Trade Desk Inc (TTD) 2025 Q1 法說會逐字稿

Greetings. Welcome to The Trade Desk first quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Chris Toth. You may begin.

問候。歡迎參加 The Trade Desk 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人克里斯·托特 (Chris Toth)。你可以開始了。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk first quarter 2025 earnings conference call. On the call today are Co-Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein. A copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com. 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.

謝謝您，接線生。大家好，下午好。歡迎參加 The Trade Desk 2025 年第一季財報電話會議。今天參加電話會議的有聯合創始人兼首席執行官傑夫·格林 (Jeff Green)；和首席財務官 Laura Schenkein。我們的收益新聞稿副本可在我們網站 thetradedesk.com 的投資者關係部分找到。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含前瞻性陳述。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. 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.

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。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 risks, including the most recent economic volatility, please refer to the risk factors mentioned in our press release and our most recent SEC filings. In addition to our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures is available in our earnings press release. We believe that presenting these non-GAAP measures, alongside our GAAP results offers a more comprehensive view of the company's (technical difficulty).

有關風險的詳細討論，包括最近的經濟波動，請參閱我們的新聞稿和我們最近的 SEC 文件中提到的風險因素。除了我們的 GAAP 財務結果外，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 指標的對帳表。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（技術難度）。

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. Thank you for joining us today. As many of you know, in Q4, we experienced a setback as we undertook the most significant company upgrade in our 16-year history. I won't revisit the details today, but as company scale and complexity increases, changes and upgrades become necessary to unlock the next wave of growth. That's exactly what we did. And now we are beginning to see encouraging signs that the changes we made were the right ones.

謝謝，克里斯。感謝您今天加入我們。眾所周知，在第四季度，我們在進行 16 年歷史上最重大的公司升級時遭遇了挫折。我今天不會重新討論細節，但隨著公司規模和複雜性的增加，改變和升級對於開啟下一波成長至關重要。這正是我們所做的。現在我們開始看到令人鼓舞的跡象，表明我們所做的改變是正確的。

As you've seen from the press release, despite increasing economic uncertainty, we showed incredible resilience, growing revenue 25% year over year, far surpassing our own expectations. We continue to grow at a rate significantly higher than the broad digital marketing industry and gain market share. As you know, we have a long history of setting goals and hitting them. We're happy to report that we did it again.

正如您從新聞稿中看到的，儘管經濟不確定性增加，但我們表現出了令人難以置信的韌性，收入同比增長 25%，遠遠超出了我們自己的預期。我們繼續以遠高於整個數位行銷行業的速度成長並獲得市場份額。如您所知，我們在製定目標和實現目標方面有著悠久的歷史。我們很高興地報告我們再次成功了。

We also have a long history of growing faster than all of the other scaled players in our industry, and we did that again, too. Today, I want to focus on just three topics. First, the macro environment; second, the open Internet and some of the significant changes and market shifts that have happened recently. And third, all of the upgrades we've made at TTD, including the latest updates to Kokai.

我們長期以來的成長速度都快於業內所有其他規模較大的企業，而且我們再次做到了這一點。今天，我只想集中討論三個主題。第一，宏觀環境；第二，開放的網路以及最近發生的一些重大變化和市場轉變。第三，我們在 TTD 上所做的所有升級，包括 Kokai 的最新更新。

First, the macro environment. As I mentioned before, Q4 was relatively stable, though signs of volatility we're building beneath the surface have made a contentious election cycle. That pressure intensified in Q1 with growing concern among clients. As you know, our primary clients are the largest brands in the world and the agencies that serve them. All of whom are navigating increasing volatility so far in 2025. This makes us especially proud of our performance in Q1.

一是宏觀環境。正如我之前提到的，第四季相對穩定，儘管我們在表面下建構的波動跡像已經造成了充滿爭議的選舉週期。隨著客戶擔憂的加劇，第一季的壓力進一步增加。如您所知，我們的主要客戶是世界上最大的品牌及其服務的代理商。到 2025 年為止，他們都在應對日益加劇的波動。這讓我們對第一季的表現特別自豪。

Our team clearly demonstrated that we are committed to growing our business in any environment. And in this environment, we aim to be a source of vision and stability for our clients. We knew that we had something to prove in Q1, and we're proud to once again say we beat our own expectations. Programmatic advertising is extremely agile. Because our technology buys one impression at a time and evaluates every single impression, we can adjust quickly. We also can be more data-driven than the other forms of advertising.

我們的團隊清楚地表明，我們致力於在任何環境下發展我們的業務。在這種環境下，我們的目標是成為客戶的願景和穩定的來源。我們知道我們在第一季需要證明一些事情，我們很自豪地再次說我們超出了自己的預期。程序化廣告極為靈活。由於我們的技術每次只購買一個印象並評估每個印象，因此我們可以快速進行調整。與其他形式的廣告相比，我們還可以更加以數據為導向。

So in an environment when CMOs and CFOs are trying to do more with less. We can provide them with the tools and the results that they're looking for. Most CMOs and most CFOs are planning for a range of macro scenarios, and we are often a trusted partner in helping them strategies. When the large brands are facing comparatively tough times, we are focused on grabbing land. In macro environments with headwinds, our short-term success is better measured in how much land we ramp.

因此，在 CMO 和 CFO 試圖用更少的資源做更多的事情的環境中。我們可以為他們提供他們想要的工具和結果。大多數 CMO 和 CFO 都在為一系列宏觀情景做規劃，而我們通常是幫助他們制定策略的值得信賴的合作夥伴。當大品牌面臨比較困難的時候，我們就集中精力搶地盤。在面臨逆風的宏觀環境中，我們短期的成功最好以我們擴張了多少土地來衡量。

In this environment, we want to win market share from our competitors. We did the same thing during the pandemic. While consumers stayed home to stay safe, they also accelerated their move to streaming. We adjusted our business to work from home, and we grab land.

在這種環境下，我們希望從競爭對手手中奪取市場份額。疫情期間我們也做了同樣的事情。消費者在居家隔離以確保安全的同時，也加快了向串流媒體的轉變。我們將業務調整為在家辦公，並搶佔土地。

In other words, we won share from everyone else. Headwinds have historically accelerated the move to programmatic because of its data, its control, its agility and of course, its performance. But those same headwinds have also accelerated the market share gains of The Trade Desk, which is a good segue to topic number two.

換句話說，我們從其他所有人手中贏得了份額。從歷史上看，逆風加速了向程式化的轉變，因為它的數據、控制、靈活性，當然還有它的性能。但同樣的不利因素也加速了 The Trade Desk 的市佔率成長，這很好地引出了第二個主題。

So let's now talk about the open Internet and it's some changes. I want to share something that we put in the Trade Desk business plan 16 years ago before we've written even a single line of code. We argue to potential investors then that at end state, there will be 10 or less scaled DSPs. We think most of them will be conflicted. We thought then that most DSPs would compromise their objectivity with buyers in order to promote their own content. Walled gardens biased their own content at the expense of media buyers who look to seek value and performance across the entire ecosystem.

現在讓我們來談談開放互聯網及其一些變化。我想分享一些我們在 16 年前就已在 Trade Desk 商業計劃中提出的內容，當時我們甚至還沒有編寫任何一行程式碼。我們向潛在投資者指出，最終規模化的 DSP 數量將為 10 個或更少。我們認為他們中的大多數人都會有衝突。我們當時認為，大多數 DSP 都會為了推廣自己的內容而犧牲與買家之間的客觀性。圍牆花園損害了其自身的內容，損害了那些尋求在整個生態系統中尋求價值和績效的媒體購買者的利益。

The walled garden business models are inherently flawed because over the long term, their fiduciary duty to grow for shareholders is at odds with what is in the best interest of the agencies and advertisers which is to objectively buy media from all over a competitive, massively scaled digital media landscape where no single company can possibly own all of the good media.

圍牆花園商業模式本質上有缺陷，因為從長遠來看，他們為股東成長的信託責任與代理商和廣告商的最佳利益相衝突，後者是從競爭激烈、規模龐大的數位媒體領域客觀地購買媒體，在這個領域中，沒有一家公司能夠擁有所有的優質媒體。

The Trade Desk is pointed at the entire open Internet, and nearly all of global advertising will be transacted programmatically at end state. We are convinced that based on the current landscape and current competitive set, we are the best positioned to win the lion's share of market share at end state. We simply need to execute between here and there.

Trade Desk 面向整個開放互聯網，幾乎所有全球廣告最終都將以程式化的方式進行交易。我們堅信，基於當前的情況和當前的競爭環境，我們最有能力在最終狀態下贏得最大的市場份額。我們只需要在這裡和那裡之間執行。

But so far this year, there have been some massive shifts that have significantly upgraded the prospects of the open Internet and the Trade Desk. Here are a few of them. First, Google has been declared an illegal monopoly in two separate instances in 2025 by the US courts. Of course, the same has happened in various government cases all over the world. Google and Meta have both been under scrutiny for auction mechanics. In the recent lawsuit collagens Meta, the complaint argues Meta used a flawed blended price auction process to price and implement advertisements instead of the second price auction process is purported to use.

但今年到目前為止，已經發生了一些重大轉變，顯著提升了開放網路和交易平台的前景。以下是其中的幾個。首先，谷歌在2025年曾兩度被美國法院判定為非法壟斷。當然，世界各地的各種政府案件也都發生過同樣的事情。谷歌和 Meta 都因拍賣機製而受到嚴格審查。在最近針對 Meta 的訴訟中，投訴稱 Meta 使用有缺陷的混合價格拍賣流程來定價和實施廣告，而不是據稱使用的第二價格拍賣流程。

In the Google trial, the judge concluded that part of the violation of antitrust laws was the result of the implementation of first look that require publishers to use DoubleClick for publishers or DFP to offer Google's Ad Exchange, AdX, a right of first refusal for each ad impression. This had the effect of allowing AdX advertisers to win auctions even when advertisers on rival exchanges were willing to pay higher prices for the impression. They concluded that the use of last look was also problematic and illegal for Google to use in their deceptively named product open bidding.

