Taboola.com Ltd (TBLA) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Taboola second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Taboola 2025 年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，投資者關係主管傑西卡·庫拉科斯。請繼續。

Thank you, And Good Morning, Everyone, And Welcome To taboola's Second-quarter 2025 earnings Conference Call. I'm here with Adam Singolda, Taboola's Founder and CEO; and Steve Walker, Taboola's CFO.

謝謝大家，大家早安，歡迎參加taboola 2025年第二季財報電話會議。我今天和 Taboola 的創始人兼執行長 Adam Singolda 以及 Taboola 的財務長 Steve Walker 在一起。

The company issued earnings materials today before the market, and they are available to the Investors section of Taboola's website.

該公司今天在股市開盤前發布了盈利報告，投資者可登入 Taboola 網站的投資者關係頁面查看。

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.

現在我快速介紹一下安全港條款。今天的一些陳述，包括我們對未來時期的預期，屬於前瞻性陳述。這些並非事實，並且存在我們在提交給美國證券交易委員會的文件中所描述的重大風險和不確定性。這些聲明基於目前可獲得的信息，除法律要求外，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.

今天的討論也受到盈利新聞稿中前瞻性陳述限制的約束。未來事件可能與預期有重大不利差異。

During this call, we will use terms defined in the earnings release and refer to non-GAAP financial measures. For definitions and reconciliations to GAAP, please refer to the non-GAAP tables in the earnings release posted on our website.

在本次電話會議中，我們將使用獲利報告中定義的術語，並提及非GAAP財務指標。有關定義和與 GAAP 的調節，請參閱我們網站上發布的盈利報告中的非 GAAP 表格。

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

接下來，我會把電話交給亞當。

Thanks, Jessica. Good morning everyone, and thank you all for joining us today. Let me start by saying that I'm happy with our Q2 performance and the momentum we're seeing since exiting the quarter. We delivered a strong second quarter, beating the high end of our guidance across all key metrics, buying back about 12% of the company in just the first half of the year, reflecting our confidence in the business and our long-term vision. As a result, we're raising full-year guidance across the board and are continuing to aggressively buy back shares.

謝謝你，潔西卡。各位早安，感謝大家今天收看我們的節目。首先我想說，我對我們第二季的業績以及季末以來的發展勢頭感到滿意。我們第二季業績強勁，所有關鍵指標均超出預期上限，僅上半年就回購了公司約 12% 的股份，這反映了我們對公司業務的信心和長期願景。因此，我們全面上調了全年業績預期，並將繼續積極回購股票。

We're also seeing exciting early traction with Realize, our new performance advertising platform, and we truly believe we're just getting started.

我們的新成效廣告平台 Realize 也取得了令人振奮的早期進展，我們堅信這只是個開始。

Before we go deeper on the quarter and our outlook, I want to quickly remind everyone who we are, the opportunity we're going after, and why we believe we can win. Taboola is one of the largest performance advertising platforms on the OpenWeb. Our platform, Realize, helps businesses of all sizes get leads and grow sales. It operates similar to Google Ads or Meta ads, offering a simple-to-use platform powered by AI.

在深入探討本季業績和展望之前，我想快速提醒大家我們是誰，我們正在追求的機會，以及我們為什麼相信我們能夠成功。Taboola是OpenWeb上最大的效果廣告平台之一。我們的平台 Realize 可以幫助各種規模的企業獲取銷售線索並提高銷售額。它的運作方式與 Google Ads 或 Meta Ads 類似，提供了一個由人工智慧驅動的簡單易用的平台。

The key difference is that while Google reaches users in search and Meta in social, Realize engages 600 million people every day across the OpenWeb on publisher sites like Yahoo, NBC, ESPN, USA Today, Apple News, Samsung, and others, driving those people to action.

主要區別在於，雖然 Google 透過搜尋觸達用戶，Meta 透過社群觸達用戶，但 Realize 每天透過 Yahoo、NBC、ESPN、USA Today、Apple News、Samsung 等發布商網站，在 OpenWeb 上吸引 6 億用戶，並促使這些用戶採取行動。

Our competitive advantage lies in our AI and first-party data drawn from what people actually read about versus what people idealize of themselves in social media, giving advertisers authentic insights into user intent and high-performing outcomes.

我們的競爭優勢在於我們的人工智慧和第一方數據，這些數據來自人們實際閱讀的內容，而不是人們在社群媒體上理想化的自己，從而為廣告商提供關於用戶意圖和高績效結果的真實洞察。

In 2025, we expect nearly $2 billion in gross revenue and approximately $700 million in ex-TAC gross profit, which is what we keep after we pay our partners and a key metric for our business. We expect to generate over $200 million in adjusted EBITDA at a 30% margin with strong free cash flow.

預計到 2025 年，總收入將接近 20 億美元，扣除 TAC 後的毛利約為 7 億美元，這是我們在支付給合作夥伴後保留的利潤，也是我們業務的關鍵指標。我們預計調整後 EBITDA 將超過 2 億美元，利潤率為 30%，並擁有強勁的自由現金流。

As search and social advertisers are mixing out and can't get more growth, advertisers are looking for scalable, performance-driven alternatives. Taboola is uniquely positioned to take a share in what we estimate is a $55 billion opportunity and lead that shift across the OpenWeb.

由於搜尋和社群廣告商逐漸退出市場，成長空間有限，廣告主正在尋找可擴展、以效果為導向的替代方案。Taboola 擁有獨特的優勢，能夠抓住我們估計價值 550 億美元的機遇，並引領整個 OpenWeb 的變革。

With that, we can turn to our second-quarter results.

接下來，我們可以看看第二季的業績。

Our second-quarter revenues, ex-TAC gross profit, and adjusted EBITDA all came in above the high end of our guidance range. With the second quarter, we reported revenues of $465 million, representing growth of 9% year over year; ex-TAC gross profit of $172 million, 15% higher than last year; adjusted EBITDA of $45 million, 21% higher than last year, with margin expanding significantly. And finally, free cash flow of $34 million grew 31% year over year, allowing us to buy back about $100 million worth of stock in the quarter.

我們第二季的營收、扣除TAC後的毛利和調整後的EBITDA均高於我們預期範圍的上限。第二季度，我們公佈的營收為 4.65 億美元，年增 9%；扣除 TAC 後的毛利為 1.72 億美元，比去年增長 15%；調整後的 EBITDA 為 4,500 萬美元，比去年增長 21%，利潤率顯著提高。最後，自由現金流為 3,400 萬美元，年增 31%，使我們能夠在本季度回購價值約 1 億美元的股票。

In addition, we're pleased to announce that our Board has approved an incremental $200 million to our share repurchase program, reflecting our confidence in the long-term value of the business.

此外，我們很高興地宣布，董事會已批准向股票回購計畫追加 2 億美元，這反映了我們對公司長期價值的信心。

Moving to our quarterly highlights. As we discussed at our Investor Day, accelerating ex-TAC gross profit is our North Star because it ultimately fuels our strong profitability and free cash flow generation. When you look at the 15% growth we saw in ex-TAC this quarter, it was primarily driven by three things.

接下來是季度亮點總結。正如我們在投資者日上所討論的那樣，提高扣除TAC後的毛利是我們的目標，因為它最終將推動我們實現強勁的盈利能力和自由現金流。本季非TAC業務成長15%，主要由以下三點驅動：

First, we saw nearly 9% growth in the number of scaled advertisers, which are those spending over $100,000 in the last 12 months. This means they see good return with Taboola and are likely to stick around. Revenue from scaled advertisers represents the vast majority of our revenue.

首先，我們看到規模化廣告商的數量增加了近 9%，這些廣告商是指在過去 12 個月中花費超過 10 萬美元的廣告商。這意味著他們從 Taboola 獲得了良好的回報，並且很可能會繼續持有股份。來自規模化廣告客戶的收入占我們收入的絕大部分。

Second, the average revenue per scaled advertiser rose about 2% versus last year. The third was an easier comparison in the first half given Yahoo was fully ramped by the end of the second quarter.

