Trade Desk Inc (TTD) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to today's The Trade Desk Third Quarter 2020 Earnings Conference Call.

大家好，歡迎參加今天的 The Trade Desk 2020 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

It is now my pleasure to turn the conference over to Vice President of Investor Relations, Chris Toth.

現在我很高興將會議交給投資者關係副總裁克里斯·托特 (Chris Toth)。

Please go ahead.

請繼續。

Thank you, Operator.

謝謝你，接線生。

Hello and good afternoon to everyone.

大家好，下午好。

Welcome to The Trade Desk Third Quarter 2020 Earnings Conference Call.

歡迎參加 The Trade Desk 2020 年第三季財報電話會議。

On the call today are our Founder and CEO, Jeff Green; and Chief Financial Officer, Blake Grayson.

今天參加電話會議的是我們的創辦人兼執行長 Jeff Green；和財務長布萊克·格雷森。

A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

我們的收益新聞稿副本可在我們網站 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.

在開始之前，我想提醒您，除了歷史資訊外，一些討論和我們在問答中的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。

In particular, our expectations around the impact of the COVID-19 pandemic on our business, the Q4 holiday season and results of operations are subject to change.

特別是，我們對 COVID-19 大流行對我們業務、第四季度假期和營運業績影響的預期可能會發生變化。

Should any of these risks materialize or should our assumptions prove be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements.

如果這些風險中的任何一個成為現實，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結果有重大差異。

I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

我鼓勵您參考我們的新聞稿中提到的以及我們最近向 SEC 提交的文件中包含的風險因素。

In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data.

除了報告我們的 GAAP 財務表現外，我們還提供補充的非 GAAP 財務數據。

A reconciliation of the GAAP to non-GAAP measures can be found in our earnings press release.

公認會計原則與非公認會計原則措施的調節可以在我們的收益新聞稿中找到。

We believe that providing non-GAAP measures combined with our GAAP results provides a more meaningful representation of the company's operational performance.

我們相信，提供非公認會計原則衡量指標與我們的公認會計原則結果相結合，可以更有意義地代表公司的營運績效。

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

我現在將把電話轉給創辦人兼執行長傑夫·格林。

Jeff?

傑夫？

Hello, everyone, and thank you for joining us.

大家好，感謝您加入我們。

We are excited to announce the results of our third quarter.

我們很高興宣布第三季的業績。

Despite the headwinds of a global pandemic, we had healthy growth in the third quarter, up 32% year-over-year, far surpassing our own expectations.

儘管面臨全球疫情的不利影響，我們第三季仍實現了健康成長，年增32%，遠遠超出了我們自己的預期。

As we discussed, 2020 is a year where agility matters more than ever.

正如我們所討論的，2020 年敏捷性比以往任何時候都更重要。

In this environment, marketers have come to more fully appreciate the power of data-driven advertising.

在這種環境下，行銷人員開始更充分地認識到數據驅動廣告的力量。

And as that happens, we are becoming indispensable.

當這種情況發生時，我們就變得不可或缺。

We developed closer relationships with the biggest brands and the agencies in the world, and we are winning more business with both new and existing customers.

我們與世界上最大的品牌和代理商建立了更密切的關係，並贏得了新舊客戶的更多業務。

In addition, we continue to see rapid growth in key channels, such as Connected TV, which grew more than 100% year-over-year.

此外，我們繼續看到關鍵管道的快速成長，例如連網電視，較去年同期成長超過 100%。

This was a very encouraging quarter, not only in terms of our revenue and market share growth, but also what it signals about our growth opportunity moving forward.

這是一個非常令人鼓舞的季度，不僅體現在我們的收入和市場份額的成長方面，而且體現在我們未來的成長機會方面。

While our growth is very encouraging, we are still operating at a time of great uncertainty for many industries.

雖然我們的成長非常令人鼓舞，但我們仍然在許多行業充滿不確定性的時期運作。

But even in the midst of that uncertainty, we are clear that our role is to help our customers drive economic recovery.

但即使在這種不確定性中，我們也清楚我們的角色是幫助我們的客戶推動經濟復甦。

Advertising is an engine of economic growth and our customers know that their campaigns can fuel growth and drive market share gains for their brands.

廣告是經濟成長的引擎，我們的客戶知道他們的廣告活動可以推動成長並推動其品牌的市場份額成長。

And because of that, during times of uncertainty, they become much more deliberate.

正因為如此，在不確定的時期，他們變得更加深思熟慮。

That's not to say this is a straight-line recovery for our customers.

這並不是說我們的客戶會直線復甦。

It's not.

它不是。

Often, our customers are still being hurt by the global pandemic and the economic consequences of most people staying home.

通常，我們的客戶仍然受到全球流行病和大多數人留在家中所造成的經濟後果的傷害。

But while we are a long way from being completely out of the woods, I do believe that in 2020, so far, we have gained more market share or said another way, grabbed more land than at any point in our company's history.

儘管我們距離完全擺脫困境還有很長的路要走，但我確實相信，到2020 年，到目前為止，我們已經獲得了更多的市場份額，或者換句話說，我們獲得了比我們公司歷史上任何時候都多的土地。

We've accomplished this because advertisers have become more deliberate, and we are a part of the solution that helps them manage uncertainty and chart a path to growth.

我們之所以能做到這一點，是因為廣告商變得更加深思熟慮，而我們是幫助他們管理不確定性並規劃成長路徑的解決方案的一部分。

Our rate of grabbing land in Q3 might be the biggest bullish indicator we produced as a publicly traded company.

我們第三季的拿地率可能是我們作為一家上市公司產生的最大看漲指標。

Market share gains in 2020 is a testament to the strength of our value proposition and our customer relationships.

2020 年市場佔有率的成長證明了我們價值主張和顧客關係的實力。

That's what makes me more proud of our performance in the third quarter than any other quarter in The Trade Desk's history.

這就是讓我對我們第三季度的表現比 The Trade Desk 歷史上任何其他季度的表現感到更加自豪的原因。

Our team navigated uncertainty and helped the most sophisticated advertisers fuel their recovery with new approaches to channels such as CTV.

我們的團隊克服了不確定性，並透過 CTV 等管道的新方法幫助最成熟的廣告商推動其復甦。

I'll come back to CTV in a few minutes.

幾分鐘後我會回到 CTV。

Before I do that, I want to give color about the third quarter because I think it will give insight as to why I'm so bullish on our future.

在此之前，我想先介紹一下第三季的情況，因為我認為這會讓我深入了解為什麼我對我們的未來如此樂觀。

Since April, we have been focused on understanding where we are on the economic recovery curve.

自四月以來，我們一直致力於了解經濟復甦曲線的位置。

Some industries, such as CPG, pharma and health care, we're on the leading edge of that curve as we would expect.

正如我們所預期的，某些行業，例如消費品、製藥和醫療保健，我們正處於該曲線的前沿。

In fact, some companies in those industries never fully shut down their digital advertising campaigns.

事實上，這些行業中的一些公司從未完全停止其數位廣告活動。

Others are a little farther back.

其他人則稍微靠後一些。

Restaurants and retailers, for example.

例如，餐廳和零售商。

They needed to advertise that they were open and message what their new normal looked like in terms of pickup and delivery services.

他們需要宣傳他們是開放的，並傳達他們在取貨和送貨服務方面的新常態。

However, their businesses have not yet completely returned to normal.

然而，他們的生意還沒有完全恢復正常。

And then further down the curve, of course, you have other industries like auto and airlines and hospitality that remain in various early stages of recovery.

當然，再往下走，汽車、航空和飯店等其他產業仍處於復甦的早期階段。

My bullishness isn't because I think the macro environment is back to normal.

我的看漲並不是因為我認為宏觀環境已經恢復正常。

We all know that's not true.

我們都知道那不是真的。

Our positivity about our future is driven by the share gains that are happening during this time of uncertainty, and the numbers show it.

我們對未來的積極態度是由在這個不確定時期發生的股票收益所驅動的，數字表明了這一點。

We've spoken in the past about a 95% plus retention rate, and we're seeing no deviation from that.

我們過去曾說過 95% 以上的保留率，而且我們沒有看到任何偏離這一目標的情況。

In fact, I would assert that customers are relying on us more and more.

事實上，我斷言客戶越來越依賴我們。

I see that not only in our growth numbers and the trends underneath those numbers, but also in the conversations that I'm having with advertisers every day.

我不僅在我們的成長數字和這些數字背後的趨勢中看到了這一點，而且在我每天與廣告商的對話中也看到了這一點。

So today, I'd like to break this discussion down in 3 ways: first, how we have seen advertisers become more deliberate in 2020 and what that's meant for us.

所以今天，我想從三個方面來分解這個討論：首先，我們如何看到廣告商在 2020 年變得更加謹慎，這對我們意味著什麼。

Second, how the tipping point in TV has proven a major factor to our growth in 2020.

其次，電視的轉捩點如何被證明是我們 2020 年成長的主要因素。

And three, how all of this adds up to a few things that I'm most excited about for our future, especially starting in 2021.

第三，所有這些加在一起，讓我對我們的未來（尤其是從 2021 年開始）最興奮。

Let's start with the first item, advertisers have become more deliberate.

先說第一條，廣告商變得更刻意了。

Brands and agencies that advertise more effectively, who leverage data to be more nimble and agile are gaining share, period.

能夠更有效地進行廣告、利用數據變得更靈活的品牌和機構正在贏得份額。

In 2020, almost every marketer and every large brand is being asked to do more with less.

2020 年，幾乎每個行銷人員和每個大品牌都被要求以更少的資源做更多的事情。

Every advertising dollar has to be accounted for.

每一筆廣告費用都必須計算在內。

CFOs are more involved in marketing and advertising decisions than they've been in years.

財務長比多年來更參與行銷和廣告決策。

They become a lot more focused on what business value is created by advertising.

他們變得更加關注廣告創造的商業價值。

And that means that advertisers have to focus on ad opportunities that are measurable and comparable, where the business ROI can be understood and proven.

這意味著廣告商必須專注於可衡量和可比較的廣告機會，這樣可以理解和證明業務投資回報率。

As companies reactivated their ad campaigns, they had an opportunity to let the world know that they are still there and open for business and in what capacity.

隨著公司重新啟動廣告活動，他們有機會讓世界知道他們仍然在那裡並以何種身份開展業務。

But because the world changed so fast in March and April, advertisers quickly realized that effective advertising requires new levels of agility.

但由於三月和四月的世界變化如此之快，廣告商很快就意識到有效的廣告需要更高程度的敏捷性。

Now national brand campaigns had to be complemented by highly local campaigns, specific to the circumstances in a particular region or state.

現在，全國品牌活動必須輔以高度在地化的活動，具體針對特定地區或州的具體情況。

But there was a much greater focus on reaching specific audiences with specific messages.

但人們更專注於向特定受眾傳達特定訊息。

The need for agility impacted more than campaign planning and management teams.

對敏捷性的需求影響的不僅是活動規劃和管理團隊。

Creative teams had to suddenly develop content in days versus month to take account for the constantly changing environment.

創意團隊必須在幾天而不是一個月內突然開發內容，以適應不斷變化的環境。

Combine those 2 factors, the need for new kinds of agility and the need to prove ROI, and you can recognize how marketers today need to not only be much more deliberate, but also much more data driven.

結合這兩個因素，即對新型敏捷性的需求和證明投資回報率的需求，您可以認識到當今的營銷人員不僅需要更加深思熟慮，而且需要更多的數據驅動。

To some extent, this is history repeating itself.

某種程度上來說，這是歷史的重演。

There are parallels to the 2008 and 2009 recession when programmatic advertising first came on the radar for most marketers.

這與 2008 年和 2009 年的經濟衰退有相似之處，當時大多數行銷人員首次注意到程序化廣告。

Back then, display and mobile advertising were the big winners.

當時，展示廣告和行動廣告是大贏家。

They won despite being weaker at winning hearts and minds than video, TV or audio.

儘管它們在贏得民心方面比視訊、電視或音訊弱，但還是贏了。

They won share because they were measurable and comparable and marketers could proof effectiveness with credibility.

