Trade Desk Inc (TTD) 2026 Q2 法說會逐字稿

Greetings. Welcome to The Trade Desk Inc. second-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 年第二季財報電話會議。(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. You may begin.

現在我將把會議交給主持人 Chris Toth。您可以開始了。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk second-quarter 2026 earnings conference call. On the call today are CEO and Co-Founder, Jeff Green; and our new Chief Financial Officer, Nate Olmstead. A copy of our earnings press release is available on our website in the Investor Relations section at thetradedesk.com.

謝謝，接線員。各位好，下午好。歡迎參加 The Trade Desk 2026 年第二季財報電話會議。今天與會者包括執行長暨共同創辦人 Jeff Green，以及我們新任財務長 Nate Olmstead。我們的財報新聞稿可於 thetradedesk.com 網站「投資人關係」專區取得。

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.

請注意，除歷史資訊外，今天的討論以及我們在問答環節中的回覆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。實際結果可能有重大差異，我們亦明確聲明不負有更新今日所作前瞻性陳述之任何義務。

If any of our beliefs or assumptions prove incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. For a detailed discussion of risks, please refer to the risk factors mentioned in our press release, in 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，以及我們最近向美國證券交易委員會（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，在 GAAP 結果之外一併呈現這些非 GAAP 指標，能更全面地反映公司的營運表現。

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暨共同創辦人 Jeff Green。Jeff？

Thanks, and good afternoon, everyone. Thank you for joining us. I want to start by sharing some of the same perspectives that I've shared with our team over the past several weeks.

謝謝，各位下午好。感謝各位加入我們。我想先分享一些我在過去幾週與團隊分享過的觀點。

Next month, we will celebrate 10 years as a public company. Over that time, we have grown revenue at roughly a 34% CAGR. Our annual net income has increased 20x and our team has grown from just over 400 people at the time of our IPO to thousands.

下個月，我們將慶祝成為上市公司滿 10 週年。在這段期間，我們的營收以約 34% 的年複合成長率（CAGR）成長。我們的年度淨利增加了 20 倍，團隊規模也從 IPO 時的 400 多人，成長到數千人。

Over the last 16 years, The Trade Desk has made a number of industry-changing accomplishments yet throughout that entire time, we have always tried to learn as much from our mistakes as we do from our successes. We spend a lot of time at Trade Desk reviewing the pivotal decisions that we've made over the years, understanding what worked and what didn't and how we can become a better company. As we continue to map out plans to grow our position and improve our revenue growth, we reflect on what we have learned from past quarters and especially from this last one.

在過去 16 年裡，The Trade Desk 取得了多項改變產業的成就；然而在這整段期間，我們始終努力從錯誤中學習，並不亞於從成功中學習。在 Trade Desk，我們花很多時間回顧多年來所做的關鍵決策，理解哪些有效、哪些無效，以及我們如何成為一家更好的公司。在我們持續規劃如何擴大我們的地位並提升營收成長之際，我們也反思從過去幾季、尤其是上一季所學到的經驗。

Our revenue growth is below our expectations and below the standard we hold ourselves to. These numbers are not a reflection of our company or the long-term opportunity in front of us. We underperformed our own expectations for two main reasons.

我們的營收成長低於我們的預期，也低於我們對自己的標準。這些數字並不代表我們公司的本質，也不代表我們面前的長期機會。我們未達自身預期主要有兩個原因。

First, the macro conditions have made it more difficult for some of the world's largest brands to grow. Of course, this is bigger than advertising, and it's bigger than our company. In this economic environment, there are pressures on lower-income consumers. As a result, some affected advertisers have become more focused on buying cheap media rather than the best media.

第一，總體環境使得全球一些最大品牌更難實現成長。當然，這不僅僅是廣告層面的問題，也不僅僅是我們公司的問題。在這樣的經濟環境下，低收入消費者面臨壓力。因此，一些受影響的廣告主更專注於購買便宜媒體，而不是最好的媒體。

Secondly, we didn't execute as well as we could have, which I'll elaborate on in just a minute.

第二，我們的執行表現沒有做到最好，我稍後會再詳細說明。

But first, I'll start with the macro. We continue to see a unique blend of macro pressures on several categories of advertising. Of course, our business is very unique among the large advertising focused platforms. Our business is largely a sophisticated buying platform for the biggest brands and advertisers.

但首先，我先從總體環境談起。我們持續看到多個廣告類別面臨一種獨特的總體壓力組合。當然，在大型、以廣告為核心的平台之中，我們的業務非常獨特。我們的業務主要是一個面向最大品牌與廣告主的高階採買平台。

Almost all of the spend on our platform comes from large Fortune 500 companies and their brands. Over the long term, our focus on large advertisers is both a strength and a moat. We have partnered with the biggest, most resilient and most loved brands in the world. Nevertheless, some of them are experiencing difficult times right now.

我們平台上的支出幾乎全部來自大型《財富》500 強企業及其品牌。長期而言，我們聚焦大型廣告主既是優勢，也是護城河。我們與全球最大、最具韌性、最受喜愛的品牌合作。然而，其中一些品牌目前正經歷艱難時期。

All of our customers are operating in a fundamentally different environment than they were even a year ago. CPGs and FMCGs are experiencing unique pressures. These categories were once the biggest in advertising and they are still one of the biggest.

我們所有客戶所處的環境，與即便一年前相比都已根本不同。民生消費品（CPG）與快速消費品（FMCG）正承受獨特壓力。這些類別曾是廣告投放中最大的類別，如今仍是最大的類別之一。

P&G has described the environment as volatile and challenging and recently stated on their earnings call. We anticipate continued pressure from commodity and related costs to the crisis in the Middle East. If the conflict eases and oil comes down, trade lanes open up. That will help. If it goes the other way, it will hurt.

寶僑（P&G）將當前環境形容為波動且充滿挑戰，並在近期的財報電話會議上表示：我們預期大宗商品及相關成本將持續帶來壓力，並受到中東危機影響。如果衝突緩和、油價下跌、貿易航道重新開放，那將有所幫助。若情勢朝相反方向發展，則會造成傷害。

CPGs and autos are two of the sectors of the economy that are most overrepresented on our platform. Around 25% of our business is generated by those two categories alone. Autos and CPG have both been set back by tariffs and oil prices.

民生消費品（CPG）與汽車是我們平台上占比明顯偏高的兩個經濟部門。僅這兩個類別就約占我們業務的 25%。汽車與 CPG 都受到關稅與油價的衝擊而受挫。

General Motors described a multibillion dollar impact from tariffs in addition to plans to onshore production to avoid future tariff risk. Both of these categories of advertisers almost unanimously have described the change in the macro, where the consumer wealth bifurcation is creating the squeeze on their customers that is highly uneven consumer behavior, where the high-income consumers are doing well and the lower income consumers are not. For CPGs, this is causing change across everything from packaging to advertising allocation, promotion strategy, and, of course, go to market.

通用汽車（General Motors）指出，關稅帶來數十億美元的影響，並且規劃將生產移回本土，以避免未來的關稅風險。這兩類廣告主幾乎一致地描述了總體環境的變化：消費者財富的兩極分化正在擠壓其客戶，導致高度不均的消費行為——高收入消費者表現良好，而低收入消費者則不然。對 CPG 而言，這正引發從包裝到廣告預算配置、促銷策略，乃至於當然還包括上市（go-to-market）策略的全面變化。

This uneven consumer pressure is impacting autos remarkably. Both Ford and General Motors highlighted in recent earnings report, the growing dependence of auto sales on affluent consumers. And industry research from Oxford Economics shows earners in the top 20% of households currently represent more than 50% of new vehicle sales.

這種不均的消費者壓力對汽車產業的影響尤為顯著。福特（Ford）與通用汽車（General Motors）在近期財報中都強調，汽車銷售對富裕消費者的依賴正在增加。而牛津經濟研究院（Oxford Economics）的產業研究顯示，家庭收入前 20% 的族群目前占新車銷售的 50% 以上。

Both categories are having to create new approaches to advertising. In some cases, budgets have been temporarily reduced as they formulate new plans to go to market. In other cases, some brands are falling prey to low-cost, low decisioning methods like programmatic guaranteed and fixed price. Doing so essentially means buyers will give away their decisioning in a great buyer's market to the sellers in exchange for lower cost of transactions.

這兩個類別都必須建立新的廣告方法。在某些情況下，當他們制定新的上市計畫時，預算已被暫時下調。在其他情況下，一些品牌正落入低成本、低決策（low decisioning）的方法，例如程式化保證（programmatic guaranteed）與固定價格（fixed price）。這麼做本質上意味著，在一個對買方非常有利的市場中，買方為了降低交易成本，將其決策權讓渡給賣方。

This approach is often deliberately shortsighted. Still, we continue to see the growing market leaders in every category optimized for business outcomes, not simply the lowest cost buying platform or the lowest cost media. It is important not to overstate the impact of these dynamics on our business.

這種做法往往是刻意的短視。儘管如此，我們仍持續看到各品類中成長中的市場領導者，會以商業成果為最佳化目標，而不只是追求最低成本的採買平台或最低成本媒體。重要的是，不應誇大這些動態對我們業務的影響。

While these are affecting some of our largest categories and clients, most of our clients are performing well and growing. In fact, many categories are experiencing secular tailwinds; financial services, some parts of technology and pharma are growing well and thriving. And we are seeing most of the leading brands in those categories deepen their partnerships with us.

雖然這些因素正在影響我們部分最大的類別與客戶，但我們的大多數客戶表現良好並持續成長。事實上，許多類別正受惠於長期結構性順風；金融服務、部分科技以及製藥領域都在良好成長並蓬勃發展。我們也看到這些類別中的多數領導品牌正在加深與我們的合作夥伴關係。

One of the leading indicators we watch most closely is our joint business plans, or JBPs. We have JBPs with 217 clients as of Q2, representing 38% growth year over year. Most importantly, revenue under JBPs grew at a rate of 6 times higher than overall revenue.

我們最密切關注的領先指標之一，是我們的聯合業務計畫（Joint Business Plans，簡稱 JBP）。截至第二季，我們與 217 位客戶建立了 JBP，年增 38%。更重要的是，JBP 之下的營收成長速度是整體營收的 6 倍。

JBPs are much more than commercial agreements. They create a structured framework for brands, their agencies and The Trade Desk to plan, innovate and measure success together. These partnerships grow faster than the rest of our business because they're built on long-term alignment rather than just individual campaigns.

JBP 遠不只是商業協議。它們為品牌、其代理商與 The Trade Desk 建立一個結構化框架，以便共同規劃、創新並衡量成功。這些合作夥伴關係之所以比我們其他業務成長更快，是因為它們建立在長期一致的目標上，而不僅僅是單一活動。

Additionally, the majority of our top 100 accounts are growing double digits year over year. Outside of our top 500 advertisers, the remainder are growing over 50% year over year, year to date, which represents green shoots from smaller, up-and-coming and challenger brands.

此外，我們前 100 大客戶中，多數年增皆達雙位數。在前 500 大廣告主之外，其餘客戶今年迄今的年增超過 50%，這代表來自較小、正在崛起以及挑戰者品牌的成長新芽。

Our EMEA and APAC regions both have grown almost 30% year to date. China is growing over 100% year to date. Some of our clients are experiencing headwinds, but the majority are growing. Even in CPGs and autos, about half of them are growing very well with us, even if they are all experiencing cyclical pressures.

