Trade Desk Inc (TTD) 2023 Q4 法說會逐字稿

Greetings. Welcome to The Trade Desk Fourth 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 年第四季財報電話會議。 （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 Fourth Quarter 2023 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein. 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 年第四季財報電話會議。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.

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。

Should any of our beliefs or assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

如果我們的任何信念或假設被證明是不正確的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的結果有重大差異。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？

Hello, and thank you, everyone, for joining us. Today, I'm really excited to discuss our strong finish to the year and Q4, reflect on the progress we made in 2023 and explain why I'm so confident about our growth prospects in 2024 and beyond.

大家好，謝謝大家加入我們。今天，我非常高興能夠討論我們今年和第四季度的強勁業績，反思我們在 2023 年取得的進展，並解釋為什麼我對我們 2024 年及以後的成長前景如此充滿信心。

Total spend on our platform in 2023 was up -- almost $10 billion, a record for us. Revenue in the fourth quarter topped $600 million, the first time we have ever crossed that mark in a single quarter. This record spend helped drive revenue growth of 23% for the year, once again significantly outpacing the broader digital advertising market. And of course, we had solid growth in an uncertain market of 2022 when many of our competitors were exiting the year comparatively flat. In fact, in Q4 of 2022, we grew by 24% year-over-year, so 23% growth in 2023 on top of very strong growth in 2022 is once again, leading the market.

2023 年我們平台上的總支出增加了——接近 100 億美元，創下了我們的記錄。第四季營收突破 6 億美元，這是我們首次在單季突破這一大關。這項創紀錄的支出有助於推動今年營收成長 23%，再次大幅超過更廣泛的數位廣告市場。當然，我們在 2022 年不確定的市場中實現了穩健成長，當時我們的許多競爭對手在這一年的表現相對平淡。事實上，2022 年第四季度，我們年增了 24%，因此，在 2022 年非常強勁的成長基礎上，2023 年成長了 23%，再次領先市場。

We generated adjusted EBITDA of over $770 million in 2023. We also generated $543 million of free cash flow. This relentless focus on profitability and growth allows us to keep investing in innovation, ensuring we are always bringing the best possible value to our clients, whether it's our game-changing Kokai launch or new approaches to identity and authentication for the open Internet.

2023 年，我們的調整後 EBITDA 超過 7.7 億美元。我們還產生了 5.43 億美元的自由現金流。這種對獲利能力和成長的不懈關注使我們能夠繼續投資於創新，確保我們始終為客戶帶來最大的價值，無論是我們改變遊戲規則的 Kokai 發布還是開放互聯網的身份和身份驗證新方法。

While there is much to celebrate about 2023, I'm even more excited about 2024 and beyond, I've never felt more confident heading into a new year. I believe we are uniquely positioned to grow and gain market share not only in 2024 but well into the future. Regardless of some of the pressures that our industry is facing, whether it's cookie deprecation, growing regulatory focus on walled gardens, or the rapidly changing TV landscape. These industry shifts represent tremendous growth opportunities for us.

雖然 2023 年有很多值得慶祝的事情，但我對 2024 年及以後的日子更加興奮，在進入新的一年時我從未感到如此自信。我相信，我們擁有獨特的優勢，不僅可以在 2024 年，而且可以在未來實現成長並獲得市場份額。不管我們的產業面臨哪些壓力，無論是 cookie 的棄用、對圍牆花園的監管日益關注，或是快速變化的電視格局。這些行業轉變為我們帶來了巨大的成長機會。

Shifts in our nearly $1 trillion global advertising market are not dissimilar from shifts in all large markets, including the equities markets. When macro changes come to the equities markets caused by economic velocity changes, Fed moves or governmental changes, these sorts of macro shifts force the smart money to rotate. Or said another way, macro changes almost always force a revaluing of the market. Every investment is scrutinized and adjusted. Similarly, the Internet is being revalued once again.

價值近 1 兆美元的全球廣告市場的變化與包括股票市場在內的所有大型市場的變化沒有什麼不同。當經濟速度變化、聯準會舉措或政府變化導致股市發生宏觀變化時，這些宏觀變化會迫使聰明資金進行輪調。或者換句話說，宏觀變化幾乎總是迫使市場重新估值。每項投資都經過審查和調整。同樣，互聯網的價值也再次被重新評估。

We've seen this many times before. During the pandemic, people streamed more. We got more inventory and the value of choice in CTV helped to create better performance so the value of CTV went up. Things shifted. We saw it again in 2021 when Apple made changes to limit relevant advertising in its operating system, which impacted their browser and their mobile environments. We simply adjusted and we bought 2 segments of the ecosystem with better price discovery and performance, which were still at times inside the Apple ecosystem but often were not.

我們以前已經見過很多次了。疫情期間，人們流水增多。我們獲得了更多的庫存，CTV 的選擇價值有助於創造更好的業績，因此 CTV 的價值上升了。事情發生了變化。我們在 2021 年再次看到這種情況，當時蘋果做出了改變，限制其作業系統中的相關廣告，這影響了他們的瀏覽器和行動環境。我們簡單地進行了調整，購買了生態系統中具有更好價格發現和性能的兩個部分，這些部分有時仍在蘋果生態系統內，但通常不在蘋果生態系統內。

Often, people looking at our massive global industry continually overlook significantly different strengths, weaknesses and opportunities for different types of companies. Some wrongly think only big companies win and smaller companies like us don't. That paradigm is completely wrong.

通常，人們在審視我們龐大的全球產業時，不斷地忽略了不同類型公司的顯著不同的優勢、劣勢和機會。有些人錯誤地認為只有大公司才能獲勝，而像我們這樣的小公司則不會。這種範式是完全錯誤的。

In general, the current shifts will help companies with authenticated users and traffic, which also sit next to large amount of advertiser demand. These macro changes hurt those, especially content owners and publishers who don't have authentication. So this year, CTV and audio have big opportunities ahead, and the rest has pockets of winners and losers but nearly everyone will be either better off or worse off. And I believe 2024 is a year of volatility for the global advertising market.

總的來說，目前的轉變將有助於擁有經過身份驗證的用戶和流量的公司，這些公司也滿足大量廣告商的需求。這些宏觀變化傷害了那些沒有身份驗證的內容擁有者和發布者。因此，今年，CTV 和音訊領域面臨著巨大的機遇，其他行業也各有各的贏家和輸家，但幾乎每個人的境況要么會更好，要么會更糟。我相信2024年是全球廣告市場波動的一年。

And for those who are prepared, like The Trade Desk, it is an opportunity to win share. Our platform is set up to make the most of any signal that can help advertisers drive relevance and value. Our platform now sees about 15 million advertising impression opportunities per second. And we effectively stack rank all of those impressions better than anyone else in the world based on probability of performance to any given advertiser, without the bias or conflict of interest that plagued most walled gardens.

對於像 The Trade Desk 這樣做好準備的人來說，這是一個贏得份額的機會。我們的平台旨在充分利用任何可以幫助廣告商提高相關性和價值的訊號。我們的平台現在每秒約有 1500 萬次廣告展示機會。我們根據任何給定廣告商的表現機率，有效地對所有這些印象進行了比世界上任何其他人更好的排名，而不會困擾大多數圍牆花園的偏見或利益衝突。

With UID2, Kokai and advances in AI in our platform, we now do this more effectively than ever before. And our work in areas such as CTV, retail data and identity are helping build a new identity and authentication fabric for the open Internet.

借助 UID2、Kokai 以及我們平台中 AI 的進步，我們現在比以往任何時候都更有效地做到這一點。我們在 CTV、零售資料和身分等領域的工作正在幫助為開放網路建立新的身分和身分驗證結構。

So regardless of how the environment evolves around us, we will always be able to help advertisers find the right impressions for them. A great example of this is the work that we're doing with HP. They initially started to think about new approaches to identity because of the imminent cookie deprecation in Chrome. But while the conversation started there, it quickly turned to how new identifiers such as UID2 could help manage campaigns across all channels, especially channels with high levels of user authentication. HP started using UID2 for CTV campaigns on Disney and Hulu, Disney being a notable and early adopter of UID2. HP started with their first-party data that consumers had consented to provide after making a purchase.

因此，無論我們周圍的環境如何演變，我們始終能夠幫助廣告商找到適合他們的印象。我們與惠普的合作就是一個很好的例子。由於 Chrome 即將棄用 cookie，他們最初開始考慮新的識別方法。但是，雖然討論從這裡開始，但很快就轉向了 UID2 等新識別碼如何幫助管理所有管道的行銷活動，尤其是具有高階使用者身份驗證的管道。惠普開始在迪士尼和 Hulu 上的 CTV 活動中使用 UID2，迪士尼是 UID2 的著名且早期採用者。惠普從消費者購買後同意提供的第一方資料開始。

That data was then matched with UID2s on our platform. As a result, HP segmented its audience into specific groups, allowing better targeting and measurement of specific product campaigns with more accuracy. HP was then able to link ad exposure data from UID2 identifiers with the device registration data in its CDP to connect consumers with actual online conversions and sales. That measurement proved to be more effective than the multi-touch attribution model that HP had been using according to Caitlin Nardi, their head of programmatic for North America.

然後將該數據與我們平台上的 UID2 進行配對。因此，惠普將其受眾分為特定群體，從而能夠更準確地定位和衡量特定產品活動。然後，HP 能夠將 UID2 識別碼中的廣告曝光資料與其 CDP 中的裝置註冊資料連結起來，從而將消費者與實際的線上轉換和銷售聯繫起來。惠普北美程式化主管凱特琳·納爾迪 (Caitlin Nardi) 表示，事實證明，這種測量方法比惠普一直使用的多點觸控歸因模型更有效。

This is a great example of how we're improving advertising outcomes for a major global brand by integrating new approaches to identity, authenticated audiences in high-growth channels such as CTV and retail sales conversion data.

這是一個很好的例子，說明了我們如何透過在 CTV 和零售銷售轉換資料等高成長管道中整合新的身分識別方法和經過驗證的受眾來改善全球主要品牌的廣告成效。

It all started with a conversation about cookie deprecation, but the answer was something much more advanced, which speaks to the way that most major advertisers are innovating with us. And it's why we're embedding these innovations into Kokai. As I've said before, walled gardens are not an optimal competitive environment for the open Internet, and the open Internet will continue to challenge the walled gardens as the place where the very first advertising dollar is spent.

這一切都始於關於 cookie 棄用的對話，但答案是更先進的東西，這說明了大多數主要廣告商與我們一起創新的方式。這就是我們將這些創新嵌入 Kokai 的原因。正如我之前所說，圍牆花園並不是開放網路的最佳競爭環境，而開放網路將繼續挑戰圍牆花園，使其成為第一筆廣告支出的地方。

Because for the most part, premium content is outside of the walled gardens and all the questionable user-generated content is inside of the walled gardens, from cat videos to political rants to hate speech to cyberbullying, walled gardens simply use self-reported numbers in an increasingly opaque black box. Meanwhile, retail data and premium content are making the open Internet more compelling than ever. I predict this trend will accelerate during this year, which of course, is an election year.

因為在大多數情況下，優質內容都在圍牆花園之外，而所有可疑的用戶生成內容都在圍牆花園內部，從貓視頻到政治咆哮，從仇恨言論到網絡欺凌，圍牆花園只是使用自我報告的數字一個越來越不透明的黑盒子。同時，零售數據和優質內容使開放網路比以往任何時候都更加引人注目。我預計這一趨勢將在今年加速，當然，今年是選舉年。

I think it's worth spending the bulk of my time unpacking the transitions we are seeing in the industry as it will highlight why we continue to outperform and why I'm so confident about our growth potential moving forward. To do that, I'd like to cover 3 main areas: first, how advertising channels such as CTV, retail media and even digital audio are helping replumb the Internet from an advertising perspective; second, what the future of relevance in advertising looks like as the identity landscape evolves; and third, why Kokai helps us advance our growth opportunity in the context of all of this.

我認為花大量時間來解析我們在行業中看到的轉變是值得的，因為它將突顯我們為何繼續表現出色，以及為什麼我對我們未來的成長潛力如此有信心。為此，我想討論三個主要領域：第一，CTV、零售媒體甚至數位音訊等廣告管道如何從廣告角度幫助重新調整網路；其次，隨著身分認同格局的演變，廣告相關性的未來會是什麼樣子；第三，為什麼 Kokai 在這一切的背景下幫助我們推動成長機會。

In order to understand some of the more interesting drivers of our business, I think it's important to note the macro environment we're dealing with. For nearly all of 2023, there was uncertainty, particularly around economic growth rates and recessionary fears. In that environment, CMOs become much more reliant on their CFOs, and CFOs needed to make sure that every dollar spent was in service of growth, which means CMOs had to focus more than ever on where they could achieve efficacy and deliver strong and provable return on ad spend.

