Trade Desk Inc (TTD) 2025 Q2 法說會逐字稿

Greetings. Welcome to The Trade Desk second-quarter 2025 earnings conference call.

問候。歡迎參加 The Trade Desk 2025 年第二季財報電話會議。

(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 this conference over to your host, Chris Toth. You may begin.

現在我將本次會議交給主持人克里斯·托特 (Chris Toth)。你可以開始了。

Thank you, operator. Hello. Good afternoon to everyone. Welcome to The Trade Desk second-quarter 2025 earnings conference call.

謝謝您，接線生。你好。大家下午好。歡迎參加 The Trade Desk 2025 年第二季財報電話會議。

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

今天參加電話會議的有執行長兼聯合創始人傑夫·格林 (Jeff Green) 和首席財務官勞拉·申克因 (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 the aside from historical information, today's discussion and our responses during the Q&A may include forward-looking statements. These statements are subject to risks and uncertainties and reflect our views and assumptions as of the date such statements are made. Actual results may vary significantly. We expressly disclaim any obligations to update the forward-looking statements made today.

請注意，除了歷史資訊外，今天的討論和我們在問答期間的回應可能包含前瞻性陳述。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。實際結果可能有很大差異。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. For a detailed discussion of risks, including the most recent economic volatility caused by tariffs, please refer to the risk factors mentioned in our press release and our most recent SEC filings.

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。有關風險的詳細討論，包括關稅引起的最新經濟波動，請參閱我們的新聞稿和我們最近的美國證券交易委員會文件中提到的風險因素。

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

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，將這些非公認會計準則指標與我們的公認會計準則結果一起呈現，可以更全面地了解公司的營運績效。

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

現在，我將把電話轉給執行長兼聯合創始人傑夫·格林 (Jeff Green)。傑夫？

Thanks, Chris. Good afternoon, everyone. Thank you for joining us today.

謝謝，克里斯。大家下午好。感謝您今天加入我們。

As you've seen from our press release, we again posted strong growth in the second quarter. Our revenue grew about 19% compared with Q2 last year. We continue to outpace the digital advertising market, driven by the innovation and value we deliver to our clients every day.

正如您從我們的新聞稿中看到的，我們在第二季度再次實現了強勁成長。我們的營收與去年第二季相比成長了約19％。我們繼續領先數位廣告市場，這得益於我們每天為客戶提供的創新和價值。

CTV continues to be our fastest-growing channel with no signs of slowing down. Partners like Disney, NBCU, Walmart, Roku, LG, Netflix, and many others are deepening their relationships with us around the growing decision programmatic opportunity in CTV, which delivers the most effective and highest return on ad spend compared to insertion order or programmatic guaranteed buying. I could not be more excited about our position in CTV and the size of the growth opportunity for us in the years ahead.

CTV 繼續成為我們成長最快的頻道，並且沒有放緩的跡象。迪士尼、NBCU、沃爾瑪、Roku、LG、Netflix 等合作夥伴正在圍繞 CTV 中日益增長的決策程序化機會深化與我們的關係，與插入訂單或程序化保證購買相比，它可帶來最有效和最高的廣告支出回報率。我對我們在 CTV 的地位以及未來幾年的成長機會感到無比興奮。

With our leadership in CTV, as well as other areas such as retail media, digital audio, identity, measurement, and data, we are winning more business with both new and existing customers. We are signing more multi-year JBPs, or joint business plans, than ever before with leading agencies and brands.

憑藉我們在 CTV 以及零售媒體、數位音訊、身分、測量和數據等其他領域的領導地位，我們正在贏得更多新舊客戶的業務。我們與領先的機構和品牌簽署的多年期 JBP（聯合商業計劃）比以往任何時候都多。

In fact, the number of live JBPs is at an all-time high. We continue to see spend under JBPs significantly outpace the rest of our business. What's even more encouraging is the strength of our JBP pipeline, with nearly 100 JBPs in progress, many of them in the late stages of development.

事實上，活躍的 JBP 數量已經達到了歷史最高水準。我們繼續看到 JBP 下的支出大大超過我們其他業務的支出。更令人鼓舞的是我們的 JBP 管道實力雄厚，有近 100 個 JBP 正在進行中，其中許多處於開發的後期階段。

While many of our JBPs are signed directly with brands, we are working hand-in-hand with their agencies almost in every case to bring these partnerships to life. It is not an either/or.

雖然我們的許多 JBP 都是直接與品牌簽約的，但幾乎在每種情況下，我們都會與他們的代理商攜手合作，以實現這些合作關係。這並不是非此即彼的問題。

I want to start by giving you an update on our business but I also want to take the time to describe our vision and where we're heading. We see clearly what is on the horizon for our space. We're convinced we're the best-positioned company in ad tech to accelerate our growth in 2026.

我想先向您介紹我們的業務最新情況，但我也想花點時間描述我們的願景和發展方向。我們清楚地看到了我們空間的未來前景。我們堅信，我們是廣告科技領域最有實力在 2026 年加速成長的公司。

But it is important we share the opportunity we see because we think aligning our vision and efforts with our team, our clients, our partners, and our investors will maximize our ability to capture the unprecedented and unique opportunity in front of us.

但分享我們所看到的機會非常重要，因為我們認為將我們的願景和努力與我們的團隊、客戶、合作夥伴和投資者相結合，將最大限度地提高我們抓住我們面前前所未有的獨特機會的能力。

First, an update on the business. There are several key areas of progress to highlight here. First, we are delivering on Kokai, our most significant platform upgrade to date and one that represents a new frontier in digital advertising trading. Kokai gives advertisers unprecedented power to drive precision and relevance in everything they do, all powered by the industry's most advanced AI technology, Koa.

首先，介紹一下業務的最新情況。這裡有幾個關鍵的進展領域需要強調。首先，我們正在推出 Kokai，這是我們迄今為止最重要的平台升級，它代表了數位廣告交易的新前沿。Kokai 為廣告主提供了前所未有的能力，使他們所做的一切更加精準和相關，而這一切都由業界最先進的人工智慧技術 Koa 提供支援。

We have injected AI into so many parts of the system that the clients that have adopted Kokai have seen tremendous performance improvements.

我們已將 AI 注入系統的許多部分，以至於採用 Kokai 的客戶已經看到了巨大的效能提升。

Samsung was able to drive a 43% improvement in reaching its target audience for an omnichannel campaign in Europe. Cash Rewards saw a 73% improvement in cost per acquisition for campaigns in Asia using Kokai. In the aggregate, we are seeing more than a 20 points improvement across key KPIs and for campaigns running in Kokai.

三星在歐洲的全通路行銷活動中，目標受眾覆蓋率提高了 43%。Cash Rewards 使用 Kokai 在亞洲開展的活動的每次購買成本提高了 73%。總體而言，我們看到關鍵 KPI 和在 Kokai 中運行的廣告系列均提高了 20 多個百分點。

What's even more encouraging is the clients who have transitioned the majority of their spend on Kokai are increasing their overall spend on The Trade Desk by more than 20% faster than those who have not. This is precisely what we believed was possible when we launched Kokai.

更令人鼓舞的是，那些將大部分支出轉移到 Kokai 的客戶在 The Trade Desk 上的整體支出成長速度比沒有轉移的客戶快 20% 以上。這正是我們在推出 Kokai 時所堅信可以實現的。

Advertisers are getting meaningfully better returns on their ad dollars. They are doubling down on the open Internet and on us, as a result. Around three-quarters of all client spend is now running through Kokai. We expect all of our clients to be using Kokai by the end of this year.

廣告商的廣告投入獲得了顯著提高的回報。結果，他們加倍攻擊開放網路和我們。目前，大約四分之三的客戶支出都是透過 Kokai 進行的。我們預計我們所有的客戶都將在今年年底前使用 Kokai。

Second, we are trying to create the most efficient supply chain possible for digital advertising. We are seeing great progress with OpenPath. OpenPath allows publishers to directly integrate with The Trade Desk if they choose to. It enables publishers to see more clearly how much our clients are willing to pay for their ad impressions. It gives our clients a direct line of sight into what they are buying.

其次，我們正在努力創建最高效的數位廣告供應鏈。我們看到 OpenPath 取得了巨大進步。OpenPath 允許出版商直接與 The Trade Desk 整合（如果他們願意的話）。它使出版商能夠更清楚地了解我們的客戶願意為他們的廣告展示支付多少錢。它讓我們的客戶可以直接了解他們所購買的產品。

Today, a material amount of spend on our platform is now flowing through OpenPath. It is doing exactly what we expected. OpenPath is both a canary in the coal mine and a stocking horse. We don't expect 100% of spend to flow through OpenPath. But we do expect it to, one way or another, make the supply chain better and more efficient.

如今，我們平台上的大量支出都透過 OpenPath 進行。它確實達到了我們預期的效果。OpenPath 既是煤礦中的金絲雀，也是放養的馬。我們不希望 100% 的支出都流經 OpenPath。但我們確實希望它能以某種方式使供應鏈變得更好、更有效率。

The benefits have been exceptional, not just for our clients but for the publishers, too. By providing our clients with clearer signal, they have more confidence in what they're buying. They're typically willing to buy more.

這些好處是顯著的，不僅對我們的客戶如此，對出版商也是如此。透過向我們的客戶提供更清晰的訊號，他們對所購買的產品更有信心。他們通常願意購買更多。

We have a longstanding partnership with News Corp, for example. The New York Post has been one of the pioneers of OpenPath. They've seen a 97% boost in their programmatic display revenue, as a result. Also, in the journalism field, Hearst newspapers have adopted OpenPath and have seen a 4x improvement in their fill rate since deploying it.

例如，我們與新聞集團有著長期的合作關係。《紐約郵報》是 OpenPath 的先驅之一。結果，他們的程序化展示收入成長了 97%。此外，在新聞領域，赫斯特報業集團已經採用了 OpenPath，自部署以來，其填充率提高了 4 倍。

As Amanda Gomez, SVP of Revenue Operations and Ad Technology at the New York Post said -- and I quote -- "The New York Post is always driving for ways to simplify our connection to advertisers to help fill our ad spots more efficiently and transparently. We partnered with The Trade Desk to test OpenPath to help achieve this goal with great success over the past year, ultimately helping to fuel programmatic revenue growth."

正如《紐約郵報》收入營運和廣告科技高級副總裁阿曼達·戈麥斯所說（我引用）： 「《紐約郵報》一直在努力簡化與廣告商的聯繫，以幫助我們更有效率、更透明地填補廣告位。我們與 The Trade Desk 合作測試 OpenPath，以幫助實現這一目標，並在過去一年中取得了巨大成功，最終幫助推動了程式化收入的成長。 」

OpenPath is not an attempt by The Trade Desk to get into the supply side of digital advertising. We're not getting into the yield management business. Our clients are exclusively the buyers. OpenPath is simply an effort to improve the quality of the supply chain for everyone in the ecosystem.

OpenPath 並不是 The Trade Desk 進入數位廣告供應方的嘗試。我們不會涉足收益管理業務。我們的客戶都是買家。OpenPath 只是為了提高生態系統中每個人的供應鏈品質而做出的努力。

Key to our supply chain work is our Sincera acquisition earlier this year. We have already made a tremendous amount of supply chain data available to the ecosystem for free via OpenSincera. There, anyone can log in and see the quality of advertising on thousands of publisher sites.

我們供應鏈工作的關鍵是我們今年稍早收購的 Sincera。我們已經透過 OpenSincera 免費向生態系統提供了大量供應鏈數據。在那裡，任何人都可以登入並查看數千個發布商網站上的廣告品質。

Since launching OpenSincera just a few weeks ago, we've already had many publishers contact us to say they didn't realize some of the quality dynamics of the ad experience on their own destinations. They are improving those ad experiences, as a result.

