Trade Desk Inc (TTD) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Trade Desk third-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 Trade Desk 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人克里斯·托特。你可以開始了。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk third-quarter 2025 earnings conference call. On the call today are CEO and Co-Founder, Jeff Green; and Chief Financial Officer, Alex Kayyal.

謝謝接線生。大家好，下午好。歡迎參加 The Trade Desk 2025 年第三季財報電話會議。今天參加電話會議的有執行長兼聯合創始人傑夫·格林和財務長亞歷克斯·卡亞爾。

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

您可以在我們網站 thetradedesk.com 的投資者關係欄位中找到我們的獲利新聞稿副本。

Please note that aside from historical information, today's discussion and our responses during the Q&A may include forward-looking statements. These statements are subject to risks and uncertainties and reflect our views and assumptions as of the date such statements are made. Actual results may vary significantly, and we expressly disclaim any obligations to update these forward-looking statements made today.

請注意，除歷史資訊外，今天的討論以及我們在問答環節的回答可能包含前瞻性陳述。這些聲明存在風險和不確定性，反映了我們截至聲明發布之日的觀點和假設。實際結果可能與預期有顯著差異，我們明確聲明不承擔更新今天所作這些前瞻性聲明的任何義務。

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, 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聲明所暗示的結果有重大差異。有關風險的詳細討論，請參閱我們新聞稿中提到的風險因素以及我們最近向美國證券交易委員會提交的文件。

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 財務表現外，我們還提供補充的非 GAAP 財務數據。我們的獲利新聞稿中提供了 GAAP 與非 GAAP 指標的調整表。我們認為，將這些非GAAP指標與我們的GAAP績效一起呈現，可以更全面地展現公司的營運表現。

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

接下來，我將把電話交給執行長兼聯合創始人傑夫·格林。傑夫？

Thanks, Chris, and good afternoon, everyone. Thank you for joining us today. As you have seen from our press release, we again posted strong growth in the third quarter. Revenue grew approximately 18% compared with Q3 of last year, and when excluding political spend compared to last year's Q3, our revenue grew by 22%. CTV remains our largest and fastest-growing channel, continuing to grow at a faster rate than our overall business.

謝謝克里斯，大家下午好。感謝您今天蒞臨。正如您從我們的新聞稿中看到的，我們在第三季度再次實現了強勁成長。與去年第三季相比，收入成長了約 18%；如果排除政治支出，與去年第三季相比，我們的收入成長了 22%。CTV 仍然是我們規模最大、成長最快的管道，其成長速度持續超過我們整體業務的成長速度。

The shift to biddable CTV is accelerating, and we expect decision CTV will become the default buying model in the years ahead. The advantages of decision buying compared to traditional programmatic guaranteed or insertion order models are so significant in terms of flexibility, control and performance that the choice for advertisers is becoming increasingly obvious.

競價型 CTV 的普及化正在加速，我們預期決策型 CTV 將在未來幾年成為預設的購買模式。與傳統的程序化擔保或插入訂單模式相比，決策購買在靈活性、控制性和效果方面具有非常顯著的優勢，因此廣告商的選擇變得越來越明顯。

Retail Media continues to scale rapidly as well, and we are seeing strong adoption across verticals as more shopper marketing budgets flow into programmatic and more retailers turn to us as their trusted partners. To begin, let's take a step back and provide some context about the state of our industry. So far, 2025 has been a year of innovation and change for our industry and our company. The change in landscape has created amazing upgrades to our business and our industry.

零售媒體也持續快速發展，我們看到各個垂直領域都出現了強勁的採用，越來越多的購物者行銷預算流入程序化廣告，越來越多的零售商將我們視為值得信賴的合作夥伴。首先，讓我們退一步，回顧一下我們行業的現狀。到目前為止，2025 年對我們產業和我們公司來說都是創新和變革之年。產業格局的變化為我們的企業和產業帶來了巨大的提升。

Compared to last year, our TAM has grown significantly, including expansion from CTV and AI chatbots and growth in premium content. The supply chain is much more efficient, and our products have been enhanced with AI across the board. The Trade Desk is adding more value than ever before. But the changes of 2025 are much more interesting and significant when you consider how they will change the trajectory and opportunity for the open Internet for the next several years.

與去年相比，我們的潛在市場規模顯著成長，其中包括來自 CTV 和 AI 聊天機器人的擴張以及優質內容的成長。供應鏈效率大大提高，我們的產品也全面採用了人工智慧技術。交易平台比以往任何時候都更有價值。但考慮到 2025 年的變化將如何改變未來幾年開放網路的發展軌跡和機遇，這些變化就變得更加有趣和意義重大了。

A reminder, the open Internet is the portion of the Internet where price discovery and competition exists. On the open Internet, every transaction is arm's length, whilst Gardens are built around owned and operated inventory instead of third-party inventory. Price discovery comes when the buyer and seller are different entities. Of course, premium content is largely created by those who focus on content excellence. So the open Internet is where the most loved content and the most premium content lives.

提醒一下，開放網路是指網路中存在價格發現和競爭的部分。在開放的互聯網上，每一筆交易都是公平的，而花園則是圍繞自有和運營的庫存而不是第三方庫存建立的。當買賣雙方是不同的實體時，價格就會被發現。當然，優質內容大多是由那些專注於內容品質的人創作的。因此，開放的網路是最受歡迎的內容和最優質內容的聚集地。

Because the open Internet has continued to win more and more consumer time in places like premium TV, movies, music consumption in places like Spotify, live sports, and journalism, we continue to see a growing desire for the open Internet to get the first dollar of any media plan and also to get the lion's share of any media plan. Because advertising is about helping consumers feel something about product, service or an opportunity, using great video and audio ads are essential to most brand building, customer loyalty efforts and all performance efforts, including Performance TV. I contend that supply has always been greater than demand in digital advertising.

由於開放的網路在付費電視、電影、Spotify 等平台的音樂消費、體育直播和新聞報道等領域不斷贏得消費者越來越多的時間，我們看到人們越來越希望開放的互聯網能夠獲得任何媒體計劃的第一筆資金，並且獲得任何媒體計劃的大部分份額。因為廣告的目的是幫助消費者對產品、服務或機會產生某種感受，所以使用優秀的視訊和音訊廣告對於大多數品牌建立、客戶忠誠度努力以及所有績效努力（包括績效電視）都至關重要。我認為，在數位廣告領域，供應一直大於需求。

And because it is so much easier to create more supply than it is to create a bigger marketing budget, the supply growth continues. This imbalance has grown steadily. And as a result, the market continues to strengthen for buyers. It's a buyer's market. All of this ripens the opportunity for The Trade Desk and the open Internet. In order for the open Internet to grow faster than closed ecosystems that are mostly filled with user-generated content and without price discovery, the efficiency of competitive supply chains and the benefits of competition in time must work for the market and not against it.

而且，由於增加供應量比增加行銷預算容易得多，因此供應量持續成長。這種不平衡現像日益加劇。因此，市場對買家而言持續走強。現在是買方市場。這一切都為交易平台和開放的網路創造了機會。為了使開放的互聯網比主要由用戶生成內容組成且沒有價格發現機制的封閉生態系統發展得更快，競爭性供應鏈的效率和競爭帶來的益處必須有利於市場，而不是不利於市場。

This shift has happened in 2025. To this end, AI is accelerating the improved effectiveness of the open Internet. Of course, every significant AI innovation and AI product needs quality data. The most valuable data to an advertiser is their own conversion and customer data. We will win long term because we built a business where buyers can own their future, which requires them to own, protect and use their own data. AI is fast tracking progress for companies that are eager to put their data to work and can leverage automation intelligently.

這一轉變發生在2025年。為此，人工智慧正在加速提高開放網路的效率。當然，每一項重要的AI創新和AI產品都需要高品質的數據。對廣告主而言，最有價值的數據是他們自己的轉換數據和客戶數據。我們之所以能取得長期的成功，是因為我們建立了一種讓買家掌控自己未來的商業模式，而這需要他們擁有、保護和使用自己的資料。人工智慧正在加速那些渴望利用數據並能智慧運用自動化技術的公司的進步。

Big brands are increasingly and rightfully leary of walled gardens as the AI-fueled future materializes. Advertiser and agency data is more valuable in this AI world than ever. It is also less defensible in the hands of our big tech competitors who are written with conflict of interest and have insatiable appetite to own advertisers' data. AI is accelerating the path to the open Internet having vastly superior price discovery and fungibility. A world with better price discovery and better open Internet supply chains for the quality content will decrease the value of user-generated content destinations and other similar apps and sites that are full of ads and unsafe content.

隨著人工智慧驅動的未來逐漸成為現實，各大品牌越來越不信任封閉的生態系統，這種擔憂也是理所當然的。在人工智慧時代，廣告商和代理商的數據比以往任何時候都更有價值。而且，在那些存在利益衝突、並且對廣告商數據有著永不滿足的渴望的大型科技競爭對手手中，這種做法也更難以辯護。人工智慧正在加速邁向開放網路的進程，開放網路將擁有更優越的價格發現和可替代性。一個價格發現機制更加完善、網路供應鏈更加開放，能夠提供優質內容的世界，將會降低用戶生成內容平台以及其他充斥著廣告和不安全內容的類似應用程式和網站的價值。

Premium content and deliberate data-driven targeted buying is the only way for the biggest brands and advertisers to remain competitive. Nearly every big tech player in advertising, Amazon, Apple, Google, Facebook, is primarily focused on expanding and monetizing their owned and operated inventory and content. Google is clearly focused on search, their AI chat by Gemini and YouTube. Amazon's primary advertising efforts are focused on growing sponsored listings and then secondarily on Prime video. Both are putting Amazon owned and operated inventory first.

優質內容和有針對性的數據驅動型定向購買是各大品牌和廣告商保持競爭力的唯一途徑。幾乎所有大型科技廣告公司，如亞馬遜、蘋果、Google、Facebook，都主要專注於擴大其自有和經營的廣告資源和內容並從中獲利。谷歌顯然專注於搜尋、其人工智慧聊天工具 Gemini 和 YouTube。亞馬遜的主要廣告投入集中在增加贊助商品清單上，其次才是Prime影片。兩者都將亞馬遜自有和經營的庫存放在首位。

Facebook continues to focus on monetizing the Instagram and Facebook as destinations and TikTok the same, none of these companies are focused on monetizing the open Internet. This was helpfully made public throughout the antitrust trial of the Department of Justice versus Google. When they revealed numbers that Google normally does not report on exhibits and industry experts estimated that in 2019, the open Internet and owned and operated inventory on YouTube were equally split in share of wallet on DV360.

Facebook 繼續專注於將 Instagram 和 Facebook 作為目的地進行貨幣化，TikTok 也是如此，這些公司都沒有專注於將開放的網路貨幣化。在司法部訴谷歌的反壟斷審判過程中，這一點得到了公開，這對公眾大有裨益。當他們公佈谷歌通常不會在展覽中報告的數據時，行業專家估計，在 2019 年，開放互聯網和 YouTube 上的自有和運營庫存，在 DV360 的錢包份額中平分秋色。

However, between 2019 and today, roughly all of the incremental dollars and growth from DV360 has gone to YouTube. YouTube spend increased by about 800% while Google's buying of the open Internet stayed essentially flat for the same period of time. During that time, The Trade Desk seems to have surpassed Google in the amount bought on the open Internet, again, according to others. The industry is evolving at a rapid pace. However, no one is driving that change with more force or focus than The Trade Desk.