為了了解我們業務的一些更有趣的驅動因素，我認為重要的是要注意我們正在處理的宏觀環境。 2023 年幾乎全年都存在不確定性，特別是在經濟成長率和衰退擔憂方面。在這種環境下，CMO 變得更加依賴CFO，而CFO 需要確保花費的每一美元都用於成長，這意味著CMO 必須比以往任何時候都更加關注能夠實現效率並提供強勁且可證明的回報的領域關於廣告支出。

That pressure came in at the same time that many CTV content owners around the world were seeing how much more valuable ad viewing subscriptions were to them than the higher-priced ad-free subscribers. It is not a coincidence that our growth in 2023 was driven by ongoing strength in CTV and continued leadership through strong and expanding partnerships in retail and retail media. In each of these markets, advertisers can really put data to work and drive precision because they have a greater sense of confidence in who they are actually reaching.

同時，世界各地的許多 CTV 內容所有者也意識到，廣告觀看訂閱對他們來說比價格更高的無廣告訂閱更有價值。我們 2023 年的成長是由 CTV 的持續實力以及透過零售和零售媒體方面強大且不斷擴大的合作夥伴關係持續保持領先地位推動的，這並非巧合。在每一個市場中，廣告商都可以真正將資料運用到工作中並提高精確度，因為他們對自己的實際覆蓋對象更有信心。

In CTV and other emerging channels such as digital audio, there's a logged-in authenticated user base. In retail media, our platform works with actual authenticated sales data. CTV continues to be the fastest-growing channel at scale for The Trade Desk. There's a ton of speculation right now about the future of the TV industry, but every major TV trend is good for us. Linear is shrinking and users are streaming instead. We have built our business around streaming premium content. Subscriptions are moving to ad-funded models, and both consumers and content owners want that.

在 CTV 和其他新興頻道（例如數位音訊）中，存在經過驗證的登入用戶群。在零售媒體中，我們的平台使用實際經過驗證的銷售數據。 CTV 仍然是 The Trade Desk 規模成長最快的頻道。目前關於電視產業的未來有很多猜測，但每個主要的電視趨勢都對我們有利。線性正在萎縮，用戶正在串流媒體取而代之。我們的業務圍繞著串流媒體優質內容。訂閱正在轉向廣告資助模式，消費者和內容所有者都希望如此。

As the industry oscillates back and forth from fragmentation to consolidation, in all scenarios, we are partnering to provide demand from the biggest advertisers in the world. But 1 thing is clear through all of this, ad-supported streaming is going to be an essential strategy for any successful TV provider moving forward.

隨著產業從碎片化到整合來回振盪，在所有情況下，我們都在合作以滿足世界上最大的廣告商的需求。但透過這一切，有一點很清楚：廣告支援的串流媒體將成為任何成功的電視提供者前進的基本策略。

Nearly every major streamer has stated that they make more money from their ad-supported tiers than from their subscription-only and was reported pretty extensively in recent weeks With the price of subscription models continuing to rise, consumer fatigue is settling in. There's only so much disposable entertainment money to go around. According to The Wall Street Journal, 25% of U.S. streaming subscribers have canceled at least 3 subscriptions over the last 2 years, up from 15% for the prior 2-year period.

幾乎所有主要的串流媒體都表示，他們從廣告支援的層級中賺到的錢比僅從訂閱中賺到的錢更多，並且最近幾週的報道相當廣泛。隨著訂閱模式的價格持續上漲，消費者的疲勞正在逐漸顯現。只有這樣有很多可支配的娛樂錢。根據《華爾街日報》報道，25% 的美國串流媒體訂閱者在過去兩年中取消了至少 3 次訂閱，高於前兩年的 15%。

In fact, by hiking the cost of the no-ad subscription services, streamers are pushing viewers to the cheaper ad-supported options because they are more lucrative. There's only 1 way for the CTV ecosystem to mature. Content owners in CTV and audio get good at presenting 3 clear choices to consumers: pay for access to content by seeing a few relevant ads; or pay more money to avoid them; or some kind of hybrid of those 2. Consumers will have choice and CTV and audio will find their coveted incremental users. Some want to pay with time and some want to pay with money. There is enough pressure to fund the CTV content machines that all of them have to get focused on a light ad load with high CPMs to create the best experiences for their users.

事實上，透過提高無廣告訂閱服務的成本，串流媒體正在將觀眾推向更便宜的廣告支援選項，因為它們更有利可圖。要讓 CTV 生態系成熟只有一種方法。 CTV 和音訊領域的內容擁有者擅長向消費者提供 3 種明確的選擇：透過觀看一些相關廣告來付費存取內容；或花更多的錢來避免它們；或兩者的某種混合。2. 消費者將有選擇，CTV 和音訊將找到他們夢寐以求的增量用戶。有些人想用時間支付，有些人想用金錢支付。 CTV 內容機器的資金壓力很大，所有這些機器都必須專注於高 CPM 的輕量廣告負載，才能為使用者創造最佳體驗。

While there is more than enough pressure on TV content owners to expand relevant ad programs, there is probably even more pressure on big players of audio. 2024 will be a big year for audio, depending on the strategic choices that those players make. Just like CTV, digital audio benefits from a highly authenticated logged-in audience. Also like CTV, digital audio listeners are highly leaned in. Advertisers have a captive audience that are engaged with quality professional content. Whether it's a podcast or your favorite music, engagement is high. And we're spending more and more time with audio streaming leaders in part because I believe they are in the very early innings of seeing the value of data-driven advertising and about to set out on the journey that CTV companies began years ago.

雖然電視內容所有者面臨擴大相關廣告節目的足夠壓力，但大型音訊播放器可能面臨更大的壓力。 2024 年將是音訊領域的重要一年，具體取決於這些參與者所做的策略選擇。就像 CTV 一樣，數位音訊受益於經過高度驗證的登入觀眾。與 CTV 一樣，數位音訊聽眾也高度關注。廣告主擁有一群熱衷於優質專業內容的受眾。無論是播客還是您最喜歡的音樂，參與度都很高。我們花越來越多的時間與音訊串流媒體領導者打交道，部分原因是我相信他們正處於看到數據驅動廣告價值的早期階段，並且即將踏上 CTV 公司多年前開始的旅程。

Another area of strong growth for us in the fourth quarter was retail media. Again, a major reason for this is that advertisers got to work with their first-party data, in this case, real-world sales data. In the fourth quarter, we saw a major new shopper marketing budget shift to The Trade Desk as more advertisers started to move from a non-decisioned insertion order strategy, which has long been typical in the retail space to one that's highly decisioned and leveraging retail media.

第四季我們強勁成長的另一個領域是零售媒體。同樣，造成這種情況的一個主要原因是廣告商必須使用他們的第一方數據，在本例中是真實世界的銷售數據。在第四季度，我們看到新的購物者行銷預算向 The Trade Desk 轉移，因為越來越多的廣告商開始從零售領域長期以來常見的非決策插入訂單策略轉向高度決策和利用零售的策略媒體。

A great example of an advertiser leaning into retail media is Samsung in Canada. A large percentage of Samsung's device and appliance sales take place through carriers and retailers. In order to understand how advertising is influencing consumer purchases in those channels, they needed a way to unlock their first-party data and combine it with retail data. Working with their agency, Starcom, we helped Samsung develop what they call the Samsung sales measurement tool on our platform.

廣告商傾向於零售媒體的一個很好的例子是加拿大的三星。三星的設備和家電銷售的很大一部分是透過營運商和零售商進行的。為了了解廣告如何影響消費者在這些管道中的購買，他們需要一種方法來解鎖第一方數據並將其與零售數據結合。我們與他們的代理商 Starcom 合作，幫助三星在我們的平台上開發了他們所謂的三星銷售衡量工具。

When buyers make a purchase, they are prompted to open an account with Samsung and opt-in to marketing and engagement. With the right permission, Samsung can then look back through their marketing activations across masses of consumers and start to attribute campaign activities to different stages of the purchase funnel.

當買家進行購買時，系統會提示他們在三星開設帳戶並選擇參與行銷和參與。在獲得正確的許可後，三星就可以回顧其針對廣大消費者的行銷活動，並開始將行銷活動歸因於購買管道的不同階段。

This helped Samsung be much more precise with their campaign activities looking forward. Working with us, they can attribute the effectiveness of marketing directly on sales 19x more effectively than they were previously.

這有助於三星更準確地預測其未來的行銷活動。與我們合作，他們可以將行銷的有效性直接歸因於銷售額，效率比以前提高了 19 倍。

I spend time on these growth drivers not only to give you a sense of why I'm so confident in our prospects this year, but also to underscore how major advertisers are thinking about identity and authentication, which brings me to my second point or second topic, the evolving world of identity.

我花時間討論這些成長動力，不僅是為了讓您了解為什麼我對今年的前景如此有信心，也是為了強調主要廣告商如何考慮身份和身份驗證，這讓我想到了我的第二點或第二點主題，不斷發展的認同世界。

I don't think it's an understatement to say that there's considerable thrash in the industry, driven by Google's recent decision to accelerate the deprecation of third-party cookies. It had previously been scheduled to begin deprecation at the end of March of this year but moved up to the beginning of the year in January.

我認為，在 Google 最近決定加速棄用第三方 cookie 的推動下，業界出現了相當大的衝擊，這一點並不輕描淡寫。先前原定於今年 3 月底開始棄用，但提前至 1 月初。

I just want to be clear on 1 point, for all of the industry debate that's been caused by these changes, The Trade Desk stands to benefit. As I said a few minutes ago, we see approximately 15 million ad impression opportunities every second on our platform. And the vast majority of the ad impressions that we value don't have anything to do with third-party cookies.

我只想明確一點，對於這些變化引起的所有行業爭論，The Trade Desk 將從中受益。正如我幾分鐘前所說，我們平台上每秒大約有 1500 萬個廣告展示機會。我們重視的絕大多數廣告印象與第三方 cookie 沒有任何關係。

When you consider the fastest-growing channels of digital advertising, such as CTV or digital audio, they've never relied on cookies. Retail data doesn't rely on cookies. What our clients care about is being able to reach their audiences with precision and relevance, and we help them do that using whatever signal is available to us.

當您考慮成長最快的數位廣告管道（例如 CTV 或數位音訊）時，您會發現它們從未依賴過 cookie。零售數據不依賴 cookie。我們的客戶關心的是能夠以精確和相關的方式接觸他們的受眾，我們可以利用我們可用的任何訊號來幫助他們做到這一點。

And increasingly, as I just discussed, the post-cookie world is one that will combine authentication, new approaches to identity, first-party data activation and advanced AI-driven relevance tools, all to create a new identity fabric for the Internet that is so much more effective than cookies ever were.

正如我剛才所討論的，後cookie 世界將越來越多地結合身份驗證、新的身份方法、第一方數據激活和先進的人工智能驅動的相關工具，所有這些都是為了為互聯網創建一種新的身份結構。比 cookie 更有效。

The Internet is being replumbed and our product offerings create the best outcome for all of the open Internet. The offerings of the walled gardens often are good for them and no one else. Let's also remember that we've seen this movie before. Today, cookies have already been deprecated for around 1/3 of all display impressions. Browsers such as Firefox and Safari made the transition several years ago. Neither of those shifts meaningfully affected our business. In fact, quite the opposite. We continue to innovate a full range of ways for our clients to understand the relevance value of every advertising impression and price them accordingly.

網路正在重新鋪設，我們的產品為所有開放網路創造了最佳結果。圍牆花園提供的產品往往對他們有好處，對其他人沒有好處。我們還記得我們以前看過這部電影。如今，大約 1/3 的顯示展示次數已不再使用 cookie。 Firefox 和 Safari 等瀏覽器幾年前就完成了這項轉變。這些轉變都沒有對我們的業務產生有意義的影響。事實上，恰恰相反。我們不斷創新各種方式，讓客戶了解每個廣告印象的相關價值並據此定價。

In fact, the value we add to advertisers and agencies has gone up with all these changes. Those shifts make it important to consider buying different impressions, and so we do. We're constantly objectively helping buyers to know where to find value and performance. As the relative value of ad shifts to somewhere else, we shift too.

事實上，我們為廣告商和代理商增加的價值隨著所有這些變化而增加。這些轉變使得考慮購買不同的印象變得非常重要，我們也這麼做了。我們不斷客觀地幫助買家了解在哪裡可以找到價值和效能。隨著廣告的相對價值轉移到其他地方，我們也會轉移。

One example of this is the work we're doing with Unilever in Thailand. They were looking to raise awareness for their new detergent product, as well as test new identifiers that could advance addressability in a post-cookie environment. Using their own first-party data as a seed, they leveraged UID2 to target relevant audiences and measured against Unilever's traditional audience targeting methods.

