Trade Desk Inc (TTD) 2024 Q1 法說會逐字稿

Greetings. Welcome to The Trade Desk First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 The Trade Desk 2024 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

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 First Quarter 2024 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein.

謝謝你，接線生。大家好，大家下午好。歡迎參加 The Trade Desk 2024 年第一季財報電話會議。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)。

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

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 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. 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.

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。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。

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

現在，我將把電話轉給創辦人兼執行長傑夫·格林。傑夫？

Thanks, Chris, and thank you all for joining us today. As you have seen from the press release, we are off to a very promising start once again this year. For the first quarter, revenue grew 28% compared with last year, marking strong revenue growth acceleration on both a sequential and a year-over-year basis, outpacing the industry for a quarter or 2 is a great accomplishment, but I'm so proud of our team for now having outpaced the digital advertising industry for a couple of years straight.

謝謝克里斯，也謝謝大家今天加入我們。正如您從新聞稿中看到的那樣，我們今年再次迎來了一個充滿希望的開端。第一季的營收與去年同期相比成長了 28%，標誌著營收環比和同比均強勁加速，超過行業一兩個季度是一項偉大的成就，但我很高興我們為我們的團隊感到自豪，因為我們現在已經連續幾年超越了數位廣告產業。

I believe our revenue growth acceleration in the first quarter speaks to the innovation and value that we are delivering to our clients with Kokai. It also reflects growing awareness among the world's leading advertisers of the value and power of the best of the open Internet. To put a finer point on this, more than 90% of the Ad Age Top 200, the largest 200 advertisers in the world have run advertising campaigns on our platform over the last 12 months.

我相信我們第一季營收成長的加速說明了我們透過 Kokai 為客戶提供的創新和價值。它也反映出世界領先的廣告商對最佳開放網路的價值和力量的認識不斷增強。更具體地說，在過去 12 個月裡，廣告時代 200 強（即全球最大的 200 家廣告商）中超過 90% 的人都在我們的平台上開展過廣告活動。

Even with this considerable size, CTV continues to be our fastest-growing channel. Over the past few months, industry giants like Disney, NBCU, Walmart, Amazon and now Roku and LG Electronics have all made deeper pivots into CTV. Many of them in partnership with us, bringing more opportunity for advertisers.

儘管規模如此之大，CTV 仍然是我們成長最快的頻道。在過去的幾個月裡，迪士尼、NBCU、沃爾瑪、亞馬遜等行業巨頭，以及現在的 Roku 和 LG 電子都已深入進入 CTV。他們中的許多人與我們合作，為廣告商帶來更多機會。

UID2 has become ubiquitous across the premium parts of the open Internet and along with greater first-party data deployment and advances in emerging data markets, especially retail data, we are building the new identity and authentication fabric of the Internet. In doing so, the open Internet is getting replumbed and revalued, especially in contrast to the value offered by walled gardens.

UID2 已經在開放互聯網的高端部分變得無處不在，隨著第一方數據部署的擴展和新興數據市場（尤其是零售數據）的進步，我們正在構建互聯網的新身份和身份驗證結構。在這樣做的過程中，開放的網路正在被重新審視和重新評估，特別是與圍牆花園提供的價值形成鮮明對比。

And the innovations in our Kokai platform will help our clients take advantage of this revaluation and fully leverage data-driven buying to fuel their own business growth. As a result, I've never been more optimistic about the future of the open Internet and our ability to gain more than our fair share of the nearly $1 trillion advertising TAM.

我們 Kokai 平台的創新將幫助我們的客戶利用這種重估，並充分利用數據驅動的購買來推動自己的業務成長。因此，我對開放網路的未來以及我們從近 1 兆美元的廣告 TAM 中獲得超出應得份額的能力感到前所未有的樂觀。

Let me dig into this a little deeper. I'd like to frame my remarks with just a little context on how our industry has advanced over the years, at least in part because of some of the significant and disruptive events today. I think this framing is important because I believe we may be in the midst of another period of major disruption right now. And perhaps most important, I believe our ability to anticipate and innovate in these moments positions us very well moving forward.

讓我更深入地探討一下。我想在我的發言中簡要介紹一下我們的行業多年來的發展情況，至少部分是由於今天發生的一些重大和顛覆性事件。我認為這個框架很重要，因為我相信我們現在可能正處於另一個重大混亂時期。也許最重要的是，我相信我們在這些時刻的預測和創新能力使我們能夠很好地前進。

I've often said that the programmatic industry as we know it today, came to life as a result of the global financial crisis just over 15 years ago. At that time, there was tremendous pressure on all businesses to do more with less and to find new ways to differentiate, automate and grow more efficiently. With those pressures, the precision and value of programmatic became more immediately apparent to major brand advertisers and this proved to be a fertile environment for our business and so many others.

我常說，我們今天所知的程序化產業是 15 年前全球金融危機的產物。當時，所有企業都面臨著巨大的壓力，要求他們用更少的資源做更多的事情，並尋找新的方法來實現差異化、自動化和更有效率地成長。面對這些壓力，程式化的精確度和價值對於主要品牌廣告商來說變得更加明顯，事實證明，這對我們的業務和許多其他業務來說是一個肥沃的環境。

Similarly, the rapid rise of CTV as the driving force of programmatic would not have happened so quickly were it not for the COVID pandemic. With stay at home directives around the world, consumers shift en mass for the convenience of streaming, and the media world hasn't been the same since. TV has always been the central element of major brand advertising campaigns, so the shift from linear to CTV was always going to be disruptive.

同樣，如果沒有新冠疫情的影響，CTV 作為程序化廣告驅動力的迅速崛起也不會如此迅速。隨著世界各地居家令的出台，消費者集體轉向串流媒體的便利，自那時起媒體世界發生了翻天覆地的變化。電視一直是各大品牌廣告活動的核心元素，因此從線性電視到連網電視的轉變總是會帶來顛覆性的影響。

What's perhaps more important is how quickly the TV industry has evolved as a result. CTV is now a driving force in how we think about things like authentication, identity, the use of retail data, relevance and attribution in advertising. And while it may not be as apparent as a global financial crisis or a global pandemic, I believe we're now in the middle of another great disruption in our industry. This disruption is very different because it is driven from major tectonic shifts within our own industry instead of from macroeconomic and pandemic forces.

也許更重要的是電視產業因此發展得有多快。 CTV 現在成為我們思考身分驗證、身分、零售資料的使用、廣告中的相關性和歸因等問題的推動力。雖然它可能不像全球金融危機或全球流行病那麼明顯，但我相信我們現在正處於我們行業的另一場巨大混亂之中。這種破壞是非常不同的，因為它是由我們自己產業內的重大結構性變化所驅動的，而不是由宏觀經濟和流行病的力量所驅動的。

Today's shift is largely driven from the conflict Apple and Google are having with governments and domino effects that are coming from new draconian policies and tactics coming from wounded big tech. For the last couple of years now, we've delivered consistent, durable revenue growth over 20%, significantly outpacing the broader market, including the major walled gardens. And it's because of the contrast between the best of the open Internet, what you might call the premium Internet and the content and characteristics of walled gardens has never been more apparent.

今天的轉變很大程度上是由於蘋果和谷歌與政府之間的衝突以及受傷的大型科技公司採取的新嚴厲政策和策略所產生的骨牌效應。在過去的幾年裡，我們實現了超過 20% 的持續、持久的收入成長，大大超過了更廣闊的市場，包括主要的圍牆花園。這是因為最好的開放網路（您可以稱之為優質網路）與圍牆花園的內容和特徵之間的對比從未如此明顯。

The details of the Texas Attorney General suit against Google and the approaching trial of the Department of Justice versus Google have shined a light on a few things inside of Google but has created a lot of clarity on things outside of Google as well. There is a wider understanding of a few immediate themes facing advertising. First, there is a broader understanding of the role that walled gardens are playing as major purveyors of low-grade made for advertising inventory.

德州總檢察長對谷歌提起的訴訟的細節以及即將到來的司法部對谷歌的審判已經揭示了谷歌內部的一些事情，但也讓谷歌外部的事情變得更加清晰。人們對廣告面臨的一些直接主題有了更廣泛的理解。首先，人們對圍牆花園作為低檔廣告庫存的主要供應商所扮演的角色有了更廣泛的理解。

Second, there is a much wider understanding of how bad ad to content ratios within walled gardens and the brand suitability risk of user-generated content, or UGC. This is in part due to the stark contrast that premium content has right now to UGC. The industry has growing awareness that consumers spend most of their quality time with premium content on the open Internet versus the walled gardens. Advertisers are making better use of their first-party data and retail data as they explore contemporary cross-channel alternatives to cookies.

其次，人們對圍牆花園中廣告與內容的比例有多差以及用戶生成內容（UGC）的品牌適宜性風險有了更廣泛的理解。部分原因是優質內容目前與 UGC 形成鮮明對比。業界越來越意識到，消費者將大部分優質時間花在開放網路上的優質內容上，而不是圍牆花園。廣告主在探索 Cookie 的當代跨通路替代方案時，正在更好地利用其第一方資料和零售資料。

And lastly, in advertising and marketing, like in many other sectors, there is a broad industry frenzy around AI and what it means for our industry. Taken together, I don't know that I've ever seen the industry in such a state of transition. In some corners of our industry, I also sense some panic and confusion about what to do next. But for us, this gives context to our recent outperformance as well as our conviction for why I'm so confident about the opportunity in front of us in 2024 and the years ahead.

最後，在廣告和行銷領域，與許多其他領域一樣，圍繞著人工智慧及其對我們行業的意義存在著廣泛的行業狂熱。總而言之，我不知道我是否曾見過這個行業處於如此轉型的狀態。在我們這個行業的某些角落，我也感受到了一些對於下一步該做什麼的恐慌和困惑。但對我們來說，這為我們最近的優異表現提供了背景，也讓我們堅信為什麼我對 2024 年和未來幾年擺在我們面前的機會如此充滿信心。

One insight that reinforces the shift that is happening is founded where I'm spending my time. Over the last 6 months or so, I've been spending more and more of my time with CEOs, CMOs and heads of media companies, helping them make sense of the issues that I just outlined. And the bottom line across all of these discussions, there is consensus that the value is shifting to the open Internet.

一種強化正在發生的轉變的見解是在我花時間的地方發現的。在過去大約六個月的時間裡，我花了越來越多的時間與媒體公司的執行長、行銷長和負責人打交道，幫助他們理解我剛才概述的問題。所有這些討論的底線是，人們一致認為價值正在轉向開放的互聯網。

But perhaps I should be more specific. It's shifting to the best of the open Internet, what we might call the premium Internet. It won't all happen overnight, but it is starting. In 2022, have marked the first year in a decade that the majority of digital ad spending took place outside of Meta and Google. With the proliferation of CTV and Retail Media, that trend accelerated last year, and I believe the trend will only continue moving forward.

但也許我應該更具體一點。它正在轉向最好的開放互聯網，我們可以稱之為優質互聯網。這一切不會在一夜之間發生，但它正在開始。 2022 年是十年來大部分數位廣告支出發生在 Meta 和 Google 之外的第一年。隨著 CTV 和零售媒體的激增，這一趨勢去年加速了，我相信這一趨勢只會繼續向前發展。

The role of CTV and digital audio and all of this should not be understated. For many people, movie, TV and audio consumption is a very important part of their daily lives. It's premium quality content that captivate consumers who spend significant amounts of time engaging with it. No one watches Mandalorian or Curb Your Enthusiasm or March Madness casually. No one listens to their favorite podcast passively. I found in every aspect of my life, I can't talk to anyone about premium CTV content or the best of music without people sharing a passion for some form of those mediums. We are all highly invested in it.

