Rubico Inc (RUBI) 2021 Q4 法說會逐字稿

Good day, and welcome to Magnite's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Nick Kormeluk, Senior Vice President, Investor Relations. Please go ahead.

大家好，歡迎參加 Magnite 2021 年第四季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給投資者關係高級副總裁 Nick Kormeluk。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's Fourth Quarter 2021 Earnings Conference Call.

謝謝接線員，大家下午好。歡迎參加 Magnite 2021 年第四季財報電話會議。

As a reminder, the comparisons you will see in the 10-K as reported include the financial results of SpotX and SpringServe's Q4 2021, but for the periods part of the date of acquisition, the results do not include SpotX or SpringServe, which were acquired on April 30, 2021, and July 1, 2021, respectively. During the course of this call, when we refer to the results and associated year-over-year comparisons with the phrase as reported, we are referring to the basis as reported in our 10-K. When we make comments referring to pro forma comparisons, we are including Telaria, SpotX and SpringServe for the relevant preacquisition period in order to provide a like-for-like comparison. Please keep in mind as it relates to the SpotX and SpringServe acquisitions, prior quarterly results are estimated and unaudited.

提醒一下，您將在 10-K 報告中看到的比較包括 SpotX 和 SpringServe 2021 年第四季的財務結果，但對於收購日期的部分期間，結果不包括 SpotX 或 SpringServe，它們分別於 2021 年 4 月 30 日和 2021 年 7 月 1 日收購。在本次電話會議中，當我們提到結果以及與報告相關的同比比較時，我們指的是我們的 10-K 報告中報告的基礎。當我們參考形式比較做出評論時，我們會將 Telaria、SpotX 和 SpringServe 納入相關的收購前時期，以便提供同類比較。請記住，由於它與 SpotX 和 SpringServe 收購相關，因此先前的季度結果是估計的和未經審計的。

As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; and David Day, our CFO. I would like to point out that we have posted financial highlight slides to our Investor Relations website to accompany today's presentation.

提醒一下，本次電話會議正在錄音。今天與我一起參加電話會議的還有執行長 Michael Barrett；以及我們的財務長 David Day。我想指出的是，我們已經將財務重點幻燈片發佈到我們的投資者關係網站上，以配合今天的簡報。

Before we get started, I'll remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impact of COVID-19 on our business. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates, and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

在我們開始之前，我要提醒您，我們準備好的評論和問題的答案將包括可能被視為前瞻性陳述的信息，包括但不限於有關我們預期的財務業績和戰略目標的陳述，包括COVID-19對我們業務的潛在影響。這些聲明並不能保證未來的表現。它們反映了我們目前對未來事件的看法，基於假設和估計，並受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、業績或成就與前瞻性陳述預測或暗示的預期或結果存在重大差異。

A discussion of these and other risks, uncertainties and assumptions is set forth in the company's periodic reports filed with the SEC, including our 2021 annual report on Form 10-K. We undertake no obligation to update forward-looking statements or relevant risks.

有關這些和其他風險、不確定性和假設的討論載於公司向美國證券交易委員會提交的定期報告中，包括我們 2021 年 10-K 表年度報告。我們不承擔更新前瞻性陳述或相關風險的義務。

Our commentary today will include non-GAAP financial measures, including revenue ex-TAC or less traffic acquisition costs, adjusted EBITDA and non-GAAP income per share. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and the financial highlights deck that is posted on our Investor Relations website. At times, in response to your questions, we may offer incremental metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail may be onetime in nature, and we may or may not provide an update on the future of these metrics. I encourage you to visit our Investor Relations website and access our press release, financial highlights deck, periodic SEC reports and webcast replay of today's call to learn more about Magnite.

我們今天的評論將包括非公認會計準則財務指標，包括扣除 TAC 或減去流量獲取成本的收入、調整後的 EBITDA 和非公認會計準則每股收益。我們的報告結果的 GAAP 指標和非 GAAP 指標之間的對帳可以在我們的收益新聞稿和發佈在投資者關係網站上的財務亮點中找到。有時，為了回答您的問題，我們可能會提供增量指標，以便更深入地了解我們的業務動態。請注意，這些額外的細節可能是一次性的，我們可能會或可能不會提供這些指標的未來更新。我鼓勵您訪問我們的投資者關係網站並查看我們的新聞稿、財務亮點、定期的 SEC 報告和今天電話會議的網路重播，以了解有關 Magnite 的更多資訊。

I will now turn the call over to Michael. Please go ahead, Michael.

現在我將電話轉給麥可。請繼續，邁克爾。

Thank you, Nick. 2021 was a transformational year for Magnite. We are now the largest and leading independent sell-side platform across all programmatic channels and specifically in CTV. Through organic growth of over 50% in CTV and 2 very strategic acquisitions, SpotX and SpringServe, we vaulted Magnite to become the clear leader in CTV among independent SSPs. We posted a strong Q4 and have started this year with similar growth rates in CTV and improved growth rates in DV+, and we are optimistic about 2022. In addition, we believe that our quarterly year-over-year growth rates will improve as the year progresses. And as we stated previously, we continue to expect full year 2022 revenue ex-TAC to come in well over $500 million, and we continue to maintain our adjusted EBITDA margin target of 35% to 40%.

謝謝你，尼克。 2021 年對 Magnite 來說是轉型的一年。我們現在是所有程式化管道（尤其是 CTV）中最大、領先的獨立賣方平台。透過 CTV 超過 50% 的有機成長和兩項極具戰略意義的收購 SpotX 和 SpringServe，我們讓 Magnite 成為獨立 SSP 中 CTV 的明顯領導者。我們在第四季表現強勁，今年年初 CTV 的成長率與去年相似，DV+ 的成長率也有所提高，我們對 2022 年充滿信心。正如我們之前所說，我們繼續預計 2022 年全年扣除 TAC 後的收入將遠超 5 億美元，並且我們繼續將調整後的 EBITDA 利潤率目標維持在 35% 至 40%。

Let me cover some quick 2021 full year stats that highlight the scope of our transformation. Total revenue ex-TAC, as reported, came in at $416 million versus $220 million in the prior year. For full year 2021, revenue ex-TAC from CTV as reported, was $143 million versus $34 million in 2022 -- I'm sorry, in 2020. On a pro forma basis, CTV grew 52% and accounted for close to 40% of our total revenue ex-TAC, and DV+ grew 20% on a pro forma basis year-over-year, demonstrating strong growth.

讓我簡要介紹 2021 年全年數據，以突顯我們轉型的範圍。據報道，扣除 TAC 在內的總收入為 4.16 億美元，而前一年為 2.2 億美元。據報道，2021 年全年，CTV 的扣除 TAC 後的收入為 1.43 億美元，而 2022 年（對不起，2020 年）為 3400 萬美元，而 2022 年（對不起，2020 年）為 3400 萬美元，而 2022 年（對不起，2020 年）為 3400 萬美元。

Now I'll dive deeper into the state of our CTV business. Ad-supported CTV is in its early days, and like any developing market, revenue growth measured on a quarterly basis can be choppy. Why is that? In addition to being an early-stage fast-developing market, it helps to understand Magnite's major buckets of CT revenue by product. The majority of our CT revenue is generated by 3 buckets. All 3 have different take rates, and ad spend growth expectations, and often spend can shift intra-quarter between these buckets depending on seller and buyer desires.

現在我將深入探討我們的 CTV 業務現況。廣告支援的 CTV 尚處於起步階段，與任何發展中市場一樣，按季度衡量的收入成長可能會不穩定。這是為什麼？除了作為早期快速發展的市場之外，它還有助於了解 Magnite 按產品劃分的 CT 收入主要類別。我們的 CT 收入大部分來自 3 個方面。這三者都有不同的收費率和廣告支出成長預期，根據賣家和買家的需求，支出通常會在季度內在這三者之間轉移。

The first bucket consists of ad serving fees and publisher sold deals that run through our platform. Ad serving and publisher sold deals represent the largest portion of ad spends, but also carry the lowest take rate for Magnite. This product represented over 40% of our CTV revenue ex-TAC. As we've discussed on many occasions, the largest CTV publishers have established direct sales teams and predominantly transact with trusted buyers through reserve options where they can exert tight control over their inventory. Ad serving software may carry a low CPM-based fee, however, is essential software for publisher and allows us to establish a stickier relationship, which we believe leads to additional ad spend through our SSP. This bucket is highly differentiated and has very strong potential for growth.

第一個部分包括透過我們的平台進行的廣告投放費和出版商銷售交易。廣告投放和出版商銷售交易佔了廣告支出的最大份額，但對 Magnite 來說，其收費率也是最低的。該產品占我們 CTV 收入（不含 TAC）的 40% 以上。正如我們多次討論過的那樣，最大的 CTV 出版商已經建立了直銷團隊，主要透過儲備選項與值得信賴的買家進行交易，從而可以對庫存進行嚴格控制。廣告投放軟體可能收取較低的 CPM 費用，但它對於發布商來說是必不可少的軟體，並且使我們能夠建立更緊密的關係，我們相信這會透過我們的 SSP 帶來額外的廣告支出。這個類別差異化程度很高，成長潛力非常大。

Our second bucket of revenue consists of deals sold through the Magnite CTV marketplace. Today, these Magnite led deals comprised over 40% of revenue. We believe this bucket also has very strong potential of growth, because, first, publisher sales teams are largely focused on the top 200 linear TV advertisers. CTV will significantly expand the universe of TV buyers to thousands of advertisers, who never advertised on linear. Publishers will rely on Magnite to access this new pool of advertisers. Second, CTV first ad-supported streaming services are continuing to gain traction. These services do not have a history of legacy sales teams and rely on Magnite as a primary source of demand; and third, live stream programming. Every major sports league is getting into live streaming.

