(TTD) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Trade Desk First Quarter 2022 Earnings Conference Call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Chris Toth, Vice President of Investor Relations. Sir, the floor is yours.

女士們，先生們，美好的一天，歡迎來到 The Trade Desk 2022 年第一季度收益電話會議。 （操作員說明）現在我很高興將發言權交給您的主持人，投資者關係副總裁 Chris Toth。先生，地板是你的。

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk First Quarter 2022 Earnings Conference Call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Blake Grayson. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

謝謝你，接線員。大家好，大家下午好。歡迎來到 The Trade Desk 2022 年第一季度收益電話會議。今天的電話會議是創始人兼首席執行官傑夫格林；和首席財務官布萊克格雷森。我們的收益新聞稿副本可在我們的網站 thetradedesk.com 的投資者關係部分找到。

Before we begin, I would like to remind you, that except for historical information, some of the discussion and our responses in Q&A may contain forward-looking statements which are dependent upon certain risks and uncertainties. In particular, our expectations around the impact of the recent pandemic on our business and results of operations, in addition to potential supply chain disruptions or other macro events that could disrupt advertising spend, are all subject to change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. I encourage you to refer to our risk factors referenced in our press release and in our most recent SEC filings.

在開始之前，我想提醒您，除歷史信息外，我們在問答中的某些討論和回應可能包含取決於某些風險和不確定性的前瞻性陳述。特別是，除了潛在的供應鏈中斷或其他可能擾亂廣告支出的宏觀事件外，我們對近期大流行對我們的業務和運營結果的影響的預期都可能發生變化。如果任何這些風險成為現實，或者我們的假設被證明是不正確的，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的存在重大差異。我鼓勵您參考我們在新聞稿和最近提交給美國證券交易委員會的文件中提到的風險因素。

In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP results can be found in our earnings press release. We believe that providing non-GAAP measures, combined with our GAAP results, provides a more meaningful representation of the company's operational performance.

除了報告我們的 GAAP 財務結果外，我們還提供了補充的非 GAAP 財務數據。可以在我們的收益新聞稿中找到 GAAP 與非 GAAP 結果的對賬。我們相信，提供非公認會計原則的衡量標準，結合我們的公認會計原則結果，可以更有意義地代表公司的運營業績。

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

我現在將把電話轉給創始人兼首席執行官傑夫格林。傑夫?

Thanks, Chris, and thank you, everyone, for joining us today. As you've seen from the press release, we are off to a great start once again this year. For the first quarter, revenue grew 43% compared with last year, our fastest first quarter growth rate in the last 4 years. Our strong growth is a testament to a variety of factors that I want to touch on today and which give us significant optimism for the future.

謝謝克里斯，謝謝大家今天加入我們。正如您從新聞稿中看到的那樣，我們今年再次有了一個良好的開端。第一季度，收入與去年相比增長了 43%，是我們過去 4 年來最快的第一季度增長率。我們的強勁增長證明了我今天想談及的各種因素，這些因素使我們對未來充滿樂觀。

Our performance is especially encouraging because annual advertising budgets are often being reset and reconsidered in Q1, making them historically harder to predict. And this year, the macro environment was challenging with the ongoing global pandemic, war in the Ukraine and the higher rates of inflation around the world. Despite those challenges, we again exceeded our own expectations. I believe we are now firmly established as the default DSP for the open Internet and that we are very well-positioned to grow and grab share regardless of the macro environment.

我們的表現尤其令人鼓舞，因為年度廣告預算經常在第一季度重新設置和重新考慮，這使得它們在歷史上更難預測。今年，宏觀環境面臨著持續的全球大流行、烏克蘭戰爭和全球通脹率上升的挑戰。儘管存在這些挑戰，我們再次超出了自己的預期。我相信我們現在已經牢固地確立為開放互聯網的默認 DSP，並且無論宏觀環境如何，我們都處於發展和搶占份額的有利位置。

We now have over 1,000 customers, representing tens of thousands of advertisers spending on our platform across the open Internet. We continue to see a steady stream of new agencies and brands starting to work with us for the first time as well as existing customers increasing their spend with us. We are seeing strong momentum around key initiatives, such as connected TV, shopper data, UID2, OpenPath and our game-changing new data marketplace. In each case, we are working with our advertising clients to drive maximum value from their campaign dollars. And this, in turn, helps us grow our trusted relationships with the world's leading brands and agencies, many of whom are signing long-term strategic partnerships with us.

我們現在擁有超過 1,000 名客戶，代表數以萬計的廣告商在我們的平台上通過開放的互聯網進行消費。我們繼續看到源源不斷的新機構和品牌首次開始與我們合作，以及現有客戶增加與我們的支出。我們看到圍繞關鍵舉措的強勁勢頭，例如聯網電視、購物者數據、UID2、OpenPath 和我們改變遊戲規則的新數據市場。在每種情況下，我們都在與我們的廣告客戶合作，以從他們的競選資金中獲得最大價值。這反過來又有助於我們與世界領先的品牌和代理商建立可信賴的關係，其中許多都與我們簽署了長期戰略合作夥伴關係。

As a CEO, it's always important for me to look at how we are performing relative to the industry. For example, the IAB and PwC predict digital advertising will increase approximately 8% in 2022. Publicis Groupe's Zenith estimates the increase at about 14%. But either way, we continue to grow at a pace well ahead of industry estimates, which means we are gaining share and adding significant value. I continue to be extremely optimistic, in part, because of the combination of our exceptional 95%-plus retention rate and our significant growth rate.

作為首席執行官，對我來說，了解我們相對於行業的表現始終很重要。例如，IAB 和普華永道預測數字廣告將在 2022 年增長約 8%。陽獅集團的 Zenith 估計增長約 14%。但無論哪種方式，我們都繼續以遠超行業預期的速度增長，這意味著我們正在獲得份額並增加顯著價值。我仍然非常樂觀，部分原因是我們出色的 95% 以上的保留率和顯著的增長率相結合。

There are macroeconomic forces which have changed the media and technology landscape dramatically in the last few months, especially in CTV, which also give me optimism. As many of you know, I have spent many of the last 10 years publicly predicting that Netflix and nearly everyone else would eventually show ads. Netflix recently announced that they are likely to make ads a part of their future. This and so many other great things are happening in CTV.

在過去的幾個月裡，宏觀經濟力量極大地改變了媒體和技術格局，尤其是在 CTV，這也讓我感到樂觀。眾所周知，在過去 10 年中，我一直在公開預測 Netflix 和幾乎所有其他人最終都會展示廣告。 Netflix 最近宣布，他們可能會將廣告作為其未來的一部分。這和其他許多偉大的事情正在 CTV 中發生。

In fact, I can't think of a time that the TV landscape has had more positive changes in a short period of time than what has happened in Q1 of this year. I want to spend the biggest lock of time on that. But in order to discuss the significance of what's happening in CTV, we first need to discuss what's happening with 2 foundational initiatives: first, our work on a new identity framework for the Internet; and second, our work to make the supply chain more efficient.

事實上，我想不出有什麼時候電視版圖在短時間內發生了比今年第一季度更積極的變化。我想把最大的時間花在這上面。但為了討論 CTV 中發生的事情的重要性，我們首先需要討論兩個基本舉措正在發生的事情：首先，我們在互聯網新身份框架方面的工作；其次，我們致力於提高供應鏈的效率。

So first, identity. The Internet has been operating on a quid pro quo since it became commercial, but the Internet has been a suboptimal Internet. And by that, I mean, we've used cookies as a makeshift technology to enable relevant advertising. But due to a series of events and choices, cookies are going away. Currently, Google has the majority of the browser market share around the entire Internet, outside of China. So they decided when this transition is going to take place, and they have currently targeted the end of Q1 2023. This has created a very unique opportunity to upgrade the Internet. Indeed, without those many circumstances, this opportunity wouldn't exist. We are upgrading from an opt-out Internet, to an opt-in Internet.

首先，身份。互聯網自商業化以來一直以交換條件運行，但互聯網一直是次優的互聯網。我的意思是，我們使用 cookie 作為一種臨時技術來啟用相關廣告。但由於一系列事件和選擇，cookie 正在消失。目前，谷歌在中國以外的整個互聯網上擁有大部分瀏覽器市場份額。因此，他們決定何時進行這種過渡，目前他們的目標是 2023 年第一季度末。這為升級互聯網創造了一個非常獨特的機會。的確，如果沒有那麼多的情況，這個機會是不會存在的。我們正在從選擇退出互聯網升級到選擇加入互聯網。

The open Internet is scrambling to coordinate and collectively upgrade. Many different opt-in IDs are being created. Some of them will scale and survive, some won't. However, those that scale will be distributed, encrypted and interoperable. We don't believe IDs can or will scale if they don't upgrade the experience for consumers.

開放的互聯網正在爭先恐後地協調和集體升級。正在創建許多不同的選擇加入 ID。其中一些會擴展並生存下來，而另一些則不會。但是，那些可擴展的將是分佈式的、加密的和可互操作的。我們認為，如果 ID 不提升消費者的體驗，它們就無法或不會擴展。

With this in mind, we developed and launched UID2. This is the second version of UID, version 2 being e-mail and phone number-based instead of cookie-based. This allows consumers to take their privacy settings and controls with them all over the Internet without loss of control or a false sense of security. Some of the privacy protection that has been promised to consumers by large technology companies with billions of log-ins have misled some consumers to believe that they control privacy, opt-in and the quid pro quo of the Internet across CTVs, mobile environments and computer browsers.

考慮到這一點，我們開發並推出了 UID2。這是 UID 的第二個版本，版本 2 基於電子郵件和電話號碼，而不是基於 cookie。這使消費者可以在整個互聯網上隨身攜帶他們的隱私設置和控制，而不會失去控製或錯誤的安全感。擁有數十億次登錄的大型科技公司向消費者承諾的一些隱私保護誤導了一些消費者，他們認為他們控制著隱私、選擇加入以及跨 CTV、移動環境和計算機的互聯網的交換條件瀏覽器。

UID actually does enable consumers to set preferences and restrictions for each web publisher, mobile app and CTV app. They choose who they trust and can change their mind. Their preferences are tied to an encrypted, hashed, salted ID based on e-mail address or phone number that a consumer can take with them. Because this move to an upgraded opt-in Internet is scheduled to happen in about 10 months based on the date Google deprecates third-party cookies in Chrome, the entire open Internet ecosystem is thinking about identity, and we continue to make significant progress with UID2. And I would like to spend a few minutes talking about this progress and the various innovations that are driving that progress.

UID 實際上確實使消費者能夠為每個網絡發布者、移動應用程序和 CTV 應用程序設置偏好和限制。他們選擇他們信任的人，並且可以改變主意。他們的偏好與基於電子郵件地址或電話號碼的加密、散列、加鹽 ID 相關聯，消費者可以隨身攜帶。因為根據谷歌在 Chrome 中棄用第三方 cookie 的日期，這一升級的選擇加入互聯網計劃在大約 10 個月內發生，整個開放的互聯網生態系統都在考慮身份，我們繼續在 UID2 方面取得重大進展.我想花幾分鐘來談談這一進展以及推動這一進展的各種創新。

In terms of the number of unique IDs, we are now measuring UIDs on billions of devices. With every passing month, we are posting new all-time highs. That comes as more advertisers activate on UID2 and as more publishers adopt it.

就唯一 ID 的數量而言，我們現在正在測量數十億台設備上的 UID。每過一個月，我們都會發布新的歷史新高。隨著越來越多的廣告商在 UID2 上激活以及越來越多的發布商採用它。

Let me give you one quick example which is particularly illustrative of the business value of UID2. MediaVine is a company that manages advertising for more than 8,500 independent publishers. Those include some large publishers like The Hollywood Gossip and some very niche publishers like Steamy Kitchen. They're big. They are a Comscore top 5 lifestyle media platform, with more than 130 million monthly viewers and 17 billion monthly ad impressions.

讓我舉一個簡單的例子，它特別說明了 UID2 的商業價值。 MediaVine 是一家為 8,500 多家獨立出版商管理廣告的公司。其中包括一些大型出版商，如好萊塢八卦和一些非常小眾的出版商，如 Steamy Kitchen。他們很大。它們是 Comscore 排名前 5 的生活方式媒體平台，每月有超過 1.3 億觀眾和 170 億次廣告展示。

MediaVine has now adopted and deployed UID2. Their publishers have seen CPMs increase more than 100%. With UID2, they can create privacy-safe identifiers for their readers, pass those on safely to advertisers, who can then serve relevant advertising without ever knowing anything directly identifiable about the reader. Better opt-ins and more sign-ins, including new lightweight SSOs, is what a post-cookie Internet is going to look like. And pioneering advertisers, publishers and CTV providers are building that Internet now.

