Trade Desk Inc (TTD) 2024 Q3 法說會逐字稿

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

問候。歡迎參加 Trade Desk 2024 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將會議轉交給東道主。克里斯·托特.你可以開始了。

Thank you, operator. Hello and good afternoon to everyone. Welcome to The Trade Desk third quarter 2024 earnings conference call.

謝謝你，接線生。大家好，下午好。歡迎參加 The Trade Desk 2024 年第三季財報電話會議。

On the call today are Co-Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein. And a copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com.

今天參加電話會議的是聯合創始人兼執行長 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 obligations to update the forward-looking statements made today.

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聲明的義務。

If any of our beliefs or assumptions prove incorrect, actual financial results that differ materially from our projections are those implied by these forward-looking statements. For a detailed discussion of risks, please refer to the risk factors mentioned in our press release in our most recent SEC filings.

如果我們的任何信念或假設被證明是不正確的，則這些前瞻性陳述所暗示的實際財務結果將與我們的預測有重大差異。有關風險的詳細討論，請參閱我們最近向 SEC 提交的新聞稿中提到的風險因素。

In addition to our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of GAAP to non-GAAP measures is available in our earnings press release. We believe that presenting these non-GAAP measures alongside our GAAP results offers a more 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展示可以更全面地了解公司的營運績效。

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

現在，我將把電話轉給聯合創始人兼執行長 Jeff Green。傑夫？

Thanks, Chris, and thank you all for joining us today. As you've seen from our press release, we again posted very strong growth in the third quarter.

謝謝克里斯，也謝謝大家今天加入我們。正如您從我們的新聞稿中看到的，我們在第三季度再次實現了非常強勁的成長。

Our revenue grew 27% compared with Q3 last year, marking strong revenue growth acceleration on both a sequential and year-over-year basis. Quarter after quarter, we continue to gain market share, outpacing the industry and our peers, both large and small.

與去年第三季相比，我們的營收成長了 27%，這標誌著營收環比和同比均強勁加速。一季度又一季度，我們不斷獲得市場份額，超越了行業和大大小小的同行。

Even though it is now a considerable part of our business, CTV continues to be our fastest growing channel, and it shows no signs of slowing down. Partners like Disney, NBCU, Walmart, Roku, LG., Netflix, and many others are deepening their relationships with us around the growing CTV opportunity. I could not be more excited about our position in CTV and the size of the growth opportunity for us in the years ahead.

儘管 CTV 現在已成為我們業務的重要組成部分，但它仍然是我們成長最快的頻道，而且沒有任何放緩的跡象。迪士尼、NBCU、沃爾瑪、Roku、LG、Netflix 等合作夥伴正在圍繞不斷增長的 CTV 機會深化與我們的關係。我對我們在 CTV 的地位以及我們未來幾年的成長機會感到無比興奮。

With our leadership in CTV. as well as other areas, such as retail media, identity measurement, and data, we are winning more business with both new and existing customers. We are signing more multi-year joint business plans with leading agencies and brands. In fact, over 40% of our business this year will fall under JVPs, representing spend projections in future years well into the billions of dollars.

憑藉我們在 CTV 的領導地位。以及零售媒體、身分測量和數據等其他領域，我們正在贏得更多新舊客戶的業務。我們正在與領先的機構和品牌簽署更多的多年期聯合業務計劃。事實上，我們今年超過 40% 的業務將屬於合資企業，這意味著未來幾年的支出預計將達到數十億美元。

I have great optimism that The Trade Desk will continue to outperform the market and gain significant share. Exiting this year, we are set up exceptionally well for 2025 and beyond as we continue to execute in areas such as CTV, retail media, and in markets outside of United States.

我非常樂觀地認為 The Trade Desk 將繼續跑贏大盤並獲得可觀的份額。今年結束後，我們為 2025 年及以後的發展做好了準備，繼續在 CTV、零售媒體和美國以外的市場等領域開展業務。

I want to start the core of my remarks by explaining why I believe our industry is changing at an unprecedented rate. I believe there is more opportunity for The Trade Desk than ever before. But in order to understand the significance of our opportunity, we have to contextualize the macro changes and their effects on media, ad tech, and the biggest forces in digital advertising.

我想透過解釋為什麼我相信我們的產業正在以前所未有的速度變化來開始我的演講的核心。我相信 The Trade Desk 擁有比以往更多的機會。但為了理解我們機會的重要性，我們必須了解宏觀變化及其對媒體、廣告技術和數位廣告領域最大力量的影響。

Let's go through 10 significant landscape changes and why these are creating what we see as sustainable secular tailwinds for The Trade Desk so long as we navigate changing conditions and position ourselves and our clients to benefit from the changes. The first significant landscape vector that is creating a tailwind for The Trade Desk is the macro environment itself that those of you listening or reading this know all too well.

讓我們來回顧一下 10 個重大的格局變化，以及為什麼只要我們應對不斷變化的條件並讓我們自己和我們的客戶從變化中受益，這些變化就會為 The Trade Desk 帶來可持續的長期順風。為 The Trade Desk 創造順風的第一個重要景觀向量是宏觀環境本身，你們聽或讀這篇文章的人都非常了解。

The Fed has been fighting inflation by raising rates. One simple way to frame this relevance to our world is that inflation is measured primarily using price increases implemented by our clients on products we advertise for around the world.

聯準會一直透過升息來對抗通膨。建構這種與我們世界的相關性的一個簡單方法是，通貨膨脹主要透過我們的客戶對我們在世界各地做廣告的產品實施的價格上漲來衡量。

The change in fiscal and monetary policies around the world mean the consumer has been forced to reconsider the cost benefit of every product they buy. Advertising plays a bigger role in establishing which brands and which products win market share and which lose market share.

全球財政和貨幣政策的變化意味著消費者被迫重新考慮他們購買的每件產品的成本效益。廣告在確定哪些品牌和哪些產品贏得市場份額以及哪些產品失去市場份額方面發揮更大的作用。

The second significant macro vector is related, and that's that CMOs have more pressure than ever to produce real growth and prove it with data. While there has been a lot of macro focus on the reduction in inflation rates, historic highs for stock market indices, and growing indications of a soft landing, that's not necessarily translating to consumer confidence, which is why CMOs are becoming much more closely aligned with their CFOs.

第二個重要的宏觀向量是相關的，那就是首席行銷長比以往任何時候都面臨更大的壓力，需要產生真正的成長並用數據證明這一點。雖然宏觀層面的焦點集中在通膨率下降、股市指數創下歷史新高以及軟著陸的跡像不斷增加，但這並不一定會轉化為消費者信心，這就是為什麼 CMO 與 CMO 的聯繫更加緊密。首席財務長。

CFOs want more evidence than ever that marketing is working. And for CFOs, that doesn't just mean traditional marketing KPIs. It means growing the top-line business. All of our AI and data science injection into Kokai, our latest product release, is encouraging CMOs and CFOs to lean more and more on TTD to deliver real, measured growth.

財務長比以往任何時候都需要更多證據來證明行銷正在發揮作用。對於財務長來說，這不僅僅意味著傳統的營銷 KPI。這意味著發展營收業務。我們在最新產品 Kokai 中註入的所有人工智慧和數據科學，都鼓勵首席行銷長和財務長越來越多地依靠 TTD 來實現真正的、可衡量的成長。

The third macro tailwind that is setting up The Trade Desk for continued outsized gains is the move to AI. Every company needs an AI strategy. Our AI product, Koa, is a great copilot for traders. But this is only the beginning.

第三個使 The Trade Desk 持續大幅成長的宏觀推動力是向人工智慧的轉變。每家公司都需要人工智慧策略。我們的人工智慧產品 Koa 是交易者的絕佳副駕駛。但這只是開始。

There are endless possibilities for us as we have one of the best data assets on the Internet, the learnings that come from buying the global open Internet outside of walled gardens. To win in this new frontier, we're looking across our entire suite of products, algorithms, and features and asking how they all can be advanced by AI.

我們擁有無限的可能性，因為我們擁有網路上最好的資料資產之一，這些知識來自於在圍牆花園之外購買全球開放網路。為了贏得這個新領域的勝利，我們正在審視我們的整套產品、演算法和功能，並詢問如何透過人工智慧來推進它們。

We have teams focused on incubation, and we've developed team structures to create checks and balances among our distributed development teams. This way, we know the effect of complex AI product and measure the output and inputs of each of them. We expect to talk about these efforts and their results over the coming quarters and years.

我們有專注於孵化的團隊，並且我們制定了團隊結構以在分散式開發團隊之間建立制衡。透過這種方式，我們可以了解複雜人工智慧產品的效果，並測量每個產品的輸出和輸入。我們期望在未來幾個季度和幾年內討論這些努力及其結果。

We are positioned to benefit from our objectivity, our focus, our scale, and the loyalty of our buyers. We are already seeing the results of Kokai performance today, but we're just getting started.

我們能夠從我們的客觀性、我們的專注、我們的規模和買家的忠誠度中受益。今天我們已經看到了 Kokai 的表現結果，但我們才剛開始。

The fourth sector that is changing the entire landscape of digital advertising and ad tech are the changes happening at Google. Google has an incredibly dominant moneymaking business in search and another in YouTube, and also have an incredible opportunity in cloud and AI, most notably in Gemini.

改變數位廣告和廣告技術整個格局的第四個領域是Google發生的變化。谷歌在搜尋領域和 YouTube 領域擁有令人難以置信的主導賺錢業務，並且在雲端和人工智慧領域也擁有令人難以置信的機會，尤其是在 Gemini 領域。

Because of the AI race in big tech and these opportunities, Google could continue to downgrade their network business to focus on those prospects. After all, they operate at a disadvantage in the large buyers of the buy side of the open Internet to The Trade Desk because Google lacks subjectivity.

由於大型科技領域的人工智慧競賽和這些機遇，Google可能會繼續降低其網路業務的評級，以專注於這些前景。畢竟，由於 Google 缺乏主觀性，他們在 The Trade Desk 開放網路買方的大買家中處於劣勢。

If these pressures weren't enough on Google, they also have a pending antitrust trial that has created massive ripples throughout the global ad tech ecosystem. The outcome of the trial itself is less important than the change in behavior that will likely come at Google, no matter what. Whatever the outcome of the trial, I do believe that Google will become more cautious, if not less involved, in the part of their business where they compete with us.

如果谷歌面臨的這些壓力還不夠，那麼他們還有一場懸而未決的反壟斷審判，該審判已在整個全球廣告技術生態系統中產生了巨大的漣漪。無論如何，試驗結果本身並不重要，重要的是Google可能會發生的行為改變。無論審判結果如何，我確實相信，谷歌在與我們競爭的業務部分中，即使不是減少參與，也會變得更加謹慎。

First off, they are and will remain under tremendous scrutiny in this market, whether it's from US regulators or their many equivalents around the world. By contrast, the convoluted role they play, laid out very clearly by the US Department of Justice, in their network business is likely to play more fairly one way or another.

首先，他們在這個市場上現在並將繼續受到嚴格的審查，無論是來自美國監管機構還是世界各地的許多同等機構。相較之下，美國司法部非常清楚地規定了他們在網路業務中所扮演的複雜角色，這可能會以某種方式發揮得更公平。

I point this out because it presents tremendous opportunity for our business and for the broader ad tech ecosystem. I have never been more excited about the value of the premium content at scale on the open Internet combined with new approaches to performance efficacy, especially in contrast to the murkiness of cheap reach dynamics within walled gardens such as Google.

