Trade Desk Inc (TTD) 2024 Q4 法說會逐字稿

Greetings.

問候。

Welcome to The Trade Desk fourth-quarter and full-year 2024 earnings conference call.

歡迎參加 The Trade Desk 2024 年第四季和全年財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

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

現在我將會議交給主持人克里斯·托特，您可以開始啦。

Thank you, operator.

謝謝您，接線生。

Hello, and good afternoon to everyone.

大家好，下午好。

Welcome to The Trade Desk fourth-quarter 2024 earnings conference call.

歡迎參加 The Trade Desk 2024 年第四季財報電話會議。

On the call today are Co-Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein.

今天參加電話會議的有聯合創始人兼執行長 Jeff Green；和財務長 Laura Schenkein。

A copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com.

我們的收益新聞稿副本可在我們網站 thetradedesk.com 的投資者關係部分找到。

Please note that aside from historical information, today's discussion and our responses during Q&A may contain forward-looking statements.

請注意，除了歷史資訊之外，今天的討論和我們在問答期間的回答可能包含前瞻性陳述。

These statements are subject to risks and uncertainties and reflect our views and assumptions as of the date such statements are made.

這些聲明受風險和不確定性的影響，反映了我們在做出這些聲明之日的觀點和假設。

Actual results may vary significantly, and we expressly disclaim any obligation to update the forward-looking statements made today.

實際結果可能存在很大差異，我們明確表示不承擔更新今天所作前瞻性陳述的任何義務。

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.

如果我們的任何信念或假設被證明是錯誤的，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。

For a detailed discussion of the risks, please refer to the risk factors mentioned in our press release and in our most recent SEC filings.

有關風險的詳細討論，請參閱我們的新聞稿和最近的 SEC 文件中提到的風險因素。

In addition to our GAAP financial results, we present supplemental non-GAAP financial data.

除了我們的 GAAP 財務結果外，我們還提供補充非 GAAP 財務數據。

A reconciliation of the GAAP to non-GAAP measures is available in our earnings press release.

您可以在我們的收益新聞稿中查看 GAAP 指標與非 GAAP 指標的對帳表。

We believe that presenting these non-GAAP measures alongside our GAAP results offers a more comprehensive view of the company's operational performance.

我們相信，將這些非 GAAP 指標與我們的 GAAP 結果一起呈現，可以更全面地了解公司的營運表現。

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

說完這些，我現在將電話轉給聯合創始人兼執行長傑夫格林 (Jeff Green)。

Jeff?

傑夫？

Thanks, Chris, and good afternoon, everyone.

謝謝，克里斯，大家下午好。

Thank you for joining us today. 2024 was a record-breaking year for The Trade Desk.

感謝您今天加入我們。 2024 年對 The Trade Desk 來說是破紀錄的一年。

Total spend on our platform exceeded $12 billion, the highest in our history.

我們平台的總支出超過 120 億美元，創歷史新高。

Revenue for the year surpassed $2.4 billion, growing nearly 26% year over year as we continued to significantly outpace the broader digital advertising market.

全年營收超過 24 億美元，年增近 26%，我們持續大幅領先更廣泛的數位廣告市場。

We generated over $1 billion in adjusted EBITDA and delivered more than $600 million in free cash flow.

我們創造了超過 10 億美元的調整後 EBITDA，並實現了超過 6 億美元的自由現金流。

These accomplishments underscore both the strength of our platform and our ability to drive value for our clients in the fast-evolving digital advertising landscape.

這些成就凸顯了我們平台的實力以及我們在快速發展的數位廣告領域為客戶創造價值的能力。

While we're proud of these milestones, I want to acknowledge upfront that for the first time in 33 quarters as a public company, we fell short of our own expectations.

雖然我們為這些里程碑感到自豪，但我要提前承認，作為一家上市公司，33 個季度以來我們第一次未能達到自己的預期。

During COVID, we revised our expectations once along with the rest of the markets.

在疫情期間，我們和其他市場一樣修改了我們的預期。

But for the first time in eight years, we missed the expectations we set, and it was our fault.

但八年來我們第一次未能達到所設定的期望，這是我們的錯。

When we were first contemplating going public about 10 years ago, many people advised me not to IPO.

大約十年前，當我們第一次考慮上市時，很多人建議我不要上市。

The most common reason was the valuations would be too low, because no ad tech company had ever won Wall Street's trust and confidence for any reasonable period of time.

最常見的原因是估值太低，因為沒有一家廣告科技公司在任何合理的時間內贏得華爾街的信任和信心。

I view that as a challenge then, and I still do now.

我當時將其視為一個挑戰，現在仍然這麼認為。

I knew we had the business model, the TAM, the vision, the grit, and the people to break that mold to do something that had never been done before.

我知道我們擁有商業模式、TAM、願景、勇氣和人才，可以打破這種模式，做一些前所未有的事情。

And the only way to do that was to make promises and keep them.

而做到這一點的唯一方法就是做出承諾並遵守承諾。

Many people told us it couldn't be done.

很多人告訴我們這是不可能的。

Our success to this point has been fueled at least in part by our ability to win trust with investors, partners, our industry, and our customers.

我們迄今為止的成功至少部分得益於我們贏得投資者、合作夥伴、產業和客戶信任的能力。

There are very few things that rival that, an importance to us.

對我們來說，很少有事物能與這一點相比如此重要。

I want you to know that we take this moment seriously, and we want to assure our investors, partners, and customers that their trust is well placed and deserved.

我想讓你們知道，我們非常重視這一刻，我們想向我們的投資者、合作夥伴和客戶保證，他們的信任是正確的，也是當之無愧的。

Our brightest days are still ahead of us.

我們最燦爛的日子仍在前方。

But before I talk about that, I want to spend a few minutes sharing what we got wrong and the changes we are making to meet this moment and maximize our unique and growing opportunity.

但在談論這個問題之前，我想花幾分鐘分享我們所犯的錯誤以及我們為應對這一時刻並最大限度地利用我們獨特且不斷增長的機會而做出的改變。

Starting off, let me explain it as I see it: what falling short of our own expectations does not represent.

首先，讓我從我的角度解釋：沒有達到我們自己的期望並不代表什麼。

This didn't happen because the opportunity isn't as big as we thought.

這並沒有發生，因為機會並不像我們想像的那麼大。

In this case, it isn't because of our competition either.

在這種情況下，這也不是因為我們的競爭。

For Q4, the reality is that we stumbled due to a series of small execution missteps, while simultaneously preparing for the future.

對於第四季度，事實是，我們由於一系列小的執行失誤而陷入困境，但同時也為未來做好了準備。

If this were a sporting event, we'd still have a championship caliber team.

如果這是一項體育賽事，我們仍然會擁有一支冠軍級別的球隊。

But in this particular game, we turned over the ball too many times.

但在這場比賽中，我們失誤太多了。

That said, we see a larger and faster-growing market than we originally expected which is why we have been making changes and will continue to do so.

儘管如此，我們看到的市場比我們最初預期的更大、成長更快，這就是我們一直在做出改變並將繼續這樣做的原因。

Simply put, as you've seen before, as companies grow and become increasingly complex, they need recalibration to unlock new opportunities.

簡而言之，正如您之前所看到的，隨著公司的發展和日益複雜，他們需要重新調整以解鎖新的機會。

We are recalibrating our larger company for an even stronger future.

我們正在重新調整我們更大的公司，以創造更強大的未來。

In that effort, I want to highlight four major changes we've made at The Trade Desk in the last few months and some related initiatives that accompany them.

在這個努力中，我想強調我們在過去幾個月中在 The Trade Desk 所做的四個重大變革以及隨之而來的一些相關舉措。

First, we did the largest reorganization in company history in December.

首先，我們在12月進行了公司史上最大規模的重組。

While we often make structural changes at the end of the year to improve our business, this was bigger than usual.

雖然我們經常在年底進行結構性調整以改善業務，但這次的調整比平常更大。

For most people in the company, we provided a much clearer view of their roles and responsibilities.

對於公司中的大多數人，我們提供了更清晰的角色和職責的描述。

And for most, that also meant a change in reporting structure.

對大多數人來說，這也意味著報告結構的變化。

Additionally, we streamlined client-facing teams, reducing complexity and clarifying responsibilities.

此外，我們精簡了面向客戶的團隊，降低了複雜性並明確了職責。

Some team focus on brands, while others focus on agencies.

有些團隊專注於品牌，而其他團隊則專注於代理商。

Our commitment to agencies remain strong, but we are also expanding brand direct relationships, particularly through joint business plans, which grow 50% faster than the rest of our business.

我們對代理商的承諾依然堅定，但我們也在擴大品牌直接關係，特別是透過聯合業務計劃，其成長速度比我們其他業務快 50%。

The second, beyond structural improvements, we placed a stronger emphasis on internal effectiveness and scalability.

第二，除了結構性改進之外，我們更重視內部的有效性和可擴展性。

Over the past two months, leadership has spent more time discussing operational improvements than at any other point in our history.

在過去的兩個月裡，領導階層花在討論營運改善的時間比我們歷史上任何時候都要多。

While we've historically been focused on external opportunities, we understand that this moment requires us to scale our internal operations and continue hiring senior talent to support long-term growth.

雖然我們過去一直專注於外部機會，但我們明白，此刻需要我們擴大內部營運並繼續聘用高級人才來支持長期成長。

These changes position us to execute at a higher level and capitalize on the expanding market opportunities ahead.

這些變化使我們能夠在更高的層次上執行並利用未來不斷擴大的市場機會。

Third, we have increased our resource allocation on brands.

三是加大品牌資源配置。

A broader shift is occurring in the industry.

該行業正在發生更廣泛的轉變。

Advertisers are becoming more strategic and data-driven in their media buying decisions, and that's great for us.

廣告商在媒體購買決策方面變得更具策略性和數據驅動性，這對我們來說非常好。

While this shift has caused short-term fluctuations, it's ultimately aligned with our long-term strength.

雖然這種轉變造成了短期波動，但最終與我們的長期實力一致。

We recognize that advertising will ebb and flow.

我們體認到廣告會有起有落。

At the same time, as advertisers prioritize precision and efficacy, our programmatic data-driven platform is becoming more essential than ever to brands and agencies.

同時，由於廣告主優先考慮精準性和有效性，我們的程式化資料驅動平台對品牌和代理商來說變得比以往任何時候都更加重要。

This is evident in the growing number of joint business plans, or JBPs, that we've secured with over 100 of the world's leading brands, many of them in the second half of last year.

我們與 100 多個世界領先品牌達成的聯合商業計劃（JBP）數量不斷增加，其中許多都是在去年下半年達成的。

JBPs provide a structured mutually beneficial framework for brands, their agencies, and The Trade Desk; and they reinforce the long-term value we bring to the industry.

JBP 為品牌、品牌代理商和 The Trade Desk 提供結構化的互惠互利框架；並且它們增強了我們為產業帶來的長期價值。

They also historically grow faster than the rest of our business.

從歷史上看，它們的成長速度也比我們其他業務更快。

Fourth, we revamped our product development process, shifting back to smaller agile teams that release updates weekly instead of drifting towards waterfall methods, which are less conducive to our fast-paced and changing industry.

第四，我們改進了產品開發流程，重新採用規模較小的敏捷團隊，每週發布更新，而不是轉向瀑布方法，因為這種方法不太適合我們這個快節奏、不斷變化的行業。

Our engineering team is now divided into nearly 100 scrum teams with a system to more easily ship and collaborate with the business team on what has shipped and what will ship and when.

我們的工程團隊現在被分成了近 100 個 Scrum 團隊，並採用一個系統來更輕鬆地交付產品，並與業務團隊合作，確定已交付的產品、將要交付的產品以及何時交付。

I expect this to continue to accelerate Kokai enhancements and complete the transition of 100% of our clients from Solimar to Kokai during this calendar year.

我希望這將繼續加速 Kokai 的改進，並在今年內完成 100% 客戶從 Solimar 到 Kokai 的過渡。

In Q4, there were a series of decisions we could have made to enhance the short-term performance of the company and neglect the long term.

在第四季度，我們本可以做出一系列決策來提高公司的短期業績而忽略長期業績。

We consistently choose to focus on the long-term opportunity and maximize our market share over the long term as I believe this is in the best interest of all of our stakeholders.

我們始終選擇專注於長期機會並長期最大化我們的市場份額，因為我相信這符合我們所有利害關係人的最佳利益。

We are keeping our focus on the massive TAM and long-term opportunity.