然而，從 2019 年至今，DV360 的新增收入和成長幾乎全部流向了 YouTube。同期，YouTube 的支出成長了約 800%，而Google對開放網路的收購基本上保持不變。在此期間，據其他人稱，The Trade Desk 在公開網路上的交易量似乎已經超過了 Google。該行業正在快速發展。然而，在推動這項變革方面，沒有任何一家公司比 The Trade Desk 更有力量或更專注。

With that backdrop, I want to focus today on three key areas of progress. First, let's walk through the foundational improvements and the upgrades we've made across the company over the last year. Since March, we've welcomed a new COO, a new CFO and a new CRO, who we just announced last week and began this week. Our COO, Vivet Kundra, has already driven operational progress and continues to improve our operations. Under his leadership, we've brought greater structure, discipline and clarity to how we operate.

在此背景下，我今天想重點談談三個關鍵的進展領域。首先，讓我們回顧一下過去一年中公司在基礎建設和升級方面所做的改進和升級。自三月以來，我們迎來了新的營運長、新的財務長和新的首席營收官，我們上週剛剛宣布了他們的任命，他們本周正式上任。我們的營運長維維特·昆德拉已經推動了營運方面的進步，並將繼續改善我們的營運。在他的領導下，我們的運作方式更加規範、嚴謹、清晰。

Streamlining our go-to-market organization, improving coordination across regions and teams and instilling stronger operating cadences that enhance accountability and performance. While we've always been data-driven in running campaigns and servicing our customers, we're building a more data-driven culture that emphasizes measurable outcomes for our employees and consistent execution. These changes are helping us scale more predictably and efficiently while fostering the culture of ownership and operational excellence that will serve us well in the years ahead.

精簡我們的市場推廣組織，改善跨區域和團隊的協調，並建立更強大的營運節奏，從而提高問責制和績效。雖然我們在進行行銷活動和為客戶提供服務方面一直以數據為導向，但我們正在建立一種更以數據為導向的文化，強調為員工帶來可衡量的成果和持續的執行。這些變化有助於我們以更可預測和更有效率的方式擴大規模，同時培養主人翁精神和卓越營運文化，這將使我們在未來幾年受益匪淺。

Many of our largest clients are among the world's leading advertisers and they operate at global scale, often through multiple agencies. To manage this complexity, we have put new systems in place so we can execute account plans with thoroughness and rigor. This rigor helps every part of our business, from our engineers who can identify key innovation opportunities as they ship product every week all the way to our commercial services team who can help our clients take advantage of key opportunities as they emerge. Let me give you one example.

我們許多最大的客戶都是世界領先的廣告商，他們的業務遍及全球，通常透過多家代理商開展業務。為了應對這種複雜性，我們建立了新的系統，以便能夠徹底、嚴謹地執行客戶計畫。這種嚴謹性有助於我們業務的各個方面，從每週交付產品時能夠識別關鍵創新機會的工程師，到能夠幫助客戶抓住湧現的關鍵機會的商業服務團隊。我舉個例子。

One of the most influential data analytics companies in the world recently ran a competitive test between The Trade Desk and a major walled garden, which offered to run campaigns with zero fees. But because we're objective, data-driven and focused on measurable outcomes, we won the opportunity securing about $20 million more in incremental spend through the end of 2025.

世界上最具影響力的數據分析公司之一最近在 The Trade Desk 和一家大型封閉式平台之間進行了一項競爭測試，後者承諾不收取任何費用即可開展行銷活動。但由於我們秉持客觀、數據驅動和注重可衡量結果的原則，我們贏得了這個機會，確保在 2025 年底前增加約 2,000 萬美元的支出。

Last year, we spoke about investing more resources to pursue closer relationships with the biggest brands. We've seen incredible results from this effort. JBPs continue to grow significantly faster than non-JBP accounts. Importantly, we've grown our relationships with top brands while simultaneously creating more growth and stickiness for the agencies.

去年，我們討論投入更多資源，與各大品牌建立更緊密的合作關係。我們已經從這項努力中看到了令人矚目的成果。JBP帳戶的成長速度明顯快於非JBP帳戶。重要的是，我們加強了與頂級品牌的關係，同時也為代理商創造了更多的成長和客戶黏著度。

I'm confident that with Anders Mortenson coming to Board as our new Chief Revenue Officer, we will continue to improve effectiveness of our go-to-market organization. I'm thrilled that he's joined the team. In fact, this week, he's become the latest executive to join our ranks from the likes of Google, Amazon and Meta in recent quarters across all parts of our business. Anders will help us scale our sales effectiveness.

我相信，隨著 Anders Mortenson 加入董事會擔任新的首席營收官，我們將繼續提高市場推廣組織的效率。他加入團隊我感到非常高興。事實上，本週，他成為近期幾季從Google、亞馬遜和 Meta 等公司加入我們團隊的最新一位高階主管，涵蓋我們業務的各個方面。Anders將協助我們提升銷售效率。

At Google, he was one of two executives who ran their ad business from a sales perspective. Anders oversaw their mid-market ad business covering more than 5,000 advertisers and their agencies and successfully grew that business at a pace that significantly exceeded broad market growth. Anders will help us continue to grow within our established client base, and they will also help us expand to a broader range of advertisers and agencies around the world.

在谷歌，他是兩位從銷售角度經營廣告業務的高階主管之一。安德斯負責管理其中端市場廣告業務，該業務涵蓋 5000 多家廣告商及其代理商，並成功地以遠超整體市場增長速度的速度發展了該業務。Anders 將幫助我們繼續在現有客戶群中發展壯大，同時也將幫助我們拓展到世界各地更廣泛的廣告商和代理商群。

The second area that I'd like to highlight is the innovation we're delivering in our platform. This year has really been the year of innovation for us. We've launched some of the most market-changing products that we ever have. And as you know, we have a track record of changing this industry with new product innovations. Prior to this year, over and over again, we've done things that people have told us we couldn't pull off.

我想重點介紹的第二個面向是我們平台所實現的創新。今年對我們來說真是創新之年。我們推出了一些有史以來最具市場變革性的產品。如你所知，我們一直以來都透過新產品創新來改變這個產業。在今年之前，我們一次又一次地做到了人們告訴我們不可能的事情。

As a few examples, we weren't even one of the first 10 companies to get funding as a DSP, but we did it anyway. We lost bit factors, which proved to be a better system of targeting that was more expressive and enabled so many businesses to be built on our platform. That system also laid the foundation for an AI-powered platform.

舉幾個例子，我們甚至不是最早獲得 10 家 DSP 融資的公司之一，但我們還是做到了。我們失去了比特因素，事實證明，比特因素是一種更好的定位系統，它更具表現力，並使許多企業得以在我們的平台上建立起來。該系統也為人工智慧平台奠定了基礎。

Also, nearly a decade ago, we were the first to move the third-party data market usage to a percentage of spend. We created the largest cookie pool for the open Internet when our unified ID efforts were successful. Then Google changed the game with their war on cookies, and then we launched UID2. Now UID2 is the primary identity currency of ads for the open Internet around the world. It's ubiquitous.

此外，大約十年前，我們率先將第三方數據市場使用量改為支出百分比。當我們的統一識別工作取得成功時，我們為開放互聯網創建了最大的 cookie 池。然後谷歌透過對 cookie 的打擊改變了遊戲規則，之後我們推出了 UID2。現在，UID2 已成為全球開放網路廣告的主要識別貨幣。它無所不在。

This is similar for things like global placement ID and transaction ID. These are metadata standards for the open Internet that have become standards because of our innovations and insistence. We've also enabled an entire ecosystem of innovation without our APIs and log level reporting, there are entire categories of companies that wouldn't be viable. None of the walled gardens enable businesses like this. In 2018, we launched (inaudible).

這與全域放置 ID 和交易 ID 等資訊類​​似。這些是開放網路的元資料標準，由於我們的創新和堅持，它們已經成為標準。我們也催生了一個完整的創新生態系統；如果沒有我們的 API 和日誌等級報告，許多類型的公司將無法生存。這些封閉式生態係都不允許這類企業發展。2018年，我們推出了（聽不清楚）

Our early focus on AI and machine learning has positioned us to upgrade our platform as the rise of AI tools has made upgrading our platform easier than any other DSP. At TTV, we are very focused, and we have a very clear North Star. This is a race to create the best performing ads and the best competitive supply chain, digital advertising has ever seen and thereby win the trust and investment of the biggest advertisers in the world. Today, nearly all of our clients have tried Kokai with nearly 85% using Kokai as their default experience. When we build a new iteration of our platform, our primary goal is to deliver more value to our customers by increasing their performance.

我們早期對人工智慧和機器學習的關注，使我們能夠升級我們的平台，因為人工智慧工具的興起使得我們的平台升級比任何其他DSP平台都更容易。在 TTV，我們目標明確，並且擁有非常清晰的北極星。這是一場打造數位廣告史上效果最佳的廣告和最具競爭力的供應鏈的競賽，旨在贏得全球最大廣告商的信任和投資。如今，我們幾乎所有的客戶都嘗試過 Kokai，其中近 85% 的客戶將 Kokai 作為他們的預設體驗。當我們建立新版本的平台時，我們的主要目標是透過提高客戶的效能來為他們創造更多價值。

By this standard, Kokai is the best upgrade we have ever made to our product. relative to all previous versions and certainly relative to Solimar. Campaigns that have switched to Kokai are seeing impressive results. Since its launch, Kokai delivered on average better cost per acquisition, 58% better cost per unique reach and a 94% better click-through rate compared to Solimar. These are incredible performance improvements on top of what was already considered the most performant DSP in the world. Kokai has a number of features in it that are game changers for our clients and for the open Internet.

以這個標準來看，Kokai 是我們對產品進行過的最佳升級，相對於之前的所有版本，尤其是相對於 Solimar 而言。改用 Kokai 平台的行銷活動取得了令人矚目的成果。自推出以來，與 Solimar 相比，Kokai 的平均獲客成本更低，每次獨立訪問成本降低了 58%，點擊率提高了 94%。在原本就被認為是世界上性能最強的DSP基礎上，這些性能提升令人難以置信。Kokai 擁有許多能夠改變我們客戶和開放網路格局的功能。

We've used the industry's most advanced AI to enhance our system with an architecture we call distributed AI. We break down every function and create separate AI models for each of them from valuing impressions to managing identity to choosing supply paths to predicting a price required to clear and to forecast the performance and reach of a campaign before a single dollar is even spent. This effort to distribute allows us to parallelize all AI efforts and enables checks and balances between these disparate functions.

我們利用業界最先進的人工智慧技術，透過一種我們稱為分散式人工智慧的架構來增強我們的系統。我們將每個功能分解開來，並為每項功能創建單獨的 AI 模型，從評估曝光量到管理身份，再到選擇供應路徑，預測清倉所需的價格，以及在花費一分錢之前預測廣告活動的效果和覆蓋範圍。這種分散式部署使我們能夠並行處理所有人工智慧工作，並在這些不同的功能之間實現制衡。

It cannot be overstated how much AI has changed and will change our business and the open Internet. This year, we've launched and grown several products that are solely focused on substantially upgrading supply chains so that buyers get more for their money.

