Teads Holding Co (TEAD) 2024 Q4 法說會逐字稿

Good day and welcome to Outbrain Incorporated fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Outbrain Incorporated 2024 年第四季和全年財報電話會議。（操作員指令）

I'd 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 2024 results. Joining me on the call today, we have David Kostman and Jason Kiviat, the CEO and CFO of Outbrain, which will operate under the Teads brand.

早安，感謝您參加今天的電話會議，討論 Outbrain 第四季和 2024 年全年業績。今天與我一起參加電話會議的還有 Outbrain 的執行長 David Kostman 和財務長 Jason Kiviat，該公司將以 Teads 品牌營運。

During this conference call, management will make forward-looking statements based on current expectations and assumptions, including statements regarding our business outlooks and prospects and our recently complete acquisition of Teads.

在本次電話會議中，管理層將根據當前的預期和假設做出前瞻性陳述，包括有關我們的業務前景和前景以及我們最近完成對 Teads 的收購的陳述。

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 10K filed for the year ended December 31, 2023 in our definitive proxy statement filed with the Securities and Exchange Commission on October 31, 2024.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的前瞻性聲明有重大差異。我們於 2024 年 10 月 31 日向美國證券交易委員會提交的最終代理聲明中詳細討論了這些風險因素，這些聲明針對的是截至 2023 年 12 月 31 日的年度 10K 表。

And as updated in our subsequent reports filed with the Security and Exchange Commission. Forward-looking statements speak only as the call's original date, and we do not undertake any duty to update any such statements.

並在我們向美國證券交易委員會提交的後續報告中進行了更新。前瞻性陳述僅代表通話原始日期的觀點，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.

今天的演示中也引用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報告中包含的信息，以獲得定義信息以及非 GAAP 指標與可比較 GAAP 財務指標的調整。

Our earnings release can be found on our IR website, investors.outbrain.com under news and events. With that, let me turn the call over to David.

我們的收益報告可以在我們的 IR 網站 investor.outbrain.com 的新聞和事件欄位下找到。說完這些，讓我把電話轉給大衛。

Thank you, Meg. Good morning and thank you for joining us today. On February 3, we closed our acquisition of Teads. This merger brings together two open internet category leaders, combining the extensive expertise of our branding performance and of deeds in video and branding into a single solution for omnichannel outcomes across the marketing funnel.

謝謝你，梅格。早安，感謝您今天加入我們。2 月 3 日，我們完成了對 Teads 的收購。此次合併將兩個開放網路類別的領導者聚集在一起，將我們在品牌表現以及影片和品牌方面的豐富專業知識結合成一個單一的解決方案，以實現整個行銷管道的全通路成果。

This new and expanded company will operate under the name Teads. There's a huge opportunity to take advertising on the open internet to the next level. Today's open internet platforms focus on scale and efficiency.

這家新成立並擴建的公司將以 Teads 的名義運作。將開放網路上的廣告提升到新境界有著巨大的機會。現今的開放網路平台注重規模和效率。

Marketers have shown us they expect more from the advertising. They need a partner that can surface the meaningful moments in the consumer's buying journey. Using a deeper understanding of audience engagement and behavior to identify when they are ready to discover new products or services and evaluate purchase decisions.

行銷人員已經向我們表明，他們對廣告的期望更高。他們需要一個能夠展現消費者購買歷程中有意義時刻的合作夥伴。更深入了解受眾的參與和行為，以確定他們何時準備好發現新產品或服務並評估購買決策。

Our unique data set and AI-driven prediction technology better positions us to provide these solutions. The new Teads will better serve enterprise brands and agencies, as well as mid-market advertisers and direct response advertisers by delivering elevated outcomes from branding to performance objectives.

我們獨特的數據集和人工智慧驅動的預測技術使我們能夠更好地提供這些解決方案。新的 Teads 將透過提供從品牌推廣到績效目標的更高成果，更好地服務企業品牌和代理商以及中端市場廣告商和直接回應廣告商。

This foundation will enable us to derive new incremental value from the open internet as a true brand format solution. Now let me provide an update on outbreaking stand-alone Q4 in full year results.

這個基礎將使我們能夠作為真正的品牌格式解決方案從開放互聯網中獲得新的增量價值。現在，讓我提供一下第四季度獨立業績在全年表現的最新情況。

For Q4, I'm pleased to report that our brain delivered both extra gross profit and adjusted EBITDA within our guidance range. We also generated record free cash flow. This is part of our continued trajectory for several quarters.

對於第四季度，我很高興地報告，我們的大腦實現了額外的毛利和調整後的 EBITDA 都在我們的指導範圍內。我們也創造了創紀錄的自由現金流。這是我們幾個季度以來持續發展軌蹟的一部分。

Q4 results were driven by strength in the same key pillars we presented to you over the last couple of years. These will continue to be important drivers of our business.

第四季度的業績是由我們在過去幾年向您展示的相同關鍵支柱的強勁表現所推動的。這些將繼續成為我們業務的重要驅動力。

The first pillar expanding our share of all from advertisers, it is important to clarify that we serve enterprise brands and their agencies both for branding and performance needs, as well as the segment of small and medium enterprises and direct response advertisers that are looking primarily for performance and ROAS. So, with brands and agencies, we see continued momentum in our performance solutions.

第一個支柱是擴大我們在廣告商中的份額，需要明確的是，我們服務於企業品牌及其代理機構，既滿足品牌和績效需求，也滿足主要尋求績效和 ROAS 的中小企業和直接響應廣告商的需求。因此，透過與品牌和代理商的合作，我們看到了績效解決方案持續成長的勢頭。

Our direct response advertisers have embraced the use of our outgoing DSP, which saw growth of 45% in advertisers spend in 2024 due to the continued delivery of superior performance, both on the outgoing publisher base and third-party properties across different formats such as native, display and video.

我們的直接反應廣告商已經接受了我們即將推出的 DSP 的使用，由於在即將推出的發布商群體和第三方資產上持續提供卓越的性能，2024 年廣告商支出增長了 45%，涵蓋原生、展示和視頻等不同格式。

As a reminder, we have been doing this for several years, levering the performance DSP we acquired in 2017, which also provides a valuable bidding edging and DSP capabilities expanding our platform's reach.

提醒一下，我們已經這樣做了好幾年，利用我們在 2017 年收購的績效 DSP，它也提供了寶貴的競價優勢和 DSP 功能，擴大了我們平台的覆蓋範圍。

The second pillar expanding beyond our traditional feeds. Revenue generated from supply beyond our traditional feed represented approximately 30% of our revenue in Q4 2024 versus 26% in Q4 2023.

第二個支柱超越了我們傳統的供給方式。2024 年第四季度，來自傳統飼料以外的供應產生的收入約占我們收入的 30%，而 2023 年第四季為 26%。

We have continued to grow this metric quarterly for the last two years, demonstrating our focus on expanding our inventory diversity beyond our exclusive publisher base and extending the reach for our advertisers to OEMs, apps, and other platforms.

在過去的兩年中，我們每個季度都持續成長這一指標，表明我們專注於擴大我們的庫存多樣性，超越我們的獨家出版商基礎，並將我們的廣告商的覆蓋範圍擴大到 OEM、應用程式和其他平台。

One of the more exciting developments here was the launch of a data in September of Moments, our vertical video experience that brings social media experiences to the open internet. To date we have more than 40 media owners using Moments, including New York Post, News Australia, RTL, and Rolling Stone.

