Taboola.com Ltd (TBLA) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Taboola second-quarter earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Taboola 第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Jessica Kourakos, Head of Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係主管傑西卡·庫拉科斯 (Jessica Kourakos)。請繼續。

Thank you, and good morning, everyone, and welcome to Taboola's second-quarter 2024 earnings conference call. I'm here with Adam Singolda, Taboola's Founder and CEO; and Steve Walker, Taboola's CFO. The company issued earnings materials today before the market and they are available in the Investors section of Taboola's website.

謝謝大家，大家早安，歡迎參加 Taboola 2024 年第二季財報電話會議。我和 Taboola 的創始人兼執行長 Adam Singolda 一起來到這裡。和 Taboola 財務長 Steve Walker。該公司今天在市場前發布了收益資料，這些資料可以在 Taboola 網站的投資者部分找到。

Now, I'll quickly cover the Safe Harbor. Certain statements today, including our expectations for future periods are forward-looking statements. They 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. Today's discussion is also subject to the forward-looking statement limitations in the earnings press release. Future events could differ materially and adversely from those anticipated.

現在，我將快速介紹安全港。今天的某些陳述，包括我們對未來時期的預期，都是前瞻性陳述。它們不是事實，並且受到我們向 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，我們不承擔更新這些聲明的義務，除非法律要求。今天的討論也受到收益新聞稿中前瞻性聲明的限制。未來事件可能與預期發生重大且不利的差異。

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.

在本次電話會議中，我們將使用收益發布中定義的術語並參考非公認會計準則財務指標。有關 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 GAAP 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.

謝謝，傑西卡。大家早安，感謝大家加入我們。

Q2 was another strong quarter, beating guidance on both ex-TAC and adjusted EBITDA and with meaningful cash flow conversion. We saw ex-TAC grow 21% versus last year to $150 million. Adjusted EBITDA of $37 million, growing 138% and free cash flow was over $26 million in Q2, growing 237% and demonstrating 70% conversion from adjusted EBITDA.

第二季度又是一個強勁的季度，超越了扣除 TAC 和調整後 EBITDA 的指導，並實現了有意義的現金流轉換。我們看到 ex-TAC 與去年相比成長了 21%，達到 1.5 億美元。第二季調整後 EBITDA 為 3,700 萬美元，成長 138%，自由現金流超過 2,600 萬美元，成長 237%，調整後 EBITDA 轉換率為 70%。

Not only does this year represent meaningful growth versus last year, it shows our growth rates are accelerating, which is great to see. This is a clear result of our investment in AI, the unique data we have access to, and the laser-focus we have on our strategy and execution. Similar to last quarter, over 100% of our free cash flow was spent on share buybacks, representing our continued commitment to shareholder returns and the confidence in our long-term strategy.

與去年相比，今年不僅實現了有意義的成長，而且表明我們的成長率正在加快，這是令人高興的。這是我們對人工智慧的投資、我們可以獲得的獨特數據以及我們對策略和執行的高度關注的明顯結果。與上季類似，我們超過 100% 的自由現金流用於股票回購，這代表了我們對股東回報的持續承諾以及對長期策略的信心。

With a strong first half of the year, 2024 is shaping up to be a transformational year for Taboola. As a result, we are reiterating our 2024 guidance for ex-TAC, adjusted EBITDA and free cash flow which continues to project meaningful, accelerated growth in 2024 versus last year. And to put things in perspective ex-TAC is growing 25% versus last year to $667 million. Adjusted EBITDA of over $200 million, growing approximately 2x 2023, and over $100 million of free cash flow which is also 2x 2023 levels.

憑藉今年上半年的強勁表現，2024 年將成為 Taboola 轉型的一年。因此，我們重申 2024 年除 TAC、調整後 EBITDA 和自由現金流的指引，預計 2024 年將繼續比去年有意義的加速成長。客觀來看，前 TAC 營收比去年成長了 25%，達到 6.67 億美元。調整後 EBITDA 超過 2 億美元，成長約 2023 年的兩倍，自由現金流超過 1 億美元，也是 2023 年水準的 2 倍。

2024 continues to be an important year for us, as we progress towards building one of the most scalable companies in the open web. It's also setting a strong foundation for 2025 and onwards.

2024 年對我們來說仍然是重要的一年，因為我們正在努力打造開放網路中最具擴展性的公司之一。它也為 2025 年及以後奠定了堅實的基礎。

When looking at our core business, we have two main focus areas for the remainder of 2024. One, ramping ad budgets now that Apple and Taboola Select are launched, and Yahoo's advertiser migration is complete. The second priority is making advertisers successful by improving retention rates and growing NDR spend which in return help us grow our yield.

在審視我們的核心業務時，我們在 2024 年剩餘時間內有兩個主要重點領域。第一，隨著 Apple 和 Taboola Select 的推出，以及雅虎廣告商遷移的完成，廣告預算不斷增加。第二個優先事項是透過提高保留率和增加 NDR 支出來使廣告商取得成功，從而幫助我們提高收益。

Last quarter, I talked about our focus on driving performance advertising and we've had clear momentum here, which is reflected in our results and guidance with ex-TAC growth rates improving in Q2 and in Q3. This growth is driven by our focus on premium advertising as a company, while driving results.

上個季度，我談到了我們對推動效果廣告的關注，我們在這裡有明顯的勢頭，這反映在我們的業績和指導中，第二季度和第三季度的 TAC 增長率有所改善。這一成長是由我們作為一家公司對優質廣告的關注所推動的，同時也推動了業績的成長。

With the rollout of Taboola Select across our top publishers, Apple now launched, and optimizing our performance on Yahoo, we see a big opportunity focusing on quality moving forward, and bringing those budgets into the open web at scale. Our initiatives to attract Tier 1 brands and agencies showed strong growth year over year and accounted for 25% of revenue in Q2.

隨著 Taboola Select 在我們的頂級出版商（Apple 現已推出）中的推出，以及優化我們在雅虎上的表現，我們看到了一個專注於品質進步並將這些預算大規模引入開放網路的巨大機會。我們吸引一級品牌和代理商的舉措年增強勁，佔第二季營收的 25%。

Just this past quarter, we secured commitments from major advertisers in financial services, health and wellness, as well as online publishers which represent multi-millions in ad spend. Additionally, our demand out of China has more than doubled versus the prior year, and shows great traction in the region.

就在上個季度，我們獲得了金融服務、健康和保健領域主要廣告商以及代表數百萬廣告支出的線上出版商的承諾。此外，我們來自中國的需求比去年增加了一倍多，並在該地區表現出巨大的吸引力。

Our investments in AI to drive advertiser success are a big part of our momentum. Maximize Conversions, our first AI-powered bidding technology, continues to make significant strides, with adoption now approaching 70% of our revenue, up approximately 10 points from where it was in Q1. Thousands of advertisers are using Max Conversions today and we saw a massive sequential increase of over 100% in the number of advertiser campaigns using this technology.

