(TTD) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Trade Desk's Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

女士們，先生們，美好的一天，歡迎參加 The Trade Desk 2022 年第三季度收益電話會議。 （操作員說明）

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

現在，我很高興將發言權交給您的主持人，投資者關係副總裁 Chris Toth。先生，地板是你的。

Thank you, operator. Hello, and good day to everyone. Welcome to The Trade Desk Third Quarter 2022 Earnings Conference Call. On the call today, from our Singapore office are Founder and CEO, Jeff Green; Chief Financial Officer, Blake Grayson; and our Chief Revenue Officer, Tim Sims.

謝謝你，接線員。你好，祝大家有美好的一天。歡迎來到 The Trade Desk 2022 年第三季度收益電話會議。今天的電話會議來自我們新加坡辦事處的創始人兼首席執行官 Jeff Green；首席財務官布萊克·格雷森；和我們的首席營收官 Tim Sims。

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

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。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。

These forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. Actual results may vary significantly, and we expressly assume no obligation to update any forward-looking statements. Should any of our beliefs or assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements.

這些前瞻性陳述僅代表我們在做出此類陳述之日的信念和假設。實際結果可能會有很大差異，我們明確不承擔更新任何前瞻性陳述的義務。如果我們的任何信念或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。

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

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。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。

With that, I'll now turn the call over to Founder and CEO, Jeff Green. Jeff?

有了這個，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. As Chris mentioned, I'm thrilled to be speaking with you today from our Singapore office, our South Asia headquarters. This is the first time that I have been in Asia since January of 2020 due to the global pandemic. And it's been great to reconnect with our team, our clients and our partners here in-person this week. Asia as a whole is crucial to our long-term growth, and it's always inspiring to spend time here. More on that later, but first, on to our results.

謝謝，克里斯，謝謝大家加入我們。正如 Chris 所說，我很高興今天能在我們的新加坡辦事處、我們的南亞總部與您交談。由於全球大流行，這是我自 2020 年 1 月以來第一次來到亞洲。本週與我們的團隊、我們的客戶和我們的合作夥伴面對面地重新聯繫真是太好了。整個亞洲對我們的長期發展至關重要，在這裡度過時光總是令人振奮。稍後會詳細介紹，但首先是關於我們的結果。

As you've seen in the release, The Trade Desk posted another very strong quarter with revenue growth up 31% year-over-year. We continue to gain share as advertisers embrace the precision and relevance of data-driven advertising on the open Internet via our platform. Throughout 2022 and in particular, in Q3, The Trade Desk has significantly outperformed seemingly all other forms of digital with a significant contrast to walled garden in our ability to win advertising budgets. It is very clear that under the current operating conditions, we are significantly outpacing the market regardless of the macro environment.

正如您在新聞稿中看到的那樣，The Trade Desk 發布了另一個非常強勁的季度，收入同比增長 31%。隨著廣告商通過我們的平台在開放互聯網上接受數據驅動廣告的精確性和相關性，我們繼續獲得份額。在整個 2022 年，特別是在第三季度，The Trade Desk 的表現明顯優於似乎所有其他形式的數字形式，與我們贏得廣告預算的能力形成鮮明對比。很明顯，在目前的經營狀況下，無論宏觀環境如何，我們都顯著跑贏了市場。

Our vision and business strategy continues to be validated by our advertising clients. Nearly every single major advertiser wants a world where the open Internet thrives, where competition and price discovery thrive. They want great measurement that works across the web so that they can compare the performance of each site, app or destination to all the others. They want an Internet where relative value can be found. As we've predicted, CTV is a catalyst for massive change on the Internet. When possible, the power balance is shifting to the open Internet away from opaque walled gardens and systems that aren't comparable to others.

我們的願景和業務戰略繼續得到我們的廣告客戶的驗證。幾乎每一個主要的廣告商都想要一個開放的互聯網蓬勃發展、競爭和價格發現蓬勃發展的世界。他們希望能夠在整個網絡上進行出色的衡量，以便他們可以將每個站點、應用程序或目的地的性能與所有其他站點、應用程序或目標進行比較。他們想要一個可以找到相對價值的互聯網。正如我們所預測的，CTV 是互聯網發生巨大變化的催化劑。在可能的情況下，權力平衡正在轉向開放的互聯網，遠離不透明的圍牆花園和其他無法比擬的系統。

In short, more and more, our clients embrace the value of the open Internet compared to the limitations of walled gardens, and they are embracing The Trade Desk as the default platform to execute on the open Internet. This is resulting in closer relationships with the largest brands and agencies in the world. Our client relationships are stronger than ever because they are based on shared values and goals, a strong buy-side road map, and Internet where relative value and objective measurement can thrive with data-driven empowerment for brands and advertisers, rather than a tech company who is just asking the brand or agency to outsource media buying to them and send their first-party data down a one-way street.

簡而言之，與圍牆花園的限制相比，我們的客戶越來越接受開放互聯網的價值，他們將 The Trade Desk 作為在開放互聯網上執行的默認平台。這導致與世界上最大的品牌和代理商的關係更加密切。我們的客戶關係比以往任何時候都更牢固，因為它們基於共同的價值觀和目標、強大的買方路線圖和互聯網，在互聯網上，相對價值和客觀衡量可以通過數據驅動的品牌和廣告商授權而蓬勃發展，而不是科技公司誰只是要求品牌或代理商將媒體購買外包給他們，並將他們的第一方數據發送到單向街道。

Because of this contrast, we are signing joint business plans with brands at a record pace. Some of the largest JVPs signed this year represent spend of over $1 billion in the future. In this way, not only do these JVPs position The Trade Desk for future growth, but they also create an environment for joint programmatic innovation. JVPs represent strong alignment with brands that only come as a result of not owning media. Whether it's decision CTV, new approaches to identity, unleashing first-party data, advanced data and retail marketplaces, our clients are working with us to pioneer the future of digital advertising.

由於這種對比，我們正以創紀錄的速度與品牌簽署聯合商業計劃。今年簽署的一些最大的合資企業代表未來的支出超過 10 億美元。通過這種方式，這些 JVP 不僅為 The Trade Desk 的未來發展定位，而且還為聯合計劃創新創造了環境。合資企業代表與僅因不擁有媒體而產生的品牌高度一致。無論是決策 CTV、新的身份識別方法、釋放第一方數據、高級數據和零售市場，我們的客戶都在與我們合作，開拓數字廣告的未來。

With this context, hopefully, you can see why we continue to outperform the industry and gain share, and why we are confident that our future growth outpaces the projections of almost everyone else in our industry. Just one more data point on the market overall and how we are performing, WPP's GroupM predicted worldwide advertising will increase 8.4% in 2022, and we are growing at more than 3x that rate.

在這種情況下，希望您能看到為什麼我們繼續超越行業並獲得份額，以及為什麼我們有信心我們未來的增長速度超過了我們行業中幾乎所有其他人的預測。 WPP 的 GroupM 就整體市場和我們的表現再提供一個數據點，預測 2022 年全球廣告將增長 8.4%，我們的增長速度將超過該速度的 3 倍。

CTV continues to be a key growth driver, and our shopper marketing initiatives are yielding very encouraging results. While still early, it's only our third full quarter, total shopper marketing spend increased nearly 3x from Q2 to Q3.

CTV 仍然是主要的增長動力，我們的購物者營銷計劃正在產生非常令人鼓舞的結果。雖然還為時過早，但這只是我們第三個完整季度，購物者營銷總支出從第二季度到第三季度增長了近 3 倍。

As we said at Investor Day, we believe that more than 80% of the largest retailers in the United States partner with The Trade Desk, and more of the world's leading retailers are also now following suit. The cores of retailers making retail measurement available is furthering the power and benefits of an open competitive Internet. While CTV may be the biggest force of change for the open Internet, perhaps retail media and its accompanying data is a close second.

正如我們在投資者日所說的那樣，我們相信超過 80% 的美國最大零售商與 The Trade Desk 合作，並且更多的世界領先零售商現在也紛紛效仿。零售商提供零售測量的核心是進一步增強開放競爭互聯網的力量和優勢。雖然 CTV 可能是開放互聯網變革的最大力量，但零售媒體及其相關數據可能緊隨其後。

Political also continues to perform well. Midterm election -- over midterm election, we have exponentially grown our business. We're proud of the work we do in political advertising, particularly our focus on helping provide a better advertising process for all political candidates. We are an objective and independent platform open to registered candidates on both sides.

政治也繼續表現良好。中期選舉——通過中期選舉，我們的業務呈指數級增長。我們為我們在政治廣告方面所做的工作感到自豪，特別是我們專注於幫助為所有政治候選人提供更好的廣告流程。我們是一個客觀、獨立的平台，向雙方註冊的候選人開放。

With all of this in mind, I believe that through the first 9 months of the year, we have gained more market share, grabbed more land than at any point in our history. To provide more color on why, I'd like to touch on 3 areas. First, is the growing importance of programmatic on the open Internet, even in a volatile macro environment. Second is the transformational role of CTV and showcasing that value and last is the critical mass of support that is growing Unified ID 2, and why this is so important in building the new identity fabric of the Internet.

考慮到所有這些，我相信在今年的前 9 個月中，我們獲得了比歷史上任何時候都多的市場份額和更多的土地。為了提供更多關於原因的顏色，我想談談 3 個方面。首先，程序化在開放互聯網上的重要性日益增加，即使在動蕩的宏觀環境中也是如此。其次是 CTV 的轉型作用，並展示了這一價值，最後是推動統一 ID 2 發展的關鍵支持量，以及為什麼這對於構建互聯網的新身份結構如此重要。

So first, in terms of the macro environment, increasingly, advertisers view programmatic as one of the most effective ways to drive relevance and differentiation, especially in times of market volatility. And perhaps even more importantly, they believe that the open Internet is the best place to create that value compared to the limitations of the walled gardens.

因此，首先，就宏觀環境而言，廣告商越來越多地將程序化視為推動相關性和差異化的最有效方式之一，尤其是在市場波動時期。也許更重要的是，與圍牆花園的限制相比，他們認為開放的互聯網是創造這種價值的最佳場所。

You only have to look at a couple of comments made by the CFO of P&G during the most recent earnings call a couple of weeks ago. As you may know, Procter & Gamble is one of the world's largest and most progressive advertisers. He said, and I quote, "It is difficult to describe media sufficiency in dollars, especially when we are actively shifting our spending from linear nontargeted TV into programmatic and into digital spend." That is a lot more targeted and a lot more precise in terms of delivering reach and quality of reach where we need it.

您只需查看幾週前寶潔首席財務官在最近一次財報電話會議上發表的幾條評論。如您所知，寶潔公司是世界上最大、最先進的廣告商之一。他說，我引用，“很難用美元來描述媒體的充足性，特別是當我們積極地將我們的支出從線性非定向電視轉向程序化和數字化支出時。”在我們需要的地方提供覆蓋面和覆蓋面質量方面，這更具針對性和精確性。

We now have more than 50% of our media spend in digital. We are increasing our first-party data and our digital capabilities to increase precision of reach, not only in the U.S. or in Europe, but around the world, and that is allowing us to drive significant productivity, while increasing reach, while increasing quality of reach and while more precisely targeting our consumers.

我們現在有超過 50% 的媒體支出用於數字媒體。我們正在增加我們的第一方數據和我們的數字能力，以提高覆蓋範圍的精確度，不僅在美國或歐洲，而且在世界各地，這使我們能夠推動顯著的生產力，同時擴大覆蓋範圍，同時提高質量覆蓋並更準確地定位我們的消費者。

Back in early 2020, as we entered that short-lived COVID dip, I talked about how easy it was for large brands to turn off programmatic with the first hand of uncertainty. But what you're hearing from P&G there and what I hear from major brands around the world every day now is that programmatic is a central and critical component of any campaign. The world's most sophisticated advertisers understand that as they get more pressure from their CFOs to demonstrate the value and return of every advertising dollar, one of the best places to do that is on our platform.

早在 2020 年初，當我們進入短暫的 COVID 衰退時，我談到了大品牌在第一手不確定性的情況下關閉程序化是多麼容易。但是你從那裡的寶潔那裡聽到的以及我現在每天從世界各地的主要品牌那裡聽到的是，程序化是任何活動的核心和關鍵組成部分。世界上最老練的廣告商明白，隨著他們從首席財務官那裡獲得更大的壓力來展示每一美元廣告的價值和回報，最好的地方之一就是在我們的平台上。

We provide objective, transparent measurement. We provide precision and relevance. We allow advertisers to optimize based on real-time performance, and we provide access to the world's most advanced data marketplace, including many of the world's biggest retailers. CMOs and CFOs are carefully watching costs and spend at this moment. It is why we are particularly excited by the growth on our platform this quarter. This moment is also a time when advertisers have clear goals, and our objective partnership is really important to them achieving those goals.

