DoubleVerify Holdings Inc (DV) 2023 Q3 法說會逐字稿

Greetings, and welcome to the DoubleVerify Third Quarter 2023 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎您參加 DoubleVerify 2023 年第三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。

It is now my pleasure to introduce your host, Tejal Engman, Senior Vice President, Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Tejal Engman。謝謝。你可以開始了。

Good afternoon, and welcome to DoubleVerify's Third Quarter 2023 Earnings Conference Call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎參加 DoubleVerify 2023 年第三季財報電話會議。今天與我們在一起的有首席執行官 Mark Zagorski；和財務長尼古拉·阿萊 (Nicola Allais)。

Today's press release and this call may contain forward-looking statements that are subject to inherent risks and 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 Form 10-Q and our annual report on Form 10-K.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，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目前可獲得的信息，我們的實際結果可能會存在重大差異。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 10-Q 表格和 10-K 表格年度報告。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures that should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also during the call, we'll be referring to the slide deck posted on our website. With that, I'll turn it over to Mark.

此外，我們今天的討論將包括參考某些補充性非公認會計原則財務指標，這些指標應作為我們公認會計原則結果的補充而不是替代。今天的收益新聞稿中提供了與大多數可比較 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。此外，在電話會議期間，我們將參考我們網站上發布的幻燈片。有了這個，我會把它交給馬克。

Thanks, Tejal, and thank you all for joining us today. Before we dig into our exceptional progress last quarter, I'd like to acknowledge the recent horrific terrorist attacks in Israel and the heartbreaking humanitarian crisis that now impacts millions of people in the region. DV has an incredibly talented team in Tel Aviv that has been remarkably strong and resilient during this undoubtedly challenging time. We continue to support them and all of our global teams affected by the conflict and are actively investing in humanitarian charities focused on helping those in need in the impacted area.

謝謝 Tejal，也謝謝大家今天加入我們。在我們深入探討上個季度的非凡進展之前，我想承認以色列最近發生的可怕恐怖襲擊以及目前影響該地區數百萬人的令人心碎的人道主義危機。 DV 在特拉維夫擁有一支非常有才華的團隊，在這個無疑充滿挑戰的時期，他們表現得非常強大和有彈性。我們繼續支持他們以及我們所有受衝突影響的全球團隊，並積極投資於人道主義慈善機構，重點是幫助受影響地區有需要的人。

Now turning to our results. We delivered an outstanding third quarter supported by a matrix of growth drivers across key digital media environments, social, programmatic, retail media and CTV, and across all leading global markets as our investments in industry-leading solutions helped us create greater value for our existing clients and win a large roster of new clients. Our growth remains resilient, outpacing the market and our competitors, and we are confident that this will continue to be the case in the quarters ahead as the macro stabilizes.

現在轉向我們的結果。我們在關鍵數位媒體環境、社交、程序化、零售媒體和CTV 以及所有領先的全球市場的成長驅動矩陣的支持下實現了出色的第三季度，因為我們對行業領先解決方案的投資幫助我們為現有的產品創造了更大的價值客戶並贏得大量新客戶。我們的成長保持彈性，超過市場和競爭對手，我們有信心，隨著宏觀經濟的穩定，未來幾季這種情況將繼續存在。

We drove 28% revenue growth and achieved 32% adjusted EBITDA margins in the third quarter, a marked acceleration from Q2 and above the top end of our guidance. Today, we are raising the midpoint of our full year 2023 guidance range to reflect the revenue growth of 27%, which again meaningfully outpaces that of our competitors and the industry.

第三季度，我們的營收成長了 28%，調整後 EBITDA 利潤率達到 32%，較第二季顯著加速，高於我們指引的上限。今天，我們提高了 2023 年全年指導範圍的中點，以反映 27% 的收入成長，這再次明顯超過了我們的競爭對手和行業。

Our customer wins and expansion momentum continues to accelerate. In the third quarter, we won several large new enterprise logos, including Ulta Beauty, General Motors, Total Energie, NFL, Rolex, Miele, [My-Retail Media], P&G Turkey, Mizkan, Saudi Coffee Company and [RAKBANK]. We also significantly expanded our business with current clients, including: Uber and Lexus, who implemented ABS abroad in the U.S.; Santander, who activated DV Authentic Attention in Brazil; and Mondelez, Colgate and Pfizer, who expanded their use of DV's social verification solutions across multiple geographies.

我們贏得了客戶，擴張勢頭繼續加速。第三季度，我們獲得了多家大型新企業標誌，包括Ulta Beauty、通用汽車、Total Energie、NFL、勞力士、Miele、[My-Retail Media]、寶潔土耳其、味滋康、沙特咖啡公司和[RAKBANK] 。我們也大幅擴大了與現有客戶的業務，包括： Uber 和雷克薩斯，他們在美國實施了 ABS；桑坦德銀行 (Santander) 在巴西啟動了 DV Authentic Attention；億滋 (Mondelez)、高露潔 (Colgate) 和輝瑞 (Pfizer) 將 DV 社交驗證解決方案的使用擴展到多個地區。

Our year-to-date win rate across all opportunities remains above 80% with 67% of our third quarter wins being greenfield, which we define as wins where the advertiser wasn't using third-party tools for the business that DV won. Winning business with new and existing advertisers fuels our successful land-and-expand strategy. We grew the total number of advertiser customers generating more than $200,000 over the last 12 months to $272,000 in the third quarter, up 11% compared to last year.

年初至今，我們在所有機會中的獲勝率仍然高於80%，其中第三季度獲勝的67% 是未開發的，我們將其定義為廣告商沒有使用第三方工具來獲得DV 贏得的業務的勝利。贏得新舊廣告商的業務推動了我們成功的土地擴張策略。過去 12 個月內收入超過 20 萬美元的廣告商客戶總數在第三季增至 27.2 萬美元，比去年增長 11%。

The opportunity to land and expand through product upsell remains vast as over half of our top 700 customers use less than 4 of DV's 7 core products, and that does not include Scibids. Our products span activation and measurement and are complementary, providing compounding benefits when used together as realized by the fact that over half of our top 50 customers use 6 or more of our 7 core products.

透過產品追加銷售落地和擴張的機會仍然巨大，因為我們的 700 家頂級客戶中有一半以上使用 DV 7 種核心產品中的不到 4 種，這還不包括 Scibids。我們的產品涵蓋活化和測量，並且是互補的，一起使用時可提供複合效益，這一事實是透過我們的50 強客戶中超過一半使用我們7 種核心產品中的6 種或更多產品來實現的。

DV continues to grow significantly faster than the industry and is gaining market share due to 3 core differentiators: our increasing platform scale and market coverage; our focus on market-defining innovation; and the deep level of trust that we have built with our customers as an unbiased, independent partner.

DV 的成長速度持續顯著快於產業，並由於 3 個核心差異化因素而獲得市場份額：我們不斷擴大的平台規模和市場覆蓋範圍；我們專注於市場定義的創新；以及我們作為公正、獨立的合作夥伴與客戶建立的深厚信任。

Beginning with expanding coverage scale, we continue to grow the breadth of our measurement across key social platforms with a focus on short-form video. Today, we classify over 130% more content on social platforms than we did a year ago.

從擴大覆蓋範圍開始，我們繼續擴大主要社交平台的衡量廣度，並專注於短視頻。如今，我們在社群平台上分類的內容比一年前多了 130% 以上。

In the third quarter, we launched viewability and invalid traffic measurement across YouTube Shorts inventory to help advertisers ensure that their ads are viewable and safe from fraud, thereby providing measurement across a greater volume of ad impressions on YouTube. We also expanded TikTok brand safety and suitability measurement across the most important markets in Latin America and Europe and plan to widen our TikTok APAC market coverage even further in the fourth quarter.

第三季度，我們針對 YouTube Shorts 廣告資源推出了可見度和無效流量衡量功能，以幫助廣告客戶確保其廣告可見且免受欺詐，從而提供對 YouTube 上更多廣告展示量的衡量。我們也在拉丁美洲和歐洲最重要的市場擴大了 TikTok 品牌安全性和適宜性衡量，並計劃在第四季度進一步擴大 TikTok 亞太地區的市場覆蓋範圍。

By year-end, we expect to support brand safety and suitability in markets that cover 85% of global digital ad spend ex China and India. This ongoing product development activity and international expansion investment bolstered DV's social revenue, which grew 56% year-over-year in Q3, up from a 32% growth rate in Q2. Short-form video was a key driver of our third quarter social revenue growth as existing users of DV social solutions leveraged DV's new short-form video verification tools across global campaigns on Meta Reels, YouTube Shorts and TikTok.

到年底，我們預計將在覆蓋全球數位廣告支出 85%（中國和印度除外）的市場中支援品牌安全性和適用性。持續的產品開發活動和國際擴張投資提振了 DV 的社會收入，第三季年增 56%，高於第二季的 32% 成長率。短影片是我們第三季社交收入成長的關鍵驅動力，因為 DV 社交解決方案的現有用戶在 Meta Reels、YouTube Shorts 和 TikTok 上的全球活動中利用了 DV 的新短影片驗證工具。

We expect social to be an important driver of measurement growth over the near, medium and long term as we expand coverage across formats and geographies and enhance our product capabilities to include brand safety and suitability measurement. To that end, we are excited to announce that DoubleVerify is currently working with Meta to develop our brand suitability verification solution on Meta to verify and measure brand suitability on Facebook and Instagram feeds and reels. We plan to begin testing in Q4. With this planned expansion, DV's global advertisers will have transparency into adjacent content across Facebook and Instagram Feed and Reel resulting in even greater clarity and confidence in their investments on these iconic platforms.

我們預期社交將成為近期、中期和長期衡量成長的重要驅動力，因為我們擴大了跨格式和地理的覆蓋範圍，並增強了我們的產品能力，包括品牌安全和適宜性衡量。為此，我們很高興地宣布，DoubleVerify 目前正在與 Meta 合作，在 Meta 上開發我們的品牌適宜性驗證解決方案，以驗證和衡量 Facebook 和 Instagram 提要和捲軸上的品牌適宜性。我們計劃在第四季開始測試。透過這項計畫中的擴張，DV 的全球廣告商將能夠透明地了解 Facebook 和 Instagram Feed 和 Reel 上的相鄰內容，從而使他們在這些標誌性平台上的投資更加清晰和更有信心。

When we move our Meta solution to GA in 2024, a large part of the long-term growth opportunity is cross-selling DV's Meta measurement solution to existing DV customers who are not currently implementing our solutions on the channel. While Meta is the largest contributor to DV's social revenue, over 50% of our current social advertisers still have yet to activate our measurement solutions on Meta. Of this opportunity set of hundreds of advertisers, approximately 95% of them activate DV on YouTube, where we've had significantly greater brand safety and suitability coverage for a number of years. This customer cohort of DV users on YouTube also advertises on Meta, and we believe that the value created by DV's brand safety and suitability reporting on feed and reels will spur their adoption of DV measurement on Meta.

