Taboola.com Ltd (TBLA) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Taboola third quarter 2024 earnings conference call. (Operator Instructions) 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 2024 年第三季財報電話會議。（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.

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

Thank you and good morning everyone. And welcome to Taboola's third 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. 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.

謝謝大家，早安。歡迎參加 Taboola 2024 年第三季財報電話會議。我和 Taboola 創辦人兼執行長 Adam Singolda 以及 Taboola 財務長 Steve Walker 一起來到這裡。該公司今天在盤前發布了收益資料，這些資料可以在 Taboola 網站的投資者部分找到。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。

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 statements limitations in the earnings press release. 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 press release posted on our website.

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陳述的限制。未來的事件可能與預期的事件有重大且不利的差異。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新聞稿中的非 GAAP 表格。

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

這樣，我會將電話轉給 Adam。

Good morning everyone, and thank you all for joining us. Q3 was another strong quarter, beating our guidance midpoint for revenues, ex-TAC gross profit and adjusted EBITDA. With this strong quarter and the momentum we've seen for a run rate heading into Q4 we are reiterating our 2024 guidance for all metrics and raising our free cash flow target to more than $105 million, which represents more than 2x level what we generated in 2023. 2024 continues to be a big year for us, as you can see in our financial performance and our return to positive yield growth in Q3. As we look towards the future, our aim is to continue executing and building out our offering to delight both our advertiser and publisher partner.

大家早安，感謝大家加入我們。第三季又是一個強勁的季度，營收、TAC 前毛利和調整後 EBITDA 都超過了我們的指引中位數。憑藉這個強勁的季度以及我們看到的進入第四季度的運行率勢頭，我們重申2024 年所有指標的指導，並將我們的自由現金流目標提高到超過1.05 億美元，這相當於我們去年產生的水準的2 倍以上2023 年。展望未來，我們的目標是繼續執行和建立我們的產品，讓我們的廣告商和發布商合作夥伴滿意。

Given the strength of our supply, much of our focus will continue to be on growing the number of advertisers and their spend with us. This includes making sure our technology is meeting advertisers' needs throughout the entire journey with Taboola. As a reminder, Taboola's core business is helping advertisers reach consumers on publisher sites and driving performance, while also helping publishers grow their audience, engagement and revenue. As I look into the growth potential of our core business, there are 3 exciting opportunities that are worth noting. First, the growth in publisher adoption of AI.

鑑於我們的供應實力，我們的重點將繼續放在增加廣告商的數量及其在我們身上的支出。這包括確保我們的技術在 Taboola 的整個旅程中滿足廣告商的需求。提醒一下，Taboola 的核心業務是幫助廣告商接觸發布商網站上的消費者並提高業績，同時幫助發布商增加受眾、參與度和收入。當我研究我們核心業務的成長潛力時，有 3 個令人興奮的機會值得注意。首先，出版商採用人工智慧的成長。

Most publishers have yet to fully adopt AI in a meaningful way. Today, the average user reads about 1 to 2 pages per visit, which is way too little. With AI personalizing home pages and article pages that number should grow and help drive engagement. This is a great opportunity and a differentiation for us as more and more publishers use our publisher platform to go beyond just generating revenue and drive personalization and engagement. Second, we see growth in users visiting our publishers' sites through the adoption of new distribution channels.

大多數出版商尚未以有意義的方式全面採用人工智慧。如今，用戶每次造訪平均閱讀 1 到 2 頁，太少了。透過人工智慧個人化主頁和文章頁面，這個數字應該會成長並有助於提高參與度。這對我們來說是一個絕佳的機會和差異化優勢，因為越來越多的發布商使用我們的發布商平台不僅僅是為了創造收入，還包括推動個人化和參與度。其次，我們看到透過採用新的分銷管道，造訪我們發布商網站的用戶有所成長。

Today, most traffic to publishers come from search and social. We're seeing OEMs and utility apps integrating news feeds to increase the engagement they have with their user base, and that leads to a rise in traffic to publishers driven from those new sources of traffic, like Taboola News and others. And third, we see growth in our ability to drive more revenue per user. Publishers are looking to diversify their revenue streams and take advantage of the editorial clout and trust they have which social networks don't. This includes things like e-commerce, subscription and more.

如今，發布商的大部分流量來自搜尋和社交。我們看到 OEM 和實用程式應用程式整合了新聞源，以增加與用戶群的互動，從而導致由 Taboola News 等新流量來源驅動的出版商流量增加。第三，我們看到我們為每個用戶帶來更多收入的能力不斷增強。出版商正在尋求收入來源多元化，並利用社交網路所不具備的編輯影響力和信任度。這包括電子商務、訂閱等。

Our long-term exclusive agreements are a significant competitive advantage for Taboola and provide a predictable base of high quality inventory for our advertisers. As our publisher network increasingly adopt AI, like Homepage For You, newsroom and commerce widgets, our supply base become bigger and stronger. This is great for advertisers and great for Taboola. As you know, we're laser focused on making advertisers successful and growing our yield as a result. We believe Taboola's greatest opportunity for growth is by growing our advertiser base and getting more budget from advertisers given our huge access to users.

我們的長期獨家協議對 Taboola 來說是一個顯著的競爭優勢，並為我們的廣告商提供了可預測的高品質庫存基礎。隨著我們的出版商網路越來越多地採用人工智慧（例如 Homepage For You、新聞編輯室和商務小部件），我們的供應基礎變得越來越強大。這對於廣告商和 Taboola 來說都很棒。如您所知，我們專注於讓廣告商取得成功並從而提高我們的收益。我們相信 Taboola 最大的成長機會是擴大我們的廣告主基礎並從廣告主那裡獲得更多預算，因為我們擁有大量的用戶。

It is very encouraging to see yields returning to growth this quarter. A lot of it is driven by investment in AI and advertisers spend growing globally. We are continuing to make strides growing ad spend in important international markets like China, where we saw advertisers grow their global spend with us by 2x versus last year. This is the second quarter in a row where we're seeing this trend. You can see a great example in our shareholder letter of how spending is ramping with a major Chinese e-commerce company as we prove how we can deliver strong performance for them at scale.

看到本季殖利率恢復成長非常令人鼓舞。其中很大一部分是由人工智慧投資和全球廣告商支出成長所推動的。我們繼續在中國等重要國際市場大幅增加廣告支出，我們看到廣告商在我們這裡的全球支出比去年增加了兩倍。這是我們連續第二個季度看到這種趨勢。您可以在我們的股東信中看到一個很好的例子，說明一家中國大型電子商務公司的支出如何增加，因為我們證明了我們如何能夠為他們提供大規模的強勁業績。

One thing that is unique this year is the learnings we've had about the opportunity to attract Tier 1 advertisers to drive performance. It started with Microsoft years ago, and it ramped meaningfully this year, as we rolled out Yahoo! and Apple. One of our initiatives to attract these Tier 1 advertisers is called Taboola Select. It is where this Tier 1 advertisers can work with us to not only be on premium publishers like CNBC, ESPN, USA Today and others, but also by an experience that is even more premium, where they have 100% share a voice.

今年的獨特之處在於，我們了解到有機會吸引一級廣告商來提高績效。它始於幾年前的 Microsoft，今年隨著我們推出 Yahoo!，它的發展意義重大。和蘋果。我們吸引這些一級廣告商的舉措之一是 Taboola Select。在這裡，一級廣告商可以與我們合作，不僅可以在 CNBC、ESPN、今日美國等優質媒體上投放廣告，還可以獲得更優質的體驗，他們可以 100% 分享聲音。

A nice example of that is on Yahoo!, on page where you can see us rendering beautiful ads that are on their own surrounded by editorial recommendations. Tier 1 advertisers love that. It is premium and it performed. We are seeing good traction with major car manufacturers, health insurance carriers and food chains. We also partnered with Jounce Media to certify that Taboola Select is free of Made for Advertising, also known as MFA safe, reinforcing our commitment to creating brand safe environments for advertisers.

雅虎就是一個很好的例子，在該頁面上您可以看到我們呈現精美的廣告，這些廣告本身周圍都是編輯建議。一級廣告商喜歡這一點。它是優質的並且表現良好。我們看到主要汽車製造商、健康保險公司和食品連鎖店的良好吸引力。我們也與 Jounce Media 合作，證明 Taboola Select 不含 Made for Advertising（也稱為 MFA 安全），從而強化了我們為廣告商創建品牌安全環境的承諾。

I mentioned Microsoft, Yahoo! and Apple being big contributors to our learning to attract Tier 1 advertisers. Now, let me share a bit more about how we're doing with those. We've been working with Microsoft for nearly a decade now, and we feel good about how our expanded partnership is progressing this year, our technical integration with Xandr is underway, and we expect to onboard additional premium inventory by the end of Q4, growing Microsoft even further from where it is now. We are particularly excited about onboarding Outlook mail inventory, as will now provide our advertisers with access to 2 of the largest email providers in the world, Yahoo Mail and Outlook mail.

