Nexxen International Ltd (TRMR) 2023 Q2 法說會逐字稿

Welcome to Tremor International Second Quarter ended June 30, 2023, conference call. (Operator Instructions) This conference call is being recorded and a replay of today's call will be made available on the Investor Relations section of Tremor's website.

歡迎參加截至 2023 年 6 月 30 日的 Tremor International 第二季度電話會議。 （操作員說明）本次電話會議正在錄音，今天電話會議的重播將在 Tremor 網站的投資者關係部分提供。

I will now hand the call over to Billy Eckert, Vice President of Investor Relations for introductions and the reading of the safe harbor statement. Billy, please go ahead.

我現在將把電話轉交給投資者關係副總裁比利·埃克特 (Billy Eckert)，由他進行介紹並宣讀安全港聲明。比利，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Tremor International's financial and operating results call for the 3 and 6 months ended June 30, 2023.

謝謝你，接線員。大家早上好，歡迎參加 Tremor International 截至 2023 年 6 月 30 日的 3 個月和 6 個月的財務和運營業績電話會議。

With us on today's call are Ofer Druker, Tremor's Chief Executive Officer; and Sagi Niri, the company's Chief Financial Officer.

參加今天電話會議的有 Tremor 首席執行官 Ofer Druker；以及公司首席財務官 Sagi Niri。

This morning, we issued a press release, which you can access on our IR website at investor.tremorinternational.com.

今天早上，我們發布了一份新聞稿，您可以通過我們的投資者關係網站 Investor.tremorinternational.com 訪問該新聞稿。

During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward looking. We have asked caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, financial outlook partnerships and anticipated benefits related to those partnerships and forward-looking views on macroeconomic and industry conditions as well as any other statements concerning the expected development, performance and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to access at the date of this call. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements. including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions. More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F.

在今天的電話會議上，我們將做出前瞻性聲明。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。我們要求謹慎並依賴前瞻性陳述。這些聲明包括但不限於有關我們預期的未來財務和經營業績、市場機會、增長前景、戰略、財務前景合作夥伴關係以及與這些合作夥伴關係相關的預期收益的聲明和預測，以及對宏觀經濟和行業狀況的前瞻性觀點以及有關與我們的產品或服務相關的預期發展、業績和市場份額或競爭業績的任何其他聲明。所有前瞻性陳述均基於本次電話會議之日可獲得的信息。這些陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與這些前瞻性陳述所暗示的結果存在重大差異。包括我們業務的意外變化或宏觀經濟或行業狀況的意外變化。有關這些風險因素和其他風險因素的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件，包括但不限於我們最近的年度報告中標題為“風險因素”的部分列出的風險和不確定性20-F。

Tremor does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliation of IFRS to non-IFRS results.

Tremor 無意更新或改變其前瞻性陳述，無論是由於新信息、未來事件還是其他原因，除非法律要求。此外，該公司在本次電話會議期間的新聞稿和管理層聲明將包括對國際財務報告準則和非國際財務報告準則術語中的某些措施和財務信息的討論。我們建議您參閱公司的新聞稿以了解更多詳細信息，包括非 IFRS 項目的定義以及 IFRS 與非 IFRS 結果的調節。

At this time, it is my pleasure to introduce Ofer Druker, CEO of Tremor International. Ofer, please go ahead.

此時此刻，我很高興向大家介紹Tremor International 的首席執行官奧弗·德魯克(Ofer Druker)。奧弗爾，請繼續。

Thank you, Billy, and welcome to everyone joining us today. I will begin by providing an overview of our results and strategic industry. I will then hand the call over to our CFO, Sagi Niri, to discuss our financials. We then open the call for questions.

謝謝你，比利，歡迎大家今天加入我們。我將首先概述我們的成果和戰略行業。然後我會將電話轉交給我們的首席財務官 Sagi Niri，討論我們的財務狀況。然後我們開始提問。

As a reminder, Q2 and H1 2023 results reflect the combined performance of Tremor International and Amobee while Q2 and H1 2022 figures do not include results from Amobee.

提醒一下，2023 年第二季度和上半年的業績反映了 Tremor International 和 Amobee 的綜合業績，而 2022 年第二季度和上半年的數據不包括 Amobee 的業績。

Several years ago, beginning with the acquisition of RhythmOne in 2019, we embarked on a mission and strategic journey to become leaders in the CTV advertising arena. We strongly believe and correctly predicted the CTV was the next major frontier co-advertise to each potential customer, enhance brand recognition and drive future growth. After more than 4 years, highlighted by significant organic growth, a public listing in the U.S., the creation of key partnerships and the successful acquisition and integration of 3 additional companies, I am pleased to report that Q2 reflects an important milestone on our path to CTV leadership. In parallel with the completed integration of Amobee, and massive tech-rich acquisition we announced last September, which earned us with significantly added scale and important data, planning and enterprise DSP capabilities, we took a very important step to rebrand our major products and platforms under a single united brand Nexxen. The intent of the rebrand was to simplify our story to the market, and it seems that this intention has been well received by customers and prospects, resulting in an overall better understanding of our business. While the rebrand was just announced in June 2023, and it's still early days, we believe it will drive massive improvements in our market position. The name Nexxen is a nod to the horizontal nature of our platform, borrowing from the Latin word, nectere, which means to connect or bind. We believe the new name captures our ability to link different parts of the ecosystem, including the demand and supply side as well as linear and Connected TV to create something that supports future-facing and impactful.

幾年前，從 2019 年收購 RhythmOne 開始，我們踏上了成為 CTV 廣告領域領導者的使命和戰略之旅。我們堅信並正確預測了 CTV 是下一個主要前沿領域，向每個潛在客戶共同做廣告，增強品牌認知度並推動未來增長。經過4 年多的時間，以顯著的有機增長、在美國公開上市、建立重要合作夥伴關係以及成功收購和整合另外3 家公司為重點，我很高興地向大家報告，第二季度反映了我們實現目標的道路上的一個重要里程碑。央視領導。在完成Amobee 整合以及我們去年9 月宣布的大規模技術豐富的收購的同時，這為我們贏得了規模和重要數據、規劃和企業DSP 能力的顯著增加，我們採取了非常重要的一步來重塑我們的主要產品和平台隸屬於單一聯合品牌 Nexxen。品牌重塑的目的是為了向市場簡化我們的故事，這一意圖似乎受到了客戶和潛在客戶的好評，從而使我們對我們的業務有了更好的整體了解。雖然品牌重塑於 2023 年 6 月剛剛宣布，而且還處於早期階段，但我們相信這將推動我們市場地位的大幅提升。 Nexxen 這個名字是對我們平台的水平性質的認可，借用了拉丁詞 nectere，意思是連接或綁定。我們相信，新名稱體現了我們連接生態系統不同部分的能力，包括需求和供應方以及線性和聯網電視，以創造支持面向未來和有影響力的東西。

As part of the rebrand, we changed the name of our DSP to Nexxen DSP, our SSP to Nexxen SSP and our Ad Server to Nexxen Ad Server, with Nexxen SSP and Nexxen Ad Server collectively going to market as Nexxen CTRL. The rebrand has simplified the value proposition of our unified data-driven platform for our sales teams, customers and prospects. It has also positioned our sales team to achieve greater success packaging, multi-price solution for customers to enable them to better accomplish goals, all of which we are confident will drive increased revenues per account over time. We also plan to change our parent company range from thermal International to Nexxen International, which is subject to shareholders both at our AGM later this year.

作為品牌重塑的一部分，我們將 DSP 的名稱更改為 Nexxen DSP，將 SSP 更改為 Nexxen SSP，將廣告服務器更改為 Nexxen Ad Server，Nexxen SSP 和 Nexxen Ad Server 統稱為 Nexxen CTRL 上市。品牌重塑簡化了我們針對銷售團隊、客戶和潛在客戶的統一數據驅動平台的價值主張。它還使我們的銷售團隊能夠為客戶提供包裝、多價格解決方案取得更大的成功，使他們能夠更好地實現目標，我們相信，隨著時間的推移，所有這些都將推動每個帳戶的收入增加。我們還計劃將我們的母公司範圍從 Thermal International 更改為 Nexxen International，這將在今年晚些時候的年度股東大會上向股東提交。

During the second quarter, we achieved our ambitious targets of both completing the authority of the technology integration of body and realizing $65 million in annualized operating cost synergies by the end of Q2 2023. We believe this underscores the efficiency of our horizontal operating model and our proven track record of successfully integrating large-scale acquisitions in a timely manner for the benefit of customers and shareholders. As I mentioned, we strongly believe in CTV and bet on its growth since 2019, working for several years and investing significant resources to enhance our technology capabilities and footprint in the segment.

在第二季度，我們實現了雄心勃勃的目標，即完成車身技術集成的授權，並在2023 年第二季度末實現6500 萬美元的年化運營成本協同效應。我們相信這凸顯了我們橫向運營模式的效率以及我們的在及時成功整合大規模收購方面擁有良好的記錄，為客戶和股東帶來利益。正如我所提到的，我們堅信 CTV，並自 2019 年以來就押注於它的增長，我們工作了幾年，並投入了大量資源來增強我們在該領域的技術能力和足跡。

We believe we now possess one of the most [filled] data field and comprehensive unified horizontal ad tech platform in the Open Internet, which we are confident will enable us to gain share within CTV for years to come. Our platform, both differentiated and exclusive data including exclusive global ACR data through VIDAA as well as robust and unique planning, activation, targeting and measurement solution. This solution our purpose build for advertisers agencies, CTV publishers and broadcasters to optimize return and exceed KPIs, particularly within CTV. Our ability to cater to both sides of the ecosystem, enable us to holistically serve customers, providing them significant data and cost advantages, while positioning the company to maximize future revenues and profitability. We quickly executed our integration plan, saving significant costs through the reorganization of our now unified employee base as well as through technology, vendor and data hosting cost savings associated with consolidation of our into a significantly enhanced Nexxen DSP. We believe Nexxen DSP is one of the most powerful DSPs in the Open Internet. It features robust enterprise sales service and media buying capabilities, unmatched linear and CTV cost planning technology and critical TV data including exclusive global access to give us ACR data for targeting and measurement. The combination of which is extremely beneficial for advertisers and agencies. Following the bankruptcy of Internet, we believe the Nexxen DSP is one of the only major DSP options remaining in the Open Internet and that we will benefit from both the AdScale of the Amobee acquisition as well is this industry consolidation.

我們相信，我們現在擁有開放互聯網中最[填充]的數據領域和全面的統一橫向廣告技術平台之一，我們相信這將使我們能夠在未來幾年在 CTV 中獲得份額。我們的平台提供差異化​​的獨家數據，包括通過 VIDAA 提供的獨家全球 ACR 數據以及強大而獨特的規劃、激活、定位和衡量解決方案。我們專門為廣告商代理機構、CTV 發行商和廣播公司構建該解決方案，以優化回報並超越 KPI，特別是在 CTV 內。我們能夠滿足生態系統雙方的需求，使我們能夠全面服務客戶，為他們提供重要的數據和成本優勢，同時使公司能夠最大限度地提高未來的收入和盈利能力。我們快速執行了整合計劃，通過重組現在統一的員工基礎以及通過將我們的整合到顯著增強的 Nexxen DSP 中來節省技術、供應商和數據託管成本，從而節省了大量成本。我們相信 Nexxen DSP 是開放互聯網中最強大的 DSP 之一。它具有強大的企業銷售服務和媒體購買能力、無與倫比的線性和 CTV 成本規劃技術以及關鍵電視數據，包括獨家全球訪問權限，為我們提供用於定位和衡量的 ACR 數據。這兩者的結合對於廣告商和代理商來說是極其有利的。在互聯網破產之後，我們相信 Nexxen DSP 是開放互聯網中僅存的主要 DSP 選項之一，我們將從收購 Amobee 的 AdScale 以及這次行業整合中受益。

Over the past several months, we have also worked out to enhance our combined sales capabilities, go-to-market strategy and overall market awareness. We believe this combination puts us in a stronger position to accelerate future revenue growth and increase our best of customers adopting multiplied tech solution across our ecosystem going forward. Through the Amobee acquisition, we added 2 important technology capabilities that we are particularly excited about. We believe both strongly enhance and complement our already robust platform and position us extremely well to attract new customers and encourage current customers to increase spending on our platform.

