Teads Holding Co (TEAD) 2025 Q1 法說會逐字稿

Good day. Welcome to Outbrain Incorporated first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Outbrain's Investor Relations. Please go ahead.

再會。歡迎參加 Outbrain Incorporated 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。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, noe operating as Teads first quarter 2025 results. Joining me on the call today, we have David Kostman; and Jason Kiviat, the CEO and Chief Financial Officer of Teads.

早安，感謝您參加今天的電話會議，討論 Outbrain（現在以 Teads 的名義運營）的 2025 年第一季業績。今天和我一起參加電話會議的還有 David Kostman；以及 Teads 執行長兼財務長 Jason Kiviat。

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

在本次電話會議中，管理階層將根據目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的陳述。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。

These risk factors are discussed in detail in our Form 10-K filed for the year ended December 31, 2024, 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 any such statements.

這些風險因素在我們提交的截至 2024 年 12 月 31 日的年度 10-K 表中進行了詳細討論，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 first quarter earnings 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中包含的信息，以獲取定義信息以及非 GAAP 指標與可比較 GAAP 財務指標的對帳。我們的收益報告可以在我們的 IR 網站 investors.outbrain.com 的「新聞和事件」下找到。

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

說完這些，讓我把電話轉給大衛。

Thank you, Tiffany. Good morning and thank you for joining us today. I'm pleased to share that we had a strong start to the year. As a reminder, Outbrain and Teads merged on February 3 to form the new Teads. I'm glad to report that we achieved our Q1 guidance, both in terms of ex-TAC gross profit and adjusted EBITDA while achieving significant milestones in the integration.

謝謝你，蒂芙尼。早安，感謝您今天加入我們。我很高興地告訴大家，我們今年有一個好的開始。提醒一下，Outbrain 和 Teads 於 2 月 3 日合併，成立了新的 Teads。我很高興地報告，我們實現了第一季的預期，無論是扣除 TAC 後的毛利或調整後的 EBITDA，同時在整合過程中取得了重要的里程碑。

Our vision for the new Teads is clear: to create the open Internet advertising platform for elevated outcomes from branding to performance. Our end-to-end platform empowers brands to connect the consumer journey from discovery to purchase, driving real business outcomes.

我們對新 Teads 的願景很明確：創造一個開放的網路廣告平台，以提升從品牌到效能的成果。我們的端到端平台使品牌能夠連接消費者從發現到購買的整個旅程，從而推動真正的業務成果。

The open Internet provides a different level of access to incremental scaled user moments, but we've lacked the solution that can connect the fragmented channels of the open Internet in order to drive real business outcomes across all stages of the marketing funnel. That's where the new Teads comes in.

開放的互聯網為增量擴展用戶時刻提供了不同級別的訪問權限，但我們缺乏能夠連接開放互聯網碎片化渠道的解決方案，以便在營銷渠道的各個階段推動真正的業務成果。這就是新款 Teads 的用武之地。

We believe there are several key factors that will enable Teads to become the platform of choice to drive outcomes from branding to performance on the open Internet. First, we have direct exclusive media relationships that allow us to curate inventory at massive scale globally. This means that we have significant flexibility around the use of such supply, mimicking the control the walled gardens have of owned and operated inventory.

我們相信，有幾個關鍵因素將使 Teads 成為在開放網路上推動從品牌推廣到性能成果的首選平台。首先，我們與獨家媒體建立了直接關係，這使我們能夠在全球範圍內大規模地管理庫存。這意味著我們在使用此類供應方面具有很大的靈活性，模仿圍牆花園對自有和經營庫存的控制。

The fact that we are an end-to-end platform provides advertisers with the optimized transparent supply path that's essential for delivering outcomes. And we do this at a significant global scale across 50 markets and 2 billion users.

事實上，我們是一個端到端平台，為廣告主提供了實現成果所需的最佳化透明供應路徑。我們在全球 50 個市場和 20 億用戶中開展了此項工作。

Second, these unique media relationships also yield a wealth of proprietary data around how consumers engage and take action. We access over 1 billion data points each minute, which fuel our AI-powered algorithm. That algorithm tailors our inventory environment to drive the optimum outcome for every user, again, in a very similar way to the algorithm of walled gardens.

其次，這些獨特的媒體關係也產生了大量有關消費者如何參與和採取行動的專有數據。我們每分鐘存取超過 10 億個數據點，為我們的人工智慧演算法提供動力。該演算法根據我們的庫存環境自訂每個用戶的最佳結果，這與圍牆花園演算法非常相似。

Third, our Creative Studio is the key layer that enables our brand and agency partners to seamlessly connect with the audiences across previously fragmented channels. We understand what's most likely to drive outcomes from a Creative perspective for each of our partners' businesses, making us a deeply entrenched strategic partner.

第三，我們的創意工作室是使我們的品牌和代理商合作夥伴能夠透過先前分散的管道與觀眾無縫連接的關鍵層。我們從創意角度了解什麼最有可能推動每個合作夥伴的業務取得成果，這使我們成為根深蒂固的策略夥伴。

We believe that these capabilities will allow us to deliver dependable outcomes at scale on the open Internet similar to the walled garden in a way that's not possible with the currently fragmented DSP or SSP point solutions on the market.

我們相信，這些功能將使我們能夠在類似於圍牆花園的開放互聯網上大規模地提供可靠的結果，而這是目前市場上分散的 DSP 或 SSP 點解決方案無法實現的。

Moving to execution. We see solid execution across the business and see momentum behind this strategy. Our platform features a healthy, diverse balance of advertiser segments, verticals and geographies. I want to mention that in terms of the marketing campaign objectives, we are well balanced with approximately two-thirds of spend on our platform on performance campaigns and approximately one-third of the spend on our platform on branding campaigns.

轉入執行階段。我們看到整個業務的執行情況良好，並看到了這項策略背後的動力。我們的平台在廣告客戶細分、垂直行業和地理方面實現了健康、多樣化的平衡。我想提一下，就行銷活動目標而言，我們取得了很好的平衡，我們平台上大約三分之二的支出用於效果行銷活動，大約三分之一的支出用於品牌行銷活動。

And the feedback from the hundreds of client meetings we've had since closing has been consistent, offering an outcome-based solution for objectives from branding to performance and a combined brand form and solutions across all screens is highly compelling.

自交易結束後，我們與數百位客戶會面，得到的反饋一直很一致，他們提供了基於結果的解決方案，可以實現從品牌到性能的目標，並且在所有屏幕上提供綜合的品牌形式和解決方案，這非常引人注目。

One segment of clients I'm excited by is our strategic joint business partner accounts. We closed Q1 with more than 50 JBPs, including new commitments with Ferrero, Haleon, Philip Morris International and Beiersdorf. We believe the structure of these strategic partnerships gives us a large opportunity for growth, servicing new product lines, geographies and marketing objectives in each brand's portfolio.