人工智慧已經並將繼續大幅改變我們的業務和開放的互聯網，這一點怎麼強調都不為過。今年，我們推出並發展了幾款產品，這些產品都專注於大幅升級供應鏈，以便買家能夠花更少的錢獲得更多收益。

Open Path is an integration between TTD and a direct source of inventory. Openpath plugs into options we trust. It is a collection of clean types of connections that are directly into inventory. We have grown OpenPath by many hundreds of percentage points this year. which means our clients are getting clear views of exactly what they're buying and publishers have a clearer sense of what advertisers are willing to pay when they describe their inventory in a transparent and accurate way.

Open Path 是 TTD 與直接庫存來源之間的整合。Openpath 與我們信賴的選項整合。它是一系列直接連接庫存的乾淨連接類型。今年，OpenPath 的成長率高達數百個百分點。這意味著我們的客戶能夠清楚地了解他們購買的具體內容，而發布商也能更清楚地了解廣告商在以透明、準確的方式描述其廣告資源時願意支付的價格。

OpenAP Ad is an auction that we develop and sometimes host as an option for publishers. We then bid into a fair auction and even enable other buyers or DSPs to do the same thing, too. The market needs a healthy auction and some sell-side players have continually weakened the integrity of the option. So we're developing an open source option that raises that bar.

OpenAP Ad 是我們開發並有時作為發布者選項提供的競價服務。然後我們參與公平的競價，甚至允許其他買家或DSP也這樣做。市場需要健康的拍賣機制，而一些賣方參與者卻不斷削弱選擇權的完整性。因此，我們正在開發一種開源方案，以提高這項標準。

We just launched it, and we're already working to integrate with more than 20 of the biggest publishers on the web. We expect this to dramatically improve the supply chains of mobile in-app ads and browser-based ads, which, of course, can use the help in an AI scraping world. Pubdesk is improving the supply chain by publishing data for the sell side, resellers, sellers and publishers can log into the platform and see what we paid the supply chain, what signals we value and adjust their sites and inventory to get more.

我們剛推出這項服務，目前已經在與網路上 20 多家最大的出版商進行整合。我們預計這將大大改善行動應用程式內廣告和瀏覽器廣告的供應鏈，這在人工智慧抓取的時代當然會大有裨益。Pubdesk 透過發布銷售方資料來改善供應鏈，經銷商、賣家和出版商可以登入平台，查看我們向供應鏈支付了什麼，我們重視哪些訊號，並調整他們的網站和庫存以獲得更多收益。

This is largely fueled by the Sensera team and data that we acquired earlier in the year. Deal desk is a better way to manage one-to-one deals. Not only does it facilitate the buy, but using AI, it predicts how a deal will perform relative to the open market. This product enables them to do deals, but also gives them the unprecedented data and tools to avoid bad deals. It is important to note that this product will be foundational to a healthy forward market that can replace the outdated upfronts.

這主要得益於 Sensera 團隊以及我們今年稍早獲得的數據。交易平台是管理一對一交易的更好方式。它不僅能促進交易，還能利用人工智慧預測交易相對於公開市場的表現。該產品不僅能幫助他們達成交易，還能提供他們前所未有的數據和工具，幫助他們避免糟糕的交易。值得注意的是，該產品將成為健康遠期市場的基礎，並可取代過時的預付款市場。

So far, deals on deal desk are performing about 35% better than those running on Solimar, which is more similar to the way they run everywhere else in the programmatic ecosystem. Digital advertising supply far exceeds demand. It always has and frankly, it always will. That dynamic makes digital advertising a true buyer's market where advertisers have unprecedented choice.

到目前為止，交易平台上的交易表現比在 Solimar 上運行的交易好約 35%，這與它們在程序化生態系統其他地方的運作方式更為相似。數位廣告供應遠遠超過需求。過去一直如此，坦白說，將來也會如此。這種動態使得數位廣告成為一個真正的買方市場，廣告主擁有前所未有的選擇權。

At the same time, because Google has historically made it almost impossible for most SSPs to do true yield management, many tech players on the sell side of advertising that sit between us and content owners have been incentivized to duplicate their ad inventory, obfuscate it or sometimes even misrepresented. As advertisers increasingly gravitate to the premium advertising opportunities that are consistent with their brand, they want better tools to be able to distinguish between premium ad environments and ensure that their ads are not being placed on recipe sites with 20 different ads popping up for competing users' attention.

同時，由於Google歷來讓大多數 SSP 幾乎不可能進行真正的收益管理，因此許多位於我們和內容所有者之間的廣告銷售方的科技公司有動機複製他們的廣告庫存、混淆它，有時甚至歪曲它。隨著廣告主越來越傾向於選擇與自身品牌相符的優質廣告機會，他們希望擁有更好的工具來區分優質廣告環境，並確保自己的廣告不會出現在食譜網站上，與其他 20 個不同的廣告爭奪用戶的注意力。

Looking against recipe sites, but I found recently that this example reminds people of how much room there is to actually creating better ad experiences. Key to this is the option a clean, credible option ensures that advertisers can understand exactly what they are buying and value it appropriately. Many of the largest premium publishers run their own actions, such as Disney with its draft platform. OpenPath connects directly into many of these premium publisher auctions.

雖然我之前一直在關注食譜網站，但我最近發現，這個例子提醒人們，在創造更好的廣告體驗方面，我們還有很大的提升空間。關鍵在於提供一個清晰、可信的選項，以確保廣告商能夠確切地了解他們購買的是什麼，並對其進行適當的估值。許多大型付費出版商都經營自己的活動，例如迪士尼的選秀平台。OpenPath 直接連接到許多此類高級出版商競價平台。

And companies like Disney do this because they want to ensure that their premium inventory can be correctly assessed and valued. A healthy auction is not an inherently sell side or buy side consideration. It sits in between as the referee between the buy side and the sell side. And in order to have a healthy marketplace both sides have to trust the auction. In order to establish that trust, we started with the open source version of the prebid auction.

像迪士尼這樣的公司會這樣做，是因為他們想確保自己的優質庫存能夠得到正確的評估和估值。健康的拍賣本質上並非買賣雙方的考量。它充當買方和賣方之間的裁判。為了擁有健康的市場，買賣雙方都必須信任拍賣機制。為了建立這種信任，我們從開源版本的預競價拍賣開始。

Then we innovated and made it better to ensure it contains some key elements such as transaction ID and a Sincera signature to better reduce duplication and detect opuscation by sellers. We will open source key elements of open ads, and we will expose its mechanics for review. Just like recent innovations such as UID2 or OpenPath, or Ventura, our intent here is to incentivize a more transparent competitive marketplace for all. In Q4, we announced three additional product features and upgrades that will be some of the most significant contributors to our growth for years to come.

然後我們進行了創新和改進，以確保它包含一些關鍵元素，例如交易 ID 和 Sincera 簽名，以便更好地減少重複交易並偵測賣家的營運。我們將開源開放廣告的關鍵要素，並公開其運作機制以供審查。就像最近的 UID2、OpenPath 或 Ventura 等創新一樣，我們的目的是激勵所有人建立一個更透明、更具競爭力的市場。第四季度，我們宣布了三項額外的產品功能和升級，這些將成為未來幾年我們成長的最重要貢獻者。

The first is the system upgrade and the other two are product launches. We have overhauled our data marketplace. We have reviewed the mechanics, incentives and market dynamics over our third-party marketplace and made significant upgrades. The result is a more competitive AI-driven marketplace with more data, more data segments and more reward for those who bring quality to the market.

第一項是系統升級，另外兩項是產品發表。我們對數據市場進行了全面改革。我們對第三方市場的運作機制、激勵機制和市場動態進行了審查，並進行了重大升級。結果是，人工智慧驅動的市場競爭更加激烈，數據更多，數據細分更多，為那些為市場帶來高品質產品的人提供更多回報。

Second, we're introducing trading modes. This is a bit like driving modes in a car where the user can decide how they would like to engage with the system, would they prefer to have control, where they have more decisions and a greater burden of work or would they prefer to simply optimize the performance and lean on the machine.

其次，我們將推出交易模式。這有點像汽車的駕駛模式，使用者可以決定如何與系統互動，他們是更喜歡掌控一切，承擔更多決策和更大的工作負擔，還是更喜歡簡單地優化性能並依賴機器。

In both cases, we're introducing Agentic AI as a copilot to ensure optimal campaign performance. But its role and engagement will differ based on the trading modes. This new feature will accelerate the adoption of the Agentic AI in our platform.

在這兩種情況下，我們都引進了智慧人工智慧作為輔助工具，以確保最佳的行銷活動成效。但它的作用和參與方式會根據交易模式的不同而有所差異。這項新功能將加速智慧體人工智慧在我們平台上的應用。

And third, in Q4, we introduced a new product called Audience Unlimited. This enables our users to use third-party data for a single fee, and that single fee will make it easier for them to layer on much more data and improve the efficacy of their campaigns.

第三，在第四季度，我們推出了一款名為 Audience Unlimited 的新產品。這使得我們的用戶只需支付一次費用即可使用第三方數據，而這筆費用將使他們更容易疊加更多數據，並提高其行銷活動的有效性。

The third area that I'd like to cover is the momentum we're seeing in our business as we close out 2025 and prepare for 2026. Since our last earnings call, I've spent much of the time on the road. I hosted 11 Trader town halls with programmatic traders at our top agencies and brands in various cities around the world. I've met with dozens of major client CMOs and many of the world's leading publishers.

我想談的第三個面向是，隨著 2025 年即將結束，我們正為 2026 年做準備，我們的業務發展勢頭良好。自從上次財報電話會議以來，我大部分時間都在出差。我與來自世界各地頂級代理商和品牌的程式化廣告交易員舉辦了 11 場交易員市政廳會議。我曾與數十位主要客戶的首席行銷長以及許多世界領先的出版商會面。

What is clear across all of these communities is the confidence that everyone has in the potential of the open internet. We maintain that the independent and objective DSPs will have the majority of open Internet spend at end state Today, all of our biggest competitors are conflicted, so it is ours for the taking. There are so many places that we are seeing progress.

在所有這些社群中，大家對開放網路的潛力都充滿信心，這一點是顯而易見的。我們堅信，獨立客觀的DSP最終將佔據開放網路支出的大部分份額。如今，我們所有最大的競爭對手都存在利益衝突，所以這塊市場就唾手可得。我們看到很多地方都在進步。

Here are just a few of them. Our research shows that the average consumer now spends two-thirds of their digital time on the open Internet, even though most budgets today still go through Facebook, Google and TikTok. This imbalance will correct over time. Outside the US, our business is growing significantly faster than the United States. Given that 60% of the TAM is outside of the US, this movement is in the right direction of capturing the TAM.

以下僅列舉其中幾個例子。我們的研究表明，儘管如今大多數預算仍然流向了 Facebook、Google 和 TikTok，但普通消費者現在卻將三分之二的數位時間花在了開放的網路上。這種不平衡會隨著時間的推移而得到糾正。在美國以外，我們的業務成長速度明顯快於美國。鑑於 60% 的潛在市場在美國以外，這項舉措是朝著佔領潛在市場這一正確方向邁出的。

Audio has become one of the fastest-growing channels as consumers spend an average of three hours a day listening to their favorite music and podcasts. Bayer recently added Spotify to their omnichannel campaigns on Kokai and saw a 15% growth in their incremental reach. Adoption of Kokai is driving significant performance improvements for our clients.

