Ziff Davis Inc (ZD) 2025 Q1 法說會逐字稿

(Operator Instructions)

（操作員指示）

Good day, ladies and gentlemen, and welcome to the Ziff Davis first-quarter 2025 earnings conference call. My name is Paul, and I will be the operator assisting you today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Ziff Davis 2025 年第一季財報電話會議。我叫保羅，今天我將擔任協助您的接線生。（操作員指示）

On this call will be Vivek Shah, CEO of Ziff Davis; and Bret Richter, Chief Financial Officer of Ziff Davis. I will now turn the call over to Bret Richter, Chief Financial Officer of Ziff Davis. Thank you. You may begin.

參加此次電話會議的有 Ziff Davis 執行長 Vivek Shah 和 Ziff Davis 財務長 Bret Richter。現在我將電話轉給 Ziff Davis 財務長 Bret Richter。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to the Ziff Davis investor conference call for Q1 2025. As the operator mentioned, I am Bret Richter, Chief Financial Officer of Ziff Davis, and I am joined by our Chief Executive Officer, Vivek Shah.

謝謝。大家早安，歡迎參加 2025 年第一季 Ziff Davis 投資者電話會議。正如接線員所提到的，我是 Ziff Davis 的財務長 Bret Richter，與我一起的還有我們的執行長 Vivek Shah。

A presentation is available for today's call. A copy of this presentation is available on our website. When you launch the webcast, there is a button on the viewer on the right hand side, which will allow you to expand the slides. If you have not received a copy of the press release, you may access it through our corporate website at www.ziffdavis.com. In addition, you'll be able to access the webcast from this site.

今天的電話會議已有簡報。您可在我們的網站上找到該簡報的副本。當您啟動網路廣播時，右側的檢視器上會有一個按鈕，可讓您展開投影片。如果您尚未收到新聞稿，您可以透過我們的公司網站 www.ziffdavis.com 取得。此外，您也可以透過該網站觀看網路直播。

After completing the formal presentation, we'll be conducting a Q&A. The operator will instruct you at that time regarding the procedures for asking questions. In addition, you can email questions to investor@ziffdavis.com.

正式演示完成後，我們將進行問答。接線員屆時將指導您提問的程序。此外，您也可以將問題透過電子郵件發送至 investor@ziffdavis.com。

Before we begin our prepared remarks, allow me to read the Safe Harbor language. As you know, this call and the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to differ materially from the anticipated results.

在我們開始準備好的發言之前，請容許我讀一下安全港條款。如您所知，本次電話會議和網路直播將包含前瞻性陳述。此類聲明可能涉及風險和不確定性，導致實際結果與預期結果有重大差異。

Some of those risks and uncertainties include, but are not limited to the risk factors that we have disclosed in our SEC filings, including our 10-K filings, recent 10-Q filings, various proxy statements and 8-K filings, as well as additional risk factors that we have included as part of the slideshow for the webcast. We refer you to discussions in those documents regarding Safe Harbor language as well as forward-looking statements.

這些風險和不確定性包括但不限於我們在 SEC 文件中揭露的風險因素，包括我們的 10-K 文件、最近的 10-Q 文件、各種代理聲明和 8-K 文件，以及我們作為網路廣播幻燈片的一部分包含的其他風險因素。我們請您參閱這些文件中有關安全港語言以及前瞻性陳述的討論。

In addition, following our business outlook slides are our supplemental materials, including reconciliation statements for non-GAAP measures to the nearest GAAP equivalent. Now let me turn the call over to Vivek for his remarks.

此外，在我們的業務展望幻燈片之後是我們的補充資料，包括非 GAAP 指標與最接近的 GAAP 指標的對帳單。現在，讓我將電話轉給維韋克，請他發表評論。

Thank you, Bret, and good morning, everyone. We're pleased with our first-quarter results with revenues and adjusted EBITDA, both ahead of our internal estimates. We also believe that Q2 will show accelerating growth, and we are reaffirming our full-year guidance, which, as a reminder, reflects revenue growth of 5% and adjusted even a growth of 6% at the midpoint. We continue to be an active buyer of our shares, and we're settling into a nice M&A cadence with two acquisitions in Q1, one in early Q2, and another signed last week.

謝謝你，布雷特，大家早安。我們對第一季的業績感到滿意，營收和調整後的 EBITDA 都超出了我們的內部預期。我們也相信第二季將呈現加速成長，並且我們重申全年指引，提醒一下，該指引反映了 5% 的營收成長，甚至調整後中期成長率為 6%。我們繼續積極購買我們的股票，我們正在進入一個良好的併購節奏，第一季進行了兩次收購，第二季初進行了一次收購，上週又簽署了一次收購。

Four of our five reportable segments grew in revenues in Q1. Taken together, these four segments which historically were combined into the digital media segment grew over 9%. The fifth segment, Cybersecurity and Martech, declined nearly 11%. However, much of that decline relates to certain timing benefits that occurred in the first quarter of 2024.

我們五個報告部門中有四個在第一季實現了收入成長。整體而言，這四個部門（歷史上合併為數位媒體部門）的成長率超過 9%。第五部分，網路安全和行銷技術，下降了近 11%。然而，這種下降很大程度上與 2024 年第一季發生的某些時間效益有關。

I'd like to share some thoughts about each of our five segments. Starting with Tech and Shopping, revenues grew nearly 18% through the combination of organic growth and M&A, and adjusted EBITDA grew nearly 44%.

我想就我們的五個部分分別分享一些想法。從科技和購物開始，透過有機成長和併購的結合，營收成長了近 18%，調整後的 EBITDA 成長了近 44%。

Our bottom-line growth reflects the margin expansion we had planned for CNET as well as the shift in our strategy for B2B. We've simplified our B2B product offerings and reduced expenses in a shrink-to-grow approach that's working.

我們的底線成長反映了我們為 CNET 計劃的利潤擴張以及我們 B2B 策略的轉變。我們簡化了 B2B 產品供應，並採取了有效的「縮減成長」方法，降低了開支。

CES was a great success this past January where we unveiled our new tech media portfolio branding, CNET Group, the clients and agencies at the event. We also partnered with the CTA, the organizers of CES, to launch the official Best of CES Awards, reinforcing our category leadership.

今年 1 月的 CES 取得了巨大成功，我們在會上發布了新的科技媒體組合品牌 CNET Group、客戶和代理商。我們也與 CES 的組織者 CTA 合作推出了官方最佳 CES 獎項，鞏固了我們的類別領導地位。

Gaming and Entertainment revenues grew by nearly 4%, with 7% growth in ad revenue while subscription revenues were slightly down. Our Humble platform had a weaker line-up of game offerings during the quarter. We're focused on improving our merchandizing assortment and securing better IP for future bundles. And we're cautiously optimistic that the June launch of Nintendo Switch 2 will represent a nice tailwind for the video game ad market.

遊戲和娛樂收入成長近 4%，其中廣告收入成長 7%，而訂閱收入略有下降。本季度，我們的 Humble 平台的遊戲產品陣容較弱。我們專注於改善我們的商品種類，並為未來的捆綁銷售確保更好的 IP。我們謹慎樂觀地認為，6 月推出的 Nintendo Switch 2 將為電玩廣告市場帶來良好的順風。

Adjusted EBITDA for Gaming and Entertainment declined in the quarter based on revenue mix and expense timing, which we believe will reverse itself in Q2. Health and wellness grew revenues over 7% and adjusted EBITDA grew by over 12%.

基於收入組合和支出時間因素，本季遊戲和娛樂業務的調整後 EBITDA 有所下降，我們認為這種情況將在第二季扭轉。健康和保健業務收入成長超過 7%，調整後 EBITDA 成長超過 12%。

Prior to last year, the Health and Wellness business was one of our most consistent growers. We view last year as an aberration, and this quarter's growth, as well as a healthy pharma ad upfront, as indications of a promising return to high-single-digit growth for the segment. It's also worth noting that the subscription business is now 15% of the segment's revenues, which has been a diversification priority for all of our digital media businesses.

