Good day, ladies and gentlemen and welcome to The Trade Desk’s Third Quarter 2022 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chris Toth, Vice President, Investor Relations. Sir, the floor is yours.

Thank you, operator. Hello and good day to everyone. Welcome to The Trade Desk third quarter 2022 earnings conference call. On the call today from our Singapore office are Founder and CEO, Jeff Green; Chief Financial Officer, Blake Grayson; our Chief Revenue Officer, Tim Sims. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section. Before we begin, I would like to remind you that except for historical information, some of the discussion and our responses in Q&A may contain forward-looking statements, which are dependent upon certain risks and uncertainties. These forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. Actual results may vary significantly and we expressly assume no obligation to update any forward-looking statements. Should any of our beliefs or assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings. In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures can be found in our earnings press release. We believe that providing non-GAAP measures, combined with our GAAP results, provides a more meaningful representation of the company’s operational performance. With that, I will now turn the call over to Founder and CEO, Jeff Green. Jeff?

Thanks, Chris, and thank you all for joining us. As Chris mentioned, I am thrilled to be speaking with you today from our Singapore office, our South Asia headquarters. This is the first time that I have been in Asia since January of 2020 due to the global pandemic. And it’s been great to reconnect with our team, our clients and our partners here in-person this week. Asia as a whole is crucial to our long-term growth and it’s always inspiring to spend time here, more on that later, but first, on to our results. As you have seen in the release, The Trade Desk posted another very strong quarter with revenue growth up 31% year-over-year. We continue to gain share as advertisers embrace the precision and relevance of data-driven advertising on the open Internet via our platform. Throughout 2022 and in particular, in Q3, The Trade Desk has significantly outperformed seemingly all other forms of digital with a significant contrast to walled gardens in our ability to win advertising budgets. It is very clear that under the current operating conditions, we are significantly outpacing the market regardless of the macro environment. Our vision and business strategy continues to be validated by our advertising clients. Nearly every single major advertiser wants a world where the open Internet thrives, where competition and price discovery thrive. They want great measurement that works across the web so that they can compare the performance of each site, app or destination to all the others. They want an Internet where relative value can be found as we have predicted CTV is a catalyst for massive change on the Internet, when possible, the power balance is shifting to the open Internet away from opaque walled gardens and systems that aren’t comparable to others. In short, more…

Thank you, Jeff, and good morning, everyone. First, it was great to see so many of you at our Investor Day last month in New York City. We always appreciate the opportunity to dive deeper into the drivers of our business and discuss our strategy in more detail. As our performance in Q3 shows we continue to execute extremely well in the current environment. We continue to grab share and significantly outpace our peers. We again delivered year-over-year revenue growth well into the double-digits, while many companies in the ad funded space have seen low single-digit or even negative year-over-year revenue growth. We have also managed our expenses efficiently, delivering strong adjusted EBITDA and cash flow. Once again, our results reflect the continued shift from advertisers toward data-driven advertising and the open Internet as they continue to shift away from linear channels and walled gardens. Revenue in Q3 was $395 million, representing an increase of 31% year-over-year. While the macro environment has created some uncertainty, which we are not immune to, our platform continues to deliver value for advertisers and we are building trust with our clients for the long-term. During the quarter, growth was broad-based across channels and verticals. We saw continued strength from CTV, which again led our growth from a scaled channel perspective. We are seeing progress in our shopper marketing business as our customers deploy retail data in more and more of their campaigns. And we continue to see positive results as advertisers utilize Solimar to sharpen campaign goals and activate our industry-leading AI. Q3 was another example of our ability to grow top line while scaling our cost structure efficiently, helping to drive meaningfully positive EBITDA and cash flow. Third quarter adjusted EBITDA was $163 million, representing a margin of 41%. I’m proud of our…

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

Hi, guys. Nice job on execution. I had a couple of questions. Jeff, can you expand and talk a little bit more about what you’re seeing with the macro? And then separately, just how you see the setup as we go into next year? And then just as a quick follow-up, Blake, could you just talk a little bit more about the 4Q guide and just some of your assumptions there? Thank you, guys.