我們對人工智慧的投資旨在推動廣告商取得成功，這是我們動力的重要組成部分。Maximize Conversions 是我們的首個基於人工智慧的出價技術，繼續取得重大進展，目前採用率已接近我們收入的 70%，比第一季提高了約 10 個百分點。如今，數以千計的廣告商正在使用“最大轉換”，我們發現使用該技術的廣告商活動數量連續大幅增長超過 100%。

Our efforts are concentrated on enhancing retention rates and increasing budget allocations also known as NDR. We continue to see promising results from advertisers transitioning to Max Conversions, with double-digit NDR growth reported for those who have adopted the platform compared to those who have not. It's exciting to see more and more advertisers adopting our AI as most of our revenue is performance driven, which means we don't need to wine and dine people to use our technology. They try it out. If it works, they stick around; and if not, they stop using it.

我們的努力集中在提高保留率和增加預算分配（也稱為 NDR）。我們繼續看到廣告商轉向最大轉換次數的可喜成果，與未採用該平台的廣告商相比，採用該平台的廣告商的 NDR 增長了兩位數。令人興奮的是看到越來越多的廣告商採用我們的人工智慧，因為我們的大部分收入都是績效驅動的，這意味著我們不需要招待人們來使用我們的技術。他們嘗試一下。如果有效，他們就會留下來；如果有效，他們就會留下來。如果沒有，他們就會停止使用它。

Looking ahead, we continue to focus on advancing our AI models leveraging our unique data to identify and match users with advertisers, driving results at scale. This type of performance we're seeing with our advertisers is exactly what the industry needs. You see, in the open web, there is no scalable bridge for advertisers to reach the open web with a focus on performance. And we're hard at work, making it happen.

展望未來，我們將繼續專注於推進我們的人工智慧模型，利用我們獨特的數據來識別用戶和廣告商並將其匹配，從而大規模推動結果。我們在廣告商身上看到的這種表現正是業界所需要的。您會看到，在開放網路中，廣告主沒有可擴展的橋樑來存取注重效能的開放網路。我們正在努力工作，以實現這一目標。

More about AI and without saying too much, I can tell you that we have a new generative AI offering coming to market soon. We call her Abby. This product is very impressive. Abby is laser focused on driving advertiser success and addressing a key friction-point for advertisers. We plan to officially introduce Abby in the third quarter, and I suspect you will be amazed by what you'll see. Stay tuned for updates on this one.

有關人工智慧的更多信息，不用說太多，我可以告訴您，我們即將推出一款新的生成式人工智慧產品。我們叫她艾比。這個產品非常令人印象深刻。Abby 專注於推動廣告商取得成功並解決廣告商的關鍵摩擦點。我們計劃在第三季正式推出艾比，我想你會對你所看到的感到驚訝。請繼續關注這方面的更新。

Now, I know all of you are thinking about Yahoo, so let me give you an update. I'm happy to say we're done migrating Yahoo's advertisers and we're hard at work growing budgets into the second half of the year. We keep seeing good performance from advertisers who have migrated, as demonstrated in one case study featured in our shareholder letter, where a leading hotel group took advantage of Taboola on Yahoo and saw 77% lower CPA than their target goal and 36% lower CPA than the next-best-performing channel.

現在，我知道你們都在考慮雅虎，所以讓我向你們介紹最新情況。我很高興地說，我們已經完成了雅虎廣告商的遷移，並且正在努力增加下半年的預算。我們不斷看到遷移的廣告商表現良好，正如我們股東信中的一個案例研究所示，一家領先的酒店集團利用雅虎上的Taboola，其每次轉換費用比其目標低77%，比其目標低36%。

Another great example of our performance on Yahoo is evident in our work with a global technology company that achieved a 130% increase in impressions at a 28% lower CPM year over year when compared to similar campaigns.

我們在雅虎上表現的另一個很好的例子是我們與一家全球科技公司的合作，與類似的廣告活動相比，該公司的展示次數同比增長了130%，每千次展示費用降低了28% 。

As we increasingly prove our performance with Tier 1 brands and agencies, invest in premium experiences for advertisers with the addition of Apple, Taboola Select, Yahoo and more, it allows us as a company to grow ad budgets across the Taboola network overall. As a reminder, advertiser success drives yield growth which bolsters our competitive advantage, as well as our profitability.

隨著我們越來越證明我們與一級品牌和代理商的業績，並投資於蘋果、Taboola Select、雅虎等廣告商的優質體驗，這使我們作為一家公司能夠增加整個Taboola 網路的廣告預算。提醒一下，廣告客戶的成功推動了收益成長，從而增強了我們的競爭優勢和獲利能力。

Turning now to our growth engines, Taboola News, e-commerce, and our bidder. Our product innovation and commercial wins continue to drive good momentum, and it shows in our financial results. In Q2, we signed a significant, exclusive and global Taboola News OEM partnership. This new deal will expand our reach into all global markets, featuring multiple touch points for users to discover news they may like.

現在轉向我們的成長引擎、Taboola News、電子商務和我們的競標者。我們的產品創新和商業勝利繼續推動良好的勢頭，這在我們的財務表現中得到了體現。在第二季度，我們簽署了重要的、獨家的全球 Taboola News OEM 合作夥伴關係。這項新交易將把我們的業務範圍擴大到所有全球市場，為用戶提供多個接觸點來發現他們可能喜歡的新聞。

Our product team is focused on testing new video experiences as well as various new utilities such as weather, sports and others. These enhancements resulted in over 20% increase in time spent on the Taboola News platform compared to Q1 2024.

我們的產品團隊專注於測試新的視訊體驗以及各種新的實用程序，例如天氣、體育等。與 2024 年第一季相比，這些增強功能使得 Taboola News 平台上花費的時間增加了 20% 以上。

Moving to eCommerce, we delivered another strong quarter. This success is driven by outstanding advertiser revenue retention in our core markets and the expansion into new high-growth advertising channels and international markets. We're now also seeing growth with creators across various social platforms, coming to us with a desire to review products they're passionate about and drive performance to our merchants. We call that ShopYourLikes. It is showing amazing potential and it is already contributing to our growth. This early success positions us well to keep growing eCommerce in the years ahead.

轉向電子商務，我們又實現了強勁的季度業績。這一成功得益於我們核心市場中出色的廣告商收入保留以及向新的高成長廣告管道和國際市場的擴張。現在，我們也看到各種社交平台上的創作者不斷成長，他們來到我們這裡，希望評論他們熱衷的產品，並為我們的商家提高業績。我們稱之為 ShopYourLikes。它顯示出驚人的潛力，並且已經為我們的成長做出了貢獻。這一早期的成功使我們能夠在未來幾年繼續發展電子商務。

Moving to our bidding product which is where we use our unique data, AI, and direct advertiser relationships to bid on supply that is not exclusively ours. We had a number of exciting developments in Q2. After successfully collaborating with Microsoft for several years now, I'm happy to say that we renewed our partnership and are excited to expand our bidder technology to capitalize on emerging supply opportunities.

轉向我們的競價產品，我們使用我們獨特的數據、人工智慧和直接廣告商關係來競爭不屬於我們專有的供應。第二季我們取得了許多令人興奮的進展。在與 Microsoft 成功合作數年之後，我很高興地說我們續簽了合作夥伴關係，並很高興能夠擴展我們的投標人技術以利用新興的供應機會。

Our efforts are now focused on integrating with high-traffic platforms such as Outlook, Casual Games, and Microsoft 365. By extending our technology to these new areas, we aim to enhance our advertising capabilities and deliver even more targeted and effective campaigns across Microsoft's diverse ecosystem.

