PubMatic Inc (PUBM) 2025 Q2 法說會逐字稿

Welcome, everyone. We will begin shortly.

歡迎大家。我們很快就要開始了。

Hello, everyone. We will begin shortly.

大家好。我們很快就要開始了。

Hello, everyone, and welcome to PubMatic's second-quarter 2025 earnings call. My name is Oren and I will be your Zoom operator today.

大家好，歡迎參加 PubMatic 2025 年第二季財報電話會議。我叫奧倫，今天將由我來擔任您的 Zoom 操作員。

Thank you for your attendance today. As a reminder, this webinar is being recorded.

感謝您今天的出席。再次提醒，本次網路研討會正在錄製。

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

現在我將把電話轉交給 Blueshirt Group 的 Stacie Clements。

Good afternoon, everyone, and welcome to PubMatic's earnings call for the second quarter of 2025.

各位下午好，歡迎參加 PubMatic 2025 年第二季財報電話會議。

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.

這裡是藍衫集團的史黛西·克萊門茨，今天我將為您接聽電話。與我一同參加電話會議的還有共同創辦人兼執行長 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) A copy of our press release can be found on our website at investors.pubmatic.com.

在我們開始之前，我還有一些準備工作要做。今天的演講稿已經錄製完畢，之後拉吉夫和史蒂夫將主持現場問答環節。（活動說明）您可以在我們的網站 investors.pubmatic.com 上找到我們的新聞稿副本。

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.

我想提醒各位參與者，在本次電話會議中，管理層將發表前瞻性聲明，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聲明。前瞻性陳述是基於我們目前對公司業務、經濟和未來狀況的預期和假設。

These forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. You can find more information about these risks, uncertainties, and other factors in our reports filed from time to time with the Securities and Exchange Commission and are available at investors.pubmatic.com, including our most recent Form 10-K and our subsequent filings on Forms 10-Q or 8-K.

這些前瞻性陳述存在固有的風險、不確定性和難以預測的情況變化。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 上獲取，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。

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 today is as of August 11, 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.

我們的實際結果可能與前瞻性聲明中設想的結果有重大差異。因此，我們提醒您不要依賴任何此類前瞻性陳述。今天討論的所有資訊均截至 2025 年 8 月 11 日，我們不打算也不承擔任何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，除非法律要求。

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

此外，今天的討論還將提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、營業活動現金流量和自由現金流量。這些非GAAP指標僅供補充資訊之用，不應被視為取代依照GAAP編製的財務資訊。我們的新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的調整表。

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

現在，我將把電話交給拉吉夫。

Thank you, Stacie, and welcome, everyone.

謝謝Stacie，也歡迎各位。

We delivered a strong second quarter with revenue and adjusted EBITDA ahead of expectations. Revenue from our underlying business, which excludes the affected DSP and political advertising, grew 19% year over year. Importantly, our reported revenue returned to year-over-year growth at 6%.

第二季業績強勁，營收和調整後 EBITDA 均超乎預期。不包括受影響的DSP和政治廣告業務在內的基礎業務收入較去年同期成長19%。重要的是，我們公佈的收入恢復了年增長，達到 6%。

Our performance was driven by CTV and emerging revenue streams, which includes Activate, sell-side data targeting and commerce media, as clients increasingly turn to the PubMatic platform for greater performance, transparency and control over their digital advertising strategies. Once again, our robust business model drove the incremental revenue through to the bottom line. We delivered 20% adjusted EBITDA margin, marking our 37th consecutive quarter of adjusted EBITDA profitability.

我們的業績主要得益於 CTV 和新興收入來源，包括 Activate、賣方資料導向和電商媒體，因為客戶越來越多地轉向 PubMatic 平台，以獲得更高的績效、透明度和對其數位廣告策略的控制。我們穩健的商業模式再次推動了增量收入轉化為最終利潤。我們實現了 20% 的調整後 EBITDA 利潤率，這是我們連續第 37 季實現調整後 EBITDA 獲利。

I'm proud of these results and the value that PubMatic delivers to clients. Our journey to transform the business started years ago, evolving from an SSP provider only to an end-to-end platform serving publishers, ad buyers, commerce media networks and data providers and curators. We pioneered Supply Path Optimization and launched Activate to put more control in the hands of advertisers and agencies. We delivered significant growth with sell-side data targeting and commerce media. We expanded relationships with the world's largest streamers with CTV now representing nearly 20% of total revenue, and we recently added a top 5 US streamer, which increased our market penetration to 26 of the top 30 global streamers. The execution in these secular growth areas has been strong, and yet our financial results are not yet reflecting where I know they can be.

我為這些成果以及 PubMatic 為客戶帶來的價值感到自豪。我們轉型業務的旅程始於多年前，從 SSP 供應商發展成為服務於出版商、廣告買家、商業媒體網路、資料提供者和策展人的端到端平台。我們率先推出了供應鏈路徑優化 (SPO) 和 Activate，旨在讓廣告商和代理商擁有更大的控制權。我們透過賣方數據定向和電商媒體實現了顯著成長。我們擴大了與全球最大串流媒體平台的合作關係，目前 CTV 佔總收入的近 20%，而且我們最近還新增了一家美國排名前 5 的串流媒體平台，這使我們的市場滲透率提高到全球前 30 大串流媒體平台中的 26 家。在這些長期成長領域，我們的執行力很強，然而，我們的財務表現還沒有反映出我們應有的水準。

Today, our top legacy DSP partners contribute the majority of ad spend on our platform. Historically, this strategy has delivered growth and scale. But platform changes on their end are often done with limited visibility and create revenue headwinds for us while we take steps to mitigate them. The most recent example occurred just last month in July and will impact our revenue in the second half of this year as we work through mitigation initiatives. Steve will provide more details in a few minutes.

目前，我們平台上的大部分廣告支出都來自我們頂尖的傳統DSP合作夥伴。從歷史經驗來看，這種策略帶來了成長和規模。但是，平台方面的變更通常是在缺乏可見性的情況下進行的，這會給我們帶來收入上的不利影響，而我們則需要採取措施來緩解這些影響。最近的例子發生在7月份，在我們採取緩解措施期間，這將影響我們今年下半年的收入。史蒂夫稍後會提供更多細節。

I've seen this industry evolve for two decades, and it's clear that we are at an inflection point. The lines between SSPs and DSPs are blurring, and AI is fundamentally changing how advertising is created, transacted and optimized. Long term, we believe the reshaping of the programmatic ecosystem will be to our advantage. The status quo simply won't do.

我見證了這個產業二十年的發展歷程，很明顯，我們正處於一個轉捩點。SSP 和 DSP 之間的界線正在變得模糊，人工智慧正在從根本上改變廣告的創建、交易和優化方式。從長遠來看，我們相信程序化生態系統的重塑將對我們有利。維持現狀絕對行不通。

As we look to the second half and beyond, our key priority is to accelerate stronger, more sustainable growth. As our model continues to deliver significant efficiencies via AI and software optimizations, we are able to fund, even accelerate investments to match the pace of change we're seeing across the ecosystem. This includes diversifying our DSP mix, accelerating investment on the buy side, advancing our leadership in CTV, scaling emerging revenue streams, and integrating AI across our tech stack and operations.

展望下半年及未來，我們的首要任務是加速實現更強勁、更永續的成長。隨著我們的模型透過人工智慧和軟體優化不斷提高效率，我們能夠為投資提供資金，甚至加快投資步伐，以適應我們在整個生態系統中看到的變化速度。這包括使我們的 DSP 組合多樣化，加快買方投資，鞏固我們在 CTV 領域的領先地位，擴大新興收入來源，以及將 AI 整合到我們的技術堆疊和營運中。

The good news is that we have already been investing in these areas. We have the team, the tech, the customer relationships and the financial resources to accelerate the opportunities in front of us. My confidence stems from the progress we've already made in these areas.

好消息是，我們已經在這些領域進行了投資。我們擁有團隊、技術、客戶關係和財力，可以加速掌握眼前的機會。我的信心源自於我們在這些領域已經取得的進展。

First, we have been actively diversifying our DSP mix over the past couple of years. Performance marketers and mid-tier DSPs are gaining share of ad budgets as spend shifts to ROI-based outcomes, including in CTV. We see this on our platform. Ads spend from these newer DSPs is growing at 20%-plus rates, and we're adding more of these high-growth ad buyers to our platform every quarter, including SMB CTV ad platforms like MNTN and tvScientific and China-based performance DSPs to support their non-China business. Collectively, these DSPs strengthen our platform and bring better demand diversity, buyer resilience and platform stickiness.

首先，在過去的幾年裡，我們一直在積極地使我們的 DSP 組合多樣化。隨著支出轉向基於投資回報率的結果（包括 CTV），效果行銷人員和中型 DSP 正在獲得越來越多的廣告預算份額。我們在自己的平台上也看到了這種情況。這些新興 DSP 的廣告支出正以超過 20% 的速度成長，我們每季都會將更多此類高成長的廣告買家加入我們的平台，包括 MNTN 和 tvScientific 等中小企業 CTV 廣告平台以及中國的效果型 DSP，以支援其在中國以外的業務。這些DSP共同增強了我們的平台，帶來了更好的需求多樣性、買家韌性和平台黏性。

Second, we are accelerating investment on the buy side. The momentum we are seeing with our direct buying platform, Activate, is a testament that our strategy is working. Buying activity more than doubled from Q1 to Q2 as advertisers look beyond legacy platforms for increased performance, control and transparency. We're seeing success across both brand and agency partners. Omnicom Media Group Germany recently used Activate to power a CTV campaign for a leading online marketplace for handmade goods and was able to exceed their clients' performance benchmarks.

其次，我們正在加快買方投資。我們的直接購買平台 Activate 目前的發展動能證明，我們的策略是有效的。由於廣告商尋求超越傳統平台以獲得更高的效果、控制力和透明度，購買活動從第一季到第二季翻了一番還多。我們在品牌合作夥伴和代理商合作夥伴方面都取得了成功。Omnicom Media Group Germany 最近使用 Activate 為一家領先的手工製品線上市場開展了一項 CTV 廣告活動，並成功超越了客戶的績效基準。

According to their Managing Partner, Nicolai Keiland, the collaboration with PubMatic allowed the agency to implement an efficient programmatic setup for the CTV campaign that delivered impressive results in both visibility and brand impact.

據其管理合夥人尼古拉·凱蘭德 (Nicolai Keiland) 稱，與 PubMatic 的合作使該機構能夠為 CTV 廣告活動實施高效的程序化設置，並在曝光度和品牌影響力方面都取得了令人印象深刻的結果。

At the same time, commerce media players are integrating with Activate to power their programmatic advertising businesses. PayPal is leveraging Activate to combine their unique transaction-based audience data from over 430 million accounts with PubMatic's premium inventory to streamline campaign execution for advertisers across multiple formats, including CTV. This demonstrates how buyers are increasingly turning to PubMatic's unified platform to improve targeting precision, reduce operational complexity and scale their programmatic commerce media strategies efficiently. I'm excited about the potential this partnership has in the near term, but more importantly, see it as a blueprint for broader adoption across the commerce media landscape.