我指出這一點是因為它為我們的業務和更廣泛的廣告科技生態系統提供了巨大的機會。我從未對開放互聯網上的大規模優質內容與新的性能效率方法相結合的價值感到如此興奮，特別是與谷歌等圍牆花園內廉價的覆蓋動態的黑暗形成鮮明對比。

The fifth macro vector creating incremental secular tailwinds are changes in the market dynamics of CTV. It's hard not to be bullish about CTV when it's both our largest channel and our fastest growing. Advertisers can see more clearly the contrast of our offering and the role we play with brands and agencies with walled gardens than ever before.

創造增量長期順風的第五個宏觀向量是 CTV 市場動態的變化。當 CTV 既是我們最大的頻道，也是我們發展最快的頻道時，我們很難不看好它。廣告商可以比以往更清楚地看到我們的產品和我們與帶有圍牆花園的品牌和代理商所扮演的角色的對比。

This year, we've really started showcasing the strength of the sellers and publishers available on our platform and on the open Internet. We've even published a list of 100 of the best destinations on the open Internet.

今年，我們真正開始展示我們平台和開放網路上賣家和出版商的實力。我們甚至在開放網路上發布了 100 個最佳目的地的清單。

When you contrast the quality of the open Internet with the perils of UGC, it's easy to see that the best of movies, the best of TV, the best of sports, the best of journalism, and the best of music and podcasts represent something more valuable to society and to advertisers than short videos and user-generated content surrounded by comment sections that are often not good for brands.

當您將開放網路的品質與UGC 的危險進行比較時，很容易看出最好的電影、最好的電視、最好的體育、最好的新聞以及最好的音樂和播客所代表的東西更多。

At the Trade Desk, we've also been talking a lot about the premium open Internet because that is where consumers are increasingly spending most of their time. Companies like Netflix, Roku, NBC, Spotify, Disney Fox, along with many others, have redefined the consumers' Internet experience over the last few years.

在 Trade Desk，我們也一直在談論優質開放互聯網，因為消費者越來越多地將大部分時間花在網路上。 Netflix、Roku、NBC、Spotify、Disney Fox 等公司在過去幾年中重新定義了消費者的網路體驗。

They all recognize the power of advertising to fund the amazing content experiences that their consumers have now come to expect, and they are all investing in the capabilities to capitalize on advertiser demand. This point is worth reiterating because of some of the macro inventory dynamics in digital advertising.

他們都認識到廣告的力量可以為消費者現在所期望的令人驚嘆的內容體驗提供資金，並且他們都在投資於利用廣告商需求的能力。由於數位廣告中的一些宏觀庫存動態，這一點值得重申。

You may recall, three or four years ago, I would talk on these calls about inventory scarcity, especially in CTV in the fourth quarter, which was enjoying a significant surge because of people spending more time streaming at home during the global pandemic. As advertisers chased those viewer eyeballs to new streaming platforms, advertising inventory was scarce. And with demand rising, CPMs went up.

你可能還記得，三、四年前，我會在這些電話中談論庫存稀缺問題，特別是在第四季度的CTV 中，由於人們在全球大流行期間花更多的時間在家裡觀看視頻，庫存大幅增加。隨著廣告商將觀眾的眼球吸引到新的串流平台，廣告庫存稀缺。隨著需求的增加，每千次曝光費用也隨之上升。

But CTV inventory isn't scarce in the same way anymore. Because over the last couple of years, every major media company has launched a streaming service and all of them have embraced advertising as a key way to fund their content and grow.

但 CTV 的庫存不再像以前那樣稀缺了。因為在過去幾年中，每個主要媒體公司都推出了串流媒體服務，並且所有公司都將廣告視為為其內容提供資金和發展的關鍵方式。

As inventory scales and scarcity decreases, advertisers have a lot more choice. They also have a harder job, which is assigning value to a lot more inventory. Now, it's about the quality of the inventory as well as the quality of the signal.

隨著庫存規模的擴大和稀缺性的減少，廣告商有了更多的選擇。他們還有一項更艱鉅的工作，那就是為更多的庫存分配價值。現在，問題在於庫存的品質以及訊號的品質。

You may remember at our last Investor Day that we showed a graph of what our clients were willing to pay for CTV ad impressions on the open market. In many cases, we've been significantly higher than the price that the media companies were negotiating in direct deals.

您可能還記得在上一次投資者日上，我們展示了一張圖表，顯示我們的客戶願意為公開市場上的 CTV 廣告展示次數支付的費用。在許多情況下，我們的價格明顯高於媒體公司在直接交易中談判的價格。

The content arms race is more intense and more expensive than ever, and media companies need to monetize their content as effectively as possible. Two weeks ago, Variety reported that the top six media companies will increase content spending this year by 9% to a record $126 billion, all of which needs to be funded.

內容軍備競賽比以往任何時候都更加激烈和昂貴，媒體公司需要盡可能有效地透過其內容貨幣化。兩週前，《Variety》報道稱，今年六大媒體公司的內容支出將增加 9%，達到創紀錄的 1,260 億美元，所有這些都需要資金支持。

Without the benefit of scarcity, media companies now need to provide advertisers with more insight. What am I buying? Who am I reaching? Tools like UID2 and OpenPath are helping provide that signal.

在沒有稀缺性的情況下，媒體公司現在需要為廣告主提供更多的洞察力。我買什麼？我要聯絡誰？ UID2 和 OpenPath 等工具正在幫助提供該訊號。

And it's no surprise that platforms like Fox, who are among the first to embrace these tools, are benefiting the most. One major news publisher who has deployed OpenPath so that they can gain a clear understanding of what our clients are willing to pay saw their fill rate increase by 7x, leading to a revenue increase of more than 25%.

像 Fox 這樣最先採用這些工具的平台受益最大也就不足為奇了。一家主要新聞出版商部署了 OpenPath，以便能夠清楚地了解我們的客戶願意支付的費用，他們的填充率提高了 7 倍，收入增長了 25% 以上。

The sixth positive secular force helping The Trade Desk is pressure to make the supply chain better. Advertisers and publishers are two endpoints of the supply chain; and pressure on the edges, meaning the endpoints, means pressure on the whole supply chain.

幫助 The Trade Desk 的第六個積極的長期力量是改善供應鏈的壓力。廣告商和出版商是供應鏈的兩個端點；邊緣（即端點）的壓力意味著整個供應鏈的壓力。

How is this good for us is perhaps counterintuitive. There are many players in ad tech that are focused on extracting the highest margin possible. In contrast, we have been focused on adding more value than we cost or charge. We do this because it is the right thing to do, but also because it engenders loyalty from our clients and because it is the very essence of economically sustainable.

這對我們有什麼好處也許是違反直覺的。廣告科技領域的許多參與者都專注於獲取盡可能高的利潤。相較之下，我們一直專注於增加比成本或收費更多的價值。我們這樣做是因為這是正確的做法，也因為它可以提高客戶的忠誠度，並且因為這是經濟永續發展的本質。

At this moment, the advertising ecosystem is in the process of refining its supply chain to become definitively more efficient than walled gardens with more objective and independent measurement to prove its efficacy. Companies focused on extraction will likely lose share, while companies focus on adding value will likely gain market share.

目前，廣告生態系統正在完善其供應鏈，以比圍牆花園更有效率，並透過更客觀和獨立的衡量來證明其功效。專注於開採的公司可能會失去市場份額，而專注於增值的公司可能會獲得市場份額。

There are many in our industry who share the ethos to add value, and we're aiming to partner with nearly all of them. However, there are many that don't, some who take a more short-term approach and are just looking for arbitrage opportunities or places where they can create the quick illusion of value at the expense of agencies, advertisers, or sellers and publishers.

我們行業中有許多人都有共同的增值精神，我們的目標是與幾乎所有人合作。然而，也有很多人不這樣做，有些人採取更短期的做法，只是尋找套利機會或地方，以犧牲代理商、廣告商、賣家和出版商的利益為代價，快速創造價值幻象。

I do believe, like most markets, that ad tech will go through a long arc that will bend toward market efficiency and transparency. It's just a question of how quickly we get there. And in this moment, we have an opportunity to accelerate that progress. There will be more focus than ever on who is adding value and at what cost to advertisers and sellers and publishers.

我確實相信，像大多數市場一樣，廣告技術將經歷一個漫長的弧線，最終走向市場效率和透明度。問題只是我們能多快到達那裡。此時此刻，我們有機會加速這一進程。人們將比以往任何時候都更加關注誰在增加價值以及廣告商、賣家和出版商的成本是多少。

Continuing the potential prioritization changes happening at Google. In a world where Google is more cautious on the open Internet, a brighter light will shine on the value that everyone provides in the ad tech supply chain. I have long said that everyone in our industry should provide more value to the market than they extract. That's a principle we've always followed.

繼續谷歌發生的潛在優先變化。在Google對開放網路更加謹慎的世界中，廣告科技供應鏈中每個人提供的價值將會更加明亮。我早就說過，我們行業中的每個人都應該為市場提供比他們獲得的更多的價值。這是我們一直遵循的原則。

Advertisers are under more pressure than ever to do more with less. Sellers and publishers, which is, of course, our term for content owners and the companies who own that content, are fighting harder than ever to take home as much of the CPMs as possible and simultaneously increase their fill rates. And they want the advertising ecosystem to be as efficient and transparent as possible.

廣告商面臨比以往更大的壓力，需要用更少的資源做更多的事情。賣家和出版商（當然，這是我們對內容所有者和擁有該內容的公司的術語）比以往任何時候都更加努力地爭取盡可能多的每千次展示費用，同時提高他們的填充率。他們希望廣告生態系統盡可能有效率和透明。

That's why most are so eager to partner with us on initiatives like UID2 and OpenPath. So they can provide advertisers with as much signal and transparency as possible, and so advertisers can value their ad impressions as accurately as possible in the context of reaching their target audiences.

這就是為什麼大多數人如此渴望與我們合作開展 UID2 和 OpenPath 等計劃。這樣他們就可以為廣告主提供盡可能多的訊號和透明度，讓廣告主在接觸目標受眾的背景下盡可能準確地評估他們的廣告印象。

The seventh macro vector that I want to talk about today are the trends happening in audio. I want to highlight that many have wrongly defined the advertising TAM of audio to some sort of comparison to legacy radio.

我今天要講的第七個宏觀向量是音訊領域發生的趨勢。我想強調的是，許多人錯誤地將音訊的廣告 TAM 定義為與傳統廣播的某種比較。

Because the biggest players in audio are global and because digital provides potential for far fewer and more relevant ads, I'm convinced if the biggest players move correctly, they can capture one of the biggest opportunities in advertising and media today, which is the delta between time spent in the audio channel and the amount of ad budgets heading to that channel.

因為音頻領域最大的參與者是全球性的，而且數位化為更少但更相關的廣告提供了潛力，我相信，如果最大的參與者採取正確的行動，他們可以抓住當今廣告和媒體領域最大的機會之一，即三角洲。

Digital audio is at the early stages of its evolution. The channel is in a similar position to where CTV was a few years ago. Consumers in the US spend an average of three hours per day consuming digital audio, up significantly over the last five years. And advertisers are eager to capitalize on this emerging advertising channel.

