The Trade Desk, Inc. (TTD) 9 Aug 232023 Q2 Earnings call transcript

Greetings. Welcome to The Trade Desk Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Chris Toth . Please proceed.

Toth. Chris proceed. Please

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

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

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

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

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

joining Thanks, us Chris, for you and today. thank all

represents the of continue second reported last press strong an few posted digital we the our acceleration very growth XX% quarters, compared also And our last growth with we significantly like first revenue in industry. growing to quarter. the rate just As million with outperform This quarter. the compared you’ve in year. seen from We advertising $XXX release,

notable uncertainty about a performance many we that are our that improving, certain most degree still sense is their of advertisers Even in are particularly though an are environment. some unpredictable still advertisers indicators What’s business. there’s from dealing with in macro

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I’ll it to financials. that, to with hand And Laura our over cover

you, good Jeff, Thank afternoon, and everyone.

For incredible that performance produce our and that Trade and results the balance I’ve experienced past our world proud teams enabled outstanding forward. of nearly firsthand The work have I’m years, significant the the growth between right all present to Desk strong XX around to today the profitability. from going manage us

numbers. the to on that, With

quarter. you’ve prior As million, a in strong results, Revenue representing growth was of was quarter. from XX% $XXX the accelerating year-over-year, seen our QX

where results produce quarter, is the on data ROI on was in throughout and measurable about XX.X% basis. of focus share to AI where a represented improve decisioning transparent. of growth QX continue Visibility where year-over-year and revenue this single-digit as in rate and a increasingly are sentiment their effectively, year which spend percent investments our and marketers spend, deployed areas election high political we gain U.S. to Excluding advertiser XXXX, low continued QX and

from the growth budgets eligible Because away demand the of shift and major to is objectivity increasing wave gardens. the to and Our driven continued every be shifts linear of provider, of for content of our most connected to it TV as use tidal our nearly and by data. CTV platform walled our retail connectivity

partners taking data In in the around more advantage world and of are more and powerful and now many brands our of agencies this their retail are media, retailers the largest campaigns.

solutions side, the continue support from also supply launching cultivating clients, cleaner of built to for path industry-wide we’ve We benefit the to with improved the interest trust EUID. products our like UIDX paving identity innovative demand and in and

accelerated regions. and again perspective our again. quarter, CTV broad-based early and XXXX strong the second spend International growth growth CTV. as scaled the Kokai the growth incremental in launched are retailers of led strong won the channel from QX second as advertiser with shopper channels, positioned well June, for notably During was momentum And We across we budgets. launch with improve. with performance strong a integrations saw verticals we and a in sentiment visibility off half once retail and media marketing of year more in

line generated outperform to top This strong XX% that line, in top of we case our adjusted financial $XXX statements in QX. as of in was or QX. outperformance million the outperformance million the EBITDA led flow on in again about we free QX, $XXX performance all cash revenue. see approximately With throughout When often we the

ability the and drive unique critical years business positive as I’m growth that efficiency phase manage growth. This and as flow area industry-leading both us we believe continues areas best-in-class generate that look come. next growth will significant invest intently to the the is focused our in factor a of remains an to the to Our productivity a our of strong put and profitability. on, EBITDA as in success in to scale making and is in cash this ahead position our we I meaningfully critical we certain

in international about America business of represented the XX%. to double-digit mid-XXs a share spend Mobile perspective, low continued CTV, our represented to represented led represent and wide and our during by QX scaled quarter. our a continues share growth percentage Geographically, of a our a of margin, quarter. percentage In of a North our represented X%. as grow during business audio and includes about again mid-XXs CTV a video, percent Display From the QX, which business of channel percentage represented share XX% around mix.

that pleased are We international

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significant ahead, markets we to in improve. share see capture conditions international Looking continue to opportunities as operating

the represent of X% our than doubled more at In verticals terms least spend, that of travel

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performance We garden and strong while and the home were average. also and and food in saw business beverage, shopping below

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

now Turning to expenses.

operating Excluding stock-based were up ample more $XXX are million, QX XX% year-over-year. in There compensation, within leverage our expenses opportunities to achieve significantly expenses. operating

objective However, on our growing platform spend on and grabbing our primary remains land.

