Taboola.com Ltd (TBLA) 2023 Q4 法說會逐字稿

Good day and thank you for standing by, and welcome to the Golar Q1 excuse me, fourth quarter 2023 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 Golar 第一季的 2023 年第四季財報電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Jethro, Jessica Kourakos. Please begin.

請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人 Jethro、Jessica Kourakos。請開始。

Thank you and good morning, everyone, and welcome to Dorel's Fourth Quarter and Fiscal 2023 earnings conference call. I'm here with Atomz and Golder towards Founder and CEO, and Steve Walker to bull as CFO Company issued earnings materials today before the market, and they are available in the Investors section of tubulars website.

謝謝大家，大家早安，歡迎參加 Dorel 第四季和 2023 財年財報電話會議。今天，我與 Atomz 和 Golder 的創始人兼首席執行官以及 Steve Walker 一起作為首席財務官在市場上發布了公司的收益材料，這些材料可以在 Tubements 網站的投資者部分中找到。

Now I'll quickly cover the safe harbor. Certain statements today, including our expectations for future periods, are forward-looking statements that are not facts and are subject to material risks and uncertainties described in our SEC filings. These statements are based on currently available information, and we undertake no duty to update them except as required by law.

現在我將快速覆蓋安全港。今天的某些陳述，包括我們對未來時期的預期，均為前瞻性陳述，並非事實，並受到我們向 SEC 文件中描述的重大風險和不確定性的影響。這些聲明是基於目前可用的信息，除非法律要求，否則我們不承擔更新這些聲明的義務。

Today's discussion is also subject to the forward-looking statement. Limitations in the earnings press release and future events could differ materially and adversely from those anticipated during this call, we will use terms defined in the earnings release and refer to non-GAAP financial measures. For definitions and reconciliations to GAAP. Please refer to the non-GAAP tables in the earnings release posted on our website.

今天的討論也以前瞻性聲明為準。收益新聞稿和未來事件的限制可能與本次電話會議中的預期存在重大和不利的差異，我們將使用收益新聞稿中定義的術語並參考非公認會計準則財務指標。用於 GAAP 的定義和調節。請參閱我們網站上發布的收益報告中的非公認會計準則表格。

With that, I'll turn the call over to Adam.

這樣，我會將電話轉給 Adam。

Thanks, Jessica. Good morning, everyone, and thank you all for joining us. And before we talk about the business.

謝謝，傑西卡。大家早安，感謝大家加入我們。在我們談論業務之前。

I want to start with a word about our people have always said that a company's true innovation, it's culture and people and I'm so proud of the tremendous resilience displayed by our nearly [$2,000] during the war in Israel.

首先，我想先談談我們的員工，我們一直說，公司真正的創新在於文化和員工，我對我們在以色列戰爭期間近 [2,000 美元] 所表現出的巨大韌性感到非常自豪。

The resilience is what's driving our progress in reaching new users, delivering engaging experiences in the Open Web, improving our effectiveness at monetization and driving yield. We have real momentum coming into this year and it shows in our Q4 results and strong 2024 financial guidance.

彈性是推動我們在吸引新用戶、在開放網路中提供引人入勝的體驗、提高獲利效率和提高收益方面取得進展的動力。今年我們擁有真正的動力，這在我們第四季度的業績和強勁的 2024 年財務指引中得到了體現。

Turning first to our quarterly results. We had a strong end to 2023 Q4 X-Tack of $168.5 million, growing 6% versus 2023 Q4. Q4 adjusted EBITDA of $50.1 million, a significant beat to the high end of our guidance by $18 million, representing over 30% adjusted EBITDA margin.

首先來看我們的季度業績。 2023 年第 4 季度，我們的 X-Tack 營收達到 1.685 億美元，較 2023 年第 4 季成長 6%。第四季調整後 EBITDA 為 5,010 萬美元，比我們指導上限高出 1,800 萬美元，相當於調整後 EBITDA 利潤率超過 30%。

Free cash flow in Q4 was $10.5 million, bringing our 2023 free cash flow to $52.2 million, representing 3X growth over 2022 as well as 50% conversion to EBITDA, which is our desired stated goal.

第四季的自由現金流為 1,050 萬美元，使我們 2023 年的自由現金流達到 5,220 萬美元，比 2022 年增長 3 倍，並且 EBITDA 轉換為 50%，這是我們期望的既定目標。

2024 is set to be a record year for tubular across all key measures. Revenue ex-TAC, gross profit, adjusted EBITDA and free cash flow.

2024 年將是管材所有關鍵指標創紀錄的一年。扣除 TAC 的收入、毛利、調整後 EBITDA 和自由現金流。

On the revenue front, we're back to fast growth. Revenues growing 33% to nearly $2 billion this year. X-tack is growing 25% to $670 million. We are reiterating our adjusted EBITDA guidance of over $200 million, which is 2X 2023. And we are reiterating our free cash flow guidance of over $100 million, also nearly 2X of 2023.

在收入方面，我們又恢復了快速成長。今年營收成長 33%，達到近 20 億美元。 X-tack 成長了 25%，達到 6.7 億美元。我們重申調整後 EBITDA 指引超過 2 億美元，是 2023 年的 2 倍。我們重申自由現金流指引超過 1 億美元，也是 2023 年的近 2 倍。

On the business front, there's a lot of good momentum. 2024 is benefiting from fast adoption of our AI offerings and we assume yield expansion this year after two years of softness, Yahoo is ramping up already crossing the $100 million mark in Q1 with a great trust and collaboration between our teams.

在業務方面，有很多良好的勢頭。 2024 年將受益於我們人工智慧產品的快速採用，我們預計在經歷了兩年的疲軟之後，今年的產量將有所增長，憑藉我們團隊之間的高度信任和合作，雅虎在第一季已經突破了1 億美元大關。

Now since we signed the partnership with Yahoo. Many investors have asked us what is next, what will be the next Yahoo type partnership and I'm very, very happy to share that another iconic consumer brand has just chosen to belong as its partner of choice to help them grow their advertising business. I hope to share more about this very soon.

自從我們與雅虎簽署了合作夥伴關係以來。許多投資者問我們下一步是什麼，下一個雅虎類型的合作夥伴關係是什麼，我非常非常高興地告訴大家，另一個標誌性消費品牌剛剛選擇成為其首選合作夥伴，以幫助他們發展廣告業務。我希望很快能分享更多相關內容。

On the back of our business momentum, strong balance sheet and commitment to shareholder returns. We're announcing a new share buyback authorization of $100 million, which represents approximately 6% of our current market cap.

憑藉我們的業務動能、強勁的資產負債表和對股東回報的承諾。我們宣布授予 1 億美元的新股票回購授權，約占我們目前市值的 6%。

2023 was going to be an investment year for growth. We're investing more than $100 million a year in R&D and AI to bring users and advertisers the same amazing experience they have when they interact with search and social platforms every day, we're getting closer to the size of X, Pinterest, Snap and others in revenue and ad spend. And we're paving our way to becoming the very first must-buy platform for the open web.

2023 年將是成長投資年。我們每年在研發和人工智慧方面投資超過 1 億美元，為用戶和廣告商帶來與他們每天與搜尋和社交平台互動時同樣令人驚嘆的體驗，我們越來越接近 X、Pinterest、Snap 的規模以及其他方面的收入和廣告支出。我們正在為成為開放網路的第一個必買平台鋪平道路。

As I reflect on our journey. 10 years ago, we generated just over $200 million in revenue. I remember it like it was yesterday and this year, 10 years later, we're approaching $2 billion.

當我反思我們的旅程。 10 年前，我們的收入剛好超過 2 億美元。我記得就像昨天一樣，10 年後的今年，我們的收入接近 20 億美元。

Now looking ahead, I see two key themes that will allow us to achieve our financial transformation in 2024. The first one is reaching and engaging users in the open web with the addition of Yahoo. And now another iconic consumer brand, there's a lot of momentum here.

現在展望未來，我看到兩個關鍵主題將使我們能夠在 2024 年實現財務轉型。第一個主題是透過雅虎的加入，在開放網路中接觸並吸引用戶。現在又一個標誌性的消費品牌，這裡有很大的動力。

Second one is how well we can monetize our time with consumers, specifically growth in performance advertising and AI to drive yield.

第二個問題是我們如何利用與消費者相處的時間來貨幣化，特別是效果廣告和人工智慧的成長以提高收益。

Now let's expand into both of these areas, starting with how we reach users on the open web. We're seeing great momentum of publishers choosing to build on the back of our technology investments. We're so much more than just money to publishers as we empower the entire publisher organization, the editorial team, subscription team.

現在讓我們擴展到這兩個領域，從如何在開放網路上吸引用戶開始。我們看到出版商選擇以我們的技術投資為基礎進行開發的勢頭強勁。我們不僅僅為出版商提供資金，也為整個出版商組織、編輯團隊、訂閱團隊提供支援。

Audience team monetization team and more publisher win rates continue to improve with terrific new publisher partners joining to build a family from all around the globe, including a three 60 media posts media times Internet, not entertainment and more.

隨著來自世界各地的出色的新發行商合作夥伴加入，建立一個大家庭，其中包括3 個60 篇媒體帖子（媒體時代互聯網媒體，而非娛樂媒體等），受眾團隊貨幣化團隊和更多發行商的獲勝率持續提高。

We renewed and expanded our scope with existing publishers, including NBC News, McClatchy editorial, Globo, Prisa winery and more in the industry. We're seeing a shift of great consumer companies getting into advertising in a bigger way.

我們與現有出版商更新並擴大了合作範圍，包括 NBC News、McClatchy 社論、Globo、Prisa 酒廠等業內人士。我們看到一些偉大的消費公司正在以更大的方式涉足廣告領域。

This includes Disney, Amazon, Netflix, DoorDash over Walmart and more or to some advertising is already one of the most profitable lines of business they have. I expect that Fortune 500 CEOs will increasingly be asked to present their advertising strategy and that the advertising industry will get to become a trillion dollar market in years to come. This is just the beginning.

這包括迪士尼、亞馬遜、Netflix、DoorDash 超過沃爾瑪，廣告在某種程度上已經是他們最賺錢的業務之一。我預計財富 500 強的執行長將越來越多地被要求展示他們的廣告策略，廣告業將在未來幾年成為萬億美元的市場。這只是個開始。

Now why I believe many of these companies were tried to sell directly to big brands. Many would consider partnering with a technology company like tubular to reach tens of thousands or hundreds of thousands of mid-funnel performance advertisers.

現在，為什麼我相信其中許多公司都試圖直接向大品牌銷售產品。許多人會考慮與 Tuubunt 這樣的科技公司合作，以接觸數萬或數十萬的漏斗中部效果廣告商。

We have an opportunity to become the advertising engine of choice to the open web we collect advertising in a box, signing strategic partnerships with publishers and big consumer platforms, giftable another way to reach users and access new premium advertisers.

我們有機會成為開放網路的首選廣告引擎，我們將廣告收集在一個盒子裡，與出版商和大型消費平台簽署策略合作夥伴關係，這是接觸用戶和接觸新的優質廣告商的另一種方式。

And we're seeing it already with Yahoo. As incredible brands are starting to spend. And these are the best of the best out there. Names like Samsung and Verizon, Hulu, Hilton Hotels, Southwest Airlines, Citibank and many others on the other front.