我們現在的工作重點是與 Outlook、休閒遊戲和 Microsoft 365 等高流量平台整合。透過將我們的技術擴展到這些新領域，我們的目標是增強我們的廣告能力，並在 Microsoft 的多元化生態系統中提供更有針對性和更有效的活動。

In summary, 2024 is shaping up to be a transformational year for Taboola, with a strong Q2, beating guidance on both ex-TAC and adjusted EBITDA; reiterating our 2024 guidance for ex-TAC, adjusted EBITDA and free cash flow; and accelerating growth metrics in Q2 and for the year.

總而言之，2024 年將成為 Taboola 轉型的一年，第二季表現強勁，扣除 TAC 和調整後 EBITDA 的預期都超乎預期；重申我們對 2024 年扣除 TAC、調整後 EBITDA 和自由現金流的指導；並加速第二季和全年的成長指標。

There is a lot of good momentum in the advertising industry. I believe this market will reach $1 trillion in years to come, with more and more companies around the world looking to tap into advertising in a big way, utility apps, streamers, OEM, and more. While many companies would want to sell to top brands, it's not easy, and many would want a friend like Taboola to access tens of thousands of advertisers, drive performance to them, and build a meaningful advertising business.

廣告業有很多良好的勢頭。我相信這個市場在未來幾年將達到 1 兆美元，世界各地越來越多的公司希望大規模涉足廣告、實用應用程式、串流媒體、OEM 等領域。雖然許多公司希望向頂級品牌出售產品，但這並不容易，許多公司希望像 Taboola 這樣的朋友能夠接觸到數以萬計的廣告商，為他們提高業績，並建立有意義的廣告業務。

We have the size, the tech, the sales force, and the experience to support many, many of them. I often think of it like advertising in a box or advertising-as-a-service, which we can do a lot more over the next 5 to 10 years as we partner with many great companies. There is a lot of good work ahead of us. It's a big step up financially and strategically for us and we are ready.

我們擁有規模、技術、銷售團隊和經驗來支持他們中的許多人。我經常認為它就像盒子裡的廣告或廣告即服務，隨著我們與許多偉大的公司合作，我們可以在未來 5 到 10 年內做更多的事情。我們還有很多好的工作要做。這對我們來說是財務和策略上的一大進步，我們已經準備好了。

With that, let me pass the call to Steve to review our financials and outlook in more detail.

接下來，讓我給史蒂夫打電話，讓他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've had a strong first half of the year and are well-positioned to continue this momentum into the second half. Let's dive into the details of our financial performance.

謝謝亞當，大家早安。正如亞當所提到的，我們今年上半年表現強勁，並且有能力將這種勢頭延續到下半年。讓我們深入了解一下我們的財務表現的細節。

Q2 results were strong and showed accelerating growth across all key metrics. Revenue of $428.2 million grew 29% year over year and ex-TAC gross profit of $149.5 million grew 21% year over year. Ex-TAC growth in Q2 was primarily driven by an increase in advertiser spend particularly with Tier 1 premium advertisers and growth in the availability of premium supply through our platform.

第二季業績強勁，所有關鍵指標呈現加速成長。營收為 4.282 億美元，年增 29%，扣除 TAC 的毛利為 1.495 億美元，年增 21%。第二季排除 TAC 的成長主要是由於廣告商支出的增加，特別是與一級優質廣告商的支出的增加，以及透過我們的平台提供優質供應的成長。

Net loss was $4.3 million, with non-GAAP net income coming in positive at $23 million. Adjusted EBITDA for the quarter of $37.2 million was up 138% year over year and reflected a 25% adjusted EBITDA margin. Free cash flow of $26.2 million benefited from the stronger than projected adjusted EBITDA.

淨虧損為 430 萬美元，非 GAAP 淨利為正，為 2,300 萬美元。該季度調整後 EBITDA 為 3,720 萬美元，年增 138%，反映了 25% 的調整後 EBITDA 利潤率。2,620 萬美元的自由現金流受益於強於預期的調整後 EBITDA。

Q2 operating expenses of $122.4 million were essentially flat with the year ago period, demonstrating our strong focus on cost discipline. Headcount increases were primarily limited to the growth areas of our business. With ongoing expense discipline and strong growth expectations, we continue to expect to approach our long-term adjusted EBITDA margin target of 30% in 2024.

第二季營運費用為 1.224 億美元，與去年同期基本持平，顯示我們對成本控制的高度重視。員工人數的增加主要限於我們業務的成長領域。憑藉持續的費用紀律和強勁的成長預期，我們繼續期望在 2024 年實現 30% 的長期調整後 EBITDA 利潤率目標。

The GAAP net loss for Q2 of $4.3 million narrowed significantly from $31.3 million for Q2 2023. Q2 2024 GAAP net loss included amortization of intangibles of $15.8 million, share-based compensation expenses of $15.7 million, and holdback compensation expenses related to the Connexity acquisition of $2.6 million. Excluding those items, our non-GAAP net income of $23 million exceeded the high end of our guidance range for the quarter.

第二季 GAAP 淨虧損為 430 萬美元，較 2023 年第二季的 3,130 萬美元大幅收窄。2024 年第二季 GAAP 淨虧損包括 1,580 萬美元的無形資產攤銷、1,570 萬美元的股權補償費用以及 260 萬美元的與收購 Connexity 相關的保留補償費用。排除這些項目，我們的非 GAAP 淨利潤為 2300 萬美元，超出了我們本季度指導範圍的上限。

In terms of cash generation, we had approximately $38.8 million in operating cash flow in Q2 and free cash flow of $26.2 million. This includes net publisher prepayments, which contributed $23.6 million to cash flow, and interest payments on our long-term debt, which used $3.7 million.

在現金產生方面，第二季我們的營運現金流約為 3,880 萬美元，自由現金流為 2,620 萬美元。這包括出版商預付款淨額（為現金流貢獻了 2,360 萬美元）和長期債務利息支付（使用了 370 萬美元）。

Turning to the balance sheet, our net cash balance remains robust. We ended Q2 with a net cash position of $29.5 million, even after share repurchases. Cash and cash equivalents totaled $182.2 million, remaining above our long-term loan balance of $152.7 million.

轉向資產負債表，我們的淨現金餘額仍然強勁。即使在股票回購之後，我們第二季末的淨現金部位仍為 2,950 萬美元。現金和現金等價物總計 1.822 億美元，仍高於 1.527 億美元的長期貸款餘額。

Regarding share repurchases, we bought back $26.7 million of shares in Q2. We still have $66 million remaining under our previously announced $100 million repurchase plan. Our goal remains to at least offset dilution and maintain our share count compared to Q1 2023 levels.

關於股票回購，我們在第二季回購了 2,670 萬美元的股票。根據先前宣布的 1 億美元回購計劃，我們仍剩餘 6,600 萬美元。我們的目標仍然是至少抵消稀釋並維持我們的股份數量與 2023 年第一季的水平相比。

At the end of Q2 2024, our issued and outstanding shares were down by 2.7 million shares compared to the end of Q1 2023. For future cash use, we continue to prioritize share buybacks given current valuations, though we will also consider paying down long-term debt if additional cash becomes available.

