PubMatic Inc (PUBM) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to PubMatic's Earnings Call for the first quarter of 2025. 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 2025 年第一季財報電話會議。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首席執行官 Rajeev Goel；以及首席財務官史蒂夫·潘特利克 (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. If you plan to ask a question, please ensure that you've set your Zoom name to display your full name and firm, and use the raise hand function located at the bottom of your screen.

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。如果您打算提問，請確保您已將 Zoom 名稱設定為顯示您的全名和公司，並使用位於螢幕底部的舉手功能。

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.

我們的新聞稿副本可在我們的網站 investors.pubmatic.com 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 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. Our actual results may differ materially from those contemplated by the forward-looking statements.

這些前瞻性陳述受固有風險、不確定性和難以預測的情況變化的影響。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 上找到，包括我們最新的 10-K 表格以及任何後續提交的 10-Q 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。

We caution you, therefore, against relying on any of these forward-looking statements. All information discussed today is as of May 8, 2025, and we do not intend or 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.

因此，我們提醒您不要依賴任何這些前瞻性陳述。今天討論的所有資訊均截至 2025 年 5 月 8 日，我們不打算或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。

Thanks, Stacie, and welcome, everyone. We are pleased to have exceeded our guidance in Q1 on both the top and bottom line, driven by the secular growth areas in our business. Excluding the affected DSP and political spend, year-over-year revenue growth accelerated to 21%, up from 17% in the second half of last year.

謝謝，史黛西，歡迎大家。我們很高興看到，在我們業務長期成長的推動下，第一季的營收和利潤都超出了預期。不包括受影響的 DSP 和政治支出，較去年同期收入成長加速至 21%，高於去年下半年的 17%。

We saw particular strength in CTV, which grew over 50% year-over-year. Also driving strength in Q1 was supply path optimization, or SPO, which represented a record at over 55% of total activity as agencies and advertisers prioritized the efficiency, data, and high ROI that the PubMatic platform delivers. This success highlights the clear differentiation of our platform.

我們看到 CTV 表現尤為強勁，其年成長超過 50%。供應路徑優化（SPO）也是第一季成長的推動因素，其佔總活動的 55% 以上，創歷史新高，因為代理商和廣告主優先考慮 PubMatic 平台提供的效率、數據和高投資報酬率。這項成功凸顯了我們平台的明顯差異化。

The investments we've made in Activate for SPO, Convert for commerce media, and Connect for curation are resonating with key stakeholders across the digital supply chain, publishers, media buyers, commerce media networks, and curation and data partners. Further, these investments are driving significant growth while also diversifying our business, creating sticky customer engagement and fueling performant advertising on our platform.

我們在 Activate for SPO、Convert for 商業媒體和 Connect for 策展方面所做的投資引起了數位供應鏈、出版商、媒體購買者、商業媒體網絡以及策展和數據合作夥伴等關鍵利益相關者的共鳴。此外，這些投資在推動顯著成長的同時，也使我們的業務多樣化，創造了黏性客戶參與度並推動了我們平台上的高效廣告。

Our business continues to shift to secular growth areas, an important transformation that will provide resiliency as we navigate the current ad spend environment. Moreover, there are two significant and recent developments that provide long-term tailwinds to our business. First, the verdict in the Google AdTech antitrust case will provide us with a more level playing field in the open internet.

我們的業務繼續轉向長期成長領域，這是一個重要的轉變，將為我們應對當前的廣告支出環境提供彈性。此外，近期有兩項重大進展將為我們的業務帶來長期的推動力。首先，Google廣告技術反壟斷案的判決將為我們在開放網路上提供更公平的競爭環境。

This is somewhat dependent on the timing and outcome of appeals and remedies, but the court's decision forces a major shift in the market as publishers and buyers opt for independent and transparent solutions. As a leading SSP provider, PubMatic is already positioned to take advantage of this structural shift.

這在某種程度上取決於上訴和補救措施的時間和結果，但法院的判決迫使市場發生重大轉變，因為出版商和買家選擇獨立和透明的解決方案。作為領先的 SSP 供應商，PubMatic 已經準備好利用這一結構性轉變。

Second, Google recently announced that third-party cookies will continue in the Chrome browser. We have built an innovative platform around a variety of data solutions over the past five years, which will continue to drive growth in newer media environments like CTV and commerce media, while at the same time, browser-based content and ad monetization will now continue without dramatic interruption.

第二，Google近日宣布第三方Cookie將繼續在Chrome瀏覽器中使用。過去五年來，我們圍繞各種數據解決方案構建了一個創新平台，這將繼續推動 CTV 和商業媒體等新媒體環境的成長，同時，基於瀏覽器的內容和廣告貨幣化將繼續進行，不會出現重大中斷。

The fundamentals of our business are strong. Looking beyond the isolated impact of the single DSP buyer, which we will lap in just a few weeks, and the tailwinds from political advertising last year, our business is performing well and on track to grow 15% plus with healthy margins and cash flow. Moreover, our durable financial profile positions us well for macroeconomic uncertainty, which we believe creates more opportunities for us.

我們的業務基礎十分強勁。除了單一 DSP 買家的孤立影響（我們將在短短幾週內解決）以及去年政治廣告的順風之外，我們的業務表現良好，並有望實現 15% 以上的增長，利潤率和現金流也十分健康。此外，我們持久的財務狀況使我們能夠很好地應對宏觀經濟的不確定性，我們相信這為我們創造了更多的機會。

Our strength lies in maintaining focus and executional rigor while being adaptable and agile. This is a familiar playbook for us, one we use to successfully manage through the great financial crisis and the COVID-induced recessions. Coming out of both periods, we significantly accelerated growth and drove durable market share gains.

我們的優勢在於保持專注和執行嚴謹性，同時具有適應性和敏捷性。這是我們熟悉的劇本，我們用它成功度過了金融危機和新冠疫情引發的經濟衰退。在這兩個時期之後，我們顯著加快了成長速度並推動了市場份額的持久成長。

This was largely due to our agile approach to going after secular growth drivers and our ability and will to invest responsibly through each downturn. Although we're not immune to some of the potential negative effects of the economic environment, we firmly believe that digital advertising will come out of this period bigger than before, with an accelerated shift to programmatic and a heavy reliance on AI-driven solutions.

這在很大程度上歸功於我們採取靈活的方式來追求長期成長動力，以及我們在每次經濟低迷時期進行負責任投資的能力和意願。儘管我們無法免受經濟環境的一些潛在負面影響，但我們堅信，數位廣告將比以往更加強大，加速向程式化轉變，並嚴重依賴人工智慧驅動的解決方案。

Periods of economic stress are terrific opportunities for us to deepen our relationships with customers. Publishers need our help more than ever to drive monetization of their inventory and audiences, and buyers will lean into the flexibility and accountability of programmatic advertising.

經濟困難時期是我們加深與客戶關係的絕佳機會。出版商比以往任何時候都更需要我們的幫助來推動其庫存和受眾的貨幣化，而買家將傾向於程序化廣告的靈活性和責任感。

Our plan is to once again leverage the many factors within our control and position ourselves to drive accelerated market share over the medium term. Given our past success in doing this, coupled with a large and growing TAM, we plan to manage the business under the following three guiding principles.

我們的計劃是再次利用我們控制範圍內的許多因素，並在中期內加速提升市場份額。鑑於我們過去在這方面取得的成功，再加上龐大且不斷成長的 TAM，我們計劃按照以下三個指導原則來管理業務。

One, anticipate where advertising growth will move to as the market rapidly evolves. Two, closely manage costs in order to preserve agility and protect our balance sheet and our free cash flow. And three, align the mix of investment and resources towards the high growth opportunities so our growth accelerates on the other side.

一是預測隨著市場快速發展，廣告成長將走向何方。二、嚴格管理成本，以維持彈性並保護我們的資產負債表和自由現金流。第三，將投資和資源組合向高成長機會傾斜，加速我們的成長。

Based on our prior experience, we know that the market will rapidly evolve. We intend to continue to play offense, which will position us for accelerated growth once we emerge from a cautious macro environment. We are preparing for more pronounced shifts in ad spend in key programmatic-driven areas.