數位音訊正處於其發展的早期階段。該頻道的處境與幾年前的 CTV 類似。美國消費者平均每天花三小時消費數位音頻，這數字在過去五年中顯著增加。廣告商渴望利用這一新興廣告管道。

At the moment, advertisers are looking for clear, trusted signals to inform what they buy. Trust but verify has become a mantra around the open Internet. Just a few weeks ago, media reported on our major expanded partnership with Spotify. They will be deploying both UID2 and OpenPath so that advertisers can find as much addressability and insight as possible for Spotify's high-value ad impressions.

目前，廣告商正在尋找清晰、可信的訊號來告知他們購買什麼。信任但驗證已成為開放網路的口頭禪。就在幾週前，媒體報導了我們與 Spotify 的重大合作關係。他們將部署 UID2 和 OpenPath，以便廣告主能夠為 Spotify 的高價值廣告印象找到盡可能多的可尋址性和洞察力。

I don't think there's a company in the media universe that's been more successful than Spotify at building a subscription model. In the audio world, Spotify gives us access to almost all of the world's music for a low monthly subscription. In many ways, Spotify has been at the forefront of this mass consumer shift to digital audio.

我認為媒體界沒有任何一家公司在建立訂閱模式方面比 Spotify 更成功。在音訊領域，Spotify 使我們能夠以較低的月訂閱費訪問世界上幾乎所有的音樂。在許多方面，Spotify 一直處於大眾消費者轉向數位音訊的最前沿。

I think they are in the process of becoming well positioned to get incremental users due to a good ad experience and to get incremental ad budgets for the exact same reason. You only have to listen to their most recent earnings report to understand how seriously they are taking the ad-supported side of their business and building out their programmatic capabilities over the next several years.

我認為他們正處於有利地位，可以透過良好的廣告體驗來獲得增量用戶，並出於完全相同的原因獲得增量廣告預算。您只需聆聽他們最近的收益報告，即可了解他們對廣告支援業務的重視程度以及在未來幾年內建立其程式化能力的程度。

We are very excited to partner with them in this work and to help our advertiser clients make the most of this fast-growing channel, where listeners are highly engaged and leaned in. Our partnership with Spotify is one of the inventory partnerships that I'm most optimistic about.

我們非常高興能在這項工作中與他們合作，並幫助我們的廣告商客戶充分利用這個快速增長的頻道，聽眾高度參與和依賴。之一。

The eighth macro vector aiding in our outsized growth is the massive opportunity around retail media. To summarize this at a high level, Amazon has showcased to retailers around the world the benefit of using retail purchase data to make retail businesses work better.

幫助我們實現超額成長的第八個宏觀因素是零售媒體周圍的巨大機會。概括地說，亞馬遜向世界各地的零售商展示了使用零售購買數據使零售業務更好地運作的好處。

If advertisers advertise products people like and want and frequently buy at their stores, like Walmart or Target or Albertsons or Dollar General or many, many others, those retailers, of course, will sell more product, so do the company is making and selling the products. The significance of this vector and the role it's played in our success the past few years deserves a much larger space of time, which I expect to do in the coming quarters.

如果廣告商為人們喜歡、想要並經常在他們的商店購買的產品做廣告，例如沃爾瑪、塔吉特、艾伯森、達樂百貨或許多其他商店，那麼這些零售商當然會銷售更多的產品，公司也會生產和銷售更多的產品。這個向量的重要性以及它在我們過去幾年的成功中所發揮的作用值得更多的時間空間，我預計在未來幾個季度會這樣做。

The ninth macro tailwind is the changes happening in live sports. Of course, sports is some of the most premium and most expensive content and media because it is often scarce and often highly sought out by brands and it changes very quickly. It really is built for programmatic advertising.

第九個宏觀順風是體育賽事直播中發生的變化。當然，體育是最優質、最昂貴的內容和媒體之一，因為它通常很稀缺，並且經常受到品牌的高度追捧，而且變化非常快。它確實是為程序化廣告而建構的。

The best moments in sports are surprises and unpredictable. That's what makes them so exciting. However, it's also what makes them hard to plan around and to price properly. I expect over the coming years to see programmatic spot markets and sports become best friends.

體育運動中最好的時刻是驚喜和不可預測的。這就是讓他們如此令人興奮的原因。然而，這也是他們難以合理規劃和定價的原因。我預計在未來幾年中，程序化現貨市場和運動將成為最好的朋友。

We are enjoying our strongest year-to-date with live sports. As the football season has kicked off here in the United States, we are looking at, on average, 1.5 billion ad impressions per weekend. We have dozens of major brands buying football through our platform for the first time and many others increasing spend in the triple-digit range.

我們正在享受今年迄今為止最強勁的體育賽事直播。隨著美國足球賽季的拉開序幕，我們發現平均每個週末的廣告展示次數為 15 億次。我們有數十個主要品牌首次透過我們的平台購買足球，還有許多其他品牌的支出增加了三位數。

One example is a major quick-serve restaurant chain here in the United States. This client had been advertising on traditional linear television. But with its customer base mostly aged over 45 and restaurant visits among that demographic decreasing, they wanted to expand their customer base to reach younger adults and young families using CTV.

一個例子是美國的一家大型快餐連鎖店。該客戶一直在傳統的線性電視上做廣告。但由於其客戶群大多年齡在 45 歲以上，而且該族群去餐廳的次數正在減少，因此他們希望擴大客戶群，以涵蓋使用 CTV 的年輕人和年輕家庭。

Working with their agency, Happy Cog; and their partner, [Clever], this restaurant chain worked with us to target their audience with a specific focus on live football opportunities on CTV, followed up with online video and display, all in an omnichannel approach. Our platform enabled the restaurant to target their audiences with precision and use new measurement tools to understand the impact of those ads on brand intent.

與他們的代理商 Happy Cog 合作；以及他們的合作夥伴 [Clever]，這家連鎖餐廳與我們合作，以 CTV 上的現場足球機會為目標受眾，隨後提供在線視頻和展示，所有這些都採用全渠道方式。我們的平台使餐廳能夠精確定位受眾，並使用新的測量工具來了解這些廣告對品牌意圖的影響。

As a result, this client saw a 15% increase in brand awareness among their target audience and a 9% increase in mobile transactions where CTV was the first ad served. This is a great example of how programmatic on our platform is driving high-value business results.

結果，該客戶的目標受眾的品牌知名度提高了 15%，以 CTV 為首個廣告的行動交易量增加了 9%。這是我們平台上的程式化如何推動高價值業務成果的一個很好的例子。

The tenth macro trend helping us grow is this net effect of all of these changes at once. I've said publicly a few times that the biggest thing Google has going for it in its defense against the Department of Justice is complexity. It's hard to make sense of this industry and all of the forces changing it so rapidly.

幫助我們成長的第十個宏觀趨勢是所有這些變化同時產生的淨效應。我曾多次公開表示，谷歌在針對司法部的辯護中最大的優勢就是複雜性。很難理解這個行業以及如此迅速地改變它的所有力量。

Our clients need help. They are navigating unprecedented change and unprecedented pressure. Fortunately, our buy-side focus and our objectivity aligns our interest with our clients and positions us to stand with agencies and brands shoulder to shoulder as we face supply chain changes that ultimately benefit the open Internet and the market, but will require adjustments across the ecosystem.

我們的客戶需要幫助。他們正在應對前所未有的變化和前所未有的壓力。幸運的是，我們對買方的關注和我們的客觀性使我們的利益與客戶保持一致，並使我們能夠在我們面臨供應鏈變化時與代理商和品牌並肩站在一起，這些變化最終有利於開放的互聯網和市場，但需要在整個供應鏈中進行調整。

We're here to help and have proven ourselves to be one of the leaders of the open Internet. All of these 10 macro forces, when joined with our amazing team, our global footprint, our buy-side focus, and our amazing product, including the recent platform overhaul found in Kokai, are showing the early signs of the future promise of our innovations, our objectivity, our AI, and our company.

我們隨時為您提供協助，並已證明自己是開放網路的領導者之一。所有這10 種宏觀力量，與我們出色的團隊、我們的全球足跡、我們的買方關注點以及我們出色的產品（包括最近在Kokai 發現的平台檢修）相結合，都顯示出我們創新的未來前景的早期跡象、我們的客觀性、我們的人工智慧和我們的公司。

Clients are seeing performance upgrades around the world, many of whom are embracing new approaches to the objective data-driven measurement The Trade Desk offers. So as we exit 2024 and look forward to 2025, The Trade Desk is better positioned than we have ever been. 2024 has been a banner year for CTV, and we have further cemented our position as the first choice platform to help leading brands as they continue to shift their budgets from linear TV and UGC into CTV.

世界各地的客戶都看到效能升級，其中許多客戶正在採用 The Trade Desk 提供的客觀數據驅動測量的新方法。因此，當我們退出 2024 年並展望 2025 年時，The Trade Desk 的定位比以往任何時候都更好。 2024 年對 CTV 來說是輝煌的一年，我們進一步鞏固了我們作為幫助領先品牌的首選平台的地位，因為他們繼續將預算從線性電視和 UGC 轉向 CTV。

Retail Media has rapidly become one of the fastest-growing areas of our business, a trend we expect to accelerate through 2025. Retail data on our platform is transforming how many CPG advertisers approach measurement and attribution.

零售媒體已迅速成為我們業務成長最快的領域之一，我們預計這一趨勢將在 2025 年加速。

Innovations in Kokai are helping advertisers identify and target new potential customers with much greater precision. Data elements per impression continued to increase, resulting in significantly better performance, helping unlock budgets and win new business.

Kokai 的創新正在幫助廣告主更精確地識別和定位新的潛在客戶。每次展示的數據元素持續增加，從而顯著提高效能，幫助釋放預算並贏得新業務。

Our premium content partnerships activated through supply path innovations, such as OpenPath and the Sellers and Publishers 500+ marketplace, are helping advertisers value and select ad impressions with more objectivity than ever. Innovations like UID2, which has reached critical mass, are helping advertisers pioneer better approaches to addressability in a changing identity environment. And our investments in new measurement capabilities, from the TV Quality Index to our growing network of retail data partners, are helping advertisers prove the efficacy of their campaigns in new objective ways.

我們透過供應路徑創新（例如 OpenPath 以及賣家和出版商 500+ 市場）啟動的優質內容合作夥伴關係正在幫助廣告商比以往更客觀地評估和選擇廣告印象。像 UID2 這樣的創新已經達到了臨界點，它正在幫助廣告商在不斷變化的身份環境中開拓更好的可尋址方法。我們對新衡量能力的投資，從電視品質指數到不斷增長的零售數據合作夥伴網絡，正在幫助廣告商以新的客觀方式證明其廣告活動的有效性。

Let me conclude by underlining that taken together, these initiatives, along with many others, position The Trade Desk very well for market-leading growth in the years ahead. I believe it is worth noting again, we continue to significantly gain market share. I believe our level of relative outperformance, 27% revenue growth in the third quarter, is indicative of the value we are delivering to our clients as they deal with an uncertain consumer environment.

最後，我要強調的是，總的來說，這些舉措以及許多其他舉措為 The Trade Desk 在未來幾年實現市場領先的成長奠定了良好的基礎。我相信再次值得注意的是，我們繼續大幅獲得市場份額。我相信，我們的相對優異表現水準（第三季營收成長 27%）顯示了我們在客戶應對不確定的消費者環境時為他們提供的價值。

We continue to sign JVPs with brands and their agencies at a very strong pace, with billions of dollars transacted through these partnerships each year now. I believe we will look back on 2024 as an inflection point in terms of how advertisers value the premium open Internet driven by CTV and digital audio as a compelling alternative to walled gardens. And I expect advertisers will emerge in 2025 more empowered than ever to drive data-driven precision. As a result, we will continue to gain share.

