Trade Desk Inc (TTD) 2023 Q1 法說會逐字稿

Greetings. Welcome to The Trade Desk First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Chris Toth. You may begin.

問候。歡迎來到 The Trade Desk 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。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 First Quarter 2023 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; Chief Financial Officer, Blake Grayson; and Executive Vice President of Finance, Laura Schenkein. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

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 2023 年第一季度收益電話會議。今天的電話會議是創始人兼首席執行官 Jeff Green；首席財務官布萊克·格雷森；財務執行副總裁 Laura Schenkein。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 may vary significantly, and we expressly assume no obligations to update any of our 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. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

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。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 thank you all for joining us today. As you've seen from our press release, we are off to a very strong start in 2023. We reported first quarter revenue of $383 million, representing growth of 21% compared with last year, again, exceeding our own expectations. And has been in the case in the last few quarters, we continue to significantly outperform the digital advertising industry. We are gaining market share as advertisers embrace the precision and relevance of data-driven advertising on the open Internet via our platform.

謝謝，克里斯，感謝大家今天加入我們。正如您從我們的新聞稿中看到的那樣，我們在 2023 年開局非常強勁。我們報告第一季度收入為 3.83 億美元，與去年相比增長 21%，再次超出我們的預期。在過去幾個季度的情況下，我們的表現繼續明顯優於數字廣告行業。隨著廣告商通過我們的平台接受開放互聯網上數據驅動廣告的準確性和相關性，我們正在獲得市場份額。

Even as most brands and advertisers continue to deal with some level of uncertainty, they are increasingly shifting more of their campaign dollars to decisioned data-driven opportunities, where they can have more confidence that those dollars are working as hard as possible. As a result, we are signing multiyear joint business plans, JBPs, with the leading agencies and brands, some of which represent spend projections that exceed $1 billion.

即使大多數品牌和廣告商繼續應對某種程度的不確定性，他們也越來越多地將更多的競選資金轉移到由數據驅動的決策機會上，這樣他們就可以更有信心地相信這些資金正在盡可能地發揮作用。因此，我們正在與領先的機構和品牌簽署多年聯合業務計劃 JBP，其中一些代表的支出預測超過 10 億美元。

From the beginning, our goal has been to align our incentives with the buy side. This continues today. Because we do not own any media and because of our unwavering commitment to the demand side, our clients trust that we represent their interest alone, and we continue to innovate our platform to bring maximum value and ROI for their brand and agency campaigns. With that in mind, I'd like to focus my comments today on a few key areas: first, CTV; second, AI, including generative AI; third, agility; and fourth, the combination of OpenPath and identity.

從一開始，我們的目標就是讓我們的激勵措施與買方保持一致。這一直持續到今天。由於我們不擁有任何媒體，並且由於我們對需求方的堅定承諾，我們的客戶相信我們只代表他們的利益，我們將繼續創新我們的平台，為他們的品牌和代理活動帶來最大價值和投資回報率。考慮到這一點，我今天想把我的評論集中在幾個關鍵領域：首先，CTV；第二，人工智能，包括生成式人工智能；第三，敏捷性；第四，OpenPath與身份的結合。

So first, the transformational impact of CTV. In the first quarter, video, which includes CTV, was the fastest-growing channel of our business. And our CTV growth is not just here in the United States. CTV continues to grow rapidly, both in EMEA and across Asia. As I've said before, the shift to CTV is driving significant change not only in TV advertising but also in omni-channel advertising, in other words, our whole business. Many campaigns are now starting with high-value CTV impressions with carefully monitored reach and frequency. As part of an omni-channel campaign, these impressions are then followed up with less expensive display, audio, mobile and native ads to move the user down the funnel.

首先，CTV 的轉型影響。在第一季度，包括 CTV 在內的視頻是我們業務增長最快的渠道。我們的 CTV 增長不僅僅在美國。 CTV 在 EMEA 和整個亞洲繼續快速增長。正如我之前所說，向 CTV 的轉變不僅推動了電視廣告的重大變革，也推動了全渠道廣告的重大變革，換句話說，我們的整個業務。許多活動現在都從高價值的 CTV 印像開始，並仔細監控覆蓋面和頻率。作為全渠道營銷活動的一部分，這些印象隨後會通過更便宜的展示廣告、音頻廣告、移動廣告和原生廣告進行跟進，以將用戶轉移到漏斗中。

The focus on the transformational nature of CTV is never more apparent than at this time of year as major networks work to sell as much of their inventory as possible in advance through the annual spring upfront process. As the upfronts kick into gear, the role of programmatic CTV advertising is increasingly top of mind for our agency and brand clients. In recent years, upfronts have been charging higher CPMs for less reach in broadcast TV, which only serves to assign more clarity on the value of digital and CTV. Add to that the current writers' strike undoubtedly timed deliberately and we expect more dollars to flow into the spot market, programmatic and decision TV. As a result, I expect CTV to play a more central role than ever in this year's upfronts.

每年的這個時候，對 CTV 轉型性質的關注從未像現在這樣明顯，因為主要網絡致力於通過每年春季的前期流程提前銷售盡可能多的庫存。隨著前期工作的啟動，程序化 CTV 廣告的作用越來越成為我們的代理機構和品牌客戶的首要考慮因素。近年來，前期一直在為廣播電視中較少的覆蓋面收取更高的每千次展示費用，這只會讓數字和 CTV 的價值更加清晰。此外，當前的編劇罷工無疑是有意為之的，我們預計會有更多資金流入現貨市場、程序化和決策電視。因此，我預計 CTV 在今年的前期工作中將發揮比以往任何時候都更重要的作用。

Ad Age summarized recent trends in an article a couple of weeks ago that I quote, "Advertisers are requesting new deal terms with the major streaming TV companies ahead of this year's spring ad haggle, including how brands spend through programmatic platforms. In some cases, brands and agencies are asking streaming publishers to let The Trade Desk be a part of the deals."

廣告時代在我引用的幾週前的一篇文章中總結了最近的趨勢，“廣告商在今年春季廣告討價還價之前要求與主要流媒體電視公司達成新的交易條款，包括品牌如何通過程序化平台進行支出。在某些情況下，品牌和代理機構正在要求流媒體出版商讓 The Trade Desk 成為交易的一部分。”

The shift to decision CTV was reinforced at our recent Forward '23 CTV event in New York City, where most of the major streaming media companies joined us on stage to talk about how they are innovating in CTV to bring value to the world's top advertisers. Paramount talked about how advertisers are incorporating data, identity and optimization into the upfronts. Disney spoke about the multiyear transition taking place in CTV, much of it hinging on advances in addressability made possible by CTV. Also at Forward '23, NBCU made the big announcement that they have adopted UID2. They are integrating UID2 in order to ensure a premium CTV experience with low ad loads and frequency controls for advertisers. Across the board, UID2 is accelerating as the primary currency for CTV decisioning.

我們最近在紐約市舉行的 Forward '23 CTV 活動加強了向決策 CTV 的轉變，大多數主要流媒體公司都在舞台上與我們一起討論他們如何在 CTV 方面進行創新，為世界頂級廣告商帶來價值。派拉蒙談到了廣告商如何將數據、身份和優化整合到前期。迪士尼談到了 CTV 中發生的多年過渡，這在很大程度上取決於 CTV 在可尋址性方面的進步。同樣在 Forward '23 上，NBCU 宣布他們已經採用了 UID2。他們正在集成 UID2，以確保為廣告商提供低廣告負載和頻率控制的優質 CTV 體驗。總體而言，UID2 正在加速成為 CTV 決策的主要貨幣。

As we've discussed previously, biddable marketplaces are inevitable for media companies to maximize demand and compete in the CTV content arms race. This only becomes more true as the streaming wars intensify each year. By the way, this also makes integration with The Trade Desk somewhat inevitable for all major streaming platforms as they scale because they need as much demand as possible to their platforms.

正如我們之前所討論的，媒體公司為了最大化需求並在 CTV 內容軍備競賽中競爭，可競價市場是不可避免的。隨著流媒體戰爭每年愈演愈烈，這只會變得更加真實。順便說一下，這也使得與 The Trade Desk 的整合對於所有主要的流媒體平台來說在某種程度上是不可避免的，因為它們需要對其平台進行擴展，因為它們需要盡可能多的需求。

Even Netflix, a company who just launched their advertising business model at the end of last year highlighted on their earnings call a few weeks ago that the ad-funded subscriber is more valuable to them than the ad-free subscriber. Hulu has said the same thing for years. Even in the early days of the market, ad-supported streaming is proving to be the most effective engine for growth and value, and that is even before Netflix brings the power of identity and biddable marketplaces to the table.

就連 Netflix 這家去年底剛剛推出廣告業務模式的公司也在幾週前的財報電話會議上強調，對他們來說，有廣告收入的訂閱者比無廣告訂閱者更有價值。 Hulu 多年來一直在說同樣的話。即使在市場的早期，廣告支持的流媒體也被證明是增長和價值最有效的引擎，甚至在 Netflix 將身份和可競價市場的力量帶到桌面之前。

With a critical mass of premium CTV inventory available across a wide range of platforms, our advertising clients are eager to embrace the power of decisioning in their TV campaigns, and many of them are working with us to drive new innovations in CTV to get the maximum value from their investments.

憑藉廣泛平台上可用的大量優質 CTV 庫存，我們的廣告客戶渴望在他們的電視活動中獲得決策權，他們中的許多人正在與我們合作，推動 CTV 的新創新，以獲得最大的收益。他們投資的價值。

Recently, we launched a new product, the TV Quality Index or TVQI for short. It helps advertisers understand the quality of the ad experience that the consumer is having. The index analyzes consumer perceptions of different streaming platforms, ad relevance and publisher signals to ensure that each campaign targets the most relevant inventory to any specific audience group. It also helps advertisers compare the impact of premium video against the C of UGC skippable ads.

最近，我們推出了一個新產品，即電視質量指數或簡稱 TVQI。它可以幫助廣告商了解消費者所擁有的廣告體驗的質量。該指數分析消費者對不同流媒體平台、廣告相關性和發布商信號的看法，以確保每個活動都將最相關的庫存定位到任何特定的受眾群體。它還可以幫助廣告商比較優質視頻與 UGC 可跳過廣告的 C 的影響。

One of our large independent agency clients, Tombras, recently ran a campaign for one of their large global banking customers. Tombras wanted to understand how CTV could help increase brand awareness and favorability. With TVQI, Tombras was able to see where increases in the index score drove meaningfully higher brand lift. In this particular campaign, Tombras was able to drive a 22.5% lift in awareness and a 17% improvement in favorability by focusing on high scoring inventory from HBO Max and discovery+ based on TVQI.

我們的一個大型獨立代理客戶 Tombras 最近為其一家大型全球銀行客戶開展了一場活動。 Tombras 想了解 CTV 如何幫助提高品牌知名度和好感度。借助 TVQI，Tombras 能夠看到指數得分的增加在哪些方面顯著推動了品牌提升。在這個特定的活動中，Tombras 通過專注於來自 HBO Max 的高分庫存和基於 TVQI 的發現+，能夠將認知度提高 22.5%，並將好感度提高 17%。

The TV inventory quality is particularly important to advertisers when thinking about premium CTV content compared to the user-generated video content that often characterizes walled gardens. This was a priority for Sinyi Realty, one of the top real estate companies in Taiwan, for an omni-channel campaign that they recently ran on The Trade Desk. Sinyi wanted to boost its business by reaching more sellers, and they had previously relied on social media marketing against UGC. With The Trade Desk, however, Sinyi was able to significantly expand targeted reach and improve performance with an omni-channel campaign that embraced CTV, online video and display advertising, allowing them to maximize precision and optimize frequency across all those channels at once.

與通常以圍牆花園為特徵的用戶生成的視頻內容相比，在考慮優質 CTV 內容時，電視庫存質量對廣告商來說尤為重要。這是台灣頂級房地產公司之一信義地產最近在 The Trade Desk 上開展的全渠道營銷活動的首要任務。信義希望通過接觸更多賣家來促進業務發展，他們之前依靠社交媒體營銷來對抗 UGC。然而，借助 The Trade Desk，信義能夠通過包括 CTV、在線視頻和展示廣告在內的全渠道營銷活動顯著擴大目標範圍並提高績效，從而使他們能夠同時在所有這些渠道中最大限度地提高精準度並優化頻率。

Sinyi onboarded their valuable first-party data, leveraged UID2 to find new target audiences and used third-party behavioral data to find people interested in real estate and related topics, including consumers who had recently purchased home decoration products. With this approach, Sinyi was able to significantly expand their target audience, outperforming every one of their key KPIs. Indeed, Sinyi's video advertising assets performed twice as well as their previous UGC campaigns.

