TechTarget Inc (TTGT) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's TechTarget Reports third-quarter 2024 conference call and Webcast.

感謝您參加今天的 TechTarget Reports 2024 年第三季電話會議和網路廣播。

My name is Tamia, and I will be your moderator for today's call.

我叫塔米亞，我將擔任今天電話會議的主持人。

(Operator Instructions) I would now like to pass the conference over to your host, Charlie Rennick, General Counsel.

（操作員指示）我現在想將會議轉交給東道主總法律顧問 Charlie Rennick。

You may proceed.

您可以繼續。

Thank you, Tamia, and good afternoon, everyone.

謝謝你，塔米亞，大家下午好。

The speakers joining us here today are Greg Strakosch, our Executive Chairman; Mike Cotoia, our Chief Executive Officer; and Dan Noreck, our Chief Financial Officer.

今天加入我們的演講者是我們的執行主席 Greg Strakosch；麥克‧科托亞 (Mike Cotoia)，我們的執行長；以及我們的財務長 Dan Noreck。

Before turning the call over to Greg, we would like to remind everyone on the call of our earnings release process.

在將電話轉給格雷格之前，我們想提醒所有參加電話會議的人我們的收益發布流程。

As previously announced, in order to provide you with an update on our business in advance of the call, we have posted our shareholder letter on the Investor Relations section of our website and furnished it on an 8-K.

正如之前所宣布的，為了在電話會議之前向您提供我們業務的最新信息，我們已在我們網站的投資者關係部分發布了我們的股東信函，並以 8-K 形式提供。

You can also find these materials with the SEC free of charge at the SEC's website, www.sec.gov.

您也可以在 SEC 網站 www.sec.gov 上免費向 SEC 找到這些資料。

The corresponding webcast as well as a replay of this conference call will be made available on the Investor Relations section of our website.

相應的網路廣播以及本次電話會議的重播將在我們網站的投資者關係部分提供。

Following Greg's introductory remarks, the management team will be available to answer your questions.

在格雷格的介紹性發言之後，管理團隊將回答您的問題。

Any statements made today by TechTarget that are not factual, including during the Q&A, may be considered forward-looking statements.

TechTarget 今天發表的任何不符合事實的聲明（包括在問答期間）都可能被視為前瞻性聲明。

These forward-looking statements, which are subject to risks and uncertainties are based on assumptions that are not guarantees of our future performance.

這些前瞻性陳述存在風險和不確定性，它們基於的假設並不保證我們未來的表現。

Actual results may differ materially from our forecast and from these forward-looking statements.

實際結果可能與我們的預測和這些前瞻性陳述有重大差異。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic reports on Forms 10-Q and 10-K.

前瞻性陳述涉及許多風險和不確定性，包括我們最新的表格 10-Q 和 10-K 定期報告的風險因素部分中討論的風險和不確定性。

These statements speak only as of the date of this call and TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

這些陳述僅代表本次電話會議之日的情況，TechTarget 不承擔修改或更新任何前瞻性聲明以反映本次電話會議後可能發生的事件的義務，除非法律要求。

Finally, we may also refer to certain financial measures not prepared in accordance with GAAP.

最後，我們也可能會參考某些未依照公認會計準則制定的財務指標。

A reconciliation of certain of these non-GAAP financial measures to the most comparable GAAP measures, to the extent available without unreasonable effort, accompanies our shareholder letter.

我們的股東信函中附有某些非公認會計原則財務指標與最具可比性的公認會計原則指標的調節表（在無需不合理努力的情況下）。

With that, I'll turn the call over to Greg.

這樣，我就把電話轉給格雷格。

Great.

偉大的。

Thank you, Charlie.

謝謝你，查理。

We are encouraged to report modest year-over-year revenue growth for the second quarter in a row.

我們很高興報告連續第二季營收年比小幅成長。

We think it is clear that the worst of the downturn is behind us.