我們與聯合利華在泰國的合作就是一個例子。他們希望提高人們對其新洗滌劑產品的認識，並測試可以提高 cookie 後環境中可尋址性的新識別碼。他們使用自己的第一方數據作為種子，利用 UID2 來定位相關受眾，並根據聯合利華的傳統受眾定位方法進行衡量。

The results showed a marked improvement over these traditional methods, which include cookies across key areas of measurements such as click-through rate, brand awareness and cost per completed view. Interestingly, this work relied on UID2s created from encrypted phone numbers, which is a big part of the identity fabric in Asia. This UID2 work with Unilever is now expanding into additional markets in Southeast Asia.

結果顯示，與這些傳統方法相比，這些方法有了顯著的改進，這些方法包括跨關鍵測量領域的 cookie，例如點擊率、品牌知名度和每次完成觀看的成本。有趣的是，這項工作依賴於根據加密電話號碼創建的 UID2，這是亞洲身份結構的重要組成部分。 UID2 與聯合利華的合作目前正在擴展到東南亞的其他市場。

I know you're going to ask me specifically about Privacy Sandbox because nearly everyone else does, so I'll touch on it here. I've written fairly extensively on it on our news platform, The Current, so you can see my thoughts there in more detail. But the Cliffs Notes version is that I believe Google has missed an opportunity to build something better. Increased complexity with decreased functionality is hardly a compelling offering. To publishers, they are effectively saying, do more work and make less money. I believe Privacy Sandbox is an incredibly complex product, understood fully by very few people, which will likely degrade the Chrome user experience for publishers and brands but especially for users.

我知道您會專門問我有關 Privacy Sandbox 的問題，因為幾乎其他人都會這樣做，所以我將在這裡談論它。我在我們的新聞平台《The Current》上對此發表了相當廣泛的文章，因此您可以在那裡更詳細地看到我的想法。但 Cliffs Notes 的版本是，我相信谷歌已經錯過了建立更好的東西的機會。複雜性的增加和功能的減少很難說是一個引人注目的產品。他們其實是在向出版商說，多做事，少賺錢。我相信 Privacy Sandbox 是一個極其複雜的產品，很少有人能夠完全理解，這可能會降低發布商和品牌的 Chrome 用戶體驗，尤其是用戶的體驗。

Users personalization will break more often. Users will begin to be required to log in seemingly everywhere. Browser-based publishers, including mobile, will likely have to do what so many e-commerce sites already do, ask for an e-mail address when you arrive. The consumers will get a weaker experience for a while and publishers will make less money until they change.

使用者個性化將更頻繁地中斷。似乎到處都將開始要求用戶登入。基於瀏覽器的發布商（包括行動發布商）可能必須做許多電子商務網站已經做的事情，即在您到達時要求提供電子郵件地址。消費者將在一段時間內獲得較差的體驗，出版商將賺更少的錢，直到他們做出改變。

However, this has less impact on advertisers, especially those with quality first-party data, and it is more likely to help The Trade Desk than it is to hurt us. For many reasons, we will be better off, but a few of those to include: first, we're on the buy side. We also represent the majority of Fortune 500 brands. We also invested in UID2 many years ago. We invested in AI many years ago. And our business is increasingly built around CTV, audio and environments that are almost always authenticated.

然而，這對廣告商的影響較小，尤其是那些擁有優質第一方數據的廣告商，而且它更有可能幫助 The Trade Desk，而不是傷害我們。出於多種原因，我們的境況會更好，但其中一些要包括：首先，我們是買方。我們也代理大多數財富 500 強品牌。我們很多年前也投資了UID2。我們多年前就投資了人工智慧。我們的業務越來越多地圍繞 CTV、音訊和幾乎總是經過身份驗證的環境來構建。

Fewer cookies doesn't really matter a ton for us. It doesn't stop our work because we've been busy with other open Internet pioneers building something much better. Where there is real risk is on the publisher's side of the ad ecosystem, especially browser-based publishers.

減少餅乾對我們來說並不重要。它不會停止我們的工作，因為我們一直忙於與其他開放網路先驅一起建立更好的東西。真正有風險的是廣告生態系統的發布商一方，尤其是基於瀏覽器的發布商。

Others have reported that declines in publisher CPMs in Chrome where cookies have been deprecated are around 30%. That's potentially devastating for publishers, of course. Not so much for advertisers who continue to have millions of choices a second on where to spend their ad dollars. But this threat to publishers comes as there are daily reports of journalism outlets laying off major swaths of their newsrooms amid a really tight business climate.

其他人報告稱，在棄用 Cookie 的 Chrome 中，發布商每千次曝光費用下降了 30% 左右。當然，這對出版商來說可能是毀滅性的。對於廣告商來說，情況就不那麼重要了，因為他們每秒鐘都有數百萬種選擇來決定在哪裡花廣告錢。但出版商面臨這種威脅之際，每天都有報道稱，在商業環境非常緊張的情況下，新聞媒體裁減了大部分新聞編輯室。

While there may be many reasons for the struggles that journalism outlets are having, one of the dirty secrets of the industry is that authentication rates there are surprisingly low. That means that they don't have any sense of who is visiting their destinations, and they've been reliant on cookies until now to create relevance for advertisers. Without either cookies or publisher authentication, advertisers won't value those ad impressions nearly as much. This is a wake-up call for publishers.

雖然新聞媒體陷入困境的原因可能有很多，但該行業的骯髒秘密之一是認證率出奇地低。這意味著他們完全不知道誰正在訪問他們的目的地，並且到目前為止他們一直依賴 cookie 來為廣告商創造相關性。如果沒有 cookie 或發布商身分驗證，廣告主就不會那麼重視這些廣告印象。這給出版商敲響了警鐘。

And the math is obvious. $1 CPM turns into $0.70 with cookie deprecation. We are often seeing $1 CPM turn into $1.30 when UID2 is layered on it. So when publishers get to consider the contrast of $1.30 versus $0.70, the math is more obvious than ever. In some cases, they only recently started looking at the math when the dollar suddenly turned into $0.70. So 2024 has started off as a year of action for our industry.

數學是顯而易見的。 Cookie 棄用後，1 美元 CPM 變為 0.70 美元。當 UID2 疊加在其上時，我們經常看到 1 美元的 CPM 變成了 1.30 美元。因此，當出版商考慮 1.30 美元與 0.70 美元的對比時，數學比以往任何時候都更加明顯。在某些情況下，他們直到最近才開始研究數學，當時美元突然變成了 0.70 美元。因此，2024 年是我們產業行動的一年。

On the positive side, we're seeing more publishers lean into single sign-on authentication tools that they control. For example, we've seen a major uptick in publishers deploying OpenPath. These include Snopes, OK! Magazine, Radar Online and many others. We expect many more to deploy this in the months ahead.

從積極的一面來看，我們看到越來越多的發行商傾向於使用他們控制的單一登入身分驗證工具。例如，我們發現部署 OpenPath 的發行商大幅增加。其中包括斯諾普斯，好吧！雜誌、雷達在線等等。我們預計未來幾個月會有更多的人部署此功能。

OpenPath lets publishers authenticate their regular visitors so they can help advertisers score the relevance of their ad impressions. All of this taken together brings me to my third point, our new Kokai platform. Much of what I've been talking about today is embedded into Kokai. In particular, Kokai represents a completely new way to understand and score the relevance of every ad impression across all channels. It allows advertisers to use an audience-first approach to their campaigns, targeting their audiences wherever they are on the open Internet. Our AI optimizations, which are now distributed across the platform, help optimize every element of the ad purchase process.

OpenPath 允許發布者對其常規訪客進行身份驗證，以便他們可以幫助廣告商對其廣告展示的相關性進行評分。所有這些綜合在一起，引出了我的第三點，我們的新 Kokai 平台。我今天討論的大部分內容都嵌入了 Kokai 中。特別是，Kokai 代表了一種全新的方式來理解和評估所有管道中每個廣告印象的相關性。它允許廣告商在他們的活動中使用受眾至上的方法，瞄準開放網路上任何地方的受眾。我們的人工智慧優化現在已分佈在整個平台上，有助於優化廣告購買流程的每個要素。

Kokai is now live, and similar to Next Wave and Solimar, it will scale over the next year. It's our largest platform overhaul in our company's history, and I could not be more proud of the incredible work of our product and engineering teams.

Kokai 現已上線，與 Next Wave 和 Solimar 類似，它將在明年擴大規模。這是我們公司歷史上最大的平台檢修，我為我們的產品和工程團隊所做的令人難以置信的工作感到無比自豪。

In Q4, me and our product team personally visited 4 continents and met with hundreds of clients in each location, Europe, North America with large showings in New York City and Chicago as well as in Asia and Australia. After spending half a day in each location with almost 1,000 clients in total, almost every single one of our clients believe that Kokai is a major upgrade to our platform and to the ecosystem. We have never launched a product with this much change, and we've never launched a product with this much confidence that what we have represents a major advance in advertiser performance and that it is going to be enthusiastically adopted.

第四季度，我和我們的產品團隊親自訪問了四大洲，在歐洲、北美各個地點會見了數百名客戶，並在紐約和芝加哥以及亞洲和澳洲進行了大型展示。在每個地點與總共近 1,000 名客戶待了半天后，幾乎每位客戶都認為 Kokai 是我們平台和生態系統的重大升級。我們從未推出過具有如此大變化的產品，也從未如此自信地推出過一款產品，相信我們所擁有的產品代表了廣告商業績的重大進步，並且它將被熱情採用。

So let me wrap up. I've covered a lot of ground but there's a lot going on in our industry. And I thought it was important to reiterate why I feel so confident about our position and our prospects.

讓我總結一下。我已經介紹了很多內容，但我們的行業正在發生很多事情。我認為有必要重申為什麼我對我們的地位和前景如此有信心。

In closing, I'd like to just summarize a few key points. First, agencies and brands are becoming more deliberate with their campaign budgets. They are shifting ad dollars to where they can be more data-driven and precise in everything they do. And this is driving them to find JVPs with us at a record pace. Exiting last year, over 1/3 of our business fell under a JVP.

最後，我想總結幾個要點。首先，代理商和品牌在競選預算上變得更加謹慎。他們正在將廣告資金轉移到可以更加以數據為導向、更精準地開展工作的領域。這促使他們以創紀錄的速度尋找我們的合資企業。去年退出時，我們超過 1/3 的業務屬於合資企業。

Second, we are reinforcing our position as the adtech AI leader. We've been embedding AI into our platform since 2016, so it's nothing new to us. But now it's being distributed across our platform so our clients can make even better choices among the 15 million ad impression opportunities a second and understand which of those ads are most relevant to their audience segments at any given time.

其次，我們正在鞏固我們作為廣告科技人工智慧領導者的地位。自 2016 年以來，我們一直在將人工智慧嵌入我們的平台中，所以這對我們來說並不新鮮。但現在它已分佈在我們的平台上，因此我們的客戶可以每秒在 1500 萬個廣告印象機會中做出更好的選擇，並了解哪些廣告在任何特定時間與其受眾群體最相關。

Third, connected TV continues to be the fastest-growing channel of our business at scale and the key driver of overall omnichannel growth. And it's not just here in the U.S. We're seeing strong CTV growth across EMEA and Asia as more CTV inventory comes online. CTV companies are driving a ton of innovation in our industry, particularly around identity. And it's no coincidence that they have been among the earliest and most enthusiastic adopters of UID2.

第三，連網電視仍是我們業務規模成長最快的管道，也是整體全通路成長的關鍵驅動力。不僅在美國，隨著越來越多的 CTV 庫存上線，我們看到歐洲、中東和非洲 (EMEA) 和亞洲的 CTV 強勁成長。 CTV 公司正在推動我們行業的大量創新，特別是在身份方面。他們是 UID2 最早、最熱心的採用者之一，這並非巧合。

Fourth, retail media has become one of the fastest-growing areas of our business, and we expect this to continue in 2024. Retail partnerships in retail media is revolutionizing the way many advertisers think about connecting advertising to actual consumer actions. And more and more of the world's leading retailers are now active on our platform.

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。零售媒體的零售合作夥伴關係正在徹底改變許多廣告商將廣告與實際消費者行為聯繫起來的方式。現在越來越多的世界領先零售商活躍在我們的平台上。

Fifth, global expansion. We have made significant investments outside the U.S. over the last few years in CTV and in retail media but also in our overall go-to-market strategy. Our business outside the U.S. grew at a much faster pace than here in the U.S. last year. We believe we are in a position to accelerate our international growth in many of the markets we serve.