我們已經在雅虎身上看到了這一點。隨著令人難以置信的品牌開始花錢。這些都是最好的。三星和威瑞森、Hulu、希爾頓酒店、西南航空、花旗銀行等其他公司也都在另一邊。

I can tell you we just had an executive off-site for the our leadership and we're focused on executing our plans this year and into 2025 our biggest priority is demand migration of Yahoo. Omnichannel advertisers. I'm happy to tell you we're seeing good results. And we recently shared the case study of large advertisers saying three times in lead volume at 24% lower cost?

我可以告訴你，我們的領導層剛剛有一位高管不在現場，我們今年專注於執行我們的計劃，到 2025 年，我們的首要任務是雅虎的需求遷移。全通路廣告商。我很高興地告訴您，我們看到了良好的結果。我們最近分享了大型廣告商的案例研究，他們說成本降低了 24%，但潛在客戶數量增加了三倍？

Sure. Some of you have a good progress. We expect Q1 revenue to cross the $100 million in revenue, which is fast ramping beyond working with publishers. We also reach users as part of the news as we bring our publishers content to Android devices.

當然。你們中的一些人取得了良好的進步。我們預計第一季營收將突破 1 億美元，除了與發行商合作之外，這一收入還在快速成長。當我們將發布商的內容帶到 Android 裝置上時，我們也會將其作為新聞的一部分接觸到用戶。

Popular news had a spectacular year in 2023 with revenue growing to over $100 million. It is still in early stages with a lot of work ahead of us yet. We expect another strong year for Timberland use in 2024. This is because device manufacturers all around the world continue to seek differentiated offerings to delight users with personalized experiences beyond publishers. Until the news, we're also reaching users with our header bidder.

大眾新聞在 2023 年經歷了輝煌的一年，營收成長至超過 1 億美元。它仍處於早期階段，我們還有很多工作要做。我們預計 2024 年 Timberland 的使用將又是強勁的一年。這是因為世界各地的設備製造商都在繼續尋求差異化的產品，以超越出版商的個人化體驗來取悅用戶。在此消息發布之前，我們也透過標頭出價工具來吸引用戶。

We're continuing to take advantage of our direct demand, unique data and AI to build an inventory that is not exclusively ours. Microsoft continues to be our largest beta partner, and we expect to expand our scope across our network of publishers in 2024.

我們將繼續利用我們的直接需求、獨特的數據和人工智慧來建立不屬於我們專有的庫存。 Microsoft 仍然是我們最大的 Beta 版合作夥伴，我們預計到 2024 年將擴大我們的發行商網路範圍。

Microsoft made some changes to its Epic platform in Q4 that impacted all ad tech partners they work with, including us this had a single digit millions of dollars impact in Q4 and a small impact to 2024, which is already included in our guidance.

微軟在第四季度對其Epic 平台進行了一些更改，影響了與他們合作的所有廣告技術合作夥伴，包括我們，這對第四季度產生了數百萬美元的影響，對2024 年的影響較小，這已經包含在我們的指導中。

Now switching to the second driver of revenue growth, how we monetize time with consumers, essentially how we grow yield yield represents the revenue we can generate per user for comparison, we estimate meta mix $200 of revenue per user a year in the US Snap next $33, and we make about three to $4 per user a year?

現在轉向收入成長的第二個驅動力，我們如何將與消費者的時間貨幣化，本質上我們如何提高收益率代表我們可以為每個用戶產生的收入進行比較，我們估計元混合在美國Snap 接下來每年每個用戶的收入為200 美元33 美元，我們每個用戶每年大約賺 3 到 4 美元？

Well, I think people as among the best in the Open Web, when it comes to monetizing user attention, you can imagine how much runway we have to improve and how much better the open web can do when we win the open web win.

嗯，我認為人們是開放網路中最好的人之一，當談到將用戶注意力貨幣化時，你可以想像我們需要改進多少跑道，以及當我們贏得開放網路勝利時開放網路可以做得更好。

Now the Open Web is about $80 billion market because it uses low yield monetization capabilities invented 30 years ago, such as display banners, text ads, interstitials and more. And on top of that, only in the open web advertisers are asked to bid using CPC or CPM, which companies like Google or meta don't do another three ways to build will grow yield.

現在，開放網路的市場價值約為 800 億美元，因為它使用 30 年前發明的低收益貨幣化功能，例如顯示橫幅、文字廣告、插頁式廣告等。最重要的是，只有在開放網路中，廣告商才會被要求使用每次點擊費用或每千次曝光費用進行競價，而Google或元等公司不會採取另外三種方式來提高收益。

First one is data. This is where current page being bigger and getting a large volume of clicks from the network makes us better at driving conversions to advertisers faster.

第一個是數據。這就是當前頁面更大並從網路獲得大量點擊使我們能夠更好地更快地推動廣告商轉換的地方。

The second one is AI. Deep learning is really hard to do. We've been added for years and this is a key element as it relates to matchmaking between users to information. And the third one is advertisers. We have 15 to 20,000 advertisers as of now, while Google and meta have 10 million advertisers each bringing more advertisers mean better diversity and personalization to offer users the ad they may like we're seeing great momentum from Actimize conversions.

第二個是人工智慧。深度學習確實很難做。我們已經添加多年，這是一個關鍵要素，因為它涉及用戶與資訊之間的匹配。第三個是廣告商。到目前為止，我們有15 到20,000 個廣告商，而Google 和Meta 有1000 萬個廣告商，每個廣告商都帶來更多的廣告商意味著更好的多樣性和個人化，可以為用戶提供他們可能喜歡的廣告，我們從Actimize 轉換中看到了巨大的動力。

bOur advanced AI bidding technology, advertisers are seeing up to 50% boost in conversions while maintaining their cost per acquisition or CPA, as well as some advertisers are seeing reduced CPA by nearly 20%. Let's give an example.

b透過我們先進的人工智慧競價技術，廣告主在維持每次轉換成本或每次轉換費用的同時，轉換率提高了 50%，而某些廣告商的每次轉換費用降低了近 20%。讓我們舉個例子。

If you sold 10 flower bouquets with Taboola and it cost you $30 to get a single customer, you can now sell the same 10 bouquets at a cost of $24 per customer or sell up to 15 bouquets at the same $30 cost to acquire that customer. Now that's selling a lot more flowers and saving more, which is great. Now as more advertisers adopt our AI.

如果您透過Taboola 銷售了10 束鮮花，並花費30 美元贏得一位客戶，那麼您現在可以以每位客戶24 美元的成本出售相同的10 束花束，或者以同樣的30 美元成本出售最多15 束花來贏得該客戶。現在可以賣出更多的鮮花並節省更多，這很棒。現在，隨著越來越多的廣告商採用我們的人工智慧。

And MAX conversions, we expect improved retentions essentially lower churns as well as increase in net dollar retention and DRs, which means advertisers are able to spend more with us over time.

對於最大轉換率，我們預計保留率的提高將顯著降低客戶流失率，並增加淨美元保留率和 DR，這意味著隨著時間的推移，廣告商能夠在我們身上投入更多資金。

In Q4, we launched generated AI ad maker, helping advertisers kickoff campaign faster for self-service advertisers. One in four new creative are being generated using our new generation of AI in 2024, we're focused on enhancing our data integration with Yahoo.

第四季度，我們推出了生成式人工智慧廣告製作工具，幫助廣告主更快為自助廣告主啟動廣告活動。到 2024 年，四分之一的新創意是使用新一代人工智慧產生的，我們致力於加強與雅虎的資料整合。

Continuing adoption and improvement to maximize conversions as well as launching a new maximize rollout optimization product called maximize revenue. Maximized revenue is a way for advertisers that have direct value associated with conversions like in the e-commerce space to optimize their desired return on investments.

繼續採用和改進以最大限度地提高轉換率，並推出名為「最大化收入」的新的最大化推出優化產品。收入最大化是那些與轉換（例如電子商務領域）具有直接價值的廣告商優化其期望投資回報的一種方式。

I'm happy to say that with this momentum, we're already 50% of our revenue is driven by advertisers who adopted MAX conversions and our exciting roadmap were back to yield growth this year. Another segment of advertisers that is helping us drive yield growth and seeing momentum is e-commerce.

我很高興地說，憑藉這種勢頭，我們已經有 50% 的收入是由採用 MAX 轉換次數的廣告商推動的，我們令人興奮的路線圖今年又恢復了收益成長。另一個幫助我們推動收益成長並看到勢頭的廣告商是電子商務。

In 2023. We've benefited from the combined firepower of Connexity scheme links and Timberland. We launched turnkey commerce, which is where we partner with publishers to establish or expand their eCommerce business.

2023 年。我們受惠於 Connexity 方案連結和 Timberland 的聯合火力。我們推出了統包商務，即我們與出版商合作建立或擴展他們的電子商務業務。

This is in high demand. We essentially create eCommerce content, drive traffic to it and monetize it all powered by Taboola. I'm very, very happy to say that at the end of 2023 we signed an agreement with the Associated Press one of the largest and most trusted news.

這方面的需求量很大。我們本質上是創建電子商務內容、增加流量並透過 Taboola 實現貨幣化。我非常非常高興地說，2023 年底我們與美聯社簽署了一項協議，這是最大、最值得信賴的新聞之一。

Publishers in the world to power its new e-commerce destination using Taboola turnkey content. E-commerce represents approximately 20% of X-Tack its premium revenue. And we continue to see it as an important growth driver for Taboola in years to come.

世界各地的出版商使用 Taboola 交鑰匙內容為其新的電子商務目的地提供支援。電子商務約佔 X-Tack 優質收入的 20%。我們繼續將其視為 Taboola 未來幾年的重要成長動力。

Now, as I'm wrapping up my part I would be remiss in not acknowledging that our industry is facing tectonic changes this year that cookie deprecation, JNI and the need for performance advertising in times of recession and market softness and we are so ready.

現在，當我結束我的部分時，如果我不承認我們的行業今年正面臨結構性變化，即cookie 棄用、JNI 以及在經濟衰退和市場疲軟時期對效果廣告的需求，那就太失職了，而我們已經做好準備了。

We have more current page than anyone. We understand intent with users clicking on Taboola tens of billions of times a year. And if history is a proxy for the future. We did well when Apple dedicated cookies.

我們擁有比任何人都多的當前頁面。我們了解用戶每年點擊 Taboola 數百億次的意圖。如果歷史是未來的代表。當 Apple 專門提供 cookie 時，我們做得很好。

In summary, we're coming in strong into 2024 with extending partnerships, fast revenue growth and a strong EBITDA and free cash flow profile. We're announcing a new $100 million buyback authorization. And after two years, if you had been soft, we're back to growth as our clients adopt AI faster than any product developed since I started to work.

總之，我們將憑藉擴大的合作夥伴關係、快速的收入成長以及強勁的 EBITDA 和自由現金流狀況，強勢進入 2024 年。我們宣布一項新的 1 億美元回購授權。兩年後，如果你表現得軟弱的話，我們就會恢復成長，因為我們的客戶採用人工智慧的速度比我開始工作以來開發的任何產品都快。

With that, I'll pass the call over to Steve to review our financials and outlook in more detail.