其中一個令人興奮的進展是 9 月推出了 Moments 數據，這是我們的垂直視訊體驗，將社交媒體體驗帶到了開放的網路上。到目前為止，已有超過 40 個媒體所有者使用 Moments，其中包括《紐約郵報》、News Australia、RTL 和《滾石》。

Initial user engagement results are strong, with swipe depth growing from about three videos on average to 7.2, and the percentage of people engaging with the experience growing from about 35% to over 47%.

最初的用戶參與度結果很強勁，滑動深度從平均約 3 個影片增長到 7.2 個，參與體驗的人數比例從大約 35% 增長到 47% 以上。

In addition, we are encouraged by the interest that Legacyte advertisers have expressed in moments, as it provides powerful video experiences for premium brands. Another example of how this combination will provide meaningful synergy.

此外，Legacyte廣告商在朋友圈中表達的興趣也令我們感到鼓舞，因為它為高端品牌提供了強大的視訊體驗。這是這種組合如何提供有意義的協同效應的另一個例子。

And the third pillar is deepening our premium media owner partnerships. In Q4, we successfully renewed agreements with some of our important publishing partners, including Spiegel in Germany, in Messaggero in Italy, and Grape in Japan.

第三個支柱是深化我們與優質媒體所有者的合作關係。第四季度，我們成功與一些重要的出版合作夥伴續簽了協議，包括德國的 Spiegel、義大利的 Messaggero 和日本的 Grape。

We also secured new business partnerships from competitors and launched new partners including Pena Media in the US and Prensa Ibérica in Spain. We believe this again demonstrates the significant value proposition we offer when it comes to strategic relationships with premium publishers globally.

我們也與競爭對手建立了新的業務合作夥伴關係，並推出了新的合作夥伴，包括美國的 Pena Media 和西班牙的 Prensa Ibérica。我們相信，這再次證明了我們在與全球優質出版商建立策略關係時所提供的重要價值主張。

On the technology front, over 70% of our customer base has used our AI-based creative automation suite. As a reminder, the Creative Automation suite uses our algorithms and predictive insights to fuel the product's gene generative AI, delivering more relevant, highly targeted, creatives optimized for consumer engagement.

在技​​術方面，超過 70% 的客戶群使用了我們基於 AI 的創意自動化套件。提醒一下，創意自動化套件使用我們的演算法和預測洞察力來為產品的基因生成 AI 提供動力，提供更相關、更針對性、針對消費者參與度優化的創意。

The strong foundation we built with the AI Creative Automation suite informs how we think about some of the highest potential applications of AI at the new teams.

我們利用 AI 創意自動化套件建構的堅實基礎指導了我們如何思考新團隊中一些最具潛力的 AI 應用。

We plan to leverage AI to create a greater continuity of experience across the consumer journey, leveraging the exclusive inventory environments we own, from CTV home screens to premium publishers, as well as in our in-house creative studio that utilizes data and interactivity to deliver video and viewable display assets that deliver on advertisers KPIs.

我們計劃利用人工智慧在消費者旅程中創造更具連續性的體驗，利用我們擁有的獨家庫存環境，從 CTV 主螢幕到優質出版商，以及我們的內部創意工作室，利用數據和互動性來提供影片和可見的展示資產，以滿足廣告商的 KPI。

The new Teads is one of the largest platforms on the open internet that can create create meaningful audience moments across screens from mobile to CTV to apps and beyond. We believe that the combination of our unique core assets positions us extremely well to capture more and more share of wallets away from other platforms.

新的 Teads 是開放網路上最大的平台之一，可以在行動裝置、CTV 到應用程式等各種螢幕上為觀眾創造有意義的時刻。我們相信，我們獨特的核心資產組合使我們能夠從其他平台奪取越來越多的市場份額。

First, the new Teads combines best in class capabilities from our branding performance to deliver outcomes and superior roles. Teads brings extensive expertise in branding and creative capabilities across screens.

首先，新的 Teads 結合了我們品牌表現中一流的能力，可以提供成果和卓越的角色。Teads 擁有豐富螢幕品牌推廣與創意能力的專業知識。

Advertisers are looking for KPIs way beyond just reach. They want results. It's also evident that the combined performance plus branding strategy can increase return on investment for advertisers.

廣告商尋求的 KPI 遠不止覆蓋範圍。他們想要結果。顯而易見的是，效果與品牌策略結合可以提高廣告商的投資報酬率。

With an independent study estimating a total revenue impact increased by 90%. That's why in the future brand performance is a huge opportunity. Second, the new Teads has the most direct exclusive reply path on the open internet across the digital landscape.

根據一項獨立研究估計，總收入影響增加了 90%。這就是為什麼未來品牌表現是一個巨大的機會。其次，新版Teads擁有整個數位領域開放網路上最直接的專屬回覆路徑。

As you've heard over the last couple of years, including for many of our peers, this is becoming increasingly important as advertisers are looking for curated human environments to limit the risk of open exchange buys on DSPs. And we believe that also CTV is becoming a core part of the performing market performance marketing mix.

正如大家在過去幾年中所聽到的，包括對於我們的許多同行來說，這一點變得越來越重要，因為廣告商正在尋找精心策劃的人工環境來限制 DSP 上開放式交易購買的風險。我們也相信，CTV 正在成為表演市場績效行銷組合的核心部分。

Our CTV presence from the Teads side, combined with the leadership with performance marketers that Legacy Outline brings to the table, positions as well for growth in this area, which is an important element of our combined product strategy.

我們在 Teads 方面的 CTV 影響力，加上 Legacy Outline 在績效行銷人員方面的領導地位，為該領域的成長奠定了基礎，這是我們聯合產品策略的重要組成部分。

And third, we have exceptional global reach with more than 2 billion unique users and proprietary data signals to our exclusive common page with the most premium media properties.

第三，我們擁有卓越的全球影響力，擁有超過 20 億獨立用戶，並將專有資料訊號傳送至我們擁有最優質媒體資產的獨家公開頁面。

I want to underscore that, Teads already has more than 50 joint business partnerships with the leading premium brands of the world, including Apple, Visa, Louis Vuitton, McDonald's, Nissan, and many others. These partnerships generate an average of $5 million per year and upwards of $20 million per year.

我想強調的是，Teads 已經與世界領先的高端品牌建立了 50 多個聯合業務合作夥伴關係，其中包括 Apple、Visa、Louis Vuitton、麥當勞、日產等。這些合作夥伴關係平均每年創造 500 萬美元甚至更高的收入。

It's important to note that even before the combination with brain, Teads had a significant amount of performance budgets from these advertisers. These types of relationships are the privilege of only the largest players in the digital advertising space.

值得注意的是，即使在與 Brain 合併之前，Teads 也從這些廣告商那裡獲得了大量的效果預算。只有數位廣告領域最大的參與者享有這種類型的關係。

Teads has been growing these direct relationships with advertisers and their agencies for many years, having developed a winning multi-touch strategy of working directly with advertisers and their agencies, which are primarily the largest agency holding companies.

Teads 多年來一直致力於發展與廣告商及其代理商的直接關係，制定了成功的多點觸控策略，直接與廣告商及其代理商（主要是最大的代理商控股公司）合作。

The response from these advertisers to the new Teads value proposition of branding and performance has been overwhelmingly positive. Which bodes well for our cross-al synergy plan.

這些廣告主對於 Teads 新提出的品牌與成效價值主張的反應非常正面。這對我們的跨產業協同計畫來說是個好兆頭。

If you combine these joint business partnerships with a strong focus on small and medium enterprises of the legacy Outbrain, we believe we have a great coverage of the market. I want to spend a minute talking about the status of the post-merger integration.

