Trade Desk Inc (TTD) 2021 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to The Trade Desk Third Quarter 2021 Earnings Conference Call. (Operator Instructions)

女士們，先生們，早上好，歡迎來到 The Trade Desk 2021 年第三季度收益電話會議。 （操作員說明）

It is now my pleasure to turn the floor over to your host, Chris Toth. Sir, the floor is yours.

現在我很高興將發言權交給您的主持人 Chris Toth。先生，地板是你的。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk Third Quarter 2021 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Blake Grayson. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

謝謝你，接線員。大家好，大家下午好。歡迎來到 The Trade Desk 2021 年第三季度收益電話會議。今天的電話會議是創始人兼首席執行官傑夫格林；和首席財務官布萊克格雷森。我們的收益新聞稿副本可在我們的網站 thetradedesk.com 的投資者關係部分找到。

Before we begin, I would like to remind you that except for historical information, some of the discussion and our responses in Q&A may contain forward-looking statements, which are dependent upon certain risks and uncertainties. In particular, our expectations around the impact of the COVID-19 pandemic on our business and results of our operations in addition to potential supply chain disruptions that could disrupt advertising spend are all subject to change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

在開始之前，我想提醒您，除歷史信息外，我們在問答中的某些討論和回應可能包含前瞻性陳述，這些陳述取決於某些風險和不確定性。特別是，我們對 COVID-19 大流行對我們的業務和運營結果的影響以及可能擾亂廣告支出的潛在供應鏈中斷的預期都可能發生變化。如果任何這些風險成為現實，或者我們的假設被證明是不正確的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的存在重大差異。我鼓勵您參考我們新聞稿中提到的風險因素，並包含在我們最近提交給美國證券交易委員會的文件中。

In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures can be found in our earnings press release. We believe that providing non-GAAP measures, combined with our GAAP results, provides a more meaningful representation of the company's operational performance.

除了報告我們的 GAAP 財務結果外，我們還提供了補充的非 GAAP 財務數據。可以在我們的收益新聞稿中找到 GAAP 與非 GAAP 措施的對賬。我們相信，提供非公認會計原則的衡量標準，結合我們的公認會計原則結果，可以更有意義地代表公司的運營業績。

I will now turn the call over to Founder and CEO, Jeff Green. Jeff?

我現在將把電話轉給創始人兼首席執行官傑夫格林。傑夫?

Thanks, Chris, and thank you all for joining us today. I'm here in Europe this week meeting with some of our colleagues, customers and partners. And I'm thrilled to be joining you from our recently reopened London office. For Q3, I'm pleased to report that The Trade Desk had another very strong quarter. Revenue was $301 million, a 39% increase from a year ago, once again, exceeding our own expectations. Excluding political spend related to the U.S. elections in Q3 of last year, our growth was about 47% from a year ago. This performance builds on our momentum year-to-date.

謝謝，克里斯，感謝大家今天加入我們。本週我在歐洲與我們的一些同事、客戶和合作夥伴會面。我很高興能從我們最近重新開放的倫敦辦事處加入您的行列。對於第三季度，我很高興地報告 The Trade Desk 又一個非常強勁的季度。收入為 3.01 億美元，比一年前增長 39%，再次超出我們自己的預期。剔除與去年第三季度美國大選相關的政治支出，我們的增長率約為 47%。這一表現建立在我們年初至今的勢頭之上。

I'd like to start by sharing 5 major highlights from this last quarter. First, video, which excludes connected TV, accounted for nearly 40% of our business, our highest ratio ever. And our CTV growth is not just here in the U.S. Like last quarter, CTV spend grew more rapidly in EMEA than any region in the world.

我想首先分享上個季度的 5 個主要亮點。首先，視頻（不包括聯網電視）占我們業務的近 40%，這是我們有史以來的最高比例。我們的 CTV 增長不僅僅在美國。與上個季度一樣，EMEA 的 CTV 支出增長速度比世界上任何地區都快。

Second, in Q3, our international growth once again outpaced the domestic growth, a trend that we expect to continue over the long term. International expansion also continued at a strong pace.

其次，在第三季度，我們的國際增長再次超過國內增長，我們預計這一趨勢將長期持續。國際擴張也繼續保持強勁步伐。

Third, the Walmart DSP recently launched, which is, of course, built on top of the Tribe platform. It is early days, but we are starting to see test budgets from some of the largest brands in the world flow through the platform. And perhaps most exciting, these budgets are incremental.

第三，最近推出的 Walmart DSP，當然是建立在 Tribe 平台之上的。現在還為時過早，但我們開始看到世界上一些最大品牌的測試預算流經該平台。也許最令人興奮的是，這些預算是遞增的。

Fourth, Unified ID continued its strong industry-wide momentum and is reaching critical scale in the market.

第四，統一ID延續了全行業的強勁勢頭，正在達到市場臨界規模。

And fifth, our mobile business continues to be resilient. As we predicted, the most recent iOS changes have had no material impact on our business, and we expect that to remain the case.

第五，我們的移動業務繼續保持彈性。正如我們預測的那樣，最近的 iOS 變化對我們的業務沒有實質性影響，我們預計情況將繼續如此。

With that, I'd like to give you our perspective on the state of the market and then get into a few ways in which we're innovating to drive growth in this market. I get asked every day about where this market is heading because the pandemic has changed everything, because it has massively adjusted the media and tech landscape. It has accelerated the shift to CTV. It forced brand marketers to embrace data and has driven a higher focus on real-time agility for everyone in our industry. I think this is an important backdrop to why we're doing so well and why our prospects are so bright for the future and why I'm so optimistic about the future of the open Internet.

有了這個，我想向您介紹我們對市場狀況的看法，然後介紹我們正在創新以推動該市場增長的幾種方式。我每天都被問到這個市場的發展方向，因為大流行改變了一切，因為它極大地調整了媒體和科技格局。它加速了向CTV的轉變。它迫使品牌營銷人員接受數據，並推動我們行業中每個人都更加關注實時敏捷性。我認為這是我們為什麼做得這麼好、為什麼我們的前景如此光明以及為什麼我對開放互聯網的未來如此樂觀的一個重要背景。

Just as a reminder, according to IDC, the total advertising market today is estimated to be at about $750 billion. In just a few years, it is estimated to exceed $1 trillion. And over time, I believe that nearly all advertising will be digital and nearly all of it will be executed programmatically. As that shift happens, accelerated by the pandemic, our commitment to the open Internet only intensified. Everything we do in terms of our investments, our engineering priorities, our partnerships and our go-to-market model are designed to create a better Internet. And we want an Internet that is open, privacy safe and competitive, not one that's just owned by a few companies.

提醒一下，根據 IDC 的數據，今天的廣告市場總額估計約為 7500 億美元。在短短幾年內，估計將超過 1 萬億美元。隨著時間的推移，我相信幾乎所有的廣告都將是數字化的，並且幾乎所有的廣告都將以編程方式執行。隨著這種轉變的發生，大流行加速了這種轉變，我們對開放互聯網的承諾只會加強。我們在投資、工程優先級、合作夥伴關係和上市模式方面所做的一切都是為了創造更好的互聯網。我們想要一個開放、隱私安全和有競爭力的互聯網，而不是僅僅由少數公司擁有的互聯網。

And as we work to advance the Open Internet, we have a level of support from ad agencies, advertisers, industry bodies, TV content owners and the independent ad tech that is unprecedented. We never thought that our vision would be shared by so many companies outside of our own company. More than ever, companies and marketers are concerned about the Internet being fair and competitive, and many of them are looking to us to help the Internet reach its potential.

在我們努力推進開放互聯網的過程中，我們得到了來自廣告代理商、廣告商、行業機構、電視內容所有者和獨立廣告技術的前所未有的支持。我們從未想過我們的願景會被我們公司以外的這麼多公司所分享。公司和營銷人員比以往任何時候都更加關注互聯網的公平性和競爭力，他們中的許多人都希望我們幫助互聯網發揮其潛力。

It's also in that context that many people in recent weeks have asked about our response to the unredacted version of the antitrust complaint against Google filed by a multistate coalition led by the Texas Attorney General. Of course, the majority of the complaint alleges, among other things, that Google has engaged in unfair and anticompetitive conduct using its market power built on top of DSP, which is Google's ad serving product for publishers. I expect that Google will take steps to make the market fair given the scrutiny that they are under.

也是在這種情況下，最近幾週，許多人詢問我們對德克薩斯州總檢察長領導的多州聯盟針對谷歌提出的未經編輯的反壟斷投訴的回應。當然，除其他外，大部分投訴指控谷歌利用其建立在 DSP 之上的市場力量從事不公平和反競爭行為，DSP 是谷歌為發布商提供的廣告服務產品。鑑於他們正在接受審查，我預計谷歌將採取措施使市場公平。

While that would be a positive development for the industry as well as good for the Trade Desk, I want to remind everyone that we have been, we are, and we expect to continue to do very well regardless of Google's policy choices. A very small percentage of our business runs through Google's Ad Exchange, and we are not dependent on Google for our business. The bottom line for us is that the market will always ultimately gravitate to transparency and competition over time. And we will continue to innovate to drive the industry in that direction and to deliver more value to our advertising customers. And if we get that right, and I believe we are, as you can see in our performance, we will grab more share of ad spend.

雖然這對行業來說是一個積極的發展，對 Trade Desk 也有好處，但我想提醒大家，我們一直是，我們是，並且無論谷歌的政策選擇如何，我們都希望繼續做得很好。我們的業務只有很小一部分通過 Google 的 Ad Exchange 運行，我們的業務並不依賴 Google。對我們來說，最重要的是，隨著時間的推移，市場最終總是會被透明度和競爭所吸引。我們將繼續創新，推動行業朝著這個方向發展，並為我們的廣告客戶提供更多價值。如果我們做對了，我相信我們做到了，正如你在我們的表現中看到的那樣，我們將獲得更多的廣告支出份額。

To that end, I'm obsessed with the supply chain. The healthier the supply chain, the more competitive and transparent the open Internet will be, certainly in contrast to walled gardens. Of course, we only serve the buy side, and that will never change. But serving the buy side demand that we do our part, working with the industry to make sure the supply chain is as efficient as possible. So that everyone in the ecosystem provides more value than they extract.

為此，我癡迷於供應鏈。供應鏈越健康，開放的互聯網就越有競爭力和透明度，這與圍牆花園形成鮮明對比。當然，我們只為買方服務，這一點永遠不會改變。但我們儘自己的一份力量滿足買方需求，與行業合作以確保供應鏈盡可能高效。這樣生態系統中的每個人都提供了比他們提取的更多的價值。

And we are innovating in the supply chain in ways that are not always obvious. In the last few months, for example, we've been working with the supply side to further reduce the duplication of ad inventory. Because publishers use multiple supply-side platforms or SSPs we often have access to the same inventory from multiple sources. We've asked those SSPs to put in place a solution that identifies duplicative inventory so that we ensure bidding on the right impression at the right time all the time. There's been overwhelming support and adoption for this approach as it increases the overall efficiency of the supply chain.

我們正在以並不總是顯而易見的方式在供應鏈中進行創新。例如，在過去幾個月中，我們一直在與供應方合作，以進一步減少廣告庫存的重複。由於發布商使用多個供應方平台或 SSP，我們通常可以訪問來自多個來源的相同庫存。我們已要求這些 SSP 實施一種解決方案，以識別重複的廣告資源，以便我們確保始終在正確的時間對正確的展示進行出價。這種方法得到了壓倒性的支持和採用，因為它提高了供應鏈的整體效率。

In the same vein, I also want to address the future of identity for the open Internet. UID is setting new benchmarks every week and every month. The growth is phenomenal. As I've said before, I've never seen the industry come together like this around a common agenda, collaborating on new technology that benefits all participants. The daily avails on our platform with UID reached an all-time high just last week, having broken record dozens of times through August, September and October. The scale we have been able to build in a relatively short amount of time has been outstanding, and it's thanks to unprecedented industry-wide commitment and collaboration.

同樣，我也想探討開放互聯網身份的未來。 UID 每周和每月都在設定新的基準。增長是驚人的。正如我之前所說，我從未見過這個行業像這樣圍繞一個共同的議程聚集在一起，在有利於所有參與者的新技術上進行合作。就在上週，我們使用 UID 的平台上的每日播出量達到了歷史最高水平，在 8 月、9 月和 10 月期間已多次打破記錄。我們能夠在相對較短的時間內建立的規模非常出色，這要歸功於前所未有的全行業承諾和協作。

Everyone in the open Internet is aware that Google has announced that they intend to get rid of third-party cookies in 2023. I maintain that this is a strategic mistake for Google to do that. But their policy changes have created collaboration among the open Internet that probably wouldn't have happened otherwise. When fully implemented, we believe UID creates a better Internet for consumers with higher standards for consumer privacy than anything possible with cookies. And the momentum and adoption of UID2 underscores that. Even some of the walled gardens are passing an encrypted version of UID2 in their marketplaces and ecosystems.

