Viant Technology Inc (DSP) 2021 Q4 法說會逐字稿

Well, hello, everyone, and welcome to Viant's Q4 2021 Earnings Call. My name is Kelson, and I'll be your operator today. Before I hand the call over to the Viant team, I'd like to go over just a few housekeeping notes for the program. As a reminder, this webinar is being recorded. (Operator Instructions) And I will now turn things over to Brad Samson.

好吧，大家好，歡迎參加 Viant 的 2021 年第四季財報電話會議。我叫凱爾森，今天我將擔任您的接線生。在將電話轉交給 Viant 團隊之前，我想先回顧一下該計劃的一些日常注意事項。謹此提醒，本次網路研討會正在錄製中。 （操作員指示）我現在將把事情交給布拉德·薩姆森。

Thank you. 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。今天參加電話會議的是共同創辦人兼執行長 Tim Vanderhook； Chris Vanderhook，共同創辦人兼營運長；和財務長拉里·馬登（Larry Madden）。

On our call today, we will make forward-looking statements that are based on assumptions and subject to future events, risks and uncertainties that could cause actual results to differ materially from those projected. Such statements may include our financial outlook, our industry or economic conditions. We undertake no obligation to update those statements except as required by law. For more information about factors that may cause actual results to differ materially from our forward-looking statements, please refer to the press release issued today as well as to the risks and uncertainties described in our annual report on Form 10-K and other filings with the SEC.

在今天的電話會議上，我們將做出基於假設的前瞻性陳述，並受到未來事件、風險和不確定性的影響，這些事件、風險和不確定性可能導致實際結果與預測有重大差異。此類聲明可能包括我們的財務前景、我們的行業或經濟狀況。除法律要求外，我們不承擔更新這些聲明的義務。有關可能導致實際結果與我們的前瞻性陳述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在 10-K 表格年度報告和其他文件中描述的風險和不確定性。證券交易委員會。

During today's call, we will discuss GAAP and non-GAAP financial measures and some operational metrics. Additional definitions and disclosures regarding these non-GAAP measures and operational metrics, including reconciliation of GAAP to non-GAAP measures are included in the press release we issued today and in our filings with the SEC.

在今天的電話會議中，我們將討論 GAAP 和非 GAAP 財務指標以及一些營運指標。有關這些非公認會計原則措施和營運指標的其他定義和揭露，包括公認會計原則與非公認會計原則措施的調節，包含在我們今天發布的新聞稿和向美國證券交易委員會提交的文件中。

Let me turn the call over to Tim Vanderhook, Chief Executive Officer of Viant.

讓我將電話轉給 Viant 執行長 Tim Vanderhook。

Good afternoon, and welcome everyone. We had a fantastic fourth quarter of 2021 to cap off a terrific first year as a public company. I am incredibly proud of our team and the accomplishments we achieved together this last year. As the leader of our team, there is no better feeling in the world than to challenge your team and watch them deliver.

下午好，歡迎大家。我們在 2021 年第四季表現出色，為上市公司出色的第一年畫上了圓滿的句號。我為我們的團隊以及我們去年共同取得的成就感到無比自豪。作為我們團隊的領導者，世界上沒有比挑戰您的團隊並觀看他們交付成果更好的感覺了。

One foundational principle that I have witnessed in my life is that the Internet continues to expand its reach every single year. Chris and I have witnessed its commercialization on desktop computers, the expansion to laptops, the smartphone revolution and now it has once again expanded to our TV. Our company has managed to identify those substantial expansions and accelerate our R&D investments in advance to translate those visions by being focused on answering the question of what this all means for advertisers.

我一生中親眼目睹的一個基本原則是，網路的覆蓋範圍每年都在不斷擴大。克里斯和我見證了它在桌上型電腦上的商業化、向筆記型電腦的擴展、智慧型手機的革命，現在它再次擴展到我們的電視。我們公司已經成功地確定了這些實質的擴張，並提前加速了我們的研發投資，透過專注於回答這一切對廣告商意味著什麼的問題來轉化這些願景。

In 2015, we started sounding the alarm on identifiers that were given to us from big tech, and we introduced an entirely brand-new way to transact digital advertising called the people-based approach. It was created with the thinking that the Internet does not belong to any one company, but it belongs to all of us. Our people-based DSP takes away the number you are assigned from big tech companies and replaces it with information that consumer owns and controls, like your name, address, phone number and email.

2015 年，我們開始對大型科技公司提供給我們的識別碼敲響警鐘，並引入了一種全新的數位廣告交易方式，稱為「以人為本」的方法。創造它的初衷是：網路不屬於任何一家公司，而是屬於我們所有人。我們以人為本的 DSP 取消了大型科技公司為您分配的號碼，並將其替換為消費者擁有和控制的信息，例如您的姓名、地址、電話號碼和電子郵件。

This moves our entire industry from an opt-out model of cookies to a more privacy-friendly opt-in model using real consumer data that puts the power back in the control of the consumer. In 2018, we transformed our Adelphic software to operate on a newly rebuilt foundation based on data consumers control. The shift away from cookie-based DSPs to the Adelphic people-based DSP is enabling our customers to create unified consumer experiences across not just their website and mobile app, but also expands their ability to include their physical retail stores, and they can do this across any channel, not just where cookies exist. This is the biggest advantage marketers gain when moving on to the Adelphic software platform and joining the new open web.

這將我們整個產業從 cookie 的選擇退出模式轉變為使用真實消費者資料的更隱私友善的選擇加入模式，將權力重新置於消費者的控制之下。 2018 年，我們對 Adelphic 軟體進行了改造，使其在基於數據消費者控制的新重建基礎上運作。從基於cookie 的DSP 向Adelphic 以人為本的DSP 的轉變使我們的客戶不僅能夠在其網站和行動應用程式上創建統一的消費者體驗，而且還擴展了他們將實體零售店納入其中的能力，他們可以做到這一點跨任何管道，而不僅僅是存在 cookie 的地方。這是行銷人員在轉向 Adelphic 軟體平台並加入新的開放網路時獲得的最大優勢。

Our team's early creation and evangelism over the past 7 years has catapulted Viant into a leadership position today, and it's now been fully realized by most of our industry. We have grown the advertiser spend in 11 out of the last 12 quarters. It is the past 3 years of back to back to back growth in our advertiser spend that gives me unwavering confidence that Viant is emerging as the leader of the new open web, and we are gaining market share across all of our customer segments.

我們團隊在過去 7 年的早期創造和傳播使 Viant 躍居今天的領導地位，現在我們行業的大多數人都充分意識到了這一點。在過去 12 個季度中，我們有 11 個季度的廣告商支出有所成長。過去 3 年我們廣告商支出的連續成長讓我堅定不移地相信 Viant 正在成為新開放網路的領導者，而我們正在贏得所有客戶群的市場份額。

Based on all of those advantages, I believe we are positioned very well to further accelerate our growth in 2022. Since our IPO in February of last year, despite some market challenges, we outperformed on all our financial targets. At the IPO, we guided to $197 million in revenue. We finished 2021 at $224 million. We guided to $23.5 million in adjusted EBITDA, and we finished the year at $37 million. CTV continued to be a significant growth driver for the year, with contribution ex-TAC from CTV up 68% in 2021. This channel is growing strongly overall and has become our largest channel.

基於所有這些優勢，我相信我們處於非常有利的位置，可以在 2022 年進一步加速成長。在 IPO 中，我們預計營收為 1.97 億美元。 2021 年我們的營收達到 2.24 億美元。我們預計調整後 EBITDA 為 2,350 萬美元，全年收盤價為 3,700 萬美元。 CTV 繼續成為今年的重要成長動力，2021 年 CTV 扣除 TAC 的貢獻成長了 68%。

2021's financial achievements confirm what we have always known. Our business model is strong, correct and leverages the industry's strongest tailwinds. The role of the DSP is becoming more important as our addressable market continues to expand with new customer verticals. I'm talking about the growth in legalized gambling, direct-to-consumer companies and cryptocurrencies just as examples. These are huge new advertiser verticals with strong demand for customer acquisition and engagement.

2021 年的財務成就證實了我們一直以來所知道的。我們的商業模式強大、正確，並利用了業界最強勁的推動力。隨著我們的潛在市場隨著新客戶垂直領域的不斷擴大，DSP 的角色變得越來越重要。我正在談論合法化賭博、直接面向消費者的公司和加密貨幣的成長作為例子。這些都是龐大的新廣告客戶垂直領域，對客戶獲取和參與有著強烈的需求。

In addition to these exciting new customer verticals, we have seen an acceleration of retail media networks, as retailers are moving their shelf space revenue models into digital advertising businesses by looking for ways to monetize their transaction data for consumers and the products they are buying. But it's not just retailers who are building new advertising businesses. It is premium content owners, connected television hardware manufacturers, telecommunications companies, consumer delivery apps, the list goes on and on.

除了這些令人興奮的新客戶垂直領域外，我們還看到零售媒體網路的加速發展，因為零售商正在尋找將消費者及其購買的產品的交易數據貨幣化的方法，將其貨架空間收入模式轉向數位廣告業務。但不僅僅是零售商在建立新的廣告業務。其中包括優質內容所有者、連網電視硬體製造商、電信公司、消費者交付應用程序，這樣的例子不勝枚舉。

It seems like every day, we read about another new advertising business being created from all the first-party data these companies have and they are looking for a DSP partner to power that business. But to address this explosion of new customer opportunities, it also requires a critical identity management platform, robust measurement capabilities and transparent data lakes or clean rooms to build a viable digital ad business. These are all huge opportunities for us as a DSP as this dramatically increases our total addressable market.

