Teads Holding Co (TEAD) 2023 Q4 法說會逐字稿

Good day, and welcome to Outbrain Inc. fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

美好的一天，歡迎參加 Outbrain Inc. 第四季和 2023 年全年財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would like to turn the call over to Outbrain's Investor Relations. Please go ahead.

我想將電話轉給 Outbrain 的投資者關係部門。請繼續。

Good morning, and thank you for joining us on today's conference call to discuss Outbrain's fourth-quarter and full-year 2023 results. Joining me on the call today, we have Outbrain's Co-Founder and co-CEO, Yaron Galai; Co-CEO, David Kostman; and CFO, Jason Kiviat.

早安，感謝您參加今天的電話會議，討論 Outbrain 第四季和 2023 年全年業績。今天加入我的電話會議的有 Outbrain 聯合創始人兼聯合執行長 Yaron Galai；聯合執行長大衛·科斯特曼；和財務長賈森·基維亞特。

During this conference call, management will make forward-looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties that may cause actual results to differ materially from our forward-looking statements.

在本次電話會議期間，管理階層將根據目前的預期和假設做出前瞻性聲明。這些陳述存在風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。

These risk factors are discussed in detail in our Form 10-K filed for the year ended December 31, 2022, as updated in our subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the call's original date, and we do not undertake any duty to update such statements.

這些風險因素在我們提交的截至 2022 年 12 月 31 日止年度的 10-K 表格中進行了詳細討論，並在我們隨後向美國證券交易委員會提交的報告中進行了更新。前瞻性陳述僅代表截至電話會議原始日期的情況，我們不承擔更新此類陳述的任何義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's fourth quarter earnings release for definitional information and reconciliations of non-GAAP measures to the comparable GAAP financial measures. Our earnings release can be found on our IR website, investors.outbrain.com under News and Events.

今天的演示也提到了非公認會計準則財務指標。您應該參考公司第四季度收益發布中包含的信息，以了解非公認會計準則衡量指標與可比公認會計準則財務衡量指標的定義信息和調節表。我們的收益發布可以在我們的投資者關係網站 Investors.outbrain.com 的「新聞和活動」下找到。

With that, let me turn the call over to David.

現在，讓我把電話轉給大衛。

Thank you, Jackie, and good morning and thank you for joining us. Before going into the specifics of the year, I wanted to acknowledge the challenging events that faced us on a geopolitical level. The events of October 7 and the ensuing war are devastating and continue to impact so many of us. I want to take a moment to acknowledge our team in Israel and thank them for their unwavering commitment and our global team for their ongoing support.

謝謝你，傑基，早安，謝謝你加入我們。在討論今年的具體情況之前，我想承認我們在地緣政治層面面臨的具有挑戰性的事件。10 月 7 日發生的事件以及隨後發生的戰爭是毀滅性的，並繼續影響著我們許多人。我想花點時間向我們在以色列的團隊表示感謝，感謝他們堅定不移的承諾以及我們全球團隊的持續支持。

Over the past couple of years, there have been massive changes to how audiences consume content and how the advertising industry functions as a result. We believe the unique foundational assets we own give us a strong opportunity to capitalize on these changes. We are looking at 2024 as a year of return to growth, expect margin expansion, and investment in new growth areas. We believe this will result in growth this year as well as double-digit growth and a 20% plus EBITDA margin in 2025.

在過去的幾年裡，受眾消費內容的方式以及廣告業的運作方式發生了巨大的變化。我們相信，我們擁有的獨特基礎資產為我們提供了充分利用這些變化的機會。我們將 2024 年視為恢復成長的一年，預計利潤率將擴大，並將投資於新的成長領域。我們相信，這將帶來今年的成長，以及兩位數的成長，並在 2025 年實現 20% 以上的 EBITDA 利潤率。

With that said, we would like to update you on our long-term vision and strategic investment areas. Before we dive into the details, I'm going to provide a perspective on the Open Internet, which is estimated to be $100 billion advertising market and the opportunities it presents. The Open Internet provides access to an increasingly valuable resource: journalistic non-user-generated editorial content.

話雖如此，我們想向您介紹我們的長期願景和策略投資領域的最新情況。在我們深入討論細節之前，我將提供一個關於開放網路的觀點，該市場估計價值 1000 億美元的廣告市場及其帶來的機會。開放網路提供了對日益寶貴的資源的存取：非用戶生成的新聞社論內容。

In addition, the Open Internet also provides access to expanding emerging environments such as mobile apps, CTV, and retail media. These environments create deep engagement and attention opportunities not found within walled gardens, and they provide unique value to advertisers. And while walled gardens continue to grow. Advertisers are seeking to diversify their ad spend across channels that can provide incremental audience moments and efficient reach.

此外，開放互聯網還提供了對行動應用、CTV 和零售媒體等不斷擴展的新興環境的存取。這些環境創造了圍牆花園中所沒有的深度參與和關注機會，並為廣告商提供了獨特的價值。而圍牆花園仍在不斷成長。廣告主正在尋求跨管道的廣告支出多元化，以提供增量的受眾時刻和有效的覆蓋範圍。

Outbrain is well positioned to capitalize on this opportunity, providing a single access point for advertisers. We have an excellent starting point due to our foundational business asset and core AI prediction technology, which has been developed over the last 17 years. First, we are one of the very few companies on the Open Internet with a critical mass of exclusive code on page inventory across some 8,000 publishers. This yields valuable proprietary data around consumer interest and engagement.

Outbrain 充分利用此機會，為廣告主提供單一存取點。由於過去 17 年開發的基礎業務資產和核心人工智慧預測技術，我們擁有一個良好的起點。首先，我們是開放網路上為數不多的在約 8,000 家出版商中擁有大量專有程式碼庫存的公司之一。這會產生有關消費者興趣和參與度的寶貴專有數據。

These data, coupled with our core prediction technology, fuels our successful performance advertising business. We've been able to develop new applications of our data and technology with offerings like Keystone, optimizing total publisher revenue initiatives, including subscriptions and e-commerce, and Onyx. As third-party cookies decline, we believe that our approach to predicting consumer attention based on their editorial interest and their content will be a strong solution for a range of advertiser objectives.

這些數據與我們的核心預測技術相結合，推動了我們成功的效果廣告業務。我們已經能夠透過 Keystone 等產品開發數據和技術的新應用程序，優化發布商總收入計劃，包括訂閱和電子商務以及 Onyx。隨著第三方 cookie 的減少，我們相信，我們根據消費者的編輯興趣和內容來預測消費者註意力的方法將是實現一系列廣告商目標的強大解決方案。

Second, we operate a true end-to-end supply chain and two-sided platform. Our owned-and-operated SSP, DSP, and native ad platform provide transparent direct access to our critical mass of inventory with tools tailored to a range of advertiser objectives. As the industry continues to focus on supply path optimization, owning the direct route through unique consumer moments and inventory is more critical than ever.

其次，我們營運真正的端到端供應鏈和雙邊平台。我們擁有並經營的 SSP、DSP 和原生廣告平台透過針對一系列廣告客戶目標量身打造的工具，可以透明地直接存取我們的關鍵庫存量。隨著行業繼續專注於供應路徑優化，擁有通過獨特的消費者時刻和庫存的直接路線比以往任何時候都更加重要。

In addition, we believe that these tools give us unique bidding capabilities that drive ROAs for performance advertisers across the Open Internet. This is especially differentiated in the programmatic ecosystem. So in 2024, we plan to lean on this core asset to expand in three strategic growth pillars. The first pillar is growing our share of wallet with advertisers. We plan to do so by first expanding our programmatic branding solutions with Onyx; and second, further developing our performance suite to serve a diverse range of advertisers.

此外，我們相信這些工具為我們提供了獨特的出價功能，可以提高開放網路上效果廣告商的 ROA。這在程序化生態系中尤其不同。因此，到2024年，我們計畫依托這項核心資產，在三大策略成長支柱上進行擴張。第一個支柱是增加我們在廣告商中的錢包份額。為此，我們計劃首先透過 Onyx 擴展我們的程式化品牌解決方案；其次，進一步開發我們的性能套件，為各種廣告商提供服務。

Onyx has enabled us to grow a business with enterprise brands and agencies, significantly expanding our total demand addressable market. Onyx applies our prediction technology to maximize retention with video and high-impact experiences across a dedicated environment of viewable in-article inventory. In 2024, we will be focused on scaling our mix to directly address ecosystem opportunities around supply path optimization and programmatic media effectiveness with attention.

Onyx 使我們能夠與企業品牌和代理商一起發展業務，從而顯著擴大了我們的總需求可尋址市場。Onyx 應用我們的預測技術，在可查看的文章內廣告資源的專用環境中最大限度地提高影片和高影響力體驗的保留率。2024 年，我們將專注於擴大我們的組合，以直接關注圍繞供應路徑優化和程序化媒體有效性的生態系統機會。

We have a strong foundation of working with enterprise brands to our performance offering with the client base that includes companies such as BMW, GSK, Paramount+, Colgate-Palmolive, and others, spending more than $200 million with us in 2023. We believe this presents a large opportunity to tap into new branding budgets across our existing client base, driving impactful results across the funnel.

我們擁有與企業品牌合作的堅實基礎，我們的客戶群包括寶馬、葛蘭素史克、派拉蒙+、高露潔棕欖等公司，到 2023 年與我們的合作將超過 2 億美元。我們相信，這提供了一個巨大的機會，可以在我們現有的客戶群中利用新的品牌預算，從而在整個管道中取得有影響力的結果。

We will also continue investing in our performance business, expanding the types of customers we can service with our two unique platforms, investment into our proprietary DSP, Zemanta, will enable us to provide advanced controls and bespoke service offerings for large-scale advertisers seeking to drive engagement and ROAs across the Open Internet.