我們提供客觀、透明的測量。我們提供精確性和相關性。我們允許廣告商根據實時表現進行優化，並且我們提供對世界上最先進的數據市場的訪問，其中包括許多世界上最大的零售商。首席營銷官和首席財務官此時正在仔細觀察成本和支出。這就是為什麼我們對本季度平台的增長感到特別興奮的原因。這一刻也是廣告商有明確目標的時候，我們客觀的合作關係對他們實現這些目標非常重要。

We recently ran a campaign for Clarins, one of the world's largest multinational cosmetic companies. They wanted to reach career women with a specific new product in the U.K. They wanted to do it cost effectively with minimal waste with optimal precision. Using our platform, they were able to launch a multichannel campaign, including mobile, CTV, digital out-of-home and audio. They were able to pivot based on channel performance and retarget based on engagement.

我們最近為世界上最大的跨國化妝品公司之一嬌韻詩開展了一場活動。他們希望在英國為職業女性提供特定的新產品。他們希望以最經濟的方式以最小的浪費和最佳的精度做到這一點。使用我們的平台，他們能夠發起多渠道活動，包括移動、CTV、數字戶外和音頻。他們能夠根據渠道表現進行調整，並根據參與度重新定位。

As a result, they were able to drive significant new traffic to their website, 8% of whom purchased the product, driving an exponential sales increase, all as part of a highly-decisioned campaign that was automatically optimized on the fly to maximize performance and minimize waste. In an environment with ROI scrutiny of every advertising dollar, this is exactly the kind of campaign optimization that CMOs are looking for. And as a result, they are increasingly gravitating to our platform. Nowhere is this more apparent than CTV, the second area I want to cover. Once again, CTV was our fastest-growing channel and it has rapidly become our largest.

結果，他們能夠為他們的網站帶來大量的新流量，其中 8% 的人購買了該產品，推動了銷售額的指數級增長，所有這些都是高度決策的活動的一部分，該活動會在運行中自動優化以最大限度地提高性能和盡量減少浪費。在對每一筆廣告費用進行 ROI 審查的環境中，這正是 CMO 正在尋找的廣告系列優化。因此，他們越來越傾向於我們的平台。這一點比 CTV 更明顯，這是我要介紹的第二個領域。 CTV 再次成為我們增長最快的頻道，並迅速成為我們最大的頻道。

For years now, we've been talking about how the English-speaking markets have been leading the adoption of CTV advertising. The U.S. and Australia have been great leaders and case studies for the world, both benefiting from the fragmented and competitive nature of content in their markets, but now CTV adoption is going global. Perhaps the most bullish statement I'll make this year is that our CTV spend grew in the majority of our international markets faster than it did in the United States. I've said previously that the U.S. and Australia are leading the way on CTV and that markets, like the U.K. and France, are following fast, but that pace is picking up in all corners of the world, especially as advertisers look for more relevance and precision in their biggest campaign category.

多年來，我們一直在談論英語市場如何引領 CTV 廣告的採用。美國和澳大利亞一直是世界上偉大的領導者和案例研究，都受益於其市場內容的分散性和競爭性，但現在 CTV 的採用正在走向全球。也許我今年最樂觀的聲明是，我們在大多數國際市場的 CTV 支出增長速度快於在美國的增長速度。我之前說過，美國和澳大利亞在 CTV 方面處於領先地位，而英國和法國等市場也在快速跟進，但這種步伐在世界各個角落都在加快，尤其是在廣告商尋求更多相關性的情況下以及他們最大的廣告系列類別中的精確度。

Let me give you a couple of quick examples. When Mercedes launched a new C Class model in Australia this year, they wanted to lift brand awareness among the key demographics. Working with us, they were able to deploy a CTV strategy that reached 1.5 million households with precision and which ultimately increased brand awareness 11% among their key targets.

讓我給你幾個簡單的例子。當梅賽德斯今年在澳大利亞推出新的 C 級車型時，他們希望在關鍵人群中提升品牌知名度。通過與我們合作，他們能夠部署 CTV 戰略，精準覆蓋 150 萬戶家庭，最終在他們的主要目標中將品牌知名度提高了 11%。

ViewSonic is a multinational electronics company, headquartered in Taiwan. They wanted to launch a new monitor aimed at gamers in key markets, such as India, the Philippines, Germany and U.K. Working with us, they launched a CTV campaign, which was constantly optimized via Koa on our platform letting them iterate based on campaign performance and engagement. They saw significant improvements in all aspects of the campaign performance, from reach to cost effectiveness compared to industry benchmarks. They were also able to link thousands of new engagements on their product website directly to the campaign.

ViewSonic 是一家跨國電子公司，總部位於台灣。他們想針對印度、菲律賓、德國和英國等主要市場的遊戲玩家推出一款新顯示器。與我們合作，他們發起了一項 CTV 活動，該活動通過我們平台上的 Koa 不斷優化，讓他們根據活動表現進行迭代和參與。與行業基準相比，他們看到活動績效的各個方面都有顯著改善，從覆蓋範圍到成本效益。他們還能夠將其產品網站上的數千個新活動直接鏈接到該活動。

Back in the U.S., Lexus wanted to reach a new generation of millennial buyers for their luxury cars, most of whom have abandoned linear TV and moved in mass to streaming platforms. They were able to target key audiences with little to no waste and effective frequency management. They were able to reach 15 million potential new customers driving 5x more website traffic than the previous year with an astonishing 67% improvement in purchase intent among key targets.

回到美國，雷克薩斯希望為他們的豪華車吸引新一代的千禧一代買家，他們中的大多數人已經放棄了線性電視並大量轉向流媒體平台。他們能夠以幾乎沒有浪費和有效的頻率管理為目標瞄準關鍵受眾。他們能夠接觸到 1500 萬潛在新客戶，推動網站流量比上一年增加 5 倍，關鍵目標的購買意願提高了 67%。

Our success in CTV is multifaceted. On our platform, we have built the optimization tools that enable advertisers to drive these kind of results with precision as part of an omnichannel strategy. But on the inventory side, we have developed very close working partnerships with pretty much every premium CTV provider worldwide. While much has been said about Netflix moving to advertising, and we are excited about what that opportunity means for our industry and our business, there are many leading content providers that are driving innovation in CTV.

我們在 CTV 的成功是多方面的。在我們的平台上，我們構建了優化工具，使廣告商能夠精確地推動此類結果，作為全渠道策略的一部分。但在庫存方面，我們與全球幾乎所有優質 CTV 提供商建立了非常密切的合作夥伴關係。雖然關於 Netflix 轉向廣告的說法很多，而且我們對這個機會對我們的行業和業務意味著什麼感到興奮，但仍有許多領先的內容提供商正在推動 CTV 的創新。

Not enough has been said in recent months about what is happening from the content creators, who have long histories in advertising and what they're doing to continue to innovate. Disney will launch advertising on the Disney+ platform in December, and they are incredibly progressive in how they are enabling advertisers to leverage their own first-party data via UID2. We are very proud to be their partner. Transaction volume will grow over time and their standards on ad load and the use of UID2 will put pressure on the rest of the industry to think about CTV in a way that maximizes advertiser value and optimizes the consumers' experience.

近幾個月來，關於內容創作者正在發生的事情，他們在廣告方面有著悠久的歷史，以及他們正在做些什麼來繼續創新，這方面的說法還不夠。迪士尼將於 12 月在 Disney+ 平台上推出廣告，他們在如何讓廣告商通過 UID2 利用自己的第一方數據方面取得了令人難以置信的進步。我們很自豪能成為他們的合作夥伴。交易量將隨著時間的推移而增長，他們的廣告加載標準和 UID2 的使用將給行業其他人帶來壓力，以最大限度地提高廣告客戶價值和優化消費者體驗的方式來考慮 CTV。

Peacock is one of our longest-standing CTV partners. As with many broadcasters who begin the CTV journey, much of our work with them was initially in a fixed price context, testing the market. But I'm thrilled to report today the vast majority of Peacock inventory that flows through our system is fully decisioned and biddable. And as a result, CPMs have increased significantly, while advertisers are spending more and of course, seeing more value. CTV providers that understand the benefits and gains of fully biddable and decisioned inventory will win over time. They will maximize revenue by helping advertisers drive precision and relevance.

Peacock 是我們歷史最悠久的 CTV 合作夥伴之一。與許多開始 CTV 之旅的廣播公司一樣，我們與他們的大部分工作最初都是在固定價格的背景下進行的，以測試市場。但我很高興今天報告說，流經我們系統的絕大多數 Peacock 庫存都是完全決定和可投標的。結果，每千次展示費用顯著增加，而廣告商花費更多，當然也看到了更多價值。了解完全可投標和決策庫存的好處和收益的 CTV 提供商將隨著時間的推移而獲勝。他們將通過幫助廣告商提高準確性和相關性來最大化收入。

UID2 is rapidly emerging as a key new CTV identity currency as I predicted it would. Let's remember that cookies are not present in CTV. There's nothing about the role of UID2 in CTV that is a response to the deprecation of cookies. Rather, it is recognition among CTV leaders that they need a way to provide advertisers with relevance in a way that protects consumer privacy as part of omnichannel campaigns.

正如我預測的那樣，UID2 正在迅速成為一種關鍵的新 CTV 身份貨幣。請記住，CTV 中不存在 cookie。關於 UID2 在 CTV 中的作用，沒有什麼是對棄用 cookie 的回應。相反，CTV 領導者認識到，他們需要一種方法來為廣告商提供相關性，以保護消費者隱私作為全渠道活動的一部分。

One of the first CTV platforms to embrace UID2 was Fubo, and the results they've seen have been incredibly impressive. Fubo itself has seen ad revenues on our platform increase 113% faster than impression growth. Advertising spend on Fubo on our platform has increased more than 60% and CPMs are up significantly. And with UID2, they are also able to deliver more value to advertisers. One e-commerce retailer saw a 25% improvement in conversion rate and a 14% improvement in return on ad spend. There is a tremendous amount of transformation happening in our industry and on our platform.

最早採用 UID2 的 CTV 平台之一是 Fubo，他們看到的結果令人難以置信。 Fubo 本身在我們平台上的廣告收入增長速度比印象增長快 113%。我們平台上 Fubo 的廣告支出增加了 60% 以上，每千次展示費用顯著上升。借助 UID2，他們還能夠為廣告商提供更多價值。一家電子商務零售商的轉化率提高了 25%，廣告支出回報率提高了 14%。我們的行業和我們的平台正在發生巨大的轉變。

The adoption of UID2 by the infrastructure of the Internet is transforming the open Internet, and where marketers put their very first dollar. In the coming quarters, we will talk more about all the amazing changes happening in identity, often driven by CTV. 2023 will likely have more market changes that create secular shifts in our direction with more data, more decisioning, better results and the best CTV experience consumers could ever have.

互聯網基礎設施對 UID2 的採用正在改變開放的互聯網，以及營銷人員投入第一筆資金的地方。在接下來的幾個季度中，我們將更多地討論身份發生的所有驚人變化，這些變化通常由 CTV 推動。 2023 年可能會有更多的市場變化，通過更多的數據、更多的決策、更好的結果和消費者可能擁有的最佳 CTV 體驗，在我們的方向上產生長期的轉變。

One of the key factors in our progress with UID2 has been our success with the world's leading data aggregators, such as AWS, Snowflake, Salesforce, Adobe and many, many others. Put simply, these companies house the first-party data of the world's leading advertisers. With UID2, advertisers can transact on that data without ever leaving home. Because of this progress, I predict that more than half of the data inventory flowing through our platform by early next year will be UID2 tagged. With more and more of our publishers' inventory also UID tagged, that means the value of advertiser first-party data increases exponentially on our platform, more than 10x next year compared to this year.