根據我們以往的經驗，我們知道市場將會快速發展。我們打算繼續進攻，這將使我們在擺脫謹慎的宏觀環境後實現加速成長。我們正在為關鍵程序化驅動領域的廣告支出更明顯的轉變做準備。

First, we anticipate an acceleration of the ad spend shift from linear TV to streaming. Based on the current economic environment, there's a growing likelihood that advertisers will step back from making significant upfront commitments in exchange for the flexibility that the spot market offers. The spot market will be heavily transacted programmatically, whereas the upfront market is not.

首先，我們預期廣告支出從線性電視轉向串流媒體的轉變將加速。基於當前的經濟環境，廣告商越來越有可能放棄做出重大的前期承諾，以換取現貨市場提供的彈性。現貨市場將大量以程式化方式進行交易，而預付市場則不會。

Programmatic also brings a higher degree of measurement and accountability. Our platform is already scaled for this dollar shift, given the investment we have made in buyer and seller relationships in CTV and premium online video, PMP and PG capabilities, AI solutions for deal management and optimization, and more. Recall that PubMatic has over 80% penetration of the top 30 streamers.

程序化也帶來了更高程度的衡量和問責。鑑於我們在 CTV 和優質線上影片、PMP 和 PG 功能、交易管理和優化的 AI 解決方案等方面的買家和賣家關係方面所做的投資，我們的平台已經針對這種美元轉移進行了擴展。回想一下，PubMatic 在排名前 30 名的串流媒體中的滲透率超過 80%。

Second, we anticipate a more pronounced shift from upper funnel advertising strategies to lower funnel. In other words, a shift from brand advertising to performance. This will ultimately benefit new performance channels in the open internet, like commerce media and advanced data and targeting solutions.

其次，我們預期廣告策略將從上層漏斗向下層漏斗發生更明顯的轉變。換句話說，從品牌廣告轉向成效廣告。這最終將有利於開放互聯網中的新效能管道，如商業媒體和高級資料和定位解決方案。

In both areas, we have made significant advancements with our Convert and Connect solutions, including innovation around first-party data and identifiers. Third, we anticipate increased spend consolidation as ad budgets come under greater scrutiny and marketers seek greater efficiencies. SPO initiatives are a clear and obvious way for marketers to offset any potential decline in their ad budgets.

在這兩個領域，我們的 Convert 和 Connect 解決方案都取得了重大進展，包括圍繞第一方資料和識別碼的創新。第三，隨著廣告預算受到更嚴格的審查以及行銷人員尋求更高的效率，我們預期支出整合將會增加。對於行銷人員來說，SPO 計劃是一種抵消廣告預算潛在下降的明確而明顯的方法。

With Activate, buyers can consolidate ad spend, access curated audiences, increase performance, and gain tangible cost and operational efficiencies, which will better position them to maintain and grow their businesses. And finally, AI-driven capabilities that can both drive growth and create efficiencies will be increasingly attractive to both new and existing customers. Over the past several years, we fully embraced generative AI, expanding our multi-decade focus on machine learning.

透過 Activate，買家可以整合廣告支出、接觸精選受眾、提高績效並獲得實際的成本和營運效率，從而更好地維持和發展業務。最後，既能推動成長又能提高效率的人工智慧驅動能力將對新舊客戶越來越有吸引力。在過去的幾年裡，我們全面擁抱生成式人工智慧，擴大了我們數十年來對機器學習的關注。

The investments we've made are now translating into a steady stream of customer solutions. Yesterday, we announced the industry's first GenAI-powered end-to-end platform that gives buyers direct access to nearly the entire open internet. Our technology simplifies and optimizes every stage of the media buying process, from inventory discovery and forecasting to curation, activation, and performance optimization.

我們所做的投資現在正在轉化為源源不絕的客戶解決方案。昨天，我們宣布了業界首個由 GenAI 驅動的端到端平台，讓買家可以直接存取幾乎整個開放網路。我們的技術簡化並優化了媒體購買流程的每個階段，從庫存發現和預測到策展、活化和效能優化。

By unifying supply-side intelligence with AI-powered buying tools in a single platform, we aim to deliver greater efficiency, ease of use, and better outcomes for advertisers and agencies. With anticipated shifts in ad spend, this unified experience gives buyers exactly what they need to plan and refine campaigns with unprecedented ease. By simply describing their ideal inventory in natural language, our generative AI models instantly create optimized deal packages, eliminating manual workflows, reducing time to launch, and improving targeting precision.

透過在單一平台上將供應方智慧與人工智慧驅動的購買工具統一起來，我們的目標是為廣告商和代理商提供更高的效率、易用性和更好的結果。隨著廣告支出的預期變化，這種統一的體驗為買家提供了所需的一切，使他們能夠以前所未有的輕鬆方式規劃和完善廣告活動。只需用自然語言描述他們的理想庫存，我們的生成式 AI 模型即可立即創建優化的交易包，消除手動工作流程，縮短啟動時間，並提高定位精度。

Buyers can then seamlessly activate those deals either through Activate, gaining full supply chain transparency, control, and efficiency, or push them to their DSP of choice. GroupM, a global partner and early adopter of our Activate platform, is among the beta testers of this unified experience. Andrew Meaden, GroupM's Global Head of Investment, explained, ‘our long-standing partnership with PubMatic is based on a shared commitment to privacy-first, AI-powered innovation, and helps us stay ahead in a rapidly evolving industry. PubMatic's new unified platform will help us deliver smarter, more efficient campaigns for our clients’.

然後，買家可以透過 Activate 無縫啟動這些交易，獲得完整的供應鏈透明度、控制力和效率，或將其推送到他們選擇的 DSP。GroupM 是我們 Activate 平台的全球合作夥伴和早期採用者，也是這項統一體驗的 beta 測試者之一。群邑全球投資主管 Andrew Meaden 解釋說：「我們與 PubMatic 的長期合作是基於對隱私優先、人工智慧驅動的創新的共同承諾，並幫助我們在快速發展的行業中保持領先地位。PubMatic 的新統一平台將幫助我們為客戶提供更聰明、更有效率的活動。

As AI becomes foundational to programmatic success, PubMatic is uniquely positioned to lead with differentiated technology, a scaled platform, and a commitment to delivering tangible business outcomes for both buyers and publishers. Our second priority is to safeguard our balance sheet and free cash flow while remaining agile in order to capitalize on opportunities as they arise.

隨著人工智慧成為程序化成功的基礎，PubMatic 憑藉差異化技術、規模化平台以及為買家和出版商提供實際業務成果的承諾，佔據領先地位。我們的第二個優先事項是維護我們的資產負債表和自由現金流，同時保持靈活性，以便抓住出現的機會。

We will tightly manage costs and use our well-honed playbook to drive continued OpEx and CapEx efficiencies. We're also intently focused on generating efficiencies through the use of GenAI across our business operations, as I mentioned last quarter. Its application within our engineering organization is allowing us to accelerate innovation without expanding headcount, generating improved productivity and faster deployments.

我們將嚴格管理成本，並使用我們精心製定的策略來持續提高營運支出和資本支出的效率。正如我上個季度提到的，我們也專注於透過在整個業務營運中使用 GenAI 來提高效率。它在我們的工程組織中的應用使我們能夠在不擴大員工人數的情況下加速創新，從而提高生產力並加快部署速度。

By tightly managing costs and driving efficiencies, we're able to shift our growth investments to the areas with the highest returns. In particular, we are expanding the scale and specialization of our global sales organization, including the team that serves agency holding companies to drive growth in SPO and Activate, our independent agency and advertiser sales team, which we believe represents an incremental $15 billion addressable market for SPO in the next few years, sales specialists dedicated to specific products such as Activate, CTV, commerce media, online video, and mobile approximately, and finally, our curation sales team, as sell site targeting becomes more prominent, and data partners and curators look to activate their first-party data on the PubMatic platform.

透過嚴格管理成本和提高效率，我們能夠將成長投資轉移到回報率最高的領域。具體來說，我們正在擴大全球銷售組織的規模和專業化，包括為代理控股公司提供服務以推動 SPO 和 Activate 增長的團隊、我們的獨立代理和廣告商銷售團隊（我們相信這代表著未來幾年 SPO 的潛在市場增量為 150 億美元）、致力於特定產品（例如 Activate、CTV、商業媒體、在線視頻和移動PubMatic 平台上啟動他們的第一方資料。

This disciplined and forward-looking framework aligns with the growth opportunities we see across our key customer segments. On the publisher side of our business, we have deepened our relationships with leading CTV platforms. Our partnership with Spectrum Reach, the advertising division of Charter Communications, brings greater demand efficiency and robust curation across their CTV marketplace, while our work with TCL is helping to drive advertiser access to live sports streaming, a segment that is both rapidly growing and notoriously challenging to monetize effectively.