去年之前，健康和保健業務是我們成長最穩定的業務之一。我們認為去年是一個異常現象，而本季的成長以及健康的醫藥廣告預付款顯示該領域有望恢復高個位數成長。另外值得注意的是，訂閱業務目前佔該部門收入的 15%，這一直是我們所有數位媒體業務的多元化重點。

Connectivity's revenues grew by 5% with the core part of the business, subscription and licensing growing by 7%. In particular, we saw strong growth from both Speedtest and Downdetector. And with the market adoption and deployment of Wi-Fi 7 in 2025, we believe we will experience increased demand for Ekahau.

連接業務的收入成長了 5%，其中核心業務部分、訂閱和授權收入成長了 7%。特別是，我們看到 Speedtest 和 Downdetector 都實現了強勁成長。隨著 2025 年市場對 Wi-Fi 7 的採用和部署，我們相信對 Ekahau 的需求將會增加。

Connectivity has historically been our fastest-growing segment, and we're pleased to see it poised for a re-acceleration in growth in 2025. The margins of this business are industry-leading and continue to impress at over 50%. And we believe this will once again be a Rule of 60 plus data services and software business.

從歷史上看，連接性一直是我們成長最快的領域，我們很高興看到它將在 2025 年再次加速成長。該業務的利潤率處於行業領先地位，並持續保持在 50% 以上的高點。我們相信這將再次成為資料服務和軟體業務的 60 條規則。

Finally, as I mentioned, the one segment that did decline in the quarter was Cybersecurity and Martech, which fell nearly 11% in revenues partly due to the timing of certain revenues recognized in the prior year's first quarter. Given some of the sequential revenue trends and a small acquisition in early Q2, we still expect to see this segment grow in the second half of the year.

最後，正如我所提到的，本季確實出現下滑的一個部門是網路安全和行銷技術部門，其收入下降了近 11％，部分原因是某些收入確認的時間是在去年第一季。考慮到一些連續的收入趨勢以及第二季初的一項小規模收購，我們仍然預計該部門將在今年下半年實現成長。

We're particularly encouraged by progress in our VPN business where we believe we've stabilized our revenue. And we're now on a trajectory to grow organically.

VPN 業務的進展令我們特別受鼓舞，我們相信我們的收入已經穩定下來。我們現在正處於有機成長的軌道上。

Our advertising markets, Tech and Shopping, Health and Wellness, Gaming and Entertainment, were strong in Q1 and hold promise for the year. Obviously, there's a meaningful amount of uncertainty in the world right now, but we remain cautiously optimistic.

我們的廣告市場，包括科技與購物、健康與保健、遊戲與娛樂，在第一季表現強勁，並且對全年前景看好。顯然，目前世界存在著大量的不確定性，但我們仍然保持謹慎樂觀。

Our subscription and licensing businesses are stable and growing nicely in some parts. As we always do, we're tightly managing our operating costs and capital expenses. Taken together, we feel confident in our ability to exceed our adjusted even to growth rate year over year.

我們的訂閱和授權業務在某些領域穩定且成長良好。正如我們一貫的做法，我們嚴格管理營運成本和資本支出。總的來說，我們有信心我們有能力實現逐年超過調整後的成長率。

On capital allocation, we continue to seek opportunities to further accelerate our EPS growth [through] share repurchases and acquisitions. On the former, we have bought 4.25 million shares of our stock over the last four quarters, representing roughly 10% of our total shares outstanding.

在資本配置方面，我們繼續尋求機會透過股票回購和收購進一步加速每股盈餘的成長。就前者而言，我們在過去四個季度中購買了 425 萬股股票，約占我們流通股總數的 10%。

In 2021, the company generated $485 million of adjusted EBITDA, and the stock hit a high of almost $130. This year, the midpoint of our guidance has us generating $523 million of adjusted EBITDA, and the stock is currently in the 30s, with almost 12% fewer shares outstanding. While the market processes this, we will continue to lean into this dislocation.

2021年，該公司調整後EBITDA為4.85億美元，股價一度觸及近130美元的高點。今年，我們預期的中點是，我們的調整後 EBITDA 為 5.23 億美元，而股價目前在 30 多美元，流通股減少了近 12%。當市場處理這一問題時，我們將繼續傾向於這種錯位。

At the same time, this environment is producing compelling acquisition opportunities for us, and we're working to ensure that we are positioned to transact. Last year, we acquired four businesses. And so far, this year, we've acquired three, have a contract signed on the fourth, and have an active pipeline of opportunities across all five of our segments.

同時，這種環境為我們創造了極具吸引力的收購機會，我們正在努力確保我們有能力進行交易。去年，我們收購了四家企業。今年到目前為止，我們已經收購了三家公司，簽署了第四家公司的合同，並且在我們所有五個部門都擁有活躍的商機管道。

Looking ahead, our focus remains on identifying the most compelling assets within our verticals, situations in which we believe we can uniquely generate value, leveraging our platforms, technology, teams, and know-how.

展望未來，我們的重點仍然是確定我們垂直領域內最具吸引力的資產，在這些情況下，我們相信我們可以利用我們的平台、技術、團隊和專業知識以獨特的方式創造價值。

We prize diversification and you see that in our multiple revenue models of advertising, performance marketing, subscriptions, and licensing; in our multiple end-markets of consumers, small and medium businesses, and enterprises; and of course in our multiple digital categories. It's why we seek to pursue businesses with powerful and established brands that have the proven capacity to adapt.

我們重視多元化，這一點您可以從我們的廣告、績效行銷、訂閱和授權等多種收入模式中看出；在我們的消費者、中小型企業和企業等多個終端市場中可以看出；當然還有我們的多個數位類別中也可以看出。這就是為什麼我們尋求與擁有強大、成熟且具備適應能力的品牌開展業務。

We believe we own the top-tier brands in many of our categories, brands that have endured for decades. Moreover, we expect to see the compounding effects of serial acquisition and share buybacks restore value in the company and for our shareholders.

我們相信，我們在許多產品類別中都擁有頂級品牌，這些品牌已經存在了幾十年。此外，我們預期連續收購和股票回購的複合效應將恢復公司和股東的價值。

Our decision to file a lawsuit against OpenAI stems from a fundamental conviction to protect the core principles underpinning quality journalism and the significant investments required to produce it. We are committed to advocating for the establishment of a more balanced and fair digital ecosystem which includes supporting the responsible growth of AI technology.

我們決定對 OpenAI 提起訴訟，是出於一個根本信念，即保護優質新聞報導的核心原則以及製作優質新聞報道所需的大量投資。我們致力於倡導建立更平衡、公平的數位生態系統，包括支援人工智慧技術的負責任發展。

This ecosystem must ensure the long-term sustainability of value for all stakeholders, including the consumers who rely on credible information, the publishers who invest in its creation, and the advertisers who support its dissemination. This is a principal effort to defend the integrity and value of journalism and our copyrights. We are resourced and positioned to challenge the unauthorized use of our content by companies like OpenAI.

這個生態系統必須確保所有利害關係人的價值長期可持續性，包括依賴可靠資訊的消費者、投資資訊創建的出版商以及支持資訊傳播的廣告商。這是捍衛新聞業的完整性和價值以及我們的版權的主要努力。我們擁有資源和能力來挑戰 OpenAI 等公司對我們內容的未經授權的使用。

We believe that this lawsuit is a crucial step towards fostering a digital environment where intellectual property rights are respected and the contributions of journalists and publishers are fairly recognized and compensated. We encourage everyone to read our complaint. It's full of compelling and important insights.

我們相信，這項訴訟是朝著營造尊重智慧財產權、公平認可和補償記者和出版商貢獻的數位環境邁出的關鍵一步。我們鼓勵每個人都閱讀我們的投訴。它充滿了令人信服且重要的見解。

With that, I'll hand the call back to Bret.

這樣，我就把電話轉回給布雷特。

Thank you, Vivek. Let's discuss our financial results. Our earnings release reflects both our GAAP and adjusted financial results for Q1 2025. My commentary will primarily relate to our Q1 2025 adjusted financial results and their comparisons to the relevant prior period. Please see slide 4 for the summary of our financial results.