當我們在 2024 年將 Meta 解決方案轉移到 GA 時，長期成長機會的很大一部分是向目前尚未在通路上實施我們解決方案的現有 DV 客戶交叉銷售 DV 的 Meta 測量解決方案。雖然 Meta 是 DV 社交收入的最大貢獻者，但我們目前超過 50% 的社群廣告商仍未在 Meta 上啟動我們的衡量解決方案。在數百家廣告商的機會集中，大約 95% 的人在 YouTube 上啟動 DV，多年來我們在 YouTube 上的品牌安全性和適用性覆蓋率顯著提高。 YouTube 上的這群 DV 用戶也在 Meta 上做廣告，我們相信 DV 在 Feed 和 Reels 上的品牌安全性和適用性報告所創造的價值將刺激他們在 Meta 上採用 DV 測量。

In addition to social, we are continuing to scale across retail media networks, which generated 75% year-over-year revenue growth year-to-date, with revenue contribution across all 3 business lines. Our measurement tags are accepted on over 60 of the leading retail media networks and sites globally, including 14 of the top retail media platforms and over 45 major retailers.

除了社群媒體之外，我們還在繼續擴大零售媒體網路的規模，今年迄今為止，該網路的營收年增了 75%，所有 3 個業務線都貢獻了營收。我們的測量標籤被全球 60 多個領先的零售媒體網路和網站所接受，其中包括 14 個頂級零售媒體平台和超過 45 個主要零售商。

Today, we are thrilled to announce that we have expanded our measurement capabilities by being the first third-party verification solution for advertisers using Amazon custom audiences in Amazon DSP. DV is the first third-party verification platform to offer brand suitability, viewability, attention, fraud and invalid traffic protection. Amazon custom audiences are custom-built segments that help brands reach and reengage with shoppers most likely to take action.

今天，我們很高興地宣布，我們成為第一個為在 Amazon DSP 中使用 Amazon 自訂受眾的廣告商提供的第三方驗證解決方案，從而擴展了我們的衡量能力。 DV是首個提供品牌適宜性、可見度、關注度、詐欺和無效流量保護的第三方驗證平台。亞馬遜自訂受眾是客製化的細分市場，可幫助品牌接觸並重新吸引最有可能採取行動的購物者。

Finally, we continue to expand our platform coverage via new partnership with Instacart ads. This solution will help advertisers verify their media spend and maximize their campaign performance across North America's leading grocery technology platform.

最後，我們透過與 Instacart 廣告的新合作夥伴關係繼續擴大我們的平台覆蓋範圍。該解決方案將幫助廣告商驗證其媒體支出，並在北美領先的雜貨技術平台上最大限度地提高其廣告活動效果。

In programmatic, we continue to ensure that our advertiser customers have access to all of our pre-bid verification solutions anywhere they buy media by scaling our activation solutions across emerging demand-side platforms. In the quarter, we launched a new DSP integration with [Lumi] and expanded pre-bid solutions on Zeta Global, DeepIntent, Basis, Comcast Beeswax, and Criteo's Commerce Max DSPs, widening the distribution of our industry-leading activation solutions.

在程式化方面，我們透過在新興的需求方平台上擴展我們的啟動解決方案，繼續確保我們的廣告商客戶在購買媒體的任何地方都可以存取我們的所有出價前驗證解決方案。本季度，我們推出了與[Lumi] 的新DSP 集成，並在Zeta Global、DeepIntent、Basis、Comcast Beeswax 和Criteo 的Commerce Max DSP 上擴展了預投標解決方案，擴大了我們行業領先的激活解決方案的分佈。

Our scale in CTV continues to grow faster than the industry, where DV covers the platforms that receive nearly all CTV ad spend. DV's industry-leading solutions span all aspects of CTV ad buying from pre-bid avoidance to post-bid blocking and monitoring and has spurred CTV measurement growth of 29% in the third quarter, doubling the 14% sector growth estimated by MAGNA Global.

我們在CTV的規模繼續以高於行業的速度成長，其中DV覆蓋了幾乎所有CTV廣告支出的平台。 DV 業界領先的解決方案涵蓋了CTV 廣告購買的各個方面，從競價前規避到競價後攔截和監控，並推動CTV 測量在第三季度增長29%，是MAGNA Global 估計的14% 行業增長的兩倍。

A great example of the value of DV's video verification tools to advertisers was demonstrated in our recent study, which revealed that the big 6 leading media agencies leverage DV's MRC-accredited video filtering solution to prevent their advertisers from paying approximately $75 million for non-authentic impressions since the beginning of 2022, thus enabling reallocation of spend to higher value spots.

我們最近的研究證明了DV 視頻驗證工具對廣告商價值的一個很好的例子，該研究表明，六大領先媒體機構利用DV 經MRC 認證的視頻過濾解決方案來防止其廣告商為不真實的視頻支付約7500 萬美元自 2022 年初以來的展示次數，從而能夠將支出重新分配到更高價值的地方。

DV solutions not only protect ad spend, but help it perform as well. We expect measurement and verification on CTV to continue to increase with platforms such as Disney+, where DV is helping advertisers reach audiences effectively and at scale.

DV 解決方案不僅可以保護廣告支出，還可以幫助其發揮作用。我們預計，隨著 Disney+ 等平台的推出，CTV 的衡量和驗證將繼續增加，DV 正在幫助廣告主有效、大規模地接觸受眾。

And finally, our international business expansion delivered 62% measurement revenue growth in the third quarter with 75% revenue growth in EMEA and 46% revenue growth in APAC. Since the beginning of 2021, we've more than doubled our international sales, marketing and client services headcount, including appointing new country leaders to cultivate local business, and we remain very excited about our growth prospects outside of North America in the years to come.

最後，我們的國際業務擴張使第三季的測量收入成長了 62%，其中歐洲、中東和非洲地區的收入成長了 75%，亞太地區的收入成長了 46%。自 2021 年初以來，我們的國際銷售、行銷和客戶服務人員數量增加了一倍多，包括任命新的國家領導人來培育本地業務，我們對未來幾年在北美以外的成長前景仍然感到非常興奮。

Turning to our innovation leadership. I'd like to focus on recent developments with 3 of our market-defining products, Authentic Attention, Scibids AI and Brand Suitability, which is a key differentiator for DV on the programmatic as well as social fronts.

轉向我們的創新領導力。我想重點關注我們 3 個市場定義產品的最新發展，即 Authentic Attention、Scibids AI 和 Brand Suitability，這是 DV 在程序化和社交方面的關鍵差異化因素。

Beginning with Authentic Attention, our MRC-accredited engagement and exposure measurement solution. We've measured nearly 26 billion attention impressions year-to-date and are now beginning to see momentum in advertiser adoption with a 57% sequential increase in the number of advertisers who have activated DV Authentic Attention in Q3.

從 Authentic Attention 開始，這是我們經過 MRC 認證的參與度和曝光測量解決方案。今年迄今為止，我們已經測量了近 260 億次關注印象，現在開始看到廣告商採用的勢頭，第三季度激活 DV Authentic Attention 的廣告商數量環比增長了 57%。

As our biggest competitors do not have a scaled viable attention solution, Authentic Attention is increasingly playing a role in our global client win ratio, meaning the product impact on DV growth goes well beyond its direct revenue contribution. We continue to lead in connecting our verification solutions to outcomes by partnering with Attain, a leading data platform that analyzes consumer purchase data in real time. Our pioneering solution will enable advertisers to directly connect DV attention data to real-time sales, providing an in-depth look at consumers' path from engagement and exposure to purchase.

由於我們最大的競爭對手沒有規模化、可行的注意力解決方案，真實注意力在我們的全球客戶贏得率中發揮著越來越重要的作用，這意味著產品對DV 成長的影響遠遠超出了其直接收入貢獻。透過與即時分析消費者購買數據的領先數據平台 Attain 合作，我們繼續在將驗證解決方案與結果連接起來方面處於領先地位。我們的開創性解決方案將使廣告主能夠將 DV 專注於數據直接連接到即時銷售，從而深入了解消費者從參與、曝光到購買的路徑。

The Attain partnership, along with the recently launched ability to use DV's attention measurement data in Scibids AI through the DV Algorithmic Optimizer and our premier partnership with TVision to expand attention metrics to CTV are great examples of the groundbreaking work that we are doing to action and expand the use of attention measurement data, which we believe will be core to the future of digital ad verification performance as cookies become challenged.

Attain 合作夥伴關係，以及最近推出的透過DV 演算法優化器在Scibids AI 中使用DV 注意力測量數據的功能，以及我們與TVision 的首要合作夥伴關係，將注意力指標擴展到CTV，這些都是我們正在為行動和行動所做的開創性工作的絕佳例子。擴大注意力測量數據的使用，我們相信隨著 cookies 受到挑戰，這將成為未來數位廣告驗證性能的核心。

Now let's dive into another recent innovation investment, Scibids AI. We acquired the business on August 14 and are now in the process of integrating our organizations, systems and processes. There is meaningful customer interest in the DV Scibids AI-powered optimization platform, which clearly differentiates DV's value proposition to enterprise brands as well as to more DR-focused mid-market advertisers. The Scibids team continues to close new business based on driving tangible outcomes and ROI improvement, most recently exemplified by a DV Scibids client, Icelandair, who realized a 70% decrease in cost per flight booking and an ROI of 10x relevant -- relative to the benchmark after using Scibids AI. Additionally, the Scibids AI solution has already provided an edge in several enterprise verification RFPs. And as we expand its global footprint, this competitive advantage will only grow.

