Trade Desk Inc (TTD) 2022 Q4 法說會逐字稿

Greetings. Welcome to The Trade Desk Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 The Trade Desk 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Chris Toth. You may begin.

我現在將會議轉交給主持人 Chris Toth。你可以開始了。

Thank you, operator. Hello, and good day to everyone. Welcome to The Trade Desk Fourth Quarter 2022 Earnings Conference Call. On the call today are both Founder and CEO, Jeff Green; and Chief Financial Officer, Blake Grayson.

謝謝你，運營商。大家好，祝大家有個美好的一天。歡迎來到 The Trade Desk 2022 年第四季度收益電話會議。今天的電話會議是創始人兼首席執行官 Jeff Green；和首席財務官 Blake Grayson。

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

您可以在我們網站 thetradedesk.com 的投資者關係部分找到我們的收益新聞稿副本。

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. These forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. Actual results could vary significantly, and we expressly assume no obligations to update any of our forward-looking statements.

在我們開始之前，我想提醒您，除了歷史信息，一些討論和我們在問答中的回應可能包含前瞻性陳述，這些陳述取決於某些風險和不確定性。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。

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

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結果存在重大差異。我鼓勵您參考我們的新聞稿中提到的風險因素，這些風險因素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 財務業績外，我們還提供補充的非 GAAP 財務數據。可以在我們的收益新聞稿中找到 GAAP 與非 GAAP 措施的調節。我們相信，提供非 GAAP 措施，結合我們的 GAAP 結果，可以更有意義地代表公司的經營業績。

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 thanks, everyone, for joining us today. Let me start by highlighting the numbers. A spend on our platform in 2022 was nearly $7.8 billion, a record for us. Fourth quarter revenue alone was $491 million, also a record.

謝謝克里斯，也謝謝大家今天加入我們。讓我首先強調數字。 2022 年我們平台上的支出接近 78 億美元，創下了我們的記錄。僅第四季度的收入就達到了 4.91 億美元，同樣創下歷史新高。

CTV continued to be our strongest growth driver as more content owners from around the world are moving beyond ad-free subscription models and offering ad-supported options for viewers. And once again, despite all the uncertainty of the year, we delivered strong profitability, highlighting the operating leverage we have in our business.

CTV 繼續成為我們最強勁的增長動力，因為來自世界各地的更多內容所有者正在超越無廣告訂閱模式，並為觀眾提供廣告支持的選項。再一次，儘管今年存在各種不確定性，但我們仍實現了強勁的盈利能力，凸顯了我們在業務中的運營槓桿。

Our results are often benchmarked against the rule of 40 and compared to other high-growth companies. In that benchmark, the health of a technology company is expressed as the sum of a company's growth rate and EBITDA margin. In 2022, we finished well over that benchmark again. For the sixth year in a row, we were over 50%, all while we continue to invest to drive future value and growth.

我們的結果通常以 40 的規則為基準，並與其他高增長公司進行比較。在該基準中，科技公司的健康狀況表示為公司增長率與 EBITDA 利潤率之和。 2022 年，我們再次超越該基準。我們連續第六年超過 50%，同時我們繼續投資以推動未來價值和增長。

In times of market uncertainty, perhaps its most useful to look at how we are performing compared to the broader industry. According to estimates by (inaudible) total global ad spend increased 8% last year. Spend on our platform grew more than 3x of that. With uncertain macro conditions, where most marketers are under pressure to do more with less, we continue to outperform and gain share. I'd like to focus on why we're winning market share during this time of uncertainty, as I think it gives us a sense of the dynamics in our industry right now, which I expect to be in place for the foreseeable future.

在市場不確定的時期，與更廣泛的行業相比，看看我們的表現可能是最有用的。據（聽不清）估計，全球廣告總支出去年增長了 8%。我們平台上的支出增長了 3 倍以上。在不確定的宏觀環境下，大多數營銷人員都面臨著用更少的錢做更多的事情的壓力，我們繼續跑贏市場並獲得市場份額。我想重點談談為什麼我們在這個充滿不確定性的時期贏得了市場份額，因為我認為這讓我們了解了我們行業目前的動態，我預計在可預見的未來將會如此。

Specifically in the last 6 months of 2022, The Trade Desk started to separate from much of the digital advertising market in terms of relative outperformance. In the third quarter, we reported 31% growth while our competitors were either in retreat or posting single-digit growth. That same trend continued into the fourth quarter as we grew 24% and most of our large competitors were posting between negative 9% and negative 2% growth.

特別是在 2022 年的最後 6 個月，The Trade Desk 開始在相對優異的表現方面與大部分數字廣告市場區分開來。在第三季度，我們報告了 31% 的增長，而我們的競爭對手要么退縮，要么實現個位數增長。同樣的趨勢一直持續到第四季度，我們增長了 24%，而我們的大多數大型競爭對手都出現了 9% 到 2% 的負增長。

I don't think we've ever had the level of industry outperformance in our 6 years or so as a public company as we did in 2022. And it means that we can be very confident that we're gaining share and that our platform continues to gain traction with advertisers. I remain convinced that in times of uncertainty, as marketers look to do more with less, they are continuing to prioritize decision media on the open Internet. With The Trade Desk and the Open Internet, marketers can measure ROI and value with more objectivity. And that means they'll prioritize us over the limitations of walled gardens.

我認為我們作為一家上市公司的 6 年左右的時間裡從未像 2022 年那樣表現出行業領先水平。這意味著我們可以非常有信心我們正在獲得份額，我們的平台繼續受到廣告商的青睞。我仍然相信，在不確定的時期，隨著營銷人員希望事半功倍，他們將繼續優先考慮開放互聯網上的決策媒體。借助 The Trade Desk 和 Open Internet，營銷人員可以更客觀地衡量投資回報率和價值。這意味著他們會優先考慮我們，而不是圍牆花園的限制。

With that in mind, Insider Intelligence reported a couple of weeks ago that 2022 represented the first year in a decade that Meta and Google did not account for more than half of the digital advertising market between them. That shift comes as the digital advertising market continues to expand. Before the pandemic, digital advertising accounted for around half of total market spend, last year it represented more than 2/3 of the market according to [Group M].

考慮到這一點，Insider Intelligence 幾週前報導說，2022 年是十年來 Meta 和谷歌在數字廣告市場中所佔份額不超過一半的第一年。隨著數字廣告市場的不斷擴大，這種轉變也隨之而來。根據 [Group M] 的數據，在大流行之前，數字廣告約佔市場總支出的一半，去年佔市場的 2/3 以上。

What's driving these 2 trends? Well, as I've said many times before, CTV is changing everything in advertising. Not only is the shift from linear to CTV driving significant growth in digital spend as advertisers shift dollars from linear TV to connected TV, but more spend is happening outside the walled gardens as advertisers shift spend from user-generated content to premium streaming content.

是什麼推動了這兩種趨勢？嗯，正如我之前多次說過的，CTV 正在改變廣告業的一切。隨著廣告商將資金從線性電視轉向聯網電視，不僅從線性電視向 CTV 的轉變推動了數字支出的顯著增長，而且隨著廣告商將支出從用戶生成的內容轉移到優質流媒體內容，更多的支出發生在圍牆花園之外。

I'd like to expand on this in a couple of dimensions because I think it will give you a sense of why I'm so optimistic about our potential to grow this year and beyond. First, I'd like to touch on UID2 because so much has happened around identity in recent months, that points to how the industry is evolving. Second, I believe we are starting to see advertisers challenge the walled garden business model more systematically than ever, and it's because they have premium alternatives at scale in fast-growing markets such as CTV and retail media. And last, I'd like to touch on what all of this means for us in 2023.

我想在幾個方面對此進行擴展，因為我認為這會讓您了解為什麼我對我們今年及以後的增長潛力如此樂觀。首先，我想談談 UID2，因為最近幾個月圍繞身份發生了很多事情，這表明該行業正在如何發展。其次，我相信我們開始看到廣告商比以往任何時候都更系統地挑戰圍牆花園商業模式，這是因為他們在 CTV 和零售媒體等快速增長的市場中擁有大規模的優質替代品。最後，我想談談這一切對我們 2023 年意味著什麼。

So let's start with UID2. First, as a reminder of what UID2 is. A few years ago, we created in collaboration with other open Internet companies an identity currency for the open Internet based on either an e-mail address or a phone number. UID2 is anchored on those 2 consumer data points so that consumers can own and manage their identity around the Internet rather than managing privacy settings for each device or ecosystem like Apple or Google.

因此，讓我們從 UID2 開始。首先，提醒一下 UID2 是什麼。幾年前，我們與其他開放式互聯網公司合作創建了一種基於電子郵件地址或電話號碼的開放式互聯網身份貨幣。 UID2 錨定在這 2 個消費者數據點上，因此消費者可以在互聯網上擁有和管理他們的身份，而不是像蘋果或谷歌那樣管理每個設備或生態系統的隱私設置。

Our goal was to create a personalization technology that was more privacy safe than cookies and better at empowering consumers than any alternative in the market. Once UID2 was built, the technology was open sourced, and we welcome the partnership of Internet governing bodies as well as the broader digital advertising ecosystem, including agencies, brands, content providers, ad tech companies and data partners. We have always believed a critical mass of adoption would lay the foundation of a massively upgraded Internet, one that incense more competition and improves privacy standards and that's exactly what we are starting to see.

我們的目標是創建一種個性化技術，它比 cookie 更能保證隱私安全，並且比市場上的任何替代技術都能更好地為消費者提供支持。一旦構建了 UID2，該技術就是開源的，我們歡迎互聯網管理機構以及更廣泛的數字廣告生態系統的合作，包括代理商、品牌、內容提供商、廣告技術公司和數據合作夥伴。我們一直相信，大量採用將為大規模升級的互聯網奠定基礎，互聯網會激起更多競爭並提高隱私標準，而這正是我們開始看到的。

If you had told me at this time last year, how much progress the industry would have made on UID2 in 2022, I don't think I would have believed you. At the beginning of our fourth quarter last year, around 15% of the third-party data ecosystem was estimating on UID2. This is essentially a very large sample of the entire data ecosystem of the entire Internet. By the first half of this year, we expect we will be in the 75% range. Levels of activation that high mean we will have effectively solved the identity matching challenge of the entire open Internet on a scale well beyond anything cookies have ever accomplished and all while providing consumers with much greater control over their privacy.

如果去年這個時候你告訴我，2022 年行業在 UID2 上會有多大進展，我想我不會相信你。去年第四季度初，約有 15% 的第三方數據生態系統在 UID2 上進行估算。這本質上是整個互聯網整個數據生態系統的一個非常大的樣本。到今年上半年，我們預計我們將處於 75% 的範圍內。如此高的激活水平意味著我們將有效地解決整個開放互聯網的身份匹配挑戰，其規模遠遠超過 cookie 曾經完成的任何事情，同時為消費者提供對其隱私的更大控制權。

To be clear, I'm talking about companies adopting UID2 such as AWS, Snowflake, Salesforce and Adobe. We always said this change to the Internet required adoption of the infrastructure players of the Internet, not knocking on 2 million publisher or content owners doors. By upgrading the data infrastructure of the Internet, there is now a significant mathematical incentive for every reputable player involved in digital advertising to lean in to UID2.

需要明確的是，我指的是採用 UID2 的公司，例如 AWS、Snowflake、Salesforce 和 Adobe。我們總是說互聯網的這種變化需要互聯網基礎設施參與者的採用，而不是敲 200 萬出版商或內容所有者的門。通過升級 Internet 的數據基礎設施，現在有一個重要的數學激勵機制，可以讓參與數字廣告的每個知名玩家都傾向於使用 UID2。

This is already happening with thousands of publishers in all channels of the open Internet. UID2 adoption by publishers is creating the richest, most privacy-centric identity environment we've ever seen for advertisers. And it also means an advertiser's first-party data becomes exponentially more valuable. In fact, I would say again that it becomes about 10x more valuable than with cookies. Simply because UID2 solves the needle in the haystack problem that came with cookies, because advertisers can now match their customer data with accuracy across the open Internet more effectively than ever before.

這已經發生在開放互聯網所有渠道的數以千計的出版商身上。出版商採用 UID2 正在為廣告商創造我們所見過的最豐富、最以隱私為中心的身份環境。這也意味著廣告商的第一方數據變得更有價值。事實上，我要再說一遍，它的價值比 cookie 高出大約 10 倍。僅僅是因為 UID2 解決了 cookie 帶來的大海撈針問題，因為廣告商現在可以比以往任何時候都更有效地在開放的互聯網上準確地匹配他們的客戶數據。

They can make much better decisions in every aspect of campaign optimization, including attribution and measurement. And they can do so without ever compromising the consumer trust they have spent years, sometimes decades establishing. Self advertisers take advantage of this new value, at CES, we announced Galileo, a new service that helps advertisers easily onboard and activate their first-party data. Galileo is only possible because of all those integrations we worked on last year across the data ecosystem. Galileo starts with advertisers activating their first-party data. UID2 can then be applied to ensure that data can be used in a privacy safe way.

