Ziff Davis Inc (ZD) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ziff Davis second quarter 2025 earnings conference call. My name is Tom, 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 年第二季財報電話會議。我叫湯姆，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 Q2 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. A presentation is available for today's call. A copy of this presentation is available on our website.

謝謝。大家早安，歡迎參加 2025 年第二季 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。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。

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. 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.

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。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。

In addition, you can e-mail questions to investor@ziffdavis.com.

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. 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 slide show for the webcast. We refer you to discussions in those documents regarding safe harbor language as well as forward-looking statements.

在我們開始準備好的發言之前，請允許我讀一下安全港語言。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。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.

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。

Now let me turn the call over to Vivek for his remarks.

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 very pleased with our second quarter results, which exceeded expectations, with revenues growing nearly 10% and adjusted EBITDA growing nearly 12% year-over-year. This was our strongest quarter of revenue growth since 2021, and in that sense, we delivered truly breakthrough results and it also represents the fourth consecutive quarter of revenue growth for Ziff Davis. While we continue to execute on our operating plans, we remain committed to repurchasing our shares and have successfully completed 5 tuck-in acquisitions in the first half of the year. Our healthy balance sheet continues to support ample opportunities for capital allocation.

謝謝你，布雷特，大家早安。我們對第二季的業績非常滿意，業績超出預期，營收年增近 10%，調整後 EBITDA 年成長近 12%。這是我們自 2021 年以來營收成長最強勁的季度，從這個意義上講，我們取得了真正突破性的成果，這也是 Ziff Davis 連續第四個季度實現營收成長。在我們繼續執行營運計畫的同時，我們仍然致力於回購我們的股票，並在今年上半年成功完成了5次補充收購。我們健康的資產負債表繼續支持充足的資本配置機會。

As was the case last quarter, 4 of our 5 reportable segments grew in revenues in Q2. These 4 segments, which historically were combined into the Digital Media segment grew nearly 13%. As importantly, our fifth segment, Cybersecurity & Martech declined less than 1% in the quarter and is poised to return to growth in Q3. Having the Cybersecurity & Martech segment contributing to overall growth would be an important milestone for the company.

與上一季的情況一樣，我們 5 個報告部門中有 4 個在第二季的收入有所成長。這 4 個部門過去曾合併為數位媒體部門，成長了近 13%。同樣重要的是，我們的第五個部門網路安全與行銷技術在本季下降不到 1%，並有望在第三季恢復成長。網路安全和行銷技術部門對整體成長的貢獻將成為公司的一個重要里程碑。

Let me share some observations about each of our 5 segments. As a reminder, this new reporting structure was implemented earlier in the year to provide greater transparency and a clear appreciation of the intrinsic value of our key businesses. Tech & Shopping's revenues grew by over 11%, with adjusted EBITDA growth of over 5%, supported by the CNET acquisition and some improving trends in our B2B business. In fact, in Q2, Spiceworks launched a successful paid subscription version of its cloud help desk software, which helps IT administrators manage help requests from employees.

讓我分享一下我們對這五個部分各自的一些觀察。提醒一下，這項新的報告結構於今年稍早實施，旨在提高透明度並清楚地評估我們主要業務的內在價值。在 CNET 收購和 B2B 業務的一些改善趨勢的推動下，科技與購物部門的收入成長了 11% 以上，調整後的 EBITDA 成長了 5% 以上。事實上，在第二季度，Spiceworks 推出了其雲端幫助台軟體的成功付費訂閱版本，該軟體可協助 IT 管理員管理來自員工的協助要求。

SaaS offering already has over 20,000 paying business customers. CNET Group also renewed its partnership with Best Buy which allows both Best Buy and CNET Group sales teams to sell media inventory across each other's properties, while CNET content is also featured in Best Buy's retail touch points.

SaaS 產品已擁有超過 20,000 個付費商業客戶。CNET 集團也與百思買續簽了合作關係，這使得百思買和 CNET 集團的銷售團隊可以在彼此的資產上銷售媒體庫存，同時 CNET 的內容也會出現在百思買的零售接觸點上。

Gaming & Entertainment grew nearly 8% in revenues, with adjusted EBITDA growth of almost 24%. IGN hosted its second annual fan facing event, IGN Live, in Los Angeles in June, which has now ostensibly replaced the long-standing E3 conference. We had over 8,000 attendees in person, with over 27 hours of live programming and over 200 partners in games, film, TV, streaming, toys, comics, consumer packaged goods and more.

遊戲和娛樂業務的收入成長了近 8%，調整後的 EBITDA 成長了近 24%。IGN 於 6 月在洛杉磯舉辦了第二屆年度粉絲見面會 IGN Live，該活動現已取代了歷史悠久的 E3 大會。我們現場有超過 8,000 名與會者，現場直播節目超過 27 小時，遊戲、電影、電視、串流媒體、玩具、漫畫、消費品等領域的合作夥伴超過 200 個。

In addition to the in-person event, content was streamed on over 35 platforms over the course of IGN's 2-week Summer of Gaming June programming. The event reached over 300 million fans around the world, up 91% year-over-year and video views were 202 million, up 26% year-over-year. Social impressions were up 42% year-over-year at 367 million, while Instagram views were up 191% and TikTok views were up 300% year-over-year. The diversity of engagement and significant growth highlights the reach and depth of the global IGN community.

除了現場活動外，在 IGN 為期兩週的六月遊戲之夏活動期間，內容還在超過 35 個平台上播放。這項活動在全球吸引了超過 3 億粉絲，較去年同期成長 91%，影片觀看次數達到 2.02 億次，較去年同期成長 26%。社群印象年增 42%，達到 3.67 億，而 Instagram 觀看次數較去年同期成長 191%，TikTok 觀看次數較去年同期成長 300%。參與的多樣性和顯著的成長凸顯了全球 IGN 社群的影響力和深度。

Health & Wellness had a blockbuster quarter, with revenues up nearly 16% and adjusted EBITDA up 11%. Both first and second quarter set records for the segment as our pharma commercialization services and Health & Wellness offerings both continue to be very strong.

健康與保健部門本季表現突出，營收成長近 16%，調整後 EBITDA 成長 11%。由於我們的製藥商業化服務和健康與保健產品持續保持強勁成長，第一季和第二季均創下了該領域的記錄。

Our ability to deliver positive tangible results for pharma with both patients and providers continues to place us in a competitively strong position. Our continuing medical education business, PRIME Education, had a record quarter led by its quality improvement offering, which helps health systems address key challenges in healthcare delivery and generates real world data to demonstrate ROI to pharma customers.

我們能夠為製藥業的患者和供應商帶來積極的實際成果，這讓我們繼續保持強勁的競爭優勢。我們的繼續醫學教育業務 PRIME Education 本季度創下了紀錄，主要得益於其品質改進服務，該服務可幫助醫療系統解決醫療保健服務中的關鍵挑戰，並產生真實世界數據以向製藥客戶展示投資回報率。

And in our pregnancy and parenting business, we are reaping the benefit of the investment we made to build out our clinical studies business. Clinical studies include both pregnancy exposure registries and clinical trials, which play a crucial role in providing safety information for researchers and healthcare providers to understand the potential effects of drugs on pregnancies.

