Pinterest Inc (PINS) 2022 Q2 法說會逐字稿

Good afternoon and thank you for attending today's Pinterest Second Quarter 2022 Earnings Call.

下午好，感謝您參加今天的 Pinterest 2022 年第二季度財報電話會議。

My name is Daniel and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Neil Doshi, Head of Investor Relations.

我的名字是丹尼爾，我將成為你今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，投資者關係主管 Neil Doshi。

Neil, please proceed.

尼爾，請繼續。

Good afternoon and thank you for joining us. Welcome to Pinterest's earnings call for the second quarter ended June 30, 2022.

下午好，感謝您加入我們。歡迎參加 Pinterest 截至 2022 年 6 月 30 日的第二季度財報電話會議。

I'm Neil Doshi, Head of Investor Relations for Pinterest.

我是 Pinterest 投資者關係主管 Neil Doshi。

Joining me today on the call are Ben Silbermann, Pinterest's Co-founder and Executive Chairman; Bill Ready, Pinterest's CEO; and Todd Morgenfeld, our Chief Financial Officer and Head of Business Operations.

今天和我一起參加電話會議的是 Pinterest 的聯合創始人兼執行主席 Ben Silbermann； Pinterest 首席執行官 Bill Ready；以及我們的首席財務官兼業務運營主管 Todd Morgenfeld。

Now we'll cover the safe harbor. Some of the statements we make today regarding our performance, operations and outlook, including the impact of the COVID-19 pandemic, may be considered forward looking. And such statements involve a number of risks and uncertainties that could cause actual results to differ materially. In addition, our results, trends and outlook for Q3 2022 and beyond are preliminary and are not an indication of future performance. We are making these forward-looking statements based on information available to us as of today, and we disclaim any duty to update them later unless required by law. For more information, please refer to the risk factors discussed in our most recent Forms 10-Q or 10-K filed with the SEC and available on the investor relations section of our website.

現在我們將覆蓋安全港。我們今天就我們的業績、運營和前景發表的一些聲明，包括 COVID-19 大流行的影響，可能被認為是前瞻性的。此類陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。此外，我們對 2022 年第三季度及以後的業績、趨勢和展望是初步的，並不代表未來的表現。我們根據截至今天獲得的信息做出這些前瞻性陳述，除非法律要求，否則我們不承擔以後更新這些陳述的義務。如需更多信息，請參閱我們最近向美國證券交易委員會提交的表格 10-Q 或 10-K 中討論的風險因素，並可在我們網站的投資者關係部分查閱。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release and letter to shareholders, which are distributed and available to the public through our investor relations website located at investor.pinterestinc.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿和致股東的信函中，通過我們位於investor.pinterestinc.com 的投資者關係網站向公眾分發和提供。

And now I'll turn the call over to Ben.

現在我將把電話轉給本。

Thanks, Neil. And hi, everyone. Appreciate you joining our call.

謝謝，尼爾。大家好。感謝您加入我們的電話。

Today is going to be a bit different. In addition to announcing results, we're also marking an exciting new chapter for Pinterest. A few weeks ago, we welcomed our new CEO, Bill Ready. Today, you're going to hear from him and see why we're all excited to have him at the helm, but before I turn it over to him and Todd, I just want to quickly touch on why we made the transition.

今天會有點不同。除了宣布結果外，我們還為 Pinterest 開啟了激動人心的新篇章。幾週前，我們迎來了新任首席執行官 Bill Ready。今天，你會聽到他的消息，看看為什麼我們都為他掌舵而感到興奮，但在我把它交給他和托德之前，我只想快速談談我們進行過渡的原因。

First, I absolutely love Pinterest and cherish the journey we've been on for more than a decade. It all began in 2010 as a tool to help people collect all the things they love from across the Internet, and in the years since, Pinterest has grown into something bigger and more meaningful. Today, Pinterest is a place where 433 million people all over the world come to get inspiration, a place where content creators can share their talents and passions with an inspired global audience and a place where brands can connect with consumers trying to build their best lives. I am grateful to everyone who's made this journey possible: first, our Pinners, our extraordinarily talented team and all the investors and businesses who've supported us along the way.

首先，我非常喜歡 Pinterest，並珍惜我們十多年來的旅程。這一切都始於 2010 年，它是一種幫助人們從互聯網上收集他們喜愛的所有東西的工具，從那以後的幾年裡，Pinterest 已經發展成為更大、更有意義的東西。今天，Pinterest 是全球 4.33 億人獲得靈感的地方，是內容創作者可以與受到啟發的全球觀眾分享他們的才華和激情的地方，也是品牌可以與試圖建立最佳生活的消費者建立聯繫的地方.我感謝所有使這一旅程成為可能的人：首先，我們的 Pinners、我們才華橫溢的團隊以及一路支持我們的所有投資者和企業。

I'm proud of what we've achieved together, but as far as we've come, I know Pinterest could be more. It's so clear that we have an opportunity to build an end-to-end platform, one that delights people with incredible inspiration, helps them plan their futures and then brings those plans to life with purchases and actions. It's an ambitious vision that's bigger than one person, including a founder. And so for our next stage of growth, we sought a leader with expertise in e-commerce and shopping to help us capitalize on the strong user intent and planning behavior on our platform.

我為我們共同取得的成就感到自豪，但就我們所取得的成就而言，我知道 Pinterest 可以做得更多。很明顯，我們有機會建立一個端到端的平台，這個平台以令人難以置信的靈感取悅人們，幫助他們規劃自己的未來，然後通過購買和行動將這些計劃變為現實。這是一個雄心勃勃的願景，比一個人（包括創始人）更大。因此，對於我們下一階段的增長，我們尋找在電子商務和購物方面具有專業知識的領導者，以幫助我們利用我們平台上強大的用戶意圖和規劃行為。

I met and talked with a lot of people. Bill's skill set and experience stood out. He's a builder who's scaled companies like Braintree and Venmo. He knows how to operate a global scale from his time as CEO of PayPal. He's a leader in commerce, most recently as President of Commerce, Payments and Next Billion Users of Google. And beyond his resume, he shares our values and our aspiration of building a positive corner of the Internet that's nourishing and encouraging. His passion is the same as ours, creating products that people love. It became clear to me that Bill will be a fantastic CEO for Pinterest's next chapter, and the Board felt the same way after discussions with him. And that's why we made the move. I could not be more excited about where Bill is going to lead Pinterest in the future.

我遇到了很多人並與之交談。比爾的技能和經驗脫穎而出。他是一名建設者，曾將 Braintree 和 Venmo 等公司擴大規模。他從擔任 PayPal 首席執行官時就知道如何在全球範圍內運營。他是商業領域的領導者，最近擔任 Google 的商業、支付和下一個十億用戶總裁。除了他的簡歷之外，他還分享了我們的價值觀和我們的願望，即在互聯網上建立一個充滿營養和鼓舞人心的積極角落。他的熱情和我們一樣，創造人們喜愛的產品。我很清楚，比爾將成為 Pinterest 下一章的出色 CEO，董事會在與他討論後也有同樣的感受。這就是我們採取行動的原因。我對比爾未來將領導 Pinterest 的方向感到無比興奮。

I know there's a huge opportunity ahead of us. I'm looking forward to fully supporting Bill's vision and strategy, and I can't wait to see how he leads us into the next great chapter of our story.

我知道我們面前有一個巨大的機會。我期待著全力支持比爾的願景和戰略，我迫不及待地想看看他如何帶領我們進入我們故事的下一個偉大篇章。

With that, I'm going to turn it over to Bill to share a few thoughts.

有了這個，我將把它交給比爾來分享一些想法。

Bill?

賬單？

Thank you, Ben. And hello, everyone.

謝謝你，本。大家好。

I first want to express my gratitude to Ben and the Board for their trust in me as Pinterest's CEO. As a fellow entrepreneur, I have tremendous respect for Ben and what he's accomplished at Pinterest. Under Ben's leadership, Pinterest has grown into a global consumer Internet platform with hundreds of millions of users, has scaled revenue to over $2 billion. And the Pinterest brand is synonymous with positivity. It's been roughly a month since I became CEO. And after talking with some of our key stakeholders and reviewing our product road map, I'm even more excited today about our business opportunity ahead. I know that maintaining a healthy dialogue and relationship with the investor community is an important part of our success. That's why I'd like to spend a few minutes discussing why I joined Pinterest and outlining what you can expect in the next few months.

首先，我要感謝 Ben 和董事會對我作為 Pinterest 首席執行官的信任。作為一名企業家，我非常尊重 Ben 以及他在 Pinterest 所取得的成就。在 Ben 的領導下，Pinterest 已成長為擁有數億用戶的全球消費互聯網平台，收入規模已超過 20 億美元。 Pinterest 品牌是積極性的代名詞。從我成為 CEO 到現在已經快一個月了。在與我們的一些主要利益相關者交談並回顧了我們的產品路線圖之後，我今天對我們未來的商機更加興奮。我知道與投資者社區保持健康的對話和關係是我們成功的重要組成部分。這就是為什麼我想花幾分鐘時間討論我加入 Pinterest 的原因，並概述未來幾個月你可以期待什麼。

I joined Pinterest because it offers people a digital experience that is genuinely unique and positive and because we've only just begun to tap into the possibilities that experience has to create value for users and advertisers. Pinterest is really one of the only platforms that sits at the intersection of social media, search and e-commerce; and I'm incredibly excited to help unlock the company's potential. Having spent most of my career in commerce and payments, I recognize that there are many places to buy online, but there are very few online destinations where you can actually shop. That is to browse and discover and get inspired before you buy. Pinterest is very unique in that it has inspiration, discovery and strong user intent all in the same place. Pinterest is one of the few places online where users can discover new products by browsing and searching in a curated, personalized setting before they even know exactly what they want.

