Pinterest Inc (PINS) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for attending today's Pinterest Third Quarter 2022 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. (Operator Instructions)

早上好，女士們，先生們。感謝您參加今天的 Pinterest 2022 年第三季度收益電話會議。我的名字是 Tia，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to your host, Neil Doshi, Head of Investor Relations. You may proceed.

我現在想將會議轉交給您的主持人，投資者關係主管 Neil Doshi。你可以繼續。

Thank you. Good afternoon, and thank you for joining us. Welcome to Pinterest Earnings Call for the Third Quarter Ended September 30, 2022. I'm Neil Doshi, Head of Investor Relations for Pinterest. Joining me today on the call are Bill Ready, Pinterest CEO; and Todd Morgenfeld, our Chief Financial Officer and Head of Business Operations.

謝謝你。下午好，感謝您加入我們。歡迎參加截至 2022 年 9 月 30 日的第三季度 Pinterest 收益電話會議。我是 Pinterest 投資者關係主管 Neil Doshi。今天和我一起參加電話會議的是 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 I'll cover the safe harbor. Some of the statements that 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 Q4 2022 and beyond are preliminary and are not an indication of future performance.

現在我將覆蓋安全港。我們今天就我們的業績、運營和前景（包括 COVID-19 大流行的影響）所做的一些陳述可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果不同的風險和不確定性重大。此外，我們對 2022 年第四季度及以後的業績、趨勢和展望是初步的，並不代表未來的表現。

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.

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，請參閱我們最近提交給 SEC 的 10-Q 或 10-K 表格中討論的風險因素，這些風險因素可在我們網站的“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 -- in today's earnings press release, 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今天的收益新聞稿中，這些新聞稿通過我們位於investor.pinterestinc.com 的投資者關係網站向公眾分發和提供。

Before we jump in, I'd like to note that we've decided to change our format for earnings communications. We will no longer be publishing a shareholder letter so that we can focus on providing key updates on these calls.

在我們開始之前，我想指出我們已經決定改變我們的收益溝通格式。我們將不再發布股東信函，以便我們可以專注於提供這些電話的關鍵更新。

And now I'd like to turn the call over to Bill.

現在我想把電話轉給比爾。

Thanks, Neil. Hi, everyone. Thanks for joining our Q3 earnings call. I'm proud of our team's execution in Q3 across user growth, monetization and operating discipline. On the user side, we stabilized the user base and grew sequentially as we return to seasonal growth trends. Our global MAUs of 445 million were above Q3 2021 as we've largely lapped headwinds from the pandemic unwind and have driven improvements in user engagement.

謝謝，尼爾。大家好。感謝您加入我們的第三季度財報電話會議。我為我們團隊在第三季度在用戶增長、貨幣化和運營紀律方面的執行感到自豪。在用戶方面，我們穩定了用戶群並隨著我們恢復季節性增長趨勢而連續增長。我們的全球 MAU 為 4.45 億，高於 2021 年第三季度，因為我們在很大程度上克服了大流行緩解的不利因素，並推動了用戶參與度的提高。

Our U.S. and Canada MAUs grew sequentially for the first time since Q1 2021 to 95 million. Despite continued macroeconomic uncertainty, we grew revenue by 10% on a constant currency basis to $685 million for Q3. We delivered adjusted EBITDA of $77 million and adjusted EBITDA margin of 11%. Each of these points demonstrate that our team is operating with heightened focus and discipline, finding ways to grow the business and drive efficiencies despite the difficult macroeconomic environment.

我們的美國和加拿大 MAU 自 2021 年第一季度以來首次環比增長至 9500 萬。儘管宏觀經濟持續存在不確定性，但我們第三季度的收入在固定貨幣基礎上增長了 10%，達到 6.85 億美元。我們實現了 7700 萬美元的調整後 EBITDA 和 11% 的調整後 EBITDA 利潤率。這些點中的每一個都表明，儘管宏觀經濟環境艱難，但我們的團隊正在以高度的專注和紀律運作，尋找發展業務和提高效率的方法。

My remarks today will focus on 3 topics: first, how we're making Pinterest more relevant and engaging; second, how we're driving more inspiration to action, including greater shoppability; and third, how we continue to improve our monetization efforts to drive value to our advertising partners.

我今天的發言將集中在 3 個主題上：首先，我們如何讓 Pinterest 更具相關性和吸引力；第二，我們如何推動更多的行動靈感，包括更大的購物能力；第三，我們如何繼續改進我們的貨幣化努力，為我們的廣告合作夥伴創造價值。

By making Pinterest more relevant to our users, we can increase and deepen their engagement with the platform. We're doing this in multiple ways, including improving the personalization on our core services, leveraging our unique opportunities as a content platform and broadening our appeal to emerging demographics.

通過讓 Pinterest 與我們的用戶更相關，我們可以增加和加深他們對該平台的參與度。我們正在通過多種方式做到這一點，包括改善我們核心服務的個性化、利用我們作為內容平台的獨特機會以及擴大我們對新興人口的吸引力。

On personalization, we're creating much more relevant experiences for users by combining the unique first-party signal on our platform with advancements in machine learning to recommend highly relevant content to users. In Q3, this work was a meaningful driver of our return to seasonal sequential growth in global and U.S. and Canada MAUs.

在個性化方面，我們通過將我們平台上獨特的第一方信號與機器學習方面的進步相結合，向用戶推薦高度相關的內容，從而為用戶創造更多相關的體驗。在第三季度，這項工作是我們在全球以及美國和加拿大 MAU 中恢復季節性連續增長的重要推動力。

It also resulted in year-on-year improvement in engagement as measured by metrics such as sessions, impressions and saves. In fact, sessions in Q3 grew meaningfully faster the MAUs, which indicates that we are deepening engagement with our users. We believe growing sessions should drive multiple top line benefits, such as reducing user churn, improving overall monetization and growing revenue per user.