這樣，我會將電話轉給史蒂夫，以更詳細地審查我們的財務狀況和前景。

Thanks, Adam, and good morning, everyone. As Adam mentioned, we had a strong end to 2023. Our Q4 revenues were approximately $420 million and grew 13% year over year, accelerating from Q3 levels. X-tack gross profit was $169 million, which represented growth of 6% year over year.

謝謝亞當，大家早安。正如 Adam 所提到的，我們在 2023 年取得了強勁的業績。我們第四季的營收約為 4.2 億美元，年成長 13%，較第三季的水準有所加速。 X-tack毛利為1.69億美元，年增6%。

X-tack growth was driven by double digit growth in advertising spend and included a small contribution from Yahoo in the quarter. These positive factors were partially offset by margin compression due to the ad rate declines in 2022, which have since stabilized in 2023.

X-tack 的成長是由廣告支出兩位數成長推動的，其中包括雅虎在本季的小額貢獻。這些正面因素被 2022 年廣告費率下降導致的利潤壓縮所部分抵消，此後廣告費率在 2023 年趨於穩定。

Net income was $3.7 million and non-GAAP net income was $31.4 million. Adjusted EBITDA was $50.1 million, representing a 30% adjusted EBITDA margin year over year. Adjusted EBITDA was down, which was due primarily to higher expenses related to the onboarding of Yahoo.

淨利潤為 370 萬美元，非 GAAP 淨利潤為 3,140 萬美元。調整後 EBITDA 為 5,010 萬美元，調整後 EBITDA 利潤率年增 30%。調整後的 EBITDA 下降，這主要是由於與雅虎的入職相關的費用增加。

Supply that were not in the year-ago period. Operating expenses, excluding Yahoo, would have been relatively flat year over year, reflecting strong cost discipline in 2023, which we plan to continue into 2024. For the full year of 2023, we finished with over $1.4 billion in revenue, $536 million in X-Tack gross profit and $99 million in adjusted EBITDA, we had a net loss of $82 million and non-GAAP net income of $33 million.

供應量不屬於上年同期。營運支出（不包括雅虎）與去年同期相對持平，反映出2023 年嚴格的成本控制，我們計劃將這種控制持續到2024 年。2023 年全年，我們的收入超過14 億美元，其中X 收入為5.36 億美元-算上毛利和 9900 萬美元的調整後 EBITDA，我們的淨虧損為 8200 萬美元，非 GAAP 淨利潤為 3300 萬美元。

We also generated $52 million of free cash flow in 2023, which was up 181% versus 2022. Free cash flow benefited from the stronger than forecasted adjusted EBITDA, which reflects the cost controls mentioned previously, partially offset by the expenses related to the onboarding of Yahoo.

2023 年，我們也產生了5,200 萬美元的自由現金流，比2022 年成長了181%。自由現金流受益於強於預期的調整後EBITDA，這反映了前面提到的成本控制，部分被與新員工入職相關的費用所抵消。雅虎。

Inventory in the period. Free cash flow in Q4 would have been even stronger, if not for the timing of some payables and capital expenditures that we mentioned were delayed last quarter. As Adam said, our strong revenue and X-Tack gross profit performance was driven by strength in our e-commerce, video and tubular news businesses as well as the initial contributions from Yahoo and relatively stable yields in our core business.

期內庫存。如果不是我們提到的上季推遲的一些應付帳款和資本支出的時間安排，第四季的自由現金流將會更加強勁。正如 Adam 所說，我們強勁的營收和 X-Tack 毛利表現是由我們的電子商務、視訊和管狀新聞業務的實力以及雅虎的最初貢獻和我們核心業務相對穩定的收益率所推動的。

E-commerce had double digit growth in 2023, driven by strong growth in advertising budgets from some of our largest retail advertisers as well as strong momentum in Europe. In addition, we are seeing great success ramping to boost speeds and now Yahoo.

由於一些最大的零售廣告商的廣告預算強勁增長以及歐洲的強勁勢頭，電子商務在 2023 年實現了兩位數增長。此外，我們還看到雅虎在提高速度方面取得了巨大成功。

As supply sources for our retail advertisers. In fact, to bullet speed supply hasn't become a top 10 traffic source globally for these advertisers. As we have stated previously to bullet news grew very quickly and exceeded $100 million in revenues in 2023. In total, e-commerce Taboola news and header bidding now represent approximately 30% of our XTAC. gross profit.

作為我們零售廣告商的供應來源。事實上，子彈速供應尚未成為這些廣告商的全球十大流量來源。正如我們之前所說，子彈新聞成長非常迅速，2023 年收入超過 1 億美元。總的來說，電子商務 Taboola 新聞和標題競價現在約占我們 XTAC 的 30%。毛利。

This is exciting because each represents very valuable forms of supply that are valued by high quality advertisers. Our team, our teams have achieved accelerating revenue and X-Tack performance while improving cost efficiency indicated by our strong adjusted EBITDA margin.

這是令人興奮的，因為每一種都代表了高品質廣告商所重視的非常有價值的供應形式。我們的團隊，我們的團隊實現了營收和 X-Tack 績效的加速成長，同時提高了成本效率，這體現在我們強勁的調整後 EBITDA 利潤率。

Exiting 2023, operating expenses were $489 million in 2023, up $11 million year over year as a result of the costs incurred to onboard the significant inventory we are gaining with the addition of Yahoo. Excluding Yahoo.

2023 年結束時，2023 年營運費用為 4.89 億美元，比去年同期增加 1,100 萬美元，這是由於雅虎的加入而增加的大量庫存所產生的成本。不包括雅虎。

As I mentioned earlier, operating expenses were essentially flat with the prior year. Our headcount is down approximately 2.5% from its peak in July of 2022, with our ongoing expense discipline and our strong growth expectations. We expect that in 2024, we will approach our long-term adjusted EBITDA margin target of 30%.

正如我之前提到的，營運費用與前一年基本上持平。由於我們持續的支出紀律和強勁的成長預期，我們的員工人數比 2022 年 7 月的高峰減少了約 2.5%。我們預計到 2024 年，我們將接近 30% 的長期調整後 EBITDA 利潤率目標。

GAAP net loss for 2023 of $82 million included amortization of intangibles of $63.9 million, share-based compensation expenses of $53.7 million and hold back compensation expenses related to the Connexity acquisition of $10.6 million, all of which were excluded from non-GAAP net income. Our non-GAAP net income of $32.6 million was above the high end of our guidance range.

2023 年 GAAP 淨虧損為 8,200 萬美元，包括無形資產攤銷 6,390 萬美元、股權補償費用 5,370 萬美元以及與收購 Connexity 相關的保留補償費用 1,060 萬美元，所有這些均不計入非 GAAP 淨利潤。我們的非 GAAP 淨利潤為 3260 萬美元，高於我們指導範圍的上限。

In terms of cash generation, we had approximately $84.4 million in operating cash flow in 2023 and free cash flow of $52.2 million. This includes net publisher prepayments, which were a source of cash of $19.7 million and interest payments on our long-term debt, which were a use of cash of $18.5 million.

在現金產生方面，2023 年我們的營運現金流約為 8,440 萬美元，自由現金流量為 5,220 萬美元。其中包括出版商預付款淨額（1,970 萬美元的現金來源）和長期債務的利息支付（1,850 萬美元的現金使用）。

As I have highlighted in previous quarters, I would note that net publisher prepayments were a source of cash for the full year due to the fact that new prepayments were lower than the amortization of historical prepayment.

正如我在前幾個季度所強調的那樣，我會注意到，由於新的預付款低於歷史預付款的攤銷，出版商淨預付款是全年的現金來源。

Let's turn to the balance sheet. You can see that our net cash balance remains healthy. Our net cash position of $36.2 million remained positive at the end of Q4, even after share repurchases, cash and cash equivalents, plus our short-term investments decreased from $250.7 million at the end of Q3 to $181.8 million at the end of Q4.

讓我們轉向資產負債表。您可以看到我們的淨現金餘額保持健康。即使在股票回購、現金和現金等價物加上我們的短期投資之後，我們的淨現金頭寸在第四季末仍為3,620 萬美元，從第三季末的2.507 億美元減少到第四季末的1.818 億美元。

This reflected a $50 million prepayment of our debt and $32 million used for share buyback activity in Q4, cash and cash equivalents and short-term investments remained above our debt principal balance of $142.2 million.

這反映了我們在第四季度提前償還了 5000 萬美元的債務，3,200 萬美元用於股票回購活動，現金和現金等價物以及短期投資仍高於我們 1.422 億美元的債務本金餘額。

Speaking of our share repurchases, I would also like to provide an update on our share buyback and debt repayment programs. The share buyback program was initiated on June 1. And as of December 30th, we had repurchased over 15 million shares at an average price of $3.62 for a total repurchases of $55.1 million.

說到我們的股票回購，我還想提供有關我們股票回購和債務償還計劃的最新資訊。股票回購計畫於6月1日啟動。截至12月30日，我們已以平均價格3.62美元回購了超過1500萬股股票，回購總額為5,510萬美元。

The average repurchase price of $3.62 represented a return of approximately 30% based on our closing price on Monday, today, we are also announcing a new share buyback authorization of $100 million that replaces our former buyback plan, which was largely exhausted.

根據我們週一的收盤價，平均回購價格為3.62 美元，回報率約為30%。今天，我們還宣布了1 億美元的新股票回購授權，以取代我們先前已基本耗盡的回購計劃。

We are fortunate enough to be able to fund our organic growth investments from our operating cash flow. Given that we believe that at current valuations, the best use of our free cash flow is to buy back shares to the extent that we have additional cash to deploy, we intend to pay down our long-term debt. We did this in October of 2023.

我們很幸運能夠從營運現金流中為我們的有機成長投資提供資金。鑑於我們認為，以目前的估值，自由現金流的最佳用途是回購股票，直到我們有額外的現金可供部署，我們打算償還長期債務。我們在 2023 年 10 月做到了這一點。

In fact, when we voluntarily prepaid, another $50 million of our long-term debt, bringing the total debt that we have voluntarily prepaid to $141 million. As always, both the share repurchase program and the debt paydown are contingent upon the availability of sufficient working capital as an Israeli company, we are also required to obtain Israeli court approval for share repurchases.

事實上，當我們自願預付時，我們又償還了 5,000 萬美元的長期債務，使我們自願預付的債務總額達到 1.41 億美元。與往常一樣，股票回購計畫和債務償還都取決於作為以色列公司是否有足夠的營運資金，我們還需要獲得以色列法院對股票回購的批准。

Also of note we will be filing a general purpose shelf in the coming days. We consider a good corporate hygiene for our company at our stage to have a general-purpose shelf on file given we believe our stock is a great value at current levels and have announced a new buyback authorization today. We obviously do not intend to issue new shares at this time.

另外值得注意的是，我們將在未來幾天內歸檔通用貨架。鑑於我們相信我們的股票在當前水平上具有很高的價值，並且今天宣布了新的回購授權，我們認為在我們的階段有一個通用的貨架存檔對於我們公司來說是一個良好的企業衛生。我們此時顯然不打算發行新股。

I just wanted to make that make sure that was clear. Now let me shift to our forward looking guidance. As Adam mentioned earlier, in this last 12 months, we invested in technology that advanced our e-commerce and tubular news offerings successfully launched maximized conversions and onboarded all of Yahoo's global native supply.