我提到了微軟、雅虎！Apple 為我們學習吸引一級廣告商做出了巨大貢獻。現在，讓我多分享一下我們如何處理這些問題。我們與 Microsoft 合作已近十年，我們對今年擴大合作夥伴關係的進展感到滿意，我們與 Xandr 的技術整合正在進行中，我們預計在第四季度末之前增加額外的優質庫存，不斷增長微軟距離現在的水平還更遠。我們對加入 Outlook 郵件庫存感到特別興奮，因為現在我們的廣告商可以存取世界上最大的兩家電子郵件提供者：雅虎郵件和 Outlook 郵件。

This has the potential to drive more adoption with performance advertisers specifically focused on email marketing. Now, speaking about Yahoo!, our sales focus to expand ad budgets on Yahoo! with Tier 1 advertisers is progressing well. The test of new formats is progressing as expected and showing good results for both Yahoo! and Taboola.

這有可能推動專門專注於電子郵件行銷的效果廣告商的更多採用。現在，談到 Yahoo!，我們的銷售重點是擴大 Yahoo! 上的廣告預算。與一級廣告商的合作進展順利。新格式的測試正在按預期進行，並為 Yahoo! 和 Yahoo! 帶來了良好的結果。和塔博拉。

We continue to expect the test to be concluded in Tier 1, and are currently working with Yahoo! on growing omni advertiser spend on the rest of the Taboola network. This is very small now, as we were very focused on Yahoo! first, but it does represent an area of opportunity longer term for Taboola. Finally, for Apple, our focus on sales enablement is seeing significant traction, with over 2x growth in the numbers of advertisers spending on Apple inventory in Q3 when comparing July to September, these are all some reasons why we're excited about our core business and the growth potential.

我們仍然預計測試將在第 1 級完成，目前正在與 Yahoo! 合作。致力於增加全向廣告商在 Taboola 網路其餘部分的支出。現在這個規模很小，因為我們非常關注 Yahoo!首先，但它確實代表了 Taboola 的長期機會領域。最後，對於蘋果公司來說，我們對銷售支援的關注正在受到顯著的關注，與7 月份相比，9 月份，第三季在蘋果庫存上支出的廣告商數量增長了超過2 倍，這些都是我們對我們的核心業務感到興奮的一些原因和成長潛力。

Next I want to move to growth drivers beyond our core focusing on Taboola News and e-commerce. For Taboola News in Q3 we announced the expansion of our partnership with Xiaomi, one of the world's leading smartphone brands, for an additional 4 years. This renewed agreement goes beyond our original collaboration, allowing us to enhance our presence in new markets and with more touch points on each device. In addition, last quarter, we mentioned that we signed a new partnership with a top 10 global OEM. And while we have not shared yet their name, I'm happy to say we started rolling out in October.

接下來，我想轉向我們核心之外的成長動力，專注於 Taboola 新聞和電子商務。在第三季的 Taboola News 中，我們宣布將與全球領先智慧型手機品牌之一小米的合作夥伴關係再延長 4 年。這項續約的協議超出了我們最初的合作範圍，使我們能夠增強在新市場的影響力，並在每台設備上提供更多接觸點。此外，上個季度，我們提到我們與全球排名前十的 OEM 簽署了新的合作夥伴關係。雖然我們還沒有透露他們的名字，但我很高興地說我們已在 10 月開始推出。

I really like Taboola News as it's a special access to users for our advertisers, but also creates a meaningful driver of traffic to our publishers. It is still small now where we send about more than 1 million people a day to our publishers, but Taboola News as a new distribution channel to publishers can grow a lot. Turning to e-commerce. E-commerce is a great place to be. We continue to witness impressive growth in new channels, especially in social commerce accessed through our ShopYourLikes creator offering.

我真的很喜歡 Taboola News，因為它為我們的廣告主提供了一種特殊的使用者存取方式，同時也為我們的發布商創造了有意義的流量驅動力。現在它仍然很小，我們每天向出版商發送大約超過 100 萬人，但 Taboola News 作為出版商的新分發管道可以增長很多。轉向電子商務。電子商務是一個很好的地方。我們繼續見證新管道的驚人增長，尤其是透過我們的 ShopYourLikes 創建者產品訪問的社交商務。

This is where people with social influence can come to us, pick up a product they like and are passionate about and create content. This content is authentic. Retailers love it, and they get paid when they drive conversion. In addition, a good amount of the strong growth we are seeing in China ad spend this quarter is coming from big e-commerce companies seeing a lot of value in working with Taboola to drive higher customer acquisition and purchasing activity side-by-side to their spend in search and social today. To wrap things up, I'm happy with our Q3 performance, beating our revenue ex-TAC and adjusted EBITDA guidance, reiterating our guide for the year and raising our 2024 free cash flow target.

在這裡，具有社會影響力的人可以找到我們，挑選他們喜歡並熱衷的產品並創造內容。此內容真實。零售商喜歡它，並且當他們推動轉換時他們會獲得報酬。此外，我們在本季度看到的中國廣告支出的強勁增長很大一部分來自大型電子商務公司，它們看到與 Taboola 合作推動更高的客戶獲取和購買活動的巨大價值他們今天在搜索和社交方面的支出。總而言之，我對我們第三季的業績感到滿意，超過了我們的扣除 TAC 和調整後 EBITDA 的收入指引，重申了我們的今年指引，並提高了 2024 年自由現金流目標。

We remain laser-focused on driving demand and improving advertiser success. Our investments in AI with technologies like Abby, Maximize Conversions and Ad Maker are central to our efforts, and we're excited to announce even more innovations in the near future. We're going to have an Investor Day early next year, which is where we intend to share many, many new developments alongside our partners. So stay tuned for more. Now before I turn the call over to Steve, I do want to take a moment to express my pride in our global team.

我們仍然專注於推動需求和提高廣告商的成功。我們對 Abby、Maximize Conversions 和 Ad Maker 等技術的人工智慧投資是我們努力的核心，我們很高興在不久的將來宣布更多創新。我們將於明年初舉辦投資者日，我們打算在這一天與我們的合作夥伴分享許多新的進展。請繼續關注更多資訊。現在，在我把電話轉給史蒂夫之前，我確實想花點時間表達我對我們全球團隊的自豪。

With everything that is going on in the world, it is inspirational for me to witness Taboola employees' resilience, hard work and spirit. All of these efforts are showing up in our numbers and in industry recognition, including a win at the Digital Technology Award for best native advertising platform, highlighting a Maximize Conversions case study with Hyundai and INNOCEAN. We were also named a finalist for the AdExchanger Awards in the category of Best Use of Technology By a Publisher for our collaboration with The Independent. 2024 is a big year for us, and I'm so proud of our execution, leading into a strong Q4. We are looking forward to delivering on our guidance and having a very strong close to the year.

面對世界上正在發生的一切，看到 Taboola 員工的堅韌、努力和精神對我來說是鼓舞人心的。所有這些努力都體現在我們的數位和行業認可中，包括榮獲最佳原生廣告平台數位技術獎，並重點介紹了現代汽車和 INNOCEAN 的最大化轉換案例研究。由於與《獨立報》的合作，我們也入圍了 AdExchanger 獎「發布商最佳技術使用」類別的決賽。 2024 年對我們來說是重要的一年，我對我們的執行力感到非常自豪，我們的第四季表現強勁。我們期待著兌現我們的指導，並在今年結束時取得非常強勁的成績。

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

接下來，讓我打電話給史蒂夫，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 another strong quarter, and we are well positioned to build on this momentum in the fourth quarter. So 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，我們又經歷了一個強勁的季度，並且我們有能力在第四季度繼續保持這一勢頭。那麼讓我們深入了解一下我們的財務表現的細節。

Q3 results were strong, showcasing continued growth across all key metrics. Revenues reached $433 million, reflecting a 20% year-over-year increase, while ex-TAC gross profit of $166.4 million grew by 30% year-over-year. This strong ex-TAC growth in Q3 was primarily driven by increased advertiser spending, particularly from Tier 1 brands and agencies and the addition of a significant amount of premium supply since Q3 of last year. As we have previously discussed, this new supply is coming from Yahoo!, Apple and other premium publications. Net loss was $6.5 million with non-GAAP net income coming in positive at $22.2 million.

第三季業績強勁，所有關鍵指標持續成長。營收達 4.33 億美元，年增 20%，扣除 TAC 的毛利為 1.664 億美元，年增 30%。第三季扣除 TAC 的強勁成長主要是由於廣告商支出增加（尤其是來自一級品牌和代理商的支出）以及自去年第三季以來大量優質供應的增加所推動的。正如我們之前所討論的，這種新的供應來自雅虎、蘋果和其他優質出版物。淨虧損為 650 萬美元，非 GAAP 淨利為正，為 2,220 萬美元。

Note that income before income taxes was positive at approximately $3.5 million. We had a relatively high income tax expense charge this quarter due to the timing of tax provisions. The volatility arises from a change in deferred tax expenses between quarters. In any case, there was no cash impact. Adjusted EBITDA for the quarter of $47.9 million was up 110% year-over-year and reflected a 29% adjusted EBITDA margin.