信義利用他們寶貴的第一方數據，利用 UID2 尋找新的目標受眾，並使用第三方行為數據尋找對房地產和相關主題感興趣的人，包括最近購買家裝產品的消費者。通過這種方法，信義能夠顯著擴大目標受眾，並超越了每一項關鍵 KPI。事實上，信義的視頻廣告資產的表現是之前 UGC 活動的兩倍。

I think it's also worth noting that while we spend a lot of time talking about the transformational nature of CTV, Sinyi's experience is a typical one of many of our clients. As I mentioned before, CTV is often just a starting point. Very few advertisers execute in CTV alone. Almost all of them want to bring decisioning to their TV spend so that they can be more data-driven across all advertising channels, and the emergence of premium CTV inventory at scale now enables that omni-channel optimization.

我認為還值得注意的是，雖然我們花了很多時間談論 CTV 的轉型性質，但信義的經歷是我們許多客戶的典型經歷。正如我之前提到的，CTV 通常只是一個起點。很少有廣告商單獨在 CTV 中執行。幾乎所有人都希望對他們的電視支出進行決策，以便他們可以在所有廣告渠道中更多地以數據為導向，而大規模優質 CTV 庫存的出現現在可以實現全渠道優化。

Next, I'd like to talk about artificial intelligence and our focus on innovation. AI has always been a very strategic focus of The Trade Desk, and we're confident that, once again, we're in a leading position. In our original business plan, we said that our technology had to be a fusion of human and machine. Our initial products reflected that paradigm. Humans are often best at creating hypotheses, especially about how to emotionally connect with other people, something that is key to the success of any advertising campaign. At the same time, machines can often test those hypotheses and constantly learn from new data.

接下來，我想談談人工智能和我們對創新的關注。人工智能一直是 The Trade Desk 的戰略重點，我們有信心再次處於領先地位。在我們最初的商業計劃中，我們說我們的技術必須是人與機器的融合。我們最初的產品反映了這種模式。人類通常最擅長創造假設，尤其是關於如何與他人建立情感聯繫的假設，這是任何廣告活動成功的關鍵。同時，機器經常可以檢驗這些假設並不斷從新數據中學習。

In 2018, AI was deployed throughout The Trade Desk product in enough places that we launched a brand that year, Koa. To our users, Koa denotes the presence of TTD's proprietary AI learning technology that generates recommendations and optimizations. When we launched Koa in 2018, we used the analogy of the copilot, where our thousands of daily users are the pilots and our generative AI recommendations serve as their copilot. More and more of our users have these features turned on as a default because they know that they're getting AI-driven insights and optimizations constantly applied to their campaigns.

2018 年，AI 在整個 The Trade Desk 產品中的足夠多的地方得到了部署，以至於我們當年推出了一個品牌 Koa。對於我們的用戶，Koa 表示存在 TTD 專有的人工智能學習技術，可以生成建議和優化。當我們在 2018 年推出 Koa 時，我們使用了副駕駛的類比，我們成千上萬的日常用戶是飛行員，我們的生成 AI 推薦是他們的副駕駛。我們越來越多的用戶默認啟用這些功能，因為他們知道他們正在不斷將 AI 驅動的洞察力和優化應用到他們的活動中。

I love what the CEO of Coca-Cola said publicly after their earnings a few weeks ago. And I quote, "Much has been said about AI, and it's certainly going to obey the maxim. Profound transformative technology is often overestimated in its impact in the short term and underestimated in the long term. This is going to have a profound impact, profound internally for the way our business operates but also how we engage with consumers." He then added, "I think AI is going to make a huge impact in marketing."

我喜歡可口可樂首席執行官幾週前在公佈收益後所說的話。我引用，“關於人工智能已經說了很多，它肯定會遵守格言。深刻的變革性技術在短期內的影響往往被高估，而在長期內卻被低估了。這將產生深遠的影響，對我們的業務運作方式以及我們與消費者的互動方式有著深刻的內部影響。”然後他補充說，“我認為人工智能將對營銷產生巨大影響。”

With that in mind, not enough has been said about what it takes to make great AI. ChatGPT is an amazing technology, but its usefulness is conditioned on the quality of the dataset it is pointed at. Regurgitating bad data, bad opinions or fake news, where AI-generated deepfakes, for example, will be a problem that all generative AI will likely be dealing with for decades to come. We believe many of the novel AI use cases in market today will face challenges with monetization and copyright and data integrity or truth and scale.

考慮到這一點，關於如何打造出色的 AI 的討論還不夠。 ChatGPT 是一項了不起的技術，但它的實用性取決於它所指向的數據集的質量。反芻不良數據、不良觀點或假新聞，例如人工智能生成的深度造假，將是未來幾十年所有生成人工智能可能要處理的問題。我們相信，當今市場上許多新穎的人工智能用例將面臨貨幣化、版權和數據完整性或真實性和規模方面的挑戰。

By contrast, we are so excited about our position in the advertising ecosystem when it comes to AI. We look at over 10 million ad requests every second. Those requests, in sum, represent a very robust and very unique dataset with incredible integrity. We can point generative AI at that dataset with confidence for years to come. We know that our size, our dataset size and integrity, our profitability and our team will make Koa and generative AI a promising part of our future.

相比之下，當涉及到人工智能時，我們對我們在廣告生態系統中的地位感到非常興奮。我們每秒查看超過 1000 萬個廣告請求。總而言之，這些請求代表了一個非常強大且非常獨特的數據集，具有令人難以置信的完整性。我們可以在未來幾年充滿信心地將生成人工智能指向該數據集。我們知道我們的規模、我們的數據集大小和完整性、我們的盈利能力和我們的團隊將使 Koa 和生成式 AI 成為我們未來充滿希望的一部分。

In the future, you'll also hear us talk about other applications of AI in our business. These include generating code faster; changing the way customers understand and interact with their own data; generating new and more targeted creatives, especially for video and CTV; and using virtual assistance to shorten the learning curve that comes with the complicated world of programmatic advertising by optimizing the documentation process and making it more engaging.

未來，您還會聽到我們談論 AI 在我們業務中的其他應用。這些包括更快地生成代碼；改變客戶理解和與自己的數據交互的方式；生成新的和更有針對性的創意，尤其是視頻和 CTV；並使用虛擬協助通過優化文檔流程並使其更具吸引力來縮短複雜的程序化廣告世界帶來的學習曲線。

We'll have a lot more to say about the role of AI, particularly how it is getting more distributed within our system as well as many other game-changing innovations at our next platform launch event on 6/6 in New York. It will be the largest platform launch in our history, and I even hesitate to call it an upgrade because it is so much more than that. It will encompass a new approach to collaborative innovation, breakthroughs in how we service value for advertisers and expanding accessibility as marketers of all types embrace the power of programmatic. The new release is called [Kokai], and we look forward to sharing new product announcements, new ways for partners and clients to adopt and integrate with The Trade Desk and even deeper relationships as a result.

在我們將於 6 月 6 日在紐約舉行的下一次平台發布活動中，我們將有更多關於 AI 的作用，特別是它如何在我們的系統中變得更加分佈以及許多其他改變遊戲規則的創新。這將是我們歷史上最大的平台發布，我什至不願將其稱為升級，因為它遠不止於此。它將包含一種協作創新的新方法，我們在為廣告商提供服務價值方面的突破，以及隨著各種類型的營銷人員接受程序化的力量而擴大可及性。新版本稱為 [Kokai]，我們期待分享新產品公告、合作夥伴和客戶採用和集成 The Trade Desk 的新方式，以及由此產生的更深層次的關係。

For the third topic today, I'd like to talk briefly about agility. In our work with the thousands of agencies and brands that utilize our platform, there has been a shift in the discussions we're having over the last 12 months or so. All of our clients are cognizant of the macro market environment, whether it's high interest rates or fears of recession, the stability of the banking system or ongoing supply chain issues. They are also, though, keenly aware of the role that advertising continues to play in helping them drive growth and differentiate their businesses even in times of uncertainty.

今天的第三個話題，簡單說說敏捷。在我們與使用我們平台的數千家機構和品牌的合作中，我們在過去 12 個月左右的時間裡進行的討論發生了變化。我們所有的客戶都了解宏觀市場環境，無論是高利率還是對經濟衰退的擔憂、銀行系統的穩定性或持續的供應鏈問題。不過，他們也敏銳地意識到，即使在不確定時期，廣告在幫助他們推動增長和差異化業務方面繼續發揮的作用。

Because of this, marketing leaders need to be deliberate with advertising budgets. More and more, they are looking to understand where they can shift investments and where they can be more flexible, agile and data-driven to find those important opportunities to differentiate and drive growth to their business. And in that environment, the value of The Trade Desk becomes even more apparent. With us, agencies and brands can plan and optimize in real time. They can work in month-to-month increments versus a year-long or a 6-month plan.

正因為如此，營銷領導者需要慎重考慮廣告預算。他們越來越希望了解可以將投資轉移到哪些地方，以及可以在哪些地方更加靈活、敏捷和數據驅動，以找到重要的機會來實現差異化並推動業務增長。在這種環境下，The Trade Desk 的價值變得更加明顯。通過我們，代理商和品牌可以實時規劃和優化。他們可以按月遞增，而不是一年或 6 個月的計劃。

A great example of this is FairPrice in Singapore. You may remember that FairPrice is one of our retail media partners. They are the largest grocery chain in Singapore. They are also an advertiser on our platform. Their goal was quite simple. In an increasingly competitive market, FairPrice wanted to reach new customers with a lower acquisition cost. Working with The Trade Desk, they were able to import their valuable first-party data from their loyalty program, which comprises more than 2 million customers. Using UID2, they were able to do look-alike modeling to understand where additional potential customers might be targeted, potential customers who share some characteristics of their most loyal customers. And the results were very impressive. When using UID2 to execute that modeling, FairPrice's acquisition cost per customer was 1/3 lower than with traditional identifiers but also with twice the scale.

新加坡的 FairPrice 就是一個很好的例子。您可能記得 FairPrice 是我們的零售媒體合作夥伴之一。他們是新加坡最大的雜貨連鎖店。他們也是我們平台上的廣告商。他們的目標很簡單。在競爭日益激烈的市場中，FairPrice 希望以更低的獲取成本吸引新客戶。通過與 The Trade Desk 合作，他們能夠從他們的忠誠度計劃中導入有價值的第一方數據，該計劃包含超過 200 萬客戶。使用 UID2，他們能夠進行相似建模，以了解可能將其他潛在客戶定位到哪些地方，這些潛在客戶與他們最忠誠的客戶具有某些相同的特徵。結果非常令人印象深刻。當使用 UID2 執行該建模時，FairPrice 的每位客戶獲取成本比使用傳統標識符低 1/3，但規模也是原來的兩倍。

The same trend is happening around the world. One of the world's largest CPG companies, also one of our largest clients, recently highlighted this on their earnings call. They talked about how programmatic was helping them drive significant campaign and media efficiencies, maximizing the ROI of every campaign dollar. This efficiency helped them reinvest in more media and innovation, driving competitive differentiation.

同樣的趨勢正在世界各地發生。世界上最大的 CPG 公司之一，也是我們最大的客戶之一，最近在他們的財報電話會議上強調了這一點。他們談到了程序化如何幫助他們顯著提高營銷活動和媒體效率，最大限度地提高每一筆營銷活動的投資回報率。這種效率幫助他們對更多媒體和創新進行再投資，推動競爭差異化。

The trend towards agility and flexibility plays into the strengths of The Trade Desk. In fact, I would argue that at a time when it can be harder than ever to predict macro market trends, the ability to drive a growth and competitive differentiation agenda using our platform becomes more compelling than ever, and we expect this trend to continue regardless of the macro environment. More and more marketing leaders from CMOs to agency leaders, to media planners understand the power of programmatic to thoughtfully drive value. And they are leaning in, whether it's in CTV, retail media, UID2 or any number of other key programmatic innovations.

敏捷性和靈活性的趨勢發揮了 The Trade Desk 的優勢。事實上，我認為，在比以往任何時候都更難預測宏觀市場趨勢的時候，使用我們的平台推動增長和競爭差異化議程的能力變得比以往任何時候都更具吸引力，我們預計這一趨勢將繼續下去的宏觀環境。越來越多的營銷領導者，從 CMO 到代理機構領導者，再到媒體策劃者，都了解程序化在深思熟慮地推動價值方面的力量。他們正在努力，無論是在 CTV、零售媒體、UID2 還是任何其他關鍵的程序化創新領域。

Finally, I'd like to discuss UID2 in the OpenPath. I've mentioned UID a few times on this call already, but I'd like to touch on the progress we've made there and with OpenPath in the last few months as well. Much has been written about these innovations in recent weeks, especially about what they might mean for the evolving role of demand-side platforms and supply-side platforms.

最後，我想討論 OpenPath 中的 UID2。我已經在這次電話會議上多次提到 UID，但我想談談過去幾個月我們在這方面以及 OpenPath 方面取得的進展。最近幾週，關於這些創新的文章很多，尤其是關於它們對需求方平台和供應方平台不斷演變的角色可能意味著什麼。

As I hope you picked up in the client stories I've shared today, UID2 is much more than a new identity alternative to cookies. It's really about helping our clients drive advertising precision in a privacy-safe way across all advertising channels. As the open Internet continues to grow and evolve, it's essential that we develop new identity currencies that help us preserve the vital value exchange of relevant advertising or free content.