在我們的懷孕和育兒業務中，我們為拓展臨床研究業務所做的投資正在獲得回報。臨床研究包括妊娠暴露登記和臨床試驗，它們在為研究人員和醫療保健提供者提供安全資訊以了解藥物對懷孕的潛在影響方面發揮著至關重要的作用。

With our unique market reach, we have been successful in supporting enrollment, which can be particularly challenging in this cohort. At the same time, our consumer Health & Wellness businesses, especially Lose It!, have strong momentum, and we have seized the opportunity to sell Lose It! subscriptions directly to consumers via the web instead of exclusively through the App Store, which is expected to have positive implications for the margin profile of the business.

憑藉我們獨特的市場覆蓋範圍，我們成功地支持了招生，這對於這個群體來說尤其具有挑戰性。同時，我們的消費者健康與保健業務，尤其是 Lose It!，發展勢頭強勁，我們抓住機會銷售 Lose It!透過網路直接向消費者提供訂閱服務，而不是僅僅透過 App Store，這預計會對業務的利潤率產生積極影響。

Connectivity also posted a tremendous quarter, with revenues up over 14% and adjusted EBITDA up over 12%. It's fantastic to see this segment returning to double-digit organic growth which when combined with its nearly 50% adjusted EBITDA margins qualifies it as a Rule of 60 business.

Connectivity 本季也取得了出色的業績，營收成長超過 14%，調整後 EBITDA 成長超過 12%。很高興看到這一部門恢復兩位數的有機成長，再加上其近 50% 的調整後 EBITDA 利潤率，使其成為 60 規則業務。

Connectivity's growth reflects strong demand for a number of its key products and services. Speedtest revenue in Q2 reflects demand from service providers who are seeking greater visibility and competitive network insights by using quality of service and network performance benchmarking data to differentiate their services from their competitors.

連接性的成長反映了對其許多關鍵產品和服務的強勁需求。Speedtest 第二季度的收入反映了服務提供者的需求，他們尋求透過使用服務品質和網路效能基準數據來提高可見性和競爭網路洞察力，以將自己的服務與競爭對手區分開來。

Another key driver of Q2 revenue was expansion in emerging markets, particularly in EMEA and APAC regions, and demand from new customers who licensed the Speedtest Award to support their marketing efforts. In addition, RootMetrics benefited from service growth from existing clients who purchased more comprehensive testing packages to validate new 5G network upgrades and better understand their network performance against competitors.

第二季營收的另一個關鍵驅動力是新興市場的擴張，特別是在歐洲、中東和非洲以及亞太地區，以及獲得 Speedtest Award 許可以支持其行銷工作的新客戶的需求。此外，RootMetrics 還受益於現有客戶的服務成長，這些客戶購買了更全面的測試包來驗證新的 5G 網路升級並更好地了解其相對於競爭對手的網路效能。

Downdetector also received strong interest from large enterprise clients and service providers to improve real-time observability of online services as an early warning system to improve their responsiveness to outages and customer service degradation. All of this, coupled with revenue growth from Ekahau, resulted in a terrific quarter for the business.

Downdetector 也引起了大型企業客戶和服務提供者的濃厚興趣，旨在提高線上服​​務的即時可觀察性，作為預警系統，提高他們對中斷和客戶服務下降的回應能力。所有這些，加上 Ekahau 的收入成長，使得該業務在本季度取得了出色的成績。

Cybersecurity & Martech was close to delivering flat revenues in the quarter and posted over 5% adjusted EBITDA growth. And as I mentioned earlier, we are optimistic about the segment returning to revenue growth starting in Q3.

網路安全與行銷技術本季的營收基本持平，調整後 EBITDA 成長率超過 5%。正如我之前提到的，我們對該部門從第三季開始恢復收入成長持樂觀態度。

Momentum in our VPN business accelerated in Q2, driven by a combination of direct customer acquisition, new partnerships and product enhancements that support customer retention and ARPA growth. In Q2, we launched VIPRE Integrated Email Security, a significant leap forward in our enterprise-grade cloud-based e-mail security designed for small and medium businesses. VIPRE IES was designed to integrate seamlessly with Microsoft 365 and is powered by an AI engine leveraging natural language processing, semantic analysis and machine learning to identify and block threats that often bypass traditional e-mail filters. It's one of several examples as to how we're leveraging AI to deliver both product innovations and operational efficiencies across our portfolio.

受直接客戶獲取、新合作夥伴關係以及支援客戶保留和 ARPA 成長的產品增強等因素的推動，我們的 VPN 業務在第二季度加速發展。在第二季度，我們推出了 VIPRE 整合電子郵件安全，這是我們專為中小型企業設計的企業級基於雲端的電子郵件安全的重大飛躍。VIPRE IES 旨在與 Microsoft 365 無縫集成，並由利用自然語言處理、語義分析和機器學習的 AI 引擎提供支持，以識別和阻止通常繞過傳統電子郵件過濾器的威脅。這是我們如何利用人工智慧來實現產品創新和提高整個產品組合的營運效率的幾個例子之一。

At RetailMeNot, we've deployed an AI customer service chatbot that has achieved a roughly 50% case deflection rate for inbound chats. This means that half of the customers who initiate a chat with our customer support bot are able to get their issue resolved without needing to be transferred to a live human agent. This is a great example of using AI to automate and scale our support while enhancing the customer experience.

在 RetailMeNot，我們部署了一個 AI 客戶服務聊天機器人，其入站聊天的案例偏轉率已達到約 50%。這意味著，與我們的客戶支援機器人發起聊天的客戶中有一半能夠解決他們的問題，而無需轉接給現場人工代理。這是使用人工智慧來自動化和擴展我們的支援同時增強客戶體驗的一個很好的例子。

In our Health & Wellness segment, the Lose It! app has harnessed AI in an effort to deliver real, measurable health outcomes for its consumers. By introducing AI-powered voice and photo meal logging, the team has not only made tracking meals easier and more intuitive, but has directly helped users achieve their goals. Members are logging meals 3.5 times faster and tracking twice as many foods, making the habit of daily food journaling stick. This increased engagement translates directly to success, with users achieving 6% more weight loss on average.

在我們的「健康與保健」部分，Lose It!該應用程式利用人工智慧為消費者提供真實、可衡量的健康結果。透過引入人工智慧語音和照片膳食記錄，該團隊不僅使追蹤膳食變得更容易、更直觀，而且直接幫助用戶實現他們的目標。會員記錄膳食的速度提高了 3.5 倍，追蹤的食物數量增加了一倍，從而養成了每天記錄飲食的習慣。參與度的提高直接轉換為成功，用戶平均減重效果提高了 6%。

We're also leveraging AI to refine how we serve our advertisers. For instance, we've created an AI platform that creates precise audience segments. This platform is powered by hundreds of millions of data signals we collect real-time from across our diverse portfolio of properties and translate this proprietary privacy-protected data into what we call moment of influence solutions. These audience segments can be seamlessly activated across individual Ziff Davis properties, the broader Ziff Davis network and the open web and social media. The initial response from ad clients has been very favorable.

