(TTD) 2023 Q3 法說會逐字稿

Greetings. Welcome to The Trade Desk Third 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。歡迎參加 The Trade Desk 2023 年第三季財報電話會議。 （操作員說明）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。你可以開始了。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk Third 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，接線生。大家好，大家下午好。歡迎參加 The Trade Desk 2023 年第三季財報電話會議。今天參加電話會議的是創辦人兼執行長 Jeff Green；財務長勞拉‧申肯 (Laura Schenkein)。我們的收益新聞稿副本可在我們網站 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，除了歷史資訊外，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有重大差異。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, provides a more meaningful representation of the company's operational performance. With that, I'll now turn the call over to Founder and CEO, Jeff Green. Jeff?

除了報告我們的 GAAP 財務表現外，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營運績效。現在，我將把電話轉給創辦人兼執行長 Jeff Green。傑夫？

Thanks, Chris, and thank you all for joining us today. As you've seen from our press release, we posted very strong growth in the third quarter. We reported revenue of $493 million, growing 25% compared with last year. Our third quarter again accelerated over the second quarter as we continued to significantly outperform the digital advertising industry. We're growing our revenues and maintaining profitability and a strong balance sheet and making large investments and, most importantly, we're gaining market share as we're outperforming our advertising peers, both big and small.

謝謝克里斯，也謝謝大家今天加入我們。正如您從我們的新聞稿中看到的，我們在第三季度實現了非常強勁的成長。我們的營收為 4.93 億美元，比去年成長 25%。我們的第三季再次比第二季加速，因為我們的表現持續顯著優於數位廣告產業。我們正在增加收入，保持盈利能力和強大的資產負債表，並進行大量投資，最重要的是，我們正在獲得市場份額，因為我們的表現優於大大小小的廣告同行。

From a global view, our industry is nearing the $1 trillion TAM we predicted when we launched as a public company 7 years ago. Inflation, a global pandemic, the streaming wars, and retail media have all accelerated the expansion of that global TAM, but it's especially accelerated the speed of the pace setter, the U.S. market. Magna Global estimates that the overall U.S. advertising industry is growing at 5% this year, and digital spend or the digital ad market pie is expected to grow by 10%. Clearly, we are significantly outperforming the rest of the advertising market. This builds on our market share gains from last year when we grew 20%-plus each quarter, and our competitors were posting negative to low single-digit growth.

從全球角度來看，我們的產業正接近 7 年前我們作為上市公司推出時所預測的 1 兆美元 TAM。通貨膨脹、全球流行病、串流媒體戰爭和零售媒體都加速了全球 TAM 的擴張，尤其加速了領跑者美國市場的速度。 Magna Global 估計，今年美國廣告業整體成長 5%，數位支出或數位廣告市佔率預計將成長 10%。顯然，我們的表現明顯優於廣告市場的其他公司。這是建立在去年我們市佔率成長的基礎上的，當時我們每季成長 20% 以上，而我們的競爭對手則是負成長或低個位數成長。

So even with a bit more uncertainty than a usual Q4, we continue to gain significant share and we are set up exceptionally well for times of relative stability. As I often share with the teams at TTD, we got here by aligning our interest with agencies and brands, the buy side. We align our interests with them and then we obsessively innovate for them. We create more value than we extract, and we operate our business with a philosophy that is people-first. Our bias is to find win-win situations in all of our partnerships, and our strong alignment with our customers is the foundation of our success, and that foundation has created the opportunity for us to be a leader and innovator for the open Internet.

因此，即使第四季度的不確定性比平常多一點，我們仍繼續獲得可觀的份額，並且我們為相對穩定的時期做好了準備。正如我經常與 TTD 團隊分享的那樣，我們透過將我們的興趣與代理商和品牌（買方）保持一致來實現這一目標。我們將我們的利益與他們結合起來，然後我們為他們著迷地創新。我們創造的價值比我們獲取的價值更多，我們以人為本的理念經營我們的業務。我們的偏見是在所有合作關係中尋求雙贏，我們與客戶的緊密合作是我們成功的基礎，而這項基礎為我們成為開放網路的領導者和創新者創造了機會。

2023 has already been the biggest year of innovation in the history of The Trade Desk. And I'd like to share 6 or 7 major categories of innovation and investment. The first innovation I want to highlight today is a relatively new format for partnership. Our unmatched growth rate is fueled by signing joint business plans with major brands and agencies. JVPs represent joint innovation partnerships with our clients. Agencies and brands work closely with us to pioneer new ways of thinking about data-driven advertising, and they are locking in that commitment as part of these JVPs. Our largest JVP signed this year represent future annual spend of over $1 billion per partnership. Yes, multiple partnerships have multiyear partnership agreements with omnichannel plans to spend $1 billion-plus in each of them.

2023 年已經是 The Trade Desk 史上最大的創新年。我想分享六、七大類創新和投資。我今天要強調的第一個創新是一種相對較新的合作模式。與主要品牌和機構簽署聯合業務計劃推動了我們無與倫比的成長率。 JVP 代表與客戶的聯合創新夥伴關係。各代理商和品牌與我們密切合作，開拓數據驅動廣告的新思維方式，他們將這項承諾作為這些 JVP 的一部分。我們今年簽署的最大的合資企業代表未來每個合作夥伴的年度支出將超過 10 億美元。是的，多個合作夥伴簽訂了多年合作夥伴協議，並計劃在每個合作夥伴的全通路投資超過 10 億美元。

Our strong relationships and share gains, coupled with durable EBITDA and cash generation, means we can invest in innovation in service of our clients while also maintaining strong profitability. Our innovations in 2018 and '19 and 2020 helped us gain share during 2020 and 2021. And that's why I expect we will continue to gain share in Q4 of this year and 2024 and beyond. As a global company, in tough economic environments, we grab market share, and in vibrant economic environments, we aim to lead in absolute growth.

我們牢固的關係和份額收益，加上持久的 EBITDA 和現金生成，意味著我們可以投資於為客戶服務的創新，同時保持強勁的獲利能力。我們在 2018 年、19 年和 2020 年的創新幫助我們在 2020 年和 2021 年獲得了份額。這就是為什麼我預計我們將在今年第四季、2024 年及以後繼續獲得份額。作為一家全球性公司，在嚴峻的經濟環境中，我們搶佔市場份額，在充滿活力的經濟環境中，我們的目標是引領絕對成長。

The second area of innovation I want to highlight is in AI. We've approached AI the same way we approached building the initial buying platform 14 years ago. While everyone else was on stage talking about building, we were back at the office actually building. AI has immense promise. It will change the world again. But not everyone talking about AI is delivering something real or impactful. We have been going through every part of our platform and making investments and/or plans to inject AI in the places where data sets are rich, big and high quality. Large language models, the basis of ChatGPT, aren't the highest priority places for us to make investments in AI right now. Deep learning models pointed at bidding, pricing, value and ad relevance are perfect places for us to concentrate our investment in AI. All 4 categories have private betas and some of the best engineers on the world pointed at these opportunities.

我想強調的第二個創新領域是人工智慧。我們採用人工智慧的方式與 14 年前建立初始購買平台的方式相同。當其他人都在台上談論建設時，我們回到了辦公室，開始實際建造。人工智慧有著巨大的前景。它將再次改變世界。但並不是每個談論人工智慧的人都在提供真實或有影響力的東西。我們一直在研究我們平台的每個部分，並進行投資和/或計劃將人工智慧注入到資料集豐富、龐大和高品質的地方。 ChatGPT 的基礎大語言模型並不是我們目前在 AI 投資的最優先的地方。針對出價、定價、價值和廣告相關性的深度學習模型是我們集中投資人工智慧的完美場所。所有 4 個類別都有私人測試版，世界上一些最好的工程師指出了這些機會。

We've expanded Koa, our brand for AI products that we launched in 2018, and I believe this will unlock performance budgets on our platform in the years to come. We will begin to see the impact of these 2023 AI investments in 2024. When I first mentioned the massive wave of opportunity in 2019 and 2020, one of the major factors in the size of that wave was the rapidly emerging world of CTV. As we all know, the pandemic accelerated the shift to CTV from a viewer perspective. And now we're at a point where more viewers are watching streaming services than traditional linear television. The global changes of 2020 and 2021 ushered in a period of innovation in CTV. As an industry and as a company, we crammed more advances into 2 years than might otherwise have been played out over a much longer period of time.

我們擴展了 Koa，這是我們在 2018 年推出的人工智慧產品品牌，我相信這將在未來幾年釋放我們平台上的效能預算。我們將在2024 年開始看到2023 年人工智慧投資的影響。當我第一次提到2019 年和2020 年的巨大機遇浪潮時，影響這一浪潮規模的主要因素之一是CTV 世界的迅速崛起。眾所周知，疫情加速了觀眾向中視的轉變。現在，觀看串流媒體服務的觀眾比傳統線性電視的觀眾還要多。 2020年和2021年的全球變化，迎來了中視的創新時期。作為一個行業和一家公司，我們在兩年內取得的進步比在更長的時間內取得的進步還要多。

Where once the industry was taking a wait-and-see approach to the emergence of streaming, suddenly everyone was innovating fast. Fortunately, we had a history of innovating ahead. With that same foresight, I believe the Walled Garden strategy will not work for most companies, if any, at end state. Competition, innovation and the benefits of globally integrated markets outweigh the benefits of draconian Walled Gardens. The surest way to prove the value of the open Internet is to continue to innovate in the third and fourth and fifth innovations that I want to talk about today: CTV, identity, and retail media.

業界曾經對串流媒體的出現採取觀望態度，突然間每個人都在快速創新。幸運的是，我們有著不斷創新的歷史。憑藉同樣的遠見，我相信「圍牆花園」策略在最終狀態下對大多數公司（如果有的話）都不起作用。競爭、創新和全球一體化市場的好處超過了嚴酷的圍牆花園的好處。證明開放網路價值的最可靠方法是在我今天要講的第三個、第四個和第五個創新中繼續創新：CTV、身分和零售媒體。

Our innovations in CTV have fueled our outsized growth and made us a better partner for all of the content companies. The last few years, consumers and media companies have been in the new golden age of TV. Content companies have been competing for streaming subscriber growth, which seemingly has provided the scoreboard determining winners and losers in the new digital era. That competition to win subscribers has ratcheted up content costs. Higher content costs mean raising prices or finding some way to raise revenue per user if media companies were going to continue to feed their content engines with a similar rate as before.

我們在 CTV 領域的創新推動了我們的大幅成長，並使我們成為所有內容公司更好的合作夥伴。過去幾年，消費者和媒體公司一直處於電視的新黃金時代。內容公司一直在爭奪串流媒體用戶的成長，這似乎為新數位時代的贏家和輸家提供了記分板。爭奪訂戶的競爭加劇了內容成本。如果媒體公司要繼續以與以前類似的速度為其內容引擎提供內容，則更高的內容成本意味著提高價格或找到某種方法來提高每個用戶的收入。

Every premium video content company from Disney to Paramount to NBCU and Sky to Netflix have changed pricing and embraced advertising. Not all of them have yet embraced or centered around programmatic advertising, but we predict they will. In order to get incremental subscribers, they can't simply keep raising prices. Some consumers would rather spend a few extra minutes, considering ads they watch than pay more for subscriptions. High-priced subscriptions alone will not provide the incremental subscribers media companies need to continue growing.

從迪士尼、派拉蒙、NBCU、Sky 到 Netflix，每家優質影片內容公司都改變了定價並接受了廣告。並非所有人都已經接受或以程序化廣告為中心，但我們預測他們會的。為了獲得增量訂戶，他們不能簡單地不斷提高價格。考慮到他們觀看的廣告，有些消費者寧願多花幾分鐘，也不願支付更多費用訂閱。僅靠高價訂閱無法提供媒體公司持續成長所需的增量訂閱者。

As recently reported by Hollywood Reporter and I quote, "Executives at every major streaming giant with both an ad-supported and an ad-free tier, including Disney, Netflix, Paramount, Warner Bros. Discovery and NBCU say that the total revenue per user is higher on the ad-supported plan than it is on the ad-free plan." Not only do media companies generate more revenue per user within an ad-supported option but the potential for growth is much greater. Ultimately, there's a limit to how much viewers will spend on subscriptions.

