The Trade Desk, Inc. (TTD) 15 Feb 232022 Q4 Earnings call transcript

Greetings. Welcome to The Trade Desk Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Chris Toth.

You may begin.

operator. you, Thank day good Hello to and everyone. The earnings XXXX to fourth quarter call. Desk conference Welcome Trade

On are A call on Relations Chief earnings the section. today release our Financial Green CEO, press in Officer, and website Jeff at Blake the be Grayson. can copy thetradedesk.com our both of found Founder Investor and

forward-looking dependent Before for responses of are or results some or our to and date statements. Should in our certain historical and Actual we and assume included statements, the vary statements. made. obligations our I in may upon the materially these filings. no our like forward-looking results assumptions any press are only forward-looking remind to risk assumptions uncertainties. significantly release and statements factors actual encourage would begin, financial as and information, to I we most expressly you of our except beliefs SEC be could contain incorrect, recent Q&A differ These implied by the that our projections from risks you represent to statements could update those of our and to prove discussion of refer referenced such which forward-looking beliefs any

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

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

joining us everyone thanks today. and for Chris Thanks,

the year, be in all subscription for million, beyond of leverage we Spend nearly offering quarter numbers. have operating alone more business. us. viewers. XXXX for to profitability, highlighting around record. was our record $XXX billion, again, content once me despite moving Let owners are strong $X.X strongest growth by world as start the the a continued driver models the And was on from revenue CTV ad-free and Fourth a also we the our uncertainty our options ad-supported highlighting in delivered platform

results Rule technology the companies. is of over again. to the the growth that high-growth health compared we company a other In XXXX, Our a margin. company’s well sum EBITDA benchmark, benchmark expressed finished benchmarked often XX of rate of are against and that In as and

to are most For the in sixth row, times estimates invest Xx grew drive all we broader compared year we at value platform growth. of global future year. According Spend useful last over continue our more the to how to industry. total while on to it’s that. were ad perhaps uncertainty, a XX%, than In and we to performing increased look by market spend Dentsu, X%

right to future. time uncertainty, sense expect place this under us less, the marketers I gives to why focus where it which market dynamics think conditions, macro do continue share. during share outperform and I gain the more for we in in industry our are on most be we as of now, of foreseeable winning with uncertain With to to pressure I’d like are

and we don’t and be continuing fourth the more look years as our third in large grew X% or Specifically a much competitors company objectivity. X% ROI very relative as and trend convinced negative our that value that marketers are continues as they of can marketers of it quarter X level platform the remain growth. our And of have times advertisers. between were outperformance over XX% less, traction do open posting I gaining of we were I walled most that competitors with think we And and growth. in while open in started XX% the share months Trade with can Internet. decision XXXX. the as means The industry had ever into That in continued to gain The the more same With negative and our uncertainty growth to we’re did advertising market we or public confident the to in of of in they In so last posting terms Desk Internet, to that separate with single-digit digital prioritize outperformance. X gardens. XXXX, prioritize media the measure either the reported means limitations from will Trade us retreat we of Desk have quarter, on that

ago Intelligence reported mind, half in a in the comes and market than account weeks more Meta of the them. for that to represented expand. With the market advertising a of not XXXX shift Google That as couple Insider that between digital that continues advertising digital decade first year did

Group of pandemic, half market more market to around the Before advertising for digital M. than year, the total accounted according spend, two-thirds of last a

many shift two I happening before, CTV in gardens linear said from advertising. shift advertisers the What’s only driving CTV spend as to the more connected from as everything growth user-generated outside advertisers TV streaming but times dollars Well, significant changing driving in to walled trends? as spend digital content. have content to Not shift TV, from spend premium these is is is linear

so grow on dimensions, a expand of it will give because to sense beyond. our a year about you this this am I why of potential and like I optimistic couple in I’d think to

touch points around on that like identity much recent industry so in because to is has months, UIDX how happened the evolving. to I’d First,

business than markets such to touch alternatives premium model I we have it’s media. last, And in and like see all I’d starting for us what this XXXX. advertisers they because scale fast Second, of believe growing systematically at walled as to retail CTV and are in on means ever the challenge more garden

with So, start let’s UIDX.

so either phone number. Apple Internet Internet that is? e-mail reminder or ago, UIDX data UIDX the other manage the their is two as can and an own on an device years created or around Google. consumer for for settings A privacy collaboration than identity or managing we anchored based with a companies First, consumers on open rather ecosystem a points currency few those in of each what address Internet identity like open

was market. technology in cookies privacy companies goal welcome we partnership broader was digital brands, Internet agencies, Our partners. UIDX content consumers technology alternative tech than empowering as providers, of ecosystem, Once bodies the create ad data that as than and sourced safe any better well advertising and more including and was to a personalization open at the built, was the the governing

a the and one to we We have always standards believed that’s of a massively foundation that exactly privacy what starting Internet, of adoption and would more lay competition see. are upgraded critical improves mass incents

ever a entire effectively their Internet. XXXX, ecosystem mean all If be don’t sample year, around year, while identity scale and the you. in have of at made expect data this think have privacy. believed the progress the last Internet entire anything on By the the entire high much the would of ecosystem of open will range. have very of data control we first how is had of industry half the I essentially this me you over the with year, XX% told solve accomplished third-party well beyond providing have Levels the on cookies UIDX beginning our of quarter This time UIDX. in would was that matching on we At of challenge last fourth large XX% estimating I consumers activation we much will a greater

on Internet. reputable is required incentive advertiser’s significant the digital about To first-party becomes This said Internet million advertising richest, the By be privacy-centric the UIDX publishers for it channels X happening means companies to in of a as environment involved advertisers. an data this clear, such seen all have the with mathematical player I to the every content thousands knocking always upgrading talking Adobe. in adoption We for is Snowflake, publishers or by also of change infrastructure we the exponentially there most ever UIDX of the lean owners data AWS, in adoption infrastructure And am to adopting valuable. players Salesforce creating Internet, already identity of is more not UIDX. publisher and Internet, open now doors. of

trust with effectively including more XXx than the in problem than decisions came UIDX advertisers I in can haystack ever Internet before. that can becomes and accuracy attribution fact, spent can needle establishing. that consumer have because sometimes the In make do solves open years, now optimization, they across valuable again they much better ever because the cookies, campaign about would with the it with say simply They aspect compromising cookies, And of data match so without more customer decades their measurement. every

last their activate can because Galileo, then those on the that onboard across new first-party advertisers value. a only Self is helps UIDX service year advertisers starts Galileo advantage with a new be ensure can of At announced to data Galileo easily that data way. and take data. this privacy applied advertisers we we in be data. their used all safe ecosystem. integrations of possible first-party CES, worked activating

CTV we ads not on downgraded. it’s Internet, change the and UGC UIDX the is are seeing UIDX course, mobile upgraded XXX% data the the Of critical while inventory just of being because on sites are is non-personalized of adoption. that is the value side to CTV web, authenticated, on almost mass starting being

is CTV, applying we embracing have the UIDX new across increasingly, portfolio. result, its are Disney talked a previously As world’s With how leading media about publishers UIDX.