謝謝你，維韋克。讓我們討論一下我們的財務結果。我們的收益報告反映了 2025 年第一季的 GAAP 和調整後的財務表現。我的評論主要涉及我們 2025 年第一季的調整後財務表現及其與相關前期的比較。請參閱投影片 4 以了解我們的財務表現摘要。

Q1 2025 revenues were $328.6 million. This reflects revenue growth of 4.5% as compared with revenues of $314.5 million for Q1 2024. Q1 2025 adjusted EBITDA was $100.2 million as compared with $100.8 million for the prior-year period. Our adjusted EBITDA margin for the quarter was 30.5%.

2025 年第一季營收為 3.286 億美元。與 2024 年第一季的 3.145 億美元收入相比，營收成長了 4.5%。2025 年第一季調整後 EBITDA 為 1.002 億美元，而去年同期為 1.008 億美元。本季調整後的 EBITDA 利潤率為 30.5%。

Note revenues, adjusted EBITDA, and adjusted EBITDA margin each exceeded our internal expectations for the first quarter. And our Q1 2025 results reflect a strong start to the pursuit of our 2025 financial goals.

請注意，第一季的營收、調整後的 EBITDA 和調整後的 EBITDA 利潤率均超過了我們的內部預期。我們的 2025 年第一季業績反映出我們在實現 2025 年財務目標方面取得了良好的開端。

We reported first quarter adjusted diluted EPS of $1.14. This figure was essentially in line with our expectations. Q1 2025 adjusted diluted EPS was negatively impacted as compared with the prior-year period by higher net interest expense and higher depreciation and amortization, each primarily related to our 2024 capital allocation activities. Q1 2025 adjusted diluted EPS was also negatively impacted by changes in certain foreign exchange rates which drove an increase in other loss net.

我們公佈的第一季調整後稀釋每股收益為1.14美元。這一數字基本上符合我們的預期。與去年同期相比，2025 年第一季調整後的稀釋每股盈餘受到淨利息支出增加和折舊及攤銷增加的負面影響，這兩項影響主要與我們 2024 年的資本配置活動有關。2025 年第一季調整後的稀釋每股盈餘也受到某些外匯匯率變動的負面影響，導致其他虧損淨額增加。

Slide 5 reflects performance summaries for our two primary sources of revenue: advertising and performance marketing, and subscription and licensing.

投影片 5 反映了我們兩個主要收入來源的績效摘要：廣告和績效行銷以及訂閱和授權。

Q1 2025 advertising and performance marketing revenue grew 12.3% as compared with the prior period, while subscription and licensing revenues declined by 2%. Other revenues declined by approximately $2 million in Q1 2025 as compared with the prior-year period, primarily reflecting a decline in Humble Games publishing revenues.

2025 年第一季廣告和成效行銷收入與上一季相比成長了 12.3%，而訂閱和授權收入下降了 2%。2025 年第一季其他收入與去年同期相比下降了約 200 萬美元，主要反映了 Humble Games 出版收入的下降。

Slides 6 through 10 reflect the Q1 financial results of each of our reportable segments which Vivek discussed in some detail already. Please refer to slide 11 as we discuss our balance sheet.

第 6 至 10 張投影片反映了我們每個報告部門的第一季財務業績，Vivek 已經對此進行了詳細討論。當我們討論資產負債表時，請參閱投影片 11。

As of the end of Q1 2025, we had $431 million of cash and cash equivalents and $167 million of long-term investments. We also have significant leverage capacity on both a gross and net leverage basis.

截至 2025 年第一季末，我們擁有 4.31 億美元的現金和現金等價物以及 1.67 億美元的長期投資。我們在總槓桿和淨槓桿方面也擁有顯著的槓桿能力。

As of the end of the first quarter, gross leverage was 1.8 times, trailing 12-months adjusted EBITDA, and our net leverage was 0.9 times and 0.6 times, including the value of our financial investments. During the first quarter of 2025, we deployed more than $39 million of cash for acquisitions and nearly $35 million related to share repurchases, including the repurchase of 750,000 shares during Q1 2025 under a 10b5-1 plant.

截至第一季末，過去 12 個月調整後 EBITDA 的總槓桿率為 1.8 倍，我們的淨槓桿率為 0.9 倍和 0.6 倍（包括我們的金融投資價值）。2025 年第一季度，我們部署了超過 3,900 萬美元的現金用於收購，近 3,500 萬美元用於股票回購，其中包括在 2025 年第一季度根據 10b5-1 工廠回購 750,000 股股票。

As we had planned for, Q1 marked an active quarter for our M&A activity. We closed the acquisition of theSkimm and Maxroll in March, and our activity has continued during the first half of the second quarter. We anticipate remaining active in M&A during the balance of 2025.

正如我們計劃的那樣，第一季是我們併購活動活躍的一個季度。我們於三月完成了對 theSkimm 和 Maxroll 的收購，而我們的活動在第二季上半段仍在繼續。我們預計在 2025 年餘下時間將繼續活躍於併購領域。

We are also acutely aware of the reduction in our stock price, and we continue to believe that our shares are undervalued in the market as compared with the intrinsic value of our underlying businesses. Ziff Davis has long-exercised disciplined capital allocation to drive returns.

我們也敏銳地意識到了我們股價的下跌，我們仍然認為，與我們基礎業務的內在價值相比，我們的股票在市場上被低估了。Ziff Davis 長期以來一直實行嚴格的資本配置來推動回報。

This includes acting decisively in the M&A market and repurchasing our shares in the open market when buying opportunities arise. To continue driving value for shareholders, we intend to use our existing share repurchase authorization to accelerate our share repurchase activity in the second quarter while maintaining our robust balance sheet.

這包括在併購市場上採取果斷行動，並在出現購買機會時在公開市場上回購我們的股票。為了持續為股東創造價值，我們打算利用現有的股票回購授權來加速第二季的股票回購活動，同時維持強勁的資產負債表。

Turning to slide 13. We are reaffirming the fiscal year 2025 guidance range that we presented in February 2025. As I noted earlier, our consolidated Q1 results largely met or exceeded our expectations. And to date, we have not experienced any notable negative impact of the expected volatility and instability of the macroeconomic environment. And while we, like most companies, are exposed to recessionary risks and other macroeconomic disruptions, year to date, we have not experienced any measurable negative impacts of the evolving tariff landscape.

翻到第 13 張投影片。我們重申 2025 年 2 月提出的 2025 財政年度指引範圍。正如我之前提到的，我們的第一季綜合業績基本上達到或超過了我們的預期。到目前為止，我們還沒有感受到宏觀經濟環境預期波動和不穩定性帶來的任何顯著負面影響。雖然我們和大多數公司一樣面臨經濟衰退風險和其他宏觀經濟動盪，但今年迄今為止，我們尚未感受到不斷變化的關稅格局帶來的任何可衡量的負面影響。

We started 2025 strong, and while a strong start to a fiscal year is often an indication of the potential for strong performance for the balance of 2025, given the uncertainties of the macroeconomic environment, we have simply maintained our guidance.

我們以強勁的勢頭開啟了 2025 年，雖然財政年度的強勁開局通常預示著 2025 年剩餘時間的強勁表現潛力，但鑑於宏觀經濟環境的不確定性，我們只是維持我們的指導方針。

We currently expect growth to improve in Q2 2025 as compared to Q1 2025. And Q2 adjusted EBITDA margins are expected to be similar to, if not slightly below, the prior year period, reflecting our plan to continue to invest in our businesses to support the balance of their 2025 goals, as well as certain other factors including the acquisition of certain businesses, which initially reflect dilutive margins prior to the completion of their integration plans. And as we have noted on prior calls, we plan to continue to focus on the creation of long-term shareholder value and not run the business to achieve short-term quarterly results.

