Quotient Technology Inc (QUOT) 2023 Q1 法說會逐字稿

Good afternoon. Thank you for attending the Quotient Technology's First Quarter Earnings Call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions) I would now like to turn the conference over to our host, (inaudible). Please go ahead.

下午好。感謝您參加 Quotient Technology 第一季度收益電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議轉交給我們的主持人（聽不清）。請繼續。

Thank you, operator. Good afternoon, and welcome to our first quarter 2023 earnings call. With me on the call today are the company's CEO, Matt Krepsik; and Yuneeb Khan, our CFO and COO. The company's press release and earnings presentation have been posted to the IR section of the company's corporate website, investors.quotient.com.

謝謝你，接線員。下午好，歡迎參加我們的 2023 年第一季度財報電話會議。今天與我一起參加電話會議的是該公司的首席執行官 Matt Krepsik；以及我們的首席財務官兼首席運營官尤尼布·汗 (Yuneeb Khan)。該公司的新聞稿和收益報告已發佈在該公司網站investors.quotient.com 的IR 部分。

Before we begin, please note that during this call, you will hear forward-looking statements, including the guidance we will be providing for the company's second quarter and full year. These forward-looking statements are based on information available to and the good faith beliefs of the company's management team as of the time of this call and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

在我們開始之前，請注意，在本次電話會議中，您將聽到前瞻性陳述，包括我們將為公司第二季度和全年提供的指導。這些前瞻性陳述基於截至本次電話會議時公司管理團隊可獲得的信息和誠信信念，並受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與其中包含的結果存在重大差異。前瞻性陳述。

These forward-looking statements and the related risks and uncertainties are set forth in the earnings presentation slides located on the company's Investor Relations website. Additional information about factors that could potentially impact the company's financial results can be found in the risk factors identified in our filings with the Securities and Exchange Commission. including our annual report on Form 10-K filed with the SEC on March 16, 2023, as amended by our 10-K/A filed with the SEC on April 28, 2023, and future filings and reports by us. We disclaim any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise.

這些前瞻性陳述以及相關的風險和不確定性在公司投資者關係網站上的收益演示幻燈片中列出。有關可能影響公司財務業績的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件中確定的風險因素。包括我們於 2023 年 3 月 16 日向 SEC 提交的 10-K 表格年度報告（經 2023 年 4 月 28 日向 SEC 提交的 10-K/A 修訂），以及我們未來提交的文件和報告。我們不承擔更新這些前瞻性陳述中包含的信息的義務，無論是由於新信息、未來事件還是其他原因。

Please note that operating expenses, gross margins, gross profit and net income/adjusted EBITDA financial measures discussed today are on a non-GAAP basis, each having been adjusted for the corresponding GAAP measure to exclude certain expenses. A reconciliation of GAAP and non-GAAP measures can be found in the financial results section of the press release and earnings presentation that we put out today on the company's website.

請注意，今天討論的營業費用、毛利率、毛利潤和淨利潤/調整後的EBITDA 財務指標均基於非公認會計原則（non-GAAP）基礎上，每一項都已根據相應的公認會計原則（ GAAP）指標進行了調整，以排除某些費用。公認會計原則和非公認會計原則衡量標準的調節可以在我們今天在公司網站上發布的新聞稿和收益報告的財務業績部分找到。

With that, let me turn the call over to Matt.

接下來，讓我把電話轉給馬特。

Good afternoon, and thank you for joining us on Quotient's First Quarter 2023 Earnings Call. Joining me on today's call is our CFO and COO, Yuneeb Khan. Our first quarter results were in line with guidance ranges given across all metrics, including revenue, gross margin, adjusted EBITDA and operating cash flow.

下午好，感謝您參加 Quotient 的 2023 年第一季度收益電話會議。參加今天電話會議的是我們的首席財務官兼首席運營官尤尼布·汗 (Yuneeb Khan)。我們第一季度的業績符合所有指標的指導範圍，包括收入、毛利率、調整後的 EBITDA 和運營現金流。

In particular, I'm pleased with the strong momentum we demonstrated on profitability in the first quarter with positive adjusted EBITDA of $1.8 million versus a loss of $7 million in the prior year comparable period. First quarter results are reflective of the early stages of our transformation as we have shifted our business model from being a managed services agency to a technology-based solution designed to provide greater value to brands and retailers.

特別是，我對第一季度盈利能力表現出的強勁勢頭感到滿意，調整後 EBITDA 為 180 萬美元，而上年同期虧損 700 萬美元。第一季度的業績反映了我們轉型的早期階段，我們已將業務模式從託管服務機構轉變為基於技術的解決方案，旨在為品牌和零售商提供更大的價值。

This transition, as we have communicated in prior quarters, is intended to deliver a superior margin profile and scale quotient relative to our legacy model. On the top line, promotions continued to deliver growth with our network performance becoming stronger.