他們可以在活動優化的各個方面做出更好的決策，包括歸因和衡量。他們可以做到這一點，而不會損害他們花費數年，有時甚至數十年建立起來的消費者信任。自助廣告商利用這一新價值，在 CES 上，我們發布了 Galileo，這是一項可幫助廣告商輕鬆加入並激活其第一方數據的新服務。 Galileo 之所以成為可能，是因為我們去年在整個數據生態系統中進行了所有這些集成。 Galileo 從廣告商激活他們的第一方數據開始。然後可以應用 UID2 以確保可以以隱私安全的方式使用數據。

Of course, it's not just on the data side that we're seeing critical mass of UID2 adoption. UID2 is starting to change the value of the inventory on the Internet because CTV is almost 100% authenticated, CTV is being upgraded while non-personalized ads on the web, mobile and UGC sites are being downgraded. As a result, increasingly, the world's leading publishers are embracing UID2. With CTV, we talked previously about how Disney is applying new UID2 across its media portfolio.

當然，我們不僅在數據方面看到了 UID2 採用的臨界質量。 UID2 開始改變互聯網庫存的價值，因為 CTV 幾乎 100% 已通過身份驗證，CTV 正在升級，而網絡、移動和 UGC 網站上的非個性化廣告正在降級。因此，世界領先的出版商越來越多地採用 UID2。對於 CTV，我們之前談到了迪士尼如何在其媒體組合中應用新的 UID2。

Just a few weeks ago, Paramount announced their integration with UID2 across their IQ inventory, which includes Paramount Plus, Pluto TV, BET, CBS News, CBS Sports Network, Comedy Central, MTV, Paramount Network, VH1 and many others. I shared the stage at CES with Paramount Advertising President, John Haley. He talked about the importance of unified identity in helping agencies and brands tie together campaigns in a fragmented omnichannel environment. And I couldn't agree more with his sentiment. UID2 will continue to grow as cookies become less important, and CTV will continue to lead the charge here because right now, there is economic pressure on everyone in the advertising ecosystem.

就在幾週前，派拉蒙宣佈在其 IQ 庫存中集成 UID2，其中包括 Paramount Plus、Pluto TV、BET、CBS News、CBS Sports Network、Comedy Central、MTV、Paramount Network、VH1 等。我在 CES 上與派拉蒙廣告公司總裁 John Haley 同台演出。他談到了統一身份在幫助機構和品牌在分散的全渠道環境中將活動聯繫在一起的重要性。我非常同意他的觀點。 UID2 將隨著 cookie 變得不那麼重要而繼續增長，而 CTV 將繼續引領這方面的發展，因為目前廣告生態系統中的每個人都面臨著經濟壓力。

There is pressure on consumers who increasingly want ad support at lower cost options because of the strain on their wallets. There is pressure on content providers who need high CPMs to fund their premium content in the arms race for new subscribers. And there's pressure on advertisers, many of whom need to do more with less. All of that creates opportunity for CTV. At a moment when advertisers need to prove value and ROI, there is more opportunity than ever to advertise via CTV in a more data-driven way.

由於錢包緊張，消費者越來越希望以更低成本的方式獲得廣告支持，這給他們帶來了壓力。內容提供商面臨著壓力，他們需要高 CPM 來為新訂閱者的軍備競賽中的優質內容提供資金。廣告商也面臨著壓力，他們中的許多人需要事半功倍。所有這些都為 CTV 創造了機會。在廣告商需要證明價值和投資回報率的時刻，以數據驅動的方式通過 CTV 投放廣告的機會比以往任何時候都多。

Pioneer advertisers are already taking action. For example, leading advertisers running campaigns on Disney, leveraging UID2 have been 12x more effective in reaching their target audience than without UID2. That's astonishing progress, and it's just the beginning. Much more will be said this year about the impact UID2 is having on the biggest brands and media companies in the world.

先鋒廣告商已經在採取行動。例如，領先的廣告商在迪士尼開展活動時，使用 UID2 比沒有使用 UID2 更有效地觸及目標受眾 12 倍。這是驚人的進步，而這僅僅是個開始。今年將有更多關於 UID2 對世界上最大的品牌和媒體公司的影響的討論。

The CTV is the king pin for the open Internet. And I believe its size, its efficacy and its value will be transformational in showcasing the power of the open internet to advertisers. Eventually, it will force many walled gardens to lower their barriers. This will happen in part because CTV is perfectly fragmented, but collectively huge. It's not so fragmented that you need millions of parties to coordinate, but it's fragmented enough that no one has enough power to be draconian and go it alone. As a result, everyone is rational enough to make the right decisions for the ecosystem that optimize the experience for viewers, advertisers and of course, media companies.

CTV是開放互聯網的王牌。我相信它的規模、功效和價值將在向廣告商展示開放互聯網的力量方面產生變革。最終，它將迫使許多圍牆花園降低其障礙。發生這種情況的部分原因是 CTV 是完全分散的，但總體上是巨大的。它並沒有支離破碎到需要數百萬方來協調，但它支離破碎到沒有人有足夠的權力採取嚴厲的措施並單獨行動。因此，每個人都有足夠的理性為生態系統做出正確的決定，優化觀眾、廣告商，當然還有媒體公司的體驗。

Because of these dynamics, I also believe that 2023 will be the year that everything in TV changes. We now have premium CTV inventory at scale, almost all of which is authenticated and we'll see more of a premium attached to inventory that incorporates new identifiers such as UID2. But in order to get the best out of data-driven TV advertising, you cannot use a forward market that was invented in 1962. By the way, that's the same year the cassette tape was introduced. The cassette tape has evolved. In fact, the way we consume music has evolved many, many times over the last 60 years. But the upfronts have not. The market needs an upfront that is always on, but also leverages data so that content owners sell fewer, more relevant ads at higher CPMs and advertisers get more efficacy.

由於這些動態，我也相信 2023 年將是電視中一切都發生變化的一年。我們現在擁有大規模的高級 CTV 庫存，幾乎所有這些都經過身份驗證，我們將看到更多附加到包含新標識符（如 UID2）的庫存的溢價。但是，為了從數據驅動的電視廣告中獲得最大收益，您不能使用 1962 年發明的遠期市場。順便說一下，盒式磁帶也是在同一年推出的。盒式磁帶已經發展。事實上，在過去 60 年裡，我們消費音樂的方式發生了很多很多次的變化。但是前期沒有。市場需要始終在線的前期，但也需要利用數據，以便內容所有者以更高的每千次展示費用銷售更少、更相關的廣告，並使廣告商獲得更高的效率。

To adjust for high CPMs in CTV today, advertisers are asking us for a new forward market where they can leverage data on an everyday always-on basis. Advertisers have to make their ads more effective to justify higher ad prices. It takes a long time to unwind the culture of multibillion-dollar commitment signed during a few days each spring and bring the process into today's digital environment. But this is already starting to happen as media companies can no longer adjust the CPMs required to power today's content arms race without a contemporary forward market where advertisers leverage data.

為了適應當今 CTV 的高 CPM，廣告商要求我們提供一個新的遠期市場，他們可以在每天不間斷的基礎上利用數據。廣告商必須讓他們的廣告更有效，以證明更高的廣告價格是合理的。解除每年春天幾天內簽署的數十億美元承諾的文化並將這一過程帶入當今的數字環境需要很長時間。但這已經開始發生，因為如果沒有廣告商利用數據的當代遠期市場，媒體公司將無法再調整推動當今內容軍備競賽所需的 CPM。

We will talk more about our CTV forward market strategy at an event that we will host in early March in advance of the upfront season. This is the first time we're hosting this kind of event where our streaming inventory partners will be able to showcase their value and innovation to our top clients. And what's interesting about this event is that I don't think there's any company in the industry that can convene this level of media and advertising leadership to have this discussion. I believe this event marks an inflection point for The Trade Desk, but I think it will also underscore the pivotal role that CTV is playing in the broad transformation of digital advertising.

我們將在 3 月初舉辦的活動中更多地討論我們的 CTV 遠期市場戰略。這是我們第一次舉辦此類活動，我們的流媒體庫存合作夥伴將能夠向我們的頂級客戶展示他們的價值和創新。這次活動的有趣之處在於，我認為業內沒有任何公司可以召集這種級別的媒體和廣告領導來進行這種討論。我相信這一事件標誌著 The Trade Desk 的轉折點，但我認為它也將強調 CTV 在數字廣告的廣泛轉型中發揮的關鍵作用。

It will showcase the emergence of premium CTV inventory at enough scale to provide a compelling alternative to the limitations of walled gardens and user-generated content. And it's not just here in the United States, CTV and premium video is the fastest-growing digital advertising channel worldwide. In Indonesia, we recently ran a premium video campaign for Mondelez, the global food giant. Using our platform, Mondelez was able to target specific audiences on premium video content from media companies such as video, VTV and iflix.

它將以足夠大的規模展示優質 CTV 庫存的出現，從而為圍牆花園和用戶生成內容的局限性提供令人信服的替代方案。不僅在美國，CTV 和付費視頻是全球增長最快的數字廣告渠道。在印度尼西亞，我們最近為全球食品巨頭 Mondelez 開展了一場優質的視頻宣傳活動。使用我們的平台，Mondelez 能夠針對來自 video、VTV 和 iflix 等媒體公司的優質視頻內容定位特定受眾。

For this campaign, Mondelez shifted spend from popular user-generated content platforms, and the results were very positive. Ad completion rates were 8x higher than what they've been achieving against user-generated content, and the click-through rate was 15x higher.

對於此活動，億滋將支出從流行的用戶生成內容平台轉移，結果非常積極。廣告完成率比用戶生成的內容高 8 倍，點擊率高 15 倍。

In addition to CTV, one of the rapidly emerging areas of digital advertising is shopper marketing. Shopper marketing, of course, has several components to it. Probably, the most interesting part is the retail media segment. Interestingly, the dynamics of the market are not dissimilar to CTV. Retailers realize that they cannot maximize the value of their shopper data by building walls around it. They stand to drive much greater growth by opening their data up to advertisers in a privacy safe way. Advertisers can then understand much more clearly how their campaigns are driving actual online and in-store sales, meaning that they can optimize and measure in ways that simply weren't possible a few years ago.

除了 CTV 之外，數字廣告迅速興起的領域之一是購物者營銷。當然，購物者營銷有幾個組成部分。最有趣的部分可能是零售媒體部分。有趣的是，市場動態與 CTV 並無不同。零售商意識到，他們無法通過圍牆圍牆來最大限度地發揮購物者數據的價值。他們將以隱私安全的方式向廣告商開放數據，從而推動更大的增長。然後，廣告商可以更清楚地了解他們的活動如何推動實際在線和店內銷售，這意味著他們可以以幾年前根本不可能的方式進行優化和衡量。

The current recently published a story about how Coca-Cola, one of the world's largest advertisers, is thinking about shopper marketing. They are activating campaigns across more than 25 retail media networks, including Kroger, Target, Walmart, Amazon, DoorDash and Instacart. Since Coke started building out its retail media strategy a few years ago, it has seen a major uptick in return on ad spend and incremental reach as well as its ability to determine overlapping audiences across more than 130 million households in the United States. This approach has helped the company better pinpoint audiences in targeted channels like programmatic display, connected TV and social media.

當前最近發表了一篇關於可口可樂，世界上最大的廣告商之一，如何思考購物者營銷的故事。他們正在超過 25 個零售媒體網絡中開展活動，包括 Kroger、Target、沃爾瑪、亞馬遜、DoorDash 和 Instacart。自從幾年前可口可樂開始製定其零售媒體戰略以來，它的廣告支出回報率和增量覆蓋率以及在美國超過 1.3 億家庭中確定重疊受眾的能力都大幅提高。這種方法幫助該公司更好地確定目標渠道（如程序化展示、聯網電視和社交媒體）中的受眾。

I'd like to quote Katie Neil, the Connected Commerce lead for Coke in North America. Retail Media Networks know so intimately the behaviors of these consumers that their predictive models, their data really help us identify what are those right touch points when we are able to say this is a great time to remind you that there's a Coca-Cola product for you. Retail Media Networks are another proof point that advertisers win when they can apply data to their campaigns. And because of this, like CTV, retail will also prove to everyone in the advertising ecosystem that building walls around data and inventory is ultimately a flawed strategy.

我想引用北美可口可樂 Connected Commerce 負責人 Katie Neil 的話。零售媒體網絡非常了解這些消費者的行為，以至於他們的預測模型和數據確實可以幫助我們確定哪些是正確的接觸點，因為我們可以說這是提醒您可口可樂產品適合的好時機你。零售媒體網絡是廣告商在將數據應用到他們的活動中時獲勝的另一個證明。正因為如此，與 CTV 一樣，零售業也將向廣告生態系統中的每個人證明，圍繞數據和庫存建立圍牆最終是一種有缺陷的策略。

As I said last quarter, we now provide access on our platform to about 80% of the leading retailers in the United States, and we're growing our international footprint every month. For example, we recently announced partnerships with Tesco, one of the largest grocery groups in Europe; and FairPrice, the largest grocery chain in Singapore. As a result of these integrations, measurement from impressions all the way to the point of sale can be connected to drive better reporting analytics and attribution across the open Internet. This provides our advertising clients with new measurement capabilities that don't exist pretty much anywhere else on the digital ad landscape, including inside of walled gardens.

