Trade Desk Inc (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，大家好，歡迎參加 The Trade Desk 2022 年第一季財報電話會議。 （操作員指示）現在我很高興將發言權交給主持人、投資者關係副總裁克里斯·托特 (Chris Toth)。先生，現在請您發言。

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.

謝謝您，接線生。大家好，下午好。歡迎參加 The Trade Desk 2022 年第一季財報電話會議。今天參加電話會議的有創始人兼執行長傑夫格林 (Jeff Green)；和財務長布萊克·格雷森（Blake Grayson）。我們的收益新聞稿的副本可在我們網站 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.

在我們開始之前，我想提醒您，除了歷史資訊之外，問答中的某些討論和我們的回應可能包含前瞻性陳述，這些陳述取決於某些風險和不確定性。特別是，我們對近期疫情對我們的業務和經營業績的影響的預期，以及潛在的供應鏈中斷或其他可能擾亂廣告支出的宏觀事件，都可能發生變化。如果任何這些風險成為現實或我們的假設被證明是錯誤的，實際財務結果可能與我們的預測或這些前瞻性陳述所暗示的結果有重大差異。我鼓勵您參考我們的新聞稿和最新的美國證券交易委員會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，我們還提供補充非 GAAP 財務數據。在我們的收益新聞稿中可以找到 GAAP 與非 GAAP 結果的對帳表。我們相信，提供非公認會計準則指標，結合我們的公認會計準則結果，可以更有意義地反映公司的營運績效。

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

現在我將電話轉給創辦人兼執行長 Jeff Green。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，也謝謝大家今天的參與。正如您從新聞稿中看到的，我們今年又一次有了良好的開端。第一季度，營收比去年同期成長了43​​%，這是我們四年來最快的第一季成長率。我們的強勁成長證明了我今天想要談論的多種因素，這些因素讓我們對未來充滿信心。

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，因為年度廣告預算通常在第一季重置和重新考慮，因此從歷史上看更難預測。今年，宏觀環境充滿挑戰，全球疫情持續，烏克蘭戰爭，全球通膨率上升。儘管面臨這些挑戰，我們仍然再次超越了自己的預期。我相信，我們現在已經牢固確立了開放網路預設 DSP 的地位，而且無論宏觀環境如何，我們都完全有能力實現成長並搶佔市場份額。

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.

我們現在有超過 1,000 個客戶，代表著數以萬計的廣告商在開放的網路上在我們的平台上投放廣告。我們不斷看到有新的代理商和品牌首次與我們合作，現有客戶也增加了在我們這裡的支出。我們看到一些關鍵舉措呈現出強勁發展勢頭，例如連網電視、購物者數據、UID2、OpenPath 以及我們改變遊戲規則的新數據市場。在每種情況下，我們都與廣告客戶合作，以最大限度地發揮他們的廣告宣傳資金的價值。這反過來又幫助我們與世界領先的品牌和機構建立了信任關係，其中許多品牌和機構正在與我們簽署長期策略合作夥伴關係。

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.

身為首席執行官，我始終非常重視我們相對於產業的表現。例如，IAB 和普華永道預測 2022 年數位廣告將成長約 8%。但無論如何，我們繼續以遠超行業預期的速度成長，這意味著我們正在獲得市場份額並增加顯著的價值。我繼續保持極度樂觀的態度，部分原因是因為我們出色的95%以上的保留率和顯著的成長率。

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.

過去幾個月裡，宏觀經濟力量大大改變了媒體和科技格局，尤其是在加拿大電視領域，這也讓我感到樂觀。你們很多人都知道，在過去 10 年裡，我曾多次公開預測 Netflix 和幾乎所有其他公司最終都會投放廣告。 Netflix 最近宣布他們可能會將廣告作為未來業務的一部分。這件事和許多其他偉大的事情都正在 CTV 上演。

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，我想不出電視領域在短時間內發生過比今年第一季更積極的變化。我想花最多的時間在那上面。但為了討論 CTV 發生的事情的意義，我們首先需要討論兩個基礎舉措：首先，我們為互聯網建立新的身份框架所做的工作；第二，我們的工作是提高供應鏈的效率。

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是以交換條件的方式運作的，但互聯網一直是一個次優的互聯網。我的意思是，我們將 Cookie 用作一種臨時技術來實現相關廣告。但由於一系列事件和選擇，cookie 正在消失。目前，谷歌佔據了中國以外整個網路瀏覽器市場的大部分份額。因此，他們決定了這一轉變何時發生，目前的目標是 2023 年第一季末。確實，如果沒有上述諸多情況，這個機會就不會存在。我們正在從選擇退出的互聯網升級為選擇加入的互聯網。

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.

開放的網路正在努力協調、共同升級。許多不同的選擇加入 ID 正在被建立。其中一些將會擴大規模並生存下來，但有些則不會。然而，可擴展的將是分散式、加密和可互通的。如果無法提升消費者的體驗，我們認為 ID 就無法或不會擴大規模。

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.

基於這一點，我們開發並推出了UID2。這是 UID 的第二個版本，版本 2 是基於電子郵件和電話號碼而不是基於 cookie 的。這使得消費者可以在整個網路上隨身攜帶他們的隱私設定和控制，而不會失去控制權或產生虛假的安全感。擁有數十億登入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，使他們相信他們控制著 CTV、行動環境和電腦等互聯網的隱私、選擇加入和交換條件。

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 確實允許消費者為每個網路發布商、行動應用程式和 CTV 應用程式設定偏好和限制。他們選擇自己信任的人並且可以改變主意。他們的偏好與基於消費者隨身攜帶的電子郵件地址或電話號碼的加密、雜湊、加鹽 ID 相關聯。由於這項升級版可選互聯網的舉措預計在大約10 個月後實現（基於Google 棄用Chrome 中的第三方Cookie 的日期），因此整個開放互聯網生態系統都在思考身份問題，我們將繼續在UID2方面取得重大進展。我想花幾分鐘談談這項進展以及推動這項進展的各種創新。

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裝置上的 UID。隨著每個月的過去，我們都在創下新的歷史新高。隨著越來越多的廣告商在 UID2 上啟動並且越來越多的出版商採用它，這種情況將會不斷發生。

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.