IQ environment. I which weeks Network, with unified Just talked Paramount UIDX importance grow continue in economic Network, includes the important lead in Plus, ago, others. right He on fragmented the a advertising of because Pluto Haley. everyone MTV, CBS shared Comedy the is his President, continue about Paramount CBS and agree stage CTV cookies announced now, John Sports TV, Central, integration sentiment. in with there helping tie and at Advertising across many to together Paramount CES the couldn’t inventory, as charge And few a VHX and pressure Paramount News, will their their BET, UIDX I will here, campaigns to brands omnichannel with more become ecosystem. agencies identity less

less. ad-supported There to more And high is premium subscribers. options because for on arms on with in pressure is the on consumers many of do new There strain who need increasingly advertisers, there who the their is race whom pressure pressure CPMs wallets. need content content want of on their cost to providers lower fund

advertisers via creates ROI, data-driven that opportunity more At are CTV CTV. opportunity than and prove already ever a to for in there is when moment more to way. of Advertisers action. need All value taking a advertise

world. the the advertisers the For this impact biggest UIDX. And running reaching it’s companies That’s more UIDX progress. leveraging have the targeted audience leading said astonishing Much example, about campaigns in brands just year been effective their on UIDX media is XXx in will more and Disney, beginning. than on without be having

This The kingpin lower Eventually, the force CTV And in in but many coordinate, size, alone. its value that it’s perfectly power efficacy enough because gardens will to happen walled is of will and the to of it its power believe millions has huge. it open fragmented, but It’s their Internet. be for to its to and collectively the is will open one be the part you go enough need no so fragmented barriers. parties transformational fragmented that not I advertisers. CTV draconian showcasing Internet

companies. decisions As that result, course, to enough rationale viewers, media of is optimize advertisers, make for the and for a experience the right the ecosystem everyone

inventory new of Because at we XXXX. that to that introduced. all cassette the advertising, the changes. as will TV inventory be was every market tape data-driven of see of the cannot of such believe attached cassette TV get these best theme was the in We CTV tape same in order dynamics, The to By incorporates in authenticated premium year XXXX and evolved. will more that identifiers you UIDX. use the that’s a is have now that scale, But which way, almost a has invented I premium forward out also year

that many, an not. content the advertisers In owners needs at upfront more ads on, and consume has CPMs we sell is efficacy. years, data but leverages The relevant fewer, have music fact, but higher more that upfronts also times over XX evolved many way so always get market the the last

they To to more adjust basis. takes advertisers higher can unwind on culture where a power of CTV an make days everyday few race market the to But already effective today, no today’s into It a each always-on data. asking process a to signed advertisers their for digital contemporary as arms leverage forward new us commitment to have content in media leverage to and for the are the to bring environment. Advertisers starting high is during buy justify this ad companies required time spring data CPMs happen longer without today’s CPMs ads prices. long a multibillion-dollar where can adjust market forward

will to showcase premium value more content. premium broad at will in not streaming early also will of March The alternative about this emergence And the but their first event don’t convene clients. is this enough inflection that pivotal in talk This point upfront be the have where this hosting the underscore is of CTV will able our scale event top and a company think the leadership digital in gardens transformation forward showcase And Trade CTV we’re advertising in limitations CTV and to our the growing the an and industry at just this user-generated discussion. strategy that market we what’s about fastest for We I I it’s advertising. the that our an United the is can marks digital advance and it of believe host role any advertising that video season. It kind event is compelling inventory there event CTV walled innovation Desk, is to will the in provide worldwide. inventory to of partners of interesting this channel States, I media to here level think of time playing

Vidio, premium a In was and campaign companies our for audiences media Indonesia, Using a we food video recently premium to such content iflix. Mondelez as video WeTV giant. target specific ran from Mondelez, on able platform, global

campaign, Mondelez positive. against achieving Xx user-generated have rate than was platforms very shifted results popular click-through from content this the XXx and Ad were they and higher completion content rates For higher. spend were the what been user-generated

part dissimilar data the to market Retailers of several shopper CTV, has they digital is marketing. walls around that stand addition the shopper course, In realize that Interestingly, emerging growth how a privacy can in Advertisers clearly they Shopper much building the Probably, to in much the years segment. can it. then of interesting are CTV. by value cannot weren’t retail a actual advertisers optimize driving of data They to ago. the marketing, understand not safe one of media and is of meaning simply advertising the by rapidly components their areas up maximize most dynamics their campaigns opening it. and that possible few greater in-store way. online more to ways their sales, are drive to measure

The pinpoint households largest overlapping helped story in like a recently Coca-Cola, on programmatic published audiences connected reach return how has few DoorDash media. its Since its thinking incremental a XXX activating seen about display, Amazon, better spend than Walmart, United and ago, are Kroger, a XX than major more as They and social is shopper and advertisers, retail one channels company building in uptick world’s across out approach million retail including to marketing. of years Coke about as Target, ability determine ad well started it has Instacart. This TV the more campaigns networks, the in across States. audiences strategy the media media targeted

touch I’d this, points like apply really is remind a building everyone you are for to identify are America. what walls is when Katie in those Connected say that their and Neil, data advertising around will quote campaigns. consumers Retail win to they you. of And their prove Coke able proof Media time Networks models, Commerce are these behaviors that know in help ecosystem a flawed data because another their to lead so strategy. right inventory the predictive intimately also this to Coca-Cola Media data the us the is we great when to CTV, there retail for ultimately that a that Retail of like point product advertisers North can Networks

we international As now States United on our in platform I access we leading footprint of growing every last the provide XX% said retailers and the month. quarter, about our to are

we Tesco, chain FairPrice, announced with Singapore. grocery groups grocery partnerships in one the the For recently in Europe of largest example, and largest

from with Internet. all across way This the reporting integrations, these As measurement impressions better the a sale and to provides analytics Once that the else digital walled to we be ad point on clients are pioneering of measurement landscape, of exist result advertising attribution drive new connected our open anywhere again, including can inside much don’t pretty strategies. data-driven capabilities gardens. of the better

gardens have of better, more and walled Now thousands the tens environments alternatives data-driven opaque retail unfair sell marketplaces. to that brands in objective, of