我們認為，很明顯，經濟衰退最嚴重的時期已經過去。

We expect to continue to see similar revenue growth in Q4 and into the early part of 2025.

我們預計第四季和 2025 年初將繼續看到類似的營收成長。

We have several reasons to be optimistic, including a better interest rate environment, the certainty that comes with the election behind us, and the expectation that there will be a new technology investment cycle around AI.

我們有幾個樂觀的理由，包括更好的利率環境、大選背後的確定性，以及圍繞人工智慧出現新的技術投資週期的預期。

We used our strong balance sheet to invest during the downturn to strengthen our leadership position.

我們利用強大的資產負債表在經濟低迷時期進行投資，以鞏固我們的領導地位。

This strength will be increased with the proposed combination with Informa Tech's digital business.

隨著與 Informa Tech 數位業務的擬議合併，這一實力將得到增強。

We expect this deal to close this quarter.

我們預計這筆交易將於本季完成。

I will now open the call to questions.

我現在開始提問。

(Operator Instructions) Justin Patterson, KeyBanc.

（操作員說明）Justin Patterson，KeyBanc。

Great.

偉大的。

Thank you.

謝謝。

Two if I can.

如果可以的話，兩個。

First, you've had a lot of product innovation this year.

首先，今年有許多產品創新。

I'd love to hear just how customers are adopting some of these new products and what could be into the pipeline -- the product pipeline for 2025.

我很想聽聽客戶如何採用其中一些新產品，以及 2025 年的產品管道中可能會出現哪些產品。

So that's the first question.

這是第一個問題。

And then secondly, Greg, I just wanted to come back to that point you talked about.

其次，格雷格，我只想回到你談到的這一點。

There's going to be an AI investment cycle here.

這裡將會有一個人工智慧投資週期。

I know it's something we're all trying to work through the pace of.

我知道這是我們都在努力完成的事。

When you look at page views on your site, content being consumed, any signs that we're now closer to seeing some of that monetization come in?

當您查看網站上的頁面瀏覽量、消費的內容時，是否有任何跡象表明我們現在更接近看到一些貨幣化了？

Thanks so much.

非常感謝。

Great.

偉大的。

Justin, this is Mike.

賈斯汀，這是麥克。

In terms of the product innovation, we've been very aggressive in terms of the product innovation and what we're trying to build for the overall platform that we're bringing to the market.

在產品創新方面，我們在產品創新以及我們為推向市場的整體平台而努力構建的方面一直非常積極。

And at the end of Q2, we introduced one of the products, which is our account insights feed, which is a subscription offering.

在第二季末，我們推出了其中一款產品，即我們的帳戶洞察源，這是一種訂閱產品。

And it's a module of the priority engine.

它是優先引擎的一個模組。

But it's very focused on account-only first-party intent signals.

但它非常關注僅限帳戶的第一方意圖信號。

And that was really important for us because if you know us, historically, we are focused on prospect level intelligence for sales activation and for marketing automation to reach individuals.

這對我們來說非常重要，因為如果您了解我們，從歷史上看，我們專注於潛在客戶級別的情報，以促進銷售啟動和行銷自動化以覆蓋個人。

At the account level, our customers have come to us and said they are craving for first-party account-specific intent feeds to help fuel different go-to-market strategies.

在帳戶層面，我們的客戶向我們表示，他們渴望第一方帳戶特定的意圖來源，以幫助推動不同的上市策略。

For example, we look at account-level targeting for customers.

例如，我們專注於客戶的帳戶級定位。

We look at creating ABM lists.

我們著眼於建立 ABM 清單。

We look at account prioritization based on first-party insights, programmatic advertising and account insights for sellers.

我們根據第一方洞察、程序化廣告和賣家帳戶洞察來考慮帳戶優先順序。

So it's really important that we can provide our intent at the account level into our customers' workflows.

因此，我們能夠將帳戶層級的意圖提供給客戶的工作流程，這一點非常重要。

We announced as part of that a partnership with Sixth Sense's revenue AI platform.