我們將繼續關注巨大的 TAM 和長期機會。

That makes this a good opportunity to bring up two other important and related initiatives.

這使得這成為提出另外兩個重要且相關的措施的好機會。

First, we continue to improve and protect the supply chain.

一是不斷完善和保護供應鏈。

First, we announced the Ventura operating system for connected television, which will create a better supply chain for all OEMs, content owners, consumers, and advertisers.

首先，我們宣布了用於連網電視的Ventura作業系統，它將為所有OEM、內容所有者、消費者和廣告商創建更好的供應鏈。

Secondly, we announced in January the acquisition of Sincera.

其次，我們在一月宣布收購 Sincera。

Sincera is a metadata company that is dedicated to improving the supply chain of the open Internet.

Sincera 是一家致力於改善開放網路供應鏈的元資料公司。

Joining Sincera's work with ours will accelerate a cleaner supply chain for the open Internet and accelerate the work of OpenPath, which is one of our biggest efficiency efforts, both internally and externally.

Sincera 與我們攜手合作將加速開放網路的清潔供應鏈，並加速 OpenPath 的工作，這是我們在內部和外部最大的效率努力之一。

A better supply chain will free up resources internally and improve the ecosystem.

更好的供應鏈將釋放內部資源並改善生態系統。

The second major accompanying initiative I want to talk about are the investments we're making in AI.

我想談的第二項重大伴隨舉措是我們在人工智慧領域所做的投資。

Of course, AI is providing next-level performance in targeting and optimization, but it is also particularly game-changing in forecasting and identity and measurement.

當然，人工智慧在定位和優化方面提供了更高水準的效能，但它在預測、識別和測量方面也具有特別大的變化。

We continue to look at our technology stack and ask, where can we inject AI and enhance our product and client outcomes.

我們繼續研究我們的技術堆疊並詢問我們可以在哪裡注入人工智慧並增強我們的產品和客戶成果。

Over and over again, we are finding new opportunities to make AI investments.

我們一次又一次地發現進行人工智慧投資的新機會。

These changes have helped us start 2025 on solid footing.

這些變化幫助我們以堅實的基礎開啟2025年。

Not only is our platform the most advanced data-driven decision-making platform in our industry, the ramping of Kokai is advancing the ability of advertisers to find value and precision as they expand their audiences and grow their businesses.

我們的平台不僅是業界最先進的數據驅動決策平台，Kokai 的持續發展也提升了廣告主在擴大受眾群體和發展業務的同時尋找價值和精準度的能力。

In last quarter's earnings report, we itemized 10 macro conditions that are working in our favor.

在上個季度的收益報告中，我們列出了10個對我們有利的宏觀條件。

Today, I want to briefly highlight 15 big things we're doing to benefit from those secular tailwinds.

今天，我想簡單介紹一下我們為利用長期順風所做的 15 件大事。

Last time we talked about trends, today, I want to talk about what we're doing about it.

上次我們討論了趨勢，今天我想談談我們對此採取的措施。

First, we're focused on scale.

首先，我們注重規模。

More accurately, we're obsessing about scale.

更準確地說，我們非常沉迷於規模。

We control $12 billion of ad spend in an approximately $1 trillion advertising industry.

在價值約 1 兆美元的廣告業中，我們控制著 120 億美元的廣告支出。

With every success we have and with every efficiency we find, operationally and technologically, we follow it with a question: how can we make that scale quickly?

我們在營運和技術上的每一次成功和效率，都讓我們不禁思考一個問題：我們如何迅速實現規模化？

While our share is growing faster than perhaps any scaled competitor, our opportunity is growing too.

雖然我們的份額成長速度可能比任何有規模的競爭對手都要快，但我們的機會也在成長。

We can accelerate growth when we sufficiently orient around scale.

當我們充分關注規模時，我們就可以加速成長。

Second thing, we are preparing for a world where Google exits the open Internet.

第二件事，我們正在為Google退出開放網路的世界做準備。

I'm confident that one way or another, Google will exit the open Internet.

我確信，不管怎樣，Google都會退出開放網路。

I think they should.

我認為他們應該。

Most of their antitrust and regulatory problems come from the draconian ways they have engaged with the open Internet in the past.

他們面臨的大部分反壟斷和監管問題都源於他們過去對開放網路的嚴格措施。

In April of 2024, Facebook shut down their news program thereby distancing itself further from one of the most important pillars of the open Internet.

2024 年 4 月，Facebook 關閉了其新聞程序，從而進一步疏遠了開放網路的最重要支柱之一。

Some evidence suggests the substantial majority of spend going through DV360, Google's DSP, is routed to the Google owned and operated platform of YouTube.

一些證據表明，透過Google DSP DV360 的絕大部分支出都被導向Google擁有和經營的 YouTube 平台。

Regardless of what happens with the pending trial decision, Google will likely distance itself from the open Internet.

無論待決審判結果如何，谷歌都可能與開放網路保持距離。

If and when Google exits the open Internet, they will leave a big hole and a big opportunity for the rest of us.

如果谷歌退出開放互聯網，他們將給我們其他人留下一個巨大的漏洞和一個巨大的機會。

Relatedly, let's move to number 3.

順便說一下，我們來看第 3 點。

Third, we will promote and protect our objectivity more than ever.

第三，我們將比以往更加促進和保護我們的客觀性。

More and more, the only competitors we encounter today have the worst objectivity problems.

當今我們遇到的唯一競爭對手越來越有最嚴重的客觀性問題。

Amazon is asking advertisers big and small, for their advertising budgets.

亞馬遜正在向大大小小的廣告商索取廣告預算。

Meanwhile, Amazon competes with most of the Fortune 500 companies in some way, whether we're talking about Microsoft in cloud or PNG and CPG products or UPS or Nike or all the rest.

同時，亞馬遜在某種程度上與大多數財富 500 強公司競爭，無論我們談論的是雲端運算領域的微軟、巴布亞紐幾內亞和快速消費品產品、UPS、Nike或其他所有公司。

In our very first business plan 15 years ago, we argued that the objective independent DSP should get the lion's share of the marketplace.

在15年前我們的第一個商業計劃中，我們就主張客觀的獨立DSP應該佔據市場的最大份額。

They'd be the only company that can be trusted.

他們是唯一可以信賴的公司。

We have a mantra that we've repeated again and again internally for years.

我們有一句口頭禪，多年來我們在內在一遍又一遍地重複。

And it's this: every day that goes by, objectivity matters more and more.

事實就是如此：隨著時間的流逝，客觀性變得越來越重要。

The fourth thing we'll do, leverage the supply and demand imbalance to make the ecosystem better.

我們要做的第四件事是利用供需不平衡來改善生態系統。

In advertising, there is more supply than demand.

在廣告方面，供給大於需求。

There always has been and there always will be.

一直存在，並且永遠存在。

This, by definition, makes it a buyer's market.

從定義上來說，這使其成為買方市場。

By focusing exclusively on the buy side, we are in the strongest position in the market.

透過專注於買方，我們在市場上佔據最強勢的地位。

Unlike so many players in tech, we are not using our position of strength to become draconian.

與科技界的許多參與者不同，我們不會利用自己的優勢地位來變得嚴厲。

We are trying to use our ever-growing influence and impact on the industry to make it better and to improve the supply chain.

我們正在努力利用我們對行業不斷增長的影響力來使行業變得更好並改善供應鏈。

This is why we expect 2025 to be the year OpenPath enters the steep acceleration phase of its S curve growth.

這就是為什麼我們預計 2025 年將是 OpenPath 進入 S 曲線成長急遽加速階段的一年。

This is because many of the major CTV players around the world are aggressively implementing OpenPath now.

這是因為世界各地的許多主要的 CTV 播放器現在都在積極實施 OpenPath。

They understand that a more efficient supply chain means more money in their pockets.

他們明白，更有效率的供應鏈意味著他們能賺更多的錢。

I would argue that higher CPMs through more efficient supply chains are the only way most of the streamers will get to sustainable and scaling profitability.

我認為，透過更有效率的供應鏈實現更高的 CPM 是大多數串流媒體實現永續和擴大盈利的唯一途徑。

To this end, Disney was among the first of the CTV scaled players early last year to embrace OpenPath when they deployed it as part of Disney's Real-time Ad Exchange or DRAX.

為此，迪士尼於去年年初成為首批採用 OpenPath 的 CTV 擴展參與者之一，當時他們將 OpenPath 作為迪士尼即時廣告交易平台 (DRAX) 的一部分進行部署。

As Disney's SVP of addressable advertising said recently, they are working towards 75% of their ad sales being automated by 2027, with the vast majority of those impressions being biddable.

正如迪士尼可尋址廣告高級副總裁最近所言，他們致力於在 2027 年實現 75% 的廣告銷售自動化，其中絕大多數展示都是可競價的。

Media leaders like Disney realize that the best way to fund their incredible content is through biddable programmatic advertising, which, of course, is great news for us and our partnership.

迪士尼等媒體領導者意識到為其精彩內容籌集資金的最佳方式是透過可競價的程序化廣告，這當然對我們和我們的合作夥伴來說都是好消息。

And the best way to help advertisers value impressions and show publishers what they're willing to pay is an open market.

幫助廣告主重視展示次數和向出版商展示他們願意支付的價格的最佳方式就是開放的市場。

And it is through a clear supply chain with tools such as OpenPath that that can be realized.

而透過採用諸如 OpenPath 之類的工具的清晰的供應鏈可以實現這一目標。

This also extends to the OEMs.

這也延伸至 OEM。

Another CTV leader that has embraced OpenPath is VIZIO, which has more than 24 million active devices in the United States and more than 300 ad-supported CTV channels.

另一家擁抱 OpenPath 的 CTV 領導者是 VIZIO，它在美國擁有超過 2400 萬台活躍設備和超過 300 個廣告支援的 CTV 頻道。

VIZIO wanted clear line of sight into advertiser demand with as few intermediaries as possible.

VIZIO 希望盡可能減少中介機構的數量，從而清楚了解廣告商的需求。

They deployed OpenPath and immediately saw impressive results, including 39% improvement in revenue from our platform and an 8x improvement in fill rate.

他們部署了 OpenPath 並立即看到了令人印象深刻的結果，包括我們平台的收入提高了 39%，填充率提高了 8 倍。

Relatedly, Goodway Group is one of our largest independent agency clients.

與此相關的是，Goodway Group 是我們最大的獨立代理商客戶之一。

They've been working in Kokai to create a Blue List which is a custom market that they can curate using our tools on our platform to provide their customers to the best opportunities in the market as they see it.

他們一直在 Kokai 致力於創建藍名單，這是一個客製化市場，他們可以使用我們平台上的工具進行管理，以便為他們的客戶提供他們所看到的市場中最好的機會。

With their Blue List in Kokai, Goodway was able to prioritize impressions with better, clearer signal around factors such as genre, show title, and content quality.

借助 Kokai 中的藍名單，Goodway 能夠根據類型、節目名稱和內容品質等因素，對訊號更好、更清晰的展示進行優先排序。

In addition, they were able to measure the number of supply chain hops in those transactions.

此外，他們還能夠測量這些交易中的供應鏈跳數。

They found that 94% of the impressions they bought had only one supply chain hub, which is well ahead of the industry benchmarks.

他們發現，他們購買的94%的展示次數只有一個供應鏈中心，遠遠領先於產業基準。

All of this means that more campaign dollars can now be put to work more effectively in driving incremental reach.

所有這些意味著，現在可以更有效地投入更多的競選資金來擴大影響力。

These examples provide great background for the pending acquisition of Sincera, which we announced a few weeks ago.

這些例子為我們幾週前宣布的收購 Sincera 提供了良好的背景。

I don't think there's any other company in the ad tech ecosystem that thinks about the digital advertising supply chain as passionately as Sincera, except perhaps The Trade Desk.

我認為，廣告科技生態系統中沒有其他公司像 Sincera 一樣對數位廣告供應鏈如此熱衷，也許除了 The Trade Desk。

Over the past few years, Sincera has established itself as an objective data company for the entire ad ecosystem, all with a mission of shining a much clearer light on where the value is, where value is being obscured, and what signals advertisers value the most in making effective decisions.

在過去幾年中，Sincera 已將自己定位為整個廣告生態系統的客觀數據公司，其使命是更加清晰地闡明價值所在、價值被掩蓋的地方以及廣告商在做出有效決策時最重視的信號。

For us, embedding those data signals into our platform will help encourage the right behaviors that leads to the best outcomes for our clients.