音訊已成為成長最快的管道之一，消費者平均每天花三小時收聽他們喜愛的音樂和播客。拜耳最近將 Spotify 加入其 Kokai 全通路行銷活動中，並發現其新增覆蓋範圍增加了 15%。採用 Kokai 系統顯著提升了我們客戶的績效。

Specsavers in the UK saw a 43% reduction in the cost of securing customer appointments using Kokai while also cutting the conversion time by almost 50%. To announce our conversion rates go up by 1/3 for their Actimel yogurt product, leveraging the retail data marketplace and omnichannel strengths of Kokai. Spend under JVPs are growing significantly faster.

英國的 Specsavers 使用 Kokai 後，預約客戶的成本降低了 43%，同時轉換時間也縮短了近 50%。宣布我們Actimel優格產品的轉換率提高了1/3，這得歸功於Kokai的零售數據市場和全通路優勢。合資企業下的支出成長速度明顯更快。

Open Path has grown by many multiples in this year. Publishers like (inaudible) are seeing a 4x improvement in ad fill rates and 23% revenue increase when integrating Open Path. We are seeing enthusiastic interest in Open ads. We just launched Open Ad and we already have 20 publishers committed to integrating. On the supply side, SSP such as PubMatic are integrating with Deal desk using the new price discovery provisioning an API that helps sellers better understand and identify how sellers can increase the quality of their inventory.

Open Path 今年實現了數倍成長。像（聽不清楚）這樣的出版商在整合 Open Path 後，廣告填充率提高了 4 倍，收入增加了 23%。我們看到大家對開放式廣告表現出了濃厚的興趣。我們剛剛推出了 Open Ad，目前已有 20 家發布商承諾進行整合。在供應方面，PubMatic 等 SSP 正在使用新的價格發現功能與 Deal Desk 集成，提供 API，幫助賣家更好地了解和確定如何提高庫存品質。

The injection of AI into our supply path optimization is finding better paths to publishers with double-digit percentages of efficiency. To bring this to a close, I just want to reiterate that we are building our business for the long term. The upgrades we've made to our company over the past year put us in the best possible position to execute on the opportunities that are right in front of us today and continue to scale and lead the open Internet in the years ahead.

將人工智慧引入我們的供應鏈優化，可以找到更好的出版商路徑，效率提升可達兩位數百分比。最後，我只想重申，我們正在著眼長遠發展，打造我們的業務。過去一年，我們對公司進行了升級，使我們處於最佳位置，能夠抓住眼前的機遇，並在未來幾年繼續擴大規模，引領開放網路的發展。

I want to share a few of the principles that we've had for a very long time that continue to be critical to us continuing to lead the open Internet. First, we will always only represent the buy side of digital advertising. Everything we do that interacts with the supply side, such as Open Path and Open Ads is intended to drive better signal and a more transparent marketplace for our advertiser and agency clients. But we are hopeful that they also drive efficiencies that benefit the entire ecosystem.

我想分享一些我們長期以來秉持的原則，這些原則對於我們繼續引領開放網路至關重要。首先，我們將始終只代表數位廣告的買方。我們與供應方互動的一切舉措，例如 Open Path 和 Open Ads，都是為了為我們的廣告主和代理商客戶帶來更好的訊號和更透明的市場。但我們希望它們也能提高效率，從而使整個生態系統受益。

Second, the digital advertising market will inevitably bend towards efficiency. Every market does over time. It's just a question of how fast we get there. There are still some in our industry who will say things like why shouldn't I be allowed to duplicate or (inaudible) aspects of what I'm selling? Over time though, the survivors and the thrivers will be those who figure out how to win and a fair fight. We will always be advocating and advancing a fair price wherever we can.

其次，數位廣告市場必然會朝向效率化方向發展。任何市場都會隨著時間推移而改變。問題只在於我們能以多快的速度到達目的地。我們這個行業中仍然有些人會說這樣的話：為什麼我不能複製或（聽不清楚）我正在銷售的產品的某些方面？但隨著時間的推移，最終的倖存者和成功者將是那些懂得如何贏得勝利並進行公平競爭的人。我們將始終倡導並盡可能爭取公平的價格。

And last, the open Internet offers compelling value in contrast to walled gardens. The open Internet is where most consumers spend most of their time. It is where they engage with the Internet's most premium content. Advertising on the open Internet is not the same as advertising in a walled garden.

最後，與封閉的互聯網相比，開放的互聯網具有令人信服的價值。開放的網路是大多數消費者花費大部分時間的地方。在這裡，他們可以接觸到網路上最優質的內容。在開放的網路上投放廣告與在封閉的平台上投放廣告截然不同。

On the open Internet, an advertiser gets to select ad impressions across all opportunities, with objectivity and efficacy. It's not possible in a walled garden or using a walled garden DSP. For most marketers, these are two very different value propositions.

在開放的網路上，廣告主可以客觀有效地選擇所有機會中的廣告展示次數。在封閉的生態系中或使用封閉生態系DSP時，這是不可能的。對大多數行銷人員來說，這是兩種截然不同的價值主張。

The work we do in any of these areas is not easy, let alone all of them, but that's our mission. We know that transparency, objectivity and innovation drive performance for us. But more than that, we know they are essential for our clients, and we're just getting started. I've never been more excited about the road ahead.

我們在任何一個領域所做的工作都不容易，更不用說所有領域了，但這正是我們的使命。我們知道，透明度、客觀性和創新精神是推動我們業績成長的關鍵。但更重要的是，我們知道它們對我們的客戶至關重要，而我們才剛起步。我從未像現在這樣對未來的道路充滿期待。

And with that, I'll hand it over to Alex to walk you through the financials.

接下來，我會把麥克風交給 Alex，讓他為大家解釋財務數據。

Thank you, Jeff, and good afternoon, everyone. I'm honored to be speaking to you as our CFO. It's been an incredible few months working closely with our leadership team and a world-class finance organization. I have even more confidence in our business today with the outstanding team that we have in place, and I'm grateful that they have made my transition so smooth.

謝謝你，傑夫，大家下午好。我非常榮幸能以財務長的身份與各位交談。過去幾個月與我們的領導團隊和世界一流的財務機構密切合作，這段經歷令人難以置信。如今，我們擁有一支優秀的團隊，這讓我對我們的業務更有信心，我也非常感謝他們讓我的過渡期如此順利。

When I first met The Trade Desk 13 years ago, the company was generating less than $10 million in annual revenue. Over that time, I've been grateful to serve our Board of Directors over two distinct periods. As I reflect on the journey over all those years, what strikes me most is how much opportunity still lies ahead, which is exactly why it chose to step into this role. My priorities as CFO are clear. helped grow the Trade Desk share of the $1 trillion advertising TAM as more dollars shifted programmatic, identify and prioritize the right investments to expand our leadership position, convert that growth into durable long-term free cash flow through disciplined operating leverage.

13 年前我第一次接觸 The Trade Desk 時，該公司年收入還不到 1,000 萬美元。在那段時間裡，我非常榮幸能夠在兩個不同的時期為董事會服務。回顧這些年的歷程，最讓我印象深刻的是未來還有很多機會，而這正是它選擇承擔這個角色的原因。身為財務官，我的工作重點很明確：隨著越來越多的資金轉向程序化廣告，幫助交易平台在價值 1 兆美元的廣告市場中佔據更大的份額；確定並優先考慮正確的投資，以擴大我們的領先地位；透過嚴格的經營槓桿，將成長轉化為持久的長期自由現金流。

And lastly, insurer business remains tightly aligned with agencies and advertisers over the long term. I am bringing a growth mindset to my role as CFO here. Our focus on profitable growth means that we can invest to ensure we are always innovating and delivering premium value to our clients. As our TAM expands and given the AI opportunity, I am working with our team to take a fresh look at every aspect of the business so we can make the right investments and further accelerate our flywheel.

最後，從長遠來看，保險公司的業務仍然與代理商和廣告商緊密相關。我將以成長型思維方式來履行我作為財務長的職責。我們專注於獲利成長，這意味著我們可以進行投資，以確保我們始終能夠創新，並為客戶提供優質價值。隨著我們的潛在市場規模擴大，以及人工智慧帶來的機遇，我正在與團隊合作，重新審視業務的各個方面，以便我們可以進行正確的投資，並進一步加速我們的飛輪效應。

That includes evaluating how innovation investments fuel growth, how we go to market, how we structure incentives in the organization and how our products and features are being adopted and creating value. We are already leading the way here with all the product innovations we've announced in the last quarter.

這包括評估創新投資如何促進成長、我們如何進入市場、我們如何在組織中建立激勵機制，以及我們的產品和功能如何被採用並創造價值。我們在上個季度宣布的所有產品創新，已經讓我們處於領先地位。

The Trade Desk is uniquely positioned with a large and growing addressable market, a differentiated market position, anchored and objectivity for advertisers, strong secular tailwinds, the best technology (inaudible) tech and the business model built to deliver highly profitable growth. I believe the power of the open Internet combined with the foundational improvements the company has made throughout 2025, across leadership, operations and engineering has strengthened our position for the long term.

The Trade Desk 擁有獨特的市場定位，包括龐大且不斷增長的潛在市場、差異化的市場地位、為廣告商提供的穩定客觀的市場環境、強勁的長期發展趨勢、一流的技術以及旨在實現高利潤增長的商業模式。我相信，開放網路的力量，加上公司在 2025 年全年領導層、營運和工程方面進行的基礎性改進，已經鞏固了我們的長期地位。

Across the company, and as you've heard from Jeff, we see significant opportunities to drive outsized growth, and we are committed to doubling down in those areas.

正如你從傑夫那裡聽到的，我們公司上下都看到了推動超額成長的巨大機遇，我們致力於在這些領域加倍投入。

With that, let's go through the numbers.

接下來，我們一起來看看這些數字。

In Q3, we delivered revenue of $739 million representing 18% year-over-year growth. Excluding political spend related to last year's US elections, revenue increased approximately 22% year over year. Our strong performance in Q3 reflects our continued capture of incremental advertiser wallet share among large global brands during this period. With the strong top line performance in Q3, The Trade Desk generated approximately $317 million in adjusted EBITDA or about 43% of revenue. CTV has been consistently growing at a faster rate than the overall business which was the case again in the third quarter.

第三季度，我們實現了 7.39 億美元的收入，年增 18%。剔除與去年美國大選相關的政治支出，營收年增約 22%。第三季強勁的業績反映了我們在此期間持續贏得全球大型品牌廣告主錢包份額的成長。憑藉第三季強勁的營收表現，The Trade Desk 實現了約 3.17 億美元的調整後 EBITDA，約佔營收的 43%。CTV 的成長速度一直高於整體業務的成長速度，第三季的情況再次印證了這一點。

Video, which includes CTV represented around 50% of our business in Q3 and continues to grow as a percentage of our channel mix. Mobile represented a low 30 percentage share of the business during the quarter, while display represented a low double-digit share in audio represented around 5%. Over time, I expect CTV and audio will grow as a percentage of mix, fueled by the premium authenticated nature of these channels.

