Viant Technology Inc (DSP) 2024 Q3 法說會逐字稿

Thank you everyone for joining. We will begin in just a minute. Hello, everyone, and welcome to Viant Technology's third-quarter 2024 earnings conference call. My name is Catherine, and I will be your operator today. Before I hand the call over to Viant's leadership team, I'd like to go over just a few housekeeping notes for the program. As a reminder, this call is being recorded. (Operator instructions) Thank you for your attendance today.

感謝大家的加入。我們馬上就開始。大家好，歡迎參加 Viant Technology 2024 年第三季財報電話會議。我叫凱瑟琳，今天我將擔任您的接線生。在我將電話轉交給 Viant 的領導團隊之前，我想先介紹一下該計劃的一些基本事項。提醒一下，本次通話正在錄音。（操作員指示）感謝您今天的出席。

I will now turn the call over to Nick Zangler, VP of Investor Relations for Viant.

現在我將把電話轉給 Viant 投資人關係副總裁 Nick Zangler。

Thank you, Catherine. Good afternoon, and welcome to Viant Technology's third-quarter 2024 earnings conference call. On the call today are Tim Vanderhook, Co-Founder and Chief Executive Officer; Chris Vanderhook, Co-Founder and Chief Operating Officer; and Larry Madden, Chief Financial Officer.

謝謝你，凱瑟琳。下午好，歡迎參加 Viant Technology 2024 年第三季財報電話會議。今天參加電話會議的有共同創辦人兼執行長 Tim Vanderhook； Chris Vanderhook，共同創辦人兼營運長；以及財務長 Larry Madden。

I'd like to remind you that we will make forward-looking statements on our call today, including, but not limited to our guidance for Q4 2024, our platform development initiatives and industry trends that are based on assumptions and subject to future events, risks and uncertainties that could cause actual results to differ materially from those projected.

我想提醒您，我們將在今天的電話會議上做出前瞻性陳述，包括但不限於我們對 2024 年第四季度的指引、我們的平台開發計劃和行業趨勢，這些陳述基於假設並受未來事件、風險和不確定性的影響，可能導致實際結果與預測結果存在重大差異。

These forward-looking statements speak only as of today, and we undertake no obligation to update or revise these statements, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements and our entire safe harbor statement, please refer to the news release issued today as well as the risks and uncertainties described in our quarterly report on Form 10-Q for the quarter ended September 30, 2024 under the heading Risk Factors and in our other filings with the SEC.

這些前瞻性陳述僅代表今天的觀點，除非法律要求，否則我們不承擔更新或修改這些陳述的義務。有關可能導致實際結果與前瞻性陳述和我們的整個安全港聲明存在重大差異的因素的更多信息，請參閱今天發布的新聞稿以及我們截至 2024 年 9 月 30 日的季度 10-Q 表季度報告中“風險因素”標題下所述的風險和不確定性以及我們向美國證券交易委員會提交的其他文件。

During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the news release issued today and in our earnings presentation, which have been posted on the Investor Relations page of the company's website and in our filings with the SEC.

在今天的電話會議中，我們還將介紹 GAAP 和非 GAAP 財務指標。關於這些非公認會計準則指標的額外揭露，包括非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調節表，都包含在今天發布的新聞稿和我們的收益報告中，這些報告已發佈在公司網站的投資者關係頁面和我們向美國證券交易委員會提交的文件中。

I would now like to turn the call over to Tim Vanderhook, Chief Executive Officer of Viant. Tim?

現在，我想將電話轉給 Viant 執行長 Tim Vanderhook。提姆？

Thanks, Nick, and thanks, everyone, for joining us today. We had a fantastic third quarter with results well ahead of our guidance across all key metrics. Once again, we achieved a new quarterly record for platform spend, while revenue and contribution ex-TAC grew 34% and 21% respectively year-over-year. We also delivered record Q3 adjusted EBITDA of $14.7 million.

謝謝尼克，也謝謝大家今天的參與。我們的第三季表現十分出色，所有關鍵指標的業績都遠遠超出我們的預期。我們再次創下了平台支出的季度新高，而扣除 TAC 後的收入和貢獻分別同比增長 34％ 和 21％。我們也實現了第三季調整後 EBITDA 創紀錄的 1,470 萬美元。

I'm also very excited to discuss our acquisition of IRIS.TV, which we announced earlier today. IRIS.TV is a content identification platform built for connected TV, which provides a global content ID across connected TV applications. I will expand more on the IRIS announcement in a moment.

我也很高興討論我們今天早些時候宣布的對 IRIS.TV 的收購。IRIS.TV 是一個專為連網電視建構的內容辨識平台，為連網電視應用程式提供全域內容ID。稍後我將進一步詳細說明 IRIS 公告。

The strength we saw in the third quarter is further demonstration that Viant's product suite and overall value proposition for advertisers continues to resonate with customers. Our focus on enabling advertisers to buy programmatic advertising in smarter and more efficient ways is continuing to drive incremental spend to our platform.

我們在第三季看到的強勁表現進一步證明，Viant 的產品套件和針對廣告商的整體價值主張繼續引起客戶的共鳴。我們專注於讓廣告主能夠以更聰明、更有效率的方式購買程式化廣告，這將持續推動我們平台的支出成長。

Our rollout of ViantAI, which we first announced on our Q2 earnings call is garnering notable attention from our customers, prospects and industry partners across the programmatic landscape. We believe our commitment to innovation and customer success positions us extremely well to continue growing our market share and capitalize on the ever-expanding market for programmatic advertising. I'll spend some time today digging further into our vision for ViantAI, how this is translating into better tools for advertisers and how this is driving spend to our platform and growth for Viant.

我們在第二季財報電話會議上首次宣布推出 ViantAI，這一舉動引起了整個程序化領域的客戶、潛在客戶和行業合作夥伴的廣泛關注。我們相信，我們對創新和客戶成功的承諾使我們能夠繼續擴大我們的市場份額並利用不斷擴大的程序化廣告市場。今天我將花一些時間進一步探討我們對 ViantAI 的願景，如何將其轉化為廣告商的更好的工具，以及如何推動我們平台的支出和 Viant 的成長。

There's been a lot of thought and investment across the tech industry as a whole in terms of how generative AI can really benefit end users of software and applications. Some businesses have turned this AI euphoria into real solutions for users, while others are still figuring out how to exactly and effectively incorporate AI into their product road maps.

整個科技產業對生成式人工智慧如何真正造福軟體和應用程式的最終用戶進行了大量的思考和投入。一些企業已將這種人工智慧熱潮轉化為用戶真正的解決方案，而其他企業仍在研究如何將人工智慧準確有效地融入其產品路線圖。

At Viant, we believe AI is transforming the programmatic ad industry as a whole. We believe this new AI-enabled era in programmatic is as monumental as the movement 20 years ago from licensed software to cloud-based Software as a Service models, which has since completely changed the software industry. At Viant, we have created ViantAI, which is transforming every aspect of programmatic ad buying.

在 Viant，我們相信人工智慧正在改變整個程式化廣告產業。我們相信，這個由人工智慧推動的程式化新時代與 20 年前從授權軟體到基於雲端的軟體即服務模式的轉變一樣具有里程碑意義，後者徹底改變了軟體產業。在 Viant，我們創建了 ViantAI，它正在改變程式化廣告購買的方方面面。

ViantAI is the first fully autonomous advertising software platform, driven by the powerful capabilities of generative AI. The user interface of the platform is extremely intuitive and enables any individual within an agency or marketing organization to plan and buy complex programmatic campaigns without any prior experience or training.

ViantAI 是第一個完全自主的廣告軟體平台，由生成式人工智慧的強大功能所驅動。該平台的使用者介面非常直觀，代理商或行銷組織內的任何個人無需任何經驗或培訓即可規劃和購買複雜的程序化廣告活動。

ViantAI works straight out of the box, and advertisers can see results of their campaign planning strategies immediately with limited effort upfront. We believe ViantAI is especially transformative in that it enables the whole agency, not just programmatic traders to use the software to plan campaigns. Everyone within an organization from C-level executives down to strategy and planning teams can now interface with our platform and contribute to the planning, buying and measurement of programmatic campaigns in real time.

ViantAI 開箱即用，廣告商只需付出有限的前期努力就可以立即看到其廣告活動策劃策略的結果。我們相信 ViantAI 尤其具有變革性，因為它使整個機構（而不僅僅是程式化交易者）能夠使用該軟體來策劃活動。現在，組織內的每個人，從 C 級主管到策略和規劃團隊，都可以與我們的平台進行交互，並即時參與程序化廣告活動的規劃、購買和衡量。

In addition to the speed and ease of use, ViantAI brings an additional level of sophistication to the campaign planning process. Leveraging years of data from thousands of campaigns executed through our platform, ViantAI is faster, smarter and more precise in its planning capabilities compared to traditional planning software.

