(TTD) 2023 Q2 法說會逐字稿

Greetings. Welcome to The Trade Desk Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

問候。歡迎參加 The Trade Desk 2023 年第二季度收益電話會議。 （操作員說明）

Please note, this conference is being recorded. I will now turn the conference over to your host, Chris Toth. Please proceed.

請注意，本次會議正在錄製中。現在我將把會議交給主持人克里斯·托特。請繼續。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk Second Quarter 2023 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, 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，接線員。大家好，大家下午好。歡迎參加 The Trade Desk 2023 年第二季度收益電話會議。今天參加電話會議的是創始人兼首席執行官 Jeff Green；首席財務官勞拉·申肯 (Laura Schenkein)。我們的收益新聞稿副本可以在我們網站 thetradedesk.com 的投資者關係部分找到。

Before we begin, I would like to remind you that except for historical information, some of the discussion and our responses in Q&A may contain forward-looking statements, which are dependent upon certain risks and uncertainties. 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.

在開始之前，我想提醒您，除了歷史信息外，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截至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以及我們最近向 SEC 提交的文件中包含的風險因素。

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, provide 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。公認會計原則與非公認會計原則措施的調節可以在我們的收益新聞稿中找到。我們相信，提供非公認會計原則衡量標準與我們的公認會計原則結果相結合，可以更有意義地反映公司的運營業績。

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

現在，我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.

謝謝克里斯，也感謝大家今天加入我們。

As you've seen from our press release, we posted very strong growth in the second quarter. We reported revenue of $464 million growing 23% compared with last year. This also represents an acceleration in our growth rate compared with the first quarter. And just like the last few quarters, we continue to significantly outperform the digital advertising industry.

正如您從我們的新聞稿中看到的，我們在第二季度實現了非常強勁的增長。我們公佈的收入為 4.64 億美元，比去年增長 23%。這也代表著我們的增長率與第一季度相比有所加快。就像過去幾個季度一樣，我們的表現繼續顯著優於數字廣告行業。

What's particularly notable about our performance is that most advertisers are still dealing with some degree of uncertainty in their business. Even though certain macro indicators are improving, there's still a sense from many advertisers that we are in an unpredictable environment. For them, it's hard to dismiss what we've been through over the last 2 to 3 years with the global pandemic, rampant inflation, supply chain crises and banking system uncertainty, and of course, global rebalancing.

我們的業績特別值得注意的是，大多數廣告商仍在應對其業務的某種程度的不確定性。儘管某些宏觀指標正在改善，但許多廣告商仍然感覺我們正處於一個不可預測的環境中。對他們來說，很難忽視過去兩三年我們所經歷的全球疫情、通貨膨脹、供應鏈危機和銀行體系的不確定性，當然還有全球再平衡。

None of these market dynamics have been very predictable the last few years. And this year, like the last few, has similarly had lots of never-before macro events. So while many indicators and advertiser sentiments are improving, there's also a sense that it's more difficult than ever to predict what's coming next.

過去幾年，這些市場動態都不是很容易預測的。今年，與過去幾年一樣，同樣發生了許多前所未有的宏觀事件。因此，儘管許多指標和廣告商情緒都在改善，但人們也感覺預測接下來會發生什麼比以往任何時候都更加困難。

But in this environment, marketers have learned that data-driven precision can bring a sense of certainty and reliability to their advertising efforts. Because of the innovations we brought to market in areas such as retail media, CTV, identity and data, advertisers have a clearer sense than ever of the performance and impact of their ad campaigns. And with Kokai, we are delivering even more innovation, all in service of helping advertisers drive precision, relevance and certainty in everything they do.

但在這種環境下，營銷人員了解到，數據驅動的精確度可以為其廣告工作帶來確定性和可靠性。由於我們在零售媒體、CTV、身份和數據等領域向市場推出的創新，廣告商比以往任何時候都更清楚地了解其廣告活動的效果和影響。通過 Kokai，我們正在提供更多創新，所有這些都是為了幫助廣告商提高他們所做的一切的準確性、相關性和確定性。

As a result, we are winning more business with both new and existing customers. We are signing more multiyear joint business plans, or JBPs, with leading agencies and brands representing spend projections in future years well into the billions of dollars. Our relative outperformance over the last few quarters means we have gained more market share than in any other period in our company's history. Advertisers have become more deliberate with their spend and have increasingly gravitated to our platform and as they understand more about the power of programmatic, they are choosing the objectivity and performance of our platform over the murkiness of walled gardens more than ever before.

因此，我們贏得了新老客戶的更多業務。我們正在與領先的機構和品牌簽署更多的多年聯合業務計劃（JBP），代表未來幾年的支出預測將達到數十億美元。我們過去幾個季度的相對優異表現意味著我們獲得了比公司歷史上任何其他時期都多的市場份額。廣告商的支出變得更加謹慎，並且越來越傾向於我們的平台，隨著他們對程序化的力量有了更多的了解，他們比以往任何時候都更加選擇我們平台的客觀性和性能，而不是圍牆花園的黑暗。

Even as we continue to grow and scale around the world, we see no deviation from our 95%-plus retention rate. Our clients rely on us more and more. I was at the Cannes Advertising Festival a few weeks ago, and I could have filled my calendar several times over with brand CMOs, agency leaders and CEOs of our key partners, all of whom want to understand how we can work more closely together. Every year, demand for the value that we deliver continues to grow. Perhaps what's most interesting right now is how marketers are seeking a sense of certainty in an uncertain environment.

即使我們在全球範圍內不斷發展和擴大規模，我們仍保持著 95% 以上的保留率。我們的客戶越來越依賴我們。幾週前，我參加了戛納廣告節，我的日曆本可以與品牌首席營銷官、機構領導和我們主要合作夥伴的首席執行官一起填滿，他們都想了解我們如何能夠更緊密地合作。每年，對我們提供的價值的需求都在持續增長。也許現在最有趣的是營銷人員如何在不確定的環境中尋求確定感。

Much of the product rollouts and partnership growth we've seen this year is because we're giving our clients certainty and reliability that they can't get elsewhere. This shows up all over our client base and all over our platform, but I'd like to talk today about a few places where the certainty and reliability is really driving our relative outperformance particularly in retail media, CTV and identity. By discussing these 3, I believe it will provide some insight as to why we continue to outperform the market, why I believe we'll continue to outperform the market and why we continue to invest in our platform with all the innovations coming from Kokai.

今年我們看到的大部分產品推出和合作夥伴關係增長都是因為我們為客戶提供了他們在其他地方無法獲得的確定性和可靠性。這在我們的客戶群和整個平台上都有體現，但我今天想談談確定性和可靠性真正推動我們相對優異表現的幾個地方，特別是在零售媒體、CTV 和身份方面。通過討論這三點，我相信它將提供一些見解，說明為什麼我們繼續跑贏市場，為什麼我相信我們將繼續跑贏市場，以及為什麼我們繼續投資我們的平台，所有創新都來自 Kokai。

So first, let me talk about retail media, which has become one of the fastest-growing areas of our business. Much like CTV, our rapid growth in retail media starts with our focus on objectivity. Retailers know we're only here to serve advertisers and to drive more precision and efficacy in ad campaigns. We don't compete with them. And like all of our partners, retailers know, we are careful and objective stewards of their data.

首先，讓我談談零售媒體，它已成為我們業務增長最快的領域之一。就像 CTV 一樣，我們零售媒體的快速增長始於我們對客觀性的關注。零售商知道我們只是為廣告商提供服務並提高廣告活動的準確性和效率。我們不與他們競爭。零售商知道，就像我們所有的合作夥伴一樣，我們是他們數據的謹慎而客觀的管理者。

As you know, Walmart was one of the first early major retailers to understand the power of their data and to help advertisers understand and measure the connection between campaign spend and actual consumer purchases. For many advertisers, there's no clear measurement of performance than that. You can look at all kinds of traditional marketing KPIs, but there's nothing more powerful than knowing that a consumer bought your product because of the ad you serve and then using that data to improve marketing spend in the future.

如您所知，沃爾瑪是最早了解數據力量並幫助廣告商了解和衡量廣告活動支出與實際消費者購買之間聯繫的早期主要零售商之一。對於許多廣告商來說，沒有比這更明確的效果衡量標準了。您可以查看各種傳統營銷 KPI，但沒有什麼比了解消費者因您投放的廣告而購買您的產品，然後使用該數據來改善未來的營銷支出更強大的了。

One of the great recent examples of this is Fruit of the Loom, working with our agency, GSD&M, Fruit of the Loom wanted to reach new and existing customers to increase sales with a back-to-school promotion. They were targeting a 200% return on ad spend, or ROAS, working with the Walmart DSP and The Trade Desk, they were able to predict audiences with much more precision and were able to understand in real time, how ads in different channels were performing.

最近的一個很好的例子是 Fruit of the Loom，它與我們的代理機構 GSD&M 合作，Fruit of the Loom 希望通過返校促銷來吸引新客戶和現有客戶以增加銷售額。他們的目標是實現 200% 的廣告支出回報率 (ROAS)，通過與沃爾瑪 DSP 和 The Trade Desk 合作，他們能夠更精確地預測受眾，並能夠實時了解不同渠道中的廣告表現如何。

They could then shift campaign dollars to those channels that were actually driving consumer purchases. This clear line of sight helps Fruit of the Loom vastly exceed their campaign goals, delivering a 1,200% return on ad spend among existing customers and more than 1,000% ROAS with new customers.

然後，他們可以將競選資金轉移到那些真正推動消費者購買的渠道。這種清晰的視線幫助 Fruit of the Loom 大大超越了其廣告活動目標，為現有客戶帶來了 1,200% 的廣告支出回報率，為新客戶帶來了超過 1,000% 的 ROAS。

Eric Mahoney is Fruit of the Loom's Digital Marketing Manager. He said, and I quote, "historically, we've done a really good job of reaching our brand purchasers. But working with the Walmart DSP allowed us to reach that new consumer through predictive audience segments. We could not have achieved these results without Walmart DSP and The Trade Desk." He also said that working with The Trade Desk is like putting on a fresh pair of underwear. Of all the accolades we've received over the years that is definitely one of my favorites ever.

Eric Mahoney 是 Fruit of the Loom 的數字營銷經理。他說（我引用一下），“從歷史上看，我們在接觸品牌購買者方面做得非常好。但是與沃爾瑪DSP 的合作使我們能夠通過預測受眾群體來接觸新消費者。如果沒有這些成果，我們不可能取得這些成果。”沃爾瑪 DSP 和 The Trade Desk。”他還表示，與 The Trade Desk 合作就像穿上一條新內衣。在我們多年來獲得的所有榮譽中，這絕對是我最喜歡的榮譽之一。

The gravitational pull of retail media is not limited to the U.S., retailers around the world are working with The Trade Desk in different ways to unleash the power of their data to help advertisers bring more value to their campaigns. In Singapore, we partnered with FairPrice, the largest grocery chain there with 570 stores serving 90% of the country's population.

零售媒體的吸引力不僅限於美國，世界各地的零售商都在以不同的方式與 The Trade Desk 合作，釋放數據的力量，幫助廣告商為其廣告活動帶來更多價值。在新加坡，我們與當地最大的雜貨連鎖店 FairPrice 合作，擁有 570 家商店，為該國 90% 的人口提供服務。

One of the first brands to leverage FairPrice shopper data on our platform was Coca-Cola, who wanted to reach customers during the festive Lunar New Year season. They also wanted to be able to measure the performance of low-funnel marketing outreach across multiple channels, including OTT, audio, digital out-of-home and of course, open Internet display.