正如我上個季度所說，我們現在為美國約 80% 的主要零售商提供我們平台的訪問權限，而且我們每個月都在擴大我們的國際足跡。例如，我們最近宣布與歐洲最大的雜貨集團之一特易購建立合作夥伴關係； FairPrice，新加坡最大的雜貨連鎖店。由於這些集成，從印像到銷售點的測量都可以連接起來，以在開放的互聯網上推動更好的報告分析和歸因。這為我們的廣告客戶提供了新的測量功能，這些功能在數字廣告領域的其他地方幾乎不存在，包括圍牆花園內。

Once again, we are pioneering better data-driven strategies. Now the tens of thousands of brands that sell in retail environments have better, more objective, data-driven alternatives to walled gardens and unfair opaque marketplaces. So what does all this mean for us in 2023?

再一次，我們正在開創更好的數據驅動戰略。現在，在零售環境中銷售的數以萬計的品牌擁有更好、更客觀、數據驅動的替代方案，可以替代圍牆花園和不公平的不透明市場。那麼這一切對我們 2023 年意味著什麼呢？

From an industry perspective, we have a lot of tailwinds. The shift from linear TV to CTV continues to accelerate, and I predict that at some point in the near future, we will reach a precipitous tipping point. It won't be a long gradual shift to CTV. It will be an acceleration and then a full long shift. One of the things I am preparing for as a CEO is making sure that we have the resources and scale in place to help our clients through that shift.

從行業的角度來看，我們有很多順風。從線性電視到 CTV 的轉變繼續加速，我預測在不久的將來的某個時候，我們將達到一個陡峭的轉折點。向 CTV 的逐漸轉變不會是一個漫長的過程。這將是一個加速，然後是一個完整的長期轉變。作為首席執行官，我正在準備的一件事是確保我們擁有適當的資源和規模來幫助我們的客戶度過這一轉變。

Retail Media Networks will continue to grow and influence in part because they offer something revolutionary in terms of measurement that advertisers have been craving for years, that direct relationship between spend and action. But partly as a result of those trends, I also believe we will see a couple of additional important shifts in our industry in 2023, particularly when it comes to how marketers think about programmatic.

零售媒體網絡將繼續發展和影響，部分原因是它們在廣告商多年來一直渴望的衡量方面提供了一些革命性的東西，即支出和行動之間的直接關係。但部分由於這些趨勢，我也相信我們將在 2023 年看到我們的行業發生一些額外的重要轉變，特別是在營銷人員如何看待程序化方面。

First, as advertisers have more opportunity to deploy data more fully in their omnichannel campaigns, their focus will continue to shift from price to value. They will always want to make sure that they are buying impressions at the right price, but that won't be the leading indicator anymore. It never should have been. They will continue to put much more priority on whether those ad impressions delivered the right outcome for that price, in other words, value.

首先，隨著廣告商有更多機會在他們的全渠道營銷活動中更充分地部署數據，他們的關注點將繼續從價格轉向價值。他們將始終希望確保以合適的價格購買印象，但這將不再是領先指標。它從來不應該是。他們將繼續更加重視這些廣告印像是否以該價格（換句話說，價值）交付了正確的結果。

Second, in the pursuit of value, advertisers decisioning will shift from inventory to audience. Instead of focusing on buying a certain show or a certain piece of inventory, advertisers will put much more priority on audience precision regardless of channel because data enables them to do that. This is especially important as the industry moves from a once-a-year upfront to an always-on forward market.

其次，在追求價值的過程中，廣告主的決策將從庫存轉向受眾。廣告商不會專注於購買某個節目或某個庫存，而是會更加重視觀眾的精準度，而不管渠道如何，因為數據使他們能夠做到這一點。隨著行業從一年一次的前期市場轉變為永遠在線的遠期市場，這一點尤為重要。

As we make progress on these initiatives and as advertisers embrace the value of the open Internet, I also predict that more walled gardens will begin to take down some of their barriers. They will see that incremental demand and higher CPMs that companies like The Trade Desk can generate with a focus on advertiser goals, data and the open Internet.

隨著我們在這些舉措上取得進展以及廣告商接受開放互聯網的價值，我還預測更多的圍牆花園將開始消除他們的一些障礙。他們將看到像 The Trade Desk 這樣的公司可以通過關注廣告商目標、數據和開放互聯網來產生增量需求和更高的每千次展示費用。

I'll close by highlighting that while we have those industry tailwinds, we are not immune to the general economic headwinds. I've met with dozens of CMOs through the first few weeks of 2023, and there is some level of uncertainty. They all are under pressure to do more with less. And precisely because of those pressures, CMOs are gravitating to places where they can be more deliberate and where they can apply data and decisioning. And in fast-growing channels like CTV, they're finding data-driven advertising opportunities at massive scale.

最後我要強調的是，雖然我們有這些行業順風，但我們也不能倖免於總體經濟逆風。在 2023 年的頭幾週，我已經與數十位 CMO 會面，並且存在一定程度的不確定性。他們都面臨著事半功倍的壓力。正是由於這些壓力，CMO 正被吸引到他們可以更加深思熟慮以及可以應用數據和決策的地方。在 CTV 等快速發展的頻道中，他們正在大規模尋找數據驅動的廣告機會。

CMOs also understand that while the current macro environment may be uncertain, we will emerge from it and they are all preparing to be in a position of strength as that happens. Most of them are getting ready. Some are grabbing land now, but nearly all of them are getting a better grasp on their first-party data. They are working with new identity solutions. They are leveraging more direct paths to premium inventory, such as OpenPath.

CMO 也明白，雖然當前的宏觀環境可能不確定，但我們會從中脫穎而出，他們都準備好在這種情況下處於有利地位。他們中的大多數人都在準備中。現在有些人正在搶地盤，但幾乎所有的人都在更好地掌握他們的第一方數據。他們正在使用新的身份解決方案。他們正在利用更直接的途徑獲取優質庫存，例如 OpenPath。

And the world's leading media companies are integrating with us, so they are best positioned to access demand from advertisers. They are integrating UID2 as well as new innovations such as OpenPath, which creates simple authentication for their consumers as the Internet shifts away from cookies to a more logged-in consent-based model.

世界領先的媒體公司正在與我們整合，因此他們最有能力獲取廣告商的需求。他們正在集成 UID2 以及 OpenPath 等新創新，隨著互聯網從 cookie 轉向更加基於登錄同意的模型，OpenPath 為他們的消費者創建了簡單的身份驗證。

Everyone is taking this moment to prepare for a more data-driven decision advertising environment. This also means that the walled garden strategy is breaking down. Everyone needs more demand. Advertisers want more objectivity and value is becoming increasingly difficult or other players to be draconian, especially now that advertisers have premium options at scale on the open Internet.

每個人都在利用這一刻為一個更加數據驅動的決策廣告環境做準備。這也意味著圍牆花園戰略正在瓦解。每個人都需要更多的需求。廣告商想要更多的客觀性和價值變得越來越困難，或者其他參與者變得嚴厲，尤其是現在廣告商在開放的互聯網上有大量的優質選擇。

Right now, the biggest threat to the walled gardens is an open Internet centered around CTV and retail media. The disparity in what advertisers get from the open Internet in terms of measurement and performance compared to walled gardens is growing every day. You see it especially in TV and increasingly, you see it in retail.

目前，圍牆花園面臨的最大威脅是以 CTV 和零售媒體為中心的開放式互聯網。與圍牆花園相比，廣告商從開放互聯網獲得的衡量和效果方面的差異每天都在增加。您尤其會在電視中看到它，並且越來越多地在零售業中看到它。

Of course, I would be remiss to not mention the recent Department of Justice lawsuit against Google. It's a comprehensive look at how Google operates, including many of the draconian measures they have implemented to tilt the market in their favor. The Trade Desk has not been as impacted as much as others in the ecosystem, and I believe that's because our mission has always been to provide an open, objective and transparent alternative to the walled gardens.

當然，我不能不提最近司法部對谷歌的訴訟。它全面審視了谷歌的運作方式，包括他們為使市場對他們有利而實施的許多嚴厲措施。 Trade Desk 沒有像生態系統中的其他人那樣受到那麼大的影響，我相信這是因為我們的使命一直是提供一個開放、客觀和透明的圍牆花園替代方案。

We focus on objectively serving the buy side. And with that objectivity, we will win no matter what. To be clear, this is not us versus Google. It's the value and opportunity of the open Internet versus the limitations of walled gardens. We have been winning for years in an unfair market with some systemic obstructions working against us. Imagine what we can do as the market becomes more fair which we predict it will one way or another.

我們專注於客觀地為買方服務。有了這種客觀性，無論如何我們都會贏。需要明確的是，這不是我們對抗谷歌。這是開放互聯網的價值和機遇與圍牆花園的局限性的對比。多年來，我們一直在一個不公平的市場中獲勝，一些系統性障礙對我們不利。想像一下，隨著市場變得更加公平，我們可以做些什麼，我們預測它會以某種方式出現。

I could not be more excited about the direction we are heading in and the value that our advertising clients are realizing on the open Internet because of all the progress we've talked about today. Our focus on profitability ensures that we will remain at the cutting edge of our industry. Compared to many others in our industry over the last 3 years, we did not overextend ourselves in terms of hiring. We have been deliberate and prudent keeping a laser focus on the long-term opportunities in front of us. As a result, we are one of a few high-growth technology companies that consistently generates strong adjusted EBITDA and free cash flow.

由於我們今天談到的所有進展，我對我們前進的方向以及我們的廣告客戶在開放互聯網上實現的價值感到無比興奮。我們對盈利能力的關注確保我們將保持在行業的前沿。與過去 3 年我們行業中的許多其他公司相比，我們在招聘方面並沒有過度擴張。我們一直深思熟慮、謹慎行事，始終專注於我們面前的長期機遇。因此，我們是少數幾家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。

As you may have seen in our press release, our strong profitability and cash flow enables us to return capital to shareholders with a $700 million share repurchase program. While I generally don't like to comment on competitors' performance, it is worth noting again that in an environment where many of our competitors contracted, our revenue grew 24% in the fourth quarter. I believe that level of relative outperformance, which was evident throughout 2022, is indicative of the value we are delivering to our clients, even in a challenging environment we continue to sign JBPs with brands and their agencies at a very strong pace, with billions of dollars transacted through these agreements last year. I believe 2023 will be a tipping point year in many ways.

正如您在我們的新聞稿中看到的那樣，我們強大的盈利能力和現金流使我們能夠通過 7 億美元的股票回購計劃向股東返還資本。雖然我一般不喜歡評論競爭對手的表現，但再次值得注意的是，在我們許多競爭對手收縮的環境中，我們的收入在第四季度增長了 24%。我相信，在整個 2022 年顯而易見的相對優異表現表明了我們為客戶提供的價值，即使在充滿挑戰的環境中，我們仍繼續以非常強勁的速度與品牌及其代理機構簽署 JBP，數十億美元去年通過這些協議進行交易。我相信 2023 年在很多方面都將是一個轉折點。

And I expect that advertisers will emerge more empowered than ever to drive data-driven precision. As a result, we will continue to gain share. Let me wrap this up by borrowing a phrase from one of our closest and large agency partners. I have a strong sense of hesitant optimism about what 2023 holds for our industry. And with that, I'll hand it over to Blake to cover the financials.

我預計廣告商將比以往任何時候都更有能力推動數據驅動的精準度。因此，我們將繼續獲得份額。讓我借用我們最親密的大型代理合作夥伴之一的一句話來總結一下。對於 2023 年對我們行業的影響，我有一種強烈的猶豫樂觀情緒。有了這個，我會把它交給布雷克來處理財務問題。

Thank you, Jeff, and good morning, everyone. As you already heard from Jeff, we had a strong 2022, demonstrating another year of continued execution and growth for The Trade Desk despite economic headwinds around the world.

謝謝你，傑夫，大家早上好。正如您已經從 Jeff 那裡聽到的那樣，我們在 2022 年表現強勁，表明儘管全球經濟逆風，The Trade Desk 又是持續執行和增長的一年。

Q4 revenue was $491 million, a 24% increase year-over-year. Once again, in Q4, we continue to (inaudible) share and significantly outpace (inaudible) on the top line, delivering growth well into the double digits. I am also particularly proud of the $245 million of adjusted EBITDA we generated during the quarter, representing a margin of 50% that helped drive trailing 12-month free cash flow of over $450 million.