正如我和《好萊塢報道》最近報道的那樣，「迪士尼、Netflix、派拉蒙、華納兄弟探索頻道和NBCU 等擁有廣告支援層和無廣告層的各大串流媒體巨頭的高層均表示，每位用戶的總收入有廣告支持的計劃比無廣告計劃更高。”媒體公司不僅可以在廣告支援的選項中為每個用戶帶來更多收入，而且成長潛力也更大。最終，觀眾在訂閱上花費的金額是有限的。

Economic pressures on the consumer right now are increasing the appeal of a free or low-cost option that is supported by ads. However, this model is only sustainable if the ad load is significantly lower than traditional linear television. And the only way we get there is if the ads are relevant to the viewer so that the advertisers are willing to pay more for each of them. It's why we work closely with the world's largest streaming services to fully realize the value of that exchange. This includes freeing up competitive biddable inventory, advancing new approaches to identity, unleashing the power of first- and third-party data and, of course, the technology infrastructure to transact and measure.

目前消費者面臨的經濟壓力正在增加由廣告支持的免費或低成本選擇的吸引力。然而，只有當廣告負載明顯低於傳統線性電視時，這種模式才可持續。我們實現這一目標的唯一方法是廣告與觀眾相關，以便廣告商願意為每個廣告支付更多費用。這就是為什麼我們與世界上最大的串流媒體服務密切合作，以充分實現該交易所的價值。這包括釋放有競爭力的可投標庫存、推進新的識別方法、釋放第一方和第三方數據的力量，當然還有用於交易和衡量的技術基礎設施。

In CTV, we have innovated by constructing a more efficient supply chain by creating a new product, OpenPath. It celebrated its first birthday this year and has already become a gold standard of transparency and auction integrity. We've also advanced TV measurement with the launch of TV QI, the TV Quality Index, to showcase the value of premium TV content over UGC platforms like YouTube that advertise on more questionable content for brands. We believe the ads we show in CTV in 2023 are more relevant in CTV than they've ever been before in TV or premium video.

在 CTV，我們透過創建新產品 OpenPath 建立更有效率的供應鏈進行了創新。它今年慶祝了其一歲，並已成為透明度和拍賣誠信的黃金標準。我們也透過推出 TV QI（電視品質指數）來推進電視衡量，以展示優質電視內容在 YouTube 等 UGC 平台上的價值，這些平台在更多有問題的品牌內容上做廣告。我們相信，2023 年我們在 CTV 中展示的廣告在 CTV 中的相關性將高於以往在電視或付費影片中的相關性。

As the value of these innovations has proven out in the CTV advertising market day after day, we continue to see more premium inventory flow into our platform. Disney, for example, just opened Disney+ inventory for us across Europe. More and more live sports inventory, perhaps the crown jewel for most streaming providers, is opening up for programmatic buying on our platform, with billions of avails every single week. For the first few weeks of the football season, for example, we are averaging more than 300 advertisers activating on the NBC Sunday Night Football live stream.

隨著這些創新的價值在 CTV 廣告市場日復一日地得到證明，我們不斷看到更多優質庫存流入我們的平台。例如，迪士尼剛剛在歐洲各地為我們開設了迪士尼+庫存。越來越多的直播體育賽事資源（也許是大多數串流媒體提供商皇冠上的明珠）正在我們的平台上開放程序化購買，每週都有數十億的播放量。例如，在橄欖球賽季的前幾週，我們平均有超過 300 個廣告商在 NBC Sunday Night Football 直播中啟動。

A great example of an advertiser pioneering new approaches to TV advertising with a focus on live sports is Old Navy. They have been a long-time participant in the upfront process. With their agency, PhD, Old Navy wanted to embrace CTV as more of their target audience has shifted to streaming. At first, they moved part of their spend from insertion order to programmatic guaranteed and consolidated spend on our platform. In doing so, they were able to mitigate audience overlap across TV providers and hold each provider more accountable for performance.

Old Navy 是廣告商開創電視廣告新方法並專注於體育直播的一個很好的例子。他們一直是前期流程的長期參與者。隨著越來越多的目標受眾轉向串流媒體，Old Navy 希望透過他們的代理商 Ph.D. 擁抱 CTV。起初，他們將部分支出從廣告訂單轉移到我們平台上的程式化保證和整合支出。透過這樣做，他們能夠減少電視提供者之間的觀眾重疊，並讓每個提供者對效能承擔更多責任。

But as Old Navy quickly found out, programmatic guaranteed has limitations. Programmatic guaranteed, or PG, does not allow Old Navy to get the full value of programmatic such as frequency management, audience targeting and the ability to layer on their first-party data. So they took the next step in the form of decision biddable buying within the private marketplace and focused on live sports inventory. CTV live sports advertising was appealing because it offered an opportunity to expose their brand against very high premium content that might be more restrictive and expensive in a traditional linear environment.

但正如老海軍很快發現的那樣，有保證的程序化也有其限制。程序化保證（PG）不允許 Old Navy 獲得程序化的全部價值，例如頻率管理、受眾定位以及對第一方資料進行分層的能力。因此，他們採取了下一步行動，在私人市場內進行可投標購買決策，並專注於體育直播庫存。 CTV 體育直播廣告很有吸引力，因為它提供了一個機會，讓他們的品牌在非常高的優質內容中曝光，而這些內容在傳統的線性環境中可能會受到更多限制且成本更高。

They were able to use Koa, The Trade Desk's AI, to optimize pacing and frequency management across the highest-performing inventory. As a result, they saw a 70% reduction in the cost to reach each unique household versus their programmatic guaranteed performance. And we're just scratching the surface. As recently reported in The Current, NBCUniversal has teamed up with the Walmart DSP, which partners with The Trade Desk so brands can now deliver targeted ads on Peacock live sports inventory using Walmart shopper data. Brands can then measure and provide attribution on the results of those ads in terms of impact and in-store and online sales.

他們能夠使用 The Trade Desk 的 AI Koa 來優化表現最好的庫存的節奏和頻率管理。結果，與計劃保證的性能相比，他們發現接觸每個獨特家庭的成本降低了 70%。我們只是觸及了表面。根據《The Current》最近報道，NBCUniversal 已與沃爾瑪 DSP 合作，沃爾瑪 DSP 又與 The Trade Desk 合作，因此品牌現在可以使用沃爾瑪購物者數據在 Peacock 體育直播庫存上投放有針對性的廣告。然後，品牌可以根據影響力以及店內和線上銷售來衡量並提供這些廣告結果的歸因。

So now, North America, which includes brands such as Danone, Silk and Activia, reported a 30-plus percent increase in new-to-brand buyers from their CTV campaign earlier this year. The next phase of innovation in CTV is the development of a forward market product on our platform. We are investing significant resources to build this product, which is akin to a futures market but for premium CTV inventory.

因此，現在，包括達能 (Danone)、Silk 和 Activia 等品牌在內的北美地區報告稱，今年稍早透過 CTV 活動，新品牌購買者數量增加了 30% 以上。 CTV 創新的下一階段是在我們的平台上開發遠期市場產品。我們正在投入大量資源來建立該產品，該產品類似於期貨市場，但針對的是優質 CTV 庫存。

Here, we bring the best of the traditional upfront guarantee and combine it with the power of data-driven decisioning or programmatic advertising. Advertisers commit to certain levels of spend on specific audiences in a decision programmatic forward market. We are already active in live beta with a number of CTV providers and advertisers and expect the testing to steadily increase throughout 2024. We're excited to provide more details on our forward market innovations at our Forward '24 event in the first half of next year.

在這裡，我們充分利用傳統的前期保證，並將其與數據驅動決策或程序化廣告的力量結合。廣告商承諾在決策程序化遠期市場中對特定受眾投入一定程度的支出。我們已經與許多CTV 供應商和廣告商積極進行即時測試，並預計測試將在2024 年穩步增加。我們很高興能在明年上半年的Forward '24 活動中提供有關我們前瞻性市場創新的更多詳細資訊年。

The advances in CTV in 2023 for The Trade Desk have been accelerated by the fourth category of innovation I want to discuss today, identity. With Google's latest disclosure that they plan to deprecate cookies in 2024, the industry has been more focused than ever on coalescing around a better alternative. Nearly all of the major streaming companies in the U.S. have embraced UID2. They understand that if advertisers only advertise on users likely to be interested in their products, then advertisers will pay meaningfully more for those impressions. With UID2, content owners don't have to share data. Instead, advertisers can use their own data, and to do so, they're willing to pay more.

我今天要討論的第四類創新——身分認同——加速了 The Trade Desk 在 2023 年 CTV 方面的進步。隨著 Google 最新揭露計畫在 2024 年棄用 Cookie，該產業比以往任何時候都更加關注圍繞更好的替代方案進行整合。美國幾乎所有主要串流媒體公司都已採用 UID2。他們明白，如果廣告商只向可能對其產品感興趣的用戶做廣告，那麼廣告商將為這些展示次數支付更多的費用。使用 UID2，內容所有者不必共享資料。相反，廣告商可以使用自己的數據，為此，他們願意支付更多費用。

One leading streaming platform recently implemented UID2 and the results have been remarkable. Their average daily revenue from The Trade Desk has increased 150%. Their average daily revenue when those impressions are open and biddable, has increased 222% and all because they are able to offer advertisers a much clearer sense of relevance and addressability. Again, because of rising cost of content and less appetite from consumers to pay for more subscriptions, every global content company in the world is now rolling out a programmatic advertising strategy and plan. As a result, more and more publishers and advertisers are now deploying UID2.

一家領先的串流平台最近實施了 UID2，效果顯著。他們從 The Trade Desk 獲得的平均每日收入增加了 150%。當這些展示次數開放且可出價時，他們的平均每日收入增加了 222%，這都是因為他們能夠為廣告商提供更清晰的相關性和可尋址性。同樣，由於內容成本上升以及消費者支付更多訂閱費用的興趣減弱，世界上每家全球內容公司現在都在推出程序化廣告策略和計劃。因此，越來越多的發布商和廣告商正在部署 UID2。

Over the last couple of years, a who's who of major publishers, advertisers and data partners have announced their commitment to UID2, and now we're seeing the positive impact of adoption on our platform. Luxury Escapes is a high-end travel agency with more than 7 million customers worldwide. They activated their first-party data on our platform and then used UID2 to help find potential new customers who shared characteristics with the most loyal customers they already had. In this way, their first-party data acted as a seed to grow their potential customer base.

在過去的幾年裡，一些主要出版商、廣告商和數據合作夥伴都宣布了他們對 UID2 的承諾，現在我們看到了採用 UID2 對我們平台的正面影響。 Luxury Escapes 是一家高端旅行社，在全球擁有超過 700 萬名客戶。他們在我們的平台上啟動了第一方數據，然後使用 UID2 來幫助尋找與他們已有的最忠誠客戶具有共同特徵的潛在新客戶。透過這種方式，他們的第一方數據充當了擴大潛在客戶群的種子。

And the results were very impressive. In the U.S. alone, their conversion rate with UID2 was more than 400% higher than with cookies. Their return on asset was 900% higher and their cost per acquisition was 83% lower. For the first time ever, in 2024, we expect the majority of CTV and premium video impressions to be bought on our platform using either EUID or UID2.

結果非常令人印象深刻。光是在美國，使用 UID2 的轉換率就比使用 cookie 高出 400% 以上。他們的資產回報率提高了 900%，每次收購成本降低了 83%。我們預計到 2024 年，我們將首次使用 EUID 或 UID2 在我們的平台上購買大部分 CTV 和優質影片展示次數。

The fifth innovation I wanted to highlight today is the rapid innovating we're doing in retail media and retail data partnerships. The fusion of retail and programmatic advertising has accelerated in the wake of the pandemic. Our partnerships with Walmart, Target, Albertsons, Instacart and many, many more have fueled the expansions of our TAM in the United States. Schwartz and Ocado have been notable catalysts in the EU. Incidentally, the EU programmatic advertising ecosystem is showing signs of improvement, in part brought on by the appeal of retail partnership.