似乎每天，我們都會讀到這些公司擁有的所有第一方數據正在創建另一個新的廣告業務，並且他們正在尋找 DSP 合作夥伴來支持該業務。但為了因應新客戶機會的爆炸性成長，還需要關鍵的身分管理平台、強大的測量功能和透明的資料湖或無塵室來建立可行的數位廣告業務。對於我們作為 DSP 來說，這些都是巨大的機會，因為這大大增加了我們的總目標市場。

I can remember a time not too long ago when the only users of DSPs resided in ad agencies. The best software platforms will win business. Looking further ahead, we see an opportunity to accelerate our investments in artificial intelligence, machine learning and blockchain technologies to make digital advertising fully autonomous. That's where the industry needs to go, eliminating the strain on programmatic traders and making digital advertising autonomous, we want to lead right there.

我記得不久前，DSP 的唯一用戶是廣告公司。最好的軟體平台將贏得業務。展望未來，我們看到了加速對人工智慧、機器學習和區塊鏈技術投資的機會，以使數位廣告完全自動化。這就是行業需要發展的方向，消除程序化交易者的壓力並使數位廣告自動化，我們希望在這方面發揮領導作用。

As we endeavor to deliver on our vision, we will be investing in 5 key pillars of our strategic roadmap, which include, developing best-in-class technology, deploying our customer success model throughout the org, designing company's infrastructure to scale, elevating our brand presence and expanding our strategic partnerships. Chris is going to provide more color on those key pillars in his remarks.

當我們努力實現我們的願景時，我們將投資於策略路線圖的5 個關鍵支柱，其中包括開發一流的技術、在整個組織中部署我們的客戶成功模型、設計可擴展的公司基礎設施、提升我們的品牌影響力並擴大我們的策略夥伴關係。克里斯將在他的演講中對這些關鍵支柱提供更多的闡述。

In wrapping up, I want to emphasize that this is already a big market. But as I just talked about, it's getting a whole lot bigger. There will be multiple winners, and I think our progress in 2021 proved Viant will be one of them. I trust our investors are increasingly understanding that our story is about something much more sustainable than just cookies going away. The takeaways from the 2021 results are, we have further proven our business model and shown that we can grow and grow profitably. We entered 2022 in a stronger market position with the strategy and assets to further accelerate our growth.

最後，我想強調，這已經是一個很大的市場。但正如我剛才所說，它變得越來越大。將會有多個獲勝者，我認為我們 2021 年的進展證明 Viant 將是其中之一。我相信我們的投資者越來越明白，我們的故事是關於比餅乾消失更永續的事情。 2021 年業績的要點是，我們進一步證明了我們的商業模式，並表明我們可以實現成長並實現盈利。進入 2022 年，我們擁有更強大的市場地位，擁有進一步加速成長的策略和資產。

At this point, I want to hand it off to Chris to talk about our strategic roadmap for 2022.

現在，我想請 Chris 談談我們 2022 年的策略路線圖。

Tim focused on our success last year and the tremendous opportunity still ahead. I want to talk this afternoon a little bit more about the how. Companies don't just grow into the future because they exist in their sector for another year or because they've grown in the past. Growth is not linear by simply adding more headcount or investing more money. Our team has thought a lot about our next phase as a company, where we need to invest and what it will take in order to build a company that will last for 100 years. We're nearly a quarter of a way through that time period, and our next phase will be supported by these 5 key pillars.

蒂姆專注於我們去年的成功以及未來的巨大機會。今天下午我想多談談如何做。公司不會僅僅因為它們在自己的行業中存在了一年或因為它們在過去的發展而面向未來發展。成長並不是簡單地透過增加員工數量或投資更多資金來實現的。我們的團隊對公司的下一階段進行了許多思考，我們需要在哪些方面進行投資，以及需要採取哪些措施才能建立一家能夠持續 100 年的公司。這段時期已經過了近四分之一，我們的下一階段將得到這 5 個關鍵支柱的支持。

Developing best-in-class technology is the first pillar in the strategic roadmap. To compete effectively, we strive to make our Adelphic software the easiest to use, the most powerful in delivering effective campaigns and the most robust in measuring the return on customers' ad spend. Our platform should be as easy to use as eTrade, Venmo or Amazon is for consumers. If we can achieve that, our software can be used by millions of businesses. That's already one of the distinguishing benefits of our Adelphic software, but we are going to take it much further.

開發一流的技術是策略路線圖中的第一支柱。為了有效地競爭，我們努力使我們的 Adelphic 軟體成為最容易使用、提供有效行銷活動最強大、衡量客戶廣告支出回報最強大的軟體。我們的平台應該像 eTrade、Venmo 或 Amazon 一樣易於消費者使用。如果我們能夠實現這一點，我們的軟體就可以被數百萬企業使用。這已經是我們 Adelphic 軟體的顯著優勢之一，但我們將更進一步。

Tim touched on our plan for autonomous advertising in the future, leading to investments in new technologies to enable that. Tim and I have been working in this space for over 20 years. We pioneered behavioral advertising in the early 2000s, built for CTV in 2011, developed for today's identity challenge back in 2015. And it's because of that early start that the Viant Household ID now covers 85% of U.S. households, and it is available on over 80% of our bidding opportunities.

蒂姆談到了我們未來的自主廣告計劃，並為此對新技術進行了投資。 Tim 和我已經在這個領域工作了 20 多年。我們在2000 年代初期開創了行為廣告，於2011 年為CTV 打造，並於2015 年針對當今的身份挑戰而開發。可以在超過我們80%的投標機會。

I tell you all of that because we have a track record of delivering innovation, and we're excited to build towards our vision for the future of autonomous advertising. Developing best-in-class technology doesn't happen without great people. So investment in this strategic pillar will require continued investment in our engineering and product teams in 2022, augmented by potential buy versus build opportunities for accelerating development.

我之所以告訴你們這一切，是因為我們在提供創新方面有著良好的記錄，我們很高興能夠實現自主廣告未來的願景。沒有優秀的人才，就不可能開發出一流的技術。因此，對這項策略支柱的投資將需要在 2022 年繼續對我們的工程和產品團隊進行投資，並透過潛在的購買與建構機會來加強加速發展。

The second pillar of our strategic roadmap is our customer success model. We launched that in 2021 and we'll expand it in 2022. It is primarily a cultural and organizational process for Viant, operationalizing our mission to make it easy to buy an ad anywhere and help brands measure the impact of their ad spending. This is driving organizational changes in our customer-facing teams that is ultimately focused on making customers successful on our platform, but it also provides the infrastructure to truly scale our customer base.

我們策略路線圖的第二個支柱是我們的客戶成功模式。我們於2021 年推出了該服務，並將在2022 年對其進行擴展。品牌衡量其廣告支出的影響。這正在推動我們面向客戶的團隊進行組織變革，最終重點是讓客戶在我們的平台上取得成功，但它也提供了真正擴大我們的客戶群的基礎設施。

We think our new customer success model is not only going to be a key differentiator felt by our clients, but it's also going to make our clients talk about buying at the dinner table. In coordination with embracing the customer success model, we are scaling the company's infrastructure, meaning people, systems and processes to handle our growth and support our team members.

我們認為，我們新的客戶成功模式不僅將成為客戶感受到的關鍵差異化因素，而且還將讓我們的客戶在餐桌上談論購買。為了配合客戶成功模式，我們正在擴展公司的基礎設施，這意味著人員、系統和流程來應對我們的成長並支援我們的團隊成員。

Another key pillar in our roadmap is elevating our brand presence. This is one of the key hurdles we need to overcome in the market. Today, we can point mid-market agencies to many success stories with their peers. But to drive faster into holding companies, we need to drive higher awareness among major brands so that they become interested in seeing how we can improve their returns.

我們路線圖中的另一個關鍵支柱是提升我們的品牌影響力。這是我們在市場上需要克服的關鍵障礙之一。今天，我們可以向中端市場機構展示許多與同行的成功案例。但為了更快進入控股公司，我們需要提高主要品牌的認知度，以便他們有興趣了解我們如何提高他們的回報。

The new open web campaign that we launched in 2021 is driving greater awareness and will continue in 2022. In addition to educating prospective customers, the company's marketing programs last year drove a 72% increase in hand raisers looking to engage with us, while also driving a nearly 50% increase in customer MSAs in 2021. Last year, we increased our sales team by approximately 25%. But because of the tight labor market, we didn't get all the way to our plan, and we will continue to add towards our plan this year. In the first quarter, we've already increased the sales team by another 15%.

我們於2021 年推出的新開放網路活動正在提高人們的認知度，並將在2022 年繼續開展。 72%，同時也推動了2021 年，客戶 MSA 增加近 50%。但由於勞動力市場緊張，我們沒有完全實現我們的計劃，今年我們將繼續增加我們的計劃。在第一季度，我們已經將銷售團隊增加了 15%。

The final key pillar is expanding our strategic partnerships. Tim earlier mentioned the examples of all the new and exciting customer verticals and digital ad businesses being built who now need technology partners to enable their new revenue streams. Many of these opportunities require a different approach than we bring to our agency and brand partners.