第五，全球擴張。過去幾年，我們在美國境外的 CTV 和零售媒體以及我們的整體市場進入策略方面進行了大量投資。去年我們在美國以外的業務成長速度比美國本土快得多。我們相信，我們有能力在我們所服務的許多市場中加速我們的國際成長。

Sixth, we've seen a rapid uptick in adoption of UID2 and EUID as a new identity currency for the open Internet from advertisers, publishers and everyone who serves them.

第六，我們看到廣告商、出版商和所有為他們服務的人越來越多地採用 UID2 和 EUID 作為開放網路的新身分貨幣。

But perhaps even more encouraging, we're seeing significant performance improvements for advertisers who are using UID2, and this is accelerating adoption.

但也許更令人鼓舞的是，我們看到使用 UID2 的廣告商的表現顯著提高，這正在加速採用。

Seventh, of course, 2024 stands to be a major year for political spending here in the United States. Since 2016, The Trade Desk has been a vital platform for leading political advertisers. This year, we expect to gain more share in this segment, and we believe that political spend will increase as the year progresses.

第七，當然，2024 年將是美國政治支出的重要一年。自 2016 年以來，The Trade Desk 一直是領先政治廣告商的重要平台。今年，我們預計將在這一領域獲得更多份額，並且我們相信政治支出將隨著時間的推移而增加。

The Trade Desk is very well positioned as the advertising industry evolves. We've built our business model on the belief that objectivity and aligning our interest with buyers would matter more and more over time. Objectivity matters more now than it ever has before, and that trend will continue as walled gardens continue to grow their conflict of interest faster than ever. We are executing well, we are poised for growth. 2023 was an excellent year. We expect 2024 to be even stronger. Now I'm going to turn the call over to Laura to discuss our financials.

隨著廣告業的發展，Trade Desk 處於非常有利的位置。我們建立業務模式的基礎是，隨著時間的推移，客觀性以及與買家的利益保持一致將變得越來越重要。現在，客觀性比以往任何時候都更加重要，隨著圍牆花園的利益衝突繼續以前所未有的速度增長，這種趨勢將繼續下去。我們執行得很好，我們已經做好了成長的準備。 2023 年是極好的一年。我們預計 2024 年會更加強勁。現在我要把電話轉給勞拉，討論我們的財務狀況。

Thank you, Jeff. Before I go through the details of the quarter, I want to build on Jeff's sentiments regarding the strides we've made in 2023 and emphasize the consistency in our strong execution.

謝謝你，傑夫。在詳細介紹本季的細節之前，我想先談談 Jeff 對我們在 2023 年所取得的進步的看法，並強調我們強而有力的執行力的一致性。

Over the course of 2022 and 2023, The Trade Desk delivered revenue growth over 20% every quarter against what many would say were a challenging 2 years for the digital advertising industry. Whether it's our work in areas such as CTV, retail data or platform upgrade in Kokai, AI advances in our platform or helping build a new identity and authentication fabric for the open Internet, The Trade Desk remains resilient and we continue to execute efficiently.

在 2022 年和 2023 年期間，The Trade Desk 每個季度的收入成長超過 20%，而許多人認為這對數位廣告產業來說是充滿挑戰的兩年。無論是我們在CTV、零售數據或Kokai 平台升級等領域的工作、我們平台中的人工智慧進步，還是幫助為開放互聯網構建新的身份和身份驗證結構，The Trade Desk 都保持彈性，我們繼續高效執行。

Now on to our results. We ended the year with a strong Q4 and our teams have carried the momentum into the start of the year. Q4 revenue was $606 million, a 23% increase year-over-year. Excluding political election spend, which was a mid-single-digit percent of revenue in Q4 2022, revenue grew 27% year-over-year.

現在來看我們的結果。我們以強勁的第四季結束了這一年，我們的團隊將這一勢頭延續到了年初。第四季營收為 6.06 億美元，年增 23%。不包括政治選舉支出（2022 年第四季佔營收的中個位數百分比），營收年增 27%。

I am particularly proud of the $284 million of adjusted EBITDA we generated during the quarter, representing a margin of 47%, which helped drive full year adjusted EBITDA margin to about 40% and full year free cash flow of over $540 million.

我對本季調整後 EBITDA 達到 2.84 億美元感到特別自豪，利潤率為 47%，這有助於推動全年調整後 EBITDA 利潤率達到 40% 左右，全年自由現金流超過 5.4 億美元。

Our results in both Q4 and for the full year 2023 were another example of our ability to grow our top line and gain share while simultaneously investing in our business and platform to support future growth.

我們第四季和 2023 年全年的業績再次證明了我們有能力增加收入和增加份額，同時投資我們的業務和平台以支持未來的成長。

For 2023, we ended the year with $9.6 billion in spend on our platform and about $1.9 billion in revenue, representing 23% revenue growth. As expected, our take rate in 2023 once again remained within a very consistent historical reach. We continue to execute on the model set out at the company's inception of keeping take rate consistent while substantially increasing the value that our platform provides.

2023 年，我們的平台支出為 96 億美元，營收約為 19 億美元，營收成長了 23%。正如預期的那樣，我們 2023 年的使用率再次保持在非常一致的歷史範圍內。我們繼續執行公司成立時所製定的模型，保持採用率一致，同時大幅增加我們平台提供的價值。

We remain focused on our proven strategy of being the default DSP for the open Internet, only representing the buy side and avoiding conflicts too often prevalent in our industry as we continue our progression towards a totable addressable market that is on track to reach $1 trillion.

我們仍然專注於我們行之有效的策略，即成為開放互聯網的默認DSP，僅代表買方，並避免我們行業中經常發生的衝突，同時我們繼續向可尋址市場邁進，該市場預計將達到1 兆美元。

The shift of advertising dollars from linear to connected television continue to be a core driver of our business. In Q4, CTV again represented our fastest growing channel at scale around the world with particularly strong growth internationally. We saw strong momentum in retail media as we won incremental shopper marketing budgets and more advertisers continue to utilize retail data in their campaigns.

廣告收入從線性電視轉向連網電視仍然是我們業務的核心驅動力。第四季度，CTV 再次成為我們在全球規模成長最快的頻道，其中國際成長尤其強勁。隨著我們贏得了增量購物者行銷預算，並且更多廣告商繼續在其廣告活動中利用零售數據，我們看到了零售媒體的強勁勢頭。

And we continue to see positive results from increased utilization of first-party data as the enhancements we've made throughout the year are helping deliver better outcomes for advertisers. From a scale channel perspective in Q4, 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 high 30s percentage share of spend during the quarter. Display represented a low double-digit percent share of our business and audio represented around 5%.

我們繼續看到第一方數據利用率增加所帶來的正面成果，因為我們全年所做的增強正在幫助為廣告商帶來更好的結果。從第四季度的規模管道角度來看，包括 CTV 在內的影片在我們的業務中佔據了 40 多歲的百分比，並且在我們的業務組合中所佔的比例仍在持續增長。本季度，行動裝置支出在支出中所佔比例高達 30%。顯示業務在我們的業務中所佔的份額僅為兩位數，而音訊業務所佔的份額約為 5%。

Geographically, North America represented about 88% of spend and international represented about 12% of spend for the fourth quarter. It's worth noting international growth again outpaced North America for the fourth quarter in a row. As I mentioned, CTV across international regions was particularly strong during the fourth quarter and throughout 2023.

從地理來看，第四季北美約佔支出的 88%，國際約佔支出的 12%。值得注意的是，國際成長連續第四季再次超過北美。正如我所提到的，國際地區的 CTV 在第四季和 2023 年全年尤其強勁。

Turning now to expenses. Q4 operating expenses, excluding stock-based compensation, were $340 million, up 29% from a year ago. During the quarter, we continued to make investments in our team and platform, particularly in areas like sales and marketing and technology and development as we position the organization for long-term growth.

現在轉向費用。第四季營運費用（不含股票薪酬）為 3.4 億美元，比去年同期成長 29%。本季度，我們繼續對團隊和平台進行投資，特別是在銷售和行銷以及技術和開發等領域，因為我們為組織的長期成長做好了準備。

Income tax expense was $63 million in the fourth quarter, driven primarily by our profitability and nondeductible stock-based compensation.

第四季所得稅費用為 6,300 萬美元，主要是由我們的獲利能力和不可扣除的股票薪酬所推動的。

Adjusted net income for the quarter was $207 million or $0.41 per fully diluted share. Net cash provided by operating activities was $91 million and free cash flow was $64 million in Q4. DSOs exiting Q4 were 101 days, down 3 days from a year ago. DPOs were 83 days, also down 3 days from a year ago. We ended the year with a strong cash and liquidity position. Our balance sheet had about $1.4 billion in cash, cash equivalents and short-term investments at the end of the quarter. We have no debt on the balance sheet.

該季度調整後淨利潤為 2.07 億美元，即完全稀釋每股收益 0.41 美元。第四季經營活動提供的淨現金為 9,100 萬美元，自由現金流為 6,400 萬美元。第四季 DSO 退出天數為 101 天，比去年同期減少 3 天。 DPO 為 83 天，也比去年同期減少了 3 天。我們以強勁的現金和流動性狀況結束了這一年。截至本季末，我們的資產負債表上約有 14 億美元的現金、現金等價物和短期投資。我們的資產負債表上沒有債務。

Finally, we repurchased $220 million of our Class A common stock via our share repurchase program during Q4. As you have seen during -- in our press release, today, we announced a new authorization under our share repurchase program of up to $700 million, which includes $53 million remaining in the existing authorization.

最後，我們在第四季透過股票回購計畫回購了 2.2 億美元的 A 類普通股。正如您在今天的新聞稿中看到的那樣，我們宣布根據我們的股票回購計劃獲得高達 7 億美元的新授權，其中包括現有授權中剩餘的 5,300 萬美元。

Given the strength of our balance sheet, coupled with the consistent cash flow generation of our business model, we plan to continue opportunistically repurchasing shares and offsetting dilution from employee stock issuances.

鑑於我們資產負債表的實力，加上我們業務模式持續產生的現金流，我們計劃繼續機會性地回購股票並抵消員工股票發行帶來的稀釋。

Now turning to our outlook for the first quarter. We continue to see strong spend in our key areas such as CTV and retail media. We estimate Q1 revenue to be at least $478 million, which would represent growth of 25% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $130 million in Q1. In terms of our operating plan, we plan to continue to invest in our business and grow headcount efficiently.

現在轉向我們對第一季的展望。我們繼續看到 CTV 和零售媒體等關鍵領域的強勁支出。我們預計第一季營收至少為 4.78 億美元，年增 25%。我們預計第一季調整後 EBITDA 約為 1.3 億美元。就我們的營運計劃而言，我們計劃繼續投資於我們的業務並有效地增加員工人數。

Similar to 2023, we expect to grow headcount at a rate slower than revenue growth. Considering our unique ability to generate both strong top line growth and profitability, we continue to manage the business with a balanced perspective that allows us to weight investment opportunities while retaining flexibility for margin improvement.

與 2023 年類似，我們預期員工人數成長速度將低於營收成長速度。考慮到我們實現強勁營收成長和獲利能力的獨特能力，我們將繼續以平衡的視角來管理業務，這使我們能夠權衡投資機會，同時保留提高利潤率的靈活性。

In closing, I'm very pleased with our performance in 2023 and are set up in 2024. We are executing to capture growth within key secular drivers like CTV and shopper marketing. We're amassing industry support and partnerships for UID2 and OpenPath. Our international business is poised to continue helping drive our growth. We continue to gain share within the political vertical heading into the U.S. presidential election cycle.

最後，我對我們 2023 年的業績感到非常滿意，我們於 2024 年成立。我們正在努力抓住 CTV 和購物者行銷等關鍵長期驅動因素的成長。我們正在為 UID2 和 OpenPath 累積行業支持和合作夥伴關係。我們的國際業務將繼續幫助推動我們的成長。進入美國總統選舉週期，我們繼續在政治垂直領域獲得份額。

We're adding more value for our customers with our biggest product release ever with Kokai, and we continue to innovate our platform. We enter 2024 in a strong position to grow and gain more share. We remain optimistic about the prospects for our business this year and in the years to come. That concludes our prepared remarks. And with that, operator, let's open up the call for questions.

我們與 Kokai 一起發布了有史以來最大規模的產品，為客戶增加更多價值，並且我們將繼續創新我們的平台。進入 2024 年，我們將處於有利地位，能夠實現成長並獲得更多份額。我們對今年和未來幾年的業務前景保持樂觀。我們準備好的演講到此結束。那麼，接線員，讓我們開始提問。

(Operator Instructions) And the first question comes from Shyam Patil with SIG.