我們也利用人工智慧來改進我們為廣告商提供服務的方式。例如，我們創建了一個可以創建精準受眾群體的人工智慧平台。該平台由我們從多元化資產組合中即時收集的數億個數據訊號提供支持，並將這些專有的、受隱私保護的數據轉化為我們所謂的「影響時刻解決方案」。這些受眾群體可以在單一 Ziff Davis 資產、更廣泛的 Ziff Davis 網路以及開放網路和社群媒體之間無縫啟動。廣告客戶的初步反應非常好。

Our healthy balance sheet with substantial cash and leverage capacity serves as the foundation for our capital allocation strategy. We continue to adhere to a patient and disciplined approach to identifying and integrating durable, high-quality assets, while consistently buying back our stock. Of the 3 acquisitions we consummated in Q2, I was particularly pleased to see 2 tuck-in acquisitions in our Cybersecurity & Martech segment, one that strengthens our e-mail deliverability services and the other enhances our e-mail archiving offering.

我們擁有健康的資產負債表、充足的現金和槓桿能力，為我們的資本配置策略奠定了基礎。我們繼續堅持耐心和嚴謹的方法來識別和整合耐用、高品質的資產，同時持續回購我們的股票。在我們第二季完成的 3 項收購中，我特別高興地看到我們在網路安全和行銷技術部門進行了 2 項附加收購，其中一項增強了我們的電子郵件傳遞服務，另一項增強了我們的電子郵件歸檔服務。

The third was an acquisition of the Well+Good brand and content library for our Health & Wellness segment, which we've already migrated onto theSkimm platform, which itself was acquired earlier in the year and is performing ahead of expectations.

第三個是收購了我們健康與保健部門的 Well+Good 品牌和內容庫，我們已經將其遷移到 theSkimm 平台，該平臺本身是在今年稍早收購的，並且表現超出預期。

Our acquisition program continues to focus on strong and enduring brands in high-value verticals, businesses in which we can unlock value through platforms, people and know-how and transacting at reasonable valuations and generating attractive cash-on-cash returns.

我們的收購計劃繼續專注於高價值垂直領域的強大而持久的品牌，我們可以透過平台、人員和專業知識釋放這些業務的價值，並以合理的估值進行交易並產生有吸引力的現金回報。

With that, let me hand the call back to Bret.

說完這些，讓我把電話交還給布雷特。

Thank you, Vivek. Let's discuss our financial results. Our earnings release reflects both our GAAP and adjusted non-GAAP financial results for Q2 2025. My commentary will primarily relate to our Q2 2025 adjusted financial results and the comparison to prior periods. 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 年第二季的 GAAP 和調整後的非 GAAP 財務表現。我的評論主要涉及我們 2025 年第二季的調整後財務表現以及與前期的比較。請參閱投影片 4 以了解我們的財務表現摘要。

Q2 2025 revenues were $352.2 million as compared with revenues of $320.8 million for the prior year period, reflecting growth of nearly 10%. Q2 2025 adjusted EBITDA was $107.7 million as compared with $96.3 million for the prior year period, reflecting growth of nearly 12%.

2025 年第二季營收為 3.522 億美元，而去年同期營收為 3.208 億美元，成長近 10%。2025 年第二季調整後 EBITDA 為 1.077 億美元，去年同期為 9,630 萬美元，成長近 12%。

Our adjusted EBITDA margin for the quarter was 30.6%. We reported second quarter adjusted diluted EPS of $1.24 as compared with $1.18 in Q2 of 2024, reflecting growth of more than 5%. This increase reflects higher adjusted EBITDA and lower fully diluted shares outstanding.

本季調整後的 EBITDA 利潤率為 30.6%。我們報告第二季調整後稀釋每股收益為 1.24 美元，而 2024 年第二季為 1.18 美元，成長超過 5%。這一增長反映了調整後 EBITDA 的增加和完全稀釋流通股數的減少。

This was partially offset by a number of factors, the largest of which related to changes in certain foreign exchange rates, which drove an increase in other loss net for the quarter that reduced our Q2 2025 EPS by approximately $0.10 per diluted share.

這被一些因素部分抵消，其中最大的因素與某些外匯匯率的變化有關，這導致本季度其他虧損淨額增加，導致我們 2025 年第二季度每股收益減少約 0.10 美元。

Our second quarter financial results reflect significant growth and it's worth repeating Vivek's observation that this quarter reflects the company's highest level of quarterly total revenue growth since 2021. And while a portion of this growth was contributed by recently acquired businesses, the quarter also reflects positive total organic growth, including organic growth from contributions from our Gaming & Entertainment, Health & Wellness and Connectivity segments. Certain brands within Technology & Shopping and Cybersecurity & Martech contributed to organic revenue growth as well.

我們第二季的財務表現反映了顯著的成長，值得重複 Vivek 的觀察，本季反映了公司自 2021 年以來最高的季度總收入成長水準。雖然這一成長有一部分來自最近收購的業務，但本季也反映了正的整體有機成長，包括來自我們的遊戲和娛樂、健康和保健以及連接部門的貢獻的有機成長。科技與購物以及網路安全與行銷科技領域的某些品牌也為有機收入成長做出了貢獻。

We are very pleased with these results and the progress we have made through the first half of 2025. We believe that these results reflect the diversity and resiliency of our revenue streams and highlight the ability of our businesses to navigate the demands of their respective business environments and collectively grow revenues while continuing to meet our overall profitability goals.

我們對這些結果以及我們在 2025 年上半年的進展感到非常滿意。我們相信，這些結果反映了我們收入來源的多樣性和彈性，並凸顯了我們的業務能夠滿足各自的業務環境需求並共同增加收入，同時繼續滿足我們的整體獲利目標。

Slide 5 reflects performance summaries for our two primary sources of revenue, advertising and performance marketing and subscription and licensing. Both of these revenue sources grew significantly in the second quarter of 2025. Q2 2025 advertising and performance marketing grew 15.5% as compared with the prior year period, while subscription and licensing revenues grew by 5%. Q2 2025 other revenues declined by $2.2 million year-over-year, primarily reflecting a decline in the contribution from our Humble Games Publishing business.

投影片 5 反映了我們的兩個主要收入來源—廣告和績效行銷以及訂閱和授權的績效摘要。這兩個收入來源在 2025 年第二季均大幅成長。2025 年第二季廣告和成效行銷與去年同期相比成長了 15.5%，而訂閱和授權收入成長了 5%。2025 年第二季其他營收年減 220 萬美元，主要反映了我們的 Humble Games Publishing 業務貢獻的下降。

Slides 6 through 10 reflect the Q2 financial results of each of our reportable segments, which Vivek discussed in some detail already. But again, 4 of our 5 segments grew revenue in Q2 2025, while Cybersecurity & Martech's revenue declined by less than 1% as compared with the prior year period. All 5 of our segments delivered significant adjusted EBITDA growth during the second quarter.