MediaVine 現在已經採用並部署了 UID2。他們的發布商發現每千次展示費用增加了 100% 以上。使用 UID2，他們可以為他們的讀者創建隱私安全的標識符，將這些標識符安全地傳遞給廣告商，然後他們可以在不知道任何可直接識別讀者的信息的情況下提供相關廣告。更好的選擇加入和更多的登錄，包括新的輕量級 SSO，是後 cookie 互聯網的樣子。開創性的廣告商、出版商和 CTV 提供商現在正在建設這個互聯網。

Momentum is amazing, but we're still in the early stages simply because the Internet is so big. This work is both inevitable and essential. Without relevant advertising, CPMs will crater. That's the fundamental value exchange of the Internet, relevant advertising in exchange for free content. That's why so many publishers are implementing UID2, with many already reporting strong CPM growth.

勢頭是驚人的，但我們仍處於早期階段，僅僅是因為互聯網是如此之大。這項工作既不可避免又必不可少。如果沒有相關的廣告，每千次展示費用就會崩潰。這就是互聯網的根本價值交換，相關廣告換取免費內容。這就是為什麼這麼多發布商正在實施 UID2，許多發布商已經報告 CPM 強勁增長。

The ecosystem of UID partners also continues to expand. InfoSum, a leading data collaboration platform, recently signed up as another closed operator of UID2. Many leading advertisers and their agencies, including Omnicom, already use InfoSum to activate their first-party data and are excited about this partnership as they look to unlock the value of that data while maintaining control over it using UID2.

UID合作夥伴的生態系統也在不斷擴大。領先的數據協作平台 InfoSum 最近簽約成為 UID2 的另一家封閉運營商。許多領先的廣告商及其代理商，包括 Omnicom，已經使用 InfoSum 來激活他們的第一方數據，並且對這種合作關係感到興奮，因為他們希望在使用 UID2 保持對數據的控制的同時釋放數據的價值。

AppLovin also recently joined the UID ecosystem. AppLovin is one of the world's leading mobile in-app ad exchanges, and our advertisers now have access to ad opportunities across more than 140,000 apps and 1.8 billion devices, with the precision and relevance that UID2 creates. The solutions such as UID2 allow us to manage that value exchange in a way that improves the experience for all parties. I believe this new approach will ultimately result in an upgrade to the Internet.

AppLovin 最近也加入了 UID 生態系統。 AppLovin 是世界領先的移動應用內廣告交易平台之一，我們的廣告商現在可以利用 UID2 創造的精確度和相關性，在超過 140,000 個應用和 18 億台設備上獲得廣告機會。 UID2 等解決方案使我們能夠以改善各方體驗的方式管理價值交換。我相信這種新方法最終會導致互聯網升級。

We also recently announced that we are launching a version of UID2 that will be tailored for the European market called EUID. To understand the connection between UID2 and EUID, consider an analogy to Chrome and Chromium. Chromium is a free open-source development platform for web browsers. Many browsers use core elements of Chromium, including Google Chrome, which uses Chromium as a foundation, but which is enhanced and adapted by Google. Essentially, Chrome is one iteration built on top of Chromium.

我們最近還宣布，我們將推出一個為歐洲市場量身定制的 UID2 版本，稱為 EUID。要了解 UID2 和 EUID 之間的聯繫，請考慮與 Chrome 和 Chromium 進行類比。 Chromium 是一個免費的 Web 瀏覽器開源開發平台。許多瀏覽器都使用 Chromium 的核心元素，包括 Google Chrome，它使用 Chromium 作為基礎，但由 Google 增強和改編。本質上，Chrome 是在 Chromium 之上構建的一種迭代。

In the same way, UID2 is an open-source project and EUID is a version of it, developed for Europe, that meets the specific needs of that market, especially the legislative requirements. Building this specific version also allows us to build in the features that give our partners reassurance that data will not leave Europe, even for international companies that do business and have data in Europe. With this approach, we believe that EUID is the most GDPR-compliant identity solution in the market today.

同樣，UID2 是一個開源項目，EUID 是它的一個版本，專為歐洲開發，滿足該市場的特定需求，尤其是立法要求。構建此特定版本還允許我們構建功能，讓我們的合作夥伴放心，數據不會離開歐洲，即使對於在歐洲開展業務並擁有數據的國際公司也是如此。通過這種方法，我們相信 EUID 是當今市場上最符合 GDPR 的身份解決方案。

In order for the open Internet to thrive, it will require more authentication or logging in. High CPMs and relevance will gravitate to publishers and content owners who have logged-in users. CTV and new sites and apps especially have a unique opportunity at this moment as the identity foundation of the Internet being rebuilt.

為了讓開放的互聯網蓬勃發展，它將需要更多的身份驗證或登錄。高 CPM 和相關性將吸引擁有登錄用戶的發布者和內容所有者。作為互聯網身份基礎的重建，CTV 和新網站和應用程序此時尤其具有獨特的機會。

The CTV leaders understand this. Nearly every CTV ad is shown on the authenticated side of a log-in, almost always via an e-mail or phone number, which means CTV already operates in an opt-in environment, unlike much of the rest of the Internet, which is still in opt-out, although it's transitioning. Within that environment, broadcasters can work with advertisers to build the new identity fabric of the Internet that provides addressability, while significantly upgrading consumer privacy.

央視領導明白這一點。幾乎每個 CTV 廣告都顯示在經過身份驗證的登錄端，幾乎總是通過電子郵件或電話號碼進行，這意味著 CTV 已經在選擇加入的環境中運行，這與 Internet 的大部分其他部分不同，這是仍然選擇退出，儘管它正在過渡。在這種環境下，廣播公司可以與廣告商合作，構建新的互聯網身份結構，提供可尋址性，同時顯著提升消費者隱私。

And new identity solutions, including UID2, are key here. With UID2, advertisers can safely onboard first-party data. And then with interoperability with CTV apps, they can find valuable audiences, both current and prospects, exactly when they are viewing their favorite premium content. Ultimately, this is a much better advertising experience than one based on cookies. Cookies were never really intended to do this work. They were just co-opted. But in new technology environments, like CTV, we can build a new identity framework that allows advertisers to create relevance, enables publishers to maximize yield and hand consumers much more control over their privacy.

包括 UID2 在內的新身份解決方案是這裡的關鍵。借助 UID2，廣告商可以安全地載入第一方數據。然後通過與 CTV 應用程序的互操作性，他們可以在觀看自己喜歡的優質內容時找到有價值的受眾，包括當前和潛在受眾。最終，這是一種比基於 cookie 的廣告體驗更好的廣告體驗。 Cookies 從來沒有真正打算做這項工作。他們只是被增選了。但在 CTV 等新技術環境中，我們可以構建一個新的身份框架，讓廣告商能夠創造相關性，使發布商能夠最大限度地提高收益，並讓消費者對他們的隱私有更多的控制權。

So in many ways, the CTV ecosystem will pioneer the future of identity. To be clear, it's not about any one identity solution. It's about interoperability. This new fabric will include new currencies, such as UID2, but also other identifiers, whether it's those developed by CTV providers themselves, measurement partners like Nielsen or by companies such as LiveRamp. And we are working with all of them to ensure this new fabric pays off those promises I just outlined for all participants.

因此，在許多方面，CTV 生態系統將引領身份識別的未來。需要明確的是，這與任何一種身份解決方案無關。這是關於互操作性的。這種新結構將包括新貨幣，例如 UID2，以及其他標識符，無論是由 CTV 提供商自己開發的標識符，還是由 Nielsen 等測量合作夥伴或 LiveRamp 等公司開發的標識符。我們正在與他們所有人合作，以確保這種新面料能夠兌現我剛剛為所有參與者概述的那些承諾。

There is so much to discuss today that I'm going to bookmark a related issue that I would like to discuss in a future call, our data marketplace. The data marketplace is as healthy as ever, largely because UID2 and a better opt-in environment creates a better foundation for our data marketplace, which has the potential to become the largest in the world. I don't think any walled garden can ever create a data marketplace to rival it.

今天要討論的內容太多了，我將把一個我想在未來電話會議中討論的相關問題加入書籤，即我們的數據市場。數據市場一如既往地健康，主要是因為 UID2 和更好的選擇加入環境為我們的數據市場奠定了更好的基礎，該市場有可能成為世界上最大的數據市場。我認為任何有圍牆的花園都無法創建一個與之匹敵的數據市場。

Already, we have enacted massive marketplace design upgrades. As a result, we're already seeing higher data usage, better CPAs and ROI for advertisers, better margins and a faster-spinning flywheel for us. We have once again stair step-increased the consumer surplus of our offering to our clients. There is so much more to report on this and more change and benefit to come, so I'm excited to talk about that in the future.

我們已經實施了大規模的市場設計升級。因此，我們已經看到更高的數據使用量、更高的 CPA 和廣告客戶的投資回報率、更高的利潤和更快的飛輪。我們再次階梯式增加了我們向客戶提供的產品的消費者剩餘。關於這方面的報導還有很多，更多的變化和好處即將到來，所以我很高興在未來談論這個。

Related to all the progress we're making with UID is the recent launch of OpenPath. We announced it in our last earnings report, and I would like to give an update today. First, a reminder of what it is. OpenPath is a way for our advertisers to plug directly into publisher inventory via our platform. By plugging in directly, publishers have the opportunity to capture the value of an opt-in Internet and implement changes that benefit all participants, including advertisers and agencies.

與我們在 UID 方面取得的所有進展相關的是最近推出的 OpenPath。我們在上一份收益報告中宣布了這一點，我想在今天進行更新。首先，提醒一下它是什麼。 OpenPath 是我們的廣告商通過我們的平台直接插入發布商庫存的一種方式。通過直接接入，出版商有機會獲得選擇加入互聯網的價值，並實施有益於所有參與者的變革，包括廣告商和代理商。

I do want to reiterate that this does not mean that The Trade Desk is getting into the SSB or supply side business. OpenPath is simply a direct path to inventory with publishers that already have their own yield management solutions. OpenPath helps eliminate steps in the process where there may be fees or charges with no value in return.

我確實想重申，這並不意味著 The Trade Desk 正在涉足 SSB 或供應方業務。 OpenPath 是一種直接訪問已擁有自己的收益管理解決方案的發布商的庫存路徑。 OpenPath 有助於消除流程中可能存在沒有回報的費用或收費的步驟。

For example, since we announced OpenPath, we have shut down Google's open bidding on our platform. When we announced OpenPath a few months ago, we also had commitments from news organizations that represent a majority of news consumers in the United States, organizations such as Reuters; The Washington Post; Gannett; Condé Nast, which owns Vanity Fair, Vogue, The New Yorker and many others; McClatchy, which owns more than 30 leading daily newspapers, including The Kansas City Star and the Fort Worth Star-Telegram; Hearst magazines and newspapers, which operate major titles such as the Cosmopolitan and the San Francisco Chronicle; the Tribune Group and several others.

例如，自從我們宣布 OpenPath 以來，我們已經關閉了 Google 在我們平台上的公開競標。幾個月前我們宣布 OpenPath 時，我們還得到了代表美國大多數新聞消費者的新聞機構的承諾，例如路透社；華盛頓郵報；甘尼特； Condé Nast，旗下擁有 Vanity Fair、Vogue、The New Yorker 等眾多品牌； McClatchy，擁有 30 多家領先的日報，包括堪薩斯城星報和沃思堡星電報；赫斯特雜誌和報紙，經營諸如《大都會》和《舊金山紀事報》等主要刊物；論壇報集團和其他幾個。

In the days following the announcement, we had more than 100 inbound inquiries from major publishers looking to join the initiative. We're prioritizing journalism as we launch OpenPath because nowhere is the danger of the absence of identity more apparent. Recently, we announced more journalistic publishers committing to OpenPath, including The L.A. Times, BuzzFeed, Forbes, MediaVine and Red Ventures, which includes publications such as CNET and Lonely Planet.

在宣布之後的幾天裡，我們收到了 100 多個來自希望加入該計劃的主要出版商的入站查詢。在推出 OpenPath 時，我們優先考慮新聞業，因為沒有任何地方比身份缺失的危險更明顯。最近，我們宣布更多新聞出版商承諾加入 OpenPath，包括洛杉磯時報、BuzzFeed、福布斯、MediaVine 和 Red Ventures，其中包括 CNET 和 Lonely Planet 等出版物。

As more publishers adopt OpenPath, they will make UID2 deployment or interoperability a key element of their plan. In doing so, they can activate their own first-party subscriber data in a way that protects that data, but also provides enough relevance to advertisers that we can enhance the value of those ad impressions and yield for publishers.