同時，電商媒體公司正在與 Activate 進行整合，以支援其程式化廣告業務。PayPal 正在利用 Activate 將其來自超過 4.3 億個帳戶的獨特基於交易的受眾數據與 PubMatic 的優質廣告資源相結合，從而簡化廣告商在包括 CTV 在內的多種格式上的廣告活動執行。這表明買家正越來越多地轉向 PubMatic 的統一平台，以提高定位精度、降低營運複雜性並有效率地擴展其程式化商務媒體策略。我對這項合作在短期內的潛力感到興奮，但更重要的是，我認為它為在商業媒體領域更廣泛地採用這種模式樹立了榜樣。

As more commerce players seek to activate their data in premium, brand-safe environments, our end-to-end platform provides scalable programmatic infrastructure that complements their direct sales efforts. These integrations unlock high-margin revenue opportunities for PubMatic across data, media and buying technology, further diversifying and accelerating our growth engine.

隨著越來越多的電商企業尋求在優質、品牌安全的環境中啟動其數據，我們的端到端平台提供了可擴展的程式化基礎設施，以補充他們的直接銷售工作。這些整合為 PubMatic 在數據、媒體和購買技術領域釋放了高利潤的收入機會，進一步多元化並加速了我們的成長引擎。

To support growth, we are adding headcount in our go-to-market teams with a focus toward independent agencies and direct brand relationships. This complements our ongoing leadership in supply path optimization, which continues to represent a majority of activity on our platform.

為了支持成長，我們正在增加市場推廣團隊的人員，重點是獨立代理商和直接品牌關係。這進一步鞏固了我們在供應鏈路徑優化領域的持續領先地位，該領域仍然佔據我們平台活動的大部分份額。

To capitalize on this increased demand, our third priority is to advance our leadership position in CTV as buyers increasingly move budgets from linear to programmatic streaming. CTV revenue grew over 50% year over year in Q2, indicating continued significant market share gains.

為了利用這種不斷增長的需求，我們的第三個優先事項是鞏固我們在 CTV 領域的領先地位，因為買家正越來越多地將預算從線性電視轉向程式化串流媒體。第二季 CTV 營收年增超過 50%，顯示市佔率持續大幅成長。

International expansion and new innovative formats are driving CTV growth. In a recent landmark partnership with Nippon TV, one of Japan's largest broadcast companies, PubMatic is now powering programmatic access to their traditional broadcast TV inventory for the first time. This reflects a broader trend among broadcasters globally who are turning to PubMatic to modernize their monetization strategies at scale. We were also selected as the exclusive SSP partner for performance marketing company, Wunderkind's launch of Pause Ads across their premium CTV inventory.

國際擴張和創新形式的出現正在推動連網電視的成長。在最近與日本最大的廣播公司之一日本電視台達成的一項具有里程碑意義的合作中，PubMatic 首次為其傳統廣播電視廣告資源提供程式化購買服務。這反映了全球廣播公司普遍採用 PubMatic 來大規模實現獲利策略現代化的趨勢。我們也被選為效果行銷公司 Wunderkind 在其優質 CTV 廣告資源上推出暫停廣告的獨家 SSP 合作夥伴。

Also driving growth in CTV are our curated marketplaces. Most recently, we launched our live sports marketplace, allowing advertisers to access sports inventory from FanServ, MLB, FuboTV, DirecTV, Spectrum Reach and Roku. Our proprietary marketplace solves ad monetization for one of the most underserved and high potential segments. FanServ's VP of Demand Partnerships, Ben Goodfriend, explains, It empowers brands to connect meaningfully at the exact moment that matter most across every platform they love. As our growing live sports footprint expands, related buyer activity in the first half of 2025 was up nearly 3 times year over year.

我們精心策劃的市場也是推動 CTV 成長的因素之一。最近，我們推出了直播運動市場，讓廣告主能夠從 FanServ、MLB、FuboTV、DirecTV、Spectrum Reach 和 Roku 等平台取得運動廣告資源。我們自主研發的市場平台為最缺乏服務且潛力巨大的細分市場之一解決了廣告變現問題。FanServ 的需求合作副總裁 Ben Goodfriend 解釋說：“它使品牌能夠在用戶喜愛的每個平台上，在最重要的時刻與他們建立有意義的聯繫。”隨著我們不斷擴大的現場體育賽事覆蓋範圍，2025 年上半年的相關買家活動年增近 3 倍。

Fourth, we continue to scale emerging revenue streams that monetize outside of traditional auction dynamics. This includes platform fees from data curation, commerce media and enterprise software solutions, all of which are high margin and contribute to the natural flywheel of our existing platform. For example, we recently partnered with Trainline, Europe's leading train and coach app with 27 million active customers worldwide. This commerce-focused company has integrated with our platform to drive incremental performance-based revenue at scale. By leveraging our SSP as well as our Connect and OpenWrap offerings, they are monetizing both on-site inventory and off-site activations. This allows us to diversify our revenue via our SSP, data and software fees.

第四，我們持續擴大在傳統拍賣機制之外實現獲利的新興收入來源。這包括資料管理、商業媒體和企業軟體解決方案的平台費用，所有這些都是高利潤，並有助於我們現有平台的自然飛輪效應。例如，我們最近與 Trainline 建立了合作關係，Trainline 是歐洲領先的火車和長途汽車應用程序，在全球擁有 2700 萬活躍用戶。這家以電商為核心的公司已與我們的平台整合，以大規模地推動基於績效的增量收入成長。透過利用我們的 SSP 以及 Connect 和 OpenWrap 產品，他們實現了現場庫存和場外活動的貨幣化。這使我們能夠透過SSP、數據和軟體費用實現收入多元化。

Connect is a powerful solution that allows data owners, publishers and commerce media networks to create curated audience segments using their first-party data. For example, one large digital media company with a diverse portfolio across technology, gaming and shopping leveraged our platform to unify audience data across their properties. This enabled advertisers to tap into an expansive set of high-value audience segments like tech enthusiasts or deal seekers. By offering these holistic, cross-property segments, the publisher is able to drive increased advertiser demand and improve CPMs. Plus, they're able to use Activate to monetize that audience across third-party inventory as well.

Connect 是一個強大的解決方案，它允許資料擁有者、發布商和商業媒體網路使用其第一方資料建立精心策劃的受眾群體細分。例如，一家業務涵蓋科技、遊戲和購物等領域的大型數位媒體公司利用我們的平台統一了其旗下所有資產的受眾數據。這使得廣告主能夠接觸到大量高價值受眾群體，例如科技愛好者或優惠搜尋者。透過提供這些整體性的、跨平台的細分市場，出版商能夠推動廣告商需求的成長並提高 CPM。此外，他們還可以使用 Activate 在第三方廣告資源上實現受眾變現。

These use cases demonstrate how publishers are moving from selling ad space to selling true audience insight, and how PubMatic is empowering them to do it with full control and transparency, all while unlocking revenue streams outside of traditional DSP-controlled auction dynamics.

這些用例表明，出版商正在從銷售廣告位轉向銷售真正的受眾洞察，而 PubMatic 正在幫助他們以完全的控制和透明的方式做到這一點，同時還能在傳統的 DSP 控制的競價動態之外解鎖收入來源。

And finally, as we accelerate these priorities, AI is a critical component integrated across our tech stack to further automate decisioning and streamline activation. This not only drives cost efficiency for our customers, but enhances campaign performance and optimization. In the past 12 months alone, we've launched multiple AI-powered capabilities that will help drive even greater adoption and usage of our platform, including PubMatic for buyers, our generative AI media buying solution launched in May, that enables advertisers to build optimized campaigns using natural language prompts. Our solution lets buyers run campaigns through Activate or their DSP of choice, accelerating setup and improving time to value.

最後，隨著我們加快這些優先事項，人工智慧已成為我們技術堆疊中整合的關鍵元件，以進一步實現決策自動化和簡化啟動流程。這不僅可以為我們的客戶提高成本效益，還可以提高廣告活動的效果和最佳化。僅在過去 12 個月裡，我們就推出了多項人工智慧驅動的功能，這將有助於推動我們平台的更大普及和使用，其中包括面向買家的 PubMatic，這是我們於 5 月推出的生成式人工智慧媒體購買解決方案，它使廣告商能夠使用自然語言提示來建立優化的廣告系列。我們的解決方案讓買家可以透過 Activate 或他們選擇的 DSP 平台進行廣告活動，從而加快設定速度並提高價值實現速度。

PubMatic Assistant, an AI-powered analytics engine that allows publishers and buyers to access insights, troubleshoot issues and guide campaign decisions through an intuitive chat-based interface. Predictive diagnostics that detect yield anomalies in real time and surface optimization opportunities via Agentic AI workflows to improve publisher monetization with less manual effort, and a dynamic floor yield module currently in beta that uses live auction signals to adjust pricing per impression, outperforming static solutions in early testing.

PubMatic Assistant 是一款由人工智慧驅動的分析引擎，它允許發布商和買家透過直覺的聊天介面獲取洞察、解決問題並指導廣告系列決策。預測性診斷功能可即時檢測收益異常，並透過 Agentic AI 工作流程發現優化機會，從而在減少人工幹預的情況下提高發布商的盈利能力；此外，還有一個動態底價收益模組，目前處於測試階段，該模組使用實時競價信號來調整每次展示的價格，在早期測試中表現優於靜態解決方案。

We have owned and operated our infrastructure for many years and optimized our integrations with industry-leading technology solutions to deploy high-performance machine learning models that enable increased data ingestion and faster processing, setting us apart from others. The scale, premium inventory and wide variety of data sets on our platform allow us to deliver measurable results that give us a differentiated advantage.

多年來，我們一直擁有並運營自己的基礎設施，並優化了與行業領先的技術解決方案的集成，以部署高性能機器學習模型，從而實現更高的數據攝取量和更快的處理速度，這使我們與其他公司區分開來。我們平台上的規模、優質庫存和廣泛的數據集使我們能夠提供可衡量的結果，從而賦予我們差異化優勢。

We're moving fast on the AI front, and it's changing the game. It's opening up the market in new ways and deepening our customer engagements. We believe that focusing on these key priorities will ultimately result in a stronger, more sustainable revenue profile for PubMatic over time and drive better outcomes for our customers and shareholders. Further, these priorities are converging with a major inflection point in the industry that we believe can result in significant market share expansion.

我們在人工智慧領域進展迅速，它正在改變遊戲規則。它以新的方式開拓市場，並加深我們與客戶的互動。我們相信，專注於這些關鍵優先事項最終將使 PubMatic 的收入狀況隨著時間的推移更加強勁、更加永續，並為我們的客戶和股東帶來更好的結果。此外，這些優先事項正與產業內的重大轉折點相匯合，我們認為這可以帶來市場份額的顯著擴張。

The recent ruling in the Google AdTech antitrust trial confirmed what we've long known. We've been operating in a monopolistic environment for decades, and yet PubMatic has grown our market share.

