The Trade Desk, Inc. (TTD) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Trade Desk, Inc., first quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 The Trade Desk, Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

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

現在我將把會議交給主持人 Chris Toth。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk first quarter 2026 earnings conference call. On the call today are CEO and Co-Founder, Jeff Green; and our Interim Chief Financial Officer and Chief Accounting Officer, Tahnil Davis.

謝謝，接線員。各位好，下午好。歡迎參加 The Trade Desk 2026 年第一季財報電話會議。今天與會者包括執行長暨共同創辦人 Jeff Green，以及我們的代理財務長兼會計長 Tahnil Davis。

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

我們的財報新聞稿可於 thetradedesk.com 網站「投資人關係」專區取得。請注意，除歷史資訊外，今天的討論以及問答環節中的回應可能包含前瞻性陳述。這些陳述受風險與不確定性影響，並反映我們在陳述作出當日的觀點與假設。

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.

若我們的任何信念或假設被證明不正確，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示者存在重大差異。關於風險的詳細討論，請參閱我們新聞稿中提及的風險因素，以及我們最近向 SEC 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 and investor presentation. We believe that presenting these non-GAAP measures, alongside our GAAP results, offers a more comprehensive view of the company's operational performance.

除 GAAP 財務結果外，我們亦提供補充性的非 GAAP 財務資料。GAAP 與非 GAAP 指標之調節表載於我們的財報新聞稿與投資人簡報中。我們相信，將這些非 GAAP 指標與 GAAP 結果一併呈現，可更全面地反映公司的營運表現。

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

接下來，我把電話交給執行長暨共同創辦人 Jeff Green。Jeff？

Thanks, Chris, and good afternoon, everyone. Thank you for joining us. As you've seen from our press release, we delivered a solid quarter once again. This fall, we will celebrate our 10-year anniversary as a publicly traded company. Similar to the last 10 years, we remain solidly profitable.

謝謝你，Chris，各位下午好。感謝各位加入我們。如各位從新聞稿所見，我們再次交出穩健的一季。今年秋天，我們將慶祝成為上市公司滿 10 週年。如同過去 10 年，我們仍維持穩健獲利。

The core of our business remains resilient, and I'm proud of our team and their dedication to supporting our clients, especially in what continues to be a dynamic macro environment for large brand advertisers.

我們的核心業務依然具韌性，我為團隊感到自豪，也感謝他們致力於支持客戶，尤其是在大型品牌廣告主所面臨、仍然多變的總體環境之下。

We remain as confident as ever in the long-term opportunity for our business and for programmatic advertising as a whole. The business model we established when we founded the company is the same, in part because it is more proven than ever. Advertising is over $1 trillion TAM, and it's growing.

我們對公司業務以及整體程式化廣告的長期機會，依舊一如既往地充滿信心。我們創立公司時建立的商業模式至今不變，部分原因是它比以往任何時候都更被驗證。廣告市場的 TAM 超過 1 兆美元，且仍在成長。

At end state, we continue to believe most, if not all, of those ad dollars will be data-driven. We are convinced that the lion's share of the market will belong to a scaled, objective, and independent platform. By that standard, we are the company in the best position to win.

在最終狀態下，我們仍相信這些廣告預算中的大多數（甚至全部）都將由數據驅動。我們深信，市場中最大份額將屬於具規模、客觀且獨立的平台。以此標準衡量，我們是最有利位置的贏家。

The expanding TAM continues to grow as we predicted, but there are some new areas of growth that have caused the TAM to grow even faster than predicted, like Retail Media, and the chat bots, and AI search engines. Linear television moving to CTV is still at the early stages alongside with the rapid growth of retail media, and over time, the emergence of new high-intent search-like opportunities as AI reshapes legacy search. We believe these trends are big opportunities for The Trade Desk and reinforce the long-term opportunity for our business.

如我們所預測，擴大的 TAM 持續成長，但也出現一些新的成長領域，使 TAM 的成長速度甚至快於預期，例如零售媒體、聊天機器人，以及 AI 搜尋引擎。線性電視轉向 CTV 仍處於早期階段，同時零售媒體快速成長；隨著 AI 重塑傳統搜尋，長期而言也將出現新的、類似搜尋且具高意圖的機會。我們相信這些趨勢為 The Trade Desk 帶來重大機會，並強化我們業務的長期成長空間。

Today, I've organized our prepared remarks into three topics; first, the state of the macro environment; second, the state of the global advertising market and our place in it; and third, the innovation on our platform and in our company to upgrade and scale our business.

今天，我把事先準備的談話整理為三個主題：第一，總體環境的現況；第二，全球廣告市場的現況以及我們在其中的位置；第三，我們在平台與公司層面的創新，以升級並擴大我們的業務。

The macroenvironment has certainly become more complex in 2026. Geopolitical tensions have increased. All advertisers and agencies are navigating a rapidly evolving landscape. Global economic pressures, wars, and tariffs have created an environment that is harder for some brands and some brand categories to grow. Still, this environment also creates lots of opportunity for change and upgrade.

2026 年的總體環境確實變得更為複雜。地緣政治緊張局勢升高。所有廣告主與代理商都在因應快速演變的局勢。全球經濟壓力、戰爭與關稅，造成某些品牌與某些品類更難成長的環境。然而，這樣的環境也帶來大量變革與升級的機會。

The most sophisticated brands in the world are using these moments to get more deliberate and more data-driven. When marketers get more data driven, the Trade Desk tends to add more value, and as a result, grow. Many brands and agencies are using this moment to work with us to upgrade long-standing problems in digital advertising. Common examples include bad measurement methodologies and an over reliance on cost cutting.

全球最成熟的品牌正利用這些時刻，變得更有策略、更以數據驅動。當行銷人員更以數據驅動時，The Trade Desk 往往能創造更高價值，因而成長。許多品牌與代理商也正把握此刻與我們合作，來升級數位廣告長期存在的問題。常見例子包括不良的衡量方法，以及過度依賴成本削減。

Outside the United States is growing much faster, both in advertising and at The Trade Desk. Our choice to invest in nearly all of the major markets around the world is proving to be wise in moments like this. We are aware of the trends and the opportunity and are positioned well to benefit from this.

美國以外的市場成長更快，無論是廣告市場本身，或是 The Trade Desk 的業務。我們選擇在全球幾乎所有主要市場投入資源，在這樣的時刻證明是明智之舉。我們了解相關趨勢與機會，並已處於有利位置以從中受益。

So switching gears from the macroeconomic environment to global advertising market. The macro conditions plus AI innovations are making the global advertising ecosystem as dynamic and changing as ever. Because of TPD, we often set the pace of change, we are in the best position to benefit from this current environment.

接著把焦點從總體經濟環境轉到全球廣告市場。總體條件加上 AI 創新，使全球廣告生態系比以往任何時候都更具動態性與變化。由於 TPD，我們經常引領變革步伐，因此在當前環境下，我們處於最有利的受益位置。

In 2025, the advertising ecosystem globally added more supply than perhaps any year previously. It is probably the most lopsided market in advertising history, with multiples more supply than demand. This supply-demand imbalance creates the biggest buyers market in the history of advertising.

2025 年，全球廣告生態系新增的供給量可能超過以往任何一年。這可能是廣告史上最不均衡的市場，供給遠遠多於需求，且倍數差距。這種供需失衡，造就了廣告史上最大的買方市場。

Buyers have the option to be selective, but they need to leverage data and great real-time technology to know what they are buying. Premium advertisers and premium publishers often have been odd for most of the Internet history. But at this moment, both are heavily invested in making the supply chain and market dynamics of the premium open Internet successful. In this buyer's market, some publishers are mistakenly copying the Facebook and YouTube while guarding business model. For most of them, it has a couple of years and then it is a scale ceiling. The walled garden strategy only works when a publisher is massive and a must-have on a media plan.

買方可以選擇更挑剔，但他們需要運用數據與優秀的即時技術，才能知道自己買到的是什麼。在網際網路發展史的大多數時間裡，高端廣告主與高端出版商往往顯得格格不入。但在此刻，雙方都大力投入，致力讓高端開放網際網路的供應鏈與市場動態走向成功。在這個買方市場中，有些出版商錯誤地模仿 Facebook 與 YouTube 的「圍牆花園」式商業模式。對多數人而言，這樣做或許能撐個幾年，但之後就會遇到規模天花板。圍牆花園策略只有在出版商規模極大、且在媒體投放計畫中屬於必買項目時才行得通。

Most marketers now have a clear definition of the open Internet, that includes media beyond the browser, finally. The best of movies, TV, sports and all live events, journalism, and music are all the anchor tenants of the open Internet. As a result of this dynamic, the open Internet is thriving and evolving very fast. We are convinced that the evolution and changes being made in the open Internet today will make it soon become a place where consistently an advertiser's first dollar is spent, not the walled garden leftovers.

如今多數行銷人員對「開放網際網路」已有清楚定義，且終於涵蓋了瀏覽器以外的媒體。最優質的電影、電視、體育與所有現場活動、新聞報導與音樂，都是開放網際網路的核心支柱。在這樣的動態之下，開放網際網路蓬勃發展，且演進速度非常快。我們深信，當今開放網際網路的演進與變革，將使其很快成為廣告主「第一筆預算」穩定投入之處，而非只承接圍牆花園剩餘的預算。

Once the open Internet consistently gets the first dollar, most of the walled gardens will open up their inventory and join the open Internet. I view this as inevitable, and I'm optimistic that the changes being made in our space. Currently, there are a few dozen companies on both the buy side and the sell side of media and advertising that define the future. Let's talk about a couple of the sell-side companies first.

一旦開放網際網路能穩定拿到第一筆預算，多數圍牆花園就會開放其庫存並加入開放網際網路。我認為這是不可避免的，也對我們領域正在發生的變化感到樂觀。目前，在媒體與廣告的買方與賣方兩端，大約有數十家公司正在定義未來。我們先談幾家賣方公司。

Some of these premium publishers or content owners include Spotify, NBCU, Disney and Netflix. These companies are shaping the future and are part of the reason why the open Internet is thriving today. They influence the pace and design of the open Internet.

其中一些高端出版商或內容擁有者包括 Spotify、NBCU、Disney 與 Netflix。這些公司正在塑造未來，也是開放網際網路今日蓬勃發展的原因之一。他們影響開放網際網路的節奏與設計。

Disney has one of the largest ad businesses of any publisher in CTV. They have learned in recent years the benefits of biddable, programmatic, low ad loads, and a close direct relationship with The Trade Desk. The Trade Desk and Disney both have business models that benefit from the supply chains of the open Internet getting more efficient. They have made clear that their growth and higher CPMs will come from better data, more relevant ads, and less waste. Biddable and marketplaces are the only way to get the best of all premium inventory, but especially sports inventory. This is a great setup for both of us.