它們贏得了市場份額，因為它們是可衡量的、可比較的，而且行銷人員可以透過可信度來證明有效性。

Fast forward 12 years to the present, and digital is leading the recovery instead of just supplementing it.

時間快進 12 年到現在，數位化正在引領復甦，而不僅僅是補充。

While marketers were incented to dip their toes in the waters of data and data-driven advertising 12 years ago.

12 年前，行銷人員就被激勵嘗試涉足數據和數據驅動的廣告領域。

Today, they are all-in across all advertising channels.

如今，他們已全面投入所有廣告管道。

And for the first time, advertisers are aggressively committing to the open Internet because of the scale and results of Connected TV and premium video.

由於連網電視和優質影片的規模和效果，廣告商第一次積極致力於開放網路。

I maintain my prediction that eventually all premium video will eventually make up about half of the global advertising pie.

我維持我的預測，即所有優質影片最終將佔據全球廣告市場的一半左右。

Now that advertisers can apply data to their premium video campaigns where hearts and minds are truly won, the long-term opportunity for The Trade Desk could not be more promising.

現在，廣告主可以將數據應用到真正贏得人心的優質影片行銷活動中，The Trade Desk 的長期機會不容樂觀。

Let me put some additional data behind these assertions.

讓我在這些斷言背後添加一些額外的數據。

We recently surveyed more than 200 top advertisers.

我們最近對 200 多家頂級廣告商進行了調查。

Around 85% of them said they are under new pressure from CFOs to justify marketing spend and to measure against business goals.

其中約 85% 的人表示，他們面臨來自財務長的新壓力，要求他們證明行銷支出的合理性並根據業務目標進行衡量。

50% are now having their typical measurement techniques question.

50% 的人現在遇到了典型的測量技術問題。

As a result, almost all of them intend to adopt data-driven measurement strategies.

因此，幾乎所有人都打算採用數據驅動的測量策略。

This shift to being more deliberate has been a major driver of our growth this year.

這種更審慎的轉變是我們今年成長的主要動力。

But we also see it play out in terms of business performance for those companies that prioritize data-driven advertising.

但我們也看到它對那些優先考慮數據驅動廣告的公司的業務績效產生了影響。

And we see that industry-by-industry.

我們逐一行業地看到這一點。

In consumer packaged goods, for example, those companies that maintain spend on our platform through the uncertainty, performed better from a revenue growth perspective than those that slowed or suspended spending.

例如，在消費品中，那些在不確定性的情況下維持在我們平台上支出的公司，從收入成長的角度來看，比那些放慢或暫停支出的公司表現更好。

Over the past 3 months, 1 CPG company lifted their same-store sales for one of their brands by over 40% utilizing the combination of CTV, mobile and PC advertising.

在過去 3 個月中，1 家 CPG 公司利用 CTV、行動和 PC 廣告的結合，將其品牌之一的同店銷售額提高了 40% 以上。

We have seen similar pattern show up across industries, whether it's pharma or fast food or retail or technology.

我們已經看到類似的模式出現在各個產業，無論是製藥、速食、零售或科技。

So those companies that are advertising effectively are gaining share.

因此，那些進行有效廣告的公司正在獲得份額。

And as I said, if you want one particularly potent microcosm of this in our industry, you have only to look at what's happening within TV, which brings me to my second point, how 2020 will go down in media history as a tipping point in TV.

正如我所說，如果你想在我們的行業中看到這一點特別有力的縮影，你只需看看電視內部正在發生的事情，這讓我想到了我的第二點，即2020 年將如何作為一個轉折點載入媒體史冊。電視。

Our CTV spend grew more than 100% year-over-year in the third quarter as advertisers follow consumers to streaming platforms.

隨著廣告主追隨消費者使用串流平台，我們的 CTV 支出在第三季年增超過 100%。

That consumer shift has created a tipping point.

消費者的轉變創造了一個轉捩點。

The number of U.S. households with traditional cable TV subscriptions is dropping to below 80 million this year.

今年，訂閱傳統有線電視的美國家庭數量已降至 8,000 萬以下。

According to eMarketer, 77.6 million U.S. households will have cable TV packages this year, down about 7.5% year-over-year.

eMarketer 的數據顯示，今年將有 7,760 萬美國家庭擁有有線電視套餐，較去年同期下降約 7.5%。

That is a rapid acceleration from the 3% decline that they had been predicting at the beginning of the year.

與他們年初預測的下降 3% 相比，這一數字迅速加速。

In addition, CNBC recently reported that at least 3 large U.S. media companies expect the number of U.S. households that subscribe to linear TV bundles will fall to about 50 million in the next 5 years.

此外，CNBC最近報道稱，至少3家美國大型媒體公司預計，未來5年內訂閱線性電視捆綁的美國家庭數量將降至5,000萬左右。

That is about a 40% drop from here.

比現在下降了大約 40%。

At the same time, advertisers will be able to reach more than 80 million U.S. households via CTV on our platform this year.

同時，廣告商今年將能夠透過我們平台上的 CTV 覆蓋超過 8000 萬美國家庭。

The crossover of household reach on our platform versus linear TV bundles is only going to widen.

我們平台上的家庭覆蓋範圍與線性電視捆綁的交叉只會擴大。

And that's because on-demand streaming content is more convenient to viewers and because many U.S. households remain under considerable economic pressure and are abandoning their expensive cable TV packages.

這是因為點播串流內容對觀眾來說更方便，而且許多美國家庭仍然承受著相當大的經濟壓力，正在放棄昂貴的有線電視套餐。

That live sports remain in the state of flux only adds to the acceleration in cord cutting.

現場體育賽事仍處於不斷變化的狀態，只會加速掐線的速度。

All of this, of course, has massive implications for broadcasters and advertisers.

當然，所有這一切對廣播公司和廣告商都有巨大的影響。

Marc Pritchard, Chief Brand Officer at P&G, the world's largest advertiser, dropped a bomb shell at the ANA conference a few weeks ago.

全球最大廣告商寶潔公司的首席品牌長 Marc Pritchard 幾週前在全日空會議上投下了一顆重磅炸彈。

He said that P&G would be moving away from the upfront model of TV ad buying.

他表示，寶潔公司將放棄預先購買電視廣告的模式。

With TV advertising going digital, it makes no sense to make massive, uninformed bets just because that's the way it's been done for decades.

隨著電視廣告走向數位化，僅僅因為幾十年來都是這樣做的，就進行大規模、不知情的押注是沒有意義的。

Now they can apply data to those decisions and be more deliberate.

現在，他們可以將數據應用到這些決策中，並且更加深思熟慮。

Relatedly, also said that programmatic is their fastest-growing advertising channel, which speaks to how P&G and other advertisers want to apply data and optimize campaigns across all channels.

與此相關的是，程序化是他們成長最快的廣告管道，這說明了寶潔和其他廣告商希望如何在所有管道上應用資料並優化廣告活動。

P&G is not alone, of course.

當然，寶潔公司並不孤單。

Advertisers such as Unilever and Mastercard are calling for similar rethinks of archaic TV advertising processes.

聯合利華和萬事達卡等廣告商呼籲對陳舊的電視廣告流程進行類似的重新思考。

We are also seeing other brands move away from the upfronts and look for more agile data-driven options.

我們也看到其他品牌放棄前期投入，轉而尋求更敏捷的數據驅動選項。

That's why we're working with our customers to create digital alternatives to processes such as the upfronts, which can provide them with a more efficient, data-driven and transparent forward market for TV inventory.

這就是為什麼我們正在與客戶合作，創建預付款等流程的數位替代方案，這可以為他們提供更有效率、數據驅動和透明的電視庫存遠期市場。

While these shifts in the TV landscape may have taken a few years, in a normal business climate, 2020 accelerated this disruption and innovation into a few months.

雖然電視格局的這些轉變可能需要幾年的時間，但在正常的商業環境下，2020 年將這種顛覆和創新加速到了幾個月。

This transformation of TV isn't the only reason I'm so confident about our growth opportunities in 2021 and beyond, which brings us to the third main topic I want to cover today, why I am so bullish about our future.

電視的轉型並不是我對 2021 年及以後的成長機會如此充滿信心的唯一原因，這讓我們進入了我今天要討論的第三個主要主題，即為什麼我對我們的未來如此樂觀。

It is impossible to talk about the future of The Trade Desk or the future of the open Internet without talking about Connected TV.

如果不談論連網電視，就不可能談論 The Trade Desk 的未來或開放網路的未來。

That's because the shift to CTV is helping reinforce advertiser conviction that there is a compelling alternative to walled garden.

這是因為向 CTV 的轉變有助於增強廣告商的信念，即除了圍牆花園之外，還有一個令人信服的替代方案。

Like last quarter, I have spent a disproportionate amount of my time over the past few months meeting with agencies and brands.

與上個季度一樣，過去幾個月我花了大量時間與代理商和品牌會面。

The first question invariably concerns helping them shift from user-generated content to premium TV content.

第一個問題總是涉及幫助他們從用戶生成的內容轉向優質電視內容。

That's because they are increasingly weary of the divisive nature of UGC, as we discussed in our last quarter's update.

這是因為他們越來越厭倦 UGC 的分裂性質，正如我們在上個季度更新中所討論的那樣。

In fact, in that same survey of 200 advertisers, which I referenced earlier, 90% said they plan to shift ad dollars away from user-generated content.

事實上，在我之前提到的對 200 家廣告商的同一項調查中，90% 的人表示他們計劃將廣告收入從用戶生成的內容中轉移出來。

Indeed, we have won tens of millions of dollars of spend from UGC platforms in the last quarter alone, and we expect these trends to continue.

事實上，僅在上個季度，我們就從 UGC 平台獲得了數千萬美元的支出，並且我們預計這些趨勢將持續下去。

We are also winning business from linear TV and expect to continue to grab share from that $250 billion worldwide TV market.

我們也贏得了線性電視的業務，並期望繼續從價值 2500 億美元的全球電視市場中奪取份額。

In the third quarter, one e-commerce giant saw an 11x return on ad spend for CTV on our platform.

第三季度，一家電子商務巨頭在我們平台上的 CTV 廣告支出回報率達到了 11 倍。

As a result of that performance, they shifted 10% of their linear budget to CTV.

由於這一表現，他們將 10% 的線性預算轉移到了 CTV。

We're seeing similar shifts across our customer base.

我們的客戶群也出現了類似的轉變。

But the other side of the CTV coin is the massive surge on the supply side.

但 CTV 硬幣的另一面是供應方面的大幅飆升。

Broadcasters are all pivoting to CTV.

廣播公司都在轉向 CTV。

If you listen to Linda Yaccarino, Chairman of advertising and partnerships at NBCUniversal at our recent Groundswell Festival, you would've heard her talking about how the TV model has changed permanently.

如果您在最近的 Groundswell Festival 上聽 NBCUniversal 廣告和合作關係主席 Linda Yaccarino 的講話，您會聽到她談論電視模式如何永久性變化。

She is working with advertisers in new ways to bridge the world of linear to the incremental reach of CTV, recognizing that they are no longer thinking about advertising in terms of particular content, but in terms of reaching a particular audience.

她正在以新的方式與廣告商合作，將線性世界與 CTV 的增量覆蓋聯繫起來，並認識到他們不再考慮特定內容的廣告，而是考慮接觸特定受眾的廣告。

By the way, we've heard the same refrain from all broadcasters, whether it's Disney or Hulu or Channel 4 in the U.K. or ProSieben in Germany and so on.

順便說一句，我們從所有廣播公司都聽到了同樣的說法，無論是迪士尼、Hulu、英國的 Channel 4 還是德國的 ProSieben 等等。

As you know, over the last few years, we have invested heavily to be ready for this opportunity.

如您所知，在過去幾年中，我們投入了大量資金，為迎接這一機會做好準備。

Indeed, you've heard me say before that the last 10 years has been a dress rehearsal for this moment.

事實上，你以前曾聽我說過，過去的十年是這一刻的彩排。

Through our comprehensive CTV partnerships, we have access to pretty much all CTV inventory.

透過我們全面的 CTV 合作夥伴關係，我們幾乎可以獲得所有 CTV 庫存。

And increasingly, these are partnerships that offer direct access to that inventory.

