Taboola.com Ltd (TBLA) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Taboola's first quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. (Operator Instructions).

您好，感謝您的支持。歡迎參加 Taboola 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指令）。

Please be advised today's conference is being recorded. I would not like to turn the conference over to your speaker today. Jessica Kourakos, head of investor relations, please go ahead.

請注意，今天的會議正在錄製。今天我不想把會議交給你們的發言人。請投資者關係主管傑西卡·庫拉科斯 (Jessica Kourakos) 發言。

Thank you and good morning everyone and welcome to Taboola's first quarter 2025 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 investor section of Taboola's website.

謝謝大家，早安，歡迎參加 Taboola 2025 年第一季財報電話會議。我和 Taboola 的創始人兼執行長 Adam Singolda 以及 Taboola 的財務長 Steve Walker 一起來到這裡。該公司今天在市場開市前發布了盈利材料，您可以在 Taboola 網站的投資者專區查閱。

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.

現在我將快速介紹安全港。今天的某些聲明，包括我們對未來時期的預期，都是前瞻性聲明。它們不是事實，並且受到我們向美國證券交易委員會提交的文件中描述的重大風險和不確定性的影響。這些聲明是基於目前可用的信息，除非法律要求，否則我們不承擔更新這些聲明的義務。

Today's discussion is also subject to the forward-looking statement limitations in the earnings press release. 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-gap tables in the earnings release posted on our website. With that, I'll turn the call over to Adam.

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有重大差異甚至相反。在本次電話會議中，我們將使用收益報告中定義的術語並參考非公認會計準則財務指標。有關定義和與 GAAP 的對賬，請參閱我們網站上發布的收益報告中的非差距表。說完這些，我會把電話轉給亞當。

Thanks Jessica. Good morning everyone and thank you all for joining us today. Before we dive into the results, I want to quickly remind everyone how we see our market opportunity, who we are, and why we believe we can win. There's a major shift in advertising towards performance to drive growth to your business. It's a result-driven approach focused on measurable outcomes versus brand advertising, which is mostly for awareness.

謝謝傑西卡。大家早安，感謝大家今天的參加。在我們深入討論結果之前，我想快速提醒大家我們如何看待我們的市場機會，我們是誰，以及為什麼我們相信我們能夠獲勝。廣告業正在發生重大轉變，注重效果以推動業務成長。這是一種以結果為導向的方法，注重可衡量的結果，而不是品牌廣告，而品牌廣告主要是為了提高知名度。

While most advertisers buy ads on search and social for that need, many advertisers feel that they've maxed out on those channels. We estimate that there's about $55 billion opportunity to serve advertisers' performance needs outside of search and social in the open web, and that is our focus. Taboola is a global leader in performance advertising, helping businesses grow across the open web.

儘管大多數廣告商為了滿足這一需求而在搜尋和社交上購買廣告，但許多廣告商認為他們已經在這些管道上達到了極限。我們估計，在開放網路中，除了搜尋和社交之外，滿足廣告商的績效需求還有大約 550 億美元的機會，這也是我們的重點。Taboola 是成效廣告領域的全球領導者，致力於協助企業在開放網路上發展。

Our platform Real realize connects thousands of advertisers to approximately 600 million daily users through premium publishers like Yahoo, Apple, and ESPN, top device manufacturers like Samsung and Xiaomi, and leading utility apps like Line. Our extensive first party data and AI investments enable us to uniquely identify user intent by analyzing their reading habits and genuine interests.

我們的平台 Realreal 透過雅虎、蘋果和 ESPN 等優質出版商、三星和小米等頂級設備製造商以及 Line 等領先的實用程式應用程式將數千家廣告商與每天約 6 億用戶聯繫起來。我們廣泛的第一方數據和人工智慧投資使我們能夠透過分析用戶的閱讀習慣和真正興趣來唯一地識別用戶的意圖。

This is information we uniquely know and can package in a way that advertisers can act upon. This makes us a key growth engine for advertisers side by side with search and social and a trusted partner for publishers all over the world. Taboola today has a bit over 2000 employees globally with 700 salespeople and 650 engineers.

這是我們獨有的訊息，我們可以將其打包成廣告商可以採取行動的方式。這使我們成為與搜尋和社交並駕齊驅的廣告商的關鍵成長引擎以及全球出版商值得信賴的合作夥伴。Taboola 目前在全球擁有 2000 多名員工，其中包括 700 名銷售人員和 650 名工程師。

Last year we generated about $1.8 billion in revenue, over $200 million in adjusted EBITDA, and about $150 million in free cash flow. Now turning to our first quarter results, we're happy to start the year off strong with our first quarter revenue, exact gross profit, and adjusted EBITDA all coming in above the high end of our guidance range. It is a clear reflection of solid execution, strong team focus, and the resilience of our model.

去年，我們的營收約為 18 億美元，調整後 EBITDA 超過 2 億美元，自由現金流約 1.5 億美元。現在來看看我們的第一季業績，我們很高興看到今年有一個強勁的開局，第一季的營收、實際毛利和調整後的 EBITDA 均高於我們預期範圍的高端。這清楚地反映了我們穩健的執行力、強大的團隊專注力以及模型的彈性。

For the first quarter, we reported revenues of $427 million representing growth of 3% year over year. A gross profit of $152 million 9% higher than last year. Adjusted EBITDA of $36 million 53% higher than last year, with margins expanding significantly.

第一季度，我們的營收為 4.27 億美元，年增 3%。毛利1.52億美元，比去年同期高9%。調整後的 EBITDA 為 3,600 萬美元，比去年高出 53%，利潤率大幅擴大。

And free cash flow of $36 million growing 35% year over year. While the macro environment is something that we're tracking closely, we haven't seen a material impact on our business. We've seen about 1% decrease in advertising spend related to the tariffs so far, which is mainly China to us.

自由現金流為 3,600 萬美元，年增 35%。雖然我們正在密切關注宏觀環境，但我們尚未看到其對我們的業務產生重大影響。到目前為止，我們已經看到與關稅相關的廣告支出下降了約 1%，對我們來說，這主要是來自中國。

This brings our China business to around 5% of total Q2 revenue as of now. At the same time, we're currently seeing positive trends in the news, supply, and other parts of the business. This recent tailwinds, together with our strong performance in Q1, support our decision to reiterate our full year 2025 guidance and continue aggressively buying back shares as part of our 200 million share buyback program.

截至目前，這使得我們中國業務佔第二季總營收的 5% 左右。同時，我們目前看到新聞、供應和其他業務部分呈現正面趨勢。最近的順風加上我們在第一季的強勁表現，支持了我們重申 2025 年全年指引並繼續積極回購股票的決定，這是我們 2 億股回購計畫的一部分。

Now let's turn to some highlights from the quarter. In March, we hosted our investor day where our management team alongside several of our key advertiser and publisher partners took a deep dive into the $55 billion market opportunity ahead of us and how we're position in Taboola to capture share in the performance advertising space, particularly through our realized platform.

現在讓我們來看看本季的一些亮點。3 月份，我們舉辦了投資者日活動，管理團隊與幾位主要廣告商和出版商合作夥伴深入探討了我們面臨的 550 億美元市場機遇，以及我們如何在 Taboola 中佔據優勢地位，以在效果廣告領域搶佔份額，特別是透過我們實現的平台。

Roughly a third of the event was dedicated to partner panels offering direct validation of our technology, data, and strategic direction. Our partners essentially echoed a clear message. There is a real GAAP in the market that Taboola is uniquely positioned to fill as advertisers are maxed out on search and social channels.

大約三分之一的活動專門用於合作夥伴小組，直接驗證我們的技術、數據和策略方向。我們的合作夥伴基本上回應了明確的訊息。由於廣告主在搜尋和社交管道上的投入已達到最大限度，因此市場上存在真正的 GAAP，而 Taboola 具有獨特的優勢來填補這一空白。

The market appreciates having a company of our scale that is laser focused on performance measurement and outcomes, not trying to be everything to everyone, but offering a real alternative when it matters most. Our management team is focused on tracking net new impacts from real life, which is incremental to us.

市場欣賞我們這樣規模的公司，它專注於績效衡量和成果，不試圖滿足所有人的需求，而是在最重要的時候提供真正的替代方案。我們的管理團隊專注於追蹤現實生活中的淨新影響，這對我們來說是漸進的。

We define it as a combination of new demand formats and budgets we previously could not access alongside new supply placements that open new opportunities for advertisers.

我們將其定義為以前無法獲得的新需求格式和預算與為廣告商帶來新機會的新供應位置的組合。

Well, it's still early, initial results are promising, and we're excited to share continued progress as adoption increases and our capabilities expand. At our investor day, we laid out three focused areas to accelerate growth in our business. First, driving incremental ad spend through realizes new capabilities.

嗯，現在還為時過早，但初步結果令人鼓舞，隨著採用率的提高和我們能力的擴展，我們很高興能夠分享持續的進展。在我們的投資者日，我們列出了三個重點領域來加速我們的業務成長。首先，透過實現新功能來推動增量廣告支出。

Second, focusing our go to market strategy on things such as vocalizing our sales organization as well as going after ideal customer profiles ICP, where we see better retention rates and lower urn rates. As part of our focus on growth, last quarter we introduced a new metric scaled advertisers defined as those spending over $100,000 annually.

其次，我們將市場策略的重點放在諸如宣傳我們的銷售組織以及追求理想的客戶檔案 ICP 等方面，這樣我們就能獲得更好的保留率和更低的回收率。作為我們關注成長的一部分，上個季度我們推出了一個新的指標，將廣告商定義為每年支出超過 10 萬美元的廣告商。

In Q1, the number of scaled advertisers has grown by 9%, reaching 1,996, which is great to see. Third, going after new supply partners that have unique data our advertisers are looking for, which would help us drive incremental growth in advertising budgets.