我加入 Pinterest 是因為它為人們提供了真正獨特和積極的數字體驗，而且我們才剛剛開始挖掘體驗為用戶和廣告商創造價值的可能性。 Pinterest 確實是唯一處於社交媒體、搜索和電子商務交匯點的平台之一；我非常高興能幫助釋放公司的潛力。我的大部分職業生涯都在商業和支付領域度過，我認識到網上有很多地方可以購買，但可以實際購物的網上目的地卻很少。那就是在購買之前瀏覽和發現並獲得靈感。 Pinterest 非常獨特，因為它在同一個地方擁有靈感、發現和強烈的用戶意圖。 Pinterest 是為數不多的在線用戶之一，用戶可以在他們甚至不知道自己想要什麼之前，通過在精心策劃的個性化設置中瀏覽和搜索來發現新產品。

What happens next is similarly unique. Pinners don't just scroll through or like images. They save relevant pins to thematic boards. This act of saving content again shows how differentiated the Pinner mindset is. You save something because you plan to return and take action on it. This type of engagement is a highly differentiated first-party signal we can leverage to create value for Pinners and advertisers alike. It allows Pinterest to better leverage organic engagement activity and makes the platform less vulnerable to certain ongoing changes in the broader technology landscape. From my perspective, we have an enormous opportunity to lean further into the significant intent and first-party signal that we have on the platform to help users bring the ideas and inspiration they found on Pinterest to life.

接下來發生的事情同樣是獨一無二的。 Pinner 不只是滾動瀏覽或喜歡圖像。他們將相關的別針保存到主題板上。這種保存內容的行為再次顯示了 Pinner 思維方式的差異化。您保存某些東西是因為您計劃返回並對其採取行動。這種類型的參與是一種高度差異化的第一方信號，我們可以利用它為 Pinner 和廣告商等創造價值。它使 Pinterest 能夠更好地利用有機參與活動，並使平台不易受到更廣泛技術領域中某些持續變化的影響。從我的角度來看，我們有一個巨大的機會來進一步了解我們在平台上的重要意圖和第一方信號，以幫助用戶將他們在 Pinterest 上發現的想法和靈感變為現實。

At the same time, I believe that Pinterest's unique use case appeals to advertisers of all shapes and sizes and gives advertisers the opportunity to engage at crucial and highly valuable moments in the user's purchase journey when the user has clear intent but is still determining what to buy. Longer term, this unique combination of inspiration and intent can be applied to many categories, and I'm excited to help broaden and diversify the base of advertisers by making the platform easier to use.

同時，我相信 Pinterest 獨特的用例吸引了各種形式和規模的廣告商，並讓廣告商有機會在用戶購買過程中的關鍵和非常有價值的時刻參與其中，當用戶有明確的意圖但仍在決定要購買什麼時買。從長遠來看，這種靈感和意圖的獨特組合可以應用於許多類別，我很高興通過使平台更易於使用來幫助擴大和多樣化廣告客戶群。

And we have a fantastic team to capitalize on these opportunities. I've been very impressed with the people at Pinterest and their commitment and enthusiasm for our mission of bringing everyone the inspiration to create a life they love. We truly live our mission. Over the next few months, I'll be digging deeper into our product strategy, on engagement and content as well as on the planning and shopping side. I'll be meeting with more of our key stakeholders, including Pinners, our employees, advertisers and agencies, strategic business partners and our shareholders, to understand their needs. And I'm going to work with our leadership team on how we can update a durable long-term strategy to deliver value across the board.

我們擁有一支出色的團隊來利用這些機會。 Pinterest 的員工以及他們對我們的使命的承諾和熱情給我留下了非常深刻的印象，他們致力於為每個人帶來靈感，創造他們熱愛的生活。我們真正實現了我們的使命。在接下來的幾個月裡，我將深入研究我們的產品戰略、參與度和內容以及規劃和購物方面。我將與我們更多的主要利益相關者會面，包括 Pinners、我們的員工、廣告商和代理機構、戰略業務合作夥伴和我們的股東，以了解他們的需求。我將與我們的領導團隊合作，探討如何更新持久的長期戰略以全面創造價值。

I recognize that there is a lot of work ahead of us, especially during a period of significant macroeconomic headwinds and general consumer uncertainty, but we're operating today from a position of strength with a growing business that is differentiated in the market and offers a distinct value proposition to advertisers that Todd will address further in his remarks.

我認識到我們還有很多工作要做，尤其是在宏觀經濟逆風和普遍消費者不確定的時期，但我們今天的運營處於優勢地位，業務不斷增長，在市場上與眾不同，並提供Todd 將在他的講話中進一步闡述對廣告商的獨特價值主張。

Pinterest is a business that has generated attractive margins and cash flow and is in an incredibly sound financial position with approximately $2.7 billion of cash and equivalents. Given the strength of our financial position today, I'm also focused on evaluating the best uses of capital for Pinterest. And we'll be considering this as we update our broader strategic plan, which we'll share more of in the coming months. Additionally, I'm reviewing our investment profile to understand the return on investment of our expenses and to determine the best way to optimize in a resource-constrained environment.

Pinterest 是一家產生了可觀的利潤率和現金流的企業，財務狀況非常穩健，擁有大約 27 億美元的現金和等價物。鑑於我們今天的財務狀況，我還專注於評估 Pinterest 資本的最佳用途。我們將在更新更廣泛的戰略計劃時考慮這一點，我們將在未來幾個月內分享更多內容。此外，我正在審查我們的投資概況，以了解我們支出的投資回報，並確定在資源有限的環境中進行優化的最佳方式。

Given the growth that we are seeing combined with the significant potential opportunity ahead of us, we are continuing to invest in the business this year. And Todd will give more detail on that, but it's worth saying that I do not subscribe to a "growth at all costs" mentality. While I believe we need to invest in long-term growth, I also believe that constraints breed creativity and can lead to even better product outcomes. And we have an extremely creative team here, so while 2022 is an investment year, I'll be focused on aligning our investments with our objectives of creating a differentiated experience for our users, helping our existing and new advertisers achieve success on our platform and generating attractive returns on our investments for shareholders. Consistent with that, Todd and I agree that Pinterest plans to return to meaningful margin expansion in 2023. I look forward to communicating more about our plans in the coming months.

鑑於我們所看到的增長以及擺在我們面前的重大潛在機會，我們今年將繼續投資於該業務。托德會對此提供更多細節，但值得一提的是，我不贊同“不惜一切代價實現增長”的心態。雖然我相信我們需要投資於長期增長，但我也相信限制會孕育創造力，並能帶來更好的產品成果。我們在這裡擁有一支極具創造力的團隊，因此雖然 2022 年是投資年，但我將專注於使我們的投資與我們為用戶創造差異化體驗的目標保持一致，幫助我們現有的和新的廣告商在我們的平台上取得成功，並為股東帶來可觀的投資回報。與此一致，托德和我同意 Pinterest 計劃在 2023 年恢復有意義的利潤率擴張。我期待在未來幾個月內就我們的計劃進行更多溝通。

Now I'll turn it over to Todd to talk about the quarter.

現在我將把它交給托德來談談這個季度。

Thanks, Bill.

謝謝，比爾。

I'd like to share some further details on the trends we saw in Q2 and provide a preliminary update for Q3.

我想分享一些關於我們在第二季度看到的趨勢的更多細節，並提供第三季度的初步更新。

Before I jump into the quarter, a quick review of our principles. As Bill mentioned, Pinterest is uniquely valuable for consumers because it helps them discover new ideas and then bring those ideas to life, often through purchases, but the full-funnel journey that consumers take on Pinterest from demand inception through product consideration, to conversion, means that Pinterest offers differentiated value for a wide range of advertisers too. And the ways in which they engage with Pinterest are quite distinct from social media companies. This is due to our users' unique mindset. They tend to be in-market consumers with high commercial intent.

在我進入本季度之前，快速回顧一下我們的原則。正如比爾所提到的，Pinterest 對消費者俱有獨特的價值，因為它可以幫助他們發現新想法，然後將這些想法變為現實，通常是通過購買，但消費者在 Pinterest 上從需求開始到產品考慮再到轉換的全渠道旅程，意味著 Pinterest 也為廣泛的廣告商提供了差異化的價值。他們與 Pinterest 互動的方式與社交媒體公司截然不同。這是由於我們的用戶獨特的心態。他們往往是具有高度商業意圖的市場內消費者。

Initially, our service attracted mostly larger retail and consumer packaged goods or CPG advertisers who wanted to be discovered by our user base and recognized the value of the fact that well over 90% of Pinner queries were unbranded and still are today. These advertisers remain an important part of our business and make Pinterest's advertiser composition a fair bit different than many other online advertising platforms, but we've also built a significant performance advertising business over the past several years that has helped marketers leverage the organic commercial intent on Pinterest to drive conversions, often additions to a cart, checkouts or purchases. The advertisers who reliably find strong returns on Pinterest are those who value our unique offering, including our differentiated and highly attractive user demographic, the high commercial intent that I just described, a relatively brand-safe environment, insights-led media buying and longer attribution windows that reflect the value of advertising at the inception of actual demand when the value of advertising is arguably higher than later in a purchase decision.

最初，我們的服務主要吸引了希望被我們的用戶群發現的大型零售和消費包裝商品或 CPG 廣告商，並認識到超過 90% 的 Pinner 查詢是無品牌的這一事實的價值，並且今天仍然如此。這些廣告商仍然是我們業務的重要組成部分，使 Pinterest 的廣告商構成與許多其他在線廣告平台有很大不同，但我們在過去幾年中還建立了一項重要的績效廣告業務，幫助營銷人員利用有機商業意圖在 Pinterest 上推動轉化，通常是添加到購物車、結賬或購買。可靠地在 Pinterest 上找到豐厚回報的廣告商是那些重視我們獨特產品的人，包括我們差異化且極具吸引力的用戶群、我剛才描述的高度商業意圖、相對品牌安全的環境、洞察力主導的媒體購買和更長的歸因在實際需求開始時反映廣告價值的窗口，當廣告價值可能高於購買決策後期。

To that end and despite challenging macro conditions, we saw resilience from our large advertising partners with 25% growth in spend commitments from joint business partnerships in the first half of 2022 compared to the first half of 2021. As a reminder: These joint business partnerships, while nonbinding, are indications of sizable spend commitments from larger advertisers who often view Pinterest as an important channel to reach their consumers. These partnerships often suggest that we are an established channel for those partners rather than an experimental platform. Furthermore, we're focused on expanding our monetization to new geographies, and it's beginning to drive results. While we had 223 million monthly active users in our rest of world segment, our revenue in rest of world in Q2 was just $22 million. However, our rest of world ARPU increased by 80% year-over-year. In line with this strategy, we launched ads in Japan in the second quarter. And in July, we expanded into Chile, Argentina and Colombia. And we're excited to monetize our emerging markets.