在Google一案中，法官認為，Google違反反壟斷法的部分原因是其實施了「優先購買權」政策，該政策要求出版商使用 DoubleClick for Publishers 或 DFP 廣告管理系統，為Google的廣告交易平台 AdX 提供每次廣告展示的優先購買權。這使得 AdX 廣告商能夠贏得競標，即使競爭對手的廣告商願意為展示支付更高的價格。他們得出的結論是，谷歌在其具有欺騙性名稱的產品公開競標中使用「最後審視」也是有問題且非法的。

Just a few days ago, US federal judge ruled that Spotify can have a payment relationship directly with the consumer that is not mediated via Apple. As Associate Director of Communications and Government Relations of Spotify put it, after nearly a decade, this will finally allow us to freely show clear pricing information and links to purchase. There is more work to do, but today represents a significant milestone for developers and entrepreneurs everywhere who want to build and compete on a more level playing field.

就在幾天前，美國聯邦法官裁定，Spotify 可以直接與消費者建立支付關係，而無需透過蘋果進行中介。正如 Spotify 傳播與政府關係副總監所說，經過近十年的努力，這終於可以讓我們自由地展示清晰的定價資訊和購買連結。雖然還有很多工作要做，但今天對於世界各地想要在更公平的環境中建立和競爭的開發商和企業家來說是一個重要的里程碑。

In our opinion, this creates a very significant boundary for the draconian tactics of walled gardens. Fourth, Google announced that it is not going to eradicate cookies from its market-leading Chrome browser. So naturally, you may ask, what do all these changes mean for -- the Trade Desk and the open Internet. First, we've been winning share in the DSP race year after year and quarter after quarter. And we've done that in an unfair market. We think the signal that comes from all of these ships is that one that points to a more fair and more competitive market, which is what we built our business for. Our model is designed to compete.

我們認為，這為圍牆花園的嚴酷手段設立了非常重要的界線。第四，Google宣布不會從其市場領先的Chrome瀏覽器中消除cookies。因此，您自然可能會問，所有這些變化對於 Trade Desk 和開放互聯網意味著什麼。首先，我們在 DSP 競爭中年復一年、第一季又一季度地贏得市場份額。我們是在不公平的市場中做到這一點的。我們認為，所有這些船舶發出的訊號都顯示市場更加公平、更具競爭力，而這正是我們經營業務的目的。我們的模型是為了競爭而設計的。

As we've said before, if we can win share in an unfair market against the biggest tech players in the world, as we have over the last 15 years, imagine what we can do in a fair market. As it relates to cookies, the reversal is helpful for display advertising and browser-based advertising, but that is a small percentage of our business at this point. The more important takeaway from that shift is that our view of the world and vision for the future is getting closer and was validated once again.

正如我們之前所說，如果我們能夠在不公平的市場中擊敗世界上最大的科技公司，就像我們在過去 15 年裡所做的那樣，想像一下我們在公平的市場中能做什麼。就 Cookie 而言，這種逆轉對展示廣告和基於瀏覽器的廣告很有幫助，但目前這只是我們業務的一小部分。這種轉變帶來的更重要的收穫是，我們對世界的看法和對未來的願景越來越接近，並且再次得到驗證。

Google used privacy as a shield to do anticompetitive themes. We responded and found a way to win anyway. 2025 may have some macro headwinds, but the open Internet has never been in a better place than it is today. Many have asked what the likely impact of the most recent DOJ victory over Google will be. I think the courts are slow. However, I do expect most walled gardens to behave differently. Google is already beginning to turn down and turn off some of the draconian and illegal practices of the past. This will create a fairer marketplace.

谷歌利用隱私作為擋箭牌，進行反競爭活動。我們做出了回應並找到了獲勝的方法。 2025 年可能會面臨一些宏觀阻力，但開放網路從未像今天這樣處於良好的狀態。許多人都問，美國司法部最近對Google的勝利可能會產生什麼影響。我認為法院的辦事效率很慢。然而，我確實希望大多數圍牆花園的行為有所不同。谷歌已經開始拒絕和關閉過去的一些嚴厲和非法的做法。這將創造一個更公平的市場。

While these changes impact the buy side less than the sell side, I expect that the supply chain will be more competitive, which is good for both the buy and the sell sides of the supply chain. The restraints and changes in behavior that we're already seeing from these companies are expected to continue, and as a result, SSPs will finally be able to compete and the net effect of these changes is a healthier ecosystem and a thriving open Internet.

雖然這些變化對買方的影響小於對賣方的影響，但我預期供應鏈將更具競爭力，這對供應鏈的買方和賣方都有好處。我們已經看到的這些公司的行為限制和變化預計將持續下去，因此，SSP 最終將能夠參與競爭，而這些變化的淨效應是更健康的生態系統和蓬勃發展的開放互聯網。

As I've mentioned on these calls before, I've long believed that Google essentially acts as the defendant, the plaintiff, the judge, the jury, the court reporter and the bailer in many ad transactions. This conflict of interest is clearly not in the interest of advertisers who want to bid on and buy ad impressions in a fair (technical difficulty) which may take some time. I believe it's imperative that Google relinquished some of the roles that they currently play in the marketplace.

正如我之前在這些電話中提到的那樣，我一直認為，谷歌在許多廣告交易中基本上扮演著被告、原告、法官、陪審團、法庭書記官和保釋人的角色。這種利益衝突顯然不符合廣告商的利益，他們希望以公平（技術難度）的方式競標和購買廣告展示機會，這可能需要一些時間。我認為谷歌必須放棄目前在市場上扮演的一些角色。

Doing so will significantly improve competition, transparency and fairness in the ad market for all participants. I continue to believe that Google will stop trying to monetize the open Internet and instead focus more on their destinations. I expect that Amazon will continue on the same path. DB360 is primarily technology to buy YouTube. Amazon's DSP is primarily a product built to buy Amazon's Prime video which is a good segue to my last point about the open Internet before I discuss and focus on the Trade Desk.

這樣做將大大提高廣告市場所有參與者的競爭性、透明度和公平性。我仍然相信谷歌將停止嘗試將開放網路貨幣化，而是將更多精力放在他們的目的地上。我預計亞馬遜將繼續走同樣的路。DB360 主要是為了收購 YouTube 的技術。亞馬遜的 DSP 主要是一款為購買亞馬遜 Prime 影片而打造的產品，這與我在討論和關注 Trade Desk 之前關於開放互聯網的最後一點很好地銜接在一起。

Because of the pressure on consumers over the last two quarters, CTV and streamers have invested more into advertising. We're seeing more supply than demand in all forms of advertising, but that is especially important in CTV. In general, this dynamic makes for more of a buyer's market, but additionally, this is having a great impact on market dynamics. As a result, in general, CTV companies are once again leading the supply dynamics of the open Internet. They are plugging directly into our demand. They are also describing their supply in greater detail than ever. Nearly every scaled player has adopted UID2 and those that have not are under monetizing their inventory.

由於過去兩個季度消費者面臨的壓力，CTV 和串流媒體在廣告方面投入了更多資金。我們發現所有形式的廣告都供大於求，但這在 CTV 中尤其重要。整體而言，這種動態使得買方市場更加強大，而且，這也對市場動態產生了巨大影響。因此，整體而言，CTV公司再次引領開放網路的供應動態。它們直接滿足了我們的需求。他們也比以往更詳細地描述了他們的供應情況。幾乎每個規模較大的玩家都已採用 UID2，而那些尚未採用的玩家則未能將其庫存貨幣化。

We expect that the market dynamics are going to create the best ad-funded television experience for consumers in the history of television. They will see fewer ads. They will be personally relevant and these fewer ads will make more money for content owners than linear and broadcast ever did, and they will perform better for advertisers per dollar than spray and pray ever did.

我們預期市場動態將為消費者創造電視史上最佳的廣告電視體驗。他們會看到更少的廣告。這些廣告將與個人息息相關，而且這些數量更少的廣告將為內容所有者帶來比線性廣告和廣播廣告更多的收入，而且它們對廣告商的單位成本收益將比以往的噴灑廣告更好。

Let's not forget something that we've asserted for the entirety of this decade. CTV is the kingpin of the open Internet. And the open Internet is where all of the most beloved content of the Internet exists. The open Internet monetizes movies, television, journalism, music and sports. This change in market supply and demand is a good transition to the themes that are happening at The Trade Desk.

我們不要忘記我們在過去十年中一直堅持的一件事。CTV 是開放網路的主導者。開放的互聯網是互聯網上所有最受歡迎的內容的所在地。開放的網路使電影、電視、新聞、音樂和體育實現了商業化。市場供需的這種變化對於 The Trade Desk 正在發生的主題來說是一個很好的過渡。

One of the most important upgrades we're making at TTD is to the supply chain of programmatic itself. Innovations such as OpenPath, are very important to the future of the open Internet. OpenPath is gaining wider adoption across the industry. And as a result, advertisers are giving clear line of sight into exactly what they are buying. And it also provides publishers with a much clearer view of what advertisers are willing to pay. We are seeing example after example of the benefits that OpenPath is providing.

我們在 TTD 進行的最重要的升級之一是程序化廣告本身的供應鏈。OpenPath 等創新對於開放網路的未來非常重要。OpenPath 正在整個產業中獲得更廣泛的應用。因此，廣告商可以清楚地了解他們所購買的產品。它還可以讓出版商更清楚地了解廣告商願意支付的費用。我們看到了 OpenPath 所提供的諸多好處的例子。

Arena Group publishes major titles such as Men's Journal and Parade. They boast more than 100 million visitors per month. With OpenPath, they were able to increase their fill rates by 4x and improved programmatic revenue by 79%, all because they are able to provide advertisers, our clients with clear visibility into what they're buying. (inaudible) dozens more examples -- the New York Post saw its digital advertising fill rate increase more than 8x and programmatic revenue increased 97% with Openpath.