第一季度，規模化廣告主數量增加了9%，達到1996家，這是一個非常值得高興的成績。第三，尋找擁有廣告商所尋求的獨特數據的新供應合作夥伴，這將有助於我們推動廣告預算的逐步成長。

Let me take this opportunity to highlight some of the progress we've made this past quarter, starting with the launch of Realize. We officially launched Realize in Q1, marking a major step forward for Taboola. Realize leverages our core strengths, proprietary technology, unique data we have that others don't, and massive reach across the internet.

讓我藉此機會強調我們上個季度取得的一些進展，首先是推出 Realize。我們在第一季正式推出了 Realize，這標誌著 Taboola 向前邁出了重要一步。Realize 利用我們的核心優勢、專有技術、我們擁有而別人沒有的獨特數據以及網路的廣泛影響力。

Some of the new things realize offers to our advertisers include new ad formats like critical videos, social creatives, and display. You can easily import your social and display creatives to realize which advertisers really like.

我們為廣告主提供的一些新服務包括關鍵影片、社交創意和展示等新廣告格式。您可以輕鬆匯入社交和展示創意，以了解廣告商真正喜歡哪些。

We have a new pricing model so advertisers can now pay on a CPC even when buying display from us. Imagine an industry that for 30 years charged advertisers on impressions for display and would realize for the first time you can get the value of people seeing your ad, but you only pay us if a user actually clicked on it. This is big.

我們有一個新的定價模式，因此廣告商現在即使從我們這裡購買展示產品也可以按每次點擊費用付費。想像一下，一個行業 30 年來一直向廣告商收取展示次數的費用，並且會第一次意識到你可以獲得人們看到你的廣告的價值，但只有當用戶真正點擊它時你才需要付費。這很重要。

We also launched a new predictive audiences solution that helps advertisers target users based on historical conversion data. Similar to lookalike modeling, this capability allows advertisers like an insurance company that acquired 100 customers through Taboola to efficiently find the next 100 by leveraging patterns from past conversions.

我們也推出了新的預測受眾解決方案，幫助廣告主根據歷史轉換資料定位用戶。與相似模型類似，此功能可讓廣告主（例如透過 Taboola 獲得 100 名客戶的保險公司）利用過去轉換的模式有效地找到接下來的 100 名客戶。

Next, we're adding new display supply, which means that advertisers will be able to access all ad inventory on our publisher sites, not just bottom of article. And last but not least, we launched a whole new refresh to our user interface so it feels like what advertisers are used to on the big platforms.

接下來，我們將添加新的展示供應，這意味著廣告商將能夠訪問我們發布商網站上的所有廣告資源，而不僅僅是文章底部。最後但同樣重要的一點是，我們對使用者介面進行了全新的更新，使其感覺就像廣告商在大型平台上習慣的那樣。

And with Abby, our intelligent AI system embedded into the real realize dashboard, advertisers have dedicated support with their campaigns every step of the way. Well, realize is only out for two months. All of these new capabilities enable us to unlock performance advertising budgets that historically were out of reach.

透過嵌入到 Real Realize 儀表板的智慧 AI 系統 Abby，廣告主可以在廣告活動的每個步驟中獲得專門的支援。嗯，意識到只剩下兩個月了。所有這些新功能使我們能夠解鎖歷史上無法實現的效果廣告預算。

I'm encouraged by the energy this new product has injected into our sales teams, the early reception we're seeing, and the results from our initial advertisers like Babel, Motley Fool, and others. I'm confident to realize we'll play an increasingly meaningful role in driving our growth in the years to come.

這款新產品為我們的銷售團隊注入的活力、我們看到的早期反響以及來自 Babel、Motley Fool 等我們最初的廣告商的成果都令我感到鼓舞。我有信心在未來幾年推動我們的成長方面發揮越來越有意義的作用。

Moving to onboarding unique supply and data, we've also seen good momentum with top publisher partners adding real realize display inventory, which is net new supply for advertisers. Our focus is adding inventory that is differentiated and is highly valued by advertisers because we have unique data enabling us to drive better ROI.

在引入獨特供應和數據方面，我們也看到了良好的勢頭，頂級出版商合作夥伴增加了實際實現的展示庫存，這對廣告商來說是淨新增供應。我們的重點是增加差異化且受到廣告商高度重視的庫存，因為我們擁有獨特的數據，使我們能夠獲得更好的投資報酬率。

As an example, we only bid on our own publishers where we have first party data and massive amount of historic conversions, which is an advantage. Or another example is to build a news and utility apps where we have deep data integrations.

舉例來說，我們只對我們自己的出版商進行競標，因為我們擁有第一方數據和大量歷史轉換數據，這是一個優勢。或者另一個例子是建立一個我們具有深度資料整合的新聞和實用程式應用程式。

In the first quarter, we announced extending expansions of our partnerships with Microsoft and Gannett, adding display inventory for real realize advertisers. We also signed an exclusive global partnership with Line, which is one of the largest messaging apps in Asia, allowing us to bring personalized content and ads to line users globally in new engaging ways.

第一季度，我們宣布擴大與微軟和甘尼特的合作關係，為實際廣告商增加展示庫存。我們還與亞洲最大的訊息應用程式之一 Line 簽署了獨家全球合作夥伴關係，使我們能夠以全新的引人入勝的方式向全球 Line 用戶提供個人化內容和廣告。

This is the first utility app that is signed with Taboola News, which is very exciting, and I believe utility apps will become a whole new wave of publishers for Taboola as everyone wants a piece of the advertising market. In summary, we've kicked off the year with real momentum. The early signals from real realize to capture net new advertising budgets are exciting and reinforce the opportunity we see ahead.

這是與 Taboola News 簽約的第一個實用程式應用程序，這非常令人興奮，我相信實用程式應用程式將為 Taboola 帶來一股全新的發布商浪潮，因為每個人都想在廣告市場中分一杯羹。總而言之，我們以真正的動力開始了新的一年。真實實現捕獲淨新廣告預算的早期訊號令人興奮，並強化了我們看到的未來​​機會。

We're heads down, doing the work on what matters most as we move through 2025, and that is execution. We're confident in the strength of our business and continue to take a prudent approach to the guidance we've provided. While we have not seen a material impact to the business from the macro environment, we're tracking it while making sure we prioritize cost discipline and investment in our key growth initiatives.

我們正在埋頭苦幹，致力於實現 2025 年最重要的目標，那就是執行。我們對我們的業務實力充滿信心，並將繼續對我們提供的指導採取審慎的態度。雖然我們尚未看到宏觀環境對業務產生實質影響，但我們正在追蹤它，同時確保優先考慮成本控制和對關鍵成長計畫的投資。

Our balance sheet is strong. We have access to revolving credit facility while generating healthy, free cash flow. We continue to believe that the highest return capital is through investing in our own growth, and we intend to continue being aggressive with share repurchases. With that, I'll turn it over to Steve to look through our first quarter results and outlook in more detail.

我們的資產負債表強勁。我們可以獲得循環信貸額度，同時產生健康的自由現金流。我們始終相信，最高的資本回報是透過投資我們自身的成長，並且我們打算繼續積極地回購股票。說完這些，我會把話題交給史蒂夫，讓他更詳細地介紹我們的第一季業績和展望。

Thanks, Adam, and good morning everyone. As Adam mentioned, we had a strong start to the year and we are well positioned to build on this momentum throughout the year. 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，我們今年開局強勁，並且我們已做好準備，在全年保持這一勢頭。那麼讓我們深入了解一下我們的財務表現的細節。

In the first quarter, we reported results above the high end of our guidance range across all metrics. Revenues reached $427.5 million representing 3% growth year over year, while ex-TAC gross profit reached $151.7 million representing 9% growth year over year, which included a 70 basis point headwind from foreign exchange.

在第一季度，我們報告的各項指標結果均高於預期範圍的高端。營收達 4.275 億美元，年增 3%，扣除 TAC 後的毛利達到 1.517 億美元，年增 9%，其中包括外匯帶來的 70 個基點的阻力。

Our revenue growth was primarily driven by 9% growth in the number of scaled advertisers, which was partially offset by a 3% decline in the average revenue per scaled advertiser, both measured on a year to year basis.

我們的營收成長主要得益於規模化廣告商數量的 9% 成長，但這一成長被規模化廣告商平均收入 3% 的下降所部分抵消，這兩個數字均按同比計算。

As we said last quarter, we expect these two metrics to sometimes have an inverse correlation. As we successfully onboard new advertisers and grow them into scaled advertisers, it can sometimes pull down the average as happened this quarter. However, the strong growth in the number of scaled advertisers is a good leading indicator for our business, as it shows good traction bringing on new advertisers and scaling them over the last year.

正如我們上個季度所說，我們預期這兩個指標有時會呈現反比關係。隨著我們成功吸收新的廣告商並將其發展為規模化廣告商，有時可能會拉低平均水平，就像本季發生的情況一樣。然而，規模化廣告商數量的強勁成長對於我們的業務來說是一個很好的領先指標，因為它表明在過去的一年裡，我們在吸引新廣告商和擴大其規模方面具有良好的吸引力。

Having more advertisers fuels future growth as we can work with these advertisers to increase budgets over time. First quarter revenue growth was broad-based and included positive growth in our existing core native business. As we indicated last quarter, the format testing that we were doing with Yahoo on select supply wound down this quarter and is now fully completed.