我只是想讓這一點確保清楚。現在讓我談談我們的前瞻性指引。正如 Adam 之前提到的，在過去的 12 個月裡，我們投資了先進的電子商務和管狀新聞產品的技術，成功地實現了最大化的轉化，並納入了雅虎的所有全球本地供應。

Onto the two bullet network, 2023 was a year in which we invested heavily in these initiatives, sometimes in the advance in advance of revenue.

在兩個子彈網路上，2023 年是我們在這些措施上投入大量資金的一年，有時是提前收入的一年。

As we look ahead, we see the following tailwinds driving outsized growth in our business through 2025. First, we expect the Yahoo by advertiser migration to be materially complete by Q3 2024 and to continue ramping into 2025. Second, we expect yield growth to turn positive in 2020.

展望未來，我們看到以下有利因素將推動我們的業務在2025 年之前大幅成長。首先，我們預期雅虎廣告客戶遷移將在2024 年第三季基本完成，並在2025 年繼續加速。其次，我們預計收益成長將轉向2020年積極。

For third, we expect a phased onboarding of the supply from our new iconic consumer brand partner in 2024 and 2025 and lastly, we expect further yield gains over time as the volume of our contextual data increases with the addition of Yahoo and other supply to our network, which will further enhance yield as a result.

第三，我們預計我們的新標誌性消費品牌合作夥伴將在2024 年和2025 年分階段提供供應，最後，隨著雅虎和其他供應商的加入，我們的上下文數據量會隨著時間的推移而增加，我們預計產量將進一步增加。網絡，這將進一步提高產量。

We are initiating guidance for 2024 that includes strong top line growth and improving profitability. We expect revenue of $1.89 billion to $1.94 billion, which represents growth of 33% at the midpoint, we expect gross profit of $535 million to $555 million and X-Tack gross profit of $656 million to $679 million. That ex tax is up roughly 25% year over year.

我們正在啟動 2024 年的指導，其中包括強勁的收入成長和提高獲利能力。我們預計營收為 18.9 億美元至 19.4 億美元，中間值成長 33%，我們預期毛利為 5.35 億美元至 5.55 億美元，X-Tack 毛利為 6.56 億美元至 6.79 億美元。該稅前金額較去年同期成長約 25%。

At the midpoint, we are reiterating our 2024 adjusted EBITDA guidance of over $200 million and free cash flow expectation of over $100 million. I will note that the adjusted EBITDA guidance represents a doubling of that metric versus 2023.

中期，我們重申 2024 年調整後 EBITDA 指引值將超過 2 億美元，自由現金流預期將超過 1 億美元。我要指出的是，調整後的 EBITDA 指引值比 2023 年增加了一倍。

Finally, we are expecting non-GAAP net income of $84 million to $104 million in 2024 we continue to be very excited by the addition of Yahoo. To our business. Adam mentioned earlier, we feel good about the progress with Yahoo, and we expect revenue on Yahoo. To exceed $100 million in Q1 for competitive purposes.

最後，我們預計 2024 年非 GAAP 淨利潤為 8,400 萬美元至 1.04 億美元，我們對雅虎的加入仍然感到非常興奮。為了我們的事業。 Adam之前提到，我們對雅虎的進展感到滿意，我們預期雅虎會帶來收入。出於競爭目的，第一季超過 1 億美元。

And due to the fact that Yahoo supply has been fully integrated into our broader publisher network, we will treat disclosures around Yahoo. Similarly to how we treat other major publishers on our network on a going-forward basis.

由於雅虎供應已完全整合到我們更廣泛的發布商網路中，因此我們將處理有關雅虎的揭露。與我們今後對待網路上其他主要出版商的方式類似。

Finally, we are introducing Q1 2024 guidance. This quarter, we expect revenues of $387 million to $413 million, gross profit of $94 million to $106 million. X-tack gross profit of $123 million to $135 million, adjusted EBITDA of $10 million to $17 million and non-GAAP net income of negative $15 million to negative $3 million.

最後，我們將介紹 2024 年第一季的指導。本季度，我們預計營收為 3.87 億美元至 4.13 億美元，毛利為 9,400 萬美元至 1.06 億美元。 X-tack 毛利為 1.23 億美元至 1.35 億美元，調整後 EBITDA 為 1,000 萬美元至 1,700 萬美元，非 GAAP 淨利潤為負 1,500 萬美元至負 300 萬美元。

Let me finish by saying that we are happy with our fourth quarter performance and excited about the step change growth that we are expecting in our business in 2024.

最後我要說的是，我們對第四季的業績感到滿意，並對我們預期 2024 年業務的階躍式成長感到興奮。

For the growth investments, we have made in 2023. The additional scale that Yahoo is bringing and the additional supply we will be onboarding as part of a new partnership with an iconic consumer brand is accelerating our journey towards becoming a must-buy for advertisers looking to reach consumers in the open web.

對於成長投資，我們已在2023 年進行了投資。作為與標誌性消費品牌建立新合作夥伴關係的一部分，雅虎帶來的額外規模以及我們將引入的額外供應正在加速我們成為廣告商必買產品的旅程。接觸開放網路中的消費者。

With that, let me pass it back to Adam for some closing remarks.

接下來，讓我將其轉交給 Adam，讓他發表一些結束語。

Thanks, Steve. I've never been more bullish about tubular, and I'm so proud of our people, our dedication, passion, making us a high performing company through the most difficult of times. We're coming strong into 2024, making it a record year for us.

謝謝，史蒂夫。我對管材從未如此樂觀，我為我們的員工、我們的奉獻精神和熱情感到自豪，使我們成為一家在最困難時期表現出色的公司。我們將強勢邁入 2024 年，這將是我們創紀錄的一年。

Revenues growing 33% to $2 billion. X-tack is growing 25% to nearly $670 million EBITDA is doubling to over $200 million. Free cash flow is nearly doubling to over $100 million. And on the back of these numbers, we're announcing an authorization of $100 million of buyback, essentially looking to buy 6% of our Company.

營收成長 33%，達到 20 億美元。 X-tack 成長了 25%，達到近 6.7 億美元，EBITDA 翻了一番，達到 2 億美元以上。自由現金流幾乎翻倍，達到 1 億美元以上。在這些數字的背後，我們宣布授權進行 1 億美元的回購，主要是購買我們公司 6% 的股份。

As I mentioned, our industry is changing and with companies like Netflix and Disney, Uber, DoorDash Amazon and more expanding their advertising initiatives. I suspect we are the beginning of an exciting add menu, but as a chance of becoming the partner of choice to many of them.

正如我所提到的，我們的行業正在發生變化，Netflix、迪士尼、Uber、DoorDash、亞馬遜等公司正在擴大他們的廣告計劃。我懷疑我們只是一個令人興奮的添加菜單的開始，但也有機會成為他們中許多人選擇的合作夥伴。

As I said at the beginning of our call, in addition to Yahoo, I'm incredibly excited to have just signed another iconic consumer brand that validates two bullets advertising in a box value proposition. Our vision is to become the recommendation engine for the open web and build the very first multi-billion dollar gateway for advertisers to reach publishers.

正如我在電話會議開始時所說，除了雅虎之外，我非常高興剛剛簽署了另一個標誌性消費品牌，該品牌驗證了盒子中的兩顆子彈廣告的價值主張。我們的願景是成為開放網路的推薦引擎，並為廣告主與發布商建立第一個價值數十億美元的網關。

OEMs and apps outside of walled gardens today. It's a good day for us. I'm excited to get 2024 going. So everyone, thank you for being part of our journey. And with that, let's open it up to questions. Operator?

如今，OEM 和應用程式已脫離圍牆花園。這對我們來說是美好的一天。我很高興 2024 年即將到來。所以大家，感謝你們參與我們的旅程。接下來，讓我們提出問題。操作員？

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Andrew Boone, JMP Securities. Your line is open.

安德魯·布恩，JMP 證券。您的線路已開通。

Credit Thanks so much for taking my questions. Adam, as we think about yield improvements in 2024 and the inflection that you guys are expecting, can you just help us understand what the key drivers are as well as what are the products that are your key priorities in terms of improving yield over the next year?

非常感謝您回答我的問題。 Adam，當我們考慮 2024 年的產量提高以及你們所期望的變化時，您能否幫助我們了解關鍵驅動因素是什麼，以及您在未來提高產量方面的關鍵優先事項是什麼？年？

And then I want to step back and talk about a big picture question for Yahoo. And Paula, if I go back and I think about 2022 pro forma revenue of kind of that $2.5 billion of gross revenue. Is that still on the table? Or is that still kind of the roadmap as we think about maybe 2025? Or what are the puts and takes as we think about kind of that benchmark? And thanks so much, guys.

然後我想退一步談談雅虎的一個大局問題。寶拉（Paula），如果我回顧一下，我會想到 2022 年預計收入約為 25 億美元的總收入。那還在桌上嗎？或者說這仍然是我們考慮的 2025 年路線圖嗎？或者當我們考慮該基準時，看跌期權和看跌期權是什麼？非常感謝，夥計們。

Sure. Thanks. Thanks for the question and good morning, everyone. So on the yield front, there's a lot of going on. As you know, it's our number one investment as a company because we think this drive the most amount of value to our clients, our partners and to stimulate sales in a competitive way as we're adopting and going after new business.

當然。謝謝。謝謝大家的提問，大家早安。因此，在收益率方面，有很多事情正在發生。如您所知，這是我們作為一家公司的首要投資，因為我們認為這可以為我們的客戶、合作夥伴帶來最大的價值，並在我們採用和追求新業務時以有競爭力的方式刺激銷售。

So let me just dive in into that 2024. We're starting strong lead conversion already of course, in the 60% adoption.

那麼，讓我深入探討 2024 年。當然，我們已經開始強勁的潛在客戶轉化，採用率達到 60%。

As a quick reminder, next MX conversion is kind of our AI that allows clients and advertisers to work with us in a similar way to how they work with Google and Facebook, where they don't have to tell us what is the CPC. to win a bid or what are the CPMs and looking to to buy.

快速提醒一下，下一個 MX 轉換是我們的 AI，它允許客戶和廣告商以與 Google 和 Facebook 類似的方式與我們合作，他們不必告訴我們 CPC 是什麼。贏得出價或每千次曝光費用是多少並希望購買。

They just to give us their budgets at times they give us your target for what is worth what it would have declined fourth and redo the rest. It's the fastest adopted product has started to bottom, and it's really fantastic.

他們只是給我們他們的預算，有時他們給我們你的目標，即什麼是值得的，第四個會下降，然後重做其餘的。它是採用速度最快的產品，已經開始觸底，這真的太棒了。

We're seeing great case studies not only from towards advertisers now also with Yelp advertisers migrating to the wireless technology and republishing those case studies because we're seeing advertisers that essentially either or able to spend more on new advertisers that are churning less and did a really good metrics for us to follow again in our flower examples on my letter.

