Teads Holding Co (TEAD) 2024 Q1 法說會逐字稿

Good day, and welcome to Outbrain Incorporated first-quarter 2024 earnings conference call. (Operator instructions) As a reminder, this conference is being recorded.

美好的一天，歡迎參加 Outbrain Incorporated 2024 年第一季財報電話會議。（操作員說明） 請注意，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 first-quarter 2024 results. Joining me on the call today we have Outbrain CEO, David Kostman; and CFO, Jason Kiviat.

早安，感謝您參加今天的電話會議，討論 Outbrain 2024 年第一季的業績。今天與我一起參加電話會議的是 Outbrain 執行長 David Kostman；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. These risk factors are discussed in detail in our Form 10-K filed for the year ended December 31, 2023, 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.

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。這些風險因素在我們提交的截至 2023 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 first-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。您應該參考公司第一季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, Lane. Good morning, everyone and thank you for joining us today for our first-quarter 2024 earnings call. I'm pleased to share with you our progress and achievements over the past quarter as well as our strategic direction moving forward. On the financial front, I am pleased that we delivered extra gross profit of $52.2 million towards the high end of our guidance and that we exceeded our adjusted EBITDA guidance reporting $1.4 million. We generated positive free cash flow of $4.6 million.

謝謝你，萊恩。大家早安，感謝您今天參加我們的 2024 年第一季財報電話會議。我很高興與您分享我們過去一個季度的進展和成就以及我們未來的策略方向。在財務方面，我很高興我們實現了 5,220 萬美元的額外毛利，接近我們指導的上限，並且超出了調整後的 EBITDA 指導報告的 140 萬美元。我們產生了 460 萬美元的正自由現金流。

Strategically, Outbrain is on a journey to become one of the largest gateways to the open internet for advertisers. We believe we are uniquely positioned on the open internet to offer a cross-funnel platform that enables advertisers to build their brands, drive consideration, and deliver conversions. The open internet is estimated to be $100 billion advertising opportunity providing advertisers with access to incremental audiences across highly relevant, professionally produced editorial content.

從策略上講，Outbrain 正在成為廣告商開放網路的最大入口網站之一。我們相信，我們在開放互聯網上擁有獨特的地位，可以提供跨渠道平台，使廣告商能夠建立自己的品牌、提高關注度並實現轉換。據估計，開放網路將帶來價值 1000 億美元的廣告機會，為廣告主提供透過高度相關、專業製作的社論內容吸引增量受眾的機會。

As we look to the future, we believe the industry is focused on consumer privacy, premium quality, transparency, and outcomes that aligns favorably with our strengths. Now more than ever, we are seeing all buyer types from brands to performance focused on measurable outcomes. We believe that we possess a competitive edge in driving these outcomes from relevant audiences. Despite Google's announcement to further delay third-party cookie deprecation on Chrome, we believe advertisers remain focused on finding more advanced solutions to drive brand outcomes from relevant audiences. Our foundational code on page and engagement data signals continue to enable us to leverage our proprietary data and AI to innovate these solutions for advertisers.

展望未來，我們相信該行業關註消費者隱私、優質、透明度以及與我們的優勢相匹配的成果。現在，我們比以往任何時候都更看到從品牌到績效的所有買家類型都更加關注可衡量的結果。我們相信，我們在推動相關受眾取得這些成果方面擁有競爭優勢。儘管Google宣布進一步推遲 Chrome 上第三方 cookie 的棄用，但我們相信廣告主仍專注於尋找更先進的解決方案來推動相關受眾的品牌成果。我們的頁面基礎程式碼和參與數據訊號繼續使我們能夠利用我們的專有數據和人工智慧為廣告商創新這些解決方案。

Next, I want to provide a quick update on how we're progressing on our growth drivers for 2024. As you may recall from our last call, these revolve around three key pillars. Our first pillar focuses on expanding our share of wallet with advertisers, brands and agencies, and performance advertisers.

接下來，我想快速介紹一下我們在 2024 年成長動力的進展。您可能還記得我們上次的電話會議，這些會議圍繞著三個關鍵支柱。我們的第一個支柱專注於擴大我們與廣告商、品牌和代理商以及效果廣告商的錢包份額。

First, our business with brands and agencies. In Q1, overall direct spend from our brand and agency clients was over $100 million globally. This number represents spend from direct advertisers of all sizes from mid-market to enterprise brands and independent agencies to holding companies. We are seeing good progress with Onyx, our brand-building offering focused on enterprise clients with revenues in Q1 exceeding $7 million.

首先，我們與品牌和代理商的業務。第一季度，我們的品牌和代理商客戶在全球的直接支出總額超過 1 億美元。這個數字代表了從中端市場到企業品牌、獨立機構到控股公司等各種規模的直接廣告商的支出。我們看到 Onyx 取得了良好進展，我們的品牌建立產品專注於企業客戶，第一季營收超過 700 萬美元。

We launched Onyx in the Japanese market in Q1, which we believe represents a strong agency growth opportunity and plan to make Onyx available in additional markets in Q2. Speaking of Onyx, I'm excited to share the success story of one of our most recent enterprise clients, Leica. Leica chose to partner with Onyx for the launch of their new home cinema. Leica leveraged the Onyx brand studio to create a custom high-impact format that enabled audiences to experience the immersive moments on the Leica home cinema.

我們於第一季在日本市場推出了 Onyx，我們認為這代表著強大的代理商成長機會，並計劃在第二季將 Onyx 推向其他市場。說到 Onyx，我很高興能與大家分享我們最新的企業客戶之一徠卡 (Leica) 的成功故事。徠卡選擇與 Onyx 合作推出新的家庭劇院。徠卡利用 Onyx 品牌工作室創建了一種客製化的高影響力格式，使觀眾能夠在徠卡家庭劇院上體驗身臨其境的時刻。

Onyx enabled Leica to outperform attention benchmarks by 65% and sparked 550,000 audience interactions. This case study exemplifies Onyx's ability to deliver beautiful brand experiences that deliver measurable outcomes. In addition, we announced Onyx's partnership with Scope 3, enabling us to launch OnyxGreen in early April. OnyxGreen provides buyers with access to curated deals that reduce carbon emissions by up to 30% compared to open exchange video and display.