對我們來說，將這些數據訊號嵌入到我們的平台中將有助於鼓勵正確的行為，從而為我們的客戶帶來最好的結果。

For example, one of the most compelling use cases is showing in our platform, which signals advertisers want publishers to provide so they can value ad impressions as accurately as possible.

例如，最引人注目的用例之一就展示在我們的平台上，這表明廣告商希望發布商提供這樣的服務，以便他們可以盡可能準確地評估廣告印象。

Using these data signals to improve the supply chain for digital advertising could not be more important as we head into 2025.

隨著我們邁入 2025 年，使用這些數據訊號來改善數位廣告的供應鏈至關重要。

And of course, that's even more important as Google likely becomes less involved with the open Internet.

當然，隨著Google逐漸減少對開放網路的參與，這一點就變得更加重要。

The fifth action we'll take, make CTV the most effective channel and programmatic advertising by layering more data, better auction mechanics and capitalizing on the fact that CTV is the only channel that has nearly 100% of traffic logged in.

我們將採取的第五個措施是，透過分層更多資料、更好的拍賣機制，並利用 CTV 是唯一擁有近 100% 流量登入的頻道這一事實，使 CTV 成為最有效的管道和程式化廣告。

CTV is the kingpin of the open Internet.

CTV 是開放網路的主導者。

CTV should be the first place all brand advertisers spend, not walled gardens.

CTV 應該是所有品牌廣告商投入的首要場所，而不是封閉的花園。

If we expand Sincera's charter and capabilities to CTV and audio, CTV and premium video can reach its potential as a channel.

如果我們將 Sincera 的特許權和功能擴展到 CTV 和音頻，CTV 和優質視頻就可以發揮其作為渠道的潛力。

It can be half the pie of the advertising TAM.

它可以佔據廣告 TAM 份額的一半。

So many companies like Disney, Netflix, Paramount, MAX, Fox, and Peacock need to get the best out of programmatic advertising in order to maximize their opportunity.

迪士尼、Netflix、派拉蒙、MAX、福斯和 Peacock 等許多公司都需要充分利用程式化廣告，以最大限度地利用他們的機會。

In order to do that, almost all of the streaming leaders have deployed UID2 as a way of providing advertisers with precision and addressability.

為了做到這一點，幾乎所有的串流媒體領導者都部署了UID2，為廣告商提供精準性和可尋址性。

This has laid the foundation for them and us to continue the expansion of CTV advertising around the world.

這為他們和我們繼續在全球拓展CTV廣告奠定了基礎。

CTV continues to be our fastest-growing channel, and as you know, it is also our largest channel.

CTV 仍然是我們成長最快的頻道，而且如您所知，它也是我們最大的頻道。

However, neither us nor any content owner thinks the status quo is anywhere close to what end state looks like.

然而，我們和其他內容所有者都不認為現狀接近最終狀態。

The sixth thing we'll do, make 2025 the best year audio has seen yet.

我們要做的第六件事是讓 2025 年成為音訊史上最好的一年。

I maintain that audio is still the most on-sale corner of the open Internet.

我堅持認為音訊仍然是開放網路上最暢銷的角落。

Companies like Spotify have been making changes to embrace the potential of programmatic advertising.

Spotify 等公司一直在做出改變，以發揮程序化廣告的潛力。

They're making changes, and we're using AI partnerships to bridge the creative creation gap.

他們正在做出改變，我們正在利用人工智慧合作關係來彌合創造力差距。

I think this is one of the biggest opportunities in programmatic and one of the biggest opportunities for a company like Spotify to take their company to the next level.

我認為這是程式化領域最大的機會之一，也是 Spotify 這樣的公司將公司提升到新境界的最大機會之一。

The seventh action item will move 100% of our clients to Kokai this year.

第七項行動將在今年將我們 100% 的客戶轉移至 Kokai。

Now the majority already have.

如今大多數人已經擁有了。

But today, we're maintaining two systems, Solimar and Kokai.

但今天，我們維護兩個系統，Solimar 和 Kokai。

This slows us down.

這使我們的速度變慢了。

Kokai is more effective in almost every way.

Kokai 幾乎在各方面都更為有效。

We are producing case study after case study as clients continue to lean into the features of our Kokai platform, every one of them showing the enhancements and effectiveness that goes up with the use of Kokai.

隨著客戶不斷依賴我們的 Kokai 平台的功能，我們製作了一個又一個案例研究，每個案例研究都展示了使用 Kokai 所帶來的增強和有效性。

As you know, Kokai represents our largest and most important platform overhaul ever.

如您所知，Kok​​ai 是我們迄今為止規模最大、最重要的平台改革。

Some clients are still transitioning from our previous platform, Solimar.

一些客戶仍在從我們之前的平台 Solimar 過渡。

But well before the end of this year, I expect that all of our clients will be using Kokai exclusively.

但在今年年底之前，我預計我們所有的客戶都將專門使用 Kokai。

In all of the case studies coming out of Kokai, the consistent theme is accessing and acting on better data and signal.

在 Kokai 的所有案例研究中，一致的主題是獲取更好的數據和訊號並採取行動。

In CTV, advertisers act on authenticated logged-in user data rooted in UID2.

在 CTV 中，廣告主根據以 UID2 為基礎的經過驗證的登入使用者資料採取行動。

The same is also happening in digital audio, where companies such as Spotify, SiriusXM and Pandora, and iHeartMedia have all recently embraced UID2 so that advertisers can act with precision on their logged-in audiences.

同樣的情況也發生在數位音訊領域，Spotify、SiriusXM、Pandora 和 iHeartMedia 等公司最近都採用了 UID2，讓廣告商能夠針對登入的受眾精準投放廣告。

And with retail data, advertisers can understand conversion rates and the impact of every ad dollar more clearly.

透過零售數據，廣告商可以更清楚地了解轉換率和每一美元廣告的影響。

Eighth, we will change the way the industry manages deals.

第八，我們將改變產業管理交易的方式。

We'll help advertisers and agencies avoid bad deals, which generally consider too few ad impressions and force advertisers to buy impressions that they wouldn't otherwise want.

我們將幫助廣告商和代理商避免不良交易，這些交易通常考慮到廣告展示次數太少，從而迫使廣告商購買他們原本不想要的廣告展示次數。

And we can avoid these bad deals by using AI-powered forecasting.

我們可以利用人工智慧預測來避免這些糟糕的交易。

To do this, we are enhancing Kokai with some of the most game-changing parts, like Deal Manager, which lays groundwork for the forward market, which we think in the future will change the ecosystem and eventually upgrade the upfronts.

為了實現這一目標，我們正在透過一些最具變革性的功能來增強 Kokai，例如 Deal Manager，它為遠期市場奠定了基礎，我們認為未來遠期市場將改變生態系統並最終升級預付款。

Ninth, we will continue to invest in AI with provable upgrades and auditable results.

第九，我們將繼續投資具有可證明昇級和可審計結果的人工智慧。

We started our ML and AI efforts in 2017 with the launch of Koa, but today, the opportunities are much bigger.

我們於 2017 年推出 Koa，開始了機器學習和人工智慧的努力，但今天，機會要大得多。

We're asking every scrum inside of our company to look for opportunities to inject AI into our platform.

我們要求公司內部的每個 scrum 尋找機會將 AI 注入我們的平台。

Hundreds of enhancements recently shipped and coming in 2025 would not be possible without AI.

如果沒有人工智慧，最近推出的和 2025 年即將推出的數百項增強功能都不可能實現。

We must keep the pedal to the metal, not to chest them on stages, which everyone else seems to be doing, but instead to produce results and win share.

我們必須全力以赴，而不是像其他人似乎都在做的那樣，把他們放在舞台上，而是要取得成果，贏得份額。

Tenth, we will simplify our retail offering in 2025.

第十，我們將在 2025 年簡化我們的零售服務。

So far, it's been powerful and a significant driver of our growth, but it has often been too complicated.

到目前為止，它已經成為強大且重要的成長推動力，但它往往過於複雜。

We've studied what works and understand the changes needed to help retail media continue to meaningfully outpace our business.

我們研究了哪些方法有效，並了解需要進行哪些變革，以幫助零售媒體繼續顯著超越我們的業務。

Achieving this will require a closer collaboration with our retail partners.

要實現這一目標，需要與我們的零售合作夥伴進行更緊密的合作。

In Kokai, we have the industry's richest retail data environment, including data for many of the world's leading retailers to help advertisers understand the connection between campaign spend and consumer action.

在 Kokai，我們擁有業界最豐富的零售數據環境，包括許多世界領先零售商的數據，以幫助廣告商了解廣告活動支出與消費者行為之間的連結。

We will make this easier to adopt for our clients, both endemic and non-endemic to our retail partners.

我們將使我們的客戶（包括本地客戶和非本地零售合作夥伴）更容易採用這項技術。

Consider the fact that our objectivity may be our greatest asset in this corner of our business as well where retailers are reluctant to partner with walled gardens who are competing with them.

考慮一下這個事實：我們的客觀性可能是我們在這個業務領域最大的資產，因為零售商不願意與與他們競爭的「圍牆花園」合作。

While, of course, our objectivity as well as our clear mission, which makes it easy for them to know how we will partner and what our motives are, makes it easy for us together to create the greatest environment of retail data for advertisers on the open Internet.

當然，我們的客觀性以及明確的使命使他們很容易知道我們將如何合作以及我們的動機是什麼，這使我們能夠共同在開放的互聯網上為廣告商創造最大的零售數據環境。

We had some great case studies in Q4 around the world.

我們在第四季度在世界各地進行了一些出色的案例研究。

Boiron, a world leader in homeopathic products was able to measure a 267% return on ad spend, or ROAS, on Kokai when using Kroger retail conversion data.

順勢療法產品的全球領導者 Boiron 在使用 Kroger 零售轉換數據時，能夠測量出 Kokai 上的廣告支出回報率 (ROAS) 達到 267%。

This was well ahead of their typical benchmarks.

這遠遠超出了他們的典型基準。

In addition, of the almost 2 million households that their recent campaign reached on our platform, 94% of them were new to the brand.

此外，他們最近的活動在我們的平台上覆蓋了近 200 萬個家庭，其中 94％ 都是新接觸該品牌的。

In Hong Kong, high-end skin care brand, Sulwhasoo, leveraged UID2 in Kokai to look-alike model prospective new audiences based on their most loyal customers.

在香港，高端護膚品牌雪花秀利用 Kokai 中的 UID2，根據其最忠實的客戶來塑造潛在的新受眾。

In doing so, they were able to engage with those prospects across the customer journey at all steps of the marketing funnel across a range of digital channels.

這樣，他們就能夠透過各種數位管道，在行銷管道的各個步驟中與客戶旅程中的潛在客戶進行互動。

As a result of this campaign approach, they were able to measure a 6x improvement in physical store visits, a 380% improvement in conversion rates, and an 80% lower cost per acquisition.

透過這種行銷活動，他們的實體店訪問量提高了 6 倍，轉換率提高了 380%，並且每次購買成本降低了 80%。

Number 11, we will simplify our platform.

第十一條，我們將簡化我們的平台。

As platforms mature, they add features, but that can make it more complex.

隨著平台的成熟，它們會增加功能，但這也會使其變得更加複雜。

We will continue to add features and powerful controls for the most sophisticated buyers in the world.

我們將繼續為世界上最成熟的買家增加功能和強大的控制。

However, we're finding ways to improve the experience and make decisions easier and also more intuitive for our users.

然而，我們正在尋找方法來改善體驗，讓使用者的決策更輕鬆、更直覺。

Twelfth, we'll use more data.

第十二，我們將使用更多數據。

We have another mantra: data-driven buying is better than guessing.

我們還有另一句口頭禪：數據驅動的購買比猜測更好。

Across all parts of our platform, we're using AI to help clients make better decisions, whether it is in making sense of complex data in real time when it may have previously taken weeks or bringing retail conversion data to bear more often and enriching bid requests.

在我們平台的各個部分，我們都在使用人工智慧來幫助客戶做出更好的決策，無論是即時解讀以前可能需要數週時間才能完成的複雜數據，還是更頻繁地提供零售轉換數據並豐富競標請求。

Thirteenth, as I said at the beginning, we will focus on joint business partnerships or JBPs.