請注意，所得稅前收入約為 350 萬美元。由於稅收規定的時間安排，我們本季的所得稅費用相對較高。波動是由於季度之間遞延稅費用的變化引起的。無論如何，沒有對現金產生影響。該季度調整後 EBITDA 為 4,790 萬美元，較去年同期成長 110%，反映調整後 EBITDA 利潤率為 29%。

Free cash flow of $42.9 million benefited from our growth in adjusted EBITDA and favorable operating leverage with our new publishing partners. I would note that over the trailing 8 quarters, our conversion of adjusted EBITDA to free cash flow has been 60%, which is at the high end of our long-term expectations of a 50% to 60% conversion rate. Q3 operating expenses of $128.3 million were up approximately $9 million versus the year ago period. Headcount and cost increases were primarily limited to the growth areas of our business. Our improved year-over-year adjusted EBITDA margin of almost 29% demonstrates our strong focus on cost discipline.

4,290 萬美元的自由現金流得益於我們調整後 EBITDA 的成長以及與新出版合作夥伴的良好營運槓桿。我要指出的是，在過去的 8 個季度中，我們調整後 EBITDA 向自由現金流的轉換率為 60%，這是我們 50% 至 60% 轉換率的長期預期的高端。第三季營運費用為 1.283 億美元，比去年同期增加約 900 萬美元。員工人數和成本的增加主要限於我們業務的成長領域。我們的調整後 EBITDA 利潤率年增近 29%，這顯示我們對成本控制的高度重視。

With ongoing expense discipline and strong growth expectations, we continue to expect we will approach our long-term adjusted EBITDA margin target of 30% for the full year. The GAAP net loss for Q3 of $6.5 million narrowed significantly from $23.1 million for Q3 2023. This GAAP net loss included several noncash items. It included $26.2 million of amortization of intangibles, including the noncash-based Yahoo! prepayment, the latter of which is listed as the commercial agreement asset on our balance sheet.

憑藉持續的費用紀律和強勁的成長預期，我們繼續預計全年將實現 30% 的長期調整後 EBITDA 利潤率目標。第三季 GAAP 淨虧損為 650 萬美元，較 2023 年第三季的 2,310 萬美元大幅收窄。此 GAAP 淨虧損包括多項非現金項目。其中包括 2,620 萬美元的無形資產攤銷，包括非現金的雅虎！預付款項，後者在我們的資產負債表上列為商業協議資產。

I would note that this is the first time we have taken a charge for the amortization of the commercial agreement asset or the Yahoo! prepayment, but you should expect to see continued amortization of that asset going forward. The GAAP net loss also included share-based compensation expenses of $15.4 million and holdback compensation expenses related to the Connexity acquisition of $1.8 million. Excluding those noncash items, our non-GAAP net income was $22.2 million and was within our guidance range for the quarter. In terms of cash generation, we had approximately $49.8 million in operating cash flow in Q3 and free cash flow of $42.9 million.

我要指出的是，這是我們第一次對商業協議資產或雅虎的攤銷收取費用。預付款，但您應該預期未來會看到該資產的持續攤銷。GAAP 淨虧損還包括 1,540 萬美元的股權補償費用以及與收購 Connexity 相關的 180 萬美元的保留補償費用。不包括這些非現金項目，我們的非 GAAP 淨利潤為 2,220 萬美元，在我們本季度的指導範圍內。在現金產生方面，第三季我們的營運現金流約為 4,980 萬美元，自由現金流為 4,290 萬美元。

This includes net publisher prepayments, which contributed $6.9 million to cash flow and interest payments on our long-term debt, which used $3.8 million. Turning to the balance sheet. Our net cash balance remains very robust. We ended Q3 with a positive net cash position of $64.5 million. Cash and cash equivalents totaled $217.2 million, remaining above our long-term loan balance of $152.7 million.

這包括出版商預付款淨額（為現金流貢獻了 690 萬美元）和長期債務利息支付（使用了 380 萬美元）。轉向資產負債表。我們的淨現金餘額仍然非常強勁。第三季末，我們的淨現金部位為 6,450 萬美元。現金和現金等價物總計 2.172 億美元，仍高於 1.527 億美元的長期貸款餘額。

Regarding share repurchases, we bought back $10 million of shares in Q3. We still have approximately $56 million remaining under our previously announced $100 million share repurchase program. As you know, when we originally announced our share buyback program, we set the goal to offset dilution and maintain share counts at the end of Q1 2023 levels. At the end of Q3 2024, our outstanding shares were down by 6.2 million shares compared to the end of Q1 2023, so we have exceeded that goal. While we continue to believe that share buybacks are the best use of cash given our current share prices, we are constrained by Israeli regulations limiting shareholder ownership to 25% absent approval of an exception, which is close to Yahoo!'s current ownership stake.

關於股票回購，我們在第三季回購了 1,000 萬美元的股票。根據先前宣布的 1 億美元股票回購計劃，我們仍剩餘約 5,600 萬美元。如您所知，當我們最初宣布股票回購計劃時，我們設定的目標是抵消稀釋並將股票數量維持在 2023 年第一季末的水平。截至 2024 年第三季末，我們的流通股比 2023 年第一季末減少了 620 萬股，因此我們已經超額完成了這一目標。雖然我們仍然相信，考慮到我們目前的股價，股票回購是現金的最佳用途，但我們受到以色列法規的限制，該法規將股東所有權限制為25%，除非獲得例外批准，這與雅虎的情況接近目前的股權。

Given this constraint, our share buybacks will primarily be used to offset dilution, and we will also consider paying down long-term debt with our excess cash flow. As always, both the share repurchase program and the debt paydown are contingent upon the availability of sufficient working capital. Looking ahead, I'm optimistic about the trend lines of our business and our team's ability to drive sustained and accelerated growth. We've had 3 strong quarters in 2024, and I believe we will continue to build on our momentum as we close out the year. Our guidance reflects strong expectations for the fourth quarter.

考慮到這一限制，我們的股票回購將主要用於抵消稀釋，我們還將考慮用多餘的現金流來償還長期債務。與往常一樣，股票回購計劃和債務償還都取決於是否有足夠的營運資金。展望未來，我對我們業務的趨勢線以及我們團隊推動持續加速成長的能力感到樂觀。我們在 2024 年經歷了 3 個強勁的季度，我相信我們將在年底繼續保持我們的勢頭。我們的指導反映了對第四季的強烈預期。

We continue to ramp advertising spend due to our advertiser success initiatives and as contextual data increases due to our increased scale, which will continue to improve our monetization performance. With 3 strong quarters behind us, we are reaffirming our annual guidance for revenues, gross profit, ex-TAC gross profit, adjusted EBITDA and non-GAAP net income. Revenues are projected to be between $1.735 billion and $1.765 billion, representing a 22% growth at the midpoint. 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.

由於我們的廣告商成功舉措以及我們規模的擴大而導致上下文數據的增加，我們繼續增加廣告支出，這將繼續提高我們的貨幣化績效。經歷了三個強勁的季度後，我們重申了對營收、毛利、TAC 前毛利、調整後 EBITDA 和非 GAAP 淨利潤的年度指引。營收預計在 17.35 億美元至 17.65 億美元之間，中間成長 22%。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%。

We continue to expect adjusted EBITDA to be over $200 million for the year. Given our strong performance year-to-date, we are raising our free cash flow target to over $105 million. These targets for adjusted EBITDA and free cash flow represent roughly a doubling of both metrics compared to 2023. Finally, we anticipate non-GAAP net income of $84 million to $104 million for the year. For the fourth quarter, we are issuing the following guidance.

我們仍預計今年調整後的 EBITDA 將超過 2 億美元。鑑於我們今年迄今的強勁業績，我們將自由現金流目標提高至超過 1.05 億美元。與 2023 年相比，調整後 EBITDA 和自由現金流的目標大約翻了一番。最後，我們預計今年非 GAAP 淨利潤為 8,400 萬美元至 1.04 億美元。對於第四季度，我們發布了以下指引。

We expect revenues to be between $460 million and $490 million, gross profit from $180 million to $196 million, ex-TAC gross profit from $205 million to $221 million, adjusted EBITDA from $83 million to $99 million and non-GAAP net income from $37 million to $53 million. In summary, we are confident in our ability to grow and scale our business while maintaining a disciplined and balanced approach to spending. Our emphasis is on enhancing efficiency and profitability even as we continue to invest in our growth. We believe that our strategic investments in technology will deliver long-term advantages, which will positively impact our financial performance and benefit our shareholders. You saw our announcement of Abby last month, which is a great example of how investments in technology can help our customers and make us more productive as a business.

我們預計營收將在4.6 億美元至4.9 億美元之間，毛利從1.8 億美元至1.96 億美元，扣除TAC 毛利從2.05 億美元至2.21 億美元，調整後EBITDA 從8,300 萬美元至9,900 萬美元，非GAAP 淨利從3,700 萬美元至 5,300 萬美元。總之，我們對發展和擴大業務的能力充滿信心，同時保持嚴格和平衡的支出方式。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，我們對科技的策略投資將帶來長期優勢，這將對我們的財務表現產生正面影響，並使我們的股東受益。您上個月看到了我們關於 Abby 的公告，這是一個很好的例子，說明科技投資如何幫助我們的客戶並提高我們的企業生產力。

Our momentum is very strong heading into Q4, and you can see that reflected in our accelerating year-over-year growth rates. This momentum, strong growth and advancements to our technology bring us closer to becoming a must-buy for advertisers seeking to connect with consumers worldwide on the open web. With that, let's move to Q&A. Operator, can you please open the line for questions?