讓我給你一個簡單的例子，它特別能說明 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，例如《好萊塢八卦》（The Hollywood Gossip），也包括一些小眾出版商，例如《Steamy Kitchen》。它們很大。他們是 Comscore 排名前五的生活風格媒體平台，每月有超過 1.3 億觀眾和每月 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 現已採用並部署了 UID2。他們的出版商的 CPM 成長了 100% 以上。透過 UID2，他們可以為讀者創建隱私安全的標識符，並將其安全地傳遞給廣告商，然後廣告商就可以提供相關廣告，而無需了解任何可直接識別的讀者資訊。更好的選擇和更多的登錄，包括新的輕量級 SSO，這就是後 cookie 時代的互聯網將會有的樣子。現在，先鋒廣告商、出版商和 CTV 供應商正在建立網路。

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.

這種勢頭令人驚嘆，但是由於互聯網規模太大，我們仍處於早期階段。這項工作是不可避免的，也是必要的。如果沒有相關廣告，CPM 就會下降。這就是網路的基本價值交換，相關廣告換取免費內容。這就是為什麼這麼多出版商都在實施 UID2，其中許多出版商已經報告了強勁的 CPM 成長。

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不斷擴大。領先的資料協作平台InfoSum最近簽約成為UID2的另一家封閉營運商。許多領先的廣告商及其代理商（包括Omnicom）已使用InfoSum 來啟動他們的第一方數據，並對此次合作感到興奮，因為他們希望釋放這些數據的價值，同時使用UID2 保持對數據的控制。

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。 AppLovin 是全球領先的行動應用程式內廣告交易平台之一，我們的廣告主現在可以獲得超過 140,000 個應用程式和 18 億台裝置上的廣告機會，並具備 UID2 所創造的精準度和相關性。 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將導致互聯網的升級。

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.

我們最近也宣布，我們將推出一個專門針對歐洲市場的 UID2 版本，名為 EUID。為了理解 UID2 和 EUID 之間的聯繫，可以類比 Chrome 和 Chromium。 Chromium 是一個免費的開源網頁瀏覽器開發平台。許多瀏覽器都使用了 Chromium 的核心元素，包括 Google Chrome，它以 Chromium 為基礎，但經過 Google 的增強和改編。本質上，Chrome 是在 Chromium 基礎上建構的一個迭代。

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，而 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。建立此特定版本還使我們能夠建立一些功能，讓我們的合作夥伴確信資料不會離開歐洲，即使對於在歐洲開展業務和擁有資料的跨國公司也是如此。透過這種方法，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.

為了使開放的網路蓬勃發展，它將需要更多的身份驗證或登入。隨著網路身分基礎的重建，CTV 以及新網站和應用程式此刻尤其擁有獨特的機會。

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.

CTV的領導階層了解這一點。幾乎每個 CTV 廣告都會在登入驗證的一側顯示，幾乎總是透過電子郵件或電話號碼，這意味著 CTV 已經在選擇加入的環境中運營，與互聯網上的大部分其他廣告不同，儘管正在過渡，但仍處於選擇退出狀態。在這種環境中，廣播公司可以與廣告商合作，建構提供可尋址性的網路新身分結構，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.

而包括 UID2 在內的新身分解決方案是關鍵。透過 UID2，廣告商可以安全地引入第一方資料。然後，透過與 CTV 應用程式的互通性，他們可以在觀眾觀看他們最喜歡的優質內容時找到有價值的觀眾（包括現有觀眾和潛在觀眾）。最終，這比基於 cookie 的廣告體驗要好得多。 Cookie 的真正用途從來就不是完成這項工作的。他們只是被增選了。但在 CTV 等新科技環境中，我們可以建立一個新的身分框架，使廣告主能夠創造相關性，使發布商能夠最大化收益，並讓消費者更好地控制自己的隱私。

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，從許多方面來看，CTV 生態系統將引領身分識別的未來。需要明確的是，這與任何一種身分解決方案無關。這是關於互通性的問題。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 提供者自己開發的標識符、還是由尼爾森等測量合作夥伴開發的標識符，還是由LiveRamp 等公司開發的標識符。我們正在與他們所有人合作，確保這種新面料能夠兌現我剛才為所有參與者概述的承諾。

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，我將標記一個相關問題，以便在下次電話會議中討論，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創造了更好的基礎，它有可能成為世界上最大的數據市場。我認為任何圍牆花園都不可能創造出一個能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，我們已經看到數據使用量增加、廣告商獲得更好的每次轉換費用 (CPA) 和投資回報率 (ROI)、利潤率提高以及飛輪轉動速度加快。我們再次逐步增加了我們向客戶提供的消費者剩餘。關於這一點，還有很多內容需要報道，而且還會有更多的變化和好處，所以我很高興將來能談論這些。

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，今天我想更新一下情況。首先，提醒一下它是什麼。 OpenPath 是一種讓我們的廣告主透過我們的平台直接接觸出版商庫存的方式。透過直接插入，出版商有機會捕捉選擇加入網路的價值並實施有利於所有參與者（包括廣告商和代理商）的變革。

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 正在進入 SSB 或供應方業務。 OpenPath 只是一條通往已經擁有自己的收益管理解決方案的出版商的庫存的直接途徑。 OpenPath 有助於消除流程中可能需要收費但沒有任何回報的步驟。

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，我們已經關閉了谷歌在我們平台上的公開競標。幾個月前，當我們宣布 OpenPath 時，我們也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；康泰納仕集團，旗下擁有《名利場》、《時尚》、《紐約客》等多家雜誌；麥克拉奇集團旗下擁有 30 多家主要日報，包括《堪薩斯城星報》和《沃斯堡星電訊報》；赫斯特雜誌和報紙，經營《國際都會報》和《舊金山紀事報》等主要報紙；論壇集團 (Tribune Group) 以及其他幾家公司。

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.

在宣布這一消息後的幾天內，我們收到了 100 多條來自希望加入該計劃的大型出版商的諮詢。在推出 OpenPath 時，我們優先考慮新聞業，因為身份缺失的危險在任何地方都比這更明顯。最近，我們宣布更多新聞出版商承諾加入 OpenPath，其中包括《洛杉磯時報》、BuzzFeed、《富比士》、MediaVine 和 Red Ventures，其中包括 CNET 和《孤獨星球》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 部署或互通性作為其計劃的關鍵要素。透過這樣做，他們可以以保護數據的方式啟動自己的第一方訂閱者數據，同時也為廣告商提供足夠的相關性，以便我們可以提高這些廣告展示的價值並為出版商帶來收益。

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.