我們繼續以非常強勁的速度與品牌及其代理商簽署合資企業協議，現在每年透過這些合作夥伴關係的交易金額達數十億美元。我相信，我們將把 2024 年視為廣告商如何評價由 CTV 和數位音訊驅動的優質開放互聯網作為圍牆花園的引人注目的替代品的拐點。我預期廣告主將在 2025 年比以往更有能力推動數據驅動的精準度。因此，我們將繼續獲得份額。

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

這樣，我就會把它交給蘿拉來負責我們的財務事宜。

Thank you, Jeff, and good afternoon. As our third-quarter results demonstrate, The Trade Desk is executing at a high level, outpacing peers and capturing increased market share. We achieved robust accelerating year-over-year revenue growth while delivering outstanding profitability and cash flow.

謝謝你，傑夫，下午好。正如我們第三季的業績所表明的那樣，The Trade Desk 的執行水平很高，超越了同行，並獲得了更大的市場份額。我們實現了收入逐年強勁加速成長，同時實現了出色的獲利能力和現金流。

Key investment initiatives, including performance advancements in our Kokai platform, expansion in CTV, retail media, and supply chain innovations like our OpenPath technology, are not only strengthening our foundation, but position us for durable growth in 2025 and beyond.

關鍵投資舉措，包括 Kokai 平台的效能提升、CTV、零售媒體的擴張以及 OpenPath 技術等供應鏈創新，不僅鞏固了我們的基礎，也為我們在 2025 年及以後實現持久成長奠定了基礎。

Turning to our results. Revenue in Q3 was $628 million, representing growth of 27% year over year, accelerating from the prior quarter and year over year. We continue to win more share of our clients' advertising budgets as they increasingly prioritize platforms like The Trade Desk that deliver high-value results, especially in premium video and CTV.

轉向我們的結果。第三季營收為 6.28 億美元，年增 27%，環比和年比均有所加速。我們繼續贏得更多客戶廣告預算的份額，因為他們越來越優先考慮 The Trade Desk 等能夠提供高價值成果的平台，尤其是在優質影片和 CTV 領域。

This trend is a familiar dynamic in our industry that we witnessed many times over the years. When CMOs faced pressure to achieve more with less, they turn to platforms like ours for flexibility, precision, and measurable results.

這種趨勢是我們行業中常見的動態，多年來我們多次目睹。當行銷長面臨以更少的投入實現更多目標的壓力時，他們會轉向像我們這樣的平台來獲得靈活性、精確性和可衡量的結果。

During the third quarter, CTV led our growth from a scale channel perspective once again. We saw strong momentum in retail media as we continue to win incremental shopper marketing budgets. International spend growth outpaced North America once again with notably strong performance in CTV.

第三季度，中視再次從規模通路角度引領了我們的成長。隨著我們繼續贏得增量購物者行銷預算，我們看到了零售媒體的強勁勢頭。國際支出成長再次超過北美，CTV 表現特別強勁。

With the strong top-line performance in Q3, we generated approximately $257 million in adjusted EBITDA or about 41% of revenue and free cash flow of $222 million. From a scale channel perspective, CTV, by a wide margin, led our growth again during the third quarter.

憑藉第三季強勁的營收表現，我們產生了約 2.57 億美元的調整後 EBITDA，約佔營收的 41%，自由現金流為 2.22 億美元。從通路規模來看，中視在第三季再次大幅領先我們的成長。

In Q3, video, which includes CTV, represented a high 40s percentage share of our business and continues to grow as a percentage of our mix. Mobile represented a mid-30 percentage share of spend during the quarter. Display continued to represent a low double-digit percent share of our business, and audio represents around 5%.

第三季度，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。本季行動支出佔支出的 30% 左右。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 Q3 and international represented about 12%. We are pleased that our ad spend outside North America grew at a faster rate year over year than inside North America, as has been the case for the last seven quarters in a row.

從地理位置來看，北美地區約占我們第三季業務的 88%，國際地區約佔 12%。我們很高興北美以外的廣告支出較去年成長速度快於北美境內，過去連續七個季度都是如此。

CTV continued to drive our growth across both EMEA and Asia Pacific. We see significant opportunities to capture more share in these regions in the quarters and years ahead.

CTV 繼續推動我們在歐洲、中東和非洲和亞太地區的成長。我們看到未來幾個季度和幾年在這些地區獲得更多份額的重大機會。

In terms of 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 medical health, which includes advertising related to healthcare and pharmaceuticals, as well as home and garden and pets.

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表現強勁，特別是在醫療健康領域，其中包括與醫療保健和藥物以及家庭、花園和寵物相關的廣告。

Political spending was also strong in Q3 as expected. Family relationships in healthy living verticals were both below average. Overall, we saw healthy trends across categories, and we continue to believe there is opportunity for us to gain share in all of the verticals we serve.

正如預期的那樣，第三季的政治支出也很強勁。健康生活垂直領域的家庭關係均低於平均值。總體而言，我們看到了各個類別的健康趨勢，我們仍然相信我們有機會在我們服務的所有垂直領域中獲得份額。

Turning now to expenses. Excluding stock-based compensation, operating expenses in Q3 were $391 million, up 24% year over year. During the third quarter, we continued to invest in our teams, our platform, and our infrastructure to support sustained growth.

現在轉向費用。不包括股票薪酬，第三季營運費用為 3.91 億美元，較去年同期成長 24%。第三季度，我們繼續投資我們的團隊、平台和基礎設施，以支持持續成長。

Income tax expense was $33 million for the third quarter driven primarily by our pretax profitability and non-deductible stock-based compensation. Adjusted net income was $207 million or $0.41 per fully diluted share.

第三季所得稅費用為 3,300 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 2.07 億美元，即完全稀釋後每股收益 0.41 美元。

Net cash provided by operating activities was $273 million for Q3 and free cash flow was $222 million. DSOs exiting the quarter were 89 days, down two days from a year ago. DTOs were 74 days, down one day from a year ago.

第三季經營活動提供的淨現金為 2.73 億美元，自由現金流為 2.22 億美元。本季退出的 DSO 為 89 天，比去年同期減少了兩天。 DTO 為 74 天，比一年前減少一天。

In Q3, via our share repurchase program, we repurchased $54 million of Class A common stock. We will continue to approach the repurchase program opportunistically depending on market conditions and capital priorities.

第三季度，透過我們的股票回購計劃，我們回購了 5,400 萬美元的 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。

We exited the third quarter with a strong cash and liquidity position. Cash, cash equivalents, and short-term investments ended the quarter at $1.7 billion. We have no debt on the balance sheet.

我們在第三季結束時擁有強勁的現金和流動性狀況。本季末現金、現金等價物及短期投資為 17 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the fourth quarter. We continue to see strong spend in our key areas such as CTV, retail media, and political. We estimate Q4 revenue to be at least $756 million, which would represent growth of about 25% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $363 million in Q4.

轉向我們對第四季的展望。我們繼續看到 CTV、零售媒體和政治等關鍵領域的支出強勁。我們預計第四季營收至少為 7.56 億美元，年增約 25%。我們預計第四季度調整後 EBITDA 約為 3.63 億美元。

In closing, we are extremely pleased with our strong performance in the third quarter, and we are cautiously optimistic for Q4. We continue to gain momentum across our biggest priorities, delivering profitable growth and significant share gains.

最後，我們對第三季的強勁表現感到非常滿意，並對第四季持謹慎樂觀態度。我們繼續在我們最重要的優先事項上獲得動力，實現獲利成長和顯著的份額成長。

As we look ahead to the remainder of Q4 and 2025, we believe we have never been in a better position than we are today. With large growth drivers, including the ongoing secular shift to CTV, upgrading measurement with retail data, expansion outside North America, a strong identity framework, strengthening of the supply chain, and the ability to drive leverage in our model, we remain optimistic for many years to come.

當我們展望第四季度剩餘時間和 2025 年時，我們相信我們從未處於比今天更好的位置。憑藉巨大的成長動力，包括持續向CTV 的長期轉變、零售數據的升級衡量、北美以外的擴張、強大的身份框架、供應鏈的加強以及在我們的模型中推動槓桿的能力，我們對許多公司保持樂觀未來幾年。

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。

Certainly. Thank you. At this time we will be conducting a question-and-answer session. (Operator Instructions) Shyam Patil, Susquehanna.

當然。謝謝。此時我們將進行問答環節。 （操作員指示）Shyam Patil，薩斯奎哈納。

Hey, guys. Great job on the strong growth and the results. I just had one bigger-picture question. Jeff, can you talk a little bit more about what you're seeing in terms of the near-term macro for 3Q and 4Q and then, for next year, how you view the macro and [set up] for Trade Desk?

嘿，夥計們。強勁成長和成果方面做得很好。我只是有一個更宏觀的問題。 Jeff，您能否多談談您對第三季度和第四季度的近期宏觀情況的看法，然後，對於明年，您如何看待宏觀以及 Trade Desk 的[設定]？

You bet. Thanks, Shyam, for the question and for the kind words. So first, I just want to point out that the most significant macro vectors that I can talk about are the things that we itemized in the prepared remarks.

你打賭。謝謝夏姆的提問和客氣話。首先，我只想指出，我可以談論的最重要的宏觀向量是我們在準備好的評論中逐項列出的內容。

So we've taken more time this time to talk about the macro vectors that are affecting us, especially into next year in the prepared remarks this time. So I just encourage everybody to spend a little bit more time with them because we spent a little bit more time preparing them.

因此，我們這次花了更多時間來討論影響我們的宏觀因素，尤其是在準備好的發言中談到明年。所以我只是鼓勵每個人花更多的時間和他們在一起，因為我們花了更多的時間準備他們。

As it relates to the here and now, though, I'm incredibly proud of our performance in the third quarter. And we are currently firing on all cylinders, whether that's what's happening in CTV, it being both our largest channel and our fastest growing, which those two things don't usually go hand in hand; or the amazing efforts in Kokai.

不過，由於它與此時此地相關，我對我們第三季的表現感到非常自豪。我們目前正在全力以赴，無論 CTV 是否發生這種情況，它既是我們最大的頻道，也是我們成長最快的頻道，而這兩件事通常不會齊頭並進；或 Kokai 的驚人努力。

It started the year as an engineering effort and has since turned into both an engineering effort as well as our sales and client services teams getting that adopted. The adoption has been phenomenal. The product is the best that we've ever shipped. So a lot going for us in that.

今年一開始，它只是一項工程工作，後來變成了一項工程工作，我們的銷售和客戶服務團隊也採用了這項工作。採用率是驚人的。該產品是我們發貨過的最好的產品。這對我們來說有很多好處。

UID2 has become the primary currency of identity in the open Internet. And then, of course, we have so much going for us in retail media and supply path optimization. I really do believe we're in a stronger position than we have ever been.

UID2 已成為開放網路中身分的主要貨幣。當然，我們在零售媒體和供應路徑優化方面還有很多優勢。我確實相信我們比以往任何時候都處於更強大的地位。

As it relates to the macro market in the here and now, I do want to just highlight that CMOs are dealing with a lot of uncertainty and a lot of scrutiny. And the uncertainty, they've seen a lot of over the last few years. But the scrutiny, I don't know that it's been more than they have right now.