我們的第二部分收入來自透過 Magnite CTV 市場銷售的交易。如今，這些由 Magnite 主導的交易占到了總收入的 40% 以上。我們相信這個類別也具有非常強勁的成長潛力，因為首先，出版商銷售團隊主要集中在前 200 名線性電視廣告商。 CTV 將大大擴展電視購買者的範圍，使其覆蓋數千名從未在線上投放過廣告的廣告商。出版商將依靠 Magnite 來接觸這個新的廣告商群。其次，CTV 優先的廣告支援串流服務正在持續獲得關注。這些服務沒有傳統銷售團隊的歷史，並依賴 Magnite 作為主要需求來源；第三，直播節目。每個主要的體育聯盟都在開展直播業務。

These avails are much more difficult to forecast for directly sold campaigns and often lead to more opportunities for programmatic ads. Just yesterday, we announced the launch of Live Stream Acceleration, or LSA, a technology designed to help CTV publishers optimize their live inventory programmatically. This is an industry-leading innovation which is being used by Sling TV for its live sport inventory. While using LSA, Sling saw a 47% lift in ad conversions compared to the previous 5 weeks.

對於直銷廣告活動來說，這些效益更難預測，但往往為程式化廣告帶來更多機會。就在昨天，我們宣布推出直播串流加速（LSA），這是一項旨在幫助 CTV 出版商以程式設計方式優化其直播庫存的技術。這是一項領先業界的創新，Sling TV 正在將其用於其體育賽事直播。使用 LSA 後，Sling 的廣告轉換率與前 5 週相比提升了 47%。

Our last bucket of revenue comes from our Managed Service insertion order business. Managed Service accounts for approximately 15% of our CTV revenue ex-TAC and carries the highest take rate. It's also by nature the most volatile piece of our business, because it relies on direct sales efforts with brands and agencies. We believe it's an important differentiator for Magnite, as it allows us to capture video dollars that have yet to make their way to programmatic CTV and thus bring fresh demand to our publishers. Because Managed Service is often an entry point to programmatic, we do see a shift from this bucket to our programmatic buckets, which can result in short-term hit to revenue due to the lower associated take rates.

我們的最後一部分收入來自於託管服務訂單業務。託管服務約占我們 CTV 收入（不含 TAC）的 15%，且具有最高的收取率。從本質上來說，這也是我們業務中最不穩定的部分，因為它依賴與品牌和代理商的直接銷售工作。我們相信這是 Magnite 的一個重要差異化因素，因為它使我們能夠捕捉尚未進入程序化 CTV 的視訊資金，從而為我們的出版商帶來新的需求。由於託管服務通常是程序化的切入點，我們確實看到了從託管服務到程序化服務的轉變，這可能會導致短期收入受到打擊，因為相關的收費率較低。

However, we generally find that once we land a Managed Service client, we are able to migrate them through our ecosystem and keep them as a programmatic client, which in the long term will drive more consistent spend and growth to our platform. We believe this is a validation of our technology and the value that programmatic brings to advertisers.

然而，我們普遍發現，一旦我們獲得託管服務客戶，我們就能夠透過我們的生態系統遷移他們，並將他們保留為程式化客戶，從長遠來看，這將推動我們平台更穩定的支出和成長。我們相信這是對我們的技術以及程序化為廣告商帶來的價值的驗證。

Overall, I feel very good about how we position our CTV business. On the sell side, we work with nearly all of the largest programmers and broadcasters, virtual MVPDs, digital-first streaming services and device manufacturers. On the buy side, we work very closely with the largest agencies such as GroupM, Havas and Omnicom in deploying their upfront and programmatic buys. We also work directly with brands such as Bauer, Activision and HP as they grow and expand their CTV advertising efforts. We reach over 80 million households every month, and we believe we have more than 20% market share as measured by ad spend.

總體而言，我對我們的 CTV 業務定位感到非常滿意。在賣方方面，我們幾乎與所有最大的程式設計師和廣播公司、虛擬 MVPD、數位優先串流服務和設備製造商合作。在買方方面，我們與 GroupM、Havas 和 Omnicom 等最大的代理商密切合作，部署他們的前期和程序化購買。我們也直接與 Bauer、Activision 和 HP 等品牌合作，協助他們發展和擴大 CTV 廣告業務。我們每月涵蓋超過 8000 萬戶家庭，我們相信，以廣告支出衡量，我們的市場份額超過 20%。

Shifting gears, our DV+ business performed well in 2021, and we've doubled down here to drive growth going forward. We continue to focus on the high-end reserve market, but also have renewed attention on expanding our share in open auction as well. In open auction, we are onboarding inventory more quickly, tuning our systems for speed, improving our auction mechanics, and providing our DSP partners with new bid signals to improve their efficiency. Finally, our commercial work with the buyers and publishers to deepen our already strong supply path optimization partnerships is setting the table for a strong year.

換個角度來說，我們的 DV+ 業務在 2021 年表現良好，我們在此加倍努力，推動未來的成長。我們繼續專注於高端儲備市場，但也重新關注擴大我們在公開拍賣中的份額。在公開拍賣中，我們可以更快地加入庫存，調整系統以提高速度，改進拍賣機制，並為我們的 DSP 合作夥伴提供新的出價訊號以提高他們的效率。最後，我們與買家和出版商的商業合作加深了我們已經很強大的供應路徑優化合作夥伴關係，為今年的強勁發展奠定了基礎。

Now I'd like to talk about some recent industry news related to our DV+ business, starting with The Trade Desk's announcement that they will stop spending on Google's open bidding service, and separately, that they've launched a service called OpenPath that lets publishers connect to them directly to monetize display and online video inventory. Let's take these one at a time.

現在，我想談談與我們的 DV+ 業務相關的一些最新行業新聞，首先是 The Trade Desk 宣布他們將停止在 Google 的公開競價服務上投入資金，另外，他們推出了一項名為 OpenPath 的服務，讓出版商可以直接與他們聯繫，以通過展示和在線視頻廣告資源獲利。讓我們逐一討論這些問題。

Though Magnite will continue to support Google's open bidding, we think that The Trade Desk's shift away from it is good for the ecosystem, good for prebid, and good for us. There are many other SSPs that are overly reliant on open bidding and generally don't add much value. We believe this move will leave The Trade Desk to readjust their ad spend on to platforms like Magnite, where open bidding represents a very small portion of their business with us today.

儘管 Magnite 將繼續支持Google的公開競價，但我們認為 The Trade Desk 放棄公開競價對生態系統、對 Prebid 以及對我們都有好處。還有許多其他 SSP 過度依賴公開競標，通常不會增加太多價值。我們相信，此舉將使 The Trade Desk 重新調整在 Magnite 等平台上的廣告支出，目前公開競價僅佔與我們業務的一小部分。

Regarding the OpenPath, though the name is new, we've been seeing that The Trade Desk and other demand sources offer direct connections to publishers for some time. In the end, most publishers find it insufficient to rely solely on a direct connection versus the breadth and depth of what a full-featured SSP like Magnite offers. I'm not just talking about capabilities like yield management, inventory curation, ad quality tools, billing and reconciliation or access to seasoned monetization experts, though, all of that is critical. Magnite also facilitates demand for publishers across all formats, in many cases, directly from brands and agencies.

至於 OpenPath，雖然這個名字很新，但我們已經看到 The Trade Desk 和其他需求來源已經為出版商提供了直接聯繫。最後，大多數出版商發現，僅僅依靠直接連接是不夠的，還無法提供像 Magnite 這樣的全功能 SSP 所提供的廣度和深度。我不僅僅是在談論收益管理、庫存管理、廣告品質工具、計費和對帳或接觸經驗豐富的貨幣化專家等能力，所有這些都至關重要。 Magnite 也滿足了對所有格式的出版商的需求，在許多情況下，這些出版商直接來自品牌和代理商。

This view is shared by many of Magnite's key publishing partners, including Paul Banister, Chief Strategy Officer, CafeMedia. Paul, who was also included in last week's announcement from The Trade Desk had this to say about OpenPath. And I quote, "For CafeMedia, OpenPath and other direct connections to buyers are part of a holistic approach to monetization that includes the unified auction. We see Magnite as a critical and growing part of that strategy, helping us to oversee and yield optimize across a range of our demand." For select publishers that want a direct connection to buyers, the approach can be additive to the unified auction, potentially lifting of publishers revenue. Demand Manager, our header bidding software based on prebid, makes it easy for publishers to activate direct connections to buyers such as The Trade Desk.

Magnite 的許多主要出版合作夥伴也持有這種觀點，其中包括 CafeMedia 首席策略長 Paul Banister。保羅（Paul）也出現在上週 The Trade Desk 的公告中，他對 OpenPath 發表瞭如下看法。我引用他的話：“對於 CafeMedia 來說，OpenPath 和其他直接與買家的聯繫是包括統一拍賣在內的整體貨幣化方法的一部分。我們認為 Magnite 是該戰略中一個關鍵且不斷增長的部分，它幫助我們監督和優化一系列需求。”對於希望直接與買家聯繫的特定出版商來說，這種方法可以補充統一拍賣，從而有可能提高出版商的收入。 Demand Manager 是我們基於 prebid 的標頭競價軟體，它可以幫助發布商輕鬆與 The Trade Desk 等買家建立直接聯繫。

And lastly, I want to provide an update on our audience strategy. Increasingly, the role of audience creation is moving to the sell side, because publishers have direct relationships with consumers. This is true for web publishers that will be most impacted by the deprecation of third-party cookies and other identifiers, as well as CTV media owners for which first-party data has always been an integral part of addressability. You saw that we completed a small deal in December for Nth Party, which added talent and tech to speed up our ability to bring audience creation solutions for the sell side to market. We will continue to make investments in this area and play an increasingly important role in identity targeting by offering scaled solutions that create value for publishers in both CTV and DV+. We look forward to updating you on this critical market need in the months ahead.

最後，我想介紹一下我們的觀眾策略的最新情況。由於出版商與消費者有直接的關係，受眾創造的角色正日益轉向賣方。對於受第三方 Cookie 和其他識別碼棄用影響最大的網路出版商，以及第一方資料一直是可尋址性不可或缺的一部分的 CTV 媒體所有者來說，情況尤其如此。您看到，我們在 12 月為 Nth Party 完成了一筆小交易，這筆交易增加了人才和技術，以加快我們將賣方受眾創造解決方案推向市場的能力。我們將繼續在該領域進行投資，並透過提供為 CTV 和 DV+ 出版商創造價值的規模化解決方案，在身分定位方面發揮越來越重要的作用。我們期待在未來幾個月向您通報這項關鍵的市場需求。

If you look at the year we've posted from a top line, bottom line cash flow and strategic M&A perspective, I am very, very proud of what we've accomplished. In addition, I'm very excited about our long-term growth profile and the durability of our model to be the top source of publisher monetization as the leading and largest independent omnichannel sell-side platform.

