的領域。2024年，我們在高參與度管道的規模和成長方面取得了實質突破，並且有望延續這一勢頭。

Second, we will significantly expand our usage of GenAI to drive efficiency and growth, including investment in customer-facing GenAI products, as Rajeev outlined earlier. We believe these investments will set us up for our next stage of growth later this year and next by expanding revenues with existing customers and targeting new customers and markets.

其次，正如 Rajeev 先前概述的那樣，我們將大幅擴大 GenAI 的使用範圍，以提高效率和成長，包括投資面向客戶的 GenAI 產品。我們相信，這些投資將為我們在今年稍後和明年的下一階段成長做好準備，擴大現有客戶的收入並瞄準新客戶和新市場。

Turning to our financial outlook, the positive trends of 15% plus growth in our underlying business have continued quarter-to-date. At the same time, we are also seeing a continuation of the softer trends for the large DSP that emerged in the latter half of Q4. Accordingly, in developing our outlook, we are taking a conservative stance with respect to this buyer and are assuming its current run rate will continue with limited upward seasonality in 2025. With this in mind, we expect Q1 revenue to be in the range of $61 million to $63 million factoring in the DSP headwind noted and double-digit percentage growth of our underlying business. With our revenue outlook and predominantly fixed cost base, we are estimating our Q1 adjusted EBITDA range to be $5 million to $7 million. This outlook includes a negative FX impact, predominately from euro and pound sterling expenses relative to a weakening dollar this quarter.

談到我們的財務前景，本季迄今為止，我們基礎業務一直保持著 15% 以上的成長正面趨勢。同時，我們也看到第四季後半段出現的大型 DSP 疲軟趨勢仍在延續。因此，在製定展望時，我們對該買家持保守態度，並假設其目前的運行率將在 2025 年繼續保持有限的季節性上漲。考慮到這一點，我們預計第一季的營收將在 6,100 萬美元至 6,300 萬美元之間，考慮到 DSP 逆風和基礎業務的兩位數百分比增長。根據我們的營收前景和主要固定成本基礎，我們估計第一季調整後的 EBITDA 範圍為 500 萬至 700 萬美元。這一前景包括負面的外匯影響，主要來自本季相對於美元走弱的歐元和英鎊支出。

Turning to the balance of 2025, we are assuming a continuation of the latest run rates for this DSP and our underlying business grows 15% plus. In terms of year-over-year comparisons, this implies that total company revenue in the first half of the year will be slightly down year-over-year in the low single-digit percentages.

展望 2025 年，我們假設該 DSP 的最新運行率將持續保持，並且我們的基礎業務將成長 15% 以上。與去年同期相比，這意味著今年上半年公司總收入將比去年同期略有下降，降幅在個位數以下。

For the second half we anticipate total revenue will grow year-over-year in the high single-digit percentages and factors in the tough comp from political. For reference, political advertising contributed approximately 6% of total revenue in 2024. In terms of expenses, we are on track to continue driving operational efficiencies, productivity improvements, and targeted investments to drive our secular growth. We anticipate our cost of revenue to increase sequentially quarter-to-quarter in the low single-digit percentages, similar to 2024. We are expecting that our cost leverage and continued mix shift towards high value formats will enable us to increase our full year gross margin rate.

對於下半年，我們預計總收入將同比增長高個位數百分比，並考慮到政治方面的嚴峻情況。作為參考，政治廣告在 2024 年貢獻了總收入的約 6%。在費用方面，我們將繼續提高營運效率、提高生產力並進行有針對性的投資，以推動我們的長期成長。我們預計，我們的收入成本將逐季以低個位數百分比成長，與 2024 年類似。我們預計，我們的成本槓桿和持續轉向高價值模式將使我們能夠提高全年毛利率。

With respect to OpEx, from Q2 onwards, we are targeting quarter-to-quarter sequential increases in the low single digit percentages. In terms of adjusted EBITDA, as we transition through the DSP impact, our first half margins will be slightly lower than historical levels, with second half margins more in line with historical trends. For the full year, we are anticipating the adjusted EBITDA margin to be in the high 20% range, which includes several million-dollar impact from FX. Full year CapEx is projected to be similar to 2024's level of approximately $18 million, with most of our CapEx anticipated in Q3. In terms of free cash flow, we anticipate it will be somewhat lower in the first half until we lap the mid-year change in DSP spending and then return to historical levels.

就營運支出而言，從第二季開始，我們的目標是實現季度環比低個位數百分比的成長。就調整後的 EBITDA 而言，隨著我們擺脫 DSP 的影響，我們上半年的利潤率將略低於歷史水平，而下半年的利潤率將更符合歷史趨勢。我們預計全年調整後的 EBITDA 利潤率將達到 20% 的高位，其中包括數百萬美元的外匯影響。預計全年資本支出將與 2024 年的約 1,800 萬美元水準相似，其中大部分資本支出預計將在第三季發生。就自由現金流而言，我們預計上半年自由現金流會略低，直到我們克服年中 DSP 支出的變化，然後恢復到歷史水平。

In closing, I want to take the opportunity to briefly summarize. 2025 will have some tough comps which obscures our underlying, healthy growth. The overall impact from one large DSP buyer has been significant, but it's isolated to one portion of our business, primarily desktop display. We grew through this impact in 2024, and we expect to do the same in 2025. We will lap this change in just a few months and emerge with a larger share of our business coming from key secular growth drivers.

最後，我想藉此機會簡要總結一下。 2025 年將會面臨一些艱難的競爭，這掩蓋了我們潛在的健康成長。一個大型 DSP 買家的整體影響是巨大的，但它只影響我們業務的一部分，主要是桌面顯示器。我們在 2024 年克服了這一影響並實現了成長，我們預計在 2025 年也能取得同樣的進展。我們將在短短幾個月內完成這項變革，並將更多的業務份額來自關鍵的長期成長動力。

We are confident in our ability to execute what is within our control and deliver on our growth strategy. And finally, we have a strong financial profile and a proven, durable model that delivers healthy margins, incremental leverage and cash flow, and we will manage the business through this priority lens.

我們有信心執行我們能控制的事情並實現我們的成長策略。最後，我們擁有強大的財務狀況和經過驗證的持久模式，可提供健康的利潤率、增量槓桿和現金流，我們將透過這個優先視角來管理業務。

I'll now turn the call over to Stacie for Q&A.