Thanks, Shyam. I appreciate the question. So let me first start with the macro and talk about this year. So I don’t know that I have ever been more proud of our performance than what we just put up in Q3. And that’s in large part because of the relative outperformance where most other stocks are either negative or reporting single-digit growth. We put up 31% and we’re doing that in an environment that is a little bit more uncertain. If there was an advertising mix, it would be at an all-time high and it’s hard to say whether that’s because of macro headwinds or mostly macro uncertainty, but it would be high because of one of those themes in each case. But because we’re definitely in an environment regardless of where that’s coming from, where advertisers have to do more with less, it means more that we’re winning share in this environment. And I definitely believe that we’re grabbing land. So I take a lot of comfort in what Procter & Gamble said in their earnings report, which is that we are actively shifting our spend from linear and non-targeting TV into programmatic and digital that is a lot more precise. And so when you look at just the overall macro environment, I just think we’re just doing so incredibly well on a relative basis, that it’s hard not to be proud, it’s hard not to look at what we’ve done and see grabbing land. But when you turn our attention to 2023, and you start to look at all the new inventory that’s going to come into CTV, whether that’s from Disney+ or digital inventory from Peacock or HBO or Netflix or Paramount Plus or Fox or ESPN or Hulu or the fact that we reported in earnings…

Hey, thanks, Shyam, for the question. So your question on Q4, just to start off on Q3, again, fundamentally great quarter, actually pretty steady, too, which was great to see 31% revenue growth off a relatively hard comp last year of 39%. And political has ramped up for us as well. So like you’ve already seen standout performance versus peers who are growing at much smaller or negative rates, again, CTV led the way, still opportunity there. Shopper marketing is ramping up well for us, too. The Solimar adoption is exciting. We’ve got the momentum on UID as well. And so just grabbing share from company zone, and you’ve heard us talk about these JBPs as well. That’s also been ramping and has been strong. And so as you think about, as when we think about going into Q4 in our setup, again, relative to the rest of the industry in Q4, we’re growing significantly faster, which, in my mind, just confirms we’re grabbing share. Advertisers are be more deliberate. I just personally believe we’re in a better position now than we were coming out of COVID. As a Chief Financial Officer or CFO, I definitely appreciate the uncertainty that so many of my peers are facing right now, right? Like the best CFOs are actively working to rationalize the investments that they are making and they are prioritizing the ones that have proven measurable returns. And in that environment, The Trade Desk we gained share because companies are now prioritizing programmatic as the first place to invest that first dollar. So while you can obviously dial programmatic up and down quickly, it’s doing really well for us. And to me, that just shows the power and the value of this model. Now specifically with regards to Q4 a couple of thoughts, not only is our Q4 sequential growth well into the double digits as many app funded companies are flat or negative. We’re actually forecasting accelerating growth on a year-over-year basis in Q4. And I recognize that there’s a political impact in there. But when I just step back a bit and look at a year-over-year acceleration in Q4 in this environment, to me, that’s a standout performance for us and it gives us a lot of optimism about our future and the momentum that we’ve got. And I hope that helps.

Thanks, Shyam. Next question, Holly.

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

Great. Thank you very much. I have two questions. First, maybe, Blake, can you talk about the – how you look at the expense structure for 2023, maybe talk about the puts and takes, growth versus the need to invest more? Do you expect margins to improve relative to where you are for – or will you end up in 2022? And Jeff, maybe going back to connected TV, very impressive kind of both numbers and color commentary. Can you maybe speak to the competitive positioning that you guys have relative to other CTV players? And do you believe that you are actually gaining share or losing share relative to other players that arguably are also benefiting from growth in CTV next year? Thank you.

Blake, first I’ll take the second and Tim, if you don’t mind, adding color after I deal on CTV.

