(TTD) 2021 Q4 法說會逐字稿

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

女士們，先生們，美好的一天，歡迎參加 The Trade Desk 2021 年第四季度收益電話會議。 （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 morning to everyone. Welcome to The Trade Desk Fourth 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，大家早上好。歡迎來到 The Trade Desk 2021 年第四季度收益電話會議。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 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，除了可能擾亂廣告支出的潛在供應鏈中斷之外，我們對 COVID-19 大流行對我們的業務和運營結果的影響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 also 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，結合我們的 GAAP 結果提供非 GAAP 指標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. Good morning and thanks to everyone for joining us today. Q4 2021 was another outstanding quarter for The Trade Desk and an exclamation point on a terrific year. Across the board, we exceeded all our goals for 2021, which culminated in crossing the $1 billion revenue mark, ending the year with $1.2 billion in annual revenue, an increase of 43% year-over-year.

謝謝，克里斯。早上好，感謝大家今天加入我們。 2021 年第四季度對於 The Trade Desk 來說是另一個出色的季度，也是一個了不起的一年的感嘆號。總體而言，我們超過了 2021 年的所有目標，最終收入突破 10 億美元大關，年收入達到 12 億美元，同比增長 43%。

Total platform spend was almost $6.2 billion. It's only 10 years ago, May of 2011, when we received our first $0.01 of spend, to think last year, we passed $6 billion in spend. It is both astonishing and inspiring. I say that because I truly believe that we are just getting started. With our innovation, our amazing team, our unrivaled customer service and a growing roster of global partnerships, I am convinced that we will continue to outperform in an addressable advertising market that is racing toward a $1 trillion TAM.

平台總支出接近 62 億美元。就在 10 年前，也就是 2011 年 5 月，當我們收到第一筆 0.01 美元的支出時，想想去年，我們的支出超過了 60 億美元。這既令人驚訝又鼓舞人心。我這麼說是因為我真的相信我們才剛剛開始。憑藉我們的創新、我們令人驚嘆的團隊、我們無與倫比的客戶服務和不斷增長的全球合作夥伴名單，我相信我們將繼續在一個目標廣告市場中表現出色，該市場正朝著 1 萬億美元的 TAM 邁進。

One aspect of our business in 2021 that was particularly encouraging was the pace at which we signed major customer agreements. As the year progressed, we signed an increasing number of long-term commitments with some of the largest brand advertisers in the world. Last year, the top 25 advertisers on our platform increased their spend on the platform more than 50% compared to the prior year. And that's before some of these long-term agreements have fully activated. Momentum is also growing due to increased awareness and understanding of our value among brand marketers and their agencies.

2021 年我們業務中特別令人鼓舞的一個方面是我們簽署主要客戶協議的速度。隨著時間的推移，我們與世界上一些最大的品牌廣告商簽署了越來越多的長期承諾。去年，我們平台上排名前 25 位的廣告主在平台上的支出比去年增加了 50% 以上。那是在其中一些長期協議完全啟動之前。由於品牌營銷人員及其代理機構對我們價值的認識和理解的提高，勢頭也在增長。

I'd like to spend my time today looking back on the highlights of 2021 but also discuss the factors that are shaping 2022 into what I expect will be the most impactful year TTD has ever had. I believe this will provide color on why brand marketers are increasingly gravitating to our platform.

今天，我想花時間回顧 2021 年的亮點，同時也討論將 2022 年塑造成我預計 TTD 有史以來最具影響力的一年的因素。我相信這將為品牌營銷人員為何越來越傾向於我們的平台提供色彩。

Looking back on 2021, one of the highlights was the launch of our biggest product ever, Solimar. As you know, we launched Solimar on 7/7 after years of investment. But as with any major platform overhaul, there's always the question of exactly what the impact will be. The answer is that Solimar has been an upgrade to our business in every way. It helps advertisers and agencies embrace completely new ways of thinking about data, measurement, goal setting and campaign optimization. And I'm pleased to report that as of today, the majority of ad impressions on our platform are now bought via Solimar.

回顧 2021 年，其中一個亮點是推出了我們有史以來最大的產品 Solimar。如您所知，經過多年的投資，我們於 7 月 7 日推出了 Solimar。但與任何主要平台大修一樣，始終存在影響究竟是什麼的問題。答案是，Solimar 在各個方面都對我們的業務進行了升級。它幫助廣告商和代理機構採用全新的方式來思考數據、衡量、目標設定和活動優化。我很高興地報告，截至今天，我們平台上的大部分廣告展示現在都是通過 Solimar 購買的。

At the current pace, we expect to deprecate the legacy platform before the fourth quarter of this year. To accomplish a complete transition to the new platform within about a year is an impressive feat by anyone's standards, and it speaks to the value that advertisers are realizing with Solimar. Solimar was created to help advertisers make better data-driven decisions at every step of the marketing funnel, and in doing so, take full advantage of the power of the open Internet. We wanted to make setup easier and decisions more data-driven. We also wanted to make certain that our AI and machine learning product, branded as Koa, was always on when the benefit was obvious.

按照目前的速度，我們預計將在今年第四季度之前棄用舊平台。以任何人的標準來看，在大約一年內完成向新平台的完全過渡都是令人印象深刻的壯舉，這說明了廣告商通過 Solimar 實現的價值。 Solimar 旨在幫助廣告商在營銷渠道的每一步做出更好的數據驅動決策，並在此過程中充分利用開放互聯網的力量。我們希望讓設置更容易，讓決策更受數據驅動。我們還想確保我們的 AI 和機器學習產品（以 Koa 為品牌）在收益明顯時始終可用。

With a better blend of human and machine, advertisers can apply the right data automatically. And Solimar can optimize everything from predictive clearing to audience targeting to price discovery. Every ad campaign becomes more effective. Every ad dollar is working as hard as it can. And as a result, the flywheel spins faster, activating even more campaign dollars.

通過更好地融合人和機器，廣告商可以自動應用正確的數據。 Solimar 可以優化從預測性清算到受眾定位到價格發現的所有內容。每個廣告活動都變得更加有效。每一分錢都在努力工作。結果，飛輪旋轉得更快，激活了更多的競選資金。

Let me share some data about how the move to Solimar is going. First, coadoption on Solimar is now over 90%, nearly 50% higher than with the legacy platform. Now nearly all of our advertisers are getting richer, data-driven insights and recommendations on how to reach and measure their target audiences most effectively and across the full scope of channels to optimize performance. In fact, average channel usage for Solimar campaigns has also increased about 50%. With Solimar, advertisers get a better perspective on cross-channel performance and insight into how an omnichannel campaign can take a consumer through an integrated advertising experience. And finally, and probably one of the most important changes, for those advertisers that have switched to Solimar, the average number of data elements applied to each impression has more than doubled.

讓我分享一些關於搬到 Solimar 的數據。首先，Solimar 的共同採用率現在超過 90%，比傳統平台高出近 50%。現在，我們幾乎所有的廣告客戶都獲得了更豐富的數據驅動的洞察力和建議，這些洞察力和建議是關於如何最有效地覆蓋和衡量他們的目標受眾，並在整個渠道範圍內優化性能。事實上，Solimar 活動的平均渠道使用量也增加了約 50%。借助 Solimar，廣告商可以更好地了解跨渠道績效，並深入了解全渠道活動如何通過整合的廣告體驗吸引消費者。最後，也可能是最重要的變化之一，對於那些改用 Solimar 的廣告商來說，應用於每次展示的平均數據元素數量增加了一倍以上。

Many of the amazing results we are seeing from Solimar are due to restructuring of our data marketplace and the courage of our data partners to try something new in the hopes of upgrading the entire open Internet. As a result, Solimar is a bit of a 2 for 1, a better decisioning engine and a better data marketplace.

我們從 Solimar 看到的許多驚人成果都歸功於我們數據市場的重組以及我們的數據合作夥伴嘗試新事物以期升級整個開放互聯網的勇氣。因此，Solimar 有點像 2 比 1、更好的決策引擎和更好的數據市場。

Let me spend a moment on the improved data marketplace as it represents a significant upgrade to how the entire industry currently thinks about data and data pricing. Until now, I would describe the marketplace for data in digital advertising as somewhat anemic. And that's largely because of the way that data has traditionally been priced across the web. In walled gardens, data pricing is opaque with effectively 0 price discovery.

讓我花點時間談談改進後的數據市場，因為它代表了整個行業當前對數據和數據定價的看法的重大升級。到目前為止，我認為數字廣告中的數據市場有些乏力。這主要是因為傳統上數據在網絡上的定價方式。在圍牆花園中，數據定價是不透明的，實際上是 0 價格發現。

In the open web, historically, data pricing has been more fixed than variable, which leaves little room for price discovery or even value discovery. It's akin to a real estate agent charging the fixed dollar rate regardless of the value of the home that's being sold. In the case of data, that has meant that each data element could be too expensive relative to the value of the impression. This also then becomes an inhibitor to advertisers who want to apply a full scope of data to every impression.

在開放網絡中，從歷史上看，數據定價一直是固定的，而不是可變的，這給價格發現甚至價值發現留下了很小的空間。這類似於房地產經紀人收取固定美元利率，而不管所售房屋的價值如何。就數據而言，這意味著每個數據元素相對於展示的價值而言可能過於昂貴。這也成為了希望將全部數據應用於每次展示的廣告商的障礙。

But with Solimar and the new data marketplace, we have shifted our data pricing model away from fixed rates toward percentage of CPM. This would never have been possible without the support and commitment of the hundreds of data partners who participate on our platform and who were willing to make this change. This allows for much greater flexibility and data deployment based on both value and relevance. We have created a market where there's more accurate price discovery for data, which is more closely aligned to the value it creates instead of high fixed rates.

但是通過 Solimar 和新的數據市場，我們已經將數據定價模型從固定費率轉變為 CPM 百分比。如果沒有數百名參與我們平台並願意做出這種改變的數據合作夥伴的支持和承諾，這將永遠不可能實現。這允許基於價值和相關性的更大靈活性和數據部署。我們創建了一個市場，在這個市場中，數據價格發現更加準確，與它創造的價值更接近，而不是高固定費率。

Additionally, there's another major data marketplace design change that we'll fully roll out in the first half of '22. This change will address the major obstacle to cure the open Internet's data anemia. Currently, there is a disincentive to layer multiple data elements onto the same impression because the cost is prohibitive, and price discovery has been a problem. With variable pricing now universal in our data marketplace, we can now add fractional pricing. This means we can offer, for example, a vast set of data options for customers that in total doesn't necessarily cost them more but activates more data sources and pays supplier based on precise value created for the advertiser. In doing so, data providers have the opportunity to make more money in aggregate.

此外，我們將在 22 年上半年全面推出另一個主要的數據市場設計變更。這一變化將解決治愈開放互聯網數據貧乏的主要障礙。目前，將多個數據元素分層到同一個印像上是不鼓勵的，因為成本太高，而且價格發現一直是個問題。隨著可變定價現在在我們的數據市場中普遍存在，我們現在可以添加部分定價。這意味著我們可以為客戶提供例如大量數據選項，這些選項總體上不一定會增加他們的成本，但會激活更多數據源並根據為廣告商創造的精確價值向供應商付款。這樣一來，數據提供者就有機會總體上賺更多的錢。

This creates incentive to use data whenever it adds value and rewards data companies for the value they create. We expect that this will create the most robust data marketplace ever on the open Internet. Not only will the open Internet benefit, but we will be able to layer in more data, significantly enriching each ad impression for the advertiser. In total, this increases the use of data. As we enrich each impression, advertisers on our platform become more effective, and they invest more.

每當數據增加價值並獎勵數據公司創造的價值時，這就產生了使用數據的動力。我們預計這將在開放互聯網上創建有史以來最強大的數據市場。開放的互聯網不僅會受益，而且我們將能夠將更多數據分層，顯著豐富廣告商的每次廣告印象。總的來說，這增加了數據的使用。隨著我們豐富每一次展示，我們平台上的廣告商會變得更有效，他們會投入更多。

Already our data marketplace changes have been so successful that we have seen advertiser bid win rates increase significantly because they have been much more precise in understanding the value of each ad impression. Again, this means advertisers are inclined to spend more because they are achieving even better ROI, making the flywheel spin faster.

我們的數據市場變化已經非常成功，我們已經看到廣告客戶的中標率顯著提高，因為它們在理解每個廣告展示的價值方面更加精確。同樣，這意味著廣告商傾向於花費更多，因為他們正在實現更好的投資回報率，使飛輪旋轉得更快。

Looking back on another highlight from this last year, we blaze new trails in the rapidly emerging world of shopper marketing, another greenfield that is open to us because of the use of data.

回顧去年的另一個亮點，我們在迅速崛起的購物者營銷領域開闢了新的道路，這是另一個因使用數據而向我們開放的綠地。

As of the fourth quarter, we are up and running with the Walmart DSP with select major advertisers. The initial results have been very encouraging. BIC is one of the early adopters. As you probably know, BIC is headquartered in France but is a global leader in consumer products such as ballpoint pens, lighters and grooming

截至第四季度，我們與沃爾瑪 DSP 合作並與選定的主要廣告商合作。初步結果非常令人鼓舞。 BIC 是早期採用者之一。您可能知道，BIC 總部位於法國，但在圓珠筆、打火機和美容儀等消費品領域處於全球領先地位

(technical difficulty)

（技術難度）

And Walmart is a major retail partner for them. In December, BIC ran holiday campaigns for some key products, including men's and women's razors, using the new Walmart DSP. The results were even better than we hoped for. BIC achieved return on ad spend, or ROAS, of just under 500%. That means for every advertising dollar, they drove $5 in consumer purchases.