正如我們在前幾個季度所傳達的那樣，這一轉變旨在提供相對於我們的傳統模型而言更優越的利潤狀況和規模商。在營收方面，隨著我們的網絡性能變得更強，促銷活動繼續帶來增長。

We saw our savings deliver grow by 22%, again, outpacing overall retail sales and promotions growth of 7.9% as reported by NielsenIQ, demonstrating our ability to capture share and expand our addressable market. In Q1, we saw the underlying fundamentals of our network and platform continue to strengthen with activators on our network up 15% year-over-year and redemption is up 14%.

我們的節省額再次增長了 22%，超過了 NielsenIQ 報告的 7.9% 的整體零售銷售和促銷增長，這表明我們有能力佔領市場份額並擴大我們的目標市場。在第一季度，我們看到我們的網絡和平台的基本面繼續加強，我們網絡上的激活器同比增長 15%，贖回量增長 14%。

We believe that each of these internal key performance metrics demonstrate the positive momentum for our network as we grow the reach of our audience, and we deliver results for brands. This, in our view, is creating a virtuous cycle with new brands, bringing new content onto the platform and engaging new consumers delivering more savings and driving results.

我們相信，隨著我們擴大受眾範圍並為品牌帶來成果，這些內部關鍵績效指標中的每一個都展示了我們網絡的積極勢頭。我們認為，這正在與新品牌建立良性循環，將新內容引入平台並吸引新消費者，從而帶來更多節省和推動成果。

Looking forward, the strength of these internal indicators underlies our outlook for the rest of the year and are reflected in our guidance for Q2, where we begin to show top line growth. From a macro perspective, we are seeing brands face pressure on volume as we begin to lap their price increases from last year as price sensitivity is creating headwinds for our consumers.

展望未來，這些內部指標的強勁表現是我們對今年剩餘時間的展望的基礎，並反映在我們對第二季度的指導中，我們開始顯示收入增長。從宏觀角度來看，我們看到品牌面臨著銷量壓力，因為我們開始接受去年以來的價格上漲，因為價格敏感性給我們的消費者帶來了阻力。

As a result, we are seeing growth in content on our platform, given our ability to programmatically deliver offers to consumers, increasing performance and reducing waste and promotion spend for brands. Content growth is reflective of our transition to a technology platform and our programmatic capabilities where we can now more easily support new content for smaller brands, regional players and new consumer purchase occasions.

因此，我們看到平台上的內容不斷增長，因為我們能夠以編程方式向消費者提供優惠，提高績效並減少品牌的浪費和促銷支出。內容增長反映了我們向技術平台的過渡以及我們的程序化能力，我們現在可以更輕鬆地為較小品牌、區域參與者和新消費者購買場合支持新內容。

During the quarter, we also expanded coverage of our network to include the adult beverage category. If you recall, this expansion is one of our key strategic growth initiatives for the promotion business, driving revenues at higher margins. In our view, this expansion to a category that is incremental for consumers and complementary for our network and retail partners enables us to expand our addressable market and increase the monetization of our existing network.

在本季度，我們還擴大了網絡覆蓋範圍，將成人飲料類別納入其中。如果您還記得的話，這種擴張是我們促銷業務的關鍵戰略增長舉措之一，可以提高收入。我們認為，這一類別的擴張對消費者來說是增量的，對我們的網絡和零售合作夥伴來說是補充，使我們能夠擴大我們的潛在市場並增加我們現有網絡的貨幣化。

While we are still in the early innings of our business model transformation, I am pleased with the work our new Chief Revenue Officer, Allison Metcalfe, has done to refine our go-to-market strategy with a focus on winning net new business.

雖然我們仍處於業務模式轉型的早期階段，但我對我們的新任首席營收官艾莉森·梅特卡夫（Allison Metcalfe）為完善我們的進入市場戰略、重點贏得淨新業務所做的工作感到滿意。

In Q1, we brought 92 net new brands onto our promotions network and our pipeline growth is ahead of our historical norms with particular strength in the promotions business.

第一季度，我們將 92 個淨新品牌引入我們的促銷網絡，我們的渠道增長超過了我們的歷史標準，尤其是在促銷業務方面。

Turning to our media business. As you may recall, we have been executing a strategic pivot for this business with the in-housing of retail media and our transition from an agency managed media model to an ad tech self-service product. We have successfully transitioned the cost burden on Managed Media business in 2022, with Q1 reflecting the new ad tech model for our media products as we become a technology partner for our retailers and a buying platform for brands.

轉向我們的媒體業務。您可能還記得，我們一直在通過零售媒體內部化以及從代理管理媒體模式向廣告技術自助服務產品的轉變來執行該業務的戰略支點。我們已在 2022 年成功轉移了管理媒體業務的成本負擔，隨著我們成為零售商的技術合作夥伴和品牌的購買平台，第一季度反映了我們媒體產品的新廣告技術模式。

As we take this step forward for our media business, we are introducing gross billings this quarter as a leading indicator and key performance metric that is intended to provide transparency for our investors and demonstrate the utilization and solid momentum for the pivot of our media business to an ad tech product.