Disney 在 CTV 領域是所有出版商中擁有最大廣告業務規模之一的公司。近年來，他們已了解可競價、程式化、低廣告負載，以及與 The Trade Desk 維持緊密直接合作關係的好處。The Trade Desk 與 Disney 的商業模式都能從開放網際網路供應鏈效率提升中受益。他們已明確表示，其成長與更高的 CPM 將來自更好的數據、更相關的廣告，以及更少的浪費。可競價與市集是取得所有優質庫存最佳組合的唯一方式，尤其是體育賽事庫存。這對我們雙方而言都是極佳的布局。

Switching to audio. By the end of this year, Spotify is likely to have the largest and arguably most successful subscription program in the world. They have provided amazing consumer surplus. However, just over 10% of Spotify's revenue has come from apps. They need a variety of ads, a scale of ad, and quality of ads that only a very large open market can provide. I still believe that audio, including Pandora than others, represent the most on-sale part of the on Internet.

接著談音訊。到今年年底，Spotify 很可能將擁有全球最大、且可說最成功的訂閱方案。他們為消費者創造了驚人的消費者剩餘。然而，Spotify 的營收中只有略高於 10% 來自應用程式。他們需要多樣化的廣告、足夠的廣告規模，以及只有非常大型的開放市場才能提供的廣告品質。我仍然相信，音訊（包括 Pandora 等）代表了網際網路上最「在售」的部分。

When I consider the gap between time spent and ad budgets, I see substantial upside for these companies and the Trade Desk. We've seen these gaps many times before, and they always get filled. I'm very bullish on the ad opportunities for Spotify and audio.

當我思考使用時間與廣告預算之間的落差時，我看到這些公司以及 The Trade Desk 具有可觀的上行空間。我們以前多次見過這些落差，而它們總是會被補上。我非常看好 Spotify 與音訊的廣告機會。

NBCU, including free wheel is leaning into initiatives that improve supply chains, CTV price discovery, and better signals for advertisers to spend against. NBCU has institutionally embraced that better signals and better options will move more dollars to CTV. We exceeded our own spend stretch goal for NBC at the Winter Olympics, providing yet another case study on the power of the open Internet and the benefits of decisioning for both buyers and sellers on the most premium content in the world, including on the most premium live events in the world.

NBCU（包括 FreeWheel）正積極投入能改善供應鏈、提升 CTV 價格發現，以及為廣告主提供更佳投放訊號的各項倡議。NBCU 在組織層面已接受：更好的訊號與更好的選項將把更多預算帶向 CTV。我們在冬季奧運期間對 NBC 的支出超越了我們自己設定的加碼目標，再次提供一個案例研究，展現開放網際網路的力量，以及在全球最優質內容（包括全球最頂級的直播活動）上，決策引擎對買方與賣方的益處。

Last but not least, on the content side, Netflix continues to model how rolling out and an experience methodically preserves the user experience and attract advertisers.

最後但同樣重要的是，在內容端，Netflix 持續示範如何以有條不紊的方式推出並打造體驗，在維持使用者體驗的同時吸引廣告主。

We continue to make technological enhancements to our partnership that enable better advertising efficacy. Our partnership with Netflix is a source of optimism for us, but also for the open Internet. Biddable and premium are inseparably connected. By this standard, we're also optimistic that the LLMs and AI search engines like ChatGPT, Perplexity, and Gemini, will eventually unlock more inventory in the future.

我們持續對合作夥伴關係進行技術強化，以提升廣告成效。我們與 Netflix 的合作關係不僅讓我們感到樂觀，也讓開放網際網路感到樂觀。可競價與優質內容密不可分。基於這個標準，我們也樂觀地認為，像 ChatGPT、Perplexity 與 Gemini 這類 LLM 與 AI 搜尋引擎，最終將在未來釋放更多庫存。

Because highly detailed prompts can create a willingness to see even video ads and higher levels of engagement that is way beyond what legacy search and keywords could provide, we're optimistic that over time, the TAM that was once locked up by search will be unlocked by a more premium and more competitive environment.

因為高度細緻的提示（prompt）能提高人們願意觀看甚至是影片廣告的意願，並帶來遠超傳統搜尋與關鍵字所能提供的更高互動程度，我們樂觀地認為，隨著時間推進，過去被搜尋鎖住的 TAM，將在更優質且更具競爭性的環境中被釋放出來。

The walled garden strategy has only worked at scale when advertisers are chasing cheap reach and willing to buy large amounts of user-generated content like Instagram, TikTok, and YouTube. None of those attributes apply to the chatbot and AI search engines. Also, the Wall garden playbook only works when grading one's own homework is tolerated by advertisers, which is a good segue to the next trend in the state of the state of advertising, and I placed this topic between buy-side and sell-side commentaries because it impacts both buyers and sellers.

圍牆花園策略只有在廣告主追求低成本觸及、並願意購買大量使用者生成內容（如 Instagram、TikTok 與 YouTube）時，才能在規模上奏效。這些特性都不適用於聊天機器人與 AI 搜尋引擎。此外，圍牆花園的劇本只有在廣告主容忍「自己批改自己的作業」時才行得通；這也正好銜接到下一個廣告現況的趨勢。我把這個主題放在買方與賣方評論之間，因為它同時影響買方與賣方。

In the current state of the market, both buyers and sellers agree that measurement is broken. This is such a great setup for the open Internet because most measurement companies and media mix modelers, aka MMMs, have mostly relied on last touch and last view attribution models. This tradition is bad for everyone, except for bottom of the funnel, walled gardens. I've never seen more discussion in the history of our space. about how broken these methods are to measure.

在目前的市場狀態下，買方與賣方都同意衡量（measurement）已經失靈。這對開放網際網路而言是極佳的局面，因為多數衡量公司與媒體組合模型（media mix modelers，亦即 MMMs）長期以來主要依賴最後觸點（last touch）與最後曝光（last view）的歸因模型。這種傳統對所有人都不利，除了漏斗底部的圍牆花園。在我們這個領域的歷史上，我從未見過像現在這樣多的討論，談論這些衡量方法有多麼失靈。

The resolving commitment for the industry is higher than ever, partially because fixing open Internet measurement is required for many AI-backed initiatives to work. The state of measurement is bad for branded. It is bad for premium at all top of the funnel add inventory like CTV and audio. Improving measurement is required to unlock the next phase of growth for the open Internet and the thousands of companies that are working on it today.

整個產業解決問題的決心比以往任何時候都更高，部分原因是：若要讓許多 AI 驅動的倡議奏效，就必須修復開放網際網路的衡量。目前的衡量狀態對品牌廣告不利。它也不利於漏斗頂端的優質廣告庫存，例如 CTV 與音訊。要釋放開放網際網路以及當今投入其中的數千家公司下一階段的成長，改善衡量是必要條件。

Now to discuss the state of the state on the Bison. Most of today's leaders in marketing for the biggest brands are looking at this moment as an opportunity to upgrade their entire marketing operation, both tech and people. Both advertisers and publishers have a growing understanding and vision for the open Internet. They are investing in and leveraging AI tools like Koa. They are using and protecting their own data, and leaning into the objective media buying platform at Trade Desk to make advertising dollars more effective and better distributed throughout the entire funnel.

接著談買方（buy-side）的現況。如今，許多最大品牌的行銷領導者正把此刻視為升級整體行銷營運（技術與人才）的機會。廣告主與出版商對開放網際網路的理解與願景都在提升。他們正在投資並運用像 Koa 這類 AI 工具。他們正在使用並保護自有數據，並更倚重 The Trade Desk 的客觀媒體採買平台，讓廣告預算更有效，並在整個漏斗中更妥善地分配。

While a small number of brands have responded to the pressures at this moment by focusing on reducing costs, reducing media budgets, and doubling down on cheap reach, there are trends among the most forward-thinking CMOs and marketing leaders that are very positive for the Trade Desk. These are the leaders helping to shape the future of advertising.

雖然少數品牌在此刻的壓力下，選擇把重心放在降成本、縮減媒體預算，並加碼低成本觸及，但在最具前瞻性的 CMO 與行銷領導者之間，出現了一些對 The Trade Desk 非常正面的趨勢。這些領導者正在協助塑造廣告的未來。

The best CMOs in the world are focused on the question, how do I grow? Not how do I cut costs? Of course, they want to avoid waste. But they know that quality and cheap tend to have very little overlap. They also know often by experience, that cost-cutting doesn't fuel growth.

世界上最優秀的 CMO 關注的問題是：我該如何成長？而不是：我該如何削減成本？當然，他們希望避免浪費。但他們知道，「高品質」與「便宜」往往幾乎沒有交集。他們也常常從經驗中明白，削減成本並不會驅動成長。

One leader in programmatic at a top 20 brand said it best. He said that his brand has become convinced that the most expensive ads are often the best value and highest performing. He elaborated that chasing cheap reach is one of the biggest landmines a CMO or digital marketer can pursue. We are also seeing the shift toward more effective creative.

一位來自前 20 大品牌的程式化領域領導者說得最貼切。他表示，他的品牌已深信：最昂貴的廣告往往才是最具價值、且表現最佳的。他進一步說，追逐低成本觸及是 CMO 或數位行銷人可能踩到的最大地雷之一。我們也看到市場正轉向更有效的創意。

Advertising is about connecting and making people feel something. Most of digital advertising history has been about touches led by bad measurement. That's changing. Great marketers know that to be remembered in the sea of ads and the battle for attention, you have to create an emotional connection.

廣告的本質在於建立連結，並讓人產生感受。數位廣告的大部分歷史都圍繞在由不良衡量所主導的「觸點」上。這正在改變。優秀的行銷人知道，要在廣告汪洋與注意力爭奪戰中被記住，就必須創造情感連結。

Our memories as human beings are anchored on our emotions. So when one marketer shared with me that 95% of their social ads are seen for less than 2 seconds, I was not surprised to learn that their focus was now on enhancing strong connections with consumers via CTV and audio ads.

人類的記憶是以情緒作為錨點。因此，當一位行銷人與我分享他們有 95% 的社群廣告被觀看不到 2 秒時，我並不意外地得知，他們現在的重點轉向透過 CTV 與音訊廣告來強化與消費者之間的深度連結。

Another common theme is strong dialog across the C-suite. Many CEOs and CFOs know little to nothing about the complex and esoteric world of programmatic advertising. Great CMOs and marketing leaders are consistently thinking about how to share the difficult concepts of programmatic without just viewing three-letter acronyms and industry jargon. The strength of great brands can be assessed by how well the dialog is going with the CMO and the rest of the C-suite.

另一個常見主題是 C-suite 之間的強力對話。許多 CEO 與 CFO 對程式化廣告這個複雜且艱澀的世界幾乎一無所知。優秀的 CMO 與行銷領導者會持續思考，如何分享程式化的艱深概念，而不是只用三個字母的縮寫與產業術語來看待它。一個偉大品牌的實力，可以從 CMO 與其他 C-suite 成員之間對話進行得有多好來評估。

At the same time, most great marketing leaders have a good relationship with their agencies. Very few global brands can do all their own media buying. They depend on agencies. Most great marketers have JVPs or MSAs directly with their buying platform, but they also have clear models of engagement with their agency partners. The best outcomes happen when brands, agencies, and DSPs are all aligned and winning together.

