Trade Desk Inc (TTD) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to The Trade Desk Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

下午好，女士們，先生們，歡迎來到 The Trade Desk 2022 年第二季度收益電話會議。 （操作說明）

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

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

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk Second Quarter 2022 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Finance Officer, Blake Grayson. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

謝謝你，接線員。大家好，大家下午好。歡迎來到 The Trade Desk 2022 年第二季度收益電話會議。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 any macroeconomic deceleration, potential impact of the COVID-19 pandemic in various regions where we operate, in addition to potential supply chain disruptions that could disrupt advertising spend on our platform 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 for those implied by these forward-looking statements. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

在開始之前，我想提醒您，除歷史信息外，我們在問答中的某些討論和回應可能包含前瞻性陳述，這些陳述取決於某些風險和不確定性。特別是，我們對任何宏觀經濟減速、COVID-19 大流行對我們經營的各個地區的潛在影響以及可能擾亂我們平台上的廣告支出的潛在供應鏈中斷的預期都可能發生變化。如果任何這些風險成為現實，或者我們的假設被證明是不正確的，實際財務結果可能與我們對這些前瞻性陳述所暗示的預測產生重大差異。我鼓勵您參考我們新聞稿中提到的風險因素，並包含在我們最近提交給美國證券交易委員會的文件中。

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

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

Lastly, I would like to highlight that we are planning to hold an Analyst Day on Tuesday, October 4, 2022, in New York City. This event will be webcast and available on our Investor Relations website.

最後，我想強調一下，我們計劃於 2022 年 10 月 4 日星期二在紐約市舉辦分析師日。本次活動將進行網絡直播，並可在我們的投資者關係網站上查閱。

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

我現在將把電話轉給創始人兼首席執行官傑夫格林。傑夫?

Thanks, Chris, and thank you all for joining us today. As you've seen from the press release, we had a very strong performance in the second quarter. We grew revenue 35% compared with last year, and we outpaced our competitors and continued to gain market share despite some macroeconomic uncertainty.

謝謝，克里斯，感謝大家今天加入我們。正如您從新聞稿中看到的那樣，我們在第二季度的表現非常強勁。與去年相比，我們的收入增長了 35%，儘管存在一些宏觀經濟不確定性，但我們超越了競爭對手並繼續獲得市場份額。

In the first half of the year, marketers shifted to decision data-driven advertising on the open Internet more rapidly than ever. And as a result, The Trade Desk has become increasingly indispensable as the default DSP for the open Internet and connected TV. Perhaps the most encouraging aspect of our business through the first half of this year has been the rate at which we signed new and expanded joint business plans or JBPs with our clients. I haven't spent a lot of time on this dynamic in the past, but I'd like to today because I think this trend says a lot about how we are winning in the market and why that gives us optimism for the future and confidence that we can execute in any market environment.

今年上半年，營銷人員比以往任何時候都更快地轉向開放互聯網上的決策數據驅動廣告。因此，The Trade Desk 作為開放互聯網和聯網電視的默認 DSP 變得越來越不可或缺。今年上半年我們業務中最令人鼓舞的方面可能是我們與客戶簽署新的和擴大的聯合業務計劃或 JBP 的速度。過去我沒有花太多時間在這種動態上，但我今天想這樣做，因為我認為這種趨勢說明了我們如何在市場上獲勝，以及為什麼這讓我們對未來充滿信心和信心我們可以在任何市場環境中執行。

Joint business plans, or JBPs, are long-term deals that we sign with leading brands who aim to increase spend on our platform often over a multiyear period. In many cases, these agreements are signed with the partnership and cooperation of the agencies that represent the brands. So as we continue to move upstream and get more direct commitments from CMOs and brand marketers, it is not at the expense of our valuable agency relationships. In the second quarter, we signed new and expanded JBPs at a record rate, covering many verticals. For example, there were new agreements with some of the world's largest automakers and technology companies, along with significantly expanded deals with large global CPGs.

聯合商業計劃或 JBP 是我們與領先品牌簽署的長期協議，這些領先品牌的目標是在多年期間經常增加在我們平台上的支出。在許多情況下，這些協議是與代表品牌的機構的伙伴關係和合作簽署的。因此，隨著我們繼續向上游移動並從 CMO 和品牌營銷人員那裡獲得更直接的承諾，這不會以犧牲我們寶貴的代理關係為代價。在第二季度，我們以創紀錄的速度簽署了新的和擴展的 JBP，涵蓋了許多垂直領域。例如，與一些世界上最大的汽車製造商和技術公司簽訂了新協議，同時與大型全球 CPG 公司簽訂了顯著擴大的交易。

Many people looking at our results, including those in the advertising industry, are asking how we are winning and growing at this pace in the current environment. There are a few vectors and macro factors that are creating an amazing opportunity for us to grow into a much bigger company and win share regardless of the economic environment. I'd like to take a minute to identify those macro factors that are providing wind at our back.

許多關注我們結果的人，包括廣告行業的人，都在問我們如何在當前環境下以這樣的速度獲勝和成長。有一些向量和宏觀因素為我們創造了一個驚人的機會，讓我們成長為一家更大的公司並贏得市場份額，無論經濟環境如何。我想花一點時間來確定那些在我們背後提供風的宏觀因素。

First, there is a secular tailwind that continues to propel us forward, and that's the worldwide shift to advertising-fueled connected television. I don't know that we've ever experienced a secular tailwind like this before. CTV is evolving faster than anyone predicted. And if we continue to execute, I believe we will benefit as much as any company in the world from this tailwind, just like we did in Q2 and through most of the pandemic.

首先，有一股長期的順風繼續推動我們前進，這就是全球向廣告驅動的聯網電視的轉變。我不知道我們以前經歷過這樣的世俗順風。 CTV 的發展速度比任何人預測的都要快。如果我們繼續執行，我相信我們將像世界上任何一家公司一樣從這股順風中受益，就像我們在第二季度和大部分大流行期間所做的那樣。

The second macro factor that is helping us grab share is that walled gardens like Google's ad network are being downgraded in priority. For most of the last 2 decades, when dollars moved over from off-line spending to online spending, they have gone first to Google and other walled gardens. One way to define a walled garden is to think about an Internet publisher or a content destination that is so large and dominant in their content segment that they can be draconian to advertisers and still win business. Google's advertising products are a textbook example. Many have pointed out that Google does its own performance measurement. They have run marketplaces with questionable integrity and fairness, but they win advertising budgets because of their dominant position and their size and footprint around the world.

幫助我們搶占市場份額的第二個宏觀因素是，像谷歌廣告網絡這樣的圍牆花園的優先級正在被降級。在過去 20 年的大部分時間裡，當美元從線下消費轉移到線上消費時，它們首先流向了谷歌和其他有圍牆的花園。定義圍牆花園的一種方法是考慮一個互聯網出版商或一個內容目的地，它在其內容領域如此龐大和占主導地位，以至於它們對廣告商來說可能是嚴厲的，但仍能贏得業務。谷歌的廣告產品就是一個教科書的例子。許多人指出，谷歌自己進行績效衡量。他們以令人懷疑的誠信和公平性經營著市場，但由於其主導地位以及其在全球的規模和足跡，他們贏得了廣告預算。

CTV has started to change this dynamic in our industry though because no one in CTV is big enough to be as dominant in TV as Google has been with search or with Chrome or DoubleClick, their ad server that is almost irreversibly integrated into the Google ad network machine. As a result, the marketplace for premium CTV is fair, especially in relative terms and extremely competitive. Because of the efficacy of moving picture and sound, coupled with these competitive market dynamics, for the first time ever, some of the biggest brands in the world have a new place to spend their first dollar on the Internet, which is premium CTV.

儘管 CTV 已經開始改變我們行業的這種動態，但因為 CTV 中沒有人能夠像谷歌在搜索或 Chrome 或 DoubleClick（他們的廣告服務器幾乎不可逆轉地集成到谷歌廣告網絡中）那樣在電視領域佔據主導地位機器。因此，優質 CTV 的市場是公平的，特別是在相對條件和極具競爭力的情況下。由於電影和聲音的功效，再加上這些競爭激烈的市場動態，世界上一些最大的品牌有史以來第一次有了一個新的地方可以在互聯網上花費他們的第一美元，那就是優質 CTV。

CTV is fast becoming a must buy, and in some cases, is the highest staff ranked part of the digital media plan for many brands. This trend is changing the makeup of the whole Internet, and it is likely to change the role of walled gardens in our industry, especially the smaller walled gardens. So the bottom line on this second major macro trend, the draconian tactics of walled gardens are now being challenged because of the competitive nature of CTV as advertisers increasingly prioritize premium CTV content.

CTV 正迅速成為必須購買的產品，在某些情況下，它是許多品牌數字媒體計劃中員工排名最高的部分。這種趨勢正在改變整個互聯網的構成，並且很可能會改變圍牆花園在我們行業中的作用，尤其是較小的圍牆花園。因此，在第二個主要宏觀趨勢的底線中，圍牆花園的嚴厲策略現在正受到挑戰，因為 CTV 的競爭性質，因為廣告商越來越優先考慮優質 CTV 內容。

And lastly, I'd like to talk briefly about the third macro force that is changing the landscape before I come back to us, The Trade Desk and what we're doing and how we're taking advantage of these trends. The third macro trend that is creating market opportunity for us is the worldwide pressure on Google. There has been a great deal of regulatory scrutiny of Google over the past couple of years. We've seen the reports of investigations and complaints from the Department of Justice, the States Attorneys General concerning various forms of alleged antitrust violations in Google's ads business.

最後，在我回到我們之前，我想簡要談談正在改變格局的第三個宏觀力量，即 The Trade Desk，以及我們正在做什麼以及我們如何利用這些趨勢。為我們創造市場機會的第三個宏觀趨勢是谷歌面臨的全球壓力。在過去的幾年裡，谷歌受到了大量的監管審查。我們已經看到司法部和州總檢察長關於 Google 廣告業務中涉嫌違反反壟斷法的各種形式的調查和投訴報告。

But it's not just here in the United States. It's also in various other countries around the world. Recently, the U.K.'s Competitive Market Authority or the CMA announced it is investigating whether Google has broken the law by restricting competition in digital advertising in the U.K. As the CMA Chief Executive, Andrea Coscelli said, and I quote, "We're worried that Google may be using its position in ad tech to favor its own services to the detriment of its rivals, of its customers and ultimately of consumers. Weakening competition in this area could reduce the ad revenues of publishers who may be forced to compromise the quality of their content to cut costs. It may also be raising cost for advertisers, which are passed on through higher prices for advertised goods and services". So let me be very clear about this point. The Trade Desk stands to gain share no matter the outcome of these investigations or lawsuits. I believe Google's biggest obstacle to compete in programmatic and in CTV is their lack of objectivity.

但這不僅僅是在美國。它也在世界各地的其他國家。最近，英國競爭市場管理局或 CMA 宣布正在調查谷歌是否違反了限制英國數字廣告競爭的法律。正如 CMA 首席執行官 Andrea Coscelli 所說，我引用的話：“我們很擔心谷歌可能會利用其在廣告技術方面的地位來支持自己的服務，從而損害其競爭對手、客戶以及最終消費者的利益。該領域的競爭減弱可能會減少可能被迫妥協質量的出版商的廣告收入他們的內容以削減成本。這也可能會提高廣告商的成本，這些成本會通過廣告商品和服務的更高價格轉嫁“。所以讓我非常清楚這一點。無論這些調查或訴訟的結果如何，The Trade Desk 都將獲得份額。我認為谷歌在程序化和 CTV 競爭的最大障礙是缺乏客觀性。

By contrast, we don't own any inventory, and we can partner with everyone in CTV. That gives us a level of objectivity that Google can't overcome as long as it owns YouTube and its search engine, its core assets, and continues to operate on both the buy side and the sell side. Advertisers are increasingly aware of the very concerns that the CMA is raising, especially the large-brand advertisers and their agencies that today constitute the majority of spend on our platform. As a result, I'm confident we will do well regardless of Google's moves in programmatic and with DV360, their demand-side platform or DSP.