我今天想強調的第五項創新是我們在零售媒體和零售數據合作夥伴關係方面所做的快速創新。疫情爆發後，零售和程式化廣告的融合加速。我們與沃爾瑪、塔吉特、Albertsons、Instacart 等許多公司的合作關係推動了我們 TAM 在美國的擴張。施瓦茨和奧卡多一直是歐盟的著名催化劑。順便說一句，歐盟程式化廣告生態系統正在顯示出改善的跡象，部分原因是零售合作夥伴的吸引力。

And lastly, BigBasket and Tokopedia are examples of growing synergies between programmatic advertising and retail media in some of the largest APAC markets. Just as stay-at-home directives encouraged many of us to shift our viewing habits to binge streaming, they also forced many of us to shift our shopping habits to e-commerce. According to the U.S. Census Bureau, e-commerce sales boomed 43% in 2020 alone, and it has continued to grow every year since. As a result, advertising on e-commerce destinations has become more attractive and the value of data collected about purchase behaviors has become much more valuable.

最後，BigBasket 和 Tokopedia 是亞太地區一些最大市場中程序化廣告和零售媒體之間日益增強的協同效應的例子。正如「留在家裡」的指令鼓勵我們許多人將觀看習慣轉變為狂歡串流媒體一樣，它們也迫使我們許多人將購物習慣轉變為電子商務。美國人口普查局的數據顯示，光是 2020 年，電子商務銷售額就成長了 43%，此後每年都在持續成長。因此，電子商務目的地上的廣告變得更具吸引力，收集的有關購買行為的數據也變得更有價值。

All major retailers are working on activating that data for advertisers, so brands can understand how their advertising dollars impact actual sales, whether online or in-store and most of them are partnering with us. The significance of this shift should not go unstated. All advertisers are focused at their core on driving sales growth. But until very recently, especially in the consumer space, advertisers have been missing the link between their advertising dollars and the real-world sales growth. Instead, they have had to use proxy metrics to showcase the ROI of their campaigns. How many click-throughs did their ads strive for example.

所有主要零售商都在努力為廣告商啟動這些數據，以便品牌能夠了解他們的廣告費用如何影響實際銷售，無論是在線銷售還是店內銷售，並且大多數零售商都與我們合作。這一轉變的重要性不應被忽視。所有廣告商都將重點放在推動銷售成長上。但直到最近，尤其是在消費領域，廣告主一直忽略廣告支出與現實世界銷售成長之間的關聯。相反，他們必須使用代理指標來展示其活動的投資報酬率。例如，他們的廣告爭取了多少點擊率。

But now we can measure with much more precision whether the ad dollars actually led to a consumer purchase. We can attribute value to all parts of the funnel, not just the last touch. We can understand the relevance of every ad impression more clearly, and we can better prioritize the right channel at the right time for the right audience.

但現在我們可以更精確地衡量廣告費用是否真正促成了消費者購買。我們可以將價值歸因於漏斗的所有部分，而不僅僅是最後一次接觸。我們可以更清楚地了解每個廣告展示的相關性，並且可以更好地在正確的時間針對正確的受眾優先考慮正確的管道。

The open Internet is proving to be increasingly preferred by big brands as retail media makes the efficacy of the open Internet continue to improve and scale. Rossman, a major European drugstore chain, came to us when they wanted to drive first sales for their organic food brand. They knew that if consumers tried their product, there's a 95% chance of them becoming repeat customers. The challenge was getting them to make that first purchase. Working with us, they were able to deploy their first-party data and then find where their target audience groups might be across the open Internet.

事實證明，隨著零售媒體使開放網路的效能不斷提高和規模化，開放網路越來越受到大品牌的青睞。羅斯曼（Rossman）是一家歐洲大型藥局連鎖店，當他們想要推動其有機食品品牌的首次銷售時，他們找到了我們。他們知道，如果消費者嘗試了他們的產品，就有 95% 的機會成為回頭客。挑戰在於讓他們進行第一次購買。與我們合作，他們能夠部署他們的第一方數據，然後找到他們的目標受眾群體可能在開放網路上的位置。

With data-driven precision, they were able to determine that 99% of their ad spend was hitting their specific target audience. And more major retail organizations continue to partner with us as the most effective way to enable advertisers to benefit from their data. Just last month, Instacart, one of the world's largest retail technology companies representing more than 1,400 retail labels, announced that it will make its retail media data available to advertisers on The Trade Desk.

憑藉數據驅動的精確度，他們能夠確定 99% 的廣告支出都針對特定目標受眾。更多主要零售組織繼續與我們合作，作為使廣告商從其數據中受益的最有效方式。就在上個月，代表 1,400 多個零售品牌的全球最大零售科技公司之一 Instacart 宣布將在 The Trade Desk 上向廣告主提供其零售媒體數據。

At the same time, we continue to innovate in the retail space. As a part of Kokai, we have launched the Retail Sales Index, which allows advertisers to understand the performance of the retail campaigns across the open Internet. It radically simplifies the measurement and attribution process in a rapidly evolving market, and we are just scratching the surface. As one of the few independent players at scale in our industry, we are in the pole position to continue partnering with leading retailers, standardize their data on our platform and drive value for our clients.

同時，我們在零售領域不斷創新。作為 Kokai 的一部分，我們推出了零售銷售指數，使廣告主能夠了解開放網路上零售活動的表現。它從根本上簡化了快速發展的市場中的測量和歸因過程，而我們只是觸及了表面。作為我們行業中為數不多的規模化獨立參與者之一，我們處於領先地位，可以繼續與領先的零售商合作，在我們的平台上標準化他們的數據並為我們的客戶創造價值。

Let me conclude by making a few comments about the current environment and then connect the dots of innovation and our optimism for the future. We represent the vast majority of the Ad Age top 200 advertisers, the largest advertisers in the world. Starting in the second week of October, we have seen some transitory cautiousness across some of those advertisers. These include, for example, industries that have been impacted by recent strikes such as the U.S. auto industry. Through the first week of November, we have seen spend stabilize, and we are optimistic for the remainder of the year and for 2024.

最後，讓我對當前環境發表一些評論，然後將創新點與我們對未來的樂觀情緒聯繫起來。我們代表廣告時代 200 強廣告商（全球最大的廣告商）中的絕大多數。從十月的第二週開始，我們發現其中一些廣告商出現了短暫的謹慎態度。例如，其中包括受近期罷工影響的行業，例如美國汽車業。在 11 月的第一周，我們看到支出趨於穩定，我們對今年剩餘時間和 2024 年持樂觀態度。

Both CTV and retail media continued to drive our business and we continue to win share. In terms of innovation, I am so excited to showcase the strength of this company over the next few years as we've innovated and built more this year than in any year in our history, while at the same time, preserving and leaving room to expand our operating leverage. The many innovations I've discussed today are embedded in our newest version of the platform, Kokai. We've been launching Kokai innovations throughout the year, but many of the biggest innovations, including our new UX, are in alphas or private betas today and will roll out to all of our customers in the first half of next year.

CTV 和零售媒體繼續推動我們的業務，我們繼續贏得市場份額。在創新方面，我很高興能夠在未來幾年展示這家公司的實力，因為我們今年的創新和建設比我們歷史上任何一年都多，同時，保留並留下了空間來擴大我們的經營槓桿。我今天討論的許多創新都嵌入到我們最新版本的平台 Kokai 中。我們全年都在推出 Kokai 創新，但許多最大的創新，包括我們的新用戶體驗，目前都處於 alpha 或私人測試階段，並將在明年上半年向我們的所有客戶推出。

As we exit 2023 and look forward to 2024, I want to highlight several specific areas that make me extremely positive about our future prospects. So let me sum up. First, agencies and brands are more deliberate with advertising budgets. They are shifting ad budgets to where they can be more flexible, agile and data-driven in everything they do, especially in times of uncertainty, and this is driving them to sign JVPs with us at a record pace.

在我們結束 2023 年並展望 2024 年之際，我想強調幾個讓我對我們的未來前景非常樂觀的具體領域。那麼讓我總結一下。首先，代理商和品牌在廣告預算上更加謹慎。他們正在將廣告預算轉移到他們所做的一切中能夠更加靈活、敏捷和數據驅動的地方，尤其是在不確定的時期，這促使他們以創紀錄的速度與我們簽署合資協議。

Second is the innovation coming from AI and the many, many opportunities we have ahead of us to find places to inject AI into what may be the most rich and underappreciated data asset on the Internet, which we have here at The Trade Desk. Third, Connected TV continues to be the fastest-growing channel of our business and a key driver of overall omnichannel growth, and it's not just here in the U.S. CTV continues to grow rapidly, both in EMEA and across Asia. The industry is evolving fast as providers shift inventory into biddable marketplaces to maximize ad revenue and as advertisers look to bring more precision and addressability to their TV campaigns.

其次是來自人工智慧的創新，以及我們面前有很多很多的機會來尋找將人工智慧注入到可能是網路上最豐富和最被低估的數據資產的地方，我們在 The Trade Desk 擁有這些數據資產。第三，連網電視仍然是我們業務成長最快的管道，也是整體全通路成長的關鍵驅動力，而且不僅在美國，CTV 在歐洲、中東和非洲以及整個亞洲都持續快速成長。隨著提供者將庫存轉移到可競價市場以最大限度地提高廣告收入，以及廣告商希望為其電視廣告活動帶來更高的精確度和可尋址性，該行業正在快速發展。

Fourth, retail media has become one of the fastest-growing areas of our business and we expect this to continue in 2024. Retail media is revolutionizing the way many advertisers in the CPG space think about measurement and attribution, and our innovation is at the center of this. Fifth, global expansion. We have made significant investments outside the U.S. over the last several years in our go-to-market strategy in CTV and in retail media. We believe we are in a position to continue to accelerate our international growth in many of the markets we serve.

第四，零售媒體已成為我們業務成長最快的領域之一，我們預計這種情況將在2024 年持續下去。零售媒體正在徹底改變CPG 領域許多廣告商考慮衡量和歸因的方式，而我們的創新是核心這個的。第五，全球擴張。過去幾年，我們在美國境外的 CTV 和零售媒體市場策略方面進行了大量投資。我們相信，我們有能力在我們所服務的許多市場中繼續加速我們的國際成長。

Sixth is the rapid adoption of UID2 and EUID as the currency for relevant ads and personalized content that has been adopted by the infrastructure of the Internet and nearly all of the biggest content companies in the world. Seventh is the upcoming U.S. political election. Since 2016, The Trade Desk has been a vital platform for leading political advertisers. In 2024, we expect to gain more share in this segment, and we believe that spend will increase as the year progresses. And finally, we continue to be one of the few high-growth technology companies that consistently generate strong adjusted EBITDA and free cash flow that has steadily increased over the years. As a result, we have been able to invest in innovation and generate strong profitability.

第六是UID2和EUID作為相關廣告和個人化內容的貨幣迅速被網路基礎設施和世界上幾乎所有最大的內容公司所採用。第七是即將到來的美國政治選舉。自 2016 年以來，The Trade Desk 一直是領先政治廣告商的重要平台。 2024 年，我們預計將在這一領域獲得更多份額，並且我們相信支出將隨著時間的推移而增加。最後，我們仍然是少數幾家能夠持續產生強勁的調整後 EBITDA 和多年來穩定成長的自由現金流的高成長科技公司之一。因此，我們能夠投資於創新並產生強勁的獲利能力。

I believe The Trade Desk has been successful because we have always focused on delivering premium value to advertisers and agencies. Everything we do, including our latest Kokai innovations, are pointed at helping brands and advertisers get the maximum being for every advertising dollar. I could not be more confident or excited about how we are positioned for 2024 and beyond because of the many growth drivers that we've discussed today. We will continue to innovate to lead the market, and I'm confident that the world's leading advertisers will continue to default to our platform as they seek to drive their own business growth via advertising. And with that, I'll hand the call over to Laura, who will give you more color on the quarter.

