The Trade Desk Inc-A (TTD.US) 2026第二季度业绩电话会

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会议摘要

The Trade Desk reports Q2 revenue of $715 million, a 3% year-over-year increase, with a 34% Adjusted EBITDA margin. Despite macroeconomic pressures affecting major brands, the company highlights growth in EMEA, APAC, CTV, and audio channels. Strategic initiatives include upgrading the platform with Zuma, launching Audience Unlimited for simplified third-party data activation, and deepening client relationships through Joint Business Plans. CFO discusses disciplined investment priorities, emphasizing operational efficiency and high-priority opportunities. The company remains confident in its long-term growth potential, addressing investor concerns on pricing, AI integration, and profitability.

会议速览

Trade Desk's Q2 2026 Earnings Call: CEO and CFO Discuss Financial Performance and Forward-Looking Statements

The call began with a welcome message for the Trade Desk's second quarter 2026 earnings conference. The CEO and CFO were introduced, and the importance of the earnings release and forward-looking statements were highlighted. The discussion included a disclaimer on risks and uncertainties, and the presentation of both GAAP and non-GAAP financial data. The call was set to provide a comprehensive view of the company's operational performance.

Navigating Economic Challenges and Growth Opportunities in Advertising

The dialogue discusses the impact of macroeconomic pressures on large brand advertising, particularly in CPG and auto sectors, highlighting shifts in consumer behavior and advertising strategies. Despite challenges, the company reports growth in various regions and sectors, emphasizing long-term partnerships and strategic planning for continued success.

Revolutionizing Media Buying: Addressing Measurement Challenges and Enhancing Brand Building with Audience Unlimited

Focusing on controllable factors, the company is tackling industry measurement issues, advocating for fair value assignment across customer journeys, and collaborating with major media, measurement, and data firms. They're also advancing Audience Unlimited, simplifying third-party data activation, and achieving efficient campaign results, making pricing a non-issue with a subscription-based model.

Revolutionizing Marketing Decisions: Launching Zuma for Enhanced Platform Usability and Strategic Partnerships

Introducing Zuma, a significant upgrade focusing on improved platform usability, enhanced AI, and streamlined workflows. The company emphasizes decision buying over programmatic guaranteed, aiming to create universal understanding about value-based purchasing among top advertisers and agencies. With a strengthened leadership team and commercial organization, the company is committed to evolving its approach to meet marketing decisions at higher organizational levels, ensuring strategic partnerships with global brands and agencies.

Expanding Digital Advertising Opportunities Through AI and Retail Media Partnerships

The global advertising market's evolution, driven by AI and retail media, presents vast opportunities. Objectivity and data activation are key to success, as seen in partnerships with major retailers and brands, expanding addressable markets and driving business outcomes.

Strengthening Confidence in Trade Desk Amidst Market Expansion and Partnership Deepening

Expresses unwavering belief in Trade Desk's future, highlighting market growth, competitive edge, and strategic partnerships as key drivers for long-term success, despite acknowledging short-term hurdles.

Investing in Growth: Emphasizing Strategic Priorities and AI in Digital Advertising

The dialogue underscores the importance of strategic investments in AI and digital advertising, focusing on creating long-term value for clients and shareholders. It highlights the commitment to disciplined investment, platform usability, and strengthening relationships with major brands and agencies for sustainable growth.

Q2 Financials Highlight Growth in CTV, Audio, and International Markets with Strategic Investments in Platform Infrastructure

CTV and audio saw double-digit growth in Q2, with CTV accounting for a low 15% share of business. Mobile represented 20%, display a low double-digit share, and audio 7%, growing at a higher rate than other channels. Revenue breakdown shows US at 83% and International at 17%, with strong momentum in EMEA and APAC. Investments in platform infrastructure, including transitioning to owned data centers, are driving efficiency and positioning for future growth. Q2 financials reported net income of $64 million, adjusted net income of $158 million, and strong cash and liquidity position, with $136 million in free cash flow. Outlook for Q3 projects revenue of at least $650 million and adjusted EBITDA of approximately $160 million, with continued investment in key opportunities and improved operational efficiency.

Prioritizing Growth and Innovation Amidst Business Challenges

Discusses strategies to stabilize the business including upgrading COCI, enhancing product innovation, and expanding Audience Unlimited. Highlights focus on enterprise COCI growth through JVPS, doubling down on partnerships, and team development to accelerate growth, aiming for stronger positioning and durable growth despite macroeconomic pressures.