Arena Group 出版《Men's Journal》和《Parade》等主要刊物。他們宣稱每月有超過 1 億訪客。借助 OpenPath，他們能夠將填充率提高 4 倍，並將程式化收入提高 79%，這一切都歸功於他們能夠為廣告商（我們的客戶）提供對其所購買產品的清晰可見性。 （聽不清楚）還有幾十個例子——紐約郵報透過 Openpath 發現其數位廣告填充率增加了 8 倍多，程式化收入增加了 97%。

In the world of CTV, VIZIO sats programmatic revenue increased 39% and another major network saw their fill rate increase 7x, leading to a revenue increase of over 25%. To be clear, Openpath does not represent the Trade Desk getting into the supply side of the market. OpenPathis not built to help publishers with yield management or ad serving. We're very hopeful that innovations like OpenPath will prompt supply chain innovation and efficiencies across the industry. And if we accomplish that, we will help our clients put more ad dollars to work.

在 CTV 領域，VIZIO 衛星程式化收入增加了 39%，另一個主要網路的填充率增加了 7 倍，導致收入增加了 25% 以上。需要明確的是，Openpath 並不代表 Trade Desk 進入市場的供應方。OpenPath 並非為幫助出版商進行收益管理或廣告投放而建構。我們非常希望像 OpenPath 這樣的創新能夠促進整個產業的供應鏈創新和效率。如果我們實現了這個目標，我們將幫助我們的客戶將更多的廣告資金投入工作。

We don't expect OpenPath to be the only supply chain for us. We don't expect it to even be the primary one especially given the fact that SSPs now have a better chance to compete than they did before the Google verdict. However, OpenPath is a canary in the coal mine that helps us better understand the supply chain. And often, the games and tactics of obfuscation are best discovered through some form of AB testing. OpenPath is keeping exchanges and SSPs in check so that we don't have to wait on government to untangle corrupt practices like those recently exposed at Google.

我們不希望 OpenPath 成為我們唯一的供應鏈。我們甚至不認為它會成為主要競爭對手，尤其是考慮到 SSP 現在比谷歌判決之前有更好的競爭機會。然而，OpenPath 就像煤礦中的金絲雀，可以幫助我們更了解供應鏈。通常，透過某種形式的 AB 測試可以最好地發現混淆的遊戲和策略。OpenPath 正在對交易所和 SSP 進行監管，這樣我們就不必等待政府來清理谷歌最近曝光的腐敗行為。

Another massive upgrade we have made to improve the supply chain was the acquisition of Sincera. Most outside of ad tech don't know the company. So for the uninitiated, Sincera is a metadata company that crawls the Internet looking for insights about the supply chain of advertising, and seeks to shine a light of transparency on that supply chain. Following the acquisition, we have been working to invest Sincera data across Kokai, so our clients can have as much data and signal as possible about ad performance. But it doesn't stop there.

我們為改善供應鏈而進行的另一項重大升級是收購 Sincera。大多數廣告科技領域以外的人士都不了解這家公司。因此，對於外行人來說，Sincera 是一家元數據公司，它透過網路尋找廣告供應鏈的見解，並試圖為該供應鏈帶來透明度。收購之後，我們一直致力於在 Kokai 範圍內投資 Sincera 數據，以便我們的客戶能夠獲得盡可能多的有關廣告成效的數據和訊號。但它並沒有就此止步。

In the coming months, we plan to relaunch their product for the ad tech community and offer a new version of Sincera called Open Sincera. This product will be free to advertisers, to agencies, to ad tech companies, to sellers and to publishers who want to better understand the supply chain and how to make it more efficient.

在接下來的幾個月裡，我們計劃向廣告科技社群重新推出他們的產品，並提供一個名為 Open Sincera 的新版本 Sincera。該產品將免費提供給希望更好地了解供應鏈以及如何提高其效率的廣告商、代理商、廣告技術公司、賣家和出版商。

Let's talk now about our progress on Kokai. The core of Kokai has been delivered and adoption is now ahead of schedule. Around two-third of our clients are now using it and the bulk of the spend in our platform is now running through Kokai. We expect all clients to be using it by the end of the year. One thing about Kokai that I would like to underline whenever we go through a platform overhaul like this, and this is the biggest in our history, we are always trying to balance giving clients exactly what they want versus pushing the industry forward.

現在我們來談談 Kokai 的進展。Kokai 的核心已經交付，並且採用進度已提前。目前，我們約有三分之二的客戶正在使用它，並且我們平台上的大部分支出都透過 Kokai 進行。我們預計所有客戶將在年底前使用它。關於 Kokai，我想強調的一點是，每當我們進行像這樣的平台改革時，而且這是我們歷史上最大的改革，我們總是試圖在滿足客戶需求和推動行業發展之間取得平衡。

We're in a tremendously privileged position of being the largest platform pointed at the open Internet, looking across roughly 17 million opportunities a second, along with the most premium inventory and data sources in the world. From that vantage point, we know how marketers can get the most out of their campaigns and we know how to help them utilize the power of programmatic. Bringing a broader, more strategic perspective to media buying has always been central to our approach, helping our clients and industry innovate and move forward.

我們擁有極其優越的地位，是開放網路的最大平台，每秒可查看約 1700 萬個機會，同時擁有世界上最優質的庫存和資料來源。從這個角度來看，我們知道行銷人員如何從他們的行銷活動中獲得最大收益，也知道如何幫助他們利用程式化的力量。為媒體購買帶來更廣泛、更具策略性的視角一直是我們方法的核心，幫助我們的客戶和產業創新和前進。

I'm confident that by the end of this year, we will reflect on Kokai as the most powerful buying platform the industry has ever seen, precisely because it combines client needs with the strong point of view on where value is shifting and how to deliver the most efficient return on ad spend.

我相信，到今年年底，我們將認為 Kokai 是業內有史以來最強大的購買平台，正是因為它將客戶需求與價值轉變方向以及如何實現最有效的廣告支出回報的強大觀點結合在一起。

We will introduce the final major components of Kokai, including a revolutionary new approach for understanding and managing the performance of deals. One of the most important things we do to realize the value of programmatic. We will also continue to improve the polish, the navigation and the usability. But to be clear, Kokai has already proven itself and the results are fantastic. The injection of our industry-leading CoA AI tools across every aspect of our platform has been a game changer, and we are just getting started.

我們將介紹 Kokai 的最後幾個主要組件，包括一種用於理解和管理交易績效的革命性新方法。我們所做的最重要的事情之一就是實現程序化的價值。我們也將繼續改進其完善性、導航性和可用性。但要明確說明的是，Kokai 已經證明了自己，而且成績非常出色。我們業界領先的 CoA AI 工具已註入我們平台的各個方面，這改變了遊戲規則，而這只是個開始。

Let me outline a conundrum that marketers are currently facing, and I hear this from CMOs and agency leaders on an almost daily basis. Walled gardens are easy to use and marketers can use them for easy access to what I would call cheap reach or put another way, let me reach as many people as possible as quickly and cheaply as possible. All as measured by those walled gardens themselves. The problem begins when the metrics provided by those walled gardens don't line up with actual business outcomes over time.

讓我概述一下行銷人員目前面臨的一個難題，我幾乎每天都會從首席行銷長和代理商領導者那裡聽到這個問題。圍牆花園很容易使用，行銷人員可以利用它們輕鬆實現我所說的廉價覆蓋範圍，或者換句話說，讓我盡可能快速、廉價地接觸盡可能多的人。一切都由那些圍牆花園本身來衡量。當這些圍牆花園提供的指標與長期實際業務成果不一致時，問題就開始了。

So for example, Walled Garden Measurement may tell an advertiser, they've accounted for 1 million toothbrush sales this quarter, but they only actually sold 0.5 million, those measurement disparities over time create misalignment for marketers and the businesses they're supporting, all because of the attraction of cheap reach. This trend is a major driver of demand for open Internet alternatives. But compared to the ease of Walled Gardens, where the supply chain is controlled by one company, the Internet is more complex. But the outcomes. When we help marketers manage that complexity are exponentially better. More and more marketers are recognizing this, and they are embracing Kokai as a way to unlock the full value and performance potential of the open Internet.

例如，圍牆花園測量可能會告訴廣告商，他們本季的牙刷銷售量為 100 萬支，但實際上只售出了 50 萬支，隨著時間的推移，這些測量差異會給行銷人員和他們支持的企業帶來不一致，這都是因為廉價覆蓋面的吸引力。這一趨勢是開放網路替代品需求的主要驅動力。但與供應鏈由一家公司控制的圍牆花園相比，網路更加複雜。但結果卻是如此。當我們幫助行銷人員管理複雜性時，情況會顯著改善。越來越多的行銷人員意識到了這一點，他們紛紛採用 Kokai 來釋放開放網路的全部價值和性能潛力。

One great example is Deutsche Telekom. They're running the streaming TV service called Magenta TV, and they use our platform to try to grow their subscriber base, working with their agency in metric. Using seed data from their existing customers, Deutsche Telekom was able to use the advanced AI tools in our Kokai platform to find new customers and define the right ad impressions across display and CTV, most relevant to retain those new customers successfully, and the results were very impressive. They saw an 11x improvement in post-click conversions attributed to advertising and an 18x improvement in the cost of those conversions.

德國電信就是一個很好的例子。他們正在經營名為 Magenta TV 的串流電視服務，並使用我們的平台嘗試擴大他們的用戶群，並與他們的代理商合作。利用現有客戶的種子數據，德國電信能夠使用我們 Kokai 平台中的先進 AI 工具來尋找新客戶，並在展示廣告和 CTV 中定義最相關的正確廣告印象，以成功留住這些新客戶，結果非常令人印象深刻。他們發現歸因於廣告的點擊後轉換率提高了 11 倍，而轉換成本提高了 18 倍。

Deutsche Telekom is now planning to use Kokai across more campaigns, a transition that is fairly typical as clients move from our previous platform, Solamar to our newer, more advanced AI fuel platform, Kokai. They begin by testing Kokai on several initial campaigns, seeing meaningful performance improvements and then expand Kokai's use across all of their campaigns. And across all verticals, clients that are adopting Kokai are realizing major benefits. For example, on average, clients that have shifted over have seen a 42% reduction in cost per unique reach.