在過去的幾個月裡，我們還努力提高我們的綜合銷售能力、進入市場策略和整體市場意識。我們相信，這種結合使我們處於更有利的地位，可以加速未來的收入增長，並增加我們最好的客戶在我們的生態系統中採用多種技術解決方案。通過收購 Amobee，我們增加了兩項令我們特別興奮的重要技術能力。我們相信，這兩者都會有力地增強和補充我們已經強大的平台，並使我們非常有能力吸引新客戶並鼓勵現有客戶增加在我們平台上的支出。

As announced in April, we launched our first 2 market growth platform planners, enabling broadcasters, advertisers and agencies to holistically planned campaigns simultaneously across linear TV and CTV. While CTV is expected to grow at much faster CAGR of around 17% through 2025, according to eMarketer and its primary focus for Nexxen linear TV currently represents a significantly larger market. We believe the ability to [cross-plan] some plans will accelerate our CTV opportunity as we can now serve media advertisers seeking to expand into CTV to reach incremental audiences and enhance returns as the 2 formats converge. This is the unique technology that will take time to accelerate adoption, but we believe it will generate value for our customers and drive long-term strategic partnerships. We have already seen adoption by and significant interest from some of the world's largest agencies and broadcasters. The second pivotal technology gained through Amobee is Nexxen Discovery, which helps advertisers leverage and organize significant amount of data simultaneously across web, social media entity to enable enhanced audience knowledge and better audience targeting, to more efficiently and effectively plan campaigns. By leveraging excellent discovery, advertisers and agencies can integrate powerful audience data into contained plans to seamlessly activate through our DST with a push of a button. Fortunately, maximize return on advertising spend. This offering has generated adoption by and significant interest from both customers and prospects, and we have confidence that we'll continue to drive additional customers to our platform. We also announced a partnership with Scope3, creating a first-to-market green media product for CTV. The partnership enables Scope3 carbon emission measurement methodology to be applied to CTV inventory with buyers able to access GMP curated deals to the Nexxen SSP. This allows customers to achieve performance goals while mapping and measuring carbon emission of previous bandwidth in CTV. This too has generated significant interest from an adoption by agencies and sustainability has become an increasingly core focus for them and their customers. Continued strategic investment in creating products, purpose built for success within CTV has been core to our ability to generate as much momentum as we have in the format, and we believe it will be instrumental to us continuing to grow share in the future.

正如 4 月份宣布的那樣，我們推出了首批 2 個市場增長平台規劃器，使廣播公司、廣告商和代理商能夠同時在線性電視和 CTV 上全面規劃活動。據 eMarketer 稱，雖然到 2025 年 CTV 預計將以更快的複合年增長率增長，約為 17%，但其主要關注的 Nexxen 線性電視目前代表著一個更大的市場。我們相信，[交叉規劃]一些計劃的能力將加速我們的CTV 機會，因為我們現在可以為尋求擴展到CTV 領域的媒體廣告商提供服務，以覆蓋增量受眾並隨著兩種格式的融合提高回報。這是一項獨特的技術，需要時間來加速採用，但我們相信它將為我們的客戶創造價值並推動長期戰略合作夥伴關係。我們已經看到一些世界上最大的機構和廣播公司採用了該技術並引起了極大的興趣。通過Amobee 獲得的第二項關鍵技術是Nexxen Discovery，它可以幫助廣告商在網絡、社交媒體實體上同時利用和組織大量數據，以增強受眾知識並更好地定位受眾，從而更高效、更有效地規劃營銷活動。通過利用出色的發現功能，廣告商和代理商可以將強大的受眾數據集成到包含的計劃中，只需按一下按鈕即可通過我們的 DST 無縫激活。幸運的是，可以最大限度地提高廣告支出的回報。該產品已被客戶和潛在客戶採用並產生了濃厚的興趣，我們有信心繼續吸引更多客戶使用我們的平台。我們還宣布與 Scope3 合作，為 CTV 打造首款上市的綠色媒體產品。此次合作使 Scope3 碳排放測量方法能夠應用於 CTV 庫存，買家能夠獲得 Nexxen SSP 的 GMP 策劃交易。這使得客戶能夠實現性能目標，同時映射和測量 CTV 中先前帶寬的碳排放量。這也引起了各機構的極大興趣，可持續發展已成為他們及其客戶日益關注的核心焦點。對創造產品的持續戰略投資，為CTV 內的成功而打造的目標，是我們能夠產生與我們在該格式中一樣多的動力的能力的核心，我們相信這將有助於我們在未來繼續增加份額。

In Q2 2023, we delivered LTE year-over-year and quarter-over-quarter increases in contribution ex TAC, CTV revenues and programmatic revenue. We also significantly improved adjusted EBITDA and adjusted EBITDA margin compared to Q1 2023 due to higher contribution expect driven by increased demand for our problematic solutions and improved environment compared to every Q1 2023 and the cost benefit associated with completing the Amobee integration. However, contribution ex-TAC was partly offset by declines in our performance business as well as continued challenging advertising conditions driven by macro uncertainty, which to degree reduced advertiser spending and willingness to try and adopt new products. The decline in our performance business was expected as we devoted more resources to our core programmatic business.

2023 年第二季度，我們的 LTE 貢獻（扣除 TAC、CTV 收入和程序化收入）同比和環比增長。與2023 年第一季度相比，我們還顯著提高了調整後EBITDA 和調整後EBITDA 利潤率，因為與2023 年第一季度相比，對我們有問題的解決方案的需求增加和環境改善導致預期貢獻更高，以及與完成Amobee 整合相關的成本效益。然而，除 TAC 之外的貢獻部分被我們的業績業務下降以及宏觀不確定性導致的廣告環境持續充滿挑戰所抵消，這導致廣告商支出和嘗試採用新產品的意願減少。由於我們將更多資源投入到核心程序化業務中，業績業務的下滑是預料之中的。

In addition to challenges in the border environment, lower-than-expected contribution expect in Q2 was also the result of some unexpected sales team turnover and longer and more complex sales cycle related to our strategic focus on driving enterprise deals, featuring multiply technology solutions. This, in some cases, pushed larger expected deals out to 2024 is condition improved over time and as advertisers appetite to increase spending and adopt new efficiency TV-related solution increase, we are confident that we will be better positioned than ever to capitalize on growth opportunities within CTV and to reaccelerate contribution ex-TAC growth.

除了邊境環境的挑戰之外，第二季度的貢獻低於預期也是由於一些意外的銷售團隊人員流動以及與我們以多種技術解決方案為特色的推動企業交易的戰略重點相關的更長且更複雜的銷售週期的結果。在某些情況下，這將更大的預期交易推遲到2024 年，隨著時間的推移，情況有所改善，並且隨著廣告商增加支出和採用新的電視相關解決方案效率的增加，我們相信我們將比以往任何時候都能夠更好地利用增長CTV 內部的機會，並重新加速貢獻 TAC 之外的增長。

During the second quarter, we generated contribution ex-TAC of $80.2 million, reflecting a year-over-year increase of 13% from $17.8 million in Q2 2022 as well as 20% increase from Q1 2023. For H1 2023, we generated contribution ex-TAC of $147.1 million, reflecting an increase of 4% compared to $141.8 million in H1 2022. Contribution expect growth was driven primarily by increased programmatic revenue. We generated programmatic revenue of $76.3 million in Q2 2023, reflecting 26% growth from $60.7 million in Q2 2022 as well as 22% growth from Q1 2023 and programmatic revenues of $138.8 million in H1 2023, reflecting 16% growth from $119.8 million in 2022.

第二季度，我們產生了8020 萬美元的扣除TAC 的貢獻，較2022 年第二季度的1780 萬美元同比增長13%，較2023 年第一季度增長20%。2023 年上半年，我們產生了扣除TAC 的貢獻。 -TAC 為 1.471 億美元，與 2022 年上半年的 1.418 億美元相比增長了 4%。貢獻預期增長主要是由程序化收入增加推動的。我們在2023 年第二季度實現了7630 萬美元的程序化收入，較2022 年第二季度的6070 萬美元增長了26%，較2023 年第一季度增長了22%；2023 年上半年的程序化收入為1.388 億美元，較2022 年的1.198 億美元增長了16%。

We also successfully expanded within CTV, generating Q2 CTV revenues of $24.7 million, reflecting 5% year-over-year growth from $23.6 million in Q2 2022 as well as 16% growth from Q1 2023. We generated CTV revenues of $45.9 million during H1 2023, reflecting 17% year-over growth from $39.4 million in H1 2022.

我們還成功在CTV 領域進行擴張，第二季度CTV 收入達到2,470 萬美元，較2022 年第二季度的2,360 萬美元同比增長5%，較2023 年第一季度增長16%。2023 年上半年，我們的CTV 收入為4,590 萬美元，較 2022 年上半年的 3,940 萬美元同比增長 17%。

In addition, we significantly improved adjusted EBITDA and margin in Q2 2023, delivering adjusted EBITDA of $21 million, which increased 137% from $8.9 million in Q1 2023. We generated this impressive quarter-over-quarter increase. despite an approximately $1.7 million adjusted EBITDA headwind related to the bankruptcy of Internet. While the bankruptcy of Internet has an impact on our adjusted EBITDA during Q2 2023, we believe we may benefit from potential new advertisers and talent additions related to this major DSP company exiting the market. Our adjusted EBITDA margin increased to 25% in on revenue basis and 26% on contribution expect basis in Q2 2023, doubling from adjusted EBITDA margins on a revenue basis and 13% on a contribution exactinQ1 2023. Please note that Amobee was operating at a significant loss when we acquired the company, which reduced our margins compared to periods prior to the acquisition.

此外，我們在2023 年第二季度顯著改善了調整後EBITDA 和利潤率，調整後EBITDA 達到2100 萬美元，比2023 年第一季度的890 萬美元增長了137%。我們實現了令人印象深刻的季度環比增長。儘管因互聯網破產而帶來約 170 萬美元的調整後 EBITDA 逆風。雖然互聯網的破產對我們 2023 年第二季度調整後的 EBITDA 產生了影響，但我們相信我們可能會受益於與這家退出市場的主要 DSP 公司相關的潛在新廣告商和人才增加。 2023 年第二季度，我們調整後的EBITDA 利潤率（以收入為基礎）增至25%，以預期貢獻為基礎增至26%，是2023 年第一季度以收入為基礎的調整後EBITDA 利潤率和以貢獻為基礎的13% 的兩倍。請注意，Amobee 的運營速度顯著我們收購該公司時出現了虧損，與收購前相比，這降低了我們的利潤率。

This increase following the completed integration underscore our success optimizing our cost structure to expand profitability, which we continue to expect to further improve over H2 2022 compared to H1 2023. Our powered VIDAA and ICE continue to achieve success growing global share and distribution. VIDAA now serves as a CTV operating system for over 21 million connected TVs in approximately 180 countries. Hisense, including Toshiba, according to the data from AVC Revo as the fastest growth rate in the world for CTV shipments in H1 2023, shipping approximately 12.4 million smart TV, a year over year increase of roughly 22%. Hisense's global shipment share increased to approximately 14%, a record high for Hisense, and they continue to rank second in the world for global TV ship venture. If Hisense continue to grow market share and it's VIDAA (inaudible) operating system continue to grow distribution, we expect to benefit from revenue opportunities associated with our investment in VIDAA and anticipate customers will increasingly fix to leverage Visa ACR data for CTV targeting and measurement.

完成整合後的這一增長突顯了我們成功地優化了成本結構以擴大盈利能力，我們繼續預計，與2023 年上半年相比，2022 年下半年盈利能力將進一步改善。我們的動力VIDAA 和ICE 繼續取得成功，不斷擴大全球份額和分銷。 VIDAA 現在作為 CTV 操作系統，為大約 180 個國家/地區的超過 2100 萬台聯網電視提供服務。根據AVC Revo的數據，包括東芝在內的海信2023年上半年CTV出貨量增速全球最快，智能電視出貨量約1240萬台，同比增長約22%。海信全球出貨量份額增至約14%，創海信歷史新高，繼續穩居全球電視出貨量第二位。如果海信繼續擴大市場份額，並且其VIDAA（聽不清）操作系統繼續擴大分銷，我們預計將受益於與VIDAA 投資相關的收入機會，並預計客戶將越來越多地利用Visa ACR 數據進行CTV 定位和測量。

Our investment enables global ACR exclusivity and ad monetization exclusivity on VIDAA media in the U.S., U.K., Canada and Australia for several years. We believe this reflects an incredibly powerful partnership given VIDAA and Hisense growth rate. And as most major OEMs operate as WorlGarven, offering very unique data and advertising opportunities to our customers.