隨著越來越多的出版商採用 OpenPath，他們將 UID2 部署或互操作性作為其計劃的關鍵要素。這樣做，他們可以激活他們自己的第一方訂閱者數據，以保護這些數據，同時也為廣告商提供足夠的相關性，我們可以提高這些廣告展示的價值和發布商的收益。

For those that don't show most of their ads after a user has logged in, OpenPath will include a simple UID2-based SSO that will help them make this essential transition to a post-cookie environment.

對於那些在用戶登錄後不顯示大部分廣告的用戶，OpenPath 將包含一個簡單的基於 UID2 的 SSO，這將幫助他們完成這一向 cookie 後環境的重要過渡。

Let me bring this back to CTV because CTV is really the epicenter of open Internet identity. We've seen massive moves in the CTV landscape recently. In 2021, we added exponentially more inventory, thanks to new partnerships with a wide range of partners, including Peacock, Paramount+, discovery+ and Sky. Early this year, we entered a scaled relationship with HBO Max, one of the most recent and fastest-growing content companies to aggressively adopt ad-funded subscriptions for consumers.

讓我把這個帶回到 CTV，因為 CTV 確實是開放互聯網身份的中心。我們最近在 CTV 領域看到了巨大的變化。由於與包括 Peacock、Paramount+、discovery+ 和 Sky 在內的廣泛合作夥伴建立了新的合作夥伴關係，我們在 2021 年增加了成倍增加的庫存。今年年初，我們與 HBO Max 建立了規模化合作關係，HBO Max 是最近和發展最快的內容公司之一，積極為消費者採用廣告資助訂閱。

On a more macro level, Amazon bought MGM and streams ads through IMDb TV. Just this year so far, Disney+ announced that ads would be added as a choice to their app. Microsoft acquired Xandr. Time Warner left the AT&T family and is now owned by Discovery and is mostly led by discovery+ leadership, which is one of the most savvy programmatic teams in TV. And of course, Netflix recently announced that it will likely make ads available on their platform. These major changes in the landscape have huge implications for the future of CTV and programmatic.

在更宏觀的層面上，亞馬遜收購了米高梅並通過 IMDb TV 播放廣告。就在今年到目前為止，Disney+ 宣布將添加廣告作為其應用程序的選擇。微軟收購了 Xandr。時代華納離開了 AT&T 家族，現在歸 Discovery 所有，主要由 Discovery+ 領導層領導，這是電視領域最精明的程序化團隊之一。當然，Netflix 最近宣布它可能會在其平台上提供廣告。格局的這些重大變化對 CTV 和程序化的未來產生了巨大影響。

A tailored TV ad is probably the most effective scaled advertising available today on or off-line. As a result, for most of our clients, TV is the largest segment of their campaign spend. That unique combination of video and audio delivered at a time when the audience is leaned in, remains the most effective way to touch the hearts and minds of consumers. As those consumers have shifted en masse to streaming platforms, advertisers are following them.

量身定制的電視廣告可能是當今在線或離線可用的最有效的規模化廣告。因此，對於我們的大多數客戶來說，電視是他們廣告活動支出的最大部分。在觀眾傾心的時候，這種獨特的視頻和音頻組合仍然是觸動消費者心靈的最有效方式。隨著這些消費者大量轉向流媒體平台，廣告商也在關注他們。

For consumers, on-demand content is just better. As content owners and the streaming apps are competing for more subscribers, it has become very clear, providing consumers with choice is the only way to win. This is a great setup for Netflix. By not having ads to date, Netflix has protected an amazing user experience, but it required Netflix to keep raising prices so that they could keep making and buying content. At some point, price becomes an issue for nearly all consumers. Consider what we can learn from TV of the past. Even in the days of cable bundles, very few consumers pay for every premium channel, SHOWTIME, HBO, Cinemax, NBA League Pass, et cetera. In the past, nearly all channels have had ads.

對於消費者來說，點播內容更好。隨著內容所有者和流媒體應用程序爭奪更多訂閱者，這一點變得非常清楚，為消費者提供選擇是獲勝的唯一途徑。這對 Netflix 來說是一個很好的設置。由於迄今為止沒有廣告，Netflix 保護了令人驚嘆的用戶體驗，但它要求 Netflix 不斷提高價格，以便他們可以繼續製作和購買內容。在某些時候，價格成為幾乎所有消費者的問題。想想我們可以從過去的電視中學到什麼。即使在有線電視捆綁時代，也很少有消費者為每個付費頻道、SHOWTIME、HBO、Cinemax、NBA League Pass 等付費。過去，幾乎所有頻道都有廣告。

Now once again, consumers will have something better, choice. Netflix will very likely setup a clean option for consumers, see ads and pay meaningfully less or pay slightly more and avoid ads altogether. Consumers will continue to be given more choices. I predict that with this move, Netflix will continue to be something of a pace car in TV innovation. They were the first ones to really nail the subscription model for CTV. They were the first to 100 million global subscribers, the first to 200 million, and they continue to lead that race today. And now, they are embracing consumer choice as a way to expand their market share even further.

現在再一次，消費者將有更好的選擇。 Netflix 很可能會為消費者設置一個乾淨的選項，看到廣告並少付錢，或者多付錢，完全避免廣告。消費者將繼續獲得更多選擇。我預測，通過這一舉措，Netflix 將繼續成為電視創新領域的領跑者。他們是第一批真正確定 CTV 訂閱模式的公司。他們是第一批擁有 1 億全球訂戶、第一批擁有 2 億訂戶的公司，並且他們今天繼續引領這場競賽。而現在，他們正在接受消費者的選擇，以此作為進一步擴大市場份額的一種方式。

It's important to note that at least half of Netflix subscribers are outside the United States. So the implications to this move has global ramifications to the world of CTV. But there will even be more to this part of the story. As Netflix explores advertising options, they will be unburdened by legacy processes that some of their competitors are working through. For example, they will be able to structure their advertising operations so they don't have sales channel conflict. They can be data-driven from the start in everything that they do, using data to ensure that they maximize yield on every ad impression.

需要注意的是，至少有一半的 Netflix 訂戶在美國以外。因此，這一舉措的影響對 CTV 世界產生了全球影響。但故事的這一部分還會有更多內容。隨著 Netflix 探索廣告選項，他們將擺脫一些競爭對手正在處理的遺留流程的負擔。例如，他們將能夠構建他們的廣告業務，這樣他們就不會發生銷售渠道沖突。他們可以從一開始就以數據為導向，利用數據確保他們最大限度地提高每次廣告展示的收益。

In all of these dimensions, and likely many others, I believe Netflix will continue to innovate and set the pace. And as with any market, others will have to adapt accordingly. Many of them already are. We are working on these opportunities with leading CTV providers every single day.

在所有這些方面，可能還有許多其他方面，我相信 Netflix 將繼續創新並引領潮流。與任何市場一樣，其他市場也必須做出相應的調整。他們中的許多人已經是。我們每天都在與領先的 CTV 提供商合作開發這些機會。

HBO Max, Disney+ and Netflix are all public about their intentions to implement ad experiences. This adds pressure to all content owners to accelerate the move to data-driven buying and selling and finding ways to make the most competitive consumer experience, which means limited relevant ads with high CPMs.

HBO Max、Disney+ 和 Netflix 都公開了他們實施廣告體驗的意圖。這給所有內容所有者增加了壓力，要求他們加速轉向數據驅動的買賣，並尋找創造最具競爭力的消費者體驗的方法，這意味著具有高 CPM 的相關廣告有限。

For CTV to continue to produce the amazing and expensive content that is driving this new golden age of television, relevant ads are the only way to fund and preserve it. This requires CTV to participate in the open Internet because in walled gardens, one cannot control universal reach and frequency. Additionally, I believe this means every CTV company around the world is racing to create this optimal viewing experience.

為了讓 CTV 繼續製作推動這個新的電視黃金時代的驚人而昂貴的內容，相關廣告是資助和保護它的唯一途徑。這需要 CTV 參與到開放的互聯網中，因為在圍牆花園裡，無法控制普遍的覆蓋範圍和頻率。此外，我相信這意味著世界各地的每家 CTV 公司都在競相創造這種最佳的觀看體驗。

TV has historically competed regionally due to the licensing and broadcast regulations. Netflix and YouTube have made this a global race. We're seeing content owners all over the world quickly adapting to these recent moves. Recently, I've personally spoken about this directly with some of our content partners in the United States and in Europe. They are already feeling the pressure to move fast and to improve their ad experiences. This messaging from Netflix, Disney+ and HBO Max is requiring everyone to embrace biddable environments and move away from legacy models, like upfronts and even programmatic-guaranteed, where advertiser choice is limited. These changes in the TV landscape also have adjusted marketers' mindsets.

由於許可和廣播法規，電視歷來在區域內競爭。 Netflix 和 YouTube 已經讓這成為了一場全球性的競賽。我們看到世界各地的內容所有者都在迅速適應這些最近的舉措。最近，我親自與我們在美國和歐洲的一些內容合作夥伴直接討論了這個問題。他們已經感受到了快速行動和改善廣告體驗的壓力。來自 Netflix、Disney+ 和 HBO Max 的信息要求每個人都接受可出價的環境，並遠離廣告商選擇有限的傳統模式，如前期甚至是程序化擔保。電視領域的這些變化也調整了營銷人員的心態。

As advertisers are seeing reach and impact erode from traditional cable television, they are focused on moving to premium streaming content. Increasingly, this is the most important buy on the media plan. Marketers want to advertise against premium content as much as possible. It's content they can trust. It's content that reflects their own brand. It's content they can activate on and measure against with precision. As advertisers prioritize ads on premium content on our platform, they are beginning to start their campaign planning there, too. As a result, user-generated content is increasingly getting the leftovers.

隨著廣告商看到傳統有線電視的影響力和影響力受到侵蝕，他們專注於轉向優質流媒體內容。越來越多地，這是媒體計劃中最重要的購買。營銷人員希望盡可能多地針對優質內容做廣告。這是他們可以信任的內容。它的內容反映了他們自己的品牌。這是他們可以激活並精確測量的內容。隨著廣告商在我們的平台上優先投放優質內容的廣告，他們也開始在那裡開始他們的活動策劃。結果，用戶生成的內容越來越多地成為剩菜剩飯。

With the explosive growth of premium CTV over the last few years, especially the last year, the trend is clear. We see it clearly reflected in some of the UGC data that's been reported out in the last few weeks, and it's also why CTV remains by far our fastest-growing channel and why premium video, in all of its forms, has become the largest segment of our business. This trend will be equally apparent internationally where there is also a flight to premium content.

近幾年，尤其是去年，高端CTV的爆發式增長，趨勢很明顯。我們看到它清楚地反映在過去幾週報導的一些 UGC 數據中，這也是為什麼 CTV 仍然是我們迄今為止增長最快的頻道以及為什麼各種形式的優質視頻已成為最大的細分市場的原因我們的業務。這種趨勢在國際上也同樣明顯，因為那裡也存在向優質內容的飛躍。

We work with many of the Fortune 500 companies, almost all of whom direct their advertising campaigns at multiple international markets. As more premium supply comes online, particularly premium video, we have more than enough demand to satisfy it.

我們與許多財富 500 強公司合作，幾乎所有這些公司都在多個國際市場開展廣告活動。隨著越來越多的優質供應上線，尤其是優質視頻，我們有足夠的需求來滿足它。

And we could not be more excited about what this shift from Netflix, Disney+ and HBO Max means in terms of opening the door of AVOD supply, not only in major markets that have already embraced CTV advertising, such as Western Europe and Australia, but also in many other markets where AVOD will be a vital driver of subscription growth because of tighter economic pressure on consumer wallets.

我們對這種從 Netflix、Disney+ 和 HBO Max 的轉變在打開 AVOD 供應的大門方面意味著什麼感到非常興奮，不僅在已經接受 CTV 廣告的主要市場，如西歐和澳大利亞，而且在在許多其他市場，由於消費者錢包面臨更緊的經濟壓力，AVOD 將成為訂閱增長的重要推動力。

Premium video, where everything is authenticated, is one of those key areas where the future of Internet identity is being forged, not just for CTV, but across the open Internet, including inside the browser. That may not seem obvious as cookies are not present in CTV, and so you would think they would be less affected by the potential phaseout of cookies next year. But CTV needs persistent identity to have effective and high CPM ads, and they need high CPM ads to fund that content.

