Trade Desk Inc (TTD) 2024 Q2 法說會逐字稿

Greetings. Welcome to The Trade Desk second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 The Trade Desk 2024 年第二季財報電話會議。 （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 Chris Toth, you may begin.

現在我將把會議交給克里斯托特，你可以開始了。

Thank you, operator. Hello. And good afternoon to everyone. Welcome to The Trade Desk second-quarter 2024 earnings conference call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein. A copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com.

謝謝你，接線生。你好。大家下午好。歡迎參加 The Trade Desk 2024 年第二季財報電話會議。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 的投資者關係部分取得。

Please note that aside from historical information, today's discussion and our responses during the Q&A may include forward-looking statements. These statements are subject to risks and uncertainties and reflect our views and assumptions as of the date such statements are made. Actual results may vary significantly, and we expressly disclaim any obligation to update the forward-looking statements made today. If any of our beliefs or assumptions prove incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. For a detailed discussion of risks, please refer to the risk factors mentioned in our press release and our most recent SEC filings.

請注意，除了歷史資訊外，今天的討論和我們在問答期間的回應可能包括前瞻性陳述。這些陳述存在風險和不確定性，反映了我們截至做出此類陳述之日的觀點和假設。實際結果可能會有很大差異，我們明確表示不承擔更新今天所做的前瞻性陳述的義務。如果我們的任何信念或假設被證明是不正確的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的結果有重大差異。有關風險的詳細討論，請參閱我們的新聞稿和我們最近向 SEC 提交的文件中提到的風險因素。

In addition to our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures is available in our earnings press release. We believe that presenting these non-GAAP measures, alongside our GAAP results offer a comprehensive view of the company's operational performance.

除了我們的 GAAP 財務表現之外，我們還提供補充的非 GAAP 財務數據。我們的收益新聞稿中提供了 GAAP 與非 GAAP 指標的調整表。我們相信，將這些非公認會計原則指標與我們的公認會計原則結果一起提供可以全面了解公司的營運績效。

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 to everyone for joining the call. As you've seen from the press release, we delivered very strong growth once again in the second quarter. Revenue was up 26% to $585 million. Our growth rate significantly outpaced the rest of the digital marketing industry just as it has every quarter for the last few years.

謝謝，克里斯。感謝大家加入此次通話。正如您從新聞稿中看到的，我們在第二季度再次實現了非常強勁的成長。營收成長 26% 至 5.85 億美元。我們的成長率明顯超過了數位行銷產業的其他公司，就像過去幾年每季一樣。

I'm convinced that our success has been forged on the back of consistent strong 20%-plus revenue growth year after year for the past several years. By comparison, our ad-funded peers have gone through periods of much lower growth and even stagnation, in some cases. That means we are consistently gaining market share quarter after quarter and year after year. And I firmly believe that's because we continue to bring the best innovation and best value to the market.

我堅信，我們的成功是在過去幾年持續強勁的 20% 以上收入成長的基礎上取得的。相較之下，我們的廣告資助同行經歷了成長低得多、甚至在某些情況下停滯的時期。這意味著我們季復一季、年復一年地不斷獲得市場份額。我堅信這是因為我們不斷為市場帶來最好的創新和最大的價值。

And perhaps more important, I believe that we will continue to outpace the market in the years to come, led by areas such as Connected TV, which are only getting stronger. In fact, one of the most bullish things happening in advertising today are evident in our performance. Through the first half of this year, CTV growth has accelerated versus the first half of last year.

也許更重要的是，我相信在未來幾年，在連網電視等領域的引領下，我們將繼續超越市場，而這些領域只會變得越來越強大。事實上，當今廣告業最樂觀的事情之一在我們的業績中顯而易見。今年上半年，CTV 的成長較去年上半年加快。

Before I get into the core of my remarks, let me make a macro observation about the marketing and advertising industry. I've recently been meeting with many CMOs from the world's leading brands around the world, including at the recent Cannes Lions Festival in France.

在進入主題之前，我先對行銷和廣告業進行宏觀觀察。我最近在世界各地會見了許多來自世界領先品牌的首席行銷官，包括在最近的法國坎城國際創意節上。

Through all of these meetings, one thing has become very clear to me. These leaders are dealing with a lot of uncertainty. They are looking for answers and they are looking for partners who can help them. The pandemic was the nucleus of a great deal of change for them. The pandemic has been followed by several years of economic uncertainty whether it's inflation or dramatic changes in fiscal and monetary policies around the world where supply shortages or unpredictable consumer demand.

透過所有這些會議，我變得非常清楚一件事。這些領導者正在應對很多不確定性。他們正在尋找答案，他們正在尋找可以幫助他們的伴侶。這場大流行病是他們發生巨大變化的核心。疫情過後，全球經濟出現了數年的不確定性，無論是通貨膨脹還是財政和貨幣政策的巨大變化，供應短缺或消費者需求難以預測。

One top CMO talks about the difficulty of what he described as, quote-unquote, the illusion of growth, where it appears that companies are doing well, stock prices are up, but the average consumer feels more constrained than ever in terms of purchasing power. That has significant implications on how companies market products, from pricing to packaging to advertising. And perhaps more than anything else, it's putting a premium on the efficacy of marketing.

一位頂級首席行銷長談到了他所描述的成長幻覺的難度，公司似乎表現良好，股價上漲，但普通消費者在購買力方面感到比以往任何時候都更加受到限制。這對公司如何行銷產品（從定價到包裝再到廣告）有重大影響。也許最重要的是，它更重視行銷的有效性。

More than ever, CMOs have to prove that what they are doing is working. And increasingly, that means revising traditional dependencies on cheap reach and all the legacy mechanisms and beliefs that support cheap reach. It means embracing the power of programmatic data-driven advertising. We are convinced that the only scaled response to all the changes CMOs and the agencies are facing is to embrace data-driven buying.

CMO 比以往任何時候都更需要證明他們所做的事情是有效的。而且，這越來越意味著要改變對廉價覆蓋範圍的傳統依賴以及支持廉價覆蓋範圍的所有遺留機制和信念。這意味著擁抱程式化數據驅動廣告的力量。我們相信，應對 CMO 和各機構面臨的所有變化的唯一大規模應對措施是接受數據驅動的購買。

To get a healthy and competitive global economy, all roads require scaled programmatic advertising, and that bodes well for the long-term prospects of this company, The Trade Desk. As a result of these trends, our relationships with the world's leading brands and their agencies are only getting stronger. It's one of the key reasons we continue to significantly outperform the market and why I believe we'll continue to gain share in the years ahead.

為了實現健康且具競爭力的全球經濟，所有道路都需要規模化的程式化廣告，這對 The Trade Desk 公司的長期前景來說是個好兆頭。由於這些趨勢，我們與世界領先品牌及其代理商的關係只會變得更加牢固。這是我們繼續大幅跑贏市場的關鍵原因之一，也是我相信我們將在未來幾年繼續獲得份額的關鍵原因之一。

I'd like to spend the bulk of my time unpacking this a little, because, I think, for most leading CMOs, there's a growing bifurcation in the market. It's being driven by efficacy of new channels such as CTV, by the emergence of new conversion data such as retail data, by a growing focus on premium inventory, and by rapid advances in the innovation of our industry.

我想花大部分時間來稍微解釋一下這個問題，因為我認為，對於大多數領先的行銷長來說，市場上的分歧越來越大。它的推動因素包括 CTV 等新管道的功效、零售數據等新轉換數據的出現、對優質庫存的日益關注以及行業創新的快速進步。

Let me start with this point around efficacy. I often talk about how we compete against walled gardens, and to give them due credit, it's very easy for companies to work with big tech walled gardens. They offer easy on-ramps to massive scale in terms of ad impressions with the promise of easy mass reach. And of course, for the most part, they also control the scorecard. So it's very easy for walled gardens to take credit for things like last touch attribution or last-click attribution, while in the process, disintermediating a brand and their customer and giving little or no credit to the rest of the marketing funnel.

讓我從功效這一點開始。我經常談論我們如何與圍牆花園競爭，並給予他們應有的信任，公司與大型科技圍牆花園合作非常容易。他們在廣告印象方面提供了大規模的輕鬆入口，並承諾輕鬆實現大規模覆蓋。當然，在大多數情況下，他們也控制著記分卡。因此，圍牆花園很容易因最後一次接觸歸因或最後點擊歸因等行為而獲得功勞，而在此過程中，品牌及其客戶脫節，並且很少或根本不給予營銷渠道的其餘部分以功勞。

For many marketers dealing with macro uncertainty over the last few years, this cheap-reach solution has been attractive. But more and more CMOs, especially those at the world's leading brands, have become concerned with the flaws in this strategy for a number of reasons. A few of those. First, much of the mass scale is predicated on cheap, owned, and operated content, which is often just user-generated videos or social content that is essentially free to produce and ultimately mostly lower quality and higher risk for large advertisers. The big tech owners of this content have an inherent incentive to direct demand to work because the margins on it are so significant. But it's often not where the marketers' target customers spend most of their time nor where they're the most leaned in.

對於過去幾年應對宏觀不確定性的許多行銷人員來說，這種廉價的解決方案很有吸引力。但越來越多的首席行銷官，尤其是世界領先品牌的首席行銷官，出於多種原因開始擔心這項策略的缺陷。其中一些。首先，大部分大規模內容都是基於廉價、自有和經營的內容，這些內容通常只是用戶生成的影片或社交內容，基本上可以免費製作，最終對於大型廣告商來說品質較低，風險較高。這些內容的大型科技所有者有一種內在的動力來引導需求發揮作用，因為它的利潤非常可觀。但這通常不是行銷人員的目標客戶花費大部分時間的地方，也不是他們最依賴的地方。

Second, after several years of uncertainty, the business flaws of cheap reach are more apparent than ever. If a CMO has been going to the CEO or CFO and saying: Look, I was able to drive down costs, and the scorecard says it's working. But then a couple of years later down the road, business results are not consistent with those marketing metrics. And as a result, there's a disconnect. This is arguably one of the main reasons that CMOs have the shortest tenure on the C-suite, marketing performance data predicated on cheap reach that doesn't match up with the business outcomes over time.

其次，經過幾年的不確定性，廉價覆蓋的商業缺陷比以往任何時候都更加明顯。如果首席行銷長去找執行長或財務長說：看，我能夠降低成本，記分卡顯示它正在發揮作用。但幾年後，業務結果與這些行銷指標並不一致。結果，出現了脫節。這可以說是行銷長在最高管理階層中任期最短的主要原因之一，行銷績效數據基於廉價的覆蓋範圍，與一段時間內的業務成果不符。

And last, leading CMOs at large brands have been leaning into alternatives to this cheap reach that offer much greater efficacy, and by extension, a much closer correlation to business performance.