德國電信目前計劃在更多活動中使用 Kokai，隨著客戶從我們先前的平台 Solamar 轉向我們更新、更先進的 AI 燃料平台 Kokai，這種轉變相當典型。他們首先在幾個初始活動中測試 Kokai，看到了顯著的效能改進，然後將 Kokai 的使用擴展到所有活動中。在所有垂直領域，採用 Kokai 的客戶都獲得了巨大的利益。例如，平均而言，轉移過來的客戶的每次唯一到達成本降低了 42%。

We are also working with clients beyond typical brand and reach metrics. Kokai is delivering on lower funnel KPIs, including 24% lower cost per conversion and 20% lower cost per acquisition. These improvements are helping unlock performance budgets from new and existing clients. And thanks to the work we've done in our data marketplace to increase the discoverability of third-party data campaigns on Kokai used roughly 30% more data elements per impression. All of these efficiencies mean more dollars can be reinvested and put to work.

我們也與超越典型品牌和影響力指標的客戶合作。Kokai 正在實現更低的漏斗 KPI，包括降低 24% 的每次轉換成本和降低 20% 的每次獲取成本。這些改進有助於釋放新舊客戶的績效預算。並且由於我們在數據市場中所做的工作，提高了 Kokai 上第三方數據行銷活動的可發現性，每次展示使用的數據元素增加了約 30%。所有這些效率意味著更多的資金可以被重新投資並投入使用。

Lastly, I mentioned in our last call that we've made significant upgrades across the company. In engineering, we now have over 100 scrums all shipping product every week. We've overhauled the product process. And as a result, business and product and engineering are more in sync than they've been in years. We simplified our go-to-market teams and their org structures. While it is still early, we are already seeing green shoots. Our JVP pipeline and the number of JVPs in active contract negotiations are at all-time highs.

最後，我在上次電話會議中提到，我們在整個公司範圍內進行了重大升級。在工程方面，我們現在每週都有超過 100 個 scrum 來運送產品。我們已經徹底改革了產品流程。因此，業務、產品和工程比過去幾年更加同步。我們簡化了我們的行銷團隊及其組織結構。雖然現在還為時過早，但我們已經看到了曙光。我們的 JVP 管道和正在進行合約談判的 JVP 數量都達到了歷史最高水準。

We've hired a new COO, Vivid Kandra. He joined the company as our new Chief Operating Officer. So that may be a well-known name to many of you as he was the first ever Chief Information Officer for the United States Federal Government back in 2009. But perhaps most relevant to us, he spent several years at Salesforce and is a key driver of growth at a time when they were pretty much the same size and scale as we are now. These kind of appointments will help us achieve our very own high-growth expectations in the years ahead.

我們聘請了一位新的營運官，Vivid Kandra。他加入公司並擔任新任營運長。所以對你們中的許多人來說，這可能是一個熟悉的名字，因為他早在 2009 年就擔任美國聯邦政府首任首席資訊長。但也許與我們最相關的是，他在 Salesforce 工作了幾年，是當時 Salesforce 成長的關鍵推動力，當時 Salesforce 的規模與我們現在的規模幾乎相同。此類任命將幫助我們在未來幾年實現我們自己的高成長預期。

So let me close by reiterating that we are highly encouraged by the improvements to our business that led to our outperformance in the first quarter. As we continue to progress and improve as a company, we are confident in our ability to continue to outpace the market moving forward, but our eyes are on the horizon. And we maintain the assertion that we put in our business plan 16 years ago. The largest independent and objective DSP will command the lion's share of market share at end state.

最後，我想重申，我們對業務的改善感到非常鼓舞，這使我們在第一季表現出色。隨著我們公司不斷進步和改進，我們有信心繼續領先市場，但我們的目光要放遠。我們堅持16年前在商業計劃中提出的主張。最大的獨立客觀的 DSP 最終將佔據最大的市場份額。

Today, we control less than 2% of the global advertising TAM, leaving us with an extraordinary runway for growth in front of us. So far this year, walled gardens have been put in check from governments -- regardless of the actual remedies, I believe this is a very important moment for the open Internet, not just because the remedies may lead to a substantially fair marketplace in which the Trade Desk and everyone else competes on a more level footing but also because this process has done a great deal to shine a light on the power of the open Internet in contrast to the limitations of walled garden.

如今，我們控制著全球廣告 TAM 的不到 2%，這為我們帶來了非凡的成長空間。今年到目前為止，各國政府已經對「圍牆花園」進行了遏制——無論實際補救措施如何，我相信這對於開放互聯網來說都是一個非常重要的時刻，不僅因為這些補救措施可能帶來一個實質上公平的市場，讓 Trade Desk 和其他人能夠在更公平的基礎上競爭，而且因為這一進程在很大程度上凸顯了開放互聯網相對於「圍牆花園」局限性的力量。

We have been winning in an unfair market -- we are even more confident we can win in a fair market. While we can't control the macro environment, we continue to grow at a healthy pace and consistently generate strong EBITDA and free cash flow. The pace at which we're increasing our pipeline and signing new joint business plans indicates that we are becoming an indispensable partner in our clients' business growth, and we anticipate grabbing land. Over the rest of this year, depending on what the macro environment throws at us, we'll either grab land or accelerate growth, but either way, the destination on the horizon is the same. It's why we will never stop innovating.

我們已經在不公平的市場中獲勝——我們更有信心我們能夠在公平的市場中獲勝。雖然我們無法控制宏觀環境，但我們仍保持健康成長，並持續產生強勁的 EBITDA 和自由現金流。我們增加管道和簽署新的聯合商業計劃的速度表明，我們正在成為客戶業務成長中不可或缺的合作夥伴，並且我們期待獲得成功。在今年剩餘的時間裡，根據宏觀環境的變化，我們要么搶佔土地，要么加速成長，但無論哪種方式，未來的目標都是相同的。這就是我們永不停止創新的原因。

Kokai is perhaps our biggest engineering achievement yet, and it is helping clients get the full value of the open Internet and manage the complexity of the open Internet at the same time. Even as all of the features of Kokai are fully launched. We will continue to iterate and ship product every week. As I said, Kokai adoption now represents the majority of our spend, almost two-third, a significant acceleration from where we ended 2024, and clients are seeing major campaign improvements as a result.

Kokai 或許是我們迄今為止最大的工程成就，它可以幫助客戶充分發揮開放網路的價值，同時管理開放網路的複雜性。即使 Kokai 的所有功能都已全面推出。我們將繼續每週迭代和發布產品。正如我所說，Kokai 的採用現在占我們支出的大部分，幾乎佔三分之二，與 2024 年底相比有顯著的加速，客戶也因此看到了行銷活動的重大改進。

We continue to innovate and make the supply chain more efficient through products like Open Path and the enhancements we've started launching throughout our platform with the acquisition of Sincera. Our CTV and retail business continued to gain momentum and brands are continuing to see tremendous value with the Walmart DSP. I know I said this earlier, but I want to say it again and be super clear. I have never been more optimistic and excited about the future of the open Internet. Major trends are making the open Internet more attractive to advertisers than ever and the trade desk could bringing to market the kinds of innovations that will help marketers truly unlock the value in a way that will drive business growth and differentiation for them.

我們透過 Open Path 等產品以及收購 Sincera 後開始在整個平台上推出的增強功能不斷創新並提高供應鏈的效率。我們的 CTV 和零售業務持續保持強勁成長勢頭，各大品牌也繼續從沃爾瑪 DSP 中看到巨大的價值。我知道我之前說過這個，但我想再說一遍，並且說得非常清楚。我從未對開放網路的未來如此樂觀和興奮。主要趨勢是開放的網路對廣告主來說比以往任何時候都更具吸引力，而交易平台可以向市場推出各種創新，幫助行銷人員真正釋放價值，從而推動他們的業務成長和差異化。

And with that, I'll pass the baton to Laura, who will give you more color on the quarter.

說完這些，我將接力棒交給勞拉，她將為大家帶來更多有關本季的精彩內容。

Thank you, Jeff, and good afternoon, everyone. We have started 2025 on a strong note. The upgrades we made at the end of 2024 are beginning to deliver results, putting us in a better position to capture expanding market opportunities. Kokai adoption accelerated exiting December and our product and engineering teams are shipping -- growth remains strong. fueled by the continued shift of wafer linear TV and the expanding programmatic capabilities of the world's largest media companies.

謝謝傑夫，大家下午好。我們以強勁的勢頭邁入了 2025 年。我們在 2024 年底進行的升級開始產生效果，使我們更有能力抓住不斷擴大的市場機會。自 12 月以來，Kokai 的採用率不斷提升，我們的產品和工程團隊正在發貨——成長仍然強勁。推動這一趨勢的因素包括線性電視的持續轉變以及全球最大媒體公司不斷擴展的節目製作能力。

And advertisers are increasingly using retail data from our marketplace and tie ad spend to real-world sales. Our independence and objectivity continue to be key differentiators, especially in times of uncertainty as brands see trusted results for the partners.

廣告商越來越多地使用來自我們市場的零售數據，並將廣告支出與實際銷售聯繫起來。我們的獨立性和客觀性仍然是關鍵的區別因素，特別是在不確定的時期，因為品牌會看到合作夥伴的可信賴的結果。

Turning to our results. Q1 revenue was $616 million, a 25% increase year over year. We generated $208 million of adjusted EBITDA during the quarter, representing a 34% margin. Our Sincera acquisition closed in Q1, and there is no revenue as a result of this acquisition. Our strong growth in Q1 was broad-based in terms of geography, channel and verticals. CTV growth was strong once again as it remains our largest and fastest-growing advertising channel.

談談我們的結果。第一季營收為 6.16 億美元，年增 25%。本季度，我們的調整後 EBITDA 為 2.08 億美元，利潤率為 34%。我們對 Sincera 的收購已於第一季完成，此次收購並未帶來任何收入。我們第一季的強勁成長廣泛體現在地域、通路和垂直領域。CTV 再次強勁成長，它仍然是我們最大、成長最快的廣告管道。

In Q1, video, which includes CTV, represents a high 40s percentage share of our business and continues to grow as a percentage of our mix. Mobile represented a mid-30% share spend during the quarter, while display represented a low double-digit share and audio represented around 5%. Geographically, North America represented about 88% of spend, and international represented about 12% spend for the first quarter.