同時，多數優秀的行銷領導者與其代理商維持良好關係。極少有全球品牌能完全自行進行所有媒體採買。他們依賴代理商。多數優秀的行銷人會與其採買平台直接簽訂 JVP 或 MSA，但也會與代理商夥伴建立清晰的合作模式。當品牌、代理商與 DSP 三方一致對齊並共同獲勝時，成果最佳。

Measurement is also top of mind for nearly every marketer I speak to. They realize that measurement and goals have to change. I recently met with one CMO to a top 20 global brand, and she opened our meeting by acknowledging that all global marketers, including her team, have been through a lot in the last few years.

衡量也是我與幾乎每一位行銷人交談時最關心的議題之一。他們意識到衡量方式與目標都必須改變。我最近與一家全球前 20 大品牌的一位 CMO 會面，她在會議一開始就坦承，包括她的團隊在內，所有全球行銷人過去幾年都經歷了許多挑戰。

But she quickly oriented the meeting on leveraging data, making holistic decisions, and thinking about the lifetime value of every customer. I learned a lot from her, but my favorite takeaway from the meeting was when she said, racing to the bottom of the funnel is racing to the bottom of your business. That mindset is what is driving the shift toward more data-driven decisions.

但她很快就把會議焦點轉向如何運用數據、做出整體性的決策，以及思考每位客戶的終身價值。我從她身上學到很多，而我最喜歡的一個收穫是她說：一味衝向漏斗底部，就是在把你的事業也一起拉向谷底。正是這種思維正在推動轉向更以數據驅動的決策。

AI is another area where leading marketers are leaning in. They are not avoiding this use, and they aren't simply hyping it in the abstract. They are looking for low-hanging fruit on the AI tree today. That said, they know that there are no quick fixes and that AI is a race, but it is a long race. They know that quality data matters more in an AI world than ever before, and they know that they have to protect it and activate it.

AI 也是領先行銷人積極投入的另一個領域。他們不會迴避這項應用，也不只是抽象地炒作它。他們正在尋找當下 AI 這棵樹上唾手可得的果實。話雖如此，他們也知道沒有速成的解方，AI 是一場競賽，但會是一場長跑。他們明白在 AI 的世界裡，高品質數據比以往任何時候都更重要，也知道必須保護並啟用這些數據。

An example of this is we announced the first of many partnerships with one of the up-and-coming large agencies, Stagwell. Our partnership is to leverage Agentic AI to create, edit, and modify campaigns. After these basics. we'll move to Agentic optimizations. Great marketing teams are agile and active.

其中一個例子是，我們宣布與一家新崛起的大型代理商 Stagwell 展開眾多合作中的第一項。我們的合作是運用 Agentic AI 來建立、編輯並修改行銷活動。在完成這些基礎之後，我們將進一步走向 Agentic 的最佳化。優秀的行銷團隊敏捷且積極。

Relatedly, we recently had partnership discussions with a smaller AI-first company. While we've been partners for years, we're looking to expand that. And they shared a few things with us that I want to share today. One is that TTD is the only company that gives them enough data from their buying to power their future. We're working together to further ensure they are getting all that they need to train their models while protecting the data of brands and consumers.

同樣地，我們最近也與一家規模較小、以 AI 為先的公司討論合作。雖然我們已合作多年，但我們希望擴大合作範圍。他們也與我們分享了幾點，我今天想一併分享。其中之一是：TTD 是唯一一家能從其採買行為中提供足夠數據、以支撐他們未來發展的公司。我們正共同努力，進一步確保他們在保護品牌與消費者數據的同時，能取得訓練模型所需的一切。

The other thing that they reminded us of was a quote from one of the greatest F1 drivers of all time, who said, you cannot overtake 15 cars in sunny weather, but you can when it's raining, which is a good segue to the next point.

他們提醒我們的另一件事，是引用史上最偉大的 F1 車手之一的一句話：在晴天你無法超越 15 輛車，但在下雨時你可以——這也正好引出下一點。

Many marketers are also using this moment, this moment of change to gain share. CPGs and to a lesser degree, autos have some headwinds. The macro environment is more difficult for some in these two categories, but the state of measurement is a headwind for all brand builders. However, the track conditions are the same for everyone. Now is the moment to compete and to pull ahead, whether it is rain or any other unexpected events in the race. There are moments in every race where the standings will change.

許多行銷人也正利用這個時刻、這個變動的時刻來提升市占。民生消費品（CPG）以及在較小程度上汽車產業，正面臨一些逆風。在這兩個類別中，部分業者所處的總體環境更為艱難，但衡量現況對所有品牌打造者而言都是逆風。然而，賽道條件對每個人都是一樣的。現在正是競爭並拉開差距的時刻，無論是下雨或賽事中任何其他突發事件。每一場比賽都會有排名改變的時刻。

Between the macros, the state of measurement, and AI, this is one of those moments. And new leaders can emerge. There is also a growing recognition that ads are not fungible. You can't just take any collection of ads from a deal and make it perform. Ad selected at random will lose every time. Programmatic and digital ads tend to cost more. So choosing them wisely is the only way to win.

在總體環境、衡量現況與 AI 的交會之下，這正是那樣的時刻之一。新的領導者可能因此崛起。人們也越來越認知到，廣告並非可互換的商品。你不能只是從一筆交易中隨便拿一組廣告就期待它能表現。隨機挑選的廣告每次都會輸。程式化與數位廣告往往成本更高。因此，唯有明智選擇，才能取勝。

Finding both for buying sheet fixed price deals that essentially allow sellers and publishers to offload the leftovers don't earn their keep. Brands that are growing are considering millions of ads a second and selecting the best suited for their brand. They are not outsourcing decisioning to sellers, publishers or the platform offering the cheapest platform rate.

無論是以固定價格購買的「保量」交易，基本上讓賣方與出版商得以出清剩餘庫存，這些做法都無法帶來應有的價值。正在成長的品牌每秒會評估數百萬則廣告，並挑選最適合其品牌的那一則。他們不會把決策外包給賣方、出版商，或只提供最低平台費率的平台。

We are seeing these behaviors translate directly into business. March was our biggest month on record for JVP signings. We signed 45 JVPs in March alone. For Q1, our total JVP count grew 55% year over year. And excluding renewals, new JVP deal spend grew 40% year over year during the quarter.

我們看到這些行為正直接轉化為業務成果。3 月是我們 JVP 簽約數創紀錄的月份。僅 3 月我們就簽下 45 份 JVP。在第一季，我們的 JVP 總數年增 55%。且不含續約，當季新 JVP 合約的投放金額年增 40%。

To highlight one of these deals, our pharma team recently went head-to-head against Amazon for one of the largest pharmaceutical advertisers in the world. Lowered by seemingly lower rates, this brand shifted some investment to PG on Amazon last year.

為了凸顯其中一筆交易，我們的醫藥團隊最近與 Amazon 正面交鋒，爭取全球最大藥品廣告主之一。由於看似更低的費率所吸引，該品牌去年將部分投資轉向 Amazon 上的 PG。

Over the past nine months, our team delivered consistent partnership and focused on driving real business outcomes for the client. In Q1, our team won back the business and signed a JVP for 2026 that will increase their spend on our platform by 114% year over year. So stepping back, all of this reinforces a final point. Objectivity matters more than ever. In the best buyers market in history, it is important that your DSP does not own inventory.

在過去九個月，我們的團隊持續提供穩定的合作夥伴關係，並專注於為客戶帶來真正的商業成果。在第一季，我們的團隊贏回了這筆業務，並簽下 2026 年的 JVP，將使其在我們平台上的支出年增 114%。退一步看，這一切都再次強化最後一個重點。客觀性比以往任何時候都更重要。在史上最有利於買方的市場中，你的 DSP 不持有媒體庫存這一點非常關鍵。

At the Trade Desk, our differentiation is that we operate on the open Internet, and we are objective. We don't own media. We don't have conflicting incentives. The technology we've built is all informed by our objectivity. And our objective position allows our AI models to evaluate every opportunity on its merits across the entire ecosystem and optimize purely for each advertiser's goal.

在 The Trade Desk，我們的差異化在於我們運作於開放網際網路，並且保持客觀。我們不擁有媒體。我們沒有利益衝突的誘因。我們打造的技術皆以客觀性為出發點。而我們的客觀立場，讓 AI 模型能在整個生態系中依各機會本身的價值評估每一次機會，並純粹以每位廣告主的目標為準進行最佳化。

So on to our third topic, innovating and upgrading the Trade Desk. We'll spend a lot more time in coming quarters talking about our upgrades to the product and the company. But suffice to say, we are extremely focused on improving the inputs that feed our objective AI-fueled advertising machine for buyers. Those enhancements include improving measurement, improving data-driven decisioning, improving data and price discovery of data itself, and making our supply chain to inventory and data more efficient.

接著談第三個主題：創新並升級 The Trade Desk。在接下來幾個季度，我們會花更多時間談我們對產品與公司的升級。但簡而言之，我們極度專注於改善輸入端，讓其能餵養我們為買方打造、以客觀 AI 驅動的廣告機器。這些強化包括：改善衡量、改善以數據驅動的決策、改善數據本身與其價格發現，以及讓通往庫存與數據的供應鏈更有效率。

Over the last five years or so, 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 80% of sales from top US retailers. Compare that to Amazon, who represents less than 15% of US retail spend, this is a huge advantage for us.

在過去約五年，我們打造了全球最大、最豐富的零售數據市場。我們相信，合計而言，我們數據市場中的零售商代表了美國頂級零售商銷售額的 80% 以上。相較之下，Amazon 代表的美國零售支出不到 15%，這對我們而言是巨大的優勢。

For example, a leading travel brand recently ran a test to evaluate campaign performance with and without activating our new product, Audience Unlimited. The results across all KPIs were fantastic. Audience Unlimited delivered 30% lower CPMs on media, 38% lower data cost, and 75% more efficient CPA and a 2.7x increase in conversion rate compared to the control group. Most importantly, Audience Unlimited increased campaign performance while simultaneously reducing manual effort in the audience selection process.

例如，某家領先的旅遊品牌最近進行了一項測試，用以評估在啟用與未啟用我們新產品 Audience Unlimited 的情況下，行銷活動成效的差異。所有 KPI 的結果都非常出色。相較於對照組，Audience Unlimited 使媒體 CPM 降低 30%、數據成本降低 38%、CPA 效率提升 75%，且轉換率提升 2.7 倍。最重要的是，Audience Unlimited 在提升活動成效的同時，也同步降低了受眾選擇流程中的人工投入。

We are also beginning to unlock on-site retail media. Sponsored listings are among the most powerful and effective advertising formats on the Internet and are even more powerful when part of an omnichannel strategy. We've begun integrating with partners like Cody and even more recently, Dollar General, and we expect more retailers to enable programmatic access to sponsored listings in 2026.