我們目前預計 2025 年第二季的成長將比 2025 年第一季有所改善。預計第二季調整後的 EBITDA 利潤率將與去年同期相似（甚至略低），這反映了我們計劃繼續投資於我們的業務以支持其 2025 年目標的平衡，以及某些其他因素，包括收購某些業務，這些業務在完成整合計劃之前最初反映了稀釋利潤率。正如我們在先前的電話會議上所指出的，我們計劃繼續專注於創造長期股東價值，而不是為了實現短期季度業績而開展業務。

Following our business outlook slides or our supplemental materials, including reconciliation statements for the various non-GAAP measures to the nearest GAAP equivalents. Slide 20 includes a reconciliation of free cash flow. Q1 2025 reflects a use of free cash flow of approximately $5 million.

遵循我們的業務展望幻燈片或補充資料，包括各種非 GAAP 指標與最接近的 GAAP 指標的對帳單。投影片 20 包含自由現金流的對帳。2025 年第一季反映自由現金流的使用約為 500 萬美元。

This result was largely anticipated and primarily reflects four factors. A full quarter of our TDS business, which is a significant user of working capital in the first quarter and particularly January, a period that was not reflected in our Q1 2024 results. Overall, Q1 2025 reflects an $84 million cash outflow from operations from TDS for the quarter.

這一結果在很大程度上是可以預料到的，主要反映了四個因素。我們的 TDS 業務佔了整個季度的一半，這是第一季（尤其是 1 月份）營運資金的重要用戶，但這段期間並未反映在我們的 2024 年第一季業績中。整體而言，2025 年第一季度，TDS 本季的營運現金流為 8,400 萬美元。

Q1 2025 also reflects severance expenses related to a voluntary buyout program that we initiated in Q4 2024 as a way to facilitate some productive turnover. Certain M&A-related expenses and interest payments related to our [3.58%] convertible notes as Q1 2024 did not reflect any cash interest payments.

2025 年第一季也反映了與我們於 2024 年第四季啟動的自願買斷計畫相關的遣散費用，該計畫旨在促進一些生產性營業額。截至 2024 年第一季度，與我們的 [3.58%] 可轉換票據相關的某些併購相關費用和利息支付未反映任何現金利息支付。

In Q1 2024, we significantly broadened our disclosure by reporting five segments. As we said at the time, we believe this reporting structure will allow investors to gain deeper insight into each of our reportable segments and give our stakeholders a deeper appreciation of the diversity of our revenue composition, the scale of our businesses, and the strength of their margins.

2024 年第一季度，我們透過報告五個細分市場顯著擴大了資訊揭露範圍。正如我們當時所說，我們相信這種報告結構將使投資者能夠更深入地了解我們每個可報告的部門，並使我們的利害關係人更深入地了解我們收入構成的多樣性、業務規模及其利潤率的實力。

Since this time, we have received requests for additional historical information relating to these segments, and we plan to share certain reportable segment level quarterly financial information for the 2023 and 2024 periods in our Form 8-K. We trust that this additional disclosure will facilitate a greater appreciation of the intrinsic value of each of our reportable segments and the discount that our current stock trading level implies when compared with the sum of the parts analysis.

自此以後，我們收到了有關這些部門的更多歷史資訊的請求，我們計劃在 8-K 表中分享 2023 年和 2024 年期間某些可報告的部門級季度財務資訊。我們相信，這項額外的揭露將有助於我們更好地理解每個報告分部的內在價值，以及與各部分總和分析相比，我們目前的股票交易水準所隱含的折扣。

In addition to supporting our businesses during the early part of 2025, we've been focused on capital allocation. Our M&A program has been active year to date, and we plan to continue to take advantage of the opportunity to acquire stock at these levels.

除了在 2025 年初支持我們的業務之外，我們也一直專注於資本配置。我們的併購計劃今年迄今一直很活躍，我們計劃繼續利用機會以這些水準收購股票。

Overall, we believe that Q1 '25 was a strong start to the year. And while we continue to monitor risks associated with the macroeconomic environment, our second quarter is off to a solid start. We look forward to the balance of 2025.

總體而言，我們認為 2025 年第一季是一個強勁的開端。雖然我們繼續監測與宏觀經濟環境相關的風險，但我們的第二季已經取得了良好的開端。我們期待2025年的平衡。

With that, I would now ask the operator to rejoin us to instruct you on how to queue for questions.

好了，我現在請接線生重新加入我們，指導您如何排隊提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Shyam Patil, Susquehanna.

薩斯奎漢納的 Shyam Patil。

Hey, good morning. This is Aaron Samuels on for Shyam. Thank you so much for taking our question. Maybe first, I just wanted to ask for an update on the overall ad market. Sounds like things were good in 1Q and quarter to day trends have been good too, but can you just go a little bit deeper in terms of what you've seen so far quarter to date? And then could you share some thoughts on how things could trend in the rest of the year?

嘿，早安。這是 Shyam 的 Aaron Samuels。非常感謝您回答我們的問題。也許首先，我只是想詢問一下整個廣告市場的最新情況。聽起來第一季的情況不錯，而且季度內的趨勢也很好，但是您能否更深入地介紹一下到目前為止本季度的情況？那麼，您能否分享一下對今年剩餘時間情勢發展趨勢的看法？

Yeah, good morning, Aaron. Thanks for the question. So as you point out, look, Q1 was very strong for the ad business -- grew a little over 12%. CNET did contribute to that ad growth, but certainly our other consumer tech businesses performed very well. IGN, Everyday Health, all contributed growth, roughly, I think, 7% at Gaming and Entertainment, and Health and Wellness.

是的，早上好，亞倫。謝謝你的提問。正如你所指出的，第一季的廣告業務表現非常強勁——成長略高於 12%。CNET 確實為廣告成長做出了貢獻，但我們的其他消費科技業務表現也非常出色。IGN、Everyday Health 等都對遊戲和娛樂以及健康和保健領域的成長做出了貢獻，我認為大約是 7%。

So across all of our key verticals -- and I always encourage those who study the company to understand the advertising business in the context of the verticals and categories in which we operate. So the three -- Tech and Shopping, Gaming and Entertainment, and Health and Wellness look reasonably strong. We did have some offsets, but they were planned. And that's largely in the B2B business, where as I described in my prepared remarks, we're focused on margin expansion. So we're walking away from revenues that were unprofitable. And so we see profitability now in that business, and that was a really smart decision for us.

因此，在我們所有關鍵的垂直領域中——我總是鼓勵那些研究公司的人在我們運營的垂直領域和類別的背景下理解廣告業務。因此，科技與購物、遊戲與娛樂、健康和保健這三個方面看起來相當強勁。我們確實有一些補償，但它們是計劃好的。這主要發生在 B2B 業務中，正如我在準備好的演講中所描述的，我們專注於利潤率的擴大。因此，我們放棄了那些無利可圖的收入。因此，我們現在看到了該業務的盈利能力，這對我們來說是一個非常明智的決定。

We think that the trends, for the rest of the year, continue to be positive. I mentioned in the gaming side potential tailwinds relating to Nintendo Switch 2. With Health and Wellness, which is the vertical where we probably have the best visibility because there is an upfront that takes place with respect to pharmaceutical advertising, the upfronts have been good for us.

我們認為，今年剩餘時間的趨勢將繼續保持積極。我在遊戲方面提到了與 Nintendo Switch 2 相關的潛在順風。在健康和保健領域，我們可能在這個垂直領域擁有最好的知名度，因為在藥品廣告方面有一個前期投入，這些前期投入對我們來說是有利的。

So look, I think that the kind of ad growth that we are looking at should sustain. Now look, at the end of the day, if we enter into a recession, I think that would obviously change, not just our perspective, but I think everyone's perspective, but we don't see any indications of that at this moment.

所以，我認為我們所期待的廣告成長應該能夠持續下去。現在看看，歸根結底，如果我們陷入經濟衰退，我認為這顯然會改變，不僅是我們的觀點，而且我認為每個人的觀點都會改變，但目前我們還沒有看到任何跡象。

Great. And if I could just ask a second question, back in the prepared remarks, you talked about the opportunity for Connectivity to reaccelerate, what would you say are the top one or two priorities that the team is working on to improve the growth rate there?