令我興奮的客戶群之一是我們的策略聯合業務合作夥伴帳戶。我們在第一季結束時達成了 50 多項 JBP，其中包括與費列羅、Haleon、菲利普莫里斯國際和拜爾斯道夫達成的新承諾。我們相信，這些策略夥伴關係的結構為我們提供了巨大的成長機會，為每個品牌組合中的新產品線、地理和行銷目標提供服務。

Legacy Teads has mostly serviced branding campaigns with the JBP partner, but practically all of them have significant performance objectives and budgets that would be available to us. We have already seen several successes with Legacy Teds branding customers expanding with us now to performance.

Legacy Teads 主要為 JBP 合作夥伴提供品牌推廣服務，但實際上所有合作夥伴都有可供我們使用的重要績效目標和預算。我們已經見證了 Legacy Teds 品牌客戶與我們合作取得的多項成功，現在他們正在拓展業務以提升績效。

In addition to the JBPs, over the past few years, the combined company has consistently maintained approximately 500 advertisers spending at least $0.5 million on our platforms on a rolling 12-month basis.

除了 JBP 之外，在過去幾年中，合併後的公司一直保持著大約 500 個廣告商在我們的平台上連續 12 個月花費至少 50 萬美元的廣告支出。

On average, these customers have each spend in excess of $2 million annually, which represents roughly 70% of total customer spend on our platform. Additionally, we have another approximately 1,000 advertisers spending between $100,000 and $500,000 annually, representing a great base to grow our share of wallet with these large customers.

平均而言，這些客戶每年的消費超過 200 萬美元，約占我們平台客戶總消費額的 70%。此外，我們還有另外約 1,000 名廣告商，每年花費在 10 萬美元到 50 萬美元之間，這為我們從這些大客戶增加份額奠定了良好的基礎。

Moving to the supply side, where continued ownership of unique exclusive media environments remains critical. We are seeing wins not just from new business, but from long-time customers who trust us to innovate and scale with them. Renewals have included Webedia in France, Sankei in Japan and TMZ and Conde Nast in the US. We are also innovating the experiences we can provide to consumers across these traditional web environments.

從供應方面來看，繼續擁有獨特的獨家媒體環境仍然至關重要。我們不僅看到了新業務的成功，還看到了信任我們與他們一起創新和擴展的長期客戶的成功。續約對象包括法國的 Webedia、日本的 Sankei 以及美國的 TMZ 和 Conde Nast。我們也正在創新在這些傳統網路環境中為消費者提供的體驗。

Moments, our vertical video solution, provides the immersive experience of social media's scrollable format to traditional publishing environment and consumers are showing high engagement with users now consuming eight videos on average.

我們的垂直視訊解決方案 Moments 為傳統發布環境提供了社交媒體可滾動格式的沉浸式體驗，消費者參與度很高，用戶現在平均觀看 8 個影片。

Over 70 publishers have adopted Moments and with examples delivering close to 80% viewability with nearly double the engagement rate of other branding formats. Moments will be one of the cornerstones of an expanded vertical experiences suite at the new Teads where brands can scale social experiences beyond the walled garden.

超過 70 家出版商採用了 Moments，其可見度接近 80%，參與率幾乎是其他品牌推廣形式的兩倍。Moments 將成為新 Teads 擴展垂直體驗套件的基石之一，品牌可以透過該套件將社交體驗擴展到封閉的花園之外。

As we strive to drive outcomes for advertisers across all screens on the open Internet, expanding our access to unique CTV environment remains a key focus. In Q1, CTV revenue grew 100% year-over-year, now representing approximately 5% of our total ad spend. We also now have access to more than 300 million TV screens for manufacturers globally, with about half of these coming through our exclusive partnerships with LG and VIDAA in addition to our access to more than 7,000 CTV properties globally.

當我們努力為開放網路上所有螢幕上的廣告主帶來成果時，擴大我們對獨特的 CTV 環境的存取仍然是我們的重點。第一季度，CTV 營收年增 100%，目前約占我們廣告總支出的 5%。我們現在還可以存取全球製造商的 3 億多塊電視螢幕，其中約一半來自我們與 LG 和 VIDAA 的獨家合作，此外我們還可以訪問全球 7,000 多個 CTV 資產。

And we believe the value of our unique CTV home screen inventory is clear. Since its launch in 2023, more than 1,500 CTV home screen campaigns have been run by premium brands globally, including Cartier, Nestle and Air France.

我們相信，我們獨特的 CTV 主螢幕庫存的價值是顯而易見的。自 2023 年推出以來，全球高端品牌（包括卡地亞、雀巢和法國航空）已開展了 1,500 多個 CTV 主螢幕廣告活動。

On the operational side, our focus remains on integration, efficiency and execution. Immediately post-closing, we implemented the majority of headcount-related synergies. At this point, we have actioned 90% of our annualized compensation-related targets. We are also making significant progress on other operating expense synergy opportunities such as office consolidation, licenses, professional services and others, and we remain on track to reach our total target of $60 million in annualized cost savings in 2026 and to achieve this run rate by the end of 2025.

在營運方面，我們的重點仍然放在整合、效率和執行上。交易結束後，我們立即實施了大部分與員工人數相關的綜效。目前，我們已經達成了90%的年度薪酬相關目標。我們也在辦公室整合、許可證、專業服務等其他營運費用協同機會方面取得了重大進展，我們仍有望在 2026 年實現 6000 萬美元的年度成本節約總目標，並在 2025 年底實現這一運行率。

In addition, we are focused on our AI Everywhere efforts, identifying opportunities and implementing AI across our engineering, algo product solutions and internal processes teams with great potential to serve our partners faster and better.

此外，我們專注於 AI Everywhere 工作，在我們的工程、演算法產品解決方案和內部流程團隊中尋找機會並實施 AI，這具有巨大潛力，可以更快、更好地為我們的合作夥伴提供服務。

Just as one example, in our direct response performance business, we have already seen more than $1 million of campaigns using our image to clip that enables short video creation for performance marketers based on an image.

舉個例子，在我們的直接回應績效業務中，我們已經看到超過 100 萬美元的行銷活動使用我們的圖像剪輯，這使得績效行銷人員能夠根據圖像創建短影片。

To sum it up, we are well underway in our strategic and financial transformation. I'm very excited that we are successfully executing with discipline on the merger synergies and continue to be committed to our profitability targets while also getting great traction for our market position and vision.

總而言之，我們的策略和財務轉型正在順利進行中。我很高興我們成功地嚴格執行了合併協同效應，並繼續致力於實現我們的獲利目標，同時也為我們的市場地位和願景帶來了巨大的推動力。

We are deepening our relationships with advertisers and media owners alike and seeing real validation for our strategy that we believe will lead to increasingly winning a larger share of wallet.