隨著我們的媒體業務向前邁出這一步，我們將在本季度引入總流水賬作為領先指標和關鍵績效指標，旨在為我們的投資者提供透明度，並展示我們媒體業務的利用率和堅實的動力廣告技術產品。

Gross billings is an internal operational metric that provides a view on the utilization of our platform, our ability to capture share of the addressable market and ultimately, our ability to convert that strength into revenue.

總賬單是一項內部運營指標，可反映我們平台的利用率、我們佔領目標市場份額的能力以及最終將這種優勢轉化為收入的能力。

Turning to Digital Out-of-Home. We saw our gross billings double in Q1 2023 over the same period a year ago, demonstrating the strength of our product as well as showing the potential for what we believe is one of our core long-term growth drivers for Quotient.

轉向數字戶外。我們看到 2023 年第一季度的總營業額比一年前同期翻了一番，這證明了我們產品的實力，也展示了我們認為是 Quotient 核心長期增長驅動力之一的潛力。

The Digital Out-of-Home market is expected to grow at 15% through 2025 according to eMarketer. This growth is driven by 2 trends: first, the digitization of the traditional out-of-home placements and secondarily, the digitization of the physical store.

據 eMarketer 稱，到 2025 年，戶外數字市場預計將以 15% 的速度增長。這種增長由兩個趨勢驅動：首先是傳統戶外廣告的數字化，其次是實體店的數字化。

In-store audiences for retailers are 1.5x larger than their digital audiences, and 90% of CPG transactions are still made in store. With access to over 500,000 screens, of which over 200,000 are in or around the physical retail store. Our Digital Out-of-Home product is quickly becoming, in our view, the digital in-store product. We offer an industry-recognized demand side platform that enables advertisers to programmatically reach consumers on digital screens wherever they are and wherever they shop.

零售商的店內受眾是數字受眾的 1.5 倍，90% 的 CPG 交易仍然在店內進行。可訪問超過 500,000 個屏幕，其中超過 200,000 個屏幕位於實體零售店內或周圍。我們認為，我們的數字戶外產品正在迅速成為數字店內產品。我們提供業界認可的需求方平台，使廣告商能夠以編程方式在數字屏幕上接觸消費者，無論他們身在何處、無論在何處購物。

Quotient's self-service platform is designed for the unique opportunities of out-of-home location-based advertising that enables brands to reach consumers on the move during their path to purchase. As a testament to our capabilities, our Digital Out-of-Home business received nominations for Digiday 2023 media buying and planning awards.

Quotient 的自助服務平台專為戶外基於位置的廣告的獨特機會而設計，使品牌能夠在購買過程中接觸移動的消費者。為了證明我們的能力，我們的數字戶外業務獲得了 Digiday 2023 媒體購買和規劃獎的提名。

We were named a finalist in the best digital out-of-home campaign category, which recognized our successful campaign with the clothing retailer H&M USA, as well as the best multichannel experience and the best digital media campaign categories for our summer snacking campaign with Mondelez.

我們被提名為最佳數字戶外活動類別的決賽入圍者，該獎項表彰了我們與服裝零售商H&M USA 的成功活動，以及我們與Mondelez 的夏季零食活動的最佳多渠道體驗和最佳數字媒體活動類別。

This campaign was recognized for the power of taking an omnichannel strategy using multiple channels, including social, mobile display and digital out-of-home to deliver a cohesive message to consumers across multiple touch points.

該活動因其利用多種渠道（包括社交、移動顯示和數字戶外）採取全渠道策略的力量而獲得認可，通過多個接觸點向消費者傳遞有凝聚力的信息。

Turning to the retail ad network. In the quarter, we shared initial campaign results from our retail ad network with our CPG pilot partners. These initial results were well received and speak to what we believe is the promise of simplifying the buying of retail media. This innovation is delivering on CPG expectations for performance while solving key pain points of supporting all retail media businesses.

轉向零售廣告網絡。在本季度，我們與 CPG 試點合作夥伴分享了零售廣告網絡的初步營銷活動結果。這些初步結果受到了好評，並證明了我們相信簡化零售媒體購買的承諾。這項創新滿足了 CPG 對績效的期望，同時解決了支持所有零售媒體業務的關鍵痛點。

Looking to our future. As I mentioned briefly on our last call, in the coming years, we have a goal to return the business to a low to mid-teens growth rate, 60% plus gross margins and 20% plus EBITDA margin. We believe, based on our current trajectory, we have a line of sight to achieving these targets by 2025.

展望我們的未來。正如我在上次電話會議中簡要提到的那樣，在未來幾年中，我們的目標是使業務恢復到十幾歲左右的增長率，毛利率達到60% 以上，EBITDA 利潤率達到20% 以上。我們相信，根據目前的發展軌跡，我們有望在 2025 年實現這些目標。

On the top line, we expect to achieve this growth rate through steady organic growth in our promotions product family and scaling up our strategic growth initiatives within our other product families, such as Digital Out-of-Home and Shopmium.

在營收方面，我們預計通過促銷產品系列的穩定有機增長以及在其他產品系列（例如數字戶外和 Shopmium）中擴大我們的戰略增長計劃來實現這一增長率。

On the promotion side, with the programmatic capabilities of our platform, we believe that we can more easily support new content for smaller brands, regional players and new consumer purchase occasions as well as new adjacent categories.