我們也將繼續投資我們的表演業務，擴大我們可以透過兩個獨特平台服務的客戶類型，對我們專有的DSP Zemanta 的投資將使我們能夠為尋求的大型廣告商提供先進的控制和客製化服務產品.提高整個開放互聯網的參與度和 ROA。

Total spend on our DSP in 2023 was approximately $125 million, representing a CAGR of approximately 20% over the last two years. It is important to mention that we don't recognize this amount as part of our gross revenue that keep a service fee from that spend, which is part of our extra gross profit. We expect that our focus on driving strategic key accounts to leverage our DSP will result in significantly higher budgets from these advertisers through access to the new Open Internet supply beyond Outbrain.

2023 年我們的 DSP 總支出約為 1.25 億美元，過去兩年的複合年增長率約為 20%。值得一提的是，我們並不將這筆金額視為我們總收入的一部分，而是從該支出中扣除服務費，而服務費是我們額外毛利的一部分。我們預計，我們專注於推動策略性大客戶利用我們的 DSP，透過存取 Outbrain 以外的新開放網路供應，這些廣告商將獲得顯著更高的預算。

Both of these strategies create incremental margin opportunities for us. At the same time, we believe that our proprietary native ad platform, Amplify, enables us to drive results for customers of all sizes. We will continue to focus on new uses of AI and automation to provide these customers with ROAs at scale.

這兩種策略都為我們創造了增量利潤機會。同時，我們相信我們專有的原生廣告平台 Amplify 使我們能夠為各種規模的客戶帶來成果。我們將繼續關注人工智慧和自動化的新用途，為這些客戶提供大規模的 ROA。

While AI has been at the core of our prediction engine for over a decade, this year, we have developed new uses of generative AI in our native ad platform to reduce market legwork and improve creative performance with dynamic titles. We've seen great success with adoption of our key automated bidding product, Conversion Bid Strategy. Today, 73% of our native ad platform customers use Conversion Bid Strategy. Through new uses of AI and automation, we intend to further grow our core performance customer base.

雖然十多年來，人工智慧一直是我們預測引擎的核心，但今年，我們在原生廣告平台中開發了生成式人工智慧的新用途，以減少市場跑腿工作，並透過動態標題提高創意表現。透過採用我們的關鍵自動出價產品“轉換出價策略”，我們取得了巨大成功。如今，我們 73% 的原生廣告平台客戶使用轉換出價策略。透過人工智慧和自動化的新用途，我們打算進一步擴大我們的核心績效客戶群。

The second pillar is expanding our supply footprint to reach consumers across the entirety of the Open Internet beyond traditional feeds. As audience consumption habits shift, we're expanding our access to audiences beyond web publishing. We plan to continue bringing our core technology and demand offering to mobile apps, OEMs, and platforms. We expect that the engagement-based building capabilities on our DSP will enable us to drive differentiated performance and outcomes across this new supply, providing a single access point to Open Internet consumers by driving outcomes and ROAs.

第二個支柱是擴大我們的供應足跡，以涵蓋整個開放互聯網上傳統來源之外的消費者。隨著受眾消費習慣的轉變，我們正在將受眾範圍擴大到網路出版以外的領域。我們計劃繼續將我們的核心技術和需求產品引入行動應用程式、OEM 和平台。我們預計 DSP 上基於參與的建置功能將使我們能夠在這項新供應中推動差異化的績效和成果，透過推動成果和 ROA 為開放網路消費者提供單一存取點。

In 2023 advertiser spend that was incremental to our core publisher feed inventory accounted for over 20% of the total advertiser spend with Outbrain. We plan to grow this supply in 2024 and beyond to expand advertisers' access to engage audiences at scale.

2023 年，我們核心發布商 Feed 庫存增量的廣告商支出佔 Outbrain 廣告商總支出的 20% 以上。我們計劃在 2024 年及以後增加這項供應，以擴大廣告商大規模吸引受眾的管道。

Now to our third pillar, continuing to grow our premium publisher partnerships. Bringing advertising dollars back to news by better exhibiting the value of these audiences is more critical than ever as authentic reporting is so essential to democracy. Journalistic content will only become more valuable and differentiated. We're continuing to invest in enhancements to our core prediction engine in an effort to drive higher yield for our publisher partners.

現在我們的第三個支柱是繼續發展我們的優質出版商合作夥伴關係。透過更好地展示這些受眾的價值，將廣告收入重新投入到新聞中比以往任何時候都更加重要，因為真實的報導對於民主至關重要。新聞內容只會變得更有價值和與眾不同。我們將繼續投資增強我們的核心預測引擎，努力為我們的發布商合作夥伴帶來更高的收益。

In 2023, we saw continued CTR improvements with double-digit improvements in H2. This prediction engine underpins our core publisher and advertiser offerings with the goal of infusing publishers with sustainable year-round revenue and critical audience development solutions. As mentioned, Keystone remains a key area of investment, providing publishers with a customizable SaaS platform that optimizes total publisher revenue across subscription, e-commerce, and more.

2023 年，我們看到點擊率持續提高，下半年就達到了兩位數的提升。此預測引擎支撐著我們的核心發布商和廣告商產品，目標是為發布商提供可持續的全年收入和關鍵受眾發展解決方案。如前所述，Keystone 仍然是一個關鍵的投資領域，為出版商提供可自訂的 SaaS 平台，優化出版商在訂閱、電子商務等方面的總收入。

And finally, Onyx also enables our publisher partners to benefit from a new demand offering, monetizing new in-article video inventory for us. At the end of 2023, we secured access to more than 1,000 in-article placements. Coupled with our existing performance offering, publishers can now benefit from a total full-page monetization offering with one partner.

最後，Onyx 也使我們的出版商合作夥伴能夠從新的需求產品中受益，為我們透過新的文章內影片庫存獲利。截至 2023 年底，我們獲得了超過 1,000 個文章內展示位置。結合我們現有的效果產品，出版商現在可以從與一個合作夥伴的整體整頁獲利產品中受益。

Let me now recap our Q4 performance. First, I am pleased that we achieved our guidance, both on excellent gross profit and adjusted EBITDA. I want to refer to some of the highlights for Q4, which reflect the investments we have already made in each of the areas I just mentioned.

現在讓我回顧一下我們第四季的表現。首先，我很高興我們在出色的毛利和調整後的 EBITDA 方面都實現了我們的指導。我想談談第四季度的一些亮點，這些亮點反映了我們在我剛才提到的每個領域已經進行的投資。

We've seen great market reception to the launch of Onyx in June 2023 with more than 150 accounts running on the Onyx platform in H2. We hit our initial expectations of $10 million to $20 million in Onyx revenue just six months after launching in the second half of the year.

我們看到 Onyx 於 2023 年 6 月推出受到了巨大的市場歡迎，下半年在 Onyx 平台上運行的帳戶超過 150 個。Onyx 下半年推出後僅六個月，我們就達到了 1,000 萬至 2,000 萬美元收入的最初預期。

Onyx enables us to expand our demand offering for brands with solutions from brand building to performance. Toyota is a good example of this opportunity. Toyota leveraged Onyx for the pilot of its new Toyota C-HR model using Onyx's contextual pre-roll video formats to drive incremental high-attention moments, building stronger awareness and consideration with its target audience. Toyota then harnessed the top-of-funnel successes to fuel the performance campaigns they run via Outbrain's performance suite.

Onyx 使我們能夠透過從品牌建立到績效的解決方案來擴大對品牌的需求。豐田就是這個機會的一個很好的例子。豐田利用 Onyx 進行其新型豐田 C-HR 車型的試點，使用 Onyx 的上下文前置視頻格式來推動增量高關注時刻，從而與目標受眾建立更強的意識和考慮。然後，豐田利用漏斗頂部的成功來推動他們透過 Outbrain 績效套件所進行的績效活動。

With Onyx, Toyota achieved 82% viewability, 70% video completion rate, and outperformed [ad-like] attention management by 41%. With our performance suite, Toyota managed to drive efficient qualified visits to Toyota's dedicated landing page, advertising offers for their new car models. This is a true cross-funnel opportunity.

憑藉 Onyx，豐田實現了 82% 的可見度、70% 的影片完成率，並且比[類似廣告]注意力管理高出 41%。借助我們的性能套件，豐田成功地推動了對豐田專用登陸頁面的高效合格訪問，為其新車車型提供廣告優惠。這是一個真正的跨通路機會。

We also continued to secure strategic publisher partners, which is a testament to the value of our full-page monetization and our total revenue offering. In Q4, we continued our momentum of premium publishers switching from competitors, securing a long-term partnership with News Corp Australia. This marquee deal was signed early January. Additional wins from competition in Q4 include Huffington Post, Webedia Spain, Sports 1, Border International, and others.

我們也繼續確保策略出版商合作夥伴，這證明了我們整版貨幣化和總收入的價值。第四季度，我們繼續保持優質出版商從競爭對手轉向的勢頭，與澳洲新聞集團建立了長期合作夥伴關係。這筆大牌交易是在一月初簽署的。第四季度的其他競爭獎項包括《赫芬頓郵報》、Webedia Spain、Sports 1、Border International 等。

These Q4 wins complement our premium publisher wins in the last two years, demonstrating the strategic value in our relative advantage in the market. We also renewed long-term partnerships with leading premium publishers including Dotdash Meredith, Vocento, Le Parisien, [Eaton Digital], and Handelsblad. Adoption of Keystone increased across our existing and new publisher base with launches on CNN, Entrepreneur, and the Telegraph and was a key factor in our News Corp deal.