第 6 至 10 張投影片反映了我們每個報告部門的第二季財務業績，Vivek 已經對此進行了詳細討論。但同樣，我們的 5 個部門中有 4 個在 2025 年第二季度的收入有所增長，而網路安全和行銷技術的收入與去年同期相比下降了不到 1%。我們所有 5 個部門在第二季度均實現了顯著的調整後 EBITDA 成長。

Please refer to Slide 11 to discuss our balance sheet. As of the end of Q2 2025, we had $457 million of cash and cash equivalents and $140 million of long-term investments. We also have significant leverage capacity on both a gross and net leverage basis. As of June 30, 2025, gross leverage was 1.7 times trailing 12 months adjusted EBITDA, and our net leverage was 0.8 times and 0.5 times, including the value of our financial investments.

請參閱投影片 11 討論我們的資產負債表。截至 2025 年第二季末，我們擁有 4.57 億美元的現金和現金等價物以及 1.4 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。截至 2025 年 6 月 30 日，總槓桿率為過去 12 個月調整後 EBITDA 的 1.7 倍，我們的淨槓桿率為 0.8 倍和 0.5 倍，其中包括我們的財務投資價值。

During the second quarter, we closed three small acquisitions to expand the product portfolios of our Health & Wellness and Cybersecurity & Martech businesses. We anticipate that during the balance of 2025, we will continue to be an active and disciplined acquirer of companies and assets that we believe will enhance the ability of our existing businesses to serve their respective markets.

在第二季度，我們完成了三項小型收購，以擴大我們的健康與保健以及網路安全與行銷技術業務的產品組合。我們預計，在 2025 年餘下時間裡，我們將繼續積極且有紀律地收購我們認為能夠增強我們現有業務服務各自市場能力的公司和資產。

Overall, during the first half of 2025, we deployed more than $50 million of cash for acquisitions. And during the third quarter, we have already closed the transaction to further diversify the product offering of our Martech business.

總體而言，在 2025 年上半年，我們部署了超過 5,000 萬美元的現金用於收購。在第三季度，我們已經完成交易，以進一步豐富我們的 Martech 業務的產品供應。

During the first quarter call, we noted our intent to continue to repurchase our common stock. And since the beginning of the second quarter, we have repurchased nearly 1.4 million Ziff Davis shares. And since June 30, 2024, we deployed more than $170 million and repurchased more than 4 million Ziff Davis shares or approximately 10% of our shares outstanding.

在第一季電話會議上，我們表示有意繼續回購普通股。自第二季初以來，我們已經回購了近 140 萬股 Ziff Davis 股票。自 2024 年 6 月 30 日以來，我們已投入超過 1.7 億美元，回購了超過 400 萬股 Ziff Davis 股票，約占我們流通股的 10%。

We have more than 4 million shares remaining under our stock repurchase authorization, and we continue to believe that the current trading level of our stock does not at all reflect the intrinsic value of our underlying businesses. As a result, while we will continue to ensure that we have ample capital to support our M&A program, we plan to continue to repurchase shares of our common stock.

我們的股票回購授權剩餘量為 400 多萬股，我們仍然認為，我們股票的當前交易水準根本無法反映我們基礎業務的內在價值。因此，我們將繼續確保擁有充足的資金來支持我們的併購計劃，同時我們計劃繼續回購普通股。

Turning to Slide 13. We are reaffirming the fiscal year 2025 guidance range that we presented in February 2025. We have had a solid first half of 2025 and as we discussed, significant second quarter growth. Our guidance range is broad and has a top end that reflects fiscal year 2025 projected results that imply more than 7% revenue growth, nearly 10% adjusted EBITDA growth and 10% adjusted EPS growth as compared with fiscal year 2024.

翻到幻燈片 13。我們重申 2025 年 2 月提出的 2025 財政年度指引範圍。我們在 2025 年上半年表現穩健，正如我們所討論的，第二季度實現了顯著增長。我們的指導範圍很廣，其上限反映了 2025 財年的預期結果，與 2024 財年相比，這意味著收入增長超過 7%，調整後的 EBITDA 增長近 10%，調整後的 EPS 增長 10%。

The breadth of our guidance range reflects a range of different positive outcomes. And because of this, we are not altering the range at this time. With regards to the balance of the year, we currently anticipate at least mid-single-digit revenue growth for both Q3 and Q4 2025, with Q4 potentially being a bit stronger than Q3.

我們的指導範圍的廣度反映了一系列不同的正面成果。正因為如此，我們目前不會改變範圍。就今年的餘額而言，我們目前預計 2025 年第三季和第四季的營收至少會實現中等個位數成長，第四季可能會比第三季略強一些。

With regard to adjusted EBITDA, we expect similar margins in each of our third and fourth quarter as compared with 2024, implying stronger adjusted EBITDA growth in Q4 as compared with Q3. Adjusted diluted EPS is expected to reflect the implied growth in adjusted EBITDA and may continue to be impacted by changes in the value of certain foreign currencies, amongst other factors. We expect our Health & Wellness and Connectivity businesses to be the largest contributors to second half growth. And note, fourth quarter is typically our seasonally largest revenue quarter.

對於調整後的 EBITDA，我們預計第三季和第四季的利潤率與 2024 年相比相似，這意味著第四季度的調整後 EBITDA 成長將比第三季更強勁。調整後的稀釋每股盈餘預計將反映調整後的 EBITDA 的隱含成長，並可能繼續受到某些外幣價值變化等因素的影響。我們預計，我們的健康與保健和互聯業務將成為下半年成長的最大貢獻者。請注意，第四季度通常是我們季度收入最高的季度。

Slide 20 includes a reconciliation of free cash flow. Q2 2025 free cash flow was $26.9 million, 7.5% higher than the prior year period. As of the end of Q2 2025, trailing 12 months free cash flow was $233 million, nearly 27% higher than the prior trailing 12-month period.

投影片 20 包含自由現金流的對帳。2025 年第二季自由現金流為 2,690 萬美元，比去年同期高出 7.5%。截至 2025 年第二季末，過去 12 個月的自由現金流為 2.33 億美元，比前 12 個月高出近 27%。

Our Q2 2025 financial results were robust. They reflect the highly diverse mix of revenue that the company's products and services generate as well as the company's ability to maintain significant adjusted EBITDA margins during a period of total growth.

我們的 2025 年第二季財務業績強勁。它們反映了公司產品和服務產生的收入高度多樣化的組合，以及公司在整體成長期間保持顯著的調整後 EBITDA 利潤率的能力。

We believe our Q2 results and the incremental insight into the performance of each of our five divisions, which we now provide through our expanded reportable segment disclosures, should allow investors to more fully appreciate the diversity of our revenues, the strength of our margins and the scale of each of our businesses. Overall, we believe that our second quarter results strengthened our overall outlook for 2025.

我們相信，我們的第二季度業績以及我們五個部門各自業績的逐步洞察（我們現在透過擴大報告分部披露提供這些資訊）應該可以讓投資者更充分地了解我們收入的多樣性、利潤率的實力以及我們每個業務的規模。總體而言，我們相信第二季的業績增強了我們對 2025 年的整體展望。

As we move into the second half of 2025, we plan to use our balance sheet to continue to support our M&A program, and we expect to continue to purchase our stock at its current depressed trading level. Importantly, we remain committed to identifying and pursuing all opportunities that we believe offers strong prospects to enhance shareholder value.