TV perspective, linear So at does It this a to of I to shift long From gradual we will CTV lot that what tailwinds. have predict full continues reach won’t future, near industry and all a us XXXX? from accelerate to for shift. acceleration mean long then and It shift be in CTV. will point. an The some the tipping an in a point precipitous be a we

One as our place of resources the that am we I the scale through themes CEO and is making help that the clients have shift. to for in sure preparing

will Retail about measurement because in action. they Media terms have that advertisers grow spend offer in But influence and we revolutionary of to in to as in relationship of years, see direct between something when that continue part been XXXX, I additional it our particularly of craving a those will Networks industry result in for important partly programmatic. also a shifts believe how couple trends, marketers think comes

to opportunity are impressions more much value. priority right other price, will never outcome price, in on for to leading have want anymore. They whether should buying they fully will be continue deploy sure price the omnichannel more value. always right that have that at their the It in indicator more impressions words, focus their advertisers data put shift ad to those won’t as First, will from to the campaigns, delivered that make to continue They but been.

in pursuit a audience shift will much Second, an advertisers them priority on decisioning focusing put value, inventory always-on from piece forward more important Instead is inventory, certain on from of to to as to certain the show especially market. of audience. precision channel, advertisers upfront a will industry a buying moves data the or regardless enables because do that. of This once-a-year of

and incremental the down see walled They like these The open CMOs I’ve a as take to and advertisers and As they where and predict more of where economic data-driven the progress opportunities on companies we the make of all do will that can of embrace Internet, more uncertainty. of that those pressures, with to generate places barriers. tailwinds, Internet. also XXXX under decisioning. by level their gravitating data they gardens begin we first be will higher apply to precisely are there of initiatives met I some that are demand value fast immune Desk scale. goals, And headwinds. have the that through with industry deliberate less. open And growing channels like I and close advertising is on massive to general can CPMs more advertiser the CMOs pressure in Trade some weeks of they dozens CTV, few finding and data focus those with They not at can because we highlighting are will are while

happens. current maybe preparing uncertain, them position are that strength CMOs macro as while to they in be ready. also of understand Most a of all emerge we will that getting it from and environment are the

options UIDX such are so This identity premium better data-driven, model. a with as demand of Some OpenPath. leading are that be demand. for moment needs creates access advertising consumers especially difficult taking grasp their advertisers is Internet. are which new the are more as Everyone decision are environment. draconian, OpenPath, more value consent-based this new first-party their to now them to cookies means to paths working are land innovations from scale direct shifts breaking on They Advertisers media also that as players away but for walled with best on They Internet garden to leveraging the to a And inventory, more a logged-in and open from prepare nearly companies all more as now, more at getting becoming other data. solutions. grabbing such strategy advertisers. down. well want the simple They as integrating positioned the Everyone or objectivity world’s is authentication premium have us integrating increasingly they are is

terms now, Media. around Internet every of an centered threat walled Retail advertisers performance and The growing the to gardens is day. from in disparity is biggest Right CTV gardens get open walled the the to what in open compared measurement and Internet

in and in you see see increasingly, it especially it You retail. TV

an including not be how they Trade implemented The others and not been to and ecosystem, a has mention in would because the I remiss that’s has as to the to Justice to measures Google comprehensive of in transparent Desk of the the at impacted objective course, against their walled draconian our recent I Of many lawsuit Google. believe as been operates gardens. look tilt as the Department open always It’s favor. market much provide mission alternative have

side. buy objectivity, this be us the serving matter objectively opportunity To the on Internet what. the and the value focus versus will It’s versus open we no limitations gardens. win not Google. And with walled clear, of of We is that

us. the with will systemic which winning obstructions another. way Imagine working an what been predict have do some years or we as against market can unfair in We one more fair we for market it becomes

open could be of I Internet about we the clients value are realizing the on are today. heading because advertising we’ve the in direction more progress all not about and our excited the that talked

of ensures others at hiring. on industry. profitability edge our the in in X over not remain overextend last did the many industry ourselves years, focus cutting Our that we to will Compared terms of our we

prudent the opportunities and in on us. deliberate laser front keeping a long-term been of focus have We

strong cash that result, adjusted few companies a flow. free one we and consistently EBITDA of a are As technology high-growth generates

program. shareholders and million in have cash capital As to strong release, our return you a seen profitability may with press repurchase enables flow share to our $XXX us

it is in fourth our that worth was challenging on which the of grew generally our contracted, XX% even environment performance, to our XXXX, in competitors’ where that indicative I outperformance, an noting quarter. value to don’t is of believe delivering While the of competitors throughout revenue environment. are a level we I in like clients, many relative again comment evident

sign through last of And their dollars agencies We with emerge year. agreements be transacted expect in believe strong continue point JVPs empowered these to many I XXXX at billions that than a more and to will data-driven precision. I drive ever brands with very a tipping year ways. pace, advertisers will

we result, continue to a will As gain share.

Let me Blake wrap XXXX this strong sense over I a to financials. for up And by have hand closest to hesitant one that, about our and borrowing cover of a of phrase the I’ll our optimism from holds it agency partners. large what with industry.

good you, Thank Jeff, and everyone. morning,

As to headwinds heard representing top and am the that and well particularly Jeff, $XXX a continue around million. Desk delivering year-over-year. adjusted flow growth continued on of in we the Once we growth XX-month was Trade double margin EBITDA during had million cash we the execution increase The another significantly peers I of from of world. QX XXXX, for quarter, demonstrating our share the proud the outpaces again, of strong year also drive digits. over XX% line, million, of free helped a revenue economic into trailing generated $XXX QX, a despite you already XX% $XXX

adjusted and EBITDA and QX were flow. the both efficiently, to cash generating in results substantial Our our line ability grow testament full our to year XXXX while top for

in in representing billion our we on $X.X XX% the revenue, about nearly $X.X spend platform and year XXXX, ended For revenue with billion growth.