我們的投資使我們能夠在美國、英國、加拿大和澳大利亞獲得數年的全球 ACR 獨家經營權以及 VIDAA 媒體上的廣告貨幣化獨家經營權。我們相信，考慮到 VIDAA 和海信的增長率，這反映了一種極其強大的合作夥伴關係。由於大多數主要 OEM 都以 WorlGarven 的名義運營，因此為我們的客戶提供非常獨特的數據和廣告機會。

Finally, we continue successfully growing our advertisers and supply partners base in Q2 and H1, while also retaining the vast majority of our largest and most significant customers. During Q2 2023, the company added 65 new active spending first-time advertiser customers, including 30 new enterprise self-serve advertising customers and added 110 new actively spending first-time advertiser customers during H1 2023, across travel, CPG and entertainment verticals as well as others. Nexxen studio, formerly Unruly also launched the industry first voice activated ad able to run across all CTV environment, further expanding on our company robust and significant CTV capability. Additionally, we added 110 new supply partners, including 100 in the U.S. during Q2 2023 and 174 new supply partners, including 149 in the U.S. during H1 2023 across several verticals and formats, including CTV, broadcast TV, live sport and gaming. H/L, a multiservice agency following his satisfaction with the Nexxen DSP, expanded its product adoption to leverage more of our solutions, including Nexxen Discovery, VIDAA ACR data and our cost plan. Now that we have rebranded completed the unification integration of our platforms and people and added new CTV capabilities, we anticipate being able to generate more success stories like HNL, where partners adapt multiply technology and data solutions across our product suite, particularly as market conditions improve.

最後，我們在第二季度和上半年繼續成功擴大廣告商和供應合作夥伴基礎，同時還保留了絕大多數最大和最重要的客戶。 2023 年第二季度，該公司增加了65 個新的活躍支出首次廣告客戶，其中包括30 個新的企業自助廣告客戶，並在2023 年上半年增加了110 個新的活躍支出首次廣告客戶，涉及旅遊、消費品和娛樂垂直領域和其他人一樣。 Nexxen studio（前身為 Unruly）還推出了業界首款能夠在所有 CTV 環境中運行的語音激活廣告，進一步擴展了我們公司強大而重要的 CTV 能力。此外，我們還增加了110 個新的供應合作夥伴，其中2023 年第二季度期間在美國增加了100 個，並在2023 年上半年增加了174 個新的供應合作夥伴，其中包括美國的149 個，涵蓋多個垂直領域和格式，包括CTV、廣播電視、體育直播和遊戲。 H/L 是一家多服務機構，在對 Nexxen DSP 感到滿意後，擴大了其產品採用範圍，以利用我們的更多解決方案，包括 Nexxen Discovery、VIDAA ACR 數據和我們的成本計劃。現在，我們已經重新命名，完成了平台和人員的統一集成，並添加了新的CTV 功能，我們預計能夠產生更多像HNL 這樣的成功案例，合作夥伴在我們的產品套件中採用多種技術和數據解決方案，特別是隨著市場條件的改善。

With that, it's my pleasure to turn the call over to Sagi.

至此，我很高興將電話轉給 Sagi。

Thank you, Ofer. Today, I will review the highlights and key financial and operational drivers of our Q2 and H1 2020 performance and will also discuss our forward-looking guidance. As a reminder, Q2 and H1 2023 results reflect the combined performance of Amobee and Tremor International while Q2 and H1 2022 results do not include results from Amobee.

謝謝你，奧弗。今天，我將回顧 2020 年第二季度和上半年業績的亮點以及主要財務和運營驅動因素，並將討論我們的前瞻性指導。提醒一下，2023 年第二季度和上半年的業績反映了 Amobee 和 Tremor International 的綜合業績，而 2022 年第二季度和上半年的業績不包括 Amobee 的業績。

For the 3 months ended June 30, 2023, we generated contribution ex-TAC of $80.2 million, reflecting 13% growth compared to $70.8 million in Q2 2022 as well as 20% growth from Q1 2023. For the 6 months ended June 30, 2023, we generated contribution ex-TAC of $147.1 million, reflecting an increase of 4% compared to $141.8 million in H1 2022. Growth in contribution ex-TAC over Q2 and H1 2023 was driven largely by a significant increase in programmatic revenue and increased CTV revenue. We experienced strength in food and automotive vertical during Q2 2023 as well as in our PMP business. On the opposite side, softness was observed in our retail vertical and also in non-CTV related video and mobile formats, which were down year-over-year in Q2 and H1 2023 as well in our non-core performance business as expected, as the company continues to strategically shift its sales focus into CTV.

截至2023 年6 月30 日的3 個月，我們產生了8,020 萬美元的TAC 貢獻，較2022 年第二季度的7,080 萬美元增長了13%，較2023 年第一季度增長了20%。 截至2023年6 月30 日的6 個月，我們產生了1.471 億美元的TAC 貢獻，與2022 年上半年的1.418 億美元相比增長了4%。2023 年第二季度和上半年的TAC 貢獻增長主要是由於節目收入的大幅增長和CTV 收入的增加。 2023 年第二季度，我們在食品和汽車垂直領域以及 PMP 業務方面表現出了強勁的實力。另一方面，我們的零售垂直領域以及非 CTV 相關視頻和移動格式都出現疲軟，這些領域在 2023 年第二季度和上半年同比下降，我們的非核心績效業務也如預期的那樣，公司繼續戰略性地將銷售重點轉向CTV。

Programmatic revenue for the 3 months ended June 30, 2023, was $76.3 million, which reflected a 26% increase compared to $60.7 million in Q2 2022 as well as 22% growth from Q1 2023. For the 6 months ended June 30, 2023, we generated programmatic revenue of $138.8 million, which reflected a 16% increase from $119.8 million in H1 2022. Programmatic revenue as a percentage of revenue increased dramatically to 91% in Q2 2023, and 89% in H1 2023 compared to 80% in Q2 2022 and 76% in H1 2022. We expect this increased programmatic footprint to remain the norm given the added programmatic base gained through Amobee, combined with the strategic shift of sales resources into our core programmatic business. We also continue to expand our CTV share despite challenging market conditions, generating CTV revenue of $24.7 million in Q2 2023 and reflecting 5% growth compared to $23.6 million in Q2 2022 as well as 16% growth from Q1 2023. For the 6 months ended June 30, 2023, we generated CTV revenue of $45.9 million, which reflected a 17% increase from $39.4 million in H1 2022.

截至2023 年6 月30 日的3 個月的程序化收入為7,630 萬美元，與2022 年第二季度的6,070 萬美元相比增長了26%，與2023 年第一季度相比增長了22%。截至2023 年6 月30 日的6 個月，我們產生了1.388 億美元的程序化收入，較2022 年上半年的1.198 億美元增長了16%。程序化收入佔收入的百分比在2023 年第二季度大幅增加至91%，2023 年上半年為89%，而2022 年第二季度為80%， 2022 年上半年為76%。鑑於通過Amobee 獲得的額外程序化基礎，再加上銷售資源向我們核心程序化業務的戰略轉移，我們預計這種增加的程序化足跡仍將是常態。儘管市場條件充滿挑戰，我們仍繼續擴大CTV 份額，2023 年第二季度的CTV 收入為2,470 萬美元，與2022 年第二季度的2,360 萬美元相比增長了5%，與2023 年第一季度相比增長了16%。截至6 月的6 個月截至 2023 年 1 月 30 日，我們的 CTV 收入為 4590 萬美元，比 2022 年上半年的 3940 萬美元增長了 17%。

Our success in CTV is no accident and has been driven by significant product investment in sales resource shift into this high-growth segment over the last several years. We continue to expect to generate further momentum in CTV going forward as this is a core focus of the business where we see a strong growth runway, particularly as market conditions improve. Video revenue continued to account for a majority of our programmatic revenue at 71% in Q2 2023 and 73% in H1 2020 frame. Video revenue as a percentage of programmatic revenue was down slightly from 75% in Q1 2023, but this was largely attributable to a significant increase in programmatic revenue in Q2 2023. The Video revenue as a percentage of programmatic revenue in both Q2 2022 and H1 2022 was 93% and year-over-year decrease are attributable to the addition of Amobee, which had a historically stronger non-video revenue base, year-over-year decrease in non-CTV related video revenue and significant year-over-year increase in programmatic revenue. Over time, we expect to cross-sell our video capabilities to our Amobee customers, increase the number of customers leveraging us for multiple solution within video and attract new customers seeking our video solutions, which is expected to increase video revenue as a percentage of programmatic revenue.

我們在 CTV 領域的成功絕非偶然，而是由過去幾年銷售資源轉移到這一高增長領域的大量產品投資推動的。我們繼續預計 CTV 未來將產生進一步的動力，因為這是該業務的核心焦點，我們看到了強勁的增長勢頭，特別是隨著市場狀況的改善。視頻收入繼續占我們程序化收入的大部分，2023 年第二季度為 71%，2020 年上半年為 73%。視頻收入佔程序化收入的百分比較2023 年第一季度的75% 略有下降，但這主要歸因於2023 年第二季度程序化收入的大幅增長。2022 年第二季度和2022 年上半年的視頻收入佔程序化收入的百分比為 93%，同比下降是由於 Amobee 的加入，該公司歷來擁有更強大的非視頻收入基礎，非 CTV 相關視頻收入同比下降，同比大幅增長在程序化收入方面。隨著時間的推移，我們希望向Amobee 客戶交叉銷售我們的視頻功能，增加利用我們在視頻中提供多種解決方案的客戶數量，並吸引尋求我們視頻解決方案的新客戶，這預計將增加視頻收入佔程序化收入的百分比收入。

During Q2 2023, we also generated significantly improved adjusted EBITDA of $21 million, which increased 137% and from $8.9 million in Q1 2023 despite an approximately $1.7 million adjusted EBITDA headwind related to the bankruptcy of Media Mass. This significant rebound in adjusted EBITDA was attributable to a combination of higher contribution ex-TAC generated during Q2 2023 compared to Q1 2023 as well as cost benefits from the complete mobile integration. There are approximately $65 million achieved in total annualized cost savings related to the Amobee integration was largely attributable to the reorganization of the Amobee employee base into Tremor International as well as reduce technology, vendor and data hosting fees associated with the consolidation of Tremor Video and Amobee DSP into the Nexxen DSP.

2023 年第二季度，我們的調整後EBITDA 也顯著改善，達到2100 萬美元，較2023 年第一季度的890 萬美元增長了137%，儘管與Media Mass 破產相關的調整後EBITDA 約為170 萬美元。調整後EBITDA 的大幅反彈歸因於與 2023 年第一季度相比，2023 年第二季度產生的前 TAC 貢獻更高，以及完整移動集成帶來的成本效益。與 Amobee 整合相關的年化成本節省總額約為 6500 萬美元，這主要歸功於將 Amobee 員工基地重組為 Tremor International，以及減少與 Tremor Video 和 Amobee 合併相關的技術、供應商和數據託管費用DSP 進入Nexxen DSP。

For H1 2023, we generated $29.9 million of adjusted EBITDA 2023 adjusted EBITDA compared to $39.1 million in Q2 2022 and $77.8 million in H1 2022. And as adjusted EBITDA over the 3 and 6 months ended June 30, 2023, was impacted by the integration of mob which was generating losses when we first acquired the company as well as a weaker advertising demand environment earlier in 2023.

2023 年上半年，我們產生了2990 萬美元的調整後EBITDA 2023 年調整後EBITDA，而2022 年第二季度為3910 萬美元，2022 年上半年為7780 萬美元。截至2023 年6 月30 日的3個月和6 個月的調整後EBITDA 受到了整合的影響當我們首次收購該公司時，以及 2023 年初廣告需求環境疲弱的情況下，Mob 正在產生虧損。

We will continue to work towards further optimizing our cost structure on an ongoing basis to improve profitability. We believe as we generate higher levels of contribution ex-TAC that the majority of increased contribution ex-TAC will flow through to adjusted EBITDA, given the strength of our horizontal operating model, which enables strong and increasing degree of operating leverage.

我們將繼續持續努力進一步優化成本結構，以提高盈利能力。我們相信，隨著我們產生更高水平的 TAC 貢獻，大部分增加的 TAC 貢獻將流向調整後的 EBITDA，因為我們的橫向運營模式具有強大的實力，可以實現強大且不斷增加的運營槓桿。

For the 3 months ended June 30, 2023, we generated an adjusted EBITDA margin of 25% on a revenue basis and 26% on a contribution ex-TAC basis, which doubled from Q1 2023 when we generated an adjusted EBITDA margin of 12% on a revenue basis and 13% on a contribution ex-TAC basis. For H1 2023, we generated an adjusted EBITDA margin of 19% on a revenue basis and 20% on a contribution ex-TAC basis. 2023 adjusted EBITDA margin compared to 50% on a revenue basis in Q2 2022 and 55% on a contribution ex-TAC basis in H1 2022. We continue to expect adjusted EBITDA margin to improve in H2 2023 compared to H1 2023.

