Trade Desk Inc (TTD) 2025 Q4 法說會逐字稿

Greetings. Welcome to The Trade Desk fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 The Trade Desk 2025 年第四季及全年財報電話會議。（操作員說明）請注意，本次會議正在錄音。

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

現在我將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 fourth quarter 2025 earnings conference call. On the call today are CEO and Co-Founder, Jeff Green; and Interim Chief Financial Officer and Chief Accounting Officer, Tahnil Davis.

謝謝接線生。大家好，下午好。歡迎參加 The Trade Desk 2025 年第四季財報電話會議。今天參加電話會議的有執行長兼聯合創始人傑夫·格林；以及臨時首席財務官兼首席會計官塔尼爾·戴維斯。

A copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com. Please note that aside from historical information, today's discussion and our responses during the Q&A may include forward-looking statements. These statements are subject to risks and uncertainties and reflect our views and assumptions as of the date such statements are made.

您可以在thetradedesk.com網站的「投資者關係」欄位中查看我們的獲利新聞稿。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。

Actual results may vary significantly, and we expressly disclaim any obligations to update the forward-looking statements made today. If any of our beliefs or assumptions prove incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. For a detailed discussion of risks, please refer to the risk factors mentioned in our press release and our most recent SEC filings.

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前瞻性聲明的任何義務。如果我們的任何信念或假設被證明是錯誤的，實際財務結果可能與我們的預測或這些前瞻性聲明所暗示的結果有重大差異。有關風險的詳細討論，請參閱我們的新聞稿和最近提交給美國證券交易委員會的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？

Thank you, Chris, and thank you, everyone, for joining us. Q4 was a solid quarter for The Trade Desk. When Q4 2025 as compared to Q4 2024, revenue grew approximately 19% year over year when excluding political. On an absolute basis, not adjusting for the irregular nature of political spend, revenue grew 14% Q4 over Q4. This quarter capped off a year in which we grew revenue to record levels.

謝謝克里斯，也謝謝大家的參與。第四季對於The Trade Desk來說是一個穩健的季度。2025 年第四季與 2024 年第四季相比，剔除政治因素後，營收年增約 19%。如果不考慮政治支出的不規律性，以絕對值計算，第四季營收比第四季成長了 14%。本季為我們營收創歷史新高的一年畫上了圓滿的句點。

We maintained strong profitability margins as we scaled and continue to invest in innovation that we believe will define the next decade of digital advertising. I'm proud of how our teams executed in 2025, especially against the volatile and uncertain backdrop, all while delivering the industry's most advanced media buying platform.

我們在擴大規模的同時保持了強勁的獲利能力，並繼續投資於我們認為將定義未來十年數位廣告的創新。我為我們的團隊在 2025 年的執行力感到自豪，尤其是在動盪和不確定的背景下，我們始終致力於打造業內最先進的媒體購買平台。

I want to spend the bulk of today's report talking about three things. First, the state of the macro environment and the global advertising market. As you know, we serve most of the world's largest advertisers. Because the vast majority of the S&P 500 are clients, we have a unique vantage point into the global economy through branding, brand growth and advertising spend.

今天我想用報告的大部分篇幅談談三件事。首先，分析宏觀環境和全球廣告市場的狀況。如您所知，我們為全球大多數最大的廣告商提供服務。由於標普 500 指數中的絕大多數都是我們的客戶，因此我們透過品牌建立、品牌成長和廣告支出，對全球經濟擁有獨特的視角。

2025 was fantastic for tech spend, for travel spend, for pharma spend and for communication spend. Actually, despite a greater degree of macro uncertainty and most S&P 500 companies trying to determine what changes the evolving AI-fueled world and the geopolitical issues mean for them, most categories had a very good year. One of the clearest themes in our data and from our conversations with clients was a sustained weakness among some large consumer packaged goods companies, CPGs as well as some global auto companies.

2025 年對於科技支出、旅遊支出、醫藥支出和通訊支出來說都是非常棒的一年。事實上，儘管宏觀經濟存在較大不確定性，大多數標普 500 指數成分股公司都在努力確定不斷發展的人工智慧驅動的世界和地緣政治問題對它們意味著什麼，但大多數類別都度過了非常不錯的一年。我們從數據和與客戶的對話中發現，最明顯的一點是，一些大型消費品公司（CPG）以及一些全球汽車公司持續疲軟。

Together, these verticals represent over a quarter of our business. But in these two categories, all global companies have levels of uncertainty that we haven't seen for most of the last 15 years. They all had tough choices to make in 2025. Most still have tough choices ahead. I do want to be clear that some autos and CPGs have done very well in this environment especially those that have focused on growth, value, objectivity and impact.

這些垂直領域加起來占我們業務的四分之一以上。但在上述兩個類別中，所有全球性公司都面臨著近 15 年來大部分時間都未曾見過的不確定性。2025年，他們都將面臨艱難的選擇。大多數人仍然面臨著艱難的選擇。我想明確指出，在這種環境下，一些汽車和消費品公司表現非常出色，尤其是那些專注於成長、價值、客觀性和影響力的公司。

But some have had to respond to the impact of those macro pressures and instead just focus on reducing costs. In other cases, some companies have shrunk branding spend and focused on cost cutting instead of focusing on growing. When these companies are excluded from our year over year comparison, our business in the open Internet is doing much better than the averages alone would suggest.

但有些企業必須應對這些宏觀壓力帶來的影響，轉而專注於降低成本。在其他情況下，一些公司縮減了品牌推廣支出，專注於削減成本，而不是專注於發展。如果將這些公司從我們的年度比較中排除，我們在開放互聯網上的業務表現遠比平均水平所顯示的要好得多。

Beginning in Q2 2025, CPG and auto companies began navigating a mix of category headwinds such as tariff uncertainty and uneven volumes in addition to persistent inflationary pressures as more consumers deal with cost of living challenges. And those trends have continued into the beginning of this year.

從 2025 年第二季開始，消費品和汽車公司開始面臨多種不利因素，例如關稅的不確定性和銷售的不均衡，此外，隨著越來越多的消費者應對生活成本的挑戰，持續的通膨壓力也隨之而來。而這些趨勢一直延續到了今年初。

On their own earnings calls, several global brands have talked about pulling back on advertising budgets driven by the month-to-month volatility caused by these macro forces. In the CPG sector, just last week at CAGNY, many of the large global brands spoke about consumer pressure, slower volume recovery and ongoing input cost volatility, reinforcing what we are seeing in our data.

一些全球品牌在各自的財報電話會議上談到，由於這些宏觀因素造成的月度波動，他們將削減廣告預算。在消費品產業，就在上週的紐約國際消費品展（CAGNY）上，許多大型全球品牌談到了消費者壓力、銷售復甦緩慢以及持續的投入成本波動，這印證了我們在數據中看到的情況。

I'd highlight the differences in verticals to provide a clearer view of our long-term opportunity and not to misunderstand unique moments of macro headwinds with the long-term prospects of our business. Without that double-click, it's harder to understand why I'm so confident in our long-term opportunity.

我會著重強調各個垂直領域的差異，以便更清晰地了解我們的長期機遇，避免將宏觀逆風的特殊時刻與我們業務的長期前景混淆。如果沒有那次雙擊，就很難理解我為什麼對我們的長期機會如此有信心。

We estimate that more supply was added to the global market than in any year before. This macro trend is something that we predicted and is a huge validation to our business model. When there is more supply than demand, it is a buyer's market. This puts our clients in an incredibly powerful position. This makes the objectivity we have by not owning inventory, much more valuable than ever. It has always been one of our greatest strategic assets, but it is even more valuable now than ever.

我們估計，今年全球市場的新增供應量比以往任何一年都多。這一宏觀趨勢與我們先前的預測相符，也是對我們商業模式的巨大驗證。當供給量大於需求量時，就是買方市場。這使我們的客戶處於極其強大的地位。這使得我們不持有庫存所帶來的客觀性比以往任何時候都更有價值。它一直是我們最重要的戰略資產之一，但現在它的價值比以往任何時候都更高。

For the advertisers that prioritize decisioning, by using data to find the most relevant and valuable impressions across all channels, they've never had it better. They have more choice than ever. And this, of course, plays into -- The Trade Desk strengths. Let me give you a couple of examples of how the supply-demand imbalance has helped us.

對於那些重視決策、利用數據在所有管道中尋找最相關、最有價值的廣告展示機會的廣告商來說，他們從未像現在這樣處境如此好。他們現在比以往任何時候都擁有更多選擇。當然，這也正是 The Trade Desk 的優點。讓我舉幾個例子來說明供需失衡是如何幫助我們的。

One of the world's leading appliance manufacturers recently ran a test between The Trade Desk and the Amazon DSP. Focusing on CTV ad performance in one of their most important markets. They found that with The Trade Desk, they were able to reach 70% more unique households because we gave them access to a much wider range of relevant touch points with those consumers.

世界領先的家電製造商之一最近對 The Trade Desk 和亞馬遜 DSP 進行了測試。重點關注其最重要的市場之一的聯網電視廣告效果。他們發現，借助 The Trade Desk，他們能夠接觸到多 70% 的獨立家庭，因為我們讓他們能夠接觸到與這些消費者更廣泛的相關接觸點。

With The Trade Desk, they were able to reach those consumers at 30% lower total cost, so significantly better reach for meaningfully lower cost. And the kicker is The Trade Desk platform performed 6x better in terms of delivering their campaign goals. All of this happened because we provided the client with objective decisioning across the open Internet. We didn't prioritize our own impressions because we don't own any. We were able to help the client find the ad impressions that were most likely to lead to conversions.

借助 The Trade Desk，他們能夠以降低 30% 的總成本觸及這些消費者，從而以更低的成本獲得更好的觸達效果。更令人驚訝的是，The Trade Desk 平台在實現其行銷目標方面表現得比競爭對手好 6 倍。這一切的發生，是因為我們為客戶提供了基於開放網路的客觀決策。我們沒有優先考慮自己的觀點，因為我們沒有任何觀點。我們幫助客戶找到了最有可能帶來轉換的廣告展示次數。

And while CPG and auto companies remain challenged starting this year, we are encouraged by how many of those same global brands are talking about more objective decision-making. In my own discussions with many of them, there is growing skepticism of the cheap reach dynamics of walled garden platforms. Increasingly, they realize that cheap reach does not drive growth.

儘管消費品和汽車公司從今年開始仍然面臨挑戰，但我們感到鼓舞的是，許多全球品牌都在談論如何做出更客觀的決策。在我與他們中的許多人的討論中，人們對封閉式平台的低成本觸達機制越來越懷疑。他們越來越意識到，廉價的觸達並不能推動成長。

Vinny Rinaldi, a VP at Hershey's and one of the most forward-thinking CPG advertising leaders addressed this head on. He's been pointing at this problem in our space for years in what he calls the fallacy of cheap reach. But recently, he put a finer point on it when he said, for the past 15 years, marketing success was measured by one dominant pursuit, cheap reach.

好時公司副總裁兼最具前瞻性的消費品廣告領導者之一 Vinny Rinaldi 正面回應了這個問題。多年來，他一直指出我們這個領域有這個問題，他稱之為「廉價觸達的謬誤」。但最近，他對此做了更細緻的闡述，他說，在過去的 15 年裡，行銷成功主要取決於一個目標：廉價觸達。

The advertising industry became enamored with scale over substance, equating impressions with effectiveness. This outdated approach creates a false sense of efficiency, masking the true ineffectiveness of these buys. Today, growth is no longer driven by how many people you reach, but by how meaningfully you engage them. Effective reach transcends sheer volume. It's about leveraging creative storytelling to deliver meaningful messages to the right audience in the right context at precisely the right time.