我們也開始解鎖站內零售媒體。贊助商品列表（Sponsored listings）是網際網路上最強大且最有效的廣告格式之一，若納入全通路策略的一部分，效果更為顯著。我們已開始與 Cody 等合作夥伴進行整合，最近也與 Dollar General 整合；我們預期將有更多零售商在 2026 年開放對贊助商品列表的程式化存取。

We were also recently chosen by Lyft app to power their off-site rider experience, or mobility media, as Lyft calls it. This is a good example of how media teams are increasingly turning to the Trade Desk, not just for access but for the ability to bring together first-party data, measurement, and cross-channel execution. This allows platforms like Lyft to take more relevant ad experiences to their users, even when they're not actively taking a lift, while helping advertisers better understand and optimize performance campaigns across channels.

我們最近也被 Lyft 應用程式選中，為其站外乘客體驗（Lyft 稱之為 mobility media）提供支援。這是一個很好的例子，說明媒體團隊正日益轉向 The Trade Desk，不僅是為了存取權限，更是為了把第一方數據、衡量與跨渠道執行整合在一起的能力。這讓像 Lyft 這樣的平台，即使使用者並未主動搭乘 Lyft，也能向其提供更相關的廣告體驗，同時協助廣告主更好地理解並最佳化跨渠道的成效型行銷活動。

Of course, our objectivity is critical in all of this. Retail Media and Audience Unlimited are both part of a much bigger effort we are undertaking to reform objective measurement. For years, digital advertising has relied too heavily on last touch or last-click attribution. This often over credits the lower funnel or retargeting impressions while undervaluing the awareness and consideration strategies that actually create demand in the first place. You have to plant seeds, water them, and then harvest them.

當然，我們在這一切中的客觀性至關重要。零售媒體與 Audience Unlimited 都是我們為改革客觀衡量所推動的更大努力的一部分。多年來，數位廣告過度依賴最後接觸或最後點擊歸因。這往往過度歸功於漏斗底部或再行銷的曝光，同時低估了其實最先創造需求的認知與考量策略。你必須播下種子、澆灌它們，然後收成。

Last Touch ignores how consumers really behave today, especially across channels like CTV and audio, where influence happens well before any final action. As a result, marketers end up optimizing for what's easiest to measure and not what actually drives brand recognition, loyalty and incremental growth. Over the last few months, we've had deeper conversations with our partners and clients around new approaches to measurement and attribution.

最後接觸忽略了消費者在今日真正的行為方式，尤其是在 CTV 與音訊等跨渠道情境中，影響往往早在任何最終行動之前就已發生。因此，行銷人員最後會把最佳化重心放在最容易衡量的事情上，而不是實際驅動品牌認知、忠誠度與增量成長的因素。過去幾個月，我們與合作夥伴及客戶就新的衡量與歸因方法進行了更深入的對話。

As we look ahead, our focus is very clear. We are committed to continuing to execute for our clients, helping them navigate an increasingly complex environment and deliver measurable outcomes. We see the premium Internet more aligned than ever. Premium advertisers and premium publishers want a more efficient supply chain for the open Internet. The Trade Desk is leading this work, but we are far from alone in these efforts.

展望未來，我們的重點非常明確。我們承諾持續為客戶落實執行，協助他們在日益複雜的環境中前行並交付可衡量的成果。我們看到優質網際網路比以往任何時候都更加一致。優質廣告主與優質出版商都希望為開放網際網路建立更有效率的供應鏈。The Trade Desk 正在領導這項工作，但在這些努力上我們絕非孤軍奮戰。

We will continue to invest in the areas that matter most of the future of the open Internet, including AI-driven decisioning, retail media, CTV, and identity. And we will continue to strengthen our platform and our organization so that we can scale with discipline and sustain our leadership position for many years to come.

我們將持續投資於對開放網際網路未來最重要的領域，包括 AI 驅動的決策、零售媒體、CTV，以及身分識別。我們也將持續強化我們的平台與組織，使我們能以紀律擴張，並在未來多年維持領導地位。

We recognize that at this moment, where the macro is more uncertain, and we are evolving parts of our business require clarity, accountability, and strong execution. These are areas where we have a proven track record, and we are committed to continuing to earn the trust of our investors, our partners, and our customers.

我們理解在此刻，宏觀環境更不確定，而我們也正在演進業務的部分領域，因此需要清晰度、問責與強而有力的執行。這些都是我們已證明具備良好紀錄的領域，我們也承諾持續贏得投資人、合作夥伴與客戶的信任。

I've said before that trust is one of the most important assets we have. It's not something we take lightly, and it is something we work to earn and maintain every single day.

我之前說過，信任是我們最重要的資產之一。這不是我們會輕忽的事，而是我們每天都努力去贏得並維持的事。

Our conviction in the long-term opportunity has not changed. If anything, it has strengthened. Advertisers are demanding more transparency, more performance, and more control, and we believe we are uniquely positioned to lead that effort with our objective platform, our scale data, and our AI-driven decisioning that helps our clients grow and own their future.

我們對長期機會的信念沒有改變。如果說有什麼不同，那就是它更為堅定。廣告主要求更高的透明度、更好的成效與更強的掌控力；我們相信，憑藉我們的客觀平台、規模化數據，以及能協助客戶成長並掌握未來的 AI 驅動決策能力，我們具備獨特優勢來領導這項努力。

The role of data in AI and advertising is increasing, and the need for objective outcome-driven platforms has never been greater. We believe all of those trends are working in our favor. And importantly, we believe we are still early in this opportunity. As a result, our best days are ahead of us.

數據在 AI 與廣告中的角色日益提升，對客觀、以成果為導向的平台之需求也前所未有地強烈。我們相信，所有這些趨勢都對我們有利。更重要的是，我們相信這個機會仍處於早期階段。因此，我們最好的日子還在前方。

Thank you. And with that, I will hand it over to Tahnil to cover the financials.

謝謝。接下來我把時間交給 Tahnil 來說明財務。

Thank you, Jeff, and good afternoon, everyone. Our team remains disciplined and focused on our shared vision for programmatic advertising and the open Internet. CTV growth remained strong, fueled by the continued shift away from linear TV and expanding decision inventory at the world's largest publishers.

謝謝你，Jeff，各位下午好。我們的團隊仍保持紀律，並專注於我們對程式化廣告與開放網際網路的共同願景。CTV 成長依然強勁，受惠於持續從線性電視轉移，以及全球最大出版商擴大可供決策的庫存。

Advertisers are increasingly using retail data from our marketplace to tie ad spend to real-world sales. Our independence and objectivity continue to be key differentiators, especially in this AI-powered era of advertising as brands seek trusted results-driven partners.

廣告主愈來愈多地使用我們市集中的零售數據，將廣告支出與真實世界的銷售連結起來。我們的獨立性與客觀性持續是關鍵差異化因素，尤其在這個由 AI 驅動的廣告時代，品牌正在尋找值得信賴、以成果為導向的合作夥伴。

The start of 2026 has brought unique challenges, including geopolitical uncertainty that our clients are currently navigating. As we navigate these dynamics in the near term, we remain focused on the long-term opportunity. Few companies are in the fortunate position to operate with a $1 trillion addressable market with a strong balance sheet and cash generation and durable differentiation as an objective, unbiased platform. With this opportunity in mind, we will continue to innovate through disciplined investments in our business, positioning ourselves to create value for advertisers and help our clients grow their businesses.

2026 年的開局帶來了獨特挑戰，包括客戶目前正在因應的地緣政治不確定性。在短期內我們應對這些動態的同時，仍將專注於長期機會。很少有公司能在可觸及市場規模達 1 兆美元的情況下，仍擁有強健的資產負債表與現金創造能力，並以客觀、無偏的平台形成持久的差異化優勢。基於這項機會，我們將透過對業務進行有紀律的投資持續創新，使我們能為廣告主創造價值，並協助客戶成長其業務。

With that, on to our results. In Q1, we delivered revenue of $689 million, representing 12% year-over-year growth. We generated $206 million of adjusted EBITDA during the quarter, representing a 30% margin. Our growth in Q1 was driven by strong trends across CTV and audio. Video, which includes CTV, represented a low-50% of our business in Q1 and continues to grow as a percentage of our channel mix.

接著來看我們的業績。第一季我們實現營收 6.89 億美元，年增 12%。本季我們產生調整後 EBITDA 2.06 億美元，對應 30% 利潤率。第一季的成長由 CTV 與音訊的強勁趨勢所帶動。影片（包含 CTV）在第一季占我們業務約 50% 出頭，且在渠道組合中的占比持續提升。

Mobile represented a high-20% share of the 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 of the channel in Q1.

本季行動端占業務約 20% 後段的比重，而展示廣告占比為低雙位數。音訊約占業務 6%，且第一季年增率高於任何其他渠道。

Geographically, the United States represented approximately 82% of our revenue in Q1 and international represented approximately 18%. Our strong momentum in both EMEA and APAC reflects the investments we have made in these regions over the last several years as well as momentum in CTV across these markets.

以地區來看，美國在第一季約占我們營收的 82%，國際市場約占 18%。我們在 EMEA 與 APAC 的強勁動能，反映了過去數年我們在這些地區的投資，以及 CTV 在這些市場的成長動能。

Among verticals that represent at least 1% of our business, we saw particularly strong growth in medical health, automotive, and events. We continue to see some pressure in the home and garden and food and drink sectors as CPG brands navigate geopolitical uncertainty, consumer softness, and input cost inflation. Automotive remains an area of strength overall, though we believe this business could be growing faster absent the impact of increased tariffs on the industry.

在占我們業務至少 1% 的垂直產業中，我們在醫療健康、汽車與活動（events）領域看到特別強勁的成長。由於 CPG 品牌正面對地緣政治不確定性、消費疲弱與投入成本通膨，我們在居家與園藝以及食品與飲料領域仍看到一些壓力。汽車整體仍是強項，但我們認為若非產業受到關稅上升的影響，該業務本可成長得更快。

Q1 operating expenses were $622 million, up 11% from a year ago. Excluding stock-based compensation, Q1 operating expenses were $513 million, up 18% from a year ago. During the quarter, we continued to make investments in our team and platform, particularly in areas like platform operations as we optimize our platform infrastructure and implement more AI-powered tools in our platform.

第一季營業費用為 6.22 億美元，較去年同期增加 11%。若排除以股票為基礎的薪酬，第一季營業費用為 5.13 億美元，較去年同期增加 18%。本季我們持續投資於團隊與平台，特別是在平台營運等領域，因為我們正在最佳化平台基礎設施，並在平台中導入更多 AI 驅動工具。

Income tax expense was $39 million in the first quarter, driven primarily by our profitability and the impact of stock-based awards. Net income for the quarter was $40 million, or $0.08 per diluted share, or about 6% of revenue. Adjusted net income for the quarter was $134 million, or $0.28 per diluted share. Net cash provided by operating activities was $392 million, and free cash flow was $276 million in Q1.