除了速度和易用性之外，ViantAI 還為活動策劃流程帶來了更高程度的複雜化。ViantAI 利用多年來透過我們的平台執行的數千個活動的數據，與傳統規劃軟體相比，其規劃能力更快、更聰明、更精確。

The AI generated campaign strategies have gone through extensive testing with a number of experienced advertising customers, and the reactions have been universally positive, often with the proposed plans recommending strategies that even experienced professionals themselves might not have considered. We expect ViantAI to accelerate our market share gains and expand our total addressable market.

人工智慧產生的廣告活動策略已經經過許多經驗豐富的廣告客戶的廣泛測試，並且反應普遍積極，通常所提出的計劃推薦的策略甚至是經驗豐富的專業人士自己可能都沒有考慮過的。我們預計 ViantAI 將加速我們的市場份額成長並擴大我們的整體潛在市場。

For major agency holding companies and national advertisers, ViantAI provides substantial workflow and operational efficiencies, along with improved return on ad spend across executed ad campaigns. And for the 10-plus million small to midsized businesses actively marketing across search and social advertising, the simplicity and ease of use offered by ViantAI provides an opportunity to participate in open internet programmatic advertising in a way that has not been possible until now. ViantAI democratizes programmatic advertising, enabling any advertiser to market their product or service to any household in the US.

對於主要的代理控股公司和全國廣告商，ViantAI 提供了大量的工作流程和營運效率，以及在執行的廣告活動中提高的廣告支出報酬率。對於積極透過搜尋和社群廣告進行行銷的 1,000 多萬家中小型企業來說，ViantAI 提供的簡單性和易用性為他們提供了以迄今為止不可能的方式參與開放網路程式化廣告的機會。ViantAI 使程式化廣告民主化，使任何廣告商都可以向美國的任何家庭推銷他們的產品或服務。

While we are still in the very early stages of the launch and rollout of ViantAI, we're extremely excited about the long-term prospects of what our AI can do for advertisers and their agencies. The more campaigns that are run through our platform, the more our AI model will learn and adapt to customer preferences and campaign performance over time.

雖然我們仍處於 ViantAI 推出和推廣的早期階段，但我們對我們的 AI 能為廣告商及其代理商帶來的長期前景感到非常興奮。透過我們的平台進行的活動越多，我們的 AI 模型就會越能學習並適應客戶偏好和活動表現。

And we are already releasing updates and enhancements to ViantAI, which are expanding its capabilities. We see a significant opportunity to add deeper integrations, more robust analysis and enhanced capabilities to name a few. And we expect our ongoing innovation will keep ViantAI at the forefront of the AI revolution.

我們已經發布了 ViantAI 的更新和增強功能，以擴展其功能。我們看到了增加更深層的整合、更強大的分析和增強的功能等重大機會。我們期望，我們持續的創新將使 ViantAI 始終處於人工智慧革命的前沿。

Switching topics. Today, we are thrilled to announce the acquisition of IRIS.TV, a leader in solving a critical challenge within the connected TV ecosystem. The IRIS team has developed an exceptional platform that addresses the lack of standardization in video content signals across content producers, TV OEMs, video apps and programmatic resellers, an issue that has long created operational inefficiencies in the industry.

轉換話題。今天，我們很高興地宣布收購 IRIS.TV，它是解決連網電視生態系統中關鍵挑戰的領導者。IRIS 團隊開發了一個卓越的平台，解決了內容製作者、電視原始設備製造商、視訊應用程式和程式化經銷商之間視訊內容訊號缺乏標準化的問題，這一問題長期以來一直導致行業營運效率低下。

At the core of their innovation is the IRIS_ID, a proprietary global content identifier seamlessly integrated into the open RTB bidstream. The IRIS_ID is an anonymous universal identifier that allows advertisers to go beyond targeting at the CTV app level, enabling precise targeting down to the individual video file where their ads will run, all in a privacy compliant manner.

其創新的核心是 IRIS_ID，這是一個無縫整合到開放 RTB 競價流中的專有全球內容識別碼。IRIS_ID 是一個匿名通用標識符，它允許廣告商超越 CTV 應用程式層級的定位，實現精確定位到其廣告將運行的單一視訊文件，所有這些都以符合隱私的方式進行。

Beyond this, IRIS enriches the IRIS_ID with powerful data driven insights, including contextual segments, emotional sentiment analysis and brand suitability data. This added layer of context provides advertisers with a richer understanding of the videos accompanying their ads, empowering safer, smarter and more impactful CTV ad campaigns.

除此之外，IRIS 還透過強大的數據驅動洞察豐富了 IRIS_ID，包括上下文片段、情感分析和品牌適用性數據。這一附加的背景層使廣告商能夠更深入地了解其廣告所附帶的視頻，從而開展更安全、更智能、更具影響力的 CTV 廣告活動。

By combining IRIS's cutting edge technology with our DSP, we are poised to elevate the CTV channel to new heights, making it safer, more transparent and more effective for advertisers. IRIS's mission to enhance the value of premium CTV content aligns perfectly with our vision for the future, and we are excited to partner with their team to lead the industry at the intersection of CTV, AI and ad tech.

透過將 IRIS 的尖端技術與我們的 DSP 結合，我們準備將 CTV 頻道提升到新的高度，使其對廣告商更安全、更透明、更有效。IRIS 的使命是提升優質 CTV 內容的價值，這與我們對未來的願景完全一致，我們很高興與他們的團隊合作，引領 CTV、AI 和廣告技術交匯處的行業。

We have an opportunity to lead the industry into a new era of programmatic advertising, where AI drives every aspect of the process, making it more accessible, scalable and efficient for advertisers of all sizes. While we aren't looking to eliminate humans from the process, we're excited to make individuals more efficient and effective at their jobs with the help of AI and continue to increase return on ad spend for our customers.

我們有機會引領產業進入程式化廣告的新時代，人工智慧將推動整個流程的各個方面，讓各種規模的廣告商都能夠更輕鬆地存取程式化廣告，提高廣告的可擴展性和效率。雖然我們並不打算從這個過程中消除人類，但我們很高興借助人工智慧讓人們的工作更有效率，並繼續為我們的客戶提高廣告支出的回報率。

We are at a pivotal time as advertisers push into AI and at the same time are looking for alternatives to the largest DSPs in the market. We have always offered the most cutting edge technology to advertisers and the acquisition of IRIS.TV will widen our lead when it comes to connected TV. This focus on innovation led growth has created the strongest pipeline of customer demand we have seen in our history and continues to drive record spend on our platform as a result.

我們正處於一個關鍵時刻，廣告商正在進軍人工智慧，同時也在尋找市場上最大 DSP 的替代品。我們始終為廣告商提供最先進的技術，收購 IRIS.TV 將擴大我們在連網電視領域的領先地位。這種以創新為主導的成長模式創造了我們歷史上最強勁的客戶需求管道，並因此繼續推動我們平台的支出創下歷史新高。

We aren't taking this opportunity lightly and are committed to expand upon our already award winning platform to make programmatic ad buying easier and more effective while delivering market-leading innovation to our customers.

我們不會輕視這個機會，並致力於擴展我們已經屢獲殊榮的平台，使程序化廣告購買變得更容易、更有效，同時為我們的客戶提供市場領先的創新。

With that, I'll turn it over to Chris.

說完這些，我會把話題交給克里斯。

Thanks, Tim. The success we saw in Q3 was driven by our ongoing focus on innovation and investments in the fast growing areas of programmatic, notably CTV and streaming audio, while we are beginning to see notable contributions from our ViantAI product suite.

謝謝，蒂姆。我們在第三季的成功得益於我們持續專注於創新以及在快速成長的程式化領域（尤其是 CTV 和串流音訊）的投資，同時我們開始看到 ViantAI 產品套件的顯著貢獻。

CTV spend across our platform remained very strong. It was up nearly 50% year-over-year in the quarter, while streaming audio continued to see strong double-digit growth. These channels together represented approximately 50% of spend on our platform in the quarter, consistent with what we saw in Q2. Many of the themes we have highlighted in recent quarters have continued to drive spend growth on our platform.

我們平台上的 CTV 支出依然保持強勁。本季年增近 50%，串流音訊持續保持強勁的兩位數成長。這些管道合計佔本季我們平台支出的約 50%，與我們第二季的情況一致。最近幾季我們強調的許多主題繼續推動我們平台的支出成長。

Direct Access provides clients with access to the world's most premium content, eliminating non-value-add middlemen and enabling walled garden level addressability by targeting logged-in CTV users with our Household ID. We continue to see strong adoption of our Direct Access program as more than half of our CTV spend came through Direct Access in the quarter as advertisers are increasingly seeing the value of incorporating premium CTV content into their omnichannel programmatic campaigns.

直接存取使客戶能夠存取世界上最優質的內容，消除了非增值的中間商，並透過使用我們的家庭 ID 定位登入的 CTV 用戶，實現了圍牆花園級別的尋址能力。我們繼續看到直接存取計劃的強勁採用，因為本季度我們超過一半的 CTV 支出都是透過直接存取進行的，因為廣告商越來越多地看到將優質 CTV 內容納入其全通路程式化廣告活動的價值。

We regularly hear from our clients that Direct Access, combined with the scale of our Household ID is one of our biggest competitive differentiators. We recently hosted a very successful Direct Access CTV event in New York with a number of our publisher and media partners to discuss how CTV continues to accelerate in its strategic importance for advertisers.