根據會話、印象和保存等指標衡量，它還導致參與度同比提高。事實上，第三季度的會話數顯著加快了 MAU 的增長速度，這表明我們正在加深與用戶的互動。我們認為，不斷增長的會話應該會帶來多項頂線收益，例如減少用戶流失、提高整體盈利能力和增加每位用戶的收入。

We're also making Pinterest more relevant to users by leveraging our unique human-curated content and upgrading our overall content ecosystem. In short, we want content that not only inspires users but also helps them make, do or buy things. With this goal in mind, here's how we're thinking about human curation and rich media content, which are the 2 biggest types of content we have on the platform.

我們還通過利用我們獨特的人工策劃內容和升級我們的整體內容生態系統，讓 Pinterest 與用戶更相關。簡而言之，我們想要的內容不僅能激髮用戶的靈感，還能幫助他們製作、做或購買東西。考慮到這一目標，以下是我們對人工策劃和富媒體內容的思考方式，這是我們在平台上擁有的兩種最大的內容類型。

The human curation at scale that happens on Pinterest is a highly differentiated and viable source of content generated by our users. While machine learning helps us serve a personalized recommendation for a pair of women's fall boots, human curation at scale makes it possible for us to further suggest the best skirt and sweater options to complete the look, which we can do because those boots or ones like them have been saved as part of outfits on other boards on Pinterest.

Pinterest 上發生的大規模人工策劃是我們用戶生成的高度差異化且可行的內容來源。雖然機器學習幫助我們為一雙女式秋季靴子提供個性化推薦，但大規模的人工策劃使我們有可能進一步建議最好的裙子和毛衣選項來完成外觀，我們可以這樣做，因為這些靴子或那些喜歡它們已作為服裝的一部分保存在 Pinterest 上的其他板上。

This type of curation is very unique to Pinterest and is fundamentally different user activity than what typically occurs on other platforms. This creates a highly efficient way to get relevant content for users across our ecosystem. User-curated content is a key aspect of our content strategy, and we expect it to remain a significant differentiator.

這種類型的策展對於 Pinterest 來說是非常獨特的，並且與其他平台上通常發生的用戶活動有著根本的不同。這創造了一種高效的方式來為我們生態系統中的用戶獲取相關內容。用戶策劃的內容是我們內容策略的一個關鍵方面，我們希望它仍然是一個重要的差異化因素。

In addition, we're increasingly sourcing rich media content that is uploaded to our platform from a wide variety of sources, including publishers, creators, brands and users. In Q3, content uploaded to Pinterest accounted for nearly half of our saves, which demonstrates that users are finding this type of content highly relevant and engaging.

此外，我們越來越多地從各種來源（包括出版商、創作者、品牌和用戶）上傳到我們平台的富媒體內容。在第三季度，上傳到 Pinterest 的內容占我們保存的近一半，這表明用戶發現此類內容具有高度相關性和吸引力。

One of the uploaded rich media formats we're particularly excited about is video. Videos often make it easier for users to get inspired and to make, do or buy something. This is especially true for Gen Z users. We've been ramping our video efforts over the past couple of years. Last year, we focused almost exclusively on attracting creators to upload videos on our platform. However, we've since learned more about the types of videos that resonate with our users and found that we can also obtain high-quality videos and other forms of rich media content from sources beyond creators.

我們特別興奮的一種上傳的富媒體格式是視頻。視頻通常使用戶更容易獲得靈感並製作、做或購買某些東西。對於 Z 世代用戶來說尤其如此。在過去的幾年裡，我們一直在加強我們的視頻工作。去年，我們幾乎完全專注於吸引創作者在我們的平台上上傳視頻。然而，我們後來更多地了解了與用戶產生共鳴的視頻類型，並發現我們還可以從創作者之外的來源獲得高質量的視頻和其他形式的富媒體內容。

This is both highly efficient and effective. While creators are an important part of this equation, a larger portion of our rich media corpus is coming from users, brands and publishing partners like Tastemade, Refinery29, Chefclub, Jellysmack and Blavity. Over the past year, as we've evolved our video upload tools, we've grown our video supply by 3x.

這既高效又有效。雖然創作者是這個等式的重要組成部分，但我們富媒體語料庫的很大一部分來自用戶、品牌和出版合作夥伴，如 Tastemade、Refinery29、Chefclub、Jellysmack 和 Blavity。在過去一年中，隨著我們不斷改進視頻上傳工具，我們的視頻供應量增長了 3 倍。

Additionally, in October, we announced partnerships with Warner Music Group, Warner Chappell Music, Merlin and BMG to expand the music experience on Pinterest. Through these deals, users will be able to add popular song tracks through a new user experience, which we believe will enable users and creators to engage more deeply and creatively with the platform.

此外，在 10 月，我們宣布與華納音樂集團、華納查普爾音樂、梅林和 BMG 建立合作夥伴關係，以擴展 Pinterest 上的音樂體驗。通過這些交易，用戶將能夠通過新的用戶體驗添加流行歌曲曲目，我們相信這將使用戶和創作者能夠更深入、更有創意地與平台互動。

Finally, we're working to expand the relevance of our platform to emerging audiences, specifically Gen Z, by building products and experiences that resonate with them. Over the past 3 years, growth from our global Gen Z demographic has outpaced growth from all other demos, and Gen Z users continue to grow despite the pandemic unwind and SEO headwinds.