其次，每個規模廣告商的平均收入比去年增長了約 2%。第三個比較在上半場更容易進行，因為雅虎在第二節結束時已經完全投入營運。

As we shared last quarter, our top priority for accelerating growth is the success of Realize, our new performance ad platform. Realize expands our reach beyond native advertising into the broader performance market across display and social, unlocking new opportunities for growth. This expansion is important as it not only allows us to capture larger budgets from existing advertisers, but also work with new advertisers and agencies who have never bought native before.

正如我們上個季度所分享的，我們加速成長的首要任務是確保我們新的成效廣告平台 Realize 取得成功。Realize 將我們的業務範圍從原生廣告擴展到更廣泛的展示廣告和社群媒體成效廣告市場，從而釋放出新的成長機會。此次擴張意義重大，因為它不僅使我們能夠從現有廣告商獲得更大的預算，而且還能與以前從未購買過原生廣告的新廣告商和代理商合作。

While it's still early days and not yet material financially, we're encouraged by the momentum we're seeing as 650 advertisers have already tested our new display and social capabilities since the February launch.

雖然目前還處於早期階段，在財務上尚未取得實質進展，但自 2 月推出以來，已有 650 位廣告商測試了我們新的展示和社交功能，這讓我們感到鼓舞。

Let me share a few Q2 examples that showcase the kind of performance advertisers are already seeing with Realize. One good example is a company in the aviation space that never worked with us before. With Realize, they tried our new display capability, which means they could import their display creative into Realize, they shared their performance objective, and we were able to beat their performance goal by 34% and maximize travel bookings on their platform. This success led to increased spend with us, which is exactly what you want to see in this type of cases.

讓我分享幾個第二季的例子，展示廣告商使用 Realize 已經看到的成效。一個很好的例子是一家航空領域的公司，他們以前從未與我們合作過。他們透過 Realize 嘗試了我們新的展示功能，這意味著他們可以將自己的展示創意導入 Realize，他們分享了他們的績效目標，我們成功地將他們的績效目標提高了 34%，並最大限度地提高了他們平台上的旅行預訂量。這一成功促使客戶增加了在我們這裡的消費，這正是我們希望在類似情況下看到的。

Another example I like is in the real estate space. One of our existing advertisers who has bought native advertising from us for two years now was interested in finding new ways to grow. Their goal is to drive more local awareness to their modular homes in specific locations around the country.

我喜歡的另一個例子是房地產領域。我們的一位現有廣告客戶已經向我們購買原生廣告兩年了，他有興趣尋找新的成長方式。他們的目標是提高全國各地特定地區對其模組化房屋的認知度。

While their net spend was growing, we realized new capabilities by importing their vertical display campaigns, they were able to see stronger overall conversion rates. This improved their return on ad spend, and as a result, they grew their display budget by 65% and are still growing.

雖然他們的淨支出不斷增長，但透過匯入他們的垂直展示廣告系列，我們發現了新的能力，他們能夠獲得更強的整體轉換率。這提高了他們的廣告支出回報率，因此，他們的展示廣告預算增加了 65%，並且還在繼續增長。

These are just a few examples, but they are consistent with what we're seeing more broadly in our early tests with customers. Realize is helping advertisers drive better performance outcomes at scale on the OpenWeb, which we believe will translate into incremental dollars being spent on our network, and we're just getting started.

以上僅列舉幾個例子，但與我們在早期客戶測試中更廣泛地觀察到的情況一致。Realize 正在幫助廣告主在 OpenWeb 上大規模地獲得更好的效果，我們相信這將轉化為在我們網路上增加的廣告支出，而我們才剛起步。

Now moving to our unique supply initiative. While attracting more ad spend for Taboola and our existing publisher partners is our main priority, we're also hard at work adding incredible new OpenWeb partners who have unique supply and data that performance advertisers really want. Taboola News is a great example of unique supply and is seeing double-digit growth. Advertisers love Taboola News because it gives them a way to reach consumers before they enter social media, before they open and browse the web at a high intent, high-impact moment, and it delivers strong performance in return.

接下來介紹我們獨特的供應鏈計畫。雖然吸引更多廣告支出用於 Taboola 和我們現有的出版商合作夥伴是我們的主要優先事項，但我們也在努力增加優秀的 OpenWeb 新合作夥伴，他們擁有效果廣告商真正想要的獨特資源和數據。Taboola News 是一個獨特的內容供應的絕佳例子，並且實現了兩位數的成長。廣告商喜歡 Taboola News，因為它讓他們能夠在消費者進入社交媒體之前、在消費者打開和瀏覽網頁之前，在他們具有高意向、高影響力的時刻接觸到他們，並且它還能帶來強勁的廣告效果。

Another point of strength that is worth noting as it relates to our publisher partners is the minimal effect we're experiencing from LLM-driven changes in search dynamics. There are two key factors that help minimize the impact on Taboola as well as our publisher partners.

另一個值得注意的優勢是，就我們的出版商合作夥伴而言，LLM 驅動的搜尋動態變化對我們造成的影響微乎其微。有兩個關鍵因素有助於最大限度地減少對 Taboola 以及我們的出版商合作夥伴的影響。

First, we're fortunate that the vast majority of our publisher partners are top-tier enterprises, including names like ESPN, USA TODAY, CNBC, and Nexstar, who benefit from strong brand recognition and loyal audiences. As a result, they enjoy substantial direct traffic, with search traffic typically accounting for just about 30% to 40% of their total.

首先，我們很幸運，我們的大多數出版商合作夥伴都是一流企業，包括 ESPN、USA TODAY、CNBC 和 Nexstar 等，它們都擁有強大的品牌知名度和忠實的受眾群體。因此，它們享有大量的直接流量，搜尋流量通常只佔其總流量的 30% 到 40%。

Second, a significant portion of our revenue comes from OpenWeb platform partnerships such as Yahoo!, Microsoft, Apple, Samsung, and others, which received little to no search traffic to begin with. These two pillars of our supply base has helped our publishers stay strong as well as us, maintaining a blended search traffic share of around 5%.

其次，我們很大一部分收入來自與雅虎、微軟、蘋果、三星等 OpenWeb 平台的合作，而這些平台最初幾乎沒有搜尋流量。我們供應鏈的這兩大支柱幫助我們的出版商和我們自身保持強勁勢頭，維持了約 5% 的綜合搜尋流量份額。

To date, we have not seen material impact from recent changes in the search market driven by LLM. Performance remains stable with year-to-date effects limited to the mid-single digits.

到目前為止，我們尚未看到LLM推動的搜尋市場近期變化產生實質影響。業績維持穩定，年初至今的影響僅限於個位數中段。

In summary, when I look at the OpenWeb, I see a major opportunity for the market and for us. Advertisers need alternatives to search and social in all parts of the OpenWeb. Companies like the Trade Desk have done a great job capturing top-of-the-funnel video and CTV campaigns, and app-loving has excelled in the app ecosystem. And there is a massive opportunity to become the performance advertising company for everything else, mobile, desktop, OEM, messaging apps, and more. And that's exactly what we're focused on and realize is the key to unlocking our true potential in this market.

總而言之，當我審視開放網路時，我看到了市場和我們自身的巨大機會。在開放網路的各個領域，廣告商都需要搜尋和社群媒體以外的替代方案。像 Trade Desk 這樣的公司在捕捉漏斗頂端影片和 CTV 廣告活動方面做得非常出色，而 app-loving 在應用生態系統中表現出色。而且，還有巨大的機會成為其他所有領域（行動、桌面、OEM、即時通訊應用程式等）的效果廣告公司。而這正是我們所關注的，也是我們意識到在這個市場中釋放我們真正潛力的關鍵。

I'm so proud of our team for the way we're executing in the first half for launching Realize and getting existing and new clients, hundreds of them to try it out. As we're getting more budgets, it means we're able to generate even more revenue for our partners, making our share of wallet greater.

