Viant Technology Inc (DSP) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to Viant Technologies second quarter 2025 earnings conference call. My name is Emmanuel, and I will be your operator today.

大家好，歡迎參加 Viant Technologies 2025 年第二季財報電話會議。我叫 Emmanuel，今天我將擔任您的接線生。

Before I hand the call over to the Viant leadership team, I'd like to go over just a few housekeeping notes for the program. (Operator Instructions) As a reminder, this call is being recorded. Thank you for your attendance today.

在我將電話轉交給 Viant 領導團隊之前，我想先介紹一下該計劃的一些內部事項。（操作員指示）提醒一下，此通話正在被錄音。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. Good afternoon, and welcome to Viant Technology's second quarter 2025 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。下午好，歡迎參加 Viant Technology 2025 年第二季財報電話會議。今天參加電話會議的有共同創辦人兼執行長 Tim Vanderhook、聯合創辦人兼營運長 Chris Vanderhook 和財務長 Larry Madden。

I'd like to remind you that we will make forward-looking statements on our call today, including, but not limited to, statements regarding our guidance for Q3 2025 and other future financial results, 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. 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.

我想提醒您，我們將在今天的電話會議上做出前瞻性陳述，包括但不限於有關我們對 2025 年第三季度和其他未來財務業績的指導、我們的平台開發計劃和行業趨勢的陳述，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。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。

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 June 30, 2025, under the heading Risk Factors and in our other filings with the SEC.

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 2025 年 6 月 30 日的季度報告 10-Q 表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 on 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。有關這些非公認會計準則 (non-GAAP) 指標的額外揭露，包括非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 財務指標的調節，均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 (SEC) 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 thank you all for joining us today. We achieved excellent results in the second quarter, setting new records across all metrics and surpassing the midpoint of our adjusted EBITDA guidance.

謝謝，尼克，也謝謝大家今天加入我們。我們在第二季度取得了優異的業績，各項指標均創下新高，並超過了調整後 EBITDA 指引的中點。

Revenue increased 18% year-over-year and contribution ex-TAC increased 16% year-over-year, both in line with our quarterly guidance. This strong growth was fueled by demand for our unique CTV offering, increased adoption of Viant's addressability solutions and wider use of the ViantAI product suite.

營收年增 18%，扣除 TAC 後的貢獻年增 16%，均符合我們的季度指引。這一強勁成長得益於對我們獨特的 CTV 產品的需求、Viant 可尋址解決方案的採用率提高以及 ViantAI 產品套件的更廣泛使用。

Adjusted EBITDA increased 18% year-over-year to $11.3 million for the quarter. Operationally, we continue to execute against our strategic priorities.

本季調整後 EBITDA 較去年同期成長 18%，達到 1,130 萬美元。在營運方面，我們繼續執行我們的策略重點。

We further advanced our CTV Direct Access premium publisher program through new publisher integrations. We expanded the presence of our industry-leading audience and content addressability solutions, Household ID and IRIS_ID.

我們透過新的發布商整合進一步推進了我們的 CTV Direct Access 優質發行商計畫。我們擴大了業界領先的受眾和內容尋址解決方案 Household ID 和 IRIS_ID 的影響力。

And we successfully launched the third phase of our ViantAI product suite, AI Measurement and Analysis, designed to revolutionize reporting with on-demand insights. Our innovative solutions are resonating across the marketplace, enabling Viant to actively pursue and secure new business from advertisers with more pronounced ad budgets.

我們成功推出了 ViantAI 產品套件的第三階段——AI 測量和分析，旨在透過按需洞察徹底改變報告。我們的創新解決方案在市場上引起了共鳴，使 Viant 能夠積極尋求並獲得來自廣告預算更充足的廣告商的新業務。

More than ever before, we are engaging with major US advertisers and proactively expanding our addressable market beyond the mid-market advertiser. In a moment, Chris will discuss our evolving go-to-market strategy influenced by the ongoing rollout of ViantAI and provide an update on our growing business pipeline with major US advertisers.

我們比以往任何時候都更積極地與美國主要廣告商合作，並積極地將我們的目標市場擴展到中端市場廣告商之外。稍後，克里斯將討論我們受 ViantAI 持續推出的影響而不斷發展的市場進入策略，並提供我們與美國主要廣告商不斷增長的業務管道的最新情況。

Before that, I will provide a detailed update on our key strategic priorities. CTV, addressability and ViantAI. CTV was the strongest driver of top line growth in the quarter. We continue to position Viant as the preeminent DSP for CTV advertising.

在此之前，我將詳細介紹我們的主要策略重點。CTV、可尋址性和 ViantAI。CTV 是本季營收成長最強勁的推動力。我們繼續將 Viant 定位為 CTV 廣告的卓越 DSP。

And once again, our results demonstrate that we are doing just that. In the first half of 2025, approximately 45% of total ad spend on our platform was CTV, and approximately half of that spend ran through our direct access premium publishers.

我們的研究結果再次證明，我們正在這樣做。2025 年上半年，我們平台上約有 45% 的廣告總支出來自 CTV，其中約一半的支出透過我們的直接訪問優質出版商進行。

Unique to Viant, the Direct Access premium publisher program connects advertisers directly to premium CTV inventory, significantly reducing supply side fees. This means more ad spend goes directly toward working media, increasing impression win rates without the need to raise bid prices, improving return on ad spend for our customers.

Viant 獨有的 Direct Access 優質發行商計劃將廣告商直接連接到優質 CTV 庫存，從而大大降低了供應方費用。這意味著更多的廣告支出直接用於工作媒體，無需提高出價即可提高展示成功率，從而提高客戶的廣告支出回報率。

Notable Direct Access premium publishers include the likes of Disney, Paramount, Peacock, Roku and many, many others. We recently welcomed LG, a major CTV OEM to our Direct Access premium publisher program.

著名的直接訪問優質出版商包括迪士尼、派拉蒙、孔雀、Roku 等。我們最近歡迎主要的 CTV OEM LG 加入我們的 Direct Access 優質出版商計劃。

This partnership offers our advertisers an efficient supply path to reach LG's 45 million connected devices across the US. The integration also incorporates data matching, which further enhances the efficacy of Viant Household ID for audience targeting and measurement.

此次合作為我們的廣告商提供了一條高效的供應途徑，使其能夠覆蓋 LG 在全美 4500 萬台聯網設備。此次整合還包含數據匹配，進一步增強了 Viant Household ID 的受眾定位和測量功效。

Furthermore, LG has integrated Viant's leading content identifier, IRIS_ID, allowing advertisers to target and measure based on content relevance. This leads me to our expanding leadership position in addressability.

此外，LG 還整合了 Viant 領先的內容標識符 IRIS_ID，允許廣告主根據內容相關性進行定位和衡量。這使我認識到我們在可尋址性方面的領導地位正在不斷擴大。

Viant Household ID, our patented audience targeting and measurement solution continues to see strong utilization amongst advertisers. Household ID identifies approximately 95% of US households and boasts availability across about 80% of biddable ad inventory, significantly exceeding alternative identifiers and enabling sophisticated audience targeting and measurement at unmatched scale.

Viant Household ID 是我們獲得專利的受眾定位和測量解決方案，在廣告商中繼續廣泛應用。家庭 ID 可識別約 95% 的美國家庭，並可在大約 80% 的可競價廣告資源中使用，大大超過其他標識符，並能夠以無與倫比的規模實現複雜的受眾定位和衡量。

In the second quarter, ad spend linked to Household ID increased 15% year-over-year as we continue to activate Household ID matches with our premium Direct Access publishers, making their inventory both biddable and addressable. We anticipate continued growth in utilization of our Household ID as data-driven advertisers increasingly prioritize the CTV channel.

在第二季度，與家庭 ID 相關的廣告支出同比增長了 15%，因為我們繼續與優質直接訪問發布商激活家庭 ID 匹配，使他們的庫存既可競價又可尋址。隨著數據驅動的廣告商越來越重視 CTV 頻道，我們預期家庭 ID 的使用率將持續成長。

Our content targeting and measurement solution, IRIS_ID, continues to ramp across publishers. Building on existing momentum, IRIS_ID is now integrated with Wurl, a leading CTV content distributor.

我們的內容定位和測量解決方案 IRIS_ID 繼續在出版商中推廣。在現有動能的基礎上，IRIS_ID 現已與領先的 CTV 內容經銷商 Wurl 整合。

Under the AppLovin umbrella, Wurl powers over 3,000 FAST channels across more than 55 streaming services and significantly expands the reach of IRIS_ID. Notably, this partnership marks the first time Wurl's premium FAST supply is available via programmatic real-time bidding within any DSP, a testament to our ability to bring new innovative solutions to market.

在 AppLovin 的保護下，Wurl 為超過 55 個串流媒體服務中的 3,000 多個 FAST 頻道提供支持，並顯著擴展了 IRIS_ID 的覆蓋範圍。值得注意的是，此次合作標誌著 Wurl 的優質 FAST 供應首次透過任何 DSP 內的程式化即時競價提供，證明了我們向市場推出創新解決方案的能力。

Since acquiring IRIS.TV in November 2024, the presence of IRIS_ID across all available CTV bid requests has grown substantially, and we expect it will continue to climb as we onboard new publishers. As a reminder, IRIS_ID allows advertisers to target CTV ad inventory at the video level, enabling advertisers the ability to align their brand, product or service with contextually relevant content.

自 2024 年 11 月收購 IRIS.TV 以來，IRIS_ID 在所有可用的 CTV 出價請求中的存在已大幅增長，並且我們預計隨著新發布商的加入，該數字將繼續攀升。提醒一下，IRIS_ID 讓廣告主在影片層級定位 CTV 廣告資源，使廣告主能夠將其品牌、產品或服務與情境相關內容結合。

In doing so, advertisers have been shown to experience a 5x lift in brand favorability, a 3x lift in ad recall and a 2x lift in brand awareness and consideration versus CTV control groups. As IRIS_ID continues to be integrated amongst publishers, advertisers gain the ability to deploy contextual campaigns at greater scale, which we believe will lead to increased utilization.