開放互聯網中的每個人都知道，谷歌已經宣布他們打算在 2023 年擺脫第三方 cookie。我認為這是谷歌這樣做的戰略錯誤。但是他們的政策變化已經在開放的互聯網之間創造了合作，否則這可能不會發生。完全實施後，我們相信 UID 為消費者創造了一個更好的互聯網，其消費者隱私標準比使用 cookie 的任何可能都更高。 UID2 的發展勢頭和採用強調了這一點。甚至一些有圍牆的花園也在其市場和生態系統中傳遞了 UID2 的加密版本。

But one of the amazing new milestone is that many of the largest advertisers on our platform are now transacting on UID2 or are in the process of implementing them. As you'd imagine, some of these are among the biggest advertisers in the world and nearly all of the major ad agencies and holding companies like Omnicom, Publicis, IPG and even independent agencies like Horizon have also adopted UID2. And the case studies are just starting to roll in because a common currency makes it easier for our brand to use first-party data than cookies ever could. They are using that data more often and more safely.

但令人驚奇的新里程碑之一是，我們平台上的許多最大廣告商現在都在 UID2 上進行交易或正在實施它們。正如您想像的那樣，其中一些是世界上最大的廣告商之一，幾乎所有主要的廣告代理商和控股公司，如 Omnicom、Publicis、IPG，甚至像 Horizon 這樣的獨立代理商也採用了 UID2。案例研究才剛剛開始，因為與 cookie 相比，共同貨幣使我們的品牌更容易使用第一方數據。他們更頻繁、更安全地使用這些數據。

One early case study is with Made In. Made In is one of the fastest-growing cookware companies in the U.S. They're using UID2, the new industry identity currency in their campaigns and seen amazing results. They have seen a 20% improvement in cost per acquisition, not just that but they're seeing their time to convert per user improve by 33% compared to when they don't use UID2. That means they're driving campaign precision and putting their advertising dollars to work as hard as possible. As a reminder, UID2 started with us, but it belongs to the Internet today. It is open source and being used around the world and across many functions of the Internet from payment companies to cloud companies to beverage companies to agencies to exchanges. UID is making the open Internet more effective.

Made In 是一個早期案例研究。 Made In 是美國發展最快的炊具公司之一。他們在活動中使用 UID2，這是一種新的行業身份貨幣，並取得了驚人的效果。與不使用 UID2 時相比，他們發現每次獲取成本降低了 20%，不僅如此，他們還發現每位用戶的轉化時間縮短了 33%。這意味著他們正在提高廣告系列的精確度，並儘可能努力地投入廣告費用。提醒一下，UID2 始於我們，但它屬於今天的互聯網。它是開源的，並在全球範圍內使用，並在互聯網的許多功能中使用，從支付公司到雲公司，再到飲料公司，再到代理機構再到交易所。 UID 使開放的互聯網更加有效。

Meanwhile, CTV is expanding the open Internet in new ways. Since March of 2020, everything has changed about TV. The move to CTV over that time has been the fastest secular shift we've seen at The Trade Desk ever. Before the pandemic, CTV was getting premium CPMs because of scarcity of AVOD inventory. Now AVOD inventory is growing rapidly and premiums require improvements in efficacy. That means advertisers need an objective platform more than ever, a platform that does not own content or its own content channel, a platform that helps advertisers decide what to buy objectively while managing reach and frequency. And that's the major reason so much CTV demand is gravitating to the Trade Desk.

同時，中視也在以新的方式拓展開放的互聯網。自 2020 年 3 月以來，電視的一切都發生了變化。在那段時間向 CTV 的轉變是我們在 The Trade Desk 見過的最快的長期轉變。在大流行之前，由於 AVOD 庫存稀缺，CTV 獲得了優質的每千次展示費用。現在 AVOD 庫存正在迅速增長，保費需要提高功效。這意味著廣告商比以往任何時候都更需要一個客觀的平台，一個不擁有內容或自己的內容渠道的平台，一個幫助廣告商在管理覆蓋面和頻率的同時客觀地決定購買什麼的平台。這就是貿易台吸引如此多 CTV 需求的主要原因。

Lastly, concerning the state of global advertising market today, roughly 2/3 of the total advertising market is outside of North America. That's why we invest so heavily in key growth markets globally. In recent months, we've established a presence in markets like India, Italy and the Nordics and Taiwan. And we're making very encouraging strides in every region where we are located.

最後，關於當今全球廣告市場的狀況，大約有 2/3 的廣告市場在北美以外。這就是為什麼我們在全球關鍵增長市場進行如此大的投資。最近幾個月，我們在印度、意大利、北歐和台灣等市場建立了業務。我們在我們所在的每個地區都取得了令人鼓舞的進步。

To wrap up our perspective on the state of the market, I'd like to circle back to where this all started for us. I believe digital advertising is still a relatively young industry. I got into this business initially because I thought there was a better way to price advertising, that we could build something like the stock market or the markets for commodities where there is transparency of information and mechanisms that drive efficiency because these are the kinds of characteristics that any market demand, that any mature market creates over time. This approach remains central to our mission at The Trade Desk. We believe that an open competitive market for digital advertising is the only way that we build long-term trust of marketers. It's how we unlock that $1 trillion industry TAM, the bulk of which will be digital.

為了總結我們對市場狀況的看法，我想回到這一切對我們來說開始的地方。我相信數字廣告仍然是一個相對年輕的行業。我最初進入這個行業是因為我認為有更好的廣告定價方法，我們可以建立像股票市場或商品市場這樣的東西，其中有信息透明和提高效率的機制，因為這些都是特徵任何市場需求，任何成熟市場都會隨著時間的推移而創造。這種方法仍然是我們 The Trade Desk 使命的核心。我們相信，開放競爭的數字廣告市場是我們建立營銷人員長期信任的唯一途徑。這就是我們如何解鎖價值 1 萬億美元的行業 TAM，其中大部分將是數字化的。

But now given all the opportunities created for us in this fast-changing landscape, I'd like to talk about a few things that are driving us to win more share during this unique moment in time. On 7/7, we launched the biggest upgrade to our system ever. In terms of adoption, we're exactly where we expected to be. By the beginning of 2022, the majority of impressions on our platform will be bought via Solimar. Feedback from our customers has been very positive. They value the platform's ease of use, the ability to be more granular in setting goals and how Solimar activates on those goals. Everything from campaign optimization to more meaningful measurement.

但是現在考慮到在這個瞬息萬變的環境中為我們創造的所有機會，我想談談一些促使我們在這個獨特的時刻贏得更多份額的事情。 7/7，我們推出了有史以來最大的系統升級。在採用率方面，我們正是我們所期望的。到 2022 年初，我們平台上的大部分展示將通過 Solimar 購買。我們客戶的反饋非常積極。他們看重平台的易用性、更精細地設定目標的能力以及 Solimar 如何實現這些目標。從廣告系列優化到更有意義的衡量，應有盡有。

Just as important, the use of both precise goal setting and activation for first-party data has increased the ability of our AI to better optimize every campaign with data. Our goal is for advertisers who activate Solimar to utilize more data per impression and achieve measurable improvement in return on ad spend. In doing so, that helps the advertising flywheel spin much faster.

同樣重要的是，對第一方數據使用精確的目標設定和激活提高了我們的人工智能更好地利用數據優化每個活動的能力。我們的目標是讓激活 Solimar 的廣告商在每次展示時利用更多數據，並顯著提高廣告支出回報率。這樣做有助於廣告飛輪旋轉得更快。

We're also getting very positive feedback from industry analysts. Gartner just released their Ad Tech Magic Quadrant for 2021. The Trade Desk continues to be a market leader scoring higher for completeness of vision. Perhaps more interesting, though, Gartner measures all participants across 4 critical capabilities. The Trade Desk ranks #1 for 3 of those: media planning, campaign piloting and campaign results analysis. Each of these are key elements of Solimar. When you consider that we're going up against some of the tech industry's heaviest hitters such as Google and Amazon, it's pretty remarkable to be leading the pack in these categories. And that's credit to our amazing engineering and product teams and the work that they put into Solimar. It also speaks to the focus we have on customer service. We're always looking to provide more value than we extract.

我們也從行業分析師那裡得到了非常積極的反饋。 Gartner 剛剛發布了 2021 年廣告技術魔力像限。Trade Desk 繼續成為市場領導者，在願景完整性方面得分更高。不過，也許更有趣的是，Gartner 衡量了所有參與者的 4 項關鍵能力。 The Trade Desk 在其中 3 個方面排名第一：媒體規劃、活動試點和活動結果分析。這些都是 Solimar 的關鍵要素。當您考慮到我們正在與穀歌和亞馬遜等科技行業最重磅的打擊者競爭時，在這些類別中處於領先地位是非常了不起的。這要歸功於我們出色的工程和產品團隊以及他們為 Solimar 所做的工作。這也說明了我們對客戶服務的關注。我們一直在尋求提供比我們提取更多的價值。

But I think what's perhaps less well understood is the role that Solimar is playing in driving innovation for our customers and for the industry. Solimar is allowing us to advance ideas and efficiencies that are benefiting the entire digital advertising ecosystem. One of those areas is our measurement marketplace. Instead of only using our metrics, we've created an entire marketplace to measure success. Having this marketplace makes end-to-end measurement possible at unprecedented scale. And nowhere is this more apparent than in retail. You all know about the partnership with Walmart, which is now available to many of the world's largest advertisers. Major brands such as PepsiCo, are already active testing campaigns in the Walmart DSP. Walmart is clearly a pioneer here.

但我認為，Solimar 在為我們的客戶和行業推動創新方面所扮演的角色可能不太為人所知。 Solimar 讓我們能夠推進有利於整個數字廣告生態系統的想法和效率。這些領域之一是我們的測量市場。我們不僅使用我們的指標，還創建了一個完整的市場來衡量成功。擁有這個市場可以以前所未有的規模進行端到端測量。這一點在零售業中表現得最為明顯。你們都知道與沃爾瑪的合作夥伴關係，現在世界上許多最大的廣告商都可以使用。百事可樂等主要品牌已經在沃爾瑪 DSP 中進行了積極的測試活動。沃爾瑪顯然是這方面的先驅。

What they are doing is unleashing their shopper data so that advertisers can understand the relationship between their advertising tactics and actual in-store or e-commerce activity. We think about this as closing the loop. For many of our largest CPG advertisers, for example, the bulk of their products are still sold in physical stores. If they run an ad for toothpaste, they can now get a much better sense of how that ad actually drove sales. Thanks to in-store shopper data. This means that advertisers can be much more precise and agile in everything they do at every stage of the advertising funnel. Advertisers can understand the impact of their campaigns at a micro level, in a particular region, a specific store or at different times of day. They can also look at their impact across different channels, which ones are working and what kind of creative.

他們正在做的是釋放他們的購物者數據，以便廣告商能夠了解他們的廣告策略與實際店內或電子商務活動之間的關係。我們認為這是關閉循環。例如，對於我們許多最大的 CPG 廣告客戶來說，他們的大部分產品仍然在實體店銷售。如果他們投放牙膏廣告，他們現在可以更好地了解該廣告實際上是如何推動銷售的。感謝店內購物者數據。這意味著廣告商在廣告漏斗的每個階段所做的一切都可以更加精確和敏捷。廣告商可以在微觀層面、特定地區、特定商店或一天中的不同時間了解他們的活動的影響。他們還可以查看他們在不同渠道中的影響，哪些渠道有效，哪些創意。

But it's not just Walmart. We are now working with many of the major retailers in the United States and many more around the world. They will each approach it in their own way, but major retailers everywhere are looking to make the most of their own shopper data so that they can provide the same kind of closed-loop measurement via our platform to the buy side. And they are joining forces with us because they trust us. They know we don't compete with them and they know they will retain control of their data.

但這不僅僅是沃爾瑪。我們現在正與美國以及世界各地的許多主要零售商合作。他們每個人都會以自己的方式處理它，但各地的主要零售商都希望充分利用自己的購物者數據，以便他們可以通過我們的平台向買方提供相同類型的閉環測量。他們與我們聯手，因為他們信任我們。他們知道我們不與他們競爭，他們知道他們將保留對他們數據的控制權。

Similar to when an operating system is upgraded, there were many upgrades to key features on Solimar. One of those features is called predictive clearing. What this means is that we use our data tools and our AI to predict the clearing price of first price options. Advertisers can then bid as close to the winning price as possible without overpaying. With Solimar's upgraded predictive clearing, we've massively upgraded the product to use AI to help our customers save collectively tens of millions of dollars. That's because this upgrade allows us to be much more aggressive in bidding and budget management, significantly lowering CPMs and increasing an advertiser's return on ad spend. We are seeing predictive clearing improvements resulting in the reduction of CPMs across the board of customers that have activated this feature, thanks to the Solimar upgrade.

與升級操作系統時類似，Solimar 的主要功能也有許多升級。其中一項功能稱為預測性清算。這意味著我們使用我們的數據工具和我們的人工智能來預測第一價格期權的清算價格。然後，廣告商可以在不多付的情況下盡可能接近中標價出價。借助 Solimar 升級後的預測清算，我們對產品進行了大規模升級，以使用 AI 幫助我們的客戶總共節省數千萬美元。這是因為這次升級使我們能夠更加積極地進行競價和預算管理，顯著降低每千次展示費用並增加廣告商的廣告支出回報。由於 Solimar 升級，我們看到預測性清算改進導致激活此功能的所有客戶的 CPM 減少。

These kinds of efficiencies are important to all of our customers. But they are particularly attracted to the brand marketers who are increasingly paying attention to programmatic and to efficacy. One long-term effect of the COVID pandemic is that there is more pressure than ever on brand marketers to show ROI for their marketing investments and to show how their campaigns are driving business growth. As a result, brand marketers are putting a premium on data and measurability. And Solimar is proving to be tremendously beneficial here.