最後一個關鍵支柱是擴大我們的策略夥伴關係。提姆早些時候提到了所有令人興奮的新客戶垂直行業和數位廣告業務的例子，這些業務現在需要技術合作夥伴來實現新的收入來源。其中許多機會需要與我們為代理商和品牌合作夥伴提供不同的方法。

Viant already has over 100 partners supporting many aspects of our business, such as third-party data measurement and supply. Traditionally, many of these are driven by customers requesting these entities to potentially use as a data set in their ad campaigns. But for 2022, we are making a concerted investment in resources to more rapidly expand our strategic partnerships with some new team members and a more proactive focus of driving revenue from these new customer segments. With our unique market position with our Household ID-powered platform, we believe we have a lot to offer a partner.

Viant 已經擁有 100 多個合作夥伴，支援我們業務的許多方面，例如第三方資料測量和供應。傳統上，其中許多是由客戶請求這些實體在其廣告活動中用作資料集而驅動的。但到 2022 年，我們將對資源進行協調一致的投資，以更快地擴大與一些新團隊成員的策略合作夥伴關係，並更積極地專注於從這些新客戶群中增加收入。憑藉我們在家庭 ID 驅動的平台上的獨特市場地位，我們相信我們可以為合作夥伴提供很多東西。

Those are the key pillars in our strategic roadmap for the company's next phase of growth; developing best-in-class technology, deploying our customer success model throughout the organization, designing company infrastructure to scale, elevating our brand presence and expanding our strategic partnerships.

這些是我們公司下一階段成長策略路線圖中的關鍵支柱；開發一流的技術，在整個組織中部署我們的客戶成功模式，設計可擴展的公司基礎設施，提升我們的品牌影響力並擴大我們的策略合作夥伴關係。

I also want to extend my personal thanks to our teams, our customers and partners for making 2021 such a great success and a lot of fun. Tim and I are happy to delve more into detail in the Q&A, but I want to give our CFO, Larry Madden, an opportunity to provide some key financial color and commentary.

我也想向我們的團隊、客戶和合作夥伴表達我個人的感謝，感謝他們讓 2021 年取得如此巨大的成功和樂趣。提姆和我很高興在問答中深入探討細節，但我想給我們的財務長 Larry Madden 有機會提供一些關鍵的財務色彩和評論。

Thanks, Chris, and thank you everyone for joining us today. Before I begin, I'd like to remind everyone that we have posted supplemental financial slides to our Investor Relations website to accompany today's presentation.

謝謝克里斯，也謝謝大家今天加入我們。在開始之前，我想提醒大家，我們已在投資者關係網站上發布了補充財務幻燈片，以配合今天的簡報。

As Tim mentioned, we are pleased to report that once again we exceeded our previously issued guidance for revenue and EBITDA in Q4. That represents the fourth consecutive quarter that we have exceeded our expectations since we went public in February of last year. We are also seeing an acceleration in spending across our platform going into Q1 2022, which we expect will continue throughout the year, which is a testament to the increasing customer adoption of our platform. This afternoon, I will be discussing some of the highlights of our Q4 and full year 2021 performance as well as our current expectations for 2022 and our longer term expectations for the business.

正如蒂姆所提到的，我們很高興地報告，我們再次超越了先前發布的第四季度收入和 EBITDA 指引。這是自去年二月上市以來我們連續第四個季度超出了我們的預期。我們還發現，進入 2022 年第一季度，整個平台的支出將加速成長，預計這一趨勢將持續全年，這證明了客戶對我們平台的採用率不斷提高。今天下午，我將討論我們第四季和 2021 年全年業績的一些亮點，以及我們目前對 2022 年的預期以及對業務的長期預期。

With that, let me discuss some key financial and operational highlights for the quarter and the full year 2021. In 2021, Viant's business continued to scale and performance accelerated, yielding record results, and we finished the year on a very strong financial footing. We continued to see the benefits of our recent WWC software release with customer adoption increasing across all channels where cookies or device identifiers do not exist or are limited, such as connected TV, mobile, streaming audio and digital out-of-home.

接下來，讓我討論一下2021 年季度和全年的一些關鍵財務和營運亮點。了這一年。我們繼續看到最近發布的 WWC 軟體帶來的好處，在所有不存在 Cookie 或裝置識別碼或受到限制的管道（例如連網電視、行動、串流音訊和數位戶外）中，客戶採用率不斷增加。

Further investment in our team and technology has also paid dividends, as evidenced by the significant increase in the number of active customers and the average contribution ex-TAC per active customer over the last year. We also benefited from the cohort effect of customers ramping spend the longer they are on the platform, and that trend is expected to continue.

對我們團隊和技術的進一步投資也帶來了回報，去年活躍客戶數量和每個活躍客戶的平均貢獻（不包括 TAC）都顯著增加就證明了這一點。我們也受益於客戶在平台上停留時間越長的群體效應，而這種趨勢預計將持續下去。

In terms of top-line metrics, for the fourth quarter, total advertiser spend across our platform increased 26%. Revenue for the quarter was $82.7 million, an increase of 46% over the prior year period. And contribution ex-TAC for the quarter was $48.5 million, an increase of 24% over the prior year. For the full year 2021, total advertiser spend across our platform increased 29%. Revenue for the year was $224.1 million, an increase of 36% over the prior year. And contribution ex-TAC for the year was $141.5 million, an increase of 28%.

就營收指標而言，第四季度，我們平台上的廣告商總支出增加了 26%。該季度營收為 8,270 萬美元，比去年同期成長 46%。該季度扣除 TAC 的貢獻為 4,850 萬美元，比上年增長 24%。 2021 年全年，我們平台上的廣告客戶總支出成長了 29%。全年營收為 2.241 億美元，比上年增長 36%。當年扣除 TAC 的捐款為 1.415 億美元，成長了 28%。

Our recent WWC software release continues to drive an increase in omnichannel adoption by our customers as they can now leverage our unique Household ID to seamlessly buy and measure their ad spend across all digital channels. Currently, half of all advertisers are using WWC and our Household ID for targeting and measurement on the Adelphic platform, and we expect that number to increase as we move through 2022.

我們最近發布的 WWC 軟體繼續推動客戶全通路採用的增加，因為他們現在可以利用我們獨特的家庭 ID 無縫購買和衡量他們在所有數位管道上的廣告支出。目前，一半的廣告主正在使用 WWC 和我們的家庭 ID 在 Adelphic 平台上進行定位和衡量，我們預計隨著 2022 年這一數字將會增加。

One of the biggest drivers of our growth in both Q4 and the full year is our continued momentum in CTV. Contribution ex-TAC from CTV has nearly tripled over the last 2 years and now represents nearly half of our overall mix. In 2021, 74% of customers invested -- of our customers invested in CTV on our platform. Contribution ex-TAC from CTV grew 66% in Q4 and represented 45% of total contribution ex-TAC during the quarter, far outpacing market growth rates for this segment of digital advertising.

第四季和全年成長的最大推動力之一是我們在 CTV 領域的持續成長勢頭。過去兩年，CTV 的前 TAC 貢獻幾乎增加了兩倍，現在占我們整體貢獻的近一半。 2021 年，74% 的客戶在我們的平台上投資了 CTV。 CTV 的不計 TAC 貢獻在第四季度增長了 66%，佔該季度不計 TAC 總貢獻的 45%，遠遠超過了該數位廣告領域的市場成長率。

For the full year, contribution ex-TAC from CTV grew 68% and represented 41% of the total. We also saw solid growth in the quarter across mobile, streaming audio and digital out-of-home channels. We expect these trends to continue as our people-based targeting approach, along with the performance and measurement capabilities of our software platform are uniquely suited to drive return on ad spend for our customers in these channels.

全年來看，CTV 扣除 TAC 的貢獻增加了 68%，佔總數的 41%。我們也看到本季行動、串流音訊和數位戶外頻道的穩健成長。我們預計這些趨勢將持續下去，因為我們以人為本的定位方法以及我們軟體平台的效能和衡量功能非常適合為我們的客戶在這些管道中提高廣告支出回報。

On the customer front, the number of active customers and the average contribution ex-TAC per active customer continued to show strong momentum in the quarter. At the end of Q4, we had 309 active customers versus 264 in the prior year period, representing an increase of 45 customers in the year, up 17% year-over-year. The biggest driver of new customer additions is our continued success with mid-market agencies, which represented approximately 2/3 of the customer additions over the period.

在客戶方面，本季活躍客戶數量和每個活躍客戶的平均貢獻（不計TAC）持續呈現強勁勢頭。截至第四季末，我們擁有 309 名活躍客戶，而去年同期為 264 名，全年增加 45 名客戶，年增 17%。新客戶增加的最大推動力是我們在中端市場代理商方面的持續成功，該機構約佔同期新增客戶的 2/3。

Despite strong additions and new customers in Q4, 9 political and auto customers from last year did not spend at all in 2021, and therefore, fell out of our customer count in Q4. The roll-off of political customers is due to the lack of an election cycle in 2021 and the roll-off of auto customers is tied to the supply chain issues we discussed. With the exception of the loss of these 9 customers, our addition of new active customers in Q4 is in line with the growth we saw in Q2 and Q3.