沃爾瑪是他們的主要零售合作夥伴。去年 12 月，BIC 使用新的 Walmart DSP 為一些主要產品（包括男士和女士剃須刀）開展了假日活動。結果甚至比我們希望的還要好。 BIC 的廣告支出回報率 (ROAS) 接近 500%。這意味著每投放一美元廣告，他們就推動了 5 美元的消費者購買。

This data is significant for a few reasons. First, with closed-loop measurement, BIC is able to get a very rapid assessment of ROAS. The shopper data available in the Walmart DSP makes it much easier for brands like BIC to make the connection between campaign spend and consumer purchase. And second, ROAS of 500% is well above the industry average. According to Nielsen, a good ROAS is around 270%. So to take an industry-standard benchmark and almost double it is pretty staggering.

由於幾個原因，該數據很重要。首先，通過閉環測量，BIC 能夠非常快速地評估 ROAS。 Walmart DSP 中可用的購物者數據使 BIC 等品牌更容易在活動支出和消費者購買之間建立聯繫。其次，500% 的 ROAS 遠高於行業平均水平。根據尼爾森的說法，良好的 ROAS 約為 270%。因此，採用行業標準基準並幾乎翻倍是非常驚人的。

Matt De Paolo is BIC's Senior Manager of Omnichannel Growth, and he recently spoke about the power of the Walmart DSP. To quote him directly, he said, "I don't want to overstate it, but this is something the industry has been waiting for, for a very long time. And now we finally have it at our disposal. We had suspected that The Trade Desk would be a powerful complement to Walmart's capabilities, and this validated our suspicion."

Matt De Paolo 是 BIC 的全渠道增長高級經理，他最近談到了沃爾瑪 DSP 的強大功能。直接引用他的話，他說：“我不想誇大其詞，但這是業界一直在等待很長時間的東西。現在我們終於可以使用它了。我們曾懷疑Trade Desk 將是對沃爾瑪能力的有力補充，這證實了我們的懷疑。”

BIC represents the sentiment of many advertisers. They want retail data to help them improve and their ad spend in digital. They want to better understand how media moves people through the purchase journey. I firmly believe that 2022 will be the year that advertisers start to realize the power of shopper marketing. Walmart is leading the charge here.

BIC代表了許多廣告商的情緒。他們希望零售數據能夠幫助他們改進數字廣告支出。他們希望更好地了解媒體如何推動人們完成購買過程。我堅信 2022 年將是廣告商開始意識到購物者營銷力量的一年。沃爾瑪在這方面處於領先地位。

Amy Lanzi is the commerce practice lead at Publicis for North America. She recently spoke with The Current, our online news site, about how the Walmart DSP is capturing the attention of CMOs who previously weren't as hands-on with the retailer. To quote her directly, she said, "It used to be that you would negotiate how you got a better display in a physical store. Now it's a dynamic conversation that includes their digital shelves and how brands can reach Walmart shoppers who are outside the retailer's ecosystem."

Amy Lanzi 是陽獅北美的商務實踐主管。她最近與我們的在線新聞網站 The Current 進行了交談，談到了沃爾瑪 DSP 是如何吸引那些以前不親自接觸零售商的 CMO 的注意力的。直接引用她的話，她說：“過去，你會協商如何在實體店中獲得更好的展示。現在這是一個動態的對話，包括他們的數字貨架，以及品牌如何接觸到零售商之外的沃爾瑪購物者。生態系統。”

In the coming quarters, we'll have more to say about how we're partnering with other retailers in innovative ways to unlock the power of shopper marketing data for advertisers. As I mentioned, this is just one of the areas where brand marketing leaders are gaining a greater appreciation of the value of programmatic.

在接下來的幾個季度中，我們將更多地談論我們如何以創新方式與其他零售商合作，為廣告商釋放購物者營銷數據的力量。正如我所提到的，這只是品牌營銷領導者越來越了解程序化價值的領域之一。

When looking back on the amazing success and land grab year that was 2021, it is impossible to not spend some time talking about the rise of CTV. In 2021, CTV was once again the largest driver of spend on our platform. Last year, more than 15,000 advertisers spent on CTV on our platform, and we saw the number of advertisers that spent over $1 million in CTV almost double compared to 2020. And I highlight CTV again because it is such an important driver of the brand shift to programmatic more broadly. For most brands, TV is the largest element of their advertising campaigns. The TV team is often the power center of a brand marketing department. As TV digitizes, thanks to the massive consumer shift to streaming, advertisers are embracing the power of programmatic in their most significant channel. Once TV advertisers realize its potential, the focus rapidly shifts to the value of programmatic in an omnichannel context, and this is what I mean when I said in the past that CTV is probably the most important driver of change across digital advertising.

回顧 2021 年取得的驚人成功和搶地之年，不可能不花一些時間談論 CTV 的崛起。 2021 年，CTV 再次成為我們平台支出的最大推動力。去年，超過 15,000 名廣告商在我們的平台上花費在 CTV 上，我們看到在 CTV 上花費超過 100 萬美元的廣告商數量與 2020 年相比幾乎翻了一番。我再次強調 CTV，因為它是品牌轉變的重要推動力到更廣泛的程序化。對於大多數品牌來說，電視是他們廣告活動中最大的元素。電視團隊通常是品牌營銷部門的權力中心。隨著電視數字化，由於消費者大量轉向流媒體，廣告商正在他們最重要的渠道中接受程序化的力量。一旦電視廣告商意識到它的潛力，焦點就會迅速轉移到全渠道環境中的程序化價值，這就是我過去所說的 CTV 可能是數字廣告變革的最重要驅動力時的意思。

Of course, it is not just the consumer shift that's driving advertisers to embrace CTV. TV content companies are also evolving their models at warp speed, and we continue to partner with all of the major CTV providers worldwide. Each year, the inventory avails on our platform continue to rapidly increase.

當然，促使廣告商接受 CTV 的不僅僅是消費者轉變。電視內容公司也在快速發展他們的模式，我們將繼續與全球所有主要的 CTV 提供商合作。每年，我們平台上的庫存可用性都在持續快速增長。

And as we enter this year's upfront season, I expect we'll continue to see large TV companies further prioritize CTV as a part of that process. Indeed, The Trade Desk has already been invited to participate in some of the digital upfront programs this year. And while we've talked a lot in recent quarters about partnerships with major TV content companies in North America and Europe, the same dynamic is happening now in Asia where viewers are also rapidly shifting to CTV or OTT.

隨著我們進入今年的前期旺季，我預計我們將繼續看到大型電視公司進一步優先考慮 CTV 作為這一過程的一部分。事實上，The Trade Desk 今年已受邀參與一些數字前期計劃。儘管我們在最近幾個季度就與北美和歐洲的主要電視內容公司建立合作夥伴關係進行了很多討論，但同樣的動態現在正在亞洲發生，那裡的觀眾也在迅速轉向 CTV 或 OTT。

For example, we recently launched [Gao,] one of the fastest-growing streaming platforms in Japan. Regardless of location, major brand advertisers increasingly realize the vital role that CTV plays in reaching audiences that have left or were never present on linear TV.

例如，我們最近推出了 [Gao]，它是日本增長最快的流媒體平台之一。無論位置如何，主要品牌廣告商都越來越意識到 CTV 在吸引已經離開或從未出現在線性電視上的觀眾方面所起的重要作用。

We recently ran a campaign for one of Europe's top carmakers, Renault, in Spain, working with their agency, Omnicom. The campaign focused on a launch of a new SUV in Spain, and Renault wanted to reach as many potentially interested car buyers as possible. With CTV, Renault achieved a significant double-digit incremental reach over linear.

我們最近與歐洲頂級汽車製造商之一雷諾在西班牙開展了一項活動，與他們的代理機構 Omnicom 合作。該活動的重點是在西班牙推出一款新的 SUV，雷諾希望盡可能多地接觸到可能感興趣的購車者。借助 CTV，雷諾在線性範圍內實現了兩位數的顯著增量。

We're seeing the same phenomenon with brand advertisers around the world. They are embracing CTV as an essential element of their massive TV ad campaigns. And because of the outsized effect that TV has on most marketing departments, this growing adoption spins the flywheel faster for us across all advertising channels.

我們在世界各地的品牌廣告商身上看到了同樣的現象。他們將 CTV 視為其大規模電視廣告活動的基本要素。而且由於電視對大多數營銷部門的巨大影響，這種不斷增長的採用使我們在所有廣告渠道中更快地旋轉飛輪。

Now switching gears a bit. I'd like to talk about the future and why 2022 is set up to be our biggest year ever, not just in financial performance, but also in strategic leadership and increasing our market share. Yesterday, we announced another very big initiative, OpenPath. This is the biggest direct step we've made yet to improve the supply chain for our clients, us and the open Internet.

現在稍微換個檔次。我想談談未來，以及為什麼 2022 年將成為我們有史以來最大的一年，不僅在財務業績方面，而且在戰略領導力和增加我們的市場份額方面。昨天，我們宣布了另一個非常大的計劃，OpenPath。這是我們為改善客戶、我們和開放互聯網的供應鏈而採取的最大直接步驟。

Let me take a moment to explain what this is. OpenPath is a product that enables content owners from TV and across the Web to plug in to TTD directly. OpenPath is a direct pipeline to publisher inventory for any publisher that chooses to integrate directly with us. An inefficient supply chain is bad for advertisers and for publishers. We are very pleased to launch OpenPath with some of the largest journalistic publishers in the world, including The Washington Post, Conde Nast, Reuters, The Tribune and USA Today.

讓我花點時間解釋一下這是什麼。 OpenPath 是一種產品，它使電視和網絡上的內容所有者能夠直接插入 TTD。對於選擇直接與我們集成的任何發布者，OpenPath 是通往發布者庫存的直接管道。低效的供應鏈對廣告商和出版商都是不利的。我們很高興與世界上一些最大的新聞出版商合作推出 OpenPath，包括華盛頓郵報、康泰納仕、路透社、論壇報和今日美國。

OpenPath is especially helpful for larger publishers and content owners that want to do their own yield management. We are not competing with SSPs or becoming an ad network. We represent the advertisers in the auction. Our goal in creating this product is to provide a high bid directly to publishers and content owners who want to do their own yield management.

OpenPath 對於想要進行自己的收益管理的大型出版商和內容所有者特別有用。我們不會與 SSP 競爭或成為廣告網絡。我們在拍賣中代表廣告商。我們創建此產品的目標是直接向想要自己進行收益管理的發布商和內容所有者提供高出價。

One of our core operating principles since our inception is the pursuit of a level playing field for digital advertising with transparency on all sides. We believe that's the best way to build trust in digital advertising, which will drive overall market growth. And we also believe that on a level playing field, everyone gets to compete fairly on the value they provide. As a demand side platform, we're confident that on a level playing field, we will continue to outperform and gain more market share of the growing TAM.

自成立以來，我們的核心運營原則之一是追求數字廣告的公平競爭環境，並在各個方面保持透明。我們相信這是建立對數字廣告的信任的最佳方式，這將推動整體市場增長。我們還相信，在公平的競爭環境中，每個人都可以就他們提供的價值進行公平競爭。作為需求方平台，我們有信心在公平的競爭環境中，我們將繼續表現出色，並在不斷增長的 TAM 中獲得更多市場份額。

With this product launch, we also announced that we are no longer buying from Google's so-called Open Bidding or OB product. You may recall that Open Bidding is one of the main focus areas of recent antitrust lawsuits against Google, including the one from the Texas State Attorney General's office. With this, and as part of our ongoing supply chain optimization initiatives, we will continue to prune supply paths that are opaque, unfair or inefficient. That said, we plan to continue to buy on Google's Ad Exchange. For all the SSPs that provide yield optimization for publishers, we expect that this product and policy change will result in more spend for them.

通過此次產品發布，我們還宣布我們不再從 Google 的所謂公開競價或 OB 產品中購買。您可能還記得，公開競標是最近針對谷歌的反壟斷訴訟的主要焦點領域之一，其中包括來自德克薩斯州總檢察長辦公室的訴訟。有了這個，作為我們正在進行的供應鏈優化計劃的一部分，我們將繼續修剪不透明、不公平或低效的供應路徑。也就是說，我們計劃繼續在 Google 的 Ad Exchange 上購買。對於所有為發布商提供收益優化的 SSP，我們預計此次產品和政策的變化將為他們帶來更多支出。

You might be interested as to why we started with journalism in terms of our initial partners. Journalism has more at stake than perhaps any other market segment here. Journalism relies on advertising. And the ad model for newspapers of 30 years ago has evolved into something very different today. It's vital that we preserve the value exchange of advertising for journalism content because journalism is such an important factor in the free flow of trusted information in any functioning society. But OpenPath will scale to any publisher that wants a direct path to our demand.

您可能會對我們最初的合作夥伴為何從新聞業開始感興趣。與這裡的任何其他細分市場相比，新聞業面臨的風險更大。新聞業依賴於廣告。 30 年前報紙的廣告模式已經演變成今天完全不同的東西。為新聞內容保留廣告的價值交換至關重要，因為新聞在任何正常運轉的社會中都是可信信息自由流動的重要因素。但 OpenPath 將擴展到任何想要直接滿足我們需求的發布商。

Let me just reiterate that this does not mean that The Trade Desk is getting into the SSP or the supply side business. This is not about that at all. We won't be getting into yield management or any of the various value propositions that a number of the great SSPs provide. OpenPath is simply a direct path into inventory. This is something that our advertising clients have been asking us for, for a long time, and they become more aware of the supply side inefficiencies over the past few months. The impact will be positive for SSPs that have invested in their publisher relationships and are offering value in terms of yield management from companies such as Magnite, Pubmatic and Index Exchange. As with any maturing market, as it becomes more efficient, the companies that succeed will be the ones that provide clear value and differentiate themselves to customers.