而且越來越多的合作夥伴提供直接存取該庫存的機會。

This includes both broadcasters themselves or partners such as Magnite or FreeWheel.

這包括廣播公司本身或 Magnite 或 FreeWheel 等合作夥伴。

Our customers are prioritizing these partnerships because they maximize yield management and provide transparent access to a wide range of broadcaster inventory.

我們的客戶優先考慮這些合作夥伴關係，因為它們可以最大限度地提高產量管理並提供對各種廣播公司庫存的透明存取。

By contrast, broadcast TV is a ticking time bomb where the economics are unsustainable.

相比之下，廣播電視是一顆不定時炸彈，經濟不可持續。

The ad-to-content ratio creates a terrible viewer experience.

廣告與內容的比例造成了糟糕的觀看體驗。

The cost of cable for the consumer is high.

對消費者來說，電纜的成本很高。

So not surprisingly, the move to CTV is accelerating on the supplier side as well as on the consumer side.

因此，毫不奇怪，供應商和消費者方面都在加速轉向 CTV。

Another reason I'm so bullish for our future is product.

我對我們的未來如此看好的另一個原因是產品。

In 2021, we will launch one of the biggest upgrades to our system in company history.

2021 年，我們將啟動公司史上最大的系統升級之一。

The release is called [Solamar] . As some of you saw in 2018 we delivered a massive upgrade to our platform, which accelerated our market share gains.

此版本稱為 [Solamar] 。正如你們中的一些人在 2018 年所看到的那樣，我們對平台進行了大規模升級，這加速了我們市場份額的成長。

That one was called Next Wave.

那一個叫做「下一波」。

We are still relentlessly committed to innovating and staying on the leading edge of our industry.

我們仍然堅持不懈地致力於創新並保持行業領先地位。

We never take leadership for granted, and we are always looking to improve our platform and deepen our relationships with our customers.

我們從不認為領導地位是理所當然的，我們一直在尋求改進我們的平台並加深我們與客戶的關係。

Solamar will include a better user interface, one that brings all of our customers buying and planning tools together for greater ease of use.

Solamar 將包括一個更好的使用者介面，將我們所有客戶的購買和規劃工具集中在一起，以提高使用的便利性。

We're also making it easier than ever to onboard and deploy their first-party data.

我們也讓他們比以往任何時候都更容易加入和部署第一方資料。

We're improving data management, we'll continue to expand our identity products around the world.

我們正在改進資料管理，我們將繼續在全球擴展我們的身分識別產品。

We'll make planning on our platform even better, with a focus on ingesting and achieving customer-specific goals and we'll release a meaningful integrated upgrade to Koa, the machine learning and AI engine that is always powering campaigns even if users are away from their keyboards.

我們將在我們的平台上進行更好的規劃，重點關注吸收和實現客戶特定的目標，我們將發布對Koa 的有意義的整合升級，Koa 是機器學習和人工智慧引擎，即使用戶不在，也始終為活動提供動力從他們的鍵盤上。

Finally, this launch will include a new measurement marketplace that provides advertisers with more transparent reporting.

最後，此次發布將包括一個新的衡量市場，為廣告主提供更透明的報告。

This represents an even more compelling measurement alternative to the walled gardens who continue to grade their own homework.

與繼續為自己的作業評分的圍牆花園相比，這代表了一種更引人注目的測量替代方案。

Everything about this release points to the primacy of first-party data and the ability to unlock the value of that data in an ad campaign, especially in Connected TV.

有關此版本的一切都表明了第一方數據的首要地位以及在廣告活動中釋放該數據價值的能力，尤其是在聯網電視中。

The third reason I'm so optimistic about our future is that we have deepened our relationships with brands.

我對我們的未來如此樂觀的第三個原因是我們加深了與品牌的關係。

This is in addition to our core agency relationships.

這是我們核心代理關係的補充。

Brands understand they need to maximize the value of their first-party data and scale its deployment across their marketing function.

品牌了解他們需要最大限度地發揮第一方數據的價值，並在整個行銷職能中擴展其部署。

And increasingly, brands understand the power of data-driven advertising to drive growth.

品牌越來越了解數據驅動廣告推動成長的力量。

Programmatic is no longer simply a line item on the media plan.

程序化不再只是媒體計畫中的一個項目。

It's a central part of the planning process.

這是規劃過程的核心部分。

In most cases, brands will continue to work hand-in-hand with their agencies, but the amount of brand resources applied to this is growing every quarter.

在大多數情況下，品牌將繼續與其代理商攜手合作，但為此投入的品牌資源數量每季都在成長。

Fourth, I'm very confident about our international growth.

第四，我對我們的國際發展充滿信心。

Early on in the pandemic, many of our international market slowed down first.

在大流行初期，我們的許多國際市場首先放緩。

But since started seeing the green shoots of recovery, many of them have returned to very healthy year-on-year growth, including Tokyo and Paris, which have grown spend over 100% year-over-year.

但自從開始看到復甦的萌芽以來，其中許多國家已經恢復了非常健康的同比增長，其中包括東京和巴黎，它們的支出同比增長超過 100%。

The same dynamics that are happening here in the U.S. are happening around the world.

在美國發生的同樣的動態也在世界各地發生。

Innovation and disruption have been accelerated.

創新和顛覆已經加速。

And in many cases, with their advertising ecosystems much more concentrated than in the United States, these markets have the opportunity to leap ahead quickly in areas such as CTV.

在許多情況下，這些市場的廣告生態系統比美國更集中，因此有機會在 CTV 等領域快速跨越。

Lastly, I'm extremely confident in TTD's future because of the industry-wide movement that is galvanizing around the open Internet.

最後，我對 TTD 的未來充滿信心，因為圍繞開放互聯網的全行業運動正在興起。

Even that phrase, the open Internet was something that only a few of us were using with any confidence a few years ago, but it's now a movement that has gained considerable momentum.

即使是「開放網路」這個詞，幾年前只有我們中的少數人有信心使用，但現在它已經成為一項已經獲得了相當大動力的運動。

The most important manifestation of this is the collaboration that is now happening outside of the walled gardens, the likes of which we have never seen before.

最重要的體現是現在在圍牆花園之外發生的合作，這是我們以前從未見過的。

Brands are looking for alternatives to walled gardens, and alternatives to user-generated content and alternatives to broadcast TV and alternatives that are all data-driven.

品牌正在尋找圍牆花園的替代品、用戶生成內容的替代品、廣播電視的替代品以及所有數據驅動的替代品。

And of course, alternative can be measured objectively.

當然，替代方案是可以客觀衡量的。

All of which point to the value of the open Internet.

所有這些都表明了開放互聯網的價值。

And all of which also mean that once again, the secular tailwinds are getting stronger for The Trade Desk.

所有這些也意味著 The Trade Desk 的長期順風再次變得更強。

So let me try to wrap this up by discussing some of the pressing items facing The Trade Desk and the open Internet right now.

因此，讓我嘗試透過討論 The Trade Desk 和開放網路目前面臨的一些緊迫問題來結束這一點。

I want to touch on the recent antitrust actions against Google.

我想談談最近針對Google的反壟斷行動。

As many of you have asked about this, particularly in terms of what it might mean for us and the future of cookies.

正如你們中的許多人問過這個問題，特別是它對我們和 cookie 的未來意味著什麼。

It is very difficult to predict what ultimately will transpire or what remedies might be, if any.

很難預測最終會發生什麼，或者可能採取什麼補救措施（如果有的話）。

All we do know is that it will likely take years.

我們所知道的是，這可能需要數年時間。

And that it will almost certainly create some level of distraction and change for Google.

這幾乎肯定會給谷歌帶來一定程度的干擾和改變。

Ultimately, it doesn't change anything about our strategy.

最終，它不會改變我們的策略。

We are focused on offering a compelling alternative to walled gardens.

我們致力於為圍牆花園提供引人注目的替代方案。

One that enables a free and better open Internet for all participants.

一種為所有參與者提供免費且更好開放的互聯網的網路。

For advertisers, data providers, content providers and consumers.

對於廣告商、資料提供者、內容提供者和消費者。

We're trying to power among the competitive media market, not control the market.

我們試圖在競爭激烈的媒體市場中佔據主導地位，而不是控制市場。

And as we have seen this year, there is growing demand for such an alternative to walled gardens that can execute at scale across every channel worldwide.

正如我們今年所看到的，對這種可以在全球各個管道大規模執行的圍牆花園替代方案的需求不斷增長。

The market will not allow Google to be the only company to offer effective ad targeting.

市場不會允許谷歌成為唯一提供有效廣告定位的公司。

There is too much collaboration and understanding of what's at stake for that to happen.

要實現這一目標，需要太多的合作和對利害關係的理解。

As a key element in creating that compelling alternative, we have architected a new identity framework for the entire open Internet called Unified ID 2.0.

作為創建引人注目的替代方案的關鍵要素，我們為整個開放互聯網建立了一個新的身分框架，稱為統一 ID 2.0。

It raises all boats.

它使所有船隻升起。

Simply put, it creates a better and open competitive Internet, one that also improves privacy controls for consumers.

簡而言之，它創造了一個更好、開放的競爭性互聯網，同時也改善了消費者的隱私控制。

We've done this with the help and collaboration of players across the open Internet, including governing and regulating bodies such as the IAB.

我們在開放互聯網上的參與者（包括 IAB 等管理和監管機構）的幫助和協作下完成了這項任務。

Large publishers are implementing this solution now.

大型出版商現在正在實施此解決方案。

Some of the biggest names on the Internet are asking to be involved.

網路上的一些知名人士要求參與其中。

The leaders of ad tech companies are working together to make this a success.

廣告科技公司的領導者正在共同努力，以確保這一目標成功。

This is much bigger than The Trade Desk.

這比 The Trade Desk 大得多。

This is an industry-wide collaboration on a level that we have never seen before in our industry.

這是我們行業中從未見過的全行業合作水準。

Because of that, regardless of what Google ends up doing with cookies, we believe that the industry will have a better upgraded alternative for identity that more effectively explains the value exchange of the Internet and provides users with greater control and privacy.

正因如此，無論谷歌最終如何處理cookie，我們相信業界將會有更好的身份升級替代方案，更有效地解釋互聯網的價值交換，並為用戶提供更好的控制和隱私。

I firmly believe that Unified ID 2.0 will reach critical mass and adoption next year.

我堅信 Unified ID 2.0 將在明年達到臨界規模並採用。

And in doing so, as an industry, we will have created a viable scale alternative to third-party cookies, one that is also browser and device agnostic.

透過這樣做，作為一個行業，我們將創建一個可行的第三方 cookie 的規模替代方案，該替代方案也是與瀏覽器和裝置無關的。

It's an upgrade across the board.

這是全面的升級。

The footprint of IDs that we're already working with is massive.

我們已經使用的 ID 足跡非常龐大。

In the last few days, you've heard that LiveRamp and Criteo will make their identity solutions interoperable with this.

在過去的幾天裡，您聽說 LiveRamp 和 Criteo 將使其身份解決方案與此互通。

You've heard that Nielsen will be working with us to deploy Unified ID 2.0 for cross-channel measurement, and in the coming weeks, you'll start to hear from more advertisers and more publishers who are now part of this industry collaboration.

您聽說尼爾森將與我們合作部署統一ID 2.0 以進行跨渠道衡量，在接下來的幾週內，您將開始聽到更多廣告商和更多發布商的消息，他們現在已成為這一行業合作的一部分。

If I could have fictionalized how this would go and the response from the market, I couldn't have written a more compelling story than what's actually happening.

如果我能夠虛構出事情的發展過程以及市場的反應，我就不可能寫出比實際發生的事情更引人注目的故事。

On a related note, I know some of you will have questions about Apple's recent moves regarding IDFA.

與此相關的是，我知道你們中的一些人會對 Apple 最近在 IDFA 方面的舉措存有疑問。

We anticipate most users will ultimately opt in to IDFA in order to continue to enjoy personalization of apps across their devices.

我們預計大多數用戶最終會選擇 IDFA，以便繼續在其裝置上享受應用程式的個人化。

That includes things like Spotify, Dropbox, LinkedIn, Netflix, Facebook or thousands of other apps.