我為我們團隊在上半年 Realize 的發布和吸引現有客戶和新客戶（數百名客戶）試用方面所取得的成就感到非常自豪。隨著我們獲得更多預算，這意味著我們可以為合作夥伴創造更多收入，從而獲得更大的市場份額。

There is a lot of momentum we're seeing. We beat our Q2 guidance. We're raising our full-year guidance. We're generating meaningful cash flow, which allow us to invest in the business and buy a lot of shares back.

我們看到了一股強勁的發展勢頭。我們第二季業績超乎預期。我們上調了全年業績預期。我們正在產生可觀的現金流，這使我們能夠投資於業務並回購大量股票。

With that, I'll hand it over to Steve to walk you through our Q2 results and outlook in more detail.

接下來，我將把麥克風交給史蒂夫，讓他更詳細地為大家介紹我們第二季的業績和展望。

Thanks, Adam, and good morning, everyone. As Adam mentioned, we had a strong first half of the year. In the second quarter, we reported results above the high end of our guidance across all key metrics.

謝謝亞當，大家早安。正如亞當所說，我們上半年業績強勁。第二季度，我們公佈的業績在所有關鍵指標上都超過了預期上限。

Second-quarter revenues reached $465.5 million, representing 8.7% year-over-year growth. Our revenue growth this quarter was driven by an 8.5% year-over-year increase in the number of scaled advertisers, coupled with a 1.8% year-over-year increase in average revenue per scaled advertiser. This reflects strong execution on both acquiring new advertisers and deepening relationships with existing ones.

第二季營收達 4.655 億美元，年增 8.7%。本季我們的營收成長得益於規模化廣告客戶數量年增 8.5%，以及每個規模廣告客戶的平均收入年增 1.8%。這反映出公司在獲取新廣告客戶和深化與現有廣告客戶的關係方面都取得了顯著成效。

While these two metrics can sometimes move in opposite directions as newer advertisers typically start at lower spend levels, this quarter saw broad-based strength across both, which is a positive signal for the health and momentum of our business. As I have said in the past, I'm particularly encouraged by the growth in the number of advertisers because they are essentially the fuel for our future growth.

雖然這兩個指標有時會朝著相反的方向發展，因為新廣告商的支出水平通常較低，但本季度這兩個指標都呈現全面強勁的成長勢頭，這對我們業務的健康狀況和發展勢頭來說是一個積極的信號。正如我之前所說，廣告商數量的成長尤其令我感到鼓舞，因為他們是我們未來發展的動力。

Ex-TAC gross profit reached $172.1 million, representing 15.1% year-over-year growth. This included a 45-basis-point tailwind from foreign exchange rates. Growth was primarily driven by higher advertising spend, margin expansion on certain digital publishers, and strong contributions from Taboola News and Bidded Supply.

扣除TAC費用後，毛利達到1.721億美元，年增15.1%。這其中包括外匯匯率帶來的 45 個基點的利多。成長主要得益於更高的廣告支出、某些數位出版商的利潤率擴張，以及 Taboola News 和 Bidded Supply 的強勁貢獻。

The growth rate also benefited from a favorable comparison to last year due to the onboarding of Yahoo advertisers. Gross profit for the quarter was $135.6 million, primarily benefiting from strong ex-TAC gross profit growth. As mentioned last quarter, gross profit also benefited from reductions in our other cost of revenues, driven by lower server and network infrastructure costs, some of which came from a reduction in depreciation expenses related to our servers due to a reassessment of their useful.

由於雅虎廣告商的加入，與去年相比，成長率也得到了有利的比較。本季毛利為 1.356 億美元，主要得益於剔除 TAC 後的強勁毛利成長。正如上個季度所提到的，毛利也受益於其他收入成本的降低，這主要得益於伺服器和網路基礎設施成本的降低，其中一部分原因是由於重新評估了伺服器的使用壽命，導致與伺服器相關的折舊費用減少。

Our net loss was $4.3 million, with non-GAAP net income coming in positive at $30.2 million. Adjusted EBITDA for the quarter was $45.2 million, reflecting 21.3% year-over-year growth. Our adjusted EBITDA margin was 26.2%, which improved by 130 basis points versus Q2 2024. This improvement reflects our healthy year-over-year ex-TAC growth, along with strong cost discipline that we exercised in 2024 and the first half of 2025.

我們的淨虧損為 430 萬美元，非 GAAP 淨利潤為 3,020 萬美元。本季調整後 EBITDA 為 4,520 萬美元，年增 21.3%。我們調整後的 EBITDA 利潤率為 26.2%，比 2024 年第二季提高了 130 個基點。這項改善反映了我們健康的年比（不含TAC）成長，以及我們在2024年和2025年上半年實施的強有力的成本控制。

In terms of cash generation, we had $47.4 million in operating cash flow in the second quarter and free cash flow of $34.2 million, which is over 30% higher than the same quarter last year.

在現金流方面，我們第二季的營運現金流為 4,740 萬美元，自由現金流為 3,420 萬美元，比去年同期成長了 30% 以上。

Our free cash flow benefited significantly from a couple of factors, primarily higher adjusted EBITDA margins and strong management of our working capital. Our free cash flow conversion from adjusted EBITDA has been over 70% over the last four and the last eight quarters, which we are very happy about.

我們的自由現金流主要得益於兩個因素，主要是更高的調整後 EBITDA 利潤率和對營運資本的良好管理。過去四個季度和過去八個季度，我們調整後的 EBITDA 轉化為自由現金流的比例均超過 70%，對此我們非常滿意。

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 expect to remain at the higher end of that range.

展望未來，雖然我們仍然期望在任何典型的過去八個季度期間，將調整後的 EBITDA 轉化為自由現金流的比例達到 50% 至 60%，但我預計這一比例將保持在較高水平。

Turning to the balance sheet. We remain in a strong financial position. We ended the second quarter with a net cash balance of $27.2 million. Cash and cash equivalents totaled $115.2 million, which more than offset our long-term debt of $88 million.

接下來看一下資產負債表。我們依然保持著穩健的財務狀況。第二季末，我們的淨現金餘額為2,720萬美元。現金及現金等價物總額為 1.152 億美元，足以抵銷我們 8,800 萬美元的長期債務。

As a reminder, earlier this year, we secured a new $270 million revolving credit facility, allowing us to fully repay our prior long-term loan while maintaining over $180 million in available capacity as of June 30. This facility also allowed us to reduce our interest expense by $1.2 million in the second quarter. With this facility, we can operate with a lower cash balance while preserving access to significant liquidity.

提醒一下，今年早些時候，我們獲得了一筆新的 2.7 億美元循環信貸額度，使我們能夠全額償還先前的長期貸款，同時截至 6 月 30 日仍保持超過 1.8 億美元的可用額度。該措施還使我們在第二季減少了 120 萬美元的利息支出。借助這項融資機制，我們可以在維持充足流動資金的同時，以較低的現金餘額開展業務。

Regarding share repurchases, we continue to believe share repurchases are one of the most compelling uses of capital. In the second quarter, we repurchased approximately 32 million shares at an average price of $3.13 for a total consideration of $100.1 million. Through July, we've repurchased an additional 3.1 million shares at an average price of $3.59 for a total of $11 million.

關於股票回購，我們仍然認為股票回購是資本最有效的運用方式之一。第二季度，我們以平均每股 3.13 美元的價格回購了約 3,200 萬股股票，總對價為 1.001 億美元。截至 7 月，我們以平均每股 3.59 美元的價格回購了 310 萬股股票，總計 1,100 萬美元。

In July, our Board authorized an incremental $200 million, bringing our total authorization as of August 1 to approximately $285 million. During the first half of the year, as Adam stated, we bought back nearly 12% of our total shares outstanding, shrinking our shares outstanding from about $337 million at the end of 2024 to about $297 million at the end of Q2 2025.