擁有更多的廣告商可以推動未來的成長，因為我們可以與這些廣告商合作，隨著時間的推移增加預算。第一季的營收成長基礎廣泛，其中包括我們現有核心本土業務的正成長。正如我們上個季度所指出的，我們與雅虎合作對精選供應進行的格式測試已於本季結束，目前已全面完成。

As in the past, there was marginal reduction of first quarter revenue due to the way we were accounting for this test. Without this impact, first quarter revenue growth would have been approximately 5% year over year. ex-TAC gross profit growth was primarily driven by growth in overall revenue and advertising spend. ex-TAC also benefited from margin expansion in our core native business, as well as growth in Taboola news and our bided supply, which includes Microsoft.

與過去一樣，由於我們對該測試的核算方式，第一季的收入略有減少。若不計此影響，第一季營收成長率將達到約 5%。扣除 TAC 後的毛利成長主要得益於總收入和廣告支出的成長。除了 TAC 外，我們還受益於核心原生業務的利潤率擴張，以及 Taboola 新聞和包括微軟在內的投標供應的成長。

Gross profit of $119.3 million primarily benefited from our exact gross profit growth. In addition, gross profit increased due to reductions in our other cost of revenues driven by increased efficiencies in how we operate our servers and networking equipment.

1.193 億美元的毛利主要受益於我們確切的毛利成長。此外，由於我們伺服器和網路設備營運效率的提高，其他收入成本的減少也帶來了毛利的增加。

These were the result of investments that we made in our software platform as well as advances in hardware technology. The end result was an increase in the estimated useful lives of our servers and networking equipment from 3 years to 6 years, which allowed us to increase the amortization period commensurately.

這是我們對軟體平台的投資以及硬體技術進步的結果。最終結果是我們的伺服器和網路設備的預計使用壽命從 3 年增加到 6 年，這使我們能夠相應增加攤銷期。

This change took effect on January 1, 2025 and applies to all servers with a carrying value on our books as of that date, as well as to any other servers purchased after January 1, 2025. This will primarily benefit our GAAP gross profit, since most of our servers depreciation are classified within other costs of revenues, but the change will also have a smaller benefit on operating profit and net income since some equipment amortization expense hits operating expenses.

此變更於 2025 年 1 月 1 日生效，適用於截至該日期我們帳面上具有帳面價值的所有伺服器，以及 2025 年 1 月 1 日之後購買的任何其他伺服器。這將主要有利於我們的 GAAP 毛利潤，因為我們的大部分伺服器折舊都歸類在其他收入成本中，但這項變更對營業利潤和淨收入的益處也會較小，因為一些設備攤提費用會影響營業費用。

In terms of our profitability, our net loss was $8.75 million with non-GAAP net income coming in positive at $25 million. Adjusted EBITDA for the quarter was $35.9 million reflecting 53% year over year growth. Our adjusted the BA margin was 24%, which is a significant improvement over 17% adjusted EBITDA margin in Q1 2024. This improvement reflects the benefit of our 9% year over year growth in exact gross profit, along with strong cost discipline that we maintained in 2024 and into the first quarter of this year.

就獲利能力而言，我們的淨虧損為 875 萬美元，非 GAAP 淨收入為正 2,500 萬美元。本季調整後的 EBITDA 為 3,590 萬美元，年增 53%。我們調整後的 BA 利潤率為 24%，與 2024 年第一季 17% 的調整後 EBITDA 利潤率相比有顯著提高。這項改善反映了我們毛利年增 9% 的好處，以及我們在 2024 年和今年第一季保持的嚴格成本控制。

In terms of cash generation, we had $48.1 million in operating cash flow in the first quarter and free cash flow of $36.1 million. Our free cash flow benefited significantly from a couple of factors. First, free cash flow benefited from our improved profitability. Our net losses decreased from $26.2 million in Q1 2024 to $8.75 million in Q1 2025.

在現金產生方面，我們第一季的營運現金流為 4,810 萬美元，自由現金流為 3,610 萬美元。我們的自由現金流受益於幾個因素。首先，自由現金流受益於我們獲利能力的提升。我們的淨虧損從 2024 年第一季的 2,620 萬美元減少到 2025 年第一季的 875 萬美元。

Second, free cash flow benefited from strong management of our working capital. Q1 free cash flow also included a one-time benefit of approximately $11 million related to the timing of payments from the testing we did on certain Yahoo supply.

其次，自由現金流受益於我們對營運資金的強力管理。第一季自由現金流還包括約 1,100 萬美元的一次性收益，該收益與我們對某些雅虎供應進行測試的付款時間有關。

Our free cash flow conversion from adjusted EBITDA has been over 70% over the last 4 and the last eight quarters, which we are very happy about. Looking forward, while we continue to expect to convert free cash flow from adjusted EBITDA at a 50% to 60% rate over any typical trailing eight quarter period, I would hope to remain at the higher end of that range.

在過去 4 個季度和過去 8 個季度中，我們調整後的 EBITDA 的自由現金流轉換率一直超過 70%，我們對此感到非常高興。展望未來，雖然我們仍然預計在過去八個季度中，調整後的 EBITDA 自由現金流的轉換率將達到 50% 至 60%，但我希望能夠保持在該範圍的高端。

Turning to the balance sheet, we remain in a strong financial position, ending the first quarter with a robust net cash balance of $89.7 million. Cash and cash equivalents totaled $216.2 million which more than offset our long-term debt of $126.5 million.

從資產負債表來看，我們的財務狀況依然強勁，第一季末的淨現金餘額為 8,970 萬美元。現金和現金等價物總額為 2.162 億美元，足以抵銷我們的 1.265 億美元長期債務。

As announced in March, we proactively entered into a new $270 million dollar revolving credit facility, which was good timing given everything that has happened since.

正如我們三月宣布的那樣，我們主動簽訂了一項新的 2.7 億美元循環信貸協議，考慮到此後發生的一切，這是個好時機。

We use the proceeds to fully repay our prior long-term loan and still have over $140 million of excess capacity on the revolver. This refinancing provides multiple benefits. First, the revolver has a lower interest rate which will reduce our interest expenses. Second, the revolver will allow us to more proactively manage our working capital.

我們用這筆收益全額償還了先前的長期貸款，循環信貸仍有超過 1.4 億美元的過剩容量。此次再融資提供了多重好處。首先，循環信貸的利率較低，這將減少我們的利息支出。其次，循環信貸將使我們能夠更積極地管理我們的營運資金。

Rather than have a fixed amount of debt outstanding each quarter, we will be able to draw upon and repay the revolver multiple times each quarter, which will reduce our average debt balance and further reduce our interest expenses. Together, these benefits are expected to reduce annual interest expense by $3 million to $5 million.

我們不再需要每季背負固定金額的未償債務，而是可以每季多次動用和償還循環信貸，這將減少我們的平均債務餘額，並進一步減少我們的利息支出。預計這些好處加在一起將使每年的利息支出減少 300 萬至 500 萬美元。

In addition, the revolver gives us the ability to operate in a more capital efficient way over time, as we will be able to operate with a lower cash balance while preserving access to significant liquidity. This puts us in a stronger position to navigate macro uncertainty and continue executing on our long term strategy.

此外，循環信貸使我們能夠隨著時間的推移以更有效率的資本方式運營，因為我們將能夠以較低的現金餘額運營，同時保留大量流動性。這使我們處於更有利的地位來應對宏觀不確定性並繼續執行我們的長期策略。

Regarding share repurchases, as we announced in our fourth quarter of 2024 earnings call, our board approved an incremental $200 million to our share repurchase program.

關於股票回購，正如我們在 2024 年第四季財報電話會議上所宣布的那樣，董事會批准向我們的股票回購計畫增加 2 億美元。

Given our current share price, we believe share repurchases are the best use of capital to drive shareholder value. During the course of the first quarter, we repurchased approximately 16.2 million shares at an average share price of $3.03 for total consideration of $49 million.

鑑於我們目前的股價，我們認為股票回購是利用資本來推動股東價值的最佳方式。在第一季度，我們以平均每股 3.03 美元的價格回購了約 1,620 萬股，總對價為 4,900 萬美元。

Since the end of the first quarter, we have repurchased an additional 15.1 million shares at an average share price of $2.83 for a total consideration of $43 million.

自第一季末以來，我們以平均每股 2.83 美元的價格額外回購了 1,510 萬股，總對價為 4,300 萬美元。

At this point, we anticipate remaining aggressive in our share buyback program. Over the past year, our shares outstanding have declined from $338.6 million at the end of Q1 2024 to $324.5 million at the end of Q1 2025. This represents a decline of 4% of total shares outstanding.

目前，我們預計我們的股票回購計劃仍將保持積極勢頭。在過去的一年裡，我們的流通股從 2024 年第一季末的 3.386 億美元下降到 2025 年第一季末的 3.245 億美元。這意味著流通股總數下降了 4%。

Moving to guidance for the second quarter of 2025, we expect revenues to be between $438 million and $458 million. Gross profit from $124 million to $134 million exact gross profit from $156 million to $166 million. Adjusted EBITDA from $38 million to $44 million and non-GAAP net income from $26 million to $32 million.

根據 2025 年第二季的預測，我們預計營收將在 4.38 億美元至 4.58 億美元之間。毛利從 1.24 億美元增至 1.34 億美元，確切毛利從 1.56 億美元增至 1.66 億美元。調整後的 EBITDA 從 3,800 萬美元增至 4,400 萬美元，非 GAAP 淨收入從 2,600 萬美元增至 3,200 萬美元。

We are reiterating our guidance for the full year. We continue to expect revenues to be between $1.84 billion to $1.89 billion gross profit from $536 million to $552 million exact gross profit from $674 million to $690 million. Adjusted EBITDA from $201 million to $209 million and non-GAAP net income from $122 million to $128 million.

