Teads Holding Co (TEAD) 2026 Q1 法說會逐字稿

Good day, and welcome to Teads' first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Teads 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the call over to Teads Investor Relations. Please go ahead.

現在我想把電話交給 Teads 投資人關係部。請開始。

Good morning, and thank you for joining us on today's conference call to discuss Teads' first quarter results. Joining me on the call today, we have David Kostman and Jason Kiviat, the CEO and CFO of Teads.

各位早安，感謝各位參加今天的電話會議，與我們一同討論 Teads 第一季業績。今天與我一同出席的有 Teads 的執行長 David Kostman 與財務長 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. These risk factors are discussed in detail in our annual report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the Securities and Exchange Commission.

在本次電話會議中，管理層將基於目前的預期與假設發表前瞻性陳述，包括關於我們業務展望與前景的陳述。這些陳述受各項風險與不確定性影響，可能導致實際結果與前瞻性陳述存在重大差異。相關風險因素已在我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報中詳細說明，並在其後向美國證券交易委員會提交的報告中更新。

Forward-looking statements speak only as of the call's original date, and we do not undertake any duty to update any such statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's first quarter results announcement 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.teads.com, under News and Events.

前瞻性陳述僅截至本次電話會議原始日期有效，我們不承擔更新任何此類陳述的義務。今天的簡報亦包含對非 GAAP 財務衡量指標的引用。請參閱公司第一季業績公告中所載之定義資訊，以及非 GAAP 指標與可比 GAAP 財務指標之調節表。我們的財報新聞稿可於投資人關係網站 investors.teads.com 的 News and Events 欄位查閱。

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

接下來，我把電話交給 David。

Thank you, Dani. Good morning, everyone, and thank you for joining us. Before we dive into our Q1 highlights, I want to frame our current market position. One year into the combination of Outbrain and Teads, the new Teads has evolved into the definitive omnichannel outcomes platform. By combining our premium video and performance heritages, we've created the connected tissue between the living room and the mobile screen, delivering the precise accountability that today's advertisers demand across CTV and the open Internet and from branding to performance.

謝謝你，Dani。各位早安，感謝各位加入我們。在我們深入第一季重點之前，我想先說明我們目前的市場定位。Outbrain 與 Teads 合併滿一年後，全新的 Teads 已演進為具代表性的全通路成效平台。透過結合我們在高端影音與成效領域的傳承，我們打造了連結客廳與行動螢幕的關鍵樞紐，在 CTV 與開放網際網路上，從品牌到成效，提供當今廣告主所要求的精準可衡量性。

To understand our scale, it's best to look at the two distinct advertiser bases that fuel our platform. First, our enterprise business, which is composed of global brands and major advertising agencies. In 2025, these generated approximately $900 million in revenue, accounting for approximately 80% of our Ex-TAC due to its higher margin profile. About half of this, roughly $450 million, is driven through the world's leading agencies like Publicis, Omnicom, Havas, Stagwell as well as brand direct relationships.

要理解我們的規模，最好的方式是看驅動我們平台的兩個不同廣告主基礎。第一是我們的企業級業務，由全球品牌與大型廣告代理商組成。2025 年，這部分帶來約 9 億美元營收，因其較高的毛利結構，約占我們 Ex-TAC 的 80%。其中約一半、約 4.5 億美元，是透過 Publicis、Omnicom、Havas、Stagwell 等全球領先代理商，以及品牌端直接合作所推動。

Our enterprise brand roster includes icons such as Apple, LVMH, Stellantis, and Nestle. We now manage approximately 50 global joint business partnerships, which moves us beyond vendor status into strategic territory involving data collaboration and large-scale spending frameworks. In 2025 alone, these JBPs represented over $200 million in spend.

我們的企業品牌客戶名單包括 Apple、LVMH、Stellantis 與 Nestle 等指標性品牌。我們目前管理約 50 個全球聯合業務合作夥伴關係（JBP），使我們從供應商角色提升至策略層級，涵蓋資料協作與大規模投放框架。僅 2025 年，這些 JBP 的投放金額就超過 2 億美元。

These partners activate through Teads Ad Manager or TAM, for both brand and performance goals across CTV and the open internet. While we compete with major DSPs, we win because of our end-to-end stack. One, we have created exclusive supply. We offer premium environment others simply can't access. Second, first-party data. Our code on page provides unique signals for cookie-less world. This data is augmented by strategic data and measurement partnerships.Third, AI-driven creative. We optimize the big idea for any screen. Fourth, our global scale. In a world of consolidation, brands want a scaled global partner they can trust.