現在讓我們深入了解最近的另一項創新投資—Scibids AI。我們於 8 月 14 日收購了該業務，目前正在整合我們的組織、系統和流程。客戶對 DV Scibids AI 驅動的優化平台很感興趣，該平台清楚地將 DV 的價值主張與企業品牌以及更多專注於 DR 的中端市場廣告商區分開來。 Scibids 團隊繼續以推動切實成果和投資回報率提高為基礎來完成新業務，最近的一個例子是DV Scibids 客戶冰島航空，該公司實現了每次航班預訂成本降低70%，相關投資回報率相對於之前的10 倍使用 Scibids AI 後的基準測試。此外，Scibids AI 解決方案已經在多個企業驗證 RFP 中提供了優勢。隨著我們擴大其全球足跡，這種競爭優勢只會越來越大。

DV's innovations advancing our brand suitability solutions continue to be a market differentiator. We recently launched an industry-first made for advertising or MFA solution in September to enable our advertisers to avoid MFA content, which has exploded since the launch of easily accessible generative AI tools. DV's proprietary MFA solution is the only solution in market today, which can be enabled directly by a customer in their brand safety and suitability profile measurement and in ABS for pre-bid avoidance. It has already been adopted by some of our largest CPG and retail advertisers with interest from many more.

DV 的創新推動我們的品牌適宜性解決方案持續成為市場差異化因素。我們最近在 9 月推出了業界首個針對廣告或 MFA 的解決方案，使我們的廣告商能夠避免 MFA 內容，自從推出易於訪問的生成式 AI 工具以來，MFA 內容已爆炸式增長。 DV 專有的 MFA 解決方案是當今市場上唯一的解決方案，客戶可以直接在其品牌安全性和適用性概況測量中以及在 ABS 中啟用該解決方案以規避投標前風險。它已被我們一些最大的 CPG 和零售廣告商採用，並引起了更多人的興趣。

And speaking of ABS, it remains one of DV's most successful innovations and a great example of how our competitive differentiators continue to deliver dividends. Last quarter, we grew ABS revenue by 40% year-over-year, largely driven by existing users expanding their use of the product to more lines of business across more geographies. Even though ABS has been in the market for 5 years, we expect expanded usage by existing ABS users to continue to drive strong ABS growth going forward.

說到 ABS，它仍然是 DV 最成功的創新之一，也是我們的競爭優勢如何繼續帶來紅利的一個很好的例子。上個季度，我們的 ABS 收入年增了 40%，這主要是由於現有用戶將該產品的使用擴展到更多地區的更多業務領域。儘管 ABS 已進入市場 5 年，但我們預計現有 ABS 用戶的使用擴大將繼續推動 ABS 的強勁成長。

In addition, we continue to drive first-time activations of the product from new customers as well as existing customers. We grew ABS penetration among our top 500 customers by approximately 10 percentage points year-over-year, and we have significant room for growth given nearly 40% of our top 500 advertisers have yet to activate the product.

此外，我們繼續推動新客戶和現有客戶首次啟動該產品。我們的 ABS 在前 500 名客戶中的滲透率同比增長了約 10 個百分點，而且考慮到我們的前 500 名廣告商中有近 40% 尚未激活該產品，我們還有很大的增長空間。

Sticking with the theme of innovation and brand suitability, I'd like to underscore that DV's advanced brand suitability products act as a key differentiator across our social platform implementations. DV has the most comprehensive set of suitability categories and provides advertisers the greatest granularity in customization. The robust policy-based classification engine that makes ABS so successful is what powers our suitability solutions on social as well.

圍繞著創新和品牌適宜性的主題，我想強調 DV 先進的品牌適宜性產品是我們社群平台實施的關鍵差異化因素。 DV 擁有最全面的適用性類別集，並為廣告主提供最精細的客製化。強大的基於策略的分類引擎使 ABS 如此成功，也為我們的社交適宜性解決方案提供了動力。

Brand suitability drives DV's programmatic leadership and will establish us as the breakaway leader in social for 3 key reasons. One, DV has the most number of categories beyond the 12 categories covered by GARM floor guidelines. DV is unique in that we provide nearly 50 safety and suitability categories on some social platforms, enabling advertisers to avoid critical categories such as made for kids and gambling content and to create custom suitability categories and unique video exclusion lists.

品牌適宜性推動了 DV 的程序化領導地位，並將使我們成為社交領域的突破性領導者，原因有 3 個關鍵原因。第一，DV 的類別數量超出了 GARM 地板指南涵蓋的 12 個類別。 DV 的獨特之處在於，我們在一些社交平台上提供了近50 個安全和適宜性類別，使廣告商能夠避開兒童和賭博內容等關鍵類別，並創建自訂適宜性類別和獨特的視訊排除列表。

Two, DV is the first and only verification provider to offer pre-campaign suitability solutions that complement post-campaign measurement on social to drive learning, optimization and better outcomes for advertisers. And three, DV provides the most advanced AI-based video classification technology in the industry with the highest accuracy rate and a superior ability to use objects, logos and action detection to analyze and classify videos based on context and sentiment.

第二，DV 是第一家也是唯一一家提供廣告活動前適宜性解決方案的驗證提供商，該解決方案補充了廣告活動後的社交測量，以推動廣告商的學習、優化和更好的結果。第三，DV 提供業界最先進的基於人工智慧的視訊分類技術，具有最高的準確率和使用物件、徽標和動作檢測根據上下文和情感對視訊進行分析和分類的卓越能力。

I would like to conclude my comments, as always, on the differentiated pillar of trust. DV is unique in upholding its core value of providing unbiased, objective third-party measurement that is independent of the media transaction. Trust, along with successful innovation, helps us win new clients, and it's also the glue that makes our client relationships sticky, keeping churn in check. Our gross revenue retention rate has consistently remained above 95%, and it did so again in the third quarter.

我想一如既往地以差異化的信任支柱來結束我​​的評論。 DV 的獨特之處在於堅持其核心價值，即提供獨立於媒體交易的公正、客觀的第三方衡量。信任以及成功的創新可以幫助我們贏得新客戶，同時它也是使我們的客戶關係保持黏性、控制客戶流失的黏合劑。我們的毛收入保留率一直保持在 95% 以上，第三季再次如此。

Customer trust is also rooted in platform stability, data privacy and security, all areas in which we are clear leaders. DV sets itself apart in having achieved ISO 27001, SOC2 Type 2, Neutronian certifications as well as APEC CBPR and APEC PRP and EU, U.K. and Swiss data privacy framework registrations, among its many other privacy and security audits and certifications.

客戶信任也植根於平台穩定性、資料隱私和安全性，在這些領域我們都是明顯的領導者。 DV 的與眾不同之處在於，它已獲得 ISO 27001、SOC2 Type 2、Neutronian 認證以及 APEC CBPR 和 APEC PRP 以及歐盟、英國和瑞士資料隱私框架註冊，以及許多其他隱私和安全審核和認證。

To summarize, DV continues to win because of our market-leading coverage scale, product innovation that creates differentiation and client value and deep level of trust and security that is woven into the fabric of our platforms and our ecosystem relationships. We are pleased with the progress we've made year-to-date and remain focused on growing and realizing our solid pipeline of new and expansionary deals that will further drive our market share and create an even stronger long-term growth trajectory. With that, let me hand the call over to Nicola.

總而言之，DV 繼續獲勝是因為我們市場領先的覆蓋規模、創造差異化和客戶價值的產品創新，以及融入我們平台結構和生態系統關係的深層信任和安全性。我們對今年迄今的進展感到滿意，並將繼續專注於發展和實現我們堅實的新的和擴張性交易管道，這將進一步提高我們的市場份額並創造更強勁的長期成長軌跡。現在，讓我把電話轉給尼古拉。

Thank you, Mark, and good afternoon, everyone. We delivered strong revenue growth, profitability and cash flow from operations in the third quarter. We outperformed our revenue growth expectations, primarily due to greater worldwide adoption of our recently expanded social measurement solutions, which now cover all key short-form video platforms, including Meta Reels, YouTube Shorts and TikTok across a growing number of geographies.

謝謝你，馬克，大家下午好。第三季我們實現了強勁的營收成長、獲利能力和營運現金流。我們的營收成長超出了預期，這主要是由於我們最近擴展的社交測量解決方案在全球範圍內得到了更多的採用，該解決方案現已覆蓋所有主要的短視頻平台，包括Meta Reels、YouTube Shorts和TikTok，覆蓋越來越多的地區。

Additionally, a few large clients that were using DV solutions on MediaMath in the second quarter transitioned to other programmatic DSPs earlier than expected, further benefiting revenue growth in Q3. As a result, we delivered total revenue of $144 million in the third quarter, representing 28% growth year-over-year, up from 22% revenue growth in Q2 and above the top end of our guidance range. We achieved 26% revenue growth year-to-date and are raising our 2023 revenue guidance to represent 27% year-over-year growth at the midpoint.

此外，第二季在 MediaMath 上使用 DV 解決方案的一些大客戶比預期更早轉向其他程式化 DSP，進一步有利於第三季的營收成長。因此，我們第三季的總營收為 1.44 億美元，年成長 28%，高於第二季 22% 的營收成長，也高於我們指導範圍的上限。年初至今，我們實現了 26% 的營收成長，並將 2023 年營收指引上調至年增 27% 的中位數。

Total revenue growth in Q3 was driven by 32% growth in advertiser revenue, which comprises activation and measurement revenue. Volumes or MTMs grew 27%, while fixed fees or MTFs increased by 2% year-over-year, excluding revenue contribution from Scibids, which performed broadly in line with expectations.

第三季總收入成長是由廣告商收入成長 32% 推動的，其中包括啟動和衡量收入。交易量或 MTM 年成長 27%，而固定費用或 MTF 較去年同期成長 2%，不包括 Scibids 的收入貢獻，其表現與預期基本一致。

MTM growth continues to significantly outpace global digital advertising ad spend growth, excluding search, of 8% in 2023 as forecasted by MAGNA Global. MTF growth in Q3 was primarily driven by improved premium product mix, followed by the impact of the ABS price bifurcation, which was implemented this year.

根據 MA​​GNA Global 的預測，到 2023 年，MTM 成長將繼續大幅超過全球數位廣告廣告支出成長（不包括搜尋），成長幅度為 8%。第三季 MTF 的成長主要是由於優質產品結構的改善以及今年實施的 ABS 價格分叉的影響。

Activation growth continued to be led by ABS, our premium priced programmatic product, which delivered a 40% year-over-year revenue increase in Q3. Demand for this market-leading solution remains solid with ABS volumes up 32% year-over-year. MTF for ABS grew 6% year-over-year as we completed the rollout of the display and video price bifurcation across all major DSPs in the third quarter. Approximately 2/3 of ABS' year-over-year revenue growth came from existing ABS users expanding their usage to more brands and to more markets, while 1/3 of the growth came from new advertisers activating the solution. In addition, revenue growth from our core programmatic solutions accelerated from Q2 to Q3. And as I mentioned earlier, Scibids performed in line with our expectations.