我們經常聽到客戶說，直接訪問加上我們的家庭身份證的規模是我們最大的競爭優勢之一。我們最近與一些出版商和媒體合作夥伴在紐約舉辦了一場非常成功的直接訪問 CTV 活動，討論 CTV 如何繼續加速其對廣告商的戰略重要性。

We had a number of participants from across the industry join in the conversation, and we heard insightful perspectives from some of our agency partners, along with senior executives from the likes of Disney, Paramount and NBC. The overarching takeaway from the event was that CTV is becoming an increasingly critical channel for advertisers as they are shifting more budgets into CTV and away from linear, a trend which we expect will only further accelerate.

我們有許多來自整個行業的參與者參與了討論，並聽取了一些代理商合作夥伴以及迪士尼、派拉蒙和 NBC 等公司高管的深刻見解。這項活動的總體結論是，隨著廣告商將更多預算從線性廣告轉向 CTV，CTV 正成為廣告商越來越重要的管道，我們預計這一趨勢只會進一步加速。

While CTV as a whole is generally recognized as a high-value channel due to its targeting, addressability and measurement capabilities, we're excited to be adding even more contextual intelligence and targeting sophistication to our CTV offering with the acquisition of IRIS.TV, which Tim mentioned just earlier. IRIS has heavily invested into their technology to build out the distribution of their global content ID for CTV called the IRIS_ID.

雖然 CTV 作為一個整體被普遍認為是一個高價值管道，因為它具有定位、可尋址和測量能力，但我們很高興能夠透過收購 IRIS.TV 為我們的 CTV 產品添加更多的情境智慧和定位複雜性，正如 Tim 之前所提到的。IRIS 在其技術上投入了大量資金，以建立針對 CTV 的全球內容 ID 分發，即 IRIS_ID。

The IRIS_ID is now integrated with an impressive network of CTV content owners, TV OEM platforms and over 1,400 content management systems who are currently building on top of the IRIS_ID. These integrations will enable Viant to enhance our Direct Access program by making the IRIS_ID available to our marketers.

IRIS_ID 現已與令人印象深刻的 CTV 內容所有者、電視 OEM 平台和超過 1,400 個內容管理系統網絡集成，這些系統目前正在 IRIS_ID 之上構建。透過向我們的行銷人員提供 IRIS_ID，這些整合將使 Viant 能夠增強我們的直接存取計劃。

As Tim mentioned today, marketers are still in the very early stages of CTV buying. Most CTV buying is done by just targeting the app name. The problem with this is that marketers are not able to easily target specific types of content, and they can't measure which types of content drives the best results. This is where the IRIS_ID comes in.

正如蒂姆今天提到的，行銷人員仍處於 CTV 購買的早期階段。大多數 CTV 購買都是透過僅針對應用程式名稱來完成的。問題在於，行銷人員無法輕鬆定位特定類型的內容，也無法衡量哪些類型的內容可帶來最佳效果。這就是 IRIS_ID 的用武之地。

IRIS ingests millions of CTV content files and normalizes all of the metadata associated with that video, so marketers have a standard taxonomy to target against in CTV regardless of what app or platform that video is consumed in. Marketers love to buy data-driven advertising, and the IRIS_ID enables them to see which video within a CTV app is driving better return on ad spend. From there, marketers will then bid up the price of those high-performing videos, resulting in content owners getting higher CPMs.

IRIS 採集了數百萬個 CTV 內容文件並規範化與該視頻相關的所有元數據，因此無論在哪個應用程序或平台上觀看該視頻，營銷人員都有一個標準的分類法可以在 CTV 中定位。行銷人員喜歡購買數據驅動的廣告，而 IRIS_ID 使他們能夠看到 CTV 應用中哪個影片可以帶來更好的廣告支出回報。然後，行銷人員將提高這些高效能影片的價格，從而使內容所有者獲得更高的 CPM。

For example, Carl's Jr. was recently looking to reach younger adult males who are watching anime content and certain titles of video game content in their CTV campaign. Carl's Jr. leveraged the IRIS_ID to easily buy this content and programmatic across a range of CTV apps and platforms by using the IRIS_ID. The results were amazing as the campaign leveraging the IRIS_ID generated a 300% lift in ad recall, a 35% lift in incremental store visits and a staggering 152% lift in incremental sales.

例如，Carl's Jr. 最近希望在其 CTV 活動中吸引正在觀看動漫內容和某些電玩內容的年輕成年男性。Carl's Jr. 利用 IRIS_ID 輕鬆購買此內容，並透過 IRIS_ID 在一系列 CTV 應用程式和平台上進行程式化購買。結果令人驚奇，利用 IRIS_ID 的活動使廣告回憶率提升了 300%，商店訪問量增加了 35%，銷售額增加了驚人的 152%。

CKE Restaurants CMO, Jennifer Tate, stated that they are always looking for strategies that drive business outcomes at scale and that IRIS.TV delivers a unique combination of targeting ability, contextual relevance and high ROI.

CKE 餐廳首席行銷長 Jennifer Tate 表示，他們一直在尋找能夠大規模推動業務成果的策略，而 IRIS.TV 將定位能力、情境相關性和高投資回報率進行了獨特的結合。

We think that IRIS_ID is an important part of the mission for the open ecosystem and CTV in particular. We believe that the IRIS_ID will enable content owners to create more compelling ad products that will rival the walled gardens and ultimately increase the share of spend tilting back to the open ecosystem. We're really excited to further develop this technology and expand IRIS' reach to deliver best-in-class CTV products for our customers and the industry.

我們認為 IRIS_ID 是開放生態系統和 CTV 使命的重要組成部分。我們相信，IRIS_ID 將使內容所有者能夠創建更具吸引力的廣告產品，與圍牆花園相媲美，並最終增加向開放生態系統傾斜的支出份額。我們非常高興能夠進一步開發這項技術並擴大 IRIS 的影響力，為我們的客戶和產業提供一流的 CTV 產品。

We believe that with the addition of IRIS.TV to our already robust Direct Access program for CTV, Viant is becoming the DSP of choice for advertisers looking to spend more in CTV. Our customers have seamless access to much of the market's most premium inventory, and through our Direct Access program are able to buy CTV at better pricing compared to the rest of the industry. Coupled with our advancements in measurement and reporting, our customers are driving superior returns on their ad spend through the Viant platform.

我們相信，隨著 IRIS.TV 加入我們本已強大的 CTV 直接訪問計劃，Viant 將成為希望在 CTV 上投入更多資金的廣告商的首選 DSP。我們的客戶可以無縫存取市場上大部分最優質的庫存，並且透過我們的直接存取計劃可以以比業內其他公司更優惠的價格購買 CTV。加上我們在測量和報告方面的進步，我們的客戶可以透過 Viant 平台獲得更高的廣告支出回報。

Another major appeal for our customers is that we are making programmatic advertising much easier and effective to use through our advanced suite of AI-enabled products. As Tim discussed, we are still in the very early innings of the ViantAI rollout, but initial receptivity has been overwhelmingly positive, and our go-to-market effort around the product has been extremely effective.

我們對客戶的另一個主要吸引力是，透過我們先進的人工智慧產品套件，我們使程式化廣告的使用變得更加容易和有效。正如蒂姆所討論的，我們仍處於 ViantAI 推出的早期階段，但最初的接受度非常積極，我們圍繞產品推向市場的努力非常有效。

In mid-September, we released a 12 minute launch video across a number of social media channels to showcase ViantAI's media planning capabilities. The video garnered over 150,000 views in just the first couple of days post launch, and it's driven over 500 early access sign-ups. We have already begun enabling access to many of our current customers, and the response has been incredible. Many customers are generating high-impact media plans in seconds, which is saving them countless hours and the early customers are seeing campaigns that are generating better performance.

9 月中旬，我們在多個社交媒體管道發布了一段 12 分鐘的發布視頻，展示 ViantAI 的媒體策劃能力。在發布後的短短幾天內，該影片的觀看次數就已超過 150,000 次，並且吸引了超過 500 名早期訪問註冊用戶。我們已經開始為許多現有客戶提供存取權限，反應非常熱烈。許多客戶在幾秒鐘內就能產生具有高影響力的媒體計劃，這為他們節省了無數的時間，早期的客戶也看到了產生更好效果的宣傳活動。

And on the point of efficiency and return on ad spend, AI Bidding, formerly known as Bid Optimizer is a key product within the ViantAI portfolio, which is continuing to garner strong adoption from our customer base. Approximately 90% of our customers are currently leveraging the product, which is delivering significant cost savings to our customers through our AI-driven bidding technology.