對於那些在使用者登入後不顯示大部分廣告的網站，OpenPath 將包含一個簡單的基於 UID2 的 SSO，幫助他們完成向後 cookie 環境的必要轉變。

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.

讓我把這個問題帶回 CTV，因為 CTV 確實是開放網路身分的中心。最近，我們看到 CTV 領域發生了巨大的變化。 2021 年，由於與 Peacock、Paramount+、discovery+ 和 Sky 等眾多合作夥伴建立了新的合作夥伴關係，我們增加了更多庫存。今年年初，我們與 HBO Max 建立了規模化的合作關係，HBO Max 是最新、成長最快的內容公司之一，積極為消費者提供廣告贊助訂閱服務。

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.

從更宏觀的層面來看，亞馬遜收購了米高梅，並透過 IMDb TV 播放廣告。就在今年到目前為止，Disney+ 宣布將在其應用程式中添加廣告作為選項。微軟收購了Xandr。時代華納脫離了AT&T家族，目前被探索頻道收購，主要由discovery+領導層負責，該團隊是電視界最精明的程序化團隊之一。當然，Netflix 最近宣布可能會在其平台上提供廣告。這些重大的格局變化對於 CTV 和程序化廣告的未來有著巨大的影響。

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.

客製化電視廣告可能是當今線上或線下最有效的規模廣告。因此，對我們的大多數客戶來說，電視是其廣告宣傳支出的最大部分。在觀眾傾身觀看時呈現的這種獨特的視訊和音訊組合仍然是觸動消費者心靈的最有效方式。隨著這些消費者大批轉向串流平台，廣告主也紛紛效法。

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.

對消費者來說，點播內容更好。隨著內容所有者和串流媒體應用程式爭奪更多訂閱用戶，很明顯，為消費者提供選擇是唯一的致勝之道。對於 Netflix 來說，這是一個非常棒的設定。透過迄今為止不投放廣告，Netflix 保護了出色的用戶體驗，但這要求 Netflix 不斷提高價格，以便他們能夠繼續製作和購買內容。在某種程度上，價格幾乎成為所有消費者關心的問題。思考我們可以從過去的電視中學到什麼。即使在有線電視捆綁銷售的時代，也很少有消費者會為每個付費頻道（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.

現在消費者將再次擁有更好的選擇。 Netflix 很可能會為消費者設定一個乾淨的選項，讓消費者看到廣告後支付更少的費用，或在支付稍多的費用後完全避免廣告。消費者將繼續獲得更多選擇。我預測，憑藉這項舉措，Netflix 將繼續成為電視創新領域的領頭羊。他們是第一批真正確定 CTV 訂閱模式的人。他們是首個全球訂戶數達到 1 億的公司，也是首個全球訂戶數達到 2 億的公司，至今仍保持領先地位。現在，他們正在利用消費者的選擇來進一步擴大市場份額。

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.

值得注意的是，至少有一半的 Netflix 訂閱用戶位於美國境外。因此，此舉將對 CTV 世界產生全球性影響。但故事的這個部分還不止於此。當 Netflix 探索廣告選擇時，他們將不再受到一些競爭對手正在處理的遺留流程的負擔。例如，他們將能夠建立他們的廣告營運以避免銷售管道衝突。他們可以從一開始就在所做的每件事上以數據為驅動，利用數據來確保最大限度地提高每個廣告展示的收益。

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.

我相信，在所有這些方面以及其他許多方面，Netflix 都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適應。其中許多已經這樣做了。我們每天都在與領先的 CTV 供應商合作尋找這些機會。

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 都公開表示了實現廣告體驗的意圖。這給所有內容所有者增加了壓力，迫使他們加速向數據驅動的買賣轉變，並找到創造最具競爭力的消費者體驗的方法，這意味著限制具有高 CPM 的相關廣告。

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.

對於 CTV 來說，要繼續製作推動電視新黃金時代的令人驚嘆且昂貴的內容，相關廣告是資助和維護它的唯一方法。這要求 CTV 參與開放互聯網，因為在圍牆花園中，人們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 公司都在競相創造最佳觀看體驗。

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的原因，電視歷來都是在地區範圍內競爭。 Netflix 和 YouTube 已將這變成一場全球競賽。我們看到世界各地的內容所有者正在迅速適應這些最新舉措。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談論了這個問題。他們已經感受到了快速行動和改善廣告體驗的壓力。 Netflix、Disney+ 和 HBO Max 傳達的訊息要求每個人都接受可競價環境，擺脫預付款甚至程序化保證等傳統模式，因為這些模式對廣告商的選擇有限。電視領域的這些變化也調整了行銷人員的思考方式。

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.

由於廣告商發現傳統有線電視的覆蓋率和影響力正在下降，他們開始專注於轉向優質串流媒體內容。這日益成為媒體計劃中最重要的購買部分。行銷人員希望盡可能針對優質內容進行廣告宣傳。這是他們可以信賴的內容。其內容體現了他們的自身品牌。他們可以激活內容並進行精確測量。由於廣告商優先考慮我們平台上的優質內容廣告，他們也開始在那裡進行廣告活動策劃。結果是，使用者生成內容越來越被視為剩餘物。

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.

隨著過去幾年，尤其是去年付費連網電視的爆炸性成長，這一趨勢非常明顯。在過去幾週報告的一些 UGC 數據中，我們清楚地看到了這一點，這也是為什麼 CTV 仍然是我們增長最快的頻道，以及為什麼各種形式的優質視頻已經成為最大的細分市場我們的業務。這種趨勢在國際上也同樣明顯，人們也紛紛轉向優質內容。

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，這些公司幾乎所有都在多個國際市場進行廣告活動。隨著越來越多優質供應（尤其是優質影片）上線，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 Netflix、Disney+ 和 HBO Max 的轉變感到無比興奮，因為這不僅意味著打開 AVOD 供應的大門，而且不僅在西歐和澳大利亞等已經接受 CTV 廣告的主要市場，而且在許多其他市場中，由於消費者錢包面臨的經濟壓力趨緊，AVOD 將成為訂閱成長的重要推手。

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.