在促銷方面，憑藉我們平台的程序化功能，我們相信我們可以更輕鬆地支持較小品牌、區域參與者、新消費者購買場合以及新的相鄰類別的新內容。

Within Digital Out-of-Home and Shopmium, we are expanding the reach of our product offerings as we seek to capitalize on a growing TAM in these product areas. I spoke to some of the tailwinds we are experiencing in Digital Out-of-Home a moment ago.

在數字戶外和 Shopmium 領域，我們正在擴大產品範圍，尋求利用這些產品領域不斷增長的 TAM。剛才我談到了我們在數字戶外領域所經歷的一些順風車。

For Shopmium, we continue to build on the success of our European Shopmium app with the launch of Shopmium in the United States, growing our direct-to-consumer content by 23% in Q1 2023 versus the prior year. And we continue to be excited about the monetization opportunities given early reads on user engagement levels in the app.

對於 Shopmium，我們繼續在歐洲 Shopmium 應用程序的成功基礎上，在美國推出 Shopmium，我們的直接面向消費者的內容在 2023 年第一季度比上一年增長了 23%。鑑於我們對應用程序中用戶參與度的早期了解，我們仍然對貨幣化機會感到興奮。

On the profitability side, the work we did in 2022 to reduce our operating cost structure has provided, in our view, a path to a 60% gross margin and a 20% EBITDA margin by 2025. Achieving these targets will be dependent upon growth on our higher-margin revenue initiatives and leveraging the fixed cost base.

在盈利能力方面，我們認為，我們在2022 年為降低運營成本結構所做的工作，為到2025 年實現60% 的毛利率和20% 的EBITDA 利潤率提供了一條道路。實現這些目標將取決於增長我們的更高利潤收入計劃並利用固定成本基礎。

In conclusion, while Q1 results were within our expectations, our leading internal indicators are showing green shoots across the business from the strengthening of our promotions network to the 92 net new brands and the increased gross billings through our Digital Out-of-Home, DSP.

總之，雖然第一季度的業績符合我們的預期，但我們的領先內部指標顯示整個業務出現了復甦跡象，從加強我們的促銷網絡到92 個淨新品牌，以及通過我們的數字戶外、DSP 增加總賬單。

The hard work of transitioning to a technology provider is progressing and our financial fundamentals continue to strengthen. We are focused on driving organic growth while simultaneously expanding margins.

向技術提供商轉型的艱苦工作正在取得進展，我們的財務基礎繼續加強。我們專注於推動有機增長，同時擴大利潤。

With that, I will now turn the call over to Yuneeb to review financials and guidance.

現在，我將把電話轉給 Yuneeb，以審查財務和指導。

Thank you, Matt, and good afternoon, everyone. My remarks today will be focused on our financial highlights, and I encourage everyone to visit our Investor Relations page for all the relevant documents, including our GAAP to non-GAAP reconciliation.

謝謝你，馬特，大家下午好。我今天的發言將重點關注我們的財務亮點，我鼓勵大家訪問我們的投資者關係頁面以獲取所有相關文件，包括我們的 GAAP 與非 GAAP 調節表。

Our Q1 results demonstrate the work we started last year to strengthen the financial fundamentals of the company and our continued focus on improving our financial processes. In particular, I'm proud that we achieved positive adjusted EBITDA in first quarter of this year versus the loss posted in first quarter of last year.

我們第一季度的業績證明了我們去年開始加強公司財務基礎的工作以及我們對改善財務流程的持續關注。尤其令我感到自豪的是，我們在今年第一季度實現了調整後的正 EBITDA，而去年第一季度則出現了虧損。

A testament to our focus on profitability, cost discipline and efficiency. Combined with our solid cash and liquidity position, we believe we are well positioned to continue funding our transformation and fueling our growth. Our first quarter revenue was $59.3 million, within our guidance range of $55 million to $65 million.

這證明了我們對盈利能力、成本控制和效率的關注。結合我們堅實的現金和流動性狀況，我們相信我們有能力繼續為我們的轉型提供資金並推動我們的增長。我們第一季度的收入為 5930 萬美元，在我們 5500 萬至 6500 萬美元的指導範圍內。

This compares to $61.5 million of revenue reported in first quarter of 2022, excluding the impacts of the winding down of our relationship with a large partner and our shift to net revenue recognition. These excluded items contributed $17 million of the $78.5 million of revenue that we reported in Q1 of last year. Promotions represented 80% of revenue in Q1. We -- as Matt mentioned, our promotions business continued to demonstrate strength, while media was impacted by a decline in managed services due to in-housing and our strategic shift away from low-margin managed services media products.

