티즈(TEAD) 2026년 3분기 실적 발표 콘퍼런스콜: 매출 감소 속 CTV 성장

핵심 요약

• 2026년 3분기 매출은 전년 동기 대비 26% 감소한 약 2억 3,500만 달러를 기록했으며, 트래픽 유입 비용 제외(ex-TAC) 총이익은 28% 줄어든 9,350만 달러로 집계됐다.
• 조정 EBITDA는 마이너스 800만 달러를 기록했다. 3,100만 달러 규모의 반기 이자 지급 후 잉여현금흐름은 마이너스 3,300만 달러였으며, 이자 지급 전 잉여현금흐름은 마이너스 140만 달러였다.
• 엔터프라이즈 부문의 ex-TAC 총이익은 7,500만 달러로 14% 감소해 EMEA(유럽·중동·아프리카) 지역의 8월 부진과 오픈 인터넷 생태계의 지속적인 압박을 반영했다. 북미 지역은 15% 감소한 반면, 아시아·태평양(APAC) 지역은 5% 성장했다.
• 커넥티드 TV(CTV) 매출은 37% 증가해 엔터프라이즈 사업의 약 20%를 차지했으며, 3분기 누적 기준 약 1억 달러에 달했다.
• 다이렉트 리스폰스(DR) 및 중소기업(SME) 부문의 ex-TAC 총이익은 AI 생성 검색 요약과 알고리즘 변경으로 퍼블리셔 유입 트래픽 및 페이지뷰가 줄어들면서 50% 급감한 2,000만 달러에 그쳤다.
• 티즈(Teads)는 2억 7,200만 달러 규모의 비현금성 영업권 손상을 계상했다. 경영진은 추가적인 비용 절감을 검토하는 한편, 보다 견고한 장기 자본 구조 구축을 추진하고 있다.

주요 재무 데이터

사업 및 운영 실적

커넥티드 TV는 티즈의 핵심 성장 동력으로 유지됐다. 3분기 매출은 37% 증가했으나, 경영진은 10월에 다시 가속화되기 전까지는 이전 분기보다 성장세가 둔화했다고 설명했다. 회사는 웨일TV(Whale TV), 텔리(Telly) 등과의 파트너십을 통해 전 세계 5억 대 이상의 기기로 홈 화면 점유 기반을 확대했다.

티즈는 CTV 인벤토리를 활용해 홈 화면 노출, 인스트림 CTV, 웹 광고를 결합한 광범위한 옴니채널 패키지를 지원하고 있다. 또한 에이전틱 워크플로를 통해 채널 간 기획과 구매를 통합한 '티즈 애드 매니저(Teads Ad Manager)' 최신 버전을 출시했다.

엔터프라이즈 실적은 전분기 대비 약화됐다. 경영진은 이러한 실적 악화의 주된 원인으로 EMEA 지역의 예상치 못한 8월 부진, 거시경제적 요인, 오픈 인터넷 전반의 구조적 압박을 꼽았다. 한편 티즈는 이번 분기 동안 BMW, 레노버, 셸, 기아와 신규 공동 사업 파트너십을 체결했다.

다이렉트 리스폰스 및 SME 사업은 더 큰 압박에 직면했다. 경영진은 AI 생성 검색 요약과 알고리즘 변경으로 인해 일부 퍼블리셔의 페이지뷰가 20%에서 최대 60%까지 감소했다고 밝혔다. 트래픽 감소는 가용 노출 수와 퍼포먼스 광고 기회의 축소로 이어졌다.

티즈는 퍼블리셔의 수익률과 사용자 참여도를 높일 수 있도록 인게이지OS(EngageOS) 도입을 추진하고 있다. 회사 측은 일부 퍼블리셔 파트너가 해당 지표에서 두 자릿수 성장을 달성했다고 밝혔다. 고객 및 파트너사로는 허핑턴포스트, 르몽드, 프리즈마, 악셀 슈프링어, 폴리티코 등이 언급됐으며, ABC 뉴스와 팬덤이 신규 프리미엄 퍼블리셔로 추가됐다.