正如我希望您從我今天分享的客戶案例中了解到的那樣，UID2 不僅僅是 cookie 的新身份替代品。這實際上是為了幫助我們的客戶在所有廣告渠道中以隱私安全的方式提高廣告精準度。隨著開放互聯網的不斷發展和演變，我們必須開發新的身份貨幣來幫助我們保持相關廣告或免費內容的重要價值交換。

Last quarter, I said we expect 75% of the third-party data ecosystem to be activating on UID2 by the middle of the year. I'm proud to report today that we are now right at that level, with most major third-party data providers leveraging UID2s on our platform. A growing number of publishers are also sending UID2s, providing advertisers with greater insight into audience engagement and campaign performance. And as a result, ad spend is increasingly gravitating towards ad impressions that include UID2. It's worth noting that, in some cases, we may see the same ad impression from up to 8 or 9 SSP supply paths on our platform. When this occurs, our clients are more likely to transact on impressions that incorporate UID2 because they have a clearer sense of exactly which audience they are reaching and how those ads are performing.

上個季度，我說過我們預計 75% 的第三方數據生態系統將在年中之前在 UID2 上激活。我今天很自豪地報告說，我們現在正處於那個級別，大多數主要的第三方數據提供商都在我們的平台上利用 UID2。越來越多的發布商也在發送 UID2，從而使廣告商能夠更深入地了解受眾參與度和活動績效。因此，廣告支出越來越傾向於包含 UID2 的廣告印象。值得注意的是，在某些情況下，我們可能會在我們的平台上看到來自多達 8 或 9 個 SSP 供應路徑的相同廣告印象。發生這種情況時，我們的客戶更有可能根據包含 UID2 的印象進行交易，因為他們更清楚地了解他們所覆蓋的受眾群體以及這些廣告的效果。

A few weeks ago, for example, Unilever announced that ad impressions, including UID2, on Disney were 12x more effective in reaching their target audience than those with traditional identifiers. This is not atypical, and our advertisers are willing to pay for the value of that precision. Indeed, CPMs on ad impressions containing UID2 are meaningfully higher than those without in most channels. In this way, UID2 simply helps advertisers drive as much value as possible from every advertising dollar.

例如，幾週前，聯合利華宣布，與傳統標識符相比，迪士尼的廣告印象（包括 UID2）在觸及目標受眾方面的效果要高 12 倍。這並非不正常，我們的廣告商願意為這種精確度的價值買單。事實上，在大多數渠道中，包含 UID2 的廣告印象的 CPM 明顯高於不包含 UID2 的 CPM。通過這種方式，UID2 可以幫助廣告商從每一筆廣告費用中獲得盡可能多的價值。

The same can be said of OpenPath. To begin the discussion on OpenPath, let me first remind you of what it is. OpenPath is a direct integration from our platform into publisher inventory. It provides our clients with a direct line of sight into premium inventory across channels, and it provides publishers with a direct view of what advertisers are willing to pay for their impressions. In no way, shape or form is OpenPath an effort by the Trade Desk to enter the supply side of digital advertising. That is not in our interest.

OpenPath 也是如此。要開始討論 OpenPath，首先讓我提醒您它是什麼。 OpenPath 是從我們的平台直接集成到發布商庫存中。它使我們的客戶能夠直接了解跨渠道的優質庫存，並使發布商能夠直接了解廣告商願意為其印象支付的費用。無論如何，形狀或形式都不是 OpenPath Trade Desk 為進入數字廣告供應方所做的努力。那不符合我們的利益。

To explain that a bit more clearly, it's worth spending a moment on some of the industry dynamics that make OpenPath compelling for our clients. OpenPath was born of an advertiser interest in having a more clear and transparent path to publisher inventory, where every participant in the supply path is contributing more value than they are extracting in fees. Advertisers have long been aware that there are quite a few hops in the advertising supply chain, and neither the price nor the value of each hop has ever been completely clear.

為了更清楚地解釋這一點，值得花點時間了解一些使 OpenPath 對我們的客戶具有吸引力的行業動態。 OpenPath 的誕生源於廣告商對擁有更清晰和透明的發布商庫存路徑的興趣，供應路徑中的每個參與者貢獻的價值超過他們收取的費用。廣告商早就知道廣告供應鏈中有很多跳點，而且每一跳的價格和價值都不是很清楚。

We share this concern. And in this way, OpenPath, is very consistent with our long-term commitment to make supply chain optimization and efficiency a reality. Advertisers' eagerness for more transparency came at a time when publishers were becoming increasingly frustrated in their ability to manage yield in the complex world of programmatic. Indeed, many of them were starting to do it themselves, with some even launching their own ad servers.

我們也有同樣的擔憂。通過這種方式，OpenPath 與我們實現供應鏈優化和效率的長期承諾非常一致。廣告商渴望提高透明度之際，出版商對其在復雜的程序化世界中管理收益的能力越來越感到沮喪。事實上，他們中的許多人開始自己做，有些甚至推出了自己的廣告服務器。

And why were they frustrated? It really has a lot to do with Google's dominance of the supply side and the draconian measures they've taken that hurt publisher revenues. The recent Department of Justice lawsuit against Google does a remarkably thorough job of outlining these dynamics. We have long asked the supply side to do a better job of yield management. It's not something we will ever do. We see the impact that Google is having, and we believe DoubleClick for Publishers, or DFP, should have more and better competition from SSPs just as we tried to provide on the demand side.

他們為什麼感到沮喪？這確實與穀歌在供應方的主導地位以及他們採取的損害出版商收入的嚴厲措施有很大關係。美國司法部最近對谷歌提起的訴訟非常詳盡地概述了這些動態。我們早就要求供應方做好收益管理。這不是我們永遠會做的事情。我們看到了 Google 正在產生的影響，我們相信 DoubleClick for Publishers 或 DFP 應該與 SSP 進行更多更好的競爭，就像我們試圖在需求方提供的那樣。

But given the state of the supply chain in programmatic, which is one where either companies have the power to create change and don't want to or they are too small to have the power to create the change, advertisers want direct integrations, and publishers are welcoming them. Many publishers representing thousands of media properties across CTV, mobile and display have already integrated with OpenPath. And our advertisers are increasingly prioritizing direct channels, where they have a clear view of value. For all of the publishers that have integrated, we have a multiple of that number going through the process of getting onboard right now.

但考慮到程序化供應鏈的現狀，即要么公司有能力創造變化但不想這樣做，要么它們太小而無力創造變化，廣告商希望直接整合，而出版商正在歡迎他們。許多代表 CTV、移動和顯示媒體的數千家媒體資產的出版商已經與 OpenPath 集成。我們的廣告商越來越重視直接渠道，因為他們對這些渠道的價值有清晰的認識。對於所有已整合的發布商，我們有數倍的數量正在通過立即加入的過程。

So let me bring this all to a close by highlighting that our work in these areas is made possible by our focus on profitability. In the first quarter, once again, The Trade Desk generated strong adjusted EBITDA and free cash flow. We remain one of the very few high-growth technology companies to consistently do so year after year. Our strong profitability allows us to invest in emerging technologies such as OpenPath and UID2 and deliver them to market, even if development resources are in short supply across our clients and partners. It means we can continue to invest in innovations such as our retail media marketplace, enabling our clients to more effectively measure how specific campaigns drive in-store or online purchases.

因此，讓我通過強調我們對盈利能力的關注使我們在這些領域的工作成為可能來結束這一切。第一季度，The Trade Desk 再次產生了強勁的調整後 EBITDA 和自由現金流。我們仍然是為數不多的年復一年堅持這樣做的高增長科技公司之一。我們強大的盈利能力使我們能夠投資於 OpenPath 和 UID2 等新興技術並將它們推向市場，即使我們的客戶和合作夥伴的開發資源供不應求。這意味著我們可以繼續投資創新，例如我們的零售媒體市場，使我們的客戶能夠更有效地衡量特定活動如何推動店內或在線購買。

Just a couple of days ago, we announced a new retail partnership with Macy's here in the United States. In Europe, we recently announced a new partnership with Ocado, a joint venture involving Marks & Spencer and one of U.K.'s fastest-growing grocery groups. We now work with many of the world's leading retailers to activate their data for our advertisers, and our clients are embracing the opportunity to apply more performance and measurement precision to their retail campaigns. In many cases, this is incremental market opportunity for us. It also means we continue to advance our industry leadership in AI, which I mentioned earlier, and which we will talk about more on June 6 with the launch of Kokai .

就在幾天前，我們宣布與美國梅西百貨建立新的零售合作夥伴關係。在歐洲，我們最近宣布與 Ocado 建立新的合作夥伴關係，Ocado 是 Marks & Spencer 和英國發展最快的雜貨集團之一的合資企業。我們現在與許多世界領先的零售商合作，為我們的廣告商激活他們的數據，我們的客戶正在抓住機會將更高的性能和測量精度應用到他們的零售活動中。在許多情況下，這對我們來說是增量市場機會。這也意味著我們將繼續提升我們在 AI 領域的行業領導地位，我之前提到過這一點，我們將在 6 月 6 日隨著 Kokai 的發布進一步討論這一點。

Our commitment to industry-leading innovation underpins everything we do. In the first quarter, we once again outperformed the market with 21% revenue growth, meaning we continue to gain market share at an impressive pace because we consistently bring innovation value to our clients every single day. The innovation acceleration in programmatic will only continue in 2023 as more advertisers embrace breakthroughs in CTV, retail, identity and so many other areas. The Trade Desk will stay at the bleeding edge of this innovation curve, and in doing so, I'm optimistic that we will continue to outperform the market, deliver more value to our clients than we extract and gain share.

我們對行業領先創新的承諾支撐著我們所做的一切。在第一季度，我們再次以 21% 的收入增長跑贏市場，這意味著我們繼續以驚人的速度獲得市場份額，因為我們每天都在不斷地為客戶帶來創新價值。隨著越來越多的廣告商在 CTV、零售、身份識別和許多其他領域實現突破，程序化的創新加速只會在 2023 年繼續。 The Trade Desk 將始終處於這條創新曲線的最前沿，在這樣做的過程中，我樂觀地認為我們將繼續跑贏市場，為我們的客戶提供比我們提取和獲得份額更多的價值。

As I hand over the microphone to Blake Grayson, I'd like to underscore an announcement that we made in our press release. I'm so thrilled to announce the promotion of Laura Schenkein to become our new Chief Financial Officer, succeeding Blake, who will be leaving the company for a senior finance role outside of the ad tech industry.

當我將麥克風交給 Blake Grayson 時，我想強調一下我們在新聞稿中發布的公告。我很高興地宣布 Laura Schenkein 晉升為我們的新首席財務官，接替 Blake，Blake 將離開公司，擔任廣告技術行業以外的高級財務職務。

First, I'd like to thank Blake for the amazing contribution that he's made to this company during his time here in the last few years. I can't imagine having been through this with anyone else, never expected to experience the effects of the pandemic, some very difficult decisions in the middle of 2020 around resource allocation as we were looking into uncharted territories and lots of uncertainty.

首先，我要感謝 Blake 在過去幾年任職期間為這家公司做出的驚人貢獻。我無法想像與其他任何人一起經歷過這種情況，從沒想過會經歷大流行的影響，在 2020 年年中我們正在研究未知領域和許多不確定性時，圍繞資源分配做出了一些非常艱難的決定。

But I am extremely excited to announce Laura as our new CFO. Laura and I have worked together for about the last 10 years. I've seen Laura grow as a leader. I think it's fair to say that one of the most significant achievements of Blake during his time here is how much he has mentored and helped Laura to grow. Laura understands our business and on a personal note because I've worked with Laura for a decade. I've come to trust her strategic counsel and her recommendations. I'm very proud to call her my partner and our new CFO.

但我非常高興地宣布勞拉成為我們的新首席財務官。在過去的 10 年裡，勞拉和我一起工作了大約 10 年。我見證了勞拉成長為一名領導者。我認為可以公平地說，布萊克在他任職期間最重要的成就之一就是他對勞拉的指導和幫助。勞拉了解我們的業務，並以個人名義了解我們，因為我與勞拉共事了十年。我開始相信她的戰略顧問和建議。我很自豪地稱她為我的合作夥伴和我們的新首席財務官。

And with that, I'll hand it over to Blake to say a few words and cover our financials.

有了這個，我會把它交給布萊克說幾句話並介紹我們的財務狀況。

Thank you, Jeff, for the kind words. And good afternoon, everyone. I am immensely proud of our achievements as a company, and it has been an honor to work with Jeff and the leadership team as well as so many talented individuals at The Trade Desk. I'm leaving for a new challenge knowing the company is well positioned for the future. Laura is an extremely well-respected and accomplished colleague and has my full confidence as she assumes her new role.