自從幾週前推出 OpenSincera 以來，已經有許多出版商與我們聯繫，表示他們沒有意識到自己目的地廣告體驗的一些品質動態。因此，他們正在改善這些廣告體驗。

But as important as OpenSincera is, I'm even more excited to embed the full scope of Sincera data across our platform as one of the most important metadata sources and signals for the way that we value individual impressions and work, on behalf of the buyers.

儘管 OpenSincera 非常重要，但我更高興的是將 Sincera 資料的全部範圍嵌入到我們的平台中，作為最重要的元資料來源之一，並代表我們代表買家重視個人印象和工作的方式發出信號。

For instance, we might see the same ad impression from hundreds of supply paths. We don't want to burden our clients with figuring out which one is best. It is not efficient to manage that challenge by defaulting to deals.

例如，我們可能會從數百條供應路徑中看到相同的廣告印象。我們不想讓客戶費力去弄清楚哪一個是最好的。透過預設交易來應對這項挑戰並不是有效的。

Instead, Kokai does that work for our clients, leveraging AI and data from sources like Sincera so advertisers can obsess about buying the right impression, rather than the delivery mechanism.

相反，Kokai 為我們的客戶完成這項工作，利用人工智慧和來自 Sincera 等來源的數據，以便廣告主可以專注於購買正確的印象，而不是投放機制。

But I do want to talk about deals for a second. One additional innovation that will help accelerate our supply chain work is Deal Desk. It is one of the major final pieces of Kokai. It is in beta now.

但我確實想談交易。有助於加速我們供應鏈工作的另一項創新是 Deal Desk。這是 Kokai 的最後主要作品之一。目前處於測試階段。

Deal Desk leverages AI, especially AI forecasting, to reshape how we think about deals between advertisers and publishers and intermediaries such as SSPs. It helps advertisers and publishers understand how deals are performing, how they are pacing, whether the right impressions are being delivered and so on.

Deal Desk 利用人工智慧（尤其是人工智慧預測）來重塑我們對廣告商、出版商和 SSP 等中介機構之間的交易的看法。它可以幫助廣告商和出版商了解交易的進展、節奏如何、是否產生了正確的印像等等。

But perhaps just as important when deals are underperforming, Deal Desk will help those deals get back on track, and it will showcase open market and premium Internet alternatives.

但也許同樣重要的是，當交易表現不佳時，交易台將幫助這些交易重回正軌，並將展示開放市場和優質的網路替代品。

We are seeing very strong appetite for Deal Desk across both advertisers and publishers. Everyone recognize the limitation of deals and wants innovation that can help improve them.

我們發現廣告商和出版商對 Deal Desk 的需求非常強烈。每個人都認識到交易的局限性，並希望透過創新來改善交易。

Disney is one of the first publishers to lean into Deal Desk. Jamie Power at The Walt Disney Company, has said, several times over the past couple of years, that they intend to shift 75% of their ad revenue to biddable programmatic by 2027.

迪士尼是首批採用 Deal Desk 的出版商之一。華特迪士尼公司的 Jamie Power 在過去幾年中多次表示，他們打算在 2027 年將 75% 的廣告收入轉移到可競價程序化廣告。

I'm thrilled that our innovation will help them achieve this goal. And she said when talking about Deal Desk -- and I quote -- "As more buyers shift toward biddable activation, we're focused on ensuring they have the tools, access, and flexibility they need to drive results. Our relationship with The Trade Desk reflects our commitment to meeting advertisers where they are and evolving how we transact to deliver greater efficiency and performance."

我很高興我們的創新能夠幫助他們實現這一目標。她在談到 Deal Desk 時說道——我引用一下——「隨著越來越多的買家轉向競價激活，我們專注於確保他們擁有推動成果所需的工具、訪問權限和靈活性。我們與 The Trade Desk 的合作關係體現了我們致力於滿足廣告商的需求，並不斷改進我們的交易方式，以提供更高的效率和效能。 」

The third area I'd like to focus on is work we've been doing to advance objectivity in everything we do and across the ad tech ecosystem. If the DuPont anti-trust trial taught us one thing, it's that big -tech, walled-garden advertising platforms have a vested interest in guiding spend to their owned and operated media.

我想重點關注的第三個領域是我們一直在努力提高我們所做的一切以及整個廣告技術生態系統的客觀性。如果杜邦反壟斷審判教會了我們一件事，那就是大型科技、封閉式廣告平台有既得利益，可以引導消費者支出流向他們擁有和經營的媒體。

With Google, it's YouTube; with Amazon, its Prime Video. Of course, they can make it seem really cheap from a platform perspective because they make up that cost and much more on the other side of the transaction, because they own the media. But if you want to reach your audience with objectivity and with no thumb on the scale across the best of the Internet, you are more likely to come to The Trade Desk.

有了谷歌，就有 YouTube；有了亞馬遜，就有 Prime Video。當然，從平台的角度來看，他們可以讓它看起來很便宜，因為他們在交易的另一方彌補了這部分成本，而且他們擁有媒體。但是，如果您想以客觀的方式接觸您的受眾，並且不去評判網路上最好的東西，那麼您更有可能來到 The Trade Desk。

We are seeing more and more clients understand the importance of objectivity and the power of the premium open Internet to reach their target audience as precisely and cost efficiently as possible.

我們看到越來越多的客戶認識到客觀性的重要性以及優質開放網路的力量，以便盡可能精確且經濟高效地接觸目標受眾。

Live sports is a great case study. It's where advertisers get to act with precision and objectivity in reaching their audience where they are most engaged. A few years ago, just after the pandemic, I was on an industry panel in New York City, where many of my peers on stage made the argument that live sports would be the linchpin that keeps viewers on linear TV for years to come. I think many of you may have even been at that event.

現場體育賽事就是一個很好的研究案例。在這裡，廣告商可以採取精確和客觀的行動，在最吸引受眾的地方吸引他們。幾年前，就在疫情剛結束之後，我在紐約參加了一個行業小組討論，台上的許多同行都認為，體育直播將成為未來幾年讓觀眾留在線性電視上的關鍵。我想你們中的許多人可能都參加過該活動。

If you fast forward through the impact of a global pandemic, now, all live sports are available via streaming TV and represent one of the most valuable pillars of the open Internet. We continue to innovate with our partners to bring the full value of live sports to our clients.

如果您快速回顧全球大流行的影響，現在，所有現場體育賽事都可以透過串流電視觀看，並代表了開放網路最有價值的支柱之一。我們將繼續與合作夥伴一起創新，為客戶帶來現場體育賽事的全部價值。

One of the promises of live sports in a biddable CTV environment is that advertisers can target key moments like over time in an NBA game or the PKs at the end of a soccer game. When the audience has most leaned in, well, now we will be offering this capability with new tooling in Kokai and partnerships with companies such as Disney, Sky, TV, and Omnicom, which we announced at Cannes a few weeks ago.

在競價式 CTV 環境中直播體育賽事的一大優勢是，廣告商可以瞄準關鍵時刻，例如 NBA 比賽的加時賽或足球比賽結束時的點球大戰。當觀眾最傾向於觀看時，我們現在將透過 Kokai 中的新工具以及與迪士尼、Sky、TV 和 Omnicom 等公司的合作來提供此功能，這是我們幾週前在坎城宣布的。

Another major pillar of objectivity on the open Internet is the ability to measure business outcomes of marketing campaigns with precision. Kokai already has the industry's most advanced retail media marketplace. But we've recently launched expanded partnerships with leaders such as Instacart and Ocado to provide even more granular data on actual consumer purchases so advertisers can measure with even greater precision.

開放網路客觀性的另一個主要支柱是能夠精確衡量行銷活動的業務成果。Kokai 已擁有業界最先進的零售媒體市場。但我們最近與 Instacart 和 Ocado 等領先企業建立了擴大的合作夥伴關係，以提供有關實際消費者購買的更詳細的數據，從而使廣告商能夠更精確地進行衡量。

Again, objectivity is a major factor here. Unlike others in the market, our goal is to drive the use of retail data across as many advertiser campaigns as possible. We do not compete with retailers.

再次強調，客觀性是這裡的重要因素。與市場上的其他公司不同，我們的目標是推動盡可能多的廣告商在廣告活動中使用零售數據。我們不與零售商競爭。

Only an independent objective partner like us can truly help advertisers unlock this opportunity. In Q2, a record amount of spend was influenced by retail data, both on our platform and on the Walmart DSP as more shopper marketing budgets flow into programmatic.

只有像我們這樣的獨立客觀的合作夥伴才能真正幫助廣告商開啟這一機會。在第二季度，隨著越來越多的購物者行銷預算流入程序化廣告，我們平台和沃爾瑪 DSP 上的零售數據影響了創紀錄的支出金額。

Fourth, I'd just like to reiterate that underpinning all of our success this year is a strong focus on operational rigor. This includes strengthening our leadership team. As you know, Vivek Kundra joined us as our COO in March.

第四，我想重申，我們今年所有成功的基礎是對營運嚴謹性的高度重視。這包括加強我們的領導團隊。如您所知，Vivek Kundra 於三月加入我們，擔任營運長。

I'm also pleased to announce here that Alex Kayyal will be joining as our new CFO. You may know Alex as he's on our Board. But his relationship with this company spans over a decade, initially as an early investor in 2014. He's also been a leader in the digital space for more than two decades. I'm thrilled that he's agreed to join our leadership team, as I believe there are a few in our industry who have Alex's experience and strategic mindset in finance in a way that [incents] and drives growth for the organization.

我也很高興地宣布 Alex Kayyal 將加入我們並擔任新任財務長。您可能認識 Alex，因為他是我們的董事會成員。但他與這家公司的合作關係已超過十年，最初是在 2014 年作為早期投資者加入的。二十多年來，他一直是數位領域的領導者。我很高興他同意加入我們的領導團隊，因為我相信我們行業中有一些擁有亞歷克斯在財務方面的經驗和策略思維的人，可以激勵和推動組織的成長。

This shift has been made possible by Laura working with Alex to facilitate this transition. She will remain in the seat until August 21 and then, stay on the team through the end of the year. I have worked with Laura for more than a decade. I have nothing but tremendous respect and admiration for her work and her expertise. We wouldn't be here without her contribution to this point. Laura's contribution and passion will live in The Trade Desk for the entire future of its existence.

勞拉與亞歷克斯共同努力促成了這一轉變。她將繼續擔任該職位至 8 月 21 日，並將留在團隊中直至今年年底。我和勞拉合作已經十多年了。我對她的工作和專業知識只有無比的尊重和欽佩。如果沒有她對此的貢獻，我們就不會擁有今天的成就。勞拉的貢獻和熱情將永遠存在於 The Trade Desk 之中。

I love that we joined the S&P 500 during her last full quarter, what a milestone and what a note to end on.

我很高興我們在她的最後一個完整季度加入了標準普爾 500 指數，這是一個里程碑，也是一個值得紀念的結局。

We are also enhancing the Board of Directors. I couldn't be more excited to announce that Omar Tawakol, will also be joining the Board. Over the years, Omar has been one of the real innovators in AdTech, whether it was founding BlueKai in 2007 or more recently, founding Rembrand, one of the leaders in creative AI in advertising. I look forward to his innovators vision as a part of our Board work.