我們重申全年業績指引。我們繼續預期營收在 18.4 億美元至 18.9 億美元之間，毛利在 5.36 億美元至 5.52 億美元之間，確切毛利在 6.74 億美元至 6.9 億美元之間。調整後 EBITDA 從 2.01 億美元增至 2.09 億美元，非 GAAP 淨收入從 1.22 億美元增至 1.28 億美元。

While we had a strong Q1 and we are pleased with the momentum of our business, we do not think it would be prudent to raise guidance at this point in time, given the level of macro uncertainty. It is also important to note that due to the test we did with Yahoo and the implications that had on our revenue and ex-TAC, we expect second half year over year revenue growth to be stronger than in the first half.

儘管我們第一季表現強勁，並且對業務發展勢頭感到滿意，但考慮到宏觀不確定性水平，我們認為此時提高預期並不明智。值得注意的是，由於我們對雅虎進行的測試以及對我們的收入和前 TAC 的影響，我們預計下半年同比收入增長將強於上半年。

This is already factored into our guidance and will normalize beginning in Q1, 2026. In summary, we're pleased to report a strong first quarter with results exceeding the high end of our guidance and that we are reaffirming our full year outlook.

這已計入我們的指導中，並將從 2026 年第一季開始正常化。總而言之，我們很高興地報告第一季業績強勁，超出了我們預期的高端，我們重申了全年展望。

With clear momentum behind the growth initiatives we shared at investor day and a large runway of opportunity ahead, we believe we are well positioned to drive meaningful value for our shareholders over the long term. And with that let's move to Q&A operator, can yoiu please open the line for questions?

憑藉我們在投資者日上分享的成長計劃背後的明顯動力以及未來巨大的機遇，我們相信我們已做好準備，為股東創造長期有意義的價值。接下來我們進入問答環節，您能開通熱線回答問題嗎？

(Operator Instructions). Mark Zgutowicz with the Benchmark Company.

（操作員指令）。Benchmark Company 的 Mark Zgutowicz。

Thank you. Good morning, guys. I'm just curious, first question just on progress that you're seeing in fully verticalizing your sales force and maybe you could just quantify it in terms of what ending you're in.

謝謝。大家早安。我只是好奇，第一個問題是關於您在完全垂直化銷售隊伍方面所取得的進展，也許您可以根據目前的結局來量化它。

And whether you have the right amount of capacity to get to scale there. And then, also curious, and you talked about the 9% scaled advertiser growth offset by 3% decline in average rev.

以及您是否擁有足夠的能力來擴大規模。然後，同樣令人好奇的是，您談到了 9% 的廣告商規模成長被 3% 的平均收入下降所抵消。

I'm just curious if you could maybe talk around the puts and takes there in terms of, whether you always expect there to be an offset or whether you can sort of remove that offset at some point in time, sort of what to put and takes are there and then I had just one follow up thanks.

我只是好奇，您是否可以圍繞那裡的放置和獲取進行討論，您是否總是期望有一個偏移，或者您是否可以在某個時間點以某種方式消除該偏移，放置和獲取的內容在那裡，然後我只需要跟進一次，謝謝。

Sure, Hi Mark, thanks for the questions. So first on the verticalizing of the and the kind of optimized go to market strategy with our sales teams, so the actual restructuring of the sales teams is done. So that was actually done tail end of last year early this year to move the teams into verticals to have them focusing on, ideal customer profile verticals. So that's done.

當然，嗨，馬克，謝謝你的提問。因此，首先要對銷售團隊進行垂直化，並制定優化的市場策略，這樣銷售團隊的實際重組就完成了。因此，這實際上是在去年年底今年年初完成的，目的是將團隊轉移到垂直領域，讓他們專注於理想的客戶概況垂直領域。這樣就完成了。

They're starting to sell that way now. I think the early returns are good, but we're pretty early in that process. So I think Adam talked a little bit in his remarks about how we're seeing nice traction with some of the early conversations we're having about real life and that's obviously centered on some of those verticals, so I think.

他們現在開始以這種方式銷售。我認為早期的回報很好，但我們在這過程中還處於相當早期的階段。所以我認為亞當在他的演講中談到了我們如何看到我們早期關於現實生活的一些對話取得了良好的進展，而且這些對話顯然集中在一些垂直領域，所以我認為。

We're seeing some nice, early signs, but to your question about like what inning are we in there and kind of where are we really, I'd say we're in, kind of the second inning like where we've gotten out of the start of the game we're starting to see some traction, but too early to really talk about metrics and kind of what's happening there.

我們看到了一些不錯的早期跡象，但對於你關於我們處於哪一局以及我們實際上處於何處的問題，我想說我們處於第二局，就像我們在比賽開始時所處的位置一樣，我們開始看到一些牽引力，但現在談論指標和那裡發生的事情還為時過早。

So that's kind of where we are on the optimized go to market in terms of your question about our scaled revenue, or 6 scaled advertisers and the average revenue for those. So first of all, do we always expect to see them to move in an inverse way? No. Like sometimes you can both grow the number of scaled advertisers and the average revenue per scaled advertiser. It can happen that way.

因此，就您關於規模化收入或 6 個規模化廣告商及其平均收入的問題而言，我們在優化市場進入方面處於什麼位置。那麼首先，我們是否總是期望看到它們以相反的方式移動？不。例如，有時您既可以增加規模化廣告商的數量，也可以增加每個規模廣告商的平均收入。事情可能會這樣發生。

But I think what I would say is if you look at our numbers this past quarter, we're very happy with the where the number of scaled advertisers went. So going up 9% is a very positive sign for our business because as I said in. In my prepared remarks, that's basically the fuel for future growth, right? If you're growing the number of advertisers you have now you've got clients that you can talk to and work with and grow budgets over time.

但我想說的是，如果你看看我們上個季度的數據，我們對擴大廣告商數量的成長感到非常滿意。因此，成長 9% 對我們的業務來說是一個非常積極的信號，正如我所說的那樣。在我準備好的發言中，這基本上就是未來成長的動力，對嗎？如果您現在增加廣告商的數量，那麼您就擁有了可以與之交談和合作的客戶，並且隨著時間的推移可以增加預算。

So we're very happy with that. It was offset by the 3% decline in the average revenue per scaled advertiser, but if you look at that more on a historical basis, so. Look back over the last few years, that number, the average revenue per scaled advertiser, which was around 184,000 this quarter, is still at a historical high point. Like if you look back to Q1 of 2023, that's actually up 17% from the 157,000 per.

所以我們對此感到非常高興。這被每個規模廣告商平均收入 3% 的下降所抵消，但如果從歷史角度來看，情況確實如此。回顧過去幾年，這個數字，即每個規模廣告商的平均收入，本季約為184,000，仍處於歷史高點。如果你回顧 2023 年第一季度，這個數字實際上比 157,000 成長了 17%。

Revenue or scaled advertiser that we had then, so it's still at a historically very strong point for us. So we're actually very pleased with the trend on both of those metrics. So we're, I think we're doing a good job again we're early on realizing we're early on the ideal customer profile and optimized go to market, but the early signs are positive.

我們當時的收入或規模廣告商，因此對我們來說，這仍然處於歷史上非常強勁的時期。因此，我們對這兩個指標的趨勢都非常滿意。所以，我認為我們再次做得很好，我們很早就意識到我們很早就擁有了理想的客戶形象並優化了市場進入方式，但早期跡像是積極的。

That's helpful, Steve, appreciate it. I just, one quick follow up just around this, yield improvements that you saw that drove better one native margin. I'm just curious if there was any one time sort of benefits in one cue or if that's a sustainable, sort of trajectory for yield improvement, whether max convergences, played into that.

這很有幫助，史蒂夫，非常感謝。我只是對此進行了一次快速跟進，您看到的收益改進提高了原生利潤率。我只是好奇，在某個提示中是否存在一次性的益處，或者這是否是一種可持續的、提高收益的軌跡，無論最大收斂是否發揮了作用。

So first of all, we do, it's hard to separate the impact of something specific like max conversions from our overall business, but I think what I would say is in 2024, our overall yield improvement was around 105% for the full year, which was good. It's not our historical average of 110% or so that we've that we're always striving for, but it was very good.

首先，我們確實很難將最大轉換率等具體因素的影響與我們的整體業務區分開來，但我想說的是，到 2024 年，我們全年的整體收益率提高約為 105%，這是不錯的。這並不是我們一直追求的 110% 左右的歷史平均水平，但這已經非常好了。

The only reason that it wasn't strong. Because frankly we added, a lot of supply last year which diluted some of the impact of increasing advertiser budgets. So like Apple coming on, still growing the Yahoo supply early last year was part of it. So generally we're pretty pleased with where it was. There wasn't a one-time effects. I think we feel good about our ability to kind of continue to grow yield going forward from here.

唯一的原因是它不夠強大。因為坦白說，我們去年增加了許多供應，這削弱了增加廣告預算的部分影響。因此，就像蘋果的崛起一樣，去年年初雅虎的供應量仍在增加也是其中的一部分。所以整體來說我們對現狀非常滿意。沒有一次性效果。我認為我們對未來繼續提高收益的能力感到滿意。

Great thanks Steve appreciate it.

非常感謝史蒂夫。

Thanks Mark.

謝謝馬克。

Laura Martin with Needham & Company.