就效率和廣告支出回報率而言，AI Bidding（以前稱為 Bid Optimizer）是 ViantAI 產品組合中的關鍵產品，並繼續獲得我們客戶群的大力支持。目前，我們約有 90% 的客戶正在使用該產品，透過我們的人工智慧驅動的競價技術，該產品為我們的客戶節省了大量成本。

With the official launch of our end-to-end ViantAI platform, we have AI-powered tools that drive better efficiency across the four key areas of programmatic ad buying, planning, bidding, measurement and decisioning. With the enthusiasm behind this new product rollout, our engineering and sales teams are firing on all cylinders, and we are poised to continue growing our market share into 2025 and beyond.

隨著我們端到端 ViantAI 平台的正式推出，我們擁有人工智慧工具，可提高程式化廣告購買、規劃、競價、衡量和決策四個關鍵領域的效率。隨著新產品推出的熱情，我們的工程和銷售團隊正在全力以赴，我們準備在 2025 年及以後繼續擴大我們的市場份額。

We are seeing a number of positive indications across our business that give us confidence in our opportunity with ViantAI. First, we are having more meaningful discussions with larger brands. While our sweet spot has always been with mid-market agencies and brands, we see an opportunity to move upmarket and partner with larger advertisers, given the ease of use and improving efficiency we offer through ViantAI.

我們在整個業務中看到了許多積極的跡象，這使我們對與 ViantAI 合作的機會充滿信心。首先，我們正在與更大的品牌進行更有意義的討論。雖然我們的最佳客戶一直是中型市場代理商和品牌，但考慮到我們透過 ViantAI 提供的易用性和提高的效率，我們看到了向高端市場邁進並與更大的廣告商合作的機會。

Also, these larger brands that are leaning into Viant have historically defaulted to the legacy industry players. But now with the recent Google ad tech monopoly trial and the rising negative sentiment with the trade desk, they are taking a look at alternative options in the market, and Viant is frequently becoming an alternative these larger brands are turning to.

此外，這些傾向於 Viant 的大型品牌歷來都默認選擇傳統行業參與者。但隨著最近谷歌廣告技術壟斷案的審理以及交易部門日益高漲的負面情緒，他們正在尋找市場上的替代選擇，而 Viant 正頻繁成為這些大品牌選擇的替代方案。

Second, we are continuing to expand our partner network with larger and more influential partners in the programmatic ecosystem. And finally, we believe our full suite of ViantAI products expands our addressable market by enabling us to serve a larger customer base. Although we are currently winning with larger brands today, we believe that products like ViantAI will ultimately attract the millions of smaller advertisers that are currently confined to search and social media channels.

其次，我們將持續擴大合作夥伴網絡，在程序化生態系統中尋找更大、更有影響力的合作夥伴。最後，我們相信，我們的全套 ViantAI 產品能夠讓我們服務於更大的客戶群，從而擴大我們的潛在市場。儘管我們目前已經在與較大的品牌合作中獲勝，但我們相信，像 ViantAI 這樣的產品最終將吸引目前局限於搜尋和社交媒體管道的數百萬小型廣告商。

We believe we can help the open ecosystem create superior ad products that compete with the walled gardens for market share. We are extremely excited about our progress and look forward to announcing more updates to ViantAI in the near future.

我們相信，我們可以幫助開放的生態系統創造出優質的廣告產品，與封閉式花園競爭市場份額。我們對我們的進展感到非常興奮，並期待在不久的將來宣布 ViantAI 的更多更新。

With that, I'll turn it over to Larry to provide more detail on our financial performance. Larry?

接下來，我將把話題交給拉里，讓他提供有關我們財務表現的更多詳細資訊。拉里？

Thanks, Chris. Before I begin, I'd like to remind everyone that we have posted a presentation to our Investor Relations website that includes supplemental financial information to accompany today's call. We had a very strong third quarter, surpassing our guidance across the board and setting a new high watermark with record spend on our platform in the quarter.

謝謝，克里斯。在我開始之前，我想提醒大家，我們已經在投資者關係網站上發布了一份演示文稿，其中包括今天電話會議的補充財務資訊。我們的第三季表現非常強勁，全面超出了我們的預期，並創下了本季我們平台支出的新高。

CTV has been a consistent bright spot for us, and Q3 was no exception. We once again achieved record levels of CTV spend on the platform with CTV spend growing nearly 50% in the quarter. Streaming audio also showed continued strength, delivering solid double-digit growth in the quarter. Together, CTV and streaming audio accounted for approximately 50% of spend on the platform in Q3 and remain our fastest-growing channels.

CTV 一直是我們的亮點，第三季也不例外。我們再次在該平台上實現了創紀錄的 CTV 支出水平，本季 CTV 支出增加了近 50%。串流音訊也持續保持強勁勢頭，本季實現了穩健的兩位數成長。綜合來看，CTV 和串流音訊佔第三季平台支出的約 50%，並且仍然是我們成長最快的管道。

The strong adoption of ViantAI is also driving notable incremental revenue and contribution ex-TAC. A prime example of this is AI bidding. In the quarter, AI bidding achieved record-breaking revenue and contribution ex-TAC with revenue and contribution ex-TAC growing 35% across both metrics on a quarter-over-quarter basis, while simultaneously providing substantial cost savings for our customers, a clear win-win outcome.

ViantAI 的大力採用也推動了 TAC 外收入和貢獻的顯著增量。一個典型的例子就是人工智慧競價。本季度，AI競標實現了破紀錄的收入和貢獻（扣除TAC），兩個指標環比增長35%，同時為我們的客戶節省了大量成本，這是一個明顯的雙贏結果。

In terms of customers, on a trailing 12-month basis through Q3, we've seen impressive growth in the number of customers generating significant contribution ex-TAC. Specifically, the number of percent of spend customers generating over $500,000 and over $1 million in contribution ex-TAC each grew by nearly 30% year-over-year.

就客戶而言，截至第三季的過去 12 個月，我們看到除 TAC 外做出重大貢獻的客戶數量顯著增長。具體而言，支出超過 50 萬美元和超過 100 萬美元（TAC 以外的貢獻）的客戶百分比年增了近 30%。

In the quarter, contribution ex-TAC across our 100 largest customers also grew by nearly 30%. We are equally encouraged by the rapid expansion of our new customer base. The top 30 customers added over the past year generated on average more than $400,000 of contribution ex-TAC during the period. These strong customer trends, both from existing and new customers position us extremely well to continue outpacing overall market growth. With that, I'll now turn to the results for the third quarter.

本季度，我們 100 家最大客戶的 TAC 貢獻也成長了近 30%。新客群的快速擴張同樣令我們感到鼓舞。過去一年新增的前 30 名客戶在此期間平均為 TAC 貢獻了超過 40 萬美元。這些來自現有客戶和新客戶的強勁客戶趨勢使我們能夠繼續超越整體市場成長。現在，我將討論第三季的業績。

Revenue for the quarter was $79.9 million, an increase of 34% versus the prior-year period and exceeding the upper end of our guidance range by more than 10%. Sequentially, revenue increased 21% from Q2. This impressive growth was partially driven by several new customers onboarding and initiating their use of the platform during the quarter.

本季營收為 7,990 萬美元，較去年同期成長 34%，超出我們預期範圍上限 10% 以上。與上一季相比，營收成長了 21%。這一令人印象深刻的成長部分得益於本季加入並開始使用該平台的幾位新客戶。

In these instances, we typically provide an increased level of service given the customers are new to the platform, which in turn triggers gross revenue accounting, further driving our revenue growth rate relative to our growth in contribution ex-TAC.

在這些情況下，考慮到客戶是該平台的新客戶，我們通常會提供更高水準的服務，這反過來會觸發總收入核算，進一步推動我們的收入成長率相對於 TAC 貢獻的成長。

Contribution ex-TAC for the quarter was $47.4 million, increasing 21% from the same period last year and also above the high end of our guidance range. Compared to Q2, contribution ex-TAC increased 14%. Notably, Q3 marks our fifth consecutive quarter of 20% year-over-year growth in contribution ex-TAC. I would also point out that the 21% growth in contribution ex-TAC this quarter was achieved despite being measured against 22% growth in the prior-year period, demonstrating strong performance against a more challenging comparison.

本季扣除 TAC 後的貢獻為 4,740 萬美元，較去年同期成長 21%，同時也高於我們預期範圍的高點。與第二季相比，TAC 以外的貢獻增加了 14%。值得注意的是，第三季是我們連續第五個季度實現 TAC 貢獻年增 20%。我還要指出的是，本季除 TAC 以外的貢獻成長了 21%，儘管去年同期的成長率為 22%，但在更具挑戰性的比較中仍表現出強勁的表現。

In terms of customer verticals, our mix remained relatively steady in Q3 with health care, consumer goods, travel and automotive representing the biggest areas of growth for us. Political in the quarter was slightly ahead of our expectations of 2% to 3% of contribution ex-TAC, indicative of ongoing shifts in ad spend to programmatic platforms, addressable audiences and CTV.