截至2023 年6 月30 日的三個月，我們的調整後EBITDA 利潤率（按收入計算）為25%，按貢獻（不含TAC）計算為26%，比2023 年第一季度翻了一番，當時我們的調整後EBITDA 利潤率為12%。以收入為基礎，13% 以不計 TAC 的繳款為基礎。 2023 年上半年，我們調整後的 EBITDA 利潤率（按收入計算）為 19%，按貢獻（扣除 TAC 計算）為 20%。 2023 年調整後EBITDA 利潤率在2022 年第二季度按收入計算為50%，在2022 年上半年按TAC 貢獻額計算為55%。我們繼續預計2023 年下半年調整後EBITDA 利潤率將比2023 年上半年有所改善。

Turning to our cash flow. We generated $11.9 million in net cash from operating activities during Q2 2023 and $4 million in H1 2023 after generating net cash from operating activities of $30.4 million during Q2 2022 and $46.5 million in H1 2022.

轉向我們的現金流。我們在2022 年第二季度和2022 年上半年的經營活動中產生的淨現金分別為3040 萬美元和4650 萬美元，之後，我們在2023 年第二季度和2023 年上半年分別從經營活動中產生了1190 萬美元和400 萬美元的淨現金。

Year-over-year decreases were largely attributable to a weaker advertising demand environment compared to the prior year's period. During H1 2023, we incurred approximately $5.7 million in severance and retention bonus related costs associated with the reorganization of Amobee employee into the Tremor International base. As of June 30, we had $94.2 million in net cash as well as $80 million undrawn on our revolving credit facility. We intend to leverage our considerable cash reserve in the future for the ongoing need of the business as well as to support our future strategic investments and initiatives, including potential future share repurchase program and acquisitions. We also generated non-IFRS diluted earnings per ordinary share of $0.06 for Q2 2023 and $0.03 for H1 2023 versus non-IFRS diluted earnings per ordinary share of $0.16 in Q2 2022 and $0.33 in H1 2022.

同比下降主要是由於廣告需求環境較上年同期疲軟。 2023 年上半年，我們因將 Amobee 員工重組到 Tremor International 基地而產生了約 570 萬美元的遣散費和保留獎金相關費用。截至 6 月 30 日，我們的淨現金為 9,420 萬美元，循環信貸額度中還有 8,000 萬美元未提取。我們打算在未來利用我們大量的現金儲備來滿足業務的持續需求，並支持我們未來的戰略投資和舉措，包括未來潛在的股票回購計劃和收購。我們還實現了2023 年第二季度和2023 年上半年的非IFRS 攤薄每股普通股收益為0.06 美元和0.03 美元，而2022 年第二季度和2022 年上半年的非IFRS 攤薄每股普通股收益分別為0.16 美元和0.33 美元。

Finally, I'll now turn to our outlook. We continue to expect stronger contribution ex-TAC, programmatic revenue and CTV revenue in H2 2023 versus H1 2023 and H2 2022 with the majority of H2 2023 growth anticipated in Q4 2023. However, the combination of several factors have caused us to lower our full year 2023 contribution ex tax and adjusted EBITDA forecast. First, we believe that continued challenging macroeconomic conditions, which have driven uncertainty and cautiousness in the advertising demand environment will continue to drive lower spending by major agencies and advertisers in H2 2023, and will also limit their willingness to adopt new platforms and products over the near term. Major advertisers and agencies, including some of our largest customers have reduced budgets and spending estimates for the second half of the year, which we believe will particularly impact our managed service business, while we are also seeing supply growth outpaced ad budgets growth, driving short-term pressure on CPMs.

最後，我現在談談我們的前景。我們繼續預計，與2023 年上半年和2022 年下半年相比，2023 年下半年的扣除TAC、程序化收入和CTV 收入的貢獻將更大，預計2023 年下半年的大部分增長將在2023 年第四季度實現。然而，多種因素的結合導致我們降低了全額收入2023 年稅前貢獻和調整後 EBITDA 預測。首先，我們認為，持續充滿挑戰的宏觀經濟狀況導致廣告需求環境的不確定性和謹慎性，將繼續推動主要機構和廣告商在2023 年下半年的支出下降，也將限制他們在未來幾年採用新平台和產品的意願。短期。主要廣告商和代理機構，包括我們的一些最大的客戶，都降低了下半年的預算和支出預期，我們認為這將特別影響我們的託管服務業務，同時我們也看到供應增長超過了廣告預算增長，從而推動了廣告預算的增長CPM 的長期壓力。

We believe these factors will alleviate as macro conditions improve and edge budget begin to expand again. As mentioned earlier, we also believe that longer and more complex sales cycles will challenge our contribution ex-TAC expectations. While intentional due to our ongoing strategic focus on expanding our programmatic footprint, we anticipate that continued decline in our performance business in H2 2023 compared to H2 2022 will also impact our full year 2023 contribution ex-TAC. Our items emphasize on driving growth within our programmatic and enterprise solutions, which we continue to believe is in the best long-term interest of the business and where the industry is heading has also, to an extent, driven lower overall take rates for the company amid this strategic revenue mix shift. Additionally, although we experienced some degree of increased stability in our sales organization as a result of combining the Amobee and Tremor and providing significant training, recent sales team turnover over the last few months is expected to negatively impact H2 2020 results. That said, we expect to remedy this situation and have already allocated the resources necessary to unlock significant budgets for these pivotal positions in key metro areas.

我們相信，隨著宏觀環境的改善和邊緣預算開始再次擴大，這些因素將會緩解。如前所述，我們還認為，更長、更複雜的銷售週期將挑戰我們在 TAC 之外的貢獻預期。雖然我們有意將戰略重點放在擴大程序化業務上，但我們預計，與 2022 年下半年相比，2023 年下半年業績業務的持續下降也將影響我們 2023 年全年（不包括 TAC）貢獻。我們的產品強調推動程序化和企業解決方案的增長，我們仍然認為這符合業務的最佳長期利益，並且行業的發展方向在一定程度上也降低了公司的整體採用率在這一戰略收入組合轉變中。此外，儘管由於 Amobee 和 Tremor 的結合併提供了大量培訓，我們的銷售組織在一定程度上提高了穩定性，但過去幾個月銷售團隊的人員流動預計將對 2020 年下半年業績產生負面影響。也就是說，我們希望糾正這種情況，並已經分配了必要的資源，為關鍵都市區的這些關鍵位置釋放大量預算。

In some cases, we've already filled vacancies and are working hard to quickly ramp up new employees to drive future revenue growth. We anticipate being very active in the talent market over the near term, particularly for experienced sales and marketing team members with significant experience driving programmatic CTV and video revenue growth. As a result of all these factors, we are lowering our full year 2023 contribution ex-TAC expectation to a range of approximately $320 million to $330 million from a previously expected $400 million. We are also lowering our full year 2023 adjusted EBITDA expectations to be in the range of approximately $85 million to $90 million from a prior range of $140 million to $145 million, due mainly to the expectation for lower contribution ex-TAC. We continue to anticipate increasing our adjusted in H1 A2 2023 versus H1 2023 and to higher adjusted EBITDA during H2 2023 than we did in H1 2023. I However, we do not currently expect adjusted EBITDA or adjusted EBITDA margins in H2 2023 to be higher than in H2 2022. We continue to expect programmatic revenue to reflect approximately 90% of full year 2023 revenue.

在某些情況下，我們已經填補了空缺，並正在努力快速增加新員工以推動未來的收入增長。我們預計短期內將在人才市場上非常活躍，特別是對於經驗豐富的銷售和營銷團隊成員，他們擁有推動程序化 CTV 和視頻收入增長的豐富經驗。由於所有這些因素，我們將 2023 年全年扣除 TAC 的貢獻預期從之前預期的 4 億美元下調至約 3.2 億至 3.3 億美元。我們還將 2023 年全年調整後 EBITDA 預期從之前的 1.4 億美元至 1.45 億美元下調至約 8,500 萬美元至 9,000 萬美元，這主要是由於預計 TAC 之外的貢獻較低。我們繼續預計2023 年上半年調整後的EBITDA 會比2023 年上半年有所增加，並且2023 年下半年調整後的EBITDA 會比2023 年上半年更高。但是，我們目前預計2023 年下半年調整後的EBITDA 或調整後的EBITDA 利潤率不會高於2023 年下半年的調整後EBITDA。 2022 年下半年。我們仍然預計程序化收入將佔 2023 年全年收入的約 90%。

And with my remarks completed, I'll turn the call back to Ofer.

發言結束後，我會將電話轉回給奧弗。

Although the macroeconomic environment remains challenging, limiting advertisers new and willingness to spend and adapt new products and platforms. We believe these conditions and contribution expect growth will improve over time. We also believe that as our new product, a unified platform gains more traction in the marketplace. And as our sales and marketing teams continue to ramp efforts the length of our sales cycle will shorten for large enterprise deals featuring multiplied technology solutions. With the integration of Amobee now complete and the business operating under our new unified Nexxen brand. We believe we are really positioned to offer advertisers, agencies, CTV publishers and media broadcaster, a state-of-the-art platform designed to unlock more favorable outcomes and returns within CTV.

儘管宏觀經濟環境仍然充滿挑戰，限制了廣告商新的支出和適應新產品和平台的意願。我們相信這些條件和貢獻預期增長將隨著時間的推移而改善。我們還相信，作為我們的新產品，統一的平台會在市場上獲得更大的吸引力。隨著我們的銷售和營銷團隊繼續加大力度，對於採用多種技術解決方案的大型企業交易，我們的銷售週期將會縮短。 Amobee 的整合現已完成，業務以我們新的統一 Nexxen 品牌運營。我們相信，我們確實有能力為廣告商、代理商、CTV 出版商和媒體廣播公司提供一個最先進的平台，旨在在 CTV 內釋放更有利的結果和回報。

We continue to feel we are well positioned to capitalize on the rapid growth and adoption of CTV over the long term. As the market continues to favor oriental solutions like we have operated for you, and as the industry is now more data-driven and more obsessed with efficiency than ever before. We also believe the newly added CTV capabilities and scale gain through Amobee will give us an increasing edge over time, especially when coupled with the growing distribution of VIDAA and Hisense said the powerful partnership and exclusivity where we have the relationship. Following significant investment in CTV related to a development over the last several years, our platform is now more technology-based and customer-centric than ever for partners on both sides of the ecosystem. While it's taking more time than initially expected to accelerate growth and for our platform and new capabilities to gain more significant traction with customers in the market, we feel very strongly that these investments will pay off over the long term.

我們仍然認為，從長遠來看，我們有能力利用 CTV 的快速增長和採用。隨著市場繼續青睞我們為您運營的東方解決方案，並且行業現在比以往任何時候都更加數據驅動，更加註重效率。我們還相信，隨著時間的推移，通過Amobee 新增加的CTV 功能和規模增益將為我們帶來越來越大的優勢，特別是當與VIDAA 和海信的分銷不斷增長相結合時，我們擁有強大的合作夥伴關係和排他性。經過過去幾年對 CTV 相關開發的大量投資，對於生態系統雙方的合作夥伴來說，我們的平台現在比以往任何時候都更加基於技術和以客戶為中心。雖然加速增長以及我們的平台和新功能要對市場上的客戶產生更大的吸引力需要比最初預期更多的時間，但我們強烈認為這些投資將在長期內獲得回報。

We remain confident that our data-driven horizontal technology platform will continue to position us as a key CTV partner and first core for advertisers and agencies and increasingly drive new and current customers to adopt multiply solution and increase spending across our ecosystem in the future. We remain excited for what's to come and want to thank our customers, employees, partners and shareholders for their continued support.

我們仍然相信，我們的數據驅動橫向技術平台將繼續將我們定位為關鍵的CTV 合作夥伴以及廣告商和代理商的首要核心，並越來越多地推動新客戶和現有客戶採用多種解決方案，並增加未來整個生態系統的支出。我們對即將發生的事情仍然感到興奮，並感謝我們的客戶、員工、合作夥伴和股東的持續支持。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Matt Swanson from RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC Capital Markets 的 Matt Swanson。

Sagi, I think, both from your comments and what we've seen from peers it's obviously a complicated macro environment right now. But do you mind breaking down the guidance a little further and maybe focusing on what parts of the business have remained the most durable? And then -- any color on how much of the Q4 recovery is embedded in guidance? And kind of what gives you confidence around that from a timing perspective?