CTV 和數位音訊以及所有這些的作用不應被低估。對許多人來說，電影、電視和音訊消費是他們日常生活中非常重要的一部分。優質的內容吸引了花費大量時間參與其中的消費者。沒有人會隨意觀看《曼達洛人》、《抑制你的熱情》或《瘋狂三月》。沒有人會被動地聽自己喜歡的播客。我發現在我生活的各個方面，如果人們不分享對這些媒體的某種形式的熱情，我就無法與任何人談論優質的 CTV 內容或最好的音樂。我們都對此投入了大量資金。

That's very different than how consumers engage or talk about social media content, which is often short form UGC video, such as cat videos or 14-year-olds filming themselves falling off of bicycles. However, people spend much more time with premium content such as streaming TV and digital audio than they do with UGC. Our research shows consumers spend about 60% of their online time on the open Internet. The ad to content ratios are much better and therefore, the experience is much better.

這與消費者參與或談論社交媒體內容的方式截然不同，社交媒體內容通常是簡短的 UGC 視頻，例如貓咪視頻或 14 歲孩子拍攝自己從自行車上摔下來的視頻。然而，人們花在串流媒體電視和數位音訊等優質內容上的時間比花在 UGC 上的時間要多得多。我們的研究表明，消費者大約 60% 的上網時間花在開放的網路上。廣告與內容的比例要好得多，因此體驗也要好得多。

But walled gardens still command the bulk of digital advertising spend because those tech giants have made it super easy to reach consumers at map scale, and the performance results are equally simplified. Hey, look, your ads did great. We told you so, so it must be true. But that's changing. Advertisers now have scaled alternatives on the open Internet. One of the major innovations in Kokai is the sellers and publishers 500 plus. This is a curated marketplace that represents the best of the open Internet, the premium Internet, where consumers spend the majority of their time online.

但圍牆花園仍然佔據著數位廣告支出的大部分，因為這些科技巨頭已經讓在地圖規模上接觸消費者變得非常容易，而且性能結果也同樣得到了簡化。嘿，看，你的廣告做得很好。我們已經告訴過你了，所以這一定是真的。但這種情況正在改變。廣告商現在已經在開放的網路上擴大了替代方案。 Kokai 的主要創新之一是賣家和發布者 500+。這是一個精心策劃的市場，代表了開放網路、優質網路的精華，消費者大部分時間都在網路上度過。

Its live sports events such as March Madness, where we saw a 200% increase in spend compared to a year ago. It's the latest movies and hot TV shows, it's music and podcasts on platforms like Spotify, it's trusted journalism. Now our advertisers can access that premium marketplace at scale easily and with confidence. In doing so, they don't have to see control of their valuable first-party data they get to measure effectively, and they can be sure that their ads are showing up against high quality content that's consistent with their brand. Advertisers now have a scaled way to control their own future.

其現場體育賽事，如瘋狂三月，我們發現支出與一年前相比增加了 200%。這是最新的電影和熱門電視節目，是 Spotify 等平台上的音樂和播客，是值得信賴的新聞報導。現在，我們的廣告主可以輕鬆、自信地大規模進入該優質市場。這樣做時，他們不必看到對他們可以有效衡量的寶貴的第一方數據的控制，並且他們可以確保他們的廣告展示在與其品牌一致的高品質內容上。廣告商現在可以透過規模化的方式來控制自己的未來。

Of course, our ability to buy the best of the open Internet is based on close working relationships with the world's leading publishers. Across the board, publishers are working with us to make advertiser access to their inventory as attractive as possible, which means making it as transparent and objective as possible. You only have to look at the list of expanded partnerships that we've signed over the last few weeks. We are integrating directly with the Disney Real-time Ad Exchange, which includes Hulu and Disney+ via our OpenPath technology. For the first time ever, NBCU will make the Olympics available programmatically to advertisers and is doing so with The Trade Desk.

當然，我們購買最好的開放網路的能力是基於與世界領先出版商的密切合作關係。全面而言，發布商正在與我們合作，讓廣告商盡可能有吸引力地存取他們的廣告資源，這意味著盡可能透明和客觀。您只需查看我們在過去幾週簽署的擴大合作夥伴關係清單即可。我們正在透過我們的 OpenPath 技術直接與 Disney Real-time Ad Exchange 集成，其中包括 Hulu 和 Disney+。 NBCU 將首次透過 The Trade Desk 以程式方式向廣告商提供奧運賽事資訊。

LG Electronics has adopted UID2, VIZIO and Cox Media Group are connecting with us via OpenPath. TF1 and M6, 2 of the largest broadcasters in France, have integrated EUID as they make their content available programmatically. And just a week ago, Roku announced that it is expanding its demand strategy to include The Trade Desk for its premium content.

LG Electronics 已採用 UID2，VIZIO 和 Cox Media Group 透過 OpenPath 與我們聯繫。法國最大的兩家廣播公司 TF1 和 M6 已整合 EUID，因為它們以程式設計方式提供內容。就在一週前，Roku 宣布正在擴大其需求策略，將 The Trade Desk 納入其優質內容。

Just to go one click deeper on Roku. I think it makes a ton of sense for Roku to embrace the open Internet with their premium content. Early on CTV inventory was scarce, it made sense for many of the premium CTV streamers to sell most of the inventory themselves. With the proliferation of CTV content over the last couple of years, those same companies now need to find ways to maximize advertiser demand and that means opening up to a broader range of demand sources such as The Trade Desk and embracing solutions such as UID2, which help advertisers find their target audience as accurately as possible. We are excited to be Roku's partner in this, and we believe this move is a win-win-win for Roku, for advertisers and for The Trade Desk.

只需點擊一下即可深入了解 Roku。我認為 Roku 透過其優質內容擁抱開放網路是非常有意義的。早期 CTV 庫存稀缺，許多優質 CTV 串流媒體自己出售大部分庫存是有意義的。隨著過去幾年 CTV 內容的激增，這些公司現在需要找到最大化廣告商需求的方法，這意味著向 The Trade Desk 等更廣泛的需求源開放，並採用 UID2 等解決方案，幫助廣告商盡可能準確地找到目標受眾。我們很高興成為 Roku 的合作夥伴，我們相信此舉對於 Roku、廣告商和 The Trade Desk 來說是三贏的。

As a reminder, last year on 66, we started shipping Kokai. This platform launch is different for us because 66 last year marked just the beginning, and we've been shipping new features ever since. We are quickly approaching some of the biggest UX and product rollouts of Kokai that nearly all of our customers will begin to use and see benefits from over the next few quarters, including a game-changing AI-fueled forecasting tool.

提醒一下，去年 66 年，我們開始出貨 Kokai。這次平台的發布對我們來說是不同的，因為去年的 66 僅僅標誌著一個開始，從那時起我們就一直在發布新功能。我們正在快速接近 Kokai 的一些最大的用戶體驗和產品推出，幾乎所有客戶都將在接下來的幾個季度開始使用並從中受益，其中包括改變遊戲規則的人工智慧預測工具。

Another major innovation that we're bringing to market with Kokai is a completely new approach to audience-based buying. We're able to do this because of the broad availability of new identifiers such as UID2, along with easier on-ramps for first-party data. This means advertisers can now take what they know about their most loyal customers and by new customers who look just like the loyal ones and find them anywhere across the open Internet.

我們透過 Kokai 向市場推出的另一項重大創新是基於受眾的購買的全新方法。我們之所以能夠做到這一點，是因為 UID2 等新識別碼的廣泛可用性，以及第一方資料更容易的入口。這意味著廣告商現在可以利用他們對最忠誠客戶以及看起來與忠誠客戶相似的新客戶的了解，並透過開放網路的任何地方找到他們。

Advertisers no longer have to use content as a proxy for audience. Instead of simply advertising against the NBA playoffs to reach pizza lovers, advertisers can find pizza lovers wherever they are across all digital channels. In Asia, Unilever and their agency, PHD, leverage our retail partnership in Kokai with Foodpanda to increase sales of their Knorr food sauces. Unilever was able to onboard its own first-party data on our platform then do look-alike modeling for Foodpanda's retail conversion and loyalty data to target new customers more precisely on the open Internet.

廣告商不再需要使用內容作為受眾的代理人。廣告商不再是簡單地針對 NBA 季後賽做廣告來吸引披薩愛好者，而是可以透過所有數位管道找到任何地方的披薩愛好者。在亞洲，聯合利華及其代理商 PHD 利用我們在 Kokai 與 Foodpanda 的零售合作夥伴關係來增加其家樂食品醬料的銷售量。聯合利華能夠在我們的平台上載入自己的第一方數據，然後對 Foodpanda 的零售轉換和忠誠度數據進行類似建模，以便在開放網路上更準確地瞄準新客戶。

This new audience-based approach resulted in a 229% improvement in customers adding Knorr products to their shopping basket and an 81% improvement in customer conversion.

這種基於受眾的新方法使將家樂產品添加到購物籃的客戶數量提高了 229%，客戶轉換率提高了 81%。

Just like Unilever more and more advertisers are prioritizing ad opportunities where they can be sure they are reaching their target audience. And increasingly, that means activating their first-party data effectively and leveraging ad impressions where UID2 is present. This is the new identity fabric of the Internet taking shape, and it's revaluing the Internet and the process. Recently, Target Australia and their agency OMD worked with us to upload their first-party customer data into our platform, then targeted new customers using UID2. Their conversion rate improved 66% versus using traditional identifiers, and their cost per action decreased 36%.

就像聯合利華一樣，越來越多的廣告商優先考慮廣告機會，以確保他們能夠接觸到目標受眾。越來越多地，這意味著有效地激活他們的第一方數據並利用 UID2 存在的廣告印象。這是正在形成的互聯網新身份結構，它正在重新評估互聯網及其流程。最近，Target Australia 及其代理商 OMD 與我們合作，將他們的第一方客戶資料上傳到我們的平台，然後使用 UID2 定位新客戶。與使用傳統標識符相比，他們的轉換率提高了 66%，每次操作成本降低了 36%。

And there are huge benefits to publishers who offer transparency and authenticated audience data to advertisers. Unwind Media is one of the world's leading gaming platforms. They recently reported that they saw a 47% improvement in the value of ad impressions when deterministic identifiers such as UID2 are present, and 107% improvement when users are authenticated with SSOs such as Open Path.

向廣告商提供透明度和經過身份驗證的受眾數據的出版商可以獲得巨大的好處。 Unwind Media 是全球領先的遊戲平台之一。他們最近報告稱，當存在 UID2 等確定性識別碼時，廣告展示價值提高了 47%；當用戶透過 Open Path 等 SSO 進行身份驗證時，廣告展示價值提高了 107%。

Let me also spend a moment on AI, not because we're trying to get on the bandwagon. We've been deploying AI in our platform since we launched Koa in 2016. Given the frenzy around AI, I think it's important to talk about how it is actually helping advance the work of programmatic advertising. Too much discussion on AI today is about AI and the abstract instead of practical details about implementation. We are starting to get better at explaining how our AI investments will actually help people do their jobs better.