廣告業開始迷戀規模而輕視實質，將曝光量等同於效果。這種過時的做法會給人一種虛假的效率感，掩蓋了這些採購的真正無效性。如今，成長不再取決於你觸達了多少人，而是取決於你如何與他們進行有意義的互動。有效覆蓋面不僅取決於覆蓋面的大小。關鍵在於運用創意故事講述，在適當的時間、適當的情境下，向適當的受眾傳遞有意義的訊息。

I couldn't have written a better description of the difference between The Trade Desk and the open Internet and walled gardens. I'm excited to be working with Vinnie and other forward-thinking CPG leaders on how to execute on that disparity with objective decision-making, new approaches to measurement and our growing retail marketplace. This is a good transition to our second topic today, the innovations that we're investing in and why.

我再也找不到比這更好的方式來描述 The Trade Desk 與開放網路和封閉生態系統之間的區別了。我很高興能與 Vinnie 和其他具有前瞻性思維的消費品行業領導者合作，探討如何透過客觀的決策、新的衡量方法以及我們不斷增長的零售市場來解決這種差距。這正好引出了我們今天的第二個主題：我們正在投資的創新以及投資的原因。

Of course, we should start with AI. AI is changing nearly every industry in the world, directly or indirectly. We agree with the view that the advent of AI is an unprecedented generational shift, and we will change the world in ways similar to how we did when the Internet itself emerged.

當然，我們應該從人工智慧開始。人工智慧正在直接或間接地改變世界上幾乎所有產業。我們同意人工智慧的出現是前所未有的世代變革的觀點，我們將以類似網路誕生時的方式改變世界。

This is why we launched Koa in 2018. And let me explain why we expect to continue to invest in AI. First, almost 100% of our clients are running through Kokai today. We think Kokai is the most advanced AI-fueled buying platform ever pointed at the open Internet. Kokai broke advertising into the basic elements of an advertising campaign and enabled every unique function in the valuation process to be enhanced with AI.

這就是我們在 2018 年推出 Koa 的原因。讓我解釋一下為什麼我們預計會繼續投資人工智慧。首先，目前我們幾乎 100% 的客戶都在使用 Kokai 系統。我們認為 Kokai 是迄今為止面向開放網路的最先進的 AI 驅動型購物平台。Kokai 將廣告分解為廣告活動的基本要素，並使估值過程中的每個獨特功能都能透過人工智慧得到增強。

From identity probabilities to valuing impressions to predicting performance to forecasting spend to predicting the right clearing price to detecting option manipulation or even fraud to generating creatives to supply path optimizations or to even surfacing insights that could once easily be buried in a mountain of data.

從身份機率到展示價值評估，從預測效果到預測支出，從預測合適的清算價格到檢測期權操縱甚至欺詐，從生成創意到供應路徑優化，甚至從挖掘曾經很容易被埋沒在海量數據中的洞察。

Kokai and AI enhanced and upgraded nearly every part of Solimar. Secondly, developing, writing code and even building is getting easier as enterprise AI tools continue to grow and evolve. Perhaps the most obvious of AI's features is that it is a productivity enhancer. As one example, every engineer at TTD is using AI tools to write and/or test code. We've injected AI tools across the company and productivity is going up.

Kokai 和 AI 對 Solimar 的幾乎每個部分都進行了增強和升級。其次，隨著企業人工智慧工具的不斷發展和演進，開發、編寫程式碼甚至建置都變得越來越容易。人工智慧最明顯的特點或許就是能夠提高生產力。例如，TTD 的每位工程師都在使用 AI 工具來編寫和/或測試程式碼。我們在公司各處引入了人工智慧工具，生產力正在提高。

Third, think of The Trade Desk's proprietary AI and The Trade Desk's unique objectivity as an unprecedented power combo. We think our business model is more conducive and will benefit more from AI than any of our competitors. Every scaled competitor we have is first and foremost, selling their owned and operated inventory, O&O. We don't have O&O. We have aligned our interest with buyers, and that is even more valuable in the AI-fueled ecosystem.

第三，將 The Trade Desk 的專有人工智慧和 The Trade Desk 的獨特客觀性視為前所未有的強大組合。我們認為，與任何競爭對手相比，我們的商業模式更有利於人工智慧的發展，並將從中受益更多。我們所有規模較大的競爭對手，首先都是在銷售他們自己擁有和經營的庫存（O&O）。我們沒有自有資產。我們已將自身利益與買家利益保持一致，這在人工智慧驅動的生態系統中更有價值。

AI makes it easier to make better decisions for advertisers and match the best ad opportunities. Valuable data like advertisers' first-party data is way more valuable in an AI world. Retail data is more valuable in an AI world. The buying platform with the most objectivity and the most trust is the one most likely to create the most scale and win the most market share. At The Trade Desk, we have built the industry's most advanced, trusted and objective data set, which is based on factors like these, 20 million ad opportunities every second, each with thousands of data variables and each valued objectively.

人工智慧使廣告商更容易做出更好的決策，並匹配最佳的廣告機會。在人工智慧時代，像廣告商的第一方數據這樣的寶貴數據更有價值。在人工智慧時代，零售數據更有價值。客觀性和可信度最高的購買平台最有可能實現最大規模並贏得最大市場份額。在 The Trade Desk，我們建立了業內最先進、最值得信賴、最客觀的數據集，該數據集基於以下因素：每秒 2000 萬個廣告機會，每個機會都有數千個數據變量，並且每個變量都經過客觀評估。

Our clients' valuable first-party data, which they trust us with that we will never jeopardize. The industry's most scaled data marketplace, including most of the world's leading retailers, close integrations with thousands of suppliers and publishers across channels. In short, we are trying to make millions of complicated decisions every second based on massive data sets. This assignment can obviously be enhanced with AI. That's why we are investing in it and have been for years. But an AI company in the advertising space must have the data and the objectivity to make any sizable scaled and sustainable progress.

我們擁有客戶寶貴的第一方數據，他們信任我們，我們絕對不會辜負這些數據。業界規模最大的數據市場，囊括了全球大多數領先的零售商，並與各通路的數千家供應商和出版商實現了緊密整合。簡而言之，我們試圖基於海量資料集，每秒鐘做出數百萬個複雜的決策。這項任務顯然可以利用人工智慧來增強。這就是我們多年來一直在投資的原因。但是，廣告領域的 AI 公司必須擁有數據和客觀性，才能取得任何可觀的、規模化的、可持續的進展。

Advertisers are becoming more selective with their data. We predict this will continue. Trust matters more than ever in an AI-fueled world and AI companies without access to scaled quality data or amazing levels of trust will not last long. The global digital advertising marketplace is highly complex with limitless levers and seemingly an infinite number of possible permutations for every campaign. AI will continue to play a growing role in this fast-evolving global advertising market.

廣告商對數據的使用越來越有選擇性。我們預測這種情況還會持續下去。在人工智慧驅動的世界裡，信任比以往任何時候都更加重要，而那些無法獲得大規模高品質數據或極高信任的人工智慧公司將無法長久生存。全球數位廣告市場非常複雜，擁有無限的控製手段，每個廣告活動似乎都有無數種可能的組合方式。人工智慧將在快速發展的全球廣告市場中繼續發揮越來越重要的作用。

Let me put an even finer point on this. There is an emerging narrative that AI will compress software value or disintermediate platforms altogether. That might be true for some SaaS businesses, especially those that deal in generic process or low-grade data. However, for platforms that have earned the trust of their clients and partners and have a mass data that is scaled, unique, refined and actionable, they are in the perfect position to leverage advances in AI to add more value.

讓我再補充一點。一種新興的說法是，人工智慧將壓縮軟體價值，或徹底消除平台中介。對於某些 SaaS 企業來說，這可能是事實，尤其是那些處理通用流程或低品質資料的企業。然而，對於那些贏得了客戶和合作夥伴信任，並且擁有規模化、獨特、精細化和可操作的大量數據的平台而言，它們處於利用人工智慧的進步來增加更多價值的最佳位置。

But to be very clear, this complexity of the global advertising market is not a weakness for The Trade Desk. It is a moat. And it is exactly that kind of environment where Agentic AI can add meaningful value, not by replacing platforms, but by enhancing decision-making within them. What used to be exposed through static APIs can now be expressed through systems that can reason, adapt and optimize towards outcomes.

但要先明確的是，全球廣告市場的這種複雜性並不是 The Trade Desk 的弱點。這是一條護城河。正是在這種環境下，智能體人工智慧才能創造有意義的價值，它不是取代平台，而是增強平台內部的決策能力。過去透過靜態 API 公開的功能，現在可以透過能夠推理、適應和優化以實現預期結果的系統來表達。

We are convinced that Agentic AI will ultimately accrete the most value to companies that already have deep customer trust that have scaled, refined and objective data sets and that prioritize objectivity, not by companies with limited data hoping an AI framework becomes their business model. In that sense, Agentic AI is an evolution of outcome-based platforms, not a shortcut around them.

我們堅信，智能體人工智慧最終將為那些已經擁有深厚客戶信任、擁有規模化、精細化和客觀的數據集並優先考慮客觀性的公司創造最大價值，而不是為那些數據有限、希望人工智慧框架成為其商業模式的公司創造最大價值。從這個意義上講，智能體人工智慧是基於結果的平台的演進，而不是繞過它們的捷徑。

We have spent years building The Trade Desk around trust, objectivity and measurable outcomes, while maintaining strict controls around data ownership and advertiser control. That foundation is critical for Agentic workflows to become more useful and more widely adopted.

多年來，我們致力於打造以信任、客觀性和可衡量的結果為核心的 The Trade Desk，同時嚴格控制資料所有權和廣告商控制權。這項基礎對於 Agentic 工作流程變得更加有用且得到更廣泛的應用至關重要。

I think this is a great transition point to talk about another innovation that is in early phases that we expect to pay massive returns in the future. It's our new product, Audience Unlimited. Audience Unlimited is one of our biggest innovations ever. This will change the usage and value of the data marketplace for both buyers and sellers, and we think that agencies, advertisers, data providers and retailers will all benefit from this innovation, and it is essential in this new AI-fueled world.

我認為這是一個很好的過渡點，可以談談另一項尚處於早期階段的創新，我們預計這項創新未來將帶來巨大的回報。這是我們的新產品，Audience Unlimited。Audience Unlimited 是我們迄今為止最偉大的創新之一。這將改變買賣雙方對數據市場的使用方式和價值，我們認為代理商、廣告商、數據提供商和零售商都將從這項創新中受益，這在人工智慧驅動的新世界中至關重要。

There has been massive underutilization to third-party data and retail data, in particular, since the advent of programmatic about 20 years ago. I have argued that the data marketplace is anemic for one primary reason. There is no price discovery for data. The cost has really been complicated for marketers. So generally, they don't use it.

自從大約 20 年前程序化廣告出現以來，第三方數據和零售數據一直沒有充分利用。我認為數據市場發展不足的主要原因只有一個。數據沒有價格發現機制。對行銷人員來說，成本問題確實非常複雜。所以一般來說，他們不用它。

We can see though that the value is obvious, especially leveraging AI. And using a flat cost structure, Audience Unlimited helps advertisers use a wider range of the most relevant data to any given campaign for an all-in cost, where value and impact is clearly understood. This innovation wasn't possible before advances in AI, particularly Agentic AI in this case, which allows us to surface the right data segment at the right moment.

我們可以看出，它的價值顯而易見，尤其是利用人工智慧方面。Audience Unlimited 採用統一的收費結構，幫助廣告商以全包價格使用更廣泛的、與任何給定廣告活動最相關的數據，從而清晰地了解其價值和影響。在人工智慧（尤其是本例中的智慧體人工智慧）取得進展之前，這種創新是不可能的，智能體人工智慧使我們能夠在正確的時間呈現正確的資料片段。

Of course, Audience Unlimited is completely optional. Clients can use it or continue to buy third-party data a la carte. We are already seeing very positive results with early adopters, and I'm excited for more advertisers to get access as this year progresses.