我們的 EMEA 與 APAC 兩個區域今年迄今皆成長近 30%。中國今年迄今成長超過 100%。部分客戶正面臨逆風，但大多數仍在成長。即使在民生消費品（CPG）與汽車等類別中，約有一半的客戶與我們合作仍成長非常良好，儘管他們都正承受景氣循環壓力。

While there are unique macro pressures, we are very focused on the things that we can control and we continue to grow our customer base, including high growth among midsized businesses and agencies. Starting with our product, I'm extremely excited about our road map and the innovations we are building to make media buying better. We say all the time that every product we ship has to be better for our clients. It has to be better for us and our shareholders, and it has to be better for the ecosystem.

儘管存在一些獨特的總體壓力，我們仍非常專注於我們可控的事項，並持續擴大客戶基礎，包括中型企業與代理商的高速成長。從產品開始，我對我們的產品路線圖以及我們正在打造、用以改善媒體採買的創新感到非常興奮。我們一直強調，我們推出的每一項產品都必須讓客戶受益更多。它必須對我們與股東更好，也必須對整個生態系更好。

Through that lens, let me share a few of our plans, starting with the products that we are pointing at what might be the biggest problem in our industry, measurement. Real brand building which is required for categories like autos and CPGs cannot thrive while measurement standards are broken. As long as last click and last view are the standard of measurement, brands will struggle to understand what drives their growth and the most premium parts of the open Internet will always look expensive and ineffective.

基於這個視角，讓我分享幾項計畫，先從我們正著力解決、可能是本產業最大問題的產品開始：衡量（measurement）。對於汽車與民生消費品等類別所需的真正品牌建設，在衡量標準失靈的情況下無法蓬勃發展。只要「最後點擊」與「最後曝光」仍是衡量標準，品牌就難以理解是什麼驅動其成長，而開放網際網路中最優質的部分也將永遠看起來昂貴且無效。

Our new measurement framework, which is currently in alpha, is designed to more fairly assign value across the entire customer journey, giving marketers greater confidence in where their advertising is creating incremental business results, whether that's in the top of the funnel or at the bottom. This is not a problem we can tackle alone, which is why we're working in close partnership with some of the largest media companies, the largest measurement companies and the largest data companies to bring it to life.

我們新的衡量框架目前處於 alpha 階段，其設計目標是在整個顧客旅程中更公平地分配價值，讓行銷人員更有信心判斷其廣告在哪些位置創造了增量的商業成果，無論是在漏斗上層或下層。這不是我們能單獨解決的問題，因此我們正與一些最大的媒體公司、最大的衡量公司以及最大的數據公司緊密合作，將其落地實現。

Secondly, we are ramping up Audience Unlimited. Audience Unlimited dramatically simplifies how marketers discover and activate third-party data. Instead of navigating millions of segments and manually analyzing potential impact, marketers leverage AI models with their own proprietary data to select data. Our new pricing approach with this product makes it so that price becomes a non-issue.

第二，我們正在加速推進 Audience Unlimited。Audience Unlimited 大幅簡化行銷人員探索並啟用第三方數據的方式。行銷人員不必再在數百萬個受眾分群中穿梭並手動分析可能影響，而是運用 AI 模型結合其自有的專有數據來選擇數據。我們針對此產品的新定價方式，讓價格不再成為問題。

We are essentially doing to data what Spotify has done to music. We are creating an all-you-can-eat system that makes it easier to apply more data for a simple subscription percentage. As Audience Unlimited moves to open beta, we are seeing very encouraging results.

我們本質上是在對數據做 Spotify 對音樂所做的事。我們正在打造一個「吃到飽」系統，讓使用者以簡單的訂閱比例更容易套用更多數據。隨著 Audience Unlimited 進入公開 beta，我們看到非常令人鼓舞的成果。

In a recent campaign, a global advertiser used Audience Unlimited to reach incremental households more efficiently. Compared with a prior campaign, the advertiser reduced its cost per unique household and also reduced its data CPM. Both reductions were more than 25%, demonstrating the potential of AU to improve efficiency as we roll this out to new customers.

在近期的一個活動中，一家全球廣告主使用 Audience Unlimited 更有效率地觸及增量家庭戶。與先前的活動相比，該廣告主降低了每個獨立家庭戶的成本，也降低了其數據 CPM。兩項降幅都超過 25%，顯示 AU 在我們推廣至新客戶時提升效率的潛力。

Lastly, on the product front, later this month, we will launch a significant upgrade focus on platform usability. We're calling this version, Zuma. We are enhancing navigation, streamlining workflows and troubleshooting and delivering a more intuitive user experience from end to end. This upgrade improves workflow efficiency, leverages even more AI, enhances design and improves the dialogue between human and machine.

最後，在產品方面，本月稍晚我們將推出一項重大升級，聚焦於平台可用性。我們將這個版本命名為 Zuma。我們正在強化導覽、精簡工作流程與疑難排解，並提供端到端更直覺的使用者體驗。此升級可提升流程效率、運用更多 AI、強化設計，並改善人與機器之間的互動對話。

We are listening to our clients and responding with innovative upgrades at a faster pace than we have been in years. Ultimately, with success in measurement, and Audience Unlimited and Zuma's upgrades, it will be easier to demonstrate the value of decision buying, which directly drives revenue growth. Furthermore, we will win more hearts and minds among CMOs and the upper ranks of the largest advertisers and agencies. This is how we help create universal understanding at every level of our clients' company about the difference between buying based on price and buying based on value.

我們正在傾聽客戶，並以比過去多年更快的速度回應、推出創新升級。最終，隨著衡量的成功、Audience Unlimited 以及 Zuma 的升級，將更容易展現決策式採買（decision buying）的價值，而這會直接帶動營收成長。此外，我們也將在 CMO 以及最大廣告主與代理商的高階管理層中贏得更多認同。這就是我們如何在客戶公司各層級建立普遍理解：以價格為基礎的採買與以價值為基礎的採買之間的差異。

Some of our competitors, big and small, have been focused on producing products for programmatic guaranteed, fixed price transactions and simple deals with approaches that do not leverage buyer decisions. Some are even wrapping these agentic technologies. They argue that their cheap fee will compensate for their lack of objectivity and their decisions that favor publishers rather than the buyer who is footing the bill. These approaches look more like ad networks of 2006, then reflect the progress that our industry has made in the last 20 years.

我們的一些競爭對手，不論規模大小，都專注於為程式化保證（programmatic guaranteed）、固定價格交易與簡單交易打造產品，而其方法並未運用買方決策。有些甚至只是把這些代理式（agentic）技術包裝起來。他們主張其低廉費用可以彌補缺乏客觀性，以及其決策偏向出版商而非實際買單的買方。這些做法看起來更像 2006 年的廣告聯播網，而非反映我們產業過去 20 年所取得的進步。

Decision buying and programmatic guaranteed are fundamentally different products. Programmatic guaranteed can solve for certainty, simplicity and upfront price but decision buying optimizes for the highest business outcomes utilizing data, measurement and real-time optimization. We are focused on the latter.

決策式採買與程式化保證在本質上是截然不同的產品。程式化保證可以解決確定性、簡單性與事前價格，但決策式採買則運用數據、衡量與即時最佳化，以最高的商業成果為優先進行最佳化。我們專注於後者。

The encouraging part is that periods like these create opportunities for change. The world's most sophisticated marketers don't simply look for lower prices. They become more deliberate and they ask better questions. They demand better measurement. They focus on outcomes rather than inputs. And when marketers become more data driven, The Trade Desk creates even more value for our customers, which are the biggest brands and the biggest agencies in the world.

令人鼓舞的是，像這樣的時期會創造改變的機會。全球最成熟的行銷人員不會只是尋找更低的價格。他們會更審慎，並提出更好的問題。他們要求更好的衡量。他們聚焦於成果而非投入。而當行銷人員變得更數據驅動時，The Trade Desk 就能為我們的客戶——也就是全球最大的品牌與最大的代理商——創造更多價值。

The success of our platform is in our control, and we are in the lead. We have the most premium and sophisticated buying platform in the space. Our goal isn't simply to support media execution. It's to continue being a strategic business partner to the world's leading marketers.

我們平台的成功掌握在我們手中，而我們正處於領先地位。我們擁有此領域最優質、最成熟的採買平台。我們的目標不只是支援媒體執行。而是持續成為全球領先行銷人員的策略性商業夥伴。

Lastly, we brought in a number of new leaders to help take this company to the next level, leaders like Vivek Kundra, our COO; Nate Olmstead, our CFO; Kristi Argyilan, our Chief Commercial Officer. Ron Lamprecht, our Chief Business Development Officer; Sarah Gavin, our CMO; or Vinny Rinaldi, our VP of Client Strategy and Growth. We've also added some amazing industry leaders to our Board. We have enhanced dramatically our company's leadership in the last few quarters, especially this last one.

最後，我們引進了多位新領導者，協助公司邁向下一個層級，例如我們的營運長 Vivek Kundra；財務長 Nate Olmstead；首席商務長 Kristi Argyilan。首席業務發展長 Ron Lamprecht；行銷長 Sarah Gavin；以及客戶策略與成長副總裁 Vinny Rinaldi。我們也在董事會新增了幾位傑出的產業領袖。在過去幾個季度，尤其是最近這一季，我們大幅強化了公司的領導團隊。

These leaders have built and scaled organizations much larger than ours. They bring operational discipline fresh perspectives and deep experience partnering with senior business leaders around the world. Just as importantly, they bring a willingness to challenge assumptions, including my on.

這些領導者曾建立並擴張過規模遠大於我們的組織。他們帶來營運紀律、嶄新觀點，以及與全球各地資深商業領袖合作的深厚經驗。同樣重要的是，他們也願意挑戰既有假設，包括我自己的假設。

But building a better company doesn't stop with our executive team. Over the past year, we have also invested heavily in strengthening the leaders throughout our commercial organization. We've recruited hundreds of experienced general managers, vice presidents, and customer-facing leaders who know how to build strategic relationships with the world's largest brands and agencies. That reflects an important evolution in how we go to market as marketing decisions increasingly move higher up in the organization at times even into the C-Suite and executive ranks of global advertisers and of course, we have to meet our customers where those decisions are being made.

但打造一家更好的公司，並不止於我們的高階主管團隊。在過去一年，我們也大幅投資於強化整個商業組織各層級的領導團隊。我們招募了數百位具經驗的總經理、副總裁與面向客戶的領導者，他們知道如何與全球最大品牌與代理商建立策略性關係。這反映了我們市場進入策略的一項重要演進：隨著行銷決策愈來愈常上移到組織更高層級，有時甚至進入全球廣告主的 C-Suite 與高階主管層級，當然，我們必須在客戶做出這些決策的地方與他們對接。

Before I conclude, I want to spend a minute talking about why I remain so excited about the opportunity in front of us. Today, we estimate the global advertising market approaches $1 trillion annually. Even after everything we've accomplished, we believe we participate in only about 1% of that opportunity.