我相信 The Trade Desk 取得了成功，因為我們始終專注於為廣告商和代理商提供優質價值。我們所做的一切，包括最新的 Kokai 創新，都是為了幫助品牌和廣告商從每一筆廣告費用中獲得最大收益。由於我們今天討論了許多成長驅動因素，我對 2024 年及以後的定位充滿信心或興奮。我們將繼續創新，引領市場，我相信世界領先的廣告商將繼續默認我們的平台，因為他們尋求透過廣告推動自己的業務成長。接下來，我會將電話轉交給勞拉，她將為您提供有關本季的更多資訊。

Thank you, Jeff, and good afternoon. As you have seen in our Q3 results, we have continued to execute extremely well. During the quarter, we continued to grab share and outpace our peers. We delivered accelerating year-over-year revenue growth, managed our expenses efficiently and delivered strong adjusted EBITDA and cash flow. Our results are a reflection of the premium advertisers are placing on precision, agility and transparency as they continue to shift away from linear media and walled gardens.

謝謝你，傑夫，下午好。正如您在第三季的業績中看到的那樣，我們的執行情況仍然非常好。本季度，我們繼續搶佔市場份額並超越同行。我們實現了同比收入加速成長，有效管理了我們的支出，並實現了強勁的調整後 EBITDA 和現金流。我們的結果反映了優質廣告商在繼續遠離線性媒體和圍牆花園時對精確性、敏捷性和透明度的重視。

Revenue in Q3 was $493 million, representing growth of 25% year-over-year, an acceleration from the prior quarter. Excluding U.S. political election spend, which represented a low single-digit percent of spend in Q3 2022, our revenue growth rate in Q3 of this year was about 27% on a year-over-year basis. We continue to win spend as marketers increasingly focus their investment on platforms that deliver value, particularly in premium video like CTV. This is a dynamic we've seen many times over the years. When the macro environment presents challenges, brands shift to platforms and channels that offer flexibility and measurable results.

第三季營收為 4.93 億美元，年增 25%，較上一季加速。不包括美國政治選舉支出（該支出在 2022 年第三季僅佔個位數百分比），我們今年第三季的營收年增率約為 27%。隨著行銷人員越來越多地將投資集中在能夠創造價值的平台上，特別是在 CTV 等優質影片領域，我們繼續贏得支出。這是我們多年來多次看到的動態。當宏觀環境出現挑戰時，品牌會轉向提供靈活性和可衡量結果的平台和管道。

During the third quarter, CTV led our growth from a scaled channel perspective once again. We saw strong momentum in retail media as we won incremental shopper marketing budgets and brought the Retail Sales Index to market. International spend growth accelerated off a strong Q2 with notably strong performance in CTV. With the strong top line performance in Q3, we generated approximately $200 million in adjusted EBITDA or about 40% of revenue. This led to free cash flow of $184 million in Q3, marking over $600 million of free cash flow on a trailing 12-month basis. I'm proud of our ability to generate strong profitability while continuing to invest in our business as that will help fund our future growth.

第三季度，中視再次從規模化管道角度引領了我們的成長。隨著我們贏得了增量購物者行銷預算並將零售銷售指數推向市場，我們看到了零售媒體的強勁勢頭。國際支出成長在第二季強勁的基礎上加速成長，其中 CTV 的表現尤其強勁。憑藉第三季強勁的營收表現，我們產生了約 2 億美元的調整後 EBITDA，約佔營收的 40%。這導致第三季的自由現金流達到 1.84 億美元，過去 12 個月的自由現金流超過 6 億美元。我為我們在繼續投資業務的同時創造強勁盈利能力的能力感到自豪，因為這將有助於為我們未來的成長提供資金。

Because of our fortunate position within an incredibly large addressable market, one of our greatest responsibilities is ensuring that we are growing sustainably while also generating sufficient profitability and cash flow. Our team has done a remarkable job achieving this as we balance short-term opportunities with our long-term financial vision.

由於我們在一個極其龐大的潛在市場中所處的幸運地位，我們最大的責任之一就是確保我們可持續成長，同時產生足夠的獲利能力和現金流。我們的團隊在實現這一目標方面做得非常出色，我們平衡了短期機會與長期財務願景。

From a scale channel perspective, CTV, by a wide margin, led our growth again during the quarter. In Q3, video, which includes CTV, represented a mid-40s percentage share of our business and continues to grow as a percentage of our mix. 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%.

從通路規模來看，CTV 在本季再次大幅領先我們的成長。在第三季度，包括 CTV 在內的視​​訊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持續增長。本季行動裝置支出佔 30 多歲的比例。顯示器在我們的業務中所佔的份額仍然較低，只有兩位數，而音訊則佔 5% 左右。

Geographically, North America represents about 87% of our business in Q3, and international represented about 13%. We are very pleased that international growth slightly outpaced North America for the third quarter in a row. CTV across EMEA and North Asia was very strong during the quarter, growing over 100% year-over-year in each region. In terms of the verticals that represent at least 1% of our spend, we continued to see strong performance in food and drink, travel and automotive. Health and fitness and business were below the average.

從地理位置來看，北美約占我們第三季業務的 87%，國際約佔 13%。我們非常高興國際成長連續第三季略高於北美。本季度，歐洲、中東和非洲 (EMEA) 和北亞的 CTV 表現非常強勁，每個地區的年增長均超過 100%。就占我們支出至少 1% 的垂直行業而言，我們繼續看到食品和飲料、旅行和汽車領域的強勁表現。健康、健身和商業均低於平均。

Turning now to expenses. Excluding stock-based compensation, operating expenses in Q3 were $316 million, up 29% year-over-year. During the third quarter, we continued to invest in our team, our platform and our infrastructure to support sustained growth. Income tax expense was $18 million for the third quarter, driven primarily by our pretax profitability and nondeductible stock-based compensation.

現在轉向費用。不包括股票薪酬，第三季營運費用為 3.16 億美元，較去年同期成長 29%。第三季度，我們繼續投資我們的團隊、平台和基礎設施，以支持持續成長。第三季所得稅費用為 1,800 萬美元，主要是由我們的稅前獲利能力和不可扣除的股票薪酬所推動的。

Adjusted net income was $167 million or $0.33 per fully diluted share. Net cash provided by operating activities was $192 million for Q3 and free cash flow was $184 million. DSOs exiting the quarter were 91 days, down about 1 day from a year ago. DPOs were 75 days, up about 1 day from a year ago. In Q3, via our share repurchase program, we repurchased and retired 1.2 million shares for an aggregate repurchase amount of $90 million. We exited the third quarter with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.5 billion. We have no debt on the balance sheet.

調整後淨利為 1.67 億美元，即完全稀釋每股收益 0.33 美元。第三季經營活動提供的淨現金為 1.92 億美元，自由現金流為 1.84 億美元。本季退出的 DSO 為 91 天，比去年同期減少約 1 天。 DPO 為 75 天，比一年前增加了約 1 天。第三季度，透過我們的股票回購計劃，我們回購並退役了 120 萬股股票，回購總額為 9,000 萬美元。我們在第三季結束時擁有強勁的現金和流動性狀況。本季末現金、現金等價物及短期投資為 15 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the fourth quarter. First, we continue to see strong spend in our key areas such as CTV and retail media. That said, we have seen more macroeconomic uncertainty at the start of Q4. We estimate Q4 revenue to be at least $580 million, which would represent growth of 18% on a year-over-year basis. Excluding U.S. political election spend, which represented a mid-single-digit percent of spend in Q4 2022, our estimated revenue growth rate in Q4 of this year would be about 22% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $270 million in Q4.

轉向我們對第四季的展望。首先，我們持續看到 CTV 和零售媒體等關鍵領域的支出強勁。也就是說，我們在第四季初看到了更多的宏觀經濟不確定性。我們預計第四季營收至少為 5.8 億美元，年增 18%。不包括美國政治選舉支出（佔 2022 年第四季支出的中個位數百分比），我們預期今年第四季的營收年增率約為 22%。我們預計第四季度調整後 EBITDA 約為 2.7 億美元。

In closing, we are extremely pleased with our strong performance in the third quarter and we are cautiously optimistic for Q4. We continue to demonstrate our ability to drive momentum across our company priorities, achieve profitable growth and drive significant share gains. Regardless of what the macro brings, we believe we have never been in a better position than we are in today. With large growth drivers, including the ongoing secular shift to CTV, upgrading measurement with retail data, our biggest product release ever with Kokai, growth in international markets, an identity framework that has never been stronger, the U.S. presidential election cycle, amongst others, we remain optimistic for the remainder of Q4 and into 2024. That concludes our prepared remarks. And with that, operator, let's open up the call for questions.

最後，我們對第三季的強勁表現感到非常滿意，並對第四季持謹慎樂觀態度。我們繼續證明我們有能力推動公司優先事項的發展勢頭，實現盈利成長並推動顯著的份額成長。無論宏觀情況如何，我們相信我們的處境從未像今天這樣好。憑藉著巨大的成長動力，包括持續向 CTV 的長期轉變、零售數據的升級衡量、我們與 Kokai 有史以來最大的產品發布、國際市場的增長、前所未有的強大身份框架、美國總統選舉週期等，我們對第第四季剩餘時間和2024 年保持樂觀。我們準備好的發言到此結束。那麼，接線員，讓我們開始提問。

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

（操作員說明）第一個問題來自 Susquehanna 的 Shyam Patil。

Congrats on the strong 3Q across the board. I think the big thing on everyone's mind right now is the 4Q outlook, which I think caught a lot of people by surprise. Maybe we can start there. Jeff, I know you talked a little bit about this in your prepared remarks, but can you talk a little bit more about what you're seeing in 4Q? And just what gives you confidence that it is all macro and not competitive or anything else?

恭喜第三季全面強勁。我認為現在每個人最關心的是第四季的前景，我認為這讓很多人感到驚訝。也許我們可以從那裡開始。傑夫，我知道你在準備好的發言中談到了這一點，但是你能多談談你在第四季度看到的情況嗎？是什麼讓你相信這都是宏觀的而不是競爭性的或其他什麼？

You bet. And I'm really glad you're asking this question, Shyam. So I have a lot to say on it, so I appreciate the kind words and the question. So first, just looking back, we had a very strong Q3, growing 25%, once again beating the market. And please don't forget and this is really important, that we are coming off of a 30%-plus growth year from last year, where many of our competitors were shrinking or barely growing. This year and last year were years where we're gaining market share at a higher rate than we have previously.

你打賭。我真的很高興你問這個問題，Shyam。所以我對此有很多話要說，所以我很感謝你的善意之言和問題。首先，回顧過去，我們的第三季表現非常強勁，成長了 25%，再次跑贏了市場。請不要忘記，這一點非常重要，我們即將迎來比去年增長 30% 以上的增長，而我們的許多競爭對手都在萎縮或幾乎沒有增長。今年和去年，我們以比以往更高的速度獲得市場份額。

This year, I think we signed more long-term JVPs with major brand advertisers and agencies than ever before with bigger amounts and longer time horizons than we've ever had before, too. So once again, this year, CTV and retail media have been leading the way, and in general, we have amazing momentum going into Q4.

今年，我認為我們與主要品牌廣告商和代理商簽署的長期合資合作協議比以往任何時候都多，金額也比以往任何時候都多，期限也比以往更長。因此，今年，CTV 和零售媒體再次處於領先地位，總的來說，進入第四季度我們有驚人的勢頭。

Another reminder, we represent the Ad Age top 200 advertisers and of course, the majority of the S&P 500, something that I've pointed out many times before. These are, of course, the largest advertisers in the world. And of course, that means that we represent nearly every major sector of the economy as well. So that said, starting about the second week of October, we began to see some transitory cautiousness around certain advertisers. For example, we saw some reduction in brand spend in verticals such as automotive and consumer electronics, for instance, specifically around cell phones and media and entertainment.

另一個提醒，我們代表廣告時代前 200 名廣告商，當然還有標準普爾 500 強的大多數廣告商，這一點我之前已經多次指出過。當然，這些都是世界上最大的廣告商。當然，這意味著我們也代表了幾乎所有主要經濟部門。也就是說，從十月第二週開始，我們開始看到某些廣告商出現了短暫的謹慎態度。例如，我們看到汽車和消費性電子產品等垂直行業的品牌支出減少，特別是在手機、媒體和娛樂方面。

Some of these industries have been recently impacted by strikes such as the U.S. auto industry. So the first week in November, we have seen spend stabilize, and we're very confident that we will continue to outpace our industry and gain market share. Excluding election spend in Q4 of 2022, we're guiding to about 22% year-over-year growth, which is significantly faster than the industry and illustrates the long-term strength of our business model, especially when you consider those comps.