隨著進入 2025 年下半年，我們計劃利用資產負債表繼續支持我們的併購計劃，並且我們預計將繼續以當前低迷的交易水平購買我們的股票。重要的是，我們仍然致力於尋找和尋求所有我們認為能夠提供強大前景以提升股東價值的機會。

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

現在，我將請接線生重新加入我們，指導您如何排隊提問。

(Operator Instructions) Shyam Patil, Susquehanna.

（操作員指示）Shyam Patil，薩斯奎漢納。

Nice quarter. I had one question I guess for Vivek. With the increased segment level disclosures that you guys are providing, what are you guys hoping to communicate to the market, especially regarding the intrinsic value versus the current public market valuation?

不錯的季度。我想我有一個問題想問 Vivek。隨著你們提供的細分層面資訊揭露的增加，你們希望向市場傳達什麼訊息，特別是關於內在價值與當前公開市場估值的訊息？

Yeah. No, look, thanks for the question. And look, I think we're absolutely hoping that investors take the time to assess each of the five segments. So as I noted, four of them collectively grew 13%, but unpacking that, we've got three of the segments growing double digits, one high-single digit and the one that didn't grow, Cyber & Martech, we believe, will grow. So I think just there are differing levels of growth and margin profiles, the adjusted EBITDA similarly collectively grew 12%, but the segments grew from a range of 5% to 24%. So each of these is worth spending time on.

是的。不，看，謝謝你的提問。而且，我認為我們確實希望投資者花時間評估這五個部分中的每一個。正如我所指出的，其中四個部門總體增長了 13%，但仔細分析一下，我們發現有三個部門實現了兩位數增長，一個部門實現了高個位數增長，而沒有增長的部門，即網絡與營銷技術部門，我們相信，將會增長。所以我認為只是存在不同的成長水準和利潤率，調整後的 EBITDA 整體成長了 12%，但各部門的成長範圍從 5% 到 24%。因此，每一個都值得花時間。

And I think more broadly, as they -- as investors kind of peel the onion and study the company, we hope they appreciate a few things: that we have a pharma commercialization and consumer health platform that's growing double digits. That's the Health & Wellness segment. We've got a data-as-a-service business with all kinds of AI tailwinds, also growing double digits. And that's the Connectivity business. We've got a platform at the center of the fastest-growing entertainment category, which is video games, and that's the Gaming & Entertainment segment.

我認為，從更廣泛的角度來看，當投資者剝開洋蔥並研究公司時，我們希望他們能夠意識到一些事情：我們擁有一個以兩位數成長的製藥商業化和消費者健康平台。這是健康與保健部分。我們擁有數據即服務業務，受到各種人工智慧的推動，也實現了兩位數的成長。這就是連接業務。我們的平台處於成長最快的娛樂類別的核心，即視頻遊戲，這就是遊戲和娛樂部門。

And then finally, we have a software unit that pointed to growth with the Cybersecurity business of scale with great margins and organic growth now. And we've got an intent-driven Tech & Shopping portfolio which has got great EBITDA growth as well.

最後，我們有一個軟體部門，該部門的網路安全業務規模龐大，利潤率高，有機成長。我們擁有以目標為導向的科技與購物產品組合，其 EBITDA 也實現了大幅成長。

And so it can -- I know at times, it can feel like a lot, but I do think that if investors spend time studying the various elements, I think you come to a pretty compelling investment opportunity. And I'd also say to our sell-side and buy-side analysts, I think if you could go through some of the parts valuation exercise, I think that would be revealing.

所以它可以——我知道有時，它看起來很多，但我確實認為，如果投資者花時間研究各種因素，我認為你會找到一個非常引人注目的投資機會。我還要對我們的賣方和買方分析師說，我認為如果你能進行一些零件估值練習，那將會很有啟發。

So look, I know it's only been -- it's been relatively new. We're only a couple of quarters into the new segment reporting. It takes a while, I think, for this kind of information to get digested. And by the way being very responsive to the market, this is something that shareholders have been asking for, for some time. And so we're pleased to be able to provide it, and we hope that it brings more insight into, as you say, the intrinsic value of the company.

所以看，我知道它只是——它相對較新。我們才剛開始發布新分部報告的幾個季度。我認為，消化這類資訊需要一段時間。順便說一句，對市場反應非常迅速，這是股東們一段時間以來一直要求的。因此，我們很高興能夠提供它，我們希望它能讓您更深入地了解公司的內在價值。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

I had two, I think both for you, Vivek. Maybe just to start, if you could update us on trends you're seeing broadly in the ad market. Last time we talked three months ago, of course, there was a lot of disruption going on around Liberation Day. And then secondly, good to see you back in double-digit growth. Just maybe how are you thinking about the sustainability of the trends you saw this quarter and Vivek, could you just remind us of how you think about the right long-term growth and margin framework for the company?

我有兩個，我想這兩個都是為你準備的，維韋克。也許只是開始，如果您可以向我們介紹一下您在廣告市場中廣泛看到的趨勢。當然，我們上次談話是在三個月前，當時解放日前後發生了很多混亂。其次，很高興看到你們重新實現兩位數的成長。也許您認為本季趨勢的可持續性如何？ Vivek，您能否提醒我們一下，您如何看待適合公司的長期成長和利潤框架？

Yeah. Thanks, Cory. So the ad business grew a little over 15%. With the new segment disclosure, you can kind of see the composition by category. So Health & Wellness is 42% of the ad business; the Shopping & Tech is kind of another 40%, but Shopping is about 21%, Tech is about 19%. So you get a sense of where that break is, and then Gaming is about 16%.

是的。謝謝，科里。因此廣告業務成長了15%多一點。透過新的細分揭露，您可以按類別查看組成情況。因此，健康與保健佔廣告業務的 42%；購物與科技佔另外 40%，但購物約佔 21%，科技約佔 19%。因此，您可以了解這個突破點在哪裡，遊戲約佔 16%。

So in order, I guess, of importance, what I would say is Health is very strong. Great drug pipeline, high-teens growth. We feel very good about this category near term, long term. Shopping was down a touch, but that's mostly the Offers brand. So I wouldn't say that's a reflection of necessarily market and the Offers brand is a brand that we put into the managed decline category. So we feel reasonably good about where retail sits.

因此，我想，按重要性排序，我想說的是健康非常好。優良的藥物研發管道，高成長率。我們對這個類別的近期和長期前景都非常看好。購物略有下降，但主要是 Offers 品牌。因此，我不會說這必然反映了市場狀況，而 Offers 品牌是我們歸類在可管理衰退類別的品牌。因此，我們對零售業的現狀感到相當滿意。

Tech was strong. And yes, CNET was obviously a major contributor in our equation, but consumer tech generally outside of CNET is strong and B2B is improving. It's still declining, just to be very clear, but it's declining less than we thought, which is really good. And then Gaming, it's kind of up mid-teens. So as I like to do when I talk about the advertising market, I do like to break it down by category because I think it is -- it does operate categorically versus in aggregate, but generally feeling really good about that.