這些第四季度的勝利補充了我們在過去兩年中贏得的優質發行商的勝利，展示了我們在市場上相對優勢的戰略價值。我們也與 Dotdash Meredith、Vocento、Le Parisien、[Eaton Digital] 和 Handelsblad 等領先的優質出版商續簽了長期合作夥伴關係。隨著 CNN、Entrepreneur 和 Telegraph 的發布，Keystone 在我們現有和新的出版商群體中的採用率有所提高，這是我們與新聞集團達成交易的關鍵因素。

To sum it up, we are confident that our investment strategy started in H2 2023 and continuing into 24 will strengthen our strategic value as a leading cross-funnel platform for the Open Internet. We believe this will drive substantial growth and profitability in the coming years.

總而言之，我們相信，我們從 2023 年下半年開始並持續到 24 年的投資策略將增強我們作為開放網路領先的跨通路平台的策略價值。我們相信這將在未來幾年推動大幅成長和獲利能力。

As a result, we're also providing a high-level outlook for 2025, where we expect to achieve Ex-TAC growth of 10% to 15% and an EBITDA margin of at least 20%. I am personally very excited about the decisions we've made and the speed in which we are executing them.

因此，我們也對 2025 年做出了高水準展望，預計除 TAC 外的成長將達到 10% 至 15%，EBITDA 利潤率將至少達到 20%。我個人對我們所做的決定以及執行這些決定的速度感到非常興奮。

As you may have seen in the release this morning, Yaron will be stepping down from the Co-CEO role. I want to take this opportunity to thank Yaron, a close personal friend and a truly amazing business partner. We have accomplished an incredible amount of our six years working together, I am privileged to be part of the amazing company he founded.

正如您可能在今天早上的新聞稿中看到的那樣，Yaron 將辭去聯合執行長一職。我想藉此機會感謝亞龍，我是一位親密的私人朋友，也是一位真正出色的商業夥伴。我們在六年的合作中取得了令人難以置信的成就，我很榮幸能成為他創立的這家令人驚嘆的公司的一員。

With that, I'll turn it over to Yaron to talk about the future and what's next for him.

說到這裡，我將把它交給 Yaron 來談論他的未來和下一步。

Thanks, David. I appreciate the kind words. 17 years ago, I recognized that consumers needed better personalization of their content and ad experiences, that publishers needed better ways to engage people and monetize, and that advertisers needed great ROAs on the Open Internet. That's when I decided together with Ori Lahav, my Co-Founder, to create Outbrain and pioneer many of the things that inspired other companies over the years.

謝謝，大衛。我很欣賞這些客氣話。 17 年前，我意識到消費者需要更好地個性化他們的內容和廣告體驗，出版商需要更好的方式來吸引人們並實現盈利，廣告商需要在開放互聯網上實現更高的 ROA。就在那時，我決定與我的聯合創始人 Ori Lahav 一起創建 Outbrain，並開創了多年來激勵其他公司的許多事物。

Since then, we've generated over $5 billion for our partners, which has been a crucial way for many of the world's best publishers to keep journalists, editors, and fact checkers employed, which, as we all know, are so crucial for our functioning democracies, now more than ever. Today, many of Outbrain's innovations are taken for granted as this is obviously how things are done. As a Founder, I'm tremendously proud about that. It's every Founder's dream to move from untested, widely doubted ideas to forming multi-billion-dollar markets where their fundamentals are taken for granted.

從那時起，我們已經為我們的合作夥伴創造了超過50 億美元的收入，這對於世界上許多最好的出版商來說是留住記者、編輯和事實核查人員的重要途徑，眾所周知，這對於我們的業務至關重要。民主國家現在比以往任何時候都更加運作。如今，Outbrain 的許多創新都被認為是理所當然的，因為這顯然就是做事的方式。身為創辦人，我對此感到非常自豪。每個創辦人都夢想著從未經檢驗、受到廣泛質疑的想法轉變為形成價值數十億美元的市場，而這些市場的基本面被認為是理所當然的。

Before I talk about the CEO transition, I want to acknowledge the shifts in our industry and the opportunities they present to Outbrain as the company evolves into its next chapter.

在談論 CEO 換屆之前，我想先承認我們產業的轉變，以及隨著公司進入下一個篇章，它們為 Outbrain 帶來的機會。

Advertisers are moving through paradigm shifts, both because of consumer habit changes and traditional ad-targeting methods, which are evolving with the decline of third-party cookies. Accordingly, publishers on the Open Internet are also challenged on both ad monetization and audience developments. I strongly believe in the points that David has raised about Outbrain's ability to provide compelling solutions for both advertisers and publishers amidst these industry changes.

由於消費者習慣的變化和傳統的廣告定位方法（隨著第三方 cookie 的衰落而不斷發展），廣告商正在經歷範式轉移。因此，開放網路上的發布商也面臨廣告貨幣化和受眾發展的挑戰。我堅信 David 提出的觀點，即 Outbrain 有能力在這些行業變革中為廣告商和發布商提供引人注目的解決方案。

Through the combination of Outbrain's expanded performance suite and our entirely new branding platform, Onyx, advertisers will be able to connect the steps of the consumer journey across the Open Internet. This has the potential to create huge value for our publisher partners, giving them one reliable partner to provide sustainable year-round monetization from both brand and performance budgets.

透過將 Outbrain 的擴充效能套件與我們全新的品牌平台 Onyx 結合，廣告主將能夠透過開放網路連結消費者旅程的各個步驟。這有可能為我們的出版商合作夥伴創造巨大的價值，為他們提供一個可靠的合作夥伴，透過品牌和效果預算提供可持續的全年貨幣化。

As we look to the future, we're focused on utilizing the core prediction technology that has enabled us to recommend relevant editorial and paid experience for over 17 years to new supply environments and new publisher revenue goals. Through Keystone, we enable partners to both diversify their revenues on top of that and to enhance their audience development at a time where search and social are no longer as reliable as they were in the past. And I believe Outbrain will only become a more critical partner for publishers as we use new solutions like Onyx to bring even more advertising dollars back to news.

展望未來，我們專注於利用核心預測技術，該技術使我們能夠向新的供應環境和新的出版商收入目標推薦相關的編輯和付費經驗超過 17 年。透過 Keystone，我們幫助合作夥伴實現收入多元化，並在搜尋和社交不再像過去那樣可靠的時代加強受眾發展。我相信，隨著我們使用 Onyx 等新解決方案為新聞帶來更多廣告收入，Outbrain 只會成為出版商更重要的合作夥伴。

But beyond products like Onyx and Keystone, what gives me the most confidence about Outbrain's future is the incredible leadership team we've grown over the years. The average tenure of both our executive team as well as the key employees driving business each day is over 10-plus years. And that's a real rarity in tech. And for the past several years, Outbrain's management team has been receiving amongst the highest scores in our company-wide engagement surveys.

但除了 Onyx 和 Keystone 等產品之外，讓我對 Outbrain 的未來最有信心的是我們多年來培養的令人難以置信的領導團隊。我們的管理團隊以及每天推動業務的關鍵員工的平均任期超過 10 年以上。這在科技領域確實是罕見的。在過去的幾年裡，Outbrain 的管理團隊在我們全公司敬業度調查中一直名列前茅。

Of everything I've built over the years at Outbrain, it's our team of people at Outbrain that I am most proud of, and it's this incredible quality of talent which gives me tremendous confidence and comfort in the future of Outbrain through this transition.

在我多年來在Outbrain 建立的一切中，我最引以為豪的是我們Outbrain 的團隊，正是這種令人難以置信的人才素質讓我對Outbrain 在這一轉變過程中的未來充滿了信心和安慰。

So for all these reasons, I feel now is the right time to phase out of my role as Co-CEO. It's clear that Outbrain is entering a new and exciting era, applying the best parts of our business to new areas as the industry around us changes. As an entrepreneur, I view times of change as times of opportunities for companies like Outbrain. And therefore, I'm very excited about the company's prospects to do this.

因此，基於所有這些原因，我覺得現在是逐步辭去聯合執行長職務的最佳時機。顯然，Outbrain 正在進入一個令人興奮的新時代，隨著我們周圍行業的變化，將我們業務的最佳部分應用到新領域。身為一名企業家，我認為變革時代對像 Outbrain 這樣的公司來說是個機會時代。因此，我對公司實現這一目標的前景感到非常興奮。

CEO transitions can be difficult for companies, especially after a tenure as long as 17 years. In Outbrain's case, we've had the privilege of our next CEO, David Kostman, already operating as Co-CEO together with me for the past six years. David is greatly respected at all levels of the company and is deeply trusted by our customers and our shareholders. And for all these reasons, I'm confident that our CEO transition will be as smooth as it can be.

對公司來說，CEO 的過渡可能會很困難，尤其是在任期長達 17 年後。就 Outbrain 而言，我們很榮幸擁有下一任執行長 David Kostman，他在過去六年中一直與我一起擔任聯合執行長。David 在公司各個層面都受到極大的尊重，並深受我們的客戶和股東的信任。出於所有這些原因，我相信我們的執行長過渡將盡可能順利。

On a personal note, I look forward to continuing as Chairman of the Board and serving as an advisor to the company. I have no plans for a new or next company upon departing Outbrain, and I look forward to this next chapter after 17 amazing years.

就我個人而言，我期待繼續擔任董事會主席並擔任公司顧問。離開 Outbrain 後，我沒有創建新公司或下一家公司的計劃，我期待著 17 年後的新篇章。

And with that, for my last time, I'll hand it over to Jason to cover the financials.

至此，我將最後一次交給傑森負責財務事宜。

Thanks, Yaron. As David mentioned, we achieved our Q4 guidance for both Ex-TAC gross profit and adjusted EBITDA. From a demand perspective, I had mentioned last quarter that October has shown a flatter pattern than the seasonal lift we historically see that time of year, which we believe was driven by transient factors; the delaying or reducing of budgets in the early part of the quarter, resulting from geopolitical and macro uncertainties; along with lower monetization from the war-related news that dominated much of our large publisher partners content in October. We then saw recovery into November, particularly around Black Friday and Cyber Monday.