如果將這些聯合業務夥伴關係與對傳統 Outbrain 中小型企業的高度關注結合起來，我們相信我們將能夠很好地覆蓋市場。我想花一點時間談談合併後的整合狀況。

As Jason will discuss, we are also well under way in the realization of the synergies of $65 million to $75 million we presented to you. We had the opportunity to plan the post-merger integration in detail for over six months, and as a result, we first executed on the headcount reductions in our plan in the first week, which we expect to result in approximately $35 million of just the compensation savings on an annualized basis.

正如傑森將要討論的，我們也正在順利實現我們向您提出的 6500 萬美元至 7500 萬美元的協同效應。我們有機會用六個多月的時間詳細規劃合併後的整合工作，結果，我們在第一周就率先執行了計劃中的裁員措施，預計按年率計算，僅薪酬方面的節省就將達到約 3500 萬美元。

Second, we affected the reorganization and combination of the two organizations in the first two weeks, meaning that the merged new company structure with clear leaders and roles and responsibilities is in place. Third, we already implemented certain synergies by connecting the demand and supply of the two platforms with feasible.

第二，我們在前兩週完成了兩個組織的重組和合併，這意味著合併後的新公司架構已經到位，領導者和角色職責已經明確。第三，我們已經透過將兩個平台的需求和供應進行可行的連接，實現了一定的綜效。

And fourth, our global sales teams are working on the cross-sending opportunities as one team with aligned incentives and books of business, already testing the water and actually have already sold the first campaigns with key elements of our combined performance and branding value for position.

第四，我們的全球銷售團隊正作為一個團隊致力於交叉銷售機會，具有一致的激勵措施和業務記錄，已經開始試水，並且實際上已經開展了首批銷售活動，其中包含了我們綜合績效和品牌價值的關鍵要素。

We've seen strong enthusiasm and confidence in our new combined teams since closing the deal, with many already seizing the new business opportunities this merger has unlocked. We expect this to begin positively impacting our Q2 results.

自交易完成以來，我們看到新團隊表現出強烈的熱情和信心，許多團隊已經抓住了此次合併帶來的新商機。我們預計這將對我們的第二季業績產生正面影響。

Operating as we say internally as one team and one dream is underway, which I believe will ensure we are ready to capture the large opportunity ahead despite some short-term increased disruptions which are natural consequences of such quick and decisive moves when merging two same size companies.

正如我們內部所說的那樣，我們正在以一個團隊和一個夢想的方式進行運作，我相信這將確保我們準備好抓住未來的巨大機遇，儘管在合併兩家同等規模的公司時，可能會出現一些短期內增加的干擾，但這些幹擾是迅速果斷的舉措的自然結果。

To sum it up, the early momentum is energizing and we're just getting started. Now, I'll turn it over to Jason for a more detailed financial update.

總而言之，早期的勢頭令人振奮，我們才剛起步。現在，我將把麥克風交給傑森，讓他提供更詳細的財務更新資訊。

Thanks David. As David mentioned, he achieved our Q4 guidance for exact gross profit and adjusted EBITDA, generating significant free cash flow in the quarter and for the year, as we saw solid profitability in cash generation, as we see continued benefits from the changes, we've been making to our revenue mix and cost structure as noted on prior calls.

謝謝大衛。正如戴維所提到的，他實現了我們第四季度的準確毛利和調整後 EBITDA 預期，在本季度和全年產生了可觀的自由現金流，我們看到了現金創造方面的穩健盈利能力，我們看到了對收入組合和成本結構進行調整帶來的持續收益，正如我們在之前的電話會議上提到的那樣。

Revenue in Q4 was approximately $235 million, reflecting a decrease of 5% year over year, though total Ad spend was materially flat year over year than the quarter and increased year over year on a full year basis.

第四季的營收約為 2.35 億美元，年減 5%，但總廣告支出與本季相比基本持平，且全年同比增長。

New media partners in the quarter contributed 9% points, or approximately $21 million of revenue growth year over year, and net revenue retention of our publishers was 86%, which reflects downward pressure of ad impressions, particularly from one key supply partner, as noted in prior quarters. The logo retention remained high, finishing for the full year at 98%.

本季新媒體合作夥伴貢獻了 9% 的營收成長，較上年同期成長了約 2,100 萬美元，而我們出版商的淨收入保留率為 86%，這反映了廣告展示次數的下行壓力，特別是來自一個關鍵供應合作夥伴的壓力，如前幾季度所指出的那樣。標誌的保留率仍然很高，全年達到 98%。

We saw CPCs remain stable to positive, netting to a slight increase year over year for the quarter for the second quarter in a row. This along with continued improvements in click through rates, drove further growth in RPMs, which have improved in each quarter of 2024.

我們看到每次點擊費用保持穩定為正值，連續第二季同比略有增長。這項變更加上點擊率的持續提高，推動了每千次曝光收入 (RPM) 的進一步成長，2024 年每季的 RPM 都有所提高。

Ex-TAC gross profit was $68.3 million, an increase of 7% year over year, continuing the trend of acceleration and outpacing revenue for the seventh quarter in a row, driven primarily by net favorable change in our revenue mix and improved performance from certain deals.

扣除 TAC 費用後的毛利潤為 6,830 萬美元，年增 7%，延續加速趨勢，連續第七個季度超過收入增長，主要得益於收入組合的淨有利變化和某些交易業績的改善。

While Ex-TAC Gross profit continued year over year growth in Q4 on the strength of our growth areas and positive momentum of RPMs, as noted in prior quarters, one of our key partners transitioned to new bidding technology, and we completed the transition in early May 2024.

雖然由於我們成長領域的強勁成長和 RPM 的積極勢頭，第四季度除 TAC 外的毛利繼續同比增長，但如前幾季所指出的那樣，我們的一個主要合作夥伴已轉向新的競價技術，我們於 2024 年 5 月初完成了過渡。

This volatility continued to impact our overall growth in Q4 by a high single digit percentage, and our overall Q4 X factors profit would have grown in the mid-teen's percentage year over year, excluding this one isolated headwind. We remain focused on rescaling and optimizing the supply.

這種波動繼續對我們第四季的整體成長產生了高個位數百分比的影響，如果排除這一孤立的不利因素，我們第四季X因素整體利潤將比去年同期成長百分之十幾。我們將繼續專注於重新調整和優化供應。

Operating expenses increased year over year, predominantly driven by one-time costs of $5.5 million related to our transaction with Teads. As a result, we grew our adjusted EBITDA 21% year over year to $17 million, which reflects another consecutive quarter of margin improvement.

營業費用年增，主要是由於與 Teads 交易相關的 550 萬美元一次性成本。因此，我們的調整後 EBITDA 年成長 21%，達到 1700 萬美元，這反映了利潤率連續一個季度提高。

Moving to liquidity, free cash flow, which as a reminder we define as cash from operating activities less CapEx and capitalized software costs, with approximately $38 million in the fourth quarter and $51 million for the year. This is a tremendous outcome and comes as a result of cash profitability, strong working capital performance, and timing benefits.

轉向流動性，自由現金流，提醒一下，我們將其定義為經營活動產生的現金減去資本支出和資本化軟體成本，第四季約為 3,800 萬美元，全年約為 5,100 萬美元。這是一個巨大的成果，是現金獲利能力、強勁的營運資本表現和時機優勢的結果。

As a result, we ended the quarter with $166 million of cash equivalents, and investments in marketable securities on the balance sheet and no debts.