我們在 UID2 方面取得進展的關鍵因素之一是我們與世界領先的數據聚合器（如 AWS、Snowflake、Salesforce、Adobe 等）的成功合作。簡而言之，這些公司擁有世界領先廣告商的第一方數據。借助 UID2，廣告商可以在足不出戶的情況下處理這些數據。由於這一進展，我預測到明年初流經我們平台的數據庫存中，有一半以上將帶有 UID2 標記。隨著我們越來越多的發布商的廣告資源也被標記為 UID，這意味著廣告商第一方數據的價值在我們的平台上呈指數級增長，明年是今年的 10 倍以上。

With this progress, the strategic value of UID2 in helping advertisers drive relevance in a privacy-centric manner becomes undeniable. While most of our advertisers are already transacting on UID2 on our platform in some way, I expect they will fully embrace it next year because we've done the hard work on the data and the inventory side, advertisers now have every incentive to fully unleash the first-party data in a way that will supercharge their campaigns. They will finally be able to realize the value of their first-party data to model and understand where their next-generation and most loyal customers are and reach those customers with precision and of course, do that more effectively than ever. This gives me tremendous confidence for 2023 and beyond.

隨著這一進展，UID2 在幫助廣告商以隱私為中心的方式推動相關性方面的戰略價值變得不可否認。雖然我們的大多數廣告商已經在我們的平台上以某種方式在 UID2 上進行交易，但我預計他們明年會完全接受它，因為我們已經在數據和庫存方面做了艱苦的工作，廣告商現在有充分的動力來充分釋放第一方數據以增強他們的活動的方式。他們最終將能夠實現他們的第一方數據的價值，以建模和了解他們的下一代和最忠誠的客戶在哪裡，並精確地接觸這些客戶，當然，這樣做比以往任何時候都更有效。這讓我對 2023 年及以後充滿信心。

I'd like to close by just touching on our business here in Asia, as I've spent time with our teams here over the last few days. We are seeing great momentum across the region. We have recently posted some of the biggest months ever in offices, such as Melbourne and New Delhi, as we have benefited from new JVPs and MSAs across the region. We have built strategic partnerships with major inventory players in all of our key markets here.

最後，我想談談我們在亞洲的業務，因為過去幾天我在這裡與我們的團隊共度時光。我們在整個地區看到了巨大的發展勢頭。我們最近在墨爾本和新德里等辦事處發布了一些有史以來最大的月份，因為我們從該地區的新 JVP 和 MSA 中受益。我們與這裡所有主要市場的主要庫存參與者建立了戰略合作夥伴關係。

As I said during Investor Day, most publishers I speak with complain that they do not believe that they are getting their fair share of spend today relative to the walled gardens. That's true here in Asia, too. I met with one of the largest publishers here, and they understand they need to maximize revenue on their digital content, but they need greater access to global advertiser demand.

正如我在投資者日期間所說，與我交談過的大多數出版商都抱怨說，他們不相信他們今天的支出相對於圍牆花園來說是公平的。在亞洲也是如此。我在這裡遇到了最大的出版商之一，他們知道他們需要最大限度地提高數字內容的收入，但他們需要更多地接觸全球廣告商的需求。

Many inventory partners in Asia are facing the same problem. As a result, they are looking to partner with The Trade Desk, a partner they can trust to be objective and transparent in delivering maximum advertiser value. On the demand side, Asia is witnessing the emergence of the largest middle class population in history. It is essential for brands to reach these consumers through the channels they use most. And in Asia, that means CTV or OTT or mobile and, of course, premium video on mobile. Because we made investments early across the Asia Pacific region and in many key channels such as mobile, OTT and digital out-of-home, we are in a great position to build on those investments in the years ahead.

亞洲的許多庫存合作夥伴都面臨著同樣的問題。因此，他們希望與 The Trade Desk 合作，這是他們可以信賴的合作夥伴，他們可以客觀和透明地提供最大的廣告客戶價值。在需求方面，亞洲正在見證歷史上最大的中產階級人口的出現。品牌必須通過他們最常用的渠道接觸這些消費者。在亞洲，這意味著 CTV、OTT 或移動設備，當然還有移動設備上的優質視頻。因為我們很早就在亞太地區和許多關鍵渠道進行了投資，例如移動、OTT 和戶外數字化，我們在未來幾年可以在這些投資的基礎上再接再厲。

To come back to where I started, in Asia and around the world, the biggest brands in the world increasingly appreciate the value of data-driven advertising on our platform. We have established trust with advertisers and their agencies that we can deliver growth for their business in any macroeconomic environment. Many of them are now trusting us with significant multiyear partnerships. This means we have very high client retention rates. It means we can innovate with our clients to deliver premium value. Our focus on profitability funds that innovation and ensures that we will remain at the bleeding edge of our industry and that we never have to compromise our beliefs.

回到我開始的地方，在亞洲和世界各地，世界上最大的品牌越來越重視我們平台上數據驅動廣告的價值。我們與廣告商及其代理機構建立了信任，相信我們可以在任何宏觀經濟環境中為他們的業務帶來增長。他們中的許多人現在信任我們與重要的多年合作夥伴關係。這意味著我們擁有非常高的客戶保留率。這意味著我們可以與客戶一起創新以提供更高的價值。我們對盈利能力的關注為創新提供資金，並確保我們始終處於行業的最前沿，並且我們永遠不必妥協我們的信念。

As a result, we are one of the few high-growth technology companies that consistently generate strong adjusted EBITDA and free cash flow. While I don't often comment on competitors' performance, I do think it's worth noting again that in an environment where many of our competitors have contracted or grew in the single-digit range, we grew 31%. That shows that we are outperforming the market and that we're gaining share, even in what many are calling a challenging macro environment. While we will never be immune from those macro challenges, we are confident that we will continue to outperform.

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。雖然我不經常評論競爭對手的表現，但我認為再次值得注意的是，在我們的許多競爭對手收縮或增長在個位數範圍內的環境中，我們增長了 31%。這表明我們的表現優於市場並且我們正在獲得份額，即使在許多人所說的充滿挑戰的宏觀環境中也是如此。雖然我們永遠不會免受這些宏觀挑戰的影響，但我們相信我們將繼續表現出色。

I could not be more confident and excited about how we are positioned for 2023 and beyond. Our business has many growth drivers, as we've discussed today, and we will continue to innovate to lead the market, and I'm confident that the world's leading advertisers will continue to default to our platform as they seek to drive their own business growth via advertising.

我對我們在 2023 年及以後的定位充滿信心和興奮。正如我們今天所討論的，我們的業務有許多增長動力，我們將繼續創新以引領市場，我相信世界領先的廣告商將繼續默認使用我們的平台，因為他們尋求推動自己的業務通過廣告增長。

With that, I'll hand the call over to Blake, who will give you more color on the quarter.

有了這個，我會把電話交給布萊克，他會給你這個季度更多的色彩。

Thank you, Jeff, and good morning, everyone. First, it was great to see so many of you at our Investor Day last month in New York City. We always appreciate the opportunity to dive deeper into the drivers of our business and discuss our strategy in more detail.

謝謝你，傑夫，大家早上好。首先，很高興在上個月在紐約市舉行的投資者日見到這麼多人。我們總是很高興有機會深入了解我們的業務驅動因素並更詳細地討論我們的戰略。

As our performance in Q3 shows we continue to execute extremely well in the current environment. We continue to grab share and significantly outpace our peers. We again delivered year-over-year revenue growth well into the double digits, while many companies in the ad-funded space have seen low single-digit or even negative year-over-year revenue growth. We've also managed our expenses efficiently, delivering strong adjusted EBITDA and cash flow. Once again, our results reflect the continued shift from advertisers toward data-driven advertising and the open Internet as they continue to shift away from linear channels and walled gardens.

正如我們在第三季度的表現所表明的那樣，我們在當前環境中繼續表現出色。我們繼續搶占市場份額並顯著超越同行。我們再次實現了兩位數的收入同比增長，而廣告資助領域的許多公司的收入同比增長較低，甚至為負。我們還有效地管理了我們的開支，提供了強勁的調整後 EBITDA 和現金流。我們的結果再次反映了廣告商從線性渠道和圍牆花園轉向數據驅動廣告和開放互聯網的持續轉變。

Revenue in Q3 was $395 million, representing an increase of 31% year-over-year. While the macro environment has created some uncertainty, which we are not immune to, our platform continues to deliver value for advertisers, and we are building trust with our clients for the long term. During the quarter, growth was broad-based across channels and verticals. We saw continued strength from CTV, which again led our growth from a scale channel perspective. We're seeing progress in our shopper marketing business as our customers deploy retail data in more and more of their campaigns. And we continue to see positive results as advertisers utilize Solimar to sharpen campaign goals and activate our industry-leading AI.

第三季度收入為 3.95 億美元，同比增長 31%。雖然宏觀環境造成了一些不確定性，我們也無法倖免，但我們的平台繼續為廣告商創造價值，我們正在與客戶建立長期信任。在本季度，跨渠道和垂直領域的增長是廣泛的。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。隨著我們的客戶在越來越多的活動中部署零售數據，我們的購物者營銷業務取得了進展。隨著廣告商利用 Solimar 來提高活動目標並激活我們行業領先的人工智能，我們繼續看到積極的結果。

Q3 was another example of our ability to grow top line, while scaling our cost structure efficiently, helping to drive meaningfully positive EBITDA and cash flow. Third quarter adjusted EBITDA was $163 million, representing a margin of 41%. I'm proud of our sustained efforts to consistently generate strong EBITDA, while continuing to invest in the critical areas of our business that will prepare us for the tighter wave of opportunity ahead, while still producing cash flow that helps fund our future growth.

第三季度是我們增長收入能力的另一個例子，同時有效地擴展了我們的成本結構，有助於推動有意義的正 EBITDA 和現金流。第三季度調整後 EBITDA 為 1.63 億美元，利潤率為 41%。我為我們持續努力持續創造強勁的 EBITDA 感到自豪，同時繼續投資於我們業務的關鍵領域，這將使我們為未來更緊密的機會浪潮做好準備，同時仍然產生有助於為未來增長提供資金的現金流。

Our trailing 12-month free cash flow of nearly $500 million is up 53% from a year ago. While there will always be periods where we may lean into investment due to the opportunity, over the long term, the best business models in the world generate long-term growth, profits and cash. I'm fortunate to be part of a team that considers all of these in our investment decisions.

我們過去 12 個月的自由現金流接近 5 億美元，比一年前增長了 53%。雖然總會有一段時間我們可能會因為機會而傾向於投資，但從長遠來看，世界上最好的商業模式會產生長期增長、利潤和現金。我很幸運能成為在我們的投資決策中考慮所有這些的團隊的一員。

From a channel perspective, CTV by a wide margin led our growth again during the quarter. Exiting Q3, 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 as growth was again solid across both in app and mobile video. Display represented a low teens percent of our business and audio represented around 5%.

從渠道的角度來看，CTV 在本季度再次大幅領先我們的增長。退出第三季度，包括 CTV 在內的視頻在我們的業務中僅佔 40% 的低份額，並且在我們的業務組合中繼續快速增長。由於應用程序和移動視頻的增長再次穩固，移動在本季度的支出中佔了 30% 的高份額。顯示僅占我們業務的 10%，而音頻僅佔 5% 左右。

Geographically, North America represented about 90% of spend, and international represented about 10% of spend in Q3. Spend growth in North America was resilient as we continue to win new business and gain share. CTV across Southeast Asia and Europe was very strong during the quarter, growing faster than in any other region. While still small compared to CTV spend in North America, we're encouraged to see CTV in both Europe and Southeast Asia rapidly increase year-over-year relative to their overall spend.

從地域上看，北美約佔第三季度支出的 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，北美的支出增長具有彈性。本季度東南亞和歐洲的 CTV 非常強勁，增長速度超過任何其他地區。雖然與北美的 CTV 支出相比仍然很小，但我們很高興看到歐洲和東南亞的 CTV 相對於其總體支出同比快速增長。

Despite an uncertain macro environment, particularly in Europe, we remain focused on the long-term investments that will position us for strength when conditions improve. In an uncertain environment, like today, advertisers become more deliberate with their ad spend, scrutinizing the effectiveness of their ad budgets much more carefully than they have done previously. As we have shown during similar environments in the past, as advertisers become more deliberate and data-driven with their ad spend, The Trade Desk wins more budget.

儘管宏觀環境不確定，尤其是在歐洲，但我們仍然專注於長期投資，這將使我們在條件改善時獲得優勢。在像今天這樣不確定的環境中，廣告商在廣告支出方面變得更加謹慎，比以前更仔細地審查其廣告預算的有效性。正如我們在過去的類似環境中所展示的那樣，隨著廣告商在廣告支出方面變得更加謹慎和數據驅動，The Trade Desk 贏得了更多預算。

Every ad run on our platform is measurable, and we are focused on driving the highest returns for every campaign as our clients are. As we're starting to hear more publicly from the largest and most sophisticated advertisers in the world, they are beginning to prioritize programmatic decision advertising investments first because it delivers higher returns than they have seen in other channels. And on top of that, our company's unbiased partnership with them and that we don't own inventory, we don't compete with our customers, and we offer an unrivaled data marketplace where they can inspect, measure and enhance campaigns in ways that walled gardens either refuse to offer or merely cannot match, creates a durable advantage that we believe makes the future very bright for us and for our customers.

