DoubleVerify Holdings Inc (DV) 2021 Q2 法說會逐字稿

Greetings, and welcome to the DoubleVerify Second Quarter 2021 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tejal Engman. Thank you. The floor is yours.

您好，歡迎您參加 DoubleVerify 2021 年第二季財務業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人 Tejal Engman。謝謝。地板是你的。

Good afternoon, and thank you for joining us to discuss DoubleVerify's Second Quarter 2021 Financial Results. With me today is Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，感謝您加入我們討論 DoubleVerify 2021 年第二季財務業績。今天和我在一起的是執行長 Mark Zagorski；和財務長尼古拉·阿萊 (Nicola Allais)。

Before we begin, I'd like to remind everyone that statements made on this call contain forward-looking statements. These statements are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us, and our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our S-1 registration statement.

在開始之前，我想提醒大家，本次電話會議的陳述包含前瞻性陳述。這些陳述受到固有風險、不確定性和變化的影響，反映了我們當前的預期和我們目前可獲得的信息，我們的實際結果可能存在重大差異。欲了解更多信息，請參閱我們最近向 SEC 提交的文件中的風險因素，包括我們的 S-1 註冊聲明。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com.

此外，我們今天的討論將包括對某些補充性非公認會計原則財務指標的參考，應將其視為我們公認會計原則結果的補充，而不是替代我們的公認會計原則結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 衡量標準的對賬，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上找到。

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

有了這個，我會把它交給馬克。

Thank you, Tejal, and thanks, everyone, for joining us this evening. We're excited to have delivered another quarter of strong top and bottom line growth, with second quarter revenue growing 44% year-over-year, exceeding our prior guidance; and adjusted EBITDA growth coming in at a solid 35% year-over-year. The DoubleVerify story continues to be one of strong revenue growth and profitability, driven by successful product innovation and clear market leadership in a rapidly evolving digital advertising ecosystem.

謝謝你，Tejal，也謝謝大家今晚加入我們。我們很高興又一個季度實現了營收和利潤的強勁成長，第二季營收年增 44%，超出了我們先前的指導；調整後 EBITDA 年成長 35%。在快速發展的數位廣告生態系統中成功的產品創新和明確的市場領導地位的推動下，DoubleVerify 的故事仍然是強勁的收入成長和獲利能力之一。

Our accelerated revenue growth is driven by our product success in fast growing sectors such as Programmatic, Social and CTV and a global expansion strategy that's winning large enterprise clients in a growing number of international markets. Our innovative industry-leading software platform continues to scale rapidly across the global digital advertising ecosystem, driving more data, better analytics and deeper insights, which combine to yield better results for our advertisers. And our growing roster of accreditations and privacy certifications continue to distinguish us in the marketplace.

我們的收入加速成長得益於我們的產品在程式化、社交和 CTV 等快速成長領域的成功，以及在越來越多的國際市場中贏得大型企業客戶的全球擴張策略。我們業界領先的創新軟體平台繼續在全球數位廣告生態系統中快速擴展，推動更多數據、更好的分析和更深入的洞察，這些結合起來為我們的廣告商帶來更好的結果。我們不斷增加的認證和隱私認證名單繼續使我們在市場上脫穎而出。

We have raised our full year revenue guidance and are excited about DV's long-term growth trajectory as our platform expands from verifying the quality of media impressions to helping drive ad performance with the objective of maximizing return on ad spend for our clients. Working to drive performance outcomes create stickier relationships with advertiser partners and greater opportunities to generate revenue. Let's take a few minutes to dig into our key revenue growth drivers.

我們提高了全年收入指引，並對 DV 的長期成長軌跡感到興奮，因為我們的平台從驗證媒體印象的品質擴展到幫助提高廣告效果，以最大限度地提高客戶的廣告支出回報。努力推動績效成果，與廣告客戶合作夥伴建立更緊密的關係，並創造更多創收機會。讓我們花幾分鐘時間來深入研究我們的主要收入成長驅動力。

Starting with Programmatic, revenue from Authentic Brand Safety, or ABS, our market-leading prebid solution, grew 112% year-over-year, driven by wide-scale adoption on Google's DV360 platform, where it was launched in the fourth quarter of 2020. ABS continues to roll out on additional programmatic buying platforms around the globe, creating greater opportunities for advertisers to upgrade to this premium solution. In the second quarter, we successfully launched ABS on Adform, which is Europe's largest independent programmatic buying platform as well as on Quantcast and PulsePoint, with rollout expected on Tremor International in the third quarter.

從程式化開始，我們市場領先的預出價解決方案 Authentic Brand Safety (ABS) 的營收年增 112%，這得益於 2020 年第四季推出的 Google DV360 平台的廣泛採用。ABS 繼續在全球其他程式化購買平台上推出，為廣告主升級到這項優質解決方案創造了更多機會。第二季度，我們在歐洲最大的獨立程式化購買平台 Adform 以及 Quantcast 和 PulsePoint 上成功推出了 ABS，預計第三季度在 Tremor International 上推出。

As ABS is a premium priced alternative to our basic programmatic brand safety offering, a portion of the increase in overall programmatic revenue stems from clients upgrading from standard brand safety to ABS as we successfully upsell this unique solution. We believe the success of ABS is a great example of how our platform and its integrations across the ecosystem are a flywheel for growth. Our software platform leverages established technical integrations across the digital advertising ecosystem to capture and process data at scale, allowing us to successfully build and launch new products.

由於 ABS 是我們基本程序化品牌安全產品的優質替代品，因此整體程序化收入成長的一部分源於客戶從標準品牌安全升級到 ABS，因為我們成功地追加銷售了這個獨特的解決方案。我們相信 ABS 的成功是一個很好的例子，說明我們的平台及其在整個生態系統中的整合如何成為成長的飛輪。我們的軟體平台利用整個數位廣告生態系統中已建立的技術整合來大規模捕獲和處理數據，使我們能夠成功建構和推出新產品。

Once these products are built, our in-place ecosystem relationships enable seamless upsell and distribution with compounding revenue streams. This virtuous data, innovation, distribution cycle helps build scale and intelligence that deliver better results and attract new clients, spinning the flywheel even faster.

一旦這些產品建成，我們現有的生態系統關係就可以實現無縫追加銷售和分銷，並帶來複合收入流。這種良性的數據、創新、分銷循環有助於建立規模和智能，從而提供更好的結果並吸引新客戶，從而更快地旋轉飛輪。

Moving to Social. Our clear leadership position in this sector helped grow DoubleVerify's Social volume by 100% year-over-year, making up approximately 35% of our direct revenue in the second quarter. DoubleVerify delivers a wide set of MRC-accredited solutions available on the largest social network, Facebook, and we continue to expand and deepen social platform integrations with a growing roster of partners. We recently launched our TikTok viewability and fraud solutions in open beta in 14 markets and are excited about the expansion of this relationship and its potential for future growth.

轉向社交。我們在該領域的明確領導地位幫助 DoubleVerify 的社交業務量年增 100%，約占我們第二季直接收入的 35%。DoubleVerify 在最大的社交網路 Facebook 上提供了一系列經過 MRC 認證的解決方案，並且我們繼續與越來越多的合作夥伴擴展和深化社交平台整合。我們最近在 14 個市場推出了 TikTok 可見度和詐欺解決方案的公測版，我們對這種關係的擴展及其未來成長的潛力感到興奮。

Turning to CTV. Our products continue to gain traction in one of the fastest growing segments of the advertising market. eMarketer now forecasts 2021 CTV ad spend to grow by almost 50% year-over-year. DoubleVerify grew second quarter CTV volumes by 89% year-over-year, driven by DV Video Complete, which is currently the only solution that allows brands to effectively block brand suitability and fraud violations on CTV through video filtering. Advertisers using DV Video Filtering saw a 49% lower brand suitability violation rate than those who have not yet adopted the tool. DV Video Filtering for CTV recently received MRC accreditation.

轉向中視。我們的產品在廣告市場中成長最快的領域之一繼續受到關注。eMarketer 目前預測 2021 年 CTV 廣告支出將年增近 50%。在 DV Video Complete 的推動下，DoubleVerify 第二季 CTV 銷量年增 89%，DV Video Complete 是目前唯一允許品牌透過視訊過濾有效阻止 CTV 上的品牌適宜性和詐欺違規行為的解決方案。使用 DV 影片過濾的廣告商發現，與尚未採用該工具的廣告商相比，品牌適宜性違規率降低了 49%。CTV 的 DV 視訊過濾最近獲得了 MRC 認證。

We also added Fully-On Screen, which is our measure of CTV viewability, to our list of CTV metrics to receive the MRC stamp of approval, which coupled with our CTV fraud and invalid traffic accreditation, firmly puts us in a leadership position for quality CTV metrics.

我們還在 CTV 指標清單中添加了 Full-On Screen（我們衡量 CTV 可見度的指標），以獲得 MRC 批准印章，再加上我們的 CTV 詐欺和無效的流量認證，使我們牢牢地處於品質領先地位CTV 指標。

Additionally, we have recently launched the industry's only app-level CTV brand suitability solution, which offers advertisers wide brand suitability coverage across all CTV platforms, apps and devices. We are the first verification provider to roll out turnkey brand safety tiers and floor controls in alignment with standards advanced by the 4A's Advertising Protection Bureau and World Federation of Advertisers Global Alliance for Responsible Media. And we have recently rolled out these controls on YouTube as well.

此外，我們最近推出了業界唯一的應用程式級CTV品牌適宜性解決方案，為廣告主提供跨所有CTV平台、應用程式和裝置的廣泛品牌適宜性覆蓋範圍。我們是第一家推出交鑰匙品牌安全層和底層控制的驗證供應商，符合 4A 廣告保護局和世界廣告商聯合會負責任媒體全球聯盟提出的標準。我們最近也在 YouTube 上推出了這些控制項。

Shifting to international growth. We now generate revenue in 94 countries. We grew second quarter APAC revenues by 73% year-over-year and EMEA revenues by 62% year-over-year as we continue to execute our global expansion strategy. We see both extensive white space and competitive opportunities in global regions outside the Americas. We recently won the global business of new enterprise clients, including Diageo, BMW, Philip Morris International, Grupo Bimbo and Bumble. International clients switched to DV based on 3 key differentiators.