讓我也花點時間談談人工智慧，並不是因為我們想跟上潮流。自 2016 年推出 Koa 以來，我們一直在我們的平台中部署人工智慧。今天關於人工智慧的太多討論都是關於人工智慧和抽象的，而不是關於實現的實際細節。我們開始更好地解釋我們的人工智慧投資將如何真正幫助人們更好地完成工作。

To that end, we've known since before our company existed, that the complexity of assessing millions of ad opportunities every second, along with hundreds of variables for each impression is beyond the scope of any individual human. We have always thought about AI as a copilot for our hands-on keyboard traders. And with Kokai, we are bringing the power of AI to a broader range of key decision points than ever, whether it's in relevant scoring, forecasting, budget optimization, frequency management or upgraded measurement.

為此，我們在公司成立之前就知道，每秒評估數百萬個廣告機會以及每次展示的數百個變數的複雜性超出了任何個人的能力範圍。我們一直認為人工智慧是我們鍵盤交易員的副駕駛。透過 Kokai，我們將人工智慧的力量帶到了比以往更廣泛的關鍵決策點，無論是相關評分、預測、預算優化、頻率管理還是升級測量。

AI is also incorporated into a series of new indices that score relevance, which advertisers can use to better understand the relevance of different ad impressions in reaching their target audience. For example, UScellular worked with their agency, Harmelin Media, to leverage our TV quality index to better reach new customers. Their conversion rates improved 71%. They reached 66% more households by optimizing frequency management and their cost per acquisition decreased 24%.

人工智慧也被納入一系列對相關性進行評分的新指數中，廣告主可以利用這些指數來更好地了解不同廣告印像在接觸目標受眾方面的相關性。例如，UScellular 與其代理商 Harmelin Media 合作，利用我們的電視品質指數更好地吸引新客戶。他們的轉換率提高了 71%。透過優化頻率管理，他們覆蓋的家庭數量增加了 66%，每次獲取成本降低了 24%。

I think it's important to understand how we're putting AI to work in Kokai because this kind of tech dislocation will bring new innovators. We see that now where major tech players are inviting scrutiny because they're behind the innovation curve on AI and more agile players, and I would include The Trade Desk in that bucket, are figuring out how to apply it to help humans make better, more data-driven decisions. We are also developing AI branded with Koa to make data-driven refinements on its own within the confines of human defined guardrails.

我認為了解我們如何在 Kokai 中運用人工智慧非常重要，因為這種技術錯位將帶來新的創新者。我們看到，現在主要的科技公司正在接受審查，因為他們落後於人工智慧的創新曲線，而更敏捷的公司（我將The Trade Desk 也包括在內）正在研究如何應用它來幫助人類做得更好，更多數據驅動的決策。我們也正在開發以 Koa 為品牌的人工智慧，以便在人類定義的護欄範圍內自行進行數據驅動的改進。

Let me close by trying to bring all of this together and help you understand why I believe this positions The Trade Desk so well going forward. I can't explain that any better than Jamie Power, the SVP of addressable sales at Disney, who spoke at our recent FORWARD '24 event in New York City. Disney is one of the pioneers of CTV technology, and Jamie talked about how UID2 is helping Disney offer advertiser match rates that are 3 to 4x higher than when UID2 is not present, and higher CPMs are clearly following higher match rates. That's a pretty astonishing statement about where the Internet is heading. Disney deals with an authenticated audience and they're leveraging UID2 so advertisers can find the right customers with much more precision in TV than ever before, against what many would consider some of the most premium content on the open Internet.

最後，我將嘗試將所有這些整合在一起，幫助您理解為什麼我相信 The Trade Desk 的未來發展如此順利。我無法比迪士尼可尋址銷售高級副總裁 Jamie Power 更好地解釋這一點，他最近在紐約市舉行的 FORWARD '24 活動上發表了講話。 Disney 是 CTV 技術的先驅之一，Jamie 談到 UID2 如何幫助 Disney 為廣告客戶提供比 UID2 不存在時高 3 到 4 倍的匹配率，並且更高的 CPM 顯然伴隨著更高的匹配率。關於網路的發展方向，這是一個相當令人驚訝的陳述。迪士尼與經過身份驗證的觀眾打交道，他們正在利用 UID2，以便廣告商可以比以往更精確地在電視中找到合適的客戶，而不是許多人認為開放互聯網上一些最優質的內容。

With the growing ubiquity of UID2, with new approaches to authentication, with better deployment of first-party data, with easier access to the premium Internet, and with major advances in AI, the ability for advertisers to reach the right audience at the right time and the right place and convert those customers has never been greater. And all of that's happening in our platform. And all of that happens with the advertiser in control of their data, understanding more precisely where their dollars are going, how they should optimize and how those ads are performing in service of their KPIs.

隨著 UID2 的日益普及、新的身份驗證方法、更好地部署第一方數據、更輕鬆地訪問優質互聯網以及人工智能的重大進步，廣告商能夠在正確的時間接觸正確的受眾找到合適的地點並轉化這些客戶從未如此偉大。所有這一切都發生在我們的平台上。所有這一切都發生在廣告商控制他們的數據、更準確地了解他們的資金去向、他們應該如何優化以及這些廣告如何為其 KPI 服務的情況下進行的情況下。

None of what I just ran through is really possible in a walled garden. I might not go as far as to say, we're seeing the early days of the fall of Rome, but the current macro and tech forces are creating an important moment of the reckoning for everyone in our industry, and advertisers are shifting more dollars to us as a result. Advertisers want a competitive market with price discovery because they want to own their own future. It is easier than ever for advertisers to understand who is delivering value at all points of the digital advertising supply chain. And they will increasingly gravitate to those who are helping them make the most of every advertising dollar with transparency and objectivity.

我剛剛經歷的一切在有圍牆的花園裡都是不可能發生的。我可能不會說，我們正看到羅馬陷落的初期，但當前的宏觀和技術力量正在為我們行業的每個人創造一個重要的清算時刻，廣告商正在轉移更多的美元結果對我們來說。廣告商想要一個具有價格發現功能的競爭市場，因為他們想要擁有自己的未來。廣告主比以往任何時候都更容易了解誰在數位廣告供應鏈的各個環節提供價值。他們將越來越被那些幫助他們透明、客觀地充分利用每一筆廣告費用的人所吸引。

Of course, this is all made possible by our profitable business model which generates significant cash flow, which in turn allows us to invest in the major platform upgrades that characterize Kokai.

當然，這一切都是透過我們的獲利商業模式實現的，該模式產生了大量的現金流，這反過來又使我們能夠投資於 Kokai 的主要平台升級。

So while I believe 2024 will be remembered as a year of great tech-driven disruption in our industry, I also believe it is a year that The Trade Desk will continue to differentiate itself from its competitors and continue to outpace the market. As the industry races to $1 trillion TAM, we are incredibly well positioned to take more than our fair share.

因此，雖然我相信 2024 年將被銘記為我們行業技術驅動的重大顛覆的一年，但我也相信 The Trade Desk 將在這一年繼續從競爭對手中脫穎而出，並繼續超越市場。隨著該行業競相邁向 1 兆美元 TAM，我們處於非常有利的位置，能夠獲得超出我們應有份額的份額。

With that, I will hand it over to Laura, who will take you through more of the financial details.

接下來，我會將其交給勞拉，她將向您介紹更多財務細節。

Thank you, Jeff, and good afternoon, everyone. The Trade Desk delivered another strong quarter as revenue was $491 million, a 28% increase year-over-year. Our growth is further evidence of the durable value that The Trade Desk brings our clients, and we continue to outperform the industry as a result.

謝謝傑夫，大家下午好。 The Trade Desk 季度業績再次強勁，營收達 4.91 億美元，年增 28%。我們的成長進一步證明了 The Trade Desk 為我們的客戶帶來的持久價值，因此我們的表現繼續優於業界。

All of our progress in areas such as CTV, Retail Media, Kokai and UID2 helped deliver another quarter of consistently strong growth and profitability to start 2024. In addition to strong top line performance, I'm proud of the $162 million of adjusted EBITDA we generated during the quarter. representing a margin of 33%. Our strong growth in Q1 was broad-based in terms of geography and channel [geography].

我們在CTV、零售媒體、Kokai 和UID2 等領域取得的所有進展都有助於在2024 年伊始實現又一個季度的持續強勁增長和盈利能力。的調整後EBITDA 感到自豪本季產生。代表利潤率為33%。我們第一季的強勁成長在地理和通路方面具有廣泛的基礎。

Strength in CTV continued as the channel led our growth from a scale channel perspective once again. We also continue to see strong momentum in Retail Media as we continue to win shopper marketing budgets and as more of our existing clients utilize third-party retail data for targeting and measurement.

中視頻道的實力持續增強，從規模頻道的角度來看，該頻道再次引領了我們的成長。隨著我們繼續贏得購物者行銷預算，並且越來越多的現有客戶利用第三方零售數據進行定位和衡量，我們也繼續看到零售媒體的強勁勢頭。

UID2 is being deployed by major advertisers and publishers at a larger scale than ever. And we continue to see the benefits from strengthening our relationships with major brands and their agencies.

主要廣告商和發布商正在比以往更大規模地部署 UID2。我們繼續看到加強與主要品牌及其代理商的關係所帶來的好處。

From a scale channel perspective in Q1, video, which includes CTV represented a mid-40% share of our business and continue to grow as a percent of our mix. Mobile represented a mid-30% share spend during the quarter. Display represented a low double-digit percent share of our business and audio represented around 5%.

從第一季的規模管道角度來看，包括 CTV 在內的影片占我們業務的 40% 左右的份額，並且在我們的業務組合中所佔的百分比繼續增長。本季行動裝置支出佔 30% 左右的份額。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 first quarter. We saw strong consistent year-over-year growth across all of our regions in Q1 with international growth outpacing North America for the fifth quarter in a row.

從地理來看，第一季北美約佔支出的 88%，國際約佔支出的 12%。第一季度，我們所有地區的同比增長均保持強勁，其中國際成長連續第五個季度超過北美。

We continue to execute our growth playbook internationally, led by CTV and Retail Media. We remain optimistic that our business outside North America continues to be a strong contributor to our overall growth this year and for years to come.

在 CTV 和零售媒體的帶領下，我們繼續在國際上執行我們的成長策略。我們仍然樂觀地認為，北美以外的業務將繼續為我們今年和未來幾年的整體成長做出強勁貢獻。

In terms of verticals, every category greater than 1% of spend grew double digits in Q1. It's exciting to deliver such consistent growth across the business, and we're proud to see the value of the open Internet for premium Internet resonating with clients for many industries.

就垂直產業而言，每個支出超過 1% 的類別在第一季都實現了兩位數成長。整個業務實現如此持續的成長令人興奮，我們很自豪地看到開放網路對於優質網路的價值與許多行業的客戶產生共鳴。

Turning now to expenses. Q1 operating expenses, excluding stock-based compensation, were $352 million, up 20% year-over-year. We continue to make investments in our team and platform, particularly in areas like sales and marketing and platform operations as we position the organization for long-term growth. Income tax expense was $14 million in the first quarter, driven primarily by our profitability and nondeductible stock-based compensation.