very adjusted as revenue EBITDA year, of the $XXX profitability During rates generate or produced XX% despite million macro strong to we continue we challenges. of

provides with their brands Trade day. connect programmatic the strength increasing across that customers platform Our the and results reflect ongoing the they every and of advertising thousands agencies value Desk as of our

data to Xth a time dramatically. to provides As over the row, increase same the the of than services take that consistent historical their expected, while for remains very value-added advertising our the use customers range, year value are More increased our our advertisers embracing frame, within ever, has in and efficacy. a rate platform

focused that business. Desk higher towards in to shift too our industry and addressable We driver services strategy for track continues for of choosing our higher the is the terms in our a representing consistent television DSP more of despite leverage market ROIs, default stayed proven Internet, a prevalent only Deliberately around partners Trade on often linear The total scale side economy. advertisers open data our as of remain the the uncertainty of QX, and be and win-win $X continue trillion. CTV year-over-year on and represented versus level In fastest growing terms of we dollars growth to is CTV reach core world, the progression terms content level. advertising the to for connected avoiding channel being a our QX business conflicts again of from buy CPMs value-added of in the at in in our to global

business marketing QX, marketplace represented percentage share CTV, for and growth X%. continues mobile includes and which rapidly and percent of represented represented across of solid advertisers. business double-digit deliver are also a continue a scale low of represented outcomes their XXs percentage utilization that data Display to audio our spend more share as mid-XXs in our a retail to video. throughout share to perspective was percentage see the shopper grow positive as data channel a in-app a enhancements more advertisers video, nicely year high campaigns. of in better and deploy we around as our continues results Mobile in Our progress again our as helping the made From we in And mix.

spend once the strong was worth about New and way Asia in North York XX% Growth of of spend international leading America It’s and America this about again represented in fourth represented quarter. QX. CTV noting, for growth very with Geographically, in EMEA quarter. North XX% our the were resilient South office

teams see driver. regions in encouraged key growth these our are executing this to on We

to was In terms ago of tripled year impacts to as with least X% sector of nearly from business the its a in growth challenges accelerated pandemic. the strongest XXXX and the highest spend, related also the verticals across Automotive winning travel year-over-year spend continues compared in rate that the recover of as QX represent easing a verticals, at in of our the to quarterly industry. result chain among new our supply

Additionally, percent as low QX. of in a representing spend about doubled quarter-over-quarter, spend expected, political election single-digit

to continue potential share for gain still We within to there verticals. us most our believe of is

to $XXX QX excluding operating expenses, XX% now were up a year expenses. compensation, Turning from ago. stock-based million,

quarter, growth. scale particularly investments and in prudently we technology continued team, and our of we areas the as During to position for development long-term organization make in the

QX growth the operating timing of to stock-based taxes. headcount growth, in such costs year-over-year investments than the expenses our as compensation, fixed marketing was Excluding year-over-year compensation, employer due lower and variable primarily lower

ad very funded technology growth, continued excluding meaningful the share and that stock-based generating peers EBITDA. profitable since XXXX of demonstrated years Because focus adjusted to generating our compensation revenue expenses over and companies, the headcount growth, still same operating some while position responsibly over a managed strong XXXX operating past headcount however, on is growth we in period. enter win as take both spend, few and than higher have Unlike many our expense we

$XXX be diluted the awards tax due Income million timing the in benefits $XX tax or to for Adjusted stock-based of was the can employee variable. was the mainly net compared fully $X.XX to associated which income prior quarter when year, lower with quarter, per share. million

from data can free I $XXX timing that our the driven QX. quarter of the to would due was to quarterly was center for million a line Net year previous cash results activities flow infrastructure by cash significantly during on cash $XXX million with collections basis. activities primarily cash expectations operating provided remind and in full flow like the than were you in CapEx that free year. and and operating and by higher timing cash payments was the was investments impact

XXX were position. DSOs exiting and DPOs ended QX cash X the X a were from liquidity ago. year year days, We a days with from days, a down days year ago. strong XX down

investments Our the cash, sheet billion had $X.X at and quarter. cash balance end equivalents in the short-term of

balance on no have We debt the sheet.

$XXX share And a morning. repurchase our finally, press we million seen in announced you program have as this release,

flow, led to that of of allocation model Our a our sheet, produces strong our cash review coupled capital strength with balance strategy. business significant the

working excess Our in quarter to and managing issuances. our including plan including we to in Starting employee repurchase this for shareholders. the potential offset dilution our acquisitions review first opportunistically stock adjusted for helping year, options capital, to our from investments of capital the shares, returning business,

Turning now outlook. our to

We with momentum. have year the good started

growth For X of slower-than-normal quarter, spend a bit weeks consistent the of week, each the year-over-year December. a first month demonstrating on has of acceleration increased basis

basis. We While are million, adjusted conditions we to approximately at growth revenue $XX estimate continue uncertain, cautiously be EBITDA QX. be on to represent and a least million in macro will estimate QX which XX% of optimistic year-over-year to remain $XXX

to operating our basis. continue in expect In expenses. to excluding to operating to XXXX, our Turning on We plan increase stock-based invest year-over-year a and we headcount. our compensation, expenses grow business

we the at our line while immense capture half Considering CTV in environment. our strong invest to marketing, in the as that operating with our us areas flexibility top around to manage a unique balanced such to our light opportunity macro of generate plans in business current retaining growth ability or However, profitability, did shopper team we the grow XXXX. perspective continue prudently and rate allows in both to to

working in the that expense We’re than back now around the are and say of other live operating happy the world our also significantly related company structure was prior have that in-person pandemic. events, mind, our model, With teams and operating is it to in resumed team better activities. we to our to travel hybrid most of

companies high-growth the few proud of to Trade that and generate are able the cash. We profits is consistently one growth, Desk technology

be software capital We XXXX $XX around capitalized expect to investments million. expenditures and

We and to in our of XXXX. in the did as it investment costs XXXX center infrastructure expect majority CapEx data

and with into setup am XXXX I in performance closing, very our pleased XXXX. our In

about to the XXXX to a our marketing, for platform. growth customers years and profitability business to capture value grow gain the growth shopper CTV prospects secular amassing drivers come. in share, strong key with and more we’re and enter this for OpenPath, support and and more innovation highly our and We’re optimistic continue on in of both We year for like executing we’re continuous and adding position and remain industry UIDX our to partnerships focus