活化成長繼續由我們的高價程序化產品 ABS 引領，第三季營收年增 40%。對這一市場領先解決方案的需求依然強勁，ABS 銷量較去年同期成長 32%。隨著我們在第三季在所有主要 DSP 上完成顯示和視訊價格分叉，ABS 的 MTF 同比增長 6%。 ABS 大約 2/3 的同比收入成長來自現有 ABS 用戶將其使用範圍擴大到更多品牌和更多市場，而 1/3 的成長來自新廣告商啟動該解決方案。此外，我們的核心程式化解決方案的營收成長從第二季到第三季加速。正如我之前提到的，Scibids 的表現符合我們的預期。

Turning to measurement. Revenue grew 32% driven by social revenue growth of 56%. Social comprised 45% of our total measurement revenue with TikTok's third quarter revenue contributing nearly double the revenue generated in all of 2022. Nonsocial measurement revenue growth accelerated on a sequential basis as new customers that we signed in the second quarter went to business in Q3. International measurement revenue grew 62% driven by existing customer expansion across both social and nonsocial measurement and comprised 29% of measurement revenue in Q3 '23 as compared to 23% in Q3 '22.

轉向測量。社會收入成長 56%，帶動收入成長 32%。社交占我們總衡量收入的45%，其中TikTok 第三季的收入幾乎是2022 年全年收入的兩倍。隨著我們在第二季簽署的新客戶在第三季開始營業，非社交衡量收入環比加速成長。在社交和非社交測量領域現有客戶擴張的推動下，國際測量收入成長了 62%，佔 23 年第 3 季測量收入的 29%，而 22 年第 3 季為 23%。

On supply side, which represented 8% of total Q3 '23 revenue, platform revenue declined due to industry consolidation. Specifically, 2 existing supply-side platform clients merged and consolidated their contracts with DV, while the third platform was acquired.

在佔 23 年第三季總收入 8% 的供應方面，平台收入由於行業整合而下降。具體來說，2個現有的供應方平台客戶與DV合併並鞏固了合同，同時收購了第三個平台。

Moving to expenses. Cost of revenue increased 37% primarily driven by an increase in revenue share costs with programmatic partners as activation revenue grew to nearly 57% of total revenue in the third quarter from 55% a year ago. We delivered 82% revenue less cost of sales in Q3, up from 80% in the first half of the year as we eliminated some duplicative data center costs. Going forward, we expect revenue less cost of sales to range between 80% to 82% as we balance data center cost savings with continued investments in cloud optimization and in scaling our infrastructure.

轉向開支。收入成本增加了 37%，主要是由於與程序化合作夥伴的收入分成成本增加，第三季激活收入佔總收入的比例從一年前的 55% 增至近 57%。由於我們消除了一些重複的資料中心成本，第三季我們的收入減去銷售成本後減少了 82%，高於上半年的 80%。展望未來，我們預計收入減去銷售成本將在 80% 至 82% 之間，因為我們將在資料中心成本節省與雲端優化和擴展基礎設施方面的持續投資之間取得平衡。

Total non-GAAP operating expenses, which excludes stock-based compensation and other items for comparability, grew 22% compared to 28% revenue growth, reflecting the efficiency of our operating model as we scale. Non-GAAP product development costs grew 29% due to our ongoing investments in AI and machine learning resources, while non-GAAP sales, marketing and customer support grew 23% and G&A expenses grew 12% year-over-year. We achieved third quarter adjusted EBITDA of $46 million and adjusted EBITDA margins of 32% and generated $13 million of net income, which was up nearly 30% year-over-year.

非 GAAP 總營運費用（不包括以股票為基礎的薪酬和其他可比較項目）增加了 22%，而收入成長 28%，反映了我們規模擴張時營運模式的效率。由於我們對人工智慧和機器學習資源的持續投資，非 GAAP 產品開發成本增加了 29%，而非 GAAP 銷售、行銷和客戶支援增加了 23%，一般管理費用年增 12%。我們第三季調整後 EBITDA 為 4,600 萬美元，調整後 EBITDA 利潤率為 32%，淨利潤為 1,300 萬美元，年增近 30%。

In the first 9 months of 2023, we delivered net cash from operations of approximately $68 million compared to approximately $58 million in the same period in the prior year. Capital expenditures was $12 million compared to approximately $28 million in the first 9 months of 2022, which included the expansion of our global headquarters.

2023 年前 9 個月，我們交付的營運淨現金約為 6,800 萬美元，而去年同期約為 5,800 萬美元。資本支出為 1,200 萬美元，而 2022 年前 9 個月的資本支出約為 2,800 萬美元，其中包括全球總部的擴建。

We ended the third quarter with approximately $259 million of cash on hand after using $67 million of cash consideration to acquire Scibids. DoubleVerify continues to have significant capacity for investment with available cash on hand and 0 long-term debt, an important advantage in the current higher for longer interest rate environment.

在使用 6,700 萬美元的現金代價收購 Scibids 後，我們截至第三季末手頭現金約為 2.59 億美元。 DoubleVerify 繼續擁有強大的投資能力，手頭上有可用現金且長期債務為零，這在當前長期較高的利率環境中是一個重要優勢。

Now turning to guidance. We expect fourth quarter revenue in the range of $170 million to $174 million, which implies industry-leading year-over-year growth of 29% at the midpoint and 19% growth on a sequential basis, which is similar to what we delivered last year. We expect activation, measurement and supply side to deliver similar year-over-year percentage changes in Q4 as they did in Q3.

現在轉向指導。我們預計第四季度營收在 1.7 億美元至 1.74 億美元之間，這意味著行業領先的同比中位數增長 29%，環比增長 19%，這與我們去年的業績類似。我們預計第四季度的啟動、衡量和供應方面將實現與第三季類似的同比百分比變化。

We expect fourth quarter adjusted EBITDA in the range of $57 million to $61 million, which represents an adjusted EBITDA margin of 34% at the midpoint. For the fourth quarter, we expect stock-based compensation to range between $16 million and $18 million and weighted average diluted shares outstanding to range between 174 million and 176 million shares.

我們預計第四季度調整後 EBITDA 在 5,700 萬美元至 6,100 萬美元之間，調整後 EBITDA 利潤率為中點 34%。對於第四季度，我們預計股票薪酬將在 1,600 萬美元至 1,800 萬美元之間，加權平均稀釋後流通股將在 1.74 億股至 1.76 億股之間。

We are raising full year revenue guidance to range from $570 million to $574 million, which implies year-over-year growth of 27% at the midpoint as compared to 25% growth in our prior guidance. We're also raising full year adjusted EBITDA guidance to range from $179 million to $183 million, which represents an adjusted EBITDA margin of 32% at the midpoint as compared to 31% in our prior guidance.

我們將全年營收指引從 5.7 億美元上調至 5.74 億美元，這意味著中點年增 27%，而我們先前指引的成長為 25%。我們也將全年調整後 EBITDA 指引上調至 1.79 億美元至 1.83 億美元，這意味著調整後 EBITDA 利潤率中點為 32%，而我們先前的指引為 31%。

While we're not providing 2024 guidance today, we expect revenue growth next year to be driven by the continued success of the same core products and markets that have driven our growth to date in 2023. And we expect quarterly share of full year 2024 revenue to follow a pattern similar to prior years with Q1 '24 representing slightly less than 21% of full year 2024 revenue.

雖然我們今天沒有提供 2024 年的指導，但我們預計明年的收入成長將受到那些在 2023 年推動我們成長的相同核心產品和市場的持續成功的推動。我們預計 2024 年全年收入的季度份額遵循與往年類似的模式，24 年第一季的營收略低於2024 年全年營收的21%。

To close, we delivered strong third quarter and year-to-date revenue growth and profitability and have made great progress across our business so far this year. We're excited to build on this work this quarter and in 2024 and invest in areas that we expect will drive continued industry-leading growth for DV. And with that, we will open the line for questions. Operator, please go ahead.

最後，我們實現了第三季和年初至今的強勁收入成長和獲利能力，並且今年迄今我們的業務取得了巨大進展。我們很高興能夠在本季和 2024 年繼續這項工作，並投資於我們預計將推動 DV 持續產業領先成長的領域。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 Matt Swanson with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Matt Swanson。

Congratulations on the quarter. Mark, if I could kind of double-click on some of the comments you were making around coverage. And think about how you're investing in kind of the land versus expand motion. Obviously, those lands continue to be really impressive, especially the 67% greenfield in this macro. But on the expand side, it sounds like you had some good expansions in existing customers, bringing you into new international markets and then also some of the commentary we've talked about before between Facebook and YouTube. Like how do you focus on either expanding deeper by geo with customers or deeper from a format perspective?

恭喜本季。馬克，如果我可以雙擊您圍繞報道發表的一些評論。並考慮一下您如何投資土地而不是擴張運動。顯然，這些土地仍然令人印象深刻，尤其是在這個宏觀中 67% 的綠地。但在擴展方面，聽起來您在現有客戶中進行了一些良好的擴展，將您帶入新的國際市場，然後還有我們之前在 Facebook 和 YouTube 之間討論過的一些評論。例如，您如何專注於按地理位置與客戶進行更深入的擴展，或從格式的角度進行更深入的擴展？

Yes. Thanks for the question, Matt. I mean, I think every customer opportunity is one in which we look to do both of those things that you noted, right, which is drive international pickup of our core products, but also get them to buy into additional solutions.

是的。謝謝你的提問，馬特。我的意思是，我認為每個客戶機會都是我們希望做的這兩件事，對吧，這就是推動我們核心產品的國際化，同時也讓他們購買額外的解決方案。

And I think, not to sound (inaudible), it really depends. It depends how they come into us. Some of them come with an international, kind of broad but not deep perspective where we want to take a couple of solutions across multiple markets. And some come with a deep, not broad perspective, where they may work with us in 1 or 2 markets, but drive the use of multiple different products across those markets. So it really depends.

我認為，不要聽起來（聽不清楚），這確實取決於情況。這取決於它們如何進入我們。其中一些具有國際性的、廣泛但不深入的視角，我們希望在多個市場中採取幾種解決方案。有些人具有深刻而不是廣泛的視角，他們可能會在 1 或 2 個市場與我們合作，但推動在這些市場中使用多種不同的產品。所以這真的取決於。

The nice part is, as we noted, we've got options, right? And when we talked -- I started the call with talking about the matrix of growth drivers. And I think that's the one really unique thing about DV versus anybody else in the ad tech space, which is we have open Internet, we've got social, we've got programmatic, we've got the ability to look at geos for growth, we've got new client growth. I mean all of these things give us a lot of different levers to pull, if one area looks soft, one geography looks soft or one platform isn't performing. And I think that's the real takeaway for us, which is having optionality with a large basket of goods in many markets and covering many platforms puts us in a really unique position.