在我們平台上投放的每一個廣告都是可衡量的，我們專注於為每個廣告系列帶來最高回報，就像我們的客戶一樣。隨著我們開始從世界上最大和最老練的廣告商那裡聽到更多公開信息，他們開始優先考慮程序化決策廣告投資，因為它提供了比其他渠道更高的回報。最重要的是，我們公司與他們建立了公正的合作夥伴關係，並且我們不擁有庫存，我們不與客戶競爭，我們提供了一個無與倫比的數據市場，他們可以在其中檢查、衡量和加強營銷活動。 Gardens 要么拒絕提供，要么無法匹配，創造了一種持久的優勢，我們相信這將使我們和我們的客戶的未來變得非常光明。

In terms of the verticals that represent at least 1% of our spend, travel more than doubled compared with a year ago. Food & Drink, automotive and technology were also very strong. Our automotive vertical is seeing a bit of a resurgence as a result of winning new business with large automotive manufacturers and the easing of supply chain issues the industry has seen over the better part of the last 2.5 years. Hobbies and interest in education were both below the average. Additionally, as expected, political was strong and represented a low single-digit percent of spend in Q3. We continue to believe there is still potential for share gain and improvement in most of our verticals.

就占我們支出至少 1% 的垂直領域而言，旅行與一年前相比增加了一倍多。食品和飲料、汽車和技術也非常強勁。由於與大型汽車製造商贏得了新業務，以及該行業在過去 2.5 年的大部分時間裡出現的供應鏈問題得到緩解，我們的汽車垂直行業正在復蘇。愛好和對教育的興趣均低於平均水平。此外，正如預期的那樣，政治因素很強勁，在第三季度的支出中僅佔個位數百分比。我們仍然相信，在我們的大多數垂直領域，仍有獲得份額和改善的潛力。

Turning now to expenses. Q3 operating expenses, excluding stock-based compensation, were $245 million, up 32% year-over-year. Operating expenses during the quarter were primarily driven by investments in our team, particularly in areas like sales and marketing, as we scale prudently to support long-term growth as well as return to office expenses. Income tax was $15 million for the quarter. Adjusted net income was $129 million or $0.26 per fully diluted share. Net cash provided by operating activities was $137 million for Q3 and free cash flow was $112 million. DSOs exit in the quarter were 92 days, up 5 days from a year ago. DPOs were 74 days, up 1 day from a year ago. We exited Q3 with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.3 billion. We have no debt on the balance sheet.

現在轉向開支。第三季度運營費用（不包括股票薪酬）為 2.45 億美元，同比增長 32%。本季度的運營費用主要由對我們團隊的投資推動，特別是在銷售和營銷等領域，因為我們謹慎地擴大規模以支持長期增長和辦公費用回報。本季度所得稅為 1500 萬美元。調整後的淨收入為 1.29 億美元或每股完全稀釋後的每股 0.26 美元。第三季度經營活動提供的淨現金為 1.37 億美元，自由現金流為 1.12 億美元。本季度 DSO 退出時間為 92 天，比一年前增加了 5 天。 DPO 為 74 天，比一年前增加了 1 天。我們以強勁的現金和流動性頭寸退出了第三季度。本季度末現金、現金等價物和短期投資為 13 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the fourth quarter. We estimate Q4 revenue to be at least $490 million, which would represent growth of 24% on a year-over-year basis. In Q4, we anticipate U.S. political midterm election spend to about double compared with the prior quarter. We estimate adjusted EBITDA to be approximately $229 million in Q4. From a stock-based compensation perspective, we expect absolute stock-based compensation expense to decline year-over-year in Q4 due to the timing of the CEO performance award granted in Q4 of 2021.

轉向我們對第四季度的展望。我們估計第四季度收入至少為 4.9 億美元，同比增長 24%。在第四季度，我們預計美國政治中期選舉支出將比上一季度翻一番。我們估計第四季度調整後的 EBITDA 約為 2.29 億美元。從基於股票的薪酬的角度來看，由於 2021 年第四季度授予 CEO 績效獎的時間，我們預計第四季度的絕對股票薪酬支出將同比下降。

While uncertainty about the macro environment remains, we continue to feel confident in our ability to execute and gain share in the quarters and years ahead. Given the large and growing addressable market in front of us, we see significant opportunities to prudently invest in our business to innovate and to widen the distance between ourselves and our competition.

儘管宏觀環境的不確定性依然存在，但我們仍然對我們在未來幾個季度和幾年的執行和獲得份額的能力充滿信心。鑑於擺在我們面前的龐大且不斷增長的潛在市場，我們看到了謹慎投資我們的業務以進行創新並擴大我們與競爭對手之間的距離的重大機會。

In closing, we are extremely pleased with our strong performance in the third quarter. We continue to demonstrate our ability to drive both profitable growth and achieve significant share gains with large growth drivers, including the secular shift to CTV, attracting more shopper marketing budgets, scaling our international operations to be ready when the macro environment improves, innovating the data marketplace, the U.S. midterm election cycle as well as elevated pressure on walled gardens, we remain optimistic for the remainder of Q4 and into 2023.

最後，我們對第三季度的強勁表現感到非常滿意。我們繼續展示我們推動盈利性增長和實現顯著份額增長的能力，包括長期轉向 CTV、吸引更多購物者營銷預算、擴大我們的國際業務以在宏觀環境改善時做好準備、創新數據市場、美國中期選舉週期以及圍牆花園的壓力增加，我們對第四季度剩餘時間和 2023 年保持樂觀。

That concludes our prepared remarks. 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 for today is coming from Shyam Patil at SIG.

（操作員說明）您今天的第一個問題來自 SIG 的 Shyam Patil。

Nice job on execution. I had a couple of questions. Jeff, can you expand and talk a little bit more about what you're seeing with the macro? And then separately, just how you see the setup as we go into next year? And then just as a quick follow-up, Blake, could you just talk a little bit more about the 4Q guide and just some of your assumptions there?

在執行方面做得很好。我有幾個問題。 Jeff，您能否擴展並多談談您在宏中看到的內容？然後分別，您如何看待我們進入明年的設置？然後作為快速跟進，Blake，你能多談談 4Q 指南和你的一些假設嗎？

Thanks, Shyam. I appreciate the question. So let me first start with the macro and talk about this year. So I don't know that I have ever been more proud of our performance than what we just put up in Q3. And that's in large part because of the relative outperformance, where most other stocks are either negative or reporting single-digit growth. We put up 31%, and we're doing that in an environment that is a little bit more uncertain.

謝謝，夏姆。我很欣賞這個問題。所以先從宏觀說起，說一下今年。所以我不知道我對我們的表現比我們剛剛在第三季度的表現更自豪。這在很大程度上是因為相對優異的表現，大多數其他股票要么是負數，要么是個位數的增長。我們提出了 31%，我們是在一個更加不確定的環境中做到這一點的。

If there was an advertising mix, it would be at an all-time high, and it's hard to say whether that's because of macro headwinds or mostly macro uncertainty, but it would be high because of one of those themes in each case. But because we're definitely in an environment regardless of where that's coming from, where advertisers have to do more with less, it means more that we're winning share in this environment. And I definitely believe that we're grabbing land.

如果有廣告組合，它將處於歷史最高水平，很難說這是由於宏觀逆風還是主要是宏觀不確定性，但由於每種情況下的其中一個主題，它會很高。但是因為我們肯定處於一個環境中，無論它來自哪裡，廣告商必須用更少的資源做更多的事情，這意味著我們在這個環境中贏得了更多的份額。而且我絕對相信我們正在搶占土地。

So I take a lot of comfort in what Procter & Gamble said in their earnings report, which is that we are actively shifting our spend from linear to non-targeting TV into programmatic and digital that is a lot more precise. And so when you look at just the overall macro environment, I just think we're just doing so incredibly well on a relative basis, that it's hard not to be proud, it's hard not to look at what we've done and see grabbing land.

所以我對寶潔在他們的收益報告中所說的話感到非常安慰，那就是我們正在積極地將我們的支出從線性電視轉向非定向電視，轉向更加精確的程序化和數字化。所以當你只看整體宏觀環境時，我只是認為我們只是在相對的基礎上做得非常好，很難不感到自豪，很難不看看我們所做的事情並看到搶奪土地。

But when you turn our attention to 2023, and you start to look at all the new inventory that's going to come into CTV, whether that's from Disney+ or digital inventory from Peacock or HBO or Netflix or Paramount+ or Fox or ESPN or Hulu or the fact that we reported in earnings that this year, 11 markets outside the United States outperformed in the United States in premium video or connected television. And then you look at the UID tailwinds that we have, we just surpassed 600 partners in UID and that we're activating data at an unprecedented level.

但是，當您將注意力轉移到 2023 年時，您會開始關注將進入 CTV 的所有新庫存，無論是來自 Disney+ 還是來自 Peacock、HBO 或 Netflix、Paramount+ 或 Fox、ESPN 或 Hulu 的數字庫存，還是事實我們在財報中報告稱，今年，美國以外的 11 個市場在優質視頻或聯網電視方面的表現優於美國。然後你看看我們擁有的 UID 順風，我們剛剛超過 600 個 UID 合作夥伴，我們正在以前所未有的水平激活數據。

We're going to go from a minority of our idea -- or I'm sorry, of our data on our platform being enabled by UID to the majority of our third-party data being enabled by the beginning of next year. So we'll finish that work this year going from minority to majority. I do believe that in 2023, we'll have the best data marketplace that the ecosystem has ever had. I think we'll have the best first-party data onboarding that we've ever had.

我們將從我們的少數想法——或者對不起，我們平台上的數據由 UID 啟用，到明年年初啟用我們的大部分第三方數據。因此，我們將在今年完成從少數到多數的工作。我確實相信，到 2023 年，我們將擁有生態系統有史以來最好的數據市場。我認為我們將擁有有史以來最好的第一方數據。

And that's not even talking about OpenPath, which we didn't really have time to talk about in our prepared remarks, which will be direct integrations with hundreds of the world's largest content owners and that will accelerate our growth in land grabbing around the world irrespective of the macro environment in 2023.

這甚至還沒有談論 OpenPath，我們在準備好的演講中並沒有真正有時間談論它，它將與數百個世界上最大的內容所有者直接整合，這將加速我們在全球範圍內掠奪土地的增長。 2023年宏觀環境。

And of course, last but not least, with us partnering with over 80% of the largest retailers in the United States and, of course, partnering with many all over the world, all of those trends point to an incredible opportunity for us in 2023, that wouldn't be possible without the grabbing of land that we're doing right now.

當然，最後但並非最不重要的一點是，我們與美國 80% 以上的最大零售商合作，當然，與世界各地的許多零售商合作，所有這些趨勢都為我們在 2023 年帶來了難以置信的機會，如果沒有我們現在正在做的土地掠奪，這是不可能的。

So with that, I'll pass it over to Blake to just talk a little bit more about the second part of your question.

因此，我將把它交給布萊克，就你問題的第二部分多談一點。

Thanks, Shyam, for the question. So your question on Q4, just to start off on Q3, again, fundamentally great quarter, actually pretty steady, too, which was great to see 31% revenue growth off a relatively hard comp last year of 39%. And political has ramped up for us as well. So like you've already seen standout performance versus peers who are growing at much smaller or negative rates, again, CTV led the way, still opportunity there. Shopper marketing is ramping up well for us, too. The Solimar adoption is exciting. We've got the momentum on UID as well. And so just grabbing share from company [zone], and you've heard us talk about these JVPs as well. That's also been ramping and has been strong.

謝謝，Shyam，提出這個問題。所以你關於第四季度的問題，只是從第三季度開始，再一次，基本上是一個很好的季度，實際上也相當穩定，很高興看到去年相對困難的 39% 的收入增長了 31%。政治也為我們增加了。因此，就像您已經看到與以小得多或負增長率的同行相比的出色表現一樣，CTV 再次引領潮流，仍然有機會。購物者營銷也對我們有利。 Solimar 的採用令人興奮。我們也有 UID 的發展勢頭。因此，只要從公司 [zone] 中搶占份額，您也聽說過我們談論這些 JVP。這也一直在增加並且一直很強勁。

And so as you think about, as when we think about going into Q4 in our setup, again, relative to the rest of the industry in Q4, we're growing significantly faster, which, in my mind, just confirms we're grabbing share. Advertisers are being more deliberate. I just personally believe we're in a better position now than we were coming out of COVID.