謝謝，亞龍。正如 David 所提到的，我們實現了第四季度除 TAC 毛利和調整後 EBITDA 的指導。從需求的角度來看，我上個季度曾提到，10 月份的表現比我們歷史上在一年中那個時候看到的季節性增長更為平坦，我們認為這是由暫時因素驅動的；由於地緣政治和宏觀不確定性，本季初推遲或減少預算；十月份，我們的大型出版商合作夥伴的大部分內容都以戰爭相關新聞為主，因此貨幣化程度較低。然後，我們在 11 月看到了復甦，特別是在黑色星期五和網路星期一前後。

Despite the softer October, Q4 saw a recovery of yields or RPM, which returned to year-over-year growth for the first quarter since Q1 2022. Notably, as demand levels remained soft relative to our supply levels, the yield growth was driven by higher click-through rates, benefiting from algorithm and optimization improvements.

儘管 10 月較為疲軟，但第四季度的收益率或每千次展示收入有所回升，自 2022 年第一季以來第一季恢復了同比增長。值得注意的是，由於需求水準相對於我們的供應水準仍然疲軟，產量成長是由更高的點擊率推動的，受益於演算法和最佳化改進。

Revenue in Q4 was approximately $248 million, reflecting a decrease of 4% year-over-year. New media partners in the quarter contributed 4 percentage points or approximately $11 million of revenue growth year-over-year. Net revenue retention of our publishers was 91%, which reflects the continued headwind from the impact of the demand environment on pricing, which remains the consistent factor driving pressure on our revenue and on our net revenue retention.

第四季營收約2.48億美元，年減4%。本季新媒體合作夥伴為營收成長貢獻了 4 個百分點，約 1,100 萬美元。我們的發行商的淨收入留存率為 91%，這反映出需求環境對定價的影響持續存在阻力，這仍然是我們收入和淨收入留存面臨壓力的持續因素。

We did also experience a decline year over year of ad impressions, also contributing to the retention being below 100%, driven largely by page view volatility from certain supply sources and platforms as opposed to churn. Consistent with recent quarters, churn has remained at similarly low levels, with logo retention of 96% for all partners that generated at least $10,000. And our five largest churns amounted to only three combined points of year-over-year headwind in Q4.

我們的廣告展示次數也確實逐年下降，這也導致保留率低於 100%，這主要是由於某些供應源和平台的頁面瀏覽量波動而不是流失造成的。與最近幾季一致，流失率仍保持在類似的低水平，所有創收至少 10,000 美元的合作夥伴的標誌保留率為 96%。第四季度，我們五個最大的客戶流失僅相當於同比逆風的三個點。

Into Q1, we have seen a slightly higher seasonal stepdown from Q4. While yields remain up year over year, continuing the momentum from Q4, the supply volatility from certain partners and platforms has driven ad impressions to be down year over year. Based on what we've experienced, we also see opportunity for growth from these sources into late Q1 and beyond.

進入第一季度，我們發現季節性降幅較第四季略有上升。雖然收益率同比保持上升，延續了第四季度的勢頭，但某些合作夥伴和平台的供應波動導致廣告展示次數同比下降。根據我們的經驗，我們也看到從這些來源到第一季末及以後的成長機會。

In our guidance, we applied a wider range of outcomes reflecting the volatility. Ex-TAC gross profit was $63.8 million, an increase of 8% year over year, outpacing revenue for the third quarter in a row, driven primarily by improved deal performance on certain media partners and the net impact of revenue mix.

在我們的指導中，我們應用了更廣泛的反映波動性的結果。扣除 TAC 的毛利潤為 6,380 萬美元，年增 8%，連續第三季超過收入，這主要是由於某些媒體合作夥伴的交易業績改善以及收入組合的淨影響所致。

Moving to expenses, operating expenses decreased approximately 8% year over year to $47.5 million in the quarter as we continued to exercise discipline around spending. The largest component of this is compensation-related expenses, which were down approximately $4 million or 11% year over year.

說到費用，由於我們繼續嚴格支出紀律，本季營運費用年減約 8% 至 4,750 萬美元。其中最大的組成部分是與薪酬相關的費用，年減約 400 萬美元，即 11%。

We began 2024 with a headcount of approximately 870 FTEs, which is down about 11% from January 2023 as we have focused our attention on driving greater efficiency in our operations and now on redeploying resources towards higher-confidence growth areas that David mentioned. As a result of our cost management and growth of Ex-TAC gross profit displaying the leverage in our model, adjusted EBITDA was $14 million in Q4, approximately doubling year over year.

2024 年伊始，我們的員工總數約為870 名FTE，比2023 年1 月減少了約11%，因為我們將注意力集中在提高營運效率上，現在將資源重新部署到David 提到的更有信心的成長領域。由於我們的成本管理和 Ex-TAC 毛利的成長在我們的模型中顯示出槓桿作用，第四季度調整後的 EBITDA 為 1400 萬美元，同比大約翻了一番。

Moving to liquidity, free cash flow, which, as a reminder, we define as cash from operating activities, less CapEx, and capitalized software costs, was approximately $21 million in the fourth quarter, benefiting from higher profitability and seasonal working capital benefits. While we are pleased to have such strong free cash flow in the quarter, we still see pressures on working capital, particularly around collections, with elevated DSO levels remaining from Q2 into Q4.

轉向流動性，自由現金流（提醒一下，我們將其定義為來自經營活動的現金，減去資本支出和資本化軟體成本）在第四季度約為2100 萬美元，受益於更高的盈利能力和季節性營運資本利得。雖然我們很高興本季度擁有如此強勁的自由現金流，但我們仍然看到營運資金面臨壓力，特別是在收款方面，從第二季度到第四季度，DSO 水平仍然較高。

Considering free cash flow for the full-year 2023, we saw a net use of cash of approximately $6 million, which excludes a $4 million benefit from our investment portfolio that benefits cash from investing activities as opposed to free cash flow. As a result, we ended the quarter with $231 million of cash, cash equivalents, and investments in marketable securities on the balance sheet and $118 million of long-term convertible debt.

考慮到 2023 年全年的自由現金流，我們看到淨現金使用量約為 600 萬美元，其中不包括我們的投資組合中的 400 萬美元收益，該收益來自投資活動而不是自由現金流。因此，截至本季末，我們的資產負債表上有 2.31 億美元的現金、現金等價物和有價證券投資，以及 1.18 億美元的長期可轉換債務。

In December 2022, the company's Board of Directors authorized the $30 million share repurchase program, incremental to the $30 million program fully executed in 2022. In 2023, we purchased approximately 3.7 million shares for $17.8 million. In total, in 2022 and 2023, we have reduced our outstanding share count by approximately 12%. We continue to believe it's an attractive way to enhance shareholder value under current market conditions.

2022 年 12 月，公司董事會批准了 3000 萬美元的股票回購計劃，這是對 2022 年全面執行的 3000 萬美元計劃的補充。2023 年，我們以 1,780 萬美元購買了約 370 萬股股票。總的來說，2022 年和 2023 年，我們的流通股數量減少了約 12%。我們仍然相信，在當前市場條件下，這是提高股東價值的一種有吸引力的方式。

Now turning to our outlook, as discussed today and in prior quarters, visibility to advertising budgets remains limited. In our guidance, we assume that current macro conditions persist with no material deterioration or improvements and regular seasonality. With that context, we have provided the following guidance for Q1 and full-year 2024. For Q1, we expect Ex-TAC gross profit of $50.5 million to $53.5 million, and we expect adjusted EBITDA of negative $1 million to positive $1 million. For full-year 2024, we expect Ex-TAC gross profit of $238 million to $248 million, and we expect adjusted EBITDA of $30 million to $35 million.

現在轉向我們的前景，正如今天和前幾季所討論的那樣，廣告預算的可見性仍然有限。在我們的指導中，我們假設當前的宏觀狀況持續存在，沒有實質惡化或改善，並且具有正常的季節性。在此背景下，我們為 2024 年第一季和全年提供了以下指導。對於第一季度，我們預計 Ex-TAC 毛利為 5,050 萬美元至 5,350 萬美元，調整後 EBITDA 為負 100 萬美元至正 100 萬美元。對於 2024 年全年，我們預計 Ex-TAC 毛利為 2.38 億美元至 2.48 億美元，調整後 EBITDA 為 3,000 萬美元至 3,500 萬美元。

To provide additional context to how we see 2024, our expectation is that we begin to see more meaningful year-over-year growth of Ex-TAC gross profit over the course of the year, while expenses increase slightly sequentially over the year.

為了為我們如何看待 2024 年提供更多背景信息，我們的預期是，我們開始看到這一年中 Ex-TAC 毛利同比增長更有意義，而費用逐年略有增加。

For Ex-TAC, we expect mid-single-digit percentage growth year over year in Q2 and Q3, followed by double-digit growth in Q4, driven by returns from our focused investment areas David touched on, expanding our supply beyond our traditional fees, growing enterprise brand and agency spend, growing performance advertiser spend, and growing and optimizing publisher revenues.

對於Ex-TAC，我們預計第二季和第三季將年比將實現中個位數百分比成長，隨後第四季將實現兩位數成長，這得益於David 提到的我們重點投資領域的回報，將我們的供應範圍擴大到傳統費用之外，增加企業品牌和代理商支出，增加效果廣告商支出，以及增加和優化發布商收入。

Notably, many of the areas we're focused on are areas where we expect that we can drive Ex-TAC gross profit growth that outpaces revenue growth. As we assume a flat macro environment with no material lifts from pricing improvements, our assumed growth over the course of the year is driven by our execution of these investment areas, contributing more meaningfully in the second half of the year.