invest and we our realized team, included During office infrastructure have expenses stock-based years, and last us our position distance second our in managed increase to XXXX ramp, few headcount we’re expenses, quarter, The growth. responsibly continue over to platform the support continued our and to our Because a return between compensation, competitors. investments teams in the operating we costs excluding for expenses. operating in strong infrastructure widening clients, to and hiring our and from the year-over-year sustained innovating growing

profitability by QX million. $XXX operating net for was cash and nondeductible compensation. was $XXX fully Income the or cash pre-tax activities million expense tax per million and provided our second stock-based Net for primarily $XXX was by diluted driven share. Adjusted quarter, $X.XX million income $XX flow free was

liquidity exited quarter $XX ago. repurchase We QX In repurchase days, up we at an short-term XX our quarter the with share days were the shares via days, strong a retired the and exiting year were a cash X X billion. from day Cash, amount XX up repurchased cash for year DPOs about from of ago. position. million. $X.X XXX,XXX program, quarter a equivalents and ended about and investments DSOs aggregate

sheet. have no the We on balance debt

outlook our to Turning quarter. third the for

visibility remain uncertain, XX% estimate year-over-year $XXX on QX a We since macro has improved slightly beginning to million, which year. of be represent the basis. would growth at of While conditions the least revenue

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with that in always the of pleased than frankly, today. never opportunity extremely opportunity has it I’ve immense the clearer And company half this we’re closing, performance In strong the our seen year. has. is first been

growing market large have us. in We of a front and addressable

proven With We to or strong strategy, model to profitability significant have strong growth identity a business, in that’s media business a retail a addition drivers XXXX international generate and including line flow. top growth cash CTV,

U.S. and with Kokai, future second half we our election through move remarks. XXXX highly we the into upgrade year significant product our others, cycle, That a prepared among about as and remain concludes XXXX. optimistic of

call And operator, that, let’s for up the questions. open with

from from [Operator Instructions] Shyam The first question Patil comes SIG.

Congrats on performance. strong X-part another I a had question.

XXXX? First for thoughts your on current next and the your on macro also you Jeff, the provide thoughts year, could on conditions and initial

then year, expenses And year thinking well. about this you half of but can also next Laura, talk you’re how as about investments and in the back

to then and it to first, go I’ll I’ll just Shyam. over question, Laura hand talk the for Thanks

and about investments expenses.

Fortune to the advertisers years unpredictability or that not news last XXX. So been X it’s and a for here most of most the uncertainty few X anybody and have years of

As a result,

there’s had QX, and seen down already CMOs the in markets in extremely I’m we’ve QX where sentiment understanding, what’s driving growth course, have are doubling excited on an the that change that by to see begun in of and and certainty that than the there’s of for advertising also on uncertainty come recover, more for certainty during in past. place to as results. a rely they’ve they’ve time data-driven But

comes retail this data shifts as So in course, that of lots tailwind to secular they’ve last well. from And what the we’re years few CTV. then, due experienced in massive of seeing

ultimately, media. As I’ve the said Internet result changes shape before, CTV believe and of the I retail dramatically of as a

also amazing adoption. some seen course, as of a of then, results we’ve UIDX And result

remarks of U.S. independent prepared that caught CTV to UIDX. the during have might the You last the Bros. kind of players adopt Warner was

the common now, collection the in a the ad UIDX full the States, currency way, in become So environment. and in to that here CTV has monetize has United

expect We and that. more continue, trend seeing we’re of that to and more

incredible For in just wave the what of well me, XXXX chance both this to opportunity like second part of an daunting again is is the for your once question terms land. massive as that as grab us is looking for tidal of