相比之下，我們不擁有任何庫存，我們可以與 CTV 中的每個人合作。這為我們提供了谷歌無法克服的客觀性，只要它擁有 YouTube 及其搜索引擎、其核心資產，並繼續在買方和賣方方面運營。廣告商越來越意識到 CMA 引發的擔憂，尤其是大品牌廣告商及其代理機構，它們如今構成了我們平台上的大部分支出。因此，我相信無論谷歌在程序化和 DV360、他們的需求方平台或 DSP 方面採取什麼行動，我們都會做得很好。

In addition to thinking about The Trade Desk and how we gain share, I'm often asked to speak about the open Internet more broadly. When I put that hat on and speak on behalf of the open Internet, I do get concerned about what Google has done to make it much harder for companies smaller than The Trade Desk to compete in the open Internet. I'm concerned that the press and regulators are too focused on what assets Google owns or should own and instead should apply more scrutiny to Google's behaviors, their incentives, their structure and their tactics. But that's for another day. I believe so long as we execute, The Trade Desk is going to do well regardless of what tactics Google deploys. Even when Google plays unfairly as some regulators have alleged, it tends to move advertisers and agencies to us. This is one of the reasons we are reporting such a good quarter today and why we're so optimistic about our future.

除了思考 The Trade Desk 以及我們如何獲得份額之外，我還經常被要求更廣泛地談論開放互聯網。當我戴上這頂帽子代表開放互聯網發言時，我確實擔心谷歌做了什麼讓比 The Trade Desk 更小的公司更難在開放互聯網中競爭。我擔心媒體和監管機構過於關注谷歌擁有或應該擁有的資產，而應該對谷歌的行為、激勵措施、結構和策略進行更多審查。但那是另一天。我相信只要我們執行，無論 Google 採用什麼策略，The Trade Desk 都會做得很好。即使像某些監管機構所指控的那樣，谷歌的行為不公平，它也傾向於將廣告商和代理商轉移到我們這裡。這是我們今天報告如此出色的季度的原因之一，也是我們對未來如此樂觀的原因之一。

So with that, let's shift gears to discuss our strategy, our tactics and how we're executing. So let's discuss what's happening inside The Trade Desk. Across the company, we're very clear on our mission, and we're extremely focused on helping agencies and advertisers as we always have been. We are focused on the buy side, and our goals are clear, to be the objective open Internet alternative to walled gardens, to pioneer a new approach to decision TV ad buying, to help build the new identity fabric of the Internet and to create a better open Internet for everyone, including us, to enable brands to safely and easily deploy their first-party data and to add more value by creating a more efficient supply chain.

因此，讓我們換個角度來討論我們的戰略、戰術以及我們的執行方式。因此，讓我們討論一下 The Trade Desk 內部正在發生的事情。在整個公司中，我們的使命非常明確，並且一如既往地專注於幫助代理機構和廣告商。我們專注於買方，我們的目標很明確，成為客觀的開放式互聯網替代圍牆花園，開創決策電視廣告購買的新方法，幫助構建互聯網的新身份結構並創建一個為包括我們在內的所有人提供更好的開放互聯網，使品牌能夠安全、輕鬆地部署其第一方數據，並通過創建更高效的供應鏈來增加更多價值。

It's because of these factors that more and more of the world's leading advertisers are embracing our platform compared to our competitors. It's also why you saw a string of key partnership announcements forged in the second quarter, whether it's Disney partnering with us as they race to ensure that the majority of their ad impressions are automated, or Amazon's AWS, ensuring that the many brands who use their marketing data services can now transact on UID2, the same with Experian who's using UID2 as a common currency or Albertsons becoming the latest retail media partner on our platform to improve measurement and insight for brand selling products at Albertsons. And of course, Albertsons has committed to using UID2 to do this.

正是由於這些因素，與我們的競爭對手相比，越來越多的世界領先廣告商正在接受我們的平台。這也是為什麼您會在第二季度看到一系列關鍵合作夥伴公告的原因，無論是迪士尼與我們合作，以確保他們的大部分廣告展示都是自動化的，還是亞馬遜的 AWS，確保使用他們的許多品牌營銷數據服務現在可以在 UID2 上進行交易，Experian 也可以使用 UID2 作為通用貨幣，或者 Albertsons 成為我們平台上最新的零售媒體合作夥伴，以提高對 Albertsons 品牌銷售產品的衡量和洞察力。當然，Albertsons 已經承諾使用 UID2 來做到這一點。

I also want to talk about Netflix' recent moves. I believe they are in a very strong position to be a leader in AVOD and hybrid pricing models similar to how they've led the way for more than a decade in SVOD. We have a great relationship with Netflix. We also have a great relationship with Microsoft. We've had many constructive conversations with Netflix over the last few months. I personally am very impressed with how quickly they are diving into advertising.

我還想談談 Netflix 最近的舉動。我相信他們在 AVOD 和混合定價模式方面處於非常有利的地位，類似於他們在 SVOD 領域領先十多年的方式。我們與 Netflix 有著良好的關係。我們與微軟的關係也很好。在過去的幾個月裡，我們與 Netflix 進行了許多建設性的對話。我個人對他們投入廣告的速度印象深刻。

The Netflix partnership with Microsoft is very positive news for the open Internet. The fact that Netflix didn't choose Google is very telling. We believe it's another strong indication that more industry leaders recognize the opportunity of the open Internet compared to the dangers and limitations of walled gardens. By partnering with Microsoft on the supply side of the digital advertising equation, Netflix controls its own destiny. They chose a partner that can represent their interests, not one with a conflict of interest.

Netflix 與微軟的合作對於開放互聯網來說是一個非常積極的消息。 Netflix 沒有選擇 Google 的事實非常有說服力。我們認為，與圍牆花園的危險和局限性相比，更多行業領導者認識到開放互聯網的機遇是另一個強有力的跡象。通過在數字廣告等式的供應方面與微軟合作，Netflix 掌握了自己的命運。他們選擇了可以代表他們利益的合作夥伴，而不是有利益衝突的合作夥伴。

Xandr is a strong sell-side partner and has been a great partner of ours for years. In fact, almost 12 years ago, I initiated the partnership between Microsoft and AppNexus, the company they now own that has been renamed Xandr. Netflix and Xandr have a lot of ground to cover. Once they've done the work on the supply side, driving as much demand as possible toward those ad impressions will come next. Over time, Netflix is very well positioned to open their ad inventory on the demand side to the open Internet. That would enable the demand-side players to compete in an open, objective and decision market, driving high CPMs and maximizing the value for both the advertiser and the publisher, in this case, Netflix. They will need to figure out how to do what Disney and their properties like Hulu are doing so well right now, which is creating a personalized TV and ad experience that respects consumer privacy.

Xandr 是一個強大的賣方合作夥伴，多年來一直是我們的優秀合作夥伴。事實上，大約 12 年前，我發起了 Microsoft 和 AppNexus 之間的合作，他們現在擁有的公司已更名為 Xandr。 Netflix 和 Xandr 有很多內容需要覆蓋。一旦他們完成了供應方面的工作，接下來將盡可能多地推動這些廣告展示的需求。隨著時間的推移，Netflix 非常有能力在需求端向開放的互聯網開放他們的廣告庫存。這將使需求方參與者能夠在一個開放、客觀和決策的市場中競爭，推動高 CPM 並為廣告商和出版商（在這種情況下為 Netflix）最大化價值。他們需要弄清楚如何做迪士尼和 Hulu 等公司目前做得很好的事情，即創造尊重消費者隱私的個性化電視和廣告體驗。

Disney is setting the pace on this today, which sets a model for what technologically savvy media companies like Netflix and NBCU and Paramount and so many others are likely to pursue very quickly as well. As you know, I predicted publicly and repeatedly many years ago that Netflix and other subscription CTV leaders would eventually offer some kind of ad-supported option. The economics of the market demand it. And so many streaming providers have proved how attractive CTV is to advertisers. We work with almost all of them.

迪士尼今天正在為此設定步伐，這為 Netflix、NBCU 和派拉蒙等精通技術的媒體公司以及許多其他公司可能很快追求的目標樹立了榜樣。如您所知，我多年前曾多次公開預測，Netflix 和其他訂閱 CTV 領導者最終會提供某種廣告支持的選項。市場經濟需要它。如此多的流媒體提供商已經證明了 CTV 對廣告商的吸引力。我們與幾乎所有人合作。

For example, one of our early CTV partners, NBC, continues to go from strength to strength on our platform with fully biddable inventory now available across its entire portfolio, including Peacock, which is driving significant interest and growth from our advertisers. The same is true of other premium CTV pioneers, including Discovery Plus and HBO Max, which went live recently as well. As a result of our work with the world's leading CTV pioneers, The Trade Desk is now the largest demand source for decision premium CTV advertising.

例如，我們早期的 CTV 合作夥伴之一 NBC 繼續在我們的平台上不斷壯大，現在其整個投資組合（包括 Peacock）都提供完全可出價的廣告資源，這正在推動我們廣告商的極大興趣和增長。其他優質 CTV 先鋒也是如此，包括最近上線的 Discovery Plus 和 HBO Max。由於我們與世界領先的 CTV 先驅合作，The Trade Desk 現在是決策優質 CTV 廣告的最大需求來源。

And CTV is now reaching the kind of scale where it is forcing change across the advertising ecosystem. CTV leaders will help forge the future of identity. It's where we will dislodge the bricks of the walled gardens most rapidly. It's where advertisers now have globally scaled premium content alternatives to user-generated content. And because CTV has a massive authenticated logged-in user base, it's where advertisers and publishers will innovate new ways to create personalized experiences while also improving consumer privacy and better explaining the quid pro quo of the Internet.

CTV 現在已經達到了迫使整個廣告生態系統發生變化的規模。 CTV 領導者將幫助打造身份識別的未來。在這裡，我們將最快地拆除圍牆花園的磚塊。這就是廣告商現在擁有全球規模的優質內容替代用戶生成內容的地方。由於 CTV 擁有大量經過身份驗證的登錄用戶群，因此廣告商和出版商將在這裡創新創造個性化體驗的新方法，同時改善消費者隱私並更好地解釋互聯網的交換條件。

There is arguably no company on the planet that cares more about consumer privacy than Disney. They've spent decades building a brand based on intentional, personalized experience across all of their channels. But as they do that, they also want to ensure that their consumers' privacy is highly protected. As you've seen, Disney recently announced an expanded global partnership with The Trade Desk. And as a key part of that partnership, Disney will become interoperable with UID2 across all channels. As you know, Disney engages consumers in many different ways, all of which are incorporated into their Audience Graph, which is now interoperable with UID2.

可以說，地球上沒有一家公司比迪士尼更關心消費者隱私。他們花了數十年的時間在所有渠道中基於有意的個性化體驗打造品牌。但在這樣做的同時，他們還希望確保消費者的隱私得到高度保護。如您所見，迪士尼最近宣布與 The Trade Desk 擴大全球合作夥伴關係。作為該合作夥伴關係的關鍵部分，迪士尼將在所有渠道上與 UID2 互操作。如您所知，迪士尼以許多不同的方式吸引消費者，所有這些都被納入他們的受眾圖表，現在可以與 UID2 互操作。

Aaron LaBerge, the President and CTO of Disney Media & Entertainment Distribution, perhaps said it best, and I quote, "The growth of our relationship with The Trade Desk is a milestone in addressability and automated buying at scale and the latest step as we use technology to enable advertisers to buy once to deliver everywhere across Disney".

Disney Media & Entertainment Distribution 總裁兼首席技術官 Aaron LaBerge 或許說得最好，我引用了一句：“我們與 The Trade Desk 關係的發展是可尋址性和大規模自動購買的里程碑，也是我們使用的最新舉措技術使廣告商一次購買即可在迪士尼的任何地方交付”。

I want to spend a moment on why UID2 is so important. A couple of weeks ago, Google announced that they are delaying the demise of third-party cookies in Chrome until at least the second half of 2024. If you've been paying attention to anything we've said over the last couple of years at The Trade Desk, you'll understand how completely predictable this announcement was. I've said I'm not sure it is ever in Google's best interest to get rid of third-party cookies, but it ultimately doesn't really matter that much. The uncertainty around Google's decision-making is only hardening the resolve of the rest of the industry to develop new approaches to identity. It is shortsighted to think about this work as simply a replacement for cookies. That doesn't really capture the scope of what's going on, and Disney is a great example of this.