讓我重申一下，這並不意味著 The Trade Desk 正在涉足 SSP 或供應方業務。這根本不是關於那個。我們不會涉及收益管理或許多偉大的 SSP 提供的各種價值主張。 OpenPath 只是進入庫存的直接路徑。這是我們的廣告客戶長期以來一直在向我們提出的要求，並且他們在過去幾個月中更加意識到供應方面的低效率。對於已投資於出版商關係並在 Magnite、Pubmatic 和 Index Exchange 等公司的收益管理方面提供價值的 SSP，這種影響將是積極的。與任何成熟的市場一樣，隨著效率的提高，成功的公司將能夠為客戶提供明確的價值並讓自己與眾不同。

As I said, we are launching OpenPath in partnership with some of the world's leading journalistic outlets. They have been incredibly enthusiastic about this initiative. Hopefully, you saw some of the press coverage yesterday. But just to quote a couple of them, Conde Nast said, "We are pleased to be working with The Trade Desk on OpenPath to enable deeper conversations with our clients about inventory transparency and performance." The Washington Post said, "We have long believed that a more streamlined supply chain benefits both advertisers and publishers." And McClatchy said, "OpenPath aligns with our objective to build a transparent, well-lit digital ad environment driven by journalism that strengthens the communities we serve." Those are just a few, but I could not be more excited about the early momentum for OpenPath.

正如我所說，我們正在與一些世界領先的新聞媒體合作推出 OpenPath。他們對這項倡議非常熱情。希望您昨天看到了一些新聞報導。但僅引用其中的幾個，Conde Nast 說：“我們很高興與 OpenPath 上的 The Trade Desk 合作，以便與我們的客戶就庫存透明度和績效進行更深入的對話。” 《華盛頓郵報》說：“我們一直認為，更精簡的供應鏈對廣告商和出版商都有好處。” McClatchy 說：“OpenPath 符合我們的目標，即建立一個由新聞驅動的透明、光線充足的數字廣告環境，以加強我們所服務的社區。”這些只是其中的一小部分，但我對 OpenPath 的早期發展勢頭感到無比興奮。

Of course, another area I'm especially excited about for '22 is the progress the industry is making with UID2. More major publishers around the world are committing to UID2, and more advertisers are transacting on UID2 on our platform.

當然，我對 22 年特別興奮的另一個領域是行業在 UID2 方面取得的進展。全球越來越多的主要出版商正在致力於 UID2，越來越多的廣告商正在我們的平台上使用 UID2 進行交易。

KG Media, Indonesia's biggest media network, is the latest publisher in Asia to announce its support of UID2. KG boasts an extensive portfolio of publishing properties, including newspapers, TV networks and retail. They believe that UID2 is not just a replacement but a significant upgrade to cookies as a common currency of the open Internet, creating a better experience for both consumers and advertisers.

印度尼西亞最大的媒體網絡 KG Media 是亞洲最新宣布支持 UID2 的出版商。 KG 擁有廣泛的出版資產組合，包括報紙、電視網絡和零售。他們認為，UID2 不僅僅是一種替代品，而且是對 cookie 作為開放互聯網通用貨幣的重大升級，為消費者和廣告商創造了更好的體驗。

That was certainly the experience for Coco Village, a manufacturer and retailer of high-end children's toys and furniture servicing the North American market. They wanted to secure an easy way to leverage their valuable first-party CRM data to find new audiences for their products. Working with UID2, they were able to model new potential customer groups, drive incremental reach of almost 40% and a return on ad spend of more than 1,000%.

這無疑是 Coco Village 的經歷，它是一家服務於北美市場的高端兒童玩具和家具製造商和零售商。他們希望找到一種簡單的方法來利用他們寶貴的第一方 CRM 數據為他們的產品尋找新的受眾。通過與 UID2 合作，他們能夠為新的潛在客戶群建模，將覆蓋面擴大近 40%，廣告支出回報率超過 1,000%。

Additionally, we believe many of the same publishers that are signing up for OpenPath will also sign up for UID2. We expect that these 2 products will both improve the open Internet and will help to increase the adoption of the other.

此外，我們相信許多註冊 OpenPath 的發行商也會註冊 UID2。我們預計這兩種產品都將改善開放的互聯網，並有助於提高另一種產品的採用率。

In addition to publishers and advertisers who are adopting UID2, important industry trade groups are also weighing in with their support. Perhaps one of the most important groups is the MMA because they represent the voice of the brand marketer and their Board comprises many of the world's leading CMOs. I was invited to join their Board last year precisely because brand marketers want to be fully engaged in new approaches to identity and measurement. The MMA views UID2 as a solution that can solve for the identity needs of the open Internet. To quote their CEO, Greg Stuart, directly, "Identity is the key to the future of marketing and especially important to marketers in taking full advantage of the larger reach and need for transparency to consumer consent that the open Web affords. UID2 has a great potential to be a solution that the whole industry can work on collectively to craft a compliant and effective identity solution for everyone."

除了採用 UID2 的出版商和廣告商之外，重要的行業貿易團體也在權衡支持。也許最重要的團體之一是 MMA，因為他們代表品牌營銷人員的聲音，他們的董事會由許多世界領先的 CMO 組成。去年我被邀請加入他們的董事會，正是因為品牌營銷人員希望充分參與識別和衡量的新方法。 MMA 將 UID2 視為可以解決開放互聯網身份需求的解決方案。直接引用他們的首席執行官格雷格·斯圖爾特的話，“身份是營銷未來的關鍵，對於營銷人員充分利用開放網絡提供的更大範圍和對消費者同意的透明度需求尤其重要。UID2 具有有潛力成為整個行業可以共同努力的解決方案，為每個人制定合規且有效的身份解決方案。”

To finish, let me just summarize why I'm so bullish about '22 and our future. More than ever, the biggest brands in the world appreciate the value of data-driven advertising. And increasingly, they are embracing our platform.

最後，讓我總結一下為什麼我如此看好 22 年和我們的未來。世界上最大的品牌比以往任何時候都更加重視數據驅動廣告的價值。他們越來越多地接受我們的平台。

I've spent time today talking about some of the more compelling recent drivers of that growing interest. And over the years, we have built trust with those advertisers and their agencies that we can deliver premium value to their campaigns.

我今天花了一些時間談論最近引起這種日益增長的興趣的一些更引人注目的驅動因素。多年來，我們與這些廣告商及其代理機構建立了信任，相信我們可以為他們的廣告系列提供優質價值。

This business model is key in generating alpha in revenue and market share growth. We continue to have customer retention rates above 95%. Our engineering teams continue to lead the industry in innovation, charting new value opportunities for our advertisers.

這種商業模式是實現收入和市場份額增長的關鍵。我們的客戶保留率繼續保持在 95% 以上。我們的工程團隊在創新方面繼續引領行業，為我們的廣告商創造新的價值機會。

As a result, we are one of the few high-growth technology companies that consistently generate strong adjusted EBITDA and free cash flow. Our profitability and positive cash generation allows us to make long-term investments that will ensure we continue to provide premium value. That includes Solimar, which is creating new value for advertisers by unleashing data and driving a greater return on ad spend, spinning the flywheel for advertiser campaigns. It's driving our leadership in CTV, the fastest-growing channel in digital advertising and a driver of new thinking across the marketing spectrum. It positions us to make a supply chain that is more efficient for our advertisers and agencies in 2022 with initiatives like OpenPath. It enables us to pioneer work in shopper marketing, a $100 billion market.

因此，我們是為數不多的持續產生強勁調整後 EBITDA 和自由現金流的高增長科技公司之一。我們的盈利能力和積極的現金產生使我們能夠進行長期投資，以確保我們繼續提供優質價值。這包括 Solimar，它通過釋放數據和推動更大的廣告支出回報為廣告商創造新價值，為廣告商的活動旋轉飛輪。它正在推動我們在 CTV 領域的領導地位，這是數字廣告領域增長最快的渠道，也是整個營銷領域新思維的驅動力。它使我們能夠通過 OpenPath 等舉措在 2022 年為我們的廣告商和代理商打造更高效的供應鏈。它使我們能夠開拓購物者營銷這一價值 1000 億美元的市場。

You'll see us forge partnerships with major retailers worldwide, including Walgreens. Just yesterday, they announced that advertisers will be able to leverage new audience data services on our platform based on anonymized Walgreens shopper data. It has also allowed us to become a leader in political advertising. 2022 will be an important midterm election year in the United States. We have spent years building an objective and independent platform open to registered candidates on all sides that can help drive discussions of substance in the political arena.

您將看到我們與包括 Walgreens 在內的全球主要零售商建立合作夥伴關係。就在昨天，他們宣布廣告商將能夠利用我們平台上基於匿名 Walgreens 購物者數據的新受眾數據服務。它還使我們成為政治廣告的領導者。 2022年將是美國重要的中期選舉年。我們花了數年時間建立一個客觀和獨立的平台，向各方的註冊候選人開放，這有助於推動政治舞台上的實質性討論。

In 2022, we will make meaningful progress with partners and industry bodies to make measurement better, especially for CTV and all digital spend outside the United States. Our profitability and free cash flow will also allow us to invest for global growth.

2022 年，我們將與合作夥伴和行業機構取得有意義的進展，以更好地衡量，尤其是 CTV 和美國以外的所有數字支出。我們的盈利能力和自由現金流也將使我們能夠投資於全球增長。

2/3 of global advertising spend is outside of the United States. This is a major focus for us. Once again, we saw strong growth in our international markets in the fourth quarter driven largely by CTV. In fact, our CTV share of spend more than doubled in Europe in the quarter. And we continue to open promising new markets such as Taiwan, India, Italy and the Nordics with impressive leaders who are making very rapid inroads. We are a global company, and we expect our international revenue to outpace North America over the long term because of the investments we're making in these markets.

全球 2/3 的廣告支出在美國以外。這是我們的一個主要關注點。我們再次看到第四季度國際市場的強勁增長主要是由 CTV 推動的。事實上，本季度我們在歐洲的 CTV 支出份額增加了一倍多。我們繼續開拓前景廣闊的新市場，例如台灣、印度、意大利和北歐，擁有令人印象深刻的領導者，他們正在迅速進軍。我們是一家全球性公司，由於我們在這些市場上的投資，我們預計我們的國際收入將長期超過北美。

We are very well positioned for 2022 and beyond. Our business has many growth drivers, as we've discussed today. And what I'm most excited about is the shift we're seeing among more and more senior brand marketers. In a variety of dimensions, marketers are becoming more familiar and enthusiastic about programmatic advertising. Whether it's the performance value of Solimar, the holy grail of retail data, the CTV revolution or new supply path models, they understand the power of data-driven advertising to help them differentiate and drive growth in their businesses. And that's the most rewarding thing of all. I could not be more excited about the opportunity in front of us and our growth prospects into 2022 and beyond.

我們為 2022 年及以後做好了準備。正如我們今天所討論的，我們的業務有許多增長動力。我最興奮的是我們在越來越多的高級品牌營銷人員中看到的轉變。在各個方面，營銷人員對程序化廣告越來越熟悉和熱情。無論是 Solimar 的績效價值、零售數據的聖杯、CTV 革命還是新的供應路徑模型，他們都了解數據驅動廣告的力量，以幫助他們實現差異化並推動業務增長。這是最有回報的事情。我對擺在我們面前的機會以及我們到 2022 年及以後的增長前景感到無比興奮。

And with that, I'll pass the baton to Blake, who will give you more color on the quarter.

有了這個，我會把接力棒傳給布萊克，他會在這個季度給你更多的色彩。

Thank you, Jeff, and good morning, everyone. We delivered strong results in the fourth quarter, capping off a great year for our business. Q4 revenue was $396 million, a 24% increase from a year ago. Excluding political spend related to the U.S. elections, which represented a high single-digit percentage share of our business in Q4 of 2020, revenue increased approximately 36% year-over-year. That represented a slight acceleration from the prior year, which is impressive considering we experienced a strong recovery at the end of 2020.

謝謝你，傑夫，大家早上好。我們在第四季度取得了強勁的業績，為我們的業務迎來了豐收的一年。第四季度收入為 3.96 億美元，同比增長 24%。不包括與美國選舉相關的政治支出（在 2020 年第四季度占我們業務的高個位數百分比份額），收入同比增長約 36%。這比上一年略有加速，考慮到我們在 2020 年底經歷了強勁的複蘇，這令人印象深刻。

For 2021, we ended the year with almost $6.2 billion in spend on our platform and nearly $1.2 billion in revenue, representing 43% year-over-year revenue growth. We also ended the year with adjusted EBITDA of just over $500 million and generated nearly $320 million in free cash flow in 2021.

到 2021 年，我們在平台上的支出接近 62 億美元，收入接近 12 億美元，收入同比增長 43%。我們還以剛剛超過 5 億美元的調整後 EBITDA 結束了這一年，並在 2021 年產生了近 3.2 億美元的自由現金流。

We are enthusiastic that the combination of our business strategy of being the default DSP for the open Internet where we only represent the buy side and avoid conflicts too often prevalent in our industry by those who own inventory along with a proven business model that generates strong adjusted EBITDA and free cash flow is producing solid and consistent growth as we continue our progression towards a total addressable market of around $1 trillion.