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

first coming Shyam today SIG. from [Operator Instructions] at is Patil for Your question

talk the continued thinking about you and performance. more guys. strong about of questions. a little Congrats you. can Thank Jeff, Hey, how you’re a And I in Blake, and you’re year? this macro seeing had what bit bit on XQ a anything couple noting? as then guide more just quick a the can follow-up, worth that’s linearity, provide the on you color terms you. of Thank just

words. all, appreciate I First the the Shyam, thanks. kind and of question

in we’re a of just proud basis. especially course, our XXXX to the let first, XXXX, on performance relative say me and start So of incredibly that

far it’s relative So XXXX we private, far, we a of due as or bit than early From our year. relative a January, calendar as a it’s start scale is all well outperformance companies, standpoint, platforms been the so public course, other greater in little of and in – XXXX. macro like feel ad late to ever during to

And being planning both bit was to being unlocked those we’ve We start then become that and then. and and there a of of there also since saw agencies delayed there instead little then But we way have the delays canceled, delayed. seen unlock. brands were unpaused – was things just saw instead

result, point a any time more previously. we’ve more activity seen to XXXX and seen in JVPs far As so any than year we’ve lot this a at we’ve seen in

So XXXX overall, we’re as our especially far, continue encouraged we relative extremely by grab in trend very land so optimistic, to all competitors. of to the

question. answer your second Blake. this to other your is Shyam, – And I’ll try

seem happy CTV in many macro have shrunk XX% of a really bit which versus growth. the quarter go QX. with the for us. back again quick. It’s great to real Fundamentally, to a our out there. QX Just uncertainty a way leads on I’m despite the peers, year-over-year standout

foundation lays the for encouraging remarks, are grabbing really me adoption We’re now. data heard us better. is the flywheels. when spins you times say In customers’ It prepared land as our it

to normal here November. we regards that in bit With like off talked we’ve nice which what But in and a December a pretty question, see. October more to accelerated bit in is to Jeff really larger lay little what from saw linearity than about, far QX, the deceleration just consistently so

quarter. optimistic I’m for So cautiously the

are into because growth, think we’re share. in the so faster industry, see and rest the the who places I of are But to me, just we’re our which, in that to we signaling strong than many especially more of digits, we’re Some and growing double uncertainty. of relative significantly CTV challenged negative declining growing growth, or peers confirms taking that

we coming are thing though even of out COVID prioritizing is were there, other as think add a more. maybe only we The so programmatic QX better election advertisers about spend, spend low And there percent than single-digit on could to just in want I seen slightly I’d out position guide, seasonality share now be uncertainty quarter-over-quarter had just trending spend we average. that exclude if perspective is we’ve better of you is comp political ‘XX the QX that in than our the

QX about So so I’m I and feel optimistic really good far, the quarter. about

Thanks, Shyam, Next question, Holly.

is question Swanson next Capital Your today for Markets. from at coming Matt RBC

congratulations Yes. all Thank the I you seen ask add in we’ve developments the Jeff, the you. on I’ll well. quarter. Google execution to as my want on

Sandbox the you really on think the subject, a on your And market likely the you the about impact thought to a this I one time last is thoughts Android line was of near been little cookie made around another. which any market if read think happen? a long-term night. I beta this more have will fair change pieces insightful. the become is could add and follow-up. deprecation on the of way comment how you Does the antitrust? And especially could or what think have maybe elaborate I lot There quick of launch us potential bit But a then for or the Privacy

as for the Thanks Matt, the question. lot, well words as a kind

let the lawsuit first Google. against me So of about just talk Justice Department

that first, outcome. regardless which will we just believe give me let So win the the I of is sort punchline of

So we’re matter going happens, I think what to win. no

winning been an market. have in We unfair

– fair, to I course, will, it which So the better it. for that or this, signifies like result Then of think as if another. market way of us a environment one we more significantly of becomes course, said, perform

Justice of before. in four believe that who is think a part at XXX% on has is of the that case, slow here. chance this do there extremely times three their encouraged Department which clearly we different. this this talking to there The by. that any possible outlined. or have Google this, lots I But I breaking I how case that. many potential will detailed homework that I been is through of outcomes. know some is of do just are people believe tried about suggest other it of is I And am that done outcomes fundamentally because There down of lots are There is do is I up. Google, there believe

us. slowed moving no believe with them competition better so towards I the market with way And and that good fairness, more down, this there is just isn’t for

again. up that, do be I alone could of same as acknowledge and I that think is break And technology some that that got believe I there want replaced pressure practices here don’t us done, happen if this to that’s to that some the all just could assets, is enough.

me, conclusion stays the that monopoly, case are more any extremely if to to especially ends make restrictions or any and important certain will. to market So fairness assets the that when most here fair, you the thing that that with settlement happens is nearing leveraging

been of the order open Sandbox there So on as often, importance Privacy Internet relevance the has lot have about can It’s cookies the the doesn’t it been exist a Internet. past. in free a world and in Privacy create acknowledge think, open to relates I necessarily wrongly of to discussed content Sandbox, that that that and subsidize compared currently to the

think to antitrust has cookies of the to something the do So with or case I launch. much that, deprecation that but or UIDX, don’t actually certainly

Matt. you, Thank

question, Holly. Next

Securities. coming Squali from is Your question next at Truist Youssef

Thank strong very much, things all the on congrats Great. again considered. guys. you really And execution,

you’ve you with gardens about Your pre-COVID to their will that then, guys? an back look levels. just down or can like basically what your OpEx for So share margin begin made barriers, that maybe looking indication will about walled maybe Blake. gardens, you for And to what I as your margin talk QX questions, you implies you’re have expectations? can on take Blake, signals Jeff, and us, you just two if Jeff commentary etcetera, one one walled for for are the based

margins. do you this go that the thinking margin right You to way Is Thank ‘XX, those get expect kind down ‘XX last like And throughout of year to year? you. the of the have improvement cadence back to year? XXs then about to to relative low

on Blake I’ll I’ll with question the follow walled and then about first, gardens. have

Thank you, Jeff.