現在轉向費用。第一季營運費用（不含股票薪酬）為 3.52 億美元，較去年同期成長 20%。我們繼續對我們的團隊和平台進行投資，特別是在銷售和行銷以及平台運營等領域，因為我們為組織的長期成長做好了準備。第一季所得稅費用為 1,400 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 $131 million or $0.26 per fully diluted share. Net cash provided by operating activities was $185 million and free cash flow was $176 million in Q1. DSOs exiting Q1 were 86 days, down 2 days from a year ago. DPOs were 70 days, down 2 days from a year ago.

該季度調整後淨利潤為 1.31 億美元，即完全稀釋每股收益 0.26 美元。第一季經營活動提供的淨現金為 1.85 億美元，自由現金流為 1.76 億美元。第一季退出的 DSO 為 86 天，比去年同期減少 2 天。 DPO 為 70 天，比一年前減少了 2 天。

We exited Q1 with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.4 billion. We have no debt on the balance sheet. Finally, in Q1, we repurchased 1.5 million shares of Class A common stock for an aggregate amount of $125 million. The company will continue to approach the repurchase program opportunistically depending on market conditions and capital priorities.

我們在第一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 14 億美元。我們的資產負債表上沒有債務。最後，在第一季度，我們回購了 150 萬股 A​​ 類普通股，總金額為 1.25 億美元。本公司將根據市場狀況和資本優先順序繼續擇機實施回購計畫。

Now turning to our outlook for the second quarter. We continue to see strong spend in our key areas such as CTV and Retail Media. We estimate Q2 revenue to be at least $575 million, which would represent growth of approximately 24% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $223 million in Q2.

現在轉向我們對第二季的展望。我們繼續看到 CTV 和零售媒體等關鍵領域的強勁支出。我們預計第二季營收至少為 5.75 億美元，年增約 24%。我們預計第二季調整後 EBITDA 約為 2.23 億美元。

In closing, we are encouraged about the momentum of our business. We're executing on large long-term growth drivers, including CTV, international expansion, Retail Media, our recent platform upgrade in Kokai, UID2 as well as the upcoming U.S. election cycle. We continue to generate strong free cash flow for our headcount efficiently and maintain a balance sheet that positions us to continue investing and achieving durable growth. We remain optimistic about the prospects for our business in the remainder of 2024 and beyond. That concludes our prepared remarks.

最後，我們對我們業務的發展勢頭感到鼓舞。我們正在執行大型長期成長動力，包括 CTV、國際擴張、零售媒體、我們最近在 Kokai 進行的平台升級、UID2 以及即將到來的美國選舉週期。我們繼續有效地為我們的員工產生強勁的自由現金流，並維持資產負債表，使我們能夠繼續投資並實現持久成長。我們對 2024 年剩餘時間及以後的業務前景保持樂觀。我們準備好的演講到此結束。

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

那麼，接線員，讓我們開始提問。

(Operator Instructions) The first question comes from Justin Patterson with KeyBanc.

（操作員說明）第一個問題來自 KeyBanc 的 Justin Patterson。

Great. Jeff, at the last Investor Day, you spoke about Connected TV forming a tidal wave. We're now starting to see Disney, Roku and even NBC with the Olympics leaning more on programmatic, suggesting that CTV won't be just a walled garden world here. It will actually be more open. So where do you think you are right now in just that tipping point from linear TV spend flowing into connected TV? And how are you thinking about the right investment level to seize that opportunity?

偉大的。傑夫，在上一次投資者日上，您談到了連網電視正在形成一股浪潮。我們現在開始看到迪士尼、Roku 甚至 NBC 在奧運會上更依賴程式化，這表明 CTV 不會只是一個有圍牆的花園世界。實際上會更加開放。那麼，您認為目前正處於線性電視支出流入連網電視的臨界點嗎？您如何考慮抓住這個機會的正確投資水準？

Thanks, Justin. I appreciate the question. So first, I think it's just important to take a step back and just look at where we've come from. It's been a few years. It wasn't that long ago that people were saying, oh, cable has got a long life. It's not going to be that long, and then the pandemic accelerated everything. Then we started talking about a new currency like UID2 and there was a fair amount of, well, are you sure you can get adoption on that? It seems like CTV has a lot of defenses or ways that it's going to be reluctant to adopt something new.

謝謝，賈斯汀。我很欣賞這個問題。因此，首先，我認為重要的是退後一步，看看我們從哪裡來。已經過去幾年了。不久前，人們還說，哦，電纜的壽命很長。時間不會那麼長，然後大流行加速了一切。然後我們開始討論像 UID2 這樣的新貨幣，有很多人說，你確定你能接受它嗎？ CTV 似乎有很多防禦措施或方法，不願意採用新的東西。

When you look at it now, and every streaming service has an AVOD offering, except for Apple. We've been saying for almost 10 years that Netflix would be showing ads and of course, they are today. In the last months, we've talked about how Disney+, the Olympics are coming to NBC, but they're also coming to programmatic for the first time, and they're doing that via The Trade Desk. And then, of course, our Roku partnership, and I think even during the height of the pandemic. People would not have predicted that we would be in the place that we are.

當你現在看時，每個串流媒體服務都有 AVOD 產品，除了蘋果。近 10 年來，我們一直在說 Netflix 將展示廣告，當然，今天確實如此。在過去的幾個月裡，我們討論了迪士尼+、奧運會如何登陸 NBC，但他們也是首次進入程序化，而且是透過 The Trade Desk 實現這一點。當然，還有我們的 Roku 合作夥伴關係，我認為即使在疫情最嚴重的時期也是如此。人們不會預料到我們會處於現在的境地。

Those 3 big announcements, our Disney+ announcement being to integrate directly with them have all come in roughly the last month. And then, of course, UID2 is the primary currency of connected television. And so with that backdrop, I think we're in a phenomenal position. And once again, the consumer is leading in the sense that as they move away from traditional television, cable and linear television, they're moving in to streaming and connected TV and all of those are filled with ad options.

這 3 個重大公告，我們的 Disney+ 公告，即直接與它們集成，大約都是在上個月發布的。當然，UID2 是連網電視的主要貨幣。因此，在這樣的背景下，我認為我們處於一個非凡的位置。消費者再次處於領先地位，因為他們從傳統電視、有線和線性電視轉向串流媒體和連網電視，而所有這些都充滿了廣告選項。

So the content owners and the streaming wars are more dependent on programmatic than ever. As we're seeing things like profitability, and Hulu and Disney excel in large part because of them leaning into programmatic, and we're super proud of our partnership there and across the board. As I said last quarter, I believe there will be an increase in inventory this year. I think we've heard that theme from most of the content owners throughout the year.

因此，內容所有者和串流媒體戰爭比以往任何時候都更加依賴程式化。正如我們所看到的，諸如盈利能力之類的事情，Hulu 和迪士尼的表現在很大程度上是因為他們傾向於程序化，我們對我們在那裡和全面的合作夥伴關係感到非常自豪。正如我上季度所說，我相信今年庫存將會增加。我想我們全年都從大多數內容所有者那裡聽到這個主題。

And the scale of identity is going to continue to go up, and that's in part because of that inventory going up. And I think all of that tips the scales even more towards the buyer's market. There is going to be more supply, and it makes it so that buyers can be more selective in what they buy. That makes it more important for everything to be layered with UID2, but also makes it more important for them to be very deliberate about what they're buying. And most of the streamers have to rely on programmatic so that they don't add to the ad load and, therefore, shrink or slow their growth.

身份的規模將繼續擴大，部分原因是庫存增加。我認為所有這些都使天平更加向買方市場傾斜。供應量將會增加，這使得買家在購買時可以更加挑剔。這使得所有東西都與 UID2 分層變得更加重要，但也使得他們對購買的東西進行深思熟慮也變得更加重要。大多數串流媒體必須依賴程式化，這樣他們就不會增加廣告負載，從而縮小或減緩其成長。

So I think that puts us in a tremendous place to thrive, and we're seeing more and more pressure on anybody who tries to create a walled garden like strategy in CTV. And so I think you're going to see more and more of the open Internet led by connected television. And I think this year, so far, even just the headlines from this year so far are underlining that point.

所以我認為這讓我們處於一個蓬勃發展的巨大空間，我們看到任何試圖在 CTV 中創建類似圍牆花園的策略的人都面臨著越來越大的壓力。因此，我認為您將會看到越來越多的由連網電視主導的開放網路。我認為今年到目前為止，即使只是今年迄今為止的頭條新聞也強調了這一點。

The next question comes from Shyam Patil with SIG.

下一個問題來自 SIG 的 Shyam Patil。

Congrats on another really strong quarter and outlook. I had a 2-part question. Jeff, I guess, following up on the first question, how do you think about the impact of Amazon's ad-supported Prime video offering from a competitive perspective? And then for the second part, this is related. Disney called out in their earnings call that there's a lot more supply in the market as a result of the competitor entering the ad-supported tier. And I think everyone's assuming that that's Amazon. And there are just some concerns out there that a massive influx of CTV inventory at lower CPMs, good depressed the CTV market overall without necessarily driving more demand. So I'm just curious kind of your thoughts on how all of this affects you guys and the industry.

祝賀又一個非常強勁的季度和前景。我有一個由兩個部分組成的問題。 Jeff，我想，接著第一個問題，您如何從競爭的角度看待亞馬遜廣告支援的 Prime 視訊產品的影響？然後對於第二部分，這是相關的。迪士尼在財報電話會議上表示，由於競爭對手進入廣告支援層，市場上的供應量增加了許多。我想每個人都認為那是亞馬遜。人們擔心，CTV 庫存大量湧入，每千次曝光費用 (CPM) 較低，這會抑制整體 CTV 市場，但不一定會推動更多需求。所以我很好奇你們對這一切如何影響你們和這個行業的想法。

You bet. So can you remind me of the first part of your question? So how does the increase in supply -- I get on the second part. Remind me of the first part of your question?

你打賭。那你能提醒我你問題的第一部分嗎？那麼供應量的增加是如何產生的——我將討論第二部分。讓我想起你問題的第一部分？

Yes. Yes, I know it's a long one. Yes, the first part was just how you're thinking about the impact of Amazon's ad-supported prime video offering from a competitive perspective.

是的。是的，我知道這很長。是的，第一部分就是您如何從競爭的角度思考亞馬遜廣告支援的優質影片產品的影響。

Yes. So today, we don't buy Amazon Prime video. That's only available from Amazon selling it themselves. And as you point out, I believe they're adding a significant amount of supply but then only selling it themselves, which does put some pressure on the objectivity problem that their DSP in particular has. And when I say the objectivity problem, I mean, it is very difficult to go to a buyer and say, give me your money, and I will help you objectively figure out where to put it. And by the way, I own a lot of it. And so I would, of course, bias towards selling my own.

是的。所以今天，我們不購買亞馬遜 Prime 影片。這只能從亞馬遜自己銷售。正如您所指出的，我相信他們增加了大量供應，但隨後只自己出售，這確實給他們的 DSP 特別面臨的客觀性問題帶來了一些壓力。當我說客觀性問題時，我的意思是，很難去找買家說，把你的錢給我，我會幫助你客觀地弄清楚把錢放在哪裡。順便說一句，我擁有很多。因此，我當然會傾向於出售自己的產品。

Everybody who does that tends to have a problem when they're repping other people's inventory, it makes it difficult for them to partner with. But their objectivity problem that I just described is it could also would be similar to a Google or somebody else. But they take it even one step further, which is that at Google, they don't make products that compete with all of these people that are selling. And because they white label soap and baby wipes and diapers and whatever else at Amazon, that also competes with many of the CPGs who are doing all the advertising. And so it makes it even more difficult.