我們也在加強董事會。我非常高興地宣布 Omar Tawakol 也將加入董事會。多年來，Omar 一直是廣告科技領域的真正創新者之一，無論是 2007 年創立 BlueKai，還是最近創立廣告創意 AI 領域的領導者之一 Rembrand。我期待他的創新願景成為我們董事會工作的一部分。

In addition to strengthening our leadership team, we have improved the structure and clarity of our go-to-market organization, particularly in how our media traders, account management and business development teams work together. This ensures that our clients experience the full power of our platform with clear roles and responsibilities across our teams.

除了加強我們的領導團隊之外，我們還改善了我們的行銷組織的結構和清晰度，特別是我們的媒體交易員、帳戶管理和業務開發團隊如何協同工作。這確保了我們的客戶能夠充分體驗我們平台的強大功能，並且我們的團隊能夠明確角色和職責。

Lastly, I think this is a unique and important moment to remind our investors, our clients, our partners, and the rest of our industry about our mission, our vision, and our collective opportunity. Global advertising is a trillion-dollar industry today. That TAM is all up for grabs.

最後，我認為這是一個獨特而重要的時刻，要提醒我們的投資者、客戶、合作夥伴以及我們行業的其他成員我們的使命、願景和共同機會。如今，全球廣告業已成為一個價值數兆美元的產業。TAM 全部可供爭奪。

Additionally, AI is changing everything and creating new opportunities. Quality AI requires quality data. To trust AI-driven buying long term requires objectivity. A black box that just sells owned and operated media will struggle far beyond what ad networks have struggled with for decades.

此外，人工智慧正在改變一切並創造新的機會。高品質的人工智慧需要高品質的數據。要長期信任人工智慧驅動的購買需要客觀性。一個只銷售自有和經營媒體的黑盒子所面臨的困境將遠遠超過廣告網路幾十年來所面臨的困境。

Our vision is to define clearly the category of DSP. Access is not at the core of our value proposition, simply getting access to inventory. Database decisioning and measurement is at the core of our offering. Some have mistakenly thought our ambitions are about display. Some have mistakenly thought our ambitions were only about CTV or branding budgets.

我們的願景是明確定義 DSP 的類別。存取權並不是我們價值主張的核心，只是獲得庫存的存取權。資料庫決策和測量是我們提供的核心。有些人錯誤地認為我們的目標只是展示。有些人錯誤地認為我們的目標僅僅在於 CTV 或品牌預算。

Our goal is to buy the entire open Internet objectively for buyers, big and small. We've started with the biggest. We serve them well. We think we've done the best job in the history of ad tech of aligning our interest with buyers. This enables them to trust us with their data.

我們的目標是客觀地為大大小小的買家購買整個開放的網路。我們從最大的開始。我們為他們提供良好的服務。我們認為，在廣告科技的發展史上，我們在將我們的興趣與買家的興趣結合起來方面做得最好。這使得他們能夠信任我們，將他們的資料交給我們。

On that topic, one of the biggest flaws with walled-gardens is that they measure their own performance. We believe it is in the best interest of every retailer, including Amazon, to have the measurement of the open Internet based on something more auditable, more independent, and more transparent than what happens today.

關於這個主題，圍牆花園的最大缺陷之一是它們衡量自己的表現。我們相信，對包括亞馬遜在內的每家零售商來說，以比現在更可審計、更獨立、更透明的方式衡量開放互聯網符合其最大利益。

We partnered already with hundreds of retailers around the world to measure in this more objective way. Our retail partnerships play a very significant role in making it so that the premium open Internet gets the first dollar of budget and not the last dollar.

我們已經與全球數百家零售商合作，以這種更客觀的方式進行衡量。我們的零售合作夥伴關係發揮著非常重要的作用，確保優質開放網路獲得第一美元的預算而不是最後一美元。

There are a tremendous number of inefficiencies in the open Internet supply chains for both media and data. We have big plans to change those.

開放網路的媒體和資料供應鏈中存在大量低效率的問題。我們有宏偉的計劃來改變這些。

AI is currently changing the world. It is also changing the world of advertising and media buying. There are so many specific tasks where AI can massively level up the status quo. What is an impression work to a specific brand? What is the price that this auction is likely to clear up? What is the best supply chain to maximize transparency and minimize unnecessary costs?

人工智慧正在改變世界。它也正在改變廣告和媒體購買的世界。在許多特定任務中，人工智慧可以大大改善現狀。對於特定品牌來說印像作品是什麼？這次拍賣大概能成交多少價位呢？什麼是最佳的供應鏈，可以最大程度地提高透明度並最大程度地減少不必要的成本？

These applications of AI are already in our product. Koa is what powers Kokai's forecasting, which is predicting the reach and performance of a campaign before a single dollar is spent. Distributed AI is foundational in Kokai. This is only the beginning. There are many tasks where agents can improve performance, in part because they're always on.

這些人工智慧的應用已經存在於我們的產品中。Koa 為 Kokai 的預測功能提供動力，可以在花費任何一美元之前預測廣告活動的覆蓋範圍和效果。分散式 AI 是 Kokai 的基礎。這只是個開始。代理可以提高許多任務的效能，部分原因是它們始終處於線上狀態。

As you consider the power of AI in these specific applications, you can see how winning the trust of buyers is so critical. It is a buyer's market. As a result, premium inventory matters more than ever.

當您考慮人工智慧在這些特定應用中的力量時，您就會明白贏得買家的信任是多麼重要。這是一個買方市場。因此，優質庫存比以往任何時候都更重要。

Again, our value-add isn't that we merely have access to the best of the Internet, which is what we refer to as the big five. These big five are the best of TV, the best of movies, the best of music, the best of journalism, and the best of sports.

再次強調，我們的附加價值並不在於我們能夠存取網路的精華，也就是我們所說的五大巨頭。這五大獎項分別是最佳電視獎、最佳電影獎、最佳音樂獎、最佳新聞獎和最佳體育獎。

Currently, consumers spend most of their time on these big five. But most of the money goes to search and social. It is our aim to make the open Internet the lion's share of spend and the highest efficacy ad spend in digital.

目前，消費者大部分時間都花在這五大平台上。但大部分資金都流向了搜尋和社交。我們的目標是讓開放的網路成為數位領域支出的最大份額和最高效的廣告支出。

As I've said for over a decade, the lines between brand and performance are artificial and will go away over time. Everything is performance. But some performance is optimized for awareness and top-of-the-funnel outcomes; and others are pointed at the bottom-of-the-funnel outcomes. Nevertheless, everything that can be quantified will be. Most spend will be pointed at outcomes.

正如我十多年來所說的那樣，品牌和業績之間的界線是人為的，隨著時間的推移將會消失。一切都是表演。但有些績效是針對意識和漏斗頂部結果進行最佳化的；而其他績效則針對漏斗底部結果。儘管如此，一切可以量化的事物都將被量化。大部分支出將用於成果。

Before I wrap up, I want to take a moment to speak to the proposed extension of our dual-class share structure, which was included in our most recent proxy filing. There will be plenty of opportunities to engage in more detail in the weeks ahead. But I think it's important to provide some perspective now on why the Board is making this recommendation.

在結束之前，我想花點時間談談我們最新的代理文件中所包含的雙重股權結構的延長提議。未來幾週將有大量機會進行更詳細的討論。但我認為現在有必要解釋一下董事會為何提出這項建議。

From the day that Trade Desk was founded, we believe that long-term thinking is our greatest advantage. The vision that we described is a long-term North Star that we think about in nearly every major decision we make. Dual class helps maintain that long-term North Star orientation.

從 Trade Desk 成立的那一天起，我們就相信長遠的思考是我們最大的優勢。我們所描述的願景是一顆長期的北極星，我們在做出幾乎每一個重大決定時都會考慮它。雙重階級有助於維持長期的北極星方向。

When we went public in 2016, we chose a dual-class structure because we knew building something transformative, something that could truly redefine the open Internet, would require conviction, patience, and freedom from the short-term pressures that weigh on public companies or are the one-size-fits-all approach often promoted by some governance analysts and major proxy advisory firms.

當我們在 2016 年上市時，我們選擇了雙重股權結構，因為我們知道，要打造一個變革性的東西，一個可以真正重新定義開放互聯網的東西，需要信念、耐心，並且要擺脫上市公司面臨的短期壓力，或者一些治理分析師和大型代理諮詢公司經常提倡的「一刀切」的做法。

Our belief has proven correct. Since then, we've grown from below a $1 billion market cap to about $40 billion today and included in the S&P 500. We've helped shape the future of identity with UID2, built leadership in CTV and Retail Media, expanded globally, and invested in innovations like Kokai, Sincera, and our TV operating system -- all of which require decisions that didn't pay off in a quarter or even a year but instead, positioned us to lead for years to come.

我們的信念已被證明是正確的。從那時起，我們的市值從不到 10 億美元成長到今天的約 400 億美元，並被納入標準普爾 500 指數。我們透過 UID2 幫助塑造身分識別的未來，在 CTV 和零售媒體領域建立領導地位，進行全球擴張，並投資於 Kokai、Sincera 和我們的電視作業系統等創新——所有這些都需要做出決策，這些決策不會在一個季度甚至一年內產生回報，而是讓我們在未來幾年保持領先地位。

We're now at another inflection point. The digital advertising landscape is evolving rapidly, with ongoing regulatory scrutiny of walled-gardens, the rise of AI, and growing demand for transparency and independence. We believe the next decade will be pivotal in determining the winners and losers in our space and that staying true to our long-term vision is more important now than ever.

我們現在正處於另一個轉折點。數位廣告格局正在快速發展，監管部門對封閉式廣告的審查不斷加強，人工智慧不斷發展，對透明度和獨立性的需求也日益增長。我們相信，未來十年將是決定我們這個領域的贏家和輸家的關鍵時期，堅持我們的長期願景現在比以往任何時候都更重要。

This proposed extension isn't about entrenchment. It's about ensuring that the founder-led strategy that got us here can continue to guide us forward. We deeply value the trust our shareholders have placed in us. We remain committed to earning it every day and for the long term.

這項提議的延期與鞏固無關。這是為了確保創始人主導的策略能夠繼續引導我們前進。我們非常珍惜股東對我們的信任。我們始終致力於每天並長期地贏得它。

Let me wrap up by bringing some of these points together. We continue to earn a growing share of the total advertising pie. That momentum is a direct result of the innovation and execution we're delivering week in and week out; and the value our clients consistently realized by working with us.

最後，讓我總結一下這些觀點。我們在整個廣告市場中所佔的份額持續成長。這種勢頭直接源於我們每週不斷的創新和執行；以及我們的客戶透過與我們合作不斷實現的價值。

About three-quarters of our spend is using the Kokai platform. It is the best platform we have ever shipped. We are confident it will vie better than every other platform pointed at the open Internet.

我們的支出中約有四分之三是使用 Kokai 平台。這是我們推出過的最好的平台。我們相信它將比所有其他針對開放網路的平台更具競爭力。

We have always prioritized helping brands find their target audience, with precision and relevance across the breadth of the open Internet. The Trade Desk empowers brands with the tools to control and own their own future. We do that by prioritizing objectivity in everything we do and with a relentless focus on driving a clean, transparent, and competitive marketplace.

我們始終優先幫助品牌在開放的網路上以精準和相關的方式找到他們的目標受眾。Trade Desk 為品牌提供工具來控制和掌握自己的未來。我們透過在所做的每件事中優先考慮客觀性並堅持不懈地致力於推動清潔、透明和競爭性的市場來實現這一目標。

I believe it's these principles and the performance they ultimately drive that attract major brands to our platform. It's our dedication to those principles that's keeping them here.