值得注意的是，我們關注的許多領域都是我們期望能夠推動 Ex-TAC 毛利成長超過營收成長的領域。由於我們假設宏觀環境平穩，價格改善不會帶來實質提升，因此我們假設的全年成長是由我們對這些投資領域的執行所推動的，這些投資領域將在下半年做出更有意義的貢獻。

Now I'll turn it back to the operator for Q&A.

現在我將其轉回給接線員進行問答。

(Operator Instructions) Shweta Khajuria, Evercore ISI.

（操作員說明）Shweta Khajuria，Evercore ISI。

Okay. Thank you for taking my questions. Could you please comment on your confidence of getting to 20% plus EBITDA margins next year? So your full-year guide right now, if I did the math right, implies low double-digit percentage margins. That's a meaningful expansion, so could you please help us put that together?

好的。感謝您回答我的問題。您能否評價明年 EBITDA 利潤率達到 20% 以上的信心？因此，如果我計算正確的話，您現在的全年指南意味著低兩位數的百分比利潤率。這是一個有意義的擴展，所以你能幫我們把它放在一起嗎？

And then, Jason, just your confidence in the back-half-weighted growth for top line, you just mentioned some of the drivers. But how much visibility do you have in your ability to deliver accelerating growth in the back half of this year? And then, wishing you all the best, Yaron. Thanks a ton. It's been great. Looking forward to seeing what you do next.

然後，傑森，您對營收後半加權成長的信心，您剛剛提到了一些驅動因素。但您對今年下半年實現加速成長的能力有多少了解？然後，祝你一切順利，Yaron。萬分感謝。太棒了。期待看到您下一步做什麼。

Hi, Shweta. Thank you. And let me take the first -- the first point on ['25]. I mean, there's a reason we're giving an outlook. I mean, you can see we're giving in this call many more metrics than before. We're very excited about the future. We're very excited about opportunities on the Open Internet, both with our existing base and on other platforms.

嗨，舒維塔。謝謝。讓我談談第一點——第一點['25]。我的意思是，我們給出展望是有原因的。我的意思是，您可以看到我們在這次電話會議中提供了比以前更多的指標。我們對未來感到非常興奮。我們對開放網路上的機會感到非常興奮，無論是在我們現有的基礎上還是在其他平台上。

And you heard the strategic pillars of growth we're highlighting. We're looking at real expansion of shareholding with advertisers, both on the brand awareness side that we're building with Onyx and much deeper into shelf volume with our performance advertisers, which has been the core of our business. So we see many segments there where we can grow significantly to the use of the Zementa bidding technology and expanding the reach to third-party suppliers way beyond our publisher base. So that's the second one, going beyond the publisher base and offering much larger supply base for them.

您也聽到了我們強調的成長策略支柱。我們正在考慮真正擴大與廣告商的持股，無論是在我們與 Onyx 共同打造的品牌知名度方面，還是在我們與效果廣告商合作的更深入的貨架量方面，這一直是我們業務的核心。因此，我們看到在許多細分市場中，我們可以大力發展 Zementa 競價技術的使用，並將覆蓋範圍擴展到超出我們發行商基礎的第三方供應商。這是第二個，超越出版商基礎並為他們提供更大的供應基礎。

And then growing the premium publisher partnerships that we have, it's something we announced, NewScope Australia. We've had a string of major premium publisher wins. We think there's a lot of opportunity there to grow, and it's coming through the offering that we give them that is very strategic. The combination of the feed and Keystone, sort of looking at e-commerce optimization, subscriptions, and others gives us, we believe, a big advantage there. And also the quality of Onyx demand and the Mid-Africa placement, so we're becoming a more strategic partner there.

然後發展我們擁有的優質出版商合作夥伴關係，這是我們宣布的，NewScope Australia。我們贏得了一系列主要優質發行商的勝利。我們認為那裡有很多成長機會，而這是透過我們為他們提供的非常具有戰略意義的產品來實現的。我們相信，Feed 和 Keystone 的結合（例如電子商務優化、訂閱等）為我們帶來了巨大的優勢。還有 Onyx 需求的品質和中非的佈局，因此我們正在成為那裡更具戰略意義的合作夥伴。

Overall, this is giving us -- and we made investments. You can see it in our expenses. They're a little higher than probably what you expected, so we made some new strategic investment in the second half. We're doing it in '24, and then that's where we have really good confidence around '25. And we gave that outlook of seeing real double-digit growth in 2025 and also very focused on the adjusted EBITDA margin of 20%.

總的來說，這給了我們——我們也進行了投資。你可以在我們的開支中看到這一點。它們比您的預期要高一些，因此我們在下半年進行了一些新的策略投資。我們在 24 年就這樣做了，然後我們對 25 年左右充滿信心。我們預計 2025 年將實現兩位數的實際成長，並且非常關注 20% 的調整後 EBITDA 利潤率。

Sure. Hey, Shweta. It's Jason. I'll touch on the second question that you had. So as far as just how we build our guidance, it's our normal seasonality-based model, of course.

當然。嘿，舒維塔。是傑森。我將談談你提出的第二個問題。就我們如何制定指導而言，當然，這是我們正常的基於季節性的模型。

And we're considering the trends that we've seen into Q1, which is a continuation of Q4's growth and yield year over year, which, again, I mentioned on the call, we haven't seen in quite a few quarters here. We're also considering the isolated supply volatility that I talked to on the call, which we think is temporary, but we're obviously expanding our range and being cautious about it.

我們正在考慮第一季的趨勢，這是第四季度同比增長和收益率的延續，我在電話會議上再次提到，我們已經好幾個季度沒有看到這一點了。我們還在考慮我在電話會議上談到的孤立的供應波動，我們認為這是暫時的，但我們顯然正在擴大我們的範圍並對此保持謹慎。

As far as the impact of these growth drivers over the course of the year, many of them are areas that we expect will grow margin. And so what you'll see is we're kind of doubling down on a lot of the areas that we think can pay off.

就這些成長動力在一年中的影響而言，我們預計其中許多領域的利潤率將會成長。所以你會看到我們在許多我們認為可以帶來回報的領域加倍努力。

There's a balance of some of these items have more immediate payoffs, optimizations of our network, acceleration of our supply outside the feed, and partner-specific performance, along with some that have probably a little bit longer-term payoffs that are more back half weighted, the penetration of Onyx, and the shift to more video formats.

其中一些項目具有更直接的回報、我們的網路優化、提要之外的供應加速以及合作夥伴特定的績效，以及一些可能具有更長期回報的項目加權、Onyx 的滲透以及向更多視頻格式的轉變。

What you'll see in our guidance is slightly more back weighted than our 2023 or 2021 but not more meaningfully from a top-line perspective. And obviously, I think our costs are really headcount related as far as our investments go. And they're really evenly spaced throughout the year, which skews EBITDA towards the back half, consistent with our history. But I think we'll be able to kind of monitor results and control that as we need.

您將在我們的指導中看到的內容比 2023 年或 2021 年的反向加權稍高，但從營收角度來看並沒有更有意義。顯然，我認為就我們的投資而言，我們的成本確實與人員數量有關。而且它們在全年中分佈確實均勻，這使 EBITDA 向下半年傾斜，這與我們的歷史一致。但我認為我們將能夠監控結果並根據需要進行控制。

Okay. Thanks, David. Thanks, Jason.

好的。謝謝，大衛。謝謝，傑森。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Good morning, and thanks much for taking my questions. I wanted to ask a bigger-picture question just on the health of the overall digital publisher. We've seen shutdowns in terms of Vice. BuzzFeed just sold Complex. It just feels like it's very tough sledding out there for digital publishers.

早上好，非常感謝您回答我的問題。我想就整個數位出版商的健康狀況提出一個更宏觀的問題。我們已經看到 Vice 的關閉。BuzzFeed 剛剛出售了 Complex。對於數位出版商來說，感覺就像是非常艱難的事情。

Can you just opine on the overall health of the industry and how that relates back to Outbrain? How viable do you guys need digital journalism to be for Outbrain to work and grow revenue?

您能否談談該行業的整體健康狀況以及這與 Outbrain 有何關係？你們需要多少數位新聞才能讓 Outbrain 發揮作用並增加收入？

And then secondly, I want to ask about the second pillar of growth that you talked about earlier, expanding supply. Tactically, what does that look like? Help us better understand what additional sources of supplies could be and then how that relates back to kind of growth. Thanks so much.

其次，我想問您之前談到的第二個成長支柱，即擴大供應。從戰術上來說，這是什麼樣的？幫助我們更了解可能有哪些額外的供應來源，以及它們與成長的關係。非常感謝。

Hey, Andrew. Hi. [David, do you want] -- I can take --

嘿，安德魯。你好。 [大衛，你想要嗎]－我可以接受--

No, go ahead.

沒有，繼續。

Okay. Thanks, Andrew. Yaron here. I'll take the first stab of the overall, and then we'll jump in with the second question. So first of all, as we've said and as we've been executing, I think the view of just publishers for us is quite narrow. So we grow outside of traditional publishers in three main ways. The first one is through our programmatic extensions through the DST that we own, Zemanta. We now reach plenty of non-publisher or non-feed inventory.

好的。謝謝，安德魯。亞龍在這裡。我將首先回答總體問題，然後我們將討論第二個問題。首先，正如我們所說和我們一直在執行的那樣，我認為出版商對我們的看法是相當狹隘的。因此，我們透過三種主要方式在傳統出版商之外實現成長。第一個是透過我們擁有的 DST Zemanta 進行程式化擴展。我們現在擁有大量非出版商或非提要庫存。

The second is through our platform partnerships. We've been growing business with non-publishers such as Samsung phones and OEMs and folks like that. And the third, which we also mentioned here, still small but growing is in-app presence, which some of it is publishers, but much of it is -- into the future isn't necessarily -- so the way I think of this in Outbrain terms is less of the word publishers.