優質視頻，所有內容都經過身份驗證，是未來互聯網身份正在被偽造的關鍵領域之一，不僅針對 CTV，而且在開放的互聯網上，包括在瀏覽器內部。這可能看起來並不明顯，因為 CTV 中不存在 cookie，因此您會認為它們受明年可能逐步淘汰 cookie 的影響較小。但 CTV 需要持久的身份才能擁有有效且高 CPM 的廣告，並且他們需要高 CPM 廣告來資助該內容。

It's economics that's driving that process. As more CTV leaders embrace advertising, they want to ensure that they create as much addressability as possible because that's the only way that they can maintain high CPMs. And an advertiser will pay, say, a $12 CPM if they know the viewers are watching the latest hot reality show, but they will pay 3x that if there's a reasonable chance those viewers are interested in their product. And that's why they will be among the pioneers of the new identity framework or the open Internet.

推動這一進程的是經濟。隨著越來越多的 CTV 領導者接受廣告，他們希望確保創造盡可能多的可尋址性，因為這是他們保持高 CPM 的唯一方法。如果廣告商知道觀眾正在觀看最新的熱門真人秀節目，他們將支付 12 美元的 CPM，但如果這些觀眾有合理的機會對他們的產品感興趣，他們將支付 3 倍的費用。這就是為什麼他們將成為新身份框架或開放互聯網的先驅之一。

I would like to wrap this up by bringing us back to the market opportunity in front of us. The global advertising industry is moving rapidly towards a $1 trillion TAM. As the market grows, the majority of that spend will be digital, and all of it will ultimately be traded programmatically. At the same time, the industry is making important progress in several dimensions in building the Internet advertising ecosystem of the future, one that no longer relies on cookies.

我想通過將我們帶回到我們面前的市場機會來結束這一點。全球廣告業正在迅速邁向 1 萬億美元的 TAM。隨著市場的增長，大部分支出將是數字化的，所有這些最終都將以程序化方式進行交易。與此同時，該行業在構建不再依賴 cookie 的未來互聯網廣告生態系統方面正在幾個方面取得重要進展。

The Internet is getting an upgrade. We're moving from an opt-out Internet to an opt-in Internet. Everything is founded on a better identity framework. On that foundation comes better controls for consumers, more choices for consumers on how to pay for CTV subscriptions, whether that's with money or with ad time, and better measurement and data.

互聯網正在升級。我們正在從選擇退出互聯網轉向選擇加入互聯網。一切都建立在更好的身份框架之上。在此基礎上，消費者可以更好地控制，消費者在如何支付 CTV 訂閱費用方面有更多選擇，無論是金錢還是廣告時間，以及更好的衡量和數據。

As the ecosystem continues to evolve and move away from walled gardens, led by CTV, we will unleash the power of programmatic for our advertisers and for our publisher partners. It will be an improved experience for everyone, consumers included. The innovations we are driving to help accomplish this are already delivering performance improvements for us today. They are a key factor in why we are off to such a positive start in 2022 and why we are so optimistic about our growth opportunities looking forward.

隨著生態系統不斷發展並遠離由 CTV 領導的圍牆花園，我們將為我們的廣告商和發布商合作夥伴釋放程序化的力量。對於包括消費者在內的每個人來說，這將是一種更好的體驗。我們正在推動實現這一目標的創新已經在今天為我們帶來了性能改進。它們是我們在 2022 年取得如此積極開端的關鍵因素，也是我們對未來增長機會如此樂觀的關鍵因素。

As I said earlier, advertisers are increasingly gravitating to our platform as the de facto DSP of the open Internet, led by CTV. And we will continue to innovate to reinforce that leadership position and deliver more value to our advertisers.

正如我之前所說，廣告商越來越傾向於我們作為開放互聯網事實上的 DSP 的平台，由 CTV 領導。我們將繼續創新以鞏固這一領先地位，並為我們的廣告商帶來更多價值。

Our profitable business model allows us complete flexibility to make these investments and continue to drive growth. In doing so, we will help build a better Internet for all stakeholders, and all of that is what makes me so excited about our growth prospects.

我們盈利的商業模式使我們能夠完全靈活地進行這些投資並繼續推動增長。這樣做，我們將幫助為所有利益相關者建立一個更好的互聯網，所有這些都是讓我對我們的增長前景如此興奮的原因。

With that, I will hand the call over to Blake, who will take you through more of the financial details.

有了這個，我會把電話交給布萊克，他會帶你了解更多的財務細節。

Thank you, Jeff, and good afternoon, everyone. As you have seen in our results, 2022 has started out strong, with solid Q1 financial performance and execution despite the current macro environment. Q1 revenue was $315 million, a 43% increase and an acceleration in growth from a year ago. In Q1, we benefited from a digital advertising environment that is leaning increasingly towards data-driven advertising and measurable results. This was evidenced by the continued strength in CTV, which again led our growth from a scaled channel perspective.

謝謝你，傑夫，大家下午好。正如您在我們的業績中看到的那樣，儘管當前宏觀環境不佳，但 2022 年開局強勁，第一季度財務業績和執行情況穩健。第一季度收入為 3.15 億美元，同比增長 43%，增長速度加快。在第一季度，我們受益於數字廣告環境，該環境越來越傾向於數據驅動的廣告和可衡量的結果。 CTV 的持續強勢證明了這一點，從規模化渠道的角度來看，這再次引領了我們的增長。

Solimar adoption is over 80%, and we continue to see promising results as customers are utilizing Solimar to leverage more data elements than they did previously. More data-driven precision improves ROI for customers, and we believe this helps spin the flywheel of our business faster.

Solimar 的採用率超過 80%，隨著客戶利用 Solimar 來利用比以前更多的數據元素，我們繼續看到可喜的結果。更多數據驅動的精度提高了客戶的投資回報率，我們相信這有助於更快地推動我們業務的飛輪。

We are also starting to see green shoots in our retail media business, with Q1 representing our first full quarter of operations in this space. We have brought on additional retail media partners into the platform and are cautiously optimistic as spend continues to ramp up.

我們的零售媒體業務也開始出現萌芽，第一季度代表我們在該領域的第一個完整季度運營。我們已經將更多的零售媒體合作夥伴引入該平台，並且隨著支出的不斷增加，我們持謹慎樂觀的態度。

With the durable top line performance in Q1, we generated $121 million in adjusted EBITDA or about 38% of revenue. The $121 million in adjusted EBITDA represents a 72% increase from a year ago. In Q1, we continued to benefit from temporarily lower-than-expected operating expenses, partly driven by the virtual environment. Even recognizing that, I'm proud of our continued ability to consistently grow our top line revenue while generating meaningfully positive adjusted EBITDA and cash flow that has enabled our cash and short-term investments balance to end the quarter over the $1 billion mark for the first time.

憑藉第一季度的持久收入表現，我們產生了 1.21 億美元的調整後 EBITDA 或約 38% 的收入。調整後的 EBITDA 為 1.21 億美元，比一年前增長了 72%。在第一季度，我們繼續受益於暫時低於預期的運營費用，部分原因是虛擬環境。即使認識到這一點，我也為我們持續有能力持續增長我們的收入而感到自豪，同時產生有意義的正調整 EBITDA 和現金流，這使我們的現金和短期投資餘額在本季度末超過 10 億美元大關第一次。

In the current environment, our demonstrated ability to invest for growth and self-fund our high-growth rates through profitable long-term cash flow generation sets us up well for the future.

在當前環境下，我們展示的投資增長和通過產生可盈利的長期現金流為高增長率自籌資金的能力為我們的未來奠定了良好的基礎。

From a scaled channel perspective, CTV, by a wide margin, led our growth again during the quarter. For Q1, video, including CTV, represented our largest percent of share on the platform, followed by mobile. Video and mobile each represented about 40% of spend. Display continued to grow well in Q1 and represented about 15% of spend. And audio represented about 5% of spend.

從規模化渠道的角度來看，CTV 在本季度再次大幅領先我們的增長。對於第一季度，包括 CTV 在內的視頻在平台上的份額最大，其次是移動。視頻和移動設備各佔大約 40% 的支出。展示廣告在第一季度繼續保持良好增長，約佔支出的 15%。音頻約佔支出的 5%。

Geographically, North America represented 88% of spend, and international represented 12% of spend. International's overall share, while relatively small for our overall business, dropped slightly from Q4 and the prior year. Historically, our growth has been driven by the strong position we have in CTV, particularly in North America. That said, our CTV business internationally continues to grab share, with European CTV spend more than doubling over the prior year in Q1.

從地域上看，北美佔支出的 88%，國際佔支出的 12%。國際的整體份額雖然對我們的整體業務而言相對較小，但與第四季度和去年相比略有下降。從歷史上看，我們的增長是由我們在 CTV 的強勢地位推動的，尤其是在北美。也就是說，我們的國際 CTV 業務繼續搶占市場份額，第一季度歐洲 CTV 支出比去年同期增長了一倍多。

We did see a larger gap between our North American growth rate and international growth rate, particularly in the second half of Q1, mainly due to spend in Europe. However, through April, Europe has recovered to levels we saw early in Q1, although there is still some room to improve. I'm excited about our opportunities to grab share as we have proven that as our customers become more deliberate and data-driven with their ad spend, much like they did in late 2020, The Trade Desk is in a great position to help those customers and also spin our flywheel. It is still early days for us internationally, but we are optimistic about our market position and the long-term growth opportunity that we have.

我們確實看到我們的北美增長率和國際增長率之間的差距更大，尤其是在第一季度的下半年，主要是由於在歐洲的支出。然而，到 4 月份，歐洲已經恢復到我們在第一季度初看到的水平，儘管仍有一些改進的空間。我對我們獲得份額的機會感到興奮，因為我們已經證明，隨著我們的客戶在廣告支出方面變得更加謹慎和數據驅動，就像他們在 2020 年末所做的那樣，The Trade Desk 處於幫助這些客戶的有利位置並旋轉我們的飛輪。對於我們來說，國際市場還處於初期階段，但我們對我們的市場地位和我們擁有的長期增長機會持樂觀態度。

In terms of the verticals that represent at least 1% of our spend, nearly all of them grew in the double digits during the quarter. Both travel and pets more than doubled compared with a year ago. Shopping and Food & Drink were also very strong. We believe there is still the potential for share gain and improvement in most of our verticals.

就占我們支出至少 1% 的垂直行業而言，幾乎所有這些行業在本季度都以兩位數的速度增長。與一年前相比，旅行和寵物都增加了一倍多。購物和餐飲也很強勁。我們相信，在我們的大多數垂直領域，仍有獲得份額和改善的潛力。

Turning now to expenses. Excluding stock-based compensation, operating expenses were $207 million in Q1, up 30% year-over-year. We continued to see significant operating leverage as we scale the business and improve our efficiency. Our income tax benefit of $2.7 million in the quarter was mainly due to the tax benefits associated with employee stock-based awards, the timing of which can be variable. Adjusted net income for the quarter was $105 million or $0.21 per fully diluted share. Net cash provided by operating activities was $146 million for Q1. And free cash flow was $136 million.

現在轉向開支。不包括基於股票的薪酬，第一季度的運營費用為 2.07 億美元，同比增長 30%。隨著我們擴大業務並提高效率，我們繼續看到顯著的經營槓桿。本季度我們 270 萬美元的所得稅優惠主要是由於與員工股票獎勵相關的稅收優惠，其時間可能是可變的。本季度調整後的淨收入為 1.05 億美元或每股完全稀釋後的每股 0.21 美元。第一季度經營活動提供的淨現金為 1.46 億美元。自由現金流為 1.36 億美元。

DSOs exiting the quarter were 88 days, down 5 days from a year ago. DPOs were 72 days, down 3 days from a year ago.

退出本季度的 DSO 為 88 天，比一年前減少了 5 天。 DPO 為 72 天，比一年前減少了 3 天。

We exited Q1 with a strong cash and liquidity position. Cash, cash equivalents and short-term investments ended the quarter at $1.1 billion. We have no debt on the balance sheet.

我們以強勁的現金和流動性頭寸退出了第一季度。本季度末現金、現金等價物和短期投資為 11 億美元。我們的資產負債表上沒有債務。

Turning to our outlook for the second quarter. We estimate Q2 revenue to be at least $364 million, which would represent growth of 30% on a year-over-year basis. We estimate adjusted EBITDA to be approximately $121 million in Q2. With a large available market in front of us, we see significant opportunities ahead and continue to be motivated to invest thoughtfully in the business, placing a high importance on hiring to support future growth. This enables us to continue distancing ourselves from the competition, in areas such as technology, identity, supply chain optimization and customer service.