AI's Role in Ensuring DSP Model's Relevance in Digital Advertising

Discusses how AI enhances DSP decision-making, emphasizing the need for data trust and exclusivity, and argues that AI integration strengthens rather than disrupts the DSP model, positioning AI as crucial for future success in digital advertising.

Long-Term Profitability Framework Amid Economic Uncertainty and Pricing Philosophy Adjustments

A discussion unfolds on maintaining a long-term focus for business growth and profitability despite economic challenges, emphasizing strategic investment and disciplined resource allocation. The conversation also touches upon evolving pricing strategies to align with advertiser needs and stabilize the business environment.

Balancing Value Addition and Pricing Strategy for Sustainable Growth

Discusses the company's pricing philosophy focusing on value addition over cost, emphasizing the importance of maintaining a stable take rate while introducing new products and services. Highlights the confidence in the current pricing model and the ongoing effort to simplify pricing without altering the net number significantly, attributing growth opportunities to simplification and execution improvements.

Strengthening Agency Partnerships and Focusing on Growth Amid Economic Pressures

Discusses strategies for enhancing product offerings, team capabilities, and operational efficiencies to drive growth. Highlights the importance of agency partnerships, particularly during transitions, and outlines collaborative efforts on white-labeled products and AI technologies to leverage data assets and improve decision-making.

High-Profile Hires Bring Expertise to Trade Desk for Enhanced Go-to-Market Strategy and Data Partnerships

Announcements highlight key hires with backgrounds in retail media, advertising, and customer experience to strengthen data partnerships, measurement products, and premium internet advocacy, aiming to revolutionize the company's approach and market penetration.

Confidence in Independent Premium Platform Amidst Competitive Landscape

Discusses the competitive advantage of an independent premium platform in the programmatic space, emphasizing objectivity, AI-driven decisioning, and trust as key differentiators. Guidance philosophy is data-driven, reflecting current business trends with limited visibility, aiming for credibility and rigorous execution.

Analyzing Business Fluctuations Amid Macro Pressures and Future Automation Outlook

Discussed factors impacting business from Q1 to Q2, highlighting macro and auto CG impacts, customer pressures, and growth in areas like CTV, audio, and data partnerships. Emphasized strong performance in JVP signings, EMEA, APAC, and China, despite a few large customers facing challenges. Outlined future strategies focusing on automation tools and leadership team contributions for enhanced growth and recovery.

要点回答

Q：What are the main challenges that large brands are facing in the current economic environment?

A：Large brands are facing challenges due to macroeconomic pressures, with lower-income consumers being impacted by economic pressures, leading them to favor cheaper media over the best media. Additionally, categories such as CPGs and FMCGs are experiencing unique pressures, with some businesses reducing budgets and others opting for lower-cost methods of advertising like programmatic, guaranteed, and fixed price deals.

Q：What are the unique pressures faced by CPGs and Autos?

A：CPGs and Autos are facing unique pressures where the consumer bifurcation is squeezing their customers. High-income consumers are performing well, while lower-income consumers are not. This has impacted packaging, advertising allocation, promotion strategy, and the go-to-market approach. Both categories are creating new advertising strategies and some are temporarily reducing budgets while others are opting for lower-cost methods to formulate new marketing plans.

Q：Why is The Trade Desk focusing on programmatic, guaranteed, and fixed price methods?

A：The Trade Desk is focusing on programmatic, guaranteed, and fixed price methods as these approaches allow buyers to lower their transaction costs in a buyers' market and work with sellers who are willing to relinquish decision-making for lower costs. This approach is short-term but is seen as a deliberate strategy to navigate through economic challenges.

Q：How is The Trade Desk responding to the macroeconomic challenges?

A：The Trade Desk is focusing on things it can control, such as continuing to support customers and agencies with an emphasis on its product. It is excited about its product roadmap, which includes innovations to make media buying better, improve measurement, and address the issue of brand building. The company is working on upgrades like Zuma, which will enhance platform usability and the user experience, ultimately demonstrating the value of decision-based buying and creating value for the biggest brands and agencies.

Q：What is the new approach to measurement and brand building that The Trade Desk is working on?

A：The Trade Desk is working on a new approach to measurement and brand building that addresses the broken standards within the industry. The goal is to develop a more fair and comprehensive way of assigning value across the entire customer journey, which would give marketers greater confidence in understanding where their advertising creates incremental business results. This initiative involves partnerships with media, measurement, and data companies.

Q：What are the features of Audience Unlimited and its impact on advertising?