在客戶垂直方面，我們的產品組合在第三季保持相對穩定，其中醫療保健、消費品、旅遊和汽車是我們最大的成長領域。本季的政治支出略高於我們預期的 2% 至 3%（不含 TAC），顯示廣告支出正在轉移到程式化平台、可尋址受眾和 CTV 。

Channel-wise, CTV remains a cornerstone of our growth strategy. In Q3, CTV reached a new record with spend growing nearly 50% year-over-year, an acceleration from the 40% growth in Q2. And represented over 40% of total platform spend. Streaming audio, which is also a strategic growth area, achieved another record of solid double-digit year-over-year growth as the channel continues to scale.

從通路來看，CTV 仍然是我們成長策略的基石。第三季度，CTV 支出創下新高，年增近 50%，高於第二季 40% 的增幅。佔平台總支出的40%以上。串流音訊同樣是策略性成長領域，隨著通路規模的不斷擴大，該領域再次創下了兩位數的年增長記錄。

Our customers continue leveraging our Household ID technology to execute their omnichannel campaigns across these two high engagement cookieless channels. In terms of formats, video, which includes CTV was again more than 60% of total spend on our platform in the quarter.

我們的客戶繼續利用我們的家庭 ID 技術在這兩個高參與度的無 cookie 管道上執行全通路活動。就格式而言，包括 CTV 在內的影片在本季再次占我們平台總支出的 60% 以上。

Turning now to operating expenses for the quarter. Our non-GAAP operating expenses totaled $32.7 million in Q3, representing 11% year-over-year increase and 2% sequentially. We remain focused on making strategic investments in our business, specifically around our technology and AI initiatives to best position ourselves for long-term market share gains and increasing profitability.

現在來談談本季的營運費用。我們第三季的非 GAAP 營業費用總計 3,270 萬美元，較去年同期成長 11%，較上季成長 2%。我們將繼續專注於對我們的業務進行策略性投資，特別是圍繞我們的技術和人工智慧計劃，以便為長期市場份額的成長和盈利能力的提高做好最佳準備。

As we invest, we also remain hyper-focused on driving efficiencies internally. And to that end, we have been able to increase contribution ex-TAC per employee by nearly 20% over the past 12 months. For the third quarter, we generated record adjusted EBITDA of $14.7 million, above the high end of our guidance and representing an increase of 52% over the prior-year period.

在投資的同時，我們也高度重視內部效率的提升。為此，我們在過去 12 個月中已將每位員工的 TAC 繳款提高了近 20%。第三季度，我們的調整後 EBITDA 達到創紀錄的 1,470 萬美元，高於我們預期的高位，比去年同期成長 52%。

Notably, Q3 represents our seventh consecutive quarter of adjusted EBITDA growth of over 40%. Adjusted EBITDA margin as a percentage of contribution ex-TAC was 31% for the quarter, an improvement of 6 percentage points from the prior-year period and 8 percentage points from the prior quarter.

值得注意的是，第三季是我們連續第七個季度實現調整後 EBITDA 成長超過 40%。本季調整後的 EBITDA 利潤率（扣除 TAC 後的貢獻百分比）為 31%，較去年同期提高 6 個百分點，較上一季提高 8 個百分點。

For the third quarter, GAAP net income totaled $6.5 million, which compares to a GAAP net loss of $672,000 in the prior year period. GAAP earnings per Class A share was $0.09 in the third quarter, which compares to a GAAP loss per Class A share of $0.03 in the prior-year period. Non-GAAP net income, which excludes stock based compensation and other items, totaled $12.3 million for the quarter, which compares to non-GAAP net income in the prior-year period of $7.6 million, representing an improvement of 61% year-over-year. Non-GAAP earnings per Class A share totaled $0.15 in the third quarter, which compares to $0.08 in the prior-year period.

第三季度，GAAP 淨收入總計 650 萬美元，去年同期 GAAP 淨虧損為 67.2 萬美元。第三季度，每股 A 類股 GAAP 收益為 0.09 美元，去年同期每股 A 類股 GAAP 虧損為 0.03 美元。本季非公認會計準則淨收入（不包括股票薪酬和其他項目）總計 1,230 萬美元，而去年同期非公認會計準則淨收入為 760 萬美元，年增 61%。第三季 A 類每股非公認會計準則收益總計 0​​.15 美元，去年同期為 0.08 美元。

In terms of share count, we ended the quarter with 63.1 million shares outstanding, consisting of 16.2 million Class A shares and 46.9 million Class B shares. We ended the quarter with $214.6 million in cash and cash equivalents. We had $230.2 million of positive working capital and no debt at quarter end, and we continue to have access to a $75 million undrawn credit facility.

就股票數量而言，本季末我們流通股數為 6,310 萬股，其中包括 1,620 萬股 A​​ 類股和 4,690 萬股 B 類股。本季結束時，我們的現金和現金等價物為 2.146 億美元。截至本季末，我們的正營運資本為 2.302 億美元，且沒有債務，並且我們繼續擁有 7,500 萬美元的未提取信貸額度。

In Q3, we also generated $17.1 million of cash flow from operations and $12.4 million of free cash flow. Since the inception of our share repurchase program in early May 2024, we repurchased a total of 1.4 million shares of Class A common stock using $14.2 million in cash through November 8. We have $35.8 million remaining on our $50 million authorized repurchase program.

第三季度，我們也產生了 1,710 萬美元的營運現金流和 1,240 萬美元的自由現金流。自 2024 年 5 月初啟動股票回購計畫以來，截至 11 月 8 日，我們共使用 1,420 萬美元現金回購了 140 萬股 A​​ 類普通股。我們的 5,000 萬美元授權回購計畫還剩餘 3,580 萬美元。

Turning now to our outlook. For the fourth quarter of 2024, we currently expect revenue in the range of $82 million to $85 million, representing a year-over-year increase of 30% and a quarter-over-quarter increase of 4% at the midpoint. Contribution ex-TAC is expected to be in the range of $51 million to $53 million, representing year-over-year growth of 22% and quarter-over-quarter growth of 10% at the midpoint.

現在來談談我們的展望。對於 2024 年第四季度，我們目前預計營收在 8,200 萬美元至 8,500 萬美元之間，年增 30%，環比成長 4%。預計扣除 TAC 後的貢獻將在 5,100 萬美元至 5,300 萬美元之間，年增 22%，環比增長 10%。

In Q4, we expect political to be similar to Q3 as a percent of total contribution ex-TAC. Non-GAAP operating expenses are expected to be between $35 million and $36 million, representing a year-over-year increase of 20% and a quarter-over-quarter increase of 9% at the midpoint. We expect adjusted EBITDA to be in the range of $16 million to $17 million, which represents a year-over-year increase of 27% and a quarter-over-quarter increase of 12% at the midpoint.

在第四季度，我們預計政治貢獻佔總貢獻（不包括 TAC）的百分比將與第三季度相似。非公認會計準則下營運費用預計在 3,500 萬美元至 3,600 萬美元之間，年增 20%，環比增長 9%。我們預計調整後的 EBITDA 在 1,600 萬美元至 1,700 萬美元之間，年增 27%，環比成長 12%。

And finally, we expect an adjusted EBITDA margin as a percentage of contribution ex-TAC of 32% at the midpoint. Based on the midpoint of our Q4 guide, we now expect full year 2024 revenue growth of 27%, contribution ex-TAC growth of 22% and adjusted EBITDA growth of 51%. I do want to point out that the impact of the IRIS.TV acquisition is reflected in our Q4 guidance.

最後，我們預期調整後的 EBITDA 利潤率將佔 TAC 貢獻的百分比中間值為 32%。根據我們第四季指南的中點，我們現在預計 2024 年全年營收成長 27%，扣除 TAC 後的貢獻將成長 22%，調整後 EBITDA 成長 51%。我確實想指出，IRIS.TV 收購的影響反映在我們的第四季指引中。

Given the timing of the acquisition of IRIS.TV and the relatively small size of the business, IRIS.TV is expected to have limited impact on our Q4 operating results. As Tim and Chris mentioned, IRIS represents a strategic investment in further enhancing our suite of CTV targeting and measurement capabilities, which we believe can lead to longer-term growth opportunities.

鑑於收購 IRIS.TV 的時機及業務規模相對較小，預計 IRIS.TV 對我們第四季營運表現的影響有限。正如蒂姆和克里斯所提到的，IRIS 代表著一項策略性投資，旨在進一步增強我們的 CTV 定位和測量功能，我們相信這可以帶來更長期的成長機會。

In closing, we look forward to finishing out 2024 on a high note and are extremely encouraged by the numerous tailwinds driving our growth. Our messaging and value proposition around ViantAI is clearly resonating with advertisers and driving interest and spend to the Viant platform at an overwhelmingly positive rate, and you can see it in the customer metrics I spoke to earlier.

最後，我們期待以高調結束 2024 年，並對推動我們成長的許多順風感到非常鼓舞。我們圍繞著 ViantAI 傳達的訊息和價值主張顯然引起了廣告商的共鳴，並以極其積極的速度推動了人們對 Viant 平台的興趣和支出，您可以從我之前談到的客戶指標中看到這一點。

We are very well positioned to capitalize on the strong growth of high-value channels such as CTV and streaming audio and are committed to making our customers spend across all channels even more efficient and effective. We look forward to continuing to build on this momentum as we move into 2025.