경영진 전망

경영진은 유사한 생태계 압박이 지속되고 있으나, 운영 개선과 계절적 요인에 힘입어 4분기 초 실적이 3분기 대비 다소 회복세를 보였다고 밝혔다. 또한 10월에는 CTV 성장세가 다시 가속화되고 8월 유럽 일부 지역에서 나타났던 부진이 개선되는 양상을 보였다.

회사는 퍼블리셔의 페이지뷰 감소세가 안정화 단계에 접어들었을 가능성이 있다고 보고 있으며, 내부 알고리즘 개선을 통해 잔여 트래픽의 수익화를 강화하고 있다. 아울러 경영진은 3분기 영업권 손상을 제외한 비용이 전년 동기 대비 약 10% 감소한 데 이어 추가적인 비용 절감을 추진할 것으로 예상하고 있다.

티즈는 자본 구조를 재평가하는 과정에서 채권자들과의 협의를 지속하고 있다. 신임 최고재무책임자(CFO)인 마이클 코일(Michael Coyle)은 자신의 최우선 과제로 운영 혁신, 재무 규율, 보다 탄력적인 자본 구조 구축을 제시했다.

리스크 및 주목할 요인

• AI 생성 검색 요약과 검색 알고리즘 변경으로 인해 오픈 인터넷 전반에서 유입 트래픽, 퍼블리셔 페이지뷰, 광고 인벤토리가 감소하고 있다.
• 경영진은 지속적인 매출 변동성, 예산 집행 전환율 약화, 더욱 어려워진 수익화 환경을 위험 요인으로 꼽았다.
• 다이렉트 리스폰스 및 SME 사업은 피드 제품의 특성상 가용한 모든 인벤토리를 채워야 하므로 이러한 영향에 특히 취약하다.
• 특히 8월 중 나타난 EMEA 지역의 부진이 엔터프라이즈 부문의 성장 둔화로 이어졌으며, 북미 지역 매출은 전년 동기 대비 15% 감소했다.
• 이자 지급은 여전히 현금흐름에 중대한 부담으로 작용하고 있으며, 8월 이자 지급액은 총 3,100만 달러에 달했다.
• 회사는 매출 감소와 조정 EBITDA 적자 속에서 비용 구조와 자본 구조를 모두 재평가하고 있다.

애널리스트 질의응답(Q&A) 핵심 내용

트래픽 감소와 관련한 질문에 데이비드 코스트먼(David Kostman) 최고경영자(CEO)는 일부 퍼블리셔의 페이지뷰가 20%에서 60%까지 감소했다고 답했다. 그는 경영진이 이러한 평가를 신중하게 내리고 있음을 전제하면서도 감소세가 안정화되는 양상을 보이고 있다고 밝혔으며, 티즈의 알고리즘을 통한 수익화가 개선되고 있다고 언급했다.

비용과 관련해 퇴임을 앞둔 제이슨 키비앗(Jason Kiviat) CFO는 손상차손을 제외한 운영 비용이 전년 동기 대비 약 10% 감소했으나, 경영진은 여전히 비용 구조를 추가 조정할 여지가 있다고 보고 있다고 말했다.

CTV와 관련해 경영진은 3분기 성장 둔화가 부분적으로 계절적 요인에 기인했다고 설명하며, 10월 들어 성장세가 다시 가속화됐다고 밝혔다. 티즈는 대형 광고대행사를 통해 5억 대 이상의 기기에 걸친 홈 화면 입지를 활용하여 통합 CTV 및 웹 캠페인을 판매할 계획이다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Unknown Executive

Good morning, and thank you for joining us on today's conference call to discuss Teads' third quarter results. Joining me on the call today, we have David Kostman, CEO; Jason Kiviat, current CFO; and Michael Coyle, incoming CFO of Teads. During this conference call, management will make forward-looking statements based on current expectations and assumptions, including statements regarding our business outlook and prospects. Statements are subject to risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. These risk factors are discussed in detail in our annual report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the Securities and Exchange Commission.