在我結束之前，我想花一分鐘談談為什麼我仍然對眼前的機會感到如此振奮。今天，我們估計全球廣告市場每年接近 1 兆美元。即使在我們已經完成的一切之後，我們仍相信自己只參與了其中約 1% 的機會。

What makes me most excited isn't simply the size of the market or the TAM that remains. It's how the market itself is changing. For years, search has largely been defined by a single dominant platform. Data is beginning to change as LLM reshape how consumers discover information, we expect a much more competitive landscape to emerge.

最令我興奮的，不只是市場規模或仍然存在的 TAM。而是市場本身正在如何改變。多年來，搜尋在很大程度上一直由單一主導平台所定義。隨著 LLM 重塑消費者發現資訊的方式，資料正開始改變這一切，我們預期將出現更具競爭性的市場格局。

Just as Connected TV expanded opportunity by creating more premium inventory and more choice, AI has the potential to expand the addressable market for digital advertising by creating entirely new surfaces for marketers to engage consumers and give more competition to market share that was once locked in traditional search marketing. AI is creating exponentially more data, more choices and of course, more complexity.

正如連網電視（Connected TV）透過創造更多高品質庫存與更多選擇而擴大機會，AI 也有潛力透過創造全新的觸點，讓行銷人員與消費者互動，進而擴大數位廣告的可觸及市場，並為過去被傳統搜尋行銷鎖定的市占帶來更多競爭。AI 正以指數級創造更多資料、更多選擇，當然也帶來更多複雜性。

In the new AI world, our decisioning capabilities are better than ever. They're fueled by AI and objective decisioning is even more valuable.

在新的 AI 世界裡，我們的決策能力比以往任何時候都更強。它們由 AI 驅動，而客觀決策的價值也更加凸顯。

Brands don't need another platform trying to sell them media. They need a platform that can evaluate the millions of opportunities available every second on the Internet and objectively help them make better decisions. That's exactly what we've been building since the day we founded The Trade Desk. Our objectivity also makes us a better partner.

品牌不需要另一個試圖向他們販售媒體的平台。他們需要的是一個能夠評估網際網路上每秒出現的數百萬個機會，並以客觀方式協助他們做出更好決策的平台。這正是我們自 The Trade Desk 創立之日起一直在打造的。我們的客觀性也讓我們成為更好的合作夥伴。

As more of our competitors prioritize their own owned and operated inventory, our independence becomes even more valuable to advertisers, publishers, retailers and technology partners alike in the long term. That's one of the reasons why our partnerships continue to deepen.

當更多競爭對手優先推動其自有與自營（owned and operated）的庫存時，從長期來看，我們的獨立性對廣告主、出版商、零售商與技術合作夥伴而言都更具價值。這也是我們合作關係持續深化的原因之一。

Today, we work with many of the world's leading media companies, including Disney, Netflix, NBCUniversal, FOX, Paramount, Spotify and News Corp. We also partner with the infrastructure of the open Internet through companies like Snowflake, Databricks, LiveRamp and Hightouch, helping brands activate their data wherever it creates the most value. For most of them, we are among, if not the largest programmatic partner. We got to this place by minimizing the conflict of interest and creating clear mutually beneficial partnerships.

今天，我們與全球許多領先的媒體公司合作，包括 Disney、Netflix、NBCUniversal、FOX、Paramount、Spotify 與 News Corp。我們也透過 Snowflake、Databricks、LiveRamp 與 Hightouch 等公司，與開放網際網路的基礎設施合作，協助品牌在最能創造價值的地方啟用其資料。對其中多數合作夥伴而言，我們是其最大、或至少是最大之一的程式化合作夥伴。我們能走到今天，是因為我們將利益衝突降到最低，並建立清晰、互利共贏的合作關係。

The same is true in retail media, participating retailers on our platform now represent more than 80% of US retail sales. This includes our recently renewed partnership with Walmart, the largest retailer in the world. We believe our objectivity uniquely positions us to help retailers collaborate with brands in ways that vertically integrated competitors simply cannot.

在零售媒體方面也是如此：我們平台上的參與零售商如今代表了美國零售銷售額的 80% 以上。其中包括我們近期續約的合作夥伴 Walmart——全球最大的零售商。我們相信，我們的客觀性使我們具備獨特優勢，能以垂直整合的競爭對手根本無法做到的方式，協助零售商與品牌展開合作。

We are also seeing this modernization play out globally. Our investments across Europe and APAC and other major international markets are creating new opportunities as global brands increasingly adopt data-driven decision advertising. Most importantly, our customers are telling us that this strategy is working.

我們也看到這股現代化趨勢正在全球上演。我們在歐洲、亞太（APAC）及其他主要國際市場的投資，正創造新的機會，因為全球品牌愈來愈採用以資料驅動決策的廣告方式。最重要的是，我們的客戶正在告訴我們，這項策略正在奏效。

General Mills is a great example. They recently ran a campaign for its Nature Valley brand in the UK. They were interested in pairing retail data and real-time optimizations to measure the impact on sales and return on ad spend. The campaign used retail data from Tesco, Sainsbury's and Ocado as well as in-flight COA AI optimization, predictive clearing and cross-device targeting.

General Mills 就是一個很好的例子。他們最近在英國為旗下 Nature Valley 品牌投放了一個行銷活動。他們希望結合零售資料與即時最佳化，以衡量對銷售與廣告投資報酬（ROAS）的影響。該活動使用了來自 Tesco、Sainsbury's 與 Ocado 的零售資料，以及投放中的 COA AI 最佳化、預測式清算（predictive clearing）與跨裝置定向。

Over four months, the campaign drove a 5x uplift in sales, a 92% lower CPM compared with the benchmark and a 2x ROAs improvement versus without using retail data. This is a great example of a leading global brand, embracing AI and decisioning to drive more outcomes for their business.

在四個月內，該活動帶動銷售提升 5 倍，CPM 較基準低 92%，且相較於未使用零售資料時，ROAS 提升 2 倍。這是全球領先品牌擁抱 AI 與決策能力，以為其業務帶來更多成果的絕佳例證。

When I think about everything that we've discussed today, that's ultimately what gives me confidence. The market opportunity is expanding. Our competitive advantages are becoming more relevant. Our partnerships are becoming deeper and our customers are increasingly choose to build their brands for the long term using our platform in a market with more pressures, objectivity matters more.

當我回顧我們今天討論的一切，最終讓我有信心的正是這些。市場機會正在擴大。我們的競爭優勢正變得更具關聯性。我們的合作關係正變得更深，而我們的客戶也愈來愈選擇在壓力更大的市場中，使用我們的平台來長期打造品牌；在這樣的環境下，客觀性變得更重要。

Let me conclude by saying this. While we have some near-term challenges, my conviction about The Trade Desk has never been stronger. Our team, our business model and our partners keep getting better for the opportunity ahead.

最後我想這麼說。儘管我們面臨一些短期挑戰，我對 The Trade Desk 的信念從未如此堅定。我們的團隊、商業模式與合作夥伴，都在為前方的機會持續變得更好。

Digital advertising continues to gain share globally. Connected TV continues to shape the largest media market in the world. Retail Media continues to mature and expand, AI will create entirely new ways for marketers to use data and drive growth. And as advertising becomes more measurable, more open and more data driven, the value we deliver becomes even greater.

數位廣告在全球持續提升市占。連網電視（Connected TV）持續塑造全球最大的媒體市場。零售媒體持續成熟並擴張，AI 將為行銷人員創造全新的方式來運用資料並推動成長。而隨著廣告變得更可衡量、更開放且更以資料驅動，我們所交付的價值也將更為提升。

None of that changes today's results, but it enforces my confidence that we're focusing on the right opportunities and making the right long-term investments. Over the rest of the year and into 2027 we're going to be more disciplined than ever about where we invest. We'll focus our resources on a small number of high-priority growth initiatives where we believe we can create the greatest long-term value for our clients and our shareholders. That means some teams will continue to grow while others will not.

這些都不會改變今天的結果，但它強化了我的信心：我們正聚焦在正確的機會上，並做出正確的長期投資。在今年剩餘時間以及一路到 2027 年，我們將以前所未有的紀律來決定投資方向。我們會把資源聚焦在少數幾項高優先級的成長計畫上，在這些領域我們相信能為客戶與股東創造最大的長期價值。這意味著有些團隊將持續成長，而另一些則不會。

Every investment we make will be measured against a simple question. Does it strengthen our ability to serve our customers and drive long-term growth? If the answer is yes, we'll invest aggressively. If not, we'll reduce those resources to higher impact opportunities.

我們所做的每一項投資，都將以一個簡單問題來衡量。它是否強化我們服務客戶並推動長期成長的能力？如果答案是肯定的，我們將積極投資。如果不是，我們將把這些資源縮減並轉向更高影響力的機會。

Over the coming quarters, you'll see these priorities reflected in how we execute. You'll see us continue to make our platform easier to use, while expanding its capability through agentic workflows. You'll see Audience Unlimited in our measurement framework, help advertisers connect more of their spending to business outcomes. And you will see our commercial strategy mature as deeper relationships and joint business plans with the world's largest brands and agencies, translate into stronger, more durable growth.

在接下來幾個季度，你們將看到這些優先事項反映在我們的執行方式上。你們會看到我們持續讓平台更易於使用，同時透過代理式（agentic）工作流程擴展其能力。你們會看到我們衡量框架中的 Audience Unlimited，協助廣告主將更多支出與商業成果連結起來。你們也會看到，隨著與全球最大品牌與代理商建立更深的關係與共同的業務計畫，我們的商業策略將更加成熟，並轉化為更強勁、更具韌性的成長。

With that, I'm very pleased to introduce our new CFO, Nate Olmstead. Nate joined us last month and brings with him extensive experience as a finance leader from his career at Penguin Solutions, Logitech and Hewlett Packard Enterprise. I could not be more excited to have him on our team and for you all to get to know him.

接下來，我非常高興介紹我們的新任 CFO：Nate Olmstead。Nate 上個月加入我們，並帶來他在 Penguin Solutions、Logitech 與 Hewlett Packard Enterprise 職涯中擔任財務領導者的豐富經驗。我非常期待他加入我們的團隊，也期待各位能更認識他。

With that, over to Nate.

那麼，接下來交給 Nate。

Thank you, Jeff, and good afternoon, everyone. I'm excited to be joining The Trade Desk. While I'm still early in the process of learning the business, part of what attracted me to The Trade Desk was this large market opportunity, its reputation for innovation and its long track record of helping advertisers achieve better business outcomes. As CFO, my focus is straightforward: ensuring we invest behind our highest priority opportunities, allocate capital with discipline, and build the operational rigor needed to scale effectively.

謝謝你，Jeff，各位下午好。我很高興能加入 The Trade Desk。雖然我仍在初期階段學習這項業務，但吸引我加入 The Trade Desk 的一部分原因，是其龐大的市場機會、創新聲譽，以及長期以來協助廣告主達成更佳商業成果的卓越紀錄。作為財務長（CFO），我的重點很明確：確保我們把投資投入在最高優先順序的機會上，以紀律分配資本，並建立有效擴張所需的營運嚴謹度。

With that, on to our results. In Q2, we delivered revenue of $715 million, up 3% year over year. We generated $241 million of adjusted EBITDA during the quarter, representing a 34% margin. CTV and Audio exhibited double-digit growth once again in Q2. Video, which includes CTV, represented a low 50% share of our business in Q2. Mobile represented a high 20% share of the business during the quarter, while Display represented a low double-digit share. Audio represented around 7% of the business and grew year over year at a higher rate than any other channel as it has for the past four quarters.