我們正在深化與廣告商和媒體所有者的關係，並看到我們的策略得到真正的驗證，我們相信這將使我們贏得更大的市場份額。

Thank you again for joining us. Now I will turn it over to Jason for a more detailed financial update.

再次感謝您的參與。現在我將把麥克風交給 Jason，讓他提供更詳細的財務更新資訊。

Thanks, David. As David mentioned, we achieved our Q1 guidance for Ex-TAC gross profit and adjusted EBITDA following our completion of the acquisition of Teads in February. Though we closed the transaction in the middle of Q1, we are already starting to realize the benefits of this combination in our financials, and we are very pleased with the progress of our integration, both from a financial standpoint and with respect to integration of people, processes and systems.

謝謝，大衛。正如 David 所提到的，我們在 2 月完成對 Teads 的收購後，實現了第一季 Ex-TAC 毛利和調整後 EBITDA 的預期。雖然我們在第一季中期完成了交易，但我們已經開始意識到這種合併為我們的財務帶來的好處，並且我們對整合的進展感到非常滿意，無論是從財務角度還是從人員、流程和系統的整合角度而言。

Revenue in Q1 was approximately $286 million, reflecting an increase of 32% year-over-year on an as-reported basis, driven primarily by the impact of the acquisition. For context, given the timing of the closing of the transaction in February, we estimate a year-over-year decline of approximately 7% on a pro forma basis for the full quarter.

第一季的營收約為 2.86 億美元，按報告計算年增 32%，主要受收購的影響。就背景而言，考慮到交易在二月完成的時間，我們估計整個季度的年減幅度將達到約 7%。

This is our estimate of a like-for-like year-over-year comparison. As a reminder, this represents an improvement as compared with a pro forma 9% decline year-over-year in Q4.

這是我們對同比情況的估計。提醒一下，與第四季同比下降 9% 相比，這已經有所改善。

We attribute the improvement to several factors, including a reduction of the employee uncertainty and distraction that we saw in the period following the deal announcement prior to the deal closing and team restructuring.

我們將這種改善歸因於幾個因素，包括我們在交易宣布之後、交易完成和團隊重組之前發現的員工不確定性和分心情緒的減少。

Notably, we saw in Q1, which continued into Q2, improvement in the trends of the US business, which represents around 30% of our revenue. Ex-TAC gross profit in the quarter was $103.1 million, an increase of 98% year-over-year on an as-reported basis, driven primarily by the impact of the acquisition.

值得注意的是，我們在第一季看到美國業務趨勢有所改善，而這種趨勢一直延續到第二季​​度，美國業務約占我們收入的 30%。本季扣除 TAC 後的毛利為 1.031 億美元，以報告基礎計算年增 98%，主要受收購的影響。

Note that ex-TAC gross profit growth is outpacing revenue growth, which is driven primarily by a net favorable change in our revenue mix resulting from the acquisition as well as the continuation of improvements to revenue mix from the legacy Outbrain business.

請注意，除 TAC 外的毛利成長速度超過了收入成長速度，這主要得益於收購導致的收入結構發生淨有利變化，以及傳統 Outbrain 業務對收入結構的持續改善。

And as with revenue, while we're in the very early days, we're seeing a trend in a positive direction in terms of growth rates. And that's before we've been able to influence the overall growth in terms of combining our offerings and realizing any real synergies from cross-selling.

就收入而言，雖然我們還處於起步階段，但我們看到成長率呈現正面的趨勢。而這還是在我們能夠透過整合我們的產品和實現交叉銷售的真正協同效應來影響整體成長之前。

Other cost of sales and operating expenses increased year-over-year, predominantly driven by the impact of the acquisition as well as several related one-time expenses. Note, in the quarter, we recognized $16 million of acquisition-related costs as well as $16 million from the impairment of intangible assets for products determined to be discontinued as a result of the acquisition and $7 million of restructuring charges.

其他銷售成本和營運費用較去年同期成長，主要原因是收購的影響以及幾項相關的一次性費用。請注意，在本季度，我們確認了 1,600 萬美元的收購相關成本，以及 1,600 萬美元的因收購而確定停產的產品的無形資產減值，以及 700 萬美元的重組費用。

Note that we recorded a benefit from deal-related cost synergies in Q1 of approximately $2 million, which we expect to increase in Q2 and beyond as we continue to capture savings across both compensation and non-compensation areas.

請注意，我們在第一季記錄了與交易相關的成本協同效應收益約 200 萬美元，隨著我們繼續在薪酬和非薪酬領域實現成本節省，我們預計這一收益將在第二季度及以後增加。

We continue to expect to achieve approximately $60 million of cost synergies in 2026 and to approach this run rate in Q4 this year. As a reminder, $45 million of this amount relates to compensation expenses. And as an update, we have now actioned on approximately 90% of this amount at this point in time.

我們仍然預計到 2026 年將實現約 6,000 萬美元的成本協同效應，並在今年第四季接近這一運行率。提醒一下，其中 4500 萬美元與薪資費用有關。根據最新消息，目前我們已對其中約 90% 的金額採取了行動。

Accordingly, we have better visibility to the impact of synergies on full-year 2025 and expect total cost synergy savings to amount to approximately $40 million for the year, which represents an increase versus prior expectations. So there's a significantly higher amount of costs coming off the books in the coming quarters, and we see opportunities beyond that as well to be more efficient.

因此，我們對協同效應對 2025 年全年的影響有了更好的了解，並預計全年總成本協同效應節省將達到約 4000 萬美元，這比之前的預期有所增加。因此，未來幾季的帳面成本將會大幅增加，但我們也看到了除此之外提高效率的機會。

Overall, we're focused on our integration and plan to remain disciplined on costs with extremely targeted investments into areas that we see as high confidence ROI drivers or critical to driving growth and efficiency.

整體而言，我們專注於整合，並規劃嚴格控製成本，對我們認為具有高信心投資回報率驅動力或對推動成長和效率至關重要的領域進行極具針對性的投資。

Adjusted EBITDA for Q1 was $10.7 million, which on an as-reported basis represents a greater than 7x increase year-over-year despite the synergy capture being extremely nascent given the timing of closing and our path to more fulsome realization of the synergy opportunities in the coming quarters.

第一季度的調整後 EBITDA 為 1070 萬美元，按報告基礎計算，儘管考慮到交易完成的時間以及我們在未來幾個季度更充分地實現協同效應機會的途徑，協同效應的產生尚處於萌芽階段，但按報告基礎計算，這一數字仍比去年同期增長了 7 倍以上。

Moving to liquidity. Free cash flow, which, as a reminder, we define as cash from operating activities less CapEx and capitalized software costs was a use of cash of approximately $7 million in the quarter. Note that this included cash outflows for acquisition-related costs and restructuring charges of approximately $16 million, negatively impacting our free cash flow in the quarter.