我們不僅看到了來自廣告商的優秀案例研究，現在還看到Yelp 廣告商遷移到無線技術並重新發布這些案例研究，因為我們看到廣告商基本上或者能夠在新廣告商上花費更多，而這些新廣告商的流失率更少，並且確實做到了這一點。這是我們在信中的花卉範例中再次遵循的非常好的指標。

But essentially, just from a numbers perspective, we're essentially seeing up to 50%, 50% boost in the amount of conversion at the same price. And in other times, we're seeing the same amount of conversions, but the price is being reduced by 20%.

但本質上，僅從數字角度來看，我們基本上看到相同價格下的轉換量提高了 50%、50%。而在其他時候，我們看到的轉換量相同，但價格卻降低了 20%。

These are serious numbers and also just from the client's perspective, the experience they have working with us, it's so much simpler and more easy to do when they have to do with the ad tech industry, which which I would argue one of the Achilles' heel of the ad tech industry is that we're still working with advertisers the way we used to work 30 years ago.

這些都是嚴肅的數字，而且從客戶的角度來看，他們與我們合作的經驗，當他們與廣告技術行業打交道時，這要簡單得多，更容易做到，我認為這是阿喀琉斯的致命弱點之一廣告科技產業的最大問題是我們仍然以 30 年前的方式與廣告商合作。

Whereby everyone around us are mainly platforms. Walled gardens has evolved to unionize. So I want by the end of this year, the vast majority of this business, as you know, approaching $2 billion to be using AINCPCCPN. to be a kind of a story from the past that what's coming next for us. I'm going to launch in H. two max revenue.

我們周圍的每個人主要都是平台。圍牆花園已經發展成為工會。因此，我希望在今年年底，該業務的絕大多數（價值接近 20 億美元）都將使用 AINCPCCPN。成為一個過去的故事，告訴我們接下來會發生什麼事。我將在 H. 中推出兩個最大收入。

This is on top of next conversion. It's another sophisticated AI bidding strategy, allowing clients that know what is the price associated with a purchase to give us that margin and revenue goals they have and we optimize for that. This is going to launch in the second half of the year, which will be additive to next conversion.

這是下一次轉換的基礎。這是另一種複雜的人工智慧出價策略，允許知道與購買相關的價格的客戶向我們提供他們的利潤和收入目標，然後我們對此進行最佳化。該功能將於今年下半年推出，這將是下一次轉換的補充。

Gen-i is continuing to get great adoption by self service. As you know, I love self service. This is an opportunity to get kind of introduced to great new clients that a lot of times, they come small, but they potentially become big and one in every four creative titles and some mills.

Gen-i 的自助服務繼續廣泛採用。如您所知，我喜歡自助服務。這是一個向偉大的新客戶介紹的機會，很多時候，他們規模很小，但他們有可能成為大客戶，四分之一的創意公司和一些工廠。

And these are selling open out there now already the industry's talking about video creation. So who knows where that goes, but 24 credit bridges with Gemini. And so that's been great. E-commerce is another source of bolstering our yield in 2024 you may have seen that I mentioned in the letter that Associated Press just chose to go to margin e-commerce business.

這些產品正在公開銷售，現在業界已經在談論影片創作了。所以誰知道那會去哪裡，但 24 信用橋樑與雙子座。這真是太棒了。電子商務是我們2024年產量成長的另一個來源，你可能已經看到，我在信中提到美聯社剛剛選擇了利潤率電子商務業務。

You all know, time.com and you know, advanced. I'm also working in e-commerce with turnkey and now AP. That was a new announcement today. And all of that is helping us to essentially attract new retailers and improve our basic basically weighted average yield across the network.

你們都知道，time.com，而且你們知道，先進。我還在電子商務領域從事交鑰匙工作，現在是 AP。這是今天的新公告。所有這些都有助於我們從本質上吸引新的零售商，並提高我們整個網路的基本加權平均收益率。

Then you add data integration. We're looking to expand our contextual data segments with Yahoo. That's something that I'm very excited about, especially on the back of kind of H. two cookie deprecation. So that's also going to compound our ability to drive yield.

然後添加數據集成。我們希望透過雅虎擴大我們的上下文資料領域。這是我非常興奮的事情，尤其是在 H.two cookie 被棄用之後。因此，這也將增強我們提高產量的能力。

And last but not least, more advertisers. So we're migrating advertisers from now. We expect that to the fully complete in two three. And these are the best the crème de la crème, best of the best you see others, Samsung and Citi and Verizon.

最後但並非最不重要的一點是，更多的廣告商。因此，我們從現在開始遷移廣告商。我們預計這將在兩三分鐘內完全完成。這些都是最好的，三星、花旗和威瑞森，是你看到的最好的。

These are fantastic kind of enterprise advertisers, all of those things from the technology side, the data side and the client side, our compounding our yield expansion. And you mentioned also and I mentioned it on earlier my on my remarks that after three years of kind of softness in yield that, you know, all of us have experience in this industry to Villa.

這些都是非常棒的企業廣告商，所有這些都來自技術方面、數據方面和客戶端，我們複合了我們的收益擴張。你也提到過，我在之前的言論中也提到過，經過三年的收益率疲軟，你知道，我們所有人都在維拉這個行業擁有經驗。

We kind of assume that if nothing happens in the market, we will do better than the market. So we assume that the yield is back to growth in 2024. It's in our budget in our guidance. So we expect this initiative to two come to fruition.

我們有點假設，如果市場沒有任何變化，我們會比市場做得更好。因此，我們假設產量將在 2024 年恢復成長。這在我們的指導預算中。所以我們期待這兩項措施能夠取得成果。

And then to your second question, about a $1 billion opportunity with Yahoo. The simple answer on that is yes, we still believe there's more than $1 billion of value in that partnership is by the way, we did say that we expect to see $100 million in revenue from the supply in Q1.

然後是你的第二個問題，關於雅虎 10 億美元的機會。簡單的答案是肯定的，順便說一句，我們仍然相信這種合作關係的價值超過 10 億美元，我們確實說過，我們預計第一季的供應收入將達到 1 億美元。

So that's encouraging. That's a good step towards that. Advertisers will be fully migrated only in Q3. So that's also key to capturing the base value of the partnership. And then from there, what we expect is that the revenue will continue to grow as we capture synergies to get us to the full $1 billion value. So yes, at least, yes, we expect that it will happen over time.

所以這是令人鼓舞的。這是朝著這個目標邁出的良好一步。廣告商將在第三季全面遷移。因此，這也是獲取合作關係基本價值的關鍵。然後，我們預計，隨著我們獲得協同效應，收入將繼續成長，使我們的價值達到 10 億美元。所以，是的，至少，是的，我們預計這會隨著時間的推移而發生。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Jason Helfstein, Oppenheimer. Your line is open for everybody.

賈森·赫夫斯坦，奧本海默。您的熱線對所有人開放。

Just some clarification and then a question. So just to be clear. So the $100 million in Yahoo. That's not cumulative that's like for first quarter, correct?

只是一些澄清，然後是一個問題。所以要明確一點。所以雅虎的 1 億美元。這不是像第一季那樣的累計，對嗎？

Correct. That's $100 million on the on new supply, in my view changes.

正確的。在我看來，新供應的金額為 1 億美元，這是有變化的。

And then you said the fourth quarter obviously was a meaningfully below that. You're not giving a number. And but we have to guess just repeat the language, you said how much it was like the way you described in the fourth quarter when?

然後你說第四季顯然明顯低於這個水準。你不給一個數字。但我們必須猜測只是重複語言，你說這有多少像你在第四季所描述的方式？

We said low tens of millions.

我們說低幾千萬。

Okay. So I mean, like zero kind of hit the elephant in the room here. I mean, you play around with the math that means it like the kind of and actually Yahoo. The business is accelerating, but like that's not really fair, right, because at the end of the day, you have a certain amount of advertiser demand.

好的。所以我的意思是，就像零擊中了房間裡的大像一樣。我的意思是，你玩弄數學，這意味著它就像雅虎一樣。業務正在加速發展，但這並不公平，對吧，因為歸根結底，你有一定數量的廣告商需求。

There's different publishing sources, different yields you're trying to get. So just how should we all look, we're going to all kind of play with math over the next year to look at the kind of the with and without Yahoo. Impact, like how are you thinking about that?

您想要獲得的出版來源不同，產量也不同。因此，我們應該如何看待，明年我們將進行各種數學遊戲，看看有或沒有雅虎的情況。影響，你怎麼看待這個問題？

Because, you know, I don't think you're describing the businesses like slowing down. So just how do you think about like the puts and takes around bringing that inventory and kind of like the yields you get out of that versus other inventory Emily, like should we be doing that math on the growth ex Yahoo? And then just one quick follow-up on identity and cookies.

因為，你知道，我認為你並不是在描述業務放緩。那麼，您如何看待庫存的看跌期權和期權，以及從該庫存中獲得的收益與其他庫存相比，艾米麗，我們是否應該對前雅虎的增長進行數學計算？然後是關於身份和 cookie 的快速跟進。

Okay. So I'll take that first question, and it's a good question. So first of all, we're growing nearly $500 million in top line revenue this year. So 30%, 33% year over year. So obviously strong growth a good chunk of it is Yahoo, but not all of it as you observed. The complexity of that is that Yahoo. Comes with both supply and advertiser demand.

好的。所以我將回答第一個問題，這是一個很好的問題。首先，我們今年的營收成長了近 5 億美元。年增 30%、33%。很明顯，雅虎的強勁成長很大一部分是雅虎的，但不是你所觀察到的全部。其中的複雜性在於雅虎。伴隨著供應和廣告商的需求。

Some in the $100 million that we just talked about. That is q. one, and that's revenue on the Yahoo. Supply. And but it's a mix of tool advertisers and Yahoo advertisers. So where the top line growth comes from over time is also migrating the Yahoo advertisers over and growing our overall advertiser base.

我們剛才談到的一億美元中有一些。即q。一，這是雅虎的收入。供應。但它是工具廣告商和雅虎廣告商的混合體。因此，隨著時間的推移，營收成長也來自於雅虎廣告商的遷移以及我們整體廣告商基礎的擴大。

Thanks to this really great high-quality supply we have. So in order to get full growth, we need to go there. That's Wave one and we expect to have the advertisers migrated by Q3. And then, as I mentioned before, in answer to Andrew's question, then Wave two is to start to grow the synergies to get to the full $1 billion of value.

感謝我們擁有如此優質的供應。因此，為了獲得充分的成長，我們需要去那裡。這是第一波，我們預計廣告商將在第三季完成遷移。然後，正如我之前提到的，在回答安德魯的問題時，第二波將開始增強協同效應，以達到 10 億美元的全部價值。

So you are correct that it's not as simple as you know, you just bring over the supply and you're done, we have bring over the advertisers. And so it's more complex. So so that's kind of the way to think about it. And you're right, our core business is still growing. It's just that Yahoo. Will take time to get to the full ramp.

所以你是對的，這並不像你知道的那麼簡單，你只需帶來供應就可以了，我們已經帶來了廣告商。所以它更加複雜。這就是思考這個問題的方式。你是對的，我們的核心業務仍在成長。這只是雅虎。到達完整的坡道需要時間。

And then just on identity, you've talked in the past that you're not dependent on cookies. And so folks should be less concerned about kind of where we go from here. However, there is going to be more identity metrics that obviously you're going to be adopted and come into the market on third third-party metrics. Can you use those metrics to drive kind of even more yield, even though you don't need to use identity theft?