最後，我們正在努力通過構建與他們產生共鳴的產品和體驗來擴大我們平台與新興受眾（特別是 Z 世代）的相關性。在過去 3 年中，我們全球 Z 世代人口的增長速度超過了所有其他演示的增長速度，儘管大流行放鬆和 SEO 逆風，Z 世代用戶仍在繼續增長。

In Q3, Gen Z grew double digits year-over-year, accelerating from Q2. This trend supports our thesis that Gen Z gets something on Pinterest that is distinct from what they get on other popular platforms, namely a place to discover with intent and purpose and to explore their creativity. Nowhere was this more clear to us in Q3 than in the enthusiastic reception of Shuffles, our stand-alone collage-making app, which is available on an invite-only basis to iOS users.

第三季度，Z 世代同比增長兩位數，較第二季度有所加速。這一趨勢支持了我們的論點，即 Z 世代在 Pinterest 上獲得的東西不同於他們在其他流行平台上獲得的東西，即一個有意圖和目的發現並探索他們的創造力的地方。在第三季度，我們最清楚這一點的是我們的獨立拼貼製作應用程序 Shuffles 受到熱烈歡迎，該應用程序僅供 iOS 用戶使用。

The vast majority of Shuffles users are in the Gen Z demo, and we've been watching with interest as they find novel ways to use Shuffles such as remixing each other's Shuffles to collaborate on ideas like creating the perfect Stranger Things Halloween costume. We continue to iterate and learn from this beta launch and plan to add new features and functionality to Shuffles as we make it more widely available.

絕大多數 Shuffles 用戶都在 Z 世代演示中，我們一直在饒有興趣地觀察他們發現使用 Shuffles 的新方法，例如重新混合彼此的 Shuffles 來協作創造完美的 Stranger Things 萬聖節服裝等想法。我們將繼續迭代並從此次測試版發布中學習，併計劃在 Shuffles 更廣泛地使用時為其添加新特性和功能。

Next, I'll discuss our approach to driving more inspiration and intent to action. At the highest level, we believe shopping on Pinterest drives and informs the core experience of the service rather than being distinct from or bolted on to that core experience. This is supported by the fact that more than half of users we've surveyed view Pinterest as a place to shop.

接下來，我將討論我們推動更多靈感和行動意圖的方法。在最高層面上，我們認為在 Pinterest 上購物會推動並傳達服務的核心體驗，而不是與該核心體驗區分開來或固定在該核心體驗上。這得到了我們調查的超過一半用戶將 Pinterest 視為購物場所這一事實的支持。

Over time, we expect to make every product that a user encounters on Pinterest shoppable even when that product may be in a scene or other user-generated content. This means pins on all our surfaces should be shoppable, not just the ones on a designated Shop tab.

隨著時間的推移，我們希望用戶在 Pinterest 上遇到的每個產品都可以購買，即使該產品可能在場景或其他用戶生成的內容中。這意味著我們所有表面上的圖釘都應該是可購買的，而不僅僅是指定商店標籤上的圖釘。

While we have computer vision capabilities, machine learning, human curation at scale and over 1 billion items in our product catalog, we also need to continue growing our product catalog to enable more of these shopping experiences. To that end, we released our API for shopping to general availability in Q3 across all of our shopping-enabled countries, which include the U.S. and our largest markets in Europe, Latin America and APAC. Our API for shopping makes it easier for merchants to upload their catalogs and metadata while also sending real-time data on SKU-level pricing and inventory.

雖然我們擁有計算機視覺功能、機器學習、大規模人工管理以及產品目錄中超過 10 億件商品，但我們還需要繼續擴大產品目錄以提供更多此類購物體驗。為此，我們在第三季度向所有支持購物的國家/地區（包括美國以及我們在歐洲、拉丁美洲和亞太地區的最大市場）發布了我們的購物 API 以全面上市。我們的購物 API 使商家可以更輕鬆地上傳目錄和元數據，同時發送有關 SKU 級定價和庫存的實時數據。

On the discoverability side, we're leveraging both machine learning and the first-party signals we get from the unique human curation on Pinterest. If you're looking for a mid-century modern couch, we should be able to show you tables, rugs and lamps to complete that room based on how millions of users have saved and organized home decor content. I think this is a superpower for us as we become the home for digital taste-based shopping.

在可發現性方面，我們正在利用機器學習和我們從 Pinterest 上獨特的人工管理中獲得的第一方信號。如果您正在尋找世紀中葉的現代沙發，我們應該能夠根據數百萬用戶保存和組織家居裝飾內容的方式向您展示桌子、地毯和燈具來完成該房間。我認為這對我們來說是一種超級大國，因為我們成為了基於品味的數字購物的家園。

Finally, we have an opportunity to become an even more trusted partner to retailers by helping send more traffic, attributable conversions and customers to their businesses. We can deliver high-quality shopping experiences in partnership with retailers by creating frictionless handoffs with the merchant for things that people want to buy. For example, we're piloting a hosted checkout program with Shopify that allows users to check out directly with the merchant while on Pinterest. We're also testing mobile deep linking that takes users straight to the retailer's app and checkout page.

最後，我們有機會成為零售商更值得信賴的合作夥伴，幫助他們為他們的業務帶來更多流量、歸因轉換和客戶。我們可以與零售商合作，通過與商家就人們想要購買的東西進行無摩擦的交接來提供高質量的購物體驗。例如，我們正在試用 Shopify 的託管結賬計劃，允許用戶在 Pinterest 上直接與商家結賬。我們還在測試將用戶直接帶到零售商的應用程序和結帳頁面的移動深度鏈接。

Our efforts on personalization, relevance and shopping are also instrumental in creating more value for advertisers. Pinterest is a unique place for advertisers because our users seek inspiration and discovery with intent and purpose. This has a number of implications. To begin with, we have on-platform, first-party signals like searches, saves and board curation that translate into highly valuable and monetizable customer insights for advertisers and resilient on-platform ad personalization and optimization.