為此，儘管宏觀環境充滿挑戰，但我們看到大型廣告合作夥伴的韌性，與 2021 年上半年相比，2022 年上半年聯合業務夥伴關係的支出承諾增長了 25%。提醒一下：這些聯合業務夥伴關係，雖然不具約束力，但表明大型廣告商做出了可觀的支出承諾，這些廣告商通常將 Pinterest 視為接觸消費者的重要渠道。這些合作夥伴關係通常表明我們是這些合作夥伴的既定渠道，而不是實驗平台。此外，我們專注於將我們的貨幣化擴展到新的地區，並且它開始推動結果。雖然我們在世界其他地區擁有 2.23 億月活躍用戶，但我們在第二季度在世界其他地區的收入僅為 2200 萬美元。然而，我們在世界其他地區的 ARPU 同比增長了 80%。根據這一戰略，我們於第二季度在日本推出了廣告。 7 月，我們擴展到智利、阿根廷和哥倫比亞。我們很高興能將新興市場貨幣化。

On a year-over-year basis, our monthly active users declined 5%. Some of the factors contributing to our year-over-year MAU decline are easier to quantify such as lower search traffic largely driven by Google's algorithm change in November of last year, which resulted in fewer new users and resurrections; and the last vestiges of the pandemic unwind, which we believe we largely lapped at the end of Q2. We do also face increasing competition for time spent on competitive video-centric platforms, primarily in our mature markets, but it's challenging to quantify or measure the impact to our engagement on these platforms. These year-over-year declines were most pronounced for our web users, which dropped approximately 30% year-over-year, while our global mobile app users remained far more resilient, growing 8% year-over-year. It's worth noting that in the U.S. and Canada our mobile app users were flat sequentially, which was a particularly positive signal during our seasonally weakest quarter of the year for engagement. It's important to note that our global mobile app users represent well over 80% of our revenue and our impressions, so resilience with mobile app users is an important signal for financial performance and capacity.

與去年同期相比，我們的月活躍用戶下降了 5%。導致我們的 MAU 同比下降的一些因素更容易量化，例如搜索流量下降主要是由於去年 11 月谷歌算法改變導致的新用戶和復活次數減少；以及大流行的最後殘餘，我們認為我們在第二季度末基本上已經結束了。我們在以視頻為中心的競爭平台上花費的時間也面臨越來越激烈的競爭，主要是在我們的成熟市場，但量化或衡量對我們在這些平台上的參與的影響具有挑戰性。這些同比下降對我們的網絡用戶最為明顯，同比下降約 30%，而我們的全球移動應用程序用戶仍然更具彈性，同比增長 8%。值得注意的是，在美國和加拿大，我們的移動應用程序用戶環比持平，這在我們一年中季節性最弱的季度參與度是一個特別積極的信號。值得注意的是，我們的全球移動應用程序用戶占我們收入和印象的 80% 以上，因此移動應用程序用戶的彈性是財務業績和容量的重要信號。

Turning to our financial performance. Q2 revenue grew 9% year-over-year to $666 million or 10% year-over-year on a constant currency basis. Sequentially, our revenue grew 16%. On a 2-year basis, revenue accelerated at an annualized rate of 56% in the second quarter compared to 45% growth in the first quarter. In Europe, our revenue grew 22% year-over-year when adjusting for the 12 point headwind due to the strength of the U.S. dollar.

轉向我們的財務業績。第二季度收入同比增長 9% 至 6.66 億美元，按固定匯率計算同比增長 10%。隨後，我們的收入增長了 16%。在兩年的基礎上，第二季度的收入以 56% 的年化速度增長，而第一季度的增長率為 45%。在歐洲，由於美元走強，在調整了 12 個點的逆風後，我們的收入同比增長了 22%。

On the demand side, the digital advertising environment has been and will continue to be challenging. While we saw strength from retail and international advertisers, we experienced softer demand from CPG, big box retailers and our mid-market advertisers. Despite these headwinds, shopping ads continued to make progress on the platform. In Q2, shopping ads revenue grew twice as fast as overall revenue year-over-year.

在需求方面，數字廣告環境一直並將繼續充滿挑戰。雖然我們看到零售和國際廣告商的實力，但我們經歷了來自 CPG、大型零售商和我們的中端市場廣告商的需求疲軟。儘管存在這些不利因素，購物廣告在平台上繼續取得進展。在第二季度，購物廣告收入的同比增長速度是整體收入的兩倍。

Adjusted EBITDA came in at $92 million with an adjusted EBITDA margin of 14%. Our non-GAAP operating expenses increased 16% sequentially.

調整後的 EBITDA 為 9200 萬美元，調整後的 EBITDA 利潤率為 14%。我們的非公認會計原則運營費用環比增長 16%。

We thoughtfully designed a plan to invest during the course of 2022. In the first half of the year, we invested heavily and made key hires to augment the organization, which we believe will drive growth in the long term. Also for context: In the first quarter, we spent less than we originally anticipated due to slower-than-expected hiring in R&D and a delay in our creator-related marketing spend. In the second quarter, we saw an opportunity to augment our R&D team as the recruiting market became more favorable and our recruiting execution improved. Also we caught up on some originally planned creator-related marketing.

我們深思熟慮地設計了 2022 年的投資計劃。上半年，我們進行了大量投資並聘請了關鍵員工來擴大組織，我們相信這將推動長期增長。也為了背景：在第一季度，由於研發招聘慢於預期以及我們與創作者相關的營銷支出延遲，我們的支出低於我們最初的預期。在第二季度，隨著招聘市場變得更加有利和我們的招聘執行得到改善，我們看到了擴大我們研發團隊的機會。我們還趕上了一些最初計劃的與創作者相關的營銷。

In addition, our G&A expenses increased sequentially, with head count growth and related payroll spend in our human resources and recruiting teams being the largest contributor. Roughly 1/4 of the sequential increase in expense, we expect to be nonrecurring at these levels. Finally, our employees returning to office in the second quarter as COVID protocols changed drove some costs, including an increase in facilities and travel and entertainment-related costs.

此外，我們的 G&A 費用環比增長，其中人力資源和招聘團隊的員工人數增長和相關工資支出是最大的貢獻者。大約 1/4 的費用連續增加，我們預計在這些水平上不會經常發生。最後，隨著 COVID 協議的變化，我們的員工在第二季度重返辦公室，這推動了一些成本，包括設施以及與旅行和娛樂相關的成本的增加。

Turning to our preliminary outlook for Q3, I'd like to first touch on monthly active users. As we mentioned last quarter, we're neither providing guidance on users nor an intra-quarter update, but I'd like to offer some additional context on how we're thinking about engagement in the back half of this year. With the pandemic unwind largely behind us, we believe that global monthly active users will return to more seasonal -- more typical seasonal engagement patterns in the second half of the year. Those seasonal patterns typically show modest sequential growth as we move to Q3 and Q4. However, these trends may be a bit more muted than they have been historically. And for the U.S., Canada and Europe specifically, we hope to stabilize our user base in the back half of the year.

談到我們對第三季度的初步展望，我想先談談每月活躍用戶。正如我們上個季度提到的，我們既沒有提供用戶指南，也沒有提供季度內更新，但我想提供一些額外的背景信息，說明我們如何考慮今年下半年的參與度。隨著大流行在很大程度上結束，我們相信全球每月活躍用戶將在下半年恢復到更具季節性的——更典型的季節性參與模式。隨著我們進入第三季度和第四季度，這些季節性模式通常顯示出適度的連續增長。然而，這些趨勢可能比歷史上更溫和一些。特別是對於美國、加拿大和歐洲，我們希望在下半年穩定我們的用戶群。

While the pandemic unwind is largely behind us, we face increasing and sustained competition from video-centric apps for users' share of time spent. And as always, this color assumes that we don't face any incremental exogenous engagement headwinds like further search algorithm changes.

雖然大流行的緩解在很大程度上已經過去，但我們面臨著來自以視頻為中心的應用程序的日益激烈和持續的競爭，以爭奪用戶所花費的時間份額。和往常一樣，這種顏色假設我們不會面臨任何增量的外生參與逆風，比如進一步的搜索算法變化。

I'll now turn to revenue guidance. Given the dynamic nature of the economy today and how quickly conditions can improve or worsen, we thought it would be prudent to provide a fairly broad range rather than providing a point estimate like last quarter. We currently expect Q3 revenue to grow in the mid-single digits on a year-over-year percentage basis. We're growing slightly faster than this range quarter-to-date, but many of our advertising partners, especially larger retailers, are experiencing supply chain issues, inflation and weakening consumer demand. These conditions are weighing on advertisers' ability to spend, and our best signals of future performance suggests a slowdown from the growth rate we saw in July. This anticipated slowdown will likely land us toward the lower end of our guidance range. Moreover, if economic conditions continue to deteriorate, we could end up with revenue growth at the bottom end of the range or below in the low single digits.

我現在將轉向收入指導。鑑於當今經濟的動態性質以及情況改善或惡化的速度，我們認為提供相當廣泛的範圍而不是像上個季度那樣提供點估計是謹慎的做法。我們目前預計第三季度收入將同比增長中個位數。迄今為止，我們的增長速度略快於這個範圍，但我們的許多廣告合作夥伴，尤其是大型零售商，都遇到了供應鏈問題、通貨膨脹和消費者需求疲軟。這些情況正在影響廣告商的支出能力，而我們對未來表現的最佳信號表明，增速較 7 月份有所放緩。這種預期的放緩可能會使我們處於指導範圍的下限。此外，如果經濟狀況繼續惡化，我們最終的收入增長可能會處於該區間的底端或低於低個位數。

Please note that, in addition to the challenging economic environment, our Q3 revenue guide of mid-single digits reflects a few other considerations. First, we anticipate slightly greater foreign exchange headwinds when compared to Q2. Second, we continue to monitor the impact of higher CPAs as a result of platform-specific dynamics and our engagement trends. We believe higher pricing may disproportionately affect price-sensitive advertisers' ability to utilize their budgets on our platform. That said, we continue to believe that advertisers who value the things I discussed earlier that make Pinterest unique will continue to find success on our platform. Third, Idea Pin distribution will have a modest, low single-digit impact to revenue growth in Q3. And as we lap this, we do not believe Idea Pins will be a further meaningful headwind to revenue in Q4 and beyond.