最後，大品牌的領先行銷長一直在尋求替代方案來取代這種廉價的覆蓋範圍，這些方案可以提供更高的效率，並進一步與業務績效更緊密地相關。

At the center of this is the revolution in TV advertising, driven by the mass shift to streaming TV where advertisers get to target based on authenticated logged-in users. And building on that is the emergence and availability of new kinds of marketing conversion data such as retail data, where advertisers can understand the impact of campaign spend on actual customer outcomes much more clearly.

其核心是電視廣告的革命，由串流媒體電視的大規模轉變推動，廣告商可以根據經過身份驗證的登入用戶進行定位。在此基礎上，新型行銷轉換數據（例如零售數據）的出現和可用性，使廣告主更清楚地了解行銷活動支出對實際客戶結果的影響。

Take HP. They recently came to us to test the efficacy of CTV advertising using UID2. Buying on Disney+ and Hulu on our platform, they were able to drive a 23% reduction in cost per unique household reach, with much greater precision and frequency management. As HP's North America Head of Programmatic, Caitlin Nardi said, and I quote: Using The Trade Desk UID2 solution with our first-party data helped us increase our unique audience reach, boost our cost efficacy, and improve how we measure conversions and sales. That's a really great affirmation of the case for the efficacy of CTV, in part because of the embrace of UID2 by most of the major streaming companies.

以惠普為例。他們最近來找我們測試使用 UID2 的 CTV 廣告成效。透過在我們的平台上透過 Disney+ 和 Hulu 進行購買，他們能夠將每個獨特家庭覆蓋範圍的成本降低 23%，並且具有更高的精確度和頻率管理。正如HP 北美程序化主管Caitlin Nardi 所說（我引用一下）： 將Trade Desk UID2 解決方案與我們的第一方數據結合使用，幫助我們擴大了獨特的受眾範圍，提高了成本效益，並改進了我們衡量轉換和銷售的方式。這確實是對 CTV 功效的極大肯定，部分原因是大多數主要串流媒體公司都接受了 UID2。

But layer in new data elements such as retail conversion data, and the story gets even stronger. Rossmann is one of the largest retailers in Germany. It's something like CVS in the United States. They work with us to drive demand for one of their diaper ranges. Using CTV, they were able to drive 170% incremental reach improvement.

但如果加入零售轉換數據等新數據元素，故事就會變得更強大。羅斯曼是德國最大的零售商之一。有點像美國的CVS。他們與我們合作，推動對其某一尿布系列的需求。使用 CTV，他們能夠將覆蓋範圍提高 170%。

In addition to that, they were able to understand with precision that every 1,000 impressions served resulted in 20 actual sales. That's a very impressive return on ad spend. They were also able to see the impact of using their own first-party data. When they use that data as they're targeting seed, every dollar was between 3 times to 4 times more likely to drive a sale. When you compare these kinds of efficacy results to the murkiness of cheap reach, it's easy to understand why CMOs are increasingly looking to unlock the power of programmatic on the open premium Internet.

除此之外，他們還能夠準確地了解到，每 1,000 次展示會帶來 20 次實際銷售。這是非常可觀的廣告支出回報。他們也能夠看到使用自己的第一方資料的影響。當他們使用這些數據來定位種子時，每一美元推動銷售的可能性會增加 3 到 4 倍。當您將這些類型的功效結果與廉價覆蓋範圍的模糊性進行比較時，就很容易理解為什麼首席行銷長越來越多地尋求在開放的優質互聯網上釋放程序化的力量。

Let me touch on this point too, the open premium Internet. Since we last spoke, we put out a report, the Sellers and Publishers Report. The report kicked off more discussion in our industry than anything we'd ever put out there, and I encourage you to download it if you haven't already. The level of industry discussion actually surprised me, in part because I think the report highlighted many of the trends we've been talking about for some time, in particular, where value is shifting on the Internet.

讓我也談談這一點：開放的優質網路。自從我們上次談話以來，我們發布了一份報告，即《賣家和出版商報告》。該報告在我們的行業中引發了比我們之前發布的任何內容都更多的討論，如果您還沒有下載，我鼓勵您下載它。行業討論的程度實際上讓我感到驚訝，部分原因是我認為該報告強調了我們一段時間以來一直在討論的許多趨勢，特別是價值在互聯網上轉移的趨勢。

One of the trends that, that report showcases is the massive shift over the last four years in terms of where consumers are spending their digital time. It used to be that consumers spend about 60% of their time within walled gardens and 40% on the open Internet. That trend has completely reversed since the pandemic. Why? Well, in large part, it's because of the mass consumer shift to emerging premium open Internet channels such as CTV and digital audio.

該報告展示的趨勢之一是過去四年來消費者花費數位時間的方式發生了巨大轉變。過去，消費者大約 60% 的時間花在圍牆花園中，40% 的時間花在開放的網路上。自大流行以來，這種趨勢已完全逆轉。為什麼？很大程度上，這是因為大眾消費者轉向新興的優質開放網路管道，例如 CTV 和數位音訊。

In the US, over the last decade or so, consumers have doubled the time they spend in these two channels alone to around five hours per day, significantly more than they spend on social media. Companies like Spotify, Netflix, Disney, Warner Bros, Discovery, and others have fundamentally changed the way that consumers behave. I would also add that the time that consumers spend in these channels is much more leaned in and engaged than the time spent on channels such as social media. You're much more lean in when watching the latest hit show or the Olympics or listening to your favorite podcast than you are watching endless short videos of teenagers pulling wheelies on the West Side Highway.

在美國，在過去十年左右的時間裡，消費者在這兩個管道上花費的時間就增加了一倍，達到每天約五個小時，遠遠多於他們在社群媒體上花費的時間。 Spotify、Netflix、迪士尼、華納兄弟、Discovery 等公司從根本上改變了消費者的行為。我還要補充一點，消費者在這些管道上花費的時間比在社群媒體等管道上花費的時間更專注和投入。當你觀看最新的熱門節目或奧運會或聽你最喜歡的播客時，你會比在西區高速公路上觀看無盡的青少年拉特技的短視頻時更加專注。

To come back to my earlier point, while walled gardens have always done a good job of providing easy access to ad impressions at scale with their own reporting system, today, advertisers have an alternative. For large brands, the premium open Internet now rivals walled gardens in terms of scale, thanks to advances in key channels like CTV and audio.

回到我之前的觀點，雖然圍牆花園一直在透過自己的報告系統提供輕鬆存取大規模廣告印象方面做得很好，但今天，廣告商有了另一種選擇。對於大品牌來說，由於 CTV 和音訊等關鍵管道的進步，優質開放互聯網在規模上可與圍牆花園相媲美。

But that's where the similarities end. On the open Internet, advertisers get to showcase their brands against premium content where their targeted audience is highly engaged, and they get to measure campaign performance with much greater rigor based on high levels of authentication and actual consumer conversion data.

但相似之處僅止於此。在開放的網路上，廣告主可以根據目標受眾高度參與的優質內容來展示自己的品牌，並且可以根據高水準的身份驗證和實際消費者轉換資料更嚴格地衡量行銷活動的效果。

So while wall gardens still account for the bulk of global advertising spend, we're starting to see many cases where the open Internet is commanding the first dollar. CMOs of the world's leading brands also recognize that certain channels, especially digital audio, represent tremendous value, considering the amount of consumer engagement in those channels.

因此，儘管牆壁花園仍然佔據全球廣告支出的大部分，但我們開始看到許多開放網路佔據第一美元的案例。世界領先品牌的首席行銷長也意識到，考慮到消費者在這些管道中的參與程度，某些管道（尤其是數位音訊）代表著巨大的價值。

On average, in the US, consumers spend around three hours per day listening to music, podcasts, and other types of digital audio. And yet digital audio commands a small fraction, by comparison, of advertising demand. But that's beginning to change, especially as companies like Spotify make investments to enable more programmatic and automated buying as they highlighted in their most recent earnings call.

平均而言，在美國，消費者每天花大約三個小時聽音樂、播客和其他類型的數位音訊。然而相較之下，數位音訊僅佔廣告需求的一小部分。但這種情況正在開始改變，特別是像 Spotify 這樣的公司進行投資以實現更多的程序化和自動化購買，正如他們在最近的財報電話會議中所強調的那樣。

I would be remiss not to touch on the ever-evolving identity landscape in the context of all of this. What I hope you've noticed in many of our recent reports, including recent earnings reports, is that UID2 has been embraced across the digital advertising ecosystem, but perhaps most aggressively by channels that never relied on cookies to begin with, particularly in CTV.

在這一切的背景下，如果我不觸及不斷變化的身份景觀，那就太失職了。我希望您在我們最近的許多報告（包括最近的收益報告）中註意到，UID2 已被整個數位廣告生態系統所接受，但最積極的可能是從不依賴 cookie 的管道，尤其是 CTV。

UID2 has never been a direct cookie replacement. UID2 has always been about building an identity framework that is much better than cookies could ever aspire to be. It's addressing much bigger issues and is expected to have more ubiquity than cookies ever did or do. An identity framework that works across all digital advertising channels, not just display, and distributes control among many advertisers, publishers, and consumers, not just a couple of walled gardens that own browsers.

UID2 從來都不是 cookie 的直接替代品。 UID2 一直致力於建立一個比 cookie 所期望的更好的身分框架。它正在解決更大的問題，並且預計將比 cookie 更加普遍。一個適用於所有數位廣告管道（而不僅僅是展示）的身份框架，並在許多廣告商、發布商和消費者之間分配控制權，而不僅僅是幾個擁有瀏覽器的圍牆花園。

UID2 improves consumer privacy controls while preserving the value exchange of relevant advertising for free content, the essential value exchange of the Internet. As most of you probably know, recently, Google announced a change in their long-promoted plans. They reversed their plans and suggested they're no longer getting rid of third-party cookies.

UID2 改善了消費者隱私控制，同時保留了免費內容的相關廣告的價值交換，這是互聯網的基本價值交換。你們大多數人可能都知道，最近，Google宣布改變其長期推廣的計劃。他們改變了計劃，並建議不再刪除第三方 cookie。

I have long predicted that Google would never deprecate cookies. I've never believed it would make much strategic sense for them to do so, and we're seeing that play out now. It's really hard to claim leadership on privacy while also consolidating control over identity, especially when that control is so important to preserving your ad demand in channels such as YouTube all derived from search.

我早就預測 Google 永遠不會棄用 cookie。我從來不相信他們這樣做會有很大的戰略意義，我們現在看到了這一點。在鞏固對身分的控制的同時，聲稱在隱私方面處於領先地位確實很困難，尤其是當這種控制對於保留 YouTube 等所有源自搜尋的管道中的廣告需求非常重要時。

I don't know where Google goes from here. We've gone from cookie deprecation to FLoC to Privacy Sandbox and that to no cookie deprecation. If you're a company in the ad business that's dependent on Google, and there are many of them, this must be maddening. Understandably so. Google offered are not very compelling and often repeated argument to both the advertising industry and the regulators, both regulators addressing privacy and competition. They argued that Privacy Sandbox complexity and deprecation of Internet functionality was good for everyone.