我們完全有能力利用 CTV 和串流音訊等高價值管道的強勁成長，並致力於讓我們的客戶在所有管道上的支出更加高效、有效。我們期待在邁入 2025 年之際繼續保持這一勢頭。

And with that, I will now turn it back over to the operator to open the call for questions. Operator?

現在，我將把電話轉回給接線員，開始提問。操作員？

Thank you. We will now take this time to move into our Q&A portion of our call today.

謝謝。我們現在將利用這段時間進入今天電話會議的問答部分。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Okay. Can you hear me? Okay. I don't know if I can turn on my picture. But anyway, it's okay. No problem. So I have two. The first one is, if I remember right, this, you grew the, let me call it, gross spend by 34%, but your ex-TAC number by 21%.

好的。你聽得到我嗎？好的。我不知道我是否可以打開我的照片。但不管怎樣，沒關係。沒問題。所以我有兩個。第一個是，如果我沒記錯的話，你的總支出增加了 34%，但你的前 TAC 數字增加了 21%。

The TAC went through the roof. And it looks to me like it was about 95% of the fixed price revenue, which begs the question, A, Larry, is my math right? And B, Chris and Tim, why are we in a business where we give away 95% of the top line? Like I'm lost as to why we're doing fixed price if 95% of it is a contra account.

TAC 大幅上漲。在我看來，這大約是固定價格收入的 95%，這就引出了一個問題，A，拉里，我的計算對嗎？B，克里斯和提姆，為什麼我們要從事這樣的行業，讓出 95% 的營收呢？就像我不明白如果 95% 是備抵帳戶，為什麼我們要以固定價格進行。

Larry, do you want to take that?

拉里，你想拿著這個嗎？

It's not 95%. And as I said on the prepared remarks, it really had to do with a handful of new customers that we were providing services for that we ultimately had a book accounting gross. To put it in perspective, if you do, let's say, $5 million of incremental gross in the quarter, that's about 9% incremental revenue growth in the quarter.

不是 95%。正如我在準備好的發言中所說的那樣，這實際上與我們為少數新客戶提供服務有關，我們最終獲得了帳面會計總額。換個角度來說，假設本季的增量毛利為 500 萬美元，那麼本季的營收增量成長率約為 9%。

So again, we're focused certainly on the CXT, which is what we keep. We don't have a 5% margin on our managed service side of the, or the services side of our business. And the good news about this particular instance is it's brand-new customers that are spending quite heavily within a given quarter.

因此，我們再次強調，我們的重點肯定是 CXT，這也是我們要保留的。我們的託管服務方面或業務服務方面的利潤率還不到 5%。這個特定實例的好消息是，它是全新的客戶，在特定季度內花費相當大。

Okay. So the reason that we're in the fixed price business is because this is a metric for new customers, new logo wins? That's how we should take this?

好的。那麼，我們從事固定價格業務的原因在於，這是衡量新客戶、新標誌勝出的指標嗎？我們應該這樣看待這件事嗎？

If you go back, it's how we onboard customers. It usually starts in fixed price and then we move to percent of spend. It shortens the sales cycle to get them in the door.

如果你回去看看，這就是我們接納客戶的方式。通常從固定價格開始，然後我們轉到支出百分比。它縮短了銷售週期，從而吸引客戶。

Okay. All right. So that's a good number then because it's up 51%. Okay. And then my other question is, when I think about your growth drivers, is, if I try to rank them, is it that this ViantAI, which sounds awesome, is that the core driver here? Or is it that you're getting more spending from existing clients or are you getting new clients?

好的。好的。所以這是一個好數字，因為它上漲了 51%。好的。然後我的另一個問題是，當我考慮您的成長動力時，如果我嘗試對它們進行排名，那麼聽起來很棒的 ViantAI 是不是這裡的核心驅動力？還是您從現有客戶那裡獲得了更多支出，還是您正在獲得新客戶？

Or is Direct Access the core driver if it was 50%, it was actually 40% of total spending on the platform. Like I'm trying to sort of sort out of the growth drivers, which ones are driving the most growth and which ones are not?

或者，如果直接訪問佔 50% 的話，它是否是核心驅動力，實際上它佔平台總支出的 40%。就像我試圖理清成長動力一樣，哪些驅動力最大，哪些不是？

Yes. So let me just start. So it is a cohort-driven model. The longer that we retain customers each year we retain, they're spending more and more each, every year, they're on platform. So I think with the scale of our customer size, I think in terms of total dollars, much of the growth, a lot of the growth is existing customers scaling their spend. That's probably one.

是的。那麼就讓我開始吧。所以這是一個群組驅動的模型。我們每年留住客戶的時間越長，他們在平台上每年的花費就越來越多。因此，我認為，以我們的客戶規模來看，就總金額而言，大部分成長都是來自現有客戶擴大支出。這可能就是其中之一。

A sub-level of that would be them moving more and more money into CTV as we have better products in market in CTV, they're choosing to spend those dollars with Viant versus competitors and Direct Access is squarely in that because it's, Direct Access is centered on CTV. And then I would say we're doing really, really well with new customers as you, as Larry was just highlighting, the new customers we're onboarding. And I would say that a lot of that certainly is the attention around ViantAI since we rolled that out. That certainly has been there. So I think we're continuing to do well on all those fronts.

其中的一個子層次是，由於我們在 CTV 市場上擁有更好的產品，他們向 CTV 投入越來越多的資金，他們選擇將這些資金投入 Viant 而不是競爭對手，而 Direct Access 正處於這一階段，因為 Direct Access 以 CTV 為中心。然後我想說，我們在接待新客戶方面做得非常非常好，正如拉里剛才強調的那樣，我們正在接待新客戶。我想說，自從我們推出 ViantAI 以來，它確實引起了很多關注。那肯定是存在的。所以我認為我們在所有這些方面都會繼續做得很好。

Fantastic, great numbers you guys. Thanks for taking the questions.

太棒了，你們的數字太棒了。感謝您回答這些問題。

Thanks, Laura.

謝謝，勞拉。

Jason Kreyer, Craig Hallum.

傑森·克里爾、克雷格·哈勒姆。

Can you guys hear me?

你們聽得到我的聲音嗎？

Yeah. Hey, Jason.

是的。嘿，傑森。

Okay, great. Thank you. Two questions on IRIS.TV. So first, Chris, you talked about how this helps you create an alternative to walled gardens. So just curious if you can give more details around the concept there. And then just wanted to better understand, if there's interoperability between the IRIS_ID and the Household ID, like how you can peg those two together going forward? Thanks.

好的，太好了。謝謝。關於 IRIS.TV 的兩個問題。首先，克里斯，你談到了這如何幫助你創建圍牆花園的替代品。我只是好奇您是否可以提供關於這個概念的更多細節。然後只是想更好地理解，如果 IRIS_ID 和家庭 ID 之間具有互通性，那麼如何將這兩者聯繫在一起？謝謝。

Yes. Great. Yes, I think if you take a look at Meta, who I believe is a leader in making ads that are relevant to the content that you're consuming, let's say, in Reels. You certainly see this in other platforms like TikTok. But what they're doing is customizing the ad. They're using AI to customize ads to match the content, not only just the genre of what the content is about, but making the ad very similar to the content. It's the contextual relevance that they're able to provide that we believe is what's really boosting their ads business.

是的。偉大的。是的，我認為如果你看看 Meta，你會發現它在製作與你正在消費的內容（例如 Reels）相關的廣告方面處於領先地位。你肯定在 TikTok 等其他平台上也看到過這種情況。但他們所做的是客製化廣告。他們正在使用人工智慧來客製化廣告以匹配內容，不僅僅是內容的類型，而且使廣告與內容非常相似。我們相信，他們能夠提供的背景相關性才是真正促進其廣告業務的因素。

They used to be only about identity, and that was why people worked with, let's say, Facebook. But today, it really is because of their capabilities and understanding the content and then making ads very relevant to that content. If you think about CTV today, most of the market is just buying CTV apps. It's money from linear shifting into streaming.

它們過去只關注身份，這就是人們與 Facebook 合作的原因。但今天，這確實是因為他們的能力和對內容的理解，然後製作與內容高度相關的廣告。如果你今天考慮一下 CTV，你會發現大部分市場只是在購買 CTV 應用程式。這是從線性轉變為串流媒體所帶來的利益。

And really, they're just buying apps. It's, I'm going to choose to buy Paramount or Disney and Warner Bros, Discovery, whatever it may be. And it's because it's still early innings in the CTV landscape. Now we believe that IRIS, where their unique connection point is with publishers, the platforms like the television OEMs and device manufacturers as well as content management systems.