一切都經過驗證的優質影片是未來網路身分塑造的關鍵領域之一，不僅適用於連網電視，也適用於整個開放互聯網，包括瀏覽器內部。這可能看起來並不明顯，因為 CTV 中不存在 cookie，所以您會認為它們不會受到明年 cookie 潛在淘汰的影響。但是 CTV 需要持久的身份來發布有效且高 CPM 的廣告，而且他們需要高 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.

推動這項進程的是經濟因素。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，因為這是他們維持高 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，他們就會支付 12 美元的 CPM，但如果這些觀眾很有可能對他們的產品感興趣，他們就會支付 3 倍的費用。這就是為什麼他們將成為新身分框架或開放網路的先驅之一。

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.

最後，我想讓我們重新回到眼前的市場機會。全球廣告業正迅速朝 1 兆美元的潛在市場規模邁進。隨著市場的成長，大部分支出將以數位化形式進行，並且所有支出最終都將以程序化方式進行交易。同時，產業在建立不再依賴cookies的未來網路廣告生態方面正在多個維度取得重要進展。

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.

網路正在升級。我們正在從選擇退出的互聯網轉向選擇加入的互聯網。一切都建立在更好的身份框架上。在此基礎上，消費者可以獲得更好的控制，在如何支付 CTV 訂閱費用（無論是用金錢還是廣告時間）方面擁有更多的選擇，並且可以獲得更好的測量和數據。

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擺脫由 CTV 引領的圍牆花園，我們將為我們的廣告商和出版商合作夥伴釋放程式化的力量。這對包括消費者在內的每個人來說都將是更好的體驗。為了實現這一目標，我們正在推動的創新已經為我們帶來了性能的提升。它們是我們在 2022 年如此積極開局以及我們對未來成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使用我們的平台作為由 CTV 主導的開放互聯網事實上的 DSP。我們將繼續創新，以鞏固領導地位，並為我們的廣告商提供更多價值。

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.

我們的獲利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成長。透過這樣做，我們將幫助所有利害關係人建立一個更好的互聯網，所有這些都讓我對我們的成長前景感到興奮。

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

說完這些，我將把電話交給布萊克，他將向您了解更多財務細節。

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.

謝謝傑夫，大家下午好。正如您在我們的業績中所看到的，儘管當前宏觀環境如此，但 2022 年開局強勁，第一季的財務表現和執行情況依然穩健。第一季營收為 3.15 億美元，年增 43%，成長速度加快。在第一季度，我們受益於越來越傾向於數據驅動的廣告和可衡量的結果的數位廣告環境。 CTV 的持續強勁表現證明了這一點，從規模渠道角度來看，CTV 再次引領了我們的成長。

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 的採用率已超過 80%，而且我們繼續看到令人鼓舞的成果，因為客戶正在利用 Solimar 來利用比以前更多的數據元素。更多數據驅動的精確度可提高客戶的投資報酬率，我們相信這有助於更快地推動我們業務的飛輪發展。

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復甦跡象，第一季是我們在該領域運營的第一個完整季度。我們已將更多零售媒體合作夥伴引入該平台，並且隨著支出持續增加，我們保持謹慎樂觀的態度。

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.

憑藉第一季持續的營收表現，我們實現了 1.21 億美元的調整後 EBITDA，約佔營收的 38%。調整後的 EBITDA 為 1.21 億美元，較去年同期成長 72%。第一季度，我們繼續受益於暫時低於預期的營運費用，部分原因是虛擬環境的影響。即使認識到這一點，我仍然為我們繼續保持持續增長營收的能力感到自豪，同時產生有意義的正調整後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。

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，我們已展現出投資成長和透過創造長期獲利現金流來支持高成長率的能力，這為我們的未來做好了準備。

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.

從規模通路角度來看，CTV 在本季再次大幅領先我們的成長。對於第一季度，包括 CTV 在內的影片佔據了我們平台上最大的份額，其次是行動端。視訊和行動端各佔支出的 40% 左右。展示廣告在第一季繼續保持良好成長勢頭，佔廣告支出的 15% 左右。音訊約佔支出的 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.

從地理來看，北美佔支出的 88%，國際佔支出的 12%。雖然國際業務的整體份額對於我們的整體業務而言相對較小，但與第四季度和去年同期相比略有下降。從歷史上看，我們的成長得益於我們在 CTV 的強勢地位，尤其是在北美。儘管如此，我們的國際 CTV 業務仍繼續搶佔市場份額，歐洲 CTV 支出在第一季比去年同期成長了一倍多。

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.

我們確實看到北美成長率和國際成長率之間的差距較大，特別是在第一季下半年，這主要是由於歐洲的支出。然而，截至 4 月份，歐洲已恢復至第一季初的水平，儘管仍有一些改善空間。我對我們的搶佔市場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以數據為導向，就像他們在2020 年底所做的那樣，The Trade Desk處於非常有利的位置來幫助這些客戶並旋轉我們的飛輪。我們在國際上還處於早期階段，但我們對我們的市場地位和長期成長機會感到樂觀。

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% 的垂直產業而言，本季幾乎所有產業都實現了兩位數的成長。與一年前相比，旅行和寵物的數量都增加了一倍以上。購物和食品飲料也十分火熱。我們相信，我們的大多數垂直領域仍有份額成長和提升的潛力。

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.

現在談談費用。不包括股票薪酬，第一季的營業費用為 2.07 億美元，較去年同期成長 30%。隨著我們擴大業務規模並提高效率，我們繼續看到顯著的經營槓桿。本季我們的所得稅收益為 270 萬美元，主要歸因於與員工股票獎勵相關的稅收優惠，其時間可能會有所變動。本季調整後的淨收入為 1.05 億美元，即每股攤薄收益 0.21 美元。第一季經營活動產生的淨現金為 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.

本季的 DSO 退出時間為 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.

我們在第一季結束時擁有強勁的現金和流動性狀況。本季末，現金、現金等價物和短期投資達 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.