現在我將把電話轉給 Stacie 進行問答。

Thank you, Steve. (Event Instructions) James Heaney, Jefferies.

謝謝你，史蒂夫。（活動說明）詹姆斯‧希尼 (James Heaney)，傑富瑞 (Jefferies)。

Great. Thank you, guys, for the question. Steve, can you talk a little bit more about the month-on-month trends that you saw throughout the quarter and when you started to see some of the weakness? And is there anything you could say just about overall CPM trends as well?

偉大的。謝謝大家提出這個問題。史蒂夫，您能否再多談談您在整個季度看到的月度趨勢以及您何時開始看到一些疲軟跡象？您對於整體 CPM 趨勢還有什麼想說的嗎？

Sure. You came in a little bit faint there, but if I missed the question, just call it out. But James, with respect to the sequential progression through fourth quarter, for our underlying business, CTV, mobile, all on track with our expectations; and really the softness that we saw, occur in latter part of Q4 with the one DSP. But otherwise, the expectations were in line with what we had anticipated. And so the softness was via the DSP and specifically in the display format.

當然。你剛才回答得有點模糊，但如果我沒回答到問題，你就說出來吧。但是詹姆斯，就第四季度的連續進展而言，我們的基礎業務、CTV、行動業務都符合我們的預期；而我們真正看到的疲軟，發生在第四季度後半段，使用的是單一 DSP。但除此之外，預期與我們的預期一致。因此，柔和度是透過 DSP 實現的，特別是透過顯示格式實現的。

In terms of CPMs, we actually had quite good results over the course of 2024. On a full year basis, CPMs were up. In the fourth quarter, they were positive. And for the full year, monetized impressions were also positive. And it really underscores the points that Rajeev and I have made regarding the important progression and traction we've got in the secular growth areas. Monetized impressions for CTV doubled, and we've seen great growth across the core underlying business. And so the challenging issue is with the spec to the one DSP, and we feel that we have a good handle on it based upon the latest trends that we are seeing. We’ve articulated that in our outlook.

就 CPM 而言，我們在 2024 年期間實際上取得了相當不錯的成績。從全年來看，CPM 有所上升。在第四季度，他們表現積極。就全年而言，貨幣化印像也呈現正面態勢。它確實強調了拉吉夫和我提出的關於我們在長期成長領域的重要進展和牽引力的觀點。CTV 的貨幣化展示次數翻了一番，我們看到核心基礎業務取得了巨大成長。因此，具有挑戰性的問題在於一個 DSP 的規格，我們認為，根據我們看到的最新趨勢，我們已經很好地掌握了它。我們已經在展望中明確表達了這一點。

Rob Coolbrith, Evercore.

Rob Coolbrith，Evercore。

Great. Thank you so much. I wanted to ask or go back to the large DSP partner. Could you tell us a little bit about maybe why the impact is limited to display, and particularly why you think you saw it just toward the latter part of the quarter? And then just stepping back a little bit, is there -- do you think there’s anything that you need to do with respect to that relationship to help them with their bid shading algorithms or whatever is, technically going on, or is there any other explanation? Is there any impairment of the relationship, or is it more just a technical sort of bidding issue? Thank you.

偉大的。太感謝了。我想問一下或回去找大型DSP合作夥伴。您能否告訴我們為什麼影響僅限於顯示，特別是為什麼您認為您只在本季度後半段才看到它？然後稍微退一步，您是否認為您需要針對這種關係做些什麼來幫助他們實現出價遮蔽演算法或任何技術上正在發生的事情，或者還有其他解釋？這種關係是否會受到損害，或者這只是一個技術性的競標問題？謝謝。

Yeah, in big picture, Rob, the ultimate issue is that structural change with respect to that DSP in terms of its bidding approach. As a reminder, went from formally first and second price bidding to solely first. And that's sort of a baking in process. And after that change, we saw fairly stable results. And going into the fourth quarter, we had anticipated moderate seasonality, as is the case every fourth quarter. But the seasonality for that particular DSP was about half the rate as other DSPs. And historically, this DSP has been a predominantly display buyer. And so that’s why you see it coming through the display format.

是的，從總體上看，Rob，最終的問題是 DSP 在競價方式方面的結構性變化。提醒一下，從正式的第一和第二價格競標變為單獨的第一價格競標。這就是一種烘烤過程。經過這項改變之後，我們看到了相當穩定的結果。進入第四季度，我們預計季節性將溫和，就像每個第四季度的情況一樣。但該特定 DSP 的季節性大約是其他 DSP 的一半。從歷史上看，該 DSP 主要是顯示器買家。這就是您看到它透過顯示格式出現的原因。

Now stepping back, it's a great relationship. It’s a long-term relationship. We are going to be transitioned through this particular period of time in a couple of months. And we are building out incremental opportunities with the buyers. So from our perspective, it’s really just a year-over-year comparable challenge and then we’ll be on track year-over-year starting in the second half.

現在回想起來，這是一種很好的關係。這是一種長期關係。幾個月後，我們將度過這個特殊時期。我們正在與買家一起創造增量機會。因此，從我們的角度來看，這實際上只是一個同比可比的挑戰，然後從下半年開始我們將步入同比正軌。

Now, from an overall company perspective, the core things that we set out to do in 2024 was to really drive our secular growth areas, which is CTV, mobile app, emerging revenues, and all of that was very successful. And so in the big picture, what's happening by default is we are becoming less dependent on display and more indexed to the fastest growing areas. As a case in point, display now is a -- desktop display is about 20% of our total revenues. A couple of years ago, it was 15 percentage points higher. So from our perspective, we are right on the right track in terms of focusing on the fastest secular growth areas. And display will continue to be important part of our business, but a smaller part going forward.

現在，從整個公司的角度來看，我們在 2024 年要做的核心事情是真正推動我們的長期成長領域，即 CTV、行動應用程式、新興收入，所有這些都非常成功。因此，從整體來看，自然而然發生的事情是，我們越來越少地依賴展示，而更專注於成長最快的領域。舉個例子，現在的顯示器——桌面顯示器約占我們總收入的 20%。幾年前，這一比例還高出 15 個百分點。因此，從我們的角度來看，我們在關注長期成長最快的領域方面正走在正確的軌道上。展示業務仍將是我們業務的重要組成部分，但未來所佔份額將變得更小。

Great. If I could try one more. Can you talk a little bit more about the data opportunity? What’s -- are there sort of secular shifts in the industry in terms of addressability that are driving your data opportunity? And anything you tell us about, how you size that or how you think about that opportunity internally? Thank you.