這些合作夥伴透過 Teads Ad Manager（TAM）啟用投放，涵蓋 CTV 與開放網際網路上的品牌與成效目標。雖然我們與主要 DSP 競爭，但我們憑藉端到端技術堆疊勝出。第一，我們打造了獨家供給。我們提供其他人根本無法觸及的高端媒體環境。第二，第一方資料。我們的頁面程式碼在無 Cookie 的世界中提供獨特訊號。這些資料再透過策略性的資料與衡量合作夥伴關係加以強化。第三，AI 驅動的創意。我們能針對任何螢幕優化核心創意概念。第四，我們的全球規模。在整併加速的世界裡，品牌需要一個可擴展、值得信賴的全球合作夥伴。

Second, our direct response engine. This represents approximately $500 million in revenue and 20% of our Ex-TAC and includes affiliates direct-to-consumer brands, search-focused buyers, and others. These are what we call elastic buyers. They are always on as long as we hit their ROAS targets. Primarily activating through our amplified platform, which is the legacy Outbrain stack. This business is a high-volume efficiency play. We differentiate here through superior algorithmic performance and AI-led content optimization and workflows.

第二是我們的直接回應引擎。這部分約帶來 5 億美元營收，約占我們 Ex-TAC 的 20%，涵蓋聯盟行銷、DTC（直面消費者）品牌、以搜尋為主的買方等。我們稱這些為「彈性買方」。只要我們達到其 ROAS 目標，他們就會持續投放。主要透過我們的 amplified 平台啟用，也就是 Outbrain 的既有技術堆疊。這項業務是高量體、重效率的模式。我們在此的差異化在於更優異的演算法成效，以及 AI 主導的內容優化與工作流程。

In this space, we compete against some of the legacy Outbrain competitors. What makes the new Teads truly unique is that these two worlds are now converging in our favor. We are integrating Outbrain's industry-leading performance algorithms into Teads Ad Manager, TAM. This creates a powerful, unified workflow.

在這個領域，我們與一些 Outbrain 的傳統競爭對手競爭。全新的 Teads 真正獨特之處在於，這兩個世界如今正朝對我們有利的方向融合。我們正把 Outbrain 業界領先的成效演算法整合進 Teads Ad Manager（TAM）。這將打造強大且一致的整合式工作流程。

And for the first time, a holding company agency can manage a high-gloss branding campaign and a high-velocity conversion campaign within a single seamless environment. In CTV specifically, we are seeing a clear shift. Advertisers are no longer just looking for reach. They want video that drives action.

而且首次，控股公司旗下的代理商可以在單一、無縫的環境中，同時管理高質感的品牌活動與高轉換速度的成效活動。特別是在 CTV，我們看到明顯轉變。廣告主不再只追求觸及。他們要的是能驅動行動的影音。

Our ability to leverage AI for creative optimization and performance tracking across both CTV and the web is a unique value proposition that we are starting to scale. To see how this works in practice, I'll bring you one example. If we look at Gucci Beauty's recent omnichannel campaign for its Gucci Flora collection. They deployed a premium attention-driven strategy, combining CTV home screen and inRead placements to stand out in the crowded luxury fragrance category.

我們運用 AI 在 CTV 與網路兩端進行創意優化與成效追蹤的能力，是一項獨特的價值主張，且我們正開始擴大規模。為了說明實際運作方式，我舉一個例子。以 Gucci Beauty 近期針對 Gucci Flora 系列的全通路行銷活動為例。他們採用以「注意力」為導向的高端策略，結合 CTV 主畫面與 inRead 版位，在競爭激烈的奢華香氛品類中脫穎而出。

By aligning media delivery with high-interest environments like fashion and travel, Gucci achieved market-leading incremental gains across the entire funnel. Awareness, this campaign delivered a 175% increase in top-of-mind awareness compared to the control group. In terms of attention, which is a key KPI we deliver. We saw 29% higher consumer attention versus standard beauty benchmarks.