因此，本季末我們擁有 1.66 億美元的現金等價物，資產負債表上有市場證券投資，且沒有債務。

While we maintain an authorized amount of $6.6 million under our existing share repurchase programs, there were no share repurchases in Q4. Given the finalized acquisition of Teads, we currently do not intend to repurchase shares in the near term, as we have previously stated in August when we announced the Teads acquisition.

雖然我們根據現有股票回購計畫維持 660 萬美元的授權金額，但第四季沒有進行股票回購。鑑於對 Teads 的收購已最終完成，我們目前不打算在短期內回購股票，正如我們之前在 8 月宣布收購 Teads 時所說的那樣。

We announced that we completed the acquisition of Teads in February and subsequently completed the private offering of $637.5 million in aggregate principal amount of 10% senior secured notes due in 2030.

我們宣佈於二月完成了對 Teads 的收購，隨後完成了 2030 年到期、本金總額為 6.375 億美元的 10% 優先擔保票據的私募。

As I mentioned, when we closed the transaction, we are very excited about the combined company's transformative financial profile, including the significant expected impact of synergies on our top and bottom lines. We estimate $65 million to $75 million of an annual impact on adjusted EBITDA, including $60 million from costs, to be realized fully in 2026.

正如我所提到的，當我們完成交易時，我們對合併後公司的變革性財務狀況感到非常興奮，包括協同效應對我們的營收和利潤的重大預期影響。我們估計，調整後 EBITDA 每年的影響為 6,500 萬至 7,500 萬美元，其中包括來自成本的 6,000 萬美元，將於 2026 年完全實現。

As David covered, about half of the goal we set for ourselves an annual run rate was already secured in the first couple of weeks post closing, focusing initially on cost-related synergies. Naturally, that will have a significantly greater impact on our bottom line as the year progresses. Now turning to our outlook.

正如戴維所說，我們為自己設定的年運行率目標的大約一半已經在交易結束後的頭幾週內實現，最初重點關注與成本相關的協同效應。當然，隨著時間的推移，這將對我們的底線產生更大的影響。現在來談談我們的展望。

Given the short time elapsed since we closed the transaction, the fact that the transaction closed almost mid quarter, and our focus on integration and synergy capture, while we are sharing our outlook for both Ex-TAC gross profit and adjusted EBITDA for Q1, we are currently only sharing our full year outlook for adjusted EBITDA.

鑑於我們完成交易的時間很短、交易幾乎在季度中期完成以及我們對整合和協同效應的關注，雖然我們正在分享第一季度除 TAC 毛利潤和調整後 EBITDA 的展望，但我們目前僅分享全年調整後 EBITDA 的展望。

Also, I'll provide some points of additional context to help frame how we see this year playing out, and we will plan to update more on our progress and outlook on upcoming calls. In our guidance, we factor in the closing date of the merger of February 3 and note that the company's accounting is subject to further policy alignment analysis.

此外，我將提供一些額外的背景資訊來幫助我們對今年的前景做出展望，我們計劃在即將召開的電話會議上更多地更新我們的進展和展望。在我們的指導中，我們將 2 月 3 日的合併截止日期考慮在內，並指出該公司的會計工作需要進一步接受政策調整分析。

With that context, we have provided the following guidance. For Q1, we expect ex close profit of $100 million to $105 million and we expect adjusted EBITDA of $8 million to $12 million. The full year 2025, we expected just an EBITDA of at least $180 million. Now a few points of additional context.

基於此，我們提供了以下指導。對於第一季度，我們預計收盤利潤為 1 億美元至 1.05 億美元，調整後 EBITDA 為 800 萬美元至 1,200 萬美元。到 2025 年全年，我們預計 EBITDA 至少為 1.8 億美元。現在來補充幾點背景資訊。

On a performed basis, while we are still expecting an overall year over year decline in Ex-TAC gross profit in Q1, we have seen improvement in the year over year performance of legacy Teads in the first few months of the year relative to Q4 of last year.

從業績來看，雖然我們仍預計第一季 Ex-TAC 毛利將同比整體下降，但我們看到今年前幾個月傳統 Teads 的同比業績相對於去年第四季有所改善。

On a performer basis, we expect to see improvement in year over year growth rates over the course of 2025, with H2 seeing single digit positive growth year over year. And note, to provide continued transparency, we have provided Legacy Teads 2024 quarterly Ex-TAC and adjusted EBITDA in our Q4 earnings release.

從績效角度來看，我們預計 2025 年年成長率將會提高，其中下半年將達到個位數的正成長。請注意，為了保持透明度，我們在第四季度收益報告中提供了 Legacy Teads 2024 季度 Ex-TAC 和調整後的 EBITDA。

Note that these are as legacy teams presented them on a non-IFRS basis and reconciled to IFRS measures and potentially subject to further US GAAP and policy alignment. With respect to expenses, we anticipate the synergy realization to increase over the course of 2025 from a few million dollars in Q1 up to Q4 reflecting the run rate of our 2026 estimated synergy amount.

請注意，這些都是傳統團隊在非國際財務報告準則 (IFRS) 基礎上呈現的，並與國際財務報告準則 (IFRS) 措施相協調，並可能受到進一步的美國公認會計準則 (US GAAP) 和政策調整的影響。關於費用，我們預計綜效的實現將在 2025 年從第一季到第四季從數百萬美元增加，這反映了我們預計 2026 年協同效應的運行率。

Lastly, on a personal note, I'm very excited about the future. The combined company's financial profile is very attractive, and the combined team's excitement has never been higher. We look forward to keeping you updated while we continue along this exciting new chapter. Now I'll turn it back to the operator for Q&A.

最後，就我個人而言，我對未來感到非常興奮。合併後公司的財務狀況非常有吸引力，合併後團隊的興奮感也從未如此高漲。我們期待在繼續譜寫這段令人興奮的新篇章的同時，及時向您通報最新情況。現在我將把問題交還給接線員進行問答。

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在將進行問答環節。（操作員指令）

Our first question comes from Andrew Boone with Citizens JMP. Please go ahead.

我們的第一個問題來自 Citizens JMP 的 Andrew Boone。請繼續。

Good morning and thanks so much for taking my question. I wanted to ask about the transition of publishers and advertisers on to what is the combined platform.

早上好，非常感謝您回答我的問題。我想問一下出版商和廣告商向綜合平台的轉型情況。

Can you guys help us understand where we are in that transition, whether there's any concern around dis synergies from maybe potential leakage or anything else that you guys are seeing as we understand that Q1, '25 guidance and then a little bit of a bigger picture.

你們能否幫助我們了解我們處於這一轉變階段，是否存在對可能因潛在洩漏而產生的不協同效應的擔憂，或者正如我們所了解的 2025 年第一季度的指引以及更大的圖景所看到的任何其他情況。

Yesterday you had a competitor talk about potential issues with the [TAM] of native advertising. Dicky, it'd be great if you could just address that. What are you guys seeing around demand for native advertising and in that format more broadly? How do you guys think about the opportunity? Thanks so much.

昨天，您與競爭對手討論了原生廣告的 [TAM] 潛在問題。迪基，如果你能解決這個問題就太好了。你們對原生廣告以及更廣泛的廣告形式的需求有何看法？你們覺得這個機會怎麼樣？非常感謝。

Thanks, Andrew. So I, I'll take that. So first on the transition, our focus right now was to sort of unify the teams, start cross-selling. We have a very clear road map around the integration of the platforms. And a strategic roadmap that is focused both on the traditional publisher side and particularly on CTV and the ability to deliver performance on CTV.