科技很強大。是的，CNET 顯然是我們方程式中的主要貢獻者，但 CNET 以外的消費技術總體上表現強勁，B2B 也在不斷改進。需要明確的是，它仍在下降，但下降幅度比我們想像的要小，這真的很好。然後是遊戲，它有點處於十幾歲的階段。因此，當我談論廣告市場時，我喜歡按類別對其進行細分，因為我認為它確實是按類別而不是按總體來運作的，但總體感覺很好。

With respect to your thoughts, question around long-term growth, look, I think our mindset hasn't changed, which is we expect to be a double-digit total growth company from a revenue point of view, roughly half organic, roughly half inorganic.

關於您的想法，關於長期成長的問題，我認為我們的思維方式沒有改變，從收入的角度來看，我們預計公司將實現兩位數的整體成長，大約一半是有機成長，一半是無機成長。

Those delineations are always funny because of the way in which we do organic and inorganic calculations. You can have a business that you've acquired that is growing significantly organically and that we put into our inorganic category. So put aside, I'd say roughly 50-50 double-digit growth and then mid-30s margin. So I don't think that's changed.

由於我們進行有機和無機計算的方式，這些劃分總是很有趣。您可以擁有一家正在有機大幅成長的已收購企業，我們將其歸類為無機類別。因此，我認為，除了兩位數的成長之外，還有大約 50% 的成長率和 30% 左右的利潤率。所以我不認為有什麼改變。

I think that's been the way we've been thinking about the business for some time, as you know. That hasn't been what we accomplished over the last little bit, but we're both glad to be back there. And that's where we expect to be long term.

正如你所知，我想這就是我們一段時間以來對業務的思考方式。這不是我們在過去的成就，但我們都很高興能回到那裡。這正是我們期望的長期目標。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Just had a question on the incremental EBITDA margin. So specifically, it looks like given the new segment breakdown, which thank you very much for that, looks like Tech and Health, your two biggest ad revenue pools, both growing solid but had margin contraction in 2Q.

我只是想問一下增量 EBITDA 利潤率的問題。具體來說，根據新的細分市場細分結果（非常感謝），看起來科技和健康這兩個最大的廣告收入來源在第二季度均實現了穩健增長，但利潤率卻出現萎縮。

So could you just unpack, some of that's probably onetime kind of acquisition-related costs or are there other things dragging that down? And then more broadly, how do you view -- now that we're growing organically across the board, how do you view the incremental margin and how that might flow through in the future?

那麼，您能否解釋一下，其中一些可能是一次性的收購相關成本，還是有其他因素拖累了這一成本？那麼更廣泛地說，您如何看待——現在我們正在全面實現有機成長，您如何看待增量利潤以及它在未來將如何發展？

Yeah. No, Ross, I would say that I can't point to anything specifically around any changes in the cost structure of the business. And so a lot of this is when you divide our company, which is relatively small, into five pieces, I think you can see some lumpiness because similarly, Gaming & Entertainment's EBITDA grew 24%, right? So I often say, like it's better to look at these things on a multiple quarter basis to really get a sense of what the true kind of EBITDA margin is for these segments. So I wouldn't say that there's anything in specific in any of these businesses that I would point to that speaks to kind of a structural change in the margin profile of the business.

是的。不，羅斯，我想說我無法具體指出業務成本結構的任何變化。因此，當您將我們規模相對較小的公司分成五個部分時，我想您會看到一些不均勻之處，因為同樣地，遊戲和娛樂的 EBITDA 增長了 24%，對嗎？所以我常說，最好以多個季度為基礎來看待這些事情，才能真正了解這些部門的真實 EBITDA 利潤率。因此，我不會說這些業務中存在任何具體的東西，可以顯示業務利潤率狀況發生了某種結構性變化。

Bret, I don't know if you--

布雷特，我不知道你是否——

I think that's right. I think we do get to sort of the math of relatively small numbers when you take 1% of the revenue item in a single quarter. In any given quarter, you have mix dynamics, you have campaign dynamics, you have one-off dynamics, you have investment dynamics. They could be for people, they could be in -- with vendors.

我認為那是對的。我認為，當你拿出一個季度的 1% 收入項目時，我們確實會得到相對較小的數字的計算結果。在任何特定季度，您都有混合動態、活動動態、一次性動態和投資動態。它們可以供人們使用，也可以供供應商使用。

So I think it's more important, as Vivek said, to keep that lens pretty wide and compare it to our overall expectations of achieving sort of mid-30s adjusted EBITDA margins. And in any given three-month period, you're going to see some variability. M&A is also a factor as we -- in different divisions, in as we mentioned, Tech & Shopping, CNET, whatnot.

因此，我認為，正如 Vivek 所說，更重要的是保持廣度，並將其與實現 35% 左右調整後 EBITDA 利潤率的整體預期進行比較。在任何給定的三個月期間，你都會看到一些變化。併購也是一個因素，正如我們在不同的部門中所提到的，包括科技與購物、CNET 等等。

And then just overall, as a company, obviously, on a year-over-year basis, we have seen some margin expansion in the quarter. There was 1 thing as I was thinking about this in Tech & Shopping we have this PC game investment business where we've been investing in games. That is a business that we are essentially sunsetting. That has actually been a drag. So that might be something there, but that's being sunset. And so that might be one small piece on the Tech & Shopping but again small--

總體而言，作為一家公司，顯然，與去年同期相比，我們本季的利潤率有所擴大。當我在「科技與購物」欄位思考這個問題時，有一件事：我們有這個 PC 遊戲投資業務，我們一直在投資遊戲。這是我們基本上正在停止的一項業務。這確實是個拖累。所以那裡可能有某種東西，但那是日落。這可能是關於科技和購物的小故事，但同樣小——

Small piece in dollars to move -- you could be within about 1 point of margin.

美元的移動量很小——你的利潤率可能在 1 個點左右。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

I guess -- sorry, I may have missed if there was commentary on this on -- because I just jumped on a little bit late. I think there's been a lot more talk this quarter than we've heard even over the past few so it feels like there's an acceleration of the trends around agentic AI -- or sorry, not agentic AI, but AI overviews and search and the distribution of traffic across the open web.

我想——抱歉，我可能錯過了是否有關於此的評論——因為我來得有點晚了。我認為本季的討論比過去幾年聽到的要多得多，因此感覺代理 AI 的趨勢正在加速發展——或者抱歉，不是代理 AI，而是 AI 概覽和搜索以及開放網絡上的流量分佈。

And I know you guys talked before about how you're positioned there and a lot of your traffic coming directly to you guys. And maybe just an update on what you're seeing there and how you're feeling? And then I guess at the same time, if you can just talk about your approach with LLMs and if that's changed at all; how you're thinking about that.