其中一些行業最近受到了罷工的影響，例如美國汽車行業。因此，11 月的第一周，我們看到支出趨於穩定，我們非常有信心我們將繼續超越行業並獲得市場份額。不包括 2022 年第四季度的選舉支出，我們預計同比增長約為 22%，這明顯快於行業，並說明了我們業務模式的長期實力，特別是當您考慮這些比較時。

I'm very proud of our team and what they've done in the first 3 quarters and the market wins that they're putting on the board right now. The team really is firing on all cylinders. Our company is extremely healthy with great operating leverage and a strong balance sheet. All of those things are the strongest they've ever been. Given our strength in the fastest-growing channels of digital advertising, growing long-term relationships in the world's largest brands and agencies, the technology innovations that we outlined in our prepared remarks, including Kokai and the AI investments that we're making, we are very confident that we will continue to outpace the industry and gain share, and I'm very optimistic heading into 2024. Thanks, Shyam, for the question.

我為我們的團隊以及他們在前三個季度所做的事情以及他們現在在董事會上取得的市場勝利感到非常自豪。該團隊確實在全力以赴。我們的公司非常健康，擁有巨大的營運槓桿和強大的資產負債表。所有這些都是他們有史以來最強大的。鑑於我們在成長最快的數位廣告管道中的實力、與世界上最大的品牌和機構不斷發展的長期關係、我們在準備好的發言中概述的技術創新，包括Kokai 和我們正在進行的人工智慧投資，我們我們非常有信心我們將繼續超越行業並獲得份額，我對 2024 年的前景非常樂觀。謝謝 Shyam 的提問。

The next question comes from Vasily Karasyov with Cannon Globe Research (sic) [Cannonball Research]

下一個問題來自 Cannon Globe Research（原文如此）[Cannonball Research] 的 Vasily Karasyov

Obviously following up on the point of interest here, Jeff, wanted to ask you to talk in a little more detail about what you saw this quarter, specifically the linearity that we've seen in the first 5 weeks so far. And probably wanted to ask about if you could provide more color on where you have seen cautiousness on the part of advertisers. So any additional color you can give us on what's going on this quarter would be appreciated.

顯然，傑夫是為了跟進這裡的興趣點，想請您更詳細地談談您在本季度看到的情況，特別是迄今為止我們在前 5 週看到的線性情況。並且可能想詢問您是否可以提供更多關於廣告商謹慎態度的資訊。因此，如果您能就本季度的情況向我們提供任何其他信息，我們將不勝感激。

Okay. Laura, I know you have some comments on this. Why don't you go first, then I'll go second? I'll add to it.

好的。勞拉，我知道你對此有一些評論。為什麼你不先走，那我再走？我會添加它。

Absolutely. Thanks, Vasily, for the question. So the way I view this is that coming off of a strong Q3, we continued to see that strength going into the first week of Q4. Starting in the second week is when we saw some advertisers become more cautious in their spend. And we saw this cautiousness across a few verticals that Jeff mentioned, such as automotive, consumer electronics and handsets and media and entertainment.

絕對地。謝謝瓦西里的提問。因此，我的看法是，在第三季的強勁表現之後，我們在第四季的第一周繼續看到這種強勁勢頭。從第二週開始，我們看到一些廣告商在支出上變得更加謹慎。我們在傑夫提到的幾個垂直領域中看到了這種謹慎態度，例如汽車、消費性電子產品、手機以及媒體和娛樂。

And of course, some of the caution is transitory due to what we mentioned, the strikes in auto and in media and in entertainment. We continue, at the same time, to see strong spend in our largest drivers such as CTV and retail media. And through today, which is a weekend change into November, we've seen spend stabilize so we're cautiously optimistic for the remainder of Q4. Jeff, is there anything you'd add to that?

當然，由於我們提到的汽車、媒體和娛樂業的罷工，一些謹慎是暫時的。同時，我們繼續看到 CTV 和零售媒體等最大推動力的支出強勁。今天是 11 月的周末，我們看到支出趨於穩定，因此我們對第四季度剩餘時間持謹慎樂觀態度。傑夫，你還有什麼要補充的嗎？

Yes. So first, a couple of things to just keep in mind. We had very strong and healthy growth every quarter for the last couple of years. We have significantly outpaced the industry and gained share. During that same time, some of our largest competitors are coming off low or negative growth from a year ago, where we're coming off of over 20% growth, then an over 20% growth again. Our unparalleled growth is because we've never been closer to many of the largest brands and agencies in the world that all use our platform.

是的。首先，需要記住一些事情。在過去的幾年裡，我們每季都有非常強勁和健康的成長。我們已經顯著超過了行業並獲得了份額。與此同時，我們的一些最大的競爭對手正擺脫一年前的低成長或負成長，我們的成長超過 20%，然後又成長超過 20%。我們無與倫比的成長是因為我們與世界上許多使用我們平台的最大品牌和機構的關係從未如此密切。

We're striking more and more long-term commitments in JVPs, and we're innovating to bring new value across all their omnichannel advertising campaigns. That includes in the biggest release that we've ever made in Kokai, which of course, includes AI and performance enhancements that we've never seen before. Our business is largely based on the world's largest brands. So if there is a little caution due to macro uncertainty facing everyone, we, of course, won't be immune from that in the short term.

我們正在 JVP 中做出越來越多的長期承諾，我們正在創新，為他們所有的全通路廣告活動帶來新的價值。這包括我們在 Kokai 中發布的最大版本，當然，其中包括我們以前從未見過的人工智慧和效能增強。我們的業務主要基於世界上最大的品牌。因此，如果每個人都面臨宏觀不確定性而保持一點謹慎，那麼我們在短期內當然也無法倖免。

But we're convinced that the macro pressures today represent land grab opportunities now that will show fruit or pay off over and over again in the years to come. The fundamentals of our long-term business are as solid as they've ever been, and we are poised to continue to outpace the industry and gain share in Q4, and we're really positioned well to go into 2024. Thanks for the question, Vasily.

但我們相信，今天的宏觀壓力代表著搶奪土地的機會，這些機會將在未來幾年內一次又一次地結出碩果或帶來回報。我們長期業務的基本面一如既往地堅實，我們準備在第四季度繼續超越行業並獲得份額，我們確實已經做好了進入 2024 年的準備。感謝您的提問，瓦西里。

The next question comes from Justin Patterson with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Jeff, I just wanted to build off of your last statement there. Given the caution that you're seeing from advertisers right now, what gives you that confidence heading the next year around growth and market share gains in the year ahead? And just a quick follow-up to that point. Last year at the Analyst Day, you were talking about just investing to make sure you're not missing this CTV and retail media wave. So I know you don't guide to expenses or EBITDA for the year ahead, but could you give some commentary on just how you're thinking about the right level of investments in an environment like this one?

傑夫，我只是想以你最後的發言為基礎。鑑於您現在從廣告商看到的謹慎態度，是什麼讓您對明年的成長和市場份額的成長充滿信心？對此進行快速跟進。去年的分析師日，您談論的只是投資，以確保您不會錯過這股 CTV 和零售媒體浪潮。所以我知道您不會對未來一年的支出或 EBITDA 進行指導，但您能否就您如何考慮在這樣的環境中進行適當的投資水平發表一些評論？

You bet. I'll take the first part of the question, and Laura, if you'll just speak to the investment side of that question. So let me just say a few words on 2024. First, obviously, the macro environment plays a role in our business, and things like higher cost of capital and increased money supply have downstream effects on most businesses. Some of those effects are opportunities, which we're seeing mostly across our client base, but we're seeing some of those effects as pressures on their businesses.

你打賭。我將回答問題的第一部分，勞拉，如果您只談談該問題的投資方面。那我就2024年說幾句話。首先，很明顯，宏觀環境對我們的業務產生了影響，資金成本上升、貨幣供應量增加等因素對大多數企業都有下游影響。其中一些影響是機會，我們主要在我們的客戶群中看到這些影響，但我們也看到其中一些影響是對他們的業務的壓力。

But regardless of the macro environment's effects on individual companies, we continue to see the tidal wave of opportunity over the next 2 years. And I've never been more bullish and that is because of just the slew of things in front of us that are -- what we see as some of the biggest opportunities we've ever seen and probably ever will. CTV is moving to streaming more and more, and they're also moving to biddable both as a total and as a percentage at a faster rate than it ever has before. Content has more competition than ever, and it needs ads as a part of their strategies more than it ever has as we mentioned in the prepared remarks.

但無論宏觀環境對個別公司的影響如何，我們仍將在未來兩年看到機會的浪潮。我從來沒有像現在這樣樂觀過，這是因為我們面前有很多事情，我們認為這些是我們所見過的、可能永遠會看到的最大的機會。 CTV 越來越多地轉向串流媒體，而且它們也以比以往更快的速度轉向可競價的總量和百分比。內容的競爭比以往任何時候都更加激烈，正如我們在準備好的評論中所提到的那樣，它比以往任何時候都更需要廣告作為其策略的一部分。

We're convinced that there are incremental subscribers and the incremental revenue are largely going to come from ads. Retail media is something we didn't spend as much time as I would have liked in the prepared remarks, is one of the fastest-growing areas of our business and it's providing advertisers with completely new ways of thinking about measurement and attribution. It closes the loop and helps them see the impact of their advertising in a way that has never been possible before. But in addition, they're also finding customers that benefit both advertisers and retailers because they're selling more of their products in the retailers that they're partnering with to get the data.

我們相信，訂閱者數量會不斷增加，而增量收入主要將來自廣告。零售媒體是我們業務中成長最快的領域之一，它為廣告主提供了衡量和歸因的全新方式。它形成了閉環，幫助他們以前所未有的方式看到廣告的影響。但除此之外，他們還發現了對廣告商和零售商都有利的客戶，因為他們在與他們合作獲取數據的零售商處銷售了更多的產品。

In 2024, I also believe audio will follow suit. They're going to take out the CTV playbook and they're going to see some of the benefits that I think are really important for that category to grow. So I think there's another secular tailwind available in 2024. Decision programmatic is poised to have its best year ever in 2024. And I believe this is partly due to the macro pressures. We're investing heavily in our platform so that we make the value as obvious and as powerful as possible. I think the open Internet will start to get the first dollar even more in 2024 than it has in the past, and the places where we're injecting AI into the platform have seen amazing results so far.

到 2024 年，我也相信音訊也會跟著做。他們將拿出 CTV 的劇本，他們將看到一些我認為對於該類別的成長非常重要的好處。因此，我認為 2024 年將出現另一個長期順風車。決策程序化預計將在 2024 年迎來有史以來最好的一年。我認為這部分是由於宏觀壓力。我們對我們的平台進行了大量投資，以便我們的價值盡可能明顯和強大。我認為開放網路將在 2024 年開始獲得比過去更多的第一美元，而我們將人工智慧注入平台的地方到目前為止已經看到了驚人的結果。

So of course, I'm optimistic about what that will relate to in 2024, especially because everything that we've done so far in AI has been small and yet also really impactful. So if we just continue down that track, I think we're going to see some amazing fruit come from that. Incidentally, I'm here in Chicago today. Yesterday, I met with hundreds of our clients, hundreds of traders, hands-on keyboard people. The day before that, I met with a group about the same size in New York. We have never been more aligned with traders than we are today. I think they're excited about the control and upgrades that Kokai represent for them, which I believe they'll all hit the ground running in Q1 with those enhancements.