我們熱衷於將我們作為開放互聯網的默認 DSP 的業務戰略相結合，在這種情況下，我們只代表買方，避免在我們的行業中經常因擁有庫存的人而普遍存在的衝突以及產生強大調整的成熟商業模式隨著我們繼續向約 1 萬億美元的潛在市場邁進，EBITDA 和自由現金流正在產生穩健而持續的增長。

We have been encouraged to see advertisers accelerate their shift to data-driven advertising in 2021. Our results reflect the ongoing strength of programmatic advertising and the value that The Trade Desk provides thousands of agencies and brands as they work to connect with their customers across our platform every day.

我們很高興看到廣告商在 2021 年加速轉向數據驅動的廣告。我們的結果反映了程序化廣告的持續優勢以及 The Trade Desk 為數千家代理商和品牌提供的價值，因為他們努力與我們的客戶建立聯繫每天一個平台。

For both the quarter and the full year, connected TV continued to be our fastest growing channel at scale around the world. As Jeff mentioned, Solimar is now over 50% adoption, and we are seeing promising results as customers on average are utilizing Solimar to leverage more data elements than they did previously.

在本季度和全年，聯網電視繼續成為我們在全球範圍內增長最快的頻道。正如 Jeff 提到的，Solimar 現在的採用率超過 50%，我們看到了可喜的結果，因為客戶平均利用 Solimar 來利用比以前更多的數據元素。

In Q4, our partnership with Walmart officially kicked off. UID2 had significant momentum. And as we have consistently stated, we have seen no material impact on our business from the iOS platform changes in 2021.

第四季度，我們與沃爾瑪的合作正式啟動。 UID2 勢頭強勁。正如我們一貫所說，我們沒有看到 2021 年 iOS 平台變化對我們的業務產生重大影響。

In addition to the strong top line performance in Q4, we generated $192 million in adjusted EBITDA or about 48% of revenue. When we outperform on the top line, we often see that outperformance drop down to EBITDA, which it did again in Q4.

除了第四季度強勁的營收表現外，我們的調整後 EBITDA 為 1.92 億美元，約佔收入的 48%。當我們在頂線上表現出色時，我們經常看到出色表現下降至 EBITDA，它在第四季度再次出現這種情況。

EBITDA continued to benefit from temporarily lower-than-expected operating expense growth, partly driven by the continued virtual environment that we are still predominantly operating in. Even recognizing that, we are extremely proud of our continued ability to substantially grow our top line revenue while also producing meaningfully positive EBITDA.

EBITDA 繼續受益於暫時低於預期的運營費用增長，部分原因是我們仍主要在其中運營的持續虛擬環境。即使認識到，我們也為我們持續大幅增長收入的能力感到非常自豪，同時也產生有意義的正 EBITDA。

From a scaled channel perspective, CTV by a wide margin led our growth again during the quarter. For Q4, video, which includes CTV and mobile, each represented the largest percentage share of spend. Display, which also grew very nicely in Q4, and audio ended the year representing about 15% and 5% of our business, respectively.

從規模化渠道的角度來看，CTV 在本季度再次大幅領先我們的增長。對於第 4 季度，視頻（包括 CTV 和移動設備）分別佔支出的最大百分比。顯示，在第四季度也增長得非常好，音頻分別占我們業務的 15% 和 5%。

Geographically, North America represented 86%, and international represented 14% of our business for the quarter. Shanghai and Hong Kong drove spend growth in Northern APAC, and Australia and Singapore led our growth in Southern APAC. In terms of EMEA, our London and Paris offices led the way. CTV growth across EMEA was again quite strong in Q4 and still represents a fraction of the share of spend we see in North America.

從地域上看，北美佔本季度業務的 86%，國際業務占我們業務的 14%。上海和香港推動了北亞太地區的支出增長，澳大利亞和新加坡引領了我們在南亞太地區的增長。在 EMEA 方面，我們的倫敦和巴黎辦事處處於領先地位。在第四季度，歐洲、中東和非洲地區的 CTV 增長再次相當強勁，仍然只占我們在北美看到的支出份額的一小部分。

In terms of the verticals that represent at least 1% of our spend, nearly all of them exhibited healthy growth during the quarter. Shopping, which includes e-commerce, hobbies and interest in business were the strongest performers in Q4. We believe there is still the potential for share gain and improvement in most of our verticals. The law and politics vertical decelerated materially year-over-year in Q4 as expected due to the comparison against the 2020 U.S. election cycle.

就占我們支出至少 1% 的垂直領域而言，幾乎所有垂直領域在本季度都表現出健康增長。包括電子商務、愛好和對商業的興趣在內的購物是第四季度表現最強勁的。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。由於與 2020 年美國大選週期相比，法律和政治垂直領域在第四季度的同比大幅下降，正如預期的那樣。

Operating expenses were $421 million in Q4, up 97% from a year ago. As expected, the growth in operating expenses during the quarter was driven primarily by stock-based compensation. Specifically, $158 million in stock-based compensation expense related to a long-term CEO performance award that was recorded in G&A expense. The $158 million expense included a tranche of the grant that accelerated based on stock price achievement and relative benchmark performance thresholds during Q4. In Q4, excluding stock-based compensation, operating expenses were $216 million, up 23% year-over-year. For the full year, we gained significant operating leverage in both our platform operations and G&A areas as we scaled the business and improved our efficiency.

第四季度的運營費用為 4.21 億美元，同比增長 97%。正如預期的那樣，本季度運營費用的增長主要是由基於股票的薪酬推動的。具體而言，1.58 億美元的股票薪酬費用與記錄在 G&A 費用中的長期 CEO 績效獎勵有關。 1.58 億美元的支出包括根據第四季度股價實現和相對基準績效閾值加速的贈款的一部分。第四季度，不包括股票薪酬，運營費用為 2.16 億美元，同比增長 23%。全年，隨著我們擴大業務規模並提高效率，我們在平台運營和 G&A 領域都獲得了顯著的運營槓桿。

Income tax was a benefit of $35 million in the quarter, mainly due to the tax benefits associated with employee stock-based awards, the timing of which can be variable. Adjusted net income for the quarter was $208 million or $0.42 per fully diluted share. Net cash provided by operating activities was $163 million, and free cash flow was $151 million in Q4. 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.

本季度所得稅帶來了 3500 萬美元的收益，主要是由於與員工股票獎勵相關的稅收優惠，其時間可能是可變的。本季度調整後的淨收入為 2.08 億美元或每股完全稀釋後的每股 0.42 美元。第四季度經營活動提供的淨現金為 1.63 億美元，自由現金流為 1.51 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 Q4 were 107 days, down 14 days from a year ago. DPOs were 91 days, down 10 days from a year ago.

退出第四季度的 DSO 為 107 天，比一年前減少了 14 天。 DPO 為 91 天，比一年前減少了 10 天。

We exited Q4 with a strong cash and liquidity position. Our balance sheet had $959 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四季度。截至本季度末，我們的資產負債表中有 9.59 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 now to our outlook. The year has started out strong, and we estimate Q1 revenue to be at least $303 million, which would represent growth of 38% on a year-over-year basis, which is a slight acceleration over the prior year. We estimate adjusted EBITDA to be approximately $91 million in Q1.

現在轉向我們的前景。今年開局強勁，我們估計第一季度收入至少為 3.03 億美元，同比增長 38%，比上一年略有加速。我們估計第一季度調整後的 EBITDA 約為 9100 萬美元。

Turning now to expenses. In 2022, we anticipate our stock-based compensation to rise from our normal run rate. This is being driven by approximately $265 million of stock-based compensation expense we expect to include in 2022 related to the long-term CEO performance award. At the end of 2021, the performance award had $616 million in unrecognized stock-based compensation, which is expected to be included in our G&A expense over approximately 4 years but could be accelerated if the threshold criteria is met earlier than expected. 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.

現在轉向開支。到 2022 年，我們預計基於股票的薪酬將從我們的正常運行率上升。這是由大約 2.65 億美元的股票薪酬費用推動的，我們預計將在 2022 年包括與長期 CEO 績效獎相關的股票薪酬費用。到 2021 年底，績效獎有 6.16 億美元未確認的基於股票的薪酬，預計將在大約 4 年內計入我們的 G&A 費用，但如果比預期更早滿足門檻標準，則可能會加速。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。

Excluding the performance grant for 2022, we expect total operating expense growth to increase on a year-over-year basis. Considering our ability to generate strong EBITDA and cash flow, we see significant opportunities to invest in our business with a massive available market in front of us that can generate long-term growth such as the generational shift to connected TV, the expanding retail data opportunity and the expectation that our international operations will grow faster than North America over the long term.

不計 2022 年的績效補助，我們預計總運營費用將同比增長。考慮到我們產生強勁的 EBITDA 和現金流的能力，我們看到了巨大的機會來投資我們的業務，因為我們面前有一個巨大的可用市場，可以產生長期增長，例如向聯網電視的世代轉變、不斷擴大的零售數據機會以及長期來看，我們的國際業務增長速度將超過北美。

To help take advantage of those opportunities, we expect to increase our rate of hiring over pandemic-affected periods and will do so in a competitive hiring market. We also expect that return-to-work expenses will begin to revert to prepandemic levels, including live events, travel and other related activities.

為了幫助利用這些機會，我們希望在大流行影響期間提高我們的招聘率，並將在競爭激烈的招聘市場中這樣做。我們還預計，重返工作崗位的費用將開始恢復到大流行前的水平，包括現場活動、旅行和其他相關活動。

Understanding all of that, we do expect the operating expense structure of the company to be better than it was prior to the pandemic, and over the long term, expect sales and marketing and technology and development areas to represent a larger share of our investment. We are proud of the fact that we are one of the few high-growth technology companies that can consistently generate strong adjusted EBITDA and free cash flow.

了解所有這些後，我們確實預計公司的運營費用結構將比大流行之前更好，並且從長遠來看，預計銷售和營銷以及技術和開發領域將占我們投資的更大份額。我們感到自豪的是，我們是少數能夠持續產生強勁的調整後 EBITDA 和自由現金流的高增長科技公司之一。

We expect 2022 capital expenditures and capitalized software investments to be at least $75 million. We expect data center and infrastructure spend to drive the majority of the growth year-over-year and represent a larger share of our expenditures relative to office facilities compared to the prior year.

我們預計 2022 年的資本支出和資本化軟件投資至少為 7500 萬美元。我們預計數據中心和基礎設施支出將推動同比增長的大部分，並且與去年相比，相對於辦公設施的支出占我們支出的更大份額。

And finally, with regards to tax, absent any changes to U.S. tax laws, we expect our full year 2022 tax rate to be about 25%. This is obviously impacted by any tax benefits associated with employee stock-based awards, the timing of which can be variable.

最後，關於稅收，在美國稅法沒有任何變化的情況下，我們預計 2022 年全年的稅率約為 25%。這顯然受到與員工股票獎勵相關的任何稅收優惠的影響，其時間可能是可變的。

In closing, we are pleased with the momentum of our business and the strong start to the year. We are highly optimistic about the long-term prospects for our business in 2022 and beyond. With large growth drivers such as CTV, our international business, our retail data opportunity that just kicked off in Q4 with the Walmart DSP, the 2022 midterm elections in the U.S. and our recent platform upgrade in Solimar, I believe we have significant opportunities to grow our business. In addition, we are in a position to drive not only long-term growth, but also to scale our business efficiently and continue to improve in the years to come.

最後，我們對我們的業務發展勢頭和今年的強勁開局感到滿意。我們對 2022 年及以後業務的長期前景高度樂觀。憑藉 CTV、我們的國際業務、我們剛剛在第四季度與沃爾瑪 DSP 啟動的零售數據機會、美國 2022 年中期選舉以及我們最近在 Solimar 的平台升級等巨大的增長驅動因素，我相信我們有很大的增長機會我們的業務。此外，我們不僅能夠推動長期增長，而且能夠有效地擴展我們的業務並在未來幾年繼續改進。

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) Your first question is coming from Shyam Patil from Susquehanna.

（操作員說明）您的第一個問題來自 Susquehanna 的 Shyam Patil。

Congrats on the fourth quarter results and the strong outlook. I just had one question. Jeff, there's some news out this morning. I was hoping you'd comment on the -- just curious for your initial thoughts on the Android news. And just what kind of impact do you see for The Trade Desk and the industry?

祝賀第四季度業績和強勁的前景。我只有一個問題。傑夫，今天早上有一些消息。我希望你能評論——只是好奇你對 Android 新聞的最初想法。您認為 The Trade Desk 和行業會產生什麼樣的影響？

You bet. Well, first of all, thanks, Shyam, for the kind words. I am incredibly proud of the team. I'm proud of what we accomplished in 2021, and especially just an amazingly strong finish in Q4. And then I'm just equally encouraged by the momentum so far this year. So I just want to really underline that because I do think that there's a lot of discussion, including -- much of my morning was just reading about Google's announcement. And I will just say I'm incredibly encouraged -- by the way, this is rolling out. So first, I don't believe that this will have a negative impact on our business, and I think it has a good chance of having a positive impact on our business.