截至 2024 年第二季末，我們的已發行和流通股比 2023 年第一季末減少了 270 萬股。對於未來的現金使用，考慮到當前估值，我們將繼續優先考慮股票回購，但如果有更多現金可用，我們也會考慮償還長期債務。

Now, turning to the future, I'm confident in the ongoing trends within our business and the capabilities of our team to sustain strong and accelerated growth. We've had a solid start to the year and we're optimistic about the opportunities that lie ahead. Our guidance reflects strong expectations for Q3 and the remainder of the year. We continue to expect yield growth to turn positive in 2024 as we continue to ramp advertising spend due to our advertiser success initiatives and as contextual data increases due to our increased scale.

現在，展望未來，我對我們業務的持續趨勢以及我們團隊維持強勁和加速成長的能力充滿信心。今年我們有了一個好的開端，我們對未來的機會感到樂觀。我們的指引反映了對第三季和今年剩餘時間的強烈預期。我們繼續預期 2024 年收益成長將轉為正值，因為我們的廣告客戶成功措施導致我們繼續增加廣告支出，並且由於我們規模的擴大而導致上下文數據增加。

With a strong first half and continued optimism for the year, we are reaffirming our annual guidance for gross profit, ex-TAC gross profit, adjusted EBITDA, and non-GAAP net income. As previously stated, gross profit is projected to be between $535 million and $555 million and ex-TAC gross profit is expected to be in the $656 million to $679 million range. That ex-TAC guidance reflects a 25% increase year over year at the midpoint. Our adjusted EBITDA guidance remains over $200 million, and we expect free cash flow to exceed $100 million, representing roughly a doubling of both metrics compared to 2023. We anticipate non-GAAP net income of $84 million to $104 million for the year.

鑑於上半年的強勁表現和對今年的持續樂觀，我們重申了對毛利、TAC 前毛利、調整後 EBITDA 和非 GAAP 淨利潤的年度指引。如前所述，毛利預計在 5.35 億美元至 5.55 億美元之間，扣除 TAC 後的毛利預計在 6.56 億美元至 6.79 億美元之間。前 TAC 指導值中位數年增 25%。我們調整後的 EBITDA 指引仍超過 2 億美元，我們預計自由現金流將超過 1 億美元，這兩個指標與 2023 年相比大約翻了一番。我們預計今年非 GAAP 淨利潤為 8,400 萬美元至 1.04 億美元。

We are updating our revenue expectations to $1.735 billion to $1.765 billion, representing a 22% growth at the midpoint. This is primarily due to a test we will be conducting as part of our ongoing collaboration with Yahoo. Specifically, we will be testing some new ad formats on a portion of Yahoo's inventory to see how they perform for advertisers and how much further financial growth we can generate.

我們將營收預期更新為 17.35 億美元至 17.65 億美元，中間值成長 22%。這主要是由於我們將在與雅虎持續合作的過程中進行一項測試。具體來說，我們將在雅虎庫存的一部分上測試一些新的廣告格式，看看它們對廣告商的效果如何，以及我們可以產生多少進一步的財務成長。

During this test period, that revenue will be recognized as a TAC offset rather than revenue. Therefore our ex-TAC will remain approximately the same, but our revenue will be reduced. As I have said many times in the past, ex-TAC is the metric on which we focus and measure ourselves and this change does not affect our expected 25% year-over-year increase in ex-TAC. I would also note that there will be no change to adjusted EBITDA, free cash flow or any other key metrics as a result of this test.

在此測試期間，該收入將被確認為 TAC 抵銷而不是收入。因此，我們的前 TAC 將保持大致相同，但我們的收入將減少。正如我過去多次說過的，ex-TAC是我們關注和衡量自己的指標，而這項變化不會影響我們預期的ex-TAC年成長25%。我還要指出的是，本次測試的結果是調整後的 EBITDA、自由現金流或任何其他關鍵指標不會改變。

For the third quarter, we are issuing the following guidance: We expect revenues to be between $416 million and $446 million, gross profit from $129 million to $139 million, ex-TAC gross profit from $159 million to $169 million, adjusted EBITDA from $42 million to $52 million, and non-GAAP net income from $20 million to $30 million.

對於第三季度，我們發布以下指引：我們預計收入將在4.16 億美元至4.46 億美元之間，毛利從1.29 億美元增至1.39 億美元，扣除TAC 的毛利潤從1.59 億美元增至1.69 億美元，調整後EBITDA 從4,200 萬美元至 5,200 萬美元，非 GAAP 淨利潤從 2,000 萬美元增至 3,000 萬美元。

In conclusion, we are confident in our ability to expand and scale our business while adhering to a disciplined and balanced spending strategy. Our focus is on improving efficiency and profitability, even as we continue to invest in our growth. We believe that our ongoing investments in technology will yield long-term benefits for our publishers and advertisers, which will show up in our financial performance and therefore benefit shareholders.

總之，我們對擴大和擴大業務規模的能力充滿信心，同時堅持嚴格和平衡的支出策略。我們的重點是提高效率和獲利能力，同時我們繼續投資於我們的成長。我們相信，我們對科技的持續投資將為我們的出版商和廣告商帶來長期利益，這將體現在我們的財務表現中，從而使股東受益。

Our momentum is stronger than ever, with key milestones including the completion of Yahoo's advertiser migration, our ongoing partnership with Apple, and a major new OEM deal for Taboola News. This progress brings us closer to becoming a must buy for advertisers looking to engage with consumers around the world on the open web.

我們的勢頭比以往任何時候都更加強勁，取得了一些重要的里程碑，包括完成雅虎廣告商遷移、我們與蘋果的持續合作夥伴關係以及與 Taboola News 達成的一項重大新 OEM 交易。這項進展使我們更接近成為希望在開放網路上與世界各地的消費者互動的廣告商的必備產品。

And with that, let's move to Q&A. Operator, can you please open the line for questions?

接下來，讓我們進入問答環節。接線員，您可以開通提問線路嗎？

(Operator Instructions) Laura Martin, Needham.

（操作員說明）Laura Martin，Needham。

Hi, there. Oh my God. What great numbers, you guys. Congratulations. Zero cost growth on 20% -- over 20% revenue growth. Congratulations. Fabulous.

你好呀。我的天啊。多麼偉大的數字啊，你們。恭喜。零成本成長 20%—收入成長超過 20%。恭喜。太棒了。

My first question, so you're talking about premium. But I would have said, Adam, that your entire business was built on these premium news websites. And so when you're talking about creating premium, this focus on premium, I don't understand what you're -- are you saying that the ad units are becoming more premium or somehow your latest content you're signing up is even more premium than the historical news sites that you've had as publishers since your beginning? How is the new stuff more premium than the old publishers you used to represent?

我的第一個問題，你說的是溢價。但我會說，亞當，你的整個業務都是建立在這些優質新聞網站上的。因此，當您談論創建優質內容時，這種對優質內容的關注，我不明白您在說什麼 - 您是說廣告單元變得更加優質，還是以某種方式您正在註冊的最新內容甚至是比您從一開始就作為出版商擁有的歷史新聞網站更優質？新產品為何比您過去代表的舊出版商更優質？

Yes. Good morning and thanks for the question and kind words. So I think the way I think about it is the open web is always carries kind of a premium element to it as compared to UGC. You can imagine an advertiser campaign on a social network. There's always the risk of user generated content above or below it, which is adjacent to it and that's a risk. And putting your ad on publishers such as Disney and NBC and CBS, I think always carries an editorial voice, which is by definition, has a premium carried with it. So I'm a big believer that will stand the test of time.