轉向國際成長。我們現在在 94 個國家創造收入。隨著我們繼續執行全球擴張策略，第二季亞太地區營收年增 73%，歐洲、中東和非洲營收年增 62%。我們在美洲以外的全球地區看到了廣泛的空白空間和競爭機會。我們最近贏得了新企業客戶的全球業務，包括帝亞吉歐（Diageo）、寶馬（BMW）、菲利普莫里斯國際（Philip Morris International）、Grupo Bimbo 和 Bumble。國際客戶基於 3 個關鍵差異點轉向 DV。

The first is the strength of our software platform and its unique ability to seamlessly connect measurement to targeting with our pre- and post-bid capabilities while servicing insights through a consolidated user interface. Second is the depth and granularity of our product integrations across media buying platforms. And third is the scale at which we measure and analyze transaction data. Combined, these factors produce better analytics, which maximize ROI for clients and help us win in head-to-head comparisons with other platforms. DV has won 86% of new or expansion business opportunities over the past 5 quarters.

首先是我們軟體平台的優勢及其獨特的能力，可以透過我們的出價前和出價後功能將測量與目標無縫連接，同時透過統一的用戶介面提供見解。其次是我們跨媒體購買平台的產品整合的深度和粒度。第三是我們衡量和分析交易數據的規模。這些因素結合起來可以產生更好的分析，從而最大限度地提高客戶的投資回報率，並幫助我們在與其他平台的正面比較中獲勝。過去5個季度，DV贏得了86%的新增或擴張業務機會。

Direct revenue outside of the Americas grew nearly 66% year-over-year in the second quarter, representing approximately 24% of direct revenue and exemplifying the expanding opportunity for the application of our software in markets around the globe. On top of our global direct and programmatic growth, we continue to renew and expand revenue-generating partnerships with key supply-side platforms and publishers, including MoPub, a market-leading mobile sell-side platform, and Yahoo! JAPAN, one of the largest digital publishers in the APAC region.

第二季美洲以外的直接收入年增近 66%，約佔直接收入的 24%，反映了我們的軟體在全球市場的應用機會不斷擴大。除了我們的全球直接和程序化增長之外，我們還繼續更新和擴大與主要供應方平台和出版商的創收合作夥伴關係，包括 MoPub（市場領先的行動賣方平台）和 Yahoo!JAPAN，亞太地區最大的數位出版商之一。

Building off our successful acquisition of Ad-Juster in 2019, DoubleVerify is now integrated with 85 of the world's largest publishers, enabling us to leverage our data set into accretive solutions across both the buy and sell sides of the digital advertising ecosystem.

在 2019 年成功收購 Ad-Juster 的基礎上，DoubleVerify 現已與全球 85 家最大的發行商整合，使我們能夠將我們的資料集用於數位廣告生態系統買賣雙方的增值解決方案。

Let me conclude with an update on our Performance Solutions and investment in privacy leadership. Our recently launched privacy-friendly Performance Solutions continue to gain traction, taking advantage of the growing vacuum created by the ongoing deprecation of third-party cookies. Google's announcement to delay cookie deprecation on Chrome gave the industry a brief breather. However, the momentum shifting digital targeting away from cookie-based identifiers is unstoppable as cookieless venues such as iOS devices and CTV gain increasing advertiser attention.

最後，我要介紹我們的性能解決方案和隱私領導力投資的最新情況。我們最近推出的隱私友善性能解決方案繼續受到關注，利用第三方 cookie 的持續棄用所造成的日益擴大的真空。谷歌宣布推遲在 Chrome 上棄用 cookie 讓業界短暫喘息。然而，隨著 iOS 裝置和 CTV 等無 Cookie 的場所越來越受到廣告商的關注，數位定位從基於 Cookie 的識別碼轉變的勢頭是不可阻擋的。

DV Custom Contextual is a cookie-free and privacy-safe programmatic performance solution that leverages the same best-in-class ontology and semantic science that powers authentic brand safety to maximize the relevance between ads and content. Recently, Vodafone U.K. partnered with us to test DV Custom Contextual, and the results were exceptional. We delivered over twice as many acquisitions per dollar than Vodafone U.K.'s benchmark and over 3x as many as a competitor's contextual strategy that was running in parallel. Custom Contextual was recently made available on leading DSPs, including The Trade Desk, MediaMath, Adform, Amazon, Verizon Media and Xandr. Advertisers regularly using our solution have more than doubled in the second quarter compared to the first quarter of this year.

DV Custom Contextual 是一種無 cookie 且隱私安全的程式化效能解決方案，它利用相同的一流本體論和語義科學來支援真正的品牌安全，從而最大限度地提高廣告和內容之間的相關性。最近，英國沃達豐與我們合作測試了 DV Custom Contextual，結果非常出色。我們每美元完成的收購數量是沃達豐英國基準的兩倍多，是並行運行的競爭對手的上下文策略的三倍多。Custom Contextual 最近在領先的 DSP 上提供，包括 The Trade Desk、MediaMath、Adform、Amazon、Verizon Media 和 Xandr。與今年第一季相比，第二季經常使用我們解決方案的廣告商增加了一倍以上。

As global market leaders in a rapidly evolving digital ad ecosystem, privacy is at the core of our business. DV's measurement solutions are cookie-free, and we're proud to announce that we are the first in the industry to be awarded privacy certification seals from TrustArc, demonstrating that DV's data protection mechanisms are aligned with core international data protection principles and standards.

作為快速發展的數位廣告生態系統中的全球市場領導者，隱私是我們業務的核心。DV 的測量解決方案不含 cookie，我們很自豪地宣布，我們是業內第一家獲得 TrustArc 授予的隱私認證印章的公司，這表明 DV 的資料保護機制符合核心國際資料保護原則和標準。

In summary, Q2 was another strong quarter for DV. We continued to deliver robust growth based on our channel strength in Programmatic, Social and CTV as well as our successes on the global new business development front. But we are winning share and filling in white space around the world. Our market-leading partnerships and platform innovations position us to take advantage of industry tailwinds. We've made tremendous progress to date, and we see a strong long-term growth trajectory ahead.

總而言之，第二季是 DV 的另一個強勁季度。憑藉我們在程式化、社交和 CTV 方面的通路優勢以及我們在全球新業務開發方面取得的成功，我們繼續實現強勁成長。但我們正在贏得市場份額並填補世界各地的空白。我們市場領先的合作夥伴關係和平台創新使我們能夠利用行業順風。到目前為止，我們已經取得了巨大進步，並且我們看到了未來強勁的長期成長軌跡。

With that, let me turn the call over to Nicola.

現在，讓我把電話轉給尼古拉。

Thank you, Mark. We're pleased to have delivered $76.5 million of revenue in the second quarter of 2021 as compared to $53 million in the second quarter of 2020. Our 44% year-over-year growth rate in this quarter is even more impressive considering that despite the pandemic, we grew by a robust 22% in the second quarter of 2020. Overall, revenue growth was driven by growth in the volume of Media Transactions Measured, gross revenue retention remaining above 95% for the quarter, while our new enterprise client wins continuing to increase our market share.

謝謝你，馬克。我們很高興在 2021 年第二季實現了 7,650 萬美元的收入，而 2020 年第二季的收入為 5,300 萬美元。考慮到儘管受到疫情影響，我們在 2020 年第二季度仍實現了 22% 的強勁增長，本季 44% 的同比增長率更加令人印象深刻。總體而言，收入成長是由測量媒體交易量的成長推動的，本季總收入保留率保持在 95% 以上，而我們的新企業客戶贏得了繼續增加我們的市場份額。

Second quarter 2021 adjusted EBITDA was $21.2 million, representing a 28% EBITDA margin as compared to $15.6 million or a 30% margin in the second quarter of 2020 as we invest in global operations, including product and engineering, to continue to drive long-term growth. A net loss of $12.6 million this quarter was entirely due to $18.9 million of onetime IPO-related transaction costs.

2021 年第二季調整後EBITDA 為2,120 萬美元，EBITDA 利潤率為28%，而2020 年第二季為1,560 萬美元，利潤率為30%，因為我們投資於包括產品和工程在內的全球業務，以繼續推動長期發展生長。本季 1,260 萬美元的淨虧損完全是由於 1,890 萬美元的一次性 IPO 相關交易成本造成的。

Cost of revenue increased by $4.6 million year-over-year in the second quarter, primarily due to higher costs from revenue-sharing arrangements with our programmatic partners as the programmatic revenue grew as a percentage of total revenue, but also due to increased investments in cloud-based hosting solutions to provide the scale and flexibility necessary to support our volume growth. Our second quarter product development costs increased by $4.2 million year-over-year as we extended our first quarter investments in scaling our operations globally and accelerating our product road map into new verticals.

第二季度營收成本年增 460 萬美元，主要是由於程序化收入佔總收入的百分比增長，與我們的程序化合作夥伴的收入分享安排的成本增加，但也由於對基於雲端的託管解決方案，提供支持我們的數量成長所需的規模和靈活性。我們第二季的產品開發成本比去年同期增加了 420 萬美元，因為我們擴大了第一季的投資，以擴大全球業務規模並加快我們的產品路線圖進入新的垂直領域。

We are focused on executing our long-term growth strategy and, to that end, have ramped our investments in hiring talent with a particular focus on sales, engineering and product. Sales, marketing and customer support expenses increased by $6.8 million in the second quarter of 2021 as we expanded our market presence in international markets, including building our newly formed global client and agency partnership team, which is focused on driving growth with DV's largest enterprise customers globally. Approximately half of our new hires in the second quarter were outside of the Americas, and we expect these investments to yield strong returns over the mid- to long term.

我們專注於執行長期成長策略，並為此增加了人才招募投資，特別關注銷售、工程和產品。隨著我們擴大在國際市場的市場份額，包括建立新成立的全球客戶和代理商合作夥伴團隊，該團隊專注於推動DV 最大的企業客戶的成長，2021 年第二季的銷售、行銷和客戶支援費用增加了680 萬美元全球。第二季我們新招募的員工約有一半來自美洲以外的地區，我們預計這些投資將在中長期產生強勁的回報。

In terms of balance sheet and cash flow, we generated $23 million in cash from operating activities in the second quarter of 2021 compared to $5 million in the second quarter of 2020. We had $330 million of cash at quarter end. We repaid $22 million of outstanding debt in the second quarter and currently have 0 debt on the balance sheet. The strength of our balance sheet provides us with an advantage when it comes to expanding our global footprint, investing in our technology road map as well as capitalizing on strategic acquisition opportunities with the potential to further accelerate our long-term growth.