談談我們對第二季的展望。我們預計第二季的營收至少為 3.64 億美元，年增 30%。我們預計第二季調整後的 EBITDA 約為 1.21 億美元。由於我們面前有巨大的可用市場，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成長。這使我們能夠在技術、身分、供應鏈優化和客戶服務等領域繼續拉開與競爭對手的距離。

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，過去幾年，公司的營運費用結構有所改善，明顯比疫情前好轉。這樣做使我們能夠對成長機會進行有意義的投資，同時仍能產生強勁的調整後 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，我們對業務的發展動能感到非常興奮。由於擁有重要的長期成長動力，包括 CTV、我們的國際業務、我們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，我們對長期前景仍然非常樂觀為我們2022年及以後的業務提供支援。我們持續產生強勁的自由現金流。我們強大的商業模式和資產負債表使我們在當前環境下佔據了有利地位。

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，我們已經建立了現有的結構，可以在有效擴展業務的同時繼續推動長期成長。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.

我們的準備好的演講到此結束。接線員，現在讓我們開始提問環節。

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

(操作員指示) 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?

恭喜你所取得的成果。我有幾個問題。首先，傑夫，當我們看到你們的業績和前景時，會發現它們比我們在盈利期間看到的許多其他靠廣告資助的公司要好得多。您能否談談您認為推動您取得優異表現的因素是什麼？第二個問題，您能否談談您對今年剩餘時間的情況的看法？

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.

當然。謝謝，Shyam。非常感謝。因此，當我回顧本季的優異表現，回顧本季所有順利的事情時，很難不從連網電視開始。我在準備好的發言中提到，CTV 比以往任何時候都有更多積極的變化。我不知道我是否能寫出更好的劇本，例如看到 HBO 這樣的公司從測試階段走向規模化，然後 Netflix 和 Disney+ 談論廣告，這些都是在一個真正優化的環境中創建的用於廣告。

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 (Paramount)、孔雀 (Peacock)、天空廣播 (Sky) 以及許多 AVOD 領導者建立了良好的關係，現在實際上每個人都可以進入這個由廣告驅動的選擇世界。這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.

但我也感到非常鼓舞，當然，每個人都看到了戰爭和通貨膨脹帶來的宏觀壓力、噪音和不確定性，當然還有股市的大幅波動。但在那種環境下，我們從歷史經驗中看到，行銷長和行銷人員會非常慎重地考慮如何花錢，而且他們會非常依賴數據來做選擇。對我們來說，這意味著他們在我們這裡花的錢更多。因此，我對本季看到的所有事情以及它對今年剩餘時間的影響感到非常鼓舞，這也涉及到你問題的後半部分。

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，隨著廣告業的所有這些舉措，尤其是來自CTV 的全球參與者的舉措，我認為這確實為今年下半年奠定了基礎——全球將看到向廣告資助的CTV 的轉變，就像我們早些時候看到的那樣但我認為，我們現在看到的情況會更加嚴重。

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.

我們並沒有在準備好的發言中花太多時間談論購物者數據。今年第一季度，我們剛剛與沃爾瑪及其 DSP 合作完成了第一個完整季度，表現非常出色。我們已經討論了與 Walgreens 和 Drizly 建立新的合作夥伴關係。其他人也談到了我們與 Target 媒體公司 Roundel 的合作。因此，在數據和測量方面，讓 Walgreens、沃爾瑪和 Target 加入該平台並成為合作夥伴，這簡直令人難以置信，但就購物者夥伴關係而言，這再次接近完美。

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.

當然，今年下半年我們還將迎來中期選舉。從最近發生的事件來看，這似乎也是一件令人興奮的事。我相信，僅僅憑藉其勢頭和關注度，它就會比大多數公司獲得更多的投資。我們認為——我們很有可能使今年成為我們有史以來最重要的政治年。

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 的採用率現已超過 80%。因此我們將在今年年底前完成這項工作。換句話說，我們將把所有內容轉移到 Solimar，這是我們去年 7 月 7 日推出的平台。從發佈到第二年實現 100% 的採用是我們一直追求的目標，現在，我們非常有信心能夠實現這一目標。

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發言中花了很多時間討論 UID 和 OpenPath。我的意思是我們在 OpenPath 上提到了一份更長的名字列表，但我們沒有提到幾天前的新聞稿中提到的那些名字。自從上個季度我們公開宣布以來，BuzzFeed、洛杉磯時報、福布斯、MediaVine、Red Ventures（包括 CNET）以及其他一些網站也已加入其中。所以，所有這些都對第二季度——或者說今年剩餘時間——做出了令人驚嘆的貢獻，我不應該說是下半年，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，你就堅信 Netflix 必須提供廣告支援模式，這只是時間問題。您如何看待與 Netflix 合作的機會以及 Netflix 可能像亞馬遜一樣建立自己的 DSP 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?

布萊克，我認為第二季的 EBITDA 環比和同比都會出現相當大的下降，降至 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主義，或者—我們應該如何考慮今年剩餘時間的投資？

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 最終必須播放廣告。這是基於我相信消費者想要選擇這一事實。儘管 Netflix 在為消費者保留出色體驗方面做得非常出色，但在某種程度上，這會導致成本過高，因為你必須不斷提高價格。這正是多年來所發生的情況。我相信，現在提供這樣的選擇對他們來說是有好處的。

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，他們承受著更大的壓力。我相信，與串流媒體競爭對手相比，他們面臨更大的壓力，需要創造出令人驚嘆的廣告體驗。部分原因是——您可能知道，Netflix 前財務長 David Wells 近 5 年前加入了我們的董事會。因此，我們與 Netflix 因為他而建立了良好的關係，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?

尤素夫，您應該知道的一件事——我想您說出了我從其他幾個人那裡聽到的事情，那就是為什麼 Netflix 不自己構建這個系統？因此，大多數廣告商正在嘗試管理我們所謂的覆蓋率和頻率。例如，我多久會在不同的應用程式和管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，如果我只控制在 112 站上顯示廣告的次數，然後只控制在 114 站上單獨顯示廣告的次數，而這兩個東西彼此之間根本不對話，那麼你可能會浪費很多錢並展示很多重複的廣告。這就是為什麼傳統電視中存在大量重複的內容。這也是為什麼廣告時段會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 提供大量重複的廣告體驗，為了賺取所需的收入，他們就必須展示大量廣告，因為廣告效果較差，導致 CPM 較低，從而產生更多重複你就會陷入那個不幸的循環，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.