正如我們所指出的，最好的部分是我們有選擇，對吧？當我們交談時，我首先談論了成長動力矩陣。我認為，與廣告科技領域的其他任何公司相比，DV 的真正獨特之處在於，我們擁有開放的網路、我們有社交、我們有程式化、我們有能力查看地理資訊成長，我們就有了新客戶的成長。我的意思是，所有這些事情都為我們提供了很多不同的槓桿來拉動，如果一個地區看起來很軟，一個地理位置看起來很軟或一個平台表現不佳。我認為這對我們來說是真正的收穫，即在許多市場上擁有大量商品並覆蓋許多平台，這使我們處於非常獨特的地位。

And then if I could maybe follow up on one of your newer levers through Scibids. I know when the acquisition happened, we talked about this being able to expand into direct response and kind of deliver against those like core KPIs. That Icelandair example was great. But I guess, in terms of what you're hearing from conversations, acknowledging it's early, how is Scibids being used maybe compared to your expectations?

然後我是否可以透過 Scibids 跟進您的新槓桿之一。我知道收購發生時，我們談到了能夠擴展到直接回應並針對核心 KPI 等指標進行交付。冰島航空的例子很好。但我想，就您從對話中聽到的情況來看，承認現在還為時過早，與您的預期相比，Scibids 的使用情況如何？

Yes. It's a great perspective you bring, which is this opens up a whole level of kind of performance-type advertisers who may have not been as focused on the brand attributes of our solutions, right? Brand suitability may not be as important as just driving a sale. And since Scibids is super KPI-driven, they optimize against outputs using different data levers. It has opened up many of those advertisers to us, many who don't work with us today and we started having dialogue with and even some of those who may work with lighter or more competitive solutions, who are looking for a way to optimize against different datasets.

是的。這是您帶來的一個很好的視角，這為效果型廣告商打開了一個整體水平，他們可能沒有那麼關注我們解決方案的品牌屬性，對吧？品牌適宜性可能不像推動銷售那麼重要。由於 Scibids 是超級 KPI 驅動的，因此它們使用不同的資料槓桿來最佳化輸出。它向我們開放了許多廣告商，其中許多人今天不與我們合作，我們開始與甚至一些可能使用更輕或更有競爭力的解決方案的人進行對話，他們正在尋找一種優化方法不同的數據集。

So it has opened up new dialogue with lots of folks. I think we're going to start to see the real benefits of cross-selling as we go into 2024. We've already started putting teams together. We've put 2 of our sales team into theirs. So I think we're just starting to see the beginning of cross-sell.

因此它與許多人開啟了新的對話。我認為，進入 2024 年，我們將開始看到交叉銷售的真正好處。我們已經開始組建團隊。我們已將我們的 2 名銷售團隊放入他們的銷售團隊中。所以我認為我們才剛開始看到交叉銷售的開始。

And one of the things I noted in the earnings call was that it's becoming a differentiated lever for us as well. When you take that and attention in our basket of goods when we're pitching to enterprise clients, the number of things that we have on that scale between us and our competitors starts getting -- starts tipping that scale, and Scibids is just one more arrow in that quiver.

我在財報電話會議中註意到的一件事是，它也正在成為我們的差異化槓桿。當我們向企業客戶推銷時，當你把這一點和注意力放在我們的一籃子商品中時，我們和我們的競爭對手之間所擁有的這種規模的東西的數量開始增加——開始傾斜這個規模，而Scibids 只是其中一個箭袋裡的箭。

Our next question comes from Justin Patterson with KeyBanc.

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

Two, if I can. Mark, just want to try a big picture one on short-form video. Obviously, there's a lot of engagement there, and user-generated content certainly works well with brand safety. So curious about how you're thinking about the opportunity there as we head into next year and you benefit from just having more exposure with more of these different providers.

兩個，如果可以的話。馬克，只是想嘗試在短影片中展示一張大圖片。顯然，那裡有很多參與度，而且用戶生成的內容肯定對品牌安全有很好的作用。很好奇，當我們進入明年時，您如何看待那裡的機會，您將從更多地接觸更多這些不同的提供者中受益。

And then for Nicola, I would love to hear you just talk about the financial framework. I know you're like not guiding to 2024 here, but as we think about Scibids coming into the business, does just operating toward that 30% margin framework -- is that how we should still be thinking about the business?

對於尼古拉，我很想聽你談論財務框架。我知道你不想在這裡指導 2024 年，但當我們考慮 Scibids 進入該行業時，是否只是朝著 30% 的利潤框架運營——這就是我們仍然應該如何考慮該業務的方式嗎？

Yes. So I'll take the first one. When we look at short-form video, we couldn't be more excited about the opportunity there. It's a big driver of our social growth. As we get geared up to get on the News Feed of Meta, arguably, the largest growth driver in social is short-form video, and whether that's YouTube Shorts or Reels or TikTok, they're all firing in all cylinders.

是的。所以我會選第一個。當我們看到短片時，我們對其中的機會感到非常興奮。這是我們社會發展的重要推手。當我們準備好進入 Meta 的 News Feed 時，可以說，社交領域最大的增長動力是短視頻，無論是 YouTube Shorts、Reels 還是 TikTok，它們都在全速運轉。

We look at TikTok's Q3 revenues, I mean, they are nearly 2x what they were at the same period last year for Q3. So like that business is booming and growing at a nice pace. We don't even have brand safety and suitability live yet on Reels, so that's upcoming, which can be a growth driver. We're just seeing the volumes continue to increase across all of those.

我們來看看 TikTok 第三季的收入，我的意思是，第三季的收入幾乎是去年同期的 2 倍。因此，業務正在蓬勃發展並以良好的速度成長。我們甚至還沒有在 Reels 上實現品牌安全性和適用性，所以即將推出，這可能會成為成長動力。我們只是看到所有這些的數量繼續增加。

So 56% growth across social, which was pretty extraordinary. It's an acceleration for us. And I think that is being driven in large part due to short-form video. So we like it. It's something that we do really well. Our tools lend themselves to that. Some of the work we've done on classification around brand suitability of video and AI tools that we're using to classify that content are just nailing it, and the advertisers like what we've been able to deliver, and dollars are going there, and we're taking advantage of it.

整個社交領域成長了 56%，這非常了不起。這對我們來說是一個加速。我認為這在很大程度上是由短視頻推動的。所以我們喜歡它。這是我們做得非常好的事情。我們的工具非常適合這一點。我們在圍繞視訊和人工智慧工具的品牌適應性進行分類方面所做的一些工作，我們用來對內容進行分類，廣告商喜歡我們能夠提供的服務，並且資金正在流向那裡，我們正在利用它。

And Justin, on your question for the financial framework, what we've always said is that we look to balance growth with profitability. The growth that we've achieved is strong, right, industry-leading, and we're guiding to a 29% growth in the fourth quarter.

賈斯汀，關於您關於財務框架的問題，我們一直說的是我們希望平衡成長與獲利能力。我們實現的成長是強勁的、正確的、行業領先的，我們的目標是第四季度增長 29%。

There are many ongoing investments that we are going to continue to do that we believe will help us continue to achieve that industry-leading revenue growth, and that will be infrastructure, AI and machine learning, all the drivers that we discussed at Innovation Day and in prior calls. Scibids is an additional investment, right, as we try to figure out the proposition of combining Scibids with our current product offering.

我們將繼續進行許多持續投資，我們相信這些投資將幫助我們繼續實現業界領先的收入成長，這將是基礎設施、人工智慧和機器學習，以及我們在創新日和在之前的通話中。 Scibids 是一項額外投資，對吧，因為我們試圖找出將 Scibids 與我們目前的產品組合相結合的主張。

So those are the reasons why I think we would expect to continue to invest into that level of framework. But again, it does achieve industry-leading revenue growth and gain market share for [us].

因此，這就是我認為我們期望繼續投資該級別框架的原因。但同樣，它確實實現了行業領先的收入成長並為[我們]贏得了市場份額。

And our next question comes from Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

Two quick ones, just more macro related, I guess. We're kind of picking up that maybe people will have a little bit more visibility into '24 budgets earlier and maybe actually get it before '23 is over versus last year. I don't know if that's something that you're seeing. Would love to get your thoughts there. And then just a quick housekeeping one. Any way to quantify the MediaMath impact that you saw in Q3? That will be helpful.

我想，有兩個快速的，只是與宏觀相關的更多。我們發現，與去年相比，人們可能會更早了解「24 年」預算，並且可能在「23 年」結束之前真正得到它。我不知道這是否是你所看到的。很樂意聽取您的想法。然後只是快速的整理一下。有什麼方法可以量化您在第三季看到的 MediaMath 影響嗎？這會有幫助的。

Sure, Mark. On the macro look, we've kind of talked about this story previously, where we came into 2023 with really a big question mark of what the year was going to look like. The end of last year kind of sputtered out, and that perspective beginning of this year was not great. I mean that has improved throughout the year to a point where I think we've said things have stabilized. And we noted in the script that we see a pretty stable rest of the year ahead of us. And I think we have not had the privilege of having big ad growth tailwinds, yet we continue to grow at pretty extraordinary rates as far as we're concerned.

當然，馬克。從宏觀角度來看，我們之前已經討論過這個故事，進入 2023 年時，我們對這一年會是什麼樣子抱有一個很大的問號。去年年底的情況有些糟糕，而今年年初的情況則不太好。我的意思是，這一年的情況已經有所改善，我認為我們已經說過情況已經穩定下來。我們在劇本中指出，我們預計今年剩餘時間將相當穩定。我認為我們並沒有擁有巨大的廣告成長順風的特權，但就我們而言，我們繼續以相當驚人的速度成長。

Look, I think we're going to have a good Q4. We're guiding to a solid Q4. I think we feel a lot more confident at the end of this year than we did probably at the same time last year. So we don't have a really -- we don't have a crystal ball about '24, but I can say as we look today towards the end of this year, we feel definitely better now than we did at the same time last year.