請注意，除了充滿挑戰的經濟環境外，我們的第三季度中個位數收入指南還反映了其他一些考慮因素。首先，我們預計與第二季度相比，外匯逆風略大。其次，由於特定平台的動態和我們的參與趨勢，我們將繼續監控更高 CPA 的影響。我們認為，更高的定價可能會不成比例地影響對價格敏感的廣告商在我們的平台上利用其預算的能力。也就是說，我們仍然相信，重視我之前討論的使 Pinterest 獨一無二的東西的廣告商將繼續在我們的平台上取得成功。第三，Idea Pin 分銷將對第三季度的收入增長產生適度、低個位數的影響。在我們討論這一點時，我們認為 Idea Pins 不會對第四季度及以後的收入構成更大的阻力。

Finally, I want to discuss our expense guide and our philosophy around investments. As Bill discussed, we're living in a more uncertain environment marked by slower revenue growth and greater demand volatility. While our business has proven relatively resilient, we're conscious of the economic climate. So far, we've meaningfully slowed the pace of hiring as we reevaluate our needs for the second half of this year and how best to support our plans for longer-term growth. We will be even more strategic and selective in our hiring plans for the remainder of 2022.

最後，我想討論一下我們的費用指南和我們的投資理念。正如比爾所討論的，我們生活在一個更加不確定的環境中，其特點是收入增長放緩和需求波動加劇。雖然我們的業務已被證明具有相對彈性，但我們意識到經濟環境。到目前為止，隨著我們重新評估今年下半年的需求以及如何最好地支持我們的長期增長計劃，我們已經顯著放慢了招聘步伐。我們將在 2022 年剩餘時間的招聘計劃中更具戰略性和選擇性。

For Q3, we expect non-GAAP operating expenses to grow in the low double digits quarter-over-quarter due to our global brand marketing campaign that we intend to launch in mid-September and run through late October, continued investments in our native content and creator efforts and the impact of our recent hiring. We believe that investments in marketing, especially for our mature and newly monetizing markets, can build on and amplify the progress we're making in our core engagement work. And we believe these investments could yield strong returns in the future. For the full year, there is no change to our previous guide of non-GAAP operating expenses to grow in the range of 35% to 40% year-over-year, with a continued deceleration in sequential expense growth from the second quarter's peak levels.

對於第三季度，我們預計非 GAAP 運營費用環比將以兩位數的低位增長，原因是我們打算在 9 月中旬啟動並持續到 10 月下旬的全球品牌營銷活動，以及對我們原生內容的持續投資創作者的努力以及我們最近招聘的影響。我們相信，在營銷方面的投資，尤其是對於我們成熟和新興貨幣化市場的投資，可以鞏固和擴大我們在核心參與工作中取得的進展。我們相信這些投資在未來會產生可觀的回報。全年，我們之前的非公認會計準則運營費用指南沒有變化，同比增長 35% 至 40%，連續費用增長從第二季度的峰值水平持續放緩.

As we said at the start of this year, after 3 consecutive years of significant margin expansion, we view 2022 as the right time to accelerate investments to better position ourselves to capitalize on our long-term growth potential. We still believe that this is the right approach, but given the increasingly dynamic market environment and with Bill joining the company, we are evaluating our investment profile for the second half of this year and beyond. While there is a significant long-term runway ahead for the business, we have accelerated much of our desired investments into 2022 and believe that we will start to see the benefits of those investments next year. As such, we plan to return to meaningful margin expansion in 2023.

正如我們在今年年初所說，在連續 3 年大幅擴大利潤率後，我們認為 2022 年是加速投資的最佳時機，以更好地利用我們的長期增長潛力。我們仍然認為這是正確的做法，但鑑於日益活躍的市場環境以及比爾加入公司，我們正在評估我們今年下半年及以後的投資狀況。儘管該業務有一條重要的長期發展道路，但我們已經加快了到 2022 年的大部分預期投資，並相信明年我們將開始看到這些投資的好處。因此，我們計劃在 2023 年恢復有意義的利潤率擴張。

As you know, we've long been focused on achieving the appropriate balance between realizing our long-term potential and delivering near-term financial results. We have approximately $2.7 billion of cash on our balance sheet, and Bill and I are discussing how we should be allocating our capital. In Q2, we acquired THE YES, which reinforces our commitment to connecting the commercial intent on our platform with personalized shopping experiences. We'll continue to be thoughtful and strategic about our deployment of cash with respect to future M&A.

如您所知，我們長期以來一直致力於在實現我們的長期潛力和實現近期財務成果之間取得適當的平衡。我們的資產負債表上有大約 27 億美元的現金，比爾和我正在討論我們應該如何分配我們的資本。在第二季度，我們收購了 THE YES，這加強了我們將平台上的商業意圖與個性化購物體驗聯繫起來的承諾。對於未來併購的現金部署，我們將繼續深思熟慮並具有戰略意義。

Bill and I are committed to delivering value for shareholders and will discuss our longer-term strategic framework with you going forward. Thanks to our employees at Pinterest; our advertising partners; our creators; and all the people that come to Pinterest to find inspiration, plan and shop.

比爾和我致力於為股東創造價值，並將與您討論我們未來的長期戰略框架。感謝我們在 Pinterest 的員工；我們的廣告合作夥伴；我們的創造者；以及所有來 Pinterest 尋找靈感、計劃和購物的人。

And with that, I'll turn it back over to Bill for a brief comment before we open it up to questions.

有了這個，在我們提出問題之前，我將把它交給比爾做一個簡短的評論。

Thanks, Todd.

謝謝，托德。

Before we move to Q&A, I want to address recent news reports regarding a large investment from Elliott Management. We've had a very collaborative and engaged dialogue with Elliott recently. They're aligned with our vision on what Pinterest can become, are supportive of our team and our efforts and see the same tremendous potential for long-term value creation that I do. I look forward to continuing to engage with Elliott, as I will with our other shareholders, and view their investment as a vote of confidence in Pinterest's future, but the purpose of today's call is to discuss our second quarter results and outlook. And we ask that you please keep your questions focused on these topics.

在我們進行問答之前，我想先談談最近有關 Elliott Management 的巨額投資的新聞報導。最近，我們與 Elliott 進行了非常合作和參與的對話。他們與我們對 Pinterest 的願景一致，支持我們的團隊和我們的努力，並且看到了與我一樣的巨大長期價值創造潛力。我期待繼續與 Elliott 接觸，就像我將與我們的其他股東一樣，並將他們的投資視為對 Pinterest 未來的信任投票，但今天電話會議的目的是討論我們第二季度的業績和前景。我們要求您將問題集中在這些主題上。

And with that, we can open it up for questions.

有了這個，我們可以打開它來提問。

(Operator Instructions) The first question comes from Eric Sheridan of Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Eric Sheridan。

Ben, I just, first, want to thank you for all the dialogue on these earnings calls since going public. Bill, maybe turning to you, maybe 2-parter, if I can. First, when you were approaching this role from the outside in, what are you the most excited about in terms of closing the gap from executing on the operations side against the opportunity set versus how you're thinking about allocating capital investments against that ambition? And then the second part of the question would be when you say meaningful margin expansion in 2023. Help us bridge from all the ambition you're laying out and what you want to invest in to the concept of expanding margins in '23 past this investment year.

Ben，我首先要感謝您自上市以來就這些財報電話會議進行的所有對話。比爾，如果可以的話，也許會求助於你，也許是 2-parter。首先，當您從外向內擔任這個角色時，在縮小運營方面的執行與機遇集之間的差距方面，您最興奮的是什麼，以及您如何考慮分配資本投資來應對這一雄心壯志？然後問題的第二部分是，當您說 2023 年實現有意義的利潤率擴張時。幫助我們將您的所有雄心壯志和您想要投資的東西與在 23 年擴大利潤率的概念聯繫起來。年。

Excellent. Thank you for the question. So quite a number of things I was excited about in joining Pinterest, but I think to a specific element of your question around how we drive forward on commercial engagement and these types of opportunities. As I mentioned a bit in my comments, I think Pinterest [is in this] very unique place of being at the intersection between social and search and having a very high amount of intent on the platform paired with inspiration. So I think, these things of when you think about what are the places you can go to find inspiration discovery, oftentimes those don't necessarily have intent built in with those. Places that may have high intent don't necessarily have inspiration and discovery, and Pinterest has both of those things. And I think that gives us a really unique opportunity to take users from this inspiration discovery and the intent that they have on our platform; and drive that through to realization, whether that is making or doing or buying. And I think we're really at the very beginnings of what the platform can deliver there, but the thing that I was really excited about and continue to be really excited about now that I'm on the inside is I look at the way that users are naturally engaging with the platform.

出色的。感謝你的提問。加入 Pinterest 有很多事情讓我感到很興奮，但我想你的問題中的一個特定元素是關於我們如何推動商業參與和這些類型的機會。正如我在評論中提到的一點，我認為 Pinterest [在這個] 非常獨特的地方，處於社交和搜索之間的交叉點，並且在平台上具有非常高的意圖和靈感。所以我認為，當您考慮可以去哪些地方尋找靈感時，這些事情通常並不一定具有內在的意圖。可能有高度意圖的地方不一定有靈感和發現，而 Pinterest 擁有這兩樣東西。我認為這給了我們一個非常獨特的機會，讓用戶從這個靈感發現和他們在我們平台上的意圖中得到啟發；並推動實現，無論是製造、做還是購買。而且我認為我們真的處於平台可以在那裡提供的東西的最開始，但是我真正興奮並繼續真正興奮的事情現在我在裡面是我看的方式用戶自然而然地與平台互動。

It's a much harder problem to try to shift the way a user behaves. To help a user do a thing they already want to do is a much easier problem to solve, and that's something we see on Pinterest. It's that users are coming here with a clear intent. Yes, they're here for inspiration and discovery, but they have a clear intent. And driving that further to action, again whether that's shopping, buying, making or doing, we think there's huge potential there. And there are some good early signs of that as we look at what's happening with shopping ads and some of the things there. And maybe I'll turn it over to Todd to expand further on some of the shopping progress as well as touch on your question around margins.