A：Audience Unlimited is a product that simplifies how marketers discover and activate third-party data. It features a new pricing approach that makes the cost of using third-party data a nonissue. Initial results have been encouraging, as a global advertiser was able to reach incremental households more efficiently with Audience Unlimited compared to a prior campaign.

Q：What is the significance of the upcoming platform upgrade, Zuma?

A：The upcoming platform upgrade, Zuma, is significant as it focuses on improving platform usability. It includes enhanced navigation, streamlined workflows, troubleshooting, and an overall more intuitive user experience. This upgrade is expected to improve workflow efficiency, leverage AI more, enhance design, and improve the interaction between humans and machines, ultimately making it easier to demonstrate the value of decision-based buying and aiding in revenue growth.

Q：What are the strategies and changes that the company has implemented to maintain its success and position in the market?

A：The company's success is within its control and it aims to be a strategic business partner to leading marketers. New leaders have been brought in to help the company reach the next level, with a focus on enhancing company leadership and willingness to challenge assumptions.

Q：How has the company strengthened its leadership within its commercial organization?

A：The company has heavily invested in strengthening leaders throughout its commercial organization, recruiting hundreds of experienced managers and vice presidents who know how to build strategic relationships with large brands and agencies.

Q：What is the speaker's perspective on the current state and future of the global advertising market?

A：The speaker believes that the global advertising market is changing significantly, with an annual estimate approaching $1 trillion. The market is evolving as search becomes more competitive and connected TV creates more inventory and choice, AI is expanding the addressable market for digital advertising, and marketing is generating exponentially more data and complex choices that require objective decisioning.

Q：How is the company positioned to help brands activate their data and work with retailers?

A：The company is positioned to help brands activate their data by creating mutually beneficial partnerships and is one of the largest programmatic partners for many brands. In retail media, the company has partnerships representing over 80% of US retail sales, including a renewed partnership with Walmart, and believes its objectivity helps retailers collaborate with brands.

Q：What is the importance of objectivity to the company's partnerships and how does it help brands?

A：Objectivity is important to the company's partnerships as it allows for a better alignment of interests with brands, enabling the company to help them activate their data where it creates the most value. This approach has led to deep relationships with major brands.

Q：What are the areas of focus for the company moving forward?

A：Moving forward, the company plans to be more disciplined in its investments, focusing on a small number of priorities that create long-term value for clients and shareholders. These priorities include continuing to make the platform easier to use, focusing on commercial strategy, and deepening relationships with major brands and agencies.

Q：What were the company's financial results and growth areas in the second quarter?

A：In Q2, the company's revenue was $715 million, up 3% year over year, with Adjusted EBITDA of $241 million and a 34% margin. Double-digit growth was exhibited by CTV and audio, with video (includes CTV) representing a low 15% share of the business. The company saw growth across several verticals, including medical, health, automotive, and travel. Geographically, the U.S. represented 83% of revenue, and international markets saw strong momentum.

Q：What are the company's priorities for the remainder of the year?

A：The company's priorities for the remainder of the year include continuing to invest in its highest priority opportunities, building a more disciplined and scalable operating model, and focusing on execution to deliver stronger, more durable growth and improved profitability.

Q：What are the strategies mentioned for ensuring the company's success and growth?

A：The strategies include upgrading Coci and launching Zoom in to enhance platform usability and get the best out of AI. Key focuses in product and measurement are also highlighted, aiming to help major brands understand where incremental business outcomes are coming from. The company is ramping up Audience Unlimited, which has shown remarkable early results, and plans to make it available to more customers to further improve their experience on the platform.

Q：How is the company addressing the macro pressures and positioning itself for future growth?

A：The company is focusing on doubling down on joint ventures (JVPs) and growing their relationship with partners to ensure a strong future. They are investing in teams dedicated to growth, which has seen a 250% year-over-year increase in their book of business. The majority of the top 100 accounts are growing in double digits, showcasing a healthy state across most parts of the business. They are also investing in industry leaders within their leadership team and providing them with the necessary time to get up to speed to aid in the company's growth.

Q：What is the view on the future of the DSP business model in the age of AI?

A：The view is that the DSP business model will not be disrupted by AI. Instead, AI is seen as the essence of being a DSP, enhancing the platform's ability to decide which impressions to buy or not, based on analyzing 20 million ad opportunities per second. The emphasis is on the importance of trust and data preservation for big brands, which current major platforms often fail to provide. The company believes that those leveraging AI to lead the next chapter of this race will be the only winners.

Q：What is the investment philosophy regarding the business and how is it responding to the changing advertising environment?