可口可樂是最早在我們的平台上利用 FairPrice 購物者數據的品牌之一，它希望在農曆新年期間吸引顧客。他們還希望能夠衡量跨多個渠道的低漏斗營銷推廣的績效，包括 OTT、音頻、數字戶外廣告，當然還有開放的互聯網展示。

The campaign tapped into FairPrice's audience segments via our platform, targeting FairPrice customers who had purchased Coke or other Coke products over the past 1 to 3 months. They were able to target seasonal shoppers who purchased festive products and optimize in real time to the news and lifestyle channels that delivered the best results. With their agency, EssenceMediacom, Coke was able to drive 189% uplift in sales during the campaign. They were also able to measure consumer reaction in a range of new ways, including the time it takes for a consumer to buy a product following different kinds of ad exposures, audience engagement from different channels and cart values of first time and repeat buyers.

該活動通過我們的平台挖掘了 FairPrice 的受眾群體，針對過去 1 至 3 個月內購買過可口可樂或其他可口可樂產品的 FairPrice 客戶。他們能夠瞄准購買節日產品的季節性購物者，並實時優化可帶來最佳效果的新聞和生活方式渠道。通過他們的代理機構 EssenceMediacom，可口可樂在活動期間使銷售額增長了 189%。他們還能夠以一系列新的方式衡量消費者的反應，包括消費者在不同類型的廣告曝光後購買產品所需的時間、不同渠道的受眾參與度以及首次和重複購買者的購物車價值。

The retail media opportunity is also growing exponentially for us in Europe. In recent quarters, we've talked about our partnerships with leading retailers such as Ocado and Tesco. And just a few weeks ago, we announced a partnership with Europe's largest retail group, Schwarz, which includes major brands such as Kaufland and Lidl.

對於我們歐洲來說，零售媒體的機會也在呈指數級增長。最近幾個季度，我們討論了與 Ocado 和 Tesco 等領先零售商的合作夥伴關係。就在幾週前，我們宣布與歐洲最大的零售集團 Schwarz 建立合作夥伴關係，其中包括 Kaufland 和 Lidl 等主要品牌。

From an advertising perspective, retail media is something that's really taken off over the last 2 years. It's no coincidence that the growing interest in retail media coincides with growing advertiser focus on authenticated ad environments. With retail media, advertisers can start with precise authenticated data whether that data is based on purchase history or loyalty data. From there, the advertiser can target based on what they know and then do more accurate data-driven modeling to expand targeting segments with greater precision.

從廣告的角度來看，零售媒體在過去兩年中確實取得了飛速發展。人們對零售媒體日益增長的興趣與廣告商對經過驗證的廣告環境的日益關注同時發生，這並非巧合。借助零售媒體，廣告商可以從精確的經過驗證的數據開始，無論該數據是基於購買歷史記錄還是忠誠度數據。從那裡，廣告商可以根據他們所知道的信息進行定位，然後進行更準確的數據驅動建模，以更精確地擴展定位細分。

Some of the same dynamics are behind the rapid growth of CTV advertising. As we have all seen in recent weeks, there is a ton of focus right now on the business model of TV. What is the future of the linear TV model? And how does the TV industry create sustainable, profitable business models for streaming TV as viewers shift there in mass. I believe the answer will come in fully exploring the authenticated viewer data that sits at the core of the CTV ecosystem, which is something that today's leading media companies are exploring.

央視廣告快速增長的背後也有一些相同的動力。正如我們最近幾週所看到的那樣，現在人們非常關注電視的商業模式。線性電視模式的未來是什麼？隨著觀眾大量轉向流媒體電視，電視行業如何為流媒體電視創建可持續、盈利的商業模式。我相信答案將來自於充分探索位於 CTV 生態系統核心的經過驗證的觀眾數據，這也是當今領先的媒體公司正在探索的內容。

For the past couple of years, CTV has been one of our fastest-growing channels at scale. There are a range of reasons for that. Fundamentally, video remains the most effective way for brands to influence the hearts and minds of consumers. And with CTV, brands can apply data to their TV campaigns and measure with much more precision, the effectiveness of every ad dollar.

在過去的幾年裡，CTV 一直是我們規模增長最快的頻道之一。造成這種情況的原因有很多。從根本上來說，視頻仍然是品牌影響消費者心靈的最有效方式。借助 CTV，品牌可以將數據應用到電視廣告活動中，並更精確地衡量每一筆廣告費用的效果。

And much like retail, advertisers value the authenticated audiences that come with CTV, pretty much every streaming TV viewer is logged in with an e-mail address. For advertisers, this means more certainty. It also creates a new starting point centered on data. These dual forces of retail and CTV are truly bringing the power of data-driven decisioning home for advertisers, and it is accelerating their shift to programmatic on our platform. Whereas in the early years of programmatic, we were looking to find ways to affix data to campaigns. Today, we use data as a starting point for campaigns. Instead of hunting for ad opportunities with data, The Trade Desk and marketers are starting with data to know which media opportunities we should hunt for. It's a different dynamic and it's one that's become more prominent as advertisers seek more certainty in an uncertain and unpredictable environment.

就像零售業一樣，廣告商也重視 CTV 帶來的經過身份驗證的觀眾，幾乎每個流媒體電視觀眾都使用電子郵件地址登錄。對於廣告商來說，這意味著更多的確定性。也創造了一個以數據為中心的新起點。零售和 CTV 的雙重力量真正為廣告商帶來了數據驅動決策的力量，並且正在加速他們在我們平台上向程序化的轉變。而在程序化的早期，我們一直在尋找將數據附加到活動中的方法。今天，我們使用數據作為活動的起點。 The Trade Desk 和營銷人員不再通過數據尋找廣告機會，而是從數據開始，了解我們應該尋找哪些媒體機會。這是一種不同的動態，隨著廣告商在不確定和不可預測的環境中尋求更多確定性，這種動態變得更加突出。

As I said, media companies generally understand the value of authenticated user data. And this is a major reason why the top streaming companies in the U.S. have pretty much all integrated with UID2 or are planning to. The latest was Warner Bros. Discovery, who announced at Cannes that they will integrate UID2 across all of their streaming properties, including Max and Discovery+. The broad embrace of UID2 across the CTV ecosystem has been driven in part by a key economic factor. Streaming leaders need to unleash the value of their authenticated data for advertisers in order to create as much precision and relevance as possible, thereby maximizing their CPMs.

正如我所說，媒體公司普遍了解經過身份驗證的用戶數據的價值。這也是美國頂級流媒體公司幾乎全部集成或計劃集成 UID2 的主要原因。最新的是華納兄弟探索頻道 (Warner Bros. Discovery)，該公司在戛納電影節上宣布，他們將在其所有流媒體資產中集成 UID2，包括 Max 和 Discovery+。 UID2 在 CTV 生態系統中的廣泛採用部分是由一個關鍵的經濟因素推動的。流媒體領導者需要為廣告商釋放其經過驗證的數據的價值，以創造盡可能高的準確性和相關性，從而最大化其每千次展示費用。

In order for the streaming business model to thrive and for media companies to keep pace in the content arms race, they need to maximize advertising revenue. As we have seen with every streaming platform launching an ad-supported service, a subscription-based approach is not enough. And the only way to maximize advertising revenue is to increase precision and relevance. With UID2, the advertiser can start with authenticated data, enrich that with their own and third-party data and then where they can find the right relevant audience, they will pay a meaningfully higher price.

為了讓流媒體業務模式蓬勃發展，為了讓媒體公司在內容軍備競賽中跟上步伐，他們需要最大限度地提高廣告收入。正如我們所看到的，每個流媒體平台都推出了廣告支持的服務，基於訂閱的方法是不夠的。最大化廣告收入的唯一方法是提高精準度和相關性。借助 UID2，廣告商可以從經過身份驗證的數據開始，利用自己和第三方的數據豐富數據，然後在找到合適的相關受眾時，他們將支付更高的價格。

As Tim Sims outlined during our Investor Day, where advertisers are able to bid with certainty based on relevance and precision, the value of each impression increases significantly, generally, exponentially. Ultimately, this is how we will answer some of the vexing questions that have been swirling around the TV industry recently. And while we are still in the early days of the CTV advertising revolution, I'm confident that emerging innovations on our platform, such as a forward market for CTV advertising will only accelerate advertisers' ability and appetite to fund this amazing new golden age of TV.

正如蒂姆·西姆斯 (Tim Sims) 在投資者日期間概述的那樣，廣告商能夠根據相關性和精確性進行確定性出價，每次展示的價值通常呈指數級顯著增加。最終，這就是我們將如何回答最近圍繞電視行業的一些棘手問題。雖然我們仍處於 CTV 廣告革命的早期階段，但我相信我們平台上的新興創新（例如 CTV 廣告的遠期市場）只會加速廣告商為這個令人驚嘆的新黃金時代提供資金的能力和胃口。電視。

It's also worth pointing out that this is an increasingly global trend. At Cannes this year, for example, we announced a new partnership with RTL, one of the largest pan-European media companies. Through this partnership, our international advertisers will have exclusive programmatic access to RTL's addressable linear and connected TV inventory. We are starting with inventory across Germany, Spain, France and Austria with more European markets to follow soon.

還值得指出的是，這是一個日益全球化的趨勢。例如，在今年的戛納電影節上，我們宣布與最大的泛歐洲媒體公司之一 RTL 建立新的合作夥伴關係。通過此次合作，我們的國際廣告商將能夠以獨家程序方式訪問 RTL 的可尋址線性和聯網電視廣告資源。我們從德國、西班牙、法國和奧地利的庫存開始，很快就會在更多歐洲市場跟進。

This represents our most significant step yet into the European CTV market. It's also indicative of how the major European media companies are keeping pace with changing viewer preferences and advertiser demand to meet viewers where they are and where they are most leaned in.

這是我們迄今為止進軍歐洲 CTV 市場最重要的一步。它還表明歐洲主要媒體公司如何跟上不斷變化的觀眾偏好和廣告商需求，以滿足觀眾所在位置和最傾向的需求。

As many of you have seen, we had a lot to say about retail and CTV during our recent Kokai launch. And I'd just like to take a moment to put that in perspective. Because as advertisers increasingly prioritize CTV and retail, it's critical that we continue to innovate in our platform so that we surface value for our users as intuitively as possible. One way Kokai accomplishes this is with a series of new indexes or benchmarks that help advertisers understand and measure performance. In the retail arena, we launched the Retail Sales Index. The RSI helps advertisers understand the impact of their retail media spend across multiple retailers at once.

正如你們許多人所看到的，在最近推出 Kokai 期間，我們對零售和 CTV 有很多話要說。我想花點時間來正確地看待這一點。因為隨著廣告商越來越優先考慮 CTV 和零售，我們必須繼續在平台上進行創新，以便盡可能直觀地為用戶展現價值。 Kokai 實現這一目標的方法之一是使用一系列新的指數或基準來幫助廣告商了解和衡量效果。在零售領域，我們推出了零售銷售指數。 RSI 可幫助廣告商同時了解其零售媒體支出在多個零售商中的影響。

In this way, we are massively reducing the complexity of measuring ad campaigns that run across multiple retail data sets. Now advertisers can understand which retail environments perform better at different times, in which channels, for which kinds of creatives, all in 1 place. And in doing so, we are providing a level of objectivity and measurement from the bottom of the funnel all the way to the top, that is simply not possible within a walled garden. In addition to that, we also announced a few pioneering retailers who are making retail measurement available for free in our platform if the advertiser has activated their retail data for targeting. These retailers include Walgreens, Dollar General and Albertsons. This is a major step forward in bringing the full value of retail media to bear in service of greater precision and certainty.

