The Trade Desk, Inc. (TTD) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to The Trade Desk, Inc., third-quarter 2026 earnings conference call.

各位好，歡迎參加 The Trade Desk, Inc. 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

It is now my pleasure to hand the floor over to your host, Chris Toth, Vice President of Investor Relations. Sir, the floor is yours.

現在我很榮幸把會議交給今天的主持人——投資人關係副總裁 Chris Toth。先生，請開始。

Thank you, operator. Hello and good afternoon to everyone. Welcome to The Trade Desk third-quarter 2026 earnings conference call.

謝謝，接線員。各位好，下午好。歡迎參加 The Trade Desk 2026 年第三季財報電話會議。

On the call today are CEO and Co-Founder Jeff Green; and our Chief Financial Officer, Nate Olmstead.

今天與會者包括執行長暨共同創辦人 Jeff Green，以及財務長 Nate Olmstead。

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

我們的財報新聞稿可在 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.

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。

Actual results may vary significantly. And we expressly disclaim any obligations to update the forward-looking statements made today.

實際結果可能會有重大差異。我們亦明確聲明不承擔更新今日所作前瞻性陳述的任何義務。

If any of our beliefs or assumptions prove incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. For a detailed discussion of risks, 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。如需風險的詳細討論，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.

除 GAAP 財務結果外，我們亦提供補充性的非 GAAP 財務數據。GAAP 與非 GAAP 指標之間的調節表可在我們的財報新聞稿與投資人簡報中查閱。

We believe that presenting these non-GAAP measures alongside our GAAP results offers a more comprehensive view of the company's operational performance.

我們相信，將這些非 GAAP 指標與 GAAP 結果一併呈現，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，我把電話交給執行長暨共同創辦人 Jeff Green。Jeff？

Thanks, Chris. And, good afternoon, everyone. And thank you for joining us.

謝謝，Chris。各位下午好。也謝謝大家加入我們。

Our third-quarter revenue was approximately $736 million, meaningfully ahead of the outlook we provided in August. Those results were much better than we expected three months ago. And it is approximately flat on a year-over-year basis.

我們第三季營收約為 7.36 億美元，明顯優於我們在 8 月提供的展望。這些結果比我們三個月前預期的好得多。以年增率來看大致持平。

While these results are above what we expected for this quarter, this level of growth is, of course, well below the level of growth that we expect from ourselves in the future.

雖然本季結果高於我們的預期，但這樣的成長水準當然仍遠低於我們對未來自我要求的成長水準。

Last quarter, I talked about the opportunities for improving our execution and the things we can directly influence to improve the trajectory of our business. Since then, we have been improving our operations at an increased pace across the company.

上季我談到提升執行力的機會，以及我們能直接影響、用以改善業務走勢的事項。自那之後，我們在全公司範圍內以更快的速度改善營運。

You can see that reflected in the way we are working with our customers: how quickly we are improving our platform, how we are allocating resources, and how we are operating as a company.

你們可以從我們與客戶合作的方式中看到這點：我們改善平台的速度、資源配置方式，以及公司整體的運作方式。

I'm encouraged by our progress. And I am proud of our team. But I want to be very clear: We are not satisfied.

我對我們的進展感到鼓舞。我也為團隊感到自豪。但我想非常清楚地說：我們並不滿足。

The questions that we are focused on every day is: How can we build on that progress? How can we improve the underlying trajectory of the business? And how do we create more value for our clients?

我們每天專注的問題是：如何在這些進展上再接再厲？如何改善業務的基本走勢？以及如何為客戶創造更多價值？

We also believe that by helping the world's largest advertisers drive better decisions, use their data more effectively, and, more importantly, drive better business outcomes -- that we can continue to help move the industry and the open Internet forward.

我們也相信，透過協助全球最大的廣告主做出更好的決策、更有效地運用其數據，更重要的是帶來更佳的商業成果——我們就能持續推動產業與開放網際網路向前發展。

We marked our 10-year anniversary as a publicly traded company in Q3. We've had tremendous growth since our founding and since our IPO. The complexity of the ecosystem has also grown. And the way we operate must evolve alongside it.

我們在第三季迎來公司上市滿 10 週年。自創立以來以及自 IPO 以來，我們都取得了巨大的成長；生態系的複雜度也隨之提升。而我們的營運方式必須與之同步演進。

Given it was our 10-year anniversary, it is fitting to express my personal excitement to have my Co-Founder re-engage more deeply at The Trade Desk, once again. Dave Pickles and I founded the company 17 years ago.

鑑於上市 10 週年這個里程碑，我也很適合在此表達我個人的興奮：我們的共同創辦人將再次更深入地回到 The Trade Desk 參與其中。Dave Pickles 和我在 17 年前共同創立了公司。

And Dave has continued to support The Trade Desk as a long-term advisor since stepping down from his role as CTO in September of 2023.

自 2023 年 9 月卸任 CTO 職務以來，Dave 一直以長期顧問的身分持續支持 The Trade Desk。

But, as we enter the next stage of our product innovation, I am very pleased to share that Dave, the architect of the platform and a key driver of The Trade Desk's revenue, has agreed to substantially expand his role, once again.

但隨著我們進入產品創新的下一階段，我非常高興地分享：Dave——平台的架構師、也是推動 The Trade Desk 營收的關鍵人物——已同意再次大幅擴展他的職責。

Together, in many cases, he and I have led the growth of the programmatic space and the ad ecosystem that funds the open Internet. I'm excited to work with him again and to tackle new challenges.

在許多情況下，他和我一起引領了程式化領域以及為開放網際網路提供資金的廣告生態系的成長。我很期待再次與他合作並迎接新的挑戰。

This is an area where we believe The Trade Desk is stronger than ever to make an impact at greater scale than we ever have.

在這個領域，我們相信 The Trade Desk 比以往任何時候都更強大，能以更大的規模產生影響——超越我們過去任何時候。

Bringing Dave's experience, his technical judgment, and deep understanding of our platform more directly into that work will help us shape what we believe is the next generation of advertising technology.

將 Dave 的經驗、他的技術判斷，以及對我們平台的深刻理解更直接地帶入這項工作，將幫助我們塑造我們所相信的下一代廣告科技。

I'm extremely excited to have him more deeply engaged with the team, as we move into this next chapter.

隨著我們邁入下一個篇章，我對他能更深入地與團隊投入合作感到非常興奮。

We spent the last year changing our company because the industry has changed and is continuing to change. However, our vision and our values remain the same as what Dave and I established at our company-founding.

過去一年，我們持續調整公司，因為產業已經改變且仍在持續改變。然而，我們的願景與價值觀仍與 Dave 和我在創立公司時所建立的一致。

For years, we have primarily served the largest agencies and brands in the world. We have grown but so has our ecosystem. Programmatic advertising was once a line item on a media plan. Now, it's the heart of the plan.

多年來，我們主要服務全球最大的代理商與品牌。我們成長了，但我們的生態系也同樣成長。程式化廣告曾經只是媒體計畫中的一個項目。如今，它已成為計畫的核心。

With the growth of the ecosystem of programmatic and digital advertising, we've also seen decision-making move inside of brands and agencies to different parts of the organization.

隨著程式化與數位廣告生態系的成長，我們也看到決策制定在品牌與代理商內部轉移到組織的不同部門。

Often, the decision-making has moved up -- sometimes, all the way to the C-suite of Fortune 500 companies, but, in other cases, it's often also been distributed. But, in all cases, there are more seats at the table.

決策往往上移——有時一路到《財富》500 大企業的 C 級高層；但在其他情況下，也常被分散到不同單位。但無論如何，參與決策的席位都變多了。

Decisions about what advertising to buy that were once made primarily by hands-on keyboard traders are increasingly being made by senior-agency leaders, procurement groups at large brands, and senior executives.

過去主要由一線鍵盤交易員決定要購買哪些廣告，如今越來越多是由資深代理商主管、大型品牌的採購團隊，以及高階主管來做決定。

In many cases now, the CFOs, CEOs, and even CMOs are quickly learning the esoteric details of programmatic advertising and the marketplace of buying media. Put simply, we must meet our customers where those decisions are being made -- and decisions are being made at a variety of levels of those organizations today.

在許多情況下，CFO、CEO，甚至 CMO 都正在快速學習程式化廣告以及媒體採買市場中那些較為艱深的細節。簡而言之，我們必須在客戶做出這些決策的地方與他們對接——而如今這些決策在其組織內的不同層級都在發生。

But, that said, data-driven advertising is more important than ever because most of the Fortune 500 are searching for new growth. In most cases, growth isn't possible without branding and advertising.

不過，即便如此，數據驅動的廣告比以往任何時候都更重要，因為多數《財富》500 大企業都在尋找新的成長動能。在大多數情況下，沒有品牌建立與廣告投放，就難以實現成長。

And, as linear TV goes away and becomes less and less relevant, relative to streaming, brands will win or lose, based on their ability to understand and use data-driven advertising.

而且，隨著傳統線性電視逐漸式微、相較於串流變得越來越不相關，品牌的勝負將取決於其理解並運用數據驅動廣告的能力。

This is an important moment for the advertising industry. But it is also an important moment for our company because we have spent the last year fine-tuning our company.

這是廣告產業的重要時刻。但這對我們公司同樣重要，因為過去一年我們一直在微調公司的各個面向。

There is a massive TAM and a huge opportunity for growth ahead. To capture that, we've had to refine our broader organization into one capable of greater scale than ever before.

前方有龐大的 TAM（可服務總市場）與巨大的成長機會。為了把握這些機會，我們必須將更廣泛的組織架構精煉成一個具備前所未有規模化能力的組織。

We have brought together, perhaps, the best team assembled in ad tech, which includes those who know the esoteric world of programmatic advertising and others who drive and operate at unprecedented scale.

我們或許已匯聚了廣告科技領域迄今組建的最佳團隊，其中包括熟悉程式化廣告深奧世界的人才，以及能以前所未有規模推動並營運業務的人才。

The Trade Desk has always differentiated with greater operating discipline in how we build our products, how we go to market, and how we align our interests with our clients, and how we execute.

The Trade Desk 一直以更高的營運紀律作為差異化優勢，體現在我們如何打造產品、如何推向市場、如何使我們的利益與客戶一致，以及如何執行。

We are setting clear priorities in product development, developing more consistent sales and account-planning processes, enforcing stronger accountability through our organization, and allocating resources more deliberately against our highest-return opportunities, which include agentic AI, CTV, and measurement.

我們正在為產品開發設定明確優先順序，建立更一致的銷售與客戶規劃流程，在組織內推動更強的問責機制，並更審慎地將資源配置到回報最高的機會上，其中包括代理式 AI、CTV 與衡量（measurement）。

AI has produced a tremendous opportunity for us and our clients. Because of AI, TTD is able to refine its product faster than ever.

AI 為我們與客戶帶來了巨大的機會。因為 AI，TTD 能以前所未有的速度精進其產品。

AI is helping us operate. AI is helping us build product. And AI is in the product to help our clients manage their advertising.

AI 正在協助我們營運。AI 正在協助我們打造產品。而 AI 也已融入產品之中，協助客戶管理其廣告投放。

We've been transforming our business and are starting to see the fruits of our labors. We have strengthened our key leadership team and now have most of the key players on board. And, as a result, we have organized our go-to-market teams differently.

我們一直在轉型我們的業務，並開始看到努力的成果。我們已強化關鍵領導團隊，現在大多數關鍵角色都已到位。因此，我們也以不同方式重新組織了我們的市場推進（go-to-market）團隊。

We've added experienced leaders throughout our commercial organization so that we are better strategically serving our largest customers, bringing together product and commercial teams to address our clients' need to find new growth.