透過將媒體投放與時尚、旅遊等高興趣情境對齊，Gucci 在整個漏斗各階段都取得市場領先的增量成效。在認知度方面，與對照組相比，本次活動帶來 175% 的「第一聯想」認知度提升。在注意力方面（這是我們提供的關鍵 KPI），相較於美妝品類的標準基準，我們看到消費者注意力高出 29%。

On the ad recall front, Gucci Beauty achieved 2.8 times higher ad recall than the category average. And on consideration, this strategy drove a 3-point lift in brand consideration and preference over its competitors. This is one recent example, but it demonstrates that Teads can deliver a unified journey that most point solutions simply cannot replicate. Teads can do this due to the breadth of our offerings across screens and the depth of our offering from branding to performance.

在廣告記憶度方面，Gucci Beauty 的廣告記憶度達到品類平均的 2.8 倍。在考慮度方面，該策略相較競品帶動品牌考慮與偏好提升 3 個百分點。這只是近期的一個案例，但它證明 Teads 能提供多數單點解決方案無法複製的整合式旅程。Teads 能做到這點，源於我們跨螢幕的產品廣度，以及從品牌到成效的產品深度。

Turning you to our Q1 results, this was a pivotal quarter of execution. We exceeded our Ex-TAC revenue guidance. We saw good indications from partners that Teads is on a strong path to becoming an essential AI-powered global platform for the modern advertiser. We executed with a new leadership team in a focused and effective way, putting behind us many of the integration challenges we experienced in 2025.

接著談第一季業績，這是一個關鍵的執行季度。我們的 Ex-TAC 營收超越指引。我們從合作夥伴端看到良好跡象，顯示 Teads 正走在成為現代廣告主不可或缺的 AI 驅動全球平台的強勁道路上。我們在新的領導團隊帶領下，以更聚焦且有效的方式執行，並將 2025 年所經歷的多項整合挑戰拋諸腦後。

To illustrate how this strategy is translating into results, here are a few data points. Our CTV revenue grew over 50% year over year, with particularly strong momentum in EMEA and APAC. We've solidified our home screen leadership through partnerships with LG, Samsung, and Google TV. We believe this gives us the largest footprint of this high-value inventory globally.

為了說明這項策略如何轉化為成果，以下提供幾個數據點。我們的 CTV 營收年增超過 50%，其中 EMEA 與 APAC 動能尤其強勁。我們透過與 LG、Samsung 與 Google TV 的合作，鞏固了在主畫面（home screen）版位的領導地位。我們相信，這使我們在全球擁有此類高價值庫存中最大的覆蓋版圖。

13% of our campaigns are now omnichannel, compared to 8% in Q1 of last year, as more clients realize the benefits of the full funnel approach I just described. We successfully renewed partnerships with many enterprise brands, including McDonald's, Heineken, and Volkswagen.

目前我們 13% 的活動已是全通路，相較去年第一季的 8% 提升，因為更多客戶意識到我剛才所描述的全漏斗方法的效益。我們也成功續約多家企業級品牌合作夥伴，包括 McDonald's、Heineken 與 Volkswagen。

In our direct response business, we launched vertical video formats and continue to drive CTV campaigns. And we continued the aggressive adoption of AI in our product solutions, engineering teams, and across internal functions. To sum it up, the foundational integration work of 2025 is behind us. We have a new leadership team in place, our product road map is focused and truly differentiated value proposition, and our client base is validating our strategy. We are operating according to our plan and remain confident in our trajectory.

在我們的直接回應業務中，我們推出了直式影片格式，並持續推動 CTV（連網電視）行銷活動。同時，我們也持續在產品解決方案、工程團隊以及各項內部職能中積極導入 AI。總結來說，2025 年的基礎整合作業已經告一段落。我們已建立新的領導團隊，產品路線圖聚焦且具備真正差異化的價值主張，而我們的客戶基礎也正在驗證我們的策略。我們正依照計畫運作，並對我們的發展軌跡保持信心。

I will now turn the call over to Jason to review the financials.