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，本季的現金使用量約為 700 萬美元。請注意，這包括與收購相關的成本和重組費用的現金流出約 1,600 萬美元，對我們本季的自由現金流產生了負面影響。

Excluding these amounts, the free cash flow generation for the quarter would have been a positive $10 million. As a result, we ended the quarter with $156 million of cash, cash equivalents and investments in marketable securities on the balance sheet as well as $16 million in overdraft borrowings, which are classified on our balance sheet as short-term debt. And we have $637.5 million in principal amount of long-term debt at 10% coupon due in 2030.

除去這些金額，本季的自由現金流將達到正 1,000 萬美元。因此，本季末我們的資產負債表上有 1.56 億美元的現金、現金等價物和有價證券投資，以及 1,600 萬美元的透支借款，這些在我們的資產負債表上被歸類為短期債務。我們有 6.375 億美元的長期債務本金，票面利率為 10%，將於 2030 年到期。

The first of our semiannual interest payments is to be paid in August. The long-term debt is carried on our balance sheet, net of discount and deferred financing fees and has a balance of $611 million as of March 31, resulting in a net debt balance of $471 million.

我們的第一次半年利息支付將於八月支付。長期債務在我們的資產負債表中列示，扣除折扣和遞延融資費用後，截至 3 月 31 日的餘額為 6.11 億美元，導致淨債務餘額為 4.71 億美元。

Now I'll turn to our outlook. Although, we haven't seen any meaningful impact in our results to-date, we have seen some advertisers planning and buying cycles shortening, meaning they finalize their budget commitments with less advanced notice than typically seen.

現在我來談談我們的展望。雖然迄今為止我們還沒有看到結果有任何有意義的影響，但我們已經看到一些廣告商的計劃和購買週期正在縮短，這意味著他們最終確定預算承諾的時間比通常情況要短。

On the other hand, we see some positivity in our Q2 pipeline as well. We see continued improvement of the Legacy Teas business since the closing of the merger and better visibility into the cross-sell opportunities. Also, we view the uncertainty of the environment as a longer-term opportunity as we expect advertisers to scrutinize their ad spend and to expect greater accountability from their budgets, which we believe aligns well with our mission at the new peak.

另一方面，我們也看到第二季的銷售管道中存在一些積極跡象。自合併完成以來，我們看到 Legacy Teas 業務持續改善，交叉銷售機會也更加清晰。此外，我們將環境的不確定性視為一個長期機遇，因為我們預計廣告商會仔細審查他們的廣告支出，並期望他們的預算承擔更大的責任，我們相信這與我們在新高峰的使命非常一致。

As we look forward in our guidance, considering the uncertainty of macro conditions, we are providing for a wider range of outcomes in our guidance. And with that context, we have provided the following guidance. For Q2, we expect ex-TAC gross profit of $141 million to $150 million, and we expect adjusted EBITDA of $26 million to $34 million. For full-year 2025, we continue to expect adjusted EBITDA of at least $180 million.

當我們展望未來時，考慮到宏觀條件的不確定性，我們在指導中提供了更廣泛的結果。在此背景下，我們提供了以下指導。對於第二季度，我們預計扣除 TAC 後的毛利為 1.41 億美元至 1.5 億美元，調整後 EBITDA 為 2,600 萬美元至 3,400 萬美元。對於 2025 年全年，我們繼續預計調整後的 EBITDA 至少為 1.8 億美元。

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

現在我將把問題交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

Nice to see the results in light of the macro context. I guess, first, maybe can we just expand on the macro a little bit more, what you're seeing, so shortening of planning of buying cycles, but doesn't sound like there's been any real pullback yet.

很高興從宏觀角度看到這樣的結果。我想，首先，也許我們可以稍微擴展一下宏觀面，看看你所看到的，即購買週期的計劃縮短，但聽起來還沒有出現任何真正的回調。

And then on that opportunity as advertisers scrutinize budgets, can you talk a little bit more how you could capture that? And are you seeing any difference from advertisers on their focus between brand and performance? Is performance holding up better than brand? Let me just start there, and then I have a follow-up.

那麼，當廣告商仔細審查預算時，您能否再多談談如何抓住這個機會？您是否發現廣告主在品牌和成效上的關注點有何不同？性能是否比品牌更好？讓我從這裡開始，然後我會進行後續跟進。

Sure. So thanks for the question, Ygal. Maybe I'll start, Jason. Yes, I mean, we saw in Q1 was really improvements in demand levels from January into February and March. And as I said in the prepared remarks, an overall continuation of that positive trend of the improving growth rates for the legacy Teds business. Into Q2, so far, so good.

當然。謝謝你的提問，Ygal。也許我應該開始，傑森。是的，我的意思是，我們在第一季看到從 1 月到 2 月和 3 月的需求水準確實有所改善。正如我在準備好的演講中所說，Teds 傳統業務的成長率總體上延續了積極趨勢。進入第二季度，到目前為止一切順利。

We haven't seen any meaningful impact in our results to-date stemming from the uncertainty in the macro, clarifying maybe what I said on the call, the shortened planning of buying cycles, maybe as an example, if you typically might get a month or two months warning on a budget, maybe it comes in a few weeks closer to the start date than typical.

到目前為止，我們還沒有看到宏觀不確定性對我們的結果產生任何有意義的影響，這也許可以澄清我在電話中所說的內容，即縮短購買週期的計劃，例如，如果您通常可能會在預算方面獲得一個月或兩個月的警告，那麼它可能會在距離開始日期更近的幾週內出現。

So to us, that indicates, obviously, there's more scrutinization of the ad spend happening, which obviously, to the second part of your question, we view as a good thing for us. But obviously, there is a little bit less visibility. And obviously, I think you have to factor that into when you're giving the outlook and the guidance.

所以對我們來說，這顯然表明對廣告支出的審查更加嚴格，顯然，對於你問題的第二部分，我們認為這對我們來說是一件好事。但顯然，可見度有點低。顯然，我認為你在給予展望和指導時必須考慮到這一點。

Obviously, verticals, we look at, there's some stronger, some weaker, but nothing unusual, I would say. And as I said, we're seeing really more positives than negatives at this point in terms of the legacy Outbrain business continues growth from the same growth drivers, yields are up.

顯然，我們觀察垂直行業，有些行業較強，有些行業較弱，但我想說，沒有什麼不尋常的。正如我所說的，就傳統 Outbrain 業務而言，我們目前看到的積極因素確實多於消極因素，其繼續在相同的成長動力下成長，收益率上升。

The improvement, as I said, in the year-over-year growth rates for legacy Teas in US in particular, which is encouraging positivity that we see. And the team is eagerly starting the early days here of the cross-sell. We have our first wins there. So generally good things. Obviously, we're being balanced in our guidance just given the uncertainty. But so far, so good is how I would do it.