當然，Audience Unlimited 完全是可選的。客戶可以使用該數據，也可以繼續按需購買第三方數據。我們已經從早期用戶那裡看到了非常積極的成果，我很高興隨著今年的推進，會有更多廣告商獲得使用權。

Relatedly, in Retail Media, the spend on our platform that was influenced by retail data reached record levels in 2025. Over the last five years or so, we have launched partnerships with retailers around the world. And together, we have created the world's largest and richest marketplace of retail data. Combined, we believe the retailers in our data marketplace represent more than half of global retail sales. The vast majority of our retail partners are sending data via UID 2, and we are building strong diversification across categories from big-box and grocery to delivery, travel and many other retail categories.

與之相關的是，在零售媒體領域，受零售數據影響的平台支出在 2025 年達到了創紀錄的水平。在過去五年左右的時間裡，我們與世界各地的零售商建立了合作關係。我們共同打造了全球規模最大、內容最豐富的零售數據市場。我們相信，我們數據市場中的零售商合計佔全球零售額的一半以上。我們絕大多數零售合作夥伴都在透過 UID 2 發送數據，我們正在各個類別中建立強大的多元化，從大型超市和雜貨到送貨、旅遊和許多其他零售類別。

Cheerios ran a display campaign in the UK recently using retail data for audience targeting on Kokai. They saw 88% more conversions and 7 times better CPA. Now Nestle plans to activate retail data across most of their future campaigns, including audio and other channels. And retail data is just one piece of the puzzle. The Audience Unlimited rollout is part of a much bigger effort to reform measurement and enable our partners to use more Agentic as well. But we'll be talking more throughout this year about two new innovative frameworks.

Cheerios 最近在英國開展了一項展示廣告活動，利用 Kokai 平台上的零售數據進行受眾定位。他們的轉換率提高了 88%，每次轉換成本降低了 7 倍。現在，雀巢計劃在未來的大多數行銷活動中啟用零售數據，包括音訊和其他管道。而零售數據只是拼圖中的一塊。Audience Unlimited 的推出是更大幅度的衡量改革工作的一部分，旨在使我們的合作夥伴也能更多地使用 Agentic。但今年我們將更多地討論兩個新的創新框架。

One is a measurement framework and the other is an Agentic AI framework for our partners. In 2026, you will see us continue to close the gap between media dollars and real business outcomes like sales, lifetime value and brand health. We are strengthening the value we are delivering to clients and reinforcing our position in an increasingly Agentic world, including with CPGs who are among the most eager to embrace new open Internet measurement models.

一個是面向合作夥伴的測量框架，另一個是面向合作夥伴的智慧體人工智慧框架。2026 年，您將看到我們繼續縮小媒體投入與實際業務成果（如銷售、終身價值和品牌健康）之間的差距。我們正在加強為客戶創造的價值，並在日益以代理為主導的世界中鞏固我們的地位，包括與那些最渴望接受新的開放互聯網測量模型的消費品公司合作。

With Advanced AI already distributed across Kokai, our ability to deliver more value to our clients through better performance has never been greater. I want to share one more innovation built on Kokai, and that's Deal Desk. Complexity has brought many advertisers to seek out one-to-one deals as a means of simplifying supply chains, much like they used to in a nondigital work. But in that process, some buyers have inadvertently given up buy-side decisioning power, especially in CTV. They have also given rise to inefficient supply chains or inadvertent oxygen to some bad players that a more efficient supply chain would not allow for.

憑藉 Kokai 的先進人工智慧技術，我們透過更佳的性能為客戶創造更多價值的能力達到了前所未有的高度。我想分享另一個基於 Kokai 的創新，那就是 Deal Desk。複雜性促使許多廣告商尋求一對一交易，以此簡化供應鏈，就像他們在非數位領域過去所做的那樣。但在這個過程中，一些買家無意中放棄了買方決策權，尤其是在連網電視領域。它們也導致了低效率的供應鏈，或無意中為一些不良企業提供了可乘之機，而更有效率的供應鏈則不會允許這種情況發生。

Deals can be a way to leverage size and get a better deal, but measuring the deal's outcomes becomes very important. It is easier to do a bad deal than ever, especially when pursuing cheap cost. Historically, 90% of deal IDs never scaled, either because they were set up poorly, hard to troubleshoot or simply didn't perform. Deal Desk centralizes the way buyers create, manage and analyze their deals. It uses AI to forecast how a deal is likely to perform relative to the open market and then highlights where things may go off track.

交易可以是利用規模優勢來獲得更好交易的一種方式，但衡量交易的結果就變得非常重要。如今，尤其是在追求低價的情況下，更容易達成糟糕的交易。從歷史上看，90% 的交易 ID 從未實現規模化，要么是因為設定不當，要么是因為難以排除故障，要么是因為根本無法發揮作用。交易平台集中管理買家創建、管理和分析交易的方式。它利用人工智慧預測交易相對於公開市場的表現，然後指出哪些地方可能出現偏差。

Early results are encouraging. So far, deals that are set up and managed through Deal Desk are performing meaningfully better than those managed the legacy way. More suppliers are signing up for Deal Desk every week. Deal Desk is in early stages, but it is rolling out around the world. Most recently, the two biggest SSPs in Germany announced that they are integrating with it.

初步結果令人鼓舞。到目前為止，透過交易平台設立和管理的交易，其表現明顯優於以傳統方式管理的交易。每週都有更多供應商註冊Deal Desk。交易平台目前還處於早期階段，但正在全球推廣。最近，德國最大的兩家SSP宣布將與該公司整合。

CTV continues to be a strong driver of overall growth and remains one of our fastest-growing channels. The largest content owners in the world are leaning further into programmatic and decision buying. The shift from traditional insertion orders and programmatic guarantee toward true biddable CTV continues to accelerate, particularly in live sports and premium episodic content.

CTV 仍然是整體成長的強勁驅動力，也是我們成長最快的管道之一。全球最大的內容所有者正進一步轉向程序化購買和決策購買。從傳統的廣告投放訂單和程式擔保向真正的可競價連網電視的轉變正在加速，尤其是在體育直播和優質劇集內容方面。

The last innovation area that I'd like to talk about is simplification, specifically simplification across the platform. The complexity of our ecosystem is a moat for The Trade Desk, but that doesn't mean that we have to hand the complexity back to our user. At The Trade Desk, we are making huge efforts to simplify the supply chains, to simplify measurement, to simplify our US and even simplify the way that we bill. We don't compromise the power of our platform or our values on transparency. By simplifying our bills, we will make it easier to compare our results and our products to walled gardens.

我想談的最後一個創新領域是簡化，特別是整個平台的簡化。我們生態系統的複雜性是 The Trade Desk 的護城河，但這並不意味著我們必須將這種複雜性轉嫁給使用者。在 The Trade Desk，我們正在努力簡化供應鏈、簡化計量、簡化我們的美國業務，甚至簡化我們的計費方式。我們不會為了提高透明度而犧牲我們平台的影響力或我們的價值觀。透過簡化我們的帳單，我們將使用戶更容易將我們的業績和產品與封閉式平台進行比較。

For example, the VP of Strategy at a large agency noted, and I quote, even though a large commerce walled garden may trump at 1% or no fees, at the end of the day, the effective CPM that we pay is higher than comparable campaigns on The Trade Desk. We're paying more to get less functional reporting, and we are spending a lot more on data than we would have on the comparable Trade Desk campaign.

例如，一家大型機構的策略副總裁指出（我引用他的話），即使大型電商平台可能在 1% 或零費用方面勝出，但最終我們支付的實際 CPM 仍然高於 The Trade Desk 上的類似廣告活動。我們花更多的錢卻得到了功能更少的報告，而且我們在數據上的花費也比在類似的交易平台推廣活動中要多得多。

Our goal is not nor has ever been cheap reach, which ultimately slows growth because it is ineffective. As more marketers come to terms with the limitations of cheap reach, they just need simple ways to explain around their organizations and especially to the CEOs and CFOs of their organizations, why expensive impressions are often the best. Efficacy is not a problem for the open Internet simplicity currently is.

我們的目標從來不是廉價的觸達，因為這最終會減緩成長，因為它效率低。隨著越來越多的行銷人員意識到廉價觸達的局限性，他們只需要簡單的方法來向組織內部，特別是向組織的執行長和財務長解釋，為什麼昂貴的曝光往往是最好的。目前開放網路的簡單性不是問題，有效性才是問題所在。

Our efforts in simplification are already working. IKEA, for example, is using Kokai to get a more intelligent perspective on how their ads perform across all channels. Thanks to Kokai's AI-fueled omnichannel optimization, they saw cost per acquisition decrease by 17%, while also gaining valuable new insights on the effectiveness of different channel activations at different stages of the customer journey.

我們簡化流程的努力已經初見成效。例如，宜家正在使用 Kokai 來更聰明地了解其廣告在所有管道上的表現。由於 Kokai 的人工智慧驅動的全通路優化，他們的獲客成本降低了 17%，同時也獲得了關於不同通路活化在客戶旅程不同階段的有效性的寶貴新見解。

Another example, Best Western saw their booking rate double when using Kokai to target live sports opportunities, thanks to an 89% improvement in incremental reach with Kokai. Of course, in order for our clients to take full advantage of all of this innovation we've been talking about at scale, we need to continue to upgrade how we operate. With over 3,500 employees and serving thousands of brands, what worked for many years, particularly in our go-to-market organization, needed to evolve in order for us to scale our business from about $3 billion in revenue to $10 billion in revenue and beyond.

另一個例子是，Best Western 在使用 Kokai 來鎖定現場體育賽事機會後，預訂率翻了一番，這得益於 Kokai 帶來的 89% 的增量覆蓋率提升。當然，為了讓我們的客戶能夠大規模地充分利用我們一直在談論的所有創新，我們需要不斷改進我們的營運方式。公司擁有超過 3500 名員工，服務於數千個品牌，多年來行之有效的方法，尤其是在我們的市場推廣組織中，需要進行變革，才能將業務規模從約 30 億美元的收入擴大到 100 億美元的收入甚至更高。

Over the last year, we have made significant upgrades to how we operate as a company, many of which are relevant to large global advertisers in categories like CPG, but also across all industries. Even though we have not harvested most of those seeds, we are seeing green shoots and are extremely confident that we've made the right moves to scale and improve this business. We reorganized our go-to-market model around a brand-first more integrated coverage approach. That means unified teams are now responsible for both business development and spend activation with clear accountability for results.

過去一年，我們對公司的運作方式進行了重大升級，其中許多升級不僅與消費品等行業的全球大型廣告商相關，也適用於所有行業。儘管我們還沒有收穫大部分種子，但我們已經看到了萌芽，並且非常有信心，我們已經採取了正確的措施來擴大和改進這項業務。我們圍繞著品牌優先、更全面的覆蓋方式，重新調整了市場推廣模式。這意味著統一的團隊現在既負責業務拓展，也負責支出激活，並對結果負有明確的責任。

We increased the number of advertisers where we have direct relationships, and we eliminated overlapping coverage between advertiser and agency teams. That makes us a more strategic unified partner for the biggest brands in the world, while still advocating and aligning our business closely with our agency partners. Joint Business Plans, or JBPs, are a good example of how this shows up in the numbers. Exiting 2025, JBPs accounted for well over half of our business, and our JBP pipeline has more than doubled over the past year.

我們增加了與我們有直接合作關係的廣告商數量，並消除了廣告商團隊和代理商團隊之間的覆蓋範圍重疊。這使我們成為全球最大品牌更具戰略意義的統一合作夥伴，同時仍與我們的代理商合作夥伴緊密合作，協調業務發展。聯合商業計劃（JBP）就是一個很好的例子，說明了這一點是如何體現在數字上的。到 2025 年底，聯合業務計劃 (JBP) 占我們業務的一半以上，而且我們的 JBP 專案儲備在過去一年中增加了一倍多。

For our largest advertisers and their agencies, JBPs create shared goals, clear accountability and a multiyear innovation road map. As a result of our organizational upgrades, our teams are working with more clarity and data than ever. This allows us to spot opportunities earlier, lean in where we see momentum and adjust course when needed. It also means that when CPG or auto spends a couple of quarters on its back foot, we can both support those clients through the turbulence, while also allocating time and resources towards areas, where budgets are growing faster.