看，我認為我們將有一個很好的第四季度。我們正在引導第四季表現穩健。我認為今年年底我們比去年同期更有信心。所以我們沒有一個關於 24 年的水晶球，但我可以說，當我們今天展望今年年底時，我們現在感覺肯定比去年同期要好年。

Yes. And on the MediaMath question, the impact is small. MediaMath was not one of our major platforms, but it did have a few large clients on it. We had caution around how long it would take for those customers to switch to another platform. And as we kind of expected, but we're planning to just be a little bit cautious, it didn't take long for them to start using another platform and continue to use the DV services. But the overall impact of that was small.

是的。而在MediaMath問題上，影響很小。 MediaMath 不是我們的主要平台之一，但它確實有一些大客戶。我們對這些客戶切換到另一個平台需要多長時間持謹慎態度。正如我們所預料的那樣，但我們計劃謹慎一點，沒多久他們就開始使用另一個平台並繼續使用 DV 服務。但整體影響很小。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Congrats on the quarter again. I want to ask for a view on the underlying health of the programmatic advertising market right now. We're seeing some mixed signals from some other companies, but we imagine you have a pretty holistic view across your clients as they may be moving spend across DSPs and SSPs. So could you talk a little bit about that? And maybe a little bit about some of the convergences between what used to be siloed on and off ramps or both on ramps, but now we're getting stitched together complete solutions.

再次恭喜本季。我想詢問您對程序化廣告市場目前基本健康狀況的看法。我們看到來自其他一些公司的一些混合訊號，但我們認為您對客戶有相當全面的了解，因為他們可能會在 DSP 和 SSP 之間轉移支出。你能談談這個嗎？也許還有一些關於過去在匝道上和匝道上或匝道上孤立的東西之間的一些融合，但現在我們正在將完整的解決方案縫合在一起。

Yes. Thanks, Brian. I think we like to take a pretty broad perspective both on programmatic, but even broader on our opportunity. So we have -- we work with over a dozen DSPs, lots of regional DSPs. So we don't have a heavy concentration in one platform or another, and if dollars move from DSP to DSP, again, we're agnostic.

是的。謝謝，布萊恩。我認為我們喜歡對程序化採取相當廣泛的視角，但更廣泛地看待我們的機會。因此，我們與十多個 DSP、許多區域 DSP 合作。因此，我們並沒有高度集中在一個或另一個平台上，如果資金從 DSP 轉移到 DSP，我們同樣是不可知的。

But more importantly, when we look at the programmatic sector, I think I have to go back to that kind of matrix of growth. Two key things: one, the matrix of growth drivers that we have. We're on the open Internet. We're in social. We're in CTV. If dollars move from open Internet to social, that's fine because we're working with Meta, we're working with YouTube, we're working with Snap and Pinterest and all the major social platforms.

但更重要的是，當我們審視程式化領域時，我認為我必須回到這個成長矩陣。兩個關鍵點：一是我們擁有的成長動力矩陣。我們在開放的互聯網上。我們在社交。我們在中央電視台。如果資金從開放網路轉向社交，那很好，因為我們正在與 Meta 合作，我們正在與 YouTube 合作，我們正在與 Snap 和 Pinterest 以及所有主要社交平台合作。

So we are not to say totally insulated from dollar movement, but our footprint and that broad footprint gives us a really good opportunity to kind of ride the wave of dollars moving from one place to the other. That's number one.

因此，我們並不是說完全不受美元流動的影響，但我們的足跡和廣泛的足跡為我們提供了一個非常好的機會，可以駕馭美元從一個地方轉移到另一個地方的浪潮。這是第一名。

I think the second thing to consider is the fact that a lot of the programmatic players out there are working on for a rev share or a percentage of media. So if you start seeing softness on CPMs in one sector or another, it's going to hurt you, right? And we are a fixed-fee, volume-based model. So as long as volumes continue to stay pretty steady and we can continue to expand business on a programmatic platform, we're going to do okay.

我認為第二件要考慮的事情是，許多程式化玩家正在努力爭取收入份額或媒體百分比。因此，如果您開始看到某個行業的每千次曝光費用疲軟，您就會受到傷害，對吧？我們是一個固定費用、基於數量的模型。因此，只要銷售量繼續保持相當穩定，並且我們可以繼續在程序化平台上擴展業務，我們就會做得很好。

So I think, obviously, the biggest driver of our insulation against some of that programmatic fluctuation is the fact that programmatic is not our only channel. And if dollars move around, we're insulated. And the second is the fact that our business model doesn't feel that pain when CPMs go down because we're not taking a rev share.

因此，我認為，顯然，我們免受程序化波動的最大驅動力是程序化並不是我們唯一的管道。如果美元流動，我們就不會受到影響。第二個事實是，當每千次曝光費用下降時，我們的商業模式不會感到痛苦，因為我們沒有分享收益分成。

Our next question comes from Nicholas Zangler with Stephens.

我們的下一個問題來自尼古拉斯·贊格勒和史蒂芬斯。

This is Dean on for Nick. Going into next year, how are you thinking about overall CTV volumes and maybe the influence from your measurement partners growing their ad-supported tiers? And the second question is, is there any window for you to potentially attract net new advertisers who are buying against that CTV inventory that you're measuring?

這是迪恩替尼克發言。進入明年，您如何看待 CTV 的整體銷量，以及您的衡量合作夥伴擴大其廣告支援層級的影響力？第二個問題是，您是否有任何機會吸引新的淨廣告商，這些廣告商正在根據您正在衡量的 CTV 庫存進行購買？

Yes. So look, CTV is an interesting segment for us. It continues to grow at a really nice clip. Still relatively small versus all the other type of platforms that we cover mainly due to the fact that the ad load there is pretty light, right? If you look at the CPMs, they're very high, but the ad loads are very low. And based on the model that we have, which is based on volumes, we get considerably more bang for the buck from things like short-form video, social, even open Internet buys. So CTV exposure is a nice opportunity for us to grow because a lot of those dollars are coming from linear where we have no opportunity. But it's still relatively small in our overall picture.

是的。所以看，CTV 對我們來說是一個有趣的部分。它繼續以非常好的速度成長。與我們涵蓋的所有其他類型的平台相比，仍然相對較小，主要是因為那裡的廣告負載相當輕，對吧？如果您查看每千次曝光費用，它們非常高，但廣告負載卻非常低。根據我們現有的基於數量的模型，我們從短視頻、社交甚至開放的互聯網購買等方面獲得了更多的經濟效益。因此，CTV 曝光對我們來說是一個很好的成長機會，因為許多資金都來自我們沒有機會的線性領域。但它在我們的整體形像中仍然相對較小。

That being said, we do work with the top 10 ad-supported platforms out there. And as you noted, folks like Disney+, which I think added 5 million ad-supported subscribers, they announced yesterday, Netflix added a couple of million more. I mean they're continuing to grow. That's all good. It's all gravy for us. And we think that as the ad-supported CTV business grows, the number of impressions will grow there as well, and it will become a stronger driver of our business over time. So definitely opportunities there.

話雖如此，我們確實與排名前 10 名的廣告支援平台合作。正如你所指出的，像 Disney+ 這樣的人，我認為它增加了 500 萬廣告支持的訂戶，他們昨天宣布，Netflix 又增加了幾百萬。我的意思是他們正在繼續成長。這一切都很好。這對我們來說都是肉汁。我們認為，隨著廣告支援的 CTV 業務的成長，展示次數也會成長，隨著時間的推移，它將成為我們業務更強大的驅動力。所以那裡肯定有機會。

I think with regard to getting new advertisers based on our CTV coverage, I don't think it's a real growth driver for us. The bigger growth driver is our current 1,000 of the biggest brands in the world working with us and just also turning us on in CTV. So generally, if we're going to work with an enterprise client and if they're advertising on CTV, they're almost always advertising also on Facebook or advertising in programmatic or some other channel as well. So I don't think it's a unique opportunity for us to get new advertisers. It's just another channel that gives us more to measure.

我認為，關於根據我們的 CTV 報告獲得新的廣告商，我不認為這對我們來說是真正的成長動力。更大的成長動力是目前世界上 1,000 個最大的品牌與我們合作，也讓我們在 CTV 中受到關注。所以一般來說，如果我們要與企業客戶合作，如果他們在 CTV 上做廣告，他們幾乎總是也在 Facebook 上做廣告，或在程式化或其他一些管道上做廣告。所以我不認為這對我們來說是一個獲得新廣告商的獨特機會。這只是另一個為我們提供更多衡量標準的管道。

And our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

I'll add my congrats. Mark, can you try to quantify the tailwind you're seeing out of gen AI, just from the standpoint that it's creating a large amount of content that might result in more fraud or might be more clickbaity content, there might be more disinformation out there, and as a consequence, start to kind of push more business your way. I know you alluded to it a bit in the prepared remarks, but I'm just wondering how material that might be coming. And then I have a quick follow-up.

我會添加我的祝賀。馬克，你能否嘗試量化你從人工智慧時代看到的順風車，僅僅從它創造大量內容的角度來看，這些內容可能會導致更多欺詐或可能會出現更多標題黨內容，可能會有更多虛假訊息，因此，開始以你的方式推動更多業務。我知道你在準備好的發言中提到了這一點，但我只是想知道這可能會帶來多少實質內容。然後我會進行快速跟進。

Yes. Mark, you make a really great observation, which is the level of content and the acceleration in kind of questionable content has never been higher. We see a lot of generative AI-based content, which very often gets flagged as something we call MFA, or made for advertising, content, which obviously creates an incentive for advertisers to work with us.

是的。馬克，你做了一個非常好的觀察，內容的水平和可疑內容的加速從未如此之高。我們看到很多基於人工智慧的生成內容，這些內容經常被標記為我們所說的 MFA，或者是為廣告而製作的內容，這顯然會激勵廣告商與我們合作。

We launched an MFA tool, which adds an attachment to ABS, which is obviously a pre-bid brand suitability tool for us. That allows advertisers to both filter out MFA and then measure afterwards, if their ads have ended up on MFA. So it is certainly a driver of volume because as we're measuring more stuff that's going to places that isn't great, it gives us more impressions.

我們推出了MFA工具，它添加了ABS的配件，這對我們來說顯然是一個競標前的品牌適宜性工具。這使得廣告主可以過濾掉 MFA，然後再衡量他們的廣告是否最終出現在 MFA 上。所以它肯定是數量的驅動因素，因為當我們測量更多的東西到不太好的地方時，它會給我們更多的印象。

But it's also -- it just helps us justify that story that you need to be watching what you're doing. So clients maybe who -- even our performance clients that have been sitting on the fence and saying, hey, brand suitability doesn't really matter to me. But if MFA content is out there and it's AI generated and doesn't really work and is redundant, I don't want to be there. So it does open up some new advertiser opportunities. It has driven some volume a bit.