我們在整個商務組織中增聘了具經驗的領導者，使我們能在策略上更好地服務最大型客戶，並將產品與商務團隊整合起來，以回應客戶尋求新成長的需求。

That includes better measurement, more effective use of data and AI, and more strategic approaches to how we plan and grow together.

這包括更好的衡量、更有效地運用數據與 AI，以及在我們如何共同規劃並一起成長方面採取更具策略性的做法。

One of the clearest indicators of that progress is our joint business plans or JBPs. Through the end of Q3, the number of JBPs was up more than 30% year over year, including growth of more than 20% in the third quarter, representing hundreds of agencies and brands.

這項進展最明確的指標之一，就是我們的聯合商業計畫（JBP）。截至第三季末，JBP 的數量年增超過 30%，其中第三季單季成長超過 20%，涵蓋數百家代理商與品牌。

Most importantly, customers operating under JBPs continue to grow meaningfully faster than those under traditional MSAs. 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.

最重要的是，在 JBP 架構下運作的客戶，其成長速度持續顯著快於採用傳統主服務協議（MSA）的客戶。JBP 遠不只是商務協議。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。

These JBPs and client relationships that have JBPs tend to grow faster because they are built around long-term alignment, rather than individual campaigns. JBPs provide the framework to plan together, to innovate together, and to measure success against shared business objectives.

這些 JBP 以及擁有 JBP 的客戶關係往往成長更快，因為它們建立在長期一致性之上，而非單一活動。JBP 提供共同規劃、共同創新，並以共享的商業目標衡量成功的框架。

And, as our engagement with our clients deepens, our JBPs continue to expand. We currently have more than 100 JBPs in the pipeline, which gives us additional confidence in the opportunity ahead.

而隨著我們與客戶的互動加深，我們的 JBP 也持續擴大。目前我們的管線中有超過 100 個 JBP，這讓我們對未來機會更具信心。

One great example of where a clear JBP with bigger common goals than ever is driving growth is with one of our large financial-services customers. Our team developed a deliberate strategy to engage more deeply with the leaders of individual business lines across the organization, where we had not previously built relationships.

一個很好的例子是：與我們某家大型金融服務客戶之間，一個具備前所未有更大共同目標的明確 JBP 正在推動成長。我們的團隊制定了審慎的策略，更深入地與該組織內各個業務線的領導者互動，而過去我們尚未與他們建立關係。

Over several months, the team held dozens of conversations with business leaders, focused on demonstrating the value that The Trade Desk could create against their specific business objectives.

在數個月期間，團隊與業務領導者進行了數十次對話，重點在於展示 The Trade Desk 能如何針對其特定商業目標創造價值。

That engagement recently resulted in millions of dollars of incremental spend from one line of business alone. It is a good example of the opportunity we see, when we move beyond simply being the platform that clients use to buy media and, instead, become a strategic partner that they build with.

這樣的互動最近帶來了僅某一條業務線就新增數百萬美元的額外支出。這是一個很好的例子，說明當我們不再只是客戶用來購買媒體的平台，而是成為他們共同打造的策略夥伴時，我們所看到的機會。

We are seeing encouraging indicators elsewhere in the business, as well. Outside the United States, we are seeing strong growth from our APAC business, which is up approximately 30% year over year in the first nine months, led by China, which grew 45% year over year in Q3.

我們也在業務的其他方面看到令人鼓舞的指標。在美國以外，我們看到亞太（APAC）業務強勁成長，前九個月年增約 30%，其中以中國領先，中國在第三季年增 45%。

We are also seeing strong momentum in EMEA, where growth is up more than 20% year over year in the first nine months.

我們也在歐洲、中東與非洲（EMEA）看到強勁動能，前九個月年增超過 20%。

We are also seeing encouraging progress from our growth team, which is focused on winning new brand clients, including large- and middle-market clients; and re-engaging advertisers where we know we can create more value.

我們也看到成長團隊取得令人鼓舞的進展；該團隊專注於贏得新的品牌客戶，包括大型與中型市場客戶，並重新接觸那些我們知道能創造更多價值的廣告主。

Through the first three quarters of this year, the team has increased its client count by over 200% year over year, including 23 new clients in Q3 alone. And this team is a meaningful contributor to our overall revenue.

今年前三季，該團隊的客戶數量年增超過 200%，其中第三季單季就新增 23 位新客戶。而這個團隊也是我們整體營收的重要貢獻者。

Our success is led by people. However, we are a product-led company. Every product we ship aims to create greater returns for our customers, more value for The Trade Desk and our shareholders, and represent an improvement to the ecosystem, overall.

我們的成功由人才所帶動。然而，我們是一家以產品為導向的公司。我們推出的每一項產品，都旨在為客戶創造更高回報、為 The Trade Desk 與股東創造更多價值，並整體上改善生態系。

Today, I will highlight some of the big products that we have been working on for the last 1.5 years We will highlight some of the platform engagement we have improved with our system upgrade called Zuma.

今天，我將重點介紹我們在過去 1.5 年所投入的一些重大產品。我們也將說明透過名為 Zuma 的系統升級，我們如何改善平台互動與使用體驗。

And we will share more about our most exciting product, which is a measurement product and a marketplace that will transform The Trade Desk, the open Internet, and premium media.

此外，我們將分享更多關於我們最令人振奮的產品：一項衡量產品與一個市場（marketplace），它將改變 The Trade Desk、開放網際網路與優質媒體。

And, lastly, we will provide an update on the progress on Audience Unlimited, which represents another way for TTD and advertisers to unlock the benefits of data and AI.

最後，我們將更新 Audience Unlimited 的進展；這代表 TTD 與廣告主解鎖數據與 AI 效益的另一種方式。

Let us start with measurement. The advertising industry has a fundamental measurement problem. Last-click and last-view measurement naturally favor advertising that occurs right before a transaction takes place.

讓我們從衡量開始。廣告產業存在一個根本性的衡量問題。最後點擊與最後觀看的衡量方式，天然會偏向於交易發生前不久出現的廣告。

What last-click and last-view attribution do a poor job of is recognizing all the advertising that created awareness, preference, and the brand in the first place.

最後點擊與最後觀看歸因做得不好的地方，是無法辨識那些最初建立認知、偏好與品牌的所有廣告貢獻。

Branding will always suffer and be underfunded, when last-touch attribution is the default, because the heavy lifting of branding is done in the premium media.

當最後觸點歸因成為預設時，品牌行銷將永遠受損並被低估投入，因為品牌建設的主要「重活」是在優質媒體上完成的。

And the premium open Internet is where The Trade Desk leads in demand aggregation and, now, where most premium media is consumed.

而在優質的開放網際網路上，The Trade Desk 在需求聚合方面居於領先地位；同時，現在大多數優質媒體也在那裡被消費。

Today, the heavy lifting of branding is done in CTV. It is done in sports, in movies, in news, and in music. Great branding is almost always the process of associating a great brand with great media.

如今，品牌建設的重活是在 CTV 上完成的；在體育、電影、新聞與音樂中完成。卓越的品牌塑造幾乎總是把優秀品牌與優秀媒體連結在一起的過程。

As one client shared with me earlier this year, often, the best and most effective ads for our brand are the most expensive.

正如一位客戶今年稍早與我分享的：很多時候，對我們品牌而言最好、最有效的廣告，也是最昂貴的。

Our open-measurement framework is designed to more accurately assign value across the customer journey and give marketers greater confidence in where advertising is creating incremental business results, whether that influence happens near the top of the funnel or at the bottom of it.

我們的開放衡量框架旨在更精準地在整個客戶旅程中分配價值，並讓行銷人員更有信心判斷廣告在哪裡正在創造增量的商業成果，無論這種影響發生在漏斗上層或下層。

Unlike the walled gardens of Amazon and Google and other user-generated content platforms, we are not grading our own homework. We are not simply measuring our own success. We are providing real sales data through real transactions.

不同於 Amazon、Google 等封閉生態（walled gardens）以及其他使用者生成內容平台，我們不是在替自己批改作業。我們不只是衡量我們自己的成功。我們透過真實交易提供真實的銷售數據。

We are in the pole position here because we operate objectively on the buy-side. We don't own media that we are trying to sell. Our aim is to help advertisers understand what decisions are actually working and actually driving growth and allocate their next dollar, accordingly.

我們在這裡處於最有利的位置，因為我們以買方（buy-side）的客觀立場運作。我們不擁有任何我們試圖銷售的媒體。我們的目標是協助廣告主理解哪些決策真正有效、真正驅動成長，並據此配置他們下一筆預算。

We are trying to be their partner and actually help them grow and find incremental growth, not just take credit for the growth that would have happened, anyway.

我們希望成為他們的夥伴，真正幫助他們成長並找到增量成長，而不只是把原本就會發生的成長歸功於自己。

Open measurement is designed to bring more sophisticated measurement directly into the platform. For advertisers with first-party data, that means more granular attribution. For advertisers that do not have access to sophisticated measurement today, we intend to make attribution available more broadly.

開放衡量旨在將更精密的衡量能力直接帶入平台。對於擁有第一方數據的廣告主而言，這意味著更細緻的歸因。對於目前尚無法使用精密衡量的廣告主，我們打算讓歸因能力更廣泛可用。

Our goal is to evolve measurement beyond last-click and last-view toward a more complete understanding of the customer journey.

我們的目標是讓衡量方式超越最後點擊與最後曝光，朝向更完整地理解客戶旅程。

In our product design, incrementality can help marketers better understand which investments are creating additional business results, including the value being generated across the open Internet.

在我們的產品設計中，增量性（incrementality）能幫助行銷人員更好地理解哪些投資正在創造額外的業務成果，包括在開放網際網路上所產生的價值。

I'm excited to share more and we will, when we formally launch this open-measurement product later this quarter.

我很期待分享更多內容；我們將在本季稍晚正式推出這項開放衡量產品時對外公布。

The second product area I want to discuss is Zuma. We launched Zuma during the third quarter as an important evolution of our product.

我想討論的第二個產品領域是 Zuma。我們在第三季推出 Zuma，作為我們產品的重要演進。

Zuma upgraded Kokai. Zuma improves navigation, workflows, and troubleshooting. It brings more AI directly into the user experience and improves the dialogue between human and machine.

Zuma 升級了 Kokai。Zuma 改善了導覽、工作流程與疑難排解。它將更多 AI 直接帶入使用者體驗，並改善人與機器之間的對話。

Increasingly, we want Koa and our agentic workflows to handle more of the repetitive and operational work, freeing clients to focus on strategy, creativity, and business outcomes.

我們越來越希望 Koa 與我們的代理式（agentic）工作流程能處理更多重複性與營運性的工作，讓客戶能專注於策略、創意與業務成果。

We are already seeing early indicators of progress toward this vision. Clients are moving faster. Median active time to complete core set-up workflows has declined, including 9% for campaign creation, 15% for ad-group creation, and 9% for uploading creatives.

我們已經看到朝這個願景前進的早期進展跡象。客戶推進速度更快。完成核心設定工作流程的中位數有效操作時間已下降，包括：建立活動下降 9%、建立廣告群組下降 15%、上傳素材下降 9%。

Koa is doing more of the work. Koa optimizations are now enabled on 22% more strategies than before. Results are improving.

Koa 正在承擔更多工作。相較之前，啟用 Koa 最佳化的策略數量增加了 22%。成效正在改善。

In A/B tests across 62 campaigns, the upgraded Koa CPA model improved CPA by a median of 21% versus the prior model, with no additional set-up changes required. And we are only beginning to see what agentic workflows can make possible.