第一季所得稅費用為 3,900 萬美元，主要由我們的獲利能力以及以股票為基礎獎酬的影響所驅動。本季淨利為 4,000 萬美元，或稀釋後每股 0.08 美元，約占營收 6%。本季調整後淨利為 1.34 億美元，或稀釋後每股 0.28 美元。營運活動提供的淨現金為 3.92 億美元，第一季自由現金流為 2.76 億美元。

We ended the quarter with a strong cash and liquidity position. Our balance sheet had about $1.4 billion in cash, cash equivalents, and short-term investments at the end of the quarter. In Q1, we used $164 million of cash to repurchase our Class A common stock via our share repurchase program.

本季結束時，我們的現金與流動性部位依然強勁。季末資產負債表上約有 14 億美元的現金、約當現金與短期投資。第一季我們透過庫藏股回購計畫，使用 1.64 億美元現金回購 A 類普通股。

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

鑑於我們強健的資產負債表與穩定的現金流創造能力，我們計畫在抵銷員工股票發行造成的稀釋之同時，持續進行機會式的股票回購。

Turning to our outlook for the second quarter. For Q2, we expect revenue to be at least $750 million. We estimate adjusted EBITDA for Q2 to be approximately $260 million. In terms of our operating plan for the remainder of 2026, we continue to expect head count growth to remain below revenue growth, reflecting our focus on productivity and operating leverage. We plan to be deliberate and prioritizing investments that directly support revenue growth and AI-driven innovation.

接著談第二季展望。第二季我們預期營收至少為 7.50 億美元。我們估計第二季調整後 EBITDA 約為 2.60 億美元。就 2026 年剩餘期間的營運計畫而言，我們仍預期人員數成長將低於營收成長，反映我們對生產力與營運槓桿的重視。我們將審慎行事，並優先投入能直接支持營收成長與 AI 驅動創新的投資。

Taken together, we continue to expect our full-year 2026 adjusted EBITDA margin percentage to be at least 40%, approximately in line with 2025. Looking ahead, we remain the leading independent platform in a rapidly growing industry, delivering profitable growth and innovation with strong execution across key initiatives such as CTV, retail media, Agentic-AI, supply path optimization, and growth outside of the US. We remain confident in our ability to capitalize on the significant opportunities ahead of us.

綜合而言，我們仍預期 2026 全年調整後 EBITDA 利潤率百分比至少為 40%，大致與 2025 年持平。展望未來，我們仍是快速成長產業中領先的獨立平台，並在 CTV、零售媒體、Agentic-AI、供應路徑最佳化，以及美國以外的成長等關鍵計畫上，以強勁執行力推動獲利成長與創新。我們仍有信心把握眼前重大的機會。

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

以上為我們事先準備的發言。接線員，請開放提問。

(Operator Instructions) Shyam Patil, Susquehanna.

(接線員指示) Susquehanna 的 Shyam Patil。

Jeff, I had a couple of questions. First one, can you provide some comments on the Publicis discussions? And then second, can you talk about the factors that you see driving the decel in your 2Q outlook? Thank you.

Jeff，我有幾個問題。第一個，你能否就與 Publicis 的討論提供一些評論？第二個，你能否談談你認為推動你們第二季展望放緩的因素？謝謝。

Thanks, Shyam. Appreciate the question. And I appreciate you asking about Publicis, although I have less to say about that than I do the second part of your question. But I am really glad to be able to address it head on. There's been a lot said about conflict and often it's framed in the most conflict rich language that press can provide.

謝謝你，Shyam。感謝你的提問。也謝謝你問到 Publicis，雖然相較於你問題的第二部分，我能談的內容較少。但我很高興能正面回應。外界對於衝突的說法很多，而且常常用媒體所能提供、最充滿衝突性的語言來框架。

And I think that's been over dramatized. And I'm hopeful that we're nearing the end of this public discussion. So I'm hopeful that our discussion today puts an end to it. . But I will say that since 2018, we've done billions of dollars of business with Publicis through the agreement that we have and we continue to have great dialogue with Publicis about the next chapter of our partnership.

我認為這被過度戲劇化了。我也希望我們已接近這場公開討論的尾聲。因此我希望今天的說明能為此畫下句點。.不過我想說，自 2018 年以來，我們透過與 Publicis 的協議已合作了數十億美元的業務，而且我們也持續與 Publicis 就合作關係的下一篇章保持良好對話。

Our negotiations are ongoing. It's probably not prudent for me to say more about it in this forum, so I'll just leave it at that on Publicis.

我們的協商仍在進行中。在這個場合我可能不便再多說，因此關於 Publicis 我就先說到這裡。

As it relates to the factors that are driving deceleration as you put it in Q2. First, I just want to say that we feel really good about the long-term structural drivers of our business and the future of the open internet. I hope you could hear that conviction in our prepared remarks.

至於你所說第二季放緩的驅動因素。首先，我想說我們對於業務的長期結構性驅動因素，以及開放網際網路的未來，都感到非常樂觀。希望你能從我們事先準備的發言中聽到這份信念。

Secondly, I just want to remind everybody that we are uniquely one of the few large companies that are focused on being a buying platform for large companies. So most of our revenue comes from Fortune 500 companies and their brands, and of course, they respond differently to macro factors than smaller companies or local businesses, especially when the headwinds are macro and global in nature.

第二，我想提醒大家，我們是少數大型公司中，獨特地專注於為大型企業提供採買平台的公司之一。因此我們的大部分營收來自《財富》500 大企業及其品牌；當逆風是宏觀且具全球性時，他們對宏觀因素的反應，當然會與較小公司或在地商家不同。

As to the specifics, some of the fast-growing verticals we believe would be growing even faster if they were absent the current macro uncertainty, whether there's geopolitical instability, there's tariffs, they're broader consumer pressures that are impacting growth. So what gives me confidence really is that nearly every major brand we speak with is focused on the right question right now, which is how do we get back to growth as a brand.

就具體而言，我們認為一些高速成長的垂直領域，若不是受到當前宏觀不確定性的影響，本可成長得更快；不確定性可能來自地緣政治不穩、關稅，以及影響成長的更廣泛消費者壓力。真正讓我有信心的是，我們幾乎與每一個主要品牌對話時，他們現在都聚焦在正確的問題：品牌要如何重回成長。

So it's actually in that context that I'm so positive, it's the reason you could hear that positivity in our prepared remarks because I think we're in a position now to build a much bigger business than we've ever been before and that all of the things that we're seeing across the landscape, including the pressures are actually opportunities.

也正是在這樣的背景下，我才會如此正向；這也是你能在我們事先準備的發言中聽到正向態度的原因。因為我認為我們現在有條件打造一個比以往更大的事業，而我們在整個市場上看到的一切——包括壓力——其實都是機會。

And when I look at all the things that are teed up for us nicely, first of all, the discussion around measurement right now is the best thing that could be teamed up, a very bright future for the open Internet, let alone the Trade Desk. You look at all the progress that we've made in retail data, as we highlighted, we partnered with more retailers than we haven't in the sense that a greater percentage of retailers are now partners that are not.

當我看我們已經準備就緒的各項事項時，首先，當前圍繞衡量（measurement）的討論，是最能為開放網際網路——更不用說 The Trade Desk——鋪陳出非常光明未來的事情。再看我們在零售數據方面取得的進展，如同我們所強調的，我們與零售商的合作夥伴關係持續擴大；從比例上看，現在成為合作夥伴的零售商已多於尚未合作的。

We talked a lot about our Agentic partnership with Stagwell. And of course, there's many others to come. We really do see that the future of The Trade Desk is to be a bit of a hub for all the innovation on the open Internet, including the especially inside of Agentic AI.

我們也談了很多與 Stagwell 的 Agentic 合作夥伴關係。當然，未來還會有更多。我們確實認為 The Trade Desk 的未來，是成為開放網際網路上所有創新的樞紐之一，尤其是在 Agentic AI 領域。

We're seeing more cooperation from the biggest publishers in the world as they are highly in tune with the fact that they need higher CPMs that come from biddable and there's not really any way out for them in terms of raising prices or adding to the ad load. The much better path for them that doesn't result in subscribers going away is to actually make their ad environment more effective. That's true for Disney, Spotify, Paramount, NBC, Fox, Netflix, and hundreds of others.

我們也看到全球最大型的出版商更願意合作，因為他們非常清楚自己需要來自可競價（biddable）的更高 CPM，而在提高價格或增加廣告負載方面，他們其實沒有太多空間。對他們而言，更好的路徑——且不會導致訂閱用戶流失——是讓其廣告環境更有效。這對 Disney、Spotify、Paramount、NBC、Fox、Netflix，以及其他數百家都是如此。

Of course, we're also seeing great partnership discussions with our operating system for CTV called Ventura. I expect that you'll hear more about that in the years to come.

當然，我們也看到與我們名為 Ventura 的 CTV 作業系統之間，有非常好的合作夥伴討論。我預期未來幾年你會聽到更多相關消息。

We've talked about our new product Audience Unlimited. We talked about so much about the discussions that the industry itself is having on measurement. But overall, I would just highlight that I view all of these pressures as opportunities. And so while there are clearly near-term headwinds and a cloudier macro environment, we continue to believe that the long-term opportunity for our business remains extremely strong.

我們也談到我們的新產品 Audience Unlimited。我們也談了很多整個產業在衡量（measurement）方面的討論。但總體而言，我只想強調，我把所有這些壓力都視為機會。因此，儘管短期確實存在逆風、宏觀環境也更為陰霾，我們仍相信我們業務的長期機會依然非常強勁。

Thanks for the question, Shyam.

謝謝你的提問，Shyam。

Vasily Karasyov, Cannonball Research.

Cannonball Research 的 Vasily Karasyov。

Jeff, there was a very interestingly time piece in the industry press today before you reported. ADWEEK announced that your Chief Strategy Officer, Samantha Jacobson, is leaving the company to join OpenAI. So now that it's public, I was wondering if you could share the details around this event. Thank you.

Jeff，今天在你們公布業績之前，產業媒體有一篇時機非常巧合的報導。ADWEEK 宣布你們的首席策略長 Samantha Jacobson 將離開公司加入 OpenAI。既然現在已經公開了，我想請問你是否能分享這件事的細節。謝謝。

Thanks for the question, and I agree with you that this was interestingly timed. But I'll just confirm what the article asserted, which is that Samantha is taking a role in OpenAI. On a personal level, I'm excited for her and I'm extremely confident in her abilities to have an impact there, just like she'd had here.