其中包括 Spotify、Dropbox、LinkedIn、Netflix、Facebook 或數千種其他應用程式。

The last topic I would like to touch on is our most recent proxy filing.

我想談的最後一個話題是我們最近的代理備案。

Our Board has proposed several amendments, which, if approved, would ultimately mean that our dual-class stock structure will sunset or terminate in 5 years.

我們的董事會已提出多項修正案，如果獲得批准，最終將意味著我們的雙層股權結構將在 5 年內取消或終止。

I don't want to go over the proposal specifically here today, there will be time to do that in another forum.

我今天不想在這裡專門討論該提案，有時間在另一個論壇上討論。

But I would like to provide a little context as to why the Board has made this recommendation.

但我想提供一些背景資訊來說明董事會為何提出此建議。

Many of you have been with us for our entire 4 years as a public company.

作為一家上市公司，你們中的許多人已經與我們一起度過了整整 4 年。

And in that time, we've significantly increased our market valuation by thousands of percentage points.

在那段時間裡，我們的市場估值顯著提高了數千個百分點。

In light of that growth, sometimes it's hard to remember.

鑑於這種增長，有時很難記住。

But if you cast your mind back 4 years, you'll recall that there was a lot of skepticism around our industry and around our prospects.

但如果你回想 4 年前，你會記得當時人們對我們的產業和我們的前景抱有很多懷疑。

Ad tech as an industry was loathe on Wall Street.

廣告科技作為一個產業在華爾街是令人厭惡的。

Over the last 4 years, we've delivered significant shareholder returns.

在過去的四年裡，我們為股東帶來了可觀的回報。

But we've brought a new level of appreciation and respect for our industry and our role in pioneering the future of media as well.

但我們對我們的行業以及我們在開拓媒體未來方面所發揮的作用有了新的讚賞和尊重。

It didn't happen overnight.

這不是一夜之間發生的。

We climbed out of that ad tech penalty box by making promises and setting expectations and then meeting them consistently quarter after quarter because we knew we needed to build your trust.

我們透過做出承諾和設定期望，然後一個季度又一個季度地持續滿足它們，擺脫了廣告技術的束縛，因為我們知道我們需要建立您的信任。

And that trust helped us provide you with a consistent view of our long-term strategy.

這種信任幫助我們為您提供了對我們長期策略的一致看法。

The trust between The Trade Desk and its shareholders is extremely important.

The Trade Desk 與其股東之間的信任極為重要。

Because when you think about areas such as Connected TV, identity, upgrading our platform, international growth, these are not short-term or ad hoc decisions.

因為當你考慮到網路電視、身分、升級我們的平台、國際成長等領域時，這些都不是短期或臨時的決定。

These are decisions born of a long-term strategic plan.

這些都是長期策略計劃的決定。

The next 5 years will be critical in our history as advertisers increasingly consider the value of the open Internet and embrace an alternative to the walled gardens, the next 5 years will go a long way in determining the winners and losers.

未來五年對我們的歷史至關重要，因為廣告商越來越多地考慮開放網路的價值並接受圍牆花園的替代方案，未來五年將在決定贏家和輸家方面發揮重要作用。

Our Board has determined that these changes will enable the company to continue to have that long-term strategic focus.

我們的董事會已確定這些變化將使公司能夠繼續專注於長期策略重點。

Maintaining that focus maximizes our chances of continuing to deliver exceptional shareholder value.

保持這一重點可以最大限度地提高我們繼續提供卓越股東價值的機會。

I just wanted to provide that brief context as I know that many of you would appreciate that perspective, having been with us for the long haul.

我只是想提供一個簡短的背景，因為我知道你們中的許多人會欣賞這個觀點，因為長期與我們在一起。

Now let me wrap up by coming back to where I started.

現在讓我回到我開始的地方結束。

We are highly encouraged by our strong performance in the third quarter.

我們對第三季的強勁表現感到非常鼓舞。

I have never been more proud of our team's performance than in this quarter.

我對我們團隊本季的表現感到無比自豪。

The team has done so much to set up our future and the future of the open Internet.

該團隊為建立我們的未來和開放互聯網的未來做了很多工作。

Because of that performance year-to-date, we're even more bullish about our ability to gain market share moving forward.

由於今年迄今的表現，我們更加看好我們未來獲得市場份額的能力。

Advertisers are becoming more deliberate with every ad dollar they spend and shifts in key channels such as TV are only accelerating that trend.

廣告商在花每一塊廣告錢時都變得更加謹慎，而電視等關鍵管道的轉變只會加速這一趨勢。

This makes our platform indispensable for our customers and partners.

這使得我們的平台對於我們的客戶和合作夥伴來說不可或缺。

As Linda Yaccarino said at our recent Groundswell Festival when asked about why she spend so much time with The Trade Desk, she said, "It's because they are leading me to the future."

正如琳達·亞卡里諾 (Linda Yaccarino) 在最近的 Groundswell Festival 上被問到為什麼花這麼多時間在 The Trade Desk 上時所說的那樣，“因為它們正在引領我走向未來。”

With that, let me hand it over to Blake to cover the financials.

接下來，讓我交給布萊克負責財務事宜。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

We continue to operate in an uncertain and challenging environment.

我們繼續在不確定且充滿挑戰的環境中運作。

However, as Jeff mentioned, we are seeing advertisers accelerate their shift to data-driven advertising in 2020.

然而，正如傑夫所提到的，我們看到廣告商在 2020 年加速轉向數據驅動廣告。

I'm really encouraged not only by this shift, but also by our company's execution during this period of uncertainty by working closely with our customers and our results demonstrate our solid operational performance.

我不僅對這一轉變感到鼓舞，而且對我們公司在這段不確定時期與客戶密切合作的執行力感到鼓舞，我們的結果證明了我們穩健的營運績效。

For Q3, revenue was $216 million, representing an increase of 32% year-over-year.

第三季營收為 2.16 億美元，年增 32%。

This represented a 45 percentage point acceleration from Q2.

這比第二季度增長了 45 個百分點。

We benefited from several trends that helped us significantly exceed our expectations.

我們受益於多種趨勢，這些趨勢幫助我們大大超出了我們的預期。

One, existing advertisers shifted more spend to our platform during the quarter.

第一，現有廣告商在本季將更多支出轉移到我們的平台。

This included CTV, which offers the ability for advertisers to apply data to their TV ad campaigns in ways that are simply not possible with linear.

其中包括 CTV，它使廣告主能夠以線性方式無法實現的方式將資料應用到電視廣告活動中。

Two, we won a significant amount of new business from our competition, enabling us to gain share; and three, political spend steadily ramped up throughout the quarter and was particularly strong in the month of September.

第二，我們從競爭對手中贏得了大量新業務，使我們能夠獲得市場份額；第三，政治支出在整個季度穩步上升，並且在 9 月尤其強勁。

With the strong top line performance in Q3, we generated $77 million in adjusted EBITDA or about 36% of revenue.

憑藉第三季強勁的營收表現，我們產生了 7,700 萬美元的調整後 EBITDA，約佔營收的 36%。

As you have seen historically, when we outperform on the top line, we often see that outperformance drop down to EBITDA, which it did in Q3.

正如您從歷史上看到的那樣，當我們在營收方面表現出色時，我們經常會看到業績表現下降到 EBITDA，就像第三季一樣。

EBITDA also benefited from temporarily lower-than-expected operating expense growth.

EBITDA 也受惠於暫時低於預期的營運費用成長。

From the channel perspective, in Q3, we continue to see improvements across all of our channels.

從通路角度來看，在第三季度，我們持續看到所有通路的改進。

For the quarter, spend in our mobile video, which includes Connected TV, display and audio channels all grew on a year-over-year basis.

本季度，我們的行動視訊支出（包括連網電視、顯示器和音訊頻道）均較去年同期成長。

Connected TV spend was the strongest, growing over 100% in Q3 on a year-over-year basis.

連網電視支出最為強勁，第三季年增超過 100%。

Geographically in Q3, similar to last quarter, North America represented 88% of spend and international represented 12% of spend.

從地理位置來看，第三季與上季類似，北美佔支出的 88%，國際支出佔 12%。

All of our major regions, North America, APAC and Europe grew spend well into the double digits year-over-year in Q3.

第三季度，我們所有主要地區（北美、亞太地區和歐洲）的支出較去年同期大幅成長至兩位數。

In terms of our verticals that represent at least 1% of our spend, nearly every category improved during the quarter, with many exhibiting strong resilience in the face of the economic uncertainty that Jeff discussed.

就占我們支出至少 1% 的垂直領域而言，幾乎每個類別在本季度都有所改善，其中許多類別在面對傑夫討論的經濟不確定性時表現出強大的彈性。

In particular, health and fitness, our largest vertical in 2019 as well as technology and computing, food and drink and home and garden all performed well.

特別是健康和健身（我們 2019 年最大的垂直領域）以及技術和計算、食品和飲料以及家居和園藝都表現良好。

Automotive showed consistent improvement as well during the quarter, ending with double-digit growth in Q3.

汽車產業在本季也表現出持續的改善，第三季實現了兩位數的成長。

Travel still remain negative on a year-over-year basis, but even that category showed relative improvement during the quarter and has improved on a year-over-year basis versus Q2 performance.

與去年同期相比，旅行仍然保持負增長，但即使該類別在本季度也表現出相對改善，並且與第二季度的表現相比，同比有所改善。

Shopping also showed a noticeable turnaround in Q3, ending with growth well into the double digits.

第三季購物也出現了明顯的好轉，最終實現了兩位數的成長。

And finally, as you can imagine, we have seen strong political spend in the month of September and also into October.

最後，正如您可以想像的那樣，我們在 9 月和 10 月看到了強勁的政治支出。

However, it is fair to assume that we will still end 2020 as we had previously indicated, with political spend representing a mid- single-digit share as a percent of our spend.

然而，可以公平地假設，正如我們之前指出的那樣，我們仍將在 2020 年結束時，政治支出占我們支出的比例為中個位數。

Operating expenses were $173 million in Q3, up 22% year-over-year.

第三季營運費用為 1.73 億美元，年增 22%。

Although faster than we invested in Q2, our operating expense growth was a bit lower than expected due to a number of factors.

儘管快於我們第二季的投資，但由於多種因素，我們的營運費用成長略低於預期。

First, our employee support costs, including travel and corporate events, ran lower and are down materially from the prior year due to the virtual environment.

首先，由於虛擬環境的影響，我們的員工支援成本（包括差旅和公司活動）有所下降，並且比前一年大幅下降。

Second, our bad debt expense for the quarter was lower than we had originally assumed, partially due to strong receivables health.

其次，我們本季的壞帳支出低於我們最初的假設，部分原因是應收帳款健康狀況良好。

The aging of our receivables actually improved slightly year-over-year despite the volatile economic environment, which we're obviously pleased with.

儘管經濟環境不穩定，但我們的應收帳款帳齡實際上同比略有改善，我們顯然對此感到滿意。

Third, while we continue to produce positive net hiring every month and grew headcount in double digits year-over-year in Q3, we did not ramp our hiring as quickly as we had hoped, also partially due to the virtual environment.

第三，雖然我們每個月繼續實現正淨招聘，並且第三季度員工人數同比增長兩位數，但我們並沒有像我們希望的那樣迅速增加招聘，部分原因是虛擬環境。

Income tax expense was $1.3 million in the quarter, mainly due to the increase in profitability in the quarter, which was partially offset by employee stock-based awards, the timing of which can be variable.

本季所得稅費用為 130 萬美元，主要是由於本季獲利能力的成長，部分獲利被員工股票獎勵所抵消，而獎勵的時間可能會變動。

Adjusted net income for the quarter was $62.7 million or $1.27 per fully diluted share.

該季度調整後淨利潤為 6,270 萬美元，即完全稀釋後每股收益 1.27 美元。

Net cash provided by operating activities was $88.5 million for Q3 and free cash flow was $66.5 million.

第三季經營活動提供的淨現金為 8,850 萬美元，自由現金流為 6,650 萬美元。

The primary driver was the increase in net income and the change in working capital that can vary from quarter-to-quarter depending on the timing of payments and receivables.