然後就身分而言，您過去曾說過您不依賴 cookie。因此，人們不應該擔心我們接下來會走向何方。然而，將會有更多的身份指標，顯然您將被採用並進入第三方指標市場。即使您不需要使用身分盜竊，您是否可以使用這些指標來提高收益？

Yes, I think I will take there. I think about it is from from a downside protection in terms of risk that companies might have, we believe the risk is mitigated for two reasons. One, we have the best when Apple definitely dedicated to cookies in 2020.

是的，我想我會去那裡。我認為這是來自公司可能面臨的風險的下行保護，我們認為風險得到緩解有兩個原因。第一，當蘋果在 2020 年明確致力於 cookie 時，我們擁有了最好的。

And we did we did well, in fact, have actually accelerated yield so that's good. And the second thing is that we have a large amount of first-party cookies today as we store. We reach 600 million people a day and people to click on a couple of tens of billions of times. So we think we have a good a good kind of setup for cookie deprecation.

事實上，我們做得很好，實際上加快了產量，所以這很好。第二件事是，我們今天儲存了大量第一方 cookie。我們每天覆蓋 6 億人，點擊次數達到數百億次。所以我們認為我們有一個很好的 cookie 棄用設定。

So from the way, I think about it is we can do well and potentially even grow because again, in the past, other demand came to us when it couldn't find other channels. And we were a good channel to spend money on if there are if there's anything in the market that can accelerate that even further, we'll take it. I just don't personally, I feel comfortable because we don't need any new solution to do well.

因此，從某種程度上來說，我認為我們可以做得很好，甚至有可能實現成長，因為在過去，當我們找不到其他管道時，其他需求就會來到我們這裡。我們是一個很好的花錢管道，如果市場上有任何東西可以進一步加速這一點，我們就會接受。我個人不這麼認為，我覺得很舒服，因為我們不需要任何新的解決方案就能做得很好。

I think we have written what we need to cross that bridge successfully to our publishers and advertisers. And again, just as a reminder, the vast majority, about 90% of our revenue comes from clients who buy from the biller direct Fanatics, no new agencies, which means that we have pixels on their pages.

我認為我們已經向出版商和廣告商寫下了成功跨越這座橋樑所需的內容。再次提醒一下，我們的收入的絕大多數（大約 90%）來自於直接從開票方 Fanatics 購買的客戶，沒有新的代理機構，這意味著我們在他們的頁面上有像素。

So when someone moves from our publishers to their pages. We know we drove that conversion. So that's why we don't use third-party cookies to demonstrate value to clients as they buy from us and this is a fundamental point there is that there is potentially even further upside to yield, but the downside is mitigated.

因此，當有人從我們的發布商轉移到他們的頁面時。我們知道我們推動了這種轉變。因此，這就是為什麼我們不使用第三方 cookie 來向客戶展示其從我們這裡購買產品的價值，這是一個基本點，即收益可能有進一步的上升空間，但下降的空間也有所減輕。

Thank you.

謝謝。

Thank you. One moment for the next question no.

謝謝。請稍等一下，討論下一個問題。

Laura Martin, Needham & Company. Your line is open.

勞拉馬丁，李約瑟公司。您的線路已開通。

And it's good morning again. My first one is on political. So globally, there's a really strong election cycle going on in 2024. And can you remind us how that impacts your impression growth in your readership and how that flows through to revenue in a political year appraisal. And I'll ask my second one.

又是早上好。我的第一個是關於政治的。因此，在全球範圍內，2024 年將出現一個非常強勁的選舉週期。您能否提醒我們，這將如何影響您在讀者群中的印象增長，以及如何影響政治年度評估中的收入。我會問我的第二個。

Actually, that's alone.

其實，就這麼一個人。

Good morning, and thanks for the question. Hey, it's up. So we know what we're thinking about historically we did see some bumpiness in kind of demand coming on political season, but especially from video with some more kind of interest video demand in our guidance.

早安，謝謝你的提問。嘿嘿，起來了因此，我們知道我們在歷史上所考慮的內容，我們確實看到政治季節的需求出現了一些波動，但特別是在我們的指導中，來自視頻的一些更有趣的視頻需求。

And we kind of like manage the business, we don't assume that it's coming. So we kind of want to be conservative in terms of what might happen. There's also potential acceleration in traffic because there's more viewership and things of that nature.

我們有點喜歡管理業務，我們不認為它會到來。因此，我們希望對可能發生的事情保持保守。由於收視率和類似性質的事物增加，流量也可能會加速。

Again, we don't assume those things as a material kind of a financial benefit to us. But it historically we did see some nice bumps but again, nothing too significant that we would like to sort of embed in our planning.

再次強調，我們並不認為這些東西會為我們帶來物質上的經濟利益。但從歷史上看，我們確實看到了一些不錯的坎坷，但同樣，沒有什麼太重要的事情值得我們納入我們的規劃中。

Okay. So that's an upside driver. It's not in the numbers, it's helpful. And by the way, they're talking about $17 billion of spending in the US alone. We think it might be a bigger political year that people when the near historical uplift during the second question I had for you, Adam, is I'm really curious, as you bring over these new types of advertisers that too bullish never had with Yahoo

好的。所以這是一個上行驅動因素。這不是數字，而是有幫助的。順便說一句，他們談論的是僅在美國就花了 170 億美元。我們認為，這可能是一個更大的政治年，當我向你提出的第二個問題中近乎歷史性的提升時，亞當，我真的很好奇，因為你帶來了這些過於樂觀的雅虎從未有過的新型廣告商

Like Verizon and these big enterprise high-quality branding customers. Does that a I'm really interested in what kinds of challenges or what kinds of things they need that your historical advertisers have not? And secondly, does it give you a new new product idea when you think about the product roadmap, are there things these types of advertisers are asking for that could sort of if things develop them could really forever accelerate that trajectory of revenue growth optical, that's your point of view on that.

像Verizon這樣的大企業優質品牌客戶。我真的對哪些類型的挑戰或他們需要哪些你的歷史廣告商沒有的東西感興趣嗎？其次，當你考慮產品路線圖時，它是否會給你一個新的產品創意，這些類型的廣告商是否會要求一些東西，如果事情發展起來真的可以永遠加速收入增長的軌跡，那就是你對此的看法。

Yes, this is such a good question because we obviously this is a very new type of segments of clients that get introduced to boot up. Most of it right now is on the outside, right? Like we're filling that incredible kind of publisher with a mix of people and advertisers. But what we're seeing is, first of all, they really appreciate the technologies we can bring to the table.

是的，這是一個很好的問題，因為我們顯然這是一個非常新的客戶類型，需要啟動。現在大部分都在外面，對嗎？就像我們正在為這種令人難以置信的出版商提供人員和廣告商的混合體。但我們看到的是，首先，他們非常欣賞我們所能提供的技術。

So they're adopting MAX conversion into our pixels. And these are new things to them, and it allows us and our account managers to and I think a lot of account managers almost daily to see the graph and to see the trends.

所以他們採用 MAX 轉換成我們的像素。這些對他們來說是新事物，它使我們和我們的客戶經理能夠（我認為很多客戶經理）幾乎每天都能看到圖表和趨勢。

And these are really good trends, both in terms of increase of budgets and performance as it relates to conversion rates and CPA. So it's early days. I know it's only $1 million. So it's still early days, but I'm seeing really good things and they're very happy. So these clients want to spend time with us and the IR team and this is all good beginning where.

這些都是非常好的趨勢，無論是在預算增加還是在與轉換率和每次轉換費用相關的績效方面。所以現在還為時過早。我知道這只有 100 萬美元。所以現在還為時過早，但我看到了非常好的事情，他們也很高興。因此，這些客戶希望與我們和 IR 團隊共度時光，這是一切好的開始。

I think it's going is this potentially will allow us to develop new formats and kind of new experiences that those clients are used to getting either historically from Yahoo or on other channels, I think that might open up a whole new way. Users would experience sponsored content and ads on its women network as well as in Yahoo over time.

我認為這可能會讓我們開發新的格式和新的體驗，這些客戶習慣於歷史上從雅虎或其他管道獲得這些體驗，我認為這可能會開闢一條全新的方式。隨著時間的推移，用戶將在其女性網路以及雅虎上體驗贊助內容和廣告。

So I would say stay tuned for a potential U.S. innovation in formats and experiences that those brand advertisers are looking for that we are yet to offer so I do think they might make us even better those clients.

因此，我想說，請繼續關注美國在這些品牌廣告商正在尋找的格式和體驗方面的潛在創新，而我們尚未提供這些創新，因此我確實認為它們可能會讓我們對這些客戶變得更好。

And we're trying to, you know, we're trying to be humble and we're learning, we're asking questions and we're spending time with them. But I'm excited mainly by the performance. That's the most important thing.

我們正在努力，你知道，我們正在努力保持謙虛，我們正在學習，我們正在提出問題，我們正在花時間與他們在一起。但我主要對錶演感到興奮。這是最重要的事。

But I but I'm I'm sensing they would like us to further develop the way we present ADS on the open web. And that might affect not only our relationship with young, but rather how we render ads across our entire network of Disney and NBC and the rest of our great partners.

但我但我感覺他們希望我們進一步發展在開放網路上呈現 ADS 的方式。這可能不僅會影響我們與年輕人的關係，還會影響我們在迪士尼和 NBC 以及其他優秀合作夥伴的整個網路中呈現廣告的方式。

Thanks very much.

非常感謝。

James Kopelman, TD Cowen. Your line is open.

詹姆斯·科佩爾曼，TD·考恩。您的線路已開通。

Good morning. Thanks for taking the questions. The first one is for Adam. In the letter you referenced the amount of contextual data that TiVo has for AI and deep learning. Can you talk about how you view bullish growing data set as a differentiator when it comes to training AI and leveraging generative NI over time? And then I have a follow-up for Steve Yes.

早安.感謝您提出問題。第一個是給亞當的。在信中，您提到了 TiVo 擁有的用於人工智慧和深度學習的上下文資料量。您能否談談您如何看待不斷增長的資料集作為訓練 AI 和隨著時間的推移利用生成 NI 的差異化因素？然後我有一個關於史蒂夫·是的後續行動。

And so as it relates to just the amount of data we have, I think the most important thing and I can I speak a lot about becoming the must buy for the open web. And what I mean by that is it's a matter of how big is your actually gross revenue and your spend because this is a good proxy for how relying advertisers become a new because we're big enough that it's worth their time to spend money with you.

因此，由於它與我們擁有的數據量有關，我認為最重要的是，我可以談論成為開放網路的必備品。我的意思是，這取決於你的實際總收入和支出有多大，因為這是一個很好的指標，可以說明依賴廣告商如何成為新的廣告商，因為我們足夠大，值得他們花時間和你一起花錢。 。

Because again, I think today the ad tech industry is a bit fragmented or to fragment for for advertisers to rely on you. And I'm looking at companies like Snapchat and Pinterest and X, it's in a $2 billion to $4 billion range. And now we're getting into that range. So I think first of all, the most important thing to become a must-buy is growing revenue and become, you know, get that flywheel going.