作為其中的一部分，我們宣布與 Sixth Sense 的收益人工智慧平台建立合作關係。

So think about Sixth Sense in the platform helping customers have access to account insight feeds.

因此，請考慮平台中的第六感，幫助客戶存取帳戶洞察來源。

But accounts don't get -- vendors don't get access to the TechTarget intelligence unless they subscribe to our insights, so making sure that we have our account insights integrated seamlessly into the Sixth Sense platforms help our customers have a better experience and to really help put that account intent insights into action around those use cases.

但客戶無法獲得——供應商無法存取 TechTarget 情報，除非他們訂閱我們的見解，因此確保我們將客戶見解無縫整合到 Sixth Sense 平台中，幫助我們的客戶獲得更好的體驗並真正有助於將客戶意圖洞察轉化為圍繞這些用例的行動。

The other launch that we did was Market Monitor, which is a real-time market dynamics data set to assist our clients in a lot of different areas.

我們推出的另一個產品是市場監控，它是一個即時市場動態資料集，可以在許多不同領域為我們的客戶提供幫助。

Think about content investments, marketing, and sales outreach.

考慮內容投資、行銷和銷售推廣。

So what we're looking at are the types of accounts actively researching a particular solution by industry or by vertical, the types of personas within those accounts.

因此，我們關注的是按行業或垂直領域積極研究特定解決方案的帳戶類型，以及這些帳戶中的角色類型。

We're reporting on best-performing content, what resonates, what doesn't resonate as well as competitive insights, who's influencing or engaging within those accounts.

我們正在報告表現最好的內容，什麼能引起共鳴，什麼不能引起共鳴，以及競爭見解，誰在影響或參與這些帳戶。

And if you take a look at our product strategy, we're really focused on connecting the dots across all the different products that we have to offer, from content enablement and custom content strategy, so we can help customers by identifying and providing them the insights on, you need to invest in this type of content because this is what performs the best to go out and reach, engage and influence buyers, that's going to help on our content strategy.

如果你看一下我們的產品策略，我們真的專注於將我們必須提供的所有不同產品的各個點連接起來，從內容支援到客製化內容策略，這樣我們就可以透過識別並向他們提供以下內容來幫助客戶：洞察，你需要投資這種類型的內容，因為這是最能走出去、接觸、吸引和影響買家的內容，這將有助於我們的內容策略。

All the way to brand, as I mentioned, content investment, all the way to putting the right assets in market for demand and intent that converts.

正如我所提到的，一直到品牌，一直到內容投資，一直到將正確的資產投入市場以滿足需求和意圖的轉換。

So Market Monitor was another release, and we're seeing success on that as well.

因此，Market Monitor 是另一個版本，我們也看到了成功。

The other product that we announced was our Priority Engine demand.

我們宣布的另一個產品是我們的優先引擎需求。

We've been talking about this throughout the year.

這一年我們一直在談論這個問題。

Think about this as really tying a holistic approach in providing our customers insights on how all the products are doing and all the solutions that TechTarget is providing them.

將此視為一種真正的整體方法，為我們的客戶提供有關所有產品的運作情況以及 TechTarget 為他們提供的所有解決方案的見解。

Each of our solutions is powered by permission-based and first-party and tenant sites.

我們的每個解決方案均由基於許可的第一方和租戶站點提供支援。

So we want to make sure that we're revolutionizing and evolving the demand gen strategy.

因此，我們希望確保我們正在徹底改變和發展需求產生策略。

And this again is a subscription-based offering where our customers will now have access to customized content ops.

這又是一個基於訂閱的產品，我們的客戶現在可以存取客製化的內容操作。

Not only will they have insights into that active, we'll call it, lead or prospect, but we will be able to deliver and provide insights into the buying groups and the buying teams within those accounts.