接下來我把電話會議交給 Jason，請他回顧財務表現。

Thanks, David. As David mentioned, we exceeded our Q1 guidance for Ex-TAC gross profit and achieved our guidance for adjusted EBITDA. Revenue in Q1 was approximately $266 million, reflecting a 7% decline year over year. As I noted in our last update in March, we've seen a more stable top line to start this year. We continue to see progress in our areas of focus, and David touched on a lot of this in his remarks. Importantly, we're starting to see that in our results as we continue to drive towards a return to year-over-year growth by Q4 of this year.

謝謝你，David。如 David 所提到的，我們第一季 Ex-TAC 毛利超越指引，並達成調整後 EBITDA 的指引。第一季營收約為 2.66 億美元，年減 7%。如我在 3 月上次更新時所說，今年一開始我們看到營收端（top line）更為穩定。我們在聚焦的領域持續看到進展，David 在他的談話中也提到了其中許多內容。重要的是，隨著我們持續推進，朝著在今年第四季恢復年對年成長的目標邁進，我們開始在結果中看到這些成效。

Ex-TAC gross profit in the quarter was $108 million, an increase of 5% year over year. We closed the acquisition in February of last year, on a pro forma basis, this represents a decline of 11% year over year, as compared with the 19% decline we reported in Q4. So we're starting to see some progress, and particularly in Europe, the Middle East and Asia. Excluding the US, we grew revenue from enterprise customers year-over-year, and we believe we will see a greater positive impact in the US in the coming quarters from the changes we've made in our operations.

本季 Ex-TAC 毛利為 1.08 億美元，年增 5%。我們在去年 2 月完成收購；以備考（pro forma）基礎來看，這代表年減 11%，相較於我們在第四季所報告的 19% 年減已有改善。因此我們開始看到一些進展，尤其是在歐洲、中東與亞洲。排除美國後，我們來自企業客戶的營收年對年成長；我們相信，隨著我們在營運上所做的調整，未來幾季在美國也會看到更大的正面影響。

Based on the dynamics of the prior year headwinds, we have our hardest comparison period of the year in Q2, but forward is expected to significantly ease in Q3 and Q4, mainly due to the quality-related cleanups we did in our direct response business last year, which started having a material impact in Q3 of 2025. As noted last quarter, this is expected to be a headwind of approximately $20 million of Ex-TAC year-over-year, with the vast majority in H1, phasing down to a minimal amount by Q4.

基於前一年逆風因素的動態，我們在第二季將面臨全年最艱難的比較基期；但之後在第三季與第四季預期將明顯趨緩，主要是因為我們去年在直接回應業務所做的品質相關清理作業，並在 2025 年第三季開始產生實質影響。如上季所述，這預期將帶來約 2,000 萬美元的 Ex-TAC 年對年逆風，其中絕大部分集中在上半年，並在第四季降至極小的影響。

We expect to continue to make progress on our turnaround in Q2. But as you'll see in our Q2 guidance, this is partially muted by the comps and is expected to right itself in H2. Note that Ex-TAC gross profit growth is outpacing revenue growth due to a net favorable change in our revenue mix post acquisition, with more business from enterprise advertisers and agencies, as well as the continuation of improvements to revenue mix and RPM growth that we've seen for several quarters.

我們預期在第二季將持續推進我們的轉型改善。但如你們在我們第二季指引中會看到的，這部分會因比較基期而被部分抵銷，並預期在下半年回到正常水準。請注意，Ex-TAC 毛利成長快於營收成長，原因是收購後我們的營收組合出現淨有利變化，來自企業廣告主與代理商的業務占比提高，同時也延續了我們過去幾季所看到的營收組合改善與 RPM 成長。

Other cost of sales and operating expenses decreased year over year, largely driven by one-time costs in the prior year period, the realization of gear-related synergies, and the additional cost reductions we discussed and implemented last quarter.

其他銷售成本與營運費用年對年下降，主要受前一年期間的一次性成本、設備相關綜效的實現，以及我們在上季討論並已落實的額外成本削減所帶動。

Looking back, our restructuring efforts have reduced our compensation run rate by over 20% year over year. This was offset partially in Q1 by the impact of the shorter comparison period in the prior year, including increased amortization of the acquired intangibles, as well as an unfavorable FX impact.