你打賭。好吧，首先，感謝 Shyam 的客氣話。我為團隊感到無比自豪。我為我們在 2021 年取得的成就感到自豪，尤其是在第四季度取得了驚人的強勁表現。然後我同樣對今年迄今為止的勢頭感到鼓舞。所以我只想真正強調這一點，因為我確實認為有很多討論，包括 - 我早上的大部分時間都在閱讀關於谷歌的公告。我只想說我非常受鼓舞——順便說一句，這正在推出。首先，我認為這不會對我們的業務產生負面影響，而且我認為它很有可能對我們的業務產生積極影響。

But -- so in order to understand that, though, of course, you just have to acknowledge that Google is getting hit from all sides as it relates to antitrust scrutiny as well as privacy scrutiny. So this move by Google is not a surprise. It's not like Android could just sit around and be the only platform not to pull back on implicit data sharing. But they've created an amazing transition period, which I think is very good for the industry and something that they've learned from, I would say, Apple's mistake on this. And the rhetoric is really focused on improving the Internet. And a lot of things that they are saying now are different than things that they've said in the past.

但是 - 因此，為了理解這一點，當然，你只需要承認谷歌在反壟斷審查和隱私審查方面受到了各方的打擊。所以穀歌的這一舉動並不令人意外。這不像 Android 可以坐視不理，成為唯一不撤回隱式數據共享的平台。但他們創造了一個驚人的過渡期，我認為這對行業非常有利，他們從中學到了一些東西，我想說，蘋果在這方面的錯誤。言辭真正集中在改善互聯網上。他們現在所說的很多事情都與他們過去所說的不同。

So from our perspective, we say bring on the explicit opt-in future. When the UID is present and we get an opt-in, great. And when we don't, we'll do modeling, and we're going to be fine no matter what.

因此，從我們的角度來看，我們說引入明確的選擇加入未來。當 UID 存在並且我們可以選擇加入時，太好了。當我們不這樣做時，我們將進行建模，無論如何我們都會好起來的。

I'll also just note that Google has recently, of course, tested FLoC and Topics, and neither have gone very well. And they haven't been very -- received very well in the antitrust discussions in particular, but also in especially FLoC's case in the privacy discussions. So I'm really encouraged by Google pressing the point that they are committed to treating themselves equally as per their agreements with regulators.

我還要注意的是，谷歌最近當然測試了 FLoC 和 Topics，但都不是很順利。他們在反壟斷討論中並沒有得到很好的接受，特別是在 FLoC 的隱私討論中。因此，谷歌強調他們致力於根據與監管機構的協議平等對待自己，這讓我感到非常鼓舞。

In other words, foundationally, Google needs targeted advertising. And as a result, that makes them a good partner of ours in this fight to just get things right between that balance of the quid pro quo of the Internet.

換句話說，從根本上說，谷歌需要有針對性的廣告。因此，這使他們成為我們在這場鬥爭中的好夥伴，以在互聯網的交換條件之間取得正確的平衡。

As it relates to mobile specifically, mobile device IDs are, of course, relevant to in-app advertising, but that isn't all of mobile. And so just an important note there. And then Facebook and others have to monetize every impression, and most of those impressions are mobile. But we look at all the ad opportunities and choose the ones that are best. So I was using an example, it's not uncommon for a Fortune 500 company to be looking at 10 million QPS via our platform, and then they select the 1,250 that are the best for them. If that denominator changes a little bit, if it moves from 11 million to 10 million, then they just choose a different set of impressions. But I've used that before. In this case, that isn't actually the right way to think about this one. We're actually still getting the 11 million QPS. They're just slightly less appealing because of perhaps less metadata.

因為它特別與移動有關，所以移動設備 ID 當然與應用內廣告相關，但這並不是移動的全部。所以只是一個重要的說明。然後 Facebook 和其他公司必須通過每一次展示獲利，而這些展示中的大部分都是移動的。但我們會查看所有廣告機會並選擇最好的。所以我舉了一個例子，財富 500 強公司通過我們的平台查看 1000 萬 QPS 的情況並不少見，然後他們選擇最適合他們的 1250 個 QPS。如果這個分母發生了一點變化，如果它從 1100 萬變為 1000 萬，那麼他們只是選擇了一組不同的展示次數。但我以前用過。在這種情況下，這實際上不是思考這個問題的正確方法。我們實際上仍在獲得 1100 萬 QPS。由於元數據可能較少，它們的吸引力稍差。

So we're still going to get to choose, and it doesn't really change our value proposition at all. It does perhaps shift some dollars to impressions that just have more metadata, most notably into CTV. But if I'm Google -- and I just want to encourage everybody to think about this for a second, and I have to respond to all of these pressures from all these different areas, I actually want to see things like UID2 succeed, but I'm under way too much scrutiny to endorse it or especially to propose it myself, but I want to see it succeed.

所以我們仍然可以選擇，它根本不會真正改變我們的價值主張。它可能會將一些美元轉移到只有更多元數據的展示上，尤其是轉移到 CTV 上。但如果我是谷歌——我只是想鼓勵每個人考慮一下這個問題，我必須應對來自所有這些不同領域的所有壓力，我真的希望看到像 UID2 這樣的事情成功，但是我正在接受太多審查，無法支持它，尤其是我自己提出建議，但我希望看到它成功。

So in other words, I can't carry the ball, but I can block. To me, what they did today is they are blocking. And this is an amazing setup for UID2, and it makes CTV advertising even more appealing. Everything in CTV has a log-in, and that log-in is controlled by the content owners. And those content owners, none of them have a monopoly, and none of them own a sizable OS. So the log-in makes personalization up to the content owners.

所以換句話說，我不能帶球，但我可以阻擋。對我來說，他們今天所做的就是阻止。這對於 UID2 來說是一個了不起的設置，它使 CTV 廣告更具吸引力。 CTV 中的所有內容都有一個登錄，並且該登錄由內容所有者控制。而那些內容所有者，他們都沒有壟斷，也沒有一個擁有相當大的操作系統。因此，登錄使內容所有者個性化。

Lastly, related to this, Apple is doing more and more non-ad personalization using their Apple ID. And I think this is indicative of the future. It's an opt-in future with clear consent to provide personalization, perpetuating the very amazing quid pro quo of the open Internet. And to me, that sounds a lot like what we've been after from the very beginning. So like we said, bring on the explicit opt-in future.

最後，與此相關的是，Apple 正在使用他們的 Apple ID 進行越來越多的非廣告個性化。我認為這預示著未來。這是一個選擇加入的未來，明確同意提供個性化，使開放互聯網的非常驚人的交換條件得以延續。對我來說，這聽起來很像我們從一開始就追求的。所以就像我們說的那樣，引入明確的選擇加入未來。

Your next question is coming from Vasily Karasyov from Cannonball Research.

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

Jeff, I wanted to follow up on your comments on shopper marketing. So can you give us more details about how Walmart -- the launch went in Q4 and where your relationship with Walmart is going this year and maybe in the future? And also Walgreens' announcement yesterday, how different is that from what you are doing with Walmart? And are you talking to other retailers? And if you are, what kind of pushback or gating factors are you seeing there?

傑夫，我想跟進您對購物者營銷的評論。那麼，您能否向我們提供有關沃爾瑪在第四季度推出的更多細節，以及您與沃爾瑪的關係今年以及未來可能走向何方？還有沃爾格林昨天的公告，這與你在沃爾瑪所做的有什麼不同？您是在與其他零售商交談嗎？如果你是，你在那裡看到什麼樣的阻力或限制因素？

You bet. Thanks, Vasily. So first, Walmart has been a fantastic partner. We are working very closely to just pioneer new thinking about retailer and brand relationships and, of course, shopper marketing and retail data. As you know, we launched in Q4. It was really a test phase where we had roughly 20 large brands that we're running on Walmart's DSP, of course, powered on our platform.

你打賭。謝謝，瓦西里。所以首先，沃爾瑪一直是一個了不起的合作夥伴。我們正在密切合作，以開拓關於零售商和品牌關係的新思維，當然還有購物者營銷和零售數據。如您所知，我們在第四季度推出。這實際上是一個測試階段，我們在沃爾瑪的 DSP 上運行了大約 20 個大品牌，當然，這些都是在我們的平台上運行的。

We are continuing to just partner with more and more retailers. Most notably, we just announced yesterday our partnership with Walgreens where they are launching their own self-service and clean room solutions on our platform.

我們將繼續與越來越多的零售商合作。最值得注意的是，我們昨天剛剛宣布與 Walgreens 合作，他們將在我們的平台上推出自己的自助服務和潔淨室解決方案。

So I want to emphasize, the shopper marketing TAM is at least $100 billion. There's a lot of discussion about antitrust these days. And I don't think there's much antitrust reasoning to be in retail because of how fragmented and how many opportunities there are in that space. Of course, we're talking to many of them. And it's just a reminder of really what closing the loop -- the value of that sort of holy grail of retail data is about closing the loop. So we've read a lot about just measurement being affected in Facebook's earnings, but that is very different in a world where you have data at the time of conversion.

所以我想強調，購物者營銷 TAM 至少是 1000 億美元。這些天有很多關於反壟斷的討論。而且我認為零售業沒有太多的反壟斷理由，因為該領域的碎片化程度和機會很多。當然，我們正在與他們中的許多人交談。它只是提醒人們真正關閉循環 - 那種零售數據聖杯的價值在於關閉循環。因此，我們已經閱讀了很多關於 Facebook 收入僅影響衡量的信息，但在轉換時擁有數據的世界中，情況就大不相同了。

And so to me, like all the landscape changes that have happened in the last few months are just actually pointing to the need for these retail partnerships as well as the strategies that we're seeing deployed by many of the biggest retailers in the world. So we're very encouraged by it. We expect more partnerships to come, and we expect retail and shopper marketing to continue to grow. '22 is going to be an amazing year for that growing up.

所以對我來說，就像過去幾個月發生的所有景觀變化一樣，實際上只是指出了對這些零售合作夥伴關係的需求，以及我們看到世界上許多最大零售商部署的策略。所以我們對此感到非常鼓舞。我們預計會有更多的合作夥伴關係，我們預計零售和購物者營銷將繼續增長。 '22 將是成長的驚人的一年。

Your next question is coming from Justin Patterson from KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

Jeff, could you please expand on why OpenPath isn't a threat to the SSPs as well as just the significance of dropping Google's Open Bidding? And then for Trade Desk specifically, how should we think about the potential benefit to spend and unit economics on the platform from this type of initiative, particularly as it starts to pair up with Unified ID 2?

Jeff，您能否詳細說明為什麼 OpenPath 不會對 SSP 構成威脅，以及放棄 Google 公開競標的意義？然後特別是對於 Trade Desk，我們應該如何考慮這種舉措在平台上的潛在收益和單位經濟效益，特別是當它開始與 Unified ID 2 配對時？

You bet. So let me first start by explaining what Open Bidding is, and then I'll talk about what OpenPath is because there's 2 separate strategic moves that were made on the same day. So earlier this week, we announced that we were doing these 2 things, the first of which was that we were no longer going to bid or participate in Open Bidding or Google's alternative to header bidding. Many of you who've been involved with us for a while remember that the advent of header bidding was one of the best things that ever happened to us as a company and one of the best things that happened to the open Internet.

你打賭。因此，讓我首先解釋什麼是公開招標，然後我將討論什麼是 OpenPath，因為在同一天進行了兩個獨立的戰略舉措。所以本週早些時候，我們宣布我們正在做這兩件事，第一件事是我們不再投標或參與公開投標或谷歌的標頭投標替代方案。許多與我們合作過一段時間的人都記得，標頭競價的出現是我們公司發生的最好的事情之一，也是開放互聯網發生的最好的事情之一。

What header bidding did is it made the market more competitive, and it took the publisher decisioning of which ad to show away from Google and put it into this open source header technology. It's called header bidding because it's a code that just gets placed in the header tag of a Web page. But Google created OB as a response to it, and it definitely had a positive effect for Google, but we don't believe that it created a level playing field, certainly favored some parties over others.

標頭競價的作用是使市場更具競爭力，並且它需要發布商決定從 Google 展示哪個廣告並將其放入這種開源標頭技術中。它被稱為標頭競價，因為它是一個代碼，只是放置在網頁的標頭標籤中。但是谷歌創建了 OB 作為對它的回應，它肯定對谷歌產生了積極的影響，但我們不認為它創造了一個公平的競爭環境，肯定有利於某些方面而不是其他方面。

If you read that Texas Attorney General's complaint and you read about Jedi Blue and some of the allegations there, those are all related to Open Bidding. So naturally, we wanted to turn that off, knowing that nearly every publisher in there has another path to that inventory. So we don't lose out on any of the inventory. We just bias towards paths that are a little bit more transparent and more fair, which we think is good for our advertisers and good for everybody else.

如果您閱讀了德克薩斯州總檢察長的投訴並閱讀了有關 Jedi Blue 以及那裡的一些指控，那麼這些都與公開招標有關。所以很自然地，我們想關閉它，因為我們知道那裡的幾乎每個出版商都有通往該廣告資源的另一條路徑。所以我們不會丟失任何庫存。我們只是偏向於更透明和更公平的路徑，我們認為這對我們的廣告商和其他所有人都有好處。

So the only people that it's not good for are those that were benefiting unfairly or wouldn't compete in -- wouldn't be able to compete in a fair marketplace. So as a result, we also decided to launch OpenPath, which basically gives publishers the ability to integrate with us directly. Now I just want to be emphatically clear here, this is not us getting into the SSP business. At the core, an SSP is just providing yield management, trying to give publishers the highest yield possible, and they typically are trying to manage a large chunk of their inventory.