視訊（包括連網電視）在第三季占我們業務的約 50%，並且在我們頻道組合中所佔的比例持續成長。本季行動業務佔比僅 30%，展示廣告佔比也只有兩位數，音訊廣告佔比約 5%。隨著時間的推移，我預計 CTV 和音訊在頻道組合中所佔的比例將會成長，這得益於這些頻道的優質認證特性。

With supply significantly outstripping demand in our industry, our clients can be very deliberate in which ad impressions they select, which means those authenticated audiences become more attractive, especially in an objective buying platform like The Trade Desk. Geographically, North America represented 87% of our business in Q3 and international represented about 13%. Our strong momentum in both EMEA and APAC is a reflection of the investments we have made in these regions over the last several years.

由於我們行業的供應遠遠超過需求，我們的客戶可以非常謹慎地選擇廣告展示次數，這意味著經過驗證的受眾群體變得更具吸引力，尤其是在像 The Trade Desk 這樣的客觀購買平台上。從地理來看，北美在第三季占我們業務的 87%，國際業務約佔 13%。我們在歐洲、中東和非洲地區以及亞太地區的強勁發展勢頭，反映了我們過去幾年在這些地區的投資。

Our growth across our international business continues to outpace our growth in North America. Among verticals that represent at least 1% of our business, we saw particularly strong growth in medical health, automotive and the technology sector. We have been making a concerted effort to continue to diversify our business across a larger number of verticals and we are seeing major client wins in verticals such as insurance, financial services and telco, for example.

我們在國際業務方面的成長速度持續超過我們在北美地區的成長速度。在占我們業務至少 1% 的垂直行業中，我們看到醫療保健、汽車和科技行業的成長尤為強勁。我們一直在努力使業務多元化，擴展到更多垂直領域，例如，我們在保險、金融服務和電信等垂直領域都取得了重大客戶成功。

Q3 operating expenses, excluding stock-based compensation, were $457 million, up 17% from a year ago. During the quarter, we continued to make investments in our team and platform, particularly in areas like platform operations. Income tax expense was $64 million in the third quarter, driven primarily by our profitability and stock-based awards.

第三季營運支出（不含股票選擇權費用）為 4.57 億美元，比去年同期成長 17%。本季度，我們持續對團隊和平台進行投資，尤其是在平台營運等領域。第三季所得稅支出為 6,400 萬美元，主要原因是獲利能力和股票獎勵。

Adjusted net income for the quarter was $221 million or $0.45 per diluted share. Net cash provided by operating activities was $225 million, and free cash flow was $155 million in Q3. DSOs exiting the quarter were 92 days, up 3 days from a year ago. DPOs were 77 days, up 3 days from a year ago. We ended the quarter with a strong cash and liquidity position.

本季調整後淨利為 2.21 億美元，即每股攤薄收益 0.45 美元。第三季經營活動產生的淨現金流為 2.25 億美元，自由現金流為 1.55 億美元。本季末的應收帳款週轉天數為 92 天，比去年同期增加了 3 天。DPO 為 77 天，比一年前增加了 3 天。本季末，我們擁有強勁的現金和流動性狀況。

Our balance sheet had about $1.4 billion in cash, cash equivalents and short-term investments at the end of the quarter. We had no debt on the balance sheet. In Q3, we used $310 million of cash to repurchase our Class A common stock via our share repurchase program. Going back to our first authorization in 2023, the company has repurchased nearly $2 billion through our repurchase program, effectively offsetting dilution and reducing shares outstanding over that time.

截至季末，我們的資產負債表顯示，現金、現金等價物和短期投資約為 14 億美元。我們的資產負債表上沒有任何債務。第三季度，我們透過股票回購計劃，動用了 3.1 億美元現金回購了 A 類普通股。自 2023 年首次獲得授權以來，該公司已透過回購計畫回購了近 20 億美元的股票，有效地抵消了股權稀釋，並減少了這段時間內的流通股數量。

In October, we deployed the remaining amount from our January authorization and the Board of Directors subsequently approved a new authorization of $500 million. We have a strong balance sheet, and we'll continue to evaluate opportunistic repurchases as part of our capital allocation strategy. For Q4, we expect revenue to be at least $840 million.

10 月份，我們動用了 1 月份授權的剩餘資金，董事會隨後批准了 5 億美元的新授權。我們擁有穩健的資產負債表，並將繼續評估機會性回購，作為我們資本配置策略的一部分。我們預計第四季營收至少為 8.4 億美元。

Excluding the benefit of US political ad spend in Q4 of 2024, our estimated growth in Q4 of this year would be approximately 18.5% on a year-over-year basis. We estimate adjusted EBITDA for Q4 to be approximately $375 million. As we look toward 2026, we remain well positioned to grow our share of the advertising TAM, generate significant profitability and cash flow and deepen the value we're delivering to advertisers.

如果排除 2024 年第四季美國政治廣告支出的好處，我們估計今年第四季的年成長率約為 18.5%。我們預計第四季度調整後 EBITDA 約為 3.75 億美元。展望 2026 年，我們依然處於有利地位，能夠擴大我們在廣告市場總規模中的份額，創造可觀的盈利能力和現金流，並深化我們為廣告商提供的價值。

The Trade Desk sits squarely at the forefront of CTV transformation, a powerful application of AI, the expansion of retail media and the proliferation of programmatic buying internationally. With these structural growth drivers and our focus on operational rigor at scale, we believe we've never been better positioned to capture the massive opportunity ahead across the open Internet and advertising more broadly.

The Trade Desk 穩居 CTV 轉型、人工智慧的強大應用、零售媒體的擴張以及程式化購買在國際上的普及的最前沿。憑藉這些結構性成長動力以及我們對大規模營運嚴謹性的關注，我們相信，我們從未像現在這樣處於如此有利的地位，能夠抓住開放網路和更廣泛的廣告領域即將到來的巨大機會。

I look forward to engaging more with our customers, partners and our shareholders in the months and years ahead. I'm also more confident than ever that we have the right team in place to capitalize on this moment.

我期待在未來的幾個月和幾年裡與我們的客戶、合作夥伴和股東進行更多互動。我比以往任何時候都更加確信，我們已經組建了合適的團隊，能夠抓住這個機會。

That concludes our prepared remarks. Operator, please open up the call for questions.

我們的發言稿到此結束。接線員，請開啟提問環節。

(Operator Instructions) Shyam Patil, SIG.

（操作員說明）Shyam Patil，SIG。

I have a question for Jeff and then one for Alex. Jeff, this is a multi-parter. Some have interpreted your past comments as if you don't see Amazon as a competitor. Can you maybe just talk about that, clarify that a little bit? And then also, from your perspective, how do you see the competitive environment involving as companies like Google and Amazon try to evolve their DSPs. Won't they just price, everything is zero to take share kind of like we're seeing right now with Amazon?

我有一個問題想問傑夫，還有一個問題想問亞歷克斯。傑夫，這是一個多部分的故事。有人根據你過去的言論解讀你似乎不會把亞馬遜視為競爭對手。您能就此談談，稍微解釋一下嗎？此外，從您的角度來看，您如何看待Google和亞馬遜等公司在努力發展其DSP時所涉及的競爭環境？他們不會像亞馬遜一樣，把所有商品都降價到零來搶佔市場份額嗎？

And then for Alex, Alex, you bring a pretty unique perspective to the role as you've gotten deeper into the business over the past several weeks, what are the top two or three areas where you think you can drive the most impact over the next couple of years?

那麼，Alex，你在過去幾週對業務有了更深入的了解，為這個角色帶來了非常獨特的視角。你認為在未來幾年裡，你能在哪兩三個領域產生最大的影響力？

Thanks, Shyam. Really appreciate the question. Honestly, I was hoping that we'd get to talk about this because I get this question a lot, especially in the last couple of months. So I'm happy to explain. Let me first just acknowledge that Amazon and Google are amazing companies and some of the greatest success stories in the history of the Internet and certainly in tech as well. And Amazon has done an amazing job in advertising in recent years.

謝謝你，Shyam。非常感謝您的提問。說實話，我一直希望我們能談談這個問題，因為我經常被問到這個問題，尤其是在過去幾個月。我很樂意解釋。首先我想承認，亞馬遜和谷歌都是非常了不起的公司，也是網路史上乃至科技史上最偉大的成功案例之一。近年來，亞馬遜在廣告方面做得非常出色。

But I think it's worth taking a minute to double-click and look at what they're doing. . This year, they'll do -- if we're just using very round numbers and back of the napkin math, about $70 billion-ish in advertising. From all of our market triangulation, there's about 90% that is in sponsored listings at least. In fact, it's probably more like 95% plus. So sponsored listings, in my view, are competing with Google Search and even the emerging AI search.

但我認為值得花點時間雙擊看看他們在做什麼。。今年，如果只是粗略估算一下，廣告支出大約會達到 700 億美元左右。根據我們所有的市場三角測量結果，至少有 90% 的廣告位是贊助商廣告。事實上，可能超過 95%。因此，在我看來，贊助商廣告正在與Google搜索，甚至是新興的人工智慧搜尋競爭。

And of course, we're not building the Google Search competitor. Amazon's primary advertising efforts are to compete with Google and it is driving nearly all of the revenue and all of the growth in advertising.

當然，我們並不是想要打造Google搜尋的競爭對手。亞馬遜的主要廣告目標是與Google競爭，它幾乎推動了所有廣告收入和成長。

Now the second source of advertising revenue, of course, is Prime video. And from our calculation, this is a couple of billion dollars at most. And I'm convinced that, that's quite a bit less than, of course, that 10% of their total advertising and this, of course, is competing with Netflix and Disney and Paramount and all of the streamers. So while their advertising growth rate is really impressive at this scale, and I do think they have an amazing advertising story, the Amazon advertising story is about their impressive growth in owned and operated ad inventory.

當然，廣告收入的第二個來源是亞馬遜Prime影片。據我們計算，這最多也就幾十億美元。而且我確信，這遠低於他們廣告總支出的 10%，當然，他們還要與 Netflix、迪士尼、派拉蒙以及所有串流平台競爭。所以，雖然亞馬遜的廣告成長率在這個規模上確實令人印象深刻，而且我認為他們的廣告故事非常精彩，但亞馬遜的廣告故事是關於其自有和經營廣告庫存的驚人增長。

Then there is a very distant advertising priority, which is their DSP. Now to be clear, our DSP is pointed at one of the biggest questions in advertising, what ads should a brand or advertiser or agency buy on the open Internet. And if it were up to me, we would define DSPs as buying platforms that buy the open Internet. Amazon's DSP is mostly about buying Prime Video and very little is buying the open Internet. Our estimates are that low single digits are in their DSP and a small percentage of that is pointed at decisioning the open Internet. It's either prime video or nondecision buying like programmatic guaranteed.

然後還有一個非常遙遠的廣告優先級，那就是他們的DSP。需要明確的是，我們的 DSP 旨在解決廣告界最大的問題之一：品牌、廣告商或代理商應該在開放的網路上購買哪些廣告。如果由我來決定，我們會將 DSP 定義為購買開放網路的購買平台。亞馬遜的DSP主要業務是購買Prime Video，而很少涉及購買開放網路。據我們估計，他們的 DSP 中只有個位數，而其中只有一小部分用於決定開放的網路。要么是優質視頻，要么是像程序化擔保購買那樣的非決策型購買。

So to me, again, back of the napkin, 97%, 98%, 99% of advertising efforts are about monetizing owned and operated inventory and what's left goes to the open Internet. In advertising, Amazon first competes with Google and then it competes with Netflix and Disney. Very little time and money is competing with us. So the reality is we're playing in a very different sandbox. Our focus is in decisions, data-driven buying across the open Internet, especially in high-growth areas like CTV.