偉大的。如果我可以問第二個問題，回到準備好的發言中，您談到了連結重新加速的機會，您認為團隊正在努力提高那裡的成長率的首要任務是什麼？

It's entirely in the Wi-Fi part of the business. So the Ekahau part of the business really indexes to wireless access point sales. And so the WAP market last year was pretty bad. Now I think our view in 2025 with Wi-Fi 7. But more broadly, the demand for better wireless networks across enterprises, manufacturing centers, hospitals, universities will continue to be long term very strong.

它完全屬於業務的 Wi-Fi 部分。因此，Ekahau 的業務部分實際上與無線存取點的銷售掛鉤。所以去年的WAP市場相當糟糕。現在，我認為我們應該對 2025 年的 Wi-Fi 7 有一個大致的了解。但從更廣泛的角度來看，企業、製造中心、醫院、大學對更好的無線網路的需求將長期保持強勁。

So it's been a near-term issue around, look, if the hardware cycle isn't where we'd like it to be, Ekahau is a software solution that is attached to WAP sales won't do as well. But we do that more just a little bit of cyclicality in the market. And so the core Speedtest and Downdetector businesses continue to do extremely well.

所以這是一個近期的問題，如果硬體週期沒有達到我們所希望的水平，那麼 Ekahau（一種與 WAP 銷售掛鉤的軟體解決方案）就不會做得那麼好。但我們這樣做更多的只是考慮了市場的一點週期性。因此，核心的 Speedtest 和 Downdetector 業務持續表現優異。

And so we're posting, as we said, 7% in our subscription and licensing business in Q1 without any contribution from the Ekahau business contributing to organic growth. So we expect that's just going to be a further accelerant.

因此，正如我們所說，我們第一季的訂閱和授權業務成長了 7%，而 Ekahau 業務對有機成長沒有任何貢獻。因此我們預計這將會進一步促進這一進程。

So look, I think this has been -- and if you look, obviously the historical segment information is now available -- this has been a fantastic business for us. Last year, wasn't what we had hoped it was going to be. There was some of this Wi Fi issue, some major reorganizational, and retooling in the business, but we're very excited for it.

所以，你看，我認為這是——如果你看一下，顯然歷史細分資訊現在是可用的——這對我們來說是一筆很棒的生意。去年的情況並不像我們所希望的那樣。雖然存在一些 Wi-Fi 問題，業務也進行了一些重大重組和調整，但我們對此感到非常興奮。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thanks so much for taking my questions. Nice to see the disclosures. That's really helpful for us in just getting -- gaining more visibility into the business.

精彩的。非常感謝您回答我的問題。很高興看到這些披露。這對我們獲得更深入的業務了解確實很有幫助。

Vivek, I wanted to -- and maybe for Bret as well -- I wanted to dive a little bit deeper into kind of assessing some of the potential macro impacts. I think about some of your advertisers and the products they're offering. And so while you may not directly be impacted in the case that tariffs come through and things kind of go back to the reciprocal tariffs once the 90 days are up, I want to better understand how are we thinking about the impact of that on your customer base.

維韋克，我想——也許布雷特也一樣——更深入地評估一些潛在的宏觀影響。我想到了一些廣告商和他們提供的產品。因此，雖然您可能不會直接受到關稅的影響，而且 90 天後情況會回到互惠關稅，但我想更了解我們如何看待這對您的客戶群的影響。

What does that do in terms of advertising demand, in terms of pipeline, even in terms of traffic, right, for some of your properties? Maybe something to understand the puts and takes -- and I understand that this will take a while to play out. It's very uncertain, but just any color you could provide us there would be helpful. Thank you.

就廣告需求、管道甚至流量而言，這對你們的一些資產有何影響？也許需要做一些事情來了解其中的利弊——我知道這需要一段時間才能解決。這很不確定，但只要您提供給我們任何顏色都會有幫助。謝謝。

Yeah. No, it's a great question, Rishi, and we obviously spent a lot of time trying to assess what this could mean. And then obviously dynamics change fairly frequently in this in this area. So just with respect to direct impact of tariffs is very low, right? So it doesn't impact our cost; it doesn't impact our business in any meaningful direct way.

是的。不，這是一個很好的問題，Rishi，我們顯然花了很多時間來評估這意味著什麼。顯然，這個領域的動態變化相當頻繁。那麼就關稅的直接影響而言，它的影響非常低，對嗎？所以它不會影響我們的成本；它不會以任何有意義的直接方式影響我們的業務。

But I think your question is, well, what is the indirect exposure, right? To the degree to which, our revenues are someone else's expenses and what is happening to their expense base and what does that mean? So again, I think it's instructive probably to go by vertical.

但我認為你的問題是，間接暴露是什麼，對嗎？我們的收入在多大程度上是別人的支出？他們的支出基礎發生了什麼變化？這意味著什麼？因此，我再次認為，以垂直方向進行可能會很有啟發性。

And I will say that in Health and Wellness we feel optimistic. The tariff discussion is really on generics. Generics aren't part of our advertising base. So again, anything can happen, but in terms of the current -- in the current dialogue, we feel fairly well insulated.

我想說的是，在健康和保健方面我們感到樂觀。關稅討論實際上是關於仿製藥的。仿製藥不屬於我們的廣告基礎。所以，任何事情都可能發生，但就目前而言——在當前的對話中，我們感覺相當安全。

I think on Gaming and Entertainment similarly, yes, there's some talk about production expenses, et cetera. But the gaming And Entertainment space isn't one of the -- it's not physical goods. It's not physical in nature. And so I think, digital products generally is reasonably well insulated.

我認為遊戲和娛樂方面的情況類似，是的，有一些關於製作費用等等的討論。但遊戲和娛樂領域不是其中之一——它不是實體商品。從本質上來說它不是物理性的。所以我認為，數位產品一般都具有相當好的絕緣性。

And so then it really comes down to Tech and Shopping. And again I think some of the -- there have been exemptions on certain consumer electronics products. So if that were to continue, I think that would be beneficial. But certainly I think if you start to see significant pressure on the large tech marketers, yes, they're always going to look for ways to manage their P&Ls. But again, we don't see any indication of that. We see a lot of great momentum within the verticals.

所以這實際上歸結為技術和購物。我再次認為，某些消費性電子產品已經獲得了豁免。所以如果這種情況繼續下去，我認為會是有益的。但我當然認為，如果你開始看到大型科技行銷人員面臨巨大壓力，是的，他們總是會尋找管理損益表的方法。但我們仍然沒有看到任何跡象。我們看到垂直行業中存在著巨大的發展勢頭。

And then the final thing I'll say is with shopping -- it's a degree because you have the consumer element of this, and I was trying to think through what that impact may be -- one potential benefit actually is the degree to which consumer products go up in price. The tendency for consumers to seek discounts, cash back, deals and coupons goes up. And that obviously benefits us with respect to RetailMeNot.

最後我要說的是購物——這是一個程度問題，因為這裡面有消費者因素，我試著思考這種影響可能是什麼——一個潛在的好處實際上是消費品價格上漲的程度。消費者尋求折扣、現金返還、優惠和優惠券的傾向上升。這對 RetailMeNot 來說顯然是有利的。

So look, it's early. It's certainly something that we watch. It's something that we try to tabletop a little bit, but right now, I think we feel reasonably good.

所以看，還早。這當然是我們要關注的事情。這是我們嘗試在桌面上實現的一些功能，但目前，我認為我們感覺相當不錯。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Hey, Vivek. You mentioned the upfront for pharma being pretty strong. Can you just talk broadly about how the pipeline looks for the rest of the year and then how the other categories went during the upfront? And then the lawsuit with OpenAI, so could you just talk about what led us down this path versus licensing? Thank you.

嘿，維韋克。您提到製藥業的前期投入相當強勁。您能否大致談談今年剩餘時間的通路情況以及其他類別在前期的進展？然後是與 OpenAI 的訴訟，您能否談談是什麼促使我們走上這條道路而不是獲得許可？謝謝。

Yeah. So just on the on the first question, the upfront is actually upfront commitments for the full year. So it gives us a visibility at this point this year versus last year, how much money has been booked and committed. Now these are commitments, right? They can always be unbooked, but it was pretty strong.