正如我所說，美國傳統茶葉的同比增長率有所提高，這是我們看到的令人鼓舞的積極跡象。團隊正熱切地開始交叉銷售的早期階段。我們在那裡取得了第一場勝利。整體來說都是好事。顯然，考慮到不確定性，我們的指導是平衡的。但到目前為止，我做得還不錯。

Maybe I would add, it's David, to your last point around advertisers. So our breakdown is generally 7% performance, 30% branding. But think what we need to focus on is that we drive outcomes. And whether it's brand dollars or performance dollars, advertisers, whether it's a direct-to-consumer or an enterprise brand are looking for measurable outcomes.

也許我想補充一下，這是大衛關於廣告商的最後一點。因此我們的細分通常是 7% 的性能，30% 的品牌。但我們認為我們需要關注的是推動成果。無論是品牌成本或績效成本，廣告主（無論是直接面向消費者的品牌或企業品牌）都在尋求可衡量的成果。

And this is how we look at the future in terms of our position in the market as a platform that drives the best outcomes, both for branding and performance. So we are very strategically important for our partners, and we believe that as long as we can continue and deliver on those measurable outcomes, that's what's going to continue and the ability to increase share of wallet.

這就是我們如何看待未來，從我們在市場中的地位來看，我們是一個能夠推動品牌和業績最佳成果的平台。因此，我們對我們的合作夥伴來說具有重要的戰略意義，我們相信，只要我們能夠繼續實現這些可衡量的成果，我們就能夠繼續下去，並有能力增加錢包份額。

I want to make one comment on performance. I mean, you've been following us for a few years. So before the merger, we've been talking about the increase in growth of share of wallet we have from pure performance advertisers to our Zemanta DSP that we rebranded as Outbrain DSP. So that trend continues.

我想就性能發表一點評論。我的意思是，你已經關注我們好幾年了。因此，在合併之前，我們一直在談論從純績效廣告商到 Zemanta DSP（我們將其更名為 Outbrain DSP）的錢包份額的增長。所以這種趨勢還在持續。

And there, we help performance advertisers bid into third-party environment, other SSPs, display advertising and something we've been doing already for a few years. Before we merged, it accounted for about 30% of our business was outside overseas. So we believe we're very well balanced in terms of the macro and also in addition to the points that Jason highlighted.

在那裡，我們幫助績效廣告商競標第三方環境、其他 SSP、展示廣告以及我們已經做了幾年的事情。在我們合併之前，我們的業務約有30%是在海外。因此，我們相信，除了 Jason 強調的觀點之外，我們在宏觀方面也非常平衡。

Okay. Great. And then one on kind of fundamentals also on the integration, and you guys called out the strong JVP wins, and that's nice to see. How much of that is maybe a direct result of the new combination versus what maybe in the pipeline?

好的。偉大的。然後是關於整合的基本面，你們都宣布了 JVP 的強勁勝利，這很高興看到。其中有多少可能是新組合的直接結果，有多少可能是正在籌備中的結果？

And I think if I'm understanding you correctly, you guys are saying that the cross-selling opportunity hasn't really even started. I don't know if that was more of a 1Q thing that started to play out in 2Q, but can you just talk a little bit about what you're seeing there and the opportunity from cross-selling?

如果我理解正確的話，我想你們說的是交叉銷售機會還沒有真正開始。我不知道這是否是第一季發生的事情，並在第二季開始顯現，但您能否簡單談談您所看到的情況以及交叉銷售帶來的機會？

I'll take it. So we're very excited about the JVP. I think it's a huge asset that sort of we have today at Teas, which is relationships, and we highlighted the size of the companies we work with, whether it is enterprise brands, their agencies, even the SMEs, and we're working with large customers, which have big budgets. The growth in that is coming, I think, also from a combination of the two companies.

我要買它。因此我們對 JVP 感到非常興奮。我認為這是我們今天在 Teas 擁有的巨大資產，即人際關係，我們強調了與我們合作的公司規模，無論是企業品牌、他們的代理商，甚至是中小企業，我們都在與擁有大預算的大客戶合作。我認為，這一領域的成長也來自於兩家公司的合併。

There's tremendous excitement about this combined value proposition. Sort of we have a weekly internal messaging in the company yesterday, I posted a video post the meeting with one large agency where we got more share of wallet because we now are able to bring to a legacy Teads client performance capabilities.

這項綜合價值主張引起了極大的興奮。昨天，我們在公司內部進行了每週一次的內部消息傳遞，我發布了與一家大型代理商會面的視頻，我們獲得了更多的錢包份額，因為我們現在能夠為傳統的 Teads 客戶帶來性能能力。

They all, at the end, have they want to sell a product. They want to get a lead. They want to get someone to download an application or I think. So I think that is helping. I mean I cannot pinpoint directly that the growth is coming just from that, but we've had hundreds of meetings and the response is phenomenal to this value proposition of performance and branding combined. So I'm sure it will be a big growth driver.

最終，他們都想銷售產品。他們想要獲得領先。他們想讓某人下載一個應用程序，或者我認為。所以我認為這是有幫助的。我的意思是，我無法直接指出成長僅來自於此，但我們已經舉行了數百次會議，對於這一將績效與品牌相結合的價值主張的反響是驚人的。因此我相信它將成為一個巨大的成長動力。

Andrew Boone, Citizens.

安德魯·布恩，公民。

You guys highlighted the improvement in Teads results in the prepared remarks. Can you guys just speak through that and talk through kind of the trends that you guys are seeing and moving that business back into kind of a strong growth position?

你們在準備好的發言中強調了 Teads 成績的提升。你們能否簡單談談這一點並談談你們所看到的趨勢以及如何使該業務重新回到強勁的成長地位？

And then one of the striking things that you guys called out here is just the size of some of your larger clients. And so can you just step back and talk about the opportunity, whether that be larger clients or smaller clients? Or kind of how are you guys thinking about that? And just kind of explain why you guys wanted to highlight that disclosure?

你們在這裡提到的一個引人注目的事情就是一些較大客戶的規模。那麼，您能否退一步談談這個機會，無論是大客戶還是小客戶？或者你們對此有何看法？能否解釋一下為什麼你們想要強調這項披露？

Sure. So maybe I could start. Thanks for the question, Andrew. In terms of the legacy Teads business, obviously, it's something that we talked about the idiosyncratic headwinds on the business in Q4, one of which was region-specific, and we kind of updated that already last quarter. But I think the bigger kind of impact was about just the impact of the pending merger on the team, and there was hiring freeze and lack of focus.

當然。所以也許我可以開始。謝謝你的提問，安德魯。就傳統的 Teads 業務而言，顯然，我們在第四季度討論了業務面臨的特殊阻力，其中一個是特定於地區的阻力，我們在上個季度已經對此進行了更新。但我認為更大的影響是即將發生的合併對團隊的影響，以及招募凍結和缺乏重點。

And I think just a lot of concern of, okay, when is this going to close? And is there a restructuring happening? We do feel that the overhang from that has really been relieved, and we see it in the results really since we've gotten certainty of kind of the closing date, which obviously we got in January, we have seen just kind of month-over-month improvement, right, in those year-over-year trends.