所以在我看來，粗略估計，97%、98%、99% 的廣告投入都是為了將自有和運營的廣告資源貨幣化，剩下的部分則進入了開放的互聯網。在廣告領域，亞馬遜首先與Google競爭，然後與奈飛和迪士尼競爭。幾乎沒有時間和金錢在與我們競爭。所以現實情況是，我們現在所處的環境與以往截然不同。我們的重點是決策，是開放式網路上的資料驅動型購買，尤其是在 CTV 等高成長領域。

And I would argue that we deliver capabilities that they just can't match. It seems like UID2 for identity, deep integrations with retail data, third-party data marketplaces, all the themes that we talked about in our innovations earlier in the call. In 10 years, I don't think Amazon has a DSP as we define it. I think they will have tools to buy owned and operated, and they play in advertising the way that Facebook does today and the way that I think Google likely will in the future.

而且我認為，我們提供的能力是他們根本無法比擬的。看起來像是 UID2 用於識別、與零售數據深度整合、第三方數據市場，以及我們在電話會議早些時候討論的創新主題。我認為10年後，亞馬遜將不再擁有我們定義的DSP（需求方平台）。我認為他們將擁有購買自有和經營工具的能力，他們在廣告領域扮演的角色將與 Facebook 目前的運作方式以及我認為 Google 未來可能採取的方式類似。

So now let's move to the second part of your question.

現在我們來看你問題的第二部分。

Yes. (inaudible). So taking a step back, I'm really excited about the size of our TAM and the opportunity that I see ahead. And that's particularly true as we see the open Internet, just growing in importance and the fact that clients globally are really finding more value in an objective platform like ours. So as I look ahead, our focus is very much on growth right now. And I would say there are two areas in particular where we're spending a lot of time.

是的。（聽不清楚）所以退一步講，我對我們的潛在市場規模以及我看到的未來​​機會感到非常興奮。尤其值得注意的是，隨著開放網路的重要性日益增長，全球客戶也越來越意識到像我們這樣的客觀平台的價值。展望未來，我們目前的重點是成長。我想說，我們尤其在兩個領域投入了大量時間。

First, we just want to be really disciplined on where we allocate resources really to drive the greatest ROI for us as a business. We're very fortunate to have a leadership position. We have a thriving ecosystem. We've made a number of fundamental product innovations, which you've heard about today, and we're leading the way with the eye. So we just want to capitalize on this momentum as we keep fueling that ecosystem in that flywheel.

首先，我們希望嚴格把控資源分配，進而為我們的業務帶來最大的投資報酬率。我們非常幸運能夠擔任領導角色。我們擁有一個欣欣向榮的生態系統。我們進行了許多根本性的產品創新，你們今天也聽到了這些創新，我們在眼部領域處於領先地位。所以我們希望利用這種勢頭，繼續推動這個生態系統在這個良性循環中發展。

And secondly, we really just want to be more metrics-driven in every aspect of the company as we drive more rigor to help us scale. Maybe I'll give you just a couple of examples of how this shows up.

其次，我們希望在公司的各個方面都更加重視指標，以推動更嚴格的流程來幫助我們擴大規模。或許我可以舉幾個例子來說明這種情況是如何發生的。

Number one, on the go-to-market side, we're reevaluating how sales incentives and compensation structure really exists to better align with our long-term growth drivers as we plan for this next phase of growth.

第一，在市場推廣方面，我們正在重新評估銷售激勵和薪酬結構的實際情況，以便更好地與我們的長期成長動力保持一致，為下一階段的成長做好準備。

Secondly, internationally, we just continue to see lots of white space, as you heard, our growth there continues to outpace North America. And so we're excited about the success we're having there.

其次，在國際市場上，我們仍然看到很多空白空間，正如你所聽到的，我們在那裡的成長速度持續超過北美。因此，我們對在那裡取得的成功感到非常興奮。

And finally, if you look at our success to date, A lot of it has been in some of the largest advertisers of the world. And so we see a big opportunity to go after the mid-market or the emerging Ls as we call them, especially, by the way, as AI really opens up new frontiers for us there.

最後，回顧我們迄今為止的成功，其中許多都來自一些世界上最大的廣告商。因此，我們看到了一個進軍中端市場或我們稱之為新興L級市場的巨大機會，尤其是人工智慧正在為我們開闢新的領域。

And so hopefully, that gives you a flavor for some of the key focus here for us right now. But I would say our goal ultimately is to make the right investments for the long-term durability while also continue to win market share.

希望這能讓您對我們目前關注的重點有所了解。但我認為，我們的最終目標是在繼續贏得市場份額的同時，為公司的長期發展做出正確的投資。

Shyam, let me also just answer the other part of your question that you directed towards me, by the way, extra points for the multipart question. I just wanted to also answer the part about -- don't they eventually move the rate to zero. I actually love this question as well, in part because when we were on the IPO roadshow, I remember getting into a discussion with a very large room full of people, where one of the -- in my view, one of the smarter PMs on Wall Street asked the question, doesn't, in the end, Google just kick your ask because they can price it at zero.

Shyam，順便也讓我回答一下你向我提出的另一部分問題，順便說一句，這個問題包含多個部分，可以加分哦。我只是想回答一下關於「他們最終不會把利率降到零嗎？」這個問題。我也很喜歡這個問題，部分原因是，在 IPO 路演期間，我記得曾與一大群人進行過討論，其中一位——在我看來，是華爾街比較聰明的基金經理之一——提出了這個問題：谷歌最終會不會因為能把價格定在零而拒絕你的要約？

And I'll answer it now the exact same way that I answered it then, which is something to the effect of I hope they do eventually price it at 0 because it will be easier to point out then the problem of advertising today. Google doesn't break out the money they make from their DSP buying the open Internet because the Google P&L this is immaterial on the Google P&L.

我現在的回答和當時的回答完全一樣，大意是我希望他們最終能把價格定為 0，因為這比指出今天的廣告問題要容易得多。谷歌不會單獨列出其透過 DSP 購買開放互聯網所獲得的收入，因為這對谷歌的損益表來說無關緊要。

They make their money in other ways. So pricing the DSP at 0 will inspire the question, is this a trick if you make the DSP zero, where are you making your money. In my opinion, DSPs that price at near 0 or a discount to get close to zero, only do that because they're primarily selling owned and operated inventory that has a cost of goods sold of near zero, and that's where they make the money.

他們透過其他方式賺錢。因此，將 DSP 定價為 0 會引發這樣的問題：如果將 DSP 定價為零，那麼你的錢從哪裡來呢？這算不算是伎倆？在我看來，那些定價接近 0 或打折到接近 0 的 DSP 之所以這樣做，是因為他們主要銷售的是自有和運營的庫存，這些庫存的銷售成本接近於零，而這正是他們賺錢的地方。

So when we orient the conversation around price, I think it's a trap for us and the buyers. If we orient the conversation around value, we win nearly every time. And I would argue that advertisers are getting smarter and they're asking the tougher questions, and we're helping them navigate in part because we have objectivity and I would argue that no other DSP has that. Either they don't have scale or they don't have objectivity.

所以，當我們把話題引向價格時，我認為這對我們和買家來說都是一個陷阱。如果我們圍繞著價值展開對話，幾乎每次都能取得勝利。我認為廣告商越來越精明，他們會提出更棘手的問題，而我們之所以能幫助他們應對這些問題，部分原因是我們具有客觀性，我認為沒有其他 DSP 能做到這一點。要么它們缺乏規模，要么它們缺乏客觀性。

Thanks for the question, Shyam.

謝謝你的提問，Shyam。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Jeff, you've made a lot of important changes across the organization this year. As we approached the end of 2025, could you walk us through some of the more impactful changes in talent, where you see some green shoots? And then what areas in the organization you believe still need some more work?

偉大的。傑夫，你今年對整個組織進行了許多重要的改革。2025 年即將結束，您能否為我們介紹人才領域中一些影響較大的變化，以及您認為哪些方面出現了一些正面的跡象？那麼，您認為組織中還有哪些領域需要進一步改進呢？

You bet. Thanks for the question. If we look back on The Trade Desk 3 to 5 years from now, I believe one of the defining themes of 2025 will be the changes that we've made across the company to take the company to the next level. Right now, we're focused on strengthening our foundation so that we can lead well into the future. This year, we brought on new leaders, of course, to bring on the next phase of growth.

當然。謝謝你的提問。如果我們回顧 3 到 5 年後的 The Trade Desk，我相信 2025 年的一個決定性主題將是我們為將公司推向新的高度而對公司進行的各種變革。目前，我們正專注於夯實基礎，以便在未來能夠保持領先地位。今年，我們當然也引進了新的領導階層，以開啟下一個發展階段。

Since March, we've welcomed a new COO (inaudible), a new CFO, in Alex Kayyal; and most recently, a new CRO in Anders Mortenson. We also changed our inventory and supply side partner management. Of course, our Chief Commercial Officer, Tim Sims, left earlier in the year and the operational portion of his word moved to the back and the BD portion moved to one of our amazing leaders Will Doherty, our SVP of Inventory Development. Each of these new leaders, Vivek, Anders, Alex will bring critical experience to help us scale with rigor and discipline to the next phase of growth.

自三月以來，我們迎來了新的營運長（聽不清楚）、新的財務長 Alex Kayyal；最近，我們迎來了新的首席營收長 Anders Mortenson。我們也改變了庫存和供應方合作夥伴的管理方式。當然，我們的商務長 Tim Sims 在今年稍早離職，他負責的營運部分被擱置，而業務拓展部分則交給了我們一位傑出的領導者 Will Doherty，他是我們的庫存開發高級副總裁。Vivek、Anders 和 Alex 這三位新領導人將帶來寶貴的經驗，幫助我們以嚴謹和自律的態度邁向下一個成長階段。

Each of the leaders they replaced were here for 10 years or more, and they got us to this point. And for that, we are very grateful. We would not be here without them. But as we look to the future, I want to make sure that we share with you some of the things that we changed and what we're looking for in the future. Under Vivek's leadership, we've introduced stronger structure and cadence across the company, and this includes how we run the business day to day, how we go to market and how we align the teams and become more rigorous.

他們接替的每一位領導人都在這裡工作了 10 年或更久，是他們帶領我們走到今天這一步。對此，我們深表感激。沒有他們，就沒有今天的我們。但展望未來，我想確保我們能與大家分享一些我們已經做出的改變以及我們對未來的展望。在 Vivek 的領導下，我們為公司引入了更強大的結構和節奏，這包括我們日常的業務運作方式、市場推廣方式以及團隊協調和加強管理的方式。

We've streamlined our go-to-market organization and improved cross-regional coordination. In the past, we've had too many people servicing the exact same accounts. And now we've rolled out a more rigorous end-to-end account planning, especially with our larger global clients who often operate across multiple agencies and markets, and we're already seeing the impact of stronger international growth and more consistent execution.