這些效率對我們所有的客戶都很重要。但他們特別被那些越來越關注程序化和有效性的品牌營銷人員所吸引。 COVID 大流行的一個長期影響是，品牌營銷人員比以往任何時候都面臨更大的壓力，要求他們展示其營銷投資的投資回報率，並展示他們的活動如何推動業務增長。因此，品牌營銷人員非常重視數據和可衡量性。 Solimar 在這裡被證明是非常有益的。

One area where we are making a great deal of progress is new ways of thinking about the marketplace for data and how Solimar insures we surface the right data at the right price. Of course, our customers have always used data to drive their campaign. But the market for that data has not always been efficient. Advertisers would have a sense of what kind of data they want to apply, say, ad group or geolocation, and they would go find the data for the campaign in a fairly analog way. With Solimar, the process of finding the right data for each impression is way more automated. Because of more first-party data usage and more precise goal setting in Solimar, our AI tools automatically find the right data for each impression that our platform is bidding on.

我們正在取得重大進展的一個領域是對數據市場的新思維方式以及 Solimar 如何確保我們以合適的價格展示正確的數據。當然，我們的客戶一直使用數據來推動他們的活動。但該數據的市場並不總是有效的。廣告商會知道他們想要應用什麼樣的數據，比如廣告組或地理位置，他們會以一種相當類似的方式去尋找活動的數據。使用 Solimar，為每次展示尋找正確數據的過程更加自動化。由於 Solimar 中更多的第一方數據使用和更精確的目標設定，我們的 AI 工具會自動為我們的平台競價的每個展示找到正確的數據。

What that also means, though, is that Solimar may surface many more points of data that are relevant and valuable to a campaign and its goals. If an advertiser has been using 2 or 3 data points yesterday, on Solimar, they will be using more. As a result of more data, the ad impression is much more enriched. It's more valuable and precise and drives better return on ad spend.

不過，這也意味著 Solimar 可能會發現更多與活動及其目標相關且有價值的數據點。如果廣告商昨天在 Solimar 上使用了 2 或 3 個數據點，他們將使用更多。由於更多的數據，廣告印象更加豐富。它更有價值、更精確，可以帶來更好的廣告支出回報。

The last thing I'd like to touch on is our continued growth in CTV. I spoke at an event a few weeks ago called [Media in Montauk]. Because of COVID, it was actually held in a tent in Manhattan, and a few of you may have actually been there. The event brought together many of the leaders of the media industry, and there were some fascinating discussions around the future of TV. I noted that when I commented, as I had before, that linear or cable TV is a ticking time bomb and assume everyone will consume content via CTV. There was much more agreement than in the years past. The notion that TV is moving to the Internet is not nearly as controversial as it was 2 years ago.

我想談的最後一件事是我們在 CTV 的持續增長。幾週前，我在一個名為 [蒙托克媒體] 的活動上發表了講話。因為 COVID，它實際上是在曼哈頓的一個帳篷裡舉行的，你們中的一些人可能真的去過那裡。此次活動匯聚了眾多媒體行業的領導者，圍繞電視的未來展開了一些精彩的討論。我注意到，當我像以前一樣評論時，線性或有線電視是一個定時炸彈，並假設每個人都會通過 CTV 消費內容。與過去幾年相比，達成的協議要多得多。電視正在轉向互聯網的概念已不像 2 年前那樣有爭議。

We're clearly not lost on the industry as the COVID has accelerated the consumer shift to digital streaming platforms. I think perhaps what may be a little less appreciated is the scale, the speed and the permanence of that shift. It's happening fast. In terms of scale, we've already reached the tipping point. Today, we reach more U.S. households via CTV than via traditional linear TV.

由於 COVID 加速了消費者向數字流媒體平台的轉變，我們顯然沒有迷失在這個行業中。我認為也許不太受人重視的是這種轉變的規模、速度和持久性。它發生得很快。就規模而言，我們已經達到了臨界點。今天，我們通過 CTV 覆蓋的美國家庭比通過傳統線性電視覆蓋的更多。

But the point about speed was really driven home at the Adweek conference a couple of weeks ago. Our Chief Revenue Officer, Tim Sims, was on stage with brand leaders at Anheuser-Busch, Volkswagen and Colgate-Palmolive. And unprompted, those advertisers said they believe that the majority of TV advertising will be executed programmatically on CTV within 3 years. It was a fascinating insight into the future of TV that's worth a lot of replay if you want to understand where this industry is headed.

但在幾週前的 Adweek 會議上，關於速度的觀點真的很重要。我們的首席營收官 Tim Sims 與 Anheuser-Busch、Volkswagen 和 Colgate-Palmolive 的品牌領導者一同登台演出。這些廣告商自發表示，他們相信大部分電視廣告將在 3 年內在 CTV 上以程序化方式執行。如果你想了解這個行業的發展方向，這是對電視未來的一個迷人的洞察，值得大量重播。

Pre-pandemic, we have a much longer sense of the time horizon for that kind of transformation, but changing consumer habits have accelerated everything so that we have access to the best and broadest portfolio of premium CTV inventory, both here and around the world. Nowhere is that more apparent than in live sports. For a long time, many TV industry insiders felt that live sports would be the tent pole that would prop up linear TV. But once again, consumers have voted and they are switching to digital platforms to watch their favorite teams. We added the NBA League Pass package from Turner Sports to our CTV inventory list this season. Viewership on this platform increased around 50% last season, and their Head of Digital Strategy, Seth Ladetsky, believes that digital viewers are much more leaned in. To quote him directly, "The digital audience we see tends to be stickier because they're really seeking out the content specifically. There's deeper engagement versus someone sitting back on the couch and watching it."

在大流行之前，我們對這種轉型的時間範圍有了更長的認識，但不斷變化的消費者習慣加速了一切，因此我們可以在本地和世界各地獲得最好和最廣泛的優質 CTV 庫存組合。這一點在現場體育賽事中表現得最為明顯。一直以來，不少電視業內人士認為，體育直播將是支撐線性電視的支柱。但再一次，消費者已經投票，他們正在轉向數字平台觀看他們最喜歡的球隊。本賽季，我們將 Turner Sports 的 NBA League Pass 套餐添加到了我們的 CTV 庫存清單中。這個平台上的收視率上一季增加了約 50%，他們的數字戰略主管塞思·拉德茨基認為，數字觀眾更加傾向於。直接引用他的話，“我們看到的數字觀眾往往更具粘性，因為他們是真的專門尋找內容。與坐在沙發上觀看的人相比，參與度更高。

eMarketer estimates that there are almost 60 million digital sports viewers in the U.S. right now, rising to more than $90 million over the next 3 years. The notion that live sports will save linear TV's [time to pull], which is why so many broadcasters are pivoting rapidly. The number of impressions we see for the NFL, for example, is up almost sixfold this year. We are also very excited that we recently added Peacock, which in addition to amazing original content, also boast premium live sports franchises such as the NFL, the English Premier League, and of course, the Olympics. As you can see from our results, demand for CTV continues to outpace all other channels, both inside and outside North America. I don't see that trend changing for the foreseeable future. Video is the most effective way to reach consumers' hearts and mind and advertisers are following the TV audience to new digital platforms. At the same time, content providers are working with us directly so that we have access to premium CTV inventory at scale.

eMarketer 估計，目前美國有近 6000 萬數字體育觀眾，未來 3 年將增加到 9000 萬美元以上。體育直播將節省線性電視的 [時間拉] 的概念，這就是為什麼這麼多廣播公司正在迅速轉向的原因。例如，我們看到的 NFL 展示次數今年幾乎增加了六倍。我們也很高興我們最近添加了 Peacock，它除了令人驚嘆的原創內容外，還擁有優質的現場體育特許經營權，例如 NFL、英超聯賽，當然還有奧運會。正如您從我們的結果中看到的那樣，對 CTV 的需求繼續超過北美境內外的所有其他頻道。在可預見的未來，我認為這種趨勢不會改變。視頻是觸及消費者心靈的最有效方式，廣告商正在跟隨電視觀眾使用新的數字平台。同時，內容提供商正在直接與我們合作，以便我們能夠大規模獲取優質 CTV 廣告資源。

I'd like to wrap this up by bringing this back to the market opportunity (inaudible). The total advertising industry is moving rapidly towards that $1 trillion. The bulk of that will be digital, and marketers are embracing data-driven decisioning more aggressively than ever. Our long-term investments have positioned the company to capture this opportunity in the years ahead. Solimar is an innovation platform that is creating new value for advertisers because of how it unleashes data and drives greater return on ad spend. UID2 is becoming a more widely used identity currency across the entire global open Internet. And we continue to invest so that we can lead in CTV, the fastest-growing channel in digital advertising. Consumers are driving advertisers and TV content providers to rethink the future of TV, and that's going to be data-driven.

我想通過將其帶回市場機會來結束這一點（聽不清）。整個廣告行業正迅速向 1 萬億美元邁進。其中大部分將是數字化的，營銷人員比以往任何時候都更積極地接受數據驅動的決策。我們的長期投資使公司能夠在未來幾年抓住這個機會。 Solimar 是一個為廣告商創造新價值的創新平台，因為它可以釋放數據並推動更高的廣告支出回報。 UID2 正在成為一種在整個全球開放互聯網中使用更廣泛的身份貨幣。我們將繼續投資，以便在數字廣告領域增長最快的渠道 CTV 方面處於領先地位。消費者正在推動廣告商和電視內容提供商重新思考電視的未來，而這將是數據驅動的。

These are our priorities because this is how we see the industry evolving. I hear the same things in every customer conversation I have, regardless of industry or geography. And that's why one of the world's leading advertisers are standardizing on our platform and our retention rate remains over 95%. It's why the major holding companies are embracing UID2. It's why Walmart is partnering with us as they unleash their retail data. It's why SSPs are working with us to optimize the supply chain. I could not be more excited about our growth prospects as we close out this year and head into 2022 and beyond.

這些是我們的優先事項，因為這就是我們看待行業發展的方式。無論行業或地理位置如何，我在每次與客戶的對話中都會聽到相同的內容。這就是為什麼世界領先的廣告商之一在我們的平台上進行標準化，我們的保留率保持在 95% 以上。這就是主要控股公司採用 UID2 的原因。這就是沃爾瑪在釋放零售數據時與我們合作的原因。這就是 SSP 與我們合作優化供應鏈的原因。隨著我們今年結束並進入 2022 年及以後，我對我們的增長前景感到無比興奮。

Now I'd like to turn the call over to Blake before moving to Q&A. Blake?

現在我想在轉到問答環節之前將電話轉給 Blake。布萊克？

Thank you, Jeff, and good morning, everyone. As our financial performance in Q3 indicates, we continue to execute well in the current environment. Connected TV continued to be our fastest growing channel at scale around the world, Solimar is ramping on plan, the Walmart DSP is now available, and as we have consistently stated, we have seen no material impact on our business from the recent iOS platform changes. The value of our business model, being the largest independent DSP focused on the open Internet, continues to resonate strongly with our customers and has allowed us to build trust over the long term.

謝謝你，傑夫，大家早上好。正如我們在第三季度的財務表現所表明的那樣，我們在當前環境中繼續表現良好。聯網電視繼續成為我們在全球範圍內規模增長最快的渠道，Solimar 正在加快計劃，Walmart DSP 現已上市，正如我們一直所說的，我們沒有看到最近的 iOS 平台變化對我們的業務產生重大影響.作為專注於開放互聯網的最大獨立 DSP，我們的商業模式的價值繼續與我們的客戶產生強烈的共鳴，並使我們能夠建立長期的信任。

Our appeal is the simplicity of our partnership. We focus exclusively on the buy side, hunting for the impression opportunities that are the most valuable for our customers without the conflicts of owning inventory. When we deliver value for customers on a campaign, they almost always return for future ones, which has led to a retention rate of over 95% across the previous 7 years.

我們的吸引力在於我們合作的簡單性。我們專注於買方，尋找對我們的客戶最有價值的展示機會，而不會因擁有庫存而發生衝突。當我們在活動中為客戶提供價值時，他們幾乎總是會為未來的客戶返回，這導致過去 7 年的保留率超過 95%。

Q3 was an incredibly strong quarter and a testament to our belief that advertisers are accelerating their shift to data-driven advertising in 2021. Revenue of $301 million was up 39% from a year ago. Excluding political spend related to the U.S. elections last year, which represented a mid-single-digit percentage share of our business in Q3 of 2020, revenue increased approximately 47% year-over-year.