轉向我們對第二季度的展望。我們估計第二季度的收入至少為 3.64 億美元，同比增長 30%。我們估計第二季度調整後的 EBITDA 約為 1.21 億美元。我們面前有一個巨大的可用市場，我們看到了巨大的機遇，並繼續積極地對業務進行深思熟慮的投資，高度重視招聘以支持未來的增長。這使我們能夠在技術、身份、供應鏈優化和客戶服務等領域繼續遠離競爭。

I am pleased that over the past couple of years, the operating expense structure of the company has improved and is significantly better than it was prior to the pandemic. Doing so allows us to invest meaningfully in opportunities for growth while still generating strong adjusted EBITDA and free cash flow.

我很高興在過去的幾年裡，公司的運營費用結構有所改善，並且明顯好於大流行之前。這樣做使我們能夠對增長機會進行有意義的投資，同時仍然產生強勁的調整後 EBITDA 和自由現金流。

In closing, we are excited about the momentum of our business. With significant long-term growth drivers, including CTV, our international business, our retail media opportunity, which is only just beginning, our recent platform upgrade in Solimar and the upcoming U.S. midterm election cycle, we remain highly optimistic about the long-term prospects for our business in 2022 and beyond. We continue to generate strong free cash flow. And the strength of our business model and balance sheet have positioned us well in the current environment.

最後，我們對我們業務的發展勢頭感到興奮。憑藉顯著的長期增長動力，包括 CTV、我們的國際業務、我們剛剛開始的零售媒體機會、我們最近在 Solimar 的平台升級以及即將到來的美國中期選舉週期，我們對長期前景保持高度樂觀為我們在 2022 年及以後的業務。我們繼續產生強勁的自由現金流。我們的商業模式和資產負債表的優勢使我們在當前環境中處於有利地位。

I believe we have the structure in place to continue driving long-term growth while scaling our business efficiently. And I'm cautiously optimistic about continued improvement in the future.

我相信我們擁有適當的結構來繼續推動長期增長，同時有效地擴展我們的業務。我對未來的持續改善持謹慎樂觀的態度。

That concludes our prepared remarks. And with that, operator, let's open up the call for questions.

我們準備好的發言到此結束。有了這個，接線員，讓我們打開問題的電話。

(Operator Instructions) And the first question is coming from Shyam Patil from SIG.

（操作員說明）第一個問題來自 SIG 的 Shyam Patil。

Congrats on the results. I had a couple of questions. First one, Jeff, when we look at your results and your outlook, they look a lot better than what we've seen from a lot of other ad-funded companies during earnings. Can you just talk about what you think is driving your outperformance? And then second question, can you talk a little bit about how you see the rest of the year shaping up?

祝賀結果。我有幾個問題。第一個，傑夫，當我們查看您的業績和前景時，它們看起來比我們在收益期間從許多其他廣告資助公司看到的要好得多。你能談談你認為是什麼推動了你的出色表現嗎？然後第二個問題，你能談談你如何看待今年剩下的時間嗎？

You bet. Thanks, Shyam. Appreciate it. So I -- as I look at the outperformance for this quarter, and I just look at all the things that went right in this quarter, it's hard not to start with connected television. I mentioned in the prepared remarks, that CTV had more positive changes than ever. And I don't know that I could have made up a better script in terms of just seeing companies like HBO move from sort of testing phase to scale and then Netflix and Disney+ talking about ads, were really created in an environment that is really optimal for ads.

你打賭。謝謝，夏姆。欣賞它。所以我 - 當我看到本季度的出色表現時，我只是看看本季度所有進展順利的事情，很難不從聯網電視開始。我在準備好的發言中提到，CTV的變化比以往任何時候都多。而且我不知道我可以編寫一個更好的腳本，因為我只是看到像 HBO 這樣的公司從某種測試階段轉向規模，然後 Netflix 和 Disney+ 談論廣告，真的是在一個真正優化的環境中創建的對於廣告。

And of course, we already had great relationships with Paramount and Peacock and Sky and so many of those that you think of as the AVOD leaders to now have really everybody entering into this world of choice that is driven by ads. It's just a very exciting phenomenon.

當然，我們已經與派拉蒙、孔雀和天空以及許多你認為是 AVOD 領導者的人建立了良好的關係，現在真的每個人都進入了這個由廣告驅動的選擇世界。這只是一個非常令人興奮的現象。

But I am also just very encouraged by the fact that, of course, there's macro pressures and noise and uncertainty that everybody has seen come from war and inflation and of course, the stock market bouncing around a lot. But in that environment, what we've historically seen is that's the moment when CMOs and marketers get very deliberate about where they're going to spend money, and they become very data-driven in the choices that they're making. And in our case, that means they're spending more with us. So I'm just incredibly encouraged by all the things that we're -- we've seen this quarter and how it sets it up for the rest of the year, which gets to the second half of your question.

但我也非常鼓舞的是，當然，每個人都看到了來自戰爭和通貨膨脹的宏觀壓力、噪音和不確定性，當然還有股市大幅反彈。但在那種環境下，我們從歷史上看到的是，CMO 和營銷人員非常謹慎地考慮他們將在哪里花錢，他們在做出選擇時變得非常受數據驅動。就我們而言，這意味著他們在我們身上花費更多。因此，我對我們所做的一切感到難以置信的鼓舞——我們已經看到了本季度以及今年剩餘時間的情況，這就是你問題的後半部分。

So with all these moves in advertising, especially from the global players of CTV, I think it really sets up the second half of the year for -- around the world to see movement towards ad-funded CTV in a way that we started seeing early on in the pandemic, but I think we're seeing even more of now.

因此，隨著廣告方面的所有這些舉措，尤其是來自 CTV 的全球參與者的所有這些舉措，我認為這確實為今年下半年——在世界各地看到以我們早期開始看到的方式轉向廣告資助 CTV 的趨勢在大流行中，但我認為我們現在看到的更多。

We didn't spend a lot of time in the prepared remarks talking about shopper data. In the first quarter of this year, we also just had our first full quarter with Walmart and their DSP who's just doing really well. We have talked about new partnerships with Walgreens and Drizly. There have been others that have talked about our partnership with Target's media company, Roundel. So to have Walgreens, Walmart and Target on the platform and partners as it relates to data and measurement, just unbelievable, but just again, nearing a perfect setup as it relates to shopper partnerships.

我們沒有花很多時間在準備好的評論中談論購物者數據。今年第一季度，我們也剛剛與沃爾瑪和他們的 DSP 一起度過了第一個完整的季度，他們做得非常好。我們已經討論了與 Walgreens 和 Drizly 的新合作夥伴關係。還有其他人談到了我們與 Target 的媒體公司 Roundel 的合作關係。因此，讓 Walgreens、Walmart 和 Target 在與數據和測量相關的平台和合作夥伴上出現，這簡直令人難以置信，但又一次接近了與購物者合作關係的完美設置。

And then, of course, in the second half of the year, we're also going to have a midterm election. From recent events, that seems to be one that's going to be exciting as well. And I suspect, just because of the momentum and attention, that it will have more investment than most. And we think it's -- we're very well-positioned to have it be our biggest political year ever.

然後，當然，在下半年，我們還將舉行中期選舉。從最近的事件來看，這似乎也是一件令人興奮的事情。而且我懷疑，僅僅因為勢頭和注意力，它會比大多數人有更多的投資。我們認為這是 - 我們非常有能力讓它成為我們有史以來最大的政治年。

Solimar is now at over 80% adoption. So we'll finish that by the end of the year. So in other words, we'll move everything over to Solimar, the platform that we shipped on July 7, 7/7 last year. To go from launch, to 100% adoption the following year, is something that we were aiming for, but now, we're extremely confident that we'll hit.

Solimar 現在的採用率超過 80%。所以我們將在今年年底前完成。因此，換句話說，我們將把所有內容都轉移到 Solimar，這是我們去年 7 月 7 日發布的平台。從發佈到次年 100% 採用，是我們的目標，但現在，我們非常有信心能夠實現目標。

And then we spent a lot of time in the prepared remarks talking about UID and OpenPath. I mean we mentioned a longer list of names on OpenPath, but we didn't mention those that we had mentioned in the press release just a couple of days ago. BuzzFeed, L.A. Times, Forbes, MediaVine, Red Ventures, which includes CNET, and a whole bunch of others, have also been added to it just since last quarter that we announced publicly since. So all of those amount to some amazing contributors to the second -- or to the remainder of the year, I shouldn't say second half, but to the remainder of the year.

然後我們在準備好的評論中花了很多時間談論 UID 和 OpenPath。我的意思是我們在 OpenPath 上提到了更長的名稱列表，但我們沒有提及我們在幾天前的新聞稿中提到的那些。 BuzzFeed、洛杉磯時報、福布斯、MediaVine、Red Ventures（包括 CNET）和一大堆其他公司，也從我們公開宣布的上個季度開始加入其中。因此，所有這些都構成了對下半年或今年剩餘時間的一些驚人貢獻，我不應該說下半年，而是今年剩餘時間。

And the next question is coming from Youssef Squali from Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

2, if I can. Jeff, 3 to 4 years ago, you were already on the strong opinion or the strong belief that Netflix had to offer an ad-supported model, that it was just a matter of time. How do you feel about your chances of potentially partnering with Netflix around that opportunity and -- or the potential risk of Netflix potentially building its own DSP à la Amazon?

2、如果可以的話。傑夫，3 到 4 年前，你已經強烈認為或堅信 Netflix 必須提供廣告支持的模式，這只是時間問題。您如何看待圍繞這個機會與 Netflix 合作的可能性以及 Netflix 可能建立自己的 DSP à la Amazon 的潛在風險？

And Blake, Q2 EBITDA implies a pretty big sequential and year-on-year drop, I think, to that 33%. Can you maybe just flesh out the biggest areas of investments and whether there is a typical kind of conservative built into that or -- and just how should we think about that for the remainder of the year?

而布萊克，第二季度 EBITDA 意味著相當大的連續和同比下降，我認為，至 33%。您能否詳細說明最大的投資領域，以及其中是否存在典型的保守派，或者 - 在今年剩餘的時間裡，我們應該如何考慮這一點？

Yes. Great. So you're right, I've been saying for more than half a decade that I believe that Netflix will eventually have to show ads. And that's really based on the fact that I believe that consumers want choice. And that while Netflix has done a phenomenal job of preserving an amazing experience for consumers that, at some point, that becomes cost-prohibitive because you have to just keep raising prices. That is exactly what's happened over the years. And they're now at a place where I believe they will benefit from offering that choice.

是的。偉大的。所以你是對的，五年多來我一直在說，我相信 Netflix 最終將不得不展示廣告。這實際上是基於我相信消費者想要選擇的事實。雖然 Netflix 在為消費者保留令人驚嘆的體驗方面做得非常出色，但在某些時候，這會變得成本過高，因為你必須不斷提高價格。這正是這些年來發生的事情。他們現在處於一個我相信他們將從提供這種選擇中受益的地方。

I think they have more pressure on them because of that history. I believe they have more pressure on them to create an amazing ad experience than anybody in the streaming competition, if you will. It's partly because of that, that -- you may know, David Wells, who was the previous CFO of Netflix, joined our Board almost 5 years ago. So we've had a great relationship with Netflix because of him, and I'm extremely optimistic in the potential for us to partner with Netflix.

我認為由於那段歷史，他們對他們施加了更大的壓力。如果你願意的話，我相信他們比流媒體競爭中的任何人都承受著更大的壓力來創造令人驚嘆的廣告體驗。部分原因是——你可能知道，Netflix 的前任首席財務官 David Wells 大約在 5 年前加入了我們的董事會。因此，由於他，我們與 Netflix 建立了良好的關係，我對我們與 Netflix 合作的潛力非常樂觀。

One thing that you should know, and Youssef, you -- I think you put just words to something I've heard from a few other people as well, is why wouldn't Netflix build this themselves? So what most advertisers are trying to do is they are trying to manage, what we call, reach and frequency. Like how often do I show the same ad to the same consumer across apps and channels?

你應該知道的一件事，還有優素福，你——我想你只是對我從其他幾個人那裡聽到的東西說的話，是為什麼 Netflix 不自己構建這個？所以大多數廣告商試圖做的是他們試圖管理我們所說的、覆蓋範圍和頻率。比如我多久跨應用和渠道向同一個消費者展示同一個廣告？

And so if I just control how many times I show an ad on Station 112 and then just control how many times I show an ad separately on Station 114, and those 2 things don't talk to each other at all, you can waste a lot of money and show a lot of repetitive ads. This is why, in traditional television, there's a lot of repetition. It's also why the ad break has so many ads in it.

因此，如果我只控制我在 112 站上展示廣告的次數，然後只控制我在 114 站上單獨展示廣告的次數，而這兩個東西根本不互相交流，你可以浪費很多錢，並顯示很多重複的廣告。這就是為什麼在傳統電視中，有很多重複。這也是為什麼廣告插播中有這麼多廣告的原因。

If Netflix were to provide an ad experience that had lots of repetition, in order for them to make the money that they need, they would have to show lots of them because the CPMs will be lower because they're less effective, which creates more repetition and you get into that unfortunate cycle that, I believe, has happened in traditional television.