我不知道谷歌接下來會走向何方。我們已經從棄用 cookie 到 FLoC、隱私沙箱，再到不棄用 cookie。如果你是一家依賴谷歌的廣告業務公司，而且谷歌的數量很多，這一定會讓人抓狂。可以理解是這樣。谷歌提出的建議並不十分引人注目，而且經常向廣告業和監管機構重複爭論，而這兩個監管機構都致力於解決隱私和競爭問題。他們認為隱私沙箱的複雜性和網路功能的棄用對每個人都有好處。

But for The Trade Desk, it doesn't really matter. Our plans haven't changed. We, along with many others, have created the new identity fabric of the open Internet, one that is so much more fit for purpose than cookies could ever be. UID2 has already reached a critical mass of adoption, which has made it an essential identity signal, and UID2 continues to gain strong adoption across publishers, data partners, and advertisers.

但對於 The Trade Desk 來說，這並不重要。我們的計劃沒有改變。我們與許多其他人一起創建了開放互聯網的新身分結構，這種結構比 cookie 更適合用途。 UID2 已經達到了臨界規模的採用，這使其成為重要的身份訊號，並且 UID2 繼續在出版商、數據合作夥伴和廣告商中廣泛採用。

For example, FOX is scaling UID2 and OpenPath deployment across their entire digital portfolio, having started with Tubi three years ago. And in recent weeks, we've seen Roku and DIRECTV adopt UID2. These are significant steps forward. Similarly, in Europe, EUID is gaining momentum, with adoption from publishers such as Media Figaro in France, and Reach in the UK, a publisher who boast more than 130 UK newspapers, including The Mirror and The Express.

例如，FOX 從三年前的 Tubi 開始，正在其整個數位產品組合中擴展 UID2 和 OpenPath 部署。最近幾週，我們看到 Roku 和 DIRECTV 採用了 UID2。這些都是向前邁出的重要一步。同樣，在歐洲，EUID 的發展勢頭也越來越強勁，法國的 Media Figaro 和英國的 Reach 等出版商都採用了 EUID，後者擁有 130 多家英國報紙，包括《鏡報》和《快報》。

All of this brings me to my third point: the value of innovation in our business in order to help advertisers think about efficacy in new ways and to help them take advantage of the premium open Internet where consumers are most leaned in. After years of development, we launched our most ambitious platform to date: Kokai. Kokai allows our clients to deploy data about their most loyal customers and then use that data as a seed to grow and harvest the next generation of loyal customers.

所有這些讓我想到了我的第三點：我們業務中的創新價值，以幫助廣告商以新的方式思考功效，並幫助他們利用消費者最依賴的優質開放互聯網。了迄今為止最雄心勃勃的平台：Kokai。 Kokai 允許我們的客戶部署有關其最忠誠客戶的數據，然後使用該數據作為種子來培養和收穫下一代忠誠客戶。

Kokai helps them target those new audiences across the many thousands of destinations that comprise the best of the open Internet, and it leverages AI to help them make sense of the roughly 15 million ad opportunities we see every second and the hundreds of variables associated with each one of them. And all of this happens in the context of what any given client's unique business growth goals are.

Kokai 幫助他們瞄準構成開放網路最佳內容的數千個目的地的新受眾，並利用人工智慧幫助他們了解我們每秒看到的約1500 萬個廣告機會以及與每個廣告機會相關的數百個變數。所有這一切都是在任何給定客戶獨特的業務成長目標的背景下發生的。

I've been incredibly encouraged by the early results from Kokai. For those campaigns that have moved from Solamar to Kokai in aggregate, incremental reach is up more than 70%. Cost per acquisition has improved by about 27% as data elements per impression have gone up by about 30%. In addition, performance metrics have improved by about 25%, helping to unlock performance budgets on our platform for years to come. So our clients are getting more precise, more cost efficient and then they're able to reinvest for even more reach and drive a much better return on ad spend.

Kokai 的早期成果讓我深受鼓舞。對於那些從 Solamar 轉移到 Kokai 的行銷活動而言，增量覆蓋範圍總計增加了 70% 以上。由於每次展示的資料元素增加了約 30%，每次獲取成本降低了約 27%。此外，效能指標提高了約 25%，有助於釋放我們平台未來幾年的效能預算。因此，我們的客戶變得更加精確、更具成本效益，然後他們能夠進行再投資以獲得更大的覆蓋率並帶來更好的廣告支出回報。

Given everything I said about what CMOs today are trying to accomplish and the pressures that they are under, I firmly believe that we have met the moment with Kokai. We are still in the very early days of programmatic advertising. We are just getting started in terms of how data-driven precision will help advertisers optimize every dollar of their ad spend. At end state, all of the rapidly approaching $1 trillion advertising TAM will be digital or at least transacted digitally, and the vast bulk of it will be transacted programmatically.

鑑於我所說的關於 CMO 今天正在努力實現的目標以及他們面臨的壓力，我堅信我們已經與 Kokai 相遇了。我們仍處於程序化廣告的早期階段。我們才剛開始了解數據驅動的精確度如何幫助廣告商優化每一美元的廣告支出。在最終狀態下，所有迅速接近 1 兆美元的廣告 TAM 都將是數位化的，或至少是數位化交易的，其中很大一部分將以程式方式進行交易。

And we are thrilled and thankful to be partnering with the world's most forward-thinking marketers as we bring that value to life. We believe we've aligned our interest with theirs, creating a very bright future for both of us.

我們很高興也很感激能夠與世界上最具前瞻性的行銷人員合作，將這一價值變為現實。我們相信我們已經將我們的利益與他們的利益結合起來，為我們雙方創造了一個非常光明的未來。

Let me bring my remarks to a close by summarizing what all of this means for us and why I believe The Trade Desk is positioned so well to capture more than our fair share of that $1 trillion TAM. We're in the midst of a period of tremendous change in our industry, change that's the result of macro market pressures as well as rapid innovation, such as Kokai. A powerful open Internet advertising ecosystem is coming of age, one that provides a compelling alternative to the cheap reach dynamics of walled gardens.

最後，讓我總結一下這一切對我們意味著什麼，以及為什麼我相信 The Trade Desk 處於有利位置，能夠在 1 兆美元的 TAM 中獲得超出我們應有份額的份額。我們正處於產業巨大變革的時期，這種變革是宏觀市場壓力以及快速創新（例如Kokai）的結果。一個強大的開放式網路廣告生態系統正在成熟，它為圍牆花園的廉價覆蓋動態提供了一個引人注目的替代方案。

That ecosystem includes the world's leading streaming TV and digital audio companies, almost all of whom are partnering with us in new ways. From Disney to Netflix to Roku to FOX to NBC with the Olympics, these companies are trusting The Trade Desk to bring them the most valuable advertising demand. The world's leading retailers and commerce data companies are partnering with us to help advertisers close the loop on campaign spend to consumer purchase. Partners across the ecosystem are working with us to build the new identity fabric of the open Internet, and we're pioneering new innovations that help advertisers take advantage of their data, target new audiences with efficacy, leverage AI as a copilot, and embrace the very best of the open Internet.

該生態系統包括世界領先的串流媒體電視和數位音訊公司，幾乎所有這些公司都以新的方式與我們合作。從 Disney、Netflix、Roku、FOX、NBC 到奧運會，這些公司都相信 The Trade Desk 能為他們帶來最有價值的廣告需求。全球領先的零售商和商業數據公司正在與我們合作，幫助廣告商關閉行銷活動支出到消費者購買的循環。生態系統中的合作夥伴正在與我們合作建立開放網路的新身分結構，我們正在開拓新的創新，幫助廣告商利用他們的數據，有效地瞄準新受眾，利用人工智慧作為副駕駛，並擁抱最好的開放網路。

In doing so, we are offering premium value to our clients. And as a result, we are solidifying our position as the default DSP of the open Internet. As I've said many times before on these calls, our profitable business model gives us incredible flexibility to make investments and continue to drive growth and to always think about driving innovation and value for the long term, not just this year or next.

在此過程中，我們為客戶提供超值價值。因此，我們正在鞏固我們作為開放互聯網預設 DSP 的地位。正如我之前在這些電話會議上多次說過的那樣，我們的盈利業務模式為我們提供了令人難以置信的靈活性，可以進行投資並繼續推動增長，並始終考慮推動長期創新和價值，而不僅僅是今年或明年。

Working with our clients and with their needs in mind, we are not afraid to make the big calls. And you see that every day in how we develop our partner ecosystem, how we innovate, and how we help clients harness the value of the open Internet. I could not be more excited and confident about the powerful alternative we provide to the marketplace today.

與我們的客戶合作並考慮到他們的需求，我們不害怕做出重大決定。您每天都會在我們如何開發合作夥伴生態系統、如何創新以及如何幫助客戶利用開放互聯網的價值中看到這一點。對於我們今天為市場提供的強大替代方案，我感到非常興奮和自信。

With that, I'll 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，她將帶您了解更多財務細節。

Thank you, Jeff. And good afternoon, everyone. We delivered a strong second quarter with revenue of $585 million, representing 26% year-over-year growth. During the quarter, we benefited from a relatively stable digital advertising environment supported by both agencies and brands. We continue to gain market share as more advertisers stock greater efficiency and measurable results, particularly in CTV and retail media.

謝謝你，傑夫。大家下午好。我們第二季業績強勁，營收達 5.85 億美元，年增 26%。本季度，我們受益於代理商和品牌雙方支持的相對穩定的數位廣告環境。隨著越來越多的廣告主提高效率和可衡量的成果，特別是在 CTV 和零售媒體領域，我們持續獲得市場份額。

Our business model, with its wide range of large advertisers and vertical markets, also contributed to our success. Additionally, our growing access to premium inventory, including major events like the Olympics for the first time through NBCU as well as gaining access to platforms like Roku and Netflix, also help ensure long-term durability and success, something we take great pride in.

我們的商業模式擁有廣泛的大型廣告商和垂直市場，也為我們的成功做出了貢獻。此外，我們越來越多地獲得優質庫存，包括首次透過NBCU 舉辦奧運等重大活動，以及獲得Roku 和Netflix 等平台的訪問權，也有助於確保長期的持久性和成功，這是我們感到非常自豪的。

With the strong top line performance in Q2, we generated approximately $242 million in adjusted EBITDA or about 41% of revenue. When we outperform on the top line, we often see that outperformance throughout our financial statements as was the case again in Q2. I'm proud of our focused efforts to consistently generate meaningful positive EBITDA and free cash flow while continuing to invest in the critical areas of the business that will drive our future growth.