我認為很多人關心的是，什麼時候才能結束？正在重組嗎？我們確實感覺到，由此帶來的壓力已經得到緩解，而且我們在結果中也確實看到了這一點，因為我們已經確定了截止日期，顯然我們在一月份就確定了截止日期，我們看到了逐月的改善，與去年同期相比也有所改善。

So obviously, the focus, the execution, the just doing the restructuring very quickly and everyone kind of knows their role and the team and how everything fits in and the product road map, we really feel like it's kind of lifted and given everyone kind of the ability to just go do what they're good at and bring this back to growth. And we feel good about it. We feel good about the trends we've seen and expecting to get to pro forma overall growth in the second half of the year still from that.

因此，顯然，重點、執行、快速進行的重組，以及每個人都了解自己的角色和團隊以及一切如何融入和產品路線圖，我們真的覺得它有點提升了，並且賦予了每個人都有能力去做他們擅長的事情並使其恢復增長。我們對此感到很高興。我們對所看到的趨勢感到滿意，並預計今年下半年仍將實現整體成長。

To your other part of the question, Andrew, thanks on that. So we are highlighting those customers. We believe that there's a huge opportunity to get more share of wallet from these customers. I mean a lot of the spend goes to point solutions, DSPs. We believe that our platform on the open Internet by delivering better outcomes with elevated creative will allow us to get market share and gain more share of wallet from these very, very large customers, whether it's enterprise brands.

對於你問題的另一部分，安德魯，謝謝你。因此，我們要重點關注這些客戶。我們相信，從這些客戶那裡獲得更多的錢包份額是一個巨大的機會。我的意思是很多支出都用於點解決方案、DSP。我們相信，我們在開放網路上的平台透過提供更好的成果和更高的創造力，將使我們能夠獲得市場份額，並從這些非常非常大的客戶（無論是企業品牌）中獲得更多的錢包份額。

Some of them are small and medium enterprises, but still with significant budget and obviously direct response customers. So it is about growing our share of wallet both their branding dollars and for their performance campaigns and doing that sort of across the board on different screens. And I think that's the opportunity.

其中一些是中小型企業，但仍擁有大量預算，並且顯然擁有直接回應的客戶。因此，這是為了增加我們的錢包份額，包括他們的品牌支出和績效活動，並在不同的螢幕上全面實施這些措施。我認為這就是機會。

I mean it has a tremendous sales team today combined with the legacy Outbrain and legacy Teads, it's hundreds of people across the world organized in verticals. So we're very excited about the ability to drive a lot of more share of wallet through these capabilities.

我的意思是，如今它擁有一支龐大的銷售團隊，加上原有的 Outbrain 和 Teads，它有數百名員工，分佈在世界各地，按垂直行業進行組織。因此，我們非常高興能夠透過這些功能來吸引更多的消費者。

Laura Martin, Needham & Company.

勞拉·馬丁（Laura Martin），Needham & Company。

Yes. So you guys had a really central activation at possible. And you just said that you've had hundreds of meetings and customers seem really delighted with this end-to-end strategy of the brand and performance. Remind us what the path is between meetings to getting sign-ups? When would the revenue show up, assuming you get some kind of 20% conversion rate or something? When do we start seeing revenue from these positive meetings you're having?

是的。所以你們盡可能地實現了真正的中心激活。您剛才說，您已經召開了數百次會議，客戶似乎對這種品牌和績效的端到端策略感到非常滿意。提醒我們一下從會議到獲得註冊的路徑是什麼？假設你的轉換率達到 20% 左右，那麼什麼時候會出現收入呢？我們什麼時候能從您舉辦的這些正向會議中看到收入？

Laura, thank you. So possible was great. Sorry, I wasn't there, but I know you had some good meetings there with our team. We are looking at returning back to growth, I mean, as Teads in the second half of the year. And it's a combination of some of the things Jason mentioned around just improvement in the performance of the legacy Teads business, but a lot of it is also coming from cross-selling and selling performance solutions to Teads advertisers, selling some branding solutions to the SME advertisers.

勞拉，謝謝你。所以可能性很大。抱歉，我不在場，但我知道您和我們的團隊在那裡進行了一些很好的會議。我們希望在下半年恢復成長。這是 Jason 提到的一些事情的結合，不僅僅是關於傳統 Teads 業務業績的改善，但其中很大一部分也來自交叉銷售和向 Teads 廣告商銷售績效解決方案，向 SME 廣告商銷售一些品牌解決方案。

So that is reflected in our plans for the second half of the year. We have already seen some of the sales happening with certain customers. So I think it's going to ramp up in an exponential way into the second half of the year.

這反映在我們下半年的計畫中。我們已經看到一些客戶實現了部分銷售。因此我認為今年下半年這一數字將會呈指數級增長。

Okay. So there isn't a typical -- you sign an MSA and then they experiment. There's not a typical path. It's just you just have to wait until. And you don't see a headwind of tariffs against people bringing new business to you?

好的。因此不存在典型的情況——你簽署 MSA 然後他們進行實驗。沒有典型的路徑。你只需要等待即可。您沒有看到關稅對為您帶來新業務的人造成不利影響嗎？

At the moment, as Jason said, we have not seen any meaningful impact of tariffs.

目前，正如傑森所說，我們還沒有看到關稅的任何有意義的影響。

Okay. And that wouldn't affect all these. Okay. That's interesting. And then my other thing is one of the things that's been really threatening sort of the existence of the open Internet as an existential threat is ad agencies have cut off their funding of new sites.

好的。這不會影響所有這些。好的。那很有意思。我想說的另一件事是，真正威脅開放網路生存的因素之一是廣告公司已經切斷了對新網站的資助。

And so I'm wondering if you're -- and there's been a lot of pushback on that and really trying to get ad agencies to be more nuanced about the type of news that they are willing to advertise on. Have you seen any reversal or people advertising on new sites again?

所以我想知道您是否——對此有很多反對意見，並真正試圖讓廣告公司對他們願意投放廣告的新聞類型更加細緻入微。您是否看到任何逆轉或有人再次在新網站上做廣告？

Yes. So I think actually, we have seen more openness, and I think there's better technology solutions that allow advertisers to be much more selective into what they're trying to block. So not doing sort of really large-scale blocking of new pages, but actually being much more granular around specific things that they want to block.

是的。所以我認為實際上我們已經看到了更多的開放性，並且我認為有更好的技術解決方案可以讓廣告商更有選擇性地選擇他們想要封鎖的內容。因此，不會對新頁面進行大規模阻止，而是實際上針對他們想要阻止的具體內容進行更細緻的阻止。

And I feel very positive about the topic actually that's very close to my heart with the panel at CS. We talk about it at hand with some of our partners on the agency side, some of the CMOs and publisher side. I think there is a change of that. I think the ability of reaching incremental audiences at times where they are engaging with authentic content that is professionally produced, the value of that has been proven.