Sure. Hi, Youssef, thanks for the question. So with regards to thinking about expense structure in 2023 and such I really just like stepping back a bit to remind everyone that the business model in the situation we’re in highly desirable, right? We’ve got a situation where we’re driving high top line growth. We’ve got high adjusted EBITDA growth with strong margins. And we’ve got not only strong free cash flow generation, but consistent free cash flow generation. So having all of those working together, which they are, it gives us an opportunity and ability to be deliberate with the choices that we make. I’m just also super proud of our ability to stay disciplined with our investments regardless of the operating environment. I – there’s a lot of companies out there that might have more resources than us that are pausing or even cutting their resources because they potentially invested too aggressively. And we didn’t get ahead of ourselves the last couple of years. I think maybe like some of these companies did, and that’s paid off for us. We have the ability to stay the course and be deliberate about our investments, and that includes hiring. As we think about 2023 specifically, should we see any significant changes in the situation, we definitely have levers available to make changes if we need to. You saw us do that in 2020 during COVID, we can adapt. But still, the expense structure of the company today is better than it was pre-pandemic. But overall though, and I’ve said this on a number of calls, we’re always looking for ways to invest and drive growth that we think pays off for the long run. For 2023 specifically, I would say a couple of things. We do expect return-to-office expenses like travel and live events to return to pre COVID levels. And the other thing to keep in mind is I would expect seasonality of our expenses next year to be a bit more like 2016 to 2019 than they were in 2020, 2021. And just for example, we have our large company event that will finally move back to its regular timing in Q1, it was held in Q2 of this year. That’s just a great opportunity to bring our team together, especially after what’s gone on in the past few years, whether we’re solidifying our culture, framing our strategy versus the opportunity we’ve got. And also just highlighting, again, the discipline perspective we take as a company about driving profitable growth. So looking into 2023, I think we’re in a great position to drive more scale and efficiency and free cash flow. And we have so many opportunity areas to focus on. I’m really excited about that. And then...

I’ll start on CTV and then Tim if you want to speak to it as well. So I really think there’s two parts to talk about on the CTV question. The first is just talk about the category a little bit and then also to just talk about why we win specifically inside the category. So of course, right now, at The Trade Desk, we’re living a secular tailwind that I don’t know that we’ve ever seen before, and I don’t know that we’ll ever see again and that is going to continue into 2023, largely because of the amount of inventory that is coming online. But also as you look across the open Internet, and whether that’s inside of display or native or audio or any other channel because CTV is leading the way in forging the future of identity, CTV is not just leading in our business and not just the most interesting thing happening in programmatic, but it’s the most interesting thing happening in ad-funded media. And so as a result, CTV is the first – is quickly becoming the place where people spend their very first dollar and was not surprised at all to see our partner, Disney+ report 12 million new subscribers. And of course, Netflix added a couple of million themselves on just the promise of an ad-funded option coming soon. So there’s more inventory coming online, programmatic we’ll just continue to drive CTV. And I do believe that very soon, CTV will be the most data-driven channel. And that to me is one of the things to really just focus on in terms of why we’re winning inside of CTV. So why are we winning above everyone else. So in order to be competitive, you do have to be omni-channel. So you can’t…

Yes. Youssef, thanks for the question. And as I look out next year and kind of why I think we’re differentiated and in a position to win, it’s a little bit of what Jeff said. So you’ve got a lot more inventory coming online. So as Jeff pointed out, we’ve got Disney+ and Netflix, they get a lot of the word count in the ecosystem right now. But let’s not forget, HBO Max, Paramount NBCU, Fox, the rest of Disney, Hulu, ESPN, ABC, etcetera are continuing to lean into programmatic. And the reason that they lean into us is if you think about it from their perspective, and they look back at the ecosystem of people who do what we do, a lot of those companies are competing with them. So they lean in heavily with us and they partner with us in a number of different ways, including on identity. So UID2, through our partnership with Disney, I think, is going to be a major catalyst for the CTV category. As a result, that inventory is going to have much richer decisioning going into next year across the entire category. So when I think about 2023, there’s this like perfect collision of addressability and scale in the premium content space that we’ve never seen before. And I think that’s going to be a huge benefit to The Trade Desk because it’s mostly to date in this CTV story. And I think in 2023, it’s going to be a programmatic CTV story. And so I’m really excited for that in 2023 because I think all of these things combining that addressability and that scale is going to create an environment for CTV to be the most data-driven channel in programmatic next year. And I am really excited for that. And as a result, I think CTV is going to very quickly become the first dollar spent in digital media, and I think The Trade Desk is well positioned going into next year.

Super helpful.

Thank you, Youssef. Next question, Holly.

Your next question for today is coming from Laura Martin with Needham.

Hey, Jeff, just following up on your comments about ID on connected television, the MAD data shows that 80% of viewing on connected television is shared does seem to undermine some of the targeting benefits that we had on individual devices like smartphones and tablets. That’s my first question. And then my second is China. You’re sitting in Singapore and you’re noticeably silent on China. So could you give us an update on what’s going on with China and your business these days? Thank you.