這種嚴謹且具有前瞻性的框架與我們在主要客戶群中看到的成長機會一致。在我們業務的發布商方面，我們加深了與領先的 CTV 平台的關係。我們與 Charter Communications 的廣告部門 Spectrum Reach 合作，為他們的 CTV 市場帶來了更高的需求效率和強大的策劃，而我們與 TCL 的合作則有助於推動廣告商訪問體育直播流媒體，這是一個快速增長且有效貨幣化的領域。

We're not just seeing strong growth in the U.S., but also in key international markets like Europe, Australia, India, and Japan. For example, we recently expanded our partnership with the BBC to monetize their free ad-supported streaming channels. We're also seeing a broader trend with traditional broadcasters globally turning to PubMatic to drive monetization of their increasingly streaming-based consumption.

我們不僅看到美國的強勁成長，還看到歐洲、澳洲、印度和日本等主要國際市場的強勁成長。例如，我們最近擴大了與 BBC 的合作，以將其免費的廣告支援的串流頻道貨幣化。我們也看到更廣泛的趨勢，全球傳統廣播公司紛紛轉向 PubMatic 來推動其日益增長的串流媒體消費的貨幣化。

On the demand side, we are seeing momentum accelerate across agencies, advertisers, and DSPs. We have seen activity from mid-market DSPs that specialize in performance marketing almost triple on a year-over-year basis. These platforms are rapidly scaling their spend on PubMatic, thanks to our premium supply, addressable audiences, and full funnel capabilities.

在需求方面，我們看到代理商、廣告商和 DSP 之間的發展勢頭正在加速。我們發現專注於績效行銷的中階市場 DSP 的活動比去年同期成長了近兩倍。由於我們的優質供應、可尋址受眾和完整的通路功能，這些平台正在迅速擴大在 PubMatic 上的支出。

Additionally, as I predicted a few quarters ago, we are seeing a marked increase in SPO activity with direct advertisers, both at the head of the market and among the next tier, as they take a more active role in their buying strategies and consolidate around trusted, performance-oriented partners.

此外，正如我幾個季度前預測的那樣，我們看到直接廣告商的 SPO 活動明顯增加，無論是市場領先者還是下一級市場，因為他們在購買策略中發揮著更積極的作用，並圍繞值得信賴的、注重績效的合作夥伴進行整合。

In recognition of the performance impact PubMatic is driving for advertisers, PubMatic received the Supply Path Optimization Award as part of AdExchanger's 2025 Programmatic Impact Awards for how we helped Mars PetCare exceed sales goals. In addition, Kroger Precision Marketing, looking to improve its customer acquisition marketing by eliminating unnecessary supply chain efficiencies, partnered with PubMatic to target and curate data on the sell side. Not only did our solutions boost video performance, but Kroger also consolidated ad spend on PubMatic, reducing its supply partners by more than 70%.

為了表彰 PubMatic 為廣告主帶來的績效影響，PubMatic 因幫助 Mars PetCare 超越銷售目標而榮獲 AdExchanger 2025 年程式化影響力獎的供應路徑優化獎。此外，Kroger Precision Marketing 希望透過消除不必要的供應鏈效率來改善其客戶獲取行銷，並與 PubMatic 合作以定位和管理賣方的數據。我們的解決方案不僅提高了視訊效能，而且 Kroger 還整合了 PubMatic 上的廣告支出，將其供應合作夥伴減少了 70% 以上。

According to KPM's Manager of Media Activation and Buying, ‘PubMatic has consistently been achieving efficient supply path strategies backed by data, especially in online video, where their performance outshines competitors. Their platform helps us exceed our goals and solve our inefficiency challenges’. More broadly, commerce media continues to be one of the fastest-growing segments in Programmatic, and we expect that trend to accelerate due to its measurable performance.

KPM 媒體活化和購買經理表示，「PubMatic 一直在數據支援下實現高效的供應路徑策略，尤其是在線上影片領域，其表現優於競爭對手。他們的平台幫助我們超越目標並解決效率低下的挑戰。更廣泛地說，商業媒體仍然是程序化廣告中成長最快的領域之一，我們預計由於其可衡量的表現，這一趨勢將會加速。

With the investments we've made, commerce media networks can monetize both their audience data off-site as well as their on-site inventory in a privacy-safe, efficient way. In fact, our platform gives commerce companies full control over their data and direct access to premium demand and transparent reporting while giving buyers greater efficiency and performance. For example, a leading casual dining brand reduced customer acquisition costs by 11% by leveraging Instacart's audience segments across our premium inventory.

透過我們的投資，商業媒體網路可以以隱私安全、高效的方式將其場外受眾數據和場內庫存貨幣化。事實上，我們的平台讓商業公司能夠完全控制其數據並直接存取優質需求和透明報告，同時為買家提供更高的效率和效能。例如，一家領先的休閒餐飲品牌透過利用 Instacart 在我們優質庫存中的受眾群體，將客戶獲取成本降低了 11%。

Previous campaigns that relied on DSP-based audience targeting struggled with data leakage and low match rates, which resulted in higher costs and limited reach. We are seeing similar trends with data partners and curation platforms who are increasingly pivoting towards sell-side targeting. This shift is being driven by structural industry changes, the shift away from third-party cookies, growing sensitivity around data privacy, and advertiser demand for more transparent performing paths to inventory.

先前依賴基於 DSP 的受眾定位的廣告活動面臨著資料外洩和匹配率低的問題，導致成本增加且覆蓋範圍有限。我們看到數據合作夥伴和策展平台也出現了類似的趨勢，他們正日益轉向賣方定位。這種轉變是由結構性產業變化、第三方 cookie 的轉變、對資料隱私日益增長的敏感性以及廣告商對更透明的庫存執行路徑的需求所推動的。

As a result, sell-side activation is emerging as the preferred model, and PubMatic has built a unified AI-powered platform that is delivering clear performance gains. Publishers using our curation tools have seen up to 10% revenue gains due to an increased diversity of buyers and higher CPMs. At the same time, data owners are able to build new and scaled revenue streams. By expanding opportunities for our customers, we're able to generate incremental revenue through both SSP and curation-related transaction fees.

因此，賣方活化正在成為首選模式，而 PubMatic 已經建立了一個統一的人工智慧平台，並帶來了明顯的效能提升。由於買家多樣性的增加和 CPM 的提高，使用我們的策展工具的出版商的收入增加了 10%。同時，資料所有者能夠建立新的、規模化的收入來源。透過為客戶擴大機會，我們能夠透過 SSP 和策展相關的交易費用來創造增量收入。

These quarterly highlights are just a handful of examples of how we're creating value across the entire supply chain. As audience targeting strategies continue to shift to the sell-side, PubMatic's end-to-end tools, including our new AI buyer platform, along with our scale and track record of innovation, make us an ideal partner to support customer growth. We have a leading market position and are growing high double digits in key secular areas of the business.

這些季度亮點只是我們如何在整個供應鏈中創造價值的幾個例子。隨著受眾定位策略不斷向賣方轉移，PubMatic 的端到端工具（包括我們的新 AI 買家平台）以及我們的規模和創新記錄使我們成為支援客戶成長的理想合作夥伴。我們擁有領先的市場地位，並且在業務的關鍵長期領域實現了兩位數的高成長。

Highlighting the confidence in our strategy and our strong financial profile, the Board of Directors has expanded our repurchase plan by an incremental $100 million. While the current environment has a degree of uncertainty, we firmly believe it also serves as a catalyst and will accelerate the shift to programmatic that will benefit our business and create outsized shareholder value over the long term.

董事會對我們的策略和強勁財務狀況充滿信心，已將回購計畫擴大 1 億美元。雖然當前的環境存在一定程度的不確定性，但我們堅信它也能起到催化劑的作用，並將加速向程序化的轉變，這將有利於我們的業務，並在長期內創造超額的股東價值。

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

現在我將把電話轉給史蒂夫，討論財務問題。

Thank you, Rajeev, and welcome everyone. We delivered a strong quarter with revenue ahead of expectations, driven by significant growth in the long-term secular drivers of our business, CTV, SPO, and our emerging revenue streams. These drivers accelerated the growth of our underlying business to 21% year-over-year, up from 17% in the second half of last year.