最可靠的解決方法是讓他們與一個客觀、獨立的DSP 合作，由其管理串流媒體各個碎片部分的覆蓋率、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，因為我們會支付價格最高，因為它的效率更高、效果更好。

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能夠與包括 Netflix 在內的世界上每家主要串流媒體公司建立合作夥伴關係。事實上，我們與探索頻道 (Discovery) 以及時代華納 (Time Warner) 和 HBO 都保持著良好的關係。我們與迪士尼的關係非常好。我們與 Peacock、Paramount 等多家公司合作多年。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.

尤素夫，請繼續回答您關於第二季度 EBITDA 的問題。總而言之，我對我們的現狀和所處的位置感到非常滿意。正如我們在上個季度的電話會議上提到的那樣，我們確實預計 2022 年我們的投資步伐將加快，因為我​​們專注於業務的長期成長。這得到了非常強大的商業模式的支持，該模式產生了強勁的自由現金流，並且擁有非常穩健的資產負債表。

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.

我們的第二季預測反映了這一點。其中包括加速整個業務範圍內的招聘，特別是工程、業務開發和客戶管理職位，這些職位對於推動我們的長期成長確實發揮著巨大作用。 我們也預計，今年我們的辦公室內部支出將開始上升至疫情前的水平。我們也期待舉辦更多員工活動來增強團隊凝聚力。

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，第一季的 EBITDA 非常強勁。我對我們的 EBITDA 趨勢以及今年剩餘時間的情況感到滿意。正如我們上個季度所說的那樣，我們確實預計公司的營運費用結構將比疫情之前更好。正如我一直所說，這項業務確實是為擴大規模而建立的，我對隨著規模擴大而推動有意義的 EBITDA 和自由現金流感到非常樂觀。因此我認為我們面前有很多絕佳的機會，我對此感到非常高興。

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?

我還要對本季表示祝賀。傑夫，也許繼續討論 CTV 和 Netflix 的主題，你提到對 CTV 的需求仍然充足，甚至過剩。好吧，隨著預付款的到來，您能否向我們介紹供需曲線的最新情況，尤其是對於優質 CTV 內容，以及您如何看待 Netflix 和 Disney+ 的加入，所有這些內容都將在線上線，以及我們是不是會看到更低的CPM？

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，這是一種後續行動。傑夫，你提到，顯然你預見了 Netflix 的長期存在。但是，當我們考慮現在任何達到付費門檻的訂閱模式的成熟度曲線時，當他們看到 Disney、Netflix 和 HBO Max 都領先廣告時，您是否認為這會改變從現在開始新產品的推出方式？我們是否還會看到任何僅限訂閱的產品推出？

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，我對大家的祝賀表示感謝。我們對結果以及一切朝著我們方向發展的事情感到非常興奮，尤其是在 CTV 上。我很感激這份感情。

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.

首先，讓我直接回答您在第一個問題中提出的問題。增加庫存會導致 CPM 降低嗎？因此需求確實超出預期。很大程度上是因為人們正在遠離傳統有線電視，因為長期以來，傳統有線電視充斥著大量廣告，你付出的錢越來越多，得到的卻越來越少。

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，它是迫切需要的。已經有排隊的需求了。我們看到迪士尼、Netflix 或 HBO Max 等公司以及已經做了一段時間的公司，真正令人欣喜的是，他們當然為了繼續吸引訂閱者，這就是他們繼續獲得訂閱者的方式，這就是他們評級的方式，他們必須擁有良好的廣告體驗。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，就我們未來所能預見的而言，我們將會在一段時間內看到稀缺現象。這意味著會有需求，而且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因素已經變得顯而易見，對每個人來說都是顯而易見的，以至於這個行業中最知名的公司似乎很快就轉向了SVOD，我認為對於任何剛剛進入這個行業的人來說，這在戰略上都不是明智的。

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.

這就像任何產品一樣，隨著時間的推移，隨著它的發展，如果你今天推出了iPhone 或一款新的智慧型手機，而它的功能無法與iPhone 13 相媲美，而是可以與iPhone 1的功能相媲美，那麼，你就不會具有競爭力。你必須與當前的市場狀態保持一致。目前的競爭方式是向消費者提供選擇。我相信，對於任何參與串流媒體戰爭並希望與該領域最大玩家競爭的人來說，這一點變得越來越重要。

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，我有幾個。一篇關於歐洲。您在準備好的發言中說，在烏克蘭戰爭開始時，支出確實有所放緩，但隨後在四月有所恢復。那麼您能否更詳細地告訴我們您對目前歐洲廣告環境的看法以及您認為其發展方向？

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提供更多細節。廣播公司一直在報告，他們說，迄今為止，他們看到政治週期支出創下了歷史新高。那麼，您能否告訴我們，您認為自己的定位如何？您認為這會帶來今年政治收入的一些增量成長嗎？

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。聽起來不錯。我要讓布萊克真正嘗試他們兩個，然後我也將嘗試他們兩個。那麼布萊克？

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。謝謝瓦西里提出這個問題。因此，就歐洲而言，首先要說明的是，從歷史上看，我們的成長是由我們在美國非常強大的地位所推動的。 CTV 一直是我們在美國成長的主要推動力，但歐洲 CTV 的份額也在不斷增加。我想在準備好的評論中，我們談到了這一數字增加了一倍多——第一季增長了三位數。

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.

我們確實看到了更大的差距——下半年北美和國際之間的差距，但它確實在四月份有所恢復，並恢復到了我們在一月份看到的水平。但仍有待改進。我認為對於那些關注該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，我想到的是，當客戶在消費時更加謹慎，他們專注於最有效的投資機會時，The Trade Desk 往往會大放異彩，因為從我的角度來看，我們在2020 年下半年，我們發現人們需要更加謹慎，他們將重點放在可能獲得最高投資回報率的投資領域，然後他們向我們諮詢，而結果實際上對我們非常有利。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.

就政治而言，是的，這對我們來說是一個很好的機會，我們將拭​​目以待這一趨勢將如何發展，因為它很可能會在夏季，也就是十一月開始發展，顯然如此。你已經看到一些報導稱，中期選舉支出與 2020 年總統選舉持平，甚至更好。我鼓勵你在進行預測時考慮的一件事是，季節性將與 2020 年看到的不同，因此你需要考慮到這一點。

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.