嘗試改變用戶的行為方式是一個更難的問題。幫助用戶做他們已經想做的事情是一個更容易解決的問題，這就是我們在 Pinterest 上看到的。這是用戶帶著明確的意圖來到這裡。是的，他們來這裡是為了靈感和發現，但他們有明確的意圖。並將其進一步付諸行動，無論是購物、購買、製造還是做，我們認為那裡有巨大的潛力。當我們查看購物廣告的情況以及其中的一些事情時，有一些很好的早期跡象。也許我會把它交給托德，以進一步擴展一些購物進度，並談談你關於利潤的問題。

Yes, a couple of things. I mean obviously we're all very excited to move forward on the vision that Bill is starting to lay out here, but on the shopping question in particular, you might remember back over the last couple of calls that we've been very focused on making sure we have a lot of shoppable inventory and then we have the right shoppable surfaces for people to discover those products. And so a lot of our effort has come through building an inventory of shopping products that we can map to commercial intent and our users' preferences. We're now up to 1 billion shoppable products in the system. And on the shoppable surfaces side, we launched Your Shop, which is our first personalized shopping experience. That'll be augmented by the acquisition we made with YES and help our users continue to go from intent to action on the platform, so really excited about those 2 things. And on top of that, we're building -- as I mentioned in my script, our shopping revenue is growing twice the rate of our overall revenue, so really compelling vision financially behind what Bill was describing.

是的，有幾件事。我的意思是，顯然我們都非常興奮能夠推進比爾開始在這裡提出的願景，但特別是在購物問題上，你可能還記得我們一直非常關注的過去幾次電話會議確保我們有大量可購物的庫存，然後我們有合適的可購物表面供人們發現這些產品。因此，我們的很多努力都是通過建立購物產品清單來實現的，我們可以將其映射到商業意圖和用戶偏好。我們現在在系統中有多達 10 億種可購買的產品。在可購物表面方面，我們推出了 Your Shop，這是我們的第一個個性化購物體驗。這將通過我們與 YES 進行的收購得到增強，並幫助我們的用戶繼續在平台上從意圖變為行動，對這兩件事感到非常興奮。最重要的是，我們正在建設——正如我在劇本中提到的，我們的購物收入增長速度是我們總收入的兩倍，所以在財務上真正令人信服的願景落後於比爾所描述的。

The second part of your question was around the expense profile and what we meant by meaningful margin expansion, I think, if I heard your question correctly. And I think the tee-up here is, number one, the business has a ton of runway. Everything Bill described suggest that we've got a big business to build here. And in the spirit of that, we laid out 2022 a couple of calls ago as an investment year after several years of significant margin expansion leading into 2022, but this isn't a new normal. Or it's just a year where we designed to position the company for an improved user experience, future compelling revenue growth and margin expansion in the years to come. And so I've had questions about whether next year will be another reset or another investment year, but as you heard Bill described, while we're still spending a lot of time together to figure out what that plan is -- and this is way too early to provide guidance for next year. We're looking at the macro environment. We're getting together as a team to figure out what our product plans will be for next year, so it's not guidance, but the idea here is that we would see as much as a couple hundred basis points of margin expansion going into next year, just to provide some directional input.

你的問題的第二部分是關於費用概況以及我們所說的有意義的利潤率擴張的意思，我想，如果我沒聽錯的話。而且我認為這裡的開球是第一，該業務有大量的跑道。比爾所描述的一切都表明我們在這裡要建立一個大企業。本著這種精神，在進入 2022 年的幾年利潤率大幅擴張之後，我們在幾次電話會議前將 2022 年定為投資年，但這並不是新常態。或者這只是我們旨在為公司定位以改善用戶體驗、未來引人注目的收入增長和未來幾年利潤率擴張的一年。所以我對明年是否會是另一個重置年或另一個投資年有疑問，但正如你聽到比爾描述的那樣，雖然我們仍然花很多時間一起弄清楚那個計劃是什麼 - 這是為明年提供指導還為時過早。我們正在關注宏觀環境。我們作為一個團隊聚在一起，弄清楚我們明年的產品計劃是什麼，所以這不是指導，但這裡的想法是，我們將看到明年的利潤率擴張多達幾百個基點，只是為了提供一些方向性的輸入。

Next question comes from Ross Sandler of Barclays.

下一個問題來自巴克萊的羅斯桑德勒。

Bill, just one for you. And then Todd, maybe one for you on the quarter, but strategically: Bill, Google Shopping went through a long kind of metamorphosis from the frugal to where you left it, which was in much better shape than those early years, so I guess, what parts of the Google playbook might be applicable here that you had done in your time there? And how would you kind of rank the plumbing that Pinterest has compared to obviously the really good plumbing, that technical plumbing, that Google had -- or has had all along?

比爾，只給你一個。然後是托德，也許本季度適合你，但從戰略上講：比爾，谷歌購物經歷了漫長的蛻變，從節儉到你離開的地方，這比早些年要好得多，所以我猜，谷歌劇本的哪些部分可能適用於您在此期間所做的工作？你會如何評價 Pinterest 的管道與穀歌擁有或一直擁有的非常好的管道、技術管道相比？

And then Todd, maybe just on the quarter. You talked about larger online retail advertisers showing a lot of strength and big box retail and CPG and others kind of having more issues, which I think makes a lot of sense given what we've heard from Walmart and others here through the last week, so could you just flesh out a little bit more on are you adding new online retail advertisers to the top? Are you gaining wallet share within those larger online retail advertisers? I think we understand who's weak, but I'd love to hear more about where that strength is coming from.

然後是托德，也許就在這個季度。你談到大型在線零售廣告商表現出很大的實力，大盒子零售和 CPG 和其他人有更多問題，考慮到我們上週從沃爾瑪和其他人那裡聽到的消息，我認為這很有意義，那麼，您能否進一步充實一下您是否將新的在線零售廣告商添加到頂部？您是否在那些較大的在線零售廣告商中獲得了錢包份額？我想我們知道誰是弱者，但我想更多地了解這種力量來自哪裡。

Thank you for the question and appreciate the sentiment. So I will keep my comments focused on the opportunity here, but definitely a lot of things from time spent in the industry that drew me to Pinterest and then I think speak to the uniqueness of the opportunity here. So a couple of those that I would mention. One, when you think about what it takes to create a really great personalized and curated visual experience, you really need a lot of deep capabilities in computer vision, machine learning, AI. And those things, as you can imagine, are nontrivial to create. And even before Pinterest -- before joining Pinterest, I really had a tremendous amount of respect for what the team here had done in creating a great visual experience leveraging a lot of computer vision and driving really good personalization through ML and AI. And I'd say, now on the inside, I'm even more excited by those things. And so when I think about how we go forward on the shopping opportunities here, I think that's a really tremendous area of strength for Pinterest is leveraging those deep capabilities in computer vision and the visual nature of how people naturally explore a shopping journey and then really good ML and AI to personalize those what's really relevant for the specific user. And then you see some things that the team here has already been working on that we can do a lot more with like partnering with other platforms in the ecosystem, making it easier to ingest inventory from those platforms and from retailers so there's an even more rich catalog of products available for consumers to take action on.

謝謝你的問題，並欣賞這種情緒。因此，我將把我的評論集中在這裡的機會上，但肯定有很多事情是在這個行業度過的，這些事情吸引了我到 Pinterest，然後我想說明這裡機會的獨特性。所以我會提到其中的幾個。第一，當您考慮如何創建真正出色的個性化和精心策劃的視覺體驗時，您確實需要在計算機視覺、機器學習、人工智能方面擁有很多深厚的能力。正如你可以想像的那樣，這些東西的創造並非易事。甚至在 Pinterest 之前——在加入 Pinterest 之前，我真的非常尊重這裡的團隊在利用大量計算機視覺創造出色的視覺體驗並通過 ML 和 AI 推動非常好的個性化方面所做的工作。我想說，現在在內心，我對這些事情更加興奮。因此，當我考慮我們如何推進這裡的購物機會時，我認為 Pinterest 的一個非常強大的領域是利用計算機視覺中的這些深層能力以及人們如何自然地探索購物旅程的視覺性質，然後真正好的 ML 和 AI 可以個性化那些與特定用戶真正相關的內容。然後你會看到這裡的團隊已經在做的一些事情，我們可以做更多的事情，比如與生態系統中的其他平台合作，更容易從這些平台和零售商那裡獲取庫存，這樣就可以更豐富可供消費者採取行動的產品目錄。

So I think there's a number of those things that I can see from the outside that I thought were quite compelling and, now on the inside, I find even more compelling but obviously a lot more that we can do there. And so that's quite exciting as well, but I still think that we're very early innings on that. But again, solving things that the user, I believe, expects from Pinterest. And that's a great place to be, when you're solving things that a user naturally expects from your platform.

所以我認為我可以從外部看到許多我認為非常引人注目的事情，現在在內部，我發現更加引人注目，但顯然我們可以在那裡做更多的事情。所以這也很令人興奮，但我仍然認為我們在這方面還處於早期階段。但同樣，我相信，要解決用戶對 Pinterest 的期望。當您解決用戶自然期望從您的平台獲得的事情時，這是一個很棒的地方。

And Ross, to your -- the second part of your question, on the retailer point, more larger specialty retailers and larger e-commerce versus big box. I think you're spot on in your comments about what you're seeing in real time in the news and what others reports. Our larger specialty retailers and larger e-commerce were more resilient on the platform. The diversified big box retailers were under a bit more pressure, just probably unsurprising given the demand environment and consumer spend, but the overall message is kind of where I started my opening comments. For advertisers that value the demographic mix of our users, that value the brand safety of the platform, that value the insights-led media buying that we're providing -- and we've only enhanced that. It used to be a little bit more manual, and now we have automation around how we deliver these insights to design campaigns and the value of being earlier in a purchase decision by communicating the value of a longer attribution window. Those advertisers are finding success despite the environment and are scaling their spend, so to your point on are we adding more or are we getting more share of wallet, I would say it's both and with a -- probably a heavier component of share of wallet versus adding a lot of new advertisers in those particular segments.

羅斯，你的問題的第二部分，關於零售商，更大的專業零售商和更大的電子商務與大盒子。我認為您在評論中發現了您在新聞中實時看到的內容以及其他人報導的內容。我們較大的專業零售商和較大的電子商務在平台上更具彈性。多元化的大型零售商面臨更大的壓力，考慮到需求環境和消費者支出，這可能並不令人驚訝，但總體信息是我開始發表評論的地方。對於重視我們用戶的人口結構組合、重視平台的品牌安全、重視我們提供的以洞察為導向的媒體購買的廣告商來說——我們只是加強了這一點。過去，它需要更多的手動操作，現在我們可以通過傳達更長的歸因窗口的價值來將這些洞察力傳遞給設計活動以及在購買決策中更早的價值方面實現自動化。儘管環境惡劣，那些廣告商仍在尋找成功，並且正在擴大他們的支出，所以就你的觀點而言，我們是增加了更多還是我們獲得了更多的錢包份額，我會說這兩者兼而有之——可能是錢包份額的更重組成部分與在這些特定細分市場中添加大量新廣告商相比。

The next question comes from Brian Nowak of Morgan Stanley.