主要驅動因素是淨利潤的增加和營運資本的變化，這些變化可能因付款和應收帳款的時間而異。

DSOs exiting the quarter were 101 days, up 5 days from a year ago.

本季退出的 DSO 為 101 天，比去年同期增加 5 天。

DPOs were 82 days, also up 5 days from a year ago.

DPO 為 82 天，也比去年同期增加了 5 天。

We exited Q3 with a strong cash and liquidity position.

我們在第三季結束時擁有強勁的現金和流動性狀況。

Our balance sheet had $557 million in cash, cash equivalents and short-term investments at the end of the quarter.

截至本季末，我們的資產負債表上有 5.57 億美元的現金、現金等價物和短期投資。

In Q3, we paid down $70 million in debt or about half of our revolving line of credit that we drew down against in the very early days of COVID-19 out of an abundance of caution.

第三季度，我們償還了 7000 萬美元的債務，大約是我們在 COVID-19 爆發初期出於謹慎考慮而提取的循環信貸額度的一半。

Since the end of Q3, we have paid down the remaining $72 million of our outstanding line.

自第三季末以來，我們已償還了未償貸款中剩餘的 7,200 萬美元。

And as of today, we have no revolver debt on the balance sheet.

截至今天，我們的資產負債表上沒有左輪債務。

I'm going to use the remainder of the time today to discuss Q4.

我將利用今天剩餘的時間來討論第四季。

Please be aware, our business continues to be impacted by the COVID-19 pandemic that has significantly impacted advertiser demand.

請注意，我們的業務繼續受到 COVID-19 大流行的影響，該流行病嚴重影響了廣告商的需求。

Q4 has historically been our strongest quarter, driven by holiday ad spend.

在假期廣告支出的推動下，第四季歷來是我們最強勁的季度。

However, we continue to face a period of higher uncertainty in our business outlook.

然而，我們的業務前景仍面臨更大的不確定性。

Assuming that the economy continues to improve, and we do not have any major COVID-related setbacks that impact historically strong holiday ad spend.

假設經濟持續改善，且我們沒有遇到任何與新冠疫情相關的重大挫折，進而影響歷史上強勁的假期廣告支出。

We estimate Q4 revenue to be between $287 million and $291 million, which would represent growth of between 33% to 35% on a year-over-year basis, a modest acceleration from our Q3 results.

我們預計第四季營收將在 2.87 億美元至 2.91 億美元之間，年增 33% 至 35%，較第三季業績略有加速。

Under this assumption, we estimate adjusted EBITDA to be at least $115 million in Q4.

在此假設下，我們預期第四季調整後 EBITDA 至少為 1.15 億美元。

I would remind you that the relative strength in our EBITDA forecast is in part due to the virtual environment our teams are working in.

我想提醒您的是，我們 EBITDA 預測的相對優勢部分歸因於我們團隊工作的虛擬環境。

While there is continued uncertainty about the economic environment, we are pleased with our momentum, and we remain highly optimistic about the long-term growth prospects for our business.

儘管經濟環境仍然存在不確定性，但我們對我們的發展勢頭感到滿意，並對我們業務的長期成長前景保持高度樂觀。

We believe we have the structure in place to accelerate growth and scale our business efficiently as economic conditions improve and are cautiously optimistic about continued measured improvement through Q4 and into 2021.

我們相信，隨著經濟狀況的改善，我們已經建立了加速成長和有效擴展業務的結構，並對第四季度和 2021 年的持續改善持謹慎樂觀態度。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator Instructions) And we will take our first question from Michael Levine with Pivotal Trade Group.

（操作員說明）我們將回答 Pivotal Trade Group 的 Michael Levine 提出的第一個問題。

And terrific results.

和了不起的結果。

So just a little bit deeper, Jeff, on your comments around CTV, which were super helpful.

Jeff，請更深入地談談您對 CTV 的評論，這些評論非常有幫助。

Sort of 2 parts, I mean, one, I'm curious is the weakness in linear sports TV rating actually led to some acceleration?

分為兩部分，我的意思是，第一，我很好奇線性體育電視收視率的弱點是否實際上導致了一些加速？

And I guess, just secondarily, as you are thinking about '21, anything you guys could basically do to frame how investors should basically think about CTV growth?

我想，其次，當你們考慮 21 世紀時，你們基本上可以做些什麼來框架投資者應該如何看待 CTV 的成長？

Yes.

是的。

Great.

偉大的。

First of all, thanks for the question.

首先，感謝您的提問。

Of course, there's no place in our business that we're more excited about than in CTV.

當然，在我們的業務中，沒有什麼地方比 CTV 更讓我們興奮了。

And I think it's difficult to argue that we didn't benefit from the struggle that live sports has had in 2020.

我認為很難說我們沒有從 2020 年體育直播的困境中受益。

In 2019, we just had this amazing the sort of arm-and-arm tour with ESPN and just talking about the benefits of live sports.

2019 年，我們剛剛與 ESPN 進行了一次令人驚嘆的手挽手之旅，並談論了現場體育賽事的好處。

But while the time -- consumption has gone up across the board on connected TV, consumption on both linear as well as live sports has gone down dramatically, live sports suffering the most.

但是，儘管連網電視的消費全面上升，但線性電視和體育直播的消費卻大幅下降，其中體育直播受到的影響最大。

When we asked in a survey, what was the #1 reason that people hung on to cable?

當我們在一項調查中詢問時，人們堅持使用有線電視的第一大原因是什麼？

60% of consumers said the reason for hanging on to it was live sports.

60% 的消費者表示堅持觀看的原因是體育賽事直播。

And we think that, that's the reason why when we ask them about cord cutting, that they're doing now at between 2.5 and 4x the rate that they've been doing that in the past.

我們認為，這就是為什麼當我們問他們關於剪線的問題時，他們現在的剪線速度是過去的 2.5 到 4 倍。

And that's in part because of just live sports being less compelling when there's not a crowd, and it's not the same in this environment.

這在一定程度上是因為在沒有人群的情況下，現場體育賽事的吸引力會降低，而在這種環境下情況就不一樣了。

So we've definitely benefited from that.

所以我們肯定從中受益。

Will you remind me the second part of your question?

你能提醒我你問題的第二部分嗎？

Just some initial thoughts, just how investors could think about the opportunity for CTV in 2021?

只是一些初步想法，投資者如何看待 2021 年 CTV 的機會？

Absolutely.

絕對地。

So the first is just to touch on a little bit, the upfront.

首先，我們先簡單介紹一下前面的內容。

So this year, the upfronts, which is a way that a lot of advertising spend in TV gets allocated, was especially weak because just a lot of the decisions and meeting take place in last week in March and first week in April, that was the moment that perhaps was the most amount of uncertainty in the global economy and certainly in the media landscape.

因此，今年，前期費用（大量電視廣告支出的分配方式）特別薄弱，因為許多決策和會議都是在三月的最後一周和四月的第一周進行的，這就是這或許是全球經濟尤其是媒體領域最不確定的時刻。

I think most people, part of the reason why I quoted Marc Pritchard on that really bold statement that he made, that they plan to skip out on upfronts going forward, is in part because of the amount of uncertainty that the media landscape faces continuing going into 2021.

我認為大多數人，我引用馬克·普里查德（Marc Pritchard）所做的非常大膽的聲明，即他們計劃跳過未來的前期內容，部分原因是媒體格局繼續面臨的不確定性。進入2021年。

What I think all of that means is the way to make television work and scale is going to be to move more to connected TV.

我認為所有這些意味著讓電視發揮作用的方式和規模將更多地轉向連網電視。

I think it means that there's going to be more sold in what is effectively a spot market instead of on upfronts and all of that bodes well for us.

我認為這意味著實際上現貨市場上的銷售量將會增加，而不是預付款，所有這些對我們來說都是好兆頭。

That said, I think it's also important to note that we're investing in product to help digital participate in a new version of a forward market and we're working with multiple players in the premium content space to define that.

也就是說，我認為還需要注意的是，我們正在投資產品以幫助數位參與新版本的遠期市場，並且我們正在與優質內容領域的多個參與者合作來定義這一點。

So incredibly optimistic about our prospects in 2021 because of the secular tailwinds we have in TV for a variety of reasons, including the macro environment.

由於各種原因（包括宏觀環境），我們對 2021 年的前景非常樂觀，因為電視行業的長期順風車。

We'll take our next question from Shyam Patil from Susquehanna.

我們將回答來自薩斯奎哈納的 Shyam Patil 的下一個問題。

Congrats on the impressive results.

祝賀取得了令人印象深刻的成果。

I have a couple of questions.

我有一些問題。

First one, Jeff, can you talk a little bit more about how you're thinking about Apple's upcoming IDFA change and how you guys plan to manage that change?

首先，Jeff，您能多談談您對 Apple 即將推出的 IDFA 變更的看法以及您計劃如何管理該變更嗎？

And then Blake, I know you're not providing a 2020-'21 outlook yet.

然後 Blake，我知道您還沒有提供 2020-'21 的展望。

But are you able to talk a little bit about how you're thinking about areas of investments as well as how margins could trend next year?

但您能談談您對投資領域的看法以及明年的利潤率趨勢嗎？

Awesome.

驚人的。

I'll take the first one.

我就拿第一個。

And then, Blake, if you want to take the lead on the second one, that would be great.

然後，布萊克，如果你想在第二個項目上發揮領導作用，那就太好了。

So first, I'd like to answer the Apple IDFA question in 2 ways.

首先，我想透過兩種方式回答 Apple IDFA 問題。

So first, let me just talk about from our company perspective, and then I just want to talk about it on behalf of the open Internet and bigger perspective.

所以首先我只是從我們公司的角度來談談，然後我只想代表開放的互聯網和更大的角度來談談。

So about 10% of our spend uses IDFA.

因此，我們大約 10% 的支出使用 IDFA。

And because we've had limited targeting on that 10% for quite a long time, continuing to limit it or limited in a new way, doesn't have a material impact to our business.

而且由於我們長期以來一直對這 10% 的目標進行限制，因此繼續限製或以新的方式限制，不會對我們的業務產生重大影響。

Because we're looking at roughly 12 million ads every single second, when you take 1 million-ish of those and say, "We're going to allow less data to be used on those." We just look more carefully for gems in the other 11 million.

因為我們每秒鐘都會看到大約 1200 萬個廣告，當你看到其中 100 萬個左右的廣告時，你會說：“我們將允許在這些廣告上使用更少的數據。”我們只是更仔細地尋找另外 1100 萬顆寶石中的寶石。

So I don't expect it to have a material impact on our business the way that it will others.

因此，我預計它不會像其他公司那樣對我們的業務產生重大影響。

So when you hear Facebook, talk about having a big impact, just remember, they're 70-ish percent mobile not 10% IDFA.

因此，當您聽到 Facebook 談論具有重大影響力時，請記住，他們 70% 左右的行動用戶，而不是 10% 的 IDFA。

So very different impact to us.

對我們的影響非常不同。

That said, I do believe this is Apple trying to mess with Facebook's business and Google's business, they're much more committed, I think, to payments than they are to the advertising ecosystem.

也就是說，我確實相信這是蘋果試圖擾亂 Facebook 的業務和谷歌的業務，我認為他們更致力於支付而不是廣告生態系統。

But one thing I just think has not been talked about enough is that when you limit the ability to use IDFA by all apps, not just for advertising, but for personalization like in Netflix or Dropbox or so many others.

但我認為有一件事還沒有得到足夠的討論，那就是當你限制所有應用程式使用 IDFA 的能力時，不僅是為了廣告，還為了個性化，例如 Netflix 或 Dropbox 或許多其他應用程式。

What that is going to lead to is a massively deprecated consumer experience, where consumers are then going to be asked the question, if you would like to upgrade your experience, you have to go to settings and change the following.

這將導致消費者體驗被大規模棄用，消費者將被問到這樣的問題：如果你想升級你的體驗，你必須進入設定並更改以下內容。

I believe that, that is inevitable.

我相信，這是不可避免的。

But because there's so much advantage to that personalization, and there's so many companies that are committed to doing that in a fair, equitable, responsible way, including us.