第十三，正如我在一開始所說的，我們將專注於聯合商業夥伴關係（JBP）。

JBPs are joint innovation partnerships where agencies and brands collaborate with us to grow our relationship and drive programmatic innovation.

JBP 是聯合創新夥伴關係，代理商和品牌與我們合作以發展我們的關係並推動程序化創新。

They grow about 50% faster than the rest of our business.

它們的成長速度比我們其他業務快 50% 左右。

Brands will generally continue to work with agencies, but they also understand that programmatic is becoming a larger and more important element of their campaign planning.

品牌通常會繼續與代理商合作，但他們也明白，程序化正在成為其廣告活動策劃中更大、更重要的元素。

As a result, programmatic decision-making is happening at a higher and higher level within brands, and this presents a tremendous opportunity for The Trade Desk to grow our brand relationships and share.

因此，品牌內部的程序化決策正在越來越高的層次上進行，這為 The Trade Desk 發展品牌關係和市場份額提供了巨大的機會。

Number 14, on our action item list, we have already revised and will continue to revise our product process.

第 14 項，在我們的行動項目清單上，我們已經修改了，並將繼續修改我們的產品流程。

As we grow, it is essential that our product development process remains agile.

隨著我們的成長，保持產品開發流程的敏捷至關重要。

Even as it has to ingest more inputs for more stakeholders.

即使它必須為更多利害關係人吸收更多投入。

We'll do this with a clear focus on what we're delivering week by week, which continues to be at the bleeding edge of ad tech innovation.

我們將明確關注每週交付的內容，這將繼續處於廣告技術創新的前沿。

And then lastly, number 15, we'll hire senior leadership to take us to the next level.

最後，第十五條，我們將聘請高階領導帶領我們邁向新的水平。

I believe that over the next few years, we will double the number of senior leaders in the company at the VP level and above, especially, including some very key senior level appointments in my org.

我相信在未來幾年內，我們公司副總裁級別以上的高階領導人數將會翻一番，特別是包括我組織內一些非常關鍵的高階職位的任命。

This is a natural part of a high-growth company's journey.

這是高成長公司發展歷程中自然的一部分。

We want to scale The Trade Desk significantly in the years ahead, and that means ensuring we have the right kind of leadership rigor across the company while preserving the best elements of what we've done so well so far.

我們希望在未來幾年大幅擴大 The Trade Desk 的規模，這意味著要確保整個公司擁有正確的領導力，同時保留我們迄今為止做得非常好的最佳元素。

To wrap up, the opportunity is bigger than ever.

總而言之，機會比以往任何時候都更大。

We need to keep evolving our company structure to meet that opportunity and realize our potential and the potential of the open Internet.

我們需要不斷發展我們的公司結構以抓住機會並發揮我們的潛力和開放互聯網的潛力。

We are obsessing about ways to drive differentiation and growth.

我們熱衷於尋找推動差異化和成長的方法。

We are constantly innovating our platform in order to do that, most recently with constant upgrades to Kokai.

為了實現這一目標，我們不斷創新我們的平台，最近對 Kokai 進行了不斷升級。

We are able to make these investments because of the profitability of our business model.

由於我們的商業模式具有獲利能力，我們能夠進行這些投資。

That focus on constant innovation ensures that we are always prioritizing value for our clients and never standing still.

專注於不斷創新確保我們始終優先考慮客戶價值且永不停歇。

We will always have a long-term view of where the value in our industry is shifting and how we can then innovate to deliver that value to our clients as rapidly as possible.

我們將始終以長遠的眼光來看待產業價值的變化，以及我們如何能夠創新，並盡快為客戶提供這一價值。

I believe 2024 will be remembered as a pivotal year for our industry, where the premium open Internet was beginning to transform as the clear choice for advertisers seeking data-driven precision and performance.

我相信 2024 年將被銘記為我們行業的關鍵一年，優質開放互聯網開始轉型，成為尋求數據驅動精度和性能的廣告商的明確選擇。

But we've only just turned the corner on this shift, and it is why we are adjusting the company to be bigger and move the market in positive ways.

但我們才剛開始這一轉變，這也是為什麼我們要調整公司規模，使其變得更大，並以積極的方式推動市場的發展。

I am not happy with our results in the fourth quarter, but there is so much opportunity in 2025 and the years ahead to help our clients take full advantage of data-driven advertising on the premium Internet to drive growth and brand loyalty for their businesses.

我對我們第四季的業績並不滿意，但 2025 年及未來幾年仍有許多機會可以幫助我們的客戶充分利用優質網路上的數據驅動廣告來推動其業務成長和品牌忠誠度。

And that's why I'm confident that Trade Desk will eventually resume acceleration and continue the path we've been on for over 33 quarters as a publicly traded company.

這就是為什麼我相信 Trade Desk 最終將恢復加速，並繼續我們作為一家上市公司 33 個多季度以來所走過的道路。

We are also the clear leader in the DSP race and perhaps the leader of the open Internet.

我們也是 DSP 競賽中的明顯領先者，甚至可能是開放網路的領導者。

Thank you.

謝謝。

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

說完這些，我會把話題交給勞拉來討論我們的財務問題。

Thank you, Jeff.

謝謝你，傑夫。

Before discussing our results, I want to expand on Jeff's sentiments about some of the significant strides we made over the past year, positioning us well for the future. 2024 was a year of landmark partnerships, particularly in CTV, where we saw outsized growth.

在討論我們的業績之前，我想先詳細闡述傑夫對我們在過去一年中取得的一些重大進展的看法，這些進展為我們的未來做好了準備。 2024 年是具有里程碑意義的合作夥伴關係的一年，尤其是在 CTV，我們看到了超額的成長。

Retail media continued its rapid expansion, establishing a material foundation for the years ahead.

零售媒體繼續快速擴張，為未來幾年奠定了物質基礎。

International growth accelerated, showing promising momentum beyond the US.

國際成長加速，美國以外地區也呈現出良好的動能。

Additionally, 2024 marked our largest and most successful year ever for political ad spend, the biggest year for UID2 since its launch four years ago and a leap forward for digital audio and programmatic.

此外，2024 年是我們政治廣告支出規模最大、最成功的一年，也是 UID2 自四年前推出以來業績最好的一年，同時也是數位音訊和程式化廣告的飛躍。

When I look across our list of growth drivers, most of them are still in their early stages compared to where we expect them to be in the next 5 to 10 years.

當我瀏覽我們的成長動力清單時，我們發現與我們預期的未來5到10年相比，大多數成長動力仍處於早期階段。

CTV advertising remains a small fraction of total TV ad spend relative to linear.

與線性廣告相比，CTV 廣告僅佔電視廣告總支出的一小部分。

Retail media is scaling rapidly, evolving from an emerging trend into a core digital advertising channel as brands are recognizing its ability to drive both performance and measurement.

隨著品牌認識到零售媒體推動績效和衡量的能力，零售媒體正在迅速擴張，從新興趨勢演變為核心的數位廣告管道。

And in most global markets, decision programmatic is still in early stages of adoption with tremendous long-term growth potential.

在大多數全球市場中，決策程序化仍處於採用的早期階段，具有巨大的長期成長潛力。

Turning to our results, Q4 revenue was $741 million, a 22% year-over-year increase.

回顧我們的業績，第四季營收為 7.41 億美元，年增 22%。

We generated $350 million of adjusted EBITDA during the quarter, representing a 47% margin.

我們本季的調整後 EBITDA 為 3.5 億美元，利潤率為 47%。

However, for the first time in our 8.5 years as a public company, excluding the first quarter of 2020, our results came in below our expectations.

然而，在我們作為上市公司的 8.5 年裡，除 2020 年第一季外，我們的業績首次低於預期。

As a company, we take great pride in our ability to forecast accurately, and we take full ownership of the shortfall.

作為一家公司，我們對自己準確預測的能力感到非常自豪，我們對不足之處負全部責任。

Importantly, this miss was not due to a lack of opportunity or increased competition; it was on us.

重要的是，這次失誤並不是因為缺乏機會或競爭加劇；這是我們的責任。

We are implementing the strategic changes Jeff outlined in our business, and I believe that will give us an opportunity to continue delivering strong revenue growth throughout this year and beyond.

我們正在實施傑夫概述的業務策略變革，我相信這將使我們有機會在今年及以後繼續實現強勁的收入成長。

For 2024, we ended the year with $12 billion in spend on our platform and $2.4 billion in revenue, representing a 26% increase in revenue year over year.

預計 2024 年，我們在平台上的支出將達到 120 億美元，營收將達到 24 億美元，年增 26%。

Full-year adjusted EBITDA margin was above 41% and full-year free cash flow was over $630 million.

全年調整後 EBITDA 利潤率超過 41%，全年自由現金流超過 6.3 億美元。

As expected, our take rate in 2024 once again remained within a very consistent historical range.

正如預期的那樣，我們 2024 年的接受率再次保持在非常一致的歷史範圍內。

The shift of advertising dollars to CTV continues to be a core driver of our business.

廣告費用向 CTV 的轉移仍然是我們業務的核心驅動力。

From a scale channel perspective in Q4, video, which includes CTV, represented a high 40s percentage share of our business and continues to grow as a percentage of our mix.

從第四季度的規模管道角度來看，包括 CTV 在內的影片在我們的業務中佔據了 40% 以上的份額，並且在我們的業務組合中所佔的份額還在繼續增長。

Mobile represented a mid-30s percentage share of spend during the quarter.

本季度，行動支出佔比約 35%。

Display represented a low double-digit share of our business, and audio represented around 5%.

顯示器在我們的業務中佔有較低的兩位數份額，音訊則佔有 5% 左右的份額。

Geographically, North America represented about 88% of spend, and international represented about 12% of spend for the fourth quarter.

從地理來看，北美佔第四季支出的約 88%，國際佔第四季支出的約 12%。

International growth again outpaced North America for the eighth quarter in a row.

國際成長連續第八個季度再次超過北美。

CTV growth across international regions was particularly strong during the fourth quarter and throughout 2024.

第四季以及整個 2024 年，國際地區的 CTV 成長尤為強勁。

In terms of verticals that represent at least 1% of our spend, growth was broad-based again this quarter.

就占我們支出至少 1% 的垂直產業而言，本季再次實現了廣泛成長。

We saw strong performance in the majority of our verticals, particularly in automotive, shopping, and technology and computing.

我們在大多數垂直領域都表現強勁，特別是在汽車、購物、技術和計算領域。

Political spending was also strong in Q4 as expected.

正如預期，第四季度的政治支出也強勁。

Home and garden and pets were both below average.

家庭和花園以及寵物均低於平均水平。

We continue to believe there is significant opportunity for us to gain share in all of the verticals we serve.

我們始終相信，我們在所服務的所有垂直領域都有巨大的機會獲得市場份額。

Turning now to expenses, Q4 operating expenses, excluding stock-based compensation, were $416 million, up 23% from a year ago.

現在來看看費用，第四季的營運費用（不包括股票薪酬）為 4.16 億美元，比去年同期成長 23%。

During the quarter, we continued to make investments in our team and platform. particularly in areas like sales and marketing and technology and development as we position the organization for long-term growth.

本季度，我們繼續對團隊和平台進行投資。特別是在銷售和行銷、技術和開發等領域，我們為組織的長期成長做好了準備。

Income tax expense was $39 million in the fourth quarter, driven primarily by our profitability and stock-based awards.

第四季的所得稅支出為 3,900 萬美元，主要受我們的獲利能力和股票獎勵的影響。

Adjusted net income for the quarter was $297 million or $0.59 per fully diluted share.

本季調整後的淨收入為 2.97 億美元，即每股攤薄收益 0.59 美元。

Net cash provided by operating activities was $199 million and free cash flow was $177 million in Q4.

第四季經營活動提供的淨現金為 1.99 億美元，自由現金流為 1.77 億美元。

DSOs exiting the quarter were 97 days, down four days from a year ago.

本季的 DSO 退出時間為 97 天，比一年前減少了 4 天。

DPOs were 80 days, down three days from a year ago.

DPO 為 80 天，比一年前減少了 3 天。

We ended the year with a strong cash and liquidity position.

我們以強勁的現金和流動性狀況結束了這一財年。

Our balance sheet had about $1.9 billion in cash, cash equivalents, and short-term investments at the end of the quarter.

截至本季末，我們的資產負債表中有約 19 億美元的現金、現金等價物和短期投資。

We have no debt on the balance sheet.

我們的資產負債表上沒有債務。

In Q4, we repurchased $57 million of our Class A common stock via our share repurchase program.