因此，唯一不適合的人是那些不公平地受益或不會參與競爭的人——他們無法在公平的市場上競爭。因此，我們也決定推出 OpenPath，它基本上讓出版商能夠直接與我們集成。現在我只想在這裡強調清楚，這不是我們進入 SSP 業務。 SSP 的核心只是提供收益管理，試圖為發布商提供盡可能高的收益，他們通常會嘗試管理大量庫存。

Instead, what we're doing is we're enabling them to integrate with us directly. So in the cases where we want to bid, they will get that bid directly to them and then they can compare that to their other sources of demand so that they can do their own yield management. We expect this will often be the case with very large publishers, and we think this will have a very positive effect on the state of the supply chain in both CTV and especially in journalism.

相反，我們正在做的是讓他們直接與我們整合。因此，在我們想要出價的情況下，他們會直接向他們提出出價，然後他們可以將其與其他需求來源進行比較，以便他們可以進行自己的收益管理。我們預計大型出版商通常會出現這種情況，我們認為這將對 CTV 尤其是新聞業的供應鏈狀況產生非常積極的影響。

We wanted to start with journalism because that was the one most affected by header bidding for the positive, and in some ways, most negatively affected by all the changes that have happened in the supply chain and the -- despite what's happening over identity. Meanwhile, there's all of these journalistic outlets that are trying to monetize as optimally as possible. And with all these SKUs over identity, including many of which that are dependent on mobile apps, they need high CPMs to just stay in business.

我們想從新聞業開始，因為這是受正面競標影響最大的領域，在某些方面，受供應鏈中發生的所有變化的負面影響最大，儘管身份發生了變化。與此同時，所有這些新聞媒體都在嘗試盡可能優化貨幣化。由於所有這些 SKU 超越了身份，包括許多依賴於移動應用程序的 SKU，他們需要高 CPM 才能維持業務。

So we're so excited that what this represents at launch is 70% of the newspaper readership in the United States. Between Reuters, Washington Post, USA Today, Hearst, Conde Nast, Tribune and just many, many others, we think this represents just a huge lifeline to the journalistic community.

所以我們很興奮，這在發佈時代表了美國 70% 的報紙讀者。在路透社、華盛頓郵報、今日美國、赫斯特、康泰納仕、論壇報和許多其他人之間，我們認為這只是新聞界的一條巨大生命線。

I do want to just underline one more time, there is nothing more important to us than preserving our objectivity. That means that we are in this for the buyer. We're representing advertisers and agencies in the decisions that we make. That will continue. We're just willing to transmit that bid directly to the content owner when it's possible and when they want that. And as a result, we think that creates a more effective supply chain and gives more momentum to the open Internet that is largely being fueled by connected TV.

我想再強調一次，對我們來說，沒有什麼比保持我們的客觀性更重要了。這意味著我們是為買方服務的。在我們做出的決定中，我們代表廣告商和代理機構。這將繼續。我們只是願意在可能的情況下以及他們想要的時候將該出價直接傳送給內容所有者。因此，我們認為這將創建更有效的供應鏈，並為主要由聯網電視推動的開放互聯網提供更多動力。

Your next question is coming from Tim Nollen from Macquarie.

您的下一個問題來自麥格理的 Tim Nollen。

I'd like to turn back to the CTV topic, if I could, Jeff. You mentioned the upfront markets coming up and your role in the digital upfront. So I wonder if you could talk a bit more about maybe the upfronts in general -- I think it's not just digital -- and sort of what you're doing with the network groups and the agencies in that process. Relatedly, could you address the availability of ad impressions in CTV, which, I guess, have fluctuated over the years from being in short supply to being more plentiful? Maybe what is the current state overall and within all of these OTT services that you're servicing?

如果可以的話，我想回到 CTV 話題，傑夫。您提到了即將到來的前期市場以及您在數字前期中的作用。所以我想知道你是否可以多談談一般的前期 - 我認為這不僅僅是數字 - 以及你在這個過程中與網絡團體和機構所做的事情。與此相關的是，您能否解決 CTV 中廣告展示次數的可用性問題，我猜，這些年來，CTV 的廣告展示次數從供不應求變為更加豐富？也許您所服務的所有這些 OTT 服務的整體現狀和現狀如何？

And then lastly, if I could just tuck one in relatedly as well. You mentioned measurement for CTV. Any more color you could give us on your efforts in helping measure CTV more effectively would be great.

最後，如果我也可以把一個相關的東西塞進去。您提到了 CTV 的測量。您可以在幫助更有效地測量 CTV 方面為我們提供更多顏色，這將是很棒的。

You bet. So first, I'll just say I've never been more bullish on CTV than we are right now. And that's in large part because of all of our partnerships with the content owners. And again, just as we've integrated with them directly more and more as time has gone on and as we've seen them grow, as we've seen them test AVOD, SVOD and hybrid models, we're seeing more and more a move towards AVOD. And that speaks to your -- I think the third part of your question, which is about what's happening to the inventory.

你打賭。所以首先，我只想說我從來沒有像現在這樣看好 CTV。這在很大程度上是因為我們與內容所有者的所有合作夥伴關係。再一次，正如我們隨著時間的推移越來越多地直接與它們集成一樣，隨著我們看到它們的成長，當我們看到它們測試 AVOD、SVOD 和混合模型時，我們看到的越來越多向 AVOD 邁進。這說明了你的問題——我認為你的問題的第三部分是關於庫存發生了什麼。

It started out that most of us that are consuming on -- and I'm speaking as a consumer for a minute. Most of us did our consumption on Amazon and Netflix SVOD offerings. And then over time, we were introduced to things like Hulu and now so many others that are AVOD or hybrid like in Hulu's case. And as we've learned from so many of them, it's often a better way for them to monetize to be an AVOD company. And it also is what the consumer typically prefers. As in Hulu's case, 80% of consumers prefer the ads.

一開始，我們大多數人都在消費——我以消費者的身份發言一分鐘。我們大多數人都在亞馬遜和 Netflix SVOD 產品上消費。然後隨著時間的推移，我們被介紹了像 Hulu 這樣的東西，現在還有很多其他的 AVOD 或混合，比如 Hulu 的案例。正如我們從他們中的許多人那裡學到的那樣，這通常是他們通過成為 AVOD 公司獲利的更好方式。這也是消費者通常喜歡的。在 Hulu 的案例中，80% 的消費者更喜歡廣告。

Now some of that has been a phenomenon for many years, but that predates what I'll describe as what is now peaking, which is subscription fatigue. And so that was true at Hulu many years ago. It's still -- it's even more true today because, of course, there's more subscriptions. It takes more work to figure out where to watch what you want to watch. It is. And for the average American household to be paying for 15 subscriptions instead of 2 or 3 that they were a few years ago, the cost is prohibitive. So insert AVOD. And now all of those companies are graded on subscribers. How many subscribers do they get? And just some pretty impressive numbers across the board and just from many of them, as we watched how they reported on their last year.

現在，其中一些已經存在多年的現象，但這早於我將描述為現在達到頂峰的情況，即訂閱疲勞。多年前在 Hulu 也是如此。它仍然是 - 今天更是如此，因為當然，有更多的訂閱。弄清楚在哪裡觀看您想觀看的內容需要更多的工作。它是。對於普通的美國家庭來說，要支付 15 次訂閱，而不是幾年前的 2 或 3 次，成本高得令人望而卻步。所以插入 AVOD。現在所有這些公司都根據訂閱者進行評分。他們有多少訂閱者？當我們看到他們如何報告他們去年的情況時，只有一些非常令人印象深刻的數字，而且只是來自他們中的許多人。

But in order for them to keep those subscribers, they have to make it affordable. So we expect to see more and more of them adopting advertising. They need that to be relevant so that they show a fewer ads that are more relevant to the user so that they keep an amazing experience for the consumer, but then the consumer can also afford it. And so I believe strongly that the most promising part of our future is in CTV because of those market dynamics.

但為了讓他們留住這些訂戶，他們必須讓它負擔得起。因此，我們希望看到越來越多的人採用廣告。他們需要相關性，以便他們展示與用戶更相關的更少廣告，以便為消費者保持驚人的體驗，但消費者也可以負擔得起。因此，我堅信，由於這些市場動態，我們未來最有希望的部分是 CTV。

Now the last part of your question about upfronts. Basically, for those of you that are unaware of the upfront process, what used to happen is everybody would come together at certain seasons of the year to buy all the ads on an upfront basis, and you would try to bet on the shows that you thought were going to be successful. And the model was really built before there was anything digital and when there weren't that many content companies. But nevertheless, there still is this desire to go to an event or an upfront schedule and get some sense of plan for the rest of the year and get some sense of inventory and to make commitments where sometimes big advertisers can use their size to get a better deal, if you will. And then publishers are willing to trade that better deal for assurances that they're going to get spent.

現在是關於前期問題的最後一部分。基本上，對於那些不了解前期流程的人來說，過去發生的情況是，每個人都會在一年中的某些季節聚集在一起，預先購買所有廣告，然後你會嘗試在節目上打賭，你以為會成功。這個模型真的是在數字化之前建立起來的，當時還沒有那麼多內容公司。但是，儘管如此，仍然有這種願望去參加一個活動或預先安排好今年剩餘時間的計劃，了解一些庫存，並做出承諾，有時大廣告商可以利用他們的規模來獲得一個更好的交易，如果你願意的話。然後出版商願意用更好的交易來換取他們會花掉的保證。

But what's increasingly brought into the equation is the need for audience and data. And that's not really conducive to just signing an insertion order or contract that sells all the inventory to one company. You need to put your audience data to work. You need real-time decisioning because you don't really know who's going to be watching, what the characteristics are. And so as a result, more and more of those upfront discussions are bringing us into the middle between those 2 entities so that we can enable better decisioning and higher CPMs for the publisher and, of course, better decisions for the advertisers.

但是，越來越多地被納入等式的是對受眾和數據的需求。這實際上不利於簽署將所有庫存出售給一家公司的廣告訂單或合同。您需要讓您的受眾數據發揮作用。您需要實時決策，因為您並不真正知道誰將在觀看，什麼特徵是什麼。因此，越來越多的前期討論將我們置於這兩個實體之間，以便我們能夠為發布商提供更好的決策和更高的每千次展示費用，當然，也為廣告商提供更好的決策。

So we're very encouraged by the invitations to the upfronts, by the type of deals that are being struck and by how often audience and full data decisioning is now being brought into upfront discussions, which we believe are going to transform the upfronts in years -- over the next few years. But that's all good news for us. That's good news for decisioning. That's good news for CPMs. And that's good news for the TV landscape, which is getting more and more competitive and gravitating more and more towards AVOD.

因此，我們對前期的邀請、正在達成的交易類型以及現在將受眾和完整數據決策納入前期討論的頻率感到非常鼓舞，我們相信這將在幾年內改變前期——在接下來的幾年裡。但這對我們來說都是好消息。這對決策來說是個好消息。這對 CPM 來說是個好消息。這對電視領域來說是個好消息，競爭越來越激烈，越來越傾向於 AVOD。

Your next question is coming from Youssef Squali from Truist Securities.

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

Jeff, congrats on the consistent performance. Two questions, please. For Unified ID 2.0, you're clearly getting a lot of adoption within agencies, within streaming media networks, et cetera. Can you maybe speak to adoption within the large advertiser base? Maybe anything to share in terms of adoption within the top 100? Can you give maybe examples of how they're actually using it?

傑夫，祝賀你的一貫表現。請教兩個問題。對於統一 ID 2.0，您顯然會在代理機構、流媒體網絡等中得到大量採用。您能談談在大型廣告客戶群中的採用嗎？也許在前 100 名中的採用率方面有什麼可以分享的？您能否舉例說明他們如何實際使用它？

And on Solimar, thanks for the -- some of the metrics you shared. But can you maybe share some additional color on any learnings from the upgrade in terms of the customer experience and maybe the lift in spend relative to either the previous platform you had or even relative to your expectations?

在 Solimar 上，感謝您分享的一些指標。但是，您能否就客戶體驗方面的任何升級經驗分享一些額外的色彩，或者相對於您擁有的先前平台甚至相對於您的期望的支出提升？

You bet. So first of all, thanks for the question. Excited to talk on both of these topics. So first, I was prepared to answer a question like this by saying something like as I look back on last year, I don't think the momentum could have been any better. But now that I look at today's announcement from Google, I expect this to help our momentum. So when I say momentum couldn't have been any better, given all the macro environment, it could have been any better then, but it's going to be even better now.

你打賭。所以首先，謝謝你的問題。很高興就這兩個話題進行討論。因此，首先，我準備回答這樣的問題，回首去年，我認為勢頭不會更好。但現在我看到谷歌今天的公告，我希望這有助於我們的發展勢頭。所以當我說勢頭再好不過了，考慮到所有的宏觀環境，當時可能會更好，但現在會更好。

So our January avails with UID at present reached an all-time high in January. We continue to grow rapidly outside the United States, and we're just partnering all over the place with those that create infrastructure for the Internet. So -- and many people don't, I think, properly understand or value the partnerships that we have when we partner with companies like a LiveRamp or a Snowflake that are providing infrastructure for the Internet.

因此，我們目前在 1 月份使用 UID 的廣告在 1 月份達到了歷史最高水平。我們在美國以外繼續快速發展，我們只是在各地與那些為互聯網創建基礎設施的人合作。所以——我認為，當我們與像 LiveRamp 或 Snowflake 等為互聯網提供基礎設施的公司合作時，許多人並沒有正確理解或重視我們所擁有的合作夥伴關係。

Many of the largest advertisers on our platform are now transacting on UID or in the process of implementing Solimar does make that much, much easier to implement. And OpenPath will have a huge impact on just accelerating UID as well because as we integrate directly with many of the publishers, of course, the SDK will include both capabilities and some amount of encouragement to, of course, implement UID so that we can provide more data-driven advertising that provides higher CPMs.