第三季度是一個令人難以置信的強勁季度，這證明了我們的信念，即廣告商將在 2021 年加速轉向數據驅動的廣告。收入為 3.01 億美元，比一年前增長了 39%。不包括去年與美國大選相關的政治支出（占我們 2020 年第三季度業務的中個位數百分比），收入同比增長約 47%。

During the quarter, we benefited from continued growth in the digital advertising environment from both agencies and brands. Our performance in Q3 was broad-based across all channels, regions and nearly all verticals. We continue to grow our top line quickly while scaling our cost structure efficiently, helping drive meaningfully positive EBITDA. In Q3, we generated $123 million in adjusted EBITDA or about 41% of revenue. During the quarter, our EBITDA continued to benefit from temporarily lower-than-expected operating expenses, partly driven by the virtual environment. This includes items such as travel and live company events that are very gradually starting to return to our cost structure.

在本季度，我們受益於代理商和品牌的數字廣告環境的持續增長。我們在第三季度的表現在所有渠道、地區和幾乎所有垂直領域都有廣泛的基礎。我們繼續快速增長我們的收入，同時有效地擴展我們的成本結構，幫助推動有意義的正 EBITDA。在第三季度，我們產生了 1.23 億美元的調整後 EBITDA，約佔收入的 41%。在本季度，我們的 EBITDA 繼續受益於暫時低於預期的運營費用，部分原因是虛擬環境。這包括旅行和現場公司活動等項目，這些項目正逐漸開始回歸我們的成本結構。

From a scaled channel perspective, CTV by a wide margin, led our growth again during the quarter. Exiting Q3, video, which includes CTV, and separately, mobile, represented just about 40% each as a percentage share of our business. Video, as a percent of our mix, specifically continued to grow rapidly. Similar to last quarter, the increase in video was driven by CTV. Display and audio represented about 15% and 5% of our business, respectively.

從規模化渠道的角度來看，CTV 在本季度再次引領我們的增長。退出第三季度，視頻（包括 CTV）和單獨的移動設備分別僅占我們業務的 40% 左右。視頻，作為我們組合的百分比，特別是繼續快速增長。與上一季度類似，視頻的增長是由 CTV 推動的。顯示和音頻分別占我們業務的 15% 和 5%。

Geographically, North America represented 88% and international represented 12% of our business for the quarter. APAC led our growth across all regions this quarter. Shanghai and Hong Kong drove spend growth in Northern APAC and Australia and Indonesia led our growth in Southern APAC. In terms of EMEA, London led the way, nearly doubling year-over-year in Q3. As Jeff highlighted, CTV across EMEA was again very strong, growing faster than in any other region in Q3. CTV continues to rapidly increase its relative share of spend in Europe. While still small compared to the share of CTV spend produced in North America, we are optimistic about the trends we are seeing that set us up well for next year.

從地域上看，北美佔本季度業務的 88%，國際業務占我們業務的 12%。本季度，亞太地區引領我們在所有地區的增長。上海和香港推動了北亞太地區的支出增長，澳大利亞和印度尼西亞引領了我們在南亞太地區的增長。在歐洲、中東和非洲地區，倫敦處於領先地位，第三季度同比增長近一倍。正如 Jeff 強調的那樣，歐洲、中東和非洲地區的 CTV 再次非常強勁，在第三季度增長速度超過任何其他地區。 CTV 繼續迅速增加其在歐洲的相對支出份額。雖然與北美產生的 CTV 支出份額相比仍然很小，但我們對我們看到的趨勢感到樂觀，這些趨勢使我們為明年做好了準備。

In terms of the verticals that represent at least 1% of our spend, nearly all of them grew very nicely during the quarter. Travel, shopping and home and garden were the strongest performers in Q3. We believe there is still the potential for share gain and improvement in most of our verticals. Operating expenses were $221 million in Q3, up 27% year-over-year. The growth in operating expenses during the quarter were primarily driven by investments in our team, particularly in areas like technology and development and sales and marketing. It is these areas that drive our business as we continue to scale for longer-term growth.

就占我們支出至少 1% 的垂直領域而言，幾乎所有這些垂直領域在本季度都增長得非常好。旅遊、購物、家居和花園是第三季度表現最強勁的。我們相信，在我們的大多數垂直領域，仍有獲得份額和改善的潛力。第三季度的運營費用為 2.21 億美元，同比增長 27%。本季度運營費用的增長主要是由對我們團隊的投資推動的，特別是在技術和開發以及銷售和營銷等領域。隨著我們繼續擴大規模以實現長期增長，正是這些領域推動了我們的業務。

During the quarter, we saw encouraging leverage from both our platform operations and G&A expenses as we scale the business. Stock-based compensation expense increased 28% year-over-year. As expected, this marked a sharp deceleration from the first half of the year as expenses related to the company's employee stock purchase plan moderated significantly.

在本季度，隨著我們擴大業務規模，我們從平台運營和 G&A 費用中看到了令人鼓舞的槓桿作用。基於股票的薪酬費用同比增長 28%。正如預期的那樣，由於與公司員工股票購買計劃相關的費用顯著放緩，這標誌著上半年的大幅減速。

Income tax was approximately $20 million for the quarter, representing a tax rate of about 25%. Adjusted net income for the quarter was $89 million or $0.18 per fully diluted share.

本季度所得稅約為 2000 萬美元，稅率約為 25%。本季度調整後的淨收入為 8900 萬美元或每股完全稀釋後的每股 0.18 美元。

Net cash, provided by operating activities was $130 million, and free cash flow was $103 million in Q3. The strong cash generation during the quarter was driven predominantly by our operating results. I would like to remind you that the timing of cash collections and payments can significantly impact cash from operating activities and free cash flow results on a quarterly basis.

第三季度經營活動提供的淨現金為 1.3 億美元，自由現金流為 1.03 億美元。本季度強勁的現金產生主要是由我們的經營業績推動的。我想提醒您，現金收款和支付的時間可能會顯著影響來自經營活動的現金和每季度的自由現金流結果。

DSOs exiting Q3 were 87 days, down 14 days from a year ago. DPOs were 73 days, down 9 days from a year ago.

退出第三季度的 DSO 為 87 天，比一年前減少了 14 天。 DPO 為 73 天，比一年前減少了 9 天。

We exited Q3 with a strong cash and liquidity position. Our balance sheet had $799 million in cash, cash equivalents and short-term investments at the end of the quarter. We have no debt on the balance sheet.

我們以強勁的現金和流動性頭寸退出了第三季度。截至本季度末，我們的資產負債表中有 7.99 億美元的現金、現金等價物和短期投資。我們的資產負債表上沒有債務。

Turning to our outlook for the fourth quarter. We estimate Q4 revenue to be at least $388 million, which will represent growth of 21% on a year-over-year basis. Excluding U.S. political election spend, which represented a high single-digit percent of spend that we benefited from in Q4 of 2020. Our estimated growth rate in Q4 this year would be about 33% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $175 million in Q4.

轉向我們對第四季度的展望。我們估計第四季度收入至少為 3.88 億美元，同比增長 21%。不包括美國政治選舉支出，這占我們在 2020 年第四季度受益的支出的高個位數百分比。我們估計今年第四季度的增長率將同比增長約 33%。我們估計第四季度調整後的 EBITDA 約為 1.75 億美元。

And finally, we anticipate our stock-based compensation to rise in Q4 from our normal run rate. This is being driven by approximately $95 million of incremental stock-based compensation expense we expect to include in Q4 related to a long-term CEO performance award granted on October 6. The performance option has a grant date fair value of $819 million in stock-based compensation, which is expected to be included in our G&A expense over approximately 5 years. The total amount expensed is unrelated to whether any of the performance award thresholds are ever met. Only shares that have met the threshold criteria outlined in the performance plan are factored into our total shares outstanding.

最後，我們預計我們的股票薪酬將在第四季度從我們的正常運行率上升。這是由大約 9500 萬美元的增量股票補償費用推動的，我們預計將在第四季度包括與 10 月 6 日授予的長期 CEO 績效獎相關的。績效期權的授予日期公允價值為 8.19 億美元的股票-基於薪酬的薪酬，預計將包含在我們大約 5 年的 G&A 費用中。支出總額與是否達到任何績效獎勵門檻無關。只有符合績效計劃中列出的門檻標準的股票才會計入我們的流通股總數。

In closing, we are pleased with the momentum of our business, with large growth drivers such as CTV, our international business, our shopper marketing opportunity which just kicked off with the Walmart DSP a few weeks ago, and our recent platform upgrade in Solimar. We remain highly optimistic about the long-term prospects for our business in 2022 and beyond. I believe we have the structure in place to continue driving long-term growth while scaling our business efficiently, and I am cautiously optimistic about continued improvement in the future.

最後，我們對我們的業務發展勢頭感到滿意，包括 CTV、我們的國際業務、幾週前剛剛通過 Walmart DSP 啟動的購物者營銷機會以及我們最近在 Solimar 的平台升級等巨大的增長動力。我們對 2022 年及以後業務的長期前景保持高度樂觀。我相信我們有適當的結構來繼續推動長期增長，同時有效地擴展我們的業務，我對未來的持續改進持謹慎樂觀的態度。

That concludes our prepared remarks. And with that, operator, let's open up the call for questions.

我們準備好的發言到此結束。有了這個，接線員，讓我們打開問題的電話。

(Operator Instructions) And our first question today is coming from Shyam Patil at SIG.

（操作員說明）我們今天的第一個問題來自 SIG 的 Shyam Patil。

Congrats on the results. I had a couple of questions. First one for Jeff. You guys reported great 3Q, 4Q outlook when a lot of your peers are struggling and calling out macro issues. I wanted to ask a question about next year. Just at a high level, can you just talk about how you view the setup and the key drivers as you head into next year? I know you touched on a lot of them on your prepared remarks, but just asking in the context of next year, you guys have CTV, shopper marketing, international Solimar, political.

祝賀結果。我有幾個問題。傑夫的第一個。當你們的許多同行都在苦苦掙扎並提出宏觀問題時，你們報告了很好的 3Q、4Q 前景。我想問一個關於明年的問題。在高層次上，你能談談你如何看待明年的設置和關鍵驅動因素嗎？我知道你在準備好的講話中提到了很多，但只是在明年的背景下問，你們有 CTV、購物者營銷、國際 Solimar、政治。

And then second one for Blake. I know you guys haven't given specific guidance for next year yet. But could you just talk a little bit about how you're thinking about revenue seasonality next year, just given that the past couple of years, maybe have been a little bit abnormal, just how you think about revenue seasonality next year?

然後是布萊克的第二個。我知道你們還沒有給出明年的具體指導。但是，您能否談談您如何看待明年的收入季節性，鑑於過去幾年可能有點不正常，您如何看待明年的收入季節性？

And then I guess specifically, 1Q revenue tends to be down about 25%, 26% sequentially. Is that a reasonable assumption at this point?

然後我想具體來說，第一季度的收入往往會下降約 25%，環比下降 26%。在這一點上這是一個合理的假設嗎？

You bet. So first of all, Shyam, thank you for both wishing us congratulations as well as just the question. I'm really excited about '22. I don't know that I've gone into a year more excited than I am going into '22. But part of that is because of things that are happening outside of our control. So the first is that the regulatory environment is actually really net positive. So if Google and Facebook are a little bit more controlled or making -- forced to make more deliberate decisions or what's even more likely is that they go a little bit slower, that's a net positive for us given how much they've gained share over the years. Of course, [it seems outside, but to] changes in iOS and a lot of discussion this earnings season about supply chain challenges. We don't see any material impact from iOS, and we don't see any material impact from supply chain.

你打賭。首先，Shyam，感謝您對我們的祝賀以及這個問題。我對 22 年感到非常興奮。我不知道我進入了比進入 22 年更興奮的一年。但這部分是因為發生在我們控制之外的事情。首先是監管環境實際上是淨積極的。因此，如果谷歌和 Facebook 受到更多的控製或制定——被迫做出更深思熟慮的決定，或者更有可能的是他們的速度慢了一點，考慮到他們已經獲得了多少份額，這對我們來說是一個淨積極因素這些年。當然，[它似乎在外面，而是] iOS 的變化以及本財報季有關供應鏈挑戰的大量討論。我們沒有看到來自 iOS 的任何實質性影響，也沒有看到來自供應鏈的任何實質性影響。

So given that, it makes me even more excited about the things that are going really well. So first of all, we're consistently grabbing share. So just constantly getting more than the space is growing. Second, we've never seen what's happening in CTV happen in any channel ever before. And I don't know that we'll ever see something like that happen again. But cord-cutting accelerating, I mentioned that cable subscriptions are a bit of a ticking time bomb. If that weren't enough, there's also subscription fatigue and live sports returning. The upfronts last year were a little bit of a struggle. We anticipate that, that's going to create more and more opportunity for CTV and spot market, which is always programmatic. And then here, I'm in London, just what's happening here in the U.K. as well as across EMEA in CTV is incredibly bullish.

因此，考慮到這一點，這讓我對進展順利的事情更加興奮。因此，首先，我們一直在搶占份額。所以只是不斷地獲得比空間增長更多的東西。其次，我們從未在任何頻道中看到 CTV 發生的事情。而且我不知道我們是否會再次看到類似的事情發生。但剪線加速，我提到有線電視訂閱有點像定時炸彈。如果這還不夠，還有訂閱疲勞和現場體育回歸。去年的前期有點掙扎。我們預計，這將為 CTV 和現貨市場創造越來越多的機會，這些市場始終是程序化的。然後在這裡，我在倫敦，英國以及歐洲、中東和非洲地區的 CTV 正在發生的事情令人難以置信地樂觀。

Then across the world in international, the TAM and CTV is growing faster than in the United States. But that's not enough. Shopper marketing is going incredibly well. We just went live with the largest retailer in the world, which is creating closed-loop measurement, and that's the first of what I predict to be many to come like it.