通過這種方式，我們大大降低了衡量跨多個零售數據集的廣告活動的複雜性。現在，廣告商可以了解哪些零售環境在不同時間、哪些渠道、哪些類型的創意表現更好，一切盡在 1 個地方。在此過程中，我們提供了從漏斗底部一直到頂部的一定程度的客觀性和衡量標準，這在有圍牆的花園中根本不可能實現。除此之外，我們還宣布了一些先驅零售商，如果廣告商激活了其零售數據進行定位，他們將在我們的平台上免費提供零售測量。這些零售商包括沃爾格林 (Walgreens)、達樂 (Dollar General) 和艾伯森 (Albertsons)。這是充分發揮零售媒體價值以提供更精確和確定性服務的重要一步。

In the CTV space, we launched the TV Quality Index, or TVQI. As the CTV advertising market has multiplied in terms of inventory, there are some who would have you believe that a piece of user-generated content has the same quality in the eyes of the viewer as professionally produced content or live sports. Yes, I know there are some UGC influencers who have millions of followers that some brands may target from time to time. But that's a very small slice of UGC. The vast bulk of it is very unattractive, and sometimes even unsafe for brand advertisers. The TVQI helps advertisers understand the value of the impressions they are buying in the context of the quality of the content those impressions are served against.

在 CTV 領域，我們推出了電視質量指數 (TVQI)。隨著 CTV 廣告市場的庫存成倍增加，有些人會讓你相信用戶生成的內容在觀眾眼中與專業製作的內容或現場體育賽事具有相同的質量。是的，我知道有些 UGC 影響者擁有數百萬粉絲，一些品牌可能會不時瞄準這些粉絲。但這只是 UGC 的一小部分。其中大部分內容非常沒有吸引力，有時甚至對品牌廣告商來說是不安全的。 TVQI 幫助廣告商了解他們購買的展示次數的價值以及這些展示次數所針對的內容的質量。

The index shows that for every 10-point improvement in quality there is a 15-point improvement in conversion rates. Sometimes it's even higher than that. And for our own campaigns for The Trade Desk, in the second quarter of this year, as we were beta testing TVQI, we found that a 19-point increase in the index score resulted in a 50-point improvement in our conversion rate. If you're a marketing leader, these are substantial performance improvements.

該指數顯示，質量每提高 10 個百分點，轉化率就會提高 15 個百分點。有時甚至比這個還要高。對於我們自己為 The Trade Desk 開展的活動，今年第二季度，當我們對 TVQI 進行 Beta 測試時，我們發現指數得分提高了 19 點，導致我們的轉化率提高了 50 點。如果您是營銷領導者，這些都是顯著的績效改進。

I mentioned those 2 elements of Kokai because they're important to understand in the context of CTV and retailer as more advertisers gravitate to CTV and retail because they offer more certainty in starting advertising campaigns based on authenticated audience data, these Kokai innovations provide more certainty through the course of the campaign in terms of measurement and performance optimization.

我提到Kokai 的這兩個要素是因為在CTV 和零售商的背景下理解它們非常重要，因為越來越多的廣告商傾向於CTV 和零售，因為它們在基於經過驗證的受眾數據啟動廣告活動方面提供了更多的確定性，這些Kokai 創新提供了更多的確定性在活動過程中進行衡量和績效優化。

Of course, there are many other aspects of Kokai that we unveiled on 06/06, some of which are live and many of which we will be launching in the next few months. These indexes and other innovations, especially around the application of AI across our platform are helping us surface value more intuitively to advertisers. We are revamping our UX so that the campaign setup and optimization experience is even more intuitive with data next to decisions at every step. And we're making it easier than ever for thousands of data, inventory, measurement and media partners to integrate with us. In doing so, I believe that The Trade Desk will become an essential innovation hub of the open Internet.

當然，我們在 06/06 公佈了 Kokai 的許多其他方面，其中一些是實時的，其中許多我們將在接下來的幾個月內推出。這些指數和其他創新，特別是圍繞我們平台上的人工智能應用，正在幫助我們更直觀地向廣告商展示價值。我們正在改進我們的用戶體驗，以便活動設置和優化體驗更加直觀，每一步都有數據旁邊的決策。我們使數以千計的數據、庫存、測量和媒體合作夥伴能夠比以往更輕鬆地與我們集成。通過這樣做，我相信 The Trade Desk 將成為開放互聯網的重要創新中心。

I'd like to end on this point because I think it's important to reiterate that there are many things we do at The Trade Desk that are not in our immediate business interest. UID2, for example, is an innovation we devised about 3 years ago and promptly gave it away to the industry. We're seeing broad adoption across the data and inventory ecosystems of the open Internet and accelerating use by advertisers. In many ways, the industry is looking at innovations like UID2 as a core element of the flight to certainty that is driving a lot of advertiser action today. If an advertiser has certainty that they are reaching the right person across all channels, they will prioritize that ad buy. CTV and retail are major advancements in this regard, but UID2 is a major building block of this new cross-channel identity fabric too.

我想就此結束，因為我認為有必要重申一下，我們在 The Trade Desk 所做的許多事情並不符合我們的直接商業利益。例如，UID2 是我們大約 3 年前設計的一項創新，並立即將其提供給業界。我們看到開放互聯網的數據和庫存生態系統得到了廣泛採用，並加速了廣告商的使用。在許多方面，該行業正在將 UID2 等創新視為追求確定性的核心要素，而這種確定性正在推動當今的許多廣告商採取行動。如果廣告商確定他們在所有渠道上都接觸到了合適的人，他們就會優先考慮廣告購買。 CTV 和零售是這方面的重大進步，但 UID2 也是這種新的跨渠道身份結構的主要構建塊。

This is particularly important as there has recently been a lot of speculation regarding the potential demise of third-party cookies in Chrome in early 2024. A lot of this speculation reminds me of the frenzy in 2017 when Safari deprecated cookies or more recently in 2021 when Apple made its IDFA changes. Each time I have stated that none of this will have a significant material effect on our business, and that was true.

這一點尤其重要，因為最近有很多關於 2024 年初 Chrome 中第三方 cookie 可能消亡的猜測。這種猜測讓我想起 2017 年 Safari 棄用 cookie 時的狂熱，或者最近 2021 年的情況。 Apple 更改了 IDFA。每次我都說過，所有這些都不會對我們的業務產生重大的實質性影響，這是事實。

I've said many times that I'm not sure that it's in Google's best interest to get rid of third-party cookies because of the harmful impact it will likely have on publishers that have not implemented a strong identity strategy. But while it matters a lot to many browser-based publishers, in the long run, it really doesn't matter that much to us. Advertisers will increasingly select ad opportunities where they can act with certainty and leverage their own data. That's why I've spent so much time today talking about CTV, retail and UID2 as they have become essential building blocks of the open Internet.

我已經多次說過，我不確定擺脫第三方 cookie 是否符合 Google 的最佳利益，因為它可能會對尚未實施強大身份策略的發布商產生有害影響。雖然這對許多基於瀏覽器的出版商來說很重要，但從長遠來看，對我們來說其實並不那麼重要。廣告商將越來越多地選擇可以確定行動並利用自己的數據的廣告機會。這就是為什麼我今天花了這麼多時間談論 CTV、零售和 UID2，因為它們已經成為開放互聯網的重要組成部分。

On the supply side, we developed OpenPath, to provide our clients with a direct transparent path to inventory. This is just the latest effort by the Trade Desk to improve supply-side transparency and objectivity and we now have thousands of destinations across the open Internet, integrating with OpenPath. And when advertisers see an OpenPath channel to inventory, they are more likely to select it versus the 8 to 10 alternative paths to that same impression because there's more certainty. And now integrating with UID2, OpenPath or any number of other innovations or offerings on our platform is easier than ever with Kokai.

在供應方面，我們開發了 OpenPath，為我們的客戶提供直接透明的庫存路徑。這只是 Trade Desk 為提高供應方透明度和客觀性而做出的最新努力，我們現在在開放互聯網上擁有數千個與 OpenPath 集成的目的地。當廣告商看到庫存的 OpenPath 渠道時，他們更有可能選擇它，而不是獲得相同印象的 8 到 10 種替代路徑，因為這樣更有確定性。現在，通過 Kokai，與 UID2、OpenPath 或我們平台上的任何其他創新或產品的集成比以往任何時候都更加容易。

We believe that to truly optimize the value of the open Internet, there are many ways in which the industry needs to innovate together. So we can provide advertisers as an ecosystem with more certainty, transparency and objectivity. In recent weeks, we've heard even more about the alleged dubious behavior of walled gardens, whether it's from the European Commission or independent research reports. Advertisers and media companies are increasingly aware that they need to work with technology partners who represent their interest, not conflicts of interest. As a result, advertising dollars are shifting to our platform. And we will continue to invest in our platform and push the industry to create even more value for advertisers on the open Internet.

我們認為，要真正優化開放互聯網的價值，行業需要在很多方面共同創新。所以我們可以為廣告商提供一個更加確定、透明和客觀的生態系統。最近幾週，我們聽到了更多有關圍牆花園涉嫌可疑行為的消息，無論是來自歐盟委員會還是獨立研究報告。廣告商和媒體公司越來越意識到，他們需要與代表他們利益而不是利益衝突的技術合作夥伴合作。因此，廣告收入正在轉移到我們的平台。我們將繼續投資我們的平台，推動行業在開放的互聯網上為廣告商創造更多價值。

Our recent outperformance is not a temporary blip, I believe it is the start of a reassessment of the value of the Internet, particularly from an advertiser's perspective, and I could not be more excited about the growth opportunity that is in front of us in the years ahead as a result.

我們最近的優異表現並不是暫時的現象，我相信這是重新評估互聯網價值的開始，特別是從廣告商的角度來看，我對我們面前的增長機會感到無比興奮。結果是未來幾年。

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

這樣，我就會把它交給勞拉來負責我們的財務事宜。

Thank you, Jeff, and good afternoon, everyone.

謝謝杰夫，大家下午好。

For nearly the past 10 years, I've experienced firsthand all of the incredible work from The Trade Desk teams around the world that produce our outstanding performance that have enabled us to manage the right balance between strong growth and significant profitability. I'm proud to present our results today and going forward.

在過去的近10 年裡，我親身體驗了世界各地The Trade Desk 團隊所做的所有令人難以置信的工作，這些工作創造了我們出色的業績，使我們能夠在強勁增長和顯著盈利之間實現適當的平衡。我很自豪能夠介紹我們今天的成果並展望未來。

With that, on to the numbers. As you've seen in our results, Q2 was a strong quarter. Revenue was $464 million, representing growth of 23% year-over-year, accelerating from the prior quarter. Excluding U.S. political election spend, which represented a low single-digit percent of spend in Q2 2022, our revenue growth rate in Q2 of this year was about 24.5% on a year-over-year basis. Visibility and advertiser sentiment continued to improve throughout the quarter, and we continue to gain share as marketers increasingly focus their investments on areas where data is deployed effectively, where AI and decisioning produce high ROI and where results are measurable and transparent.

說到這裡，我們來看看數字。正如您在我們的結果中看到的，第二季度是一個強勁的季度。收入為 4.64 億美元，同比增長 23%，較上一季度有所加快。不包括美國政治選舉支出（該支出在 2022 年第二季度僅佔個位數百分比），我們今年第二季度的收入同比增長率約為 24.5%。整個季度的可見度和廣告商情緒持續改善，隨著營銷人員越來越多地將投資集中在數據有效部署、人工智能和決策產生高投資回報率以及結果可衡量和透明的領域，我們的市場份額繼續增加。

Our growth continued to be driven by the shift of budgets to connected TV and increasing use of retail data. Because of our objectivity and our connectivity to nearly every major CTV content provider, our platform is the most eligible for the tidal wave of demand as it shifts away from linear and walled gardens.

我們的增長繼續受到預算轉向聯網電視和零售數據使用增加的推動。由於我們的客觀性以及與幾乎所有主要 CTV 內容提供商的連接，我們的平台最適合滿足需求浪潮，因為它從線性和圍牆花園轉移。

In retail media, many of the largest retailers around the world are now our partners and more and more brands and agencies are taking advantage of this powerful data in their campaigns. We also continue to benefit from the trust we've built with our clients, launching innovative products in the interest of the demand side, paving cleaner path to supply and cultivating industry-wide support for improved identity solutions like UID2 and EUID.