在第一季度，包括 CTV 在內的影片占我們業務的 40% 以上，並且在我們的業務組合中所佔的比例還在繼續增長。本季度，行動廣告支出佔比約 30%，顯示廣告支出佔約兩位數，音訊廣告支出佔比約 5%。從地理來看，第一季北美地區支出約佔 88%，國際地區支出約佔 12%。

International growth again outpaced North America for the ninth quarter in a row. We continue to execute our growth playbook internationally, led by CTV. We remain optimistic that our business outside North America can continue to be a strong contributor to our overall growth this year and in the years to come.

國際成長連續第九個季度超過北美。我們將繼續在國際上執行我們的成長策略，由 CTV 引領。我們仍然樂觀地認為，北美以外的業務能夠繼續為我們今年及未來幾年的整體成長做出強勁貢獻。

In terms of verticals that represent at least 1% of our spend, we saw double-digit growth in the majority of our verticals with particularly strong growth in technology, computing and healthy living. Home & Garden and Personal Finance were below average. We continue to see significant opportunities for us to gain share in all of the verticals we serve.

就占我們支出至少 1% 的垂直領域而言，大多數垂直領域都實現了兩位數成長，其中科技、運算和健康生活領域的成長尤為強勁。家居與花園以及個人理財低於平均。我們繼續看到我們在所服務的所有垂直領域中獲得份額的重大機會。

Turning now to expenses. Q1 operating expenses, excluding stock-based compensation, were $433 million, up 23% from a year ago. During the quarter, we continued to make investments in our team and platform, particularly in areas like (inaudible) operations. As the AI, machine learning tools and benefit Kokai continue to drive greater campaign performance. Income tax expense was $25 million for the first quarter, driven primarily by our profitability and stock-based rents. Adjusted net income for the quarter was $165 million or $0.33 per fully diluted share. Net cash provided by operating activities was $291 million, and free cash flow was $230 million in Q1. DSO exiting the quarter were 85 days, down one day from a year ago. DPOs were 70 days, consistent with a year ago.

現在談談費用。第一季營運費用（不含股票薪酬）為 4.33 億美元，比去年同期成長 23%。在本季度，我們繼續對我們的團隊和平台進行投資，特別是在（聽不清楚）營運等領域。隨著人工智慧、機器學習工具和 Kokai 的優勢不斷推動廣告活動取得更大成效。第一季的所得稅支出為 2,500 萬美元，主要受我們的獲利能力和股票租金的影響。本季調整後的淨收入為 1.65 億美元，即每股 0.33 美元。第一季經營活動提供的淨現金為 2.91 億美元，自由現金流為 2.3 億美元。本季的 DSO 為 85 天，比去年同期減少了一天。DPO 為 70 天，與一年前一致。

Our balance sheet had about $1.7 billion in cash, cash equivalents and short-term investments at the end of the quarter. We have no debt on the balance sheet. In Q1, we repurchased $386 million of our Class A common stock via our share repurchase program. 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. As we turn to our second quarter outlook, we want to acknowledge the volatile macro backdrop, particularly its impact on large global brands.

截至本季末，我們的資產負債表上有約 17 億美元的現金、現金等價物和短期投資。我們的資產負債表上沒有債務。在第一季度，我們透過股票回購計畫回購了價值 3.86 億美元的 A 類普通股。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。當我們展望第二季時，我們要認識到動盪的宏觀背景，特別是它對全球大型品牌的影響。

That said, we are encouraged by the strength of our underlying business, driven by continued progress on Kokai is our enhancements to our engineering and go-to-market teams and a growing pipeline of joint business plans.

儘管如此，我們對基礎業務的強勁表現感到鼓舞，這得益於 Kokai 的持續進展、工程和行銷團隊的增強以及聯合業務計劃的不斷增加。

We remain confident in the fundamental drivers of our revenue growth, especially given our track record of gaining market share during periods of economic volatility. Assuming the macro environment remains stable, and we do not see deterioration in economic conditions, in Q2, we expect revenue to be at least $682 million, reflecting 17% year over year growth. Also reflect the lapping of political ad spend, which contributed approximately 1% toward Q2 2024 revenue.

我們仍然對收入成長的根本驅動力充滿信心，特別是考慮到我們在經濟波動時期獲得市場份額的記錄。假設宏觀環境保持穩定，並且我們沒有看到經濟狀況惡化，那麼在第二季度，我們預計收入至少為 6.82 億美元，年增 17%。也反映了政治廣告支出的重疊，這為 2024 年第二季的收入貢獻了約 1%。

We estimate adjusted EBITDA to be approximately $259 million in Q2. We continue to take a thoughtful approach to managing our investments and expect to remain opportunistic with our share repurchases. We are investing in our core areas like infrastructure and talent to support long-term growth. Our focus is on maintaining a balanced and efficient expense base, allowing us to stay agile and well positioned to capture share while retaining flexibility should network conditions evolve.

我們預計第二季調整後的 EBITDA 約為 2.59 億美元。我們將繼續採取深思熟慮的方式來管理我們的投資，並期望在股票回購中繼續抓住機會。我們正在投資基礎設施和人才等核心領域，以支持長期成長。我們的重點是維持平衡、高效的費用基礎，這使我們能夠保持敏捷並佔據有利地位以獲取市場份額，同時在網路條件變化時保持靈活性。

We remain the leading independent platform in a rapidly growing industry, delivering profitable growth with strong execution across key initiatives such as CTV, retail media, international markets, Kokai, UID2 and OpenPath, we are confident in our ability to outpace the market and capitalize on the significant opportunities ahead. That concludes our prepared remarks.

我們仍然是快速成長產業中領先的獨立平台，在 CTV、零售媒體、國際市場、Kokai、UID2 和 OpenPath 等關鍵舉措上表現出色，實現了獲利成長，我們有信心超越市場並抓住未來的重大機會。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)

（操作員指示）

Shyam Patil, Susquehanna.

薩斯奎漢納的 Shyam Patil。

Yeah, congrats on a very strong quarter, very strong start of the year. I had just one question. Can you elaborate on the progress that you're seeing from the product and go-to-market changes that you implemented toward the end of last year. I mean it sounds like those efforts are beginning to gain traction and contributed pretty meaningfully to the strong start?

是的，恭喜您本季業績強勁，今年開局也非常強勁。我只有一個問題。您能否詳細說明您在去年年底實施的產品和上市變革中所取得的進展？我的意思是，聽起來這些努力開始獲得關注，並對強勁的開局做出了相當有意義的貢獻？

Thanks, Shyam. Absolutely. So first, of course, Q1 was a very strong quarter for us, and we showed our resilience. I think the team felt like they had something to prove, and I think we did it. I'm really proud of how well the team has executed. The upgrades that we made to our business did help contribute to our outperformance. And we -- of course, we are always making changes and always trying to improve but we did so with a lot more substance and more upgrades, more changes than usual. They were not easy, but they definitely were worth it.

謝謝，Shyam。絕對地。首先，當然，第一季對我們來說是一個非常強勁的季度，我們展現了我們的韌性。我認為球隊覺得他們需要證明一些東西，而且我認為我們做到了。我為團隊的出色表現感到非常自豪。我們對業務進行的升級確實有助於我們取得優異的績效。當然，我們一直在做出改變，一直在努力改進，但我們所做的改變比平常更多，內容更多，升級更多，變化也更多。這並不容易，但絕對是值得的。

In the current environment, we continue to be a source of vision and stability for our clients as they are trying to navigate the uncertainty that's in front of them. But a couple of other just green shoots that we're seeing that I just wanted to highlight. Kokai adoption accelerated as we were exiting December. And now about two-third of our clients are now using Kokai, which is ahead of schedule. Of course, part of what we talked about in our last earnings report is a lot of effort to inject AI across the platform. And we've done that with a bigger step forward in the last quarter than we ever have at any point in our company history before. You'll remember that we started introducing CoA in 2017.

在當前環境下，我們將繼續成為客戶的遠見和穩定來源，幫助他們應對面臨的不確定性。但我只是想強調我們看到的其他一些綠芽。隨著 12 月的臨近，Kokai 的採用速度加快。現在大約有三分之二的客戶正在使用 Kokai，這比計劃提前了。當然，我們在上一份收益報告中談到了在整個平台上註入人工智慧的大量努力。我們在上個季度取得了比公司歷史上任何時候都更大的進步。您可能記得我們在 2017 年開始推出 CoA。

But as a result of these investments, in AI and upgrading our platform altogether in Kokai campaign performance on Kokai continues to be exceptional. Kokai's delivering on lower funnel KPIs, including 24% lower cost per conversion and 20% lower cost per acquisition, and these improvements are helping unlock performance and performance budgets from existing clients, but also from new clients that are a bit more focused on the performance side of things.

但由於這些投資，在人工智慧方面以及在 Kokai 平台上的全面升級，Kokai 的活動表現仍然非常出色。Kokai 實現了更低的漏斗 KPI，包括降低 24% 的每次轉換成本和降低 20% 的每次獲取成本，這些改進不僅有助於釋放現有客戶的績效和績效預算，也有助於釋放更注重績效方面的新客戶的績效和績效預算。

Our product and engineering teams are more collaborative and effective than they've been in years. And we now have, as I mentioned in the prepared remarks, over 100 comes and they're all shipping product weekly. The new reporting structures are working and they're leading to more engagement with brands and agencies. We still have work to do. We have not realized all the fruits of those upgrades. There's still more to come on that but the trend line is awesome, and it's good enough to validate that we've made the right choices. Also validating in that same way is our strong JVP pipeline.