Sagi，我認為，從您的評論和我們從同行那裡看到的情況來看，現在顯然是一個複雜的宏觀環境。但您是否介意進一步分解指導方針，也許將重點放在業務的哪些部分仍然是最持久的？然後，關於第四季度復甦的多少內容包含在指導中，有什麼顏色嗎？從時機的角度來看，是什麼讓您對此充滿信心？

Thanks, Matt, for the question. Okay. So you asked a couple of questions in one question, I try to answer everything. So I think we are not seeing like as the industry is suffering from macroeconomic headwind, I think we are suffering as well. We are more of a pure branding players, while the other are doing a little bit tweaks into some performance and more display media. Having said that, we are not seeing like a major weakness in one of our revenue streams.

謝謝馬特提出的問題。好的。所以你在一個問題中問了幾個問題，我盡力回答所有問題。因此，我認為我們並沒有看到該行業正遭受宏觀經濟逆風的影響，我認為我們也正在遭受苦難。我們更多的是純粹的品牌玩家，而其他玩家則在一些性能和更多的顯示媒體上進行了一些調整。話雖如此，我們並沒有看到我們的收入來源之一存在重大弱點。

So customers, agencies are pushing back their campaigns and their spend into H2. Some of them are completely moving this out. We are not seeing anything on any specific verticals because we are very diversified. And I think when we are looking on H2. At the beginning of 2023, probably a lot of people for that H2 is going to be a massive recovery. As long as we are seeing it now, and we are trying to be cautious. We are not seeing a huge recovery. Of course, Q4 will be the stronger over the year. And we are anticipating like a moderate 20% growth from Q4 to Q3, which, if I'm looking on our peers, is somewhere around the average of what we are saying.

因此，客戶、代理機構正在將他們的活動和支出推遲到下半年。他們中的一些人正在徹底消除這種情況。我們沒有在任何特定的垂直領域看到任何東西，因為我們非常多元化。我認為當我們關注 H2 時。 2023 年初，可能很多人都認為下半年會出現大規模復甦。只要我們現在看到它，我們就會盡量保持謹慎。我們沒有看到巨大的複蘇。當然，第四季度會比全年更加強勁。我們預計從第四季度到第三季度將出現 20% 的適度增長，如果我看看我們的同行，這大約是我們所說的平均水平。

So we are thinking the same. Of course, now it's mid of August. So we have a very clear forecast around what will happen in Q3 and good visibility around Q4. So we are not like -- we are trying to be realistic and cautious together.

所以我們的想法是一樣的。當然，現在已經是八月中旬了。因此，我們對第三季度的情況有非常明確的預測，並且對第四季度的情況有良好的預見性。所以我們不是——我們一起努力現實和謹慎。

That's really helpful. And then, Ofer, maybe on the product side, it was great to hear some more about the cross-platform planner. It just feels really well positioned for kind of the moment we're in right now in CTV. So could you just expand a little bit more specifically, I guess, on the feedback you're hearing from customers on the solution? And then maybe just helping us think about how this materializes over time in terms of how customers who have adopted will ramp with it.

這真的很有幫助。然後，Ofer，也許在產品方面，很高興聽到更多有關跨平台規劃器的信息。感覺對於我們現在在 CTV 所處的時刻來說，它的定位非常好。那麼，我想您能否更具體地闡述一下您從客戶那裡聽到的有關該解決方案的反饋？然後也許只是幫助我們思考隨著時間的推移，這將如何實現，以及採用它的客戶將如何隨之增長。

Of course. Thank you, Matt, for the question. I think that when you're looking at the industry, and we mentioned it several times in the past, CTV is becoming more and more mature and bigger in the market. So when advertisers want to reach their audiences and if they are linear advertisers in the past, they need to consider also running on basically streaming and CTV, they cannot reach their targets just on linear anymore.

當然。謝謝你，馬特，提出這個問題。我認為，當你看這個行業時，我們過去多次提到過，CTV 正在變得越來越成熟，市場規模也越來越大。因此，當廣告商想要接觸他們的受眾時，如果他們過去是線性廣告商，他們需要考慮在流媒體和 CTV 上運行，他們不能再僅僅通過線性來達到他們的目標。

I think it's becoming evident also on a national level and most likely also on the local level. So basically, advertisers need to reach also and streaming. So when we are looking at that, I think that our timing to go up with this solution that allows basically linear advertisers to spend also in an efficient manner on CTV and linear is very meaningful because they need it, but they need to do that smart.

我認為這在國家層面上也變得越來越明顯，而且很可能在地方層面上也變得越來越明顯。所以基本上，廣告商還需要接觸流媒體。因此，當我們考慮這一點時，我認為我們選擇這個解決方案的時機非常有意義，因為他們需要它，但他們需要明智地做到這一點，該解決方案允許基本上線性的廣告商以有效的方式在CTV 和線性上進行支出。

They cannot basically run in blind way, both on both sides because then they will lose a lot of dollars that we run and create duplication to the same user, and we show you the same ad and the same reach, linear and CTV, which is not efficient. So basically, we can offer them now to do that in the most smart area. And I think that the slogan of better planning, better results is like very -- it's coming very clear to that now.

他們基本上不能以盲目的方式運行，雙方都如此，因為這樣他們就會損失很多美元，我們運行並向同一用戶創建重複，我們向您展示相同的廣告和相同的覆蓋範圍、線性和CTV，這就是效率不高。所以基本上，我們現在可以讓他們在最智能的領域做到這一點。我認為更好的規劃、更好的結果的口號現在已經非常明確了。

And in the past, it was most of a slogan, but now it's reality, meaning when you're looking at the big broadcasters and the big TV station. They need this tool in order to basically offer a spread and to direct some of the money into CTV and streaming in order to reach their target audience that they're trying to reach.

在過去，這主要是一個口號，但現在它是現實，這意味著當你看到大型廣播公司和大型電視台時。他們需要這個工具來提供傳播，並將部分資金投入 CTV 和流媒體，以覆蓋他們想要覆蓋的目標受眾。

I think that it's a long process. It's not happening overnight, the broadcasters, the linear advertisers are learning that. We see very good reaction already in the market from big broadcasters, big agencies that take the product. They feel that it's needed and unique in the market. And I think that we are in a good path around that.

我認為這是一個漫長的過程。這不會在一夜之間發生，廣播公司、線性廣告商正在認識到這一點。我們看到市場上已經有來自採用該產品的大型廣​​播公司、大型機構的良好反應。他們認為它在市場上是必要的並且是獨一無二的。我認為我們在這方面進展順利。

But it's not something that happened overnight. But I think that it will give us a lot of power in the future in the midterm and long term because basically, what does it mean? It means that we can basically help advertisers that are linear advertisers, which is like around $60 billion in the U.S. to spend and to move also to CTV. A lot of people are talking about this conversion, but I think that we can really offer a solution that basically enable them to run smartly on both platforms. And we can add them also to do what we call the user extension because we have a very big SSP that is reached with CTV media that can basically fulfill their needs in order to reach their audience in any campaign that they are running.

但這不是一夜之間發生的事情。但我認為，從中長期來看，它將給我們帶來很大的力量，因為基本上，這意味著什麼？這意味著我們基本上可以幫助線性廣告商，在美國花費大約 600 億美元並轉移到 CTV。很多人都在談論這種轉換，但我認為我們確實可以提供一個解決方案，基本上使它們能夠在兩個平台上智能運行。我們還可以添加它們來執行我們所說的用戶擴展，因為我們有一個非常大的SSP，可以通過CTV 媒體實現，基本上可以滿足他們的需求，以便在他們正在運行的任何活動中接觸到他們的受眾。

So I feel that the timing, the need and the reaction in the market are very good, and we need to be a little bit patient because it's not a solution that is being embedded overnight, and it takes some time to basically integrated and to educate and to teach and work together with the partners in order to operate it in a smart manner. And I think that this is the challenge now. But as we see, it's like the reaction and the solution is being accepted very well in the market. And the fact that we are the first 1 to issue that is also giving us the tighter, again, of the innovator of the CTV world, that is very important. I hope that I answered your question.

所以我覺得時機、需求和市場反應都很好，我們需要有一點耐心，因為這不是一個一夜之間嵌入的解決方案，需要一些時間來基本整合和教育並與合作夥伴一起教學和工作，以便以聰明的方式進行操作。我認為這就是現在的挑戰。但正如我們所看到的，市場的反應和解決方案都得到了很好的接受。事實上，我們是第一個發行的，這也讓我們再次成為 CTV 世界的創新者，這一點非常重要。我希望我回答了你的問題。

Your next question comes from the line of Laura Martin from Needham & Company.

您的下一個問題來自 Needham & Company 的 Laura Martin。

Give me one moment here. Can you hear me?

請給我一點時間。你能聽到我嗎？

Yes.

是的。

Okay. Fantastic. Could you bring us up to date on the Hisense Beta measurement product you guys were working on, whether that's -- when that's going to have an impact on your revenue and then if you're going to actually sell it to third parties, could you update us on that please?

好的。極好的。您能給我們介紹一下你們正在開發的海信 Beta 測量產品的最新信息嗎？這是否會對您的收入產生影響，然後如果您真的打算將其出售給第三方，您可以嗎？請更新我們的情況？

Of course. So first of all, Hisense is growing very immensely as we can see by the numbers. It's not related to our efforts. It's related to their efforts, but they are becoming a very strong player in the CTV globally and also in the U.S. And we already reached numbers that are efficient for us to do targeting and measurement. As you know, we didn't build our own solutions. So we are now in discussions with several companies about measurement and also we'll open some of the segments into DSP in order to allow people to use this data in order to target and in the future or in parallel to measure.

當然。首先，正如我們從數字中看到的那樣，海信的增長非常巨大。這與我們的努力無關。這與他們的努力有關，但他們正在成為全球和美國 CTV 中非常強大的參與者，而且我們已經達到了可以有效進行定位和衡量的數字。如您所知，我們沒有構建自己的解決方案。因此，我們現在正在與幾家公司討論測量問題，我們還將向 DSP 開放一些部分，以便允許人們使用這些數據來確定目標，並在未來或併行進行測量。

And I think that we reached an interesting point because we are talking about it for a long time, but it's like long processes about building the infrastructure, building the technology testing it with a live TV manufacturer that has also other challenges, of course, and he needs to make sure that the user experience is like perfect, and that's what we try to achieve, of course, and we achieved with Sense and that one also Toshiba just to mention.

我認為我們達到了一個有趣的點，因為我們已經討論了很長時間，但這就像構建基礎設施、構建技術並與直播電視製造商一起測試它的漫長過程，當然，這也面臨著其他挑戰，他需要確保用戶體驗是完美的，這當然是我們努力實現的目標，我們通過 Sense 實現了這一目標，值得一提的是東芝。

And I think that we are now in the moment that it will start to play in our favor in the issues of -- in the front of targeting and measurement and we will basically empower also other companies and allow them to use this data. And we are also going to open the international market very soon, and it will be a very unique solution because -- in the U.S., it's something that is around for 6, 7 years. But in the other markets, it's very small or not existing at all. And we are going to basically launch it in some of the markets that we are being active in and I'm sure that it will bring us a lot of value and also to the market because we are basically enabling our advertisers and clients to target much better and to measure the results with ACR data.

我認為，現在它將開始在定位和衡量方面對我們有利，我們基本上也會授權其他公司並允許他們使用這些數據。我們也將很快開放國際市場，這將是一個非常獨特的解決方案，因為在美國，它已經存在了六七年。但在其他市場，它非常小或者根本不存在。我們基本上將在我們活躍的一些市場上推出它，我相信它會給我們帶來很多價值，也會給市場帶來很多價值，因為我們基本上使我們的廣告商和客戶能夠瞄準很多目標更好地並用ACR 數據來衡量結果。

Super helpful. And then my second question is on Amobee. As we've taken down the projections for the full year so much and you guys talked about sales force turnover and elongating the sales cycle, which sounds like part of that is you have to hire sales line. In the short term, was Amobee actually additive to your business? Or is it actually hurting your combined financials? What's your point of view on that?

超級有幫助。我的第二個問題是關於 Amobee 的。由於我們已經大幅降低了全年的預測，而你們談到了銷售人員流動率和延長銷售週期，這聽起來像是您必須僱用銷售人員。從短期來看，Amobee 真的對您的業務有幫助嗎？或者它實際上損害了您的綜合財務狀況嗎？您對此有何看法？

It's not hurting us, but we need to remember that in the last 9 months, we placed a lot of resources, attention into the integration from Amobee. It was a bigger company than us. We have to remember that we when we started this integration, they were like about 1,000 employees. We were around 600 employees. So to integrate these 2 (inaudible) companies into one is taking time. The second thing is to create the synergies and to basically reduce cost, we reduced cost by $65 million, which is about 20% of our growth, which is very difficult to do. It's like when you are flying, it's basically changing the engine of an airplane when you -- while you are flying and we did it.