A：The investment philosophy is to invest with conviction in areas that provide attractive returns while being disciplined elsewhere. The company is committed to evaluating investments and allocating resources rigorously. They believe that this approach will enable them to drive stronger long-term growth and profitability. Specific strategies mentioned include staying focused on long-term goals, updating stakeholders on the progress, and maintaining a strong commitment to customer value, which has historically resulted in a stable take rate over time.

Q：What are the disconnect issues between opportunity presented and short-term guidance?

A：The disconnect issues refer to the difference between the growth opportunities presented across various modalities and the short-term guidance provided. The speaker suggests that understanding the impact of controllable themes versus non-controllable external factors, like the macro environment, is essential.

Q：What is the current status of the relationship with major agencies, particularly with policy?

A：The speaker indicates that the relationship with major agencies, including policies, is strong and that these agencies have been critical to the company's success. Although there have been periods of transition and public disputes, which are resolved, the partnership with each agency, including Polas, has been phenomenal. The speaker highlights ongoing joint business plans and collaborations on white labeled products and AI technology.

Q：What are the controllable themes and how are they being managed?

A：Controllable themes include the products shipped and the team enhancements. The company has been focusing on improving its product and team, as well as executing operations, allocating resources, and scrutinizing them to ensure alignment towards growth.

Q：What is the significance of the company's relationship with agencies and their current state?

A：The significance lies in the fact that the company built its business on strong relationships with agencies that have been critical to its success. The current state involves these agencies being in periods of transition, but overall, the partnership remains strong, and the company is optimistic about future plans, such as better integration within agencies and improved decisioning using AI.

Q：What are the impacts of new management additions to the company?

A：New management additions are expected to bring significant value to the company, with each individual contributing unique skills and expertise. The speaker gives specific examples, such as a new Chief Commercial Officer who leads data partnerships and enhances measurement products, and a Vice President of Customer Experience who focuses on premium internet and helps communicate value to major brands.

Q：What strategies and philosophies support the company's market share growth?

A：The company's strategies for growth include focusing on an independent, premium, platform-based approach that prioritizes objective decisioning. This model is supported by a diverse ecosystem with many players competing for market share. The company holds a significant market share in the programmatic space, especially for the open internet. The speaker believes the model works because it involves first-party data and trust from major advertisers, which requires objectivity and data protection.

Q：What is the common misunderstanding about platform rates mentioned in the speech?

A：The common misunderstanding about platform rates is that a 4% charge by one competitor may seem better than an 8% charge by another, but when you aggregate the costs including the media, the comparison changes. A 4% charge for a trade desk does not mean they are twice as good as a trade desk charging 8%, because the media cost in both cases is the same.

Q：Why is objectivity important in the current digital marketing context?

A：Objectivity is important today and will be more important in the future because in an AI-driven world, the premium on trust is going up. People are looking for partners they can trust, and there will be a growing separation between companies that align their interests with their clients and those that do not.

Q：How does the speaker describe the importance of decisioning in media buying?

A：The speaker describes decisioning as extremely important in media buying because unlike in the stock market where random purchases can still yield good results, in media, random buys will almost always result in failure. Having an objective decisioning engine that leverages AI, protects data, and provides measurements and audience insights is crucial for making effective media decisions.

Q：What is the company's guidance approach and how does it reflect on the current business trends?

A：The company's guidance approach is data-driven and reflects the current trends in the business. They emphasize being credible and grounded in data without making the guidance保守 or aggressive. The visibility on business trends is limited, and they do not assume any meaningful improvement in the environment during the quarter.

Q：How does the company's current business landscape differ from the past?

A：The company's current business landscape differs from the past due to a handful of businesses, often large, being under pressure which leads them to make short-term decisions that could harm them in the long term. However, most of the company's customers and business is doing very well and they have growth across almost every category and geography.

Q：What growth figures and trends are highlighted by the company in Q2?

A：In Q2, the company highlighted that they have signed over 200 new value propositions (JVP) representing 38% year-over-year growth, and the job processing (JBP) growth rate is six times higher than overall revenue. The majority of the top 100 accounts are growing double digits. CTV and audio grew double digits again, with audio becoming the fastest-growing channel and representing over 25% of the company's business. EMEA and APAC have had almost 30% year-to-date growth, and China's market is now growing over 1% year to date. There has also been over 50% year-over-year growth in CTV in both EMEA and APAC.

Q：How is the company's leadership team contributing to future success?

A：The company's leadership team, which is mostly new, is contributing to future success by being given enough runway to get up to speed and make substantial contributions. Their work and expertise are anticipated to make the comeback story even more exciting and impressive, thereby accelerating the company's future success.

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