是的。因此，就第一個問題而言，預付款實際上是全年的預付款承諾。因此，它讓我們能夠清楚地了解今年與去年相比已預訂和承諾了多少資金。現在這些都是承諾，對嗎？他們總是可以被取消預訂，但它相當強大。

So we're excited for that both by the way because -- I think this is something that I talked about last year -- We had some challenges on the direct-to-provider pharma side. The direct-to-consumer side has been very strong for quite a bit. But we had one large pharma kind of rotate out of marketing against physicians, providers, script writers. That is not, one, we're lapping it, but two, that's reversing itself. So we're optimistic about the provider side.

順便說一句，我們對此感到很興奮，因為——我想這是我去年談到的事情——我們在直接面向供應商的製藥方面遇到了一些挑戰。直接面向消費者的模式一直以來都非常強勁。但是，我們有一家大型製藥公司輪流負責行銷，以對抗醫生、供應商和劇本作者。這並不是說，第一，我們在重疊它；而是第二，它在逆轉它。因此我們對提供者方面持樂觀態度。

And it's always instructive, right, because if you -- and again this is now things that you can kind of parse when you start to look at the segment information that we're disclosing, but the Everyday Health, the consumer business, is the second largest -- it's right behind Tech and Shopping in terms of our ad franchise. So it's important.

這總是很有啟發性的，對吧，因為如果你——當你開始查看我們披露的細分信息時，你就可以對這些內容進行分析，但就我們的廣告特許經營而言，日常健康、消費者業務是第二大業務——僅次於科技和購物。所以這很重要。

We don't have in the other categories -- if you were asking, we don't have as much visibility. The contracts are kind of booked quarter to quarter. So we can't give you that more of a down-the-line look.

在其他類別中我們沒有——如果你問的話，我們的知名度就沒有那麼高。這些合約是按季度預訂的。所以我們無法為您提供更深入的了解。

With respect to your second question relating to our suit, look, we've made clear that our content is highly valuable and that we're going to defend our intellectual property. We did attempt in good faith to address and resolve OpenAI's unauthorized use of our content both in its training activities and in its RAG activities. We didn't get to acceptable terms. And so look, legal action was something that was always available to us.

關於您關於我們訴訟的第二個問題，我們已經明確表示，我們的內容非常有價值，我們將捍衛我們的智慧財產權。我們確實真誠地嘗試解決 OpenAI 在其培訓活動和 RAG 活動中未經授權使用我們的內容的問題。我們未能達成可接受的條款。所以，我們隨時可以採取法律行動。

I do encourage everyone to read the suit. I think there's a lot that you'll get from it, and you'll see from it. It is a copyright infringement suit in chief, but we've got some trademark claims and the DMCA claim. And so look, there's a lot here.

我確實鼓勵每個人都閱讀這起訴訟。我認為你會從中受益匪淺，也會從中看到很多東西。這是一起主要的版權侵權訴訟，但我們也有一些商標索賠和 DMCA 索賠。你看，這裡有很多東西。

It's important that we defend our content. We are owners of intellectual property. We are resourced to do this, frankly. And so we think this is an opportunity to basically capture monetization and payments that are owed to us. Look, frankly, if we're going to -- if someone's going to steal, we're not just going to sit by and do nothing.

捍衛我們的內容非常重要。我們是智慧財產權的所有者。坦白說，我們有足夠的資源來做到這一點。因此，我們認為這是一個從根本上獲取我們應得的貨幣化和付款的機會。坦白說，如果我們要──如果有人要偷竊，我們不會袖手旁觀，無動於衷。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Hey, good morning. Thanks for the question. I had two. Vivek, you've given some pretty helpful color and stats on just the generative search, or lack thereof impact, on the business. Could you just give us an update on what you're seeing there?

嘿，早安。謝謝你的提問。我有兩個。Vivek，您給出了一些非常有用的色彩和統計數據，僅針對生成性搜索，或缺乏對業務的影響。您能否向我們介紹您在那裡看到的最新情況？

And then secondly, on the advertising side, we've heard from some companies a shift from direct sales to programmatic in recent weeks or months. Could you just remind us of your direct programmatic exposure and if you're seeing anything similar? Thank you.

其次，在廣告方面，我們聽說最近幾週或幾個月一些公司正在從直接銷售轉向程序化銷售。您能否提醒我們您的直接程式化曝光以及您是否看到了類似的東西？謝謝。

Yeah. Great question. So with respect to just GenAI, it's probably worth repeating what we discussed last quarter. So roughly 35% of our revenues depend on traffic. So right there, I think this is important, because I think that is very different than maybe other similarly situated companies or companies within our industry. So 65% of our revenues are not traffic-based or traffic-dependent.

是的。好問題。因此，就 GenAI 而言，可能值得重複我們上個季度討論的內容。因此，我們的收入大約有 35% 依賴流量。所以，我認為這很重要，因為我認為這與其他類似情況的公司或我們行業內的公司非常不同。因此，我們的 65% 收入不是基於流量或依賴流量的。

Within traffic, about 40% of it comes from search, right? So you multiply those two, you get to a very different percentage.

在流量中，大約有 40% 來自於搜索，對嗎？因此，將這兩個數字相乘，就會得到一個非常不同的百分比。

Now we're talking about really AI Overviews. And so AI Overviews is another percentage. That percentage has gone from roughly 12% to a little over 20% of the top queries that generate -- our traffic now generate an AI overview. So I think if you multiply all this, it's like a 3% case. And so sometimes I think maybe the attention on AIOs is not commensurate to kind of its importance within our business.

現在我們談論的是真正的人工智慧概述。因此，AI 概述佔另一個百分比。這一比例已從大約 12% 上升至生成的熱門查詢的 20% 以上——我們的流量現在生成了 AI 概覽。所以我認為如果把這些都乘以 3% 就差不多了。所以有時我認為對 AIO 的關注可能與其在​​我們業務中的重要性不相稱。

And I'll also point out that it's not clear if AIOs are positive, negative, or zero sum, right? So that's another thing when it comes to clicks. Like I'm not -- we're not sure on that. It's hard for anyone to divine, and you've heard things from Google that might suggest they're positive.

我還要指出的是，目前還不清楚 AIO 是積極的、消極的還是零和的，對嗎？所以當談到點擊時，這是另一回事。就像我不是——我們對此不確定。任何人都很難預測，但你從谷歌聽到的消息可能表明他們是積極的。

One thing that we have been tracking and now are able to track is how often we're cited in AIOs that appear on the queries that matter to us, and it's about a third of the time. So about a third of the time we're getting cited. And presumably citations in AIOs is a good thing, right, because it comes with links. So, look, I think that -- something to watch, I think, maybe the emphasis is not proportional to kind of its import within the context of the business.

我們一直在追蹤並且現在能夠追蹤的一件事是，我們在我們關心的查詢中出現的 AIO 中被引用的頻率，大約是三分之一。因此，大約有三分之一的時間我們都會被指控。並且大概 AIO 中的引用是一件好事，對吧，因為它帶有連結。所以，看，我認為——值得關注的是，也許重點與其在業務環境中的重要性不成比例。

And then you had a question I think on programmatic versus direct. As you know or it's worth reiterating, our programmatic business is intentionally relatively small inside of our company. In terms of the percentage of revenue that programmatic represents overall, you're probably 3% of the company's revenue. So it's not a big number.

然後我認為你有一個關於程序化與直接投放的問題。如您所知，或值得重申的是，我們公司內部的程序化業務規模相對較小。從程序化廣告在總收入中所佔的百分比來看，大概占到公司總收入的 3%。所以這不是一個很大的數字。

And that's really out of design because we've organized our business to be a combination of highly endemic must-buy direct programs because we're number one in tech, number one in gaming, number one in health. When you want to go endemic, you come to us.

