Now, moving to specific topics regarding Trade Desk strategy, why do you believe Trade Desk has been fostering direct relationships with advertisers instead of going through agencies? Has that always been the company's approach?

Ultimately, what happened is that The Trade Desk invested in technology that can be leveraged, whereas the holding companies did not. This means that if I'm a trader or media planner at a holding company, I might only work on one campaign or book of business because it's very manual and difficult to work through different DSPs and publishers. However, if I'm at The Trade Desk, I can use technology and the platform to work on several accounts simultaneously, leveraging resources through technology. This creates natural friction between agencies and The Trade Desk. Like all other platforms, The Trade Desk aims to reach the end decision-maker responsible for budget decisions.