Fantastic. Thanks, Laura. Really appreciate the question. So when it comes to shared viewing or the impact that, that has on CPMs or does it pose a threat to the ecosystem or is it a problem for CTV, let me just first sort of answer that emphatically, by saying it’s not a problem for the ecosystem whether you frame it is CTV worth it. The answer is yes. Does it have a frequency capping problem, the answer is no. The bottom line is when we are considering, targeting or customizing ads, there is an individual graph, there is a household graph. Both of those are considered when we are making the placement of ads and shared viewing doesn’t necessarily mean that it’s worth any less. And in fact, what we are competing with is an environment in linear or broadcast television that is almost always shared viewing, but it’s not measurable. So, finally, we have the ability to measure when it’s being shared and when it’s not. And of course, a lot of premium video is on personalized devices. And I have been reminded about it again and again this week as I am here in Asia and reminded how much premium video is consumed on mobile devices. So, household and individual graphs are both considered, but when you compare the sort of spray and pray a broadcast or traditional television, into the efficacy, the targeting, the identity-driven lower ad load with content that is more premium, you put all of that together, the impact on digital is exponentially more valuable than a linear broadcast and the efficacy has gone up way more than the cost. And as that phenomenon continues to unfold in 2023 that Tim was just describing really well, which is that it’s becoming a programmatic story…

Next question Holly.

Your next question is coming from Justin Patterson at KeyBanc.

Great. Thank you very much. Two, if I can. Jeff, as you exit the year and have these data initiatives and OpenPath kicking in the year, how should we think about the competitive landscape and how that looks in 2023 versus what we have observed in the past? If I look at some recent commentary by Proctor & Gamble, it seems like there is a lot more programmatic budget and relationships up for grabs heading into next year. And then for Blake, I appreciate your color on the Q4 guide. Could you please put a finer point on some of the trends you observed quarter-to-date? And how we should think about growth over the rest of the quarter? Thank you.

Yes. So, I think you are right in that. There is more and more budget that’s going into programmatic. I think the commentary that we have heard from Procter & Gamble is indicative of that. As you have heard us say before, the supply chains of the open Internet, but really the supply chains of the entire ad-funded Internet have become a little bit murky and as often happens when markets mature, become just much more complicated. So, it becomes more and more important for us to be obsessing about supply chains or supply pads. I have said before that I think one way to characterize the success of Amazon, it is that they have had an executive team that has just obsessed about the supply chain and just making certain that they are getting things as efficiently as possible so that they can deliver to their consumers the best product as fast as possible for the best possible price. We have applied that same sort of obsession to the media supply chain, which in some ways is even more complicated. And we have said, as often as possible, we want to make certain that no one in the middle is taking more in fees or tax than they are adding in value. And we do believe that, that happens a fair amount of time because of complication and because of sort of draconian tactics of some of the biggest tech players in the world. Our way of combating that is to release products like OpenPath, where we plug in directly with the biggest publishers in the world. We have had a number of conversations with content creators, whether that’s in CTV or in mobile apps or in traditional web development, where they have said they don’t feel like anyone…

And then, Justin, just on your question on the Q4 trend, one way maybe to think about it is, it’s a little bit of a tale of two cities like and you have heard us say this before, like or a cave shape recovery, if you will, for certain verticals. Some areas like travel and auto are outperforming and they are making up for lost time. Some areas are more challenged. You have heard us talk about Europe, but as we have said that before. But specific to Europe, as we have said, we have seen incredible CTV growth there, which is amazing in light of the macro challenges. So, it makes me super optimistic for the future for us there. And then the automotive growth, especially it’s been especially exciting to see some gains there. We have won new business and then some more existing from existing customers after a period of volatility over the past 2-or-so years. And so I think that – and then even if you talk about CPG companies, you got some that are doing incredibly well and then some that still have some supply chain challenges as well. So, I think that the breadth of the advertisers and the verticals that we represent bodes super well for us and like there is still areas of opportunity for us to gain share there, too.

Thanks.

Thanks Justin.

Your next question for today is coming from Tom White at D.A. Davidson.

Great. Thanks. Given the elections here yesterday, I thought I would ask a question on political. Jeff, any big takeaways around political ad spend this cycle? Any learnings that we should kind of take away that you are taking away as to the future of political ad spend on CTV and I guess, just digital broadly? Thanks.