如果 Netflix 要提供一種有很多重複的廣告體驗，為了讓他們賺到他們需要的錢，他們就必須展示很多，因為每千次展示費用會更低，因為它們的效果較差，這會創造更多重複，你就會陷入不幸的循環，我相信，這在傳統電視中已經發生過。

The surest way out of that is for them to partner with an objective, independent DSP that manages reach and frequency and budgeting across all the fragmented pieces of streaming and so that we can provide the very best ad experience for everybody because we'll be paying the highest prices, because of the fact that it's so much more efficient or effective.

解決這個問題的最可靠方法是讓他們與一個客觀、獨立的 DSP 合作，該 DSP 管理所有分散的流媒體片段的覆蓋範圍、頻率和預算，這樣我們就可以為每個人提供最好的廣告體驗，因為我們會付費最高的價格，因為它更加高效或有效。

So I'm very optimistic that we'll be able to create partnership with every major streaming company in the world, including Netflix. The fact that we have a phenomenal relationship with Discovery and therefore, also Time Warner and HBO, we have great relationships with them. We have a fantastic relationship with Disney. We partnered for years with Peacock and with Paramount and so many others. Of course, I had the expectation that we'll do the same thing with Netflix.

因此，我非常樂觀地認為，我們將能夠與世界上所有主要的流媒體公司建立合作夥伴關係，包括 Netflix。事實上，我們與 Discovery 有著非凡的關係，因此，時代華納和 HBO 也與他們建立了良好的關係。我們與迪士尼的關係非常好。我們與 Peacock、派拉蒙和許多其他公司合作多年。當然，我期望我們會對 Netflix 做同樣的事情。

And Youssef, to follow up on your question on the EBITDA for Q2. Just to frame it up, I'm really happy with our situation and where we are. Like we mentioned on last quarter's call, we do expect in 2022 to increase the pace of our investment as we focus on the long-term growth of our business. And that's got a support from a very strong business model that produces strong free cash flow and has a really, really solid balance sheet.

還有優素福，跟進您關於第二季度 EBITDA 的問題。只是為了框架，我對我們的情況和我們所處的位置感到非常滿意。就像我們在上個季度的電話會議中提到的那樣，我們確實希望在 2022 年加快我們的投資步伐，因為我們專注於業務的長期增長。這得到了一個非常強大的商業模式的支持，該模式產生了強大的自由現金流，並擁有非常非常穩固的資產負債表。

Our Q2 forecast reflects that. It includes accelerating hiring across the business, particularly in engineering, business development and account management roles, that really play a huge factor in driving our long-term growth. We also expect our in-office expenses to start ramping this year to pre-pandemic levels. And we also anticipate hosting more employee events to get the team together.

我們的第二季度預測反映了這一點。它包括加速整個企業的招聘，特別是在工程、業務開發和客戶管理職位方面，這確實在推動我們的長期增長方面發揮了重要作用。我們還預計，我們的辦公室費用今年將開始上升到大流行前的水平。我們還預計舉辦更多的員工活動，讓團隊團結起來。

But in terms of this year, Q1 EBITDA was very strong. I'm comfortable with our EBITDA trajectory and where things stand over the remainder of the year. And like we said last quarter, we do expect the operating expense structure of the company to be better than it was prior to the pandemic. And as I've always said, this business is really built for and I'm really optimistic about driving meaningful EBITDA and free cash flow as we scale. So I think that lots of great opportunities in front of us, and I feel pretty good about it.

但就今年而言，Q1 EBITDA 非常強勁。我對我們的 EBITDA 軌跡以及今年剩餘時間的情況感到滿意。就像我們上個季度所說的那樣，我們確實預計公司的運營費用結構將好於大流行之前。正如我一直說的那樣，這項業務真的是為我們的規模而建立的，我對推動有意義的 EBITDA 和自由現金流非常樂觀。所以我認為我們面前有很多很好的機會，我對此感覺很好。

The next question is coming from Matt Swanson from RBC Capital.

下一個問題來自 RBC Capital 的 Matt Swanson。

And I'll add my congratulations on the quarter. Jeff, maybe staying on the theme of CTV and Netflix, you mentioned still having an abundance or maybe an overabundance of demand for CTV. Well, with the upfronts coming up, could you maybe give us an updated view on the supply/demand curve, especially for premium CTV content and how you think about the additions of Netflix and Disney+, with all that content coming online, and whether or not we'll see lower CPMs?

我將在本季度表示祝賀。傑夫，也許停留在 CTV 和 Netflix 的主題上，你提到對 CTV 的需求仍然很豐富，或者可能過多。好吧，隨著前期準備工作的出現，您能否向我們提供有關供需曲線的最新觀點，特別是對於優質 CTV 內容以及您如何看待 Netflix 和 Disney+ 的添加，所有這些內容都將上線，以及是否我們不會看到更低的每千次展示費用嗎？

And then, I guess, as kind of a follow-up. Jeff, you mentioned that, obviously, you saw Netflix coming from a long term -- or a long time away. When we think about the maturity curve now though for any subscription model hitting that threshold of payers, do you think this is going to change how new products launch from here on out when they see a Disney and Netflix and HBO Max all leading ads? Is -- are we going to see any subscription-only products still get launched?

然後，我想，作為一種後續行動。傑夫，你提到，很明顯，你看到 Netflix 來自長期——或者很長一段時間。當我們現在考慮任何訂閱模式達到支付者門檻的成熟度曲線時，當他們看到迪士尼、Netflix 和 HBO Max 的所有領先廣告時，你認為這會改變新產品的發布方式嗎？是——我們還會看到任何僅限訂閱的產品推出嗎？

First of all, I appreciate the congratulations. We're extremely excited about the results and as well as just all the things going in our direction, most notably on CTV. So appreciate that sentiment.

首先，我感謝您的祝賀。我們對結果以及朝著我們方向發展的所有事情都感到非常興奮，尤其是在 CTV 上。所以欣賞這種情緒。

So first, let me just address head-on the concern that you raised in your first question. Will CPMs be lower as a result of this additional inventory, and can I just describe a little bit the demand? So the demand is really off the charts. And it's, in large part, because people are moving away from traditional cable television, where there are just tons of ads and you're paying more and getting less than you have in a very long time.

因此，首先，讓我直面您在第一個問題中提出的問題。由於這種額外的庫存，每千次展示費用會降低嗎？我能簡單描述一下需求嗎？所以需求真的超出了圖表。這在很大程度上是因為人們正在遠離傳統的有線電視，那裡有大量的廣告，而且你在很長一段時間內支付的費用比你得到的多，得到的少。

And so as a result, when you're adding new inventory, it's desperately needed. There's demand already lined up. And the thing that is really great about the way that we're seeing players, like Disney or what I anticipate Netflix will do or HBO Max, and then those that have been doing it for a while, is that they're, of course, in order to continue subscribers, which is the way -- that they continue to gain subscribers, which is the way they're all graded, they have to have a great ad experience. They can't alienate users. That means that they have to provide relevance, and they have to provide very few ads.

因此，當您添加新庫存時，您迫切需要它。已經有需求了。我們看待玩家的方式非常棒，比如迪士尼或我預計 Netflix 會做的事情或 HBO Max，然後是那些已經這樣做了一段時間的人，他們當然是，為了繼續訂閱，這是他們繼續獲得訂閱者的方式，這是他們所有評分的方式，他們必須擁有出色的廣告體驗。他們不能疏遠用戶。這意味著他們必須提供相關性，並且他們必須提供很少的廣告。

So that means we're going to see scarcity for a while, for as far as we can see in the future, honestly. And that means that there will be demand and that it is the best way for them to get incremental subscribers. Because I believe that those economics are becoming obvious, as obvious to everyone, so much so that the biggest names in the business seem to pivot very quickly, that were just SVOD, I don't think it's strategically smart for anybody who's just entering the space now to start with SVOD only.

所以這意味著我們將在一段時間內看到稀缺性，就我們在未來所能看到的而言，老實說。這意味著會有需求，這是他們獲得增量訂閱者的最佳方式。因為我相信這些經濟學正在變得顯而易見，對每個人來說都是顯而易見的，以至於業務中的大腕們似乎很快就轉向了，這只是 SVOD，我認為對於任何剛剛進入的人來說，這在戰略上並不明智現在空間僅從 SVOD 開始。

It's like any product where, over time, as it evolves, if you launch the iPhone today or a new smartphone and it doesn't have features that rivals the iPhone 13 and instead, it rivals the features of iPhone 1, well, you're just not going to be competitive. You've got to be at parity with the current state of the market. The current way to compete is to offer consumers choice. And I believe that, that becomes increasingly important for anybody entering streaming wars with hopes of competing with the biggest players in the space.

就像任何產品一樣，隨著時間的推移，如果你今天推出 iPhone 或新智能手機，它沒有與 iPhone 13 相媲美的功能，而是與 iPhone 1 的功能相媲美，好吧，你只是不會有競爭力。你必須與當前的市場狀況保持一致。當前的競爭方式是為消費者提供選擇。而且我相信，對於任何希望與該領域最大的玩家競爭的人來說，這變得越來越重要。

And the next question is coming from Vasily Karasyov from Cannonball Research.

下一個問題來自 Cannonball Research 的 Vasily Karasyov。

I have a couple, if I may. One on Europe. You said in the prepared remarks that spend did slow down around the start of the war in Ukraine, but then recovered in April. So can you tell us your thought maybe in more detail about what the advertising environment is in Europe right now and where it's going in your view?

如果可以的話，我有一對。一個在歐洲。你在準備好的講話中說，在烏克蘭戰爭開始前後支出確實放緩，但隨後在 4 月恢復。那麼，您能否更詳細地告訴我們您對歐洲廣告環境的看法以及您認為它的發展方向？

The second question is about political. You did make some comments on it, but I wanted to see if you could give us more detail. So broadcasting companies have been reporting, and they're saying that they see a record political cycle spending so far. So can you tell us, please, how you feel you are positioned? And do you think this could be some incremental revenue growth this year from political?

第二個問題是關於政治的。您確實對此發表了一些評論，但我想看看您是否可以給我們更多細節。所以廣播公司一直在報導，他們說他們看到了迄今為止創紀錄的政治週期支出。那麼你能告訴我們，你覺得你的定位如何？你認為這可能是今年政治收入的一些增量增長嗎？

Yes. Sounds great. I'm going to ask Blake to actually take a stab at both of them, and then I'll also take a stab on both of them. So Blake?

是的。聽起來很棒。我要請布萊克對他們兩個進行真正的攻擊，然後我也會對他們兩個進行攻擊。所以布萊克？

Sure. Thanks, Vasily, for the question. So with regards to Europe, just first to put into context, historically, our growth has been driven by the very strong position we have in the U.S. Europe represents a single-digit share of our spend. CTV has been the primary driver behind our growth in the U.S., but European CTV also gaining share. I think in the prepared remarks, we talked about that more than doubled -- they grew in the triple digits in Q1.

當然。謝謝，瓦西里的問題。因此，關於歐洲，首先要說明的是，從歷史上看，我們的增長一直是由我們在美國的強大地位推動的。歐洲占我們支出的個位數份額。 CTV 一直是我們在美國增長的主要驅動力，但歐洲 CTV 也獲得了份額。我認為在準備好的評論中，我們談到了這一數字增加了一倍多——它們在第一季度增長了三位數。

We did see more of that gap -- of a gap between North America and international in the second half, but it did -- it recovered a bit in April and recovered back to what we were seeing in January. But there is still some room to improve. I think that that's not a surprise, I think, for people who follow the space.

我們確實看到了更多的差距——在下半年北美和國際之間的差距，但確實如此——它在 4 月份有所恢復，並恢復到我們在 1 月份看到的水平。但仍有一些改進的空間。我認為對於關注這個領域的人來說，這並不奇怪。

The thing I think about when I think about opportunities like that is when customers become more deliberate with spend and they focus on the most efficient investment opportunities, that's when The Trade Desk tends to shine because, from my perspective, we proved it out in the second half of 2020 when we saw that as people needed to be more deliberate, they were focusing on the areas of investment that could have the highest ROI, then they were consulting with us and it worked out actually quite well in our favor. So I'm super optimistic about that.