由於它與此地的宏觀市場相關，我確實想強調一下，首席行銷長正在應對許多不確定性和大量審查。在過去的幾年裡，他們已經看到了許多不確定性。但仔細觀察，我不知道這是否比他們現在更多。

And as a result, brands are under pressure to grow, and that is good for us. So even though it's a little bit tense for the market, it's good for us because they're turning to us saying, how can we help?

因此，品牌面臨成長的壓力，這對我們來說是件好事。因此，儘管市場有點緊張，但這對我們有好處，因為他們轉向我們說，我們能提供什麼幫助？

And I do want to also highlight that there is a difference between the stock market being at an all-time high and consumers feeling as confident as they've ever been. And that is not where many consumers are, especially on the left side of the bell curve.

我確實想強調，股市處於歷史最高水準與消費者一如既往地充滿信心之間是有區別的。而這並不是很多消費者的狀況，尤其是鐘形曲線左側的消費者。

So if you make less than the median household income, then you're more affected by price. And if you're selling products to those people, then it is probably affecting your business more than others. And so as a result, some brands are in a phenomenal position and some are in a more difficult position in this current market as they face inflation and consumer weakness, changes in interest rates, and all the implications as to how products need to be marketed.

因此，如果您的收入低於家庭收入中位數，那麼您受價格的影響就更大。如果您向這些人銷售產品，那麼它對您的業務的影響可能比其他人更大。因此，一些品牌在當前市場中處於驚人的地位，而另一些品牌則面臨著更困難的處境，因為它們面臨著通貨膨脹和消費者疲軟、利率變化以及產品行銷方式的所有影響。

As a result, they need to be more agile, more focused on efficacy, more focus on efficiencies than ever before. And so what we do, we just give them more data and honestly give them control of their own future. It means that they are leaning in more than they ever have before. They're looking for solutions to help them.

因此，他們需要比以往更加敏捷、更加重視功效、更加重視效率。所以我們所做的就是給他們更多的數據，誠實地讓他們掌控自己的未來。這意味著他們比以往任何時候都更傾向於。他們正在尋找可以幫助他們的解決方案。

But when you couple that with why programmatic advertising is the leading source of growth in advertising, which is that, of course, we've been outperforming the market. Of course, it's a place where you can put data to work on a case-by-case basis and optimize for personalization.

但是，當你將其與為什麼程序化廣告是廣告成長的主要來源結合時，那就是，當然，我們的表現一直優於市場。當然，您可以在其中根據具體情況應用數據並優化個人化。

Of course, when you're using data-driven advertising and marketing, that is the very best place to inject AI in distributed models in the way that we have. And then, of course, when we take our joint business plans and all the other efforts that we have, we're in a really phenomenal position.

當然，當您使用數據驅動的廣告和行銷時，這是以我們現有的方式將人工智慧注入分散式模型的最佳位置。當然，當我們採取聯合業務計劃和我們所做的所有其他努力時，我們處於一個非常出色的位置。

One other thing I just want to highlight is that political in both Q3 and Q4 was as expected. It's been very strong. And -- but we are mindful that some brands are not as interested as advertising in a polarized political environment. And so those dynamics have made things a little bit different in this Q4 than in other Q4s.

我想強調的另一件事是第三季和第四季的政治狀況符合預期。它已經非常強大了。而且——但我們注意到，有些品牌對在兩極化的政治環境中做廣告並不感興趣。因此，這些動態使得第四季度的情況與其他第四季有所不同。

One other thing that also gives me a tremendous amount of optimism for the future is that some of our most significant partnerships, whether that's Netflix or Disney or Roku or Fox or Spotify, are all in what I would call the crawl phase of our partnership.

另一件讓我對未來充滿樂觀的事情是，我們一些最重要的合作夥伴，無論是 Netflix、迪士尼、Roku、Fox 還是 Spotify，都處於我稱之為合作夥伴關係的爬行階段。

We've done some amazing themes with some of those. Others, we've always talked about doing amazing things and we've done just sort of testing the pipes. But I think the very best is yet to come in all of those partnerships.

我們已經用其中的一些做了一些令人驚嘆的主題。其他人，我們總是談論做一些令人驚奇的事情，我們只是做了一些管道測試。但我認為所有這些合作關係中最好的時刻尚未到來。

And so in the short term, they're making small contributions but I think the very best is yet to come and all of that. And I'm sure we'll talk about OpenPath and some other things later. But that gives you a sense of what we're facing in the short term.

因此，在短期內，他們做出了微小的貢獻，但我認為最好的尚未到來，而這一切都還沒有到來。我確信我們稍後會討論 OpenPath 和其他一些事情。但這讓你了解我們短期內面臨的情況。

Thanks, Jeff.

謝謝，傑夫。

Vasily Karasyov, Cannonball Research.

瓦西里·卡拉瑟夫，砲彈研究。

Hi, Jeff. I have a question about Google. As they remain under pressure from regulators, what are you seeing in the market in terms of how -- is it easier? Is it harder for you to get -- to win spend from brands?

嗨，傑夫。我有一個關於 Google 的問題。由於他們仍然面臨監管機構的壓力，您在市場上看到了什麼——是否更容易？您是否更難贏得品牌的支出？

And then with Google Network business continuing its negative or negative growth, does The Trade Desk really have any preference and what happens in this DOJ trial? Thank you.

然後，隨著 Google Network 業務繼續負成長或負成長，The Trade Desk 真的有任何偏好嗎？謝謝。

You bet. Thank you. I appreciate the question. So first, a little bit of context. As you know, the Department of Justice already concluded one of its trials against Google on that of search, and the Department of Justice won.

你打賭。謝謝。我很欣賞這個問題。首先，了解一些背景資訊。如你所知，司法部已經結束了針對谷歌搜尋領域的一項審判，並且司法部獲勝。

And I would argue that the case that the Department of Justice has against Google on the ad tech side is even more compelling. It is more compelling, but it's also more complicated, which makes it a little bit harder to predict. But I think the case is incredibly compelling for the government.

我認為司法部在廣告科技方面針對Google的案件更具說服力。它更引人注目，但也更複雜，這使得預測變得有點困難。但我認為這個案子對政府來說非常有說服力。

But regardless of what happens, I believe we will win. And I do want to underline the things that I said in the prepared remarks. Google is a phenomenal company. I think they have a tremendous amount of opportunity ahead of it as it relates to search and cloud and AI and Gemini.

但無論發生什麼，我相信我們會贏。我確實想強調我在準備好的發言中所說的內容。谷歌是一家非凡的公司。我認為他們前面有大量的機會，因為它與搜尋、雲端、人工智慧和雙子座有關。

But it is clear that they have been deprioritizing network, and it has not performed the way that the rest of their business has. If I were in Sundar's shoes, I would deprioritize it too because of the opportunities that they have on those other fronts as well as just the nature of their business, which is pretty dependent on them making very high margins on media that has a cost of goods sold that is incredibly low.

但很明顯，他們一直在降低網路的優先級，而且網路的表現並不像他們其他業務那樣。如果我處在桑達爾的立場上，我也會優先考慮它，因為他們在其他方面擁有機會，也因為他們的業務性質，這在很大程度上取決於他們在媒體上獲得非常高的利潤，而媒體的成本是所售商品的價格低得令人難以置信。

And the premium content of the Internet does not have a low cost of goods sold and therefore, makes it hard to move the needle on a P&L as big as Google's. So I anticipate that they will deprioritize it. But even if they don't, what I think is inevitable is that Google has to play more fair.

而且網路上的優質內容的銷售成本並不低，因此很難像Google一樣大規模地實現損益。所以我預計他們會降低它的優先順序。但即使他們不這樣做，我認為不可避免的是谷歌必須更加公平地競爭。

What has clearly come out in the trial is that they have not always played fair, and that might be the understatement of the call. But we have managed to win in an unfair market. I believe they will be forced, whether that's from government or just by their own choosing -- because this risk-reward is not worth it.

審判中清楚地表明，他們並不總是公平競爭，這可能是輕描淡寫的說法。但我們在不公平的市場中取得了勝利。我相信他們會被迫，無論是來自政府還是只是他們自己的選擇——因為這種風險回報是不值得的。

So by their own choosing, I think they would make the market more fair and, therefore, make it easier for us to do well. So that's why I maintain that regardless of what happens in the trial itself, I believe that we'll do well and that we'll continue to win.

因此，透過他們自己的選擇，我認為他們將使市場更加公平，從而使我們更容易做得很好。因此，我堅持認為，無論審判本身發生什麼，我相信我們都會做得很好，我們將繼續獲勝。

I think there are scenarios where the landscape looks very different depending on what happens to Google and regulation, especially on the supply side which is at the core of the government's case, which underlines the fact that I don't think anybody is disputing as it relates to the trial itself. But The Trade Desk will continue to do well. So I think we're in a great position. I'm very excited to see the outcome, and I think we win no matter what. Thanks for the question.

我認為在某些情況下，情況看起來會非常不同，這取決於谷歌和監管的情況，特別是在供應方面，這是政府案件的核心，這強調了一個事實，即我認為沒有人會對此提出異議。但 The Trade Desk 將繼續表現良好。所以我認為我們處於有利地位。我很高興看到結果，我認為無論如何我們都會贏。謝謝你的提問。

Thank you.

謝謝。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃利希，美國銀行。

Thank you. Hi, Jeff. We've seen THE Trade Desk deploy many initiatives over the years focusing on the supply chain, from the gold standard for SSPs to UID2 to S and P 500+ and now OpenPath. Can you wrap this all together and speak about how the work you've done on the supply chain with OpenPath and what this initiative means -- can mean to the value of The Trade Desk with its partners over the next several years?

謝謝。嗨，傑夫。多年來，我們看到 THE Trade Desk 部署了許多專注於供應鏈的舉措，從 SSP 的黃金標準到 UID2，再到 S and P 500+ 以及現在的 OpenPath。您能否總結一下這一切，並談談您透過 OpenPath 在供應鏈上所做的工作以及這項舉措的意義——對 The Trade Desk 及其合作夥伴在未來幾年的價值意味著什麼？

And I guess like secondarily, when do you scale? Because as you said, during the crawl phase with many of the users of OpenPath, I mean just starting like Disney and Fox, et cetera, and some that you've mentioned like Netflix, not even on the platform yet.

我想其次，你什麼時候擴大規模？因為正如您所說，在 OpenPath 的許多用戶的爬行階段，我的意思是剛剛開始，例如迪士尼和福克斯等，以及您提到的 Netflix 等，甚至還沒有在平台上。

Thank you so much. Appreciate the question, a lot to unpack there. So let me first just give a little bit of history so that you and I bring everyone along in this question.

太感謝了。感謝這個問題，有很多東西可以解開。首先，讓我簡單介紹一下歷史，以便你和我帶領大家一起討論這個問題。

So I love that you know about it because we weren't very public about the gold standard back in 2017, but we certainly talked to SSPs and at exchanges about it. I would essentially summarize that effort as us saying to the sell side, here's the sort of signal that we would like to see, and we are just going to tell you in advance.