當然，我對 2024 年的相關情況持樂觀態度，特別是因為迄今為止我們在人工智慧領域所做的一切都很小，但也確實具有影響力。因此，如果我們繼續沿著這條路走下去，我想我們將會看到一些令人驚訝的成果。順便說一句，我今天在芝加哥。昨天，我會見了數百名客戶、數百名交易員、鍵盤操作人員。前一天，我在紐約會見了一個規模差不多的團體。我們從未像今天這樣與交易者更加一致。我認為他們對 Kokai 所代表的控制和升級感到興奮，我相信他們都會透過這些增強在第一季開始運作。

We've put better decisioning right next to data. We put those 2 right next to each other in a much better and usable way than we ever have before. We've made first-party data activation better than it's ever been before. And that's strategically more important at this moment than it's ever been. The obvious benefits of UID2 and EUID are becoming more and more apparent to everybody in the advertising community. Traders know that their jobs are not going to be taken away by AI. But instead, they have to compete with each other. So their job could be taken away from a trader who knows how to use AI really well until all of them are looking at ways to use the tools that are fueled by AI that were provided, where AI is essentially doing 1 or 2 things. It's either doing the math for them, if you will, of course, with very advanced learning models or, in other cases, it's actually their copilot.

我們將更好的決策放在數據旁邊。我們以一種比以前更好、更可用的方式將這兩者放在一起。我們讓第一方資料啟動比以往任何時候都更好。目前，這在戰略上比以往任何時候都更加重要。 UID2 和 EUID 的明顯優勢對於廣告界的每個人來說都變得越來越明顯。交易員知道他們的工作不會被人工智慧奪走。但相反，他們必須相互競爭。因此，他們的工作可能會從真正懂得如何使用人工智慧的交易員手中奪走，直到他們所有人都在尋找使用由人工智慧提供的工具的方法，其中人工智慧本質上只做一兩件事。它要么為他們做數學計算，當然，如果你願意的話，使用非常先進的學習模型，或者在其他情況下，它實際上是他們的副駕駛。

So we could not be more excited. I'm more bullish on even things like EUID and Europe. I think many markets outside the U.S. recovered more slowly post pandemic, but we're seeing advertisers now in the EU start to really lean into the innovations that we're bringing to the market in all dimensions such as EUID. In times of macro uncertainty or for verticals that are dealing with uncertainty, we will gain share aggressively, and we're seeing exactly that. In times of more stability, we accelerate our spend. But I couldn't be more confident in that model and the growth potential that, that means for both the near term and the long term. Laura, for the part on expenses?

所以我們非常興奮。我甚至更看好 EUID 和歐洲等事物。我認為美國以外的許多市場在疫情後恢復得更慢，但我們看到歐盟的廣告商現在開始真正傾向於我們在各個方面為市場帶來的創新，例如 EUID。在宏觀不確定的時期或對於正在應對不確定性的垂直行業，我們將積極地獲得份額，而我們正是看到了這一點。在更穩定的時期，我們會加快支出。但我對這種模式及其近期和長期的成長潛力充滿信心。勞拉，費用部分？

Yes. So I'm going to repeat something I've said before, which is that we have a great luxury. We're high growth, we're profitable. We've got cash flow. And in 2023, we're growing well into the double digits above 20%. So all of that allows us to save the course to continue investing in areas such as CTV, AI or platform measurement and to still deliver that strong profitability and cash flow.

是的。所以我要重複我之前說過的話，那就是我們擁有極大的奢侈。我們高速成長，我們獲利。我們有現金流。到 2023 年，我們的成長率將達到 20% 以上的兩位數。因此，所有這些使我們能夠繼續投資 CTV、人工智慧或平台衡量等領域，並仍然提供強勁的盈利能力和現金流。

So as we and you start to think about 2024 for The Trade Desk, there are a few things I keep in mind. First, we've been deliberate in our investments in hiring. So we're going to grow headcount this year but only at about 15% to 17%. And importantly, we expect a similar trajectory next year, which should allow us to grow headcount slower than revenue growth. That leads to a very nice setup for 2024.

因此，當我們和您開始思考 The Trade Desk 的 2024 年目標時，我牢記以下幾點。首先，我們在招募方面的投資是經過深思熟慮的。因此，我們今年將增加員工人數，但增幅僅為 15% 至 17% 左右。重要的是，我們預計明年也會出現類似的軌跡，這將使我們的員工數量成長速度慢於收入成長速度。這為 2024 年帶來了非常好的安排。

I'd also add that our investments include Kokai, AI, the forward market, and we don't see any material increases as others have with investments in areas like that. We're also focusing heavily on productivity with our engineering teams, our go-to-market teams, everyone at sales, account management and trading. And I'd close with, I've been here about 10 years now, and I couldn't be more confident in our model, our growth, our ability to drive profitability and cash flow in both the near and the long term. Thank you for the questions.

我還要補充一點，我們的投資包括 Kokai、人工智慧、遠期市場，我們沒有看到像其他人在此類領域的投資那樣出現任何實質成長。我們也非常注重工程團隊、市場推廣團隊以及銷售、帳戶管理和交易人員的生產力。最後，我已經在這裡工作了大約 10 年，我對我們的模式、我們的成長、我們在近期和長期推動獲利和現金流的能力充滿信心。謝謝你的提問。

The next question comes from Shweta Khajuria with Evercore ISI.

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

I have 2, please. So first is on retail media. Jeff, when we think about the opportunity that Trade Desk has in retail media, if we think about, call it, 2 to 3 years from today, what would you be satisfied with in terms of how big retail media revenue is as a percentage of overall business, call it, 10%, 20%-plus? How should we think about that?

我有2個，拜託。首先是零售媒體。 Jeff，當我們考慮 Trade Desk 在零售媒體領域的機會時，如果我們考慮一下，從今天起 2 到 3 年，您對零售媒體收入佔零售媒體收入的百分比感到滿意嗎？整體業務，稱之為10 %、20% 以上？我們該如何思考這個問題？

And then second is on connected TV, clearly a growth driver as well. Where do you think industry growth is expected for next year and more specifically for Trade Desk to grow faster than overall industry? How should we think about what is really driving that inflection of shifting inventory to biddable marketplaces? Do we expect that next year and is that the key driver that will allow you to gain share?

其次是連網電視，這顯然也是成長動力。您認為明年的產業成長預計會在哪些方面，特別是 Trade Desk 的成長速度將快於整個產業？我們應該如何思考是什麼真正推動了將庫存轉移到可競價市場的變化？我們預計明年會出現這種情況嗎？這是否是讓您獲得份額的關鍵驅動力？

You bet. So rather than giving specifics on growth rates that I expect 2 to 3 years from now, we don't guide in that way, I'll talk about the macro vectors that are influencing that. So what I'll be happy to see over the next 2 or 3 years is to see us, first of all, continue to grow in the way that we have with companies like Walmart and Albertsons and Walgreens and Dollar General. We've had just an amazing year in all of those partnerships and so many others. I don't mean to leave off the dozens of others that have been amazing partners to us this year.

你打賭。因此，我們不會提供我預計的 2 到 3 年後增長率的具體信息，我們不會以這種方式進行指導，而是會討論影響這一增長率的宏觀向量。因此，在接下來的兩三年裡，我很高興看到我們首先繼續像沃爾瑪、艾伯森、沃爾格林和達樂這樣的公司一樣繼續發展。我們在所有這些合作夥伴關係以及許多其他合作夥伴關係中度過了令人驚嘆的一年。我並不是想要遺漏今年對我們來說是出色的合作夥伴的數十位。

And once again, this is a case where economic pressures have helped them to be bold and daring and do things that they haven't done before that have really paid off for them and us and our clients. And I really love it when we see win-win-win situations like that. All of those are benefiting all 3 groups: the retailer, the advertiser and us, the platform. So what I look for in the next 2 to 3 years is to see that continue and to see the trends of retailers saying, "I want to help close the loop. I want to use my data to help the biggest brands in the world sell products in my store. I want to spend my flywheel faster," and we want to see more and more retailers think about their business the way that Amazon thinks about their business, which is about spinning the flywheel and using data to make better decisions.

再一次，經濟壓力幫助他們變得大膽和大膽，做了他們以前沒有做過的事情，真正為他們、我們和我們的客戶帶來了回報。當我們看到這樣的雙贏局面時，我真的很喜歡。所有這些都使三個群體受益：零售商、廣告商和我們平台。因此，我在未來 2 到 3 年中期待的是看到這種情況繼續下去，看到零售商的趨勢說：「我想幫助形成閉環。我想利用我的數據來幫助世界上最大的品牌銷售我希望看到越來越多的零售商以亞馬遜思考其業務的方式思考他們的業務，即旋轉飛輪並使用數據做出更好的決策。

If they simultaneously make that data available for measurement and attribution, it will be better for everyone, including and arguably especially, them. So we want to see them do that over the next 2 to 3 years. As it relates to CTV growth, the macro trend that I just want to point out is that, of course, as there's been macro pressure put on the consumer, at the same time, we've overwhelmed the consumer with choice in the CTV world. So if you think about you as a consumer, how many more choices do you have, especially in the U.S. in streaming as compared to what you have 5 years ago. There's just way more choices. It's hard to keep track of which app the shows are even on. There's just way more choices in terms of apps and outlets.

如果他們同時提供這些數據用於測量和歸因，那麼對每個人來說都會更好，包括並且可以說尤其是他們。所以我們希望看到他們在未來 2 到 3 年內做到這一點。就CTV成長而言，我只想指出的宏觀趨勢是，當然，由於消費者面臨宏觀壓力，同時我們在CTV領域的選擇壓倒了消費者。因此，如果你將自己視為消費者，那麼與 5 年前相比，你還有多少選擇，尤其是在美國的串流媒體領域。只是有更多的選擇。甚至很難追蹤這些節目在哪個應用程式上。在應用程式和頻道方面有更多選擇。

Even though there's been a little bit of lull in the content production as a result of the strikes, in terms of the apps themselves and the need for sort of this content machine to continue to grow and grow subscribers, it's gone up for all of them, whether you're talking about smaller players like Paramount or the big guys like Disney, who reported yesterday. All of them, in my view, need programmatic advertising to help them get the next stage of growth, and that's largely because they can't just keep raising prices, and consumers are saying, "I want to watch it but is there any other way than having a total bill for television that is bigger than what I had back when I was paying for cable? How can I get access to all the great content and not pay quite as much?"

儘管由於罷工，內容製作出現了一些停頓，但就應用程式本身以及對這種內容機器繼續增長和增加訂閱者的需求而言，所有這些內容的生產都增加了，無論你是在談論像派拉蒙這樣的小公司，還是像昨天報道的迪士尼這樣的大公司。在我看來，所有這些都需要程序化廣告來幫助他們獲得下一階段的成長，這很大程度上是因為他們不能繼續提高價格，而消費者會說，「我想看，但還有其他嗎？”比我支付有線電視費用時獲得的電視總賬單還要多？如何才能獲得所有精彩內容而不需要支付那麼多錢呢？”

And what that's brought all of them to, is ad-funded options. And I think companies like Disney and Netflix have proven this, where their ad-funded subscribers are worth, in most cases, about double to them what those that are not receiving ads are worth to them. The only way that, that keeps up and that they keep producing more revenue per user is if the ads get more effective and more relevant. I don't think it's super easy for them to just create lots more ads. I think that will be too disruptive. I know there's a lot of fear of that in all the content companies.

而這一切都帶來了廣告資助的選擇。我認為像迪士尼和 Netflix 這樣的公司已經證明了這一點，在大多數情況下，他們的廣告資助訂閱者的價值大約是那些沒有接收廣告的訂閱者價值的兩倍。保持這種勢頭並持續為每個用戶帶來更多收入的唯一方法是廣告變得更有效、更相關。我認為他們製作更多廣告並不容易。我認為這太具破壞性了。我知道所有內容公司都對此抱持著很大的恐懼。

So their way out is to make CPMs go up. The only way to do that is for them to make the ads more relevant. That means they'll embrace UID2, so I -- that's already happened. All of them have offered public support. All of them are in the process of implementing. But the faster they implement UID2, the faster that will accelerate for them. And as we see more authentication and more options in terms of the way consumers can pay, it's either through sharing a little bit more of their time to see ads or paying a bit more money, we'll see more and more of them choose the ads as has historically always been the case.