我們精簡了市場推廣組織架構，並提高了跨區域協調能力。過去，我們曾出現過太多人服務於完全相同的客戶的情況。現在，我們推出了更嚴格的端到端客戶規劃，特別是對於我們那些經常在多個代理商和市場開展業務的大型全球客戶，我們已經看到了更強勁的國際成長和更一致的執行所帶來的影響。

But some of these efforts are already showing results. First, we've leveraged automation and AI to drive productivity. We've automated some workflows with our traders and AMs and that's enabled us to be more proactive in client reactions.

但其中一些努力已經初見成效。首先，我們利用自動化和人工智慧來提高生產力。我們已經實現了交易員和客戶經理部分工作流程的自動化，這使我們能夠更積極主動地應對客戶的反應。

Second, we shared earlier in the call that JBPs outperformed the rest of our business. So of course, we're focused on strengthening the JBP pipeline and its execution. Last quarter, we had over 180 live JBPs, with some of our largest clients. We have an additional (inaudible) JBPs in the pipeline right now worth billions of dollars in total.

其次，我們在先前的電話會議中提到，聯合業務計劃 (JBP) 的表現優於我們其他業務。因此，我們當然會專注於加強聯合業務計劃 (JBP) 流程及其執行。上個季度，我們與一些最大的客戶開展了超過 180 個實際的聯合業務計劃 (JBP)。我們目前還有價值數十億美元的額外（聽不清楚）聯合業務計劃正在籌備中。

We've been driving IC level accountability with BDAM and trader scorecards. As a result of those accountabilities alone, we believe that, that's contributed to CPMs declining by up to 43% on average and resulting in meaningful return on ad spend improvements. We've upgraded operating rhythm and quarterly operations reviews, weekly pipelines and spend reviews.

我們一直透過 BDAM 和交易員記分卡來推動 IC 層級的問責制。我們認為，光是這些問責措施就促成了 CPM 平均下降高達 43%，並帶來了廣告支出回報率的顯著提高。我們改進了營運節奏和季度營運審查、每週的銷售管道和支出審查。

We standardized the creation of account plans for high-growth accounts and this rigor is also pointed at incremental billions. As you know, we're getting closer to the budget decision makers and as programmatic and the open Internet becomes more and more central to a marketing plan, decision-making in brands and agencies is moving up the marketing work and even into the C-suite. This requires us to continually level up our talent, both promoting from within and hiring from outside where historically, at times, we've underinvested in brand relationships.

我們對高成長帳戶的帳戶計畫制定進行了標準化，這種嚴格性也體現在數十億美元的增量成長上。如您所知，我們與預算決策者之間的距離越來越近，隨著程序化廣告和開放互聯網在行銷計劃中變得越來越重要，品牌和代理商的決策權正在向上轉移，甚至轉移到高階主管。這就要求我們不斷提升人才水平，既要從內部提拔人才，也要從外部招募人才。過去，我們在品牌關係上的投入有時不足。

This is why back in February, I said we were investing in senior level business development and account management to get closer to the brands. That strategy is working. And today, joint business plans now make up about half the business. And as you can tell from that pipeline, we're in a great position for that to be even more of our business as we go into next year. This is somewhat indicative of the green shoots that we're seeing across the board in our company.

這就是為什麼我在二月說過，我們要投資高級業務拓展和客戶管理，以便更貼近品牌。這個策略奏效了。如今，聯合商業計劃約佔業務的一半。從這條產品線可以看出，我們處於非常有利的位置，明年這將成為我們業務中更重要的一部分。這在某種程度上表明，我們公司各方面都出現了復甦的跡象。

Our culture is becoming more accountable and more aligned. Our internal coordination has improved dramatically as we continue to scale. One large health care brand, for example, has more than doubled its spend this year. And in this case, I credit that mostly with tighter internal coordination.

我們的文化正變得更加負責，也更加協調。隨著公司規模的不斷擴大，我們的內部協調能力也得到了顯著提升。例如，某大型醫療保健品牌今年的支出增加了一倍以上。在這種情況下，我認為這主要歸功於更緊密的內部協調。

That said, we know there's still a lot more to do. We're continuing to invest in training and internal tooling and systems that will ensure consistency and excellence across every team in every region. But as we close out 2025 and head into 2026, we're in a much stronger position than we began this year and we're excited about the road ahead.

儘管如此，我們也知道還有很多工作要做。我們將繼續投資於培訓、內部工具和系統，以確保每個地區每個團隊的一致性和卓越性。但隨著 2025 年即將結束，2026 年即將到來，我們的處境比今年年初好得多，我們對未來的道路感到興奮。

I really appreciate the question about this one.

非常感謝你提出這個問題。

Vasily Karasyov, Cannonball Research.

Vasily Karasyov，Cannonball 研究公司。

Jeff, I wanted to follow up on what you said in your prepared remarks about 2026. Can you tell us maybe what you're seeing in terms of broader advertising and macro environment. If there are any trends that you see that will benefit The Trade Desk next year? And how your restructuring positions you to benefit from those trends next year?

傑夫，我想就你事先準備好的關於 2026 年的發言做個後續說明。您能否談談您在更廣泛的廣告和宏觀環境方面觀察到的情況？您認為明年有哪些趨勢會對The Trade Desk有利？你們的重整計畫將如何幫助你們在明年從這些趨勢中獲益？

Thanks, Vasily. I appreciate the question as always, well, first, as you can see from the strong print, we're seeing really strong momentum across our business and as we close out the year. At a macro level, I described the environment as a tale of two cities.

謝謝你，瓦西里。我很感謝你的提問，首先，正如你從強勁的業績報告中所看到的，我們的業務發展勢頭非常強勁，尤其是在年底之際。從宏觀層面來看，我將這種環境描述為兩個截然不同的世界。

On one hand, some large brands, particularly in categories like consumer products or CPG and then parts of retail are still feeling pressure from factors like tariffs and inflation. And in some cases, it's also a legacy mindset around advertising that still leans on cheap reach of user-generated content and sometimes even more legacy than that the cheap reach of linear TV.

一方面，一些大品牌，特別是消費品或 CPG 等類別以及部分零售領域的品牌，仍然感受到關稅和通貨膨脹等因素帶來的壓力。在某些情況下，這也是一種根深蒂固的廣告思維，仍然依賴用戶生成內容的廉價觸達，有時甚至更根深蒂固地依賴線性電視的廉價觸達。

Some have a very difficult job to do in measurement as well because much of their purchases are done offline or in physical stores, shops, dealerships or restaurants. But at the same time, we're seeing a growing number of forward-thinking brands outperform categories like financial services, health care, insurance, even parts of food and beverage and auto are leaning in to data-driven marketing and embracing measurement and increasingly turning to us to deliver real business outcomes.

有些人在測量方面也面臨著非常困難的工作，因為他們的許多購買行為都是在線下或實體店、商店、經銷商或餐廳進行的。但同時，我們看到越來越多的具有前瞻性思維的品牌在金融服務、醫療保健、保險等行業，甚至部分食品飲料和汽車行業，都在積極採用數據驅動營銷，擁抱衡量標準，並越來越多地尋求我們的幫助，以實現真正的業務成果。

We're seeing a noticeable shift in how brands are scrutinizing the walled gardens. And this is in part because CMOs are under more pressure than ever from their CFOs and many are asking tougher questions, not just about reach or impressions, but whether the metrics they're being given actually map to business results.

我們看到品牌對封閉式生態系統的檢視方式有了明顯的轉變。部分原因是行銷長們比以往任何時候都承受著來自財務長更大的壓力，許多人提出了更尖銳的問題，不僅是關於覆蓋範圍或曝光量，而是他們所獲得的指標是否真正與業務成果相符。

Walled gardens give easy answers that don't satisfy CMOs nearly as easily as they once did, certainly not as easily as they did 15 years ago. And that's in part because CEOs and CFOs of the biggest brands and the biggest agencies are looking for real growth. And the open Internet, our platform and objectivity are critical to their futures. That's where we perform the best, and that's exactly what we're trying to do in all of our efforts, including the efficiencies that we brought to the supply chain through innovations like OpenPath, Openet and Pub desk, all of these products are built in service of brands and agencies and leaning on our alignment with the buy side so that we can preserve that objectivity that will take us well into the future.

封閉式生態系統提供的簡單答案，遠不如以前那樣容易滿足行銷長的需求，當然也遠不如 15 年前那麼容易。部分原因是，各大品牌和大型機構的執行長和財務長都在尋求真正的成長。開放的網路、我們的平台和客觀性對他們的未來至關重要。這是我們表現最好的領域，也是我們所有努力的目標，包括我們透過 OpenPath、Openet 和 Pub Desk 等創新為供應鏈帶來的效率提升。所有這些產品都是為了服務品牌和代理商而開發的，並且依靠我們與買方的一致性，以便我們能夠保持客觀性，這將使我們走向未來。

I can't emphasize enough the structural shift that is going on right now. There is more of a buyer's market at this moment than we've ever seen before, large CTV content owners and all other forms of publishers for that matter, are increasingly relying on independent partners like The Trade Desk to win. In fact, for most of them, we are the single largest source of third-party demand worldwide. So yes, there are some softer pockets in the market for some of the large brands.

我再怎麼強調目前正在發生的結構性轉變的重要性都不為過。目前買方市場比以往任何時候都更加強勁，大型 CTV 內容所有者以及所有其他形式的出版商都越來越依賴像 The Trade Desk 這樣的獨立合作夥伴來贏得市場。事實上，對他們中的大多數來說，我們是全球最大的第三方需求來源。所以，是的，市場上確實存在一些大品牌容易獲利的空間。

But when I look at the trends, the innovation and the partnerships that we've built, I feel really confident about where we're heading. I couldn't be more excited about the road ahead as we move into 2026. And I look to a world where advertising dollars go to the open Internet first and are avoiding systems that are easy and simply create their own homework. So I really appreciate the question. Really excited for 2026.

但當我審視我們所取得的成就、創新以及建立的合作關係時，我對我們的發展方向感到非常有信心。展望2026年，我對未來的道路感到無比興奮。我期待著這樣一個世界：廣告資金首先流向開放的互聯網，而不是流向那些容易上手卻只會給自己製造麻煩的系統。非常感謝你的提問。非常期待2026年。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

One for Jeff, one for Alex. Jeff, are you seeing an impact from a genetic search on available publisher inventory? And how are you helping publishers navigate that and basically AI? And then for Alex, I look forward to working with you. So in the fourth quarter, you're comping issues the company had with the Kokai adoption last year and some internal management issues you faced.

給傑夫一個，給亞歷克斯一個。Jeff，你是否發現基因搜尋對可用出版商資源產生了影響？那麼，您是如何幫助出版商應對這些問題以及人工智慧的呢？至於 Alex，我期待與你合作。所以在第四季度，你要彌補公司去年在 Kokai 採用方面遇到的問題以及你面臨的一些內部管理問題。

Despite this, the revenue guide, I think it (inaudible) ex political on a (inaudible) comp. And so maybe that's kind of maybe a little surprising. Are you seeing anything specifically that's giving you concern around 4Q, maybe macro or something else?