在零售媒體中，世界各地許多最大的零售商現在都是我們的合作夥伴，越來越多的品牌和機構正在他們的活動中利用這些強大的數據。我們還繼續受益於與客戶建立的信任，推出符合需求方利益的創新產品，為供應鋪平更清潔的道路，並培養全行業對改進的身份解決方案（如 UID2 和 EUID）的支持。

During the second quarter, growth was broad-based across channels, verticals and regions. CTV led our growth from a scaled channel perspective once again. We saw strong momentum again in retail media as we launched integrations with more retailers and won incremental shopper marketing budgets. International spend growth accelerated off a strong Q1 with notably strong performance in CTV. And with the launch of Kokai in early June, we are well positioned for the second half of the year and 2024 as visibility and advertiser sentiment improve.

第二季度，各渠道、垂直行業和地區均出現廣泛增長。中視再次從規模化的渠道角度引領了我們的增長。隨著我們與更多零售商進行整合併贏得增量購物者營銷預算，我們再次看到零售媒體的強勁勢頭。國際支出增長在第一季度強勁的基礎上加速增長，其中 CTV 的表現尤其強勁。隨著 6 月初 Kokai 的推出，隨著可見度和廣告商情緒的改善，我們為下半年和 2024 年做好了準備。

With the strong top line performance in Q2, we generated approximately $180 million in adjusted EBITDA or about 39% of revenue. When we outperform on the top line, we often see that outperformance throughout all our financial statements as was the case again in Q2. This outperformance led to free cash flow of $119 million in Q2. Our unique ability to generate meaningfully positive EBITDA and cash flow continues to put us in a strong position as we look ahead and invest in the critical areas of the business that will drive our growth in the years to come. This is an area I'm intently focused on, making certain that our productivity and efficiency remains best-in-class as we scale as we manage both industry-leading growth and significant profitability. I believe this is a critical factor to our success in the next phase of growth.

憑藉第二季度強勁的營收表現，我們產生了約 1.8 億美元的調整後 EBITDA，約佔收入的 39%。當我們在營收方面表現出色時，我們經常會看到我們所有的財務報表都表現出色，就像第二季度的情況一樣。這一優異表現導致第二季度自由現金流達到 1.19 億美元。我們產生有意義的正 EBITDA 和現金流的獨特能力繼續使我們處於有利地位，因為我們展望未來並投資於將推動我們未來幾年增長的關鍵業務領域。這是我重點關注的一個領域，確保我們的生產力和效率在我們管理行業領先的增長和顯著的盈利能力的過程中保持一流的生產力和效率。我相信這是我們下一階段增長成功的關鍵因素。

From a scaled channel perspective, CTV, by a wide margin, led our growth again during the quarter. In Q2, video, which includes CTV represented a mid-40s percentage share of our business and continues to grow as a percentage of our mix.

從規模化渠道的角度來看，CTV 在本季度再次大幅領先我們的增長。在第二季度，包括 CTV 在內的視頻業務在我們的業務中所佔的份額為 40 多歲，並且在我們的業務中所佔的比例仍在不斷增長。

Mobile represented a mid-30s percentage share of spend during the quarter. Display continued to represent a low double-digit percent share of our business and audio represented around 5%. Geographically, North America represented about 88% of our business in Q2 and international represented about 12%. We are pleased that international growth slightly outpaced North America for the second quarter in a row. Looking ahead, we see significant opportunities to capture share in international markets as operating conditions continue to improve.

本季度移動設備支出佔 30 多歲的比例。顯示設備在我們的業務中所佔的份額仍然較低，只有兩位數，而音頻設備所佔的份額約為 5%。從地理位置上看，北美地區約占我們第二季度業務的 88%，國際地區約佔 12%。我們很高興國際增長連續第二季度略微超過北美。展望未來，隨著經營狀況的持續改善，我們看到了在國際市場佔據份額的重大機遇。

In terms of the verticals that represent at least 1% of our spend, travel more than doubled compared with a year ago as the sector continues to recover. Automotive was strong once again with growth accelerating each month during the quarter due to share gains and recovery. We also saw strong performance in home and garden and food and beverage, while shopping and business were below the average. We continue to believe there is still opportunity for us to gain share in most of our verticals.

就占我們支出至少 1% 的垂直行業而言，隨著該行業的持續復甦，旅行與一年前相比增加了一倍多。由於份額增長和復蘇，汽車行業再次表現強勁，本季度每個月的增長都在加速。我們還看到家庭和花園以及食品和飲料的強勁表現，而購物和商業則低於平均水平。我們仍然相信我們仍然有機會在大多數垂直領域獲得份額。

Turning now to expenses. Excluding stock-based compensation, operating expenses in Q2 were $305 million, up 22% year-over-year. There are ample opportunities to achieve significantly more leverage within our operating expenses. However, our primary objective remains on growing spend on our platform and grabbing land.

現在轉向費用。不包括股票薪酬，第二季度運營費用為 3.05 億美元，同比增長 22%。我們有充分的機會在運營支出中實現更大的槓桿作用。然而，我們的主要目標仍然是增加我們平台上的支出和搶占土地。

During the second quarter, we continued to invest in our team, our platform and our infrastructure to support sustained growth. The year-over-year increase in operating expenses, excluding stock-based compensation, included realized costs from our 2022 hiring ramp, infrastructure investments and return to office expenses.

第二季度，我們繼續投資於我們的團隊、平台和基礎設施，以支持持續增長。運營費用的同比增長（不包括股票薪酬）包括我們 2022 年招聘規模、基礎設施投資和辦公費用回報的已實現成本。

Because we have responsibly managed headcount and operating expenses over the last few years, we're in a strong position to continue innovating for clients, growing our teams and widening the distance between us and our competitors.

由於我們在過去幾年中負責任地管理了員工人數和運營費用，因此我們處於有利地位，可以繼續為客戶創新，發展我們的團隊並擴大我們與競爭對手之間的距離。

Income tax expense was $27 million for the second quarter, driven primarily by our pretax profitability and nondeductible stock-based compensation. Adjusted net income was $139 million or $0.28 per fully diluted share. Net cash provided by operating activities was $128 million for Q2 and free cash flow was $119 million.

第二季度所得稅費用為 2700 萬美元，主要是由我們的稅前盈利能力和不可扣除的股票薪酬推動的。調整後淨利潤為 1.39 億美元，即完全稀釋後每股收益 0.28 美元。第二季度經營活動提供的淨現金為 1.28 億美元，自由現金流為 1.19 億美元。

DSOs exiting the quarter were 92 days, up about 1 day from a year ago. DPOs were 76 days, up about 3 days from a year ago. In Q2 via our share repurchase program, we repurchased and retired 595,000 shares for an aggregate repurchase amount of $44 million. We exited the quarter with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.4 billion. We have no debt on the balance sheet.

本季度退出的 DSO 為 92 天，比去年同期增加約 1 天。 DPO 為 76 天，比一年前增加了約 3 天。在第二季度，通過我們的股票回購計劃，我們回購併退役了 595,000 股股票，回購總額為 4,400 萬美元。本季度結束時，我們擁有強勁的現金和流動性狀況。本季度末現金、現金等價物和短期投資為 14 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the third quarter. While macro conditions remain uncertain, visibility has improved slightly since the beginning of the year. We estimate Q3 revenue to be at least $485 million, which would represent growth of 23% on a year-over-year basis. Excluding U.S. political election spend, which represented a low single-digit percent of spend in Q3 2022, our estimated revenue growth rate in Q3 of this year would be about 25% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $185 million in Q3.

轉向我們對第三季度的展望。儘管宏觀形勢仍存在不確定性，但自年初以來能見度略有改善。我們預計第三季度收入至少為 4.85 億美元，同比增長 23%。如果不計入美國政治選舉支出（該支出在 2022 年第三季度的支出中所佔比例僅為個位數），我們預計今年第三季度的收入同比增長率約為 25%。我們預計第三季度調整後 EBITDA 約為 1.85 億美元。

In closing, we're extremely pleased with our strong performance in the first half of the year. I've always seen the immense opportunity this company has. And frankly, that opportunity has never been clearer than it is today. We have a large and growing addressable market in front of us. We have a business model that's proven to generate strong top line growth in addition to significant profitability and cash flow. With growth drivers including CTV, retail media or international business, a strong identity strategy, a 2024 U.S. election year cycle, and a significant product upgrade with Kokai, among others, we remain highly optimistic about our future as we move through the second half of 2023 and into 2024. That concludes our prepared remarks.

最後，我們對今年上半年的強勁表現感到非常滿意。我一直看到這家公司擁有巨大的機會。坦率地說，這個機會從未像今天這樣清晰。我們面前有一個龐大且不斷增長的潛在市場。事實證明，我們的商業模式除了可觀的盈利能力和現金流之外，還能帶來強勁的營收增長。憑藉包括 CTV、零售媒體或國際業務在內的增長動力、強大的身份戰略、2024 年美國大選年周期以及 Kokai 的重大產品升級等，我們對下半年的未來保持高度樂觀2023 年和2024 年。我們準備好的發言到此結束。

And with that, operator, let's open up the call for questions.

那麼，接線員，讓我們開始提問。

(Operator Instructions) The first question comes from Shyam Patil from SIG.

（操作員說明）第一個問題來自 SIG 的 Shyam Patil。

Congrats on another strong performance. I had a 2-part question. First for Jeff, could you provide your thoughts on the macro and the current conditions and also your initial thoughts on next year, on 2024?

祝賀您再次表現出色。我有一個由兩部分組成的問題。首先，Jeff，您能否提供一下您對宏觀和當前狀況的看法，以及您對明年 2024 年的初步想法？

And then Laura, can you talk about how you're thinking about investments and expenses in the back half of this year, but also next year as well.

然後勞拉，您能談談您如何看待今年下半年以及明年的投資和支出嗎？

Thanks for the question, Shyam. I'll go first, and then I'll just hand it over to Laura to talk about investments and expenses.

謝謝你的提問，夏姆。我先走了，然後就交給勞拉談談投資和開支的事情。

So it's not news to anybody here that the last 2 or 3 years have been a few years of uncertainty and unpredictability for most advertisers and most of the Fortune 500. As a result, I'm extremely excited by the change in sentiment that we've seen in Q2 and see already in Q3, where CMOs are doubling down on what's driving growth there's an understanding, of course, that the markets have begun to recover, and there's more certainty than they've had in the past. But they've also come to rely on data-driven advertising during that time of uncertainty as a place for certainty and for results. So we're seeing lots of shifts due to what they've experienced in the last few years in CTV. And then, of course, this massive secular tailwind that comes from retail data as well. As I've said before, I believe ultimately, the shape of the Internet changes dramatically as a result of CTV and retail media.

因此，對於大多數廣告商和大多數財富500 強企業來說，過去兩三年是充滿不確定性和不可預測性的幾年，這對這裡的任何人來說都不是新聞。因此，我對我們的情緒變化感到非常興奮。我們在第二季度和第三季度都已經看到，首席營銷官正在加倍努力推動增長，當然，市場已經開始復蘇，而且比過去更有確定性。但在不確定的時期，他們也開始依賴數據驅動的廣告作為確定性和結果的場所。因此，由於他們過去幾年在 CTV 經歷的經歷，我們看到了很多轉變。當然，這種巨大的長期推動力也來自零售數據。正如我之前所說，我相信最終互聯網的形態將因中央電視台和零售媒體而發生巨大變化。

And then, of course, we've also seen some amazing results as a result of UID2 adoption. You might have caught during the prepared remarks that Warner Bros. was kind of the last of the U.S. independent CTV players to adopt UID2. So now, in a way, UID2 has the full collection here in the United States, and that has become the common currency to monetize CTV in the ad environment. We expect that trend to continue, and we're seeing more and more of that.

當然，我們還看到了採用 UID2 帶來的一些令人驚奇的結果。您可能在準備好的發言中發現華納兄弟是最後一家採用 UID2 的美國獨立 CTV 播放器。所以現在，在某種程度上，UID2 在美國擁有完整的集合，並且已經成為在廣告環境中通過 CTV 貨幣化的通用貨幣。我們預計這種趨勢將持續下去，而且我們看到這種趨勢越來越多。

For the second part of your question for me, 2024 is looking like the tidal wave of opportunity that is both daunting as well as just massive in terms of what an incredible chance this is for us to once again grab land.