在涵蓋 62 個活動的 A/B 測試中，升級後的 Koa CPA 模型相較於先前模型，CPA 的中位數改善了 21%，且不需要任何額外的設定變更。而我們才剛開始看到代理式工作流程所能帶來的可能性。

Take campaign creation. In early testing, our campaign-creation agent read a client's media plan and set up the campaign structure, ad groups, budgets, and flights in a matter of minutes, automating work that was traditionally done manually and can take hours.

以活動建立為例。在早期測試中，我們的活動建立代理讀取客戶的媒體計畫，並在幾分鐘內完成活動架構、廣告群組、預算與投放檔期的設定，自動化了過去通常以人工完成、可能需要數小時的工作。

Early adopters highlight meaningful time savings. And more and more clients are asking to use it. We are still in beta and there's a lot more work to do but it is a good example of where the platform is heading.

早期採用者強調了顯著的時間節省。而且越來越多客戶要求使用它。我們仍處於 Beta 階段，還有很多工作要做，但這是一個很好的例子，展示平台的發展方向。

We are applying the same agentic approach to audiences and extending it across our partner ecosystem. Using MCP, an open-standard adapter that allows AI systems to communicate with one another, Koa can share an advertiser's audience objectives with participating data providers.

我們也將相同的代理式方法應用於受眾，並把它延伸到我們的合作夥伴生態系。透過 MCP（一種讓 AI 系統彼此溝通的開放標準轉接器），Koa 可以與參與的資料供應商分享廣告主的受眾目標。

Then, their AI systems can respond with custom segments designed for that campaign. Koa can then evaluate those options and use a segment only when it believes it is likely to improve performance.

接著，他們的 AI 系統可以回應為該活動設計的客製化區隔。然後 Koa 可以評估這些選項，並僅在其認為可能提升成效時才使用某個區隔。

That creates an open agentic ecosystem in which our agents and our partners' agents can work together, on behalf of advertisers.

這將建立一個開放的代理式生態系，讓我們的代理與合作夥伴的代理能代表廣告主協同運作。

We are also beginning to work more closely with some of the world's leading agencies to co-develop agentic workflows.

我們也開始與全球一些領先的代理商更緊密合作，共同開發代理式工作流程。

Previously, we highlighted our partnership with Stagwell. Today, we have extended that collaboration model, incorporating agentic workflows into the planning, activation, and optimization processes that power campaigns for many of the world's largest brands and their agencies.

先前我們曾強調與 Stagwell 的合作夥伴關係。今天，我們已擴展該合作模式，將代理式工作流程納入規劃、啟動與最佳化流程，為全球許多最大品牌及其代理商所驅動的活動提供支援。

We are still in the early stages but these collaborations are important because our goal is to build agentic capabilities alongside the agencies and advertisers that will use them.

我們仍處於早期階段，但這些合作很重要，因為我們的目標是與將使用這些能力的代理商與廣告主一起打造代理式能力。

Our partners operate the most sophisticated marketing organizations in the world so we aim to create technology that solves real workflow problems, creating more value for brands.

我們的合作夥伴經營著全球最成熟的行銷組織，因此我們致力於打造能解決真實工作流程問題的技術，為品牌創造更多價值。

Over time, we believe agentic workflows can materially change the productivity of advertising teams.

隨著時間推進，我們相信代理式工作流程能實質改變廣告團隊的生產力。

Work that has historically required many people and significant manual effort can increasingly be assisted or executed by agents, allowing leaner teams to operate even more sophisticated programs, while keeping people focused on the decisions where judgment, creativity, and strategy matter most.

過去需要許多人力與大量手動投入的工作，將越來越多地由代理協助或執行，使更精簡的團隊也能運作更複雜的方案，同時讓人員專注在最需要判斷力、創意與策略的決策上。

Put simply, Zuma is making the platform easier to use, accelerating the adoption of agentic AI and helping drive better outcomes for advertisers.

簡而言之，Zuma 正讓平台更易於使用，加速代理式 AI 的採用，並協助為廣告主帶來更好的成果。

We have a lot more work ahead of us but the initial response reinforces our belief that we can preserve the sophistication that makes our platform valuable, while making it more intuitive, more efficient, and increasingly powered by agentic AI.

我們前方仍有大量工作要做，但初期回饋強化了我們的信念：我們能在保留平台之所以有價值的精密度的同時，讓它更直覺、更高效率，並且越來越由代理式 AI 驅動。

And Zuma is not a one-time release. It represents the pace at which we intend to improve the platform and expand the capabilities of our agentic offering for advertisers and agencies.

而且 Zuma 並非一次性的發佈。它代表了我們打算提升平台的速度，以及為廣告主與代理商擴展我們代理式產品能力的節奏。

We are also seeing encouraging early traction with Audience Unlimited. More than 100 advertisers have now tested the product and several hundred campaigns are live.

我們也看到 Audience Unlimited 令人鼓舞的早期動能。目前已有超過 100 位廣告主測試過該產品，且已有數百個活動正在投放中。

The idea behind Audience Unlimited is simple: make high-quality third-party data easier and more predictable to use, while leveraging AI to help advertisers identify the audiences most likely to drive performance.

Audience Unlimited 背後的想法很簡單：讓高品質的第三方資料更容易且更可預期地使用，同時運用 AI 協助廣告主辨識最可能帶動成效的受眾。

And the early results are promising. In recent campaigns, advertisers have improved CPA by more than 30% and simultaneously reduced [CPMs] by approximately 14%. Multiple advertisers have also used Audience Unlimited successfully in direct competitive tests.

而早期結果相當令人振奮。在近期活動中，廣告主將 CPA 提升（改善）超過 30%，並同時將 [CPMs] 約降低 14%。也有多位廣告主在直接的競品對照測試中成功使用 Audience Unlimited。

These early results increase our confidence that Audience Unlimited can drive better advertiser outcomes, while significantly simplifying the way data is used on our platform.

這些早期成果提升了我們的信心：Audience Unlimited 能帶來更好的廣告主成果，同時大幅簡化資料在我們平台上的使用方式。

As we continue to innovate, I expect Audience Unlimited to be a huge beneficiary of agentic AI, as well.

隨著我們持續創新，我也預期 Audience Unlimited 將同樣成為代理式 AI 的重大受益者。

Measurement, Zuma, Audience Unlimited, agentic workflows, and the work we're doing across our commercial organization all connect to the same objective: helping the world's largest advertisers make better decisions and generate better business outcomes.

衡量、Zuma、Audience Unlimited、代理式工作流程，以及我們在整個商業組織所做的工作，都指向同一個目標：協助全球最大的廣告主做出更好的決策，並創造更好的業務成果。

When I look toward 2027, we have more opportunity in front of us than ever. The TAM is growing. AI is fueling change and disruption. But our AI, joined with the trust and partnership we've built over many years, make it especially valuable to The Trade Desk.

當我展望 2027 年時，我們面前的機會比以往任何時候都更大。TAM（總可服務市場）正在成長。AI 正推動變革與顛覆。但我們的 AI，加上多年建立的信任與合作關係，使其對 The Trade Desk 尤其有價值。

Over the last couple of years, we've been upgrading our business. And, as I previously mentioned, we have strengthened our leadership team and continue to solidify that team.

過去幾年，我們一直在升級我們的業務。而且，如我先前提到的，我們已強化領導團隊，並持續鞏固該團隊。

We've evolved our commercial model. And we've been more deliberate about where we allocate resources. We've continued to invest in the platform: AI, measurement, and data. And we're creating systems and processes that allow us to operate at scale.

我們已演進我們的商業模式。而且我們在資源配置上更為審慎。我們持續投資於平台：AI、衡量與資料。同時我們也在建立系統與流程，使我們能以規模化方式運作。

We've learned a lot along the way. We've made mistakes. And, when we do, we try to correct them quickly.

一路走來我們學到很多。我們也犯過錯。而當我們犯錯時，我們會嘗試快速修正。

The organization we have today is the organization we need for the next chapter of The Trade Desk. And the opportunity in front of us remains enormous.

我們今天的組織，就是 The Trade Desk 下一個篇章所需要的組織。而我們面前的機會仍然非常龐大。

Our market share represents only a small fraction of roughly a $1 trillion global-advertising market. Digital advertising continues to gain share. And connected TV continues to reshape the largest media market in the world.

我們的市占率僅約占全球約 1 兆美元廣告市場的一小部分。數位廣告持續提升占比。而連網電視（Connected TV）持續重塑全球最大的媒體市場。

More of the world's premium content is becoming digitally addressable. Retail and commerce data are becoming increasingly valuable in an AI world. And AI is creating more data, more choices, and more complexity.

全球更多的優質內容正變得可被數位化定向觸達。在 AI 的世界裡，零售與商務資料正變得愈發有價值。而 AI 正在創造更多資料、更多選擇，以及更高的複雜度。

All of those trends increase the importance of objective decisioning and the role of The Trade Desk.

所有這些趨勢都提高了客觀決策的重要性，以及 The Trade Desk 所扮演的角色。

The supply of the advertising opportunities continues to expand dramatically, faster than the demand. In a world where supply significantly exceeds demand, advertisers have extraordinary choice.

廣告曝光機會的供給持續大幅擴張，且增速快於需求。在供給顯著超過需求的世界裡，廣告主擁有極為豐富的選擇。

But, with a finite amount of ad dollars, more choices make decisioning even more valuable and more important. And objectivity also becomes more important.

但是，在廣告預算總額有限的情況下，選擇越多，決策就越有價值、也越重要。而客觀性也變得更為重要。

Access to inventory is increasingly commoditized. The value of decisioning comes from the use of data and AI to evaluate those opportunities and determine which ones are actually the right opportunity for a specific advertiser.

對庫存的取得正日益商品化。決策的價值來自於運用數據與 AI 來評估這些機會，並判斷哪些才真正是特定廣告主的合適機會。

The ability to evaluate millions of opportunities and determine which are right for a particular advertiser is what matters. And, increasingly, the data required to make those decisions belongs to our customers.

能夠評估數百萬個機會並判定哪些適合某一位廣告主，才是關鍵。而且，愈來愈多用於做出這些決策所需的數據，屬於我們的客戶。

In an AI-driven world, proprietary data becomes even more valuable. Partners that help you protect your data become better partners.

在 AI 驅動的世界裡，專有數據變得更有價值。能協助你保護數據的合作夥伴，會成為更好的合作夥伴。

The world's largest brands need partners they can trust with that data -- partners whose incentives are aligned with theirs and partners who are not using their data to their competitors' advantage.

全球最大的品牌需要能夠信任、可託付這些數據的合作夥伴——其誘因與他們一致的合作夥伴，以及不會利用他們的數據來讓競爭對手受益的合作夥伴。

Our independence and objectivity have always mattered. And I believe that they matter more today than ever before.

我們的獨立性與客觀性一直都很重要。而我相信，今天它們比以往任何時候都更重要。

As most of you know, the US just wrapped up its midterm election. We are proud of the role that we, The Trade Desk, played in the election.

如各位多數人所知，美國剛結束期中選舉。我們以 The Trade Desk 在此次選舉中扮演的角色為榮。

We aim to provide all political parties equal access to our platform so that they can enable their ideas to compete fairly in the marketplace of ideas.

我們的目標是讓所有政黨都能平等使用我們的平台，使其理念能在思想市場中公平競爭。

I consider it a great achievement of our company to have two parties with competing ideas both use our platform at the same time in hopes of swaying voters and winning elections.