第二個是透過我們的平台合作夥伴關係。我們一直在與非出版商（例如三星手機和 OEM 等）發展業務。第三個，我們在這裡也提到過，仍然很小，但正在成長，是應用程式內的存在，其中一些是發行商，但其中大部分是 - 未來不一定 - 所以我對此的看法在Outbrain 術語中，較少使用「出版商」這個詞。

They are obviously very important partners for us and will be for the future. But it's not necessarily -- I think of this more as content consumption time or canvases where consumption happens. That's still plenty big and moving maybe, shifting between different types of companies. But for us, as long as that kind of consumption and time spent happens, that's an opportunity for us.

他們顯然是我們非常重要的合作夥伴，並且對於未來也將如此。但這不一定——我認為這更多是內容消費時間或消費發生的畫布。這仍然是相當大的，而且可能會在不同類型的公司之間轉移。但對我們來說，只要有這樣的消費和時間花掉，那就是我們的機會。

Also, with publishers, with some of the pressures, I think Outbrain is their number-one best partner of choice because we're both a reliable, solid monetization partner, growing the monetization opportunity through things like Onyx with code on page and the tremendous size of our footprint.

另外，對於出版商來說，雖然有一些壓力，但我認為Outbrain 是他們的首選最佳合作夥伴，因為我們都是可靠、可靠的貨幣化合作夥伴，透過Onyx 等頁面代碼和龐大的收入來增加貨幣化機會。我們的足跡的大小。

We have a lot of first-party data, which makes us pretty resilient compared to other things publishers have. And then on the other pillars that are very important for these publishers, especially these days, audience development, which they're not getting as much of from search and social, Outbrain is a fantastic partner for them on that, and revenue diversification through Keystone.

我們擁有大量第一方數據，這使得我們與發布商擁有的其他數據相比具有相當的彈性。然後，在對這些出版商來說非常重要的其他支柱上，尤其是現在，受眾發展（他們沒有從搜尋和社交中獲得那麼多），Outbrain 在這方面是他們的絕佳合作夥伴，並且透過Keystone實現收入多元化。

So all those things, I think, become even more important for the publishers into the future. And then just the last point in terms of growth, Open Internet is -- I'm not good with TAMs but call it the $60 billion to $80 billion in TAM.

因此，我認為，所有這些事情對於未來的出版商來說變得更加重要。然後就成長而言，開放網路的最後一點是——我不擅長 TAM，但稱之為 600 億至 800 億美元的 TAM。

And growing within that we think is a big opportunity. So things like Onyx where it's both incremental growth on the types of budgets we bring in, but also on the real estate side with our partners. So I think it's a big opportunity for us. David?

我們認為在其中成長是一個巨大的機會。像 Onyx 這樣的事情，既是我們帶來的預算類型的增量增長，也是我們與合作夥伴在房地產方面的增量增長。所以我認為這對我們來說是一個很大的機會。大衛？

I think Yaron answered both questions, but I would just add that when you look at the traditional publishers, the most premium ones, if you look at the top 50, top 100, I mean, page views, and we analyze that all the time, are pretty constant. We do believe that we bring strategic value to them. We're looking right now at the election year, which traditionally will increase page views.

我認為Yaron 回答了這兩個問題，但我想補充一點，當你看傳統出版商時，最優質的出版商，如果你看前50 名、前100 名，我的意思是頁面瀏覽量，我們一直在分析這一點，非常恆定。我們確實相信我們為他們帶來了戰略價值。我們現在正在關注選舉年，傳統上這會增加頁面瀏覽量。

And generally, when you look at trends of consumption, we do believe that short-form video is sort of getting to some plateau. There's a lot of value in the deep journalism and value there.

一般來說，當你觀察消費趨勢時，我們確實認為短影片正在達到某種穩定狀態。深度新聞有很多價值和價值。

Again, I think what you hear more is on the longer tail of publishers than the bigger ones. But clearly, I mean, that industry is under pressure. And our strategic role here is to again provide audience development and help them monetize on a variety of ads and other revenue sources like e-commerce.

再說一次，我認為你聽到的更多的是出版商的長尾而不是大出版商。但顯然，我的意思是，該行業正面臨壓力。我們在這裡的策略角色是再次提供受眾發展並幫助他們透過各種廣告和電子商務等其他收入來源獲利。

And as Yaron said, I mean, we do look at third-party supply. We said it's about 20% of our business today. We see a big opportunity there. And sort of it is (inaudible) by doing that, increasing that third-party supply by our very strong bidding technologies, we also grow shareholders from advertisers.

正如亞龍所說，我的意思是，我們確實會考慮第三方供應。我們說過這大約占我們今天業務的 20%。我們在那裡看到了巨大的機會。在某種程度上（聽不清楚），透過這樣做，透過我們非常強大的競價技術增加第三方供應，我們也增加了廣告商的股東。

Thank you.

謝謝。

Laura Martin, Needham & Company.

勞拉馬丁，李約瑟公司。

Hi. So I'm going to build on Andrew's comment and ask you about the threat to the Open Internet. More generally, connected television is growing faster, and that's sort of a collection of walled gardens. And cookies' deprecation risk signal loss in the Open Internet, which may push ad spending, at least in the near term into walled gardens where there's no signal loss.

你好。因此，我將在安德魯的評論的基礎上向您詢問開放互聯網面臨的威脅。更普遍的是，連網電視發展得更快，這有點像是圍牆花園的集合。Cookie 的棄用風險是開放網路中訊號遺失的風險，這可能會推動廣告支出（至少在短期內）進入沒有訊號遺失的圍牆花園。

So could you speak to the health of the Open Internet, which is where you participate and why you think it will have a robust two to three years forward?

那麼，您能談談開放互聯網的健康狀況嗎？您參與的正是開放互聯網，以及為什麼您認為開放互聯網在未來兩到三年內將保持強勁勢頭？

Sure. So first of all, maybe we need to (inaudible) -- I think we might need to start making distinctions between walled gardens, which in my mind is basically where you have logged in or registered users versus big tech companies. And I think the shift to walled gardens is not necessarily all bad or all doom and gloom. We can see some of the best publishers -- back to Andrew's question, the best publishers are, in a way, a walled garden.

當然。所以首先，也許我們需要（聽不清楚）——我認為我們可能需要開始區分圍牆花園，在我看來，圍牆花園基本上就是你登入或註冊用戶與大型科技公司的地方。我認為向圍牆花園的轉變並不一定都是壞事，也不一定都是厄運和沮喪。我們可以看到一些最好的出版商——回到安德魯的問題，最好的出版商在某種程度上是一個有圍牆的花園。

But many of those companies are not necessarily the big tech Google-, Facebook-type companies. And even though they have kind of a walled garden environment and first-party data and registrations and all that, they need partners like Outbrain to build out their monetization and audience development capabilities.

但其中許多公司不一定是Google、Facebook 類型的大型科技公司。儘管他們擁有某種圍牆花園環境以及第一方數據和註冊等等，但他們仍然需要像 Outbrain 這樣的合作夥伴來建立他們的貨幣化和受眾開發能力。

They're not going to be -- not each one of those is going to be building their own suites and ad stacks and all that like Google and Facebook that some of the big tech companies do.

他們不會——並不是每一家都會建立自己的套件和廣告堆棧，以及一些大型科技公司所做的一切，就像Google和 Facebook 所做的那樣。

In those terms, I think of walled gardens as great partners for us because the signal fidelity, the data fidelity is higher. They will only partner with usually one exclusive partner or a couple of meaningful partners. And that data synchronization and ability to better target I think is just going to benefit from that. I think the other thing we should all be paying attention to is it's true the growth of those big tech Googles and Facebooks has been tremendous.

從這些方面來說，我認為圍牆花園是我們很好的合作夥伴，因為訊號保真度、資料保真度更高。他們通常只會與一個獨家合作夥伴或幾個有意義的合作夥伴合作。我認為數據同步和更好地瞄準目標的能力將從中受益。我認為我們都應該關注的另一件事是，那些大型科技公司Google和 Facebook 的成長確實是巨大的。

I do think if we look at many governments around the world and the regulations that are coming and the limitations they are trying to place, those are generally targeted at those big tech companies while trying to benefit the Open Internet or journalism-based publishers or those types of categories.

我確實認為，如果我們看看世界各地的許多政府以及即將出台的法規以及他們試圖施加的限制，這些法規通常針對那些大型科技公司，同時試圖使開放互聯網或新聞出版商或那些類別的類型。

And what's happening in Australia and Canada I think in terms of getting some of the capabilities back to publishers, I think, is also an important dynamic. I don't think that world necessarily is becoming easier and easier for the big tech companies. I think the Open Internet might be a beneficiary of that.

我認為澳洲和加拿大正在發生的事情在將一些功能回饋給出版商方面也是一個重要的動態。我不認為對於大型科技公司來說，世界一定會變得越來越容易。我認為開放網路可能是其中的受益者。

Okay, super helpful.

好的，超級有幫助。

I want to add one point. I mean, as we also noticed, I mean, we're becoming, as the company, much more focused also on how do we serve much better a wide range of advertisers. From an advertiser perspective, the Open Internet delivers incremental audiences. We have endless number of cases showing that we do something on YouTube, but we deliver to them incremental audiences that we can target in a better way using unique signals that we have.

我想補充一點。我的意思是，正如我們也注意到的那樣，我的意思是，作為公司，我們也越來越關注如何更好地為廣泛的廣告商提供服務。從廣告商的角度來看，開放網路提供了增量受眾。我們有無數的案例表明我們在 YouTube 上做了一些事情，但我們為他們提供了增量受眾，我們可以使用我們擁有的獨特信號以更好的方式定位這些受眾。

We talked about cookie deprecation, but the contextual signals are super critical here. We develop audiences for them, so it's incremental. And also, there's a pricing question in terms of where do you get your incremental yield, and the Open internet is there and delivering that. So for any advertiser, the Open Internet is an important part of their overall spend, delivering incremental value and audiences.