然後在全球範圍內，TAM 和 CTV 的增長速度超過了美國。但這還不夠。購物者營銷進展順利。我們剛剛與世界上最大的零售商合作，該零售商正在創建閉環測量，這是我預測會有很多人喜歡它的第一個。

In '22, we have midterm elections, which we think there's been some forecasts that basically the spend in digital will be the same as the presidential election year. So we think that macro estimation is good for us as well. And then we just shipped a new product in Solimar. So that's going incredibly well, which I'm sure we'll talk more about. And then UID, it's just going incredibly well.

在 22 年，我們舉行了中期選舉，我們認為有一些預測認為數字支出基本上與總統選舉年相同。所以我們認為宏觀估計對我們也有好處。然後我們剛剛在 Solimar 發運了一款新產品。所以這非常好，我相信我們會更多地討論。然後是 UID，它進展得非常好。

So everything's going great. So just give 30 seconds on the seasonality before I ask Blake to answer. In general, the market was heading towards digital being always on. So there's less of a ramp and a difference between Q1 to Q4, where there was this ramp that was caused by seasonality. And it's just an always-on mindset inside of digital, which just changes everything.

所以一切都很順利。因此，在我請布萊克回答之前，請花 30 秒時間了解季節性因素。總的來說，市場正朝著數字化的方向發展。因此，第一季度到第四季度之間的斜坡和差異較小，這是由季節性引起的。它只是數字化內部的一種永遠在線的心態，它改變了一切。

But before 2020, we were heading sort of towards what we predicted to be 45-55, where 45% of the spend is in the first half of the year and 55% is in the back half of the year. It's really important to note that 2020, because of global pandemic, changed all of that. It's such an anomaly. 2021 is a little bit more normal. But both of those are anomalies given just all the changes in the world. And we expect '22 to be a bit more normal, but I'm sure Blake has more to say about that.

但在 2020 年之前，我們正朝著我們預測的 45-55 年前進，其中 45% 的支出在上半年，55% 在下半年。值得注意的是，由於全球大流行，2020 年改變了這一切。這太反常了。 2021年更正常一點。但考慮到世界上的所有變化，這兩者都是異常情況。我們預計 22 年會更正常一些，但我相信布萊克對此有更多話要說。

Sure. Thanks, Jeff. Yes, just to reiterate what Jeff said. I think the sequential growth seasonality has obviously changed a bit over the last 18 months or so.during dealing with the impacts of COVID. I do believe we're seeming to move closer back to that normal historic seasonality trend, but it's still a little bit early. Difficult to say exactly where the new normal seasonality ends up, but it does feel like we're getting back on that more normal historical trend.

當然。謝謝，傑夫。是的，只是重申傑夫所說的話。我認為在過去 18 個月左右的時間裡，在應對 COVID 的影響期間，連續增長的季節性明顯發生了一些變化。我確實相信我們似乎正在接近正常的歷史季節性趨勢，但現在還為時過早。很難準確地說出新的正常季節性在哪裡結束，但確實感覺我們正在回到更正常的歷史趨勢上。

Our next question is coming from Vasily Karasyov at Cannonball Research. You may begin.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。你可以開始了。

You there, Vasily?

你在嗎，瓦西里？

Hello, sorry. Can you hear me?

你好，對不起。你能聽到我嗎？

Yes.

是的。

Okay. Jeff, I wanted to ask you to go into more detail about what you're seeing after Walmart DSP went live. What kind of additional color and takeaways do you have now? And well how does that inform your view of the size of the opportunity for the company?

好的。 Jeff，我想請您詳細介紹一下您在 Walmart DSP 上線後所看到的情況。你現在有哪些額外的顏色和外賣？那麼，這如何影響您對公司機會規模的看法？

And then are you having any discussions without the retail? So if you could give us some update on that would be great. And also your view on how material of an opportunity the closed-loop measurement can be for The Trade Desk? And will it be an important business line? Or is it going to be just an incremental -- nice incremental revenue?

然後你是否在沒有零售的情況下進行任何討論？因此，如果您能給我們一些更新，那就太好了。以及您對閉環測量對於 The Trade Desk 的機會的重要性的看法？它會成為重要的業務線嗎？還是只是一個增量——不錯的增量收入？

Yes. Thanks for the question, Vasily. So as it relates to the Walmart DSP, so it's always best to start with the very biggest in the world. So it's just phenomenal that we were able to create this partnership in closing the loop with the biggest retailer in the world. But we're only a couple of weeks in. So of course, all we're looking at is green shoots and the potential is ahead of us.

是的。謝謝你的問題，瓦西里。因此，由於它與沃爾瑪 DSP 相關，所以最好從世界上最大的 DSP 開始。因此，我們能夠與世界上最大的零售商建立這種合作夥伴關係，這是非常了不起的。但我們只有幾週的時間。所以當然，我們所看到的只是綠芽，潛力就在我們面前。

That potential is obviously massive with shopper marketing being a $200 billion industry. When you look at what we're doing in spend and revenue, that's just a tiny, tiny percentage. Our entire company is a tiny percentage of that shopper marketing TAM. So we think we're as eligible as anybody for that. And that, to me, is the real hope of the shopper marketing and what we're demonstrating here with Walmart because still, especially in the United States, most purchases are still made off-line. The fact that most of the advertising spend is online, there is this deep need to bridge the gap, to connect the dots between those two. And what has been happening over the years is that retailers like Walmart have tried to monetize their data by creating what we used to call ad networks, which are these little silos where they would sell their data on their own.

這種潛力顯然是巨大的，因為購物者營銷是一個價值 2000 億美元的行業。當您查看我們在支出和收入方面所做的事情時，這只是很小的百分比。我們整個公司只是購物者營銷 TAM 的一小部分。所以我們認為我們和任何人一樣有資格這樣做。對我來說，這是購物者營銷的真正希望，也是我們在沃爾瑪展示的東西，因為仍然，尤其是在美國，大多數購買仍然是離線進行的。事實上，大部分廣告支出都是在線的，因此非常需要彌合差距，將這兩者之間的點點滴滴聯繫起來。多年來一直在發生的事情是，像沃爾瑪這樣的零售商試圖通過創建我們過去稱為廣告網絡的方式將他們的數據貨幣化，這些網絡是他們自己出售數據的小孤島。

To me, the most exciting thing is that retailers are recognizing that in order to compete with Amazon, they have to put their data to work in a much bigger way, and that is to close the loop so that instead of getting $10 million from one of the biggest brands in the world who spend billions, to instead get those big CPGs or soda companies or whatever to optimize spending their billions to selling product inside of those brick-and-mortar stores or even in their e-commerce efforts so that they're measuring all their marketing spend success by how they sell product in those stores. So for the first time ever, I believe the retailers and the product owners are aligned in what they want, which is something much, much bigger.

對我來說，最令人興奮的是，零售商認識到，為了與亞馬遜競爭，他們必須以更大的方式讓他們的數據發揮作用，那就是關閉循環，而不是從一個人那裡獲得 1000 萬美元。世界上花費數十億美元的最大品牌，而不是讓那些大型消費品或汽水公司或其他任何東西來優化花費數十億美元在這些實體店內銷售產品，甚至在他們的電子商務努力中，以便他們'通過他們在這些商店中銷售產品的方式來衡量他們所有營銷支出的成功。所以有史以來第一次，我相信零售商和產品所有者在他們想要的東西上達成一致，這是更大的東西。

So because Walmart, the biggest, has gone first, it is not a surprise that all other retailers all over the world are saying we need to execute the same playbook and we need to do more. And so we're talking to dozens of retailers, all the names, I suspect, that you would predict. And when you look at that in totality, it is definitely one of the most bullish things that we are working on right now. And I'm really encouraged and excited and proud to be Walmart's partner. But I'm just equally excited about all the partnerships ahead for us.

因此，因為最大的沃爾瑪已經率先行動，所以全世界所有其他零售商都說我們需要執行相同的劇本並且我們需要做得更多也就不足為奇了。所以我們正在與數十家零售商交談，我懷疑所有的名字，你會預測。當你從整體上看時，這絕對是我們目前正在做的最樂觀的事情之一。能成為沃爾瑪的合作夥伴，我感到非常鼓舞、興奮和自豪。但我對我們未來的所有合作夥伴關係同樣感到興奮。

Our next question today is coming from Tim Nollen at Macquarie.

我們今天的下一個問題來自麥格理的 Tim Nollen。

Jeff, I wanted to ask how the Solimar rollout is going and maybe how that goes if it's a matter of converting existing users to this new platform or just basically how you progress with that? And relatedly, as part of Solimar, you've talked about the data and the measurement marketplaces. I think I understand in principle how a data marketplace might work, I think you described that. But how does the measurement marketplace actually work? What does that mean? I mean, I guess you use your UID 2.0 as means of identifying users. But what other sorts of measurement are you including in that? And how does the marketplace work?

傑夫，我想問一下 Solimar 的推出進展如何，如果是將現有用戶轉換到這個新平台的問題，或者只是基本上你在這方面進展如何？與此相關的是，作為 Solimar 的一部分，您已經談到了數據和測量市場。我想我原則上理解數據市場的運作方式，我想你已經描述過了。但是測量市場實際上是如何運作的呢？這意味著什麼？我的意思是，我猜您使用 UID 2.0 作為識別用戶的手段。但是你還包括哪些其他類型的測量？市場如何運作？

You bet. So first, let me just say we launched this product on 7/7. And so we're only in this about 4 months. The reception, especially given that it was our biggest release in the history of the company, has been unbelievable. Unbelievably strong and it's relearning a new platform. And so when you're relearning, especially in a year that's been as busy as this one, and especially with the talent shortages that exist inside of ad agencies and even brands, and even to some extent, across tech, that has made it so that training on something new takes more work and you really have to entice people to do so. It's a commentary on how strong the product is that we are on track to have the majority of our impressions bought on the new product by the beginning of next year. So now like the next wave, that should take 1 to 1.5 years to go from 0 to 100%. And it always starts with sort of the enticing or more seductive phase where we're just trying to entice them to move over. And then the straggler is there some amount that you always just have to flip the new one on. And you have to have a lot of confidence in order to do that, in order to push people to do it, and we're getting closer to that -- much closer to that just based on how strong the reception has been from the majority of our clients.

你打賭。所以首先，我只想說我們在 7 月 7 日推出了這個產品。所以我們只有大約 4 個月的時間。接待，特別是考慮到這是我們公司歷史上最大的發布，令人難以置信。令人難以置信的強大，它正在重新學習一個新平台。因此，當您重新學習時，尤其是在像今年這樣忙碌的一年中，尤其是在廣告代理商甚至品牌內部，甚至在某種程度上，整個科技領域都存在人才短缺的情況下，這使它變得如此對新事物的培訓需要更多的工作，你真的必須吸引人們這樣做。這是對產品有多強大的評論，我們有望在明年年初之前將大部分印象購買到新產品上。所以現在就像下一波浪潮一樣，從 0% 到 100% 應該需要 1 到 1.5 年。它總是從某種誘人或更誘人的階段開始，我們只是試圖誘使他們離開。然後掉隊的人有一些你總是只需要打開新的。為了做到這一點，你必須有很大的信心，為了推動人們這樣做，我們正在接近這一點——僅僅基於大多數人的接受程度，我們離這一點更接近了我們的客戶。

As it relates to the data marketplace and the measurement marketplace, so there have been a whole bunch of inefficiencies in the way that we price data. And when I say we, I mean the entire ad tech industry. So the way that we price data, especially third-party data, has been bad. The way that we select the paper data has been bad. And it's largely because there hasn't been a good way to find the data. And so because of Unified ID and because of all the tools that we built in Solimar to make onboarding a brand's first-party data easier, now it makes it easy for them to discover which data they should be buying. So it's a little bit like if you're on Netflix and you've never watched anything before. Netflix has nothing to recommend for you. That's where we were in the data ecosystem 5 years ago. Now that everybody has watched a lot of shows, if you will, they've used more data, our recommendation for what they should be buying is better than any recommendation engine for data, I think, ever anywhere. So that makes it possible for us to have the most robust third-party data ecosystem.

由於它與數據市場和測量市場有關，因此我們為數據定價的方式存在大量低效問題。當我說我們時，我指的是整個廣告技術行業。因此，我們對數據（尤其是第三方數據）定價的方式一直很糟糕。我們選擇紙張數據的方式很糟糕。這主要是因為沒有找到數據的好方法。因此，由於統一 ID 以及我們在 Solimar 中構建的所有工具，以使品牌的第一方數據更容易上手，現在他們可以輕鬆地發現他們應該購買哪些數據。所以這有點像如果你在 Netflix 上並且你以前從未看過任何東西。 Netflix 沒有什麼可推薦的。這就是我們 5 年前在數據生態系統中所處的位置。既然每個人都看過很多節目，如果你願意的話，他們已經使用了更多的數據，我們對他們應該購買的東西的推薦比任何數據推薦引擎都要好，我認為，無論何時何地。這使我們有可能擁有最強大的第三方數據生態系統。

As it relates to the management marketplace, it's highly related to what we're talking about with Walmart where instead of doing what the walled gardens have done -- and once again, it's really important that the way that we win against a walled garden, and especially the way you win in CTV, is not to play the game the way the walled gardens have been playing, which is to grade your own homework. We want to make it possible for other people to determine what success looks like. And the brand then has an opportunity in a marketplace to say this is the way that I want to grade my success.