我想花一點時間解釋為什麼 UID2 如此重要。幾週前，谷歌宣布他們將 Chrome 中第三方 cookie 的終止至少推遲到 2024 年下半年。如果你一直在關注我們在過去幾年中所說的任何內容The Trade Desk，您將了解此公告的完全可預測性。我說過，我不確定擺脫第三方 cookie 是否符合 Google 的最大利益，但最終它並沒有那麼重要。圍繞谷歌決策的不確定性只會加強行業其他人開發新的身份識別方法的決心。將這項工作僅僅視為 cookie 的替代品是短視的。這並沒有真正反映正在發生的事情的範圍，而迪士尼就是一個很好的例子。

Disney wants to pioneer new ways to create highly personal experiences that protect consumer privacy across all channels. In most of those channels, cookies are not even present. It's much bigger than cookies. CTV does not rely on cookies. Successful consumer-oriented companies are taking a holistic approach to the consumer across all experiences and designing something new. Marketers understand that key marketing objectives such as reach, frequency and data usage and privacy can be managed in a much more deliberate and decisioned and holistic manner.

迪士尼希望開拓新的方式來創造高度個人化的體驗，從而保護所有渠道的消費者隱私。在大多數這些渠道中，cookie 甚至都不存在。它比餅乾大得多。 CTV 不依賴 cookie。成功的以消費者為導向的公司正在對所有體驗中的消費者採取全面的方法，並設計新的東西。營銷人員明白，可以以更加慎重、決策和整體的方式管理關鍵營銷目標，例如覆蓋面、頻率和數據使用以及隱私。

Part of the reason that Disney can act with confidence here is because we've already done the hard work of activating UID2 across the data infrastructure that's something at the central nervous system of digital advertising. AWS is a great illustration of this. AWS recently announced that they will enable their customers to deploy UID2 to help liberate the customer data stored on their platform, and AWS is one of the largest aggregators of marketing data in the world. If an advertiser uses AWS already, they can use UID2 to create an identifier that helps put that data to work without any of the data ever leaving AWS. AWS is just the latest infrastructure leader to deploy UID2. They are joining other leaders that include Oracle, Adobe, Salesforce and Snowflake to help build the new identity fabric of the Internet. The latest major data player to join this movement is Experian. Experian Marketing Services is one of the leading suppliers of marketing data and insights to advertisers, and they are now using UID2 for their third-party data sets.

迪斯尼在這裡可以自信地採取行動的部分原因是因為我們已經完成了跨數據基礎設施激活 UID2 的艱苦工作，這是數字廣告的中樞神經系統中的東西。 AWS 就是一個很好的例子。 AWS 最近宣布，他們將使客戶能夠部署 UID2 以幫助解放存儲在其平台上的客戶數據，AWS 是世界上最大的營銷數據聚合器之一。如果廣告商已經在使用 AWS，他們可以使用 UID2 創建一個標識符，以幫助在沒有任何數據離開 AWS 的情況下使該數據正常工作。 AWS 只是部署 UID2 的最新基礎設施領導者。他們正在加入包括甲骨文、Adobe、Salesforce 和 Snowflake 在內的其他領導者的行列，以幫助構建互聯網的新身份結構。加入這一運動的最新主要數據參與者是 Experian。 Experian Marketing Services 是向廣告商提供營銷數據和洞察力的領先供應商之一，他們現在將 UID2 用於他們的第三方數據集。

As we've said all along, the success of UID2 will never hinge on ringing 10,000 door bells. First and foremost, it's about gaining traction with the infrastructure of the ad tech industry, and with that infrastructure in place, it is much easier for advertisers and publishers to activate because UID2 is already embedded in the tools they rely on. In a world with better identity solutions like UID2 instead of cookies, publishers will make more money per ad. Advertisers will need fewer, more relevant ads to make an impact and sell product. Consumers will have more privacy and more control over their privacy. And that's why I'm confident that almost all of our customers will be transacting on UID2 by the end of this year. As I said at the beginning of my remarks, we are highly encouraged by our performance and optimistic about our ability to outpace the market moving forward. The combination of macro trends and our own innovation enables us to deliver differentiated value to our clients.

正如我們一直所說的，UID2 的成功永遠不會取決於敲響 10,000 個門鈴。首先也是最重要的，它是關於利用廣告技術行業的基礎設施獲得牽引力，並且有了該基礎設施，廣告商和出版商就更容易激活，因為 UID2 已經嵌入到他們所依賴的工具中。在一個擁有更好的身份解決方案（如 UID2 而不是 cookie）的世界中，發布商將通過每個廣告賺更多的錢。廣告商將需要更少、更相關的廣告來產生影響並銷售產品。消費者將擁有更多的隱私權，並對他們的隱私權擁有更多的控制權。這就是為什麼我有信心到今年年底幾乎我們所有的客戶都將在 UID2 上進行交易。正如我在發言開始時所說，我們對我們的表現感到非常鼓舞，並對我們超越市場前進的能力感到樂觀。宏觀趨勢與我們自身的創新相結合，使我們能夠為客戶提供差異化的價值。

Of course, we understand many of our customers are dealing with uncertainty. But even with that uncertainty, we remain focused and confident. Programmatic advertising first came of age during the global financial crisis between 2007 and early 2009. We launched The Trade Desk right in the heart of the uncertainty in 2009. And while we are not immune to macroeconomic weakness, we gained share coming out of the uncertainty during the early months of the COVID pandemic. And it's because in times of uncertainty and volatility, when marketers have to make the most of every advertising dollar that we have an opportunity to demonstrate our value. Our customers recognize that efficient and decisioned advertising can play a critical role in differentiating their brands to specific audiences and specific times. And there's no better platform on which to do that than The Trade Desk.

當然，我們了解我們的許多客戶都在處理不確定性。但即使存在這種不確定性，我們仍然保持專注和自信。程序化廣告在 2007 年至 2009 年初的全球金融危機期間首次成熟。我們在 2009 年的不確定性中心推出了 The Trade Desk。雖然我們不能倖免於宏觀經濟疲軟，但我們從不確定性中獲得了份額在 COVID 大流行的最初幾個月。這是因為在不確定和波動的時期，當營銷人員必須充分利用每一筆廣告費用時，我們就有機會展示我們的價值。我們的客戶認識到，有效和決策性的廣告可以在將他們的品牌與特定受眾和特定時間區分開來方面發揮關鍵作用。沒有比 The Trade Desk 更好的平台了。

Throughout the first half of 2022 and particularly in the second quarter, I believe we have gained more market share or grabbed more land than at any period in our history. And in large part, that's because as marketers become more deliberate with their budgets, they are prioritizing advertising that delivers the highest return. And CTV has moved up the priority list. So while we can't control the macroeconomic environment, the pace at which we are signing new and expanded customer agreements indicates that we are becoming an indispensable partner in their business growth, and we anticipate grabbing land regardless of the macroeconomic environment.

在整個 2022 年上半年，尤其是在第二季度，我相信我們獲得的市場份額或搶占的土地比歷史上任何時期都多。在很大程度上，這是因為隨著營銷人員在預算方面變得更加謹慎，他們會優先考慮能夠帶來最高回報的廣告。 CTV 已將優先級列表提升。因此，雖然我們無法控制宏觀經濟環境，但我們簽署新的和擴大的客戶協議的速度表明我們正在成為他們業務增長中不可或缺的合作夥伴，我們預計無論宏觀經濟環境如何，我們都會搶占土地。

We will never rest on our laurels. As one of the few high-growth tech companies that consistently generates strong adjusted EBITDA and free cash flow, we have the financial flexibility to invest so that we can innovate for our customers. Last year, on 7/7, we launched our biggest platform upgrade in our company's history. A year later, 100% of our customers are now using our Solimar platform, with all the data, the measurement and decisioning benefits that Solimar brings them. This is perhaps our greatest engineering achievement yet.

我們永遠不會固步自封。作為少數幾家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，我們擁有投資的財務靈活性，因此我們可以為客戶進行創新。去年 7 月 7 日，我們啟動了公司歷史上最大的平台升級。一年後，我們 100% 的客戶現在正在使用我們的 Solimar 平台，以及 Solimar 為他們帶來的所有數據、測量和決策優勢。這也許是我們迄今為止最大的工程成就。

Within Solimar, our data marketplace continues to expand rapidly. Many leading retailers are now integrated with our platform, including Walgreens, Albertsons and Target. And we continue to see utilization growth from both endemic and non-endemic advertisers. We continue to innovate to help build the new identity fabric of the Internet, whether it's the data infrastructure work that's already proving so successful in North America or the early work around EU ID in Europe, which is already gaining very encouraging traction.

在 Solimar，我們的數據市場繼續快速擴張。許多領先的零售商現在都與我們的平台集成，包括 Walgreens、Albertsons 和 Target。我們繼續看到地方性和非地方性廣告商的利用率增長。我們繼續創新以幫助構建互聯網的新身份結構，無論是在北美已經證明如此成功的數據基礎設施工作，還是在歐洲圍繞 EU ID 開展的早期工作，這已經獲得了非常令人鼓舞的牽引力。

We continue to see success from brands working with the Walmart DSP with significant quarter-over-quarter growth and the strongest quarter yet. And in CTV, we are already beta testing our forward market product. We're working with select streaming platforms and advertisers to bring this new approach to CTV decisioning in advance of next year's upfronts.

我們繼續看到與沃爾瑪 DSP 合作的品牌取得成功，季度環比增長顯著，並且是迄今為止最強勁的季度。在 CTV 中，我們已經在對我們的遠期市場產品進行 beta 測試。我們正在與精選的流媒體平台和廣告商合作，在明年的前期工作之前將這種新方法引入 CTV 決策。

And early results are very positive. A strong forward market should replace the upfront market and provide a better TV experience for the whole ecosystem. Our early adopter advertisers are seeing excellent win rates, and they want to commit larger budgets to it. And publishers are gaining confidence that this should become an essential component of monetizing their inventory.

早期的結果非常積極。強大的遠期市場應該取代前期市場，並為整個生態系統提供更好的電視體驗。我們的早期採用者廣告客戶看到了出色的贏率，他們希望為此投入更多的預算。出版商越來越相信這應該成為通過廣告資源獲利的重要組成部分。

As I said at the outset, the transformational impact of CTV, the revolutionary approaches to identity and growing instability in some of our walled garden competition will only accelerate our ability to deliver value and to continue to gain share. I could not be more excited about the work ahead of us in the second half of this year and in the years ahead.

正如我一開始所說，CTV 的變革性影響、身份認同的革命性方法以及我們一些圍牆花園競爭中日益增加的不穩定性只會加速我們提供價值和繼續獲得份額的能力。我對今年下半年和未來幾年擺在我們面前的工作感到無比興奮。

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 afternoon, everyone. As you have seen in our results, Q2 was a very strong quarter. Revenue was $377 million, representing an increase of 35% year-over-year. Our top line growth of 35% is especially impressive given we are comparing against a prior year growth rate of over 100% in Q2 of 2021.

謝謝你，傑夫，大家下午好。正如您在我們的結果中看到的那樣，第二季度是一個非常強勁的季度。收入為 3.77 億美元，同比增長 35%。鑑於我們與 2021 年第二季度超過 100% 的上一年增長率相比，我們 35% 的收入增長尤其令人印象深刻。

While the macro environment has created some uncertainty, and we are not immune to it, we continue to gain share as more and more advertisers seek efficiency and measurable results in their ad spend, particularly in CTV. We also benefit from the diversity of our business model, including not only the breadth of advertisers and verticals we represent, but also the range of inventory we have access to across the open Internet, which provides a long-term durability we are proud of.