是的。早安，感謝您的提問和客氣話。因此，我認為與 UGC 相比，開放網路總是帶有某種優質元素。您可以想像社交網路上的廣告商活動。始終存在用戶在其上方或下方生成內容的風險，這些內容與其相鄰，這就是風險。將你的廣告投放到迪士尼、NBC 和 CBS 等出版商上，我認為總是帶有社論的聲音，根據定義，這會帶來溢價。所以我堅信它能夠經得起時間的考驗。

And it's important for advertiser community and for consumers. What we've been seeing recently with kind of the addition of Yahoo, Apple, and then the launch of Taboola Select, is that if you're able to create on those great publishers, independent kind of standalone ad units, think of it like a homepage ad unit or others, then advertisers are willing to pay a premium to be kind of on their own.

這對於廣告商群體和消費者來說都很重要。我們最近看到雅虎、蘋果的加入，以及 Taboola Select 的推出，如果你能夠在這些偉大的出版商上創建獨立的獨立廣告單元，可以把它想像成主頁廣告單元或其他廣告單元，那麼廣告商願意支付溢價來獨立運作。

So for that, I think there's an opportunity for us to attract kind of bigger brands that will pay even more to be just on their own. And that's a big, it's now about over 20% of our revenue. And we think we have an opportunity to attract a lot of dollars from brands who historically will not come to us because of that.

因此，我認為我們有機會吸引更大的品牌，這些品牌願意支付更多的費用來獨立經營。這是一個很大的數字，現在約占我們收入的 20% 以上。我們認為我們有機會從那些歷史上不會因此而來找我們的品牌吸引大量資金。

Okay, that makes sense. And then could you give us just a little bit of a deep dive on what's going on with Apple? The countries of you in, when you think about, like, the progress you've made on the oldest countries with Apple, what have you seen in Apple News in terms of the ramp, in terms of revenue, growth rates? What's different about the advertisers you're getting on Apple News? Could you talk about Apple specifically kinds of progress you're making there?

好吧，這是有道理的。那麼能否為我們簡單介紹一下蘋果公司的近況呢？當你想到你所在的國家時，例如，你在與蘋果合作最悠久的國家/地區取得的進展時，你在 Apple News 中看到了哪些進展、收入和成長率？您在 Apple News 上看到的廣告主有何不同？能具體談談蘋果公司在這方面的進展嗎？

Sure, I can address that. Hi, Laura. So I think what we've announced publicly is that we're now rolled out in all four countries where Apple News and Apple Stocks are active, which is the US, the UK, Canada, and Australia. So that is, while it's not a global rollout per se, it is everywhere that they operate that business for Apple. And as we've said in the past, what we're basically doing is providing the advertising.

當然，我可以解決這個問題。嗨，勞拉。因此，我認為我們公開宣布的是，我們現在已在 Apple News 和 Apple Stocks 活躍的所有四個國家推出，即美國、英國、加拿大和澳洲。也就是說，雖然這本身並不是全球推廣，但他們在任何地方都為蘋果經營這項業務。正如我們過去所說，我們基本上所做的就是提供廣告。

So if you swipe right on your iPhone and you find the news app and you click on one of the articles in that article, you'll see ads that's usually us. There is NBCUniversal also sometimes provides ads there, but it's usually us. And then if you go back to the newsfeed in that newsfeed, you'll see ads as well and those are us as well.

因此，如果您在 iPhone 上向右滑動，找到新聞應用程序，然後點擊該文章中的一篇文章，您會看到通常是我們的廣告。NBCUniversal 有時也會在那裡提供廣告，但通常是我們。然後，如果您返回該動態消息中的動態消息，您也會看到廣告，這些廣告也是我們的。

In terms of where we are, we haven't disclosed specifics on the ramp or the financials. What we have said is that it will be a ramp, meaning it's not a turn it on and you immediately get a bunch of revenue. We actually have to sell demand specifically for this. So to be kind of a ramp over time, we're making good progress there. We're excited about it because as you asked about in the first question about premium, it is the ultimate premium experience for advertisers. It's one of the only ways they can get onto native Apple apps and advertise their products and services.

就我們的情況而言，我們尚未透露有關產能或財務狀況的具體資訊。我們所說的是，這將是一個斜坡，這意味著它不是打開它，你就會立即獲得大量收入。我們實際上必須專門為此銷售需求。因此，隨著時間的推移，我們在這方面取得了良好的進展。我們對此感到興奮，因為正如您在第一個問題中所問到的有關溢價的問題，這對廣告商來說是終極的溢價體驗。這是他們進入蘋果原生應用程式並宣傳其產品和服務的唯一方式之一。

So it's exciting for advertisers and what we think the biggest impact for our business, we've said that we think this can be -- Apple can be one of our biggest publishers over time. I say one of, it's not Yahoo level, but it can be a good size. But it especially helps us sell premium advertisers. And that's what we're seeing, getting a lot more premium advertisers interested in our supply.

因此，這對廣告商來說是令人興奮的，我們認為對我們業務的最大影響是，我們認為隨著時間的推移，蘋果可以成為我們最大的發行商之一。我說其中之一，它不是雅虎級別的，但它可以是一個很好的規模。但這尤其有助於我們銷售優質廣告商。這就是我們所看到的，越來越多的優質廣告商對我們的供應感興趣。

But one fun story is that just in Cañon, we spent some time on the Apple team. And if there's ever a moment when you're so happy to be proud of your job, as we sit together and they shared how much they're excited and happy with our partnership, and that was nice to see and also for the team to be in that moment.

但有一個有趣的故事是，就在卡翁，我們在 Apple 團隊度過了一段時間。如果有一天你為自己的工作感到自豪，當我們坐在一起時，他們分享了他們對我們的合作關係是多麼興奮和高興，這很高興看到，也讓團隊能夠在那一刻。

Thank you very much. Great numbers, guys.

非常感謝。夥計們，數字很大。

Jason Helfstein, Oppenheimer & Co.

賈森·赫夫斯坦，奧本海默公司

Hey. Thanks for taking question. Two questions. Can you provide the Yahoo contribution in the quarter? I mean, it was $100 million in the first quarter. I mean, if you don't want to be exact, you can say kind of plus or minus that? And then just any kind of -- has your view changed on the contribution for the full year?

嘿。感謝您提出問題。兩個問題。您能提供雅虎本季的貢獻嗎？我的意思是，第一季的銷售額為 1 億美元。我的意思是，如果你不想精確，你可以說是加還是減？然後，您對全年貢獻的看法是否改變了？

And then second, you're not changing the outlook for revenue ex-TAC. Maybe just give some color specific areas you're seeing. Are you seeing any areas of weakness? We're hearing some pockets of weakness from other companies in the ad market versus kind of specific areas of strength you're seeing. Thank you.

其次，您不會改變 TAC 以外的收入前景。也許只是給出一些您看到的特定顏色區域。您是否發現任何弱點？我們聽到廣告市場上其他公司的一些弱點，而不是您所看到的特定領域的優勢。謝謝。

Sure. I can start with kind of like high level and then, Steve, you can get into the numbers. So overall, Jason, the Yahoo partnership, we're very happy. On the one side, I think it's giving us a special access to support, special access to data. And that's something advertisers they want to buy and it performs well. I published in the letter some case studies. So I think as it relates to our strategy to keep growing supply that is unique, data that is unique and specifically works for performance advertisers, that's something that will play an important role not only this year but in years to come.