謝謝你的提問，我也同意這個時間點很巧。不過我可以確認文章所述屬實，也就是 Samantha 將在 OpenAI 擔任職務。就個人而言，我為她感到高興，也非常有信心她能在那裡產生影響力，就像她在這裡所做到的一樣。

I'll also say you on a personal level that working with Samantha has been one of the highlights of my career. And I'm glad on some level that it isn't over. She's smart and humble, and she's just generally amazing. And I'm really sad to hear go in her time full-term role, but she is not leaving us fully. As you may know, she's on our Board of Directors. She'll stay on our Board of Directors and will continue to give a strategic advice and guidance.

我也想從個人角度補充，與 Samantha 共事是我職涯中最精彩的經歷之一。而且某種程度上，我很高興這段合作並未結束。她聰明且謙遜，整體而言非常出色。我對於她離開全職職務感到很難過，但她並不會完全離開我們。如你所知，她是我們董事會成員。她將繼續留任董事會，並持續提供策略建議與指導。

She has asked me to share that she's a strong believer in the Trade Desk and our mission and continues to invest in ensuring that we are successful. Obviously, our passion for the open Internet is big and it continues.

她也請我轉達，她非常相信 The Trade Desk 及我們的使命，並會持續投入，確保我們成功。顯然，我們對開放網際網路的熱情很強烈，而且會持續下去。

I'll also highlight, which is something that has not been highlighted enough publicly, is that we've quietly been assembling a very strong team of meaningfully the senior leaders who will bring deep operational experience and are aligned where the company is going. And despite some of the noise that you read in ad tech headlines, we have a team that really understands where this industry is heading and understands how to take the position that we're in and help this company become a bigger company than we've ever been before.

我也想強調一點——這在公開場合被提及得還不夠——我們其實一直在低調地組建一支非常強的團隊，包含多位資深領導者，他們具備深厚的營運經驗，並且與公司前進方向高度一致。儘管你在廣告科技的新聞標題中看到一些雜音，我們的團隊非常了解這個產業的走向，也知道如何運用我們目前的定位，協助公司成為一個比以往更大的公司。

We're extremely optimistic about the future in large part because of our recent recruiting efforts, and that continues today. The source of my biggest optimism is actually the team that we've assembled and the things that we have in the pipeline.

我們對未來極為樂觀，很大一部分原因在於我們近期的招募努力，而且這股動能今天仍在延續。我最大的樂觀來源，其實是我們所組建的團隊，以及我們正在推進中的各項計畫。

Thanks for the question.

謝謝你的提問。

Matt Swanson, RBC.

RBC 的 Matt Swanson。

Great. Jeff, maybe kind of expanding on your answer to the first question on the Q2 decel. There's obviously been a lot of noise, both macro and Trade Desk specific lately. When thinking about the cyclical and secular variables that impact your business, how do you think about revenue reacceleration? And kind of which aspects of it are in your control?

很好。Jeff，我想延伸你對第一個問題、關於第二季成長放緩（Q2 decel）的回答。最近顯然有很多雜音，包含總體環境以及 Trade Desk 自身的因素。在思考影響你們業務的景氣循環與長期結構性變數時，你如何看待營收再加速？以及其中哪些面向是在你們可控範圍內？

Yeah. Thank you for the question. I actually really like the way you framed it because those are words that I think are just important to underline. Because it's important to separate what's cyclical from what structural.

是的。謝謝你的提問。我其實很喜歡你這樣的提法，因為我認為這些用詞非常值得特別強調。因為把景氣循環因素與結構性因素區分開來很重要。

The structural drivers of our business are extremely strong. And we think that the opportunity for the open Internet is better than it's ever been before. And so, reacceleration isn't really about reinventing ourselves. It's about executing against the larger and expanding opportunity. And of course, as we highlighted before, there's a number of macro effects, but it's in these macro effects where the pressures actually helped the industry evolve in a healthy way. And that is what is happening right now, even though it doesn't show up in results today.

我們業務的結構性驅動因素非常強勁。我們認為開放網際網路（open Internet）的機會比以往任何時候都更好。因此，再加速並不是真的要重新發明我們自己。而是要在更大且持續擴張的機會上把執行做到位。當然，如同我們先前強調的，確實存在一些總體影響，但正是在這些總體影響之下，壓力反而促使產業以健康的方式演進。而這正是現在正在發生的事情，即使它今天尚未反映在業績結果上。

So while all of that's true, the macro does matter, too. So when conditions stabilize, I think that provides a natural tailwind that isn't there right now.

所以，雖然上述都是真的，但總體環境也確實重要。因此當環境趨於穩定時，我認為這會帶來一股目前尚不存在的自然順風。

But again, when I look at things like Audience Unlimited, advancements in measurement, TTV adoption, and the continued expansion of the retail data partnerships, and of course, all the innovations that we've injected into our platform and to our partnerships brought to you via various forms of AI and maybe Agentic being the one I'm the most excited about. There's just so much opportunity ahead for us in the open Internet.

但再說一次，當我看到像是 Audience Unlimited、衡量（measurement）的進展、TTV 的採用，以及零售數據合作夥伴關係的持續擴張，當然還有我們透過各種形式的 AI 注入到平台與合作夥伴中的所有創新——其中我最興奮的可能是 Agentic——我們在開放網際網路上仍有非常多的機會在前方。

So we know we can improve our growth.

所以我們知道，我們可以改善成長。

I feel very good about where we are as a business. In the near term, this is about execution. And we believe that we're really well positioned as all of these factors come together.

我對我們目前的業務狀況感到非常有信心。短期來看，這關乎執行。而我們相信，當這些因素逐步匯聚時，我們的定位非常有利。

Thanks for the question.

謝謝你的提問。

Justin Patterson, KeyBanc.

KeyBanc 的 Justin Patterson。

Curious to hear more about investment priorities against that 40% EBITDA margin target. Obviously, revenue and margins are both off to a softer start in the first half. So I'm curious how we should think about the levers to achieve that target. Thank you.

想更了解在 40% EBITDA 利潤率目標之下，你們的投資優先順序。顯然，上半年營收與利潤率的起步都偏疲弱。因此我想請教，我們應該如何看待達成該目標的槓桿？謝謝。

Yes. I'll just first say that 2026 is a really important year of disciplined reinvestment, but I'll ask Tahnil to go first, and then I'll wrap up.

好的。我先說，2026 年是我們進行有紀律再投資（disciplined reinvestment）非常重要的一年；不過我先請 Tahnil 回答，之後我再補充總結。

As a company, we have always been very disciplined around hiring and reinvestment in the business. 2026 is a year of disciplined reinvestment for us. We expect our full year adjusted EBITDA margin percentage to be at least 40%, approximately in line with last year. We again expect head count growth to remain below revenue growth, reflecting continued operating discipline and increasing productivity across our business.

作為一家公司，我們在招募與對業務再投資方面一向非常有紀律。2026 年對我們而言是有紀律再投資的一年。我們預期全年調整後 EBITDA 利潤率至少為 40%，大致與去年相當。我們也再次預期人員數（head count）成長將維持低於營收成長，反映我們持續的營運紀律，以及全公司生產力的提升。

At the same time, we will continue investing in areas where we see the highest long-term ROI, particularly around platform innovation, AI, retail, media, and measurement. One advantage of our model is that we generate strong cash flow and can maintain significant flexibility in how we pace our investments and expenses, which allows us to maintain those high levels of profitability. So our focus is clear, maintain strong profitability, invest for ROI is the highest and continue positioning the business for greater leverage over the long term.

同時，我們將持續投資於我們認為長期 ROI 最高的領域，特別是在平台創新、AI、零售媒體（retail media）以及衡量（measurement）方面。我們模式的一項優勢是能產生強勁的現金流，並在投資與費用的節奏安排上保持高度彈性，這使我們能維持高水準的獲利能力。因此我們的重點很明確：維持強勁獲利、在 ROI 最高之處投資，並持續讓業務在長期具備更高的營運槓桿。

Thanks. And I'll just add that maintaining strong profitability has always been a part of our culture here at Trade Desk, even when we are a much smaller company. In fact, I was very obsessed when I founded the company of raising the profitability. It was my view that that's how we could own our future, but it's also how we could establish a culture that was extremely disciplined.

謝謝。我再補充一點：維持強勁獲利一直是 Trade Desk 的文化之一，即使在我們還是小公司時也是如此。事實上，我創立公司時非常執著於提升獲利能力。我認為那是我們能掌握自身未來的方式，同時也能建立一種極度自律的文化。

And I believe that focusing on profitability and maintaining that profitability was not critical to us owning our own future, but also developing the company values that we wanted to have. So we've spent a lot of years developing a very durable business model that throws off a lot of cash every single year. And we think this is especially important during periods of cyclical pressure like the one that we're in to make certain that we renew our commitment to that and maintain 2026 as a year of disciplined reinvestment because we believe that this will define the company for many years to come. Thank you.

而我相信，專注於獲利並維持獲利，不僅對我們掌握自身未來至關重要，也有助於塑造我們希望擁有的公司價值觀。因此，多年來我們打造出一個非常耐久的商業模式，每一年都能產生大量現金。我們認為，在像目前這種景氣循環壓力期間，這點尤其重要：確保我們重申並維持這項承諾，並把 2026 年維持為有紀律再投資的一年，因為我們相信這將在未來許多年定義這家公司。謝謝。

Mark Zgutowicz, Benchmark.

Benchmark 的 Mark Zgutowicz。

Jeff, just maybe specifically on 2Q. I'm just curious if there's any agency-related weakness outside of macro that might account for that deceleration. Obviously, the industry -- or at least industry expectations for digital and video growth are above 8% this year, and we all know that those projections are not often right. But just given that it's pointing to below industry growth number, just curious if there's any one-time related or maybe one- to two-quarter related items in there.

Jeff，可能更具體談談第二季（2Q）。我想了解，除了總體因素之外，是否有任何與代理商（agency）相關的疲弱，可能解釋這次放緩。顯然，產業——至少市場對今年數位與影音成長的預期——高於 8%，而我們都知道這些預測往往不一定準確。但既然看起來會低於產業成長數字，我想請教是否有任何一次性因素，或可能是一到兩季的短期因素包含在其中。

And then I think you guys started talking about CPG and auto in 3Q of last year being weak. And I'm just curious if we start to see potentially easier comps there in the third quarter, fourth quarter of this year. Thanks.

另外，我記得你們從去年第三季（3Q）開始提到 CPG 與汽車（auto）偏弱。我想請教，今年第三季、第四季是否可能出現較容易的比較基期（easier comps）。謝謝。

Yeah. Well, thanks for the question. As it relates to agencies, and I imagine you're partly asking because of the way that I opened on the questions around Publicis, which we've received just so many on that. I'll just say at a high level, there's not really anything incremental to add on the agency front beyond what I covered earlier as it relates to Q2 guide or anything else related.