但因為這種個人化有很多優勢，而且有很多公司致力於以公平、公正、負責任的方式做到這一點，包括我們。

I believe we've already been through this with location on Apple and it ended up giving consent in the places that mattered so that they could have a better experience.

我相信我們已經在 Apple 上解決過這個問題，並且最終在重要的地方給予了同意，以便他們可以獲得更好的體驗。

I think long term, we end up with people opting into IDFA and this not being a big setback for the industry of personalization.

我認為從長遠來看，我們最終會讓人們選擇 IDFA，這對個人化產業來說並不是一個大挫折。

I don't expect that to happen.

我不希望這種情況發生。

But I'll just go back to -- as it relates to us, it's a small portion of our business, given our focus on Connected TV and being a gateway to all channels, not just one.

但我要回到——因為它與我們相關，鑑於我們專注於連網電視並成為所有頻道（而不僅僅是一個頻道）的門戶，這只是我們業務的一小部分。

Blake?

布萊克？

Sure.

當然。

And I'll try to address this, Shyam.

我會盡力解決這個問題，Shyam。

And then Jeff, if you want to add anything, feel free at the end.

然後傑夫，如果你想添加任何內容，請在最後隨意添加。

With respect to the second question on thoughts around investment and margins.

關於第二個問題，關於投資和利潤的想法。

Maybe some context that I can provide that may help.

也許我可以提供的一些背景資訊可能會有所幫助。

Just in general, we're very excited about the investment opportunities we have in front of us, whether that's in Connected TV, international identity solutions or product development such as [Solamar] that Jeff referenced, our focus is to drive investment in areas that drive platform spend growth.

總的來說，我們對擺在我們面前的投資機會感到非常興奮，無論是在聯網電視、國際身份解決方案還是傑夫提到的[Solamar] 等產品開發領域，我們的重點是推動以下領域的投資：推動平台支出成長。

As we move into 2021, there's still lots of uncertainty around COVID and the macroeconomy.

進入 2021 年，新冠疫情和宏觀經濟仍有許多不確定性。

You saw it a bit in Q3, areas like support costs, travel, events and hiring, they're generally below pre-Covid levels.

你在第三季看到了一點，支援成本、旅行、活動和招募等領域，它們通常低於新冠疫情前的水平。

We're confident that when we do return to normal and whenever that is, sometime in 2021, late 2021, 2022, your guess is as good as mine on that.

我們相信，當我們確實恢復正常時，無論何時，無論是 2021 年的某個時候、2021 年末、2022 年，你的猜測和我的一樣好。

Our margin structure should be as good as it was pre-COVID and over the long run, as we continue to add scale, potentially slightly better.

我們的利潤結構應該與新冠疫情之前一樣好，從長遠來看，隨著我們繼續擴大規模，可能會稍微好一點。

But where I'd end that statement with is that please remember that we do not manage to an EBITDA target.

但我最後想說的是，請記住，我們無法實現 EBITDA 目標。

We have areas that we are really excited about investing in and driving growth, and we're always looking for those opportunities.

我們對投資和推動成長感到非常興奮，並且一直在尋找這些機會。

So if we can invest more that will drive future growth with the right long-term ROIs, I will really advocate for it.

因此，如果我們能夠投入更多資金來推動未來的成長並獲得正確的長期投資報酬率，我會大力提倡。

And so just -- we always have to have that balanced perspective.

因此，我們始終必須保持平衡的觀點。

I'll just add for 30 seconds.

我只補充30秒。

I was on the phone with some of our team in China this morning, just talking about how they are leading the world in global growth for us, they're back to the offices and sort of business as usual and having a phenomenal year for us.

今天早上我和我們在中國的一些團隊通了電話，談論他們如何在我們的全球成長中引領世界，他們回到辦公室，一切照常，為我們度過了非凡的一年。

I definitely want to make investments there.

我絕對想在那裡投資。

We want to make investments in the forward market and CTV that we talked about.

我們希望對我們談到的遠期市場和 CTV 進行投資。

We've talked about the momentum behind Unified ID, is definitely a place that we can do more.

我們已經討論了統一 ID 背後的動力，這絕對是我們可以做得更多的地方。

We're planning the biggest release in our company's history next year in [Solamar].

我們計劃明年在 [Solamar] 中發布我們公司歷史上最大規模的版本。

There's just a lot of places for us to continue to grow and we're still just in the very early innings of what is shaping out to be a huge game.

我們還有很多地方可以繼續成長，而且我們仍處於這場即將成為一場大型比賽的早期階段。

So just really excited at looking for places to make more investments.

因此，我對尋找進行更多投資的地方感到非常興奮。

Our next question from Vasily Karasyov from

我們的下一個問題來自 Vasily Karasyov

Cannonball.

砲彈。

Jeff, wanted to ask you all about decision to deemphasize Amazon Publisher Services in favor of working directly with the apps.

Jeff，想問大家關於不再強調 Amazon Publisher Services 而轉而直接使用應用程式的決定。

I think you announced that several weeks ago, what was the rationale to do this a little over a year after the PMP was set up?

我想您幾週前就宣布了，在 PMP 成立一年多後，這樣做的理由是什麼？

And does that change your approach to other streaming platforms, such as Roku?

這是否會改變您對其他串流媒體平台（例如 Roku）的態度？

So I would appreciate your thoughts on this.

所以我很感激你對此的想法。

You bet.

你打賭。

So first, 2020 is the year where media does 3 years of worth of change in 1 year.

首先，2020 年是媒體在 1 年內做出相當於 3 年的改變的一年。

So while I had initially thought that this would last longer.

所以雖然我最初以為這會持續更久。

I was extremely confident in it being important to our success in the short and medium term, but had less certainty about the long-term because of that, the partnership was an amazing success.

我非常有信心它對我們短期和中期的成功很重要，但對長期的確定性不太確定，因此，這種夥伴關係取得了驚人的成功。

We proved monetization on Amazon.

我們在亞馬遜上證明了獲利能力。

We continue to monetize on Amazon.

我們繼續在亞馬遜上獲利。

It's just not through Amazon Publishing Services, which it's my read that, that's not the highest priority inside of Amazon.

只是不是透過亞馬遜出版服務，據我所知，這不是亞馬遜內部的最高優先事項。

But instead, getting access to the content that runs over Fire and Roku and every other device, by creating closer relationships directly with the content owners.

相反，透過直接與內容擁有者建立更密切的關係，可以存取在 Fire 和 Roku 以及所有其他裝置上運行的內容。

There is the saying in TV that content is king and we continue to get closer to that content where they're more and more committed to doing yield management, either through a very close partner like a FreeWheel or a Magnite or doing it in some cases on their own.

電視中有這樣一句話：內容為王，我們不斷接近這種內容，他們越來越致力於進行收益管理，無論是透過 FreeWheel 或 Magnite 等非常密切的合作夥伴，還是在某些情況下這樣做他們自己。

And we're okay, no matter what, we're sort of agnostic to how they want to yield management as long as we plug-in with them.

我們沒關係，無論如何，只要我們與他們合作，我們對他們想要如何進行收益管理是不可知的。

But APS itself was less than 1.5% of all CTV ad impressions.

但 APS 本身僅佔所有 CTV 廣告展示次數的不到 1.5%。

So meaning the -- not necessarily Amazon, but those that came through Amazon Publishing Services.

所以意思是——不一定是亞馬遜，而是那些透過亞馬遜出版服務提供的。

And so getting it more directly is actually better for us, better for our advertisers and deepens the relationship with the content owners.

因此，更直接地獲取資訊實際上對我們更好，對我們的廣告商也更好，並且加深了與內容所有者的關係。

So by that measure, this was a smashing success.

因此，從這個角度來看，這是一次巨大的成功。

We'll take our next question from Justin Patterson with KeyBanc.

我們將接受 KeyBanc 的 Justin Patterson 提出的下一個問題。

Great.

偉大的。

Jeff and Blake, hope you're well.

傑夫和布萊克，希望你們一切都好。

Congratulations on all the progress with the Unified ID 2.0 in getting close to critical mass.

恭喜 Unified ID 2.0 在接近臨界品質方面取得的所有進展。

My question is this, even with that degree of adoption, there are some checks out there suggesting it's still going to be a lag time before ROI matches what previously existed under the third-party cookie.

我的問題是，即使採用了這種程度，有一些檢查表明，在 ROI 與第三方 cookie 下之前存在的投資回報率相匹配之前，仍然需要一段時間。

I'd love to hear your thoughts on whether an air pocket might exist.

我很想聽聽您對是否有氣穴的想法。

And how long you think it could take for us to start seeing the benefits of Unified ID play out, both for your business and the open Internet?

您認為我們需要多長時間才能開始看到統一 ID 對您的企業和開放網路的好處？

You bet.

你打賭。

So first of all, thanks for the question.

首先，感謝您提出問題。

It's a somewhat complicated question.

這是一個有點複雜的問題。

In large part because third-party cookies still exist, right?

很大程度上是因為第三方 cookie 仍然存在，對嗎？

And they will for the next 18 months or so.

他們將在接下來的 18 個月左右的時間。

So everything that we do in the time between now and the time when they go away inside of chrome.

因此，從現在到它們消失在 chrome 之前，我們所做的一切都是如此。

The Unified ID -- Unified ID 2.0 is a supplement to the rest of it.

統一 ID－統一 ID 2.0 是對其其餘部分的補充。

Now that said, I believe we'll replace it before they go away.

話雖如此，我相信我們會在它們消失之前更換它。

So I believe that it will be the primary way that people are targeting on the open Internet before third-party cookies go away.

因此，我相信在第三方 cookie 消失之前，這將成為人們瞄準開放網路的主要方式。

But as people are thinking about, what's the adoption look like?

但正如人們所思考的那樣，收養是什麼樣的呢？

Just think about the fact that that LiveRamp and Criteo and Nielsen have a pretty amazing footprint.

想想 LiveRamp、Criteo 和 Nielsen 的足跡就知道了。

And when they talk about interoperability and adoption, it's effectively pooling the footprint that we have of LiveRamp, Criteo, Nielsen and The Trade Desk to start, that's just the start.

當他們談論互通性和採用時，它有效地匯集了我們所擁有的 LiveRamp、Criteo、Nielsen 和 The Trade Desk 的足跡，這只是開始。

If I were to give you the list of all the people in media that are engaged with us and with all of us that are working on it or all the people on the supply side that are working on this.

如果我給你一份與我們接觸的所有媒體人員以及我們所有致力於此工作的人員的名單，或者所有供應方正在從事此工作的人員的名單。

It's actually overwhelming to just keep up with the amount of success.

僅僅跟上成功的數量實際上是令人難以承受的。

I have never seen anything like this in the history of the Internet in terms of adoption.

在網路的採用歷史上，我從未見過這樣的事。

And I think it's just because we got the product right as an industry where we said, "Okay, we want to upgrade cookies, where it's encrypted." It has a terms of service so that it actually operates better.

我認為這只是因為我們作為一個行業得到了正確的產品，我們說：“好吧，我們想要升級 cookie，它是加密的。”它有服務條款，因此實際上可以更好地運作。

We get rid of the cookie mapping issues.

我們擺脫了 cookie 映射問題。

It's a simple framework for publishers so they can better explain the quid pro quo of the Internet.

對於出版商來說，這是一個簡單的框架，因此他們可以更好地解釋網路的交換條件。

We're giving consumers better controls.

我們為消費者提供更好的控制權。

There's this SSO that comes with it, so that people can consent one-time per app and website, validate their e-mail address one-time and then have effectively a pass to go all over the internet with open pass.

它附帶了一個 SSO，讓人們可以對每個應用程式和網站一次性同意，一次性驗證他們的電子郵件地址，然後有效地擁有一張透過開放通行證在網路上暢遊的通行證。

So I highlight those 4 components to this, to just say it's an upgrade across the board on all of those things.

因此，我強調這 4 個組件，只是說這是所有這些方面的全面升級。

And especially when you take the momentum that's already there, there's not a good reason for any company not to sign up that benefits from this common currency, which is every advertiser, every publisher, even the consumer benefits from this.