傑夫，謝謝你的客氣話。大家下午好。作為一家公司，我為我們取得的成就感到無比自豪，我很榮幸能與 Jeff 和領導團隊以及 The Trade Desk 的眾多才華橫溢的人一起工作。知道公司已為未來做好準備，我將去迎接新的挑戰。勞拉 (Laura) 是一位非常受人尊敬和成就卓著的同事，我對她擔任新職位充滿信心。

Now on to our results. Q1 was an exceptional quarter of financial performance and execution for The Trade Desk. Q1 revenue was $383 million, a 21% increase year-over-year. Our Q1 performance was bolstered by the growing trend toward unbiased, data-driven advertising on the open Internet. This shift has played to the strengths of our platform as marketers become more agile and deliberate with their digital advertising. While some macro uncertainty in the market has led to relatively uneven ad budgets, we are seeing increasing numbers of marketers embrace our platform to take advantage of our flexible and data-driven approach.

現在來看看我們的結果。第一季度是 The Trade Desk 財務業績和執行的出色季度。第一季度收入為 3.83 億美元，同比增長 21%。我們第一季度的業績得到了開放互聯網上無偏見、數據驅動廣告的增長趨勢的支持。隨著營銷人員在數字廣告方面變得更加敏捷和謹慎，這種轉變發揮了我們平台的優勢。雖然市場上的一些宏觀不確定性導致廣告預算相對不平衡，但我們看到越來越多的營銷人員接受我們的平台，以利用我們靈活和數據驅動的方法。

Our success in Q1 was demonstrated by several key achievements. Our performance in the CTV space remained robust, and we continued to achieve strong momentum in retail media, further solidifying our position as a leading player in the industry. Strong growth returned to many of our key international offices. The growing adoption of UID2 by major advertisers and publishers speaks to the value that is placed on identity in the open Internet ecosystem. In addition, we deepened our partnerships with clients by expanding our joint business plans on a global level, a testament to our unwavering commitment to providing outstanding value and results for our customers.

幾項關鍵成就證明了我們在第一季度的成功。我們在 CTV 領域的表現依然強勁，我們在零售媒體領域繼續取得強勁勢頭，進一步鞏固了我們作為行業領先者的地位。我們的許多主要國際辦事處都恢復了強勁增長。主要廣告商和出版商越來越多地採用 UID2，說明了開放互聯網生態系統中身份的價值。此外，我們通過在全球範圍內擴展我們的聯合業務計劃，加深了與客戶的合作夥伴關係，這證明了我們堅定不移地致力於為客戶提供卓越的價值和成果。

In addition to strong top line performance, in Q1, we generated $109 million in adjusted EBITDA or 28% of revenue, exceeding our own expectations. As it typically occurs, when we outperform on the top line, it generally flows through to our bottom line results as it did in this quarter. This outperformance led to record free cash flow of $177 million in Q1, marking nearly $500 million in free cash flow on a trailing 12-month basis, which is nearly 10x the free cash flow we generated just 3 years ago.

除了強勁的營收表現外，在第一季度，我們還產生了 1.09 億美元的調整後 EBITDA 或 28% 的收入，超出了我們自己的預期。正如通常發生的那樣，當我們在頂線表現出色時，它通常會像本季度那樣流入我們的底線結果。這一出色表現導致第一季度自由現金流達到創紀錄的 1.77 億美元，過去 12 個月的自由現金流接近 5 億美元，幾乎是我們 3 年前產生的自由現金流的 10 倍。

In the current environment, our consistent ability to grow our top line revenue while generating meaningfully positive adjusted EBITDA and cash flow puts us in a strong position to continue investing for growth and grabbing land while others are forced to pull back. Additionally, I am proud that our robust cash generation allowed us to return excess capital to shareholders for the first time via our share repurchase program.

在當前環境下，我們始終如一地增加收入，同時產生有意義的調整後 EBITDA 和現金流，這使我們處於有利地位，可以繼續投資以實現增長和搶占土地，而其他人則被迫撤退。此外，我感到自豪的是，我們強勁的現金生成使我們能夠通過我們的股票回購計劃首次將多餘的資本返還給股東。

In Q1, growth was broad-based across channels. The shift of advertising dollars from linear to connected TV continued to be a core driver of our business. From a scaled channel perspective, 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 mid-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%.

第一季度，各渠道的增長基礎廣泛。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。從規模化渠道的角度來看，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，移動設備佔支出的 30% 左右。顯示占我們業務的低兩位數百分比，音頻佔 5% 左右。

Geographically, North America accounted for 88% of our Q1 spend, with international representing the remaining 12%. We're pleased to report that international growth slightly outpaced North America during this period, with particularly strong performance in EMEA. Our CTV business in Europe grew well into the triple digits year-over-year in Q1. While CTV growth in North Asia also showed encouraging momentum, with year-over-year CTV spend growth in both regions improving each month.

從地域上看，北美占我們第一季度支出的 88%，國際佔其餘 12%。我們很高興地報告，在此期間，國際增長略微超過北美，尤其是歐洲、中東和非洲地區的表現尤為強勁。我們在歐洲的 CTV 業務在第一季度同比增長了三位數。北亞的 CTV 增長也顯示出令人鼓舞的勢頭，兩個地區的 CTV 支出同比增長都在逐月提高。

Looking ahead, we see significant opportunities to capture share in international markets as operating conditions continue to improve. As customers seek to optimize their ad spend, The Trade Desk is well positioned to deliver value and drive ROI as we demonstrated in late 2020.

展望未來，隨著經營狀況的不斷改善，我們看到了在國際市場上佔據份額的重大機遇。正如我們在 2020 年底所展示的那樣，隨著客戶尋求優化他們的廣告支出，The Trade Desk 完全有能力提供價值並提高投資回報率。

In terms of the verticals that represent at least 1% of our spend, travel nearly tripled in spend in Q1 compared with a year ago as the sector continues to recover from the pandemic. Food and drink, automotive, and home and garden were also among our strongest performing verticals, while shopping and business were below the average. 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，隨著該行業繼續從大流行中復蘇，第一季度的旅遊支出比一年前增長了近兩倍。食品和飲料、汽車、家居和園藝也是我們表現最強勁的垂直行業，而購物和商業則低於平均水平。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. Excluding stock-based compensation, operating expenses in Q1 were $293 million, up 41% year-over-year. We continued to invest prudently in our team during the quarter to support our long-term growth objectives. The year-over-year increase in operating expenses, excluding stock-based compensation, was partly due to in-person events and travel that did not take place in Q1 of the prior year as we had not yet fully resumed back-to-office work or in-person events. Unlike many ad-funded and technology peers, we have responsibly managed headcount and operating expenses over the past few years, maintaining a focus on profitable growth. As a result, we are well positioned to capture market share and increase spend while generating significant adjusted EBITDA.

現在轉向費用。不包括基於股票的薪酬，第一季度的運營費用為 2.93 億美元，同比增長 41%。我們在本季度繼續審慎地投資於我們的團隊，以支持我們的長期增長目標。運營費用同比增長（不包括基於股票的薪酬）部分是由於我們尚未完全恢復到辦公室，因此去年第一季度沒有發生現場活動和差旅工作或面對面的活動。與許多廣告資助和技術同行不同，我們在過去幾年中負責任地管理員工人數和運營費用，並始終關注盈利增長。因此，我們有能力佔領市場份額並增加支出，同時產生顯著的調整後 EBITDA。

Our income tax benefit was $19 million in the quarter, mainly due to the tax benefits associated with employee stock-based awards, the timing of which can be variable. Adjusted net income for the quarter was $114 million or $0.23 per fully diluted share. Net cash provided by operating activities was a record $188 million, and free cash flow was a record $177 million in Q1. DSOs exited in the quarter were 88 days, and DPOs were 72 days.

本季度我們的所得稅收益為 1900 萬美元，主要是由於與基於員工股票的獎勵相關的稅收收益，其時間可能是可變的。本季度調整後的淨收入為 1.14 億美元，即每股完全攤薄收益 0.23 美元。第一季度經營活動提供的現金淨額達到創紀錄的 1.88 億美元，自由現金流達到創紀錄的 1.77 億美元。本季度退出的 DSO 為 88 天，DPO 為 72 天。

We exited Q1 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.

我們以強勁的現金和流動性頭寸退出了第一季度。現金、現金等價物和短期投資在本季度末為 13 億美元。我們的資產負債表上沒有債務。

In February, upon review of our capital allocation strategy, we announced a $700 million share repurchase program. In Q1, we repurchased 5.1 million shares of Class A common stock for an aggregate amount of $293 million. The company will continue to approach the repurchase program opportunistically depending on market conditions and capital priorities.

2 月，在審查我們的資本配置策略後，我們宣布了一項 7 億美元的股票回購計劃。第一季度，我們回購了 510 萬股 A 類普通股，總金額為 2.93 億美元。公司將繼續根據市場狀況和資本優先順序採取機會主義的方式實施回購計劃。

Before I pass the microphone to Laura to cover the outlook for Q2, I'll summarize by saying The Trade Desk is off to a fantastic start in 2023 with strong momentum across the business. Our robust business model and solid balance sheet have positioned us well to succeed in the current environment with powerful secular trends such as the shift from linear to CTV, the growing use of data and marketing campaigns, and significant long-term growth drivers such as CTV, retail media, joint business plans and gaining share in international markets. We are highly optimistic about the potential to continue growing and capturing market share in the years ahead.

在我將麥克風交給勞拉介紹第二季度的前景之前，我要總結一下，The Trade Desk 在 2023 年開局良好，整個業務勢頭強勁。我們穩健的商業模式和穩健的資產負債表使我們能夠在當前環境中取得成功，具有強大的長期趨勢，例如從線性到 CTV 的轉變、數據和營銷活動的使用越來越多，以及 CTV 等重要的長期增長動力、零售媒體、聯合商業計劃和在國際市場上獲得份額。我們對未來幾年繼續增長和占領市場份額的潛力非常樂觀。

And with that, I'll hand it over to Laura.

有了這個，我會把它交給勞拉。

Thank you, Blake. And thank you, Jeff, for the kind words. I'm incredibly excited to be taking on the CFO role starting next month. I feel fortunate to have worked with Blake these last 3.5 years. It's because of his and Jeff's mentorship that I feel well prepared to take the baton and build upon the strong foundation they've set for TTD's future.

謝謝你，布萊克。傑夫，謝謝你的客氣話。我非常高興能從下個月開始擔任首席財務官一職。在過去的 3.5 年裡，我很幸運能與 Blake 共事。正是由於他和 Jeff 的指導，我覺得已經做好了接過接力棒的準備，並在他們為 TTD 的未來奠定的堅實基礎上繼續發展。

Turning now to our outlook for the second quarter. While macro conditions remain uncertain, visibility has improved slightly since the beginning of the year. We are cautiously optimistic and estimate Q2 revenue to be at least $452 million, which would represent growth of 20% on a year-over-year basis. Excluding U.S. political election spend, which represented a low single-digit percent of spend in Q2 2022, our estimated revenue growth rate in Q2 of this year would be about 21% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $160 million in Q2.

現在談談我們對第二季度的展望。儘管宏觀環境仍不明朗，但自今年年初以來，能見度略有改善。我們持謹慎樂觀的態度，預計第二季度收入至少為 4.52 億美元，同比增長 20%。不包括佔 2022 年第二季度支出的低個位數百分比的美國政治選舉支出，我們估計今年第二季度的收入同比增長率約為 21%。我們估計第二季度調整後的 EBITDA 約為 1.6 億美元。

As Jeff has outlined, with the large addressable market in front of us, we see significant growth opportunities and continue to invest thoughtfully in the business. We continue to be one of the few technology companies capable of consistently generating high top line growth, significant adjusted EBITDA margins and free cash flow. This enables us to continue distancing ourselves from the competition in areas such as platform innovation, customer service identity and supply chain optimization. In addition, this year, we remain focused on hiring to support future growth, although at about half the rate of 2022 as we expect our year-over-year headcount growth to continue to decelerate as we progress throughout the year.

正如 Jeff 概述的那樣，面對巨大的潛在市場，我們看到了巨大的增長機會，並繼續對業務進行深思熟慮的投資。我們仍然是為數不多的能夠持續實現高收入增長、顯著調整後的 EBITDA 利潤率和自由現金流的科技公司之一。這使我們能夠在平台創新、客戶服務身份和供應鏈優化等領域繼續遠離競爭。此外，今年我們仍然專注於招聘以支持未來的增長，儘管增長率約為 2022 年的一半，因為我們預計隨著全年的進展，我們的員工人數同比增長將繼續放緩。

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) Our first question comes from Shyam Patil with Susquehanna.

（操作員說明）我們的第一個問題來自 Shyam Patil 和 Susquehanna。

Congrats on the strong performance. And Laura, congrats to you. And Blake, all the best. I just have one question. Jeff, we're hearing a lot about walled gardens starting to open up, and this is something that you've talked about for a while now. Could you just talk about what you're actually seeing on this front? And how you think about the benefits and the timing of benefits to Trade Desk from this move?