Onyx 使 Leica 的關注度基準提高了 65%，並引發了 550,000 次觀眾互動。本案例研究體現了 Onyx 提供美好品牌體驗並帶來可衡量成果的能力。此外，我們還宣布了 Onyx 與 Scope 3 的合作夥伴關係，使我們能夠在 4 月初推出 OnyxGreen。OnyxGreen 為買家提供規劃交易，與開放交換影片和展示相比，碳排放量減少高達 30%。

As we said in the past, we are focused and will continue to invest in this flywheel of demand and supply. Premium global publishers like the ones on the Outbrain platform are looking for better quality advertising, and brand advertisers are attracted to our premium publisher base for the cross-funnel objectives.

正如我們過去所說，我們專注並將繼續投資於需求和供應的飛輪。Outbrain 平台上的優質全球發布商正在尋求更高品質的廣告，而品牌廣告商則被我們的優質發布商群體所吸引，以實現跨渠道目標。

The second pillar, growing our share of wallet from advertisers across our core performance offerings. We are invested in enabling growth of large-scale advertisers on our performance DSP, Zemanta. As part of those efforts, we saw increased total spend through Zemanta by approximately 40 % in Q1 2024 compared to Q1 of last year. We look forward to leveraging our DSP as a strategic enabler for savvy clients to drive strong performance across the open internet. In addition, our ad manager, amplify remains our core offering for advertisers of all sizes to drive scalable performance.

第二個支柱是在我們的核心績效產品中增加廣告商的錢包份額。我們投資於我們的高效能 DSP Zemanta，以促進大型廣告商的成長。作為這些努力的一部分，我們發現 2024 年第一季透過 Zemanta 的總支出比去年第一季增加了約 40%。我們期待利用我們的 DSP 作為精明的客戶的策略推動者，在開放互聯網上推動強勁的業績。此外，我們的廣告管理器 amplify 仍然是我們為各種規模的廣告主提供的核心產品，以推動可擴展的效能。

Our focus has been on enabling greater automation of workloads and bidding strategies through AI. Growth in adoption of our AI creative tools nearly doubled from Q4 2023 to Q1 with 14 % of our customers utilizing creative AI tools. This suite of tools empowers our teams to deliver innovative creative solutions that enable advertisers of all sizes to scale. I also sit at the core of our prediction engine and corresponding automated bidding technology. Continued investment in the performance of this technology has led to high adoption with 89% of advertiser spend now leveraging one of our automated bidding modes.

我們的重點是透過人工智慧實現工作負載和出價策略的更大自動化。從 2023 年第四季到第一季度，我們的 AI 創意工具的採用率成長了近一倍，14% 的客戶使用創意 AI 工具。這套工具使我們的團隊能夠提供創新的創意解決方案，使各種規模的廣告主能夠擴大規模。我也是我們預測引擎和相應自動出價技術的核心。對這項技術性能的持續投資導致了其高度採用，目前 89% 的廣告商支出都在利用我們的自動出價模式之一。

Moving on to our next pillar, we continue to expand our supply footprint, enabling advertisers to reach consumers across the entirety of the open internet. We've accelerated the expansion of partnerships beyond our core publisher inventory, which drove over 25% of total advertiser spend in Q1 on our platform. Bringing our prediction, technology, and performance capabilities beyond traditional web publishing is a major focus in 2024 that we believe will enable advertisers to reach wider audiences across diverse media types.

轉向我們的下一個支柱，我們繼續擴大我們的供應足跡，使廣告商能夠透過整個開放網路接觸消費者。我們加快了合作夥伴關係的擴展，超越了我們的核心發布商庫存，這推動了我們平台上第一季廣告客戶總支出的 25% 以上。將我們的預測、技術和效能能力超越傳統的網路發布是 2024 年的主要焦點，我們相信這將使廣告商能夠透過不同的媒體類型覆蓋更廣泛的受眾。

The next pillar focuses on growing our differentiated premium publisher partnerships, publish a logo. Retention remains strong in Q1 at 98%. This achievement reflects the enduring nature of our publisher partnerships which remain core to our future success. Exclusive code on page inventory continues to be a differentiator for our demand business, both through access to proprietary supply and corresponding page level and engagement data.

下一個支柱重點是發展我們差異化的優質出版商合作夥伴關係，發布徽標。第一季的保留率仍然很高，達到 98%。這項成就反映了我們與出版商合作關係的持久性，這仍然是我們未來成功的核心。透過存取專有供應以及相應的頁面層級和參與數據，頁面庫存上的專有程式碼仍然是我們需求業務的差異化因素。

We are focused on expanding the breadth of services we offer to these premium publishers in an effort to expand monetization opportunities and access viewable brand-suitable placements. Our premium publisher base is also continuing to expand. In Q1, we added new supply partnerships including News Corp Australia and Webedia Spain, both of them moving from a competitor. In addition, we signed The Telegraph which is working with us on the Keystone platform showcasing Keystone's ability to bring incremental partnerships and margin opportunities to our portfolio.

我們致力於擴大為這些優質發布商提供的服務範圍，以擴大獲利機會並獲得適合品牌的可見展示位置。我們的優質出版商基礎也不斷擴大。在第一季度，我們增加了新的供應合作夥伴關係，包括澳洲新聞集團和西班牙 Webedia，這兩家公司都是從競爭對手轉移過來的。此外，我們也與《電訊報》簽約，後者正在 Keystone 平台上與我們合作，這展示了 Keystone 為我們的投資組合帶來增量合作夥伴關係和利潤機會的能力。

On the eye front, in addition to our eye efforts on the product side, our team has also been exploring the use of AI to drive business efficiency and operational effectiveness, seeing real success thus far. We've been able to automate the handling and resolution of 40% of account management support cases with our small and medium publisher team by leveraging AI and robotics process automation. We've applied the same approach to our demand operation team support cases and plan to expand the capabilities to more teams. In conclusion, our first-quarter results underscore our commitment to broadening our relevance to more advertiser segments with the objective of becoming one of the leading gateways to the open internet.