我知道你們之前談論過你們在那裡的定位以及很多流量直接來自你們。也許只是更新一下您在那裡看到的情況和感受？然後我想同時，如果您可以談談您對法學碩士 (LLM) 的態度以及它是否有所改變；您是如何看待它。

Yeah. No, no. Thank you. So look, I'll reiterate Ygal, what I shared last quarter, which is 35% of the company's total revenues are ads on our O&O web traffic, and about 40% of that comes from search. So that gives everyone kind of an understanding of kind of order of magnitude.

是的。不，不。謝謝。所以，我重申一下 Ygal，我上個季度分享的內容，即公司總收入的 35% 來自我們的 O&O 網路流量上的廣告，其中約 40% 來自搜尋。這樣可以讓每個人對數量級有一個大致的了解。

And I think when you multiply those numbers together, you come to the conclusion that we are different than a lot of other businesses that one might compare them -- compare us to. I mean, look, there's no doubt we're experiencing a bunch of search engine result page volatility, but we've been talking about zero-click search probably for a decade, which is why we're not leveraged to SEO, we generate a ton of non-web engagement. And frankly, so much of our revenues are not actually traffic based.

我認為，當你把這些數字相乘時，你就會得出結論，我們與許多其他可以比較的企業不同——與我們進行比較。我的意思是，你看，毫無疑問我們正在經歷一系列搜尋引擎結果頁面的波動，但我們可能已經談論零點擊搜尋十年了，這就是為什麼我們沒有利用搜尋引擎優化，我們產生了大量非網路參與。坦白說，我們的大部分收入實際上並不是基於流量。

And I think this is the most important aspect to understand. We are not a programmatic ads business. I mean that is less than $50 million of our annual revenue or programmatic ads. And so that's just something I think to reiterate. And look, I listed a number of examples of how we monetize our brands, right, IGN Live, the parenting and pregnancy clinical studies business, keep partnerships like Best Buy, Spiceworks software.

我認為這是需要理解的最重要的方面。我們不是程序化廣告公司。我的意思是，這還不到我們每年程式化廣告收入的 5,000 萬美元。所以這只是我想重申的事情。你看，我列舉了一些我們如何將品牌貨幣化的例子，對吧，IGN Live，育兒和懷孕臨床研究業務，與百思買、Spiceworks 軟體等保持合作夥伴關係。

That's just a few. I could go on and on. But it's a far more dynamic and diversified business model that, again, I think as investors dig into the company with our new segment reporting, we'll recognize that I think we've given a little bit too much oxygen to this topic when we're talking about our business. And by the way, a significant portion of our adjusted EBITDA, Connectivity and Cyber & Martech is not part of this AI search narrative at all.

這只是其中幾個。我還可以繼續說下去。但這是一個更動態和多樣化的商業模式，我認為，隨著投資者透過我們新的分部報告深入了解公司，我們會意識到，當我們談論我們的業務時，我們對這個主題的關注有點過頭了。順便說一句，我們調整後的 EBITDA、連接性以及網路和行銷技術的很大一部分根本不屬於這個 AI 搜尋敘述的一部分。

With respect to your question on licensing and relationships with large language model owners and operators, obviously, we continue our lawsuit against OpenAI. We feel it's important that we protect our IP and ensure that we get fair compensation. We think our content is valuable. We know it's valuable. It's been scraped an awful lot and we should get compensated for that by AI systems.

關於您關於許可以及與大型語言模型所有者和運營商的關係的問題，顯然，我們會繼續對 OpenAI 提起訴訟。我們認為保護我們的智慧財產權並確保獲得公平的補償非常重要。我們認為我們的內容很有價值。我們知道它很有價值。它已經被大量地刮掉了，我們應該透過人工智慧系統來補償。

And so -- but at the same time, I mean, look we want to partner with AI companies going forward. We are continuing many dialogues around arrangements and partnerships so that we can get a fair value exchange.

所以——但同時，我的意思是，我們希望未來與人工智慧公司合作。我們正在就安排和合作關係繼續進行許多對話，以便我們能夠獲得公平的價值交換。

The other thing we did, as you might have seen, is as of the first of July, we commenced blocking of known AI bots at the CDN level with partners like Cloudflare to prevent unauthorized access. And the reason we did that was up until this point, up until that point, we were using robots.txt, and the problem with robots.txt, as we've come to see, is that it's a directive that bots can and have chosen to ignore.

您可能已經看到，我們所做的另一件事是，從 7 月 1 日起，我們開始與 Cloudflare 等合作夥伴在 CDN 層級阻止已知的 AI 機器人，以防止未經授權的存取。我們這樣做的原因是，直到那時，我們還在使用 robots.txt，而我們發現，robots.txt 的問題在於，它是機器人可以選擇忽略的指令。

So -- so blocking these bots at the CDN level is certainly more effective. And we think that's important, too. So I think through the combination of activities, we think we can move the dialogue into a more constructive and productive place.

因此，在 CDN 層級阻止這些機器人肯定更有效。我們認為這也很重要。因此，我認為透過結合這些活動，我們可以讓對話變得更具建設性和成效。

Okay. Great. And then I want to follow up on the moment of influence product and it sounds new and interesting. And maybe talk about the go-to-market approach there a little bit more, what that opportunity is and expand a little bit more on what you're seeing so far from advertisers.

好的。偉大的。然後我想跟進影響產品的時刻，這聽起來很新穎且有趣。也許您可以多談談市場進入方式，談談機會是什麼，並進一步闡述您目前從廣告商看到的情況。

Yeah. No. So we have built, and it's a proprietary AI-based essentially data management platform. We're ingesting all sorts of signals across all of our touch points. It goes into a system that, based on what a marketer's targets and goals are, then spits out essentially the who, who should you be targeting, when and then where and executing campaigns that run on our properties, on our properties' content on social platforms, video platforms and then more broadly on the open web. And so in many ways, it's limitless inventory against a fairly large signal capture.

是的。不。因此，我們已經建立了一個基於人工智慧的專有資料管理平台。我們正在從所有接觸點獲取各種訊號。它將進入一個系統，根據行銷人員的目標和目的，確定目標對象、時間、地點，並在我們的資產、社交平台、視訊平台以及更廣泛的開放網路上進行行銷活動。因此，從很多方面來看，它對於相當大的訊號捕獲來說都是無限的庫存。

Our go-to market, however, is not a product that would be sold at a corporate level. Ziff Davis does not sell advertising at a corporate level, we do it within each of our verticals. And so within each of our selling verticals, so say, Health & Wellness, the Everyday Health Group; or IGN entertainment; or the CNET Group; or the RetailMeNot group as sort of the key selling organizations.

然而，我們的目標市場並不是公司層級銷售的產品。Ziff Davis 並非在公司層級銷售廣告，而是在各個垂直領域銷售。在我們的每個銷售垂直領域中，例如健康與保健、日常健康集團、IGN 娛樂、CNET 集團或 RetailMeNot 集團，都是關鍵的銷售組織。

Each of those organizations will have their own branded version of this technology to go to market to supplement the existing ad products. And so the first one being rolled out is called Halo, and it is within the Everyday Health Group, and that has received a fair amount of traction. But there are those versions in each selling group that will roll out over the course of the next quarter or two.