事實上，我對這個主題感到非常樂觀，我對 CS 小組的討論非常關心。我們正在與代理商方面的一些合作夥伴、一些 CMO 和出版商討論這個問題。我認為情況已經改變了。我認為，當觀眾接觸到專業製作的真實內容時，能夠吸引越來越多的觀眾，其價值已經得到證明。

There's tons of research out there that shows that there is no actually detriment actually, there's a positive impact of being associated with Teads, which have credible, authentic journalistic or other professionally creative content. And I think that is a big opportunity for us also to grow monetization within our base of supply partners.

大量的研究表明，與擁有可信、真實的新聞或其他專業創意內容的 Teads 合作實際上並沒有什麼壞處，反而會產生積極的影響。我認為這對我們來說也是一個巨大的機會，讓我們能夠在供應合作夥伴的基礎上實現貨幣化。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

I'd love to hear your perspective just on the ruling in the DOJ Google lawsuit. Curious how do you think Teads would benefit if Google were to divest its ad serving and publisher side tech? And then I had a follow-up question.

我很想聽聽您對美國司法部谷歌訴訟案裁決的看法。好奇的是，如果Google剝離其廣告服務和發布商方面的技術，您認為 Teads 會從中受益嗎？然後我有一個後續問題。

Great. So I'll take that. Thank you. So the Google ruling, I think it's a good thing for the overall ecosystem. It affects us probably directly less than others because we are an end-to-end platform that has direct exclusive relationship on the supply. So we don't go for most of the business we have through GAM or through the ad Exchange or DV360.

偉大的。所以我會接受。謝謝。因此，我認為谷歌的裁決對於整個生態系統來說是一件好事。它對我們的影響可能比其他人直接的影響要小，因為我們是一個端到端平台，在供應上有直接的獨家關係。因此，我們不會透過 GAM 或透過廣告交易平台或 DV360 開展大部分業務。

So we have exclusive supply, which is one of the differentiators why we can drive better outcomes, by the way, when you look at other point solutions like DSPs. And so it's impacting us less. I think overall, on the SSP front, I think it is a -- could potentially provide a great tailwind to SSPs, which could benefit us.

因此，我們擁有獨家供應，順便說一句，當您查看 DSP 等其他點解決方案時，這是我們能夠推動更好結果的差異化因素之一。所以它對我們的影響較小。我認為總體而言，在 SSP 方面，我認為它可能為 SSP 提供巨大的推動力，從而使我們受益。

I mentioned, for example, on the performance side, on the direct response side of our business, we have been, over the last years, expanding significantly with third-party supply, display, other SSPs. As this market becomes more open and more competitive, I think it allows us to even further grow the value we can bring to our performance marketers on this third-party supply. So that's a direct positive. But overall, I think us being an end-to-end platform with direct call on page first-party data, this is less impactful on us directly.

例如，我提到，在效能方面，在我們業務的直接回應方面，過去幾年來，我們透過第三方供應、展示和其他 SSP 進行了大幅擴張。隨著這個市場變得更加開放和競爭更加激烈，我認為這將使我們能夠進一步提升透過第三方供應為我們的績效行銷人員帶來的價值。所以這是一個直接的正面因素。但總的來說，我認為我們是一個端到端平台，可以直接呼叫頁面第一方數據，這對我們直接的影響較小。

Great. And then just one on your Moments vertical video product. I would just love to hear what your strategy is for expanding that product into new publishers and how we should be thinking about that as a growth driver for the business?

偉大的。然後在你的朋友圈垂直影片產品上再放一個。我很想聽聽您將該產品擴展到新出版商的策略是什麼，以及我們應該如何將其視為業務成長的動力？

So we're looking at it as part of a broader suite of vertical video experiences. So Moments is one type of format. I don't want to be too technical here, it's one type of format, but there's other vertical opportunities that we see where we can leverage our end-of-article placement to create a vertical experience that is very, very suitable for brand advertising or for brands that want to drive performance.

因此，我們將其視為更廣泛的垂直視訊體驗的一部分。朋友圈就是一種形式。我不想在這裡講得太技術性，這只是一種格式，但我們也看到了其他垂直機會，我們可以利用文章末尾的展示位置來創造一種垂直體驗，這種體驗非常適合品牌廣告或想要提高業績的品牌。

So overall, we think vertical video is a big category. It increases the engagement of audiences with content and is a great canvas for advertisers that want to promote either performance or brand. We've been seeing great success with Moments. I mentioned on the call, some of the data points, and we will continue to invest quite significantly into all vertical video opportunities.

所以總的來說，我們認為垂直影片是一個很大的類別。它增加了觀眾對內容的參與度，對於想要提升業績或品牌的廣告商來說是一個很好的畫布。我們已經看到 Moments 取得了巨大的成功。我在電話中提到了一些數據點，我們將繼續對所有垂直視訊機會進行大量投資。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. Riley 證券。

I just wanted to get a little more context around your second half guidance. I think you might have alluded to it. But just curious, if you're still assuming kind of a return to low single-digit growth in the second half of the year on a pro forma basis. And just from a modeling perspective, I know synergies are expected to ramp throughout the year. So just curious of how we should be thinking about kind of the adjusted EBITDA progression for the pro forma entity in the second half of this year?

我只是想進一步了解你對下半年的指導。我想你可能已經提到過這一點。但只是好奇，您是否仍假設下半年將以準備為基礎恢復到低個位數成長。從建模的角度來看，我知道協同效應預計會在全年不斷增強。所以我很好奇我們應該如何考慮今年下半年預測實體的調整後 EBITDA 進展？

Sure. Thanks for the question, Zach. I'll take that one. Yes. So obviously, as I said, we're factoring in a number of things, the continued improvement of the year-over-year growth rates that we've seen from the legacy TD business, continued growth, obviously, from the legacy operating business we've been talking about for about a year now and obviously, the early days of the revenue synergy capture.

當然。謝謝你的提問，扎克。我要那個。是的。因此，顯然，正如我所說的，我們正在考慮許多因素，包括我們從傳統 TD 業務中看到的同比增長率的持續提高，顯然，從我們已經談論了大約一年的傳統運營業務中看到的持續增長，以及顯然，收入協同效應的早期階段。

So we are expecting something there, but we're obviously being fairly conservative in our model for that. And of course, acknowledging that the uncertainty in the world exists right now, we are accounting for that, even though we haven't seen any meaningful impact so far considering all the positives.

所以我們期待那裡會發生一些事情，但我們的模型顯然是相當保守的。當然，我們承認當今世界存在不確定性，我們正在考慮到這一點，儘管考慮到所有積極因素，我們迄今為止還沒有看到任何有意義的影響。

There are also anecdotally some easing of the comps for us, particularly on the legacy Teads business as we get later in the year, as we talked about the idiosyncratic headwinds from last year's Q4 as well. And so yes, all that kind of comes together, and we still do expect, as we said last quarter, to get to the pro forma growth year-over-year in the second half of this year.