憑藉第二季強勁的營收表現，我們產生了約 2.42 億美元的調整後 EBITDA，約佔營收的 41%。當我們在營收方面表現出色時，我們經常在整個財務報表中看到這種表現，就像第二季的情況一樣。我為我們的專注努力不斷產生有意義的正 EBITDA 和自由現金流而感到自豪，同時繼續投資於將推動我們未來成長的關鍵業務領域。

From a scale channel perspective, CTV, by a wide margin, led our growth again during the quarter. In Q2, video, which includes CTV, represented a high 40s percentage share of our business and continues to grow as a percentage of our mix. Local represented a mid-30s percentage share of spend during the quarter. Display continued to represent a low double-digit percent share of our business, and audio represented around 5%.

從通路規模來看，CTV 在本季再次大幅領先我們的成長。在第二季度，包括 CTV 在內的影片在我們的業務中佔據了 40% 的高份額，並且在我們的業務中所佔的比例還在持續增長。本季本地支出佔 30 多歲的比例。顯示器在我們的業務中所佔的份額仍然較低，只有兩位數，而音訊則佔 5% 左右。

Geographically, North America represented about 88% of our business in Q2, and international represented about 12%. We're pleased that international growth outpaced North America for the sixth quarter in a row. Across both EMEA and Asia Pacific, CTV continued to drive our growth. While still small relative to the share of CTV spend produced in North America, we see significant opportunities to capture share in these verticals.

從地理位置來看，北美地區約占我們第二季業務的 88%，國際地區約佔 12%。我們很高興國際成長連續第六季超過北美。在歐洲、中東和非洲地區和亞太地區，CTV 繼續推動我們的成長。雖然相對於北美 CTV 支出的份額仍然很小，但我們看到了在這些垂直領域中獲得份額的重大機會。

In terms of the verticals that represent at least 1% of our spend, growth was broad-based again this quarter. We saw strong performance in the majority of our verticals, particularly in home and garden, food and drink and shopping. Family relationships and healthy living verticals were both below average. Overall, we continue to see healthy trends across our verticals, and we continue to believe there is opportunity for us to gain share in the verticals we serve.

就占我們支出至少 1% 的垂直產業而言，本季再次廣泛成長。我們在大多數垂直領域都看到了強勁的表現，特別是在家居和園藝、食品和飲料以及購物領域。家庭關係和健康生活水平均低於平均。總體而言，我們繼續看到整個垂直行業的健康趨勢，並且我們仍然相信我們有機會在我們服務的垂直行業中獲得份額。

Turning now to expenses. Excluding stock-based compensation, operating expenses in Q2 were $363 million, up 19% year-over-year. While there are ample opportunities to achieve more leverage within our operating expenses, our primary objective remains on growing spend on our platform and gaining more share of the global advertising market. During the second quarter, we continued to invest in our team, our platform, and our infrastructure to support sustained growth. Thanks to our careful management of operating expenses in recent years, we are well positioned to innovate our platform, invest in cutting-edge technologies like AI, expand our teams, and further distance ourselves from competitors.

現在轉向費用。不包括股票薪酬，第二季營運費用為 3.63 億美元，較去年同期成長 19%。雖然我們有足夠的機會在營運支出中實現更多槓桿作用，但我們的主要目標仍然是增加我們平台上的支出並在全球廣告市場上獲得更多份額。第二季度，我們繼續投資我們的團隊、平台和基礎設施，以支持持續成長。由於我們近年來對營運費用的精心管理，我們有能力創新我們的平台，投資人工智慧等尖端技術，擴大我們的團隊，並進一步拉開與競爭對手的距離。

Income tax expense was $27 million for the second quarter, driven primarily by our pretax profitability and non-deductible stock-based compensation. Adjusted net income was $197 million or $0.39 per fully diluted share. Net cash provided by operating activities was $81 million for Q2, and free cash flow was $57 million. DSOs exiting the quarter were 90 days, down about two days from a year ago. DPOs were 75 days, down about one day from a year ago.

第二季所得稅費用為 2,700 萬美元，主要是由我們的稅前獲利能力和不可扣除的股票薪酬所推動的。調整後淨利為 1.97 億美元，即完全稀釋每股收益 0.39 美元。第二季經營活動提供的淨現金為 8,100 萬美元，自由現金流為 5,700 萬美元。本季退出的 DSO 為 90 天，比一年前減少了約兩天。 DPO 為 75 天，比一年前減少了約一天。

We exited the second quarter with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.5 billion. We have no debt on the balance sheet. In Q2, we did not repurchase any shares of our Class A common stock. We will continue to approach the repurchase program opportunistically depending on market conditions and capital priorities.

我們在第二季結束時擁有強勁的現金和流動性狀況。本季末現金、現金等價物及短期投資為 15 億美元。我們的資產負債表上沒有債務。第二季度，我們沒有回購任何 A 類普通股。我們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 third quarter. We continue to see strong spend in key areas, including CTV and retail media. We estimate Q3 revenue to be at least $618 million, which would represent growth of 25% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $248 million in Q3.

現在，轉向我們對第三季的展望。我們繼續看到關鍵領域的強勁支出，包括中央電視台和零售媒體。我們預計第三季營收至少為 6.18 億美元，年增 25%。我們預計第三季調整後 EBITDA 約為 2.48 億美元。

In closing, we are extremely pleased with our strong performance in the second quarter and throughout the first half of the year. The opportunity ahead of us has never been more promising. We are positioned within a large and expanding market, supported by a business model that consistently delivers robust top line growth, significant profitability, and strong cash flow. With key growth drivers such as CTV, retail media, international expansion, a strong identity strategy, and a major product upgrade with Kokai, we remain confident and optimistic about our future as we navigate the second half of this year and look forward to 2025 and beyond.

最後，我們對第二季和上半年的強勁表現感到非常滿意。我們面前的機會從未如此充滿希望。我們定位於一個龐大且不斷擴大的市場，並得到持續實現強勁營收成長、顯著獲利能力和強勁現金流的業務模式的支持。憑藉 CTV、零售媒體、國際擴張、強大的身份策略以及 Kokai 的重大產品升級等關鍵成長動力，我們對今年下半年的未來保持信心和樂觀，並展望 2025 年和超過。

That concludes our prepared remarks. And with that, operator, let's open up the call for questions.

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) Shyam Patil, SIG.

（操作員說明）Shyam Patil，SIG。

Hey, guys. Congrats on another great quarter. Jeff, if you could you maybe provide your high-level thoughts on the current digital ad environment right now? And kind of going back to what you mentioned kind of at the start of the call, what's allowing Trade Desk to continue to so meaningfully outperform everyone else in gains here? Thank you.

嘿，夥計們。恭喜又一個偉大的季度。 Jeff，如果可以的話，您可以提供您對當前數位廣告環境的高層想法嗎？回到您在電話會議開始時提到的內容，是什麼讓 Trade Desk 的收益繼續如此有意義地超越其他所有人？謝謝。

Thanks, Shyam. Really appreciate the question. So first, let me just talk about our company before we talk about the macro environment. I don't know that I have ever been more proud of our team across the board, not just in our go-to-market teams, but, of course, our engineering team and throughout the entire company. I don't know that we've ever been firing on all cylinders in the way that we are right now. And that has absolutely been essential in this environment because we've never had more change, especially in CTV, in a three- to four-month period that we've had. All good things coming at, just lots of opportunity, but responding to it all and adjusting to it all is something that I think our team has done really, really well.

謝謝，夏姆。真的很感激這個問題。首先，我先簡單介紹一下我們公司，然後再討論宏觀環境。我不知道我是否對我們的整個團隊感到如此自豪，不僅是我們的市場推廣團隊，當然還有我們的工程團隊和整個公司。我不知道我們是否曾經像現在這樣全力以赴。在這種環境下，這絕對是必要的，因為我們從未經歷過如此多的變化，尤其是在 CTV 領域，在三到四個月的時間裡。所有美好的事情都會到來，只是有很多機會，但我認為我們的團隊做得非常非常好，應對這一切並適應這一切。

One thing that I do want to highlight at the macro level that I think makes us different than other players in the space is that we are not a destination, and we are not sell-side. So often we get compared to other companies that are dependent on ads, but they are destinations, whether they are an app or whether they're a mobile company or whether they're a website. People are trying to go to those destinations, and then they have added inventory that they have to sell in those moments. We are not a destination or a B2B company that represents buyers.

我確實想在宏觀層面強調一件事，我認為這使我們與該領域的其他參與者不同，那就是我們不是目的地，也不是賣方。我們經常與其他依賴廣告的公司進行比較，但它們都是目的地，無論它們是應用程式、行動公司還是網站。人們試圖前往這些目的地，然後他們增加了在這些時刻必須出售的庫存。我們不是代表買家的目的地或 B2B 公司。

So there is a big difference right now between the sell side and the buy side. And we're seeing some changes on the sell side in almost every category, but we are not on the sell side. We are on the buy side. And as a result of that, I believe that The Trade Desk is in a stronger position than we have ever been before.

因此，現在賣方和買方之間存在很大差異。我們看到幾乎每個類別的賣方都發生了一些變化，但我們不是賣方。我們是買方。因此，我相信 The Trade Desk 處於比以往任何時候都更強大的地位。

CMOs are facing a greater degree of uncertainty than they have generally, but it's really important, I think, to note that we see a relatively stable digital advertising environment, especially when we're comparing that to the macro. Nonetheless, CMOs are being asked from CFOs to deliver growth. CFOs are saying we have to have real growth now, and that puts more pressure on the CMOs than ever. And of course, they're in an environment with inflation and some consumer weakness and some higher interest rates and a bunch of other macro themes that investors know all too well.

行銷長面臨著比一般情況更大程度的不確定性，但我認為，值得注意的是，我們看到了一個相對穩定的數位廣告環境，特別是當我們將其與宏觀環境進行比較時。儘管如此，財務長仍要求首席行銷長實現成長。財務長表示，我們現在必須實現真正的成長，這給首席行銷長帶來了比以往更大的壓力。當然，他們所處的環境是通貨膨脹、消費者疲軟、利率上升以及其他投資者非常了解的其他宏觀主題。

But those pressures are actually creating a better macro environment for us. All of those things, including some of the pressures on the sell side, create a buyer's market. And the pressures on CMOs is create data-driven, rational volume. And they're looking to us to help them put their data to work and make more informed decisions. They're being asked to do more with less. They're being asked by their CFO to prove that the ROI is better. It's no wonder they're coming to us asking for joint business plans and say, how can we build long into the future, especially when there seems to be no other company in the world more focused on the open Internet and helping to monetize that for all the great premium content owners on the open Internet, but of course, representing the buyer to help them figure out what is best for them.