雖然宏觀環境造成了一些不確定性，我們也無法倖免，但隨著越來越多的廣告商在廣告支出中尋求效率和可衡量的結果，我們繼續獲得份額，特別是在 CTV 中。我們還受益於我們業務模式的多樣性，不僅包括我們所代表的廣告客戶和垂直行業的廣度，還包括我們可以通過開放互聯網訪問的庫存範圍，這提供了我們引以為豪的長期耐用性。

During the quarter, we benefited from a digital advertising environment that is shifting increasingly towards data-driven buying and measurable results. Growth was broad-based across channels and verticals this quarter. We saw continued strength from CTV, which again led our growth from a scale channel perspective. We successfully completed a full transition to Solimar, and our customers continue to see positive results as they utilize our platform to sharpen campaign goals, activate our industry-leading AI and leverage more data elements per impression.

在本季度，我們受益於數字廣告環境，該環境正越來越多地轉向數據驅動的購買和可衡量的結果。本季度，跨渠道和垂直領域的增長基礎廣泛。我們看到 CTV 的持續增長，從規模渠道的角度來看，這再次引領了我們的增長。我們成功完成了向 Solimar 的全面過渡，我們的客戶繼續看到積極的成果，因為他們利用我們的平台來提高活動目標、激活我們行業領先的人工智能並在每次展示時利用更多的數據元素。

We are also seeing progress in our shopper marketing business. We have brought new partners into the platform over the past few months, and we are pleased to see increasing interest and adoption from advertisers utilizing shopper data in their campaigns. Although it is still very early days for us, spend that utilizes our expanding shopper data lineup continues to ramp very well.

我們的購物者營銷業務也取得了進展。在過去的幾個月裡，我們已經將新的合作夥伴引入了該平台，我們很高興看到廣告商越來越感興趣並採用他們的活動中的購物者數據。儘管對我們來說還處於早期階段，但利用我們不斷擴大的購物者數據陣容的支出繼續增長良好。

With the continued strong top line performance in Q2, and we've generated $139 million in adjusted EBITDA or about 37% of revenue. When we outperform on the top line, we often see that outperformance drop down to EBITDA, as it did again in Q2. I'm proud of our sustained efforts to consistently generate meaningfully positive EBITDA while continuing to invest in the critical areas of our business that can drive our future growth. This was particularly true in Q2 as items such as our first live company-wide event in over 3 years resumed and travel also continued to ramp up.

隨著第二季度持續強勁的收入表現，我們已經產生了 1.39 億美元的調整後 EBITDA 或約 37% 的收入。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，就像第二季度一樣。我為我們持續努力持續產生有意義的正 EBITDA 並繼續投資於可以推動我們未來增長的關鍵業務領域而感到自豪。這在第二季度尤其如此，因為我們在 3 年多來的第一次全公司範圍內的現場活動等項目恢復了，旅行也繼續增加。

From a channel perspective, CTV by a wide margin led our growth again during the quarter. Exiting Q2 video, which includes CTV, represented a low 40s percentage share of our business and continues to grow rapidly as a percentage of our mix. Mobile represented a high 30s percentage share of spend during the quarter. And display and audio continued to represent about 15% and 5% of our business, respectively.

從渠道的角度來看，CTV 在本季度再次大幅領先我們的增長。包括 CTV 在內的退出 Q2 視頻僅占我們業務的 40%，並且在我們的業務組合中繼續快速增長。移動在本季度的支出中佔比高達 30%。顯示和音頻繼續分別占我們業務的 15% 和 5%。

Geographically, North America represented about 90% of spend, and international represented about 10% of spend. Spend in North America maintained its resiliency as we continue to win new business and gain share. In particular, our Chicago office, which is our second largest office behind New York, grew spend faster on a year-over-year basis than any other office in the world that represent at least 1% of our spend. Fantastic results by that team as we continue to expand our reach. Our international spend grew both sequentially and year-over-year but dropped slightly as a percent of overall mix.

從地域上看，北美約佔支出的 90%，國際約佔支出的 10%。隨著我們繼續贏得新業務並獲得份額，北美的支出保持了彈性。特別是，我們的芝加哥辦事處是僅次於紐約的第二大辦事處，其支出的同比增長速度超過了世界上任何其他至少占我們支出 1% 的辦事處。隨著我們繼續擴大業務範圍，該團隊取得了驚人的成果。我們的國際支出環比和同比均有所增長，但佔整體組合的百分比略有下降。

Historically, our growth has been driven by the strong position we have in CTV, particularly in North America, as was the case again in Q2. However, our CTV business internationally continues to grab share. CTV spend in Europe, again, more than doubled year-over-year. Despite a challenging macro environment, particularly in Europe, we are focused on making the long-term investments that will position us to be stronger when conditions improve. As we have proven in the past, as our customers become more deliberate and data-driven with their ad spend, much like they did in late 2020, The Trade Desk is in a great position to help customers achieve better ROI and win more of their budget.

從歷史上看，我們的增長是由我們在 CTV 的強勢地位推動的，尤其是在北美，第二季度也是如此。然而，我們在國際上的 CTV 業務繼續搶占市場份額。歐洲的 CTV 支出再次同比增長一倍多。儘管宏觀環境充滿挑戰，尤其是在歐洲，但我們專注於進行長期投資，這將使我們在條件改善時變得更加強大。正如我們過去所證明的那樣，隨著我們的客戶在廣告支出方面變得更加謹慎和以數據為導向，就像他們在 2020 年末所做的那樣，The Trade Desk 處於幫助客戶實現更高投資回報率並贏得更多客戶的有利位置預算。

In terms of the verticals that represent at least 1% of our spend, nearly all of them grew in the double digits during the quarter. Both travel and pets more than doubled compared with a year ago. Food and drink and technology were also very strong with food and drink accelerating on a year-over-year basis every month during the quarter. Home and garden and automotive grew slower than the average. However, both verticals grew faster than the average in July. Additionally, automotive still grew in the double digits in Q2 and accelerated in growth from Q1. We continue to believe that there is the potential for share gain and improvement in most of our verticals.

就占我們支出至少 1% 的垂直行業而言，幾乎所有這些行業在本季度都以兩位數的速度增長。與一年前相比，旅行和寵物都增加了一倍多。食品和飲料和技術也非常強勁，本季度每個月食品和飲料都在同比增長。家庭和花園以及汽車的增長速度低於平均水平。然而，這兩個垂直領域的增長速度都高於 7 月份的平均水平。此外，汽車在第二季度仍保持兩位數增長，並較第一季度加速增長。我們仍然相信，在我們的大多數垂直領域，都有可能獲得份額並有所改善。

Turning now to expenses. Q2 operating expenses, excluding stock-based compensation, were $250 million, up 45% year-over-year. Growth in operating expenses is influenced by investments in our team, particularly in areas like sales and marketing and technology and development as we continue to build a platform for long-term growth as well as the return of in-person events. Income tax was $21 million for the second quarter. The higher amount of tax relative to prior quarters was driven primarily by lower benefits from stock-based awards, the timing of which are variable.

現在轉向開支。第二季度運營費用（不包括股票薪酬）為 2.5 億美元，同比增長 45%。運營費用的增長受到對我們團隊投資的影響，特別是在銷售和營銷以及技術和開發等領域，因為我們將繼續為長期增長以及面對面活動的回歸建立一個平台。第二季度的所得稅為 2100 萬美元。與前幾個季度相比，較高的稅額主要是由於股票獎勵的收益較低，而股票獎勵的時間是可變的。

Adjusted net income was $99 million or $0.20 per fully diluted share. Net cash provided by operating activities was $92 million for Q2, and free cash flow was $86 million. DSOs exited in the quarter were 91 days, up 9 days from a year ago. DPOs were 73 days, up 6 days from a year ago. We exited Q2 with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.2 billion. We have no debt on the balance sheet.

調整後的淨收入為 9900 萬美元或每股完全稀釋後的 0.20 美元。第二季度經營活動提供的淨現金為 9200 萬美元，自由現金流為 8600 萬美元。本季度退出的 DSO 為 91 天，比一年前增加了 9 天。 DPO 為 73 天，比一年前增加了 6 天。我們以強勁的現金和流動性頭寸退出了第二季度。本季度末現金、現金等價物和短期投資為 12 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the second quarter. We estimate Q3 revenue to be at least $385 million, which would represent growth of 28% on a year-over-year basis. In Q3, we anticipate U.S. political midterm election spend to represent a low single-digit share as a percent of our business. We estimate adjusted EBITDA to be approximately $140 million in Q3.

轉向我們對第二季度的展望。我們估計第三季度的收入至少為 3.85 億美元，同比增長 28%。在第三季度，我們預計美國政治中期選舉支出占我們業務的百分比將僅佔個位數。我們估計第三季度調整後的 EBITDA 約為 1.4 億美元。

While there is continued uncertainty about the macroeconomic environment, we continue to feel confident in our ability to execute and take share. Given the large available market in front of us, we see significant opportunities to invest in our business. In more uncertain times, this enables us to widen the distance between ourselves and our competition in areas such as technology, identity, supply chain optimization and customer service.

儘管宏觀經濟環境仍然存在不確定性，但我們仍然對我們的執行能力和分享能力充滿信心。鑑於我們面前的巨大可用市場，我們看到了投資我們業務的重大機會。在更加不確定的時期，這使我們能夠在技術、身份、供應鏈優化和客戶服務等領域拉開自己與競爭對手之間的距離。

In closing, we are extremely pleased with our strong performance in the quarter with significant growth drivers, including CTV, retail media, our international business, Solimar as well as the U.S. midterm election cycle, we remain highly optimistic about our future prospects. We continue to generate strong annual free cash flow and the strength of our business model and balance sheet have positioned us well as we enter the second half of the year.

最後，我們對本季度的強勁表現感到非常滿意，其中包括 CTV、零售媒體、我們的國際業務、Solimar 以及美國中期選舉週期等顯著增長驅動因素，我們對未來前景保持高度樂觀。我們繼續產生強勁的年度自由現金流，我們的商業模式和資產負債表的實力使我們在進入下半年時處於有利地位。

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) The first question is coming from Shyam Patil from SIG.

（操作員說明）第一個問題來自 SIG 的 Shyam Patil。

Congrats on the results and the outlook. Yes. I wanted to ask, this is now the second quarter in a row where your results and outlook are significantly better than what we're seeing from other ad-supported companies, especially in the face of a slowing macro. And I was just wondering if you could just maybe talk a little bit about what you think is driving that outperformance.

祝賀結果和前景。是的。我想問一下，這是連續第二個季度，您的業績和前景明顯好於我們從其他廣告支持的公司看到的情況，尤其是在宏觀經濟放緩的情況下。我只是想知道你是否可以談談你認為推動這種優異表現的原因。

Thanks, Shyam. Well, so first, let me just say, I'm incredibly proud of our Q3 -- or the start to Q3 and especially our performance in Q2. But let me just highlight just a couple of the things that have really gone our way in Q2 and given us so much momentum going into Q4 -- or going into Q3 and Q4. First, we have an amazing secular tailwind of CTV, arguably the best secular tailwind we've ever had. Second, we are, of course, seeing the benefits of Solimar, which we've gone to 100%, and it just has all these benefits to our clients. Third, we've got this momentum around the joint business plans where we're just getting closer to brands, and we're creating better partnerships with each of them. And one of the things that they're excited about is just our relationships in shopper marketing.

謝謝，夏姆。好吧，首先，我只想說，我為我們的第三季度感到無比自豪——或者第三季度的開始，尤其是我們在第二季度的表現。但是，讓我只強調一些在第二季度真正取得進展的事情，並為我們在第四季度或進入第三季度和第四季度提供瞭如此多的動力。首先，我們有一個驚人的 CTV 長期順風，可以說是我們曾經擁有過的最好的長期順風。其次，我們當然看到了 Solimar 的好處，我們已經達到了 100%，它為我們的客戶帶來了所有這些好處。第三，我們在聯合商業計劃中獲得了這種動力，我們正在與品牌越來越近，我們正在與每個品牌建立更好的合作夥伴關係。他們感到興奮的一件事就是我們在購物者營銷方面的關係。

If you'll recall, we started with the very biggest retailer in the world in Walmart, and we just continued to expand on that. We highlighted some of those, including Albertsons, during the prepared remarks. But I do want to emphasize that we have never claimed to be a bellwether of the economy or of advertising yet. And what I mean by that is, I think a lot of times people look at our performance and say how is this so different than everybody else's. And what is often happening is we're winning because of those secular tailwinds and because programmatic is growing share and because digital is growing share. And meanwhile, it is possible to have some macroeconomic headwinds in our face and have a secular tailwind on CTV and all the things I just talked about that overshadow that. And I think what we're seeing right now is just an amazing trend which is that CTV in particular is extremely competitive. It's also extremely effective.