You bet. So, one thing that’s happened in the past is that we have seen them sort of focus on social and other parts of political. But what we have definitely seen this time is that CTV is the preferred channel for political advertisers, and it’s playing a larger role in every election cycle. One thing that is just really important for me to note is that as there has been more and more mistrust of specific tech platforms in the political environment, we are really proud of the work that we have done to focus on providing a better democratic process for both sides of the aisle and making certain that our platform is objective and independent so that we can power both Democrats and Republicans and anybody else for that matter. And I think our team has done a phenomenal job over really the last decade in winning trust and providing reassurance to both sides that we are going to provide them with an objective platform that’s going to make it possible for them to do the very best and sort of let the process do its thing. It’s our job to run a better process not to advocate for specific candidates or to get in the middle politics more specifically. And as a result of creating that arm’s length relationship, we once again believe we have run a better process and been a key contributor to running a healthy election. We expect that to grow in 2024 as we move into the next presidential cycle. But once again, CTV plays a very significant role, and we think it will play a bigger role in every election going forward. And we are really excited to see the election or election growth and expect that to continue into the future. So, I appreciate the question.

Thanks.

Thanks Tom.

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

Thanks. Jeff, I want to know if you could talk about your decisioning intensity in CTV maybe versus other channels, particularly in the context of private marketplace deals and things of that ilk. Do you do as much heavy lifting there versus other channels? And do you get pushed back on pricing and any differences in the intensity there and also in CPMs?

Yes. I appreciate the question, Brian. So, we have been asked some form of this question over time in various ways. And it’s essentially to say do we add less value in CTV, or should we be charging less? So, it’s – are just two different ways of asking that question. And I would argue that we add more value in CTV than we do in any other channel. And also the value that we are adding is going up over time. So, the first part of that is the reason why we are adding more value is because the stakes are higher. If you in the stock market, if you buy stocks at random or you buy them all in ETFs, they tend to go up over time. But if you buy ads at random, you will get your kicked every single time that you have to select very carefully. And in the world of CTV, when you are buying very highly expensive or high-cost impressions, the stakes are higher. You have to make certain that you use data to buy the right ones, you have to get reach and frequency right. And I would argue the only platform in the world that manages reach and frequency well on CTV is The Trade Desk. So, we add more value. And as time goes on, when you add more impressions, there is more opportunity to outperform and select more carefully. So, while there have been a series of PMPs or ways of buying and limited decisioning methodologies, those have gone down over time. And those are typically training wheels are on ramps for advertisers that over time are replaced with just high decisioning. And that’s where all of our biggest advertisers are heading. That’s where our product has done. And we think over time that we just continue to add more value for essentially the same cost as we do in everything else, but our take rate having remained the same, pretty much our entire existence as a publicly traded company. So, I think it’s something that has been important for us to clarify. And so I really appreciate the question, Brian.

Thanks Jeff.

Next question.

Your next question for today is coming from Jason Helfstein with Oppenheimer.

Thanks. Jeff, just a UID follow-up, we have heard concerns that publishers are being slow to adopt UID. What can you do to speed up adoption? And how are you thinking about this? Do you agree? Do you disagree? Thanks.

You bet. So, I am constantly reminded that if you sat me down a year ago and said Jeff, write up a dream list of adopters. I don’t think I could have fictionalized or made up a list that’s more impressive than those that we have actually added AWS, Salesforce, Snowflake, Adobe, you heard us saying a year ago that we needed to add the infrastructure of the Internet. And those and hundreds of others represent that infrastructure with now approaching 600 partners. And that doesn’t even underscore the entire infrastructure of the data ecosystem of the Internet, names like Experian or InfoSum or so many others. So, with all of those coming online and then you add the CTV players companies like Disney, who have adopted it, and it will be just really critical next year that all CTV players are leveraging UID in order to get the personalization and the high CPMs that they all desperately need to compete. When you put all that together, I actually don’t have any idea where that assertion is coming from that publishers are going slow. The only way that I could possibly make sense of that, just that some of them, it takes a little bit of time to prioritize and actually implement. But in terms of commitment or signing or prioritizing, it’s there across the board. And we have so much momentum on the issue that I honestly, a year ago wouldn’t have thought it’s possible for us to have the momentum that we have now. And I believe it’s just critical for companies, especially content owners to be leveraging that in order to do well. And you will see us in 2023 push really hard to enable advertisers to bring their first-party data to bear. And I do think that, that will represent a very strong rebuttal to the value propositions of walled gardens and the leverage of first-party data and their ecosystems. Because here, they will get to put their first-party data to work and then measure relative performance, learn from it, take the learnings with them so that they can continue to improve their marketing and not just outsource advertising and marketing to walled gardens, which has historically been the only option that they have had. So, UID plays a really critical role in the future of the open Internet, and it’s doing its job.