如果從營業收入、淨利潤現金流和策略併購的角度來回顧我們這一年所取得的成績，我對我們所取得的成就感到非常非常自豪。此外，我對我們的長期成長前景和模式的持久性感到非常興奮，我們作為領先和最大的獨立全通路賣方平台，將成為出版商貨幣化的主要來源。

With that, I will hand things over to David, who will go into greater detail regarding financial performance and expectations. David?

說完這些，我將把事情交給戴維，他將更詳細地介紹財務表現和預期。戴維？

Thanks, Michael. We are pleased to close a record year for Magnite. We posted $416 million in revenue ex-TAC for the year on total ad spend of roughly $3.5 billion. We also posted an adjusted EBITDA margin of 35.7% for the year. This resulted in non-GAAP EPS of $0.55 for the full year 2021. Q4 revenue had a solid finish in line with our guide and Q4 adjusted EBITDA came in well above guidance, which resulted in strong earnings per share.

謝謝，麥可。我們很高興看到 Magnite 創下了歷史新高的一年。我們全年的廣告總支出約為 35 億美元，扣除 TAC 因素後，收入為 4.16 億美元。我們也公佈了今年調整後的 EBITDA 利潤率為 35.7%。這導致 2021 年全年非 GAAP 每股收益為 0.55 美元。

Total revenue for Q4 was $161.3 million. Revenue ex-TAC was $142.1 million, up 76% from Q4 2020 on an as-reported basis and up 10% on a pro forma basis. CTV revenue ex-TAC was $54 million in Q4, 2021, up more than 3x from $15.3 million last year on an as-reported basis and it was up 23% on a pro forma basis. Mobile revenue ex-TAC grew 6% and desktop revenue ex-TAC grew 1% year-over-year, both on a pro forma basis. Our revenue ex-TAC mix for Q4, 2021 was 38% CTV, 36% mobile and 26% desktop.

第四季總營收為 1.613 億美元。扣除 TAC 後的營收為 1.421 億美元，較 2020 年第四季報告基礎成長 76%，預估基礎成長 10%。 2021 年第四季度，CTV 扣除 TAC 後的營收為 5,400 萬美元，以報告基礎計算較去年的 1,530 萬美元成長 3 倍多，以預測基礎計算成長 23%。以預測基礎計算，行動收入（扣除 TAC）年增 6%，桌面收入（扣除 TAC）較去年同期成長 1%。我們 2021 年第四季不含 TAC 的收入結構為 38% 來自 CTV、36% 來自行動裝置和 26% 來自桌上型電腦。

Operating expenses, which, in our case, includes cost of revenue, for the fourth quarter were $157.7 million versus $74 million in the same period a year ago. Increases were primarily driven by the inclusion of SpotX. Adjusted EBITDA operating expenses, which represents the difference between revenue ex-TAC and adjusted EBITDA, were $74.6 million for Q4, close to flat sequentially, and up versus the $50.9 million in Q4 2020, also driven primarily by the addition of SpotX. Costs were lower than expected in the quarter, driven by a postponement of our return to office, lower-than-anticipated marketing event spend, and reduced travel and entertainment costs.

第四季的營業費用（在我們這裡包括收入成本）為 1.577 億美元，而去年同期為 7,400 萬美元。成長主要得益於 SpotX 的加入。調整後的 EBITDA 營業費用（代表扣除 TAC 後的收入與調整後的 EBITDA 之間的差額）第四季為 7,460 萬美元，與上一季持平，高於 2020 年第四季的 5,090 萬美元，這主要得益於 SpotX 的加入。本季的成本低於預期，原因是我們推遲了返回辦公室的時間，行銷活動支出低於預期，以及差旅和娛樂費用減少。

In addition, hiring challenges continue to persist, consistent with the overall labor market. Net income was $0.5 million in the fourth quarter of 2021, as compared to net income of $5.9 million in the fourth quarter of 2020. The decrease in net income was primarily attributable to an increase in amortization of acquired intangibles related to the SpotX acquisition. Adjusted EBITDA was $67.5 million resulting in a margin of 48%, as compared to an adjusted EBITDA of $30 million or a margin of 37% in the fourth quarter of 2020, driven by continued organic growth and by the addition of SpotX. Note that we calculate our adjusted EBITDA margin as a percentage of revenue ex-TAC.

此外，與整體勞動市場的情況一致，招募挑戰依然存在。 2021 年第四季淨收入為 50 萬美元，而 2020 年第四季淨收入為 590 萬美元。調整後 EBITDA 為 6,750 萬美元，利潤率為 48%，而 2020 年第四季的調整後 EBITDA 為 3,000 萬美元，利潤率為 37%，這得益於持續的有機成長和 SpotX 的加入。請注意，我們計算調整後的 EBITDA 利潤率為扣除 TAC 因素後的收入百分比。

GAAP income per share was breakeven for the fourth quarter of 2021, compared to GAAP income per share of $0.05 in the same period in 2020. Non-GAAP income per share in the fourth quarter of 2021 was $0.26, which was up 37% versus non-GAAP income per share of $0.19 reported in the same period in 2020. There were 132.1 million weighted average basic shares and 139.5 million weighted average diluted shares outstanding for the fourth quarter of 2021.

2021 年第四季，GAAP 每股盈餘達到損益平衡，而 2020 年同期的 GAAP 每股盈餘為 0.05 美元。 1.395 億股。

Capital expenditures, including both purchases of property and equipment, and capitalized internal use software development costs, were $7.3 million for the fourth quarter of 2021, in line with our expectations. Operating cash flow was $60.2 million in the quarter, which we define as adjusted EBITDA less CapEx. Our interest expense for Q4, 2021 was $7.3 million, of which roughly $5.2 million was cash.

2021 年第四季的資本支出（包括購買物業和設備以及資本化內部使用軟體開發成本）為 730 萬美元，符合我們的預期。本季經營現金流為 6,020 萬美元，我們將其定義為調整後的 EBITDA 減去資本支出。我們 2021 年第四季的利息支出為 730 萬美元，其中約 520 萬美元為現金。

At the end of Q4, we had $230 million in cash on the balance sheet, which represented a $42 million increase from Q3. As a reminder, our cash balances can swing disproportionately both up and down, compared to the run rate of our business, since we collect and pay the gross amount of flow-through to our sellers while we record revenue primarily on a net basis.

截至第四季末，我們的資產負債表上有 2.3 億美元現金，比第三季增加了 4,200 萬美元。提醒一下，與我們的業務運作率相比，我們的現金餘額可能會出現不成比例的上下波動，因為我們收取並支付給賣家的總流通金額，而我們主要以淨額記錄收入。

In 2022, we expect to generate over $100 million in free cash flow, which we define as operating cash flow, less cash interest payments. And I'd like to make a few comments on our priorities and potential deployment of capital.

2022 年，我們預計將產生超過 1 億美元的自由現金流，我們將其定義為經營現金流減去現金利息支付。我想就我們的優先事項和潛在的資本配置發表一些評論。

Regarding M&A opportunities, we believe that we have the core assets that we need at this point in time, although we always consider tuck-ins or small M&A activity that would expand our talent pool or accelerate our product features and functionality. On the debt front, we have an objective to reduce our net leverage ratio. That ratio has been reduced significantly to slightly above 3x at year-end. This represents strong progress towards our ultimate goal of 2x.

關於併購機會，我們相信我們目前擁有所需的核心資產，儘管我們總是考慮透過收購或小型併購活動來擴大我們的人才庫或加速我們的產品特性和功能。在債務方面，我們的目標是降低淨槓桿。截至年底，該比例已大幅下降至略高於 3 倍。這代表我們朝著 2x 的最終目標取得了巨大進步。

With respect to share repurchases, we believe there is a significant return opportunity for shareholders given our current share price compared to our intrinsic value expectations. As a result, in mid-December, we announced a program to repurchase common stock with an aggregate value of $50 million through mid-December of 2022. Under the program, in Q4, we repurchased almost 350,000 shares for $6 million, leaving $44 million remaining in the program at December 31. In addition, for our regular RSU vesting during the quarter, we utilized the withhold to cover method to cover employee taxes owed, essentially retiring an additional approximately 290,000 shares for $6.5 million or a total retirement of about 640,000 shares during the quarter. We expect to continue a balanced approach to these objectives in 2022.

關於股票回購，我們認為，考慮到我們目前的股價與我們的內在價值預期相比，股東存在巨大的回報機會。因此，我們在 12 月中旬宣布了一項回購普通股的計劃，該計劃將在 2022 年 12 月中旬之前完成，總價值為 5,000 萬美元。欠稅款，本質上是以 650 萬美元的價格額外回購了約 29 萬股，或在本季度總共回購了約 64 萬股。我們預計將在 2022 年繼續採取平衡的方法來實現這些目標。

I will now share our future expectations. To reiterate what Michael said earlier, we expect 2022 revenue ex-TAC to be well above $500 million. We expect revenue ex-TAC for the first quarter to be in the range of $105 million to $109 million, an improved pro forma growth rate from Q4. We expect revenue ex-TAC attributable to CTV for the first quarter to be in the range of $40 million to $42 million, representing a smaller -- a similar year-over-year growth rate versus Q4. We expect adjusted EBITDA operating expenses in Q1 will be $83 million to $85 million representing an adjusted EBITDA margin in the low 20s. The sequential increase in adjusted EBITDA operating expenses is primarily driven by our decision to move our annual compensation cycle from April 1 to January 1, from some higher than normal wage increases for market and retention reasons, and from the normal Q1 return of corporate matching payroll taxes. The remainder of the increase is due to the return of some marketing expenses and new office lease costs.