接著來看我們的業績。第二季（Q2）我們實現營收 7.15 億美元，年增 3%。本季我們產生 2.41 億美元的調整後 EBITDA，對應 34% 的利潤率。CTV 與 Audio 在第二季再次呈現雙位數成長。包含 CTV 在內的 Video，在第二季占我們業務比重約為 50% 出頭。本季 Mobile 占比約為 20% 後段，而 Display 占比為低雙位數。Audio 約占業務的 7%，其年增率高於任何其他渠道，且這種情況已連續四個季度如此。

Geographically, the United States represented approximately 83% of our revenue in Q2 and international represented approximately 17%. Our strong momentum in both EMEA and APAC reflects the investments made in these regions over the last several years, and we delivered over 50% CTV growth year over year in each region during Q2.

以地區來看，美國在第二季約占我們營收的 83%，國際市場約占 17%。我們在 EMEA 與 APAC 的強勁動能，反映了過去數年在這些地區的投資；第二季我們在兩個地區的 CTV 年增率皆超過 50%。

Among verticals that represent at least 1% of our business, we saw strong growth in medical health, automotive and travel. We continue to see pressure in the food & drink and home & garden 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，醫療健康、汽車與旅遊表現出強勁成長。由於 CPG 品牌面臨地緣政治不確定性、消費疲弱與投入成本通膨，我們在食品飲料與居家園藝領域仍持續看到壓力。汽車整體仍是強項，不過我們認為若非產業受到關稅提高的影響，這塊業務本可成長得更快。

We also benefited from political spending related to the US midterm elections during Q2. Q2 operating expenses were $613 million, up 6% from a year ago. Excluding stock-based compensation, Q2 operating expenses were $504 million, up 12% from a year ago. The increase in Q2 was driven primarily by platform operations as we optimize platform infrastructure, implement more AI-powered tools on our platform and continue to evolve our various decisioning and data offerings.

我們也受惠於與美國期中選舉相關的政治廣告支出在第二季的挹注。第二季營業費用為 6.13 億美元，較去年同期增加 6%。若排除以股票為基礎的薪酬，第二季營業費用為 5.04 億美元，較去年同期增加 12%。第二季的增加主要由平台營運所帶動，因為我們在優化平台基礎設施、在平台上導入更多 AI 驅動工具，並持續演進各項決策與數據產品。

Over the past two years, we've transitioned critical workloads from third-party public cloud environments to own data centers. This has strengthened our platform infrastructure, reduced our reliance on external cloud providers and provides us with greater flexibility to support AI and machine learning workloads. While this transition creates an increase in platform operations expense in 2026, it positions us to benefit from greater efficiency and operating leverage over time.

過去兩年，我們已將關鍵工作負載從第三方公有雲環境遷移至自有資料中心。這強化了我們的平台基礎設施、降低對外部雲端供應商的依賴，並讓我們在支援 AI 與機器學習工作負載方面更具彈性。雖然這項轉換會在 2026 年造成平台營運費用上升，但長期而言可讓我們受益於更高效率與更強的營運槓桿。

Income tax expense was $49 million in the second quarter, driven primarily by our pretax profitability and the impact of stock-based awards. Net income for the quarter was $64 million or $0.14 per diluted share or about 9% of revenue. Adjusted net income for the quarter was $158 million or $0.34 per diluted share. Net cash provided by operating activities was $154 million and free cash flow was $136 million in Q2. We ended the quarter with a strong cash and liquidity position. Our balance sheet had about $1.5 billion in cash, cash equivalents and short-term investments at the end of the quarter.

第二季所得稅費用為 4,900 萬美元，主要由稅前獲利能力以及以股票為基礎的獎酬影響所驅動。本季淨利為 6,400 萬美元，或稀釋後每股 0.14 美元，約占營收的 9%。本季調整後淨利為 1.58 億美元，或稀釋後每股 0.34 美元。第二季營運活動提供的淨現金為 1.54 億美元，自由現金流為 1.36 億美元。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 15 億美元的現金、約當現金與短期投資。

In Q2, we used $78 million of cash to repurchase our Class A common stock via our share repurchase program. At the end of Q2, we had $269 million remaining on our program authorization.

第二季，我們透過股票回購計畫使用 7,800 萬美元現金回購 A 類普通股。截至第二季末，我們在該計畫核准額度下尚餘 2.69 億美元。

Turning to our outlook for the third quarter. For Q3, we expect revenue to be at least $650 million. We estimate adjusted EBITDA for Q3 to be approximately $160 million.

接著談第三季展望。第三季（Q3）我們預期營收至少為 6.5 億美元。我們估計第三季調整後 EBITDA 約為 1.6 億美元。

Before I wrap up, I'd like to provide additional context on how we are thinking about our investment priorities for the remainder of 2026.

在我結束之前，我想就我們如何看待 2026 年剩餘期間的投資優先順序，提供一些補充背景。

Looking ahead, we'll continue investing with conviction in our highest priority opportunities while building a more disciplined and scalable operating model. By improving how we operate, we can move faster and create additional financial capacity to reinvest in those opportunities. We believe that combination of focused investment and improved execution will position The Trade Desk to deliver stronger, more durable growth and improved profitability. We look forward to updating you on our progress.

展望未來，我們將持續以堅定信念投資於最高優先順序的機會，同時建立更具紀律且可擴展的營運模式。透過改善營運方式，我們可以更快行動，並創造額外的財務容量以再投資於這些機會。我們相信，聚焦投資與提升執行力的結合，將使 The Trade Desk 能夠實現更強勁、更具持續性的成長，並提升獲利能力。我們期待向各位更新我們的進展。

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

以上是我們事先準備的發言。接線員，請開放提問。

(Operator Instructions) Shyam Patil, SIG.

(接線員指示) Shyam Patil，SIG。

Jeff, you described well the factors that you're seeing with pressure on the business from macro pricing pressure, your own execution. If we shift to thinking about the remainder of this year, what are the top two or three priorities that you guys have to stabilize the business?

Jeff，你很清楚地描述了你們看到的、對業務造成壓力的因素，包括宏觀層面的定價壓力以及你們自身的執行。如果我們把焦點轉向今年剩餘時間，你們要讓業務穩定下來的前兩到三項優先事項是什麼？

Thanks for the question, Shyam. So let me just first acknowledge that what we've shared in terms of our performance as well as our guide is below our expectations, and we don't think a reflection the long-term potential. And I do worry that I -- that we don't want to overstate while there are a couple of pockets that are under some amount of pressure, overall, the business is growing and overall the every division or every sector that we represent to the economy, most of them are doing very well. And of course, we can't control the macro, but we're overall very positive.

謝謝你的問題，Shyam。我先承認，我們分享的表現以及我們的指引都低於我們的預期，我們也不認為這反映了長期潛力。我也擔心——我們不希望言過其實：雖然確實有幾個領域承受一定壓力，但整體而言業務仍在成長，而且我們所涵蓋、代表經濟的各個部門或產業中，多數表現都非常好。當然，我們無法控制宏觀環境，但整體而言我們仍非常正向。

So in terms of the things that we can control and the things that I'm most excited about that we have to get right in order to do well going forward. First, we have to upgrade Cocie and we'll -- as I mentioned, we'll launch Zuma later this month. And this represents substantial platform usability upgrades and helps us get the best out of AI, which we've already added.

就我們能控制的事情，以及我最期待、也是我們未來要做好的關鍵而言。第一，我們必須升級 Cocie，而且——如我提到的——我們將在本月稍晚推出 Zuma。這代表平台可用性的大幅升級，並幫助我們更好地發揮我們已經加入的 AI 的效益。

Second, we just want to continue to innovate in some of our key products, and this is definitely not all of them, but some of them that we're most excited about and most focused on are a product and measurement, which just helps the biggest brands in the world to see where incremental business outcomes are truly coming from that this will help us ascribe much better credit for what we're actually producing which are, in most cases, dramatically understated today.

第二，我們希望持續在一些關鍵產品上創新；這當然不是全部，但我們最興奮、也最聚焦的其中一些是產品與衡量（measurement），它能幫助全球最大的品牌看清楚增量的商業成果究竟來自哪裡；這也將幫助我們更好地歸因、給予我們實際產出的成果更恰當的功勞——而在多數情況下，這些成果在今天被嚴重低估。

We'll also ramp up Audience Unlimited. This has been in just early phases, but the early results have been remarkable. And to get that in the hands of a lot more customers, we think we'll just spend their flywheels even faster. The measurement will spend everyone's flywheel faster on the platform. Audience Unlimited will do the same, and both of them are just in the hands of very few customers today and the results are extremely positive.

我們也會加速推進 Audience Unlimited。這目前仍在早期階段，但初步結果非常亮眼。我們認為，讓更多客戶使用它，將能讓他們的飛輪轉得更快。衡量（measurement）也會讓平台上每個人的飛輪轉得更快。Audience Unlimited 也會如此；而這兩項目前都只在極少數客戶手上，但結果極為正面。

We're also -- we've also been introducing the concept of enterprise Cocie where we have some massive growth rates with companies who negotiate the features upfront and then use every one of our products. We sometimes do this through JBP's where, as you might recall from our prepared remarks, we have signed over 200 JBPs through Q2, which represents 38% year-over-year growth. But JBP grow at least this year, at a rate 6 times higher than overall revenue growth, which I just think might be the most bullish number that we can share and have shared today, is that as we continue to double down on JBPs and getting closer to our partners and developing plans to grow well into the future that we see just a tremendous opportunity.

我們也——我們也一直在引入「企業級 Cocie」的概念，在這裡我們與那些會事先協商功能、之後再使用我們所有產品的公司合作，並取得了非常可觀的成長率。我們有時會透過 JBP 來推動這件事；如同你可能還記得我們在事先準備的發言中提到的，我們在第二季截至目前已簽署超過 200 份 JBP，年增 38%。但 JBP 的成長——至少在今年——其成長速度是整體營收成長的 6 倍；我認為這可能是我們今天能分享、也已分享過的最偏多（最樂觀）的數字：隨著我們持續加碼 JBP、更貼近合作夥伴並制定能在未來持續成長的計畫，我們看見非常巨大的機會。

To that end, we have a team that's just dedicated to growth, which, in some cases, is actually winning our customers that we've lost at some point. That team has grown their book of business over 250% year over year and is the fastest-growing individual team in our business development team.

為此，我們有一支專門負責成長的團隊；在某些情況下，這其實是在贏回我們曾在某個時間點流失的客戶。該團隊的業務組合年增超過 250%，也是我們業務開發團隊中成長最快的單一團隊。

And of course, of the top 100 accounts, the majority of them are actually growing at double digits. Again, just underscoring that most parts of our business are in a very healthy place.