透過這樣做，與 CTV 對照組相比，廣告主的品牌好感度提高了 5 倍，廣告回憶度提高了 3 倍，品牌知名度和考慮度提高了 2 倍。隨著 IRIS_ID 在發布商之間不斷整合，廣告主將能夠更大規模地部署情境廣告活動，我們相信這將提高使用率。

Finally, I'd like to provide an update on our ViantAI product suite. We have now successfully rolled out three phases of our AI product suite with the recent launch of AI Measurement and Analysis in late June.

最後，我想提供有關我們的 ViantAI 產品套件的最新資訊。隨著 6 月底 AI 測量和分析的推出，我們現在已成功推出了三個階段的 AI 產品套件。

Recall, the rollout of ViantAI consists of four total phases, including AI Bidding, AI Planning, AI Measurement and Analysis and AI Decisioning. I'll very briefly touch on all four. Nearly two years after launch, AI Bidding automates approximately 85% of the ad spending on Viant's platform.

回想一下，ViantAI 的推出總共包括四個階段，包括 AI 競標、AI 規劃、AI 測量和分析以及 AI 決策。我將非常簡要地談論這四個方面。在推出近兩年後，AI Bidding 已實現 Viant 平台上約 85% 的廣告支出自動化。

With AI Bidding, advertisers enable Viant's algorithms to find and buy optimal ad placements across the open Internet, aiming for the lowest cost while meeting their desired KPIs, which often include reach, frequency and targeting specifications. With surging use, contribution ex-TAC generated from AI Bidding has doubled year-over-year.

透過 AI Bidding，廣告主可以使用 Viant 的演算法在開放的網路上尋找和購買最佳廣告位置，以最低成本為目標，同時滿足他們所需的 KPI，這些 KPI 通常包括覆蓋率、頻率和定位規格。隨著使用量的激增，AI Bidding 產生的除 TAC 之外的貢獻同比增長了一倍。

Early in the third quarter, we rolled out our most impactful AI Bidding model yet. While competing DSPs tout 1% tech fees, our latest AI Bidding model delivers up to 46% reductions in media costs. We believe we are just scratching the surface with AI Bidding.

在第三季初，我們推出了迄今為止最具影響力的 AI 競價模型。雖然競爭對手的 DSP 宣稱技術費用為 1%，但我們最新的 AI 競價模型可將媒體成本降低高達 46%。我們相信，我們對 AI Bidding 的運用才剛起步。

And through continuous innovation, we can deliver even greater savings for our clients. Advertisers can only expect to achieve these types of savings from a buy-side-only platform that doesn't own the ad inventory like Google and Amazon.

透過不斷創新，我們可以為客戶節省更多成本。廣告商只能期望從不擁有Google和亞馬遜等廣告資源的買方平台實現這些類型的節省。

In Q3 2024, we launched AI Planning, which enables advertisers to create enterprise-level campaigns in seconds. As we have continued to build awareness across the marketplace, we have seen major US advertisers express interest.

2024 年第三季度，我們推出了 AI Planning，使廣告商能夠在幾秒鐘內創建企業級廣告活動。隨著我們不斷提高市場知名度，我們看到美國主要廣告商表達了興趣。

Relative to our existing customer base, these are bigger brands with more pronounced ad budgets. We are engaged with various CPGs, QSRs, retailers and more.

相對於我們現有的客戶群，這些品牌規模更大，廣告預算也更充足。我們與各種 CPG、QSR、零售商等都有合作。

They all see how ViantAI can transform their business. And the feedback is consistent. There is simply nothing else in the market like ViantAI.

他們都看到了 ViantAI 如何改變他們的業務。並且反饋是一致的。市場上根本沒有其他產品能與 ViantAI 相媲美。

AI Planning streamlines the workload of media planning and execution teams. Users need only provide an advertiser name, budget, time frame and goal and within seconds, an enterprise-level media campaign designed to maximize return on ad spend is fully constructed, inclusive of budget allocation across all digital channels and publishers, audience segmentation, frequency capping, dayparting, CPM pricing and more.

AI Planning 簡化了媒體策劃和執行團隊的工作量。用戶只需提供廣告主名稱、預算、時間範圍和目標，幾秒鐘內即可建立一個旨在最大化廣告支出回報的企業級媒體活動，包括所有數位管道和出版商的預算分配、受眾細分、頻率上限、時段劃分、CPM 定價等。

With a single click, the media plan is directly exported into the DSP for immediate execution, automating and streamlining tasks traditionally handled by teams of media planners and traders. It's clear to see why agencies and advertisers of all sizes are eager to work with Viant.

只需單擊一下，媒體計劃就會直接匯出到 DSP 中立即執行，從而自動化和簡化傳統上由媒體策劃人員和交易員團隊處理的任務。顯而易見，各種規模的代理商和廣告商都渴望與 Viant 合作。

AI Planning improves workflow, drives operational efficiency and delivers a higher return on ad spend. We are very encouraged by recent momentum and expect to win material ad spend from major US advertisers moving forward.

AI Planning 改善了工作流程，提高了營運效率並帶來了更高的廣告支出回報。我們對近期的發展動能感到非常鼓舞，並期望未來能從美國主要廣告商贏得實質的廣告支出。

AI Measurement and Analysis launched in late second quarter and revolutionizes reporting with on-demand insights. Historically, campaign performance data has been spread across multiple dashboards, buried in spreadsheets and has required the expertise of specialized data scientists to interpret results and identify actionable insights.

人工智慧測量與分析於第二季末推出，並透過隨選洞察徹底改變了報告方式。從歷史上看，活動績效數據分散在多個儀表板上，隱藏在電子表格中，需要專業數據科學家的專業知識來解釋結果並確定可行的見解。

AI Measurement and Analysis is the easy button, built to surface actionable insights and optimization opportunities in an instant via a simple, user-friendly, chat-based interface. For agencies and advertisers, AI Measurement and Analysis provides on-demand answers to all campaign performance-related questions and offers optimization recommendations.

AI 測量和分析是一個簡單的按鈕，旨在透過簡單、用戶友好、基於聊天的介面立即顯示可操作的見解和優化機會。對於代理商和廣告主來說，AI 測量和分析可以按需解答所有與廣告活動效果相關的問題，並提供最佳化建議。

These features represent a significant improvement to the user experience, and we believe they will further drive our customers to consolidate their ad spend on the Viant DSP. And finally, we expect to launch AI Decisioning in the second half of 2025.

這些功能代表著使用者體驗的顯著改善，我們相信它們將進一步推動我們的客戶整合他們在 Viant DSP 上的廣告支出。最後，我們預計在 2025 年下半年推出 AI Decisioning。

We are on the cusp of providing advertisers with a fully autonomous ad solution for deployment across the open Internet. AI Decisioning enables advertisers to grant ViantAI the autonomy to plan, build, execute and optimize ad campaigns in full.

我們即將為廣告主提供可在開放網路上部署的完全自主的廣告解決方案。AI Decisioning 讓廣告主授予 ViantAI 全面規劃、建立、執行和優化廣告活動的自主權。

ViantAI is dynamic and is designed to proactively react to market conditions, adjusting campaigns as necessary to deliver the best possible outcomes. And in contrast to big tech black box competition, ViantAI is transparent, providing advertisers with unrestricted insight across campaign performance data, including publisher allocation, clearing prices, return on ad spend metrics and more.

ViantAI 是動態的，旨在主動回應市場狀況，根據需要調整活動以提供最佳結果。與大型科技黑盒子競爭相比，ViantAI 是透明的，為廣告主提供有關廣告活動成效數據的無限洞察，包括發布商分配、清算價格、廣告支出回報率指標等。

To summarize, we delivered a strong quarter and made significant progress expanding our product capabilities across our strategic priorities, CTV, addressability and ViantAI. Our commitment to innovation is driving unprecedented engagement with major US advertisers, presenting an opportunity for Viant to take share in a new addressable market.

總而言之，我們本季表現強勁，並在擴展我們的策略重點、CTV、可尋址性和 ViantAI 等產品能力方面取得了重大進展。我們對創新的承諾正在推動與美國主要廣告商的前所未有的合作，為 Viant 提供在新目標市場中佔據份額的機會。

With demand ramping across our platform, we believe we remain well positioned to deliver sustainable long-term growth. Before turning it over to Chris, I would like to take a moment to welcome Brett Wilson to Viant's Board of Directors.

隨著我們平台需求的不斷增長，我們相信我們仍然能夠實現可持續的長期成長。在將權力移交給克里斯之前，我想花點時間歡迎布雷特威爾遜加入 Viant 董事會。

Brett is an experienced entrepreneur, executive and investor with almost 30 years of experience in technology, advertising and digital media. He is the former Co-Founder, President and CEO of TubeMogul, an ad tech company he led from inception to IPO to a successful exit.

布雷特是一位經驗豐富的企業家、高管和投資者，在科技、廣告和數位媒體領域擁有近 30 年的經驗。他是 TubeMogul 的前聯合創始人、總裁兼首席執行官，TubeMogul 是一家廣告技術公司，他領導該公司從成立到 IPO 再到成功退出。

His extensive knowledge in ad tech and AI will be crucial as we continue to innovate and accelerate our growth, and we're thrilled to have him on the board. With that, I will pass it over to Chris.

隨著我們不斷創新和加速發展，他在廣告技術和人工智慧方面的豐富知識至關重要，我們很高興他能加入董事會。說完這些，我就把它交給克里斯。

Thanks, Tim. I'd like to take a moment to discuss our customer go-to-market strategy and how it has been evolving and will continue to evolve over time. We believe ViantAI permits us the opportunity to expand our addressable market beyond the mid-market advertiser, which has traditionally been our core customer.

謝謝，蒂姆。我想花點時間討論一下我們的客戶市場進入策略以及它是如何演變的以及將如何隨著時間的推移而繼續演變。我們相信，ViantAI 讓我們有機會將我們的潛在市場擴展到中階市場廣告商之外，而中階市場廣告商一直是我們的核心客戶。

And we now believe we can win amongst the many hundreds of major US advertisers as well as the many millions of data-driven advertisers comprised of small businesses, performance advertisers and direct-to-consumer e-commerce brands. For major US advertisers, ViantAI delivers unprecedented operating efficiency and therefore, material cost savings, not attainable through the use of a traditional DSP.