我們的產品和工程團隊比過去幾年更有協作、更有效率。正如我在準備好的演講中提到的那樣，我們現在有超過 100 個訪客，他們每週都在運送產品。新的報告結構正在發揮作用，並正在促進與品牌和機構的更多互動。我們還有工作要做。我們尚未實現這些升級的全部成果。雖然還有更多內容，但趨勢線非常棒，足以證明我們做了正確的選擇。我們強大的 JVP 管道也以同樣的方式得到驗證。

As we've highlighted before, over 40% of our spend is now under JVPs. And then you can think of JVPs as partnerships with long-term commitments and vision for what we'll do together. And that continues to grow 50% faster than overall spend. So when we put those together, our business grows faster. And so naturally, we're focused on more of those. But all in all, these changes put us in a better position to win market share this year and in the years ahead. There's more work to do, but I could not be more excited about our performance in Q1, and I'm even more excited about the opportunities ahead and as I mentioned in our prepared remarks, our eye is on the horizon. So I'm very excited about our future and the opportunity to open Internet.

正如我們之前強調的那樣，我們現在有超過 40% 的支出用於 JVP。然後，您可以將 JVP 視為具有長期承諾和共同願景的合作夥伴關係。而這一增長速度比總體支出增長速度快 50%。因此，當我們將這些結合起來時，我們的業務就會成長得更快。因此，我們自然而然地會更加關注這些方面。但總而言之，這些變化使我們在今年和未來幾年更有能力贏得市場份額。還有很多工作要做，但我對我們在第一季的表現感到非常興奮，我對未來的機會更加興奮，正如我在準備好的發言中提到的那樣，我們的目光投向了地平線。因此，我對我們的未來和開放網路的機會感到非常興奮。

Vasily Karasyov.

瓦西里·卡拉肖夫。

Jeff, thank you very much for your comments regarding the guilty verdict and the Google trial. Obviously, there is a long process ahead and we don't know how long that will be. But in the meantime, if Google does deemphasize their open Internet businesses, as you positive. What exactly do you think will be the downstream implications for DSPs like the Trade Desk, there's SPs and all other admittedly numerous participants in the open Internet value chain?

傑夫，非常感謝你對有罪判決和谷歌審判的評論。顯然，前面還有很長的路要走，我們不知道這需要多長時間。但同時，如果谷歌確實不再強調其開放的網路業務，正如你所肯定的那樣。您認為這對 Trade Desk 等 DSP、SP 以及開放網路價值鏈中所有其他眾多參與者會產生什麼樣的下游影響？

Absolutely. Thank you so much for the question. So first, let me just set the table a little bit. As we mentioned, there have been two substantial verdicts for Google in antitrust trials where in both of them, they were found guilty on some portion of the charges. The most significant one for us was the most recent one where they were found guilty of monopolizing the ad server and the SSP markets.

絕對地。非常感謝您的提問。首先，請容許我稍微佈置一下餐桌。正如我們所提到的，谷歌在反壟斷審判中已經獲得了兩項實質性的判決，在這兩起案件中，谷歌都被判部分罪名成立。對我們來說，最重要的一次是他們最近被判定壟斷廣告伺服器和 SSP 市場。

As we said, they've been judged -- court reporter everything and they will have to quit one of those jobs at least, and that is going to make a more fair market. I would summarize that 2025 has been a very rough year for Google, but even for walled gardens as a whole. And I think the news yesterday about Apple's decision to focus more on the AI search engines rather than Google as a result of the remedy of that first trial is as significant as anything. And it tells you what's to come, which is Google has got to focus on its core business. And as they focus on the core business, which is largely about search, and that includes Gemini and also YouTube, that means they are going to be less focused on the open Internet.

正如我們所說，他們已經受到了審判——法庭書記官的一切，他們必須至少辭去其中一份工作，這將使市場更加公平。我想總結一下，2025 年對Google來說是非常艱難的一年，但對於整個圍牆花園來說也是如此。我認為昨天有關蘋果公司決定將重點更多地放在人工智慧搜尋引擎而不是谷歌上的新聞，這是第一次審判的補救措施，具有重要意義。它告訴你接下來會發生什麼，那就是谷歌必須專注於其核心業務。由於他們專注於核心業務（主要是搜尋），包括 Gemini 和 YouTube，這意味著他們將不再那麼專注於開放網路。

And that means for us that we can go participate in the open Internet with less competition, but even more significant than less competition is the fact that Google has been disrupting the competitive market that we would have thrived even more. So I stand by what I said, again, again, including in the prepared remarks that we were winning in an unfair market and the market is getting fair already. And as a result, we believe that we can compete even better in a fair market. So we think that this is a major victory for the open Internet.

對我們來說，這意味著我們可以參與競爭較少的開放互聯網，但比競爭減少更重要的是，谷歌一直在擾亂我們本可以更加繁榮的競爭市場。因此，我再次堅持我所說的話，包括在準備好的發言中所說的話，我們在不公平的市場中獲勝，市場變得公平。因此，我們相信我們能夠在公平的市場中更好地競爭。因此我們認為這是開放網路的重大勝利。

As I mentioned in the prepared remarks about Spotify and they're sort of viewed with Apple, if you will. I think, again and again, we're seeing walled gardens and draconian tactics around auctions being put in check so that the market is more fair. And I believe that, that is very good for the open Internet. And I don't believe there's any player that better represents the interest of the open Internet and the Trade Desk, and I don't think there's a company that will benefit more from these changes than us as well. But thanks for the question.

正如我在關於 Spotify 的準備好的評論中提到的那樣，如果你願意的話，他們在某種程度上是與 Apple 一起看待的。我認為，我們一次又一次地看到圍繞拍賣的圍牆花園和嚴厲策略受到限制，以使市場更加公平。我相信，這對於開放的互聯網來說非常有益。我不相信有任何參與者能夠更好地代表開放互聯網和交易平台的利益，我也不認為有任何公司能夠比我們更多地從這些變化中受益。但感謝您的提問。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thanks for the question. And I appreciate all the details regarding the quarter. Just on the Q2 guidance, with many large brands speaking to increased uncertainty in their reports. How do you think about that in your Q2 guidance? And how are you managing the business into the back half of the year where visibility is undoubtedly more clouded than it was at the start of the year?

偉大的。謝謝你的提問。我非常感謝您提供有關本季度的所有詳細資訊。僅就第二季指引而言，許多大品牌都表示其報告中的不確定性增加。您在第二季的指導中如何看待這一點？那麼，您該如何管理下半年的業務呢？毫無疑問，下半年的前景比年初更不明朗。

Thanks, Justin. Appreciate the question. So first, in order to talk about Q2 guide, I have to just first point to what we just reported about Q1. And I'm just so proud of our team's performance, their execution they -- like I said, I felt like they went into this quarter feeling like they had something to prove and they did. I'm just really proud of our team.

謝謝，賈斯汀。感謝你的提問。因此，首先，為了討論第二季度指南，我必須先指出我們剛剛報告的有關第一季的內容。我為我們團隊的表現和他們的執行力感到非常自豪——就像我說的，我覺得他們進入這個季度時感覺他們需要證明一些東西，而且他們也確實做到了。我真的為我們的團隊感到驕傲。

As I mentioned before, Q4 was relatively stable, although there were some signs of volatility starting and ending with the contentious election cycle. But some pressure has intensified in Q1 with some growing concerns about macro uncertainty from some of our clients. But of course, we have our eye on the horizon, and we believe that we will grab land in the rest of the year or accelerate growth and potentially both.

正如我之前提到的，第四季度相對穩定，儘管在充滿爭議的選舉週期開始和結束時出現了一些波動跡象。但第一季的一些壓力加劇，因為我們的一些客戶對宏觀不確定性的擔憂日益加劇。但當然，我們著眼於未來，我們相信我們將在今年剩餘時間內搶佔土地或加速成長，甚至可能兩者兼而有之。

So we think that for the rest of the year, our focus has to be on recognizing that large brands are facing comparatively tough times, and we need to be there to help them navigate that and be a source of strategic consulting for them as they are trying to figure out how to navigate what is certainly unprecedented. But because of our objectivity and because of the fact that we've aligned our interest with them and have been building trust, for years, we're in a very strong position. And with the macro environment as it relates to the open Internet being more positive than it's ever been. Those together plus what's happening in streaming, which is also another secular tailwind that we've talked about extensively. We think that puts us in a good position to either grab land or accelerate growth.

因此，我們認為，在今年剩餘時間裡，我們的重點必須是認識到大品牌正面臨相對艱難的時期，我們需要幫助他們渡過難關，並在他們試圖弄清楚如何應對前所未有的挑戰時，為他們提供策略諮詢。但由於我們的客觀性，也由於我們的利益與他們的利益一致，並且多年來一直在建立信任，所以多年來我們一直處於非常有利的地位。與開放互聯網相關的宏觀環境比以往任何時候都更加積極。這些加上串流媒體領域正在發生的事情，這也是我們廣泛討論的另一個長期順風。我們認為這使我們處於有利地位，可以搶佔土地或加速成長。

Of course, we also have to talk about our focus on upgrading our product across the Board. There's still a lot of exciting things coming out of Kokai. It seems that we continue to upgrade -- so there are a few major pieces left that we expect to ship in the very near future. So we're extremely excited about all the upgrades that are coming and all the things that we're building and honestly, our excitement has gone up as we see a more competitive landscape and an opportunity for us to compete and put products in market to compete.

當然，我們也必須談論我們對全面升級產品的關注。Kokai 還有很多令人興奮的事情即將問世。看來我們還在繼續升級——因此剩下一些主要部件我們預計將在不久的將來發貨。因此，我們對即將到來的所有升級以及我們正在建立的所有事物感到非常興奮，老實說，當我們看到更具競爭性的格局和我們參與競爭並將產品推向市場參與競爭的機會時，我們的興奮感也隨之增加。

Of course, that's not independent of what I would even call a third category, which is supply chain. And there's just because of this increased competition and a better ecosystem, there's just so much opportunity to innovate and make the supply chain more efficient. And especially when we continue to invest in AI products, there's just so much that the AI investments can do to capitalize on improving supply chain. So there's just so much there.

當然，這與我所說的第三類，即供應鏈，是分不開的。正是由於競爭加劇和生態系統改善，才有如此多的機會進行創新並提高供應鏈的效率。尤其是當我們繼續投資人工智慧產品時，人工智慧投資可以發揮很大的作用，從而改善供應鏈。那裡有太多東西了。

So as long as the market is competitive and it's heading in that direction, we believe at end state, the objective focused DSP will have the lion's share of market share, and we believe that's what we're heading on. We just got to keep executing.