XXXX. So backdrop about talk let first of some just the for me

So of relates well over privacy. as years on a there’s few it Google been lot as to pressure antitrust the as last

a Today, decisions. on X and of the that on we side which balance a between the that, ago, makes a think a course, there’s overall Of predict more more lot the antitrust easier side Google’s there’s bit lot of to those pressure pressure more there fair few that. years it makes market privacy a was

undoubtedly with grab going it makes so slower that be once linear over going a over an us is and being steady it to operate where ends also then in for decline. space. land. to again It’s going there’s that are I have steady, again they explosion. worth point accelerating It the stops for not a it to then and decay. anybody that pretty to said And television opportunity creates a have It

the of a that that broken, future and got Bob of of streaming kind X unsure us on the but represents future business to talking about in ago and the being and course, broadcast television important future is streaming. That really model the for one You’ve he’s when model course, this business of studios was linear Iger is CNBC, That many glimpse the opportunities are weeks of XXXX. saying very their that, ABC’s linear business. of about and legacy

Kokai opportunity about. product to our really decisioning, our release what power of which is brand all as new Now is demonstrate the

goes it as CTV retail going forward some on. and next But have political, year international on add relates also OpenPath, UIDX, when Kokai, media, to advances list the opportunities, the market. you We into major

many think Disney course, models around CTV. for out We that world ad-supported they’ll roll internationally to for it as that’s of announced the relates us Of today opportunities one Disney+.

tailwinds investments Laura and keep it that. secular very about piling to over I’ll up, just about to So all excited the but talk turn expenses.

thanks question. Shyam, and Jeff, Thanks, for the

In the half terms into picture seeing. investments XXXX, and of our of going what for specifics second start I’ll the just XXXX big then we’re get off and of into the

for of just growth, we’ve our And myself remind years So OpEx great and high flow. we’ve been investments got headcount, always the profitability that cash luxury growth managing now. many responsibly and

to period range. saw growth continued that the revenue exclude in we in same So acceleration half we XXXX, in the when guided in XXXX. And first you in grew the spend election we of U.S. just revenue XX%

perspective, our have struggled. we’re of position, So many enviable an peers from while my in other

rate the which and XXXX, when in headcount investments out and just implies at half at look us being this people roughly of largest our how hiring, deliberate around of area rest at are for And last I look XXXX, in still So remind very we up grow as just of our that our year, to year, I nicely everyone investment. I but that expect XX%. our sets very the we’re

engineering of teams platform and also our and our sure heavily product of in are heavily make on trading from market believe CTV and productivity as this, sales like all We’re we’re doing specifically And teams our our in our our into and to efficiency our all investing products, with and AM areas that media. focusing forward cylinders. we teams business, teams firing to go-to-market, retail all on that we’re

lower be to also we last than expect CapEx year. year, this For

I’d have CapEx of around that that So last may in step-up And levels be expect other And our $XX some XXXX. million of investments with don’t all in our just investments. around year, you came investments, a in firms. reminder, we include seen and we AI in $XX million significant to any expect

as past, and rest top usually sum with as when our things the the line, it seen to of So outperform and on of happened QX where and drops that stand comfortable this up for we our year. just year. relates about optimistic the as line down in very And the to to modeling, bottom in we’ve cautiously QX we’re business the

is Evercore ISI. with question Shweta Khajuria next from The

Jeff, a I question cookie deprecation. on have

remarks, So to in given bit on on prepared think hear why and Desk, you you be focus here impact? on coming of the are the Would to that quite think the XXXX your there’s close going industry, of to a Google’s love it touched and we deprecate in this you to on your plan it’s meaningful cookies. impact particular, and magnitude thoughts overall you Trade about think how not

A - Jeff Green

Thanks Shweta, appreciate bet. I the You question.

down this we’ve let path just say, first, So me been before.

was made those business to bump there speed when GDPR continued at in and happened, every came was there of there removal grow, was cases, a cookies Safari and away, go IDFA saw impact, little our when So one best. anxiety. anxiety, anxiety And we first very out,

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Internet in anything world. than the better browsing way is

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is from The next Karasyov question from Cannonball Research. Vasily

media. talk to about wanted I Jeff, retail

of online. that last a the you’re know was retailers Walmart. You came about also We there year, group spoke having that success with

see you thoughts is we Investor then so you to in your number last your Day, willing gave those Should that revenue that, from update retail given year plan And October. media one, And retailers? be on contribution coming along? that to question would at next us how your

bet, thank You you.