最近谷歌廣告技術反壟斷案的裁決證實了我們長期以來所知的事實。幾十年來，我們一直在壟斷環境下經營，但 PubMatic 的市佔率卻不斷成長。

Now with remedies on the horizon, we're entering a new chapter. Advertisers and publishers will need trusted independent technology providers with the scale and innovation to replace what they've relied on in legacy systems. PubMatic is that partner. We anticipate that a significant portion of Google's 60% market share will be up for grabs in 2026. Further, we estimate that a 1% market share shift to PubMatic would represent approximately $50 million to $75 million in net revenue, with most of that flowing through to our bottom line. This is a singular once-in-a-generation opportunity.

隨著治療方法的出現，我們即將進入一個新的篇章。廣告商和出版商需要值得信賴的獨立技術供應商，這些供應商需要具備規模和創新能力，才能取代他們過去依賴的傳統系統。PubMatic 就是我們的合作夥伴。我們預計，到 2026 年，Google 60% 的市佔率中將有很大一部分將重新開放競爭。此外，我們估計，PubMatic 1% 的市佔率轉移將帶來約 5,000 萬至 7,500 萬美元的淨收入，其中大部分將轉化為我們的利潤。這是千載難逢的千載難逢的機會。

On top of that, given our full stack platform and breadth of capabilities, we believe any structural changes could unlock multiplicative effects as ad buyers expand adoption of our end-to-end platform, such as adding audience targeting functionality or consolidating buying via Activate and supply path optimization.

此外，鑑於我們全端平台和廣泛的功能，我們相信任何結構性變化都可能釋放倍增效應，因為廣告買家會擴大對我們端到端平台的採用，例如增加受眾定向功能或透過 Activate 整合購買和供應路徑優化。

In closing, our Q2 results reflect strong secular growth and highlight how our platform is meeting the needs of today's digital advertising ecosystem. While we are actively addressing the recent disruption related to one of our DSP partners and seeing early signs of stabilization, it only reinforces conviction in our strategy to diversify demand and revenue streams and invest in the highest growth areas.

總而言之，我們第二季的業績反映了強勁的長期成長，並突顯了我們的平台如何滿足當今數位廣告生態系統的需求。雖然我們正在積極應對最近與我們的 DSP 合作夥伴相關的業務中斷，並且看到了初步的穩定跡象，但這只會更加堅定我們多元化需求和收入來源並投資於增長最快的領域的戰略信念。

We are building for what we believe will be one of the largest market shifts our industry has seen in years. As the programmatic ecosystem evolves, customers are demanding performance, control and transparency, all of which is increasingly dependent on AI. We've built a platform that gives buyers and publishers choice and independence. We have the team to deliver, and we are making the investments. I'm confident that we are building a stronger, more sustainable growth business that creates long-term value for our customers and shareholders.

我們正在為我們認為將是近年來我們行業所經歷的最大市場變革之一做好準備。隨著程式化生態系統的發展，客戶對效能、控制和透明度提出了更高的要求，而所有這些都越來越依賴人工智慧。我們打造了一個平台，讓買家和出版商擁有選擇權和自主權。我們擁有能夠完成任務的團隊，並且我們正在進行投資。我相信我們正在打造一個更強大、更永續成長的業務，為我們的客戶和股東創造長期價值。

I'll now turn the call over to Steve for the financial details and outlook.

現在我將把電話交給史蒂夫，讓他介紹財務細節和前景。

Thank you, Rajeev, and welcome, everyone.

謝謝你，拉吉夫，也歡迎各位。

We delivered a great second quarter and exceeded both revenue and adjusted EBITDA guidance. Driving this performance were secular growth areas, CTV and emerging revenue. We ended the quarter with strong margins and healthy free cash flow.

我們第二季業績出色，營收和調整後 EBITDA 均超乎預期。推動這一業績成長的是長期成長領域、連網電視和新興收入。本季末，我們實現了強勁的利潤率和健康的自由現金流。

We have made significant progress in transforming our business. And as Rajeev discussed earlier, we are accelerating our efforts. We proactively began evolving PubMatic several years ago from an SSP provider to an end-to-end platform. This evolution has significantly increased our total addressable market, and we've accelerated growth in key secular areas and improved our profit mix.

我們在業務轉型方面取得了顯著進展。正如拉吉夫之前所說，我們正在加快努力。幾年前，我們就開始積極推動 PubMatic 從 SSP 供應商發展成為端到端平台。這一發展顯著擴大了我們的潛在市場規模，加快了關鍵長期領域的成長，並改善了利潤結構。

Today, I will briefly comment on the second quarter highlights, which underline our confidence in our go-forward strategy. I'll then spend the remaining time outlining our second half plan, anticipated changes and how it flows through to our outlook.

今天，我將簡要評論第二季的亮點，這些亮點凸顯了我們對未來發展策略的信心。接下來，我將利用剩餘時間概述我們下半年的計劃、預期的變化以及這些變化如何影響我們的展望。

Starting with the revenue highlights. Omnichannel video revenues grew 34% year over year and represented 41% of total revenues in the quarter. CTV revenues increased by over 50% year over year for the fourth consecutive quarter and represented approximately 20% of total revenue in the quarter.

首先來看營收亮點。全通路視訊營收年增 34%，佔本季總營收的 41%。CTV 營收連續第四個季度年增超過 50%，約佔該季度總營收的 20%。

Emerging revenue streams more than doubled year-over-year and accounted for 8% of total revenue in the second quarter. Within this category, Connect, our curation and data business, continued its rapid revenue growth trajectory, growing over 100% year-on-year as publishers and buyers prioritize sell-side targeting through a more controlled and transparent environment. Our strong momentum is being driven by expanded AI product capabilities and expanded sales team.

新興收入來源年增超過一倍，佔第二季總營收的 8%。在這個類別中，我們的內容策劃和數據業務 Connect 繼續保持快速的收入成長勢頭，比去年同期成長超過 100%，因為出版商和買家優先考慮透過更可控和透明的環境進行賣方定向。我們強勁的發展勢頭得益於人工智慧產品能力的提升和銷售團隊的壯大。

Revenue from display was flat year-over-year, a significant improvement from Q1's year-over-year decline of 10%. As a reminder, we lapped a sizable DSP headwind in the second quarter. And as we had anticipated, this DSP spend returned to year-over-year growth in July.

顯示器業務收入與去年同期持平，較第一季同比下降 10% 的情況有了顯著改善。需要提醒的是，我們在第二季度克服了 DSP 領域相當大的逆風。正如我們預期的那樣，7 月份 DSP 支出恢復了同比增長。

We processed approximately 78 trillion impressions in Q2, which was 28% higher than last year and a 4% increase versus Q1. I want to give a little more color on the composition of these impressions to address concerns around AI search traffic as it relates to our business. Nearly 60% of all of these impressions were CTV and mobile app, which are unaffected by AI search. The remaining impressions are largely from web-based premium publishers, which are primarily accessed via direct navigation rather than search. Additionally, with our expanding publisher and streaming partnerships, we have growing access to more high-value traffic from which to choose and process.

第二季我們處理了約 78 兆次展示，比去年同期成長了 28%，比第一季成長了 4%。我想更詳細地介紹這些印象的組成，以解決與我們業務相關的 AI 搜尋流量問題。所有這些曝光中，近 60% 來自連網電視和行動應用，而這些管道不受人工智慧搜尋的影響。其餘的曝光量主要來自基於網路的優質出版商，這些出版商主要是透過直接導航而不是搜尋來存取的。此外，隨著我們與出版商和串流媒體合作夥伴的不斷拓展，我們可以獲得更多高價值流量，並從中進行選擇和處理。

With respect to Q2 ad spending, in aggregate, the top 10 ad verticals grew in the mid-single-digit percentages year-over-year. Health and fitness, technology and computing, travel and arts and entertainment each increased over 20%. We saw softer trends for shopping, automotive and business, which declined by single-digit percentages. On a regional basis, EMEA and APAC revenues grew 18% and 7%, respectively, while Americas declined 1%.

就第二季廣告支出而言，前 10 個廣告垂直領域總體上同比增長了中等個位數百分比。健康與健身、科技與電腦、旅遊以及藝術與娛樂等產業的成長率均超過 20%。我們看到購物、汽車和商業領域的趨勢有所放緩，降幅均達到個位數百分比。從區域來看，歐洲、中東和非洲地區以及亞太地區的收入分別成長了 18% 和 7%，而美洲地區的收入則下降了 1%。

Dovetailing with Rajeev's comments, we also made progress diversifying DSP spend across our platform. In the second quarter, we expanded the share of spending from DSPs outside the top 5 as spend from performance marketers and mid-tier DSPs grew over 20% year over year.

與 Rajeev 的評論相呼應，我們也在平台上實現了 DSP 支出的多元化。第二季度，我們擴大了前 5 名以外的 DSP 的支出份額，因為效果行銷人員和中型 DSP 的支出較去年同期成長超過 20%。

Turning to profitability, our robust leverage cost model highlights that when we meet or beat our revenue targets, we deliver high incremental flow-through. Our revenue outperformance and continued focus on efficiency enabled us to significantly exceed the upper end of adjusted EBITDA expectations by over 15%, inclusive of a significant FX headwind.

談到獲利能力，我們強大的槓桿成本模型表明，當我們達到或超過收入目標時，我們就能實現高增量利潤。我們超額的收入表現和對效率的持續關注，使我們得以大幅超出調整後 EBITDA 預期上限 15% 以上，這其中還包含了顯著的匯率不利因素。

Q2 adjusted EBITDA was $14.2 million or 20% margin and was our 37th straight quarter of adjusted EBITDA profitability. Included was a foreign exchange impact of approximately $2 million due to the weakening US dollar over the quarter.

第二季調整後 EBITDA 為 1,420 萬美元，利潤率為 20%，這是我們連續第 37 季實現調整後 EBITDA 獲利。其中包括因美元在本季走弱而造成的約 200 萬美元的外匯影響。

Total operating expenses in the second quarter were $50 million, flat with Q1 as ongoing cost savings from AI-driven efficiencies funded investments in high-growth secular areas. On a year-on-year basis, we managed our total headcount growth to less than 3% and realigned our team and resources to the highest growth areas like CTV, emerging revenues and SPO.

第二季總營運支出為 5,000 萬美元，與第一季持平，人工智慧驅動的效率提升帶來的持續成本節約為高成長的長期領域提供了投資資金。與前一年相比，我們將員工總數成長控制在 3% 以下，並將團隊和資源重新調整到 CTV、新興收入和 SPO 等成長最快的領域。

We increased our buyer-focused sales team members by over 20% compared to Q2 last year, which helped diversify revenue and drive our quarter's top line results. Q2 GAAP net loss was minus $5.2 million or minus $0.11 per diluted share.