所以我很高興您知道這一點，因為我們在 2017 年並沒有非常公開地談論金本位制，但我們確實與 SSP 和交易所談論過它。我基本上會總結這項努力，就像我們對賣方所說的那樣，這是我們希望看到的信號，我們只是提前告訴您。

When we see this signal, we're more likely to bid up because these are the things that give us indication of value. We haven't always done that in the past. But we did start doing that in 2017.

當我們看到這個訊號時，我們更有可能提高出價，因為這些是給我們價值指示的東西。過去我們並不總是這樣做。但我們確實從 2017 年開始這麼做。

As you know, UID2 was an effort to make identity ubiquitous across the Internet. When we first announced it, a number of companies suggested that we would never be successful because they thought we'd have to get 2 billion consumers to sign up for us to have any sort of footprint. And we explained then that our play was not to go sign up 2 billion consumers or to go direct, but instead, to partner with the infrastructure of the Internet; and we've done that across the board.

如您所知，UID2 旨在使身分在網路上無處不在。當我們第一次宣布這項消息時，許多公司表示我們永遠不會成功，因為他們認為我們必須讓 20 億消費者註冊才能留下足跡。當時我們解釋說，我們的策略不是去簽約20億消費者或直接去，而是與網路基礎設施合作；我們已經全面做到了這一點。

Then as you point out, in the last two years, we've launched two initiatives. One is the Sellers and Publishers 500+ as well as the OpenPath. Sellers and Publishers 500+ is meant to make it easier for people who are currently buying private marketplaces, which often have really slowed or small trickles of inventory, and they don't necessarily realize how much they've limited their decisioning power by only considering a small amount of inventory.

正如您所指出的，在過去兩年中，我們推出了兩項舉措。其中之一是 500+ 賣家和出版商以及 OpenPath。賣家和出版商 500+ 的目的是讓目前購買私人市場的人更容易，這些市場通常會真正減慢或減少庫存，而且他們不一定意識到只考慮自己的決策能力有多大少量庫存。

So by selecting some of the most prominent and safe parts of the open Internet to buy across all of it, they expand their ability to find value. Because many times, the reason people enter into private marketplaces is simply to be safe. And so we've given them a very safe, large ecosystem for them to buy into. And it's something that we'll just continue to promote and make accessible and provide transparency into what, of course, they're buying.

因此，透過選擇開放網路中一些最突出和最安全的部分進行購買，他們擴大了發現價值的能力。因為很多時候，人們進入私人市場的原因只是為了安全。因此，我們為他們提供了一個非常安全、大型的生態系統供他們購買。我們將繼續推廣和提供這些產品，並為他們所購買的產品提供透明度。

But OpenPath, it might be, aside from UID2, the most significant venture of all of them. And all OpenPath is our willingness to go one step further from gold standard and share with the sell side exactly what we're willing to pay on any given impression opportunity.

但 OpenPath 可能是除了 UID2 之外最重要的嘗試。 OpenPath 的全部內容是我們願意遠離黃金標準，並與賣方分享我們願意為任何給定的展示機會支付的費用。

And the reason why we do that is because there are many publishers who are saying, I don't have any idea what you're willing to pay because of all of the companies that exist between us. And it's a way for them to hold them accountable to earn their keep.

我們這樣做的原因是因為有很多出版商說，我不知道你願意為我們之間存在的所有公司支付多少錢。這是他們讓他們承擔起維持生計的責任的一種方式。

Some have wrongly assumed that this is us trying to cut them out. It is not. It is us trying to empower the publishers to make certain that they earn their keep.

有些人錯誤地認為這是我們試圖消滅他們。它不是。我們正在努力賦予出版商權力，確保他們能賺錢。

And the reason for that is that we are competing with walled gardens. We're competing with the most successful companies in the history of advertising, companies like Facebook and companies like Google.

原因是我們正在與圍牆花園競爭。我們正在與廣告史上最成功的公司競爭，像是 Facebook 和 Google 這樣的公司。

Those walled gardens have one advantage, which is that they control the supply chain end to end. And therefore, they're not at the risk of players in the middle of the supply chain extracting too much and then decreasing the value proposition of those that participate in the entire open Internet rather than just in a particular walled garden.

這些圍牆花園有一個優勢，就是它們端到端地控制供應鏈。因此，他們不會面臨供應鏈中間的參與者提取過多信息，然後降低參與整個開放互聯網而不僅僅是特定圍牆花園的參與者的價值主張的風險。

And too often, an advertiser pays $1 and less than $0.50 ends up in the pocket of the publisher. So OpenPath is a bit of -- to mix metaphors or to at least use two of them, it's a bit of a light on a hill as well as a canary in the coal mine. Buyers get better visibility in the overall supply chain.

通常情況下，廣告商支付 1 美元，而最終落入發布商口袋的不到 0.5 美元。所以 OpenPath 有點——混合比喻或至少使用其中兩個比喻，它有點像山上的一盞燈和煤礦裡的金絲雀。買家可以更好地了解整個供應鏈。

And the reason why I say light on the hill is because we don't necessarily need OpenPath to be on every impression. In fact, we have no expectation that it will. But we will have it run often enough, especially with the largest players on the open Internet, to know how to grade all the other supply chains, all the other ways that we could potentially buy, so that we hold it accountable to be as efficient as possible.

我之所以說山上有光，是因為我們不一定需要 OpenPath 出現在每個印像中。事實上，我們並不期望它會發生。但我們會讓它足夠頻繁地運行，特別是與開放互聯網上最大的參與者一起，了解如何對所有其他供應鏈以及我們可能購買的所有其他方式進行評級，以便我們對其負責，以確保效率盡可能。

The way I view this is that it is a race between walled gardens and the open Internet to create the most efficient supply chain. Walled gardens have the advantage on one level, which is that they control it all. But they operate at a disadvantage because they only operate with UGC and they only operate with content that has a very low cost of goods sold and don't have the appeal of all the best parts of the open Internet, which I think we described well in the prepared remarks.

我的看法是，這是圍牆花園和開放網路之間的競賽，旨在創造最高效的供應鏈。圍牆花園在一方面有優勢，那就是它們可以控制一切。但他們的運作處於劣勢，因為他們只使用 UGC 進行操作，並且只使用銷售成本非常低的內容進行操作，並且不具有開放互聯網所有最佳部分的吸引力，我認為我們對此描述得很好在準備好的發言中。

The advantage that we have is not only do we have the premium side of the open Internet, but we also have the forces of capitalism, of competition, of all the things that make markets great. And we can partner with so many different companies and, through a collection of efforts, outperform on any single one company.

我們擁有的優勢不僅在於我們擁有開放網路的優質一面，而且我們還擁有資本主義的力量、競爭的力量以及所有使市場變得偉大的因素。我們可以與許多不同的公司合作，並透過一系列努力，超越任何一家公司。

I don't think you can count on any one company to be a source of all innovation. And we've got a business model that I don't think goes out of style, the way that many destinations do.

我認為你不能指望任何一家公司成為所有創新的來源。我認為我們的商業模式不會像許多目的地那樣過時。

And so in order for us to be a company that services the entire open Internet, I believe it's essential for us to have a product like OpenPath. So it's a really critical part of our present and future. And really appreciate the question, Jessica, so we had a platform to talk about it more.

因此，為了讓我們成為一家為整個開放網路提供服務的公司，我認為擁有像 OpenPath 這樣的產品對我們來說至關重要。因此，這是我們現在和未來的一個非常重要的部分。傑西卡，我真的很感激這個問題，所以我們有一個平台可以更多地討論這個問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Thank you for taking my question. Jeff, I have one on CTV growth. So it's your largest and fastest, and you have a lot of catalysts that enable healthy, sustainable growth in CTV.

感謝您回答我的問題。傑夫，我有一篇關於 CTV 成長的文章。所以它是你們規模最大、速度最快的，而且你們有很多催化劑可以促進 CTV 的健康、永續成長。

So when we think about the drivers over the, call it, next two to five years, how would you rank order the impact of secular tailwinds to third-party partnerships that you may expand to your forward product, international expansion, rising levels of ad tech or AI that will be used in measuring or anything else?

因此，當我們考慮未來兩到五年的驅動因素時，您會如何排列長期順風對第三方合作夥伴關係的影響，您可以將其擴展到您的遠期產品、國際擴張、不斷上升的廣告水平將用於測量或其他什麼的技術或人工智慧？

Like can you please help us on back key drivers that will allow you to sustain growth at a healthy clip in the near to midterm? And then the follow-up is, how do you see Amazon evolve as a DSP over the same time frame? Thanks a lot.

您能否幫助我們確定關鍵驅動因素，使您能夠在近期到中期保持健康的成長？接下來的問題是，您如何看待亞馬遜在同一時間範圍內作為 DSP 的發展？多謝。

Thanks for the question. You did a pretty good job of laying out all the key secular drivers for us, the tailwinds that are helping.

謝謝你的提問。您很好地為我們列出了所有關鍵的世俗驅動因素，以及有幫助的順風車。

The first and foremost, over the last few years, there's been at times anxiety about will there be walled gardens in CTV not because we ever thought that was a viable path because I believe that is not a viable path because it's too fragmented But instead, what all of the major players have come to understand is that when you have a premium product, the very best way to get the most out of it is to auction that off and of course, to describe it in great detail.

首先，也是最重要的，在過去的幾年裡，人們有時會擔心CTV 中是否會有圍牆花園，不是因為我們曾經認為這是一條可行的道路，因為我認為這不是一條可行的道路，因為它太分散了，而是，所有主要參與者都明白，當你擁有優質產品時，充分利用它的最佳方法就是拍賣它，當然，還要詳細描述它。

When you're not selling an average product, you have to describe it better in order to get the premium that you deserve. And that's true, whether you're selling cars or art or ads. And I would also add that conflict of interest is an even more inferior playbook in CTV than it is in any other channel or any other corner of media.

當您銷售的不是普通產品時，您必須更好地描述它，以獲得應得的溢價。無論您是銷售汽車、藝術品還是廣告，這都是事實。我還要補充一點，利益衝突在 CTV 中是比在任何其他頻道或媒體的任何其他角落都更糟糕的劇本。

So as a result, I would argue that Amazon operates at a much bigger disadvantage in CTV than in any other channel. So we've argued against Google's lack of objectivity in every other part of the open Internet, and they've been less of a competitor in CTV. Amazon has been more of a competitor in CTV, but I think Google was a more formidable competitor in the other parts of the open Internet than Amazon is in CTV.

因此，我認為亞馬遜在 CTV 上的運作比在任何其他頻道上都處於更大的劣勢。因此，我們反對谷歌在開放網路的其他所有領域缺乏客觀性，而且他們在 CTV 方面也不是競爭對手。亞馬遜在 CTV 領域更像是競爭對手，但我認為谷歌在開放網路的其他領域比亞馬遜在 CTV 領域更強大。

And that is simply because of that conflict of interest. They are going to be pushing ads on premium content that they own, meanwhile, neglecting premium content that others own; while we have no dog in the hunt. And we're just trying to help people objectively decide, do I buy the ad on Netflix or do I buy the ad on Hulu or Tubi or somewhere else. So as a result, you take all the partnerships that we put together, and I think those are a significant driver for our growth in the future.

這只是因為利益衝突。同時，他們將在自己擁有的優質內容上推播廣告，而忽略其他人擁有的優質內容；雖然我們沒有狗在打獵。我們只是想幫助人們客觀地決定，我是在 Netflix 上購買廣告，還是在 Hulu、Tubi 或其他地方購買廣告。因此，我們建立的所有合作關係，我認為這些都是我們未來成長的重要推動力。

A couple of years ago, I would have said that we were leading the CTV market in Australia and in the United States. That's expanded to other markets like the UK and to Germany, but there are still way more opportunities around the world.