據傳聞，我們的業績也有一些緩和，特別是對於我們在今年晚些時候獲得的傳統 Teads 業務而言，正如我們談到去年第四季度的特殊逆風一樣。是的，所有這些因素綜合在一起，我們仍然預計，正如我們上個季度所說的那樣，今年下半年將實現同比增長。

And in terms of expenses and how that kind of relates to EBITDA, we've now shared that we expect to realize about $40 million of cost synergies alone in 2025, and that's really ramping over the next few quarters. We only had about $2 million of benefit in Q1 just based on the timing of closing and actions being put in place. We expect that to step up in Q2, but even more so in Q3 and for Q4. And much of those actions are actually already done. It's really just a matter of time at this point before the accounting is able to recognize those savings.

就費用及其與 EBITDA 的關係而言，我們現在已經表示，預計到 2025 年將實現約 4000 萬美元的成本協同效應，而且這一數字在未來幾個季度將大幅增長。僅根據結束時間和採取的行動，我們在第一季僅獲得了約 200 萬美元的收益。我們預計這一趨勢將在第二季度有所加強，但在第三季和第四季將會更加明顯。而其中許多行動實際上已經完成。從現在來看，會計能夠確認這些節省只是時間問題。

So we feel very confident about that in terms of the expenses getting lower over the course of the year. Q2 also has some marketing events and just timing type issues, making Q2 really the high watermark in terms of expenses for the year. So you put it all together, it definitely, we feel good about obviously maintaining our guidance. The historical seasonality is one that two-third of the EBITDA has always been recognized in H2 if you put these two companies together. So between that and the synergies, we feel very good.

因此，我們對於今年的支出將會下降非常有信心。Q2 也涉及一些行銷活動和時間安排問題，這使得 Q2 成為全年支出的最高點。所以，把所有這些綜合起來，我們顯然對維持我們的指導感到很高興。歷史季節性是，如果將這兩家公司合併在一起，那麼三分之二的 EBITDA 總是在下半年得到確認。因此，基於這一點和協同效應，我們感覺非常好。

Just on it is a financially transformational year with this merger. So we can see, for example, the ramp-up of -- based on the guidance of EBITDA is 3x the EBITDA in Q2 from Q1. So we are seeing it. I mean it's really the timing of a lot of these efficiency synergies coming in, the cross-sell that is starting in 5 geographies now in Europe and in the US. So all of these things will come in and will have -- we expect a significant impact, obviously, going into the second half.

此次合併將迎來財務轉型的一年。因此，我們可以看到，例如，根據 EBITDA 指導，第二季的 EBITDA 增幅是第一季的 3 倍。所以我們看到了它。我的意思是，現在正是許多效率綜效開始發揮作用的時機，交叉銷售現已在歐洲和美國的 5 個地區開始。因此，所有這些因素都會發生，並且會產生——我們預計，這顯然會對下半年產生重大影響。

Understood. And my one follow-up question is just around your CTV business, and I appreciate the disclosure there in terms of the growth rate and percentage of spend. So just curious of really how the combined entity has a differentiated CTV offering and where is kind of the near-term opportunities that you see to continue that momentum here in the coming quarters?

明白了。我的一個後續問題是關於你們的 CTV 業務，我很感謝你們所揭露的成長率和支出百分比。所以我只是好奇合併後的實體如何提供差異化的 CTV 產品，以及您認為在未來幾個季度繼續保持這種勢頭的近期機會在哪裡？

So today, the differentiation is in two aspects. One is we have for some TV manufacturers and operating system, LG, VIDAA in certain geographies of the world, exclusivity on a home screen placement that's is a highly impactful sort of native placement when you look at different piles and you decide what to do. So you spend a lot of time there. So we have exclusivity on that. That helps us also increase in general, our share of wallet with video advertisers once they do displacement.

所以今天區分是兩個面向。一是，我們為某些電視製造商和作業系統（LG、VIDAA）在世界某些地區提供主螢幕展示位置的獨家經營權，當您查看不同的堆並決定做什麼時，這是一種具有高度影響力的原生展示位置。所以你在那裡花了很多時間。所以我們對此擁有獨家經營權。這也有助於我們在影片廣告商進行置換後整體增加我們的收入份額。

We will also get some of the in-stream regular, call it, video advertising from them. We're trying to grow that because these formats are -- you can't buy them programmatically. They are unique, and they're really leveraging the tremendous power that we have at Teads with brand advertisers. These are the type of advertisers that CTV and applications want to have on their home screen. So that's a big differentiator today.

我們還將從他們那裡獲得一些常規的串流媒體影片廣告。我們正在嘗試擴大這一領域，因為這些格式是無法透過程式設計購買的。他們是獨一無二的，並且真正利用了 Teads 與品牌廣告商之間的巨大影響力。這些是 CTV 和應用程式希望在其主螢幕上顯示的廣告商類型。所以這是今天的一大差別。

When we're looking into the future, we see a huge opportunity on performance CTV. I think it's early days for that. And when you combine the performance capabilities of legacy Outbrain, the SME base that we have, the ease of producing today video content for these type of advertisers and the ability to target and deliver outcomes. We are spending a lot of time working on sort of the implementation and strategy for performance on CTV. We think we are uniquely positioned to capture significant share there.

展望未來，我們看到績效 CTV 的巨大機會。我認為現在還為時過早。當您將傳統 Outbrain 的性能能力、我們擁有的中小企業基礎、為這些類型的廣告商輕鬆製作當今視頻內容以及定位和交付成果的能力結合起來時。我們花了大量時間研究 CTV 的實施和性能策略。我們認為我們擁有獨特的優勢，能夠在那裡佔據相當大的份額。

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

我們的問答環節已經結束。我想將會議交還給管理階層，請他們發表結束語。

So thank you all for joining. I want to take this opportunity to thank our close to 2,000 employees across the world. It's been a great journey until now, and I'm very excited to see sort of the one team, one dream coming together. It's also been great.

感謝大家的加入。我想藉此機會感謝我們遍布全球的近2000名員工。到目前為止，這是一段偉大的旅程，我很高興看到一個團隊、一個夢想逐漸實現。這也很棒。

I mean if some of our partners are on the call, I mean, on the business side, I mean, they've been tremendous and the confidence and validation we got from them is really fueling the energy. And thank you all for continuing to support us as shareholders, and we look forward to continuing the dialogue. Thank you.

我的意思是，如果我們的一些合作夥伴參與電話會議，我的意思是，在業務方面，他們表現非常出色，我們從他們那裡獲得的信心和認可確實激發了我們的活力。感謝大家作為股東繼續支持我們，我們期待繼續對話。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。