現在我們相信，我們可以在數百家美國主要廣告商以及數百萬家數據驅動的廣告商（包括小型企業、績效廣告商和直接面向消費者的電子商務品牌）中贏得勝利。對於美國主要廣告商而言，ViantAI 提供了前所未有的營運效率，從而節省了材料成本，這是傳統 DSP 無法實現的。

And for data-driven advertisers looking to take advantage of our industry-leading addressability solutions, ViantAI is expected to be the fully autonomous do-it-for-me solution designed to onboard advertisers seamlessly through simple integrations and intuitive user interface and a platform capable of delivering outcomes for advertisers of all sizes. We plan to attack this expanded addressable market opportunity in stages.

對於希望利用我們行業領先的可尋址解決方案的數據驅動型廣告商來說，ViantAI 有望成為完全自主的「為我做」解決方案，旨在透過簡單的整合和直觀的用戶界面無縫地吸引廣告商，並成為一個能夠為各種規模的廣告商提供成果的平台。我們計劃分階段抓住這個擴大的潛在市場機會。

Naturally, we first introduced ViantAI to our existing advertiser and agency clients. And as the stats indicate, our customers have overwhelmingly embraced ViantAI.

自然，我們首先向現有的廣告商和代理商客戶介紹 ViantAI。統計數據顯示，我們的客戶非常歡迎 ViantAI。

As Tim mentioned, approximately 85% of ad spend on our platform runs through AI Bidding. Since its launch, AI Planning has shown increasing monthly utilization with clients engaging in approximately 25,000 interactions year-to-date, including the creation of 1,100 media plans, and early feedback from the launch of AI Measurement and Analysis has been outstanding with a growing number of clients utilizing ViantAI to extract automated campaign insights.

正如 Tim 所提到的，我們平台上大約 85% 的廣告支出都是透過 AI Bidding 進行的。自推出以來，AI Planning 的每月利用率不斷提高，客戶年初至今已參與了約 25,000 次互動，其中包括制定 1,100 個媒體計劃，而 AI Measurement and Analysis 推出後的早期反饋非常出色，越來越多的客戶利用 ViantAI 來提取自動化營銷活動洞察。

And finally, AI Decisioning is on schedule for a late 2025 launch. As we continue to expand the ViantAI product suite, our commitment to exceptional customer service remains unchanged.

最後，AI Decisioning 計劃於 2025 年底推出。隨著我們不斷擴展 ViantAI 產品套件，我們對卓越客戶服務的承諾始終不變。

We plan to fully support clients through ongoing engagement, education and activation as new capabilities come to market. And of course, we will also continue to aggressively pursue prospective mid-market advertisers where we have traditionally focused.

隨著新功能進入市場，我們計劃透過持續的參與、教育和激活為客戶提供全力支持。當然，我們也將繼續積極尋求我們傳統上關注的潛在中端市場廣告商。

But as Tim indicated previously, with the launch of ViantAI, we are attracting the attention of major US advertisers, and we are engaging with them more frequently than we ever have before. And quite frankly, we have the right to win with major US advertisers.

但正如 Tim 之前所說，隨著 ViantAI 的推出，我們吸引了美國主要廣告商的注意，我們與他們的互動比以往任何時候都更加頻繁。坦白說，我們有權贏得美國主要廣告商的青睞。

We are in market with a product offering no one else has, capable of providing a level of efficiency no one else can offer. We hear it over and over again from both existing and prospective clients where they tell us, there is nothing else like this in the market.

我們在市場上提供其他人所沒有的產品，能夠提供其他人無法提供的效率水準。我們一再聽到現有客戶和潛在客戶告訴我們，市場上沒有其他產品可以與之媲美。

ViantAI is bidding and transacting on behalf of full-time traders, building and executing enterprise-level campaigns on behalf of full-time media planners and extracting insights on behalf of full-time data scientists. This degree of autonomy is in high demand.

ViantAI 代表全職交易員進行競標和交易，代表全職媒體策劃人員建立和執行企業級活動，並代表全職資料科學家提取見解。這種程度的自治權需求量很大。

For advertiser and agency adopters, ViantAI provides a significant opportunity to materially improve their operating structure and deliver scaled business outcomes. And transitioning to Viant from an alternative DSP platform has never been easier.

對於廣告商和代理商採用者來說，ViantAI 提供了一個重要的機會，可以實質地改善他們的營運結構並實現規模化的業務成果。從替代 DSP 平台過渡到 Viant 從未如此簡單。

We have torn down the wall of complexity that is purposely embedded into traditional DSPs, complexity that has enabled competitors to retain clients simply because switching costs were too great. With ViantAI, there are no switching costs.

我們打破了傳統 DSP 中故意嵌入的複雜性壁壘，這種複雜性使得競爭對手能夠留住客戶，僅僅是因為轉換成本太高。使用 ViantAI，無需任何轉換成本。

There is no need to certify a team of traders, no need for training, no need for familiarity. If you can chat, ViantAI can handle the rest.

無需認證交易員團隊，無需培訓，無需熟悉。如果您可以聊天，ViantAI 可以處理剩下的事情。

While competing DSPs are introducing new forms of complexity, we are laser-focused on providing advertisers with an unprecedented level of simplicity. It is the pursuit of this vision that has awarded Viant the opportunity to win business from a growing number of major US advertisers.

雖然競爭對手的 DSP 正在引入新的複雜性，但我們專注於為廣告商提供前所未有的簡單性。正是對這一願景的追求使 Viant 有機會贏得越來越多的美國主要廣告商的業務。

Over the last several months, we have been actively engaging with dozens of major US advertisers well outside the mid-market classification. Specifically, we have established new relationships with a number of large national beverage companies, quick service restaurant chains, CPGs, major retailers, convenience stores and more.

在過去的幾個月裡，我們一直積極與中階市場以外的數十家美國主要廣告商合作。具體來說，我們已經與許多大型全國性飲料公司、快餐連鎖店、快速消費品公司、大型零售商、便利商店等建立了新的關係。

At the conclusion of a new business pitch meeting just a few weeks ago with one of the largest adult beverage companies in the US, their executives having sat through a number of DSP proposals, we're quick to congratulate our team on building a solution that no other competitor had to offer. Recent new business pitches with major US advertisers have thus far created a pipeline of new opportunities that exceeds $250 million of incremental ad spend.

就在幾週前，我們與美國最大的成人飲料公司之一舉行了一次新的業務推介會議，他們的高管們聽取了多項 DSP 提案，我們很快就祝賀我們的團隊建立了其他競爭對手無法提供的解決方案。到目前為止，最近與美國主要廣告商進行的新業務推廣已經創造了一系列新的機會，增量廣告支出超過 2.5 億美元。

These RFPs that we were invited to are being for the DSP of record starting in 2026 and our multiyear engagements. Next, let's consider the opportunity that exists with the millions of data-driven advertisers who could benefit from advertising on CTV and the open Internet, but have not had the tools to do so effectively.

我們受邀參加的這些 RFP 是為了從 2026 年開始的 DSP 記錄以及我們的多年期合作。接下來，讓我們考慮一下數百萬數據驅動的廣告商所面臨的機遇，他們可以從 CTV 和開放互聯網上的廣告中受益，但卻沒有有效的工具來實現這一目標。

The launch of AI Decisioning scheduled for release in late 2025 is designed to unlock the ability for Viant to address the millions of small businesses, performance advertisers and direct-to-consumer e-commerce companies that are so heavily reliant and overinvested in search and social walled gardens. This pool of spend is ripe for diversion to CTV and the open Internet.

AI Decisioning 計畫於 2025 年底發布，旨在幫助 Viant 解決數百萬小型企業、效果廣告商和直接面向消費者的電子商務公司的問題，這些公司嚴重依賴搜尋和社交圍牆花園並對其進行了過度投資。這筆支出完全可以轉移到 CTV 和開放網路上。

These data-driven advertisers are believed to represent over half of the $240 billion allocated to the US search and social ad market. They are drawn to search and social media channels because these platforms deliver outcomes at scale through the use of an intuitive user interface.

據信，這些數據驅動的廣告商占美國搜尋和社群廣告市場 2,400 億美元的一半以上。他們被搜尋和社交媒體管道所吸引，因為這些平台可以透過直覺的使用者介面大規模地提供結果。

We are innovating to deliver a superior solution for deployment across the open Internet. Through the use of our addressability solutions, Household ID and IRIS_ID, data-driven advertisers can precisely target niche consumer audiences in contextually relevant environments and accurately measure performance associated with such targeted campaigns.

我們正在進行創新，以提供在開放互聯網上部署的卓越解決方案。透過使用我們的可尋址解決方案、家庭 ID 和 IRIS_ID，數據驅動的廣告商可以在上下文相關的環境中精確定位利基消費者受眾，並準確衡量與此類有針對性的活動相關的效果。

And through the use of Viant AI's chat-based user interface, planning, building and executing a campaign across CTV and the open Internet has never been easier. AI Decisioning, our fully autonomous, fully transparent, outcomes-based solution represents the means by which we intend to target and attract the millions of data-driven advertisers poised to allocate spend across CTV and the open Internet.

透過使用 Viant AI 基於聊天的使用者介面，在 CTV 和開放網路上規劃、建立和執行活動從未如此簡單。AI Decisioning 是我們完全自主、完全透明、基於結果的解決方案，代表了我們打算瞄準和吸引數百萬數據驅動的廣告商的手段，這些廣告商準備在 CTV 和開放互聯網上分配支出。

Our solution is designed to rival Meta's Advantage+ and Google's PMax offering, but for use across the entirety of the open Internet, not just the walled garden. And in contrast to these black box alternatives, ViantAI is intended to offer complete transparency, providing advertisers with unrestricted campaign insights.