我們在個性化、相關性和購物方面的努力也有助於為廣告商創造更多價值。對於廣告商來說，Pinterest 是一個獨特的地方，因為我們的用戶會帶著意圖和目的尋求靈感和發現。這有很多含義。首先，我們擁有平台上的第一方信號，例如搜索、保存和董事會策劃，這些信號轉化為廣告商的高價值和可獲利的客戶洞察力，以及彈性的平台廣告個性化和優化。

In addition, we have full-funnel ad solutions as users come to us throughout the stages of their purchase journey. We've built our ad platform so advertisers can meet users at every stage of their purchasing journey as they move from ideation, where brand advertising is most effective; to consideration, where a traffic campaign makes sense; to taking action, where conversion objectives are optimal. Revenue from our ads align with these 3 objectives, with approximately 1/3 of our revenue coming from each.

此外，我們還提供全渠道廣告解決方案，因為用戶在整個購買過程的各個階段都來找我們。我們已經建立了我們的廣告平台，因此廣告商可以在用戶從品牌廣告最有效的構思開始時，在他們購買旅程的每個階段與他們會面；考慮到流量活動在哪裡有意義；採取行動，轉換目標是最佳的。我們的廣告收入與這 3 個目標一致，我們大約 1/3 的收入來自每個目標。

Moreover, we're making ads more performant on Pinterest through insights-led selling, better automation and improved tools, measurement and formats. Our results show that this is working. Approximately 90% of our active advertisers now use automated bidding. And in Q3, our attributed conversions grew over 20% year-on-year driven by improvements we've made in ads optimization and conversion visibility.

此外，我們通過以洞察為導向的銷售、更好的自動化和改進的工具、衡量標準和格式，讓 Pinterest 上的廣告效果更好。我們的結果表明這是有效的。現在，我們大約 90% 的活躍廣告客戶使用自動出價。在第三季度，由於我們在廣告優化和轉化可見性方面所做的改進，我們的歸因轉化率同比增長了 20% 以上。

Before I hand over to Todd, I want to share my thoughts on how we operate the business. 2022 was a year of elevated investment for Pinterest as we leaned into a number of initiatives that we believe will drive durable, long-term growth. Additionally, the team and I have gone through an extensive review of our portfolio of initiatives to be sure we're focused on the highest-yielding activities. The benefits of that additional investment and heightened focus are coming through in product impact, particularly in engagement and revenue. We're also focused on driving efficiencies in the business. As we discussed on the last call, we intend to return to meaningful margin expansion next year and have already started those efforts.

在我交給 Todd 之前，我想分享一下我對我們如何運營業務的看法。 2022 年是 Pinterest 投資增加的一年，因為我們傾向於採取一些我們認為將推動持久、長期增長的舉措。此外，我和團隊對我們的計劃組合進行了廣泛的審查，以確保我們專注於收益最高的活動。額外投資和高度關注的好處正在體現在產品影響方面，特別是在參與度和收入方面。我們還專注於提高業務效率。正如我們在上次電話會議上討論的那樣，我們打算明年恢復有意義的利潤率擴張，並且已經開始了這些努力。

Lastly, we have a strong balance sheet with roughly $2.7 billion in cash and cash equivalents, and our business continues to generate strong free cash flow. Our primary use of capital is to invest in the business to drive continued growth. In addition, Todd and I continue to evaluate our broader capital allocation strategy, including a plan to manage dilution from stock-based compensation.

最後，我們擁有強大的資產負債表，擁有大約 27 億美元的現金和現金等價物，我們的業務繼續產生強勁的自由現金流。我們資本的主要用途是投資於業務以推動持續增長。此外，托德和我繼續評估我們更廣泛的資本配置策略，包括管理股票薪酬稀釋的計劃。

Now I'll turn it over to Todd to discuss our financial results and guidance.

現在我將把它交給托德討論我們的財務業績和指導。

Thanks, Bill. Our Q3 financial performance demonstrated the effectiveness of our full-funnel advertising platform, a platform that mirrors the user journey from inspiration to action and that delivers compelling results for advertisers across multiple objectives, including awareness, consideration and conversions. When you can address the entire consumer journey, it presents a significant monetization opportunity. We've been focused on this strategy for a while, and it's been working.

謝謝，比爾。我們第三季度的財務業績證明了我們全渠道廣告平台的有效性，該平台反映了用戶從靈感到行動的旅程，並為廣告商提供了跨多個目標的引人注目的結果，包括意識、考慮和轉換。當您可以解決整個消費者旅程時，它提供了一個重要的貨幣化機會。我們已經專注於這個策略一段時間了，它一直在發揮作用。

Over the last 3 years, from Q3 of 2019 to Q3 of 2022, we've grown our global users at an 11% compound annual growth rate. In the same time frame, our revenue grew more than 3x faster at a 35% CAGR. This ability to grow revenue faster than users has been driven by ads innovation. And while we're happy with our results today, we think there's a lot more to come in this area.

在過去 3 年中，從 2019 年第三季度到 2022 年第三季度，我們的全球用戶以 11% 的複合年增長率增長。在同一時間框架內，我們的收入以 35% 的複合年增長率增長了 3 倍以上。廣告創新推動了這種比用戶更快地增加收入的能力。雖然我們對今天的結果感到滿意，但我們認為這個領域還有很多事情要做。

We also believe that we have an opportunity to further grow our revenue per user by deepening engagement with existing users who visit Pinterest more episodically than monthly active users. Bill mentioned the momentum we're seeing in sessions growth, and we're now leaning into this strategy.

我們還相信，我們有機會通過加深與比每月活躍用戶更多地訪問 Pinterest 的現有用戶的互動來進一步增加我們的每用戶收入。比爾提到了我們在會話增長中看到的勢頭，我們現在正傾向於這一策略。

Turning to our engagement trends in the third quarter. During the quarter, 445 million global monthly active users came to Pinterest, flat year-over-year and up 12 million or 3% quarter-over-quarter. We believe that the investments we've made and the user experience were the primary drivers to return to seasonal growth patterns from Q2 to Q3. We also received a modest onetime benefit from the iOS 16 update in September, which contributed to our sequential growth in global monthly active users and U.S. and Canada monthly active users.