每個組織都會有自己的品牌版本的技術推向市場，以補充現有的廣告產品。因此，第一個推出的產品名為 Halo，它隸屬於 Everyday Health Group，並且已經獲得了相當大的關注。但每個銷售組中都有這些版本將在未來一、兩個季度內推出。

We're very excited about it because I think we've gotten to the point where the data sets we have, leveraging AI gets us to a level of addressability and targetability that we think can be really, really compelling. And remember, this is all first-party data. This is all privacy protected, which is very important, particularly in a lot of the categories in which we operate. So we're excited.

我們對此感到非常興奮，因為我認為我們已經達到了這樣的程度：利用我們擁有的數據集，利用人工智慧可以讓我們達到我們認為非常非常引人注目的可尋址性和可定位性的水平。請記住，這些都是第一方資料。所有這些都是隱私保護的，這非常重要，特別是在我們運營的許多類別中。所以我們很興奮。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Just wanted to ask within Health & Wellness, it seemed like you had a pretty notable sort of uptick in -- not so much spend per advertising customer, but the participation of advertising customers. So just wondering if there's anything you can talk through in terms of the trends and what we maybe expect over the next couple of quarters, just given that we don't have a ton of historical data. But just anything on the trends there that really sort of lifted advertiser participation. I think that your growth in advertising customers was maybe up, I want to say 14% year-over-year. So notable acceleration there.

只是想問健康與保健領域，似乎你們有相當顯著的成長——不是每個廣告客戶的支出，而是廣告客戶的參與度。所以我只是想知道您是否可以談論趨勢以及我們對未來幾季的預期，因為我們沒有大量的歷史數據。但那裡的任何趨勢都確實提升了廣告商的參與度。我認為你們的廣告客戶數量可能比去年同期增加了 14%。那裡的加速現象十分顯著。

Yeah. No. Thank you for the question. And I think, look, I think part of why we're seeing a larger advertiser count is that while pharma is the core of what Health & Wellness really does do and pharma commercialization in the market is very strong, we have been looking to expand more broadly to more Health & Wellness brands or brands that have a health or wellness marketing component or target. And so I think we've had success doing that.

是的。不。謝謝你的提問。我認為，我們看到廣告客戶數量增加的部分原因是，雖然製藥是健康與保健的核心，並且市場上的製藥商業化非常強大，但我們一直在尋求更廣泛地擴展到更多健康與保健品牌或具有健康或保健營銷組件或目標的品牌。所以我認為我們在這方面取得了成功。

And brands like theSkimm have been really helpful in helping us expand our base. And so that -- part of what that business is looking to do is to diversify. Look, the pharma category is fantastic. I think it's a real competitive advantage, and it's one that we like a lot. It doesn't mean we couldn't -- we shouldn't participate in other related and adjacent categories. And as you know, overall, just societally the focus on Health & Wellness and longevity. That's another big driver.

而像 theSkimm 這樣的品牌在幫助我們擴大客戶群方面確實很有幫助。因此，該企業希望實現的業務多元化就是其中之一。瞧，製藥類別真是太棒了。我認為這是一個真正的競爭優勢，也是我們非常喜歡的優勢。這並不意味著我們不能——我們不應該參與其他相關和相鄰的類別。如你所知，整體而言，社會關注的是健康、保健和長壽。這是另一個重要驅動因素。

There are just so many longevity brands and solutions out there. So I think, demographically, we're kind of well aligned, I think, with brands like theSkimm I think we do really well in those categories. So I think it's really -- there's a bunch here to like.

市面上有太多的長壽品牌和解決方案。因此，我認為，從人口統計學角度來看，我們與 theSkimm 等品牌非常契合，我認為我們在這些類別中表現得非常好。所以我認為這真的——這裡有很多值得喜歡的地方。

The other thing is, I'll point out that our Lose It! property, which is a subscription-based property, has started to accept advertising for the free customers that we have that are pretty substantial. Again, a pretty good market, right? These are people who are interested in calorie tracking and meal logging and weight loss and fitness and so that opens up a lot of other interesting advertising opportunities.

另一件事是，我要指出我們的 Lose It！財產是一種基於訂閱的財產，它已開始為我們相當可觀的免費客戶接受廣告。再說一次，這是一個相當不錯的市場，對吧？這些人對卡路里追蹤、膳食記錄、減肥和健身感興趣，因此這開闢了許多其他有趣的廣告機會。

Great. Just a follow-up also on Connectivity. Almost the reverse dynamic, you're -- I think you had an inflection in your quarterly revenue per customer there that was fairly pronounced. If you could just talk through some of the trends there as well.

偉大的。這只是對連結性的後續關注。幾乎是相反的動態，我認為你的每位客戶季度收入出現了相當明顯的變化。如果您能談談那裡的一些趨勢嗎？

Yeah. That's a funny one. I'll tell you what. This is an example of creating a set of common metrics across 5 divisions that aren't always common as we just pointed out. And so this is a little bit of a different animal where you have a combination of high price point customers on the Speedtest Intelligence side matched with lower price point customers on the Ekahau side.

是的。這很有趣。我會告訴你什麼。這是在 5 個部門之間創建一組通用指標的範例，正如我們剛才指出的那樣，這些指標並不總是通用的。因此，這有點不同，Speedtest Intelligence 方面的高價位客戶與 Ekahau 方面的低價位客戶的組合。

And so sometimes that has a little bit to do with mix and it's a computed metric more than a managed metric, if I'm going to be honest with you. So it's not something I've even looked at. It would be something that I'd have to probably go in and do a little bit of gathering, which we can do and look at.

所以有時候這與混合有一點關係，如果我要誠實地告訴你的話，它是一個計算指標而不是管理指標。所以我根本沒看過它。我可能需要進去做一些收集工作，然後我們才能做和查看。

But overall, I think what it probably points to is we're seeing a lot more growth out of Speedtest Intelligence and RootMetrics and the businesses that are at a higher price point. Ekahau is growing, but it's not growing yet at the rate that we'd like it to grow, and that is that I'm excited for. It's not showing up yet. It's probably more of a 2026 event, but the WiFi 7 router refresh will be a really interesting tailwind for this business, but it's not playing out yet.

但總的來說，我認為這可能表明我們看到 Speedtest Intelligence 和 RootMetrics 以及價格更高的企業實現了更大的成長。Ekahau 正在成長，但尚未達到我們所希望的成長速度，而這正是我感到興奮的地方。它還沒有出現。這可能更像是 2026 年的事件，但 WiFi 7 路由器的更新將為該業務帶來真正有趣的順風，但目前它尚未發揮作用。

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

謝謝。目前隊列中沒有其他問題。現在我想將電話轉回給 Bret Richter 來做最後的總結演講。

Thank you very much, Tom, and thank you, everyone, for participating in today's call. We look forward to our ongoing dialogue with you in the balance of the year. Have a great day.

非常感謝你，湯姆，也感謝大家參加今天的電話會議。我們期待在今年剩餘的時間與您繼續對話。祝你有美好的一天。

Thank you. This does conclude today's conference call. You may disconnect your lines at this time and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路並享受美好的一天。再次感謝您的參與。