偉大的。如果我可以再嘗試一次。能否再多談談數據機會？就可尋址性而言，行業中是否存在一些長期變化，從而推動您的數據機會？您能告訴我們您如何評估這個機會或您內部如何看待這個機會嗎？謝謝。

Yes. Sure. I can take that, Rob. So, broadly speaking, what we see is a shift in the industry towards sell side targeting, right? And that is, instead of applying data within the DSP, applying it on the sell side of the ecosystem. So what’s driving that shift is a couple of things. One is, obviously, the cookie is under pressure, and DSPs, primarily are matching datasets from publishers through the SSP with the cookie, and so those cookie pools are drying up on the buy side.

是的。當然。我可以接受，羅布。所以，從廣義上講，我們看到的是產業向賣方目標的轉變，對嗎？也就是說，數據不是應用在 DSP 內部，而是應用在生態系的賣方。推動這項轉變的因素有以下幾點。顯然，一個原因是 Cookie 面臨壓力，而 DSP 主要透過 SSP 將來自發布商的資料集與 Cookie 進行匹配，因此買方的 Cookie 池正在枯竭。

And then second, the industry is shifting towards a variety of first-party, datasets, right? So whether that's logged in users and a CTV environment, or first-party publisher data, and all of that signal in terms of quality and scale is much stronger on the sell side of the ecosystem.

其次，產業正在轉向各種第一方資料集，對嗎？因此，無論是登入使用者和 CTV 環境，還是第一方發布商數據，所有這些訊號在品質和規模方面對生態系統的賣方來說都更為強大。

And then third, when you apply that data on the sell side, it’s just far more efficient, right? So we are able to apply the data and then make sure that the buyer is only buying the impressions that they want to buy as opposed to sending all of the impressions to a DSP and then having the targeting applied there. So these are some of the drivers of what's leading towards the shift of sell side targeting. And we think we are in a really strong position because we've been working for about half a decade now on this opportunity, given that's how long the cookie risk has been out there.

第三，當你將這些數據應用於賣方時，效率會更高，對嗎？因此，我們能夠應用數據，然後確保買家只購買他們想要購買的印象，而不是將所有印象發送到 DSP，然後在那裡應用定位。這些是導致賣方目標轉變的一些驅動因素。我們認為我們處於非常有利的地位，因為我們已經在這個機會上努力了大約五年，考慮到 cookie 風險已經存在了這麼長時間。

So we've significantly diversified our revenues away from cookie dependent advertising, right? Things like CTV, mobile app, commerce media, which Steve mentioned. We've significantly increased the scale of identifiers or data that's available in our platform other than the cookie. So over 90% of impressions now include an alternative signal, like a LiveRamp or Trade Desk ID, etcetera.

那麼，我們已經顯著地實現了收入多元化，不再依賴 Cookie 廣告，對嗎？例如史蒂夫提到的 CTV、行動應用程式、商業媒體。我們大幅增加了平台上除 Cookie 之外的可用識別碼或資料的規模。因此，現在超過 90% 的展示都包含替代訊號，例如 LiveRamp 或 Trade Desk ID 等。

And then third, we've invested very significantly in our connect capability set. We now have over 190 data partners that are integrated in, and dozens of customers that are using our platform to package inventory and then sell that to buyers, and using our platform to manage all of those transactions. And I think the last thing I just add about that is it’s a great business for us because we not only generate incremental data fees, but all of the transactions incur an SSP fee as well. And all of that spend is on our platform so it allows us to drive additional revenue to our publishers.

第三，我們在連結能力方面投入了大量資金。我們現在有超過 190 個數據合作夥伴，還有數十個客戶使用我們的平台打包庫存然後將其出售給買家，並使用我們的平台管理所有這些交易。我想最後補充的是，這對我們來說是一項很棒的業務，因為我們不僅產生增量數據費用，而且所有交易也會產生 SSP 費用。所有這些支出都花在我們的平台上，因此我們能夠為出版商帶來額外的收入。

Great. Thank you very much.

偉大的。非常感謝。

Zach Cummins, B. Riley.

康明斯、B.萊利。

Yep. Hi, good afternoon. Thanks for taking my questions. I just wanted to focus in on CTV. It was nice to see that continuing to get traction on that side. So can you just talk about where you're seeing success on the CTV side of it? Is there a specific category of media streamer that is particularly attracted to PubMatic? I'm just curious of kind of your runway for growth on CTV over the next couple of years.

是的。嗨，下午好。感謝您回答我的問題。我只是想專注於 CTV。很高興看到這項措施繼續獲得支持。那麼，您能否談談您在 CTV 方面取得的成功？是否有特定類別的媒體串流特別受到 PubMatic 的青睞？我只是好奇未來幾年你們在 CTV 上的發展路線。

Sure. Absolutely. So, yeah, I think we're -- obviously, you’re seeing tremendous results from us in terms of CTV as reflected by the 20% revenue metric and then the fact that it more than doubled on a year-over-year basis. And so, really, what our focus is that we have been building for this moment, right, which is the shift of CTV towards programmatic and away from insertion order baseline. And we are seeing exactly that happen right now. And so we've really focused on building the very best platform in the market to manage all types of programmatic transactions.

當然。絕對地。所以，是的，我認為我們——顯然，您會看到我們在 CTV 方面取得了巨大的成果，這反映在 20% 的收入指標上，而且事實上它同比增長了一倍多。所以，實際上，我們此刻的重點是，將 CTV 轉向程序化，遠離插入訂單基線。而我們現在就看到這樣的事情正在發生。因此，我們真正致力於建立市場上最好的平台來管理所有類型的程序化交易。

And so that’s -- whether it’s PMP, it’s PD, or it’s open auction. And so what we’re finding is that publishers, streamers, broadcasters, more and more of them are using us for their direct sold deals because of the quality of our technology; UI workflow, transaction management capabilities. And we are not standing still, we are augmenting that with GenAI based solutions.