每個這樣做的人在代理其他人的庫存時往往會遇到問題，這使得他們很難與他們合作。但我剛才描述的他們的客觀性問題是它也可能類似於谷歌或其他人。但他們更進一步，那就是在谷歌，他們不生產與所有這些銷售人員競爭的產品。而且因為他們在亞馬遜上為肥皂、嬰兒濕紙巾、尿布以及其他產品貼上白標，這也與許多負責所有廣告的快速消費品競爭。這使得事情變得更加困難。

So when you have more supply than you have demand and you have an objectivity problem, I think it puts a fair amount of pressure on them. What I do think is likely to happen over time, though, and we're seeing this happen inside of Amazon is them creating more separation between their different entities. I don't think it's good for Amazon or Amazon users for the ad experience to be inferior simply because they own the DSP. And what I anticipate will happen over time is that they will make their inventory available to everyone. That's what I would love to see.

因此，當供應多於需求並且存在客觀性問題時，我認為這會給他們帶來相當大的壓力。不過，我認為隨著時間的推移，這種情況很可能會發生，而且我們看到亞馬遜內部發生這種情況是他們在不同實體之間建立了更多的分離。我認為，僅僅因為擁有 DSP，廣告體驗就較差，這對亞馬遜或亞馬遜用戶來說並不是一件好事。我預計隨著時間的推移，他們會將庫存提供給所有人。這就是我希望看到的。

I'd love to have access to the inventory, and I would love for them to adopt UID2 and tell them I believe they're operating an anemic market. I think they are going to struggle because UID2 has become a ubiquitous currency for everyone in the CTV space, because advertisers want to bring their own data to the table and they want to buy very deliberately and make certain that it's going to work. And with the objectivity problem I just described, they are going to struggle to get the high CPMs and the data-driven high CPMs that could come if they were operating a more objective ecosystem.

我希望能夠存取庫存，並希望他們採用 UID2 並告訴他們我相信他們正在經營一個疲軟的市場。我認為他們將會陷入困境，因為 UID2 已經成為 CTV 領域每個人的普遍貨幣，因為廣告商希望將自己的數據帶到桌面上，他們希望非常謹慎地購買並確保它會發揮作用。由於我剛才描述的客觀性問題，如果他們經營一個更客觀的生態系統，他們將很難獲得高每千次展示費用和數據驅動的高每千次展示費用。

So I'd love to see them evolve, actually, not too dissimilarly from what we've seen from Roku. To see them evolve to a place where they embrace the open Internet, embrace those common currencies so that advertisers can bring their own data to bear, and then they would get higher CPMs. They could have a lighter ad load. They could have a better ad experience and all of that would be good for Prime video customers. But there's a lot that has to happen.

所以我很樂意看到它們的發展，實際上，與我們在 Roku 中看到的並沒有太大不同。看到它們發展到擁抱開放網路、擁抱這些共同貨幣的地步，這樣廣告商就可以利用自己的數據，然後他們就會獲得更高的每千次曝光費用。他們可以減少廣告負載。他們可以獲得更好的廣告體驗，所有這些對 Prime 視訊客戶都有好處。但還有很多事情必須發生。

Until that happens, I actually don't think they're that competitive. And I think all the other players have a much more competitive offering to the most premium advertisers, which is what television is really all about. So -- and tell them, I think the premium supply doesn't have quite as much of a surplus as there could be if Amazon embrace that, and I think we're going to see it take a little while before we get there.

在那之前，我實際上認為他們沒有那麼有競爭力。我認為所有其他參與者都為最優質的廣告商提供了更具競爭力的產品，這就是電視的真正意義所在。因此，告訴他們，我認為如果亞馬遜接受這一點，優質供應並沒有那麼多的盈餘，而且我認為我們需要一段時間才能實現這一目標。

The next question comes from Brian Fitzgerald with Wells Fargo.

下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Jeff, it looks like third-party cookies won't be going away now for at least until '25. What are your thoughts on the cookie deprecation delay once again? And how, if at all, it impacts the industry? And then maybe secondarily, could the continued delays have any impacts, positive or negative, on UID 2.0 adoption?

Jeff，看來第三方 cookie 至少要到 25 年才會消失。您對 cookie 棄用再次延遲有何看法？如果有的話，它會如何影響該行業？其次，持續的延遲是否會對 UID 2.0 的採用產生正面或負面的影響？

Great. And so first, I'm glad to get this question on cookie deprecation not because I haven't heard it before but in an effort to hopefully put it to bed for at least a little while until the next headline hit. I've been blown away by how much in trade press, there has been discussion about cookies. And maybe it's because I felt like it was a very important topic to talk about 2 or 3 years ago, but I just feel like we already had all these conversations.

偉大的。首先，我很高興收到關於 cookie 棄用的問題，不是因為我以前沒有聽說過，而是希望能在下一個頭條新聞出現之前將其擱置至少一段時間。我對貿易媒體上關於 cookie 的討論如此之多感到震驚。也許是因為我覺得這是兩三年前談論的一個非常重要的話題，但我只是覺得我們已經進行了所有這些對話。

So I was on record, I remember during the pandemic of saying, I think it is a strategic mistake for Google to deprecate cookies. I don't think the risk/reward is worth it for them. And I would not be surprised to see them delay this again and again as they continue to buy more time. I think that's exactly what we saw because we weren't surprised by this. We predicted this. We have just been sort of quick to move on.

所以我記得在大流行期間說過，我認為谷歌棄用cookie是一個戰略錯誤。我認為風險/回報對他們來說不值得。當他們繼續爭取更多時間時，看到他們一次又一次地推遲這一點，我不會感到驚訝。我認為這正是我們所看到的，因為我們對此並不感到驚訝。我們預測到了這一點。我們只是很快地繼續前進。

I do want to give Google a little bit of credit, though. I mean Apple took away cookies and said nothing, gave no announcement, offered no alternatives. Google said we're going to take away cookies, they gave some head start. Now they moved the data a bunch both forward and backward, which to me didn't make any sense. But they did at least try to propose something else, which was a privacy sandbox. The unfortunate thing was what they proposed was half bake and not a [great] solution.

不過，我確實想給Google一點信任。我的意思是，蘋果拿走了cookies，但什麼也沒說，沒有發佈公告，也沒有提供替代方案。谷歌表示我們將取消cookies，他們已經取得了一些先機。現在他們將資料向前和向後移動了一堆，這對我來說沒有任何意義。但他們至少嘗試提出其他東西，那就是隱私沙箱。不幸的是，他們提出的是半成品，而不是一個[偉大的]解決方案。

And so the industry has just been criticizing, us included, for the better part of the year because those criticisms, I think, were pretty unanimous even from industry bodies like the IAB that I've never expected to take such a strong position on privacy sandbox. I think it forced Google's hand to delay cookie deprecation.

因此，在今年的大部分時間裡，包括我們在內的行業一直在批評，因為我認為，這些批評甚至來自像IAB 這樣的行業機構，也是相當一致的，我從來沒有想到他們會在隱私問題上採取如此強硬的立場。我認為這迫使 Google 推遲了 cookie 的棄用。

So we were not surprised by it. The net effect of that is that it gives the open Internet a bit more runway to adopt things like UID2, and come up with authentication and identity strategies so that they can drive an environment outside of cookies.

所以我們對此並不感到驚訝。其最終效果是，它為開放互聯網提供了更多的跑道來採用 UID2 之類的東西，並提出身份驗證和身份策略，以便它們可以驅動 cookie 以外的環境。

I think this is very good for some of those that move slow. Some of the legacy media companies, especially those in journalism, I mean, journalism is being hit from so many side, especially in the big tech sort of pulling away from them which makes it harder and harder for them to monetize and they had a whole pile of problem before their CPMs went down. So I do think that this delay makes it so that things will function a little bit longer.

我認為這對於一些行動緩慢的人來說非常好。一些傳統媒體公司，尤其是新聞業的公司，我的意思是，新聞業正受到來自多方面的打擊，尤其是大型科技公司正在脫離它們，這使得它們變得越來越難以貨幣化，而且它們有一個整體在他們的每千次曝光費用下降之前，就出現了一堆問題。所以我確實認為這種延遲使得事情的運行時間會更長一些。

But I don't think it actually slows down UID2 adoption. We haven't seen any of that. And the reason why I don't think it slows it down is because the world knows they're serious. The world knows that it's not going to last forever. They are looking for a way to get out of this. And so I think the average publisher is saying exactly what we were saying 4 or 5 years ago, that while we think it's a strategic mistake for Google to get rid of cookies, we also think it's a strategic mistake for all the rest of us to do nothing.

但我不認為它實際上會減慢 UID2 的採用。我們還沒有看到這些。我認為這不會減慢速度的原因是因為全世界都知道他們是認真的。世界知道它不會永遠持續下去。他們正在尋找擺脫困境的方法。因此，我認為一般出版商所說的正是我們 4 或 5 年前所說的，雖然我們認為 Google 取消 cookie 是一個策略錯誤，但我們也認為我們其他人取消 cookie 也是一個策略錯誤。 。

And so everyone else, I think, has bought into that strategic fact that everyone has to be moving and operating and adjusting. So I do think that prevents any sort of dips or drop-offs where some 20% of slow adopters get meaningfully hurt. I think it helps give them a bit more runway. But I don't think it decelerates the adoption of UID2 in any way in part because UID2 adoption has been led by CTV, and CTV providers are competing with each other.

因此，我認為其他人都已經接受了這樣一個戰略事實：每個人都必須移動、操作和調整。因此，我確實認為這可以防止任何形式的下降或下降，即約 20% 的緩慢採用者受到重大傷害。我認為這有助於給他們更多的跑道。但我不認為這會以任何方式減緩 UID2 的採用，部分原因是 UID2 的採用一直由 CTV 主導，而 CTV 提供者正在相互競爭。

And that is a way that they differentiate from one another is, do I make it easy for the biggest brands in the world to put their own data to work as they buy my media? And if I do that, I won't get higher CPMs. All of them need that at streamer X, Y and Z irrespective of what happens at the New York Times or the LA Times or anywhere else like that. So hopefully, that answers the question on cookie deprecation. I'm excited to be moving on from this.

他們彼此不同的一種方式是，我是否可以讓世界上最大的品牌在購買我的媒體時輕鬆使用自己的數據？如果我這樣做，我將不會獲得更高的每千次曝光費用。無論《紐約時報》、《洛杉磯時報》或其他類似的地方發生什麼，他們都需要在串流媒體 X、Y 和 Z 上獲得這一點。希望這能回答有關 cookie 棄用的問題。我很高興能夠繼續前進。

The next question comes from Vasily Karasyov with Cannonball Research.

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

Jeff, I would like to ask you to talk about the deeper partnership with Roku that was announced last week. We heard some commentary from Roku. And from your perspective, what would you highlight for us that is significant for the Street to know? And in addition, as this progresses, I think the time line is a couple of quarters out. Can this lead to increased volume of CTV advertising for The Trade Desk? And if so, how would that mechanics work?