第四季度，我們透過股票回購計畫回購了價值 5,700 萬美元的 A 類普通股。

As you saw in our press release, we announced an additional authorization under our share repurchase program, bringing the total to $1 billion, inclusive of the amount remaining from the existing authorization.

正如您在我們的新聞稿中看到的，我們宣布了根據股票回購計劃的額外授權，使總額達到 10 億美元，其中包括現有授權的剩餘金額。

Given our strong balance sheet and consistent cash flow generation, we plan to continue opportunistic share repurchases while also offsetting dilution from employee stock issuances.

鑑於我們強勁的資產負債表和持續的現金流量產生，我們計劃繼續機會性股票回購，同時抵銷員工股票發行帶來的稀釋。

Now turning to our outlook for the first quarter, we expect revenue to be at least $575 million, reflecting 17% year-over-year growth.

現在談談我們對第一季的展望，我們預計營收至少達到 5.75 億美元，年增 17%。

Our Q1 growth estimates also reflect the impact of lapping the extra day from the 2024 leap year as well as political ad spend, which contributed approximately 1% of our Q1 2024 revenue.

我們對第一季的成長預測也反映了 2024 年閏年的額外一天以及政治廣告支出的影響，這占我們 2024 年第一季營收的約 1%。

We estimate adjusted EBITDA to be approximately $145 million in Q1.

我們預計第一季調整後的 EBITDA 約為 1.45 億美元。

Turning to our expense outlook for the year, while we are not providing a full year expense guidance, we anticipate a modest increase in the growth rate of our operating expenses in 2025 compared to previous years.

談到我們今年的費用展望，雖然我們沒有提供全年費用指導，但我們預計 2025 年我們的營運費用成長率將與前幾年相比略有增加。

As a result, we would expect modest deleverage for the year.

因此，我們預計今年的去槓桿將溫和。

Our investments are focused on key areas such as infrastructure and talent.

我們的投資集中在基礎設施和人才等關鍵領域。

Our incremental investments align with the recalibration efforts Jeff outlined in his remarks.

我們的增量投資與傑夫在演講中概述的重新調整努力相一致。

Our capital intensity remains low, and we expect CapEx to be approximately 5% of our total revenue.

我們的資本密集度仍然較低，我們預期資本支出約佔總收入的 5%。

We expect another strong year of cash flow generation.

我們預計今年將是現金流產生強勁的一年。

We continue to manage the business with a balanced perspective that allows us to weigh investment opportunities while retaining flexibility for margin improvement.

我們將繼續以平衡的視角管理業務，這使我們能夠權衡投資機會，同時保留提高利潤率的靈活性。

In closing, while the back half of 2024 did not end exactly as we had hoped, our long-term trajectory remains strong, I'm optimistic about 2025.

最後，雖然 2024 年下半年並沒有像我們所希望的那樣結束，但我們的長期發展軌跡依然強勁，我對 2025 年充滿樂觀。

We continue to lead in a rapidly growing industry, delivering profitable growth, and gaining significant market share.

我們繼續在快速成長的行業中保持領先地位，實現獲利成長並贏得顯著的市場份額。

Our momentum is fueled by a strong set of growth drivers, including ongoing secular shift to CTV, enhanced measurement through retail data, international expansion, a robust identity framework, supply chain improvements, and the ability to drive long-term leverage in our model.

我們的勢頭源於一系列強勁的成長動力，包括持續向 CTV 的長期轉變、透過零售數據增強的衡量能力、國際擴張、強大的身份框架、供應鏈改進、以及推動我們模型的長期槓桿作用的能力。

As we look ahead, we remain confident in our ability to sustain this growth and capitalize on the opportunities before us.

展望未來，我們對自己維持這種成長並利用眼前機會的能力仍然充滿信心。

While we are not providing a full year 2025 revenue outlook, we expect that our recalibration efforts and strategic investments will position us for continued strong growth throughout 2025 and beyond.

雖然我們沒有提供 2025 年全年營收預測，但我們預計，我們的重新調整努力和策略投資將使我們在 2025 年及以後繼續保持強勁成長。

That concludes our prepared remarks.

我們的準備好的演講到此結束。

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

接線員，現在讓我們開始提問環節。

(Operator Instructions) Shyam Patil, SIG.

(操作員指令) Shyam Patil，SIG。

Hey, Jeff.

嘿，傑夫。

As you know, I've been covering you guys since you've been public and following the company long before that.

如你所知，自從你們上市以來，我就一直在報道你們，並且很早就開始關注你們的公司。

And until now, for over eight years, you guys have had an amazing run where you've hit your guidance every single time.

到目前為止，八年多來，你們的表現令人驚嘆，每次都達到了自己的期望。

Just wondering, can you just talk about what went wrong in the fourth quarter where you guys came in below your expectations?

只是想知道，你能談談第四季出了什麼問題，導致你們的表現低於預期嗎？

Yes.

是的。

Thanks, Shyam.

謝謝，Shyam。

Really appreciate the question.

非常感謝您的提問。

So first, let me own that we missed and that we missed our own expectations, as you point out, which is, in my mind, very different from missing Wall Street's expectations.

首先，我承認我們沒有達到目標，正如你所指出的，我們沒有達到我們自己的預期，在我看來，這與沒有達到華爾街的預期有很大不同。

So when we set our guide and set our expectations, I view that as a commitment.

因此，當我們設定指南和期望時，我將其視為一種承諾。

It's understandable in a moment like this for those outside the company, especially shareholders to be wondering what does this mean?

在這樣的時刻，公司外部的人，特別是股東們想知道這意味著什麼，這是可以理解的。

Is the opportunity not as big as The Trade Desk claims?

機會真的沒有 The Trade Desk 宣稱的那麼大嗎？

Or is it different than what they thought?

或者說和他們想像的不一樣？

Is the company not executing?

難道公司沒執行嗎？

Is there something wrong, if so, is it big or is it small?

有什麼問題嗎？

And I just want to be super clear, we missed because we had a series of small execution missteps.

我想非常清楚地表明，我們之所以失敗是因為我們犯了一系列小的執行錯誤。

We needed to execute while simultaneously trying to prepare for our future, and we made a number of small mistakes and trade-ups that compounded.

我們需要在執行的同時為未來做好準備，我們犯了許多小錯誤和權衡，這些錯誤和權衡最終導致結果複雜化。

Again, compare it to a pro sports team, we have a championship team.

再次，與職業運動隊相比，我們有一支冠軍隊。

We've proven that for the last eight years as a public company.

作為一家上市公司，我們在過去八年裡已經證明了這一點。

But we turned over the ball too many times in this game, and that's why we lost the game.

但這場比賽我們失誤太多，這就是我們輸掉比賽的原因。

The opportunity is not smaller than we thought.

機會並不比我們想像的要小。

In fact, it's the opposite.

事實上，情況恰恰相反。

My focus the last quarter and now is about recalibrating the company to become a bigger company because we're facing a bigger opportunity faster than we thought.

我上個季度和現在的重點是重新調整公司，使公司成為一家更大的公司，因為我們面臨的機會比我們想像的要快得多。

So I just want to reiterate some of the changes that we've made and we're making those to make certain that this doesn't become a pattern.

因此，我只想重申我們所做的部分改變，我們做出這些改變是為了確保這不會成為一種模式。

So here's a couple of those.

以下是其中的幾個。

First, for most people in the company, we provided a much clearer view of roles and responsibilities, and that also meant a change in reporting structure in what was the biggest reorg in the history of The Trade Desk.

首先，對於公司中的大多數人，我們提供了更清晰的角色和職責視圖，這也意味著報告結構的變化，這是The Trade Desk歷史上最大的重組。

Second, in engineering, we've reviewed the way that we ship product, our overall product process, and we've implemented a process of smaller agile teams who ship product every week.

其次，在工程方面，我們審查了產品運輸方式和整體產品流程，並且實施了由規模較小的敏捷團隊每週運輸產品的流程。

Some teams had drifted to be a little bit too waterfall-like as we strive for big milestone releases like Kokai, and we've structured to be more agile again.

在我們努力實現像 Kokai 這樣的里程碑式重大發佈時，有些團隊已經變得有點過於瀑布式了，而我們已經重新建構了更敏捷的結構。

And in most cases, we've created two piece of teams that ship product every week.

大多數情況下，我們會組成兩個團隊，每週出貨。

As I mentioned before, these are roughly 100 scrum teams, very small teams to be very agile that are shipping frequently.

正如我之前提到的，這些大約有 100 個 Scrum 團隊，是非常小的團隊，非常敏捷，並且經常進行交付。

We've historically been one of the most focused and most productive engineering teams ever pointed at ad tech.

從歷史上看，我們是廣告科技領域最專注、最高效的工程團隊之一。

I think we still are, but we can be more efficient than we are today.

我認為我們現在仍然如此，但我們可以比現在更有效率。

Third, we also restructured our client-facing teams.

第三，我們也重組了面向客戶的團隊。

As we've grown, we've started to overlap between our agency and brand teams, and that's become complicated and in moments not very helpful or useful.

隨著我們的成長，我們的代理商團隊和品牌團隊開始重疊，這變得複雜並且有時不是很有幫助或有用。

As a result, we simplified.

因此，我們進行了簡化。

Some people focus on brands, some people focus on agencies.

有些人注重品牌，有些人注重代理商。

We've created much clearer engagement between them.

我們在他們之間建立了更清晰的合作關係。

And relatedly, I want to reinforce that we are loyal to the agencies and our strategy to support them and partner with them continues into our future.

與此相關的是，我想強調的是，我們對這些機構的忠誠，我們支持他們、與他們合作的策略將持續到未來。

We will continue to be great partners to the agencies.

我們將繼續成為各機構的優秀合作夥伴。

But we also will continue to expand our brand direct conversations and continue to focus on JBPs.

但我們也將繼續擴大我們的品牌直接對話，並繼續關注 JBP。

And especially given that JBPs grow about 50% faster than the rest of our business, we naturally want more of those, and this is one of the pockets where we're investing most with new people.

尤其考慮到 JBP 的成長速度比我們其他業務快 50% 左右，我們自然想要招募更多這樣的人才，而這也是我們在招募新人才方面投入最多的領域之一。

And then fourth, in December, January, we've spent more time discussing what we can do to improve than ever in the history of the company.

第四，在 12 月和 1 月，我們花了比公司歷史上任何時候都要多的時間來討論如何改進。

For most of the last 15 years, we focused most of our efforts on addressing the opportunity on the horizon.

在過去 15 年的大部分時間裡，我們將大部分精力集中在抓住即將出現的機會上。

Lately, we've been discussing how to make our own people, operation more efficient and more scalable.

最近，我們一直在討論如何讓我們自己的人員、營運更有效率、更具可擴展性。

The process has been very good for our long term, and it's also highlighted that we need to continue to hire very senior people who can help our company's scale.

這個過程對我們的長期發展非常有益，同時也凸顯了我們需要繼續聘用能夠幫助我們公司擴大規模的資深人才。

On a final note, on your question, Shyam, for much of 2024, we were faced with some big strategic decisions, honestly, more than usual.

最後要說的是，關於你的問題，Shyam，在 2024 年的大部分時間裡，我們都面臨著一些重大的策略決策，老實說，比平常要多。

And some of these were questions where the long term and the short term were at odds.

其中一些問題是長期目標和短期目標相矛盾的。

Do we focus on the short-term revenue or build the long term?

我們是注重短期收入還是著眼於長期收入？

And I just want you all to know that my bias is always towards capturing the long-term opportunity.

我只是想讓大家知道，我始終傾向於把握長期機會。

I'd rather miss a quarter than to trade a long term.

我寧願錯過一個季度，也不願進行長期交易。

Kokai enhancements continue to inject more AI, more sophisticated buying techniques and massive enhancements to the supply chain, which is the motivation for acquiring Sincera, a metadata company that will start being accretive to Trade Desk before the end of this year.

Kokai 的增強功能繼續注入更多的人工智慧、更複雜的購買技術和對供應鏈的大規模增強，這是收購元數據公司 Sincera 的動機，該公司將在今年年底前開始為 Trade Desk 增值。

As you know, this is only the third acquisition in the history of the company.

如您所知，這只是該公司歷史上的第三次收購。

And while we never want to get distracted with acquisitions to make headlines and then never integrate the way so many others do, we will look for companies that enhance our long-term opportunity.