所以——無論是 PMP、PD 還是公開拍賣。因此，我們發現，由於我們技術的品質、UI 工作流程和交易管理功能，越來越多的出版商、串流媒體、廣播公司正在使用我們進行直銷交易。我們並沒有停滯不前，我們正在利用基於 GenAI 的解決方案來增強這一點。

So in terms of, Zach, the type of publisher, I mean, we shared that we are now working directly with 80% of the top 30 streamers. So a lot of marquee names like Roku, DISH Media, Disney+ Hotstar, Xumo, TCL. That’s just -- that’s up from 70% just a quarter ago. So you’ve got a lot of very large head broadcasters and streamers, as well as more, kind of mid-market sized streamers, some digital-only, some coming from the TV side. So we are seeing, I think strong success across the board. And then I think what we've done very differently from others is really, I talked about curation and data providers earlier, and alongside that, commerce medium. So there’s Instacart data on our platform, Intuit data, Comscore data. So I think buyers and sellers are increasingly aware that we are the place to transact against these compelling datasets.

因此，就 Zach 而言，對於出版商的類型，我的意思是，我們分享說，我們現在直接與排名前 30 位的串流媒體中的 80% 合作。因此有許多知名品牌，如 Roku、DISH Media、Disney+ Hotstar、Xumo、TCL。這比上個季度的 70% 有所上升。因此，有許多非常大的頭部廣播公司和串流媒體公司，以及更多的中型市場串流媒體公司，有些是純數位的，有些來自電視方面。所以，我認為我們看到的是全面的巨大成功。然後我認為我們與其他人所做的非常不同之處在於，我之前談到了策展和數據提供商，以及商業媒介。我們的平台上有 Instacart 數據、Intuit 數據和 Comscore 數據。因此我認為買家和賣家越來越意識到我們是根據這些引人注目的數據集進行交易的地方。

So I think, more broadly as we lap the DSP change from Q2 of 2024, I expect more of our business to be indexed to secular growth drivers, CTV is the largest of those. And we see a long runway there with live sports, data curation, Supply Path Optimization and Activate.

因此我認為，從更廣泛的角度來看，隨著我們從 2024 年第二季開始實現 DSP 變革，我預計我們的更多業務將與長期成長動力掛鉤，而 CTV 是其中最大的成長動力。我們看到那裡有一條漫長的道路，包括體育賽事直播、數據管理、供應路徑優化和激活。

Understood. Well, thanks for taking my questions, and best of luck for the rest of the quarter.

明白了。好吧，感謝您回答我的問題，並祝您本季剩餘時間一切順利。

Thank you.

謝謝。

Thanks.

謝謝。

Andrew Boone, JMP.

安德魯·布恩，JMP。

Hi. Thanks so much for taking my question. I wanted to ask about Activate, right? You guys talked about 6x growth. Can you just help us explain that? And then, Rajeev, just more strategically, talk about the unlock in terms of adding more demand to the platform overall. And then, Steve, one of the key takeaways for me at least was the GenAI savings this quarter. Can you just help frame that for us? What’s the possibility as we think about models just proliferating going forward, and what that can unlock for your OpEx line items? Thanks so much.

你好。非常感謝您回答我的問題。我想問一下關於Activate的問題，對嗎？你們談到了 6 倍的成長。你能幫我們解釋一下嗎？然後，Rajeev 將從更具策略性的角度來談論解鎖，即為整個平台增加更多需求。然後，史蒂夫，至少對我來說，一個關鍵的收穫是本季的 GenAI 節省。您能幫我們構思一下嗎？當我們考慮未來模型的激增時，存在哪些可能性，以及這能為您的 OpEx 專案帶來什麼？非常感謝。

Yeah. Absolutely. So, yeah, why don’t I kick it off, Andrew, and then I’ll turn it over to Steve. So we are seeing obviously great, success and growth with Activate. Of course, it’s starting from a small base, but we grew that 6x on a year-over-year basis, which obviously is very exciting. We’ve got every, holdco buying on the platform now. So we are seeing very strong trajectory with that business. And really what we are trying to do with Activate is to simplify the digital advertising supply chain. Make it more efficient, make it more transparent, make it more performance. And I think that’s the broad theme of why we are seeing success here because SPO, our SPO approach, driven by Activate, is driving performance and it’s driving efficiency, right?

是的。絕對地。那麼，是的，安德魯，我先開始吧，然後我會把它交給史蒂夫。因此，我們顯然看到了 Activate 的巨大成功和成長。當然，起點很小，但我們比去年同期成長了 6 倍，這顯然非常令人興奮。現在，我們的平台上有各種控股公司的購買活動。因此，我們看到該業務的發展軌跡非常強勁。我們透過 Activate 真正想要做的就是簡化數位廣告供應鏈。使其更有效率、更透明、性能更佳。我認為這就是我們成功的主要原因，因為 SPO，我們的 SPO 方法，由 Activate 驅動，正在推動效能和效率，對嗎？

So you probably heard a lot of the agencies talking about growth in their outcomes-based business. I think GroupM talked about that yesterday or today as an area that they want to focus on. And because with Activate, we are able to make the end-to-end transaction a lot more efficient, it’s a natural play to drive performance in the open Internet.

因此，您可能聽到很多機構談論其基於成果的業務的成長。我認為群邑昨天或今天已經談到了這一點，這是他們想要關注的領域。而且由於借助 Activate，我們能夠使端到端交易更加高效，因此這對於提高開放網路的效能而言是自然而然的事情。

Now the other reason why I think it’s working very well is the approach that we’ve taken. It’s ad format agnostic, it's ad server agnostic, it’s device -- consumer device agnostic. So literally, all 800 billion ad impressions that are flowing through our platform on a daily basis are eligible to be bought via Activate. And so that's resonating with buyers in terms of the simplicity and the scale of it.

我認為它運作良好的另一個原因是我們採取的方法。它與廣告格式無關，與廣告伺服器無關，與設備－與消費者設備無關。因此，實際上，每天流經我們平台的所有 8000 億次廣告展示都可以透過 Activate 購買。因此，就其簡單性和規模而言，它引起了買家的共鳴。

Now in terms of, Andrew, the other part of your question, any dollar that a buyer puts into Activate, those dollars only flow into our SSP, right? Because Activate is a direct buying solution built inside of our SSP. And so what that means is that every dollar is unique and incremental spend that only publishers integrated into PubMatic we'll see. And so as an example, last quarter, we announced, that Dentsu's Merkury for Media, their new buying system, is built on Activate and Connect Technology from PubMatic. And then one quarter later, you saw that we went from over 70% penetration of the top 30 streamers globally to 80%. And so those things go hand in hand, right? Where then streamers say, okay, well, I want to access more Dentsu dollars, then I need to make sure that my inventory is available inside of the PubMatic platform. So we think it’s a very strong lever for us to continue to grow the supply side of our business and grow our revenues.