進入第四季度，我們的勢頭非常強勁，您可以看到我們不斷加速的同比增長率反映了這一點。這種勢頭、強勁的成長和技術的進步使我們更接近成為尋求在開放網路上與全球消費者建立聯繫的廣告商的必買產品。接下來，讓我們進入問答環節。接線員，您可以開立提問線路嗎？

(Operator Instructions)

（操作員說明）

Zach Cummins, B. Riley Securities.

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

This is Ethan Widell calling in for Zach Cummins. To start, can you talk a little bit about your progress with your Apple relationship? And when might you expect that to become a meaningful revenue contributor?

我是伊森·維德爾 (Ethan Widell) 為 Zach Cummins 打電話。首先，您能談談您與 Apple 關係的進展嗎？您預計什麼時候它會成為有意義的收入貢獻者？

So we're very happy with the Apple partnership on multiple fronts. One, as we said, we think there's an opportunity for Apple to become one of our larger partners over time, which is exciting. Two, we're seeing more and more opportunities through the Apple partnership to, one, attract premium advertisers. It's part of our Taboola Select offering, which is great.

因此，我們對蘋果在多個方面的合作關係感到非常滿意。第一，正如我們所說，我們認為隨著時間的推移，蘋果有機會成為我們更大的合作夥伴之一，這令人興奮。第二，我們透過與蘋果的合作關係看到了越來越多的機會，第一，吸引優質廣告商。這是我們 Taboola Select 產品的一部分，非常棒。

We think that attracting premium Tier 1 advertisers there that still want to drive performance is one of the largest kind of growth engines for the company, and Apple is -- there's no much more premium than Apple. Three, because that's such a huge validation in the marketplace that Apple has chosen Taboola to be their monetization partner, we think that as the industry is evolving to be much more kind of leaned in into advertising, we could be having more exciting partnerships like Apple. So for all those reasons, we think it's going really well.

我們認為，吸引仍希望提高業績的優質一級廣告商是該公司最大的成長引擎之一，而蘋果就是——沒有比蘋果更優質的了。第三，因為蘋果選擇Taboola 作為他們的貨幣化合作夥伴在市場上得到了巨大的認可，我們認為隨著行業的發展更加傾向於廣告，我們可能會擁有更多像蘋果這樣令人興奮的合作夥伴關係。因此，出於所有這些原因，我們認為進展非常順利。

And then with the adoption of Max Conversions, what's been the feedback so far from advertisers using that solution? And can you speak a little to the mix of advertisers using the offering long term?

然後，隨著最大轉換次數的採用，到目前為止使用該解決方案的廣告商的回饋是什麼？能談談長期使用該產品的廣告商的情況嗎？

Yes. So we mentioned that the adoption rate of Max Conversions is about 70%, which is great. If you compare quarter-over-quarter, we had about 1,500 advertisers joining in this quarter versus the one before, which obviously is great. These are direct advertisers using Max Conversion. So that's fantastic. And also when you compare the amount of campaigns, we're seeing 36% growth quarter-over-quarter, thanks to Max Conversion.

是的。所以我們提到Max Conversions的採用率大約是70%，這非常棒。如果您比較季度與季度，我們本季大約有 1,500 個廣告商加入，而之前的一個，這顯然很棒。這些是使用「最大轉換」的直接廣告商。所以這太棒了。此外，當您比較廣告活動的數量時，我們發現季度環比增長了 36%，這要歸功於最大轉換率。

So as I look at the industry and again, the trend of big and small advertisers wanting to work with companies that can drive performance, Max Conversion is a key element of our AI investment to do that. We also mentioned that we're seeing kind of like good growth coming out of China as advertisers are able to drive performance with us in a fairly significant way. And again, Max Conversion is an enabler for that. And we're seeing growth in some good verticals such as health care, auto manufacturers and more. So I think overall, our investment in AI is a big kind of contributor to our growth.

因此，當我再次審視這個行業時，大大小小的廣告主都希望與能夠提高績效的公司合作，最大轉換率是我們人工智慧投資的關鍵要素。我們也提到，我們看到中國出現了良好的成長，因為廣告商能夠以相當顯著的方式提高我們的業績。再次強調，Max Conversion 是實現這一目標的推動者。我們看到一些良好的垂直行業的成長，例如醫療保健、汽車製造商等。所以我認為總的來說，我們對人工智慧的投資對我們的成長做出了很大的貢獻。

Dan Medina, Needham & Company.

丹‧梅迪納，李約瑟公司。

Laura Martin, standing in for Dan Medina. So I have three things. One, traffic. So you said that you're driving 1 million people per day per traffic. Could you give me some kind of goal for traffic over time? And can that get to 10 million? I mean 1 million feels like a lot to me, but maybe you don't think it is. So I'm interested in growth of traffic as a metric.

勞拉·馬丁（Laura Martin）代替丹·梅迪納（Dan Medina）。所以我有三件事。一、交通。所以你說你每天的每條交通運輸量為 100 萬人。您能給我一段時間內的流量目標嗎？那能達到1000萬嗎？我的意思是，一百萬對我來說感覺很多，但也許你不這麼認為。所以我對流量成長作為一個指標很感興趣。

Secondly, Trump, I've never heard you talk about China before, and we're right on the cusp of a new president who said he's going to put big tariffs on China. So could you give us the number of how much is China of your revenue? And how much is at risk if we start putting tariffs on China?

其次，川普，我以前從未聽過你談論過中國，而我們正處於一位新總統的風口浪尖上，他說他將對中國徵收高額關稅。那麼您能告訴我們您在中國的收入佔多少嗎？如果我們開始對中國徵收關稅，會有多大風險？

And then third, Abby, you guys did a great demo. I think Abby is a great product. Can you tell me how awareness is going because that's a self-serve product? So I've been curious as to like how you actually tell small and medium investors that Abby exists as an option for them to drive advertising. Could you update us on those 3 things?

第三，艾比，你們做了一個很棒的示範。我認為艾比是一個很棒的產品。您能告訴我，由於這是一種自助產品，人們的意識如何？所以我一直很好奇你是如何告訴中小投資者艾比的存在是他們推動廣告的一個選擇的。您能否向我們介紹這三件事的最新情況？

Laura, thanks for the question. So Taboola News is really an exciting business because not only do I think it's going to become -- and has a chance to become a significant growth driver for the company. I mentioned before, I think it can be hundreds of millions of dollars of incremental revenue for the company and a very special type of access to supply and data that as we work with consumers before they ever open their browser, ever get to search and social. So we are kind of like their first main dish, if you will, introducing them to products and offering and content before they even start their journey. So it's a very unique access to consumers.

勞拉，謝謝你的提問。所以 Taboola News 確實是一項令人興奮的業務，因為我認為它不僅會成為——而且有機會成為公司的重要成長動力。我之前提到過，我認為這可以為公司帶來數億美元的增量收入，以及一種非常特殊的供應和數據訪問方式，當我們在消費者打開瀏覽器、進行搜索和社交之前就與他們合作。所以，如果你願意的話，我們有點像他們的第一道主菜，在他們開始旅程之前向他們介紹產品、產品和內容。因此，這是一種非常獨特的接觸消費者的途徑。

I love that business. Two, and again, I said financially, it can be significant. And as I look at the trends in the industry with search and Gemini and social networks and all those things, policies being changed, becoming a source of traffic for publishers is as important, if not more, to actually driving revenue. So I think with that, driving over 1 million people a day is a significant number. Over time, I would like that to be over 10% of publishers' source of traffic.

我喜歡那個生意。第二，我再說一遍，從財務角度來看，這可能意義重大。當我觀察搜尋、Gemini、社群網路等產業的趨勢時，政策正在改變，成為出版商的流量來源對於實際推動收入同樣重要，甚至更重要。所以我認為，每天開車超過 100 萬人是一個很大的數字。隨著時間的推移，我希望它能夠佔據發布商流量來源的 10% 以上。

If you think about it today, when publishers open their Google Analytics to see where is traffic coming from, they're seeing usually 20%, 30%, sometimes more coming from search; 20%, 30% coming from social. And then the rest is very, very insignificant. I would like us to be kind of like a double-digit source of growth and source of traffic for them so that over time, much like companies are having SEO strategies and perhaps even some companies, all they do is optimize it for SEO, people will optimize for Taboola. We can become something that publishers need to and can rely on. And as I look at the trend with Xiaomi renewing and expanding, I mentioned a top 10 OEM in the world that has launched and a lot of great conversations that are taking place.

如果您今天想一想，當發布商打開 Google Analytics 查看流量來自何處時，他們通常會看到 20%、30%，有時更多來自搜尋； 20%、30%來自社交。然後剩下的就非常非常微不足道了。我希望我們成為他們的兩位數成長來源和流量來源，這樣隨著時間的推移，就像公司製定 SEO 策略一樣，甚至有些公司，他們所做的就是針對 SEO 進行優化，人們將針對Taboola 進行優化。我們可以成為出版商需要並且可以依賴的東西。當我審視小米更新和擴張的趨勢時，我提到了一家已經推出的全球十大 OEM，以及正在進行的許多精彩對話。

And I will say the opportunity for Taboola News is not only to be partnering with OEMs, but rather with many utility apps and anyone that is trying to go up the food chain and be engaging consumers beyond just the actual utility of whatever you actually do with your app, you might want to offer news to consumers in a local way, get them to engage with you more than one or two times a day. And Taboola News is such a great global aggregator news that can do that. So I think over time, we might see Taboola News integrated beyond just OEMs, but rather with many utilities that we all love and use every day. There's a question about Abby. I can take that.