儘管第四季度新增客戶數量強勁，但去年的 9 名政治和汽車客戶在 2021 年根本沒有支出，因此，從我們第四季的客戶數量中消失。政治客戶的減少是由於 2021 年沒有選舉週期，而汽車客戶的減少則與我們討論的供應鏈問題有關。除了這 9 名客戶的流失之外，我們在第四季度新增的活躍客戶與我們在第二季和第三季看到的成長一致。

Average contribution ex-TAC per active customer at the end of Q4 totaled $458,000 versus $419,000 at the end of 2020, representing a year-over-year increase of 9%. As we continue to ramp sales, marketing and technology investment in 2022 and beyond, we expect continued momentum around new customer acquisitions and average contribution ex-TAC per active customer.

截至第四季末，每位活躍客戶的平均貢獻金額（不包括 TAC）總計為 458,000 美元，而 2020 年底為 419,000 美元，年增 9%。隨著我們在 2022 年及以後繼續加大銷售、行銷和技術投資，我們預計新客戶獲取和每個活躍客戶的平均貢獻（不包括 TAC）將繼續保持勢頭。

In Q4, we also continued to see the benefit of customers increasing spend the longer they are on the platform, what we call the cohort effect. In 2021, our top 50 customers that have been on the platform for at least 1 year, increased spending by nearly 50%. The number of active customers spending at least $1 million per year also increased by 52% in 2021. Growth in the number of new customers and increased spending from existing customers, coupled with 90% plus customer retention rates, positions us extremely well for an acceleration of growth going forward and affirms that the capabilities and performance of our software platform are resonating with marketers and their agencies in this fast-growing programmatic advertising landscape.

在第四季度，我們也持續看到客戶在平台上停留時間越長所帶來的好處，也就是我們所說的群體效應。 2021年，我們在平台上使用至少1年的前50名客戶的支出增加了近50%。 2021 年，每年支出至少 100 萬美元的活躍客戶數量也增加了 52%。未來的成長，並證實我們軟體平台的功能和效能在這個快速成長的程式化廣告領域與行銷人員及其代理商產生共鳴。

Turning now to operating expenses. Adjusted cash operating expenses, which represents the difference between contribution ex-TAC and adjusted EBITDA, totaled $31.1 million in the quarter and $104.4 million for the full year, representing year-over-year increases of 32% and 33% respectively. The increases for both the quarter and the full year are primarily attributable to the planned investments we made across the organization with a particular emphasis on ramping our sales, marketing and technology infrastructure.

現在轉向營運費用。調整後的現金營運支出（即扣除 TAC 的貢獻與調整後的 EBITDA 之間的差額），本季總計為 3,110 萬美元，全年總計為 1.044 億美元，年比分別成長 32% 和 33%。本季和全年的成長主要歸因於我們在整個組織內進行的計劃投資，特別是加強我們的銷售、行銷和技術基礎設施。

In 2021, we increased our total headcount by approximately 20%. We continued to attract extremely qualified candidates and added many incredibly experienced new members to our team in 2021. I will talk more about this in a minute, but we intend to continue growing the team in '22 to further accelerate growth in advertiser spend across the platform to drive market share increases. Despite our underinvestment in 2021 relative to plan, we far exceeded our original estimates for revenue, contribution ex-TAC and new customer wins, which speaks to the increased momentum we are seeing across the platform.

2021 年，我們的總人數增加了約 20%。我們繼續吸引極其合格的候選人，並在2021 年為我們的團隊增加了許多經驗豐富的新成員。 我稍後會詳細討論這一點，但我們打算在22 年繼續擴大團隊規模，以進一步加速整個廣告客戶支出的成長平台帶動市場佔有率提升。儘管我們2021 年的投資相對於計劃而言不足，但我們對收入、TAC 之外的貢獻和新客戶贏得量的預期遠遠超出了我們的最初預期，這說明我們在整個平台上看到了增長的勢頭。

Adjusted EBITDA for the quarter was $17.4 million, and our adjusted EBITDA margin as a percent of contribution ex-TAC was 36% for the quarter. For the full year, adjusted EBITDA was $37.1 million, and our adjusted EBITDA margin was 26%. For the quarter, non-GAAP net income, which excludes stock-based comp, totaled $13.4 million, and non-GAAP earnings per Class A share totaled $0.17 for the quarter. For the full year, non-GAAP net income totaled $23.9 million and non-GAAP earnings per Class A share totaled $0.30.

本季調整後 EBITDA 為 1,740 萬美元，本季調整後 EBITDA 利潤率佔扣除 TAC 貢獻的百分比為 36%。全年調整後 EBITDA 為 3,710 萬美元，調整後 EBITDA 利潤率為 26%。本季非 GAAP 淨利（不含股票補償）總計 1,340 萬美元，非 GAAP A 類股每股收益總計 0​​.17 美元。全年，非 GAAP 淨利潤總計 2,390 萬美元，非 GAAP A 類股每股收益總計 0​​.30 美元。

From a cash flow perspective, we generated $28.7 million of net cash from operating activities in 2021, an increase of 52% over 2020. And we ended the year with $238 million in cash or approximately $4 per share outstanding. We expect to put some of this cash to work in the future, opportunistically using M&A to deepen and expand our capabilities for our customers. That being said, we do recognize the current capital market environment and plan to be judicious in the use of our cash. We also ended the year with a modest amount of debt totaling $17.5 million and significant availability under our line of credit. We believe that our growth profile and healthy balance sheet position us extremely well to take advantage of the rapidly growing market opportunity in front of us.

從現金流的角度來看，我們 2021 年的經營活動產生了 2,870 萬美元的淨現金，比 2020 年增長了 52%。我們希望將來能利用這些現金的一部分，機會主義地利用併購來深化和擴展我們為客戶提供的能力。話雖如此，我們確實認識到當前的資本市場環境，並計劃明智地使用我們的現金。年底時，我們還擁有總計 1,750 萬美元的少量債務，並且我們的信用額度下有大量可用資金。我們相信，我們的成長狀況和健康的資產負債表使我們能夠充分利用面前快速成長的市場機會。

In terms of share count, we ended the year with 13.7 million Class A common shares outstanding and 60.8 million total shares outstanding. By the end of 2022, we expect the Class A common share count to increase to approximately 15.6 million and total shares outstanding to increase to approximately 62.3 million. We expect that increases are primarily the result of vesting activity under our long-term incentive plan.

就股票數量而言，截至年底，我們已發行 A 類普通股 1,370 萬股，已發行股票總數為 6,080 萬股。到 2022 年底，我們預計 A 類普通股數量將增加至約 1,560 萬股，流通股總數將增加至約 6,230 萬股。我們預期成長主要是我們長期激勵計畫下的兌現活動的結果。

Before I discuss our guidance for 2022, I do want to point out that we have simplified the metrics for which we are giving guidance this quarter. We are eliminating guidance for contribution ex-TAC, focusing on what we believe to be the 2 most important metrics by which we should be measured going forward, revenue and adjusted EBITDA. Given that our percent of spend pricing option is expected to drive most of our growth going forward, contribution ex-TAC will become less important over time. We will, however, continue to report periodically on contribution ex-TAC going forward. For modeling purposes, we expect growth rates for contribution ex-TAC to be similar to growth rates for revenue in 2022.

在討論我們對 2022 年的指導之前，我確實想指出，我們已經簡化了本季提供指導的指標。我們正在取消 TAC 以外的貢獻指導，重點關注我們認為衡量未來發展的兩個最重要的指標：收入和調整後 EBITDA。鑑於我們的支出定價選項百分比預計將推動我們未來的大部分成長，隨著時間的推移，除 TAC 之外的貢獻將變得不那麼重要。然而，我們將繼續定期報告未來 TAC 以外的貢獻。出於建模目的，我們預計 2022 年 TAC 之外的貢獻成長率與收入成長率類似。

With that, I'll now turn to our guidance for Q1 and full year 2022 as well as our long-term outlook. As Tim discussed, we feel great about our strength and positioning. We are in the very early stages of capitalizing on the fast-growing market opportunity for programmatic advertising. For the first quarter, we expect advertiser spend across our platform to further accelerate with growth of at least 35% compared to 9% in Q1 of 2021, and most recently, 26% in Q4 of 2021. Q4 is obviously our biggest quarter of the year.

接下來，我將談談我們對第一季和 2022 年全年的指導以及我們的長期前景。正如蒂姆所討論的，我們對自己的實力和定位感到非常滿意。我們正處於利用程序化廣告快速成長的市場機會的早期階段。對於第一季度，我們預計我們平台上的廣告商支出將進一步加速，與2021 年第一季的9% 相比增長至少35%，最近2021 年第四季度增長26%。今年最大的季度年。

We expect revenue in the range of $42 million to $44 million, which represents year-over-year growth of approximately 5% to 10% and negative adjusted EBITDA in the range of $4 million to $5 million as Q1 is our industry's seasonally lowest volume quarter. And for the full year 2022, we expect advertiser spend across our platform to further accelerate with growth of at least 35% compared to 29% in 2021. We expect revenue in the range of $260 million to $270 million, which represents year-over-year growth of approximately 16% to 20% and adjusted EBITDA in the range of $25 million to $35 million.