尼德漢姆公司的勞拉馬丁 (Laura Martin)。

I'm in there, so, can we first talk about Google? I've gotten some important, I think Google News and its impact on the ad tech industry. Could you talk about what you think the, assuming they actually get to go forward with these remedies, the DOJ's remedies, how does it affect you guys?

我在那裡，那麼，我們可以先談談Google嗎？我得到了一些重要的訊息，我認為是谷歌新聞及其對廣告科技產業的影響。您能否談談您的想法，假設他們實際上繼續採取這些補救措施，司法部的補救措施，這會對您產生什麼影響？

Hey, good morning, Laura. So there's a lot going on in the industry, I think, there's a bunch of things. There's about the cookies, and I think you and I actually talked about that, last we saw each other if possible. I think it relates to that. Person, I think that companies in advertising should assume that cookies go away one way or another over time and there's going to be much more privacy, focus in the industry.

嘿，早上好，蘿拉。所以我認為這個行業正在發生很多事情，有很多事情。還有關於餅乾的事，我想你和我實際上談論過這個，如果可能的話，我們上次見面的時候。我認為這與此有關。佩爾，我認為廣告公司應該假設 cookie 會隨著時間的推移以某種方式消失，並且行業將更加關注隱私。

So the way we think about it is companies that have first party cookies that have access to a large stream of consumer behavior and can create value for advertisers with that in mind, that's going to be a big benefit.

因此，我們認為，擁有第一方 Cookie 的公司可以獲得大量消費者行為，並能為廣告商創造價值，這將是一個巨大的優勢。

And now scale matters more than ever because of that. So I think about the kooky news for me it's no news as of now as relates to, breaking and unbreaking, that, it's unclear what's going to happen there. Overall, I think, it could be an opportunity for companies like us because advertisers may look for alternatives to still find growth. So, cautiously optimistic, but we'll see what happens.

因此，現在規模比以往任何時候都更重要。所以我認為這個奇怪的消息對我來說現在還不是什麼新聞，無論是打破還是恢復，都不清楚那裡會發生什麼。總的來說，我認為這對我們這樣的公司來說是一個機會，因為廣告商可能會尋找替代方案來尋求成長。因此，我們謹慎樂觀，但我們會看看會發生什麼。

Okay. And then my second thing I did want to follow up when we were possible you guys were spending a lot of time and had a lot of meetings in your activation around Re realize. So I was just wondering if you could update us on what you heard two weeks ago about Real realize and this launch of Real realize to TRY to jumpstart your display advertising product. Could you talk about what you learned from all those meetings about, what people are saying about Realizing and are you getting better adoption?

好的。然後我想做的第二件事是，當我們有可能的時候，你們會花很多時間，圍繞 Re 實現召開很多會議。所以我只是想知道您是否可以向我們介紹一下您兩週前聽到的有關 Real realize 的消息，以及此次推出 Real realize 以嘗試啟動您的展示廣告產品的消息。您能否談談從所有這些會議中學到了什麼，人們對實現這一目標有何看法，以及您是否獲得了更好的採用？

Yeah, so financially it's still early stages like Stephen mentioned, but what's really exciting for me because I focus a lot about net new, so I'm looking to see what types of budgets we could have not gotten before that we can get now and why. And I think with realize a lot of it is about if you think about display advertising as an example and especially with these macroeconomics where advertisers are looking for performance and outcomes, the fact you can buy display. And apparent a CPC basis is quite new.

是的，從財務角度來看，它仍處於早期階段，就像史蒂芬提到的那樣，但對我來說真正令人興奮的是，因為我非常關注淨新增量，所以我想看看我們以前無法獲得但現在可以獲得哪些類型的預算以及原因。我認為，如果你以展示廣告為例，你會發現其中很多內容都是關於廣告的，特別是在宏觀經濟學中，廣告商尋求的是效果和結果，而事實上你可以購買展示廣告。顯然，CPC 的基礎還很新。

So we're hearing good feedback from advertisers about how that's encouraging to them. In general we're thinking about how, agencies are spending more time about outcomes. So the whole idea that we can have predictive audiences, we can upload creators from social and display fairly quickly. You can pay on a CPC, which is very much performance driven. All those things come in a good place and specifically at a good time. So to me, the feedback is mainly positive.

因此，我們從廣告商那裡聽到了正面的回饋，這對他們來說是一種鼓舞。總的來說，我們正在思考機構如何花更多時間來關注結果。因此，我們的整個想法是可以預測觀眾，我們可以從社交媒體上傳創作者並相當快速地展示。您可以按每次點擊費用 (CPC) 付款，這很大程度上取決於績效。所有這些事情都發生在一個好地方，而且恰逢其時。所以對我來說，回饋主要是正面的。

We have hired dozens of clients that we think we could have not gotten before, and that's great. And it's injected a whole new energy for the sales team globally. You've probably have seen a lot of activity there, which is all about this net new concept, what types of advertisers and budget could we get now that we just could not have gotten before.

我們已經僱用了幾十個我們認為以前不可能獲得的客戶，這很棒。這為全球銷售團隊注入了全新的活力。您可能已經看到那裡有很多活動，這些活動都是關於這個全新的概念，我們現在可以獲得哪些類型的廣告商和預算，而這些是我們以前無法獲得的。

Okay, and then my last one is since April 2nd when we started this tariff. These tariff issues quarter to date, I noticed that you did not raise the year, but you overdelivered the first quarter. So have you, are there any verticals where you have started to see weakness since April 2nd in the current quarter?

好的，我的最後一個問題是自 4 月 2 日我們開始實施這項關稅以來。這些關稅問題截至本季度，我注意到你們今年沒有提高，但第一季的交付量超額完成了。那麼，自本季度 4 月 2 日以來，您是否開始看到任何垂直行業的疲軟跡象？

I'll take that one, Laura. So in general, performance advertising, I think is not going to be impacted as much as certain types of advertising by what's going on with tariffs. But what we've seen in our business is about a 1% impact, mostly related to China. So it's not material, but we're seeing something. Just to give you a sense, it's basically Chinese advertisers that are trying to reach US consumers have definitely cut back their spend because they're being directly impacted by the tariffs.

我想要這個，蘿拉。因此，總的來說，我認為效果廣告不會像某些類型的廣告那樣受到關稅的影響。但我們在業務中看到的影響約為 1%，主要與中國有關。所以這不是什麼重要的事情，但我們確實看到了一些東西。給你一個概念，基本上，那些試圖接觸美國消費者的中國廣告商肯定已經削減了支出，因為他們直接受到了關稅的影響。

Other companies such as car companies or companies, Chinese companies that rely on Chinese manufacturing heavily, they've also cut back somewhat because they're worried about their supply chains and their ability to deliver product to consumers, so we've seen some impact again.

其他公司，例如汽車公司或公司，以及嚴重依賴中國製造業的中國公司，也有所削減，因為他們擔心自己的供應鏈以及向消費者交付產品的能力，所以我們再次看到了一些影響。

Firstly Chinese advertisers, what we call our China export business, has been impacted, but it's not material, it's around 1% and that's kind of what we've seen by the way, that's baked into our guidance and that's our assumption on guidance is that that's what remains for the rest of the year.

首先，中國廣告商（我們稱之為中國出口業務）受到了影響，但影響並不大，大約為 1%，順便說一下，這就是我們所看到的，這已納入我們的指導中，並且我們對指導的假設是，這將是今年剩餘時間的持續影響。

Okay, that's helpful thank you very much.

好的，這很有幫助，非常感謝。

Jason Helfstein with Oppenheimer.

傑森·赫爾夫斯坦 (Jason Helfstein) 與奧本海默 (Oppenheimer) 在一起。

Hi, this is Steve Roman on for Jason. Just one question from us when do you this price for Steve, when do you believe, realize we'll start becoming a meaningful revenue driver? Thanks.

大家好，我是史蒂夫·羅曼 (Steve Roman)，代表傑森 (Jason)。我們只有一個問題，你什麼時候為史蒂夫設定這個價格，你什麼時候相信，我們會開始成為一個有意義的收入驅動力？謝謝。

So I think what we've said at this point is that we're and Adam talked about a little bit a moment ago. So we're in the early stages. We're seeing some really positive signs in terms of meetings that we're getting, as Laura mentioned, we were at a conference recently where our sales team spent a lot of time with advertisers and got a lot of interest, probably more meetings than we would expect at a conference like that because of the interest.

所以我認為我們現在所說的就是我們和亞當剛才談到的一點。因此我們還處於早期階段。就我們所參加的會議而言，我們看到了一些非常積極的跡象，正如勞拉所提到的，我們最近參加了一個會議，我們的銷售團隊花了很多時間與廣告商在一起，引起了很多興趣，由於人們的興趣，我們在這樣的會議上參加的會議可能比我們預期的要多。

But that's all very early indicators like it's not something that we can forecast yet. So as of now in the 2025 guidance we don't have realized factoring into the guidance for this year. If that changes as we go forward through the rest of the year, we will definitely. On that obviously, but we expect realized to have an impact. We think it'll have an impact starting sometime late this year and then as we move into 2026. But again, we'll update on that as we kind of see as there's something that's more forecastable.

但這些都是非常早期的指標，我們還無法預測。因此，截至目前，我們還沒有在 2025 年指引中將其納入今年的指引中。如果這種情況在今年剩餘時間內發生變化，我們肯定會這樣做。顯然，這是可行的，但我們預計這會產生影響。我們認為它將在今年稍後開始產生影響，並持續到 2026 年。但我們會再次更新，因為我們發現有些事情更可預測。

I'll just mention that, especially given what's going on in the world, we feel good about how there's no better time to try to go after the performance advertising market. We've realized because that's if you're a business, there's no better time we've seen it, especially in the recent events, to look for partners that can prove measurement outcome, and we think, there's a lot of saturation and diminishing return with search and social. So not only do we believe in this strategy, but this comes at a very good time in the industry as advertisers are looking for someone they can rely on.