我們討論了 cookie 棄用，但上下文訊號在這裡非常重要。我們為他們開發受眾，所以這是增量的。此外，還存在一個定價問題，即您從哪裡獲得增量收益，而開放互聯網就在那裡並提供了這一點。因此，對於任何廣告商而言，開放網路是其整體支出的重要組成部分，可提供增量價值和受眾。

And in many respects, it's better targeting if you think you want to target someone that's interested in a certain vertical. We aggregate those publishers that do that. So there's a lot more there. I mean, we estimate that market. We said it on our call. It's about $100 billion advertising. And by the way, we're also expanding beyond what you call traditional publishing. So I think the combination of all that gives us a lot of optimism on the future.

從許多方面來看，如果您認為自己想要定位對某個垂直領域感興趣的人，定位會更好。我們匯總了這樣做的發布商。所以還有很多東西。我的意思是，我們估計這個市場。我們在電話中說了這一點。廣告費用約 1000 億美元。順便說一句，我們也正在擴展到傳統出版以外的領域。所以我認為所有這些結合起來讓我們對未來充滿樂觀。

Okay. My second one, and I have three. My second one is about industry structures. So when you guys came public, you were in direct competition with one other company. That company has really taken sort of a hard left or right. It's really pivoted away from what I would call your core business.

好的。我的第二個，我還有三個。我的第二個問題是關於產業結構的。因此，當你們上市時，你們就與另一家公司直接競爭。那家公司確實採取了某種強硬的左或右態度。它確實偏離了我所說的核心業務。

My question is, does that make it easier for you to participate? Is your sort of world opening up as they sort of leave this space and move in really different directions? News, e-commerce, big brands, Apple announced yesterday. Does that leave you more of an open greenfield to compete -- to price better and have less competition?

我的問題是，這會讓你更容易參與嗎？當他們離開這個空間並朝著完全不同的方向移動時，你的世界是否開放了？新聞、電子商務、大品牌，蘋果昨天宣布。這是否會為您帶來更多的開放競爭空間—以更好的價格和更少的競爭？

So -- yeah, I mean, I think the company has taken a different direction, and we are very focused around the demand side and offering a cross-funnel offering for advertisers. We launched Onyx.

所以——是的，我的意思是，我認為公司採取了不同的方向，我們非常關注需求方，並為廣告商提供跨渠道的產品。我們推出了 Onyx。

Onyx is very differentiated. It is value that's delivered in a different environment, different experiences, video, high-impact display, in certain placements of the page. And it really allows us -- I mean, we've been very focused on developing that cross-funnel notion for advertisers.

Onyx 非常與眾不同。它是在不同的環境、不同的體驗、影片、高影響力的顯示、頁面的某些位置傳遞的價值。它確實讓我們——我的意思是，我們一直非常專注於為廣告商開發跨渠道的概念。

On the traditional publisher side where we have that competitor, I mean, you've seen our wins over the last two years. I think we clearly differentiated around premium publisher wins. It's coming from a combination of the strategic value that our offering brings to those publishers. I mean, back to your earlier question, we still believe that's a big opportunity in business.

在傳統出版商方面，我們有這個競爭對手，我的意思是，你已經看到了我們在過去兩年中的勝利。我認為我們在優質發行商的勝利方面有著明顯的差異化。它來自我們的產品為這些發布者帶來的策略價值的組合。我的意思是，回到你之前的問題，我們仍然相信這是一個巨大的商業機會。

So by delivering better value, higher monetization, better audience tools, and a broader value proposition strategically with Keystone, we believe that on that side, I think again, it's been demonstrated. I think, in terms of market share, you saw the names that we talked about, major wins. So on that front, I think that's helping us that our competitor is looking at other things.

因此，透過與 Keystone 策略性地提供更好的價值、更高的貨幣化、更好的受眾工具和更廣泛的價值主張，我們相信，我再次認為，這一點已經得到了證明。我認為，就市場份額而言，您看到了我們談論的名字，重大勝利。因此，在這方面，我認為我們的競爭對手正在考慮其他事情，這對我們有幫助。

Also, when you look at right now, the issue of demand density is coming a lot into play here with us being able to really focus on delivering our demand into existing and not having to really take the same level of demand and spreading it around.

此外，當你現在看時，需求密度問題在這裡發揮了很大作用，我們能夠真正專注於將我們的需求交付到現有的需求中，而不必真正接受相同程度的需求並將其分散。

You referred to the Apple News. I would urge you to look into the details of that. I mean, we don't know much about that. So again, each company is taking a different direction. I think it's actually a good thing.

你提到了蘋果新聞。我強烈建議你調查一下細節。我的意思是，我們對此了解不多。同樣，每家公司都在採取不同的方向。我認為這實際上是一件好事。

I agree with that. Okay, my last one is super quick. You gave this really intriguing statistic about the 73% of your clients were using the Conversion Bid Strategy. And my quick question is, what kind of lift are you seeing in using those Gen AI tools that is getting 73% adoption, which is quite high?

我同意這一點。好吧，我的最後一個超級快。您提供了一個非常有趣的統計數據，即 73% 的客戶正在使用轉換出價策略。我的簡單問題是，您在使用那些採用率高達 73%（相當高）的 Gen AI 工具時看到了什麼樣的提升？

(Multiple speakers) Sorry, go ahead, Yaron.

（多位發言者）抱歉，請繼續，Yaron。

No, so we haven't shared specifics, but we do see an increase from the deployment of CVS. And just to be clear, CVS or Conversive Goods Strategy is Outbrain's kind of equivalent version to Google's PMAX where the advertiser sets their goals, their business goals, the sales they want to make, the revenues, conversions they want to make, and then there's no bidding or cost that they need to set. Rather, Outbrain's algorithms run that all for them.

不，所以我們沒有分享具體細節，但我們確實看到 CVS 部署增加。需要明確的是，CVS 或Conversive Goods Strategy 是Outbrain 與Google PMAX 的等效版本，其中廣告商設定他們的目標、他們的業務目標、他們想要實現的銷售、收入、他們想要實現的轉化，然後就是他們不需要設定出價或成本。相反，Outbrain 的演算法會為他們運行這一切。

So I think the best indication, this has gone from non-existent a couple years ago to over 70%, as you said, 73% of the campaigns running on CVS Now. And I think that's the best indication with performance marketers that that's where they're finding value. It's two big values. First of all, there's the simplicity of setting up a CVS campaign. You just need a lot less manual labor on the side of the advertiser.

所以我認為最好的跡像是，這已經從幾年前不存在上升到超過 70%，正如你所說，73% 的活動在 CVS Now 上運行。我認為這是效果行銷人員發現價值的最佳跡象。這是兩個很大的數值。首先，設定 CVS 活動非常簡單。您只需要減少廣告商的體力勞動即可。

There's also campaign management, cost management, and all that. And the other is improved ROI. It just maximizes their return on ad spend. So we don't break out or haven't at least discorded the specific uplift that we're seeing, but I think just given the indication of so many of the advertisers switching to it, you can imagine that's the dynamic.

還有活動管理、成本管理等等。另一個是提高投資報酬率。它只會最大化他們的廣告支出回報。因此，我們沒有突破或至少沒有否認我們所看到的具體提升，但我認為只要考慮到如此多的廣告商轉向它，你就可以想像這就是動態。

Thanks very much. Thank you.

非常感謝。謝謝。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

Hey, good morning, guys. Matt on for Ygal. Maybe just look into the 2024 double-digit growth outlook. I wonder if we could help us just kind of bridge that.

嘿，早上好，夥計們。馬特換下伊加爾。也許只需看看 2024 年兩位數的成長前景即可。我想知道我們是否可以幫助我們彌補這一點。

How much is maybe just strengthening of the kind of current core business and how much of that is driven by some of these new growth pillars you outlined? Maybe specifically on Onyx, how you see that ramping in 2024 and 2025? I know you've given some -- quantified before QMPACs for the last six months, but maybe any expectations for 2024 and 2025?

有多少可能只是加強當前的核心業務，有多少是由您概述的一些新的成長支柱推動的？也許特別是在 Onyx 上，您如何看待 2024 年和 2025 年的成長？我知道您在過去六個月的 QMPAC 之前給出了一些量化信息，但也許對 2024 年和 2025 年有任何期望嗎？

Sure. Thanks, Matt. It's Jason. I'll start on this, and maybe David could touch on the Onyx part of the question. As far as just getting to growth, maybe one helpful data point in how we see the year growing is that I mentioned on the call just some volatility in small pockets of supply.

當然。謝謝，馬特。是傑森。我將從這個開始，也許大衛可以觸及問題的瑪瑙部分。就成長而言，也許我們如何看待今年的成長的一個有用的數據點是我在電話會議中提到的小部分供應的一些波動。

Without that -- and it's very isolated to a couple partners who have either changes that they made in the auction or technology or policy changes. And absent that volatility, we would have seen or we would expect to see, I should say, growth of Ex-TACs in Q1 in the high single-digit percentages.

如果沒有這一點，那麼對於那些在拍賣中做出改變或技術或政策改變的合作夥伴來說，這將是非常孤立的。如果沒有這種波動，我應該說，我們會看到或預計會看到第一季 Ex-TAC 的成長達到高個位數百分比。

So it's not that we're far off from that double-digit growth that we're guiding to there, absent kind of this one-off, which we are cautious about but do view as temporary with some optimism around there and obviously optimism around all the areas that David talked about and optimism around just positive yield trends that we started to see in Q4 and ramping in Q1. So it's kind of a combination of the things.