他們不僅能夠深入了解該活動（我們稱之為「領導」或「潛在客戶」），而且我們將能夠提供對這些客戶中的購買群體和購買團隊的見解。

We'll be leveraging our IntentMail AI, which we launched early in the year that was focused on prospect level to buying group levels so we can scale and make sure that our customers are in the best position to reach and scale with efficiency and efficacy to the right buying groups, and as part of that whole investment strategy, to provide real-time analytics to show our customers how their content is doing, how their demand's doing, how ultimately their brand is doing and tie it all together in a holistic view.

我們將利用我們在今年早些時候推出的 IntentMail AI，它專注於潛在客戶級別到購買群體級別，以便我們能夠擴展並確保我們的客戶處於最佳位置，以高效和功效來接觸和擴展，正確的購買群體，並作為整個投資策略的一部分，提供即時分析，向我們的客戶展示他們的內容表現如何、他們的需求如何表現、他們的品牌最終表現如何，並將它們以整體視角結合在一起。

These are really important investments as we get ready for the close and then the launch of new company heading into 2025.

這些都是非常重要的投資，因為我們正在為 2025 年結束並推出新公司做好準備。

So we've been pretty aggressive on that, and we're really happy where we stand on that.

所以我們在這方面一直非常積極，我們對我們在這方面的立場感到非常高興。

In terms of the AI investment cycle, what we see with customers is we're spending a lot of money in their research and development.

就人工智慧投資週期而言，我們從客戶那裡看到的是我們在他們的研發上花費了大量資金。

A lot of the R&D is around AI enhancements to existing products as well as new products that they will launch.

許多研發都是圍繞現有產品以及即將推出的新產品的人工智慧增強。

And the point of that is there'll come a point when that AI, those R&D investments have to generate an ROI in terms of revenue growth, and market penetration, and market share.

關鍵是，人工智慧、這些研發投資必須在收入成長、市場滲透率和市場份額方面產生投資回報。

And as the recovery continues and we get through that R&D investment, you'll see -- we expect to see customers really fuel growth around sales and marketing efforts and being able to clearly identify the value that their solutions are bringing versus the noise that's in the market.

隨著復甦的繼續以及我們完成研發投資，您會看到 - 我們期望看到客戶真正推動銷售和行銷工作的成長，並能夠清楚地識別他們的解決方案帶來的價值與噪音市場。

And what better place to do that is around an organization that actually covers this market pretty deeply in technology buying teams and buying groups and organizations leverage on the data, the insight, the analyst reports and our editorial strength.

做到這一點的更好的地方是圍繞著一個組織，該組織實際上在技術購買團隊和購買團體中相當深入地覆蓋了這個市場，並且組織利用數據、洞察力、分析師報告和我們的編輯實力。

Thank you.

謝謝。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

Maybe just starting off on the macro.

也許只是從宏觀開始。

I guess you guys have been running this business for a long time and have seen a lot of cycles.

我猜你們經營這個生意已經很久了，也經歷過很多周期。

I guess, are you seeing any trends in how this cycle has developed relative to past cycles that can kind of give you confidence that spending will improve in a more material way next year kind of in line with your commentary from the shareholder letter?

我想，您是否看到了本週期相對於過去週期的發展趨勢，這些趨勢可以讓您相信明年的支出將會以更實質性的方式改善，這與您在股東信中的評論一致？

Yes.

是的。

That's a good question.

這是個好問題。

So John, I'd say we've been in a two-year depressed technology cycle.

所以約翰，我想說我們已經處於一個為期兩年的低迷技術週期。

And we've seen that.

我們已經看到了這一點。

It's not a matter of if, it's a matter of when that will rebound.

這不是是否會反彈的問題，而是何時反彈的問題。

And I'll say, if you take a look at TechTarget throughout 2024, if you look at our Q1 results, which we -- our expectations were we'd be down high single digits, relatively flat year-over-year, but we're up 1% in Q2, and then we saw a 2% growth in Q3.