Jeff，我想請您談談上週宣布的與 Roku 的更深層合作關係。我們聽到了 Roku 的一些評論。從您的角度來看，您會向我們強調哪些對華爾街來說具有重要意義的內容？此外，隨著事情的進展，我認為時間軸已經過去了幾個季度。這是否會導致 The Trade Desk 的 CTV 廣告量增加？如果是這樣，該機制將如何運作？

Thanks. So it's early days in the specifics of our partnership, but we're very excited about the long-standing relationship that we've had with Roku and seeing it finally materialize into something meaningful. And I do believe this is something meaningful. The Roku Channel has grown tremendously over the last couple of years. So as they become more and more into content, and that includes having more ads, we're excited to have access to those in large part because we view Roku as a key premium publisher in the connected television space.

謝謝。因此，我們的合作細節還處於早期階段，但我們對與 Roku 的長期合作關係感到非常興奮，並看到它最終變成了有意義的東西。我確實相信這是一件有意義的事。 Roku 頻道在過去幾年中取得了巨大的發展。因此，隨著他們越來越多地關注內容，其中包括越來越多的廣告，我們很高興能夠接觸到這些內容，這在很大程度上是因為我們將Roku 視為聯網電視領域的主要優質發行商。

A couple of things that I think are incremental about the partnership. We anticipate their adoption of UID2, so we think that will be important. Our relationship has strengthened during the most recent discussions, and we believe that we will play the role as their most strategic demand partner. I think for the first time ever, advertisers can get access to Roku's ACR data directly in The Trade Desk platform.

我認為有幾件事對這種夥伴關係是增量的。我們預計他們會採用 UID2，因此我們認為這很重要。我們的關係在最近的討論中得到了加強，我們相信我們將發揮作為他們最具策略性的需求合作夥伴的作用。我認為廣告主有史以來第一次可以直接在 The Trade Desk 平台中存取 Roku 的 ACR 資料。

And perhaps as significantly as any of those things, I think us getting access to biddable inventory is a very big deal. Too much of CTV is still sold on a programmatic guarantee basis or a fixed rate basis and that is becoming increasingly undesirable. As more inventory comes online, buyers want the option to pick and choose. That is why they will pay a premium. That is the way to get a premium, and that requires a strong persistent sense of identity or identity currency. And that also means making the inventory biddable.

也許與這些事情一樣重要的是，我認為我們獲得可投標庫存是一件非常重要的事情。太多的 CTV 仍然以程序化保證或固定費率為基礎進行銷售，而這種情況正變得越來越不可取。隨著越來越多的庫存上線，買家希望能夠選擇。這就是為什麼他們會支付溢價。這就是獲得溢價的方式，而這需要強烈持久的認同感或身分貨幣。這也意味著讓庫存可以投標。

So the strength of the partnership and the relationship is the best that it's ever been with Roku. I'm really excited about the change that this represents for them. And we're excited at the partnership and excited for what it means for the future.

因此，與 Roku 的合作夥伴關係和關係是有史以來最好的。我對這對他們來說所代表的改變感到非常興奮。我們對此次合作感到興奮，也對它對未來的意義感到興奮。

The next question comes from James Heaney with Jefferies.

下一個問題來自杰弗里斯的詹姆斯希尼。

Can you just talk more about the expanded OpenPath partnership with Disney's streaming properties? Curious how this impacts just the amount of CTV inventory that you're now able to access compared to what you had before?

您能否詳細談談 OpenPath 與迪士尼串流資產擴大的合作關係？想知道與以前相比，這對您現在能夠訪問的 CTV 廣告資源量有何影響？

You bet. So let me just take a step back to explain what OpenPath is. Over the years, the supply path in digital advertising has gotten more and more convoluted. And sometimes it's because of the tactics used in companies like Google, where the DoubleClick Ad Exchange was once a pure theme and then they introduced things like Open Bidding and Open Bidding is really the backdrop whereby they created a lot of funky options that are described in the Texas Attorney General's complaint.

你打賭。那麼讓我退後一步來解釋一下 OpenPath 是什麼。多年來，數位廣告的供應路徑變得越來越複雜。有時這是因為像Google 這樣的公司使用的策略，DoubleClick Ad Exchange 曾經是一個純粹的主題，然後他們引入了公開出價之類的東西，而公開出價實際上是他們創建了許多時髦選項的背景，這些選項在德克薩斯州總檢察長的投訴。

So I think there's been a whole bunch of things that have made the supply chain complicated, not least of which is Google, but also the incentives that, that has created for SSPs and the way that they process auctions. In an effort to make the supply chain more efficient, we created an offering called OpenPath which is essentially going to the largest publishers in the world, often in connected television, but in any channel where they want to plug in directly with us.

因此，我認為有很多因素導致供應鏈變得複雜，其中不僅包括 Google，還包括為 SSP 創造的激勵措施以及他們處理拍賣的方式。為了提高供應鏈的效率，我們創建了一個名為 OpenPath 的產品，該產品主要面向世界上最大的出版商，通常是聯網電視，但也可以是他們希望直接與我們聯繫的任何管道。

So I want to be super clear, we are not in the yield management business. That is a function for publishers and their technological representatives. We are representing the buyers, but we're willing to give them visibility into our demand directly so that an intermediary can't make it more convoluted, more opaque and in some cases, charge more than they're adding in value. So we've connected OpenPath this pure pipe of visibility into our demand directly in to Disney's DRAX so that they have UID tied directly to them, and we have better visibility into the way that the auction works.

所以我想非常明確的是，我們不從事收益管理業務。這是出版商及其技術代表的職責。我們代表買家，但我們願意讓他們直接了解我們的需求，這樣中介機構就不能讓事情變得更加複雜、更加不透明，並且在某些情況下收取的費用超過了他們增加的價值。因此，我們將 OpenPath 這個純粹的可見性管道直接連接到迪士尼的 DRAX，以便將 UID 直接綁定到我們的需求，這樣我們就可以更好地了解拍賣的運作方式。

We expect 100% visibility eventually at Disney. We're moving in that direction. We -- they said on stage at FORWARD '24, by the way, that 50% of the business is automated and addressable. And by 2027, they expect that to be 75%. So we're on the path toward to 100%, but that is all made possible by us plugging in directly and having a clear sense of where is UID present, where is it not, how can we make things more addressable and how do we make the connection between us or said another way, how do we make the supply path as clean, clear, transparent and efficient as possible. And by us plugging in directly with Disney, I think we're setting yet another model for the way that the most optimal integrations can be done in connected television. So very excited to be doing that with one of the biggest in the space. So thanks for the question.

我們預計最終迪士尼的知名度將達到 100%。我們正在朝這個方向前進。順便說一句，我們——他們在 FORWARD '24 的舞台上說，50% 的業務是自動化且可尋址的。到 2027 年，他們預計這一比例將達到 75%。因此，我們正朝著 100% 的目標邁進，但這一切都是透過我們直接插入並清楚地了解 UID 存在於何處、何處不存在、我們如何才能使事情變得更加可尋址以及我們如何建立我們之間的連結或換句話說，我們如何讓供應路徑盡可能乾淨、清晰、透明和有效率。透過我們直接與迪士尼合作，我認為我們正在為連網電視中實現最佳整合的方式樹立另一種模式。非常高興能夠與該領域最大的公司之一合作。謝謝你的提問。

The next question comes from Jason Helfstein with Oppenheimer.

下一個問題來自傑森·赫夫斯坦和奧本海默。

I want to ask a question about social video. It seems that it's been gaining share and as linear dollars are just kind of leaving linear, like it's definitely competing with CTV for a share of those dollars. Just any thoughts about how you think about that, how you can kind of utilize that channel for your customers? And then it also seems to be perhaps pushing CTV to embrace more data to try to be competitive with that. And so maybe comment on that, agree, disagree, et cetera.

我想問一個關於社交影片的問題。看起來它的份額一直在增加，而且線性美元正在離開線性，就像它肯定會與 CTV 競爭這些美元的份額一樣。您對此有何想法，如何為您的客戶利用該管道？然後，它似乎也可能推動 CTV 接受更多數據，以試圖與之競爭。所以也許對此發表評論，同意，不同意，等等。

You bet. So in the move from offline advertising, which, of course, pre-Internet was everything. And in the world of digital, everything has been shifting towards digitization and eventually we think all advertising will be transacted digitally even for the small minority of that, that has not actually executed digitally. So we'll use digital pipes even if we're going to run an ad in print, for instance. So everything is moving to digital.

你打賭。因此，從線下廣告轉向線下廣告，當然，在網路出現之前，線下廣告就是一切。在數位世界中，一切都在數位化轉變，最終我們認為所有廣告都將以數位方式進行交易，即使是少數尚未實際以數位方式執行的廣告。因此，例如，即使我們要在印刷品上投放廣告，我們也會使用數位管道。所以一切都在轉向數位化。

As it's been moving to digital, it's gone in -- there's been sort of 2 poles or 2 centers of gravity. One is around user-generated content that has exponentially more supply than demand. Orders of magnitude, more supply than demand because they're uploading thousands of hours every second or whatever, whether it's on TikTok or YouTube, the amount of content is off the charts. And what those platforms have often done really well is made it really easy for you to spend money and then they often report the results on their own, in other words, grading their own homework to tell you how they did.

隨著它向數位化發展，它已經進入了——有兩個極點或兩個重心。其中之一是用戶產生的內容，其供應量遠遠超過需求量。數量級，供應量大於需求量，因為他們每秒上傳數千小時或其他什麼，無論是在 TikTok 還是 YouTube 上，內容量都超乎想像。這些平台通常做得很好的是讓你很容易花錢，然後他們經常自己報告結果，換句話說，給自己的作業評分，告訴你他們做得如何。

When you use those metrics and partly because of the supply/demand, the reach is really cheap. And when you contrast that to premium content, it can seem very cheap, especially when you're relying on the metrics that are provided by the companies that are selling you the inventory. We have focused all of our efforts on the premium side of the Internet. And more and more, you will hear us talk about our goal is to monetize the premium side of the Internet, in large part because that's where people spend all their time.

當您使用這些指標時，部分原因是供需關係，覆蓋範圍確實很便宜。當你將其與優質內容進行比較時，它看起來非常便宜，尤其是當你依賴向你出售庫存的公司提供的指標時。我們將所有的努力都集中在網路的高端領域。您會越來越多地聽到我們談論我們的目標是將互聯網的優質部分貨幣化，這在很大程度上是因為人們將所有時間都花在了互聯網上。

We mentioned in the prepared remarks that the ad to content ratio in user-generated content is worse than it's ever been. We think that is going to continue to get worse even though the amount of inventory goes up. And as a result, you're seeing more and more advertisers sort of flee to safety. I want to be associated with premium content. And I want to be associated with ads that I know are getting visibility. And as they are getting to be more and more of those ads, it makes it easier for them to say I want to be associated with those where I know I'm getting the 30-second spot. I know I'm getting people's attention. I know they're not skipping it. I know they don't hate my ad in front of that 14-year-old falling off of something.

我們在準備好的評論中提到，用戶生成內容中的廣告與內容的比例比以往任何時候都更糟糕。我們認為，儘管庫存量增加，情況仍將繼續惡化。結果，你會看到越來越多的廣告商紛紛逃往安全地帶。我想與優質內容相關聯。我希望與我知道正在獲得曝光的廣告相關聯。隨著他們越來越多地接觸這些廣告，他們更容易說我想與那些我知道我會獲得 30 秒廣告的廣告聯繫起來。我知道我正在引起人們的注意。我知道他們不會跳過它。我知道他們並不討厭我在那個從某處摔下來的 14 歲孩子麵前做的廣告。

So increasingly, you'll see us talk about the premium side of the Internet because we know that that's where the most premium advertisers in the world want to go. And there's more and more question about UGC as it becomes more and more the epicenter for hate speech and all the worst parts of the Internet. So I expect that separation to continue. It doesn't mean that there won't be budgets going there. But I think the majority of the growth is going to go to the premium side of the Internet because the premium side of the Internet is getting so much better at making those available in a data-driven way, which kind of gets to the second part of your question.