當然。我可以從高水平開始，然後史蒂夫，你可以進入數字。傑森，總的來說，我們對雅虎的合作關係感到非常高興。一方面，我認為它為我們提供了特殊的支援和資料存取權限。這是廣告商想要購買的東西，而且效果很好。我在信中發表了一些案例研究。因此，我認為，由於它與我們保持成長獨特供應、獨特且專門針對效果廣告商的數據的策略有關，因此這不僅在今年而且在未來幾年都將發揮重要作用。

I also think it validates -- we just spoke about Apple, but as great consumer companies are considering tapping into the advertising space, Yahoo and Apple and others will play an important role in just validating that Taboola can be a good partner. So from that perspective, I'm happy.

我也認為它是正確的——我們剛剛談到了蘋果，但隨著偉大的消費公司正在考慮進入廣告領域，雅虎、蘋果和其他公司將在驗證 Taboola 可以成為一個好的合作夥伴方面發揮重要作用。所以從這個角度來看，我很高興。

I think as it relates to software, I mentioned that advertising migration is finished. We're seeing great results. Again, we published some case studies. We're laser focused on making sure that advertisers get to benefit from this partnership. And our main focus in H2 is to growing budgets from advertisers as we get into Q3 and Q4. Steve, maybe you want to speak more about the numbers.

我認為與軟體有關，我提到廣告遷移已經完成。我們看到了很好的結果。我們再次發表了一些案例研究。我們專注於確保廣告商從這種合作關係中受益。我們下半年的主要重點是在進入第三季和第四季時增加廣告商的預算。史蒂夫，也許你想多談談數字。

And Jason, I think we've said that Yahoo is part of our core now. We're not really breaking out numbers there, so we won't get into real specifics on that.

傑森，我想我們已經說過雅虎現在是我們核心的一部分。我們並沒有真正透露具體數字，因此我們不會詳細討論這一點。

In terms of your second question, though about areas of weakness and strength that we're seeing, So we continue to see strength in eCommerce. So that's been kind of an ongoing theme for multiple quarters now where we continued to see increased performance in our eCommerce units, so that's been a particular area of strength. Obviously, our growth this year is being driven also by the ramp of Yahoo.

就你的第二個問題而言，儘管我們看到了弱點和優勢領域，但我們仍然看到電子商務的優勢。因此，這是多個季度的持續主題，我們繼續看到我們的電子商務部門的業績不斷提高，因此這是一個特定的優勢領域。顯然，我們今年的成長也是由雅虎的崛起所推動的。

And so we're seeing a nice influx of high premium demand, premium demand on our site -- on our platform. So that's been an area of strength, kind of just generally premium. I don't think that there's specific areas that I call out that we're seeing particular weakness. There's always ups and downs in many areas. So in any given quarter, we have some areas that we didn't see quite the performance. But fortunately we're diversified enough that it's not something that really I would call out has been a particular area of weakness.

因此，我們看到大量的高溢價需求湧入我們的網站——我們的平台上。所以這是一個優勢領域，通常是溢價的。我認為我沒有指出我們在哪些特定領域看到了特別的弱點。很多領域總是有起有落。因此，在任何特定季度，我們都有一些領域的表現不佳。但幸運的是，我們夠多元化，我認為這並不是特定的弱點。

The one other thing I would say is obviously we see strengths in certain geographies. For instance, China has been a market for us that's been particularly strong in terms of advertising spend, not for the Chinese market domestically, but more globally spending on US supply and the like. So geographically, we see some strengths and weaknesses as well, but nothing, again on the weakness side that really jumps out.

我要說的另一件事是，顯然我們在某些​​地區看到了優勢。例如，中國一直是我們在廣告支出方面特別強勁的市場，不是針對中國國內市場，而是針對美國供應等方面的全球支出。因此，從地理位置上看，我們也看到了一些優勢和劣勢，但沒有什麼真正突出的弱點。

Thank you.

謝謝。

James Kopelman, TD Cowen.

詹姆斯·科佩爾曼，TD·考恩。

Good morning. Thanks for taking the question. The first one is for either Adam or Steve. Now that advertisers are migrated and Yahoo is ramping nicely, can you help us think about a normalized growth rate for the Taboola core business or for core plus growth areas like news and e-commerce relative to the historical growth framework that you've provided. And by normalizing I mean, looking at say, 18 to 24 months, what do you see as the ongoing growth opportunity for your combined business over time? And then I have a follow-up for Steve.

早安.感謝您提出問題。第一個是給亞當或史蒂夫的。現在廣告商已經遷移，雅虎也正在蓬勃發展，您能否幫助我們考慮一下 Taboola 核心業務或新聞和電子商務等核心附加成長領域相對於您提供的歷史成長框架的正常化成長率。我所說的正常化是指，從 18 到 24 個月的時間來看，您認為隨著時間的推移，您的合併業務的持續成長機會是什麼？然後我有一個關於史蒂夫的後續行動。

Sure. I can address that. Hi, James. How are you? Sorry about that. I asked you a question and I talked right over you. But we've said in the past and I think we still feel this way that the way we kind of see our business going forward is that our normalized growth rate should be for our core business. We want to see something in the 10% to 15% range, and we want to see that kind of consistently each year with a lot of that growth coming from increased ad spend and driving higher yields based on all of our investments in advertiser success and the like. So that's kind of our core business.

當然。我可以解決這個問題。嗨，詹姆斯。你好嗎？對此感到抱歉。我問了你一個問題，然後就跟你說了。但我們過去說過，我認為我們仍然有這樣的感覺，我們看待我們業務未來發展的方式是，我們的正常化成長率應該針對我們的核心業務。我們希望看到10% 到15% 範圍內的成長，我們希望每年都能看到這種成長，其中很大一部分成長來自於廣告支出的增加，以及基於我們對廣告商成功的所有投資和推動更高的收益之類的。這就是我們的核心業務。

And then we would -- we want our growth drivers, Taboola News, e-commerce, bidding or bidded supply to add to that growth and get us more in the 15% to 20% range. So that's kind of how we see our business. So we've got our core growing 10% to 15%, and then we see our growth drivers adding to that on the order of getting us up to 15% to 20%.

然後我們希望我們的成長動力、Taboola 新聞、電子商務、招標或投標供應能夠促進成長，並使我們的成長率達到 15% 到 20% 的範圍。這就是我們如何看待我們的業務。因此，我們的核心成長了 10% 到 15%，然後我們看到我們的成長動力不斷增加，使我們的成長達到 15% 到 20%。

Great. And then a follow-up, I guess, also for you, Steve. You mentioned cost efficiencies is a continuing focus. What are some of the biggest factors driving your ability to effectively manage these cost lines as you did so well in the second quarter despite the strong revenue growth?

偉大的。我猜接下來還有一個後續行動，也是為你準備的，史蒂夫。您提到成本效率是一個持續關注的焦點。儘管營收成長強勁，但推動您有效管理這些成本線的能力在第二季度表現出色的最大因素是什麼？

So that's a good question. So I think there's a couple of things that's helping with our efficiency over time. So one is some of the new supply that we are bringing on right now is highly scaled supply. So I've said this in the past, for instance, Yahoo being one big publisher for us doesn't take as much to support as the number, the 5,000 smaller publishers that would be required to get to that level of revenue. So just scale of our supply helps.