回顧來看，我們的重整措施已使薪酬支出（run rate）年對年降低超過 20%。不過在第一季，這部分被前一年較短比較期間的影響所部分抵銷，包括收購無形資產攤銷增加，以及不利的匯率（FX）影響。

On the whole, we have a streamlined cost structure and a more efficient operation. We expect a similar cost level for the balance of the year, with some seasonality mainly in Q4 and additional opportunities to continue to drive efficiency through ongoing integration.

整體而言，我們已擁有更精簡的成本結構與更有效率的營運。我們預期今年剩餘期間的成本水準大致相近，僅在第四季會有一些季節性因素，並且透過持續整合仍有進一步提升效率的機會。

Adjusted EBITDA for Q1 was approximately $1 million and adjusted free cash flow was a use of cash of $41 million in the quarter. The use of cash was driven by the timing of our semi-annual bond interest payment of $31 million. The low seasonality of Q1, which is typical in our business as well as timing of working capital.

第一季調整後 EBITDA 約為 100 萬美元，而本季調整後自由現金流為現金流出 4,100 萬美元。現金流出主要是由於我們 3,100 萬美元的半年期債券利息支付時點所致。此外也受到第一季淡季因素（這在我們的業務中屬常態）以及營運資金時點的影響。

Working capital typically fluctuates for us quarter-to-quarter based on timing of collections and payments. Typically, Q1 is a very strong seasonal net working capital quarter for us, but as H2 was very strong last year, there was timing and cut off element impacting Q1. As a result, we ended the quarter with $99 million of cash, cash equivalents and investments in marketable securities on the balance sheet.

我們的營運資金通常會因收款與付款時點而在各季之間波動。一般而言，第一季對我們來說是季節性淨營運資金非常強勁的一季，但由於去年下半年表現非常強，因此在第一季受到時點與截止（cut off）因素影響。因此，本季結束時，我們資產負債表上的現金、約當現金及有價證券投資合計為 9,900 萬美元。

As we've said in the past, we are always evaluating our cost and capital structure for opportunities to improve our financial profile. In that regard, we are evaluating opportunistic alternatives that may be available to us to strengthen our balance sheet and build a more durable capital structure.

如我們過去所說，我們一直在評估成本與資本結構，以尋找改善財務概況的機會。在此方面，我們正在評估可供把握的替代方案，以強化資產負債表並建立更具韌性的資本結構。

Now I'll turn to guidance. For Q2 2026, we expect Ex-TAC gross profit of $121 million to $131 million, and we expect adjusted EBITDA of $14 million to $22 million. For full year 2026, we continue to expect adjusted EBITDA of approximately $100 million.

接下來談指引。對於 2026 年第二季，我們預期 Ex-TAC 毛利為 1.21 億至 1.31 億美元，並預期調整後 EBITDA 為 1,400 萬至 2,200 萬美元。對於 2026 年全年，我們仍預期調整後 EBITDA 約為 1 億美元。

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

接下來我把會議交回給主持人進行問答。

(Operator Instructions)

（主持人指示）

Laura Martin, Needham & Company.

Laura Martin，Needham & Company。

Hi, guys. So David, could you talk about the work you're doing now with ad agencies and what kind of feedback and learning you're getting from them right now? And then, Jason, when you think about the free cash flow level, given what the current outlook and both Q1 reported and also what you're seeing today, could you talk about progress in free cash flow for this year, please?

嗨，各位。David，你能談談你們目前與廣告代理商合作所做的工作，以及你們現在從他們那裡得到哪些回饋與學習嗎？另外，Jason，當你思考自由現金流的水準時，考量目前的展望、第一季已揭露的結果以及你們今天所看到的情況，能否談談今年自由現金流的進展，謝謝？

Hey, Laura. Good morning. Thanks for joining. So on the agency front, we're very focused around strengthening the depth of strategic integrations around data and ID with the agencies, and a lot of focus around how we start driving agentic campaign setup, management of campaigns to agents on Teads Ad Manager. And we're working on just general interconnectivity and making their workflows more efficient, to, again, using AI, automated workflows, and make the campaigns much more effective.