我要說的是，Taboola News 的機會不僅在於與OEM 合作，還在於與許多實用應用程式以及任何試圖進入食物鏈並吸引消費者的人合作，而不僅僅是與您實際使用的任何東西的實際實用性合作。Taboola News 是一個出色的全球新聞聚合器，可以做到這一點。因此，我認為隨著時間的推移，我們可能會看到 Taboola News 不僅與 OEM 集成，而且還與我們每天喜歡和使用的許多實用程式集成。有一個關於艾比的問題。我可以接受。

So first of all, I hope you enjoyed me walking the streets of Manhattan. It was fun and convincing [my life] to work with us that was also great. But serious, I think it was really great to see the feedback we got from the industry about, again, not only simplifying the journey advertisers have as they want to drive growth for their business. And Abby is mainly on the onboarding phase right now, such an easy and intuitive way to interact with advertisers, big or small, as they look to become an advertiser. And as you know, Laura, it's very, very complicated for businesses, even the most sophisticated ones to start a campaign, come up with a CPC or CPM, which bidding strategy, what is the viewable CPM, such a complicated industry.

首先，我希望你喜歡我在曼哈頓的街道上漫步。與我們一起工作非常有趣且令人信服（我的生活），這也很棒。但說實話，我認為很高興看到我們從行業得到的回饋，這不僅簡化了廣告商想要推動業務成長的旅程。Abby 目前主要處於入職階段，這是一種與希望成為廣告商的大小廣告商互動的簡單直觀的方式。如你所知，勞拉，對於企業來說，即使是最複雜的企業，啟動一項活動、制定每次點擊費用或每千次展示費用、哪種出價策略、什麼是可見每千次展示費用，這是一個如此複雜的行業。

And I strongly suspect that over the next three to five years, we are going to see Meta and Google doing a lot more in that world and Taboola as well, kind of making it very, very simple while still providing transparency and control for advertisers to succeed and onboard. And so over time, again, I think this will help us, one, make it easy to onboard Taboola and hope to grow our advertiser count. But then even beyond just the onboarding phase, helping existing advertisers kind of manage their campaign, suggest things -- I was joking internally that if Taboola had 1 million account managers, what would be the experience advertisers have? Obviously, we're not going to have 1 million advertisers, but maybe Abby can imitate that experience. So I really like that.

我強烈懷疑，在接下來的三到五年裡，我們將看到Meta 和Google 在這個世界上做更多的事情，Taboola 也一樣，讓一切變得非常非常簡單，同時仍然為廣告商提供透明度和控制權。因此，隨著時間的推移，我認為這將再次幫助我們，第一，讓 Taboola 變得更容易，並希望增加我們的廣告商數量。但甚至超出了入職階段，幫助現有廣告商管理他們的廣告活動，提出建議——我在內部開玩笑說，如果 Taboola 有 100 萬客戶經理，廣告商會有什麼體驗？顯然，我們不會有 100 萬個廣告商，但也許艾比可以模仿這種體驗。所以我真的很喜歡這樣。

And again, it's one step out of many, many, many steps you're going to hear from Taboola investing in Gen AI.

再說一遍，這只是 Taboola 投資 Gen AI 的眾多舉措中的一個。

And then regarding -- sorry about that, Laura. Regarding your question about Trump and the impact of potential tariffs on our business overall. So our Chinese business, which I think, to your point, is a good proxy for how big an impact that could have. So it's low single-digit percentages, probably 3% to 4% depending upon how you measure it, demand side, supply side, et cetera. a big -- a decent portion of that is Chinese demand on Chinese supply or Taiwanese demand on Taiwanese supply or the like.

然後關於——抱歉，勞拉。關於你關於川普的問題以及潛在關稅對我們整體業務的影響。因此，我認為，就您的觀點而言，我們的中國業務很好地體現了這可能產生多大的影響。因此，這個百分比很低，可能是 3% 到 4%，這取決於你如何衡量、需求方、供應方等。其中很大一部分是中國對中國供應的需求或台灣對台灣供應的需求等。

So that would not obviously be affected. Some of it is what we call kind of import demand. So it's Chinese demand on U.S. and other countries supply. That's probably the Chinese demand on U.S.

所以顯然不會受到影響。其中一些就是我們所說的進口需求。所以這是中國對美國和其他國家供應的需求。這可能就是中國對美國的要求

supply is what would be at risk, but that's a fairly small percentage of our business. Like I don't have it broken out exactly that way, but it would be 1% to 2% max. So we're not as concerned about that from a direct impact perspective. I do think that there's -- we've started working with some of the Chinese retailers who are -- who have been spending a lot with Facebook and Google and others, but we're earlier in that journey. So again, we don't have as much revenue at risk there.

供應是面臨風險的部分，但這只占我們業務的一小部分。就像我沒有完全那樣分解，但最多是 1% 到 2%。因此，從直接影響的角度來看，我們並不那麼擔心。我確實認為，我們已經開始與一些中國零售商合作，他們在 Facebook、谷歌和其他公司上投入了大量資金，但我們處於這趟旅程的早期。再說一次，我們在那裡沒有那麼多收入面臨風險。

So that's -- I think it's not a big impact on us.

所以我認為這對我們影響不大。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

This is Steven Hromin on the line for Jason Helfstein. So just 2 questions from us. One, is the 3Q TAC rate representative for next year? And any color as we're thinking about modeling next year? And then secondly, just asking for a progress update on filling the Yahoo! inventory. What inning are we in, roughly?

我是史蒂文霍明 (Steven Hromin)，正在接聽傑森赫夫斯坦 (Jason Helfstein) 的電話。我們只有兩個問題。一、3Q TAC利率代表明年嗎？我們明年考慮當模特兒時有什麼顏色嗎？其次，只是詢問填寫 Yahoo! 的進度更新。存貨。我們大概處於第幾局？

So let me take the question about kind of next year expectations. So I'll talk kind of generically about that. So first of all, we don't really want to guide now. We'll guide in February. We're obviously happy that we've hit everything that we said we were going to do in 2024 thus far, and we reiterated guidance.

讓我來回答關於明年的預期的問題。所以我會籠統地談談這個問題。首先，我們現在不想提供指導。我們將在二月提供指導。顯然，我們很高興到目前為止我們已經實現了 2024 年所說的一切目標，並且我們重申了指導意見。

So we expect to meet all of our goals this year. And we are excited about -- we have many growth drivers going forward. So we have continued opportunity to grow advertiser budgets. That's the biggest thing we need to do, by the way, to continue to grow our business is grow advertiser budgets. And our investments in AI like Abby and our Max Conversions algorithms, those are the keys to continue to grow that.

因此，我們預計今年將實現所有目標。我們感到興奮的是——我們未來有許多成長動力。因此，我們有持續的機會增加廣告商預算。順便說一句，為了繼續發展我們的業務，我們需要做的最重要的事情就是增加廣告商預算。我們對 Abby 等人工智慧的投資以及我們的最大轉化演算法，這些是繼續發展的關鍵。

They drive lower churn and higher net dollar retention among advertisers, which is, again, what helps us grow the budgets over time. We also have growth drivers in our core with great supply from Yahoo!, Microsoft, Apple, other publishers that we've expanded and grown with over time. So I think we believe we have a lot of supply, and we have an opportunity to grow revenue as a result of that. And then beyond core, Taboola News, e-commerce, our bidding, they are all growth drivers that we think can help us grow faster in the future as well. So while we don't specifically want to guide, we're excited about our growth prospects, and we're happy to continue to say that we expect our long-term growth rate should be 20% plus.

它們降低了廣告商的流失率並提高了廣告商的淨美元保留率，這又有助於我們隨著時間的推移增加預算。我們的核心也有成長動力，來自雅虎、微軟、蘋果和其他出版商的大量供應，我們隨著時間的推移不斷擴大和成長。因此，我認為我們相信我們有大量供應，因此我們有機會增加收入。然後，除了核心業務之外，Taboola News、電子商務、我們的競價，它們都是我們認為可以幫助我們在未來更快成長的成長動力。因此，雖然我們並不是特別想提供指導，但我們對我們的成長前景感到興奮，我們很高興地繼續說，我們預計我們的長期成長率應該在 20% 以上。

And then I would also say, as Adam said earlier, we're going to have an Investor Day in 2025 in probably March. And I think that's a good opportunity for us to go deeper on where are we investing, where do we see the growth coming from, how is it going to work? So I think that will be a good opportunity to go in more depth.

然後我還要說，正如 Adam 早些時候所說，我們將在 2025 年 3 月舉辦投資者日。我認為這對我們來說是一個很好的機會，可以更深入地了解我們在哪裡投資、我們看到成長來自哪裡、它將如何發揮作用？所以我認為這將是一個更深入探討的好機會。

On the Yahoo! front, just to say that, one, we're obviously -- as you can see with our numbers, we're happy with our progress. We're laser-focused on advertiser success and migration of Yahoo! omni advertisers, we're seeing very good results, really amazing names that are happy and expanding, and it's great to see the partnership we have with Yahoo! and the ecosystem around us.