與去年第二季相比，我們以買家為中心的銷售團隊成員增加了 20% 以上，這有助於實現收入多元化並推動本季營收成長。第二季 GAAP 淨虧損為 -520 萬美元，即每股攤薄虧損 0.11 美元。

Moving to cash and our capital allocation, we have a healthy balance sheet and generate positive cash flow, which provides financial stability while at the same time, allowing us to consistently invest for revenue growth. Over the last four years, since Q2 2021, we have produced approximately $350 million in net cash from operations and more than $180 million in free cash flow. In the second quarter, we generated $14.9 million in net operating cash flows and free cash flow of $9.3 million. We ended the quarter with $117.6 million in cash and marketable securities and 0 debt.

談到現金和資本配置，我們擁有健康的資產負債表並產生正現金流，這不僅提供了財務穩定性，又使我們能夠持續投資以實現收入成長。過去四年，自 2021 年第二季以來，我們已產生約 3.5 億美元的淨營運現金流量和超過 1.8 億美元的自由現金流。第二季度，我們產生了 1,490 萬美元的淨經營現金流和 930 萬美元的自由現金流。本季末，我們持有現金及有價證券1.176億美元，無負債。

Given the strength, we continue to deploy our capital to maximize shareholder value. Since the inception of our repurchase program in February 2023, through the end of Q2, we have bought back 12.2 million Class A common shares for $178.2 million. We have $96.8 million remaining in our repurchase program authorized through the end of 2026.

鑑於公司實力雄厚，我們將繼續投入資金，以實現股東價值最大化。自 2023 年 2 月啟動回購計畫以來，截至第二季末，我們已回購 1,220 萬股 A​​ 類普通股，總額達 1.782 億美元。我們的股票回購計畫還剩餘 9,680 萬美元，該計畫已獲授權，有效期至 2026 年底。

To recap, through the first half of the year, our results came in well ahead of our expectations, driven by CTV, growth in sell-side data targeting and Activate. We added new publishers and DSPs to the platform, continue to scale Commerce Media and are seeing significant growth in Connect.

綜上所述，今年上半年，在 CTV、賣方數據定向成長和 Activate 的推動下，我們的業績遠遠超出預期。我們為平台新增了出版商和 DSP，繼續擴大 Commerce Media 的規模，而 Connect 也實現了顯著成長。

Looking to the second half of the year, we are confident that we'll continue to see growth in these secular areas. Our end-to-end platform, SPO and recently launched AI-driven solutions are helping customers scale their ad businesses while streamlining their operations. At the same time, beginning in July, we saw a headwind emerge from another top DSP buyer, which recently made platform changes. As a result, we saw a notable drop in spend in July from this DSP, which has stabilized in August.

展望下半年，我們有信心在這些長期成長領域持續保持成長動能。我們的端到端平台 SPO 和最近推出的 AI 驅動解決方案正在幫助客戶擴展其廣告業務，同時簡化其營運。同時，從 7 月開始，我們看到另一家頂級 DSP 買家帶來了不利影響，該公司最近進行了平台變更。因此，我們看到 7 月來自該 DSP 的支出大幅下降，但 8 月已趨於穩定。

Given the scale and complexity of our real time platform, we anticipate it will take us several months to iterate and optimize our activity with this DSP. Outside the top 5 DSPs, all other DSP spend increased over 30% year over year in July.

鑑於我們即時平台的規模和複雜性，我們預計需要幾個月的時間來迭代和優化我們與該 DSP 的互動。除前 5 大 DSP 外，其他所有 DSP 的支出在 7 月同比增長超過 30%。

To successfully navigate this headwind and to accelerate the key priorities that Rajeev outlined, we are well positioned both in terms of our capabilities and financial resources. We have a highly disciplined team focused on driving incremental cost efficiencies led by an AI-first strategy. We will optimize our existing resources and apply them to where we can achieve accelerated sustainable revenues. And our financial discipline, combined with our operating capabilities, provides a strong foundation to deliver on our priorities.

為了成功克服這一不利因素，加快推進拉吉夫概述的關鍵優先事項，我們在能力和財政資源方面都處於有利地位。我們擁有一支紀律嚴明的團隊，致力於透過人工智慧優先策略來提高成本效益。我們將優化現有資源，並將其應用於能夠加速實現永續收入成長的領域。我們的財務紀律，加上我們的營運能力，為實現我們的優先事項奠定了堅實的基礎。

Turning to our outlook for the third quarter, we are taking a conservative approach as it relates to the current impact from the large DSP and the continued uncertainty in the macro environment. Our July revenues came in slightly below last year, and we saw some sequential weakness versus June in several consumer discretionary ad verticals.

展望第三季度，鑑於大型DSP目前的影響以及宏觀環境的持續不確定性，我們採取了保守的態度。我們7月的收入略低於去年同期，與6月份相比，幾個非必需消費品廣告垂直領域出現了環比疲軟。

We expect Q3 revenue to be in the range of $61 million to $66 million. As a reminder, Q3 last year included approximately $5 million in political advertising or 7% of revenue. We expect Q3 operating expenses to be relatively flat with Q2 as we realign resources and work aggressively to diversify our DSP spend and deliver continued growth in key secular areas.

我們預計第三季營收將在 6,100 萬美元至 6,600 萬美元之間。提醒一下，去年第三季政治廣告支出約 500 萬美元，佔營收的 7%。我們預計第三季營運支出將與第二季基本持平，因為我們將重新調整資源，並積極努力使我們的DSP支出多元化，並在關鍵的長期發展領域實現持續成長。

We expect our Q3 adjusted EBITDA to be in the range of $7 million to $10 million, which also factors in a $1 million plus incremental impact of continued weakness of the US dollar. We are maintaining our full year CapEx projection at $15 million, which is a year-over-year reduction made possible by optimization efforts and cost-saving measures.

我們預計第三季調整後 EBITDA 將在 700 萬美元至 1000 萬美元之間，其中還考慮了美元持續疲軟帶來的 100 萬美元以上的額外影響。我們維持全年資本支出預期為 1,500 萬美元，這比前一年有所減少，得益於優化工作和節省成本的措施。

In closing, in Q2, we delivered strong growth in key secular areas, continued investing for long-term growth and benefited from our robust operating model. While our outlook includes a reduction in ad spend from one of our top DSP partners, the underlying health of the business remains strong while we mitigate the impact. We are optimizing resources to accelerate our key priorities that include diversifying DSP mix and expanding investment on the buy side, growing CTV, scaling emerging revenue streams and integrating AI across our tech stack and operations. We have a healthy balance sheet and generate positive cash flow and are confident in our long-term strategy to drive durable, accelerated growth, increase profitability and maximize shareholder value.

綜上所述，第二季度我們在關鍵的長期發展領域實現了強勁成長，繼續投資於長期成長，並受益於我們穩健的營運模式。儘管我們的展望包括來自我們頂級 DSP 合作夥伴之一的廣告支出減少，但隨著我們減輕影響，業務的基本面依然強勁。我們正在優化資源，以加速推進我們的關鍵優先事項，包括使 DSP 組合多樣化並擴大買方投資、發展 CTV、擴大新興收入來源以及將 AI 整合到我們的技術堆疊和營運中。我們擁有健康的資產負債表，能夠產生正現金流，並且對我們的長期策略充滿信心，該策略旨在推動持久、加速成長，提高獲利能力，並最大限度地提高股東價值。

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

現在我將把電話交給史泰西，她可以回答一些問題。

(Operator Instructions) Matt Swanson, RBC.

（操作員說明）Matt Swanson，RBC。

Hey, guys, thanks for taking the question.

嘿，各位，謝謝你們回答這個問題。

Rajeev, I know sometimes you can't give us all the details, but anything else you can kind of tell us about the nature of the change from the DSP just because we weren't hearing this from some peers. And then also -- so it sounds like drop in July, stable in August. What the process is of doing the iterations to optimize activity? And then, Steve, if you could just kind of give us the balance between the DSP and the macro and how you were thinking about guidance, that would be great.

Rajeev，我知道有時候你不能告訴我們所有細節，但你能不能告訴我們DSP變化的本質，因為我們從一些同行那裡沒有聽到這方面的消息。而且——聽起來像是7月下降，8月穩定。優化活動的迭代過程是怎麼樣的？史蒂夫，如果你能給我們講講DSP和宏觀策略之間的平衡，以及你對指導的看法，那就太好了。

Yes. Thank you, Matt.

是的。謝謝你，馬特。

So beginning in July, we saw a headwind emerge from a top DSP buyer, which recently shifted a significant number of clients to a new platform that evaluates inventory differently. And so the parameters of how they value inventory have changed, and we are working to optimize the inventory that we send this DSP accordingly. In addition, for some of our SPO partners, they did not realize until after the changes were made that their SPO strategies were no longer implemented.

因此，從 7 月開始，我們看到來自頂級 DSP 買家的阻力出現，該買家最近將大量客戶轉移到評估庫存方式不同的新平台。因此，他們評估庫存價值的參數發生了變化，我們正在努力優化我們發送給該DSP的庫存，以進行相應調整。此外，我們的一些 SPO 合作夥伴直到變更發生後才意識到他們的 SPO 策略不再實施。

And so as a result, they need to reimplement their SPO settings on this DSP's new platform, and that process takes time. So accordingly, we saw this notable drop in spend in July, and then we've seen that stabilize in August.

因此，他們需要在該 DSP 的新平台上重新實施他們的 SPO 設置，而這個過程需要時間。因此，我們看到7月的支出明顯下降，然後在8月趨於穩定。

Now given the scale and complexity of our real-time platform, we anticipate that it will take several months to iterate and optimize the traffic that we send to this DSP. And so while we're doing this, a top priority for us is to accelerate the diversification of ad spend on our platform away from legacy DSPs. And we've been making progress, but we plan to accelerate our strategy. So for instance, in Q2, we expanded the share of spending from DSPs outside of the top 5 with performance marketers and mid-tier DSPs growing 20% year over year, such as MNTN and tvScientific and some China-based DSPs. In July, that same cohort accelerated to over 30% year over year.

鑑於我們即時平台的規模和複雜性，我們預計需要幾個月的時間來迭代和優化我們發送到該 DSP 的流量。因此，在我們進行這項工作的同時，我們的首要任務是加快我們平台上廣告支出的多元化，使其擺脫對傳統 DSP 的依賴。我們一直都在取得進展，但我們計劃加快推進我們的策略。例如，在第二季度，我們擴大了前 5 名以外的 DSP 的支出份額，效果行銷人員和中型 DSP 的支出份額同比增長了 20%，例如 MNTN 和 tvScientific 以及一些中國 DSP。7 月份，同一群體較去年同期成長超過 30%。

And we think generally that there is significant opportunity as advertiser budgets outside of the top 250 advertisers and their holdco representatives is growing significantly faster than the growth rate within that top 250. But it's clear that the concentration of our legacy DSP relationships is a significant factor that's constraining our growth, and we intend to address that head on.