但這些壓力實際上正在為我們創造更好的宏觀環境。所有這些因素，包括賣方的一些壓力，創造了買方市場。 CMO 面臨的壓力是創造數據驅動的合理數量。他們希望我們幫助他們利用數據並做出更明智的決策。他們被要求用更少的資源做更多的事情。財務長要求他們證明投資報酬率更高。難怪他們會來找我們尋求聯合業務計劃，並說我們如何才能長遠發展未來，尤其是當世界上似乎沒有其他公司更專注於開放互聯網並幫助將其貨幣化時開放互聯網上所有優秀的優質內容所有者，但當然，代表買家幫助他們找出最適合他們的內容。

Of course, we're not immune to the macro changes that we've seen over the last few years, but we are convinced that with our model, our approach and the fact that we're focused on the buy side, that we will continue to gain share in any environment. It is a buyer's market. We believe it always has been and always will be, in digital advertising, and so, as a result, we're in a better position than we've ever been before.

當然，我們不能倖免於過去幾年所看到的宏觀變化，但我們相信，憑藉我們的模型、我們的方法以及我們專注於買方的事實，我們將在任何環境中繼續獲得份額。這是一個買方市場。我們相信，數位廣告領域一直如此，也將永遠如此，因此，我們處於比以往更好的地位。

Thanks, Jeff.

謝謝，傑夫。

Youssef Squali, Truist.

尤瑟夫‧斯誇裡，真理主義者。

Great. Thanks very much. Thanks for all the color on CTV. I'd like to double-click on that if you don't mind. Can you talk a little bit about the competitive environment within CTV with the rise -- particularly with the rise of Amazon Prime Video's ad business and the impacts you're seeing on competitors, both in terms of CPMs or pricing and in terms of ad budget shifts. Thank you.

偉大的。非常感謝。感謝 CTV 的所有色彩。如果您不介意的話，我想雙擊它。您能否談談隨著 Amazon Prime Video 廣告業務的崛起，CTV 內部的競爭環境，以及您所看到的對競爭對手的影響，無論是在每千次展示費用或定價方面，還是在廣告預算方面輪班。謝謝。

You bet. Thanks so much for the question. So I just want to underline what I said in answer to the last question, which is that we are not a destination, which, of course, is a sell side function, where you're a content owner and trying to monetize that content. We're instead partnering with all of those and trying to figure out what to buy on behalf of the biggest brands in the world. And by representing the buyers in a buyer's market, we think we're in a stronger position than we've ever been before.

你打賭。非常感謝您的提問。因此，我只想強調我在回答最後一個問題時所說的話，即我們不是目的地，當然，目的地是賣方功能，您是內容所有者並試圖透過該內容獲利。相反，我們正在與所有這些公司合作，並試圖找出代表世界上最大的品牌購買什麼產品。透過在買方市場中代表買方，我們認為我們處於比以往任何時候都更有利的地位。

As it relates to the competitive nature of the ad environment, I mentioned also in the last question that I don't know that we've had a three- or four-month period where we've seen more change. I think it's worth highlighting a couple of those. So Netflix announced in that time frame that they will expand their buying capabilities to include The Trade Desk as one of its main programmatic partners going forward. FOX announced an expanded partnership, which I intently work with them personally on this to expand to UID2, of course, and OpenPath across all of FOX brands and the AdRise technology platform. E.W. Scripps is one of the first CTV content owners to adopt OpenPass, which is a new single sign-on that we are launching or just launched. Roku is adopting UID2, of course, allowing advertisers to implement more precise targeting, put their data to work as they're buying media on the Roku platform. And of course, in EMEA, CTV is leading the EUID adoption, with major players like TF1 and M6 in France, for instance.

由於這與廣告環境的競爭性質有關，我在上一個問題中也提到，我不知道我們是否有過三、四個月的時間看到了更多的變化。我認為值得強調其中一些。因此，Netflix 在此期間宣布，他們將擴大購買能力，將 The Trade Desk 納入其未來的主要程式化合作夥伴之一。 FOX 宣布擴大合作夥伴關係，我親自與他們密切合作，當然，將其擴展到 UID2，以及跨所有 FOX 品牌和 AdRise 技術平台的 OpenPath。 E.W. Scripps 是第一批採用 OpenPass 的 CTV 內容擁有者之一，OpenPass 是我們正在推出或剛推出的新單一登入。當然，Roku 正在採用 UID2，允許廣告商實施更精確的定位，在 Roku 平台上購買媒體時利用他們的數據。當然，在 EMEA 地區，CTV 在 EUID 的採用方面處於領先地位，例如法國的 TF1 和 M6 等主要參與者。

So those -- that's all just in the last three or four months. But of course, that sets a contrast to what you're seeing at Amazon, which I would just say is another rollout of a walled garden. And the reason I say that's in contrast is because all those companies I just mentioned, I would argue that the decisions that they made are to join the open Internet, and to recognize that the walled garden playbook doesn't really work in CTV.

這些都是過去三、四個月發生的事。當然，這與你在亞馬遜看到的情況形成鮮明對比，我想說的是，亞馬遜是圍牆花園的另一個推出。我之所以說這是相反的，是因為我剛才提到的所有這些公司，我認為他們做出的決定是加入開放的互聯網，並認識到圍牆花園的劇本在 CTV 中並不真正有效。

And the reason why the walled garden playbook doesn't work in CTV is because nobody has enough share to be draconian or even to target well, even to be effective, because of the fact that TV is fragmented. There is no one single player that has anything close to what Facebook does in social or what Google has in search.

圍牆花園劇本在CTV 中不起作用的原因是，由於電視是支離破碎的事實，沒有人有足夠的份額來採取嚴厲的措施，甚至沒有人能夠很好地瞄準目標，甚至沒有人能夠有效地發揮作用。沒有任何一家公司能夠與 Facebook 在社交領域或谷歌在搜尋領域的業務相媲美。

So as a result, if you house a bunch of inventory there and then don't enable people to bring data to work from other places, it will not perform as well. And so it is true that more inventory has been coming online in CTV, but what is -- what sometimes I think is lost, especially in discussions about TTFs, is that there is a greater desire for marketers to find their exact audiences than they've ever been or than there has ever been.

因此，如果您在那裡存放大量庫存，然後不允許人們將資料從其他地方帶到工作中，那麼它的性能就不會很好。因此，確實，CTV 中出現了更多的庫存，但有時我認為會丟失的東西，尤其是在關於 TTF 的討論中，是營銷人員比他們更渴望找到他們的確切受眾。曾經有過。

And they're, look -- they have to look across all these different pools of inventory in order to find the small pieces in each of them that give them the efficacy that they need to be effective and to put their dollars to work as effectively as possible. That's only possible when you're looking across the entire open Internet. And when you consider the fact that perhaps our greatest strategic asset is that we are objective, that we don't own media, and so, as a result, we can help the biggest brands in the world objectively figure out whether they should buy Hulu or Netflix or Spotify or Yahoo.

他們必須查看所有這些不同的庫存池，以便找到每個庫存池中的小部分，這些小部分可以為他們提供所需的效率，使他們能夠有效地發揮作用，並有效地利用他們的資金盡可能。只有當您縱觀整個開放的網路時，這才有可能實現。當你考慮到這樣一個事實時，也許我們最大的戰略資產是我們的客觀性，我們不擁有媒體，因此，我們可以幫助世界上最大的品牌客觀地弄清楚他們是否應該購買Hulu或Netflix 或Spotify 或雅虎。

And that objectivity is in greater compromise, I would argue, at Amazon than anywhere. And that's in large part because not only does Amazon have its own owned and operated inventory as it relates to CTV inventory, it also operates as the second-largest search engine in the English-speaking world, and then it also competes in building products with almost every major advertiser in the world.

我認為，與任何地方相比，在亞馬遜，這種客觀性受到了更大的妥協。這在很大程度上是因為亞馬遜不僅擁有自己擁有和運營的庫存（與 CTV 庫存相關），而且還作為英語世界第二大搜尋引擎運營，並且還在構建產品方面與幾乎世界上所有主要的廣告商。

So that conflict of interest, I think, makes it very difficult. But a biddable marketplace with price discovery, with competition and data is where everybody is heading, and I believe that there's no one better positioned to capture the value of that than us. Thanks for the question.

因此，我認為，利益衝突使得事情變得非常困難。但一個具有價格發現、競爭和數據的可競價市場是每個人都在努力的方向，我相信沒有人比我們更有能力抓住這一價值。謝謝你的提問。

Thanks, Youssef. Next question, John.

謝謝，尤瑟夫。下一個問題，約翰。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thank you very much. Good afternoon. And Jeff, I guess now that the dust is settling on cookie deprecation in the Privacy Sandbox, how does your strategy and investment level really change around UID2 going forward? Thank you.

偉大的。非常感謝。午安. Jeff，我想現在隱私沙盒中 cookie 棄用的塵埃落定，您的策略和投資水準在未來圍繞 UID2 有何真正變化？謝謝。

Thanks so much, Justin. I appreciate the question today. First, I don't know that there's a lot more to say about cookies than what I've already said, only because as was pointed out to me by somebody I was interviewing recently and respect a lot, he said one of the things that I love talking to you is it doesn't matter what quips I take from the past. They're always consistent. You said the same thing four years ago that you're saying today.

非常感謝，賈斯汀。我很欣賞今天的問題。首先，我不知道關於 cookie 的內容比我已經說過的還要多，只是因為正如我最近採訪的一位非常尊重的人向我指出的那樣，他說了其中一件事我喜歡和你說話，無論我從過去聽到什麼俏皮話都沒關係。他們總是一致的。你四年前說過的和今天說的一樣。

I said in 2020, it was not a good idea for Google to get rid of cookies for that. I stand by that today. And so because that message has been consistent, there's not a lot new to say. But just to reiterate some of the highlights, cookies were never the best technology to provide personalization. And in a privacy-centric environment, they need to be upgraded.

我說過，在 2020 年，谷歌為此擺脫 cookie 並不是一個好主意。今天我堅持這一點。因此，由於該資訊是一致的，因此沒有太多新內容可說。但重申一些要點，cookie 從來都不是提供個人化的最佳技術。在以隱私為中心的環境中，它們需要升級。

It is not a surprise the Privacy Sandbox is dead, that when you complicate the open Internet and deprecate it at the same time and then ask the Internet to make huge investments in it, even if you pay them $5 million each, it apparently doesn't work, and that is something that we predicted as they were rolling it out and offered that criticism in private and in public.

隱私沙盒死了並不奇怪，當你使開放互聯網複雜化並同時棄用它，然後要求互聯網對其進行巨額投資時，即使你向他們每人支付500 萬美元，它顯然也不會這樣做。

But I want to be super clear, because occasionally, this point gets lost despite the fact that we've made it again and again. We did not build UID2 as a replacement for cookies. It is way bigger than that. We actually wanted to build an identity framework that can live on irrespective of what Google or Apple or anybody else does. And if there's anything that we've learned from the changes in the last four or five years, it's that Google, in particular, but also Apple, can't be trusted on these issues. And that anybody whose strategy is simply to depend on them and hope for the best, they ought to rethink or at least consider getting a backup plan.