在雅虎！前面，只是想說，第一，我們顯然——正如你從我們的數字中看到的那樣，我們對我們的進展感到滿意。我們專注於廣告客戶的成功和 Yahoo! 的遷移。全方位廣告商，我們看到了非常好的結果，非常令人驚嘆的名字，它們令人高興並不斷擴大，很高興看到我們與雅虎的合作夥伴關係！以及我們周圍的生態系。

And just to say one more note about that, I think in general, what we're seeing more and more as Yahoo! becoming kind of our core -- part of our core business is that, that partnership and that type of partnership is really contributing to Taboola's success and growth over time. As I think about having such special unique exclusive access to supply, special unique access to data and contextual segments we can bring to market, it's something that advertisers really want. Google has YouTube, Amazon has Twitch, and we have Yahoo! and Apple and others.

關於這一點，我想再多說一點，我認為總的來說，我們越來越多地看到雅虎！成為我們的核心——我們核心業務的一部分是，隨著時間的推移，這種夥伴關係和這種類型的夥伴關係確實為 Taboola 的成功和成長做出了貢獻。當我想到我們可以將這種特殊的、獨特的獨家供應管道、對數據和上下文細分的特殊獨特的管道引入市場時，這是廣告商真正想要的。Google有 YouTube，亞馬遜有 Twitch，我們有雅虎！以及蘋果和其他公司。

So the more we can grow that type of uniqueness in the marketplace and make advertisers realize the opportunity with the open web, non-search, nonsocial, I think it's going to be a big part of our strategy moving forward as we think about becoming the performance advertising company of the open web.

因此，我們越能在市場中發展這種獨特性，並使廣告商意識到開放網路、非搜尋、非社交的機會，我認為這將成為我們前進策略的重要組成部分，因為我們考慮成為開放網路的績效廣告公司。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Adam, I'd love to hear more about the outcome of you guys introducing more automated tools. So if I think about Abby as well as Max reducing friction for advertisers, has that led to an increase of smaller advertisers? Like what's the outcome of that other than just saying, hey, budgets are a little bit more robust and you guys are getting more spend there. And then if I think about some of the other drivers across the business, I'd love an update in terms of e-commerce and what you guys are seeing there. How do we think about that contributing to 4Q?

Adam，我很想聽聽更多關於你們引入更多自動化工具的結果。那麼，如果我認為艾比和麥克斯減少了廣告商的摩擦，這是否會導緻小型廣告商的增加？就像這樣做的結果是什麼，不僅僅是說，嘿，預算更加穩健，你們在那裡得到了更多的支出。然後，如果我考慮整個業務的其他一些驅動因素，我希望能得到電子商務方面的更新以及你們在那裡看到的內容。我們如何看待這對第四季的貢獻？

And then more broadly, what can we expect on the product side as we think about the road map for '25 and beyond?

更廣泛地說，當我們思考 25 年及以後的路線圖時，我們對產品方面可以期待什麼？

Sure. So on the first one with Abby, it's early days in terms of what's the impact for us to share, but let me say 2 things, as investors think about our business and our advertiser business. In terms of the product effect, what you really want, we want to see -- we want it easier for advertisers to join, which does mean we want -- so less churn, which means we want more advertiser count over time. We have about 15,000 to 20,000 direct advertisers, which, again, outside of Google and Facebook, it's a remarkable astonishing number to have most of our -- the vast majority of our revenue coming from advertisers who work with Taboola's technology and Taboola's AI direct. That's very special, and it gives us the license to invest more in AI and invest more in technology and improve advertiser success.

當然。因此，關於艾比的第一個項目，就我們分享的影響而言，現在還為時過早，但讓我說兩件事，因為投資者會考慮我們的業務和廣告商業務。就產品效果而言，你真正想要的，我們希望看到——我們希望廣告商更容易加入，這確實意味著我們想要——更少的流失，這意味著我們希望隨著時間的推移有更多的廣告商數量。我們有大約 15,000 到 20,000 名直接廣告商，這也是一個驚人的數字，除了 Google 和 Facebook 之外，我們的大部分收入都來自使用 Taboola 技術和 Taboola AI direct 的廣告商。這是非常特別的，它讓我們有資格在人工智慧和技術上進行更多投資，並提高廣告商的成功率。

Abby is -- it's a pillar on that journey. And like I mentioned, we look at the entire journey so that advertisers essentially have it, on the one hand, very simple to join and be successful. That is on the churn front, but then also be able to spend more and more with us. And that could be more, like I mentioned earlier, sort of an account management agent and other tools that we can bring to market. Over time, I think generative AI can do things as far as even generating landing pages for advertisers.

艾比是－她是這段旅程的支柱。正如我所提到的，我們著眼於整個旅程，以便廣告商本質上擁有它，一方面，非常簡單地加入並取得成功。那是在客戶流失方面，但隨後也能夠與我們一起花費越來越多的錢。正如我之前提到的，這可能是我們可以推向市場的帳戶管理代理和其他工具。隨著時間的推移，我認為生成式人工智慧甚至可以為廣告商產生登陸頁面。

Today, if you think about campaigns that advertisers create on Google, Facebook and Taboola, the landing page tend to be the same between all of those. Over time, I think we can even be in a situation that the landing page is personalized to me. You might like -- Andrew, you might like video experiences, you'll see videos on landing pages that will help you convert. And I may like thumbnails and Steve may like text. So each one will get their own experience that will help them understand the product better, discover the things they like and eventually convert.

如今，如果您考慮廣告主在 Google、Facebook 和 Taboola 上建立的廣告活動，您會發現所有這些網站的登陸頁面往往都是相同的。隨著時間的推移，我認為我們甚至可能會遇到這樣的情況：登陸頁面是對我來說個人化的。您可能喜歡 - 安德魯，您可能喜歡視訊體驗，您會在著陸頁上看到有助於您轉換的影片。我可能喜歡縮圖，史蒂夫可能喜歡文字。因此，每個人都會獲得自己的經驗，這將幫助他們更好地了解產品，發現他們喜歡的東西並最終轉化。

So there's just a really long road map here on things that we can do. I'd like to see more advertisers, big and small. Abby will, I think, at first, help sort of like the midsize advertisers, think about maybe a financial services advertiser that wants to be successful but does not have the resources to do so, does not have the team to do it, but now can. And as we continue to invest and we do have people dedicated to this, we'll have even smaller and smaller advertisers, which is great because it can diversify the advertiser experience for consumers, drive yield growth. And like I said, I think that with just investing with advertiser success, Taboola can double and triple the company on our existing supply.

因此，關於我們可以做的事情，這裡有一個非常長的路線圖。我希望看到更多大大小小的廣告商。我認為，艾比首先會像中型廣告商那樣提供幫助，想想也許是一家金融服務廣告商想要成功，但沒有資源做到這一點，沒有團隊做到這一點，但現在能。隨著我們繼續投資，並且我們確實有專人致力於此，我們將擁有越來越小的廣告商，這很好，因為它可以使消費者的廣告商體驗多樣化，推動收益成長。就像我說的，我認為只要投資廣告商的成功，Taboola 就可以將我們現有的供應量增加兩倍或三倍。

And as you know, we have no intent to not grow supply, but that still is encouraging because by just doing that, we can grow significantly. So that's with regards to just Abby and Generative AI, and the feedback was really exciting since we launched it.

如您所知，我們無意不增加供應，但這仍然令人鼓舞，因為只要這樣做，我們就可以大幅成長。這只是 Abby 和 Generative AI 的情況，自從我們推出它以來，反饋非常令人興奮。

So you also asked about e-commerce and kind of where we're going there. So I guess, first, I would say e-commerce continues to perform well. It's one of the reasons that we see -- that we expect to have an accelerating growth in the fourth quarter and a very big quarter in terms of our year-over-year growth and the like. So I think it continues to perform well. And generally speaking, I think where we continue to invest there is basically in -- similar to our core business, it's in making it work better for advertisers. And now we're investing more in sales teams to go out and get more retailers for the -- for that business and then expanding globally. So I think that's kind of where we're focusing on growing that business over time.

您也詢問了電子商務以及我們的發展方向。所以我想，首先，我想說電子商務繼續表現良好。這是我們看到的原因之一——我們預計第四季度將加速成長，並且在同比增長等方面將是一個非常大的季度。所以我認為它繼續表現良好。總的來說，我認為我們繼續投資的地方基本上是——與我們的核心業務類似，是為了讓它更好地為廣告商服務。現在，我們正在對銷售團隊進行更多投資，以便走出去並為該業務吸引更多零售商，然後在全球擴張。所以我認為這就是我們專注於隨著時間的推移發展業務的地方。

One more note to that is, and I mentioned that in the letter, one of our -- actually the largest growth segments within our e-commerce business is what we call ShopYourLikes, which essentially is a way for creators that use social networks to come to Taboola, pick up a product they like or actually an offering of multiple products that they like across the open web, create authentic content that they are passionate about, link to it on their social network and drive conversions and real products being sold through that channel. I can tell you, we're getting calls from retailers leaning in and asking us questions about that. They want more of it. And what's nice about it, it's not only driving financial growth, but also, it's really a new era. We're seeing those creators, some of them are quitting their daily jobs, and all they do now is create content with Taboola for commerce.