7 月，我們的董事會批准追加 2 億美元撥款，截至 8 月 1 日，我們的總撥款金額約為 2.85 億美元。正如亞當所說，今年上半年，我們回購了近 12% 的流通股，使我們的流通股數量從 2024 年底的約 3.37 億美元減少到 2025 年第二季末的約 2.97 億美元。

Moving to guidance. For the third quarter of 2025, we are raising our guidance and expect revenues to be between $461 million and $469 million, gross profit to be between $127 million and $133 million, ex-TAC gross profit to be $166 million to $172 million, adjusted EBITDA to range from $43 million to $48 million, and non-GAAP net income to be $29 million to $34 million.

進入指導環節。對於 2025 年第三季度，我們上調了業績預期，預計收入將在 4.61 億美元至 4.69 億美元之間，毛利潤將在 1.27 億美元至 1.33 億美元之間，扣除 TAC 後的毛利潤將在 1.66 億美元至 1.72 億美元之間，調整後 40 萬美元淨利潤將在 2900 萬美元至 3400 萬美元之間。

For the full year, we are raising our guidance across the board. We now expect revenues to be between $1.86 billion and $1.89 billion, gross profit to be between $541 million and $555 million, ex-TAC gross profit to be $689 million to $703 million, adjusted EBITDA to be $208 million to $214 million, and non-GAAP net income to be $138 million to $144 million.

全年業績預期全面上調。我們現在預計收入將在 18.6 億美元至 18.9 億美元之間，毛利潤將在 5.41 億美元至 5.55 億美元之間，扣除 TAC 後的毛利潤將在 6.89 億美元至 7.03 億美元之間，調整後的 EBITDA 將在 2.084 億美元至 2.384 12. 1.44 億美元之間。

This guidance reflects a strong first half of the year and continued momentum across our business entering the second half. When you are comparing each of the quarters this year to the same quarter last year, you must keep in mind the onboarding of Yahoo, which ramped in the first half of 2024 and impacted quarterly comparisons.

這項業績預期反映了今年上半年強勁的業績表現，以及公司業務在下半年持續保持的成長勢頭。在將今年的每個季度與去年同期進行比較時，必須考慮到雅虎的加入，雅虎在 2024 年上半年開始加速發展，並對季度比較產生了影響。

As a result, we believe the full-year projected growth rate of 3% to 5%, which normalizes for these dynamics, is the best representation of the true growth of our core business. Investors should anticipate growth rates similar to this year for the time being as we focus on returning to consistent double-digit growth.

因此，我們認為，考慮到這些因素，全年預計成長率為 3% 至 5%，最能代表我們核心業務的真實成長。投資者應預期，在公司專注於恢復兩位數持續成長的階段，成長率將與今年類似。

In summary, we're pleased to report a strong first half of the year, with results exceeding the high end of our guidance and giving us the confidence to raise our full-year outlook. With clear momentum across the growth initiatives we outlined at Investor Day and a significant runway ahead, we believe we are well-positioned to continue delivering meaningful value for our shareholders over the long term.

總而言之，我們很高興地報告今年上半年業績強勁，超過了我們預期的上限，這使我們有信心提高全年業績預期。鑑於我們在投資者日上概述的各項成長計畫都取得了明顯的進展，並且未來還有很大的發展空間，我們相信我們有能力在長期內繼續為股東創造有意義的價值。

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

接下來，我們進入問答環節。接線員，請問可以開放提問通道嗎？

(Operator Instructions). Jason Helfstein, Oppenheimer.

（操作說明）傑森·赫爾夫斯坦，奧本海默。

So I guess, literally, just right kind of going on to what you just talked about. So what's the roadmap from here to get back to double digits from the current 3% to 5%? How much of that is investing more in sales, better sales, AdTech? Just take us through how do you get back to double digit. Thank you.

所以我覺得，從字面上講，剛好接上你剛才說的。那麼，從目前的3%到5%重新回到兩位數的水平，接下來的路線圖是什麼？其中有多少用於增加銷售、提升銷售績效、廣告科技方面的投資？請您詳細介紹如何才能重新達到兩位數。謝謝。

Thanks, Jason. How are you doing?

謝謝你，傑森。你好嗎？

So I think in terms of looking like how do we get back to double-digit growth, I think, first of all, let me talk about how to think about our business right now. So we obviously don't want to guide to next year or anything like that. But having said that, the best way to look at our forward-looking growth rates is to look at our full-year guide now, which is 3% to 5%. That guide doesn't include Realize.

所以，就我們如何才能恢復兩位數的成長而言，我認為，首先，讓我談談我們現在應該如何看待我們的業務。所以，我們顯然不想對明年或類似的事情做出任何預測。但話雖如此，要了解我們未來的成長率，最好的方法是看看我們目前的全年預期，即 3% 至 5%。該指南不包含 Realize。

And obviously, the path back to double-digit growth is for Realize to start to allow us to win more budgets from social, win more budgets from display, basically to expand into that much larger TAM that we talked about at our Investor Day. That is the primary thing that needs to happen to get back to double-digit growth.

顯然，Realize 要重回兩位數成長的軌道，就必須讓我們從社群媒體贏得更多預算，從展示廣告贏得更多預算，基本上就是要拓展到我們在投資者日上談到的更大的市場規模。這是恢復兩位數成長的首要條件。

For now, we're not baking it into our guide for the rest of this year. And I think the way to think about our business is that 3% to 5% growth, but we think Realize can get us back to double-digit growth.

目前，我們暫不將其納入今年剩餘時間的指南中。我認為看待我們業務的方式是追求 3% 到 5% 的成長，但我們相信 Realize 可以讓我們重回兩位數成長。

And then just a quick follow up. So obviously, performance marketing has gotten increasingly competitive just for a lot of reasons. Just maybe talk about why you think the product fits the need of marketers right now. Thank you.

然後，再補充一個簡單的問題。很顯然，由於許多原因，效果行銷的競爭變得越來越激烈。或許你可以談談你為什麼認為這款產品符合當前行銷人員的需求。謝謝。

Yeah, I can get this one. So in general, I think we've realized we -- the first thing we did is we made it very easy for advertisers, big and small, to work with us. So we're no longer asking them for a specialized type of workflow.

是的，我可以買這個。所以總的來說，我認為我們已經意識到——我們做的第一件事就是讓大大小小的廣告商都能非常輕鬆地與我們合作。所以我們不再要求他們採用特定的工作流程。

They can import their social formats. They can import the display formats, give us -- it's very much like a Google Ad Manager, whereby they give us their goal. We advise them using AI, what budget they should use. And from that point on, we take it across all of our different types of supply. And I think because Taboola has such a huge distribution with incredible partners such as Yahoo! and Apple and Microsoft and Disney, NBC, USA Today, local sites, sports sites, we have reached to consumers such that we get to see -- outside of Google and Meta, we see people on a consistent basis, probably more than anyone in the OpenWeb.

他們可以匯入他們的社交媒體格式。他們可以匯入顯示格式，給我們——這很像Google廣告管理器，他們可以告訴我們他們的目標。我們建議他們使用人工智慧，並告知他們應該投入多少預算。從那時起，我們就將其應用到我們所有不同類型的供應中。我認為，Taboola之所以能取得如此巨大的成功，是因為它擁有龐大的分銷網絡，並與雅虎等優秀的合作夥伴建立了合作關係。蘋果、微軟、迪士尼、NBC、今日美國、本地網站、體育網站，我們已經接觸到了消費者，因此我們能夠看到——除了谷歌和Meta之外，我們能夠持續地看到人們，可能比開放網路上的任何人都多。

And then alongside our investment in AI, which is now very significant, we're very good at looking for conversions quickly for advertisers, and then from there, grow the budget. I spoke about earlier in my remarks about a few case studies out of hundreds of advertisers that have tested Realize, and we're seeing exactly the type of dynamics you want to see.

此外，隨著我們對人工智慧的投入（目前這筆投入非常可觀），我們非常擅長快速為廣告商尋找轉換率，然後在此基礎上增加預算。我在前面的演講中提到了一些案例研究，這些案例研究來自數百家測試過 Realize 的廣告商，我們看到的正是你們想要看到的那種動態。

One, we're working with new advertisers that beforehand did not work with Taboola because of us being specialized and focused on native. Now that we make it easier for people to try us out, we're seeing new advertisers that are trying Realize and are succeeding.