我只想說，特別是考慮到世界上正在發生的事情，我們認為現在是嘗試進入成效廣告市場的最佳時機。我們已經意識到，因為如果你是一家企業，那麼現在就是最好的時機，特別是在最近的事件中，去尋找能夠證明衡量結果的合作夥伴，我們認為，搜尋和社交已經飽和，收益遞減。因此，我們不僅相信這一策略，而且這一策略也恰逢行業黃金時期，因為廣告商正在尋找他們可以信賴的人。

Zach Cummins with B. Riley Securities.

B. Riley Securities 的 Zach Cummins。

Hi, good morning, thanks for taking my questions and congrats on the strong Q1 results. I just wanted to dig a little bit more into. The different components of your business, it sounded like in 11, both, Native and Taboola news and even your bidding stream with Microsoft, did pretty well. I, I'm just curious as we go into a more uncertain micro environment which portions of your business are you anticipating will be more resilient versus maybe others that that could face some headwinds in in a more challenging environment.

大家好，早安，感謝您回答我的問題，並祝賀您第一季取得的強勁業績。我只是想進一步深入研究。聽起來，貴公司業務的各個組成部分，包括 11 個 Native 和 Taboola 新聞，甚至與微軟的競標流，都表現得相當不錯。我只是好奇，當我們進入一個更不確定的微觀環境時，您預計哪些業務部分會更有彈性，而其他部分可能會在更具挑戰性的環境中面臨一些阻力。

So to me that this is more of a demand question because if the macroeconomics change, what it should change is, the strength of advertisers' ability to spend dollars. So it's not so much about, publishers or, partnerships of different kinds on the supply side. To me that's more a question of the strength of the demand fund, I think.

所以對我來說，這更多的是一個需求問題，因為如果宏觀經濟發生變化，它應該改變的是廣告商花錢的能力。因此，這與出版商或供應方的不同類型的合作關係關係不大。對我來說，我認為這更多的是需求基金強度的問題。

So again, nobody's we haven't seen the future, but if the history is any indication, and we've seen this with the, in the last iteration, being in the performance advertising space and not trying to be everything for everyone is a very good place to be. So I think that's one very important. We're not trying to go after the entire funnel.

所以再說一次，沒有人看到未來，但如果歷史可以作為參考，而且我們在上一次迭代中也看到了這一點，那麼在效果廣告領域，而不是試圖為每個人提供一切，這是一個非常好的處境。所以我認為這是非常重要的一點。我們並不是想追求整個漏斗。

We're not trying to go after top of the funnel branding dollars. Those tend to be historically more exposed, so if your businesses, TV. Top of the funnel, high CPM branding dollars, I believe those are probably more exposed because that if you're a marketer and you need to make sure that your business survives and thrives and need to find clients and then the first thing you may consider stop is things that you're not sure drive direct correlation to sales and growth.

我們並不是想追求漏斗頂端的品牌行銷收入。從歷史上看，這些往往更容易受到關注，所以如果您的企業、電視。漏斗頂部、高 CPM 品牌資金，我相信這些可能更容易受到關注，因為如果你是一名行銷人員，你需要確保你的企業生存和發展，需要找到客戶，那麼你可能考慮停止的第一件事就是那些你不確定是否會與銷售和成長直接相關的事情。

So that's one. So I think we're in a good place. We don't have any concentration on demand side. There's no one client that kind of, really owns a big chunk of the business. It's fairly diversified. And it's all driven by AI and outcomes.

這就是其中之一。所以我認為我們處於一個很好的位置。我們對需求方面沒有任何關注。沒有哪個客戶能夠真正擁有大部分業務。它相當多樣化。這一切都是由人工智慧和成果驅動的。

So yeah, I think we're in a good place from that perspective, especially as advertisers are looking for more of that type of partners they can work with now more than ever. So again, I think that's more of a demand question and it's hard to say, but so far we haven't seen any material impact.

所以是的，我認為從這個角度來看我們處於一個很好的位置，特別是因為廣告商現在比以往任何時候都更希望找到更多這樣的合作夥伴。所以，我認為這更多的是一個需求問題，很難說，但到目前為止我們還沒有看到任何實質的影響。

Okay, so that's helpful. And my second question is maybe geared towards Steve, just in terms of the implied guidance for ex-TAC in the second half of the year, I think assuming the midpoint for the full year, it implies a slight decline in your year in ex-TAC in second half is that partially due to the tougher comp created by kind of the testing that you did with Yahoo in the second half of last year, or what are some of the assumptions going into that component there?

好的，這很有幫助。我的第二個問題可能是針對史蒂夫的，就下半年 ex-TAC 的隱含指引而言，我認為假設全年的中點，這意味著下半年 ex-TAC 會略有下降，這是否部分是由於去年下半年你們對雅虎進行的測試造成的更嚴峻的競爭，或者說，這部分內容中有哪些假設？

Yeah, no, that's a very good question. So first of all, I think, last quarter we talked about the fact that one of our realizations, pun intended recently was that the native market is growing at low to mid single digits, so slower than we had anticipated. And I think that's the right way to think about the growth rate of our business, of our core business, the core native business going forward.

是的，不，這是一個非常好的問題。首先，我認為，上個季度我們談到了這樣一個事實，即我們最近的一個認識是，本土市場的成長速度處於低到中等個位數，因此比我們預期的要慢。我認為這是思考我們業務、核心業務、核心本土業務未來成長率的正確方式。

So like if you were to ask me 26 and beyond how is your core going to grow, I'd say that's a that's the good that's the right way to think about it. And as we've discussed what we think is that realize will help us get back to more double digit growth. The negative second half growth is primarily related to two factors.

因此，如果您問我，26 歲及以上的人您的核心將如何成長，我會說，這是好的，這是正確的思考方式。正如我們所討論的，我們認為實現這一目標將幫助我們恢復兩位數的成長。下半年出現負成長主要與兩個因素有關。

One is we've taken, as we've talked about, a very prudent approach to 2025 guidance because we wanted to give our teams time to work on realizing and kind of get back the growth that we expect. And second, it's related to the fact that we're not raising our guidance now just because of the uncertainty of the macro.

一是，正如我們所討論的，我們對 2025 年的指導採取了非常謹慎的態度，因為我們希望讓我們的團隊有時間去努力實現並恢復我們預期的成長。其次，這與我們現在不提高指導價有關，因為宏觀經濟存在不確定性。

We don't. I think it's prudent right now to do that, so that obviously has an effect on the second half as well because we're trying to be conservative there. So I think the way I think about it is expect us, our core business, to be kind of low to mid single digits growth rates until we start telling you about the impact that realize has, and at that point we hope we'll be able to guide you a bit higher on that. And the second half is really just an anomaly related to where we are right now.

我們沒有。我認為現在這樣做是謹慎的，所以這顯然也會對下半年產生影響，因為我們正試圖保持保守。因此，我認為我的想法是，我們的核心業務將保持低到中等個位數的成長率，直到我們開始告訴您實現這一目標的影響，到那時，我們希望能夠在這方面為您提供更高的指導。而下半場其實只是與我們目前所處狀況相關的一個異常現象。

Makes sense and maybe just one question for you, Steve, and it might be in the 10Q but just given all the share repurchase activity that you had in Q1 and to date in Q2, how much do you have left on your current, share repurchase authorization?

很有道理，史蒂夫，也許我只想問你一個問題，它可能出現在 10Q 中，但考慮到你在第一季和第二季迄今為止的所有股票回購活動，你目前的股票回購授權還剩下多少？

Yeah, so we have about I believe $190 million left in our current authorization for the buyback. Sorry, I'm getting a gesture from one of my attorneys that it's lower than that $140 million I think $140 million. We're down to $140 million now. Sorry, we're at actually about $140 million left on the existing authorization.

是的，我認為我們目前的回購授權還剩下約 1.9 億美元。抱歉，我的一位律師表示，這個數字低於 1.4 億美元，我想是 1.4 億美元。現在我們的資金已降至 1.4 億美元。抱歉，我們現有的授權實際上還剩下大約 1.4 億美元。

From an equally important because we can always get more authorization from our board but equally important from a cash perspective right now we have about $80 million of net cash that's cash after our long term debt we generated obviously, good cash free cash flow in the first. We expect to generate good free cash flow for the rest of the year.

從同樣重要的角度來看，因為我們總是可以從董事會獲得更多授權，但從現金角度來看同樣重要的是，現在我們擁有約 8000 萬美元的淨現金，這是我們產生的長期債務後的現金，顯然，首先是良好的現金自由現金流。我們預計今年剩餘時間將產生良好的自由現金流。

So my expectation is that we'll be able to remain very aggressive on the share buyback, probably buying, at least at a comparable level to what we've been buying lately. Obviously that can all change if anything changes with our business, but we expect to continue to remain very aggressive there.

因此，我的預期是，我們將能夠繼續積極地回購股票，並且可能至少會購買與我們最近購買的水平相當的股票。顯然，如果我們的業務發生任何變化，這一切都可能改變，但我們預計將繼續保持積極進取的態度。

Got it. I appreciate you taking my questions and best of luck with the rest of the quarter.

知道了。感謝您回答我的問題，並祝您本季剩餘時間一切順利。

Thank you.