嗨，Laura。早安。謝謝加入。在代理商方面，我們非常專注於強化與代理商在資料與 ID 上更深層的策略性整合，也很聚焦於如何開始推動代理式（agentic）的活動設定，並在 Teads Ad Manager 上將活動管理交由代理（agents）來執行。同時我們也在推進整體互聯互通，讓他們的工作流程更有效率；同樣地，運用 AI、自動化工作流程，讓行銷活動更具成效。

I mean I highlighted on the call one thing, the integration of performance capabilities into Teads Ad Manager, which is again the platform that they access is very helpful in terms of enabling agencies to run campaigns that are both branding and conversions in one platform. And that will increase again the share of wallet that we can get from these agencies because they're very focused on efficiency and workflows and ability to run campaigns on one dashboard.

我的意思是，我在電話會議中強調了一點：將成效（performance）能力整合進 Teads Ad Manager——也就是他們使用的平台——在協助代理商於同一平台同時執行品牌與轉換型活動方面非常有幫助。這也會再次提升我們能從這些代理商取得的錢包占比（share of wallet），因為他們非常重視效率、工作流程，以及能在同一個儀表板上運行活動的能力。

Sure. And here's Jason for the second question, Laura. Thanks for it. Q1, obviously, maybe a little bit of surprise to some people who see the number of the free cash flow being down $41 million, not a surprise to us. We ended Q4 with just a pretty high working capital balance in terms of just cut off timing of cash going in or out before or after New Year's. So that wasn't a surprise. And obviously, the interest payment we know is scheduled twice a year, including in February. So not a surprise for us.

好的。Laura，第二個問題由 Jason 來回答。謝謝你的提問。第一季，自由現金流為負 4,100 萬美元，對一些看到這個數字的人來說可能有點意外，但對我們而言並不意外。我們在第四季結束時的營運資金餘額相當高，主要是因為跨年期間現金流入或流出在新年前或新年後的截止時點差異。所以這並不令人意外。而且很明顯地，我們知道利息支付一年兩次，其中一次在 2 月。因此對我們來說也不意外。

We also had severance payments related to our restructuring that we announced in Q4 going out in Q1. So all that said, we're up a little bit higher actually, in the month subsequent in April in cash balance. And we do expect, and we said last quarter that at our guidance of around $100 million of EBITDA, that should be a small use of cash for the year net-net, but it will go up and down just based on the timing of working capital throughout the year.

我們也在第一季支付了與我們在第四季宣布的重組相關的資遣費。綜合以上因素，實際上在隨後的4月，我們的現金餘額略有上升。我們也預期，而且我們在上季也提到，以約1億美元EBITDA的指引來看，全年淨額應該會是小幅使用現金，但會因全年營運資金時點而上下波動。

Brianna Diaz, JMP Securities.

Brianna Diaz，JMP Securities。

Good morning, David, and Jason. David, with the new leadership, have you made any structural changes to the go-to-market model now that they've been in the position and in the seat for a few months? And just what are the changes you're seeing in regard to the US business and what gives greater confidence that, that can rebound in the coming quarters?

早安，David 和 Jason。David，隨著新領導團隊上任，他們在職位上坐鎮幾個月後，你們是否已對市場進入（go-to-market）模式做出任何結構性調整？另外，就美國業務而言，你們看到哪些變化？又是什麼讓你們更有信心它能在接下來幾季反彈？

And then Jason, just you mentioned the evaluation of opportunistic alternatives to strengthen the balance sheet and build a more durable capital structure. I don't think any debt was repurchased in the quarter. Can you just update us on the status of the reevaluations or what the possibilities are? And just on cash, can you help us understand maybe what a minimum cash level you guys would be able to comfortably operate

然後 Jason，你剛提到正在評估可把握的替代方案，以強化資產負債表並建立更具韌性的資本結構。我想本季沒有回購任何債務。你能否更新一下重新評估的進度或可能的選項？另外關於現金，你能否協助我們理解，你們在營運上能夠較為安心的最低現金水位大概是多少？

Thank you so much.

非常感謝。

Hi, Brianna. In terms of the go-to-market, which we have changed a little bit the coverage model around agencies and strategic accounts. So we're putting emphasis on integrating these two by, changing the coverage model and incentives. That's a big one.