幾年前，我會說我們在澳洲和美國的 CTV 市場處於領先地位。該業務已擴展到英國和德國等其他市場，但世界各地仍存在更多機會。

As I mentioned last quarter, I was in India over the summer. And just the opportunities there in every channel, but especially in CTV and audio, are just spectacular. And so the opportunities that exist for us around the world couldn't be better.

正如我上個季度提到的，我整個夏天都在印度。每個管道的機會都非常驚人，尤其是在 CTV 和音訊領域。因此，世界各地為我們提供的機會再好不過了。

We've also established UID2. It's not only the currency of the open Internet, but it is especially the currency of connected television. In a way, that's the way it became the currency of the open Internet is because of CTV.

我們也建立了UID2。它不僅是開放網路的貨幣，而且尤其是連網電視的貨幣。在某種程度上，CTV 使其成為開放網路的貨幣。

So what I think is the most significant thing to watch over the next couple of years is that so many content owners have put ads on their content now such that what was once a shortage is no longer the discussion. It's no longer a discussion about scarcity or about shortages of inventory.

因此，我認為未來幾年最值得關注的事情是，現在有如此多的內容所有者在他們的內容上投放了廣告，使得曾經短缺的內容不再成為討論的話題。這不再是關於稀缺或庫存短缺的討論。

And so as a result, they are trying to distinguish themselves from each other. This is what has been the case in streaming wars. But now, that's also true of the ad experience in the streaming wars. And so they will be describing their inventory better than they have historically. We will have more choice than we have historically.

因此，他們試圖將自己與彼此區分開來。這就是串流媒體戰爭中的情況。但現在，串流媒體戰爭中的廣告體驗也是如此。因此，他們將比歷史上更好地描述他們的庫存。我們將擁有比歷史上更多的選擇。

I think that the premium content will do better. I think the content that has identity attached to it will also do better. I think that positions CTV to do really well, but there will be a lot of work done over the next couple of years for them to layer identity as well as other metadata to give buyers the very best chance to value it properly and to pay the premium that they need in order to continue to fund their massively expensive content machines.

我認為優質內容會做得更好。我認為有身份的內容也會做得更好。我認為這使得 CTV 做得非常好，但在接下來的幾年裡，他們將做大量工作來分層身份和其他元數據，以便為買家提供正確評估並支付費用的最佳機會。額外的溢價才能繼續為其昂貴的內容機器提供資金。

So hopefully, that helps. I really appreciate the question.

希望這會有所幫助。我真的很感激這個問題。

Thanks, Jeff. Very helpful.

謝謝，傑夫。非常有幫助。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

Okay, great. So Jeff, I'm just going to ask you one and it's the hardest question I get. And that is that Trade Desk is growing two to three times faster than other SSPs and DSPs, even those that are public.

好的，太好了。傑夫，我只想問你一個問題，這是我遇到的最難的問題。也就是說，Trade Desk 的成長速度比其他 SSP 和 DSP（甚至是那些上市的 SSP 和 DSP）快兩到三倍。

Is there a tipping point would you eat too much of your competitors, you take too much share, and there isn't an open Internet for you to compete with or trade with; and, therefore, your growth gets limited by the fact that you must have trading partners on the other side and on the same side of the open Internet? Thank you.

是否存在一個臨界點，你會吃掉太多競爭對手，佔據太多份額，並且沒有開放的互聯網可供你競爭或交易？因此，您的成長會受到以下事實的限制：您必須在開放網路的另一端和同一端都有貿易夥伴？謝謝。

Laura, thanks for the question. I like this one a lot. I didn't see this one coming. So big picture, I believe that the advertising ecosystem around the world is about a $1 trillion industry today, especially when you include retail media. I think it's about that today. Lots of different numbers out there that aren't that too far away from that, but it just depends on whether you include retail in that or not.

勞拉，謝謝你的提問。我非常喜歡這個。我沒有看到這個人來。這麼大的圖景，我相信當今世界各地的廣告生態系統大約是一個價值 1 兆美元的行業，特別是當你包括零售媒體時。我想今天就是關於這個的。有很多不同的數字與這個數字相去並不遠，但這取決於你是否將零售納入。

If you look at what we're doing, $13 billion, $14 billion a year at this point, we're just over 1% of that $1 trillion. I look at it as we have 99% of the pie left, and there's so much opportunity for us to do more.

如果你看看我們正在做的事情，目前每年 130 億美元、140 億美元，我們只佔這 1 兆美元的 1% 多一點。我認為我們還剩下 99% 的份額，而且我們還有很多機會可以做得更多。

As I'm looking at that pie and say, how do we not get distracted by all the different ways that we could go and all the different things that we could build and parts of the pie we could pursue, how do we stay focused, I look at the biggest piece of the pie and say, okay, there's the US, there's CTV, and of course, up and coming channels like audio. But those represent, I think, the most premium opportunities for us to go pursue.

當我看著那個餡餅並說，我們如何不被我們可以走的所有不同的方式、我們可以構建的所有不同的東西以及我們可以追求的餡餅的各個部分分散注意力，我們如何保持專注，我看著最大的一塊蛋糕，說，好吧，有美國，有 CTV，當然還有音頻等新興頻道。但我認為，這些代表了我們要追求的最優質的機會。

I would point back to the comments in the prepared remarks about -- we think that every company in ad tech needs to add more value than they charge or extract. Some of the companies in the ecosystem don't think that way. They think about charging rents or extraction.

我想回顧一下準備好的評論中的評論——我們認為廣告科技領域的每家公司都需要增加比他們收取或提取的更多的價值。生態系統中的一些公司並不這麼認為。他們考慮收取租金或提取費用。

And there's often a mindset that is ride the wave while it lasts instead of how do I build something that really lasts, that I'm adding more value over time, creating more consumer surplus where your consumer or your client gets more value over time and therefore, making it more and more sustainable and making your customers more and more loyal.

人們常常有一種心態，那就是在浪潮持續的時候順勢而為，而不是如何構建真正持久的東西，隨著時間的推移，我會增加更多的價值，創造更多的消費者剩餘，讓你的消費者或你的客戶隨著時間的推移獲得更多的價值，因此，使其變得越來越永續，並使您的客戶越來越忠誠。

I think there's a lot of pressure on the companies in the middle, including some of those that you referenced, and that they have to be focused on adding more value than they extract. I think if we do the right thing for advertisers and then give visibility to publishers, that will create a more effective supply chain. And that is the biggest impeder or roadblock for our growth, is an inefficient supply chain.

我認為中間的公司面臨很大的壓力，包括你提到的一些公司，他們必須專注於增加比他們提取的價值更多的價值。我認為，如果我們為廣告商做正確的事情，然後為出版商提供可見性，這將創建一個更有效的供應鏈。效率低的供應鏈是我們成長的最大障礙。

So we need to make certain the supply chain is as efficient as possible. And that means partnering with all of those companies that are adding more value than they extract and continuing to obsess about the supply chain. But I don't have any worry that we can cannibalize the market; we're 1% of it. So I think there's just so much opportunity for us ahead.

因此，我們需要確保供應鏈盡可能有效率。這意味著與所有那些增加的價值超過其提取的價值並繼續關注供應鏈的公司合作。但我並不擔心我們會蠶食市場；我們只是其中的1%。所以我認為我們前面有很多機會。

Thank you. Thanks, Jeff.

謝謝。謝謝，傑夫。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

All right. Thank you. Jeff, I wanted to touch on the audio opportunities some more. Obviously, we also had Spotify ad exchange announcement. When you kind of step back and you compare where we were at with audio versus CTV, what are some of the key things that need to change in the industry for this to become a much larger percentage of the business? I think audio is still roughly 5% of your spend today. Thank you.

好的。謝謝。傑夫，我想再談談音頻方面的機會。顯然，我們也發布了 Spotify 廣告交易公告。當你退後一步，比較我們在音訊和 CTV 方面的情況時，行業中需要改變哪些關鍵因素才能使其在業務中佔據更大的比例？我認為目前音訊仍佔您支出的大約 5%。謝謝。

Yeah. Thanks, Justin, for the question. I think audio is in a slightly different position than CTV in the sense that when it was a more legacy business, meaning before the Internet changed everything, the distribution models were more around local. And the way radio sold ads was just different than the way TV sold ads.

是的。謝謝賈斯汀提出這個問題。我認為音訊與 CTV 的地位略有不同，因為當它是一個更傳統的業務時，這意味著在互聯網改變一切之前，發行模式更多地圍繞著本地。廣播銷售廣告的方式與電視銷售廣告的方式不同。

And there is less a sense of national. And of course, in CTV now, there's more of a sense of even global. And of course, in audio, there's a very global sense inside of businesses like Pandora and Spotify.

而且民族意識也少了。當然，現在的 CTV 更有一種全球化的感覺。當然，在音訊領域，Pandora 和 Spotify 等企業內部具有非常全球化的意識。

So because things are being redefined, I think people have wrongly defined the TAM as being something quite small where when you look at time spent and you look at the amount of engagement with audio content, it is really off the charts and represents a tremendous amount of consumers' time.

因此，由於事物正在被重新定義，我認為人們錯誤地將TAM 定義為非常小的東西，當您查看所花費的時間以及與音訊內容的互動量時，您會發現它確實超出了圖表，並且代表了龐大的數量消費者的時間。

So that's why I mentioned in the prepared remarks, if companies like Pandora and Spotify and so many others execute well. I think there's just tremendous upside for them. And of course, I watch carefully when I see in their earnings that 10% to 13% of the revenue comes from ads, but most of their most of their subscribers or most of their users are asking for ads.

這就是為什麼我在準備好的發言中提到，如果像 Pandora 和 Spotify 這樣的公司以及其他許多公司執行得很好的話。我認為他們有巨大的優勢。當然，當我在他們的收入中看到 10% 到 13% 的收入來自廣告時，我會仔細觀察，但他們的大多數訂閱者或大多數用戶都要求廣告。

And so I think that represents a tremendous opportunity for them. I'm a big believer in Daniel and Alex, and I believe they're on the on the path to get there. But there's a lot of work ahead. There's a lot of development that has to happen. This is going to be a multiyear process, but I'm extremely optimistic about what that means for the future and think that it can represent a greater percentage of our business than it does today.

所以我認為這對他們來說是一個巨大的機會。我是丹尼爾和亞歷克斯的忠實信徒，我相信他們正在實現這一目標的路上。但前面還有很多工作要做。有很多發展需要發生。這將是一個多年的過程，但我對這對未來的意義非常樂觀，並認為它可以比現在在我們的業務中佔據更大的比例。

And I think that audio can be a bigger percentage of the overall pie than it's arguably ever been before. I don't know that that will necessarily take or cut into CTV and premium video at all. But I do believe from some of the other channels, it will and should. So I'm pretty optimistic about the future of Spotify and audio, but we all have a lot of work to do.

我認為音訊在整個市場中所佔的比例可能比以往任何時候都要大。我不知道這是否一定會佔用或削減 CTV 和優質視頻。但我確實從其他一些管道來看，它會而且應該。所以我對 Spotify 和音訊的未來非常樂觀，但我們都有很多工作要做。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Okay. Great. Thanks. Good afternoon, everyone. Laura, you highlighted that political was strong as expected. Any more you can do to quantify its expected impact for 2024 revenues implied by your guidance? I think it was a mid-single-digit impact in the last presidential cycle.