轉向我們在第三季度的參與度趨勢。本季度，全球每月有 4.45 億活躍用戶訪問 Pinterest，同比持平，環比增長 1200 萬或 3%。我們認為，我們所做的投資和用戶體驗是從第二季度到第三季度恢復季節性增長模式的主要驅動力。我們還從 9 月份的 iOS 16 更新中獲得了適度的一次性收益，這有助於我們在全球月度活躍用戶以及美國和加拿大月度活躍用戶方面的連續增長。

Looking at the U.S. and Canada. MAUs were 95 million, increasing 3% sequentially with the addition of 3 million users. This is the first time monthly active users have grown sequentially in this region since the first quarter of 2021. Our global mobile app MAU growth accelerated to 11% year-over-year in Q3, and U.S. and Canada mobile application users grew 3% year-over-year, showing positive growth for the first time this year. So while our desktop and mobile web MAUs declined in Q3, our mobile app MAUs continued to show greater resilience. As a reminder, mobile application MAUs account for over 80% of our total impressions and revenue.

看看美國和加拿大。 MAU 為 9500 萬，隨著 300 萬用戶的增加，環比增長 3%。這是該地區自 2021 年第一季度以來月度活躍用戶首次出現環比增長。我們的全球移動應用 MAU 在第三季度同比增長 11%，美國和加拿大移動應用用戶同比增長 3%同比，今年首次出現正增長。因此，雖然我們的桌面和移動網絡 MAU 在第三季度有所下降，但我們的移動應用 MAU 繼續表現出更大的彈性。提醒一下，移動應用 MAU 占我們總展示次數和收入的 80% 以上。

Looking ahead, we've moved beyond the pandemic unwind. And by the end of the year, we will have lapped the Google Search algorithm update from November 2021 that had an impact on our ability to grow MAUs. We feel good about the health of the user base, and we're much more focused now on deepening engagement and driving revenue per user.

展望未來，我們已經超越了大流行的緩和。到今年年底，我們將從 2021 年 11 月開始更新 Google 搜索算法，這對我們增加 MAU 的能力產生了影響。我們對用戶群的健康狀況感到滿意，我們現在更加專注於加深參與度和增加每位用戶的收入。

Turning to our financial performance. Third quarter global revenue of $685 million grew 10% year-over-year on a constant currency basis or 8% on a reported basis. Total U.S. and Canada revenue was $575 million, an increase of 9% year-over-year. This is an acceleration from last quarter's 7% growth rate. U.S. and Canada ARPU of $6.13 grew 15% year-over-year. Better-than-expected strength came from large U.S. retail advertisers who have been more resilient and often seek lower-funnel objectives and shopping goals.

轉向我們的財務業績。第三季度全球收入為 6.85 億美元，按固定匯率計算同比增長 10%，或按報告基準增長 8%。美國和加拿大的總收入為 5.75 億美元，同比增長 9%。這比上一季度 7% 的增長率有所加快。美國和加拿大的 ARPU 為 6.13 美元，同比增長 15%。好於預期的實力來自美國大型零售廣告商，他們更有彈性，經常尋求低漏斗目標和購物目標。

CPG advertiser revenue grew modestly year-over-year for the first time all year as we lapped the initial supply chain issues that these businesses faced this time last year.

CPG 廣告客戶收入全年首次實現溫和同比增長，因為我們解決了這些企業去年這個時候面臨的初始供應鏈問題。

Our shopping ads revenue, which comes from promoted catalogs, grew 50% year-over-year, accelerating from the quarter prior. We're beginning to see traction in some of our emerging verticals like automotive, financial services and travel. These segments grew significantly faster than our overall revenue. And in general, we continue to evolve more from a previously experimental platform into an always-on and trusted advertising partner.

我們的購物廣告收入來自促銷目錄，同比增長 50%，較上一季度有所加速。我們開始在汽車、金融服務和旅遊等一些新興垂直領域看到牽引力。這些細分市場的增長速度明顯快於我們的整體收入。總的來說，我們將繼續從以前的實驗平台發展成為始終在線且值得信賴的廣告合作夥伴。

Total revenue from Europe was $86 million, growing 8% on a constant currency basis but declining 4% on a reported basis due to significant foreign exchange headwinds. Our European advertisers remain concerned about the current recession impacting that region as inflation and energy costs are affecting consumer demand.

來自歐洲的總收入為 8600 萬美元，按固定匯率計算增長 8%，但由於嚴重的外匯逆風，按報告的基礎計算下降 4%。我們的歐洲廣告商仍然擔心當前的經濟衰退會影響該地區，因為通貨膨脹和能源成本正在影響消費者需求。

Total revenue from our Rest of World region was $24 million, growing 41% on a constant currency basis and 36% on a reported basis. During the quarter, we launched advertisements in Argentina, Chile and Colombia as we added to our presence in the LatAm market. However, weak consumer spending created challenges for our more price-sensitive global mid-market and SMB advertisers.

我們在世界其他地區的總收入為 2400 萬美元，按固定匯率計算增長 41%，按報告計算增長 36%。在本季度，我們在阿根廷、智利和哥倫比亞投放了廣告，增加了我們在拉丁美洲市場的影響力。然而，疲軟的消費者支出給我們對價格更為敏感的全球中端市場和中小企業廣告商帶來了挑戰。

As I mentioned earlier, we've been focused on building a durable performance advertising business that allows advertisers to meet users across the entire funnel. This has never been more important than today when CMOs are focused on marketing spend that drives measurable returns. In addition, our positive platform, our users' commercial intent and our ability to deliver insights-led selling drive unique value for advertisers that's just difficult to find elsewhere.