當然，在前 100 大客戶中，多數實際上都以雙位數成長。再次強調，我們業務的大多數部分都處於非常健康的狀態。

And then the last thing that I can't overstate the importance of this. We have added an amazing number of industry leaders to our leadership team. And most of them have been here in a very short period of time. And so we, of course, are giving them the room to get things up to speed and to continue to help accelerate our growth. But in order for us to get back to growth we, of course, need to help them get back up to speed, and I look at that as important if any. It is as important as any of the initiatives that I've talked about today.

接著最後一點，我再怎麼強調其重要性都不為過。我們已為領導團隊加入了數量驚人的產業領袖。而且其中大多數加入的時間其實都很短。因此，我們當然會給他們空間，讓他們把事情快速上手，並持續協助加速我們的成長。但要讓我們回到成長軌道，我們當然需要協助他們盡快上手；我認為這一點的重要性不亞於任何事情。它和我今天談到的任何一項倡議一樣重要。

So we believe that all of these together, regardless of the macro environment, will position us to be even stronger and get back to more durable growth when the conditions change. Thanks for the question, Shyam.

因此我們相信，以上所有措施合在一起，不論總體環境如何，都將使我們處於更強的位置，並在條件改變時回到更具韌性的成長。謝謝你的提問，Shyam。

Matt Swanson, RBC.

RBC 的 Matt Swanson。

Great. Jeff, I wanted to get your thoughts on something maybe a little more high-level kind of an existential question I think is top of mind for a lot of investors right now in the age AI. So I mean, as AI is kind of reshaping the digital advertising landscape, can you just give us some insight on kind of what gives you confidence in the DSP business model as we know it remaining relevant over the next several years? Or what needs to happen to stay relevant?

很好。Jeff，我想請教你一個可能更高層次、帶點存在性（existential）的問題；我想在 AI 時代，這是許多投資人目前最關心的議題之一。也就是說，隨著 AI 正在重塑數位廣告版圖，你能否分享一下：是什麼讓你對 DSP 商業模式在未來幾年仍能保持相關性（relevant）有信心？或者，要維持相關性需要發生什麼？

Yeah. I really appreciate this question. I think this is actually a very important theme for us to be talking about. So in order to talk about AI, let me just remind you of the backdrop.

是的。我非常感謝這個問題。我認為這其實是我們非常重要、應該要談的主題。所以在談 AI 之前，先讓我提醒一下背景。

So first of all, supply outpaces demand by more than ever. So it is the ultimate buyer's market. But in order to take advantage of that buyers market, you have to compare every ad opportunity to all the others. And of course, that is an amazing job for AI because we're looking at 20 million ad opportunities every single second.

首先，供給比需求多得前所未有。所以這是終極的買方市場。但要利用這個買方市場，你必須把每一個廣告機會與所有其他機會做比較。而且當然，這正是 AI 非常擅長的工作，因為我們每一秒要看 2,000 萬個廣告機會。

This decisioning -- and it is very important to understand that the job of a DSP, like what actually is the DSP in order to ask -- to answer your question, we, of course, have to be super clear on what we're even talking about. But a DSP is a platform built to decide which of those impressions you buy and which you don't. And of course, that is enhanced by AI. And that's why we've been investing in AI for years.

這個決策——而且非常重要的是，要理解 DSP 的工作是什麼；也就是說，DSP 到底是什麼，才能——回答你的問題，我們當然必須非常清楚我們在談什麼。DSP 是一個用來決定你要買哪些曝光、以及哪些不買的平台。而這當然會因 AI 而更強大。這也是為什麼我們多年來一直在投資 AI。

So I wouldn't say that the DSP model, if you will, is going to be disrupted by AI. It is AI. And what's really important is as we enter into the new phase -- and this is part of the reason why we spend so much time talking about objectivity, is that you have to get the biggest brands in the world to trust you with their data and then reassure them that you are going to preserve their data so that their insights from buying are put to use for them and exclusively for them.

所以我不會說 DSP 模式（如果你要這麼稱呼）會被 AI 顛覆。它就是 AI。而真正重要的是，當我們進入新的階段——這也是我們花這麼多時間談「客觀性」的部分原因——你必須讓全球最大的品牌願意把他們的資料交給你信任，並讓他們放心：你會保護他們的資料，使其購買所產生的洞察能為他們所用，而且只為他們所用。

And most of the biggest platforms in the world are not doing that. They are asking the biggest brands in the world to give them their data and then they use that for all of their clients and especially their competitors. So we view this -- the injection of AI does not a question or not a disruption, but in fact, the very essence of what it means to be a DSP.

而世界上多數最大的平臺並沒有這麼做。他們要求全球最大的品牌把資料交給他們，然後把這些資料用在他們所有客戶身上，尤其是用在這些品牌的競爭對手身上。因此我們的看法是——AI 的注入不是一個疑問、也不是一種顛覆；相反地，它正是成為 DSP 的核心本質。

That said, I just want to also add that I think agentic it is one of the biggest opportunities that advertising will ever see. It is a huge opportunity for us. We are already seeing massive advantage from it. Some are using the agentic to just build yesterday's business model all over again, if you will. They're building the ad networks out of agentic like technologies. That's not going to work because it doesn't leverage the very best of decisioning, which is what a DSP does.

話雖如此，我也想補充：我認為 agentic（代理式）將是廣告業有史以來最大的機會之一。這對我們而言是巨大的機會。我們已經從中看到非常顯著的優勢。有些人使用 agentic 只是把昨天的商業模式再重建一次，如果你願意這麼說的話。他們用 agentic 類技術去打造廣告聯播網（ad networks）。那行不通，因為它沒有運用到決策（decisioning）的最佳能力，而這正是 DSP 所做的事。

So not only do I not think AI will disrupt the DSP model, if you will, or will or DSPs. The only winners left will be people that leverage -- and for platforms that leverage AI to lead them into the next chapter of this race. Thanks for the question.

所以我不但不認為 AI 會顛覆 DSP 模式（如果你要這麼稱呼）或顛覆 DSP。最後能勝出的，只會是那些善用 AI——以及能運用 AI 的平台——帶領自己進入這場競賽下一個篇章的人。謝謝你的提問。

Vasily Karasyov, Cannonball Research.

Cannonball Research 的 Vasily Karasyov。

My question is for Nate. Given the outlook for Q3, which I think also means that weakness will persist into Q4, at least as well, how should we now think about your long-term profitability framework, how you approach that side of the business given the revenue trajectory? And what's your philosophy in terms of investment internally? Would appreciate your thoughts on this.

我的問題是問 Nate。考量第三季的展望——我想這也意味著疲弱至少也會延續到第四季——在營收走勢之下，我們現在應該如何看待你們長期的獲利能力框架？你們在這一端的業務會如何因應？以及你們對內部投資的理念是什麼？希望聽聽你的看法。

Yeah, sure. Thank you for the question. Listen, I think we have a very long-term focus and continue to see great opportunity to drive long-term growth and profitability. I think in terms of the investment philosophy, as mentioned in the prepared remarks, we're going to invest with conviction in areas where we see attractive returns.

好的，當然。謝謝你的提問。聽著，我認為我們非常著眼長期，並且仍然看到推動長期成長與獲利能力的巨大機會。就投資理念而言，如同在事先準備的發言中提到的，我們會在看到具吸引力回報的領域，以堅定的信念進行投資。

I think importantly, we will be equally disciplined everywhere else. So we'll apply a lot of rigor to how we evaluate investments and then allocate resources. And I think if we do that well, we believe that we can drive stronger long-term growth and profitability. So stay tuned. As this work progresses, we'll keep you updated on our long-term profitability framework and overall operating objectives.

我認為同樣重要的是，我們在其他所有地方也會同樣嚴守紀律。因此，我們會以非常嚴謹的方式評估投資，並據此配置資源。而我認為只要我們把這件事做好，我們相信就能推動更強的長期成長與獲利能力。敬請期待。隨著這項工作推進，我們會持續向各位更新我們的長期獲利能力框架與整體營運目標。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Jeff, I know you don't disclose take rate, but I'm curious how your pricing philosophy is changing in response to brand advertiser needs in the environment. As we look at stabilizing the business, how are you thinking about the right level of pricing and take rate from here?

很好。Jeff，我知道你們不揭露抽成率（take rate），但我很好奇，在目前這樣的環境下，面對品牌廣告主的需求，你們的定價理念正在如何調整。當我們著眼於讓業務趨於穩定時，你們如何思考接下來合適的定價水準與抽成率？

Thanks for the question, Justin. So first, in order to answer this, I just need to give you a little bit of history. And I'll just start with the very first time we brought all of our employees together when we had them spread across continents for the first time. I remember one of the primary presentations that we gave to our own employees was it is not our goal to be the cheapest platform. It is our goal to be the best. That has definitely been our mantra for more than the last decade.

謝謝你的提問，Justin。首先，為了回答這個問題，我需要先給你一點背景。我就從第一次把我們分散在各大洲的員工首次聚在一起那次說起。我記得我們對自家員工做的主要簡報之一就是：我們的目標不是成為最便宜的平台。我們的目標是成為最好的。這確實是我們過去十多年一直奉行的信條。

If you look as a publicly traded company and you just scrutinize the take rate more or less over the last decade, the take rate has gone up 5 of the 10 years and it's gone down 5 of the 10 years. And the reason why it stayed within a few points of that middle line, if you will, is because we started by saying everything about our product has to earn its keep. It has to earn its keep on both a relative basis and absolute basis, meaning -- and the absolute being the starting point, meaning that we need to make certain that if our product cost at 10% it better at least 10% more value than if it wasn't in the middle. And in fact, the more obvious you can make that mathematically obviously, the better it is for us to go win customers.

如果你以一家上市公司的角度來看，並仔細檢視過去十年左右的抽成率，其實抽成率有 10 年中的 5 年上升、也有 10 年中的 5 年下降。而之所以它大致維持在那條中線附近、上下只差幾個百分點，是因為我們一開始就說：我們產品的每一個部分都必須證明其價值、要「賺回本」。它必須在相對與絕對兩個層面都賺回本——其中絕對層面是起點，也就是我們必須確保：如果我們的產品成本是 10%，那它至少要帶來比沒有介入時多 10% 的價值。而且事實上，你越能把這件事用數學方式清楚地呈現，對我們贏得客戶就越有利。

We've done extremely well over the last 16 years with that approach. That said, we've always looked at this as if we can grow faster or win more business by changing that price or changing the approach, we'll always look at it and always consider it. But we tried to do it in a way that it didn't make it too volatile because we always knew that we could lean on the fact that we were adding more value than we ever cost or extract.

過去 16 年我們用這種方法做得非常好。話雖如此，我們一直也會這樣看：如果透過調整價格或改變做法能讓我們成長更快或贏得更多業務，我們永遠都會去檢視並納入考量。但我們也試著以不讓它過度波動的方式來做，因為我們一直知道，我們可以倚賴的一點是：我們為客戶增加的價值，永遠大於我們所花費或所抽取的成本。

So we remain really confident in our business model and in our pricing philosophy. We have, of course, the opportunity to continue to improve on our platform. But I will say that over the years, even though the take rate has stayed mostly the same, we've introduced new products all along the way, like Next Wave, Solimar, Cocie.