是的。謝謝你的提問。關於代理商，我想你部分是因為我在問答開場提到 Publicis 的方式而問，因為我們收到非常多相關問題。我先概括地說，關於代理商面向，除了我先前就第二季指引（Q2 guide）或其他相關事項所提到的內容之外，並沒有什麼額外增量資訊可以補充。

As it relates to to CPGs and autos. Yeah, I do think that that's true. Of course, if you go through a year with continued pressure on specific categories that you then start to create easy comps for them. However, I don't think this is a more impressive part of the narrative isn't the EBIT comps. It's actually the amount of discipline that those companies are starting to implement or have implemented in that year where they are just thinking about brand building, thinking about media buying in more sophisticated ways.

至於 CPG 與汽車。是的，我確實認為你說得沒錯。當你在某些特定品類經歷一整年持續承壓之後，接下來就會形成較容易的比較基期。不過，我不認為這個敘事中更令人印象深刻的部分是 EBIT 的比較基期。真正值得注意的是，這些公司在那一年開始實施、或已經實施的紀律程度——他們正在思考品牌建設，並以更成熟的方式思考媒體採買。

In some ways, having a headwind really does force companies to get disciplined and think about what do they have to change. I've never seen the biggest brands in the world more focused on growth than they are right now. And that's not by mistake. It's not disconnected from the fact that many of them are under pressure. So this creates a great moment -- a great opportunity for us to pass 15 cars, if you will. So, thank you.

在某些方面，逆風確實會迫使公司變得更有紀律，並思考自己必須改變什麼。我從未見過全球最大的品牌像現在這樣更聚焦於成長。這並非偶然。這也不是與許多品牌正承受壓力這件事無關。因此，這為我們創造了一個很好的時刻——一個很好的機會，讓我們可以「超車 15 輛車」（如果你願意這麼比喻）。所以，謝謝。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Jeff, you talked in your prepared remarks about LLM, AI search, and the opportunity there. Could you maybe flesh that out a little bit for us? What are the gating factors to kind of make to start making that a reality and have it start impacting kind of the P&L? How do you see your role within that ecosystem? And where are you in your conversations with the obvious key players there? Thanks.

Jeff，你在事先準備的發言中談到 LLM、AI 搜尋，以及其中的機會。你能不能幫我們再多補充說明一下？要把它變成現實、並開始對損益表（P&L）產生影響，關鍵的門檻因素是什麼？你如何看待你們在那個生態系中的角色？以及你們與那裡顯而易見的關鍵玩家的對話進展到哪一步？謝謝。

Yeah. I can't -- won't speak publicly to the discussions that we're in with the key players, but I will talk about the opportunity. A lot has been discussed about the amount of CapEx that have gone into these companies and the amazing products that they've all created. I believe they're in a very similar position to Netflix in the way that we talked about them 5 to 10 years ago when I started asserting that they would eventually have to show ads, even at times when Netflix was saying they weren't going to show ads.

是的。我不能——也不會公開談論我們與關鍵玩家正在進行的討論，但我可以談談這個機會。大家已經談了很多，關於這些公司投入了多少資本支出（CapEx），以及他們所打造的驚人產品。我認為他們所處的位置非常類似於 Netflix——就像我們在 5 到 10 年前談論 Netflix 時一樣；當我開始主張他們最終必須投放廣告時，即便在那段時間 Netflix 還在說他們不會投放廣告。

I made that assertion in part because I knew how expensive their content was. And the LLMs, chat search companies have a very similar delever. They have very expensive content. I think some people have wrongly assumed that their monetization will look like, quote, legacy search. And legacy search was born when the average search query was less than two words. No good AI prompt is two words or less. They're much more detailed. And when you have many sentences and are asking a very specific question or prompt, obviously, the answer often is much more valuable as well to the user.

我之所以做出那個主張，部分原因是我知道他們的內容成本有多昂貴。而 LLM、聊天搜尋公司也有非常類似的去槓桿（delever）壓力。他們有非常昂貴的內容。我認為有些人錯誤地假設，他們的變現方式會長得像所謂的傳統搜尋（legacy search）。而傳統搜尋誕生於平均搜尋查詢少於兩個字的年代。沒有任何好的 AI 提示詞（prompt）會是兩個字或更少。它們要詳細得多。當你用很多句子提出非常具體的問題或提示時，顯然，對使用者而言答案往往也更有價值。

So it's not unreasonable to think that many of the LLMs are going to try to get as much ad monetization as possible. But if you look at it as there's a subscription, which is quite expensive and that either needs to be offset or substituted by an ad experience that is extremely profitable, and that extremely profitable ad experience can't just be keyword-based or like legacy search. And in fact, in order to make the most amount of money might, in some cases, need to include video, but if there's a lot of compute cost that goes into that answer, it probably is somewhat correlated to the value of the response to the user which might make it easier to put on the other side of the video.

因此，認為許多 LLM 會試圖盡可能提高廣告變現，並不不合理。但如果你把它看成：有一個相當昂貴的訂閱費，這個成本要嘛需要被廣告體驗抵銷、要嘛需要被廣告體驗取代；而那種極度高獲利的廣告體驗不可能只是以關鍵字為基礎、或像傳統搜尋那樣。事實上，為了賺到最多的錢，在某些情況下可能需要包含影片；但如果生成那個答案需要大量運算成本，它很可能與該回應對使用者的價值有某種相關性，這可能讓它更容易在影片的另一側（也就是搭配影片）來呈現。

In both of those cases, I do believe that it can unlock a greater amount of TAM for the LLMs in the sense that they can participate in top-of-the-funnel activity and bottom-of-the-funnel activity, which is different than what search has done. And especially in a world where there's more discussion about measurement, I believe this way of thinking about it is the right way before the LLMs to be thinking about their future.

在這兩種情況下，我確實相信它能為 LLM 解鎖更大的可服務總市場（TAM），因為它們可以同時參與漏斗上端（top-of-the-funnel）與漏斗下端（bottom-of-the-funnel）的活動，這與搜尋過去所做的不同。尤其是在一個對衡量（measurement）有更多討論的世界裡，我相信在 LLM 思考其未來之前，用這種方式來思考是正確的。

I do think that unlocks TAM for us that we previously, a decade ago, said was not likely to change inside of search. So I think this represents a tremendous opportunity for us.

我確實認為，這也為我們解鎖了 TAM——而在十年前，我們曾說過搜尋內部不太可能改變。所以我認為這對我們而言代表一個巨大的機會。

But to put a finer point on this one, I think it also represents a tremendous opportunity for the open Internet because in some forms, I've said before that I think the future of the open Internet is, in some ways, a bigger conversation than just the Internet in that we're talking more and more about the tug of war between open systems and closed systems.

但把這點說得更精準一些，我認為這也為開放網際網路帶來巨大的機會，因為在某些形式上，我以前說過，我認為開放網際網路的未來，在某些方面是一個比「網際網路」本身更大的議題——因為我們愈來愈多在談的是開放系統與封閉系統之間的拉鋸戰。

In the tiny corner of advertising, we have to talk about that as walled gardens versus the open Internet. But if we look at it bigger and think of it more as open systems versus closed systems, I think you're going to see more and more open systems just because that's the only way to get sort of participation you need for market dynamics to really do their thing and you source demand and competition that you never could in a closed system.

在廣告這個很小的角落裡，我們會把它說成是圍牆花園（walled gardens）對上開放網際網路。但如果我們把視角放大，把它更多地看成開放系統對上封閉系統，我認為你會看到愈來愈多的開放系統，因為那是取得你所需要的參與度、讓市場動態真正發揮作用的唯一方式；而且你能引入需求與競爭，這是在封閉系統中永遠做不到的。

So I think this creates just a tremendous opportunity for us and for them, and I'm quite optimistic about the future here. But we are in the first inning. There's no question. The debate is what part of the first inning. It's probably a couple of pitches in max.

所以我認為這為我們、也為他們創造了巨大的機會，我對未來相當樂觀。但我們仍在第一局。毫無疑問。爭論點在於第一局的哪個階段。最多可能才投了幾球而已。

Thanks for the question.

謝謝你的問題。

Tim Nollen, SSR.

Tim Nollen，SSR。

Jeff, you made a reference to Trade Desk being something of a hub in this emerging marketplace. And I'm wondering, as the supply path is consolidating or shortening order return you want to use for. Does it make sense for The Trade Desk to remain a fully independent DSP? Since you have the means to go straight to publishers now, is there a scenario where maybe it makes sense to build supply-side services as well.

Jeff，你提到 Trade Desk 在這個新興市場中某種程度上是一個樞紐。我想問的是，當供應路徑正在整合或縮短——不管你想用什麼說法。Trade Desk 繼續維持為一個完全獨立的 DSP，是否仍然合理？既然你們現在有能力直接連到出版商，是否存在某種情境：也許建立供應端服務同樣是合理的？

And you didn't really talk about OpenTTD, I don't think on this call, we have in the past. I wonder if that maybe is setting up something like that.

另外，我覺得你在這通電話裡沒有真的談到 OpenTTD——我們過去談過。我想知道那是否正在鋪陳出類似那樣的事情。

Awesome. Thank you. Yeah, I appreciate you referencing OpenTTD, too, because that is the hub that I'm speaking of, and I do believe is the place where more and more innovation can take place. So I mentioned in the prepared remarks that there was one AI-first company that commented that they really couldn't run their business if we weren't in the ecosystem. And that's largely because about a decade ago, Google made the decision to stop sharing ad level of logs or log-level data. And it's actually in those insights, in that grain where a whole bunch of companies can build.

太棒了。謝謝。是的，我也很感謝你提到 OpenTTD，因為那就是我所說的樞紐，而且我確實相信那會是愈來愈多創新可以發生的地方。所以我在事先準備的發言中提到，有一家 AI 優先（AI-first）的公司評論說，如果我們不在這個生態系裡，他們真的無法經營他們的業務。這主要是因為大約十年前，Google 做了決定，不再分享廣告層級的日誌或日誌層級資料（log-level data）。而實際上，正是在那些洞見、在那種細粒度（grain）之中，很多公司才能建立起來。

And of course, in order to be an AI company, you need a lot of data, and you need a lot of quality data. So because The Trade Desk has historically always said to the biggest brands and to their agents, we want you to keep your data. We want to make certain that we protect it. That's different than most of the big platforms who are asking brands and agencies to surrender their data and to pool their data with their other customers. So we say all the time internally, things like data leakage are exponentially more expensive in a world of AI.

當然，要成為一家 AI 公司，你需要大量資料，而且需要大量高品質資料。因此，因為 The Trade Desk 歷來一直對最大品牌及其代理商說：我們希望你保留你的資料。我們希望確保我們保護它。這不同於多數大型平台——它們要求品牌與代理商交出資料，並把資料與其他客戶的資料匯集在一起。所以我們內部常說，像資料外洩（data leakage）這類事情，在 AI 的世界裡成本會呈指數級上升。

Coming to the second part of your question, which was about should the Trade Desk get into the supply side, the reason we have not isn't because we couldn't technologically. It isn't because it wouldn't further shorten the supply chain. It's because we don't want to create the conflict of interest of saying to one group of customers, we want you to get the lowest CPM possible. We're looking for value. And then going straight from advertisers to publishers saying, we want to give you the highest CPM possible and then trying to serve two masters.