對於我們最大的廣告客戶及其代理商而言，聯合業務計劃 (JBP) 可以製定共同目標、明確責任和多年創新路線圖。由於組織架構的升級，我們的團隊比以往任何時候都擁有更清晰的思路和更豐富的數據。這使我們能夠更早發現機會，在看到發展勢頭時加大投入，並在需要時調整方向。這也意味著，當消費品或汽車產業連續幾季處於低迷狀態時，我們既可以支持這些客戶度過這段動盪時期，也可以將時間和資源分配給預算成長更快的領域。

Finally, I'd like to zoom out and provide a little more perspective. For as long as we've been public, which is around 10 years now, there's been a narrative that our margin or take rate must compress because other platforms offer lower upfront prices for nondecisioned, non-data-driven buying. In reality, those business models deliver less value overall. Their business model is focused on selling O and O.

最後，我想從更宏觀的角度來看這個問題。自我們上市以來（至今已有約 10 年），一直有一種說法是，由於其他平台為非決策性、非數據驅動的購買提供更低的預付價格，因此我們的利潤率或佣金率必須下降。實際上，這些商業模式總體上創造的價值較低。他們的商業模式專注於銷售O和O。

Walled gardens can more than make up for the lower fee on supply side as they mark up and prioritize their owned and operated inventory. 2025 was a year of meaningful change at The Trade Desk. We upgraded our leadership team. We reorganized how we go to market. We sharpened our operating discipline. We shipped the most impactful product release in our history and made important strides in CTV, retail media and improving the overall supply chain of the open Internet.

封閉式平台可以透過提高價格和優先銷售自有庫存來彌補供應端較低的費用。 2025年是The Trade Desk發生重大變革的一年。我們升級了領導團隊。我們重新調整了市場進入方式。我們加強了操作紀律。我們發布了公司歷史上最具影響力的產品，並在連網電視、零售媒體和改善開放互聯網的整體供應鏈方面取得了重要進展。

At the same time, we navigated a challenging environment in the CPG and automotive categories while still delivering strong growth and profitability. As we enter 2026, our focus is very clear. We will continue to drive performance and innovation through Kokai and our AI road map. I don't think there's any company in our industry that is better positioned to take advantage of advances in AI. We will deepen our relationships with the world's largest advertisers and agencies through more rigorous account planning, joint business plans and sector-based expertise.

同時，我們在消費品和汽車產業面臨充滿挑戰的環境中，仍然實現了強勁的成長和獲利。進入2026年，我們的重點非常明確。我們將繼續透過 Kokai 和我們的人工智慧路線圖來推動業績成長和創新。我認為在我們這個行業中，沒有任何一家公司比我們更有優勢來利用人工智慧的進步。我們將透過更嚴格的客戶規劃、聯合業務計劃和行業專業知識，加深與全球最大廣告商和代理商的關係。

We will push forward the structural shifts happening in CTV, retail media and cleaner supply chains, and we will do all of that while staying true to the principles that have guided us since the beginning, objectivity, better business outcomes and alignment with interest of advertisers. So bottom line, AI enhances the power of choice, and it is best used by the trusted and the objective. The open Internet should get the first dollar and not the last and the best days on The Trade Desk are ahead of us.

我們將推動聯網電視、零售媒體和更清潔的供應鏈領域的結構性變革，同時，我們將始終秉持自始至終指導我們的原則：客觀性、更好的業務成果以及與廣告商利益的一致性。總而言之，人工智慧增強了人們的選擇權，它最適合由值得信賴且目標明確的人使用。開放的網路應該獲得第一筆收入，而不是最後一筆，The Trade Desk 的黃金時代還在後頭。

I want to thank our employees, our clients and our partners for their trust and support throughout 2025. I am as confident as I have ever been in the opportunity in front of us and in our ability to capture it.

我要感謝我們的員工、客戶和合作夥伴在2025年給予我們的信任和支持。我對我們面前的機會以及我們抓住機會的能力充滿信心，一如既往。

With that, I will hand it over to Tahnil to walk through the financials, and then we'll open up the call for questions.

接下來，我將把發言權交給塔尼爾，讓他來介紹財務狀況，然後我們將開放提問環節。

Thank you, Jeff, and good afternoon, everyone. Before reviewing our results, I would like to share what I've shared with our team internally about my priorities over the coming months. My focus during this transition is on continuity and clear objectives. I'm here to support the ongoing operations and strategic priorities for the overall business. I'm incredibly fortunate to work alongside a world-class finance organization, and I'm confident our team will continue to support the growth at The Trade Desk in the near term and beyond.

謝謝你，傑夫，大家下午好。在回顧我們的結果之前，我想先和團隊內部分享我未來幾個月的工作重點。我在此過渡期間的工作重點是保持工作的連續性和明確的目標。我來這裡是為了支持公司整體業務的日常營運和策略重點。我非常幸運能與世界一流的金融機構共事，我相信我們的團隊將在近期和未來繼續支持 The Trade Desk 的發展。

Now on to our results. For the full year 2025, we delivered revenue of $2.9 billion, representing 18% year over year growth. Spend was approximately $13.4 billion. In Q4, we delivered revenue of $847 million, representing 14% year over year growth. Excluding political spend related to last year's US elections, revenue increased approximately 19% year over year. Our strong performance in Q4 was driven by strong growth across CTV and audio from a channel perspective as well as in regions outside of the US CTV grew at a faster rate than the overall business throughout 2025, including during Q4 despite lapping strong political CTV spend in the quarter.

現在公佈我們的結果。2025 年全年，我們的營收達到 29 億美元，年增 18%。支出約134億美元。第四季度，我們實現了 8.47 億美元的收入，年增 14%。剔除與去年美國大選相關的政治支出，營收年增約 19%。我們在第四季度的強勁表現得益於 CTV 和音訊管道的強勁成長，以及美國以外地區的成長。 2025 年全年，CTV 的成長速度都超過了整體業務的成長速度，即使在第四季度，儘管該季度政治 CTV 支出強勁，CTV 的成長速度仍然超過了整體業務的成長速度。

Video, which includes CTV, represented about 50% of our business in Q4 and continues to grow as a percentage of our channel mix. Mobile represented around 30% share of our business during the quarter, while display represented a low double-digit share. Audio represented around 6% of the business and grew year over year at a rate higher than any other channel in Q4.

視訊（包括連網電視）在第四季度占我們業務的約 50%，並且在我們頻道組合中所佔的比例持續成長。本季行動端業務占我們業務的約 30%，而展示廣告業務佔比僅兩位數。音頻業務約佔總業務的 6%，第四季度同比增長速度高於其他任何管道。

Geographically, the United States represented approximately 84% of our revenue in Q4 and international represented about 16%. Growth across our international business continues to outpace growth in North America. Our strong momentum in EMEA and APAC is a reflection of the investments we have made in these regions over the last several years. Among the verticals that represent at least 1% of our business in Q4, as Jeff mentioned, CPG and to a lesser extent, auto were our softest verticals, and those trends have continued into Q1.

從地理來看，美國市場在第四季占我們營收的約 84%，國際市場約佔 16%。我們的國際業務成長速度持續超過北美業務的成長速度。我們在歐洲、中東和非洲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。正如 Jeff 所提到的，在第四季度占我們業務至少 1% 的垂直行業中，消費品行業以及在較小程度上汽車行業是我們表現最疲軟的垂直行業，而且這種趨勢一直延續到第一季。

In contrast, we saw particularly strong year over year growth in medical health, technology and business and finance. Importantly, the strength reflects not just market dynamics, but the diversification work that we have been doing across our business. We continue to broaden exposure across verticals with meaningful growth and new client wins in areas such as pharmaceuticals and telecommunications.

相較之下，醫療健康、科技、商業和金融領域的年成長尤為強勁。重要的是，這種強勁勢頭不僅反映了市場動態，也反映了我們在整個業務範圍內的多元化工作。我們持續擴大在各個垂直領域的業務，在製藥和電信等領域實現了顯著成長並贏得了新客戶。

Q4 operating expenses were $590 million, up 8% from a year ago. Excluding stock-based compensation, Q4 operating expenses were $478 million, up 15% a year ago. The Trade Desk generated approximately $400 million in adjusted EBITDA or about 47% of revenue. Q4 income tax expense was $83 million, driven primarily by our profitability and the impact of stock-based awards.

第四季營運支出為 5.9 億美元，比去年同期成長 8%。不計入股票選擇權費用，第四季營運支出為 4.78 億美元，比去年同期成長 15%。交易台的調整後 EBITDA 約為 4 億美元，約佔總營收的 47%。第四季所得稅支出為 8,300 萬美元，主要受獲利能力和股票獎勵的影響。

Q4 net income was $187 million or $0.39 per diluted share or about 22% of revenue. Adjusted net income for the quarter was $284 million or $0.59 per diluted share. Net cash provided by operating activities was $312 million, and free cash flow was $282 million in Q4. We ended the quarter with a strong cash and liquidity position. Our balance sheet had about $1.3 billion in cash, cash equivalents and short-term investments at the end of the quarter.

第四季淨利為 1.87 億美元，即每股攤薄收益 0.39 美元，約佔營收的 22%。本季調整後淨利為 2.84 億美元，即每股攤薄收益 0.59 美元。第四季經營活動產生的淨現金流為 3.12 億美元，自由現金流為 2.82 億美元。本季末，我們擁有強勁的現金和流動性狀況。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 13 億美元。

We had no debt on the balance sheet. DSOs and DPOs were consistent with prior periods. DSOs were approximately 100 days and DPOs are under 85 days. In Q4, we used $423 million of cash to repurchase our Class A common stock via our share repurchase program. As you saw in our press release, we announced an additional authorization, bringing the total to $500 million, inclusive of the amount remaining from the existing authorization. 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.

我們的資產負債表上沒有任何債務。DSO 和 DPO 與前期一致。DSO 約 100 天，DPO 低於 85 天。第四季度，我們透過股票回購計劃，動用了 4.23 億美元現金回購了 A 類普通股。正如您在我們新聞稿中看到的，我們宣布了一項額外的授權，使總額達到 5 億美元，其中包括現有授權的剩餘金額。鑑於我們強勁的資產負債表和持續的現金流，我們計劃繼續進行機會性股票回購，同時抵銷員工股票發行造成的股權稀釋。

Turning to our outlook. Our Q1 guidance reflects a prudent approach in an environment, where visibility remains somewhat lower, particularly in CPG and to a lesser extent, auto verticals. That softness is partially offset by continued strength in medical health, technology and business and finance and in EMEA and APAC. For the first quarter, we expect revenue to be at least $678 million, representing 10% year over year growth. We estimate adjusted EBITDA for Q1 to be approximately $195 million.

展望未來。我們第一季的業績指引反映了在當前環境下採取的謹慎態度，因為市場前景仍然較為黯淡，尤其是在消費品行業，以及在較小程度上，汽車行業。這種疲軟態勢部分被醫療健康、科技、商業和金融以及歐洲、中東和非洲地區以及亞太地區的持續強勁表現所抵消。我們預計第一季營收至少為 6.78 億美元，年增 10%。我們預計第一季調整後 EBITDA 約為 1.95 億美元。

In terms of our operating plan, we intend to continue investing in the business, while maintaining strong cost discipline. As in 2025, we expect headcount growth to remain below revenue growth, reflecting our focus on productivity and operating leverage. We plan to be deliberate in prioritizing investments that directly support revenue growth and AI-driven innovation. Taken together, we expect our full year 2026 adjusted EBITDA margin percentage to be approximately in line with 2025.