這確實不符合設計，因為我們已經將我們的業務組織成高度地方性的必買直銷計劃的組合，因為我們在科技、遊戲和健康領域都是第一。當您想要探索當地風土人情時，就來找我們。

I think if you are a broad-based, more general proposition, I think you're selling horizontal and that does lend itself to programmatic. But we're dealing with programs that are pretty involved, often custom programs for our clients. And on the other piece, we have a fair amount of performance marketing, which is not a CPM-based business which programmatic is. It's more CPA, cost per acquisition; CPL, cost per lead; CPC, cost per click. So you know we're not really a programmatic player in the way that maybe you'll see in some other entities.

我認為，如果你的主張基礎廣泛、更具普遍性，那麼你就是在橫向銷售，而這確實有利於程式化。但我們處理的程序相當複雜，通常是為客戶量身訂製的程序。另一方面，我們有相當數量的績效行銷，這不是基於 CPM 的業務，而程式化行銷是基於 CPM 的業務。它更多的是 CPA，每次獲取成本；CPL，每個線索成本；CPC，每次點擊成本。所以你知道，我們並不是像其他一些實體那樣真正的程式化參與者。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Hey. Good morning, guys. Well, that's about capital allocation. You made a few more tuck-in deals this quarter. Just what are you seeing in the M&A market right now given the volatility? And then with where the share price is and then where -- how you guys feel about the valuation of shares? How do you think about buybacks if you bought a little bit more in 1Q than 2Q? And maybe include within all this the desire or ability to lever up, to be more aggressive on buybacks, and keep the M&A opportunity open.

嘿。大家早安。嗯，這就是關於資本配置。本季你又達成了幾筆優惠交易。鑑於目前的波動性，您認為併購市場目前呈現何種狀況？那麼股價在哪裡以及你們對股票估值有何看法？如果您在第一季的購買量比第二季略多，您會如何看待回購？或許還包括提高槓桿率的願望或能力、更積極地回購以及保持併購機會的開放。

And then just to follow up on the OpenAI. I'm not sure how much you can comment on this effect, but OpenAI also went to the White House a few months ago and trying to push the administration this AI action plan to kind of unburden some legal rules and regulations around copyright for better development of AI. Any thoughts on that? Was that part of your consideration to go down this route? Would love to get any thoughts you have on that if you do have any. Thanks.

然後只是跟進 OpenAI。我不知道你對這種影響有多少評論，但幾個月前，OpenAI 也去了白宮，試圖推動政府制定這項人工智慧行動計劃，以減輕一些有關版權的法律規則和法規，從而更好地發展人工智慧。對此有什麼想法嗎？這是您選擇這條路線的原因之一嗎？如果您對此有任何想法，我很樂意聽聽。謝謝。

Thanks, Ygal. Let me -- it's Bret, and I'll take the first part of that question. I think first and foremost, our capital allocation program continues to be very active. And I think you saw that shift in 2024 when we were active on all prongs, both M&A where we deployed $225 million or so of capital, significantly accelerated our share buyback program. And as Vivek that highlighted, we bought 4.25 million shares in the last four quarters tweaking our cap by almost 10%.

謝謝，Ygal。讓我——我是布雷特，我來回答這個問題的第一部分。我認為首先，我們的資本配置計劃繼續非常活躍。我認為您在 2024 年就看到了這種轉變，當時我們在各個方面都很活躍，包括併購，我們在其中部署了約 2.25 億美元的資本，大大加速了我們的股票回購計劃。正如 Vivek 所強調的，我們在過去四個季度購買了 425 萬股股票，使我們的上限調整了近 10%。

And as we enter 2025, it's continued. We've talked about the number of deals that we've already consummated and/or signed. And we can never predict the future, but based on what we're seeing, we have an anticipation that that will continue in balancing that with continuing to buy back stock which we both mentioned in our in our prepared remarks.

當我們進入 2025 年時，這種趨勢仍將持續。我們已經討論了已經完成和/或簽署的交易數量。我們永遠無法預測未來，但根據我們所看到的情況，我們預計這將繼續保持平衡，並繼續回購股票，這一點我們在準備好的評論中都提到過。

M&A -- the overall M&A environment, I'd say, is favorable to us in the following respects. One, we have five divisions that are all active and looking at deals. And I think importantly, if you look back over the last handful of quarters, you've seen participation in M&A from certain of our divisions that have been sidelined for a couple of years. Our Cyber and Martech business has participated. Our Gaming and Entertainment business has participated. Last year, the absolute dollars were more dedicated towards Tech and Shopping.

併購－我認為整體併購環境在以下方面對我們有利。首先，我們有五個部門，它們都在積極尋找交易。我認為重要的是，如果回顧過去幾個季度，你會看到我們某些部門參與了併購活動，而這些部門已經被擱置了好幾年了。我們的網路和行銷技術業務已經參與其中。我們的遊戲和娛樂業務已經參與其中。去年，絕對金額更多用於科技和購物。

We've also consummated, over a more extended period of time, a number of transactions, which have diversified us away from advertising revenue to a subscription revenue. Lose It! falls into that category. TDS falls into that category. And even in our advertising businesses, we found ways to identify businesses that generate interest from their communities in a different way like theSkimm, which is essentially an email business.

在一段較長的時間內，我們也完成了一系列交易，使我們的收入來源從廣告轉向訂閱收入。失去它！就屬於這一類。TDS 就屬於這一類。即使在我們的廣告業務中，我們也找到了以不同方式識別引起社區興趣的企業的方法，例如 theSkimm，它本質上是一種電子郵件業務。

So I think there's opportunity in front of us. We also see opportunity to find a home for companies that may be struggling in the current environment. And when we do that, sometimes we absorb a P&L that is not quite at the margin that we expect it to be, and it takes us several quarters to bring that up to our expected performance. And I think a couple of the deals we've done in the last 12-plus months fall into that category.

所以我認為我們面前有機會。我們也看到了為在當前環境下可能陷入困境的公司找到歸宿的機會。當我們這樣做時，有時我們吸收的損益並不完全達到我們預期的利潤率，我們需要幾個季度才能使其達到預期的業績。我認為我們在過去 12 多個月中完成的幾筆交易都屬於這一類。

So overall, really active, and I think we intend to continue to be active with regards to using leverage. We're thoughtful about that. We have a $350 million revolver which other than a letter of credit or two is completely undrawn. But taking your widening the lens, despite -- we temper our optimism, as we've talked about, based on our recent performance and our expectations for the year, about what's happening in the macro, and that factors into our thinking of using leverage as well.

所以總的來說，我們確實非常活躍，而且我認為我們打算繼續積極利用槓桿。我們對此深思熟慮。我們有一筆價值 3.5 億美元的循環信貸，除了一兩張信用證外，其餘都未提取。但是，儘管如此，如果你擴大視野，我們會根據我們最近的表現和對今年的預期，對宏觀形勢發生的變化有所樂觀，這也是我們使用槓桿的考慮因素。

Yeah. The only thing I might add before I address the OpenAI question is, look, the evaluations in digital media are attractive, right? And the fears that frankly represent a weight on our stock are also affecting the valuations of others in digital media. So we're inclined to lean into the fears as they relate to us -- and that expresses itself in buybacks -- And as it relates to potential acquisition targets within the industry. So look, if there are going to be fears and we're going to see things at significant discounts, we're going to be buyers on all fronts, and we have been.

是的。在回答 OpenAI 問題之前，我唯一想補充的是，看，數位媒體中的評估很有吸引力，對吧？坦白說，這些擔憂不僅給我們的股票帶來了壓力，也影響了其他數位媒體公司的估值。因此，我們傾向於關注與我們相關的恐懼——這體現在回購中——以及與產業內潛在收購目標相關的恐懼。所以，如果存在擔憂，我們看到商品大幅折扣，那麼我們將在各方面購買，而且我們一直都是這麼做的。

With respect to just the question around OpenAI, look, I think what is heartening are recent developments that are in some other cases. Thomson Reuters won on fair use at the advanced stage summary judgment in the same court we're in, right? The District of Delaware. The New York Times and a couple of other plaintiffs defeated a motion to dismiss brought by OpenAI.