就資產負債表和現金流而言，我們 2021 年第二季的營運活動產生了 2,300 萬美元的現金，而 2020 年第二季為 500 萬美元。截至季末，我們擁有 3.3 億美元現金。我們在第二季償還了 2,200 萬美元的未償債務，目前資產負債表上的債務為零。我們的資產負債表實力為我們在擴大全球足跡、投資技術路線圖以及利用策略收購機會方面提供了優勢，有可能進一步加速我們的長期成長。

Now turning to guidance. We expect third quarter revenue in the range of $81 million to $83 million, which at the midpoint implies growth of 34% year-over-year. We expect third quarter adjusted EBITDA in the range of $22 million to $24 million, which at the midpoint implies an increase of 59% year-over-year, and an adjusted EBITDA margin of 28%. Finally, we expect our third quarter weighted average diluted shares outstanding to range between 166 million and 169 million shares.

現在轉向指導。我們預計第三季營收在 8,100 萬美元至 8,300 萬美元之間，這意味著年增 34%。我們預計第三季調整後 EBITDA 在 2,200 萬美元至 2,400 萬美元之間，這意味著年增 59%，調整後 EBITDA 利潤率為 28%。最後，我們預計第三季加權平均稀釋後流通股數量將在 1.66 億至 1.69 億股之間。

For the full year 2021 guidance, we expect revenue in the range of $325 million to $330 million, a year-over-year increase of 34% at the midpoint and higher than the prior guidance range of $322 million to $326 million. Our second half 2021 guidance reflects sequential revenue growth rates that return to the seasonal patterns that we achieved in 2019. As we continue to prioritize investing in the business to drive long-term growth, we expect adjusted EBITDA in the range of $103 million to $105 million, a year-over-year increase of 42%, and an adjusted EBITDA margin of 32% at the midpoint.

對於 2021 年全年指導，我們預計營收在 3.25 億美元至 3.3 億美元之間，年增 34%，高於先前 3.22 億美元至 3.26 億美元的指導範圍。我們的 2021 年下半年指引反映了收入的連續成長率，該成長率回歸到我們在 2019 年實現的季節性模式。隨著我們繼續優先投資業務以推動長期成長，我們預計調整後 EBITDA 將在 1.03 億美元至 1.05 億美元之間，年增 42%，調整後 EBITDA 利潤率為 32%。中點。

In summary, our strong first half 2021 results of 38% revenue growth and 30% EBITDA margins delivered against the rule of 60 and we are executing well against our full year plan. And with that, we will open the line for questions. Operator, please go ahead.

總而言之，我們 2021 年上半年的業績強勁，按照 60 規則實現了 38% 的收入增長和 30% 的 EBITDA 利潤率，並且我們的全年計劃執行得很好。接下來，我們將開通提問專線。接線員，請繼續。

(Operator Instructions) Our first question comes from Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的馬克墨菲。

Congrats on the strength of results. I wanted to ask about your 2021 Global Insights Report, which showed overall fraud is down 30%. But it seemed to show some different activity in mobile app and Connected TV. So 2 questions on that. First of all, to what do you attribute that overall decline in fraud? And second, how is the nature of fraud changing in the Connected TV arena?

祝賀結果的力量。我想詢問你們的 2021 年全球洞察報告，該報告顯示整體詐欺率下降了 30%。但它似乎在行動應用程式和連網電視中顯示出一些不同的活動。所以有兩個問題。首先，您將詐騙總體下降歸因於什麼？其次，連網電視領域的詐欺性質有何變化？

Okay. It's a great question, Mark. Thanks. And thanks for reading the report. We love when our analysts dig in on our research. It's awesome. So we'll dig in on yours, too. So the first thing we want to talk about on the fraud side, it's an important thing to note that as we saw fraud rates decrease on a significant basis, overall, there's still a significant amount of fraud volume in the marketplace. However, what we've seen is that there's a direct correlation between what we call prebid fraud avoidance and prebid filtering with post-bid declines in fraud measurement.

好的。這是一個很好的問題，馬克。謝謝。感謝您閱讀報告。我們喜歡分析師深入研究我們的研究。這很棒。所以我們也會深入研究你的。因此，我們要在詐欺方面談論的第一件事是，值得注意的是，隨著我們看到詐欺率大幅下降，總體而言，市場上仍然存在大量詐欺量。然而，我們看到的是，我們所說的投標前詐欺避免和投標前過濾與投標後詐欺衡量的下降之間存在直接相關性。

What that means is as clients use and employ our prebid filtering solutions like ABS, we see that actually having a direct impact on the amount of fraud that we see in post-bid measurement. So in some aspects, it shows what we're doing is working, right? By filtering out impressions before they even make it to a buyer's purview, it allows us to actually drive down the overall rate of fraud that we see across the board.

這意味著，當客戶使用我們的投標前過濾解決方案（如 ABS）時，我們發現這實際上對我們在投標後衡量中看到的詐欺數量產生了直接影響。所以在某些方面，這表明我們正在做的事情正在發揮作用，對嗎？透過在印象進入買家的權限之前就將其過濾掉，它使我們能夠真正降低我們所看到的全面詐欺率。

The other thing to think about -- so the other half of your question regarding CTV. As we've noted in the past, as the demand for CTV inventory continues to grow and as the CPMs around that inventory accelerate, there's obviously a huge amount of opportunity for people to try to perpetrate fraud in that space. It's the whole idea of why do people rob banks, that's where the money is. Well, why is their fraud heading towards CTV? Because that's where the money is. And there's a couple of main ways that we've seen fraud start to proliferate there. The first is really around what we call device spoofing, right? And this is where a mobile device or another type of device, desktop device actually changes its domain name -- or it changes its device identifier to actually look like a CTV. So that's the kind of first main way.

另一件需要考慮的事情——所以你的問題的另一半是關於 CTV 的。正如我們過去所指出的，隨著對 CTV 廣告資源的需求持續增長，以及該廣告資源的每千次展示費用 (CPM) 加速，人們顯然有大量機會試圖在該領域進行詐欺。這就是為什麼人們搶劫銀行的全部想法，這就是錢的所在。那麼，為什麼他們的詐欺行為會流向 CTV？因為錢就在那裡。我們發現詐欺行為開始透過幾種主要方式氾濫。第一個實際上是我們所說的設備欺騙，對吧？這就是行動裝置或其他類型的裝置、桌面裝置實際更改其網域的地方，或更改其裝置識別碼以實際上看起來像 CTV。這就是第一種主要方式。

The second thing we're starting to see on that same vein is not just the device type spoofing, but actually a domain spoofing, which is someone pretending to be a legitimate brand or application by coming up with a domain name that looks very similar or is a takeoff of that legitimate device. So those are 2 common ways.

我們開始看到的第二件事不僅僅是設備類型欺騙，而且實際上是域名欺騙，即有人通過提出看起來非常相似的域名來冒充合法的品牌或應用程序，或者是該合法設備的起飛。這是兩種常見的方式。

The third that we look at is a little bit more insidious, I would think, is -- are basically fraudulent apps. These are applications that may look totally innocuous and may even have some level of legitimate content on them. But in the case of CTV, these apps, for example, even if you shut them off or are no longer viewing them, will be running advertising in the background. So they'd never really shut off. And the interesting thing about this way -- this fraud approach is that we saw this earlier in mobile, right? It's another derivation of what we saw on mobile devices in which apps did the same thing.

我認為，我們看到的第三個有點陰險，基本上是欺詐性應用程式。這些應用程式可能看起來完全無害，甚至可能包含一定程度的合法內容。但就 CTV 而言，這些應用程式即使您將其關閉或不再查看它們，也會在後台運行廣告。所以他們永遠不會真正關閉。這種方式有趣的地方在於——這種詐騙方法我們很早就在行動領域看到過，對吧？這是我們在行動裝置上看到的另一種衍生形式，其中應用程式執行相同的操作。

So a very long answer to your increasingly complex question. Whereas in some ways, every new device spurs a new type of fraud. We do have aggressive investment around our Fraud Lab to continue to stamp these out. And the good news is we are seeing progress with regard to our prebid filtering solutions actually having an impact on post-bid fraud rates.

對於您日益複雜的問題，這是一個很長的答案。然而在某些方面，每一種新設備都會引發一種新型的詐欺行為。我們確實在詐欺實驗室周圍進行了積極的投資，以繼續消除這些行為。好消息是，我們看到投標前過濾解決方案取得了進展，實際上對投標後詐欺率產生了影響。

Excellent, Mark. Thank you very much for the very clear answer, and it is great to see that correlation with what you're trying to do prebid and what's happening post-bid.

太棒了，馬克。非常感謝您提供非常明確的答案，很高興看到您在投標前嘗試做的事情以及投標後發生的事情之間的相關性。

Our next question comes from Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

Congrats on the strong quarter. I heard in the prepared remarks that you established a new client and agency partnership team. I would just love to hear a little bit more about that. How are they going to be working with your largest accounts and maybe how that might change the revenue growth that's coming from your existing customers versus perhaps new accounts that are coming onboard.

恭喜季度表現強勁。我在準備好的演講中聽說您建立了一個新的客戶和代理商合作夥伴團隊。我只是想聽聽更多有關此事的資訊。他們將如何與您最大的客戶合作，以及這可能會如何改變現有客戶與新客戶的收入成長。

Yes. Arjun, it's a great question. Thanks for picking up on that note because it is a really interesting and important endeavor for us. Just to kind of maybe give a quick background of why the team was put together. As we've seen ongoing consolidation with the way that advertisers are approaching verification solutions, i.e., they're collapsing point solutions into a single platform solution, we've been the beneficiary of that, right? Because our solutions see across viewability and across brand safety and suitability and across geographic alignment and across fraud.