就我們的營運計劃而言，我們打算繼續投資於業務，同時保持嚴格的成本控制。與 2025 年一樣，我們預計員工人數成長將低於收入成長，這反映了我們對生產力和營運槓桿的關注。我們將有意識地優先投資那些能夠直接支持收入成長和人工智慧驅動創新的項目。綜合來看，我們預計 2026 年全年調整後 EBITDA 利潤率將與 2025 年大致持平。

In closing, our fundamental view of the profit potential of The Trade Desk has not wavered. We have driven significant leverage over the years. And given the strength of our client relationships, product focus and organizational actions underway to strengthen our sales and go-to-market execution, we believe our revenue growth rate should improve over time.

最後，我們對 The Trade Desk 獲利潛力的基本看法並沒有動搖。多年來，我們取得了顯著的槓桿效應。鑑於我們與客戶關係的穩固、對產品的專注以及為加強銷售和市場推廣執行而正在採取的組織行動，我們相信我們的收入成長率會隨著時間的推移而提高。

We are confident that the decisions that we are making today position us well to emerge from this period even stronger and to capture the large and growing digital advertising opportunity. That concludes our prepared remarks, operator.

我們相信，我們今天做出的決定將使我們能夠更好地度過這段時期，並抓住不斷增長的數位廣告機會。操作員，我們的發言稿到此結束。

Please open the call for questions.

請開放提問環節。

(Operator Instructions)

（操作說明）

Shyam Patil, SIG.

Shyam Patil，SIG。

I have a two part question. First, Jeff, you talked about the impact of CPG and auto on the business last year as well as potential further impact this year. And I was just wondering, can you talk a little bit about what you're seeing from these two verticals thus far in 1Q? And then second, Tahnil, could you provide a bit more color on the 1Q EBITDA guide and thoughts on the full year operating expenses?

我的問題分為兩部分。傑夫，首先，你談到了去年消費品和汽車業對公司業務的影響，以及今年可能產生的進一步影響。我想問一下，您能否談談您在第一季從這兩個垂直領域觀察到的情況？其次，Tahnil，你能否更詳細地介紹一下第一季 EBITDA 預期，以及你對全年營運費用的看法？

You bet. First, Shyam, thanks for the question. Let me zoom out just a little bit and first explain why we called this out because obviously, we have not historically done that on a sort of per category basis. And I also don't want people to misunderstand CPGs and autos are some of our very best partners. They're some of the parts of our business that we're most optimistic about the future.

當然。首先，Shyam，謝謝你的提問。讓我稍微把視角拉遠一點，先解釋一下我們為什麼要特別指出這一點，因為很明顯，我們過去並沒有按類別這樣做。我也不希望人們誤解，消費品和汽車產業是我們最好的合作夥伴之一。它們是我們業務中未來發展最樂觀的部分。

We call this out to highlight that there are some forces that are bigger than us and even bigger than them. And those are things like cost inflation, consumer pressures, tariffs, cost of living increases. And inside some of the biggest brands, their marketing budgets and advertising budgets are a huge part of their machine, their operation and their costs. And so when you -- when the world hands them uncertainty, it's often the thing that gets paused, that they would rather adjust marketing budgets than lay people off.

我們提出這一點是為了強調，有些力量比我們強大，甚至比他們自身還要強大。這些因素包括成本上漲、消費者壓力、關稅、生活成本上漲等。在一些最大的品牌內部，行銷預算和廣告預算是其運作機制、營運成本和營運成本中非常重要的一部分。所以，當世界帶給他們不確定性時，往往是調整行銷預算而不是裁員這件事會被擱置。

And certainly, laying them off and then rehiring them when something changes is obviously less preferred than changing budgets or anything like that. So bottom line, autos and CPGs had a lot of unique pressures on them in 2025 and some of those continue today. We also called this out because of just the impact on our business overall. Together, these two categories are roughly a quarter of our business, depending on how you categorize everybody. And if you look at the impact that these two categories have, we would have been at least 5% higher in growth rate if you don't include those categories or they were at parity with everybody else.

當然，解僱員工，等到情況改變時再重新僱用，顯然不如調整預算或其他類似措施來得可取。總而言之，汽車和消費品產業在 2025 年面臨許多獨特的壓力，其中一些壓力至今仍然存在。我們之所以特別指出這一點，也是因為這會對我們整體業務產生影響。這兩個類別加起來大約占我們業務的四分之一，這比例取決於你如何對所有人進行分類。如果你看看這兩個類別的影響，如果不把這兩個類別算進去，或者讓它們與其他類別持平，我們的成長率至少會高出 5%。

Additionally, there is, of course, the supply-demand imbalance that we talked about at length. And I do want to emphasize that in the supply-demand imbalance, where there's more supply than demand than ever, that the value of decisioning is higher than it has ever been. And that some of the CPGs have the luxury of leaning in and focusing on growth targeting, they're rethinking measurement, they're thinking about the future and how do they build their brands.

此外，當然還有我們詳細討論過的供需失衡問題。我還要強調，在供需失衡的情況下，供應比以往任何時候都多於需求，決策的價值也比以往任何時候都更高。一些消費品公司有條件投入並專注於成長目標，他們正在重新思考衡量標準，思考未來以及如何建立品牌。

There are other CPGs that are thinking about cost, they're freight. They're focused on their cost cutting. And those that are doing that and still, especially if they have a mindset of spray and pray and do that at the least amount of cost, so those are not doing as well, and they don't have the luxury of looking as forward. But if you look at companies like Coca-Cola or Hershey's or even the Hyundai and some of the forward-thinking auto brands, they are rethinking measurement. They are rethinking brand building in this new and emerging digital ecosystem, and it's really benefiting them well.

還有其他消費品公司也在考慮成本，例如貨運。他們專注於削減成本。而那些這樣做的人，尤其是那些抱著「廣撒網，祈禱好運」的心態，並且只想以最小的成本去做這件事的人，他們的境況並不好，他們也沒有餘力去展望未來。但如果你看看像可口可樂、好時，甚至是現代汽車和一些前瞻性的汽車品牌這樣的公司，他們正在重新思考衡量標準。他們正在重新思考如何在這個新興的數位生態系統中打造品牌，而這確實讓他們受益匪淺。

Last two things I'll say more specifically about like how does this affect or factor into our guide. Our Q1 guide reflects the prudence from both the auto and the CPG categories and the state of the state, if you will, and what they're dealing with. And also, it does not reflect a diminished long-term opportunity for either The Trade Desk or these categories specifically. It is just something that's happening at a macro level at this moment in time, and it is bigger than them and bigger than us.

最後兩點，我會更具體地說明這如何影響或納入我們的指南。我們的第一季指南反映了汽車和消費品行業的謹慎態度，以及他們所面臨的現狀和挑戰。而且，這並不意味著交易台或這些特定類別的長期發展機會減少。這只是當下宏觀層面上正在發生的事情，它比他們重要，也比我們重要。

And the good news is that our dialogues with these brands in both categories are as strong in most cases as ever. So we're very optimistic about the future. I'll give the time back to Tahnil so she can answer the second part.

好消息是，在大多數情況下，我們與這兩個類別中的這些品牌的對話仍然像以往一樣強大。所以我們對未來非常樂觀。我會把時間還給塔尼爾，讓她回答第二部分問題。

So regarding our Q1 EBITDA guide, thanks for the question. So first, in Q1, I would characterize this as primarily a timing thing. We continue to expect full year adjusted EBITDA margins to be approximately in line with 2025. The primary driver in Q1 is infrastructure investment. So looking back to 2025, we remain disciplined with hiring and reinvestment. Headcount grew below revenue for the third consecutive year, and we drove operating leverage. Looking ahead, it's important to think about 2026 as a year of disciplined reinvestment. That's why we expect our full year adjusted EBITDA margin percentage to be approximately in line with 2025.

關於我們第一季 EBITDA 指引，感謝您的提問。首先，在第一季度，我認為這主要是一個時間安排問題。我們仍預計全年調整後 EBITDA 利潤率將與 2025 年大致持平。第一季的主要驅動力是基礎設施投資。展望 2025 年，我們將繼續保持招募和再投資的嚴謹作風。員工人數連續第三年低於收入成長，但我們提高了營運槓桿。展望未來，重要的是要將 2026 年視為有紀律的再投資之年。因此，我們預計全年調整後 EBITDA 利潤率將與 2025 年大致持平。

We again expect headcount growth to remain below revenue growth, reflecting operating discipline. Our incremental investments are focused on infrastructure and talent. In particular, we're completing our transition to owned data centers and strengthening the AI and machine learning capabilities that power our platform. So the balance is clear: invest where the ROI is highest, maintain strong profitability and position us for improved leverage beyond 2026.

我們預計員工人數成長將持續低於收入成長，這反映了營運紀律。我們的新增投資主要集中在基礎建設和人才方面。具體來說，我們正在完成向自有資料中心的過渡，並加強為我們平台提供支援的人工智慧和機器學習能力。因此，平衡點很明確：投資回報率最高的地方，保持強勁的獲利能力，並為 2026 年以後提高槓桿率做好準備。

Vasily Karasyov, Cannonball Research.

Vasily Karasyov，Cannonball 研究公司。

Jeff, I wanted to ask you about what you would see as the most -- the biggest organizational improvements over the last 12 months. A year ago on this call, we were talking about your reorganization. So I wanted to ask you to talk about what you have achieved and that will drive growth that you're so confident in going forward.

傑夫，我想問你，你認為過去 12 個月裡最大的組織改進是什麼？一年前的這通通話中，我們討論的是你們的重整計畫。所以我想請您談談您已經取得的成就，以及您對未來發展充滿信心的驅動力。

You bet. Thanks for the question, Vasily. So first, let me just zoom out a little bit and just give a little bit of context. Of course, as I mentioned in the prepared remarks, we're -- we've been public for a decade now nearly. And obviously, a lot has changed in that time. Throughout the history of our company, we have never changed our mission, what we're after, our business model. We've been very focused. The things that we talked to investors about in the IPO roadshow is the same stuff we talk about today.

當然。謝謝你的提問，瓦西里。首先，讓我稍微拉遠一下視角，簡單介紹一下背景。當然，正如我在準備好的演講稿中提到的，我們——我們已經上市近十年了。顯然，這段時間發生了許多變化。在公司的發展歷程中，我們從未改變過我們的使命、我們的目標和我們的商業模式。我們一直都非常專注。我們在IPO路演中與投資者談論的內容，與我們今天談論的內容是一樣的。

Of course, there are things in the world that have changed and there's advancements in technology, their marketplace dynamics, the advent of CTV, issues of identity. We've navigated all those and won and gained market share at every single term. But the people that we had at the time we were public, especially as a leadership team, are not the same people that we need to take us from $3 billion to $10 billion. And even the people in some cases that we've had in recent years, we've had to change.

當然，世界上有很多事情已經發生了變化，技術也取得了進步，市場動態發生了變化，連網電視出現了，身分認同問題也發生了變化。我們已經克服了所有這些挑戰，並在每個任期內都取得了勝利，獲得了市場份額。但是，我們上市時擁有的人，特別是領導團隊，並不是我們現在需要帶領公司從 30 億美元成長到 100 億美元所需的人才。甚至在過去幾年裡，我們也不得不更換一些人。

We also just need to change the way that we think about discipline and investments. I'm really happy about the way we're growing in a very disciplined way. And we're making very deliberate decisions across the board. But of course, across the board, we're also saying what parts of our business work and what don't. What do we need to change? What are the things that got us here that we should never abandon -- and what are the things that got us here that won't get us there and triaging between all of those things.