關於 OpenAI 的問題，我認為令人振奮的是最近在其他一些情況下取得的進展。湯森路透在我們所在的同一法庭的高級階段簡易判決中因合理使用而獲勝，對嗎？特拉華州地區。《紐約時報》和其他幾名原告駁回了 OpenAI 提出的駁回動議。

So some of these developments are -- give us some confidence. Now, look, litigation is uncertain, right? But our cost/benefit analysis basically suggested that litigation is a prudent course for us to take. This will take a while to play out, right? So we're not sitting here saying that this is going to get addressed overnight, but it needs to get addressed. There needs to be finality. In the end, we need to know what the law and the interpretation of the law is.

因此，其中一些發展給了我們一些信心。現在，看，訴訟是不確定的，對嗎？但我們的成本/效益分析基本上表明，訴訟對我們來說是謹慎的做法。這需要一段時間才能完成，對嗎？因此，我們並不是說這個問題會在一夜之間解決，但它需要解決。必須有終結性。最後，我們需要知道什麼是法律以及對法律的解釋。

Robert Coolbirth, Evercore.

羅伯特‧庫爾伯斯 (Robert Coolbirth)，Evercore。

Great. Thanks for taking the question. Going back to the Tech and Shopping trends, it certainly seemed quite robust. But just wondering, since we don't yet have the quarterly detail from the prior quarters, was there a particular inflection in performance or anything you could maybe tell us about the organic trend?

偉大的。感謝您回答這個問題。回顧科技和購物趨勢，它確實看起來相當強勁。但只是想知道，由於我們還沒有前幾季的季度細節，業績是否有特定的變化，或者您能否告訴我們有關有機趨勢的任何資訊？

And then when you look at the trends within that business in the quarter and maybe quarter to date as well, just wondering if you could talk about the sustainability of that or any perspective you have there, whether you're seeing any pull forward from the consumer or advertisers ahead of tariffs and just any additional commentary there?

然後，當您查看本季度以及本季迄今為止該業務的趨勢時，我只是想知道您是否可以談談這種趨勢的可持續性或您的任何觀點，您是否看到消費者或廣告商在關稅之前有任何推動力，以及任何其他評論？

And then a follow-up on the AIO. Realize it's quite small, but is there any way for you to determine, at this point, whether there's a conversion benefit? Is the traffic that comes from an AIO page more qualified or productive in any measurable way? Thanks.

然後對 AIO 進行跟進。意識到它相當小，但是此時你有什麼方法可以確定是否有轉換優勢嗎？來自 AIO 頁面的流量是否以任何可衡量的方式更合格或更有成效？謝謝。

Yeah. I'll take that second question first and then just go back to Tech and Shopping. We don't know, right? It's a very good point, which is, does an AIO click? Is that a more refined click? And does that fact that it's more refined have more value? It's very hard.

是的。我先回答第二個問題，然後再回到科技和購物話題。我們不知道，對吧？這是一個很好的觀點，即 AIO 是否點擊？這是更精緻的點擊嗎？而且，它更加精緻，是否更有價值？這非常困難。

A lot of the tracking is just not there. This is actually work that our Moz business is working on. It's interesting, because the market demand to better understand AIO, the rate of AIO presence, the rate of inclusion in AIO, the performance out of AIO, that's actually a data need that can't be addressed through Google Search console and so now looking for third-party answers. And so in many ways, we're getting a lot of customer interest at Moz -- because we're in the SEO analytics business there -- to better understand that.

很多追蹤都不存在。這實際上是我們的 Moz 業務正在進行的工作。這很有趣，因為市場需求更了解 AIO、AIO 的存在率、AIO 的包含率、AIO 的效能，這實際上是無法透過 Google Search 主機解決的資料需求，因此現在正在尋找第三方答案。因此，在很多方面，我們在 Moz 獲得了很多客戶的興趣——因為我們在那裡從事 SEO 分析業務——以便更好地理解這一點。

We internally leverage Moz and STAT, which is an enterprise solution within Moz, in our company too, by the way. So we're lucky that we have some real experts on STAT, because we happen to own the business.

順便說一下，我們在公司內部也利用 Moz 和 STAT（它是 Moz 內部的企業解決方案）。因此，我們很幸運，因為我們恰好擁有這項業務，所以我們擁有一些真正的 STAT 專家。

Look, I think on the Tech and Shopping side, there's a lot of things going on here, clearly. There's a benefit from CNET being in the quarter this quarter versus last year. But PCMag, 10% organic growth in that set of property. So that has done very well. RetailMeNot has been essentially slightly up; it's kind of a flat proposition.

看，我認為在科技和購物方面，顯然這裡發生了很多事情。與去年相比，本季 CNET 的表現有所優勢。但 PCMag 的這組資產實現了 10% 的有機成長。所以這做得很好。RetailMeNot 基本上略有上升；它是持平的主張。

And then we have offsets. Remember, we have the planned decline significant actually in B2B. That revenue probably fell by a third, but again there was no EBITDA -- it was negative EBITDA in Q1 of last year, and it is positive EBITDA in Q1 of this year.

然後我們就有了偏移。請記住，我們計劃在 B2B 領域實現大幅下降。該收入可能下降了三分之一，但同樣沒有 EBITDA——去年第一季的 EBITDA 為負，而今年第一季的 EBITDA 為正。

So lots of puts and takes there, but what, I would say, is generally positive. And it really is the consumer tax plus RetailMeNot. And again, we know what the revenue drag will be from B2B, but it is a EBITDA contributor. And so that's where sometimes maybe the revenue growth, while very robust, would have been in fact more robust if you excluded B2B in that equation.

雖然存在著許多得失，但我想說的是，整體而言都是正面的。它實際上是消費稅加上 RetailMeNot。再說一次，我們知道 B2B 會對收入造成拖累，但它會對 EBITDA 產生影響。因此，有時候，雖然收入成長非常強勁，但如果將 B2B 排除在外，營收成長實際上會更加強勁。

The only thing I might add there -- and we did receive some requests for that historical information, which we will disclose. When you see the quarterly information on our quarterly segment basis, you may see some various up/downs that don't present themselves as clear trends, and there's reasons for that. All the reasons that Vivek mentioned: the different components that have different impacts over time, including the decline in certain businesses, which we've talked about, for an extended period of time and the incremental additions of M&A.

我唯一想補充的是——我們確實收到了一些關於歷史資訊的請求，我們將會透露這些資訊。當您查看我們按季度細分的季度資訊時，您可能會看到一些不呈現明確趨勢的各種上升/下降，這是有原因的。Vivek 提到的所有原因：不同的因素會隨著時間的推移產生不同的影響，包括我們討論過的某些業務在較長時間內的衰退以及併購的增量。

But also tying back to some of the other conversation we had earlier on this call is, we're not really a price times quantity business, where we're just monetizing traffic in the marketplace. And you can see trends based on the macro or others.

但我們也要回顧一下我們之前在這次電話會議上討論過的其他一些主題，我們實際上並不是一個價格乘以數量的企業，我們只是將市場流量貨幣化。您可以根據宏觀或其他因素來查看趨勢。

We're very much first-party, very much campaign-driven. Those campaigns often rise and fall in quarters based on product releases and pharma product releases and gaming. So you will, when you see these historical quarters, see some up/downs that won't necessarily present as trends.

我們在很大程度上是第一方的，在很大程度上是由活動驅動的。這些活動通常會根據產品發布、製藥產品發布和遊戲而逐季度上升或下降。因此，當您看到這些歷史季度時，您會看到一些不一定會呈現為趨勢的上升/下降。

Thank you. There are no other questions in the queue at this time. I would now like to have the call back to Bret Richter for any closing remarks.

謝謝。目前隊列中沒有其他問題。現在我想請 Bret Richter 做最後的總結發言。

Well, thank you, Paul. Thank you, everyone, for participating in the call and your continued interest. We look forward to continuing to connect with each of you later this quarter in our upcoming conferences. And we hope to see some of you at these events. Thank you again and have a great day.

好吧，謝謝你，保羅。感謝大家參加此次電話會議並持續關注。我們期待在本季度晚些時候即將召開的會議中繼續與你們每個人保持聯繫。我們希望在這些活動中見到你們。再次感謝您並祝您有愉快的一天。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。祝您有美好的一天。感謝您的參與。