事實上，他們只是購買應用程式。我會選擇購買派拉蒙、迪士尼、華納兄弟、探索頻道，無論它是什麼。這是因為 CTV 領域還處於早期階段。現在我們相信 IRIS 的獨特連接點是與出版商、電視 OEM 和設備製造商等平台以及內容管理系統。

All of those entities are sending their video files to IRIS. And IRIS is then breaking down that video file and providing contextual relevance then to the buy side to be able to customize the ads so that they match the content. An easy example would be is, if a piece of content was about fishing, you could easily match a Cabela's ad or a Bass Pro Shops ad with that. That's just an easy example.

所有這些實體都在將其視訊檔案發送給 IRIS。然後，IRIS 會分解該視訊文件，並向買方提供上下文相關性，以便買方自訂廣告，使其與內容相符。一個簡單的例子是，如果某個內容是關於釣魚的，您可以輕鬆地將 Cabela 的廣告或 Bass Pro Shops 的廣告與其配對。這只是一個簡單的例子。

We see that the performance boost in CTV by matching ad to content is, if you look at the Carl's Jr. example we gave, the results are through the roof and it makes a lot of sense. We think that there's a lot more advancements that we can help bring to the IRIS offering and to our customers. So we're really excited about it.

我們看到，透過將廣告與內容相匹配，CTV 的表現得到了提升，如果您查看我們給出的 Carl's Jr. 範例，結果會非常出色，而且這非常有意義。我們認為，我們可以為 IRIS 產品和我們的客戶帶來更多進步。所以我們對此感到非常興奮。

On the second question, Jason, just around is there a future of IRIS_ID and Viant Household ID and how do those work together? We do see those two things playing together. What IRIS_ID gives you is data about the content, and it's structured many ways, contextual, emotional sentiment, brand suitability for an advertiser who doesn't want to advertise if there's nudity in a show or something like that.

關於第二個問題，Jason，IRIS_ID 和 Viant Household ID 的未來前景如何，它們將如何協同工作？我們確實看到這兩件事一起發生。IRIS_ID 為您提供的是關於內容的數據，它以多種方式構建，包括背景、情感情緒、品牌適用性，對於那些如果節目中有裸露鏡頭或類似內容就不想投放廣告的廣告商來說。

So it's a whole bunch of extra data that is about the content. Viant Household ID is data about the household, what products they purchased, what their, I guess, purchase intent is. And we do see IRIS_ID and Household ID being used in combination in the future. They can be used separately, but certainly, there's strength when you put both of those together.

所以這是一大堆與內容有關的額外數據。Viant 家庭 ID 是關於家庭的數據，包括他們購買了哪些產品，我猜還有他們的購買意圖。我們確實看到 IRIS_ID 和 Household ID 在未來會被結合使用。它們可以單獨使用，但當然，當你把它們放在一起時，就會產生威力。

Perfect. Thank you guys.

完美的。謝謝你們。

Thanks, Jason.

謝謝，傑森。

Matt Conan, JMP.

馬特·柯南，JMP。

Thank you so much for taking my questions. My first one is just on IRIS as well. Just wanted to think about just the contextual signal that you guys are receiving from that and maybe incorporating that into your AI bidder. Is there opportunity there to just enhance your bidding capabilities with the signal that you're receiving from IRIS?

非常感謝您回答我的問題。我的第一個也是在 IRIS 上。只是想考慮一下你們從中接收到的上下文訊號，並可能將其納入你們的 AI 競標者中。您是否有機會利用從 IRIS 接收到的訊號來增強您的競標能力？

Absolutely. One, you mentioned it with AI bidding. Really, if you, today, when we receive a signal, let's say, from a certain app from a content owner, we're just receiving predominantly the app name and maybe we might get genre or publisher, what's known as publisher provided metadata. But you don't really know what the show is, you don't know what it's about, you don't know the actors in it. You don't know the setting, you don't know the mood.

絕對地。首先，您提到了 AI 競價。真的，如果今天我們收到一個訊號，比如說來自內容所有者的某個應用程式的訊號，我們主要收到的是應用程式的名稱，也許我們還會收到類型或發布者的信息，也就是所謂的發布者提供的元資料。但你真的不知道這個節目是什麼，你不知道它講的是什麼，你也不認識裡面的演員。你不知道背景，你不知道心情。

And so with IRIS, they really, they enable all that data to flow through about the content. When a marketer, if you think of a publisher like Disney, think of the size of their library. You don't know exactly which video you may be buying. And with IRIS, you know much more about the content. So if a marketer, and the example I gave earlier around Bass Pro Shops knows that this video, which is about fishing, it does, it performs extremely well. The next time they see that same video file, that same IRIS_ID come across, they're then able to bid that up because they understand the performance increase that video actually provides them.

因此，透過 IRIS，他們確實能夠讓所有相關內容的資料流通。身為行銷人員，如果你想到像迪士尼這樣的出版商，想想他們的圖書館的規模。您不知道具體會購買哪個影片。透過 IRIS，您可以了解更多有關內容的資訊。因此，如果行銷人員以及我之前給出的有關 Bass Pro Shops 的例子知道這個關於釣魚的視頻，那麼它的表現就會非常好。下次他們看到相同的視訊檔案、相同的 IRIS_ID 時，他們就可以提高出價，因為他們了解影片實際上為他們提供的效能提升。

This is where we really see as a huge opportunity for CTV content owners, but also for the marketers. And one other point too, we really, this is in partnership with the content owners, and we believe that CTV is the open ecosystem's greatest channel, and we want to bolster these content owners to help them create better ad products to rival those of the walled gardens in search and social. So this is why we think this acquisition is really important.

我們確實認為這對 CTV 內容所有者和行銷人員來說是一個巨大的機會。還有一點，我們確實與內容所有者進行了合作，我們相信 CTV 是開放生態系統的最大管道，我們希望支持這些內容所有者，幫助他們創造更好的廣告產品，與搜尋和社交領域的圍牆花園相媲美。這就是我們認為此次收購非常重要的原因。

Yes. And just on the question, just to follow up on that around bidding. It's not just driving price down, it's also driving price up where there's a lot of customers for that advertiser to be able to make sure we're engaging those audiences too. So we see that, yes, it could drive pricing down, but we're just seeing more bids in general when this content signal is in place.

是的。關於這個問題，我只是想跟進一下有關投標的問題。這不僅可以降低價格，還可以提高擁有大量客戶的廣告商的價格，以確保我們也能吸引這些受眾。因此我們看到，是的，它可能會降低價格，但是當這個內容訊號到位時，我們總體上會看到更多的出價。

Great. That's super helpful. And then my second one is just on ViantAI and you guys talking about that unlocking the long tail of advertisers and bringing them access to the open Internet. Can you just talk about, do you have the go-to-market muscle there? What needs to change from an investment perspective just to service those types of advertisers? Thank you so much.

偉大的。這非常有幫助。我的第二個問題是關於 ViantAI 的，你們正在討論如何釋放廣告商的長尾效應，並讓他們能夠存取開放網路。能否談談，您是否具備進入市場的實力？從投資角度來看，需要做出哪些改變才能服務這些類型的廣告商？太感謝了。

Yeah, I mean, I think we really do believe in that opportunity. The accessibility of the open ecosystem is not very accessible. I think it's probably the number of advertisers is in the tens of thousands. Now, if you look at, Google Search or Meta or anything in social, they're in the $5 million to $10 million mark, right all of them. But I would say that the, if you look at their revenue, I would imagine that it's probably, it's really the, it's not the local pizza shop per se that's driving their business. I believe it's a lot of the e-commerce, direct-to- consumer companies just think of your own experience in those channels.

是的，我的意思是，我認為我們確實相信這個機會。開放生態系的可近性並不是很顯著。我認為廣告商的數量可能達數萬之多。現在，如果你看一下谷歌搜尋或 Meta 或社交中的任何內容，它們的全部價值都在 500 萬到 1000 萬美元之間。但我想說的是，如果你看看他們的收入，我會想像，這很可能是，實際上，推動他們業務的不是當地的披薩店本身。我相信很多電子商務、直接面向消費者的公司只是想想自己在這些管道中的經驗。

So we think that that's probably mobile apps and we think that that's the meat of the opportunity. But why would they not if they're having success in social, short form videos, we absolutely believe that they'll have success in CTV. Iris, the Iris acquisition is part of that. Certainly buying AI is part of that to make the buying tools more accessible, more easy to use.

因此，我們認為這可能是行動應用程序，並且我們認為這是機會的核心。但如果他們在社交、短影片領域取得成功，為什麼他們不會這樣做呢？Iris，Iris 的收購就是其中的一部分。當然，購買人工智慧是其中的一部分，它可以讓購買工具更容易取得、更容易使用。

So absolutely, we think that we can deliver that. We don't believe that we're going to have 100,000 sales reps calling on these businesses. We need to do all of this through automation and we think we can do that.

所以我們絕對可以實現這個目標。我們不認為我們會派出10萬名銷售代表去拜訪這些企業。我們需要透過自動化來完成所有這些工作，我們認為我們可以做到這一點。

And basically that same VianAI interface that customers are interacting with. We do think that local pizza store will be able to use that interface to generate and target an ad campaign that will propel their business. So huge opportunity towards small and midsize. We do have some work to do continually on buying AI, making it more robust and we think we'll complete that at some point next year.