儘管我們從來不想透過收購來吸引眼球，也從來不會像其他許多公司那樣進行整合，但我們會尋找能夠增強我們長期機會的公司。

That's why we made this acquisition, and that's why we're so optimistic about what it can do for our future.

這就是我們進行此次收購的原因，也是我們對其未來發展如此樂觀的原因。

Shyam, I really appreciate the question.

Shyam，我非常感謝這個問題。

Vasily Karasyov, Cannonball Research.

瓦西里‧卡拉紹夫 (Vasily Karasyov)，《砲彈研究》

I wanted to follow up on the first question.

我想跟進第一個問題。

So going into your earnings report, there were a lot of concerns.

因此，在查看你的收益報告時，你會發現有很多值得關注的地方。

I heard about weaker brand spend post-election, no budget flush, then issues with Kokai rollout pace.

我聽說選後品牌支出減少，預算不足，而且 Kokai 的推出速度也有問題。

But then other ad funded companies haven't reported anything results similar to yours.

但是其他廣告資助公司尚未報告任何與您類似的結果。

So can you probably share a little more detail about what you observed about the difference between you and the industry?

那麼您能否更詳細地分享一下您觀察到的您與這個行業之間的差異？

And to what extent did factors like polarized political environment, for example, The New York Times called them out quite a lot, lower Q4 GDP print or any product rollout issues impacted the shortfall in Q4?

諸如《紐約時報》多次批評的兩極化政治環境、第四季 GDP 數據下降或任何產品推出問題等因素在多大程度上影響了第四季的缺口？

Thanks, Vasily, for the question.

謝謝瓦西里提出這個問題。

I just want to point out, in 2022, macro was a factor.

我只想指出，在 2022 年，宏觀因素是一個因素。

The advertising was sharply decelerating.

廣告業務急劇下滑。

And yet, we were agile then, and we were efficient.

但當時我們很敏捷，而且很有效率。

And we still significantly outperformed the market and beat expectations, our own specifically.

我們的表現仍然遠遠優於市場，並且超出了預期，特別是我們自己的預期。

I bring that up to say that we've had challenging environments before, and we still outperformed.

我提起這件事是想說，我們以前也曾遇到過充滿挑戰的環境，但我們仍然表現出色。

The GDP, unusual election uncertainty, continued pricing pressure on some consumers and some companies doesn't create an ideal environment.

GDP、異常的選舉不確定性、部分消費者和部分公司的持續價格壓力並沒有創造理想的環境。

And this one wasn't a perfect environment.

而這個環境並不是完美的。

But we've outperformed in environments like this one before, as I pointed out in 2022, but we didn't this time.

但正如我在 2022 年指出的那樣，我們以前在這樣的環境中表現優異，但這次沒有。

Political put some advertisers on the sidelines, that's absolutely true.

政治因素讓一些廣告商處於邊緣地位，這是千真萬確的。

But it also brings out budgets, especially, of course, the political budgets.

但它也帶來了預算，當然特別是政治預算。

And on the net, was it a positive or a negative?

那麼在網路上，它是積極的還是消極的呢？

To me, it's too close to call.

對我來說，這還難分勝負。

The environment wasn't perfect, but we knew that when we guided.

環境並不完美，但我們在指導時知道這一點。

Even if it was slightly harder than we thought, we've navigated that before.

即使這比我們想像的要困難一些，但我們之前已經克服過這個問題。

So you're right.

所以你是對的。

And I know there's going to be 1,000 questions, a bunch of you -- well, we actually started a couple of them, and I know there will be more because we've done so well for so long at setting expectations.

我知道你們中會有很多人會問上千個問題 —— 嗯，我們實際上已經開始了幾個問題，而且我知道還會有更多問題，因為我們長期以來在設定期望方面做得很好。

And when we talk about the missteps specifically, many of them involve people, mistakes that aren't appropriate to discuss publicly, especially when people are already learning from these mistakes.

當我們具體談論失誤時，其中許多都涉及人，這些失誤不適合公開討論，尤其是當人們已經從這些錯誤中學習的時候。

One of those -- you're right, that Kokai rolled out slower than we anticipated.

其中之一——您說得對，Kokai 的推出速度比我們預期的要慢。

But much of that was for good reason.

但這大部分都是有充分理由的。

We've seen moments and places to inject AI like improving the foundation of our forecasting and performance models.

我們已經看到了注入人工智慧的時機和地點，例如改善我們的預測和性能模型的基礎。

That is a short-term negative for sure, but it is a long-term negative.

這肯定是短期的負面影響，但長期來看卻是負面的。

We're working -- I'm sorry, it's a long-term positive, sorry.

我們正在努力——抱歉，這是一件長期積極的事情，抱歉。

We are working really hard to get the deals right and lay groundwork to move the upfront to digital.

我們正在努力達成交易，並為預付款數位化奠定基礎。

Again, long term, I think this is amazingly good for us.

再說一次，從長遠來看，我認為這對我們來說非常好。

And I'm confident we're building the right things.

我確信我們正在做正確的事。

In other words, in some cases, the slower Kokai rollout was deliberate.

換句話說，在某些情況下，Kokai 的推出速度較慢是故意的。

A quicker rollout would result in more short-term spend, and we don't always build what the customers want.

更快的推出將導致更多的短期支出，而且我們並不總是能打造出客戶想要的東西。

Instead, we're trying to understand what the customer needs.

相反，我們試著去了解客戶的需求。

Elevating us and them together is a much harder task than simply taking orders.

提升我們和他們的水平是一項比簡單地接受命令要困難得多的任務。

So as it relates to the internal changes, I think it's best to operate a company with our talent and the opportunity that we're facing to build the org and the team of the future as fast as possible so that we capture the most market share possible at end state.

因此，就內部變化而言，我認為最好利用我們的人才和我們面臨的機會來經營公司，盡快建立未來的組織和團隊，以便我們在最終狀態下佔據盡可能多的市場份額。

As I said in the prepared remarks, from the beginning, I've argued that the objective independent focused DSP is the one that should get the largest market share, the lion's share, not the walled gardens who are full of conflict of interest.

正如我在準備好的演講中所說，從一開始，我就主張客觀、獨立、專注的 DSP 應該獲得最大的市場份額，即最大的份額，而不是充滿利益衝突的圍牆花園。

We're fighting hard to get there first.

我們正在努力爭取率先到達那裡。

Our focus, our objectivity, and our agility are essential to win.

我們的專注、我們的客觀和我們的敏捷對於勝利至關重要。

I want to get bigger, and I don't want to slow down, but to do that requires us to change.

我想要變得更大，而且我不想放慢腳步，但要做到這一點就需要我們必須改變。

The silver lining, if you want to call it that, and I do, is that we believe that this is in our control.

如果你願意這樣稱呼它，而我願意這樣稱呼它，那麼一線希望就是我們相信這一切都在我們的掌控之中。

It's ours to lose and we will be a better company as a result of the changes that we're making, and it will be a long-term positive.

這是我們的損失，但我們透過所做的改變會成為一家更好的公司，從長遠來看，這將產生積極的影響。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great.

偉大的。

Jeff, really appreciate that degree of detail.

傑夫，真的很欣賞這種程度的細節。

I guess as you step back and move through this recalibration period, how do you view the company's potential to sustain a 20%-plus compound growth rate over the next several years?

我想，當您回顧並經歷這個重新調整期時，您如何看待公司在未來幾年維持 20％ 以上的複合成長率的潛力？

I know you don't provide annual guidance or long-term targets.

我知道您沒有提供年度指導或長期目標。

But I think that would be just helpful for us to kind of think through what the business looks like as you come out of this period.

但我認為這將有助於我們思考走出這段時期後業務的狀況。

And then Laura separately, how should we think about the investments required to get us to that point?

然後勞拉單獨問，我們該如何考慮達到這個目標所需的投資？

Justin, thanks for the question.

賈斯汀，謝謝你的提問。

I really appreciate actually all the questions.

我真的很感謝大家提出的所有問題。

I feel like we're getting to the heart of the issues.

我感覺我們已經觸及問題的核心了。

So this is honestly giving me a platform to talk about the things that I think matter most.

所以這確實為我提供了一個平台來談論我認為最重要的事情。

So on this one, I think it really comes down to how we approach our business.

因此在這一點上，我認為這實際上取決於我們如何處理我們的業務。

In my view, we have to obsess about making the open Internet better than walled gardens.

在我看來，我們必須致力於讓開放的網路比圍牆花園更好。

Walled gardens have cheap inventory.

圍牆花園有廉價的庫存。

And I think there's a lot of people that are chasing cheap even if it doesn't help them in the long term.

我認為很多人都在追求廉價，即使從長遠來看這對他們沒有幫助。

But we have the best of the entire open Internet on our side and via our platform.

但是，透過我們的平台，我們擁有整個開放網路的最佳資源。

Our supply chains are very different from others, especially the walled gardens.

我們的供應鏈與其他的供應鏈非常不同，特別是圍牆花園。

They control their small ecosystems.

它們控制著自己的小型生態系統。

But I think we have something way better going for us.

但我認為我們還有更好的方法。

If you just look at any trade media today, you'll see that brands are increasingly wary of the dangers of cheap reach.

如今，如果你觀察任何貿易媒體，你會發現品牌對廉價傳播的危險越來越警覺。

Meanwhile, we have access to all the media that people love most.

同時，我們可以使用人們最喜愛的所有媒體。

CTV, movies, journalism, all of music, that's all the premium open Internet.

中央電視、電影、新聞、所有音樂，這些都是優質且開放的網路。

And while we don't control the supply chain end to end the way walled gardens do by the nature of walled gardens, I think that's a way better long term for us and for the market.

儘管我們無法像圍牆花園那樣從頭到尾控制供應鏈，但根據圍牆花園的性質，我認為從長遠來看，這對我們和市場來說都是更好的選擇。

Because competitive markets become more efficient over time.

因為競爭市場隨著時間的推移變得更有效率。

The competition of our markets are working for us, and we're in a very strong position being on the buy side.

我們市場的競爭對我們有利，我們在買方方面處於非常有利的地位。

But there's so much to do to make the supply chain more efficient and to make our company more efficient.

但要提高供應鏈效率和公司效率，還有很多工作要做。

I just want to remind everybody that last quarter, I outlined 10 macro factors or secular tailwinds that are driving our business.

我只是想提醒大家，上個季度，我概述了推動我們業務發展的 10 個宏觀因素或長期順風。

Those have not changed.

這些並沒有改變。

We believe that while our share has been growing faster than any of our scaled competitors, I also believe the opportunity is growing, too, and that's why we're recalibrating now.

我們相信，雖然我們的份額成長速度比任何規模競爭對手都要快，但我也相信機會也在成長，這就是我們現在重新調整的原因。

I believe that we can reaccelerate our growth again.

我相信我們能夠再次加速成長。

For us, we need to focus on what we're doing about it, and that's the 15 themes that we outlined.

對我們來說，我們需要專注於我們正在做的事情，這就是我們概述的 15 個主題。

And just to summarize a couple of those, we need to focus on scale.

總結一下其中的幾點，我們需要專注於規模。

We need to focus on the whole that Google and Facebook are leaving as they turn their attention away from the open Internet.

我們需要關注Google和 Facebook 在將注意力從開放網路轉移後留下的整體情況。

We need to promote our objectivity against cheap reach.

我們需要提升客觀性，抵抗廉價的誘惑。

We need to improve the supply chain; in fact, we're obsessing about it.

我們需要改善供應鏈；事實上，我們對此非常著迷。

We need to grow CTV.

我們需要發展 CTV。

And right behind that, we need to grow audio.

緊接著，我們需要發展音頻。

While CTV may be the biggest opportunity, audio might be one of the most untapped and I continue to argue it's the most on-sale corner of the Internet.

雖然 CTV 可能是最大的機遇，但音訊可能是最未開發的領域之一，我仍然認為它是網路上最暢銷的角落。

We need to grow our JBPs or, in other words, get closer to brands and maintain our closeness with the agencies.

我們需要發展我們的JBP，換句話說，更加貼近品牌並維持與代理商的親密關係。

We have proven for years now that we can do both, and we need to ship product for the future.

多年來我們已經證明，我們可以做到這兩點，而且我們需要為未來推出產品。

And that includes AI, that includes getting Kokai to 100% before the end of the year.

其中包括 AI，包括在年底前讓 Kokai 達到 100%。

So we have a lot of work to do, and we're incredibly focused on it.

因此，我們有很多工作要做，我們非常專注於此。

We are all in agreement on what needs to happen in order for us to take the company to the next level.