是的。阿瓊，這是一個很好的問題。感謝您注意到這一點，因為這對我們來說是一項非常有趣且重要的努力。只是為了讓大家快速了解為什麼要組這個團隊。正如我們所看到的，廣告主採用驗證解決方案的方式正在不斷整合，即將單點解決方案分解為單一平台解決方案，我們一直是其中的受益者，對嗎？因為我們的解決方案涵蓋可見性、品牌安全性和適用性、地理定位和詐欺行為。

The enterprises have looked to consolidate that, and the enterprises have looked to consolidate their business globally as well. So that meant the way we dealt with clients either on a regional basis or on a solution basis really didn't line up with where they were going and where the industry was going. So we built this team to address the larger needs -- the global needs of enterprise clients, so folks like Unilever and Mondelez that we work with around the world as well as approaching new clients that are looking for a multifunctional global relationship.

這些企業希望鞏固這一點，也希望在全球範圍內鞏固其業務。因此，這意味著我們以區域為基礎或以解決方案為基礎與客戶打交道的方式確實不符合他們的發展方向和產業的發展方向。因此，我們建立這個團隊是為了滿足更大的需求——企業客戶的全球需求，因此我們與聯合利華和億滋這樣的人在世界各地合作，並接觸正在尋求多功能全球關係的新客戶。

And I think that's the key, is that enterprise clients are looking for an enterprise partner to service their needs in any place around the world. What that also means is that when we're approaching new clients, we can do so from a position of power, not only from how our solution is built, but from how our team is organized. We find more often than not, we are no longer looking at deals in one country to the next. But we're looking at deals that encompass multiple countries.

我認為這是關鍵，企業客戶正在尋找企業合作夥伴來滿足他們在世界各地的需求。這也意味著，當我們接觸新客戶時，我們可以從權力的位置上做到這一點，不僅從我們的解決方案的構建方式，而且從我們的團隊的組織方式。我們常常發現，我們不再考慮從一個國家到另一個國家的交易。但我們正在考慮涉及多個國家的交易。

We have, in some of our brands, for example, they work with us in over 75 markets around the world. So our approach to both servicing them and actually acquiring that business has to be global. So that's the point behind this team is as we continue to take advantage of the consolidation that these clients are looking to do with their platform business, we have a team that aligns with those goals.

例如，我們的一些品牌在全球超過 75 個市場與我們合作。因此，我們為他們提供服務和實際收購業務的方法必須是全球性的。因此，這就是這個團隊背後的重點，隨著我們繼續利用這些客戶希望對其平台業務進行的整合，我們擁有一個與這些目標保持一致的團隊。

And when we think about that, how that -- what that means from our revenue perspective, a good portion of our revenue growth comes, as we've talked about in the past, from organic growth, so same-store sales. That can come from with the consolidation of assets that -- where we may not hold 100% of the business, but also by driving global volume and expansion. So this team's role is also to do that, is with current clients grow additional usage to upsell products. So we certainly didn't put this team together to just maintain revenue. We -- the goal behind this is to continue to accelerate our revenue. It's still a new team. They've only been around for a couple of months. But we do feel that as they begin to align with our clients' goals and as we move into 2022, their ability to kind of continue to accelerate and grow revenue is going to be real.

當我們思考這一點時，從我們的收入角度來看，這意味著什麼，正如我們過去談到的那樣，我們收入成長的很大一部分來自有機成長，即同店銷售。這可以透過資產整合來實現——我們可能無法持有 100% 的業務，但也可以透過推動全球銷售和擴張來實現。因此，該團隊的角色也是這樣做，即與現有客戶一起增加額外的使用量來追加銷售產品。所以我們組這個團隊當然不是為了維持收入。我們——這背後的目標是繼續加速我們的收入。這仍然是一個新團隊。他們只存在了幾個月。但我們確實認為，隨著他們開始與我們客戶的目標保持一致，隨著我們進入 2022 年，他們繼續加速和增加收入的能力將成為現實。

Perfect. That sounds very interesting. That's very helpful. And one more, if I could, for Nicola. Obviously, you're seeing strength in your business. It seems that programmatic growth has certainly exceeded expectations this quarter. Can you maybe just talk about your guidance and how you're looking at the back half of the year? Because it seems like we're keeping second half growth rates relatively constant with the revised full year guidance.

完美的。聽起來很有趣。這非常有幫助。如果可以的話，再給尼古拉一份。顯然，您看到了自己業務的優勢。看來本季的程序化成長確實超出了預期。您能否談談您的指導以及您對下半年的看法？因為我們似乎將下半年的成長率與修訂後的全年指引保持相對穩定。

Yes, Arjun, good question. So first, I would just want to spend a moment on second quarter, which was strong at 44% growth. And how we got there was, as you said, programmatic was very strong, ABS continued to drive that part of the growth. But we also saw a return of spend for some of the customers that had paused last year during the pandemic. As you know, our revenue is not tied to CPMs. And so even last year in the second quarter, we grew 22% in the second quarter of 2020. This year's 44% growth in the second quarter is all that more impressive right because it's just driven by volume.

是的，阿瓊，好問題。首先，我想花點時間談談第二季度，該季度的成長強勁，達到 44%。正如您所說，我們是如何實現這一目標的，程式化非常強大，ABS 繼續推動了這部分成長。但我們也看到一些去年在疫情期間暫停的客戶支出有所回升。如您所知，我們的收入與每千次曝光費用無關。因此，即使是去年第二季度，我們在 2020 年第二季度也成長了 22%。今年第二季 44% 的成長更加令人印象深刻，因為它只是由銷量推動的。

For the second half, we are still seeing an uncertain operating environment related to COVID. And so our view is to remain prudent. We're not hearing this from our advertisers necessarily that they're looking to pull back. But the general environment feels that we ought to be prudent when we look at the second half of the year. And that's sort of how we put the guidance out there. It is still a 34% growth rate for the year with margins over 30%, which gives you still a rule of 60, which is what we're committed to.

下半年，我們仍看到與新冠疫情相關的不確定營運環境。因此我們的觀點是保持謹慎。我們從廣告商那裡聽到的消息並不一定是他們想要撤回。但大環境感覺我們看下半年還是應該謹慎。這就是我們發布指導的方式。今年的成長率仍然是 34%，利潤率超過 30%，這仍然是 60 的規則，這也是我們所承諾的。

Our next question comes from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

Congrats on a solid quarter, your second in a row post-IPO. So maybe the first question to Nicola, just a follow-up to the prior question about guidance. So you're obviously up against some tougher comps in Q3 because the growth rate went from 22% up to 36% -- so I'm sorry, to 32% last year. I was wondering just if maybe you can peel that onion a little bit, maybe speak to what you're baking in, in terms of Advertiser Direct versus Programmatic for the second half?

恭喜您實現了穩健的季度業績，這是您在首次公開募股後連續第二季的業績。所以也許是尼古拉的第一個問題，只是之前有關指導問題的後續問題。因此，你顯然在第三季面臨一些更艱難的競爭，因為成長率從 22% 上升到 36%——所以我很抱歉，去年成長到了 32%。我想知道您是否可以稍微剝一下洋蔥皮，也許談談您正在烘烤的東西，就下半年的廣告商直接與程序化而言？

And then on the TikTok open beta, that's -- congrats. That's a really great news. How long does the beta last? Is the U.S. one of the 14 countries where you are? Maybe Mark, you can just provide some additional color, commentary there. Just trying to understand kind of the timing of TikTok potentially becoming a paying client and then how do we go about maybe getting our arms around the possibility for contribution to revenues over time, I guess, in 2022, which you're not guiding to right now, but just kind of qualitatively, if you may.

然後在 TikTok 公開測試版上，那就是——恭喜。這真是個好消息。測試版持續多久？美國是您所在的 14 個國家之一嗎？也許馬克，你可以在那裡提供一些額外的顏色和評論。只是想了解 TikTok 可能成為付費客戶的時機，然後我們如何著手，也許可以抓住隨著時間的推移，我猜是在 2022 年為收入做出貢獻的可能性，但你沒有引導到正確的方向現在，但如果可以的話，只是定性的。

Yes. Youssef, I'll take the guidance question around Q3. So we're anticipating -- we've had great success with Programmatic. That's really leading the charge, especially with the adoption of ABS. So what we are anticipating is that the shift towards Programmatic versus direct will continue in Q3. So you should see Programmatic as a percent of revenue continue to expand in Q3. But we're not seeing any sort of degradation on the direct side. We have some large enterprise wins that have come in, in the first half of the year that will also contribute to the growth. But what you've seen in the patterns in the first and second quarter, you should expect to continue in the third quarter for sure.

是的。Youssef，我將回答第三季的指導問題。所以我們預期——我們在程序化方面取得了巨大的成功。這確實處於領先地位，尤其是在採用 ABS 的情況下。因此，我們預計，向程序化與直接行銷的轉變將在第三季度繼續。因此，您應該會看到程序化佔收入的百分比在第三季繼續擴大。但我們沒有看到任何直接方面的退化。今年上半年，我們贏得了一些大型企業的勝利，這也將有助於成長。但你在第一季和第二季看到的模式，你應該預期第三季肯定會繼續下去。

And on the TikTok opportunity, we're obviously very excited about that because our advertisers are leaning into that. We kicked off our first client advisory council earlier this year. And one of the main areas that they focused on is, hey, we love TikTok as a potential advertising venue, we would love to see you guys extend your solution set there, so we could feel confident with our advertising spend on TikTok as we do everywhere else. So we are excited to be part of the beta. And right now, of the 14 markets we're in, U.S. is part of that group. And those are advertiser-driven markets as well as TikTok-driven markets.

對於 TikTok 的機會，我們顯然對此感到非常興奮，因為我們的廣告商正在關注這一點。今年早些時候，我們啟動了第一個客戶諮詢委員會。他們關注的主要領域之一是，嘿，我們喜歡 TikTok 作為一個潛在的廣告場所，我們很高興看到你們在那裡擴展你們的解決方案，這樣我們就可以像我們一樣對 TikTok 上的廣告支出充滿信心其他地方。因此，我們很高興成為測試版的一部分。目前，在我們所處的 14 個市場中，美國屬於該組的一部分。這些是廣告商驅動的市場以及 TikTok 驅動的市場。

And we look -- we're looking for a likely Q4 implementation. It will be a slow role as with all uptake. But this is -- the great thing about that opportunity is it will be as robust as the spend that heads into that spaces. As you know, we have a model in which advertisers, once they click on that seatbelt for protection, they use us in every venue they possibly can. And as we see, Social has been a really strong growth area for us. It grew 100% year-over-year in Q2. And there's no slowing down of Social spend.