我們也需要改變我們對紀律和投資的看法。我非常高興看到我們以如此有條不紊的方式發展壯大。我們正在各方面做出非常慎重的決定。當然，總的來說，我們也會指出我們業務的哪些部分運作良好，哪些部分運作不佳。我們需要做出哪些改變？哪些因素使我們走到今天，我們永遠不該放棄？哪些因素使我們走到今天，卻無法帶我們走向未來？我們需要對所有這些因素進行權衡。

And in doing that, of course, there needs to be clear ownership. There needs to be operational rigor. We definitely streamlined our go-to-market coverage. We've gotten rid of a bunch of overlap. When you're a smaller company, the ambiguity can help you because you can be really agile and respond to it and super collaborative.

當然，這樣做需要明確所有權。必須嚴格執行操作流程。我們確實簡化了市場推廣策略。我們已經剔除了大量重疊部分。對於規模較小的公司來說，這種不確定性反而可能對你有所幫助，因為你可以非常靈活地應對它，並進行高效的協作。

You can't be as collaborative. There has to be more clear roles and responsibilities so you're not stepping on each other's toes and things aren't falling between the cracks. As a result, we have a very specific number of people assigned to every brand, to every agency. They are very clear on their roles and responsibilities, clearer than ever.

你們無法像以前那樣合作。必須明確角色和職責，這樣才不會互相掣肘，也不會出現疏漏。因此，我們為每個品牌、每個代理商都配備了特定數量的人員。他們對自己的角色和職責非常清楚，比以往任何時候都更清楚。

They're held accountable with more clarity than ever. As a result, our JBP pipeline is the greatest it's ever been. And that, to me, creates a tremendous optimism for the future. Despite the fact that I don't think that this is our best earnings report ever, I hope you can hear it that I am as optimistic as ever, and that's largely because we're improving all of these things while not compromising on our vision or on the values that got us here.

他們現在比以往任何時候都更容易被追究責任。因此，我們的聯合業務計劃 (JBP) 管道達到了前所未有的最佳狀態。這讓我對未來充滿了極大的樂觀。儘管我認為這並非我們有史以來最好的盈利報告，但我希望你們能感受到我一如既往的樂觀，這主要是因為我們在改進所有這些方面的同時，並沒有在願景或使我們走到今天的價值觀上做出妥協。

Of course, there's opportunity for us to improve on product. And I would just summarize that as in the last couple of years, at times, we've used that same agility to go really fast and put a lot of things in market. Sometimes we take too long to put things in market. And other times, we put them in market before they're ready. And we just need to do a better job of being deliberate about all of those.

當然，我們的產品還有進步的空間。我只想總結一下，在過去的幾年裡，我們有時也會利用這種敏捷性快速行動，將許多產品推向市場。有時我們把產品推向市場的時間太長了。而有時候，我們會在產品尚未成熟時就將其推向市場。我們只需要在所有這些方面做得更好，更加深思熟慮。

And in order for us to do that, with the thousands of people that we employ, we just have to have better systems to do that. We kicked off this year with better systems in the way that we roll things out, and that's part of the reason we're so convicted that our investments are going to pay off in 2026 because we have the clear vision, we have the passion that we've always had, and now we also have rigor and discipline that we're confident we're laying the groundwork for that to pay off and of course, at some point, accelerate. So thank you very much.

為了做到這一點，對於我們僱用的數千名員工來說，我們必須擁有更好的系統來實現這一目標。今年年初，我們在推廣方式上採用了更好的系統，這也是我們如此堅信我們的投資將在 2026 年獲得回報的部分原因，因為我們擁有清晰的願景，我們擁有我們一直以來的熱情，現在我們還擁有嚴謹的態度和紀律，我們有信心為獲得回報奠定基礎，當然，在某個時候，還會加速發展。非常感謝。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

I guess kind of building off some of the responses you just said there, Jeff, there have been organizational changes, the macro factors, but there's also been changes in just competitive intensity across the industry. So could you talk a little bit more about just how you've seen competitive pressure evolve across the DSP landscape and just your expectations on how spend will kind of get back to historical cadences here?

傑夫，我想，根據你剛才說的一些回答，除了組織結構的變化和宏觀因素之外，整個產業的競爭強度也改變了。那麼，您能否再詳細談談您如何看待 DSP 領域的競爭壓力演變，以及您對支出將如何恢復到歷史水平的預期？

You bet Justin, thank you so much for the question. I was hoping somebody would ask about this. So I just want to point out a couple of things as a bit of the backdrop for this because I get asked this question, and honestly, the answer is more complicated than I would like it to be.

當然可以，賈斯汀，非常感謝你的提問。我一直希望有人會問這個問題。所以，我想先指出幾點背景訊息，因為經常有人問我這個問題，老實說，答案比我想像的要複雜得多。

And so as a result, I just need to give a little bit of context. So has the competitive pressure gone up? I would say not really. And let me explain why. People want to talk about Amazon a lot as it relates to competition. And as I've said before, I think Google was a far better competitor than Amazon is today or, frankly, will likely ever be.

因此，我只需要提供一些背景資訊。那麼，競爭壓力是否加大了？我覺得未必。讓我解釋一下原因。人們經常談論亞馬遜，因為它與競爭息息相關。正如我之前所說，我認為谷歌曾經比亞馬遜現在更強大，坦白說，也永遠不可能成為亞馬遜那樣強大的競爭對手。

But the market has gotten way more complicated. It's also gotten more fragmented. And I would also say that the press has not the trade press has not been super friendly to us. And when we talk to some of the editors and chiefs at these firms, they'll say things like, you know what, your name gets clipped, especially when it's negative or controversial. And so they lead with that. And that hasn't always been helpful. And they love a good story of sort of a David and Goliath where there's The Trade Desk competing against a Google or an Amazon.

但市場已經變得複雜得多。它也變得更加分散了。我還要說，媒體，尤其是產業媒體，對我們並不太友善。當我們與這些公司的一些編輯和主編交談時，他們會說，你知道嗎，你的名字會被刪掉，尤其是當內容是負面的或有爭議的。所以他們就以此為開端。但這樣做並非總是有益的。他們喜歡那種大衛與歌利亞式的勵志故事，像是 The Trade Desk 與Google或亞馬遜這樣的公司競爭。

And honestly, that's not always true, especially when you look at what we're doing versus what Amazon is doing. So now that said, and I'll come back to the comparison to Amazon. We have never said that there's only going to be one DSP. And in fact, when I talk to the biggest publishers in the world, I say, in order for you to manage your business properly, you need to run an auction for your premium inventory that involves competition. If we're the only bidder in the world, that's not competition. We're not trying to be the only DSP. We are trying to be the best, and we're trying to be the biggest.

說實話，情況並非總是如此，尤其是當你把我們正在做的事情和亞馬遜正在做的事情進行比較時。既然如此，接下來我將回到與亞馬遜的比較。我們從未說過只會有一個DSP。事實上，當我與世界上最大的出版商交談時，我會說，為了讓你們能夠妥善管理業務，你們需要對優質廣告位進行競價，引入競爭機制。如果全世界只有我們一家人競標，那就稱不上競爭。我們並不想成為唯一的數位訊號處理商。我們力求做到最好，也力求做到規模最大。

And we continue to maintain that the company that has the best objectivity and the best product and align its interest with the buyers because it will forever be a buyer's market, they will win the lion's share. We still think we will win the lion's share. So part of the reason for that is because we play in a different sandbox than almost every competitor, and that includes and especially refers to Amazon.

我們始終認為，擁有最佳客觀性和最佳產品，並且能夠將自身利益與買家利益保持一致的公司，因為市場永遠是買方市場，將贏得最大份額。我們仍然認為我們會贏得絕大部分份額。部分原因是，我們幾乎與所有競爭對手所處的市場環境不同，這其中就包括亞馬遜，尤其如此。

Amazon is mostly playing in selling their owned and operated inventory as well as trying to win on nondecisioned inventory. They can't compete on decision because if they say that they're objectively trying to buy the open Internet and then spend most of the money on their owned and operated where they make all their money, then it imposes some hypocrisy or creates some channel conflict. And when you add the channel conflict that they compete with most of the companies that are the biggest brands in the world, especially the CPGs that we talked about earlier, that poses a threat to them and their core business, both the retail business and AWS, especially in an AI-fueled world.

亞馬遜主要透過銷售自有庫存以及試圖贏得待售庫存來競爭。他們無法在決策上競爭，因為如果他們聲稱自己客觀上是要收購開放的互聯網，然後把大部分資金投入到他們自己擁有和運營的、他們從中獲利的業務中，那麼這就造成了某種虛偽或渠道衝突。再加上他們與世界上大多數最大品牌公司（尤其是我們之前提到的消費品公司）競爭的通路衝突，這對他們及其核心業務（包括零售業務和 AWS）構成了威脅，尤其是在人工智慧驅動的世界中。

So I believe that the market dynamics are complex. I do think there's more noise than ever. But I do think that we are competing as well as we ever have, and I think we're in a better position to win than we've ever been. As the market expands, so does complexity. But as I pointed out in the prepared remarks, that complexity is more of a moat than a threat or a problem to the business, but it does make it -- create a higher burden for us to explain that to the world. It does also create more opportunities for AI, and that's where, again, we believe AI plus objectivity becomes way more potent and powerful, and we're really excited to play this out over the coming years.

所以我認為市場動態很複雜。我確實覺得現在的噪音比以往任何時候都多。但我認為我們現在的競爭力一如既往地強，而且我認為我們現在比以往任何時候都更有機會贏得比賽。隨著市場規模的擴大，複雜性也隨之增加。但正如我在準備好的演講稿中指出的那樣，這種複雜性與其說是威脅或問題，不如說是一道護城河，但它確實給我們帶來了更大的負擔，讓我們向世界解釋這一點。這也為人工智慧創造了更多機會，我們再次相信，人工智慧加上客觀性將變得更加強大有力，我們非常期待在未來幾年裡實踐這一點。

At a moment where people are concerned about cost, it requires us to educate. That's part of the reason why all the operational rigor that I just talked about a minute ago is so important because as we get that finally tuned and as we go to market with a clear focus, we're often competing with companies who -- their DSP is their 37th highest priority, not their number one priority. This is our number one priority, and we believe that, coupled with all the things I just said, makes it so that we will win the lion's share, and we're excited to compete over the years to come.

在人們普遍關注成本的當下，我們更需要進行教育。這就是為什麼我剛才提到的所有營運嚴格性如此重要的原因之一，因為當我們最終完成調整併帶著明確的重點進入市場時，我們經常與那些將 DSP 視為第 37 個優先事項而不是首要優先事項的公司競爭。這是我們的首要任務，我們相信，再加上我剛才所說的一切，我們將贏得絕大部分市場份額，我們很興奮能在未來幾年參與競爭。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Jeff, you talked about AI in your prepared remarks and how it's been a source of innovation on the product side. Can you maybe talk about it on the monetization front? How does Agentic AI change the monetization model potentially for Trade Desk?

傑夫，你在事先準備好的演講稿中談到了人工智慧，以及它如何成為產品方面創新的來源。能否談談獲利模式的問題？Agentic AI 可能如何改變 Trade Desk 的獲利模式？

You bet. There are a whole bunch of ways, where I think it improves it. Let me just start by emphasizing some of the points that I've made already. First, decisioning is at our core. So one way of explaining what we do is that we look at 20 million ad opportunities every single second, and then we figure out, which couple of hundred we buy for any individual company.

當然。我認為它在很多方面都能起到改進作用。首先，我想強調一下我之前提到的一些觀點。首先，決策是我們的核心。所以，解釋我們工作內容的一種方法是，我們每秒鐘都會查看 2000 萬個廣告機會，然後我們從中找出每家公司應該購買的幾百個廣告機會。

That burden of choice is also just a tremendous gift, obviously, where they get to cherry pick the very best ads for them. But decisioning is getting harder and more complicated. And that obviously creates an opportunity for Agentic to play a role where humans can make lots of decisions, but also agents and they can operate side by side. In order for that to work, you have to be an incredibly trusted platform.