Forward-looking statements speak only as of the call's original date, and we do not undertake any duty to update any such statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's third quarter results announcement for definitional information and reconciliations of non-GAAP measures to the comparable GAAP financial measures. Our earnings release can be found on our IR website, investors.teads.com, under News and Events. With that, let me turn the call over to David.

David Kostman

Thank you, Maria, and good morning, everyone. For the third quarter, ex-TAC gross profit reached approximately $94 million, adjusted EBITDA was a negative $8 million, and our free cash flow before interest payments was a negative $1.4 million. Let me break down the dynamics within our 2 core businesses, starting with Enterprise. Ex-TAC gross profit for the Enterprise business was $75 million, a decline of 14% year-over-year compared to a decline of just 6% in Q2 year-over-year. This sequential deceleration was primarily driven by an unexpectedly weak August in our EMEA region, influenced by macroeconomic factors and the structural headwinds in the open Internet. APAC experienced a 5% year-over-year increase in Q3, and North America a decline of 15%. However, as we move through the close of the quarter and into October, we began seeing tangible revenue improvements.

Our core growth engine, Connected TV, continues to perform well. CTV revenue grew 37% in Q3, continuing to outperform market growth rates, accounting for approximately 20% of our Enterprise business and reaching year-to-date revenues of nearly $100 million through Q3. Our focus on the home screen, or the front door to the living room, is paying off. What we see is that premium streaming video budgets are expanding, and we are seeking to capture that expansion by securing home screen inventory, in many instances, on an exclusive basis. We grew our leading global footprint of home screen placements of more than 500 million devices worldwide through expanded partnerships, including with Whale TV and Telly. Importantly, the CTV momentum is the hook that we expect to drive our broader omnichannel sales.

Third-party research data supports that combining CTV and web campaigns through Teads delivered a 25% increase in total campaign impact and a 10% lift -- and a 10-point lift in ad recall. We also recently launched the next evolution of our buying platform, Teads Ad Manager, which provides the opportunity to strengthen our partnership with major agencies who are actively consolidating their buying with partners that offer exclusive inventory, integrated data, and agentic planning. Teads Ad Manager leverages agentic workflows through MCP protocols and solves cross-channel fragmentation by bridging upper-funnel CTV branding with lower-funnel conversions in one agentic platform.

In the quarter, we also signed new joint business partnerships with global brands, including BMW, Lenovo, Shell, and Kia.

Turning now to our direct response and small-medium enterprise business. Ex-TAC gross profit was $20 million, a 50% decline year-over-year. Here, we are experiencing major headwinds due to the rapid adoption of AI-generated search summaries and algorithm updates that are significantly reducing traditional referral traffic across the open Internet. This is heavily impacting publisher page views and impressions and performance advertising across our entire ecosystem. The adoption of EngageOS, our new differentiated AI-powered platform, helps our publisher partners maximize yield and user engagement and potentially mitigate the impact of these search declines. Some of them already experienced double-digit growth in yields and user engagement. EngageOS also continues to support Teads' differentiation by securing access to direct, premium, authenticated supply. We are seeing continued traction of our solution with premium publishers, including Huffington Post, Le Monde and Prisma in France, Axel Springer in Germany, and Politico in the U.S. We're also continuing to bring on new premium publishers, including ABC News and Fandom in the U.S.