第一，我們正在與一些以前從未與 Taboola 合作過的廣告商合作，因為我們專注於原生廣告，而且非常專業。現在我們讓人們更容易試用我們的產品，我們看到越來越多的新廣告商正在嘗試 Realize 並取得了成功。

And the second thing we're seeing is growth in budgets. And like Stephen mentioned, that is the main focus for the company, to get more advertisers to work with us and to get budgets to go up and right. So I think we're best positioned outside of Meta and Google to find conversions for advertisers because it's easy, we have the distribution. We have the data and AI to make it work.

我們看到的第二件事是預算成長。正如史蒂芬所提到的那樣，公司的主要重點是吸引更多廣告商與我們合作，並提高廣告預算。所以我認為，除了 Meta 和 Google 之外，我們最有能力為廣告商找到轉換率，因為這很容易，我們擁有分銷管道。我們擁有實現這一目標所需的數據和人工智慧。

Laura Martin, Needham and Company.

勞拉馬丁，尼德姆公司。

And I want to follow up on this answer you just gave to Jason's question. I would have said that this 2% increase in budget is disappointing because I agree with what you just said, that increasing budgets from existing clients is the whole purpose behind Realize to try to get some of those native clients display budgets.

我想就你剛才對傑森問題的回答再補充一點。我會說這 2% 的預算成長令人失望，因為我同意你剛才所說的，Realize 的全部目的就是增加現有客戶的預算，試圖從這些原生客戶那裡獲得展示預算。

So while the 9% increase in scale clients is really impressive, the 2% is really disappointing, and I do think that's our primary focus. So why isn't that growth higher for existing clients, do you think?

因此，儘管規模客戶成長 9% 的確令人印象深刻，但 2% 的成長卻令人失望，而且我認為這才是我們的主要關注點。那麼，你認為為什麼現有客戶的成長率沒有更高呢？

Yeah. Hi, Laura. So I think that's a good question. And I think it's -- thanks for prompting on because it's important for us to talk about that. I think we have a good slide in our backup deck that's on our investors.taboola.com that you can take a look at. What you see there is that the number of scaled advertisers continues to grow, and you see kind of a nice up into the right trend.

是的。你好，蘿拉。所以我覺得這是一個很好的問題。我覺得——謝謝你的提醒，因為這對我們來說很重要，我們需要談談這件事。我認為我們在 investors.taboola.com 網站上的備用簡報中有一張不錯的幻燈片，您可以去看一下。你可以看到，規模化廣告商的數量持續成長，並且呈現出良好的上升趨勢。

The average revenue per scaled advertiser has been kind of in that similar range for probably seven or eight quarters now. But the reason for that is the existing advertisers that we do have that have already been in that scaled category are growing. They're growing year over year; and that is the growth. But as we bring on new advertisers, they tend to start at the lower end of that range, and then they kind of grow over time. So they bring down the average somewhat.

過去七、八個季度以來，每個規模廣告客戶的平均收入一直保持在類似的範圍內。但原因在於，我們現有的、已經進入這個規模化領域的廣告客戶正在不斷成長。它們逐年增長；這就是增長。但隨著我們引入新的廣告商，他們的投入往往從較低的水平開始，然後隨著時間的推移而逐漸增加。所以它們會稍微拉低平均值。

So basically, it's just because of the fact that we continue to grow that number of scaled advertisers that brings down the overall average.

所以基本上，正是因為我們不斷增加規模化廣告商的數量，才拉低了整體平均值。

So this isn't a same-store number. You're not looking at the prior-year scaled advertiser holding it constant and look at theirs; you're allowing the new ones to lower the average.

所以這不是同店銷售數據。你沒有參考上一年規模較大的廣告商的數據，而是讓新的廣告商拉低了平均值。

That's correct. So it's not a same store. But by the way, that is a very interesting observation and maybe something that we'll look at in the future, giving some indication of more same store.

沒錯。所以這裡不是同一家店。但順便說一句，這是一個非常有趣的觀察，也許我們將來會研究一下，這或許能預示著同店銷售的增加。

Yeah. I think that would be the better -- the more interesting number if it's growing faster than 2% because 2%, if that's your primary focus, does not look very impressive.

是的。我認為如果成長速度超過 2%，那麼這個數字會更好——也更有趣，因為 2%（如果你主要關注的是這個數字）看起來並不令人印象深刻。

And then, Adam, for you, OpenWeb. So sort of an increasing number of people are saying the OpenWeb is dead in part because this Google Search moving to Google Answers and sort of ChatGPT answering questions rather than sending links really does threaten sort of the OpenWeb writ large.

然後，亞當，為你，OpenWeb。越來越多的人認為開放網路已經消亡，部分原因是谷歌搜索轉向谷歌問答，以及 ChatGPT 回答問題而不是發送鏈接，這確實對整個開放網絡構成了威脅。

And I understood your point that you have the best biggest brand clients. But I mean, even if the biggest brand client has 30% of its traffic coming from search, that's about to go to zero in theory over the next five years. So they don't really sound very immune. But more importantly, I'd like you to discuss the whole notion of does the open Internet survive the change in generative AI search behavior?

我明白你的意思，你擁有最好的、最大的品牌客戶。但我的意思是，即使最大的品牌客戶有 30% 的流量來自搜索，理論上，在未來五年內，這個數字也將降至零。所以聽起來他們似乎沒有很強的免疫力。但更重要的是，我想請您探討一下，開放的網路能否在生成式人工智慧搜尋行為的改變中存活下來？

I think that's a great question. So a few things, just starting with some stats and then we can go into where I think it's going. So overall, for us as a company, we have seen a minimal impact to date from LLM-driven search changes.

我覺得這是一個很好的問題。所以，先從一些統計數據開始，然後我們可以談談我認為它的發展方向。總的來說，就我們公司而言，到目前為止，LLM 驅動的搜尋變化對我們造成的影響微乎其微。

I spoke about 5% of our US traffic as of now comes from search, and that's primarily because we have two types of publishers, one that are very big and are known brands who have a lot of direct traffic. So for them, search is 30%, 40%. And then we have sort of like big platforms such as Microsoft, Yahoo, Apple, and others. They don't get any search traffic. They're fairly or very little.

我之前說過，目前我們美國流量的 5% 來自搜索，這主要是因為我們有兩種類型的出版商，一種是規模非常大、知名度很高的品牌，擁有大量的直接流量。所以對他們來說，搜尋佔 30%、40%。然後我們還有一些大型平台，例如微軟、雅虎、蘋果等等。它們沒有任何搜尋流量。它們數量很少或相當少。

So for that reason, as a company, we have about 5% comes from search, Google Search specifically. And the decline we've seen is in the mid-single digits. So as of now, it's not material.

因此，作為一家公司，我們大約有 5% 的收入來自搜索，特別是谷歌搜尋。我們看到的下降幅度在個位數中段。所以就目前而言，這還不是實質問題。

To me, in fact, that was the meeting I had before coming here today. I think where it's going is very exciting to me. I think that while search traffic may go down and will reduce page views to publishers from that perspective, there is a new kind of birth of new type of traffic that will go up, and that is LLM on publisher sites.

事實上，對我來說，那就是我今天來這裡之前參加的會議。我覺得它的發展方向非常令人興奮。我認為，雖然搜尋流量可能會下降，從這個角度來看會減少出版商的頁面瀏覽量，但一種新的流量類型將會出現並上升，那就是出版商網站上的LLM流量。

And I think you may have seen we announced deeper dive, and I spoke about that, but to me, publishers for the first time that have trust with consumers could capitalize on offering LLM to consumers and create a new touch point and a new interaction with consumers that may be worth a lot more than the search traffic they lose. So if I'm a financial publisher or a sports publisher or a local site or a national site with a travel section, someone talking on my site about the travel they may take or mortgage you're considering taking using LLM, which is a behavior they're used to on ChatGPT, will be worth a fortune in my opinion.