當我想到這樣的機會時，我會想到的是，當客戶在支出方面變得更加謹慎，他們專注於最有效的投資機會時，這就是 The Trade Desk 大放異彩的時候，因為從我的角度來看，我們在2020 年下半年，當我們看到人們需要更加深思熟慮時，他們專注於可能具有最高投資回報率的投資領域，然後他們與我們進行了協商，結果實際上對我們有利。所以我對此非常樂觀。

With regards to political, yes, that's a great opportunity for us, and we'll see how this ramps up because it's going to probably start ramping up for us over the summer, into November, obviously. You've seen reports that talk about midterm election spend on par or better than the 2020 presidential elections. The one thing I would encourage you to think about as you go through the forecasting is that seasonality is going to be different than we saw in 2020, so you'll need to take that into account.

關於政治，是的，這對我們來說是一個很好的機會，我們將看到這將如何增加，因為它可能會在夏天開始增加，直到 11 月，很明顯。您已經看到有關中期選舉支出與 2020 年總統選舉相當或更好的報導。我鼓勵您在進行預測時考慮的一件事是，季節性將與我們在 2020 年看到的不同，因此您需要考慮到這一點。

There's still a lot of factors to consider, like the number of competitive races out there and stuff. But we do believe we've set ourselves up to be the kind of go-to platform for this political advertising versus maybe social media platforms and such. And we'll have more color on this as we progress in 2022, more in the second half of the year, but definitely look forward to some tailwinds there and then, whatever, Jeff, you want to add on top.

還有很多因素需要考慮，比如競爭性比賽的數量等等。但我們確實相信，我們已經將自己設置為這種政治廣告的首選平台，而不是社交媒體平台等。隨著我們在 2022 年的進展，我們將在這方面有更多的色彩，在今年下半年會更多，但絕對期待那裡有一些順風，然後，無論如何，傑夫，你想在上面添加。

Yes. So first, I agree with everything Blake just said. And he covered almost all of it. I'll just add a little bit more color. So first, I've been to Europe twice in the last 4-ish months, and that's, in large part, because there's just such an opportunity shaping up in connected television. In various markets, we're seeing just a lot of movement from even some of the companies that previously hadn't embraced ads and certainly, programmatic open Internet ads, and are now doing just that. And now, with pressure from some of the biggest global players, we're seeing them move relatively quickly, which is why we saw CTV up over 2x in Q1 in EMEA. So just very excited by the momentum.

是的。所以首先，我同意布萊克剛才所說的一切。他幾乎涵蓋了所有內容。我只會添加更多的顏色。所以首先，在過去的 4 個月裡，我去過歐洲兩次，這在很大程度上是因為聯網電視正在形成這樣一個機會。在各個市場中，我們甚至看到了一些公司的大量動作，這些公司以前沒有接受廣告，當然還有程序化開放式互聯網廣告，現在正在這樣做。而現在，在一些全球最大參與者的壓力下，我們看到他們的行動相對較快，這就是我們看到第一季度歐洲、中東和非洲地區 CTV 增長超過 2 倍的原因。所以只是對這種勢頭感到非常興奮。

Even in the very rare cases where there's pauses or there's -- I've seen some supply chains coming from Ukraine that are a little bit more effective in EMEA, the sentiment is very positive as it relates to their intentions to spend with us in the rest of the year. So I've left both of the trips in the last 4 months more positive than when I got there and believing that what most people are doing is exactly what we described in the prepared remarks, which is when there's some economic pressure or they have to do more with less, they become very data-driven and they become closer partners of ours during that time. And that's exactly what I'm seeing everywhere around the world and maybe as much in EMEA as anywhere else.

即使在非常罕見的情況下出現停頓或停頓——我看到一些來自烏克蘭的供應鏈在歐洲、中東和非洲地區更有效一些，這種情緒非常積極，因為這與他們在美國與我們一起消費的意圖有關今年剩下的時間。因此，我在過去 4 個月中的兩次旅行都比我到達那裡時更加積極，並相信大多數人正在做的正是我們在準備好的評論中所描述的，即當有一些經濟壓力或他們不得不這樣做時事半功倍，他們變得非常受數據驅動，並在此期間成為我們更緊密的合作夥伴。這正是我在世界各地看到的，也許在歐洲、中東和非洲和其他任何地方一樣多。

On the political, I'll just underline what Blake said on the seasonality, is a little bit different in a midterm election than it is in the presidential election. So we expect to see more hit the second half. We also hear similar reports of just this potentially being record-setting for political on the macro.

在政治方面，我將強調布萊克所說的季節性，中期選舉與總統選舉略有不同。所以我們預計下半年會有更多的打擊。我們還聽到類似的報導，稱這可能是宏觀政治的創紀錄。

But I'll just say, lastly, on the political, we -- I'm really proud of what we've proven in the last couple of election cycles, which is that we can objectively represent the Democratic Party as well as the Republican Party, that we can support a fair process, and that buying in programmatic and in a data-driven way, there's room for both parties to run a better process than what they have in other mediums, including, in some cases, in social. So we're really excited about what we've proven in the past and believe that we've set ourselves up to do more for both parties and even the more independent, than what we have ever done before. So excited about what that means for the second half of the year in particular.

但我只想說，最後，在政治上，我們——我真的為我們在過去幾個選舉週期中所證明的感到自豪，那就是我們可以客觀地代表民主黨和共和黨派對，我們可以支持公平的流程，並且以程序化和數據驅動的方式購買，雙方都有空間運行比其他媒體更好的流程，在某些情況下，包括社交媒體。因此，我們對我們過去所證明的事情感到非常興奮，並相信我們已經為雙方做更多的事情，甚至更獨立，比我們以前做過的事情。特別是對下半年的意義感到非常興奮。

And the next question is coming from Jason Helfstein from Oppenheimer.

下一個問題來自奧本海默的 Jason Helfstein。

I'll just ask one. I just want to focus back on CTV. So for a very long time, Google had wanted to get into this, and the media companies don't want them basically doing programmatic CTV, while they let them do YouTube TV, right, that Google isn't doing the ads. And we've seen media companies try to own technology assets, ad tech assets and have not been good at it.

我只問一個。我只想專注於 CTV。所以很長一段時間以來，谷歌都想涉足這個領域，而媒體公司基本上不希望他們做程序化 CTV，而他們讓他們做 YouTube TV，對，谷歌不做廣告。我們已經看到媒體公司試圖擁有技術資產、廣告技術資產，但並不擅長。

And I guess, Jeff, your perspective, I mean, given what we've now almost seen as kind of like the undoing of some of the media mergers, where there's like a clear idea that content owners need to be content owners and maybe just be the best at that because it's so competitive, just how do you see how that kind of impacts your space on the board and ultimately, to be potentially like the default partner to help the media companies with this transition?

我想，傑夫，你的觀點，我的意思是，考慮到我們現在幾乎看到的有點像取消一些媒體合併，有一個明確的想法是內容所有者需要成為內容所有者，也許只是成為最好的，因為它是如此有競爭力，你如何看待這種影響你在董事會上的空間，並最終成為潛在的合作夥伴來幫助媒體公司進行這種過渡？

Yes. So I think your assessment, sort of that's built into your question, is spot on. I just -- I believe the tolerance for conflict of interest among media companies and technology companies is lower than in almost any other place. So I think it's really interesting that Google decided to go to the upfronts this year. They scheduled their upfronts right on top of Disney's, of which is just sort of bad form and certainly not a way to win friends. And I think that's somewhat representative of the way that they are being received among many of the media companies.

是的。所以我認為你的評估，有點像你的問題，是正確的。我只是——我相信媒體公司和科技公司之間對利益衝突的容忍度比幾乎任何其他地方都要低。所以我認為谷歌今年決定進入前期工作真的很有趣。他們將他們的前期工作安排在迪士尼之上，這只是一種糟糕的形式，當然不是贏得朋友的方式。我認為這在一定程度上代表了他們在許多媒體公司中的接受方式。

So I think it's just such an amazing backdrop for us to be in the CTV space, being one of, and in many cases, the very biggest provider of ad demand for some of the biggest media companies in the world, and they're leaning into our partnerships in a way they have never before. It's just really incredible. And that's largely because they know who we are. We are very clear on the value that we provide. We are not trying to compete with them. We don't own any content. We are constantly -- well, publicly and privately, reassuring them that we will not own content.

所以我認為這對我們來說是一個非常棒的背景，我們進入 CTV 領域，成為世界上一些最大的媒體公司的廣告需求提供者之一，並且在很多情況下，他們正在傾斜以前所未有的方式融入我們的合作夥伴關係。這真是太不可思議了。這主要是因為他們知道我們是誰。我們非常清楚我們提供的價值。我們並不想與他們競爭。我們不擁有任何內容。我們一直在公開和私下向他們保證我們不會擁有內容。

And we do that so that we can create a more effective supply chain, but also, so that we can partner with them and be -- just be very upfront about who we are and what we do because we think that's the best way to be competitive today.

我們這樣做是為了創建一個更有效的供應鏈，而且，這樣我們就可以與他們合作並成為 - 對我們是誰以及我們所做的事情非常坦率，因為我們認為這是最好的方式今天有競爭力。

And so because we think that they are, to some extent, doing the exact same thing, they -- even companies like Netflix, that were somewhat hybrid content and technology companies, have largely become a content manufacturing machine. And so it just creates opportunity for us to partner because we're all becoming very clear on who we are and what we do rather than some tech behemoth that wants to be everything, right? And Amazon competes with nearly every business in the S&P 500 at this point. And I think that becomes increasingly problematic, especially in the intersection of media and tech.

因此，因為我們認為他們在某種程度上做著完全相同的事情，所以他們——即使是像 Netflix 這樣的公司，在某種程度上是內容和技術的混合公司，在很大程度上已經成為了內容製造機器。所以它只是為我們創造了合作的機會，因為我們都非常清楚我們是誰以及我們做什麼，而不是一些想要成為一切的科技巨頭，對吧？在這一點上，亞馬遜幾乎與標準普爾 500 指數中的所有企業競爭。而且我認為這變得越來越成問題，尤其是在媒體和科技的交叉領域。

And the next question is coming from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Maybe if you can give us a quick update on Walmart and any critical milestones that you've had and how you look at that through the second half of '22.

也許您可以向我們提供有關沃爾瑪的快速更新以及您擁有的任何重要里程碑，以及您在 22 年下半年如何看待它。

You bet. Yes, if there's any topic that didn't get its due, it's -- I don't know, it's a rival between our data marketplace and our shopper marketing efforts. And so as I did mention though, we just finished our first full quarter with Walmart. We saw over 200 advertisers, and these are all very large brands, provide test budgets during that time. We expect even more large brands and more expansion as we continue forward. And we think that this is going to be just an amazing growth driver over the next 5 years.

你打賭。是的，如果有任何話題沒有得到應有的關注，那就是——我不知道，它是我們的數據市場和我們的購物者營銷工作之間的競爭對手。正如我確實提到的，我們剛剛完成了與沃爾瑪的第一個完整季度。我們看到 200 多個廣告商，這些都是非常大的品牌，在此期間提供測試預算。隨著我們繼續前進，我們預計會有更多的大品牌和更多的擴張。我們認為這將成為未來 5 年的驚人增長動力。

We, of course, saw some early tests and some amazing results from CPGs, as we might expect. But I don't know that enough has been said about what is being done by companies like Walgreens and Target and Drizly, and this Target's division, Roundel, because what they're largely doing is really changing the way measurement works in CPG and really anything that's primarily built -- I'm sorry, bought off-line. Because what it makes possible is the ability to measure, from the time you show the ad, to the time somebody buys the product, and measure that end-to-end using retail data instead of a walled garden or technology companies sort of grading their own homework data.

當然，正如我們所料，我們看到了一些早期測試和 CPG 的一些驚人結果。但我不知道關於 Walgreens、Target 和 Drizly 以及 Target 的這個部門 Roundel 等公司正在做的事情已經說得夠多了，因為他們所做的主要是改變 CPG 中的測量方式，而且真的任何主要構建的東西——對不起，是離線購買的。因為它能夠衡量從您展示廣告的時間到有人購買產品的時間，並使用零售數據而不是圍牆花園或技術公司對他們的產品進行評分的端到端測量能力。自己的作業數據。

And so by having that collection there, we now put together this mosaic that really creates this amazing marketplace, that we even call it the measurement marketplace, for anybody that's selling products that are largely bought in those stores. And then, of course, those stores spin their flywheel faster.

因此，通過在那裡收集該系列，我們現在將這個馬賽克拼湊在一起，真正創造了這個令人驚嘆的市場，我們甚至稱其為測量市場，適用於銷售主要在這些商店購買的產品的任何人。然後，當然，這些商店的飛輪旋轉得更快。

So the green shoots are fantastic. We've merely scratched the surface, but we're very excited about the start that we've had and very excited about our partnerships with Walmart, Walgreens, Drizly and Roundel, and GoJet and Flybuys and so many others. And I'm not even listing half of the internationals, but very excited about all the progress.