我相信正是這些原則以及它們最終帶來的表現吸引了各大品牌加入我們的平台。正是我們對這些原則的堅持才讓他們留在這裡。

All of this positions The Trade Desk to lead through what we believe will be another defining period of growth. We are building, right now, for this next chapter -- not just for this year but for the long-term future of the open Internet.

我們相信，所有這些都將引領我們度過另一個決定性的成長時期。我們現在正在為下一篇章做準備——不僅是為了今年，也是為了開放網路的長遠未來。

AI is yet another force separating the great platforms from the weak ones. We've proven, time and again, that our alignment with advertisers, our focus on innovation, and our commitment to transparency and objectivity sets us apart. With the upgrades we've made across our company, our platform, and our partnership, I'm more confident than ever that The Trade Desk will continue to capture more than our fair share of this growing market.

人工智慧是區分優秀平台和弱小平台的另一股力量。我們一次又一次地證明，我們與廣告商的一致性、我們對創新的關注以及我們對透明度和客觀性的承諾使我們脫穎而出。隨著我們公司、平台和合作夥伴關係的升級，我比以往任何時候都更有信心，The Trade Desk 將在這個不斷增長的市場中繼續佔據超過我們應得的份額。

With that, I'll hand it over to Laura to walk through the financials.

說完這些，我將把財務狀況交給勞拉處理。

Thank you, Jeff, for the kind words. Good afternoon, everyone.

謝謝傑夫的善意言辭。大家下午好。

I've been at The Trade Desk since 2014. I'm proud of what we've accomplished together, from our early days as a start-up to going public to joining the S&P 500. It's been an honor to work alongside and as part of the leadership team. There were and are so many talented people across this company.

我從 2014 年起就在 The Trade Desk 工作。我為我們共同取得的成就感到自豪，從創業初期到上市，再到加入標準普爾 500 指數。我很榮幸能夠與領導團隊一起工作並成為其中的一員。這家公司過去和現在都有很多才華洋溢的人才。

I've also truly valued the relationships and conversations I've had with many of you in the investment community over the years. As I transition to a new challenge, I leave knowing the company is in a strong position for the future.

我也非常珍惜多年來與投資界的許多人建立的關係和對話。當我轉向新的挑戰時，我知道公司在未來將處於有利地位。

Our finance and accounting teams are as capable and energized as ever. I'm committed to supporting a smooth transition for Alex as he steps into the CFO role. I met Alex in 2014 when (inaudible) was one of the company's earliest investors. He is respected and I have confidence in him as he takes on this new role.

我們的財務和會計團隊一如既往地有能力和活力。我致力於支援 Alex 順利過渡到財務長職位。我於 2014 年認識了 Alex，當時 (聽不清楚) 是該公司最早的投資者之一。他很受尊敬，我對他擔任這一新職務充滿信心。

With that, let's move on to our results.

有了這些，我們就可以繼續討論結果了。

We delivered a strong second quarter with revenue of $694 million, representing 19% year-over-year growth. Excluding political spend related to the US elections last year, revenue increased around 20% year over year.

我們第二季表現強勁，營收達 6.94 億美元，較去年同期成長 19%。不包括去年與美國大選相關的政治支出，營收年增約 20%。

During the quarter, we continued to build momentum across our key growth areas as advertisers increasingly value the efficiency and measurable results of their media investments. Growth was particularly strong within CTV and Retail Media, fueled by the continued shift into decision channels for buying TV and the rapid adoption of retail media across verticals and regions.

本季度，隨著廣告主越來越重視媒體投資的效率和可衡量的結果，我們繼續在主要成長領域保持強勁勢頭。連網電視和零售媒體的成長尤其強勁，這得益於電視購買決策管道的持續轉變以及零售媒體在各個垂直行業和地區的快速普及。

With over 70% of spend now on Kokai, we continue to see strong results from the new platform. We look forward to completing the Kokai transition and continuing to innovate on behalf of the industry and our clients.

目前，超過 70% 的支出都花在了 Kokai 上，我們繼續看到新平台帶來的強勁業績。我們期待完成 Kokai 的轉型並繼續代表行業和客戶進行創新。

With the strong top-line performance in Q2, we generated approximately $271 million in adjusted EBITDA or about 39% of revenue.

憑藉第二季強勁的營收表現，我們實現了約 2.71 億美元的調整後 EBITDA，約佔營收的 39%。

From a scale channel perspective, CTV led our growth again during the quarter. In Q2, Video, which includes CTV, represented a high [40s] percentage share of our business and continues to grow as a percentage of our mix. Mobile represented a [mid-30s] percentage share of spend during the quarter, while Display represented a low double-digit share. Audio represented around 5%.

從規模通路角度來看，CTV 在本季再次引領了我們的成長。在第二季度，包括 CTV 在內的影片在我們的業務中佔據了很高的 [40%] 份額，並且在我們的業務組合中所佔的份額還在繼續增長。本季度，行動廣告佔支出的百分比為 [35% 左右]，而展示廣告佔支出的百分比則為兩位數的低值。音訊約佔5%。

Geographically, North America represented about 86% of spend and International represented about 14% of spend for the quarter. We're pleased that International growth once again outpaced North America, as we continue to execute our growth playbook globally, led by CTV. We remain optimistic that our business outside North America will continue to be a strong contributor to our overall growth throughout the remainder of this year and in the years to come.

從地理來看，本季北美支出約佔 86%，國際支出約佔 14%。我們很高興看到國際成長再次超過北美，我們將繼續在 CTV 的帶領下在全球範圍內執行我們的成長策略。我們仍然樂觀地認為，北美以外的業務將在今年剩餘時間和未來幾年繼續為我們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 and computing and medical health.

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，其中技術、計算和醫療保健領域的成長尤為強勁。

Home & Garden and Style & Fashion were below average. We continue to see significant opportunities for us to gain share in all of the verticals we serve.

家居與花園以及風格與時尚低於平均水平。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, Q2 operating expenses, excluding stock-based compensation, were $448 million, up 23% from a year ago. During the quarter, we continued to make investments in our team and platform, particularly in areas like platform operations, as the AI and machine learning tools embedded in Kokai continue to drive greater campaign performance.

現在談談費用，第二季營運費用（不含股票薪酬）為 4.48 億美元，比去年同期成長 23%。在本季度，我們繼續對團隊和平台進行投資，特別是在平台運營等領域，因為 Kokai 中嵌入的人工智慧和機器學習工具繼續推動更高的廣告系列效果。

Income tax expense was $43 million in the second quarter, driven primarily by our profitability and stock-based awards. Adjusted net income for the quarter was $203 million or $0.41 per diluted share. Net cash provided by operating activities was $165 million. Free cash flow was $117 million in Q2.

第二季的所得稅支出為 4,300 萬美元，主要受我們的獲利能力和股票獎勵的影響。本季調整後的淨收入為 2.03 億美元，即每股 0.41 美元。經營活動產生的淨現金為1.65億美元。第二季自由現金流為 1.17 億美元。

DSOs exiting the quarter were 91 days, up one day from a year ago. DPOs were 77 days, up two days from a year ago.

本季的 DSO 退出時間為 91 天，比去年同期增加了一天。DPO 為 77 天，比一年前增加了兩天。

We ended the quarter with a strong cash and liquidity position. Our balance sheet had about $1.7 billion in cash, cash equivalents, and short-term investments at the end of the quarter.

我們以強勁的現金和流動性狀況結束了本季。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。

In Q2, we used $261 million of cash to repurchase 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.

在第二季度，我們透過股票回購計畫使用了 2.61 億美元現金回購了 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。

Turning to our outlook, assuming the macro environment remains stable and we don't see disruptions from large global brands, which make up a significant portion of our business due to tariff uncertainty, we expect Q3 revenue to be at least $717 million, reflecting 14% year-over-year growth.

談到我們的展望，假設宏觀環境保持穩定，並且我們不會看到大型全球品牌的干擾（由於關稅不確定性，這些品牌占我們業務的很大一部分），我們預計第三季度收入至少為 7.17 億美元，同比增長 14%。

Excluding the benefit of US political ad spend in Q3 of 2024, our estimated growth rate in Q3 of this year would be approximately 18% on a year-over-year basis. We estimate adjusted EBITDA for Q3 to be approximately $277 million.

不計入 2024 年第三季美國政治廣告支出的收益，我們預計今年第三季的成長率將達到約 18%。我們估計第三季的調整後 EBITDA 約為 2.77 億美元。

In closing, we are pleased with our strong performance in Q2 and throughout the first half of the year. The opportunity ahead has never been more compelling. We're operating in a large and expanding market supported by a business model that consistently delivers strong top-line growth, solid profitability, and healthy cash flow.

最後，我們對第二季和整個上半年的強勁表現感到滿意。未來的機會從未如此引人注目。我們在一個龐大且不斷擴張的市場中運營，並由一種能夠持續實現強勁的收入增長、穩健的盈利能力和健康的現金流的商業模式所支持。

I remain confident and optimistic as we look to the second half of this year and beyond.

展望今年下半年及以後，我仍然充滿信心和樂觀。

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

我們的準備好的演講到此結束。接線員，現在讓我們開始提問環節。

(Operator Instructions)

（操作員指示）

Shyam Patil, SIG.

Shyam Patil，SIG。

Jeff, congrats on another solid quarter. I just had one question.

傑夫，恭喜你又一個季度取得佳績。我只有一個問題。

As we look into the back half of this year and into next year, what gives you the most confidence as you think about how the digital ad environment is evolving and how you're positioned to lead through it?

當我們展望今年下半年和明年時，當您思考數位廣告環境如何發展以及您如何引領它時，什麼讓您最有信心？

Thanks for the kind words first, Shyam. Appreciate the question.

首先感謝你的善意，Shyam。感謝你的提問。

Honestly, I have never been more excited about the position we're in as we head into the second half of the year but especially, as we look into 2026. From a macro standpoint, some of the world's largest brands are absolutely facing pressure and some amount of uncertainty. Some have to respond more than others to tariffs. Many are managing inflation worries and the related pricing that comes with that. And there are a number of macro issues that I hear about.

說實話，當我們進入下半年，尤其是展望 2026 年時，我從未對我們所處的地位感到如此興奮。從宏觀角度來看，世界上一些最大的品牌絕對面臨著壓力和某種程度的不確定性。有些國家必須對關稅做出比其他國家更強烈的反應。許多人正在應對通膨擔憂以及隨之而來的定價問題。我聽說有很多宏觀問題。

But to me, all of these things can be brought back to a few themes. The first being that uncertainty is an opportunity for us to grab land. Second, everything in programmatic is measurable. It's agile, it's transparent, and it delivers results.

但對我來說，所有這些事情都可以歸結為幾個主題。第一，不確定性是我們搶佔土地的機會。其次，程序化中的一切都是可衡量的。它靈活、透明，並且能夠產生效果。

Third, advertisers are more performance-driven and deliberate with their spend than ever before. That plays directly into our strength. Fourth -- and this one goes unsaid way too much in trade press and I don't believe it's fully acknowledged in all the industry press, as well as things that are even peripheral to that -- the supply demand imbalance is more in our favor than it has ever been before.

第三，廣告商比以往任何時候都更加重視效果，並且更加謹慎地支出。這直接發揮了我們的實力。第四，這一點在產業媒體中鮮有提及，我認為並非所有產業媒體都充分承認這一點，甚至與此無關的事情也是如此，供需失衡比以往任何時候都更有利於我們。

Fifth -- and we have understated this, to date, but I believe that we talked about this a lot more in our prepared remarks this time -- we sit on top of one of the most underappreciated data assets on the Internet and frankly, in the world. Given that we do in 30 seconds as many transactions as Visa and Mastercard do in a year, if you add them together, and that quality data is now feeding an AI engine that helps the biggest buyers in the world sort out the most complex supply chain they've ever faced in advertising, that means our data plus AI creates an amazing opportunity for us, for the open Internet, and for the biggest brands in the world.