我想你們可能已經看到我們宣布了更深入的探索，我也談到了這一點，但對我來說，那些與消費者建立信任的出版商第一次可以利用向消費者提供LLM服務，創造一個新的接觸點和與消費者的新互動，這可能比他們失去的搜尋流量更有價值。所以，如果我是一個財經出版商、體育出版商、本地網站或設有旅遊版塊的全國性網站，有人在我的網站上談論他們可能進行的旅行或你正在考慮使用LLM（這是他們在ChatGPT上習慣的行為）辦理的抵押貸款，在我看來，這將價值連城。

So I just -- I can tell you, I just booked a trip with my family in August. I started on ChatGPT. I spent 30 minutes, 30 seconds there. But I spent 30 minutes across the web looking for reviews and images because I knew want my racks to be upset that I'm taking it to a bad place. So I think the consumer behavior is that you start with some engines, but you then spend a lot of time reviewing, reading, getting curious, and educated before you make a decision, and that's where the OpenWeb shines.

所以，我可以告訴你，我剛剛預訂了八月和家人一起的旅行。我最初是從 ChatGPT 開始的。我在那裡待了30分30秒。但我花了 30 分鐘在網路上搜尋評論和圖片，因為我不想讓我的架子因為我把它送到一個不好的地方而感到難過。所以我認為消費者的行為是，你先選擇一些引擎，然後花很多時間進行審查、閱讀、產生好奇心和學習，然後再做決定，而這正是 OpenWeb 的優勢所在。

So I think that there's a huge opportunity for LLM thriving on the OpenWeb in ways that we have not seen yet.

所以我認為，LLM 在開放網路上擁有巨大的發展機遇，其發展方式是我們以前從未見過的。

And then my last question, which is my third question, is, walk me through why you would -- I love the fact you're shrinking the capital base. But why would you spend $100 million buying in shares and not touch the $88 million worth of debt when we don't have an AdTech company other than you guys really that has financial leverage?

我的最後一個問題，也就是我的第三個問題，是請你解釋一下你為什麼要這樣做——我非常喜歡你正在縮小資本基礎的做法。但是，除了你們之外，我們還沒有其他真正擁有財務槓桿的廣告科技公司，為什麼你們要花 1 億美元買股票，卻不去動用價值 8,800 萬美元的債務呢？

Yeah. No, that's a good question, Laura. So the way we're managing it right now is we're basically using the revolver as our kind of cushion to allow us to keep basically cash neutral roughly. So you saw we had about $27 million of net cash at the end of last quarter. But throughout the quarter, that fluctuates between kind of a negative net cash balance of around $30 million to $40 million, up to a positive cash balance of up to about $50 million to $60 million. And we use the revolver to manage that.

是的。不，蘿拉，你問得好。所以我們目前的管理方式是，我們基本上將循環信貸額度作為我們的緩衝資金，使我們能夠大致保持現金中立。所以您可以看到，截至上個季度末，我們擁有約 2700 萬美元的淨現金。但在整個季度中，淨現金餘額在 3,000 萬至 4,000 萬美元左右的負值和 5,000 萬至 6,000 萬美元左右的正值之間波動。我們用左輪手槍來控制這種情況。

So the way we're managing is we're managing to roughly cash neutral on an average basis over the course of the quarter, and then using the excess cash flow we have beyond that to buy back shares. And we think that's the right way to do it because, A, it's very low risk. We, generally speaking, have enough cash to pay off the revolver at any given moment anyway. But it's also fairly capital efficient because we're able to swing into negative net cash territory for brief periods using the revolver and continue to be aggressive in our share buyback. So that's the way we're managing things.

因此，我們的管理方式是，在整個季度中，我們努力實現平均現金流大致平衡，然後將超出平衡範圍的剩餘現金流用於回購股票。我們認為這是正確的做法，因為，首先，風險非常低。一般來說，我們隨時都有足夠的現金來償還左輪手槍的貸款。但它的資本效率也相當高，因為我們可以利用循環信貸額度在短時間內轉入負淨現金狀態，並且持續積極回購股票。這就是我們處理事情的方式。

And generally, the other thing I would say is if you do the kind of capital structure math, we should be buying back shares in our belief, up to a much higher share price. So we think it's a good use of cash as well.

另外，我想說的是，如果你進行資本結構的計算，我們相信我們應該回購股票，直到股價大幅上漲。所以我們也認為這是對現金的合理利用。

Matt Condon, Citizens.

馬特康登，市民。

My first one is just on Realize. Can you just walk through again what are the potential gating factors as far as that ramping here at the end of '25, maybe into '26? Is it a function of just getting into annual budgeting and breaking in there? Can you just talk about just how we should think about the ramp into 2026?

我的第一個作品就在 Realize 上。能否再詳細說明一下，在 2025 年底，或許到 2026 年，這裡產能爬坡可能面臨的阻礙因素有哪些？是不是只要開始做年度預算並適應這種做法就行了？可以談談我們應該如何規劃2026年的過渡期嗎？

Yeah, I can start. So the biggest thing is, as you know, from Realize, the biggest opportunity for us is that we're tapping into a much bigger market of essentially performance budgets. So if you think about advertisers the way they think about advertisers the way they think about the future and I think now more than ever, performance advertising is becoming the key part that advertisers want to make sure they're good at and they're diversified outside of search and social.

好的，我可以開始了。所以，如你所知，從 Realize 來看，我們最大的機會在於，我們正在開拓一個更大的市場，這個市場本​​質上就是績效預算市場。所以，如果你從廣告商的角度來思考他們對未來的思考方式，我認為現在比以往任何時候都更甚，效果廣告正成為廣告商想要確保自己擅長並實現搜尋和社交之外多元化的關鍵部分。

In a world that's a bit volatile and things are changing. The first thing advertisers talk is brand dollars. And the last thing -- the stop is their kind of oxygen line, which is the performance advertising budget. And with Realize, we're tapping into two types of kind of parts of that market.

在一個有點動盪、瞬息萬變的世界。廣告商首先談論的就是品牌投入。最後一點－他們的「氧氣管線」就是績效廣告預算。透過 Realize，我們正在開拓該市場的兩種不同類型的部分。

The first one is display advertising budget, which is highly fragmented. So here, Realize needs to essentially be better than alternative AdTech platforms that we're getting -- we estimate to be more than $10 billion a year. Many, many, many small companies are getting a piece of that pie. And we think Taboola has a significant advantage because of our first-party data, because of our AI and distribution to allow us to take a piece of that sort of $10 billion display budget. That's part of it.

第一個是展示廣告預算，這個預算非常分散。因此，Realize 基本上需要比我們正在使用的其他廣告科技平台更好——我們估計這些平台的年收入超過 100 億美元。許多許多小公司都從中分得了一杯羹。我們認為 Taboola 擁有顯著優勢，因為我們擁有第一方資料、人工智慧和分銷管道，這使我們能夠從高達 100 億美元的展示廣告預算中分一杯羹。這是其中的一部分。

And the second thing is that advertisers tell us that when they spend money on social at large, they're seeing some diminishing return at the tail of their spend. So if you look at kind of like their conversion rates over time, it starts well on social platforms, and then they get to kind of a bigger goal. And in the end of that campaign, a lot of times, it's too expensive.

第二點是，廣告商告訴我們，當他們在社群媒體上投入大量資金時，他們在支出後期會發現收益遞減。所以，如果你觀察他們一段時間內的轉換率，你會發現他們在社群平台上的轉換率一開始表現不錯，然後他們就朝著更大的目標邁進了一步。而到了競選活動的最後，很多時候，成本都太高了。

So they would love to give us 10%, 50% of their social spend and see if we can drive similar performance. So with Realize, we're hard at work going after those two buckets. I think the first one, the display one, we're seeing kind of a lot of traction because again, it's highly fragmented. And I think we have an advantage there, and social will be longer term for us. But that's how I see us doubling and tripling Taboola's revenue in years to come, taking advantage again of our first-party data and technology.