謝謝你，Rajeev，歡迎大家。我們本季表現強勁，營收超出預期，這得益於我們業務、CTV、SPO 和新興收入來源的長期驅動力的顯著增長。這些驅動因素加速了我們基礎業務的年成長，從去年下半年的 17% 上升至 21%。

This excludes the large DSP buyer and political advertising, and now accounts for 70% of all revenue. Our growth clearly demonstrates the benefits we're gaining from increased scale, our winning product suite, and investments in our go-to-market teams. We also exceeded our adjusted EBITDA expectations as a result of our increasing mix towards secular growth drivers, ongoing optimization of our infrastructure, impact from prior investments, and increased engineering efficiency with GenAI.

這還不包括大型 DSP 買家和政治廣告，目前佔所有收入的 70%。我們的成長清楚地表明了我們從擴大規模、獲得成功的產品套件以及對行銷團隊的投資中獲得的收益。由於我們不斷增加長期成長動力的組合、持續優化基礎設施、先前投資的影響以及 GenAI 提高的工程效率，我們的調整後 EBITDA 也超出了預期。

Turning to the revenue breakdown for Q1. Once again, our secular growth areas powered our business. Omni-channel video revenues in the quarter grew 20% year-over-year and represented 40% of total revenues in the first quarter. This was driven by strong CTV revenues, which increased over 50% year-over-year.

談談第一季的營收細目。我們的長期成長領域再次推動了我們的業務發展。本季全通路視訊營收年增20%，佔第一季總營收的40%。這是由強勁的 CTV 收入推動的，其收入同比增長超過 50%。

Emerging revenue streams more than doubled year-over-year. Within this category, Connect, our curation and data business, continued its rapid revenue growth trajectory at over 100% year-over-year, as buyers are increasingly using PubMatic to target audiences on the sell side.

新興收入來源年增一倍以上。在這個類別中，我們的策展和數據業務 Connect 繼續保持快速的收入成長軌跡，比去年同期成長超過 100%，因為買家越來越多地使用 PubMatic 來定位賣方受眾。

Revenue from display, which was disproportionately impacted by the large DSP buyer, declined 10% year-over-year. Excluding this buyer, all other display revenues grew strongly at over 20% year-over-year. Q1 total revenue, inclusive of the impact from the DSP buyer, declined 4%.

受到大型 DSP 買家的嚴重影響，展示收入比去年同期下降了 10%。除該買家外，所有其他展示收入均比去年同期強勁增長 20% 以上。第一季總收入（包括 DSP 買家的影響）下降了 4%。

Our underlying business, excluding this DSP and political advertising, increased 21%. Notably, March was a strong month and delivered better than expected results, which led to our overachievement for the quarter. Ad spend for our top 10 ad verticals grew in the mid-single-digit percentages year-over-year.

我們的基礎業務（不包括 DSP 和政治廣告）成長了 21%。值得注意的是，三月表現強勁，業績優於預期，導致我們本季業績超額完成。我們的十大廣告垂直行業的廣告支出比去年同期增長了中等個位數百分比。

Within the top 10, health and fitness, food and drink, style and aggregate increased over 10%. We saw softer trends for technology and computing and automotive, which declined by over 10%. On a regional basis, both Americas and EMEA declined slightly, while APAC grew over 8% year-over-year. As a reminder, we have limited exposure to China-based advertisers.

在前十名中，健康和健身、食品和飲料、時尚和整體成長超過 10%。我們看到技術、運算和汽車領域的趨勢趨於疲軟，下降了 10% 以上。從地區來看，美洲和歐洲、中東和非洲地區均略有下降，而亞太地區則較去年同期成長超過 8%。提醒一下，我們對中國廣告商的接觸有限。

Turning to adjusted EBITDA, we significantly exceeded the upper end of expectations due to higher total revenues and the continued mixed shift to high-value channels and formats. Q1 adjusted EBITDA was $8.5 million, or 13% margin, and was our 36th straight quarter of adjusted EBITDA profitability.

談到調整後的 EBITDA，由於總收入增加以及繼續向高價值管道和形式的混合轉變，我們大大超出了預期的上限。第一季調整後的 EBITDA 為 850 萬美元，利潤率為 13%，這是我們連續第 36 季實現調整後的 EBITDA 獲利。

This result included a foreign exchange impact of approximately $1 million due to the weakening U.S. dollar over the quarter. Our long track record underscores the intrinsic strengths of our durable business model. Over the last decade, we have executed our strategy of owning and operating our programmatic infrastructure, combined with a singular focus on operational excellence.

這一結果包括因本季美元走弱而產生的約 100 萬美元的外匯影響。我們長期的業績記錄凸顯了我們持久商業模式的內在優勢。在過去的十年中，我們一直執行擁有和營運我們的程序化基礎設施的策略，同時專注於卓越營運。

This approach has enabled us to consistently drive productivity. Over the last two years, on a trailing 12-month basis, we increased the number of impressions processed by 60%, while managing our GAAP cost of revenue to an increase of 16% over this same period. We are also leveraging AI in our engineering organization, as well as across business functions.

這種方法使我們能夠持續提高生產力。在過去兩年中，以過去 12 個月為基礎，我們處理的展示次數增加了 60%，同時我們的 GAAP 收入成本在同一時期增加了 16%。我們也在工程組織以及各個業務職能部門中利用人工智慧。

These efforts further allow us to accelerate our programmatic capabilities and expand our go-to-market efforts while tightly managing costs. Total operating expenses in the first quarter were $50 million and reflected cost savings, as well as the cumulative impact from investments in the high-growth, secular areas that are driving the double-digit percentage growth in our underlying business. Q1 GAAP net loss was $9.5 million, or minus $0.20 per diluted share.

這些努力進一步使我們能夠加速我們的程序化能力並擴大我們的市場推廣力度，同時嚴格管理成本。第一季的總營運費用為 5,000 萬美元，反映了成本節約，以及對高成長、長期領域的投資的累積影響，這些投資推動了我們基礎業務的兩位數百分比成長。第一季 GAAP 淨虧損為 950 萬美元，即每股虧損 0.20 美元。

Moving to cash and our capital allocation, we have a healthy balance sheet and generate positive cash flow, which provides financial stability, but at the same time allows us to consistently invest for revenue growth. Over the last four years, we have produced nearly $350 million in net cash from operations and more than $180 million in free cash flow.

轉向現金和資本配置，我們擁有健康的資產負債表並產生正現金流，這提供了財務穩定性，但同時使我們能夠持續投資以實現收入成長。在過去四年中，我們產生了近 3.5 億美元的淨營運現金和超過 1.8 億美元的自由現金流。

In the quarter, we generated $15.6 million in net cash provided by operating activities and free cash flow of $7.3 million. We ended the quarter with $144.1 million in cash and marketable securities and zero debt. Given this strength, we continue to deploy our capital to maximize shareholder value.

本季度，我們產生了 1,560 萬美元的營運活動淨現金和 730 萬美元的自由現金流。本季末，我們擁有 1.441 億美元現金和有價證券，且零債務。鑑於此優勢，我們將繼續部署資本以最大化股東價值。

Since the inception of our repurchase program in February 2023 through the end of Q1, we have bought back 8.7 million Class A common shares for $138.2 million. We had $36.8 million remaining authorized through the end of 2025. On May 7, our board of directors authorized $100 million expansion of the repurchase program and extended it through the end of 2026. Our guiding principles that Rajeev outlined position us well for the current macro environment and the significant growth opportunities ahead.

自 2023 年 2 月啟動回購計畫以來至第一季末，我們已以 1.382 億美元回購了 870 萬股 A​​ 類普通股。到 2025 年底，我們還剩下 3,680 萬美元的授權金額。5 月 7 日，我們的董事會批准將回購計畫擴大 1 億美元，並將其延長至 2026 年底。Rajeev 概述的指導原則使我們在當前的宏觀環境和未來的巨大成長機會中佔據有利地位。

History shows that uncertain times lead to rapid industry shifts and accelerated adoption of new tools and platforms. Our track record demonstrates we can successfully navigate these periods while continuing to strategically invest to take advantage of the opportunities that emerge. We are taking a proactive approach by implementing a number of savings initiatives, unlocking incremental productivity gains, and expanding AI adoption.