第五，到目前為止，我們一直低估了這一點，但我相信，我們這次在準備好的發言中更多地討論了這一點，我們掌握著互聯網上、坦率地說，也是世界上最被低估的數據資產之一。假設我們在 30 秒內完成的交易量相當於 Visa 和 Mastercard 一年內完成的交易量，那麼這些高品質的數據現在正為人工智慧引擎提供數據，幫助世界上最大的買家理清他們在廣告中遇到的最複雜的供應鏈，這意味著我們的數據加上人工智慧為我們、為開放網路、為世界上最大的品牌創造了一個驚人的機會。

And then, sixth, which is somewhat related to that supply and demand imbalance that I mentioned, consumers spend more of their time in the premium open Internet than they do inside of walled-garden. Premium advertising performs better. And yet, more ad spend goes to walled-gardens. To me, this represents a huge opportunity.

第六，這與我提到的供需失衡有點相關，消費者在優質開放網路上花費的時間比在封閉式網路中花費的時間要多。優質廣告效果更佳。然而，更多的廣告支出卻流向了封閉式花園。對我來說，這是一個巨大的機會。

As one employee set recently who joined our company, something to the effect of: I joined Trade Desk from Facebook because I believe TTD and the open Internet have a bigger TAM than Facebook has and obviously a lot more unrealized upside.

正如最近加入我們公司的一名員工所說：我從 Facebook 加入 Trade Desk，因為我相信 TTD 和開放互聯網擁有比 Facebook 更大的 TAM，而且顯然還有更多未實現的優勢。

I believe all of that stuff together is the reason why we continue to take share. You can see that in the CTV upfront this year, many advertisers -- you could even say most advertisers -- prioritize flexibility over full-year commitments. That is a benefit to us and to the open Internet.

我相信所有這些因素共同作用，就是我們繼續佔據市場份額的原因。您可以看到，在今年的 CTV 預付款中，許多廣告商（甚至可以說是大多數廣告商）都優先考慮靈活性而不是全年承諾。這對我們和開放的網路都有好處。

CTV remains our biggest opportunity. We continue to see amazing momentum in CTV. But we're also seeing great traction in Retail Media. Our joint business plans have more JVPs under negotiation than we've ever had before. The spend within those JVPs are actually growing significantly faster than the overall spend on our platform.

CTV 仍然是我們最大的機會。我們繼續看到 CTV 的驚人發展勢頭。但我們也看到零售媒體的巨大吸引力。在我們的聯合商業計劃中，正在談判的合資夥伴數量比以往任何時候都多。這些 JVP 中的支出實際上成長速度遠遠快於我們平台上的整體支出。

As you know, internally, we're leveling up, not just in our product but across the company, people, process, product, systems. The coordination between product and engineering has been improved dramatically and thus, accelerating the innovation and product velocity to unprecedented levels.

如您所知，從內部來看，我們正在不斷提升，不僅是在我們的產品方面，而且在整個公司、人員、流程、產品和系統方面。產品和工程之間的協調得到了顯著改善，從而使創新和產品速度達到了前所未有的水平。

We expect all clients to be using Kokai by the end of the year. Deal Desk continues to gain traction.

我們預計所有客戶都將在今年年底前使用 Kokai。Deal Desk 繼續受到青睞。

With Vivek joining as our COO, we're also doubling down on operational rigor by strengthening senior leadership and improving go-to-market discipline.

隨著 Vivek 擔任我們的首席營運官，我們還將透過加強高層領導和改善市場進入紀律來加倍加強營運嚴謹性。

On the supply chain, we're driving efficiency across the ecosystem with innovations like OpenPath and our integration of Sincera. As Google continues to pull away from the open Internet, that creates a vacuum which we're stepping into.

在供應鏈上，我們透過 OpenPath 和 Sincera 整合等創新來提高整個生態系統的效率。隨著Google不斷退出開放互聯網，這就產生了一個真空，而我們正在填補這個真空。

Stepping back, it's more of a buyer's market than it's ever been before. Large publishers need partners like The Trade Desk to win. And as Google and Facebook have largely abandoned the open Internet, The Trade Desk is the largest source of third-party demand for many publishers around the world.

回顧一下，現在的買方市場比以往任何時候都更強大。大型出版商需要像 The Trade Desk 這樣的合作夥伴才能取得成功。由於Google和 Facebook 基本上放棄了開放互聯網，The Trade Desk 成為全球許多出版商最大的第三方需求來源。

So there is some uncertainty out there for some large brands. But when I look at the trend, the product -- some of which we've shared publicly but some of which we have not -- our partnerships, our pipeline, and our leadership team, I could not be more excited about where we're headed as we close out this year and especially, as we look ahead to 2026.

因此，一些大品牌面臨一些不確定性。但是，當我看到趨勢、產品（有些我們已經公開分享，但有些還沒有）、我們的合作夥伴關係、我們的管道和我們的領導團隊時，我對於我們在今年結束時，尤其是展望 2026 年時的發展方向感到無比興奮。

Vasily Karasyov.

瓦西里·卡拉肖夫。

You're up, Vasily.

你起來了，瓦西里。

Yeah. Let's just go to the next caller.

是的。我們直接接聽下一位來電。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Laura, thank you for all the help over the years. Best of luck in your future endeavor.

勞拉，感謝您多年來的幫助。祝你未來一切順利。

Jeff, I have a question for you. So there's been growing investor and media focus lately on Amazon's advertising efforts, particularly with DSP and Prime Video ad inventory. From your vantage point, how are you evaluating the evolving competitive landscape? More specifically, have there been any meaningful changes in how Amazon has shown up competitively in the market?

傑夫，我有一個問題想問你。因此，最近投資者和媒體越來越關注亞馬遜的廣告業務，尤其是 DSP 和 Prime Video 廣告資源。從您的角度來看，您如何評估不斷變化的競爭格局？更具體地說，亞馬遜在市場上的競爭力是否發生了任何有意義的變化？

Yeah. Thanks for the question.

是的。謝謝你的提問。

Honestly, I was hoping somebody would ask this question because it's perhaps one that I'm most excited to talk about. So first and foremost, our strategy has not changed. We give marketers the power and the tools to own and control their own future. We want them to do that with, of course, the things that have gotten us here, which is full transparency, objectivity, and access to the entire Internet.

老實說，我希望有人會問這個問題，因為這也許是我最想談論的問題。因此，首先，我們的策略沒有改變。我們為行銷人員提供擁有和控制自己未來的權力和工具。我們希望他們能夠做到這一點，當然，這也是我們能夠做到的，即完全透明、客觀，以及可以訪問整個互聯網。

In my opinion, that is the only way to get large clients to come on your platform and stay there for the long term. That's why it's always been our focus. That's why we constantly and consistently won the trust of the world's largest brands.

在我看來，這是讓大客戶加入你的平台並長期留在那裡的唯一方法。這就是為什麼它一直是我們的重點。這就是我們不斷贏得全球最大品牌信任的原因。

We have long said that walled-gardens, whether it's Amazon or Google, are best suited to buy their own inventory with their own data. But their bias makes it hard for them to buy across the open Internet in a truly objective way.

我們早就說過，無論是亞馬遜還是谷歌，封閉式企業最適合用自己的資料購買自己的庫存。但他們的偏見使得他們很難以真正客觀的方式在開放的網路上購買。

So when you look at it from that perspective or from a certain perspective or point of view, Amazon is not a competitor and Google, really, isn't much of a competitor anymore either. We're trying to buy the open Internet, leveraging technology that values media objectively. We don't have any media. We don't grade our own homework.

因此，當你從這個角度或從某個特定角度或觀點來看時，亞馬遜不再是競爭對手，而谷歌實際上也不再是競爭對手了。我們正在嘗試購買開放的互聯網，利用客觀評價媒體的技術。我們沒有任何媒體。我們不給自己的作業評分。

In my opinion, and to me, all the data suggests that we're right on this. Despite their mixed messages, they are not trying to buy the open Internet, objectively. They can't. They have way too much Prime Video supply to sell to ever honestly pitch large brands to objectively buy the open Internet. They push sponsored listings most and Prime Video after that. Neither of those compete with us, which is why I say that we're not really trying to compete with Amazon.

在我看來，對我來說，所有數據都表明我們是正確的。儘管他們傳遞的訊息不一，但客觀地說，他們並沒有試圖購買開放的網路。他們不能。他們有太多的 Prime Video 供應可供出售，以至於無法誠實地說服大品牌客觀地購買開放網路。他們最先推廣的是贊助列表，其次是 Prime Video。這兩者都不是我們的競爭對手，這就是為什麼我說我們並不是真的想與亞馬遜競爭。

When they argue that their DSP, which is not even their top advertising priority, let alone the core of their business, when they argue that that's objective to the biggest advertisers in the world, I believe they weakened the rest of their advertising pitch and they weaken the strength of their AWS pitch.

當他們辯稱 DSP 甚至不是他們的首要廣告重點，更不用說是他們業務的核心時，當他們辯稱這是世界上最大的廣告商的目標時，我相信他們削弱了其餘的廣告宣傳，也削弱了他們的 AWS 宣傳的力度。

A scaled independent DSP like The Trade Desk becomes essential as we help advertisers buy across everything; and that we have to do that without conflict and without compromise.

當我們幫助廣告商進行全方位購買時，像 The Trade Desk 這樣的規模化獨立 DSP 變得至關重要；而且我們必須在不衝突和不妥協的情況下做到這一點。

It is my understanding that Amazon nearly doubled the supply of Prime Video inventory in the recent months. That creates a number of conflicts. In my opinion, it further weakens their already shaky arguments about objectivity. But if that were enough, Amazon already competes with many of the world's biggest advertisers in categories like retail, CPG, and cloud, which makes it difficult for those brands to fully trust them as a partner.

據我了解，亞馬遜近幾個月來 Prime Video 的庫存供應量幾乎翻了一番。這引發了許多衝突。在我看來，這進一步削弱了他們關於客觀性的本來就站不住腳的論點。但如果這還不夠的話，亞馬遜已經在零售、快速消費品和雲端等領域與全球許多最大的廣告商競爭，這使得這些品牌很難完全信任他們作為合作夥伴。

When you add in concerns around trust, especially data trust with AWS, it becomes even more challenging for Amazon to credibly position itself as a neutral or even higher than our objective platform.

當你考慮到信任方面的擔憂，尤其是對 AWS 的數據信任時，亞馬遜要可信地將自己定位為中立的、甚至高於我們客觀的平台就變得更具挑戰性。

We're already seeing the shift as major brands have been reallocating spend toward The Trade Desk for years, precisely because of our independence and objectivity.

我們已經看到了這種轉變，因為各大品牌多年來一直在向 The Trade Desk 重新分配支出，這正是因為我們的獨立性和客觀性。

So to be clear, if you insist on calling Amazon a competitor, we compete with a tiny division of Amazon. We don't compete with Amazon.com or retail. We certainly don't compete with AWS. We compete with whatever small amount of spend goes to the Amazon DSP that isn't spent on Amazon-owned and operated.

所以要明確的是，如果你堅持稱亞馬遜為競爭對手，那麼我們的競爭對手就是亞馬遜的一個小部門。我們不與 Amazon.com 或零售業競爭。我們當然不會與 AWS 競爭。我們與亞馬遜 DSP 上未用於亞馬遜自有和營運的任何少量支出競爭。

I think Amazon is more of a potential partner, honestly, than it is a long-term competitor. If Amazon opens Prime Video to external demand, which I believe they should, we believe we'd be an amazing partner to drive demand to them. It wouldn't surprise us if that were to eventually be the course that they choose to take.

