The Trade Desk Inc-A (TTD.US) 2025第三季度业绩电话会

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会议摘要

Earnings call highlights 18% revenue growth, CTV as fastest-growing channel, leadership in open internet, innovative product introductions, and strategic focus on AI, retail media, and international expansion for continued 2026 growth.

会议速览

Trade Desk's Q3 2025 Earnings Call: Forward-Looking Statements and Non-GAAP Metrics

The Trade Desk discusses Q3 2025 earnings, emphasizing forward-looking statements' risks and presenting non-GAAP financial data for operational clarity, alongside GAAP results, during the earnings call.

Open Internet's Growth and the Role of AI in Advertising

The dialogue discusses the significant growth of the open internet and the role of AI in advertising, emphasizing the shift towards premium content and the importance of data ownership for advertisers. It highlights the open internet's advantage in price discovery and competition, contrasting it with closed ecosystems, and predicts a future where AI accelerates the open internet's dominance in the market.

Driving Industry Evolution: The Trade Desk's Focus on Leadership, Innovation, and Platform Advancements

Highlights The Trade Desk's strategic enhancements, including leadership changes and innovative platform developments, positioning the company as a key driver of industry evolution, emphasizing data-driven decision-making, operational excellence, and expanding market reach.

Revolutionizing Digital Advertising: Coca's AI-Driven Platform Upgrade and Its Impact

A company's focus on AI and machine learning has led to the creation of Coca, a platform upgrade delivering significant performance improvements in cost per acquisition, cost per unique reach, and click-through rates. Coca utilizes distributed AI architecture, enhancing functions like impression valuation, identity management, and campaign forecasting, setting a new standard in digital advertising.

Revolutionizing Digital Advertising: AI-Driven Innovations for Transparent and Competitive Supply Chains

The dialogue highlights a series of AI-powered innovations designed to enhance the digital advertising ecosystem. Key initiatives include Open-Path, Open Ads, Pub Disk, and Deals Disk, all aimed at creating more transparent, competitive, and efficient supply chains. These products not only improve the accuracy of inventory assessment but also empower advertisers and publishers with better tools to manage and value premium ad opportunities. Upgrades to the data marketplace, introduction of trading modes, and the launch of Audience Unlimited further solidify the commitment to fostering a healthy auction environment, incentivizing transparency, and driving growth through AI-driven solutions.

Momentum in Open Internet Business: Growth, Innovations, and Future Opportunities

Discusses significant progress in the open internet sector, highlighting growth outside the US, advancements in audio and programmatic trading, and innovations like Open Ads and AI in path optimization. Emphasizes long-term strategic positioning and the potential for increased market share.

Advocating Transparency and Efficiency in Open Internet Advertising

Emphasizes commitment to the open internet's transparency, advocating for a fair advertising market, and highlights the unique value of open internet advertising over walled gardens, driving performance through innovation and objectivity.

CFO's Vision for Growth and Profitability at The Trade Desk

The CFO emphasizes strategic investments, operational efficiency, and market expansion to capitalize on AI and programmatic advertising opportunities, achieving 18% year-over-year revenue growth in Q3 and projecting robust performance in Q4 and 2026.

Clarifying Amazon's Advertising Strategy and Identifying Key Growth Areas

The dialogue clarifies Amazon's focus on monetizing owned and operated inventory, with minimal emphasis on open internet DSP competition. It highlights the vast potential for growth in the open internet advertising space, emphasizing unique capabilities like UID2 integration and third-party data marketplaces.

Strategic Resource Allocation and Metrics-Driven Growth for Enhanced Business ROI and Market Share

Focuses on disciplined resource allocation for maximum ROI, enhancing metrics-driven decision-making for scalability, reevaluating sales incentives for long-term growth, capitalizing on international market opportunities, and targeting mid-market advertisers leveraging AI advancements.