顯然，這種選擇的負擔也是一份巨大的禮物，他們可以精心挑選最適合自己的廣告。但決策變得越來越難、越來越複雜。這顯然為 Agentic 創造了一個機會，讓人類和智能體都能做出許多決定，而且他們可以並肩工作。要做到這一點，你必須成為一個極為值得信賴的平台。

In an AI world, trust matters more than ever. Data potency matters more than ever. But in this AI-fueled world, the third-party data ecosystem that we power using things like Audience Unlimited and other things, all these innovations are meant to make it easier to bring data onto the platform and make it more powerful in an AI-fueled world. It just inherently is more powerful when you can use it in AI instead of a simple algo or a basic bid factor. So it will impact all parts of our business, where data improves decisioning and efficacy because of the fact that agents can make that accelerate in particular.

在人工智慧時代，信任比以往任何時候都更重要。數據效力比以往任何時候都更重要。但在這個由人工智慧驅動的世界裡，我們利用 Audience Unlimited 等工具支援的第三方數據生態系統，所有這些創新都是為了更容易將數據引入平台，並在人工智慧驅動的世界中使其更加強大。在人工智慧中使用它，而不是簡單的演算法或基本的競價因素，其威力自然更大。因此，它將影響我們業務的各個方面，數據可以提高決策效率，因為代理商可以加快這一進程。

So -- and that's not to mention all the places where we inject AI that just makes our overall performance better. So there are millions of paths to choose from in delivering a particular ad. Obviously, AI can make that better. And by making that better, our efficacy goes up. That's just one of hundreds of examples where we've already injected AI and are making better decisions, and that improves our ability to monetize, it improves the client stickiness and improves even our go-to-market efforts. So I appreciate the question. Hopefully, that gives you some color.

所以——更不用說我們在很多地方注入人工智慧，從而提升了整體效能。因此，投放特定廣告有數百萬種途徑可供選擇。顯然，人工智慧可以改善這種情況。而透過改進這一點，我們的效率就會提高。這只是我們已經運用人工智慧做出更好決策的數百個例子之一，這提高了我們的獲利能力，增強了客戶黏性，甚至改善了我們的市場推廣工作。我很感謝你的提問。希望這能帶給你一些色彩。

[Tim Nolan], SSR.

[蒂姆·諾蘭]，SSR。

Amid so much discussion about AI, I'd like to actually return to a long-standing favorite topic, which is CTV. And Jeff, you referenced this very briefly in the prepared remarks. I'm wondering if you can give a bit more color as to the evolution of direct versus PMP deals versus open exchange transactions in CTV. My question is, are advertisers and publishers demanding more bidded transactions now? Or are they actually looking for more certainty via direct deals? And regarding OpenPath to CTV, similarly, are these more via direct or by bidded means?

在人工智慧領域如此多的討論中，我其實想回到我一直以來最喜歡的話題——CTV（連網電視）。傑夫，你在準備好的發言稿中只是非常簡短地提到了這一點。我想請您詳細介紹一下 CTV 中直接交易、PMP 交易和開放式交易的發展歷程。我的問題是，廣告商和出版商現在是否要求更多的競價交易？或者他們實際上是想透過直接交易獲得更大的確定性？同樣地，關於 OpenPath 到 CTV 的合作，這些合作更多是透過直接合作還是透過競標方式？

Great question. A little hard to unpack partly because you can kind of think of all of this as a Venn diagram, where there's slightly different definitions of a direct buy, a programmatic guaranteed buy, a private marketplace buy biddable versus not biddable, open exchange because you can have a PMP that is biddable. There are a whole bunch of variations on the groups that you described. So let me sort of reduce this down, which is when you do a one-to-one deal and you -- and a buyer determines in advance the price and the place they're going to buy it from, often what they inadvertently do when they fix that deal is that they give away decisioning to the sell side.

問得好。有點難以理解，部分原因是你可以把這一切想像成一個維恩圖，其中直接購買、程序化擔保購買、私有市場購買（可競價與不可競價）、開放交易都有略微不同的定義，因為你可以有一個可競價的 PMP。你描述的這些群體還有很多變體。讓我把這個問題簡化一下，就是當你進行一對一交易時，買家事先確定了價格和購買地點，他們通常在達成交易時無意中將決策權拱手讓給了賣家。

So the actual impression that you get, the actual user, the actual ad that you get is actually not your choice. It's a choice that the media company decided. And often, it's not the very best ad that you could have purchased. So what many of the biggest brands are doing is they're looking for ways to have guarantees on rates and to use their buying power to get some advantage, while still having the benefit of decisioning, which usually brings them to biddable.

所以，你實際看到的廣告、實際的使用者、實際的廣告內容，其實不是你能選擇的。這是媒體公司做出的選擇。而且通常情況下，這並非你能買到的最佳廣告。因此，許多大品牌正在尋求方法來保證價格，並利用其購買力獲得一些優勢，同時仍享有決策權，這通常會使他們選擇競價方式。

So the short answer to your question is the most sophisticated and growing brands are looking for more biddable, more decisioning while at the same time saying, how can I also get guarantees and assurances that I'm buying in the very best way. And so overall, that move is towards decisioning, less programmatic guaranteed, less fixed price. It does mean there are as many direct conversations as ever -- but they're saying, I want a deal framework, where I can buy any way I want and bid anywhere I want and then get credit for it in the same way that you might in an upfront or something like that across all the different ways that I buy.

所以，對於你的問題，簡而言之，最成熟、發展最快的品牌正在尋求更多可競價、更多決策權，同時他們也在問：我怎樣才能獲得保證和擔保，確保我以最佳方式購買？因此，整體而言，這種趨勢是朝著決策導向、減少程序化保證、減少固定價格的方向發展。這意味著直接對話的數量和以往一樣多——但他們表示，我想要一個交易框架，在這個框架下，我可以按照我想要的任何方式購買，在任何地方出價，然後以與預付款或其他類似方式相同的方式獲得相應的積分，無論我以何種方式購買。

I'm convinced that's the future. You'll see more brands asking for those sorts of deal structures with the biggest publishers and CTV companies in the world, which is I'm going to spend $100 million, I want to buy it any way I want and anything I want and then I'll get a discount or I'll get some preference by buying in bulk that I wouldn't if I didn't prearrange this. So there will be more deals, but there will be more biddable and more decisioning for sure.

我堅信那就是未來。你會看到越來越多的品牌向全球最大的出版商和聯網電視公司提出類似的交易結構，即：我要花 1 億美元，我想以任何我想要的方式購買任何東西，然後我可以通過批量購買獲得折扣或一些優惠，如果我沒有事先安排，我是不會得到這些優惠的。所以交易會更多，但可以競標的資產和需要做出的決策也會更多。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Just one question, one follow-up. So it feels like the overhang in the stock is now more than just Amazon as a DSP competitor. And there's a super bear view, not saying we agree with this, but I think it's out there that an Agentic future makes brands irrelevant, okay? So like first, we could say like, I imagine you guys disagree with this, you probably have thoughts. And then as people kind of -- you've discussed how like AI should be a positive for your business, and it's still early days in deploying it. I guess when folks say, well, do you have the scale when it comes to deploying AI to compete with Amazon, let's say, DV360 on the AI side. So maybe kind of talk about that.

只有一個問題，一個後續問題。因此，目前該股面臨的壓力似乎不僅是亞馬遜作為DSP競爭對手所帶來的影響。還有一種非常悲觀的觀點，我並不是說我們同意這種觀點，但我認為這種觀點確實存在，即代理商的未來會讓品牌變得無關緊要，好嗎？首先，我們可以說，我想你們可能不同意這個觀點，你們可能有一些想法。然後，人們開始討論人工智慧如何對企業產生積極影響，但人工智慧的部署仍處於早期階段。我想，當人們問，在人工智慧領域，你們是否有足夠的規模來部署人工智慧與亞馬遜、比如說DV360等公司競爭時，他們就會這樣問。所以或許可以聊聊這個。

And then just a follow-up on the comments about the rest of the year. I guess like factoring in your comments about the organizational upgrades, what needs to happen for you to accelerate growth if CPG and auto remains weak?

最後，我想就今年剩餘時間的一些評論做個補充說明。我想，考慮到您關於組織架構升級的評論，如果消費品和汽車行業持續疲軟，您需要採取哪些措施才能加速成長？

Okay. Great. I'll try to cover all that. There's a lot in there. So I'll start with the one that I want to challenge the most or the one that I find the most objectionable, which is Agentic AI makes brands irrelevant. That one, to me, is a non sequitur, but I'll just say, Agentic AI, I believe, will be the best thing that ever happened to programmatic advertising. And it's because it makes decisioning in a very complicated environment easier.

好的。偉大的。我會盡量涵蓋所有這些內容。裡面內容很多。所以我先從我最想挑戰或說我最反感的觀點開始，那就是「智慧AI讓品牌變得無關緊要」。在我看來，這有點不合邏輯，但我還是要說，我相信智能體人工智慧將是程序化廣告領域有史以來最好的事情。這是因為它能讓在非常複雜的環境下做出決策變得更容易。

And when I say easier, I don't mean that the nature of the market is getting less complex. I mean that the power of man and machine together can reason through this really complicated decision that is in front of an advertiser, which is should I buy this ad that literally you're deciding in milliseconds.

我說的“更容易”，並不是指市場的性質變得不那麼複雜。我的意思是，人與機器的力量結合起來，可以解決廣告商面臨的這個非常複雜的決定，那就是“我是否應該購買這條廣告”，而你實際上是在幾毫秒內做出決定。

So Agentic is just an amazing tool to use in that environment. But the notion that Agentic makes brands irrelevant to me suggests that quality doesn't matter, consistency doesn't matter. In the world you're describing integrity doesn't matter because if a brand performs over and over again, if they have a great product, consumers will buy it again.

所以，在那種環境下，Agentic 真是個很棒的工具。但我覺得 Agentic 讓品牌變得無關緊要的觀點表明，品質不重要，一致性也不重要。在你所描述的世界裡，誠信並不重要，因為如果一個品牌能夠一次又一次地表現出色，如果他們擁有優秀的產品，消費者就會再次購買。

Like all of us have brands we love, and we buy again and again and again. I don't understand why Agentic would make Coca-Cola irrelevant. I am still going to buy it. I still love it. Like there are just so many brands like that, that I don't understand the argument of how Agentic would make that go away. Can you remind me of the follow-up question?

就像我們每個人都有自己喜歡的品牌，我們會一次又一次地購買。我不明白為什麼 Agentic 會讓可口可樂變得無關緊要。我還是會買的。我依然很喜歡它。像這樣的品牌實在太多了，我不明白 Agentic 要如何才能消除這種現象。可以提醒我一下後續問題是什麼嗎？

Well, just that basically, when you think about deploying AI, how do you think about your ability to scale it effectively relative to Amazon and DV360, which have the benefit of these parent organizations who are trying to dominate AI?

基本上就是這樣，當你考慮部署人工智慧時，你如何看待自身有效擴展人工智慧的能力，與亞馬遜和DV360相比如何？亞馬遜和DV360受益於其母公司，這些母公司正試圖主導人工智慧領域。

Yeah. So as we're scaling AI, to me, the most important ingredient is the trust and the data that you get from the buyers themselves. So one of the thesis that we had when we went public that we really wrestled with was how can we possibly win when Google has so much more data than we have. And the way that we got comfortable with it, and we went over this over and over again hundreds of times in the IPO roadshow, was if we take our objectivity and our very focused technology and couple it with the brand's data, their data is worth way more to them than Google's data ever will be. That was our thesis then. That's what we've taken to the biggest brands in the world. And we said this is a game of winning trust.