我們預計營收將在4,200 萬美元至4,400 萬美元之間，年成長約5% 至10%，負調整EBITDA 將在400 萬美元至500 萬美元之間，因為第一季是我們產業季節性銷售最低的季度。對於2022 年全年，我們預期廣告主在我們平台上的支出將進一步加速，與2021 年的29% 相比，成長至少35%。著同比增長 -年增長率約為 16% 至 20%，調整後 EBITDA 在 2500 萬美元至 3500 萬美元範圍內。

We have also included longer term targets in our earnings release today. These targets represent what we expect to achieve by 2025. By 2025, we expect revenue of at least $500 million, which represents a 4 year CAGR of at least 22%. We expect adjusted EBITDA margins as a percentage of contribution ex-TAC of at least 35%.

我們也在今天的財報中納入了長期目標。這些目標代表了我們預計在 2025 年實現的目標。我們預計調整後的 EBITDA 利潤率佔扣除 TAC 貢獻的百分比至少為 35%。

Before concluding, I would like to make a few points relative to our guidance and the investments we are making. First, in terms of Q1 and full year 2022 guidance, as I said, we expect to continue to gain market share in Q1 as advertiser spend on the platform is expected to accelerate from Q4 levels and increase by at least 35%, well in excess of the overall growth rates expected for the U.S. programmatic market.

在結束之前，我想就我們的指導和我們正在進行的投資提出幾點觀點。首先，就第一季和2022 年全年指引而言，正如我所說，我們預計第一季將繼續獲得市場份額，因為廣告商在該平台上的支出預計將比第四季的水平加速成長，並增加至少35%，遠超預期美國程序化市場的預期整體成長率。

We are seeing a faster than expected acceleration of growth across our percent of spend pricing option, which is far outpacing growth from fixed price. An increasing number of new customers are now going straight to percent of spend and existing percent of spend customers are growing their spend at increasing rates, which we believe will provide for continued outside growth in spend across the platform going forward.

我們看到支出定價選項百分比的成長速度快於預期，遠遠超過固定價格的成長速度。現在，越來越多的新客戶直接進入支出百分比，而現有支出百分比客戶的支出正在以越來越快的速度增長，我們相信這將為整個平台的支出持續外部增長提供動力。

As we've said before, the lifetime value of a customer using our percent of spend pricing option is significantly greater than that of a fixed price customer as a percent of spend customers ramp spend more significantly over time and have higher retention rates. On a short-term basis, as we increase our market share by attracting more customer spend on our platform in our percent of spend pricing option, this dynamic is putting a drag on our revenue growth rates in Q1 and full year 2022 for that matter, as revenue from percent of spend is recorded after traffic acquisition costs, whereas fixed price revenue is recorded before deducting TAC.

正如我們之前所說，使用我們的支出百分比定價選項的客戶的生命週期價值明顯高於固定價格客戶的生命週期價值，因為隨著時間的推移，支出百分比客戶的支出會更加顯著，並且擁有更高的保留率。從短期來看，隨著我們透過在我們的平台上以支出定價選項的百分比吸引更多客戶支出來增加我們的市場份額，這種動態正在拖累我們第一季和2022 年全年的收入成長率，因為支出百分比收入是在流量獲取成本之後記錄的，而固定價格收入是在扣除 TAC 之前記錄的。

Percent of spend clients have higher retention rates, spend significantly more over time and require less sales efforts to drive growth once fully ramped on the platform versus a fixed price customer. Ultimately, percent of spend is a more consistent and predictable growth driver given the cohort effect we've spoken of. Our fixed price pricing option, while more profitable than percentage of spend, is more meant as an option for customers to test our software before transitioning to a longer term agreement with us. While this creates some short-term pain in terms of revenue growth rates, we believe it better positions us for long-term value creation and market share gains.

與固定價格客戶相比，支出客戶的保留率更高，隨著時間的推移，支出顯著增加，一旦在平台上全面提升，就需要更少的銷售努力來推動成長。最終，考慮到我們所謂的群體效應，支出百分比是一個更一致且可預測的成長動力。我們的固定價格定價選項雖然比支出百分比更有利可圖，但更多的是作為客戶在過渡到與我們簽訂長期協議之前測試我們的軟體的一種選擇。雖然這在收入成長率方面造成了一些短期的痛苦，但我們相信它可以更好地為我們創造長期價值和增加市場份額。

Given the lower revenue base in Q1 due to seasonality, this trend is especially magnified in terms of revenue growth rates in the quarter. We expect revenue growth rates to improve beginning in Q2 as overall spend levels grow from Q1 levels. As a reminder, in Q1 of last year, we grew revenue by 5% in the first quarter and finished the year with total revenue growth of 36%.

鑑於第一季因季節性原因收入基礎較低，此趨勢在本季營收成長率尤其放大。我們預計，隨著整體支出水準較第一季水準有所成長，第二季開始營收成長率將有所改善。提醒一下，去年第一季度，我們第一季的營收成長了 5%，全年總營收成長了 36%。

In terms of planned investments and the impact on 2022 expected results, as Tim mentioned, we plan to continue investing in critical areas of our business in 2022 to further accelerate growth in advertiser spend across our platform and drive market share. The wide range of EBITDA guidance for 2022 is in part based on the fact that our level of investment in '22 will ultimately be determined based on market conditions and other factors that we will closely monitor as the year unfolds.

在計劃投資以及對 2022 年預期業績的影響方面，正如 Tim 所提到的，我們計劃在 2022 年繼續對業務的關鍵領域進行投資，以進一步加速我們平台上廣告商支出的成長並提高市場份額。 2022 年廣泛的 EBITDA 指引部分基於這樣一個事實：我們在 22 年的投資水準最終將根據市場狀況和我們將在這一年中密切監控的其他因素來確定。

So in terms of investment for 2022, we expect adjusted cash operating expenses to increase approximately 29% to 33% in 2022. Roughly 2/3 of the expense increase will come on the personnel side with half coming from the annualization of 2021 headcount additions and half coming from new headcount investment in 2022. We expect to increase our headcount in 2022 by approximately 20%, which would put us north of 400 heads by the end of the year. Increased cloud costs supporting the growth in advertiser spend is also expected to increase total expense in 2022.

因此，就2022 年的投資而言，我們預計2022 年調整後的現金營運支出將增加約29% 至33%。年化和其中一半來自 2022 年新增員工的投資。支持廣告商支出成長的雲端成本增加預計也將增加 2022 年的總支出。

We expect to ramp up our investment in automation initiatives as well as to further build upon the ease of use of our software, which is critical to scaling customer spend. We will also be investing in marketing partnership initiatives in '22 to further increase the awareness of our solution in the marketplace. We believe these incremental investments, although impacting EBITDA in the short-term will further accelerate our growth and market share gains going forward. Beyond 2022, we expect investment to become more normalized as we charge towards our target of 35% EBITDA margins by 2025.

我們希望增加對自動化計畫的投資，並進一步提高我們軟體的易用性，這對於擴大客戶支出至關重要。我們還將在 22 年投資於行銷合作夥伴計劃，以進一步提高我們的解決方案在市場中的知名度。我們相信，這些增量投資雖然會在短期內影響 EBITDA，但將進一步加速我們的成長和市場佔有率的成長。 2022 年之後，隨著我們朝 2025 年 EBITDA 利潤率達到 35% 的目標邁進，我們預計投資將變得更加正常化。

In closing, our focus is on building a sustainable and profitable business for the future. As part of that, we will continue to make investments to increase our scale so we can capture a meaningful share of this fast-growing market. We have the utmost confidence that we can consistently grow our market share going forward as our solution is increasingly resonating with marketers. As cookies and device IDs continue to become less and less prevalent, we believe that we are positioned for outside growth for many years to come.

最後，我們的重點是為未來建立可持續且獲利的業務。作為其中的一部分，我們將繼續進行投資以擴大規模，以便我們能夠在這個快速成長的市場中佔據有意義的份額。我們堅信，隨著我們的解決方案越來越引起行銷人員的共鳴，我們能夠不斷擴大我們的市場份額。隨著 Cookie 和裝置 ID 的普及率越來越低，我們相信我們將在未來的許多年裡實現外部成長。

Our conviction is centered around how marketers and agencies are responding to our solution today as evidenced by the acceleration in advertiser spend that we are seeing across the platform going into 2022. Our total addressable market is massive, and we firmly believe that our solution uniquely and effectively addresses many of the challenges that marketers are facing in today's dynamic digital landscape.

我們的信念集中在行銷人員和代理商今天如何回應我們的解決方案，從我們看到的跨平台廣告支出的加速到2022 年就可以看出這一點。的解決方案是獨一無二的，並且有效解決行銷人員在當今動態數位環境中面臨的許多挑戰。

That concludes our prepared remarks today. And with that, I will now turn it back over to the operator to open the line to questions. Operator?

我們今天準備好的演講到此結束。現在，我將把它轉回接線員以開放提問線路。操作員？

(Operator Instructions) And we will hear first from Maria Ripps with Canaccord.

（操作員說明）我們將首先聽到來自 Canaccord 的 Maria Ripps 的聲音。

I just wanted to go back to sort of your guidance for the first quarter and this dynamic between revenue growth and client spend on the platform. Can you just talk about why sort of -- why we see this sort of disparity between different pricing sort of models, especially in Q1? Can you just maybe talk about that? And then related to that, is there anything you've seen from sort of Easter being shifted to a little bit later this year? Is there anything you're seeing in terms of campaigns sort of being shifted from Q1 into Q2 this year? And then I have a quick follow-up.