just So then and a that questions to back the to of second all let details me asked. get step the you I’ll try

the years our companies, expense generates about disciplined space, a this of really margins want space free how model. cash it. the line, I’m flow past get many of or us. we ad paid really adjusted been remind We of power solid growth Just investments either I’m couple top of ahead EBITDA for with years. stay everyone our in for last ourselves we’ve in since of consistent growth the fan and headcount business operating the generation. XXXX. High strong to huge proud funded responsible with Unlike off pretty few technology didn’t the managing generate

digit very growing making actually companies contracting. many while share, So decisions that there say grab back we’re is – combine into the pulling or to about with the core able tough are resourcing, some the double

well. sets really it up us think I

about remarks, hiring combination next a marketing and those. couple rate to like will and of including as roughly also now, deliberate But things. the opportunities increase ready of operating heard see CTV But in prepared be headcount we’re we’re again, at about a right shopper That’s and to we’re XXXX. It’s travel our return-to-office on we’ve in a going you thinking to significant the the in of investments areas capture expenses As half our combination invest we live to of still year-over-year. of a We our events. and grow XXXX. year, It’s combination be XXXX of expenses, hiring going think that it flow-through had.

were thing say XXXX, in XXXX. I seasonality QX about occurred events, is that those in events will just of QX of would live also other and the of there The QX live happen

us seasonality pay of a to. would the things at the we to We optimistic our start to important changes available change? comfortable with But attention year. So cautiously to levers make the say we’re it I’m the if stand. I is see just significant way need about those little bit to. overall, is have of where a we growth Should

actually You with of is that prior us when to than the the believe talking better that is XXXX kind about. seasonality operating to COVID. do the saw structure I regards with company I And the of you expense in deal issue that pandemic was

to drive a more long-term as scale well great cash in efficiency position and We’re as free flow.

So that. I about feel good pretty

Now Jeff?

of To walled as part it the gardens. question relates first the to

remind everybody is just just you that plan. what which me a a this let is on is definitions, the first, garden So must-have media walled of and is give destination one I’ll a that essentially

of fragmented. any in And own set sophisticated in mentioned is that all other that perfectly to of prepared a part so owner But making no are draconian players whether and social it’s makes are afford And draconian. enough one there large players and can the as have that concentrated what’s their So that are and be to or I CTV because the platform that. walled network CTV be do it because market hyperrational. that happening destination, that they one And is or the afford a has of to rules. what very it’s it decisions, share also you it enough hypercompetitive no so video remarks, can the garden, owner enough actually that does

of it are is is super competitive does that that that alternative puts a this and there think because I super lot pressure gardens fact what the efficient. on of walled So

authentication. nearly highly other a in environment in reason, we part the the When deal the personalized whether under all are IDs have nearly It of with, to Apple CTV for that, or mobile has no – in in where the you and that channel web about is pressure, CTV, add because way by same in authentication Google content time. just we to browsing XXX% itself lends the are we driven are talking to

the as viable do well have the that all exceptionally because very we walled gardens puts also Internet open pressure Additionally, UIDs, and a those opportunity in retail of alternative. to on for of now poses

environment about that talking want to pressure we are gardens whether walled about puts whether demand. are retail, that, talking talking are to about incremental So, we welcome the economic CTV, we and whether on

towards where All the that of down the this more points they walls largest like you an And bringing environment those can that changes. see most welcome ecosystem, of of even an considering some of likely is are so demand. to are them certainly, more and incremental them where

I of see more activity do Thanks And believe for announcements stuff. the and is will suggesting down. considering that coming more So, in lots you of question. walls XXXX there sort

Youssef. Thanks

Next question Holly.

Cannonball today is Your coming next Vasily Karasyov from for question Research. at

about that, forward I prepared always are TV the product Jeff, that talk mentioned fighting then about in a is couple you about connected spoke on market morning. a undertaking of can And the your please And your mentioned like it gargantuan Connected And course, also, you can you seems upfront here. forward very That to quarters detail think today? event Good ago. remarks? market more interesting you that the product. of a – you more pretty talk task you in

Yes.

So, Vasily first, I really appreciate the question.

table. the course, really huge. the it the hasn’t also work pointed is right. prepared that upfronts the can’t the we upfront remarks, but market XXXX, is data to of today an are much. one, TAM, changed market out since really because because opportunity, see But in You it’s upfront it a that hasn’t adds way And changed shame that to The the because as you bring as I

very now, position premium is largely has scarcity. a their And because CTV it a so right been which that getting interesting in is

they over available consumers hasn’t CTV, number gone of ads quickly front Internet on-demand, as have have So, moved of up into put nearly over. moved, to the content. consumers as in consumers the into those advertisers But as moved have for

we a So, online. more come scarcity the premium for ads. all are inventory seeing that’s and more But created

part provided so biggest that talked the what efficacy to having to of is owners that the instead result from justify that’s to ways of bridge world And gap are prices with And case amazing those that of content the XXx about talked of some what where find reason about personalization Disney, of the now between make in more required than scarcity means scarcity. the we being and effective a was using coming absolutely alternative UIDX via they efficacy. as study

level the of course, same is out you data more you of upfronts, to almost then television. if half miss of CTV so effective. are bring getting But going And that to on don’t

So, least that essentially so in we year. technology the like leading able is as North of a always-on make basis. fact owners, host an say which you always around unique once can upfronts. an to bring using think because to for just as out, new most And what America contracts data to companies version that I table. when the established are the largest we is already upfront this and the event of have build the done the have it to that are forward But we a makes the many we forward possible integrated the content countries it of designed in is market, we market that of to be on pointed the one we with world, case, well as always-on be CTV And to of an at on,

only way discount an opportunity I in commitment cannot constantly that evaluating the isn’t It of was need entering of that to going of leveraging to to the existed are high markets, time. content sell to of those inventory. efficacy brings advertisers way all Otherwise, to have same And best the way television. owners be to-date. the that – the is digital that’s on TV, the And upfronts assured to think or be it really there is your important the there. a in for can going so high You traditional pay no or all advertisers they accustomed role either course, a justify to same a all and you product aren’t commodities year. the that you going table, parts believe it to bring There sense get that be about that CPMs one CTV. are markets data the the has value table. a CPMs and everyone the in it in equities doesn’t But to make do CTV, week an that we become

of a And think our about other to excited it. very anything we are have We we I than position. low, we So, think compete because really super a don’t product. in are that with phenomenal XXXX

Vasily. Thanks

Next question.

next from at is Your Helfstein question coming Jason Oppenheimer.

advertiser go of Thanks. Desk the kind about about about and pitch the this you with the to Jeff, question basically think broad OpenPath broadly opportunity as can you OpenPath? just the to to targeting economics, on measurement, and the then publisher, publishers talk and Thanks. benefits to direct Trade so everybody

Yes.