歷史表明，不確定的時期會導致行業快速轉變以及新工具和平台的加速採用。我們的業績記錄表明，我們可以成功度過這些時期，同時繼續進行策略性投資，以利用出現的機會。我們正在採取積極主動的方式，實施一系列節約舉措，提高生產力，並擴大人工智慧的採用。

This allows us to continue innovating and expanding our global sales team while managing our cost structure. We expect operating expenses to increase sequentially in the low single-digit percentages over the course of 2025. Turning to the latest trends we are seeing, April revenues were in line with our expectations.

這使我們能夠在管理成本結構的同時繼續創新並擴大我們的全球銷售團隊。我們預計，到 2025 年，營運費用將以低個位數百分比環比成長。就我們看到的最新趨勢而言，四月的收入符合我們的預期。

We delivered over 15% growth in our underlying business. Total revenues inclusive of the DSP headwind were flat year-over-year, reflecting an improvement from the first quarter's year-over-year decline. As a reminder, we have a well-diversified platform with over 20 different ad verticals and more than 50,000 advertisers spending on our platform every month.

我們的基礎業務實現了超過 15% 的成長。包含 DSP 不利因素在內的總收入與去年同期持平，較第一季的年減率有所改善。提醒一下，我們擁有一個多元化的平台，擁有超過 20 個不同的廣告垂直領域，每月有超過 50,000 名廣告商在我們的平台上消費。

In April, we saw the benefits from this diversification. Our health and fitness and arts and entertainment verticals increased over 20% year-over-year in aggregate, which helped offset softness in verticals such as CPG heavy shopping vertical and automotive, which declined 10% year-over-year. For Q2, we expect revenue to be in the range of $66 million to $70 million and assumes 15% plus year-over-year growth of our underlying business.

四月份，我們看到了這種多樣化帶來的好處。我們的健康與健身以及藝術與娛樂垂直領域整體同比增長超過 20%，這有助於抵消 CPG 重度購物垂直領域和汽車等垂直領域的疲軟，這些領域的銷售額同比下降了 10%。對於第二季度，我們預計營收將在 6,600 萬美元至 7,000 萬美元之間，並假設我們的基礎業務年增 15% 以上。

The low end of this range reflects conservatism in the event that a slowdown in ad spend were to develop for the remainder of Q2, which again we are not currently seeing. We expect our Q2 adjusted EBITDA to be in the range of $9 million to $12 million, which factors in an incremental impact of continued weakness of the U.S. dollar.

這一範圍的低端反映了一種保守態度，即如果第二季度剩餘時間廣告支出出現放緩，我們目前還沒有看到這種情況。我們預計第二季調整後的 EBITDA 將在 900 萬美元至 1,200 萬美元之間，其中考慮了美元持續疲軟的增量影響。

Looking to the second half of the year, based on the strong we are seeing in our underlying business, combined with the go-to-market and innovation investments we are making, we expect our online revenues to continue growing 15% plus.

展望下半年，基於我們基礎業務的強勁表現，加上我們正在進行的市場進入和創新投資，我們預計我們的線上收入將繼續成長 15% 以上。

We remain confident that we will deliver second half year-over-year revenue growth, which includes a 5 to 7 percentage point headwind from political spend in the back half of 2024. In terms of CapEx, through a combination of optimization efforts and cost-saving measures, we anticipate reducing our full-year CapEx by at least 15% to $15 million. In closing, I want to take the opportunity to summarize the key takeaways.

我們仍有信心實現下半年收入年增，其中包括 2024 年下半年政治支出帶來的 5 至 7 個百分點的阻力。在資本支出方面，透過優化工作和節省成本措施，我們預計全年資本支出將減少至少 15%，至 1,500 萬美元。最後，我想藉此機會總結要點。

Our company delivered a strong first quarter. We stayed focused on driving our long-term secular growth areas and exceeded our expectations with 21% growth for our underlying business. We have implemented a prudent operational plan that allows us to continue investing behind the fastest growing programmatic opportunities while also protecting our profitability and balance sheet.

我們公司第一季業績表現強勁。我們始終專注於推動長期成長領域，基礎業務成長 21%，超出了我們的預期。我們實施了一項審慎的營運計劃，使我們能夠繼續投資於成長最快的項目機會，同時保護我們的獲利能力和資產負債表。

This, coupled with our durable business model, gives us confidence that we can successfully navigate the current environment and be well positioned for future market share gains.

這一點，加上我們持久的商業模式，讓我們有信心能夠成功駕馭當前環境，並為未來的市場份額成長做好準備。

I will now turn the call over to Stacie for questions.

現在我將把電話轉給 Stacie 來回答問題。

(Event Instructions)

（活動須知）

Eric Martinuzzi at Lake Street

馬丁努齊 (Eric Martinuzzi) 在湖街

Hey, congratulations on the strong first quarter results and the good outlook for Q2. I wanted to start off with one of the issues you highlighted in your prepared remarks, Rajeev, regarding the Google antitrust ruling. Curious to know if you've had direct interaction with the DOJ as they've looked to size up potential remedies to the monopolistic behavior?

嘿，祝賀第一季業績強勁，第二季前景良好。Rajeev，我想先談談您在準備好的發言中強調的一個問題，即有關谷歌反壟斷裁決的問題。想知道您是否與司法部有過直接互動，因為他們正在尋求針對壟斷行為的潛在補救措施？

Sure. Yeah, Eric, what I can say is that I think the DOJ is making its rounds in terms of talking to witnesses that testified in the trial itself as they figure out what the remedy strategy is. I think you saw that posted in terms of their filing on Monday.

當然。是的，艾瑞克，我可以說的是，我認為司法部正在與在審判中作證的證人進行交談，以找出補救策略。我想您在周一發布的文件中已經看到了這一點。

I think more broadly, what the verdict has crystallized for the whole ecosystem is that Google is not the immovable object that it once was. When I talk to customers, both on the sell side and the buy side, people are starting to prepare for the uncertainty of what lies ahead, knowing that there could be a spin out. Is there going to be innovation?

我認為，從更廣泛的角度來看，這項判決對整個生態系統而言表明，谷歌不再是曾經不可動搖的。當我與賣方和買方的客戶交談時，他們都開始為未來的不確定性做準備，因為他們知道可能會出現分拆。會有創新嗎？

Do you want to put all of your eggs into the Google basket? Why not start growing faster with the alternatives that you know are already here in that scale, like PubMatic? We think we have about a 4% share of the market; Google's got roughly 60%. We think there's a lot of potential share up for grab as early as next year with every 1% share that we can pick up equating to $50 million to $75 million of net revenue to us. I think it's a pretty significant opportunity.

你想把所有的雞蛋都放在 Google 的籃子裡嗎？為什麼不利用您知道已經存在的、具有一定規模的替代方案（例如 PubMatic）來開始實現更快的成長呢？我們認為我們佔有大約 4% 的市場份額；Google佔據了約 60% 的份額。我們認為，早在明年，就有大量潛在份額可供爭奪，我們每獲得 1% 的份額就相當於獲得 5,000 萬至 7,500 萬美元的淨收入。我認為這是一個非常重要的機會。

Then I wanted to shift gears and talk about the SPO traction that you've had. That 55% number, that's a pretty amazing accomplishment. It's been interesting to see the progress of SPO over time. Over the long term, where do you think SPO-- what is the ceiling for that? Then just commenting on the most recent quarter, what's the mix of new buyers versus old in that 55%?

然後我想換個話題，談談你所擁有的 SPO 牽引力。55% 這個數字是一個非常了不起的成就。看到 SPO 隨著時間的推移而取得的進展很有趣。從長遠來看，您認為 SPO 的上限在哪裡？那麼就最近一個季度而言，這 55% 中的新買家和老買家的比例是多少？

Sure. On the first part of your question, and thank you for the compliment there. We think long-term SPO could be as high as 75% share of the business. We've made a lot of progress, as you mentioned. I think we were in the roughly 30s% two years ago. There's still, I think, a lot of runway to go.

當然。關於您問題的第一部分，感謝您的讚美。我們認為長期 SPO 份額可能高達 75%。正如您所說，我們已經取得了很大進展。我認為兩年前我們的這一比例大約是 30%。我認為，還有很長的路要走。

Obviously, gains will slow as we get higher and higher. Where we see opportunity is in a couple of different areas. One is just continuing to grow the spend that's coming under our existing relationships, which are primarily with big agency holding companies.