老實說，我認為亞馬遜更像是潛在的合作夥伴，而不是長期的競爭對手。如果亞馬遜向外部需求開放 Prime Video（我認為他們應該這樣做），我們相信我們會成為推動他們需求的絕佳合作夥伴。如果這最終成為他們選擇的路線，我們並不會感到驚訝。

But to sum up, while we watch them closely and we know exactly what they're doing, we are playing in a very different sandbox. Ours is focused on decision media, precision, identity, and outcomes. They are still primarily focused on pre-negotiated deals that lack an open identity solution like UID2. None of their strategic decisions or investments suggest that they're trying to buy the open Internet objectively or even that that is a priority.

但總而言之，雖然我們密切關注著他們，並且確切地知道他們在做什麼，但我們卻在一個非常不同的沙箱中玩耍。我們專注於決策媒體、精確度、身分和結果。他們仍然主要關注缺乏像 UID2 這樣的開放身分解決方案的預先談判的交易。他們的任何戰略決策或投資都沒有表明他們正在試圖客觀地購買開放互聯網，甚至沒有表明這是優先事項。

I am very optimistic about where we're headed, especially as the overall TAM continues to grow. I believe the bigger TAM of advertising will always be pointed at the open Internet. That's why we're focused on that. Thank you so much for the question.

我對我們的發展方向非常樂觀，尤其是隨著整體 TAM 的持續成長。我相信更大的廣告TAM將永遠指向開放的網路。這就是我們關注這一點的原因。非常感謝您的提問。

Vasily Karasyov, Cannonball Research.

瓦西里‧卡拉索夫 (Vasily Karasyov)，《砲彈研究》

Can you hear me now?

現在你能聽到我說話嗎？

Yeah.

是的。

I apologize for what happened before.

我對於之前發生的事情深感抱歉。

Jeff, you work with nearly all of the world's biggest advertisers. Laura, in her prepared remarks, mentioned the uncertainty because of the tariff situation. We also heard names like P&G, Kimberly-Clark, Ford, Volkswagen talk about this uncertainty on their earnings call.

傑夫，您與世界上幾乎所有最大的廣告商都有合作。勞拉在準備好的發言中提到了關稅狀況帶來的不確定性。我們也聽到寶潔、金佰利、福特、大眾等公司在財報電話會議上談論這種不確定性。

So my question is, how do you see that dynamic playing out in terms of ad spend in the remainder of the year? How are you factoring that into your Q3 guidance? I would appreciate color on this.

所以我的問題是，您如何看待今年剩餘時間廣告支出的動態變化？您如何將其納入第三季的指導中？我很欣賞這個顏色。

First of all, great question. I also really appreciate just the framing in your question because I think it exemplifies some of the pressures and that some of the companies that are facing pressure.

首先，這個問題問得很好。我也非常欣賞您問題中的框架，因為我認為它反映了一些壓力以及一些面臨壓力的公司。

If we look at how the last year has progressed, Q4 was relatively stable, though you could see signs of volatility beneath the surface, particularly against the backdrop of what it seems like a long time ago but was a fairly contentious election cycle.

如果我們回顧去年的進展，就會發現第四季度相對穩定，但你可以看到表面之下存在波動的跡象，尤其是在看似很久以前但相當有爭議的選舉週期的背景下。

That pressure intensified in Q1, with growing concerns among the largest brands and agencies, which of course, make up the vast majority of our business.

這種壓力在第一季進一步加劇，最大的品牌和代理商的擔憂日益加劇，當然，他們佔據了我們業務的絕大部分。

In Q2, starting right at the beginning of April, some of the biggest brands, particularly in sectors like auto and CPG, which are, of course, meaningful categories for us and for the Fortune 500, began to experience even greater volatility.

從 4 月初開始的第二季度，一些最大的品牌，特別是汽車和 CPG 等行業（這些對我們和《財富》500 強企業來說當然都是很有意義的類別）開始經歷更大的波動。

But since then, things have stabilized. I think it's important to know that things are more business as usual. However, the impact of tariffs and related policies on these businesses are very real. You've heard that in earnings calls, if you listened at all.

但自此以後，情況已經穩定下來。我認為了解一切如常是很重要的。然而，關稅和相關政策對這些企業的影響卻非常真實。如果你聽過的話，你應該在收益電話會議上聽過這件事。

There is an important point that we haven't made enough, I think, in our prepared remarks -- I don't know that this is fully appreciated -- about the difference between us and many other businesses in digital advertising. Most others rely heavily on SMBs and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them.

我認為，在我們準備好的發言中，有一個重要的觀點我們沒有充分闡述——我不知道這一點是否得到了充分的理解——關於我們與數位廣告領域許多其他企業之間的差異。大多數其他公司都嚴重依賴中小企業，而我們的平台主要集中在大型全球廣告商。因此，我們看到了直接影響他們的影響。

I would argue that this is a short-term negative, which, by the way, this fact that we concentrate on the large ones is not generally a negative. It is almost always a positive. But just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies.

我認為這是一個短期的負面因素，順便說一句，我們專注於大問題這一事實通常並不是負面因素。它幾乎總是積極的。但就目前而言，這是負面的，因為他們受到關稅和相關政策的獨特影響。

But the reason I'm so bullish is that in volatile environments, these things have historically accelerated the move to programmatic precisely because it comes with control, agility, and performance. When advertisers become more deliberate and performance-driven, programmatic is at its very best. That's the very best that we can offer to them. That's when we're doing our best work for them.

但我如此樂觀的原因是，在動盪的環境中，這些因素歷來加速向程式化的轉變，正是因為它具有控制力、靈活性和效能。當廣告商變得更加深思熟慮和注重效果時，程序化廣告的效果就達到了最佳狀態。這是我們能為他們提供的最好的東西。那時，我們正在盡最大努力為他們服務。

So because programmatic, which, really, is just a fancy word for fast-paced and data-driven, is measurable because it's measurable, it allows us to win share.

因此，程式化廣告（實際上只是快節奏和數據驅動的花哨說法）是可衡量的，因為它是可衡量的，它使我們能夠贏得份額。

So we also see some tailwinds that I think are important to point out. The number of joint business plans we have with major advertisers continues to increase and the spend under those JVPs is growing significantly faster than the overall spend on our platform. Agility and flexibility matter more than ever. Objectivity matters more than ever. That's been especially evident in the CTV upfront, where many advertisers are opting for flexible commitments over the full-year deals. That shift continues to play into our strengths.

因此，我們也看到了一些我認為值得指出的順風。我們與主要廣告商達成的聯合商業計劃的數量持續增加，這些聯合商業計劃下的支出增長速度遠遠快於我們平台的總體支出。敏捷性和靈活性比以往任何時候都更重要。客觀性比以往任何時候都更重要。這在 CTV 預付中尤其明顯，許多廣告商選擇靈活的承諾而不是全年交易。這種轉變持續發揮我們的優勢。

So while I'm mindful that there are some macro backdrop and there is a lot of pressure on some of the biggest brands in the world, we are confident that our combination of programmatic and our position in the market puts us in the very best spot heading into the second half of this year and of course, into 2026.

因此，儘管我意識到存在一些宏觀背景，並且世界上一些最大的品牌面臨著很大的壓力，但我們相信，我們的程序化廣告和我們在市場中的地位相結合，將使我們在今年下半年以及當然到 2026 年處於最佳位置。

Thank you so much for the question.

非常感謝您的提問。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Best of luck to you, Laura, with the next steps.

偉大的。勞拉，祝你接下來一切順利。

Jeff, could you please elaborate on the progress with Kokai, both from a product perspective and from the engineering changes you made late last year.

Jeff，您能否從產品角度以及去年年底所做的工程變更的角度詳細說明一下 Kokai 的進展。

And then, related to that, can you also talk about the ROI you're seeing from some of these AI capabilities embedded across the platform, whether it's algorithms or some of those Agentic use cases that might emerge over time?

然後，與此相關，您能否談談您從平台上嵌入的一些 AI 功能中看到的投資回報率，無論是演算法還是可能隨著時間推移出現的一些 Agentic 用例？

Thank you so much, Justin. Really appreciate the question.

非常感謝，賈斯汀。非常感謝您的提問。

I mentioned that I was excited about the Amazon question because it's one of the things that I was most excited to talk about. The one that I was most hoping for, though, is honestly this question because there is nothing that I'm more excited about in our business, both in the short term and in the long term, than I am all the products that we are shipping now and especially, the foundation that we've laid in Kokai for the innovation that can be built on top of it.

我提到我對亞馬遜的問題感到很興奮，因為這是我最興奮談論的事情之一。不過，說實話，我最希望得到的是這個問題，因為無論從短期還是長期來看，沒有什麼比我們現在正在交付的所有產品更讓我興奮的了，尤其是我們在 Kokai 上奠定的基礎，以便在此基礎上進行創新。

That is largely connected to AI. I am just so excited about what we're seeing already in the results that have come from AI and what that means for our future. Again, finally utilizing what I think has been one of the most underappreciated data assets on the entire Internet.

這很大程度上與人工智慧有關。我對我們已經看到的人工智慧的成果以及它對我們未來的意義感到非常興奮。再次，最終利用我認為是整個互聯網上最被低估的數據資產之一。

First of all, the progress in the last few months has been amazing. The iteration on client feedback has been really rapid. The releases, especially over the last month, have made Kokai truly the best ad tech platform ever pointed at the open Internet.

首先，過去幾個月的進展令人驚訝。客戶反饋的迭代非常快。這些發布，尤其是過去一個月的發布，使 Kokai 真正成為有史以來針對開放網路的最佳廣告技術平台。

The Kokai, of course, is the most significant platform upgrade in our company's history. It really marks what I think is a new frontier in programmatic advertising, in part just because of the advent of AI and what's possible.

當然，Kokai 是我們公司史上最重要的平台升級。我認為它確實標誌著程序化廣告的一個新前沿，部分原因在於人工智慧的出現及其可能性。

We've injected AI into so many areas in our platform. Like, in forecasting, in campaign optimization, in supply path optimization, in predictive clearing, and in all of those places, it is already paying off.

我們已經將人工智慧注入到我們平台的許多領域。例如，在預測、活動優化、供應路徑優化、預測清算以及所有這些地方，它已經獲得了回報。

To just give you a sense of some of the impact clients who've adopted Kokai are already seeing dramatic performance improvements:

為了讓您了解一些採用 Kokai 的客戶已經看到顯著的效能提升：

Samsung saw a 43% increase in its ability to reach target audiences for an omnichannel campaign in Europe. Cash rewards in Asia reported a 73% improvement in cost per acquisition. Across the board. Kokai campaigns are outperforming legacy ones by more than 20 points on KPIs.

三星在歐洲全通路行銷活動中接觸目標受眾的能力提高了 43%。亞洲的現金獎勵報告顯示每次收購成本提高了 73%。全面。Kokai 活動的 KPI 表現比傳統活動高出 20 多個百分點。

But even more telling are the clients who have shifted the majority of their spend to Kokai because they're increasing their total spend on the platform more than 20% faster than those who haven't. So those that lean in and try it, see results; and then, they accelerate their businesses.