對於你向我提出的問題的第二部分，2024 年看起來像是機遇的浪潮，既令人畏懼，又巨大，因為這對我們來說是再次奪取土地的絕佳機會。

So let me first just talk about some of the backdrop for 2024. So there's been a lot of pressure on Google over the last few years as it relates to antitrust as well as privacy. Of course, there's a balance between those 2 that a few years ago, there was a lot more pressure on the privacy side of that. Today, there's a lot more pressure on the antitrust side of that, which we think overall makes the market a bit more fair and makes it easier to predict Google's decisions.

首先讓我談談 2024 年的一些背景。過去幾年谷歌面臨著很大的壓力，因為它涉及反壟斷和隱私。當然，這兩者之間存在著平衡，幾年前，隱私方面的壓力要大得多。如今，反壟斷方面面臨著更大的壓力，我們認為這總體上使市場更加公平，並且更容易預測谷歌的決定。

It also makes it so that they are undoubtedly going slower and that creates opportunity for us to once again grab land.

這也使得他們無疑會放慢速度，這為我們再次奪取土地創造了機會。

I have said over and over again that linear television is not going to be a steady decline. It ends with an explosion. It's going to have a pretty steady, then accelerating decay. And then there's a point where it stops being worth it for anybody to operate in the space. You've kind of got a glimpse of this when Bob Iger was saying 3 weeks ago on CNBC, that he's unsure about ABC's future and their linear business model being broken, but of course, that streaming and the studios are very important to the future of the business. That business model is really talking about legacy linear and broadcast television and that, of course, the future is streaming. That represents one of the many opportunities for us in 2024.

我已經一遍又一遍地說過，線性電視不會穩步下降。它以爆炸結束。它將會有一個相當穩定的過程，然後加速衰減。然後到了某個點，任何人都不再值得在這個領域運營。三週前鮑勃·艾格 (Bob Iger) 在 CNBC 上表示，他不確定 ABC 的未來以及他們的線性商業模式是否會被打破，但當然，流媒體和工作室對未來非常重要的業務。這種商業模式實際上是在談論傳統的線性電視和廣播電視，當然，未來是流媒體。這是我們在 2024 年面臨的眾多機遇之一。

Now as our opportunity to demonstrate the power of decisioning, which is really what our brand new product release Kokai is all about. We also have some major advances going into next year as it relates to the forward market. But when you add CTV retail media, Kokai, UID2, OpenPath, international opportunities, political, the list goes on and on.

現在，這是我們展示決策力量的機會，這正是我們發布全新產品 Kokai 的意義所在。明年我們還將取得一些與遠期市場相關的重大進展。但當你加上 CTV 零售媒體、Kokai、UID2、OpenPath、國際機會、政治等內容時，這樣的例子不勝枚舉。

Of course, Disney announced today that they'll roll out ad-supported models internationally for Disney+. We think that's one of many opportunities around the world for us as it relates to CTV. So the secular tailwinds just keep piling up, but very excited about all that. I'll turn it over to Laura to talk about investments and expenses.

當然，迪士尼今天宣布，他們將在全球範圍內推出支持廣告的 Disney+ 模式。我們認為這是我們在世界各地與 CTV 相關的眾多機會之一。因此，長期的順風不斷堆積，但對此感到非常興奮。我會把它交給勞拉談論投資和費用。

Thanks, Jeff, and Shyam, thanks for the question. In terms of our investments for the second half of 2023 and going into 2024, I'll start off just the big picture and then get into the specifics of what we're seeing. So just always remind myself that we've got the great luxury of high growth, profitability and cash flow. And we've been responsibly managing our headcount, OpEx growth and investments for many years now. So in the first half of 2023, we grew revenue in the 20% range. And we just guided to continued growth acceleration in revenue when you exclude U.S. election spend that we saw in the same period in 2022.

謝謝杰夫和夏姆，謝謝你的提問。就我們 2023 年下半年和 2024 年的投資而言，我將從大局開始，然後詳細介紹我們所看到的情況。因此，要時刻提醒自己，我們擁有高增長、盈利能力和現金流的巨大優勢。多年來，我們一直負責任地管理我們的員工人數、運營支出增長和投資。因此，2023 年上半年，我們的收入增長了 20%。當您排除 2022 年同期美國大選支出時，我們剛剛預測收入將持續加速增長。

So from my perspective, we're in an enviable position, while many of our other peers have struggled. So when I look out at the rest of 2023, I just look at how we're being very deliberate in our investments and in our hiring, and we still expect headcount to grow this year, but roughly at half the rate of last year, which implies around 20%. And that sets us up very nicely for 2024, just as I remind everyone that our people are our largest area of investment.

因此，從我的角度來看，我們處於令人羨慕的地位，而我們的許多其他同行卻在苦苦掙扎。因此，當我展望 2023 年剩餘時間時，我只關注我們在投資和招聘方面的審慎態度，我們仍然預計今年員工人數會增長，但增幅大約是去年的一半，這意味著大約 20%。這為我們 2024 年的發展奠定了良好的基礎，正如我提醒大家的那樣，我們的員工是我們最大的投資領域。

We're also investing heavily into our platform and our products, specifically in areas like CTV and our forward market product and in retail media. And as we're doing this, we're focusing heavily on productivity and efficiency with all of our teams from our engineering teams to our go-to-market, business, sales AM and trading teams to make sure that we believe that all of our teams are firing on all cylinders.

我們還對我們的平台和產品進行了大量投資，特別是在 CTV 和我們的遠期市場產品以及零售媒體等領域。在我們這樣做的同時，我們所有團隊（從工程團隊到市場推廣、業務、銷售 AM 和交易團隊）都高度重視生產力和效率，以確保我們相信所有團隊我們的團隊正在全力以赴。

For this year, we also expect CapEx to be lower than last year. So last year, we came in with around $80 million of investments. And I'd expect that to be around $60 million in 2023. And just a reminder, our CapEx levels include all of our AI investments, and we don't expect any significant step-up in investments that you may have seen in some other firms.

我們還預計今年的資本支出將低於去年。去年，我們投資了大約 8000 萬美元。我預計2023 年這一數字將達到6000 萬美元左右。提醒一下，我們的資本支出水平包括我們所有的人工智能投資，我們預計投資不會出現任何重大的增長，就像您在其他一些領域看到的那樣公司。

So just to sum up and as it relates to our modeling, as we've seen in the past, when we outperform on the top line, that usually drops down to the bottom line as happened in Q1 and Q2 of this year. And we're very comfortable with where things stand and cautiously optimistic about our business for the rest of the year.

總結一下，正如我們過去所看到的，這與我們的模型有關，當我們在營收上表現出色時，通常會下降到利潤，就像今年第一季度和第二季度發生的那樣。我們對目前的情況感到非常滿意，並對今年剩餘時間的業務持謹慎樂觀的態度。

The next question is from Shweta Khajuria with Evercore ISI.

下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Jeff, I have a question on cookie deprecation. So you touched on this in your prepared remarks, and there's quite a bit of focus on it given that we are coming close to 2024 here and Google's plan to deprecate cookies. Would love to hear your thoughts on you think the magnitude of impact on Trade Desk, in particular, why you think it's not going to be meaningful and the overall industry, how you think about the impact?

Jeff，我有一個關於 cookie 棄用的問題。因此，您在準備好的發言中談到了這一點，考慮到 2024 年即將到來，而且 Google 計劃棄用 cookie，因此對此有相當多的關注。我很想听聽您對 Trade Desk 影響程度的看法，特別是為什麼您認為這不會有意義，以及整個行業，您如何看待這種影響？

You bet. Thanks Shweta, I appreciate the question. So first, let me just say, we've been down this path before. So when Safari made cookies go away, there was anxiety, when GDPR first came out, there was anxiety and IDFA removal happened, there was anxiety. And in every one of those cases, our business continued to grow, and we saw very little impact, a speed bump at best.

你打賭。謝謝Shweta，我很欣賞這個問題。首先，我想說的是，我們以前也曾走過這條路。因此，當 Safari 刪除 cookie 時，人們感到焦慮，當 GDPR 首次出台時，人們感到焦慮，當 IDFA 被刪除時，人們也感到焦慮。在每一種情況下，我們的業務都在持續增長，而且我們看到的影響很小，充其量只是減速。

So I see this as slightly -- or not slightly, exactly the same as all of those other things. But the reason for that is because a phenomenon that is just different about our business than most other businesses that are in the space. And so we look at 12 million ad opportunities every second and we choose from those 1 million or 2 million that we want to buy. If identity is removed from -- instead of it being on 6 million, it's now a 3 million, it just informs which ones we buy differently. We're still going to buy the same amount, and we're still going to be informed on the vast majority of those and in part because we've been so strong in growing CTV as well as leveraging UID2, we have an alternative in the biggest driver of our business in CTV that is present on nearly 100% of impressions, which is way better than anything in the browsing Internet world.

所以我認為這與所有其他事情有一點點——或者不是一點點，完全相同。但其原因是我們的業務與該領域的大多數其他業務不同。因此，我們每秒都會查看 1200 萬個廣告機會，然後從我們想要購買的 100 萬或 200 萬個廣告機會中進行選擇。如果將身份信息從 600 萬個中刪除，現在是 300 萬個，它只是告訴我們以不同的方式購買哪些產品。我們仍然會購買相同數量的產品，並且我們仍然會了解其中的絕大多數，部分原因是我們在發展 CTV 以及利用 UID2 方面非常強大，我們有一個替代方案我們CTV 業務的最大驅動力幾乎100% 的展示次數都出現了，這比瀏覽互聯網世界中的任何內容都要好得多。

So just to be clear, but this directly impacts is the browsing Internet world of everything that runs on top of Chrome.

需要明確的是，這直接影響的是在 Chrome 上運行的所有內容的瀏覽互聯網世界。

So now let me talk for a second about the industry and be a bit more holistic because hopefully, I've made my point that I don't believe this impacts us in any meaningful way. And in fact, I think you can make the argument that it affects us in a positive way just as much as it does in a negative way just because it would be negative to all the players that are dependent on cookies and because so much of our business now is driven off of UID2 and CTV, I think you can make the argument that we would benefit from sort of hurting lots of the independent competition.

現在讓我談談這個行業，並更全面一些，因為希望我已經表明了我的觀點，我不認為這會對我們產生任何有意義的影響。事實上，我認為你可以提出這樣的論點：它對我們的影響既有積極的一面，也有消極的一面，因為這對所有依賴 cookie 的玩家來說都是負面的，而且因為我們的很多現在業務已經擺脫了UID2 和CTV，我想你可以說我們會從傷害大量獨立競爭中受益。

It is actually for that reason that I believe it is a strategic mistake for Google to get rid of cookies. And as they're facing more antitrust scrutiny rather than any other regulatory scrutiny, I don't think it's in their best interest to do, I think, because of the way that the case dates are stacking up that they won't likely make any decisions until the end of Q1 next year. If they do make cookies go away then, I do think it will be very bad for some publishers, especially those touching journalism, that were historically print journalists, I do believe that will really have a bad effect upon them. And it won't have a great effect on the open Internet.

事實上，正是出於這個原因，我認為谷歌取消 cookie 是一個戰略錯誤。由於他們面臨更多的反壟斷審查，而不是任何其他監管審查，我認為這樣做並不符合他們的最佳利益，因為案件日期越來越多，他們不太可能這樣做明年第一季度末之前做出任何決定。如果他們真的讓cookie消失，我確實認為這對一些出版商來說將是非常糟糕的，特別是那些接觸新聞業的出版商，他們歷史上是印刷記者，我確實相信這確實會對他們產生不好的影響。而且它不會對開放的互聯網產生很大的影響。

But I do think it will be good for us. I do think that many of the consumer data companies will actually be better off because nearly all of their data is anchored off of an e-mail address. And the way that we leverage data is just much, much better in a world built around UID2. So I do think that it would accelerate the adoption of UID2 into the browsing Internet world, not just among CTV and audio and that would ultimately be good for us, but I don't think there would be a quick recovery for many of the web-based publishers, especially those affecting journalism. And so it will be a net negative for the open Internet, but probably a slight positive for us.