這是一個好問題。所以我認為，隨著時間的推移，有幾件事有助於提高我們的效率。因此，我們現在提供的一些新供應是大規模供應。因此，我過去曾說過，例如，雅虎作為我們的一個大型發行商，並不需要像數量那樣多的支持，即需要 5,000 家較小的發行商才能達到這一收入水平。因此，我們的供應規模會有所幫助。

Also, some of the investments that we're doing in our technology platform to help advertisers succeed can help us make more efficient -- be more efficient as well. So for instance, we've done some demos of this, and Adam has talked about it, some of the generative AI tools that we have now for advertisers to automatically create creatives and headlines and do a lot of the things that they found difficult previously helps with productivity for the advertiser, helps them do more things on their own, so we have to support them less. So that's helping us with our efficiency as well.

此外，我們為幫助廣告商取得成功而在技術平台上進行的一些投資也可以幫助我們提高效率。例如，我們已經做了一些演示，亞當也談到了，我們現在為廣告商提供了一些生成式人工智慧工具，可以自動創建創意和標題，並做很多他們以前覺得困難的事情幫助廣告商提高生產力，幫助他們自己做更多的事情，因此我們必須減少對他們的支持。這也有助於我們提高效率。

And then I think in general, obviously, as we scale the business as a whole, scale just helps you become more efficient on a cost basis, naturally. For instance, we don't need extra engineers to support our core business even as it gets larger because there's a certain baseline level of support that you need and you don't have to scale that up. So the scale itself helps. So I think those are the three areas I'd call out that are kind of allowing us to grow without increasing costs at the same pace.

然後我認為，總的來說，顯然，當我們擴展整個業務時，規模自然會幫助您在成本基礎上變得更有效率。例如，即使我們的核心業務變得更大，我們也不需要額外的工程師來支援它，因為您需要一定的基線支援水平，並且無需擴大規模。所以規模本身就有幫助。因此，我認為這三個領域可以讓我們在不增加成本的情況下以相同的速度成長。

Great. Thanks, Steve. Appreciate the extra color.

偉大的。謝謝，史蒂夫。欣賞額外的顏色。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Hi. Good morning. Congrats on the strong results and thanks for taking my questions.

你好。早安.恭喜我們取得了優異的成績，並感謝您提出我的問題。

First question I had is really, Adam, I wanted to ask, any sort of incremental learnings that you can share just with the migration with the Yahoo advertisers now being complete. I mean, are there incremental formats or incremental, I guess, tools that these advertisers are looking for that maybe you weren't expecting going through the migration. Just curious on any incremental insights you can share on that front?

我的第一個問題是，亞當，我想問的是，您可以在與雅虎廣告商的遷移現已完成的情況下分享任何類型的增量學習。我的意思是，我猜這些廣告商正在尋找的增量格式或增量工具可能是您沒有想到會經歷遷移的。只是想知道您在這方面可以分享的任何增量見解嗎？

And then I have one follow-up for Steve.

然後我有一個關於史蒂夫的後續行動。

So a few thoughts on that. One, what we're learning from this size of partnership and working with these great advertisers and to me, really what I'm learning about the industry is that on the back of pandemic recession, the world work going through whatever it's going through, the focus advertisers of all sizes have on performance, just mid-funnel and lower funnel to make sure that whatever money they spend works, it's just unbelievable to me to see.

對此有一些想法。一，我們從這種規模的合作夥伴關係以及與這些偉大的廣告商的合作中學到的東西，對我來說，我對這個行業真正了解的是，在大流行性衰退的背景下，世界各地的工作正在經歷任何正在經歷的事情，各種規模的廣告商都把重點放在效果上，只是在漏斗中段和下段，以確保他們花的錢有效果，這讓我難以置信。

There is no more room for let's spend and hope for the best. Let's get a bottle of wine over dinner and do some RFP. Those days are just gone. You're seeing advertisers of both sizes, you're seeing teams dedicated to understand and measure value of spend. And I think this is, for us, very reassuring as it relates to our strategy to be the performance bridge for the open web and for advertisers of all sizes to be able to spend on this great publishers. So that's one thing.

沒有更多的空間讓我們花錢並希望得到最好的結果。我們晚餐時喝一瓶酒，然後做一些 RFP。那些日子已經過去了。您會看到兩種規模的廣告商，您會看到致力於了解和衡量支出價值的團隊。我認為這對我們來說非常令人放心，因為它關係到我們的策略，即成為開放網路的績效橋樑，讓各種規模的廣告商能夠在這個偉大的出版商身上花錢。所以這是一回事。

Two, and I mentioned it earlier, we're seeing this opportunity with new formats and new placements in a way that is new to us. In many ways, most of Taboola's business, pre-Yahoo, was bottom of article and most of Yahoo's business is home page and mail and new formats and new placements and that's unique and special, and that helps us understand that different formats, different placements and different environments can create new opportunities for advertisers to reach the open web, still looking for performance.

第二，我之前提到過，我們以一種對我們來說全新的方式看到了新格式和新展示位置的機會。從很多方面來說，Taboola 的大部分業務（在雅虎出現之前）都是文章的底部，而雅虎的大部分業務是主頁、郵件、新格式和新展示位置，這是獨一無二的，這有助於我們理解不同的格式、不同的展示位置不同的環境可以為廣告商創造進入開放網路的新機會，同時仍在尋求效能。

So that's something that's very unique. And as well as look about the future, I think we're going to be laser focused on this type of dynamics where we have more not only just supply, but unique supply, unique data that can perform for advertisers. So I would say premium, unique formats, but mainly the focus of performance from different types of advertisers is now more apparent to me than ever.

所以這是非常獨特的。除了展望未來，我認為我們將專注於這種類型的動態，我們不僅擁有更多的供應，而且擁有獨特的供應，可以為廣告商提供的獨特數據。所以我想說的是優質、獨特的格式，但對我來說，現在比以往任何時候都更加明顯的是不同類型廣告商的表現重點。

Understood. That's helpful. And Steve, just -- my one follow-up question is just -- really helpful that you gave some insight to this within the script, but can you just talk about the dynamics that you're lowering your gross revenue outlook? It seems like a testing phase with Yahoo. Is that something that will eventually revert back and we will get a much more normalized kind of conversion from gross revenue to ex-TAC gross profit?

明白了。這很有幫助。史蒂夫，我的一個後續問題是，您在腳本中對此提供了一些見解，這確實很有幫助，但是您能談談您降低總收入前景的動力嗎？這似乎是雅虎的測試階段。這種情況最終會恢復嗎？

So first of all, yes, it will revert back. So it's a short-term test that we're doing with Yahoo. And as I mentioned in my prepared remarks, we basically are testing new ad formats on some of their inventory to see if we can drive even better yields and even better advertiser performance. And during that test, we're recognizing the revenue as a TAC offset just because of the way that we set up the test, that's the fun of accounting. And therefore, our ex-TAC should not be affected, but it affected gross revenue.

所以首先，是的，它會恢復。所以這是我們與雅虎進行的短期測試。正如我在準備好的演講中提到的，我們基本上是在他們的一些庫存上測試新的廣告格式，看看我們是否可以帶來更好的收益和更好的廣告客戶表現。在測試過程中，我們將收入視為 TAC 抵消，只是因為我們設定測試的方式，這就是會計的樂趣。因此，我們的前 TAC 不應受到影響，但它影響了總收入。

And obviously, it doesn't affect adjusted EBITDA or anything else. So it's really just a technical accounting thing related to the way we set up this test with Yahoo. And yes, it will revert back. We haven't disclosed exactly -- well, I guess, I can say it should revert back early next year.