現在就安德魯而言，你問題的另一部分，買家投入 Activate 的任何一美元，這些美元都只會流入我們的 SSP，對嗎？因為 Activate 是我們 SSP 內部建置的直接購買解決方案。這意味著每一美元都是獨特的、增量的支出，只有融入 PubMatic 的出版商才能看到。舉個例子，上個季度，我們宣布，電通的 Merkury for Media（他們的新購買系統）是基於 PubMatic 的 Activate and Connect 技術構建的。一個季度後，你會看到我們在全球前 30 名串流媒體中的滲透率從 70% 上升到了 80%。所以這些事情是相輔相成的，對吧？然後主播會說，好吧，我想獲得更多的電通美元，然後我需要確保我的庫存在 PubMatic 平台內可用。因此，我們認為，這是我們繼續擴大業務供應方和增加收入的非常強大的槓桿。

I’ll turn it over to Steve for the other part of your question.

我將把問題的另一部分交給史蒂夫回答。

Sure. So, Andrew, with respect to how we think about the improvements of [our team] over time, absolutely, we anticipate that’s going to continue. And just as a reminder to everyone, as a company, we have machine learning in our DNA, a product driven organization. And we've actually been developing and working with various AI tools for at least two years now. And you see the results on the engineering side. And most recently in the fourth quarter, we turned it to the revenue side, developing a new GenAI product to drive incremental political spend.

當然。所以，安德魯，關於我們如何看待[我們的團隊]隨著時間的推移而取得的進步，我們絕對預計這種情況將會持續下去。需要提醒大家的是，作為一家公司，我們的 DNA 中就有機器學習，我們是一家產品驅動型的公司。事實上，我們已經開發和使用各種人工智慧工具至少兩年了。您可以從工程方面看到結果。最近在第四季度，我們將其轉向收入方面，開發了一款新的 GenAI 產品來推動增加政治支出。

So from us, from our perspective, we see this as a continuing enhancement to both the cost side and the revenue side. And I would fully expect, let’s say, in a particular year, we might want to add 5% incremental headcount. Things like the AI initiatives on the engineering side would not necessitate that. So from our perspective, it’s going to be an ongoing opportunity to continue to get more efficient and also drive incremental revenue. So I would be expecting, let’s call it roughly 5% to 15% in any particular year, improvements as a result of all the activities we are doing around GenAI.

因此，從我們的角度來看，我們認為這將持續增強成本和收入。我完全可以預料，在某一年，我們可能會想要增加 5% 的員工人數。工程方面的人工智慧計劃之類的事情並不需要這樣做。因此，從我們的角度來看，這將是一個持續提高效率並增加收入的機會。因此，我預計，透過我們圍繞 GenAI 進行的所有活動，任何一年的改進幅度大約為 5% 到 15%。

Thank you.

謝謝。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Hey, thanks. Two questions. Just first, on the first bid, second bid DSP issue, are any -- is this a risk now with any other DSPs or they’re all now on first bid? And then second, can you talk about the investment just behind the buy side products, both R&D, sales, and just kind of how that plays out, I guess, over the next 12 to 18 months? Thanks.

嘿，謝謝。兩個問題。首先，關於第一次出價、第二次出價 DSP 問題，這對其他 DSP 是否也構成風險，還是現在都只考慮第一次出價？其次，您能否談談買方產品背後的投資，包括研發、銷售，以及這些投資在未來 12 到 18 個月內將如何發揮作用？謝謝。

Sure. I will take the first part. So yes, the DSP change was the last one to go from first and second to solely first. So, as I pointed out mid last year, this is something that many other DSPs had already moved to. So this is really the final transition with respect to this auction change. Great. I’ll turn over to Rajeev for the investment side.

當然。我將討論第一部分。所以是的，DSP 變化是最後一個從第一和第二變成單獨第一的變化。因此，正如我去年年中指出的那樣，許多其他 DSP 已經轉向這一領域。因此，這實際上是此次拍賣變革的最終過渡。偉大的。我將把投資方面的問題交給 Ljeev。

Yeah. Thanks, Steve. So, yeah, Jason, from an investment perspective, we plan to aggressively take our SPO and activate curation, commerce media, all of these products to market. We made investments in 2024 in terms of our sales team; to be able to do that we are going to continue to make investments in 2025, expanding our sales team. I think we’ve got pretty good coverage on the holdcos, but there’s a growing roster of brands that want to engage in SPO that are interested in Activate, and mid-market agencies have a growing share of the overall spend in the ecosystem. And so that’s a key target for us.

是的。謝謝，史蒂夫。所以，是的，傑森，從投資角度來看，我們計劃積極採取 SPO 並激活策展、商業媒體等，將所有這些產品推向市場。我們在 2024 年對銷售團隊進行了投資；為了做到這一點，我們將在 2025 年繼續投資，擴大我們的銷售團隊。我認為我們對控股公司的報告相當不錯，但希望參與 SPO 並對 Activate 感興趣的品牌越來越多，中型市場代理商在生態系統整體支出中所佔的份額也越來越大。所以這是我們的一個關鍵目標。

Steve mentioned this earlier, but with respect to GenAI, we find that there are obviously productivity opportunities, right? And so a lot of what we are focused on, in addition to customer facing solutions, is solutions that make our own team more efficient. So for instance, GenAI solutions that our customer success team can use, so that they don’t have to manually handle queries from customers, but instead we can automate those things. So I think we are going to find some good opportunities to shift the mix of what our team is focused on to be increasingly focused on the buy side of the ecosystem.

史蒂夫之前提到過這一點，但就 GenAI 而言，我們發現顯然存在提高生產力的機會，對嗎？因此，除了面向客戶的解決方案之外，我們關注的重點是提高我們自己的團隊效率的解決方案。例如，我們的客戶成功團隊可以使用 GenAI 解決方案，這樣他們就不必手動處理來自客戶的查詢，而是我們可以自動執行這些操作。因此，我認為我們將會找到一些好的機會來改變我們團隊關注的重點，並且更專注於生態系統的買方。

Matt Swanson, RBC.