正如我之前提到的，我們一直專注於建立持久的效果廣告業務，讓廣告商能夠在整個渠道中與用戶會面。當 CMO 專注於推動可衡量回報的營銷支出時，這一點從未像今天這樣重要。此外，我們積極的平台、用戶的商業意圖以及我們提供以洞察為導向的銷售的能力為廣告商帶來了在其他地方難以找到的獨特價值。

In Q3, we expanded the Pinterest Trends tool from beta to general availability to help advertisers around the world get deeper insights into user planning behavior to inform the early campaign planning stage. Aligning with trends on Pinterest helps advertisers develop relevant campaigns that resonate with their audience based on real-time interests, leading to increased performance.

在第 3 季度，我們將 Pinterest 趨勢工具從測試版擴展到了全面可用，以幫助世界各地的廣告商更深入地了解用戶規劃行為，從而為早期的活動規劃階段提供信息。與 Pinterest 上的趨勢保持一致有助於廣告商開發相關的活動，根據實時興趣與受眾產生共鳴，從而提高績效。

In October, we announced that we've expanded the Pinterest Trends tool from the U.S., U.K. and Canada to 30 additional countries. For example, Ashley Furniture Canada tapped into growing home trends on Pinterest using our Pinterest Trends tool to align their products with emerging home decor styles. Knowing that terms like Boho chic and modern farmhouse were top home decor trends on Pinterest, they designed their campaign visuals to highlight how their products could bring these trends to life. In doing so, Ashley Furniture drove a 71% increase in click-through rates and a 12% increase in returns on ad spend in their conversion campaigns.

10 月，我們宣布將 Pinterest 趨勢工具從美國、英國和加拿大擴展到另外 30 個國家/地區。例如，Ashley Furniture Canada 使用我們的 Pinterest 趨勢工具利用 Pinterest 上不斷增長的家居趨勢，使其產品與新興的家居裝飾風格保持一致。知道像波西米亞風格和現代農舍這樣的術語是 Pinterest 上的頂級家居裝飾趨勢，他們設計了他們的活動視覺效果，以突出他們的產品如何將這些趨勢帶入生活。這樣一來，Ashley Furniture 將其轉化活動的點擊率提高了 71%，廣告支出回報率提高了 12%。

We continue to innovate in tools and formats to improve automation. Our new API for conversions helps explain Pinterest's contribution to attributable conversions to advertisers. We're seeing encouraging adoption of the tool by our advertisers, with its most frequent use case being lower-funnel actions such as checkouts. Beta results have shown impressive performance with a 30% -- 36% increase in attributed conversion volume when using both conversion API and tags compared to using tags only.

我們繼續在工具和格式方面進行創新，以提高自動化程度。我們新的轉化 API 有助於解釋 Pinterest 對廣告商可歸因轉化的貢獻。我們看到廣告商對該工具的採用令人鼓舞，其最常見的用例是結賬等漏斗較低的操作。 Beta 結果顯示出令人印象深刻的性能，與僅使用標籤相比，同時使用轉化 API 和標籤時歸因轉化量增加了 30% - 36%。

Turning to our expense profile. Cost of revenue increased both year-over-year and sequentially. We're investing in models to make product experiences more personalized and relevant for our users while also delivering improved ROI for our advertisers. We're beginning to see impact from these investments in our current results and believe that they will continue to drive further improvements in engagement and revenue over time.

轉向我們的費用概況。收入成本同比和環比均有所增加。我們正在對模型進行投資，以使產品體驗更加個性化並與我們的用戶相關，同時也為我們的廣告商提供更高的投資回報率。我們開始看到這些投資對我們當前結果的影響，並相信隨著時間的推移，它們將繼續推動參與度和收入的進一步改善。

Non-GAAP operating expenses were $434 million in the third quarter, up 38% year-over-year and up 4% quarter-over-quarter. This was lower than our prior guidance in part due to a decision to shift a portion of our brand marketing spend from the third to the fourth quarter. Adjusted EBITDA was $77 million in the third quarter with an adjusted EBITDA margin of 11%. We ended the quarter with about $2.67 billion in cash, cash equivalents and marketable securities.

第三季度非美國通用會計準則運營費用為 4.34 億美元，同比增長 38%，環比增長 4%。這低於我們之前的指導，部分原因是決定將我們的品牌營銷支出的一部分從第三季度轉移到第四季度。第三季度調整後 EBITDA 為 7700 萬美元，調整後 EBITDA 利潤率為 11%。我們在本季度末擁有約 26.7 億美元的現金、現金等價物和有價證券。

Turning to our preliminary outlook for the fourth quarter. We expect revenue to grow in the mid-single digits percentage range year-over-year. That includes approximately 3 percentage points of headwind from foreign exchange, slightly greater when compared to the third quarter.

轉向我們對第四季度的初步展望。我們預計收入將同比增長中個位數百分比範圍。這包括大約 3 個百分點的外匯逆風，與第三季度相比略高。

Many of our advertisers are navigating a challenging environment with higher inflation and weakening consumer demand. This creates a volatile demand environment globally. Given this uncertainty, we believe there could be a wider range of outcomes this quarter, including some downside risk, especially as our Q4 revenue tends to be back-end weighted.

我們的許多廣告客戶都面臨著通貨膨脹加劇和消費者需求減弱的充滿挑戰的環境。這在全球範圍內造成了動蕩的需求環境。鑑於這種不確定性，我們認為本季度可能會有更廣泛的結果，包括一些下行風險，特別是因為我們的第四季度收入往往是後端加權的。

On expenses, we expect non-GAAP operating expenses to grow in the low double-digits percentage range sequentially as we shifted a portion of our brand marketing campaign into Q4. For the full year, we expect non-GAAP OpEx to grow around 35% year-over-year, at the low end of the range we communicated at the start of the year.