嗨，Brianna。就 go-to-market 而言，我們確實對代理商與策略性客戶的覆蓋模式做了一些調整。因此我們透過調整覆蓋模式與激勵機制，強調把這兩者整合起來。這是一個很大的改變。

In the US specifically, we have a new team Molly, who joined us as the Chief Commercial Officer end of November, brought a new GM for North America, Nirali, in February, and we've made some changes around the leadership of the organization. And we see the momentum already into the second quarter of the US also picking up.

就美國而言，我們有一個新團隊：Molly 在11月底加入，擔任首席商務長（Chief Commercial Officer）；2月也延攬了北美新總經理 Nirali，並且我們也針對組織領導層做了一些調整。我們也看到美國在第二季的動能已經開始回升。

We highlighted that we had real strength in the first quarter in EMEA and APAC. And I think we see some of the steps we took in EMEA and APAC in the second half of last year will also translate into hopefully the same impact in the US going into the second quarter and the second half of the year.

我們強調第一季在 EMEA 與 APAC 表現非常強勁。我認為我們在去年下半年於 EMEA 與 APAC 採取的一些措施，也會在美國複製，並希望在第二季以及下半年帶來同樣的影響。

Yeah. Thanks, Brianna. This is Jason for the second part. Yes, we're actively evaluating our structure, exploring possible transactions that would optimize the capital structure, considering all available options to us and working with our advisers and our board towards that end. We don't intend to discuss anything further regarding this at the moment, but just wanted to share that it's something that we are looking into.

是的。謝謝你，Brianna。第二部分由我 Jason 回答。是的，我們正在積極評估我們的架構，探索可能可優化資本結構的交易，並在可用範圍內考量所有選項，同時與我們的顧問及董事會合作以達成該目標。目前我們不打算就此進一步討論細節，但想分享的是，這確實是我們正在研究的事項。

And as far as the minimum cash question, it's a good question. It's evolved over time as we've progressed through our integration at the time of the actual merger, a year and a few months ago, we said it was probably around $100 million. It's certainly less than that today.

至於最低現金水位的問題，這是個好問題。它會隨時間演進；在實際合併完成、也就是大約一年前又幾個月時，我們曾說大概是1億美元左右。而今天肯定低於那個水準。

It varies by time of year and even by time of month, just based on, as I said, working capital flows and needs. It's probably in the $70 million to $80 million range. But again, we're working to even bring that further down through further integration. And obviously, in any way we can reduce the requirement definitely is more efficient use of cash.

它會因一年中的不同時間、甚至一個月中的不同時間而變動，主要取決於我剛提到的營運資金流入流出與需求。大概在7,000萬到8,000萬美元的區間。但同樣地，我們也在透過進一步整合，努力把這個水位再往下拉。顯然，任何能降低需求的方式，都能讓現金使用更有效率。

Very helpful. Thank you.

非常有幫助。謝謝。

(Operator Instructions) Ed Alter, Jefferies.

（接線員指示）Ed Alter，Jefferies。

Hi, good morning. Thanks for the question. Can you remind us with kind of the CTV business growing faster than some of the other parts of the business, how that impacts the mix of Ex-TAC gross margins? And similarly, if your CTV spend could move be it to other CTV formats besides home screen?

嗨，早安。謝謝讓我提問。能否請你們提醒一下，隨著 CTV 業務成長速度快於其他部分，這會如何影響 Ex-TAC 毛利率的組合（mix）？同樣地，如果你們的 CTV 投放從主畫面（home screen）移轉到其他 CTV 形式，會如何？

Maybe I'll start generally with CTV. Sorry, just start generally. I think when we look at CTV, it's -- the CTV itself, the business that is growing more than 50%. It's on the average margin of the company, which is around the 40s. And this is what is important about it is that it also leads to growth in other placements. So we're looking at focusing on leveraging CTV for omnichannel. So the example I gave on the call is one of many examples.