Navigating Advertising Value Over Price: A Strategic Approach to Competing with Giants

The discussion revolves around the strategy of focusing on value rather than price when competing against dominant players like Google. Emphasizing the importance of objectivity and scale, the argument suggests that advertisers are becoming more discerning, leading to a shift in the conversation from price to value. This approach is deemed crucial for success in the digital advertising space, particularly in differentiating from competitors who may offer services at near-zero costs.

Leadership Transition & Strategic Reorganization at The Trade Desk in 2025

The Trade Desk undergoes significant leadership changes and strategic reorganization in 2025, focusing on strengthening its foundation for future growth. New executives join, and roles are realigned to enhance scaling with rigor and discipline, acknowledging the contributions of long-term leaders who brought the company to its current position.

Revamping Business Strategies for Enhanced Efficiency and Growth

The dialogue outlines strategic enhancements including improved account planning, automation, and AI integration, resulting in significant productivity gains and a stronger market presence. Emphasis on talent development and internal coordination has bolstered client relationships and revenue, positioning the company for sustained success into 2026.

Trade Desk's Strategic Positioning Amid Advertising Trends and Walled Gardens Scrutiny

Discusses the dual macro environment impacting advertising, highlighting forward-thinking brands embracing data-driven marketing. Emphasizes the shift towards scrutinizing walled gardens due to CFO pressure, positioning the Trade Desk's platform and innovations as critical for future growth in the open internet.

Navigating the Buyer's Market: Innovation and Partnerships in Advertising

Amidst a buyer's market, large content owners and publishers increasingly rely on independent partners for third-party demand. Emphasizing innovation, partnerships, and a commitment to open internet advertising, there's confidence in future trends, aiming to direct advertising dollars away from self-grading systems.

Navigating AI Impact on Publisher Inventory and Q4 Revenue Guidance

The dialogue explores the minimal impact of AI on publisher inventory, emphasizing the growth of premium advertising opportunities. It also reassures investors about the company's Q4 revenue guidance, highlighting strengths in decision TV, retail media, and international markets, driven by diverse industry commitments.

Antitrust Trial Impact on Industry and Trade Desk's Preparations

Discusses Google's potential shift towards owned and operated inventory post-antitrust trial, emphasizing the reduced focus on the open internet due to legal pressures. Highlights Trade Desk's readiness for industry changes and identifies key product innovations expected to significantly impact the market within 12-18 months.

Revolutionizing the Digital Marketplace: A Year of Unprecedented Innovation and Advancements in Products and Services

The dialogue highlights a year marked by significant innovation, emphasizing the company's best platform, Coca, and its advancements like deal desk, trading modes, and Audience Unlimited, which are set to revolutionize the digital marketplace and lay the groundwork for future retail and measurement innovations.

Conference Call Concludes with Appreciation and Thanks

Highlights shared, appreciation expressed, and the call concluded with gratitude, inviting participants to have a wonderful day.

要点回答

Q：Which channel is the largest and fastest growing for The Trade Desk?

A：CTV is the largest and fastest growing channel for The Trade Desk.

Q：What changes has 2025 brought to the advertising industry according to the CEO?

A：The year 2025 has brought about innovation and change to the advertising industry with a significantly grown TAM including the expansion from CTV and AI chatbots, and growth in premium content. The supply chain has become more efficient, products have been enhanced with AI, and The Trade Desk is adding more value than ever before.

Q：What is the importance of the open internet for advertisers?

A：The open internet is important for advertisers as it is where price discovery and competition exist, allowing for more efficient transactions and the most loved and premium content to live. It is also where brands can use great video and audio ads to help consumers feel something about a product, service, or opportunity, which is essential for brand building and customer loyalty.

Q：What role is AI playing in the open internet?

A：AI is playing a crucial role in the open internet by accelerating its growth and improving the effectiveness of transactions. AI is also creating a superior price discovery environment, enhancing competition in the market, and facilitating the fungibility of quality content.

Q：How is The Trade Desk positioned against Google in the open internet?