我想說的是，如果你看看 TechTarget 整個 2024 年的情況，如果你看看我們第一季的業績，我們的預期是，我們的業績會出現高個位數下降，同比相對持平，但我們第二季成長了1%，第三季成長了2%。

And we're still seeing those -- we expect to see very similar trends, consistent trends in Q3 as we go into Q4 and into the first half of 2025.

我們仍然看到這些——我們預計在進入第四季度和 2025 年上半年時，在第三季度會看到非常相似、一致的趨勢。

If you've taken a look at a lot of the other -- some of the companies that have reported actually saw double-digit decline in the first half.

如果你看過很多其他公司的話，一些報告的公司實際上在上半年出現了兩位數的下滑。

They're seeing less of a decline in the second half.

他們看到下半年的下滑幅度較小。

We feel like we're navigating a little bit better than a lot of our competition.

我們覺得我們比許多競爭對手做得更好。

But what I also look at is some of the things that we've talked about in these downtimes, you're seeing a light at the end of the tunnel.

但我也關注的是我們在停工期間討論過的一些事情，你會看到隧道盡頭的曙光。

For example, we've seen two interest rate cuts.

例如，我們已經看到兩次降息。

That always bodes well for the future for the technology market.

這對科技市場的未來來說總是一個好兆頭。

We saw a presidential election which we didn't know how that was going to go or if it was going to get contested.

我們看到了一場總統選舉，但我們不知道選舉將如何進行，也不知道是否會出現競爭。

It seems like it's come and gone and we're moving forward on that.

看起來它已經來了又走了，我們正在繼續前進。

So there were some signs out there that really will benefit, we believe, the technology market and what we've seen historically in the long term.

因此，我們相信，有一些跡象確實有利於科技市場以及我們歷史上所看到的長期發展。

So I'd say in the short term, though, we'd like to see the consistent go from decline to growth, two consecutive quarters of growth and being able to say, we have a pattern now of seeing year-over-year growth at modest low to mid-single-digit numbers.

因此，我想說，在短期內，我們希望看到從下降到成長的持續過程，連續兩個季度的成長，並且能夠說，我們現在有一個看到同比增長的模式處於中等低至中個位數的數字。

That's what gives us confidence in the long term.

從長遠來看，這給了我們信心。

Our focus right now is to close this combination with Informa Tech.

我們現在的重點是完成與 Informa Tech 的合併。

We announced the Informa Tech digital assets.

我們發布了 Informa Tech 數位資產。

We announced a special meeting date on November 26.

我們宣布了 11 月 26 日的特別會議日期。

We expect it to close shortly thereafter.

我們預計不久後就會關閉。

And then our focus will be executing on the business, making sure that we have the integration done in a timely manner and really navigate through the next couple of quarters and look at capturing the upside when the market does recover and when all these impacts come into play or these changes, and that's what we're really focused on right now.

然後我們的重點將是執行業務，確保我們及時完成整合，並真正度過接下來的幾個季度，並著眼於在市場確實復甦以及所有這些影響出現時抓住上行空間玩或這些變化，這就是我們現在真正關注的。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Maybe just following up on that.

也許只是跟進此事。

In the last cycle, a major contributor of your growth was a pretty big increase in the SMB customer count.

在上一個週期中，您的成長的主要貢獻者是中小企業客戶數量的大幅成長。

And then obviously, we know they pulled back quite a bit, particularly when the Silicon Valley Bank crisis hit.

顯然，我們知道他們大幅撤退，特別是當矽谷銀行危機來臨時。

In this next cycle coming next year, do you think that these SMB customers will come back?

在明年的下一個週期中，您認為這些中小企業客戶會回來嗎？

Or do you think that the growth will be driven more by the enterprise and larger customer cohorts?

或者您認為成長將更多地由企業和更大的客戶群推動？

Thanks.

謝謝。

Yes, no problem.

是的，沒問題。

I think the first level of growth is going to be with increased product and capability set at the large enterprise and strategic accounts.