我們認為，總體而言，存在著巨大的機會，因為排名前 250 名的廣告商及其控股公司代表之外的廣告商預算增長速度明顯快於排名前 250 的廣告商的增長速度。但很明顯，我們傳統 DSP 關係的集中度是限制我們成長的一個重要因素，我們打算正面解決這個問題。

I'll turn it over to Steve.

我把它交給史蒂夫。

Sure.

當然。

With respect to the outlook, Matt, the vast majority of the outlook is being influenced by this change by the DSP in July. Just to give you some additional color. In providing the range, the way that I look at the bottom end of the range, it assumes that the latest trends that we're seeing today continue as such, and there's minimal but some consumer softness from the macro. And of course, the upper end of the range assumes the mitigation efforts take hold and start to improve that spend, and there is limited impact from the macro.

馬特，就前景而言，絕大多數前景都受到DSP在7月份的這項變化的影響。補充一些細節。在提供價格範圍時，我看待價格範圍下限的方式是，假設我們今天看到的最新趨勢將繼續下去，並且宏觀經濟中消費者需求略有疲軟。當然，該範圍的上限假設緩解措施能夠奏效並開始改善支出，且宏觀經濟的影響有限。

And I think the key point to note for investors is that as a business, we are very focused on moving quickly. Obviously, we have a bias towards action. We were surprised. We had limited visibility from this change, but the team is moving very quickly. And as we demonstrated with the DSP change that occurred mid last year, we worked through that.

我認為投資者需要注意的關鍵一點是，作為一家企業，我們非常注重快速發展。顯然，我們傾向於行動。我們很驚訝。我們對這項變化的了解有限，但團隊正在迅速行動。正如我們去年年中經歷的 DSP 變更所證明的那樣，我們克服了這一困難。

And as I commented in the prepared comments, we grew that spend for the first time in July from that DSP. So we're confident we're on the right track.

正如我在準備好的評論中提到的，我們在 7 月首次實現了通過該 DSP 的支出成長。所以我們相信我們走在正確的道路上。

Jacob Armstrong, KeyBanc.

Jacob Armstrong，KeyBanc。

-- take my questions. This is Jacob on for Justin Patterson.

——回答我的問題。這是雅各布替賈斯汀·帕特森上場。

With SPO now at 55% of activity on the platform, can you discuss how conversations with advertisers have evolved over time? And further, how is this impacting your go-to-market approach as you invest more behind direct sales efforts?

目前 SPO 已佔平台活動的 55%，您能否談談與廣告商的對話是如何隨著時間推移而演變的？此外，隨著您在直銷方面投入更多資金，這會對您的市場推廣策略產生怎樣的影響？

Sure, yeah. Thanks for the question.

當然，是的。謝謝你的提問。

So SPO, as you mentioned, has reached about 55%. And the way that our conversations are going are really going deeper in terms of how can we solve more of those advertisers and agencies' problems, right?

正如您所提到的，SPO 已達到約 55%。我們的對話也越來越深入，探討如何解決更多廣告商和代理商的問題，對吧？

So the challenges they face are around transition away from cookies into logged-in users or identity, more performance-based solutions. They've got to demonstrate ROI if you're an agency to the client or within the client to a CFO. They're around sell-site targeting and curation. We see a huge shift in that sense in the market. And then we see mix in terms of format growth towards CTV and Commerce Media.

因此，他們面臨的挑戰是如何從 cookie 過渡到基於登入使用者或身分的、更注重效能的解決方案。如果你是一家代理公司，需要向客戶證明投資報酬率；或者如果你是客戶公司內部的員工，需要向財務長證明投資報酬率。它們與銷售網站的定位和內容篩選有關。我們看到市場在這方面發生了巨大轉變。然後我們看到，在格式成長方面，CTV 和商業媒體呈現出混合趨勢。

So a lot of our conversations are about how can we go deeper with the technology solutions that we built, things like Activate, which we think are going to be really important to our growth trajectory going forward as well as Commerce Media and Connect, our data and curation platform. So all of this, I think, is -- in our conversations is really about how to compose the right capabilities within our platform as a solution that we can hand to the buyer.

因此，我們許多討論都圍繞著如何更深入地利用我們建立的技術解決方案，例如 Activate，我們認為它對我們未來的發展軌跡以及 Commerce Media 和 Connect（我們的數據和內容管理平台）都非常重要。所以我覺得，我們討論的重點其實是如何在我們的平台中建立合適的功能，從而為買家提供解決方案。

I do think as we expand more into the mid-market where we do see accelerated growth, our SPO metric, there'll be a little bit of a push and pull there because not all of those deals are going to be SPO related, they may be more related to capabilities or performance or scale of media on our platform. And so we may see that statistic get a little bit more volatile in the future.

我認為，隨著我們進一步拓展到中端市場（我們看到該市場成長加速），我們的 SPO 指標將會出現一些拉鋸戰，因為並非所有交易都與 SPO 相關，它們可能更多地與我們平台上媒體的功能、性能或規模相關。因此，我們可能會看到該統計數據在未來出現更大的波動。

Shweta Khajuria, Wolfe.

Shweta Khajuria，Wolfe。

Thanks, Stacie.

謝謝你，斯泰西。

Let me try two, please. Rajeev, if the lines between DSPs and SSPs are emerging, based on your earlier commentary, what's your view on the evolution of the industry? Do you think that the stand-alone DSPs and SSPs today will offer kind of an end-to-end solution or do you think that take rates for just stand-alone DSPs and SSPs are at risk?

請讓我試試兩個。Rajeev，如果DSP和SSP之間的界線正在顯現，根據你先前的評論，你對產業的發展有何看法？您認為現今的獨立DSP和SSP能否提供端到端的解決方案？還是您認為僅靠獨立DSP和SSP的市場佔有率會面臨風險？

And then the second question I have for either Rajeev or Steve is on the specific inventory changes that caused the headwind in the quarter. So is it fair to assume that PubMatic is still one of the platforms of choice or SSPs of choice. There's just a different change that they are making. Just want to understand what exactly that means.

那麼，我要問 Rajeev 或 Steve 的第二個問題是，導致本季出現不利因素的具體庫存變化是什麼。那麼，是否可以合理地認為 PubMatic 仍然是首選平台或 SSP 之一？他們所做的改變只是方式不同。我只是想弄清楚這到底是什麼意思。

And, Steve, what is the concentration of DSPs today?

史蒂夫，如今DSP的集中度如何？

Yes, Shweta.

是的，什韋塔。

So as the industry evolves, right, and specifically around shift towards CTV, shift towards performance, whether it's commerce media or outcomes, a shift away from cookies and towards more identity-based targeting or AI to target users. And then even with the early onset of AI and workflows, what we see is that all of these things are driving more towards an end-to-end platform, meaning AI, for instance, works better if it's not constrained, but instead can optimize across all aspects of a transaction. And so that's exactly in line with what our focus has been over the last couple of years with Activate. And we're seeing great success and traction with that.

因此，隨著行業的發展，特別是向 CTV 的轉變，向效果導向的轉變（無論是商業媒體還是結果導向），從 cookie 轉向基於身份的定向或 AI 來定向用戶。即使人工智慧和工作流程已經發展到早期階段，我們看到的是，所有這些因素都在推動端到端平台的發展，這意味著，例如，如果人工智慧不受限制，而是可以優化交易的各個方面，那麼它就能更好地發揮作用。因此，這與我們過去幾年在 Activate 上一直關注的重點完全一致。我們在這方面取得了巨大的成功與成效。

As I mentioned in the script, our Activate growth -- Activate activity or spend more than doubled sequentially from Q1 to Q2. So I do think there is this blurring of the lines. And I think we're going to see as multiple ad tech ecosystem participants focus on how to drive the best possible outcomes for advertisers, whether it's to gain more share of advertisers' wallet or by the same token, focusing on those outcomes can drive better yield or better revenue for publishers. I think we're going to see this continue. And I would just say that it's not new, right?

正如我在腳本中提到的，我們的 Activate 成長——Activate 活動或支出從第一季到第二季度環比增長了一倍以上。所以我認為界線確實變得模糊了。我認為我們將看到，隨著眾多廣告技術生態系統參與者專注於如何為廣告商帶來最佳結果，無論是贏得更多廣告商的錢包份額，還是同樣地，專注於這些結果可以為發布商帶來更高的收益或更高的收入。我認為這種情況還會持續下去。我只想說，這並不是什麼新鮮事，對吧？

We've seen platforms like Google, Microsoft, Xandr, Yahoo! and others, they've been on both sides of the transaction for some time. So we think performance, but we also think transparency and control are going to be extremely important going forward.

我們已經看到像Google、微軟、Xandr、雅虎這樣的平台了！還有一些人，他們已經在這筆交易中擔任過買賣雙方一段時間了。所以我們認為，績效固然重要，但我們也認為透明度和控制力在未來將極為重要。

The other part of your question, Shweta, I think, was around being a platform of choice. So we absolutely continue to see ourselves as a platform of choice. And that's rooted in the scale of our platform in terms of the volume of ad impressions, the omnichannel capabilities that we have, all of the data sets that we have on our platform through our Connect business as well as our global footprint and scale. So we absolutely see our continued investment in growth as being a platform of choice, not only to our existing top DSP partners as well as with a growing cohort of SMB advertisers.

Shweta，我認為你問題的另一部分是關於如何成為一個首選平台。因此，我們仍然將自己視為首選平台。這源自於我們平台的規模，包括廣告展示量、全通路能力、透過 Connect 業務在平台上擁有的所有資料集，以及我們的全球影響力和規模。因此，我們絕對認為，我們對成長的持續投資將成為首選平台，不僅對我們現有的頂級 DSP 合作夥伴而言如此，對越來越多的中小企業廣告主而言也是如此。

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

您的問題的另一部分將由史蒂夫來回答。

So, Shweta, so with respect to your question on the format mix of this latest DSP change, when we took a look at what happened in July, the majority of the impact is being felt in display on both desktop and mobile. We're actually continuing to see really positive results in terms of CTV spending. And so from where we have been investing and focusing our energies, we're well positioned to continue to grow and to be successful. It is a function of the areas that we focus on and the Q2 results really indicated the strength that we see in those secular growth areas.

Shweta，關於你提出的關於此次最新 DSP 變化的格式組合的問題，當我們回顧 7 月份發生的事情時，發現其影響主要體現在桌面和行動裝置的顯示廣告上。事實上，我們在網路電視廣告支出方面持續看到非常正面的成果。因此，基於我們一直以來的投資和精力投入，我們有能力繼續發展並取得成功。這取決於我們關注的領域，而第二季度的業績確實表明了我們在這些長期成長領域所看到的強勁勢頭。

Now with respect to the DSP concentration, our top two DSPs represent about half of our overall spending. And as I just commented, notably, while there was some pressure in display, CTV spend from both of these DSPs continue to grow in the double digits. And when we step back, take a look at over time, we see the concentration of these two DSPs declining as other buyers, advertisers, DSPs are upping their spend. Of the top five, a commerce DSP is growing the fastest. And in July, what we saw for the first time in many years, we have a new number five DSP that we've been nurturing and growing over time and has picked up the slack.