是的。因此，在我們擴大人工智慧規模的過程中，對我來說，最重要的因素是信任以及從買家那裡獲得的數據。因此，我們在上市時提出的一個論點，也是我們真正糾結的問題，就是當谷歌擁有比我們多得多的數據時，我們如何能獲勝。我們逐漸接受這一點的方式，也是我們在 IPO 路演中反覆強調數百次的方式，是如果我們把我們的客觀性和高度專注的技術與品牌的數據結合起來，那麼他們的數據對他們來說就比谷歌的數據更有價值。這就是我們當時的論點。這就是我們帶給世界各大品牌的。我們說過，這是一場贏得信任的遊戲。

As I said in the prepared remarks, that is more true in an AI world than it was 10 years ago when we went public. So how can we compete with them? We stay super focused on what we're doing. We build technologies that are very specifically built for the task at hand, which is one of the most high-volume transaction ecosystems in the world. It's over $1 trillion TAM.

正如我在準備好的演講稿中所說，在人工智慧時代，這一點比 10 年前我們上市時更真實。那我們要如何才能與他們競爭呢？我們始終高度專注於我們正在做的事情。我們所建構的技術是專門為當前任務而設計的，這是世界上交易量最大的生態系統之一。其總市場規模超過1兆美元。

So there's plenty to be focused on and you don't make it a part-time job. All of those companies, their DSPs are a part-time job. And I would argue that in both their AI efforts and their cloud products are at odds with them owning the DSP. And if they get really focused on getting the best out of their DSP, they put at jeopardy their cloud products and they put at jeopardy their consumer-facing AI products. And those are obviously the way companies like Amazon and Google are primarily valued today.

所以有很多事情要關注，你不能把它當成兼職工作。對於所有這些公司來說，他們的DSP（數位服務提供者）都是一份兼職工作。我認為，無論是他們的人工智慧努力還是他們的雲端產品，都與他們擁有 DSP 的理念相違背。如果他們真的專注於充分發揮 DSP 的優勢，就會危及他們的雲端產品和消費者導向的 AI 產品。顯然，這些就是亞馬遜和谷歌等公司目前主要的估值方式。

So I think there's a strong argument that those companies won't stay in this business for very long because of the objectivity problem that, that creates in the lines of business that really bring home the bacon for them.

所以我認為，有充分的理由認為，這些公司不會在這個行業待太久，因為這會造成客觀性問題，而客觀性問題正是它們真正賴以生存的業務領域。

Matt Swanson, RBC.

Matt Swanson，RBC。

Jeff, I wanted to follow-up on some comments you made during the prepared remarks about I think it was Hershey I was talking about cheap breach. And just really how you're working with your brands to help them understand kind of the power of Kokai and getting their brand spend into a bit more of a performance lens? Or is it also more about maybe going a little bit more into that mid-market where there's already larger performance budgets and teaching them about what Trade Desk can do for them?

傑夫，我想就你在事先準備好的發言中提到的一些問題做個後續說明，我想我說的是好時公司廉價的違規行為。那麼，你們究竟是如何與品牌合作，幫助他們了解 Kokai 的強大功能，並引導他們將品牌支出更多地放在效果導向的視角下進行考慮呢？或者，這也意味著要更多地進入中端市場，那裡已經擁有更大的績效預算，並向他們介紹 Trade Desk 能為他們做些什麼？

Yeah. I really appreciate the question. So let me just first be very open about our strategy and the way we've gone to market. I think we're the only player that has reached any scale that started by focusing on the head and not the tail, if you will, of the market, where we went to the biggest advertisers in the world and partnered with them and then have been working our way down to the torso and tail.

是的。非常感謝你的提問。首先，我想坦誠地談談我們的策略以及我們進入市場的方式。我認為我們是唯一一家從市場頭部（而不是尾部）起步，並最終達到如此規模的公司。我們與世界上最大的廣告商合作，然後逐步拓展到市場中間和尾部。

So we're still very focused on the head because so many of the dollars are concentrated there. But for those of you that were at our IPO or our first Investor Day, we talked then about the lines between brand and performance are artificial and temporary. So there is this narrative on Wall Street that performance budgets are more DTC or they're more mid-market and then there's brand budgets that are separate from that. That paradigm, I just reject. I think everything is performance now. It's just a matter of where you are in the funnel.

所以我們仍然非常關注頭部，因為很多資金都集中在頭部。但對於那些參加過我們首次公開募股或第一次投資者日的人來說，我們當時討論過品牌和業績之間的界限是人為的、暫時的。華爾街有一種說法，認為效果行銷預算更多用於直接面向消費者的行銷活動，或更多用於中端市場，而品牌行銷預算則與此無關。我完全不接受這種模式。我認為現在一切都以表現為導向。這只是你在銷售漏斗中所處位置的問題。

The problem with framing it that way is you reinforce a serious problem in the ecosystem, which is that all of the measurement frameworks that have existed to date just give credit to the last person, who touched the ball before it went in the net. The rest of the team gets nothing. And so in the brand-building business, it is by its very nature at the top of the funnel, where you win hearts and minds through -- it tends to be more expensive media. But nobody typed in by Mercedes-Benz into Google without seeing the commercial or hearing about the company before that. So giving all the credit to the last touch has been a serious mistake.

這樣表述的問題在於，它強化了生態系統中的一個嚴重問題，那就是迄今為止存在的所有衡量框架都只是把功勞歸於最後一個觸球的人，也就是球入網之前觸球的人。其他隊員什麼也得不到。因此，在品牌建立業務中，從本質上講，在行銷漏斗的頂端，也就是贏得人心的地方——往往需要更昂貴的媒體。但是，在看過廣告或聽說過這家公司之前，沒有人會在谷歌上搜尋梅賽德斯-奔馳。所以把所有功勞都歸功於最後一擊是一個嚴重的錯誤。

And so what we're working with brands like Hershey's and others to do is to create a better framework to reward the things that matter and make everything perform. Of course, the players on the back of the field, if we're using the software analogy, the goalie and the defender, they matter as much as the striker. But let's not just give all the money to the person who kicked the goal. And otherwise, we all play software like 5-year-olds. We hover around the ball and just try to be the last one to touch it before it goes in.

因此，我們正在與好時等品牌以及其他品牌合作，努力創建一個更好的框架，以獎勵那些真正重要的事情，並讓所有事情發揮作用。當然，如果我們用軟體來類比的話，後防線上的球員，例如守門員和後衛，他們和前鋒一樣重要。但我們不能把所有的錢都給踢進球的人。否則，我們玩軟體就像五歲小孩一樣。我們圍著球轉，努力成為球入網前最後一個觸球的人。

That, unfortunately, is too often the state of marketing. And all of the biggest brands in the world are trying to figure out how to spread out on the field and make better decisions, and that's what we're partnering with them to do.

不幸的是，這往往是行銷的現狀。世界上所有最大的品牌都在努力思考如何在市場上分散開來，做出更好的決策，而這正是我們與他們合作的目的。

Let's get one more in, John, and we'll close out the call.

約翰，我們再補充一個，然後就結束通話。

Alec Brondolo, Private Investor.

亞歷克·布隆多洛，私人投資者。

Alec Brondolo from Wells Fargo. Appreciate the question. Press reports indicate some uncomfortable getting into OpenPath due to concerns about transparency or perceived conflicts of interest. Do you think you have the product -- the right product market fit with this initiative? Or are you open to making changes to make it a little more appealing to advertisers?

來自富國銀行的亞歷克·布朗多洛。感謝您的提問。新聞報導顯示，由於對透明度或潛在利益衝突的擔憂，有些人對加入 OpenPath 感到不安。你認為你的產品是否符合這項計畫的市場需求？或者您願意做出一些改變，使其對廣告商更具吸引力？

Yeah. Thank you for the question. So I'm sure part of the reason you're asking is just there's been some trade press on this. I find it kind of ridiculous, to be honest, some of the assertions that are made. So let me just try to dispel some bit here. We created OpenPath to be the most efficient supply chain in the market, and we wanted it to be a canary in the coal mine and a stocking horse.

是的。謝謝你的提問。所以我相信你問這個問題的部分原因是因為業內媒體對此進行了一些報導。說實話，我覺得有些說法挺荒謬的。所以，讓我試著澄清一些問題。我們創建 OpenPath 的目的是為了成為市場上最高效的供應鏈，我們希望它能像煤礦裡的金絲雀和駿馬一樣，成為預警的先兆。

I've learned recently that when I use those metaphors, some people don't know what I'm talking about. So let me unpack that a little bit. Canary in the coal mine, meaning when there's a problem in the supply chain or there is a supply chain that is inefficient and opaque, having a more efficient one right next to it, an easier path to the inventory itself, it does prove in an A/B test that B is less efficient.

我最近發現，當我使用這些比喻時，有些人並不知道我在說什麼。讓我稍微解釋一下。煤礦裡的金絲雀，意思是當供應鏈出現問題或供應鏈效率低且不透明時，如果旁邊有一個更有效率的供應鏈，更容易到達庫存，那麼在 A/B 測試中就會證明 B 的效率較低。

When you do that, then you have a stocking horse in the sense that we now have a much more efficient path to that publisher or that inventory, and we expect the other paths to that inventory to get more efficient or they will buy. So OpenPath is meant to be competitive.

當你這樣做的時候，你就擁有了一匹蓄勢待發的駿馬，因為現在我們有了一條通往該出版商或該庫存的更高效的路徑，我們期望通往該庫存的其他路徑也會變得更加高效，或者他們會購買。所以 OpenPath 的目標是具有競爭力。

So the thing that I just -- I really want to emphasize is that at a moment where many agencies are focused on principal-based buying, I think not doing as good of a job of representing their clients as they could and that SSPs in some cases, are convoluting the ecosystem more than they have in the past, the need for OpenPath is great, and you can expect to get criticism from those players that are -- that don't want a more efficient supply chain.

所以我想強調的是，目前許多代理商專注於以委託人為導向的採購，我認為他們沒有像應該的那樣很好地代表客戶，而且在某些情況下，SSP（供應方平台）反而使生態系統比以往更加複雜，因此，OpenPath 的需求非常大，但可以預見的是，那些不希望供應鏈更加高效的參與者會對此提出批評。

OpenPath is very simple in the way that it works. We plug in as directly as possible as we possibly can to the seller or the publisher. And then we charge them 4.5%, which is meant to be nearly breakeven to slightly profitable so that we can create a more efficient supply chain and instead of just relying in the past on sell-side players that haven't always cared about the supply chain.

OpenPath 的工作原理非常簡單。我們盡可能直接與賣家或出版商對接。然後我們向他們收取 4.5% 的費用，這旨在接近盈虧平衡或略有盈利，以便我們能夠創建一個更有效率的供應鏈，而不是像過去那樣僅僅依賴那些並不總是關心供應鏈的賣方參與者。

And I would argue that many of them still today don't spend any time thinking or talking even about the efficiency of the supply chain and instead spend much of their time trying to exploit it. So I'm not surprised at all that OpenPath ruffles feathers and bothers people. I'm not surprised that some people would like to turn it off if they find ways to get paid in unique ways. But what we're trying to do is to create more efficiency and improve the supply chain. That's all OpenPath ever was. Our fee structure is super simple. Any assertion to the opposite is just not true. Thank you.

而且我認為，時至今日，他們中的許多人仍然不花時間思考或討論供應鏈的效率，而是把大量時間花在試圖鑽供應鏈的空子上。所以，OpenPath 引起爭議和困擾，我一點也不感到驚訝。如果有些人找到了其他獨特的賺錢方式，他們想要關閉這項服務，我對此並不感到驚訝。但我們努力的目標是提高效率，改善供應鏈。OpenPath 一直以來都只是這樣而已。我們的收費結構非常簡單。任何相反的說法都是不正確的。謝謝。

And John, you can close out the call.

約翰，你可以結束通話了。

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

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。