但我想說得非常清楚，因為有時，儘管我們一次又一次地做到了這一點，但這一點還是會被忽視。我們並沒有建構 UID2 作為 cookie 的替代品。它比那大得多。我們實際上想建立一個身分框架，無論Google、蘋果或其他人做什麼，它都可以繼續存在。如果說我們從過去四、五年的變化中學到了什麼的話，那就是在這些問題上，尤其是谷歌，還有蘋果，都不能被信任。任何人的策略只是依賴他們並希望得到最好的結果，他們應該重新考慮或至少考慮制定後備計劃。

And so we built UID2 with the purpose of making something that could live irrespective of the decisions made at Google or Apple, and as a result, it's quickly becoming ubiquitous. Now, when I say it's becoming ubiquitous, I especially mean in CTV and in audio, in places where people are logged on. Where there are log-ins, UID2 has been -- has been extremely valuable and it is quickly becoming ubiquitous. Where there are not log-ins, which includes -- in most browsers, namely Safari as well as Chrome, there's still a lot of work to do in creating authentication, consent, and personalization that makes the advertising effective enough to replace the CPMs the way that Google wanted to in deprecating cookies.

因此，我們建立 UID2 的目的是創造一種無論 Google 或 Apple 做出的決定如何都可以生存的東西，因此，它很快就變得無處不在。現在，當我說它變得無處不在時，我特別指的是在 CTV 和音訊中，在人們登入的地方。在有登入的地方，UID2 一直非常有價值，並且很快就會變得無處不在。在沒有登入的情況下，包括在大多數瀏覽器中，即 Safari 和 Chrome，在創建身份驗證、同意和個性化方面仍然有很多工作要做，以使廣告足夠有效以取代 CPM Google 希望以這種方式棄用cookie。

I believe that's part of the reason why they have created some delay, but that also is a bit of a double-edged sword because it could give publishers a sense that they can slow down and take their time, which is not a good idea. Given the efficacy of things like UID2, in order for them to compete, they need to adopt a more sophisticated technology, which puts some pressure on them to continue to change. So hopefully, this doesn't slow them down in that regard. But the bottom line for this, for us, is how does our strategy change is the result of cookie deprecation? Not at all. Thank you so much for the question.

我相信這是他們造成一些延遲的部分原因，但這也是一把雙刃劍，因為它可能會給出版商一種他們可以放慢速度並慢慢來的感覺，這不是一個好主意。考慮到像 UID2 這樣的東西的功效，為了讓他們參與競爭，他們需要採用更複雜的技術，這給他們帶來了繼續變革的壓力。希望這不會讓他們在這方面放慢腳步。但對我們來說，最重要的是，我們的策略如何因 cookie 棄用而改變？一點也不。非常感謝你的提問。

Thanks, Justin. Next question, John.

謝謝，賈斯汀。下一個問題，約翰。

Vasily Karasyov, Cannonball Research.

瓦西里·卡拉瑟夫，砲彈研究。

Thank you. Good afternoon. Jeff, you spoke about what is going on in the connected TV market and short-term concerns because of Prime Video entering the space here. I wanted to ask you to talk about what will happen in the next two or three years in the midterm with all the premium inventory sources like Disney and Roku and Netflix and possibly others becoming more available on your platform. How does this impact your revenue growth trajectory in the midterm? Thank you.

謝謝。午安. Jeff，您談到了連網電視市場的現狀以及 Prime Video 進入該領域帶來的短期擔憂。我想請您談談未來兩三年中期會發生什麼，所有優質庫存來源（例如迪士尼、Roku 和 Netflix 以及其他可能的來源）將在您的平台上變得更加可用。這對您的中期營收成長軌跡有何影響？謝謝。

Thanks so much for the question. So I truly believe that The Trade Desk is in a stronger position than it's ever been, and I think we might be in the very best position of any player in the market to benefit from the changes in streaming and the move to connect television. I mentioned this theme all the time. I'm way more concerned about the tidal wave of opportunity being too big and us not being equipped to handle all of the opportunity that comes to us that I am that the wave doesn't exist or it's too small.

非常感謝您的提問。因此，我堅信 The Trade Desk 的地位比以往任何時候都更強大，而且我認為我們可能處於市場上所有參與者中最好的位置，可以從串流媒體的變化和連接電視的舉措中受益。我一直提到這個主題。我更擔心機會的浪潮太大，而我們沒有能力處理所有降臨在我們身上的機會，我擔心浪潮不存在或太小。

But if you step back for a second, I believe there's a macro changing of the guard that is happening. It used to be that the first dollar that went to digital went to Google and to Facebook, and that's partly because they built such easy on-ramps, partly because they had so much scale. They did a lot of things right. But that's changing for a bunch of reasons, and not least of which is that most of their content outside of search is not premium. It is user-generated content.

但如果你退後一步，我相信正在發生宏觀的轉變。過去，第一筆投入數位化的資金流向了Google和 Facebook，部分原因是它們建立瞭如此簡單的入口，部分原因是它們規模太大。他們做了很多正確的事。但由於多種原因，這種情況正在發生變化，其中最重要的是，他們在搜尋之外的大部分內容都不是優質的。它是用戶生成的內容。

And the only reason why I believe that not so many dollars is both because of the easy-on ramp, but especially because it had so much scale and there's nowhere else to go. Now, there is. Now, there's premium content, and the premium content is becoming more and more available. So when the largest brands in the world get to choose between a variety of different premium content owners and then compare that with user-generated content, with measurement that is somewhat suspect to them, it just becomes easier and easier for them to put the first dollar in the open Internet, led by CTV and audio, which I would argue those two are the most premium content on the Internet altogether.

我認為沒有那麼多美元的唯一原因是因為它很容易增加，但特別是因為它的規模如此之大，而且沒有其他地方可去。現在，有。現在，有優質內容，而且優質內容變得越來越多。因此，當世界上最大的品牌在各種不同的優質內容所有者之間進行選擇，然後將其與用戶生成的內容進行比較時，他們的衡量標準對他們來說有些懷疑，他們越來越容易將第一名以 CTV 和音頻為主導的開放互聯網中的美元，我認為這兩者是互聯網上最優質的內容。

It's no wonder that as they put the first dollar there, that it creates this incredible opportunity for us. Now for a long time, CPMs were very high for these content owners because there was scarcity of supply, especially early on in the pandemic. But as a result of all of them seeing the benefits of ad-funded models or at least hybrids where you can have a subscription and also ads and let the consumer pay however they want, they're seeing that they can get incremental subscribers by offering them ads in part because many of them have subscription fatigue and had so many different options to choose from.

難怪當他們投入第一美元時，它為我們創造了這個難以置信的機會。長期以來，這些內容所有者的每千次展示費用都非常高，因為供應稀缺，尤其是在大流行初期。但由於他們所有人都看到了廣告資助模式的好處，或至少是混合模式的好處，在這種模式中，你可以訂閱，也可以看到廣告，讓消費者按照他們想要的方式付費，他們發現他們可以透過提供服務來獲得增量訂閱者他們投放廣告的部分原因是他們中的許多人都有訂閱疲勞，並且有很多不同的選項可供選擇。

But we've seen a little bit more of a surge of inventory than we've seen in the past. And so as a result, that requires some restabilizing or rebalancing of CPMs and what gets bought and what doesn't. You ask what's going to happen over the next couple of years. I believe they're all going to get the balance right. They're not going to get too many ads in the commercial breaks and also not too few, and consumers are going to be able to pay however they want. And they're going to have access to more subscriptions than they have today. And that will, in large part, be brought to you by ads that will be more effective than they've ever been in television history.

但我們看到庫存的激增比過去要多一些。因此，這需要對每千次曝光費用以及購買什麼和不購買什麼進行一些重新穩定或重新平衡。你問未來幾年會發生什麼事。我相信他們都會取得正確的平衡。他們不會在商業廣告中看到太多廣告，也不會太少，消費者將能夠按照自己的意願付費。他們將能夠獲得比現在更多的訂閱。這在很大程度上將透過比電視歷史上任何時候都更有效的廣告來實現。

And so when you put all of that together, I really believe that we're on the early path to the most effective television ecosystem ever, where you have premium content that is getting funded at rates that we've seen in recent years, but not just on speculation, it's actually being funded and paid for because of these dialed-in hybrid ways that I believe will be better than it's ever been before in part because the content is better than it's ever been before, but also and maybe especially because the advertising itself will be more effective because we can put data to work in a way that never could have happened in linear television.

因此，當你把所有這些放在一起時，我真的相信我們正處於通往有史以來最有效的電視生態系統的早期道路上，在那裡你擁有優質內容，並且以我們近年來看到的速度獲得資助，但是不僅僅是猜測，它實際上得到了資助和支付，因為這些撥入的混合方式我相信會比以前更好，部分原因是內容比以前更好，但也可能特別是因為廣告本身將會更加有效，因為我們可以以線性電視不可能發生的方式將數據發揮作用。

So as we see some of the legacy media companies struggle a little bit, I believe their only way out is programmatic advertising, is data-driven advertising that will get them higher CPMs and it will make all of our clients compete to be on their platform, and it will get them incremental subscribers. But I think over the next two or three years, we will see the most effective advertising maybe ever emerge on the digital advertising space.

因此，當我們看到一些傳統媒體公司陷入困境時，我相信他們唯一的出路是程序化廣告，是數據驅動的廣告，這將使他們獲得更高的每千次展示費用，並使我們所有的客戶競相進入他們的平台，這將為他們帶來增量訂閱者。但我認為在未來兩三年內，我們將看到數位廣告領域可能出現最有效的廣告。

Thanks, Vasily.

謝謝，瓦西里。

Thank you.

謝謝。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay. Hey, Jeff, I just want to follow up on the question I asked you last quarter, except events have changed. And that had to do with maybe the increasing dislocation in the market related to Google and all the regulatory scrutiny. And since that time, we've obviously had a DOJ decision. We'll probably have another one in the next three to six months and probably be negative 2. Google Network is now kind of negative on negative, like their revenue base is declining on a base that was declining. And I just wonder if that's what you're seeing in the market and CMOs are really coming to you and looking for -- more aggressively for an alternative than they were in the past, particularly in light of the regulatory and legal changes that Google is almost certainly going to have to face.

好的。嘿，傑夫，我只想跟進我上個季度問你的問題，但情況已經改變了。這可能與Google相關市場日益混亂以及所有監管審查有關。從那時起，我們顯然已經做出了司法部的決定。我們可能會在接下來的三到六個月內再出現一次，而且可能會出現負數 2。我只是想知道這是否是您在市場上看到的情況，首席營銷官是否真的來找您並尋找替代方案- 比過去更積極地尋找替代方案，特別是考慮到谷歌正在發生的監管和法律改變幾乎肯定要面對。

Thanks, Mark. I really appreciate the question, and you couldn't be more right that the world changed a lot since the last time we talked about this on this call roughly 90 days ago. So yeah, you're right, 2024 is shaping up to be a very big year on the regulatory side, and there's probably almost everyone is hearing this knows the Department of Justice won in their suit or trial against Google as it relates to Google Search.