（操作員說明）第一個問題來自 SIG 的 Shyam Patil。

Great job on the quarter and the results. I just had 1 question. Jeff, you talked about this a little bit in your prepared remarks and Laura did as well. But could you just talk maybe a little bit more detail about how you view the state of the digital ad market today relative to how it was when you last reported, your competitive positioning and how investors should be thinking about your growth in 2024?

本季的工作和結果都非常出色。我只有 1 個問題。傑夫，你在準備好的發言中談到了這一點，勞拉也談到了這一點。但您能否更詳細地談談您如何看待當今數位廣告市場的狀況（相對於您上次報告時的情況）、您的競爭定位以及投資者應如何考慮您在 2024 年的成長？

Absolutely. First, Shyam, thanks so much for the question.

絕對地。首先，Shyam，非常感謝你的提問。

With that, let me jump in to answer your question. So the current ad environment is really amazing for The Trade Desk because first of all, it is a buyer's market. So our competitive position couldn't be better because, of course, we focus on the buy side. And our buy side, while we look at 15 million ad impression opportunities every second, we're also doing that with objectivity. So the fact that we don't own any media makes it so that we can objectively figure out what to buy. And when you couple that with our technology and our client service, both are the best they've ever been and I think have pretty consistently been credited as being the best in the space.

那麼，讓我來回答你的問題。因此，目前的廣告環境對 The Trade Desk 來說確實令人驚嘆，因為首先，這是一個買方市場。因此，我們的競爭地位再好不過了，因為我們當然專注於買方。而我們的買方，雖然我們每秒鐘都會看到 1500 萬個廣告展示機會，但我們也很客觀地這樣做。因此，我們不擁有任何媒體這一事實使得我們能夠客觀地決定購買什麼。當你將其與我們的技術和客戶服務結合時，兩者都是有史以來最好的，而且我認為它們一直被認為是該領域最好的。

That makes it possible for us to perform like we have, which is growing over 20% every quarter for the last 8 quarters. I don't think there's any scaled ad-funded company or walled garden, large or small, that can state that. And then, of course, we've got all these unique tailwinds that are helping the environment that are also helping us.

這使我們能夠像現在一樣表現，在過去 8 個季度中每個季度的成長率都超過 20%。我認為沒有任何規模化的廣告資助公司或圍牆花園，無論大小，可以說明這一點。當然，我們擁有所有這些獨特的順風車，它們對環境有幫助，也對我們有幫助。

The first is that, of course, CTV, the shift continues to accelerate. And there's more and more going in to ads -- or I'm sorry, into ad-funded TV where subscribers that were focused -- or streamers that were focused on subscriptions that did not have ads are, for the first time ever, adopting ads and they're adopting them more rapidly than ever before.

首先是，當然，CTV的轉變還在持續加速。越來越多的人開始涉足廣告——或者我很抱歉，進入廣告資助的電視，其中專注的訂閱者——或者專注於沒有廣告的訂閱的流媒體有史以來第一次採用廣告，而且他們採用廣告的速度比以往任何時候都快。

And I anticipate that over the next year or 2, we'll see that exact -- the same phenomenon happen in the most premium parts of audio. Then simultaneously, we have what's going on in retail media, where spend growth is also really strong. And then, of course, our -- some of the macro trends that have been making it a little harder for things to grow outside the United States are better than they've ever been, make it easier for them to grow, and we're seeing some green shoots that we didn't before in many of the markets outside of the United States.

我預計在未來一兩年內，我們將看到同樣的現象發生在音訊的最優質部分。同時，我們看到零售媒體正在發生的事情，其支出成長也非常強勁。當然，我們的一些宏觀趨勢使企業在美國以外的地區發展變得更加困難，但現在比以往任何時候都更好，使它們更容易發展，而我們」我們在美國以外的許多市場上看到了一些我們以前沒有看到的萌芽。

And then here in the U.S., this year is an election year so that also brings in more political spend. There's been a lot of discussion about cookie deprecation and the future of journalism as we've just seen lots of things happening in journalism that are negative, lots of layoffs, lots of journalists being laid off. But what that's driving people towards is a realization that there needs to be a consumer-friendly opt-in for authenticated traffic so that CPMs can not just stay the same but even get better.

在美國，今年是選舉年，也帶來了更多的政治支出。關於 cookie 棄用和新聞業的未來有很多討論，因為我們剛剛看到新聞業發生了很多負面的事情，大量裁員，很多記者被解僱。但這促使人們認識到，需要有一種對消費者友好的方式來選擇經過身份驗證的流量，這樣每千次展示費用不僅可以保持不變，甚至可以變得更好。

And so we're seeing just these amazing tailwinds around UID2. And then we're launching -- we're rolling out the most sophisticated product that we've ever built. I think it's the best upgrade that we've ever made to any product that we've ever built.

因此，我們看到了 UID2 周圍的這些驚人的推動力。然後我們推出——我們正在推出我們有史以來製造的最複雜的產品。我認為這是我們對我們製造的任何產品所做的最好的升級。

And as a result, we expect a strong Q1 for the same reason that we outperformed the rest of the digital advertising space for the last 8 quarters. So we feel like we're in an amazing position for 2024, and we expect to continue to grow and grab market share.

因此，我們預計第一季將表現強勁，原因與我們在過去 8 個季度的表現優於其他數位廣告領域的原因相同。因此，我們覺得 2024 年我們處於一個令人驚嘆的位置，我們預計將繼續成長並搶佔市場份額。

The next question comes from Youssef Squali with Truist Securities.

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

Congrats on the solid print. So Jeff, just as a follow-up to your ad-funded TV commentary, how do you think about the impact of Amazon's ad-supported Prime Video offering on the CTV market in general and Trade Desk's growth in particular? There are fears out there that just a massive influx of CTV inventory at a lower CPM could depress CPMs across the segment without necessarily driving more demand. So just how do you think about that for the industry and for you guys in particular?

恭喜您獲得純色印刷。 Jeff，作為您廣告資助的電視評論的後續內容，您如何看待亞馬遜廣告支持的 Prime Video 產品對整個 CTV 市場，特別是 Trade Desk 增長的影響？有人擔心，僅以較低的每千次展示費用大量湧入 CTV 庫存可能會壓低整個細分市場的每千次展示費用，而不一定會推動更多需求。那麼對於這個行業，特別是對你們來說，你們對此有何看法？

You bet, thank you. So I don't think that the pool of inventory will be that massive. I do think it will be meaningful though, and it will further the supply or expand the supply. And -- But rather than not creating a huge imbalance, I do think we'll just slightly tip the scale a bit more, and I would say in a way, it officially tips the scale to a buyer's market where supply does outweigh demand. But I think overall, that's good for the ecosystem and it does create opportunity for us.

你打賭，謝謝。所以我認為庫存不會那麼龐大。我確實認為這將是有意義的，它將進一步增加供應或擴大供應。而且——但我確實認為我們不會造成巨大的不平衡，而是將規模稍微傾斜一點，我想說，在某種程度上，它正式將規模傾斜到供應確實超過需求的買方市場。但我認為總體而言，這對生態系統有利，並且確實為我們創造了機會。

That does mean that CTV companies will have to compete more intensely to win attention and subscribers. That does mean that their ad experience needs to be better. That means fewer ads and more relevant ads.

這確實意味著有線電視公司將不得不更加激烈地競爭才能贏得關注和訂戶。這確實意味著他們的廣告體驗需要更好。這意味著更少的廣告和更相關的廣告。

The only way to do that is with programmatic. I believe that's part of the reason why every major streaming service that offers ads beyond their own sales team has adopted and announced partnership with UID2, and all of them are seeing higher CPMs as a result. So it does mean that the market is shaping in a way that gives more ads or more awards, more wins, if you will, to the companies that allow for UID2 to be used and allow for more relevant advertising.

做到這一點的唯一方法是程序化。我相信這就是為什麼每個在自己的銷售團隊之外提供廣告的主要串流媒體服務都採用並宣布與 UID2 合作的部分原因，並且所有這些服務都因此獲得了更高的每千次展示費用。因此，這確實意味著市場正在以一種方式形成，即向允許使用 UID2 並允許進行更多相關廣告的公司提供更多廣告或更多獎項、更多勝利（如果您願意的話）。

So to me, the way that this ends for every successful streamer is to basically run an option that has identity attached to it, not so that they have to share any data about that impression or that user but so that an advertiser can bring their own data about that user, so that they can show a relevant ad and then the ad load can be lighter and more relevant, and then that creates the optimal experience for the streaming service.

所以對我來說，每個成功的串流媒體的結束方式基本上都是運行一個附加了身份的選項，而不是讓他們必須共享有關該印像或該用戶的任何數據，而是讓廣告商可以帶來自己的數據有關該用戶的數據，以便他們可以顯示相關廣告，然後廣告負載可以更輕、更相關，從而為串流媒體服務創造最佳體驗。

I think this move by Amazon will move in that direction. What they're doing is not that unique in my view. Yes, they're adding a greater amount of inventory. But they also have a dilemma, which is that unlike Netflix, who can raise their prices more regularly, because it's attached to Amazon Prime, it makes it harder for them to do that, which means they've got to play with a different dial, which is the volume of ads. And as a result, we will see them affect in the way the more competitive -- the competitive nature of the landscape because they're affecting the overall supply.

我認為亞馬遜的這項舉措將會朝這個方向發展。在我看來，他們所做的並不是那麼獨特。是的，他們正在增加更多的庫存。但他們也面臨一個困境，那就是與 Netflix 不同，Netflix 可以更頻繁地提高價格，因為它附屬於 Amazon Prime，這讓他們更難做到這一點，這意味著他們必須使用不同的錶盤，這是廣告的數量。因此，我們將看到它們以更具競爭力的方式產生影響——景觀的競爭性質，因為它們影響著整體供應。

But again, I think that's good. It accelerates the rate. It will create a better experience for users. And it more clearly defines what the competition is all about, which is them running an [auction] that includes our participation because we largely represent the Fortune 500 and the most premium ads that you can bring to a quality streaming service. Thank you for the question.

但話又說回來，我認為這很好。它加快了速度。它將為用戶創造更好的體驗。它更清楚地定義了競爭的全部內容，即他們進行[拍賣]，我們也參與其中，因為我們主要代表《財富》500 強以及您可以為優質串流媒體服務帶來的最優質廣告。感謝你的提問。

The next question comes from Shweta Khajuria from Evercore ISI.

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

Jeff, could you please comment on just your view or revised views, if there is one, on cookie deprecation. You -- We read your blog post on The Current on this a few weeks ago. Basically, there is a healthy level of debate on the impact cookie deprecation could have on Trade Desk especially as the year goes through. Could you please help us think through the puts and takes of that and why Trade Desk may not be as impacted or how much it would be impacted?

Jeff，您能否就您對 cookie 棄用的觀點或修訂觀點（如果有的話）發表評論。您—幾週前我們在《The Current》上讀到了您關於此問題的部落格文章。基本上，關於 cookie 棄用可能對 Trade Desk 的影響存在著相當程度的爭論，尤其是隨著這一年的過去。您能否幫助我們思考其中的利弊，以及為什麼 Trade Desk 可能不會受到影響，或會受到多大影響？

You bet, thanks Shweta. I appreciate the question. I'm actually -- I was hoping we would get asked this question so that we can talk about the topic. And I know there's been so much written in our space and even in the general public about cookie deprecation but also the product that Google has launched in Privacy Sandbox. Those 2 things are 2 separate things. I think it's important to talk about them differently. Even though I believe they're doing them at the same time for a reason, they are, in fact, 2 different things.

你敢打賭，謝謝Shweta。我很欣賞這個問題。事實上，我希望我們會被問到這個問題，以便我們可以討論這個主題。我知道在我們的空間甚至公眾中已經有很多關於 cookie 棄用的文章，還有 Google 在 Privacy Sandbox 中推出的產品。這兩件事是兩件事。我認為以不同的方式談論它們很重要。儘管我相信他們同時做這些事情是有原因的，但事實上，他們是兩件不同的事情。

So cookies are being deprecated. That does mean that it makes it a little bit harder to create personalization if you do nothing. But as a result, everybody that touches that, some will be better off and some will be worse off. So -- And that especially is a reference to publishers. So there are many publishers that have almost 100% authentication. So almost everyone in CTV has almost 100% authentication and they are not affected by cookies.