我認為，我們公司的一項重大成就，是讓兩個理念相互競爭的政黨能同時使用我們的平台，以期影響選民並贏得選舉。

This election was our biggest yet. Given this was a midterm and not a presidential election, we see this as a strong indicator of the role that we can play in the future, as we continue to focus on building and maintaining trust of all of our clients, including the political clients.

這次選舉是我們迄今規模最大的一次。鑑於這是期中選舉而非總統大選，我們將其視為一項強烈指標，顯示我們未來可扮演的角色；同時我們也將持續專注於建立並維持所有客戶（包括政治客戶）對我們的信任。

So let me wrap up with a few thoughts about the future. As we head toward 2027, our priorities are clear:

最後，我用幾點想法來總結對未來的看法。邁向 2027 年之際，我們的優先事項很清楚：

One, to continue improving how we serve the world's largest brands and largest agencies. Two, to make the power of our platform easier to access, while preserving the sophistication that differentiates it.

第一，持續改善我們服務全球最大品牌與最大代理商的方式。第二，在保留其差異化的精密度與成熟度的同時，讓我們平台的強大能力更容易被使用。

Three, to change how advertising is measured so that marketers can better understand what actually drives growth. Fourth, to continue putting AI to work in ways that make marketers more productive and their advertising spend more effective.

第三，改變廣告衡量方式，讓行銷人員能更清楚了解究竟是什麼驅動成長。第四，持續以能提升行銷人員生產力、並讓其廣告支出更有效的方式，推動 AI 的應用。

And, five, to operate The Trade Desk with greater agility, greater focus, greater ownership, and faster speed.

第五，以更高的敏捷性、更聚焦、更強的主人翁精神，以及更快的速度來營運 The Trade Desk。

Q3 represented progress but we are measuring ourselves against where we believe this company can go, not simply against the expectations we set three months ago. We have more work to do.

第三季代表了進展，但我們衡量自己是以我們相信公司能達到的高度為基準，而不僅僅是三個月前我們所設定的預期。我們還有更多工作要做。

At the same time, I believe the actions we've taken, the team we've assembled, and the products we're bringing to market this quarter, and in 2027, and beyond position The Trade Desk to lead the open Internet and the advertising that funds it at higher levels than ever before.

同時，我相信我們已採取的行動、我們組建的團隊，以及我們在本季、在 2027 年及更長遠未來推向市場的產品，將使 The Trade Desk 站在有利位置，以前所未有的更高水準引領開放網際網路及支撐其運作的廣告生態。

We've spent much of the last decade building the leading independent-buying platform for the open Internet. Our focus is now turning that into the next phase of durable growth.

過去十年，我們大部分時間都在打造開放網際網路領先的獨立採買平台。我們現在的重點，是將其轉化為下一階段的長期、可持續成長。

With that, I'll turn the call over to Nate.

接下來，我把電話會議交給 Nate。

Thank you, Jeff. And, good afternoon, everyone. Let me start with our third-quarter results.

謝謝你，Jeff。各位下午好。我先從我們第三季的業績開始。

In Q3, we delivered revenue of $736 million, down 0.5% year over year and meaningfully ahead of the outlook we provided in August. We saw particular demand strength in medical health and the political-election business, which continued to grow cycle on cycle, as expected.

第三季我們實現營收 7.36 億美元，年減 0.5%，且明顯優於我們在 8 月提供的展望。我們看到醫療健康與政治選舉業務的需求特別強勁，且如預期般在不同選舉週期之間持續成長。

In addition, our Q3 results included a benefit to revenue totaling approximately 3 percentage points from business with a strategic partner that we do not expect to recur.

此外，我們第三季業績包含來自某家策略合作夥伴業務的一次性營收利多，合計約貢獻 3 個百分點，我們預期不會再發生。

Importantly, even excluding that one-time benefit, the underlying business still performed meaningfully better than we anticipated, entering the quarter.

重要的是，即使排除這項一次性利多，核心業務表現仍明顯優於我們在進入本季時的預期。

We generated $266 million of adjusted EBITDA during the quarter, representing a 36% margin, also meaningfully ahead of our expectations.

本季我們產生 2.66 億美元的調整後 EBITDA，代表 36% 的利潤率，也明顯優於我們的預期。

In terms of our channel mix, video, which includes CTV, represented a low-50%s share of our business in Q3. Mobile represented a high-20%s share of the business during the quarter, while display represented a low double-digit share. Audio represented around 7% of the business and posted much stronger year-over-year growth than any other channel.

就渠道組合而言，影片（包含 CTV）在第三季占我們業務約 50% 出頭的比重。行動端在本季占約 20% 後段的比重，而展示型廣告占低雙位數比重。音訊約占業務的 7%，且其年增率遠高於任何其他渠道。

In our verticals, medical health, personal finance, travel, and, of course, political, related to the US midterm elections, posted the strongest year-over-year growth during the quarter.

在垂直產業方面，醫療健康、個人理財、旅遊，以及當然還有與美國期中選舉相關的政治類別，在本季繳出最強的年增成長。

Now, turning to expenses, Q3 operating expenses were $643 million. The quarter included $44 million of restructuring charges, primarily related to severance and other employee benefits associated with the organizational actions we announced in September.

接著談費用，第三季營運費用為 6.43 億美元。本季包含 4,400 萬美元的重組費用，主要與我們在 9 月宣布的組織調整所帶來的資遣費及其他員工福利相關。

Excluding stock-based compensation and restructuring charges, Q3 operating expenses were $504 million.

排除以股份為基礎的薪酬與重組費用後，第三季營運費用為 5.04 億美元。

Income tax expense was $68 million in the third quarter, driven primarily by our pre-tax profitability and the impact of stock-based awards.

第三季所得稅費用為 6,800 萬美元，主要由稅前獲利能力以及以股份為基礎的獎酬影響所驅動。

Platform operations expense increased 23% year over year in Q3. There are three important factors driving the increase:

第三季平台營運費用年增 23%。推動此增幅有三個重要因素：

First, we continue to invest in the infrastructure required to support the increasing scale and sophistication of our platform, including higher query volumes and greater use of AI and machine learning.

第一，我們持續投資於支援平台規模與精密度提升所需的基礎設施，包括更高的查詢量，以及更廣泛使用 AI 與機器學習。

Second, we are investing to optimize the mix between owned data-center capacity and third-party hosting. Some of the costs associated with that transition are occurring ahead of the efficiencies we expect the infrastructure to generate over time.

第二，我們正投資以最佳化自有資料中心產能與第三方託管之間的組合。與該轉換相關的部分成本，發生在我們預期基礎設施隨時間帶來效率提升之前。

And, third, as our platform and value-added services and data evolve, certain costs that historically were recognized as a reduction to revenue are now being recognized as a cost within platform-operations expense.

第三，隨著我們的平台、加值服務與數據的演進，某些過去在會計上作為營收減項認列的成本，現在改為在平台營運費用中認列。

That affects the year-over-year OpEx comparison, even though it does not represent a comparable increase in the underlying economic cost of operating the platform.

這會影響營運費用的年對年比較，儘管這並不代表平台營運在底層經濟成本上出現可比的增加。

We expect platform-operations expense to remain an important area of investment but we are intensely focused on improving the efficiency of that investment and generating improved operating leverage, as the business scales.

我們預期平台營運費用仍將是重要的投資領域，但隨著業務規模擴大，我們將高度專注於提升該投資的效率，並帶來更佳的營運槓桿。

During the third quarter, we also took an important step toward creating a more focused and efficient operating model. As previously announced, we reduced our global workforce by approximately 15%.

在第三季，我們也朝著建立更聚焦、更高效率的營運模式邁出重要一步。如先前所宣布，我們將全球員工人數縮減約 15%。

The actions resulted in approximately $44 million of restructuring expense in Q3. We currently expect these workforce actions to generate more than $100 million of gross savings in 2027.

這些行動在第三季帶來約 4,400 萬美元的重組費用。我們目前預期，這些人力調整將在 2027 年帶來超過 1 億美元的毛節省。

I do want to be clear about how we are thinking about those savings. Our objective is not simply to maximize near-term margins.

我確實想釐清我們如何看待這些節省。我們的目標不只是將短期利潤率最大化。

We are building a more efficient operating model that allows us to continue investing aggressively in the areas where we see the greatest opportunity, which includes our platform, AI, measurement, data, and our most important customer relationships, while significantly improving the returns on those investments.

我們正在打造更有效率的營運模式，使我們能持續在我們看到最大機會的領域積極投資，包括我們的平台、AI、衡量、數據，以及我們最重要的客戶關係，同時顯著提升這些投資的報酬。

Net income for the quarter was $38 million or $0.08 per diluted share. Adjusted net income for the quarter was $155 million or $0.33 per diluted share.

本季淨利為3,800萬美元，或每股稀釋後0.08美元。本季調整後淨利為1.55億美元，或每股稀釋後0.33美元。

Net cash provided by operating activities was $258 million. And free cash flow was $153 million in Q3.

營運活動提供的淨現金為2.58億美元。而第三季自由現金流為1.53億美元。

We ended the quarter with a strong cash and liquidity position. Our balance sheet had about $1.6 billion in cash, cash equivalents, and short-term investments at the end of the quarter.

我們在本季結束時擁有強勁的現金與流動性部位。截至本季末，我們的資產負債表上約有16億美元的現金、約當現金及短期投資。

We did not repurchase shares of our Class A common stock during Q3. We ended the quarter with $269 million remaining on our program authorization.

第三季期間我們未回購A類普通股。第三季結束時，我們的計畫核准額度尚餘2.69億美元。

As you saw in our press release, we announced an additional authorization under the program, bringing the total authorization available for future repurchases to $1 billion.

如同你們在新聞稿中所見，我們宣布在該計畫下新增核准額度，使未來可用於回購的總核准額度提高至10億美元。

We will continue to evaluate capital allocation opportunities with a focus on long-term shareholder returns, including offsetting dilution over time.

我們將持續評估資本配置機會，聚焦於長期股東報酬，包括隨時間推移抵銷稀釋。

Turning to our outlook for the fourth quarter, for Q4, we expect revenue to be, at least, $755 million. We estimate adjusted EBITDA for Q4 to be, at least, $280 million.

談到第四季展望，對於第四季，我們預期營收至少為7.55億美元。我們估計第四季調整後EBITDA至少為2.80億美元。

Before I wrap up, I want to provide some additional context on how we are currently thinking about 2027:

在我結束之前，我想補充一些我們目前對2027年的思考背景：

Given the actions we have taken and are currently evaluating, we estimate a meaningful moderation in our expense growth compared with 2026.

鑑於我們已採取以及正在評估的行動，我們預估相較於2026年，費用成長將出現顯著放緩。

We believe the changes we are making to our structure create a significantly better foundation for operating leverage, as revenue growth improves.

我們相信，我們正在進行的結構調整，將在營收成長改善時，為營運槓桿奠定顯著更好的基礎。

Our objective is to demonstrate that The Trade Desk can continue investing aggressively in innovation and growth, while also translating incremental revenue into significantly greater incremental profitability over time.

我們的目標是證明 The Trade Desk 能夠持續積極投資於創新與成長，同時也能在時間推移中，將新增營收轉化為顯著更高的新增獲利能力。

I look forward to sharing more details on our 2027 operating plan, when we report in February.

我期待在我們2月發布財報時，分享更多關於2027年營運計畫的細節。

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。

Certainly. Everyone, at this time, we will be conducting a question-and-answer session.

好的。各位，此刻我們將進行問答環節。

(Operator Instructions)

(接線員指示)

Shyam Patil, Susquehanna.