由於它與管理市場有關，它與我們與沃爾瑪談論的內容高度相關，而不是像圍牆花園所做的那樣——再一次，我們戰勝圍牆花園的方式真的很重要，尤其是你在CTV取勝的方式，不是像圍牆花園那樣玩遊戲，而是給自己的作業評分。我們希望讓其他人能夠確定成功的樣子。然後該品牌就有機會在市場上說這是我想給我的成功評分的方式。

So for instance, today, using the Walmart DSP that's built on top of our platform, they can decide to determine successes when I sell a product inside of a Walmart store. And then I can use that as a proxy for how I spend money on ads across everywhere else in the ecosystem. So whether that's leveraging Walmart data or not. That makes choices around reach and frequency and a whole bunch of other things way better. But then we also have the benefit of saying we didn't determine success and we didn't write our own homework. We were just trying to do the right things, leveraging the data sets of other companies that were selected by the brands and agencies themselves instead of us just doing it on our own. You put all of those together, while it takes some work to integrate all that, win hearts and minds and develop an open Internet that is way more sophisticated than the one of the past, it is a way better Internet than one that's just held hostage or captive by a walled garden.

例如，今天，使用構建在我們平台之上的 Walmart DSP，當我在沃爾瑪商店內銷售產品時，他們可以決定是否成功。然後我可以用它來代表我如何在生態系統中其他任何地方的廣告上花錢。因此，無論是否利用沃爾瑪數據。這使得圍繞範圍和頻率以及一大堆其他事情的選擇變得更好。但是我們也有好處說我們沒有決定成功，我們沒有寫自己的作業。我們只是試圖做正確的事情，利用品牌和代理商自己選擇的其他公司的數據集，而不是我們自己做。你把所有這些放在一起，雖然需要一些工作來整合所有這些，贏得人心，並開發一個比過去更複雜的開放互聯網，但它比只是被扣為人質的互聯網要好得多或被圍牆花園俘虜。

Our next question today is coming from Youssef Squali at Truist Securities.

我們今天的下一個問題來自 Truist Securities 的 Youssef Squali。

That's Youssef Squali. So guys, congrats on a really strong performance there. So 2 questions from me. One, Jeff, can you maybe speak to the level of adoption of UID 2.0 particularly by brands. You've done a great job bringing on a lot of ad tech partners, but you gave the example of Made In, which was super helpful. But what are the gating factors to you guys bring on a lot more brands over time, which clearly is the Holy Grail.

那是優素福·斯誇利。所以，伙計們，恭喜那裡的表現非常出色。所以我有2個問題。第一，Jeff，您能否談談 UID 2.0 的採用程度，尤其是品牌的採用程度。您在吸引許多廣告技術合作夥伴方面做得很好，但您舉了 Made In 的例子，這非常有幫助。但是隨著時間的推移，你們帶來更多品牌的關鍵因素是什麼，這顯然是聖杯。

And then on 2022, just at a high level, kind of what's the setup for connected TV beyond some of the color that you've given, particularly I'm thinking about accelerating adoption in Europe. If you can maybe just -- and Asia in particular, any -- if you can update us on where you think current penetration of connected TV stands in U.S. versus Europe versus rest of the world, that will be super helpful.

然後在 2022 年，在高水平上，除了您給出的一些顏色之外，聯網電視的設置是什麼，特別是我正在考慮加速在歐洲的採用。如果你可以——尤其是亞洲，任何一個——如果你能告訴我們你認為聯網電視在美國、歐洲和世界其他地區的當前滲透率，那將非常有幫助。

You bet. So as it relates to the scale of UID, so we have produced hundreds of millions of unique users inside of UID and the growth rates are breaking records every -- seemingly every week. I think we mentioned in the prepared remarks that I think we broke our record something like 12x in the quarter just every week. It feels like we're hitting a new watermark and getting more and more users. So the month-over-month gains being in triple digits, while we're talking about billions of Unified IDs, it is just unbelievable. And as I've said before, the momentum around this initiative, there's nothing I've ever seen like it. The collaboration is phenomenal. The fact that we're collaborating with competitors across the board is fantastic.

你打賭。因此，由於它與 UID 的規模有關，因此我們在 UID 內產生了數億獨立用戶，並且增長率每週都在打破記錄——似乎每週。我認為我們在準備好的評論中提到，我認為我們在本季度每週打破了大約 12 倍的記錄。感覺就像我們正在達到一個新的水印並獲得越來越多的用戶。因此，當我們談論數十億個統一 ID 時，環比增長達到三位數，這簡直令人難以置信。正如我之前所說，圍繞這一倡議的勢頭，我從未見過這樣的事情。合作是驚人的。我們與競爭對手全面合作的事實非常棒。

The fact that even walled gardens are creating paths to pass this through, while it's encrypted and they may not necessarily consume it, they're supporting customers so that they can use it if they want to. And then you've got infrastructure plays like Snowflake adopting it. That's, of course, not necessarily because they share the same vision or have the same concern about an open Internet like we do, but it is because having a currency that makes it so they can activate data improves their value proposition.

事實上，即使是有圍牆的花園也在創造路徑來通過它，雖然它是加密的，而且他們可能不一定會消耗它，但他們正在支持客戶，以便他們可以根據需要使用它。然後你就有了像 Snowflake 這樣的基礎設施採用它。當然，這並不一定是因為他們和我們一樣擁有相同的願景或對開放互聯網有同樣的擔憂，而是因為擁有一種貨幣可以讓他們激活數據，從而提高了他們的價值主張。

So when you look at whether it's them or a LiveRamp or a Nielsen and just all the companies, including all the agencies with all of the data products and data companies that they bought, that making them interoperable has just created a tremendous amount of momentum.

因此，當您查看是它們還是 LiveRamp 或 Nielsen 以及所有公司時，包括所有擁有所有數據產品的代理機構和他們購買的數據公司，使它們具有互操作性剛剛創造了巨大的動力。

You are right to point out that we're entering the phase where it's really important for advertisers and publishers to adopt it. What's fantastic with case studies like the one we mentioned for Made In is that we're proving the lift. And so advertisers now know that if they onboard their first-party data using Unified ID, that they will get better results. It doesn't take long for other advertisers to say, "Oh, wow, I need to do that, too."

您說得對，我們正在進入廣告商和出版商採用它非常重要的階段。像我們為 Made In 提到的案例研究這樣的案例研究的奇妙之處在於，我們正在證明這種提升。因此，廣告商現在知道，如果他們使用統一 ID 載入第一方數據，他們將獲得更好的結果。其他廣告商很快就會說，“哦，哇，我也需要這樣做。”

And if that weren't enough, if the tariff weren't enough, there is the stick that is in 2023, third-party cookies are expected to go away. So these sorts of initiatives are the only way that they can put data to work. So with all of that, it's similar to my opening remarks on just all the secular tailwinds as well as all the ways that we're operating to gain -- to grab land. It's a very similar phenomenon with UID. There's a bunch of external forces that are pushing people to use this. And then there's a bunch of benefits and a bunch of things that we've created in the product itself that get us to that direction.

如果這還不夠，如果關稅還不夠，那麼到 2023 年，第三方 cookie 有望消失。因此，這些舉措是他們可以讓數據發揮作用的唯一途徑。綜上所述，這與我關於所有世俗順風的開場白以及我們為獲得土地而採取的所有方式的開場白類似。這與 UID 的現象非常相似。有一堆外部力量在推動人們使用它。然後是我們在產品本身中創造的一堆好處和一堆東西，這些東西讓我們朝著這個方向前進。

I do want to underline that with Unified ID, this is not a Trade Desk initiative anymore. While we may have instigated it, we've open sourced it, we have lots of other companies, including other DSPs that are using this, this is bigger than us. This is something that we wanted to create as a currency to raise all boats, recognizing that the collective open Internet would be better for it, that even consumers will be better for it.

我確實想強調，使用統一 ID，這不再是 Trade Desk 計劃。雖然我們可能已經發起了它，但我們已經開源了它，我們還有很多其他公司，包括其他正在使用它的 DSP，這比我們更大。這是我們想要創造的一種貨幣來籌集所有船隻，認識到集體開放的互聯網對它會更好，甚至消費者也會對它更好。

And arguably, especially consumers will be better for it because they'll have more centralized controls that they can take with them and they won't just be managing privacy settings from 1 walled garden to the next. And especially when you only do that on a device, that means that consumers would be forced to manage their privacy in a double-digit number of places and very few understand or can coordinate well enough to do that well. This will really create a better Internet for the consumer.

可以說，尤其是消費者會更好，因為他們將擁有更多的集中控制，他們可以隨身攜帶，而且他們不會僅僅管理從一個圍牆花園到下一個圍牆花園的隱私設置。尤其是當你只在設備上這樣做時，這意味著消費者將被迫在兩位數的地方管理他們的隱私，而很少有人理解或能夠很好地協調以做到這一點。這將真正為消費者創造一個更好的互聯網。

On the second part of your question, on expanding CTV to the rest of the world. So we've started with some phenomenal partnerships all over the world. And I'm really excited about some of those things that we talked about during the prepared remarks. One that I just want to underline is we have an expanded relationship with Peacock. And you'll remember that Peacock has rights to NHL, has rights to the NFL, has rights to the Olympics and of course, here in the U.K. to the English Premier League, to say nothing of the other $30 billion of content that they have. So doing more partnerships like that with content owners all over the world is the most important thing that we can continue to do because in most of the major markets, we already have a starting point that is really strong, not dissimilar from what we did in retail where we started with the biggest. We've done very similar things like that in CTV all around the world. We just have to keep doing more of it.

關於你問題的第二部分，關於將 CTV 擴展到世界其他地方。因此，我們已經開始在世界各地建立一些非凡的合作夥伴關係。我對我們在準備好的發言中談到的一些事情感到非常興奮。我只想強調的是，我們與 Peacock 的關係有所擴大。你會記得 Peacock 擁有 NHL 的權利、NFL 的權利、奧運會的權利，當然還有英國的英超聯賽，更不用說他們擁有的其他 300 億美元的內容了.因此，與世界各地的內容所有者建立更多這樣的合作夥伴關係是我們可以繼續做的最重要的事情，因為在大多數主要市場，我們已經有了一個非常強大的起點，與我們在我們從最大的零售店開始。我們在世界各地的 CTV 中都做過類似的事情。我們只需要繼續做更多的事情。

Our next question today is coming from Justin Patterson at KeyBanc.

我們今天的下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Jeff, you're crossing the $1 billion revenue level this year and there's clearly strong retention characteristics with this model. What does the company need to do to get to $2 billion or even $5 billion in revenue over the next few years? And then as a follow-up to that, perhaps you could expand on the supply chain efficiency initiatives you're working on and really how that can create opportunities for you going forward.

偉大的。傑夫，你今年的收入已經超過了 10 億美元，而且這種模式顯然具有很強的保留特性。公司需要做什麼才能在未來幾年達到 20 億美元甚至 50 億美元的收入？然後作為後續行動，也許您可以擴展您正在開展的供應鏈效率計劃，以及如何真正為您創造未來的機會。

You bet. So thanks for the question. This might be the most important question for us as a company. I'm always reminded of the locker theme at the end of the movie Hoosiers where they're talking about how do we win this game, this smaller team from a smaller town competing with teams that are much bigger than them in every way.

你打賭。所以謝謝你的問題。對於我們公司來說，這可能是最重要的問題。我總是想起電影 Hoosiers 結尾的更衣室主題，他們在談論我們如何贏得這場比賽，這支來自小城鎮的小球隊與在各方面都比他們大得多的球隊競爭。

It's not dissimilar from what we're doing with some of the biggest companies in tech in, arguably, the history of the world. And the way I look at it is we cannot lose sight -- just like that locker room speech in that movie, ignore the fans, ignore all the outside forces and just play your game, do it the right way. And this is essentially the same thing I'm saying to our team over and over again. If we just stick to what we do really well, we continue to win in CTV, we continue to service our customers the way we have, we focus on the buy side the way that we always have, we try to make the supply chain more efficient, we add more value than we extract. If we keep doing all the same things that we've done for the last 10-plus years, I think we're going to get from $1 billion to $5 billion ahead of anybody else playing the same game.

這與我們與世界歷史上一些最大的科技公司所做的沒有什麼不同。我的看法是我們不能忽視——就像那部電影中的更衣室演講一樣，無視球迷，無視所有外部力量，只玩你的比賽，以正確的方式去做。這與我一遍又一遍地對我們的團隊說的話基本上是一樣的。如果我們堅持我們做得好的事情，我們將繼續在 CTV 中獲勝，我們繼續以我們的方式為客戶服務，我們一如既往地專注於買方，我們努力讓供應鏈更加完善高效，我們增加的價值多於提取的價值。如果我們繼續做我們過去 10 多年所做的所有事情，我認為我們將比玩同樣遊戲的其他人領先 10 億美元到 50 億美元。

So this is one of those where -- it's not about us trying to exploit the weaknesses of other companies. This is about us just focusing on fundamentals, protecting our culture, continuing to build test the way that we have, focus on recruiting the best talent. And if we do that, we'll be successful. So that's number one.