正如你所想，當我們考慮在我們的設置中進入第四季度時，再次，相對於第四季度的其他行業，我們的增長速度明顯更快，在我看來，這只是證實我們正在抓住分享。廣告商更加刻意。我個人認為，我們現在的處境比我們擺脫 COVID 時要好。

As a Chief Financial Officer, or CFO, I definitely appreciate the uncertainty that so many of my peers are facing right now, right? Like the best CFOs are actively working to rationalize the investments that they're making. And they're prioritizing the ones that have proven measurable returns. And in that environment, The Trade Desk we gained share because companies are now prioritizing programmatic as the first place to invest that first dollar. So while you can obviously dial programmatic up and down quickly, it's doing really well for us. And to me, that just shows the power and the value of this model.

作為首席財務官或首席財務官，我絕對理解我的許多同行現在面臨的不確定性，對吧？就像最優秀的首席財務官一樣，他們正在積極努力使他們所做的投資合理化。他們優先考慮那些已經證明可衡量的回報。在那種環境下，我們獲得了 The Trade Desk 的份額，因為公司現在將程序化作為第一筆投資的首選。因此，雖然您顯然可以快速上下撥動程序化，但它對我們來說確實做得很好。對我來說，這只是展示了這個模型的力量和價值。

Now specifically with regards to Q4, a couple of thoughts, not only is our Q4 sequential growth well into the double digits as many ad-funded companies are flat or negative, we're actually forecasting accelerating growth on a year-over-year basis in Q4. And I recognize that there's a political impact in there. But when I just step back a bit and look at a year-over-year acceleration in Q4 in this environment, to me, that's a standout performance for us, and it gives us a lot of optimism about our future and the momentum that we've got. And I hope that helps.

現在特別是關於第四季度，有幾個想法，不僅我們的第四季度連續增長很好地達到兩位數，因為許多廣告資助的公司持平或負數，我們實際上預測同比增長加速在第四季度。我承認那裡有政治影響。但是，當我稍微退後一步，看看在這種環境下第四季度的同比增長時，對我來說，這對我們來說是一個出色的表現，它讓我們對我們的未來和我們的發展勢頭感到非常樂觀有。我希望這會有所幫助。

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

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

I have 2 questions. First, maybe, Blake, can you talk about the -- how you look at the expense structure for 2023, maybe talk about the puts and takes, growth versus the need to invest more. Do you expect margins to improve relative to where you are for -- or will you end up in 2022? And Jeff, maybe going back to connected TV, very impressive kind of both numbers and color commentary. Can you maybe speak to the competitive positioning that you guys have relative to other CTV players? And do you believe that you are actually gaining share or losing share relative to other players that arguably are also benefiting from growth in CTV next year?

我有 2 個問題。首先，也許，布萊克，你能談談 - 你如何看待 2023 年的費用結構，也許談談看跌期權、增長與投資更多的需要。您是否預計利潤率會相對於您所處的位置有所改善——或者您會在 2022 年結束？還有傑夫，也許會回到聯網電視，無論是數字還是色彩評論都非常令人印象深刻。你能談談你們相對於其他 CTV 玩家的競爭定位嗎？您是否認為相對於其他可能也受益於明年 CTV 增長的參與者而言，您實際上是在獲得份額還是在失去份額？

Blake, you take the first, and I'll take the second, and then Tim, if you don't mind, adding color after I deal on CTV.

布萊克，你拿第一個，我拿第二個，然後蒂姆，如果你不介意的話，在我處理 CTV 之後添加顏色。

Youssef, thanks for the question. So with regards to thinking about expense structure in 2023 and such, I really just like stepping back a bit to remind everyone that's the business model in the situation we're in highly desirable, right? We've got a situation where we're driving high top line growth. We've got high adjusted EBITDA growth with strong margins. And we've got not only strong free cash flow generation, but consistent free cash flow generation.

優素福，謝謝你的問題。因此，關於考慮 2023 年的費用結構等問題，我真的想退後一步來提醒大家，在我們非常可取的情況下，這是一種商業模式，對吧？我們的情況是，我們正在推動高收入增長。我們的調整後 EBITDA 增長很高，利潤率很高。我們不僅產生了強大的自由現金流，而且產生了持續的自由現金流。

So having all of those working together, which they are, it gives us an opportunity and ability to be deliberate with the choices that we make. I'm just also super proud of our ability to stay disciplined with our investments regardless of the operating environment. I -- there's a lot of companies out there that may have more resources than us that are pausing or even cutting their resources because they potentially invested too aggressively.

因此，讓所有這些人一起工作，他們就是這樣，它給了我們一個機會和能力，讓我們對我們做出的選擇進行深思熟慮。無論運營環境如何，我都為我們能夠在投資方面保持自律感到非常自豪。我 - 有很多公司可能擁有比我們更多的資源，因為他們可能投資過於激進而暫停甚至削減資源。

And we didn't get ahead of ourselves the last couple of years I think, maybe like some of these companies did, and that's paid off for us. We have the ability to stay the course and we deliver it about our investments, and that includes hiring. As we think about 2023 specifically, should we see any significant changes in the situation, we definitely have levers available to make changes if we need to. You saw us do that in 2020 during COVID, we can adapt. But still, the expense structure of the company today is better than it was pre-pandemic. But overall though, and I've said this on a number of calls, we're always looking for ways to invest and drive growth that we think pays off for the long run.

我認為過去幾年我們並沒有超越自己，也許就像其中一些公司一樣，這對我們來說是有回報的。我們有能力堅持到底，並就我們的投資提供它，這包括招聘。當我們具體考慮到 2023 年時，如果我們看到情況發生任何重大變化，我們肯定會在需要時做出改變。您在 2020 年 COVID 期間看到我們這樣做，我們可以適應。但是，今天公司的費用結構比大流行前要好。但總體而言，我在多次電話會議上都說過這一點，我們一直在尋找投資和推動增長的方法，我們認為從長遠來看是有回報的。

For 2023 specifically, I would say a couple of things. We do expect return-to-office expenses, like travel and live events, to return to pre-COVID levels. And the other thing to keep in mind is I would expect seasonality of our expenses next year to be a bit more like 2016 to 2019 than they were in 2020, 2021. And just for example, we have our large company event that will finally move back to its regular timing in Q1, it was held in Q2 of this year. That's just a great opportunity to bring our team together, especially after what's gone on in the past few years, whether we're solidifying our culture, framing our strategy versus the opportunity we've got. And also just highlighting, again, the discipline perspective we take as a company about driving profitable growth.

具體到 2023 年，我想說幾件事。我們確實希望返回辦公室的費用（例如旅行和現場活動）恢復到 COVID 之前的水平。另一件要記住的事情是，我預計明年我們支出的季節性將比 2020 年和 2021 年更像 2016 年至 2019 年。例如，我們的大型公司活動最終將移動回到第一季度的常規時間，它在今年第二季度舉行。這只是將我們的團隊聚集在一起的絕佳機會，尤其是在過去幾年發生的事情之後，無論我們是在鞏固我們的文化，制定我們的戰略還是我們所擁有的機會。並且再次強調我們作為一家公司在推動盈利增長方面所採取的紀律觀點。

So looking into 2023, I think we're in a great position to drive more scale and efficiency and free cash flow. And we have so many opportunity areas to focus on. I'm really excited about that. And then, Jeff.

因此，展望 2023 年，我認為我們在推動更大的規模和效率以及自由現金流方面處於有利地位。我們有很多機會領域可以關注。我對此感到非常興奮。然後，傑夫。

I'll start on CTV and then Tim if you want to speak to it as well. So I really think there's 2 parts to talk about on the CTV question. The first is just talk about the category a little bit. And then also to just talk about why we win specifically inside the category. So of course, right now, at The Trade Desk, we're living a secular tailwind that I don't know that we've ever seen before, and I don't know that we'll ever see again and that is going to continue into 2023, largely because of the amount of inventory that is coming online.

我將從 CTV 開始，然後是 Tim，如果你也想與之交談的話。所以我真的認為關於 CTV 問題有 2 個部分可以討論。首先只是稍微談談類別。然後還要談談為什麼我們特別在該類別中獲勝。所以，當然，現在，在 The Trade Desk，我們正處於世俗的順風之中將持續到 2023 年，主要是因為即將上線的庫存量。

But also as you look across the open Internet, and whether that's inside of display or native or audio or any other channel, because CTV is leading the way in forging the future of identity, CTV is not just leading in our business and not just the most interesting thing happening in programmatic, but it's the most interesting thing happening in ad-funded media.

但是，當您瀏覽開放的互聯網時，無論是在顯示內部還是本地或音頻或任何其他渠道，因為 CTV 在塑造身份的未來方面處於領先地位，CTV 不僅在我們的業務中處於領先地位，而不僅僅是在程序化中發生的最有趣的事情，但它是廣告資助媒體中發生的最有趣的事情。

And so as a result, CTV is the first -- is quickly becoming the place where people spend their very first dollar and was not surprised at all to see our partner, Disney+, report 12 million new subscribers. And of course, Netflix added a couple of million themselves on just the promise of an ad-funded option coming soon. So there's more inventory coming online. Programmatic, we'll just continue to drive CTV. And I do believe that very soon, CTV will be the most data-driven channel. And that to me is one of the things to really just focus on in terms of why we're winning inside of CTV. So why are we winning above everyone else.

因此，CTV 是第一個 - 正迅速成為人們花第一筆錢的地方，看到我們的合作夥伴 Disney+ 報告有 1200 萬新訂戶，一點也不感到驚訝。當然，Netflix 自己也增加了幾百萬，只是承諾即將推出廣告資助的選項。所以會有更多的庫存上線。程序化，我們將繼續推動 CTV。我相信很快，CTV 將成為最受數據驅動的頻道。對我來說，這是我們在 CTV 內部獲勝的真正重點之一。那麼，為什麼我們勝過其他所有人。

So in order to be competitive, you do have to be omnichannel. So you can't just be focused on CTV because you take the data and the learnings from all other channels and then apply those to CTV, where CTV is a top of the funnel activity, where you're typically creating awareness. And then all the other channels are follow-ups, if you will, to that really effective moving picture and sound that happens inside of CTV.

因此，為了具有競爭力，您必須是全渠道的。因此，您不能只專注於 CTV，因為您從所有其他渠道獲取數據和學習，然後將其應用到 CTV，CTV 是漏斗活動的頂部，您通常在其中創造意識。如果你願意的話，所有其他頻道都是對發生在 CTV 內部的真正有效的電影和聲音的跟進。

And so in order to be most effective, you have to be holistic. So you have to be omnichannel, but you also have to be global and then very importantly, you have to be objective, which means you can't compete with any of the content owners, which is one of the things that is really a problem for most of the walled gardens, especially Google, which is that, of course, they have their own media in YouTube. And so content creators are not eager to part with somebody -- or to partner with somebody that they compete with in their very -- in the core of their business.

所以為了最有效，你必須是整體的。所以你必須是全渠道的，但你也必須是全球化的，然後非常重要的是，你必須是客觀的，這意味著你不能與任何內容所有者競爭，這是真正有問題的事情之一對於大多數圍牆花園，尤其是谷歌，當然，他們在 YouTube 上有自己的媒體。因此，內容創作者並不急於與某人分手——或者與他們在業務核心上與之競爭的人合作。

So by being objective and not competing with them by being global, by being omnichannel and then there's something that we say all the time to every content owner on the Internet, and that is that you have to have an authentication strategy and you have to have an identity strategy. And we're able to go to the content owners and partner with them on both of those things. And you see this with Disney.

因此，通過保持客觀而不與他們競爭，通過全球化，通過全渠道，然後我們一直對互聯網上的每個內容所有者說一些話，那就是你必須有一個身份驗證策略，你必須有身份策略。我們能夠找到內容所有者並在這兩件事上與他們合作。你在迪士尼身上看到了這一點。

Disney is doing extremely well. We've been very vocal. They have been very vocal about our partnership on UID. It is a part of their authentication and identity strategy. That is what makes personalized ads possible. That's what makes high CPMs possible. That's what makes low ad loads possible. So we become a really critical partner for them, while not competing with them because we're objective. You put all that together, and that's the reason we're winning. But I'm sure Tim, you can say more about this.