在眼前，除了在產品端的努力外，我們的團隊也一直在探索利用人工智慧來提高業務效率和營運效率，目前已經取得了真正的成功。透過利用人工智慧和機器人流程自動化，我們的中小型發行商團隊已經能夠自動處理和解決 40% 的客戶管理支援案例。我們對需求營運團隊支援案例應用了相同的方法，並計劃將功能擴展到更多團隊。總之，我們第一季的業績強調了我們致力於擴大與更多廣告商細分市場的相關性，目標是成為開放網路的領先入口網站之一。

We are confident that with continued execution on our growth drivers, we will be able to deliver on the growth and profitability targets for this year and 2025. With that, I'll turn it over to Jason to cover the financials.

我們相信，透過繼續執行我們的成長動力，我們將能夠實現今年和 2025 年的成長和獲利目標。這樣，我會將其交給 Jason 負責財務事宜。

Thanks, David. As David mentioned, we achieved our Q1 guidance for gross profit and exceeded our Q1 guidance for adjusted EBITDA. Revenue in Q1 was approximately $217 million, reflecting a decrease of 6% year over year.

謝謝，大衛。正如大衛所提到的，我們實現了第一季毛利指導，並超過了第一季調整後 EBITDA 指引。第一季營收約 2.17 億美元，年減 6%。

New media partners in the quarter contributed 5 percentage points or approximately $11 million of revenue growth year over year. Net revenue retention of our publishers was 89%, 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. I'll touch on the demand trends in a moment.

本季新媒體合作夥伴為營收成長貢獻了 5 個百分點，約 1,100 萬美元。我們的出版商的淨收入留存率為 89%，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。我稍後會談到需求趨勢。

As noted in the prior quarter, we also experienced a decline year over year on ad impressions, contributing to the retention being below 100%. Again, this was driven largely by page view volatility from certain supply sources as opposed to churn. Consistent with recent quarters, churn has remained at similarly low levels with logo retention of 98 % for all partners that generated at least $10,000, and our five largest churns amounted to only two combined points of year-over-year headwind on RMNs in Q1.

如同上一季所指出的，我們的廣告展示次數也較去年同期下降，導致留存率低於 100%。同樣，這主要是由某些供應來源的頁面瀏覽量波動造成的，而不是流失。與最近幾季一致，客戶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98%，而我們最大的五個客戶流失率在第一季度的RMN 上僅比去年同期逆風兩百分點。

Turning to advertising demand. Following a seasonal step down in January, CPC remained fairly stable throughout February and March but remained down significantly versus the prior year. Despite the lower pricing, we experienced RPM or yield growth for the second consecutive quarter, thanks to ongoing click through rate expansion which continues to exceed our previous high.

轉向廣告需求。繼 1 月季節性下降之後，CPC 在整個 2 月和 3 月保持相當穩定，但與去年相比仍大幅下降。儘管定價較低，但由於點擊率持續擴張，我們的每千次展示收入或收益率連續第二個季度增長，並繼續超過之前的高點。

Ex-TAC gross profit was $52.2 million, flat year over year, outpacing revenue growth for the fourth quarter in a row, driven primarily by improved deal performance on certain media partners and the net impact of revenue mix. As noted previously, the investment areas we are focused on are largely areas that we expect will drive a higher Ex-TAC take rate. We experienced supply volatility from a key partner which negatively impacted year-over-year Ex-TAC gross profit by mid to high single-digit percentage. Our Ex-TAC would have grown year over year by this percentage excluding this one key partner.

剔除 TAC 的毛利潤為 5,220 萬美元，與去年同期持平，連續第四季度超過收入增長，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。如前所述，我們重點關注的投資領域主要是我們預計將推動更高的 Ex-TAC 採納率的領域。我們經歷了一個主要合作夥伴的供應波動，這對 Ex-TAC 毛利同比產生了中高個位數百分比的負面影響。如果不包括這個關鍵合作夥伴，我們的 Ex-TAC 將會逐年成長這一百分比。

This impact was primarily a result of this partners transitioning from their legacy bidding platform. Our tech migration to the new platform was completed last week. However, the optimization and rescaling of our demand is ongoing, and while we see it impacting Q2 results more than we anticipated, we expect to see sequential growth over the coming months.

這種影響主要是由於該合作夥伴從其舊的競價平台進行了過渡。我們向新平台的技術遷移已於上週完成。然而，我們的需求優化和調整仍在繼續，雖然我們認為它對第二季度業績的影響超出了我們的預期，但我們預計未來幾個月將出現環比增長。

Moving to expenses, operating expenses decreased by approximately 5% year over year to $48.2 million in the quarter as we continue to balance investments in our strategic priorities with continued cost discipline. We began in 2024 with a headcount of approximately 870 FTEs, which is down 11 % from January 2023, as we have focused our attention on driving greater efficiencies in our operations and now on redeploying resources toward higher confidence growth areas. The decline year over year was partially offset by a prior-year one-time benefit around variable compensation that did not repeat in the current year.

說到費用，隨著我們繼續平衡策略重點投資與持續的成本控制，本季營運費用年減約 5% 至 4,820 萬美元。2024 年開始，我們的員工總數約為 870 名 FTE，比 2023 年 1 月減少了 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信心更高的成長領域。同比下降的部分被上一年圍繞可變薪酬的一次性福利所抵消，而今年並沒有重複這一福利。

Of note, we saw reduced bad debt expenses in Q1, down nearly $1 million year over year as we continue to focus on collection efforts, and we expect to see lower levels over the remainder of the year. As a result, we doubled our adjusted EBITDA year over year to $1.4 million.

值得注意的是，隨著我們繼續專注於催收工作，我們看到第一季的壞帳支出減少了近 100 萬美元，並且預計今年剩餘時間壞帳支出將下降。結果，我們調整後的 EBITDA 年比翻了一番，達到 140 萬美元。

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 $5 million in the first quarter. This was driven largely by working capital benefits coming from seasonality, timing of payables around period end, and focused improvements in DSO. As a result, we ended the quarter with $232 million of cash, cash equivalents, and investments in marketable securities on the balance sheet and $118 million of long-term convertible debt.