謝謝。

James Kopelman with TD Cowen.

TD Cowen 的 James Kopelman。

Good morning and thanks for taking the question. First one's for Adam. You mentioned that you're looking to track net new impact from realize with new formats, budgets, and supply placements. What are you seeing in May, Q2 more broadly as you track these metrics? I know it's early, but wondering if you can provide any color on or any specific insights from the advertisers you mentioned such as Motley Fool and Babble, and also for Adam.

早上好，感謝您回答這個問題。第一個是給亞當的。您提到，您希望追蹤新格式、預算和供應安排帶來的淨新影響。當您追蹤這些指標時，您對 5 月第二季的整體情況有何看法？我知道現在還為時過早，但我想知道您是否可以提供一些關於您提到的廣告商（例如 Motley Fool 和 Babble 以及 Adam）的詳細資訊或具體見解。

Any way to help us size up the opportunity with the line partnership or potential for additional similar deals with other utility apps and then I have a follow up for Steve.

有什麼方法可以幫助我們評估線路合作夥伴關係的機會或與其他實用程式應用程式進行其他類似交易的可能性，然後我會跟進史蒂夫的情況。

Sure, so it's going to be a bit hard for me to provide any, short term indication of the financial impact, at least, but I can give you the flavor of the business. So, when I say net, just to make sure we're, I show this with everyone. What I mean by that is demand that historically we could not have gotten. So think about display budgets and social budgets, which historically we didn't go after.

當然，因此我很難提供任何短期的財務影響跡象，至少，但我可以讓你了解一下業務狀況。所以，當我說網路時，只是為了確保我們與每個人一起展示這一點。我的意思是，從歷史上看，我們不可能得到這樣的需求。所以想想展示預算和社交預算，從歷史上看我們並沒有追求這些。

That's a, a much bigger market. And the second thing is also supply. We didn't show ads on. So instead of bottom of article, think of every possible, display as well as to the news and other areas where we can show vertical videos, social ads, and display ads. So to me, obviously both of those things are very incremental because none of them exist. It before realized.

這是一個更大的市場。第二件事也是供應。我們沒有展示廣告。因此，除了文章底部之外，還要考慮所有可能的地方，例如新聞、展示廣告等，在這些地方我們可以展示垂直影片、社群廣告和展示廣告。所以對我來說，顯然這兩件事都是漸進的，因為它們都不存在。它之前就意識到了。

So that's and I'm laser focused on that. I have a daily email that I get from the team that's sent to me and I'm tracking that like a hawk because I'm really excited about seeing that turning a corner and giving us, seeing that we have competitive advantage, taking advantage of our first party data and AI, and seeing that go in the right direction. So overall that's what I'm tracking. That's what I mean by that.

這就是我所關注的。我每天都會收到團隊發給我的電子郵件，我會像鷹一樣追蹤它，因為我真的很高興看到事情發生轉變，給我們帶來競爭優勢，利用我們的第一方數據和人工智慧，並看到事情朝著正確的方向發展。總的來說，這就是我所追蹤的。這就是我的意思。

We're seeing good early signs, and I think it's a combination of we're focusing on clients, advertisers where we know they have a market fit with us, so those ICPs, financial services, pharma, direct to consumer and others. So we're seeing good performance, primarily lower churn rates and higher ability to spend dollars with us. Again, dollars we don't think we could have had before.

我們看到了良好的早期跡象，我認為這是因為我們專注於客戶和廣告商，我們知道他們與我們有市場契合度，所以那些 ICP、金融服務、製藥、直接面向消費者和其他。因此，我們看到了良好的表現，主要是較低的客戶流失率和更高的消費能力。再說一次，我們認為以前不可能擁有這麼多美元。

And I don't want to give you to specific, short term indication, but I do believe it's going in the right direction. So that's about that line, yeah, and line is again it's financially, I don't think we've given any indication on that, but nothing material, for the guidance. What I will say is that the reason I really like this, and I think it matters to investors, is because Li is really kind of like the first.

我不想給你具體的、短期的指示，但我確實相信它正朝著正確的方向發展。是的，這就是那條線，而且這又是一條財務線，我認為我們還沒有給出任何有關這方面的跡象，但對於指導來說，沒有任何實質性的內容。我想說的是，我之所以非常喜歡這一點，我認為這對投資者很重要，是因為李書福確實有點像第一個。

Of potentially a whole new universe of publishers we can work with. So if you think about the publisher ecosystem, when I started Taboola, it was mostly websites, then we expanded that into, iconic partnerships like Yahoo and Apple, and now you're seeing that you utility apps like Kline that have obviously reached to consumers also want to be part of the advertising ecosystem.

我們可以與許多新出版商合作。所以如果你考慮出版商生態系統，當我創辦 Taboola 時，它主要是網站，然後我們將其擴展到雅虎和蘋果等標誌性合作夥伴，現在你會看到，像 Kline 這樣顯然已經接觸到消費者的實用程式應用程式也希望成為廣告生態系統的一部分。

I think advertising, which just crossed the $1 trillion mark, is something that many, companies, especially, Fortune 500 companies, want to be part of, and all of them will be a bit concerned to partner with Google because they're to some degree competitors, and Taboola is just a very good friend. So to me, Lion is just one of what I hope to see a lot more in the future.

我認為，廣告業剛剛突破了 1 兆美元大關，許多公司，尤其是財富 500 強公司，都想參與其中，所有這些公司都會對與谷歌合作有些顧慮，因為在某種程度上，他們是競爭對手，而 Taboola 就是一個非常好的朋友。所以對我來說，Lion 只是我希望在未來看到的眾多事物之一。

And you can imagine who we want to work with, music companies, messaging companies, and many other apps we all live on our phones, on our, every day that we use. So it's one of what I hope to be, a whole new types of publishers we work with and again financially nothing material this year.

你可以想像我們想要與誰合作，音樂公司、通訊公司以及我們手機上每天使用的許多其他應用程式。因此，我希望我們能與一種全新類型的出版商合作，但今年在財務上不會取得任何實質進展。

Great. And then for Steve, you disclosed employee headcount, including 700 salespeople, 600 engineers. Not sure if you do that every quarter. The question is, what can you tell us about potential headcount trends and areas of hiring as you ramp the realize platform over, say, next 12 to 18 months and how are you balancing that priority against maybe a focus on remaining prudent with regards to cost given the ongoing macro uncertainty.

偉大的。然後對於史蒂夫，您披露了員工人數，包括 700 名銷售人員和 600 名工程師。不確定您是否每個季度都這樣做。問題是，當您在未來 12 到 18 個月內擴大實現平台時，您能告訴我們有關潛在員工人數趨勢和招募領域的哪些資訊？考慮到持續的宏觀不確定性，您如何平衡此優先事項與在成本方面保持審慎的重點。

Yeah, no, good question. So I think you can see from our guidance that we don't expect cost to ramp a lot the rest of the year. We do see some ramp in the back half of the year on costs and where that is mostly, so we talked about previously that most of our hiring for the sales teams with the restructuring the sales team ramping of real lives, most of that was done last year Q4 and into Q1 this year.

是的，不，好問題。因此，我想您可以從我們的指導中看到，我們預計今年剩餘時間內成本不會大幅增加。我們確實看到下半年成本有所上升，而且主要是因為之前我們談到，我們為銷售團隊招募的大部分人員以及重組銷售團隊的實際工作都在進行，其中大部分工作是在去年第四季度和今年第一季度完成的。

So I think we expect to, there to be limited additional investment in sales and marketing. There'll probably be some, but it'll be smaller. We are ramping, the R&D team some as we continue to build out, features and functionality for, the realized platform. We see a lot of opportunities. So we're ramping costs there a bit.

因此我認為我們預計在銷售和行銷方面的額外投資會有限。可能會有一些，但會比較小。我們正在擴大研發團隊，繼續為已實現的平台建立特性和功能。我們看到了很多機會。因此我們稍微提高了那裡的成本。

GNA obviously we expect to continue to get cost improvements. I will also just note that we're heavily focused right now on where we can utilize AI to improve productivity within the organization. Our President COO Eldad Mini, who you all have heard from, first question he asked everybody when they want to hire is, but where are you using AI and how can we improve productivity?

GNA 顯然我們希望繼續獲得成本改進。我還要指出的是，我們現在非常關注如何利用人工智慧來提高組織的生產力。我們的總裁兼營運長 Eldad Mini，你們都聽說過，當人們想要招募時，他問的第一個問題是，你在哪裡使用人工智慧，我們該如何提高生產力？

So we're pretty much, we're very focused on that. So I expect us to remain relatively prudent on kind of increasing costs and TRY and remain relatively frugal for now. We see a lot of opportunities to improve productivity as we go.

所以我們非常關注這一點。因此，我希望我們在增加成本和土耳其里拉方面保持相對謹慎，並且目前保持相對節儉。我們在前進的過程中發現了許多提高生產力的機會。

Great thanks guys appreciate all the color, of course.

當然，非常感謝大家欣賞所有的色彩。

Matt Condon with Citizens.

馬特康登 (Matt Condon) 與公民們在一起。

Thank you so much for taking my questions. My first one is just on with Google rolling out, AI overviews to more users and also leaning in with an AI mode and just AI search more generally rolling out to more and more consumers.

非常感謝您回答我的問題。我的第一個想法是，Google正在向更多用戶推出人工智慧概覽，並傾向於採用人工智慧模式，而人工智慧搜尋將更廣泛地推廣給越來越多的消費者。

This has this impacted publisher traffic that you've seen so far then how should we think about that going forward just as AI search becomes more widely adopted. And then my second question is just, Adam, can you just talk about what you're doing to increase the breadth and depth of your of your auction? I know you've implemented a lot of.