所以他們很樂意把社群媒體支出的 10% 或 50% 交給我們，看看我們能否取得類似的表現。所以，我們正和 Realize 一起努力，爭取實現這兩個目標。我認為第一個方面，也就是顯示器方面，我們看到了很多關注，因為這個領域非常分散。我認為我們在這方面有優勢，而且從長遠來看，社交方面對我們來說更具優勢。但我認為，透過再次利用我們的第一方數據和技術，我們可以在未來幾年內將 Taboola 的收入翻倍甚至兩番。

And I'm happy that we were conservative in the way we think about the business to give our team an opportunity to work hard to keep innovating, learning from the market, and essentially see budget growth, which will drive the company's growth over time.

我很高興我們在思考業務時採取了保守的態度，這給了我們的團隊努力工作的機會，讓他們不斷創新，從市場中學習，並最終實現預算增長，這將隨著時間的推移推動公司的發展。

And then my second one is just on the growth scaled advertisers. Can you just talk about what were the drivers there? Was it just better budgets out of existing clients because of the improved macroenvironment or new customer acquisitions? Can you just talk about what's the driver there?

我的第二個問題是關於規模化廣告商的成長。你能說說當時的司機是誰嗎？是因為宏觀環境改善而從現有客戶那裡獲得了更好的預算，還是因為獲得了新客戶？你能說說是什麼因素導致了這個問題嗎？

Yeah. So I think if you look at the two numbers, the number of scaled advertisers grew about 9%, and the average revenue per scaled advertiser grew about 2%. The number of scaled advertisers has been consistently growing for us over the last few years. And that, frankly, is just good sales effort from our sales teams, bringing on new customers and then working to grow them over time.

是的。所以我覺得，如果你看這兩個數字，規模化廣告商的數量增加了約 9%，每個規模廣告商的平均收入增加了約 2%。過去幾年，我們的規模化廣告客戶數量一直持續成長。坦白說，這只是我們銷售團隊出色的銷售努力，他們先是吸引了新客戶，然後努力隨著時間的推移發展壯大這些客戶。

I think it kind of speaks to our advantage as a performance advertising platform, the fact that we are able to show that performance to the advertisers and get them to scale with us. That's why we've been able to grow the number of scaled advertisers over time.

我認為這在某種程度上體現了我們作為效果廣告平台的優勢，因為我們能夠向廣告主展示這種效果，並讓他們與我們一起擴大規模。這就是為什麼我們能夠隨著時間的推移增加規模化廣告商的數量。

And as I said to Laura earlier, I think generally, what I want to see for now is that the average revenue per scaled advertiser kind of stays in that relative range that it's been right now and doesn't shrink per se. But as long as it's staying in that range, I think being able to grow the number of scaled advertisers is really important because that, as I've said in my prepared remarks and in past quarters, that's the fuel for future growth because now we can work to grow those advertisers even more over time.

正如我之前對勞拉所說，我認為目前我希望看到的是，每個規模廣告商的平均收入保持在目前的相對範圍內，而不是萎縮。但只要它保持在那個範圍內，我認為能夠增加規模化廣告商的數量就非常重要，因為正如我在準備好的發言稿和過去的幾個季度中所說，這是未來增長的動力，因為現在我們可以努力隨著時間的推移進一步增加這些廣告商的數量。

Zach Cummins, B. Riley Securities.

Zach Cummins，B. Riley Securities。

Congrats on the solid quarter, and thanks for taking my questions. So first question, can you give us an update in terms of just the overall tariff environment? I know during your last earnings call, you mentioned kind of a modest headwind out of China with some of your customers and impacts on the advertising spend there. So any sort of update you can give on that front and kind of the assumptions that you're making for second half of this year?

恭喜你們本季業績出色，謝謝你們回答我的問題。首先，能否請您介紹一下整體關稅環境的最新情況？我知道在您上次的財報電話會議上，您提到了一些來自中國的不利因素，這些因素對您的一些客戶以及在中國的廣告支出產生了一定的影響。那麼，您能否就這方面提供一些最新進展，以及您對今年下半年所做的一些假設？

Yeah. So the simple answer on the assumptions that we're making for the second half of the year is more of the same. And as we said last quarter, we did see a reduction in China spend or China revenue to our business. It's not material. It was less than 1% or right around 1%.

是的。因此，對於我們對下半年所做的假設，簡單的答案是：情況與上半年基本上相同。正如我們上個季度所說，我們確實看到中國業務的支出或收入減少。這不是物質問題。不到1%，或者說接近1%。

And currently, China accounts for about 5% of our revenue. So it's not -- the impact hasn't been huge. But we're assuming that that does not really come back the rest of the year. And in fact, last year, Q4, China was actually an area of strength for us. So we're not factoring that into the guide for the rest of the year. And so we've taken it into account and assumed kind of more of what we're seeing right now.

目前，中國市場約占我們收入的5%。所以，影響並不大。但我們假設這種情況在今年餘下的時間裡不會再次出現。事實上，去年第四季度，中國實際上是我們的優勢地區。因此，我們不會將此因素納入今年剩餘時間的指南中。因此，我們已經考慮到了這一點，並假設了與我們現在所看到的更接近的情況。

By the way, we've seen a very slight recovery in the China revenue, but nothing material at this point, which is why we're not factoring any recovery into our guidance.

順便一提，我們看到中國市場的收入略有回升，但目前還沒有任何實質變化，所以我們沒有將任何回升因素納入我們的業績預期。

Understood. And nice to see the continued expansion of the share repurchase program. Steve, any sort of update you can give around kind of approval from Israeli authorities in terms of the 25% holder? Just curious on that front or just maintaining the existing structure that you have in place right now.

明白了。很高興看到股票回購計畫的持續擴大。史蒂夫，關於以色列當局對持有25%股份的股東的批准，你有什麼最新消息可以透露嗎？我只是好奇這方面的情況，還是只是維持你們目前現有的結構。

Yeah. No, good question. So first of all, just to kind of explain to everybody what it is that you're mentioning about the buyback. So we just got an additional $200 million of authorization for our buyback. So we've got about $285 million of total authorization for our buyback now.

是的。不，問得好。首先，我想向大家解釋一下您提到的回購到底是什麼。所以我們剛剛獲得了額外的 2 億美元回購授權。所以我們現在總共獲得了大約 2.85 億美元的回購授權。

We chose to do that kind of during this quarter just to be proactive because Israel has regulations around what you -- some hoops you have to jump through in order to get the approval to be able to do buybacks. It takes some time. So we wanted to do that kind of mid-quarter here and get it set up. So it's just being proactive.

我們選擇在本季採取這種做法，只是為了未雨綢繆，因為以色列對股票回購有一些規定——你必須克服一些障礙才能獲得批准。這需要一些時間。所以我們希望在季度中期完成這項工作並做好準備。所以，這只是未雨綢繆而已。

In terms of the approval for not having to buy back shares from Yahoo! -- to the exception from the -- or exemption from the 25% rule, unfortunately, I don't have anything specific or any specific update on that currently. We're working on it. We'll update you when we have something material to say about it. But unfortunately, I don't even have a timeline at this point.

關於無需從雅虎回購股票的批准——即豁免25%規則的例外情況——很遺憾，目前我沒有任何具體資訊或最新進展。我們正在努力。如有實質進展，我們會及時通知您。但很遺憾，目前我連個時間表都沒有。

James Kopelman, TD Cowen.

James Kopelman，TD Cowen。

Congrats on the quarter. I have a couple. First, for Adam, I think you mentioned Taboola News growing double digits. Maybe any additional or updated color on how big you see the opportunity at Taboola News over time compared to what I think at one point was a historical run rate of around $100 million in revenue.