轉向流動性。提醒一下，自由現金流（我們將其定義為經營活動現金減去資本支出和資本化軟體成本）在第一季約為 500 萬美元。這主要是由於季節性、期末應付帳款時間以及 DSO 的重點改善所帶來的營運資本效益。因此，截至本季末，我們的資產負債表上有 2.32 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 a $30 million share repurchase program and in 2023 repurchased approximately 3.7 million shares for $17.8 million. We continue share repurchases in 2024. In Q1, we repurchased approximately 1 million shares for $3.9 million. So as of March 31, we have $8.6 million remaining under our current authorization, and we continue to believe it's an attractive way to enhance shareholder value under current market conditions.

2022年12月，該公司董事會批准了一項3,000萬美元的股票回購計劃，並於2023年以1,780萬美元的價格回購了約370萬股股票。我們將在 2024 年繼續進行股票回購。第一季度，我們以 390 萬美元回購了約 100 萬股股票。因此，截至 3 月 31 日，我們目前的授權剩餘 860 萬美元，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. In our guidance, we assume that current macro conditions persist with no material deterioration or improvements, regular seasonality, and as noted in the prior quarter, continued execution of our growth drivers. Additionally, to add color, we expect to start to lap a softer comparison period as the year progresses in H2 and particularly in Q4. With that context, we have provided the following guidance: For Q2, we expect Ex-TAC gross profit of $53 million to $57 million, and we expect adjusted EBITDA of $1 million to $4 million. We maintain our previous full-year 2024 guidance provided at the beginning of the year of $238 million to $248 million of Ex-TAC gross profit and $30 million to $35 million of adjusted EBITDA.

現在轉向我們的展望。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，季節性正常，並且如上一季所述，我們的成長動力繼續執行。此外，為了增加色彩，我們預計隨著下半年的進展，特別是第四季度，比較期將開始變得更加疲軟。在此背景下，我們提供了以下指引：對於第二季度，我們預計 Ex-TAC 毛利為 5,300 萬美元至 5,700 萬美元，調整後 EBITDA 為 100 萬美元至 400 萬美元。我們維持先前年初提供的 2024 年全年指引，即 2.38 億美元至 2.48 億美元的 TAC 前毛利和 3,000 萬美元至 3,500 萬美元的調整後 EBITDA。

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。

Thank you (Operator instructions) Andrew Boone, JMP Securities.

謝謝（操作員指示）Andrew Boone，JMP 證券。

David, I have a big-picture question, and then Jason, we'll go a little bit more tactical for the second. But can you just talk about the key growth drivers in terms of returning revenue to growth for Outbrain? What do you view as the key one, two, or three things that you guys can do to drive better topline growth?

大衛，我有一個大問題，然後傑森，我們將在第二個問題上採取更多的戰術。但您能否談談 Outbrain 將營收恢復成長的關鍵成長動力？您認為你們可以做哪些關鍵的一、二、三件事來推動更好的營收成長？

And then Jason, tactically on take rates, how should we be thinking about that for the remainder of the year? And can you talk about the drivers that you saw in 1Q?

然後傑森，從戰術上講，我們應該如何考慮今年剩下的時間？您能談談您在第一季看到的驅動程式嗎？

So I think the biggest growth driver if I had to rank them is really our move to full funnel. I think this is very unique in terms of participation on the open internet, and we have a unique opportunity here to link brand and performance and to offer advertisers a full-funnel solution on the open internet. The opportunity is very large. It requires formats like video and high-impact display. It requires you to have placements on-site. So we're very confident that that's a great opportunity for us and pretty unique in terms of the ability to combine upper funnel mid-funnel and lower funnel.

因此，我認為，如果我必須對它們進行排名，最大的成長動力實際上是我們轉向全漏斗。我認為這在參與開放互聯網方面非常獨特，我們在這裡有一個獨特的機會將品牌和績效聯繫起來，並為廣告商提供開放互聯網上的全渠道解決方案。機會非常大。它需要視訊和高影響力的顯示等格式。它要求您在現場有展示位置。因此，我們非常有信心，這對我們來說是一個很好的機會，並且在結合上漏斗、中漏斗和下漏斗的能力方面非常獨特。

And the second one is just growing our share of wallet with advertisers including our performance advertiser which is the biggest base of our advertisers. So we're investing a lot in two directions there. One is moving some of those large advertisers to Zemanta or DSP platform that delivers performance across the entire open internet, not just on our publisher base, and continuously improving Amplify which is our own direct access platform. We've seen record CTRs in the last couple of quarters, so we feel very good about the ability to drive growth there. So I would say these are the two main ones.

第二個就是增加我們與廣告商的錢包份額，包括我們的效果廣告商，這是我們廣告商的最大基礎。因此，我們在兩個方向上投入了大量資金。一是將一些大型廣告商轉移到 Zemanta 或 DSP 平台，該平台可以在整個開放互聯網上提供性能，而不僅僅是我們的發布商基礎，並不斷改進我們自己的直接訪問平台 Amplify。在過去的幾個季度中，我們看到了創紀錄的點擊率，因此我們對推動成長的能力感到非常滿意。所以我想說這是兩個主要的。

Hey, Andrew. It's Jason for the second question. So yeah, the take rates have been up. A few quarters in a row I mentioned about a point and a half year over year this quarter and Q1. Less about -- part of it is obviously mix and some of that new deals or just different weighting of deals. Of course, mix works both ways but really the optimizations and performance is something that we're just always working on. I mean, David included it in his third pillar of growth which is improving yields, improving click through rates, and optimizations to drive better performance. We added a ton of supply a couple of years ago.