one I first in shopper So marketing. why what’s it’s happening so let explain reasons exciting think the of me

in of and of tend have many for presences course, course, rather they so actually still online to where buy products what’s off-line. store in online. as primarily amazing the retailers at been of as, amazing sitting products the many have grocery that And many them of know of than So are course, being especially online stores a those you brick-and-mortar then, purchased, on well purchased data and not pharmacies store

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And it. data so the and go with you hunting for you start

need opportunities and data, supply start looking out very of beginning, that looking in the that this in you’re data opportunities going fall you the new in world rid that where actually with instead to but leverage so the instead, the UID from for the you that then at the you get things can match and Well, are that of way. leveraging dominos chain just sort X of

rid with faster these it starting of you data, make by problems it cookies, the you for flywheel So matching of and that of the spin the make so so get that all businesses. you

a they’re entire selling products company. they’re So across data, on just of but actually making amount more additional money their small not

by made includes part General, that in in actually long an available people X made targeting. to They for the all we’re to for reason believe which the forward-looking do were Dollar retail for opportunity use data Albertsons looking the that that why as data. data moves It’s their new Walgreens it space, I so will pioneers and the of of the pay something free most

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marketing that stores we represents spinning shopper way marketing shopper And about to the change itself, is not is we are right, marketing. it and shopper everybody want that this the in I is in continue massive a remind proven improving all that brick-and-mortar funnel. accelerate retail. to about people flywheel data leverage in just to think this entire will If just just

are incremental to has where money amount so effective. of being in and So know data insight spend that to massive their advertising more every they CPG

which benefit course, where is because and in e-mail an of So making in in especially based there each up all the And platform. go is marketing shopper a their dollars other, both of sort of overlap decisioning, our marketing this efficacy of of from course, data then, of shopper more flywheel they off between moving and improving cases, CTV our across anchored effect CTV UIDX, most on both world. the everything world is has the platform, to

yet that retail. So for creates together in just all shopper tailwind marketing or another us amazing of secular

question next The Cost Stanley. is with Morgan from Matthew

trending market. note, the And market give level this on in through just about growth feeling and CTV market. we interest on of the you trends those an forward through half year. learned Maybe new in How new what think the upfront, ’XX? back if are into When you just the related you’ve and the update how And conversations that product? it? are is to then on could What the a about

Jeff - Green A

you. You bet, thank

are I me on are now let the been we contributing that that all environment. than and to say just that of have So the includes major current right CTV never and headlines bullish more news

of them add to their on doubling Nearly enhance and/or ad-funded the look CTV in everyone seeing down ad-funded all options. You’re options. are

is and gone, So them ads effective. there’s make That’s to having subscriptions a add the where was not ads. board. having religion looking around years just more few only Everybody and across ago, a there

secular as those it’s tailwind been is our ever great business on of things. as the because So

can market environment handshakes bring sort user of harder which in of because that customized very upfront of for built the and by Also digital, of makes transactions a the and predominantly upfront broadcast are course, there, so order content to at forward with impression In that best very of we much it’s advertising need upfront, done to advantage owners, the more which data impression a sophisticated legacy for by effectively data-driven course, a instead and just is all the the is precision of that writers television. actors can strike, is the sell user, bring. take party an than – it high-level and where

on market, that our sophisticated on product it buy. so And more to people been have forward have the much for upfront we for working makes years a literally possible

It early very still phase. phases gone the is well. So have early

long going So over something to all XXXX, term the being and see years. the is I even But significant to portion the harvested our this very be it in that see up of of fruit expect don’t business. I in a build it we

Our with question Patterson is next KeyBanc. Justin from

to could about in just observing this little follow-up was softness really Laura. couple on far Kokai expectations? just I bit would feedback stepping versus for hear prints macro little of what July. and prior the your been you’re compared how initial I hoping it’s more a the perhaps but love early, behaviors even as Jeff, from launch. it’s reaction, And of And you talk Could seen you back, quick know to in some a launches talk a like Solimar just and bit so Next there. this earnings a Wave. about June season There’s in linearity about talking you’ve

there. any trends curious you’re So seeing about

take the Thanks the have the and second. bet. question. then you for I’ll You take Laura, first part Justin