如果你還記得的話，我們從世界上最大的零售商沃爾瑪開始，我們只是繼續擴大。在準備好的講話中，我們強調了其中一些，包括艾伯森。但我確實想強調，我們從未聲稱自己是經濟或廣告的領頭羊。我的意思是，我想很多時候人們看到我們的表現會說這與其他人的表現有何不同。經常發生的情況是，我們之所以獲勝，是因為那些長期的順風，因為程序化的份額正在增長，因為數字化的份額正在增長。與此同時，我們可能會面臨一些宏觀經濟逆風，並且可能會對 CTV 產生長期的順風，而我剛才談到的所有事情都掩蓋了這一點。我認為我們現在看到的只是一個驚人的趨勢，特別是 CTV 極具競爭力。它也非常有效。

And so as people are looking for alternatives to walled gardens, they are looking to companies like us who can give them objectivity to buy across all the fragmented places. Many of the smaller walled gardens I think are especially under pressure. And as I've said, I think CTV can be the thing that brings down the walled gardens. But then I'll start with those that are smaller. So I think often we're being compared to walled gardens of various sizes, and I don't necessarily think that's a fair comparison. And of course, I think we're also an anomaly from the macro. So hopefully, that parses out all those things, but I'm really proud of what we did in Q2 and really optimistic about our Q3.

因此，當人們在尋找圍牆花園的替代品時，他們正在尋找像我們這樣可以讓他們客觀地在所有分散的地方購買的公司。我認為許多較小的圍牆花園尤其面臨壓力。正如我所說的，我認為 CTV 可以成為摧毀圍牆花園的東西。但是，我將從較小的開始。所以我認為我們經常被比作各種大小的圍牆花園，我不一定認為這是一個公平的比較。當然，我認為我們也是宏觀的反常現象。所以希望這可以解析所有這些事情，但我真的為我們在第二季度所做的事情感到自豪，並對我們的第三季度非常樂觀。

The next question is coming from Vasily Karasyov.

下一個問題來自 Vasily Karasyov。

Just a follow-up maybe on the first question. Can you, Jeff, please talk about what's going on in connected TV? I'm sure you know that some connected TV players reported a fairly slow growth in Q2 and guided to continued slow growth in the remainder of the year. So -- and if I listen to your remarks and assuming that your connected TV spend is growing at least double your overall spend, that would imply at least 50% growth. So can you explain to us how to understand that, what the bifurcation is about? And as a quick follow-up there, maybe you can tell us about how you use the terms scatter market and spot market in connected TV that sort of became a thing this earnings season?

可能只是對第一個問題的跟進。傑夫，你能談談聯網電視的情況嗎？我相信你知道一些聯網電視播放器報告第二季度增長相當緩慢，並在今年剩餘時間裡繼續緩慢增長。所以——如果我聽你的話，並假設你的聯網電視支出至少增長了一倍，那將意味著至少增長 50%。那麼你能向我們解釋一下如何理解分叉是關於什麼的嗎？作為一個快速跟進，也許你可以告訴我們你如何使用術語分散市場和聯網電視現貨市場，這在本財報季成為了一件事情？

Yes, no problem. And first, thanks for the question. So as I mentioned, CTV is a secular tailwind that continues to help drive our business. I would even say it continues to lead our business including our growth, the scale that we're seeing is amazing. And the changes in the world, including the pandemic, which made everybody stay home and stream a lot more, have created changes to the ecosystem that I don't think anybody predicted. And if you just take a step back and you think about 5 years ago, you would have thought that HBO and Netflix would be showing ads, I think a lot of people were public about saying that isn't going to happen, and it's happening now. So there are these tailwinds that I just can't overstate and as a result, CTV is often becoming the place where the very first dollar is spent.

是沒有問題。首先，感謝您的提問。所以正如我所提到的，CTV 是一種長期的順風，繼續幫助推動我們的業務。我什至會說它繼續引領我們的業務，包括我們的增長，我們所看到的規模是驚人的。世界的變化，包括讓每個人都呆在家裡並更多地流媒體的大流行，給生態系統帶來了我認為沒有人預料到的變化。如果你退後一步想想 5 年前，你會認為 HBO 和 Netflix 會展示廣告，我想很多人都公開說這不會發生，而且它正在發生現在。因此，我無法誇大這些順風，因此，CTV 經常成為花第一筆錢的地方。

But one of the things I really like about your question, and it gives me a platform to talk about is, okay, well, then why isn't everyone in CTV seeing the same sort of growth that you're seeing. And there are a couple of reasons for that. One, there are some companies that are deploying the walled garden strategy, which is that I have something special either on my operating system or on my channel, and you should buy that exclusively through me. And as I mentioned in the prepared remarks, no one in CTV has a position that is strong enough to be draconian the same way that you can in other parts of digital like search or social or some of those others. So as a result, those tactics, I think, are proving more difficult as more and more choices are coming online.

但我真正喜歡你的問題的一件事，它給了我一個可以談論的平台，好吧，那麼為什麼 CTV 的每個人都沒有看到你所看到的同樣的增長。這有幾個原因。一，有一些公司正在部署圍牆花園戰略，即我的操作系統或頻道上有一些特別的東西，你應該通過我獨家購買。正如我在準備好的評論中提到的那樣，CTV 中沒有人擁有像搜索、社交或其他一些數字領域中其他數字領域一樣強大的立場來嚴厲地對待。因此，我認為，隨著越來越多的選擇上線，這些策略變得更加困難。

So a platform that sits objectively and helps people choose across the 20, 30, 40 places where you could buy, I mean, think of your own habits as a consumer, you are probably watching CTV on 2 or 3 apps 5 years ago. Now you're probably watching them on 7, 8, 9, 100plus. That fragmentation creates a greater need for somebody that centrally partner with all of them, measure reach and frequency and performance across all of them and have to have a business model that is eligible to partner with everybody. So that's why I would argue that we have outperformed everybody else, is that unique position and that unique strategy that we've deployed.

因此，一個客觀地幫助人們在 20、30、40 個可以購買的地方進行選擇的平台，我的意思是，想想你自己作為消費者的習慣，你可能在 5 年前在 2 或 3 個應用程序上觀看 CTV。現在您可能正在 7、8、9、100plus 上觀看它們。這種碎片化產生了對與所有人集中合作，衡量所有人的覆蓋面、頻率和績效，並且必須有一個有資格與所有人合作的商業模式的人的更大需求。所以這就是為什麼我會爭辯說我們的表現優於其他人，是我們部署的獨特位置和獨特戰略。

As it relates to scatter versus spot, and I know in this earnings season, there has been some discussion about scatter. Let me just break it down really simply. Scatter is a reference to a linear or traditional television, where you buy things in upfront, those things that either don't work out as planned or need to be adjusted to. You create this middle market where you're buying traditional television with traditional budgets in a not very sophisticated quickly adapt market. Separately from that is the spot market and what I would call the spot market is the programmatic market that we operate in.

因為它與分散與現貨有關，而且我知道在這個財報季，已經有一些關於分散的討論。讓我簡單地分解一下。 Scatter 是對線性或傳統電視的參考，您可以在其中預先購買東西，這些東西要么不能按計劃工作，要么需要調整。您創建了這個中間市場，您在一個不太複雜的快速適應市場中以傳統預算購買傳統電視。與此不同的是現貨市場，我稱之為現貨市場的是我們經營的程序化市場。

So when people talk about scatter and spot, especially because when they're talking to people in the financial industry, they can draw analogies to equities that don't seem that different. But really, what we're talking about in television, one, it is very closely associated with the upfront market, which was invented in the '60s. The other one, we're talking about digital that brings all of the data and decisioning to bear that the Internet can really offer. That is what makes it. So television is going to get better and better, which is there are going to be fewer ads. They are going to be more relevant. They're going to be highly effective, and that funds content at a rate that has never been seen before. That can only be done by a spot market and a forward market, not a legacy upfront market and scatter market.

因此，當人們談論分散和現貨時，特別是當他們與金融行業的人交談時，他們可以將類比到看起來並沒有那麼不同的股票。但實際上，我們在電視中談論的內容與 60 年代發明的前期市場密切相關。另一個，我們談論的是數字化，它帶來了互聯網真正可以提供的所有數據和決策。這就是它的原因。所以電視會越來越好，也就是說廣告會越來越少。它們將變得更加相關。它們將非常有效，並且以前所未有的速度提供資金。這只能通過現貨市場和遠期市場來完成，而不是傳統的前期市場和分散市場。

So those are the reasons why there's just a big difference in rhetoric around scatter versus spot. The spot market is amazingly strong, the strongest it has ever been, and that's because of the variety of apps that are coming into the ecosystem and the need for ad-funded content because all of them need ad dollars in order to continue to fund their content-making machines.

因此，這就是為什麼圍繞分散與現場的言論存在很大差異的原因。現貨市場異常強勁，是有史以來最強勁的，這是因為進入生態系統的應用程序種類繁多，並且需要廣告資助的內容，因為他們都需要廣告資金才能繼續為其提供資金。內容製作機器。

The next question is coming from Brent Thill with Jefferies.

下一個問題來自 Brent Thill 和 Jefferies。

Great, this is James on for Brent. Jeff, could you just spend a little more talking about -- a little more time talking about what the Disney partnership means for your business? How much access does this deal give you to Disney's premium CTV inventory? And to what magnitude does it grow your footprint for UID? That's my first question. And my second is for Blake just around hiring plans. We've definitely heard a lot of companies in the ad industry pulling back on hiring. So just would love to hear where you guys sit on hiring plans for '22.

太好了，這是布倫特的詹姆斯。傑夫，你能多花點時間談一談迪斯尼的合作夥伴關係對你的業務意味著什麼嗎？這筆交易為您提供了多少訪問迪士尼優質 CTV 廣告資源的權限？它將您的 UID 足跡擴大到多大程度？這是我的第一個問題。我的第二個是關於招聘計劃的布萊克。我們肯定聽說過很多廣告行業的公司都在縮減招聘。所以很想听聽你們對 22 年招聘計劃的看法。

Awesome. Thanks. I'll go first and I'll let Blake go in just the order you asked the question. So let me first just reiterate our strategy in UID2. So first, we created UID2. We open sourced it. We gave it to the ecosystem. This is not ours, but it is something that we really want to see successful because we think there needs to be a privacy safe currency that makes it possible for personalization to take place at large scale. That needs to replace cookies, but it also needs to do way more than that. And when people reduce it down to a discussion about replacing cookies, it doesn't really capture what it's about. And it is a currency of the Internet that makes personalization and privacy control way better than it exists today.

驚人的。謝謝。我先走，我會按照你提出問題的順序讓布萊克走。所以讓我首先重申我們在 UID2 中的策略。所以首先，我們創建了 UID2。我們開源了它。我們把它交給了生態系統。這不是我們的，但它是我們真正希望看到成功的東西，因為我們認為需要一種隱私安全的貨幣，使大規模個性化成為可能。這需要替換 cookie，但它還需要做的遠不止這些。當人們將其簡化為關於替換 cookie 的討論時，它並沒有真正捕捉到它的含義。它是一種互聯網貨幣，它使個性化和隱私控制比現在更好。

The way that you win that way, the way that you fix the infrastructure of the Internet, which can be massively upgraded, especially so that consumers have more control over privacy, is that you partner with the infrastructure. Many might mistakenly think the way that you change the infrastructure of the Internet is you partner with millions of publishers or millions of apps or hundreds of content creators in television. And instead, it's to start with the infrastructure.