嘿，安德魯。第二個問題請傑森回答。所以是的，接受率已經上升。我連續幾個季度提到本季和第一季同比增長了一個半點。更少的是——其中一部分顯然是混合和一些新交易或只是不同的交易權重。當然，混合是雙向的，但實際上優化和性能是我們一直在努力的事情。我的意思是，大衛將其納入他的第三個成長支柱，即提高產量、提高點擊率以及優化以提高績效。幾年前我們增加了大量的供應。

And we preached, we are -- we see ourselves as land and expand rate. We see our AI learning, the users and ourselves learning the users, and driving better performance in time. And that's certainly part of what's happening here. And beyond that and going forward, we are focused on areas of these investments that we see as all things that should drive higher take rates.

我們宣講，我們將自己視為土地並擴大速度。我們看到我們的人工智慧學習、用戶和我們自己學習用戶，並及時推動更好的效能。這當然是這裡發生的事情的一部分。除此之外，展望未來，我們將重點放在這些投資領域，我們認為這些領域都應該推動更高的採用率。

So whether it's supply beyond the feed where we think we have, our bidding technology can help us drive higher take rates. And Onyx and video tends to drive higher take rates, additional margin opportunities from getting more share of wallet through our DSP, and of course more optimization of yields, right, so there are all things that we're focused on a more efficient growth, and so that's what we expect going forward.

因此，無論供應量超出了我們認為的供應量，我們的出價技術都可以幫助我們提高更高的利用率。Onyx 和影片往往會帶來更高的採用率、透過我們的 DSP 獲得更多錢包份額帶來的額外利潤機會，當然還有更多的產量優化，對吧，所以我們專注於更有效率的成長，這就是我們對未來的期望。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

So I have three. One is Outbrain has traditionally been a performance-oriented ad tech company, but what we're seeing in connected television is that with the rise of RMNs, they're closing the loop and they're making CTV more performance oriented. And it feels like that segment is growing the fastest, CTV, so I'm wondering if you think the competitive landscape is worsening for your piece of the market, which is performance as connected television does more performance-oriented tasks?

所以我有三個。其一，Outbrain 傳統上是一家以績效為導向的廣告科技公司，但我們在連網電視中看到的是，隨著 RMN 的興起，它們正在關閉循環，並使 CTV 更加以績效為導向。感覺這個細分市場成長最快，CTV，所以我想知道您是否認為您所在的市場的競爭格局正在惡化，即性能，因為聯網電視執行更多以性能為導向的任務？

My second one is that in your commentary, you said that you are adding supply that is nontraditional. I'm interested in learning more about that. What kind of supply that's nontraditional are you adding? And then third, when you mention cookies, I would have guessed that you don't actually have a lot of cookies risk because you have an end-to-end platform. Could you just remind us in the first quarter how much of your ad placement was targeted by using cookies?

我的第二個問題是，在你的評論中，你說你正在增加非傳統的供應。我有興趣了解更多相關資訊。您要添加哪種非傳統供應？第三，當你提到 cookie 時，我猜你其實沒有太多 cookie 風險，因為你有端對端平台。您能否提醒我們，第一季您的廣告投放中有多少是透過使用 Cookie 來定位的？

So I'll take the first one. On CTV, we are today a relatively small player, but if you recall, we made an acquisition a couple of years ago of a company called Video Intelligence that has capabilities that have brought us into CTV. And we believe that video as a format is a very large opportunity.

所以我會選第一個。在 CTV 領域，我們現在是一個相對較小的參與者，但如果您還記得的話，我們幾年前收購了一家名為 Video Intelligence 的公司，該公司擁有將我們帶入 CTV 的能力。我們相信影片作為一種格式是一個非常大的機會。

We've made that acquisition. We're seeing good growth in the deployment of VI players on our base of digital publishers. And we need to find a way to grow our CTV business. But we believe that definitely, it's a combination also of branding and performance that we see there. And it is becoming a more significant share of market of performance advertisers. We believe we, in the future, need to find a way to play there in a bigger way.

我們已經完成了這項收購。我們看到我們的數位出版商基礎上 VI 播放器的部署有了良好的成長。我們需要找到一種方法來發展我們的 CTV 業務。但我們相信，這絕對是我們在那裡看到的品牌和性能的結合。它正在成為效果廣告商市場中越來越重要的份額。我們相信，未來我們需要找到更大程度地發揮作用的方法。

And when you talk about nontraditional, it's what we call platforms. It's third parties. It's gaming platforms, it's news apps, it's lock screens, and other such environments where users today consume content. So we're growing that. It's part of our strategy of becoming the gateway to the open internet, again, full funnel brand building consideration and performance, but also getting way beyond our publisher, traditional publisher base. So that's one of our big efforts.

當你談論非傳統時，這就是我們所說的平台。這是第三方。它是遊戲平台、新聞應用程式、鎖定螢幕以及用戶當今消費內容的其他此類環境。所以我們正在發展這一點。這是我們成為開放網路入口網站策略的一部分，同樣，全通路品牌建立考量和績效，但也遠遠超出了我們的出版商，傳統的出版商基礎。這是我們的重大努力之一。

It's today about 25 % of our business is done outside of our traditional publisher base, which we think is an important lever for growth, again, leveraging the core capabilities we have on those premium publishers which are anchors for those brands who want to spend. So we're not giving up on that. We're growing that. We mentioned News Corp Australia, but we're also expanding beyond that.

如今，我們約25% 的業務是在傳統發行商基礎之外完成的，我們認為這是成長的重要槓桿，再次利用我們在優質發行商上擁有的核心能力，這些優質發行商是那些想要花錢的品牌的支柱。所以我們不會放棄這一點。我們正在發展這一點。我們提到了澳洲新聞集團，但我們也在擴大範圍。

And to your last point on cookies, and we've said it from the beginning, we are based on contextually driven algos primarily. We have first-party data on our publishers that we leverage. So we don't see a risk from the cookie deprecation on a relative basis on the open internet.

對於您關於 cookie 的最後一點，我們從一開始就說過，我們主要基於上下文驅動的演算法。我們擁有我們所利用的發布商的第一方數據。因此，相對而言，我們認為在開放網路上棄用 cookie 不會帶來風險。

We think we actually have a big advantage versus other companies that are very focused on retargeting and need to track users across third-party sites. So for us, it's a relatively minimal impact on our algos when cookies go away. We tested it when Firefox deprecated it, and it had minimal impact.