現在我將分享我們對未來的期望。重申麥可之前所說的話，我們預計 2022 年扣除 TAC 後的收入將遠超過 5 億美元。我們預計第一季扣除 TAC 後的營收將在 1.05 億美元至 1.09 億美元之間，較第四季的預測成長率有所提高。我們預計第一季歸屬於 CTV 的扣除 TAC 後的營收將在 4,000 萬美元至 4,200 萬美元之間，與第四季相比，同比成長率較小但相似。我們預計第一季調整後的 EBITDA 營業費用將達到 8,300 萬至 8,500 萬美元，相當於調整後的 EBITDA 利潤率在 20% 以下。調整後 EBITDA 營業費用較上季成長，主要由於我們決定將年度薪資週期從 4 月 1 日移至 1 月 1 日，出於市場和保留原因，部分員工薪資上漲幅度高於正常水平，以及第一季度企業匹配工資稅的正常退還。增幅的剩餘部分是由於部分行銷費用和新辦公室租賃費用的回饋。

For the remainder of 2022, we expect quarterly adjusted EBITDA operating expenses to increase roughly $3 million to $4 million each quarter. These increases are primarily the result of return to office costs and increased head count and other technology operating costs to support our growing business. We expect that CapEx for 2022 will be between $40 million and $45 million, and as I stated earlier, in 2022, we expect to generate over $100 million in free cash flow after CapEx and cash interest payments. We continue to target annual revenue ex-TAC growth of 25% and adjusted EBITDA over revenue ex-TAC margins of 35% to 40%.

對於 2022 年剩餘時間，我們預計季度調整後的 EBITDA 營運費用每季將增加約 300 萬至 400 萬美元。這些成長主要是由於返回辦公室的成本、增加的員工人數以及其他技術營運成本，以支持我們不斷成長的業務。我們預計 2022 年的資本支出將在 4,000 萬美元至 4,500 萬美元之間，正如我之前所說，在 2022 年，我們預計在資本支出和現金利息支付後將產生超過 1 億美元的自由現金流。我們繼續將扣除 TAC 後的年收入成長率設定為 25%，將扣除 TAC 後的調整後 EBITDA 收入利潤率設定為 35% 至 40%。

We are very pleased with our results in 2021 and optimistic for continued growth in 2022. Our financial model remains very attractive as we move down our P&L and ultimately to free cash flow. We expect that our adjusted EBITDA will grow faster than revenue due to long-term margin expansion. We also expect that our free cash flow will grow faster than adjusted EBITDA, based on financial leverage and a positive cash conversion cycle.

我們對 2021 年的業績非常滿意，並對 2022 年的持續成長持樂觀態度。我們預計，由於長期利潤率的擴大，調整後的 EBITDA 將比營收成長更快。我們也預計，基於財務槓桿和積極的現金轉換週期，我們的自由現金流的成長速度將快於調整後的 EBITDA。

With that, let's open the line for Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) The first question comes from Shyam Patil with SFG. Please go ahead.

（操作員指示）第一個問題來自 SFG 的 Shyam Patil。請繼續。

It's Shyam. I had a couple of questions. First on CTV, Michael. Can you talk a little bit -- a little bit more about just what you're seeing there, especially with Managed Services? And then how you're thinking about growth in the second half and long term? I know you guys have said many times over the past that growth can be volatile, but just curious kind of when you look out in time, just what kind of growth rate do you think is reasonable for CTV. And then second question on OpenPath, when do you think you start to see the benefit of that and how have you reflected that in your outlook?

是 Shyam。我有幾個問題。首先在 CTV 上，邁克爾。您能否稍微談談您在那裡看到的情況，特別是託管服務？那麼您如何看待下半年和長期的成長？我知道你們過去曾多次說過，成長可能會不穩定，但我只是好奇，當你放眼未來，你認為對於 CTV 來說，什麼樣的成長率才是合理的。然後是關於 OpenPath 的第二個問題，您認為什麼時候開始看到它的好處，以及您如何在您的展望中反映這一點？

Yes, both great questions, Shyam. So what are we seeing in CTV. As we talked about it, CTV was -- performed, we thought extraordinarily well in 2021 and as we exited the year, we saw some weakness as others did in the certain sectors and -- advertising sectors, for us, it was auto and travel. And unlike the general platform where that probably is made up in an open auction environment in CTV, it's a little less fluid and it's insertion order-driven and our mid-market team is -- there's a high dependency upon those 2 categories.

是的，這兩個問題都很好，Shyam。那我們在 CTV 上看到的是什麼？正如我們所談論的，我們認為 CTV 在 2021 年的表現非常好，而在年底時，我們和其他人一樣，在某些行業和廣告行業看到了一些弱點，對我們來說，是汽車和旅遊。與一般平台不同的是，一般平台可能是在 CTV 的公開拍賣環境中構建的，它的流動性較差，並且是由插入訂單驅動的，而我們的中端市場團隊高度依賴這兩個類別。

So we had kind of signaled coming out of Q4 that we thought we were going to be battling those headwinds as long as supply chain and the Omicron existed. And it seems like from what we're seeing is that as you look ahead and you see bookings, things are turning much more positive. And I think that the worst is behind us in many of those issues. And so I think that CTV will be another bright performer for us this year. We talked about the buckets of business and Magnite sold deals, publisher sold deals, ad serving, and if you look at those buckets, they're performing at or above expectation.

因此，我們在第四季就已經發出訊號，認為只要供應鏈和 Omicron 存在，我們就必須應對這些阻力。從我們所看到的情況來看，展望未來，看到預訂情況，事情似乎變得更加積極。我認為，許多問題最糟糕的時期已經過去了。因此我認為 CTV 將成為我們今年的另一個亮點。我們討論了業務領域和 Magnite 銷售交易、出版商銷售交易、廣告投放，如果你看一下這些領域，你會發現它們的表現達到或超出了預期。

And so it really has been a bit of a drag to the overall growth rate from that one segment, the mid-market. And now that we see that freshening, I think that we feel good about exceeding market growth rates.

因此，這確實對中端市場這一部分的整體成長率造成了一些拖累。現在我們看到了這種活力，我認為我們對超過市場成長率感到很高興。

And the next question is, what's the market growth rate? And you hear anything from 30% to 50%. And so, I don't know, take a midpoint, if you want. But that's exactly -- we completely believe that what we've built here should grow above market, right?

下一個問題是，市場成長率是多少？您可以聽到 30% 至 50% 的任何聲音。所以，我不知道，如果你願意的話，取一個中間點。但確實如此——我們完全相信我們在這裡所建造的東西應該​​高於市場，對嗎？

And as far as OpenPath is concerned, I think we've seen -- one of the things we had mentioned is that The Trade Desk spends very little through us on open bidding. And that's by design, The Trade Desk is -- they've optimized their pathways to publishers over the course of the last 6 to 8 months. And they really started to work with us more in prebid than they were in open bidding. And so I don't think there's going to be this whoosh of dollars that are going to come from that piece of it, right? So the switch from no-OB to go into prebid. I think what we might see is an increase of spend, because there's hundreds of platforms in OB that are SSPs that provide 0 value. They're just there to arbitrage the publisher and the buyer in an open bidding.

就 OpenPath 而言，我想我們已經看到——我們提到的一件事是，The Trade Desk 透過我們進行公開競標的花費很少。這是 The Trade Desk 精心設計的，他們在過去 6 到 8 個月內優化了與出版商的聯繫途徑。他們確實開始在預投標中與我們進行更多的合作，而不是在公開投標中。所以我不認為這部分資金會帶來巨額收益，對嗎？因此從無 OB 切換到預出價。我認為我們可能會看到支出的增加，因為 OB 中有數百個平台是提供 0 價值的 SSP。他們只是在公開競標中對出版商和買家進行套利。

And so when you take those out of the equation and those budgets aren't going to be cut, those dollars have to flow somewhere and we think we're well positioned to grab those. And so that's kind of a combination of them pulling out of open bidding, OpenPath. And so I don't think we've factored that into any kind of increase in guidance or numbers, but I think we're watching it closely. And these things take a while to evolve, as they signal, they're not turning it off until April. And so we'll see how it plays out.

因此，當你將這些因素從等式中剔除，而這些預算又不會被削減時，這些資金就必須流向某個地方，我們認為我們已做好準備去抓住這些資金。這就是他們退出公開競標 OpenPath 的結合。因此，我認為我們還沒有將此因素考慮在任何指導或數字的增加中，但我認為我們正在密切關注它。這些事情需要一段時間才能發展，正如他們發出的信號，他們要到四月才會關閉它。我們將拭目以待事情將如何發展。

The next question comes from Laura Martin with Needham.

下一個問題來自 Needham 的 Laura Martin。

I have 2. So thank you so much for breaking out the CTV buckets. I'm going to push you on take rates. So on Telaria you said to have about an 8% take rate. So I'm sort of assuming that's bucket #2. And then the direct I'm assuming is about half of that at 4% and then the high-end bucket, which is Managed Service about 12%. And I'd love you to comment on sort of the take rate, like if I'm close or if I'm really far off on one of those buckets.

我有 2 個。我將向你施壓，提高你的接受率。所以你說 Telaria 的使用率大約是 8%。因此我假設這是儲存桶 #2。然後我假設直接費用大約是其中的一半，即 4%，然後高端費用，即託管服務費用約為 12%。並且我希望您對接受率進行評論，例如我是否接近或是否遠離其中一個存儲桶。

And then on operating expense outlook, I get you that hiring CTV engineers is nearly impossible. My question is, can you really grow operating expenses of $3 million to $4 million a quarter if headcount is so hard to acquire? Or might we get sort of an upside surprise on margins this year, because there's a labor shortage, especially for CTV engineers, but really across the board?

然後關於營運費用前景，我知道僱用 CTV 工程師幾乎是不可能的。我的問題是，如果員工數量如此難以取得，你真的能每季增加 300 萬到 400 萬美元的營運費用嗎？或者我們今年的利潤率會出現意外上漲，因為勞動力短缺，尤其是 CTV 工程師，而且真的是全方位的短缺？

Thank you, Laura. And as much as I like talking with you, these sound very much like David questions.

謝謝你，勞拉。儘管我很喜歡和你交談，但這些聽起來很像大衛的問題。

Okay. Fair enough.