謝謝，馬克。我真的很欣賞這個問題，你說得很對，自從大約 90 天前我們上次在電話會議上討論這個問題以來，世界發生了很大變化。所以，是的，你是對的，2024 年將是監管方面非常重要的一年，幾乎每個人都知道司法部在針對 Google 的訴訟或審判中獲勝，因為這與 Google 搜尋有關。

And there, of course, is another upcoming trial that will begin likely in September, where the Department of Justice is suing Google over anticompetitive practice in ad tech. In my opinion, the Department of Justice's case against Google on the ad tech side is even more compelling than it was on the search side.

當然，還有另一場審判可能會在 9 月開始，司法部將就廣告科技領域的反競爭行為起訴Google。在我看來，司法部在廣告科技方面針對Google的訴訟比在搜尋方面更引人注目。

Now, the one thing that I think Google had in its favor on this most recent case, although it lost, was that it more simple than the case in ad tech. The ad tech case is quite complicated. But I think it's interesting to point out that one of the things that was under the most amount of scrutiny was the focus on partnerships that were deemed illegal and the payments that Google made to Apple, for instance, that kept them on the sidelines and limited competition.

現在，我認為谷歌在最近的這個案件中對它有利的一件事是，儘管它輸了，但它比廣告技術領域的案件更簡單。廣告技術案例相當複雜。但我認為有趣的是，受到最嚴格審查的事情之一是對被視為非法的合作夥伴關係的關注，以及谷歌向蘋果支付的款項，例如，這使他們處於觀望狀態並受到限制。

And that at a moment of inflection as [Cantor] highlighted, is a moment where market needs competition, most of all. And as we head into a trial, I believe that same discussion about partnership and especially as it relates to JediBlue and Facebook will come up. I think it will come up around open bidding. And the product that Google deployed called open bidding and some of the important mechanics about those auctions that I think will likely be scrutinized, but also the partnerships.

正如[坎托]所強調的那樣，在這個拐點時刻，市場最需要的是競爭。當我們進入審判階段時，我相信也會出現有關合作關係的相同討論，尤其是與 JediBlue 和 Facebook 相關的討論。我認為這將圍繞公開招標進行。谷歌部署的產品稱為公開競價，我認為這些拍賣的一些重要機制可能會受到審查，但合作關係也是如此。

But even though I do think that all of that will once again be on trial, I think there are a bunch of things that we can predict will happen irrespective of the outcome of that trial. One is what you highlighted early on, which is we have historically competed, and I jokingly say, we competed against the 37th highest priority at Google. Not too long ago, we started competing with the 47th highest priority at Google because it was downgraded.

但即使我確實認為所有這些都將再次受到審判，但我認為無論審判結果如何，我們都可以預測很多事情將會發生。一是你早些時候強調的，我們歷史上一直在競爭，我開玩笑地說，我們與谷歌排名第 37 位的競爭者競爭。不久前，我們開始與 Google 的第 47 位元優先級競爭，因為它被降級了。

And as you point out, the network business, essentially shrinking on shrinking, represents, I think, a deprioritization. And as they continue to upgrade their focus on Gemini and cloud and AI and search and YouTube, I think network and open Internet is less important to them than ever. I think the cookie decision underscores that same thing as well.

正如您所指出的，網路業務本質上是不斷萎縮，我認為這代表著一種優先順序的降低。隨著他們繼續升級對 Gemini、雲端、人工智慧、搜尋和 YouTube 的關注，我認為網路和開放網路對他們來說比以往任何時候都不再那麼重要。我認為 cookie 的決定也強調了同樣的事情。

So what I think that does create an opportunity for us that we haven't seen before in this form. I think it also makes it very possible for us to continue to service the open Internet and to continue to be very focused on what we're doing. So as they downgrade their focus on the open Internet, that's, of course, been our only focus since inception. So it does create room for us to do more.

所以我認為這確實為我們創造了一個我們以前從未見過的機會。我認為這也使我們有可能繼續為開放的互聯網提供服務，並繼續專注於我們正在做的事情。因此，當他們降低對開放網路的關注時，這當然是我們自成立以來唯一的關注點。所以它確實為我們創造了做更多事情的空間。

It does create some uncertainty, especially on the sell side, which is where they're being challenged in this trial and how that will shape up. But I think the thing that is absolutely certain is that they will be moving more slowly and more carefully than ever. They are a weaker competitor than they've been for us in years past. And as I've often said, we've been winning in an unfair market. Imagine what we could do if we're competing in a fair market. I think as a result of that, I believe we'll win no matter what the outcomes of this case are, but it will still be fun to watch. Thanks for the question.

它確實帶來了一些不確定性，特別是在賣方方面，這是他們在這次試驗中面臨挑戰的地方以及它將如何形成。但我認為絕對可以肯定的是，他們的行動將比以往更加緩慢、更加謹慎。對我們來說，與過去幾年相比，他們是一個更弱的競爭對手。正如我經常說的，我們一直在不公平的市場中獲勝。想像一下，如果我們在公平的市場上競爭，我們會做什麼。我認為因此，我相信無論這個案子的結果如何，我們都會贏，但觀看起來仍然很有趣。謝謝你的提問。

Thanks, Jeff.

謝謝，傑夫。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Thank you for taking my questions. I'll try two, please. First is on Netflix. Jeff, could you please give an update on where you are with their partnership, and how should we think about the time line on scaling and perhaps potential contribution as we think about 2025?

感謝您回答我的問題。請我試試兩個。首先是在 Netflix 上。 Jeff，您能否介紹一下您與他們的合作關係的最新情況，以及我們在考慮 2025 年時應該如何考慮擴展的時間線以及可能的潛在貢獻？

And then the second one is on your earlier comments, a couple of questions ago on Trade Desk being raised up in consideration by advertisers. Is it fair to assume that the ROIs that they're seeing, the advertisers are seeing now, are very comparable, either even higher than non-search social ad dollars that are played and that's why you're gaining share? Thanks a ton.

第二個問題是關於您之前的評論，廣告商在考慮之前在 Trade Desk 上提出了幾個問題。假設廣告主現在看到的投資報酬率非常相似，甚至高於非搜尋社群廣告的投資報酬率，這是否公平？非常感謝。

You bet. Thanks for the question. So first about Netflix. I am so excited about this partnership, in part because I don't know that there is a partnership where I've had a longer relationship with the C-suite and yet waited so long to have any actual partnership with Netflix. And it's great to see that they've had some early success with ads, and I'm so excited that we now can talk about our formal partnership and the discussions that we've been having for a very long time.

你打賭。謝謝你的提問。首先是關於Netflix。我對這種合作關係感到非常興奮，部分原因是我不知道有這樣一種合作夥伴關係：我與最高管理層保持了更長時間的關係，但卻等待了很長時間才與Netflix 建立任何實際的合作夥伴關係。很高興看到他們在廣告方面取得了一些早期的成功，我很高興我們現在可以談論我們的正式合作夥伴關係以及我們已經進行了很長時間的討論。

First of all, let me just say I'm a big fan of the leadership at Netflix and believe that they are very rational players, and I love that they, in some ways, come with a very objective and open mind as a result of not being a legacy media company. I'm not -- having never been in traditional media, but instead, of course, always been essentially a digital player.

首先，我想說，我是 Netflix 領導層的忠實粉絲，相信他們是非常理性的玩家，而且我喜歡他們在某些方面具有非常客觀和開放的心態，因為不是傳統媒體公司。我不是——從來沒有接觸過傳統媒體，但當然，我本質上一直是個數位玩家。

As it relates to the time lines, we have begun some testing. All we're doing really is putting -- we're putting real money and real campaigns on it, but it's just testing the pipes, nothing that has scaled. I think we'll start seeing that ramp up a little bit this year. But really, it's in the next few years that I think we'll see it ramp up and really start to contribute to us and to them, but we'll spend the rest of this year sort of proving it out.

由於涉及時間線，我們已經開始了一些測試。我們真正所做的就是投入——我們投入了真正的資金和真正的活動，但這只是測試管道，沒有任何規模化。我認為今年我們會開始看到這種情況增加。但實際上，我認為在接下來的幾年裡，我們會看到它的發展，並真正開始為我們和他們做出貢獻，但我們將用今年剩下的時間來證明這一點。

And I think next year will be a very important year for the future of both of us and for the future of our partnership. So very excited about that. On the second question, where why is Trade Desk sort of rising in the consideration set for marketers? Part of it is absolutely ROI and return on ad spend and all of those performance metrics, and our timing as it relates to shipping Kokai could not have been better as it relates to contributing to those performance metrics.

我認為明年對於我們雙方的未來以及我們合作關係的未來來說將是非常重要的一年。對此非常興奮。關於第二個問題，為什麼 Trade Desk 在行銷人員的考慮中有所上升？其中一部分絕對是投資報酬率和廣告支出回報以及所有這些績效指標，而我們與交付 Kokai 相關的時機再好不過了，因為它與為這些績效指標做出貢獻有關。

But it's also that premium content like Netflix or Spotify or so many others are coming online and that as we have the opportunity to buy for more quality premium Internet destinations, it creates more opportunity for marketers to see returns and to be associated with the most premium content on the Internet.

但同時，像Netflix 或Spotify 這樣的優質內容正在上線，而且隨著我們有機會購買更多優質的優質網路目的地，它為行銷人員創造了更多機會看到回報並與最優質的內容聯繫起來。

And when they have more choices and they can put more data to work because of things like UID2, just the flywheel spins faster. While at the same time, I think they're just a bit more suspicious of the metrics inside of walled gardens. But also the content itself, that user-generated content has been under greater scrutiny, especially as more alternatives pop up. So it's a bit of a double-edged sword. Thanks so much for the question.

當他們有了更多選擇並且可以因為 UID2 之類的東西而投入更多數據時，飛輪就會轉得更快。同時，我認為他們只是對圍牆花園內的指標更加懷疑。而且內容本身，即用戶生成的內容也受到了更嚴格的審查，尤其是隨著更多替代品的出現。所以這有點像是一把雙面刃。非常感謝您的提問。

Thanks, Jeff.

謝謝，傑夫。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

Thanks very much. Another question on CTV. I hope you don't mind, Jeff. I'm sure you don't. Given the ongoing weakness that we've seen in linear TV, even though this reporting season through Q2, there was a flood of CTV ads on Amazon Prime earlier this year, and now we've seen Netflix and Roku and others open up to more programmatic CTV.

非常感謝。央視的另一個問題。我希望你不介意，傑夫。我確信你不知道。鑑於我們在線性電視領域看到的持續疲軟，儘管本財報季一直到第二季度，今年早些時候亞馬遜 Prime 上還是出現了大量 CTV 廣告，現在我們看到 Netflix 和 Roku 等公司向更多內容開放程序化央視。

I wonder if you could comment, are you seeing more on the appetite for the CTV sellers to really adopt biddable programmatic, not just delivery of programmatic ads, but actually using auction-based bidded decision programmatic tools? And if you have any observations from the upfront markets that I think are more or less done now toward -- as to the seller's appetite towards bidded programmatic. Thanks.