這並沒有傷害我們，但我們需要記住，在過去的 9 個月裡，我們投入了大量的資源和注意力來整合 Amobee。那是一家比我們更大的公司。我們必須記住，當我們開始整合時，他們大約有 1,000 名員工。我們大約有 600 名員工。因此，將這兩家（聽不清）公司整合為一家需要時間。第二件事是創造協同效應，從根本上降低成本，我們降低了6500萬美元的成本，這大約是我們增長的20%，這是很難做到的。這就像當你在飛行時，基本上就是改變飛機的發動機，當你在飛行時，我們做到了。

I think that if we were doing that in the beginning, we will suffer today a lot because it's a loss that was generated but we took this decision of acquiring Amobee not based on the short term, but on the long term and what technology they can offer us. So I think that also on that front, when you're looking at the technology front, we basically managed to integrate these 2 companies to DSPs, DMPs all the activities around it in a very short period of time. So like in the end of the second quarter, we already sunset one of our DSPs. We have already one platform, one sales force, one teams that are operating together, which is a very meaningful event and it's not easy to conduct.

我認為，如果我們一開始就這樣做，我們今天會遭受很多損失，因為這是產生的損失，但我們做出收購 Amobee 的決定不是基於短期，而是基於長期以及他們可以提供哪些技術向我們提供。所以我認為，在這方面，當你關注技術前沿時，我們基本上設法在很短的時間內將這兩家公司整合到 DSP、DMP 以及圍繞它的所有活動。就像第二季度末一樣，我們已經淘汰了一個 DSP。我們已經有一個平台、一支銷售隊伍、一支團隊在共同運作，這是一件非常有意義的事情，開展起來也不容易。

So I think that it's not slowing us down. And it just gave us the opportunity now to rebrand. So we also conducted a rebranding in June. We changed the names of all the companies, we unify them, we unify the products. We did a lot of work across the company in order to do that, which will help us to do 3 things. First of all, internally to give the people association to the new brand. So it's not a brand that -- it's a brand that we choose. It's the first time that we choose the brand that we didn't adopt the brand. The second thing is to make it more clear to all the clients and partners and potential partners, what we really can offer. And in our last meeting with people. Suddenly, it's come evident to them what we can really offer to them because before that, it was much more confusing with all the different brands that we are using.

所以我認為這並沒有讓我們放慢腳步。它現在給了我們重塑品牌的機會。所以我們也在六月份進行了品牌重塑。我們更改了所有公司的名稱，統一了它們，統一了產品。為了做到這一點，我們在整個公司做了很多工作，這將幫助我們做三件事。首先，在內部讓人們對新品牌產生聯想。所以這不是一個品牌——而是我們選擇的品牌。這是我們第一次選擇品牌而不是採用品牌。第二件事是讓所有客戶、合作夥伴和潛在合作夥伴更清楚我們真正可以提供什麼。在我們最後一次與人們會面時。突然間，他們清楚地意識到我們真正可以為他們提供什麼，因為在此之前，我們使用的所有不同品牌更加令人困惑。

And the third point is also to the financial markets to investors, shareholders to understand what we are offering to the market, which is very powerful. So I think that in general, when you're looking at what we achieved with Amobee is a lot. And I will mention -- 2 elements that I feel that will give us a lot of power in the future or even 3 elements. One of them is the DSP itself. So the DSP that Amobee is very rich in functionalities of enterprise solution. It's very common. You can look at all the sentiment of clients and the market to the brands, to the capabilities that it represents.

第三點也是讓金融市場的投資者、股東了解我們向市場提供什麼，這是非常強大的。所以我認為，總的來說，當你看到我們通過 Amobee 取得的成就時，你會發現很多。我會提到——我認為這將在未來給我們帶來很大力量的兩個要素，甚至三個要素。其中之一就是 DSP 本身。所以Amobee的DSP企業解決方案的功能非常豐富。這很常見。您可以了解客戶和市場對品牌及其所代表的能力的所有情緒。

It's very powerful. And I think that the future belongs to the enterprise solution, meaning if you want to create stability, if you want to create prediction, you need to have an enterprise solution in your company, you need to be -- you have a strong one. So people will use it. And we can offer them more and more capabilities like you can see with our last deal with HNL that started with the DSP, but moved along to using our ACR data using our DMP using our SSP, which is exactly what we are trying to achieve. So I think that the DSP was very meaningful. And to build these all functionalities by yourself, will take you years as we know, we don't have years to get better on the enterprise solution. You need to get these capabilities today.

它非常強大。我認為未來屬於企業解決方案，這意味著如果你想創造穩定性，如果你想創造預測，你的公司需要有一個企業解決方案，你需要——你有一個強大的解決方案。所以人們才會使用它。我們可以為他們提供越來越多的功能，就像您在我們上次與HNL 的交易中看到的那樣，該交易從DSP 開始，但後來逐漸使用我們的ACR 數據，使用我們的DMP，使用我們的SSP，這正是我們想要實現的目標。所以我覺得DSP是非常有意義的。要自己構建這些所有功能，需要花費數年時間，正如我們所知，我們沒有時間來改進企業解決方案。您今天就需要獲得這些功能。

The second 2 elements is the planning tool, the planning tool of the cross platform that is very unique, like I mentioned to Matt, it will give us value in the mid and long term. And I think that it's very powerful. And we need to plan for the long time -- for the long term, we cannot work for quarter for quarter. I think it will be a mistake after serving so many years in the industry, I learned that you need to plan and to build things that will serve you in the future.

第二個要素是規劃工具，跨平台的規劃工具非常獨特，就像我向馬特提到的，它將在中長期為我們帶來價值。我認為它非常強大。我們需要製定長期計劃——從長遠來看，我們不能一個季度一個季度地工作。我認為在這個行業工作了這麼多年之後，這將是一個錯誤，我了解到你需要計劃和構建將來為你服務的東西。

And the discovery tool that is basically a very powerful element because the DSP by itself, it's -- in a way, it's a commodity. But if you have all this planning to, if you have the discovery tools that enable it, advertisers to learn about their audiences to create segments and so on and to -- in a click of a button to launch as a segment to targeting on I think it's very powerful, and it's giving the agencies and the brands. The reason to adapt our DSP. So that's what we are doing. And I'm really glad for the acquisition of Amobee, and I think that it's was really the missing part for us in the strategy. And now we feel completed, and that's why we rebranded, and we are ready for the future.

發現工具基本上是一個非常強大的元素，因為 DSP 本身，在某種程度上，它是一種商品。但是，如果您有所有這些計劃，如果您有支持它的發現工具，廣告商可以了解他們的受眾以創建細分等等，並且只需單擊一個按鈕即可作為細分啟動以定位到我我認為它非常強大，它為代理商和品牌提供了幫助。調整我們的 DSP 的原因。這就是我們正在做的事情。我真的很高興收購 Amobee，我認為這確實是我們戰略中缺失的部分。現在我們感覺已經完成了，這就是我們重新命名的原因，我們已經為未來做好了準備。

Your next question comes from the line of Andrew Marok from Raymond James.

您的下一個問題來自雷蒙德·詹姆斯 (Raymond James) 的安德魯·馬洛克 (Andrew Marok)。

In the context of your commentary around longer sales cycles and some of the sales staff turnover and things like that, citing a few notable wins in the quarter, bringing on 65 new advertisers over 100 new supply partners. What does the ramp period look like for a new customer or a supply partner for you? Are they materially contributing in the near term? Or is there a test phase before committing more substantially?

在您對更長的銷售週期和一些銷售人員流動等問題的評論中，您引用了本季度的一些顯著的勝利，帶來了 65 個新廣告商和 100 多個新供應合作夥伴。對於您來說，新客戶或供應合作夥伴的過渡期是什麼樣的？他們在短期內是否做出了實質性貢獻？或者在做出更實質性的承諾之前是否有一個測試階段？

Okay. So I will split my question -- my answer to 2. On the supply side, the outcome is much shorter. So basically, when you integrate a new supply source that, first of all, the integration is like not long. It's in a matter of weeks. And also the testing is not long. It's a matter of less than a few weeks. It can do -- some of that can be done in parallel. So the effect of the of the media side is move faster. Regarding the new wins of advertisers, it's a longer process, and I will explain why. Because basically, advertisers don't need to use 5 or 6 DSPs. They are trying to lower the number of DSPs that they are using. They are trying to lower the number of systems that they are using because of 2 elements.

好的。所以我將把我的問題分開——我對2的回答。在供應方面，結果要短得多。所以基本上，當你整合一個新的供應源時，首先，整合的時間不會太長。幾週後就可以了。而且測試時間也不長。這只是不到幾週的時間。它可以做到——其中一些可以並行完成。所以媒體方的效果是移動得更快。關於廣告商的新勝利，這是一個較長的過程，我會解釋原因。因為基本上，廣告商不需要使用5個或6個DSP。他們正在嘗試減少所使用的 DSP 數量。由於兩個因素，他們正在嘗試減少正在使用的系統數量。

First of all, they cannot train their people on so many platforms. It's becoming very complicated. The second thing is cost. So they'll need so many platforms. They don't need so many complications to complicate their basically activity. So when we are coming in, we need to basically replace (inaudible), which usually takes more time and people are scheduling the, let's say, RFIs or consideration for the future. So it takes some time to integrate. But we already see a lot of interesting conversations that in the past, like when I'm talking about the past, let's say, before we acquired Amobee we were never being even considered. But now we are talking to top retailers to top travel company to top other companies that are showing interest in our solution because of all the elements that I indicated to Laura also and to Matt before. So I think that it's a longer process, but it will 2 things that can be very interesting for investors and shareholders. One of them, it's long-term revenue. So basically, even when it's taking us time to integrate our solution and to win an account, it will also take time to take us out for there if the future if someone wants to change, it's giving you more stability, and it's a long-term solution. And you can see it and work with these companies for many, many years. And usually, if you are providing them good service, they have no reason to replace you. And we are very working together and transparent with our customers.

首先，他們無法在這麼多平台上培訓員工。它變得非常複雜。第二件事是成本。所以他們需要很多平台。他們不需要那麼多的複雜性來使他們的基本活動複雜化。因此，當我們進來時，我們需要基本上進行更換（聽不清），這通常需要更多時間，而且人們正在安排 RFI 或對未來的考慮。所以需要一些時間來整合。但我們已經看到了很多過去有趣的對話，比如當我談論過去時，比方說，在我們收購 Amobee 之前，我們甚至從未被考慮過。但現在我們正在與頂級零售商、頂級旅遊公司以及其他對我們的解決方案表現出興趣的頂級公司進行交談，因為我之前也向勞拉和馬特表明了所有要素。所以我認為這是一個較長的過程，但有兩件事對投資者和股東來說非常有趣。其中之一是長期收入。所以基本上，即使我們需要時間來整合我們的解決方案並贏得一個帳戶，如果未來有人想要改變，它也需要時間來帶我們去那裡，它會給你帶來更多的穩定性，而且這是一個長期的-術語解決方案。你可以看到它並與這些公司合作很多很多年。通常，如果你為他們提供良好的服務，他們就沒有理由更換你。我們與客戶密切合作並保持透明。

So we don't see any reason for people to switch. The second thing is giving a lot better predictability about how much revenues we can generate in the future compared to the managed business, which is an IO that is being renewed all the time. So in this process, you have discussion with the client about how much they are going to spend in the next quarter, how much money they're going to spend next year, what is their need from a technology perspective, and you can address it in a much better way. So I think that the longer process, it's painful in the beginning, but it's much better in the future because it's giving us predictability and stability to our business in the future, which is, of course, something that you really need when you're running a big business and you want to basically lead the market of CTV, you need to have these anchors that are working with you closely in order to win the accounts.

因此，我們認為人們沒有任何理由進行轉換。第二件事是，與託管業務（一直在更新的 IO）相比，我們可以更好地預測我們未來可以產生多少收入。所以在這個過程中，你和客戶討論他們下個季度要花多少錢，明年要花多少錢，從技術角度來說他們的需求是什麼，你就可以解決它以更好的方式。所以我認為，較長的過程，一開始會很痛苦，但將來會好得多，因為它為我們未來的業務提供了可預測性和穩定性，當然，這是你真正需要的東西。做大生意，你想基本上主導中視市場，你需要有這些主播與你緊密合作，才能贏得賬戶。

Great. And then just a quick one. I know you mentioned a little bit on the call the impact of the MediaMath bankruptcy. I was wondering if you could go into any more detail in terms of the customer overlap or the potential revenue opportunity that, that could provide to you having one fewer competitor in the market.