好的。很公平。

All right. So Laura, on the take rates, again, we for important competitive reasons, we don't share our take rates publicly. The ranges that you mentioned, as an average, if you average those together, that's not too far off, but I guess we're going to just refrain from commenting too much on the low side or the high side.

好的。因此，勞拉，關於收取率，出於重要的競爭原因，我們不會公開分享我們的收取率。您提到的範圍，作為平均值，如果將它們平均在一起，那麼差距就不會太大，但我想我們不會過多地評論偏低或偏高。

On the OpEx front, we think that we can achieve the hiring plans that are embedded in those cost estimates, but you're right. It is a challenging market and if things get worse than what we're seeing today, there could be a little headroom there. But overall, it's important for us to get those resources in and we're going after it from a recruiting perspective in a very, very heavy way.

在營運支出方面，我們認為我們可以實現包含在這些成本估算中的招募計劃，但是你是對的。這是一個充滿挑戰的市場，如果情況變得比我們今天看到的更糟，那麼它可能會有一些發展空間。但總的來說，獲得這些資源對我們來說非常重要，而且我們會從招募的角度非常努力地爭取這些資源。

The next question comes from Jason Kreyer with Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Jason Kreyer。

I wanted to stick with the theme on the CTV buckets. Mike, I wanted to see if you can maybe provide a snapshot of, if we look out 1 or 2 years down the road, if you've got any projections on how you expect that mix shift to change and then maybe even a little bit more near term? Are you hearing anything as you have conversations with partners about maybe some more near-term changes in those buckets as we go into this year's upfront cycle, maybe where there's more scenarios where you could bring in demand?

我想堅持 CTV 桶的主題。麥克，我想看看您是否可以提供一個快照，如果我們展望未來 1 到 2 年，您是否對這種組合轉變將如何變化有任何預測，然後可能甚至是更短期的預測？當我們進入今年的前期週期時，您在與合作夥伴交談時是否聽到了什麼關於這些領域近期可能出現的一些變化的消息，也許有更多可以帶來需求的場景？

Yes, Jason, great question. Yes, so I think that our belief is that the role of an SSP in the CTV environment -- and you have to keep in mind, it's a segmented market, right? We have the broadcasters at the top with their legacy teams. And then you have the made-for-the-medium guys and the device manufacturers and the virtual MVPDs. I think that each one is a different segment and different category, but generally speaking, I think that over time, if you're looking at a 2- to 3-year horizon, that for some of those reasons that we spoke about, whether it's an explosion of non-TV type linear buyers, advertisers rather, live sports programming now becoming a staple of streaming and the need to fill ad slots, because of things like timeouts and reviewing the call and overtime games.

是的，傑森，這個問題問得很好。是的，所以我認為我們的信念是 SSP 在 CTV 環境中的作用——你必須記住，這是一個細分的市場，對嗎？我們擁有頂級的廣播公司和他們的傳統團隊。然後你就有了為介質而製造的人、設備製造商和虛擬 MVPD。我認為每個都是不同的部分和不同的類別，但一般來說，我認為隨著時間的推移，如果你著眼於 2 到 3 年的時間範圍，由於我們談到的一些原因，無論是非電視類型線性購買者還是廣告商的激增，現場體育節目現在成為流媒體的主要內容，以及填補廣告位的需求，因為諸如暫停、審查和加時賽等原因。

And something like our LSA that we built is perfect for that. So I do think that bucket #2, the Magnite led deals, the traditional SSP function, is the one that benefits the most from that. And I think that, that's good for the business, because that's -- carries a very decent take rate, and it also is kind of core to what we do, right? And so we have the software business bolstering the ad serving piece of it, the pub sell deals and then in the middle, you have the growing traditional SSD role of Magnite sourcing demand. And then on the far right, I still think you have a Managed Service business, but I do think that over time, that's more of a shrinking business. Because keep in mind, we're chasing dollars that aren't programmatic yet. And once they become programmatic, we kind of feed them into the ecosystem.

我們所製造的 LSA 之類的東西非常適合實現這一點。因此我確實認為，第二個類別，即 Magnite 主導的交易，即傳統的 SSP 功能，是從中受益最多的。我認為這對業務有好處，因為這具有非常不錯的盈利率，而且這也是我們業務的核心，對吧？因此，我們有軟體業務來支援其中的廣告投放部分、酒吧銷售交易，然後在這中間，你有不斷增長的傳統 SSD 角色，也就是 Magnite 採購需求。然後在最右邊，我仍然認為您有一個託管服務業務，但我確實認為隨著時間的推移，這是一個萎縮的業務。因為請記住，我們追逐的美元還不是程式化的。一旦它們變得程序化，我們就會將它們納入生態系統。

And I think that, that's probably how it plays out in the next several years. As it relates to this year's upfronts, you hit the nail on the head and we've never been more involved in discussions with our agency partners, the big agencies about assisting them when they go to publishers, CTV platforms, to say to them, hey! okay. Here's our commitment of spend, blank million. We would like 40% of it to go through these rails, because we want to programmatic and we want the advanced targeting that comes with it. So yes, this is a real seminal year. It will be interesting how it plays out, but we're deeply involved in discussions across the breadth of the holding companies, with the holding companies going to our publishing partners and it's a marked change from years prior. I will certainly say that.

我認為，這可能就是未來幾年的情況。就今年的預付款而言，您說到點子上了，我們從未像現在這樣與代理商合作夥伴、大型代理商進行過如此深入的討論，幫助他們在與出版商、CTV 平台聯繫時，對他們說，嘿！好的。這是我們的支出承諾，空白百萬。我們希望其中 40% 能夠透過這些管道進行，因為我們想要實現程式化，並且想要隨之而來的高階定位。是的，這真是具有開創性的一年。最終結果將會很有趣，但我們深入參與了與控股公司各個部門的討論，控股公司將轉向我們的出版合作夥伴，這與前幾年相比發生了顯著變化。我一定會這麼說。

And one follow-up for me on Connected TV. So it seems like we've started to see some interesting new announcements from you guys, where you're winning some more like exclusive or preferred deals. I know you had announcements with Samsung and fubo recently. But I'm just curious, are you seeing more activity within Connected TV of a formal RFP process. And just curious when you come out with better relationships on the other end, when you're seeing these wins, what are the key components that are allowing you to get these wins?

我還有關於連網電視的後續報導。因此，我們似乎開始看到你們發布的一些有趣的新公告，你們贏得了更多類似獨家或優先交易的交易。我知道您最近與三星和 fubo 發布了公告。但我很好奇，您是否看到連網電視在正式 RFP 流程中出現了更多活動。我很好奇，當您在另一端建立了更好的關係時，當您看到這些勝利時，哪些關鍵因素使您獲得這些勝利？

Yes, another good one. Again, they're all -- they are slightly different. But I will say one thing that changes in our product suite to be able to strike these types of deals is the increased breadth of it. To that, I'm specifically reserving -- talking about SpringServe. Kind of by definition, ad serving is exclusive. And if you are able to bundle ad serving along with the other services, that's the whole goal, right. To be able to put the whole product portfolio in front. And I think that, that's where you're seeing an uptick on that. It's not necessarily kind of an RFP led process, as it is generated from our going forward to these clients with that suite of products that we hadn't had before, putting them together and showing them what it would look like to work with this leading independent CTV-focused SSP, and I think we're gaining traction on that front.

是的，又一個好消息。再說一遍，它們都略有不同。但我要說的是，為了達成此類交易，我們的產品套件發生了變化，其廣度有所擴大。對此，我特別保留——談論 SpringServe。從定義上來說，廣告投放是獨家的。如果您能夠將廣告投放與其他服務捆綁在一起，這就是整個目標，對吧。能夠將整個產品組合放在前面。我認為，這就是你所看到的上升趨勢。這不一定是一種由 RFP 主導的過程，因為它源於我們向這些客戶推出之前沒有的產品套件，將它們整合在一起並向他們展示與這家領先的獨立 CTV 為中心的 SSP 合作會是什麼樣子，我認為我們在這方面正在獲得關注。

The next question comes from Shweta Khajuria with Evercore ISI.

下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Let me try 2, please. On OpenPath, could you please, Michael, you talked a little bit about it. Could you please give a little more color on why a brand -- or excuse me, why a publisher would want to go directly through The Trade Desk and work with an agency versus an SSP and even consider that option. And also why an advertiser agency was requesting this from The Trade Desk to have this direct relationship? Understood that SSPs play a very important role, but where do you think that would trend over time? And what's the -- what's in it for each of those 2 publishers and agencies and advertisers. That's the first one.

請讓我嘗試 2。關於 OpenPath，Michael，您能否稍微談論一下。您能否更詳細地解釋為什麼品牌——或者不好意思，為什麼出版商願意直接透過 The Trade Desk 與代理商而不是 SSP 合作，甚至考慮這種選擇。為什麼廣告代理商要向 The Trade Desk 要求建立這種直接關係？了解 SSP 發揮著非常重要的作用，但您認為隨著時間的推移，其趨勢會如何？那麼，這兩家出版商、代理商和廣告商各自能從中得到什麼呢？這是第一個。

And then the second one, could you please talk about just the puts and takes? You mentioned you reiterated your long-term EBITDA margin, 35% to 40%. But for this year, could you please help us with what the puts and takes are for EBITDA margin?

然後是第二個問題，您能談談投入和產出嗎？您提到您重申了您的長期 EBITDA 利潤率，即 35% 至 40%。但就今年而言，您能否幫助我們了解 EBITDA 利潤率的優缺點？

Thanks, I'll jump on the OpenPath and then I'll let David talk about the puts and takes on EBITDA. So on OpenPath, obviously, we're intimately more familiar with the publisher world than the advertiser world, if you will. So from a publisher perspective, I think it's pretty simple. If you're a sophisticated publisher, and you are approached by The Trade Desk that says, nothing's going to change. I'm going to continue to bid through the supply sources that you have in the head. So you have Magnite there, you have PubMatic there. You have Index, et cetera, et cetera. The Trade Desk is going to continue to participate in those auctions, nothing's changed.