我們的解決方案旨在與 Meta 的 Advantage+ 和 Google 的 PMax 產品相媲美，但可在整個開放互聯網中使用，而不僅僅是在封閉的互聯網中。與這些黑盒子替代方案相比，ViantAI 旨在提供完全透明度，為廣告商提供不受限制的廣告活動洞察。

And because we do not own any media and are not conflicted in representing any certain publishers, we will be able to generate the most amount of outcomes for our clients without any conflicts. To be clear, we expect to begin to more aggressively pursue this incremental pool of ad spend following the launch of AI Decisioning, which remains on schedule for late 2025.

而且由於我們不擁有任何媒體，並且在代表任何特定出版商方面沒有任何利益衝突，因此我們將能夠為我們的客戶產生最多的成果，而不會產生任何衝突。需要明確的是，我們預計在 AI Decisioning 推出後，將開始更積極地追求這一增量廣告支出池，該計劃仍計劃於 2025 年底推出。

With our unique CTV offering, industry-leading addressability solutions and ViantAI product suite, we have a right to win across advertisers of all sizes, and we are evolving to capture share of this expanded market opportunity. And with that, I'll turn it over to Larry to provide more detail on our financial performance. Larry?

憑藉我們獨特的 CTV 產品、領先業界的可尋址解決方案和 ViantAI 產品套件，我們有權贏得各種規模的廣告商，並且我們正在不斷發展以抓住這一擴大的市場機會的份額。接下來，我將把時間交給拉里，讓他提供有關我們財務表現的更多細節。拉里？

Thank you, Chris. Before I begin, I would like to remind everyone that we have posted a presentation on our investor relations website that includes supplemental financial information to accompany today's call.

謝謝你，克里斯。在開始之前，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。

In terms of our results for the second quarter, revenue for the quarter was $77.9 million, representing an 18% increase year-over-year and a 10% increase quarter-over-quarter and was within our guidance range. Contribution ex-TAC totaled $48.4 million in Q2, up 16% compared to the prior year period and up 13% sequentially and was also within our guidance range.

就我們第二季的業績而言，本季營收為 7,790 萬美元，年增 18%，季增 10%，在我們的指導範圍內。第二季扣除 TAC 後的貢獻總額為 4,840 萬美元，比去年同期成長 16%，比上一季成長 13%，也在我們的指導範圍內。

Both revenue and contribution ex-TAC represent record results for the 2Q period. Our results would have been even stronger if not for a temporary disruption we highlighted during our first quarter earnings call. In response to economic policy actions from the current administration, three advertisers paused their campaigns during the quarter.

扣除 TAC 後的營收和貢獻均創下了第二季的歷史新高。如果不是我們在第一季財報電話會議上強調的暫時中斷，我們的業績會更加強勁。為了回應現任政府的經濟政策行動，三家廣告商在本季暫停了廣告活動。

This macro-driven development created a headwind of nearly 300 basis points to revenue growth and over 400 basis points to contribution ex-TAC growth in the quarter. During the quarter, we also continued to see meaningful expansion in the number of customers generating significant levels of contribution ex-TAC.

這一宏觀驅動的發展為本季的營收成長帶來了近 300 個基點的阻力，為 TAC 貢獻成長帶來了超過 400 個基點的阻力。在本季度，我們也繼續看到對 TAC 產生顯著貢獻的客戶數量顯著增加。

On a trailing 12 month basis through Q2, we saw a 23% increase in the number of percent of spend customers generating over $1 million in contribution ex-TAC. Additionally, contribution ex-TAC across our top 100 continuing customers grew by 21% year-over-year on a TTM basis.

截至第二季的過去 12 個月中，我們發現，支出客戶中貢獻超過 100 萬美元（TAC 除外）的客戶數量增加了 23%。此外，我們前 100 名持續客戶的貢獻（不包括 TAC）按 TTM 計算同比增長了 21%。

New customer momentum also remains strong as evidenced by a pipeline of new business opportunities that exceeds $250 million in ad spend attributable to recent engagements with major US advertisers. We believe these trends fueled by growth from both existing and new customers reinforce our strong competitive positioning and support our ability to continue outgrowing the broader programmatic market over the long term.

新客戶發展勢頭依然強勁，這從最近與美國主要廣告商的合作中產生的新業務機會（廣告支出超過 2.5 億美元）可以看出。我們相信，現有客戶和新客戶的成長推動了這些趨勢，增強了我們強大的競爭地位，並支持我們長期繼續超越更廣泛的程序化市場的能力。

We delivered strong performance across most customer verticals in Q2 with ad spend across business services, CPG and retail leading the way. CTV remained a core growth driver in Q2, once again accounting for nearly 45% of total platform spend.

我們在第二季度在大多數客戶垂直領域都取得了強勁的業績，其中商業服務、快速消費品和零售領域的廣告支出處於領先地位。連網電視 (CTV) 仍然是第二季的核心成長動力，再次佔平台總支出的近 45%。

In addition, CTV spend reached an all-time high for a second quarter, reflecting continued momentum as advertisers increasingly prioritize premium addressable video to drive performance. Spend across all emerging digital channels, CTV, streaming audio and digital out-of-home collectively represented nearly 55% of total platform spend in Q2, up from 50% in 2024 and 43% in 2023, highlighting the accelerating adoption of next-generation media formats and underscoring our position as a leading partner for advertisers moving beyond traditional display.

此外，CTV 支出在第二季度創下歷史新高，反映出隨著廣告主越來越重視優質可尋址影片來推動業績，CTV 支出持續保持成長勢頭。所有新興數位管道、連網電視、串流音訊和數位戶外的支出合計佔第二季度平台總支出的近 55%，高於 2024 年的 50% 和 2023 年的 43%，這凸顯了下一代媒體格式的加速採用，並強調了我們作為超越傳統展示的廣告商的領先合作夥伴的地位。

Video, inclusive of CTV, continues to represent 60% of total platform spend in the quarter, reflecting the continued shift toward high-impact measurable formats. Non-GAAP operating expenses totaled $37.1 million in the second quarter, representing a 1% sequential decline and a 16% year-over-year increase.

包括 CTV 在內的影片繼續佔本季平台總支出的 60%，反映出向高影響力可衡量格式的持續轉變。第二季非公認會計準則營運費用總計 3,710 萬美元，較上季下降 1%，較去年同期成長 16%。

This includes strategic investments related to the acquisitions of IRIS.TV closed in November 2024 and Lockr closed in February 2025, both of which expand our long-term product capabilities and are intended to support long-term growth. Excluding these acquisitions, organic non-GAAP operating expenses increased a modest 10% year-over-year and declined 1% sequentially, reflecting continued operating leverage and disciplined expense management.

這包括與 2024 年 11 月完成的 IRIS.TV 收購和 2025 年 2 月完成的 Lockr 收購相關的策略性投資，這兩項收購都擴展了我們的長期產品能力並旨在支持長期成長。除這些收購外，有機非 GAAP 營運費用年比小幅增加 10%，環比下降 1%，反映了持續的營運槓桿和嚴格的費用管理。

Importantly, we remain focused on scaling efficiently. Even as we continue to invest in innovation across ViantAI and our broader technology stack, we are delivering measurable gains in productivity, increasing contribution ex-TAC per employee by 10% year-over-year, a clear signal of improved operational efficiency.

重要的是，我們仍然專注於有效擴展。即使我們繼續在 ViantAI 和更廣泛的技術堆疊上進行創新投資，我們也在生產力方面取得了可衡量的進步，每位員工的 TAC 貢獻同比增長 10%，這清楚地表明營運效率有所提高。

Adjusted EBITDA for Q2 was $11.3 million, exceeding the midpoint of our guidance by 3% and growing 18% year-over-year. Adjusted EBITDA as a percentage of contribution ex-TAC was 23% for the quarter, expanding 20 basis points compared to the prior year.

第二季調整後的 EBITDA 為 1,130 萬美元，超出我們預期的中位數 3%，年增 18%。本季調整後的 EBITDA（扣除 TAC 後的貢獻百分比）為 23%，較上年同期擴大 20 個基點。

This margin improvement was achieved while continuing to invest in our ViantAI product suite and while integrating IRIS.TV and Lockr acquisitions, demonstrating our ability to scale efficiently while executing on strategic priorities. Non-GAAP net income, which excludes stock-based comp and other adjustments, totaled $8 million for the quarter, up 11% from $7.2 million in the prior year.

這一利潤率的提高是在我們繼續投資 ViantAI 產品套件以及整合 IRIS.TV 和 Lockr 收購的同時實現的，這證明了我們在執行戰略重點的同時有效擴展的能力。本季非公認會計準則淨收入（不包括股票薪酬和其他調整）總計 800 萬美元，較上年的 720 萬美元增長 11%。

Non-GAAP basic earnings per Class A share outstanding totaled $0.10 in the second quarter compared to $0.08 in the prior year. In terms of share count, we ended the quarter with 62.9 million total shares outstanding, consisting of 16.3 million Class A shares and 46.7 million Class B shares.

第二季度，非公認會計準則每股 A 類流通股基本收益總計 0​​.10 美元，而去年同期為 0.08 美元。就股票數量而言，本季末我們的流通股總數為 6,290 萬股，其中包括 1,630 萬股 A​​ 類股和 4,670 萬股 B 類股。

We ended the quarter with a strong balance sheet, including $173 million in cash and cash equivalents, $192 million in positive working capital, no debt and full access to our $75 million undrawn credit facility. For the quarter, cash flow from operating activities was $20.9 million, representing a 46% year-over-year increase, reflecting healthy core operating performance.

我們在本季結束時擁有強勁的資產負債表，包括 1.73 億美元的現金和現金等價物、1.92 億美元的正營運資本、沒有債務，並且可以充分使用 7,500 萬美元的未提取信貸額度。本季度，經營活動現金流為 2,090 萬美元，年增 46%，反映出核心經營績效良好。

We also remain disciplined in our capital allocation. Since launching our share repurchase program in May 2024, we've returned $50.2 million to shareholders, including $10.8 million in Q2 and $28.5 million year-to-date through August 8.