顯然，隨著我們越來越高，收益將會放緩。我們看到機會存在於幾個不同的領域。一是繼續增加我們現有關係下的支出，這些關係主要與大型代理控股公司有關。

We all know who those are. GroupM, for instance, we mentioned them in our GenAI buyer solution release yesterday. That's an example of potential for continued growth with an existing customer, agency holdco in that case.

我們都知道他們是誰。例如，群邑集團，我們在昨天發布的 GenAI 買家解決方案中提到了他們。這是一個現有客戶（即代理控股公司）持續成長潛力的例子。

We are also expanding our sales team to go after more advertisers and independent agencies where we think there's a lot of SPO runway ahead. That, I think, would be both growth in terms of new dollars as well as growth in terms of SPO dollars.

我們也正在擴大我們的銷售團隊，以爭取更多的廣告商和獨立代理商，我們認為這些地方有很大的 SPO 發展空間。我認為，這既是新資金的成長，也是 SPO 資金的成長。

Got it. Thank you.

知道了。謝謝。

Zach Cummins at B Riley.

Zach Cummins 的 B Riley。

Hi. Good afternoon, Rajeev and Steve. Thanks for taking my questions. Steve, my first question is really, can you give an update on how volumes trended with your key DSP partner here in the first quarter? I know you mentioned a 10% decline in overall display revenue. Was there a more outsized impact, whether that be in desktop display versus mobile display?

你好。下午好，Rajeev 和 Steve。感謝您回答我的問題。史蒂夫，我的第一個問題是，您能否介紹一下第一季您與主要 DSP 合作夥伴的交易量趨勢？我知道您提到整體展示收入下降了 10%。是否存在更大的影響，無論是在桌面顯示還是在移動顯示？

What we're actually seeing, and I've commented on this in the past, is that there's been quite a bit of stability. One of the drivers of our exceeding our expectations in the first quarter was a little bit better results from that DSP buyer. From our perspective, it's unfolding exactly as we had anticipated and slightly to the upside.

我們實際上看到的是，而且我過去也曾對此發表過評論，情況已經相當穩定。我們第一季業績超出預期的原因之一是 DSP 買家的業績略有改善。從我們的角度來看，事情的發展正如我們預期的那樣，並且略有改善。

We think we're going to have a solid second half with this buyer. As a reminder to everyone, we're going to be lapping that impact mid-year, so the end of Q2. As we've shared in the past, we continue to have a great relationship with the buyer. We're expanding in multiple new areas. We feel really good about where we are right now.

我們相信，與這位買家合作，我們將在下半年取得豐厚的業績。提醒大家，我們將在年中，也就是第二季末，以應對這項影響。正如我們過去所分享的，我們與買家繼續保持良好的關係。我們正在向多個新領域擴張。我們對目前的狀況感到非常滿意。

Just a quick add there, Zach. We've seen, for instance, CTV growth with this buyer has grown dramatically on a year-over-year basis. There's plenty of growth opportunities with this DSP buyer in general beyond the technical auction shift.

只是快速補充一下，扎克。例如，我們看到這位買家的 CTV 成長率比去年同期大幅成長。除了技術拍賣轉變之外，該 DSP 買家總體上還擁有大量成長機會。

Got it. My one follow-up question, Rajeev, is interesting to see the strong traction you're getting with these mid-market DSPs. Can you just talk about how those relationships have really evolved and where you can see this going now that you're starting to get traction at that mid-market level?

知道了。我的一個後續問題，Rajeev，很高興看到這些中階市場 DSP 獲得瞭如此強大的吸引力。您能否談談這些關係是如何真正發展的？以及，既然您現在開始在中端市場獲得關注，您認為這種關係將如何發展？

Yeah. I think four or five years ago, the DSP space was pretty heavily consolidated. I think that's the perception in the market. It was probably not too far from reality. Now we fast-forward to today, and what we see is that there's a lot of actually change in the DSP market. There's been a lot written about the growth of Amazon.

是的。我認為四、五年前，DSP 領域已經相當整合。我認為這就是市場的看法。這可能與現實並不太遠。現在我們快進到今天，我們看到 DSP 市場實際上發生了很大的變化。關於亞馬遜的發展已經有許多報導。

We know where the antitrust verdict is with Google. Then we're seeing with the rise of CTV, a lot more performance buying, for instance, happening in CTV. We're seeing that money has shifted.

我們知道針對谷歌的反壟斷判決結果。然後，我們看到，隨著 CTV 的興起，CTV 中出現了更多的績效購買。我們看到資金已經轉移。

The share of ad budgets controlled by the big five or six agency holdcos is actually shrinking over time from something like 40% to 30% in the last decade. What that means is that there's a big mid-market of advertisers and agencies that are not tied to the decisions that those big holding companies have made. They're making their own decisions.

在過去十年中，五、六大廣告代理商控制的廣告預算份額實際上逐漸從 40% 左右縮減至 30%。這意味著，存在一個龐大的中端廣告市場，其中的廣告商和代理商不受那些大型控股公司所做決策的約束。他們正在做出自己的決定。

We're seeing a lot of growth and potential there. That's not only in the U.S., but it's around the world. We're really focused on bringing those DSPs onto our platform, making sure that we're growing our share of revenue with them.

我們看到那裡有很大的成長和潛力。這不僅發生在美國，也發生在世界各地。我們真正專注於將這些 DSP 引入我們的平台，確保我們透過它們增加收入份額。

Great. Thanks for taking my questions. Best of luck with the rest of the quarter.

偉大的。感謝您回答我的問題。祝福本季剩餘時間一切順利。

Simran Biswal at RBC

Simran Biswal，加拿大皇家銀行

Hey, guys. This is Simran on for Matt Swanson. Thanks for taking your question and congrats on the quarter. Just one for me. Can you talk about the macro environment and spend and what you're seeing at a high level with the uncertainty as we think about the rest of the year? Then, to that point, just double-clicking on the resiliency around some of these growth drivers like CPP and emerging products.

嘿，大家好。這是 Simran 為 Matt Swanson 表演的。感謝您的提問，並祝賀本季取得佳績。對我來說只有一個。您能否談談宏觀環境和支出情況，以及在我們考慮今年剩餘時間時，您在高層看到的不確定性？然後，到那時，只需雙擊一些成長動力（如 CPP 和新興產品）的彈性。

Sure. Why don't I start with that and then, Steve, I'll turn it over to you. Let me just talk a little bit about what we're seeing from a macro perspective, Simran.

當然。我先從這個開始，然後，史蒂夫，我再把它交給你。西姆蘭，讓我從宏觀角度稍微談談我們所看到的情況。

I do think advertisers are intensively scenario planning for the future. They've certainly had practice with that with COVID in 2020 and then the recession that never came in 2023. I think one of the things that advertisers have learned is really the trade-off of pulling back on ad spend with respect to negatively affecting their own top-line growth and market share.

我確實認為廣告商正在為未來進行深入的情境規劃。他們確實在 2020 年應對新冠疫情以及 2023 年經濟衰退（儘管並未到來）時就實踐過這一點。我認為廣告商真正學到的一件事就是在減少廣告支出的同時避免對自身的收入成長和市場份額產生負面影響。

As Steve highlighted, we're not seeing a pullback so far in the quarter. We're not seeing anything that gives us pause right now. April came in well and we're not hearing from customers that they are pausing or delaying ad spend at scale.

正如史蒂夫強調的那樣，本季到目前為止我們還沒有看到回調。目前我們還沒有看到任何讓我們停下來的事情。四月份的業績表現良好，我們沒有聽到客戶表示他們暫停或推遲大規模廣告支出。

Now, looking through to the other side, I think there's a number of trends or shifts that I see and expect, all of which I think will benefit us. First of all, we anticipate a shift from linear TV into streaming. As the upfronts are getting underway, I can imagine that many advertisers are not super keen to commit significant upfront budgets and they want flexibility, they want agility, which means they'll be able to buy more in the spot market or scatter market, which really favors programmatic.

現在，從另一個角度來看，我認為我看到並預期會出現許多趨勢或轉變，所有這些都將使我們受益。首先，我們預期線性電視將轉向串流媒體。隨著預付款的進行，我可以想像許多廣告商並不十分熱衷於投入大量的前期預算，他們想要靈活性，他們想要敏捷性，這意味著他們將能夠在現貨市場或分散市場購買更多，這確實有利於程序化。

I think that's significantly to our benefit. We've got 80% penetration of the top 30 streamers. I think we're going to see a shift from upper funnel to lower funnel or brand to performance. We've got a lot of solutions there, to your point on resiliency around CTV, commerce media, advanced data and targeting. We've got Convert, Connect other products and our performance DSP activity tripled on a year-over-year basis.