好的。偉大的。謝謝。大家下午好。勞拉，你強調政治正如預期的那樣強大。您還可以採取更多措施來量化您的指導意見所暗示的對 2024 年收入的預期影響嗎？我認為這對上一屆總統週期來說是中等個位數的影響。

And Jeff, you called out how some advertisers will step out of the market or get crowded out by higher pricing in some ad markets. Do you think those dollars that left can offset political -- partially offset it? Just trying to think about the impact of that on our 2025 model.

傑夫，您指出一些廣告商將如何退出市場或因某些廣告市場的更高定價而被擠出。您認為剩下的美元可以抵消政治影響——部分抵消嗎？只是想想這對我們 2025 年模型的影響。

And maybe just one quick follow-up to slip in. If you could just give us your updated views on CapEx for the remainder of the year and how you're thinking about it into 2025? Thank you.

也許只是快速跟進。謝謝。

Dan, thanks for the questions and absolutely happy to answer. We went into the last political cycle, the last big one back in 2020, saying that political spend was in the mid-single digits. And we believe for this year of 2024, it will be in the low single digits as a percent of our overall spend.

丹，感謝您提出的問題，並且非常樂意回答。我們進入了上一個政治週期，即 2020 年的最後一個大周期，我們說政治支出處於中個位數。我們相信，到 2024 年，它占我們總支出的百分比將處於較低的個位數。

When we think about how we consider political in Q4 and then go into thinking about how we're modeling going into 2025, it's a really nuanced but important question this year. Typically, what we see is that Q1 is, on average, a 22%, 23% sequential decline from Q4. And in political years, it's critical to exclude that political contribution in Q4 which we believe, again, will be a low to mid-single-digit percent for that quarter, as we go into modeling Q1 of 2025.

當我們思考第四季如何考慮政治因素，然後思考如何為 2025 年建模時，這是今年的一個非常微妙但重要的問題。通常情況下，我們看到第一季比第四季平均下降 22%、23%。在政治年份，至關重要的是排除第四季度的政治貢獻，我們再次相信，當我們對 2025 年第一季進行建模時，該季度的政治貢獻將處於低至中個位數百分比。

On the second part of your question, which includes capital expenditures for 2024 and 2025, we've said and been consistent that we expect CapEx to increase in 2024 and 2025. But in both cases, it should be around 5% of revenue, and that hasn't changed.

關於你問題的第二部分，其中包括2024 年和2025 年的資本支出，我們一直表示，我們預計2024 年和2025 年的資本支出將增加。的5% 左右，而且這一點沒有改變。

We invest primarily in two areas: the first thing, our infrastructure, which includes data centers; and the second being our offices around the world as we have employees who are coming into work every week. So again, I just want to reiterate there that we don't expect any significant changes in CapEx this year or next year relative to the last few years.

我們主要投資兩個領域：第一是我們的基礎設施，包括資料中心；第二個是我們在世界各地的辦事處，因為我們每週都有員工上班。因此，我想再次重申，與過去幾年相比，我們預計今年或明年的資本支出不會有任何重大變化。

And Dan, as it relates to the part of the question that was directed to me, the 2024 that was taken out, meaning those advertisers that spend a little bit less in 2024 or Q4 because they don't want to be next to political, will that be back in 2025? Of course.

丹，因為它涉及向我提出的問題的一部分，即被刪除的 2024 年，這意味著那些廣告商在 2024 年或第四季度的支出會減少一些，因為他們不想與政治相鄰，那會在2025 年回來嗎？當然。

In fact, in many cases, in Q4, they didn't go anywhere. It just got postponed or got moved to other channels. So it doesn't necessarily go anywhere, it just reallocates its form. But in 2025, we think the cycle is a bit more typical and rates are more predictable, and then it's also a little bit easier to predict the shape of the curve throughout the quarter simply because you don't have a big change on November 5.

事實上，在很多情況下，第四季他們並沒有去任何地方。它只是被推遲或轉移到其他管道。所以它不一定去任何地方，它只是重新分配它的形式。但到 2025 年，我們認為週期會更加典型，利率也更加可預測，而且預測整個季度的曲線形狀也會更容易一些，因為 11 月 5 日沒有太大的變化。

Great. Thank you, both

偉大的。謝謝兩位

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thank you for taking my question. So Jeff, you highlighted, or I guess, in the press release, Yahoo -- the Roku integration in the quarter. And I guess I want to ask, how does this play into your broader CTV strategy around UID and buying unduplicated reach and frequency? And is it it's fair to assume you'll have similar integrations with top, whatever it is, three or four CTV platforms? Thank you.

感謝您回答我的問題。所以傑夫，你在新聞稿中強調了，或者我猜，雅虎——本季的 Roku 整合。我想我想問，這對您圍繞 UID 和購買不重複的覆蓋範圍和頻率的更廣泛的 CTV 策略有何影響？假設您將與頂級（無論是什麼）三個或四個 CTV 平台進行類似的整合是否公平？謝謝。

You bet. Thanks so much for the question. I'm so proud of what we've done with Roku this year. We've had a long-standing relationship with them, but it's really borne fruit in this year. And it really represents a significant change for them as it relates to adopting things like UID2 and some of the principles of the open Internet.

你打賭。非常感謝您的提問。我對今年我們在 Roku 上所做的事情感到非常自豪。我們與他們有著長期的合作關係，但今年才真正結出碩果。這對他們來說確實代表了一個重大變化，因為它涉及採用 UID2 和開放互聯網的一些原則。

But of course, the Roku channel has grown tremendously for them. And they have become not only a partner for us as a distributor of others' content, but also a premium publisher themselves. I'm so excited by what they've done with UID2.

當然，Roku 頻道對他們來說已經取得了巨大的發展。他們不僅成為我們作為其他內容分銷商的合作夥伴，而且本身也成為優質出版商。我對他們對 UID2 所做的事情感到非常興奮。

And because of some of the assets they have with ACR and whatnot, I expect our partnership to continue to grow in the coming years. So I'm very optimistic about our partnership with Roku. I expect that to continue to expand and very much appreciate the question. Thank you.

由於他們在 ACR 等方面擁有一些資產，我預計我們的合作夥伴關係在未來幾年將繼續發展。所以我對我們與 Roku 的合作非常樂觀。我預計這種情況會繼續擴大，並且非常感謝這個問題。謝謝。

Matthew Swanson, RBC Capital Markets.

馬修‧斯旺森，加拿大皇家銀行資本市場。

Yeah. Thank you so much for taking my question. If I can maybe marry up a couple of the vectors you talked about, Jeff, specifically the idea that CMOs are under more pressure and then also some of the capabilities and the traction you're seeing from Kokai, I guess, what type of work does it take to help CMOs and the users understand the metrics coming out of Kokai but also to gain trust around them? I know that's been a challenge in some other walled garden platforms, so people trusting the attribution data.

是的。非常感謝您回答我的問題。 Jeff，如果我可以將你談到的幾個向量結合起來，特別是 CMO 面臨更大壓力的想法，然後還有你從 Kokai 看到的一些能力和吸引力，我想，什麼類型的工作是否需要幫助CMO 和用戶了解Kokai 的指標，同時贏得他們的信任？我知道這在其他一些圍牆花園平台中是一個挑戰，因此人們信任歸因數據。

Yeah. So it's -- I really appreciate the question because I think this is one of the more nuanced ways that we have just so much opportunity in front of us. And honestly, we were contemplating adding other macro vectors that are helping us, and one of them is the state of measurement, which would have been number 11.

是的。所以，我真的很欣賞這個問題，因為我認為這是我們面前有這麼多機會的更微妙的方式之一。老實說，我們正在考慮添加其他對我們有幫助的巨集向量，其中之一是測量狀態，它本來是數字 11。

But the state of measurement is that walled gardens have essentially been grading their own homework for many, many years. And one of the things that they've done really well is convinced people to use their own metrics and kept things quite simple.

但衡量的現狀是，圍牆花園多年來基本上一直在為自己的作業評分。他們做得非常好的一件事是說服人們使用自己的指標並使事情變得非常簡單。

But at times, that's been really difficult for some of the biggest brands in the world because they'll be told by a walled garden, we help you sell 101 toothbrushes, when the company actually only sold 100 toothbrushes total. So when you have that phenomenon, you start to doubt the credibility of those metrics.

但有時，這對世界上一些最大的品牌來說確實很困難，因為他們會被圍牆花園告知，我們幫助您銷售 101 支牙刷，而該公司實際上只銷售了 100 支牙刷。因此，當出現這種現象時，您就會開始懷疑這些指標的可信度。

We have a very different dilemma or challenge, which is that we've been sharing so much data with them and given them so many options about the way to attribute success and attribute sales that we've overwhelmed them with complexity and with numbers. And there are so many different ways for us to answer those questions.

我們面臨著一個非常不同的困境或挑戰，那就是我們一直與他們共享如此多的數據，並為他們提供瞭如此多的關於成功和銷售歸因方式的選擇，以至於我們的複雜性和數量讓他們不知所措。我們有很多不同的方式來回答這些問題。

But because we're committed to doing that with integrity and with objectivity, we'd rather have a conversation with them about how do you want to measure success. There's a whole bunch of different ways to do it. Let us help you put together the one that makes sense for you.

但因為我們致力於誠信、客觀地做到這一點，所以我們寧願與他們討論您希望如何衡量成功。有很多不同的方法可以做到這一點。讓我們幫您整理出對您有意義的產品。

So as CMOs and CFOs get closer together and their offices, in some cases, move closer together, as they get closer together, there -- a lot of our discussions, in fact, some of our biggest wins in last quarter and this one, have come from us understanding what the CFO is looking for from the CMO so that we can go back and put together the metrics that prove we're creating incremental sales or growth.

因此，隨著首席行銷長和財務長的聯繫越來越緊密，他們的辦公室在某些情況下也越來越接近，當他們越來越接近時，我們進行了很多討論，事實上，我們在上一季和這一季度取得了一些最大的勝利，我們了解財務長希望從首席行銷長那裡得到什麼，以便我們可以回過頭來匯總證明我們正在創造增量銷售或成長的指標。

So it's largely about figuring out what they are looking for and us getting better at not making everything bespoke and reinventing the wheel, but at the same time, not oversimplifying it, assuming that we have all the answers and just create our own homework with a single metric.

因此，這主要是要弄清楚他們在尋找什麼，我們要做得更好，不要讓一切都定制和重新發明輪子，但同時，不要過度簡化它，假設我們擁有所有答案，只需用一個答案來創建我們自己的作業即可。

So I'm very optimistic about what that means for the future because I do think there is a very important principle that we have been saying since the day we went public, which is objectivity matters a lot today, but it will matter more tomorrow. And it will matter more the day after that. And as time marches on, we think that that continues to be one of our greatest strategic advantages over the biggest names in tech.

因此，我對這對未來意味著什麼感到非常樂觀，因為我確實認為自我們上市之日起我們一直在說一個非常重要的原則，那就是客觀性今天很重要，但明天會更重要。在那之後的一天，這將變得更加重要。隨著時間的推移，我們認為這仍然是我們相對於科技巨頭的最大戰略優勢之一。

This does conclude today's Q&A session and conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

今天的問答環節和電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。