你以這種方式獲勝的方式，你修復可以大規模升級的互聯網基礎設施的方式，特別是讓消費者對隱私有更多的控制權，就是你與基礎設施合作。許多人可能會錯誤地認為，改變互聯網基礎設施的方式是與數百萬出版商、數百萬應用程序或數百個電視內容創作者合作。相反，它是從基礎設施開始的。

So the deal with Disney wouldn't have easily been done if we hadn't already partnered with Salesforce or Snowflake or Adobe or AWS, some of those infrastructure plays that make it possible. But because we have, it made it easy for us to then have great conversations with Disney. Additionally, Disney has done an amazing job of assembling all of its different assets, including Hulu, which was one of the first connected TV plays to really understand the benefit of highly relevant ads and high CPMs that come from relevance and that you, of course, have to have a strategy around identity and personalization in order to get those high CPMs and in order to get that benefit.

因此，如果我們還沒有與 Salesforce、Snowflake、Adobe 或 AWS 合作，與迪士尼的交易就不會輕易完成，其中一些基礎設施使這成為可能。但是因為我們有，所以我們很容易與迪士尼進行精彩的對話。此外，迪士尼在整合其所有不同資產方面做得非常出色，包括 Hulu，它是第一批真正了解高度相關廣告和高 CPM 的好處的聯網電視劇之一，當然，你，必須圍繞身份和個性化製定策略才能獲得高 CPM 並獲得收益。

And so I think one of the things that Disney has really led the way on is making certain that all the way at the top of their technical organization, they have a clear understanding of what it takes to provide personalization and consumer privacy protection and control at the same time. And while doing that, I think that they have made it possible to better monetize Hulu, ESPN, ABC, Disney, FX and so many other things that they own. Because they own so many of those and because I think they understand that relationship at the highest levels of the organization, I think that this partnership is really significant because, number one, I think Disney has a clear strategy going forward that some others don't. And two, I think we've established ourselves as a great partner of theirs, and we continue to provide them with an amazing amount of demand and high CPMs that is going to fuel their business and better content.

因此，我認為迪士尼真正引領潮流的一件事是確保在其技術組織的最高層，他們清楚地了解如何提供個性化和消費者隱私保護和控制。同時。在這樣做的同時，我認為他們可以更好地利用 Hulu、ESPN、ABC、迪士尼、FX 和他們擁有的許多其他東西獲利。因為他們擁有這麼多的東西，而且我認為他們在組織的最高層理解這種關係，我認為這種夥伴關係非常重要，因為第一，我認為迪士尼有一個明確的戰略，而其他一些人則沒有。噸。第二，我認為我們已經將自己確立為他們的優秀合作夥伴，我們將繼續為他們提供大量的需求和高 CPM，這將推動他們的業務和更好的內容。

Because they represent such a significant amount of the inventory and especially because almost everything in CTV is logged in, this represents a massive step forward for UID, for an authenticated Internet, for a better Internet. And when you look at extended runway for cookies going away as well as just the need for CTV to get better at monetizing, this represents a move forward for everyone. So I do think Disney is proving itself to be a leader once again. So it's hard to overstate the significance of the partnership. Blake?

因為它們代表瞭如此大量的庫存，特別是因為 CTV 中的幾乎所有內容都已登錄，所以這代表著 UID、經過身份驗證的互聯網、更好的互聯網向前邁出了一大步。當你看到 cookie 消失的擴展跑道以及 CTV 需要更好地獲利時，這代表了每個人的進步。所以我確實認為迪士尼再次證明自己是領導者。因此，很難誇大夥伴關係的重要性。布萊克？

Yes, sure, James. Regarding your question on the hiring, I just would take just a real quick moment to step back a little bit. If we think about where we are in our business, we have -- we're in one of the greatest situations, I think, a company could ask for, right? We've got high top-line growth, high EBITDA growth with strong margins, and we also generate solid, consistent annual free cash flow. And so having those 3 things operating together for me, it's got super special meaning, as you can imagine. And what it does is it gives us the opportunity and the ability to be deliberate with our choices.

是的，當然，詹姆斯。關於你關於招聘的問題，我只想花一點時間退後一點。如果我們考慮一下我們在業務中所處的位置，我們有——我認為，我們處於最偉大的情況之一，一家公司可以要求，對吧？我們擁有高收入增長、高 EBITDA 增長和強勁的利潤率，而且我們還產生了穩定、一致的年度自由現金流。所以這三件事對我來說一起運作，它具有超級特殊的意義，你可以想像。它所做的是它給了我們機會和能力來慎重選擇。

And in doing so, I'm also proud of our ability to stay disciplined with those investments regardless of the operating environment that we're in. You mentioned what other companies are doing. And based on what we're hearing, while there are many of our peers that might have more resources, that are pausing hiring or cutting investments because they invested too aggressively, we didn't get ahead of ourselves the last couple of years, like it sounds like many companies did. And I think that's really paid off for us. It's given us the ability to stay the course and be deliberate about our investments and including hiring, which is one of the largest ones that we will entertain.

在這樣做的過程中，我也為我們能夠在這些投資上保持自律而感到自豪，而不管我們所處的運營環境如何。你提到了其他公司正在做的事情。根據我們所聽到的，雖然我們的許多同行可能擁有更多資源，但由於投資過於激進而暫停招聘或削減投資，但過去幾年我們並沒有超越自己，比如聽起來很多公司都這樣做了。我認為這對我們來說真的得到了回報。它使我們有能力堅持到底，認真考慮我們的投資，包括招聘，這是我們將接受的最大的投資之一。

And so like we mentioned earlier this year, we expect to increase the pace of our investments as we focus on the long-term growth of the business. But we're always going to stay mindful of long-term productivity supported by our business model. So with regards to hiring and how it affects expenses and such, our Q2 EBITDA was super strong, and that included our first full company in-person event that we had in over 3 years. Our Q3 forecast reflects that investment thesis that we can continue to generate strong EBITDA and invest for the long term. And we're focused in hiring in areas that fuel our growth, whether that's engineering or business development or account management roles.

因此，就像我們今年早些時候提到的那樣，我們希望加快投資步伐，因為我們專注於業務的長期增長。但我們將始終牢記由我們的商業模式支持的長期生產力。因此，在招聘以及它如何影響費用等方面，我們的第二季度 EBITDA 非常強勁，其中包括我們在 3 年多以來舉辦的第一次完整的公司面對面活動。我們的第三季度預測反映了我們可以繼續產生強勁的 EBITDA 並進行長期投資的投資論點。我們專注於在推動我們增長的領域招聘，無論是工程、業務發展還是客戶管理職位。

And so I'm comfortable with the trajectory that we're on and where things stand. And I really think that we can pursue those investments in an operating expense structure that we believe is actually better than prepandemic. So I really like the position we're in to drive more efficiency, more EBITDA and free cash flow, but also as we scale. And so I'm really excited about our situation there.

因此，我對我們所處的軌跡以及事情的發展情況感到滿意。我真的認為我們可以在我們認為實際上比大流行前更好的運營費用結構中進行這些投資。所以我真的很喜歡我們在提高效率、更多 EBITDA 和自由現金流方面的地位，而且隨著我們的規模擴大。所以我對我們在那裡的情況感到非常興奮。

The next question is coming from Youssef Squali with Truist Securities.

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

Obviously, congrats on a really strong performance, all things considered. Jeff, with Netflix going with Microsoft and Xandr being an SSP but also a DSP itself, what does that mean for The Trade Desk opportunity with Netflix over time? And as there is going to be a great deal of inventory coming into the CTV market from Netflix and I guess others, just could that be a depressant factor for pricing for connected TV in the short and medium term? And then Blake, maybe just a quick one with Solimar's adoption at now 100%, I think that's what you said in the prepared remarks. Any way to help quantify the contribution of that software upgrade to the outperformance this quarter?

顯然，考慮到所有因素，恭喜您的表現非常出色。 Jeff，Netflix 與 Microsoft 合作，Xandr 既是 SSP，又是 DSP，隨著時間的推移，這對 The Trade Desk 與 Netflix 的機會意味著什麼？由於 Netflix 和我猜其他人將有大量庫存進入 CTV 市場，這是否會成為中短期內聯網電視定價的一個抑制因素？然後是布萊克，也許只是一個快速的，索利馬爾目前 100% 的採用率，我認為這就是你在準備好的評論中所說的。有什麼方法可以幫助量化該軟件升級對本季度表現優異的貢獻？

You bet. Thanks, Youssef, for the question. I actually was hoping somebody would ask about Netflix and Microsoft because I think it's one of the most exciting things that's happened in our space in the quarter. So let me first just restate something that Netflix stated on their earnings call, which I think is a direct quote. It's still early days. So Netflix has been like learning about the advertising business or in the advertising business for only a few months as they have established a very important but early partnership. But I for one was very excited when I learned that they had selected Microsoft for a number of reasons. As many of you know, I worked at Microsoft before I sold the first ad exchange to Microsoft. I, in fact, introduced the President of the Ads division to at the time the CEO of AppNexus, which later became Xandr. So it's been a part of my personal journey as well as the fact that I've just been very close to AppNexus and Xandr. Of course, Xandr now being owned by Microsoft.

你打賭。謝謝優素福的問題。我實際上希望有人會詢問 Netflix 和微軟，因為我認為這是本季度我們所在領域發生的最令人興奮的事情之一。因此，讓我首先重申一下 Netflix 在財報電話會議上所說的話，我認為這是直接引用。現在還為時尚早。所以 Netflix 就像了解廣告業務或者在廣告業務上僅僅幾個月的時間，因為他們已經建立了一個非常重要但很早的合作夥伴關係。但是當我得知他們出於多種原因選擇了微軟時，我感到非常興奮。眾所周知，在將第一個廣告交易平台賣給微軟之前，我曾在微軟工作。事實上，我將廣告部門的總裁介紹給了當時 AppNexus 的首席執行官，後來成為 Xandr。所以這是我個人旅程的一部分，也是我剛剛非常接近 AppNexus 和 Xandr 的事實。當然，Xandr 現在歸微軟所有。

Xandr, as you point out, Youssef, has a small DSP but it is primarily an SSP. They primarily focus on the sell side. If you look at the -- if you were to stack rank the major players of demand for CTV, I think you'd find that we're the largest, and somewhere around #10 near the bottom of the top-10 list would be Xandr in terms of size. I would estimate that they provide less than 10% of the demand to other independent inventory or content companies. So as a result, what I think that means for us and for the open Internet is that the role that Microsoft is going to play for Netflix is one where they are helping them get started, they are helping them create a clear identity strategy. I think they very clearly are going to have to have a strategy both for identity as well as for monetization that involves the open Internet.

Xandr，正如您指出的那樣，Youssef，有一個小型 DSP，但它主要是一個 SSP。他們主要關注賣方。如果您查看 - 如果您要對 CTV 需求的主要參與者進行排名，我想您會發現我們是最大的，並且在前 10 名列表底部附近的第 10 位左右將是Xandr 在大小方面。我估計他們向其他獨立庫存或內容公司提供的需求不到 10%。因此，我認為這對我們和開放互聯網意味著微軟將在 Netflix 中扮演的角色，他們正在幫助他們開始，他們正在幫助他們制定明確的身份戰略。我認為他們非常清楚地必須制定一個涉及開放互聯網的身份和貨幣化戰略。

Because this is early days, it's less important to me about the role that Trade Desk plays with Netflix in the crawl phase than it does in the walk and the run phase. And to me, selecting Microsoft makes it so it's nearly inevitable that Netflix will be a part of the open Internet and that they'll welcome demand from lots of different places and that, that will be the only way that they can maximize their inventory and get the highest CPMs possible. As somebody who wants to see Netflix do well and has a strong relationship with Netflix leadership, I think this is a solid plan. It's a great start. There's a lot of work ahead of them. But I think that we're extremely likely to have a great partnership with them over the long term, but there's a lot of stuff that has to be done in order for Netflix to be the leader in AVOD that they've been in SVOD. So -- but I'm looking forward to it.