我們都一致認為需要採取哪些措施才能將公司提升到新的水平。

But Laura, I know there's a lot that you can elaborate on Justin's second part of his question from the financial perspective.

但是勞拉，我知道你可以從財務角度詳細闡述賈斯汀問題的第二部分。

Laura?

勞拉？

Yes.

是的。

Thanks, Justin.

謝謝，賈斯汀。

On the investments required for 2025, first, just looking back at 2024, we delivered an incredibly strong year in terms of profitability and cash flow generation.

關於 2025 年所需的投資，首先，回顧 2024 年，我們在獲利能力和現金流產生方面取得了令人難以置信的強勁成績。

And we exited the year with a strong balance sheet.

我們以強勁的資產負債表結束了這一財年。

So as I mentioned in the script, we anticipate a modest increase in the growth rate of our operating expenses in 2025 compared to previous years.

因此，正如我在腳本中提到的那樣，我們預計 2025 年的營運費用成長率將與前幾年相比略有增加。

And as a result of that, we would expect some deleverage for the year.

因此，我們預計今年將出現一定程度的去槓桿。

Our investments are going to focus on key areas such as infrastructure and talent and those incremental investments align with the recalibration efforts Jeff outlined in his prepared remarks.

我們的投資將集中在基礎設施和人才等關鍵領域，這些投資與傑夫在其準備好的演講中概述的重新調整努力相一致。

So we continue, as we always have, to be very deliberate about our investments in our hiring.

因此，我們會一如既往地謹慎對待我們在招聘方面的投資。

Our capital intensity also remains low.

我們的資本密集度也維持在較低水準。

We expect CapEx to be approximately 5% of total revenue.

我們預計資本支出約佔總收入的 5%。

And when I look across our growth drivers, frankly, I believe nearly all of them are still in their early stages compared to where they will be in 5 to 10 years.

當我回顧我們的成長動力時，坦白說，我認為與5到10年後相比，幾乎所有的成長動力都仍處於早期階段。

So if we generate significant revenue gains, we'll continue investing.

因此，如果我們的收入大幅增加，我們就會繼續投資。

And if not or if the current environment significantly changes, we'll have the flexibility to adjust our investment pace accordingly.

如果沒有，或當前環境發生重大變化，我們將靈活地相應地調整投資步伐。

I also just want to point out that today, we announced an additional share repurchase authorization, bringing the total to $1 billion.

我還想指出，今天我們宣布了額外的股票回購授權，總額達 10 億美元。

As of the end of 2024, approximately $464 million remained on the authorization.

截至 2024 年底，授權金額剩餘約 4.64 億美元。

So as I've always said, we take an opportunistic approach to our share repurchase program.

正如我一直所說，我們對我們的股票回購計劃採取了機會主義的方式。

We're guided by market conditions on our capital priorities.

我們的資本優先事項由市場狀況決定。

So that's how I would summarize our 2025 investments.

這是我對我們 2025 年投資的總結。

Youssef Squali, Truist Securities.

Truist Securities 的 Youssef Squali。

So Jeff, I'm very curious about your Google comments.

所以傑夫，我對你的谷歌評論非常好奇。

So are you already observing a significant shift in an advertiser sentiment?

那麼，您是否已經觀察到廣告主情緒的重大轉變？

Or is the transition occurring at a much more gradual and measured manner?

或者說，這種轉變是否以更漸進和有節制的方式發生？

And if it is, how do you frame and size that longer-term opportunity?

如果是的話，您如何建立和評估這個長期機會？

And then Laura, just quickly, what was the political contribution in Q4, please?

那麼勞拉，請簡單問一下，第四季的政治捐款是多少？

Thanks for the question.

謝謝你的提問。

So I'll try to be a little more brief on this one.

因此，我會盡量簡短地談談這一點。

So Laura can answer, we can continue on.

這樣勞拉就可以回答，我們就可以繼續。

But let me just frame what I think is happening with Google and first start by just talking about what's happening right now and has for the last little while.

但是，讓我先概括一下我認為的谷歌正在發生的事情，首先談談現在正在發生的事情以及最近一段時間發生的事情。

The network business at Google has been shrinking and shrinking for years.

谷歌的網路業務多年來一直在萎縮。

And to me, this is evidence of the deprioritization.

對我來說，這就是優先順序降低的證據。

Google continues to focus on Gemini and cloud and AI and search and YouTube.

谷歌繼續專注於 Gemini、雲端運算、人工智慧、搜尋和 YouTube。

I think that makes sense for them to do if you look at where the money comes from.

如果你看看這些錢是從哪裡來的，我認為他們這麼做是有道理的。

I think the network and open Internet business is way less important to them than it has ever been.

我認為網路和開放的網路業務對他們來說已經不像以前那麼重要了。

So as a result, I'm confident that one way or another, Google is going to exit the open Internet.

因此，我相信，不管怎樣，Google都會退出開放網路。

And I think that makes sense actually for them.

我認為這對他們來說確實是有意義的。

If you think about it, most of their antitrust and regulatory problems come from the ways that they have managed the open Internet in the past.

如果你仔細想想，你會發現他們的大多數反壟斷和監管問題都來自於他們過去管理開放網路的方式。

And that has created a lot of baggage for them today, especially as it relates to interactions with governments and markets around the world as they look to really grow in places like Gemini and cloud and AI and search and YouTube.

這給他們帶來了很多負擔，特別是在與世界各國政府和市場的互動方面，因為他們希望在 Gemini、雲端運算、人工智慧、搜尋和 YouTube 等領域真正實現發展。

So if you then look more closely at where we compete specifically, and I've often said, we don't compete with big Google.

因此，如果你更仔細地觀察我們的具體競爭領域，你會發現我常說，我們不會與大谷歌競爭。

We compete with the 27th highest priority at Google, which was once DV360.

我們與 Google 排名第 27 位的最高優先級公司競爭，該公司曾經是 DV360。

And now I believe that has been downgraded when you compete with something like the 47th highest priority at Google.

現在我相信，當你與Google的第 47 個最高優先級競爭時，這個優先級就被降級了。

But that is less and less becoming a competitor because the majority of spend that is going through DV360 seems to be routed to YouTube or at least that's what the evidence suggests.

但它越來越不像競爭對手，因為透過 DV360 的大部分支出似乎都被轉移到了 YouTube，或者至少有證據表明是這樣。

So I believe that regardless of what happens with the pending trial, Google will distance itself from the open Internet.

因此我相信，無論審判結果如何，Google都會與開放網路保持距離。

The trial could make it so that they leave quickly and with some sort of announcement or they could keep backing away slowly.

審判可以讓他們迅速離開並發布某種公告，或者他們可以繼續緩慢撤退。

But either way, the trend suggests that there is a hole, and it is getting bigger.

但無論如何，趨勢表明漏洞是存在的，並且正在變得越來越大。

I think Google will leave a very big hole eventually, and that is a big opportunity for the rest of us in the open Internet.

我認為谷歌最終會留下一個很大的漏洞，而這對我們開放網路中的其他人來說是一個巨大的機會。

I think it makes this possible to continue to service the open Internet, and their deprioritization creates more room for us.

我認為這使得繼續為開放互聯網提供服務成為可能，而他們的降低優先事項為我們創造了更多的空間。

I think we can benefit from it more than any other company.

我認為我們從中受益比其他公司都多。

But in my humble opinion, Google has been the biggest hindrance to the effective supply chain of the open Internet than any other company.

但以我的拙見，Google比任何其他公司都更能阻礙開放網路的有效供應鏈。

An abrupt change could happen this year or next, and that would be good for us.

今年或明年可能會發生突然的變化，這對我們來說是件好事。

But at the same time, we have to be positioned well to capture the opportunity.

但同時，我們必須做好充分準備才能抓住機會。

I do believe that opportunity is getting bigger.

我確實相信機會正在越來越大。

And if you ask me what I lose sleep over, I lose sleep over missing the opportunity of being ready for that opportunity.

如果你問我為何失眠，我會說我因為錯過了為那個機會做好準備而失眠。

And it's part of the reason why I'm actually excited about all the changes that we're talking about today because I believe that the changes that we're making are helping to make this company more scaled so that we can respond to the hole that's being left from these very big companies paying less and less attention to the open Internet.

這也是為什麼我對我們今天談論的所有變革感到興奮的原因之一，因為我相信我們所做的變革有助於擴大公司的規模，以便我們能夠彌補這些大公司對開放互聯網越來越少關注而留下的空白。

Laura, the second part of the question?

勞拉，問題的第二部分？

Yes.

是的。

Thanks, Youssef.

謝謝，優素福。

Just quickly on political.

簡單談一下政治。

It was about 5% of the business in the fourth quarter, and that was a peak.

第四季的業務量約佔5%，這是一個高峰。

So for the year, it was in the low single digits.

因此，就今年而言，這一數字處於個位數的低點。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

So Jeff, I just wanted to ask a bit about Amazon.

傑夫，我只是想問一些關於亞馬遜的問題。

It's gotten a lot of investor attention, a lot of trade press as far as the company making improvements to their DSP, getting aggressive with Prime Video ads.

該公司對其 DSP 進行了改進，並積極推出 Prime Video 廣告，這引起了大量投資者的關注和行業媒體的關注。

Just how do you view them in the competitive landscape?

您如何看待他們所處的競爭格局？

Did you see any kind of change in the fourth quarter?

您看到第四季有什麼變化嗎？

And just, I guess, how do you think about them as a competitor going forward?

我想，您如何看待他們作為您未來的競爭對手？

Thanks for the question.

謝謝你的提問。

So of course, when you go through a recalibration and you're in a moment like this, I think it calls for a reflection of retrospection.

因此，當然，當你經歷重新調整併處於這樣的時刻時，我認為它需要反思和回顧。

And I've spent a lot of time thinking about sort of what are we sure of, what are the bets that we doubled down on?

我花了很多時間思考我們確定什麼，我們加倍下注的是什麼？

And as I wrote in the first business plan and I've been saying for 15 years, at end-state, there's only going to be a handful of DSPs, I think one of them, probably one, maybe two.

正如我在第一份商業計劃中所寫，並且我 15 年來一直在說的那樣，最終只會有少數幾個 DSP，我認為只有一個，可能只有一個，也許有兩個。

But with today's visibility, I would say there's likely to be one is going to be an independent and objective DSP.

但從今天的可見性來看，我想說很可能會有一個獨立且客觀的 DSP。

And that should get the lion's share.

這應該佔據最大份額。

As it relates to Amazon's DSP, objectivity matters more than it ever has.

對於亞馬遜的 DSP 而言，客觀性比以往任何時候都更重要。

Every day that goes by, it matters more and more.

隨著時間一天天過去，這件事變得越來越重要。

And Amazon's objectivity problem is way worse than Google's because Amazon competes with nearly every company in the Fortune 500 or at least the majority of them.

而且亞馬遜的客觀性問題比谷歌嚴重得多，因為亞馬遜與財富 500 強中的幾乎所有公司（或至少是其中的大多數）競爭。

But I know there's a lot of focus that goes to Amazon as it relates to advertising.

但我知道，亞馬遜在廣告上受到廣泛關注。

And I think it's really important that investors parse out the three roles that Amazon plays in advertising.

我認為投資人分析亞馬遜在廣告領域扮演的三個角色非常重要。

The biggest one by far is that they are a search engine, competing with Google's core business, if you will.

迄今為止最大的問題是，他們是一個搜尋引擎，如果你願意的話，可以與Google的核心業務競爭。

And that is the biggest source of revenue for them in advertising.

這也是他們最大的廣告收入來源。

The second is probably Prime Video.

第二個可能是 Prime Video。

And I think that one is very interesting because I think that the right way to look at them is somebody like Paramount or like Box.

我認為這一點非常有趣，因為我認為正確的看待它們的方式是像派拉蒙 (Paramount) 或 Box 這樣的人。

They are creating premium content, and they created a lot of ads as a result of that.

他們正在創造優質內容，並因此製作了大量廣告。

But I see no reason why that shouldn't join the premium open Internet and that we shouldn't partner with them on that.

但我認為沒有理由不加入優質開放互聯網，也沒有理由不與他們合作。

And I do think long term, that's in their best interest and ours as they think to monetize that.

我確實認為，從長遠來看，這符合他們的最佳利益，也符合我們的最佳利益，因為他們想將其貨幣化。

And as we've talked about before, I believe Amazon tends to look at things separately and try to get every department to be profitable on their own.