因此，只要市場競爭激烈並且朝著這個方向發展，我們相信最終以目標為中心的 DSP 將佔據最大的市場份額，我們也相信這就是我們正在努力的方向。我們只需要繼續執行。

Matt Swanson, RBC.

馬特·斯旺森（RBC）。

Congrats on the quarter. I'm sure it felt really good to get this press release out. Jeff, on Amazon, it's gotten a lot of attention recently, both in our investor meetings, but also in the press specifically around its DSP and the push into prime video ads. So I guess maybe broadly, how are you thinking about the competitive landscape right now? And then specific to Amazon, are you seeing any noticeable shifts in how Amazon shown as a competitor?

恭喜本季取得佳績。我確信發布這份新聞稿的感覺一定非常好。傑夫，亞馬遜最近受到了很多關注，不僅在我們的投資者會議上，而且在媒體上，特別是圍繞其 DSP 和主要視訊廣告的推動。所以我想，從廣義上講，您如何看待目前的競爭格局？然後具體到亞馬遜，您是否看到亞馬遜作為競爭對手的表現有任何明顯的變化？

And then maybe a half question off that. Does Amazon and their data sets in CTV increase the need for other publishers to find and work more closely with a partner like Trade Desk to compete effectively?

然後也許還有一半的問題。亞馬遜及其在 CTV 中的數據集是否會增加其他出版商尋找並與 Trade Desk 等合作夥伴更緊密合作以有效競爭的需求？

Thanks so much for the question. I especially like the last part of it because I think the premise of the question is just spot on. So let me just talk a little bit about Amazon and our competition with Amazon. So first, the TAM is massive and there will be lots of players that I think have room to do well in this space. So I don't think anybody is going to own all of that TAM. So I think there's opportunity for a healthy competition.

非常感謝您的提問。我特別喜歡最後一部分，因為我認為這個問題的前提非常正確。那麼，讓我簡單談談亞馬遜以及我們與亞馬遜的競爭。首先，TAM 非常巨大，我認為有很多參與者有空間在這個領域取得好成績。所以我認為沒有人會擁有全部的 TAM。所以我認為這裡有良性競爭的機會。

But as I mentioned in the last comment as well as in the prepared remarks, I believe the objective DSP that aligns its interest with buyers will win the lion's share of market share. And there is no way that, that is Amazon. Our CTV growth is faster than Amazon's advertising growth, and we're very clear on what Amazon's playbook is. It's actually very similar to the Google playbook. Google is primarily focused on search Gemini and YouTube. And so DV360 has largely become a tool to buy YouTube. That is their focus, that is their bias in terms of their incentives as well as what moves the needle on a P&L as big as Googles.

但正如我在上一條評論以及準備好的發言中提到的那樣，我相信將其利益與買家的利益相結合的客觀 DSP 將贏得最大的市場份額。根本就不可能，這就是亞馬遜。我們的 CTV 成長速度比亞馬遜的廣告成長速度快，我們非常清楚亞馬遜的策略。它實際上與 Google 劇本非常相似。Google 主要專注於搜尋 Gemini 和 YouTube。因此，DV360 在很大程度上已成為購買 YouTube 的工具。這是他們的關注點，這是他們的激勵偏見，也是推動像谷歌這樣龐大的損益表的因素。

At Amazon, you can debate whether their core business is retail or their core business is AWS. But in either case, the Prime Video supports retail and it poses a threat to their core business to be too focused on the open Internet and to spend on anything besides Prime video. They're building this product to sell more prime video ads. That's not objective. And then, of course, you have to add to the fact that they compete with most advertisers on something. So unlike Google, where they don't have products that compete with all of them, and especially when you look at so many companies that are in CPG or other things that spend a lot in advertising, Amazon is competing with.

在亞馬遜，你可以爭論他們的核心業務是零售還是他們的核心業務是 AWS。但無論哪種情況，Prime Video 都支持零售，而過於專注於開放互聯網並在 Prime 視頻以外的任何方面投入資金，都會對其核心業務構成威脅。他們打造這款產品是為了銷售更多優質影片廣告。這不客觀。當然，你也必須考慮到他們在某些方面與大多數廣告商競爭。因此，與Google不同，他們沒有產品可以與所有競爭對手競爭，尤其是當你看到很多從事快速消費品或其他在廣告上投入大量資金的公司時，亞馬遜正在與它們競爭。

I think it puts them in a very difficult position because of the amount of the Fortune 500 companies across food, retail, cloud, delivery and so many others, and then especially in big task of competing with all of them and then there's already a big concern about the amount of data that exists inside of AWS and how much that had put at risk. And so that's why I say when you say when you recognize that maybe their core business, putting that at risk over advertising dollars to buy the open Internet is not likely to happen, which is why in a way, I don't really consider them a competitor. While they do call it that DSP is really there is a buying tool for Prime video.

我認為這讓他們處於非常困難的境地，因為財富 500 強公司的數量遍布食品、零售、雲端運算、配送等眾多領域，尤其是在與所有這些公司競爭的艱鉅任務中，人們已經非常擔心 AWS 內部存在的數據量以及這些數據面臨多大的風險。所以這就是為什麼我說當你意識到也許他們的核心業務，為了購買開放的互聯網而冒著廣告費的風險是不太可能發生的，這就是為什麼在某種程度上，我並不認為他們是競爭對手。雖然他們確實稱之為 DSP，但實際上它是 Prime 影片的購買工具。

I do think it's very reasonable to expect that at some point, Prime Video will open up its inventory to additional demand because it's a little bit different than YouTube where there's so much supply and it's lower quality. Prime Video is obviously more professional content that might welcome additional demand.

我確實認為，有理由期待 Prime Video 在某些時候會開放其庫存以滿足更多需求，因為它與 YouTube 略有不同，YouTube 的供應量很大，但品質較低。Prime Video 顯然是更專業的內容，可能會帶來額外的需求。

But to the last part of your question, I think it's really important to consider that. which is why would another content owner -- and we're always talking about how the real promise of the open Internet is the fact that all the greatest stuff on the open Internet, whether it's all of the world's music or whether it's all the world's movies or television or journalism or sports, all of that is monetized in the open Internet. Why were those players? Why would a Disney or a -- paramount, who is also competing with them on making content partner with a company that is also trying to put its own ads ahead of that.

但對於你問題的最後一部分，我認為考慮這一點非常重要。這就是為什麼另一個內容所有者——我們一直在談論開放互聯網的真正前景，即開放互聯網上所有最偉大的東西，無論是世界上所有的音樂，還是世界上所有的電影、電視、新聞或體育，所有這些都可以在開放互聯網上貨幣化。為什麼是那些球員？為什麼迪士尼或派拉蒙等同樣在內容製作方面與他們競爭的公司會與一家同樣試圖將自己的廣告放在首位的公司合作呢？

So I absolutely believe that those content companies are leaning into our partnerships with them in part because we don't compete with them. One of the ways that we've been so successful is that all the different places and people that we can partner with, partner with us because they know who we are and what we do and what we stand for, unlike those that are, in some cases, being more duplicitis or self-serving.

因此，我絕對相信這些內容公司傾向於與我們建立合作關係，部分原因是我們不與他們競爭。我們之所以如此成功，原因之一在於我們可以與各個地方和各個人合作，因為他們知道我們是誰、我們做什麼、我們代表什麼，而不像某些人，在某些情況下，更加虛偽或自私。

There are so many things that I would be doing differently if I were running the DSP at Amazon and focused on the open Internet. It is so clear that, that is not their focus, which is why, in a way, I don't consider competition but we're, of course, all in the advertising space. It's a massive TAM. We're going to go chase the lion's share. We think we'll earn it. We just have to keep executing. But that's going to mostly be up to us and continuing to execute on the things that we are focused on rather than getting distracted by somebody like Amazon.

如果我在亞馬遜經營 DSP 並專注於開放互聯網，我會做很多不同的事情。很明顯，這不是他們的重點，這就是為什麼，在某種程度上，我不認為有競爭，但我們當然都在廣告領域。這是一個巨大的 TAM。我們要去追逐最大的份額。我們認為我們會獲得它。我們只需要繼續執行。但這主要取決於我們，我們會繼續執行我們關注的事情，而不是被亞馬遜這樣的公司分散注意力。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Jeff, the upfront SNP is next week, and you work with most of these publishers, some via Open Path, -- can you talk about the progress that you're seeing in Open Path, I noticed that several new names in today's press release. the improvement that you're seeing for both sides, both you and the publishers and maybe give us your overall expectations for how the upfront will play out?

傑夫，SNP 的預付款將於下週支付，您與大多數出版商都有合作，其中一些是透過 Open Path 進行的——您能談談您在 Open Path 中看到的進展嗎？我注意到今天的新聞稿中出現了幾個新名字。您所看到的您和出版商雙方的進步，以及您對預付款將如何進行的整體預期？

You bet. So let's start with the upfront. First, right now, we're facing a degree of uncertainty that is unique to upfront of the past. Of course, COVID in lots of ways it was much, much worse. But aside from moments like that where there's uncertainty -- when you go into the upfront and there's a higher degree of uncertainty, it's harder to want to commit to put dollars to work at a certain rate for the course of an entire year.

當然。那麼就讓我們從前期開始吧。首先，目前，我們面臨著過去所獨有的某種程度的不確定性。當然，從很多方面來說，COVID 的情況要糟糕得多。但除了存在不確定性的時刻之外——當你進入前期並且存在更高程度的不確定性時，你很難承諾在一整年內以一定的速度投入資金。

So instead, what happens at the upfront is people go in with a commitment to try or to put dollars in a more agile setting, and there is nothing more than programmatic. So we anticipate that this upfront will be a little bit weaker for linear and a little bit stronger for programmatic and digital as a result of the uncertainty that the world is facing right now. So we think all of that is very good for us. I do believe that you're going to see more and more move towards a more forward market like way of doing things that is more sophisticated than the upfronts that were invented in the 1960s and haven't progressed that much as it relates to the specifics of the way linear deals are done.