恭喜你本季取得佳績。我有一對。首先，亞當，我想你提到過 Taboola News 實現了兩位數的成長。或許可以補充一些關於您如何看待 Taboola News 的發展機會的補充或更新信息，以了解其未來發展前景與我之前認為的約 1 億美元的歷史營收水平相比如何。

What do you see as the near-term opportunities for Taboola News? Should we expect to see a broader rollout of countries and device OEMs? Or is future growth being driven primarily by some of the prior metrics, higher engagement yield, et cetera? And then I have one or two follow ups.

您認為Taboola News近期有哪些發展機會？我們是否應該期待看到更多國家和設備OEM廠商參與？或者，未來的成長主要由先前的某些指標（例如更高的參與度）等因素所驅動？然後我還有一兩個後續問題。

Sure. Thanks for the question, good morning. So a few things about Taboola News. One, I'll just -- I'll say, I like this business a lot. It follows really great within Realize strategy of having supply that is unique, that converts, and advertisers like. So in this case, just as a reminder for people, this is where Taboola is the news experience on devices such as Xiaomi and Samsung and others that where they see either on the live screen or they have to swipe right to see the news feed from all of our publishers, they click on that, and then we're the first thing they do before they open a browser, before they open social network.

當然。謝謝你的提問，早安。關於Taboola News，有幾點需要說明。首先，我就直說了，我非常喜歡這個行業。這完全符合 Realize 的策略，即提供獨特、轉換率高且廣告商喜歡的廣告素材。所以，在這裡，我想提醒大家，Taboola 是小米、三星等裝置上的新聞體驗平台。用戶要么在即時螢幕上看到新聞，要么需要向右滑動才能看到我們所有發布商的新聞推送。當他們點擊新聞推播後，Taboola 就成了他們在打開瀏覽器、打開社群網路之前先造訪的網站。

Taboola is the first experience they have on their device. So it's a very special moment on the consumer journey.

Taboola是他們在裝置上體驗的第一個應用。所以這是消費者旅程中一個非常特別的時刻。

So the second quarter was good. It's growing faster than the company. And we're seeing growth in devices and performance and new touch points that we're testing with. Without getting into too much kind of guidance on this, I'll just say we're having good momentum, and we'll continue to invest in this.

所以第二季表現不錯。它的成長速度比公司本身還要快。我們看到設備效能和新的接觸點都在成長，我們正在對此進行測試。我不想就此給出太多指導意見，只想說我們目前勢頭良好，我們將繼續加大投入。

And again, the main thing we are trying to do is get more devices, more partners around the world that are good for our advertisers and can give us more kind of unique supply that we want to get for Realize. So overall, like the business, it's growing faster, and it's something that is relevant to Realize strategy.

再次強調，我們的主要目標是獲得更多設備，更多遍布全球的合作夥伴，這些合作夥伴對我們的廣告商有利，能夠為 Realize 提供我們想要的更多獨特的廣告資源。所以總的來說，就像公司業務一樣，它的成長速度更快，這與 Realize 的策略息息相關。

And then just a quick follow-up, I guess, either for Adam or for Steve. Just given the ongoing macro uncertainty, what's your sense of conditions in the digital ad market as we head into late summer? What are you hearing from your conversations with clients with regards to ad budgets in the second half of the year? And maybe just remind us again, what's the geographic split of your business, North America versus Europe versus other regions?

然後，我想再快速地問一個後續問題，可能是給亞當的，也可能是給史蒂夫的。鑑於目前宏觀經濟情勢的不確定性，您認為在夏末之際，數位廣告市場的狀況如何？您從與客戶的溝通中了解到，他們對下半年的廣告預算有何看法？或許您還能再提醒我們一下，貴公司業務的地理分佈如何？北美、歐洲還是其他地區？

Yeah. Good questions. So first of all, on the macro side of things, we're seeing basically continued stability.

是的。問得好。首先，從宏觀層面來看，我們看到的基本上是持續穩定。

So I think we've talked about in the past that the way our advertiser partners talk about their view of things is that they're keeping a close eye on things. Obviously, the tariffs and everything that's going on with the tariffs is concerning to them, but they're not cutting spend. They're just keeping an eye on it. So that's kind of what we're still hearing from our advertiser partners.

所以我覺得我們之前也討論過，我們的廣告合作夥伴在談到他們對事物的看法時，總是說他們正在密切關注事態發展。顯然，關稅以及與關稅相關的一切都令他們擔憂，但他們並沒有削減開支。他們只是在密切關注此事。所以，我們目前仍然從廣告合作夥伴那裡聽到類似的回饋。

So generally speaking, that has continued. And I think that's what we built into our guide, as I mentioned earlier, is basically that we expect kind of continued stability of the ad markets.

總的來說，這種情況一直持續至今。正如我之前提到的，我認為我們在指南中融入的理念是，我們預期廣告市場將保持某種程度的穩定。

In terms of our geographic split, we're fairly diversified. We are about -- with bringing on Yahoo!, we're about 50% US-plus, but we are pretty well diversified outside the US as well. And even where we have revenue inside the US, in many cases, the advertisers are spending globally with us.

從地域分佈來看，我們相當多元化。收購雅虎後，我們的業務在美國及其他地區的佔比約為 50%，但我們在美國以外的業務也相當多元化。即使在我們在美國境內有收入的情況下，許多廣告商也是在全球範圍內與我們合作投放廣告。

So it's brands that are trying to reach consumers globally, and we're a good global source of that because we have a lot of traffic and eyeballs outside the US. So about 50% US, but very well globally diversified.

所以，這是那些試圖觸及全球消費者的品牌，而我們是一個很好的全球資源，因為我們在美國以外擁有大量的流量和關注。所以大約 50% 的投資來自美國，但全球多元化程度很高。

Last quick one for Steve. I think sales and marketing G&A might have been just a touch higher than what we were modeling heading in. Anything to call out to drive the slight increase there? And then how should we think about modeling, I guess, expenses in the second half, or any commentary on head count?

給史蒂夫的最後一個簡短問題。我認為銷售和行銷的一般及行政費用可能比我們之前預測的略高一些。有什麼因素導致了這一小幅成長嗎？那麼，我們應該如何考慮下半年的開支模型，或對人員數量做出任何評論呢？

Yeah. So the first quarter and second quarter had a couple of unusual timing items between the two. So if you look at our first-quarter expenses and then our second quarter, first quarter was lower, second quarter ticked up quite a bit. I would look at the average of those two quarters to give you a good sense of what the third quarter and fourth quarter will be.

是的。因此，第一季和第二季之間存在一些不尋常的時間安排。所以，如果你看一下我們第一季的支出，然後再看一下第二季的支出，第一季的支出較低，第二季的支出則大幅上升。我會參考這兩個季度的平均值，以便更好地了解第三季和第四季的情況。

So second quarter was actually higher than it should have been because of the timing issues with Q1. So think of the average of those two quarters going forward. I think that's the best way to look at it, frankly.

因此，由於第一季的時間安排問題，第二季的實際業績高於預期。所以，想想這兩個季度未來的平均值。坦白說，我認為這是最好的看待這個問題的方式。

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

謝謝。問答環節到此結束。現在我謹將發言權交還給執行長亞當·辛戈爾達，請他作總結發言。

Thank you, everyone, for joining us this morning. As you see, we've had a strong second quarter and ready to build on this momentum throughout the year. Realize, which is our main focus as a company to grow spend from advertisers and grow Taboola, it's early days, but we like what we're seeing, and we're just getting started. We're laser focused going after the performance advertising market, giving advertisers choice beyond Google and Meta.

謝謝大家今天早上收看我們的節目。如您所見，我們第二季業績強勁，並準備在全年保持這一勢頭。我們公司的主要目標是增加廣告商的支出，發展 Taboola，雖然現在還處於早期階段，但我們對目前的情況感到滿意，我們才剛起步。我們正全力進軍成效廣告市場，為廣告主提供Google和 Meta 以外的選擇。

Thanks again, everyone, for continued support. And we're looking forward to talking to all of you in weeks to come.

再次感謝大家一直以來的支持。我們期待在接下來的幾週內與大家交流。

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。節目到此結束。您現在可以斷開連線了。