第四季度收入為 4.91 億美元，同比增長 24%。再一次，在第四季度，我們繼續（聽不清）份額並在收入上顯著超過（聽不清），實現兩位數的增長。我還為本季度產生的 2.45 億美元調整後 EBITDA 感到特別自豪，利潤率為 50%，這有助於推動過去 12 個月的自由現金流超過 4.5 億美元。

Our results in both Q4 and for the full year 2022 were testament to our ability to grow our top line efficiently, while generating substantial adjusted EBITDA and cash flow. For 2022, we ended the year with nearly $7.8 billion in spend on our platform and about $1.6 billion in revenue, representing 32% revenue growth. During the year, we produced adjusted EBITDA of $668 million or 42% of revenue as we continue to generate very strong profitability rates despite macro challenges.

我們在第四季度和 2022 年全年的業績證明了我們有能力有效地增加收入，同時產生大量調整後的 EBITDA 和現金流。 2022 年，我們在平台上的支出接近 78 億美元，收入約為 16 億美元，收入增長了 32%。在這一年中，我們的調整後 EBITDA 為 6.68 億美元，佔收入的 42%，因為儘管面臨宏觀挑戰，我們仍繼續產生非常強勁的盈利率。

Our results reflect the ongoing strength of programmatic advertising and the increasing value that the Trade Desk provides thousands of agencies and brands as they connect with their customers across our platform every day. As expected, for the ninth year in a row, our take rate remains within a very consistent historical range, while over the same time frame, the value that our platform provides for our customers had increased dramatically. More than ever, advertisers are embracing the use of data and value-added services to increase their advertising efficacy.

我們的結果反映了程序化廣告的持續優勢，以及 Trade Desk 每天通過我們的平台與客戶建立聯繫時為數以千計的代理商和品牌提供的不斷增加的價值。正如預期的那樣，我們的採用率連續第九年保持在非常一致的歷史範圍內，而在同一時間段內，我們的平台為客戶提供的價值大幅增加。廣告商比以往任何時候都更願意使用數據和增值服務來提高廣告效果。

Deliberately choosing to leverage more data and value-added services is a win-win for advertisers in terms of higher ROIs, content partners in terms of higher CPMs and the Trade Desk in terms of our business model. We remain focused on our proven strategy of being the default DSP for the open Internet, only representing the buy side and avoiding conflicts too often prevalent in our industry as we continue our progression towards a total addressable market that is on track to reach $1 trillion.

有意識地選擇利用更多數據和增值服務對於廣告商來說是雙贏的，在更高的投資回報率方面，在更高的每千次展示費用方面的內容合作夥伴和在我們的商業模式方面的交易台。我們仍然專注於我們經過驗證的戰略，即成為開放互聯網的默認 DSP，僅代表買方並避免我們行業中經常發生的衝突，因為我們繼續朝著有望達到 1 萬億美元的總潛在市場邁進。

The shift of advertising dollars from linear to connected television continues to be a core driver of our business. In Q4, CTV again represented our fastest growing channel at scale around the world, and year-over-year growth for CTV stayed consistent versus Q3 despite the level of uncertainty in the global economy.

廣告收入從線性電視向聯網電視的轉變仍然是我們業務的核心驅動力。在第四季度，CTV 再次成為我們在全球範圍內規模增長最快的頻道，儘管全球經濟存在不確定性，但 CTV 的同比增長與第三季度保持一致。

Our shopper marketing also continues to progress nicely as more and more advertisers deploy retail data in their campaigns. And we continue to see positive results in utilization in our data marketplace as the enhancements that we made throughout the year are helping deliver better outcomes for advertisers.

隨著越來越多的廣告商在他們的活動中部署零售數據，我們的購物者營銷也繼續取得良好進展。我們繼續在數據市場的使用中看到積極的結果，因為我們全年所做的改進正在幫助為廣告商帶來更好的結果。

From a scale channel perspective in Q4, video, which includes CTV, represented a mid-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 as growth was again solid across in-app and mobile video. Display represented a low double-digit percent share of our business and audio represented around 5%.

從第四季度的規模渠道來看，包括 CTV 在內的視頻占我們業務的 40% 左右，並且在我們的組合中所佔的百分比繼續快速增長。隨著應用內視頻和移動視頻的增長再次穩健，移動端佔支出的 30% 的比例。顯示占我們業務的低兩位數百分比，音頻佔 5% 左右。

Geographically, North America represented about 90% of spend, and international represented about 10% of spend for the fourth quarter. Growth in North America was resilient with our New York office leading the way in Q4. It's worth noting, CTV growth in EMEA and South Asia were very strong once again this quarter. We are encouraged to see our teams in these regions executing on this key growth driver.

從地域上看，北美約佔第四季度支出的 90%，國際約佔支出的 10%。北美的增長具有彈性，我們的紐約辦事處在第四季度處於領先地位。值得注意的是，本季度 EMEA 和南亞的 CTV 增長再次非常強勁。我們很高興看到我們在這些地區的團隊正在執行這一關鍵增長動力。

In terms of the verticals that represent at least 1% of our spend, travel nearly tripled in spend in Q4 compared with a year ago, as the sector continues to recover from the impacts related to the pandemic. Automotive was also among our strongest verticals, accelerated to its highest year-over-year quarterly growth rate in 2022 as a result of winning new business and the easing of supply chain challenges across the industry. Additionally, as expected, political election spend about doubled quarter-over-quarter, representing a low single-digit percent of spend in Q3. We continue to believe there is still potential for us to gain share within most of our verticals.

就至少占我們支出 1% 的垂直領域而言，隨著該行業繼續從與大流行相關的影響中恢復過來，第四季度的旅行支出比一年前增長了近兩倍。汽車也是我們最強大的垂直行業之一，由於贏得了新業務和整個行業供應鏈挑戰的緩解，在 2022 年加速到最高的同比季度增長率。此外，正如預期的那樣，政治選舉支出環比翻了一番，佔第三季度支出的百分比較低。我們仍然相信我們仍然有可能在我們的大多數垂直行業中獲得份額。

Turning now to expenses. Q4 operating expenses excluding stock-based compensation were $263 million, up 22% from a year ago. During the quarter, we continued to prudently make investments in our team, particularly in areas of technology and development as we scale and position the organization for long-term growth. Excluding stock-based compensation, the year-over-year growth in Q4 operating expenses was lower than our year-over-year headcount growth, primarily due to lower costs such as variable compensation, the timing of fixed marketing investments and employer taxes.

現在轉向費用。不包括股票薪酬在內的第四季度運營費用為 2.63 億美元，同比增長 22%。在本季度，我們繼續審慎地對我們的團隊進行投資，特別是在技術和開發領域，因為我們為了長期增長而擴大和定位組織。不包括基於股票的薪酬，第四季度運營費用的同比增長低於我們的員工人數同比增長，這主要是由於可變薪酬、固定營銷投資的時機和雇主稅等成本較低。

Unlike some ad funded peers and many technology companies, however, we have responsibly managed our headcount operating expenses over the past few years as our demonstrated revenue growth since 2019 is higher than both headcount and operating expense growth, excluding stock-based compensation over the same period. Because of that continued focus on generating profitable growth, we enter 2023 in a very strong position to take share and win spend, while still generating meaningful adjusted EBITDA.

然而，與一些廣告資助的同行和許多科技公司不同，我們在過去幾年負責任地管理我們的員工運營費用，因為我們自 2019 年以來的收入增長高於員工人數和運營費用增長，不包括基於股票的薪酬時期。由於繼續專注於實現盈利增長，我們進入 2023 年時處於非常有利的地位，可以佔據市場份額並贏得支出，同時仍能產生有意義的調整後 EBITDA。

Income tax was $41 million in the quarter, mainly due to lower tax benefits associated with employee stock-based awards when compared to the prior year, the timing of which can be variable. Adjusted net income for the quarter was $190 million or $0.38 per fully diluted share.

本季度的所得稅為 4100 萬美元，主要是由於與上一年相比，與員工股票獎勵相關的稅收優惠減少，時間可能會發生變化。本季度調整後淨收入為 1.9 億美元或每股完全攤薄收益 0.38 美元。

Net cash provided by operating activities was $173 million and free cash flow was $123 million in Q4. CapEx during the quarter was driven primarily by data center and infrastructure investments that were higher than the previous year due to timing was in line with our expectations for the full year. I would like to remind you that the timing of cash collections and payments can significantly impact cash from operating activities and free cash flow results on a quarterly basis.

第四季度經營活動提供的現金淨額為 1.73 億美元，自由現金流為 1.23 億美元。本季度的資本支出主要受數據中心和基礎設施投資的推動，這些投資高於上一年，因為時間安排符合我們對全年的預期。我想提醒您，現金收付的時間會顯著影響經營活動產生的現金和每季度的自由現金流量結果。

DSOs exiting Q4 were 104 days, down 3 days from a year ago. DPOs were 86 days, down 5 days from a year ago. We ended the year with a strong cash and liquidity position. Our balance sheet had $1.4 billion in cash, cash equivalents and short-term investments at the end of the quarter. We have no debt on the balance sheet.

退出第四季度的 DSO 為 104 天，比一年前減少了 3 天。 DPO 為 86 天，比一年前減少了 5 天。我們以強勁的現金和流動性狀況結束了這一年。截至本季度末，我們的資產負債表中有 14 億美元的現金、現金等價物和短期投資。我們的資產負債表上沒有債務。

And finally, as you have seen in our press release, we announced a $700 million share repurchase program this morning. Our strong balance sheet, coupled with the strength of our business model that produces significant cash flow, led to a review of our capital allocation strategy. Our review adjusted investments in our business, including managing our working capital, the potential for acquisitions and options for returning excess capital to our shareholders. Starting in the first quarter of this year, we plan to opportunistically repurchase shares, including helping to offset dilution from employee stock issuances.

最後，正如您在我們的新聞稿中看到的那樣，我們今天上午宣布了一項 7 億美元的股票回購計劃。我們強大的資產負債表，加上我們產生大量現金流的商業模式的優勢，導致我們對資本配置戰略進行了審查。我們的審查調整了對我們業務的投資，包括管理我們的營運資金、收購的可能性以及將多餘資本返還給股東的選擇權。從今年第一季度開始，我們計劃機會主義地回購股票，包括幫助抵消員工股票發行帶來的稀釋。

Turning now to our outlook. We have started the year with good momentum. For the first 6 weeks of the quarter, spend growth has increased on a year-over-year basis each week, demonstrating consistent acceleration of a bit slower-than-normal month of December. While macro conditions continue to remain uncertain, we are cautiously optimistic and estimate Q1 revenue to be at least $363 million, which will represent growth of 15% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $78 million in Q1.

現在轉向我們的展望。我們以良好的勢頭開始了這一年。在本季度的前 6 週，支出增長每週都在同比增長，表明 12 月份的增長持續加速，略低於正常月份。儘管宏觀環境仍不明朗，但我們持謹慎樂觀態度，預計第一季度收入至少為 3.63 億美元，同比增長 15%。我們估計第一季度調整後的 EBITDA 約為 7800 萬美元。

Turning to our operating expenses. In 2023, excluding stock-based compensation, we expect our operating expenses to increase on a year-over-year basis. We plan to continue to invest in our business and grow headcount. However, our current operating plans to grow our team at around half the rate we did in 2022. Considering our unique ability to generate both strong top line growth and profitability, we continue to manage with a balanced perspective that allows us to prudently invest in our business to capture the immense opportunity in areas such as CTV or shopper marketing, while retaining flexibility in light of the macro environment.

談到我們的運營費用。到 2023 年，不包括基於股票的薪酬，我們預計我們的運營費用將同比增長。我們計劃繼續投資我們的業務並增加員工人數。然而，我們目前的運營計劃是讓我們的團隊以 2022 年的一半左右的速度增長。考慮到我們產生強勁的收入增長和盈利能力的獨特能力，我們繼續以平衡的視角進行管理，使我們能夠審慎地投資於我們的業務企業抓住 CTV 或購物者營銷等領域的巨大機遇，同時根據宏觀環境保持靈活性。

We're also happy to say that most of our teams around the world are now back to working in-person in our hybrid operating model, and we have resumed live team events, travel and other related activities. With that in mind, our operating expense structure of the company is significantly better than it was prior to the pandemic.

我們也很高興地說，我們在世界各地的大多數團隊現在都恢復了在我們的混合運營模式下面對面工作，並且我們已經恢復了現場團隊活動、旅行和其他相關活動。考慮到這一點，我們公司的運營費用結構明顯好於大流行之前。

We are proud that the Trade Desk is one of the few high-growth technology companies consistently able to generate growth, profits and cash. We expect 2023 capital expenditures and capitalized software investments to be around $80 million. We expect data center and infrastructure costs have the majority of our CapEx investment in 2023 as it did in 2022.