Susquehanna 的 Shyam Patil。

Hey, guys. Great to see the results.

嗨，各位。很高興看到這些成果。

Jeff, I wanted to ask about your tactical plan to drive a turn-around. Q3 was clearly better than expected. The political performance, I think, highlighted the value of the platform to the marketplace.

Jeff，我想問一下你們推動扭轉局面的戰術計畫。第三季顯然優於預期。我認為政治廣告的表現凸顯了該平台對市場的價值。

Bringing Pickles back is another very encouraging step for all of us that know what he meant.

讓 Pickles 回歸，對我們這些知道他代表什麼的人來說，也是另一個非常令人振奮的步驟。

So, from here, what additional tactical changes do you think are needed to drive a broader turn-around? How confident are you that the company can execute? And how should investors think about the timeframe for returning to stronger, more durable growth?

所以，從現在開始，你認為還需要哪些額外的戰術性調整，才能帶動更全面的扭轉？你對公司能否落實執行有多大信心？投資人應該如何看待回到更強、更具持續性的成長所需的時間框架？

Thank you.

謝謝。

You bet. Thanks for the question, Shyam. Really appreciate it. And appreciate the kind words, as well, built into the question.

當然。謝謝你的提問，Shyam。非常感謝。也謝謝你在問題中所包含的肯定之詞。

So let me start big-picture. First, of course, we're encouraged by the progress in Q3 but our growth is still below the level we expect from ourselves and what we think we are capable of and, honestly, what the ecosystem needs from us.

我先從大方向談起。首先，當然，我們對第三季的進展感到鼓舞，但我們的成長仍低於我們對自己的期待、低於我們認為自身能力所及的水準，而且坦白說，也低於整個生態系對我們的需求。

But, of course, our focus is on what we can control: our execution, our product, our customer value, and, of course, our resource allocation, as well.

但當然，我們的重點放在我們能掌控的事情上：我們的執行、我們的產品、我們為客戶創造的價值，當然也包括我們的資源配置。

And we understand how we can improve and grow. And we're making progress.

我們了解如何改善並成長。而我們正在取得進展。

So, first of all, to do that, we need to make the power of The Trade Desk easier to use, easier to adopt, and easier to prove. Zuma is improving our workflows and increasing AI adoption.

因此，首先，為了做到這點，我們需要讓 The Trade Desk 的強大能力更容易使用、更容易導入，也更容易證明其成效。Zuma 正在改善我們的工作流程並提升AI採用。

And, of course, open measurement is expected to better prove incremental outcomes. And, with it, Audience Unlimited is simplifying the access to the high-quality data that is all over our data marketplace.

當然，開放式衡量預期能更好地證明增量成果。同時，Audience Unlimited 正在簡化取得我們資料市集中各處高品質資料的方式。

While open measurement will be implemented this quarter, we expect the product to improve our growth next year and provide a tailwind for years to come.

雖然開放式衡量將在本季導入，我們預期該產品將在明年改善我們的成長，並在未來多年帶來順風。

As you point out, Dave Pickles coming back is a really big deal, especially to me, personally. He, of course, was the architect of the platform, initially. He understands the technology at an extraordinary level. And he can help us move faster.

如你所指出，Dave Pickles 回歸是一件非常重大的事，尤其對我個人而言。他當然是最初的平台架構師。他對技術的理解達到非凡的程度。而且他能幫助我們加快步伐。

But I am especially excited about the 15-plus years of trust that he and I have, working together full-time, putting that to work, once again, as this company and our ecosystem is at a really important crossroads.

但我特別興奮的是，我和他在超過15年的全職合作中建立的信任，如今能再次發揮作用，因為公司與我們的生態系正處於非常重要的十字路口。

Now, the objective of all of these changes is really clear and our investments have a really simple objective and that is to help our clients grow.

現在，所有這些改變的目標非常清楚，而我們的投資也有一個非常簡單的目標：協助我們的客戶成長。

We are improving how we serve the world's largest advertisers and brands and agencies, as more decisions move higher in those organizations.

隨著更多決策在這些組織中上移，我們正在改善服務全球最大廣告主、品牌與代理商的方式。

Of course, our JBPs are an amazing and important proof point. The customers that use JBPs continue to grow meaningfully faster than the rest. And, of course, we have more in our pipeline than ever because that tactic is working.

當然，我們的JBP是非常驚人且重要的佐證。使用JBP的客戶，持續以顯著更快的速度成長，超越其他客戶。而且，因為這項戰術奏效，我們的管線比以往任何時候都更多。

We have, of course, reshaped our organization to improve our speed, our focus, and our agility, so that decisions get made faster and our teams are closer to the highest-priority opportunities.

當然，我們也重塑了組織，以提升速度、專注度與敏捷性，讓決策能更快做出，並讓團隊更貼近最高優先順序的機會。

At times, we have been too focused on doing 100 small things, instead of 10 big things that can move the needle for our clients. And we are getting better focused at our resource allocation.

有時候，我們過度專注於做100件小事，而不是做10件能為客戶帶來關鍵影響的大事。而我們在資源配置的聚焦上正變得更好。

(inaudible) -- you talked about my confidence and timing. I am very confident in the opportunity ahead for us and our ability to execute against this.

(聽不清)——你提到我對信心與時程的看法。我對我們未來的機會以及我們落實執行的能力非常有信心。

This is largely because of the team that we have assembled. We are well aware that one ingredient of the recipe of our recovery is clearly explaining to you, our investors, what you can expect from us. And our goal, on that level, is to demonstrate progress over and over again.

這在很大程度上是因為我們所組建的團隊。我們非常清楚，復甦配方中的一個要素，是清楚地向你們——我們的投資人——說明你們可以期待我們做到什麼。而在這個層面上，我們的目標是一次又一次地展現進展。

Q3 was progress but it was, of course, just one quarter. The important thing for us now is to build on that. And that is what we intend to do.

第三季是進展，但當然也只是單一季度。對我們而言，現在重要的是在此基礎上持續推進。這正是我們打算要做的。

If we keep executing against the changes that we have made and take advantage of the opportunities that are in front of us, we think that we can return The Trade Desk to the stronger, more durable story that we were in the past and we think we can be bigger and better than we have ever been before.

如果我們持續落實已做出的改變，並把握眼前的機會，我們認為可以讓 The Trade Desk 回到過去那個更強、更具持續性的故事；而且我們相信，我們可以比以往任何時候都更大、更好。

Really appreciate the question, Shyam. Thanks.

非常感謝你的提問，Shyam。謝謝。

Thanks, Jeff.

謝謝，Jeff。

Justin Patterson, KeyBanc.

KeyBanc 的 Justin Patterson。

Great. Thanks and good afternoon. It sounds like this was a much stronger political cycle for you.

很好。謝謝，下午好。聽起來這次政治週期對你們而言強勁得多。

Jeff, could you talk about what drove that success and how you executed differently this cycle?

Jeff，你能談談是什麼驅動了那次成功，以及在這一輪週期中你們是如何以不同方式執行的嗎？

And, for Nate, can you size that political contribution for Q3 and Q4 and frame how we should think about that, as we head into Q1 of next year?

另外，想請教 Nate，你能否量化一下第三季與第四季的政治廣告貢獻，並說明我們在進入明年第一季時應該如何看待這件事？

Thank you.

謝謝。

You bet. Thanks for the question, Justin.

當然可以。謝謝你的提問，Justin。

So let me first just reiterate some of the things I said in the prepared remarks: One of the reasons that we have been so successful in political advertising is our objectivity and independence.

我先重申一下我在事先準備的發言中提到的一些重點：我們在政治廣告領域能夠如此成功的原因之一，是我們的客觀性與獨立性。

I am really proud of the fact that we have been able to support both sides of the aisle in the United States. And we have done this in democratic markets around the world.

我非常自豪的是，我們能夠在美國同時支持兩黨。而且我們也在全球各地的民主市場中做到這一點。

We view the democratic process of elections as to be one that is really sacred to the functioning of our society.

我們認為，選舉的民主程序對於社會運作而言是非常神聖的。

And we also view our role in that as sacred to create a fair marketplace of ideas and a place where both parties can come to have a fair shake at sharing their ideas in the most premium parts of the media landscape.

我們也認為我們在其中扮演的角色同樣神聖：打造一個公平的觀點市場，並提供一個讓兩黨都能在媒體版圖中最優質的位置上，公平地分享其理念的平台。

To that end, this was our biggest political election cycle yet. We had a bigger growth rate in political compared to the last presidential election.

就此而言，這是我們迄今為止最大的一個政治選舉週期。我們在政治廣告上的成長率也高於上一屆總統大選。

Of course, the presidential elections tend to be bigger than the midterms. But this is also a bigger growth rate and, of course, a total than our last midterm election, as well.

當然，總統大選的規模通常會大於期中選舉。但這次的成長率也高於我們上一屆期中選舉，而且總量也更高。

So, in total dollars or growth rate, I think you can argue that this was our best political cycle yet. That is particularly significant because this, of course, was a midterm, not a presidential, and it reinforces the increasing significant role that programmatic advertising plays in the political process.

因此，不論以總金額或成長率來看，我認為都可以說這是我們迄今表現最好的一個政治週期。這點尤其重要，因為這次是期中選舉而非總統大選；它也再次印證了程式化廣告在政治過程中扮演的角色正變得愈來愈重要。

Of course, we want to make certain that political parties can continue to trust us and invest in us. And we think this particular cycle provides a more definitive proof point than we have ever provided to the market and to investors before.

當然，我們希望確保政黨能持續信任我們並在我們的平台上投入預算。我們認為，這一輪週期提供了比以往任何時候都更明確的證據點，向市場與投資人證明這一點。

It is important to note, though, that political will always be cyclical. And, of course, that is why Nate's answer is so important. So I am going to give the hard part to Nate now.

不過也要注意，政治廣告永遠會是週期性的。當然，這也是為什麼 Nate 的回答如此重要。所以我現在把比較難的部分交給 Nate。

Thanks, Jeff.

謝謝，Jeff。

Yeah. Political spend has been strong. And, as Jeff said, it continues to grow, cycle on cycle. It represented a mid-single-digit percentage of our business in Q3. And we expect it should be a little bit higher in Q4 than it was in Q3.

是的。政治廣告支出一直很強勁。而且如 Jeff 所說，它在每一個週期相較上一個週期都持續成長。在第三季，政治廣告約占我們業務的中個位數百分比；我們預期第四季會比第三季再高一些。

I think that is really important to keep in mind, as you think about Q4. It is also very important to keep in mind, as you said, as you think about Q1.

我認為在你思考第四季時，這點非常重要。同樣地，如你所說，在你思考第一季時也非常重要。

Typically or I would say, very consistently, Q1 is always seasonally lower than Q4. And, in election years, the sequential decline has historically been about 25% on an absolute basis from Q4 to Q1.

一般而言，或者我會說非常一致地，第一季在季節性上總是低於第四季。而在選舉年，從第四季到第一季的序列性下滑，歷史上以絕對值計大約是 25%。

So, as you think about Q1 and you start putting things together, you should definitely be mindful of that historical trend.

所以，當你在思考第一季並開始把各項因素拼湊起來時，務必要留意這個歷史趨勢。

Vasily Karasyov, Cannonball Research.

Vasily Karasyov，Cannonball Research。

Thank you.

謝謝。

Jeff, I wanted to ask you, could The Trade Desk expand more aggressively into the mid-market, maybe pursue new business models or use M&A to accelerate growth?