但它也只是幫助我們證明這個故事的合理性，也就是你需要注意你正在做的事情。因此，客戶可能是——甚至是我們的績效客戶，他們一直持觀望態度，說，嘿，品牌適合性對我來說並不重要。但是，如果 MFA 內容已經存在，並且是人工智慧生成的，並且實際上不起作用並且是多餘的，那麼我不想在那裡。因此，它確實開闢了一些新的廣告商機會。它稍微帶動了一些成交量。

As far as quantifying it, I think it's too early to do that, Mark. We haven't really looked at that yet. It may be something we look at going ahead. But we know that our MFA tool has been picked up by some of our largest CPG customers and a couple of retailers as well. And those are folks, particularly on the retail side, that are looking at ROI, and they want to be in the right places to drive that.

就量化而言，我認為現在這樣做還為時過早，馬克。我們還沒有真正研究過這一點。這可能是我們未來要考慮的事情。但我們知道我們的 MFA 工具已被一些最大的 CPG 客戶和一些零售商採用。這些人，特別是零售方面的人，正在關注投資回報率，他們希望處於正確的位置來推動這一目標。

So no -- it's a long answer to -- I can't quantify it for you today, but it's definitely -- we're seeing pickup of the tool. We're seeing volumes being driven by it. And I think it's still in the first round of advertisers being concerned about this stuff.

所以不，這是一個很長的答案，我今天無法為您量化，但可以肯定的是，我們正在看到該工具的使用。我們看到它推動了銷量的成長。我認為廣告商仍然處於第一輪關注這些東西的階段。

Yes. Great. It seems like another driver in the early stages for you. And then Nicola, I wanted to ask on Scibids. We understand it closed very late in the quarter. I'm assuming the contribution, therefore, was de minimis. Can you confirm -- we were estimating something like sub-$1 million in revenue for Q3. Are we in the right zone there?

是的。偉大的。對你來說，這似乎是早期階段的另一位車手。然後尼古拉，我想問 Scibids 的問題。據我們了解，該公司在本季末關閉。因此，我假設貢獻是微乎其微的。您能否確認一下—我們預計第三季的營收將低於 100 萬美元。我們處於正確的區域嗎？

Yes. I would say it was definitely de minimis.

是的。我想說這絕對是微不足道的。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Just quickly, Mark, there's so much innovation coming out of you. And I see you're still having a lot of greenfield wins out there. What are you seeing in the -- on those customers that are just not with you yet or not having kind of picked the proper solution? I would almost assume with kind of so much more social out there, so many newer platforms, so many more threats that there should be a change in behavior of kind of doing more. Like what's your conversation -- what are your conversations like?

馬克，快點，你有很多創新。我發現你們仍然有很多未開發的勝利。您在那些尚未與您合作或尚未選擇正確解決方案的客戶中看到了什麼？我幾乎會認為，有了更多的社交、更多的新平台、更多的威脅，應該改變行為，做更多的事情。就像你們的談話是什麼──你們的談話是什麼樣的？

Yes. You make a good point, Raimo, which is the customers that aren't working with us, in many cases, we're -- the way we attract them is through this broader basket of goods, right? And the bigger that basket of goods is, the more hooks we have to bring them in.

是的。 Raimo，你說得很好，即那些不與我們合作的客戶，在許多情況下，我們吸引他們的方式是透過更廣泛的商品籃子，對嗎？籃子裡的貨物越大，我們需要裝的鉤子就越多。

And when we talk about greenfield wins, those are for customers that haven't used the products that we've sold through to them. So some of those may be current clients that just don't use that solution, so it's totally brand new, and some of them may be absolutely brand-new customers we don't do anything with.

當我們談論新的勝利時，這些勝利是針對那些尚未使用我們銷售給他們的產品的客戶的。因此，其中一些可能是當前客戶，只是不使用該解決方案，因此它是全新的，而其中一些可能是絕對全新的客戶，我們沒有與之做任何事情。

The thing that's common between both is that ensuring that we have lots of innovation and a big basket of goods draws them into us, where we can do that land and expand. A great example is the MFA solution, which I just mentioned, which we just launched, which started to attract some folks; Scibids, which performance-based advertisers are getting interested in. Attention pulls folks in.

兩者的共同點是，確保我們擁有大量創新和一籃子商品，將它們吸引到我們這裡，我們可以在那裡開發和擴張。一個很好的例子就是我剛才提到的 MFA 解決方案，我們剛剛推出了它，它開始吸引了一些人； Scibids，基於效果的廣告商對此越來越感興趣。注意力吸引著人們。

So the more touch points that we can have to bring in a greenfield customer and then expand with them over time, I think, is essential. We use that stat a lot of time, which is more than 50% of our customers use less than 4 of our key products, our core products, right? That means we've got a lot of expansion to do with current customers to sell in those additional solutions.

因此，我認為，我們必須引入更多的接觸點來引入新客戶，然後隨著時間的推移與他們一起擴展，這是至關重要的。我們經常使用該統計數據，超過 50% 的客戶使用的關鍵產品（我們的核心產品）不到 4 種，對嗎？這意味著我們需要與現有客戶進行大量擴展，以銷售這些額外的解決方案。

And we know that once we hook somebody, whether we hook them through Attention or we hook them through a Scibids relationship or hook them through an MFA solution, we have the ability to continue to upsell them more things over time. And when we look at, like, for example, our top 50 clients, more than 50% of them use 6 or more products. So we know, like, we can upsell these customers and we can make them bigger over time. And having that basket of goods is key.

我們知道，一旦我們吸引了某人，無論是透過 Attention 吸引他們，還是透過 Scibids 關係吸引他們，還是透過 MFA 解決方案吸引他們，隨著時間的推移，我們就有能力繼續向他們推銷更多東西。例如，當我們觀察我們的前 50 位客戶時，其中超過 50% 使用 6 種或更多產品。所以我們知道，我們可以向這些客戶進行追加銷售，並且隨著時間的推移，我們可以擴大他們的規模。擁有這籃子商品是關鍵。

That's why we talk so much about innovation, right? Our core does great, and we continue to grow off it. But the more touch points we have, more little solutions we can bring in there, that brings them in. They no longer become greenfield customers, they become enterprise customers, and we upsell them over time.

這就是為什麼我們如此多地談論創新，對吧？我們的核心做得很好，並且我們將繼續以此為基礎成長。但是，我們擁有的接觸點越多，我們可以引入的小解決方案就越多，這就會吸引他們。他們不再成為綠地客戶，而是成為企業客戶，隨著時間的推移，我們會對他們進行追加銷售。

And our next question comes from Michael Graham with Canaccord Genuity.

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

Related question, I just wanted to get your latest thoughts on the competitive landscape. You all had a great quarter, and it seemed like some other players in the market segment did as well. And I'm just wondering, you referenced a great 80% win rate in your slide deck. Are you seeing any changes to the competitive landscape? And when it does get down to selection, like just maybe talk about the relative importance of product breadth versus maybe pricing as a potential differentiator. Just would love to get your thoughts on how all that's evolving.

相關問題，我只是想了解您對競爭格局的最新想法。你們都度過了一個很棒的季度，而且似乎該細分市場中的其他一些參與者也是如此。我只是想知道，您在幻燈片中提到了 80% 的勝率。您認為競爭格局有什麼改變嗎？當真正涉及選擇時，就像談論產品廣度與定價作為潛在差異化因素的相對重要性一樣。只是很想知道您對這一切是如何演變的想法。

Yes. Thanks, Michael. I mean, I think it's a great perspective, which is we still are in a relatively competitive market. But when you look at some of our peers there, we are growing faster on every line item that matters on a much bigger base, which means that we're beating them on the product front. We're taking market share, and we're doing it at a very profitable clip.

是的。謝謝，麥可。我的意思是，我認為這是一個很好的觀點，即我們仍然處於相對競爭激烈的市場中。但當你看看我們在那裡的一些同行時，我們在每個重要的產品線上都在更大的基礎上成長得更快，這意味著我們在產品方面擊敗了他們。我們正在佔領市場份額，我們正在以非常有利可圖的方式做到這一點。

So the last thing I just said there is really relevant with regard to, is pricing playing a big role here? Or is it product? And I have to say we're winning deals based on product, right? We've been able to keep MTF relatively stable, and that's our goal, to do that. And I think, in some cases, sure, is it a head-to-head where we've got to get aggressive? Of course. But we feel that continued investment in innovation is essential.

所以我剛才說的最後一件事確實相關，定價在這裡發揮重要作用嗎？還是產品？我不得不說我們是根據產品贏得交易的，對吧？我們已經能夠保持 MTF 相對穩定，這就是我們的目標。我認為，在某些情況下，當然，這是一場正面交鋒，我們必須變得咄咄逼人嗎？當然。但我們認為持續投資創新至關重要。

And when we win those deals because we have this broader basket of goods, because we've got solutions that others in the field don't have, that's our driver. Like that's what we're looking to do and I think -- if I would say, a majority of the deals that we win are because of that. Because anyone can just get into a price war. But over time, the advertisers want to be with somebody who has the best solution that's driving the best outcomes and has the most flexibility to grow with them in the future.

當我們贏得這些交易時，因為我們擁有更廣泛的商品，因為我們擁有該領域其他人沒有的解決方案，這就是我們的驅動力。這就是我們想要做的事情，我認為——如果我想說的話，我們贏得的大部分交易都是因為這一點。因為任何人都可能陷入價格戰。但隨著時間的推移，廣告商希望與擁有最佳解決方案、能夠帶來最佳結果並在未來與他們一起成長的最大靈活性的人合作。

So I think that's where we still lean. We're still winning. We're still growing share. We're investing more in R&D than our competitors. And I think we see that being as a key advantage moving forward.

所以我認為這就是我們仍然傾向於的地方。我們仍然獲勝。我們的份額仍在成長。我們在研發方面的投資比競爭對手更多。我認為我們認為這是向前發展的關鍵優勢。

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。

Mark, maybe one for you to start. The -- you said you're expecting to start testing with Meta in the News Feed in Q4. Can you just walk us through what that process might entail, what you expect to learn during the testing period and what the time line to GA might look like?

馬克，也許你可以先從一個開始。您說過您希望在第四季度開始在 News Feed 中使用 Meta 進行測試。您能否向我們介紹一下這個過程可能需要什麼、您希望在測試期間學到什麼以及 GA 的時間表可能是什麼樣的？

Yes. So we're knee-deep in that process right now. Development is going well and according to pace. So there's a very small group of partners that Meta has decided to work with, and we're all kind of on par working through the same phases together.