因此，我們對我們的商業模式與定價理念仍然非常有信心。當然，我們也有機會持續改善我們的平台。但我想說的是，多年來即使抽成率大致維持不變，我們一路也推出了新產品，例如 Next Wave、Solimar、Cocie。

We've added tons of AI capabilities over recent years. The price has not changed much since we introduced things like UID2 and OpenPath, all of those have created efficiencies and enhancements for our customers that we think ultimately add to the consumer surplus that we provide to our customers all the time.

近年來我們也加入了大量 AI 能力。自從我們推出 UID2 和 OpenPath 等功能以來，價格並沒有太大變化；而這些都為客戶帶來了效率提升與功能增強，我們認為最終會增加我們持續提供給客戶的消費者剩餘（consumer surplus）。

So we'll always be looking at it, always be looking for opportunities for us to grow and look for ways for us to simplify, where I do think is the biggest opportunity is for us to simplify the way that we price. But I don't think that the net number has to change dramatically because we're extremely confident that we're adding more value than we cost. And thanks for the question, Justin.

所以我們會一直關注這件事，持續尋找成長機會，也會尋找簡化的方法；我確實認為最大的機會在於簡化我們的定價方式。但我不認為整體的淨數字需要大幅改變，因為我們非常有信心：我們創造的價值大於我們的成本。也謝謝你的提問，Justin。

Youssef Squali, Truist.

Youssef Squali，Truist。

Jeff, there seems to be somewhat of a disconnect between the opportunity as you presented, I mean, in terms of growth across the various modalities and at least the short-term guide, which I think implies about 12% decline year on year for Q3. And I'm assuming that will probably sustain itself into Q4.

Jeff，你所呈現的機會——我是指在各種形式（modality）上的成長——與至少短期的指引之間，似乎有些落差；我認為那暗示 Q3 年對年大約下滑 12%。而我假設這可能也會延續到 Q4。

Is there a way to kind of parse out the impact of what you control versus what you can not? I think in your prepared remarks, you talked about two areas, one is macro the other is execution. So any way to kind of help us maybe quantify those to kind of see what you can turn around even if the macro continues?

有沒有辦法把你們可控的影響與不可控的影響拆開來看？我記得你在事先準備的發言中提到兩個面向：一個是總體環境（macro），另一個是執行（execution）。能否協助我們大致量化一下兩者，好讓我們看清楚即便總體環境持續不利，你們有哪些部分仍能扭轉？

And just very quickly, maybe just provide us an update on the status of your relationship with some of the big agencies, maybe the publicist in particular?

另外很快地，能否更新一下你們與一些大型代理商的關係狀況，特別是 Publicis？

Yeah. So a lot to unpack in all those. So let me just part between first -- the things that we can control and the things that we can't.

好的。這裡面有很多需要拆解。我先把它分成兩部分——我們能控制的，以及我們不能控制的。

Obviously, we can control the themes that we ship and the product that we put in market. And we, of course, can control the team. We spent a lot of time already on this call talking about how we've enhanced both. We've enhanced both our product and our team. And of course, we can look at all the ways that we're executing all the operations, all the things that we do internally, how we allocate resources and just scrutinize all of it and make sure it's all pointed in the right direction and pointed towards growth. That we're doing every single day with a higher degree of rigor than we ever had before.

顯然，我們能控制我們推出的主題（themes）以及投放到市場上的產品。當然，我們也能控制團隊。我們在這通電話裡已經花了很多時間談到我們如何強化這兩者。我們同時強化了產品與團隊。此外，我們也能檢視我們在營運執行上的所有方式、所有內部做的事情、資源如何配置，並全面嚴格審視，確保一切都指向正確方向、指向成長。我們每天都在做這件事，而且比以往任何時候都更嚴謹。

On the macro, of course, there are some places where there are just amazing secular tailwinds. There are parts of technology that have amazing tailwinds. Some of our pharma clients to all who have GLPs, they're all doing really well. There are a whole bunch of parts of the economy they're doing really well. And in fact, I would say, most of them are.

至於總體環境，當然有些領域存在非常強勁的長期順風（secular tailwinds）。科技領域中有些部分就有很強的順風。我們的一些製藥客戶——所有擁有 GLPs 的——表現都非常好。經濟中有很多部分表現都很好。事實上，我會說大多數都是如此。

We've made references to things that are affected by whatever amount of bifurcation is happening inside of the economy, where lower income consumers are under some amount of pressure. And we definitely see in some of the brands that are targeted at products that are more toward that part of the market where they're also seeing some pressures, not just in the CPGs, where, of course, that shows up, but -- and not just in the autos, where some of that shows up as well. But in some of the other categories that also shows up a little bit.

我們也提到過一些會受到經濟內部某種程度分化（bifurcation）影響的事情，其中較低收入的消費者正承受一定壓力。我們確實在一些品牌上看到這點——這些品牌的產品更偏向那一端市場，因此也感受到壓力；不僅是在民生消費品（CPG）中會反映出來，當然在汽車產業也會反映出來。在其他一些類別中也多少會出現一點。

But overall, those are doing very well. And, of course, the macro isn't in our control. But because we're growing in so many other areas, we're extremely confident that we're focused on the right things.

但整體而言，這些領域仍表現得很好。當然，總體環境不在我們的控制範圍內。但因為我們在許多其他領域都在成長，我們非常有信心我們聚焦在正確的事情上。

As it relates to your question about the agencies, I was actually hoping that this would come up because I think it's really important to note, we built this business on our relationship with the agencies. They've been a phenomenal partner to us over the years. All of them have been critical to our success.

至於你問到代理商的問題，其實我一直希望有人會提到，因為我認為很重要的一點是：我們的業務是建立在與代理商的合作關係之上。多年來，他們一直是我們非常出色的合作夥伴。他們每一家都對我們的成功至關重要。

They're all in periods of transition right now. But overall, our partnership has been phenomenal with each of them, and that includes Publicis. They've been an important partner for us for over a decade. Of course, there were some public disputes about what was essentially a negotiation, but that's behind us.

他們目前都處於轉型期。但整體而言，我們與每一家代理商的合作都非常好，其中也包括 Publicis。他們十多年來一直是我們重要的合作夥伴。當然，之前有一些公開的爭議，本質上是談判的一部分，但那都已經過去了。

And we've spent a lot of time on this call already talking about our joint business plans. It's really important to me that I explained or express that joint business plans with brands and strong agency partnership are not mutually exclusive. In fact, many of our brand JBPs are developed in collaboration with their agencies. So when we talk about that being one of the most bullish things that we're doing, that's in part because of better integration inside of the agencies and better partnerships.

而且我們在這通電話上已經花了很多時間談我們的聯合業務計畫。對我來說很重要的是，我要說明並表達：與品牌共同制定的聯合業務計畫（JBP）以及強而有力的代理商合作關係，兩者並非互斥。事實上，我們許多品牌的 JBP 都是與其代理商協作開發的。所以當我們談到這是我們正在做的最看多（bullish）的事情之一時，部分原因在於代理商內部更好的整合，以及更好的合作夥伴關係。

And then lastly, as it relates to the agencies. One of the things that we're doing together in many cases is working on white label products of both Audience Unlimited as well as a agentic AI products. So when I put those in the road map as well, things that we can do with them to leverage their data assets as well as improved decisioning for them using a agentic AI where they find efficiencies. And of course, we do to and enhance decisioning along the way.

最後，回到代理商相關的部分。我們在許多情況下共同在做的一件事，是開發白牌產品，包含 Audience Unlimited 以及代理式 AI（agentic AI）產品。因此我也把這些納入路線圖：我們可以與他們一起做的事情，包括運用他們的資料資產，以及透過代理式 AI 改善他們的決策能力，讓他們找到效率提升的空間。當然，我們也會一路做到並強化決策能力。

We didn't really have time in the prepared remarks to talk extensively about some of those investments and some of the advancements that we're making in agentic with our agency partnerships, but it's yet another reason to be really bullish about the future. It's going to take some time for those to pay off in meaningful ways, but that's part of the reason why we're being so deliberate about our own discipline as well as where we make investments. Thanks for the question.

我們在事先準備的講稿裡，確實沒有太多時間深入談這些投資，以及我們透過代理商合作在代理式（agentic）方面所取得的一些進展，但這也是另一個讓我們對未來非常看多的原因。這些要在有意義的層面上產生回報需要一些時間，但這也是我們為什麼在自身紀律以及投資方向上如此審慎的部分原因。謝謝你的提問。

Tim Nollen, SSR.

Tim Nollen，SSR。

Jeff, you've had a lot of announcements about some management additions over the last year really, but especially even in the last month or so. And you mentioned this a bit in the prepared remarks. Wondering if you could give us a bit more color into what some of these people can bring to The Trade Desk.

Jeff，你在過去一年其實做了很多關於管理層增補的宣布，尤其是最近一個月左右更是如此。你在事先準備的講稿裡也稍微提到了一點。想請你再多分享一些細節：這些人能為 The Trade Desk 帶來什麼？

Some of these are high-profile names from high-profile companies. Just wondering kind of what skills do they bring? What capabilities and how might they be able to affect some change in The Trade Desk?

其中一些是來自知名公司的高知名度人選。想請問他們帶來哪些技能？哪些能力？以及他們可能如何在 The Trade Desk 推動一些改變？

You bet. So it's actually hard to answer this question partly because there are so many people, and they all have such different backgrounds and different expertise. And I also I feel like I'm trying to recognize so many people that we've added that we don't have enough time to actually talk about all of them and why I'm excited -- I'm nervous about leaving somebody out.

當然可以。其實這題有點難回答，部分原因是人太多了，而且每個人的背景與專長都非常不同。我也覺得我想要認可我們新增的很多人，但時間不夠逐一談到他們以及我為什麼興奮——我也擔心會漏掉某些人。

But let me just talk about a couple of them that we've added of late that are directly impacting our go-to-market approach. So the first is Kristi who joined us as Chief Commercial Officer. She really is leading, among other things, our data partnerships. She has a long history of having worked in building some of the very first retail media networks.

不過我就先談幾位我們最近加入、且正直接影響我們市場推進（go-to-market）策略的人。第一位是 Kristi，她加入我們擔任首席商務長（Chief Commercial Officer）。她在多項工作中，主要領導我們的資料合作夥伴關係。她長期以來的經歷包含參與建立一些最早期的零售媒體網路。

She most recently was running all of advertising at Uber, managing a go-to-market team that's almost the same size as ours overall. Her org size here is a much smaller, focused on the data partnerships because of how that will enhance Audience Unlimited, how that will enhance our measurement product. And those 2 things together, we look at as game changers. So does she. That's part of the reason why she's here.

她最近一份工作是在 Uber 負責所有廣告業務，管理一個市場推進團隊，規模幾乎和我們整體團隊一樣大。她在這裡帶領的組織規模小得多，聚焦在資料合作夥伴關係，因為這將如何強化 Audience Unlimited、如何強化我們的衡量（measurement）產品。而這兩件事加在一起，我們視為會改變遊戲規則。她也是這麼看。這也是她來到這裡的部分原因。

I talked about Ron in the prepared remarks who also joins a C-level in business development. Many of the conversations that we're having today are at much senior levels. And I talked about a minute ago, Enterprise Cocie and selling that in at higher levels of the organization so that we get much longer adoption as well as much deeper integration into some of the biggest brands and biggest companies in the world.