Jeff，我想請教，你認為 The Trade Desk 是否可以更積極地擴張到中型市場，例如追求新的商業模式，或透過併購（M&A）來加速成長？

Thank you.

謝謝。

You bet. Thanks, Vasily. I appreciate the question.

當然可以。謝謝你，Vasily。我很感謝這個問題。

So let me go back to something that I said, really, since our IPO: Advertising has a fat head and a long tail. Our business model has been very unique and our approach to the market has been very unique in that we're one of the few that has ever started at the head and worked our way down.

我回到一個我其實從 IPO 以來就一直在說的觀點：廣告市場有「肥頭」與「長尾」。我們的商業模式很獨特、我們的市場策略也很獨特，因為我們是少數從「肥頭」開始、再一路往下做的公司之一。

Most tend to start with SMBs and then, work their way up, if they ever make their way up. But we started with the biggest, knowing that we would work our way down.

大多數公司往往是從中小企業（SMB）開始，然後再往上走——如果他們真的能往上走的話。但我們是從最大的客戶開始，因為我們知道之後會一路往下延伸。

We've been working our way down that fat head towards the long tail over the last decade and a half. So we're in that process. We'll continue doing it.

在過去十五年左右，我們一直沿著那個「肥頭」往「長尾」方向推進。所以我們正在這個過程中。我們也會持續這麼做。

Some have argued we should do that more quickly, whether that's by developing new lines of business or through M&A. Of course, we're going to keep going as quickly as we can but we don't want to lose sight of the fact that about half the TAM is contained inside of the top 1,000 advertisers, if you will.

有些人主張我們應該更快地推進，無論是透過開發新的業務線，或是透過併購（M&A）。當然，我們會盡可能快地前進，但我們也不想忽略一個事實：如果你這麼看，大約一半的 TAM（可服務總市場）其實集中在前 1,000 大廣告主之內。

So there is still massive amounts of room to grow in the business that we've built over the last 17 years. And let's never lose sight of that because servicing those advertisers is way different than servicing SMBs.

因此，在我們過去 17 年建立起來的這門生意裡，仍然有非常巨大的成長空間。我們不要忽略這一點，因為服務這些廣告主，和服務中小企業（SMB）是完全不同的。

It's just a different business model or different service model, even if the underlying technology is very similar. We think there's lots of opportunity there. And we'll keep going after it.

即使底層技術非常相似，這也只是不同的商業模式或不同的服務模式。我們認為那裡有很多機會。我們會持續投入。

As it relates to the M&A piece of it, our philosophy on M&A has not fundamentally changed. We are always looking.

至於併購（M&A）這一塊，我們的併購理念並沒有根本性的改變。我們一直都在看。

And I will just transparently say: We're looking more now than we historically have, partly because I just think there's a bunch of opportunity in the market that there hasn't been in the past.

我也坦白說：我們現在看的比過去更多，部分原因是我認為市場上出現了不少過去沒有的機會。

But, that said, it's also critical to take away that our standards are also higher than ever. And the reason why our standards are higher than ever is we have an opportunity to execute and accelerate our growth with all the changes that we've made in our business.

不過同時也很關鍵的是，我們的標準也比以往任何時候都更高。之所以標準更高，是因為隨著我們在業務上所做的所有改變，我們有機會把執行做得更好並加速成長。

I would never want to derail that by making our 17th priority our number 1 priority, simply because we bought a company.

我絕不希望因為收購了一家公司，就把原本排在第 17 順位的事情變成第 1 順位，從而讓這些進展偏離軌道。

So by being super focused on the things that we look at and hold that acquisition standard to a very high level, we think we create the clearest opportunities ahead.

因此，透過對我們評估的事項保持高度聚焦，並把收購標準維持在非常高的門檻，我們認為能為未來創造最清晰的機會。

We do think we have a very clear opportunity in front of us with one of the biggest TAMs in public markets today. So we do not ever want to lose sight of the opportunity in front of us and do not want to get distracted through M&A but, at the same time, recognize that that can help accelerate us.

我們確實認為眼前有非常明確的機會，因為這是當今公開市場中最大的 TAM 之一。所以我們不希望忽略眼前的機會，也不希望因併購而分心；但同時也承認，併購可能有助於我們加速。

So we are always looking. Appreciate the question.

所以我們一直都在看。謝謝你的提問。

Thank you.

謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay. Thank you for taking my question.

好的，謝謝讓我提問。

Jeff, as we move into next year, why do you think The Trade Desk's pricing model, like, the take-rate model, remains the right pricing model? And under what circumstances would you consider strategic adjustments to that?

Jeff，隨著我們進入明年，你為什麼認為 The Trade Desk 的定價模式——例如 take-rate（抽成率）模式——仍然是正確的定價模式？在什麼情況下你會考慮對此做策略性調整？

Thank you.

謝謝。

You bet. Thanks, Shweta.

當然可以。謝謝你，Shweta。

I was actually hoping somebody would ask about this in this Q&A, even though we've answered it many times over the years, partly because it's just been a topic of conversation seemingly in the peanut gallery, if you will, about our company more lately than ever.

其實我一直希望在這次問答中有人會問到這個問題，儘管多年來我們已經回答過很多次；部分原因是，最近在所謂的「旁觀者席」（peanut gallery）中，這似乎比以往任何時候都更常成為大家談論我們公司的話題。

So just a couple things, big-picture: We've been public for about 10 years. And, during that time, our take-rate has remained pretty consistent.

所以先講幾點，從大方向來看：我們上市大約 10 年了。而且在這段期間，我們的抽成率（take-rate）一直維持得相當一致。

It's been up about half of those 10 years. And it's been down about half of those 10 years. But all within 1 point, 1.5 points, if you will, of where the average is. So it's not moving around a lot.

這 10 年裡大約有一半時間是上升的。也大約有一半時間是下降的。但都在平均值上下 1 個百分點、或 1.5 個百分點的範圍內。所以它並沒有大幅波動。

So we, of course, have always been focused on giving our clients the very best outcomes. And whenever we launch a new product, especially if it comes with incremental cost, we want to make certain that it earns its keep, that it's adding more value to our advertisers than it costs.

因此，我們當然一直專注於為客戶帶來最好的成果。而每當我們推出新產品，尤其是會帶來額外成本的產品時，我們都希望確保它能夠「自負盈虧」，也就是它為廣告主創造的價值要高於其成本。

We want that to be economically obvious for our clients to take advantage of. We think we've historically done that over and over again.

我們希望客戶能在經濟效益上很明顯地看出值得採用。我們認為過去我們一再做到這一點。

But the reason why I think that there's a lot of discussion about, should our take-rate change, is because we are the most transparent platform in our space.

但我認為之所以大家會大量討論「我們的抽成率是否應該改變」，原因在於我們是這個領域裡最透明的平台。

By giving transparency, we can incite debate where others will just bury their costs into media or hide it in some other way. That has never been our goal. That's not the way we operate. That's not what we do.

因為提供透明度，我們會引發討論；而其他人則可能把成本埋進媒體費裡，或用其他方式把它藏起來。那從來不是我們的目標。那不是我們的運作方式。那也不是我們在做的事。

But what we have to do, going forward, is do a better job of helping advertisers and agencies and the landscape have a conversation around true cost and not simply about pricing.

但我們接下來必須做的，是更好地協助廣告主、代理商以及整個產業環境，去對「真實成本」展開對話，而不只是談「價格」。

Because, when you start talking about true cost, it becomes really easy to see that The Trade Desk is not the most expensive platform in the space. Of course, the sticker price, in some cases, is.

因為當你開始談真實成本時，就會很容易看出 The Trade Desk 並不是這個領域裡最昂貴的平台。當然，從表面標價（sticker price）來看，在某些情況下是。

But, when you look at the transparency and the fact that we break out prices, instead of putting them into media, we create an advantage for our clients and we preserve our objectivity, where almost every one of our competitors have burned that to the ground.

但是，當你看到我們的透明度，以及我們把價格拆分列示、而不是把它塞進媒體費裡時，我們就為客戶創造了優勢，也保留了我們的客觀性；而幾乎我們所有競爭對手都已經把這點徹底犧牲掉了。

We think that, as the ecosystem evolves, that the premium on objectivity, the premium on trust, especially in a world where their data is more valuable -- exponentially more valuable in an AI world than it was before -- that that creates an opportunity for us to constantly be proving that our platform is worth its cost and that the true cost, when evaluated apples to apples, will always prove to be worth it.

我們認為，隨著生態系演進，對客觀性的溢價、對信任的溢價——尤其是在一個資料更有價值的世界裡（在 AI 世界中，資料的價值相較以往呈指數級提升）——這會為我們創造機會，讓我們持續證明我們的平台值得其成本；而且當以同等基準（apples to apples）評估真實成本時，結果永遠會證明它是值得的。

Now, that said, let me just say this: If it's possible for us to lower our take-rate and make up more growth, of course, we're open to that. But, in most cases, what we found is that people aren't really concerned about the cost.

話雖如此，我再補充一句：如果我們有可能降低抽成率，並以此換來更多成長，當然，我們願意這麼做。但在多數情況下，我們發現人們其實並不是真的在意成本。

Instead, our transparency can create discussion or debate or, in some cases, just give leverage for a negotiation. But, when it really comes down to it, we're adding more value than we cost. And that gets proven again and again.

相反地，我們的透明度可能引發討論或辯論，或在某些情況下，只是為談判提供籌碼。但歸根究柢，我們創造的價值高於我們的成本。而這一點一次又一次被證明。

And, as a result, we're confident that something close to where we're at today is the same way that we can grow in the future. But we're always open to changing, if there's an easy way to prove that we can make up that growth by giving discounts or create more growth than we did in this [half].

因此，我們有信心，未來要成長，採取與今天相近的做法仍然可行。但如果有一個簡單的方法能證明：透過折扣我們可以補回成長，或創造比這個[半年]更多的成長——我們也始終願意調整。

Thanks for the questions, Shweta.

謝謝你的提問，Shweta。

Thanks, Jeff.

謝謝，Jeff。

Matt Swanson, RBC Capital Markets.

RBC Capital Markets 的 Matt Swanson。

Great. Thank you.

好的。謝謝。

Jeff, you mentioned in the prepared remarks the millions of opportunities in inventory but thinking, specifically, about premium inventory, as it opens up, it feels like some of the newer platforms we've seen emerge -- starting out with different DSP or ad-tech partners first -- maybe, historically, it seemed like The Trade Desk was always the default.

Jeff，你在事先準備的發言中提到庫存（inventory）裡有數以百萬計的機會；但更具體來說，談到高端庫存（premium inventory），隨著它逐步開放，我感覺我們看到一些新興平台——一開始先與不同的 DSP 或廣告科技合作夥伴合作——而在過去，似乎 The Trade Desk 總是預設選項。

Could you just talk a little bit about what The Trade Desk needs to do to remain in those conversations as a preferred premium partner?

你能否談談 The Trade Desk 需要做些什麼，才能在這些對話中持續成為首選的高端合作夥伴？

Yeah. Thank you, Matt.

好的。謝謝你，Matt。

This was another question I was hoping we'd get so I really appreciate the question -- and partly because there's been a little bit of a change in strategy or, at least, philosophy, over what we've done in the past.

這也是我一直希望會被問到的問題之一，所以我非常感謝——部分原因是，這牽涉到我們相較過去在策略上、或至少在理念上，出現了一些改變。

So in 2017, 2018, 2019, up until the pandemic, really, we had a mantra in our inventory-partnerships team that was, go fast and be first.