祝賀您的強勁表現。勞拉，恭喜你。還有布萊克，祝你一切順利。我只有一個問題。傑夫，我們聽到很多關於圍牆花園開始開放的消息，而這正是您已經談論了一段時間的事情。你能談談你在這方面實際看到的情況嗎？您如何看待此舉對 Trade Desk 的好處和好處的時機？

Thanks, Shyam. I appreciate the kind words and also the question. So let me start by just restating something that I've said many times over the years. I do not believe the walled garden strategy is a good long-term strategy for anybody. That includes even the biggest, the Googles and Facebooks and Baidus, Alibabas and Tencents of the world.

謝謝，夏姆。我很欣賞客氣話和問題。因此，讓我首先重申我多年來多次說過的話。我認為圍牆花園戰略對任何人來說都不是一個好的長期戰略。這甚至包括世界上最大的 Google、Facebook、百度、阿里巴巴和騰訊。

But it's especially bad for the smaller walled gardens. And there are a lot of players that have been essentially comping the Google, Facebook playbook and creating friction to buy their inventory. And as I've said before, I think that the cracks in that strategy or in those walls show up in proportion to size, and they're the result of sort of economic pressure that when you have more supply than demand, you want to welcome more demand and not make it harder to buy your inventory.

但這對較小的圍牆花園尤其不利。並且有很多玩家基本上是在模仿谷歌、Facebook 的劇本，並製造摩擦來購買他們的庫存。正如我之前所說，我認為該戰略或那些圍牆中的裂縫與規模成正比，它們是某種經濟壓力的結果，當你的供大於求時，你想要歡迎更多需求，而不是讓您更難購買庫存。

So it's natural that in an environment where there's a lot of pressure and certainly, the advent of CTV makes it so there's more options in the open Internet than there's ever been before that, that puts pressure on all walled gardens but especially those that are smaller. So you might be commenting on a number of specific companies who've been more public in the market, talking about how they're opening up, and they're using phrases like "We're opening to other demand." And that's very exciting for us, and I do think that's indicative of what's to come.

所以很自然地，在一個壓力很大的環境中，當然，CTV 的出現使得開放互聯網中的選擇比以往任何時候都多，這給所有圍牆花園帶來了壓力，尤其是那些較小的.因此，您可能會評論一些在市場上更為公開的特定公司，談論他們如何開放，並且他們使用諸如“我們正在對其他需求開放”之類的短語。這對我們來說非常令人興奮，我確實認為這預示著即將發生的事情。

One thing I just want to encourage everybody to do, though, is to scrutinize the type of demand that they're opening up when inventory is available in price discoverable ways, where we can bid on it and understand exactly what we're bidding and not just plug into an API and transfer budgets, but to actually know what we're buying and do what we do in the rest of the Internet and with our core business. That is extremely exciting to us.

不過，我只想鼓勵大家做的一件事是，在以價格可發現的方式提供庫存時，仔細檢查他們正在開放的需求類型，我們可以在其中出價並準確了解我們的出價和不僅僅是插入 API 和轉移預算，而是要真正了解我們在購買什麼，以及在互聯網的其餘部分和我們的核心業務中做什麼。這讓我們非常興奮。

When you can layer on top of it identity, which, of course, we're going to talk more about in UID undoubtedly, that also creates just opportunity for higher prices for them, more price discovery for us, and that's the sort of everyone wins situation. And we're seeing more and more talk about moving in that direction. We're seeing some movements heading in that direction. I'm very optimistic that, that will continue.

當你可以在它之上疊加身份時，當然，我們將在 UID 中更多地討論這一點，這也為他們創造了更高價格的機會，為我們創造了更多價格發現，這就是每個人的類型勝局。我們看到越來越多的人談論朝這個方向前進。我們看到一些朝著這個方向發展的動向。我非常樂觀，這將繼續下去。

But right now, there's a lot of early discussions, and that's just the by-product, I think, of just some of the economic pressures and the alternatives and also the advent and success of UID2. So all of that together, I think, is really creating yet another secular tailwind in our favor, so very excited about it and appreciate the question, Shyam. Thank you.

但現在，有很多早期討論，我認為這只是一些經濟壓力和替代方案以及 UID2 的出現和成功的副產品。所以我認為，所有這些加在一起，真的創造了另一個對我們有利的長期順風，對此非常興奮並感謝這個問題，Shyam。謝謝。

Next question comes from Justin Patterson with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Great. I'd also like to issue my congratulations to Laura and best wishes to Blake. My question for Jeff. There's a perception that shopper marketing is just a new form of retargeting. Could you express your views on this? And just how measurement in the approach to marketing efficacy has changed with this approach versus that retargeting model of the past?

偉大的。我還要向 Laura 表示祝賀，並向 Blake 致以最良好的祝愿。我要問傑夫的問題。有一種看法認為，購物者營銷只是一種重新定位的新形式。能否就此發表一下看法？與過去的重定向模型相比，這種方法對營銷效果的衡量方式發生了怎樣的變化？

Thank you, again, for the kind of words, and I really appreciate this question. If I do this well, I can avoid writing another op-ed because this is something that's been on my mind for a little while. And I'm just -- I'm so glad you've asked the question. So those that have argued that shopper marketing is just a new form of retargeting don't really understand the significance of what is happening in shopper marketing.

再次感謝您的這種話，我真的很感激這個問題。如果我做得好，我就可以避免再寫一篇專欄文章，因為我已經考慮了一段時間了。我只是——我很高興你問了這個問題。因此，那些認為購物者營銷只是一種重新定位的新形式的人並沒有真正理解購物者營銷中發生的事情的重要性。

So if you, first of all, sort of visualize the purchase funnel, where, at the top, you're creating awareness, it's also where most of the surface area of the funnel is and at the bottom is where a purchase gets made, retargeting is a small sliver in the middle of that purchase funnel, where somebody has expressed interest, they whisk the shopping cart. They filled it out, but then they didn't actually purchase. And so then you -- if you do it badly, the way often our industry does, you just harass the person until they buy it. If you do it well, then you do that in a metered approach. But it is just a small sliver of the marketing budget that is spent to get the customers that almost got to the finish line but didn't.

因此，如果您首先將購買渠道可視化，在頂部，您正在建立意識，它也是渠道大部分錶面積所在的地方，底部是進行購買的地方，重新定位是該購買渠道中間的一個小條子，有人表示有興趣，他們會掃過購物車。他們填寫了表格，但實際上並沒有購買。然後你——如果你做得不好，就像我們這個行業經常做的那樣，你就會騷擾這個人，直到他們買下它。如果你做得好，那麼你可以通過計量方法來做到這一點。但這只是用於吸引幾乎到達終點但沒有到達終點的客戶的營銷預算的一小部分。

Shopper marketing is the entire funnel. It is a new segment that widens the entire funnel, where, first of all, you're able to measure all the way to the very bottom of the funnel. So you're able to see who actually went to Walmart and bought the razor. And if they did buy the razor, now it can look-alike model and go find 100,000 people that look just like them. And then I go create new awareness, and I move them down the funnel. Will retargeting be a part of that? Of course, just like all the other effective parts of the purchase funnel.

購物者營銷是整個漏斗。這是一個擴大整個漏斗的新部分，首先，您可以一直測量到漏斗的最底部。所以你可以看到誰真正去了沃爾瑪並買了剃須刀。如果他們真的買了剃須刀，現在它可以模仿模型並找到 100,000 個長得像他們的人。然後我去創造新的意識，然後將它們移到漏斗中。重定向會成為其中的一部分嗎？當然，就像購買渠道的所有其他有效部分一樣。

But the real beauty of shopper marketing is that you're creating new look-alike modeling at the very top of the funnel to find 100,000 people or more that look just like the people that bought the product. And then you're able to measure all the way down to the bottom and say these are the people that actually bought the product. And it's that last piece that has been missing. There's been a whole bunch of proxy metrics and measurement that has been used to argue, especially from walled gardens, that they're the ones that have driven all the sales. And this is really the first and very best way at scale to say we're selling product that is directly related to the marketing that we've been doing before.

但購物者營銷的真正妙處在於，您正在漏斗的最頂端創建新的相似模型，以找到 100,000 或更多看起來與購買產品的人相似的人。然後你就可以一直測量到底部並說這些是實際購買產品的人。這是丟失的最後一塊。已經有一大堆代理指標和測量被用來爭論，尤其是來自圍牆花園的指標和測量，它們是推動所有銷售的因素。這確實是第一個也是最好的大規模方式，可以說我們銷售的產品與我們之前一直在做的營銷直接相關。

So if you're anything that sells product in brick and mortar -- and I don't want to suggest that it's isolated to brick and mortar. It's not. You can do the exact same thing online, but there's just such a strategic pressure on those that are in brick and mortar. When you think about, for instance, Walmart or Target, who are both partners, of course, trying to compete with Amazon, that the way that they leverage their strengths in being a brick and mortar, where Amazon mostly isn't, is for them to see how they can take off-line measurement and apply it to online marketing and complete the entire purchase funnel and quite literally, widen that purchase funnel.

因此，如果你是任何以實體形式銷售產品的公司——我不想暗示它與實體產品是孤立的。它不是。您可以在網上做完全相同的事情，但實體店面臨著如此大的戰略壓力。例如，當你想到沃爾瑪或塔吉特時，他們都是合作夥伴，當然，他們試圖與亞馬遜競爭，他們利用自己的優勢成為實體店的方式，而亞馬遜大多不是，這是為了讓他們了解如何進行離線測量並將其應用於在線營銷並完成整個購買渠道，從字面上看，擴大購買渠道。

Lastly, I just want to underscore that in a very short amount of time, this has been -- this has become a big part of our business. Not only does it widen the TAM, but we just have amazing success stories with Walmart and Target and Walgreens and Albertsons and Kroger and then so many others, the Flybuys, the Boots, so many others around the world. But I'm very excited about our most recent announcement just a few days ago with Macy's, where so much of what we've been doing is in grocery stores and convenience stores and those types, albeit all over the world, including like the Gojeks of Indonesia and just so many others, but Macy's is the first time that we're really getting into more clothing and fashion and a totally different part of the economy. And we expect that partnership to continue to pay dividends for years to come.

最後，我只想強調，在很短的時間內，這已經成為我們業務的重要組成部分。它不僅擴大了 TAM，而且我們與沃爾瑪、塔吉特、沃爾格林、艾伯森和克羅格以及世界各地的許多其他公司、Flybuys、Boots 等都有驚人的成功故事。但我對幾天前我們與梅西百貨公司的最新公告感到非常興奮，我們在雜貨店和便利店以及這些類型的商店所做的很多事情，儘管遍布世界各地，包括 Gojeks印度尼西亞和許多其他國家，但梅西百貨是我們第一次真正涉足更多的服裝和時尚以及完全不同的經濟領域。我們預計這種夥伴關係將在未來幾年繼續帶來回報。

So very excited about it. I really appreciate the question because it is so much more than simply retargeting. So I appreciate the opportunity to clarify. Thanks for saving me an op-ed.

對此非常興奮。我真的很欣賞這個問題，因為它不僅僅是簡單的重定向。所以我很高興有機會澄清。謝謝你給我留了一篇專欄文章。

The next question comes from Vasily Karasyov with Cannonball Research.

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

Wanted to ask a question about OpenPath and SPO. When I read the industry blogs and press, it seems like they're pitting DSPs and SSPs against each other's competitors. There is a narrative or talk about each player trying to disintermediate and charge the other players. So it seems very hostile environment in the industry right now according to the industry press. So Jeff, could you provide us your view on what really is going on there and where we're going with respect to supply chain optimization here?

想問一個關於 OpenPath 和 SPO 的問題。當我閱讀行業博客和媒體時，他們似乎在讓 DSP 和 SSP 相互競爭。有一個敘述或談話是關於每個玩家都試圖脫離中介並向其他玩家收費。因此，據行業媒體報導，目前行業環境似乎非常惡劣。那麼傑夫，你能否向我們提供你對那裡真正發生的事情以及我們在供應鏈優化方面的進展的看法？

Absolutely. Thank you for the question. It's funny. The -- when I said thanks for saving me an op-ed, I'm almost done with the op-ed on this one, which will come out early next week on The Current. But I really appreciate the question because I do feel like there's a phenomenon here that feels a little bit like reality TV or something, where there's just so much effort to create drama in our space including in places where there isn't drama, that I appreciate the chance to clarify.