顯然，它不會影響調整後的 EBITDA 或其他任何東西。所以這實際上只是一個與我們與雅虎設置測試的方式相關的技術會計問題。是的，它會恢復原狀。我們還沒有確切地透露——好吧，我想，我可以說它應該會在明年初恢復。

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

明白了。感謝您回答我的問題，祝本季剩下的時間一切順利。

Matt Condon, Citizens JMP.

馬特康登 (Matt Condon)，公民 JMP。

Thank you for taking my questions. My first one is just on Max Conversions. You guys are approaching 70% of revenue. As this product becomes widely adopted, what are the next key priority, maybe key product priority areas that you guys are focused on, on driving improved yields? And then my second one is just on the renewed partnership with Microsoft in the quarter. I know you guys are expanding to better cover areas? Just what can we expect from this over time from a financial perspective? Or what's the ramp there? What are you guys hoping for? Thank you so much.

感謝您回答我的問題。我的第一個是關於最大轉換次數。你們已經接近收入的 70%。隨著該產品被廣泛採用，下一個關鍵優先事項是什麼，也許你們關注的關鍵產品優先領域是什麼，以提高產量？我的第二個問題是關於本季與微軟重新建立的合作關係。我知道你們正在擴大覆蓋範圍？從財務角度來看，隨著時間的推移，我們可以期待什麼？或是那裡的坡道是什麼？你們還希望什麼？太感謝了。

Sure. I can start. So from advertiser success initiative, as you know, that's our main focus of the company as we believe there's so much growth for us this year and next years given our unique access to supply already. So one, we're happy to see that the adoption keeps going up from 60% to 70%. That's a significant step-up from the Q1.

當然。我可以開始了。因此，從廣告商成功計劃來看，如您所知，這是我們公司的主要關注點，因為我們相信，鑑於我們已經擁有獨特的供應管道，今年和明年我們將有如此大的成長。因此，我們很高興看到採用率從 60% 持續上升到 70%。與第一季相比，這是一個顯著的進步。

The second thing that I mentioned in the letter, which is impressive is that not only more advertisers are using it, but the amount of campaigns that are using Max Conversion has doubled. So now you're seeing basically more engagements with clients. You're seeing more engagement on a per campaign basis.

我在信中提到的第二件事令人印象深刻，不僅有更多的廣告商在使用它，而且使用最大轉換率的廣告活動數量也增加了一倍。所以現在你基本上看到了與客戶的更多接觸。您會發現每個廣告活動的參與度都更高。

And this is all driven by our AI investment. And what we like to see here is essentially two things. We want to see retention rates going up as in it's easier to become a successful Taboola advertiser or client. And we want to see NDR going up, which means that your spend with us is going up over time. I did mention that we're seeing double-digit NDR rising over the last Q1 versus Q2, and that's very encouraging. And as it relates to what's coming after -- first of all, we're not done.

而這一切都是由我們的人工智慧投資所驅動的。我們希望在這裡看到的本質上是兩件事。我們希望看到保留率上升，因為更容易成為成功的 Taboola 廣告商或客戶。我們希望看到 NDR 上升，這意味著您在我們這裡的花費會隨著時間的推移而增加。我確實提到過，我們看到上一季的 NDR 比第二季出現了兩位數的上升，這是非常令人鼓舞的。因為它關係到接下來發生的事——首先，我們還沒有完成。

I did mention Abby, which was a GenAI initiative in my letter. It was a piece that relates to what we believe is a big friction point for advertisers in the ecosystem in general. So we should stay tuned for an exciting Q3, not Apple launching a new iPhone, Taboola launching Abby. So this is all coming up, and that will help advertisers be successful with GenAI initiatives.

我在信中確實提到了 Abby，這是 GenAI 的一項舉措。我們認為這篇文章與整個生態系統中廣告商的一大摩擦點有關。因此，我們應該繼續關注令人興奮的第三季度，而不是蘋果推出新 iPhone、Taboola 推出 Abby。這一切即將到來，這將有助於廣告商透過 GenAI 計劃取得成功。

And then later, we're working on introducing Max revenue, which will allow advertisers to have basically multiple kind of pixel to maximize revenue across a variety of products they may want to sell. This will come after. So we're very hard at work, keep rolling out next conversion. We're going to roll out Abby in Q3. Stay tuned. It's going to be really, really cool. And the next revenue will come after that. So all of those things, what we want to see on track is retention rates and NDRs.

然後，我們正在努力引入最大收入，這將允許廣告商基本上擁有多種類型的像素，以最大限度地提高他們可能想要銷售的各種產品的收入。這將在之後發生。因此，我們非常努力地工作，並繼續推出下一次轉換。我們將在第三季推出 Abby。敬請關注。這將是非常非常酷的。下一個收入將在此之後到來。因此，在所有這些方面，我們希望看到的是保留率和 NDR。

And then to your second question about Microsoft, yes, so we are happy to say that we renewed our partnership with them. The renewal comes with some interesting new opportunities to actually bid on new supply areas that we didn't have access to before, such as Outlook, Casual Games, Microsoft 365. So we think this is a great opportunity. I think we teased this a little bit in past quarters where we said we thought there were some back half growth opportunities with Microsoft. That's what these are. It's basically expanding what we do with Microsoft to new areas. So we think that's exciting, and we're looking forward to having access to that new inventory.

關於你關於微軟的第二個問題，是的，所以我們很高興地說我們與他們續簽了合作關係。此次續約帶來了一些有趣的新機會，可以對我們以前無法訪問的新供應領域進行實際投標，例如 Outlook、休閒遊戲、Microsoft 365。所以我們認為這是一個很好的機會。我認為我們在過去幾季對此進行了一些調侃，我們表示我們認為微軟存在一些後半成長機會。就是這些。它基本上將我們與微軟的合作擴展到了新的領域。所以我們認為這令人興奮，我們期待著獲得新的庫存。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Adam Singolda, CEO, for closing remarks.

謝謝。問答環節到此結束。現在我想請執行長 Adam Singolda 發表結束語。

Thank you, everyone, for joining us this morning and for your support. As you can sense, we're very excited to close out the first half of the year with another strong quarter with our growth rate accelerating. And as I look ahead, there's a big opportunity for us as there's such a gap in the market for advertisers to reach premium open web and drive results at scale while driving results for and growth for journalism.

謝謝大家今天早上加入我們並給予我們支持。正如您所感受到的，我們非常高興能夠以另一個強勁的季度結束今年上半年，我們的成長率正在加速。展望未來，我們面臨著巨大的機遇，因為市場上存在巨大的差距，廣告商無法接觸到優質開放網路並大規模推動業績，同時推動新聞業的業績和成長。

So I can tell you there's something that I believe is a significant gap in the market, and we are laser-focused on making it happen. So we look forward to meeting many of you and sharing our progress. Thanks for being part of our journey.

所以我可以告訴你，我認為市場上存在著巨大的差距，我們正全力以赴地實現這一目標。因此，我們期待與你們中的許多人見面並分享我們的進展。感謝您參與我們的旅程。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。