還有一點要注意的是，我在信中提到，我們的電子商務業務中實際上最大的增長部分是我們所說的 ShopYourLikes，這本質上是使用社交網絡的創作者的一種方式到Taboola ，選擇他們喜歡的產品，或實際上是在開放網路上提供他們喜歡的多種產品，創建他們熱衷的真實內容，在他們的社交網路上連結到該內容，並透過該社交網路推動轉換和銷售真實產品通路。我可以告訴你，我們接到了零售商的電話，詢問我們相關問題。他們想要更多。它的好處是，它不僅推動了金融成長，而且，這確實是一個新時代。我們看到這些創作者，其中一些辭掉了日常工作，現在所做的就是使用 Taboola 創建商業內容。

So it's a whole new ecosystem that we're growing. We're early stages, but it's growing really fast. And then also those retailers now have access to content, which is very, very good content. So they can reach out to those creators, they can partner with them. So it's a win-win-win across everyone.

所以這是我們正在發展的一個全新的生態系統。我們還處於早期階段，但發展速度非常快。然後，這些零售商現在也可以獲得內容，這是非常非常好的內容。這樣他們就可以接觸這些創作者，與他們合作。所以這對每個人來說都是雙贏的。

And again, I like that because it's a new type of supply, a new type of kind of financial growth for us within the e-commerce, and I'm very happy that we're part of that ecosystem.

再說一遍，我喜歡這一點，因為這是一種新型的供應，對我們來說是電子商務領域的一種新型的財務成長，我很高興我們成為這個生態系統的一部分。

If I could sneak one more in. Steve, if I think about head count and where you guys have allocated dollars across the P&L, you guys have been very consistent in terms of 2024. How do you feel about your staffing levels as we think about '25? Is there any areas that we should expect investment as we look at next year?

要是我能再偷偷溜進去就好了。史蒂夫，如果我考慮一下員工人數以及你們在損益表中分配資金的情況，你們在 2024 年的表現非常一致。當我們考慮「25」時，您對您的人員配置程度有何看法？明年我們應該期待哪些領域的投資？

Yes. So I think -- and in fact, you saw that in Q3, our sales and marketing expenses were up a bit versus Q2 linearly. So -- and that is a starting point of investing in more sales teams, especially to bring in more of what we're calling internally kind of our ideal customer profile customers, which would be customers who we think do particularly well in our network, especially in the area of direct-to-consumer products. So think of it like Ooni Pizza Ovens, who's a big advertiser of ours, and they're selling pizza ovens directly to consumers, that's the type of advertiser that tends to do relatively well with us. So we're investing more now in sales teams around that.

是的。所以我認為 - 事實上，你看到在第三季度，我們的銷售和行銷費用比第二季度線性增長了一些。因此，這是投資更多銷售團隊的起點，特別是引入更多我們內部所謂的理想客戶檔案客戶，這些客戶是我們認為在我們的網絡中表現特別好的客戶，尤其是在直接面向消費者的產品領域。因此，可以將其想像為 Ooni Pizza Ovens，它是我們的大廣告客戶，他們直接向消費者銷售披薩烤箱，而這種廣告客戶往往與我們合作得相對較好。因此，我們現在正在圍繞這一點對銷售團隊進行更多投資。

As well as some other areas, which is more about bringing in really good larger brand dollars, not necessarily the biggest brand -- and by the way, not branding, they're still performance, call them brand performance, but they're basically big or emerging enterprise advertisers who spend big on the Internet. So we're investing more in sales teams to address them as well. So yes, we are starting -- that's probably the biggest area of investment for us is investing in sales teams to kind of go after markets that we've identified are particularly lucrative for us and to bring on more demand. Because as we've said, like right now, the quality of supply we have is amazing and the amount of supply we have is amazing. And we need more budgets basically to continue to grow the business, which when you've got good quality supply, you should be able to get those budgets, but it is a sales effort.

以及其他一些領域，更多的是帶來真正好的更大的品牌資金，不一定是最大的品牌——順便說一句，不是品牌，它們仍然是性能，稱之為品牌性能，但它們基本上是在網路上投入大量資金的大型或新興企業廣告商。因此，我們也在銷售團隊上投入更多資金來解決這些問題。所以，是的，我們正在開始——對我們來說，最大的投資領域可能是投資銷售團隊，以追逐我們認為對我們特別有利可圖的市場，並帶來更多需求。因為正如我們所說，就像現在一樣，我們的供應品質令人驚嘆，供應量也令人驚嘆。我們基本上需要更多的預算來繼續發展業務，當你擁有優質的供應時，你應該能夠獲得這些預算，但這是一項銷售工作。

So that's where we're investing.

這就是我們投資的地方。

James Kopelman, TD Cowen.

詹姆斯·科佩爾曼，TD·考恩。

The first one is for Adam. You mentioned in the letter that most publishers have yet to adopt AI in a meaningful way. We've seen similar commentary in some cases across the broader ad space, and it seems like education is probably a big part of it. How are you approaching educating publishers to get them accustomed to all these new and admittedly disruptive AI tools? And are you finding that clients are a lot more comfortable than they were, say, 6 months ago? And then I have a follow-up for Steve.

第一個是給亞當的。您在信中提到，大多數出版商尚未以有意義的方式採用人工智慧。我們在更廣泛的廣告領域的某些案例中看到了類似的評論，看來教育可能是其中的重要組成部分。您如何教育出版商，讓他們習慣所有這些新的、公認的顛覆性人工智慧工具？您是否發現客戶比 6 個月前舒服得多？然後我有一個關於史蒂夫的後續行動。

Yes. I think innovation like innovation, a lot of times, ecosystem tends to change when the upside is -- or downside is significant. And it's one of those moments now when you look at AI and what it can create now more than ever. At the same time, you're looking at also the downside if you choose not to change, you're seeing much more kind of leaned in conversation in general. And so -- and as an example, a year ago, two years ago, three years ago, the notion that home pages will be fully personalized by machine and the article pages will be fully personalized even to the extent that the design will change by machine was ludicrous; because that was a very sensitive area to tap into.

是的。我認為創新就是創新，很多時候，當有利的一面或不利的一面顯著時，生態系統往往會改變。現在，當你比以往任何時候都更加關注人工智慧及其所能創造的事物時，這就是其中之一。同時，如果你選擇不改變，你也會看到不利的一面，你會在談話中看到更多的傾向。因此，舉個例子，一年前、兩年前、三年前，主頁將由機器完全個性化，文章頁面將完全個性化，甚至設計將透過機器改變。因為那是一個非常敏感的領域。

But these days, when you're seeing things like TikTok For You page doing such an amazing job attracting more than an hour a day of consumers engaged, solely driven by AI. And we're seeing obviously the growth of OpenAI and Gemini, everyone wants to see what is their part of it. And I think this is why a lot of the growth we're seeing with adoption is because the industry is changing around us, and we're just the best positioned to, one, offering those technologies because we've been investing in them for a long time. And two, we have the trust of publishers that I think more than any other company in the world, I don't know any other company that has such a vast list of Tier 1 trusted publishers that wants to change and grow together. And you're seeing those renewals and they're seeing the exclusivity and all those things.

但如今，當你看到像 TikTok For You 頁面這樣的東西做得非常出色，每天吸引超過一個小時的消費者參與，這完全是由人工智慧驅動的。我們顯然看到了 OpenAI 和 Gemini 的成長，每個人都想看看自己能在其中扮演什麼角色。我認為這就是為什麼我們看到的採用率成長很大程度上是因為我們周圍的行業正在發生變化，而我們最有能力提供這些技術，因為我們一直在投資這些技術很長一段時間。第二，我認為我們比世界上任何其他公司都更能得到發行商的信任，我不知道還有哪家公司擁有如此龐大的一級可信任發行商名單，他們希望共同改變和成長。你會看到這些更新，他們會看到排他性和所有這些東西。

So I think it's a combination of the industry is changing around us, and then we're well positioned to just tap into that. So that's why I think that happens.

所以我認為這是我們周圍的行業正在發生變化的結合，然後我們可以很好地利用這一點。這就是我認為會發生這種情況的原因。

And then for Steve, what were the key drivers getting you back to positive yield growth? And more broadly, can you just remind us of the dynamics behind yield trends over time amid the Yahoo! ramp as well as your work on performance advertising? And finally, looking ahead, how should we think about yield trends in the next couple of quarters as we head into 2025?

那麼對史蒂夫來說，讓你恢復正收益成長的關鍵驅動因素是什麼？更廣泛地說，您能否提醒我們雅虎收益率趨勢背後的動態？以及您在效果廣告方面的工作？最後，展望未來，進入 2025 年，我們該如何考慮未來幾季的殖利率趨勢？

So good question. So I think the key drivers to get us back to positive yield growth, basically, it was that we had completed onboarding the full supply from Yahoo! and then we had transitioned early this year, and then we had transitioned the advertisers fully by the end of Q2. So that gave us the opportunity then in Q3 and going forward to start to grow those advertiser budgets and growth of advertiser budgets as long as the supply is relatively stable is what drives increased yield over time. So I think the key driver was our supply had stabilized, and now we were -- and we had brought over those advertisers, so we had a chance to start growing them, and that's what brought us back to a positive yield.