我想知道您是否可以發表評論，您是否看到更多關於 CTV 賣家真正採用可出價程序化的興趣，而不僅僅是交付程序化廣告，而是實際上使用基於拍賣的出價決策程序化工具？如果你對前期市場有任何觀察，我認為現在或多或少已經完成了——關於賣家對競價程序化的興趣。謝謝。

You bet. Thanks, Tim, for the question. So there absolutely is a greater desire to lean into biddable for both buyers and sellers. So most of television has been transacted over the last few decades the same way that it was decades before that, which is martini lunches and handshakes and parties at the upfront. But you buy in bulk, and it was quite literally broadcast. You buy it out and it gets broadcast to all the people in a specific place watching a specific show.

你打賭。謝謝提姆的提問。因此，買家和賣家都更願意採用可投標的方式。因此，過去幾十年來，大部分電視節目的交易方式與幾十年來相同，即預先提供馬丁尼午餐、握手和派對。但你大量購買，而且它確實是廣播的。你買下它，它就會向特定地點觀看特定節目的所有人廣播。

And shows were a proxy for audience. You bought football because they are more likely to drink beer, but you didn't know anything about the user in an anonymized way or able to put any data to work. Biddable is the very best way to put that data to work, and it's the very best way to get higher CPMs for the content owners.

節目是觀眾的代表。您購買足球是因為他們更有可能喝啤酒，但您無法以匿名方式了解有關用戶的任何信息，也無法將任何數據發揮作用。 Biddable 是讓這些數據發揮作用的最佳方式，也是為內容所有者獲得更高每千次展示費用的最佳方式。

So while, at first, they're a little reluctant because it's a foreign way of doing business, it's just unfamiliar to those in TV, but the math and the CPMs don't lie. And as a result, you're seeing more and more of them embrace that. And as CPM costs have been high, you're seeing the advertisers say: Why am I paying 2 times or 3 times what I used to in broadcast if I'm not getting better results or are not able to bring my data to work? So the tolerance to pay high CPMs, if you don't get something more, is lower than it was a year or two or three ago. So as a result, both sides are pushing towards biddable and the results are in, and it's showing that it is a more effective way to buy and sell.

因此，雖然一開始他們有點不情願，因為這是一種外國的做生意方式，對電視裡的人來說很陌生，但數學和每千次展示費用不會說謊。結果，你會看到越來越多的人接受這一點。由於 CPM 成本一直很高，您會看到廣告商說：如果我沒有獲得更好的結果或無法將我的數據發揮作用，為什麼我要支付以前廣播費用的 2 倍或 3 倍呢？因此，如果你沒有得到更多東西，那麼支付高每千次曝光費用的容忍度就會比一年前、兩年前或三年前要低。因此，雙方都在推動可投標，結果已經出來，這表明這是一種更有效的買賣方式。

So I think you're going to see the trends push us more and more toward biddable. It does require a lot of work to get -- to manage fill rates and to do forecasting, and you're going to see companies on both sides, being in buy side and supply side, continue to make big investments, in part so that we can continue to run upfronts, but those upfronts will look more like forward contracts than handshakes and partners. And those forward contracts can be always on.

所以我認為你會看到趨勢推動我們越來越走向可投標。它確實需要做大量的工作——管理填充率並進行預測，你會看到雙方的公司，無論是買方還是供應方，都會繼續進行大規模投資，部分原因是為了我們可以繼續預付款，但這些預付款看起來更像是遠期合約，而不是握手和合作夥伴。這些遠期合約可以一直有效。

And if they can operate in biddable environments where people just have a greater ability to choose, but they also can make commitments and intentions to spend a very large scale while at the same time, getting the right to choose. So we'll see more and more of that in years to come, but the trend is definitely towards biddable. Thanks for the question, Tim.

如果他們能夠在可投標的環境中運作，讓人們有更大的選擇能力，但他們也可以做出承諾和意圖，大規模支出，同時獲得選擇權。因此，在未來幾年我們會看到越來越多的這種情況，但趨勢肯定是朝著可投標的方向發展。謝謝你的提問，提姆。

Thanks, Jeff.

謝謝，傑夫。

John, we have time for one more question.

約翰，我們還有時間再問一個問題。

Brian Pitz, BMO Capital.

布萊恩·皮茨 (Brian Pitz)，BMO 資本。

Thank you. Jeff, a lot of discussion around bringing demand to CTV, but any thoughts on timing around bringing more demand to retail media? And how you see partnerships developing there? And then maybe separately, talking about LinkedIn post, you recently said advertisers need an identity strategy and publishers need an identity and authentication strategy. How does Trade Desk best position itself to enable these strategies and transitions essentially for both sides? Thanks.

謝謝。 Jeff，關於為 CTV 帶來需求進行了很多討論，但是對於為零售媒體帶來更多需求的時機有什麼想法嗎？您如何看待那裡的合作關係發展？然後，也許單獨談論 LinkedIn 貼文時，您最近表示廣告商需要身份策略，發布商需要身份和身份驗證策略。 Trade Desk 如何最好地定位自己，以便從本質上為雙方實現這些策略和轉型？謝謝。

Yeah. Thanks so much. So on the retail media side, there is definitely an opportunity for us to continue to drive spend there. And I've mentioned before that I believe the two greatest threats to walled gardens and the bringing down of their walls are number one, CTV for all the reasons we've talked about on this call, and number two, retail media.

是的。非常感謝。因此，在零售媒體方面，我們絕對有機會繼續推動那裡的支出。我之前提到過，我認為對圍牆花園和拆除圍牆的兩個最大威脅是第一，CTV（我們在這次電話會議中談到的所有原因），第二是零售媒體。

And the retail media is important because it changes the measurement game. So a few times in the prepared remarks and in the comments I've mentioned some of the flaws of measurement inside of walled gardens. But if you're actually connecting the ads that you showed to a specific user and then the purchase that they make later, it becomes much more irrefutable to show the connection between the ad shown and the purchase. And retail just has tremendous promise for that.

零售媒體很重要，因為它改變了衡量遊戲。因此，在準備好的評論和評論中，我多次提到了圍牆花園內部測量的一些缺陷。但是，如果您實際上將向特定用戶顯示的廣告與他們稍後進行的購買聯繫起來，那麼顯示所展示的廣告與購買之間的聯繫就變得更加無可辯駁。零售業對此有著巨大的前景。

And not only is that good for advertisers, but that is also good for retailers who are all trying to find their way to compete in the digital world and to compete with the Amazons of the world. So our partnerships with companies like Walgreens and Walmart and Target and so many others are just great examples of the opportunities that exist in retail media, and we have merely scratched the surface. And I'm so proud of what we've done with those companies and the others.

這不僅有利於廣告商，也有利於零售商，他們都在努力尋找自己的方式在數位世界中競爭並與世界上的亞馬遜競爭。因此，我們與沃爾格林、沃爾瑪、塔吉特等公司的合作夥伴關係只是零售媒體中存在的機會的一個很好的例子，而我們僅僅觸及了表面。我對我們與這些公司和其他公司所做的事情感到非常自豪。

You're right. I did mention that every advertiser should have an identity strategy, and that strategy can't just be cross your fingers and hope that cookies never go away, and for publishers, they need to have an identity strategy and an authentication strategy. And what I mean by that is when it comes to authentication, if you're not in CTV or audio where 100% of your users log in, and that's not true of all CTV players, but that's true of most of them, then you need to find a way to get them logged in and to address consent, in other words, ask them, if you can provide them with personal content and creative quid pro quo makes it worth it.

你說得對。我確實提到過，每個廣告商都應該有一個身份策略，並且該策略不能只是祈禱並希望 cookie 永遠不會消失，對於發布商來說，他們需要有一個身份策略和一個身份驗證策略。我的意思是，當涉及身份驗證時，如果您不在 100% 用戶登入的 CTV 或音訊中，而且並非所有 CTV 播放器都是如此，但對大多數播放器來說都是如此，那麼您需要找到一種方法讓他們登入並徵得他們的同意，換句話說，詢問他們是否可以向他們提供個人內容和創意交換條件使其值得。

Everybody needs to be developing that strategy, especially if you're in browser right now. So they've been given a bit more time, but they need to use that time to act. And even if Google does nothing more, you have to use that time to act simply because things like UID are so effective for CTV and audio and other channels and for those that have log-ins even in the browsing world that it will make it so that we prioritize that media over those that are just dependent on cookies or something else.

每個人都需要製定該策略，特別是如果您現在正在瀏覽器中。所以他們得到了更多的時間，但他們需要利用這段時間採取行動。即使谷歌什麼也不做，你也必須利用這段時間採取行動，因為像UID 這樣的東西對於CTV、音頻和其他頻道以及那些即使在瀏覽世界也需要登錄的人來說非常有效，以至於它會變得如此有效。

So naturally, over time, it becomes very important. And this is more important for those in journalism than anywhere, just because they tend to move very slow and not be technological innovators, so it becomes really important that they respond to that. And advertisers, if you're not putting your data to work with an identity strategy, in other words, how can I use my data in a consumer-friendly way and price-centric way, how can I put my data to work so that I can do better marketing?

所以自然地，隨著時間的推移，它變得非常重要。這對新聞界人士來說比其他任何地方都更重要，因為他們往往行動緩慢且不是技術創新者，因此他們對此做出反應變得非常重要。廣告商，如果您不將數據與身份策略結合起來，換句話說，我如何以消費者友好的方式和以價格為中心的方式使用我的數據，我如何才能將我的數據發揮作用，以便我可以做更好的行銷嗎？

If you're not thinking about that and honoring the sort of sacred relationship that you have with your customers, then you're doing it wrong and you're likely to lose to those that are doing that. So there's a fair amount of pressure on both buy side and sell side to sort of get with the times. And all of this change is happening so fast, but all of that has created an opportunity for us at an unprecedented pace, and that's part of the reason why we're so bullish. And when you add the deployment of what I think is our best product yet and certainly the product that I am most proud of our team for shipping in my whole career, not just at The Trade Desk. In Kokai, I just think we have such a bright future ahead.

如果您不考慮這一點並尊重您與客戶之間的神聖關係，那麼您就做錯了，並且您很可能會輸給那些這樣做的人。因此，買方和賣方都面臨著與時俱進的相當大的壓力。所有這些變化都發生得如此之快，但所有這些都以前所未有的速度為我們創造了機會，這也是我們如此樂觀的部分原因。當你添加我認為是我們迄今為止最好的產品的部署時，當然也是我最為我們團隊在我整個職業生涯中交付的產品感到自豪，而不僅僅是在 The Trade Desk。在Kokai，我只是認為我們的未來非常光明。

So thanks for the question and for the discussion today from all of you.

感謝大家今天提出的問題和討論。