我們認為，與其他非常注重重定向並需要跨第三方網站追蹤用戶的公司相比，我們實際上擁有很大的優勢。因此，對我們來說，當 cookie 消失時，對我們的演算法的影響相對較小。當 Firefox 棄用它時，我們對其進行了測試，它的影響很小。

Zach Cummins, B. Riley.

扎克康明斯、B萊利。

I really wanted to dig in a little bit more on Onyx. I appreciate the disclosure with the $7 million in revenue here in Q1. But can you just talk about which customer side is this really resonating with and what's the strategy to continue to drive adoption on that side since it appears to be a pretty meaningful growth driver in the overall scheme?

我真的很想深入了解 Onyx。我很欣賞第一季 700 萬美元收入的披露。但是，您能否談談這真正引起了哪一方客戶的共鳴，以及繼續推動該方面採用的策略是什麼，因為它似乎是整個計劃中非常有意義的成長驅動力？

So Onyx is targeting enterprise brands and agencies who are looking to launch campaigns that build brands. So this is we -- we've been very, very focused since our start on performance, but we see a huge opportunity to leverage a lot of our prediction capabilities and our unique supply to drive much better value also for brand-building campaigns. I mean, there's a good positive trend on the internet generally that also for brand building, advertisers are looking for measurable outcomes.

因此，Onyx 的目標客戶是希望進行品牌建立活動的企業品牌和機構。這就是我們——自一開始我們就非常非常注重績效，但我們看到了一個巨大的機會，可以利用我們的大量預測能力和我們獨特的供應來為品牌建立活動帶來更好的價值。我的意思是，網路上普遍存在一個良好的正面趨勢，即對於品牌建設，廣告商也在尋找可衡量的成果。

We've been very focused on driving attention as the key metric, and that leverage our heritage of prediction and this -- we launched it in the second half of last year. We had about $15 million in the second half of last year. We see good growth getting into Q1 and Q2 of this year. And we believe that this will also position us in a very unique way on the open internet being able to provide a full cross funnel.

我們一直非常注重將注意力作為關鍵指標，並利用我們的預測傳統，我們在去年下半年推出了它。去年下半年我們大約有1500萬美元。我們預計今年第一季和第二季將出現良好成長。我們相信，這也將使我們在開放互聯網上以非常獨特的方式定位，能夠提供完整的跨渠道。

If you think about just an example, take BMW, I mean they could do with us a campaign that would promote a new engine with a super cool video. And then we understand the interaction of the user with that campaign could drive performance or consideration of a new car and then on the bottom really drive a lead to their dealership. So being able to combine that is pretty unique, and we're leveraging our existing base of enterprise brands and advertisers to leverage them from driving performance also to brand building. And it's opening new doors for us at the holding companies and very large enterprise brands that have not worked with us before.

如果你只考慮一個例子，以寶馬為例，我的意思是他們可以與我們一起開展一場活動，透過超酷的影片來推廣新引擎。然後我們了解到用戶與該活動的互動可以提高新車的性能或考慮度，然後在底部真正推動他們的經銷商的銷售線索。因此，能夠將其結合起來是非常獨特的，我們正在利用我們現有的企業品牌和廣告商基礎，將它們從推動業績轉向品牌建立。它為我們之前從未與我們合作過的控股公司和大型企業品牌打開了新的大門。

So it's a great opportunity to really -- that's why we emphasize it as as one of our most important growth drivers and uniquely positions us on the open internet.

因此，這是一個很好的機會，這就是為什麼我們強調它是我們最重要的成長動力之一，並使我們在開放網路上處於獨特的地位。

Understood. That's -- that's helpful. And just one more financial-related question. In terms of the reaffirmed guidance that you've given this year, Jason, can you parse out how should we be thinking about just expansion of the take rate versus overall growth in terms of gross revenue and what's the right way to think about seasonality and progression especially into the second half of the year.

明白了。這很有幫助。還有一個與財務相關的問題。傑森，就您今年重申的指導而言，您能否分析一下我們應該如何考慮採用率的擴大與總收入的整體增長，以及考慮季節性和季節性的正確方法是什麼？

Yeah, of course. Maybe just a reminder on our forecast methodology. So what we do is we take current trends that we're seeing right up until the timing here, and we build seasonality on top of that based on our history that we know month to month and quarter to quarter what to expect over our 15-year history or so. And of course later, on other known items or growth drivers or assumptions, etc.

嗯，當然咯。也許只是提醒我們的預測方法。因此，我們所做的是，我們採用我們所看到的當前趨勢，直到這裡的時間，並在此基礎上根據我們的歷史建立季節性，我們知道每個月和每個季度在我們的 15-年歷史左右。當然，後來，關於其他已知的項目或成長驅動因素或假設等。

And it does come out all together as a slightly higher percentage of Ex-TAC in H2 to relative to H1. If you compare it to 2023, we're at 56% this year versus 53% was the actuals last year, 56 % if we're using the midpoint of the guidance. And so maybe breaking that down into a couple of pieces, if you're using the midpoint of the guidance, close to half of that H2 growth is coming from easier comps.

整體來看，H2 中 Ex-TAC 的比例確實比 H1 略高。如果與 2023 年進行比較，我們今年的成長率為 56%，而去年的實際成長率為 53%，如果我們使用指導的中點，則為 56%。因此，如果您使用指導的中點，也許可以將其分解為幾個部分，接近一半的下半年增長來自更簡單的比較。

And what I mean by that is, last year Q4 and really started with October, the attacks on October 7 and the onset of the war, we saw just a smaller increase from Q3 to Q4 as a whole than we historically have seen. We talked in prior quarters about the impact obviously on our local business in Israel but also on our global business where much of our page views of our largest partners were temporarily showing lots of news about the war which were monetizing lower than than they typically would due to safety concerns and things like that, right. So we did see a softer Q4 last year, which sets us up for a little bit of an easier comp this year.