我們平台上的許多最大的廣告商現在都在 UID 上進行交易，或者在實施 Solimar 的過程中確實使實施變得非常容易。 OpenPath 也會對加速 UID 產生巨大影響，因為我們直接與許多發布者集成，當然，SDK 將包括功能和一些鼓勵，當然，實現 UID 以便我們可以提供更多數據驅動的廣告，提供更高的每千次展示費用。

We're seeing significant increases around the world, maybe most notably in APAC, but the numbers are just very impressive at this point. We're on over billions of devices. So with the footprint that we have today, we're incredibly encouraged. And then with these sort of other external pressures on other players and the discussion on privacy and antitrust, those are actually creating secular tailwinds for UID2.

我們在全球範圍內看到了顯著的增長，也許在亞太地區最為顯著，但目前的數字非常令人印象深刻。我們在超過數十億台設備上。因此，憑藉我們今天擁有的足跡，我們感到非常鼓舞。然後隨著對其他參與者的這些其他外部壓力以及關於隱私和反壟斷的討論，這些實際上正在為 UID2 創造長期的順風。

As it relates to Solimar, amazing traction as well. I had hoped that we would have the majority of our impressions on it by this quarter or at least by the end of this quarter. We did it last quarter. So now over 50% of impressions are bought on Solimar. We expect over 100% by the end of the year, and I think that could even come sooner if things go really well. But we are looking at 100% of impressions bought on our new product or on Solimar before the end of this year. So a pretty amazing transition given we just launched that on 7/7.

由於它與 Solimar 有關，因此也具有驚人的牽引力。我曾希望我們能在本季度或至少在本季度末獲得大部分印象。我們上個季度做到了。所以現在超過 50% 的展示次數是在 Solimar 上購買的。我們預計到今年年底將超過 100%，如果事情進展順利，我認為這甚至會更快到來。但我們正在考慮在今年年底之前在我們的新產品或 Solimar 上購買的 100% 的印象。鑑於我們剛剛在 7 月 7 日推出了它，這是一個非常驚人的過渡。

But that's great and it makes it so that we have a better user experience. And we think that we have more stickiness because that experience is also just much easier for people to use and make decisions, but it also is driving more data usage, where that's -- the number of data elements applied to each impression has more than doubled. There's more usage of Koa, which is our AI and ML, where adoption is now over 90%. The average number of channels has increased by 50%. So channels being things like mobile, display, CTV, video, audio.

但這很棒，它使我們擁有更好的用戶體驗。而且我們認為我們有更多的粘性，因為這種體驗也更容易讓人們使用和做出決策，但它也推動了更多的數據使用，這就是 - 應用於每次展示的數據元素數量增加了一倍以上. Koa 的使用率更高，這是我們的 AI 和 ML，現在採用率超過 90%。平均頻道數量增加了 50%。所以渠道是諸如移動、顯示、CTV、視頻、音頻之類的東西。

So when you see that increase by 50%, what you're seeing is people being holistic in the way that they're buying. And for the first time ever, we're doing, I think, unprecedented work in comparing apples to oranges in the media landscape and then just seeing a massive increase in first-party data usage. And that is encouraged as well as enabled by UID as well.

因此，當您看到 50% 的增長時，您所看到的是人們在購買時是整體的。我認為，這是有史以來第一次，我們正在做前所未有的工作，將媒體領域的蘋果與橙子進行比較，然後只看到第一方數據使用量的大幅增加。 UID 也鼓勵並支持這一點。

So I expect Solimar to have a positive impact on UID, which was already going incredibly well. I expect OpenPath to have a positive impact. And I expect Google's recent announcement to also have a positive impact on UID2. So really, both of those things are some of the brightest spots of our 2022 ahead.

所以我預計 Solimar 會對 UID 產生積極影響，而 UID 已經非常順利。我預計 OpenPath 會產生積極的影響。而且我預計谷歌最近的聲明也會對 UID2 產生積極影響。真的，這兩件事都是我們未來 2022 年的一些亮點。

Your next question is coming from Laura Martin from Needham.

您的下一個問題來自 Needham 的 Laura Martin。

Can you hear me okay, Jeff?

傑夫，你能聽見我說話嗎？

We can.

我們可以。

So the question I've gotten more frequently this morning after you guys reported earnings is on CTV. So you've said a couple of times that CTV is growing faster and driving your growth. So the question then becomes, you grew your total year revenue of 42%, but the fourth quarter, 24%. Does that mean that CTV growth essentially halved? And any kind of metrics you can give us? And how big is CTV today as a percent of your total revenue? Any kind of clarity you can give us around CTV size and momentum and whether it's slowing CPMs, love that.

因此，在你們報告收益後，我今天早上更頻繁地提出的問題是關於 CTV 的。所以你已經說過幾次 CTV 的增長速度更快並推動了你的增長。那麼問題就變成了，你的年度總收入增長了 42%，但第四季度增長了 24%。這是否意味著 CTV 增長基本上減半？您可以給我們提供任何類型的指標嗎？今天的 CTV 佔您總收入的百分比有多大？您可以就 CTV 的規模和勢頭向我們提供任何清晰的信息，以及它是否會降低每千次展示費用，喜歡這一點。

Second, business model housekeeping item. Very excited about this data marketplace you talked about a lot today. My question is, do you have a rev share like Android does of the data that's bought on your platform? Or are you just getting more spend on your platform, and that's how you're making more money from implementing that data marketplace?

二是商業模式家政項目。對你今天經常談論的這個數據市場感到非常興奮。我的問題是，對於在您的平台上購買的數據，您是否有像 Android 那樣的 rev 份額？或者你只是在你的平台上花費更多，這就是你通過實施數據市場賺更多錢的方式？

You bet. And I'll take a first crack at both questions, and then if Chris or Blake want to add anything on the numbers. We don't break out any of our channels specifically as a total. I will say that CTV is definitely growing faster than the rest of our business. And I do believe CTV growth is leading the way.

你打賭。我會先回答這兩個問題，然後如果 Chris 或 Blake 想在數字上添加任何內容。我們不會將我們的任何頻道作為一個整體進行細分。我會說，CTV 的增長速度肯定比我們其他業務快。我確實相信 CTV 的增長正在引領潮流。

There are some unique things about comps and whatnot that I think they can talk about, but I don't think that's indicative of the growth of our business or the growth of CTV. So I'm not certain that, that comparison gives you any insight into the business or CTV specifically.

我認為他們可以談論一些關於comps 和諸如此類的獨特的事情，但我不認為這表明我們的業務增長或CTV 的增長。所以我不確定，這種比較能讓你對業務或 CTV 有任何深入的了解。

As it relates to the business model on our data marketplace, we do make money on the data that gets purchased. So it's not just about creating spend in media. We make money on all forms of spend, meaning whether they buy media or whether they buy data. So we are incentivized to get data to be used more often. But of course, what we do is create models so that we never use the data unless it is mathematically obvious to create benefit for the advertiser.

由於它與我們數據市場上的商業模式有關，我們確實通過購買的數據賺錢。因此，這不僅僅是在媒體上創造支出。我們通過各種形式的支出賺錢，這意味著他們是否購買媒體或是否購買數據。因此，我們受到激勵以更頻繁地使用數據。但是，當然，我們所做的是創建模型，以便我們永遠不會使用數據，除非在數學上很明顯可以為廣告商創造利益。

And so what that has enabled is us to constantly be doing work to make certain that we're adding more value than we're extracting. That's actually one of the reasons why I'm so bullish about the changes that we've made to the data marketplace, is that we are creating way more value for the advertiser.

因此，這使我們能夠不斷地努力確保我們增加的價值比我們提取的更多。這實際上是我如此看好我們對數據市場所做的改變的原因之一，因為我們正在為廣告商創造更多價值。

Now on unit economics, we don't expect that to change. So in other words, I don't expect our take rate to meaningfully change in either direction, positive or negative, as a result of this. But I do expect the flywheel to spin faster. We do make money on data, however. So we're encouraged to either put it towards working media or put it towards data, but we better earn our keep, which is exactly what our clients want from us. The fact that we're using more data just means that we're using that data in an intelligent way to make certain that the incremental usage is worth it to the advertiser. The fact that's working across the board, I think, is actually separating us from the pack with everybody else, in part because we have that objectivity and alignment with the advertisers.

現在在單位經濟學方面，我們預計這種情況不會改變。因此，換句話說，我不認為我們的採取率會因此而在正或負的任何一個方向上發生有意義的變化。但我確實希望飛輪旋轉得更快。然而，我們確實靠數據賺錢。因此，我們鼓勵將其用於工作媒體或將其用於數據，但我們最好贏得我們的保留，這正是我們的客戶希望我們提供的。我們正在使用更多數據這一事實僅意味著我們正在以一種智能的方式使用這些數據，以確保增量使用對廣告商來說是值得的。我認為，全面運作的事實實際上將我們與其他人區分開來，部分原因是我們具有這種客觀性並與廣告商保持一致。

And then, Laura, I'll just follow on really quickly on top of Jeff. I think when you think about this from a comparison perspective, the Q4 results of the 24% revenue growth are comparing against our hardest comp from last year because of the U.S. election, which was a high single-digit share of our spend. So when you exclude that election spend, Q4 actually accelerated year-on-year from 34% up to 36% in Q4 '21. So really encouraged by that because Q4 of 2020, also besides the election comp, we had kind of a pretty big flush recovery that came out in Q4. So we were pretty excited about that.

然後，勞拉，我會很快跟進傑夫。我認為，當您從比較的角度考慮這一點時，24% 的收入增長的第四季度結果與我們去年由於美國大選而最艱難的比較，這是我們支出的高個位數份額。因此，當您排除選舉支出時，第四季度實際上從 21 年第四季度的 34% 同比增長到 36%。所以真的很受鼓舞，因為 2020 年第四季度，除了選舉補償之外，我們在第四季度出現了相當大的同花順復甦。所以我們對此非常興奮。

And then with regards to the kind of weight or the mix, video, including CTV and mobile, each represent around 40% share of the business. And then display and audio represent about 15% and 5% each. So that should give you some idea of that mix going forward.

然後就權重類型或組合而言，視頻，包括 CTV 和移動，各佔約 40% 的業務份額。然後顯示和音頻各佔 15% 和 5%。因此，這應該讓您對未來的組合有所了解。

Your next question is coming from Tom White from D.A. Davidson.

您的下一個問題來自 D.A. 的 Tom White。戴維森。

Nice results. Just on the OpenPath announcement, can you just elaborate maybe a bit more on the future of that strategy? For example, does it -- do you see it going beyond just the Web and maybe into other channels like mobile or CTV?

不錯的結果。就 OpenPath 公告而言，您能否詳細說明該戰略的未來？例如，您是否認為它超越了網絡，並可能進入其他渠道，如移動或 CTV？

And then maybe for Blake, maybe comment on the impact to your financial from this strategy over time. Just curious about how we should think about maybe savings on infrastructure costs and maybe possible revenue capture from the publishers that participate.

然後也許對布萊克來說，也許可以評論一下隨著時間的推移這種策略對你的財務的影響。只是好奇我們應該如何考慮節省基礎設施成本以及可能從參與的出版商那裡獲得收入。

Yes. So as it relates to OpenPath, we definitely see this as extensible into CTV, which we've already indicated will happen, but also potentially into mobile. So I think increasingly, publishers are interested in cleaning up the supply path. Increasingly, advertisers are interested in cleaning up the supply path. And we've always looked at it as we have to earn our keep, and everybody in the supply path does. And we just want to make it so that the market can be as efficient as possible because the open Internet, in order to compete with the walled garden strategy, has to be operating efficiently. That requires a bit more moving parts, but that's a better global economy. That's a better ecosystem. That's a better Internet for the world. And in order for us to enable that, we think we have to continue to enable direct integration when content owners and publishers want to do their own yield management.

是的。因此，當它與 OpenPath 相關時，我們肯定認為這可以擴展到 CTV，我們已經表明這將發生，但也有可能擴展到移動設備。所以我認為出版商越來越有興趣清理供應路徑。越來越多的廣告商對清理供應路徑感興趣。我們一直都在關注它，因為我們必須賺取我們的收入，供應路徑上的每個人都這樣做。我們只是想讓市場盡可能高效，因為開放的互聯網，為了與圍牆花園戰略競爭，必須高效運行。這需要更多的活動部件，但這是一個更好的全球經濟。那是一個更好的生態系統。這對世界來說是一個更好的互聯網。為了使我們能夠實現這一點，我們認為當內容所有者和發布者想要進行自己的收益管理時，我們必須繼續實現直接集成。

I think it's really important that you highlighted CTV because nowhere is it more true that content owners want to do their own yield management than in CTV. But I do want to underline that we are not trying to become an SSP. We are not getting into yield management. That is a job of an SSP, or in the case where content owners want to do it themselves, it's, of course, their job. But that's something that we believe in order to protect our objectivity we should stay out of, which we expect to be for as far as we can see in the future.

我認為您強調 CTV 非常重要，因為內容所有者想要進行自己的收益管理比 CTV 更真實。但我確實想強調，我們並不想成為 SSP。我們沒有進入收益管理。這是 SSP 的工作，或者在內容所有者想要自己做的情況下，這當然是他們的工作。但我們認為，為了保護我們的客觀性，我們應該遠離這一點，我們希望在未來能看到這一點。

And just to follow on and even try to be more clear, we expect no material impact to the P&L or our take rate from this. Like Jeff said, like there's opportunities to spin the flywheel that we're excited about in the support of the open Internet. We don't have any incentive to steer purchases, and we're not doing yield management. It's -- we continue to represent the buy side in what we do. And so no material impact on the P&L side.