我只是想回顧一下你們對第一季的指導，以及平台上收入成長和客戶支出之間的動態。您能否談談為什麼我們會看到不同定價模型之間存在這種差異，尤其是在第一季？你能談談這個嗎？與此相關的是，您是否看到今年的復活節被推遲到了稍後？您是否看到今年的行銷活動從第一季轉移到了第二季？然後我會進行快速跟進。

Just on the head on your first question, and Larry can fill in on some of these comments. We're seeing explosive growth in our percentage of spend pricing option. Clients are scaling like crazy where -- as based on the guide for spend, definitely increasing market share at much higher levels than we saw last year. So that's incredible. We are also seeing customers even new ones go straight to our percentage of spend pricing options. So that's also adding to a little bit of a disparity. It is a little bit of short-term pain on the revenue growth line item, but we think it will normalize throughout the year. But we're winning a ton of market share right now if you watch through the percentage of spend side and our total advertising spend. And your other one around...

就你的第一個問題而言，拉里可以補充其中一些評論。我們看到支出定價選項的比例呈現爆炸性成長。客戶正在瘋狂地擴張——根據支出指南，市場份額的成長肯定比我們去年看到的要高得多。所以這太不可思議了。我們也看到客戶，甚至是新客戶，都會直接選擇我們的支出定價選項百分比。所以這也增加了一點差距。這對收入成長項目來說是一個短期的痛苦，但我們認為它會在全年正常化。但如果你仔細觀察支出百分比和我們的廣告總支出，我們現在正在贏得大量市場份額。還有你身邊的另一位...

Shifted Q1 to Q2.

將 Q1 移至 Q2。

Just around Easter. I don't have any real firm graph on the commentary around that right now around Easter specifically.

就在復活節前後。對於目前復活節前後的評論，我沒有任何真正可靠的圖表。

And my second question. You talked a little bit about sort of strength in mobile, and I think it's the second quarter that you highlighted strength in mobile here for you. So as Google rolls out new privacy restrictions across apps on Android, can you maybe just talk about what that means for your platform? And maybe if you could put that in the context of the iOS changes that the industry has been going through, that would be very helpful?

我的第二個問題。您談到了行動領域的優勢，我認為您在第二季度為您強調了行動領域的優勢。因此，當Google在 Android 上的應用程式中推出新的隱私限制時，您能否談談這對您的平台意味著什麼？也許如果你能將這一點放在 iOS 產業正在經歷的變化的背景下，那會很有幫助嗎？

I think what you're referring to is the Android ID being potentially deprecated in the future, similar to what Apple has done. We saw when Apple pulled that move of IDFA, what that caused was mobile app marketers were looking for new alternative ways away from social networks, which became less cost-effective and were trying new digital advertising platforms. I think as Google does the same to Android and their ID, again, that's going to put more money back into the market.

我認為你指的是 Android ID 將來可能會被棄用，就像蘋果所做的那樣。我們看到，當蘋果取消 IDFA 的舉動時，導致行動應用程式行銷人員正在尋找遠離社交網路的新替代方式，社交網路變得成本效益較低，並嘗試新的數位廣告平台。我認為，隨著Google對 Android 及其 ID 採取同樣的做法，這將把更多的資金重新投入市場。

When you look at most mobile app marketers, when Apple made that change of deleting IDFA, you saw their response to that was shift money to Android and try new digital advertising providers. So now that Android is going to make a similar change, I would expect that's more money back up in the market looking for cost-effective ways to drive app installs because those -- the traditional ways are no longer there.

當你觀察大多數行動應用程式行銷人員時，當蘋果做出刪除 IDFA 的改變時，你會看到他們的反應是將資金轉移到 Android 並嘗試新的數位廣告提供者。因此，既然 Android 將做出類似的改變，我預計市場上會出現更多資金，尋找經濟高效的方式來推動應用程式安裝，因為傳統方式已不復存在。

So we view it as a brand-new market opportunity of money that was spoken for previously that needs to find a new home in the most cost-efficient way. And I believe we're going to win our fair share of that as we've proven, given the Household ID, its use across mobile apps and that entire ecosystem and not relying on the IDFA or Android ID. So for us, I think it's a big opportunity and we'll see how marketers react.

因此，我們將其視為一個全新的市場機會，即先前所說的需要以最具成本效益的方式找到新家的資金。我相信，正如我們已經證明的那樣，考慮到家庭 ID、它在行動應用程式和整個生態系統中的使用，而不是依賴 IDFA 或 Android ID，我們將贏得公平的份額。所以對我們來說，我認為這是一個很大的機會，我們將看看行銷人員如何反應。

We will now move on to Laura Martin with Needham.

現在我們將轉向勞拉馬丁和李約瑟。

So I'm going to start with EBITDA, because as you said, you over-delivered your 2021 EBITDA promise by 50%, strong over-delivery in Q4, and now you're guiding us to a much lower EBITDA than our models suggested for '22. And it's not just you, like every one of these ad tech companies other than Trade Desk has taken down our 2022 EBITDA. So I would love an explanation, because I've got this massive market that's growing 5x faster than all ad tech companies. I don't understand why we all have margin pressure as you over-delivered revenue. So the scale got bigger and yet you're going to under deliver the margin, and like I said, the entire industry. What is going on, please?

因此，我將從 EBITDA 開始，因為正如您所說，您超額兌現了 2021 年 EBITDA 承諾 50%，第四季度的超額兌現強勁，而現在您引導我們的 EBITDA 遠低於我們的模型建議的水平對於'22。不只是您，除了 Trade Desk 之外的所有廣告科技公司都降低了我們 2022 年的 EBITDA。所以我希望得到一個解釋，因為我擁有這個龐大的市場，成長速度比所有廣告科技公司快 5 倍。我不明白為什麼你們超額交付收入時我們都會面臨利潤壓力。因此，規模變得更大，但你的利潤率會低於我所說的，整個產業。請問這是怎麼回事？

I think number one, I think if you look at us when we went public, so last year in '21, we were increasing our investments. We're going to continue that, as Larry stated, this year, probably much higher to the tune than, let's say, a little bit more mature business. We are looking to continue to invest in gaining market share. That's really where we're at. And I think we've heard that from investors pretty significantly. They want to see more market share gains, and we're going to go after that. So I think our level of investment, definitely, we are stepping up that level of investment, but we did give a pretty wide range on the guidance. So we are -- and we're basically going to play that by year in the second half of the year.

我認為第一，如果你看看我們上市時的情況，去年 21 年，我們增加了投資。正如拉里所說，今年我們將繼續這樣做，可能比更成熟的業務好得多。我們希望繼續投資以獲得市場份額。這就是我們現在的處境。我認為我們從投資者那裡聽到了很多這樣的說法。他們希望看到更多的市佔率成長，我們將追求這一目標。所以我認為我們的投資水平，當然，我們正在提高投資水平，但我們確實給出了相當廣泛的指導範圍。所以我們基本上會在今年下半年開始這樣做。

And Larry, do you want to add more color?

拉里，你想添加更多顏色嗎？

Yes, I was going to say one other factor. I mean, we mentioned that we did under invest in '21. Certainly, the labor challenges, the overall market labor challenges. So some of that money is now coming back into 2022. So we probably under invested about $5 million in 2021, which was part of our EBITDA beat. So that's coming back into 2022, plus the full annualization of the hires in 2022, which is another $10 million, plus new investment. We're investing additional heads of about $10 million. So plus all of the strategic pillars we talk, we're putting money behind some of those initiatives -- all of those initiatives as well in 2022. So it is creating a short-term dropping of our EBITDA relative to the prior year.

是的，我想說的是另一個因素。我的意思是，我們提到我們在 21 年確實投資不足。當然，勞動力挑戰，整個市場勞動力挑戰。因此，其中一些資金現在將在 2022 年回歸。因此，這要追溯到 2022 年，加上 2022 年的員工年化總額，即另外 1,000 萬美元，再加上新投資。我們將額外投資約 1000 萬美元。因此，加上我們談論的所有策略支柱，我們正在為其中一些舉措（以及 2022 年的所有舉措）投入資金。

I want to talk about political and auto. So you said that you didn't have political this year like in '21, but we get it back in '22. In autos, there's no chips, so there's no supply, I get that. How much does political give you like for sure because you had it 2 years ago? How much upside does that give us single-digit percent of revenue? And then if autos come back, how much is it down, thanks to the chip shortage, and we don't know when it's going to come back. But like how much of those 2 verticals of your revenue that sort of will come back in '22?

我想談談政治和汽車。所以你說今年沒有21年有政治問題，但我們在22年又恢復了。在汽車領域，沒有晶片，所以沒有供應，我明白。政治為你帶來了多少好處，因為你兩年前就已經擁有它了？這會為我們帶來多少個位數的收入成長？然後，如果汽車捲土重來，由於晶片短缺，它會下降多少，我們不知道它什麼時候會捲土重來。但是，你的這兩個垂直領域的收入中有多少會在 22 年回歸？

I'll let Larry take it?