在費用方面，隨著我們將部分品牌營銷活動轉移到第四季度，我們預計非 GAAP 運營費用將連續以兩位數的低百分比增長。全年，我們預計非 GAAP 運營支出將同比增長約 35%，處於我們在年初溝通的範圍的低端。

We firmly believe the investments we made this year will enable us to continue innovating to enhance both the user experience and our advertising platform. As we exit 2022, we're focused on maximizing the return from these investments. We are still committed to meaningful margin expansion in 2023.

我們堅信，我們今年所做的投資將使我們能夠繼續創新，以提升用戶體驗和我們的廣告平台。當我們退出 2022 年時，我們將專注於最大化這些投資的回報。我們仍致力於在 2023 年實現有意義的利潤率擴張。

Now I'll turn it back over to Bill before we open it up to Q&A.

現在，在我們打開問答環節之前，我將把它交給比爾。

Thanks, Todd. I want to say a few words about how I approach these earnings updates because it's a bit different from how we've done things in the past. I consider communications with and feedback from investors a key priority. I view our quarterly earnings calls as one of the best channels to inform investors and analysts about the most important topics in the business, and I expect to increase the overall dialogue with our investors and analysts. And I look forward to sharing more with you when we set our Investor Day in 2023.

謝謝，托德。我想談談我如何處理這些收益更新，因為它與我們過去的做事方式有點不同。我認為與投資者的溝通和反饋是一個關鍵優先事項。我認為我們的季度收益電話會議是向投資者和分析師通報業務中最重要主題的最佳渠道之一，我希望增加與我們的投資者和分析師的整體對話。我期待在 2023 年設立投資者日時與您分享更多信息。

Finally, I want to thank our teams at Pinterest, our advertising partners and all the people that come to Pinterest to find inspiration. And with that, we can open it up for questions.

最後，我要感謝 Pinterest 的團隊、我們的廣告合作夥伴以及所有來到 Pinterest 尋找靈感的人。有了這個，我們可以打開它來提問。

(Operator Instructions) The first question is from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Eric Sheridan。

Maybe coming back to a point you both made in the prepared remarks. As we turn the page on '22 and what you highlighted as an investment year, how should we be thinking about what those key investment priorities, whether it's product or platform or as we go from '22 into '23? And if we're trying to think about what the potential impact of those priorities are, whether it be revenue growth building in '23 and beyond or the potential for margin expansion and potential in '23 and beyond, how would you frame the output from those investment priorities?

也許回到你們倆在準備好的評論中提出的觀點。當我們翻開 22 年以及您強調的投資年這一頁時，我們應該如何考慮那些關鍵的投資重點，無論是產品還是平台，還是從 22 年到 23 年？如果我們試圖考慮這些優先事項的潛在影響是什麼，無論是 23 年及以後的收入增長還是 23 年及以後的利潤增長和潛力，你將如何構建那些投資重點？

Thanks, Eric, for the question. So a couple of things I'd say. First of all, we've really been focused on bringing clarity, focus and operating discipline to the business. And on each of those, I'd say on the clarity side, we're a visual discovery platform with 3 really unique attributes: first, that we're a positive place on the Internet; second, that our users come here with high intent. So while we're a discovery platform, users have intent, which is quite different from other platforms; and then third, the human curation that happens on our platform is quite unique. And so with that clarity, we're really focused on things that can drive differentiation based on those unique attributes of our platform and making sure that we're operating well and tying these initiatives across our different functions and making sure that we're focused on the highest-yielding activities.

謝謝，埃里克，這個問題。所以我想說幾件事。首先，我們一直專注於為業務帶來清晰、專注和運營紀律。在每一個方面，我想說的是，在清晰度方面，我們是一個視覺發現平台，具有 3 個非常獨特的屬性：首先，我們在互聯網上是一個積極的地方；其次，我們的用戶帶著很高的意圖來到這裡。因此，雖然我們是一個發現平台，但用戶有意圖，這與其他平台有很大不同；第三，我們平台上發生的人工策展非常獨特。因此，有了這種明確性，我們真正專注於可以根據我們平台的獨特屬性推動差異化的事情，並確保我們運作良好，並將這些舉措與我們不同的職能部門聯繫起來，並確保我們專注於關於收益最高的活動。

As we go into '23, we're glad that we've stabilized the user base and returned to seasonal growth on users. And we think we've got a great ARPU story as we continue to move forward with the business. We're driving more relevance with users, and we're doing that really by leaning into these unique attributes of the platform, both in terms of how we take inspiration to action with things like shopping, making more of the content that users find on Pinterest actionable and bringing more relevant content to users, particularly content that is coming from efficient sources like user-generated content on our platform as well as what we can do with publishers and then, of course, creators also.

隨著我們進入 23 年，我們很高興我們已經穩定了用戶群並恢復了用戶的季節性增長。我們認為，隨著我們繼續推進業務，我們的 ARPU 故事很棒。我們正在推動與用戶的更多相關性，並且我們正在通過利用平台的這些獨特屬性來做到這一點，無論是在我們如何通過購物等行為獲得靈感，製作更多用戶發現的內容方面Pinterest 可操作，並為用戶帶來更多相關內容，特別是來自有效來源的內容，如我們平台上的用戶生成內容，以及我們可以與發布者一起做的事情，當然還有創作者。

And then finally, innovation on ad tech, where we've been making really good progress on what we're doing on the ad tech side, but we think there's a lot more that we can do there. So again, I think you're seeing some of this reflected in the results this quarter, but we think there's a lot of upside yet to go on each of those points. I'll pause. Is there anything, Todd, you want to add to that?