這對您目前看到的發布商流量產生了影響，那麼隨著人工智慧搜尋得到更廣泛的應用，我們應該如何看待這個問題。我的第二個問題是，亞當，你能談談你正在採取哪些措施來增加拍賣的廣度和深度嗎？我知道你已經實現了很多。

Efficiencies just within the inter you know the interface, the you the actual platform with Abby and other things. Could you just talk about the progress of that and what you're hearing from advertisers? Thank you so much.

效率僅在您了解介面內部，您使用 Abby 和其他東西的實際平台。您能否談談這方面的進展以及您從廣告商那裡聽到的消息？太感謝了。

Of course, thanks for the question. So as relates to the first one, and if you recall, we kind of touched on that on investor day, which I thought was great. So I know we've seen throughout last year some effect obviously now we're, we are where we are now. But we've seen some effect from search traffic going down to some publishers.

當然，感謝您的提問。因此，與第一個問題相關，如果您還記得的話，我們在投資者日曾談到這個問題，我認為這很棒。所以我知道我們在去年已經看到了一些效果，顯然我們現在處於現在的位置。但我們發現搜尋流量下降對一些出版商產生了一定影響。

Nothing too material, and we've said that before. Now as it relates to the future. One, I think, that we might see more effect. So as I think about it, let's say publishers have about 30% of traffic-ish coming from search. Could it go 5%, 10%, 20% more down? Maybe we don't know. But even if it did, I don't think that's a material change to our overall base.

沒有什麼太實質的內容，我們之前已經說過了。現在它與未來息息相關。我認為，我們可能會看到更多的效果。因此，當我考慮這個問題時，假設出版商大約有 30% 的流量來自搜尋。還能再下降 5%、10% 或 20% 嗎？也許我們不知道。但即使如此，我也不認為這會對我們的整體基礎產生實質的改變。

That's 12, in general, as I think about Taboola's point of view, supply is not our concern these days. We have a lot of supply. And I think that's a growing part of our business. We're doing such a good job attracting publishers, growing engagement, growing audience for publishers. So I think for us the biggest upside, regardless of what's going to happen with search traffic is going to be on the demand side and how we can grow more budgets.

總的來說，從 Taboola 的觀點來看，供應並不是我們現在關心的問題。我們有大量貨源。我認為這是我們業務中不斷成長的一部分。我們在吸引出版商、增加參與度、擴大出版商受眾方面做得非常出色。因此我認為，對我們來說，無論搜尋流量發生什麼變化，最大的好處都在於需求方面以及我們如何增加預算。

And then on the publisher side and spending a lot of time with publishers on that, I think still that when I look at what publishers do today. As relates to adopting AI, we're still in very early stages. We are still all of us, when you go to our homepage, it looks the same. Most article pages look the same. Compare that to TikTok. Compare that to Instagram. Compare that to Snap.

然後從出版商方面來說，我花了很多時間與出版商討論這個問題，當我看到出版商今天所做的事情時，我仍然這麼認為。就採用人工智慧而言，我們仍處於早期階段。我們仍然是我們所有人，當你進入我們的主頁時，它看起來是一樣的。大多數文章頁面看起來都一樣。將其與 TikTok 進行比較。將其與 Instagram 進行比較。將其與 Snap 進行比較。

There's so much more opportunity to drive personalization, increase pages per session on publisher's site. So I think while traffic may go down 5%, 10%, and I don't know, I think that the pie could grow at least at the same rate if we adopt AI in a much bigger way.

有更多的機會推動個人化，增加發布商網站上每次會話的頁面數量。因此我認為，雖然流量可能會下降 5%、10%，但我認為如果我們更大規模地採用人工智慧，那麼這個蛋糕至少可以以相同的速度成長。

And I'm excited about our investment, in that space in AI because I think our publishers look to us and say what can we do to adopt AI in a much bigger way. So net, I feel good about where things are because we can do so much more with AI, and I think we've seen a lot of the effects already from GenAI in 2024.

我對我們在人工智慧領域的投資感到非常興奮，因為我認為我們的出版商正在關注我們，並詢問我們可以做些什麼來更廣泛地採用人工智慧。所以，我對目前的情況感到很滿意，因為我們可以用人工智慧做更多的事情，我認為我們已經看到了 2024 年 GenAI 帶來的許多影響。

The second question was about what we're using.

第二個問題是關於我們正在使用什麼。

So auction, I mean the biggest thing that will continue to increase auction. In our marketplace, one is continuously looking for great data that, whether it's contextual data, first party data through our OEM partners, data through our utility apps, all of those integrations make Taboola as a whole a better partner for advertisers. Advertisers want to work with companies that have intent that can get closer to the moment when consumers make decisions.

所以拍賣，我的意思是最大的事情是拍賣會繼續增加。在我們的市場中，人們不斷尋找優質數據，無論是上下文數據、透過我們的 OEM 合作夥伴獲得的第一方數據，還是透過我們的實用程式應用程式獲得的數據，所有這些整合都使 Taboola 成為廣告商更好的合作夥伴。廣告商希望與有意圖的公司合作，以便能夠更接近消費者做出決策的時刻。

So I think one, the more we continue to diversify and Improve the quality of the data we capture that improves the auction and our ability to attract advertisers and match between consumers and ads. So that's 12, obviously realize that the biggest thing, right? The more we get more types of budgets, more types of formats that will increase the auction on our marketplace. And ABBY now being part of Re realize, which is great. I mean, it's just not part of the UX, it's just there.

因此我認為，我們越是繼續多樣化並提高我們捕獲的數據的質量，就越能改善拍賣和我們吸引廣告商以及匹配消費者和廣告的能力。那麼這就是 12，顯然意識到這是最重要的事情，對吧？我們獲得的預算類型越多，格式類型越多，我們市場上的拍賣就會越多。ABBY 現在是 Re 的一部分，這很棒。我的意思是，它不是用戶體驗的一部分，它只是在那裡。

We have big ambition to make ABBY just something that everyone gets to use. At the very beginning or over time as this super accounts manager. So with all of those, investments and our laser focus on realize, that is the thing as I think about what doubles this company, I believe realize and this, going after owning the performance advertising space, all of those things will improve the auction rates for the company, will make us more competitive as we fight for more supply partners.

我們有一個宏偉的目標，那就是讓 ABBY 成為每個人都可以使用的產品。一開始或後來擔任這個超級客戶經理。因此，透過所有這些投資以及我們對實現的重點關注，這就是我所思考的使這家公司翻倍的事情，我相信實現這一點，在擁有效果廣告空間之後，所有這些都將提高公司的拍賣率，將使我們在爭奪更多供應合作夥伴時更具競爭力。

And in general, especially now more than ever, given our focus on performance advertising, I think this industry will experience losers and winners, based on the strategy companies have chosen, and I think being on the performance advertising side now more than ever is the right thing to do.

總的來說，特別是現在，鑑於我們對效果廣告的關注，我認為這個行業將會經歷輸家和贏家，這取決於公司選擇的策略，我認為現在比以往任何時候都更應該站在效果廣告一邊。

Great very helpful.

非常好，很有幫助。

Thank you so much. And I'm not showing any further questions at this time but I turn the call back over to Adam for any closing remarks.

太感謝了。我現在不想再問任何問題，但我將電話轉回給亞當，讓他做最後的總結演講。

All right, thank you, everyone. So to close one, let me just start by saying I'm very proud of the Taboola team all around the world, working hard, executing, I had a board meeting yesterday and I said how much fun it is to see a company of our size, over 2000 employees, almost $2 billion in revenue, executing like a startup but a scaled one. We started in 2025 with real momentum bidding our high end of the guidance across all metrics.

好的，謝謝大家。最後，我想說，我為 Taboola 遍布全球的團隊感到非常自豪，他們努力工作，並積極執行。昨天我參加了一次董事會會議，我表示，看到像我們這樣規模的公司，擁有 2000 多名員工，營收近 20 億美元，能夠像新創公司一樣運營，而且規模更大，真是太有趣了。我們從 2025 年開始就以真正的勢頭競標所有指標的高端指導價。

We have a very clear strategy which we communicated to the market and a growing validation from both advertisers and publishers in the industry. Realize, which is now used by the entire advertiser base of the company overnight. Is off to a strong start. Our focus on performance and measurable outcomes at the right time as the market is looking for partners they can rely on for growth, especially during these times feels really good.

我們有一個非常清晰的策略，並將其傳達給市場，並得到了業內廣告商和出版商越來越多的認可。如今，該公司的整個廣告客戶群都在一夜之間使用 Realize。開局強勁。當市場正在尋找可以依賴的合作夥伴來實現成長時，我們適時地專注於績效和可衡量的成果，尤其是在這個時期，這感覺真的很好。

We're confident in our ability to capture a share from this $55 billion market we see ahead of us, deliver value to shareholders. And continue leading the open web in performance advertising. I do want to take a moment to thank everyone for joining this morning, being part of our journey, and we're looking forward to spending more time with you, in days and weeks to come.

我們有信心從這個價值 550 億美元的市場中分得一杯羹，為股東創造價值。並持續在效果廣告領域引領開放網路。我確實想花點時間感謝大家今天早上的加入，成為我們旅程的一部分，我們期待在未來的幾天和幾週內與你們共度更多時光。

Thank you ladies and gentlemen. That's include today's presentation. You may now disconnect and have a wonderful day.

謝謝各位女士、先生們。其中包括今天的演講。現在您可以斷開連接並享受美好的一天。