因為我再次認為，今天的廣告科技產業有點分散，或者說分散，以便廣告商依賴你。我正在研究像 Snapchat、Pinterest 和 X 這樣的公司，它們的價值在 20 億美元到 40 億美元之間。現在我們正在進入這個範圍。所以我認為首先，要成為必買產品，最重要的是增加收入，並讓飛輪運轉。

So that advertisers want to work with you and it's what's our time to the footprint. We have an accordion payable, as I would argue, is probably the largest in the opening level in the world. I don't know of any company that has a first-party relationship with publishers like double that at our size.

因此，廣告商希望與您合作，這就是我們的足跡。正如我所說，我們有一個手風琴應付，可能是世界上開放水平中最大的。據我所知，沒有一家公司與出版商的第一方關係比我們的規模還要大一倍。

Which really gives us first party access to everything that takes place on the page from contact to scoring to clicks to purchase assets or things of that nature. And I think that's growing exponentially, obviously with Yahoo. So this is this is done.

這確實讓我們第一方能夠訪問頁面上發生的所有事情，從聯繫到評分，再到點擊購買資產或類似性質的東西。我認為這一數字正在呈指數級增長，尤其是雅虎。這樣就完成了。

I think one of the most important assets the Company has, which is covered on page exclusively for long term. And this is what gives us also predictability as a business to know that we don't expect any big shift one way or the other.

我認為這是公司擁有的最重要的資產之一，該資產專門在頁面上進行了長期介紹。這也讓我們作為一家企業具有可預測性，知道我們不會期望有任何重大轉變。

And then as we look into January, I think it's important to kind of reference what exactly is JI. Jenny, I can do to the market. Jni adventure is going to be a technology that is available to everyone what's going to make a difference from one company to the other is really the amount of data and the type of data you can prompt into the engine so you can get a better outcome. So as an example, when an advertiser comes to bill them and said, suggests some nails and titles.

然後，當我們展望 1 月時，我認為了解 JI 到底是什麼很重要。珍妮，我可以去市場做。 Jni 冒險將成為一項人人都可以使用的技術，一家公司與另一家公司之間的區別實際上在於您可以提示到引擎中的資料量和資料類型，這樣您就可以獲得更好的結果。舉個例子，當廣告商來向他們開立帳單並說，建議一些指甲和標題。

For me, we are able to say, well, we've seen, let's say, let's take an example, an insurance client comfortable level to say, we've seen a $1 billion of insurance spend over the last few years, and we can pump that into the engine. And then we're getting really great kind of authenticating a authentic, a new original titles and Samuels we can suggest to the clients.

對我來說，我們可以說，好吧，我們已經看到，讓我們舉個例子，保險客戶可以放心地說，我們在過去幾年中看到了 10 億美元的保險支出，而且我們可以將其泵入引擎。然後我們就可以驗證真實的、新的原創作品和塞繆爾，我們可以向客戶推薦。

So I think what makes us special here is the amount of data we have our size and this is also why I love the our partnership. And as I mentioned in the letter, there's another iconic consumer brand that is signed and starting to have with us all of those will give us more data to come into the Gen-i.

所以我認為我們的特別之處在於我們擁有的數據量，這也是我喜歡我們合作關係的原因。正如我在信中提到的，還有另一個標誌性消費品牌已簽約並開始與我們合作，所有這些將為我們提供更多數據進入 Gen-i。

And we have a senior person leading Jenny, I will announce and I can tell you we're working on very exciting things because I believe that the biggest opportunity JNI has to the advertising industry is to simplify the experience of buying it today is that it's very, very complicated to succeed I think, Jenny, I can make it really simple. So I'm so what's to come is our unique data into JNI, introducing special creatives that others don't have.

我們有一位高級人員領導 Jenny，我將宣布，我可以告訴你我們正在做非常令人興奮的事情，因為我相信 JNI 為廣告業帶來的最大機會是簡化今天的購買體驗成功非常非常複雜，我想，珍妮，我可以讓它變得非常簡單。所以我認為接下來是將我們獨特的數據引入 JNI，引入其他人沒有的特殊創意。

And then for Steve high level, how should we think about the seasonality of growth of both gross revenue and expense in 2024, given the various moving parts around Yahoo. As a new unnamed publishing partner and your typical historical seasonality?

然後，對於史蒂夫高層來說，考慮到雅虎周圍的各種變動因素，我們應該如何考慮 2024 年總收入和支出成長的季節性。作為一個新的未透露姓名的出版合作夥伴，您的典型歷史季節性是什麼？

And then finally, just wanted to ask about OpEx efficiencies. What are some of the ways that you're able to limit head count increases this year, even as you scale?

最後，我只是想問一下營運支出效率。即使在規模擴大的情況下，今年您也可以透過哪些方法來限制員工人數的增加？

Yes.

是的。

So in terms of the seasonality, so Yahoo is like a very large publisher in our traditional core business. So I think their seasonality is very similar to our historical pre Connexity seasonality. So that's so the way to think about adding them to our network as a company.

所以就季節性而言，雅虎就像我們傳統核心業務中的一個非常大的出版商。所以我認為它們的季節性與我們歷史上連接性之前的季節性非常相似。這就是考慮將他們添加到我們公司網路中的方式。

As you know, we've become more and more fourth quarter dominated because of our e-commerce business in particular. And this year, obviously, with the bringing on Yahoo over the course of the year, will be more back-half loaded than usual as well.

如您所知，特別是由於我們的電子商務業務，我們在第四季度變得越來越占主導地位。顯然，今年隨著雅虎的加入，後半段的負載也將比平常更多。

But generally, the way to think of seasonality with Yahoo is it's like a large publisher and they have very similar seasonality to other large publishers and they're number one or number two in news sports finance, and that is pretty much what the kind of core of our base is. So that's a way to think about seasonality in terms of OpEx and how we control headcount here?

但一般來說，考慮雅虎季節性的方式是，它就像一家大型出版商，他們的季節性與其他大型出版商非常相似，而且他們在新聞體育財經領域排名第一或第二，這幾乎就是這種情況。我們基地的核心是。那麼，這是從營運支出角度考慮季節性以及我們如何控制員工數量的一種方式嗎？

Yes, I think we've shown pretty good cost discipline over the course of the last year. I mentioned in my prepared remarks that our OpEx for Q4 and in fact, for all of 2023 would have been flat year over year, except for the hiring that we did for Yahoo.

是的，我認為我們在去年展現了相當好的成本紀律。我在準備好的演講中提到，除了我們為雅虎所做的招募之外，我們第四季乃至 2023 年全年的營運支出將同比持平。

To support that, I would expect that our fourth quarter OpEx base, it's probably going to be similar to what it is the rest of this year. There may be a slight increase as a result of some additional hiring that we have to do for Yahoo.

為了支持這一點，我預計我們第四季的營運支出基礎可能會與今年剩餘時間相似。由於我們必須為雅虎進行一些額外的招聘，因此可能會略有增加。

But we're really working on kind of keeping a lid on costs and the way we do that as we find efficiencies and we find ways to leverage the people we have to do more. Frankly, we're using generative AI and other AI tools internally now to generate productivity and to improve things.

但我們確實在努力控製成本以及我們的做法，因為我們發現了效率，並找到了利用人員的方法，我們必須做更多的事情。坦白說，我們現在正在內部使用生成式人工智慧和其他人工智慧工具來提高生產力並改善事物。

So for and a great example of that is exactly what Adam talked about. Historically, our account managers who support our advertisers used to spend a lot of time helping the advertiser figure out like what's a good headline, what's a good creative or image for this.

亞當所說的就是一個很好的例子。從歷史上看，為廣告商提供支援的客戶經理過去常常花費大量時間幫助廣告商找出​​什麼是好的標題，什麼是好的創意或圖像。

And now we have generative AI tools that help them do. It can generate a dozen of them instantly whereas they used to take a lot of thought and a lot of time to come up with a dozen. So it's not it's all about productivity, finding ways to leverage our people across more accounts. I think we're doing a pretty good job on that.

現在我們有了生成式人工智慧工具來幫助他們做到這一點。它可以立即生成一打，而過去他們需要大量的思考和大量的時間才能想出一打。因此，這並不全是關於生產力，而是尋找在更多客戶中利用我們的員工的方法。我認為我們在這方面做得很好。

Great. Thanks, guys. Appreciate all the color.

偉大的。多謝你們。欣賞所有的顏色。

Thanks, James.

謝謝，詹姆斯。

Thank you.

謝謝。

Daniel Day, B. Riley securities. Your line is open.

Daniel Day，B. Riley 證券。您的線路已開通。

Yes, morning, guys, and thanks for taking the questions on. So this iconic consumer brand that you've mentioned here and possible to say whether a traditional Open Web publisher that you typically partner with, but maybe on a bigger scale.

是的，早上好，夥計們，感謝您提出問題。因此，您在這裡提到的這個標誌性消費品牌可以說是您通常與之合作的傳統開放網路出版商，但規模可能更大。

So do you feel like it's worth specifically calling out or and maybe like a new type of partner and thinking something like a retail media network or a company may be new to the advertising business or something along those lines? And then if there's any prepayment or anything else that could impact cash flow associated with some with this publisher win?

那麼，您是否覺得值得特別呼籲，或者也許像一種新型合作夥伴，並認為像零售媒體網絡或公司可能是廣告業務的新手或類似的東西？然後，是否有任何預付款或其他任何可能影響與該發行商獲勝相關的現金流的因素？

Yes.

是的。

And we can say the name, it's not a it's not a traditional publisher. So it's an iconic brand that have that signed rolling out with us. I don't think we can mention the name, but I hope we can mention that soon.

我們可以說這個名字，它不是一個傳統的出版商。所以這是一個標誌性品牌，與我們一起推出。我認為我們不能提及這個名字，但我希望我們能盡快提及。

Okay, great. So question, it seems like every week for since you last reported, we're hearing about layoffs at Open Web publishers. How much this industry is really struggling to survive for a lot of them and especially how they're struggling to generate traffic of search and social at anywhere near the levels they have in the past.

好的，太好了。所以問題來了，自從您上次報道以來，我們似乎每週都會聽到開放網路出版商裁員的消息。對許多人來說，這個行業確實在為生存而掙扎，尤其是他們如何努力產生接近過去水平的搜尋和社交流量。

So given you're in part dependent on them generating traffic to their properties. How do you think about that as a headwind and opportunity for you to help them through these struggles?

因此，考慮到您在一定程度上依賴他們為其屬性產生流量。您如何看待這對您來說是一種逆風和幫助他們度過這些困難的機會？

Sorry, sorry, Daniel, I missed part of that question. Can you give to me again?

對不起，對不起，丹尼爾，我錯過了這個問題的一部分。可以再給我嗎？

Yes.

是的。

Yes.

是的。

Just generally like Open Web publishers struggling a lot of them going through layoffs, and I'm struggling to generate traffic to just how you think about your role as a as an ad tech partner here in helping them continue to generate traffic and what you can do there?