Kokai So is. what explain let me first,

that we more word the is believe we Japanese a open for to And is important chose business to make open build because why companies and this ways. a us is moment to Kokai of Internet in a in very reason or possible that for the variety waters. more means So it open

sell to their being them of One products.

in then – resellers bringing of And the with so whether selling is then is to in time, all table. are in value-added first-party ways that’s have the on we a the product So that contextual data, our particular, ways. that’s algos, whole there’s data, data their bunch other whether advertisers, many

really in those has X mission, categories And built overarching Kokai sort as so major the or of with pieces.

the you’ll recall, and announced Galileo we people massive launched partner of this first-party data. we year, onboard improvement can the also of where their portal to to so that Kokai, integrate earlier data is a first creation The use

AI the second use The is platform. our of across

all, very a of then so in if algo learning we create – And actually which specific them variety Koa recall trying in deep using platform that something applications ways before that was you that You’ll we one our will, different in very we that the to very rather rule is for than to platform models we’re disciplined trendy. launched AI different across way, it XXXX it and in AI distributing called and a

try to avoid.

create essentially balances way AI A/B that make better we the that tech checks improvements certain having we works, and the is providing in always auditability. can that by and can So and testing

thing is third The measurement.

we onboarding. first, improved data So

distributed Second, AI the throughout we system. improved

sum we the Third, user-generated of helping then we improved videos to better comes the measurement of data retail using being their put so And with up can especially Retail ways of We retailers and worse on premium new together we’re see of take of advertisers versus different efficacy the Sales Index, that way the parts. ads, TVQI, of or than benefit a a Quality we Index, came that TV is that so measuring, the of all content. where from the variety data. cat which content often measure couple they’re

in the second will fourth, the of year, there Then experience. user be a half new

that’s the the of corner, of because right around So year. we’re second course, half in the

for excited and That better I’m what about run, even the So CTV what it as U.S. that because comes is something performance very the among than with very before but years. better well. excited not upgrade what had to and measurements our it’s new. across is is most and behaviors better means. much and then last about which much over integrations And we’ve board I decisions XX making create means. to going impact the better get they’re believe ever, is see this impressive biggest forecasting, last buyers least the and they’ll that they

Kokai but I be – say relief. expect because this the behavior, requires expect adoption is year don’t year. that to the of during the most this to the during lots be change time busiest there I our time lots because successful, So in our to excited adoption of will a biggest but about, be it requires busiest of I

taking we again half of Laura, performed. the this But question? go the into in of that to enhancements. you seeing do But some and especially seeing buying once XXXX, lot XXXX. mind performance most we’re as already is rollout a mentioned we And will reaped second that of I expect the some the way the change so the couple media already, first seeing XXXX be benefits of impact

around improve in our we we’ve continued On so June growth progressed. saw absolutely. visibility and And QX. the accelerate improving XX% in great to Justin. XX% linearity and that’s on a exited Yes, seen June we continue trajectory, where in from of year-over-year July, We QX. QX, to year revenue throughout Thanks, north as see trends far

the to we accretive is So we same we’re rest media the have which reasons a to continuing in see strong QX this few quarters, digital been all the of that advertising of and which for that in spend, expect strong over year. outperformed growth last retail us in international CTV,

So half and well second we of move into positioned further we even – XXXX. the remain I out for believe as XXXX are

is with Wells question Brian Fitzgerald next The Fargo. from

we’ve CTV built some in seen SSPs. developments around Jeff, around "premium" marketplaces

they programmatic really more manage get exchange may are with willing on maximize marketers, expressiveness As as budgets for in that getting you which or some ROI? focused precision be some talk a give to to lower possible you the do of or sense up with they a tax precise their CTV as