因為現在還處於早期階段，所以對我而言，Trade Desk 在爬行階段與 Netflix 所扮演的角色不如它在步行和跑步階段所扮演的角色重要。對我來說，選擇微軟讓 Netflix 成為開放互聯網的一部分幾乎是不可避免的，他們將歡迎來自許多不同地方的需求，而這將是他們最大化庫存和獲得盡可能高的每千次展示費用。作為一個希望看到 Netflix 做得很好並且與 Netflix 領導層關係密切的人，我認為這是一個可靠的計劃。這是一個很好的開始。他們面前有很多工作要做。但我認為，從長遠來看，我們極有可能與他們建立良好的合作夥伴關係，但要讓 Netflix 成為他們在 SVOD 領域的領導者，還有很多事情要做。所以——但我很期待。

And then with regards to your question on Solimar, so I'm really excited about the traction that we've seen that I think the product really separates us from the competition. And we did reach 100% usage. I think that it took us about a year to get there. I think the last major product update took like 50% longer in the amount of time it took. So it's a real testament to the team and the value that I think we're providing the customers that are going to upgrade.

然後關於你關於 Solimar 的問題，所以我對我們所看到的牽引力感到非常興奮，我認為該產品確實將我們與競爭對手區分開來。我們確實達到了 100% 的使用率。我認為我們花了大約一年的時間才到達那裡。我認為上一次重大產品更新所花費的時間大約增加了 50%。因此，這是對團隊的真實證明，也是我認為我們為即將升級的客戶提供的價值的真實證明。

And so on a usage basis, the trends look good like average data elements used per impression, it more than doubled for the same customers on our previous platform. Average channel usage has increased over 50%. And then the AI, machine learning element that we have, the adoption on that on Solimar, I think it increased around 50% versus the prior platform. And this is all about getting customers a better ROI. If we can do that, they're going to return again for future campaigns. And we think that what that does is it spins the flywheel for everybody, for us included. And so just really excited about the momentum here and really proud actually what the team was able to deliver.

以使用為基礎，趨勢看起來不錯，就像每次展示使用的平均數據元素一樣，在我們之前的平台上，對於相同的客戶，它增加了一倍以上。平均頻道使用率增加了 50% 以上。然後是我們擁有的人工智能、機器學習元素，以及在 Solimar 上的採用，我認為它與之前的平台相比增加了 50% 左右。這一切都是為了讓客戶獲得更好的投資回報率。如果我們能做到這一點，他們將再次回來參加未來的競選活動。我們認為它所做的就是為每個人旋轉飛輪，包括我們在內。因此，我對這裡的勢頭感到非常興奮，並對團隊能夠交付的東西感到非常自豪。

Next, we have Tim Nollen with Macquarie.

接下來，我們有麥格理的蒂姆·諾倫。

It piqued my interest, especially about the spot market response, a few questions ago being a forward market and how it's different from scatter. You also mentioned in your prepared remarks about a forward market product. I wonder if you could help maybe explain a bit more what that is. Is this something that sets you up for more of an upfront participation for CTV guaranteed deals next year? Or maybe just a bit more color on what that is? And then I'm assuming Unified ID 2 will factor in to all of this. And you said you're optimistic about this becoming kind of a transaction standard for this year. Would UID2 be playing a more prominent role in measurement or attribution of CTV ads going forward?

它激起了我的興趣，尤其是關於現貨市場的反應，幾個問題之前是一個遠期市場以及它與分散市場有何不同。您在準備好的評論中還提到了遠期市場產品。我想知道你是否可以幫助解釋一下那是什麼。這是否會讓您在明年更多地參與 CTV 擔保交易？或者也許只是更多的顏色是什麼？然後我假設統一 ID 2 將考慮所有這些。你說你對這成為今年的交易標準持樂觀態度。 UID2 會在未來 CTV 廣告的衡量或歸因方面發揮更突出的作用嗎？

Thanks for the questions, Tim. So maybe aside from CTV, my favorite topic to talk about is actually forward market. And I especially love to talk about it in the context of investors just because you live the concept every single day even though it's somewhat foreign to advertising. So first of all, the upfronts, this process where you commit to buy ads on television was a process that was created in the early 60s. In fact, we've sort of jokingly made comparison -- maybe half jokingly made comparison to the fact that the audio cassette was invented the same year that the TV upfronts were. And audio cassettes obviously have evolved. We don't use them anymore in our daily lives. But the upfront hasn't changed much, and the process is exactly the same. You have a party or an event where you commit dollars to advertising for the better part of the year with the absence of data and transactions, like it's just -- in a way, it's even strange that as an industry it still happens that way.

謝謝你的問題，蒂姆。所以也許除了CTV，我最喜歡談論的話題實際上是遠期市場。我特別喜歡在投資者的背景下談論它，因為你每天都在實踐這個概念，儘管它對廣告來說有點陌生。所以首先，前期，這個你承諾在電視上購買廣告的過程是一個在 60 年代初創建的過程。事實上，我們有點開玩笑地進行了比較——也許半開玩笑地比較了錄音帶是在電視前端發明的同一年這一事實。錄音帶顯然已經進化了。我們不再在日常生活中使用它們。但前期變化不大，流程完全一樣。你有一個聚會或一個活動，在沒有數據和交易的情況下，你在一年中的大部分時間投入資金用於廣告，就像它只是 - 在某種程度上，作為一個行業它仍然以這種方式發生甚至是奇怪的。

I mean if we had a forward market for tulips that was exactly the same as it was 400 years ago, we would look for ways to evolve. We'd do something different. So the forward market that we're developing with our partners is much more like the commodities market, where you have forward contracts, you use data and forecasting to get the benefits of commitment. And the thing that is really amazing about TV ads in particular is that publishers are willing to take less money if you will commit to buy it in advance. And advertisers are willing to pay more money if they can have the assurance that they're going to get it.

我的意思是，如果我們有一個與 400 年前完全相同的鬱金香遠期市場，我們就會尋找發展的方法。我們會做一些不同的事情。因此，我們與合作夥伴共同開發的遠期市場更像是大宗商品市場，您擁有遠期合約，您可以使用數據和預測來獲得承諾的好處。尤其是電視廣告真正令人驚奇的是，如果您承諾提前購買，出版商願意花更少的錢。如果廣告商能夠保證他們會得到它，他們願意支付更多的錢。

I mean imagine, you wouldn't spend $3 million, $4 million or $5 million to make a Super Bowl ad if you didn't know it was going to run during the Super Bowl. So commitments can be a really important part of television. And so as we move to CTV, there's no reason to create a rudimentary 1960s version of a forward market. We should create one that leverages all the very best parts of programmatic, takes all the learnings of commodities markets and utilizes the very best thing about programmatic. So we've developed that. It's early days, but we have a good commitment from both buyers and sellers to make it possible to create a much better and stronger market. The only way that, that works is if you have good forecasting. And the only way that, that works is if you have a common currency like UID2.

我的意思是想像一下，如果你不知道它會在超級碗期間播放，你就不會花費 300 萬美元、400 萬美元或 500 萬美元來製作超級碗廣告。因此，承諾可以成為電視中非常重要的一部分。因此，當我們轉向 CTV 時，沒有理由創建一個 1960 年代初級版本的遠期市場。我們應該創建一個利用程序化所有最好的部分，吸收大宗商品市場的所有知識，並利用程序化最好的東西。所以我們開發了它。現在還為時尚早，但我們有來自買家和賣家的良好承諾，以創造一個更好、更強大的市場。唯一可行的方法是如果您有良好的預測。唯一可行的方法是，如果你有像 UID2 這樣的通用貨幣。

So to the second part of your question, does UID2 play a significant role in that? Absolutely. Because in order for us to give a common understanding to buyers and sellers, it's one thing to buy in the spot market where you're buying an ad for less than $0.01 in almost every case. But it's another thing to commit hundreds of millions of dollars in advance to buying ads. You need a greater degree of assurance. You need greater transparency. You need visibility that can only come from forecast where you have a common understanding. Common currencies become very important in order to have any market other than a spot market unless you're operating at discounts and constantly working on make-goods, which is exactly what the upfront and scatter markets do in traditional television.

那麼對於您問題的第二部分，UID2 是否在其中發揮了重要作用？絕對地。因為為了讓我們給買賣雙方達成共識，在現貨市場上購買幾乎每一種情況下都以低於 0.01 美元的價格購買廣告是一回事。但提前投入數億美元購買廣告是另一回事。你需要更大程度的保證。你需要更大的透明度。您需要的可見性只能來自您有共同理解的預測。通用貨幣對於擁有現貨市場以外的任何市場都非常重要，除非您以折扣價經營並不斷生產製造商品，這正是傳統電視中的前期和分散市場所做的。

Next, we have Shweta Khajuria with Evercore ISI.

接下來，我們有 Evercore ISI 的 Shweta Khajuria。

Okay. Let me try 2, please. So Jeff, for the business, there have always been several growth factors or growth vectors from international to shopper marketing to CTV to Solimar to UID2. Now with Solimar fully integrated and CTV clearly driving growth, how about the other 3, the UID2, international and shopper marketing? Does the extension of cookie deprecation change your focus or investment towards UID2? And then how are you thinking about international and shopper marketing in general over the next 6 to, call it, 18 months? And then a question for Blake. Is it possible to get the magnitude of contribution from retail or Walmart and other partnerships as well as political spend for the third quarter that's baked in your guide?

好的。請讓我試試2。所以傑夫，對於業務來說，從國際到購物者營銷到 CTV 到 Solimar 到 UID2，一直有幾個增長因素或增長向量。現在隨著 Solimar 的全面整合和 CTV 明顯推動增長，其他 3 個，UID2、國際和購物者營銷怎麼樣？ cookie 棄用的擴展是否會改變您對 UID2 的關注或投資？然後，您如何看待未來 6 至 18 個月的國際和購物者營銷？然後是布萊克的一個問題。是否有可能從零售或沃爾瑪和其他合作夥伴以及第三季度的政治支出中獲得巨大的貢獻？

Yes. So I'm glad you've asked about just these other growth drivers and, of course, how does UID affect it and especially just how does the deprecation of cookies affect UID and international expansion and shopper marketing. So I'm not certain that we made this as clear as we could have in the prepared remarks. But cookies and ads that are bought inside of a browser because cookies are only relevant inside of a browser, at least directly relevant inside of a browser, represents a small percentage of our business. Display is a small percentage of our business. As a percentage, it's shrinking even though we've seen growth because growth in other areas are growing faster, it still continues to shrink. So it's a small slice of the pie.

是的。因此，我很高興您詢問了這些其他增長驅動因素，當然還有 UID 對其有何影響，尤其是 cookie 的棄用如何影響 UID 以及國際擴張和購物者營銷。所以我不確定我們是否在準備好的評論中盡可能清楚地說明了這一點。但是在瀏覽器內部購買的 cookie 和廣告，因為 cookie 僅在瀏覽器內部相關，至少在瀏覽器內部直接相關，只占我們業務的一小部分。展示只是我們業務的一小部分。就百分比而言，儘管我們看到了增長，但它正在縮小，因為其他領域的增長速度更快，但它仍在繼續縮小。所以這只是蛋糕的一小部分。

What are much bigger are things like mobile, which don't rely on cookies, or CTV, which don't rely on cookies. They have other ways of creating identity. And of course, in CTV, nearly everything you do is on the other side of the log-in, meaning you log into Netflix or you log into Amazon or you log into Peacock or Paramount or Hulu before you view content. And that makes it very prone to be interoperable with something like UID2. So there's no cookie problem to solve in TV, but everybody in TV needs more subscribers, and I believe everybody in TV needs to offer an AVOD solution for those subscribers that would rather pay with their time than with money, and especially when you have to keep providing or making rate hikes in order to pay for incremental content.