因此，相反，前期發生的情況是人們承諾嘗試或將資金投入到更靈活的環境中，而這只不過是程序化的。因此，我們預計，由於當前世界面臨的不確定性，線性廣告的預付款會稍微弱一些，而程式化和數位廣告的預付款會稍微強一些。所以我們認為這一切對我們來說都非常有利。我確實相信，你會看到越來越多的人走向更具前瞻性的市場，這種做事方式比 20 世紀 60 年代發明的預付款更加複雜，而且在線性交易的具體方式方面並沒有取得太大的進展。

Because I believe that the digital ecosystem is so much more conducive to a healthy and sophisticated forward market, we are laying groundwork in Kokai for those types of things and one of the big products that remains for us to ship, and we're releasing very shortly is a product called Deal desk that will lay groundwork for us to get more forward market like deals and create a lot more sophistication and a lot more performance out of upfronts or forward market than what currently exists in the upfronts.

因為我相信數位生態系統更有利於健康和成熟的遠期市場，所以我們在 Kokai 中為這些事情奠定了基礎，還有一件重要產品等著我們推出，我們很快就會發布一款名為 Deal desk 的產品，它將為我們奠定基礎，以獲得更多類似遠期市場的交易，並從預付款或遠期市場中創造出比目前預付款中存在的更複雜和預付款性能。

As it relates to OpenPath itself, it's been pretty amazing. We've just been in market for a couple of years now, but we've been obsessed with improving the visibility and transparency of our supply chain. And really, what we're trying to do is make certain that the supply chain is efficient. So if you just zoom out, really, all we're trying to do is make it so that there aren't so many middlemen so many taxes, especially those that don't add more value than they extract so that the open Internet isn't operating at a disadvantage because we always look at this as to a large extent, this is the open Internet competing against walled gardens.

就其與 OpenPath 本身的關係而言，它相當令人驚奇。我們進入市場才幾年，但我們一直致力於提高供應鏈的可見度和透明度。實際上，我們正​​在努力確保供應鏈的效率。所以如果你放大來看，實際上，我們所要做的就是減少中間商和稅收，特別是那些創造的價值大於索取價值的中間商，這樣開放的互聯網就不會處於劣勢，因為我們一直認為，在很大程度上，這是開放的互聯網與圍牆花園的競爭。

And while gardens lose on objectivity, they lose on transparency, but in some cases, they won on supply chain efficiency because they control it all. So even with really large take rates that they all have, their cost of goods sold is so low that they can make very healthy margins, and then they have short supply chains because they control those too. So in order to compete with that, we need a supply chain that is quite efficient. So even though we're just early in the process, and we're using that to some extent, as a stocking horse as well as a canary in the coal mine, if you will, the results have been phenomenal.

雖然花園在客觀性和透明度方面有所欠缺，但在某些情況下，它們在供應鏈效率方面卻佔了上風，因為它們掌控著一切。因此，即使他們的利潤率非常高，但他們的銷售成本卻很低，因此他們可以獲得非常可觀的利潤，而且他們的供應鏈很短，因為他們也控制著供應鏈。因此，為了與之競爭，我們需要一個非常有效率的供應鏈。因此，儘管我們才剛剛處於這個過程的早期階段，並且我們在某種程度上將其用作煤礦中的金絲雀和長襪中的馬，但如果你願意的話，結果是驚人的。

So the Arena group increased their fill rate by 4x and their revenue by 79% on Open Path, the New York Post increased its fill rate by 8x and their revenue by 97%. And we have some large players like Spotify, FOX that are integrating right now, and we have hundreds of others like Reuters, the Washington Post, Dotdash Meredith, so many others. And we don't need Open Path to be 100% of the inventory to get all the benefits. We just need the visibility from it so that we can make certain that we're steering the supply chain in the right way.

因此，Arena 集團透過 Open Path 將其填充率提高了 4 倍，收入提高了 79%，紐約郵報將其填充率提高了 8 倍，收入提高了 97%。我們有一些大型公司，例如 Spotify、FOX，它們目前正在整合，此外我們還有數百家其他公司，例如路透社、華盛頓郵報、Dotdash Meredith 等等。而且我們不需要 Open Path 佔 100% 的庫存才能獲得所有好處。我們只是需要從中獲得可見性，以便我們能夠確保以正確的方式引導供應鏈。

So it is doing this job absolutely. And one way or another, we will make certain that the supply chain gets more efficient so that the open Internet and market competition wins over the walled garden way of doing business. And because of all the changes that have happened in our space in the last few months, we think we're in a better position to capitalize on a more efficient supply chain than we ever had in the past. And whether that's because of the Google verdict or whether that's because of our own efforts with OpenPath, whether that's because of the injection of AI into our core products like Kokai or into things like supply path optimization and Openpath. All of those are paid fruits. So when they work together, the open Internet is in a better position than I think wells garden.

所以它絕對在做這項工作。無論如何，我們都會確保供應鏈變得更有效率，以便開放的網路和市場競爭能夠克服封閉的商業模式。由於過去幾個月我們所在領域發生的所有變化，我們認為我們比以往任何時候都更有能力利用更有效率的供應鏈。無論這是因為Google的判決，還是因為我們自己對 OpenPath 的努力，無論是因為將人工智慧注入我們的核心產品（如 Kokai）還是注入供應路徑優化和 Openpath 等產品。這些都是付出的成果。因此，當他們合作時，開放的網路將比我認為的威爾斯花園處於更好的地位。

Kelly, Stifel.

凱利，斯蒂費爾。

Great. Jeff, the first question, I appreciate the commentary on the Amazon competition. I did want to ask you about DV360 because it does seem like they continue to invest in that product with more retail media functionality and things like that. I guess do you see like a byproduct of the DOJ suit being Google kind of stepping on the gas on the DSP side maybe? Or just would love to get your thoughts there. And then Laura, the -- in Q1, the sequential decline was a lot better than what we typically see in Q1. Would it be possible to give us political in Q1 because that's obviously a healthy sequential decline given the election cycle?

偉大的。傑夫，第一個問題，我很欣賞對亞馬遜競爭的評論。我確實想問您有關 DV360 的問題，因為他們似乎確實在繼續投資該產品，增加更多的零售媒體功能和類似的東西。我猜您是否認為司法部訴訟的副產品是谷歌在 DSP 方面加大力度？或只是想了解您的想法。然後，勞拉，在第一季度，連續的下滑比我們通常看到的第一季的情況要好得多。是否有可能在第一季為我們帶來政治影響，因為考慮到選舉週期，這顯然是一個健康的連續下降？

Great. Well, I'll take the first part and then Laura, you can figure out first for that portion. But -- as it relates to DV360, if I just look at this sort of a strategic lens and especially what we learned from what was made public during the trials that they recently went through -- the majority of their spend is going to buying media on YouTube. And to me, that makes sense for them because their cost of goods sold in YouTube is close to zero. -- it's an amazing asset for them. But it's not the open Internet. And it certainly -- they're not in a position to objectively buy the rest of the open Internet.

偉大的。好吧，我先講第一部分，然後勞拉，你可以先弄清楚那部分。但是——就 DV360 而言，如果我只從這種戰略角度來看，特別是從他們最近經歷的試驗中公開的信息中了解到的情況來看——他們的大部分支出都用於購買 YouTube 媒體。對我來說，這對他們來說是有意義的，因為他們在 YouTube 上銷售商品的成本接近零。 ——這對他們來說是一筆寶貴的財富。但它不是開放的網路。而且他們確實沒有能力客觀地購買其餘的開放網路。

So when you talk about like bringing retail data on a retail partnership, that's all about trying to monetize, in my view, that's about trying to monetize the almost unlimited supply that they have in YouTube -- and so if they're able to monetize that better by adding retail media, they will. But we're -- we're not that far away from DB 360 just being a buying tool for YouTube. And if I were them, that's what I would seriously consider doing -- all the antitrust headaches come from participating in the open Internet and pretending to be objective about what you buy. I don't just feel like Facebook and say, our properties are awesome and the best -- and we're just going to focus on monetizing those. I think there's a to end up and then we'll monetize the open Internet, and they'll monetize YouTube I think that's almost what it is already, to your point, Laura.

因此，當你談到將零售數據帶到零售合作夥伴那裡時，在我看來，這都是為了試圖將其貨幣化，這都是為了試圖將其在 YouTube 上幾乎無限的供應貨幣化——因此，如果他們能夠通過添加零售媒體更好地將其貨幣化，他們就會這麼做。但我們——DB 360 距離成為 YouTube 的購買工具已經不遠了。如果我是他們，我會認真考慮這麼做——所有的反壟斷麻煩都來自於參與開放的網路並假裝對你購買的東西保持客觀。我不會像 Facebook 那樣只是說我們的資產很棒、是最好的——我們只會專注於將這些資產貨幣化。我認為最終我們會將開放的網路貨幣化，他們也會將 YouTube 貨幣化，我認為這幾乎就是你所說的情況，蘿拉。

Yeah. Thanks, Mark. Really appreciate the question. I would say we're really proud of what we delivered in Q1. It was such a strong quarter for us -- and I would attribute the strength to the uptake in Kokai adoption and the early momentum from the upgrades that we talked about earlier in the year related to our business that we made in I wouldn't say that the Q4 to Q1 sequential strength was driven by political simply because we exited presidential cycle in the US, entered 2025 when we're not in an off-cycle and don't have much contribution. So it's more just strength in the changes we're making to the business.

是的。謝謝，馬克。非常感謝您的提問。我想說，我們對第一季的業績感到非常自豪。對我們來說，這是一個非常強勁的季度——我將這種強勁表現歸功於 Kokai 的採用率上升，以及我們在今年早些時候談到的與我們的業務相關的升級帶來的早期勢頭。我不會說第四季至第一季的連續強勁表現僅僅是由政治因素推動的，因為我們退出了美國的總統選舉週期，進入了 2025 年，而那時我們並未處於非週期階段，也沒有太多的貢獻。因此，這更多的是我們對業務做出的改變的力量。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。