我的意思是，去年第四季度，實際上是從10 月開始的，10 月7 日的襲擊和戰爭的爆發，我們看到從第三季度到第四季度整體的增長比我們歷史上看到的要小。我們在前幾個季度談到了這對我們在以色列當地業務的明顯影響，以及對我們全球業務的影響，我們最大合作夥伴的大部分頁面瀏覽量暫時顯示了大量有關戰爭的新聞，這些新聞的貨幣化程度低於通常應有的水平出於安全考慮和類似的事情，對吧。因此，去年第四季我們確實看到了疲軟的情況，這為我們今年的競爭奠定了基礎。

And the other thing is, I mentioned on the call about supply volatility from a key tech partner. We started to see changes from that partner over the course of '23. But really Q4 was the first meaningful period of impact. And so again, as we play out this year, I mentioned on the call that we had a mid to high single-digit growth excluding this one partner on Ex-TAC this year in Q1, and we expect similar in Q2.

另一件事是，我在電話中提到了一個關鍵技術合作夥伴的供應波動。23 年以來，我們開始看到該合作夥伴的變化。但實際上，第四季是第一個有意義的影響時期。同樣，當我們今年進行時，我在電話會議上提到，今年第一季度，不包括Ex-TAC 的這個合作夥伴，我們實現了中高個位數增長，我們預計第二季度也會出現類似情況。

As we make our way into Q4, that year-over-year headwind subsides. And so obviously also expecting some modest sequential growth in the coming months in that partner also as well. And the other things are just things that are in our model.

當我們進入第四季時，年比逆風逐漸減弱。因此，顯然也預計該合作夥伴在未來幾個月也會出現一些適度的環比成長。其他的東西只是我們模型中的東西。

Obviously, we talked about our growth drivers, Onyx is one where we expect to be more seasonally Q4 focused than our core business had been historically. And then other things flowing through, click-through rates, we said, and yield growth for the last two quarters continuing to flow through. We've seen strength in Europe, which we have flowing through. And then global events like the US election, of course, will be a little bit of a lift in the second half of the year. So hope that helps.

顯然，我們談論了我們的成長動力，Onyx 是我們預計第四季度將比我們的核心業務歷史上更加關注季節性的動力。然後其他的事情也在發生​​，我們說的是點擊率，以及過去兩季的殖利率成長也持續發生。我們看到了歐洲的力量，我們也經歷過歐洲。當然，像美國大選這樣的全球事件也會在下半年有所提振。希望有幫助。

Yeah. Very, very helpful. So thank you so much for all the detail and congrats again on solid results.

是的。非常非常有幫助。非常感謝您提供的所有細節，並再次祝賀我們取得了紮實的成果。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

Here's Max on for Ygal. Maybe first if you could just give us some color on what you're seeing in the ad macro.

這是 Ygal 的 Max 的節目。也許首先您可以給我們一些關於您在廣告巨集中看到的內容的資訊。

It seems like, we've seen a better start to 1Q, so just wondering what you're seeing there with ad budgets. Maybe if there's any geographical or vertical strengths and weaknesses to call out? And then maybe more of like a capital allocation question, but you've mentioned the $232 million of cash on the balance sheet. I'm just wondering how you guys think about the cash position and understand you have the buyback authorization, but if there's anything else you guys are thinking about on how to deploy that capital whether that's M&A or some other uses?

看起來，我們在第一季看到了更好的開局，所以只是想知道您在廣告預算方面看到了什麼。也許有什麼地理或垂直優勢和劣勢需要指出？也許更像是資本配置問題，但您提到了資產負債表上的 2.32 億美元現金。我只是想知道你們如何看待現金狀況並了解你們擁有回購授權，但是你們是否還在考慮如何部署這些資本，無論是併購還是其他用途？

Sure, so maybe I'll start on the demand trends that we've seen. So it has been more of the same. I'd say we haven't seen a material increase or decrease really for a couple of quarters now. We did drive yield or RPM growth year over year for the second quarter in a row, so there is some strength there.

當然，所以也許我會從我們所看到的需求趨勢開始。所以情況更加相似。我想說，我們已經有幾個季度沒有看到實質的增加或減少了。我們確實連續第二季推動了收益率或每千次展示收入的同比增長，因此存在一定的實力。

Now a lot of that's coming, as I said, from breaking our previous highs on click-through rates which comes obviously from improvements in our tech and our ability to predict what to show to different users. And on the contrary, we've seen pricing or CPC remaining down year over year.

正如我所說，現在很多都是來自於點擊率突破了之前的高點，這顯然來自於我們技術的進步以及我們預測向不同用戶展示內容的能力。相反，我們看到定價或每次點擊費用逐年下降。

So part of that is because we're optimizing not for pricing but for yields. Obviously, that's what makes us and our partners money. And so driving higher click-through rates at the cost of pricing might be something that we're -- that's inherent in our model here. So it's hard to say that pricing down is a sign of anything deteriorating versus we're able to drive higher yields from it.

部分原因是我們優化的不是定價而是收益。顯然，這就是我們和我們的合作夥伴賺錢的原因。因此，以定價為代價來提高點擊率可能是我們的做法——這是我們模型中固有的。因此，很難說價格下跌是任何事情惡化的跡象，而我們卻能夠從中獲得更高的收益率。

And as far as geographically in Europe, we've seen stronger trends, Spain, Italy, and Germany. Germany is our second largest market have been showing really positive metrics over Q1 into Q2 relative to US which has been flatter.

就歐洲的地理位置而言，我們看到了更強勁的趨勢，西班牙、義大利和德國。德國是我們的第二大市場，在第一季到第二季一直表現出非常正面的指標，而美國則表現平平。

And then verticals, we don't really overly rely on any verticals. I mean, just for color, we've seen strength in entertainment and health while CPG, retail, and tech probably have been weaker verticals for us but again not overly meaningful to our results those verticals.