謝謝，安德魯。所以，我接受這個。因此，首先在過渡期間，我們現在的重點是統一團隊，開始交叉銷售。我們圍繞平台整合有一個非常清晰的路線圖。此策略路線圖既關注傳統出版商方面，尤其關注 CTV，以及在 CTV 上實現表現的能力。

So that's, we've had six months of planning to do, so we have that in place. Eventually what we plan to do is we need to deliver a lot of the performance capabilities from our brain into Teads and Manager, which is the platform where we're going to be serving.

所以，我們已經進行了六個月的規劃，我們已經準備好了。我們最終計劃將大腦中的許多效能能力傳遞到 Teads 和 Manager 中，這是我們將要服務的平台。

Primarily brands and agencies and SMEs and we're going to continue to invest in our DSP business for direct response advertisers. The tech transition and integration will take time, but our teams already sort of are cross-selling with the back office supporting that. We already had, I think, three actually cross-selling opportunities that we are answering, which is super exciting. And in terms of the sort of core.

主要是品牌、代理商和中小企業，我們將繼續投資針對直接回應廣告商的 DSP 業務。技術轉型和整合需要時間，但我們的團隊已經開始與支援該業務的後台部門進行交叉銷售。我認為，我們實際上已經有三個交叉銷售機會正在應對，這非常令人興奮。就核心類型而言。

Legacy market, I think we've been talking for the last two or three years about three core growth drivers that actually, and I repeated today. One is expanding beyond the feed. So we have already embarked on that journey a couple of years ago. Today it's about 30% of our business is beyond the traditional feed.

傳統市場，我想我們過去兩三年一直在談論三個核心成長動力，今天我重複了一遍。一是超越飼料範圍進行擴張。所以我們幾年前就已經踏上這段旅程了。今天我們大約30%的業務超出了傳統飼料的範圍。

We sort of saw the need to deliver to performance advertisers at larger scale around the whole open internet, so we did that. The second is really shifting, a lot of the performance buyers, the direct response buyers into the outgoing DSP, formerly known as the mentor.

我們看到了在整個開放互聯網上向更大規模的績效廣告商提供服務的必要性，所以我們這樣做了。第二個是真正的轉變，許多績效買家，直接反應買家轉變為即將離任的 DSP，以前稱為導師。

So that has been another growth drivers we saw 45% growth in the revenue span in the ad spend on that platform. And thirdly, if you look at our numbers, which we sort of deliver the organic numbers, we've been continuously growing our ex gross profit and accelerating it.

這是另一個成長動力，我們看到該平台的廣告支出收入成長了 45%。第三，如果你看我們的數字，我們會發現我們提供的是有機數字，我們的毛利一直在增加，而且速度還在加快。

So, it's still single digits, but growing nicely towards the highest single digits and we will continue to invest in these growth drivers.

因此，它仍然是一位數，但正朝著最高的個位數穩步增長，我們將繼續投資於這些成長動力。

Thank you.

謝謝。

Thank you. The next question comes from James Heaney with Jefferies LLC. Please go ahead.

謝謝。下一個問題來自 Jefferies LLC 的 James Heaney。請繼續。

Great, thanks guys for the question. In your prepared remarks you mentioned, the impressive growth that you saw on the Outbrain DSP. Can you just talk about, some of the drivers of that growth and how we should think about the strategy for Outbrain DSP, going forward under the combined company, and then I just had another one. Thanks.

太好了，謝謝大家提問。您在準備好的發言中提到了 Outbrain DSP 所取得的令人矚目的成長。您能否談談成長的一些驅動因素，以及我們應該如何看待合併後公司下 Outbrain DSP 的未來策略，然後我剛才又問了一個問題。謝謝。

Thank you. Hi. So, generally, I mean, we've been, we bought Zemanta about seven years ago and we used the bidding technology and the ability to broaden the ability to get more share of wallets from performance advertisers by broadening the ability to bid not only on Outbrain inventory, traditional outbid inventory that's connected to Amplify, which is our exclusive publisher base, but to bid outside of that inventory into Native, into display and video.

謝謝。你好。所以，總的來說，我的意思是，我們大約七年前收購了 Zemanta，並使用了競價技術和擴大競價能力的能力，不僅可以對 Outbrain 庫存、與 Amplify（這是我們的獨家出版商基礎）相關的傳統競價庫存進行競價，還可以對庫存之外的 Native、展示和視頻進行競價，從而可以從錢包廣告商那裡獲得更多的效果。

So, we've been doing that. And that has been a growth driver, we identified. I mean, traditionally, we used to sell it when we bought the business as a sort of mid-market performance DSP competing with other DSPs and we identified certain segments of buyers where the performance is so superior to sort of our direct connection, which allowed us to significantly grow the share of wallet with the performance advertisers.

所以，我們一直在做這件事。我們發現，這已成為成長動力。我的意思是，傳統上，當我們購買該業務時，我們曾經將其作為一種與其他 DSP 競爭的中端市場績效 DSP 來出售，並且我們確定了某些買家群體，這些買家的表現遠遠優於我們的直接連接，這使我們能夠顯著增加績效廣告商的錢包份額。

And I think, again, we will continue, as I said earlier, we will continue to invest in that. We think it's a great platform. For performance and that will serve the segment of direct response advertisers. We will consolidate many of the capabilities of performance that we have on that platform into Teads managers.

我認為，正如我之前所說，我們將繼續在這方面進行投資。我們認為這是一個很棒的平台。為了提高效能，這將服務於直接反應廣告商部分。我們將把該平台上的許多效能功能整合到 Teads 管理器中。

So that our brand and agency segment and SMEs will also be able to enjoy the ability to sort of launch campaigns and sort of in the future I talked about brand formats. I mean that's sort of a little bit futuristic, but the ability, the unique ability to connect.

這樣，我們的品牌和代理商部門以及中小企業也將能夠享受發起活動的能力，就像我未來談到的品牌形式一樣。我的意思是，這有點未來主義，但卻是一種能力，一種獨特的連結能力。

In sort of the same instance, the launch of a campaign for branding and performance, I mean, it has been proven many times that those two sort of really support each other. We've seen a lot of research also talk about growth in revenue when you combine.

在同一例子中，發起品牌和績效活動，我的意思是，事實已多次證明，這兩者確實相互支持。我們看到很多研究也討論了合併後的收入成長。

These two and we will have the unique capability to really link a branding campaign with a performance campaign, but today our focus is to sell branding and performance and bring a lot of the capabilities that legacy has into the Teads Ad manager.

有了這兩者，我們將擁有將品牌行銷活動與績效行銷活動真正聯繫起來的獨特能力，但今天我們的重點是銷售品牌和績效，並將許多傳統功能帶入 Teads 廣告管理器。

And maybe one quick point, we've talked about the last couple of quarters, but for clarity, so when a customer is spending on the DSP, the accounting for it is a net revenue recognition as opposed to a gross revenue recognition on our core demand platform.

也許有一點需要簡單說明，我們已經討論了最近幾個季度的情況，但為了清楚起見，當客戶在 DSP 上花錢時，其會計處理是淨收入確認，而不是核心需求平台上的總收入確認。

That's the biggest driver of the disparity between when I say, gross revenue for as reported on our P&L is down a few points year over year, but our total ad spend is up year over year.

這就是造成這種差異的最大原因，正如我所說，我們的損益表上報告的總收入同比下降了幾點，但我們的總廣告支出比去年同期卻增加了。

That's the big difference in that we've actually been growing ad spend overall. It might not reflect on the face of the the P&L and the biggest reason why is the shift to the DSP business.