迪士尼做得非常好。我們一直非常直言不諱。他們對我們在 UID 上的合作直言不諱。這是他們身份驗證和身份策略的一部分。這就是使個性化廣告成為可能的原因。這就是使高 CPM 成為可能的原因。這就是使低廣告負載成為可能的原因。所以我們成為他們真正重要的合作夥伴，而不是因為我們是客觀的而與他們競爭。你把所有這些放在一起，這就是我們獲勝的原因。但我相信蒂姆，你可以多說一些。

Yes. Youssef, thanks for the question. And as I look out next year and kind of why I think we're differentiated and in a position to win, it's a little bit of what Jeff said. So you've got a lot more inventory coming online. So as Jeff pointed out, we've got Disney+ and Netflix, they get a lot of the word count in the ecosystem right now. But let's not forget, HBO Max, Paramount, NBCU, Fox, the rest of Disney, Hulu, ESPN, ABC, et cetera. are continuing to lean into programmatic.

是的。優素福，謝謝你的問題。當我期待明年以及為什麼我認為我們與眾不同並能夠獲勝時，這有點像傑夫所說的。所以你有更多的庫存上線。正如 Jeff 所指出的，我們擁有 Disney+ 和 Netflix，它們現在在生態系統中獲得了很多字數。但我們不要忘記，HBO Max、派拉蒙、NBCU、福克斯、迪士尼的其餘部分、Hulu、ESPN、ABC 等等。繼續傾向於程序化。

And the reason that they lean into us is if you think about it from their perspective, and they look back at the ecosystem of people who do what we do, a lot of those companies are competing with them. So they lean in heavily with us and they partner with us in a number of different ways, including on identity. So UID2, through our partnership with Disney, I think, is going to be a major catalyst for the CTV category. As a result, that inventory is going to have much richer decisioning going into next year across the entire category.

他們傾向於我們的原因是，如果你從他們的角度考慮，他們回顧做我們所做的事情的人的生態系統，很多公司都在與他們競爭。因此，他們非常依賴我們，並以多種不同的方式與我們合作，包括身份認同。因此，我認為，通過我們與迪士尼的合作，UID2 將成為 CTV 類別的主要催化劑。因此，該庫存將在明年對整個類別做出更豐富的決策。

So when I think about 2023, there's this like perfect collision of addressability and scale in the premium content space that we've never seen before. And I think that's going to be a huge benefit to The Trade Desk because it's mostly to date in this CTV story. And I think in 2023, it's going to be a programmatic CTV story. And so I'm really excited for that in 2023 because I think all of these things combining that addressability and that scale is going to create an environment for CTV to be the most data-driven channel in programmatic next year. And I'm really excited for that. And as a result, I think CTV is going to very quickly become the first dollar spent in digital media, and I think The Trade Desk is well positioned going into next year.

因此，當我想到 2023 年時，在優質內容空間中，可尋址性和規模的完美碰撞是我們從未見過的。而且我認為這對 The Trade Desk 來說將是一個巨大的好處，因為它主要是迄今為止在這個 CTV 故事中。我認為在 2023 年，這將是一個程序化的 CTV 故事。因此，我對 2023 年的這一點感到非常興奮，因為我認為所有這些將可尋址性和規模相結合的東西將為 CTV 創造一個環境，使其成為明年程序化中最具數據驅動的頻道。我對此感到非常興奮。因此，我認為 CTV 將很快成為花在數字媒體上的第一筆錢，而且我認為 The Trade Desk 在明年處於有利地位。

Your next question for today is coming from Laura Martin with Needham.

您今天的下一個問題來自與 Needham 的 Laura Martin。

Jeff, just following up on your comments about ID on connected television. The Amagi data shows that 80% of viewing on connected television is shared, which does seem to undermine some of the targeting benefits that we had on individual devices, like smartphones and tablets. That's my first question. And then my second is China. You're sitting in Singapore and you're noticeably silent on China. So could you give us an update on what's going on with China and your business these days?

傑夫，剛剛跟進您對聯網電視 ID 的評論。 Amagi 的數據顯示，在聯網電視上 80% 的觀看是共享的，這似乎確實削弱了我們在智能手機和平板電腦等個人設備上的一些定位優勢。這是我的第一個問題。然後我的第二個是中國。你坐在新加坡，你明顯對中國保持沉默。那麼，您能否向我們介紹一下這些天中國和您的業務的最新情況？

Fantastic. Thanks, Laura. Really appreciate the question. So when it comes to shared viewing or the impact that, that has on CPMs or does it pose a threat to the ecosystem? Or is it a problem for CTV? Let me just first sort of answer that emphatically by saying it's not a problem for the ecosystem whether you frame it is, is CTV worth it? The answer is yes. Does it have a frequency capping problem? The answer is no. The bottom line is, when we're considering targeting or customizing ads, there is an individual graph, there's a household graph. Both of those get -- are considered when we're making the placement of ads, and shared viewing doesn't necessarily mean that it's worth any less. And in fact, what we're competing with is an environment in linear or broadcast television that is almost always shared viewing, but it's not measurable.

極好的。謝謝，勞拉。真的很感激這個問題。那麼，當談到共享觀看或對 CPM 產生的影響或對生態系統構成威脅時？還是央視有問題？讓我首先強調一下，不管你是否框架，這對生態系統來說都不是問題，CTV 值得嗎？答案是肯定的。它有頻率上限問題嗎？答案是不。底線是，當我們考慮定位或定制廣告時，有一個單獨的圖表，有一個家庭圖表。當我們放置廣告時，會考慮這兩者，共享觀看並不一定意味著它的價值會降低。事實上，我們正在與之競爭的是線性或廣播電視中幾乎總是共享觀看的環境，但它是不可衡量的。

So finally, we have the ability to measure when it's being shared and when it's not. And of course, a lot of premium video is on personalized devices. And I've been reminded of that again and again this week as I'm here in Asia and reminded how much premium video is consumed on mobile devices. So household and individual graphs are both considered, but when you compare the sort of spray and pray a broadcast or traditional television to the efficacy, the targeting, the identity-driven lower ad load with content that is more premium, you put all of that together, the impact on digital is exponentially more valuable than a linear broadcast, and the efficacy has gone up way more than the cost.

所以最後，我們有能力衡量何時共享，何時不共享。當然，很多優質視頻都在個性化設備上。本週我一次又一次地想起這一點，因為我在亞洲，並提醒我在移動設備上消費了多少優質視頻。因此，家庭和個人圖表都被考慮在內，但是當您將廣播或傳統電視的噴霧和祈禱類型與效果、目標、身份驅動的較低廣告負載和更優質的內容進行比較時，您將所有這些都放在了總之，對數字廣播的影響比線性廣播更有價值，而且效果的增長遠遠超過成本。

And as that phenomenon continues to unfold in 2023 that Tim was just describing really well, which is that it's becoming a programmatic story where there's more inventory, and we can select more and more from the sort of wider selection of ads, the personalization, the customization, the efficacy is only going to continue to go up. So it's absolutely worth the shared viewing. I don't even view as an issue. I don't spend time thinking about it.

隨著這種現像在 2023 年繼續展開，蒂姆剛剛描述得非常好，那就是它正在成為一個程序化故事，其中有更多庫存，我們可以從更廣泛的廣告選擇中選擇越來越多，個性化，定制，功效只會繼續往上走。因此，絕對值得分享觀看。我什至不認為這是一個問題。我不會花時間去想它。

So as it relates to China, China is, of course, one of the largest markets in the world, and we are constantly keeping our eye on the fact that while as a media market, it's about half the size of the United States. It is growing at twice the pace. As you recall, last year, China was our fastest-growing office in the world. This year, that hasn't been true, but that's largely just because of macroeconomic headwinds and geopolitical issues. So we have been quiet, in large part because of those geopolitical issues and because there has been some slowdown. If the geopolitical issues weren't enough, there's also COVID lockdown that has affected them in a very significant way.

因此，就中國而言，中國當然是世界上最大的市場之一，我們一直在關注這樣一個事實，即作為一個媒體市場，它的規模大約是美國的一半。它以兩倍的速度增長。您還記得，去年，中國是我們在全球增長最快的辦事處。今年，情況並非如此，但這主要是因為宏觀經濟逆風和地緣政治問題。所以我們一直很安靜，很大程度上是因為這些地緣政治問題，而且因為經濟放緩。如果地緣政治問題還不夠，那麼 COVID 封鎖也對他們產生了非常重要的影響。

But we've been quarter-over-quarter, up over 100% in this environment. Shanghai is no longer our smallest office, which it was just 18 months ago. And we just -- we continue to believe that while the English-speaking world has led much of CTV, the Chinese-speaking world is the second most important as it relates to the premium video play and that we continue to look at China and all the Chinese-speaking nations of the world as a very important battleground for the future of global television and premium video. So still excited and bullish just a bunch of things that make a fair amount of uncertainty.

但在這種環境下，我們的季度環比增長超過 100%。上海不再是我們 18 個月前最小的辦公室。我們只是——我們仍然相信，雖然英語世界在 CTV 中佔據主導地位，但漢語世界是第二重要的，因為它與優質視頻播放有關，我們繼續關注中國和所有國家世界華語國家是未來全球電視和優質視頻的重要戰場。所以仍然興奮和看漲只是一堆造成相當大的不確定性的事情。

Thanks, Laura. Appreciate the question.

謝謝，勞拉。欣賞這個問題。

Your next question is coming from Justin Patterson at KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Two, if I can. Jeff, as you exit the year and have these data initiatives and OpenPath kicking in the year, how should we think about the competitive landscape and how that looks in 2023 versus what we've observed in the past? If I look at some recent commentary by Procter & Gamble, it seems like there's a lot more programmatic budget and relationships up for grabs heading into next year. And then for Blake, I appreciate your color on the Q4 guide. Could you please put a finer point on some of the trends you observed quarter-to-date? And how we should think about growth over the rest of the quarter?

偉大的。二，如果可以的話。傑夫，當你在今年退出並擁有這些數據計劃和 OpenPath 時，我們應該如何看待競爭格局以及 2023 年的競爭格局與我們過去觀察到的情況相比如何？如果我看一下寶潔公司最近的一些評論，似乎明年會有更多的計劃預算和關係可供爭奪。然後對於 Blake，我很欣賞你在 Q4 指南中的顏色。您能否更詳細地說明您在本季度觀察到的一些趨勢？我們應該如何看待本季度剩餘時間的增長？

Yes. So I think you're right in that -- there's more and more budget that's going into programmatic. I think the commentary that we've heard from Procter & Gamble is indicative of that. As you've heard us say before, the supply chains of the open Internet, but really the supply chains of the entire ad-funded Internet have become a little bit murky and as often happens when markets mature, become just much more complicated. So it becomes more and more important for us to be obsessing about supply chains or supply pads.

是的。所以我認為你是對的——有越來越多的預算用於程序化。我認為我們從寶潔公司聽到的評論表明了這一點。正如你之前聽到我們所說的，開放互聯網的供應鏈，但實際上整個廣告資助互聯網的供應鏈變得有點模糊，並且正如市場成熟時經常發生的那樣，變得更加複雜。因此，對我們來說，關注供應鍊或供應墊變得越來越重要。

I've said before that I think one way to characterize the success of Amazon, it is that they've had an executive team that has just obsessed about the supply chain and just making certain that they're getting things as efficiently as possible so that they can deliver to their consumers the best product as fast as possible for the best possible price.

我之前說過，我認為描述亞馬遜成功的一種方式是，他們有一個執著於供應鏈的執行團隊，並確保他們盡可能高效地完成任務，所以他們可以盡快以最優惠的價格向消費者提供最好的產品。

We've applied that same sort of obsession to the media supply chain, which in some ways is even more complicated. And we've said, as often as possible, we want to make certain that no one in the middle is taking more in fees or tax than they're adding in value. And we do believe that, that happens a fair amount of time because of complication and because of sort of draconian tactics of some of the biggest tech players in the world.

我們將同樣的痴迷應用於媒體供應鏈，在某些方面甚至更加複雜。我們已經說過，我們希望盡可能多地確保中間沒有人收取的費用或稅收超過他們增加的價值。我們確實相信，由於復雜性以及世界上一些最大的科技公司採取的嚴厲策略，這種情況會發生相當長的一段時間。

Our way of combating that is to release products, like OpenPath, where we plug in directly with the biggest publishers in the world. We've had a number of conversations with content creators, whether that's in CTV or in mobile apps or in traditional web development, where they've said they don't feel like anyone is representing them the way they would like to and they would like to do their own yield management and plug in with us directly. That creates a more efficient supply chain, while us maintaining our role on the buy side as well as our objectivity.