馬特·斯旺森（RBC）。

Okay, thank you. Maybe more of an ecosystem question in terms of CTV. Yes, Rajeev, we've always talked about the idea of it looking a lot more like the open internet over time, kind of everything progressing to --better bidding at scale. Strategically, is that still kind of like where you’re set up for? Obviously, you're seeing some success in more areas than just that. Just curious on how you kind of think the CTV ecosystem evolves at this point.

好的，謝謝。就 CTV 而言，這也許更多的是一個生態系統問題。是的，拉吉夫，我們一直在談論這個想法，隨著時間的推移，它會變得更像開放的互聯網，一切都會進步——實現更好的大規模競標。從策略角度來看，這是否仍像是您所設定的目標？顯然，您看到的成功不僅限於此。只是好奇您認為 CTV 生態系統目前是如何發展的。

Sure. Yeah, so we are still in the transition from predominantly insertion order-based buying, moving into the, let’s say, the preliminary, or the nascent transaction types and programmatic. And so that's programmatic guaranteed, and one to one private marketplace deals. We are seeing, however, more and more opportunity around auction packages, which is multiple publishers in a single deal. And so we talked about that in terms of CTV marketplace, where we've set up a marketplace where buyers can come in and for instance, buy Hispanic audiences or Gen Z audiences or live sports, and that would be a significant scale of inventory across a number of publishers. I think as that gets to scale, that will eventually lead to open market transactions.

當然。是的，所以我們仍處於從主要基於插入訂單的購買向初步或新興交易類型和程序化的轉變過程中。這就是程序化保證和一對一私人市場交易。然而，我們看到圍繞拍賣套餐（即在一次交易中涉及多家出版商）的機會越來越多。因此，我們在 CTV 市場方面討論了這個問題，我們已經建立了一個市場，買家可以進入，例如購買西班牙裔觀眾或 Z 世代觀眾或現場體育賽事，這將是許多出版商的大量庫存。我認為，隨著規模擴大，最終將導致公開市場交易。

Now part of the opportunity here is to manage all of this from a yield perspective, right? Which is a publisher may have sold an IO, they may have sold a PG or a PMP deal, then they’ve got incremental demand coming in from us, from CTV marketplace or from open auction demand. So bringing all of these pieces of demand together, managing them in an ad pod so there’s no competitive conflict driving the yield, so the publisher is delivering on the programmatic guaranteed commitment, but also maximizing yield. I think these are all significant technology challenges and opportunities that we are very well-positioned to be able to build for and deliver value for our customers. And so I think it really just speaks to the importance and need of sell side technology within the ecosystem.

現在這裡的部分機會是從收益的角度來管理這一切，對嗎？也就是說，出版商可能已經出售了 IO，他們可能已經出售了 PG 或 PMP 交易，然後他們從我們、CTV 市場或公開拍賣需求中獲得增量需求。因此，將所有這些需求整合在一起，在廣告群組中進行管理，這樣就不會產生影響收益的競爭衝突，因此發布商不僅可以履行程序化保證承諾，還可以實現收益最大化。我認為這些都是重大的技術挑戰和機遇，我們完全有能力為客戶創造價值並提供價值。所以我認為這實際上說明了賣方技術在生態系統中的重要性和必要性。

No. I appreciate that. And then Steve, I know you always take a lot of pride in your adjusted EBITDA, so I'd throw another question to you on that. In a quarter like this where you have a revenue shortfall and adjusted EBITDA still beats, is that just a testament to how lean and efficiently the business is running, or are there levers that you’re pulling mid-quarter to kind of control costs on that side?

不。我很感激。然後史蒂夫，我知道你一直對調整後的 EBITDA 感到非常自豪，所以我想就此向你提出另一個問題。在這樣的一個季度中，你們的收入出現了短缺，但調整後的 EBITDA 仍然超出預期，這是否僅僅證明了業務運作的精益和高效，還是你們在季度中期採取了一些措施來控製成本？

Thanks, Matt. I am very proud of what the team has accomplished. And absolutely, it’s been a function of long-term focus on efficiency. We've have a very long multi-year record of delivering EBITDA and a great fourth quarter. And ultimately, it comes down to understanding the levers over time, but it’s really about the structural aspects of how we built our business. And it starts out with the gross margin line.

謝謝，馬特。我為團隊所取得的成就感到非常自豪。毫無疑問，這是長期關注效率的結果。我們多年來一直保持著良好的 EBITDA 記錄，並且第四季度業績也十分出色。最終，這歸結於隨著時間的推移對槓桿的理解，但這實際上涉及我們如何建立業務的結構方面。首先從毛利率線開始。

A decade ago, we decided to own and operate our own equipment, and we’ve been dealing the benefit of that ever since. That’s allowed us to get leverage throughout the period, throughout the calendar year. And we certainly saw that in '24 as you see the basically cost of revenue line didn't really increase that much year over year, while the impressions actually increased 20%. So it's a function of a lot of hard work, focus, and a DNA that delivering incremental top line and bottom line is what we focus on. And so we are set up to do that, and I fully expect we are going to continue to operate through that priority lens going forward.

十年前，我們決定擁有並經營自己的設備，從那時起我們就一直在享受這一優勢。這使我們能夠在整個期間、整個日曆年中獲得槓桿作用。我們確實看到，在 24 年，基本上收入成本並沒有比去年增加那麼多，而印象實際上增加了 20%。因此，它是大量辛勤工作、專注和 DNA 的體現，我們專注於實現增量收入和利潤。因此，我們已經做好了這樣做的準備，我完全相信，我們將繼續透過這個優先視角來開展工作。

Thank you.

謝謝。

Ken Wu, Wolfe.

吳肯，沃爾夫。

Thanks for taking the question. Should we expect headline growth in the second half of '25 to converge to the 50% for business growth once you’ve lapped the DSP buyer impact?

感謝您回答這個問題。一旦消除了 DSP 買家的影響，我們是否應該預期 25 年下半年的整體成長將收斂到 50% 的業務成長水準？

Sure. Thanks, Ken. The -- just as a reminder, we -- the underlying business is very well set up to grow 50% plus through the year. I commented in the prepared commentary that thus far in the quarter, we are hitting that mark 50% plus. And so that will certainly continue. Now as we go into the second half, as a reminder, we will be lapping a significant political spend that we achieved in the second half of 2024. And we were able to achieve that because we are at scale.