我們在資本配置方面也保持嚴謹。自 2024 年 5 月啟動股票回購計畫以來，我們已向股東返還 5,020 萬美元，其中包括第二季的 1,080 萬美元和截至 8 月 8 日的年初至今的 2,850 萬美元。

In total, we've repurchased 3.8 million shares at an average price of $13.15, signaling our confidence in our long-term value. As of August 8, approximately $49.8 million remains available under our current authorization.

總體而言，我們以平均 13.15 美元的價格回購了 380 萬股，這表明我們對長期價值充滿信心。截至 8 月 8 日，根據我們目前的授權，仍有約 4,980 萬美元可用。

We intend to continue executing this program opportunistically with a focus on maximizing value for long-term shareholders, particularly during times when our stock is undervalued. Our strong financial foundation, combined with consistent execution and a balanced capital allocation strategy, positions us well to capture growth opportunities and drive shareholder value in the quarters ahead.

我們打算繼續適時執行該計劃，重點是為長期股東實現價值最大化，特別是在我們的股票被低估的時候。我們強大的財務基礎，加上持續的執行力和均衡的資本配置策略，使我們能夠在未來幾季抓住成長機會並推動股東價值。

Turning now to our outlook for Q3. It's important to note that two temporary and nonrecurring factors are expected to impact our near-term revenue and contribution ex-TAC growth, both of which are fully reflected in our guidance.

現在來談談我們對第三季的展望。值得注意的是，預計有兩個暫時性和非經常性因素將影響我們的近期收入和貢獻（不包括 TAC）成長，這兩個因素都充分反映在我們的指導中。

First, we are lapping a high political ad spend comp from last year's presidential election cycle, which represented an approximately 400 basis point headwind for contribution ex-TAC growth in Q3. Second, one of our agency clients lost a sizable advertiser to another agency, prompting the associated ad spend to move off of Viant's platform.

首先，我們正在應對去年總統選舉週期的高政治廣告支出，這對第三季的貢獻（不包括 TAC）成長造成了約 400 個基點的阻力。其次，我們的一個代理客戶失去了一個相當大的廣告商，轉而投向了另一家代理公司，導致相關廣告支出從 Viant 的平台上轉移出去。

While such occurrences are not at all unusual, this advertiser's unique seasonality is important to note. As an outdoor entertainment company, they heavily concentrate their ad spend in the summer months, July through September.

雖然這種情況並不罕見，但這個廣告商獨特的季節性還是值得注意的。作為一家戶外娛樂公司，他們將廣告支出主要集中在夏季（七月至九月）。

Consequently, this loss impacts Q3 contribution ex-TAC growth by approximately 600 basis points and will have a minimal effect on Q4 or subsequent periods. On a combined basis, these near-term headwinds pressure revenue growth by approximately 1,200 basis points and contribution ex-TAC growth by approximately 1,000 basis points in 3Q '25.

因此，這項損失將對第三季扣除 TAC 後的貢獻成長產生約 600 個基點的影響，而對第四季或後續期間的影響則微乎其微。綜合來看，這些短期不利因素將對 2025 年第三季的營收成長造成約 1,200 個基點的壓力，對扣除 TAC 後的貢獻成長造成約 1,000 個基點的壓力。

Given these factors, our guidance for the third quarter of 2025 is as follows. Revenue of $83.5 million to $86.5 million, up 6% year-over-year and 9% sequentially at the midpoint.

考慮到這些因素，我們對 2025 年第三季的指導如下。營收為 8,350 萬美元至 8,650 萬美元，年增 6%，季增 9%。

Contribution ex-TAC of $51 million to $53 million, reflecting 10% year-over-year growth and 8% sequentially at the midpoint. Non-GAAP operating expenses of $37 million to $38 million, up 15% year-over-year and 1% sequentially at the midpoint.

扣除 TAC 後的貢獻為 5,100 萬美元至 5,300 萬美元，年增 10%，季增 8%。非公認會計準則營運費用為 3,700 萬美元至 3,800 萬美元，年增 15%，季增 1%。

Adjusted EBITDA of $14 million to $15 million, representing a 1% year-over-year decline and a 29% increase sequentially at the midpoint. Despite the noted temporary and nonrecurring factors, the midpoint of our (inaudible) performance across revenue and (inaudible) has never been stronger (inaudible) and is supported by over $250 million of potential annualized ad spend opportunities associated with major U.S. advertisers, a new addressable market for Viant. These represent 2026 opportunities. And accordingly, we have the potential to exhibit accelerating revenue and contribution ex-TAC year-over-year growth rates throughout 2026.

調整後 EBITDA 為 1,400 萬美元至 1,500 萬美元，年減 1%，季增 29%。儘管存在已知的暫時性和非經常性因素，但我們（聽不清楚）收入和（聽不清楚）表現的中點從未如此強勁（聽不清楚），並受到與美國主要廣告商相關的超過 2.5 億美元潛在年度廣告支出機會的支持，這是 Viant 的一個新的潛在市場。這些代表 2026 個機會。因此，我們有可能在 2026 年全年實現收入和貢獻（不包括 TAC）同比增長率的加速。

In closing, we delivered another record quarter, executing against our strategic priorities, advancing innovation across our platform and returning capital to shareholders through opportunistic share repurchases at compelling valuations. We believe we are well positioned for sustainable long-term growth trends, including CTV, addressability and ViantAI.

最後，我們又創造了一個創紀錄的季度，按照我們的策略重點執行，推動整個平台的創新，並透過以極具吸引力的估值進行機會性股票回購向股東返還資本。我們相信，我們已做好充分準備迎接可持續的長期成長趨勢，包括 CTV、可尋址性和 ViantAI。

And with that, I'll turn the call back over to the operator for questions. Operator?

說完這些，我會把電話轉回接線生回答問題。操作員？

(Operator Instructions)

（操作員指示）

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Great. So first, I wanted to talk about the ViantAI innovations and kind of this broader trend we've been hearing about performance TV getting a lot of airtime in the space recently. So I guess as you're going to market with your new solutions, how are you really standing out against what's becoming seemingly an increasingly crowded market?

偉大的。首先，我想談談 ViantAI 的創新，以及我們最近聽到的有關高性能電視在該領域獲得大量播出時間的更廣泛趨勢。因此，我想，當您要推出新的解決方案時，您如何在日益擁擠的市場中脫穎而出？

And then maybe related to that, what's involved in the sales team switch to going more upmarket? Is it more a reorganization? Or will there be incremental hiring involved?

那麼也許與此相關的是，銷售團隊轉向更高端市場涉及什麼？這更像是一次重組嗎？還是會涉及增量招聘？

Sure. Thanks, Andrew, for the questions. I'll take the first one on performance TV. The precursor to actually performing in TV is to have great addressability solutions, the ability to target and then, of course, measure those responses.

當然。謝謝安德魯提出的問題。我將在表演電視上選擇第一個。真正在電視上表演的前提是擁有出色的可尋址解決方案、定位能力，當然，還要衡量這些反應。

So we believe we have a huge advantage with the patented Household ID, which enables all that addressability to get the ads in front of the right user and tracking it all the way through to the point-of-sale systems out there. So we've been leading in this area.

因此，我們相信，我們擁有專利的家庭 ID 的巨大優勢，它能夠實現所有尋址功能，將廣告投放到正確的用戶面前，並全程追蹤到銷售點系統。因此我們在這個領域一直處於領先地位。

Many of our customers are using it day to day. But of course, as we talked about in launching fully autonomous will enable us to go down market into those smaller advertisers looking to get on TV and drive performance. Do you want to take that?

我們的許多客戶每天都在使用它。但當然，正如我們在推出完全自主的廣告時所討論的那樣，這將使我們能夠進入那些希望在電視上投放廣告並提高業績的小型廣告商市場。你想拿走那個嗎？

Yeah, Andrew, on the large customer kind of expanded opportunity, we're really being pulled into that. If you recall a few quarters ago when we launched ViantAI, that we were the first of any ad tech platform out there that launched a real AI product that you can actually touch and use.

是的，安德魯，就大客戶擴展機會而言，我們確實被吸引到了這個領域。如果您還記得幾個季度前我們推出 ViantAI 時的情況，我們是第一個推出真正可以觸摸和使用的人工智慧產品的廣告技術平台。

We got pulled into the larger US advertiser base. That is our existing sales force really were the ones that fielded those opportunities. However, we have been actively hiring what we call our enterprise team to go after these larger customers.

我們被拉入了更大的美國廣告商群體。也就是說，我們現有的銷售團隊才是真正抓住這些機會的人。然而，我們一直在積極招募所謂的企業團隊來爭取這些大客戶。

And our core team is really going to remain focused on the mid-market advertiser and agency group. But I will just say that there's a huge opportunity in the large customer end of the market because they see what the cost efficiencies are by adopting ViantAI, but also the level of increased performance.

我們的核心團隊將繼續專注於中階市場廣告商和代理商集團。但我只想說，大型客戶市場存在著巨大的機遇，因為他們看到了採用 ViantAI 帶來的成本效益，以及效能的提升程度。

Many of these brands are facing, whether it be tariffs or a lot of them we've engaged with, they've had a similar dynamic we've seen with other customers. Over time, they get better and better marketing KPIs, but their total sales or market share, they see declines.

許多品牌都面臨關稅問題，或者我們接觸過的許多品牌都面臨著與我們在其他客戶身上看到的類似的情況。隨著時間的推移，他們的行銷 KPI 越來越好，但他們的總銷售額或市場份額卻在下降。

So this is a big opportunity for us. Many of these marketers are looking to ride that ship. CEOs of these brands are leaning on the CMOs saying, hey, we're spending all this money.

所以這對我們來說是一個巨大的機會。許多行銷人員都希望搭上這艘船。這些品牌的執行長依靠首席行銷長說，嘿，我們花了這麼多錢。

We're getting more efficient marketing KPIs, but total sales or market share is down. Why is this? ViantAI is a huge opportunity here that we can rightsize that.

我們的行銷 KPI 正在變得更加高效，但總銷售額或市場份額卻下降了。這是為什麼呢？ViantAI 是一個巨大的機遇，我們可以適當地擴大其規模。

One of the things is that marketers, they've been chasing better and better KPIs, and that's pushed them into search and social, which is really just showing ads to customers who are already going to buy from them.