我們解決這個問題的方法是發布產品，比如 OpenPath，我們直接與世界上最大的出版商聯繫。我們與內容創建者進行了多次對話，無論是在 CTV、移動應用程序還是傳統的 Web 開發中，他們都說他們覺得沒有人以他們想要的方式代表他們，他們會喜歡自己做產量管理並直接與我們聯繫。這創造了一個更有效的供應鏈，同時我們保持我們在買方的角色以及我們的客觀性。

So when you couple that with all the data initiatives going into 2023, and I said in the prepared remarks that I believe because of Unified ID data, especially first-party data will be 10x more valuable in 2023 than it's ever been historically. And that's largely just because of the math of UID and the scale of UID and not having to sync like we did in cookies. Not only is the Internet getting an upgrade because we're going from an opt-out Internet to an opt-in Internet, but we're also getting rid of some of the clunkiness that cookies had, which makes a data-driven Internet just so much more effective. And of course, it's better for consumers when it's opt-in.

因此，當您將其與進入 2023 年的所有數據計劃結合起來時，我在準備好的評論中說，我相信由於統一 ID 數據，特別是第一方數據在 2023 年的價值將是歷史上的 10 倍。這主要是因為 UID 的數學和 UID 的規模，而不必像我們在 cookie 中那樣進行同步。互聯網不僅得到了升級，因為我們正在從選擇退出互聯網轉變為選擇加入互聯網，而且我們還擺脫了 cookie 所具有的一些笨拙，這使得數據驅動的互聯網只是更有效。當然，選擇加入對消費者來說更好。

You put all that together, we have a more effective supply chain. While budgets are up for grabs, we think that we're more likely to get the first dollar than anyone else. And what has happened over the most of the history of The Trade Desk is that we got the leftovers from search and social and the walled gardens. And what's starting to happen now is we're getting the very first dollar, and that's happening more and more. We expect that to continue as a secular tailwind of CTV continues. So I appreciate the question.

你把所有這些放在一起，我們有一個更有效的供應鏈。雖然預算可供爭奪，但我們認為我們比其他任何人更有可能獲得第一美元。在 The Trade Desk 的大部分歷史中發生的事情是，我們從搜索、社交和圍牆花園中得到了剩菜。現在開始發生的事情是我們得到了第一美元，而且這種情況越來越多。隨著 CTV 的長期順風繼續，我們預計這種情況將繼續下去。所以我很欣賞這個問題。

And then follow up just on your question on the Q4 trend, one way maybe to think about it is -- it's a little bit of a tale of 2 cities like, and you've heard us say this before like or a K-shaped recovery, if you will, for certain verticals. Some areas like travel and auto are outperforming, and they're making up for lost time. Some areas are more challenged. You've heard us talk about Europe. But as we've said that before. But specific to Europe, as we've said, we've seen incredible CTV growth there, which is amazing in light of the macro challenges. So it makes me super optimistic for the future for us there.

然後跟進你關於第四季度趨勢的問題，一種可能的思考方式是——這有點像 2 個城市的故事，你以前聽過我們這樣說或者 K 形恢復，如果你願意的話，對於某些垂直行業。旅遊和汽車等一些領域表現出色，它們正在彌補失去的時間。一些領域的挑戰更大。你聽說過我們談論歐洲。但正如我們之前所說。但正如我們所說，具體到歐洲，我們已經看到了令人難以置信的 CTV 增長，鑑於宏觀挑戰，這是驚人的。所以這讓我對我們那裡的未來感到非常樂觀。

And then the automotive growth, especially -- it's been especially exciting to see some gains there. We've won new business and then some more existing -- from existing customers after a period of volatility over the past 2-or-so years. And so I think that -- and then even if you talk about CPG companies, you got some that are doing incredibly well and then some that still have some supply chain challenges as well. So I think that the breadth of the advertisers and the verticals that we represent bodes super well for us and like there's still areas of opportunity for us to gain share there, too.

然後是汽車的增長，尤其是 - 看到那裡的一些收益特別令人興奮。在過去 2 年左右的動盪期之後，我們從現有客戶那裡贏得了新業務，然後又贏得了一些現有業務。所以我認為——即使你談論 CPG 公司，你也會看到一些做得非常好的公司，還有一些仍然面臨一些供應鏈挑戰。所以我認為廣告商的廣度和我們所代表的垂直行業對我們來說是個好兆頭，而且我們仍然有機會在那裡獲得份額。

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

您今天的下一個問題來自 D.A. 的 Tom White。戴維森。

Given the elections here yesterday, I thought I'd ask a question on political. Jeff, any big takeaways around political ad spend this cycle? Any learnings that we should kind of take away that you're taking away as to the future of political ad spend on CTV, and I guess, just digital broadly?

鑑於昨天這裡的選舉，我想我會問一個關於政治的問題。傑夫，圍繞這個週期的政治廣告有什麼重要的收穫嗎？關於 CTV 上政治廣告支出的未來，我們應該帶走的任何知識，我猜，只是廣義上的數字？

You bet. So one thing that's happened in the past is that we've seen them sort of focus on social and other parts of political. But what we've definitely seen this time is that CTV is the preferred channel for political advertisers, and it's playing a larger role in every election cycle. One thing that is just really important for me to note is that as there's been more and more mistrust of specific tech platforms in the political environment, we are really proud of the work that we've done to focus on providing a better democratic process for both sides of the aisle and making certain that our platform is objective and independent so that we can power both Democrats and Republicans and anybody else for that matter.

你打賭。所以過去發生的一件事是，我們已經看到他們有點關注社會和政治的其他部分。但我們這次肯定看到的是，CTV 是政治廣告商的首選渠道，並且在每個選舉週期中都發揮著更大的作用。對我來說非常重要的一件事是，隨著政治環境中對特定技術平台的不信任越來越多，我們為專注於為過道的兩邊，並確保我們的平台是客觀和獨立的，這樣我們就可以為民主黨和共和黨以及其他任何人提供支持。

And I think our team has done a phenomenal job over really the last decade in winning trust and providing reassurance to both sides that we're going to provide them with an objective platform that's going to make it possible for them to do the very best and sort of let the process do its thing. It's our job to run a better process not to advocate for specific candidates or to get in the middle of politics more specifically.

而且我認為我們的團隊在過去十年中確實做得非常出色，贏得了雙方的信任並讓雙方放心，我們將為他們提供一個客觀的平台，使他們能夠做到最好，並且有點讓過程做它的事情。我們的工作是運行一個更好的流程，而不是倡導特定的候選人或更具體地介入政治。

And as a result of creating that arm's length relationship, we once again believe we've run a better process and been a key contributor to running a healthy election. We expect that to grow in 2024 as we move into the next presidential cycle. But once again, CTV plays a very significant role, and we think it will play a bigger role in every election going forward. And we're really excited to see the election over election growth and expect that to continue into the future. So I appreciate the question.

由於建立了這種公平的關係，我們再次相信我們已經運行了一個更好的流程，並且是進行健康選舉的關鍵貢獻者。隨著我們進入下一個總統週期，我們預計這一數字將在 2024 年增長。但再一次，CTV 扮演著非常重要的角色，我們認為它將在未來的每次選舉中發揮更大的作用。我們真的很高興看到選舉超過選舉增長，並希望這種情況在未來繼續下去。所以我很欣賞這個問題。

Your next question is coming from Brian Fitzgerald at Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

Jeff, we want to know if you could talk about your decisioning intensity in CTV maybe versus other channels, particularly in the context of private marketplace deals and things of that ilk. Do you do as much heavy lifting there versus other channels? And do you get pushed back on pricing and any differences in the intensity there and also in CPMs?

傑夫，我們想知道您是否可以談論您在 CTV 中的決策強度可能與其他渠道相比，特別是在私人市場交易和類似事物的背景下。與其他渠道相比，您在那裡做的繁重工作是否一樣多？您是否在定價以及那裡的強度和每千次展示費用方面有任何差異？

Yes. I appreciate the question, Brian. So we've been asked some form of this question over time in various ways. And it's essentially to say, do we add less value in CTV? Or should we be charging less? So it's are just 2 different ways of asking that question. And I would argue that we add more value in CTV than we do in any other channel. And also the value that we're adding is going up over time.

是的。我很欣賞這個問題，布賴恩。因此，隨著時間的推移，我們以各種方式被問到這個問題的某種形式。本質上是說，我們在 CTV 中增加的價值是否減少了？還是我們應該少收費？所以這只是提出這個問題的兩種不同方式。我認為我們在 CTV 中增加的價值比在任何其他渠道中增加的更多。而且我們增加的價值也會隨著時間的推移而上升。

So the first part of that is the reason why we're adding more value is because the stakes are higher. If you -- in the stock market, if you buy stocks at random or you buy them all in ETFs, they tend to go up over time. But if you buy ads at random, you'll get your a** kicked every single time, you have to select very carefully.

所以第一部分是我們增加更多價值的原因是因為賭注更高。如果你——在股票市場上，如果你隨機購買股票，或者你全部購買 ETF，它們往往會隨著時間的推移而上漲。但是如果你隨機購買廣告，你每次都會被踢，你必須非常謹慎地選擇。

And in the world of CTV, when you're buying very highly expensive or high-cost impressions, the stakes are higher. You have to make certain that you use data to buy the right ones, you have to get reach and frequency right. And I would argue the only platform in the world that manages reach and frequency well on CTV is The Trade Desk.

在 CTV 的世界中，當您購買非常昂貴或高成本的展示時，賭注會更高。您必須確保使用數據購買正確的數據，您必須獲得正確的覆蓋範圍和頻率。我認為世界上唯一能在 CTV 上很好地管理覆蓋面和頻率的平台是 The Trade Desk。

So we add more value. And as time goes on, when you add more impressions, there's more opportunity to outperform and select more carefully. So while there have been a series of PMPs or ways of buying and limited decisioning methodologies, those have gone down over time. And those are typically training wheels or on-ramps for advertisers that over time are replaced with just high decisioning. And that's where all of our biggest advertisers are heading. That's where our product has gone. And we think over time that we just continue to add more value for essentially the same cost as we do in everything else, with our take rate having remained the same, pretty much our entire existence as a publicly traded company. So I think it's something that has been important for us to clarify. And so I really appreciate the question, Brian.

所以我們增加了更多的價值。隨著時間的推移，當您添加更多展示次數時，就有更多機會超越並更謹慎地選擇。因此，儘管有一系列 PMP 或購買方式和有限的決策方法，但隨著時間的推移，這些都已經下降。這些通常是廣告商的訓練輪或入口，隨著時間的推移，它們會被高決策所取代。這就是我們所有最大的廣告商的目標。這就是我們的產品已經消失的地方。而且我們認為，隨著時間的推移，我們只是繼續以與我們在其他所有方面所做的成本基本相同的成本增加更多價值，我們的接受率保持不變，幾乎是我們作為一家上市公司的全部存在。所以我認為這對我們來說是很重要的澄清。所以我真的很感激這個問題，布賴恩。

Your next question for today is coming from Jason Helfstein with Oppenheimer.

您今天的下一個問題來自 Jason Helfstein 和 Oppenheimer。

Jeff, just a UID follow-up. We've heard concerns that publishers are being slow to adopt UID. What can you do to speed up adoption? And how are you thinking about this? Do you agree? You disagree?

傑夫，只是一個 UID 跟進。我們聽說了發布商在採用 UID 方面進展緩慢的擔憂。您可以做些什麼來加快採用速度？你是怎麼想的？你同意嗎？你不同意？

You bet. So I'm constantly reminded that if you sat me down a year ago and said, Jeff, right up a dream list of adopters. I don't think I could have fictionalized or made up a list that's more impressive than those that we've actually added AWS, Saleforce, Snowflake, Adobe, you heard us say a year ago that we needed to add the infrastructure of the Internet. And those and hundreds of others represent that infrastructure with now approaching 600 partners. And that doesn't even underscore the entire infrastructure of the data ecosystem of the Internet, names like Experian or InfoSum or so many others.

你打賭。所以我經常被提醒，如果你在一年前讓我坐下來說，傑夫，就在一個夢想的採用者名單上。我認為我無法虛構或編造一個比我們實際添加 AWS、Saleforce、Snowflake、Adobe 的列表更令人印象深刻的列表，您在一年前聽到我們說我們需要添加互聯網的基礎設施.而這些和其他數百個代表現在接近 600 個合作夥伴的基礎設施。這甚至沒有強調互聯網數據生態系統的整個基礎設施，例如 Experian 或 InfoSum 等許多其他名稱。

So with all of those coming online and then you add the CTV players, companies like Disney, who have adopted it, and it will be just really critical next year that all CTV players are leveraging UID in order to get the personalization and the high CPMs that they all desperately need to compete. When you put all that together, I actually don't have any idea where that assertion is coming from that publishers are going slow. The only way that I could possibly make sense of that, it's just that some of them, it takes a little bit of time to prioritize and actually implement. But in terms of commitment or signing or prioritizing, it's there across the board.