我認為這對我們有很大的益處。我們對前 30 名的串流媒體的滲透率已達到 80%。我認為我們將會看到從上層漏斗到下層漏斗或從品牌到績效的轉變。我們有許多解決方案，可以滿足您關於 CTV、商業媒體、進階資料和定位的彈性方面的觀點。我們擁有 Convert、Connect 等產品，而我們的效能 DSP 活動比去年同期成長了兩倍。

I think we're also going to see marketers say, one way to offset pressure on ad budgets is spend consolidation or SPO. That can continue to grow as a share of the business. Of course, we've got Activate in our new launch, so we're really excited about that. I think more broadly, AI solutions focused on growth and efficiency will be increasingly attractive. Buyers and publishers alike will be willing to try new solutions. I think that favors our AI-driven development.

我認為我們也會看到行銷人員說，抵消廣告預算壓力的一種方法是支出合併或 SPO。這部分業務份額還可以繼續成長。當然，我們在新產品中已經採用了 Activate，所以我們對此感到非常興奮。我認為，更廣泛地說，專注於成長和效率的人工智慧解決方案將越來越有吸引力。買家和出版商都願意嘗試新的解決方案。我認為這有利於我們的人工智慧驅動的發展。

Let me turn it over to Steve.

讓我把它交給史蒂夫。

Sure. Just to tack on to what Rajeev has described, which lays the real foundation of how we think about the second half. Number one, really to emphasize the point that over the last couple of years, we've been diversifying our customers, publisher base, branded publishers, buyers, commerce media networks, data curation partners.

當然。只需補充 Rajeev 所描述的內容，它就為我們如何思考下半部分奠定了真正的基礎。首先，真正要強調的是，在過去的幾年裡，我們一直在實現客戶、出版商基礎、品牌出版商、買家、商業媒體網路、資料管理合作夥伴的多元化。

The business we are today is very different what we were a couple of years ago. That gives us a lot of confidence in terms of being able to be resilient and be agile. Then there's the overarching points around just this secular shift in the market towards CTV and high engagement formats like mobile app, all areas that we're very well positioned in and growing.

我們今天的業務與幾年前相比有很大不同。這給了我們很大的信心，讓我們能夠保持韌性和敏捷性。然後，圍繞市場向 CTV 和行動應用程式等高參與度格式的長期轉變，我們處於非常有利的位置並且正在成長。

When we think about the second half, we're confident that we're going to be able to grow our underlying business 15% plus and be able to continue to grow through. It's a function of both the momentum we have, as well as the continued investments that we're making. Of course, our ability to execute, which we've proven time and time again, in terms of navigating uncertain environments as we have today.

當我們考慮下半年時，我們有信心使我們的基礎業務成長 15％ 以上，並能夠繼續成長。這既取決於我們的發展勢頭，也取決於我們持續進行的投資。當然，我們在應對當今不確定的環境方面，已經一次又一次地證明了我們的執行能力。

Thanks guys.

謝謝大家。

Jacob Armstrong from KeyBanc

KeyBanc 的 Jacob Armstrong

Hi, this is Jacob on for Justin. We've made a lot of progress with on-channel video. As you approach and surpass, this is about 50% of the mix, how do you think about letting those higher CPMs drop through to margins versus reinvesting for future growth? Thank you.

大家好，我是 Jacob，代表 Justin。我們在頻道影片方面取得了很大進展。當您接近並超越時，這大約是組合的 50%，您如何考慮讓那些較高的 CPM 下降到利潤率，還是為未來的成長進行再投資？謝謝。

Sure. Rajeev and I could tag team, but let me just give you a perspective from where I sit, the CFO's seat. What we're doing as a business to build on the themes that we've shared is we're looking for and identifying the fastest growing areas, secular growth areas.

當然。Rajeev 和我可以組隊，但我只能從我作為財務長的角度來給你一個視角。作為一家企業，我們在我們所分享的主題的基礎上所做的就是尋找並確定成長最快的領域、長期成長領域。

You hit the nail on the head. Omni-channel video is certainly one of them, and double-clicking CTV. CTV, we had a great first quarter growing revenues over 50%, and so significant momentum.

你說得太對了。全通路影片當然是其中之一，請雙擊CTV。CTV，我們第一季表現優異，營收成長超過 50%，發展勢頭強勁。

We've also been expanding in a number of other areas. You heard the announcement that we had yesterday, the first end-to-end AI-enabled buying platform that we think is going to position as well. When we think about investment, it's always a function of are we having adequate resources to make sure we're capitalizing on the best growth opportunities?

我們還在許多其他領域不斷擴張。您聽到了我們昨天發布的公告，我們認為第一個端到端的人工智慧購買平台也將佔據領先地位。當我們考慮投資時，我們總是考慮我們是否擁有足夠的資源來確保我們能夠利用最佳的成長機會？

The answer is yes, we believe we are doing that. Number two, our focus is obviously getting continued productivity out of the organization to help fund that. We've been sharing data over the years in terms of our strength in managing our infrastructure.

答案是肯定的，我們相信我們正在這樣做。第二，我們的重點顯然是讓組織持續保持生產力，從而為此目標提供資金支持。多年來，我們一直在分享有關管理基礎設施實力的數據。

The stat that I shared in the prepared comments, increasing our impression capacity by 60% while keeping our cost of revenue 16% is a significant delta that allows us to reinvest in the business. As long as we keep on seeing the opportunities to drive those circular growth areas, we're going to keep doing that.

我在準備好的評論中分享的統計數據是，我們的印象容量增加了 60%，同時收入成本保持在 16%，這是一個顯著的增量，使我們能夠對業務進行再投資。只要我們繼續看到推動這些循環成長領域的機會，我們就會繼續這樣做。

At the same time, we're obviously very cognizant of managing the bottom line, and we've done that consistently over many years. Very long track rate of adjusted profitability. We're going to always balance in terms of funding growth and appropriately managing the bottom line. We think we have a right mix between the two.

同時，我們顯然非常清楚管理底線，並且多年來我們一直這樣做。調整後的獲利能力的長期追蹤率。我們將始終在資金成長和適當管理底線之間保持平衡。我們認為我們在兩者之間找到了正確的組合。

Anything you want to add, Rajeev?

還有什麼要補充的嗎，Rajeev？

Yeah, I think we are very focused on growing that video business just because there's still so much runway ahead of us. We are 80% penetrated with the top 30 streamers. When we think about CTV, we mentioned CTV grew over 50% year over year. But there's still a lot more premium content to add like sports, traditional broadcasters in some parts of the world are just getting going with streaming, and they're more and more using PubMatic to drive monetization of their streaming-based consumption. As an example, we added the fast, the free ad-supported TV channels of the BBC out of the UK, and then we're just seeing tremendous momentum from Activate in our CTV marketplace. I think there's a lot of growth opportunity for us to go after.

是的，我認為我們非常專注於發展視訊業務，因為我們前面還有很長的路要走。我們對前 30 名的串流媒體的滲透率為 80%。當我們考慮 CTV 時，我們提到 CTV 年成長超過 50%。但仍有更多優質內容需要添加，例如體育內容，世界某些地區的傳統廣播公司才剛開始使用串流媒體，他們越來越多地使用 PubMatic 來推動基於串流媒體的消費的貨幣化。舉個例子，我們在英國增加了 BBC 的快速、免費廣告電視頻道，然後我們就看到 Activate 在我們的 CTV 市場中呈現出巨大的發展勢頭。我認為我們還有很多成長機會可以追求。

Andrew Boone at JMP

JMP 的 Andrew Boone

Thanks so much for taking the question. One on guidance and one strategic. Rajeev, you talked about how curation and data and all of the other newer products that you guys have launched over the last three years is improving ROIs across the platform.

非常感謝您回答這個問題。一個是指導性的，一個是策略性的。Rajeev，您談到了策展、數據以及您在過去三年中推出的所有其他新產品如何提高整個平台的投資回報率。

What do you think is next? How do you drive that over the next two years, and then how do you think about that maybe in five years? Give us a near and medium-term roadmap.