A：The Trade Desk seems to have surpassed Google in the amount spent on the open internet, with industry estimates showing a massive increase in spending for YouTube while Google's buying of the open internet stayed essentially flat between 2019 and the present time.

Q：What recent executive changes have occurred at The Trade Desk?

A：The Trade Desk has welcomed a new CFO and CRO, and recently announced a new COO who has already driven operational progress. Additionally, the new CRO has joined the team from previous roles at Google, Amazon, and Meta.

Q：What systems have been put in place to manage complexity with large clients?

A：To manage complexity with large clients operating at global scale, The Trade Desk has put new systems in place to execute account plans with thoroughness and rigor, which helps every part of the business from engineering to commercial services to create efficiencies and seize opportunities.

Q：How is The Trade Desk continuing to grow its relationships with major brands?

A：The Trade Desk is continuing to grow its relationships with major brands, referred to as 'blue chip', which are operating at global scale often through multiple agencies. The company has seen significant growth in these relationships while simultaneously creating growth and value for agencies.

Q：What is the significance of the new Chief Revenue Officer for The Trade Desk?

A：The new Chief Revenue Officer for The Trade Desk is expected to improve the effectiveness of the go-to-market organization, scale sales, and help grow both within the established client base and with a broader range of advertisers and agencies worldwide.

Q：What major product innovations has The Trade Desk launched this year?

A：This year, The Trade Desk has launched some of the most market-changing products it has ever introduced, continuing its track record of innovation that includes creating a better system of targeting, an AI-powered platform, and pioneering the shift to a percentage of spend for third-party data market usage.

Q：What are the primary identity currencies for ads on the open internet and what are their characteristics?

A：The primary identity currency of ads for the open internet is Uid two, which is described as ubiquitous and has become a standard because of innovations and insistence. Other related standards include global placement ID and transaction ID, which are metadata standards for the open internet.

Q：How has the introduction of APIs and log level reporting impacted the digital advertising ecosystem?

A：The introduction of APIs and log level reporting has enabled an entire ecosystem of innovation, allowing for the viability of businesses that wouldn't exist within walled gardens.

Q：What advancements have been made in platform upgrades and what is the company's focus at TCD?

A：The company has successfully upgraded its platform, with a focus on AI and machine learning, making upgrades easier compared to other Demand Side Platforms (DSPs). At TCD, the focus is on creating the best-performing ads and the most competitive supply chain for digital advertising to win the trust and investment of large advertisers.

Q：What are the benefits of the new iteration of the company's platform, particularly for clients using the 'Coca' experience?

A：The benefits of the new platform iteration, especially for clients using the 'Coca' experience, include increased performance and value to customers. Since its launch, Coca has delivered on average 26% better cost per acquisition, 58% better cost per unique reach, and a 94% better click-through rate compared to the previous version, Solomon. Coca features that are game changers for clients include the use of advanced AI and distributed AI architecture.

Q：How has the adoption of AI changed and will continue to change the business of digital advertising and the open internet?

A：The adoption of AI has significantly changed and will continue to change the business of digital advertising by enhancing the system with an architecture called distributed AI, which allows for parallelization of AI efforts and checks and balances across various functions such as impression valuation, identity management, supply path choice, price prediction, and campaign performance forecasting.

Q：What are the new products launched by the company to upgrade supply chains and improve ad experiences for buyers and sellers?

A：To upgrade supply chains and improve ad experiences, the company has launched products such as Open Path, which connects directly into publisher inventory for transparent and accurate transactions; Open Ads, an open-source option that fosters a healthy auction; and Pubdisk, which publishes data to help sellers improve their sites and inventory. Also, introduced is Deals.usk for better one-to-one deal management, leveraging AI to predict performance and facilitate healthy, forward-looking deals.

Q：How is the company preparing the open internet for the future by encouraging a more transparent and competitive marketplace?

A：The company is preparing the open internet for the future by incentivizing a more transparent and competitive marketplace. This includes the open source version of the Presbyte option, which ensures elements like transaction ID and signature for better reduction of duplication and detection of obfuscation by sellers. Furthermore, innovations like Uid two and others will be made available for review to foster an environment where all participants are encouraged to innovate while maintaining transparency and competitiveness.