所以這是其中之一 - 這不是關於我們試圖利用其他公司的弱點。這是關於我們只關注基礎，保護我們的文化，繼續以我們現有的方式構建測試，專注於招募最優秀的人才。如果我們這樣做，我們就會成功。所以這是第一名。

Number two, I would say, is we have to win in CTV. So -- and the good news is in CTV that, that market around the world is perfectly fragmented. It's not broken into so many pieces that you have to aggregate millions the way you would have to in websites or apps. Those do gravitate to markets, and those have been very good to us. But there is a way for us to integrate almost directly and create a more efficient supply chain in CTV more easily than we can in the rest of it.

第二，我想說，我們必須在 CTV 中獲勝。所以——CTV 的好消息是，世界各地的市場完全分散。它並沒有像在網站或應用程序中那樣被分解成很多塊，以至於您必須聚合數百萬。那些確實被市場所吸引，而那些對我們來說非常好。但是有一種方法可以讓我們幾乎直接整合併在 CTV 中創建更高效的供應鏈，而不是其他部分。

And then, of course, outside the United States. So we've been investing outside the United States heavily for a long time where our employees are 1/3 of our employee base outside the U.S., while our revenue is low teens. And that differential is because we're investing ahead. Most of the open Internet competitors cannot afford to make those investments the way that we have, which is why we continue to win share. We're doing more and more to invest in those, and we're going to get better at winning more aggressively and growing more quickly there as the open Internet, led by CTV, continues to move in our direction.

然後，當然，在美國以外。因此，長期以來，我們一直在美國以外地區大力投資，我們的員工占美國以外員工人數的 1/3，而我們的收入卻只有十幾歲。這種差異是因為我們正在提前投資。大多數開放的互聯網競爭對手無法像我們那樣進行這些投資，這就是我們繼續贏得份額的原因。我們正在做越來越多的投資，隨著由 CTV 領導的開放互聯網繼續朝著我們的方向發展，我們將在更積極地贏得勝利和更快地增長方面做得更好。

As it relates to the supply chain, I should mention Google a little bit here because as we mentioned in the prepared remarks, there's been just a lot of discussions around the complaint led by the Texas Attorney General Office. I just want to reiterate, our strategy has always been to compete and prepare for the market to be fair and competitive. We expect at end state that markets always trend towards fair and competitive. And to whatever extent that the market currently is both inefficient and not competitive, we think it's going to move in that direction.

由於它與供應鏈有關，我應該在這裡稍微提一下谷歌，因為正如我們在準備好的評論中提到的那樣，圍繞德克薩斯州總檢察長辦公室領導的投訴進行了很多討論。我只想重申，我們的戰略一直是競爭並為市場的公平和競爭做好準備。我們預計最終市場將始終朝著公平和競爭的方向發展。無論市場目前在何種程度上既低效又缺乏競爭力，我們認為它將朝著這個方向發展。

It's already been moving in that direction at a macro level in the sense that Google's Ad Exchange used to be the very biggest exchange. It's not for us anymore. It's not for the industry anymore. While they have really strong market share in DSP itself, as it relates to their ad exchange, it's not the biggest. And literally, we plugged in hundreds of them all over the world. So as a result, I believe Google needs us more than ever. And we are going to succeed regardless of any policy decisions that Google makes or not.

它已經在宏觀層面朝著這個方向發展，因為 Google 的 Ad Exchange 曾經是最大的交易所。它不再適合我們了。它不再適合這個行業。雖然他們在 DSP 本身擁有非常強大的市場份額，但與他們的廣告交易有關，但這並不是最大的。從字面上看，我們在世界各地接入了數百個。因此，我相信谷歌比以往任何時候都更需要我們。無論 Google 是否做出任何政策決定，我們都將取得成功。

Our next question today is coming from Laura Martin at Needham.

我們今天的下一個問題來自 Needham 的 Laura Martin。

Great results. Maybe one for you, Jeff, and then one for you, Blake. So on the shopper marketing, which the Walmart -- you said that Walmart has started and you're negotiating with a lot of other people to join, how big -- this closing the loop feels like it is best practice. So do you feel, Jeff, that this closing the loop kind of shopper marketing could be bigger than your core business today at maturity? That's the one for you.

偉大的結果。也許給你一份，傑夫，然後給你一份，布萊克。所以關於沃爾瑪的購物者營銷 - 你說沃爾瑪已經開始並且你正在與很多其他人談判加入，有多大 - 這種關閉循環感覺就像是最佳實踐。那麼，傑夫，你覺得這種閉環式的購物者營銷可能比你今天成熟的核心業務更大嗎？那是給你的。

And then Blake, you were very careful to say the word, nearly all verticals had grown in the quarter. So I'm really intrigued by what didn't grow in the quarter, and what percent of digital ad revenue would that represent as it starts to return inevitably in 2022?

然後是布萊克，你非常小心地說出這個詞，幾乎所有垂直領域都在本季度有所增長。因此，我對本季度沒有增長的東西非常感興趣，以及隨著數字廣告收入在 2022 年不可避免地開始回歸，這將代表多少百分比？

You bet. So I think over time, the same way that I look at -- so actually, let me back up. I am constantly looking at the $1 trillion TAM that is traditional advertising and just looking at all the different ways to slice that. For instance, the fact that 2/3 of that pie is outside the United States is part of the reason why we've just been obsessive about growing our business outside the United States. And we've invested ahead and we are ahead in lots of markets. The markets like India, which have huge potential, or in China, which is our fastest-growing office in the world, or all of our expansions that we highlighted in places like Italy and Taiwan. All of these are because we see growth potential to get to that other 2/3 of the pie, and we would be silly to only focus on 1/3 of the pie.

你打賭。所以我想隨著時間的推移，就像我看待的方式一樣——所以實際上，讓我支持一下。我一直在關注價值 1 萬億美元的傳統廣告 TAM，並且只是在尋找所有不同的方式來分割它。例如，2/3 的餡餅在美國境外這一事實是我們一直痴迷於在美國境外發展業務的部分原因。我們已經提前投資，並且在很多市場上都處於領先地位。像印度這樣具有巨大潛力的市場，或者在中國，這是我們在世界上增長最快的辦事處，或者我們在意大利和台灣等地強調的所有擴張。所有這些都是因為我們看到了獲得另外 2/3 餡餅的增長潛力，而只關注 1/3 餡餅是愚蠢的。

Shopper marketing is incremental to that. Not all of that is captured in that $1 trillion, but it collectively is about a $200 billion TAM. So that is incremental. But at end state, I expect that to be -- our share to be in -- as a percentage, similar to our percentage of the $1 trillion pot. And so I don't expect it to ever surpass that business. We might win more than our share in that particular TAM just because closing the loop is the holy grail. And because I think we're in a great position to continue to partner across all of retail. But I do think that our core business, and the thing that we've been working at for the last 10 years, will always be the lion's share of our spend. But we've merely scratched the surface in both categories. Just a little early to tell because we're just a tiny, tiny speck of what we're yet to become.

購物者營銷是增量的。並非所有這些都包含在這 1 萬億美元中，但它加起來大約是 2000 億美元的 TAM。所以這是增量的。但在最終狀態下，我預計這將是 - 我們的份額 - 作為百分比，類似於我們在 1 萬億美元底池中的百分比。所以我不認為它會超過那個業務。我們可能會贏得超過我們在特定 TAM 中的份額，因為關閉循環是聖杯。而且因為我認為我們處於一個很好的位置，可以繼續在所有零售領域進行合作。但我確實認為，我們的核心業務，以及我們過去 10 年一直致力於的事情，將永遠是我們支出的最大份額。但我們只是觸及了這兩個類別的皮毛。說得有點早，因為我們只是我們尚未成為的一小部分。

And then I'll follow up, Jeff, on the second question, Laura, with regards to verticals. The obvious one that showed pressure on a year-over-year basis this quarter was the politics. So obviously, that vertical was super high last year because of the elections. And so you obviously see some pressure there.

然後我會跟進，傑夫，關於第二個問題，勞拉，關於垂直領域。本季度同比顯示壓力的明顯因素是政治。很明顯，由於選舉，去年這個垂直度非常高。所以你顯然看到了一些壓力。

I would say the only other one that -- to call out, and it's not a significant share of our mix, we do see some volatility in the family and parenting vertical a bit. And so it was a little bit lower than normal for Q3, but nothing of major concern for us. And so those are the ones that move around that we see. And then there's others, obviously, still that we believe there's opportunity still remaining, but political is the large negative year-over-year in Q3, which is expected.

我會說唯一的另一個 - 呼籲，它不是我們組合的重要部分，我們確實看到家庭和育兒垂直有點波動。所以第三季度比正常水平略低，但對我們來說沒什麼大不了的。所以那些是我們看到的四處移動的。顯然，還有其他一些因素，我們認為仍然存在機會，但政治因素是第三季度同比大幅下降，這是意料之中的。

Our next question today is coming from Mark Zgutowicz at Rosenblatt Securities.

我們今天的下一個問題來自 Rosenblatt Securities 的 Mark Zgutowicz。

Just a couple on UID. Jeff, you mentioned UID2 daily bills are now in the billions. I was wondering if you could share what percentage of the media that you've sold year-to-date was resolvable to those avails. And what you expect that media mix to trend to in the first half of next year? And then I just had a quick follow-up.

UID上只有一對。傑夫，你提到 UID2 的每日賬單現在有數十億。我想知道您是否可以分享您今年迄今已售出的媒體中有多少百分比可用於這些收益。您預計明年上半年媒體組合的趨勢是什麼？然後我進行了快速跟進。

Yes. So as it relates to sort of out the entire media chain, like there's still a lot of work to be done for us to be present from publisher to every link in the chain to be available to the advertiser. The bigger thing right now is where it's available in the graph, if you will, where we do all the measurements. And that is probably the most promising thing that's happened with UID to date, where if you combine the device IDs plus UID, that sum is greater than UID -- I'm sorry, than the device IDs plus cookies. So it's already creating more traction in that modeling or that graph than what we have before UID existed.

是的。因此，它涉及到整個媒體鏈，就像我們還有很多工作要做，從發布商到鏈中的每個環節，廣告商都可以使用它。現在更重要的是它在圖表中的位置，如果你願意的話，我們在哪裡進行所有測量。這可能是迄今為止 UID 發生的最有希望的事情，如果您將設備 ID 加 UID 結合起來，那麼這個總和大於 UID —— 對不起，大於設備 ID 加 cookie。因此，與 UID 存在之前相比，它已經在該建模或該圖中產生了更大的吸引力。

But there's still a lot of work to do. And it just relates to the question that I answered earlier, which is we especially need more advertisers and publishers to be connecting it throughout the entire chain. We expect the advertisers to start. And because they bring incremental dollars, that then makes all the publishers connect. But the fact that we've gotten to literally billions creates incentive for both sides to do that now, and it's just implementation. So the difficult part is not actually winning hearts and minds. It's just getting from winning hearts and minds throughout the entire organization to implementation, and that just takes time. So at this point, I believe it is just a matter of time before that happens.

但是還有很多工作要做。這與我之前回答的問題有關，即我們特別需要更多的廣告商和出版商將其連接到整個鏈中。我們希望廣告商開始。而且因為他們帶來了增量資金，這使得所有的出版商都建立了聯繫。但事實上，我們已經達到了數十億美元，這為雙方現在做這件事創造了動力，而這只是實施。因此，困難的部分實際上並沒有贏得人心。這只是從贏得整個組織的人心到實施，這只是需要時間。所以在這一點上，我相信這只是時間問題。

And maybe just to follow on that point, in terms of implementation, just on the specific to large publishers, how many have committed to UID to date? And what might be holding them back, particularly as you brought on more and more ad tech partners? It would seem to me -- you talked a lot about advertisers on burning first-party data, but isn't the large publisher more of the impetus to sort of get UID sort of off the ground? I just appreciate, I guess, specifically how many large publishers you have committed to date and sort of what's -- what we should be thinking about in terms of milestones in the first half of next year?

也許只是為了遵循這一點，在實施方面，就特定於大型出版商而言，迄今為止有多少人承諾使用 UID？是什麼阻礙了他們，尤其是當您吸引了越來越多的廣告技術合作夥伴時？在我看來——你談了很多關於銷毀第一方數據的廣告商，但大型出版商不是更有動力讓 UID 有點起步嗎？我只是很感激，我想，特別是你已經承諾了多少大型出版商，以及我們應該在明年上半年的里程碑方面考慮什麼？

Yes. So one of the things that we've done a lot of is just pushing inside of journalism. And so you might have seen some of the press releases, whether that's Buzzfeed or whether that's Washington Post and the 300 of multiple journalistic outlets that they support technologically or news week or there's just -- there's dozens and dozens of top 200 publishers who've already been public about their support, let alone those who are implementing it behind the scenes. I was talking about NBC earlier. They've been public about their interoperability with UID as well, which, by the way, is all that matters. Their IDs are interoperable with our ID.