下一個問題來自摩根士丹利的布賴恩諾瓦克。

Bill, [I have] one for you. Just you've been around the industry a long time. You have a very unique perspective. You've obviously studied Pinterest [inside a] competitive landscape. A lot of what you described as the opportunity isn't [that new probably to a lot of] people on this call. I would be curious to hear about sort of 2 or 3 low-hanging areas of executional improvement you see in the company where you say, "Here is why the company has not executed on these opportunities in the last couple years the way that they could have, and here is how I'm going to fix those." Maybe lay a couple of those out for us.

比爾，[我有]一個給你。只是你已經在這個行業工作了很長時間。你有一個非常獨特的視角。你顯然已經在競爭環境中研究過 Pinterest。你所描述的很多機會在這次電話會議上[可能對很多人來說都不是那麼新鮮]。我很想知道您在公司中看到的 2 或 3 個執行改進的低懸領域，您說：“這就是為什麼公司在過去幾年沒有按照他們可以的方式執行這些機會有，這就是我要解決這些問題的方法。”也許為我們準備一些。

Sure. Thanks, Brian. A couple of thoughts there. First of all, I'd say, some of these things, there's a natural sequence of how these things evolve. So I've talked about a really good base of visual exploration, the computer vision and machine learning that's required to support that. I think those have always been a strength of the platform and, I think; underpin the opportunity. And so I think there's a natural sequencing of these things that, of course, you need that first. And then as you look at how you go capitalize on that, I think there -- I'd say context and timing matters as well. [Then] I think we're at a moment in time where users are engaging in -- much more of their e-commerce journey -- or, excuse me, much more of their broader commerce journey in a digital environment. And so I think -- as you think about sort of where digital commerce has been, I think the first 20-plus years of e-commerce were really solving for buying more than shopping. It was, "I know what I want. How do I get it the cheapest and fastest?" And as you've seen consumers shift their behavior through the course of the pandemic, I think you're now seeing that the majority of shopping sessions now start in a digital environment regardless of whether they complete online or in a store. So in that world where the consumer is looking to engage in a digital manner across not just their e-commerce purchases but a broader set of purchases, I think the way that they have engaged in shopping in the natural world, which involve much more discovery and inspiration and is much more visual, I think, just naturally plays to the strengths of Pinterest as a product and a platform. So I think that context and timing matters.

當然。謝謝，布賴恩。有幾個想法。首先，我要說的是，其中一些事情，這些事情如何演變是有自然規律的。所以我談到了一個非常好的視覺探索基礎，支持它所需的計算機視覺和機器學習。我認為這些一直是平台的優勢，我認為；支撐機會。所以我認為這些事情有一個自然的順序，當然，你首先需要它。然後當你看看你如何利用它時，我認為 - 我會說背景和時間也很重要。 [然後]我認為我們正處於用戶參與的時刻——更多的是他們的電子商務之旅——或者，對不起，更多的是他們在數字環境中更廣泛的商業之旅。所以我認為——當你想到數字商務的時候，我認為電子商務的前 20 多年真正解決的是購買而不是購物。它是，“我知道我想要什麼。我怎樣才能以最便宜和最快的方式得到它？”正如您已經看到消費者在大流行期間改變了他們的行為，我認為您現在看到大多數購物會話現在都是在數字環境中開始的，無論他們是在網上完成還是在商店完成。因此，在這個消費者希望以數字方式參與的世界中，不僅是他們的電子商務購買，而是更廣泛的購買，我認為他們在自然世界中進行購物的方式涉及更多的發現我認為，靈感和視覺效果更加直觀，自然而然地發揮了 Pinterest 作為產品和平台的優勢。所以我認為背景和時機很重要。

I think then, in addition to that, I'd say the ability to go in just a lot more catalogs from a much broader set of players that are also really doubling down their investments, whether that's retailers or other commerce platforms, I think, gives us a lot of the right raw material to go drive that to action; and as well as users being really, I think, ready to engage a broader part of their shopping journey in a digital environment. So those are a few things that I would mention that I think put us in a great place to capitalize on these. And then the efforts that are here, it's worth noting, and Todd has spoken to some of this, shopping is already driving meaningful revenue growth in the company. So I think these are things that are already seeing really good benefit, when you think about shopping ads and what's that doing -- that is doing for our revenue growth. I think the totality of the shopping experience is already a lot of good progress on that and more momentum for us to build on. And the final thing I'd say is, when we talk about going from inspiration and intent to action, there's a lot of different ways that we can take people to action.

我認為，除此之外，我認為能夠從更廣泛的參與者那裡獲得更多目錄的能力，這些參與者也確實加倍投資，無論是零售商還是其他商業平台，我認為，為我們提供了很多正確的原材料來推動它採取行動；我認為，除了用戶真的準備好在數字環境中參與更廣泛的購物之旅之外。所以這些是我要提到的一些事情，我認為這些事情讓我們處於利用這些優勢的好地方。然後是這裡的努力，值得注意的是，托德談到了其中的一些，購物已經在推動公司的收入增長。因此，當您考慮購物廣告以及它在做什麼時，我認為這些東西已經看到了真正的好處——這對我們的收入增長有幫助。我認為整個購物體驗已經在這方面取得了很大的進步，並且為我們提供了更多的動力。我要說的最後一件事是，當我們談論從靈感和意圖到行動時，有很多不同的方式可以讓人們採取行動。

And so I think some of the efforts I've seen across the industry can at times get hung up on did you complete a purchase on the platform. And back to learnings on what can work, I think there are a number of ways to help users take action and a number of ways to help users and retailers and brands connect more deeply. And so thinking about that through the lens of just buying can be overly limiting. And so I think that's also an opportunity for us to leverage a number of ways that users can engage more deeply with retailers and brands. Buying is certainly one of those, but there are multiple ways that we can help deepen those engagements. And that's part of what we are exploring and we'll continue to explore. And there was a second part, for Todd, I believe.

因此，我認為我在整個行業中看到的一些努力有時會被掛斷，您是否在平台上完成了購買。回到學習什麼是可行的，我認為有很多方法可以幫助用戶採取行動，也有很多方法可以幫助用戶、零售商和品牌建立更深入的聯繫。因此，僅從購買的角度考慮這一點可能會受到過度限制。因此，我認為這也是我們利用多種方式讓用戶更深入地與零售商和品牌互動的機會。購買當然是其中之一，但我們可以通過多種方式幫助加深這些參與。這是我們正在探索的一部分，我們將繼續探索。我相信還有第二部分，對於托德來說。

On the -- sorry. What was that...

關於——對不起。那是什麼...

Brian, sorry. Can you repeat the second part of your question?

布萊恩，對不起。你能重複你問題的第二部分嗎？

Let's move on.

讓我們繼續。

All right, all right. Operator, let's move to the next question.

好吧，好吧。接線員，讓我們進入下一個問題。

Next question comes from Mark Mahaney of Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

This is Jian Li for Mark Mahaney. Maybe just a follow-up on just the opportunity in the shopping ads growth, what do you think are the kind of -- if you were to rank order the key drivers of that growth in this category, is it just like getting more inventory onto the platform? Is it better recommendation or kind of leaning more into creators content?

這是馬克·馬哈尼的李健。也許只是對購物廣告增長機會的跟進，你認為是什麼——如果你要對這一類別增長的關鍵驅動因素進行排序，是否就像獲得更多庫存一樣？該平台？是更好的推薦還是更傾向於創作者的內容？

And the second question is we really haven't talked about the creator content investment, so just given the current environment, how you're thinking about investing in the kind of creator content. And also you kind of mentioned the time spent on competition from the other video platforms. When you think about kind of creator or content acquisition, how much do you have to compete with like TikTok, YouTube Shorts, reels, et cetera? Or are you kind of -- are you finding yourselves acquiring from a -- like a different type of creators than the other platforms?

第二個問題是我們真的沒有談論創作者內容投資，所以就目前的環境來看，你是如何考慮投資創作者內容的。您還提到了在其他視頻平台的競爭上所花費的時間。當您考慮創作者或內容獲取的類型時，您需要與 TikTok、YouTube Shorts、reels 等競爭多少？或者你是不是——你是否發現自己從一個不同於其他平台的創作者那裡獲得——比如不同類型的創作者？

So I can start on the shopping discussion. The way I think about shopping on our platform is either pure shopping ads, so promoted product, or our conversion optimization product, particularly checkouts and -- or additions to a cart. So very shopping-oriented performance ads. The success that we're seeing in general is the focus on building a great user experience. So how do we get enough inventory that, if you're looking for something that we have the product in the system to serve to you, it's mapped to your aesthetic taste, to your price point, a retailer that you trust; and is in -- delivered in a natural part of your shopping journey. So getting 1 billion products into the system, which came on the back of high-performing partnerships with Shopify and WooCommerce and with our merchants who are increasingly using our API to get real-time inventory with real-time pricing into the system, that's been really powerful in building the inventory we need to serve against a user's interest or intent.

所以我可以開始討論購物了。我對在我們平台上購物的看法要么是純粹的購物廣告、促銷產品，要么是我們的轉化優化產品，特別是結賬和——或添加到購物車。所以非常以購物為導向的效果廣告。我們普遍看到的成功是專注於打造出色的用戶體驗。那麼我們如何獲得足夠的庫存，如果您正在尋找我們在系統中為您提供的產品，它會映射到您的審美品味、您的價格點、您信任的零售商；並且在 - 在您的購物旅程中自然而然地交付。因此，在與 Shopify 和 WooCommerce 以及我們越來越多地使用我們的 API 獲取實時庫存和實時定價的商家建立了高效的合作夥伴關係後，將 10 億種產品納入系統，這一直是在構建我們需要針對用戶的興趣或意圖提供服務的庫存方面非常強大。

The second thing is we're building out more personalized shopping experiences into the core of the product. So Your Shop is an example that I referenced earlier. That's our first real effort in a personalized shopping experience. We bought THE YES or acquired THE YES a couple of months ago to help augment that effort. And I think that piece, coupled with the inventory that we've built into the system, will continue to build more organic shopping experiences for our users. What that means is that we can then deliver ads products against that, and our investments in automation have made that more successful. We've talked over the last couple of years about automated bidding. That extended to some of our lower-funnel conversion products. We're looking forward to launching in the back half of this year more campaign-level automation which will continue to power even more performance in these areas. So all of that has been working together to build a better shopping business for us.