While Q3 was a challenging quarter, I want to frame our results around 3 key realities. One, CTV is our structural tailwind. Premium video budgets are expanding, and we are well positioned to capture them through our home screen global leadership and omnichannel offerings. Second, agencies are consolidating and prioritizing partners that can deliver scaled, integrated media paired with proprietary data assets, which is precisely where we hold a strong competitive edge. And third, the open Internet is facing unprecedented pressures due to traffic declines. While navigating this industry-wide traffic compression is difficult, we are providing tools publishers and advertisers can use to adapt and grow. For example, on the Enterprise side of the business, we're experimenting in emerging channels and formats to deliver on our clients' KPIs, such as in-app advertising using our native feed for more premium brand experiences, new social formats that complement walled garden environments, and LLM testing as part of the OpenAI ChatGPT pilot program.

Finally, despite the Q3 EBITDA loss, our free cash flow before interest was close to breakeven. We are driving operational efficiencies to improve our cash flow. We're also focused on optimizing our capital structure and expect to continue to engage in constructive discussions with our debtholders as we seek a long-term, stronger balance sheet.

Before we dive into the financials, I want to take a moment to address the leadership update we announced this morning. After 13 incredible years with Teads, Jason Kiviat will be transitioning from his role as Chief Financial Officer and support us throughout the transition period. On a very personal note, Jason has been an extraordinary partner, a trusted friend, and a key pillar of our company's success from our earliest days. We are deeply grateful for his dedication and wish him the absolute best in his next chapter.

I'm thrilled to welcome Michael Coyle as our new CFO. Michael brings a track record of driving operational excellence and financial discipline at major international organizations, and we believe he is the right leader to help us execute on our strategic priorities moving forward. Michael, welcome to the team.

I'll hand it to Jason for a few words.

Jason Kiviat

Thank you, David, and good morning, everyone. It has been a privilege to help build Teads over the last 13 years. I want to thank David, the executive team, the Board and especially my incredible finance team. Their hard work and resilience have been the backbone of our success. While it's never easy to step away, I'm confident in the foundation we've built. I look forward to working closely with Michael over the coming months to ensure a seamless handover, and I'm excited to watch Teads continue to evolve and succeed under his leadership.

Michael Coyle

Thank you, Jason and David, and I'll keep my remarks brief. I decided to join Teads because I have conviction in the future of the company. We are navigating a pivotal transformation, and I believe we have the underlying platform and strategic vision required to build a strong future. I'm excited to partner with David and the leadership team to drive this operational transformation forward, to build a resilient capital structure, and unlock the long-term value I see in the business. I look forward to connecting with many of you on the line in the weeks ahead.

Now, Jason, I'll turn it back to you.

Jason Kiviat

Thanks, Michael. As David noted, it was a challenging quarter where we saw a decline in our top-line revenues drive our adjusted EBITDA to be in a loss position. Revenue in Q3 was approximately $235 million, reflecting a 26% decline year-over-year, and ex-TAC gross profit in the quarter was $93.5 million, a decrease of 28% year-over-year. As the quarter played out, we saw a lower level of budget conversion than we expected at the onset of the quarter, ultimately resulting in a deterioration across both Enterprise and direct response and SME customers, despite the former showing momentum as we entered the quarter. In the early part of Q4, while we continue to see similar ecosystem trends, we have seen some recovery as compared with Q3 due both to operational improvements and seasonality.

Moving to expenses in Q3. As a result of recent declines in our share price and overall market capitalization, we were required under accounting standards to perform an impairment assessment and ultimately recorded a full impairment to goodwill of $272 million. This accounting adjustment is entirely noncash and does not impact our liquidity, operating cash flows, or debt covenants. Excluding the impact of this onetime noncash impairment charge, other cost of sales and operating expenses decreased around 10% year-over-year, even despite ongoing FX headwinds. While the cost reductions we've made have been helpful, given the headwinds on our top line and volatility of the environment, we're further scrutinizing our cost structure.

Based on the lower top-line performance and seasonality of the quarter, adjusted EBITDA for Q3 was a loss of $8 million, and free cash flow in the quarter was a use of cash of $33 million due to the semiannual interest payment made in August of $31 million. Free cash flow before interest payments was close to breakeven at negative $1.4 million.