因此，隨著所有這些都上線，然後你添加了 CTV 播放器，像迪士尼這樣的公司已經採用了它，明年所有 CTV 播放器都利用 UID 以獲得個性化和高 CPM 將非常關鍵他們都迫切需要競爭。當你把所有這些放在一起時，我實際上不知道那個斷言來自哪裡，出版商進展緩慢。我可能理解這一點的唯一方法，只是其中一些，需要一些時間來確定優先級並實際實施。但就承諾、簽署或優先順序而言，它是全面的。

And we have so much momentum on the issue that I honestly, a year ago, wouldn't have thought it's possible for us to have the momentum that we have now. And I believe it's just critical for companies, especially content owners to be leveraging that in order to do well. And you'll see us in 2023 push really hard to enable advertisers to bring their first-party data to bear. And I do think that, that will represent a very strong rebuttal to the value propositions of walled gardens and the leverage of first-party data and their ecosystems because here, they'll get to put their first-party data to work and then measure relative performance, learn from it, take the learnings with them so that they can continue to improve their marketing and not just outsource advertising or marketing to walled gardens, which has historically been the only option that they've had. So UID plays a really critical role in the future of the open Internet, and it's doing its job.

而且我們在這個問題上的勢頭如此之大，老實說，一年前，我不會認為我們有可能擁有現在的勢頭。而且我相信對於公司，尤其是內容所有者來說，利用這一點來做得很好是至關重要的。您會在 2023 年看到我們非常努力地推動廣告商使用他們的第一方數據。而且我確實認為，這將代表對圍牆花園的價值主張以及第一方數據及其生態系統的槓桿作用的強烈反駁，因為在這裡，他們將把他們的第一方數據投入使用，然後進行衡量相對錶現，從中學習，與他們一起學習，以便他們可以繼續改進他們的營銷，而不僅僅是將廣告或營銷外包給圍牆花園，這在歷史上是他們唯一的選擇。因此，UID 在開放互聯網的未來中扮演著非常關鍵的角色，它正在發揮作用。

Your final question for today is coming from Michael Morris at Guggenheim.

您今天的最後一個問題來自古根海姆的邁克爾·莫里斯。

I have 2 topics I'd like to ask about. One about the joint business plan momentum and one about Asia. So on the first topic of the JVPs, I'd love to hear how -- if there's some way you could quantify or help us understand how much more valuable a partnership through a JVP is as compared to sort of your run rate business or somebody, a partner who's not involved in one of those? How much value does it add? And also how penetrated is the market at this point for those? How much more runway do you feel you have with respect to the kind of addressable market for partners that are of the size that it makes sense for. So that's the first topic. And then the second just on Asia. Jeff, you did spend a lot of time talking about the opportunity there. The Asia Pac market historically has been a pretty tough market for Western companies as they compete with local players. So I'd love to hear a little bit about why you think you can be successful where maybe some companies in the past have not?

我有2個話題想問。一份關於聯合商業計劃的勢頭，一份關於亞洲。因此，關於 JVP 的第一個主題，我很想听聽 - 如果有某種方法可以量化或幫助我們了解通過 JVP 建立的合作夥伴關係與您的運營業務或其他人相比有多大的價值，沒有參與其中之一的合作夥伴？它增加了多少價值？以及此時市場對這些產品的滲透程度如何？對於具有合理規模的合作夥伴的潛在市場，您覺得自己還有多少跑道。所以這是第一個話題。然後是亞洲的第二個。傑夫，你確實花了很多時間談論那裡的機會。對於西方公司來說，亞太市場歷來是一個相當艱難的市場，因為它們與當地企業競爭。所以我很想听聽你為什麼認為你可以在過去的一些公司沒有成功的地方取得成功？

You bet. Thank you. I'm going to have Tim take the first part of the question on the JVPs, and then I'll add some color and talk about Asia.

你打賭。謝謝你。我將讓蒂姆回答關於 JVP 問題的第一部分，然後我將添加一些顏色並談論亞洲。

Yes, Michael, thanks for the question on the JVPs. I'll kind of try to cover everything that you mentioned there. So first, starting with what's the difference between a JVP and a typical engagement. One of the major differences in the JVPs is that these tend to be multiyear agreements between The Trade Desk and a brand or agency. And they tend to set kind of a partnership framework that often includes milestones for that partnership over that multiyear agreement, which is typically a longer period of time than a standard MSA that we would sign with a client.

是的，邁克爾，感謝關於 JVP 的問題。我會嘗試涵蓋你在那裡提到的所有內容。首先，從 JVP 和典型參與之間的區別開始。 JVP 的主要區別之一是這些往往是 The Trade Desk 與品牌或代理商之間的多年協議。他們傾向於設置一種合作夥伴框架，其中通常包括該多年協議中該合作夥伴關係的里程碑，這通常比我們與客戶簽署的標準 MSA 更長。

So within that framework, typically the way that these work is that the advertiser, we sit down and we set goals for ourselves around things like how do we move more spend into the platform, how do we think about adjusting their investment mix moving it towards more data-driven advertising, how do we think about using platform features that they may be underutilizing. It's a really great framework to structure how we build a stronger partnership with that brand or agency over a longer period of time.

所以在這個框架內，通常這些工作的方式是廣告商，我們坐下來，我們為自己設定目標，比如我們如何將更多的支出轉移到平台上，我們如何考慮調整他們的投資組合，使其朝著更多數據驅動的廣告，我們如何考慮使用他們可能未充分利用的平台功能。這是一個非常好的框架，可以構建我們如何在更長的時間內與該品牌或代理商建立更強大的合作夥伴關係。

And one of the incredible benefits of that is it creates a lot of stickiness and engagement with our partners over that period of time because we're constantly checking in on achievement against those milestones. And I think the way that we look at those as just these longer-term engagements is it really creates a lot of a deeper conversation with our partners so that we can really figure out how we're structuring these that are going to be the best interest of their business and how we can of jointly agree on what we're going to try to achieve together over a multiyear period.

其中一個令人難以置信的好處是，它在這段時間內與我們的合作夥伴建立了很多粘性和參與度，因為我們一直在對照這些里程碑檢查成就。而且我認為我們將這些視為這些長期參與的方式是，它確實與我們的合作夥伴建立了很多更深入的對話，以便我們能夠真正弄清楚我們如何構建這些將是最好的他們的業務的利益，以及我們如何才能共同就我們將在多年內共同實現的目標達成一致。

So in the end, all that leads to a much more interesting and dynamic conversation and discussion over time. And we're really excited about the momentum that we have right now, and we're expecting to continue to build on that into the future with more JVPs with more clients.

所以最後，隨著時間的推移，所有這些都會導致更有趣和更有活力的對話和討論。我們對我們現在擁有的勢頭感到非常興奮，並且我們期望通過更多的 JVP 和更多的客戶繼續在此基礎上繼續發展。

Thanks, Tim. Well, said, I don't have anything to add on the JVPs. I'm excited to weigh in on Asia, though, because I really appreciate your question. And of course, we're also all sitting here in Singapore and nearing our 10-year anniversary of being here in the Asia market where we started here in Singapore. So we have a saying in our company that we are not an American company, we're a global company that happens to be based in the United States. And can we be successful in Asia? My response is we already are. 11 markets in CTV or premium video grew faster than the United States for us. So when I say 11 markets, I'm not -- I'm not talking about it in general. I'm talking about The Trade Desk's markets.

謝謝，蒂姆。嗯，說，我沒有什麼要添加到 JVP 上。不過，我很高興能在亞洲發表意見，因為我非常感謝你的問題。當然，我們也都坐在新加坡，即將進入亞洲市場 10 週年，我們從新加坡開始。因此，我們公司有一種說法，我們不是一家美國公司，我們是一家恰好位於美國的全球公司。我們能在亞洲取得成功嗎？我的回答是我們已經是了。對我們而言，CTV 或優質視頻的 11 個市場的增長速度超過了美國。所以當我說 11 個市場時，我不是——我不是在談論它。我說的是 The Trade Desk 的市場。

Our spend grew faster in 11 markets for premium video outside the United States than it did inside the United States, the fastest region for growth around the world, Southeast Asia. It grew faster than Australia, grew faster than North Asia, grew faster than Europe. It grew faster than North or South America. And that's in large part because we are -- just like in every other market, creating alternatives, especially UGC, where YouTube has a very dominant position in many of the markets here.

我們在美國以外的 11 個優質視頻市場的支出增長速度快於美國（全球增長最快的地區東南亞）。它的增長速度超過了澳大利亞，超過了北亞，超過了歐洲。它的增長速度超過了北美或南美。這在很大程度上是因為我們 - 就像在其他所有市場一樣，創造替代品，特別是 UGC，YouTube 在這些市場的許多市場中佔據主導地位。

But also you're seeing from the content creators that, historically, they've had sort of a regional benefit where there's licensing that has prevented U.S. companies from competing with them in their markets. But one of the reasons why you've seen Australia, a close rival, to leading in terms of size or percentage of market moving to CTV with the U.S., those 2 leading the way, is because with English language content that no longer having regional barriers, but English content is competing all over the world. And the same thing is happening with Chinese content and all others.

但你也從內容創作者那裡看到，從歷史上看，他們已經獲得了某種區域利益，因為許可阻止了美國公司在他們的市場上與他們競爭。但是，您看到澳大利亞是一個緊密的競爭對手，在規模或市場百分比方面領先於美國，這兩個領先的原因之一是因為英語內容不再具有區域性障礙，但英語內容正在世界範圍內競爭。中國內容和所有其他內容也在發生同樣的事情。

So what you're seeing is that the content owners are no longer viewing their nextdoor neighbor in sort of broadcast as their biggest competitors, but instead looking at companies like Disney and Netflix as their biggest competitors around the world. So they're all looking at the ad-funded options that those companies are creating around the world and saying that we quickly have to follow in order to compete.

所以你看到的是內容所有者不再將他們的隔壁鄰居視為他們最大的競爭對手，而是將迪士尼和Netflix等公司視為他們在全球的最大競爭對手。因此，他們都在關注這些公司在全球範圍內創建的廣告資助選項，並表示我們必須迅速效仿才能競爭。

And so as a result, we're getting partnerships all over the world. We're setting up partnerships. That is the reason our executive team is here in Asia is because it's not lost on us, but most of the GDP growth for the next 10 years is going to come out of Asia. And that in order for us to capture our fair share of that $1 trillion TAM, we have to be competitive in Asia as well as in other regions of the world. We're already doing that. And we've been doing that in this market despite things like the strong dollar and economic headwinds and some geopolitical issues, but we continue to do that because of strong partnership and a global mindset.

因此，我們在世界各地建立了合作夥伴關係。我們正在建立夥伴關係。這就是我們的執行團隊來到亞洲的原因，因為我們並沒有忘記它，但未來 10 年的大部分 GDP 增長將來自亞洲。為了讓我們在 1 萬億美元的 TAM 中獲得公平份額，我們必須在亞洲以及世界其他地區具有競爭力。我們已經在這樣做了。儘管存在強勢美元和經濟逆風以及一些地緣政治問題，我們一直在這個市場上這樣做，但由於強大的伙伴關係和全球思維，我們繼續這樣做。

And of course, we represent most of the largest brand in the world. And whether you're talking about Procter & Gamble or Coca-Cola or McDonald's, these brands advertise all over the world, and it's not lost on them that GDP growth is going to come out of Asia. It's not lost on them that the fastest-growing middle class in the world is here in Asia. So you put all of that together, it's a market that we're already winning in and will continue to do so. We've over invested. If you look at our employee count versus our revenue, of course, we are early, not late. And that's a good thing, not a bad thing. Thank you.

當然，我們代表世界上大多數最大的品牌。無論你是在談論寶潔、可口可樂還是麥當勞，這些品牌都在世界各地做廣告，他們並沒有忘記 GDP 增長將來自亞洲。他們並沒有忘記，世界上增長最快的中產階級在亞洲。所以你把所有這些放在一起，這是一個我們已經贏得併將繼續這樣做的市場。我們已經過度投資了。如果你看看我們的員工人數與我們的收入，當然，我們是早，而不是晚。這是一件好事，而不是一件壞事。謝謝你。

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。