但更能說明問題的是，那些將大部分支出轉移到 Kokai 的客戶，因為他們在該平台上的總支出成長速度比沒有轉移的客戶快 20% 以上。因此，那些願意嘗試的人會看到結果；然後，他們就會加速他們的業務。

Today, about three-quarters of spend is already flowing through Kokai. So the vast majority of our clients are already on it. We expect full adoption of all of our clients. In other words, all of our clients will use it before the end of the year.

如今，大約四分之三的支出已經透過 Kokai 進行。因此我們的絕大多數客戶都已經使用它了。我們期望所有客戶都能全面採用。換句話說，我們所有的客戶都會在年底前使用它。

We're just getting started when it comes to AI. We've developed a system of distributed AI that comes with checks and balances, which allows innovation to happen in parallel from a number of different teams all at once, which makes me really excited about our pace of innovation. Honestly, there's not a single topic that I can talk about today that I'm more excited about than our pace of innovation.

就人工智慧而言，我們才剛起步。我們開發了一套具有製衡機制的分散式人工智慧系統，它可以讓多個不同的團隊同時並行創新，這讓我對我們的創新速度感到非常興奮。老實說，今天我談論的任何一個主題都沒有我們的創新步伐更讓我興奮。

But as we look ahead, we're building toward an even more AI-driven world, if you will, where there's Agentic use cases where intelligent agents can monitor, adjust, and optimize campaigns in a more effective and more real-time way.

但展望未來，我們正在建立一個更由人工智慧驅動的世界，如果你願意的話，這個世界中有 Agentic 用例，智慧代理可以以更有效、更即時的方式監控、調整和優化活動。

One of the great advantages of AI is that it's always on. Of course, we look at doing this in a way that is a little bit different than others in the advertising space, where we're trying to do that in conjunction or in cooperation with agencies and those that buy from brands.

人工智慧的一大優點是它始終處於開啟狀態。當然，我們的做法與廣告領域的其他公司略有不同，我們試圖與代理商和品牌購買者聯合或合作來做到這一點。

Right now, I'm also extremely excited about Deal Desk, which we started rolling out this quarter. It's currently in beta and represents one of the final pieces of Kokai. It uses AI, especially in forecasting, to rethink how deals between advertisers, publishers, and the intermediaries between them could work or should work.

目前，我對我們本季開始推出的 Deal Desk 也感到非常興奮。它目前處於測試階段，是 Kokai 的最終成果之一。它使用人工智慧，特別是在預測方面，重新思考廣告商、出版商以及它們之間的中介機構之間的交易如何運作或應該如何運作。

Deal Desk can evaluate pacing, delivery, performance -- really, everything -- and rescue underperforming deals by surfacing open market or premium alternatives.

Deal Desk 可以評估節奏、交付、績效——實際上是一切——並透過提供公開市場或優質替代方案來挽救表現不佳的交易。

We're seeing strong interest, by the way, from both advertisers and publishers. I'm especially excited that Disney is among the early adopters for this. I think that denotes an amazing vote of confidence. But it's also showing that the strain on deals is actually one of the biggest challenges facing the programmatic ecosystem today.

順便說一句，我們看到廣告商和出版商都表現出濃厚的興趣。我特別高興迪士尼是這項技術的早期採用者之一。我認為這反映出一種令人驚嘆的信任投票。但它也表明，交易壓力實際上是當今程序化生態系統面臨的最大挑戰之一。

Kokai is driving real performance gains. The AI underneath it is powering both near-term results and long-term innovation.

Kokai 正在推動真正的性能提升。背後的人工智慧正在推動短期成果和長期創新。

Our teams are shipping faster and more efficiently than ever. Because of that, I'm really excited about what that unlocks this year and especially as we head into next year and continue to layer and innovate on top of what we've been building all year long.

我們的團隊運輸速度比以往更快、更有效率。正因為如此，我對今年將要解鎖的東西感到非常興奮，特別是當我們進入明年並繼續在我們全年建設的基礎上進行分層和創新時。

I'm really proud of what our engineering and product teams have done. They have worked very hard this year. I believe it's laid a foundation for a much brighter future for The Trade Desk.

我對我們的工程和產品團隊所做的工作感到非常自豪。他們這一年非常努力。我相信這為 The Trade Desk 更加光明的未來奠定了基礎。

I, along with all the other shareholders, am super grateful for their work. So thank you so much.

我和所有其他股東都非常感謝他們的工作。非常感謝。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

I want to run by two questions.

我想問兩個問題。

First, you talked about this 20 points improvement across key KPIs for campaigns running in Kokai. Is there a snowball element to that? Is that something that you just go from zero to 20 points? Or is this something that builds over time? Like, talk about the [cohortization] or whatever, how long it takes to get to that 20 points improvement? Do you think it goes higher than that?

首先，您談到了在 Kokai 中運行的廣告系列的關鍵 KPI 提高了 20 點。這其中是否存在滾雪球效應？這是從零到 20 分的事情嗎？還是這是隨著時間的推移而形成的東西？例如，談論[群組化]或其他什麼，需要多長時間才能達到 20 分的進步？您認為實際結果會比這更高嗎？

And then, Laura, the two segments you called out that's underperforming -- Home & Garden, Style & Fashion -- I think that's 10% to 15% of your revenue or something like that. Any color on why you think that segment may be underperforming?

然後，勞拉，您提到的表現不佳的兩個部分——家居與花園、風格與時尚——我認為這佔了您收入的 10% 到 15% 左右。您認為該部分錶現不佳的原因是什麼？

Yeah. Absolutely. Mark, first, thanks for the question. Let me just open with the first part. And then, I'll hand it off to Laura.

是的。絕對地。馬克，首先感謝您的提問。我先從第一部分開始。然後，我會把它交給勞拉。

As it relates to the 20% improvement, let me answer the last part of your question first, which is that I believe that that is merely scratching the surface of what is possible over time. So as they unlocked what AI can bring to campaign optimization, it's really just beginning.

鑑於它與 20% 的改進有關，讓我先回答你問題的最後一部分，那就是我相信這只是觸及了隨著時間的推移可能實現的目標的表面。因此，當他們揭開人工智慧可以為活動優化帶來什麼時，這實際上才剛剛開始。

Whether that is slow or fast, largely depends on how campaigns are constrained today. So while there is more supply than there is demand, there is often a bunch of settings on any individual campaign that make it so it really can't select from all the options that are the very best to help that perform.

這一進程是快是慢，很大程度取決於當今競選活動受到怎樣的限制。因此，儘管供應量大於需求量，但任何單一廣告系列中通常都會有一堆設置，使得它無法從所有選項中選擇最有助於實現該目標的選項。

Essentially, what we're creating is a dialogue between man and machine to make it easier for people to see what is constraining their campaign and what would be the unlock. It's not just simply give it your money and step away from the keyboard.

本質上，我們正在創造一種人與機器之間的對話，以便人們更容易看到什麼限制了他們的活動以及什麼可以解鎖。這不僅僅是給你錢然後離開鍵盤那麼簡單。

The biggest advertisers in the world would never operate that way. So in order for us to help them on their future, we have to enable that dialogue, which is, of course, more complicated than just saying, give us your money and we'll take care of everything from there.

世界上最大的廣告商絕對不會以這種方式運作。因此，為了幫助他們規劃未來，我們必須開展對話，這當然比僅僅說「把錢給我們，我們會處理好一切」要複雜得多。

So with that approach, sometimes the 20%, if you will, can be found immediately. And sometimes, it just takes a little bit of a ramp. It depends on how well they've optimized their campaigns to date in a somewhat manual way that many of them do so.

因此，採用這種方法，有時可以立即找到 20%。有時，它只需要一點點坡度。這取決於他們迄今為止以某種手動方式優化其活動的程度，其中許多活動都是這樣做的。

But there are much more unlocked than just what we've seen, so far. We just need to continue to engage with them.

但到目前為止，解鎖的內容遠不止我們所見。我們只需要繼續與他們接觸。

It's very quickly becoming that the tools are not the bottleneck. That's what we've been working so hard to build. It's actually the understanding, the engagement, the feedback, the reporting, the new way of engaging, which takes some time to learn that is increasingly the bottleneck to them realizing that 20%-plus. The plus is the part to underline there.

我們很快就發現工具不再是瓶頸。這就是我們一直努力去建構的。事實上，理解、參與、回饋、報告和新的參與方式需要花費一些時間來學習，而這正日益成為他們實現 20% 以上目標的瓶頸。加號是需要在此劃線的部分。

So thanks for the question. Laura, your response to the second part.

感謝您的提問。蘿拉，你對第二部的回應。

Yeah. Mark, thanks for the question.

是的。馬克，謝謝你的提問。

Of the categories that I mentioned, I believe the first of them was Home & Garden. I would just say, for Home & Garden, it's just more seasonal as summer roots on. That's only about around 8%-ish of the business.

在我提到的類別中，我認為第一個是家居和花園。我只想說，對於家居和花園來說，隨著夏季的到來，它的季節性更強。這僅佔業務量的 8% 左右。

If I recall correctly, the second category I mentioned with Style & Fashion, which is about half of that, to 4% of the business.

如果我沒記錯的話，我提到的第二類是風格和時尚，大約佔了其中的一半，佔業務的 4%。

There are just always some categories above the corporate rate and some below. Those were the two (inaudible) in the midst of the call.

總是有一些類別的費率高於公司費率，也有一些低於公司費率。通話中有兩個人（聽不清楚）。

Okay. Congrats, Laura, on a great track record, 34 out of 35. That's amazing. Congrats. Wishing you all the best.

好的。恭喜勞拉，取得了出色的成績，35 人中 34 人。太棒了。恭喜。祝你一切順利。

Jessica Reif Ehrlich, Bank of America.

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

Jeff, you make a passionate argument to the open Internet. It seems like it's losing share when you look at the growth rate of walled gardens, including Meta, Amazon, Google, these big companies, how do you envision the share shift.

傑夫，你對開放網路提出了激烈的爭論。從 Meta、亞馬遜、谷歌等大公司等圍牆花園的成長率來看，它的市場份額似乎正在下降，您如何看待份額的變化？

The way you describe it, how do you envision the share shift in walled garden versus open Internet over the next few years? Is it just that CTV and retail media are just growing slower than walled garden?

根據您所描述的，您如何預測未來幾年內封閉式網路與開放網路之間的份額轉變？難道 CTV 和零售媒體的成長速度只是比圍牆花園慢嗎？

And for, I guess, Trade Desk Tata specifically, you talk about taking share, look, who are you taking share from? Is it other DSPs? Or is it from the walled gardens?

我想，具體來說，對於 Trade Desk Tata 來說，您談到了搶佔市場份額，那麼，您從誰那裡搶佔了市場份額呢？是其他 DSP 嗎？還是來自圍牆花園？

Thank you so much for the question. I'm really excited to answer this because I think you represent a lot of people in asking the question and I think this is one of the most important -- well, I was just excited to talk about Amazon and some of the other things, this might be the most important question for us to ask -- or to answer today.

非常感謝您的提問。我很高興回答這個問題，因為我認為你代表很多人提出這個問題，我認為這是最重要的問題之一——好吧，我只是很高興談論亞馬遜和其他一些事情，這可能是我們今天要問或要回答的最重要的問題。

So first of all, it is true that consumers spend more of their time on the premium open Internet. And if you think about this from your own perspective, and I'll just speak for myself rather than everybody else. But I spend a lot of time inside of the premium connected television.

首先，消費者確實在優質開放的網路上花了更多的時間。如果你從自己的角度考慮這個問題，那麼我只代表我自己而不是其他人發言。但我花了很多時間在付費連網電視上。

I spend a lot of time inside of Spotify and premium audio and same with movies, and I grew up playing sports, I like watching sports a lot. When I think about that and then you add journalism to that, I think about those big five that we described and the amount of time that's spent there as well as where all the purchasing power is.