所以綠芽很棒。我們只是觸及了表面，但我們對我們的開始感到非常興奮，並且對我們與沃爾瑪、Walgreens、Drizly 和 Roundel、GoJet 和 Flybuys 等許多其他公司的合作夥伴關係感到非常興奮。我什至沒有列出一半的國際球員，但對所有進展感到非常興奮。

And the next question is coming from Mark Zgutowicz from The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Mark Zgutowicz。

Jeff, I was just hoping you could maybe define what you consider the large publisher market in terms of having, I guess, the majority of loyal signed-in users and how many you think you need to sign on to UID2 for your platform to come close to replacing cookie scale, when and if Google shuts down cookies.

傑夫，我只是希望你可以定義你認為的大型出版商市場，我猜，大多數忠實的登錄用戶以及你認為需要多少登錄到 UID2 才能讓你的平台到來接近更換 cookie 規模，谷歌何時以及是否關閉 cookie。

And then, just in terms of UID2, what's the status on finding an administrator for UID2 and particularly the importance of that in Europe? I appreciate answers to both.

然後，就 UID2 而言，為 UID2 尋找管理員的狀態如何，尤其是在歐洲的重要性？我很感激這兩個答案。

You bet. So in terms of loyal signed-on users, it's actually a fairly complicated question because there is a question of how many users are signed on, but then there's also like how connected are those to sign-ins on other websites.

你打賭。因此，就忠實的登錄用戶而言，這實際上是一個相當複雜的問題，因為有多少用戶登錄的問題，但還有那些與其他網站登錄的連接程度如何。

So to sort of boil it down to what I think is the most important and easiest to explain concept, there is some amount of the Internet that needs to be logged in, in order to create the ability to model or predict what's happening on the rest of it. Incidentally, this is exactly the same way that companies that use log-ins today, like Google or Facebook, as they're a primary identity mechanism rather than cookies, that's exactly why they're in a good position is that they will use that and then model on some additional percentage.

所以歸結為我認為最重要和最容易解釋的概念，有一些互聯網需要登錄，以便創建建模或預測其餘部分發生的事情的能力其中。順便說一句，這與今天使用登錄的公司（如 Google 或 Facebook）完全相同，因為它們是主要的身份機製而不是 cookie，這正是他們處於有利位置的原因，他們將使用它然後以一些額外的百分比建模。

In general, and we've seen this from some of the independent data companies, you really need only about 10% to be logged in, in order to model well on all the rest of it. I actually think that the numbers can end up being much, much higher than that in terms of what will actually be logged in and what will actually be available on UID if the trends that we predict continue. So that's the first part of your question. On the -- can you remind me the second part of your question?

一般來說，我們已經從一些獨立的數據公司看到了這一點，你真的只需要大約 10% 的用戶登錄，就可以很好地對其餘的部分進行建模。我實際上認為，如果我們預測的趨勢繼續下去，就實際登錄的內容和 UID 上實際可用的內容而言，這些數字最終可能會高得多。所以這是你問題的第一部分。關於 -- 你能提醒我你問題的第二部分嗎？

Yes. So I was just wondering if you -- what the progress is on finding an administrator for UID2, by administrator, meaning somebody who's willing to accept liability for violations of GDPR.

是的。所以我只是想知道您是否 - 管理員在為 UID2 尋找管理員方面取得了什麼進展，這意味著有人願意為違反 GDPR 的行為承擔責任。

Yes. So because of the fact that -- so first, there's a European issue, and then there's the administrator issue in other parts of the world as well, including in the United States. The position that we've taken so far is that we wanted to make UID2 an open-source project so that it was available to everybody. And sort of administering or managing that code base so that it could be available to everybody was the most important first order of business. And that we've done with the IAB, and we've done that based here in the United States, but it's available everywhere in the world.

是的。所以因為——首先是歐洲問題，然後是世界其他地區的管理員問題，包括美國。到目前為止，我們所採取的立場是，我們想讓 UID2 成為一個開源項目，以便所有人都可以使用它。管理或管理該代碼庫以便每個人都可以使用它是最重要的首要任務。我們已經通過 IAB 完成了這項工作，我們已經在美國這裡完成了這項工作，但它在世界各地都可以使用。

As it relates to administration of its operation, because essentially you're handing over control at that point, it's a double-edged sword. You can hand over a liability, and you can also hand over some of its future. That's something that we want to be very certain is good and secure before we hand that off. So we're in no rush to do that, whether that's with IAB, in the United States, or with any entity in Europe. And because in Europe, everybody is essentially taking some amount of risk, if you take on the role of controller, so I don't believe that it's an effective way to distribute or mitigate risk at this point. So there's nothing -- we're in no rush to do that.

由於它涉及其運營的管理，因為本質上你是在那個時候交出控制權，這是一把雙刃劍。你可以交出一份負債，也可以交出它的一部分未來。在我們交付之前，我們希望非常確定這是好的和安全的。因此，無論是與 IAB、美國還是歐洲的任何實體，我們都不急於這樣做。而且因為在歐洲，如果你擔任控制者的角色，每個人基本上都在承擔一定的風險，所以我不認為這是分散或減輕風險的有效方式。所以沒有什麼——我們不急於這樣做。

And instead, what we want to make certain that we do, especially in Europe, but really everywhere around the world, is develop a system that can scale and make sure that, early on, we partner with companies that we believe are being responsible, that are doing the right thing and that we establish very clearly the quid pro quos and opt-outs that are in compliance with GDPR. And we believe that EUID is the most GDPR-compliant ID in the world. But we will make it interoperable with others that we believe are also doing the right thing, and that's going to create a better Internet, one that I think is really important for Europe, and optimistic that we'll continue to see scale.

相反，我們想要確保我們所做的，尤其是在歐洲，但實際上在世界各地，是開發一個可以擴展的系統，並確保我們在早期與我們認為有責任的公司合作，做正確的事情，並且我們非常清楚地建立了符合 GDPR 的交換條件和選擇退出。我們相信 EUID 是世界上最符合 GDPR 的 ID。但我們將使它與我們認為也在做正確事情的其他人互操作，這將創造一個更好的互聯網，我認為這對歐洲非常重要，並且樂觀地認為我們將繼續看到規模。

But we're much more early days in EUID than we are in UID2 because there's just a lot more things to consider and a much more political environment. So I'm just excited of the progress at this point.

但是我們在 EUID 中的早期階段比在 UID2 中要早得多，因為要考慮的事情更多，政治環境也更多。所以我對目前的進展感到興奮。

The final question will be coming from Michael Morris from Guggenheim.

最後一個問題將來自古根海姆的邁克爾莫里斯。

I'll try to squeeze in 2 final questions. The first one is on the pretty consistent comment that you made, Jeff, about The Trade Desk being the default DSP for the open Internet. Obviously, this implies potential for a pretty universal adoption across buyers. So I'm curious if you can elaborate on where you are now in terms of partner penetration. You referenced over 1,000 customers. But any frame of reference for what that means for full penetration, sort of how that's been trending would be helpful.

我會盡量擠入 2 個最後的問題。第一個是關於您所做的非常一致的評論，Jeff，關於 The Trade Desk 是開放互聯網的默認 DSP。顯然，這意味著有可能在買家中普遍採用。所以我很好奇你能否詳細說明你現在在合作夥伴滲透方面的情況。您引用了 1,000 多個客戶。但是，任何關於這對全面滲透意味著什麼的參考框架，以及這種趨勢的發展方式都會有所幫助。

And the second question is a little bit of elaboration on the impacts of Netflix and other peers introducing these global ad-supported businesses, which are pretty new to the market, of course. Does this drive an acceleration in your investment internationally? Or any other kind of fundamental changes that this makes to the industry?

第二個問題是關於 Netflix 和其他同行引入這些全球廣告支持業務的影響的一些詳細說明，當然，這些業務對市場來說是相當新的。這是否會推動您的國際投資加速？或者這對行業造成的任何其他類型的根本性變化？

You bet. So as it relates to partner penetration, I'm trying to think of the best way to quantify it. In general, I believe that we have only scratched the surface. And I'm sometimes referencing, last year, we had over $6 billion flow through the platform, but we're still looking at a nearly $1 trillion TAM in terms of what's spent in total global advertising. So we're still just merely scratching the surface and a tiny amount of what's possible.

你打賭。因此，由於它與合作夥伴滲透率有關，我正在嘗試考慮量化它的最佳方法。總的來說，我相信我們只觸及了表面。我有時會提到，去年，我們通過該平台獲得了超過 60 億美元的流量，但就全球廣告總支出而言，我們仍在關注近 1 萬億美元的 TAM。所以我們仍然只是在摸索表面和少量可能的東西。

When you look at how many of those dollars are spent in the Fortune 500, while we're very encouraged by what we've done inside of the Fortune 500 among the biggest advertisers, when you become the default for them and learn how to support the most sophisticated in the world, of course, it then gives you room to do similar things for midsized businesses, midsized agencies as we've always supported agencies.

當你看到這些美元中有多少花在了財富 500 強企業中，而我們對我們在財富 500 強企業中最大的廣告商中所做的事情感到非常鼓舞時，當你成為他們的默認值並學習如何支持時當然，它是世界上最先進的，它為您提供了為中型企業、中型代理機構做類似事情的空間，因為我們一直支持代理機構。

We continue to expand among more and more midsized agencies, and that's giving us a wider variety of clients, which is why we added so many advertisers, both directly and through agencies, in Q1. So I think this was a quarter where we added more to the sort of quantity of advertisers and agencies than we usually have. But it then tees up the opportunity for us to then get a greater share of wallet, where I think there's just still way more upside than sort of dollars we already have.

我們繼續在越來越多的中型代理機構中擴張，這為我們提供了更多種類的客戶，這就是為什麼我們在第一季度直接和通過代理機構增加瞭如此多的廣告客戶。所以我認為這是一個季度，我們增加的廣告商和代理機構的數量比我們通常擁有的要多。但它隨後為我們提供了獲得更大份額錢包的機會，我認為與我們已經擁有的美元相比，還有更多的上行空間。

You asked if the expansion that we're seeing, especially from these global CTV players, if that will increase our investment around the world. I do think it will, maybe not immediately, but I believe that investment will happen in the coming months and quarters. And that's largely because it's difficult to pay for a subscription and avoid the ads.

您問我們所看到的擴張，尤其是來自這些全球 CTV 播放器的擴張，是否會增加我們在全球的投資。我確實認為它會，也許不會立即發生，但我相信投資將在未來幾個月和幾個季度發生。這主要是因為很難支付訂閱費用並避免廣告。

Like in the prepared remarks, I made that reference for the analogy to traditional television, where it's really a luxury to pay for a station that doesn't have any ads. It costs more. And so if you think about most markets outside the United States have a median household income that is lower than the United States, and so as a result, most of them would prefer to pay by seeing ads than by paying a premium.

就像在準備好的評論中一樣，我提到了傳統電視的類比，在傳統電視中，為沒有任何廣告的電台付費確實是一種奢侈。它的成本更高。因此，如果您考慮美國以外的大多數市場的家庭收入中位數低於美國，因此，他們中的大多數人更願意通過看廣告而不是支付溢價來支付。

And especially if you're fighting like hell to go get more subscribers, that becomes the very best way for you to grow in new markets. Incidentally, advertisers also love that, especially when you're looking at places like Asia, but even some of the markets in Europe, where there's just such a growth of middle class not to -- occur -- or occurring right now, that, that just is a great time to advertise when people's wealth is growing for the first time to levels that give them sort of unprecedented purchasing power.

尤其是如果您為獲得更多訂閱者而奮力拼搏，那將成為您在新市場中成長的最佳方式。順便說一句，廣告商也喜歡這一點，尤其是當你關注亞洲這樣的地方時，甚至是歐洲的一些市場，那裡的中產階級增長如此之快，不會 - 發生 - 或者現在正在發生，當人們的財富首次增長到賦予他們前所未有的購買力的水平時，這正是做廣告的好時機。

So I definitely think that will result in investments from us around the world. And I do think it will change the CTV landscape around the world to have companies that were historically U.S. companies that continue to become more of a force internationally. And I think ad-supported business models will make them stronger competitors around the world, not weaker.

所以我絕對認為這將導致我們在世界各地的投資。我確實認為這將改變世界各地的 CTV 格局，讓那些在歷史上是美國公司的公司繼續在國際上發揮更大的影響力。而且我認為廣告支持的商業模式將使他們在全球範圍內成為更強大的競爭對手，而不是更弱。

Thank you, ladies and gentlemen. This does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。今天的會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。感謝您的參與。