其中之一是，行銷人員一直在追求越來越好的 KPI，這促使他們進入搜尋和社交領域，這實際上只是向已經打算購買產品的客戶展示廣告。

They're missing the full funnel opportunity. ViantAI is going to help them realize that, and they're going to help them do it much more efficiently.

他們錯過了完整的通路機會。ViantAI 將幫助他們實現這一點，並幫助他們更有效率地實現這一目標。

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

First, maybe just expanding on this last question in terms of achieving $250 million in ad spend. Sort of, as we think about ViantAI and all the functionality that you offer now, are there any sort of specific features or parts of that offering that you -- that sort of particularly attractive for these larger marketers?

首先，也許只是就實現 2.5 億美元的廣告支出這個問題來擴展這個最後一個問題。當我們考慮 ViantAI 和您現在提供的所有功能時，是否有任何特定的功能或部分對這些大型行銷人員特別有吸引力？

Yeah. Maria, thanks for the question. One of the easy ones is AI Bidding. Tim said it was already -- it's upwards of 85% of total ad spend on our platform is using AI Bidding.

是的。瑪麗亞，謝謝你的提問。其中一個簡單的方法是 AI Bidding。提姆說，我們平台上超過 85% 的廣告總支出都使用了 AI Bidding。

With a lot of DSPs, a lot of times, there's conversations around platform fees or take rates. But where some competing platforms might offer 1%, we're showing with AI Bidding, we're now up to 46% savings in media costs. This is massive for these brands.

對於許多 DSP 來說，很多時候都會討論平台費用或收取費率。但有些競爭平台可能只提供 1% 的折扣，而我們透過 AI Bidding 展示，現在媒體成本節省高達 46%。這對這些品牌來說意義重大。

When you're able to actually showcase this and they see the value that ViantAI can bring, it makes it an easy discussion. It's not really a take rate question or lowering fees question. It's about how much more we can do for them.

當你能夠真正展示這一點，並且他們看到 ViantAI 可以帶來的價值時，討論就會變得輕鬆。這實際上不是一個收取率問題或降低費用的問題。而是關於我們還能為他們做多少事。

Many of these brands I alluded to, many of them have suffering market share performance in market. And with that, if, let's say, it's a consumer packaged goods company, their marketing spend is usually a percentage of their total sales. So those might be declining, that means budgets could be down.

在我提到的這些品牌中，很多都面臨著市佔率表現不佳的問題。假設這是一家消費品公司，那麼他們的行銷支出通常佔其總銷售額的一定百分比。因此這些可能會下降，這意味著預算可能會減少。

So how do we get market share growth with lower budgets? ViantAI and AI Bidding is specifically answering that question, showing that to brands. So that's a big area where brands are hooked on to.

那麼我們如何以較低的預算實現市場佔有率的成長呢？ViantAI 和 AI Bidding 專門回答了這個問題，並向品牌展示了這一點。所以這是品牌關注的重要領域。

Got it. That's very helpful. And then, Larry, can you maybe just expand on sort of on this client that was lost by one of your agencies.

知道了。這非常有幫助。然後，拉里，你能否詳細談談你的一個代理商失去的這個客戶。

So I think you mentioned that Q4 impact will be minimal, and you mentioned that's due to seasonality. How should we think about sort of impact in the first half of next year from this client?

所以我認為您提到第四季度的影響將會很小，並且您提到這是由於季節性造成的。我們該如何看待這個客戶在明年上半年帶來的影響？

The good news, good and bad news about this one, although it does have a large impact on Q3, they spent the majority of their budget in that quarter. So Q1, less than 100 basis points, pretty nominal.

關於這個的好消息和壞消息是，雖然它確實對第三季度有很大影響，但他們在該季度花掉了大部分預算。因此，第一季度，低於 100 個基點，相當名義上。

So we don't expect it to really impact us going forward. The goal would be ideally to win the advertiser back. But assuming we don't -- it will not have much of an impact in the future quarters.

所以我們預計它不會真正影響我們未來的發展。理想情況下，目標是贏回廣告商。但假設我們不這樣做——它不會對未來幾季產生太大影響。

Laura Martin, Needham & Co.

勞拉·馬丁，Needham & Co.

I also have two. I'd like to follow up on Maria's question because I agree that this $250 million number that you gave on this call is the most interesting number. The way you framed it in the prepared remarks is it was incremental ad spend.

我也有兩個。我想跟進瑪麗亞的問題，因為我同意你在這次電話會議上給出的 2.5 億美元的數字是最有趣的數字。您在準備好的評論中表達的方式是增加廣告支出。

Well, that would like double my number for you for next year for gross revenue. So I want to really drill down. Is it all incremental this $250 million? Or is some of it already in our estimates for next year?

好吧，那我就想把明年的總收入翻倍。所以我想深入研究一下。這2.5億美元都是增量資金嗎？或者其中一部分已經包含在我們對明年的估計中了？

Thanks for the question, Laura. That $250 million is incremental. This is a sector of the market that we really haven't heavily competed in. These are all RFP opportunities, and they really sought us out. So we view that, our addressable market to date has largely been in the mid-market.

謝謝你的提問，勞拉。這 2.5 億美元是增量資金。這是我們尚未真正參與激烈競爭的市場領域。這些都是 RFP 機會，他們確實找到了我們。因此我們認為，迄今為止我們的目標市場主要在中端市場。

And of that $250 million, we have already won some of that. It's not scheduled to start until 2026. In most cases, just about all of these cases, with dozens of these brands, they already have commitments to larger DSPs and those commitments will end in '25.

在這 2.5 億美元中，我們已經贏得了一部分。該項目預計要到 2026 年才會開始。在大多數情況下，幾乎所有這些情況下，有數十個這樣的品牌，他們已經對更大的 DSP 做出了承諾，這些承諾將在 25 年結束。

So we expect to win a fair share of these. And again, not only the ones that we've already won, but the other ones that we're in the final stages with will start in 2026.

因此，我們期望贏得公平的份額。再次強調，不僅是我們已經贏得的項目，而且我們處於最後階段的其他項目也將於 2026 年開始。

Really interesting. Okay. And my other one is on cadence. So I really like the way you guys have communicated this AI Bidding, AI Planning, AI Measurement, AI Decisioning. I really like that.

真的很有趣。好的。我的另一個想法是節奏。所以我真的很喜歡你們傳達 AI 競標、AI 規劃、AI 測量、AI 決策的方式。我真的很喜歡這個。

I'd like to know the cadence. So you're already at 85% of your ad spend going over AI Bidding. Tell us what the trajectory would be for Planning and then Measurement and then Decisioning. How do you think those play out across the quarters?

我想知道節奏。因此，您 85% 的廣告支出已經透過 AI Bidding 實現。告訴我們規劃、測量和決策的軌跡是怎麼樣的。您認為這些因素在各季度會如何表現？

Well, Planning, just that process usually happens at the upfront stage. And so the whole goal is to get adoption as high as Bidding at the upfront Planning stage. So think prior to every quarter, depending on how everyone does their campaign execution, could be quarterly, could be monthly.

嗯，規劃，這個過程通常發生在前期階段。因此，整個目標是在前期規劃階段獲得與競標一樣高的採用率。因此，每個季度之前都要考慮一下，這取決於每個人如何執行他們的活動，可以是每季度，也可以是每月。

But the idea for Planning would have a similar adoption rate as Bidding over the initial two years after we launch it, get everyone comfortable with the media partners being selected and why. That's the most important part is letting the human media planners understand why.

但是，在推出規劃理念後的最初兩年內，其採用率將與競價理念相似，讓每個人都對所選的媒體合作夥伴及其原因感到滿意。最重要的部分是讓人類媒體策劃者了解原因。

So that would be the goal there. Measurement and Analysis, this is where it's different. It's not upfront. It should be almost daily use of media traders asking for new insights, recommendations, which levers they should go in and push and pull to actually improve performance.

這就是我們的目標。測量和分析，這就是它的不同之處。這不是預先的。交易員幾乎每天都會使用媒體來尋求新的見解和建議，以了解他們應該採取哪些措施來真正提高績效。

And so I would say with Planning, it's more about how many of the campaigns live in our system were generated through Planning. That's one area.

因此，我想說，對於規劃來說，更重要的是我們系統中有多少活動是透過規劃產生的。那是一個領域。

But for Measurement and Analysis, it should be almost daily use or weekly use that would come in with it there. So it's a higher increased usage. And then Decisioning really is full autonomy.

但對於測量和分析來說，它應該是幾乎每天使用或每週使用。因此使用量增加得更多。那麼決策就真正是完全自主的。

That's for, once everyone is comfortable with the way the media plans are created and the way the optimization is happening, we expect for them to turn on full self-driving and not have to actually push any of the levers anymore. And our goal for that would be 100% adoption in Decisioning over two years.

這是因為，一旦每個人都對媒體計畫的製定方式和優化方式感到滿意，我們預計他們就會完全自動駕駛，而不再需要實際推動任何槓桿。我們的目標是在兩年內實現決策層 100% 的採用。

From launch?

從發射開始？

Yes.

是的。

Okay. Super helpful. Doesn't this work a little bit against your revenue growth? Like when you tell me that you're saving clients 46%, and then you tell me that you grew revenue, net revenue, which is what I care about by 16%, why didn't you save them 20% and grow revenue by 25%? I don't understand why you're not working against yourself.

好的。非常有幫助。這是否會對您的收入成長產生一些不利影響？例如，當您告訴我您為客戶節省了 46% 的費用，然後您告訴我您的收入、淨收入（我關心的是）增加了 16%，為什麼您不為他們節省 20% 的費用並增加 25% 的收入呢？我不明白為什麼你不努力對抗自己。

Well, in that scenario, and really with a lot of these products, we offer value-based pricing, and we're trying to pass the vast majority of the savings to the customer. In the end, when they get cheaper CPM prices, they get more impressions, they're reaching more people, more potential customers.