謝謝，我將加入 OpenPath，然後讓 David 談談 EBITDA 的優缺點。因此，在 OpenPath 上，顯然我們對出版商世界比對廣告商世界更為熟悉，如果你願意的話。因此從出版商的角度來看，我認為這非常簡單。如果你是個成熟的出版商，The Trade Desk 會跟你聯繫，告訴你什麼都不會改變。我將繼續透過你腦中的供應來源進行投標。所以你在那裡有 Magnite，你在那裡有 PubMatic。您有 Index 等等等等。交易部門將繼續參與這些拍賣，沒有任何變化。

But I'm also going to move outside that action with a direct connection and compete against those auctions, sometimes compete against ourselves. And a publisher's way of thinking is that could just be increased bid density and it could lift yield. And so therefore, the only reason why I wouldn't want to do it is if The Trade Desk came in and said, "I don't want to participate in a unified auction. I want to be put as a tag in the server, and I want to be first look on everything and then everyone else gets to look at everything." That's the world of nonheader-bidding that used to exist in the SSP world.

但我也會透過直接聯繫來超越這項行動，與那些拍賣品競爭，有時也與我們自己競爭。而出版商的想法是，只要增加出價密度就可以提高收益。因此，我不想這樣做的唯一原因是，如果 The Trade Desk 進來並說：“我不想參加統一拍賣。我希望被放在服務器中作為標籤，我希望首先查看所有內容，然後其他人才能查看所有內容。”這就是曾經存在於 SSP 世界中的非標頭競價的世界。

And so publishers have spoken. They want it as part of a unified process. Interestingly enough, a lot of publishers, as you know, through our Demand Manager product don't have the wherewithal to even manage a unified auction in prebid. And so in -- weird way economically The Trade Desk moving outside of, moving as another source of demand in the head helps us economically from Demand Manager, because, as you know, we get paid on every successful auction, whether it's a Magnite auction or not. And so if it's more demand inside the header and it's going through Demand Manager, it actually -- it works out well for us.

出版商也紛紛表示。他們希望它成為統一進程的一部分。有趣的是，如您所知，許多出版商透過我們的需求管理器產品甚至沒有足夠的資金來管理預競價的統一拍賣。因此，從經濟角度來看，交易台作為另一個需求來源在頭腦中移動，這在經濟上幫助了我們，因為如你所知，每次成功的拍賣我們都會得到報酬，不管它是不是 Magnite 拍賣。因此，如果標題內的需求更多，並且通過需求管理器，那麼實際上 - 它對我們來說效果很好。

So I think from a publisher standpoint, they just view it as a possibility, if someone can make it easy for them as a possibility to increase yield. From an advertising standpoint, I think it falls underneath and whether or not OpenPath accomplishes or not of parking on that, I think advertisers are looking for clean pads to supply, they want fewer touch points. They want to have a closer relationship with the supply, and we are seeing this play itself out with advertisers coming directly to us, agencies coming directly to us. And so existentially speaking, on some occasions, they can go around the DSP and go right to the SSP. On other occasions, it looks like they're going around the SSP directly to supply.

因此我認為從出版商的角度來看，他們只是將其視為一種可能性，如果有人可以讓他們輕鬆地提高收益。從廣告的角度來看，我認為它屬於底層，無論 OpenPath 是否能夠實現這一點，我認為廣告商正在尋找乾淨的墊子來供應，他們想要更少的接觸點。他們希望與供應商建立更密切的關係，我們看到這種情況正在發生，廣告商直接來找我們，代理商直接來找我們。因此從存在的角度來說，在某些情況下，他們可以繞過 DSP 直接進入 SSP。在其他情況下，他們似乎直接繞過 SSP 進行供給。

But I think that generally speaking, it's all underneath the heading of fewer touch points, more streamlined supply and more streamlined access to supply. And David, if you wanted to talk about the puts and takes on EBITDA?

但我認為，總體而言，這一切都歸結於更少的接觸點、更精簡的供應和更精簡的供應途徑。大衛，您想談談 EBITDA 的利弊嗎？

Yes. Yes. So from a -- regarding our margin targets. We have a few factors that are impacting kind of the pace of our margin growth. So if you think about 2021, those margins were slightly benefited from work from home. So we had lower office costs, marketing and events. There was no travel going on. And so some of those costs -- as we now move into 2022, some of those costs are going to return. In addition, as I mentioned, we moved forward our annual raise cycle from April 1 to January 1. So on an annual basis, we've got an extra quarter's worth of costs in there. And we've got some incrementally higher personnel costs, which includes some additional head count.

是的。是的。因此從—關於我們的利潤目標。有幾個因素影響著我們的利潤成長速度。因此，如果你考慮 2021 年，這些利潤率會因在家工作而略有受益。因此，我們的辦公室成本、行銷成本和活動成本都降低了。沒有旅行進行。因此，隨著我們進入 2022 年，其中一些成本將會回歸。此外，正如我所提到的，我們將年度加薪週期從 4 月 1 日提前到 1 月 1 日。我們的人員成本也逐漸增加，其中包括一些額外的員工人數。

So stepping back, I think that will slow the pace of our margin growth this year a little bit, but no real changes to the core leverage that we have and we don't see any changes in the long-term trajectory to our 35% to 40% margin targets.

所以退一步來說，我認為這會稍微減緩我們今年的利潤率成長速度，但不會對現有核心槓桿率造成任何實質性變化，而且我們也沒有看到 35％至 40％ 的利潤率目標的長期軌跡發生任何變化。

The next question comes from Nick Zangler with Stephens, Inc.

下一個問題來自 Stephens, Inc. 的 Nick Zangler。

Yes, great quarter. Lots of good details on the call. Google announced some Android privacy changes to come in a blog post last week. The move obviously looks similar to what Apple has done with iOS ATT changes. I imagine that such a change will have a minimal impact to Magnite, as obviously has been the case with these iOS changes, but interested just to hear your thoughts on Google's announcement, and if you feel there's any potential impact to Magnite.

是的，非常棒的一個季度。通話中有很多很好的細節。谷歌上週在一篇部落格文章中宣布了即將對 Android 隱私進行的一些更改。此舉顯然與蘋果對 iOS ATT 修改的做法類似。我認為這樣的變化對 Magnite 的影響很小，就像 iOS 的變化一樣，但我只是想聽聽您對谷歌公告的看法，以及您是否認為這會對 Magnite 產生任何潛在影響。

Yes. Nick, I think that it's a little different than Apple's approach. Apple was kind of, "hey, in 4 weeks or it's going away" and puff, it went away in 4 weeks, and there was no real thoughtful alternative. They came up with kind of an audience product, but that didn't meet the needs of just about any marketer, right? And so therefore, I think Google learned from that, that the Android team probably feels as though from a privacy standpoint, deprecating device ID makes sense. But they're going to do it very thoughtfully. It's over the course of 2 years. They're doing it in concert with the ecosystem. They're getting feedback. They're actively looking for advice.

是的。尼克，我認為這與蘋果的方法有點不同。蘋果當時就表示，“嘿，4 週後它就會消失”，結果 4 週後它就消失了，而且也沒有真正周到的替代方案。他們推出了一種受眾產品，但這並不能滿足任何行銷人員的需求，對嗎？因此，我認為Google從中吸取了教訓，An​​droid 團隊可能覺得從隱私的角度來看，棄用裝置 ID 是有意義的。但他們會非常慎重地去做這件事。這已經過去兩年了。他們與生態系統協同進行這項工作。他們正在收到反饋。他們正在積極尋求建議。

It's a little like the deprecation of cookies even though it's gone on interminably long. It has been a relatively thoughtful process where they're trying to come up with an alternative. It may not be perfect, but it's a lot better than what Apple did. As it relates to Magnite, we don't like any of these changes that we've talked about, make whether it's deprecation of cookies and/or IDFA, our exposure is somewhat limited. And if someone were to be able to -- if budgets don't get cut, which they don't from the types of advertises we work with, you see that happening in the folks like the Facebook ecosystem where budgets have been cut and shifted.

這有點像是對 cookie 的棄用，儘管這種棄用已經持續了很長時間。這是一個相對深思熟慮的過程，他們正在嘗試提出一種替代方案。它可能並不完美，但比蘋果做的要好得多。就 Magnite 而言，我們不喜歡我們所談論的任何變化，無論是棄用 cookie 還是 IDFA，我們的曝光都會受到一定限制。如果有人能夠——如果預算不被削減，而從我們合作的廣告類型來看，預算並沒有被削減，你會看到這種情況發生在像 Facebook 生態系統這樣的領域，預算被削減和轉移。

Generally speaking, we're dealing with more upper funnel advertisers, and these folks are looking for targeting parameters aren't nearly as cost per acquisition focused as an app download guy. So we're somewhat inflated, and we don't view this as a threat to the business.

一般來說，我們與更多的上層漏斗廣告商打交道，這些人尋找的定位參數並不像應用程式下載人員那樣關注每次購買成本。因此我們有些虛高，但我們不認為這對業務構成威脅。

Very helpful. That's what I expected. And quickly one more. You mentioned it, but obviously, verticals like, for instance, auto retail, that ad spend runs through the Managed Service offering for Magnite. And I know that's been soft due to supply constraints. Was that a $3 million to $4 million headwind in the quarter as you guys had originally expected? And you're not mentioning any ongoing headwind there into 1Q or at least you're not calling it out like you did last quarter. So curious, just thoughts there. If you're able to convert any new Managed Service clients in the quarter as resources may have diverted from that sector? Or specifically within that sector, underlying trends have significantly improved? Just looking for some clarity there.

非常有幫助。這正是我所期望的。很快再來一個。您提到了這一點，但顯然，例如汽車零售等垂直行業，廣告支出會貫穿 Magnite 提供的託管服務。我知道由於供應限制，銷售一直不佳。正如你們最初預期的那樣，本季的逆風是否達到了 300 萬至 400 萬美元？而且您沒有提到第一季有任何持續的不利因素，或者至少您沒有像上個季度那樣指出這一點。非常好奇，只是想法而已。由於資源可能已從該部門轉移，您是否能夠在本季度轉換任何新的託管服務客戶？或具體到該領域，潛在趨勢已經有顯著改善？只是想尋求一些澄清。

Yes, Nick, and I'll lean on David for a little bit more color. But the other thing we had said and you accurately pointed out it's through the Managed Service group. So when an insertion order gets canceled on December 15 through, I don't know, make up the number, $500,000. If that was open auction, dollars are just flooding on that inventory. It might not be the same value of $500,000, but you'd sell it no matter what. Insertion business is a little bit longer, longer lead times. If it cancels, it's harder to fill.