然後是垂直領域，我們並沒有真正過度依賴任何垂直領域。我的意思是，僅就色彩而言，我們已經看到了娛樂和健康領域的優勢，而消費品、零售和科技對我們來說可能是較弱的垂直領域，但對我們這些垂直領域的業績並沒有太大意義。

And maybe in terms of uptake, the allocation question, so we have a very strong balance sheet. We are continuously looking to use some of this cash for acquisitions, and we think buyback is still an attractive opportunity. So we have an authorization, and we still have around, I think, $8 million on that authorization.

也許就吸收和分配問題而言，我們擁有非常強大的資產負債表。我們一直在尋求使用部分現金進行收購，我們認為回購仍然是一個有吸引力的機會。所以我們已經獲得了授權，而且我認為該授權上我們還有大約 800 萬美元。

Thank you. (Operator instructions) James Heaney, Jefferies.

謝謝。（操作員說明）James Heaney，Jefferies。

So you saw 40% growth in ad spend on the Zemanta DSP. So curious if you could just talk about what's driving the success from that channel and also just how you're balancing spend coming from third-party DSPs?

因此，您看到 Zemanta DSP 上的廣告支出增加了 40%。很好奇您能否談談是什麼推動了該管道的成功，以及您如何平衡來自第三方 DSP 的支出？

Hi, James. Sorry, I didn't get the second part, but I want to start with the first part on Zemanta. It's really we are strategically shifting some certain types of performance advertisers that have very large elastic budgets into that platform. So to give you a numerical example, if they spend with Outbrain $100,000, now they will shift it to Zemanta. And since they can also buy a lot of third-party supply as effectively in delivering ROAS, they will spend the same $100,000 hopefully or close to that on our brand and will now spend in total $150,000.

嗨，詹姆斯。抱歉，我沒有得到第二部分，但我想從 Zemanta 的第一部分開始。事實上，我們正​​在策略性地將某些具有非常大的彈性預算的特定類型的效果廣告商轉移到該平台。給你一個數字範例，如果他們在 Outbrain 上花費了 100,000 美元，現在他們會將其轉移到 Zemanta。由於他們還可以有效地購買大量第三方供應品來提供 ROAS，因此他們希望在我們的品牌上花費 100,000 美元或接近 100,000 美元，現在總共花費 150,000 美元。

We will also get a service fee on that like like a DSP, and we will see increased and very effective spend in ROAS for that advertiser. So there's certain types of segments. It's very technical where the Zemanta platform fits better and delivers better ROAS. So we're shifting some of those, and that has been very successful for us and for these advertisers. And I think that's a great growth opportunity.

我們還將像 DSP 一樣收取服務費，並且我們將看到該廣告商的 ROAS 支出增加且非常有效。因此存在某些類型的細分。Zemanta 平台更適合併提供更好的 ROAS，這是非常技術性的。因此，我們正在改變其中的一些，這對我們和這些廣告商來說都非常成功。我認為這是一個很好的成長機會。

And can you repeat your second question on the DSP?

您能重複一下關於 DSP 的第二個問題嗎？

Yeah, sorry, the second part of the question was just about just overall trends that you're seeing from spend that's coming from third-party DSPs?

是的，抱歉，問題的第二部分是關於您從第三方 DSP 支出中看到的總體趨勢？

Okay. So we, I mean, on the brand side of the business good spend on that front from our programmatic partners. It's about -- it's a little less than 20 % of our total business comes from DSPs into our network, but we've seen stable positive trends overall.

好的。因此，我的意思是，在業務的品牌方面，我們的程序化合作夥伴在這方面投入了大量資金。我們總業務的 20% 不到來自 DSP 進入我們的網絡，但我們總體上看到了穩定的積極趨勢。

Great and then maybe if I could just ask one more quick question on -- you talked about your AI creative tool that you're giving customers. Just any sense for what some of these tools are? And then just any case studies of clients seeing success or improved return on investment from implementing these tools?

太好了，也許我可以再問一個簡單的問題——您談到了您為客戶提供的人工智慧創意工具。對其中一些工具有什麼意義嗎？然後還有客戶透過實施這些工具獲得成功或提高投資回報的案例研究嗎？

The use of this tool is very exciting when you see it. It allows customers to much faster test with different types of images and text and in real time understand what's working, what's not working on which placement and iterate on it in a way that the prior would require a lot of manual intervention. So I think the models are learning it and automatically updating. It allows you to test thousands of variations, which you couldn't do before. We've seen increased adoption of it.

當你看到這個工具的使用時，你會感到非常興奮。它允許客戶更快地測試不同類型的圖像和文本，並即時了解哪些位置有效，哪些位置無效，並以以前需要大量手動幹預的方式對其進行迭代。所以我認為模型正在學習它並自動更新。它允許您測試數千種變體，這是您以前無法做到的。我們已經看到它的採用率增加。

And right now, it's still early. We're measuring ROAS that it's definitely improving the ROAS for advertisers because it optimizes their campaigns. We see -- right now, we're really focused on adoption and working and analyzing that. So again, we mentioned that on the call, a big part of our investments generally are now on AI, on text and images, and also on internal tools, leveraging AI to optimize our business.

而現在，還為時過早。我們衡量的 ROAS 肯定會提高廣告商的 ROAS，因為它優化了他們的廣告活動。我們看到，現在我們真正專注於採用、工作和分析。我們再次提到，在電話會議上，我們很大一部分的投資現在一般都在人工智慧、文字和圖像以及內部工具上，利用人工智慧來優化我們的業務。

Thank you and that concludes our question-and-answer session. I'd like to turn the floor back to management for closing remarks.

謝謝大家，我們的問答環節到此結束。我想請管理階層做結束語。

Thank you very much everyone for attending the call today. We are very excited about the growth opportunities we highlighted today. We think the open internet is a great opportunity. Being a player that can provide the full funnel solution is where we're very, very focused on, again driving brand-building, consideration, and performance, and look forward to updating you on our progress on our next call.

非常感謝大家參加今天的電話會議。我們對今天強調的成長機會感到非常興奮。我們認為開放網路是一個很好的機會。成為能夠提供完整管道解決方案的參與者是我們非常非常關注的地方，再次推動品牌建立、考慮和績效，並期待在下次電話會議上向您通報我們的最新進展。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並度過愉快的一天。