因此 cookie 已被棄用。這確實意味著，如果您不採取任何措施，創建個人化會變得更加困難。但結果是，每個接觸到這一點的人，有些人會過得更好，有些人會過得更糟。所以——這尤其是指出版商。所以有很多發行商幾乎是100%認證的。因此，CTV 中幾乎每個人都擁有幾乎 100% 的身份驗證，並且他們不受 cookie 的影響。

So if you look at the 15 million ad opportunities every second and you look at the way that the dollars are divided up, a substantial amount of the dollars and the impressions that we care the most about often come from premium channels like audio and CTV, and those are almost always 100% authenticated. But then there's also millions that come from other channels that are also authenticated. So those 2 will get a premium, and those will -- those prices are going to go up. And it becomes more important that every publisher have an authentication strategy and an identity strategy.

因此，如果你看看每秒 1500 萬個廣告機會，再看看資金的分配方式，我們最關心的大部分資金和印象通常來自音頻和 CTV 等付費頻道，而且這些幾乎總是100% 經過驗證的。但也有數百萬來自其他管道的資訊也經過了身份驗證。因此，這兩個人將獲得溢價，而那些人的價格將會上漲。每個發布者都有一個身分驗證策略和身分策略變得更加重要。

And so more and more publishers are talking about how they adopt UID2, how they adopt our single sign-on that we've launched publicly, although it's in closed beta right now called OpenPath. But what happens at the end of this is, we've seen from those that have reported what happens when you remove cookies is that their CPMs go down. We've heard numbers from 30% to 50%. So if you were getting $1 before, you're getting maybe $0.50, $0.60. If you look at the reports that we've shown on what happens if you use UID2, those go from $1 to $1.30.

因此，越來越多的出版商正在談論他們如何採用 UID2，如何採用我們公開推出的單點登錄，儘管它目前處於封閉測試階段，稱為 OpenPath。但最終發生的情況是，我們從那些報告刪除 Cookie 後發生的情況的人中看到，他們的 CPM 會下降。我們聽說過從 30% 到 50% 的數字。因此，如果您之前獲得 1 美元，那麼您可能會獲得 0.50 美元、0.60 美元。如果您查看我們展示的關於使用 UID2 時會發生什麼情況的報告，您會發現這些費用從 1 美元到 1.30 美元不等。

So in a way, this is helping publishers to see the significance of both UID2 but also the need to change because on that small amount of traffic that Google has taken away cookies on, they see that deprecation and it's a lot easier to compare $0.60 to $1.30 or $1.40 than it is to compare $0.60 or $0.70 to $1. So that disparity makes it more likely that publishers will actually act on that.

因此，在某種程度上，這有助於發布商了解UID2 的重要性，同時也了解更改的必要性，因為在Google 取消了Cookie 的少量流量上，他們看到了這種棄用，並且更容易將0.60 美元與1.30 美元或 1.40 美元，比 0.60 美元或 0.70 美元與 1 美元進行比較要低。因此，這種差異使得出版商更有可能真正採取行動。

So from our standpoint though, and this is the part that I think often people get wrong, when you're looking at 15 million ad opportunities every second, and let's just say that we have identity just to keep numbers around half of it. And if that's going to go down by 10%-ish or 10% to 15%, which represents, let's just say, the exact amount of our display business, which is where cookies come from. And if it's in that 10% to 15% range, but we have some forms of authentication on a significant portion of that, you're looking at like 8%, 9% that we wouldn't have access to anymore, maybe call it, 10%, okay? Well, then of that 15 million instead of looking at 7 million, 7.5 million. We look at 6.5 million.

所以從我們的角度來看，我認為這是人們經常犯錯的部分，當你每秒看到 1500 萬個廣告機會時，我們可以說我們有身份只是為了將數字保持在一半左右。如果下降 10% 左右或 10% 到 15%，這代表了我們顯示業務的確切數量，這就是 cookie 的來源。如果它在 10% 到 15% 的範圍內，但我們對其中很大一部分進行了某種形式的身份驗證，您會看到我們將無法再訪問 8%、9%，也許可以稱之為，10 %，可以嗎？那麼，那 1500 萬，而不是 700 萬，是 750 萬。我們看到有 650 萬。

What does that change about our overall business? Almost nothing. So I think many have not understood that this is affecting those in the ecosystem at very different rates. And really, this is a revaluing of the Internet, and that some sites are becoming more valuable and some are becoming less valuable. And just like anything in equities markets, when you revalue it, the people who are in charge of assigning that value or doing the buying and selling, that's an opportunity for them to add value.

這對我們的整體業務有何變化？幾乎沒有。所以我認為很多人還不明白這正在以非常不同的速度影響生態系統中的人們。事實上，這是對網路的重新評估，有些網站的價值正在變得越來越高，而有些網站的價值正在變得越來越低。就像股票市場上的任何東西一樣，當你重新評估它時，負責分配該價值或進行買賣的人，這就是他們增值的機會。

And this, for us, is an opportunity for us to add value. We are helping our buyers figure out what to buy. And I would argue we're adding more value than we ever have as a result of it. And so as a result, this is very good for us. Thank you so much for the question.

對我們來說，這是一個增加價值的機會。我們正在幫助買家弄清楚要買什麼。我認為我們因此增加了比以往更多的價值。因此，這對我們來說非常好。非常感謝你的提問。

Up next, we have Vasily Karasyov with Cannonball Research.

接下來是 Cannonball Research 的 Vasily Karasyov。

Jeff, thank you for the helpful color on the cookie deprecation issue. In a related topic, can you set the record straight on Privacy Sandbox? What is your view and what is Trade Desk testing there? What does it even matter to you? Because there's been some discussion in the industry press, there is some confusion, I would say.

Jeff，感謝您在 cookie 棄用問題上提供的有用資訊。在相關主題中，您能澄清一下 Privacy Sandbox 的情況嗎？您的觀點是什麼以及 Trade Desk 正在測試什麼？這對你來說又有什麼關係呢？我想說，因為行業媒體進行了一些討論，所以存在一些混亂。

Thanks, Vasily. I appreciate the question. And as was mentioned previously, I have written fairly extensively on Privacy Sandbox on our news platform, The Current. So if anybody wants to read more details, there's also a great report by Bill Simmons, who was previously the CTO of Dataxu which was acquired by Roku, who also had just a great POV on this also on The Current.

謝謝，瓦西里。我很欣賞這個問題。如同前面所提到的，我在我們的新聞平台 The Current 上撰寫了大量有關 Privacy Sandbox 的文章。因此，如果有人想閱讀更多詳細信息，還有 Bill Simmons 的精彩報道，他曾擔任被 Roku 收購的 Dataxu 的首席技術官，他在 The Current 上也對此發表了精彩的觀點。

So as I mentioned before, there's 2 different things happening at roughly at the same time. There's cookie deprecation, which is Chrome is removing the use of third-party cookies and they're doing that gradually. They introduced 1% and that created a lot of fuss in discussion about it. But really, as an industry so far, we -- at the beginning of the year, 35% of cookies were already gone because of Safari and Firefox and now it's 36% or something like that. So it wasn't a dramatic move but the fear that it's going to go from 36% to 100% removal has lots of people concerned.

正如我之前提到的，有兩件不同的事情幾乎同時發生。 Chrome 正在取消使用第三方 cookie，並且他們正在逐步這樣做。他們引入了 1%，這在討論中引起了很大的爭議。但事實上，作為一個行業，到目前為止，我們 - 在今年年初，由於 Safari 和 Firefox，35% 的 cookie 已經消失，現在這個數字是 36% 或類似的數字。因此，這並不是一個重大舉措，但擔心刪除率將從 36% 上升到 100%，引起了許多人的擔憂。

I think it even has Google concerned who is doing this because they fear that they're taking something away and they're not replacing it with anything, which gives their engineers a very difficult dilemma. What do we replace it with? So what they're proposing to replace it with is this product called Privacy Sandbox. Now it's a series of different APIs. There's actually more products than just Privacy Sandbox, but everyone in our industry just talks about that umbrella of APIs as Privacy Sandbox.

我認為谷歌甚至擔心是誰在這樣做，因為他們擔心他們會拿走一些東西並且不會用任何東西替換它，這給他們的工程師帶來了非常困難的困境。我們用什麼來代替它？因此，他們建議用名為 Privacy Sandbox 的產品來取代它。現在是一系列不同的 API。實際上，除了 Privacy Sandbox 之外還有更多產品，但我們行業中的每個人都只是將 API 保護傘稱為 Privacy Sandbox。

I really believe that Google has missed an opportunity to build something better than this. They are increasing the complexity and they are deprecating at the same time. So I just -- I don't think any good product ever deprecates an ecosystem and makes it more complicated at the same time. So I've been fairly critical of that. Some have asked some of our leaders, if we're going to test it? And some of our leaders have publicly said, we're not going to test it. And then I publicly said, we are going to test it.

我真的相信谷歌已經錯過了建立比這更好的東西的機會。它們在增加複雜性的同時也在貶低。所以我認為沒有任何好的產品會貶低生態系統並同時使其變得更加複雜。所以我對此一直持相當批評的態度。有人問我們的一些領導人，我們是否要測試它？我們的一些領導人公開表示，我們不會對其進行測試。然後我公開表示，我們將對其進行測試。

And the reason we're going to test it is I just don't think you get to be a food critic if you're not willing to taste food. So yes, we've been fairly critical of it, and yes, I don't think it's a good product but we have to try. And this may be the most iterated-on product that I've ever seen from Google so they keep changing it a lot. So it is actually hard to keep up with. But the broad strokes haven't changed a lot. And the product is continually disappointed as you'll read from most op-ed outside of Google.

我們要測試它的原因是我認為如果你不願意品嚐食物就不能成為美食評論家。所以，是的，我們一直對它相當批評，是的，我不認為這是一個好產品，但我們必須嘗試。這可能是我見過的 Google 迭代次數最多的產品，因此他們不斷對其進行大量更改。所以其實很難跟上。但整體思路並沒有太大變化。當您從 Google 之外閱讀大多數專欄文章時，該產品會不斷令人失望。

Google says it's great. Everyone else says, it's not. I think it's incredibly complex. I think it's not fully understood by more than 10 people on the planet. It's really complicated. But it is not that hard to see that this is a deprecation to the Internet. It is a deprecation to the Chrome user experience. And then, of course, there's lots of speculation about what Google's motives are in doing all these things at this exact moment when they're under a tremendous amount of pressure. But that's a totally different topic.

谷歌說這很棒。別人都說，不是。我認為這非常複雜。我認為地球上還有 10 多個人沒有完全理解這一點。這真的很複雜。但不難看出這是對網路的貶低。這是對 Chrome 用戶體驗的棄用。當然，人們對谷歌在面臨巨大壓力的時刻做所有這些事情的動機有很多猜測。但這是一個完全不同的話題。

But as far as our position on Privacy Sandbox, we don't think it's a good product, but we will test it, hope that it gets better. I would love for Google to innovate instead of deprecate. But in the event that they don't, it does give us a lot more traction around UID2, and The Trade Desk is going to be fine no matter what.

但就我們對 Privacy Sandbox 的立場而言，我們認為它不是一個好產品，但我們會對其進行測試，希望它變得更好。我希望谷歌能夠創新而不是棄用。但如果他們不這樣做，它確實會為我們帶來更多關於 UID2 的吸引力，而且無論如何，The Trade Desk 都會沒問題。

So I'm only invested to the point that I deeply care about the open Internet and would really like to see themes like journalism thrive, and I am very concerned about the impact that cookies will have on things like journalism that are pretty dependent on browser-based traffic.

因此，我的投入僅限於我非常關心開放的互聯網，並且非常希望看到新聞業等主題蓬勃發展，而且我非常擔心 Cookie 對新聞業等非常依賴瀏覽器的事物產生的影響是基於流量。

So with that, I'll move on to the next question. Thank you for the question.

那麼，我將繼續討論下一個問題。感謝你的提問。

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

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

Okay, great. I've got 2 questions. Jeff, you mentioned your single sign-on initiative, OpenPath, in the press release and your prepared remarks for the first time in recent memory. Could you talk a little bit more about that initiative? It's important to your identity and authentication strategy and maybe more specifically how it works together with UID2. And then the second, just maybe for Laura on this one, but also in the prepared remarks, Jeff mentioned that JVPs now represent 1/3 of your business. Can you give us any more detail on how that breaks down between agencies and direct client relationships?

好的，太好了。我有 2 個問題。 Jeff，您在新聞稿中提到了您的單一登入計劃 OpenPath，並且在最近的記憶中第一次提到了您準備好的評論。您能多談談該倡議嗎？它對於您的身份和身份驗證策略很重要，更具體地說，它對於它如何與 UID2 一起工作很重要。然後是第二個問題，也許是勞拉（Laura）在這一點上，但在準備好的發言中，傑夫（Jeff）提到，JVP 現在代表了您業務的 1/3。您能否為我們提供更多關於代理商和直接客戶關係之間如何劃分的細節？

You bet. So first, let me take a minute to explain where we're at with OpenPath. So first, this is in a closed invite-only beta and you're right, we haven't talked about it a lot. There have been a number of things where people are watching us closely lately and we've been scooped or people talk about it before we get a chance to talk about it. I think this was one of them.