在 2017、2018、2019 年，一直到疫情之前，我們的庫存合作團隊有一句口號：跑得快、搶第一（go fast and be first）。

And our goal was to be the first programmatic partner of any traditional-media company or emerging media company that wanted to get into the world of programmatic.

我們的目標是：任何傳統媒體公司或新興媒體公司，只要想進入程式化（programmatic）世界，我們都要成為它的第一個程式化合作夥伴。

That honestly changed in the last few years, in part because there is so much more supply than there is demand, that there isn't a deep need for more supply.

坦白說，這在過去幾年改變了，部分原因是供給遠大於需求，因此並沒有那麼迫切需要更多供給。

However, of course, we want quality supply. And we want to make certain that we have the right access.

不過，當然，我們想要的是高品質供給。而且我們希望確保我們擁有正確的存取權限。

Where our clients are really excited about putting our technology to work is where they can control decisioning and have access to media that they actually create price discovery. They know what they're buying.

客戶真正很興奮、願意把我們的技術用起來的地方，是他們能夠掌控決策（decisioning），並且能接觸到他們實際上可以進行價格發現（price discovery）的媒體。他們知道自己買的是什麼。

There are a whole bunch of platforms, partly because of that outsized supply to demand, that are not trying to enable price discovery, that don't want to provide any metadata so that an advertiser doesn't know what they're buying.

有一大堆平台，部分因為供給相對需求過剩，並不打算促成價格發現，也不想提供任何中繼資料（metadata），讓廣告主不知道自己買的是什麼。

We do not want to facilitate that. And whether or not you give access that way, we need to be careful of having a mantra like, be first, because if they're not giving the right access to the inventory and making it possible for us to have price discovery and compare one piece of inventory to another -- then, we don't want to do that.

我們不想促成那種情況。而且，不論你是否以那種方式提供存取，我們都必須小心不要再抱持「搶第一」這種口號；因為如果對方沒有提供對庫存的正確存取權，無法讓我們進行價格發現、也無法把一個庫存與另一個庫存做比較——那我們就不想做。

In general, the more premium sides of the Internet, which is the premise of your question, they do want to provide metadata. They do want to be compared to everything else because they outperform.

一般而言，網路上更高端的那一側——也就是你問題的前提——他們確實願意提供中繼資料。他們也願意被拿來與其他一切比較，因為他們的表現更好。

This is part of the reason why we're so excited by open measurement because a lot of the most premium outlets of the open Internet are especially excited to have another player help validate that their premium media is worth it, which is, often, what we're finding.

這也是我們對開放衡量（open measurement）如此興奮的部分原因：開放網際網路中許多最頂級的媒體特別樂於有另一個參與者來協助驗證，他們的高端媒體確實值得那個價格——而這也是我們經常看到的情況。

It is very often worth what we pay for. And we just want to make certain that we're doing that with objectivity. We can only leverage our objectivity, if we have enough metadata to enable price discovery.

它很多時候確實值得我們付出的價格。而我們只是想確保，我們是在保持客觀性的前提下做到這件事。只有在我們擁有足夠的中繼資料、能夠進行價格發現時，我們才能運用我們的客觀性。

So we're doing that for the biggest advertisers on the most premium inventory. I think there's so much opportunity ahead that will come from the LLMs and others.

因此，我們正在為最大型的廣告主、在最頂級的庫存上做這件事。我認為未來還有非常多的機會，會來自 LLM 等等。

I do expect that TAM to open up, in part because I do expect their inventory to be really, really valuable. But it's also going to be very expensive, in part because of all the processing power required for them to give great answers.

我確實預期 TAM（總可服務市場）會擴大，部分原因是我也預期他們的庫存會非常、非常有價值。但它同時也會非常昂貴，部分原因是他們要提供很好的答案，需要大量的運算能力。

In an environment where that's really expensive, they want to get as much demand as possible. And, of course, even though there's more supply than demand, there's always some amount of supply that has scarcity -- that there is outsized demand for that particular inventory than others.

在那種成本非常高的環境下，他們會希望獲得盡可能多的需求。而且，當然，即便供給大於需求，仍然總有一部分供給具有稀缺性——也就是相較其他庫存，對某些特定庫存的需求會明顯更高。

I think that will be true of the LLMs inventory. So they are very early stage in monetizing through advertising. And there's tremendous opportunity for us in the future; I think, for them, as well.

我認為這也會適用於 LLM 的庫存。因此，他們透過廣告變現仍處於非常早期的階段。而未來對我們而言有巨大的機會；我想對他們而言也是如此。

But we don't want to start off by doing it wrong. And we're okay to be patient. And so it is no longer about getting the first access. It is about getting the right access and enabling price discovery, making certain there is the right amount of metadata so we can do right by our customers.

但我們不想一開始就做錯。而且我們也願意保持耐心。因此，這不再是關於搶先取得第一個存取權。而是關於取得正確的存取權並促進價格發現，確保有足夠且正確的中繼資料，讓我們能夠為客戶做對的事。

Many of our customers are not growing over the last few years in this environment. And we need to make certain that we are helping them to grow.

在這樣的環境下，我們許多客戶在過去幾年並沒有成長。而我們必須確保我們正在幫助他們成長。

And that is critical in the way we approach measurement. But that is also critical in the way that we approach inventory.

這在我們看待衡量（measurement）的方式上至關重要。但這在我們看待庫存（inventory）的方式上也同樣關鍵。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Great. Thank you for taking the questions. Maybe, a couple for Nate.

很好。謝謝讓我提問。我可能有幾個問題想問 Nate。

Nate, could you please talk about the operational efficiencies you are expecting in 2027 and how to think about OpEx growth versus revenue growth?

Nate，你能否談談你們在 2027 年預期的營運效率，以及該如何看待營運費用（OpEx）成長相對於營收成長？

I think, in the prepared remarks, you talked about $100 million benefits from the [RIF] but what else is out there?

我想在事先準備的講稿中，你提到裁員（[RIF]）可帶來 1 億美元的效益，但還有其他可以做的嗎？

And, maybe, also talk about the dilution from the recent options repricing. That is a question we often get from investors.

另外，也請談談最近選擇權重新定價所造成的稀釋。這是投資人常常問我們的問題。

Thank you very much.

非常感謝。

Yeah. Sure.

好的，當然。

I think, looking out to '27 on the expense side, I would say, we expect expense growth to moderate meaningfully in '27 compared to '26.

我想，展望到 2027 年的費用端，我會說，我們預期 2027 年的費用成長將相較 2026 年顯著放緩。

Part of that is the workforce actions that we took, which -- as you mentioned, we expect to generate more than $100 million of gross savings. So some of that will be reinvested, some of that will flow through.

其中一部分來自我們採取的人力措施——如你所提到的，我們預期可產生超過 1 億美元的總節省額。因此其中一部分會再投資，另一部分會直接反映在損益上。

But, at the same time, there are areas where we are going to keep investing aggressively because the best way to drive operating leverage is through revenue growth.

但同時，也有一些領域我們會持續積極投資，因為推動營運槓桿的最佳方式是透過營收成長。

So it is going to be a combination of some of that flowing through but also for aggressive investments in areas where we see good line of sight to driving revenue growth and improving our competitive position.

所以這會是兩者的組合：部分節省會直接反映出來，但也會在我們清楚看得到能推動營收成長、並改善競爭地位的領域進行積極投資。

Really, I think what is important, though, is that we do that with discipline. It is about investing with discipline. It is about making each dollar of investment compete for that capital.

不過，我認為真正重要的是，我們要有紀律地去做。重點在於有紀律地投資。重點在於讓每一美元的投資都必須競爭資本配置。

So we will do that throughout the winter here and then, on into next year. I think there are lots of areas, other than headcount, that we can look at.

因此，我們會在接下來的冬季持續推進，並延續到明年。我認為除了人力之外，還有很多領域可以檢視。

Obviously, platform operations is one area; software; SaaS; outside services; facilities -- really, across the board. We are looking at every area to find places where we can be more efficient.

顯然，平台營運是一個領域；軟體；SaaS；外部服務；設施——基本上是全面性的。我們正在檢視每一個領域，以找出可以更有效率的地方。

And then, again, some of that efficiency or some of those savings will flow through but I really see those as opportunities to fuel the investment that we need in product and in go-to-market to create more value for our customers.

然後，再次強調，其中一部分效率提升或節省會直接反映出來，但我更把它們視為機會，用來支撐我們在產品與市場推進（go-to-market）上所需的投資，為客戶創造更多價值。

In terms of dilution from the option repricing, we actually did not issue any new shares through the option repricing so there is no additional dilution from that.

至於選擇權重新定價造成的稀釋，我們其實沒有因為選擇權重新定價而發行任何新股，因此不會因此產生額外稀釋。

There is a little bit of additional stock-based compensation but that was one of the factors we looked at, as we considered different forms of compensation for our employees.

確實會有一點點額外的股份基礎薪酬（stock-based compensation），但那也是我們在考量不同員工薪酬形式時所評估的因素之一。

And one of the attractive things about the repricing was the fact that it did not have a dilutive effect.

而重新定價其中一個吸引人的地方在於，它不會產生稀釋效果。

All right. That is helpful. Thank you.

好的。這很有幫助。謝謝。

Thank you, Sef.

謝謝你，Sef。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Thank you. Question for Nate and question for Jeff.

謝謝。我有一個問題問 Nate，另一個問題問 Jeff。

Nate, you mentioned a couple of verticals, like medical, health, personal finance, travel, political that were strong. Which ones would you call out as being weak? And were those due to execution issues that can be solved? Or were there some cyclical factors impacting the softer verticals?

Nate，你提到幾個表現強勁的垂直領域，例如醫療、健康、個人理財、旅遊、政治。哪些領域你會點名為較弱？而這些是可以透過改善執行來解決的問題嗎？還是有一些景氣循環因素正在影響較疲弱的垂直領域？

And then, Jeff, we are further along into AI, AI overviews, AI mode, chatbots, and, now, in the last couple of months, the rise of these agents. And your thoughts on what the impact of all that has been on the advertising and marketing potential, to the extent to which it challenges the TAM, expands the TAM, or limits it?

然後 Jeff，我們在 AI、AI 摘要（AI overviews）、AI 模式（AI mode）、聊天機器人方面已經走得更遠了，而最近幾個月又出現了這些代理（agents）的崛起。你怎麼看這一切對廣告與行銷潛力的影響——在多大程度上它會挑戰 TAM、擴大 TAM，或限制 TAM？

I know that is a broad, general question (inaudible) -- but the trends get stronger. And your take on it would be really helpful. Thank you.

我知道這是一個很廣泛、很一般性的問題（聽不清）——但趨勢正在變得更強。你的看法會非常有幫助。謝謝。

Yeah.

嗯。

So, on the verticals, I would probably call out CPG and auto as a couple where we have seen some pressure. I think the higher inflation, higher interest rates impacts auto financing and things like that.

就垂直領域而言，我可能會點名民生消費品（CPG）和汽車這兩個，我們看到了一些壓力。我認為較高的通膨、較高的利率會影響汽車融資之類的事情。

And so you have seen some pressures in those markets. And that has been something that we have experienced from an end-customer standpoint.

因此你會在那些市場看到一些壓力。從終端客戶的角度來看，這也是我們所經歷的情況。

Yeah. I think there is always an element of execution, as well. Even when there are external factors like that, we are digging hard to find things that we can control and that we can improve.

是的。我認為也總是會有一部分是執行面的因素。即使有那樣的外部因素，我們也會努力找出我們能控制、能改善的事情。

And Jeff called out some of the progress we have made here in Q3 across go-to-market and also on product. I think we keep executing well on those things. I feel confident that we can return to stronger, more durable growth in the long term.