還有很多因素要考慮，例如比賽的數量等等。但我們確實相信，我們已經將自己定​​位為一種政治廣告的首選平台，而非社群媒體平台等。隨著 2022 年的進展，我們將在下半年對此有更多的了解，但絕對期待那時的一些順風，無論傑夫，你想補充什麼。

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。首先，我同意布萊克所說的一切。他幾乎涵蓋了所有內容。我只會添加一點點顏色。首先，過去 4 個月我去過歐洲兩次，很大程度上是因為連網電視領域出現了這樣的機會。在不同的市場，我們看到很多公司都採取了積極舉措，甚至一些之前沒有接受過廣告，尤其是程序化的開放互聯網廣告，現在也開始這麼做了。現在，在一些全球最大公司的壓力下，我們看到他們的行動相對較快，這就是為什麼我們看到歐洲、中東和非洲地區第一季的 CTV 成長了 2 倍以上。我對於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.

即使在極少數情況下出現暫停或——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率，人們的情緒非常積極，因為這與他們打算在今年剩餘的時間。因此，在過去4 個月的兩次旅行中，我都比剛到時更加積極，並且相信大多數人所做的正是我們在準備好的發言中所描述的，即當面臨一些經濟壓力或不得不用更少的錢做更多的事情，他們變得非常依賴數據，並且在這段時間裡他們成為我們更緊密的合作夥伴。這正是我在世界各地看到的情況，在歐洲、中東和非洲地區看到的情況可能和在其他地方看到的情況一樣多。

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，我只想強調布萊克所說的季節性，中期選舉與總統選舉略有不同。因此我們預計下半年會出現更多衝擊。我們也聽到類似的報導說，這可能創下宏觀政治史上的新紀錄。

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.

但我最後想說的是，在政治方面，我們——我為我們在過去幾次選舉週期中證明的東西感到非常自豪，那就是我們可以客觀地代表民主黨和共和黨。並且透過程式化和數據驅動的方式進行購買，雙方都可以運作比其他媒介（包括在某些情況下在社群媒體中）更好的流程。因此，我們對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了比以前更多的事情，甚至更加獨立。我非常興奮，想知道這對今年下半年意味著什麼。

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

下一個問題來自奧本海默公司的 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。我只是想重新關注 CTV。因此，很長一段時間以來，Google一直想進入這個領域，但媒體公司不希望他們做程式化 CTV，而讓他們做 YouTube 電視，對吧，Google不做廣告。我們看到媒體公司嘗試擁有科技資產、廣告科技資產，但做得併不好。

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，你的觀點是，考慮到我們現在幾乎看到的一些媒體合併的失敗，人們清楚地認識到內容所有者需要成為內容所有者，也許只是因為競爭非常激烈，所以您認為這會對您在董事會中的地位產生怎樣的影響？

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（在某種程度上已經包含在你的問題中）是正確的。我只是——我相信媒體公司和科技公司之間的利益衝突的容忍度比幾乎任何其他地方都低。因此，我認為谷歌今年決定參與預售真的很有趣。他們將自己的預付款安排在迪士尼的預付款之上，這種做法有點不禮貌，而且絕對不是贏得朋友的好方法。我認為這在某種程度上代表了它們在許多媒體公司中的受歡迎程度。

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，我們進入 CTV 領域是一個非常棒的背景，我們是世界上一些最大的媒體公司最大的廣告需求提供者之一，而且在許多情況下，他們傾向於以前所未有的方式融入我們的合作夥伴關係。這真是令人難以置信。這主要是因為他們知道我們是誰。我們非常清楚我們所提供的價值。我們並不想與他們競爭。我們不擁有任何內容。我們不斷——無論是公開還是私下——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造一個更有效的供應鏈，同時也是為了與他們合作——坦率地告訴他們我們是誰，我們做什麼，因為我們認為這是今天最好的方式有競爭力。

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.

因為我們認為他們在某種程度上正在做同樣的事情，他們——甚至像 Netflix 這樣混合內容和技術的公司，基本上已經成為內容製造機器。因此，這為我們合作創造了機會，因為我們都非常清楚我們是誰以及我們做什麼，而不是某個想要成為一切的科技巨頭，對嗎？目前，亞馬遜幾乎與標準普爾 500 指數中的所有企業都競爭。我認為這變得越來越成問題，特別是在媒體和技術的交叉領域。

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.

或許您可以向我們簡要介紹沃爾瑪的最新情況以及您取得的重要里程碑，以及您對 22 年下半年的看法。

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.

當然。是的，如果有什麼話題沒有得到應有的重視，那就是——我不知道，這是我們的數據市場和購物者行銷工作之間的競爭。正如我剛才提到的，我們剛剛與沃爾瑪結束了第一個完整季度。我們看到超過 200 個廣告商，這些都是非常大的品牌，他們在那段時間提供了測試預算。我們期待在未來的不斷前進中，會有更多的大品牌和更大的擴張。我們認為這將成為未來五年令人驚嘆的成長動力。

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來自 CPG 的一些令人驚嘆的結果。但我不知道 Walgreens、Target、Drizly 和 Target 的部門 Roundel 等公司正在做什麼，因為他們所做的主要是改變快速消費品的測量方式，而且任何主要建造的東西——對不起，是從線下購買的。因為它能夠衡量從你展示廣告到有人購買產品的過程，並且使用零售數據進行端到端的衡量，而不是像圍牆花園或科技公司那樣對他們的自己的家庭作業數據。

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.

透過在那裡進行收集，我們現在拼湊了這個馬賽克，真正創造了這個令人驚嘆的市場，我們甚至稱之為測量市場，適用於任何銷售主要在這些商店購買的產品的人。然後，當然，這些商店的飛輪轉得更快了。

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.

所以綠芽真是棒極了。我們只是觸及了表面，但我們對已經取得的起步感到非常興奮，並且對與沃爾瑪、沃爾格林、Drizly 和 Roundel、GoJet 和 Flybuys 以及其他許多公司的合作感到非常興奮。我什至沒有列出一半的國際球員，但我對所有的進展感到非常興奮。

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.