絕對地。感謝你的提問。這很有趣。當我說謝謝你給我留了一篇專欄文章時，我幾乎完成了這一篇的專欄文章，它將在下周初在 The Current 上發表。但我真的很欣賞這個問題，因為我確實覺得這裡有一種現象，感覺有點像真人秀之類的，在我們的空間裡，包括在沒有戲劇的地方，我們付出了太多的努力來創造戲劇，我感謝有機會澄清。

So let me just reiterate what we said in the prepared remarks. OpenPath is a product that directly integrates with publishers and content owners so that they can see the demand that we're bringing. It is not us getting into yield management, where we're providing the service to publishers and content owners to get them the highest CPM possible because, for the most part, we're trying to get lower CPMs on behalf of buyers. They want the best value, which is they want something that's going to perform and give them great brand equity, but they want to pay as little as they have to, to get that. That's, for the most part, the exact opposite of what publishers want.

因此，讓我重申一下我們在準備好的發言中所說的話。 OpenPath 是一種直接與出版商和內容所有者集成的產品，因此他們可以看到我們帶來的需求。這不是我們進入收益管理，我們向出版商和內容所有者提供服務以使他們獲得盡可能高的每千次展示費用，因為在大多數情況下，我們正試圖代表買家獲得較低的每千次展示費用。他們想要最好的價值，也就是他們想要一些能夠發揮作用並給他們帶來巨大品牌資產的東西，但他們希望支付盡可能少的錢來獲得它。在大多數情況下，這與出版商想要的完全相反。

So we can't play both sides without creating the conflict of interest that we're extremely critical of in walled garden. So we wouldn't sign up to go do that given how public we are in our criticisms of those that try. And so -- but I will say that the supply chain of digital advertising is extremely convoluted, and there's lots of inefficiencies and complexity. I think it's one of the most complicated supply chain of any scaled market in the world.

因此，我們不能在不造成我們在圍牆花園中極為批評的利益衝突的情況下兼顧雙方。因此，考慮到我們對那些嘗試的人的批評是多麼公開，我們不會報名參加。所以——但我要說的是，數字廣告的供應鏈非常複雜，存在很多低效和復雜的地方。我認為它是世界上任何規模市場中最複雜的供應鏈之一。

And I do believe that it's impossible to talk about this topic without talking about Google because they often sit in the middle largely because of the technology that was formerly called DFP that now is part of GAM, Google Ad Manager, that, according to the Department of Justice lawsuit, has almost 90% market share. So when they have that sort of market share and they have a business model that is deliberately opaque, it becomes very difficult to see what everyone else is doing.

而且我確實相信，如果不談論谷歌就不可能談論這個話題，因為他們經常坐在中間，主要是因為以前稱為 DFP 的技術現在是 GAM 的一部分，谷歌廣告管理器，根據該部門的說法司法訴訟，擁有近90%的市場份額。所以當他們擁有這樣的市場份額並且他們有一個故意不透明的商業模式時，就很難看到其他人在做什麼。

So there are a number of initiatives to create greater transparency. You've heard about a clear line from Magnite potentially. You've heard about a new product called [Authenticate] from PubMatic. But really, what everybody is trying to do is create clearer supply chains and make it so that there are less hoops and duplication that every single impression is running through.

因此，有許多舉措可以提高透明度。您可能聽說過來自 Magnite 的一條明確的路線。您聽說過 PubMatic 的一種名為 [Authenticate] 的新產品。但實際上，每個人都在努力做的是創建更清晰的供應鏈，並減少每一次印象所經歷的循環和重複。

When I say everyone is trying to do that, I think those that are being loudest and those that are biggest. There are, of course, players in the supply chain that are trying to exploit the opaqueness, and there are small players and big players trying to do that. And so what OpenPath does is it creates a baseline to compare all those against. Over time, we'll continue to make certain that we don't spend on paths that are less efficient, and OpenPath gives us that benchmark or that baseline to make certain that we don't do that. And we think, over time, those that are trying to do the right thing and create a more effective supply chain, they're going to be rewarded by our efforts and their efforts to be more transparent and more open about what we're buying and selling.

當我說每個人都在嘗試這樣做時，我認為那些聲音最大的和最大的。當然，供應鏈中的一些參與者正試圖利用不透明性，並且有小參與者和大參與者試圖這樣做。所以 OpenPath 所做的是創建一個基準來比較所有這些基準。隨著時間的推移，我們將繼續確保我們不會花在效率較低的路徑上，而 OpenPath 會為我們提供基准或基線以確保我們不會那樣做。我們認為，隨著時間的推移，那些試圖做正確的事並創建更有效的供應鏈的人，他們將因我們的努力以及他們對我們所購買的產品更加透明和開放的努力而得到回報和銷售。

But this is not us trying to compete with the sell side. This is not us declaring war on the sell side. We are declaring war on inefficiency. We are declaring war on those players that are trying to do the wrong thing. And honestly, it's hard, on some days, to tell who's trying to do the right thing and who's doing the wrong thing. So we just developed the technology that exposes the math, that makes certain that price discovery wins, that makes certain that people are passing the metadata so the price discovery can actually happen because on a significant amount of impressions, it doesn't. And over time, you're going to see us just continue to reward those players that enable price discovery and punish those that don't as it relates to where we take our business.

但這不是我們試圖與賣方競爭。這不是我們向賣方宣戰。我們向效率低下宣戰。我們向那些試圖做錯事的玩家宣戰。老實說，有時很難分辨誰在努力做正確的事，誰在做錯事。所以我們剛剛開發了公開數學的技術，確保價格發現獲勝，確保人們正在傳遞元數據，以便價格發現實際上可以發生，因為在大量印像中，它不會。隨著時間的推移，你會看到我們繼續獎勵那些能夠發現價格的玩家，並懲罰那些不能發現價格的玩家，因為這與我們的業務發展方向有關。

But I expect the supply chain to continue to get more effective. OpenPath is a critical part of that. We're excited to have the support of most of the scaled, open Internet ad tech. And every now and again, there's something critical written in the press. And honestly, I think that's often them looking for drama. And I think they've learned over time that if you write something about The Trade Desk, you get clicks. But that's different than what's actually happening sometimes.

但我預計供應鏈將繼續變得更加有效。 OpenPath 是其中的關鍵部分。我們很高興能得到大多數規模化、開放的互聯網廣告技術的支持。時不時地，媒體上會寫一些批評的文章。老實說，我認為他們通常是在尋找戲劇性的東西。而且我認為隨著時間的推移，他們已經了解到，如果您撰寫有關 The Trade Desk 的文章，就會獲得點擊。但這有時與實際發生的情況不同。

The next question comes from Youssef Squali with Truist.

下一個問題來自 Youssef Squali with Truist。

Congrats on the solid quarter. Blake, best of luck. And Laura, congrats on the new assignment. So Jeff, on AI, I think we can all see the potential impacts on content creation, ad copy, A/B testing, et cetera, et cetera. I'd love to hear your thought as to how AI is likely to potentially impact the competitive landscape within your industry. Does that give (inaudible) potentially competitive advantage to those that have been investing in the technology maybe a little longer than others? And how are you guys, in particular, how is Trade Desk kind of inserting more and more of the new capabilities into your product road map?

祝賀這個穩定的季度。布萊克，祝你好運。勞拉，祝賀你完成了新任務。所以 Jeff，關於 AI，我認為我們都可以看到它對內容創建、廣告文案、A/B 測試等的潛在影響。我很想听聽您關於 AI 可能如何影響您所在行業的競爭格局的想法。這是否會給那些投資該技術的人帶來（聽不清）潛在的競爭優勢，這些人可能比其他人投資時間更長？你們好嗎，特別是 Trade Desk 如何將越來越多的新功能插入到您的產品路線圖中？

Amazing. First of all, thank you so much for the question. If I could have chosen the questions today, I probably would have chosen those similar to this. I probably would have moved AI actually up. I'm almost shocked that we got through 3 questions without talking about AI, so I'm so excited to talk about it. I've never seen a topic that is so hot or hotter than what AI is right now, not cloud, not blockchain. I don't even know that dot-com 20 years ago was hotter than AI is right now. So I'm excited that we're talking about it, but this is not a new topic for us.

驚人的。首先，非常感謝你提出這個問題。如果我今天可以選擇這些問題，我可能會選擇與此類似的問題。我可能會把 AI 調高。我幾乎感到震驚，我們在沒有談論 AI 的情況下完成了 3 個問題，所以我很高興談論它。我從來沒有見過比現在的人工智能更熱門或更熱門的話題，不是雲，不是區塊鏈。我什至不知道 20 年前的 dot-com 比現在的 AI 更熱。所以我很高興我們正在談論它，但這對我們來說不是一個新話題。

So first of all, when we first wrote our business plan, we talked about how this was the fusion of man and machine. And the analogy that we used in the very beginning was that of pilot and copilot, where human beings are often good at creating hypotheses and especially given that we operate in an industry that is about essentially predicting and influencing human behavior, but there is always an opportunity for human beings to create the emotional and make it an emotional appeal.

所以首先，當我們第一次寫我們的商業計劃時，我們談到這是人與機器的融合。我們一開始使用的類比是飛行員和副駕駛，人類通常擅長提出假設，尤其是考慮到我們所在的行業本質上是預測和影響人類行為，但總有一個為人類創造情感並使其成為情感訴求的機會。

But after you do that, there, of course, is a role for machines to play. And following the data and learning, revising those hypotheses and iterating, testing blue creative versus the red creative and of course, blue and red in terms of the different types of creatives have evolved into all different types of generative AI, where creatives can do a whole bunch of different things, there's so much opportunity for AI to play a significant role.

但在你這樣做之後，機器當然可以發揮作用。根據數據和學習，修改這些假設並迭代，測試藍色創意與紅色創意，當然，藍色和紅色在不同類型的創意方面已經演變成所有不同類型的生成 AI，創意可以在其中做一大堆不同的東西，人工智能有很多機會發揮重要作用。

You may also recall that when we launched a new product in 2018 that we call it Koa, and it was our AI solution that helped advertisers to optimize campaigns on our platform, we -- in fact, they use the analogy of copilot, which, of course, Microsoft is using today as their analogy to help engineers write code, which, incidentally, I think, is one of the most interesting ways that people are actually monetizing AI. Almost all the discussion about generative AI is on things that I think are going to have difficulty in actually monetizing. The copilot of Microsoft, I think, is an opportunity to actually monetize, and I think it will help our team write code faster.

您可能還記得，當我們在 2018 年推出了一款名為 Koa 的新產品時，正是我們的 AI 解決方案幫助廣告商優化了我們平台上的活動，實際上，他們使用了副駕駛的類比，當然，微軟正在使用今天作為他們的類比來幫助工程師編寫代碼，順便說一下，我認為這是人們實際上通過 AI 獲利的最有趣的方式之一。幾乎所有關於生成式 AI 的討論都是關於我認為在實際貨幣化方面會遇到困難的事情。 Microsoft 的 copilot，我認為是一個真正變現的機會，我認為它會幫助我們的團隊更快地編寫代碼。

But there is a couple of things that I just want to highlight that I do not believe are happening in a public discussion adequately today. The first is there's this mindset of winner takes all and that there's Google versus Microsoft way of looking at things. And I just don't think that's the right paradigm. I think we should look at AI like very expensive code. It is expensive to write, and it is very expensive to process. It takes more compute power. And because the reason it's more expensive to write is partly because of how complicated it is and the implications, especially of generative AI.

但有幾件事我只想強調，我認為今天在公開討論中並沒有充分發生這些事情。首先是贏者通吃的心態，以及谷歌和微軟看待事物的方式。我只是認為那不是正確的範例。我認為我們應該像看待非常昂貴的代碼一樣看待人工智能。編寫起來很昂貴，處理起來也很昂貴。它需要更多的計算能力。而且因為編寫成本更高的部分原因是它的複雜性和影響，尤其是生成人工智能。

So because it's very expensive to both write and to execute, it is an opportunity for bigger companies or at least those that are profitable to do very well. And the fact that we have been operating so profitably for so long puts us in an amazing position.

因此，因為編寫和執行都非常昂貴，所以對於大公司或至少是那些盈利的公司來說，這是一個做得很好的機會。事實上，我們長期以來一直保持盈利，這讓我們處於一個驚人的位置。

Additionally, there is this topic of the quality of our datasets. And I just want to remind everybody that the Internet has been struggling for a very long time with the concept of truth. Think back to like social networks in the last election cycle and how much discussion was spent on fake news and all these topics that really center around truth. Now that you're able to crawl so much of the Internet to generate essentially artificially intelligence driven opinions, it is very difficult to figure out what is true. It's even harder than before, and I wouldn't say that the Internet did a phenomenal job before.

此外，還有一個關於我們數據集質量的話題。我只是想提醒大家，互聯網長期以來一直在與真理的概念作鬥爭。回想一下上一個選舉週期中的社交網絡，以及在假新聞和所有這些真正以真相為中心的話題上花費了多少討論。既然您能夠抓取如此多的 Internet 以生成本質上由人工智能驅動的意見，那麼很難弄清楚什麼是真實的。這比以前更難了，我不會說互聯網以前做得很出色。

So now of where we're all sitting is we're looking at the datasets that we rely on and say how good are they because the AI will never be better than the quality of our data sets, and that is the reason why I think we are in a phenomenal position because so much of the data that we're looking at is, number one, something that we get directly from the data source itself. So we're listening to every ad request on the open Internet.