嗯，在這種情況下，實際上對於許多這樣的產品，我們都提供基於價值的定價，我們試圖將絕大部分的節省轉嫁給客戶。最終，當他們獲得更便宜的 CPM 價格時，他們會獲得更多的印象，接觸到更多的人，更多的潛在客戶。

And our thesis is that if they keep getting better and better performance, they're going to end up spending more. What they're not doing, if they're saving 46%, they're not taking those savings and then taking the budget off the table.

我們的論點是，如果他們的表現越來越好，他們最終會花費更多。他們沒有做的是，如果他們節省了 46%，他們就不會把這些節省下來的錢拿走，然後再取消預算。

They're reinvesting that into more working media. And again, over time, we feel that if we can get them the best performance, they're going to spend more on our software. So that's really the thesis.

他們正在將其重新投資於更具實用性的媒體。而且，隨著時間的推移，我們覺得如果我們能夠為他們提供最佳性能，他們就會在我們的軟體上花費更多。這才是真正的論點。

And just the last point, it's also just talking about competition. We do compete with Amazon, Trade Desk, Google. When it comes to Google and Amazon, Amazon isn't going to lower the price proactively of Prime Video CPMs to advertisers.

最後一點，也只是談競爭。我們確實與亞馬遜、Trade Desk 和谷歌競爭。至於谷歌和亞馬遜，亞馬遜不會主動降低 Prime Video 對廣告商的 CPM 價格。

That's really the important part of why we're passing through the savings to the advertiser themselves is they get the benefit of a buy-side-only DSP that works on their behalf only. And we think it's a big long-term strategic advantage against those two big walled gardens.

這確實是我們將節省的成本轉嫁給廣告商本身的重要原因，因為他們可以從僅代表他們工作的買方 DSP 中獲益。我們認為，相對於那兩個大圍牆花園，這是一個巨大的長期戰略優勢。

Matt Condon.

馬特·康登。

My first one, Chris, you talked about lowering the barriers to getting budgets on to Viant through AI. But can you talk about just more generally, what are the switching costs?

我的第一個問題，克里斯，你談到了透過人工智慧降低向 Viant 提供預算的門檻。但是您能否更籠統地談談，轉換成本是多少？

So what are the things that ViantAI that locks customers in and create switching costs to retain better over time? What are just the catalyst there with ViantAI?

那麼，ViantAI 有哪些方法可以鎖定客戶並產生轉換成本，以便隨著時間的推移更好地留住客戶？ViantAI 的催化劑是什麼？

And then my second one is what opportunities are there for you to build more direct relationships with brands so that you don't run into the same problem of a brand just switching agencies in the future? Are there opportunities for that?

然後我的第二個問題是，您有哪些機會與品牌建立更直接的關係，以便將來不會遇到品牌更換代理商的相同問題？有這樣的機會嗎？

Yeah. Really, the barriers that get lowered. The barriers of all DSPs is once somebody knows how to use your software, just like if you're using a PC or a Mac, you get lock in. And so a traditional DSP and we've enjoyed that as well.

是的。確實，障礙降低了。所有 DSP 的障礙是，一旦有人知道如何使用您的軟體，就像您使用 PC 或 Mac 一樣，您就會被鎖定。因此，我們也很喜歡傳統的 DSP。

One of the things we want to do is actually attack that because what we're trying to do is lower the switching costs. So we know that brands are interested in moving off of incumbent DSPs that have extremely high fees and are not producing outcomes.

我們想要做的事情之一就是真正解決這個問題，因為我們試圖降低轉換成本。因此，我們知道品牌有興趣擺脫那些費用極高且沒有產生成果的現有 DSP。

So we want to attack both of those things. But we want to speed it up by removing any level of friction from switching from one platform to the other. ViantAI totally nails that.

所以我們想攻擊這兩件事。但我們希望透過消除從一個平台切換到另一個平台的任何摩擦來加快這一速度。ViantAI 完全做到了這一點。

Whether it be from planning or ingesting plans that you've executed and campaign performance data on another platform, you quickly just onboard performance data from your previous campaigns into ViantAI and then it automatically builds into the DSP. It literally builds the campaigns.

無論是透過規劃還是提取您已執行的計劃以及另一個平台上的活動績效數據，您都可以快速將先前活動的績效數據匯入 ViantAI，然後它會自動建置到 DSP 中。它確實建立了活動。

I was recently on a call with a customer just about a little over a week ago, where they were telling us that, hey, usually, we uploaded our most recent quarter campaigns. That usually took us a number of days, in some cases, up to a week.

大約一週前，我與一位客戶通了電話，他們告訴我們，通常我們會上傳最近一個季度的活動。這通常需要幾天的時間，在某些情況下甚至需要一周的時間。

And now we're doing that in the matter of one to two hours. I said, my team absolutely loves it. And we love hearing that. That's what we want to see. That's why we built it.

現在我們只需一到兩個小時就能完成這項工作。我說，我的團隊非常喜歡它。我們很高興聽到這個消息。這正是我們希望看到的。這就是我們建造它的原因。

These things are very -- DSPs are similar to Bloomberg terminals. I mean it takes specialized training and knowledge.

這些東西非常——DSP 與彭博終端機類似。我的意思是這需要專門的訓練和知識。

But if we want to increase the accessibility of the open Internet, we have to, I don't know, I would say maybe what, 10,000 to 20,000 advertisers are buying on the open Internet, and we look in walled gardens are in the millions. So ViantAI is directly going to go after that.

但如果我們想要提高開放網路的可近性，我們必須，我不知道，我想說也許有 10,000 到 20,000 個廣告商在開放網路上購買廣告，而我們看到的圍牆花園數量達數百萬。因此 ViantAI 將直接追求這一點。

It's good for our current core mid-market customer. It's pulling us up into the large end of the US advertiser landscape but also is going to allow us to go down market to these millions of small business and direct-to-consumer e-commerce companies.

這對我們目前的核心中端市場客戶來說是件好事。它不僅將我們拉入美國廣告商領域的大端，還將使我們能夠進入數百萬小型企業和直接面向消費者的電子商務公司市場。

So it's really about the switching costs away from another platform but also just the ease of use. We have to make it the most accessible.

因此，這實際上與從另一個平台轉換的成本有關，但也與易用性有關。我們必須讓它變得最容易獲得。

And I'll address your question around the direct relationships with advertisers. So certainly, it's stung this quarter by not having it with that current relationship that we cited.

我將回答您關於與廣告商的直接關係的問題。因此，本季度由於沒有達到我們之前提到的當前關係，我們受到了一定程度的打擊。

But we are investing in the sales force now on building out this enterprise sales team to help drive the relationships with the advertisers directly.

但我們現在正在投資銷售隊伍，建立企業銷售團隊，以協助直接推動與廣告商的關係。

Many times, the agency partners are introducing us to the clients directly, but sometimes they don't. And so we have slotted for increasing the sales team to focus on this area to strengthen our awareness at the client level to make sure this doesn't happen again.

很多時候，代理合作夥伴會直接將我們介紹給客戶，但有時他們不會這樣做。因此，我們已安排增加銷售團隊來關注這一領域，以加強我們在客戶層面的意識，確保這種情況不會再次發生。

But Matt, one other point on that. So that hiring has been underway throughout 2025, and we've had great success. And so we're going to continue that -- we'll continue that investment there. And it's not a new thing if clients switch agencies.

但是馬特，關於這一點還有另一點。因此，招聘工作將在 2025 年全年進行，並且我們取得了巨大的成功。因此，我們將繼續這樣做——我們將繼續在那裡進行投資。客戶更換代理商並不是什麼新鮮事。

We just want to be able to protect for what happened here in this quarter. But those motions that we already have in place already are working really well.

我們只是希望能夠保護本季發生的一切。但我們已經採取的措施確實發揮了良好的作用。

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

I wanted to ask really two things. One is just kind of stepping back, I mean, the story that's emerged from this earnings cycle has obviously been one of some concern certainly for the larger player, the Trade Desk around competition from Amazon and maybe faster growth at walled gardens.

我真正想問的是兩件事。一是退一步來看，我的意思是，從這個盈利週期中出現的故事顯然引起了一些擔憂，當然對於規模較大的參與者來說，交易部門擔心來自亞馬遜的競爭，以及圍牆花園的更快增長。

And you guys had a good quarter, and you've got some specific reasons for why you see a slowdown in the next quarter. But I was wondering if you could talk about what you see in the environment, what's going on? How real are those concerns in your view about Amazon and walled gardens faster?

你們這個季度表現不錯，但對於為什麼下一季會出現經濟放緩，你們也給了一些具體原因。但我想知道您是否可以談談您在環境中看到的情況以及正在發生的事情？您認為對亞馬遜和圍牆花園的擔憂有多大？

Yeah. I think it depends by vertical category of advertiser, how important Amazon is from a DSP perspective. So certainly, Amazon sells a lot of consumer goods to consumers and where they have valuable transaction data in those vertical categories, they're going to be a big competitor there around CPG.

是的。我認為這取決於廣告商的垂直類別，以及從 DSP 角度來看亞馬遜的重要性。因此，亞馬遜確實向消費者銷售了大量消費品，並且他們在這些垂直類別中擁有寶貴的交易數據，因此他們將成為快速消費品領域的強大競爭對手。

But that being said, Walmart is also a big competitor and these CPGs distribute through 20-plus different retailers at scale. So certainly, in CPG, Amazon has great data and relevant data for those marketers.

但話雖如此，沃爾瑪也是一個強大的競爭對手，這些快速消費品透過 20 多家不同的零售商進行大規模分銷。因此，在 CPG 領域，亞馬遜無疑為行銷人員提供了大量數據和相關數據。

But I think if you take across the landscape as a whole, Amazon is really not that important when it comes to financial services, automotive and many, many different areas, when it comes to a data set, that would be exclusive to Amazon. So that being said, you mentioned the larger competitor, Trade Desk.

但我認為，如果從整體來看，亞馬遜在金融服務、汽車和許多不同領域並不是那麼重要，當談到資料集時，這將是亞馬遜獨有的。話雖如此，您提到了更大的競爭對手 Trade Desk。

If I had large international CPG where that a lot is sold through Amazon, I could see some pressure there. I think in general, most of these concerns around Amazon's competitiveness at the larger level are overblown from our perspective, but we'll see as it goes.