相比之下，2022 年第一季度報告的收入為 6150 萬美元，不包括我們與大型合作夥伴關係結束以及轉向淨收入確認的影響。去年第一季度我們報告的 7850 萬美元收入中，這些排除的項目貢獻了 1700 萬美元。促銷活動佔第一季度收入的 80%。正如馬特提到的，我們的促銷業務繼續表現出實力，而媒體則受到託管服務下降的影響，這是由於內部管理和我們從低利潤託管服務媒體產品的戰略轉變而造成的。

Non-GAAP gross profit of $29.9 million resulted in a non-GAAP gross margin of 50% compared to 41% in Q1 of last year. Gross margin improvement was primarily driven by the adoption of net revenue recognition, a shift towards higher-margin products and cost reduction actions including efficiency-driven improvements to our operations and delivery functions.

非 GAAP 毛利潤為 2,990 萬美元，導致非 GAAP 毛利率為 50%，而去年第一季度為 41%。毛利率的改善主要是由於採用淨收入確認、轉向利潤率更高的產品以及降低成本的行動（包括以效率為導向的運營和交付職能改進）所推動的。

Our Q1 non-GAAP operating expenses were $31.4 million versus $41.2 million in Q1 of last year. Year-over-year decline in spending was primarily due to previously announced cost reduction actions as well as our disciplined OpEx management. Non-GAAP adjusted EBITDA in Q1 was $1.8 million, within our guidance range of $1 million to $5 million and versus a loss of $7 million in the prior year.

我們第一季度的非 GAAP 運營費用為 3140 萬美元，而去年第一季度為 4120 萬美元。支出同比下降主要是由於之前宣布的成本削減行動以及我們嚴格的運營支出管理。第一季度非 GAAP 調整後 EBITDA 為 180 萬美元，在我們 100 萬至 500 萬美元的指導範圍內，而上一年則虧損 700 萬美元。

Turning to cash. Our operating cash usage for the quarter was $6.6 million, within our guidance range of a cash usage of $5 million to $10 million and improving by $19 million than first quarter of last year. The cash usage in 1Q is reflective of normal seasonality of certain cash outflows that happened in the beginning of the year as well as timing of certain known nonrecurring payments.

轉向現金。我們本季度的運營現金使用量為 660 萬美元，處於我們現金使用量 500 萬至 1000 萬美元的指導範圍內，比去年第一季度增加了 1900 萬美元。第一季度的現金使用情況反映了年初發生的某些現金流出的正常季節性以及某些已知的非經常性付款的時間安排。

We ended the quarter with $44 million of cash and with our unused and available asset-based revolving credit facility. We believe we are well capitalized to meet all our cash needs. We continue to strengthen our cash management processes, leading to greater visibility into elements of our cash cycle and helping drive further optimization of our working capital.

本季度末，我們擁有 4400 萬美元現金以及未使用且可用的基於資產的循環信貸額度。我們相信我們的資本充足，可以滿足我們所有的現金需求。我們繼續加強現金管理流程，提高現金周期要素的可見性，並幫助推動營運資本的進一步優化。

Turning to second quarter. I'm excited about the strong commercial momentum that we are witnessing across our promotions as well as our Digital Out-of-Home products, as Matt has pointed out. Our 2Q revenue guidance reflects this momentum and is supported by a pipeline that is trending ahead of seasonal norms. Further, we continue to see meaningful improvement in adjusted EBITDA driven by our focus on growing higher-margin products and our proven cost performance. We believe it is important to emphasize that our revenue guidance for 2Q is also signaling an expected return to growth for our company, excluding the impact of a certain prior period revenue recognition item that we previously disclosed during 2Q of last year.

轉向第二季度。正如馬特所指出的，我對我們在促銷活動以及數字戶外產品中看到的強勁商業勢頭感到興奮。我們的第二季度收入指引反映了這一勢頭，並得到了領先於季節性正常水平的管道的支持。此外，由於我們專注於發展高利潤產品和經過驗證的性價比，我們繼續看到調整後 EBITDA 取得有意義的改善。我們認為，必須強調的是，我們對第二季度的收入指引也表明我們公司預計將恢復增長，不包括我們之前在去年第二季度披露的某些前期收入確認項目的影響。

For the second quarter, we anticipate revenue to be in the range of $67 million to $72 million, non-GAAP gross profit to be in the range of $34 million to $38 million, adjusted EBITDA in the range of $3 million to $6 million and operating cash flow in the range of $0 million to $5 million. For full year 2023, we are maintaining our guidance. We expect revenue to be in the range of $275 million to $305 million; non-GAAP gross profit in the range of $145 million to $165 million, adjusted EBITDA in the range of $32 million to $45 million, and operating cash flow to be in the range of $10 million to $25 million. We estimate weighted average basic shares outstanding to be approximately 98.8 million.

我們預計第二季度收入將在 6700 萬美元至 7200 萬美元之間，非 GAAP 毛利潤將在 3400 萬美元至 3800 萬美元之間，調整後 EBITDA 將在 300 萬美元至 600 萬美元之間，運營現金流量在000 萬至500 萬美元之間。對於 2023 年全年，我們維持指引。我們預計收入將在 2.75 億美元至 3.05 億美元之間；非 GAAP 毛利潤在 1.45 億美元至 1.65 億美元之間，調整後 EBITDA 在 3200 萬美元至 4500 萬美元之間，運營現金流在 1000 萬美元至 2500 萬美元之間。我們估計加權平均已發行基本股約為 9880 萬股。

In closing, I'm very proud of our company's transformation journey so far and very excited about the positive momentum that is building up and in my view, we are laying solid groundwork towards achieving our long-term financial growth of revenue growth in the mid-teens gross margin north of 60% and EBITDA margin north of 20%.