Jeff，我只是希望你能定義一下你認為的大型出版商市場，即擁有大多數忠實的登入用戶，以及你認為需要多少人登入 UID2 才能讓你的平台走向成熟當Google 關閉cookie 時，即將取代cookie規模。

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，尋找 UID2 管理員的現狀如何？我很感謝你們對這兩個問題的回答。

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.

當然。因此，就忠誠的登入使用者而言，這實際上是一個相當複雜的問題，因為存在著有多少用戶登入的問題，但同時也存在著這些用戶與其他網站的登入用戶之間的聯繫有多大的問題。

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.

因此，我認為最重要、最容易解釋的概念是，需要登入一定數量的互聯網，以便能夠模擬或預測其餘部分正在發生的事情。順便說一句，這與如今使用登入方式的公司（如Google或 Facebook）完全相同，因為它們是主要的識別機制，而不是 cookie，這就是為什麼他們處於有利地位，因為他們將使用這一點然後根據一些額外的百分比進行建模。

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，我們從一些獨立數據公司看到這一點，你實際上只需要大約 10% 的登錄，就可以很好地模擬其餘部分。事實上，我認為，如果我們預測的趨勢持續下去，那麼實際登入的內容和 UID 上實際可用的內容最終可能會遠高於這個數字。這是你問題的第一部分。關於—您能提醒我您問題的第二部分嗎？

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——尋找 UID2 管理員的進展如何，管理員指的是願意承擔違反 GDPR 責任的人。

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。因為——首先，存在歐洲問題，其次，還有世界其他地區（包括美國）的管理員問題。我們目前的立場是，我們希望將 UID2 打造成一個開源項目，以便每個人都可以使用。而管理或管理該程式碼庫以便每個人都可以使用它是最重要的首要任務。我們已經與 IAB 合作完成了這項工作，雖然我們的工作是以美國為基地進行的，但它可以在世界各地使用。

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.

就其營運管理而言，因為本質上你是在移交控制權，所以這是一把雙面刃。你可以交出一份責任，也可以交出它的部分未來。在移交之前，我們希望確保它是完好且安全的。因此，我們並不急於這樣做，無論是與美國的 IAB 還是與歐洲的任何實體。在歐洲，如果你扮演控制者的角色，每個人基本上都會承擔一定的風險，所以我不認為這是目前分散或減輕風​​險的有效方法。所以沒什麼——我們並不急於這麼做。

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，我們要確保我們能做到，特別是在歐洲，但實際上在世界各地，開發一個可擴展的系統，並確保我們從一開始就與我們認為負責任的公司合作，我們所做的事情是正確的，而且我們非常明確地建立了符合GDPR 的條件和退出選擇。我們相信 EUID 是世界上最符合 GDPR 的 ID。但我們將使其與我們認為也在做正確事情的其他網絡實現互操作，這將創建一個更好的互聯網，我認為這對歐洲來說非常重要，並且樂觀地認為我們將繼續看到其規模。

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.

但與 UID2 相比，我們在 EUID 方面還處於早期階段，因為還有很多事情需要考慮，而且政治環境也更加複雜。所以我對目前的進展感到非常興奮。

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

最後一個問題來自古根漢美術館的麥可莫里斯。

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.

我會盡量擠出最後兩個問題。第一個問題與你之前提到的非常一致的評論有關，Jeff，關於 The Trade Desk 是開放網路的預設 DSP。顯然，這意味著很有可能被所有買家普遍採用。所以我很好奇您是否可以詳細說明您目前的合作夥伴滲透情況。您提到了超過 1,000 名客戶。但任何有關這對全面滲透意味著什麼的參考框架，以及其發展趨勢如何，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?

第二個問題是稍微闡述 Netflix 和其他同業推出這些全球廣告支援業務的影響，當然，這些業務對市場來說還很新。這是否會加速您在國際上的投資？或者這會給行業帶來任何其他根本性的變化嗎？

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.

當然。因此，由於它與合作夥伴滲透有關，我正在嘗試思考量化它的最佳方法。總的來說，我認為我們僅僅觸及了表面。我有時會提到，去年我們透過該平台的流量超過 60 億美元，但就全球廣告總支出而言，我們仍然看到近 1 兆美元的 TAM。因此，我們仍然只是觸及了表面，並且只實現了極小的一部分可能性。

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.

當你看到財富 500 強企業花了多少錢時，我們對我們在財富 500 強企業中所做的工作感到非常鼓舞，成為最大的廣告客戶，當你成為他們的默認廣告客戶並學習如何支持當然，它是世界上最複雜的，它為你提供了為中型企業、中型機構做類似事情的空間，因為我們一直支持機構。

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商中擴張，這為我們帶來了更廣泛的客戶群體，這就是為什麼我們在第一季增加瞭如此多的廣告商（包括直接廣告商和透過代理商）。所以我認為這個季度我們增加的廣告商和代理商的數量比往常要多。但它隨後為我們提供了獲得更大份額錢包的機會，我認為，這比我們已經擁有的美元還有更大的上升空間。

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，我們看到的擴張，特別是來自這些全球 CTV 播放器的擴張，是否會增加我們在全球的投資。我確實認為會發生，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內發生。這主要是因為付費訂閱和避免廣告很困難。

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.

就像在準備好的發言中一樣，我將其與傳統電視進行了類比，對於傳統電視來說，付費觀看沒有任何廣告的電視台確實是一種奢侈。成本更高。因此，如果你想想，美國以外的大多數市場，其家庭收入中位數都低於美國，因此，大多數人寧願透過看廣告來付費，而不是支付額外費用。

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.

特別是當您拼命爭取更多訂閱者時，這將成為您在新市場中發展的最佳方式。順便說一句，廣告商也喜歡這樣，尤其是當你看到亞洲這樣的地方，甚至歐洲的一些市場，那裡的中產階級正在如此迅速地增長，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.

因此我確信這將帶來我們在世界各地的投資。我確實認為，它將改變全球的 CTV 格局，讓歷史上的美國公司繼續在國際上發揮更大的作用。我認為廣告支援的商業模式將使他們成為全球更強大的競爭對手，而不是更弱的。

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.

謝謝各位，女士們、先生們。今天的會議到此結束。此時您可以斷開您的線路，並享受美好的一天。感謝您的參與。