第二件事是我們正在將更多個性化的購物體驗構建到產品的核心中。所以你的商店是我之前提到的一個例子。這是我們在個性化購物體驗方面的第一次真正努力。幾個月前，我們購買了 THE YES 或收購了 THE YES，以幫助加強這一努力。我認為這件作品，再加上我們在系統中內置的庫存，將繼續為我們的用戶構建更多的有機購物體驗。這意味著我們可以針對這一點提供廣告產品，而我們在自動化方面的投資使這一點更加成功。在過去的幾年裡，我們一直在討論自動出價。這延伸到我們的一些低漏斗轉化產品。我們期待在今年下半年推出更多活動級別的自動化，這將繼續推動這些領域的更多表現。因此，所有這些都在共同努力，為我們建立更好的購物業務。

On the creator and content side, I can start. I don't know, Bill, if you want to weigh in, but we were really delighted this quarter to look at some of our stats and see that 10% of time spent on the platform now is users watching video. That includes our Watch tab and our Idea Pins. That's powered by a lot of content that's coming from individuals but also through some partnerships that we announced, most notably Tastemade, where they're helping us build Idea Pins; a lot of shows; and then increasingly, Pinterest TV live programming around the world. So both organic and user generated as well as through partnerships. We also improved through a lot of the investments we've made in machine learning, our relevance and delivery of our short-form video content and our Idea Pins. So relevance improved a ton quarter-over-quarter to the point now where we're seeing relevance almost at parity across Idea Pins and our static images, which was a big improvement. And so all of that means that, when we get the idea ads format working, not only will this be accretive to engagement but accretive to revenue over time. We were delighted to announce idea ads launching in the quarter. So all of what we've been talking about, building relevance, getting richer content onto the platform and extending that to business building, we made progress against that in the quarter. So I don't know if that answers your question or, Bill, you wanted to add anything.

在創作者和內容方面，我可以開始了。我不知道，比爾，如果你想參與進來，但我們真的很高興本季度查看我們的一些統計數據，並看到現在在平台上花費的 10% 的時間是用戶觀看視頻。這包括我們的 Watch 選項卡和我們的 Idea Pins。這是由來自個人的大量內容以及我們宣布的一些合作夥伴關係提供支持的，其中最著名的是 Tastemade，他們正在幫助我們建立 Idea Pins；很多節目；然後，越來越多的 Pinterest 電視直播節目遍布全球。因此，自然生成和用戶生成以及通過合作夥伴關係生成。我們還通過在機器學習、短視頻內容和創意圖釘的相關性和交付方面的大量投資進行了改進。因此，相關性比上一季度提高了一噸，現在我們看到 Idea Pins 和我們的靜態圖像的相關性幾乎相等，這是一個很大的改進。因此，所有這一切都意味著，當我們讓創意廣告格式發揮作用時，這不僅會增加參與度，還會隨著時間的推移增加收入。我們很高興地宣佈在本季度推出創意廣告。因此，我們一直在談論的所有內容，建立相關性，在平台上獲取更豐富的內容並將其擴展到業務建設，我們在本季度取得了進展。所以我不知道這是否回答了你的問題，或者比爾，你想補充什麼。

Exactly right. The only other thing I'd add to it is that, as we think about the way we're engaging with content creators, we see they appreciate the uniqueness of our platform as well, both it's a positive place to engage as well as the strong intent from our users. And so I think that's something both our advertisers see from us and are excited about from us, but we see that content creators really appreciate that about the platform as well. I think it leads to different types of opportunities for how creators can engage on our platform and the kinds of content and user engagement that can come from that. And it also means that we can play our own game on how we work with content creators. Of course, we don't expect that we're going to match dollar for dollar with larger platforms, but we can create unique ways to engage. We believe we can attract content creators that are here for the specific users and environment that we have as well as the intent that they have, which is very different from other platforms where that intent may not be there. Or the intent is one that is more around entertainment, that you're sort of looking for the next entertaining video. That can sometimes be harder for creators to keep up with versus a platform where people are coming with an intent to either shop or make or do and that being something that creators' content can be more enduring, for those reasons. And so I think that's an important part of our platform both for advertisers but that also creators are really noticing and allows us to play our own game there.

非常正確。我要補充的唯一另一件事是，當我們考慮與內容創作者互動的方式時，我們看到他們也欣賞我們平台的獨特性，這既是一個積極參與的地方，也是我們用戶的強烈意圖。所以我認為這是我們的廣告商從我們身上看到的東西，並且對我們感到興奮，但我們看到內容創作者也非常欣賞該平台的這一點。我認為它為創作者如何參與我們的平台以及由此產生的內容類型和用戶參與帶來了不同類型的機會。這也意味著我們可以在如何與內容創作者合作方面玩自己的遊戲。當然，我們並不期望我們會用更大的平台來匹配美元，但我們可以創造獨特的參與方式。我們相信，我們可以為我們擁有的特定用戶和環境以及他們的意圖吸引到這裡的內容創作者，這與其他可能沒有這種意圖的平台非常不同。或者目的是更多地圍繞娛樂，您正在尋找下一個娛樂視頻。對於創作者而言，有時可能更難跟上人們想要購物或製作或做的平台，並且由於這些原因，創作者的內容可能更持久。因此，我認為這是我們平台的重要組成部分，不僅對廣告商而言，而且創作者也真正注意到並允許我們在那裡玩自己的遊戲。

Next question comes from Colin Sebastian of Baird.

下一個問題來自 Baird 的 Colin Sebastian。

Bill, congrats again. It's been fun following your journey over the years. A couple of questions for either you or Todd: I guess, first off, there were some interesting comments in the letter related to Idea Pins' relevance. And I guess I'm curious if there's a direct connection between how you're measuring relevance there and engagement you're seeing with users. And then secondly, I think you touched on this a little bit before regarding near-term trends but, given that the guidance for revenues in Q3 is a bit more positive than what we've seen from other -- most other digital platforms at this point, just curious what you're hearing from advertisers in terms of feedback related to factors that are making Pinterest more resilient than some of the other platforms.

比爾，再次恭喜。多年來，您的旅程很有趣。有幾個問題要問你或託德：我想，首先，這封信中有一些與 Idea Pins 的相關性相關的有趣評論。我想我很好奇你如何衡量那裡的相關性和你看到的用戶參與度之間是否存在直接聯繫。其次，我認為您在談到近期趨勢之前已經談到了這一點，但是鑑於第三季度的收入指導比我們從其他大多數其他數字平台看到的要積極一些點，只是好奇你從廣告商那裡聽到的反饋，這些反饋與使 Pinterest 比其他一些平台更具彈性的因素有關。

Thanks, Colin. Appreciate the sentiment there. I'll give some brief remarks and then Todd can add to it. I think, yes, we've seen really nice engagement with Idea Pins and video generally. And I think Todd mentioned this earlier. 10% of engagement being over video, from a couple of years ago, that would have been near 0, I think, is really fantastic progress. I think Idea Pins are a really great example of that. And Todd can expand on that a little further in terms of what the teams are seeing there. On the advertiser feedback, again Todd will have more color commentary here, but I think there's -- I've talked about the uniqueness of what's on the platform. I think, as we go forward into an environment where users are thinking -- or excuse me, advertisers are thinking about where they place their dollars, I think a relatively brand-safe environment on a platform, high user intent. And we uniquely have first-party signal on our platform. So when you think about Pinterest relative to other platforms and shifts that are happening with regard to cookies and these kinds of things, the fact that we have really great first-party signal. Todd mentioned 80% plus of our users and our engagement being on our mobile app. These are things that give us really good first-party signal and really good understanding of user intent. We don't need to understand user intent from outside our platform. We have it on our platform. And I think that's something that advertisers really appreciate and that we're able to drive through into our [ad products, but] I'll give it to Todd to expand on those.

謝謝，科林。欣賞那裡的情緒。我將發表一些簡短的評論，然後托德可以補充。我認為，是的，我們已經看到了與 Idea Pins 和視頻的良好互動。我認為托德之前提到過這一點。我認為，從幾年前開始，10% 的參與度接近於 0，這是非常了不起的進步。我認為 Idea Pins 就是一個很好的例子。就團隊在那裡看到的內容而言，托德可以進一步擴展。關於廣告商的反饋，Todd 將再次在這裡發表更多色彩評論，但我認為有——我已經談到了平台上內容的獨特性。我認為，當我們進入一個用戶正在思考的環境時——或者對不起，廣告商正在考慮他們將錢放在哪裡，我認為平台上的一個相對品牌安全的環境，高用戶意圖。我們在我們的平台上擁有獨一無二的第一方信號。因此，當您考慮 Pinterest 相對於其他平台以及在 cookie 和此類事情方面正在發生的變化時，我們擁有非常好的第一方信號這一事實。 Todd 提到了我們 80% 以上的用戶和我們在移動應用上的參與度。這些東西給了我們非常好的第一方信號和對用戶意圖的非常好的理解。我們不需要從我們的平台之外了解用戶意圖。我們的平台上有它。而且我認為這是廣告商真正欣賞的東西，我們能夠推動我們的[廣告產品，但]我會把它交給托德來擴展這些。

Yes. Look. I think that's a great summary. I would say that we're really excited about the investments we're making [in] relevance and the impact that's having on bringing our Idea Pin format into closer -- something closer to parity with our static pins. That's sort of a precursor for success in terms of engagement, so when it flows through our top line numbers and we start to see that curve bend -- or the trajectory of engagement bend, we'll know it's having a bigger picture impact, but it's foundational for us to get to that point. On the advertisers side, I think Bill summarized it well. I mean one thing that we don't have on this platform -- I kind of walked through the history of how we built our advertiser base. And the legacy of being exposed more to larger CPG and larger retailers during moments like this can be more beneficial. We don't have a lot of gaming app download, crypto ads, for example, on the platform. A lot of it's around home, food, fashion and beauty with our larger, more resilient advertisers. I had mentioned the joint business partnership point in my opening comments because I thought it was an important indicator for us as being an alternative to the larger incumbents for advertising dollars but still on the list, given the issues that Bill had mentioned in the way I had opened. Demographics, brand safety, leading indicators of consumer intent and commercial mindset on the platform and being early in a purchase journey are all differentiators.