最後，我對我們公司迄今為止的轉型之旅感到非常自豪，並對正在形成的積極勢頭感到非常興奮，在我看來，我們正在為實現中期收入增長的長期財務增長奠定堅實的基礎- 毛利率超過60%，EBITDA 利潤率超過20%。

We would now like to take your questions. Operator, can you please open up the line for Q&A.

我們現在願意回答您的問題。接線員，您可以開通問答線路嗎？

(Operator Instructions) The first question is from the line of Steve Frankel with Rosenblatt Securities.

（操作員說明）第一個問題來自 Rosenblatt Securities 的 Steve Frankel。

Can we start with the Digital Out-of-Home business and this buildup of billings -- maybe give us an idea of how important this business is to revenue in 2023 and how it ramps from there?

我們能否從數字戶外業務和賬單的積累開始——也許能讓我們了解這項業務對 2023 年收入的重要性以及它如何從那裡開始增長？

Steve, thanks for the question. So Digital Out-of-Home, it's certainly been a -- it's been a growing part of our business, a growing part of our media business. It does represent a true ad tech take rate. When we look at the business here through the -- I think, through Q1, it does represent a, I would say, a good 50% of our media revenue. And we expect that to continue to kind of build throughout the year.

史蒂夫，謝謝你的提問。因此，戶外數字化無疑是我們業務中不斷增長的一部分，是我們媒體業務中不斷增長的一部分。它確實代表了真實的廣告技術採用率。當我們通過第一季度來審視這裡的業務時，我想說，它確實佔了我們媒體收入的 50%。我們預計這一情況將在全年繼續增長。

Okay. Great. And then on gross margins. I was anticipating that maybe we would see higher gross margins this year, not quite to that 60% target, but making some good progress this year and your guidance seems to imply that there isn't as much lift. What's the dynamic there?

好的。偉大的。然後是毛利率。我預計今年我們可能會看到更高的毛利率，雖然沒有達到 60% 的目標，但今年取得了一些良好的進展，而您的指導似乎意味著沒有那麼大的提升。那裡有什麼動態？

Yes. Steve. It's Yuneeb here. So first of all, the -- as we've said in the past, the product portfolio is pretty healthy. The portfolio that we have right now carries pretty nice direct margins. The gross margin that you see right now is 50%. It's substantially higher versus where we were last time in the first quarter of 2022.

是的。史蒂夫.這裡是尤尼布。首先，正如我們過去所說，產品組合非常健康。我們現在擁有的投資組合具有相當不錯的直接利潤。你現在看到的毛利率是50%。與我們上次 2022 年第一季度的水平相比，這個數字要高得多。

The difference between what you saw in the fourth quarter versus what you're seeing in the first quarter is primarily related to the top line, the revenue number. Our revenue is $11 million short versus fourth quarter, which is normal seasonality that we have in the business. Underneath this, are products which are pretty healthy when it comes to gross margin. High 70%, 80%, and that is the reason why the gross profit declined and you have less growth -- less fixed cost of goods sold absorption in the first quarter. It's normal seasonality. It's in line with our expectations, it's within our guidance, and this is something that we see kind of like leveling off as we progress through the year. Already, you see the gross margin for second quarter to be trending higher than the first quarter. And as the revenue grows, we will see that gross margin percentage become better and better through the year. Like I said before, it's as per expectations, our guide for second quarter and total year reflects that.

您在第四季度看到的情況與在第一季度看到的情況之間的差異主要與營收數字有關。與第四季度相比，我們的收入少了 1100 萬美元，這是我們業務的正常季節性。在此之下，是毛利率相當健康的產品。高70%、80%，這就是毛利潤下降、增長放緩的原因——第一季度銷售商品固定成本吸收減少。這是正常的季節性。它符合我們的預期，在我們的指導範圍之內，而且我們認為隨著這一年的進展，情況會趨於平穩。您已經看到第二季度的毛利率趨勢高於第一季度。隨著收入的增長，我們將看到毛利率逐年變得越來越好。正如我之前所說，這符合預期，我們第二季度和全年的指南反映了這一點。

And then because there are a bunch of impacts, it's kind of hard to model. So maybe give us an idea of where non-GAAP OpEx should be in Q2 and through the rest of the year.

然後因為有很多影響，所以很難建模。因此，也許可以讓我們了解第二季度和今年剩餘時間的非公認會計原則運營支出應該在哪裡。

Yes. So non-GAAP OpEx should be in line with what you're seeing in the first quarter, slightly better. We expect in the second quarter because in the first quarter, you have some comp catch-ups and a little bit of like incremental sales and marketing expense. So it will be in the same [zip code] of what you're seeing like in the first quarter..