最大的不同在於，我們總體上一直在增加廣告支出。這也許不會反映在損益表表面上，而最大的原因是轉向 DSP 業務的轉變。

Okay, yeah, that's helpful and then just another one on the, you mentioned the traditional supply outside of your traditional feed now 30% of revenue versus 26% last year, how do you envision that progressing over the next few years, under the combined company, is that does it ever get to a majority or, how do we think about that?

好的，是的，這很有幫助，然後再問一個問題，您提到，除了傳統飼料之外，傳統供應現在佔收入的 30%，而去年這一比例為 26%，您設想在合併後的公司下，未來幾年這一比例會如何發展，是否會達到多數，或者我們如何看待這一點？

I think when we report this number, it's sort of just over legacy outbursts so as a sort of as a percentage of the combined company, it's going to get much lower, but we continue to invest, we will continue to invest in that. We think it's a great capability for performance buyers that are looking at buying sort of into display, into other formats. So, we think that is a growth driver that will continue to support our overall growth.

我認為，當我們報告這個數字時，它只是超過了遺留問題的爆發，因此作為合併後公司的一個百分比，它會變得更低，但我們會繼續投資，我們會繼續投資。我們認為，對於想要購買顯示器或其他格式的性能產品的客戶來說，這是一個很棒的功能。因此，我們認為這是一個將繼續支持我們整體成長的成長動力。

Great, thank you both.

太好了，謝謝你們兩個。

Thank you. Our next question comes from the line of Yigal Arnon with Citi, please go ahead.

謝謝。我們的下一個問題來自花旗的 Yigal Arnon，請繼續。

Hey, good morning, guys. Maybe just on the Teads salesforce factor, as we're transitioning out and that impacts, in one you talk about better performance in February just how's that trending and as we, look at the full year EBITDA guidance, maybe relative to the initial outlook you had when you proposed the merger.

嘿，大家早安。也許只是關於 Teads 銷售人員的因素，因為我們正在轉型，這會產生影響，例如您談到 2 月份的更好業績，那麼趨勢如何，我們看看全年 EBITDA 指引，可能與您提出合併時的初步展望有關。

What are the factors there? Is it, a slower, rollout of the cost synergies? Are there revenue synergies in 2025 at all? They just help us kind of bridge through the integration over the course of the year and into next year.

那裡面有什麼因素呢？成本綜效的發揮是否會比較慢？2025 年是否仍有所得綜效？他們只是幫助我們在今年和明年完成整合。

Sure, so maybe I could, take both of those, David, certainly feel free to add. So as far as what we've seen with the legacy Teads business and maybe just quickly, a disclaimer that, the closing date of February 3, so our guidance forward, in our reporting obviously in the future will be effective as of that day.

當然，也許我可以接受這兩者，大衛，請隨意添加。就我們對傳統 Teads 業務的看法而言，我們想簡單聲明一下，截止日期為 2 月 3 日，因此我們未來報告中的指引顯然將從那天起生效。

For transparency, as I said on the call, we did share in the earnings release, the Legacy Teads 2024 results by quarter just for transparency, because we do plan, go forward to talk about the combined business.

為了透明度，正如我在電話會議上所說的那樣，我們確實在收益報告中分享了 Legacy Teads 2024 年按季度公佈的業績，因為我們確實計劃繼續討論合併後的業務。

So obviously, right now, just based on the fact that we're so recent to closing up, I'll give a little color on the two legacy businesses separately. For Q1 and for how we see the year playing out to answer your two questions.

因此顯然，現在，僅基於我們剛剛關閉的事實，我將分別對這兩項遺留業務進行一些介紹。針對第一季以及我們對今年前景的看法，回答您的兩個問題。

So, in terms of, the Q4 legacy Teads business, we talked at closing about the idiosyncratic drivers of French political instability and, as you pointed out, the sales force declines and just the merger kind of pending merger impact. Distraction overall that the US and global team, saw as a headwind.

因此，就第四季度遺留的 Teads 業務而言，我們在結束時談到了法國政治不穩定的特殊驅動因素，以及正如您所指出的銷售人員下降以及合併類型的待決合併影響。美國和全球團隊將整體的注意力分散視為一種阻力。

We've seen both of those really turn around, in the last couple of months, to a different extent. So with respect to France, we saw the recovery very quickly in January, returning to year over year growth, which really proves that that was a really a one time, thing that that's quickly.

在過去的幾個月裡，我們看到這兩種情況都出現了不同程度的改善。因此，就法國而言，我們在一月份看到了非常迅速的復甦，恢復了同比增長，這確實證明這是一次性的事情，而且進展很快。

That back in terms of, the distraction, the global revenue, an Ex-TAC that we're seeing from the legacy of this has improved, in January versus Q4 on a relative year over year basis, in February versus January on a relative year over year basis, and we feel good about obviously the March pipeline based on where we are.

回到分心方面，從全球收入來看，我們從這個遺留問題中看到的 Ex-TAC 有所改善，1 月份與第四季度相比與去年同期相比有所改善，2 月份與 1 月份相比與去年同期相比有所改善，並且根據我們目前的情況，我們顯然對 3 月份的渠道感到滿意。

Entering March, so we've seen positives, bringing the team together, pretty quickly, and energizing the combined team has been, already showing up in the results is, the good thing here. And you know what that nets to is we do expect a year over year decline in 11 from the Ex-TAC.

進入三月，我們看到了積極的一面，很快地將團隊聚集在一起，並為聯合團隊注入了活力，這已經在結果中顯現出來，這是好事。您知道嗎，我們確實預期 Ex-TAC 的數量將年減 11%。

From the Legacy Teads business, but to a lesser extent than we saw in Q4 and again it's improved over the course of the quarter as well, and that's, despite actually an incremental FX headwind that we see in Q1 relative to Q4 as well. So net positives we see good trends and you know we obviously project that forward as far as your question on the year, we do expect.

來自 Legacy Teads 業務，但程度低於我們在第四季度看到的程度，並且在本季度內再次得到改善，儘管我們實際上在第一季相對於第四季度也看到了增量外匯逆風。因此，我們看到了良好的趨勢，而且您知道，我們顯然將這一趨勢預測到今年，就您今年的問題而言，我們確實預期。

Out to con the legacy outbring side to continue, the acceleration of growth that we've seen over the course of this past year through, continuous growth of yields and contributions from the areas that, we just talked about to James's questions to DST and supply outside of seeds. So, we entered the year with that momentum.

為了繼續保持傳統的產出端，我們在過去一年中看到了成長的加速，產量和貢獻不斷增長，我們剛才談到了詹姆斯對 DST 的問題以及種子以外的供應。因此，我們以這樣的勢頭進入了新的一年。

And then on the side, like I said, we've seen the trends turning positive over the last couple of months. Obviously, we're pretty early days still here, and to your question, we, we've gotten pipes connected on the cross selling, and on the synergy capture on the top line, but we expect that to play out more over the course of the year and we do expect to return to overall performer growth by the second half of the year.

另一方面，就像我說的，我們看到過去幾個月的趨勢開始變得積極。顯然，我們仍處於早期階段，對於您的問題，我們已經在交叉銷售和營收協同效應方面取得了進展，但我們預計這將在今年內發揮更大的作用，我們確實預計到今年下半年整體業績將恢復增長。

Maybe just the color on a couple other things with respect to the year, seasonality, obviously our seasonality changes as a combined company, maybe a couple of data points that that could be helpful to modeling, we do expect the Ex-TAC and the EBITDA to be a little bit different pacing than what you might be used to with legacy Outbrain.