所以現在我們都坐在那裡，我們正在查看我們所依賴的數據集，並說它們有多好，因為人工智能永遠不會比我們數據集的質量更好，這就是我認為的原因我們處於一個非凡的位置，因為我們正在查看的大量數據是我們直接從數據源本身獲得的第一。所以我們正在傾聽開放互聯網上的每一個廣告請求。

And from that, we have essentially a pure dataset that we can reach conclusions on. We're not scraping user-generated content. We're not scraping the comments section of every website on the Internet, where there's just tons of falsehoods and inaccuracies. We're looking at what people actually read, what they actually listen to, what they actually are interested in, and we're able to create conclusions and pair them with UID and have massive datasets that we then can use to make more informed decisions.

由此，我們基本上有了一個可以得出結論的純數據集。我們不會抓取用戶生成的內容。我們不會搜刮互聯網上每個網站的評論部分，那裡有大量的謊言和不准確之處。我們正在研究人們實際閱讀的內容、他們實際收聽的內容、他們實際感興趣的內容，我們能夠得出結論並將它們與 UID 配對，並擁有大量數據集，然後我們可以使用這些數據集做出更明智的決策.

That creates opportunity for us to play a huge role in the future of AI in advertising. And just to rattle off a few ways that, that can have -- can play a role in our business. We can have an AI assistant for traders and essentially create a better ability to talk to the data. We can automate the building of ad groups and campaigns to find the audiences to make recommendations. We can do a better job of creating not just internal information seeking, where you write a search query, although we can, of course, make it easier to query, but we can also do a more personal job of summarizing that.

這為我們創造了機會，讓我們在 AI 廣告的未來發揮巨大作用。只是說說一些可以在我們的業務中發揮作用的方式。我們可以為交易員配備 AI 助手，從本質上創造更好的數據對話能力。我們可以自動構建廣告組和廣告系列，以找到受眾並提出建議。我們不僅可以更好地創建內部信息搜索，您可以在其中編寫搜索查詢，儘管我們當然可以使查詢更容易，但我們也可以做一個更個性化的總結工作。

And maybe the thing that I'm most excited about is the creative generation, where we can create more variety, but also, we can make it really easy to create ad especially for video and CTV, for medium and even smaller businesses that I think can lower the barrier to entry for us to move from not just the biggest advertisers in the world but to many, many others, where the friction can be reduced.

也許我最興奮的事情是創意一代，我們可以創造更多的多樣性，而且，我們可以讓製作廣告變得非常容易，特別是視頻和 CTV，我認為對於中型甚至小型企業可以降低進入壁壘，使我們不僅可以從世界上最大的廣告商轉移到許多其他可以減少摩擦的地方。

Those are just a couple of ways that I think AI is going to play a substantial role. I'd just remind everybody the comment that I quoted from the CEO of Coca-Cola in the prepared remarks. I think that captures very well just another opinion that I have on the topic. But hopefully, that gives you a sense of why we're thinking about this so much, why we have been investing really from the very beginning, why we launched Koa in 2018 and why we continue to iterate on it. Thanks so much for the question.

這些只是我認為人工智能將發揮重要作用的幾種方式。我只想提醒大家我在準備好的發言中引用可口可樂首席執行官的評論。我認為這很好地表達了我對這個話題的另一種看法。但希望這能讓您了解為什麼我們如此關注這個問題，為什麼我們從一開始就真正投資，為什麼我們在 2018 年推出 Koa 以及為什麼我們繼續迭代它。非常感謝你的問題。

Next, we have Jason Helfstein with Oppenheimer.

接下來，我們有 Jason Helfstein 和 Oppenheimer。

Jeff, I'll ask one. How are you thinking about the benefits to advertisers from using Trade Desk offering for connected TV PMP or kind of like the upfront product versus what the SSPs are pitching? Is there kind of PMP -- it's not really PMP but their kind of direct product and then kind of what the downside risk would be to the publisher from either solution?

傑夫，我會問一個。您如何看待廣告商使用 Trade Desk 產品為聯網電視 PMP 或類似於前期產品與 SSP 推銷的產品帶來的好處？是否有某種 PMP——它不是真正的 PMP，而是他們的直接產品，然後是這兩種解決方案對出版商的不利風險是什麼？

Yes. So there is this opportunity for buyers to look across all reach and frequency and all the different places that they buy and summarize that all in one place, and that is one of the benefits that the Trade Desk brings to the table, is that people tend to come to us and say I need to have a holistic view. And because CTV in particular, is fragmented, as I've said before, perfectly, meaning that it's not too small that there's millions of websites, we have dozens of outlets, but it's not too aggregated so that we only have one place to buy, which is not that dissimilar from what search is, where you buy from one place or what much of social is. So by having it fragmented, that makes it so needing somebody to look across everything becomes very important.

是的。因此，買家有機會查看他們購買的所有範圍和頻率以及所有不同的地方，並在一個地方總結所有這些，這是貿易台帶來的好處之一，就是人們傾向於來找我們說我需要有一個整體的觀點。尤其是 CTV，正如我之前所說，是完全分散的，這意味著它有數百萬個網站並不算太小，我們有幾十個網點，但它並沒有太集中以至於我們只有一個地方可以購買，這與搜索、您從一個地方購買的地方或社交的多少沒有什麼不同。因此，通過將其分散，這使得需要有人查看所有內容變得非常重要。

Now in the cases where you're buying programmatic guarantees or you're buying at a fixed rate and you're not controlling frequency across all these different things, then you lose a lot of the benefits of programmatic. And in fact, you lose decisioning.

現在，在您購買程序化保證或以固定價格購買並且您沒有控制所有這些不同事物的頻率的情況下，您將失去程序化的很多好處。事實上，你失去了決定權。

So what is sometimes happening is people are buying at a fixed rate. They're going to the seller and saying, "Hey, in the short term, I don't need to control reach and frequency. I don't even care about decisioning. I'll let you, the seller, decide which impressions I get. I just need to move this over from broadcast or traditional television into the digital ecosystem." And in that, given that you've sort of weakened the value proposition of programmatic, it is a bit of a jump ball. You could do that with an SSP or a DSP because you've gotten rid of all the benefits or the best benefits of programmatic.

所以有時會發生的情況是人們以固定價格購買。他們會去找賣家說，“嘿，在短期內，我不需要控制覆蓋面和頻率。我什至不關心決策。我會讓你，賣家，決定哪些印象我明白了。我只需要將其從廣播或傳統電視轉移到數字生態系統中。”在那方面，鑑於你已經削弱了程序化的價值主張，它有點像跳球。您可以使用 SSP 或 DSP 來做到這一點，因為您已經擺脫了程序化的所有好處或最好的好處。

So that's where others are stepping up and saying, "If you want to, you can temporarily use us to buy directly." But even if you listen or read closely in, for instance, what PubMatic announced in the last couple of days, authorize the same -- while people are just moving dollars over, we want to help them move them over. But we do believe that, in the medium and long term, this will be very good for DSPs. And what they're acknowledging is that as soon as somebody wants to be holistic about their buy and they want to compare this buy to something else, that they have to use a DSP in order to do that.

所以這就是別人站出來說，“如果你願意，你可以暫時用我們直接購買。”但是，即使您仔細聆聽或閱讀了 PubMatic 在過去幾天宣布的內容，也要授權相同的內容——當人們只是在轉移美元時，我們希望幫助他們轉移它們。但我們確實相信，從中長期來看，這對 DSP 來說非常有利。他們承認的是，一旦有人想要全面了解他們的購買並且他們想要將這次購買與其他購買進行比較，他們就必須使用 DSP 才能做到這一點。

And so because we're so convinced that the very best of programmatic and really what's in the best interest of buyers is for them to participate in decisioning, not to give that away to the sell side but for them to participate in decisioning. And while sometimes that means they have to pay a little bit more, including to us, that decisioning and what we bring to the table is always worth it. And so it's because of that belief that I believe that the SSPs are highlighting that, in the medium and long term, the buyers are going to gravitate to the places where they have decisioning.

因此，因為我們堅信，最好的程序化和真正符合買家最大利益的是讓他們參與決策，而不是將其交給賣方，而是讓他們參與決策。雖然有時這意味著他們必須多付一點錢，包括給我們，但這個決定和我們帶來的東西總是值得的。因此，正是因為這種信念，我相信 SSP 正在強調，從中長期來看，買家將被吸引到他們有決定的地方。

But in the short term, when people are just trying to move over from essentially an insertion order and not control any amount of decisioning and just do so with sort of dumb pipes, that can be done with us or somebody else. Advantage of doing it with somebody else, they might be able to save a point or 2. Advantage of doing it with us is they'll have a more holistic view. But we think both medium and long term, they're going to end up going to a place where they can decision holistically. And we think that means they end up with us, especially in the world of CTV.

但在短期內，當人們只是試圖從本質上擺脫廣告訂單而不是控制任何數量的決策，而只是通過某種愚蠢的管道來做到這一點時，這可以與我們或其他人一起完成。與其他人一起做的好處是，他們可以節省一兩分。與我們一起做的好處是他們會有更全面的觀點。但我們認為，無論是中期還是長期，他們最終都會去到一個他們可以做出整體決策的地方。我們認為這意味著他們最終會和我們在一起，尤其是在 CTV 的世界裡。

The next question is from Tim Nollen with Macquarie.

下一個問題來自麥格理的蒂姆諾倫。

I've got a CTV-related question as well. I was listening to the Disney call just before your call started here. And Bob Iger said some very interesting things related to CTV and programmatic, I mean, including saying that they've added 1,000 new advertisers using programmatic. 1/3 of them are -- 1/3 of advertisers are trying programmatic. They're talking about their pricing tiers, seeing the value of programmatic ads in driving advertising revenue for them for their ad-supported tier and so on.

我也有一個與 CTV 相關的問題。就在你的電話開始之前，我正在聽迪士尼的電話。 Bob Iger 說了一些與 CTV 和程序化相關的非常有趣的事情，我的意思是，包括說他們已經使用程序化增加了 1,000 個新廣告商。其中 1/3 是 - 1/3 的廣告商正在嘗試程序化。他們正在談論他們的定價層級，看到程序化廣告在為他們的廣告支持層級推動廣告收入方面的價值等等。

My question then is, given the Forward market event that you had a month or 2 ago and the talk -- the conversations you've had, Jeff, with both sides, maybe if you could just give us a bit of insight into how you're working with -- is it Disney? Or if you don't want to talk about Disney specifically, other network groups as to how to get them to offer more of their ad inventory in a biddable format, not just doing the insertion orders, and if this is something that you're participating in actively in the upfront market, which is due to start next week.

那麼我的問題是，考慮到你一兩個月前的遠期市場事件和談話——傑夫，你與雙方的談話，也許你可以讓我們了解一下你是如何做的正在合作——是迪士尼嗎？或者，如果您不想專門談論迪士尼，其他網絡團體如何讓他們以可出價的格式提供更多的廣告庫存，而不僅僅是做廣告訂單，如果這是您想要的積極參與將於下週開始的前期市場。

Absolutely. I really appreciate the question, and I heard some of those remarks before I jumped over, of course, to focusing on ours, and we're very excited by the remarks that Bob made. Let me first just say, I'm so proud of our partnership with Disney and what we've done there. I'm also excited about the fact that both Paramount and NBC announced their adoption of UID2 in Q1. So as it relates to all the major content owners in the United States, everyone now has spoken publicly about their adoption of UID2.

絕對地。我真的很欣賞這個問題，在我跳過去之前我聽到了其中的一些評論，當然，專注於我們的問題，我們對 Bob 的評論感到非常興奮。首先讓我說，我為我們與迪士尼的合作夥伴關係以及我們在那裡所做的一切感到非常自豪。我也很高興派拉蒙和 NBC 都宣佈在第一季度採用 UID2。因此，由於涉及到美國所有主要的內容所有者，現在每個人都公開談論他們採用 UID2。

And I think all of this, whether Bob's comments or the adoption of UID2, is a commentary on the state of streaming competition. So -- and actually, the numbers with Disney are also a commentary on that. They're trying to grow but also be profitable, and there's a lot of pressure on the current environment and on cost.

我認為所有這些，無論是 Bob 的評論還是 UID2 的採用，都是對流媒體競爭狀況的評論。所以——實際上，迪士尼的數字也是對此的評論。他們在努力發展的同時也要盈利，目前的環境和成本壓力很大。

So what that means is that people need to do more with less. And especially the content owners, they need higher CPMs so that they can fund all the content and make the same money that they've been making as people continue to make more and more content and the market gets more competitive.

所以這意味著人們需要事半功倍。尤其是內容所有者，他們需要更高的每千次展示費用，以便他們可以為所有內容提供資金，並在人們繼續製作越來越多的內容並且市場競爭越來越激烈時賺到與他們一直在賺的錢一樣的錢。

The only way to do that is to make the ads more relevant and more effective for the advertisers. The only way to do that is to leverage same-site UID and transparency and biddable marketplaces so that we can participate and get that increased value. What we're most excited about is all of these are moving more towards biddable.