因此，這並不是說我們離我們指導的兩位數增長還很遠，沒有這種一次性的增長，我們對此持謹慎態度，但確實認為這是暫時的，周圍有一些樂觀情緒，而且顯然也很樂觀大衛談到的所有領域以及我們在第四季度開始看到並在第一季度上升的正向收益率趨勢的樂觀情緒。所以這是多種事物的結合。

I mean, as far as maybe just giving you just a sense of magnitude of some of those investment areas, I think the expansion -- I think for 2024, Ex-TAC, the expansion of supply beyond the traditional feeds and the performance share of wallet increase are probably the top two contributors this year, but we really see contributions from all four over the course of the year. And then maybe David can touch on the Enterprise Branding Agency and Onyx.

我的意思是，就可能只是讓您了解其中一些投資領域的規模而言，我認為擴張 - 我認為到 2024 年，除 TAC 之外，供應的擴張超出了傳統的來源以及性能份額錢包增加可能是今年最大的兩個貢獻者，但我們在這一年中確實看到了所有四個人的貢獻。然後，也許 David 可以談談 Enterprise Branding Agency 和 Onyx。

Sure. (Multiple speakers) On Onyx and generally brands and agencies, we said on the call we have about a $200 million business that is brands and agencies that a lot of it is performance that we're also now leveraging into Onyx. Onyx, it has delivered better than expectations in the second half of last year. We're only talking about specifically about half a year, so you can imagine that we assume that it will more than double in 2024.

當然。（多名發言者）關於 Onyx 以及一般的品牌和代理機構，我們在電話會議上表示，我們擁有約 2 億美元的品牌和代理業務，其中很大一部分是我們現在也將其納入 Onyx 的業績。Onyx去年下半年的業績優於預期。我們只具體談論半年左右，所以你可以想像我們假設 2024 年這一數字將增加一倍以上。

And the important thing here is that we are in a very different dialogue today with advertisers and agencies around this cross-funnel notion and ability to really help them link it all together. That's very unique to us in the ecosystem, in the Open Internet.

這裡重要的是，我們今天與廣告商和代理商圍繞著這種跨渠道概念和真正幫助他們將所有內容聯繫在一起的能力進行了非常不同的對話。這對於我們在開放互聯網的生態系統中來說是非常獨特的。

And I'm also very excited about, again, the other growth drivers that that Jason referred to, I think, again, that Keystone brought us. We have today Keystone on about 15 publishers. That's also an important growth driver for us, and that's helping us on the publisher side.

我也對 Jason 提到的其他成長動力再次感到非常興奮，我認為 Keystone 給我們帶來了同樣的成長動力。今天，我們對大約 15 家出版商進行了 Keystone 的調查。這對我們來說也是一個重要的成長動力，並且在發行商方面也為我們提供了幫助。

But the brand side is very exciting. Onyx, in terms of the acceptance in the market, has been something that's been very successful, and we think that's going to be a big growth driver in the future, really focused around increasing our ability to share wallets from the demand side, both on the brand with Onyx and on the performance side.

但品牌方面非常令人興奮。Onyx，就市場接受度而言，是非常成功的，我們認為這將成為未來的一個巨大成長動力，真正專注於提高我們從需求方共享錢包的能力，無論是在Onyx 品牌和性能方面。

Okay, great. Thanks. Very helpful. And then maybe just one on cookie deprecation. Just how -- are you guys exposed? Maybe you can help us think about your exposure to cookies. I understand it's a lot of recommendations, but how much exposure do you have to cookies?

好的，太好了。謝謝。很有幫助。然後也許只是關於 cookie 棄用的一件事。你們到底是怎麼暴露的？也許您可以幫助我們考慮您接觸 cookie 的情況。我知道有很多建議，但是您對 cookie 有多少接觸？

And with your exposure to news publishers, how you see with cookie fabricating any impacts to their CPMs and flow through your business? And maybe it seems some of your new products like Onyx and Keystone maybe puts you in a better position, helping them leverage 1P data. So is that maybe the right way to think about it?

根據您與新聞出版商的接觸，您如何看待 cookie 對他們的每千次展示費用和您的業務流程產生的影響？也許您的一些新產品（例如 Onyx 和 Keystone）可能會讓您處於更好的位置，幫助他們利用 1P 數據。那麼這也許是正確的思考方式嗎？

Yes, it's Yaron here. So with cookies, first, it's important to make a distinction between, as you did, between first-party cookies and the third party, what's being deprecated as third-party cookies. That is data signals that we definitely use. We try to use any data signals that we have. But it's actually some of the weakest or the less-meaningful data signals that we use.

是的，這裡是亞龍。因此，對於 Cookie，首先，像您所做的那樣，區分第一方 Cookie 和第三方 Cookie（已被棄用的第三方 Cookie）非常重要。這是我們肯定會使用的數據訊號。我們嘗試使用我們擁有的任何數據訊號。但它實際上是我們使用的一些最弱或意義不大的數據訊號。

We have a tremendous amount of first-party data being the engine powering those feeds on many of those publishers, and those are usually exclusive partnerships where we're operating as the only one powering that feed. That gives us a tremendous amount of data, not just because portfolio the code on page and we're powering those ads on feeds on every one of the pages, on web, on their apps, but it's also far beyond that.

我們擁有大量的第一方數據，這些數據是為許多發布商提供動力的引擎，而這些通常是獨家合作夥伴關係，我們是唯一為該動力提供動力的合作夥伴。這為我們提供了大量的數據，不僅是因為我們在頁面上組合了程式碼，並且我們在每個頁面、網路、應用程式上的提要上為這些廣告提供支持，而且還遠遠超出了這些。

Because we are powering usually all of their internal or organic recommendations, which get much higher engagement rates than ads ever do, and it's a lot of first-party data and signals that we can use. So when you try to compare that to say anyone in ad tech, it's just a different kind of order of magnitude of data and first-party data that we have, code on page on every one of those pages powering both the ads and the non-ads. And you're absolutely right with the things like Keystone giving us even more data signals on those places.

因為我們通常為他們所有的內部或自然推薦提供動力，這些推薦的參與率比廣告高得多，而且我們可以使用大量的第一方數據和訊號。因此，當您嘗試將其與廣告技術領域的任何人進行比較時，這只是我們擁有的數據和第一方數據的不同數量級，每個頁面上的頁面代碼都為廣告和非廣告提供支援。 -廣告。您對像 Keystone 這樣的東西完全正確，它為我們提供了有關這些地方的更多數據訊號。

I'll also mention myself and a core of our team here at Outbrain and our previous company, we invented the space of contextual advertising about 20-some years ago. And so we kicked off Outbrain with a tremendous amount of expertise on contextual that obviously uses no cookies at all.

我還要提到我自己以及 Outbrain 團隊的核心成員以及我們之前的公司，我們在大約 20 多年前發明了上下文廣告空間。因此，我們在上下文方面擁有大量專業知識，因此啟動了 Outbrain，但顯然根本不使用 cookie。

That works as a plus on any page, and I feel like we are the experts in that space in the world. And then on things like Onyx and (inaudible) all the targeting signals are very different. We don't do retargeting across different sites. We are powering those experiences on those partners that we work with, so that's the way to think of it.

這在任何頁面上都是一個優點，我覺得我們是世界上該領域的專家。然後像 Onyx 和（聽不清楚）這樣的東西，所有的目標訊號都非常不同。我們不會跨不同網站進行重定向。我們正在為那些與我們合作的合作夥伴提供這些體驗，所以這就是我們的思考方式。

Maybe just the last point, cookies -- third-party cookies were deprecated on a bunch of environments a few years ago, about three years ago on Safari and Firefox. And we've been just going from strength to strength on the main indicator that we have, which is click-through rate ever since. So if you take that as an indication of what's coming with Google Chrome this year, I think we've done quite well.

也許只是最後一點，cookie——幾年前，大約三年前，在 Safari 和 Firefox 上，第三方 cookie 已在許多環境中被棄用。從那時起，我們就在我們擁有的主要指標（即點擊率）上不斷進步。因此，如果您將此視為今年 Google Chrome 的發展趨勢，我認為我們做得相當不錯。

All right. Awesome, thanks. Appreciate the thoughts.

好的。太好了，謝謝。欣賞這些想法。

We have reached the end of our question-and-answer session, and I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束，我想將會議轉回管理階層進行閉幕致詞。

Thanks. Yaron here. Thanks for joining us today. We're very excited about this new chapter for the company with exciting strategy pillars like the enterprise brands with Onyx, extending advertiser share of wallet with our performance marketing suites, and extending our exclusive code on page through improved monetization in Keystone as well as the programmatic reach through our DSP Zemanta.

謝謝。亞龍在這裡。感謝您今天加入我們。我們對公司的新篇章感到非常興奮，它擁有令人興奮的戰略支柱，例如 Onyx 的企業品牌，透過我們的績效行銷套件擴大廣告商的錢包份額，並透過改善 Keystone 的貨幣化以及透過我們的DSP Zemanta 實作程式化覆蓋。

On a personal note, it's been the privilege of a lifetime to work with 1,000 or so incredible Outbrainers. I'm excited for the future of the company as it starts its new chapter, and I'm confident that our fantastic group of people will continue carrying and building our unique company culture for many years to come. I look for forward to serving you all, the Outbrain's shareholders, as the company's chairman. Thank you.

就我個人而言，與 1,000 名左右令人難以置信的 Outbrainers 一起工作是我一生的榮幸。我對公司的未來感到興奮，因為它開啟了新的篇章，我相信我們優秀的團隊將在未來的許多年裡繼續傳承和建立我們獨特的公司文化。身為公司董事長，我期待為 Outbrain 的股東們提供服務。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。