現在就 DSP 集中度而言，我們前兩位的 DSP 約占我們總支出的一半。正如我剛才提到的，值得注意的是，儘管展示廣告領域面臨一些壓力，但這兩個 DSP 的 CTV 支出仍然以兩位數的速度持續增長。當我們回顧過去，就會發現隨著其他買家、廣告商和 DSP 增加支出，這兩個 DSP 的集中度正在下降。在排名前五名的平台中，電商DSP成長速度最快。7 月份，我們多年來第一次看到了新的第五大 DSP，我們一直在培養和發展它，它彌補了之前的不足。

So we're focusing on diversifying the DSP mix given the time frame and impact that just happened a couple of weeks ago. We have some near-term headwinds. But we're obviously very confident in our strategy and our ability to execute. And so as we've done before, we're going to execute through this.

鑑於幾週前發生的事件的時間和影響，我們正致力於使 DSP 組合多樣化。我們近期面臨一些不利因素。但我們顯然對我們的策略和執行能力非常有信心。所以，就像我們以前所做的那樣，我們將透過這種方式執行。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

At risk of sounding foolish, I'm going to try to do this. So is the best way to understand it that this DSP platform who hit you in July, they did not like the way you ran the auction for display edge or how you accepted bids. Like is that -- in a layman's term, the best way to understand it?

冒著聽起來很愚蠢的風險，我還是要試試看。所以理解這件事的最佳方式是，這家在 7 月打擊你的 DSP 平台，他們不喜歡你處理展示廣告競價的方式，也不喜歡你接受出價的方式。用簡單易懂的話來說，這是理解它的最佳方式嗎？

No, I don't think it had anything to do with the auction dynamics, rather it's how they value inventory has changed. And so we need to do a better job, a different job to prioritize across all the hundreds of billions of daily ad impressions that we have, which subset of those impressions that we send to this DSP. That's a normal part of our traffic shaping platform. And when we revise that, iterate that and optimize that, then I would expect to see our spend with this DSP normalize.

不，我認為這與拍賣機制無關，而是他們評估庫存價值的方式發生了變化。因此，我們需要做得更好，做一項不同的工作，在每天數千億次的廣告展示中，確定哪些展示子集要發送到這個 DSP。這是我們流量整形平台的一個正常組成部分。當我們修改、迭代和優化之後，我預計我們在這個 DSP 上的支出會趨於正常化。

It's because you don't make every impression available only the ones you choose to make available.

這是因為你不會公開所有印象，只會公開你選擇公開的印象。

That's correct. And that's how we operate with the vast majority of DSPs and that I think is true across the ecosystem is just the volume of ad impressions that we take on across the world and in different formats is such that we need to shape that for each of our DSP partners.

沒錯。這就是我們與絕大多數 DSP 的合作方式，我認為整個生態系統都是如此，因為我們在全球範圍內以不同形式接收的廣告展示量如此之大，所以我們需要針對每個 DSP 合作夥伴進行調整。

And what made it like specific to this DSP like best to understand like how you -- if your decision on what was valuable inventory was fine for everybody else, why was it not fine for this DSP suddenly?

那麼，是什麼讓這個問題如此特別地出現在這家DSP平台上呢？我最想了解的是──如果你對哪些庫存有價值的判斷對其他人來說都沒問題，為什麼突然對這家DSP平台就不行了？

Yes. Our view is it was precipitated by a shift in clients that this DSP has from one platform to a different platform, and that shift corresponded with the quarter boarder. So we saw that impact starting in July.

是的。我們認為，這是由於該 DSP 的客戶從一個平台轉移到另一個平台而引發的，而這種轉移恰好與季度邊界相吻合。所以我們從7月開始就看到了這種影響。

All right. And then just 2 quick ones in. I mean, are you seeing any retaliation on the DSP side for like your continued effort on Activate?

好的。然後就只吃了兩個。我的意思是，你有沒有看到DSP方面因為你持續在Activate上所做的努力而採取任何報復措施？

No, I don't think we are. And the reality is Magnite has ClearLine, so they're out there with that. We've got Activate. There are obviously buyers, right, whether it's Yahoo! with Backstage, Trade Desk with OpenPath, Viant with their direct platform.

不，我不這麼認為。而現實情況是，Magnite 擁有 ClearLine 技術，所以他們也推出了這項技術。我們已經激活了。顯然有買家，對吧？無論是雅虎！使用 Backstage，Trade Desk 使用 OpenPath，Viant 使用其直接平台。

So I think we're seeing across the ecosystem in response to advertiser or buyer desire for more outcomes and more performance, the shift in the ecosystem, as I described earlier. So I don't think it's really specific to anything that we're doing.

所以我認為，正如我之前描述的那樣，為了回應廣告商或買家對更多結果和更高績效的需求，整個生態系統正在轉變。所以我覺得這跟我們正在做的事情沒有直接關係。

And then just a follow-up for Steve, just on Shweta's question on DSP concentration. I mean I know you don't want to give out specific numbers, but if you just say like at this point, X percent of revenues coming from DSPs buying display and you just think about who the biggest buyers are, like is there a way to kind of quantify like -- have we gotten past the point of concentration risk? We obviously had the issue with that DSP end of last year, right, last year. But I guess just how should folks like get comfort that they shouldn't worry about DSP concentration risk on display?

然後，我再跟進史蒂夫提出的問題，關於什韋塔提出的 DSP 濃度問題。我知道你不想透露具體數字，但如果你說，例如目前 X% 的收入來自 DSP 購買展示廣告，然後你想想最大的買家是誰，有沒有辦法量化一下——我們是否已經度過了集中風險的階段？顯然，我們在去年年底遇到了那個DSP的問題，對吧，就是去年。但我很好奇，人們究竟該如何安心，不必擔心展出的DSP濃度風險呢？

So I mean, it's a process that we've been working on and undertaking for some time. So the good news from our perspective, desktop display, a legacy format is now roughly 20% of all of our revenue, down from 30% approximately 2 years ago. So we're definitely moving in the right direction. And it's a function of where we're investing and what advertisers buyers want. The reality is we still have a significant amount of display, but that's sort of, let's call it, roughly flat.

我的意思是，這是我們一直在努力和進行一段時間的過程。所以從我們的角度來看，好消息是，桌上型顯示器這種傳統格式現在約占我們所有收入的 20%，低於大約 2 年前的 30%。所以我們肯定是朝著正確的方向前進。這取決於我們的投資方向以及廣告主的需求。現實情況是，我們仍然有大量的顯示空間，但這有點，我們姑且稱之為，大致平坦。

As I shared in the second quarter, our display revenues were flat year-over-year, whilst CTV emerging revenues doubled. So it's a shift over time. And when you look at the specific DSPs within what they're buying, it's absolutely shifting to the faster secular growing areas. But at the end of the day, advertisers want to touch consumers wherever they are. So it doesn't mean like display is going to go away, but it's going to grow at different rates.

正如我在第二季所分享的，我們的展示廣告收入與去年同期持平，而 CTV 新興業務收入翻了一番。所以這是一個隨著時間而發生的轉變。當你觀察他們購買的特定DSP時，你會發現它們絕對正在轉向成長速度更快的長期成長領域。但歸根究底，廣告商希望無論消費者身在何處都能觸達他們。所以這並不意味著展示業會消失，而是會以不同的速度發展。

Yes. Maybe I can just briefly add to that, Jason.

是的。傑森，或許我可以簡單補充一點。

So it's clear that it's really critical for us to diversify our DSP mix. We called out MNTN and tvScientific as two examples of ad platforms. We're bringing new SMB dollars, small, medium business dollars to our platform, China-based DSPs.

因此，很明顯，對我們來說，實現 DSP 組合多樣化至關重要。我們列舉了 MNTN 和 tvScientific 作為廣告平台的兩個例子。我們正在為我們的平台（中國DSP）帶來新的中小企業資金。

I think it's also maybe useful to call out as an example, Amazon is a significant relationship for us, both as an inventory provider as well as a DSP buyer. So we previously shared that we are one of three SSPs in their certified supply exchange program. On the sell side, we monetize Fire TV app inventory from almost a dozen different streaming apps. We've been monetizing that inventory for many quarters now. And as Amazon is scaling their ad business, we are scaling with them. In fact, in June and July, our Amazon revenues grew very healthy double digits.

我認為或許有必要舉例說明，亞馬遜對我們來說是一個重要的合作夥伴，它既是我們的庫存供應商，也是我們的DSP買家。先前我們曾透露，我們是他們認證的供應鏈交換計畫中的三家供應鏈服務提供者之一。在銷售方面，我們透過近十幾個不同的串流媒體應用程式將 Fire TV 應用程式庫存貨幣化。我們已經將這些庫存變現好幾個季度了。隨著亞馬遜不斷擴大廣告業務規模，我們也隨之成長。事實上，6 月和 7 月，我們的亞馬遜收入實現了非常健康的兩位數成長。

Matt Condon, JMP.

Matt Condon，JMP。

My first one is just as you focus on building more and more buy-side direct relationships and you think about Activate, can you just talk about what the differentiation of PubMatic is compared to some of those other large SSPs in the market?

我的第一個問題是，當您專注於建立越來越多的買方直接關係，並且您考慮使用 Activate 時，您能否談談 PubMatic 與市場上其他一些大型 SSP 相比有何不同之處？

Sure. Yeah.

當然。是的。

I think the key focus with Activate -- and by the way, a lot of what we do is about enabling a buyer to transact through their DSP of choice or through Activate. So for instance, we launched earlier this year, AI-powered curation where a buyer can come in and using simple text chat or prompt, they can configure audiences using dozens of different data providers. And they can take that deal ID and they can run that in any DSP of their choice or in Activate.

我認為 Activate 的關鍵重點——順便說一句，我們所做的很多事情都是為了讓買家能夠透過他們選擇的 DSP 或透過 Activate 進行交易。例如，我們今年稍早推出了人工智慧驅動的內容策劃功能，買家可以透過簡單的文字聊天或提示，使用數十個不同的數據提供者來配置受眾群體。他們可以取得該交易 ID，然後在他們選擇的任何 DSP 或 Activate 中執行該交易。

But really, what we're focused on with Activate in terms of differentiation is how to create a much more efficient path for advertisers to be able to improve the outcomes from their business, while at the same time, realizing transparency and control. And so what I mean by that is in today's ecosystem with DSPs and SSPs underpinning most of the transactions, there is this traffic shaping where SSPs have to determine which impressions to send to a DSP. There's latency, there's hops, there's discrepancies that occur between platforms. And so by unifying all of this in a single platform, we're able to significantly simplify the transaction and deliver better outcomes. And so that's a key part of what we're focused on with Activate.