只是為了繼續，甚至試圖更清楚，我們預計不會對損益表或我們的收益率產生重大影響。就像 Jeff 說的那樣，在開放互聯網的支持下，有機會讓我們興奮不已。我們沒有任何動力來引導購買，我們也沒有進行收益管理。這是 - 我們繼續代表我們所做的事情的買方。因此，對損益方面沒有重大影響。

Your next question is coming from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Jeff, everyone would love to hear your perspective on the international opportunity. I know you've put a lot of investment and time in trying to crack the code there. What -- what's your view there?

傑夫，每個人都想听聽您對國際機會的看法。我知道你已經投入了大量的投資和時間來嘗試破解那裡的密碼。什麼 - 你在那裡有什麼看法？

And for Blake, can you maybe just talk about -- the magnitude of Q4 upside was a little bit lower than we've seen. Was there anything on supply chain or advertisers pulling a little bit at the end of the quarter given the COVID overhang? Or any thoughts you have on that side?

對於布萊克，你能不能談談 - 第四季度的上行幅度比我們看到的要低一點。鑑於新冠疫情的影響，供應鍊或廣告商是否在本季度末有所拉動？或者你對此有什麼想法？

Thank you. Yes. Very excited about the international prospects. So I'm always -- I start macro, which is we're a few years away from being at that $1 trillion TAM. And roughly 60-plus percent of that is outside of the United States or outside of North America. So of course, we want to capture that opportunity. And because we work with the biggest brands in the world who advertise all over the world, they don't want 200 DSPs as partners. They would like one to take them all over the world and especially to use their learnings in any market to benefit all the other markets.

謝謝你。是的。對國際前景感到非常興奮。所以我總是 - 我從宏觀開始，也就是說我們距離達到 1 萬億美元的 TAM 還需要幾年的時間。其中大約 60% 以上在美國以外或北美以外。所以當然，我們想抓住這個機會。而且因為我們與在世界各地做廣告的世界上最大的品牌合作，他們不希望有 200 個 DSP 作為合作夥伴。他們希望有人將他們帶到世界各地，尤其是在任何市場上利用他們的知識來造福所有其他市場。

And so as, of course, you know, our focus has been on expanding CTV all over the world. CTV more than doubled across APAC. CTV in EMEA grew by more than 4x in 2021. Shanghai and Hong Kong have been driving our growth in Northern Asia Pacific and just some amazing partnerships across APAC, with Samsung smart TV devices now reaching over 50 million viewers, and thus having access there. Xiaomi in India or Disney+ Hotstar in India. Again, China was our fastest-growing office again, which when the numbers are small, that's less significant. But when you do it over and over again, it continues to be especially significant. Especially when you look at China and just say that's the second largest media market in the world, it's roughly half the size of the U.S., but it's growing at twice the pace. So with that being true, we think that represents a tremendous opportunity. And that we're in a unique position to many others who are looking at that market in that we are representing the largest brands in the world who wants to spend in China.

當然，您知道，我們的重點一直是在全球範圍內擴展 CTV。亞太地區的 CTV 翻了一番多。 2021 年，歐洲、中東和非洲地區的 CTV 增長了 4 倍以上。上海和香港一直在推動我們在北亞太地區的增長，並在整個亞太地區建立了一些令人驚嘆的合作夥伴關係，三星智能電視設備現在擁有超過 5000 萬觀眾，因此可以訪問那裡。印度的小米或印度的 Disney+ Hotstar。再一次，中國再次成為我們增長最快的辦事處，當數量很少時，它就不那麼重要了。但是當你一遍又一遍地這樣做時，它仍然特別重要。尤其是當你看看中國，只是說它是世界第二大媒體市場，它的規模大約是美國的一半，但它的增長速度是美國的兩倍。因此，如果這是真的，我們認為這是一個巨大的機會。對於許多關注該市場的其他人來說，我們處於獨特的位置，因為我們代表著世界上最大的品牌，他們希望在中國消費。

So unlike many other non-China-based companies who have been hurt by trying to go into market in China, we come to the market mostly with a focused spend in market and then to do extension where Chinese brands and products will reach all over the rest of the world, which, of course, they want more distribution. So I'm very encouraged by the fact that we've seen all this growth in those areas.

因此，與許多其他因試圖進入中國市場而受到傷害的非中國公司不同，我們進入市場主要是專注於市場支出，然後進行擴展，讓中國品牌和產品遍布全球。世界其他地區，當然，他們想要更多的分配。因此，我們在這些領域看到了所有這些增長，這讓我感到非常鼓舞。

But I can't underscore enough how important it is for us to continue to lead in CTV. We believe we've done that in the U.S., and we've proved that in the U.S. and Australia arguably years ago in 2020.

但我無法充分強調我們繼續領先 CTV 的重要性。我們相信我們已經在美國做到了這一點，並且我們已經在美國和澳大利亞證明了這一點，可以說是多年前的 2020 年。

In 2021, I think we started to show amazing green shoots across other markets in EMEA, most notably in the U.K. and Germany. So with all of the progress of CTV around the world and the pressure on content owners, that is sometimes slightly different in other markets, but the general trend that is happening in the U.S. is happening there, too, just with slightly less content. But that makes AVOD even more valuable in some way that makes the ads more scarce, but it makes auction dynamics and real-time pricing even more valuable for those markets, which we think then just lends to our business model. So we expect to continue to lead in CTV around the world.

2021 年，我認為我們開始在歐洲、中東和非洲的其他市場展示出驚人的萌芽，尤其是在英國和德國。因此，隨著全球 CTV 的進步以及內容所有者面臨的壓力，這有時在其他市場略有不同，但在美國發生的總體趨勢也在發生，只是內容略少。但這使得 AVOD 在某種程度上更有價值，使廣告更加稀缺，但它使拍賣動態和實時定價對這些市場更有價值，我們認為這只是藉給我們的商業模式。因此，我們希望繼續在全球 CTV 領域處於領先地位。

And then following up on your Q4 question. The quarter was fundamentally really strong. We have the hardest comp that -- in a long time in Q4 -- comparing against Q4 of '20, not just because of the elections, but also because we had that ramp back out of COVID that was a real accelerator for us in 2020. So thinking about those issues, I think that the Q4 looked really good. No supply chain issues to call out at all.

然後跟進您的 Q4 問題。該季度基本上非常強勁。與 20 年第四季度相比，我們有最艱難的比賽——在很長一段時間內——與 20 年第四季度相比，這不僅是因為選舉，還因為我們從 COVID 中退出，這對我們來說是 2020 年的真正加速器. 所以考慮到這些問題，我認為 Q4 看起來真的很不錯。根本沒有供應鏈問題。

I think another data point is if you just look at a 2-year simple stack on growth rates in Q4, just the year-over-year '20 and '21, Q4 was faster than the full year for us. And so it just goes to the strength and the momentum that we've seen in that we've now kind of disclosed now into our guidance. So we're really excited about it.

我認為另一個數據點是，如果你只看一下第四季度增長率的 2 年簡單疊加，就與 20 年和 21 年相比，第四季度對我們來說比全年快。因此，這只是我們所看到的力量和勢頭，我們現在已經在我們的指導中披露了這一點。所以我們對此感到非常興奮。

Our final question comes from Matt Swanson at RBC.

我們的最後一個問題來自 RBC 的 Matt Swanson。

I'll ask 2 quickly. The first for Jeff. Thinking about ramp time for shopper data -- and kind of in 2 ways: one, as far as how long it takes a partnership like what we're seeing with Walgreens to come together; and then also on the Walmart side, the milestones you're thinking of how that's going to ramp over time, recognizing it's early.

我會盡快問2。傑夫的第一個。考慮購物者數據的斜坡時間 - 有兩種方式：一是像我們所看到的與沃爾格林合作一樣需要多長時間才能走到一起；然後在沃爾瑪方面，你正在考慮如何隨著時間的推移而增加的里程碑，認識到現在還為時過早。

And then for Blake. Q1 guidance was really strong, the 38% growth, even accelerating off the adjusted 36%. I guess the 2 things would be, one, you mentioned a really strong start to the year. If you want to elaborate at all on that. And then is there anything from a seasonality standpoint when we're trying to maybe make an inference to a full year number that you would point out as being different or special in 2022?

然後是布萊克。第一季度的指導非常強勁，增長了 38%，甚至加速了調整後的 36%。我想有兩件事，一是你提到了今年的一個非常強勁的開端。如果您想詳細說明這一點。然後，從季節性的角度來看，當我們試圖推斷出全年數字時，您會指出 2022 年有什麼不同或特殊嗎？

First of all, thanks for the question, Matt. So the pace of ramp-up in shopper marketing data or retail data is largely dependent on the strategy that we deploy. And of course, we agree on -- with the retailer and then their ability to move fast. So it often takes some time because -- winning hearts and minds and then trying to be very strategic, and everybody is extremely sensitive about privacy today. So they're all doing lots of work to just make certain that they're respecting consumer privacy.

首先，感謝馬特的提問。因此，購物者營銷數據或零售數據的增長速度在很大程度上取決於我們部署的策略。當然，我們同意 - 與零售商以及他們快速行動的能力一致。所以這通常需要一些時間，因為 - 贏得人心，然後嘗試非常具有戰略意義，而且今天每個人都對隱私非常敏感。因此，他們都在做很多工作，以確保他們尊重消費者隱私。

One thing I just want to highlight on this point is that especially brands, especially advertisers who are in the business of creating long-term relationships with consumers, they don't want to (expletive) *** consumers. They don't want them to be upset with them. And so as a result, they're trying to make very deliberate choices so that they can provide the very best to consumers. That, of course, is bringing them personalization while, of course, at the same time, respecting privacy. In order to set up those structures and then also to create the right economics could be very different from partner to partner, partly because of their agility, but also because there's a whole bunch of different ways to deploy that insight.

在這一點上我只想強調的一件事是，尤其是品牌，尤其是與消費者建立長期關係的廣告商，他們不想（咒罵）消費者。他們不希望他們對他們感到不安。因此，他們試圖做出非常慎重的選擇，以便為消費者提供最好的產品。當然，這給他們帶來了個性化，同時當然也尊重隱私。為了建立這些結構，然後創造正確的經濟效益，每個合作夥伴可能會有很大的不同，部分原因是他們的敏捷性，但也因為有很多不同的方式來部署這種洞察力。

It all -- I think at end state, looks very similar, which is people are trying to leverage their data so that every advertiser is optimizing to selling product in that store, whether it's Walmart or Walgreens or those that are next. And that is very good for the retailer, and that is providing end-to-end measurement that is more difficult to find in other environments, especially the walled gardens where they're doing sort of measurement on their own without validation. And so that holy grail of end-to-end measurement is coming from many retailers. And the pace at which that is onboarded is up to them.

這一切——我認為最終狀態看起來非常相似，即人們正試圖利用他們的數據，以便每個廣告商都在優化在那家商店銷售產品，無論是沃爾瑪、沃爾格林還是下一個。這對零售商來說非常好，並且提供了在其他環境中更難找到的端到端測量，尤其是在圍牆花園中，他們在沒有驗證的情況下自行進行某種測量。因此，端到端測量的聖杯來自許多零售商。加入的速度取決於他們。

And then with regards to your Q1 question, Matt, yes, strong start to the year. It's broad-based. I don't have anything unique to call out with regards to any single area to highlight. I think that it's just momentum we've seen in January that has continued in the early part of February so far. And just the many positive trends for this business, which you hear us speak to a lot, just tend to continue, which is CTV is leading the way. We have exciting international opportunities, the shopper marketing opportunity as well. You've heard about Solimar ramping and UID scaling. And so just all those tailwinds, I think, drove us essentially to that guide on the 38% year-over-year growth, which does represent the acceleration that you called out from prior year.

然後關於你的第一季度問題，馬特，是的，今年開局強勁。它的基礎廣泛。對於要突出顯示的任何單個區域，我沒有任何獨特之處。我認為，到目前為止，我們在 1 月份看到的勢頭一直持續到 2 月初。而且，您聽到我們經常談論的這項業務的許多積極趨勢往往會繼續下去，而 CTV 正在引領潮流。我們有令人興奮的國際機會，也有購物者營銷機會。您聽說過 Solimar 漸變和 UID 縮放。因此，我認為，正是所有這些順風順水推動我們實現了 38% 同比增長的指導，這確實代表了你從前一年所呼籲的加速。

With regards to your seasonality question, assuming no major disruptions like related to the macro environment, so if that's COVID or if something from supply chain were to kind of be activated, it's possible that this year in 2022 and in 2023 start looking a little closer to how I would say the prepandemic years looked in terms of seasonality patterns. But that said, every year is a little different. So if we're a few points better or worse for that, from a seasonality perspective, I wouldn't recommend reading into it too much.

關於您的季節性問題，假設沒有與宏觀環境相關的重大中斷，那麼如果這是 COVID 或供應鏈中的某些東西被激活，那麼今年 2022 年和 2023 年可能會開始看起來更近一些我會說大流行前幾年的季節性模式。但話雖如此，每年都有點不同。因此，如果從季節性的角度來看，我們對此有好有壞，我不建議對其進行過多的閱讀。

Thanks, Matt, and thanks for everyone for joining today.

謝謝，馬特，感謝大家今天的加入。

Thank you, ladies and gentlemen. This concludes today's event. You may disconnect at this time, and have a wonderful day. 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。感謝您的參與。