但我確實認為這對我們有好處。我確實認為許多消費者數據公司實際上會變得更好，因為幾乎所有數據都基於電子郵件地址。在圍繞 UID2 構建的世界中，我們利用數據的方式要好得多。因此，我確實認為這將加速 UID2 在瀏覽互聯網世界中的採用，而不僅僅是在 CTV 和音頻領域，這最終對我們有利，但我認為許多網絡不會很快恢復的出版商，尤其是那些影響新聞業的出版商。因此，這對開放互聯網來說將是一個淨負面影響，但對我們來說可能會略有積極影響。

The next question is from Vasily Karasyov from Cannonball Research.

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

Jeff, I wanted to talk about retail media. You spoke about the success you're having with Walmart. We know that last year, there was a group of retailers that also came online. And so question number one, how is that coming along? Should we see contribution to revenue next year from those retailers?

傑夫，我想談談零售媒體。您談到了您在沃爾瑪取得的成功。我們知道去年有一批零售商也上線了。那麼第一個問題，進展如何？我們是否應該看到這些零售商明年對收入的貢獻？

And then given that, would you be willing to update your thoughts on your plan in retail media that you gave us at your Investor Day, last October.

鑑於此，您是否願意在去年 10 月的投資者日向我們提供的零售媒體上更新您對計劃的想法。

You bet, thank you. So let me first explain one of the reasons why I think it's so exciting what's happening in shopper marketing. So of course, many retailers have been sitting on amazing data where they know what's actually being purchased, especially for those products that you tend to buy at the store and not online so many of the products in grocery stores and pharmacies are still primarily purchased in a store rather than online. And then, of course, many of them have amazing online presences as well as, of course, brick-and-mortar off-line.

你打賭，謝謝。首先讓我解釋一下為什麼我認為購物者營銷中發生的事情如此令人興奮的原因之一。因此，當然，許多零售商一直擁有驚人的數據，他們知道實際購買的商品，特別是那些您傾向於在商店而不是網上購買的產品，因此雜貨店和藥店的許多產品仍然主要在商店而不是網上。當然，他們中的許多人都擁有令人驚嘆的在線形象，當然還有線下實體店。

So many of them are bringing their data into the ecosystem, and they've recognized that the way that they've operated in the past creates a bit of a needle in a haystack problem where you take a small amount of data and you go look in that massive ocean of 12 million ads available every single second, and you go look for the usually thousands or tens of thousands that have your data on it. And so you start with the data and you go hunting for it.

他們中的許多人都將他們的數據帶入生態系統，他們已經認識到，他們過去的運營方式就像大海撈針一樣，你只需要獲取少量數據就可以查看在每秒1200 萬個廣告的巨大海洋中，您需要尋找通常有數千或數万個包含您數據的廣告。所以你從數據開始，然後去尋找它。

Well, in this new world where things are leveraging UID from the very beginning, you get rid of the sort of 9 dominos that need to fall in the supply chain so that you can then leverage the data, but instead, you start with the data and you're actually just looking at the opportunities that match that instead of going out and looking for opportunities in that way.

好吧，在這個從一開始就利用 UID 的新世界中，您擺脫了供應鏈中需要倒下的 9 塊多米諾骨牌，以便您可以利用數據，但相反，您從數據開始事實上，你只是在尋找與之匹配的機會，而不是以這種方式出去尋找機會。

So by starting with the data, you make it so that you get rid of the matching problems of cookies, and you make it so that the flywheel spin faster for all of these businesses. So they're not just making additional money on a small amount of data, but they're actually selling more products across their entire company.

因此，從數據開始，你就可以擺脫cookies的匹配問題，並且可以讓所有這些業務的飛輪旋轉得更快。因此，他們不僅通過少量數據賺取額外收入，而且實際上在整個公司銷售更多產品。

It's actually part of the reason why I believe that the moves that were made by 3 of the most the forward-looking pioneers in the retail data space, which includes Dollar General, Albertsons and Walgreens that we're all looking for an opportunity to do something new in data. They made their data available for free so long as people will pay to use it for targeting. So their data is available for measurement so that advertisers can, without any significant opt-in or any friction, find out where they're selling products, and it's their belief as well as ours that, that will make it so that people are automatically optimizing their advertising purchases to sell products in those 3 stores.

這實際上是我相信零售數據領域三個最具前瞻性的先驅者（包括 Dollar General、Albertsons 和 Walgreens）所採取的舉措的部分原因，我們都在尋找機會這樣做數據中的一些新東西。只要人們付費使用數據進行定位，他們就免費提供數據。因此，他們的數據可用於衡量，以便廣告商可以在沒有任何重大選擇加入或任何摩擦的情況下，找出他們在哪裡銷售產品，這是他們和我們的信念，這將使人們自動優化廣告購買以在這3 家商店銷售產品。

If we are all proven right, we think this represents a massive change to the way people leverage data in brick-and-mortar stores and in retail. And that just will continue to accelerate this flywheel that is spinning in shopper marketing. I just want to remind everybody that shopper marketing is not just about shopper marketing itself, it is about improving the entire funnel. So every CPG has massive amount of incremental data and insight to know where to spend their money in advertising so that they are being more effective.

如果我們都被證明是正確的，我們認為這代表著人們在實體店和零售業利用數據的方式發生了巨大變化。這將繼續加速購物者營銷中飛輪的旋轉。我只是想提醒大家，購物者營銷不僅僅是購物者營銷本身，而是改善整個渠道。因此，每個 CPG 都擁有大量增量數據和洞察力，可以知道將錢花在廣告上，從而提高效率。

So all of this has the sort of a flywheel effect of improving decisioning, moving more dollars to our platform, making efficacy go up across everything on our platform. And then, of course, there is an overlap between shopper marketing and CTV where they both benefit from each other, especially because in most cases, their data is anchored off of UID2, which of course, is e-mail based in both the shopper marketing world and in the CTV world. So all of that together creates just yet another amazing secular tailwind for us in shopper marketing or retail.

因此，所有這些都具有改進決策的飛輪效應，將更多資金轉移到我們的平台，從而提高我們平台上所有內容的效率。當然，購物者營銷和 CTV 之間存在重疊，它們彼此受益，特別是因為在大多數情況下，它們的數據基於 UID2，當然，UID2 是基於電子郵件的購物者營銷營銷界和 CTV 界。因此，所有這些共同為我們在購物者營銷或零售領域創造了另一個令人驚嘆的長期順風。

The next question is from Matthew Cost with Morgan Stanley.

下一個問題來自摩根士丹利的馬修·科斯特。

Maybe just on the CTV market. When we think about what you've learned through the upfront, this year. How are you feeling about growth and trends in the market through the back half and into '24? And then on a related note, if you could just give an update on the new forward market. What is the level of interest in it? And how are those conversations trending to that new product?

也許只是在CTV市場上。當我們思考今年你通過前期學到的東西時。您對下半年到 24 世紀市場的增長和趨勢有何看法？然後，在相關說明中，您能否提供有關新遠期市場的最新情況。對它的興趣程度如何？那些關於新產品的對話趨勢如何？

You bet, thank you. So let me just say that I have never been more bullish on CTV than we are right now and that includes all of the major news and headlines that are contributing to the current environment. You're seeing everyone in CTV look to add and/or enhance their ad-funded options. Nearly all of them are doubling down on the ad-funded options. So where there's just a few years ago, there was a religion around only having subscriptions and not having ads. That's gone, across the board. Everybody is looking to add ads and make them more effective. So the secular tailwind on our business is as great as it's ever been because of those things.

你打賭，謝謝。因此，我只想說，我從未像現在這樣對 CTV 如此看好，其中包括對當前環境做出貢獻的所有主要新聞和頭條新聞。您會看到 CTV 中的每個人都希望添加和/或增強他們的廣告資助選項。幾乎所有的公司都在廣告資助的選項上加倍下注。因此，就在幾年前，人們還信奉只訂閱而不播放廣告的信仰。一切都消失了。每個人都希望添加廣告並使其更有效。因此，由於這些因素，我們業務的長期順風勢與以往一樣強勁。

Also because there, of course, is a writers and actors strike, that makes it -- so it's much harder to sell at the upfront for all the content owners, which of course, the upfront is predominantly built for broadcast and legacy television. In order to take advantage of the very best of digital, we need a more sophisticated forward market than just the upfront, which is effectively a party where transactions are done with handshakes and very high-level data instead of the sort of precision that data-driven advertising can bring in an impression by impression and customized user by user, that environment can bring.

當然，還因為編劇和演員罷工，這使得所有內容所有者的預付費銷售變得更加困難，當然，預付費用主要是為廣播和傳統電視而建立的。為了利用最好的數字技術，我們需要一個比前期更複雜的遠期市場，這實際上是一個通過握手和非常高級的數據完成交易的一方，而不是通過數據的精度來完成的。驅動廣告可以帶來環境可以帶來的印象和用戶定制的用戶印象。

And so our product that we have been working on literally for years on the forward market, makes it possible for people to have a much more sophisticated upfront buy. So the early phases have gone well. It is still very early phase. So I don't expect it to see all of the fruit harvested and even in 2024, this is going to be something that we build up over the years. But I see it in the long term being a very significant portion of our business.

因此，我們多年來一直在遠期市場上開發的產品使人們能夠進行更複雜的預先購買。所以早期階段進展順利。現在還處於非常早期的階段。因此，我不希望看到所有的果實都能收穫，即使到 2024 年，這也將是我們多年來積累的成果。但我認為從長遠來看，它是我們業務的一個非常重要的部分。

Our next question is from Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

Jeff, I was hoping you could talk about the Kokai launch. I know it's really early, but would love to hear feedback on just initial reaction, how it's compared to your expectations? And just perhaps even stepping back, some of the behaviors you're observing from this versus what you've seen in prior launches like Solimar and Next Wave.

Jeff，我希望你能談談 Kokai 的發布。我知道現在還很早，但很想听聽有關初步反應的反饋，與您的期望相比如何？也許甚至退後一步，您從中觀察到的一些行為與您在之前的發布（如 Solimar 和 Next Wave）中看到的行為相比。

And as a quick follow-up for Laura. Could you talk a little bit about just linearity in June and July. There's been a couple of prints so far this earnings season talking about a little bit more macro softness in there. So curious about any trends you're seeing there.

作為勞拉的快速跟進。您能談談六月和七月的線性嗎？到目前為止，本財報季已經有幾篇文章討論了宏觀經濟疲軟的情況。對你在那裡看到的任何趨勢感到好奇。

You bet. Thanks Justin for the question. I'll take the first part and then have Laura, you take the second. So first, let me explain what Kokai is. So Kokai is a Japanese word that means open for business or open waters. And the reason why we chose that is because we believe this is a very important moment in the open Internet to make it possible for more and more companies to build to us in a variety of ways.

你打賭。感謝賈斯汀提出的問題。我先講第一部分，然後勞拉講第二部分。首先，讓我解釋一下什麼是Kokai。 Kokai 是一個日語單詞，意思是開放營業或開放水域。我們之所以選擇這一點，是因為我們相信這是開放互聯網的一個非常重要的時刻，使越來越多的公司能夠以各種方式為我們提供服務。

One of them being to sell their products. So we have value-added resellers that are selling on our product all the time, whether that's in data, whether that's in algos, there's a whole bunch of ways with -- contextual data, so many ways. And then the other is then is advertisers, in particular, bringing their first-party data to the table.