我們正在尋找可能的第四季度實施。與所有吸收一樣，這將是一個緩慢的角色。但這個機會的偉大之處在於，它將與進入該領域的支出一樣強勁。如您所知，我們有一個模型，廣告商一旦繫上安全帶進行保護，就會在任何可能的場所使用我們。正如我們所看到的，社交對我們來說是一個非常強勁的成長領域。第二季年增 100%。社會支出並沒有放緩。

So we think that TikTok can be a nice addition to our roster of partners that we currently work with on the Social side, including YouTube and Twitter and Facebook and Snap and Pinterest and Instagram. So having them as part of that legion, I think, will definitely have a nice impact on 2022. It's too early to say how big that will be, but it really is driven by advertiser interest because we are there -- once we're there, we're there, and they will use us on the impressions that they spend on TikTok.

因此，我們認為 TikTok 可以成為我們目前在社交方面合作的合作夥伴名單中的一個很好的補充，這些合作夥伴包括 YouTube、Twitter、Facebook、Snap、Pinterest 和 Instagram。因此，我認為讓他們成為該軍團的一部分肯定會對 2022 年產生良好的影響。現在說這個規模有多大還為時過早，但這確實是由廣告商的興趣驅動的，因為我們在那裡——一旦我們在那裡，我們就在那裡，他們會根據在TikTok 上花費的印象來使用我們。

And just to clarify, Mark, do you know if any of your competitors are also kind of working on similar support of the TikTok platform? Or is this -- or are you guys the first, at least in the U.S.?

馬克，想澄清一下，你知道你的競爭對手是否也在為 TikTok 平台提供類似的支援嗎？或者這是——或者你們是第一個，至少在美國？

Yes. I mean there are other participants in the beta, but we obviously have a unique position with our client base. And that's the nice thing to remember about where we sit is our current enterprise relationships with the largest brands mean that once we have a new venue to measure against the -- any dollars that they're spending there for the most part immediately get turned on with us.

是的。我的意思是還有其他參與者參與測試，但我們顯然在我們的客戶群中擁有獨特的地位。值得記住的是，我們目前與最大品牌的企業關係意味著，一旦我們有了一個新的場所來衡量，他們在那裡花費的任何美元大部分都會立即啟動和我們。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Mark, you mentioned in your prepared remarks, this move from measuring quality to measuring performance and -- which I know you've talked about before. But I wonder if you could just spend a second kind of talking about 2 things. One, does that move you into a different set of competitors in the business? And then the second thing is, could you just talk about what sort of scale of development it takes to kind of move you firmly into that performance measurement area, I mean, more firmly than you already are?

馬克，您在準備好的發言中提到，從衡量品質到衡量績效的轉變—我知道您之前已經談過。但我想知道你是否可以花第二種時間談論兩件事。第一，這是否會讓您進入該行業的另一組競爭對手？然後第二件事是，你能談談需要什麼樣的發展規模才能讓你堅定地進入績效衡量領域，我的意思是，比你現在更堅定？

And then as a quick follow-up to the guidance, Nicola, could you just remind us on revenue visibility? Just -- is that evolving in sort of like are there things that could happen that could surprise you to the upside, I guess, as we get through the rest of the year?

然後，作為對指南的快速跟進，Nicola，您能否提醒我們收入可見度？只是——我想，隨著今年剩下的時間，這種情況的發展是否會發生一些讓你感到驚訝的事情？

Great. I'll take the first part. Nicola, you jump in on the second. So on the move or what we'd like to say kind of the transformation and evolution from protection to performance, the interesting thing about that is that the gap between protection and performance is actually much more narrow than you think. Because core verification, so eliminating fraud, eliminating impressions that can't be seen, eliminating impressions that aren't in the right geo or are not brand-safe, that is the first step in performance, right? So once we take the big meat cleaver to inventory and say these things are off the table, we've already improved performance.

偉大的。我將採取第一部分。尼古拉，你跳到第二個。因此，在移動或我們想說的從保護到性能的轉變和演變方面，有趣的是，保護和性能之間的差距實際上比您想像的要窄得多。因為核心驗證，所以消除欺詐，消除看不見的展示，消除不在正確地理位置或不品牌安全的展示，這是績效的第一步，對吧？因此，一旦我們將大型切肉刀放入庫存並表示不再考慮這些事情，我們就已經提高了性能。

So when we think about our evolution into the space, it's really an extension of what we're currently doing, right? It's an extension of moving from taking a big slice of inventory off the page. It's now using a scalpel right and finding within what's left, what's really good, what will really drive the highest level of performance. And the best part about that, so the question about what does it take from a development perspective, it all uses the same core data set. And that's like the magic of our business. We talk about this flywheel, which is all of the data that we're capturing on context and behavior and geography, all of that gets reused into Performance Solutions.

因此，當我們考慮向該領域的演變時，這實際上是我們目前正在做的事情的延伸，對吧？這是從頁面上刪除大量庫存的延伸。現在，它正在使用手術刀向右尋找剩下的東西，什麼是真正好的，什麼將真正推動最高水平的性能。最棒的是，從開發的角度來看，它需要什麼，它都使用相同的核心資料集。這就是我們業務的魔力。我們談論這個飛輪，它是我們在上下文、行為和地理位置上捕獲的所有數據，所有這些數據都被重複使用到效能解決方案中。

And whether it's contextual targeting or Authentic Attention or whatever is next for us in those solutions, it's leveraging the same data asset and repurposing it into an entirely new -- using it for an entirely new application. That's what gets us so excited about like the core flywheel here. Because we get more data as we drive our verification business. That verification business then fuels new solutions. And those new solutions allow us to reach out to even more advertisers, which give us more data. And that spins that wheel even faster.

無論是上下文定位、真實注意力還是這些解決方案的下一步，它都利用相同的數據資產並將其重新調整為全新的用途——將其用於全新的應用程式。這就是讓我們如此興奮的原因，例如這裡的核心飛輪。因為我們在推動驗證業務時獲得了更多數據。該驗證業務隨後催生了新的解決方案。這些新的解決方案使我們能夠接觸更多的廣告商，從而為我們提供更多的數據。這使得輪子旋轉得更快。

So when we look at development expense, the core is already there. And these are extensions of the application. So we always lean very aggressively into product and engineering development. But the nice part is that is not a -- there is not a single [alone] investment. They're all tied back to the core.

所以當我們看開發費用時，核心已經在那裡了。這些是應用程式的擴充。因此，我們始終非常積極地致力於產品和工程開發。但好的一點是，這不是一項單獨的投資。它們都被綁回核心。

And then the final part of your question, what does it do to our competitive set. I think it's -- it doesn't change it -- or it doesn't advance it as much as it just -- it starts to move into circles in which there are companies that have, at some point, touched into verification as well. Like I said, we're all in the performance-driving business. So I think we're coming from it from a very different perspective of how some other companies have come to it, and that is from a position of power around data at scale. Most performance-based applications are really limited to trying to drive performance at a campaign level, right?

然後是你問題的最後一部分，這對我們的競爭力有什麼影響。我認為它不會改變它，或者它不會像它那樣推進它，它開始進入一些公司在某些時候也涉足驗證的圈子。正如我所說，我們都從事以績效為導向的業務。因此，我認為我們是從一個與其他公司截然不同的角度來看這個問題的，那就是從大規模數據的權力地位出發。大多數基於績效的應用程式實際上僅限於嘗試在活動層級提高績效，對吧？

So what do I do to help this campaign? And what can I do to optimize this campaign? The best way to optimize at the campaign level is to have data on a global level. And what that means is we look at every interaction across the transaction, not just a specific campaign, which means the coverage that we have to optimize that performance is much broader than any company that came to the performance space just looking at a campaign level activation.

那我該怎麼做才能幫助這次活動呢？我可以做些什麼來優化這個活動？在行銷活動層面進行最佳化的最佳方法是擁有全球層面的數據。這意味著我們會關注整個交易中的每一次互動，而不僅僅是一個特定的活動，這意味著我們必須優化績效的覆蓋範圍比任何進入績效領域只關注活動級別激活的公司要廣泛得多。

So net-net, it does add a different level of competitors to our space. But for the most part, those competitors tend to be point solutions that are focused on campaign optimization, don't have the data scale that we have. And it allows us to come with a position of power with regard to the scale and scope of the data that we use to drive performance.

因此，網路確實為我們的領域增加了不同層級的競爭對手。但在大多數情況下，這些競爭對手往往是專注於行銷活動優化的單點解決方案，不具備我們擁有的資料規模。它使我們能夠在用於推動績效的數據規模和範圍方面佔據主導地位。

And Michael, on the surprises to the upside, I would focus mainly on Q4. I think we've been consistent with our view that we're being prudent, especially in the fourth quarter, which is generally our strongest quarter in a normalized year. I think the surprises would come from a complete return to a normal operating environment. That is not necessarily entirely baked.

邁克爾，關於上行方面的驚喜，我將主要關注第四季度。我認為我們一直堅持謹慎的觀點，特別是在第四季度，這通常是正常化年份中最強勁的季度。我認為驚喜將來自於完全恢復正常的營運環境。那不一定是完全烘烤的。

As we've always said, we're being prudent in that fourth quarter. So it would be volume. It would be measured transactions-driven rather than price, for sure. And it would be for existing customers if the activity levels increase beyond where we see them at this point. There are other potential positives related to unlocking volumes with our partners on Social and CTV. Those are not a certain -- I think the biggest positive upside would be just volume on a normalized basis from our existing customers, which is something that we're being prudent about.