而 Jeff 也提到我們在第三季於市場推進（go-to-market）以及產品方面取得的一些進展。我認為只要我們持續把這些事情執行好，我有信心長期而言我們能回到更強勁、更具持續性的成長。

Awesome. Thanks, Nate. Mark, really appreciate the question.

太好了。謝謝你，Nate。Mark，非常感謝你的提問。

Let me first just remind everybody: I personally think that the most interesting story of this earnings season, until recently, was Google Search growth moving down so much; and then, of course, pointing to the LLMs.

我先提醒大家：我個人認為，直到最近為止，這個財報季最有趣的故事是 Google 搜尋成長下滑得如此之多；然後，當然，他們把原因指向 LLM。

And, to me, if you zoom out on that, what that means is that there once was a monopoly that controlled all of search and the LLMs have created competition. I think there are very few people that think that all of that will be owned by one company, again.

而對我來說，如果你把視角拉遠來看，這代表曾經有一家壟斷者掌控了所有搜尋，而 LLM 創造了競爭。我想很少有人會認為，未來又會再度由一家公司把這一切全部擁有。

So, as a result, when you create that competition, it makes it so that there is opportunity for us to unlock TAM that was previously locked up in a monopoly.

因此，當你創造出這種競爭時，就意味著我們有機會去解鎖先前被壟斷所鎖住的 TAM。

So, you asked the question: Will the LLMs and chatbots and all of this unlock TAM? I see no way that it wouldn't. But, even if you're just looking at it as probabilities, the probability of that being unlocked under a monopoly are pretty low.

所以，你問的問題是：LLM、聊天機器人以及這一切是否會解鎖 TAM？我看不出有任何理由它不會。但即使你只是從機率角度來看，在壟斷之下被解鎖的機率相當低。

The probability of those being unlocked in a competitive market, given that the open Internet is truly fueled by competition, that's its earmark, I think it likely unlocks TAM.

在競爭市場中被解鎖的機率則更高；而開放網際網路真正的動力就是競爭——那是它的標誌——因此我認為它很可能會解鎖 TAM。

I also think that the programmatic-advertising space is more conducive to agentic AI than almost any other field, maybe more than any other field.

我也認為，相較於幾乎任何其他領域，程式化廣告領域更適合代理式 AI，甚至可能比任何其他領域都更適合。

And, if you just think of it as -- The Trade Desk has been operating an API for almost 15 years. That API has so many options, so many dials that you can turn that it is overwhelming.

而且，如果你把它想成——The Trade Desk 已經營運一個 API 將近 15 年了。那個 API 有非常多選項、非常多可以調整的旋鈕，多到讓人眼花撩亂。

And we've, in a way, just given people quadrillions of permutations for every single campaign that is overwhelming for you to figure out what dial to turn and what to do.

而我們在某種程度上，等於是給了大家在每一個行銷活動上多達千兆兆（quadrillions）種排列組合，讓你很難判斷到底該轉哪個旋鈕、該怎麼做。

If you want to be really simple or reductive about it, agentic AI essentially makes it so you have an API that can reason.

如果你想把它講得很簡單或很精簡，代理式 AI 本質上就是讓你擁有一個「會推理」的 API。

And by creating two systems that can talk to each other and reason together, it makes it so that you can make better choices and take advantage of the quadrillions of permutations and thousands and millions of dials that you can turn in order to optimize your campaign.

而透過建立兩個可以彼此對話並共同推理的系統，你就能做出更好的選擇，並利用那千兆兆種排列組合，以及成千上萬、甚至數百萬個可調整的旋鈕，來最佳化你的行銷活動。

So I think an open platform like ours that enables the biggest brands in the world to keep and preserve their data, while having more choices to actually participate in, we're already seeing so much being done, especially by the more agile companies, those that were not afraid of AI, that have really embraced agentic.

所以我認為，像我們這樣的開放平台，一方面讓全球最大的品牌能夠保留並保存他們的資料，同時又有更多選項可以實際參與；我們已經看到很多事情正在發生，特別是那些更敏捷的公司——那些不害怕 AI、真正擁抱代理式 AI 的公司。

They're creating audiences with so much more speed and sophistication than before. They're optimizing campaigns faster than before and with more efficacy than before.

他們建立受眾的速度與精密度都比以前高得多。他們最佳化行銷活動的速度比以前更快，而且效果也比以前更好。

So I think agentic, really, is a big unlock for us that would have taken much, much longer without agentic AI and the advent of agentic AI. So I think we're going to benefit tremendously from that. I think advertising and the open Internet will benefit tremendously from it.

所以我認為，代理式 AI 對我們來說真的是一個重大解鎖；如果沒有代理式 AI 以及代理式 AI 的出現，這件事本來會花上更久、更久的時間。所以我認為我們將從中獲得巨大的好處。我也認為廣告產業與開放網際網路都將從中獲得巨大的好處。

And I do think we're unlocking TAM because of all the competition that AI has brought not just in LLMs and not just in agentic -- but all forms of AI have created more competition.

而且我確實認為，我們正在解鎖 TAM（總可服務市場），因為 AI 帶來的競爭不只是在 LLM，也不只是在代理式 AI——各種形式的 AI 都帶來了更多競爭。

And that's good for any company that's built to compete in a competitive marketplace and win on objectivity and, essentially, data sovereignty, which is what we're trying to do for the biggest brands in the world.

而這對任何一家被打造來在競爭市場中競爭、並以客觀性以及本質上的資料主權取勝的公司都是好事；這正是我們想為全球最大品牌做到的事。

So I'm really excited about how AI has reshaped the landscape for us.

所以我對 AI 如何為我們重塑格局感到非常興奮。

Thanks, Mark.

謝謝你，Mark。

Thanks, Jeff. Thanks, Nate.

謝謝你，Jeff。謝謝你，Nate。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Thank you.

謝謝。

To Jeff, obviously, you are always constantly getting questions about take-rate but is there a way to shift the conversation to outcome-based pricing? And just given everything you said about AI and where we are going with data, how do you shift the conversation away from take-rate to outcome-based pricing?

Jeff，顯然你一直不斷被問到 take-rate（抽成率）相關問題，但有沒有辦法把對話轉向以成果為基礎的定價？再加上你剛才談到 AI 以及我們在資料方面的走向，你要如何把對話從 take-rate 轉移到以成果為基礎的定價？

And then, Nate, really quick, just on the guide: This quarter, the number is something, like, down 8%, ex political, in the one time; and I think the guide is, like, minus 16% on that same basis but it is against, let us say, a 3 points easier comp so it is an 8 points slow-down.

然後，Nate，很快問一下關於指引：本季這個數字大概是下降 8%，扣除政治廣告，在一次性因素之下；而我認為指引在同樣基礎下大概是 -16%，但它是對上一個大概容易 3 個百分點的比較基期，所以等於是放緩 8 個百分點。

(inaudible) -- again, just what is the puts-and-takes, when you think about the fourth-quarter outlook versus what you just did in the third quarter?

(聽不清楚)——再問一次，當你思考第四季展望相較於你剛做完的第三季時，主要的利多與利空（puts-and-takes）是什麼？

Thanks.

謝謝。

You bet, Jason. Thanks for the question.

當然可以，Jason。謝謝你的問題。

So I do think that, as a company, we can do a lot more in improving the efficacy of what we are doing. And that is a huge part of what we are trying to do with measurement.

所以我確實認為，作為一家公司，我們可以在提升我們所做事情的成效方面做得更多。而這也是我們在衡量（measurement）上努力的很大一部分。

It is to reorient our biggest clients toward growing their brand faster; in some cases, growing their brand, again. And it is on focusing on outcomes.

目標是讓我們最大的客戶重新聚焦於更快地成長他們的品牌；在某些情況下，是讓他們的品牌再次成長。而這是聚焦在成果（outcomes）上。

Now, that said, you said something in the question that I just want to point out: Most of the companies in advertising who have outcome-based pricing essentially go to clients and say, give me your data and give me your money and I will just give you results.

不過，你在問題中提到一點我想指出：廣告業中多數採用以成果為基礎定價的公司，本質上是去跟客戶說，把你的資料給我、把你的錢給我，我就給你結果。

And then, they're essentially giving results that they report on, according to their own metrics; and you're essentially renting your own data back; and you're dependent forever on those platforms to produce those results; and you hope that they continue to do so.

然後，他們基本上是依照他們自己的指標來回報他們所提供的結果；而你等於是在把自己的資料租回來；你也會永遠依賴那些平台來產出那些結果；並且你只能希望他們會持續做到。

We've had marketing mantras over the years like, own your future, because we want to make certain that they own their models, that they own their data.

多年來我們有一些行銷箴言，例如「掌握你的未來」（own your future），因為我們希望確保他們擁有自己的模型、擁有自己的資料。

And we've developed a system to preserve our objectivity and help them grow their businesses and know that they own the results and the insights that come from it.

而我們也建立了一套系統來維持我們的客觀性，並幫助他們成長業務，同時讓他們知道，他們擁有由此產生的成果與洞察。

That's why we aim to be the most transparent in our space ever. And it's been a big part of our success.

這就是為什麼我們的目標是成為我們領域中前所未有最透明的公司。而這一直是我們成功的重要部分。

So, of course, we want to align our interests with our clients. And, in most cases, that means charging them in a way that enables us to, together, take on those problems and isn't just, give me your money and I'll take it from here.

所以，當然，我們希望讓我們的利益與客戶一致。而在多數情況下，這意味著以一種讓我們能夠一起解決那些問題的方式向他們收費，而不是那種「把錢給我，接下來交給我」的模式。

Nate, anything you had to add?

Nate，你有什麼要補充的嗎？

Yeah. I think, Q4, as always, when we think about guidance, reflects the trends that we're seeing in the business today. So, while Q3 performed a little bit better than we expected, we're not assuming that every positive indicator that we see immediately translates into revenue recognition.

有。我認為，第四季一如往常，我們在思考指引時，反映的是我們今天在業務中看到的趨勢。所以，雖然第三季表現比我們預期好一些，但我們不會假設我們看到的每一個正向指標都會立刻轉化為營收認列。

So, as you said, there's puts-and-takes. There's some large global advertisers out there that continue to be under external pressure.

所以如你所說，確實有利多與利空。市場上仍有一些大型全球廣告主持續承受外部壓力。

We're seeing some momentum in some other areas but still a challenging market out there today. I think it's good to be prudent, going into this -- what is typically our largest seasonal quarter.

我們在其他一些領域看到一些動能，但目前整體市場仍然充滿挑戰。我認為在進入這個——通常是我們季節性最大的一季——時，保持審慎是好的。

We're not expecting the normal seasonal uplift of Q3 to Q4 that we've seen in the past. We're expecting some growth.

我們不預期會出現過去從第三季到第四季常見的季節性上升幅度。我們預期會有一些成長。

If you strip away the adjustments that you mentioned, you're still seeing some growth, Q3 to Q4, but not at the level that we've seen, historically. And that's what we're seeing, right now, in the business.

如果你把你提到的調整因素拿掉，你仍然會看到從第三季到第四季有一些成長，但不會達到我們歷史上看到的水準。而這就是我們目前在業務中看到的情況。

Thanks, Jason. Matt, you can close out the call.

謝謝你，Jason。Matt，你可以做結語了。

Thank you. That completes our Q&A session.

謝謝。我們的問答環節到此結束。

Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

各位，今天的活動到此結束。你們現在可以中斷連線，祝各位有美好的一天。感謝各位的參與。