我會讓拉里拿走嗎？

I mean, if you look at Q1, our growth guidance for Q1, auto was 10% of revenue in Q1 of 2021. We think auto is going to be about 2% of revenue in Q1 this year. So that certainly is impacting our Q1 given this kind of smaller revenue base to begin with. We have not assumed a significant uptick in auto. I mean, as we reported each quarter, it has been down significantly for us. I believe it's less than 5% of revenue in Q4. We think that will further deteriorate in Q1. We haven't kind of planned to have a significant uptick in that. Obviously, that would be upside, and we're hoping that a lot of these supply chain issues do get resolved in the year. But for now, we're not assuming that that's coming back in '22, significantly at least.

我的意思是，如果你看看第一季度，我們對第一季度的成長指導，汽車佔 2021 年第一季度收入的 10% 我們認為汽車今年將佔第一季收入的 2% 左右。鑑於這種較小的收入基礎，這肯定會影響我們的第一季。我們並沒有假設汽車銷售會大幅成長。我的意思是，正如我們每個季度報告的那樣，它對我們來說已經大幅下降。我相信這不到第四季營收的 5%。我們認為第一季情況將進一步惡化。我們並沒有計劃大幅增加這一點。顯然，這將是有利的，我們希望許多供應鏈問題能夠在今年解決。但就目前而言，我們並不認為這種情況會在 22 年回歸，至少不會顯著回歸。

My last one, I'll ask for the founders here. Supply path optimization, right? Jeff Green, all the rage, supply path optimization. Could you give us your thoughts on supply path optimization and how it affects DSP?

我的最後一個問題是，我會問這裡的創辦人。供應路徑優化，對嗎？傑夫·格林（Jeff Green）風靡一時，供應路徑優化。您能否告訴我們您對供應路徑優化及其如何影響 DSP 的想法？

I mean, I'm assuming you're referring to the Trade Desk launch of Open Path and going direct with publishers. I would say that in connected television, a huge chunk of our integrations are direct to the major media companies in that same realm. So we didn't have a formalized product, but that's kind of how connected television works is some of them run their own yield management and are very good at it.

我的意思是，我假設您指的是 Trade Desk 推出的 Open Path 並直接與發行商聯繫。我想說，在連網電視領域，我們有很大一部分的整合是直接面向同一領域的主要媒體公司的。所以我們沒有正式的產品，但這就是聯網電視的工作原理，其中一些電視運行自己的收益管理並且非常擅長。

So I do believe there's going to be a bifurcation, there's going to be publishers or inventory owners that want to provide yield management on their own and we partner with them and deliver them bids directly to them today. So I would say CTV is kind of a little bit more organically built that way, but certainly, SSPs play an important role for the rest of the open web that need them to provide yield management and the electronic integration to many DSPs out there. So I see a bit of a bifurcation. I think the bigger companies do it more themselves and the smaller companies rely on a third-party through yield management. That's kind of our take. And we see that bifurcation currently with our integrations today.

因此，我確實相信將會出現分歧，將會有出版商或庫存所有者希望自己提供收益管理，我們與他們合作，今天直接向他們提供出價。所以我想說 CTV 是一種更有機的方式，但當然，SSP 對於開放式網路的其餘部分發揮著重要作用，需要它們為許多 DSP 提供良率管理和電子整合。所以我看到了一點分歧。我認為大公司自己做的更多，而小公司則透過收益管理依賴第三方。這就是我們的看法。我們今天在整合中看到了這種分歧。

Would you add anything?

你會添加什麼嗎？

I mean, look, SPO is being used differently by different parties, but ultimately, supply path optimization is need from a marketer to want to make sure that their dollars -- most of their dollars are going to the content owner. That's really where they're securing those ad spots. They don't want to see a lot of middlemen changing the inventory -- changing hands with the inventory before it gets to the DSP. That's what we hear from our customers. We have developed that for well over a year about making sure that there's really only -- they are as direct as possible to that content owner. Sometimes the content owner is going to use an SSP, and that is clearly very transparent in our platform. So that's how marketers really think about SPO. And to be honest, that's the real spirit of SPO is that.

我的意思是，看，SPO 被不同的各方以不同的方式使用，但最終，行銷人員需要優化供應路徑，以確保他們的資金 - 大部分資金都流向內容所有者。這確實是他們確保廣告位的地方。他們不希望看到很多中間商改變庫存——在庫存到達 DSP 之前就易手。這就是我們從客戶那裡聽到的。我們已經開發了這一點一年多了，以確保確實只有——它們盡可能直接地提供給內容所有者。有時內容所有者會使用 SSP，這在我們的平台中顯然是非常透明的。這就是行銷人員對 SPO 的真正看法。說實話，這才是 SPO 的真正精神。

Transparency of the dollar, how much went to the content owner. And I think the whole industry is going to never let this go until that's fully transparent.

美元的透明度，內容所有者有多少。我認為，在完全透明之前，整個產業都不會放過這一點。

And JMP's Andrew Boone has the next question.

JMP 的 Andrew Boone 有下一個問題。

I'll start off with the 2025 guide and just the implication of revenue acceleration beyond this year. Can you guys just talk about your confidence there and just the key drivers of why you guys believe that you can re-accelerate revenue?

我將從 2025 年指南開始，並介紹今年之後收入加速成長的含義。你們能談談你們的信心以及你們相信你們可以重新加速收入成長的關鍵驅動因素嗎？

I mean, for me, I look at the cohort effect that we talked to, the number of customers that we've brought on, the number of additions we're adding, and we've had more consistency and history and seeing how we perform and then areas where we're seeing gains in market share and where we think we can push further there. So I would say it's the past 3 years. I mentioned we've grown advertiser spend in 11 out of 12 quarters. The only one being the initial COVID impact where we had the deceleration.

我的意思是，對我來說，我會關注我們交談過的群體效應，我們帶來的客戶數量，我們添加的新增數量，我們有更多的一致性和歷史，看看我們如何然後是我們看到市場份額增長以及我們認為可以進一步推進的領域。所以我想說的是過去三年。我提到過，我們在 12 個季度中有 11 個季度實現了廣告客戶支出的成長。唯一的一個是新冠疫情的最初影響，我們的速度有所放緩。

So it's the confidence factor of when you offer a self-service DSP, the customers are trained and they're busy pushing all of their campaigns live themselves, that leads to that cohort effect where they get comfortable on your platform and the ad spend consolidates in that platform. I think we've made great strides in the mid-market in that area, and we've made big advancements towards the holdcos in 2021, and we're seeing that pay dividends in the future years. So to us, I think it's the cohort effect, the number of customers and the cadence that our company is executing at gives us confidence.

因此，當您提供自助服務DSP 時，客戶會受到培訓，並且他們會忙著親自推動所有行銷活動，這會產生群體效應，讓他們在您的平台上感到舒適，並且廣告支出會整合，這是一種信心因素在那個平台。我認為我們在該領域的中端市場取得了長足進步，並且我們在 2021 年控股公司方面取得了巨大進步，我們看到這將在未來幾年帶來紅利。所以對我們來說，我認為團體效應、客戶數量和我們公司執行的節奏給了我們信心。

Just to add on to that, Andrew, just can you take a look, just very succinctly, watch the trajectory of our platform spend that ultimately leads to market share. The revenue growth, as Larry had talked about, there's a little bit of a hiccup here in Q1, but we really believe that normalizes over the course of really just this year. But the platform spend, the advertisers' spend on the platform, as long as that continues to accelerate the way that it is, we have -- we know that those are right in line with that long-term guidance that we gave.

補充一點，安德魯，您可以非常簡潔地看一下我們的平台支出軌跡，最終導致市場份額。正如拉里（Larry）所說，收入成長在第一季出現了一些小問題，但我們確實相信這種情況在今年就會正常化。但是平台支出，廣告商在平台上的支出，只要繼續以這種方式加速，我們就知道這些與我們給予的長期指導是一致的。

Other things I'll give you, as Tim talked about, time on platform, these aged cohorts of customers. They continue to spend more and more. We highlighted a lot of the focus that we've put on the larger customers that we're going after, predominantly Fortune 500 brands and holdcos. We're having a lot of good success there. And if you remember, we have talked about, we've put an entire team focused on that. In '21, we hired a whole team on that. We're seeing great success there.

正如提姆所說，我會給你其他東西，包括在平台上的時間，這些老年客戶群。他們繼續花越來越多的錢。我們強調了我們對我們所追求的大客戶的關注，主要是財富 500 強品牌和控股公司。我們在那裡取得了很多成功。如果你還記得的話，我們已經討論過，我們已經讓整個團隊專注於此。 21 年，我們為此聘請了整個團隊。我們在那裡看到了巨大的成功。

The customer growth, yes, definitely in later years is going to continue to add more as they age in the cohort. But as Tim talked about, we have a big focus on new customer segments and customer types that maybe aren't brands direct and maybe aren't agencies, but we see an explosion of new customer types, whether it be retail media networks, whether it be telecom companies, whether it be content owners looking to build media networks, it seems like, and this was in our commentary, it truly seems like every day you read there are these new advertising businesses being built and they need a DSP. That's the core technology that they're after. And we think that we have a lot to offer there. And we have a team that we're investing in this year that's concerted to go after those dollars.