我們感到自豪的是，Trade Desk 是為數不多的能夠持續創造增長、利潤和現金的高增長科技公司之一。我們預計 2023 年的資本支出和資本化軟件投資將達到 8000 萬美元左右。我們預計 2023 年數據中心和基礎設施成本占我們資本支出投資的大部分，就像 2022 年一樣。

In closing, I am very pleased with our performance in 2022 and our setup into 2023. We're executing to capture key secular growth drivers like CTV and shopper marketing, we're amassing industry support and partnerships for UID2 and OpenPath, and we're adding more value for our customers with continuous innovation of our platform. We enter 2023 in a strong position to grow and gain more share, continue to focus on both growth and profitability and remain highly optimistic about the prospects for our business this year and in the years to come.

最後，我對我們 2022 年的表現和 2023 年的設置感到非常滿意。我們正在執行以捕捉關鍵的長期增長驅動力，如 CTV 和購物者營銷，我們正在為 UID2 和 OpenPath 積累行業支持和合作夥伴關係，並且我們'通過不斷創新我們的平台，為我們的客戶增加更多價值。進入 2023 年，我們處於增長和獲得更多份額的有利位置，繼續關注增長和盈利能力，並對我們今年和未來幾年的業務前景保持高度樂觀。

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，讓我們開始提問。

(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。

Congrats on the continued strong performance. I had a couple of questions. Jeff, can you talk a little bit more about just what you're seeing and how you're thinking about the macro this year? And then just as a quick follow-up, Blake, can you provide a bit more color on the 1Q guide and anything in terms of linearity, that's worth noting?

祝賀持續強勁的表現。我有幾個問題。傑夫，你能多談談你所看到的以及你對今年宏觀經濟的看法嗎？然後作為快速跟進，Blake，你能否在 1Q 指南上提供更多顏色以及線性方面的任何內容，這值得注意？

First of all, Shyam, thanks. I appreciate the question and the kind words. So first, let me just say that we're incredibly proud of our performance in 2022 and the start to 2023, of course, especially on a relative basis. So far, of course, relative to all other scale ad platforms and companies, public or private, we feel like our relative outperformance is greater than it's ever been during 2022 as well as so far in 2023.

首先，Shyam，謝謝。我很欣賞這個問題和客氣話。所以首先，我只想說，我們對我們在 2022 年和 2023 年開始的表現感到無比自豪，當然，尤其是相對而言。當然，到目前為止，相對於所有其他規模的廣告平台和公司，無論是公共的還是私人的，我們認為我們的相對錶現比 2022 年和 2023 年迄今為止的表現都要好。

From a macro standpoint, in early January, we -- it's a little bit of a late start due to -- the calendar year, we also saw the -- the way that both brands and agencies were planning was a little bit delayed. But then we've seen things start to unlock. And we saw instead of there being delayed -- instead of there being canceled, there was just delays and then those have become unpaused and unlocked since then. As a result, we've seen more JBPs and we've seen a lot more activity so far in 2023 than we've seen at any time to this point in any year previously. So overall, we're very encouraged by the trend in 2023 so far, extremely optimistic, especially as we continue to grab the land relative to all of our competitors.

從宏觀的角度來看，在 1 月初，我們 - 由於 - 日曆年，我們還看到 - 品牌和代理商的計劃方式有點延遲，因此開始有點晚。但後來我們看到事情開始解開。我們看到沒有被延遲——沒有被取消，只有延遲，然後那些從那時起就沒有暫停和解鎖了。因此，我們看到了更多的 JBP，而且到 2023 年到目前為止，我們看到的活動比以往任何一年的任何時候都要多。所以總的來說，我們對 2023 年到目前為止的趨勢感到非常鼓舞，非常樂觀，尤其是當我們繼續搶占所有競爭對手的土地時。

And Shyam, this is Blake. I'll try to answer your other -- your second question. Just to go back a bit on Q4 real quick. Fundamentally, a great quarter despite the macro uncertainty out there. I'm really happy with the 24% year-over-year growth. It's a standout versus our peers, many of which seem to have shrunk in Q4. CTV again leads the way for us. We're grabbing land now. It lays the foundation for us when times are better. In the prepared remarks, you heard me say data adoption is really encouraging as it spins our customers' flywheels.

Shyam，這是布萊克。我會盡量回答你的另一個問題——你的第二個問題。只是為了快速回顧一下第四季度。從根本上說，儘管存在宏觀不確定性，但這是一個很好的季度。我對 24% 的同比增長非常滿意。與我們的同行相比，這是一個突出的表現，其中許多同行似乎在第四季度縮水了。 CTV再次為我們帶路。我們現在正在搶地。它為我們在更好的時候奠定了基礎。在準備好的評論中，您聽到我說數據採用確實令人鼓舞，因為它可以旋轉我們客戶的飛輪。

With regards to the linearity question, just to lay a little bit more like what Jeff talked about, a bit larger deceleration in December than normal from what we saw in October and November. But we've accelerated off that pretty consistently so far here in Q1, which is really nice to see. So I'm cautiously optimistic for the quarter. Some places are more challenged because of that uncertainty. But we see strong growth, especially in CTV and relative to the rest of the industry, we're growing significantly faster than I think so many of our peers who are signaling declining or negative growth, and we're growing into the double digits, which, to me, just confirms that we're taking share.

關於線性問題，更像 Jeff 所說的那樣，12 月的減速比我們在 10 月和 11 月看到的正常情況要大一些。但到目前為止，我們在第一季度一直在加速實現這一目標，這真的很高興看到。所以我對這個季度持謹慎樂觀的態度。由於這種不確定性，一些地方面臨更多挑戰。但我們看到了強勁的增長，尤其是在 CTV 以及相對於其他行業，我們的增長速度明顯快於我認為許多發出下降或負增長信號的同行，而且我們正在以兩位數的速度增長，對我來說，這只是證實我們正在分享。

And so even though there is uncertainty out there, I think we could be in a better position now than we were coming out of COVID as advertisers are prioritizing programmatic spend more. The only other thing I'd maybe add about the Q1 guide, just on a comp perspective is if you exclude the political election spend that we had in Q4 '22 that low single-digit percent share of spend, our quarter-over-quarter seasonality is trending just slightly better than we've seen on average. So I feel really good about Q1 so far, and I'm optimistic about the quarter.

因此，即使存在不確定性，我認為我們現在的處境可能比我們從 COVID 中走出來時更好，因為廣告商正在更多地優先考慮程序化支出。關於第一季度指南，我可能要補充的唯一一件事是，從比較的角度來看，如果你排除我們在 22 年第四季度的政治選舉支出，那麼我們的季度環比支出佔支出的低個位數百分比季節性趨勢略好於我們所看到的平均水平。所以到目前為止，我對第一季度感覺非常好，我對該季度持樂觀態度。

Your next question for today is coming from Matt Swanson at RBC Capital Markets.

今天的下一個問題來自加拿大皇家銀行資本市場的馬特斯旺森。

Yes. I'll add my congratulations on the execution as well. Jeff, I want to ask you on all the Google developments we've seen in the quarter. I think a lot of us have read your thought pieces on the subject, which have been really insightful. But could you elaborate a little bit on what you think the near and long-term impact on the market is of the antitrust suit?

是的。我還要對執行表示祝賀。傑夫，我想問問你本季度我們看到的所有谷歌發展情況。我想我們中的很多人都讀過您關於這個主題的思想文章，這些文章非常有見地。但您能否詳細說明您認為反壟斷訴訟對市場的近期和長期影響是什麼？

And I think especially the comment you made about the market will become more fair one way or another. And then if I could add a quick follow-up. There was a beta launch of the Privacy Sandbox for Android last night. Does this change any thoughts around maybe the potential cookie deprecation time line or how likely this is to happen?

而且我認為，尤其是你對市場的評論會以某種方式變得更加公平。然後，如果我可以添加快速跟進。昨晚發布了適用於 Android 的 Privacy Sandbox 測試版。這是否會改變任何關於潛在的 cookie 棄用時間表或這種情況發生的可能性的想法？

Thanks a lot, Matt, for the kind words as well as the question. So let me first just talk about the Department of Justice lawsuit against Google. So let me just give the sort of punchline first, which is that I believe we will win regardless of the outcome. So no matter what happens, I think we're going to win. We have been winning in an unfair market. So -- of course, if the market becomes more fair, which we think it will, as a result of this, like I said, one way or another. Then of course, that signifies significantly better environment for us to perform it.

非常感謝，馬特，感謝你的客氣話和問題。所以讓我先談談司法部對谷歌的訴訟。所以讓我先說一句妙語，那就是無論結果如何，我都相信我們會贏。所以無論發生什麼，我認為我們都會贏。我們一直在不公平的市場中獲勝。所以 - 當然，如果市場變得更加公平，我們認為它會因此，就像我說的那樣，以一種或另一種方式。當然，這意味著我們執行它的環境要好得多。

The Department of Justice has clearly done their homework on this, which I'm extremely encouraged by. I know there's some at Google that tried to suggest that we've been through this 3 or 4x before I do believe that this is fundamentally different. And part of that is just because of how detailed I think the case is outlined.

司法部顯然在這方面做了功課，我對此感到非常鼓舞。我知道谷歌有些人試圖暗示我們已經經歷了 3 或 4 倍，然後我才相信這是根本不同的。部分原因是我認為案例的概述非常詳細。

I do believe there are many possible outcomes here. There's lots of people that are talking about -- breaking it up. There's lots of other potential outcomes. But I do believe that in any case, this will slow down Google, there is a 100% chance of that. And so with them slowed down, with the market moving towards just better competition and more fairness, I believe there's no way that this isn't good for us.

我確實相信這裡有很多可能的結果。有很多人在談論——打破它。還有很多其他潛在的結果。但我確實相信，無論如何，這都會減慢谷歌的速度，這是 100% 的可能性。因此，隨著他們放慢腳步，隨著市場朝著更好的競爭和更公平的方向發展，我相信這對我們沒有任何好處。

I do want to acknowledge that as there's some pressure to just break up assets, I don't believe that, that alone is enough. And that if that's all this done, I think technology could be replaced and some of the same practices that got us here could happen again. So to me, the most important thing that happens here is that any settlements or any conclusion to the case ends with more fairness and restrictions to make certain that the market stays fair, especially when leveraging assets that are extremely nearing monopoly, if you will.

我確實想承認，由於存在一些拆分資產的壓力，我不認為僅此就足夠了。如果這一切都完成了，我認為技術可以被取代，讓我們走到這裡的一些相同做法可能會再次發生。所以對我來說，這裡發生的最重要的事情是任何和解或案件的任何結論都以更多的公平和限制結束，以確保市場保持公平，特別是在利用極度接近壟斷的資產時，如果你願意的話。

So as it relates to Privacy Sandbox, there's been a lot that have been discussed about Privacy Sandbox in the past. It's often, I think, wrongly compared to the world of cookies and doesn't necessarily acknowledge the importance of relevance in order to create a free and open Internet that can subsidize the content that currently exist on the open Internet. So I don't actually think that, that has much to do with the antitrust case or the deprecation of cookies or UID2, but certainly something to watch.

因此，由於它與隱私沙盒有關，因此過去有很多關於隱私沙盒的討論。我認為，它經常被錯誤地與 cookie 的世界進行比較，並且不一定承認相關性的重要性，以便創建一個可以補貼當前存在於開放 Internet 上的內容的自由和開放的 Internet。所以我實際上並不認為這與反托拉斯案或 cookie 或 UID2 的棄用有很大關係，但肯定值得關注。

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

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

Great. Congrats again on the really strong execution, all things considered. So I have 2 questions, 1 for Jeff and 1 for Blake. Jeff, can you maybe just share with us, based on the commentary you've made about walled gardens, et cetera, what signals are you looking for as an indication that is walled gardens will begin to take down their barriers, what will that look like for you guys?

偉大的。再次祝賀真正強大的執行力，考慮到所有因素。所以我有 2 個問題，1 個給 Jeff，1 個給 Blake。傑夫，根據你對圍牆花園等的評論，你能不能和我們分享一下，你在尋找什麼信號作為圍牆花園將開始拆除障礙的跡象，那看起來會怎樣喜歡你們嗎？

And then, Blake, can you maybe talk about your OpEx or just your margin expectations? Your Q1 margin implies basically you're back to pre-COVID levels. You have to go back to like '18, '19 to get down to those low 20s margins. Is that kind of the right way of thinking about the cadence throughout the year? And then do you expect margin improvement this year relative to last year?

然後，布萊克，你能談談你的運營支出或只是你的利潤率預期嗎？您的第一季度保證金基本上意味著您回到了 COVID 之前的水平。你必須回到像 18 年、19 年這樣的時期才能降低到 20 多歲的低利潤率。這種思考全年節奏的方式是否正確？然後你預計今年的利潤率會比去年有所提高嗎？

I'll have Blake first, and then I'll follow on with the question about walled gardens.

我將首先請布萊克發言，然後我將繼續回答有關圍牆花園的問題。

Thank you, Jeff. So let me just step back a second and then I'll try to get to all the details of the questions that you asked. Just want to remind everyone about the power of this business model. I'm a huge fan of it. High top line growth, generates solid adjusted EBITDA with strong margins, generate consistent free cash flow generation. I'm really proud of how we stay disciplined with our investments for the past few years really paid off for us.