正如我們一直所說的，我們在第四季度保持謹慎。所以這就是數量。當然，它將以交易驅動而非價格來衡量。如果活動水平超出我們目前看到的水平，那麼這對現有客戶來說是好事。與我們的社交和 CTV 合作夥伴一起釋放流量還有其他潛在的正面因素。這些都不是確定的——我認為最大的積極好處就是我們現有客戶的標準化基礎上的銷量，這是我們正在謹慎對待的事情。

Our next question comes from Matt Hedberg with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬特·赫德伯格。

Obviously, really strong growth this year off of the COVID here or the COVID quarter last year. I'm curious, when you look at some of these customers that obviously faced a lot of stress last year, have you noticed any difference in how they're leveraging your platform today maybe than versus pre-COVID? In other words, are they leaning into digital advertising more or different? Just wondering because I would imagine there could be some interesting trends coming out of some of those customers.

顯然，今年的成長在新冠疫情或去年新冠疫情季度的影響下確實強勁。我很好奇，當您觀察去年顯然面臨很大壓力的一些客戶時，您是否注意到他們今天利用您的平台的方式與新冠疫情之前相比有什麼不同？換句話說，他們是更傾向於數位廣告還是有所不同？只是想知道，因為我想像其中一些客戶可能會出現一些有趣的趨勢。

It's a really good question, Matt. I think the way that we would look at it is are they leaning into specific sectors more than we've seen in the past. And the 2 that we always like to call out are CTV and Social. And I think those are both advertiser-based changes, but also consumer engagement changes, right? So we saw a lot of different behavior emerge based on COVID, things like drive time in a way, right, and home time became the drive time.

這是一個非常好的問題，馬特。我認為我們看待這個問題的方式是，他們是否比我們過去看到的更傾向於特定領域。我們總是喜歡提到的兩個是 CTV 和 Social。我認為這些既是基於廣告商的變化，也是消費者參與的變化，對嗎？因此，我們看到基於新冠病毒出現了許多不同的行為，例如開車時間在某種程度上是正確的，回家時間變成了開車時間。

With that also came additional screen usage. And I think, too, there is that we've seen dollars flow into more than CTV and Social. Social is interesting because at this time last year, it was going through a pretty heady upheaval regarding a lot of the social movements that were out there and concerns about dollars being put into there. What that did for us, it wasn't that advertisers didn't want to be in Social, they wanted to make sure that they are in Social the right way. And that helped us quite a bit as seen in the 100% year-over-year revenue growth in Social. So I don't know if that's a behavioral change from advertisers, but it was certainly something that has evolved over the last year.

隨之而來的是額外的螢幕使用。我還認為，我們已經看到資金流入的不僅僅是 CTV 和 Social。社交很有趣，因為去年的這個時候，它正在經歷一場相當令人興奮的劇變，涉及許多社會運動以及對投入資金的擔憂。這對我們來說，並不是廣告商不想進入社交領域，而是他們想確保他們以正確的方式進入社交領域。這對我們幫助很大，從社交業務收入年增 100% 可見一斑。所以我不知道這是否是廣告商的行為變化，但這肯定是去年發生的事情。

And on the CTV front, I mean, that is a behavioral change that I think has -- will never go back. I mean, the idea of watching over-the-top the incredible increase in content and even ad-supported content over-the-top is truly a massive shift. And the comfort through which advertisers now have in buying that inventory -- in CTV inventory, I think, is -- has considerably grown and it's grown our business. And that's why we've leaned so heavily into not only new solutions around CTV and extending our core solutions to CTV, but ensuring that those solutions are accredited and ensuring that we build more confidence there. So if there's been a behavioral shift, I think we see those 2 sectors being the benefit, at least for us, and where our advertisers are spending their money.

我的意思是，在 CTV 方面，這是一種行為改變，我認為這種改變永遠不會逆轉。我的意思是，透過網路觀看令人難以置信的內容成長，甚至透過網路觀看廣告支援的內容，這確實是一個巨大的轉變。廣告商現在購買這些庫存（我認為是在 CTV 庫存中）的舒適度已經大大提高，這也促進了我們的業務成長。這就是為什麼我們不僅如此重視圍繞 CTV 的新解決方案並將我們的核心解決方案擴展到 CTV，而且還要確保這些解決方案得到認可並確保我們在那裡建立更多信心。因此，如果出現了行為轉變，我認為我們會看到這兩個領域是有利的，至少對我們而言，也是我們的廣告商花錢的地方。

No, that makes a ton of sense. And just it feels like with all the structural changes that I think we're all expecting you guys to benefit from, it feels like what you suggested should certainly pay one.

不，這很有道理。感覺就像所有的結構性變化，我認為我們都希望你們能夠從中受益，感覺就像你所建議的肯定應該付出代價。

Yes, for sure.

是肯定的。

Our next question comes from Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

I got 2, please. So the doubling of adoption of advertisers for Custom Contextual this quarter was impressive. Can you talk about how you move advertisers from kind of testing the product to being an always-on tool and returns that they're seeing? Additionally, can you talk about the impact of pricing that the move to performance has and how we think about that moving through the model? And then I've got a follow-up.

我有2個，拜託。因此，本季廣告商採用自訂上下文的數量翻了一番，令人印象深刻。您能談談如何將廣告商從測試產品轉變為永遠在線的工具並獲得他們所看到的回報嗎？此外，您能否談談轉向績效對定價的影響以及我們如何看待模型的轉變？然後我有一個後續行動。

Sure. So on the Custom Contextual, we're happy with the uptake, for sure. I think it's a great, again, example of using our core asset to move further down the performance route and also at a premium rate. So these 2 questions work really well together. When we think about how we move clients into Custom Contextual, the gray part is through Pinnacle, which is our software platform. We have a wonderful embed solution that allows them to take the same data that they're using for measurement and post-bid measurement and flow that into their Contextual -- their Custom Contextual targeting solutions.

當然。因此，對於自訂上下文，我們當然對它的採用感到滿意。我認為這又是一個很好的例子，利用我們的核心資產以更高的價格進一步提升績效。所以這兩個問題可以很好地結合在一起。當我們考慮如何將客戶轉移到自訂上下文時，灰色部分是透過 Pinnacle，這是我們的軟體平台。我們有一個出色的嵌入解決方案，允許他們獲取用於測量和出價後測量的相同數據，並將其流入他們的上下文 - 他們的自定義上下文定位解決方案。

So for us, a lot of this upsell in the contextual is working with our core clients that is already in place and literally just working with the data and the assets that they've been using to measure post-bid and through their integrations with the DSPs on a prebid side, leveraging that distribution. And that is, again, the magic of our model, which is the distribution is in place, the core data is there. It's about moving that data into those distribution cycles via new products. And Custom Contextual is one of those.

因此，對我們來說，上下文中的許多追加銷售都是與我們已經到位的核心客戶合作，實際上只是使用他們用來衡量出價後的數據和資產，並通過與預投標方的DSP，利用該分配。這又是我們模型的神奇之處，即分佈就位，核心數據就在那裡。這是透過新產品將資料轉移到這些分發週期。自訂上下文就是其中之一。

So it's been a great example of how we see product introductions down the road. We think there's a lot of great core opportunities around Custom Contextual. And that product in itself I think it is all about timing. And with what's going on around the deprecation of cookies and other Performance Solutions that were based on either audience data or some level of what's now considered PII or third-party cookies, all of those things are going to be challenged. So in the old -- everything old is new again. Context is truly starting to become at the forefront of a lot of the advertisers' minds when it comes to optimizing performance.

因此，這是我們如何看待未來產品推出的一個很好的例子。我們認為圍繞自訂上下文有很多巨大的核心機會。我認為該產品本身就在於時機。隨著 cookie 和其他基於受眾數據或某種程度的現在被認為是 PII 或第三方 cookie 的性能解決方案的棄用，所有這些事情都將受到挑戰。所以在舊的世界裡——一切舊的又都是新的了。在優化效果時，上下文確實開始成為許多廣告商最關心的問題。

The second half of your question on pricing with Performance Solutions, again, it's a nice place to be because performance -- there's always what do you pay for a car and what do you pay for the seatbelt for a car, right? A seatbelt you have to have, and it's critically important, and you use it every time. But that engine that really drives it and drives performance is what you pay a premium for. And that's the great thing about our Performance Solutions is that they are sold at a premium. And as they continue to grow, it gives us an opportunity to drive our average fee structure. That takes time. They're really new. So we're not building that into our individual forecasts over the next year or so. But as they build up steam and as they become a larger portion of our overall revenue, there is the potential for them to increase our overall rate.

關於性能解決方案定價問題的後半部分，同樣，這是一個很好的地方，因為性能 - 總是有你為汽車支付的費用以及為汽車安全帶支付的費用，對嗎？安全帶是你必須擁有的，它非常重要，而且你每次都會使用它。但真正驅動它並提高性能的引擎才是你付出溢價的原因。我們的效能解決方案的偉大之處在於它們的售價很高。隨著它們的不斷增長，我們有機會推動我們的平均費用結構。這需要時間。他們真的很新。因此，我們不會將其納入我們對未來一年左右的個人預測中。但隨著它們的發展勢頭增強，並在我們的總收入中所佔的比例越來越大，它們就有可能提高我們的整體收入。

That makes a lot of sense. And then on CTV, I think viewability and Video Filtering are relatively new features. I guess just taking a step back, can you talk about your position competitively and where you think DV is differentiated today? And is this really kind of a spear in terms of new account wins at all? Or how is CTV going into your go-to-market and sales pitch?

這很有意義。然後在 CTV 上，我認為可見度和視訊過濾是相對較新的功能。我想退一步來說，您能談談您的競爭地位以及您認為 DV 今天的與眾不同之處嗎？就新客戶獲勝而言，這真的是一種矛嗎？或者 CTV 如何參與您的市場推廣和銷售宣傳？

Yes. So CTV continues to grow for us as a percentage of our overall video revenue. I think it makes up now over 30% of our direct business, of our direct revenue from our direct -- of our video business on the direct side of the company. So CTV continues to be an important factor. From a competitive perspective, I would challenge the fact that there's anyone who has a tool set that is as robust as ours across all the different vectors, across brand safety, across viewability, across impression counting in fraud. We were first to market with CTV solutions. We are the only ones in market now of brand suitability tiers across CTV.