是的，隨著年齡的增長，在以後的幾年裡，客戶的成長肯定會繼續增加。但正如蒂姆所說，我們非常關注新的客戶群和客戶類型，這些客戶群和客戶類型可能不是品牌直接的，也可能不是代理商，但我們看到新客戶類型的爆炸性增長，無論是零售媒體網絡，還是無論是電信公司，還是希望建立媒體網絡的內容所有者，看起來，這在我們的評論中，確實看起來每天都有這些新的廣告業務正在建立，他們需要 DSP。這就是他們所追求的核心技術。我們認為我們可以在那裡提供很多東西。我們今年投資了一個團隊，他們齊心協力追求這些資金。

This may just be a little bit mundane, but I think it kind of ties to Maria's question on what you were talking about. But as I just relate gross revenue to spend, so the 46% of revenue versus the 26% of spend, can you just help me understand the difference there of why they're not more closely aligned? And what that implies in terms of adoption of the platform?

這可能有點平凡，但我認為這與瑪麗亞關於你所談論的內容的問題有關。但由於我只是將總收入與支出聯繫起來，因此 46% 的收入與 26% 的支出相對應，您能否幫助我理解為什麼它們沒有更緊密地結合在一起的差異？這對於平台的採用意味著什麼？

So we had a couple of customers that were in fixed price that are moving to our percentage of spend pricing option, they're transferring that and in Q4 they were going to scale their spend there. And we give them discounts as if they were a percentage of spend customer, that's the disparity there. The good news is that those are the customers we're talking about, those are holdco customers, they are on percentage of spend. We expect them to continue to accelerate their spending in '22.

因此，我們有一些採用固定價格的客戶正在轉向我們的支出定價選項百分比，他們正在轉移這一點，並且在第四季度他們將擴大在那裡的支出。我們給他們折扣，就好像他們是消費客戶的百分比一樣，這就是那裡的差異。好消息是，這些就是我們正在談論的客戶，那些是控股公司客戶，他們以支出百分比計算。我們預計他們將在 22 年繼續加速支出。

So that -- and this really was a bit of an anomaly in Q4, Andrew. We don't expect that disparity to continue going forward.

所以，安德魯，這在第四季確實有點反常。我們預計這種差距不會持續下去。

So just to crystal clear, so take rate, not take rates, but revenue ex-TAC margin comes back to kind of what we saw in prior quarters. Is that a right way to read that?

因此，為了一目了然，所以採用利率，而不是採用利率，但除 TAC 之外的收入利潤率回到了我們在前幾個季度看到的水平。這是正確的閱讀方式嗎？

Correct.

正確的。

Last question is just on the building of brand awareness with your potential clients. That has been a focus in 2021 and you talked about that continuing in 2022. Can you talk just big picture about how you think about brand spend and just building awareness going forward? And just where are you on the process? Like I don't know if there are any survey metrics you can share, but any help there would be great?

最後一個問題是關於與潛在客戶建立品牌知名度。這是 2021 年的一個焦點，您談到了 2022 年的持續關注。您在這個過程中處於什麼階段？就像我不知道您是否可以分享任何調查指標，但如果有任何幫助那就太好了？

So that was one of our key pillars that we had talked about, so elevating kind of our brand presence. Part of that is sales force and feet on the street. As we've previously talked about, the additions we made in our sales force, this wasn't just feet on the street. We made a concerted effort in our investments. The first one was elevating our brand presence and buying within the holding companies. We have a whole team focused on that. We have great professionals we've hired from Google and other large brands. So we feel really confident about the progress that we're making there.

這是我們討論過的關鍵支柱之一，從而提升了我們的品牌形象。其中一部分是銷售人員和街頭行人。正如我們之前談到的，我們在銷售隊伍中所做的補充，不僅僅是在街上進行的。我們在投資方面齊心協力。第一個是提升我們的品牌影響力並在控股公司內部購買。我們有一整個團隊專注於此。我們從 Google 和其他大品牌聘請了優秀的專業人士。因此，我們對我們在那裡取得的進展非常有信心。

The other was on the enterprise. A lot of what we hear from our agency customers is that they want to move on to the platform. They need client buy-in or what we call the client mandate for the brand directly themselves. So that's kind of our enterprise group that we've built in '21 and we'll continue to expand in '22. Those are vertical experts in big categories that really talk to the clients in conjunction with their agencies. So that's going to have a really outsized impact.

另一個是關於企業的。我們從代理客戶那裡聽到的許多消息都是他們希望繼續使用該平台。他們需要客戶的認可，或者我們所說的客戶直接對品牌的授權。這就是我們在 21 年建立的企業集團，我們將在 22 年繼續擴張。這些都是大類別的垂直專家，他們與客戶的代理商一起真正與客戶交談。所以這將會產生非常巨大的影響。

And then outside of that is really around our marketing. We did a good job of elevating that in '21. We'll continue that in '22 with our new open web ad campaign out there, our thought leadership that we've pushed out. All those things are going to raise our level of awareness and buying ultimately on to the platform. But where we're at in that journey? I mean, in terms of DSPs and level of awareness, that we do track it from service. I don't have those specific numbers, but we can follow-up off line with you on where we're at there. But Andrew, I would point to where we're at in that. If we have accelerating advertiser spend on the platform, that's a really good spot.

除此之外，其實是我們的行銷。 21 年我們在提升這一點方面做得很好。我們將在 22 年繼續進行新的開放網路廣告活動，我們已經推出了我們的思想領導。所有這些都將提高我們的意識水平並最終提高我們在該平台上的購買力。但我們在這段旅程中處於什麼位置呢？我的意思是，就 DSP 和意識水平而言，我們確實從服務中對其進行追蹤。我沒有這些具體數字，但我們可以離線追蹤您的情況。但是安德魯，我想指出我們在這方面的進展。如果我們加速廣告商在該平台上的支出，那真是一個好地方。

Moving on to Andrew Marok with Raymond James.

接下來是安德魯馬洛克和雷蒙德詹姆斯。

I wanted to talk about the acceleration in CTV growth from 3Q in 4Q. I guess, are there any specific drivers on that, that you would point to, to get that 20 point acceleration? And then on your new sales force hires, I know there's a bit of a ramp period as they come on to the platform. But is there any productivity metrics or deltas that you can share for the new hires in the sales force?

我想談談 CTV 從第三季到第四季的加速成長。我想，您是否會指出任何具體的驅動因素，以獲得 20 點的加速？然後，對於新招募的銷售人員，我知道他們進入平台時會有一段過渡期。但是，您是否可以為銷售團隊中的新員工分享任何生產力指標或增量？

So just acceleration in CTV, really, I'll point to a big one, which is our WWC rollout. That has done really well. As Larry had said, approximately 50% advertisers have adopted that. If you look at the stats that we gave around CTV, it's squarely focused in CTV and other ID less or cookieless channels, but definitely in CTV. So we've previously talked about this, but just to reiterate, clients are seeing increased performance when using our Household ID and CTV. When they see increased performance, we're also seeing them accelerate their spending. So that's just very dead on. That's a big reason that's driving growth in CTV and the acceleration on our platform.

所以，只是 CTV 的加速，實際上，我會指出一個重大的問題，那就是我們的 WWC 推出。這確實做得很好。正如 Larry 所說，大約 50% 的廣告商已經採用了這一點。如果您查看我們提供的有關 CTV 的統計數據，您會發現它主要集中在 CTV 和其他無 ID 或無 cookie 的頻道，但絕對是 CTV。我們之前已經討論過這一點，但重申一下，客戶在使用我們的家庭 ID 和 CTV 時看到了性能的提高。當他們看到績效提高時，我們也看到他們加快了支出。所以這是非常正確的。這是推動 CTV 成長和我們平台加速發展的一個重要原因。

And on the new sales force hires?

那麼新招募的銷售人員呢？

Could you ask that question again, Andrew?

安德魯，你能再問一次這個問題嗎？

Just I know there's a ramp period as new sales people come on to the platform. But any productivity metrics you can share for some of your new sales force hires?

我只知道，隨著新銷售人員進入該平台，會有一個過渡期。但是您可以分享一些新銷售人員的生產力指標嗎？

So as I've said, we increased about 25% in 2021. We have seen contribution from them. We expect that the large majority of their contribution will hit in Q2 and beyond. But I think we're going to see a big impact from them in Q2. I can tell you the pipelines are strong and we feel really good about where we've hired. We did -- I will say, we didn't -- as I mentioned, we didn't meet all the way to our goal last year, but we've already made tremendous uptick on bringing in new team members, increased another 15% already in the first quarter. So I think that's going to make -- we're going to have a really robust second half.

正如我所說，2021 年我們成長了約 25%。我們預計他們的大部分貢獻將在第二季及以後實現。但我認為我們將在第二季度看到它們的巨大影響。我可以告訴你，管道很強大，我們對招募的人感覺非常好。我們做到了——我會說，我們沒有——正如我所提到的，我們去年並沒有完全實現我們的目標，但我們已經在引進新團隊成員方面取得了巨大的進步，又增加了15 名員工。所以我認為這將使——我們將有一個非常強大的下半年。

And everyone, that is all the time that we have today for questions. We thank you all so much for joining us today. This does conclude our earnings conference. We thank you again for your participation. You may now disconnect.

大家好，今天的提問時間就到此為止。我們非常感謝大家今天加入我們。我們的收益會議到此結束。我們再次感謝您的參與。您現在可以斷開連線。