我在事先準備的講稿裡也提到 Ron，他同樣以 C-level 身分加入，負責業務發展（business development）。我們今天進行的許多對話都在更高的資深層級進行。我剛剛也提到，像 Enterprise Cocie，以及把它賣進組織更高層級，讓我們能獲得更長期的採用，以及更深度地整合進全球一些最大的品牌與公司。

We need a greater ability to talk at the most senior levels of the org as well as to think about new deal structures. Ron had a role that was bigger than advertising at Amazon, where he did that very theme, looking at all the assets across Amazon, how can we create a more a holistic partnership framework that are often custom. I think Ron is one of the best in the world of this, and I'm super excited to have him on board.

我們需要更強的能力，能在組織最高層級對話，同時也要能思考新的交易結構。Ron 在 Amazon 的職務規模甚至大於廣告業務，他做的正是這類工作：檢視 Amazon 全部資產，我們如何建立更整體性的合作夥伴框架，而且往往是客製化的。我認為 Ron 在這方面是世界頂尖之一，我非常興奮他能加入我們。

And then I'll just highlight one other, Vinny Rinaldi, who was the VP of Customer Experience at Hershey's and now joins us to do something very similar with Ron, which is Vinny might be one of the best advocates in the world for why people should buy the premium Internet. He was an advocate both at the agency that he worked at before as well as at Hershey's about not pursuing cheap reach.

接著我再特別提一位：Vinny Rinaldi。他曾是 Hershey's 的客戶體驗副總裁（VP of Customer Experience），現在加入我們，將與 Ron 做非常類似的事情；Vinny 可能是全球最能為「為什麼人們應該購買高品質網路（premium Internet）」發聲的倡議者之一。他在先前任職的代理商，以及在 Hershey's，都主張不要追求便宜的觸及（cheap reach）。

And he did a lot of analysis while he was leading media buying at Hershey's to show the cheap reach wasn't worth it, that user-generated content, while it appears to be on sale actually doesn't even move the needle for brands like Hershey's. And because he's understood that and has been promoting the pursuit of premium and better measurement as an alternative to simple measurement and cheap reach. We've positioned him with a role to help us talk to the biggest brands in the world and do the very same things that he's done inside a brand himself.

他在 Hershey's 領導媒體採買時做了大量分析，證明便宜的觸及不值得；使用者生成內容（user-generated content）看起來像是在特價，但對像 Hershey's 這樣的品牌其實根本無法帶來實質成效（doesn't even move the needle）。也因為他理解這點，並一直推動以追求高品質媒體與更好的衡量，作為簡化衡量與便宜觸及的替代方案。我們為他安排了一個角色，協助我們與全球最大的品牌對話，並做他過去在品牌內部親自做過的同樣事情。

So those are a couple of the examples. Again, I feel bad for the number of people that I've left off of that. But those are the sorts of people that we're adding with the task at hand that we are extremely confident will change the game. It's quite important to recognize that, of course, in the numbers, especially in the forecast. We're trying to create room for them to get up to speed and make a meaningful contribution, and we're extremely confident that they will. Thank you.

以上是幾個例子。再次強調，我也為我漏掉的許多人感到抱歉。但我們正在加入的就是這類人才，肩負我們手上的任務；我們非常有信心他們會改變遊戲規則。也很重要的是要認知到，當然在數字上、尤其是在預測中，我們正試著為他們留出時間，讓他們能上手並做出有意義的貢獻，而我們非常有信心他們會做到。謝謝。

Dan Salmon, New Street Research.

Dan Salmon，New Street Research。

Okay. Great I have one for Jeff and one for Nate. Jeff, can you just talk a little bit more about why you're confident that as you laid out an independent premium platform focused on objective decisioning, it's really at the heart of your business, why that can continue to win market share when you've got walled gardens combining exclusive live sports inventory, like what Amazon has with their DSP or bring really simple programmatic guaranteed style transaction with low pricing with like what, say, Google's new buyer direct program looks like. Why does that independent premium platform to continue to win share?

好的。很好，我有一題問 Jeff、一題問 Nate。Jeff，你能否再多談一點：為什麼你有信心，正如你所描述的，一個獨立的高品質平台（independent premium platform），聚焦在客觀決策（objective decisioning），這確實是你們業務的核心；在目前有圍牆花園（walled gardens）結合獨家直播運動庫存（例如 Amazon 透過其 DSP 所擁有的），或是提供非常簡單、類似程式化保證（programmatic guaranteed）交易且低定價（例如 Google 新的 buyer direct 計畫看起來的樣子）的情況下，為什麼這個獨立高品質平台仍能持續贏得市占？為什麼這個獨立高品質平台能持續擴大份額？

And then just for Nate, can you maybe just provide a little bit more context around the assumptions in your Q3 outlook? And just a little bit more on your overall guidance philosophy.

然後 Nate 這邊，你能否再提供一些關於你們 Q3 展望中假設條件的背景？以及再多談一點你們整體的指引（guidance）哲學？

You bet. I appreciate the direct question. Let me just give, as always, just a little bit of context before I just get very direct.

當然可以。我很感謝這個直接的問題。在我非常直接回答之前，照例我先提供一點背景。

There will be many winners. There have to be. Otherwise, this whole ecosystem that we've created that is actually not that dissimilar from the stock market and structure. There's some massive differences in fungibility and probability of winning. But in terms of structure, it's fairly similar. An auction with only one bidder isn't an auction. So it's quite important that we have a number of players and the fact that there are only a few of us that have reached meaningful scale is part of why we're so excited because there's a ton of TAM ahead and there's not that many players in the ecosystem.

會有很多贏家。必須如此。否則，我們所建立的整個生態系就無法成立；它其實與股票市場及其結構並沒有那麼不同。當然在可替代性（fungibility）以及勝出機率方面有一些巨大的差異。但就結構而言，它相當類似。只有一個出價者的拍賣不叫拍賣。因此，擁有多個參與者非常重要；而我們之所以如此興奮，部分原因在於：能達到有意義規模的玩家其實不多，但前方仍有大量的 TAM（總可服務市場），而生態系裡的玩家並不多。

That said, we have, by far, the highest market share in the programmatic space, especially as we're looking at the open Internet. So it's just really important to remember that we're way ahead of our other competitors, especially when it comes to buying the open Internet. Because if you want to say, well, yes, but Google buys a lot of YouTube, I would say, well, I would hope so. And Amazon buys a lot of Amazon Prime and sponsored listings, well, I would hope so. They're the only place where you can buy them. So of course, they do.

話雖如此，我們在程式化（programmatic）領域的市占率迄今為止是最高的，尤其是當我們著眼於開放網際網路（open Internet）時。所以很重要的一點是要記住：我們遠遠領先其他競爭對手，特別是在購買開放網際網路流量這件事上。因為如果你想說，嗯，是的，但 Google 買了很多 YouTube，我會說，嗯，我希望如此。而 Amazon 買了很多 Amazon Prime 和贊助列表（sponsored listings），嗯，我也希望如此。因為那是唯一能買到它們的地方。所以當然，他們會這麼做。

At the end of the day, the reason why I believe why this model works is because, number one, in an AI-fueled world, you have to fuel those AI models with first-party data and you have to have the trust of the biggest advertisers in the world. You will not get that if you are not objective and not representing their interest and protecting their data for the long haul.

歸根結底，我之所以相信這個模式行得通，原因在於：第一，在一個由 AI 驅動的世界裡，你必須用第一方數據（first-party data）來餵養那些 AI 模型，而且你必須取得全球最大廣告主的信任。如果你不夠客觀、不代表他們的利益、也不在長期內保護他們的數據，你就不可能得到那種信任。

I also think that this comes down to an issue of math, and there's two parts of this that are really important to understand. A lot of times in the press, and this is [trade press] as well as even in Wall Street. There's, I think, a misunderstanding about the effect of platform rates, especially given that where most of our competitors make all their money is by bundling it with the media. So it's not platform rate versus platform rate.

我也認為這歸結為一個數學問題，而其中有兩個部分非常重要、需要理解。很多時候在媒體上——包括[產業媒體]，甚至在華爾街——我認為大家對平台費率（platform rates）的影響存在誤解，尤其考慮到我們大多數競爭對手賺錢的方式，是把平台與媒體打包在一起。所以這不是平台費率對平台費率的比較。

So it becomes really important to aggregate that and say, because you can wrongly conclude if Trade Desk charges, let's say, 8% and our competitor charges 4%, then The Trade Desk has to be twice as good. But if you look at it as, no, when you add that to the media, Trade Desk buys an impression for $1.08, and they buy a piece of media for $1.04 where the underlying media in both cases cost the dollar did we buy a piece of media that was better for that brand. And that comparison at $1.08 versus $1.04 is meaningfully different.

因此，把它們加總起來看就變得非常重要；否則你可能會錯誤地得出結論：如果 The Trade Desk 收費，比如說 8%，而競爭對手收 4%，那 The Trade Desk 就必須好上兩倍。但如果你換個角度看：不，當你把它加到媒體成本裡，The Trade Desk 以 1.08 美元買到一次曝光（impression），而對方以 1.04 美元買到一段媒體；在兩種情況下，底層媒體成本都是 1 美元——那我們買到的媒體對該品牌而言是否更好？而 1.08 美元對 1.04 美元的比較，其差異是實質且重要的。

And then there's also the math that comes down to how they decide how to make money when you have something like YouTube, where their cost of goods sold is almost zero. And if they get $1 they can spend it on YouTube and keep the whole $1. Or they can spend it on Disney+ and they keep a dime.

另外還有一個數學問題，涉及他們在像 YouTube 這樣的業務中如何決定賺錢方式——其銷貨成本（cost of goods sold）幾乎為零。如果他們拿到 1 美元，他們可以把它花在 YouTube 上，並把整個 1 美元都留下。或者他們也可以把它花在 Disney+ 上，但他們只能留下 10 美分。

Well, of course, it would be better for Google or Amazon to buy their owned and operated inventory. That's what they do because they make more money that way. None of these companies are in a community service business, if you will. They're not giving things away. So when things come out as free, they are not really free. They're just moving the cost somewhere else. So we're extremely confident that objectivity matters more today than it did yesterday, and it will matter more tomorrow.

那麼，當然，對 Google 或 Amazon 來說，購買他們自有自營（owned and operated）的庫存會更好。他們就是這麼做的，因為那樣他們賺得更多。如果你願意這麼說，這些公司沒有一家是在做社區服務事業。他們不會白白送東西。所以當某些東西看起來是免費的，它其實並不是真的免費。他們只是把成本轉移到別的地方。因此我們非常有信心：客觀性（objectivity）在今天比昨天更重要，而在明天會更重要。

In an AI world, the premium on trust is going up, not down. People are looking for partners that they can trust. And I think you're going to see over time more and more of a separation between those that align their interest with their clients and those that don't.

在 AI 的世界裡，對信任的溢價是在上升，而不是下降。人們在尋找他們可以信任的合作夥伴。我認為你會隨著時間看到：那些把自身利益與客戶利益對齊的人，與那些沒有對齊的人之間，會出現越來越明顯的分化。

It doesn't mean that those companies can't have great products. It doesn't mean that they won't have an ancillary business. But at the core, they are selling owned and operated inventory, both of them make most of their money from their owned and operated inventory. I don't think any of us foresee that changing in any dramatic way in the future.