So thanks. I that really most I the know don’t because what question is. understand OpenPath appreciate

And to clarify. so just opportunity I appreciate the

with find lot advertiser of beginning also what can unfair. and I And the auction consumer. auction forums, as is be as in to just, And that supply fees to this, inspiration in the do are mentioned the for the company, us is have just them sell effective so I of And ultimately, the exactly from that an some There try that in advertisers that between the is technology been they and company, of they very exchanges, filing an more taking chain. exactly for unfair we unfair people at the a And are detriment which cases, that both of biggest study is adding with steps thing at I or often that’s on the the Justice side are ecosystem. dynamic. suit of agencies make supply that improving the they Department represent. mean a think the been doing, success have for against the are end And it same we to extent, one I is tech and in Often pretty their we publisher the world successfully. other some lot Google and companies in to done in way obsessed unnecessary more times a are and in what that how look obsess is from than define chains, over and there Amazon have we I ad value.

found to we are the and what is directly. transparent with publishers with to in trying they fair is content chain owners been and integrate are as So, have supply discussions a create competitive. as chain, say, frustrated just We supply that we that why can’t often and our do we and

interested SSPs that competing made especially to we in with SSPs. the we are it not market, clear to So, very

the that in also And certain think where result, only clean. not the aren’t publisher have greater own together, publishers. yield we shouldn’t the that But them supply be, pipes create that when up we with better efficacy for ensure and will fees actually chain clean to directly do make CPMs they extracted as a doing will transparency, not also but interested because go we the and we and yield will We to up. management will fair are that that auction are the integrate is a so management, their wants happy are we can

part about owners because so have most it. important connected them of especially so the is SSPs, own in content are when of talking this television So, we purchased many and

of they So, in get have business the the decision management. made yield to already

So, largest. to the we with be extremely integrating are excited of some

us both we that directly, a what our about talked tone have else. company. Disney, to the the by with will integrating largest meaning anywhere from happen and And one on part with the as lot Disney, in the think everyone to to Internet that represents sets ads amount partnership We commitment but pattern with and that’s because of UIDX, as well I currently, owned CTV their think

groundwork and OpenPath. that on a of CBS and on the but do just Plus, some but Paramount CTV, also with publishers, the other to signed for a have OpenPath. up the channels that lays same to in UIDX chain cleaner in open much And long question. others, Of supply Disney the is our There the us partnerships continue Internet. represents have for with course, start we then of and we and Thanks in that not think announced

Jason. Thanks

Next question please.

is Wells question from at Brian Your coming next Fargo. Fitzgerald

a are her But within what it because across about deals of guaranteed. for decisioning. manage Bush, CTV PMP Media, Head trends destinations Thanks. piece saying reach better, you open saw preferences from what’s versus of said recent use to kind i.e. and Are Jeff, step the we freak marketer programmatic CTV And helps guaranteed She talking reach and the me marketers and control? and programmatic seeing makes kind the terms do what need environments? decisioning you that auction path, expressiveness personalization getting from shifting of and down of into tend offer we in frequency they more of there?

question. First of all, thanks for the

deep with the impressed super off, understand understanding implicit in well just going business. on is of a in That’s question Second how the the what’s you just space.

as same You which guarantee, you are of of question advertiser. of on, your have an is that spot inside The don’t the decisioning amount programmatic is on. premise spot

things, And means up wouldn’t a so sense. equities necessarily that of and often and decisioning. other terms hand you lot make in are you frequency all doesn’t ability and choices to over getting up which markets, me, you of reach are you In your giving just just buy, what your it control to

manager, portfolio own your make If you to a decisions. want are you

controlling certain pay are you that to fact, just paying controlling make are we are to are reach you who the So, you the what There want especially to decisions frequency. want the make highs And talking are are and is in justifiable. are appealing in about no you a to And are doesn’t decide longer you buying going you [ph]. people then selling and that about premium people you if because are buy. they TV that are to. not to people going that’s exactly math the premium, and that want Those what frequency, to reach if are and you work, PMC

fully to towards so way and using more PMCs had we are the And putting decisioning, towards of more amount is leveraging effective, of math more control. decel and and just the be but And that’s more the anything wanting that just is the move also most they people seeing that decisioned.

them, So, are PMCs advertisers that others agency where they have common at is are that when CTV decide best. to its What those doesn’t where where important matter. And is present most a to CTVs that, PMCs is us at the going really representing the is their by best. decision most they happens full in digital and themselves and/or that’s ads. initiated way in whether that or put the That’s have its

Thanks. it. Got Appreciate it.

Brian. Thanks

question. Next

today The for Mark is from coming Your next Benchmark at Zgutowicz question Group.

like you attribute Jeff, that morning about of that much look to And the Good revenue curious pub you number then for UIDs how you the then will your Google will guys. expect related with what UIDX? separately, do And do its over what this data expect ROEs of many call on talking in with large are XQ year the just do private year? may you your your graph? to it, how in would how And activated impact – are next, curious ID months XX and Thanks. Apple auction? what and that

Yes.

in of of in is across UIDX lots terms first, of But for UIDX. there So hard And in slightly personalization future. part came part statistical and it’s just we have we same on because, won’t question graph, leverages be with thing use much it of in of first provide could the and the that other graph. that confidence Internet. lots and the that how of in course, pretty lower then that’s course, from cookies And identifiers answer of deduce to the of room the to cases, still we some now the lean still

see did it, year. the a So, largely in of it and until in continues fact about data of we And – There use it how pace. with data UIDs of data we associated the expect this it but that to of our be all year, with of our when large things. UIDX. in is will that because we UIDX to the there. had don’t of upticks often other dramatic really happening in you connected rid matching the and know rapid problem, gets of those only QX, between then not And UIDX, it’s what’s the couple impacting be of over it’s grow XX% But the upticks much third-party the half XX% half second in tissue at first

are total business quantify, in it’s leveraging terms part terms It’s our hard But data of impressions but substantial and a that, substantial. So, in revenue impact. of to it’s the just that of today.

for buy being of more are every initiatives am So, and case. that more this I as as becoming the leveraged goes more more to these placement is is on. being and SSPs now. our time in IDs And day the initiatives a and our adopted closer OpenPath get Internet. are just IDs as the those global in and publishers sorry, to well huge fact, business around XXXX, And driver our

to there different Google a As bunch ID, Google’s of is it IDs. relates

a there single course, sign on. is Of

the is course, discussions there future. cookies. the And there course, about Of in Android lot which ID, of a is then of is there

All most is of largely One of now. to control we have well do think of from announcements those the given are I years Google. thing and in on has done going this Google they these are said

are XXXX. of end those And some of dates

from years about So, now. X talking are we

part reasonable out like it’s putting to the think timelines of I reason expect Google why that is that.

a And with see place so are kind of it they to can also that protecting relates pressure. And what how to and things privacy, like of they dust guarding a rock as but the settles. the antitrust against hard Justice happens litigation, between they want see Department

I with they on Internet. go they amount it’s go way well of especially love the – the the to UIDX all it to the antitrust things have away. don’t that actually am to really just interest really have about side. support to it open of not But I things on think to that the go and make have from they the they is issue in think Internet see and the I open Internet away takes and their scrutiny that in impact ever hoping right consider is another them. really, look pressure off So, it’s of those on publicly I Google’s we that the said sure specific some at that those on What interest like best publishers some are this all that now and that

think more think it another, the going or the get I So, that’s back than ever. true are to that pressure one Google with facing to I things better. And is sort of now, way goes right

Mark. Thanks

Next question.