Yes. Thanks question. for the

or they he from linear saw I just I – me So describe programmatic the SSPs, PG, we about – of are moving where first with how And guarantees. that about over CEO the conversation were people let one are talking budgets traded a he just traditional had that talking sorry. of and just things. agreed or television And as publicly

always traditional place better. decisioning they’re moving as often he in where first. budgets, for over both as agreed, a much, spend is they’ll TV spending much They’re and from looking guarantees end or As because with linear. I But they programmatic decisions

of decisioning platform that So across we’ve the in CPA were general, recently decision. it the on basis decisioning to costs to a you it – it’s in found if we in And or an value order savings, done is PG. and Xx some to decisioning better compared studies save of say in performance the terms in XX% of the on CPA order to or

are wrong. power more it usually, on that an But than the decisioning, sometimes long-term take on-ramp, things that’s PG to the justified comes incremental exactly move the the on-ramp. the get by you is which freeway, you’re case, whatever our and is doing the SSPs on it’s tax, in it where their to on-ramp And leadership even an So stay comes, towards XX%-ish rate as why and that but the rate, if compare you decisioning We it predicting of table. that is take put you freeway. a

And so premium move are think there will term moves see we think, programmatic very short term, that some data that’s guarantees and around long centered what these the decisioning we SSPs usage. the in happening, see happening. especially That’s broader towards PMPs but what be towards we that

The next Research. question New from is Dan with Street Salmon

pretty is use how integrations to doesn’t you I got happy done any mentioned love on anchored could purposes. an it’s second, the markets? Apple a X-parter to you feel obviously, industry act private existing comfortable goal? as a public here. marketing that Is Or for then clear well. with Jeff, Are you us e-mails increasingly administrator of yet with an address, you’ve you’ve exactly an that And important update with various something for lot do identity give you’re e-mail discussions the of And a maybe got having Is that in bodies UIDX as you? matters you by that relationships? still

consent advertising that be data. of Any first-party seems would collects when great. in digital level views Apple because on that fine consent uses UIDX also

Yes.

the is just order I around comments in go of So because think your important. Apple me let reverse significance

ecosystem Apple So us which any and of putting and are in over over an is our incidentally address ID, e-mail again. in the Apple that operate over

we most we’re it of we’re fact, time. even the not putting in know don’t why even – In

You’re asked to put it in.

they put before you the you’re do in to have put said and wouldn’t to And And Apple that and identifier can many it say, asked You personalization. that it are you updated then leverage so provide Apple has their in. they of you then ID provide asked again. they used that again why? personalization, they then e-mail-based things

not that, It’s platforms that’s world, the one validation with across ways It of Snowflake, around across and privacy- is that’s the Disney, a the at that personalization whether of dissimilar at whether is also in companies of biggest leveraging on to at built the based the provides that address e-mail e-mail-based are Google centric just of are whether that’s UIDX identifiers. empires course, Amazon, there’s Apple, Internet. some the companies that, that which massive biggest exactly which is used at provide most and hundreds think an I of many from

because allergic entire to ecosystem their an on that Apple don’t e-mail-based think them identifier. is the fair is built So is I comparison

to Most that As not the it our UIDX. privately. public relates of administrator it’s of Honestly, are important. integrations done

course, at public it’s administrator, certain difficult continues issue, times find. right that very course, vision that is of off to comes willing be to protecting somebody right Of public thing to if That to that the the administrator, the Internet. but it stand and it shares hand up of and for even is can open And the do not to to popular. hasn’t were make and been we as it We yet. if look happy pressing a want it as scale more

we’ll that. it but in anything that And slowed deliberate not be about, very down so that’s something having not has

rush So we’re the to not quo. status change in any

Our question with Benchmark. from next is Mark Zgutowicz

was earlier it’s you advertisers just get isn’t that of benefits privy had I you. to I I’m world. used predominantly pubs between how think – and said as large signal UIDX made, you more mechanism because just to curious a and how a comment clarification you data Jeff, hoping regarding in that cookie-less is And matching sort

trying just that to So bit understand more. a I’m

overcome and per if giving regarding I’m there’s hesitancy hearing you that natural then pubs agree more inventory a autonomy OpenPath, to you view with se. curious among large just or we’re how you CTV that And secondly, into their appears that it. publishers,