更大的是不依賴 cookie 的移動設備或不依賴 cookie 的 CTV。他們還有其他創造身份的方式。當然，在 CTV 中，您所做的幾乎所有事情都在登錄的另一端，這意味著您在查看內容之前先登錄 Netflix，或者登錄亞馬遜，或者登錄 Peacock、Paramount 或 Hulu。這使得它很容易與像 UID2 這樣的東西互操作。所以電視中沒有 cookie 問題需要解決，但是電視中的每個人都需要更多的訂閱者，我相信電視中的每個人都需要為那些寧願用時間而不是金錢付費的訂閱者提供 AVOD 解決方案，尤其是當你不得不繼續提供或提高費率以支付增量內容。

And so the cookie changes don't slow down UID at all. And in fact, I've always said that the biggest threat to the walled gardens is the competitive nature of connected television. That's especially true in identity. And the competitive nature of television is really what I think will fuel UID forward faster than anything that happens with cookies, delay or not.

因此 cookie 的更改根本不會減慢 UID。事實上，我一直說，圍牆花園的最大威脅是聯網電視的競爭性質。在身份方面尤其如此。我認為電視的競爭性質確實會比 cookie 發生的任何事情更快地推動 UID 前進，無論是否延遲。

But the same thing is true internationally. I mean especially if you look at the places where GDP growth is predicted to be the highest in the world, those are places that are often mobile-first. So there's less reliance on cookies as well, so -- especially in Asia. So the business models that have a holistic approach to identity and can customize ads to think holistically are the ones that are going to do the best, especially for the biggest companies in the world, which is why I think we're really in a strong position for international growth.

但在國際上也是如此。我的意思是，特別是如果您查看預計 GDP 增長為世界最高的地方，這些地方通常是移動優先的地方。所以對cookies的依賴也減少了，所以——尤其是在亞洲。因此，具有整體身份方法並可以定制廣告以進行整體思考的商業模式將做得最好，尤其是對於世界上最大的公司，這就是為什麼我認為我們真的很強大國際增長的地位。

And sadly, as it relates to international, I think it's fair to say there's more likely to be economic headwinds outside the United States than inside the United States given that we look at this as land grab time. So there is a big opportunity for us to expand our market share even if there are economic headwinds internationally that we just want to continue to invest in, especially because outside of big competitors, like the Googles of the world where their DSP is not their primary focus. For those smaller competitors where being a DSP is their primary focus, they're often much smaller and can't afford to make those investments. So there's a big opportunity for us to expand around the world.

可悲的是，由於它與國際有關，我認為可以公平地說，美國以外的經濟逆風比美國國內的可能性更大，因為我們將其視為土地掠奪時間。因此，即使在國際上存在我們只想繼續投資的經濟逆風，我們也有很大的機會擴大我們的市場份額，特別是因為在大型競爭對手之外，比如世界上的谷歌，他們的 DSP 不是他們的主要業務重點。對於那些以 DSP 為主要關注點的較小競爭對手，他們通常規模小得多，無法承擔這些投資。因此，我們有很大的機會在世界範圍內擴張。

And then in shopper marketing, it -- there is this incredible desire, especially inside of CPGs. And CPGs, for a whole bunch of reasons, including inflation, are under pressure to do more with less. And what can really help them is to see end to end. If I show an ad to this person, how does it affect whether they buy it at a store. To see end-to-end, the impact of their spend is extremely valuable to them. And retailers know that, that is a way for them to spin their flywheels faster. Initially, they looked at it as a way to make more money on selling data, but now they look at it as a way to spin their flywheels faster.

然後在購物者營銷中，有這種令人難以置信的願望，尤其是在 CPG 內部。由於包括通貨膨脹在內的一系列原因，CPG 面臨著事半功倍的壓力。真正能幫助他們的是端到端的觀察。如果我向此人展示廣告，這將如何影響他們是否在商店購買。從端到端來看，他們支出的影響對他們來說非常有價值。零售商知道，這是他們加快飛輪旋轉的一種方式。最初，他們將其視為通過銷售數據賺取更多收入的一種方式，但現在他們將其視為一種使飛輪旋轉得更快的方式。

And so I think it's one of the surest ways that we will spin our own flywheel, is to continue to enable an open Internet where there's lots of competition and where marketers that sell goods inside of the stores, brick-and-mortar stores, continue to get the data-driven benefits that historically have been reserved for online retailers like Amazon. So where everybody is looking at competing with Amazon, they know they have to be focused on becoming a data-driven or more than they are, and we're just seeing amazing strides in retail that contributes to our shopper marketing strategy. So we've just seen our TAM expand in the short term just because of this focus of moving to fixing this sort of end-to-end challenge. And I do think it is true that the discussion about the demise of cookies has made that faster even though it's a totally different aspect of measurement, but it has improved and accelerated the move to better measurement, which I don't know if there's any place that's better off than those places where we're doing end-to-end measurement in shopper marketing.

所以我認為這是我們將自己的飛輪旋轉的最可靠的方式之一，是繼續啟用一個開放的互聯網，那裡有很多競爭，並且在商店內銷售商品的營銷人員，實體店，繼續以獲得歷史上為亞馬遜等在線零售商保留的數據驅動優勢。因此，在每個人都在考慮與亞馬遜競爭的地方，他們知道他們必須專注於成為數據驅動型企業或更多，而我們只是看到零售業取得了驚人的進步，這有助於我們的購物者營銷策略。因此，我們剛剛看到我們的 TAM 在短期內擴大，只是因為我們將重點轉移到解決這種端到端的挑戰上。而且我確實認為，關於 cookie 消亡的討論確實使這更快，即使它是測量的一個完全不同的方面，但它已經改進並加速了向更好測量的轉變，我不知道是否有任何這比我們在購物者營銷中進行端到端測量的地方更好。

And then to follow up, Shweta, on your other questions. I think on the shopper marketing component, we don't break out that level of detail in our shopper marketing business. The only thing I would just say is that we are seeing the spend ramp. It ramped into Q2 as more large brands are testing and adopting it, and we expect that to continue. I think just the selection opportunity that our customers are now having is going to be a flywheel spin for them that I debate in my head whether they're going to be able to get it very many other places, if any. And so I think that's just such a long-term opportunity for us, like Jeff said, I'm just -- I'm super excited about it.

然後跟進，Shweta，關於你的其他問題。我認為在購物者營銷部分，我們不會在我們的購物者營銷業務中打破那種詳細程度。我只想說的是，我們正在看到支出增加。隨著越來越多的大品牌正在測試和採用它，它進入了第二季度，我們預計這種情況會繼續下去。我認為我們的客戶現在擁有的選擇機會對他們來說將是一個飛輪旋轉，我在腦海中爭論他們是否能夠在很多其他地方獲得它，如果有的話。所以我認為這對我們來說是一個長期的機會，就像傑夫說的那樣，我只是——我對此感到非常興奮。

And then with regards to your question on political, in the midterms, the spend will occur much closer to election day than we might find in a presidential year. Like we expect to see that start ramping here over the late summer, or I would say, through November, there's so many races out there that are going to be competitive. And we'll just have to see how competitive, whether it's the house, the Senate, governor campaigns or whatnot. I think that our overall expectation is that the -- in Q3, we expect it to be a low single-digit percent spend in Q3, and that was in our prepared remarks as well.

然後關於你關於政治的問題，在中期，支出將比我們在總統年發現的更接近選舉日。就像我們希望看到在夏末開始在這裡開始一樣，或者我會說，到 11 月，那裡有很多比賽將具有競爭力。我們只需要看看競爭程度如何，無論是眾議院、參議院、州長競選活動還是諸如此類。我認為我們的總體預期是——在第三季度，我們預計第三季度的支出將是個位數的低百分比，這也在我們準備好的評論中。

But overall, just with regards to political, what I would say is our goal is to -- it's to run a better process. It's to earn trust with our customers. We've been building this business over quite a few years. We've got really high retention rates with our customers. We do believe we're the go-to platform for digital advertising now versus maybe other social media platforms. And so we do expect some tailwinds. That's why we called it out in the guidance, but we'll have to see how this all unfolds into the back half of the year.

但總的來說，就政治而言，我想說的是我們的目標是——它是運行一個更好的流程。這是為了贏得客戶的信任。多年來，我們一直在建立這項業務。我們的客戶保留率非常高。我們確實相信，與其他社交媒體平台相比，我們現在是數字廣告的首選平台。所以我們確實期待一些順風。這就是為什麼我們在指南中提到它，但我們必須看看這一切如何在今年下半年展開。

The next question is coming from Brian Fitzgerald with Wells Fargo.

下一個問題來自富國銀行的 Brian Fitzgerald。

Just as a quick follow-up to the forward market concept. We want to ask about re-vendability or re-saleability of inventory, if you will. If an advertiser takes delivery, for example, finds out that an impression or a consumer is already a customer. Jeff, are you envisioning that advertisers would have the ability to resell inventory? And any thoughts on the dynamics there in terms of market liquidity and participation and really potential financialization of the market?

就像對遠期市場概念的快速跟進一樣。如果您願意，我們想詢問庫存的可再銷售性或可再銷售性。例如，如果廣告商接收交付，則發現展示或消費者已經是客戶。 Jeff，您是否設想廣告商能夠轉售庫存？對市場流動性和參與度以及市場真正潛在的金融化方面的動態有什麼想法？

You bet. So I think initially what you're going to want to see is control from both publishers or content owners and advertisers in terms of who shows up, who has access to it. But I do think that in the long term, and we're talking years from now, one way that you can get buyers to sign up is if they buy too much, they can sell it to somebody else. And so I do think it's possible to see a derivatives market exist sort of on top of that forward market so that you can essentially transacting the rights to buy those so that you can secure inventory. But making them fungible that makes it -- or resellable or both rather is I think a really important part of the market in the long term.

你打賭。所以我認為最初你希望看到的是出版商或內容所有者和廣告商對誰出現、誰有權訪問它的控制。但我確實認為，從長遠來看，從現在開始，我們正在談論幾年後，你可以讓買家註冊的一種方法是，如果他們買得太多，他們可以把它賣給其他人。所以我確實認為有可能看到衍生品市場存在於遠期市場之上，這樣你就可以從本質上交易購買這些衍生品的權利，從而確保庫存。但從長遠來看，使它們具有可替代性——或者可轉售或兩者兼而有之，我認為這是市場的一個非常重要的部分。

So I do think that, that component will exist in the long term. But the most important thing in the short term is to take advantage of the fact that you can bring data to bear that publishers want guarantees and all the benefits of programmatic. Advertisers would like to reserve inventory and have all the benefits of programmatic, which includes the ability for them to bring their data into the equation. In traditional television as well as in the scatter market, advertisers can't really bring their own data to the table.

所以我確實認為，該組件將長期存在。但短期內最重要的事情是利用這樣一個事實，即您可以帶來數據來承擔發布商想要的保證以及程序化的所有好處。廣告商希望保留庫存並擁有程序化的所有好處，其中包括他們將數據納入等式的能力。在傳統電視以及散播市場中，廣告商無法真正將自己的數據帶到桌面上。

So the forward market would enable them to do that, which would help prices go up and is really going to benefit both the buyer and the seller. I think there's going to be a lot of rules that exist for years to prevent the resale of that. But I do think long term, the economic concerns are there for that to exist. It creates an amazing market. And I don't think that there's any company that's better positioned to benefit from this market than The Trade Desk because of the role that we play by looking at everything, by looking at nearly all inventory because we don't own it, we make it possible to partner with all of it. And I think we can easily become once again, the world leader in providing demand not just in the spot market, which we already are today, but also in the forward market, which is why we're working so hard to create it and leverage the relationships that we've been tending to for more than a decade now.

因此，遠期市場將使他們能夠做到這一點，這將有助於價格上漲，並真正使買賣雙方受益。我認為多年來會有很多規則來防止轉售。但我確實認為從長遠來看，存在經濟問題。它創造了一個驚人的市場。而且我認為沒有哪家公司比 The Trade Desk 更能從這個市場中受益，因為我們所扮演的角色是通過查看所有內容，查看幾乎所有庫存，因為我們不擁有它，我們製造可以與所有這些合作。而且我認為我們很容易再次成為提供需求的世界領先者，不僅在我們今天已經是現貨市場，而且在遠期市場，這就是為什麼我們如此努力地創造它並利用十多年來我們一直在維護的關係。

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

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。你可以在這個時候斷開你的電話線，並有一個美好的一天。感謝您的參與。