Your question from Laura next at Martin coming Needham. is

abusing the to has have tactically DoJ, feel smart getting clients come calls My Hey to leave that been on pages of have Jeff, draconian XXX page question that so could really their do The there. the already clients. it’s is, all Google treatment you that clients. are how incoming their or you now clients Trade going XXXX, Desk, of in XXX this be Google read

I on in So, with do UGC, walled that And gardens. from the agree then secondly, so you you benefit near-term? the

I You walled are a talk guess time YouTube share losing understand And to premium think from I and it’s open about taking UGC, was guys, to I you you that that. have that really why time the meaning Internet. losing is don’t thinking one? share big TikTok hadn’t because gardens heard Meta. UGC that the was writing because I more the share two the into thought I been first you have Could go long it about

Sure.

litigation us continue. the benefit result, of question first on their the Department and coming and Desk to part our that Trade So, clients that to The will as a against related definitely Justice and the of that, I think will Google

advertisers with we the most of largest in know, great As the relationships have world. you

hadn’t not would over that you are will. large there already that that extremely us. some say with politicians, there many wouldn’t done I that are So, are the something are if move changing that But

doing are Google doing meaning So, they less more and with with us.

to think an but be early tell. us, for there pretty to So, I do opportunity that for that positive is

a side, UGC why and the to happening premium. UGC relates with so moving more it there change As and – think is to I

back little comes me the happening Let explain bit is of what UIDX. think And I a a just this economics. with lot to

So, XXX% because Internet, pressures the heading authenticated. premium it’s that because there towards is being television that the are of identity more even put connected across is nearly on

is not across to you content authentication one are log-in whether that are course, by whether looking XXX% across any does watch to that company. time be an you changed operating looking that with personalization enable address almost e-mail of have fragmentation to enough or is likely you because systems, controlled or So, And of owners. There content. every

So, Internet. and open personalization that enables the pushes a level people of towards

just in with to that UGC there finally is personalization and more UGC. now is than same what’s platforms alternative another way, there at control ever. supply a between a massive available having make the stark CTV advertisers, is coming time, what’s it. from And less scaled Said more available contrast and viable, UGC in While less

elsewhere. give to – same as UGC be it platforms could So, draconian in be it’s the you not quite those doesn’t luxury

Thank you.

Thanks. one for Holly, more have time And we question.

coming from New at The next question Street Dan is Salmon Research.

morning Good everyone. Hey.

little in me. The for down that again. one quick one up Just couple couple once XX% bit rate take picked stayed consistent – ticked range again, back the a a in years, of last

take in talked JBPs, or well? guys. an different balance to plans, and business the I a there? large about going have just past. would a the more on about little business compare bit that important Thanks as on your if and You variable joint driving of And Is clients interested be that’s anything how small hear there rate

will take follow-on. stab, if I Maybe to Jeff, want you a

Okay.

take really ninth marked had I rate XXXX right, where we year, the have consistent of think, the trends. So

that data think XXXX look up years our down years. XXXX period, we from we to at and I X you If went over X-year take went X rate

consistently figure. right it’s been very So, really XX% that around

and I I this years prepared really little it on about while thing bit, remarks. down the steady, Some note years, some real a But said think a take little goes is to the in that been – goes bit. important rate the it’s up the it

for We platform, massive our have made improvements right.

We are products. shipping new

new adding are features. We

to We we go the thinking margin margin reason that surplus like further not are are then just that. continue spin with respect range I percentage. about value have. data is our share them side, JBP improvements create And that just just dollars, don’t to there facets innovating into customers. then It’s and effectively so and grabbing make always conversation don’t that will the focus and is and grow platform of can with for passing rate the a near expect a the marketplace. flywheel. are historical us future. there And lot that think we they we we any And on spend why And for about to changes the not And

usage. data incentivizing are we So,

the we have benefit We are omnichannel as company. a incentivizing that

in our it’s our And our that growing JBP percentage because you pretty Day really as we spend bit been look of any went a And Investor not of and it’s a drag last a through little so type of nicely. in late presentation year. at

I is, points the guess I just here. a of underline only that to will add I thing couple want really important

the and entire up to gone traded has years the the X And course of of last rate down it’s years years, gone I consumer X stayed the pretty were a have talked much make X the what take consumer to always that Important X that been same users time are on, our I shipped of same. a IPO mean lot adding giving software. publicly note for our really staying by and company. surplus, focused time, we the more last is years, yet during during we that about First, so certain surplus. we we and price wanted mean roadshow. We this them that essentially to we

and I of so the that’s been time, has think why done clients over partly retention and our client has have our rate that we been satisfaction high. high so

of to our that And and consumer things, We doing But take changed. XXXX that the of to clients, you continue rate been economic than use say. we certain add is way change think to is time. to the of clients extract that of the that to flywheel of sustainability expect have are that, want There bunch in provide want things, we make to We the take makes largely we drivers whether day, because grab always continue take it to ways it’s are is contributor to are it’s all for mix, desire the the biggest of up I whether and to in rate a rate of out the what data always geographical about lot about is the to surplus I keep that. that complex what it’s was try There a down. there size and about channel the figure over more changes mix, definition go any the to marketplace that value just surplus believe looking XXXX whether whole going also to the affect a essentially data. we in at so expect same the land. trying single But to we to spend consumer end that increase and be

Very Thanks. helpful. Thank guys. you

Holly, can we close the call.

This concludes conference. today’s

may this lines for you Goodbye. Thank participation. your at disconnect time. your You