如果我擁有大型國際 CPG，而許多產品都是透過亞馬遜銷售的，那麼我可能會看到一些壓力。我認為，總體而言，從我們的角度來看，大多數圍繞亞馬遜競爭力的擔憂都被誇大了，但我們會拭目以待。

Yes. And I think just as far as walled gardens, I think, if you look at their financial performance, many of them can just, if you look at what they're doing, they're increasing ad load, they increase prices. I think that they have one advantage they have is that they have millions of advertisers, not in the thousands.

是的。我認為，就圍牆花園而言，如果你看看他們的財務表現，你會發現他們中的許多人只是在增加廣告量，提高價格。我認為他們的一個優勢是他們擁有數百萬廣告商，而不是數千個。

And so that's something we're directly investing in to address to really go after the largest market share opportunity we possibly can. Specifically, when we look at any one of these players that are on the sell side, it's rare if we go to market and say, look, we're buy side only, and let me tell you the reasons why that's important to you.

因此，我們直接投資於這個問題，以真正爭取盡可能最大的市場份額機會。具體來說，當我們看到任何一個賣方參與者時，我們很少會去市場說，看，我們只是買方，讓我告訴你為什麼這對你很重要。

We're the only one that works on your behalf to get you the lowest possible price. I'm completely objective. I have no skin in the game on what media -- I'm not owed to any media owner whatsoever. We want to help you get the best possible performance.

我們是唯一一家為您爭取最低價格的公司。我完全客觀。我對媒體沒有任何利益——我並不欠任何媒體所有者的任何東西。我們希望幫助您獲得最佳表現。

Laura's earlier question is a great question, which is, hey, you're saving all this money, but how can your contribution ex-TAC isn't growing as fast. That's proof right there that I work on behalf of the marketer, and I help them get the best performance possible.

勞拉之前的問題非常好，那就是，嘿，你存了這麼多錢，但是你的貢獻（TAC 除外）怎麼沒有增長得那麼快呢？這證明我代表行銷人員工作，並幫助他們獲得最佳績效。

I want to pass most of the value to them. But I don't want to dismiss these competitors, these walled gardens. We don't want to dismiss them at all. They are a big competitive threat.

我想將大部分價值傳遞給他們。但我不想忽視這些競爭對手、這些圍牆花園。我們根本不想解僱他們。他們是一個巨大的競爭威脅。

If you add up those three companies, they make up over 60% of total US ad spend. So we are investing heavily to compete with them head on and go after the largest market share opportunity we can.

如果將這三家公司加起來，它們占美國廣告總支出的 60% 以上。因此，我們正在大力投資，與他們正面競爭，爭取最大的市場份額。

And we do believe we have things that they don't have, specifically in ViantAI that we think is going to help us address that huge market opportunity that really, it's only those three companies that largely play in the millions of SMBs, performance advertisers, e-commerce companies. And we're really going to go after that market opportunity and compete head on with them.

我們確實相信我們擁有他們所沒有的東西，特別是 ViantAI，我們認為這將幫助我們抓住巨大的市場機會，實際上，只有這三家公司在數百萬中小企業、績效廣告商和電子商務公司中發揮著重要作用。我們確實會抓住這個市場機會並與他們正面競爭。

And then if I could just clarify just one thing on that $250 million number you put out there. Is that essentially a contribution ex-TAC number? Or is that a gross ad spend of which --

然後，我是否可以就您提到的 2.5 億美元這個數字澄清一點呢？這本質上是一個 TAC 之外的貢獻數字嗎？或者這是廣告總支出--

Yeah, good question. That's a gross ad spend number.

是的，好問題。這是廣告支出總額。

So the CXT might be a percentage of that 20% or something like that.

因此 CXT 可能是這 20% 的某個百分比或類似的數字。

Correct.

正確的。

Jason Kreyer.

傑森·克雷爾。

So if we just step out and look at the total AI suite that you'll have intact maybe early 2026, what does that monetization opportunity look like? And how does that monetization opportunity compare to what it looked like before you had the ViantAI products in market?

因此，如果我們只是走出去看看你可能在 2026 年初擁有的完整 AI 套件，那麼這個貨幣化機會是什麼樣的？與 ViantAI 產品上市前相比，這種獲利機會如何？

Yeah, let me start. I mean the way that I look at the full monetization opportunity is the ability to go down market to the millions of advertisers that Meta and Google actually have. We view that as their ultimate differentiation is that they have an advertiser in every single subcategory.

是的，讓我開始吧。我的意思是，我看待全面獲利機會的方式是能夠進入 Meta 和 Google 實際擁有的數百萬廣告商市場。我們認為，他們的最終區別在於他們在每個子類別中都有一個廣告商。

And so we wanted to bring in a fully autonomous AI ad product across the open Internet that can scale. And I think that's the big opportunity that we're excited about ViantAI as it gives us a scalable play to go down market in terms of size of advertiser.

因此，我們希望在開放的網路上推出可擴展的完全自主的人工智慧廣告產品。我認為這是一個巨大的機遇，我們對 ViantAI 感到興奮，因為它為我們提供了可擴展的市場，以擴大廣告商的規模。

I think that the monetization of it on the current customer set, you're seeing it with AI Bidding. We think there's even bigger opportunities around monetization with Measurement and Analysis as we fully roll that out.

我認為，您可以透過 AI Bidding 看到當前客戶群的貨幣化。我們認為，隨著我們全面推出測量和分析功能，透過測量和分析來實現貨幣化的機會將更大。

That will drive incremental revenue in the future. But long-term, Decisioning and driving outcomes for advertisers, we think it can drastically shape the revenue growth that we can produce.

這將推動未來的增量收入。但從長遠來看，我們認為，為廣告商做出決策並推動成果可以極大地影響我們能夠創造的收入成長。

And just a quick follow-up. The three customers you had talked about last quarter that delayed these campaigns, just any updates on if you had any more of that activity? Or if you still feel good about that spend coming online in the back half?

這只是一次快速的跟進。您上個季度談到的三位客戶推遲了這些活動，您是否還有更多此類活動的最新消息？或者您仍然對下半年的支出感到滿意？

Yeah. So on that, so we did not -- in our Q3 guide, we did not factor them turning on their ad spend. So that's already in our guide. We didn't see any other advertisers affected and outright pausing budgets due to tariffs.

是的。因此，在我們的第三季指南中，我們沒有考慮他們的廣告支出。這已經在我們的指南中了。我們沒有看到任何其他廣告商因關稅而受到影響並直接暫停預算。

And I would largely just characterize the market as stable. Of course, we'd like to see all of these deals done by the administration sooner rather than later.

我認為市場基本上是穩定的。當然，我們希望政府能夠盡快完成所有這些協議。

I think everybody, I think all management teams want certainty, especially around their supply chain. But I would definitely characterize it that it has been pretty stable.

我認為每個人，我認為所有管理團隊都希望獲得確定性，尤其是圍繞他們的供應鏈。但我肯定會說它一直相當穩定。

Chris Kuntarich.

克里斯·昆塔里奇。

Just you had called out the political comp of 4 points in 3Q. Could you just remind us real quick what that was in 4Q?

您剛才提到了第三季 4 個百分點的政治補償。能否簡單回顧一下第四季的情況？

It's about the same. Four points, maybe a little bit higher on revenue, but about 4 points of contribution ex-TAC.

差不多。4 點，可能收入會高一點，但 TAC 以外的貢獻約為 4 點。

Okay. And any sort of visibility at this point into that advertiser that was about 400 basis points of headwind to rev ex-TAC or there's three advertisers that were 400 basis points headwind to 2Q rev ex-TAC growth turning back on in 4Q?

好的。目前，對於該廣告客戶而言，其收入（不包括 TAC）成長面臨約 400 個基點的阻力，或者有三個廣告客戶在第二季度的收入（不包括 TAC）增長方面面臨 400 個基點的阻力，但在第四季度卻出現回升，這是否具有可見性？

No, we have not heard from them. Our guide for Q3, like Chris said, doesn't include them turning on spending, and we will wait and see. Next quarter, we'll give you an update.

不，我們沒有收到他們的消息。正如克里斯所說，我們對第三季的指導並不包括他們增加支出，我們將拭​​目以待。下個季度，我們將向您提供最新消息。

Okay. And then just maybe thinking about the $250 million of gross spend and that coming online, could you just remind us from when a client is joining you all?

好的。然後也許只是考慮一下 2.5 億美元的總支出以及即將上線的內容，您能否提醒我們客戶何時加入你們？

How long does it typically take for them to get up to run rate speed? Should we be thinking about that $250 million as kind of a run rate number as opposed to a full year contribution?

它們通常需要多長時間才能達到運行速度？我們是否應該將 2.5 億美元視為一種運行率數字，而不是全年貢獻？

Those are full year contributions of 2026 budgets. They certainly have, depending on the brand, they have different seasonality Q1 to Q4. But these are wholesale DSP of record winner take-all budgets.

這些是 2026 年預算的全年捐款。當然有，根據品牌不同，第一季到第四季的季節性也不同。但這些都是批發 DSP 創紀錄的贏家通吃預算。

So in terms of onboarding, it's usually one to two quarters to onboard a customer. Usually one quarter, they're up and ramping in full. But just to clarify, the $250 million that we talked about, it has not all been won. We've won some of those pitches, but the others, they are still in decision mode setting up for 2026.

因此，就入職而言，通常需要一到兩個季度才能讓客戶入職。通常一個季度後，他們的產量就會全面增加。但需要澄清的是，我們談到的 2.5 億美元並沒有全部贏得。我們已經贏得了其中一些投標，但其他投標仍處於為 2026 年做準備的決策模式。

At this time, there are no more raised hands in the queue.

此時，隊列中已沒有人舉手。

Great. Thank you, everyone, for joining this quarter's earnings call, and we'll see you next quarter.

偉大的。感謝大家參加本季的財報電話會議，我們下個季度再見。