其中之一是銷售他們的產品。因此，我們有增值經銷商一直在銷售我們的產品，無論是在數據中，還是在算法中，有很多方法可以使用上下文數據，很多方法。另一個是廣告商，特別是將他們的第一方數據帶到桌面上。

And so with those as the overarching mission, Kokai has really built in 5 major sort of categories or pieces. The first is massive improvement to the use of data so you'll recall, we launched Galileo earlier this year, and we also announced that Kokai, the creation of a partner portal where people can integrate to onboard their first-party data.

因此，以這些為首要任務，Kokai 確實構建了 5 個主要類別或部分。第一個是數據使用的巨大改進，所以你會記得，我們在今年早些時候推出了 Galileo，我們還宣布創建了一個合作夥伴門戶網站 Kokai，人們可以在其中集成他們的第一方數據。

The second is the use of AI across our platform. You'll recall that we launched AI in our platform in 2018 before it was trendy. And we called it then Koa and distributing that AI across the platform in a variety of different ways and different deep learning models so that we're using that for very specific applications rather than trying to create one algo to rule them all, if you will, which is something we actually very -- in a very disciplined way, try to avoid. So that we can create checks and balances in the way that the tech works, and we can make certain that AI is always providing improvements by essentially having A/B testing and better auditability.

第二個是在我們的平台上使用人工智能。您可能還記得，我們於 2018 年在 AI 流行之前就在我們的平台上推出了它。我們當時將其稱為Koa，並以各種不同的方式和不同的深度學習模型在整個平台上分發人工智能，這樣我們就可以將其用於非常特定的應用程序，而不是試圖創建一種算法來統治所有應用程序（如果你願意的話） ，這實際上是我們非常——以一種非常有紀律的方式，試圖避免的事情。這樣我們就可以在技術的運作方式上建立制衡，並且我們可以確保人工智能始終通過 A/B 測試和更好的可審計性來提供改進。

The third thing is measurement. So first, we improved data onboarding. Second, we improved AI distributed throughout the system. Third, we improved measurement so that we can to measure the efficacy of ads, especially using retail data. We came up with a couple of new ways of measuring, which is the Retail Sales Index, where we take a variety of different retailers and put all of their data together so that they're way better than the sum of the parts. And then TVQI, the TV Quality Index, we're helping advertisers see the benefit of being on premium content versus cat videos or worse that often comes from user-generated content.

第三件事是測量。首先，我們改進了數據登錄。其次，我們改進了整個系統中分佈的人工智能。第三，我們改進了測量，以便我們能夠測量廣告的效果，特別是使用零售數據。我們提出了幾種新的衡量方法，即零售銷售指數，我們採用各種不同的零售商並將他們的所有數據放在一起，以便它們比各個部分的總和要好得多。然後是 TVQI（電視質量指數），我們正在幫助廣告商了解優質內容相對於貓視頻或更糟的內容（通常來自用戶生成的內容）的優勢。

Then fourth, in the second half of the year, there will be a new user experience. So that's right around the corner, of course, because we're in the second half of the year. So very excited about what that means. I believe this is our biggest and most impressive U.S. upgrade ever, and it's going to create better behaviors among buyers and because it comes with much better forecasting, they'll get to see the decisions they're making and the impact before they even run, which is new. That is something much better than what we've had over the last 14 years. I'm very excited about what that means. And then last but not least is integrations for better CTV measurements and performance across the board as well.

那麼第四，下半年會有新的用戶體驗。當然，這即將到來，因為我們正處於今年下半年。對於這意味著什麼感到非常興奮。我相信這是我們有史以來最大、最令人印象深刻的美國升級，它將在買家中創造更好的行為，並且因為它具有更好的預測，他們甚至可以在運行之前看到他們正在做出的決定及其影響，這是新的。這比我們過去 14 年的情況要好得多。我對這意味著什麼感到非常興奮。最後但並非最不重要的一點是集成，以實現更好的 CTV 測量和全面性能。

So lots to be excited about, but Kokai is our biggest relief. I expect it to be our most successful, but I will say that because this requires adoption during the busiest time of the year -- because this requires a change in behavior, I don't expect there to be lots of adoption during the busiest time of the year. And so most of the benefits will be reaped in 2024 and 2025. But we're seeing a lot of the rollout of especially the first couple that I mentioned already seeing some impact already, seeing some performance enhancements. But as we go into 2024, we expect this to once again change the way that media buying is performed.

有很多值得興奮的事情，但 Kokai 是我們最大的安慰。我希望它是我們最成功的，但我會說，因為這需要在一年中最繁忙的時間採用——因為這需要行為的改變，我不認為在最繁忙的時間會有大量採用今年的。因此，大部分好處將在 2024 年和 2025 年獲得。但是我們看到了很多的推出，尤其是我提到的第一對，已經看到了一些影響，看到了一些性能增強。但當我們進入 2024 年時，我們預計這將再次改變媒體購買的執行方式。

Laura, do you mind taking the second half of the question?

勞拉，你介意回答後半部分問題嗎？

Yes, absolutely. Thanks, Justin. On linearity in June and July, we've seen visibility improve as the year progressed. And we continue to see improving trends throughout Q2, where we saw our revenue growth accelerate to north of 23% year-over-year from around 21% in Q1. We exited June on a great trajectory, and that's continued so far in Q3. So we expect a strong Q3 for the same reasons that we outperformed the rest of digital advertising over the last few quarters, which is that we're continuing to see strong growth in CTV, in retail media and in international spend, all of which have been accretive to us this year. So I believe we remain -- are well positioned for the second half of 2023 and even further out as we move into 2024.

是的，一點沒錯。謝謝，賈斯汀。就 6 月和 7 月的線性度而言，我們看到隨著時間的推移，可見性有所改善。我們在整個第二季度繼續看到不斷改善的趨勢，我們的收入同比增長從第一季度的 21% 左右加速到 23% 以上。我們以良好的軌跡結束了 6 月份，並且在第三季度一直如此。因此，我們預計第三季度將會強勁，原因與過去幾個季度我們優於其他數字廣告的原因相同，即我們繼續看到 CTV、零售媒體和國際支出的強勁增長，所有這些都今年給我們帶來了好處。因此，我相信我們在 2023 年下半年以及進入 2024 年時仍處於有利位置。

The next question is from Brian Fitzgerald with Wells Fargo.

下一個問題來自富國銀行的布萊恩·菲茨杰拉德。

Jeff, we've seen some developments around "premium" marketplaces in CTV built around SSPs. As you talk with marketers, do you get a sense that some may be willing to give up some of the precision or expressiveness with which they manage their programmatic CTV budgets in exchange for a lower tax or are they really more focused on getting as precise as possible to maximize ROI?

Jeff，我們已經看到了 CTV 中圍繞 SSP 構建的“優質”市場的一些發展。當您與營銷人員交談時，您是否感覺到有些人可能願意放棄管理程序化 CTV 預算的一些精確性或表現力以換取較低的稅收，或者他們是否真的更專注於獲得盡可能精確的結果可以最大化投資回報率嗎？

Yes. Thanks for the question. So let me first just describe a conversation that I had with the CEO of one of the publicly traded SSPs, where we were just talking about PG, or programmatic guarantees. And just talking about how he saw things. And he and I agreed that as people are moving budgets over from traditional television or linear -- they are -- sorry. As they're moving over budgets, from traditional TV or linear. They're often looking for programmatic guarantees as a place where they'll spend first. But as he and I both agreed, they always end with spending in decisions because decisioning is much, much better.

是的。謝謝你的提問。首先，讓我描述一下我與一家上市 SSP 的首席執行官的一次對話，我們當時談論的是 PG，即程序化擔保。只是談論他如何看待事物。他和我都同意，隨著人們將預算從傳統電視或線性電視轉移到電視上——他們是——抱歉。隨著他們的預算從傳統電視或線性電視轉向。他們經常尋求程序化保證作為他們首先花錢的地方。但正如他和我都同意的那樣，他們總是以決策上的支出而告終，因為決策要好得多。

So we've recently done some studies on decisioning across the platform and compared it to PG. And we found that the value of decisioning or the performance of the decisioning on a CPA basis is 5x better in general, or if you were to say it in terms of savings, it's an 83% save in order to -- in CPA costs in order to decision. So whatever incremental tax, as you put it comes, which is usually, in our case, the 20%-ish take rate, that take rate is more than justified by the power of decisioning that comes to the table. And that's exactly why even the SSPs and their leadership are predicting that long-term things move towards decisioning, but the PG is an on-ramp. We sometimes compare it to a freeway, where it's an on-ramp and you get on the freeway. But if you stay on the on-ramp, you're doing it wrong. And so that's what we see happening.

所以我們最近做了一些關於跨平台決策的研究，並將其與 PG 進行了比較。我們發現，基於 CPA 的決策價值或決策績效總體上要好 5 倍，或者如果從節省的角度來說，則可節省 83%，以便 — CPA 成本順序到決定。因此，無論你所說的增量稅是多少，在我們的例子中，通常是 20% 左右的稅率，這個稅率是由擺在桌面上的決策權所證明的。這正是為什麼即使是 SSP 及其領導層也預測長期的事情會走向決策，但 PG 是一個入口。我們有時將其與高速公路進行比較，它是一個入口匝道，您可以進入高速公路。但如果你停留在入口匝道上，那就錯了。這就是我們所看到的情況。

That's what we think the SSPs see happening, but there will be some moves in the very short term towards these premium PMPs that are centered around especially programmatic guarantees that long term, we think, move towards decisioning and broader data usage.

這就是我們認為SSP 所看到的情況，但在短期內將會有一些朝著這些優質PMP 方向發展的舉措，這些舉措主要圍繞特別是程序性保證，我們認為，從長遠來看，這些舉措將朝著決策和更廣泛的數據使用方向發展。

The next question is from Dan Salmon with New Street Research.

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

I got a 2-parter here. Jeff, maybe could you give us an update on any discussions you're having with industry bodies to act as a public administrator for UID2 in various markets? Is that still an important goal? Are you happy with existing relationships? And obviously, you've got a lot of private integrations you've done as well.

我這裡有一個2人的。 Jeff，您能否向我們介紹您與行業機構就在各個市場擔任 UID2 公共管理員進行的任何討論的最新情況？這仍然是一個重要的目標嗎？您對現有的關係滿意嗎？顯然，您還完成了很多私有集成。

And then second, you mentioned how identity is increasingly anchored by an e-mail address, yet it's pretty clear that Apple doesn't exactly love the use of e-mails for marketing purposes. Is that something that matters to you? Or do you feel comfortable with the level of consent that UID2 collects because Apple also seems fine when digital advertising uses consent in first-party data. Any views on that would be great.

其次，您提到身份越來越多地通過電子郵件地址來錨定，但很明顯，蘋果並不完全喜歡將電子郵件用於營銷目的。這對你來說重要嗎？或者您對 UID2 收集的同意程度感到滿意，因為當數字廣告使用第一方數據中的同意時，蘋果似乎也很好。任何對此的看法都會很棒。

Yes. So let me go in reverse order just because I think the significance of your comments around Apple is important.

是的。因此，讓我以相反的順序發言，只是因為我認為您對蘋果的評論很重要。

So any of us that operate in the Apple ecosystem are putting in our Apple ID, which incidentally is an e-mail address over and over and over again. In fact, we're not even -- we don't even know why we're putting it in most of the time. You're asked to put it in. You say, why? And then you put it in. And then you're asked again and then you put it in and you are asked again. Apple has used their e-mail-based identifier to provide personalization, they have updated many of the things that they said they wouldn't do before so that they can leverage that Apple ID to provide personalization.