尤其是當你抓住已經存在的勢頭時，任何公司都沒有充分的理由不簽署從這種共同貨幣中受益的協議，即每個廣告商、每個出版商，甚至消費者都從中受益。

So I think we figured out the way to make it a win-win across the board, and that's why the momentum is overwhelming.

所以我認為我們找到了全面雙贏的方法，這就是為什麼勢頭如此強大。

And we'll take our next question from Tim Nollen with Macquarie.

我們將回答麥格理蒂姆·諾倫 (Tim Nollen) 提出的下一個問題。

Great.

偉大的。

Jeff, I have a question also about Unified ID.

Jeff，我還有一個關於統一 ID 的問題。

I hope it's a simple one.

我希望這是一件簡單的事。

Could you help us understand a bit more what your partners are doing in this effort?

您能否幫助我們更了解您的合作夥伴在這方面所做的工作？

You've mentioned now, and we've seen the releases in the last couple of weeks with LiveRamp and Criteo and Nielsen.

你現在已經提到了，我們在過去幾週已經看到了 LiveRamp、Criteo 和 Nielsen 的發布。

Maybe is it about them helping create and build the ID itself?

也許是他們幫助創建和建立 ID 本身？

Or is it them agreeing to make their systems work with it?

或者他們同意讓他們的系統與它一起工作？

Just to understand a bit more what they are actually doing with you on that?

只是為了更多地了解他們在這方面實際上對你做了什麼？

And relatedly, I think especially when it comes to Nielsen, you're talking about measurement a bit more, I think, on this call than you have in previous calls.

與此相關的是，我認為，特別是當談到尼爾森時，我認為，您在這次電話會議中比在之前的電話會議中更多地談論了衡量。

What role does Unified ID 2.0 play in actually measuring media, especially CTV?

Unified ID 2.0 在實際測量媒體（尤其是 CTV）方面發揮什麼作用？

Yes.

是的。

So it's -- this is a complicated question.

所以這是一個複雜的問題。

So in the third-party cookie universe there is all thise thinking that has to happen.

因此，在第三方 cookie 世界中，所有這些想法都必須發生。

So if 1 company, let's just say, Google has a cookie that says -- and they identify a user as user ABC.

因此，如果一家公司，我們可以說，Google 有一個 cookie，上面寫著 — 並且他們將用戶標識為用戶 ABC。

And then Facebook has a cookie and they identify that user as 123.

然後 Facebook 有一個 cookie，他們將該使用者識別為 123。

In order for them to have a common understanding of the user, they have to ping each other.

為了讓他們對使用者有共同的了解，他們必須互相 ping 通。

And so what you see on the bottom of your browser, all the pixels loading constantly.

所以你在瀏覽器底部看到的，所有像素都在不斷載入。

It's all these companies syncing with each other so that they have a common understanding of the user and create a currency around the Internet.

所有這些公司都相互同步，以便他們對用戶有共同的理解，並在網路上創建一種貨幣。

What Unified ID 2.0 does is it replaces that where there's constantly pings happening and syncing so that there's a common understanding of the user and replaces it with a standard that we all have.

Unified ID 2.0 的作用是取代不斷發生 ping 和同步的情況，以便對使用者有一個共同的理解，並用我們都有的標準取代它。

And this effectively creates a currency for the Internet.

這有效地為互聯網創造了一種貨幣。

It doesn't mean that we aggregate all the data.

這並不意味著我們匯總所有數據。

In fact, it's deliberately designed to avoid that.

事實上，它是故意設計來避免這種情況的。

There is this ID where there's no data per se attach to it.

這個 ID 本身沒有附加任何資料。

And then the individual companies themselves that have in proper ways gained insight or data then can use that in their own 4 walls without having to send the data to all different places.

然後，以適當方式獲得洞察力或數據的各個公司本身就可以在自己的 4 堵牆中使用它們，而無需將數據發送到所有不同的地方。

Because everybody has an interest in creating this understanding so we can stop syncing and have a better system, we basically took a recipe from from the IAB.

因為每個人都有興趣建立這種理解，以便我們可以停止同步並擁有更好的系統，所以我們基本上從 IAB 獲得了一個秘訣。

Where the IAB had said, this is what the best solution should look like.

IAB 曾說過，這就是最好的解決方案。

And we just went 1 click down on fleshing that out.

我們只需點擊一下即可充實它。

And then we sent it out to partners like Criteo and like, which incidentally is a competitor in a lot of levels.

然後我們將其發送給 Criteo 等合作夥伴，順便說一句，它們在許多層面上都是競爭對手。

But we felt like it was very important to start there so that we were signifying to the industry that this was a collaboration, even though we compete.

但我們覺得從這裡開始非常重要，這樣我們就可以向業界表明這是一次合作，儘管我們有競爭。

Then we did the exact same thing with LiveRamp to just make certain that it was interoperable.

然後我們對 LiveRamp 做了完全相同的事情，以確保它是可互通的。

So you asked whether it was about interoperability or about collaboration.

所以你問這是關於互通性還是關於協作。

It is about both.

這是關於兩者的。

But we took something to them that was mostly baked and said, "What do we need to modify to get you to adopt it and make it interoperable with your solutions?" And that's where we are with all of them.

但我們把一些大部分已經完成的東西交給他們並說：“我們需要修改什麼才能讓您採用它並使其與您的解決方案具有互操作性？”這就是我們和他們所有人在一起的地方。

You mentioned measurement, you're absolutely right that one of the things that, I think, Facebook and Google have done really well in becoming as big as they are in advertising, is that they have done a good job of taking credit for what happens in all of advertising, because they touch so many conversions when they sell something, they are effectively providing analytics to say, "Yes, we touched it, you sold that product because of us."

你提到了衡量，你說得很對，我認為 Facebook 和谷歌在廣告領域做得非常好，其中一件事就是他們在為所發生的事情獲得功勞方面做得很好在所有的廣告中，因為他們在銷售東西時觸及瞭如此多的轉化，所以他們有效地提供分析說：“是的，我們觸及了它，你因為我們而出售了該產品。”

The open Internet needs to do a better job of showing the role that it plays, especially given that I believe most hearts and minds are one in things like CTV and audio.

開放的互聯網需要更好地展示它所扮演的角色，特別是考慮到我相信大多數人的心和思想在 CTV 和音頻等領域是一致的。

So we need to integrate with the best measurement solutions in the world.

因此，我們需要與世界上最好的測量解決方案整合。

You're going to hear a lot more from us about measurement over the next year and about partnerships that we're initiating to make that better.

您將會從我們這裡聽到更多有關明年衡量的信息，以及我們為改善這一情況而發起的合作夥伴關係。

But there's no place better to start than with Nielsen, who's effectively been the gold standard of TV measurement for decades.

但沒有比尼爾森更好的起點了，幾十年來，尼爾森實際上一直是電視測量的黃金標準。

Next question from Youssef Squali from Truist Securities.

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

Congrats on the really impressive quarter.

恭喜這個令人印象深刻的季度。

Jeff, I was just wondering, so 2 questions for you.

傑夫，我只是想知道，有兩個問題想問你。

One, how are the potential changes in the political environment could impact?

一、政治環境的潛在變化會產生怎樣的影響？

How are they potentially impacting your ecosystem, especially around what's happening with the walled gardens?

它們對您的生態系統有何潛在影響，尤其是圍牆花園的情況？

Would the change in the guards have materially impact one way or another?

警衛的變動會以某種方式產生重大影響嗎？

And then on a topic that you mentioned briefly earlier, which is China.

然後是你之前簡單提到的一個主題，那就是中國。

This was a topic that you used to talked a lot more about.

這是您過去經常談論的話題。

It seems like China is now on the other side of this COVID.

中國現在似乎已經站在新冠疫情的另一邊了。

They've opened up, their growth has been very, very impressive.

他們已經開放，他們的成長非常非常令人印象深刻。

How are you looking at that business from a contribution standpoint?

從貢獻的角度來看，您如何看待該業務？

I think 2021 was going to be a year where China was going to be -- starting to basically move the needle -- I'm sorry, 2020 was a year where China was going to start moving the needle for you.

我認為 2021 年將是中國將開始基本上取得進展的一年，我很抱歉，2020 年是中國將開始為你們帶來進展的一年。

Will 2021 now be that year?

現在2021年會是那一年嗎？

Great.

偉大的。

So first, as it relates to the political environment.

首先，因為它與政治環境有關。

And correct me if I'm wrong, but I assume you just mean the amount of scrutiny that, as they call it, big tech is on right now.

如果我錯了，請糾正我，但我想你只是指現在對大型科技公司進行的大量審查。

As that continues...

隨著這種情況的繼續...

Right, right.

是的是的。

And it potentially worsens, how does that play in your favor potentially or not?

而且情況可能會變得更糟，這對你是否有利？

So I don't think that it will affect us all of that much, but whatever effect it has is likely to be positive.

因此，我認為它不會對我們所有人產生太大影響，但無論它產生什麼影響，都可能是正面的。

And here's why -- as I mentioned in the prepared remarks, I think adding pressure to Google and especially lived through sort of the other side of antitrust with -- when I was at Microsoft more than 10 years ago.

這就是為什麼——正如我在準備好的發言中提到的那樣，我認為給谷歌增加了壓力，尤其是十多年前我在微軟時經歷過反壟斷的另一面。

The level of scrutiny that I think big tech is under is likely to make the Googles of the world slow down, be a little more careful.

我認為大型科技公司所受到的審查程度可能會讓世界各地的Google放慢腳步，更加小心。

Dot Is and cross Ts to make certain that they're not violating antitrust.

點是並交叉 T 以確保它們沒有違反反壟斷法。

It could likely mean that they make changes to pricing tactics.

這可能意味著他們會改變定價策略。

And it could mean that they are less aggressive in going after targeting, even if it is in the name of privacy, so that only they would be the ones to target on the other side of that, if the collective open Internet didn't work together.

這可能意味著他們在追求目標方面不那麼積極，即使是以隱私的名義，這樣，如果集體開放互聯網不起作用，只有他們才是另一邊的目標。一起。

So because of that pressure, I anticipate that we'll see some small benefit.

因此，由於這種壓力，我預計我們會看到一些小的好處。

But here's, I think, the most important thing that I can say it on this topic.

但我認為，關於這個主題我能說的最重要的是。

We were fine with the landscape the way it was.

我們對這裡的風景很滿意。

We built a business from the very beginning that was built on objectivity, and we wanted to focus on the demand side so that people knew what we were.

我們從一開始就建立了一個以客觀為基礎的業務，我們希望專注於需求方，以便人們知道我們是什麼。

And we were, to some extent, 10 years ago, a rebuttal to Google's business model to be involved in every part of the ad tech stack.

從某種程度上來說，10 年前，我們是對Google涉足廣告科技堆疊各個部分的商業模式的反駁。

And instead, we just said we were going to focus on the buy side because with that came a level of transparency and objectivity that we knew someone in Google's position could never provide.

相反，我們只是說我們將專注於買方，因為隨之而來的是一定程度的透明度和客觀性，我們知道處於谷歌地位的人永遠無法提供。

So if they have to slow down, great.

因此，如果他們必須放慢速度，那就太好了。

If they don't, that's fine.

如果他們不這樣做，那也沒關係。

We're going to keep talking about the exact same principles that got us here, and we believe we're more likely to win now than we were 11 years ago and happy to keep going.

我們將繼續談論讓我們走到今天的完全相同的原則，我們相信我們現在比 11 年前更有可能獲勝，並且很高興繼續前進。

Our next question from Mark with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的馬克。

I appreciate all the color on your ID.

我很欣賞你身分證上的所有顏色。

A lot of excitement and anxiousness, I would say, in the industry, as we talked to lots of companies involved.

當我們與許多相關公司交談時，我想說，這個行業有很多興奮和焦慮。

I'm just curious, if we think about perhaps milestones over the next 12 months that will indicate that we are trending in the right direction here to fully replace the scale that chrome cookies offers.

我只是好奇，如果我們考慮未來 12 個月的里程碑，這將表明我們正在朝著正確的方向發展，以完全取代 chrome cookies 提供的規模。

Can you maybe talk about a few milestones that we should look for?