因此，您會越來越多地看到我們談論互聯網的優質方面，因為我們知道這是世界上最優質的廣告商想要進入的領域。隨著 UGC 越來越成為仇恨言論和網路上所有最糟糕部分的中心，關於 UGC 的問題也越來越多。所以我預計這種分離會繼續下去。這並不意味著那裡不會有預算。但我認為大部分成長將流向互聯網的高端領域，因為互聯網的高端領域在以數據驅動的方式提供這些服務方面做得越來越好，這就是第二部分你的問題。

You're exactly right, actually, that one advantage to sort of the social media video as you put it, is that the supply chain is one company end-to-end in large part. So they go get demand and then they execute it themselves. And so while the -- while we can criticize them for not having objectivity, we have to -- it's like [crave and] to some extent, for making it super easy and it's easier when your ecosystem is really just one company.

事實上，你是完全正確的，正如你所說，對社群媒體影片進行排序的一個優點是，供應鏈在很大程度上是一家公司端到端的。所以他們去獲取需求，然後自己執行。因此，雖然我們可以批評他們沒有客觀性，但我們必須這樣做，在某種程度上，它就像[渴望]讓事情變得超級簡單，而且當你的生態系統實際上只是一家公司時，它會變得更容易。

Because now we're doing integrations like the one we just talked about with Disney, we're making the supply chain of the open Internet so much more effective that when you couple that with the most premium content, whether we're talking about in music or in journalism or especially in CTV, all of those things make the premium Internet more accessible to the most premium advertisers in the world. And as the amount of inventory goes up in that world, we also expect more of the dollars to do that -- to move in that direction.

因為現在我們正在進行集成，就像我們剛剛與迪士尼討論的那樣，我們正在使開放互聯網的供應鏈變得更加有效，以至於當你將其與最優質的內容結合起來時，無論我們談論的是音樂或新聞，尤其是CTV，所有這些都使世界上最優質的廣告商更容易訪問優質互聯網。隨著這個世界的庫存量增加，我們也預期更多的美元會朝這個方向發展。

So I think all of this is good for us, but I just wanted to paint a picture of that contrast. There are those 2 centers of gravity they will continue to get spend. But the one that is growing most, I believe, is the premium side of the Internet.

所以我認為這一切對我們都有好處，但我只是想描繪出這種對比的畫面。他們將繼續在這兩個重心上進行支出。但我認為，成長最快的是網路的高端領域。

The next question comes from Laura Martin with Needham.

下一個問題來自勞拉·馬丁和李約瑟。

Jeff, I believe that great leadership creates great value, and I really appreciate your leadership at the open Internet. So I wanted to say that first. My question is on CTV full funnel. So it feels to me like with your deal with Walmart on RMN and then buying VIZIO and Amazon turning all of its 200 million Prime video (inaudible) driven. It feels like the TAM expansion going on in CTV is bottom of funnel, which is making connected television an omni-funnel channel, not just top of funnel, which was sort of the historical thesis. My question is, is part of your growth, this 28% industry-leading growth you're reporting, because you actually have a full funnel option in connected television?

傑夫，我相信偉大的領導力可以創造巨大的價值，我非常感謝您在開放網路上的領導力。所以我想先說這一點。我的問題是關於 CTV 全通路的。所以對我來說，這就像你在 RMN 上與沃爾瑪達成的交易，然後購買了 VIZIO 和亞馬遜，將其所有 2 億個 Prime 影片（聽不清楚）驅動。感覺 CTV 中正在進行的 TAM 擴展是漏斗的底部，這使得聯網電視成為全漏斗頻道，而不僅僅是漏斗的頂部，這有點像歷史論文。我的問題是，您所報告的行業領先成長 28% 是您成長的一部分嗎？

The short answer is yes. So it is true that the easiest dollars to move over are top of funnel because that is, of course, where the biggest advertisers in the world have historically spent. And so they are moving over budget, but previously they'd put in linear and those would come over to CTV. They're taking the same assets and in some cases, even the same way of thinking about it. Well, it improved the metrics a bit and then they improved the targeting a lot. And therein is the new sort of ported over TV budgets.

簡短的回答是肯定的。因此，最容易轉移的資金確實是在漏斗頂部，因為這當然是世界上最大的廣告商歷史上花費的地方。因此，他們正在超額預算，但之前他們會投入線性預算，而這些預算將轉交給 CTV。他們採用相同的資產，在某些情況下，甚至採取相同的思考方式。嗯，它稍微改進了指標，然後他們大大地改進了目標定位。其中就有一種新的電視預算移植方式。

However, as you point out, you don't have to spend that way very long to say, now what do we do next? How can we improve on that? And that's why we're bringing retail data to bear really is just showing amazing advantages for those that have historically sold in brick-and-mortar stores that have historically had difficulty getting data online but now they can partner with many of the biggest retailers in the world who are also trying to compete with big tech and in large part, they're trying to compete with the Amazons of the world.

然而，正如您所指出的，您不必花很長時間來說，現在我們下一步做什麼？我們該如何改進呢？這就是為什麼我們將零售數據付諸實踐，這對於那些歷史上在實體店銷售的零售商來說確實顯示出了驚人的優勢，這些實體店歷來難以在線獲取數據，但現在他們可以與許多最大的零售商合作。

So all of them are saying, how can I put my data to work so that we can sell more product at a Walgreens or Dollar General or a Walmart or a Target or so many others, Albertson, so many others, Krogers, so many. But if they can sell more product in their stores by making their data available on our platform, then the advertiser is getting a bit more bottom of the funnel, the retailer is being able to provide proof that their data is actually selling more product in their own 4 walls, and that makes it easier for them holistically to spin their flywheel faster, which is exactly the way they think about it in places like Amazon.

所以他們所有人都在說，我怎麼能將我的數據發揮作用，以便我們可以在沃爾格林、達樂、沃爾瑪、塔吉特或許多其他公司（艾伯森、克羅格等）銷售更多產品。但是，如果他們可以透過在我們的平台上提供數據來在商店中銷售更多產品，那麼廣告商就可以更深入地了解管道的底部，零售商就能夠提供證據證明他們的數據實際上在他們的商店中銷售了更多產品。

So it ends up being a win-win between the retailer as well as the advertiser as they get data and insights and efficiencies that they haven't had before. And that is, by its very nature, a bit more bottom of the funnel. I think we've merely scratched the surface on what's possible there. I think there's so much ahead for that. Not dissimilar from what we were just talking about in supply chains. There's a lot of work we need to do to unlock that data to make it easier.

因此，這最終成為零售商和廣告商之間的雙贏，因為他們獲得了以前從未有過的數據、見解和效率。就其本質而言，這就是漏斗底部的一點。我認為我們僅僅觸及了其中可能性的表面。我認為這還有很長的路要走。與我們剛才談論的供應鏈沒有什麼不同。我們需要做很多工作來解鎖這些數據，以使其變得更容易。

There's way too many manual processes today. We -- I had a meeting with a very large data company today about just making certain that the pipes are very connected so that we can make it easier for the biggest advertisers in the world to use their own data to keep it safe, to do only things that they would want to do with it that are respecting the very sacred relationship that they have with consumers so that they can leverage that data top and bottom of the funnel to be more efficient and the amount of unlocked and things that are possible in large part started by retail media are just things that we haven't even imagined even just a couple of years ago. So it's a really exciting time.

如今的手動流程太多了。我們——我今天與一家非常大的數據公司舉行了一次會議，討論確保管道緊密相連，以便我們可以讓世界上最大的廣告商更容易地使用他們自己的數據來保證數據的安全，他們只想用它做的事情是尊重他們與消費者之間非常神聖的關係，以便他們可以利用漏斗頂部和底部的數據來提高效率以及解鎖的數量和可能的事情大部分由零售媒體發起的事情是我們幾年前還沒想像到的。所以這是一個非常令人興奮的時刻。

Next question comes from Mark Zgutowicz with the Benchmark Company.

下一個問題來自 Benchmark 公司的 Mark Zgutowicz。

Just maybe a follow-up to Jason's question on social walled gardens. If you look at your mix across all of your ad categories, it's been relatively unchanged since December of '22. This quarter, you indicated mobile dropped from a high 30% to mid-30s, but we haven't seen video move up from the mid-40s since December '22. So I'm just curious what's sort of driving that dynamic would have, I guess, expect to see video mix moving higher as all these CTV initiatives are implied?

也許只是傑森關於社交圍牆花園問題的後續。如果您查看所有廣告類別的組合，您會發現自 22 年 12 月以來，它相對沒有變化。本季度，您表示行動裝置從 30% 的高點下降到 30 多歲，但自 22 年 12 月以來，我們還沒有看到影片從 40 多歲的上升。因此，我只是好奇，隨著所有這些 CTV 舉措的暗示，這種動態會帶來什麼樣的推動力，預計視訊混合會更高？

Honestly, I don't spend that much time on measuring the mix. Of course, I'm very interested in seeing CTV continue to grow, and I am interested in the overall growth rate. But because when you're looking at the growth rates against each other, when one is doing really well, it doesn't necessarily mean the other is doing badly, even though the slice of the pie goes down. Because the pie is getting bigger, we're excited about that growth across the board. So whether it's high 30s to mid-30s in mobile and whatnot, we're still heading in an amazing direction of growth.

老實說，我不會花太多時間來衡量組合。當然，我對看到CTV繼續成長非常感興趣，我對整體成長率感興趣。但因為當你比較彼此的成長率時，當一個人做得很好時，並不一定意味著另一個人做得很差，即使蛋糕的份額下降了。由於蛋糕越來越大，我們對全面增長感到興奮。因此，無論是 30 多歲到 30 多歲的行動領域還是其他領域，我們仍然朝著令人驚嘆的成長方向前進。

And honestly, we spend a lot of time trying to actually properly categorize inside of things like video and sometimes small moves like people watching video on phones or offline versus watching them on CTV have an effect on what we described as growth in CTV versus video or otherwise. When the content is almost the same, it's just a device.

老實說，我們花了很多時間試圖對視頻等內容進行真正正確的分類，有時一些小動作，比如人們在手機或離線觀看視頻與在CTV 上觀看視頻，會對我們所說的CTV 與視頻或視頻的成長產生影響。當內容幾乎一樣的時候，就只是一個設備了。

And so creating distinction between premium content and devices can sometimes muddy the waters and the numbers, which is not ever what we intend to do. We're simply just trying to show the value of premium content. We know that, that trend overall is very good, irrespective of what devices they're used on. And in fact, even if you look at it on a device basis, the trends are also very good. So the small changes that you're describing, I honestly don't spend that much time thinking about it.

因此，在優質內容和設備之間建立區別有時會使水和數字變得混亂，這從來都不是我們打算做的。我們只是想展現優質內容的價值。我們知道，無論在什麼設備上使用，整體趨勢都非常好。事實上，即使從設備的角度來看，趨勢也非常好。所以你所描述的小變化，老實說，我沒有花太多時間考慮它。

Yes. And Mark, this is Laura. I would just add that video does continue to increase. We just don't break out the exact percentages.