是的。看。我認為這是一個很好的總結。我想說，我們對我們在相關性方面所做的投資以及對使我們的 Idea Pin 格式更接近的影響感到非常興奮 - 更接近與我們的靜態 pin 平價的東西。在參與度方面，這是成功的先兆，所以當它流經我們的頂線數字時，我們開始看到曲線彎曲 - 或參與度彎曲的軌跡，我們會知道它會產生更大的影響，但是這是我們達到這一點的基礎。在廣告商方面，我認為比爾總結得很好。我的意思是我們在這個平台上沒有的一件事——我回顧了我們如何建立廣告客戶群的歷史。在這樣的時刻更多地接觸更大的 CPG 和更大的零售商的遺產可能會更有益。我們在平台上沒有很多遊戲應用下載，例如加密廣告。我們更大、更有彈性的廣告客戶有很多關於家庭、食物、時尚和美容的內容。我在開場白中提到了聯合業務夥伴關係點，因為我認為這是一個重要指標，因為我認為這是一個重要指標，可以替代更大的現有廣告商，但仍然在名單上，因為比爾在我的方式中提到的問題已經打開了。人口統計、品牌安全、消費者意圖的領先指標和平台上的商業心態以及處於購買旅程的早期都是差異化因素。

So I wouldn't want you to take away from this that we're in a different economic environment, though, than many of our -- others in our space. We started the quarter particularly strong. And a lot of our leading indicators, as I had mentioned, are softening as we see this demand picture become a little more uncertain with the quarter unfolding. And so I wouldn't want to tell you we're in a totally different market environment than others. We just started off stronger than the -- slightly stronger than the range that I described. And our best signals are that we're going to see some deceleration as the quarter unfolds.

因此，我不希望你從這一點中看出，我們所處的經濟環境與我們所在領域的許多其他人不同。我們在本季度開始時特別強勁。正如我所提到的，我們的許多領先指標正在走軟，因為我們看到隨著季度的展開，這種需求情況變得更加不確定。所以我不想告訴你我們所處的市場環境與其他人完全不同。我們剛開始時比我描述的範圍稍強。我們最好的信號是，隨著季度的展開，我們將看到一些減速。

Final question will come from Rich Greenland -- Rich Greenfield. My apologies. From LightShed.

最後一個問題將來自 Rich Greenland——Rich Greenfield。我很抱歉。來自 LightShed。

I've never been to Greenland, but I'm sure I could find it on Pinterest. On -- sorry. In the letter, Bill, you talked about Google Search. Obviously Google Search has been a pressure on the business for the last several quarters. And you talked about relying on sort of new ways of demand generation or driving traffic or sourcing traffic, and I was wondering if you could just sort of give us some more examples. When you talk about sharing Idea Pins on third-party platforms and even when you're talking about notifications, I assume that's AI for push notifications, but I was hoping. Could you give us some examples of sort of what -- on both of those things, tangible, what you're seeing, how it's impacting the business and what we should expect going forward?

我從未去過格陵蘭島，但我確信我可以在 Pinterest 上找到它。開——對不起。在信中，比爾，你談到了谷歌搜索。顯然，谷歌搜索在過去幾個季度一直對業務構成壓力。你談到了依賴於某種新的需求生成方式或驅動流量或採購流量，我想知道你是否可以給我們一些更多的例子。當你談論在第三方平台上分享創意圖釘時，甚至當你談論通知時，我認為那是推送通知的人工智能，但我希望如此。你能給我們舉一些例子嗎——關於這兩件事，有形的，你所看到的，它如何影響業務以及我們應該期待什麼？

And then sort of just a big picture housekeeping point because you both brought it up. If the mobile users are driving 80-plus percent of your revenue, why not just report mobile users? It seems like that's the most relevant indicator of what's tied to revenue growth. And why not just forget about this or even deemphasize this overall MAU metric if the mobile MAU is really the one that matters?

然後有點像一個大的家務點，因為你們都提出來了。如果移動用戶為您帶來了 80% 以上的收入，為什麼不報告移動用戶呢？這似乎是與收入增長相關的最相關指標。如果移動 MAU 真的很重要，為什麼不忘記這一點，甚至不強調這個整體 MAU 指標呢？

All right, thank you, Rich. I'll let Todd hit the last question, on how we report the users, but on your question of how we're driving engagement, there's a number of factors. You touched on one of those that we did as well, which is we're getting a lot of direct engagement through our mobile app. So that's always a great place to be, to have 80% plus of your engagement through a mobile app where people are coming to you directly, so that as a base is fantastic. We're using a lot of ML and AI to improve our personalization across all of our surfaces. That drives up further engagement. And I think the team has been -- or mentioned earlier, I've been really impressed coming inside and seeing the progress the team has been making there. And I think there's a lot more of that to come in terms of advances in the machine learning and AI front to improve personalization. It's a strength of the platform, so a lot more we can do there. Native content and creators, I think that engagement will be more accretive over time. And we're seeing good progress there, as noted with 10% of engagement being on video now. And I think we've talked about taking people from inspiration and intent to action, but [there's] a lot of the inspiration intent -- inspiration and intent on our platform that people historically had to go to other platforms to take action. And as we make more of that actionable on our platform, that will naturally drive up further engagement as well. And we see early signs of that with things like the progress in shopping ads.

好的，謝謝你，里奇。我會讓托德回答最後一個問題，關於我們如何報告用戶，但關於你關於我們如何推動參與度的問題，有很多因素。您還談到了我們所做的其中一項工作，那就是我們通過我們的移動應用程序獲得了很多直接參與。因此，這始終是一個很棒的地方，通過人們直接來找您的移動應用程序獲得 80% 以上的參與度，因此作為基地非常棒。我們正在使用大量 ML 和 AI 來改善我們所有表面的個性化。這推動了進一步的參與。而且我認為團隊已經 - 或者之前提到過，我對進入內部並看到團隊在那裡取得的進展印象深刻。而且我認為在機器學習和人工智能領域的進步方面還有更多的進步可以改善個性化。這是平台的優勢，所以我們可以在那裡做更多的事情。原生內容和創作者，我認為隨著時間的推移，參與度會越來越高。我們在這方面看到了良好的進展，正如現在有 10% 的參與是在視頻上所指出的那樣。而且我認為我們已經討論過將人們從靈感和意圖轉變為行動，但是[有]很多靈感意圖 - 我們平台上的靈感和意圖，人們過去必須去其他平台採取行動。隨著我們在平台上實現更多可操作性，這自然也會推動進一步的參與。我們從購物廣告的進步等方面看到了早期跡象。

And with respect to SEO, I think [teams have been] making good progress leveraging our machine learning and AI capabilities for multiple channels of engagement, including things like notification, e-mail; and seeing good returns on those things as well as things like social sharing. So there are a number of factors there. There's no one silver bullet. It's broad-based, but I actually find that to be quite encouraging that there's no one silver bullet but actually a broad base of activities that's driving really good progress and engagement. And I'll give it to Todd to address the user reporting part of the question.

在 SEO 方面，我認為 [團隊一直] 在利用我們的機器學習和 AI 功能進行多種參與渠道（包括通知、電子郵件等）方面取得了良好進展；並在這些事情以及社交分享等事情上看到良好的回報。所以那裡有很多因素。沒有一顆銀彈。它的基礎廣泛，但我實際上發現這非常令人鼓舞，因為沒有什麼靈丹妙藥，但實際上是廣泛的活動基礎，推動了非常好的進展和參與。我會把它交給 Todd 來解決問題的用戶報告部分。

Yes. Thanks for the question, Rich. We're always open to evaluating disclosure and so I will keep an open mind about it and consider it. The reason we've been bringing it up for the last few quarters is we thought there was a bit of a deviation in the trend that we've seen historically. And so I thought it would be important context for this community and for investors to understand what's going on with our web-based traffic versus those that are coming direct or using the mobile app. I thought it was also important to call out the impression and revenue contribution just so folks would understand how we could be seeing these MAU declines but continue our financial performance right through it, which is one of the factors at play here in addition to all the investments we're making in our ad stack and efficiency there, plus our demand generation.

是的。謝謝你的問題，里奇。我們始終對評估披露持開放態度，因此我將對此持開放態度並加以考慮。過去幾個季度我們一直在提出它的原因是我們認為我們在歷史上看到的趨勢存在一些偏差。因此，我認為對於這個社區和投資者來說，了解我們基於網絡的流量與直接或使用移動應用程序的流量相比，這將是一個重要的背景。我認為指出印象和收入貢獻也很重要，這樣人們才能理解我們如何看到這些 MAU 下降，但在整個過程中繼續我們的財務業績，這是除了所有我們在廣告堆棧和效率方面的投資，以及我們的需求產生。

To your point specifically, the reason I kept it and I have kept it is that it's a pretty inclusive way of thinking about the people that come and discover Pinterest content, number one. Number two, we have often viewed these web-based users who come to us through search traffic as our upper-funnel user acquisition. These are people that are discovering Pinterest content through search. They're existing users that are resurrected and they rediscover reasons to come back to Pinterest. And so from a broader-aperture perspective, it's a pretty useful way of thinking about those that are finding Pinterest content and are potential future mobile app users because they found this content through search, but of course, we'll always consider what's most useful for this community to understand the business and its prospects.

具體到你的觀點，我保留它並保留它的原因是，它是一種非常包容的方式來思考那些來發現 Pinterest 內容的人，第一。第二，我們經常將這些通過搜索流量找到我們的基於網絡的用戶視為我們的上層用戶獲取。這些人通過搜索發現 Pinterest 內容。他們是複活的現有用戶，他們重新發現了回到 Pinterest 的理由。因此，從更廣泛的角度來看，這是一種非常有用的方式來思考那些正在尋找 Pinterest 內容並且是潛在的未來移動應用用戶的人，因為他們通過搜索找到了這些內容，但當然，我們總是會考慮什麼是最有用的讓這個社區了解業務及其前景。

Great. And I will turn it over to Bill for final comments.

偉大的。我會把它交給比爾做最後的評論。

Yes. Thank you again to everyone for joining the call and for your questions. We look forward to continuing the dialogue with you as we execute on the many exciting opportunities ahead. And we hope you all enjoy the rest of your day.

是的。再次感謝大家加入電話會議並提出問題。我們期待著與您繼續對話，因為我們正在執行未來的許多激動人心的機會。我們希望你們都能享受剩下的一天。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議就此結束。感謝您的參與。您現在可以斷開線路。