但實際上，Activate 在差異化方面的重點是如何為廣告主創造一條更有效率的途徑，讓他們能夠改善業務成果，同時實現透明度和控制力。我的意思是，在當今以 DSP 和 SSP 為大部分交易基礎的生態系統中，存在著流量塑造，SSP 必須決定將哪些展示發送給 DSP。存在延遲、存在跳轉、平台之間存在差異。因此，透過將所有這些功能整合到一個平台上，我們能夠大幅簡化交易流程並取得更好的結果。所以，這是我們 Activate 專案關注的關鍵部分。

At the same time, we're also focused on giving transparency and control, so the buyer can come in and make sure they know exactly what inventory they're buying, what is the fee kind of footprint look like and then be able, again, to measure those outcomes. So that's where really we're seeing significant traction in the growth of Activate in all regions of the world.

同時，我們也致力於提供透明度和控制權，以便買家能夠了解他們購買的確切庫存、費用規模等信息，並能夠再次衡量這些結果。所以，我們看到 Activate 在世界各地都取得了顯著的成長。

And just a quick stat, in the second quarter, we more than doubled our activity on Activate because of those features that Rajeev just described. And we are going to be accelerating the investment behind driving Activate in the coming months and quarters.

簡單統計一下，在第二季度，由於 Rajeev 剛才描述的那些功能，我們在 Activate 上的活躍度增加了一倍以上。未來幾個月和幾個季度，我們將加快對 Activate 專案的投資。

I do think it's important to call out, though, that our DSP partners, I think we're very important for them, and they're certainly very important for us. And so we plan to continue to work very closely with DSPs. And I think that's a key feature of our platform and our business model.

不過，我認為有必要強調一點，我們的 DSP 合作夥伴對我們非常重要，而他們對我們來說也同樣非常重要。因此，我們計劃繼續與數位服務提供者 (DSP) 密切合作。我認為這是我們平台和商業模式的關鍵特徵。

Great.

偉大的。

And then maybe, Steve, just a follow-up, just as you've built out the buyer sales force, just where are we today as far as that build-out? Is it complete or are there more investments that need to be made in the back half of the year?

那麼，史蒂夫，或許可以再追問一下，既然你們已經組建了買方銷售團隊，那麼就目前的組建情況而言，我們進展如何呢？這項計劃是否已經完成，還是需要在下半年進行更多投資？

Yes. We think that there's definitely incremental opportunities in the back half of the year, certainly in the mid-tier areas that Rajeev described, the performance marketers, mid-tier agencies as well as putting more sales resources behind our emerging revenues, Commerce, Connect. So we're selectively identifying where we're going to have the greatest impact. And as I called out, we're not doing it by adding incremental costs. We are optimizing the base that we have and putting those resources in the right area.

是的。我們認為，今年下半年肯定會有成長機會，尤其是在 Rajeev 所描述的中端領域，例如效果行銷人員、中階代理商，以及將更多銷售資源投入到我們新興的收入來源——電商和連網領域。所以我們正在選擇性地確定哪些地方能夠產生最大的影響。正如我之前提到的，我們並不是透過增加額外成本來實現這一目標的。我們正在優化現有基礎，並將這些資源投入正確的領域。

James Heaney, Jefferies.

James Heaney，傑富瑞集團。

Great, guys, thanks for the question.

太好了，謝謝大家的提問。

Rajeev, I just wanted to ask about generative AI and the potential risks that could present to your display business. I'm interested just to hear what you're seeing so far and why you think you're well positioned to navigate that secular shift.

Rajeev，我只是想問生成式人工智慧以及它可能為你的展示廣告業務帶來的潛在風險。我只是想聽聽你目前觀察到的情況，以及你為什麼認為自己能夠很好地應對這種世俗變革。

Yes, absolutely. Thanks, James.

是的，絕對是。謝謝你，詹姆斯。

So look, we believe the exposure to our business is limited as a single-digit percentage of revenue if there was zero search traffic going to our publishers, and we took no steps to mitigate it. So as Steve shared in the script, roughly 60% of all the impressions we are processing today are for CTV and mobile app, which is unaffected by AI search.

所以你看，我們認為，即使沒有搜尋流量流向我們的出版商，而且我們也沒有採取任何措施來減輕損失，我們業務所面臨的風險也僅限於收入的個位數百分比。正如史蒂夫在腳本中所述，我們今天處理的所有廣告曝光中，大約 60% 是針對連網電視和行動應用程式的，而這些廣告曝光不受人工智慧搜尋的影響。

Of the remaining business, which is browser-based, where, of course, search is relevant, industry data indicates that search referral traffic is roughly 15% given we work in the head of the market, top publishers rather than the long tail, I would expect that share to be lower because most consumers are using direct navigation to get to those websites.

在剩餘的業務中，也就是基於瀏覽器的業務中（當然，搜尋是相關的），行業數據顯示搜尋推薦流量約佔 15%。考慮到我們服務於市場前端的頂級出版商，而不是長尾出版商，我預計這個比例會更低，因為大多數消費者都是透過直接導航訪問這些網站的。

So we think, again, if you kind of run through that math, it's a single-digit percentage of revenue. But there's also an offensive opportunity, which is that the growing cadre of AI search companies will likely need ad-supported business models to support the growth in their cost base and user growth.

所以我們認為，如果你仔細計算一下，你會發現這只是收入的個位數百分比。但同時也存在進攻機會，那就是不斷壯大的 AI 搜尋公司可能需要廣告支援的商業模式來支撐其成本基礎和用戶數量的成長。

And I'm not just talking about the large guys like an OpenAI or Perplexity, there's those guys, of course, but there are also B2B services, consumer AI chatbots, retail experiences. I think there's a wide canvas of probably thousands of companies in the not very distant future that will likely need ad-supported AI search or chat ad monetization that create significant opportunity for us.

我說的不僅是像 OpenAI 或 Perplexity 這樣的大公司，當然也包括這些公司，還有 B2B 服務、消費者 AI 聊天機器人、零售體驗。我認為在不久的將來，可能有成千上萬家公司需要廣告支援的 AI 搜尋或聊天廣告變現，這將為我們創造巨大的機會。

And then maybe, Steve, just another one for you. Is there anything that you can share just regarding the overall demand environment that you saw in April post tariff announcements and how that's progressed through the remainder of the quarter?

史蒂夫，或許，再給你來一杯吧。您能否分享一下4月關稅公告發布後的整體需求環境，以及本季剩餘時間需求的進展？

Sure. I mean with respect to the second quarter, there's a couple of categories on a year-over-year basis that performed quite well, technology computing, arts and entertainment, health and fitness, and each of those increased over 20%. We did see some softer trends in a couple of areas in the second quarter, automotive and business, two notable areas, they did decline.

當然。我的意思是，就第二季而言，有幾個類別年比表現相當不錯，分別是科技運算、藝術與娛樂、健康與健身，每個類別的成長都超過了 20%。第二季度，我們確實看到一些領域的趨勢放緩，汽車和商業這兩個值得關注的領域都出現了下滑。

Now in terms of July ad spending, our total top 10 grew on a year-over-year basis. So that obviously was very positive. But we did see some sequential decline on a July versus June basis in a cohort that one could argue is sort of consumer discretionary. So food and drink, health and fitness, travel, arts and entertainment. Now it's too early to say if that's sort of a trend.

就 7 月的廣告支出而言，我們排名前 10 名的廣告主總數比去年同期成長了。這顯然是一個非常積極的信號。但我們確實看到，在 7 月與 6 月相比，這部分人群的消費出現了一些環比下降，可以說，這部分人群屬於非必需消費品行業。所以，美食美酒、健康健身、旅遊、藝術娛樂，應有盡有。現在斷言這是否是一種趨勢還為時過早。

And so as I called out, incorporated a portion of that into our outlook. But we are not seeing sort of a significant decline on a year-over-year basis, and it's more sort of on a sequential basis. But obviously, there is a lot of uncertainty out there, and that's why we're very focused on keep on driving our business towards the fastest-growing areas that can grow through these challenges.

因此，正如我所呼籲的那樣，我們將其中的一部分融入了我們的觀點中。但我們並沒有看到同比出現明顯下降，更多的是季減。但很顯然，目前存在許多不確定因素，因此我們非常專注於繼續推動業務向能夠克服這些挑戰並實現成長最快的領域發展。

And the other point to call out is, at the end of the day, in this environment that is uncertain, advertisers are going for performance, control, transparency. And these are all strengths that we built and continue to evolve through our various product offerings. So in this kind of uncertain environment, we think we're going to continue to do well and then be well positioned when this is all in the rearview mirror.

另一點需要指出的是，歸根結底，在當前這種不確定的環境下，廣告商追求的是效果、控制和透明度。這些都是我們透過各種產品建立並不斷發展的優勢。因此，在這種不確定的環境下，我們認為我們將繼續取得良好業績，並在這一切成為過去之後佔據有利地位。

Rob Coolbrith, Evercore.

Rob Coolbrith，Evercore。

Great, thank you for taking our questions.

太好了，謝謝您回答我們的問題。

I think the platform shift that you're talking about has been going on for some time. So just wondering if the triggering event in July was maybe incremental changes to that platform or a large number of your SPO customers finally making that transition or something else? And then finally, any indication of a step-up in activity around direct connects from that DSP?

我認為你所說的平台轉變已經持續了一段時間了。所以我想知道，7 月的觸發事件是該平台的漸進式變化，還是大量 SPO 客戶最終完成了遷移，還是其他原因？最後，是否有任何跡象顯示該DSP的直接連接活動增加？

And then finally, I guess, second question here would be, if you could just revisit the timelines for potential recovery, both around getting those SPO instructions back up and running and optimizing the traffic shaping. If you could just repeat those, that would be great.

最後，我想問的第二個問題是，能否重新審視潛在的恢復時間表，包括恢復 SPO 指令的運作以及優化流量整形。如果你能再重複一遍，那就太好了。

Thank you.

謝謝。

Sure. Yeah, hey, Rob.

當然。嗨，羅布。

So I mean, we certainly saw an uptick or significant increase of this activity from the DSP causing the drop in spend in July. So I can't speak to exactly kind of what was their timeline or all the history of changes that they made. But that's what we observed on our platform, which we are -- again, we've stabilized, but are working to improve. So there are things that we need to do to shape the traffic accordingly from our platform more to the liking of that DSP. And so we're heavily engaged in that process.

所以我的意思是，我們確實看到DSP的這類活動增加或顯著成長，導致7月的支出下降。所以我無法確切地說明他們的時間表或他們所做的所有改變的歷史。但這是我們在自己的平台上觀察到的情況，我們——再次強調，我們已經穩定下來，但仍在努力改進。因此，我們需要採取一些措施，使來自我們平台的流量更符合該 DSP 的喜好。因此，我們正積極參與這個過程。

And then I'll turn it over to Steve for the second half of your question.