我認為第一級成長將是大型企業和策略客戶的產品和能力的增加。

We now have an ability to go wider and deeper.

我們現在有能力走得更廣、更深。

If you take a look at what we have to offer on our own product road map and what we're launching, that's been really important for us to get ready for 2025.

如果您看一下我們在自己的產品路線圖上必須提供的內容以及我們正在推出的內容，您會發現這對我們為 2025 年做好準備非常重要。

But when you take a look at the assets coming into TechTarget and combining with TechTarget and you talk about industry dive and being able to get into the vertical markets and you talk about the intelligence and advisory arm of Omdia and you look at IT, media markets and brands as well as the net line engine, we have a really good opportunity to land and expand within our existing accounts.

但是，當您查看進入 TechTarget 並與 TechTarget 合併的資產時，您會談論行業潛水和進入垂直市場的能力，您會談論 Omdia 的情報和諮詢部門，您還會關注 IT、媒體市場和品牌以及網線引擎，我們有一個非常好的機會在我們現有的客戶中落地和擴展。

And there will be a focus on that on the strategic accounts, in the enterprise accounts as well as getting into those verticals.

我們將重點放在策略客戶、企業客戶以及進入這些垂直領域。

I would say that you nailed it.

我想說你成功了。

I mean if you take a look at even Gartner's most recent information that came out and talked about some of the smaller tech companies that are really challenged with cost and really challenged managing their expenses and don't have access to financing the capital that's really beneficial for them like it was -- or favorable, I should say, like it was a few years ago, they may continue to be challenged a little bit.

我的意思是，如果你看看Gartner 發布的最新信息，其中談到了一些規模較小的科技公司，這些公司在成本方面確實面臨挑戰，在管理開支方面也確實面臨挑戰，而且無法獲得真正有益的資本融資對他們來說，就像過去一樣——或者有利，我應該說，就像幾年前一樣，他們可能會繼續受到一些挑戰。

But we still see some opportunities for us in terms of -- because of the depth and breadth of our product offerings, to be able to do a good job with those smaller accounts.

但由於我們產品的深度和廣度，我們仍然看到了一些機會，能夠很好地處理這些較小的客戶。

But I would say the #1 place where we're going to be able to grow and land and expand is on the enterprise and those strategic accounts

但我想說，我們能夠成長、落地和擴張的第一點是企業和那些策略客戶

Got it.

知道了。

Thanks guys and good luck with closing the deal.

謝謝大家，祝交易順利。

Thank you.

謝謝。

(Operator Instructions) Jason Kreyer, Craig-Hallum.

（操作說明）Jason Kreyer，Craig-Hallum。

Great.

偉大的。

This is Cal on for Jason.

這是卡爾為傑森代言的。

So first question from us, can you just discuss how the premerger planning has gone so far?

我們的第一個問題是，您能談談合併前的規劃到目前為止進展如何嗎？

And how do you feel like you're positioned should the merger eventually go through here?

如果合併最終在這裡進行，您感覺自己的處境如何？

Yes.

是的。

So Cal, we've been working on this since the beginning of the year when we announced it in January 10.

Cal，自從今年年初我們在 1 月 10 日宣布這項消息以來，我們就一直在努力解決這個問題。

We've worked together closely with the Informa Tech digital business units, working closely with Gary, with the business leaders to really understand the operating model, how do we best set the new organization, set it up for success.

我們與 Informa Tech 數位業務部門密切合作，與加里、業務領導者密切合作，以真正了解營運模式，我們如何最好地設置新組織，使其成功。

The teams get along well.

團隊相處得很好。

The operating model and the organizational structure, I would say it's been going very, very well across the board.

我想說，營運模式和組織結構在各方面都進展得非常非常好。

I think everybody sees the opportunity and understand the opportunity that these two organizations coming together can really play in the long term as well as getting off the ground in the short term.