我先從 CTV 的整體面來談。抱歉，我先概括說明。我認為當我們看 CTV 時——CTV 本身這塊業務成長超過50%。它的毛利率大致落在公司平均水準，也就是約40%多。而它的重要之處在於，也會帶動其他版位的成長。因此我們聚焦於運用 CTV 來推動全通路（omnichannel）。我在電話會議中舉的例子只是眾多例子之一。

You can look at many case studies where our advertisers are using the entry point of CTV into the living room, but then expanding their campaigns into online video, into the in-read placement, and then expanding it further also from branding to performance. So for us, CTV is a great growth business, and it's a great sort of platform for growing the overall business across the board.

你可以看到許多案例研究：我們的廣告主以 CTV 作為進入客廳的入口，接著把活動擴展到線上影音、in-read 版位，然後也進一步從品牌投放延伸到成效投放。因此對我們而言，CTV 是很好的成長型業務，也是一個能帶動整體各項業務成長的優質平台。

And just as a follow-up, is there any kind of ambition to move beyond home screen ads to other formats on CTV given that part of your business is growing so well?

再追問一下，鑑於你們這部分業務成長很強，是否有任何企圖心要從主畫面廣告延伸到 CTV 上的其他格式？

For sure. I mean, the home screen is one part of the business. We don't break it down exactly, but I would say it's around half, and we have obviously in-stream. We are now advancing with formats around in-play and pause ads. So it's the biggest area of investment for us product-wise is the CTV area in terms of format, optimizing the creative with AI in the Teads Brand Studio and really leveraging then the CTV to the rest of our business.

當然。我的意思是，主畫面只是業務的一部分。我們不會精確拆分，但我會說大約占一半；而我們顯然也有串流內（in-stream）。我們現在也在推進 in-play 與暫停（pause）廣告等格式。因此就產品面而言，我們最大的投資領域就是 CTV：包含格式、在 Teads Brand Studio 以 AI 優化創意，並真正把 CTV 的效益延伸到我們其他業務。

But it's -- the home screen is where we have, in many regions, exclusivity. So it gives us a great entry point and a great ability to work with advertisers on the most premium placements that drive the most attention. And by being smarter about packaging, offering broader solutions and campaigns that are broader than just the home screen, I think we're leveraging that to grow the entire business.

不過——主畫面是我們在許多地區擁有獨家權的地方。因此它給了我們很好的切入點，也讓我們能與廣告主合作最頂級、最能帶來注意力的版位。透過更聰明的打包方式，提供更廣泛的解決方案與不僅限於主畫面的更廣泛活動，我認為我們正藉此帶動整體業務成長。

But the home screen is a great entry point, the exclusivities we have with LG in many geographies, with Samsung, we're now expanding that home screen position. We believe we are the only platform for the large agencies where they can actually launch CTV home screen campaigns on multiple OEMs. These integrations take time in the optimization. So I think we have a very solid position there that is a springboard to grow significantly CTV and omnichannel.

但主畫面是一個很好的入口；我們在許多地區與 LG 的獨家合作、以及與 Samsung 的合作，現在也正在擴大這個主畫面版位。我們相信，對大型代理商而言，我們是唯一能在多家 OEM 上實際啟動 CTV 主畫面活動的平台。這些整合在優化上需要時間。因此我認為我們在那裡有非常穩固的地位，能作為大幅推動 CTV 與全通路成長的跳板。

Great. Thanks.

很好。謝謝。

Thank you. At this time, I would like to turn the floor back to David Kostman for closing remarks.

謝謝。此時我想把會議交回 David Kostman 作結語。

Thank you all for joining. As you can see, I think we have all the critical pieces really to turn the buzzwords of omnichannel and full funnel into a repeatable growth driver in reality. We're executing. We are confident on the ability to hit the goals we gave, set ourselves and we presented you for 2026. And I think the market is going in our direction, and we're very excited about the trajectory, and we'll see you in the next quarterly call. Thank you.

感謝各位參與。如各位所見，我認為我們確實具備所有關鍵要素，能把「全通路」與「全漏斗」這些流行語，真正轉化為可重複的成長驅動力。我們正在執行。我們對達成我們所提出、並向各位呈現的2026年目標的能力充滿信心。我認為市場正朝著對我們有利的方向發展，我們對這個走勢感到非常振奮；我們下次季度電話會議再見。謝謝。

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

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。