當然。謝謝，肯。提醒一下，我們的基礎業務已經做好了充分準備，全年成長率將超過 50%。我在準備好的評論中評論說，本季度到目前為止，我們已經達到了 50% 以上的目標。這種情況一定會持續下去。現在，當我們進入下半年時，需要提醒的是，我們將完成 2024 年下半年實現的一項重大政治支出。我們之所以能夠實現這個目標，是因為我們規模龐大。

A significant part of that political spend was via CTV. And so we -- certainly we're well-positioned. We developed a GenAI product to actually incrementally charge that opportunity. So we will be lapping that. But I fully expect on a reported basis, the second half of '25 versus the second half of '24 will be in the high single digits. And it will just depend on sort of the sequencing as the year progresses in terms of the breakout above that level.

很大一部分的政治支出是透過 CTV 進行。因此，我們 — — 當然，我們處於有利地位。我們開發了 GenAI 產品來逐步實現這一目標。因此我們將對此進行討論。但我完全預計，根據報告的數據，25 年下半年與 24 年下半年相比，增幅將達到高個位數。而這將僅取決於隨著時間的推移突破該水平的順序。

Thank you. And for my follow-up, how should we think about the incrementality of new partnerships to 2025 revenue growth?

謝謝。我的後續問題是，我們應該如何看待新合作關係對 2025 年營收成長的增量作用？

So we have quite a few incremental new partnerships that we've been developing. And so, it’s -- we are rolling those out every month, every quarter. So I do expect that to add incrementality in the second half, particularly around the CTV business that Rajeev and I have commented on.

因此，我們正在逐步建立不少新的合作關係。所以，我們每個月、每季都會推出這些產品。因此我確實希望下半年能夠實現增量，特別是圍繞 Rajeev 和我所評論的 CTV 業務。

Thanks, guys.

謝謝大家。

Thanks, Ken.

謝謝，肯。

Mauricio Munoz, Raymond James.

毛里西奧·穆諾茲、雷蒙·詹姆斯。

Yeah. Thank you for taking my questions. Just going back to the success you experienced in 4Q and CTV, how -- what percentage of that or what part of that mix would you attribute to the strength in the US political season in the fourth quarter? How do we think about CTV as a contributor going forward? And then I have a follow-up.

是的。感謝您回答我的問題。回顧您在第四季度和 CTV 中取得的成功，您認為其中有多少比例或多大一部分歸功於第四季度美國政治季的強勁表現？我們如何看待 CTV 作為未來貢獻者的地位？然後我有一個後續問題。

Sure. So, CTV political was very important for us. But just to step back, overall, if we exclude the CTV political component of CTV revenues, we still doubled year-over-year in revenue. So the underlying momentum is very strong in our CTV business. And so with the political component even faster year-over-year growth rate. And over the course of 2024, political represented about 6% of revenue. And within the CTV political spend, that represented a little under a third of the total CTV revenue. So an important part of the business and reflects the opportunity that we had in front of us, and we capitalize on that.

當然。所以，CTV 政治對我們來說非常重要。但退一步來說，總體而言，如果我們排除 CTV 收入中的 CTV 政治成分，我們的收入仍然比去年同期翻了一番。因此，我們的 CTV 業務的潛在發展勢頭非常強勁。因此，政治因素的年成長率甚至更快。到 2024 年，政治收入約佔總收入的 6%。在 CTV 的政治支出中，這部分收入僅佔 CTV 總收入的三分之一左右。因此，業務的一個重要部分反映了我們面前的機遇，我們將利用這一點。

Now going forward, I expect us to be able to continue to develop and grow our CTV business. So I’d expect from the unadjusted, without political base, to grow the teens, high-teens, over time in 2025 and beyond.

展望未來，我希望我們能夠繼續發展和壯大我們的 CTV 業務。因此，我預期未經調整、沒有政治基礎的選民比例將在 2025 年及以後逐漸增長至十幾歲、十幾歲以上。

Yeah, Mauricio, maybe I’ll just add a qualitative comment to that. We see a couple of trends in play here. So one is that every publisher is moving towards having more than one SSP and CTV. I don’t think they’re going to have 15 or 20, like they might in the display world, but they’re certainly going to have more than one. And part of that is more bids coming for their inventory leads to more yields. I think that’s a very clear and resonant point across the ecosystem in terms of how open internet advertising is trading. So if you have more than one SSP, you’ve got multiple bids coming in for your inventory and the publisher generates more revenue.

是的，毛里西奧，也許我只想對此添加一個定性評論。我們在這裡看到了一些趨勢。因此，每個出版商都在朝著擁有多個 SSP 和 CTV 的方向發展。我不認為他們會有 15 或 20 個，就像在展示行業那樣，但他們肯定會有不止一個。其中一部分原因是，他們的庫存收到更多投標，從而帶來更多收益。我認為，就開放網路廣告的交易方式而言，這是整個生態系統中非常明確且引起共鳴的觀點。因此，如果您擁有多個 SSP，那麼您的庫存就會收到多個出價，並且發布商可以獲得更多收入。

And then second, because of our SPO and Activate relationships, our curation platform, our commerce media platform, if a buyer wants to buy against Instacart data or Western Union data, then those bids are going to flow on our platform. And so, of course, a streamer like Roku, for instance, who’s recently just made this transition, as if kind of shut down their own walled garden and moved to a more open stance with CTV and clearly reaping the benefits of it, those are going to drive significant growth opportunity and runway for us.

其次，由於我們的 SPO 和 Activate 關係、我們的策展平台、我們的商業媒體平台，如果買家想根據 Instacart 數據或西聯匯款數據進行購買，那麼這些出價就會在我們的平台上流動。因此，當然，像 Roku 這樣的串流媒體服務商，最近剛完成轉型，就好像關閉了自己的圍牆花園，對 CTV 採取了更加開放的立場，並且顯然從中獲益，這些都將為我們帶來巨大的增長機會和發展空間。

That was very helpful. Thank you. And then my follow-up is just on the competitive dynamics. I just wanted to get your thoughts on the competitive landscape. Obviously, from the SSP side, but also as the lines between DSPs and SSPs continue to blur. Thank you.