Yes. the Thanks for Mark. question,

that in. saying we we been away have have saying an in an form to to by going And be strategy of So to you from of on the leverage and every to encouraging publishers, bringing that an identity the needs is Very outside few to to the authentication in those advertiser UIDX finding advertisers, cookies identity to be. some some log-ins mean effort reason there publisher why authentication, on needs log-ins, those people every strategy. certainly companies to that been potentially case leveraging them. we could benefit We’ve to strategy. Internet demand And level ecosystems have log it particular there have you’re needs provide leverage their that that And to the the are way their personalization or the make leverage hasn’t are own those much been authentication to advertising publishers. possible for to they way

movement. – are If with cookies of to. quickly. away, and until wait the to." were to are need I’ll publishers, among the goes a with go many When to, GDPR, until changes up well, dramatically drill personalization changes they saw make saying, have right IDFA I saw make fire they have publishers There working I this so were that the create for to we GDPR where for around very they many and will we We have that quickly wait saw again. the to "oh, this publishers

in clothing I of I Think not want if of companies pay." to have take log-ins. have would when authentication very a business everybody those the I of at that per poses their you’re $X get they’re here. And you website, from longer remind stake furniture goes you down, no that’s per I what’s that to of I saying, "Oh, almost because going many more beginning to say you’ll to quickly journalism stay struggled CPMs due to to every today. think where Internet. website away it print then relevance that to around. they stay again, a so from a And $X threat make ad they And significant But why how see to or if just leveraging of before a articles cookies journalism. the X at go lot amount get can X out revenue see dissimilar And

first address, off. your The in very thing e-mail type get you is you’ll XX% see

it those going content, UID to and end-to-end the your will e-mail authentication type be has will address, Internet. would get thinking only you in access away thinking If a create web that cookie problems you without much browsing that the across much make will then problems can more more so personalized create and that that

again, because some fewer, to that is we available the And fewer million if we from stronger the on be and ads slightly can second, go much of million much, in upgrade. slightly identity those, or every XX cases, an buy, down reliable, X the that but signal there’s

So there’s of room upgrades. for a bunch whole

to relates enhance try space to an their at ad-funded the and of enhance and the those. you’re question, discussion priority As seeing grow discussion around options, The There’s thing all-time grow now, amount ad-funded companies that to of content. working right describing CTV because of the the really on profitably quickly that many are terms lots say pressure not your are would I’m integrate. lots obstacles. to way There’s it OpenPath of companies, we high that say they’re is to and would in I around to trying fund the I same of very in to streaming the

creates And so often, they’re efficiency looking at supply OpenPath efficient ways a more and chain. to create more

supply So something that efficient home very more a of evolution streaming. is chain and step where dollar they take the so CTV ad in an percentage a next there’s of important a greater

with Kelley Mark Stifel. from is question next The

since seeing competing on Great. here. And any And any or it’s thoughts MediaMath over that would we’re you mentioned share be verticals bankruptcy? impact from DSPs Jeff, Any I ask But about index? gains, I you maybe color wanted stick will to to from other Laura time the you’re great. if whether you think one there under

Yes.

see impacts our to business. some So we definitely

first say, smaller is me MediaMath let just are. exponentially we So than essentially

it’s are So definitely there lift, benefits. but a some not huge

employees. One of the was places first with

a things built some that had they We what have perspectives some a And right. did we respect lot also for they had things they on of and different of lot did.

MediaMath So from added team we’re company. excited a to our to have the few people

a But anything different come them. we’re running anybody sort a sizable as again test result those also They next There’s most cases, process. we variety MediaMath I deliberate run slow especially of put business of think advertisers together world. that those But in as or business win more walk, increase do, result, once we’ll won business a of were paces, they that that crawl, a crawl, And will as year. outright. that run it where I grabs. the expect in of especially from to run upper we benefits where there’s as a with In much a space walk, platforms. some They cases efforts, anticipate is some in be sort each of the plans see but at all on what benefiting been

can call Thanks, the Mark. John, please you And out? close

Absolutely. This concludes your today’s conference, for your lines disconnect and this you Thank participation.+ may time. at you