Q：What are the new features and product launches introduced by the company in Q4?

A：In Q4, the company announced system upgrades and new product launches including an overhauled data marketplace for a more competitive AI-driven environment, trading modes that allow users to customize their engagement with the system, and Audience Unlimited, which enables the use of third-party data for a single fee, improving campaign efficacy.

Q：What is the company's strategic approach for the open internet and how does it relate to its clients and competitors?

A：The company's strategic approach for the open internet is to maintain its position as the independent and objective Digital Service Provider (DSP) to capture the majority of open internet spend. The company aims to provide better tools to distinguish between premium ad environments and ensure ads are not placed on劣质 sites with too many competing ads. The strategy involves being the trusted 'referee' between buy and sell sides and ensuring that the auction process is fair and trustworthy. The company's efforts, such as open-path and open ads, are designed to create better ad experiences and facilitate transparency, leading to more efficient marketplaces.

Q：What is the speaker's perspective on the digital advertising market and fair competition?

A：The speaker believes that the digital advertising market will inevitably move towards efficiency and that long-term success will be for those who can win in a fair fight. The speaker advocates for fair competition and is excited about progressing that mission.

Q：How does the open Internet compare to walled gardens in terms of advertising value?

A：The open Internet provides compelling value as it is where most consumers spend their time and engage with premium content. It allows advertisers to select ad impressions across all opportunities with objectivity and efficacy, which is not possible in walled gardens or using a walled garden DSP.

Q：What is the role of the CFO according to the speaker, and what are the priorities?

A：The CFO's role involves working with leadership and finance teams to grow the company's share of the advertising market, making the right investments to maintain a leadership position, converting growth into durable long-term free cash flow, and ensuring alignment with agencies and advertisers.

Q：What is the focus of the CFO's growth mindset, and what is the vision for the business?

A：The CFO's focus is on profitable growth, which includes investing in innovation to deliver value to clients, evaluating business aspects like investment priorities and product adoption, and further accelerating the company's growth. The vision is to utilize the company's strong position and opportunities to drive significant growth.

Q：What are the key strengths of The Trade Desk according to the speaker?

A：The Trade Desk's strengths include a large and growing addressable market, a differentiated market position anchored in objectivity for advertisers, strong secular tailwinds, the best technology in ad tech, and a business model built for profitable growth.

Q：How is The Trade Desk positioned in terms of market share and advertising trends?

A：The Trade Desk is well-positioned in the market with a strong addressable market, differentiated market position, and growth across various regions and industries. The company is making investments to capture a significant share of the advertising flow and is committed to capitalizing on growth opportunities.

Q：What are the revenue growth and profitability results for Q3?

A：For Q3, The Trade Desk delivered revenue of 739 million with 18% year-over-year growth, excluding political spend. Adjusted EBITDA was 317 million, representing 43% of revenue. The business grew as a whole, with CTV and audio channels seeing significant growth. Geographically, North America and International markets both saw strong performance.

Q：What are the CFO's priorities for driving impact in the business over the next couple of years?

A：The CFO has not specifically detailed the top areas for driving impact in the business over the next couple of years in the provided transcript excerpt.

Q：How does the speaker perceive Amazon's advertising business and competition with Google?

A：The speaker acknowledges Amazon's success in advertising but points out that a significant portion of their advertising revenue is from sponsored listings, which compete with Google Search and even emerging AI search. The speaker also notes that while Amazon's advertising growth is impressive, their focus is primarily on owned and operated ad inventory rather than competing directly with Google in the search space.

Q：What is the primary focus of the speaker's company regarding their DSP?

A：The speaker's company's primary focus with their DSP is on buying platforms that purchase the open Internet, emphasizing decision data-driven capabilities across the open internet, particularly in high growth areas like CTB. They integrate retail data and third-party data marketplaces, offering unique capabilities such as UID2 for identity and deep integrations with retail data.