偉大的。然後是快速的。我知道您在電話會議上提到了 MediaMath 破產的影響。我想知道您是否可以更詳細地了解客戶重疊或潛在收入機會，這可以讓您在市場上少一個競爭對手。

Of course. So MediaMath, of course, we used to work with them. They used to buy on us media. We look at them, and we feel bad for them to lose their business in so many ways. We know the people for a long time. They are colleagues from the industry. So it's not very nice to see something like that, that is happening. On the other side, it's opened a lot of their clients to review. So these clients are looking at the market, trying to replace MediaMath. We need to remember that the MediaMath shut down happened almost overnight. So it's not -- it was not like a planned process that people were saying, listen, in April 2024, we will shut down our service. It's happened in a notice of a few days or even less than that of a few hours. So basically they shut down their business.

當然。當然，MediaMath 我們曾經與他們合作。他們過去常常在美國媒體上購買。我們看著他們，對他們在很多方面失去業務感到難過。我們認識人民很長時間了。他們是業內的同事。所以看到這樣的事情正在發生並不是一件好事。另一方面，它也開放了很多客戶進行審查。因此，這些客戶正在關注市場，試圖取代 MediaMath。我們需要記住，MediaMath 的關閉幾乎是在一夜之間發生的。所以這不像人們說的那樣，聽著，我們將在 2024 年 4 月關閉我們的服務。它是在幾天甚至不到幾個小時的通知內發生的。所以基本上他們關閉了他們的業務。

And some of the clients are already adopted other solutions, including ours. Some of them are still searching. And I think that we are, of course, in the mix, and we are trying to win as much business as we can. And I think that we have a very good chance to do that. And I think that eventually, this solution that we saw of MediaMath, this bankruptcy, it just shows in light or giving an highlight to the fact that you need an end-to-end solution in immediate oriental solution in order to win in this market and one side of companies will face difficulties to win and to stay in the market because, of course, of margin issues and capabilities to basically manage the future. So it's giving us another evidence that the solution and the strategy that we choose in 2019, when we choose to be end-to-end horizontal integration gave us a lot of power, and it's giving us reassurance that we are on the right side. And also, I must say from initial discussions with some of their clients, they see the same. They don't want to switch platform. They don't want to change platform every 2 or 3 years. They want to keep their clients and to keep the infrastructure that they choose to use. And I think that with us, they can feel much safer because they see the performance of our company.

一些客戶已經採用了其他解決方案，包括我們的解決方案。他們中的一些人仍在尋找。我認為我們當然也在其中，並且我們正在努力贏得盡可能多的業務。我認為我們有很好的機會做到這一點。我認為最終，我們看到的 MediaMath 的解決方案，這種破產，它只是表明或強調了這樣一個事實：您需要直接東方解決方案中的端到端解決方案才能贏得這個市場一方面，公司將面臨贏得勝利和留在市場的困難，當然是因為利潤問題和基本管理未來的能力。因此，這給了我們另一個證據，證明我們在2019 年選擇的解決方案和策略，當我們選擇端到端橫向整合時，給了我們很大的力量，並且讓我們確信我們是站在正確的一邊。而且，我必須說，從與他們的一些客戶的初步討論中，他們也看到了同樣的情況。他們不想切換平台。他們不想每兩三年更換一次平台。他們希望保留他們的客戶並保留他們選擇使用的基礎設施。我認為，有了我們，他們會感到更安全，因為他們看到了我們公司的表現。

Your next question comes from the line of Eric Martinuzzi from Lake Street.

您的下一個問題來自 Lake Street 的 Eric Martinuzzi。

I was curious to dive into the linearity of demand here. You came out of the Q1 print at the end of May. And I'm just there was softness earlier in the year, just curious to know what you saw in June versus May and April? And then maybe if you could comment on July versus June.

我很想深入了解這裡的需求線性。你在五月底出版了第一季度的印刷品。我只是今年早些時候出現了疲軟，只是想知道您在 6 月與 5 月和 4 月相比看到了什麼？然後也許您可以評論一下七月與六月的情況。

Again, I didn't understand the first part of the question you asked about what we saw...

再說一次，我不明白你問的關於我們所看到的問題的第一部分......

Yes, linearity of demand. So you were 2/3 of the way through the second quarter when you gave your outlook or reiterated the outlook for the year. And now we've got a pretty substantial reset. So just wondering when you saw the weakness.

是的，需求是線性的。因此，當您給出展望或重申全年展望時，已經是第二季度的 2/3 了。現在我們已經進行了相當大的重置。所以只是想知道你什麼時候看到了弱點。

Okay. Of course. So I will give also after that Sagi, if he wants to add something. But from my perspective, the last few years didn't act like as usual. I'm 25 years in this business. Usually, you see heavy lifting and much better results in the second half of the year. We saw it already several times in the last few years. For example, in 2020, even at the beginning of the year started very weak because of corona, if you remember, we saw a very big pickup in the second half. In 2021, it was starting okay, then there was the unrest in the U.S. We are mostly U.S.-based. So 90 -- more than 90% of our business is in the U.S. So again, witnessed a little bit in the middle of the year, and then we saw a better finish of the year in 2021. In 2022, I think that all the year was started after the invasion of Russia to Ukraine, the sentiment, the macroeconomics, everything, I think that the second half of the year was not as strong as people expected, usually the Q4.

好的。當然。因此，如果 Sagi 想要添加一些內容，我也會在 Sagi 之後提供。但從我的角度來看，過去幾年的情況並不像往常一樣。我在這個行業工作了 25 年。通常，您會在下半年看到繁重的工作和更好的結果。在過去的幾年裡我們已經多次看到它了。例如，在 2020 年，即使在年初，由於新冠疫情，經濟開局也非常疲弱，如果你還記得的話，我們在下半年看到了非常大的回升。 2021年，一開始還不錯，然後美國發生了騷亂。我們大部分都在美國。所以 90——我們超過 90% 的業務都在美國。所以，再一次，在年中見證了一些，然後我們在 2021 年看到了更好的收尾。在 2022 年，我認為所有今年是在俄羅斯入侵烏克蘭之後開始的，情緒、宏觀經濟、一切，我認為下半年並不像人們預期的那麼強勁，通常是第四季度。

And people were feeling that in this year, basically, what will happen is that we started soft, but people we like to invest their money in marketing in order to grow their business. So we'll see a very strong second half of the year. So we also believe in that also because we saw that evidence also in the few last years. What we encountered in the last few weeks is that we saw that if we are looking at that, and we are already in the middle of August, and we see also (inaudible) reconsider their Q3 numbers, it means that the second half of the year will not be for sure a great momentum. So we decided to be more cautious to prevent from adjusting a few times or changing our course a few times, but to do it once. So we look at it, and we are looking at it in a very cautious way. And we feel that if the market will pick up, great. But if not, we are ready for that. And I think this is more about experience and being transparent and not about still believing that Q4 will be -- will make us miracles because we have to be careful if we are in the middle of August, and we see that the market is not as strong as well as expected.

人們感覺今年基本上會發生的事情是我們開始軟弱，但我們喜歡人們將資金投入營銷以發展他們的業務。因此，我們將看到今年下半年的強勁表現。所以我們也相信這一點，因為我們在過去幾年也看到了這些證據。我們在過去幾週遇到的情況是，我們看到，如果我們正在考慮這一點，而且我們已經在八月中旬，而且我們還看到（聽不清）重新考慮他們的第三季度數字，這意味著下半年今年肯定不會有很大的勢頭。所以我們決定更加謹慎，避免多次調整或改變路線，而要做一次。所以我們正在以非常謹慎的方式看待它。我們認為，如果市場回暖，那就太好了。但如果沒有，我們也已做好準備。我認為這更多的是關於經驗和透明度，而不是仍然相信第四季度將會創造奇蹟，因為如果我們在八月中旬，我們必須小心，而且我們看到市場並不像我們想像的那樣。強勁且符合預期。

Even that as you can see, we show improvement in the -- in the 2 half . So even if we are saying that in the first half, we generated around $140-something million, we are saying in the second much more than that, which is about 20% more, which makes sense, and I think that we need to be cautious and careful because the market is very hard to predict. And I feel that the macroeconomic is very fragile and changing, and we need to be listening to the voice of the market and to take cautious when we are sharing results and focus with the market.

即使如此，正如您所看到的，我們在下半場表現出了進步。因此，即使我們說上半年我們創造了大約 140 百萬美元，但我們說下半年要多得多，大約多了 20%，這是有道理的，我認為我們需要謹慎小心，因為市場很難預測。而且我覺得宏觀經濟非常脆弱、變化很大，我們需要傾聽市場的聲音，與市場分享成果和關注點時要謹慎。

Yes. I agree with Ofer, and I think that's for your question. We saw in the second quarter after our Q1 earnings like in June itself and through June decreases in advertisers, appetite and spend. We saw some pushback into H2, and we even saw some cancellation of campaigns. So we waited until now in order to forecast exactly how our Q3 is going to look like. And as Ofer mentioned, we are not counting on amazing Q4. We think it will be strong, but not as strong as we anticipated before. And again, we are seeing our peers as well. So taking all of that into consideration we decided -- or the outcome is the lower guidance that we took now out.

是的。我同意奧弗的觀點，我想這就是你的問題。我們在第一季度收益之後的第二季度看到了與六月份一樣的情況，整個六月份廣告商、胃口和支出都在下降。我們看到下半年出現了一些阻力，甚至看到一些活動被取消。因此，我們等到了現在才准確預測第三季度的情況。正如奧弗提到的，我們並不指望第四季度會取得驚人的成績。我們認為它會很強大，但不會像我們之前預期的那麼強大。再次，我們也看到了我們的同行。因此，考慮到所有這些，我們決定 - 或者結果是我們現在採取的較低指導。

Your next question comes from the line of Andrew Boone from JMP Securities.

您的下一個問題來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

I wanted to go back to Laura's question and ask about Amobee. If we go back to the disclosure at the time of the acquisition, it was $150 million of contribution ex-TAC when you guys acquired it. Can you talk about where the business is today, how much of that stuck around? And maybe how do we think about the retention of those customers?

我想回到勞拉的問題並詢問有關阿莫比的事情。如果我們回顧一下收購時的披露，當你們收購它時，不包括 TAC 的貢獻是 1.5 億美元。您能談談目前的業務狀況嗎？其中有多少業務仍然存在？也許我們如何考慮保留這些客戶？

Yes. I will take this one, and Sagi feel free to fill any gaps that I left. But in general, I think that -- again, I think that what we also reported last time, I think it's still standing and from our last check, of course, is that it's not about losing clients. It's about dropping budgets by the advertisers and by the clients, meaning people are adjusting their budgets according to the macroeconomic environment. So they can run on your platform, but they spend less than they used to or less as they plan to, which makes sense. And we see that across the board in all -- almost all verticals basically that related to branding. We need to remember that these people are like us. They are facing uncertainty. They don't want to spend their money now. They don't know what will happen in some senses tomorrow, so they are more cautious than they used to. So I don't think it's about losing business. It's not about losing clients. It's about people that are dropping their spend in order to protect themselves to keep their cash to look at the future to try and understand what is -- when is the right time for them to start spending again or investing in, again, heavily in order to retain their clients to engage with them and to win new clients.

是的。我會接受這個，Sagi 可以隨意填補我留下的任何空白。但總的來說，我認為——再說一次，我認為我們上次報告的內容仍然有效，當然，從我們上次檢查來看，這並不是關於失去客戶。這是關於廣告商和客戶削減預算，這意味著人們正在根據宏觀經濟環境調整預算。因此，他們可以在您的平台上運行，但他們的支出比以前少，或者比他們計劃的少，這是有道理的。我們看到幾乎所有垂直領域都與品牌相關。我們需要記住，這些人就像我們一樣。他們面臨著不確定性。他們現在不想花他們的錢。從某種意義上來說，他們不知道明天會發生什麼，所以他們比以前更加謹慎。所以我不認為這與失去業務有關。這與失去客戶無關。這是關於人們為了保護自己而放棄支出，保留現金來展望未來，試圖了解什麼時候是他們再次開始支出或大規模投資的合適時機。留住客戶、與他們互動並贏得新客戶。

So I think this is the major issue. We don't see any major failure or drop of clients or stuff like that. It's happening more on the ground of people dropping their or lowering their spend, lowering their activity in order to cross the storm that is happening in the macroeconomics in order to understand where they are standing. And as I mentioned, how to use the resources in the best way. So that's the major stuff. And just to -- maybe to add one more thing after looking at that from perspective of many years in this industry. I think that what we see is that we are a company that as Sagi mentioned, we are truly branding company. So this is the first thing to be cut when there is difficulties and macroeconomic challenges. But when people are feeling the release and the change in momentum, this is the first thing that will grow. So I feel that we choose the right model. We are running on branding. We are putting our emphasis on CTV and video more than 70% of our revenues is in video.