是的，尼克，我會依靠大衛提供更多細節。但是我們已經說過的另一件事，並且您準確地指出它是透過託管服務群組。因此，當 12 月 15 日起取消插入訂單時，損失金額不確定，大概是 50 萬美元。如果這是公開拍賣，那麼美元就會大量湧入這些庫存。它的價值可能不如 50 萬美元，但無論怎樣你都會賣掉它。插入業務的時間稍長，交貨時間也較長。如果取消，則更難填補。

And so I think what we're seeing is, as the quarter progressed, the ability for the teams to find different types of advertisers to sell what would traditionally be auto bucket or travel bucket, maybe nowhere close to the exact amount, but at least there's progress being made there. And then, of course, things do seem to be getting better in that sector. And multiple folks have kind of commented that Q2 might be a more return to spend in those verticals. Not to mention that we also know that political is going to start to heat up in that quarter, and we feel as we're well positioned and that team particularly is well positioned to capitalize on those dollars.

因此，我認為我們看到的是，隨著季度的進展，團隊能夠找到不同類型的廣告商來銷售傳統上的汽車桶或旅行桶，也許遠遠沒有達到確切的數額，但至少在那裡取得了進展。當然，該領域的情況似乎確實正在好轉。許多人評論說，第二季在這些垂直領域的投資可能會帶來更多回報。更不用說我們也知道那個季度的政治情勢將開始升溫，我們覺得我們處於有利地位，特別是我們的團隊處於有利地位，可以利用這些資金。

But David, I don't know if we're attributing a specific number or anything like that, too. Are we?

但是大衛，我不知道我們是否也給了一個具體的數字或類似的東西。是嗎？

No. I guess the takeaway is, as you mentioned, Michael. Nick, there's no significant uplift from a revenue run rate perspective in Q1 versus Q4 of last year. And so it's still in the doldrums. But as Michael mentioned, we're seeing on the horizon, some increased bookings to have these longer run rates. And so that's where we're getting some of our, I think, hopefulness as we look forward to future quarters, but not a lot of lift in Q1.

不。尼克，從營收運行率來看，今年第一季與去年第四季相比沒有顯著提升。所以它仍然處於低迷狀態。但正如邁克爾所提到的那樣，我們看到，一些預訂量將會增加，以實現更長期的利率。所以，我認為，當我們展望未來幾季時，我們對未來抱持著一定希望，但第一季的希望並不大。

The next question comes from Matt Thornton with Truist Securities.

下一個問題來自 Truist Securities 的 Matt Thornton。

Maybe a couple of quick number questions for David and then one for Michael. David, when we think about political and how much of a headwind it was year-on-year in '21, wonder if you can quantify that? And is that a reasonable way to think about what type of dollars come back in 2022? That's the first question.

也許可以問大衛幾個快速數字問題，然後問邁克爾一個問題。大衛，當我們思考政治因素以及 21 年同比阻力有多大時，你能否量化這一點？這是思考 2022 年將會回歸哪種類型的美元的合理方式嗎？這是第一個問題。

Second question, can you just remind us currency for you guys. I don't think it's material, maybe you can remind us any meaningful headwind from currency?

第二個問題，您能否提醒我們一下貨幣。我認為這不是什麼重要的事情，也許您可以提醒我們貨幣方面有哪些有意義的阻力？

And then, Michael, I think you guys have talked about the CTV 2.0 platform kind of bringing the best of Telaria, with the best of SpotX. I think you talked about launching that maybe 4Q '22, 1Q '23 time frame. Just want to see if that was still the right way to think about that? And could we see any incremental synergies once that platform is actually launched? I'm not sure if there's any costs that perhaps go away when that platform does launch?.

然後，邁克爾，我想你們已經討論過 CTV 2.0 平台將 Telaria 的最佳功能與 SpotX 的最佳功能結合起來。我認為您談到了可能在 2022 年第四季或 2023 年第一季的時間範圍內推出。只是想看看這是否仍然是正確的思考方式？一旦該平台實際啟動，我們是否可以看到任何增量協同效應？我不確定該平台啟動後是否有任何成本會消失？

Sure. I'll hit the first 2. So on political, we talked about for the impacted quarters sort of a mid -- a low to mid-single-digit impact from political. And if you recall, political was primarily Connected Television and our online video. And so from a quantification perspective, that was the level of headwinds there.

當然。我會講前兩個。如果你還記得的話，政治主要體現在連網電視和線上影片。因此，從量化的角度來看，這就是那裡的阻力水平。

From a currency perspective, over 90% of our activity, almost 95% of our activity is transacted in U.S. dollars. And so we have very little exposure on the currency front.

從貨幣角度來看，我們的 90% 以上的活動、幾乎 95% 的活動都是以美元進行的。因此我們在貨幣方面的風險敞口非常小。

Yes, Matt. And on the CTV platform front, we -- you're right about the timing, although throughout the year, clients will be shifted over to the new platform and then final migration at some of the more intricate implementations will take place as the year winds down. And if the clock runs out, because of code freezes in Q4, it could bleed to Q1.

是的，馬特。在 CTV 平台方面，您的時間表是正確的，儘管全年客戶都會轉移到新平台，然後一些更複雜的實施的最終遷移將在年底進行。如果時鐘耗盡，由於 Q4 中的程式碼凍結，它可能會影響 Q1。

And as far as it relates to synergies, I think most of that's been captured in the cost synergies that we've shared. I think what we're really focusing on is the revenue synergy piece of it. The idea that you take a pretty sophisticated audience engine that's running on the legacy SpotX platform, and that now watches all the inventory on the new platform. I think we can see a lift there. So we're super excited about the state-of-the-art platform and the implications it's going to have on the revenue side of things.

就綜效而言，我認為大部分已體現在我們共享的成本綜效中。我認為我們真正關注的是收入綜效。我們的想法是，採用一個在傳統 SpotX 平台上運行的相當複雜的受眾引擎，然後監控新平台上的所有庫存。我認為我們能夠在那裡看到升力。因此，我們對這個最先進的平台以及它對收入的影響感到非常興奮。

Great. That's helpful. And maybe just one other quick one. I guess, just maybe any thoughts on the Xandr, Microsoft kind of coming together, just kind of thoughts on the implications to the market.

偉大的。這很有幫助。也許還有另一個快速的。我想，也許您對 Xandr、微軟的融合有什麼看法，只是對其對市場的影響有什麼看法。

Yes. No, I think that it's becoming clear and clear. I think when it was first announced, we kind of collectively all kind of scratched our heads a little bit, but they've had a long time history and Microsoft was a very early investor in Xandr. And Xandr has monetized some of Microsoft's inventory since then. So if they were ever going to get bigger into ad tech, Xandr would be a logical acquisition for them. And it appears that they are getting bigger into advertising as a whole with the proposed purchase in terms of the whole gaming area.

是的。不，我認為事情已經變得越來越清晰了。我想當它第一次宣布的時候，我們都有點困惑，但他們有著悠久的歷史，微軟是 Xandr 的早期投資者。自那時起，Xandr 已將微軟的部分庫存貨幣化。因此，如果他們想要在廣告科技領域進一步發展，收購 Xandr 將是一個合理的選擇。而且看起來，透過擬議的整個遊戲領域的收購，他們在廣告領域的整體業務將進一步擴大。

And so yes, I think it's going to be an attempt by Microsoft to try to organize all their inventory, to have kind of end-to-end solutions for advertisers. And I think that Xandr is a viable third-party SSP probably isn't at the top of their list in terms of priorities. And so I guess, net-net, it's a positive from that respect. But it remains to be seen. It's obviously still wet clay and it hasn't molded yet.

是的，我認為微軟會嘗試整合所有庫存，為廣告商提供端到端的解決方案。我認為 Xandr 是一個可行的第三方 SSP，但在優先順序方面可能不是他們的首選。因此我想，從這個角度來看，總體而言這是正面的。但仍需觀察。顯然它還是濕黏土，還沒有成型。

Was there a follow-up? The next question comes from Tim Nollen with Macquarie.

還有後續行動嗎？下一個問題來自麥格理的蒂姆·諾倫。

Can you hear me okay?

你聽得到我說話嗎？

Yes, you bet, Tim.

是的，你打賭，提姆。

Great. Most of my questions have been taken, but I have one other one, which is fairly broad, and I'm hoping you can help us understand about the subject of media measurement. Given the role that you play and how much TV viewership and ad delivery and therefore, tracking of ad delivery is changing. And given all the changes coming about in the measurement landscape. I just wonder if you could help us understand, from your perspective, what this all might mean for the market and what it might mean for you, given all these move away from a Nielsen standard to lots of other things potentially?

偉大的。我的大部分問題都已經被回答了，但我還有一個問題，這個問題比較廣泛，我希望您能幫助我們了解媒體測量的主題。考慮到您所扮演的角色以及電視收視率和廣告投放量，廣告投放的追蹤正在改變。考慮到測量領域發生的所有變化。我只是想知道，您是否可以從您的角度來看待這一切對市場意味著什麼以及對您意味著什麼，因為所有這些都可能從尼爾森標準轉向許多其他標準？

Yes, Tim. Yes, fascinating times, right? I guess at the highest level, I think it's our belief that the industry, our clients don't want us grading our own homework, so to speak. And so the idea of Magnite entering into the measurement space with a proprietary measurement system is just not in the cards, and I know you weren't intimating that, but just take that off as Magnite as a primary. So then our role is to work with every measurement company out there.

是的，提姆。是的，令人著迷的時光，對吧？我想，從最高層次來說，我認為我們的信念是，這個產業、我們的客戶不希望我們給自己的作業評分，可以這麼說。因此，Magnite 使用專有測量系統進入測量領域的想法是不切實際的，我知道您並沒有暗示這一點，但只是將 Magnite 作為主要選擇。因此我們的職責就是與每一家測量公司合作。

If a buyer wants to use that type of measurement, if a seller wants to use a different type of measurement, we need to have the APIs, we need to have to work with them. We need to have formal agreements with them. Where we can play a role in helping is to our ad server, because we'll see not just on platform inventory for a certain publisher, but we'll also be able to see their distributed inventory. And so from a simple kind of reach and frequency balancing, which is the bread and butter of measurement, if you will, we can assist there.