是的。因此，非 GAAP 運營支出應該與您在第一季度看到的情況一致，略好一些。我們預計第二季度會出現，因為在第一季度，您會出現一些補償追趕以及一些增量銷售和營銷費用。因此，它將與您在第一季度看到的相同[郵政編碼]。

And what about the back half of the year? Is it flat lines? Or is there room for taking more cost out of the model in the back half of the year?

那麼下半年呢？是平線嗎？或者下半年該模型是否還有降低成本的空間？

There is always room to take off costs. Like OpEx monitoring is something that we have actually demonstrated in the last year as well, that's front and center of our financial management apparatus and strategy. So we'll continue that drill. But for modeling purposes, for now, we'll -- I'll encourage you to like keep it as straight line with like maybe a different revenue trajectory.

總有削減成本的空間。就像我們在去年實際展示的運營支出監控一樣，這是我們財務管理機構和戰略的前沿和中心。因此我們將繼續進行該演習。但出於建模目的，目前，我們會——我會鼓勵您保持直線，就像可能不同的收入軌跡一樣。

Okay. And then last question, Matt, on Shopmium, where does that business have to scale to before you start sharing some metrics with us?

好的。最後一個問題，Matt，關於 Shopmium，在您開始與我們分享一些指標之前，該業務必須擴展到什麼程度？

Yes. I would say it's less about the scale of the business, Steve, it's more about us getting comfortable with those internal metrics and making sure we have proper benchmarks that both allow us to model it as well as to allow to share that metric out for you guys and model it as well. So I expect as we move through the year, we'll continue to kind of look at that, the growth of the overall reach of that business and start to look at the right metrics that we will start sharing externally.

是的。我想說，這與業務規模無關，史蒂夫，更多的是我們對這些內部指標感到滿意，並確保我們有適當的基準，既允許我們對其進行建模，也允許為您分享該指標伙計們，也為它建模。因此，我預計，隨著這一年的發展，我們將繼續關注該業務整體影響力的增長，並開始關注我們將開始與外部共享的正確指標。

The next question is from the line of Chad Bennett with Craig-Hallum.

下一個問題來自查德·貝內特 (Chad Bennett) 和克雷格·哈勒姆 (Craig-Hallum)。

So just want to verify the mix in the quarter. Did you indicate promo was 80% of the mix in the quarter?

所以只想驗證本季度的組合。您是否表示促銷佔本季度組合的 80%？

Chad, that is correct. Yes. In the quarter, [promo way] is 80% of the mix.

查德，這是正確的。是的。在本季度，[促銷方式] 佔組合的 80%。

Okay. And then just in terms of how we should think about that for the remainder of the year from a mix standpoint? I mean it seems like promo certainly did better than at least we thought in the quarter, but maybe media was a little bit lighter than what we thought. Kind of just kind of expectations for mix for the rest of the year? And maybe secondarily, what do you expect from the media business from this kind of run rate in Q1?

好的。然後，從混合的角度來看，我們應該如何考慮今年剩餘時間的情況？我的意思是，促銷活動似乎確實比我們在本季度想像的要好，但也許媒體比我們想像的要輕鬆一些。對今年剩餘時間的混合有某種期望嗎？也許其次，您對媒體業務第一季度的這種運行率有何期望？

Yes, it's a good question. It's something that we're kind of keeping a keen eye on. When we think about the shift we made in the media business towards an ad tech model, we expect that to build throughout the year. We know the second half typically is a much stronger billings period for us, and I can see that in some of the historical data we provided. And so we expect that to probably as we have progressed through the year, media will certainly move up on mix. And then promo, it's been very strong in Q1. We certainly see some strength in Q2, just looking at the savings delivered we had out there in Q1. So I would say gradually, we'll see some probably faster growth rates with media off this baseline. But I think that mix will progressively become more balanced as we move to the back half of the year. I think we'll still probably be in that, that range of 70-30. But I would say still early innings to see where that -- how that evolves.

是的，這是一個好問題。這是我們密切關注的事情。當我們考慮媒體業務向廣告技術模式的轉變時，我們預計這一轉變將在全年實現。我們知道下半年對我們來說通常是一個更強勁的賬單週期，我可以從我們提供的一些歷史數據中看到這一點。因此，我們預計，隨著我們這一年的進步，媒體肯定會在混合方面取得進步。然後是促銷，第一季度的表現非常強勁。我們當然看到第二季度的一些優勢，只要看看我們在第一季度實現的節省即可。所以我想說，隨著媒體脫離這一基線，我們將逐漸看到一些可能更快的增長率。但我認為，隨著下半年的到來，這種組合將逐漸變得更加平衡。我認為我們可能仍會處於 70-30 的範圍內。但我想說，現在還處於早期階段，看看事情會如何發展。

Do you think just on the promo side, Matt, from everything you're seeing and just kind of the macro data points on CPG to kind of price elasticities and kind of annualizing on price increases and volume decreases and so forth. I mean, we typically look at that business kind of seasonally throughout the year. It seems like this year, I hate to say you're fearful to say it could be different. But that almost -- you'll -- regardless of traditional seasonality that promo biz should kind of improved sequentially every quarter throughout the year. I don't know that anybody has visibility in the fourth quarter, but just wondering how you think about the seasonality of that business relative to "normal years."