我認為每個人都看到了機會並理解這兩個組織的結合不僅可以在長期內真正發揮作用，而且可以在短期內取得進展。

We're focused on Day 1 planning.

我們專注於第一天的計劃。

We've got Day 180 planning all the way to Day 365.

我們已經從第 180 天一直到第 365 天進行了規劃。

I'd say the team has been lockstep on this.

我想說團隊在這方面一直步調一致。

And I would say that the planning and the premerger planning has gone well.

我想說的是，規劃和合併前的規劃進展順利。

I didn't catch your second question on that.

我沒聽清楚你的第二個問題。

I think that was it for that one.

我想這就是那個人的事了。

But the second question that I just had here, I just kind of wanted to ask on the competitive environment.

但我剛才在這裡提出的第二個問題，我只是想問競爭環境的問題。

You kind of talked about leaning on the balance sheet here, keeping your investments progressing.

您談到了依靠資產負債表來保持投資的進展。

So how do you see those investments really differentiating yourself versus your competitors who may have had to pull back here during the down cycle?

那麼，您如何看待這些投資真正使您與您的競爭對手區分開來，而您的競爭對手可能不得不在下行週期中撤退？

I think companies like -- a lot of our competitors are private companies that we stay in touch with and we also have some public companies.

我認為我們的許多競爭對手都是私人公司，我們與它們保持聯繫，我們也有一些上市公司。

But we've built 25 years of a strong financial profile organization with a strong balance sheet.

但 25 年來，我們已經建立了一個擁有強大財務狀況和強大資產負債表的組織。

And we've always had in any downturn, be optimistic -- always be careful on how you invest and understand how you invest, but be opportunistic because, in a downturn, we have an opportunity to take market share and really put ourselves in the best position to capture the upside during -- when the recovery comes.

在任何低迷時期，我們總是保持樂觀——始終謹慎投資並了解自己的投資方式，但要抓住機會，因為在低迷時期，我們有機會獲得市場份額，並真正將自己置於有利的位置。當經濟復甦到來時，這是抓住上漲空間的最佳位置。

And even when -- without a recovery, the investments that we make around our products, around our content and around our audiences, I believe, put us in a competitive advantage.

即使沒有復甦，我相信我們圍繞產品、內容和受眾的投資也能讓我們處於競爭優勢。

There are not a lot of organizations that I would call own and operate the sites and communities that have access to permission-based audiences as well as first party intent.

我認為擁有並經營能夠訪問基於許可的受眾以及第一方意圖的網站和社區的組織並不多。

And to me, that's the most accurate and most effective way to help sales and marketing when they're ready to invest in their growth capabilities for driving revenue and market share.

對我來說，當銷售和行銷人員準備投資成長能力以提高收入和市場份額時，這是幫助他們的最準確、最有效的方法。

So those investments are really important for us.

所以這些投資對我們來說非常重要。

We take a view of -- we understand we have 90-day quarters, but we take a look at that one to two to three years and if we invest X on this because we can do it with our balance sheet, this will generate Y and Z in terms of return.

我們認為——我們知道我們有 90 天的季度，但我們會考慮一到兩到三年，如果我們在這方面投資 X，因為我們可以用我們的資產負債表做到這一點，這將產生 Y Z 表示回報。

So I think we're in an enviable position on that because of the model that we've built over 25 years.

因此，我認為我們在這方面處於令人羨慕的地位，因為我們已經建立了超過 25 年的模型。

We're very disciplined, and we're effective when we make those investments in the right areas.

我們非常有紀律，當我們在正確的領域進行投資時，我們就會非常有效。

Perfect.

完美的。

Thank you.

謝謝。

And I will echo good luck here closing the merger.

我在此表示祝您好運，完成合併。

Thank you.

謝謝。

Thank you.

謝謝。

There are currently no other questions in the queue waiting at this time.

目前隊列中沒有其他問題正在等待。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your line.

現在您可以斷開線路。