基本上與客戶互動的 VianAI 介面相同。我們確實認為當地的披薩店將能夠使用該介面來產生和定位能夠推動其業務的廣告活動。因此，對於中小型企業來說，機會是巨大的。我們確實需要在購買 AI 方面不斷做一些工作，使其更加強大，我們認為我們將在明年的某個時候完成這項工作。

Thank you.

謝謝。

Thanks Matt.

謝謝馬特。

(Operator instructions)

（操作員指令）

Chris Kuntarich from UBS.

瑞銀的 Chris Kuntarich。

Hi, Chris.

你好，克里斯。

Hey. Great. Thanks for taking question here, Maybe two questions for me. First would just be kind of as we think about the growth that you've delivered here very strong in 3Q and just the idea of Viant outgrowing the broader digital space in '25 and the broader digital space growing somewhere high single digits, low double digits.

嘿。偉大的。感謝您在此提問，也許對我來說有兩個問題。首先，正如我們所想，您在第三季度實現了非常強勁的成長，而 Viant 在 25 年的成長速度超過了更廣泛的數位領域，更廣泛的數位領域也出現了高個位數到低兩位數的成長。

Like how should we think about the potential for Viant to outgrow CTV, which could be growing more in the high teens in '25, which would still be a deceleration from where you're at in 2Q and where you're guiding for 3Q, or sorry, 4Q?

例如，我們應該如何看待 Viant 超越 CTV 的潛力？

Yes. Thanks, Chris. Well, one, I think that we do believe we're going to continue to grow above market. And I would say because we are a DSP. There's only four real DSPs in market, two of which are buy-side only. We happen to be one of those. So you're definitely seeing customers understanding the value and the importance of having a buy-side-only platform, I would say that's one.

是的。謝謝，克里斯。首先，我認為我們確實相信我們將繼續以高於市場的速度成長。我想說因為我們是 DSP。市場上只有四個真正的 DSP，其中兩個僅供買方使用。我們恰好就是其中之一。所以你肯定會看到客戶理解擁有僅限買方的平台的價值和重要性，我想這就是其中之一。

Two, we think that we continue to grow above market in CTV because we have better products in market. And we think the continuation of that is going to be with IRIS. We think that's important. But I think that what most people miss is the amount of money moving over from linear is, that's what the projected growth of CTV is.

二，我們認為我們在CTV上繼續保持高於市場的成長是因為我們在市場上擁有更好的產品。我們認為 IRIS 將會繼續推進這項進程。我們認為這很重要。但我認為大多數人忽略的是從線性轉移的資金量，這就是 CTV 的預期成長。

But we believe there's a second derivative or another wave of growth that CTV is enjoying in certain platforms that have better products and offer the measurement to prove that it's driving incremental sales for our advertisers, and we do that really well, which is why I believe that we're continuing to grow at the rates we are in CTV. And we think that will continue in '25.

但我們相信，CTV 在某些平台上正在享受第二種衍生品或另一波成長，這些平台擁有更好的產品並提供衡量標準來證明它正在為我們的廣告商帶來增量銷售，我們在這方面做得非常好，這就是為什麼我相信我們將繼續以 CTV 的速度成長。我們認為這種狀況將在2025年持續下去。

Yes. And just to add to that, Chris, I think what this quarter proved is on a tough comp last year of north of 20% growth, we were able to put up north of 20% growth again. And I do see that continuing for the foreseeable future.

是的。克里斯，補充一點，我認為本季證明的是，在去年 20% 以上成長的艱難情況下，我們能夠再次實現 20% 以上的成長。我確實看到這種情況在可預見的未來將會持續下去。

Got it. Very helpful. And Larry, maybe just one on the expense side. I think you had talked last quarter about low double-digit to low teens growth in '25. Is that still the right way to be thinking about that considering the acquisition and a bit faster expense growth in 4Q as it relates to the guidance?

知道了。非常有幫助。拉里，也許只是在費用方面。我想您上個季度談到25年的低兩位數至低十幾位數的成長率。考慮到收購以及第四季相對於指引略快的費用成長，這仍然是正確的思考方式嗎？

Yes. I mean the acquisition certainly will add some overhead to next year. You're talking about 2025. But we still remain committed to having overhead or non-GAAP operating expenses grow slower than CXT next year. So I think the estimate that we gave you last quarter is a little bit higher basically because of the acquisition, but we think we can more than offset that with incremental CXT.

是的。我的意思是，這項收購肯定會為明年增加一些開銷。你說的是 2025 年。但我們仍然致力於使明年的管理費用或非 GAAP 營運費用成長速度低於 CXT。因此，我認為我們上個季度給您的估計值略高一些，主要是因為收購，但我們認為我們可以透過增量 CXT 來彌補這一缺陷。

Super helpful. Thank you. Nice quarter.

超有幫助。謝謝。不錯的季度。

Thanks Chris.

謝謝克里斯。

Mauricio Munoz, Raymond James.

毛里西奧·穆諾茲、雷蒙·詹姆斯。

Hi. Thank you for taking my question. Can you guys hear me? Okay.

你好。感謝您回答我的問題。你們聽得到我的聲音嗎？好的。

Yes.

是的。

I just wanted to ask you about the contributions for what was a very strong political season, particularly for CTV. So maybe you can talk about that. And any dynamics you might have experienced from political ads maybe crowding the market, which could have driven advertisers to pull back on CTV spending in 4Q?

我只是想問您關於這個政治季的捐款情況，特別是對 CTV 來說。所以也許你可以談談這個。您是否發現政治廣告可能會造成市場擁擠，從而導致廣告商在第四季度減少對 CTV 的支出？

And then a related one for Larry. Maybe you can help us or give us some guidance on how should we think about the seasonal aspects into, as we look into 1Q? I'm coming off of a very strong political season. Thank you.

然後是與 Larry 相關的一個。也許您可以幫助我們，或給我們一些指導，告訴我們在研究第一季時應該如何考慮季節性因素？我剛結束一個非常強勁的政治季。謝謝。

I'll take just the top line, [Mark], about political's effect. We (multiple speakers) definitely saw a rise in CPMs. Yes, definitely in the swing states. It did have an impact in the market. I don't believe we had any material pullbacks from advertisers who wanted to sit it out, at least not during the quarter. Maybe that happened above us that we just didn't see, but we didn't have any, we didn't see any impact of that.

我只想談最上面那句話，[馬克]，關於政治的影響。我們（多位發言者）確實看到了 CPM 的上升。是的，肯定是在搖擺州。它確實對市場產生了影響。我認為，至少在本季度，我們並沒有因為廣告商的袖手旁觀而出現任何實質的撤資。也許那件事發生在我們上方，只是我們沒有看到，但我們沒有受到任何影響。

I think that our expectation for political was somewhat modest. We slightly outdid that. It's not a huge area for us. We'd like to continue to do better, and we're certainly going to put our best efforts at it, but we had modest expectations for it and we slightly outdid those.

我認為，我們對政治的期望有些適中。我們稍微超越了那個。對我們來說這不是一個很大的區域。我們希望繼續做得更好，我們肯定會盡最大努力，但我們對此抱有適中的期望，並且我們稍微超越了這些期望。

And on your second question, Mauricio, was it around the impact of political on Q1?

關於您的第二個問題，毛里西奧，這與政治對第一季的影響有關嗎？

Well, coming off of a strong political season, are there any seasonal aspects we should take into consideration when modeling Q1?

那麼，在經歷了強勁的政治季節之後，在對第一季進行建模時，我們是否應該考慮一些季節性因素？

Not really. I mean, political impacted the second half primarily. Typically we do about, political is maybe 1% of CXT a year. As we said in the second half, both with Q3 actual and the Q4 guide, we think it's a little bit over 3%. So I don't think it's going to impact Q1 growth. There'll be a little bit of a delta in the second half of '25, but at most, it's 2% of CXT. So we think we can more than offset that as we move through 2025.

並不真地。我的意思是，政治主要影響了下半年。通常我們每年進行的政治活動約佔 CXT 的 1%。正如我們在下半年所說的那樣，無論是第三季的實際情況還是第四季的指南，我們都認為它會略高於 3%。所以我認為這不會影響第一季的成長。25 年下半年會出現一點點差異，但最多是 CXT 的 2%。因此我們認為，到 2025 年，我們可以抵銷這項影響。

Great. Thank you.

偉大的。謝謝。

Thank you. And that concludes today's Q&A portion.

謝謝。今天的問答部分到此結束。

All right. Thanks everyone for joining this quarter's earnings call. And I'd like to thank the Viant team for a fantastic quarter in the third quarter and we look forward to talking to everybody again soon. Thank you.

好的。感謝大家參加本季的財報電話會議。我要感謝 Viant 團隊在第三季的出色表現，我們期待很快再次與大家交談。謝謝。