所以我認為這是主要問題。我們沒有看到任何重大失敗或客戶流失或類似的情況。這種情況的發生更多是因為人們放棄或減少支出、減少活動，以度過宏觀經濟中正在發生的風暴，從而了解自己的處境。正如我提到的，如何以最佳方式使用資源。這就是主要內容。從這個行業多年的角度來看，也許還需要補充一件事。我認為我們所看到的是，正如 Sagi 所說，我們是一家真正的品牌公司。因此，當出現困難和宏觀經濟挑戰時，這是首先要削減的。但當人們感受到釋放和動力變化時，這就是第一個成長的東西。所以我覺得我們選擇了正確的模型。我們正在努力打造品牌。我們將重點放在 CTV 和視頻上，我們 70% 以上的收入來自視頻。

We are heavily invested in CTV, and we are winning on that front, and we are using data. And I don't think that it can be challenge that this is the right way to run a business today in the adtech when you're looking at all the trends and everything that is done around it. But I think that in every company, in every economy, there are cycles. So now I think that the uncertainty the advertisers and the partners when they are looking in the future, they have doubt, they have still question marks, and they are waiting to see when will be the right time for them to keep running and to push their big budgets in order to win accounts and to win market share again. So that's a major thing.

我們在 CTV 上投入了大量資金，我們在這方面取得了勝利，並且我們正在使用數據。當你審視所有趨勢以及圍繞它所做的一切時，我認為這是當今廣告技術領域經營業務的正確方式，這不會是一個挑戰。但我認為每個公司、每個經濟體都存在周期。所以現在我認為廣告商和合作夥伴在展望未來時的不確定性，他們有懷疑，他們仍然有問號，他們在等待什麼時候是他們繼續運行和推動的合適時機他們投入巨額預算，以贏得客戶並再次贏得市場份額。所以這是一件大事。

I'm going to ask a tough question here. I understood the difficulty in terms of thinking about '24 with the current macro environment. But given the fact that guidance seems to imply that we're exiting 4Q with basically flat programmatic revenue ex-TAC, Can you guys just talk about when should we start to think about the recovery for '24? Should we expect you guys to grow in line with programmatic, or could headwinds continue into next year?

我要在這裡問一個棘手的問題。我理解在當前宏觀環境下思考“24”的困難。但鑑於指導似乎暗示我們將在第四季度退出時，除 TAC 外的程序化收入基本持平，你們能談談我們什麼時候應該開始考慮 24 年的複蘇嗎？我們是否應該期望你們能夠與程序化增長保持一致，或者逆風會持續到明年嗎？

Okay. So regarding headwinds, it's the $1 trillion question. I think nobody knows what will happen to the sentiment in the market and the macroeconomics. I wish I knew. But I think that from -- I can look at our company and what we did in the past 9 months almost and what we are planning to do. So I think that by concluding the integration of the technology, the integration of the companies, finishing the cost reduction that we've done. I think that it's giving like much more clear view to the managers, to the company about the future, and there is a lot of dust that went down that allow us now to focus on the business, which is very meaningful. Also, the size of what we mentioned about sales and sales cycles and so on, to get people into the picture, to prepare the sales materials to conduct to teach and to train about the next pitch how to address to change the targets of the people in order to reach new clients in a different manner and so on in order to not just to take their campaign, but also to integrate the solution, which is technology-oriented, it's taking time.

好的。因此，說到逆風，這是 1 萬億美元的問題。我認為沒有人知道市場情緒和宏觀經濟會發生什麼變化。我希望我知道。但我認為從——我可以看看我們的公司以及我們在過去 9 個月裡所做的事情以及我們計劃做的事情。所以我認為通過完成技術的整合、公司的整合，完成我們已經完成的成本降低工作。我認為這讓管理者和公司對未來有了更清晰的認識，很多塵埃落下，讓我們現在能夠專注於業務，這是非常有意義的。此外，我們提到的有關銷售和銷售週期等的規模，讓人們了解情況，準備銷售材料，以進行下一次推銷的教學和培訓，如何解決改變人們的目標為了以不同的方式接觸新客戶等等，不僅為了開展他們的活動，而且為了整合以技術為導向的解決方案，這需要時間。

I feel that we made a lot of progress from the beginning of the year. We are in a different position. I look positive at 2024. I think that from our company perspective, of course, I cannot guess how the market will look like, but if the market will show signs of improvement, I think that we'll enjoy from that in a very big way. And if not, I think that the numbers that we provide that make sense because we took into account steel headwinds, but we look at it that we are much more prepared in order to deal with them, and we are much more ready in our infrastructure and about our training and people on the ground in order to win accounts in any condition and to be able to basically grow the company again.

我覺得我們從今年年初以來取得了很大的進步。我們的處境不同。我對 2024 年持樂觀態度。我認為，從我們公司的角度來看，當然，我無法猜測市場會是什麼樣子，但如果市場出現改善跡象，我認為我們將從中受益匪淺。方式。如果沒有，我認為我們提供的數字是有意義的，因為我們考慮到了鋼鐵行業的逆風，但我們認為我們已經做好了更多準備來應對這些逆風，而且我們在基礎設施方面也做好了更多準備以及我們的培訓和實地人員，以便在任何情況下贏得客戶並能夠基本上再次發展公司。

We have no further questions. Ofer, I'll turn the call back to you for closing remarks.

我們沒有其他問題了。奧弗，我會把電話轉給你，讓你做結束語。

Thank you. Thank you, everyone, for your questions and for listening and taking into account, of course, what our input I think that I'm really excited about where we are now because it seems maybe that we are talking every quarter, but I'm looking at that also from multiyear process that we've done. So I think that since 2019, what we choose to do to be horizontally integrated to have end-to-end solution. In the beginning, people look at us as like why you are doing that, and it's crazy. Everybody is trying to specialize while you're doing this end-to-end solution. I think that now there is no question about it. I saw the headlines of some of the analysts. I saw also on this call about the future of SSP, the future of a stand-alone DSP I think that there is no doubt that you need horizontal integration. And I think that we predicted that, and we act on that since 2019, and I feel proud about it because I think that it's very hard to to look at trends and fulfill them so early. And I think that we've done it in a very powerful way.

謝謝。謝謝大家提出問題、傾聽並考慮到我們的意見，我認為我對我們現在的處境感到非常興奮，因為似乎我們每個季度都在談論，但我從我們所做的多年過程中也可以看出這一點。所以我認為從2019年開始，我們選擇做的是橫向整合以獲得端到端的解決方案。一開始，人們看待我們的方式就像你為什麼要這樣做，這太瘋狂了。當你在做這個端到端解決方案時，每個人都在努力專業化。我想現在已經沒有什麼問題了。我看到了一些分析師的頭條新聞。我還在這次電話會議上看到了關於 SSP 的未來、獨立 DSP 的未來，我認為毫無疑問需要橫向集成。我認為我們預測到了這一點，並且自 2019 年以來我們就採取了行動，我對此感到自豪，因為我認為這麼早就觀察趨勢並實現它們是非常困難的。我認為我們已經以一種非常有力的方式做到了這一點。

We made also 4 major acquisitions during this time in order to solidify and to bring these capabilities all together into 1 platform. And usually, I'm not using marketing slogans, but in this case, when I'm looking at that 1 platform and this opportunity is true. And we have everything that advertisers and publishers need in order to reach their KPIs. And we did it in a long process that we concluded that in the last -- in the end of the second quarter, basically when we finish the integration of Amobee into our business. And we don't see any more major acquisitions that we need in order to build the best tech, we have that. So this is one. The second thing is around CTV. So also the decision that we made in 2019, when we invested in RhythmOne that was, they acquired [Unibefore], is to run very strongly on CTV, and we are doing that. So we're still growing on the CTV front. We are challenging the market. We are bringing innovation, we are bringing solutions that are needed. We focused on the future. And I think that we are providing great solution for the trends and the needs of publishers and advertisers. And I think that we -- our plan is keep doing that. And I think that also the rebranding now, as I mentioned before, is the first time that we choose the brand, and we didn't buy a brand or adopt a brand.

在此期間，我們還進行了 4 項重大收購，以鞏固這些功能並將其整合到一個平台中。通常，我不會使用營銷口號，但在這種情況下，當我查看該平台時，這個機會是真實的。我們擁有廣告商和發布商實現 KPI 所需的一切。我們在一個漫長的過程中做到了這一點，我們在最後——第二季度末，基本上是在我們完成 Amobee 與我們業務的整合時得出的結論。我們沒有看到任何為了打造最好的技術而需要的更多重大收購，我們已經做到了。這是其中之一。第二件事是圍繞CTV。因此，我們在 2019 年投資 RhythmOne 時做出的決定是，他們收購了 [Unibefore]，即在 CTV 上大力發展，我們正在這樣做。所以我們在 CTV 方面仍在不斷發展。我們正在挑戰市場。我們正在帶來創新，我們正在帶來所需的解決方案。我們著眼於未來。我認為我們正在為出版商和廣告商的趨勢和需求提供出色的解決方案。我認為我們的計劃是繼續這樣做。我認為，正如我之前提到的，現在的品牌重塑是我們第一次選擇品牌，我們沒有購買品牌或採用品牌。

I think it's very meaningful for the company, for the clients to present this new brand unification and consolidation of all the capabilities under one brand. I think it will be helpful and powerful. And you don't judge these things over 2 months, 3 months, you drag it over a course of time. I think that we are coming to the market in a very full tech stack a very strong one that if you will bring the best experts to examine our platform, they will tell you that we have the most comprehensive solution, most fitting the trends and the needs and the challenges and the risk of the market in order to win in the future. And I think that this is what we try to build and we did it, and we are proud of that, and we worked very hard in order to achieve that. And I think now it's time for execution. And as we proved in the past, we know how to execute. It takes some time sometimes. It's not happening overnight. We have the right people. We have the right talent.

我認為對於公司和客戶來說，向客戶展示這一新的品牌統一以及將所有功能整合在一個品牌下是非常有意義的。我認為這將是有幫助和強大的。你不會在兩個月、三個月內判斷這些事情，你會拖一段時間。我認為我們將以非常完整的技術堆棧進入市場，這是一個非常強大的技術堆棧，如果您帶最好的專家來檢查我們的平台，他們會告訴您我們擁有最全面的解決方案，最適合趨勢和需求為了贏得未來，我們需要應對市場的挑戰和風險。我認為這就是我們試圖建立的目標，我們做到了，我們為此感到自豪，並且為了實現這一目標我們非常努力。我認為現在是執行的時候了。正如我們過去所證明的那樣，我們知道如何執行。有時需要一些時間。這不是一夜之間發生的。我們有合適的人。我們擁有合適的人才。

We are growing our sales teams. We are growing our teams in order to get like more market share in the market, and we have the resources to do that, which is very important, and we are going to do that during 2024 and going forward. And I feel very secure about the position, the technology, the infrastructure that we created. So I'm excited about it, and we are looking forward for the future. And we hope, all of us, that the macroeconomic will change and will give us a boost because, of course, when the market trend, the sentiment is better, things happen faster, and we hope that it will happen. But if not, we will cross the strong storm and we believe in the future of the company, and we are ready for that in any case.

我們正在壯大我們的銷售團隊。我們正在擴大我們的團隊，以便在市場上獲得更多的市場份額，我們有資源做到這一點，這非常重要，我們將在 2024 年及未來做到這一點。我對我們創建的職位、技術和基礎設施感到非常有信心。所以我對此感到興奮，我們對未來充滿期待。我們所有人都希望宏觀經濟會發生變化，並給我們帶來提振，因為當然，當市場趨勢、情緒更好時，事情發生得更快，我們希望它會發生。但如果沒有，我們將渡過這場強烈的風暴，我們相信公司的未來，並且無論如何我們都做好了準備。

So thank you, everyone, for the call today. And as I said, we are positive. We are looking excited for the future. And I think that we are well equipped to win in this marketplace and to provide a good solution for all the stakeholders and outcome in the company. Thank you very much.

謝謝大家今天的來電。正如我所說，我們持積極態度。我們對未來充滿期待。我認為我們有能力在這個市場中獲勝，並為公司的所有利益相關者和成果提供良好的解決方案。非常感謝。

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。