謝謝你，傑夫。所以讓我退後一步，然後我將嘗試了解您提出的問題的所有細節。只是想提醒大家這種商業模式的力量。我是它的超級粉絲。高收入增長，產生穩定的調整後 EBITDA 和強勁的利潤率，產生穩定的自由現金流。我真的很自豪我們在過去幾年中如何嚴格遵守我們的投資並真正為我們帶來回報。

Unlike many companies, either in the ad funded space or in the technology space, we've been pretty responsible managing our headcount and operating expense growth since 2019. We didn't get ahead of ourselves the last couple of years. So there's -- while many companies are pulling back or making some very tough decisions about the resourcing, we're able to say the cores grab share, combine that with actually growing into the double digit rather its contracting. I think it sets us up really well.

與廣告資助領域或技術領域的許多公司不同，自 2019 年以來，我們一直非常負責地管理我們的員工人數和運營費用增長。過去幾年我們並沒有超越自己。所以有 - 雖然許多公司正在撤回或做出一些關於資源的非常艱難的決定，但我們可以說核心搶占份額，並將其與實際增長到兩位數而不是收縮相結合。我認為這對我們很有幫助。

As we think about our operating expenses next year, it will increase year-over-year. That's a combination of a couple of things. It's a combination of the 2022 hiring flow-through that we've had. It's also a combination of return-to-office expenses, including travel and live events. But again, we're going to be deliberate about our investments in hiring and you heard on the prepared remarks, we're going to grow our headcount in 2023. But as of right now, we're thinking roughly at half the rate of 2022.

當我們考慮明年的運營費用時，它將逐年增加。這是幾件事的結合。這是我們 2022 年招聘流程的結合。它也是返回辦公室費用的組合，包括差旅和現場活動。但同樣，我們將慎重考慮我們在招聘方面的投資，你在準備好的發言中聽到，我們將在 2023 年增加員工人數。但截至目前，我們正在考慮大約一半的速度2022.

We still see significant opportunities to invest in areas like CTV and shopper marketing and be ready to capture those. The other thing I would say about Q1 is also just the seasonality of live events, there were live events that occurred in Q2 of 2022, and those will happen in Q1 of 2023. So the seasonality is important to pay a little bit of attention to. But overall, the way I would just say it is we're comfortable with where things stand. I'm cautiously optimistic about our growth at the start of the year.

我們仍然看到了投資 CTV 和購物者營銷等領域的重要機會，並準備好抓住這些機會。關於第一季度，我要說的另一件事也是現場活動的季節性，2022 年第二季度發生了一些現場活動，而這些活動將在 2023 年第一季度發生。所以季節性很重要，需要注意一下.但總的來說，我只想說我們對現狀感到滿意。我對我們年初的增長持謹慎樂觀態度。

Should we see a significant change? We have levers available to us to make those changes if we need to. You saw us do that in 2020 with regards to the COVID. And I believe the operating expense structure of the company is actually is better than prior to the pandemic when you deal with that kind of seasonality issue that I was talking about. We're in a great position to drive more long-term scale and efficiency as well as free cash flow. So I feel pretty good about that. Now Jeff?

我們應該看到重大變化嗎？如果需要，我們可以利用槓桿來進行這些更改。你看到我們在 2020 年就 COVID 這樣做了。而且我相信，當你處理我所說的那種季節性問題時，公司的運營費用結構實際上比大流行之前要好。我們處於推動更長期規模和效率以及自由現金流的有利位置。所以我對此感覺很好。現在傑夫？

To the first part of the question as it relates to walled gardens. So first, let me just remind everybody what walled garden is, and I'll give you just one of the definitions, which is that this is a destination that is essentially a must-have on a media plan. So that the owner of that destination, whether it's a social network or a video platform or any other walled garden, the owner of that can afford to be draconian and set their own rules.

關於問題的第一部分，因為它與圍牆花園有關。所以首先，讓我提醒大家甚麼是圍牆花園，我只會給你一個定義，那就是這是媒體計劃中必不可少的目的地。因此，該目的地的所有者，無論是社交網絡、視頻平台還是任何其他圍牆花園，其所有者都可以採取嚴厲措施並製定自己的規則。

And what's happening in part because of CTV because as I mentioned in the prepared remarks, the CTV is perfectly fragmented. And what it does is it makes it so that there are enough players that no one can afford to be draconian. And no one has enough market share to do that. But it's also concentrated enough that you have very large sophisticated players that are making decisions, and so they're all hypercompetitive and actually hyperrational. So what I think that does is it puts a lot of pressure on walled gardens because of the fact that there is this alternative that are super competitive and super efficient.

之所以發生這種情況，部分原因是 CTV，因為正如我在準備好的發言中提到的那樣，CTV 完全支離破碎。它的作用是讓玩家數量足夠多，以至於沒有人能承受得起嚴苛。沒有人有足夠的市場份額來做到這一點。但它也足夠集中，你有非常大的老練的玩家在做決定，所以他們都是超級競爭者，實際上是超級理性的。所以我認為這樣做會給圍牆花園帶來很大壓力，因為存在這種極具競爭力和效率的替代方案。

When you add to that, the CTV is driven by nearly 100% authentication. It lends itself to just highly personalized content in a way that no other channel has to deal with, whether we're talking about in the mobile environment where IDs are under pressure, in part because of Google and Apple or in the browsing web for the same reason, we're -- in CTV, we have authentication nearly all the time. Additionally, because of those UIDs, we also have the opportunity for retail to do exceptionally well and all of that puts pressure on walled gardens in the open Internet now poses as a very viable alternative.

當您添加時，CTV 由幾乎 100% 的身份驗證驅動。它以其他渠道無法處理的方式提供高度個性化的內容，無論我們是在 ID 面臨壓力的移動環境中談論，部分原因是谷歌和蘋果，還是在瀏覽網頁中同樣的原因，我們 - 在 CTV 中，我們幾乎一直都有身份驗證。此外，由於這些 UID，我們也有機會讓零售業做得非常好，所有這些都給開放互聯網中的圍牆花園帶來壓力，現在成為一個非常可行的選擇。

So whether we're talking about CTV, whether we're talking about retail, whether we're talking about the economic environment and pressure that, that puts on walled gardens to want to welcome incremental demand. All of that points towards the ecosystem where more and more of them are considering bringing down the walls, even the largest of them so that they can welcome incremental demand. And certainly, an environment like this is where you're most likely to see some of those changes. So there's lots of activity considering that sort of stuff. And I do believe you'll see announcements in 2023 suggesting more and more walls coming down. Thanks for the question.

因此，無論我們是在談論 CTV，還是在談論零售業，還是在談論經濟環境和壓力，這都給圍牆花園帶來了希望歡迎增量需求的壓力。所有這些都指向生態系統，其中越來越多的人正在考慮拆除牆壁，即使是最大的牆壁，以便他們可以迎接增量需求。當然，在這樣的環境中，您最有可能看到其中的一些變化。因此，考慮到這類事情，有很多活動。我相信你會在 2023 年看到越來越多的牆倒塌的公告。謝謝你的問題。

Your next question for today is coming from Vasily Karasyov at Cannonball Research.

您今天的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

Jeff, can you please talk in more detail about the forward always on connected TV event you mentioned in your prepared remarks? And then connected to that, can you talk more about the -- your forward market product that you mentioned today? And also, I think you spoke about it a couple of quarters ago. That seems like a very interesting product. And of course, fighting the upfront market is a pretty gargantuan task that you're undertaking here.

傑夫，你能否更詳細地談談你在準備好的發言中提到的永遠在線電視活動？然後與此相關，你能多談談你今天提到的遠期市場產品嗎？而且，我想你在幾個季度前談到過它。這似乎是一個非常有趣的產品。當然，與前期市場競爭是您在這裡承擔的一項相當艱鉅的任務。

Yes. So Vasily first, I really appreciate the question. You are right, the upfront market is huge. But I see that as an opportunity, one, because it, of course, adds to the TAM. But -- also because, as we pointed out in the prepared remarks, the upfront market hasn't changed since 1962 much. And really, really it's a shame that it hasn't changed because the way the upfronts work today is that you can't really bring data to the table.

是的。所以瓦西里首先，我真的很欣賞這個問題。你是對的，前期市場是巨大的。但我認為這是一個機會，一個，因為它當然會增加 TAM。但是——也因為，正如我們在準備好的評論中指出的那樣，前期市場自 1962 年以來並沒有太大變化。真的，真的很遺憾它沒有改變，因為今天的前期工作方式是你不能真正將數據帶到表中。

And so CTV is in a very interesting position right now, which is that it has been getting a premium largely because their scarcity. So consumers have moved into CTV into on-demand over-the-Internet content. But as they've moved, the number of ads available for advertisers to put in front of those consumers hasn't gone up nearly as quickly as consumers have moved over. So that's created a scarcity premium for all the ads. But we're seeing more and more inventory come online. And so some of the biggest content owners in the world are having to find ways to make the efficacy justify those prices in steadier city. And that's part of the reason we talked about that the amazing case study with Disney, where they talked about 12x more effective as a result of using UID2 than alternative means of personalization.

所以 CTV 現在處於一個非常有趣的位置，這主要是因為它們的稀缺性。因此，消費者已經將 CTV 轉移到互聯網點播內容中。但隨著他們的遷移，廣告商可以投放在這些消費者面前的廣告數量並沒有像消費者遷移的速度那樣快速增長。因此，這為所有廣告創造了稀缺溢價。但我們看到越來越多的庫存上線。因此，世界上一些最大的內容所有者不得不想方設法讓效果證明這些價格在更穩定的城市是合理的。這就是我們與迪士尼討論令人驚嘆的案例研究的部分原因，他們談到使用 UID2 比使用其他個性化方法效率高 12 倍。

That's absolutely required to bridge that gap between what was coming from scarcity and now being provided via efficacy. And so, of course, CTV is getting more effective. But if you don't bring that same level of data to the upfront, then you're going to miss out on almost half of television. So what we have designed is an always-on forward market, which is essentially just a new version of the upfront. But in this case, we're using technology to make it so that you can bring data to the table.

這絕對是彌合稀缺資源與現在通過功效提供資源之間的差距所必需的。因此，當然，CTV 變得越來越有效。但是，如果您不提前提供相同級別的數據，那麼您將錯過幾乎一半的電視節目。所以我們設計的是永遠在線的遠期市場，它本質上只是一個新版本的前期。但在這種情況下，我們正在使用技術來實現它，以便您可以將數據帶到表格中。

And because of the fact that we've already integrated with most of the largest content owners, at least in North America and many of the leading CTV countries around the world, we think, as we pointed out, we're one of the unique companies to be able to host an event like that as well as to build the market that makes it possible for forward contracts to be established on an always-on basis. And when I say always on, the upfront is done once a year. You think about commodities and equities markets. Those markets are on all the time. It doesn't really make sense to only do it one week a year.

而且由於我們已經與大多數最大的內容所有者整合，至少在北美和世界上許多領先的 CTV 國家/地區，我們認為，正如我們指出的那樣，我們是獨一無二的公司能夠舉辦這樣的活動，並建立市場，使遠期合同能夠在永遠在線的基礎上建立。當我說永遠在線時，前期每年完成一次。你想想商品和股票市場。這些市場一直都在。一年只做一個星期真的沒有意義。

And there's an opportunity for advertisers and content owners to constantly be evaluating the value of entering a commitment so that you can either get a discount or be assured that you're going to sell all of your inventory. I believe that's going to be an important role in TV, the same -- or in CTV, the same way that it was in traditional television. But we need a product that brings data to the table. Otherwise, it cannot justify the high CPMs that everyone has become accustomed to in CTV. And of course, advertisers aren't going to pay high CPMs that the efficacy isn't there. There is no way to bring all the best parts of digital to the table, leveraging the upfronts the way that they've existed to date.

廣告商和內容所有者有機會不斷評估做出承諾的價值，以便您可以獲得折扣或確信您將出售所有庫存。我相信這將在電視中發揮重要作用，同樣 - 或者在 CTV 中，就像在傳統電視中一樣。但我們需要一種能夠將數據帶到表格中的產品。否則，就無法為大家習以為常的高CPM辯護。當然，廣告商不會因為沒有效果而支付高 CPM。沒有辦法將數字的所有最佳部分帶到桌面上，利用它們迄今為止存在的方式。

So we're very excited about it. We don't think that we have to compete with anything other than a 1962 product. And because of our super low, I think we're in a really phenomenal position.

所以我們對此感到非常興奮。我們認為我們不必與 1962 年產品以外的任何產品競爭。而且由於我們的超低價，我認為我們處於非常出色的位置。

Your next question is coming from Jason Helfstein at Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

Jeff, can you talk about the opportunity to go direct to publishers with OpenPath and just broadly the benefits to the publisher, the advertiser and then The Trade Desk as you think about measurement, targeting and economics? So kind of this broad question on basically the pitch to everybody about OpenPath.