回到你問題的第二部分，也就是 Trade Desk 是否應該切入供應端；我們之所以沒有這麼做，不是因為我們在技術上做不到。也不是因為那不會進一步縮短供應鏈。而是因為我們不想製造利益衝突：一方面對一群客戶說，我們希望你拿到盡可能低的 CPM。我們在尋找價值。另一方面又直接對出版商說，我們希望給你盡可能高的 CPM，然後試圖同時侍奉兩個主人。

This is the flaw of every ad network business model, which, by the way, hundreds of companies are trying to replicate the flaws of the Ad Network business model that we disproved 20 years ago in a lot of Agentic business models today. So like this is a lesson that unfortunately not have learned.

這就是每一種廣告聯播網（ad network）商業模式的缺陷；順帶一提，如今有數百家公司正試圖在許多所謂 Agentic 的商業模式中複製廣告聯播網商業模式的缺陷——而我們在 20 年前就已經證明那套模式的缺陷。所以這就像是一個不幸的是仍未被學到的教訓。

That said, there are hundreds of publishers who want to do their own yield management. And many companies in CTV are doing their own yield management. They're doing their -- they built their own tech to do this. And we plug into that tech directly. This is the reason we built OpenPath in the first place was to plug into companies like that who want to do their own yield management.

話雖如此，仍有數百家出版商希望自己做收益管理（yield management）。而且在 CTV 領域，許多公司也在做自己的收益管理。他們在做他們的——他們打造了自己的技術來做這件事。而我們會直接串接到那套技術。這也是我們一開始打造 OpenPath 的原因：就是為了直接串接到像這樣、希望自行做收益管理的公司。

So we will absolutely look for that opportunity. But as it relates to going all the way to the sell side to do the yield management for them, we'll never do that.

所以我們一定會尋找那個機會。但就一路走到賣方端、替他們做收益率管理而言，我們永遠不會那麼做。

Now that said, we will continue to build more tools to facilitate that. We'll make it easier for others to do. If we can tee up a number of other AI companies to do that, we will. And I do think that there's tons of opportunity for efficiencies to be cleaned. I do think the inefficiencies of the supply chain of programmatic are one of the biggest bottlenecks to the open Internet itself growing, and that's something we're incredibly focused on fixing for the betterment of the entire ecosystem.

話雖如此，我們會持續打造更多工具來促成這件事。我們會讓其他人更容易去做。如果我們能協助一批其他 AI 公司去做，我們也會。而且我確實認為，有大量機會可以把效率問題清理掉。我也確實認為，程式化供應鏈的低效率是開放網際網路自身成長的最大瓶頸之一，而我們正非常專注於修正它，以改善整個生態系。

That is one of the reasons why moments like this where there are macro headwinds that we're very focused on making those changes because now is the moment where you can. And that's also part of the reason why 2026 is a year of disciplined reinvestment for us. Thanks.

這也是為什麼在像現在這樣、面臨總體逆風的時刻，我們會非常專注於推動這些改變，因為現在正是你能做的時機。這也部分解釋了為什麼 2026 年對我們而言是「有紀律的再投資」之年。謝謝。

Jessica Reif Ehrlich, Bank of America.

Jessica Reif Ehrlich，美國銀行。

Jeff, you said earlier in the call in your prepared remarks, you mentioned the partnership with Stagwell. And it just seems like you wouldn't have brought that up as it wasn't important. So I know it's early days, but when do you think Agentic trading will become the dominant dynamic in programmatic media? And how will the Trade Desk be impacted by this?

Jeff，你在電話會議稍早、在事先準備的發言中提到與 Stagwell 的合作夥伴關係。看起來如果那不重要，你也不會特別提。所以我知道現在還在早期階段，但你認為 Agentic 交易何時會成為程式化媒體的主導動態？而 Trade Desk 會如何受到影響？

Thanks. Yeah. First, I'd like the way you were investing because it gives me an opportunity to just correct it just a little bit. Because I do think there is often a mindset of if your company is older than five years old and you think that you'll be impacted by AI instead of leading it. We fundamentally believe that we'll lead the Agentic revolution. I do believe that that word is not overstating it on programmatic advertising.

謝謝。是的。首先，我喜歡你提到我們投資方式的說法，因為這讓我有機會稍微更正一下。因為我確實認為，常見的一種心態是：如果你的公司成立超過五年，你就會被 AI 影響，而不是去領導它。我們從根本上相信，我們將引領 Agentic 革命。我確實相信，在程式化廣告上用這個詞並不算誇大。

I've said on a number of stages in our industry recently that I don't think there is an industry in the world that is better suited to be upgraded from Agentic AI than programmatic advertising. So I do think programmatic will benefit tremendously from Agentic. I do think AI, in general, is changing the world, and we are still in the very early phases of that.

我最近在我們產業的多個場合都說過，我不認為世界上有哪個產業比程式化廣告更適合透過 Agentic AI 來升級。所以我確實認為，程式化將從 Agentic 中獲得巨大的好處。我也確實認為，AI 整體正在改變世界，而我們仍處於非常早期的階段。

What that will look like, though, is a little bit different than the way I think you're hearing most companies in our space talk about Agentic AI. Most companies that are focused on Agentic in our space are just talking about plugging into these tiny pools of inventory, one advertiser connects to one publisher. And in doing so, you more or less create another ad network where you have hundreds of thousands of ad networks because of the combination of one advertiser to one publisher and agents talking to each other and it gets rid of the opportunity for you to look at everything at once and then make holistic decisions and compare all of those.

不過，那會呈現的樣貌，會和我認為你聽到我們領域多數公司談論 Agentic AI 的方式有些不同。我們領域中多數專注於 Agentic 的公司，只是在談把系統接到這些很小的庫存池：一個廣告主連到一個出版商。而這麼做，你或多或少就又創造出另一個廣告聯播網；因為「一個廣告主對一個出版商」再加上代理彼此對話的組合，會讓你產生數十萬個廣告聯播網，並且消除你同時檢視全局、做出整體決策並比較所有選項的機會。

That's part of the reason also in the prepared remarks that we talked about why it's so important to look at all of the QPS that we do and to maintain decisioning so that you can look at those currently 20 million ad opportunities every single second, and then choose carefully the 300 or 400 that the biggest brands in the world should be buying. So Agentic will facilitate that.

這也是為什麼我們在事先準備的發言中談到：為何檢視我們所處理的所有 QPS 並維持決策能力如此重要，讓你能在每一秒鐘檢視目前 2,000 萬個廣告機會，然後謹慎地挑選出全世界最大品牌應該購買的 300 或 400 個。所以 Agentic 會促成這件事。

One of the things that our industry has been hurt by is that when a campaign needs to move from $500,000 to $1 million, you can immediately be faced with thousands of potential ways to expand your campaign. In order to even execute the buy, you need to change your frequency caps. How many times per day do you show the ad or your targeting parameters. I need to show it to a new group of users than what I was before at 500,000.

我們產業一直受傷的一點是：當一個活動需要從 50 萬美元擴大到 100 萬美元時，你立刻會面臨成千上萬種可能的擴量方式。為了甚至能執行這筆採買，你需要調整你的頻次上限。也就是你一天要展示幾次廣告，或是你的定向參數。我需要把廣告展示給一個新的使用者族群，而不是先前在 50 萬美元時的那群。

There are so many variables in terms of new ways that you could spend that incremental money that you're faced with an overwhelming number of decisions. One simple way to explain Agentic AI is that it's a layer on top of the API that can reason, or said simply, an API that can reason while simultaneously creating productivity. So what we started with Stagwell is the ability to create and edit campaigns in the most basic form. That will, of course, evolve into optimization.

在你可以用來花掉那筆新增預算的新方式上，變數實在太多，你會面臨壓倒性的決策數量。解釋 Agentic AI 的一個簡單方式是：它是在 API 之上的一層，能夠推理；或更簡單地說，是一個能推理、同時提升生產力的 API。所以我們與 Stagwell 的起步，是先具備以最基本形式建立與編輯活動的能力。當然，這會進一步演進到最佳化。

But the Agentic layer can help reason with -- if you're expanding the campaign, there's a whole bunch of ways to do it. Let's talk about the ways that we can help you do that optimally. And Agentic, I think, can help that process that has been overwhelming for users for really the inception of digital advertising or since the inception of digital advertising. So it represents an opportunity to scale and be more productive and more effective that I'm not sure we would have gotten there nearly as fast without the rise of Agentic. So I'm just super excited about what that represents for our space.

但 Agentic 這一層可以協助推理——如果你要擴大活動，有一大堆方式可以做。我們來談談有哪些方式能幫你以最佳方式做到。而我認為 Agentic 能幫助這個流程；這個流程自數位廣告誕生以來、或說自數位廣告開始以來，就一直讓使用者感到不堪負荷。因此，它代表了一個能夠擴大規模、提升生產力並更有效的機會；如果沒有 Agentic 的興起，我不確定我們能否這麼快走到這一步。所以我對它為我們領域所代表的意義感到非常興奮。

Jessica, thanks for the question.

Jessica，謝謝你的提問。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Just want to follow up on that and then have a quick yes-or-no question. So Jeff, this is the yes-or-no question. Is the path to Agentic more about solving the technology or getting the right kind of commercial terms with the Agentic platforms or both? So feel free to -- however detail you want to get in that.

我想就此追問一下，然後再問一個很快的是非題。所以 Jeff，這個是非題是：通往 Agentic 的路徑，更多是在解決技術問題，還是要與 Agentic 平台談到合適的商業條款，或兩者皆是？所以你可以——想講多細都可以。

And then the kind of the yes-or-no question, do the record JVP signings in March have anything to do with the kind of previously discussed agency disagreements? Thanks.

然後再來是那個是非題：3 月創紀錄的 JVP 簽約，是否與先前討論過的代理商分歧有任何關係？謝謝。

So I think on your first question, if I understand it correctly, the opportunity for Agentic is really to make optimizations and campaigns perform better. I think the optimization questions, which are much more about the variables and how you engage in the transaction are more of the issue being solved than the commercial terms, so to speak. So I think there will be a lot of frameworks that are decided beforehand, and then we'll repeat that using agents, millions, billions, even trillions of time subsequently.

所以我想就你的第一個問題，如果我理解正確，Agentic 的機會主要在於讓最佳化與活動表現更好。我認為最佳化的問題——更關乎變數，以及你如何在交易中互動——相較於所謂的商業條款，是更需要被解決的議題。所以我認為會有很多框架先被事先決定好，然後我們會用代理在之後重複執行數百萬、數十億，甚至數兆次。

As it relates to the JVPs, I can't really comment on whether it's relevant or not, any of agency discussions that we've had. But we're optimistic about the continued agency discussions that we are having.

至於 JVP，我無法真正評論它是否與我們曾有過的任何代理商討論相關。但我們對於正在進行的代理商討論仍抱持樂觀。

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

今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。