Despite the use of cash, in part due to seasonality and timing of interest payments, we are comfortable with our liquidity position.

During the quarter, we closed on a new $125 million AR borrowing facility, leveraging a portion of our accounts receivable balances, providing a cost-efficient source of capital. The amount available under this facility will fluctuate based on borrowing base and various factors that influence it. At closing, the available borrowing base was approximately $60 million, with $55 million of cash drawn. As of September 30, we had total liquidity of approximately $140 million, inclusive of $90 million cash on hand and amounts under the AR facility and our existing revolving credit facility. Also, and as David said, we are focused on evaluation of our cost and opportunities to improve our capital structure.

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

Operator

[Operator Instructions] Your first question comes from Laura Martin with Needham.

질의응답

Laura Martin

The first one, could you give us more granularity on what your traffic -- what you're seeing in terms of traffic declines, specifically that's driving the downdraft in revenue?

And then second, Jason or Mike, how much further can you go on cost-cutting? Because I know that's been a focus since you guys closed Teads. So how much further do you -- how many more costs do you think you can cut out of the enterprise at this point?

David Kostman

Laura, it's David. So we see anywhere from -- in page view declines, anywhere from 20% to, some of them, even 60% page view declines that are coming primarily from AI summaries and algorithmic changes. On top of that, there's also a more challenging environment to monetize. I mean, in the past, we used to offset a lot of it by better RPMs. We also see some increased challenges in better monetization. But what we've seen is a stabilization of that. So the page view declines, we think they've reached -- we hope they reached the bottom, and we're also seeing better monetization of existing pages through better algorithmic improvements on our end. So we think it's at the bottom, but these are the numbers that we see.

Jason Kiviat

Laura, it's Jason. In terms of your second question, yes, we have been -- we're down on cost maybe 10% year-over-year in Q3. But we do think there's more to go. I mean given obviously the context of the changes in the industry and the headwinds, it's something that we began looking at and we definitely think there's room to adjust our cost structure for this, as well as our balance sheet, as we said.

Operator

The next question comes from Ed Alter with Jefferies.

Edward Alter

I wanted to ask 2, if I can. One, just a little more on the overall macro. What would it take on the open Internet side for things to get better? Or how do you see them -- if you don't think they're going to get better, how are they going to get worse?

And then on CTV, it looks like that slowed a little bit from the past couple quarters. Just want to talk about the trends there and kind of how that's trending into the back half of the year.

David Kostman

It's David. So generally CTV has been a little bit of a slower quarter versus the previous one. But for example, October, we saw, again, acceleration. So we think it's pretty seasonal, and I think it impacted -- when you look at our overall results, we saw some weakness in Europe, particularly in August in a couple of countries. And as we said, I think we already see October sort of reversing that trajectory. Across the open Internet, we believe that -- I mean the 2 segments of the business are impacted very differently. The direct response and SME is impacted in a more severe way because we, on the feed product, have 100% that we need to fill. On the in-read and other placements, I think it's less of an impact because we still have opportunity to fill more than what we're filling today. And particularly on the Enterprise side, I think what we're seeing -- where we're seeing success is selling omnichannel. So leveraging the growth in CTV that we see to sell better packages that combine CTV home screen, where we have a real strong leadership position. We broadened that in Q3, as we updated. We have more than 500 million devices. We believe we're the only company that allows the big agencies to place campaigns across multiple OEMs on the home screen. And we, I think, are doing a much better job executing and packaging solutions which will combine that home screen with in-stream CTV and web.

Operator

There are no more questions at this time. I would like to transfer the call over to David Kostman for closing remarks. Please go ahead, sir.

David Kostman

Thank you for joining us. We look forward to updating you in the future, hopefully, with a better quarter than this one. Thank you.

Operator

Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. You may now disconnect your lines.