做到這一點的唯一方法是讓廣告對廣告商來說更相關、更有效。做到這一點的唯一方法是利用同一站點的 UID 和透明度以及可投標的市場，以便我們可以參與並獲得增加的價值。我們最興奮的是，所有這些都在朝著可投標的方向發展。

So in light of what we just said in the last question when we were talking about how -- when people don't want decisioning, then they can use dumb pipes to execute that. That's not in anyone's best interest long term because advertisers need efficacy. The publishers need higher CPMs. The only way that, that works is in a highly decisioned, highly data-driven biddable marketplace. And that means that everybody is moving into a biddable environment.

因此，根據我們剛才在上一個問題中所說的內容，當時我們正在談論如何——當人們不想做決定時，他們可以使用啞管道來執行它。從長遠來看，這不符合任何人的最佳利益，因為廣告商需要效率。發布商需要更高的每千次展示費用。唯一可行的方法是在高度決策、高度數據驅動的可投標市場中。這意味著每個人都在進入一個可投標的環境。

When we look at all the things that were talked about at our Forward '23 event as well as we look at what's happening going into the upfronts, and honestly, the fact that the upfronts are -- sort of have this cloud over their heads of the writers' strike, I actually think helps us and connected TV because that amount of uncertainty makes it so that people are more likely to say, "You know what, I'll just buy it in the spot market." And the spot market is programmatic. And that's great for everybody, to be honest, because it means a biddable data-driven ecosystem.

當我們查看在我們的 Forward '23 活動中討論的所有事情以及我們查看前期發生的事情時，老實說，前期的事實 - 有點像烏雲籠罩他們的頭頂編劇罷工，我實際上認為對我們和聯網電視有幫助，因為這種不確定性使得人們更有可能說，“你知道嗎，我會在現貨市場上購買它。”現貨市場是程序化的。老實說，這對每個人都很好，因為這意味著一個可出價的數據驅動的生態系統。

But what the themes that we keep hearing is that they want the ability to activate their data. I mean advertisers want the ability to activate their data. We're seeing them buy on value more and more and not on price, and that often means that they're willing to pay a premium for decisioning. In fact, in our Forward event, Vinny from Hershey's, I think, articulated this about as well as anybody can.

但是我們一直聽到的主題是他們希望能夠激活他們的數據。我的意思是廣告商希望能夠激活他們的數據。我們看到他們越來越多地購買價值而不是價格，這通常意味著他們願意為決策支付溢價。事實上，在我們的 Forward 活動中，好時公司的 Vinny，我想，已經和任何人一樣清楚地表達了這一點。

And in this economic environment, we're seeing more and more people gravitate towards flexibility and having the ability to adjust. And when you add that cloud of the writers' strike, you also add just economic uncertainty. And then you, of course, add in biddable. You have the ability to bring data to the equation. That makes it so that everybody is looking more and more to programmatic as its future. And I think when Bob Iger underlines that, I think it becomes easier for everybody to believe that in the marketplace. So I was excited by his comments. Appreciate your question.

在這種經濟環境下，我們看到越來越多的人傾向於靈活性和調整能力。當你加上作家罷工的陰霾時，你也只會增加經濟的不確定性。然後，您當然會添加可出價。您有能力將數據帶入方程式。這使得每個人都越來越多地將程序化視為其未來。我認為當 Bob Iger 強調這一點時，我認為市場上的每個人都更容易相信這一點。所以我對他的評論感到很興奮。感謝您的問題。

Next question is from Matthew Cost with Morgan Stanley.

下一個問題來自摩根士丹利的 Matthew Cost。

This is Chloe on for Matt. Just as we think about OpEx leverage throughout the year, are there any areas that you would call out in the second quarter and going forward, where you're looking potentially to gain a little bit of leverage in the model? And then second, on the key investment priorities, it sounds like you have so many exciting products and so many moving parts between CTV, the retail media opportunity, UID2, OpenPath. Like there's a lot to unpack there that you're focused on. But what do you think is going to contribute most significantly to growth this year? What are you prioritizing? And then what's a little bit more of a longer-term project?

這是馬特的克洛伊。正如我們考慮全年的 OpEx 槓桿一樣，您是否會在第二季度和未來提出任何領域，您希望在哪些領域獲得模型中的一點槓桿？其次，在關鍵投資優先事項上，聽起來你有這麼多令人興奮的產品，以及 CTV、零售媒體機會、UID2、OpenPath 之間的許多活動部分。就像你專注於那裡有很多東西要打開一樣。但您認為今年對增長的貢獻最大的是什麼？你在優先考慮什麼？那麼更長期的項目是什麼？

You bet. So on the OpEx, I'm going to ask Laura to take the first part of it, and then I'll add a little color on that. And then I'll also talk about the investment opportunities or feel free to chime in on both.

你打賭。所以在 OpEx 上，我要請 Laura 負責它的第一部分，然後我會在上面添加一點顏色。然後我還會談談投資機會，或者隨時插話。

Absolutely. Thank you, Chloe, for the questions. When we look at the big picture for Q2 and the rest of 2023, we're excited. We have a great luxury. We're high growth. We've got profitability, and we've got cash flow. I'm proud of how we stayed disciplined with our investments over the past few years as it's really paid off.

絕對地。謝謝克洛伊提出的問題。當我們展望第二季度和 2023 年剩餘時間的大局時，我們感到很興奮。我們有很大的奢侈。我們正在高速增長。我們有盈利能力，我們有現金流。我為過去幾年我們在投資方面保持紀律感到自豪，因為它確實得到了回報。

Unlike many of our ad-funded peers and other high-growth tech companies, we've responsibly managed our headcount and operating expense growth since 2019. And since our revenue is still growing well in the double digits while others are contracting or in the low single digits, we intend to and can stay the course and grab share even while our peers are pulling back.

與我們的許多廣告資助的同行和其他高增長科技公司不同，自 2019 年以來，我們一直負責任地管理我們的員工人數和運營費用增長。而且由於我們的收入仍在以兩位數的速度良好增長，而其他公司正在收縮或處於低位個位數，我們打算並且可以堅持到底並搶占份額，即使我們的同行正在撤退。

So we do expect for 2023 that our operating expenses will increase year-over-year both with and without stock-based compensation, and we continue to be extremely deliberate in our investments and our hiring. So our headcount will grow this year but roughly half the rate as it did last year, which sets us up nicely for the rest of the year and for 2024.

因此，我們確實預計到 2023 年，無論是否有基於股票的補償，我們的運營費用都將同比增加，而且我們在投資和招聘方面繼續非常謹慎。因此，我們今年的員工人數將增加，但大約是去年的一半，這為我們今年剩餘時間和 2024 年做好了準備。

And on the second part of the question, we still see significant opportunities to invest in areas like CTV, data and retail media. So as we've seen in the past, when we outperform on the top line, that usually drops through to the bottom line. We saw that in Q1. And we are comfortable with where things stand and cautiously optimistic about growth this year and say that, especially as we think about significant tailwinds in 2023 that set The Trade Desk apart from other companies, and that can help offset anything we see in the macro environment. And by that, I'm talking about a strong GDP pipeline, which bodes very well for future growth.

在問題的第二部分，我們仍然看到了投資 CTV、數據和零售媒體等領域的重要機會。因此，正如我們過去所見，當我們在頂線表現出色時，通常會下降到底線。我們在第一季度看到了這一點。我們對目前的情況感到滿意，並對今年的增長持謹慎樂觀態度，尤其是考慮到 2023 年的重大順風使 The Trade Desk 有別於其他公司，這有助於抵消我們在宏觀環境中看到的任何情況.就此而言，我說的是強勁的 GDP 管道，這預示著未來的增長。

CTV as a channel continues to grow incredibly fast. And in the big picture, we still have a relatively small amount of share and lots of room to grow. And then as we've been talking about retail media, we're really just scratching the surface of a $100 billion plus incremental TAM opportunity, and all of that makes us extremely excited. Jeff, I don't know if there's anything you would add.

CTV 作為一個頻道繼續以驚人的速度增長。從大局來看，我們的份額仍然相對較小，增長空間很大。然後，當我們一直在談論零售媒體時，我們實際上只是觸及了 1000 億美元以上增量 TAM 機會的表面，所有這些都讓我們非常興奮。傑夫，我不知道你是否還有什麼要補充的。

No, that was amazing. Very impressive, Laura. Thank you. I don't have anything to add on the OpEx. On the investment side, I'll just add. Let me first just say I am so excited about the moment that we're in right now in the ecosystem as well as just all the macro conditions that sort of frame this moment for us. And I recognize that there's lots of uncertainty, and managing that day to day isn't always fun. But overall, it just creates this amazing opportunity for us, and I just want to explain why.

不，那太棒了。非常令人印象深刻，勞拉。謝謝。我沒有任何關於 OpEx 的補充。在投資方面，我只是補充一下。首先讓我說，我對我們現在處於生態系統中的那一刻以及為我們構成這一刻的所有宏觀條件感到非常興奮。而且我認識到存在很多不確定性，而日常管理並不總是那麼有趣。但總的來說，它只是為我們創造了這個難得的機會，我只想解釋一下原因。

So first, we have an opportunity to continue to invest in our people and to grow our culture. So during the pandemic, managing our team and preserving our culture was really hard. Everybody was remote and things like that. It's just -- it was very difficult. But in part because of the decisions that Blake and I made to make certain that we didn't invest too aggressively, we were -- we never had to do a layoff. We never had to hit the brakes too hard.

因此，首先，我們有機會繼續投資於我們的員工並發展我們的文化。因此，在大流行期間，管理我們的團隊和維護我們的文化真的很困難。每個人都很遙遠，諸如此類。只是 - 這非常困難。但部分是因為布萊克和我做出的決定，以確保我們不會過於激進地投資，我們 - 我們從來沒有裁員。我們從來不需要太用力地踩剎車。

And now we're in a moment where we get to continue to hire, and he's really set things up well for me and Laura to continue on that path. We are hiring today. And unlike 1.5 years ago, where we were competing with every other company seemingly in the world, especially in Silicon Valley, now we're hiring from those companies, and we're not competing with them at all. And so we're able to very carefully choose people because we were one of the first to come back to the office.

現在我們正處於繼續招聘的時刻，他真的為我和勞拉做好了準備，讓他們繼續走這條路。我們今天正在招聘。不像 1.5 年前，我們似乎在與世界上所有其他公司競爭，尤其是在矽谷，現在我們正在從這些公司招聘，我們根本沒有與他們競爭。因此，我們能夠非常謹慎地選擇人員，因為我們是最早回到辦公室的人之一。

We were -- we have a culture that's really well intact, and we're hiring into that. And that allows us to grow. And when you're trying to hire engineers, especially when there's this opportunity to invest like in AI, this environment and this backdrop and our history makes it an amazing time and place to invest in people. As you know, just from knowing our financials at all, like that is our biggest investment, is in our people, and it is also our greatest asset no matter what the numbers say.

我們曾經 - 我們擁有一種真正完好無損的文化，我們正在招聘。這讓我們得以成長。當你試圖聘請工程師時，尤其是當有機會像人工智能一樣進行投資時，這種環境、這種背景和我們的歷史使它成為投資人才的絕佳時機和地點。如您所知，只要了解我們的財務狀況，就像這是我們最大的投資，就是我們的員工，無論數字如何，這也是我們最大的資產。

I'll also just say, of course, we're going to continue to invest in CTV. This is the biggest secular tailwind we may ever see in this company's history. I didn't know that another one would come along when we ran into shopper marketing. Of course, there's an opportunity for us to invest in the forward market, which really has a lot to do with CTV. Of course, we're going to keep investing in UID2, and that is going to continue to pay dividends for as far as we can see into the future. And of course, when you have a strong balance sheet like ours, you get to invest in things like AI, but you also get to do things like a stock repurchase, which we started to execute on, but there's more opportunity for us to do going forward. So just so many places for us to continue to invest. Those are some of the highlights. I'm sure I left off a dozen or more.

我還要說，當然，我們將繼續投資 CTV。這是我們在這家公司的歷史上可能見過的最大的長期順風。當我們遇到購物者營銷時，我不知道會出現另一個。當然，我們有機會投資遠期市場，這與CTV確實有很大關係。當然，我們將繼續對 UID2 進行投資，並且在我們可以預見的未來，這將繼續帶來回報。當然，當你擁有像我們這樣強大的資產負債表時，你就可以投資人工智能之類的東西，但你也可以做股票回購之類的事情，我們開始執行這些事情，但我們有更多的機會去做向前走。所以我們可以繼續投資的地方太多了。這些是一些亮點。我確定我漏掉了十幾個或更多。

John, you can close out the call.

約翰，你可以結束通話了。

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

謝謝。今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。