Q：What are the two areas the speaker's company is focusing on for growth?

A：The two areas of focus for growth are resource allocation for maximum return on investment and becoming more metrics-driven in all aspects of the company to aid in scaling. The company aims to capitalize on its momentum by continuing to fuel its ecosystem and flywheel.

Q：Who are the new leaders in the speaker's company and what are their roles?

A：New leaders in the speaker's company include a new CEO (Condra), a new CFO (Alex Kyle), and a new CTO (Anders Mortenson). The company has also changed inventory and supply side partner management, with the operational portion of the former CCO's organization moving to the VC and the BD portion being taken over by SVP of inventory development Will Doty.

Q：What changes have been made to improve operations and accountability within the speaker's company?

A：The company has introduced a stronger structure and cadence across the organization, including improved daily business operations, a more effective go-to-market strategy, and better alignment of teams. Automation and AI have been leveraged to drive productivity and improve client responsiveness. They have also streamlined their go-to-market organization, implemented rigorous end-to-end account planning, and have been focusing on strengthening the JBP pipeline. There has been an increase in IC-level accountability and the use of trader scorecards, resulting in improved cost per mille (CPM) and return on ad spend (ROAS).

Q：How has the company's culture and internal coordination improved?

A：The company culture has become more accountable and aligned, with improved internal coordination that has allowed for better collaboration across teams and regions. As an example, a large healthcare brand more than doubled its spend due to tighter internal coordination. Ongoing investments in training and internal tooling and systems are expected to ensure consistency and excellence across every team in every region.

Q：What trends does the speaker from The Trade Desk see in the broader advertising and macro environment that could benefit their business in 2026?

A：The speaker mentioned a 'tale of two cities' macro environment where some large brands in CPG, retail, and legacy advertising are under pressure from tariffs and inflation. However, there is a growing number of forward-thinking brands leaning into data-driven marketing, embracing measurement, and turning to The Trade Desk for real business outcomes.

Q：How is The Trade Desk positioned to benefit from the trends mentioned in the previous year?

A：The Trade Desk is positioned to benefit from these trends by focusing on innovations like Open Path, Open Ads, and PubDsk to deliver efficiencies in the supply chain and maintain objectivity which is critical to their platform's performance.

Q：What is the significance of the shift in how brands are scrutinizing walled gardens, and how is The Trade Desk responding?

A：The significance lies in brands being under pressure from CFOs to question whether the metrics they're given actually map to business results, moving away from easy, self-satisfying answers provided by walled gardens. The Trade Desk is responding by emphasizing its platform's objectivity and alignment with the buy side, as well as its structural shift towards the open internet.

Q：What impact is AI expected to have on publisher inventory, according to the speaker, and how is The Trade Desk helping publishers navigate this?

A：The speaker suggests that AI is expected to make fewer ads per page, potentially creating a healthier ecosystem by reducing the surplus of inventory. The impact on the open internet is seen as de minimis because there's more supply than demand. The Trade Desk is helping publishers navigate this by preserving objectivity and focusing on search-like inventory that will be more competitive and fragmented, creating new advertising opportunities.

Q：What is the anticipated impact of Google's potential changes due to the antitrust lawsuit on The Trade Desk and advertisers?

A：The speaker believes that Google will likely back away from the open internet to some degree due to past antitrust issues and because most of their revenue comes from owned and operated properties, not the open internet. The focus is expected to shift towards a more competition-like model with YouTube versus other user-generated content platforms. Google's shift is not expected to have a significant impact on The Trade Desk's business.

Q：Which two new products does the speaker from The Trade Desk highlight as having the biggest impact in the next 12 to 18 months?

A：The speaker highlights two products: 'Deal Desk', which lays the foundation for an amazing forward market, and 'Audience Unlimited', one of the most significant innovations that will have huge implications for retail and measurement. The speaker is most excited about these two products because they represent major advancements for The Trade Desk's platform.

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