是的。馬克，這是勞拉。我想補充一點，影片確實在不斷增加。我們只是沒有透露確切的百分比。

The next question comes from Mark Mahaney with Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

(inaudible) from analogy. There's been rising regulatory scrutiny of Google, I think, and I know and I met it for a couple of years, but it's really kind of come home this year. You mentioned some of the stuff that's been disclosed, you've got 2 trials that will probably have decisions between now and the end of the year. So was that actually causing a notable material acceleration or shift of ad budgets away from Google towards The Trade Desk? Have you actually seen that now that the -- whatever the right now, the chickens have come home to roost?

（聽不清楚）類比。我認為，對谷歌的監管審查越來越嚴格，我知道，而且我已經遇到過這種情況好幾年了，但今年確實有所回落。你提到了一些已經揭露的內容，你有兩個試驗，可能會在現在到今年年底之間做出決定。那麼，這是否真的導致廣告預算顯著加速或從 Google 轉向 The Trade Desk 呢？你是否真的看到了——無論現在發生什麼，雞已經回家了？

Yes. Thanks, Mark. I really appreciate the question. So when you get an incremental dollar, it's sometimes hard to figure out why you got it or where it came from. But -- so it's hard for us to attribute how much of that is coming from people's fear of Google. I mean I know that we win money from Google CFP all the time. Sometimes, we think that's because our product is better. Sometimes, I think it's because our objectivity is better. Sometimes, it's because we're not going to spend most of your money on YouTube.

是的。謝謝，馬克。我真的很感激這個問題。因此，當你獲得增量美元時，有時很難弄清楚你為什麼獲得它或它來自哪裡。但是——所以我們很難將其中有多少歸因於人們對谷歌的恐懼。我的意思是我知道我們一直從 Google CFP 那裡贏錢。有時，我們認為這是因為我們的產品更好。有時，我認為這是因為我們的客觀性更好。有時，這是因為我們不會將您的大部分資金花在 YouTube 上。

There's a whole bunch of reasons why that's the case and regulatory scrutiny is one of those. But I will speak to the sentiment, which I think is just easier to speak to. As I have more and more conversations with C-suites at some of the biggest companies in the world and talk about it in the context of either partnership or seeking their advertising dollars. The acknowledgment that handing over your data and your money to Google and hoping for the best and especially when that is a critical part of your future is increasingly viewed as a risky strategy that people have to take their own faith in their own hands.

造成這種情況的原因有很多，監管審查就是其中之一。但我會談談這種情緒，我認為這種情緒比較容易表達。隨著我與世界上一些最大公司的高管進行越來越多的對話，並在合作夥伴關係或尋求廣告收入的背景下談論這個問題。將你的數據和金錢交給谷歌並希望得到最好的結果，尤其是當這是你未來的關鍵部分時，這種承認越來越被視為一種冒險的策略，人們必須把自己的信心掌握在自己手中。

And that's one of the things that I think is so compelling about our offering right now, is that we are not saying trust us instead of them, and we will do the same thing they do just with more focus because we don't own YouTube. That's not what we do. We actually tell them we will give you the details of all of your performance. It's your data, you take it with you, you own it. And that way, you learn and you always own your future. That part where advertisers want to own their own future.

我認為我們現在提供的服務非常引人注目的一件事是，我們並不是說相信我們而不是他們，我們會做他們做的同樣的事情，只是更加專注，因為我們不擁有 YouTube 。那不是我們做的。我們實際上告訴他們我們將為您提供所有表演的詳細資訊。這是您的數據，您隨身攜帶，您擁有它。這樣，你就能學習並永遠擁有自己的未來。廣告商希望擁有自己的未來。

It feels like that is more important to them than it ever has been, and I do believe that the regulatory scrutiny and all the -- there are a lot of people that have read the Texas Attorney General's complaint and have thought about the effect that, that has on the ecosystem, and it does make them want to be more deliberate about where they spend, and it does make them, in many cases, I think, a better partner for us, and it helps us to see what kind of partner we want to be to them. But I do believe it is contributing to our growth, but it's really hard to quantify is the short answer.

感覺這對他們來說比以往任何時候都更重要，我確實相信監管審查和所有 - 有很多人讀過德克薩斯州總檢察長的投訴並考慮過其影響，這確實讓他們想要更加慎重地考慮自己的支出，而且我認為，在很多情況下，這確實使他們成為我們更好的合作夥伴，這有助於我們了解什麼樣的合作夥伴我們想成為他們。但我確實相信它有助於我們的成長，但簡短的回答是很難量化。

And then one last question, John.

最後一個問題，約翰。

Our last question comes from Matt Swanson with RBC Capital Markets.

我們的最後一個問題來自加拿大皇家銀行資本市場的馬特·斯旺森。

Yes. Great. Jeff, I feel like we've spent a lot of time on the call kind of thinking through CTV publishers and why strategically it makes sense for them to open up more. But I guess, thinking of it from the advertiser side, as CTV continues to scale and just the complexity of buying gets larger, how important is it for them to get back to a single pane of glass? And you've used this term currency a bunch in terms of beta consistency and kind of how can that drive more programmatic versus direct as maybe advertisers start to pressure those publishers?

是的。偉大的。傑夫，我覺得我們花了很多時間在電話會議上思考 CTV 出版商以及為什麼從策略上來說他們開放更多內容是有意義的。但我想，從廣告主的角度來看，隨著 CTV 不斷擴大規模，購買的複雜性也越來越大，對他們來說，回到單一管理平台有多重要？您在 Beta 一致性方面多次使用了貨幣這個術語，以及如何推動更多的程序化而不是直接的，因為廣告商可能開始向那些出版商施加壓力？

When you say a single pane of glass, can you elaborate? What -- did you mean just spending on CTV?

當你說一塊玻璃時，你能詳細說明一下嗎？什麼——你的意思只是在 CTV 上花錢嗎？

Yes. So in CTV, as opposed to the idea of when your budgets are small, direct might seem more feasible? And as CTV budgets grow and the complexity grows and the number of suppliers grow, how much more important it is to them to start to create more automated processes.

是的。那麼在 CTV 中，與預算較小時的想法相反，直接似乎更可行？隨著 CTV 預算的成長、複雜性的增加以及供應商數量的增加，對他們來說開始創建更自動化的流程變得更加重要。

I see. I love this question. Thank you. So when you -- it wasn't that long ago that as consumers, we were just using 1 or 2 apps on a Roku, where at least 5, 6, 7, maybe 10 years ago, I just used the Amazon and Netflix. And now there's a lot more options and almost all of them have ads. It wasn't that long ago that it was 1 or 2, and then it was only a few others, and then most of them had limited ads. And now there's a lot more and they all have ads. So if you're an advertiser, you can't just go to one company and say, I want to buy some ads and then have an understanding of the way of frequency caps in particular, will be used.

我懂了。我喜歡這個問題。謝謝。所以，就在不久前，作為消費者，我們只在 Roku 上使用 1 或 2 個應用程序，而至少 5、6、7、也許 10 年前，我只使用 Amazon 和 Netflix。現在有更多的選擇，而且幾乎所有的選擇都有廣告。不久前還是1、2個，然後就只有其他幾個了，然後大部分都是有限的廣告。現在有更多，而且都有廣告。所以如果你是廣告商，你不能只去一家公司說，我想買一些廣告，然後了解特別是頻次上限的使用方式。

You have to be thinking across all of these apps and you have to think about how many times am I showing the same user this ad irrespective of what show or what profile or what app they're using to watch it on. And so as the number of options goes up, and the amount of ad inventory goes up, the need to automate and be data-driven and have a persistent sense of anonymized identity is greater than it's ever been before. And that's partly because the ad prices haven't gone down. And in fact, for the premium stuff, for the things they really want, they've gone up. And that's not necessarily any longer because of scarcity.

您必須考慮所有這些應用程序，並且必須考慮我向同一用戶展示此廣告多少次，無論他們使用什麼節目或個人資料或什麼應用程式來觀看它。因此，隨著選項數量的增加和廣告庫存量的增加，對自動化、數據驅動以及持久的匿名身份意識的需求比以往任何時候都更加強烈。部分原因是廣告價格沒有下降。事實上，對於優質的東西，對於他們真正想要的東西，價格已經上漲了。但由於稀缺，這種情況不一定會不再存在。

The scarcity has actually gone away. The amount of inventory has gone up, but there is scarcity when it relates to having all the meta data that you want in order to make an informed decision. And there will, to some extent, always be scarcity around the exact audience that people want to reach. And so by making that more available, that's how you get the premium. And so all of the streamers have figured this out. This is the way to get the premium. And I think they're all on a path that to me makes sense, like all of them are doing the right things.

稀缺性其實已經消失了。庫存量已經增加，但是當涉及到擁有您想要做出明智決策所需的所有元資料時，庫存量卻很稀缺。在某種程度上，人們想要接觸的確切受眾總是稀缺的。因此，透過提供更多可用的服務，這就是您獲得溢價的方式。所以所有的主播都已經明白這一點了。這是獲得溢價的方式。我認為他們都走在一條對我來說有意義的道路上，就像他們都在做正確的事情一樣。

And that is one of the things that we have said about CTV really from the beginning is that it's perfectly fragmented. It is fragmented enough that no one could be draconian and create a walled garden. People doubted us when we said that initially, and I think that's proven to be true. But it also is consolidated enough is that you have very smart people running those, and they're going to be hyper rational. And as a result, we're seeing them all do, in my view, what is the right thing.

我們從一開始就對 CTV 說過的一件事是，它完全是支離破碎的。它已經支離破碎，沒有人能夠嚴酷地創造一個有圍牆的花園。當我們最初這麼說時，人們對我們表示懷疑，我認為這已被證明是正確的。但它也足夠鞏固，因為你有非常聰明的人來管理這些，而且他們將變得非常理性。結果，在我看來，我們看到他們都做了正確的事。

Some of them are different parts of the sort of adoption or innovation curve. They're on different parts of the journey, in different places in the journey but they're all on the right path. So I'm very excited about the state of CTV. I really do think it has huge implications on the entire open Internet. I do think it's leading the open Internet as it relates to the premium content. And I'm optimistic that digital audio is right behind it. There are lots of leaders in digital audio that are doing more than what CTV has done, but there's still a lot of catching up to do as well.

其中一些是採用或創新曲線的不同部分。他們處於旅程的不同部分、不同的地方，但他們都走在正確的道路上。所以我對 CTV 的現狀感到非常興奮。我確實認為它對整個開放互聯網有著巨大的影響。我確實認為它正在引領開放互聯網，因為它與優質內容相關。我對數位音訊的發展持樂觀態度。數位音訊領域有很多領導者所做的事情比 CTV 所做的還要多，但仍有許多工作要做。

And I'm super optimistic about what that means for things like journalism as they're really starting to think about it the right way. But very optimistic about the open Internet led by CTV. Really appreciate the question.

我對這對新聞業等行業意味著什麼非常樂觀，因為他們真的開始以正確的方式思考它。但非常看好中視主導的開放網路。真的很感激這個問題。

Thanks so much, Matt. You can close out the call now, John. Thank you.

非常感謝，馬特。約翰，你現在可以結束通話了。謝謝。

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

謝謝。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。