是的。所以我們現在正全力投入這個過程。開發進展順利且按節奏進行。因此，Meta 決定與一小部分合作夥伴合作，我們都在相同的階段一起工作。

We are looking at an early 2024 launch into GA. And I think we've noted before the scaling of that launch will really start with current customers that are using us to measure across the News Feed, then we'll expand to current customers that aren't using us, for example, viewability and fraud on the News Feed and then expand to customers that are totally brand-new. So we've got kind of these 3 levers of growth that we expect to start rolling out post GA, which will be early in 2024.

我們計劃於 2024 年初推出 GA。我認為我們之前已經注意到，該發布的擴展實際上將從使用我們來衡量動態消息的當前客戶開始，然後我們將擴展到不使用我們的當前客戶，例如可見度和新聞提要上的欺詐行為，然後擴展到全新的客戶。因此，我們已經有了這 3 個成長槓桿，我們預計將在 2024 年初在 GA 後開始推出。

All right. Got it. And then just when we're thinking about ABS and programmatic growth, I guess, how should we think about the pace at which ABS can continue to grow going forward? You did see a little bit of a step down, but it doesn't seem like you're anywhere near being penetrated within your existing base. So how do you think about the opportunity that's still left with ABS going forward?

好的。知道了。然後，當我們考慮 ABS 和計劃性成長時，我想，我們應該如何考慮 ABS 未來持續成長的速度？你確實看到了一點點的下降，但你現有的基地似乎還沒有被滲透。那麼您如何看待 ABS 未來仍然存在的機會？

Yes. So the wonderful thing about ABS is not only its continued growth, but when we look at 2/3 of that growth coming from current users, right? And that means that our customers love this thing so much that they move to a new market, they put more campaigns into it. And to me, that's a great indication of not only the product working really well, but that it's got continued legs. As long as those clients continue to grow and grow with us, we're going to do well there.

是的。因此，ABS 的美妙之處不僅在於它的持續成長，而且當我們看到成長的 2/3 來自當前用戶時，對嗎？這意味著我們的客戶非常喜歡這個東西，以至於他們轉向了新的市場，並投入了更多的行銷活動。對我來說，這不僅表明該產品運作良好，而且表明它具有持續的活力。只要這些客戶繼續與我們一起成長，我們就會在那裡做得很好。

I think that when you look at the fact that we still have over 1/3 of our top 500 customers who have not used ABS that can turn it on, it shows that there's new client growth there. We've got current client growth to come out of it. And then we've got totally new folks coming into DV as well.

我認為，當你看到我們的前 500 名客戶中仍有超過 1/3 的客戶尚未使用可以打開它的 ABS 時，這表明那裡有新的客戶成長。我們目前的客戶成長已經從中得到。然後我們也迎來了 DV 領域的全新人員。

So I think we've got strong growth drivers there. I mean 40% growth year-over-year for a product that's over 5 years old, I think it's pretty extraordinary. And we've said, look, at some point, ABS, the legs will wear out. But right now, they're still pretty fresh. We still got lots of customers coming in. We've got lots of core customer growth still getting out there and still some penetration to do within our current base, so we've got legs.

所以我認為我們在那裡有強大的成長動力。我的意思是，對於一個已有 5 年以上歷史的產品來說，同比增長 40%，我認為這是相當了不起的。我們說過，看，在某個時候，ABS 的腿會磨損。但現在，它們仍然很新鮮。我們仍然有很多客戶進來。我們有很多核心客戶仍在成長，並且在我們當前的基礎上仍有一些滲透要做，所以我們有立足之地。

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 wanted to ask 2 quick ones -- or maybe not quick, but simple ones. International growth accelerated. Can you just unpack that and let us know if anything is going on there as well as how sustainable that is? And then a competitor talked about growth within the mid-market. What are you guys seeing there? And what's the opportunity for the mid-market?

我想問兩個快速的問題——或者可能不快速但簡單的問題。國際成長加速。您能否打開它並讓我們知道那裡是否發生了任何事情以及其可持續性如何？然後一位競爭對手談到了中端市場的成長。你們在那裡看到什麼？中端市場的機會是什麼？

Let me talk a little bit about -- first of all, no questions are simple. I want to start with that. They're all complex if you dig in. So I appreciate that, Andrew. On the international growth, we saw 75% growth across EMEA, 46% growth across APAC. So some variation there, but still strong growth across all the sectors that we have out there.

讓我談談——首先，沒有什麼問題是簡單的。我想從這個開始。如果你深入研究的話，它們都很複雜。所以我很感激，安德魯。在國際成長方面，我們看到歐洲、中東和非洲地區成長了 75%，亞太地區成長了 46%。因此存在一些差異，但我們所有領域的成長仍然強勁。

If you look at what's driving growth in both of those regions outside the U.S., it's very similar to what we've seen in the U.S., which is social. Social is driving growth. Short-form video is driving social. So all those things together, we think, are helping continue to drive the expansion that we are seeing in EMEA and APAC.

如果你看看推動美國以外這兩個地區成長的因素，你會發現它與我們在美國看到的非常相似，那就是社交。社交正在推動成長。短視頻正在推動社交。因此，我們認為，所有這些因素共同有助於繼續推動我們在歐洲、中東和非洲和亞太地區看到的擴張。

Now to be fair, we saw -- last year was not a great year internationally. So we've got slightly easier comps to deal with. However, if we remember, we talked about our pipeline last year in Q4 and how strong it looked outside the U.S. and how that started paying off. I think we have a similarly strong pipeline this year outside the U.S. And that was based on, if you remember, a while ago, we made some significant investments in sales and marketing resources outside of the U.S.. They're paying off. I think they've finally hit their stride. We continue to invest in resources outside the U.S., and we just hired some new country managers in APAC.

公平地說，我們看到去年在國際上並不是一個偉大的一年。所以我們有稍微容易處理的比較。然而，如果我們還記得的話，我們去年在第四季度討論了我們的管道，以及它在美國以外地區的表現有多強勁以及它如何開始獲得回報。我認為今年我們在美國以外的地區也有同樣強大的管道。如果你還記得的話，這是基於不久前我們在美國以外的銷售和行銷資源方面進行的一些重大投資。他們正在獲得回報。我認為他們終於邁出了步伐。我們繼續投資美國以外的資源，並且剛剛在亞太地區聘請了一些新的國家經理。

And the nice part is too, we're starting to win local deals in market. So you heard some of them like (inaudible) and [LDS] and some of the local clients in some of these local markets, Saudi Coffee, right? These are local clients. I think that's a good sign because it's not just the Unilevers of the world or the Mondelez of the world spreading to these markets. We're closing local deals. So I think, to me, that shows the investments we made in those markets will have legs and that when we look at what's driving that growth, it's social. And social and short-form are showing no signs of slowing down.

令人高興的是，我們開始在市場上贏得本地交易。所以你聽說過他們中的一些人，例如（聽不清楚）和 [LDS] 以及一些當地市場的一些當地客戶，沙特咖啡，對吧？這些是本地客戶。我認為這是一個好兆頭，因為不僅僅是世界上的聯合利華或世界上的億滋正在向這些市場擴張。我們正在完成本地交易。所以我認為，對我來說，這表明我們在這些市場上進行的投資將是有效的，當我們審視推動成長的因素時，會發現它是社會性的。社交和短片並沒有顯示出放緩的跡象。

Okay. If I can add one stat there. So international is 29% of measurement, which is still -- it lags the percent of spend that's happening outside the U.S. This is the U.S., right? So I think we're catching up to the opportunity with the investment that Mark mentioned we made a few years ago. So I think the upside is still there for us to catch.

好的。如果我可以在那裡添加一項統計數據。因此，國際支出佔衡量標準的 29%，這仍然落後於美國以外發生的支出百分比。這是美國，對吧？因此，我認為我們正在透過馬克提到的我們幾年前所做的投資來抓住這個機會。所以我認為我們仍然可以抓住上行空間。

And then on the second half of your question, kind of mid-market advertisers. I think we have a couple of plays there. And look, we are still focused on the enterprise, and we've got so much room to go on the top advertisers around the globe. We're still underpenetrated outside the U.S., still lots of folks we haven't talked to on the enterprise level. So look, that is still our main driver of growth.

然後關於你問題的後半部分，中端市場廣告商。我想我們在那裡有幾場比賽。看，我們仍然專注於企業，並且我們有很大的空間來吸引全球頂級廣告商。我們在美國以外的地區仍然滲透不足，我們還沒有在企業層面與許多人進行過交談。所以看，這仍然是我們成長的主要動力。

But when you look at mid-market, I think there's opportunities there. Scibids, as we've noted, works with some mid-market folks who are very DR focused. And so I think that opens up an opportunity. Our work on the programmatic front always brings new dollars in from mid-market partners. You think about 20% of our programmatic revenue comes from advertisers that we don't have a measurement relationship with, right? They're just a little bit too small.

但當你看看中端市場時，我認為那裡有機會。正如我們所指出的，Scibids 與一些非常關注災難復原的中端市場人士合作。所以我認為這提供了一個機會。我們在程序化方面的工作總是能從中端市場合作夥伴帶來新的資金。您認為我們大約 20% 的程序化收入來自與我們沒有衡量關係的廣告商，對嗎？它們只是有點太小了。

So we have channels to reach mid-market advertisers. We continue to grow there. But I think, ultimately, enterprise plays are still our biggest play, and there's lots of room to grow there.

因此，我們有接觸中階市場廣告商的管道。我們繼續在那裡成長。但我認為，最終，企業業務仍然是我們最大的業務，而且還有很大的成長空間。

There are no further questions at this time. I'll hand the floor back to management for closing remarks.

目前沒有其他問題。我將把發言權交還給管理階層作結束語。

Thank you all for joining us on this busy evening. We're excited about DV's multitude of growth opportunities we expand across digital media channels and geographies, launch and upsell innovative products and win business across existing and new customers. We look forward to seeing many of you at upcoming conferences and events. Have a great evening, everyone.

感謝大家在這個忙碌的夜晚加入我們。我們對 DV 的眾多成長機會感到興奮，我們在數位媒體管道和地區進行擴張，推出和追加銷售創新產品，並在現有和新客戶中贏得業務。我們期待在即將舉行的會議和活動中見到你們。祝大家有個愉快的夜晚。

Thank you. This concludes today's call. All parties, you may disconnect.

謝謝。今天的電話會議到此結束。所有各方，您可以斷開連線。