這非常有幫助。謝謝。接下來我要討論的是競爭動態。我只是想了解您對競爭格局的看法。顯然，從 SSP 的角度來看，但 DSP 和 SSP 之間的界線也變得越來越模糊。謝謝。

Sure. Yeah, I can take that. I mean -- I think, look, there’s -- those lines blurring is not necessarily new. If we think about Google DSP, obviously, they’ve been on buy side and sell side for a very long time. Xandr, right, is on both the buy and sell side. Yahoo, historically, was on both the buy and sell side, they’ve exited some of that. So Trade Desk, of course, with OpenPath.

當然。是的，我可以接受。我的意思是——我認為，看，這些界線模糊並不一定是新鮮事。如果我們考慮 Google DSP，顯然，他們已經在買方和賣方之間合作了很長時間。右邊的 Xandr 既是買方，也是賣方。從歷史上看，雅虎既是買方，也是賣方，他們已經退出了部分市場。當然，Trade Desk 也與 OpenPath 合作。

So what we are really focused on is how to make the digital advertising supply chain efficient, transparent, performant, give more control to our end customers in order to drive their own business? And that is from the bottom up, right, from the infrastructure ownership that Steve mentioned, our control of the network layer, the hardware layer, as well as the software layer and now building technology applications, including some of the GenAI applications we are working on to provide that end-to-end control and visibility.

因此，我們真正關注的是如何使數位廣告供應鏈高效、透明、高效，並賦予我們的最終客戶更多控制權，以推動自己的業務？這是從下往上進行的，對吧，從史蒂夫提到的基礎設施所有權開始，我們對網絡層、硬體層以及軟體層的控制，現在正在構建技術應用程序，包括我們正在開發的一些 GenAI 應用程序，以提供端到端的控制和可見性。

So we think that is a winning combination and winning formula for what both buyers and publishers want to see in order to continue to drive and scale their businesses. At the same time, I would say the industry continues to consolidate, right? So we are seeing uptick in M&A. So we feel that given our financial profile, given our scale of relationships, technology integrations over 1,900 publishers, we are in a very strong position to be able to drive that consolidation.

因此，我們認為這是一個成功的組合和成功的秘訣，買家和出版商都希望看到這一點，以便繼續推動和擴大他們的業務。同時，我想說這個行業正在繼續整合，對嗎？因此，我們看到併購活動正在上升。因此，我們認為，鑑於我們的財務狀況、我們的關係規模以及與 1,900 多家出版商的技術整合，我們完全有能力推動這一整合。

Yeah, great, thank you.

是的，太好了，謝謝。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah. I wanted to -- you gave us a comp for Q3 and Q4 where you excluded the large DSP and the political spend. I think it was 17% in Q3 and then 16% in Q4. Could you remind me what were those numbers in Q1 and Q2 of '24?

是的。我想——您為我們提供了第三季和第四季的比較數據，其中排除了大型 DSP 和政治支出。我認為第三季是 17%，第四季是 16%。你能提醒我 24 年第一季和第二季的數字是多少嗎？

The political was primarily a second half development. And so-- and the DSP component was -- didn’t start until the second half. So it’s really only relevant in the second half of 2024. And because our reported numbers would have obscured that that's why we decided to break it out beginning in the third quarter. And as a reminder, the first quarter is trending right on that trajectory, 15% plus for roughly two-thirds of our revenues. And so really, the only noise that we have right now is related to this one DSP. And beginning, the start of the third quarter, it’ll be on an apples for apples basis.

政治主要是下半場的發展。所以 DSP 組件直到下半場才開始。因此它實際上只與 2024 年下半年有關。因為我們報告的數字會掩蓋這一點，所以我們決定從第三季開始將其分開。需要提醒的是，第一季的趨勢正好符合這一軌跡，大約三分之二的營收成長了 15% 以上。所以實際上，我們現在唯一的噪音與這個 DSP 有關。從第三季開始，我們將以同類比較為基礎。

And Eric, if I could just add, just stepping back, as we mentioned that impacted DSP is primarily a display buyer so the practical impact is that we are deleveraging away from the more cyclical display business and re-leveraging towards many of the secular growth areas that we've called out: CTV, mobile app, commerce media, curation. And you could see, obviously, the strong growth there. So while we didn’t consciously make this choice, after we lap the transition in Q2, we are going to come out of it with a faster growing business and more of our resources aligned to the secular growth areas. And I think that’s unequivocally a good thing.

Eric，如果我可以補充一點的話，退一步來說，正如我們提到的，受影響的 DSP 主要是顯示器買家，因此實際影響是，我們正在從更具週期性的顯示器業務中去槓桿，並重新利用我們所呼籲的許多長期增長領域：CTV、行動應用、商業媒體、策展。顯然，您可以看到那裡的強勁增長。因此，雖然我們並沒有有意識地做出這個選擇，但在第二季完成轉型之後，我們的業務將實現更快的成長，並且將有更多的資源用於長期成長領域。我認為這無疑是一件好事。

Got it. Thanks.

知道了。謝謝。

And there are no more questions in the queue. At this time, I’m going to turn the call back over to Rajeev for closing remarks.

隊列中沒有其他問題了。現在，我將把電話轉回給 Rajeev 做結束語。

Thank you, Stacie, and thank you all for joining us today. 2024 was an exciting year for us as we more than doubled our revenue growth rate over 2023 and expanded our margins, returning to a rule of 40 company. 2025 will be equally exciting as we significantly deleverage away from the cyclical display business and deliver towards key secular growth areas: CTV, mobile app, commerce media, and curation. For '25, we are targeting accelerated growth of 15% plus in this underlying portion of our business, with tremendous opportunity to gain market share. We look forward to seeing many of you at upcoming conferences. Next week, we will be at the Citizens JMP Technology Conference, as well as the KeyBanc Emerging Technology Summit. Thank you, everyone, for joining us today and have a great afternoon.

謝謝 Stacie，也謝謝大家今天加入我們。 2024 年對我們來說是令人興奮的一年，因為我們的營收成長率比 2023 年翻了一番多，利潤率也提高了，重回 40 法則的公司。 2025 年也將同樣令人興奮，因為我們將大幅去槓桿，擺脫週期性展示業務，並向關鍵的長期成長領域邁進：CTV、行動應用、商業媒體和策展。對於 25 年，我們的目標是使這項基礎業務部分加速成長 15% 以上，並擁有獲得市場份額的巨大機會。我們期待在即將召開的會議上見到你們。下週，我們將參加公民 JMP 技術大會以及 KeyBanc 新興技術高峰會。感謝大家今天的參與，祝大家下午愉快。