是的。所以我們做了很多的事情之一就是推動新聞業的內部發展。所以你可能已經看到了一些新聞稿，無論是 Buzzfeed 還是華盛頓郵報和他們在技術或新聞周刊上支持的 300 多家新聞媒體，或者只是——有幾十家前 200 家出版商已經已經公開了他們的支持，更不用說那些在幕後實施它的人了。我之前在談論NBC。他們也公開了與 UID 的互操作性，順便說一句，這才是最重要的。他們的 ID 可以與我們的 ID 互操作。

You are right, though, that it is important for both advertisers and publishers to adopt UID in order for it to be successful. It does not matter which one goes first. There is this chicken and egg challenge. If publishers go first, then advertisers are incentivized to quickly onboard their data so that they can leverage what the publishers are making available to them.

不過，您是對的，廣告商和發布商都必須採用 UID 以使其成功。哪個先走並不重要。有這個雞和蛋的挑戰。如果出版商先行，那麼廣告商就會被激勵快速載入他們的數據，以便他們可以利用出版商向他們提供的信息。

If advertisers go first, then it's on publishers to quickly implement so that they can get higher CPMs because advertisers are telling them, if you can just help me connect my data to this, I will pay more for your inventory. That is what we're seeing. The efficacy goes up by 3x, the cost goes up by 1.5x to 2x, and everybody wins. And so it makes it very, very incentivizing for both publishers and advertisers to do that, and that's largely because we started in the middle with infrastructure where we get like to big scale pretty quickly and that part we've already done. So there's a strong incentive for both sides to act now, and that's all working.

如果廣告商先行，那麼發布商需要快速實施，以便他們可以獲得更高的每千次展示費用，因為廣告商告訴他們，如果您能幫我將我的數據與此相關聯，我將為您的廣告資源支付更多費用。這就是我們所看到的。功效漲3倍，成本漲1.5倍到2倍，人人皆贏。因此，對於出版商和廣告商來說，這樣做非常非常有動力，這主要是因為我們從中間開始使用基礎設施，我們很快就會大規模擴展，而這部分我們已經完成了。所以現在雙方都有強烈的動機採取行動，這一切都奏效了。

Okay. And just real quickly, is there an inflection point, I guess, just speaking to the milestones, Jeff, I've seen when you talk about implementation being a hurdle. Is there an inflection point where that implementation is no longer a hurdle, and we see sort of x number of large pubs sign up in the first half of next year?

好的。很快，我想，是否有一個拐點，就里程碑而言，傑夫，當你談到實施是一個障礙時，我已經看到了。是否存在一個轉折點，該實施不再是一個障礙，我們看到明年上半年有 x 數量的大型酒吧簽約？

No, it's just playing it out -- not to go straight to the next question, but it's just playing it out in the sense that I believe we've already reached the inflection point where anybody who's not implementing UID is operating at a disadvantage to those who have. It's just a matter of doing the work to get it integrated.

不，它只是在發揮作用——不是直接進入下一個問題，但它只是在某種意義上發揮作用，我相信我們已經達到了一個拐點，即任何不實施 UID 的人都處於不利地位那些有的。這只是做工作以使其集成的問題。

And then, of course, these are big strategic decisions that have to be understood at least at some level in multiple parts of nearly every organization. So that just takes some time in order to do the ramp-up. But we already have so many users, and it is such a dominant currency than any other currency should be interoperable with that in order to get some benefit. It's not rational not to be interoperable with that. That point, that inflection point has already passed.

當然，這些都是重大的戰略決策，幾乎每個組織的多個部門都必須至少在某種程度上理解這些決策。所以這只是需要一些時間來進行加速。但是我們已經有這麼多的用戶，它是一種比任何其他貨幣都如此占主導地位的貨幣，應該與它互操作才能獲得一些好處。不與之互操作是不合理的。那個時候，那個拐點已經過去了。

Thanks, Mark. And last, we have time for one more question, Kate.

謝謝，馬克。最後，我們有時間再提一個問題，凱特。

Our final question today is coming from Brian Fitzgerald at Wells Fargo.

我們今天的最後一個問題來自富國銀行的 Brian Fitzgerald。

I'll be quick. Two things that stood out to us at Adweek. One was the benefits of using UID across the web and CTV for universal frequency capping. So I want to know if you could talk about how much of a pain point that is for advertisers and unpack that a bit.

我會很快的。在 Adweek 中，有兩件事對我們來說很突出。一是在網絡上使用 UID 和 CTV 進行通用頻次上限的好處。所以我想知道你是否可以談談廣告商的痛點有多少，並解開一點。

And then second one was also for Adweek, and that was AMC Networks talking about how they partnered with you guys to enable programmatic addressable ads in linear TV. They called it a first. They're kind of wrapping a digital wrapper around linear impressions and then getting it across the transom to you guys to be filled. So how quickly are you seeing the evolution from that standpoint?

然後第二個也是 Adweek，那是 AMC Networks 談論他們如何與你們合作在線性電視中啟用程序化可尋址廣告。他們稱之為第一。他們有點像在線性印象周圍包裹一個數字包裝器，然後把它穿過橫梁讓你們填滿。那麼，從這個角度來看，你看到的演變有多快？

You bet. Thanks, Brian, for the question. Really appreciate it. And I'll take the first one, and then I'm actually joined here by our Chief Revenue Officer, Tim Sims, who will take the second part of the question and, Tim, feel free, of course, to add any color on the first part as well.

你打賭。謝謝，布賴恩，這個問題。真的很感激。我會選第一個，然後我們的首席營收官蒂姆·西姆斯（Tim Sims）實際上加入了我，他將回答問題的第二部分，蒂姆，當然，可以隨意添加任何顏色第一部分也是如此。

So I love the first part of the -- I mean, the second part is great as well because AMC has been just such a phenomenal partner. But you're absolutely right. So one thing that has not been discussed enough is that nearly everything in CTV is consumed on the other side or on the inside of a log-in.

所以我喜歡第一部分——我的意思是，第二部分也很棒，因為 AMC 就是這樣一個非凡的合作夥伴。但你是絕對正確的。因此，尚未充分討論的一件事是，CTV 中的幾乎所有內容都在另一側或登錄內部消耗。

So in other words, you are logged in, using an e-mail address to consume the content that you have, that you're watching on pretty much every app, on every operating system that you have, whether that's a Roku or an Amazon or something else. And because it's on the other side of a log-in, there's a benefit to using a common currency across all of those.

所以換句話說，你登錄，使用一個電子郵件地址來消費你擁有的內容，你在幾乎每一個應用程序上觀看，在你擁有的每一個操作系統上，無論是 Roku 還是亞馬遜或者是其他東西。而且因為它在登錄的另一端，所以在所有這些中使用通用貨幣是有好處的。

If you think about it from a consumer standpoint, more than ever, we are watching content on multiple apps. Like 5 years ago, we mostly watched on Amazon and Netflix, and now we watch on lots of apps. And the fastest-growing have been AVOD apps, where you've now seen ads, whether that's on Peacock or Paramount or any of the others, there are ads being shown across all of them. Of course, an advertiser would like to control reach and frequency across all the apps and not just one. If they just do it one app at a time, they are going to waste money. And that waste is totally unacceptable in connected TV because the costs are higher.

如果您從消費者的角度考慮，我們比以往任何時候都更多地在多個應用程序上觀看內容。就像 5 年前一樣，我們主要在亞馬遜和 Netflix 上觀看，現在我們在很多應用程序上觀看。增長最快的是 AVOD 應用程序，您現在已經在其中看到了廣告，無論是在 Peacock、Paramount 還是任何其他應用程序上，所有這些應用程序都顯示了廣告。當然，廣告商希望控制所有應用程序的覆蓋面和頻率，而不僅僅是一個。如果他們一次只做一個應用程序，他們就會浪費錢。這種浪費在聯網電視中是完全不可接受的，因為成本更高。

So as I mentioned in the prepared remarks, the cost initially were higher because of scarcity. That's unacceptable anymore. Your costs have to be justified with increased efficacy. And that efficacy cannot be justified if you do not control reach and frequency universally. This is why Unified ID is so strategically important for us but it's also why it's so strategically important for every major brand in the world, where as they are looking at CTV to perfectly fragmented ecosystem, they are looking at that same, I have to control reach and frequency centrally. And if I don't do that, I'm going to operate as a disadvantage, and I'm going to waste money compared to what I did in linear.

因此，正如我在準備好的評論中提到的那樣，由於稀缺性，最初的成本更高。這已經不能接受了。您的成本必須通過提高功效來證明是合理的。如果您不普遍控制覆蓋範圍和頻率，那麼這種功效是不合理的。這就是為什麼統一 ID 對我們如此具有戰略意義，但這也是為什麼它對世界上每個主要品牌都具有如此重要的戰略意義，當他們將 CTV 視為完全分散的生態系統時，他們也在看同樣的東西，我必須控制到達和頻率集中。如果我不這樣做，我將處於劣勢，與我在線性中所做的相比，我將浪費金錢。

And given the increased cost of content, the content owners are equally interested in making ads more effective because you can't win by showing an ad load that is as dense as the one that we had in linear. So whether you're a content owner, whether you're an advertiser or whether you're a DSP like us, we all want universal reach and frequency. And the only way that, that can be done is with a common currency like UID. Tim, for the second part?

鑑於內容成本的增加，內容所有者同樣有興趣讓廣告更有效，因為您無法通過展示與線性廣告一樣密集的廣告負載來取勝。因此，無論您是內容所有者、廣告商還是像我們這樣的 DSP，我們都希望獲得普遍的覆蓋面和頻率。而唯一可以做到這一點的方法是使用像 UID 這樣的通用貨幣。蒂姆，第二部分？

Great. Yes, Brian, thanks for the question on AMC. I'll just zoom out for a second in that one of the things that we're constantly striving to do on the CTV partnerships front is how do we continue to expand and grow the amount of available inventory in television. And one of the interesting things that came out in the AMC release is that, that's exactly what we're doing here. We're looking at a new, albeit small, but a new area where we can create more inventory, and that is with addressable linear CTV or television.

偉大的。是的，Brian，感謝關於 AMC 的問題。我將縮小一秒鐘，我們在 CTV 合作夥伴關係方面不斷努力做的一件事是我們如何繼續擴大和增加電視中可用庫存的數量。 AMC 版本中出現的一件有趣的事情是，這正是我們在這裡所做的。我們正在尋找一個新的，雖然很小，但我們可以創造更多庫存的新領域，那就是可尋址的線性 CTV 或電視。

Now what's really important to call out as a distinction here is that this looks exactly like what we're doing in CTV with all of our other partners, but it's in the linear feed. So this is an open RTV request to the Trade Desk, where we can make a decision on an impression-by-impression basis to deliver an ad back to AMC. And so it's unique in that is expanding into a new area of television in the linear. But the look to it to us is exactly like connected television where we get a request and we're able to bid back in real time on linear television. It's a really exciting. It's early days, but it's a very exciting new corner of television that can be made addressable and available to platforms like The Trade Desk.

現在真正重要的是要在這里區分，這看起來與我們在 CTV 中與我們所有其他合作夥伴所做的完全一樣，但它是在線性提要中。因此，這是向 Trade Desk 提出的開放式 RTV 請求，我們可以在此逐個展示地做出決定，將廣告發送回 AMC。所以它的獨特之處在於正在向線性電視的新領域擴張。但在我們看來，它就像聯網電視一樣，我們收到請求，就可以在線性電視上實時出價。這真的很令人興奮。現在還處於早期階段，但它是一個非常令人興奮的電視新角落，可以尋址並可供 The Trade Desk 等平台使用。

And the last thing I'll say on this is that one of the reasons that we're able to partner so well with folks like AMC and one of the reasons that we've been able to partner everywhere in the world is because of our objective place in the market. So whenever networks like AMC are looking to try new things and to push the boundaries and to test new areas of available inventory, they come to us first because of our objective point in the market. So it's an exciting thing to watch. Still early days, but definitely an interesting area of where we're going to expand inventory.

我要說的最後一件事是，我們能夠與 AMC 這樣的人如此良好地合作的原因之一以及我們能夠在世界各地進行合作的原因之一是因為我們的客觀的市場定位。因此，每當像 AMC 這樣的網絡想要嘗試新事物並突破界限並測試可用庫存的新領域時，由於我們在市場上的目標點，他們首先會來找我們。所以這是一件令人興奮的事情。仍處於早期階段，但絕對是我們將擴大庫存的一個有趣領域。

Thank you, Brian, and thank you so much for everyone being on the call today. I know we ran a few minutes over what we normally do, but appreciate everyone's attendance. Thank you.

謝謝你，Brian，非常感謝今天參加電話會議的每個人。我知道我們在平時做的事情上跑了幾分鐘，但感謝大家的出席。謝謝你。

Thanks, everyone.

感謝大家。

Thank you, ladies and gentlemen. This does conclude today's event. You may disconnect at this time, and have a wonderful day. Goodbye. Thank you for your participation.

謝謝你們，女士們，先生們。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。再見。感謝您的參與。