也許只是與年份、季節性有關的一些其他因素的顏色，顯然作為一家合併後的公司，我們的季節性會發生變化，也許有幾個數據點可能對建模有幫助，我們確實預計 Ex-TAC 和 EBITDA 的速度會與您可能習慣的舊式 Outbrain 略有不同。

If you look at the last few years, the average tech by quarter, 21% in Q1, 23% to 24% in Q2, Q3, and 32% in Q4, while expenses are much more flat over the course of the year. And what that means is the EBITDA 2/3 of the EBITDA is typically recognized in the second half of the year.

如果回顧過去幾年，按季度計算，平均技術成長率為：第一季為 21%，第二季和第三季為 23% 至 24%，第四季為 32%，而全年的支出則更加平穩。這意味著 EBITDA 的 2/3 通常在下半年確認。

So, between that and the synergy realization. Ramping up, I said on the call, we do expect a few million dollars of synergy realization in Q1 but just based on the timing of close and the actions we've taken, we do expect it to ramp up over the course of the year and finish the year at that 2026 run rate that we've estimated for 2026.

因此，這與協同效應的實現有關。我在電話會議上說過，我們確實預計第一季將實現數百萬美元的協同效應，但僅基於完成的時間和我們採取的行動，我們確實預計它會在今年內加速，並以我們預計的 2026 年的運行率結束這一年。

So, it's early days. We're obviously focused on the integration, and we plan to keep you updated on our progress as we move forward.

因此，現在還為時過早。我們顯然專注於整合，並計劃隨時向您通報我們的進展。

I just want to add a couple of points. One is really there's excitement on the sales teams around the cross selling, and, we've seen already some actually, materializing, and, I've been seeing many customers and the feedback is excellent. So, I think that's not something that sort of we're baking into, what you see here.

我只想補充幾點。一是銷售團隊對交叉銷售確實感到興奮，而且我們已經看到一些交叉銷售實際上正在實現，而且我已經見到了很多客戶，他們的反饋都非常好。所以，我認為這並不是我們正在考慮的事情，正如你在這裡看到的。

And I will talk about CTV also has been, it's a business that, last year for teams. It's close to tripled. It was 10% of Q4, and it's going to be potentially a higher percentage in Q1. So, we see a lot of opportunity around that business too.

我還要談談 CTV，這是去年為球隊開展的一項業務。它增長了近三倍。這是第四季度的 10%，第一季的百分比可能會更高。因此，我們也看到該業務領域存在著許多機會。

And when CTV growth, it also helps Teads particularly because of the omnichannel capabilities. So that will also have a positive impact around the online video business which we, I think we talked about it when we announced the deal.

隨著 CTV 的成長，它也對 Teads 有幫助，尤其是因為它具有全通路功能。因此，這也將對線上影片業務產生積極影響，我想我們在宣布交易時就討論過這個問題。

What we see when advertisers spend both on CTV and on online video with, it's normally 50% the higher total spend than when you just spend on one of the platforms. So, the growth of CTV will also, we believe, continue to support growth in the online video.

我們發現，當廣告商同時在 CTV 和線上影片上投入資金時，其總支出通常比僅在其中一個平台上投入資金高出 50%。因此，我們相信，CTV 的成長也將繼續支持線上影片的成長。

Okay, that's really helpful. Thank you. And it's just a follow up on the CTV opportunity, particularly given the strengths that Teads is seeing there, and just kind of, I think what you're implying this shift from where CTV has been historically more upper funnel and brand and there seems to be growing focus around performance.

好的，這確實很有幫助。謝謝。這只是對 CTV 機會的跟進，特別是考慮到 Teads 在那裡看到的優勢，我認為你所暗示的這種轉變表明 CTV 在歷史上更加註重上層渠道和品牌，而且似乎越來越關注性能。

Is that a learning change for advertisers? Are they kind of knocking on the door to be a little bit more performance and maybe just what, what's that, whether it's competitor or conversations with advertisers, what, what's that like, maybe kind of broadly, would be helpful, thank you.

這對廣告商來說是一個學習的轉變嗎？他們是不是在敲門，希望提高一點績效，也許只是什麼，那是什麼，無論是競爭對手還是與廣告商的對話，那是什麼，也許從廣義上講，那會有所幫助，謝謝。

So, I would take that. So, I think we're very excited about CTV and the progress that he's made over the last couple of years, which has been mostly focused around branding and sort of really lever during the Joint business partnerships that he's had with more than 50 of the most premium brands of the world that are sort of doing omnichannel video with them.

所以，我會接受。所以，我認為我們對 CTV 以及他在過去幾年所取得的進展感到非常興奮，他的進展主要集中在品牌推廣方面，以及在與全球 50 多個最優質的品牌建立聯合業務夥伴關係期間的真正槓桿作用，這些品牌正在與他們合作進行全渠道視頻。

We believe that the performance is a huge opportunity. We've had many of our SME buyers ask us for video and ability to deliver on CTV. I think it's the early days. I think CTV is a medium that will sort of drive a lot of value for performance, both for brands.

我們相信這次演出是一個巨大的機會。許多中小企業買家要求我們提供影片以及在 CTV 上交付的能力。我認為現在還為時過早。我認為 CTV 是一種能為品牌帶來巨大績效價值的媒介。

I mean, when you talk about enterprise brands that want to drive not just brand awareness, but eventually want to control the sales. And for small and medium enterprises, that today, video production.

我的意思是，當你談論企業品牌時，他們不僅想要提高品牌知名度，而且最終想要控制銷售。而對於中小型企業來說，今天就是影片製作。

With AI is in a different level than it was before, so you can generate those creative assets. Part of the strength of these is the sort of studio, which is helping advertisers take those assets and make them sort of more interactive and trigger more of a sort of either attention or performance.

人工智慧與以前相比已經處於不同的水平，因此您可以產生那些創意資產。這些平台的優點之一就是工作室可以幫助廣告商利用這些資產，使它們更具互動性，從而引發更多的關注或表現。

So, we believe the combination of Teads capabilities, the exclusive placements that Teads has on CTV, the huge client base, customer base that [Alburn] has on the performance side, the combination of those is going to be something that is pretty unique in the market and it's a significant part of our strategic product roadmap investments.

因此，我們相信，Teads 的能力、Teads 在 CTV 上的獨家展示位置、龐大的客戶群、[Alburn] 在性能方面的客戶群，這些因素的結合將成為市場上非常獨特的東西，也是我們戰略產品路線圖投資的重要組成部分。

Alright. Thank you.

好吧。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Our next question comes from the line of Laura Martin with Needham & Company. Please go ahead.

我們的下一個問題來自 Needham & Company 的 Laura Martin。請繼續。

Hi there. So, I appreciate the synergies. They go up every time we talk. So, at the high end of that $60 million to $75 million of synergies, how much of that is cost and how much of that is revenue synergy at this point?

你好呀。所以，我很欣賞這種協同效應。每次我們談話時它們就會出現。那麼，在 6,000 萬到 7,500 萬美元的綜效的最高端，其中有多少是成本綜效，又有多少是收入綜效？

Sure, so I can, I can give some color to that, Laura. Thanks for the question. So yeah, we estimate for 2026, an annual number in 2026 achieved of $65 million to $75 million. Of that [$60 million] is costs. I could break that down further and then the remaining [5 to 15] is, the even the impact of revenue synergies.

當然可以，我可以給它加點顏色看看，蘿拉。謝謝你的提問。是的，我們預計 2026 年的年收入將達到 6,500 萬至 7,500 萬美元。其中[6000萬美元]是成本。我可以進一步細分，剩下的 [5 到 15] 是收入綜效的影響。

So, we're keeping that revenue synergies number fairly conservative for, these first couple of years here. It is, I think the biggest long term opportunity for sure and and what makes us all very excited, between the various, drivers there cross selling and geographies and just the data combined data and.