所以他們的出路就是提高每千次曝光費用。做到這一點的唯一方法是讓廣告更具相關性。這意味著他們將接受 UID2，所以我——這已經發生了。他們所有人都提供了公眾支持。所有這些都正在實施過程中。但他們實施 UID2 的速度越快，他們的加速速度就越快。隨著我們看到更多的身份驗證和消費者支付方式的更多選擇，無論是透過分享更多的時間來觀看廣告還是支付更多的錢，我們將看到越來越多的人選擇廣告一如既往。

And as a result, that means better and bigger partnerships for us. So I really just think we have to continue to be a great partner to the content owners and keep showing up the way that we have. But otherwise, those macro vectors are the things that are really going to drive this. Really appreciate the question.

因此，這對我們來說意味著更好、更大的合作關係。所以我真的認為我們必須繼續成為內容所有者的優秀合作夥伴，並繼續以我們現有的方式展示。但除此之外，這些宏觀向量才是真正推動這股趨勢的因素。真的很感激這個問題。

The next question comes from Jason Helfstein from Oppenheimer.

下一個問題來自奧本海默的傑森·赫夫斯坦。

Two questions. One, Jeff, that ties back to what you just talked about, which is as linear shifts to CTV and to kind of upfront to programmatic solutions, right, it results in less waste. Although presumably, so some will have higher CPMs, right? But some of that spend will leave video and be allocated to some areas. Some of you participate in and like this quarter, your display accelerated, I think, a lot sequentially versus others who don't like search and social.

兩個問題。第一，傑夫，這與您剛才談到的有關，即向 CTV 的線性轉變以及某種預先的程序化解決方案，對吧，它會減少浪費。儘管據推測，有些人的每千次曝光費用會更高，對吧？但其中一些支出將留下影片並分配給某些領域。我認為，你們中的一些人參與了本季的活動，與其他不喜歡搜尋和社交的人相比，你們的展示速度明顯加快了。

So just maybe talk about broadly where you're helping -- you have the opportunity to help advertisers reallocate money, other places where you do participate. And then Laura, just can you talk about the swing factors that kind of go to that comment of at least for the guidance? Are you assuming that trends that have stabilized in November continue? Or does the guide kind of more assume an average, right, of like what you've seen quarter-to-date?

因此，也許可以廣泛地談論您正在提供幫助的地方 - 您有機會幫助廣告商重新分配資金，以及您參與的其他地方。然後勞拉，您能談談至少可以作為指導的評論的搖擺因素嗎？您是否認為 11 月穩定的趨勢會持續下去？或者，該指南是否更多地假設了平均值，對吧，就像您在本季度迄今為止所看到的那樣？

You bet. I appreciate the question, Jason. Of course, I'll take the first part, and then Laura, she'll take the second part. So you're right, that as money shifts from linear or traditional television into CTV, it, of course, has an opportunity to be reallocated. And whenever a CMO or a media buyer has the option to reconsider, of course, the first place where they're usually looking is to do something very similar.

你打賭。我很欣賞這個問題，傑森。當然，我會接第一部分，然後勞拉，她會接第二部分。所以你是對的，隨著資金從線性電視或傳統電視轉移到 CTV，它當然有機會重新分配。當然，每當首席行銷長或媒體購買者可以選擇重新考慮時，他們通常首先考慮的就是做一些非常相似的事情。

And let's not forget that television has always focused on being a top-of-the-funnel activity where you're creating awareness. I would argue that's where the heavy lifting of advertising is done, which is the process of winning hearts and minds. Hearts and minds are not historically won in 240 blue and black characters. They are won with moving picture and audio and emotion. And that work continues to be done at the top of the funnel in CTV. So I would argue that CTV right now is the most effective television advertising that television had ever seen. And arguably, it's the most effective advertising at scale ever.

我們不要忘記，電視總是專注於成為漏斗頂端的活動，在其中創造意識。我認為這就是廣告的繁重工作完成的地方，這是贏得人心的過程。歷史上，240 個藍色和黑色的角色並不能贏得人心。他們透過動畫、音訊和情感贏得了勝利。這項工作仍在 CTV 頻道的頂部繼續完成。所以我認為現在的 CTV 是電視上見過的最有效的電視廣告。可以說，這是有史以​​來最有效的大規模廣告。

So I don't anticipate that most of those dollars are moving to formats that are way different and way different location in the funnel like search or social. Those budgets are not going there. It does have -- as you point out, it does have the opportunity to leave video. But why would it when CTV is way more effective? And I would argue that the effectiveness has gone up more than the cost. And that as we see supply and demand continue, we might see more opportunities to find value as well as the target.

因此，我預計這些資金中的大部分不會轉移到搜尋或社交等管道中截然不同的格式和位置。這些預算不會花在那裡。正如你所指出的，它確實有機會留下視頻。但既然 CTV 更有效，為什麼還要這麼做呢？我認為效率的提高超過了成本的提高。當我們看到供應和需求持續存在時，我們可能會看到更多尋找價值和目標的機會。

And then, of course, as UID adoption continues to go up, the efficacy will as well. So even though I think we're doing the most effective advertising that we've ever done in television, I think there's still lots of room for exponential growth in efficacy. So when you look at all of those sort of macro trends and with the facts, I think it's inevitable that CTV gets the vast majority of that transitioning from linear and traditional and even potentially, additional spend. So Laura, your portion of that question.

當然，隨著 UID 採用率的不斷上升，其功效也會隨之提高。因此，儘管我認為我們正在做有史以來最有效的電視廣告，但我認為效果仍有很大的指數增長空間。因此，當你審視所有這些宏觀趨勢和事實時，我認為 CTV 不可避免地獲得了從線性和傳統甚至潛在的額外支出轉變中的絕大多數。蘿拉，你對這個問題的部分。

Yes, fantastic. So in talking about the guide, what I would say is that we guide to what we see. We always have since I've been here. That includes what's been observed quarter-to-date through the 9th of November. It also includes what our team and what our clients are indicating for the rest of the year. And though I recognize that there's cautiousness in the environment, so all of that is taken into consideration. So I'm optimistic for the remainder of Q4. And we believe in this environment. It's good to listen to our customers, listen to our team and it's better to be cautious.

是的，太棒了。因此，在談論指南時，我想說的是，我們對我們所看到的進行指南。自從我來到這裡以來，我們一直都是這樣。這包括截至 11 月 9 日為止本季至今所觀察到的情況。它還包括我們的團隊和客戶對今年剩餘時間的指示。儘管我認識到環境中存在謹慎態度，所以所有這些都被考慮在內。因此，我對第四季度剩餘時間持樂觀態度。我們相信這種環境。傾聽我們的客戶、我們的團隊的意見是件好事，但最好保持謹慎。

The next question comes from Youssef Squali with Truist.

下一個問題來自 Youssef Squali 和 Truist。

Just 1 question on CTV. Jeff, can you maybe expand a little bit more on your comments around the different ways of buying CTV programmatic versus insertion orders versus programmatic guaranteed. Maybe where are we today in terms of percentage of CTV that's bought programmatically? And what is the biggest kind of hurdle to kind of get in it to become kind of the standard, the majority of the way people buy it -- interact with it?

CTV 上只有 1 個問題。 Jeff，您能否就購買 CTV 程序化、廣告訂單和保證程序化的不同方式發表更多評論。也許我們現在以程式化方式購買的 CTV 百分比處於什麼位置？要進入它並成為一種標準，人們購買它的大多數方式 - 與之互動，最大的障礙是什麼？

You bet. So I would say today, and these are very broad buckets. This isn't a reflection of our spend. This is me giving a commentary on the macro space. As the dollar moves over from traditional television into CTV, it's mostly gone into 3 different buckets relatively evenly. The first is to work directly with the content owner and create essentially an insertion order again. The second is to work with us through a programmatic guaranteed, and then the third is to work through biddable fully decisioned programmatic.

你打賭。所以我今天要說的是，這些都是非常廣泛的範圍。這並不反映我們的支出。這是我對宏觀空間的評論。隨著美元從傳統電視轉移到 CTV，它大部分都相對均勻地進入了 3 個不同的類別。第一種是直接與內容所有者合作並再次建立實質上的插入訂單。第二是透過有保證的程序化與我們合作，第三是透過可競價的完全決策程序化進行合作。

Those have roughly been equal. You're seeing the first and second converge, and then the third category is, of course, the fastest growing. So when I talk about the need for television to embrace programmatic, I'm really talking about the need for it to embrace fully-decisioned programmatic because that's where content owners get higher CPMs. That's also where advertisers get the highest effectiveness, and that's the only place where they're willing to pay a premium.

這些大致相等。你會看到第一類和第二類趨同，然後第三類當然是成長最快的。因此，當我談論電視需要接受程序化時，我實際上是在談論電視需要接受完全決策的程序化，因為這是內容所有者獲得更高每千次展示費用的地方。這也是廣告商獲得最高效果的地方，也是他們願意支付溢價的唯一地方。

The first and second have been increasingly converging over the last couple of years, while those were even a few years ago. More and more, they're moving towards the second and third category with the final destination really being that third category. That's how we see all of CTV moving because that's where efficacy and price and the healthiness of the ecosystem stabilizing.

在過去的幾年裡，第一個問題和第二個問題越來越趨同，而這些甚至是幾年前的事。他們越來越多地走向第二和第三類別，最終目的地實際上是第三類別。這就是我們看到所有 CTV 發展的方式，因為這是功效、價格以及生態系統健康穩定的地方。

The next question comes from Tim Nollen with Macquarie.

下一個問題來自麥格理的蒂姆·諾倫。

Jeff, I've got a CTV question as well, please. If I heard you right, in your prepared remarks, you spoke about some OpenPath efforts already taking shape in CTV. OpenPath, you started what, 1.5 years ago, if I remember right, on -- focused on journalistic publishers. Could you just elaborate on what you were doing with OpenPath with direct relationships into CTV, please?

傑夫，我還有一個 CTV 問題。如果我沒聽錯的話，在您準備好的發言中，您談到了一些已經在 CTV 中成形的 OpenPath 工作。 OpenPath，如果我沒記錯的話，您在 1.5 年前就開始關注新聞出版商。您能否詳細說明您使用 OpenPath 所做的事情以及與 CTV 的直接關係？

You bet. I appreciate the question. So let me just remind everybody what OpenPath is. And Tim, again, really appreciate the question because I think this is something we haven't talked enough about. And you are right. OpenPath celebrated its first birthday at the beginning of this year. And it's been the fastest-growing path, if you will, or a route supply chain to inventory on our platform.

你打賭。我很欣賞這個問題。所以讓我提醒大家甚麼是 OpenPath。提姆再次非常感謝這個問題，因為我認為這是我們討論得還不夠多的事情。你是對的。今年年初，OpenPath 慶祝了它的一歲生日。如果你願意的話，這是成長最快的路徑，或者說是我們平台上將供應鏈路由到庫存的路徑。

And what it is, is the ability for publishers who want to do their own yield management to plug in to us directly. Where historically they would use an SSP. This time, they can plug into us directly. Part of the reason for that is because more and more companies are wanting to do their own yield management. We initially really highlighted the need for journalists or journalistic outlets to embrace this because their need for authentication as well as CPMs to go up was greater than any other part of the ecosystem.

它是什麼，是那些想要自己進行收益管理的出版商能夠直接與我們聯繫的能力。歷史上他們會使用 SSP。這一次，他們可以直接連接到我們。部分原因是越來越多的公司希望進行自己的收益管理。我們最初確實強調了記者或新聞媒體接受這一點的必要性，因為他們對身份驗證和每千次展示費用上升的需求比生態系統的任何其他部分都大。

So it was really launched with journalism because that's where they needed the help the most. Where it moves the needle perhaps the most is in connected television. And the reason why it moves the needle so much in connected television is because the content ownership, unlike on the browsing web, where you have millions of websites, you only have dozens of companies in the U.S. And as I've said before, I believe television is perfectly fragmented for a business like ours.

所以它實際上是與新聞業一起啟動的，因為這是他們最需要幫助的地方。其影響最大的可能是連網電視。它在連網電視領域取得如此大的進展的原因是內容所有權，與瀏覽網路不同，瀏覽網路上有數百萬個網站，而美國祇有數十家公司。正如我之前所說，我相信電視對於我們這樣的企業來說是完全碎片化的。

But that makes it so that they're all big enough for them to have their own yield management functions. It makes it so that we can plug in directly with them and then make certain that the option has a higher degree of integrity than if it were routed through Google or somewhere else for that matter. So we've launched OpenPath as a means of making certain that the pipes are clean, and that has made certain that connected television has an ecosystem or a supply chain that is cleaner than others, which is really great for CTV and its future. Thanks for the question.