如果買家想要使用那種類型的測量，如果賣家想要使用不同類型的測量，我們需要有 API，我們需要與他們合作。我們需要與他們達成正式協議。我們可以在廣告伺服器中提供協助，因為我們不僅可以看到某個發布者的平台庫存，還可以看到他們分發的庫存。因此，如果您願意，我們可以從簡單的範圍和頻率平衡（這是測量的基本內容）入手，為您提供幫助。

So our plumbing -- our platform are serving, we'll be able to assist the industry in helping get cleaner signals. And then I think it will be up to buyers and sellers to agree that this is the new standard, this is how it's going to go. I think that for a digital world, anything that's not entirely panel-based inherently has an advantage to, I think, broader adoption and broader use. So I think that's a good thing for us. But it's evolving, and we'll play our right role in that, if that answers the question.

因此，我們的管道—我們的平台正在提供服務，我們將能夠協助業界獲得更清晰的訊號。然後我認為這將由買家和賣家同意，這是新的標準，這就是它將如何發展。我認為，對於數位世界來說，任何非完全基於面板的東西本質上都具有優勢，可以被更廣泛的採用和使用。所以我認為這對我們來說是一件好事。但它正在發展，如果這能回答問題的話，我們將在其中發揮應有的作用。

The next question comes from Matt Swanson with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Matt Swanson。

Michael, you mentioned on the call, and I think we talked about this a little bit at the RBC conference was the reinvestment into the DV+ side. Do you mind just giving us a little bit more color on what exactly that means and maybe some of the history of what necessitates the reinvestment?

邁克爾，您在電話會議上提到了這一點，我想我們在 RBC 會議上也討論過這個問題，即對 DV+ 方面的再投資。您介意向我們稍微解釋一下這到底意味著什麼，以及需要再投資的一些歷史原因嗎？

And then maybe for Michael or David, how do you think this business can affect that guidance for 2022? Basically, how quickly do you think those investments can start to pay off?

那麼對於麥可或大衛來說，您認為這項業務將如何影響 2022 年的指引？基本上，您認為這些投資多久可以開始產生回報？

Yes, Matt, you bet. So yes, I think that in terms of the broader areas that we discussed in terms of the kind of earnings scripts, that's probably about as far as we want to kind of drill down on those areas, because obviously, you get into competitive challenges and talking about your product road map in a very open setting like that. And so I think that as it relates to the work that we're doing, and we've been pretty open about onboarding a broader swath of inventory and then fine-tuning it and improving auction mechanics.

是的，馬特，確實如此。所以是的，我認為就我們討論的更廣泛的領域而言，就盈利腳本而言，這可能是我們想要深入研究的領域，因為很明顯，你會面臨競爭挑戰，並在非常開放的環境中討論你的產品路線圖。因此，我認為這與我們正在做的工作有關，我們一直非常開放地引入更廣泛的庫存，然後對其進行微調和改進拍賣機制。

I think that, that's as close as we'll get to talking about specifics, although internally, we have an incredibly detailed road map with 30-plus projects in flight. It takes a while, right? These things you're dealing with a tremendous amount of scale, 300 million, 400 million auctions a day, and I just think that we're getting better at it. Growth rate is improving. It's not where we want it to be. I think it's going to be a 2022 project. But I very much am confident, we exit 2022 in a far better state than we entered into it. And we've got some real talented engineers and a real focus on it from a product standpoint and feel good about the direction, less than satisfied about where we are right now in terms of growth. But very good about the plan we have in place and about our ability to execute on that.

我認為，這就是我們談論細節的最接近的程度了，儘管在內部，我們有一個非常詳細的路線圖，其中有 30 多個正在進行的項目。這需要一段時間，對吧？你要處理的事情規模非常大，每天有 3 億到 4 億次拍賣，我認為我們在這方面做得越來越好。成長率正在提高。它並不是我們想要的樣子。我認為這將會是一個 2022 年的計畫。但我非常有信心，2022 年結束時我們的狀態將比 2022 年開始時好得多。我們擁有一些真正有才華的工程師，並且真正專注於產品，對發展方向感到滿意，但對目前的成長狀況則不太滿意。但我們所製定的計劃和執行能力非常好。

I was going to say on the guidance side, the reinvestments that we've talked about, they're certainly included in the kind of expanded cost guidance that we gave. So we've got some international expansion. We've got some other things going on, and those have been factored into the cost guidance that we've given, and I think Michael has covered it on the expectation for higher growth rates as we move through the year.

我想說的是，在指導方面，我們所談論的再投資肯定包含在我們提供的擴大成本指導中。因此，我們進行了一些國際擴張。我們還有一些其他的事情要做，這些都已經考慮到我們給出的成本指導中，我認為邁克爾已經在談到今年更高的成長率時談到了這一點。

The next question comes from Vasily Karasyov with Cannonball Research.

下一個問題來自 Cannonball Research 的 Vasily Karasyov。

Michael, I wanted to ask you to talk about how your competitive position evolved last year? And specifically, if you estimate that you gained market share or held it or lost it in the channels, including Connected TV, mobile, desktop? And in general, is the competition getting more intense, less intense? How do you look at that?

邁克爾，我想請你談談去年你的競爭地位是如何改變的？具體來說，您是否估計自己在連網電視、行動裝置、桌上型電腦等管道中獲得了市場份額、維持了市場份額還是失去了市場份額？整體來說，競爭是變得更激烈了，還是變得更不激烈了？您怎麼看待這個現象？

Yes. Hey, Vasily, so I think that taking CTV first, no question we create a great more deal of separation between us and the competitive set. If -- by that, we define that to be independent SSP, primarily focused on CTV, right? There's just nothing out there that looks like what we've been able to put together by first merging with Telaria going into 2021. And then closing the SpotX and SpringServe deals. We are in this full-service CTV company that no one else can offer that, other than perhaps this company called FreeWheel.

是的。嘿，瓦西里，所以我認為首先佔領 CTV，毫無疑問我們會與競爭對手拉開更大的距離。如果——透過這種方式，我們將其定義為獨立的 SSP，主要關注 CTV，對嗎？我們首先在 2021 年與 Telaria 合併，然後完成 SpotX 和 SpringServe 交易，現在看起來還沒有什麼能與我們能夠實現的目標相似。我們是一家提供全方位服務的 CTV 公司，除了這家名為 FreeWheel 的公司，沒有其他公司可以提供這樣的服務。

So I think that it makes us very clear about what we need to do, where the focus is. FreeWheel is a dominant ad server in the industry, certainly dominant in the broadcast sector and we've got the game plan in place, the product suite in place and now we're focused on that. So I feel very, very good about the evolution of our market position in CTV.

所以我認為它讓我們非常清楚我們需要做什麼，重點在哪裡。 FreeWheel 是業界占主導地位的廣告伺服器，尤其是在廣播領域佔據主導地位，我們已經制定了遊戲計劃，產品套件也已到位，現在我們專注於此。因此，我對我們在 CTV 的市場地位的演變感到非常非常滿意。

In DV+, I feel good that we outgrew the market. By any market estimate, if you bundle in mobile and desktop and all the other forms audio, all the other forms of what we consider DV+, we outperformed market but nowhere near what I think we can do. And so I think that the competition is fierce in that just by the nature of header bidding. Most of it is open market. We made a choice to focus a lot of our energy resources and products on the premium side of that. The PMPs, the PGs piece of it, we've been quite successful there. But you can't do that at the expense of under-investing in open auction.

在 DV+，我很高興我們的成長速度超越了市場。根據任何市場估計，如果將行動裝置和桌面裝置以及所有其他形式的音訊、我們認為的 DV+ 的所有其他形式捆綁在一起，我們的表現將超越市場，但遠不及我認為我們能做到的。所以我認為，從標頭競價的本質來看，競爭非常激烈。大部分是公開市場。我們選擇將大量的能源資源和產品集中在高端領域。在 PMP、PG 部分，我們取得了相當大的成功。但你不能以公開拍賣投資不足為代價來做到這一點。

And so yes, so doubling down, as we said in the script, refocusing internal engineering efforts and product efforts on open auction, couple that with our Demand Manager and our premium strategy, I think we exit 2022 in a different and more enviable competitive position.

是的，正如我們在腳本中所說的那樣，加倍努力，將內部工程工作和產品工作重新集中在公開拍賣上，再加上我們的需求經理和我們的高端戰略，我認為我們將在 2022 年以不同的、更令人羨慕的競爭地位退出。

This concludes our question-and-answer session. I would like to turn the conference back over to Michael Barrett for any closing remarks.

我們的問答環節到此結束。我想將會議交還給邁克爾·巴雷特 (Michael Barrett) 來做結束語。

Thank you so much. I'm so very proud of how hard our team worked in 2021 to deliver a strong performance. We see clear areas for growth in CTV, DV+ and audience and identity. We've established ourselves as a critical long-term partner for many of our publishers and buyers, especially in CTV, and believe much of our future success lies in our execution. We've never been more excited about the opportunity we have ahead of us. Thank you for joining us for our Q4 results call. We look forward to talking to many of you at virtual investor meetings hosted by Cannonball Research tomorrow, conferences by Berenberg on March 1 and SIG on March 3. Thanks again, and have a great evening.

太感謝了。我為我們的團隊在 2021 年的努力和取得的出色表現感到非常自豪。我們看到 CTV、DV+ 以及觀眾和身份的明顯成長空間。我們已經成為許多出版商和買家（尤其是 CTV）的重要長期合作夥伴，並且相信我們未來的成功很大程度上取決於我們的執行力。我們從未像現在這樣對眼前的機會感到興奮。感謝您參加我們的第四季業績電話會議。我們期待在明天由 Cannonball Research 主辦的虛擬投資者會議、3 月 1 日由 Berenberg 主辦的會議以及 3 月 3 日由 SIG 主辦的會議中與大家交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。