正如我們之前談到的，我相信亞馬遜傾向於分別看待事物並試圖讓每個部門自行獲利。

And I do think that that creates a big opportunity for us.

我確實認為這為我們創造了一個巨大的機會。

As it relates to the DSP itself, again, they have an objectivity problem that's a much, much smaller business than the other two.

就 DSP 本身而言，他們再次存在客觀性問題，而這比其他兩個業務要小得多。

And I think that particularly the second one represents an opportunity for partnership.

我認為第二個尤其代表著合作的機會。

The third is a competitor that I don't view nearly the competitor that most of the other players in the space are simply because of their objectivity problem that over time, I think, gets worse for them.

第三個競爭對手我根本不認為他們是該領域大多數其他參與者的競爭對手，這是因為他們的客觀性問題隨著時間的推移而變得更糟。

So I'm excited about what that means for us and for our future and our prospects to compete in what I think will be a more and more competitive market as the TAM gets bigger.

因此，我很高興這對我們、對我們的未來以及我們在競爭前景意味著什麼，我認為隨著 TAM 的擴大，我們的市場競爭將會越來越激烈。

Jessica Reif Ehrlich, BA Securities.

Jessica Reif Ehrlich，證券學士。

One for Jeff and one for Laura, if it's okay.

如果可以的話，一個給傑夫，一個給蘿拉。

Jeff, it seems like OpenPath is at a tipping point this year, and it was one of your top five priorities or focus.

傑夫，看來 OpenPath 今年正處於一個轉折點，它是你的五個優先事項或重點之一。

Can you just talk a little bit about the details, the plans for the coming year and also how the acquisition of Sincera will contribute to OpenPath's adoption?

您能否稍微談談細節、來年的計劃以及收購 Sincera 將如何促進 OpenPath 的採用？

And just for Laura, I just -- can you give us some color on the expense ramp?

僅對勞拉來說，我只是——你能給我們一些有關費用的詳細資訊嗎？

Your Q1 guide implies a pretty significant margin compression.

您的 Q1 指南暗示利潤率壓縮相當顯著。

So is that indicative of a full year margin deleveraging as you said?

那麼，這是否預示著如您所說，全年利潤率將去槓桿？

Or is Q1 kind of the biggest impact in the operating expense ramp?

或者說第一季對營業費用成長的影響最大嗎？

Thanks, Laura

謝謝，勞拉

(sic - Jessica).

（原文如此-潔西卡）。

I appreciate the question.

我很感謝你提出這個問題。

So let me just first remind everybody what OpenPath is.

因此，我首先要提醒大家甚麼是 OpenPath。

Basically, we made it possible for the biggest content owners in the world to integrate with us directly.

基本上，我們讓世界上最大的內容所有者能夠直接與我們合作。

So if they choose to do their own yield management or build it themselves, they don't need to use an SSP.

因此，如果他們選擇自行進行收益管理或自行建立收益管理，則不需要使用 SSP。

They can be an SSP themselves if they'd like to.

如果他們願意，他們自己也可以成為 SSP。

We expect that many of the biggest content owners in the world will take this route, especially in CTV and audio.

我們預計，世界上許多最大的內容所有者都會採取這條路線，尤其是在 CTV 和音訊領域。

Because it's financially worth it for them to do it, and they want to control their own fate as it relates to yield optimization.

因為從經濟角度來說，這樣做是值得的，而且他們希望在收益優化方面掌控自己的命運。

So we've made it possible for them to plug into us directly.

因此，我們讓他們能夠直接與我們溝通。

It's taken a little bit of time to get them to do so because we've historically not partnered on that level as well as mostly it's because they have to build technology in order to do that on their own.

讓他們這樣做花了一點時間，因為我們以前並沒有在這個層面上進行過合作，而且主要是因為他們必須自己開發技術才能做到這一點。

But we've had that option available for a couple of years.

但我們已經提供這個選項好幾年了。

As streaming wars and competition heats up, as well as the fact that SSP's business models have become more and more at odds with CTV content owners and with streamers of all kinds, including audio, it makes it so that they are all interested in doing a direct integration with us and managing their own yield management.

隨著串流媒體戰爭和競爭日益激烈，以及 SSP 的商業模式與 CTV 內容所有者以及包括音訊在內的各種串流媒體越來越不一致，這使得他們都對與我們直接整合並管理自己的收益管理感興趣。

And so because of the number of deals that we've signed recently, we are extremely confident that 2025 will be the year that we enter the steep part of the S curve and that we've been paying our dues for years and that this will pay off this year.

因此，由於我們最近簽署的協議數量，我們非常有信心，2025 年將是我們進入 S 曲線陡峭部分的一年，我們多年來一直在付出努力，今年將獲得回報。

As it pays off this year, we think that means a more effective supply chain.

由於今年的回報，我們認為這意味著更有效的供應鏈。

And in order to ensure that, that happens, we also bought Sincera, the metadata company that helps us evaluate what's happening across the entire supply chain to make certain that we have visibility as well as we provide visibility to the open Internet so that they can know what changes to make in order to make the supply chain more effective.

為了確保這一點，我們還收購了元數據公司 Sincera，它幫助我們評估整個供應鏈的狀況，以確保我們具有可視性，並為開放互聯網提供可視性，這樣他們就可以知道需要做出哪些改變，從而使供應鏈更有效。

It's not something we're trying to keep for ourselves but to use to make certain that everybody in the ecosystem knows how to make a more effective supply chain.

這不是我們想要為自己保留的東西，而是為了確保生態系統中的每個人都知道如何建立更有效的供應鏈。

This is what I was talking about before, where I believe that we have a more difficult burden than other players in the space in the sense that we are leading the open Internet and can make the entire supply chain more effective if we play the right role.

這就是我之前談到的，我認為我們比該領域的其他參與者承擔著更重的負擔，因為我們引領著開放互聯網，如果我們發揮正確的作用，我們可以使整個供應鏈更有效。

And I think we found a way to do that with the Sincera acquisition, which will create more price discovery, create better standards.

我認為，我們透過收購 Sincera 找到了實現這一目標的方法，這將創造更多的價格發現，創造更好的標準。

And we'll make it so that we are only buying the inventory from those who describe it best and describe it accurately.

我們會確保只從那些對庫存描述最清楚、最準確的人那裡購買庫存。

And if they don't, we won't buy it.

如果他們不這樣做，我們就不會購買。

And that is a luxury that we have as the supply-demand imbalance grows everything day.

隨著供需失衡日益加劇，這是我們所擁有的奢侈。

Laura, your part of that?

勞拉，你也參與其中嗎？

Yes.

是的。

Jessica, with regard to your question about Q1 EBITDA, I did mention in the script that we do anticipate a modest increase in the growth rate of our operating expenses in 2025 and that we'd see some deleverage for the year.

傑西卡，關於您關於第一季 EBITDA 的問題，我在腳本中確實提到，我們預計 2025 年我們的營運費用成長率將小幅上升，今年我們將看到一些去槓桿化。

I wouldn't recommend thinking about it linearly.

我不建議以線性方式思考這個問題。

Typically, in our business, EBITDA improves as the year progresses, which is just driven by our investment choices and seasonality in business.

通常，在我們的業務中，EBITDA 會隨著時間的推移而改善，這只是由我們的投資選擇和業務季節性所驅動。

Thanks, Jessica.

謝謝，傑西卡。

And John, we have time for one more question.

約翰，我們還有時間再問一個問題。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay.

好的。

I don't know of another company that's 32 for 33, so you've obviously been doing something right.

我不知道還有哪家公司能將 32 換 33，所以顯然你們做對了某些事情。

Two questions I wanted to ask.

我想問兩個問題。

Jeff, you mentioned senior leadership that you want to hire.

傑夫，你提到了你想聘用的高階領導。

So can you brief on that a little bit, like in what areas?

那麼您能否簡單介紹一下這一點，例如在哪些領域？

And then second, you mentioned resuming acceleration in revenue.

第二，您提到恢復收入加速成長。

So at a high level, forget about the numbers and the specific timing, what factors like -- could you triage, what factors would most contribute to a reacceleration in revenue at some point?

因此，從高層次來看，忘記數字和具體時間，哪些因素——您能否分類，哪些因素最有助於在某個時候重新加速收入？

Thanks, Mark.

謝謝，馬克。

Really appreciate it.

真的很感激。

I'll highlight one of the areas where I think that we can hire.

我將重點介紹我認為我們可以招募的領域之一。

Oh, let me first say, I appreciate the compliment.

哦，首先讓我說，我很感激你的讚美。

I am super proud of the fact that we have done this 32 quarters in a row.

我對我們連續 32 個季度做到這一點感到非常自豪。

And while I'm disappointed that we didn't do it this time, we knew at some point we would have to miss.

儘管我很遺憾我們這次沒有成功，但我們知道在某個時候我們將會失敗。

And as I've said to the team, I'm excited for the opportunity to prove to the world what happens next that we know that people will be responding or looking to see how we respond.

正如我對團隊所說的那樣，我很高興有機會向世界證明接下來會發生什麼，我們知道人們會做出回應或期待看到我們如何回應。

And I'm actually grateful for the

我真的很感激

(inaudible).

（聽不清楚）。

So on that level, I think one of the things that we have to do is we have to keep adding to our team and looking to how we can enhance our go-to-market.

因此從這個層面上講，我認為我們必須要做的事情之一就是不斷擴充我們的團隊，並尋找如何增強我們的市場競爭力。

One thing -- we make this sport analogies, but one thing that's very different about that is if you're playing basketball, you put five guys on the court.

有一件事——我們把這項運動進行類比，但有一點非常不同，那就是如果你打籃球，你會在球場上安排五個人。

That's different in business where you can just add to the team.

在商業領域情況就有所不同，你只需擴充團隊即可。

And I think there are some opportunities for us to get more efficient.

我認為我們還有機會提高效率。

We've done all of this without a COO for some time.

我們在沒有首席營運長的情況下已經完成了一段時間了。

There is absolutely no reason why we shouldn't add a world-class COO to the team.

我們完全沒有理由不為團隊增添一位世界級的營運長。

And then, of course, as we're looking to be operationally more rigorous, we want somebody to come help us do that.

當然，由於我們希望在營運上更加嚴謹，我們希望有人來幫助我們做到這一點。

That's an area that I think is fairly obvious for us to have.

我認為這是我們非常明顯的一個領域。

There are others as well, but I just offer that as a suggestion where we can definitely level up in our operational efficiency.

還有其他的，但我只是提出建議，這樣我們才能提高營運效率。

On the second part of the question?

關於問題的第二部分？

Factors that could cause reacceleration.

可能導致重新加速的因素。

Yes, the factors that cause acceleration.

是的，造成加速的因素。

There are so many, and it's really hard to sort of put coefficient on all of the 15 things that we set in this quarter and all of the 10 that we highlighted in terms of secular tailwinds from before.

因素實在太多了，很難對我們在本季度設定的所有 15 項因素以及我們之前在長期順風方面強調的所有 10 項因素進行係數歸納。

But big picture here, we have $1 trillion TAM.

但從總體來看，我們擁有 1 兆美元的 TAM。

We currently control a little over 1% of it.

我們目前控制著其中的1％多一點。

We think we have 98% of the TAM left, and the CTV should be fast-growing outside the United States should be growing faster than the United States for obvious reasons.

我們認為我們還剩下 98% 的 TAM，而且由於顯而易見的原因，CTV 在美國以外的成長應該比美國更快。

Audio is untapped.

音訊尚未開發。

I think Spotify highlighted this in their earnings.

我認為 Spotify 在其收益中突出了這一點。

I think there's a tremendous opportunity for them and for us and for the open Internet that can come from that.

我認為這對他們、對我們、對開放網路來說都是一個巨大的機會。

I think there's a lot of inefficiencies in the supply chain, but now we're just at the right size where we can change it, where we're big enough to create changes.

我認為供應鏈中存在著許多效率低下的問題，但現在我們的規模正好可以改變它，我們的規模也足夠大，可以創造改變。

And those are four of them, but honestly, I think I'm leaving out a whole bunch of them.

以上就是其中的四個，但說實話，我覺得我漏掉了一大堆。

Thanks, Mark.

謝謝，馬克。

And John, we can close out the call.

約翰，我們可以結束通話了。

Thank you.

謝謝。

We have reached the end of the question-and-answer session.

問答環節已經結束。

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

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。