您能否談談我們應該尋找的一些里程碑？

And then what do you anticipate to be the primary asks of all the parties that are involved here and whether or not the bigger asks will come from the bigger publishers, if I'm thinking about that correctly?

那麼，如果我的想法正確的話，您預計這裡涉及的所有各方的主要要求是什麼？更大的要求是否會來自更大的出版商？

Yes.

是的。

So the milestones are mostly measured in interoperability.

因此，里程碑主要是透過互通性來衡量的。

So as a publisher or an advertiser says, we want to leverage this to create interoperability between our ID and somebody else's ID.

因此，正如出版商或廣告商所說，我們希望利用這一點在我們的 ID 和其他人的 ID 之間創建互通性。

And there are lots of ID initiatives out there.

還有很多 ID 方案。

Nearly every agency has one that they're pursuing.

幾乎每個機構都有他們正在追求的一個。

Many of them have been pursuing them for multiple years.

他們中的許多人多年來一直在追求它們。

Those are all different.

這些都是不同的。

Most of those are similar to LiveRamp, where they're about data onboarding and making it possible for people to use the data that otherwise has not been, that's different than creating a currency which is all about interoperability.

其中大多數與 LiveRamp 類似，它們是關於數據加載並使人們能夠使用原本無法使用的數據，這與創建一種完全與互通性相關的貨幣不同。

So every time you see a press release or you see somebody publicly saying we are making our ID interoperable.

因此，每次您看到新聞稿或看到有人公開表示我們正在使我們的 ID 具有互通性時。

You're just sort of joining the circles of what otherwise would have been a Venn diagram in the cookie world to just make a bigger circle.

你只是加入了餅乾世界中維恩圖的圓圈，以形成一個更大的圓圈。

And so the theme to be looking for is interoperability.

因此，要尋找的主題是互通性。

And did I answer the second part of his question?

我回答了他問題的第二部分嗎？

Yes.

是的。

Did we catch that, Mark?

我們明白了嗎，馬克？

Okay.

好的。

We will answer -- Youssef had a second part of his question regarding China.

我們將回答－優素福提出了有關中國的問題的第二部分。

And so Jeff will take that question right now.

所以傑夫現在就回答這個問題。

Great.

偉大的。

So you're absolutely right that we've had high hopes in China for a very long time.

所以你說得對，我們長期以來對中國寄予厚望。

We've also been making investments for a few years now.

幾年來我們也一直在進行投資。

Rather than just quantify when it's going to move the needle, especially as that becomes a bigger target as we continue to grow our business around the world.

而不是僅僅量化何時會起到推動作用，尤其是隨著我們在全球範圍內不斷發展業務，這將成為一個更大的目標。

I'll just reiterate.

我只是重申一下。

China is leading the world right now for us in terms of growth rate.

就成長率而言，中國目前對我們來說處於世界領先地位。

The green shoots are really remarkable in 2020.

2020 年的萌芽確實引人注目。

I don't know that I would have pointed to the green shoots in years before this year.

我不知道我會在今年之前指出這些萌芽。

But they're really remarkable.

但他們確實很了不起。

We continue to just build out the team and build out the products that we need.

我們繼續建立團隊並建立我們需要的產品。

Our vision is to do for the Chinese speaking world, what we've done for the English-speaking world.

我們的願景是為中文世界做我們已經為英語世界所做的事情。

If you look at like the places where we've had the most amount of growth, the countries that we've talked most about in Connected TV it's been in the English-speaking world, whether that's in Australia or in London or in, of course, the United States.

如果你看看我們成長最快的地方，我們在網路電視中談論最多的國家，那就是英語世界，無論是在澳洲、倫敦或在，當然是美國。

It doesn't mean that we haven't had great success in places like Germany and other places as well, that has been predominantly English.

這並不意味著我們在德國和其他以英語為主的地方沒有取得巨大成功。

We think there's something very similar to be done in the Chinese speaking world, which goes beyond just Greater China.

我們認為，在華語世界中也應該做一些非常類似的事情，而不僅僅是大中華區。

And we're seeing those green shoots in 2020.

我們將在 2020 年看到這些萌芽。

So it's one of the places that I'm interested in making investments in and spending more time and really eager for the world to get back to some sort of normal.

因此，這是我有興趣進行投資並花費更多時間的地方之一，並且非常渴望世界恢復某種正常狀態。

So I can go back and spend more time in a place I fell in love with in 2018.

這樣我就可以回去，在2018年我愛上的地方度過更多的時光。

We'll take our next question from John Egbert with Stifel.

我們將回答 John Egbert 和 Stifel 提出的下一個問題。

Jeff, it seems like in addition to being a far more efficient channel for large brands than linear TV advertising, CTV seems really tailor-made for premium video ads from SMBs and mid-market retailers that never really bought TV ads on a national level due to factors like budget limitations or narrower geographic focus.

Jeff，對於大品牌來說，CTV 似乎除了是比線性電視廣告更有效的管道之外，似乎還專門為中小型企業和中端市場零售商的優質視訊廣告量身定制，因為這些零售商從未真正在全國範圍內購買過電視廣告。預算限製或較窄的地理範圍等因素。

And these companies are arguably among the largest drivers of digital ad demand today and driving most of the growth for the walled gardens right now.

這些公司可以說是當今數位廣告需求的最大推動者之一，並推動了目前圍牆花園的大部分成長。

So I guess 2 questions.

所以我猜有兩個問題。

First, are you working with many companies in these categories through agency relationships today?

首先，您現在是否透過代理關係與這些類別的許多公司合作？

And I guess looking maybe a few years out as your penetration within large advertiser and agency budgets continues to grow.

我想也許幾年後，隨著您在大型廣告商和代理商預算中的滲透率持續增長。

Would you consider developing products that better cater to the segment?

您會考慮開發更好地迎合該細分市場的產品嗎？

And I guess, if so, what are some of the challenges to consider there?

我想，如果是這樣，需要考慮哪些挑戰？

Yes.

是的。

So I could not agree more with the premise of the question, which is that SMBs and mid-market advertisers have been driver of digital, especially for companies like like Google and Facebook.

因此，我非常同意這個問題的前提，即中小企業和中端市場廣告商一直是數位化的推動者，尤其是對於Google和 Facebook 這樣的公司來說。

We, of course, have done much better among the premium brands.

當然，我們在高端品牌中做得更好。

And deliberately started there, and that continues to be the core of the market that we service.

並有意從那裡開始，這仍然是我們服務的市場的核心。

But we fully acknowledge, when we talk about $1 trillion TAM, and we talk about being focused on the demand side so that we can appeal to everybody, that objectivity and that TAM has to include advertisers of smaller sizes.

但我們完全承認，當我們談論 1 兆美元的 TAM 時，當我們談論關注需求方以便我們能夠吸引所有人時，這種客觀性以及 TAM 必須包括規模較小的廣告商。

The way that we service those today is largely through agencies and other tech providers that are very focused on servicing those advertisers today.

我們今天為這些廣告商提供服務的方式主要是透過代理商和其他技術供應商，他們現在非常專注於為這些廣告商提供服務。

There might be a time down the road that we do some of that ourselves without trying to disintermediate any of them, would be the hope.

未來或許有一天，我們會自己做一些事情，而不是試圖消除其中任何一個，這將是希望。

But there's a lot to consider there.

但那裡有很多需要考慮的地方。

You asked what are the considerations.

你問有什麼考慮。

You have to have a relationship that is almost like a B2C relationship in order to service those, which I think is just really important for us to think about as we continue to expand.

為了為這些服務提供服務，你必須建立一種幾乎類似於 B2C 關係的關係，我認為在我們繼續擴張的過程中，這對我們來說非常重要。

So those things are not lost on us.

所以我們並沒有失去這些東西。

We're spending a lot of time trying to learn more about that market, but we continue to be focused on that $1 trillion TAM, and no, we can't ignore it.

我們花了很多時間試圖更多地了解這個市場，但我們仍然專注於 1 兆美元的 TAM，我們不能忽視它。

Our next question from Brian Schwartz with Oppenheimer.

我們的下一個問題來自布萊恩·施瓦茨和奧本海默。

I've got a question for Blake on the EBITDA margin trajectory.

我有一個關於 EBITDA 利潤率軌跡的問題想問 Blake。

If I look at the second half of this year, you're going to put up about 400 bps of improvement year-over-year, and that probably is somewhat unsustainable.

如果我看看今年下半年，您將比去年同期提高約 400 個基點，這可能有點不可持續。

I wanted to ask you whether your comments about the lower OpEx growth that you expected in the current quarter and the uptick in investments was intended to perhaps suggest some restraint when we're thinking about that EBITDA margin trajectory.

我想問您，您對本季預期營運支出成長較低和投資增加的評論是否意在表明，當我們考慮 EBITDA 利潤率軌跡時，可能會採取一些限制措施。

Again, I'm not asking for firm margin guidance for next year.

再次強調，我並不是要求明年提供嚴格的利潤指引。

I know that will probably come later.

我知道那可能會在稍後發生。

But just directionally, how has the experience with COVID and the cost structure, how has that changed, if at all, your view of the EBITDA's margin trajectory coming out of the pandemic?

但就方向而言，新冠疫情和成本結構的經驗如何？這是否改變了（如果有的話）您對大流行後 EBITDA 利潤率軌蹟的看法？

Sure.

當然。

And I'll try to provide a little bit more perspective.

我將嘗試提供更多的觀點。

I think obviously, in Q3, we've seen the impact, what I refer to as the virtual environment, lower support costs and travel, corporate events and things like that.

我認為顯然，在第三季度，我們已經看到了影響，我所說的虛擬環境、更低的支援成本和差旅、企業活動等。

I mean it's not just lower than quarter-over-quarter, but it's down significant.

我的意思是，它不僅低於季度環比，而且下降幅度很大。

I think that -- and then you can obviously look at our EBITDA guidance for the fourth quarter and infer in there some sense of continuation of that in those numbers themselves.

我認為，然後你顯然可以看看我們第四季度的 EBITDA 指導，並推斷這些數字本身有某種延續性。

I think the thing, as far as like thinking out it into the future goes, one of the reasons why we're able to run with a lower cost base today is that we're in this virtual environment, our customers are in this virtual environment along with us.

我認為，就考慮未來而言，我們今天能夠以較低成本基礎運作的原因之一是我們處於這個虛擬環境中，我們的客戶處於這個虛擬環境中。環境與我們同在。

We are here to serve our customers and meet with them and help them in any way we can.

我們在這裡為我們的客戶提供服務，與他們會面，並盡我們所能幫助他們。

And so if and when behavior changes on a macro basis, we'll adapt accordingly.

因此，如果行為在宏觀基礎上發生變化，我們將做出相應的調整。

But I don't expect that personally.

但我個人並不期望如此。

Now the question is the timing of when is everybody's got their own guess and none of us are going to be right about that, the timing of it.

現在的問題是，每個人甚麼時候才能有自己的猜測，而我們中的任何一個人都不會正確地判斷這個時間。

But I think it's one of those things.

但我認為這是其中之一。

I think where we begin to see benefits on margins -- and I thought this a little bit earlier in my answer, I think, before it's just with scale.

我認為我們開始看到利潤率方面的好處——我在回答中早些時候就想到了這一點，我認為，在規模之前。

As we just get larger and larger and we can gain scale, we should be able to gain efficiencies.

隨著我們規模越來越大，規模不斷擴大，我們應該能夠提高效率。

But as far as like near-term components, that's about the way that I'm thinking.

但就近期組成部分而言，這就是我的想法。

So I hope that helps.

所以我希望這會有所幫助。

And it does appear we have no further questions at this time.

目前看來我們確實沒有其他問題了。

I would now like to turn it back to Chris Toth for any closing remarks.

現在我想請克里斯·托特（Chris Toth）發表結束語。

Thank you, Chloe.

謝謝你，克洛伊。

Thank you, everyone, for joining.

謝謝大家的加入。

I know we ran a few minutes over the top of the hour, but really good questions, and thanks, everyone, for joining.

我知道我們花了幾分鐘的時間，但問題確實很好，感謝大家的加入。

We look forward to speaking to you over the remainder of the quarter.

我們期待在本季度剩餘時間內與您交談。

Good night, everyone.

各位晚安。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。