馬特，你認為只是在促銷方面嗎，從你所看到的一切以及消費品的宏觀數據點到價格彈性以及價格上漲和銷量下降的年化等等。我的意思是，我們通常會全年季節性地關注該業務。看來今年，我不想說你害怕說情況可能會有所不同。但幾乎——你會——不管傳統的季節性如何，促銷業務應該在全年每個季度都按順序有所改善。我不知道有人對第四季度有了解，只是想知道您如何看待該業務相對於“正常年份”的季節性。

Yes. I mean the way we're thinking about our guide for the year at this moment is we're still kind of taking into account traditional seasonal patterns. That being said, you are correct to point out that there are some positive tailwinds out there in the macro environment for us, right? Inflation levels remain elevated, which means we're seeing a lot more consumer engagement and demand for our offers, which is why we see our savings deliver grow. We see CPGs facing a lot of pressure on volume. And so certainly seeing some positive tailwinds there as they look to kind of leverage more of a digital promotion, which can be targeted and programmatic to help them move volume and move units more efficiently and more effectively.

是的。我的意思是，我們目前考慮今年指南的方式是，我們仍然會考慮傳統的季節性模式。話雖如此，您指出宏觀環境對我們來說存在一些積極的推動因素是正確的，對吧？通貨膨脹水平仍然很高，這意味著我們看到更多的消費者參與和對我們的產品的需求，這就是為什麼我們看到我們的儲蓄增長。我們看到快速消費品面臨著巨大的銷量壓力。因此，當他們希望更多地利用數字促銷時，肯定會看到一些積極的推動力，這種促銷可以有針對性和程序化，以幫助他們更有效地移動數量和移動單位。

So it does give us -- as we look forward, certainly some green shoots towards where we see this business in this year could become a unique year for us. But I would say we're still early in the year on that one. We see certainly strong momentum in quarter 2 for our promo bookings. And we're -- we continue to kind of track that into Q3. We're certainly way ahead of the curve to kind of predict and see where Q4 would land. But I think it's certainly something that's on the table. And I certainly would say the macro and industry tailwinds are in our favor right now.

因此，正如我們所期待的那樣，它確實給我們帶來了一些新芽，我們認為今年這項業務可能會成為我們獨特的一年。但我想說，我們還處於今年年初。我們肯定會看到第二季度促銷預訂的強勁勢頭。我們將繼續在第三季度追踪這一情況。我們在預測和了解第四季度的情況方面無疑遙遙領先。但我認為這肯定是擺在桌面上的事情。我當然會說，目前宏觀和行業的順風對我們有利。

And then just kind of more broadly, Matt, just on how you view the platform today, the promotion platform or network. If we do see a comeback in trade incentives and spend from CPGs, just kind of where Quotient is positioned from a market share standpoint to capture that spend versus historical time periods.

然後更廣泛地講，馬特，關於你如何看待今天的平台、促銷平台或網絡。如果我們確實看到貿易激勵措施和消費品支出捲土重來，那麼 Quotient 就可以從市場份額的角度定位，以捕捉歷史時期的支出情況。

Yes. It's a good question. I would say our network today, as we shifted to that network model, the publishing partners we added last year, we have more reach today of consumers than we ever have as a company and as a platform. And we think that gives us a unique opportunity to continue to help brands deliver savings to the American consumer, across all possible touch points, whether that's through their retail royalty app, whether it's through one of our publishing partners, whether that's through their favorite shopping list app, we've really become very agnostic and shifted our network to truly be a promotional ad server, allowing us to deliver savings to consumers, across multiple touch points and however they shop. I think that gives us a very strong position to continue to help brands move volume and help consumers save.

是的。這是一個好問題。我想說的是，我們今天的網絡，隨著我們轉向這種網絡模式，去年我們增加了出版合作夥伴，我們今天比作為一家公司和一個平台擁有更多的消費者影響力。我們認為，這為我們提供了一個獨特的機會，可以繼續幫助品牌在所有可能的接觸點上為美國消費者節省開支，無論是通過他們的零售版稅應用程序，無論是通過我們的出版合作夥伴之一，還是通過他們最喜歡的購物列表應用程序，我們真的變得非常不可知論，並將我們的網絡轉變為真正的促銷廣告服務器，使我們能夠跨多個接觸點以及他們如何購物，為消費者提供節省。我認為這使我們處於非常有利的地位，可以繼續幫助品牌提高銷量並幫助消費者節省開支。

There are no additional questions waiting at this time. I will now turn the conference back to Matt Krepsik for closing remarks.

目前沒有其他問題等待。現在我將請馬特·克雷普斯克 (Matt Krepsik) 致閉幕詞。

Thank you all for joining us today on our Q1 results. We look forward to continuing to update you on our progress in the near future. Thank you.

感謝大家今天與我們一起了解我們的第一季度業績。我們期待在不久的將來繼續向您通報我們的進展情況。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。