接下來，我會把問題後半段交給史蒂夫來回答。

Yeah, I mean, just to quickly comment on a little bit more on that color, so that DSP that made that change growing very nicely, double digits in June and then a notable decline negative year over year in July. So there was clearly a shift on their side in terms of how they were valuing inventory in terms of what it matters to them and how their platform operates.

是的，我的意思是，再快速地補充一點關於這種顏色的信息，DSP 的增長非常不錯，6 月份實現了兩位數的增長，但 7 月份同比出現了明顯的負增長。因此，很明顯，他們在評估庫存價值的方式上發生了轉變，這體現在他們重視什麼以及他們的平台如何運作等方面。

And remind me the second part, it was --

提醒我第二部分的內容，是…--

I just say the time line you have most -- with the stabilization in August, does that indicate that most of your SPO customers have sort of gotten those instructions back into that platform? And any timeline on the optimization of the traffic shaping and how you're thinking about how long that could take to sort of get back to normal?

我只是想說，根據你們掌握的時間軸——8 月份的穩定情況，這是否意味著你們的大多數 SPO 客戶已經將這些指令重新導入到該平台中？關於優化交通流量控制的時間表，以及您預計需要多長時間才能恢復正常？

Sure.

當然。

Well, our teams have absolutely been reaching out to all of our SPO partners, letting them know that this has happened, that they need to go into this platform and to reupload their SPO parameters. And so that's just a process that the SPO partners have to do on this DSP. So that's in process and happening. And it's -- after letting them know, it's largely in their hands.

我們的團隊已經聯繫了所有SPO合作夥伴，告知他們發生了這種情況，他們需要登入平台並重新上傳他們的SPO參數。所以，這只是 SPO 合作夥伴在這個 DSP 上必須執行的流程。所以這件事正在進行中。而且──告知他們之後，很大程度上就取決於他們自己了。

Now with respect to just the mitigation efforts, when we saw the trends start to really decel in July, obviously, we got all the appropriate folks focused on assessing. And what we saw when we had this significant change a year ago that there is a lot of iteration and testing that needs to be done because this is an incredibly complex ecosystem. You're talking about hundreds of billions of impressions a day that we -- ourselves are processing. And so it takes testing, iterating and then doing it all over again and seeing what works and does it meet the criteria that's been established.

就緩解措施而言，當我們看到疫情發展趨勢在 7 月開始真正放緩時，顯然，我們讓所有相關人員集中精力進行評估。我們在一年前經歷這項重大變革時發現，由於這是一個極其複雜的生態系統，因此需要進行大量的迭代和測試。你指的是我們自己每天要處理的數千億次資訊曝光。因此，需要不斷測試、迭代，然後一遍又一遍地重複，看看哪些方法有效，以及是否符合既定的標準。

So our approach is we're working hard to mitigate it. I incorporated at the low end of the outlook an assumption that the mitigation efforts are relatively limited in terms of effectiveness this quarter, and we're going to keep working at it.

所以我們採取的辦法是努力減輕這種影響。我在預測的下限中納入了一個假設，即本季的緩解措施在有效性方面相對有限，我們將繼續努力。

I would say that given the important size of this DSP, it's just going to take time. And -- but we are well positioned to continue to work through it. And I really want to emphasize if you step back, this is a situation we have experienced doing. The big challenge here was we didn't have any visibility in terms of the big decel. And so we're obviously reacting pretty quickly.

考慮到這台DSP的體積如此龐大，我認為這需要時間。但是——我們已做好充分準備，繼續克服困難。我真的很想強調，如果你退後一步，你會發現我們以前也經歷過這種情況。最大的挑戰在於，我們對大減速的情況一無所知。所以很明顯，我們的反應非常迅速。

Number two, we are in really healthy financial shape. I mean, we have roughly $120 million of cash, no debt. We generate free cash. So we are in this for the long run, and we're confident that we're going to work through this. And in the near term, we are going to double down on the fastest-growing areas that we have, diversify our DSP mix, et cetera.

第二，我們的財務狀況非常健康。我的意思是，我們有大約 1.2 億美元的現金，沒有債務。我們創造自由現金流。所以我們已經做好了長期作戰的準備，我們有信心能夠克服難關。短期內，我們將加大對成長最快的領域的投入，使我們的 DSP 組合多樣化等等。

So we believe we're on the right track, and we're going to work through this.

所以我們相信我們走在正確的道路上，我們會克服困難的。

Got it.

知道了。

Last quick one, just, it sounds like OCV has been relatively unimpacted. So just here, is the implication there that the DSPs wants to see as much OCV volume as they can take? There's not really a traffic shaping element there or just anything you can tell us about that.

最後簡單提一句，聽起來OCV受到的影響相對較小。所以，這裡的意思是，DSP 希望盡可能接收 OCV 音量嗎？那裡並沒有什麼交通流量控制措施，或者您能告訴我們一些相關資訊嗎？

What do you mean by OCV, Rob? I just want to make sure I understand --

羅布，你說的OCV是什麼意思？我只是想確認我理解--

Omnichannel video.

全通路影片。

Oh, got it. Okay.

噢，明白了。好的。

Or CTV.

或者 CTV。

Yes. So -- and repeat the question, so you're --

是的。所以——再重複一次這個問題，所以你是--

Just wondering if there is potentially an implication where is traffic shaping happening in your CTV or OCV inventory or basically, is DSP willing to take as many QTS as they can within those growth channels?

我想知道，在您的 CTV 或 OCV 廣告資源中，流量整形是否可能產生影響？或者說，DSP 是否願意在這些成長管道中盡可能多地獲取 QTS？

No, I think the traffic shaping changes, optimization that we are doing in response applies equally across all formats, including video, omnichannel video. I do think in general, video is more resilient just given that's where advertisers are shifting more of their budgets. So we do see that as a secular growth driver.

不，我認為我們為應對流量變化而進行的優化同樣適用於所有格式，包括視訊和全通路視訊。我認為總體而言，影片廣告更具韌性，因為廣告商正在將更多的預算轉移到影片領域。所以我們認為這是長期成長的驅動因素。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

Eric, are you there? We can't hear you.

艾瑞克，你在嗎？我們聽不到你的聲音。

Yeah, and now, I'm unmuted.

是的，現在我已解除靜音。

There you go. We can hear you now.

好了。我們現在可以聽到你的聲音了。

Given the -- you guys have seen a pretty steady progression in the percentage of revenue coming through the SPO channel, I guess. Is there a chance we see a step down while this reconfiguration happens?

有鑑於此——我想你們已經看到透過 SPO 管道獲得的收入百分比穩定成長。在重組過程中，是否有可能出現降級？

Yeah, I can take that.

是的，我可以接受。

So I think more so than this reconfiguration would just be our diversification strategy around more of the mid-market buyers, where those aren't -- given their size, they're not often they're not coming in through an SPO equation.

所以我認為，與其說是重新配置，不如說是我們圍繞更多中端市場買家的多元化策略，因為這些買家——考慮到他們的規模，他們通常不會透過 SPO 方程式進入市場。

And we do see that in general in the market, the advertiser segment that is growing the fastest is that mid-market segment as opposed to the top 250 or so advertisers. So I think that would probably be a bigger impact in diluting some of that SPO spend, which doesn't mean we're shrinking the pure dollars, but it's just a little bit of a mix shift.

而且我們看到，總體而言，在市場上，成長最快的廣告主群體是中端市場群體，而不是前 250 名左右的廣告主。所以我認為這可能會對稀釋部分 SPO 支出產生更大的影響，但這並不意味著我們減少了絕對金額，而只是稍微改變了支出結構。

And then a follow-up regarding just the fact that you guys were surprised that this large partner changed how it valued the inventory you were sending it, is there a risk that other DSPs come to this same conclusion? In other words, how close are you to these DSPs where this kind of comes out of nowhere?

然後，關於你們對這家大型合作夥伴改變其對你們發送的庫存進行估值的方式感到驚訝這一事實，其他DSP是否有可能得出同樣的結論？換句話說，你離這些數位訊號處理系統（DSP）有多近？這種數據是如何突然出現的？

Yeah.

是的。

I mean, in general, I think we're pretty close to these DSPs, and it's certainly our goal to be as close to them as possible. And I think it behooves the DSP as well to be continuously sharing feedback with us on what they want to see more of or what they want to see less of or how their advertiser requirements and mix is shifting. So I think, in general, we do quite a good job of being close to these DSPs.

我的意思是，總的來說，我認為我們與這些數位訊號處理商（DSP）的距離相當近，而且我們當然也希望盡可能地接近它們。我認為，DSP 也應該不斷與我們分享回饋，告訴我們他們希望看到更多內容，希望看到更少什麼內容，以及他們的廣告主需求和組合發生了怎樣的變化。所以我覺得，總的來說，我們在與這些數位訊號處理商保持密切聯繫方面做得相當不錯。

In this case, we are reacting with limited visibility. So we need to certainly look into that and figure out how we can do a better job.

在這種情況下，我們的反應能力有限。所以，我們一定要好好調查一下，看看怎麼樣才能做得更好。

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

目前隊列中已無問題。現在我將把電話交還給拉吉夫，請他作總結發言。

Thank you, Stacie, and thank you all for joining us today.

謝謝Stacie，也謝謝大家今天能來參加我們的節目。

Through the first half of the year, our results came in well ahead of our expectations, driven by CTV growth -- sorry, CTV growth, growth in sell-side data targeting and Activate. We added new publishers and DSPs to the platform, continue to scale Commerce Media and are seeing significant growth in Connect. We're seeing one of the largest market shifts our industry has seen in years play out at a very fast pace, and we're positioned extremely well given our differentiated approach, an end-to-end platform focused on performance, and we give buyers control and transparency they need in order to scale their ad business.

今年上半年，我們的業績遠遠超出預期，這主要得益於 CTV 的成長——抱歉，是 CTV 的成長，賣方數據定向和 Activate 的成長。我們為平台新增了出版商和 DSP，繼續擴大 Commerce Media 的規模，而 Connect 也實現了顯著成長。我們正在目睹多年來業內最大的市場變革之一以非常快的速度展開，憑藉我們差異化的方法、以效果為中心的端到端平台，我們佔據了非常有利的地位，我們為買家提供了擴展廣告業務所需的控制權和透明度。

We look forward to seeing many of you at upcoming conferences, including Oppenheimer's Virtual Tech Conference on Wednesday, Rosenblatt's Virtual Tech Summit on August 19 and Wolfe's TMT Conference in San Francisco on September 10. We'll also be on the road over the next few weeks in Denver and New York.

我們期待在即將到來的會議上見到你們中的許多人，包括週三舉行的奧本海默虛擬科技大會、8 月 19 日舉行的羅森布拉特虛擬科技高峰會以及 9 月 10 日在舊金山舉行的沃爾夫 TMT 大會。接下來幾週，我們也將前往丹佛和紐約。

Thanks, everyone, for joining us today. Have a great afternoon.

感謝各位今天蒞臨。祝您下午愉快。