我花了很多時間在 Spotify 和高級音訊上，也花了很多時間在電影上，我從小就喜歡運動，也很喜歡看運動比賽。當我思考這個問題，然後將新聞業添加到其中時，我會想到我們所描述的五大市場以及在那裡花費的時間以及所有的購買力所在。

And then I think about my interactions with YouTube, for instance, where I'd go there just like nearly everybody else does, but when I'm consuming content and there's ads there, I'm hovering over it to skip it. It's a very different engagement that I have with the rest.

然後我考慮我與 YouTube 的互動，例如，我會像幾乎所有其他人一樣去那裡，但是當我消費內容時如果那裡有廣告，我會將滑鼠懸停在上面以跳過它。這是我與其他人之間的一種非常不同的交往。

The premium open Internet performs way better. It's way better for the biggest brands to be associated with it.

優質開放網路的表現好得多。與最大的品牌合作會更好。

So you can look at like the amazing performance that Facebook put up this quarter and say, well, are they gaining share? And I do think they're doing very well. And I do think they fully understand that, of course, AI represents an opportunity to optimize.

因此，您可以看看 Facebook 本季的驚人表現，然後問自己，他們的市場份額是否在增長？我確實認為他們做得很好。我確實認為他們完全理解，人工智慧當然代表著一個優化的機會。

In some ways, they do have an easier assignment in that they have a nearly unlimited amount of supplies, people continue to spend time on Instagram, and they can optimize their supply chain and interact with SMBs and improve their margins.

從某些方面來看，他們的任務確實更容易，因為他們擁有幾乎無限量的供應，人們繼續在 Instagram 上花費時間，他們可以優化供應鏈並與中小企業互動並提高利潤率。

And I believe that those things together because they're optimizing an ecosystem that they control that, that is very good for them and that's why they've done well in the short term.

我相信，這些因素結合在一起，因為他們正在優化他們控制的生態系統，這對他們非常有利，這也是他們在短期內表現良好的原因。

It is a much easier short-term assignment to inject AI into one destination or two destinations in Facebook and Instagram than it is to create better supply chains for the entire Internet. And because we are doing that among the most premium parts of the open Internet, it naturally takes a little bit longer, but it also comes with way more upside.

將人工智慧注入 Facebook 和 Instagram 中的一個或兩個目的地，比為整個互聯網創建更好的供應鏈是一項容易得多的短期任務。因為我們是在開放網路最優質的部分進行這項任務，所以自然需要更長的時間，但也會帶來更多的好處。

So -- and if you look at this long term, where do consumers spend most of their time, where -- what is the content that they love the most, where do those with purchasing power spend most of their time. And where is it best for the biggest brands in the world to affiliate, you get way more bit brands in that big five, if you will, than you do in your scrolling on Instagram.

所以——如果從長遠來看，消費者把大部分時間花在哪裡，他們最喜歡的內容是什麼，那些有購買力的人把大部分時間花在哪裡。對於世界上最大的品牌來說，哪裡是最佳的聯盟地點？如果你願意的話，那麼在這五大品牌中，你可以找到比在 Instagram 上瀏覽時更多的小品牌。

And so as a result of that, just very real phenomenon. I believe it's only a matter of time before the majority of spend is on the open Internet and not inside of walled gardens. It's simply because they have an easier job and also because they've taken the easy path, if you will, as it relates to measurement, which is it is easier to create your own homework and not rely on anybody else to do so. But as we try to make it so that we're ensuring that we're actually selling and that we're in this for the long haul, it takes a lot more work to coordinate among hundreds or even thousands of companies to make the very best supply chain.

因此，這只是一個非常真實的現象。我相信，大部分支出將流向開放的互聯網而不是封閉的互聯網，這只是時間問題。這只是因為他們的工作更輕鬆，也因為他們選擇了與測量相關的簡單路徑，也就是說，創建自己的作業更輕鬆，而不必依賴任何其他人來做。但是，當我們試圖確保我們確實在銷售並且能夠長期堅持下去時，需要做更多的工作來協調數百甚至數千家公司以打造最佳的供應鏈。

But as great markets do, they always over time, work out the inefficiencies.

但正如偉大的市場一樣，隨著時間的推移，它們總是會解決效率低下的問題。

Those that navigate a somewhat convoluted supply chain to make it an efficient supply chain. I think what Amazon has done in the retail business. And in a lot of ways, that's what we're trying to do to the media side of business.

那些引導稍微複雜的供應鏈成為高效供應鏈的人。我認為亞馬遜在零售業所取得的成就。從很多方面來說，這正是我們在媒體業務方面所嘗試做的事情。

So that is a long haul, just like it has been for Amazon to do inside of retail, but they have changed everything by doing what they do well, and we are doing, I believe the exact same thing to the media side of the open Internet.

所以這是一個漫長的過程，就像亞馬遜在零售業所做的那樣，但他們透過做好自己擅長的事情改變了一切，而我相信，我們在開放網路的媒體方面也正在做同樣的事情。

So I really appreciate the question because I'm not sure that there is a better way to give us a forum for why we believe we win long term. But I think it's really important to understand that we're playing a very different game and a long game.

所以我真的很感謝這個問題，因為我不確定是否有更好的方式讓我們能夠討論為什麼我們相信我們會取得長期勝利。但我認為，真正重要的是要明白，我們正在玩一場非常不同的遊戲，而且是一場持久戰。

And the AI changes everything, and that does create a big advantage for us, but it's not as easy to realize in a quarter or two as it would be if we control the whole supply chain.

人工智慧改變了一切，這確實為我們創造了巨大的優勢，但這並不像我們控制整個供應鏈那樣容易在一兩個季度內實現。

John, we have time for one more.

約翰，我們還有時間再說一次。

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Yes. Thank you so much for making time for me in taking this last question. Jeff, we touched on it a lot. You guys obviously have an enviable position in the enterprise in terms of your customer base.

是的。非常感謝您抽出時間回答我最後一個問題。傑夫，我們多次談論過這個話題。從客戶群的角度來看，你們在企業中顯然擁有令人羨慕的地位。

But when we think about kind of like the usability of Kokai and then the established space of the SMB for performance dollars and then kind of this emerging SMB market in CTV, does the usability and AI features of Kokai make that a more attractive market for you to go after over time?

但是，當我們考慮 Kokai 的可用性，以及 SMB 在性能方面的既定空間，以及 CTV 中這種新興的 SMB 市場時，Kokai 的可用性和 AI 功能是否會使其成為一個更具吸引力的市場，讓您隨著時間的推移而去追求它？

Thank you very much for the question. This is one thing that I don't think we were able to talk about enough in the prepared remarks.

非常感謝您的提問。我認為這是我們在準備好的發言中沒有充分討論的一件事。

So especially in light of the question that I just answered, I think it's a very fitting sort of follow-on to that question. So we've been very clear with our strategy. About 10 years ago, when we went public, we made the decision to essentially just be open about some of the key components of our strategy.

因此，特別是考慮到我剛剛回答的問題，我認為這是對這個問題的一個非常合適的後續回答。所以我們的戰略非常明確。大約 10 年前，當我們上市時，我們決定公開我們策略的一些關鍵組成部分。

Honestly, I was a little reluctant to do that at first, which is maybe it would be better if we don't tell the world our strategy, but I actually think it served us very well, and it helps bring along many of our most devoted clients and partners.

老實說，一開始我有點不願意這樣做，也許我們最好不要告訴全世界我們的策略，但實際上我認為這樣做對我們很有幫助，並且有助於吸引許多最忠實的客戶和合作夥伴。

So for at least the foreseeable future, we'll keep doing that. And I get that as preface to answer your question, which is we uniquely started with the fat head and not the long tail. We started with the biggest advertisers in the world, and we have the belief that if we could win the trust and do well for the biggest brands in the world that it would make it easier for us to do that with midsized and smaller.

因此至少在可預見的未來，我們會繼續這樣做。我明白這是回答你的問題的前提，我們的獨特之處在於從肥頭開始，而不是從長尾開始。我們從世界上最大的廣告商開始，我們相信，如果我們能夠贏得世界上最大的品牌的信任並做好服務，那麼我們就可以更容易地與中型和小型品牌做到這一點。

Incidentally, I think acronym, SMB, small and midsized business, is only useful in the sense that it makes it digestible but midsize are as different, if not more different, than small than the large are to the mid or to the small.

順便說一句，我認為縮寫 SMB（中小型企業）僅在於使其易於理解的意義上有用，但中型企業與小型企業之間的差異，甚至更大，就如同大型企業與中型企業或小型企業之間的差異一樣大。

So there are at least three categories. But if you just look at it as there is essentially this like ski slope where you start with the very largest, which are very big and they spend a lot of money and then just go down to those very small, we are working our way down that slope and we have ambition to service all of it.

所以至少有三個類別。但如果你把它看作本質上像滑雪坡，你從最大的開始，這些滑雪場非常大，他們花了很多錢，然後再逐漸縮小到那些非常小的滑雪場，我們正沿著這條斜坡向下努力，我們有志於為所有這些滑雪場提供服務。

We recognize that servicing and (inaudible) are very different than servicing the Ls that we focus on today. But we also know that if you figure out how to serve them well, and they're very tough critics, they have very high demand.

我們認識到服務和（聽不清楚）與我們今天關注的 L 服務非常不同。但我們也知道，如果你想要更好地服務他們，而且他們是非常嚴格的批評者，那麼他們的需求就會非常高。

If you figure out how to service them well, then you can use those same tools. Of course, you get rid of all the questions and the dials that you get to the large ones and even the visibility and simply just perform for them.

如果您知道如何很好地維護它們，那麼您可以使用相同的工具。當然，你會擺脫所有的問題和對大問題的關注，甚至是可見性，只需為它們執行即可。

But taking out reports and taking out dials is a lot easier than starting with nothing as it relates to control that you can give to large buyers and then trying to add it on afterwards, but it is absolutely in our ambitions. It is where we're heading, but it is not our focus right now because if you look at how much of the TAM is made up of the Ls, it's almost half of it.

但是，取出報告和撥號比從零開始要容易得多，因為它涉及你可以交給大買家的控制權，然後再嘗試添加它，但這絕對是我們的目標。這是我們前進的方向，但這不是我們現在的重點，因為如果你看看 TAM 中有多少是由 L 組成的，它幾乎佔了一半。

So because there's so much TAM there, we just want to continue to support them and help them grow and think that's a critical part of the future. And especially if you look at how much of CTV has been made up by those in the past, and will likely represent the lion's share for as far as we can see into the future.

因為那裡有這麼多的 TAM，我們只想繼續支持他們，幫助他們成長，並認為這是未來的關鍵部分。尤其是如果你看看過去這些人為 CTV 創造了多少份額，並且很可能在未來佔據最大份額。

That becomes a great place for us to continue to grow for as far as we can see in the future. So while that -- this is a part of our ambition, I don't believe that we have to go chase MS or in order for us to grow for the foreseeable future.

就我們未來可預見的未來而言，這將成為我們繼續成長的絕佳場所。因此，雖然這是我們雄心壯志的一部分，但我不認為我們必須去追逐 MS，或為了在可預見的未來實現成長。

We just simply need to execute among the clients that we already have and continue to expand.

我們只需要在現有客戶中執行並繼續擴展。

Thanks, Matt. And John, can you close out the call? Thank you.

謝謝，馬特。約翰，你能結束通話嗎？謝謝。

Absolutely. Thank you. This concludes today's conference.

絕對地。謝謝。今天的會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開線路。