儘管如此，收入指南，我認為它（聽不清楚）在（聽不清楚）比較中是政治性的。所以，這或許有點出人意料。您是否注意到第四季度有哪些具體方面讓您感到擔憂，例如宏觀經濟或其他方面？

Thank you very much. I'll turn to my brief, so I can give a little more time to Alex. So we look at roughly 20 million ad impression opportunities every single second. That's about $1.7 trillion every single day. That means we're doing more transactions than Visa, MasterCard and American Express put together in what they do in a year, we'll do in less than 30 seconds. So when you look at that and the impressions and just to be open, we buy a low single-digit percentage of that total.

非常感謝。我得趕緊回去處理我的簡報，這樣我就能給亞歷克斯多一點時間了。因此，我們每秒鐘大約會遇到 2000 萬次廣告展示機會。那相當於每天大約1.7兆美元。這意味著，我們在不到 30 秒的時間內完成的交易量，比 Visa、MasterCard 和 American Express 一年的交易量加起來還要多。所以，當你查看這些數據和曝光量時，坦白說，我們只佔總數的個位數百分比。

You have to win it's that big. So that means that if we take $20 million down to $15 million per second because of AI, there's not really much different about our business model. Nothing at all. In my opinion, what that will likely do is make it so that there are fewer ads per page and that we actually create a little bit more of a healthy ecosystem than what we have today with the supply outnumbering the demand by so much. So I actually see whatever effect the AI search world is having on inventory supply.

你必須贏，這事關重大。所以這意味著，即使由於人工智慧，我們將每秒 2000 萬美元的成本降低到 1500 萬美元，我們的商業模式實際上也沒有太大變化。什麼也沒有。我認為，這樣做可能會減少每頁的廣告數量，並創造一個比現在供過於求的局面更健康的生態系統。所以，我確實看到了人工智慧搜尋領域對庫存供應的影響。

Given that I've said over and over again on this call that there's more supply than demand, and it is more of a buyer's market than ever. Whatever effect it's having on it, first of all, it's fairly de minimis as it relates to the open Internet at large. We shouldn't define the open Internet is just what happens in a browser, it is much bigger than. It's everything that happens in CTV, movies, sports, journalism, everything.

鑑於我在這次電話會議中一再強調，目前供應量大於需求量，現在比以往任何時候都更像買方市場。首先，無論它對網路產生什麼影響，就整個開放網路而言，這種影響都微乎其微。我們不應該將開放網路僅僅定義為瀏覽器中發生的事情，它的範圍要大得多。它涵蓋了CTV、電影、體育、新聞等各個領域發生的一切。

And that's both in an app and in a browser, that's in every form of media that touches the Internet. If you look at it from that perspective, I don't think it's had any meaningful effect. And because I don't think CTV is going anywhere. I don't think music is going anywhere. I don't think sports is going anywhere. I think that the premium open Internet will continue to play the most significant role and building brands and doing actual advertising.

無論是在應用程式中還是在瀏覽器中，無論是在與網路接觸的任何媒體形式中，都存在這種情況。如果從這個角度來看，我認為它並沒有產生任何實質的影響。因為我覺得CTV不會消失。我不認為音樂會消失。我不認為體育運動會消失。我認為，優質的開放網路將繼續發揮最重要的作用，並在品牌建立和實際廣告宣傳方面發揮作用。

And I don't think that AI will change that. I do actually think that there will be more search like inventory available, which I think is really premium advertising opportunities. In the past, companies like ours have not had access to companies like Google ad inventory as it relates to search. I think in a world where that's much more competitive and there isn't a winner take all outcome, which I don't think there will be. I think there's going to be a bunch of opportunities for us to buy into their inventory.

我不認為人工智慧會改變這一點。我確實認為會有更多類似搜尋的廣告資源可供使用，我認為這才是真正的優質廣告機會。過去，像我們這樣的公司無法獲得像Google這樣的公司在搜尋方面的廣告資源。我認為在一個競爭更加激烈、不會有贏家通吃結果的世界（我不認為會出現這種情況）。我認為我們將有很多機會購買他們的庫存。

And I think it will actually look a lot like CTV in the sense that fragmentation will be nearly perfect in the sense that there are enough players that there's competition and that no one is big enough to have a monopoly or be draconian but it's consolidated enough that everybody will be rational and highly competitive.

我認為這實際上會很像 CTV，因為碎片化程度會接近完美，參與者足夠多，所以會有競爭，沒有人大到可以壟斷或採取專製手段，但市場又足夠集中，每個人都會理性且高度競爭。

And I anticipate that that will create new advertising opportunities that will have really amazing results and efficacy. I said I'd keep it brief, so I'll shut up and let Alex talk about the next.

我預計這將創造新的廣告機會，並帶來非常驚人的效果和效益。我說過我會長話短說，所以我就不說了，讓亞歷克斯講下一個。

Thanks, Jason. I appreciate the detailed question and also very much looking forward to working together. Maybe to start with Q3, as you heard -- we felt like Q3 was a really solid quarter with us growing about 22% ex political spend compared against Q3 of last year. Looking ahead and addressing Q4, excluding political we're guiding to approximately 18.5% year-on-year growth.

謝謝你，傑森。感謝您提出的詳細問題，也非常期待與您合作。或許可以先從第三季度說起，正如你所聽到的——我們感覺第三季度是一個非常穩健的季度，與去年第三季度相比，扣除政治支出後，我們的業績增長了約 22%。展望未來，在不考慮政治因素的情況下，我們預期第四季將年增約 18.5%。

You can factor political last year, it was about 5 percentage points of that. And we just continue to see strength in Decision TV and Retail Media -- you heard me talk about the opportunity outside North America, which is also growing very nicely. The JBP commentary that Jeff provided where we're just really encouraged by the commitment these large brands are looking to make with us.

去年的政治因素可以考慮在內，約佔了5個百分點。我們持續看到決策電視和零售媒體的強勁勢頭——你們也聽到了我談到北美以外地區的機遇，這些機會也發展得非常好。Jeff 提供的 JBP 評論讓我們深受鼓舞，這些大品牌希望與我們建立合作關係。

And we just have such a diversified set of industries that we support today as more and more customers just resonate with our platform and our positioning. So overall, there's no change to our guidance philosophy. Our outlook is really grounded in the trends we've observed so far in October and November, and we feel good about the guide. But thank you for the question.

如今，我們支持的行業範圍非常廣泛，越來越多的客戶對我們的平台和定位產生了共鳴。所以總的來說，我們的指導理念沒有改變。我們的展望主要基於我們目前在十月和十一月觀察到的趨勢，我們對這份指南感到滿意。不過，謝謝你的提問。

Youssef Squali, Truist.

Youssef Squali，Truist。

So Jeff, it looks like closing arguments for the Google antitrust lawsuits are about lesser in that 10 days, I think November 17. Can you maybe share your thoughts about potential fallout for Trade Desk from that? What are you -- and how are advertising you're talking to getting ready for the potential change in the industry from that?

所以傑夫，看來谷歌反壟斷訴訟的結案陳詞將在10天內進行，我想應該是11月17日。您能否分享一下您對此事可能對Trade Desk造成的影響的看法？你正在做什麼？你正在談論的廣告業是如何為行業可能出現的變化做好準備的？

And just one quick follow-up. You've cited many new products in your prepared remarks. If you had to focus on the one or two that should have the biggest impact in the, call it, 12 to 18 months, what would those two be?

還有一個後續問題。你在事先準備好的演講稿中提到了許多新產品。如果必須專注於在未來 12 到 18 個月內產生最大影響的一兩項，那會是哪兩項？

You bet. So first, as it relates to the outcome of the Google trial. Let me just keep it at a high level because there's a whole bunch of game theory, and we could talk through if they move here, we move there, all of that sort of stuff. But let me just say this, I think there is no scenario where Google doesn't back away from the open Internet to some degree. And the reason they do that is because most of their antitrust problems have come from draconian moves that they've made in the open Internet.

當然。首先，就谷歌審判的結果而言。我就簡單概括一下，因為這裡面涉及到很多博弈論知識，我們可以討論如果他們搬到這裡，我們就搬到那裡，等等等等。但我想說的是，我認為谷歌無論如何都會在某種程度上遠離開放的互聯網。他們這樣做的原因是，他們的大部分反壟斷問題都源自於他們在開放網路上採取的嚴苛措施。

And most of the money does not come from the open Internet. It comes from owned and operated. That's the very reason why when I talk about what I think they'll look like in 10 years, I think it's much more focused on owned and operated inventory, in part because they have a cost of goods sold that is so low, especially on YouTube. That will continue to be their focus and that their advertising focus outside of search and AI will look more like Facebook as they compete YouTube versus other user-generated content destinations.

而且大部分資金並非來自開放的網路。它來自自有和運營。正因如此，當我談到我認為它們在 10 年後會是什麼樣子時，我認為它們會更加註重自有和運營的庫存，部分原因是它們的銷售成本非常低，尤其是在 YouTube 上。這將繼續是他們的重點，他們在搜尋和人工智慧之外的廣告重點將更像 Facebook，因為他們將與 YouTube 和其他用戶生成內容平台競爭。

I think that's what you can expect from them in part because this has brought on so much burden for them, and they will just go slower, irrespective of the actual remedies or ruling. And then -- on the product side. Yes, sorry. On the product side, honestly, there are so many products that we are talking about right now that I am really excited about. And I actually believe this has been the single biggest year of innovation for us in the company's history.

我認為你可以對他們抱有這樣的預期，部分原因是這件事給他們帶來了很大的負擔，無論實際的補救措施或裁決如何，他們都會放慢速度。然後——在產品方面。是的，抱歉。就產品方面而言，說實話，我們現在討論的許多產品都讓我感到非常興奮。而且我真的相信，今年是我們公司史上創新最大的一年。

So I'll ask you to pick which one is a favorite. It's a little bit like asking me which of my three children are my favorite. So it's just an impossible question to answer. But I will just highlight that I believe Kokai is the best platform we've ever pointed at the open Internet. It is doing amazing things and continues to get better and better. Some of the things that I'm most excited about adding on to it that we had in the last few months, number one deal desk, which is going to really lay the foundation for an amazing forward market in the future.

所以我想請你們選出你們最喜歡的。這有點像是問我最喜歡我的三個孩子中的哪一個。所以這個問題根本無法回答。但我只想強調一點，我認為 Kokai 是我們迄今為止在開放網路上推薦的最佳平台。它表現非常出色，而且還在不斷進步。在過去的幾個月裡，我們新增了一些功能，其中最令我興奮的是交易台，它將真正為未來一個強大的遠期市場奠定基礎。

I also think our trading modes, which make it so that we service different types of customers and we'll really lay groundwork for us creating even more unique interfaces for different types of users well into the future. I think Audience Unlimited maybe one of the most significant innovations that we've ever made in the history of the company that will have huge implications into retail and some of the things that are coming ahead as it relates to retail and measurement and others. T

我也認為我們的交易模式能夠讓我們服務不同類型的客戶，這將為我們未來為不同類型的用戶創建更多獨特的介面奠定基礎。我認為 Audience Unlimited 可能是該公司歷史上最重大的創新之一，它將對零售業以及未來與零售、衡量和其他方面相關的一些事情產生巨大的影響。T

hose are a couple of the highlights. I feel like I'm leaving things off, to be honest. But those are some of the highlights that are most excited about.

軟管是其中的亮點之一。說實話，我覺得我好像漏掉了什麼。但這些是其中最令人興奮的部分。

Okay. This concludes the question-and-answer session. This concludes today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

好的。問答環節到此結束。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您的參與。