這並不代表那些公司不能有很棒的產品。也不代表他們不會有附屬業務（ancillary business）。但在核心上，他們是在銷售自有自營庫存；而且他們兩家大部分收入都來自自有自營庫存。我不認為我們任何人預期這在未來會出現任何戲劇性的改變。

We do believe that decisioning, especially when unlike the stock market, where if you buy stocks at random, you can still often do pretty well. If you buy media at random, you will get your ass kicked every single time. So it becomes quite important that the decisioning engine that we have to help our customers, the biggest brands and biggest agencies in the world, make decisions that we give them the tools that leverage the objectivity that protect their data, that leverage AI to make the very best decisions possible, and then also give them measurement and audience insights that make it so that they are truly proving the incrementality.

我們確實相信「決策」（decisioning）很重要；尤其是因為不同於股市——你就算隨機買股票，往往也還能表現不錯。但如果你隨機買媒體，你每一次都會被打得很慘。因此，我們用來協助客戶——全球最大的品牌與最大的代理商——做決策的決策引擎就變得非常關鍵：我們要給他們能夠運用客觀性、保護其數據、利用 AI 做出最佳決策的工具；同時也要提供衡量（measurement）與受眾洞察（audience insights），讓他們真正證明增量效果（incrementality）。

It's that last piece where I think we've missed a little bit in the last few years. And that's part of the reason why we're so excited about the products ahead. So we're quite bullish on our future despite the fact that we need a little bit of time to get some of our leaders and some of our products up to speed but the future is very bright for us and have the opportunity ahead. Thank you.

我認為在最後那一塊，我們在過去幾年確實有點缺失。這也是我們對接下來的產品如此興奮的一部分原因。所以即便我們需要一點時間，讓部分領導團隊與部分產品跟上進度，我們仍然對未來相當看多；我們的前景非常光明，而且前方有很大的機會。謝謝。

Dan, it's Nate. Just quickly on the guidance and the philosophy. So really no change in the approach to guidance. It's very data driven. And I would say it just reflects the trends that we see in the business today. I would probably add that visibility is somewhat more limited than it has been in recent history. And given that we're not assuming any meaningful improvement in the environment during the quarter.

Dan，我是 Nate。我想快速問一下關於財測（guidance）和理念。所以在財測的方法上其實沒有改變。它是非常數據驅動的。我會說它只是反映了我們今天在業務中看到的趨勢。我可能會補充的是：能見度（visibility）比近期歷史水準要更有限一些。而且我們並未假設本季度環境會有任何顯著改善。

In general, we don't think the guidance should really be considered conservative or aggressive. The goal really is to be credible and I think, grounded in the data. So we'll call it like we see it, and then we'll go execute with a lot of rigor and a lot of discipline.

整體而言，我們不認為這份財測應被視為保守或進取。目標其實是要可信（credible），並且我認為要以數據為基礎。所以我們會如實反映我們所看到的情況，然後以高度嚴謹與高度紀律去執行。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

I'll try to ask two. I mean is there -- when you think about the business change from 1Q to 2Q now [the implies that] you got, is there a way to unpack it and kind of be like, this is what we think kind of like the macro/auto-[CPG] impact this might be the, let's say, impact from maybe some risks with certain agencies or something like that was like we call like temporary?

我試著問兩個。我是說，當你們思考業務從 1Q 到現在 2Q 的變化——[這暗示]你們所遇到的情況——有沒有辦法把它拆解一下，像是：我們認為這部分是宏觀／汽車／[民生消費品（CPG）] 的影響；這部分可能是某些代理商的風險之類的影響，我們把它稱為暫時性的？

And then is there a third bucket of why I don't know what we -- like other related issues and maybe it's some of the things you alluded to with clients kind of making poor buying decisions, but ultimately could be convinced to see the lot of your way. So I don't know, just maybe help folks kind of break it down.

然後是否還有第三個類別的原因——我不知道我們該怎麼稱呼——像是其他相關議題；也許是你們提到的某些客戶做了不太好的採買決策，但最終可能會被說服、轉而接受你們的做法。所以我不確定，就是也許幫大家把它拆開來理解。

And then I guess the other question is when you think, I don't know, about two or three years from now, could we be thinking about this as a, I don't know, a smaller organization that relies a lot more on automation tools to kind of accomplish the goals?

然後我想另一個問題是：當你們思考兩三年後，我不知道，我們是否可以把你們視為一個更小的組織，更多依賴自動化工具來達成目標？

Thanks for the question, Jason. So I'm actually really glad that you've asked this question because it can help paint the picture of sort of where we're seeing opportunity and where we're seeing some pressures.

謝謝你的問題，Jason。我其實很高興你問了這個問題，因為它可以幫助描繪出我們在哪裡看到機會、以及在哪裡看到一些壓力。

What we've tried to really highlight is that most of our customers and most of our business is doing very well. I do think you can say we have some customer concentration and by the nature of the fact that we service the top 500 advertisers in the world, it already has some concentration, if you will. And the fact that we're adding so much to the growth team, which includes some middle market as well as some of the brands that we've been winning back, it just underlines that we're winning in almost everywhere, in almost every category.

我們真正想要強調的是，我們的大多數客戶以及我們的大部分業務表現都非常好。我確實認為你可以說我們存在一定的客戶集中度；而且由於我們服務的是全球前 500 大廣告主，某種程度上本來就帶有一些集中性。再加上我們在成長團隊上投入了大量人力，其中包含部分中型市場客戶以及我們近期贏回的一些品牌，這更凸顯出我們幾乎在各個地方、幾乎在每個類別都在取勝。

But there are a handful of businesses, often large, that are under pressure. And sometimes, when you're under pressure, you try to pursue something that is cheaper. You try to cut costs. You try to do things that can get you through that. In some of those cases, they recognize that they're making decisions that don't help them in the long term.

但確實有少數幾家企業，通常是大型企業，正承受壓力。而有時候，當你承受壓力時，你會試著追求更便宜的方案。你會試著削減成本。你會試著做一些能讓你度過難關的事情。在其中一些情況下，他們也意識到自己正在做出對長期並無助益的決策。

So that's part of the reason why we tried to highlight and give so many numbers about the different categories of business and then highlight some of the categories is to just make sure that we were isolating those that were struggling from those that are doing really well. And we highlight that just because, obviously, our results are lower than we wanted them to be. And our guide is lower than we wanted to be.

因此，這也是我們試著強調、並提供大量不同業務類別數據的部分原因，然後再特別點出其中一些類別，目的只是要確保我們能把那些正在掙扎的客戶，與那些表現非常好的客戶區隔開來。而我們之所以要強調這點，是因為很明顯，我們的結果低於我們原本希望達到的水準。我們的指引也低於我們原本希望的水準。

So we just spend a little bit more time talking about the problem, but we don't want anyone to walk away from this thinking there is a systemic problem. This is more a cyclical issue with a handful of customers. And it's not hard to look at their earnings and see that they've had some challenges. And so we tried to highlight that.

所以我們只是花了多一點時間談這個問題，但我們不希望任何人離開後認為存在系統性問題。這更像是少數幾位客戶所面臨的週期性議題。而且只要看看他們的獲利表現，就不難發現他們確實遇到了一些挑戰。因此我們試著把這點凸顯出來。

But it's really important that the bigger takeaways are that we signed over 200 JBPs through Q2, and that represents 38% growth year over year. The JBP growth rate is 6 times higher than overall revenue. The majority of our top 100 accounts are growing double digits. CTV and audio grew double digits once again in Q2.

但更重要、也更值得帶走的重點是：截至第二季，我們簽下了超過 200 份 JBP，年增 38%。JBP 的成長率是整體營收的 6 倍。我們前 100 大客戶中，多數帳戶呈現雙位數成長。CTV 與音訊在第二季再次實現雙位數成長。

Audio actually became our fastest-growing channel and now represents over 7% of our business. And we just continue to expand our partnership with Spotify, which we're extremely excited about.

音訊實際上成為我們成長最快的渠道，現在占我們業務超過 7%。而我們也持續擴大與 Spotify 的合作夥伴關係，對此我們感到非常興奮。

I don't think we gave enough word count to the fact that EMEA and APAC have both grown at almost 30% year to date. So both of them have done really phenomenal where in recent years, that hasn't been the case. So the fact that those are now paying off is amazing. And the fact that the second largest market in China is now growing over 100% year to date for us is fantastic.

我認為我們對於 EMEA 與 APAC 今年迄今都成長了將近 30% 這件事，著墨不夠。因此兩個區域的表現都非常出色，而在近幾年並非如此。所以如今這些投入開始見效，令人驚喜。而且對我們而言，中國的第二大市場今年迄今成長已超過 100%，這非常棒。

And then, of course, we had over 50% CTV growth year over year in both EMEA and APAC, where historically, those were mostly mobile-first markets and to see CTV doing so well in each of those markets it's just understanding that we've made the right investments.

然後，當然，EMEA 與 APAC 的 CTV 年增都超過 50%；過去這些地區多半是以行動端為主的市場，如今看到 CTV 在各市場表現如此亮眼，這讓我們更確信我們做出了正確的投資。

So there are green shoots all over the place, but there are a few large customers that are under pressure. We've tried to highlight that, but please don't walk away from this thinking that's affecting everyone. It's actually just a couple of them. And then overall, we have most of our departments, most of our business, most of our customers and most of our geographies doing really well with the brightest future being in things like CTV, inside of audio, in our retail partnerships, in our data partnerships.

所以各處都有復甦的跡象，但確實有少數幾位大型客戶正承受壓力。我們已試著強調這點，但請不要因此認為這正在影響所有人。其實就只有其中幾家而已。整體而言，我們大多數部門、大多數業務、大多數客戶以及大多數地區都表現非常好；而最光明的未來在於像是 CTV、音訊、我們的零售合作夥伴關係、以及我們的數據合作夥伴關係等領域。

And when you fuel that or when you funnel that into our measurement product, in our Audience Unlimited product, we think that there's a way to really accelerate that flywheel. And if you get rid of just a little bit of some of those macro pressures, a lot of things change.

而當你把這些動能注入、或導入到我們的衡量（measurement）產品、以及我們的 Audience Unlimited 產品中時，我們認為有方法能真正加速這個飛輪效應。如果能消除一小部分宏觀壓力，很多事情都會改變。

The last thing that I just think is really important to underline and answer to your question is we have an unbelievable leadership team. Most of them are new. And so we're just trying to give them enough runway to get up to speed and really make a substantial contribution. And we're convinced that they can and they will.

最後一點，我認為非常重要、也用來回應你的問題的是：我們擁有一支非常出色的領導團隊。其中大多數人都是新加入的。因此我們只是想給他們足夠的時間跑道，讓他們能快速上手並真正做出實質貢獻。而我們深信他們做得到，而且他們一定會做到。

So I'm really excited to see what we can all do together and excited for the next chapter. And while days like today hurt, they're going to make the comeback story even more exciting and more impressive. Thank you.

所以我非常期待看到我們能一起做到什麼，也期待下一個篇章。雖然像今天這樣的日子會讓人難受，但它們會讓東山再起的故事更加精彩、也更令人印象深刻。謝謝。

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

謝謝。問答環節到此結束。今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。