就像開放網路出版商在裁員中掙扎一樣，我正在努力產生流量，以了解您作為廣告技術合作夥伴的角色，幫助他們繼續產生流量以及您可以做什麼在那裡做嗎？

Sure. So I can take this one. Several were on our network. We're not seeing any any material impact today. And I think also many of our publishers are enterprise big publishers that have a lot of direct traffic. So something to date, we haven't seen any material impact.

當然。所以我可以拿走這個。有幾個在我們的網路上。今天我們沒有看到任何實質影響。我認為我們的許多發布商都是擁有大量直接流量的企業大型發布商。到目前為止，我們還沒有看到任何實質影響。

And then also, I think this is an opportunity for us because the way we approach working with with publishers, it's really the most strategic level whereby you're able to use our homepage for you to drive home this personalization, we're able to use our e-commerce business to drive kind of diversification of revenue is subscription.

而且，我認為這對我們來說是一個機會，因為我們與出版商合作的方式，這確實是最具戰略意義的層面，您可以使用我們的主頁來實現這種個性化，我們能夠利用我們的電子商務業務來推動營收多元化就是訂閱。

And we have Metro EI. and to help them kind of personalize a page watches with lens on it. And I think if you're a publisher, especially, you know, if you're a senior person on the publisher side or Senior Product Manager, when you think about who do you want to work with just want to make sure that you can work with companies that can drive audience growth because you're concerned about that going down.

我們還有 Metro EI。並幫助他們個性化帶有鏡頭的頁面手錶。我認為，如果您是發行商，尤其是，如果您是發行商方面的高級人員或高級產品經理，當您考慮您想與誰合作時，只想確保您可以與能夠推動受眾增長的公司合作，因為您擔心受眾成長會下降。

You want to make sure we work with companies that can increase your engagement with consumers and then as well as collect your RPU or your lifetime value. So I think this is such an important differentiation we have I can tell you, I just had a call a week ago with a fairly big publisher and from the CEO and the CEO asked me, you know what a particular news or engagement is part of the deal.

您希望確保我們與能夠增加您與消費者的互動的公司合作，並收集您的 RPU 或您的終身價值。所以我認為這是我們的一個非常重要的差異化，我可以告訴你，一周前我剛剛和一家相當大的出版商通了電話，首席執行官問我，你知道特定新聞或參與是其中的一部分交易。

And I said, well, of course, and instead what we have to work for a long time because we can just to put people on and off and and the entire composition was about added value. It wasn't about CPM. It wasn't about you know, you've talked about guarantees.

我說，好吧，當然，相反，我們必須長期工作，因為我們可以讓人們上下班，整個作品都是關於附加價值的。這與每千次曝光費用無關。這不是關於你知道的，你已經談到了保證。

It wasn't much pressure. It was about other things. Publishers are thinking about so this is up to me such a fun part of my job as well as an exciting moment that publishers want to work with us because of the technology investments we made beyond just money.

壓力並不大。這是關於其他事情的。出版商正在考慮，所以這對我來說是我工作中如此有趣的一部分，也是一個令人興奮的時刻，出版商希望與我們合作，因為我們所做的技術投資不僅僅是金錢。

So Daniel, just that certainly, it goes back to your first question about the iconic consumer brand. I checked with our PR folks, and we're allowed to say is we were selected by Apple as an official advertising partner for Canada and Australia at this point. So I think that's that's what we're allowed to say.

所以丹尼爾，當然，這又回到了你關於標誌性消費品牌的第一個問題。我與我們的公關人員進行了核實，我們可以說我們目前已被蘋果公司選為加拿大和澳洲的官方廣告合作夥伴。所以我認為這就是我們可以說的。

Okay. Also that's good. To hear. Thanks, guys.

好的。也這樣就好了。聽到。多謝你們。

Thank you.

謝謝。

Justin Patterson, KeyBanc. Your line is open.

賈斯汀·帕特森，KeyBanc。您的線路已開通。

Great. Thanks for the question. I just wanted to up-level the conversation a little bit around these bigger brands that are opening up like Yahoo originally and now Apple in there, it seems like this is just a new opportunity for to move power, a lot more of these bigger brands.

偉大的。謝謝你的提問。我只是想圍繞這些更大的品牌提升對話的水平，這些品牌最初像雅虎一樣開放，現在蘋果也在那裡，看起來這只是一個轉移權力的新機會，更多這樣的大品牌。

I guess one just what's really changed around that? Was it just Yahoo. That opened U.S. dollar over the past year and then two, as you've gone through Yahoo. How should we think about just the incremental investment to support more of these brands and win more business and scale up over time.

我想這到底發生了什麼事？難道只是雅虎嗎？美元在過去一年中開盤，然後兩年開盤，就像你透過雅虎看到的那樣。我們應該如何考慮增量投資來支持更多此類品牌並贏得更多業務並隨著時間的推移擴大規模。

Thank you. I'll start and you can do because I can't believe the CFO was able to bring the news about Apple than yesterday. And I know that, Steve, we're going to have to talk about this afterwards. But it's obviously we're very excited about apertures into this into this exciting market subject to your question.

謝謝。我會開始，你也可以這樣做，因為我不敢相信財務長能夠比昨天帶來有關蘋果的消息。我知道，史蒂夫，我們稍後必須討論這個問題。但很明顯，我們對進入這個令人興奮的市場感到非常興奮，這取決於你的問題。

I think to me what's fascinating is that you can already see companies like Amazon and others speaking about advertising being the second or third line of EBITDA they have. So the trend is that advertising is going to become a trillion-dollar market.

我認為對我來說有趣的是，你已經可以看到像亞馬遜和其他公司這樣的公司談論廣告是他們擁有的 EBITDA 的第二或第三線。所以趨勢是廣告將成為一個萬億美元的市場。

And I believe Board members of all Fortune 500 companies are going to Ester-C of what is our advertising strategy because it's too big and a few reach. Consumers cannot be ignored. Not only that to be a fantastic if not, what are the most lucrative growth engines for Fortune 500 companies are all around the world now.

我相信所有財富 500 強公司的董事會成員都會採用 Ester-C 來制定我們的廣告策略，因為它太大了，影響範圍也很小。消費者不容忽視。不僅如此，如果不是的話，財富 500 強公司最有利可圖的成長引擎現在遍布世界各地。

I think the way it's going to it's going to pan out is that many of these great companies would want to sell directly to the top of the market. We want to do. We'd like to build relationship with enterprise accounts. However, there are two things that are would be missing.

我認為，它的成功方式是，許多偉大的公司都希望直接向市場頂端出售產品。我們想做。我們希望與企業客戶建立關係。然而，有兩件事會被遺漏。

One, it's unlikely you're going to sell to tens of thousands or hundreds of thousands performance, mid-funnel and advertisers. And the second thing is that it's unlikely they'll develop a technology that is able to use AI and data and matchmaker between users and ads in a way that works for advertisers to continue to buy.

第一，你不太可能向數以萬計或數十萬的效果、漏斗中間和廣告商銷售產品。第二件事是，他們不太可能開發出一種能夠使用人工智慧和數據以及用戶和廣告之間的撮合者的技術，以利於廣告商繼續購買。

And this is exactly, I think, portable and has an opportunity, which I'm very excited about. I mean, I never you never thought two years ago, we'll be in a position when we announced a $1 billion partnership with a great company like Yahoo.

我認為這正是便攜式的並且有機會，我對此感到非常興奮。我的意思是，我從來沒有想過，兩年前，當我們宣布與像雅虎這樣的偉大公司建立價值 10 億美元的合作夥伴關係時，我們將處於這樣的境地。

And now steel stole my thunder but now Apple chose to boom. And I think this potentially can become an opportunity for the Company to kind of be this engine for, call it advertiser in a box for all these companies that say, well, we should get $1 billion or more from the advertising space.

現在鋼鐵搶了我的風頭，但現在蘋果選擇了繁榮。我認為這可能會成為公司的一個機會，成為所有這些公司的引擎，稱其為盒子裡的廣告商，這些公司說，好吧，我們應該從廣告領域獲得 10 億美元或更多的收入。

So I'm excited about it. This is more than I ever thought will happen, but I do think it's a it's happening. And again, we're seeing exciting partnership with Pinterest with Yahoo. Netflix with Microsoft. This is really a whole new beginning, in my opinion, and I hope we can play a big, big part of it in terms of incremental upside.

所以我對此感到很興奮。這比我想像的要多，但我確實認為它正在發生。我們再次看到 Pinterest 與雅虎之間令人興奮的合作關係。 Netflix 與微軟。在我看來，這確實是一個全新的開始，我希望我們能夠在增量方面發揮很大的作用。

No, go ahead. Sorry, Steve.

沒有，繼續。對不起，史蒂夫。

Yes, around in terms of incremental investment required to support these types of partnerships. I guess what I would say is the reason I think we're winning some of these great partnerships is because we have invested so much in our performance advertising capabilities and a young.

是的，就支持此類合作夥伴關係所需的增量投資而言。我想我想說的是，我認為我們贏得一些偉大合作夥伴關係的原因是因為我們在效果廣告能力和年輕人方面投入了大量資金。

And while I think we have a long ways to go, I still consider us in the early innings here in terms of being great, we are world-class at it. And I think that's what helps us win these partnerships. Obviously, every partnership we do of significant scale has some unique requirements, Yahoo.

雖然我認為我們還有很長的路要走，但我仍然認為我們在早期幾局就表現出色，我們在這方面是世界一流的。我認為這就是幫助我們贏得這些合作關係的原因。顯然，雅虎，我們所進行的每一次大規模合作都有一些獨特的要求。

We're definitely learning from their ads average, Adam mentioned earlier, we're learning from their advertisers, things that they would like maybe they got some of it from Yahoo. Previously. Maybe there's new things. We're learning that week that they would like that.

我們肯定是從他們的廣告平均水平中學習的，亞當之前提到過，我們正在從他們的廣告商那裡學習，他們想要的東西也許他們從雅虎那裡得到了一些。之前。或許還有新的事情發生。那週我們了解到他們會喜歡這樣。

They never got from Yahoo, but we could do so, yes, you always invest something in terms of building capabilities for any large partnership, but it's all part of kind of our core business, like, as Adam said, we're learning from these advertisers, things that they want, we're investing in, and that will impact and positively impact all of our business, not just that partnership. So while there's investment, it's basically just a way to advance your business and it's true of all of these partnerships that we're signing.

他們從未從雅虎獲得過，但我們可以這樣做，是的，你總是在為任何大型合作夥伴建立能力方面進行投資，但這都是我們核心業務的一部分，就像亞當所說，我們正在從中學習這些廣告商，他們想要的東西，我們正在投資，這將影響並積極影響我們所有的業務，而不僅僅是合作關係。因此，雖然有投資，但它基本上只是促進業務發展的一種方式，我們簽署的所有這些合作夥伴關係都是如此。

Got it. Thank you. Both And for what it's worth, I mean you still profit under there.

知道了。謝謝。就其價值而言，我的意思是您仍然可以從中獲利。

Thank you. Thank you, sir. Appreciate that. And we still will still get a review after this session.

謝謝。謝謝你，先生。感謝。本次會議結束後我們仍然會收到評論。

I pass on.

我繼續。

Thank you. And this does conclude today's conference call. You may all disconnect.

謝謝。今天的電話會議到此結束。你們都可以斷開連線。