是的。因此，CTV 在我們整體視訊收入中所佔的比例持續成長。我認為它現在占我們直接業務、我們直接視訊業務的直接收入的 30% 以上。因此，CTV 仍然是一個重要因素。從競爭的角度來看，我會質疑這樣一個事實：有人擁有與我們的工具集一樣強大的工具集，涵蓋所有不同的載體，包括品牌安全、可見度、詐欺中的印象計數。我們率先向市場推出 CTV 解決方案。我們是目前市場上唯一擁有 CTV 品牌適合度等級的公司。

And so there's a significant number of advantages. And as CTV becomes, as you said, the tip of the spear for a lot of advertisers, I think our ability to have a solution, to have the only app-level brand safety that's out there currently, to have the kinds of relationships that we have with folks like Roku and Hulu and Amazon, those are clear talking points and discussion points when we go into clients because they're asking about those things, right?

因此，它有很多優點。正如您所說，隨著 CTV 成為許多廣告商的矛尖，我認為我們有能力找到解決方案，擁有目前唯一的應用程式級品牌安全，建立各種關係，我們與Roku、Hulu 和亞馬遜等公司合作，當我們接觸客戶時，這些都是明確的談話要點和討論點，因為他們會詢問這些事情，對嗎？

And having leadership on the accreditation side, having the leadership on the functionality side and having leadership on the partnership side are real differentiators. So I think that we were lucky enough or prescient enough to see CTV on the horizon a few years ago. We started down that path a while ago. And now I think we've built a nice leadership position there as well.

在認證方面擁有領導力、在功能方面擁有領導力以及在合作夥伴方面擁有領導力是真正的差異化因素。所以我認為我們夠幸運或夠有先見之明，幾年前就看到了 CTV 的出現。我們不久前就開始走這條路了。現在我認為我們也在那裡建立了良好的領導地位。

Our next question comes from Yun Kim with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Yun Kim。

Congrats on a solid quarter. Just on the international growth, which again was very strong, very impressive, are you seeing the same growth dynamics that you're seeing in the U.S. for the international market? Is that driven just like the U.S. Social, Connected TV channels and also adoption of ABS?

恭喜季度業績穩健。就國際成長而言，這再次非常強勁、非常令人印象深刻，您是否看到了與美國國際市場相同的成長動力？這是否像美國社交、連網電視頻道以及 ABS 的採用一樣推動？

Yes, it's a great question. Thanks for it. So there are definitely different dynamics outside of the U.S. CTV, for example, is not a factor, and that's just -- it's not a media factor the way it is in the U.S. in most global markets. It's very, very different. But what is interesting is the amount of social that we see outside of the U.S. So social is a real driver outside the U.S. and a lot -- for a lot of reasons because in many markets, it's the -- it's not only the dominant engagement level -- engagement mechanism, it's one of the safest.

是的，這是一個很好的問題。謝謝你。因此，在美國以外肯定存在不同的動態，例如，CTV 不是一個因素，而這只是——它不像美國在大多數全球市場中那樣是一個媒體因素。這是非常非常不同的。但有趣的是我們在美國以外看到的社交數量。所以社交是美國以外的一個真正的驅動因素，而且有很多原因，因為在許多市場中，它不僅是主導的參與度等級——參與機制，它是最安全的機制之一。

So particularly, if you look at the APAC region. It's a mobile-first market, right? It's a mobile-first market. And social and mobile go hand-in-hand together. So you see growth there being driven by social much more than you may see in other parts of the world. But overall, our growth outside the U.S., APAC at 73%, EMEA at 62%. Overall, over 60% of our -- 60% growth rate outside of the Americas is represented not only in the organic growth in those markets, but the considerable amount of white space that we have to fill in there.

尤其是如果你看看亞太地區。這是一個以行動優先的市場，對吧？這是一個以行動優先的市場。社交和移動齊頭並進。因此，你會發現那裡的成長更多是由社會驅動的，比你在世界其他地方看到的要多得多。但總體而言，我們在美國以外地區的成長，亞太地區為 73%，歐洲、中東和非洲地區為 62%。總體而言，我們在美洲以外地區的成長率超過 60%（60%）不僅體現在這些市場的有機成長，也體現在我們必須填補那裡的大量空白。

And I think that's why when we talk about our people investments for the year, I think in the first -- in Q2, 56% of our people investments were outside the U.S. And it's because not only do we see great enterprise growth with our current clients outside the U.S., but there's still a lot of white space to fill in. And I think that's really exciting for us. And again, those markets are a bit different. So they're social-first markets, they're mobile-first markets, in many cases, like in APAC. But the nice part of where we sit is we're agnostic to that. The whole driver behind our business is verify everywhere.

我認為這就是為什麼當我們談論今年的人力投資時，我認為在第一季第二季度，我們 56% 的人力投資位於美國境外，這是因為我們不僅看到了當前企業的巨大增長美國以外的客戶，但仍有許多空白需要填補。我認為這對我們來說真的很令人興奮。再說一次，這些市場有點不同。因此，在許多情況下，它們是社交優先的市場，是行動優先的市場，就像在亞太地區一樣。但我們所處的位置的好處是我們對此不可知。我們業務背後的整個驅動力是無所不在的驗證。

And that means no matter what platform, no matter what market, no matter how someone is buying or trading inventory, whatever type of media they're on, whether it's social or CTV or just regular display ads, our solutions can meet those needs. So that's the key part of being a platform, right? It's the idea that whatever market demands there are and how they vary from place to place, that we have a solution that can meet that. And it's a great question as you asked, every market is different and the drivers in those markets are different. But for us, having a solution that can meet any of those demands is critical, and we're taking advantage of that.

這意味著無論什麼平台，無論什麼市場，無論人們如何購買或交易庫存，無論他們使用什麼類型的媒體，無論是社交媒體、CTV 還是只是常規展示廣告，我們的解決方案都可以滿足這些需求。所以這是成為一個平台的關鍵部分，對吧？我們的想法是，無論市場需求是什麼，以及各地的需求有何不同，我們都有一個可以滿足該需求的解決方案。正如您所問的，這是一個很好的問題，每個市場都是不同的，這些市場的驅動因素也不同。但對我們來說，擁有一個能夠滿足這些需求的解決方案至關重要，我們正在利用這一點。

Okay. Great. That's very helpful. I have a question for Nicola. So with the company, obviously, you guys are getting scale. Customers are spending more on your platform. Are you beginning to see some of your larger customers looking to do maybe annual contracts where they can commit to a certain volume upfront for a discount?

好的。偉大的。這非常有幫助。我有一個問題想問尼古拉。因此，顯然，對於公司來說，你們正在擴大規模。客戶在您的平台上花費更多。您是否開始看到一些較大的客戶希望簽訂年度合同，他們可以預先承諾一定數量的折扣？

So it's a good question, Yun. We are testing more volume tiering in terms of pricing, that is the -- sort of the route that we're taking with our customers. Our plan, and you know it is -- our strategy is really volume-based expansion to benefit from being able to verify new verticals and new geographies. So our strategy, which has been successful and which our customers are liking is volume tiering above and beyond certain impression levels. That's the route that we've taken so far.

所以這是個好問題，雲端。我們正在測試定價方面的更多數量分層，這就是我們與客戶採取的路線。我們的計劃，你知道，我們的策略實際上是基於數量的擴張，以便能夠從驗證新的垂直領域和新的地區中受益。因此，我們的策略是在一定的印像水平之上進行數量分層，這一策略是成功的，也是我們的客戶所喜歡的。這就是我們迄今為止所採取的路線。

Our next question comes from Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

Mark, could you talk about which inning you are in with respect to getting more inventory, more volumes, running through Social and CTV. Is it more of the case the platforms just need to grant you more access to that inventory? Or are there some additional investments you need to make there? And then for Nicola, a follow-up on commentary you made around volumes. It is a very strong digital advertising year, but it's also one being led more by price than impression volume. How are you thinking about those dynamics into the second half since it'll likely be the case that price inflation may even get worse and available impressions remain fairly light?

馬克，你能談談你在透過社交和 CTV 獲得更多庫存、更多銷量方面處於哪一局嗎？更多的情況是平台只需要授予您對該庫存的更多存取權限嗎？或者您需要在那裡進行一些額外的投資嗎？然後是尼古拉，您對卷的評論的後續內容。今年是數位廣告表現強勁的一年，但也是價格主導而非展示量主導的一年。您如何看待下半年的這些動態，因為價格通膨可能會變得更糟，而可用印象仍然相當清淡？

Really good questions, Justin. Thanks for those. So you mentioned Social and CTV. And the interesting thing about those 2 venues is the expansion of business there are on 2 opposite fronts. On the CTV side, we have really good broad coverage, but I think the opportunity there is getting deeper, right? There's -- on the brand safety front and on the -- a lot of the other things that are becoming increasingly important to advertisers, getting show-level or program-level data, I think, is the next step for us to continue to create more transparency within CTV.

真是個好問題，賈斯汀。謝謝那些。所以你提到了社交和 CTV。這兩個場所的有趣之處在於，它們在兩個相反的方面擴展了業務。在 CTV 方面，我們擁有非常廣泛的報道，但我認為那裡的機會越來越深入，對吧？在品牌安全方面和其他許多事情對廣告商來說變得越來越重要，我認為獲取節目級或節目級數據是我們繼續創造的下一步CTV 內部更加透明。

So I think from a broad perspective, we cover a great deal of CTV through some of the partnerships that we have, and we're really happy with those. The next step of growth there, I think, from a verification perspective and a performance perspective is getting deeper. And I think that will eventually come.

因此，我認為從廣泛的角度來看，我們透過我們擁有的一些合作夥伴關係涵蓋了大量的 CTV，我們對此感到非常滿意。我認為，從驗證的角度和效能的角度來看，下一步的成長正在變得更加深入。我認為這最終會實現。

On the Social side, that is a great case of getting broader and broader within certain channels. And I think there was some public -- there was an article recently that was published in the advertising trades around Facebook and other platforms opening up to third-party measurement and third-party verification solutions and when that would happen and how that would happen. I think the industry is ready for that. I think we are all certainly interested in helping to drive greater transparency and help drive more confidence and more ad dollars to Social. And to do so, it's really about opening up more inventory there.