你打賭。首先，讓我花一點時間解釋一下 OpenPath 的進展。首先，這是一個僅限邀請的封閉測試版，你是對的，我們還沒有對此進行太多討論。最近發生了很多事情，人們在密切關注我們，我們在我們有機會談論它之前就已經被獨家報道或人們談論它。我想這就是其中之一。

But let me explain what it is, first of all. So if you have ever used Shopify, I think that's the easiest way to understand it. I'm a big fan of Shopify, the -- both the company and the product itself. The first time you use Shopify, you go through a checkout process that feels just like any ordinary checkout process. You actually don't even necessarily see the value. I actually think it was brilliant that Shopify, at least the way I experienced it, never took the time to explain what they were doing. I just experienced it, that was the fastest way to get people to adopt it, was to get a few merchants to do it.

但首先讓我解釋一下它是什麼。因此，如果您曾經使用過 Shopify，我認為這是理解它的最簡單方法。我是 Shopify 的忠實粉絲，無論是公司還是產品本身。第一次使用 Shopify 時，您會經歷一個結帳流程，感覺就像任何普通結帳流程一樣。實際上你甚至不一定看到它的價值。事實上，我認為 Shopify 非常出色，至少從我的體驗來看，它從未花時間解釋他們在做什麼。我剛剛經歷過，讓人們採用它最快的方法就是讓幾個商家去做。

And then where you really see the beauty of their sign-up process is the second time you go to a merchant and you see Shopify there. And then you see how much faster the checkout process is. And then if you're like me, say, how did they do that? Where did they get the information? How is it secure? And then I'm literally putting together floor charts to understand how this worked and realize that both, it's faster and more secure than what I had before, and it was just genius. It's kind of the opposite of what I was just criticizing in Google's products in Privacy Sandbox where it complicates and deprecates. This is something that makes it both easier and more secure.

然後，當您第二次去商家並在那裡看到 Shopify 時，您才能真正看到他們的註冊過程的美妙之處。然後您就會看到結帳過程有多快。然後，如果你跟我一樣，請說，他們是怎麼做到的？他們從哪裡獲得資訊？它如何安全？然後我將平面圖放在一起，以了解它是如何工作的，並意識到它比我以前使用的更快、更安全，而且它真是天才。這與我剛剛在 Privacy Sandbox 中批評的 Google 產品相反，它使情況變得複雜並被棄用。這讓它變得更容易、更安全。

And when you get both of those things together, then it's amazing. So that's exactly what we're doing with the SSO, which is we are trying to make it easier for people to sign on to websites. So the most lightweight. It's not joined with an e-mail service. We're not launching something like Gmail. But instead, we've created this product that is OpenPath. We have a few publishers that have signed up during this invite-only beta. So of course, we run it on The Current, our own product, but also on Snopes and OK! Magazine and RadarOnline.

當你把這兩件事放在一起時，那就太神奇了。這正是我們對 SSO 所做的事情，即我們正在努力讓人們更輕鬆地登入網站。所以最輕。它沒有與電子郵件服務結合。我們不會推出 Gmail 之類的東西。相反，我們創建了 OpenPath 這個產品。我們有一些發布商已在此僅限邀請的測試版中註冊。當然，我們在我們自己的產品 The Current 上運行它，也在 Snopes 和 OK! 上運行它。雜誌和雷達在線。

And a few early adopters who want to try this and the results have been really fantastic. And again, where you really see the benefit is when you go to a second or third or fourth site after you've been to that first one. So we recognize that the way to get this network effect is to partner with some of the biggest companies in the world that have sign-ons and also have a desire to make the ads on their site more relevant and more competitive with more bidders than just Google. And so we think our value proposition is really compelling and especially once you get that flywheel spinning, then it becomes almost financially irresponsible for people not to sign up in that we can bring them higher CPM.

一些早期採用者想要嘗試這一點，結果非常好。再說一遍，您真正看到好處的是當您在訪問第一個網站後訪問第二個、第三個或第四個網站時。 So we recognize that the way to get this network effect is to partner with some of the biggest companies in the world that have sign-ons and also have a desire to make the ads on their site more relevant and more competitive with more bidders than just Google.因此，我們認為我們的價值主張非常引人注目，尤其是一旦飛輪開始旋轉，人們不註冊我們可以為他們帶來更高的每千次展示費用，這在經濟上幾乎是不負責任的。

So we're very excited about the early results. We have some big ideas about how to rapidly create adoption, and we're excited about what that represents for things like journalism if we can get this to the scale that we want it to be. Laura, the second part of the question is for you.

所以我們對早期結果感到非常興奮。我們對如何快速提高採用率有一些偉大的想法，如果我們能夠將其達到我們想要的規模，我們對這對新聞業等行業所代表的意義感到興奮。蘿拉，問題的第二部分是給你的。

Yes. Thanks, Dan. On the topic of JVPs, they absolutely continue to be a key driver of spend growth in our business. And as we noted, about 1/3 of our spend was under JVP exiting 2023. And we had, I believe exiting the year, over 45 JVPs with a robust pipeline of addition to that. .

是的。謝謝，丹。就合資企業而言，它們絕對仍然是我們業務支出成長的關鍵驅動力。正如我們所指出的，到 2023 年退出時，我們大約有 1/3 的支出是在 JVP 下進行的。我相信今年退出時，我們有超過 45 個 JVP，並且還有強大的補充管道。 。

Those JVPs represent billions of dollars of future spend. And what gets me most excited about them is that those JVPs are helping us get closer to our clients. And to your point, that's both brands and agencies who are signing up to do things that will drive incremental ROI for their marketing budgets. It can be anything from increasing data usage to adopting UID2 to focusing on decision CTV spend and I can go on and on.

這些合資企業代表了數十億美元的未來支出。最讓我興奮的是，這些 JVP 正在幫助我們拉近與客戶的距離。就您而言，品牌和代理商都在簽約做一些可以提高行銷預算投資回報率的事情。它可以是任何事情，從增加數據使用量到採用 UID2，再到專注於決策 CTV 支出，我可以繼續說下去。

And the way that we look at those is that they're effectively a win-win for The Trade Desk, a win-win for the agency and for the brand, where their structure and framework that works best for their business. We don't actually break down the percent that's coming from the agency versus coming from the brand. And the main reason for that is that even the JVPs that we're signing with our brands, we are talking to the agencies that are working hand-in-hand with the brand as we are structuring those JVPs. And our relationships with agencies have never been stronger.

我們看待這些的方式是，它們實際上對 The Trade Desk 來說是雙贏的，對代理商和品牌來說是雙贏的，他們的結構和框架最適合他們的業務。我們實際上並沒有細分來自代理商的百分比與來自品牌的百分比。主要原因是，即使是我們與我們的品牌簽署的合資企業，我們也會在構建這些合資企業時與與該品牌攜手合作的機構進行交談。我們與代理商的關係也從未如此牢固。

So we just constantly say we're never losing sight of the key role that our agencies play in helping our brands execute their business. And for that reason, we don't really look at it as a breakdown but more in terms of how can we get closer to all parties that are spending on our platform.

因此，我們不斷地說，我們永遠不會忽視我們的代理商在幫助我們的品牌執行業務方面所發揮的關鍵作用。出於這個原因，我們並沒有真正將其視為細分，而是更多地考慮我們如何更接近在我們平台上支出的所有各方。

The next question comes from Matthew Cost with Morgan Stanley.

下一個問題來自摩根士丹利的馬修‧科斯特。

I have 2. The first 1 is just on the conversation with advertisers. So at the time that you guided to the fourth quarter, I think you had seen, at least in certain verticals, some brand spend weakness through October and November, but obviously the quarter came in significantly ahead of your guidance at that time. So I guess how did the conversation evolve with advertisers? Where did you see them lean in, in ways that you didn't expect? And how has that trended through the beginning of 2024?

我有2個。第1個是剛剛與廣告商的對話。因此，當您指導第四季度時，我認為您已經看到，至少在某些垂直領域，一些品牌在 10 月和 11 月的支出疲軟，但顯然該季度的表現明顯超出了您當時的指導。所以我猜與廣告商的對話是如何演變的？您在哪裡看到他們以您意想不到的方式傾斜？ 2024 年初，這趨勢如何？

And then the second question is just on the growth outside the U.S. I think there's a comment before about seeing green shoots there and continued faster growth than inside the U.S. I guess, are there specific ways that advertiser behavior or the inventory are changing that you would call out?

第二個問題是關於美國以外的增長。我認為之前有評論說那裡看到了復甦的苗頭，並且持續比美國國內更快的增長。我想，廣告商行為或庫存是否有特定的方式改變，你會大喊？

You bet. Thank you for the question. I'm just writing it down so I don't forget. So yes, in Q4, early in Q4, there was a little bit more, I would say, hesitation in the ecosystem and the landscape, and I think that was not isolated to advertising. I think that was just macroeconomic angst, if you will. But of course, for the last few years, and I would just say that the angst in the CFO's office has been more closely connected to the angst in the CMO's office really since the pandemic at a level that I haven't seen in my career.

你打賭。感謝你的提問。我只是寫下來，以免忘記。所以，是的，在第四季度，在第四季度初期，我想說的是，生態系統和景觀方面出現了更多的猶豫，我認為這與廣告無關。如果你願意的話，我認為這只是宏觀經濟焦慮。但當然，在過去的幾年裡，我只想說，自從大流行以來，首席財務官辦公室的焦慮與首席營銷官辦公室的焦慮之間的聯繫更加緊密，達到了我職業生涯中從未見過的程度。

So I think there was some angst early on. And as the quarter went on, we saw some advertisers really lean in and some advertisers see some pressure. And even as we completed the quarter, it really is a tale of 2 cities, where some companies are really driving for growth and spending aggressively to go get growth, and some are watching every penny carefully and trying to be really deliberate. And that meant some spent more and some spent less. And in the end, we have an increase in spend obviously beyond what we guided.

所以我認為早期存在一些焦慮。隨著本季的持續，我們看到一些廣告商確實投入了精力，而一些廣告商則看到了一些壓力。即使我們完成了本季度，這確實是兩個城市的故事，其中一些公司確實在推動增長並積極支出以實現增長，而另一些公司則仔細觀察每一分錢並試圖真正深思熟慮。這意味著有些人花得更多，有些人花得更少。最終，我們的支出成長明顯超出了我們的指導。

As it relates to outside the United States, I think a significant amount of this is caused by the same macro environment that we were just talking about. So as things change in the dollar and some of the macroeconomic policies of governments, I think that does make it easier for things outside the United States to do well. But there's also some trends in media consumption. So if you look at places like the U.K. or Germany, we see their CTV growth meaningfully higher than what we're experiencing in the U.S.

就美國以外的地區而言，我認為其中很大一部分是由我們剛才討論的相同宏觀環境造成的。因此，隨著美元和政府一些宏觀經濟政策的變化，我認為這確實會讓美國以外的事情更容易表現良好。但媒體消費也出現了一些趨勢。因此，如果你看看英國或德國等地，我們會發現他們的 CTV 成長明顯高於美國。

And that's often because they're a year or 2 behind the U.S. in terms of the competitive landscape, forcing the change to ad-funded models and some of those types of things. But we're seeing the exact same trends play out. So in the same way that we saw those green shoots a couple of years ago here in the United States, we're now starting to see them in more markets around the world, and that's very good for us. So I would say it's those 2 things on the international or outside the U.S. front. Thanks for the question.

這通常是因為他們在競爭格局方面落後美國一兩年，迫使他們改變廣告資助的模式和其中一些類型的事情。但我們看到了完全相同的趨勢。因此，就像幾年前我們在美國看到這些萌芽一樣，我們現在開始在世界各地的更多市場看到它們，這對我們來說非常好。所以我想說的是國際上或美國以外的這兩件事。謝謝你的提問。

The next question comes from Matt Swanson with RBC Capital.

下一個問題來自 RBC Capital 的 Matt Swanson。

I'll add my congratulations to you guys on the quarter. So Jeff, I think from the product event, when we were talking about Kokai, 1 thing that was really intriguing to investors was this idea of being able to deliver attribution and KPIs and kind of segmented out throughout the funnel, right, not just give it all to the last click. It kind of sounded like the example you gained from Samsung.