Jeff，您能否談談使用 OpenPath 直接與出版商聯繫的機會，以及在您考慮衡量、目標和經濟方面給出版商、廣告商和 The Trade Desk 帶來的廣泛好處？這個廣泛的問題基本上是關於 OpenPath 的。

Yes. So thanks. I really appreciate the question because I don't know that most understand what OpenPath is. And so I appreciate the opportunity to just clarify. And so from the very beginning of the company, we've been pretty obsessed with improving the supply chain. And as I mentioned in other forums, I often look at the biggest technology companies in the world and try to study them for what they've done successfully.

是的。那謝謝啦。我非常感謝這個問題，因為我不知道大多數人都了解 OpenPath 是什麼。因此，我很高興有機會澄清一下。因此，從公司成立之初，我們就非常著迷於改善供應鏈。正如我在其他論壇中提到的，我經常關注世界上最大的科技公司，並嘗試研究他們的成功之處。

And I find a lot of inspiration from Amazon in this, which is just, I think, as a company, one way to define their success is just they obsess over supply chains, how do we make it more effective for the end consumer. And that's exactly the same thing that we have been doing, both with the ad tech ecosystem. There are a lot of steps between advertiser and publisher that are unnecessary at times, and that are, in some cases, unfair or that people are taking more in fees than they are adding in value. And ultimately, that is -- to the detriment of us and the advertisers and agencies that we represent.

我從亞馬遜那裡找到了很多靈感，我認為，作為一家公司，定義他們成功的一種方式就是他們痴迷於供應鏈，我們如何讓它對最終消費者更有效。這與我們在廣告技術生態系統中一直在做的事情完全相同。廣告商和出版商之間有很多步驟有時是不必要的，而且在某些情況下是不公平的，或者人們收取的費用多於他們增加的價值。最終，這會損害我們以及我們所代表的廣告商和代理商的利益。

Often also on the sell side and in the exchanges, there can be an auction that is unfair. I mean to some extent, that is exactly what the Department of Justice is filing suit against Google for an unfair under auction dynamic. So what we have been trying to do is to create a supply chain that is fair and transparent and competitive. We found in our discussions with publishers and content owners that often there as frustrated as we are with the supply chain, and say, why can't we just integrate directly?

通常在賣方和交易所中，也會出現不公平的拍賣。我的意思是，在某種程度上，這正是司法部以不公平的拍賣動態為由對谷歌提起訴訟的原因。所以我們一直在努力做的是打造一個公平透明、有競爭力的供應鏈。我們在與出版商和內容所有者的討論中發現，他們經常和我們一樣對供應鏈感到沮喪，並說，為什麼我們不能直接整合？

So we made very clear to the market, especially to SSPs that we're not interested in competing with SSPs. We are not interested in doing the yield management for publishers. But when a publisher wants to do their own yield management, we're happy to integrate with them directly so that together, we can ensure that the auction is fair and that the pipes are clean. And as a result, we also think that not only will we clean up the supply chain and make certain the fees aren't extracted where they shouldn't be, but we'll also have greater transparency, and that will actually create better CPMs because efficacy will go up.

因此，我們向市場，尤其是 SSP 明確表示，我們對與 SSP 競爭不感興趣。我們對為發布商進行收益管理不感興趣。但是當發行商想要進行自己的收益管理時，我們很樂意直接與他們集成，這樣我們就可以一起確保拍賣的公平性和管道的清潔。因此，我們還認為，我們不僅會清理供應鏈並確保不會在不應該收取的費用中提取費用，而且我們還會有更大的透明度，這實際上會創造更好的每千次展示費用因為藥效會上去。

So this is especially important when we're talking about connected television in part because so many of the content owners have purchased SSPs. And so most of them own it. So they've already made the decision to get in the business of yield management. So we're extremely excited to be integrating with some of the largest. We've talked a lot about our partnership with Disney, and that's in part because Disney, I think, represents the largest amount of CTV ads anywhere on the Internet currently, meaning owned by one company. And with their commitment to both UID2, but as well as to integrating with us directly, we think that, that sets the tone and the pattern from what will happen to everyone else.

因此，當我們談論聯網電視時，這一點尤其重要，部分原因是許多內容所有者都購買了 SSP。所以他們中的大多數人都擁有它。所以他們已經決定涉足收益管理業務。因此，我們非常高興能與一些最大的公司進行整合。我們已經就我們與迪士尼的合作關係談了很多，我認為這部分是因為迪士尼代表了目前互聯網上任何地方最大數量的 CTV 廣告，這意味著由一家公司擁有。他們對 UID2 的承諾，以及與我們直接整合的承諾，我們認為，這為其他人將要發生的事情定下了基調和模式。

Of course, we've announced our partnerships on UID2 with CBS and Paramount Plus and Disney and some of the others but that lays groundwork for us and then continue to do the same on OpenPath. There's a long to publishers, not just in CTV, but in other channels that have also signed up with OpenPath. And we think that represents the start of a much cleaner supply chain in the open Internet. Thanks for the question.

當然，我們已經宣布與 CBS、Paramount Plus 和 Disney 以及其他一些公司就 UID2 建立合作夥伴關係，但這為我們奠定了基礎，然後繼續在 OpenPath 上做同樣的事情。不僅在 CTV 中，而且在其他也與 OpenPath 簽約的頻道中，出版商都有很長的路要走。我們認為這代表了開放互聯網中更清潔的供應鏈的開始。謝謝你的問題。

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

你的下一個問題來自富國銀行的 Brian Fitzgerald。

Jeff, we saw a recent piece from the Head of Media, Bush, talking about her preferences for PMP deals within CTV versus programmatic guaranteed. She said because it helps me manage reach and freak across CTV destinations better, i.e. decisioning. But what trends are you seeing there? Are marketers shifting from programmatic guaranteed and saying we need reach and frequency control?

傑夫，我們看到媒體負責人布什最近發表的一篇文章，談到她對 CTV 內 PMP 交易的偏好與程序化保證交易的偏好。她說，因為它可以幫助我更好地管理 CTV 目的地的覆蓋面和變化，即決策。但是你在那裡看到了什麼趨勢？營銷人員是否從有保證的程序化轉變為我們需要覆蓋面和頻率控制？

And what's the marketer kind of makes that step down the decisioning path, do they tend to use more of what you offer in terms of expressiveness and personalization and getting into kind of open auction environments?

是什麼讓營銷人員在決策路徑上走下坡路，他們是否傾向於在表現力和個性化方面更多地使用您提供的產品，並進入某種公開拍賣環境？

First of all, thanks for the question. Second of all, super impressed with how you understand the business. That's just implicit in the question is just a deep understanding of what's going on in the space. You're spot on, the premise of your question is spot on, which is that inside of programmatic guarantee, you don't have the same amount of decisioning as an advertiser. And so it means that you're often giving up your choices in terms of what you buy, and you're getting up your ability to control reach and frequency and just other things, which to me, doesn't make a lot of sense in equities markets, you wouldn't necessarily just hand over all decisioning.

首先感謝提問。其次，您對業務的理解方式給我留下了深刻的印象。這只是隱含在問題中只是對空間中發生的事情的深刻理解。你說的很對，你的問題的前提也很對，那就是在程序化保證的內部，你沒有與廣告商相同數量的決策。因此，這意味著您經常放棄購買商品的選擇，而您正在增強控制範圍和頻率以及其他事情的能力，這對我來說沒有多大意義在股票市場上，您不一定會交出所有決策權。

If you're a portfolio manager, you want to make your own decisions. So you want to decide what you're going to buy. And that's exactly the people that we're appealing to. Those are the people you're talking about that. (inaudible) There are people who want to make decisions about what they're buying and selling and especially because -- if you're going to pay a premium, you want to make certain that you're controlling reach and frequency. And in fact, the math just doesn't work. If you're not controlling reach and frequency, then the premium that you're paying to BMC TV is no longer justifiable.

如果您是一名投資組合經理，您希望自己做出決定。所以你想決定你要買什麼。而這正是我們所吸引的人。那些是你正在談論的人。 （聽不清）有些人想就他們買賣的東西做出決定，尤其是因為——如果你要支付溢價，你想確保你能控制覆蓋面和頻率。事實上，數學根本行不通。如果您不控制範圍和頻率，那麼您向 BMC TV 支付的溢價就不再合理。

And so the math is putting people towards using and leveraging more decisioning, but also just people wanting to be more effective. That's the way that they had the most amount of control. And we're seeing more and more of the move towards PMBs and just anything that is fully decisioned. So here we are going to present the most common way that happens in CTVs and whether those PMBs are initiated by us or others really doesn't matter. What is most important is that the advertisers themselves and/or their agency representing them, have a full decisioning and where they decide to put the ads. And when they have that, that's where CTVs at its best. That's where digital is at its best.

因此，數學使人們傾向於使用和利用更多的決策，但也只是人們希望變得更有效率。這就是他們擁有最多控制權的方式。我們看到越來越多的人轉向 PMB 以及任何完全決定的事情。所以在這裡我們將介紹 CTV 中最常見的方式，這些 PMB 是由我們還是其他人發起的並不重要。最重要的是，廣告商自己和/或代表他們的代理機構擁有完整的決定權以及他們決定投放廣告的位置。當他們擁有這些時，這就是 CTV 的最佳狀態。這就是數字技術發揮最大作用的地方。

Your next question for today is coming from Mark Zgutowicz at the Benchmark Group.

您今天的下一個問題來自 Benchmark Group 的 Mark Zgutowicz。

Jeff, just curious how much of your 4Q revenue you would attribute to UID2? And what do you expect that number to look like in -- for the year? And then how many of the large Pub UIDs that you're talking about are activated in your auction? And then separately, curious what you expect Apple will do with private related this year and what Google will do with its ID over the next, call it, 24 months. So that may impact ROEs on your data graph?

Jeff，只是想知道您將第 4 季度的收入中有多少歸功於 UID2？你認為這個數字在今年會是什麼樣子？那麼在您的拍賣中激活了多少您所說的大型 Pub UID？然後分別地，好奇你期望蘋果今年將如何處理與私人相關的事情，以及谷歌將在接下來的 24 個月內如何處理其 ID。那麼這可能會影響數據圖表上的 ROE？

Yes. So first -- the first part of your question is pretty hard to answer in terms of how much of it came from UID2. And that's in part because, of course, we use UID2 to that then leverages a graph. And in that graph there -- it's still cookies and lots of other identifiers that we lean on for now and in some cases, won't be there in the future. But we, of course, could deduce the same thing which is slightly lower statistical confidence and still have lots of room to provide personalization across the Internet.

是的。所以首先——你的問題的第一部分很難回答有多少來自 UID2。這部分是因為，當然，我們使用 UID2 然後利用圖表。在那張圖中——它仍然是我們現在依賴的 cookie 和許多其他標識符，在某些情況下，將來不會存在。但我們當然可以推斷出同樣的事情，即統計置信度略低，但仍有很大空間在互聯網上提供個性化服務。

So we don't really know how it's impacting it until it's not there. But UID2 continues to grow at a rapid pace. And it often is the connected tissue between all of those other things. And then when you couple the fact that in Q4, only about 15% of our data -- our third-party data had the IDs associated with it, and we expect that to be over 70% in the first half of this year. There will be dramatic upticks in what's happening with UID2, and it gets rid of much of the matching problem, but we did see large upticks in the use of data in the second half of the year, largely because of UID2s.

所以在它不存在之前，我們真的不知道它是如何影響它的。但 UID2 繼續快速增長。它通常是所有其他事物之間的連接組織。然後，當你結合第四季度的事實時，只有大約 15% 的數據——我們的第三方數據具有與之關聯的 ID，我們預計今年上半年這一比例將超過 70%。 UID2 的使用量將大幅增加，它消除了大部分匹配問題，但我們確實看到下半年數據使用量大幅增加，這主要是因為 UID2。

So it's hard to quantify, but in terms of the total revenue impact. But in terms of impressions and data that are leveraging that, it's just substantial. It's a substantial part of our business today. So this is a huge driver for our business now. And every day that those buy is becoming more and more of the case. Public are use are being leveraged more and more as time goes on. And in fact, our OpenPath initiatives as well as our initiatives to just get closer to publishers and SSPs in 2023, the IDs and global placement ID are being adopted around the Internet.

所以很難量化，但就總收入影響而言。但就利用它的印象和數據而言，它只是大量的。這是我們今天業務的重要組成部分。所以這是我們現在業務的巨大推動力。每一天，這些購買的情況都變得越來越多。隨著時間的推移，越來越多地利用公共資源。事實上，我們的 OpenPath 計劃以及我們在 2023 年更接近出版商和 SSP 的計劃、ID 和全球展示位置 ID 正在互聯網上被採用。

As it relates to Google's ID, there's a bunch of different Google IDs. Of course, there's a single sign on. Of course, there's the Android ID, which there's a lot of discussions about -- in the future. And then, of course, there's cookies. All of those are largely in the control of Google. One thing I think Google has done well on most of these, as that they've given announcements and said we're going to do this years from now. And some of those dates are end of 2024. So we're talking about 2 years from now.