在社交方面，這是在某些管道內變得越來越廣泛的一個很好的例子。我認為有一些公眾 - 最近在 Facebook 和其他平台的廣告交易中發表了一篇文章，向第三方測量和第三方驗證解決方案開放，以及何時發生以及如何發生。我認為該行業已經為此做好了準備。我認為我們當然都有興趣幫助提高透明度並幫助提高社交信心和更多廣告收入。要做到這一點，實際上就是要在那裡開放更多庫存。

So I think that is very different than the CTV opportunity where we're going for depth. It's a little bit of breadth. I think that there are still longer tail social networks that continue to ebb and flow with their interest from an advertiser perspective. But the interesting real opportunity here is as more social networks start to open up more of their direct news feed or their direct core feed opportunities to third parties, I think that's where we see some real light and our advertisers would be really excited to see it as well.

所以我認為這與我們追求深度的 CTV 機會非常不同。就是有點廣度。我認為，從廣告商的角度來看，仍然有一些長尾社交網路會隨著他們的興趣而繼續消長。但這裡真正有趣的機會是，隨著越來越多的社交網絡開始向第三方開放更多的直接新聞源或直接核心源機會，我認為這就是我們看到一些真正的光明的地方，我們的廣告商會很高興看到它以及。

Yes. And Justin, on your question around price inflation, I mean, I think I'll go back to first -- our second quarter results with 44% growth, which was volume-driven, right? We were not subject to the swings in CPMs that would have driven our revenue maybe higher. But we have a very steady, repeatable business model that's based on volume. We are not -- we're going to remain committed to that as our strategy at this point, which is the volume-based expansion is what's going to drive our business for now.

是的。賈斯汀，關於你關於價格通膨的問題，我的意思是，我想我會回到第一點——我們第二季度的業績增長了 44%，這是銷量驅動的，對嗎？我們沒有受到每千次曝光費用波動的影響，而每千次曝光費用的波動可能會導致我們的收入更高。但我們有一個非常穩定、可重複的基於數量的商業模式。我們不會——我們將繼續致力於這一點，因為我們目前的策略是基於數量的擴張，這將是目前推動我們業務的動力。

We do continue to evaluate whether we should adjust MTF based on the quality of the type of the media. We don't see that as an immediate exposure. I think for the second half of the year, which was your more direct question, the volumes are returning to a more normalized pattern. We're being prudent, but they are returning to normalized pattern. So we don't see that as a real risk for the second half of the year seeing volumes coming down.

我們確實會繼續評估是否應該根據媒體類型的品質來調整 MTF。我們不認為這會立即暴露。我認為今年下半年，這是你更直接的問題，交易量正在恢復到更正常化的模式。我們很謹慎，但他們正在回歸正常化模式。因此，我們認為這並不是今年下半年銷售下降的真正風險。

Our next question goes to Raimo Lenschow with Barclays.

我們的下一個問題是由巴克萊銀行的 Raimo Lenschow 提出的。

Congrats as well from my side. The 2 questions, one for Mark. We talked a little bit about the international performance, and you had some comments in the slides. Just talk a little bit about the organizational build out there. Like how comfortable are you with kind of where you are? The growth rates are clearly impressive, but like obviously, you're starting from a lower base. Like talk a little bit about more where you are as an organization.

我這邊也表示祝賀。兩個問題，一個問馬克。我們討論了一些國際表現，您在幻燈片中發表了一些評論。只是談談那裡的組織建設。例如你對自己所處的位置有多舒服？成長率顯然令人印象深刻，但顯然，你是從較低的基數開始的。例如多談談您作為一個組織所處的位置。

And then the second question is for Nicola. Like you beat revenue, but obviously, on EBITDA, you are more in line, which suggests kind of more reinvestment in the business. Can you just talk a little bit about how you kind of run that kind of revenue performance versus reinvestment into growth?

第二個問題是問尼古拉的。就像你超過了收入一樣，但顯然，在 EBITDA 上，你更符合預期，這表明對業務進行了更多的再投資。您能否簡單談談您如何實現這種營收績效與再投資成長？

Thanks, Raimo. And it was nice interconnectivity between those questions. So Nicola and I will definitely tag-team that. On the international side, I think -- to be transparent, I think we're playing a little bit of catch-up with regard to people investment there, right? We didn't open operations for the most part -- sales operations for the most part outside Americas until 2018. So we've scaled up -- we've been really leaning into scaling up those teams and resources over the last several quarters.

謝謝，雷莫。這些問題之間有著很好的相互關聯。所以尼古拉和我肯定會聯合起來。在國際方面，我認為——坦白說，我認為我們在人員投資方面正在努力追趕，對嗎？直到 2018 年，我們的大部分業務才開始營運——大部分銷售業務都在美洲以外地區開展。因此，我們已經擴大了規模——在過去的幾個季度中，我們一直非常傾向於擴大這些團隊和資源。

As I mentioned earlier, 56% of our headcount growth for the second quarter came outside of the Americas because we've seen lots of white space and opportunity there. Look, the nice part of what we've been able to build is we leverage this tent pole model, right, of which -- we go in with a global or an enterprise client into a specific market and then use that client as a basis for which to build the team, but then leverage resource -- or leverage those same resource to go out and sell localized clients.

正如我之前提到的，第二季度我們的員工成長有 56% 來自美洲以外的地區，因為我們在那裡看到了大量的空白空間和機會。看，我們能夠建立的最好的部分是我們利用了這個帳篷桿模型，對吧，其中——我們與全球或企業客戶一起進入特定市場，然後使用該客戶作為基礎為此建立團隊，然後利用資源——或者利用這些相同的資源出去銷售本地化客戶。

We did this in Japan with Yahoo! JAPAN, where since then, we've closed clients like Sony and Fujifilm and many others. We've done this with Mondelez in India, where we've closed a large number of local clients there. So we've got -- the nice part is we've got the model down, we've got the muscle built. Now we're just fueling that muscle with additional resources. So we're catching up rapidly. I think we're in a good place right now. We may have -- we probably have -- I wouldn't say -- I think we -- I think at this point, we've done a good job of investing there.

我們在日本與雅虎一起做到了這一點！日本，從那時起，我們已經關閉了索尼和富士膠片等許多其他客戶。我們已經在印度與 Mondelez 合作，關閉了大量當地客戶。所以我們已經得到了——最好的部分是我們已經建立了模型，我們已經建立了肌肉。現在我們只是用額外的資源來增強這股力量。所以我們正在迅速追趕。我認為我們現在處於一個很好的位置。我們可能有——我們可能有——我不會說——我認為我們——我認為在這一點上，我們在那裡的投資做得很好。

We probably will not have to lean in as hard over the next few quarters as we've had this quarter as far as percentage of resources in those markets because we're getting up to par there. But based on our growth and where we see white space, I think it's been a really great investment. And as noted earlier in the Q&A, this is not just for going out and getting clients in Germany or getting clients in Southeast Asia.

在接下來的幾個季度中，我們可能不必像本季那樣大力調整這些市場的資源百分比，因為我們正在達到那裡的標準。但根據我們的成長以及我們看到的空白，我認為這是一項非常偉大的投資。正如前面的問答中所指出的，這不僅僅是為了走出去並在德國獲得客戶或在東南亞獲得客戶。

It's also about supporting enterprise clients who are increasingly looking for a single partner to support all of their business worldwide. And when you look at the kind of names that we closed this quarter, so Diageo and BMW and others like that, those are global enterprise clients, and they want support around the world. So we're going to give it to them, and we're in a great place to continue to do that.

它也為越來越多地尋找單一合作夥伴來支援其全球所有業務的企業客戶提供支援。當你看看我們本季關閉的品牌時，帝亞吉歐和寶馬等類似公司都是全球企業客戶，他們需要世界各地的支持。所以我們要把它交給他們，我們現在處於一個很好的位置，可以繼續這樣做。

And Raimo, I think Mark almost answered already the question. What I would say in terms of reinvestment versus growth, I think Q2 is a good example of that. We were able to close large enterprise clients that are not in the U.S. We achieved a 44% revenue growth. Rest of the world is growing 66%. That's a good trigger for us to say we can accelerate the investments. And the overall margin is still at 28%.

雷莫，我想馬克幾乎已經回答了這個問題。我想說的是，就再投資與成長而言，我認為第二季就是一個很好的例子。我們能夠關閉美國以外的大型企業客戶。我們實現了 44% 的營收成長。世界其他地區的成長率為 66%。這是我們可以加速投資的一個很好的機會。整體利潤率仍為28%。

That's a number that we can dial up or down. As Mark said, we accelerated a little bit in Q2. We don't have to do that in every next quarter. But the math is pretty simple. If you're growing 66% outside of the U.S. and you see an opportunity to accelerate some of the investments in those markets, we will definitely be committed to do that.

這是一個我們可以向上或向下撥打的號碼。正如馬克所說，我們在第二季度加快了一點。我們不必在接下來的每個季度都這樣做。但數學非常簡單。如果您在美國以外的地區成長了 66%，並且您看到了加速在這些市場進行部分投資的機會，我們肯定會致力於做到這一點。

There are no further questions at this time. I would like to turn the floor back over to Mark Zagorski for closing remarks.

目前沒有其他問題。我想請馬克‧札戈爾斯基 (Mark Zagorski) 致閉幕詞。

I want to thank everyone for their questions. In closing, we continue to deliver strong revenue growth and profitability, driven by successful product innovation in fast growing sectors such as Programmatic, Social and CTV as well as a global expansion strategy that's winning large enterprise clients in a growing number of international markets. In addition, we continue to cement our leadership in a global market that's benefiting from a secular shift to digital advertising.

我要感謝大家提出的問題。最後，在程序化、社交和 CTV 等快速成長領域的成功產品創新以及在越來越多的國際市場贏得大型企業客戶的全球擴張策略的推動下，我們繼續實現強勁的收入成長和獲利能力。此外，我們繼續鞏固我們在全球市場的領導地位，該市場受益於數位廣告的長期轉變。

We appreciate your time and attention today. We look forward to updating you on success in our future calls.

感謝您今天的時間和關注。我們期待在未來的電話會議中向您通報成功的最新消息。

Ladies and gentlemen, this concludes today's webcast. You may now disconnect your lines at this time. Thank you for your participation, and have a great day.

女士們、先生們，今天的網路廣播到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。