因此，在最初幾年，我們會將收入綜效數字保持得相當保守。我認為這肯定是最大的長期機遇，也是讓我們所有人都非常興奮的事情，其中​​包括各種驅動因素​​，交叉銷售、地理和綜合數據等。

So that one's big, but we're keeping it pretty small for our estimates right now. The 60% of costs that we expect to achieve by next year, that is, three quarters of that or $45 million is, personnel related and as David said, we've actually, we've actioned the majority, about 70 plus percentages of this already.

所以這個數字很大，但是根據目前的估計，它保持得相當小。我們預計到明年將實現 60% 的成本，也就是四分之三或 4500 萬美元，與人員有關，正如 David 所說，我們實際上已經採取了大部分行動，大約已經佔了其中的 70% 以上。

So, this will, this is already secured. We, have a limited impact in Q1 just based on the timing. But it should play out over the next couple of quarters, and get there by year end, pretty confidently. The other $15 million of those of that [60 cost] is a combination of non-compensation, which, is things like headcount related items, software licenses, combining offices, you need, etc.

所以，這個意願已經得到保障了。僅從時間角度來看，我們對第一季的影響有限。但它應該會在接下來的幾個季度內發揮作用，並在年底前實現，我們很有信心。其中 [60 成本] 的另外 1500 萬美元是非補償費用的組合，包括與員工人數相關的項目、軟體許可證、合併辦公室等。

Discretionary spend like on marketing and then of course, professional fees and things that you just don't need to have anymore. So that one will play out a little bit kind of in time some of them are are right away, some of them. Take time until you, do your insurance policy or do your marketing events, etc.

可自由支配的開支包括行銷費用，當然還有專業費用和不再需要的東西。因此，這些將會隨著時間的推移而逐漸顯現，其中一些會立即顯現，而有些則會。花點時間制定你的保險政策或開展你的行銷活動等。

But we have pretty high confidence in that number as well, with some upside and then the third area there is traffic acquisition costs, which, as is the largest cost here. This is the most exciting one, for me personally, there's just always a lot of room to optimize.

但是我們對這個數字也非常有信心，而且有一定的上升空間，第三個領域是流量獲取成本，這是這裡最大的成本。這是最令人興奮的，對我個人而言，總是有很大的優化空間。

How we put our demand on supply to optimize our margins from a tax perspective. We've already connected the pipes of supply to demand in both directions and we already have items flowing at a small scale right now, but we do believe that we're able to capture, a several million dollars opportunity in the next couple of years from just better optimization of putting demand on supply where it makes more sense.

從稅收角度來看，我們如何將需求轉化為供應，從而優化我們的利潤率。我們已經在兩個方向上連接了供應和需求的管道，而且我們現在已經擁有小規模的物品流動，但我們確實相信，只要透過更好地優化將需求放在更合理的供應上，我們就能在未來幾年內抓住數百萬美元的機會。

Just in context on the top line synergies, I mean we're talking here on what we sort of giving in in these numbers it's it's less than 2% in total so we believe there's significant upside there.

僅就營收協同效應而言，我的意思是，我們在這裡談論的是我們在這些數字中做出的讓步，總計不到 2%，因此我們相信那裡有很大的上升空間。

Okay, second, in the press release, you said that your go to market is going to be Teads. Does that imply we're changing the name of the company? We're changing the ticker symbol. Can you expand on this comment in the press release that you're going that you're going to mark would be Teads going forward.

好的，第二，在新聞稿中，您說過您將進入的市場是 Teads。這是否意味著我們要更改公司的名稱？我們正在更改股票代碼。你能否在新聞稿中詳細闡述這則評論，表示你將在未來標記 Teads。

Yes, Laura. So, when we announced the deal and the, when we announced the closing, we said, yes, we're going to move forward and operate under the name Teads the name we made a decision to take that name. It's, we call it the new Teads. I mean, if you look at the old logo and positioning, it's a totally refreshed.

是的，勞拉。因此，當我們宣布這筆交易，當我們宣布完成時，我們說，是的，我們將繼續前進，並以 Teads 的名稱運營，我們決定採用這個名字。我們稱之為新 Teads。我的意思是，如果你看看舊的標誌和定位，它已經完全煥然一新了。

Seeds in the sense that it's combining performance capabilities with branding capabilities, many more formats, so we refreshed the whole branding and positioning of the company and we're going to be calling the Teads and that will be a name change and over time also a ticker change.

Seeds 的意思是它將性能能力與品牌能力以及更多格式結合在一起，所以我們刷新了公司的整個品牌和定位，我們將稱之為 Teads，這將是一個名稱上的改變，隨著時間的推移，股票代碼也會改變。

So, we, we're very excited about this sort of change. I think the market in sort of our industries has been very well received. I think the brand is associated with sort of quality premium brands, video, which are the areas where we're going with CTV, so we felt that this is the right decision, and I think everyone also at Legacy Alburn is very excited about it.

所以，我們對這種改變感到非常興奮。我認為我們行業的市場已經受到了熱烈歡迎。我認為該品牌與優質高端品牌、影片等相關，而這些正是我們與 CTV 合作的領域，因此我們認為這是正確的決定，而且我認為 Legacy Alburn 的每個人都對此感到非常興奮。

Okay, and then staying with you, David, my last question is about news. So, the drumbeat of ad agencies talking about we need to fund news, is really getting louder. My question is, do you see money coming back into news or do we still have, entire agencies that are buying no news regardless of whether it's political or is there any money coming back into the news genre that you're seeing?

好的，然後繼續和你在一起，大衛，我的最後一個問題是關於新聞的。因此，廣告公司談論我們需要資助新聞的呼聲越來越高。我的問題是，您是否看到資金重新流向新聞業？或者我們仍然有一些機構不購買任何新聞，無論是政治新聞？或者，您看到資金重新流向新聞業？

So, I would say our mix of inventory is way beyond use, but I do see some positive trends. I think it's early days. I think you and I talked about it. I mean we're in at CS.

所以，我想說我們的庫存組合遠遠超出了使用範圍，但我確實看到了一些積極的趨勢。我認為現在還為時過早。我想你和我討論過這件事。我的意思是我們在 CS。

There's a lot of effort going on between sort of the industry talking to CMOs and to the agencies about sort of the value actually and the fact that having brand advertising needs to use is a positive impact. So, I think it's happening. I think it's, smaller steps in the right direction.

業界正在與首席行銷長和代理商進行大量溝通，討論品牌廣告的實際價值以及使用品牌廣告需要產生積極影響的事實。所以，我認為它正在發生。我認為這是朝著正確方向邁出的一小步。

Okay. Thanks very much, appreciate it.

好的。非常感謝，很感激。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that brings us to the end of the question answer session as there are no further questions, I would now like to hand the conference over to the management for closing comments.

謝謝。女士們、先生們，由於沒有其他問題，問答環節到此結束，我現在想將會議交給管理層進行結束語。

So, thank you all for joining us as you can, I hope you can see how excited we are about this combination, the new journey we're embarking on.

所以，感謝大家加入我們，我希望你們能看到我們對這個組合、對即將踏上的新旅程感到多麼興奮。

I think we are very excited about sort of the legacy, outgoing business and the growth drivers. We can see the benefits of the combination already materializing, and we look forward to continuing to update you on the progress. Thank you.

我認為我們對傳統業務、外向業務和成長動力感到非常興奮。我們可以看到這種結合所帶來的好處已經顯現，我們期待著繼續向您通報進展。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。