好問題。因此，我認為讓我們恢復正收益成長的關鍵驅動因素基本上是我們已經完成了雅虎的全部供應！然後我們在今年年初進行了轉型，然後我們在第二季末完全完成了廣告商的轉型。因此，這給了我們在第三季和未來開始增加廣告商預算的機會，只要供應相對穩定，廣告商預算的成長就會隨著時間的推移推動收益增加。所以我認為關鍵的驅動因素是我們的供應已經穩定，現在我們已經穩定了，而且我們已經吸引了那些廣告商，所以我們有機會開始成長它們，這就是讓我們恢復正收益的原因。

Going -- looking forward on that, our expectation is that, that we will continue to drive higher growth of our demand side than we will on our supply side intentionally, by the way, because we have really good supply. So that will drive positive yield growth. So we do expect it to remain positive and to continue to drive positive yield going forward. And as you alluded to, a big part of that is our investments in AI automation like Abby, our investments in our algorithms that -- such as Max Conversions that make it easier and for advertisers to work with us and also make them more successful. And so those investments are what will help drive higher advertising budgets with us and will help drive that higher yield over time.

展望未來，我們的期望是，我們將繼續有意推動需求方面的成長高於供應方面的成長，順便說一句，因為我們的供應確實很好。因此，這將推動收益率的正成長。因此，我們確實預期它會保持正值，並繼續推動未來的正收益率。正如您所提到的，其中很大一部分是我們對像Abby 這樣的人工智慧自動化的投資，我們對我們的演算法的投資，例如Max Conversions，這些投資使廣告商更容易與我們合作，也使他們更加成功。因此，這些投資將有助於提高我們的廣告預算，並隨著時間的推移幫助提高收益。

So my expectation is now we're -- with all the onboarding of the supply we've done, we should have a more stable supply environment, we should be able to grow yields here going forward, which, by the way, also gives us the opportunity in our core business to grow the core ex-TAC margin over time as well, which I expect to do.

所以我的期望是，隨著我們已經完成的所有供應的啟動，我們應該有一個更穩定的供應環境，我們應該能夠提高這裡的產量，順便說一句，這也給了隨著時間的推移，我們的核心業務也有機會增加核心的TAC 利潤率，我希望如此。

Mark Zgutowicz, The Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Steve, maybe a follow-up to the head count question and specific to Tier 1 ad sales capacity. Can you just talk about where you are today and how much of a limiting factor that is on you fulfilling all of the Apple supply that you have today?

史蒂夫，也許是人數問題的後續問題，並且具體針對一級廣告銷售能力。您能談談您今天的處境以及您履行今天擁有的所有 Apple 供應的限制因素有多大嗎？

And I assume that there's probably other Apple-like publishers out there that you can also address, but you need that sort of Tier 1 sales capacity to address. And I'm just curious sort of how you -- where you are today and what you -- where you expect to be over the next 6 months there in terms of that Tier 1 sales capacity.

我認為可能還有其他類似蘋果的發行商也可以解決，但您需要那種一級銷售能力來解決。我只是很好奇，就一級銷售能力而言，您今天的處境以及未來 6 個月的預期情況如何。

Yes. So I think I wouldn't say it's necessarily a limiting factor per se, but I do think we've identified specific opportunities to invest in our sales teams and our sales efforts to drive additional demand that we think will be positive ROI and will help us drive increased performance, increased yield in essence, from our supply. So we're obviously doing that. And that's what I talked about, one, the direct-to-consumer sales team, we're investing there. The second one, which we call internally emerging enterprise, which is kind of mid to larger advertisers who are also focusing on performance campaigns.

是的。因此，我認為我不會說這本身必然是一個限制因素，但我確實認為我們已經確定了投資於我們的銷售團隊和銷售努力的特定機會，以推動額外的需求，我們認為這將是積極的投資回報率，並將有助於我們從本質上從我們的供應中推動性能的提高和產量的提高。所以我們顯然正在這樣做。這就是我所說的，第一，直接面向消費者的銷售團隊，我們正在那裡投資。第二個，我們稱之為內部新興企業，是一種中型到大型廣告商，他們也專注於效果行銷活動。

So we're investing there. So I would say that we've definitely identified some areas where we think we can invest and have positive ROI and drive more ad dollars. I also think, though, that there's a big opportunity for us just to grow our existing advertiser base based on the fact that we've got -- that they're seeing positive returns from us. When you have a huge influx of supply like we've had over the last basically 9 to 12 months. What happens is the supply becomes cheaper initially and advertisers typically see higher -- or better CPAs, lower CPAs, cost per acquisitions.

所以我們在那裡投資。所以我想說，我們肯定已經確定了一些我們認為可以投資並具有積極投資回報率並帶來更多廣告收入的領域。不過，我也認為，基於我們已經獲得的事實，我們有一個很大的機會來擴大我們現有的廣告商基礎——他們看到了我們的正面回報。當供應量大量湧入時，就像我們過去 9 到 12 個月的情況一樣。所發生的情況是，供應最初變得更便宜，廣告商通常會看到更高的——或更好的每次轉換費用、更低的每次轉換費用、每次收購成本。

And then over time, you get more budgets from them because they say, oh, wow, this is working well. So we're now in that, oh, wow, this is working well, phase, and we need to go get more budgets from them. So I think we -- the opportunities we have identified around direct-to-consumer and emerging enterprise and the investments we're making in new sales teams there are part of the story. The other part of the story is we expect to be able to grow budgets from existing advertisers with our existing team, which is obviously the best way of doing it because that's higher productivity. So I think we haven't said exactly where we get to on the sales teams, and I think we should talk about that more when we guide to 2025. But I think that gives you kind of a flavor of where we are and what we're investing in.

然後隨著時間的推移，你會從他們那裡得到更多的預算，因為他們說，哦，哇，這運作得很好。所以我們現在正處於這樣的階段，哦，哇，這進展順利，我們需要從他們那裡獲得更多預算。因此，我認為我們圍繞著直接面向消費者和新興企業確定的機會以及我們對新銷售團隊的投資是故事的一部分。故事的另一部分是，我們希望能夠透過現有團隊增加現有廣告商的預算，這顯然是最好的方法，因為這樣可以提高生產力。因此，我認為我們還沒有確切說明銷售團隊的發展方向，我認為我們應該在 2025 年指導時更多地討論這一點。但我認為這可以讓您了解我們所處的位置以及我們正在投資的內容。

And then maybe one last question, unrelated. You talked about, I would call these sort of 3 relatively new revenue opportunities, the top 10 global OEM, the China advertiser and then I would call it maybe more of an emerging new relationship with Microsoft Outlook. Could you force rank maybe those opportunities in terms of revenue over the next 6 to 12 months? Just trying to get a sense of how much contribution you can expect from either of those three.

也許還有最後一個問題，無關緊要。您談到，我將這 3 個相對較新的收入機會稱為全球前 10 名 OEM、中國廣告商，然後我將其稱為可能更多的是與 Microsoft Outlook 的新興關係。您能否根據未來 6 到 12 個月的收入對這些機會進行強制排名？只是想了解您可以從這三者中期望得到多少貢獻。

Yes. So good question, one that, frankly, I don't even have in front of me. I would say that all 3 of them are good-sized opportunities. By the way, all three of those are, in essence, supply side opportunity -- well, two of them are supply side, one of them is demand. So the Chinese retailers are -- that's a demand side opportunity.

是的。這是一個很好的問題，坦白說，我面前根本沒有這個問題。我想說，這三個都是很好的機會。順便說一句，這三個本質上都是供給方機會——其中兩個是供給方，其中之一是需求方。所以中國零售商——這是一個需求方的機會。

The other two are more supply side opportunities. But I'd say, in general, all three are significant opportunities and all three, we think can be meaningful to our growth over time. But frankly, we haven't quantified them. I'm not sure if we necessarily want to, and I don't even have it in front of me. So sorry for the vague answer, but I just -- we don't have that.

另外兩個是更多的供給側機會。但我想說，總的來說，這三個都是重要的機會，我們認為隨著時間的推移，這三個對我們的成長都有意義。但坦白說，我們還沒有量化它們。我不確定我們是否一定願意，而且我面前甚至沒有它。很抱歉回答含糊不清，但我只是──我們沒有。

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

問答環節到此結束。現在我想請亞當辛戈爾達 (Adam Singolda) 發表結束語。

Thank you again, everyone, for joining us this morning. As you can see, I'm very happy. We're very happy as a team with our Q3 performance, exceeding revenue ex-TAC and adjusted EBITDA guidance as well as raising our 2024 free cash flow target. Even more, I'm very proud of my team's hard work and the resilience they've shown.

再次感謝大家今天早上加入我們。正如你所看到的，我很高興。作為一個團隊，我們對第三季的業績感到非常高興，超過了扣除 TAC 的收入和調整後的 EBITDA 指導，並提高了 2024 年自由現金流目標。更重要的是，我對我的團隊的辛勤工作和他們所表現出的韌性感到非常自豪。

We'll continue executing on our strategy, launching new products like Abby and delivering on our financial targets. I look forward to seeing everyone soon and hope you can join us for our Investor Day early next year. It's going to be great. Speak soon.

我們將繼續執行我們的策略，推出 Abby 等新產品並實現我們的財務目標。我期待很快見到大家，並希望您能參加明年初的投資者日。會很棒的。快說吧。

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。