但這使得它們都足夠大，能夠擁有自己的收益管理功能。它使得我們可以直接插入它們，然後確保該選項具有比透過 Google 或其他地方路由更高的完整性。因此，我們推出了 OpenPath，作為確保管道清潔的一種手段，這確保了聯網電視擁有比其他電視更清潔的生態系統或供應鏈，這對 CTV 及其未來來說確實非常有利。謝謝你的提問。

The next question comes from Matt Swanson with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Matt Swanson。

Jeff, you've talked a few times on this call about taking market share about macros and then being able to invest more aggressively in a positive. We've obviously seen in the numbers that you've taken market share over the past couple of years. Can you just talk to us when that macro does flip hopefully sooner than later, one, how do you protect those market share gains? And two, like what are those first steps when you return to investment, whether it is to protect that market share or go after new markets as the macro improves?

傑夫，您在這次電話會議上多次談到如何佔據宏指令的市場份額，然後能夠更積極地進行積極的投資。我們從數字中顯然可以看出，你們在過去幾年中佔據了市場份額。當宏觀經濟確實發生逆轉時，您能否與我們談談，一是您如何保護這些市場份額的收益？第二，當你重返投資時，第一步是什麼？是保護市場份額還是隨著宏觀經濟的改善而尋求新市場？

You bet. So implicit in the question is that, hey, when -- as the macro continues to improve, where will you make additional investments? We're investing as aggressively as we can right now. So I know we're sort of showing our operating leverage, but that's not because we're saying let's flex our operating leverage. We're instead trying to grow as aggressively as we can.

你打賭。問題中隱含的問題是，嘿，當宏觀經濟持續改善時，您將在哪裡進行額外投資？我們現在正在盡可能積極地投資。所以我知道我們在某種程度上展示了我們的營運槓桿，但這並不是因為我們說讓我們調整我們的營運槓桿。相反，我們正在努力盡可能積極地發展。

But as Laura highlighted in the change in headcount both this year and next year as it relates to our overall growth, that's in part because we surged our hiring during the pandemic and over the last few years so that we could capture opportunities like this one, including that we're shipping the biggest release in the history of the company this year. We started that in June. We've been releasing throughout the year. So we'll continue to make investments in that same way.

但正如勞拉所強調的，今年和明年的員工人數變化與我們的整體增長有關，部分原因是我們在大流行期間和過去幾年中大幅增加了招聘人數，以便我們能夠抓住像這樣的機會，包括今年我們將發佈公司史上最大的版本。我們從六月開始這樣做。我們全年都在發布。因此，我們將繼續以同樣的方式進行投資。

But I believe those are the investments that are making it so that it's really hard for anybody to take that away from us. We spend most of our time thinking about how we compete with the biggest technology companies in the world. And the way that we compete is not to play the game the way they do. Most of them have conflict of interest all over the place, and most brands are terrified to hand over their data and honestly to hand over their future to those businesses so that they're dependent on growth to come from just handing over their budgets and hoping that they get good stuff.

但我相信這些投資正在取得成功，因此任何人都很難將其從我們手中奪走。我們大部分時間都在思考如何與世界上最大的科技公司競爭。我們競爭的方式並不是像他們那樣玩遊戲。他們中的大多數人到處都有利益衝突，大多數品牌都害怕交出他們的數據，並誠實地將他們的未來交給這些企業，這樣他們就依賴於僅僅交出預算並希望獲得成長。他們得到好東西。

Instead with us, they have somebody who doesn't own any media and that is a feature, not a bug, in that we help them objectively decide what media they should buy because we don't have a dog in that hunt. And by not having a conflict of interest, we help them to buy objectively across the entire media landscape, especially the most perfectly fragmented portion of that, which is in CTV.

相反，在我們這裡，他們有一個不擁有任何媒體的人，這是一個功能，而不是一個錯誤，因為我們幫助他們客觀地決定他們應該購買什麼媒體，因為我們在狩獵中沒有狗。透過不存在利益衝突，我們幫助他們在整個媒體領域進行客觀購買，尤其是其中最分散的部分，即 CTV。

The best way for us to stay ahead, and I say this to our team all the time, is to do the very same things that got us here. We align our interest with our clients, we maintain our objectivity, and we innovate like hell. And that's what we've been doing all this year. That's what we expect to continue to do. That becomes even easier to do from an IR standpoint as times get better and better. But we've been doing it now. We'll keep doing it in the future. That's what got us here. That's what's going to get us to the future that we know we can obtain if we just keep executing.

我們保持領先的最好方法，我一直對我們的團隊這麼說，就是做那些讓我們走到今天的事情。我們與客戶的利益保持一致，保持客觀性，並且瘋狂創新。這就是我們今年一直在做的事情。這就是我們期望繼續做的事情。隨著時代變得越來越好，從投資人關係的角度來看，這變得更加容易。但我們現在已經在這麼做了。未來我們會繼續這樣做。這就是我們來到這裡的原因。這就是我們知道只要繼續執行就能實現的未來。

The next question comes from Chris Kuntarich with UBS.

下一個問題來自瑞銀集團 (UBS) 的 Chris Kuntarich。

Maybe one here for Laura, just going back to the guide. Can you give us a sense for how fast or if we were growing in October? And just kind of how we should be thinking about kind of what's implied potentially if it were an exit rate in December in that 18% growth where was October potentially kind of if it was growing, say, 10% in October and we're talking about a stabilization potentially around where the full year guide, could we be exiting in kind of that low 20s growth that you talked about where the guide implies where you would be for the full quarter ex political?

也許這是給勞拉的，只是回到指南。您能否讓我們了解 10 月份的成長速度或是否成長？我們應該如何思考如果 12 月份的退出率增長 18%，那麼潛在的含義是什麼，而 10 月份的退出率可能會增長，比如說 10%，我們正在討論關於全年指南可能出現的穩定，我們是否會以您談到的20 多歲的低成長退出，指南暗示您在整個季度（除政治因素外）將達到什麼水平？

Chris, I appreciate the question. We actually aren't going to provide further guidance on exact year-over-year growth figures, both with and without election spend in the base for October, the first week of November or exiting the year. But you know correctly that we did see that drop-off in the second week of October and stabilization going into November. So all of that is factored into that guide.

克里斯，我很欣賞這個問題。實際上，我們不會就確切的同比增長數據提供進一步的指導，無論是否有 10 月、11 月第一周或今年末的選舉支出。但您正確地知道，我們確實看到了 10 月第二週的下降和進入 11 月的穩定性。因此，所有這些都已納入該指南中。

Okay. So was -- any color, was October actually growing that you could share?

好的。所以——任何顏色，十月真的有你可以分享的成長嗎？

Of course, it was growing. I'm smiling as I say that.

當然，它正在增長。我一邊說一邊微笑著。

The next question comes from Laura Martin with Needham.

下一個問題來自勞拉·馬丁和李約瑟。

I'll just ask one on CTV. When I talk to Disney and Paramount and Fox, and they are always saying they have direct sales forces. They think they get a higher price point selling content, which is not substitutable. And they're definitely afraid of the third bucket that you talk about, which is -- which you think is the final destination, which is biddable programmatic because they've seen what's happened in mobile and desktop and it's sort of a race to the bottom because of unlimited supply.

我就去CTV問一個。當我與迪士尼、派拉蒙和福克斯交談時，他們總是說他們有直銷隊伍。他們認為銷售內容可以獲得更高的價格，這是不可取代的。他們肯定害怕你談論的第三個桶，即你認為是最終目的地，這是可出價的程序化，因為他們已經看到了移動和桌面上發生的事情，這有點像一場競爭由於無限供應而觸底。

So can you speak to the fact of why -- like, by the way, Michael Barrett yesterday on Magnite call said, he completely disagrees with you, that it's all going to stay in those first 2 buckets. So can you explain why you think the final destination is all going to be biddable when that is not what I'm hearing from my premium content owners.

那麼你能說出原因嗎？順便說一句，邁克爾·巴雷特（Michael Barrett）昨天在 Magnite 電話會議上說，他完全不同意你的觀點，一切都將留在前兩個桶中。那麼，您能否解釋一下，為什麼您認為最終目的地都是可競價的，而我從優質內容所有者那裡聽到的卻並非如此。

Yes. So I suppose it depends on who you ask inside of those premium content owners. But to me, the math is fairly obvious, and even conceptually, it's fairly obvious. And I know that Michael Barrett's business can't really participate on the buy-side decisioning that is that third bucket. So it's natural for him to focus on the first 2 and talk about the things that are great about those 2 buckets.

是的。所以我想這取決於你向那些優質內容所有者詢問誰。但對我來說，數學是相當明顯的，甚至在概念上也是相當明顯的。我知道麥可·巴雷特的企業無法真正參與第三個方面的買方決策。因此，他自然會關注前兩個桶子並談論這兩個桶的優點。

But if you step back, the third bucket, which is fully-decisioned programmatic is the one where the advertiser gets to bring their own data to the equation, is the one where they say, "These are the users that I want." It's the one where it realizes the potential of CTV advertising because the ads are relevant. Every single person here or hearing this has seen television ads that are not relevant to them. And that's driven by a system that has historically always been focused on content, where I want to match this advertiser with this content and just sort of spray and pray.

但如果你退後一步，第三個桶是完全決定性的程序化，廣告商可以將自己的數據帶入方程式，他們會說：“這些是我想要的用戶。”它意識到了央視廣告的潛力，因為廣告是相關的。這裡的每個人或聽到這個消息的每個人都看過與他們無關的電視廣告。這是由一個歷史上一直專注於內容的系統驅動的，我想將這個廣告商與這個內容相匹配，然後進行噴霧和祈禱。

That isn't what will happen in the future. That isn't what's happening in that third bucket today, which is that you can bring your own data and show ads that are highly relevant so that you don't just use the show as a proxy for audience. The show was always used as proxy for audience. And sometimes, it lines up really nicely, which is most people who watch football are more likely to drink beer. And so as a result, those 2 have been married really well. And that's part of the reason why ESPN content is some of the most expensive.

未來不會發生這種情況。這不是今天第三個桶中發生的情況，即您可以攜帶自己的數據並展示高度相關的廣告，這樣您就不僅僅是將節目用作觀眾的代理。該節目始終被用作觀眾的代表。有時，這確實很合適，這就是大多數看足球的人更有可能喝啤酒。結果，這兩個人的婚姻非常好。這也是 ESPN 內容價格昂貴的部分原因。

But if you can take an ID and make certain that the ad is relevant and customize that and make it so that you're only showing ads to those that are relevant, only then can you make it so that these 4 minutes per 60 that are being used for ads, which is what, 1/4 of what happens in traditional television, only then can you make the CPMs go up high enough to justify the additional cost. So long term, we're all heading to that last bucket. It's the only place where the math makes sense. It's the only place where you really get the benefits of digital.

但是，如果您可以獲得 ID 並確保廣告是相關的，並對其進行自定義，以便您只向相關的人展示廣告，那麼您才能使每 60 秒的 4 分鐘用於廣告，這是傳統電視中的1/4，只有這樣，您才能使每千次曝光費用(CPM) 上升到足以證明額外成本合理的程度。從長遠來看，我們都將走向最後一個階段。這是數學唯一有意義的地方。這是您真正獲得數位優勢的唯一地方。

And inside of all of those big content companies, there are groups of people that understand that, that's where we're all heading, even though not necessarily everybody gets that the traditional models of selling are not the best ways to monetize television going forward.

在所有這些大型內容公司內部，有一群人明白，這就是我們所有人的前進方向，儘管不一定每個人都明白傳統的銷售模式並不是未來電視貨幣化的最佳方式。

Thanks, Laura. Operator, you can close out the call.

謝謝，勞拉。接線員，您可以結束通話了。

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

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。

Thank you.

謝謝。