您認為接下來會發生什麼事？在接下來的兩年裡您將如何推動這目標的實現？接下來的五年內您又將如何考慮這個目標的實現？請給我們一份近期和中期路線圖。

And then, Steve, I would love to just better understand the bridge from what is that normalized, strong 21% growth that you guys talked about in the quarter versus the GAAP result that got put up. Can you just help us understand the breakdown of what is political versus what is that one-time DSP? And then just connect that to 15% growth you guys are targeting for 2025. Thanks so much.

然後，史蒂夫，我很想更了解你們在本季度談到的正常化、強勁的 21% 成長與公佈的 GAAP 結果之間的聯繫。您能否幫助我們理解政治與一次性 DSP 之間的差異？然後將其與你們設定的 2025 年 15% 的成長目標連結起來。非常感謝。

Great. Let me start on the first part, just in terms of how do we continue to grow ROIs on the platform. So I think there's three key drivers. So number one is data, as you mentioned. So with the on and off again, cookie deprecation process, I think we certainly have been investing a lot in bringing first-party data and identity data onto our platform. And so that is a key ingredient to driving performance.

偉大的。讓我從第一部分開始，就我們如何持續提高平台上的投資報酬率而言。所以我認為有三個關鍵驅動因素。正如您所說，第一點是數據。因此，隨著 cookie 棄用過程的反覆進行，我認為我們確實已經投入了大量資金將第一方資料和身分資料引入我們的平台。所以這是推動業績的關鍵因素。

One of the reasons that walled gardens do so well is you're logged in as a consumer into those environments. And so they can use that to target and drive strong performance. We're now seeing a lot more first-party data, whether it's CTV or it's commerce media driven or mobile app environment. We're seeing a lot of that data in the open internet on our platform, which creates a great background for driving performance.

圍牆花園之所以如此成功的原因之一是，您以消費者的身分登入這些環境中。因此，他們可以利用它來實現目標並推動強勁的表現。我們現在看到了更多的第一方數據，無論是 CTV 還是商業媒體驅動或行動應用環境。我們在我們平台上的開放網路上看到了大量此類數據，這為提高效能創造了良好的背景。

Second is just driving efficiency across the supply chain. So bringing the sell side and the buy side closer together, that creates a lot of operational efficiency, creates a lot of fee efficiency, and it also accelerates the feedback loop of sell side to buy side or buy side to sell side so that you can drive performance.

第二就是提高整個供應鏈的效率。因此，拉近賣方和買方的距離，可以提高營運效率和費用效率，還可以加速賣方到買方或買方到賣方的回饋循環，進而提高績效。

And that's exactly what we've been doing with Activate and supply path optimization. Our announcement from yesterday, we think we'll move that forward materially as there's clearly a trend in the ecosystem towards buyers and sellers looking to transact with fewer intermediaries or fewer hops in between.

這正是我們透過啟動和供應路徑優化所做的事情。從我們昨天的公告來看，我們認為我們將在這一方面取得實質進展，因為生態系統中明顯存在一種趨勢，即買家和賣家希望透過更少的中介或更少的跳躍進行交易。

And then I think the last piece is really to build performance solutions in terms of helping buyers optimize whatever the outcome is that they're looking for. So it could be closed loop attribution in the case of commerce. It could be a cost per action or cost per customer acquisition. And I think the framework that we've laid around data and supply chain efficiency activate in our SSP gives us the ingredients to drive that over the next couple of years.

然後我認為最後一部分實際上是建立效能解決方案，以幫助買家優化他們所尋求的結果。因此，在商業情況下，這可能是閉環歸因。它可能是每次行動的成本或每次客戶獲取的成本。我認為，我們在 SSP 中圍繞數據和供應鏈效率構建的框架為我們提供了在未來幾年推動這一目標的要素。

Thanks, Rajeev. So with respect is just helping understand the bridge between the 15% plus growth and our total reported numbers. So as a reminder for everyone who's not familiar, mid-last year, there was a change in one of the DSPs in terms of how they bid on our platform.

謝謝，拉吉夫。因此，這只是幫助理解 15% 以上的成長與我們報告的總數之間的關聯。因此，提醒一下那些不熟悉的人，去年年中，其中一個 DSP 在我們平台上的競價方式發生了變化。

We'd anticipated that that would have an impact in the second half of ‘24 and the first half of ‘25. And how it's unfolded is exactly as we had anticipated. We're going to be growing through that.

我們預計這將對 2024 年下半年和 2025 年上半年產生影響。而事情的進展也正如我們所預料的。我們將透過這種方式不斷成長。

And a couple of key points are to note; the 15% plus growth that we anticipate is the large majority of our best is 70% of our revenues. And we're going to be lapping that anniversary of the DSP change mid-year. That impact that we are growing through in the first half of this year is about $15 million to $20 million.

需要注意幾個關鍵點；我們預計 15% 以上的成長將占我們收入的 70%。我們將在年中慶祝 DSP 變革週年紀念日。我們今年上半年的成長影響約為 1,500 萬至 2,000 萬美元。

So when you think about us putting up a decent total reported numbers, and then in April, as I shared, we were flat year over year inclusive of that shows the strong momentum that we have. And then as everyone's familiar, there was a big amount of political spending last year. In the second half of the year, we're going to be lapping that.

因此，當您想到我們公佈了相當不錯的總體報告數字時，那麼在四月份，正如我所分享的，我們的數字與去年同期持平，這表明我們擁有強勁的發展勢頭。眾所周知，去年的政治支出非常大。今年下半年，我們將會實現這個目標。

That represents a headwind about 6% to 7% of overall revenues. But we expect that even with that headwind, we're going to be able to grow with the core momentum of 15% plus, absorbing that headwind on a plus positive year over year basis in the second half. And it's a function of the points that we've articulated one, the diversified business that we built, the focus on the fastest growing areas with video growing double digits.

這意味著總收入將減少約 6% 至 7%。但我們預計，即使面臨逆風，我們仍將能夠以 15% 以上的核心增長勢頭增長，並在下半年以同比增長的方式吸收逆風。它是我們闡明的觀點的函數，首先，我們建立的多元化業務，重點關注成長最快的領域，其中視訊成長達到兩位數。

And then, of course other parts of our business doing quite well, the emerging revenues doubling over year over year. So I expect as we end the year it's going to be much more apparent in terms of what the total business looks like. And then going into ‘26, it's going to be a clean comparison and we expect to be growing in the double digits.

當然，我們業務的其他部分也表現得相當不錯，新興收入逐年翻倍。因此我預計，到今年年底，整體業務狀況將會更加明顯。然後進入 26 年，這將是一個清晰的比較，我們預計將實現兩位數的成長。

Great, thank you.

太好了，謝謝。

Thanks, Steve. I'm now going to turn the call back over to Rajeev for closing remarks. Go ahead, Rajeev.

謝謝，史蒂夫。現在我將把電話轉回 Rajeev 做最後發言。繼續吧，拉吉夫。

Thank you, Stacie. And thank you all for joining us today. We delivered a strong first quarter and ad spend trends to date remain consistent. While the current environment has a degree of uncertainty, we firmly believe it also serves as a catalyst that will accelerate the shift to programmatic.

謝謝你，史黛西。感謝大家今天的到來。我們第一季表現強勁，迄今為止的廣告支出趨勢保持一致。雖然當前環境存在一定程度的不確定性，但我們堅信它也能成為加速向程式化轉變的催化劑。

This, together with opportunities from the recent Google verdict, position as well for long term growth. Our prudent operating plan allows us to continue investing in secular growth opportunities while also protecting our balance sheet and cash flow while expanding our repurchase program.

這一點，加上最近谷歌判決帶來的機會，也為長期成長奠定了基礎。我們審慎的營運計劃使我們能夠繼續投資於長期成長機會，同時保護我們的資產負債表和現金流，並擴大我們的回購計畫。

We look forward to seeing many of you at upcoming conferences, including Evercore's Nothing But Net Conference and Jeffrey's Public Technology Conference. We'll also be on the road in several cities over the next few weeks. Thanks, everyone, for joining us today and have a great afternoon.

我們期待在即將舉行的會議上見到你們，包括 Evercore 的 Nothing But Net 會議和 Jeffrey 的公共技術會議。未來幾週我們還將前往幾個城市。感謝大家今天的參與，祝大家下午愉快。

Thank you.

謝謝。