因此，我們任何在 Apple 生態系統中運營的人都會一遍又一遍地輸入我們的 Apple ID，順便說一下，它是一個電子郵件地址。事實上，我們甚至不知道為什麼我們大多數時候要把它放進去。你被要求把它放進去。你說，為什麼？然後你把它放進去。然後你又被問到了，然後你把它放進去，你又被問到了。 Apple 已使用基於電子郵件的標識符來提供個性化，他們更新了許多他們之前表示不會做的事情，以便他們可以利用 Apple ID 來提供個性化。

It is exactly that, that I think provides a validation that UID2 is one of the most privacy-centric ways to provide personalization across the Internet. It's used across many of the biggest platforms and with some of the biggest companies in the world, whether that's at Amazon, whether that's at Snowflake, whether that's at Disney, there's just hundreds of companies that are leveraging that, which of course, is based on an e-mail address not dissimilar from the massive empires at Google and Apple, which are also built around e-mail-based identifiers. So I don't think the comparison that Apple is allergic to them is fair because their entire ecosystem is built on an e-mail-based identifier.

我認為正是這一點證明了 UID2 是在互聯網上提供個性化服務的最注重隱私的方式之一。它在世界上許多最大的平台和一些最大的公司中使用，無論是在亞馬遜，無論是在雪花，無論是在迪士尼，只有數百家公司正在利用它，當然，這是基於電子郵件地址與穀歌和蘋果的龐大帝國沒有什麼不同，它們也是圍繞基於電子郵件的標識符建立的。因此，我認為蘋果對它們過敏的比較並不公平，因為它們的整個生態系統都是建立在基於電子郵件的標識符之上的。

As it relates to the public administrator of UID2. Honestly, it's not that important. Most of our integrations are done privately. Of course, we were happy to hand it off and look for the right public administrator, as it continues to scale and as if it comes to a more pressing issue, but it hasn't been yet. We want to make certain that somebody that is that public administrator, of course, shares the vision of protecting the open Internet. And at times is willing to stand up and do the right thing even if it's not popular. That can be very difficult to find. And so that's something that we'll be very deliberate about, but it has not slowed down anything in not having that. So we're not in any rush to change the status quo.

因為它涉及到 UID2 的公共管理員。老實說，這並不那麼重要。我們的大多數集成都是私下完成的。當然，我們很高興將其移交給合適的公共管理員，因為它繼續擴大規模，似乎涉及到一個更緊迫的問題，但目前還沒有。當然，我們希望確保公共管理員持有保護開放互聯網的願景。有時願意站出來做正確的事情，即使它不受歡迎。這可能很難找到。所以這是我們會非常深思熟慮的事情，但它並沒有因為沒有這樣做而減慢任何事情。因此，我們並不急於改變現狀。

Our next question is from Mark Zgutowicz with Benchmark.

我們的下一個問題來自 Benchmark 的 Mark Zgutowicz。

Jeff, just regarding earlier comment you made, I was hoping to get clarification how -- I think you had said UID2 benefits you more in a cookie-less world. And I'm just curious how that is because it's predominantly used as a matching mechanism between large pubs and advertisers and that data signal isn't sort of privy to you. So I'm trying to just understand that a bit more.

Jeff，就您之前發表的評論而言，我希望得到澄清 - 我認為您說過 UID2 在無 cookie 的世界中對您更有好處。我只是很好奇這是怎麼回事，因為它主要用作大型酒吧和廣告商之間的匹配機制，並且該數據信號對您來說並不重要。所以我試圖更多地理解這一點。

And then secondly, regarding OpenPath, appears that there's a natural hesitancy that we're hearing among publishers, large pubs to giving you more view into their CTV inventory or autonomy per se. I'm just curious if you agree with that and how you overcome it.

其次，關於 OpenPath，我們聽到出版商、大型酒吧對於讓您更多地了解他們的 CTV 庫存或自治權本身存在一種自然的猶豫。我只是好奇你是否同意這一點以及你如何克服它。

Yes. Thanks for the question, Mark. So the reason why we benefit from cookies potentially going away in the form of UID2 is that we have been saying to advertisers, every advertiser needs to have an identity strategy. We've been saying to publishers, every publisher needs to have an identity strategy and an authentication strategy. And by authentication, we mean there needs to be some way that you're encouraging people to log in. And in the case that you have log-ins, finding some way to leverage them. Very few companies on the Internet are leveraging their log-ins to provide personalization to the level that they could be. And there certainly hasn't been much effort to leverage those outside of their own ecosystems or to make it possible for those that are bringing advertising demand to leverage the authentication on those particular publishers.

是的。謝謝你的提問，馬克。因此，我們之所以受益於可能以 UID2 形式消失的 cookie，是因為我們一直在對廣告商說，每個廣告商都需要有一個身份策略。我們一直對發布商說，每個發布商都需要有一個身份策略和一個身份驗證策略。通過身份驗證，我們的意思是需要某種方式來鼓勵人們登錄。如果您有登錄，請找到某種方式來利用它們。互聯網上很少有公司利用他們的登錄來提供盡可能高的個性化服務。當然，還沒有做出太多努力來利用自己的生態系統之外的生態系統，或者使那些帶來廣告需求的生態系統能夠利用對這些特定發布商的身份驗證。

If cookies were to go away, the need for that goes up dramatically and so for many of the publishers -- and we saw this with GDPR, we saw this with the IDFA movement. There are many publishers that are saying, "oh, well, wait until I have to. I'll wait to make changes until I have to." When they have to, they will make changes quickly. We saw a fire drill around GDPR among publishers, where they were very quickly working to create the right personalization again.

如果 cookie 消失，那麼對於許多出版商來說，對 cookie 的需求就會急劇增加——我們在 GDPR 中看到了這一點，在 IDFA 運動中也看到了這一點。有許多出版商說，“哦，好吧，等到我必須這樣做的時候。我會等到我必須這樣做的時候才做出改變。”當必要時，他們會迅速做出改變。我們看到出版商圍繞 GDPR 進行了消防演習，他們很快就再次創建了正確的個性化設置。

And again, I just want to remind everybody what's at stake here. Think of how many print journalism companies have struggled to stay in business due to the Internet. And if you take their CPMs where they get a significant amount of revenue from $5 per ad to $2 per because relevance goes down, then they no longer can stay around. And that's why I say that cookies going away poses a threat to journalism. But that would make it so that they're very quickly leveraging those log-ins. And when you're saying, "Oh, I get to see 1 out of 3 articles before I have to pay." I think you'll see a lot more of authentication at the beginning of almost every website, not dissimilar from if you go to a furniture or clothing website today. The very first thing you see is type in your e-mail address, you'll get 10% off. If you type in your e-mail address, only then will you get access to content, that will create much more authentication across the browsing web and that will make it so that UID can be end-to-end without the thinking problems that cookie has and those thinking problems going away would create a much more personalized Internet.

再次，我只是想提醒大家這裡有什麼利害關係。想想有多少印刷新聞公司因互聯網而難以生存。如果你考慮他們的每千次展示費用，因為相關性下降，他們獲得的收入從每個廣告 5 美元到每個廣告 2 美元，那麼他們就無法再留下來了。這就是為什麼我說 cookie 的消失對新聞業構成了威脅。但這將使他們能夠非常快速地利用這些登錄。當你說：“哦，在我必須付費之前，我可以看到三分之二的文章。”我認為您會在幾乎每個網站的開頭看到更多的身份驗證，這與您今天訪問家具或服裝網站沒有什麼不同。您看到的第一件事就是輸入您的電子郵件地址，您將獲得 10% 的折扣。如果您輸入您的電子郵件地址，只有這樣您才能訪問內容，這將在瀏覽網絡上創建更多的身份驗證，並且使 UID 可以端到端地進行，而不會出現 cookie 那樣的思維問題。那些思維問題的消失將創造一個更加個性化的互聯網。

And again, because we go from the 12 million ads available every second, down to the 1 million that we buy, if there's identity on slightly fewer of those, or in some cases, slightly fewer, but the signal is much, much stronger and reliable, that can be an upgrade. So there's a whole bunch of room for upgrades.

再說一遍，因為我們從每秒 1200 萬個廣告減少到我們購買的 100 萬個，如果這些廣告中的身份稍微少一些，或者在某些情況下稍微少一些，但信號要強得多，並且可靠，可以升級。所以還有很大的升級空間。

As it relates to your OpenPath question, I would say I'm not really seeing the same thing that you're describing in terms of the obstacles. There's lots of discussion around the way that we integrate. There's lots of discussion around priority because many of the companies that are in the ad-funded CTV space are trying to enhance their ad-funded options, and they're working very quickly to try to enhance those. The amount of pressure on streaming companies, I would say is at an all-time high right now, to grow and to grow profitably and to fund the content. And so often, they're looking at ways to create more efficiency and OpenPath creates a more efficient supply chain. So something where there's a more efficient supply chain so that they take home a greater percentage of an ad dollar is a very important next step in the evolution of CTV and streaming.

由於它與您的 OpenPath 問題相關，我想說我並沒有真正看到您在障礙方面所描述的同一件事。關於我們的整合方式有很多討論。關於優先級有很多討論，因為廣告資助的 CTV 領域的許多公司都在努力增強其廣告資助的選項，而且他們正在迅速努力以嘗試增強這些選項。我想說，流媒體公司現在面臨著歷史最高的壓力，需要發展、盈利增長以及為內容提供資金。他們經常尋找提高效率的方法，而 OpenPath 創建了更高效的供應鏈。因此，建立更高效的供應鏈，讓他們獲得更大比例的廣告收入，是聯網電視和流媒體發展的下一步非常重要的一步。

The next question is from Mark Kelley with Stifel.

下一個問題來自 Stifel 的 Mark Kelley。

Great. And I will stick to one since we're over time here. But Jeff, I wanted to ask you about if you're seeing any impact from the MediaMath bankruptcy? And any other thoughts on share gains, whether it's from competing DSPs or Laura mentioned verticals that you think maybe you under index? Any color there would be great.

偉大的。由於我們在這裡已經超時了，所以我會堅持使用其中之一。但是傑夫，我想問你是否看到 MediaMath 破產帶來的任何影響？關於份額收益的任何其他想法，無論是來自競爭的 DSP 還是勞拉提到的您認為可能屬於指數的垂直行業？任何顏色都會很棒。

Yes. So we definitely see some impacts to our business. So let me first just say, MediaMath is essentially exponentially smaller than we are. So it's not a huge lift, but there are definitely some benefits. One of the first places was with employees. We have a lot of respect for what they had built and they did a lot of things right. And they also had some different perspectives on some things that we did. So we're excited to have added a few people from the MediaMath team to our company.

是的。因此，我們確實看到了對我們業務的一些影響。首先我要說的是，MediaMath 本質上比我們小得多。所以這並不是一個巨大的提升，但肯定有一些好處。第一個地方是與員工在一起。我們非常尊重他們所建造的東西，他們做了很多正確的事情。他們對我們所做的一些事情也有不同的看法。因此，我們很高興將 MediaMath 團隊的一些人員加入我們公司。

There's also been some cases where there's business upper grabs. In some cases, we won that business outright. But what most advertisers do, especially those that were running anything sizable on MediaMath is they run a process. They test a variety of platforms. They put together a crawl, walk, run plans with each of them. And I think we're benefiting from that as much as anybody in the space or in the world. But as a result of those sort of deliberate crawl, walk, run efforts, I anticipate that it will be a sort of slow increase where we'll once again see benefits come at all different paces, but we expect to win more business as a result, especially in next year.

也存在一些商業上層爭奪的情況。在某些情況下，我們完全贏得了這項業務。但大多數廣告商，尤其是那些在 MediaMath 上運行大型廣告的廣告商，他們所做的是運行一個流程。他們測試了各種平台。他們為每個人制定了爬行、步行、跑步計劃。我認為我們和太空中或世界上的任何人一樣都從中受益。但由於這些刻意的爬行、步行、跑步努力，我預計這將是一種緩慢的增長，我們將再次看到各種不同速度的效益，但我們預計將贏得更多業務結果，尤其是明年。

Thanks, Mark. And John, can you please close the call out?

謝謝，馬克。約翰，你能結束通話嗎？

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

絕對地。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。