Thanks Jason. Let’s take one more question Holly.

Your final question for today is coming from Michael Morris at Guggenheim.

Thank you. Good morning guys. I have two topics I would like to ask about. One about the joint business plan momentum and one about Asia. So, on the first topic of the JBPs, I would love to hear how – if there is some way you could quantify or help us understand how much more valuable a partnership through a JBP is compared to sort of your run rate business or somebody, a partner who is not involved in one of those, how much value does it add? And also how penetrated is the market at this point for those? How much more runway do you feel you have with respect to the kind of addressable market for partners that are of this size that it makes sense for. So, that’s the first topic. And then the second just on Asia. Jeff, you did spend a lot of time talking about the opportunity there. The Asia-Pac market historically has been a pretty tough market for Western companies as they compete with local players. So, I would love to hear a little bit about why you think you can be successful where maybe some companies in the past have not? Thank you.

You bet. Thank you. I am going to have Tim take the first part of the question on the JBPs, then I will add some color and talk about Asia.

Yes. Michael, thanks for the question on the JBPs. I will kind of try to cover everything that you mentioned there. So, first, starting with what’s the difference between a JBP and a typical engagement. One of the major differences in the JBP is that these tend to be multiyear agreements between The Trade Desk and a brand or agency. And they tend to set kind of a partnership framework that often includes milestones for that partnership over that multiyear agreement, which is typically a longer period of time than a standard MSA that we would sign with a client. So, within that framework, typically the way that these work is that the advertiser, we sit down and we set goals for ourselves around things like how do we move more spend into the platform, how do we think about adjusting their investment mix moving it towards more data-driven advertising, how do we think about using platform features that they may be underutilizing. It’s a really great framework to structure how we build a stronger partnership with that brand or agency over a longer period of time. And one of the incredible benefits of that is it creates a lot of stickiness and engagement with our partners over that period of time because we are constantly checking in on achievement against those milestones. And I think the way that we look at those as just these longer term engagements is it really creates a lot of a deeper conversation with our partners so that we can really figure out how we are structuring these that are going to see the best interest of their business and how we can kind of jointly agree on what we are going to try to achieve together over a multiyear period. So, in the end, all that leads to a much more interesting and dynamic conversation and discussion over time. And we are really excited about the momentum that we have right now, and we are expecting to continue to build on that into the future with more JBPs with more clients.

Thanks Tim. Well, said, I don’t have anything to add on the JBPs. I am excited to weigh in on Asia, though, because I really appreciate your question. And of course, we are also all sitting here in Singapore and nearing our 10-year anniversary of being here in the Asia market where we started here in Singapore. So, we have a team in our company that we are not an American company, we are a global company that happens to be based in the United States. And can we be successful in Asia, my response is we already are. 11 markets in CTV or premium video grew faster than the United States for us. So, when I say 11 markets, I am not – I am not talking about it in general. I am talking about The Trade Desk markets. Our spend grew faster in 11 markets for premium video outside the United States than it did inside the United States, the fastest region for growth around the world, Southeast Asia. It grew faster than Australia grew faster than North Asia, grew faster than Europe. It grew faster or South America. And that’s in large part because we are – just like in every other market, creating alternatives, especially UGC, where YouTube has a very dominant position in many of the markets here. But also you are seeing from the content creators that historically, they have had sort of a regional benefit where there is licensing that has prevented U.S. companies from competing with them in their markets. But one of the reasons why you have seen Australia a close rival to leading in terms of size or percentage of market moving to CTV with the U.S., those two leading the way is because with English language content that no…

Thanks Michael. And Holly, you can close up the call.

Thank you, ladies and gentlemen. This does conclude today’s conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.