我將在本季向你們表示祝賀。所以傑夫，我認為從產品活動來看，當我們談論Kokai 時，真正吸引投資者的一件事是能夠提供歸因和KPI 以及在整個漏斗中進行細分的想法，對吧，而不僅僅是給出一切都到最後一次點擊為止。這聽起來有點像你從三星得到的例子。

So when you've been out meeting with customers, can you just talk a little bit about like what's exciting them the most about Kokai? What's driving adoption and maybe how this new way of looking at attribution could kind of change spending patterns longer term?

那麼，當您出去與客戶會面時，您能談談 Kokai 最讓他們興奮的是什麼嗎？是什麼推動了採用？這種看待歸因的新方式可能會如何改變長期的支出模式？

You bet. So first of all, thank you for the question. And there's so many things to talk about in it because there's just so many things that are inside of Kokai. So if you don't know, and obviously, I know at RBC, you know this but maybe some others on the call don't. We went on what we call a world tour at the end of Q4 to go to 4 continents and talk to our customers around the world about the product that we're launching.

你打賭。首先，謝謝你提出這個問題。其中有很多東西要討論，因為 Kokai 內部有很多東西。所以，如果你不知道，顯然，我在加拿大皇家銀行知道，你知道這一點，但也許電話中的其他一些人不知道。我們在第四季末進行了所謂的世界巡演，前往四大洲，與世界各地的客戶討論我們即將推出的產品。

Honestly, I did that out of concern in the sense that I know we are giving them more change than ever, but I am confident that this is an upgrade in almost every way to our platform. And I was concerned that the amount of change would make them afraid of adopting something new simply because of how much it changed rather than really considering all the reasons why we did it. And so we spent half a day in -- on 4 continents. We did, I think, 3 in the United States, in L.A. and Chicago and New York, and then we also did in London and we also did in Singapore and also did in Australia.

老實說，我這樣做是出於擔憂，因為我知道我們正在為他們提供比以往更多的改變，但我相信這幾乎是我們平台各個方面的升級。我擔心改變的數量會讓他們害怕採用新的東西，只是因為它改變了多少，而不是真正考慮我們這樣做的所有原因。我們在四大洲度過了半天。我想，我們在美國、洛杉磯、芝加哥和紐約做了3次，然後我們也在倫敦、新加坡和澳洲做了。

And the reception was phenomenal. It really put to bed any concerns that I had about reluctance for adoption. We explained the reasons why we were doing everything. A big part of what they love, to answer your question about what are they most excited about, is we have streamlined our reporting. We've made it way faster. There are some reports that you just have to wait multiple minutes for it because they're just so robust, and we found ways to accelerate that.

接待情況非常好。這真的打消了任何我對不願收養的擔憂。我們解釋了我們所做一切的原因。為了回答您關於他們最興奮的問題，他們喜歡的一個重要部分是我們簡化了我們的報告。我們已經讓它變得更快了。有一些報告稱您只需要等待幾分鐘即可，因為它們非常強大，我們找到了加速這一過程的方法。

We've also added AI throughout the platform, especially in forecasting. So it's a little bit like if you were to make a hypothetical trade in a trading platform for equity and then us tell you what we think is going to happen to the price action in the next 10 minutes. So we're showing them what the effects of their changes are going to be before they even make them so that they don't make mistakes. Because sometimes what happens is people put out a campaign. They'll put tight restrictions on it. They'll hope that it spends, then they come back a day or 2 or even 3 later and then realize they made it so difficult with their combination of targeting and pricing for us to buy anything that they didn't spend much money. Or the opposite because they spent more and it wasn't as effective as they wanted.

我們還在整個平台中添加了人工智慧，特別是在預測方面。因此，這有點像您在股票交易平台上進行假設交易，然後我們告訴您我們認為未來 10 分鐘內價格走勢將會發生什麼。因此，我們在他們做出改變之前就向他們展示改變的效果，這樣他們就不會犯錯。因為有時人們會發起一場運動。他們會對其施加嚴格的限制。他們希望它能花掉，然後他們一兩天甚至三天後回來，然後意識到他們的目標定位和定價組合讓我們很難購買他們沒有花太多錢的任何東西。或者相反，因為他們花了更多的錢，但效果卻沒有達到他們想要的效果。

So helping them see all of that before they do anything helped. And then we put data and decisions next to each other in a better way than we ever have before. But included in those decisions are upgrades to the attribution methodologies and reporting.

因此，在他們做任何事情之前幫助他們了解所有這些是有幫助的。然後我們以比以往更好的方式將數據和決策放在一起。但這些決定中包括對歸因方法和報告的升級。

So we are definitely trying to do a better job of attribution, while at the same time, not adding complexity. It's a very difficult thing to do in our space. It's hard when you want to give people more power, give them the ability to do more, usually, that means you hand them more complexity. And how can we give them more power and yet not increase the number of buttons exponentially, not increase the number of numbers on the screen exponentially?

因此，我們肯定會努力做得更好，同時不增加複雜性。在我們的空間裡這是一件非常困難的事。當你想賦予人們更多的權力，讓他們有能力做更多的事情時，這很困難，通常，這意味著你為他們帶來了更多的複雜性。我們怎麼能給它們更多的權力，同時又不成倍地增加按鈕的數量，不成倍地增加螢幕上的數字數量？

So we think we've threaded that needle and we'll continue to simplify. But those are the things that they're most excited about, and that's part of the reason why I go into this earnings report with so much confidence is just spending so much time with our customers over the last 4 months.

所以我們認為我們已經成功了，我們將繼續簡化。但這些是他們最興奮的事情，這也是我如此自信地閱讀這份收益報告的部分原因，就是在過去 4 個月裡與我們的客戶花費瞭如此多的時間。

The next question comes from Brian Pitz with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Brian Pitz。

Yes, it's Tim O'Shea on for Brian. We've spoken about the impact of cookie deprecation but what about timing and readiness? You work with so many advertisers, all the agencies. The question is, do you believe that advertisers are ready for Google to deprecate the remaining 99% of cookies in 2024? And if they aren't ready, what needs to be done? What is being done to prepare them? And then maybe just what happens to the ad market if Google decides to deprecate right before the holidays in the U.S. presidential election? I'm curious, is there a pause? Is there a pullback? I know that Jeff spoke about what happened when Apple made similar policy changes in the past.

是的，蒂姆·奧謝 (Tim O'Shea) 替補布萊恩 (Brian)。我們已經討論了 cookie 棄用的影響，但是時機和準備情況又如何呢？您與眾多廣告商、所有代理商合作。問題是，您認為廣告主準備好讓 Google 在 2024 年棄用剩餘 99% 的 cookie 嗎？如果他們還沒準備好，需要做什麼？正在做什麼準備？那麼，如果谷歌決定在美國總統大選假期前棄用，廣告市場可能會發生什麼事？我很好奇，有停頓嗎？有回調嗎？我知道傑夫談到了蘋果過去做出類似政策改變時發生的情況。

You bet. I love this question. Thank you very much for asking it. So of course, the answer is, some are, some aren't. So who is ready for cookie deprecation? So I believe here at The Trade Desk, we're in a phenomenal position. As a company, a big part of our technology stack centers around what we call an identity graph, and that is incredibly robust and that is a result of our efforts.

你打賭。我喜歡這個問題。非常感謝您的提問。當然，答案是，有些是，有些不是。那麼誰準備好要棄用 cookie 了呢？所以我相信 The Trade Desk 處於一個非凡的位置。作為一家公司，我們技術堆疊的很大一部分都圍繞著我們所說的身份圖譜，這是非常強大的，這是我們努力的結果。

And as you will recall, we launched UID2 before the pandemic. We launched UID before that. And all of those efforts were us seeing around corners and we knew that this would happen. So we're confident that we're in a fantastic position. As it relates to advertisers, some are prepared and some are not. I would say the majority are not doing as much as they can. If I were to just paint a picture of the typical advertiser, they've adopted something like Snowflake. They have been trying to take their data from 20 different silos all over their organization, and they're trying to figure out how to make certain that they're respecting their relationship with the consumer.

您可能還記得，我們​​在大流行之前就推出了 UID2。在此之前我們推出了UID。所有這些努力都是我們看到的，我們知道這將會發生。因此，我們相信我們處於有利地位。對廣告商來說，有的有準備，有的則沒有。我想說的是，大多數人都沒有盡其所能。如果我只是描繪一個典型的廣告商，他們會採用像雪花這樣的東西。他們一直試圖從組織內 20 個不同的孤島中獲取數據，並試圖找出如何確保尊重與消費者的關係。

And I do want to underline, I've never been a big brand that doesn't start every one of these discussions by saying, I want to be really careful about respecting the privacy of my consumer. They want a long-term relationship with them. They want to sell soap or cheeseburgers or pizza or whatever to them over and over again, and so they want to be respectful. And as they're doing that, they're trying to figure out how to bring it all together and make certain that they keep it all safe.

我確實想強調，作為一個大品牌，我從來沒有在每次討論時都說：我要非常小心地尊重消費者的隱私。他們希望與他們建立長期的關係。他們想一遍又一遍地向他們出售肥皂、起司漢堡、披薩或其他任何東西，因此他們希望受到尊重。當他們這樣做的時候，他們正在試圖找出如何將所有這些整合在一起並確保他們保證所有這些的安全。

Many, as they're doing that internally are saying, we know we have to put first-party data to work but we have to really think about the implications of what they do. And many have started to do that and many have not finished it, there's a lot of internal meetings that have to happen and they all have to move more quickly. The thing that's been good about all the discussions to date is it's getting everybody to move a bit more quickly and say, hey, we have to act. And so I think that is super healthy.

許多人，正如他們在內部所做的那樣，我們知道我們必須將第一方資料投入使用，但我們必須真正考慮他們所做的事情的影響。許多人已經開始這樣做，但許多人還沒有完成，必須召開很多內部會議，他們都必須更快採取行動。迄今為止所有討論的好處是，它讓每個人都行動得更快一點，並說，嘿，我們必須採取行動。所以我認為這是超級健康的。

But if I were to estimate, I would say most advertisers are not as ready as they could be, but the 25% that are, are going to benefit if Google were to go faster. The side of this that I'm really worried about though it is -- is the publisher side. Again, we don't represent publishers directly. We represent the buy side. But of course, we buy from all these publishers, and we want to see an open Internet thrive. But I would say that 90% of publishers that have a meaningful amount of their traffic from browsers are not prepared at all.

但如果我要估計的話，我會說大多數廣告商還沒有做好準備，但如果谷歌走得更快，那 25% 的廣告商將會受益。但我真正擔心的是出版商方面。再次強調，我們不直接代表出版商。我們代表買方。當然，我們從所有這些出版商購買產品，我們希望看到開放的網路蓬勃發展。但我想說的是，90% 的從瀏覽器獲得大量流量的發布商根本沒有做好準備。

And so you would see a rapid revaluing and you would see some struggle come as a result of Google accelerating cookies. It could have a meaningful impact on the election in the sense that if people can't advertise on those sites effectively, then the prices would go down. And then it would change the way that they either generate content or even their ability to afford to continue to generate content on those journalistic outlets.

因此，您會看到快速的重估，並且您會看到由於 Google 加速 cookie 帶來的一些困難。它可能會對選舉產生有意義的影響，因為如果人們無法在這些網站上有效地做廣告，那麼價格就會下降。然後，這將改變他們生成內容的方式，甚至改變他們繼續在這些新聞媒體上產生內容的能力。

To me, they're the ones to watch most carefully because I think they're the ones that are often hurt the most as we've just seen so many headlines in journalism of layoffs of late.

對我來說，他們是最值得密切關注的人，因為我認為他們是受到最嚴重傷害的人，因為我們最近在新聞報道中看到了很多關於裁員的頭條新聞。

And so I do think it's really prudent to be thinking about the pace that Google is going. I think they're trying to recognize all of these implications, and they don't want to have to testify before Congress in 2 years about what did you do to journalism or anything like that. So as a result, like them deprecating cookies 1% at this point is a good way to get people to act. And now the important thing is for advertisers and publishers to act. And I think that's going to give tons of additional momentum to things like UID2 and OpenPath. And that's one of the many reasons why I'm just so confident about our 2024.

因此，我確實認為考慮谷歌的發展步伐是非常謹慎的。我認為他們正試圖認識到所有這些影響，他們不想在兩年內就你對新聞業或類似的事情做了什麼而在國會作證。因此，像他們一樣，在這一點上棄用 1% 的 cookie 是讓人們採取行動的好方法。現在重要的是廣告商和出版商採取行動。我認為這將為 UID2 和 OpenPath 等產品帶來巨大的額外動力。這就是我對 2024 年充滿信心的眾多原因之一。

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

謝謝你的提問。約翰，你能結束這通通話嗎？謝謝。

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

絕對地。謝謝。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。