由於它與 Google 的 ID 相關，所以有許多不同的 Google ID。當然，還有單點登錄。當然，還有 Android ID，未來會有很多討論。然後，當然還有餅乾。所有這些在很大程度上都在谷歌的控制之下。我認為谷歌在其中大部分方面都做得很好，因為他們已經發佈公告並表示我們將在幾年後這樣做。其中一些日期是 2024 年底。所以我們說的是 2 年後。

I think it's reasonable to expect that part of the reason why Google is putting time lines out like that. And so that they can see what happens with things like the Department of Justice litigation, they want to see how the dust settles. And they're kind of between a rock and a hard place as it relates to protecting privacy, but also guarding against antitrust pressure. So I actually don't think it in Google's best interest to make those all go away.

我認為有理由期待谷歌這樣安排時間線的部分原因。為了讓他們了解司法部訴訟之類的事情會發生什麼，他們想看看塵埃落定。在保護隱私和防範反壟斷壓力方面，它們有點進退兩難。所以我實際上不認為讓所有這些都消失符合谷歌的最佳利益。

What I love about some of the things that they've said publicly on this specific issue is that they have to consider the impact on the Internet -- really on the open Internet and all the publishers that they support and especially with the amount of scrutiny that they have right now on the antitrust side. I'm not sure that it's ever in their interest to see those go away from the open Internet. But I think another way to look at it is that we are hoping that things like UID2 go really, really well and it takes some pressure off of them. So it -- sort of goes back to the one way or another, things are going to get better. And I think with the pressure that Google is facing right now, I think that's more true than ever.

我喜歡他們在這個特定問題上公開發表的一些言論，因為他們必須考慮對互聯網的影響——實際上是對開放互聯網和他們支持的所有出版商的影響，尤其是審查的數量他們現在在反托拉斯方面。我不確定看到它們從開放的互聯網中消失是否符合他們的利益。但我認為另一種看待它的方式是，我們希望 UID2 之類的東西真的非常好，並且可以減輕他們的一些壓力。所以它 - 有點回到這種或另一種方式，事情會變得更好。而且我認為，鑑於谷歌目前面臨的壓力，我認為這比以往任何時候都更加真實。

Your next question is coming from Laura Martin at Needham.

你的下一個問題來自 Needham 的 Laura Martin。

Jeff, tactically on the DoJ. So it's 150 pages of how Google has been abusing their clients. My question is, have all the smart clients that could leave Google already come to The Trade Desk? Or do you feel that in 2023, you are going to be getting incoming calls now that their clients have read this 150 page really draconian treatment of clients. So do you benefit from that in the near term?

傑夫，戰術上對司法部。所以這是 150 頁的谷歌如何濫用他們的客戶。我的問題是，所有可能離開谷歌的聰明客戶都已經來到 The Trade Desk 了嗎？或者您是否覺得在 2023 年，您會接到來電，因為他們的客戶已經閱讀了這 150 頁的對客戶的嚴厲對待。那麼你在短期內會從中受益嗎？

And then secondly, UGC. So I agree with you on the walled gardens. We've been writing that a long time that walled gardens losing share to the open Internet. UGC, it's the first time I've heard you talk about that. And I guess I hadn't thought about it because I was thinking TikTok was taking share from the 2 big guys, meaning YouTube and Meta. Could you go more into why you think UGC is losing share to the premium because I don't really understand that one?

其次，UGC。所以我同意你關於圍牆花園的看法。很長一段時間以來，我們一直在寫圍牆花園正在失去開放互聯網的份額。 UGC，這是我第一次聽到你談論這個。而且我想我沒有考慮過，因為我認為 TikTok 正在從 2 個大公司那里奪取份額，即 YouTube 和 Meta。您能否進一步說明為什麼您認為 UGC 正在失去溢價份額，因為我真的不明白這一點？

Sure. So on the first part of the question related to the Department of Justice and their litigation against Google and will that benefit The Trade Desk and our clients coming to us as a result. I definitely think that, that will continue. As you know, we have great relationships with most of the largest advertisers in the world. So I wouldn't say that there are not many that are extremely large that would move over that hadn't already done something with us. But there are some that are changing the politicians, if you will. So meaning they're doing less with Google and doing more with us. So I do think that there's an opportunity for that to be positive for us, but pretty early to tell.

當然。因此，問題的第一部分與司法部及其針對谷歌的訴訟有關，這將使 The Trade Desk 和我們的客戶因此而受益。我絕對認為，這將繼續下去。如您所知，我們與世界上大多數最大的廣告商都保持著良好的關係。所以我不會說沒有多少非常大的公司會搬過來，但還沒有與我們合作過。但是，如果您願意的話，有些人正在改變政客。這意味著他們對谷歌的貢獻越來越少，對我們的貢獻越來越大。所以我確實認為這有機會對我們產生積極影響，但還為時過早。

As it relates to the UGC side, so -- and why I think there's a change happening with UGC and more moving to premium. Let me just explain a little bit what I think is happening with the economics. And a lot of this comes back to UID2. So because of the pressures that are being put on identity across the Internet, there's even more premium that is heading towards connected television because it's nearly 100% authenticated. So because that 100% authentication that does enable personalization that is not likely to be changed or controlled by any one company. There's enough fragmentation whether you're looking across operating systems, or whether you're looking across content owners. And of course, you have to log-in with an e-mail address almost every time to watch content. So that enables a level of personalization and pushes people towards the open Internet.

因為它與 UGC 方面有關，所以 - 為什麼我認為 UGC 正在發生變化並且更多地轉向高級。讓我稍微解釋一下我認為經濟學正在發生的事情。其中很多都回到了 UID2。因此，由於 Internet 對身份的壓力越來越大，聯網電視的價值更高，因為它幾乎 100% 已通過身份驗證。因此，因為 100% 的身份驗證確實實現了不可能被任何一家公司更改或控制的個性化。無論您是跨操作系統還是跨內容所有者，都有足夠的碎片。當然，您幾乎每次都必須使用電子郵件地址登錄才能觀看內容。因此，這可以實現一定程度的個性化，並將人們推向開放的互聯網。

While at the same time, UGC is having more supply than ever. And with less personalization and less control coming from advertisers, there's a more stark contrast between what's available in CTV and what's available in UGC. Said another way, there's finally a viable, scaled alternative to massive UGC platforms, that now make it. So it's not quite -- it doesn't give the same luxury to be draconian in those UGC platforms as you could be elsewhere.

與此同時，UGC 的供應量比以往任何時候都多。由於來自廣告商的個性化和控制較少，CTV 中可用的內容與 UGC 中可用的內容之間存在更鮮明的對比。換句話說，現在終於有了一個可行的、可擴展的大規模 UGC 平台替代方案。所以這並不完全——在那些 UGC 平台上變得嚴苛並沒有像在其他地方那樣奢侈。

The next question is coming from Dan Salmon at New Street Research.

下一個問題來自 New Street Research 的 Dan Salmon。

Just one quick one for me. The take rate stayed in that consistent 20% range once again, ticked down a couple -- a little bit in the last couple of years, ticked back up again. You've talked about the balance of large and small clients driving that in the past. Is there anything different going on there? And I'd be interested to hear just a little bit more about how your JBPs, or joint business plans, compare on a take rate business and if that's an important variable as well?

對我來說只是一個快速的。利率再次保持在 20% 的一致範圍內，下降了幾次——在過去幾年裡有一點，然後又回升了。您曾經談到過推動這一點的大客戶和小客戶之間的平衡。那裡有什麼不同嗎？我很想听聽更多有關您的 JBP 或聯合業務計劃如何比較 take rate 業務的信息，以及這是否也是一個重要變量？

Maybe I'll take a stab, Jeff, if you want to follow up.

傑夫，如果你想跟進，也許我會試一試。

Perfect.

完美的。

So right, 2022 marked, I think, the ninth of the year, we've had really consistent take rate trends. If you look at our take rate data from 2014 to 2022 over that 8-year period, I think we went up 4 years and then went down 4 years. So it's really been very consistently right around that 20% figure. Some years, it goes up a little bit, some years it goes down a little bit.

好吧，我認為 2022 年是今年的第 9 年，我們的採用率趨勢非常一致。如果你看看我們在這 8 年期間從 2014 年到 2022 年的採用率數據，我認為我們上升了 4 年，然後下降了 4 年。所以它真的一直非常穩定地圍繞著 20% 的數字。有些年份，它上升了一點，有些年份它下降了一點。

But the real important thing to note about the take rate is that while it's been really steady, I said this, I think, on the -- in the prepared remarks, we've made massive improvements for our platform, right? We're shipping new products. We're adding new features. We're innovating for customers. And we're effectively passing that surplus to them so they can create value and then grow spend with us and then spin our flywheel. And I don't think there's any reason why that historical range changes for the near future. And we continue to expect that we'll make further improvements to the platform and the data marketplace. And the focus is always about grabbing share and thinking about margin dollars, not just margin percentage.

但關於採用率真正需要注意的重要一點是，雖然它一直非常穩定，但我認為，在準備好的評論中，我們已經為我們的平台做出了巨大的改進，對吧？我們正在運送新產品。我們正在添加新功能。我們正在為客戶創新。我們有效地將盈餘傳遞給他們，這樣他們就可以創造價值，然後增加與我們的支出，然後旋轉我們的飛輪。而且我認為在不久的將來沒有任何理由可以改變歷史範圍。我們繼續期望我們將進一步改進平台和數據市場。重點始終是搶占份額和考慮保證金美元，而不僅僅是保證金百分比。

And with respect on the JBP side, there's just a lot of facets that go into that. It's not just like a rate conversation have you. So we're incentivizing data usage. We're incentivizing the omnichannel benefit that we have as a company. And so it's really not any type of a drag because you look at our JBP as a percentage of our spend, and it's been growing pretty nicely. And we went through a little bit of that in our Investor Day presentation in late last year.

關於 JBP 方面的尊重，其中涉及很多方面。這不僅僅是一次費率對話。因此，我們正在鼓勵數據使用。我們正在激勵我們作為一家公司所擁有的全渠道利益。所以這真的不是任何類型的拖累，因為你把我們的 JBP 看成是我們支出的百分比，而且它一直在很好地增長。我們在去年年底的投資者日演講中經歷了一些。

I guess the only thing that I'll add is, I just want to underline a couple of really important points here. First; our take rate has gone up 3 of the last 6 years, and it's gone down 3 of the last 6 years, stayed pretty much the same the entire time, we're a publicly traded company. Important to note that during that time, of course, we really shipped a lot of software. And what I've always been focused on, and we talked about this during the IPO road show. We wanted to make certain that we were adding to consumer surplus. I mean by consumer surplus, we mean our users, so that we're giving them more and yet the price is essentially staying the same.

我想我唯一要補充的是，我只想在這裡強調幾個非常重要的觀點。第一的;我們的接受率在過去 6 年中上升了 3 年，在過去 6 年中下降了 3 年，一直幾乎保持不變，我們是一家上市公司。需要注意的是，在那段時間裡，我們確實發布了很多軟件。還有我一直關注的，我們在IPO路演的時候也談過這個。我們想確保我們增加了消費者剩餘。我的意思是消費者剩餘，我們指的是我們的用戶，所以我們給他們更多，但價格基本保持不變。

I think we've done that over time, and that's partly why our client retention rate has been so high and the satisfaction of our clients has been so high. We expect to continue to add to that consumer surplus. That we want to make certain that our clients want to say. We believe that, that is the definition of economic sustainability to provide more value than you extract and we've been doing that over time.

我認為隨著時間的推移我們已經做到了這一點，這也是我們的客戶保留率如此之高和客戶滿意度如此之高的部分原因。我們希望繼續增加消費者盈餘。我們想確保我們的客戶想說。我們相信，這就是經濟可持續性的定義，即提供比您提取的價值更多的價值，並且我們一直在這樣做。

There's always a desire to try to figure out what are all the drivers of the take rate and what makes it go up and down. There's a lot of complex things, whether it's about channel mix, whether it's about geographical mix, whether about size of clients, there's a whole bunch of things, also the use of data.

人們總是想弄清楚是什麼因素影響了接受率，以及是什麼讓它上下波動。有很多複雜的事情，無論是渠道組合，地域組合，客戶規模，還有一大堆事情，還有數據的使用。

I think the single biggest contributor in 2022 to any change in take rate was largely just the way the data marketplace changed. And I expect changes in 2023 to continue to affect that but we're always going to be looking for ways to keep that take rate essentially the same and increase the consumer surplus so that we spend the flywheel because at the end of the day, we're trying to grab land.

我認為 2022 年對採用率的任何變化的最大貢獻主要是數據市場變化的方式。我預計 2023 年的變化將繼續影響這一點，但我們一直在尋找方法來保持該比率基本相同並增加消費者剩餘，以便我們花掉飛輪，因為在一天結束時，我們試圖搶地盤。

Holly, you can close the call.

霍莉，你可以結束通話了。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Goodbye.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。再見。