最後是廣告技術的創新，我們在廣告技術方面取得了非常好的進展，但我們認為我們可以做的還有很多。再說一次，我認為您在本季度的結果中看到了其中的一些反映，但我們認為在這些方面還有很多上行空間。我會暫停。托德，你有什麼要補充的嗎？

No, I don't have much to add. I would say that, to Bill's point on starting to see the results, you saw it in the financial results with strength from many of our core customer base in large retail and even some falling in the CPG market for us. But it's also worth noting that in addition to the stability in the user base and even the sequential growth that we saw, Bill had referenced some sessions growth meaningfully above our user growth. We saw an improvement in saves, impressions, board creates in the U.S. and other good signals that we're now in a position to drive that ARPU story that Bill described.

不，我沒有太多要補充的。我想說的是，就比爾開始看到結果的觀點而言，您在財務結果中看到了這一點，我們在大型零售業的許多核心客戶群的實力，甚至在我們的 CPG 市場中也有一些下降。但同樣值得注意的是，除了用戶群的穩定性甚至我們看到的連續增長之外，Bill 還提到了一些會話增長有意義地高於我們的用戶增長。我們看到在美國的儲蓄、印象、董事會創造和其他良好信號都有所改善，這些信號表明我們現在能夠推動比爾描述的 ARPU 故事。

The next question is from the line of Colin Sebastian with Baird.

下一個問題來自 Colin Sebastian 和 Baird。

I have a couple. First off, Todd, I was hoping you could expand a bit on the puts and takes with respect to the Q4 guide just given the moving parts you discussed on the macro front and the various platform initiatives.

我有一對。首先，托德，我希望你能就第四季度指南的看跌期權和收益進行一些擴展，剛剛考慮到你在宏觀方面討論的移動部分和各種平台計劃。

And then, Bill, I was hoping you could then maybe expand on the lower-funnel shopping integrations, including checkout and some of the beta tests. If your view or strategy here has evolved since you first joined Pinterest and if these are already moving the needle or if they have a longer cycle time perhaps in the next year before they contribute meaningfully to growth.

然後，比爾，我希望你可以擴展低漏斗購物集成，包括結賬和一些 beta 測試。如果您的觀點或策略自您第一次加入 Pinterest 以來已經發生變化，並且這些已經在推動變化，或者如果它們有更長的周期時間（可能在明年對增長做出有意義的貢獻）。

Colin, thanks for the question. I'll start with your first one on puts and takes around Q4 guidance. And then as you mentioned, Bill can speak to some of the lower-funnel work that we're doing. Currently, the headline is that October is trending, very roughly speaking, at the low end of our Q4 guidance of that guidance range that we described in the opening remarks. We've been executing very well in this environment overall and relative to others in the industry, which has been very encouraging. As you know, though, Q4 revenue is back-end weighted to November and December given holiday seasonal moments. And given this and the overall ad market volatility, there could be a wider range of outcomes, including some downside risk to our guidance.

科林，謝謝你的問題。我將從你的第一個看跌期權開始，並接受第四季度的指導。然後正如你提到的，Bill 可以談談我們正在做的一些低漏斗工作。目前，標題是 10 月份的趨勢，非常粗略地說，處於我們在開場白中描述的指導範圍的第四季度指導的低端。相對於業內其他公司，我們在這種環境中的整體表現非常好，這非常令人鼓舞。不過，如您所知，考慮到假期的季節性時刻，第四季度的收入後端加權到 11 月和 12 月。鑑於這種情況以及整體廣告市場的波動，可能會產生更廣泛的結果，包括我們的指導存在一些下行風險。

When we gave our Q3 guidance of mid-single digits growth during our Q2 earnings call in July, we indicated that July was trending slightly above that guide. And at this point, October today is trending at the low end of the Q4 guidance range, and our guide assumes a modest pickup in demand for November and December from today. It's also worth noting that our guide includes about 3 percentage points of headwind to revenue growth rate in the fourth quarter from foreign exchange headwinds, which is slightly greater when compared to the third quarter.

當我們在 7 月份的第二季度財報電話會議上給出第三季度中個位數增長的指導時，我們表示 7 月份的趨勢略高於該指導。在這一點上，今天的 10 月趨勢處於第四季度指導範圍的低端，我們的指導假設從今天開始 11 月和 12 月的需求會溫和回升。還值得注意的是，我們的指南包括來自外匯逆風的第四季度收入增長率的約 3 個百分點的逆風，與第三季度相比略高。

Yes. And on your questions on lower funnel and shopping, Colin, we think there's a lot more we can do to drive intent to action across the platform. This is one of the things that we think makes us very different than other discovery platforms, is that we have discovery with intent and purpose. And so there's a lot more that we can do to drive that intent to action. Shopping is a particular area of focus for us on that.

是的。關於你關於低漏斗和購物的問題，科林，我們認為我們可以做更多的事情來推動整個平台的行動意圖。這是我們認為使我們與其他發現平台非常不同的一件事，那就是我們有意圖和目的的發現。因此，我們可以做更多的事情來推動這種意圖付諸行動。購物是我們關注的一個特別領域。

On the strategy there, what we're really doing is looking to go meet the user where they are on the platform. We see that more than half of users on Pinterest are here to shop. They're telling us that directly. And we've had experiments with things like shopping tabs that have been sort of a part of the experience but not necessarily been core to the experience. Moving forward, we're making shopping more core to the experience. That's what users are looking for from Pinterest already so we're quite confident in that meeting a real user need.

關於那裡的策略，我們真正要做的是尋找在平台上與用戶見面的地方。我們看到 Pinterest 上超過一半的用戶是來這裡購物的。他們直接告訴我們。我們已經對諸如購物標籤之類的東西進行了實驗，這些東西已經成為體驗的一部分，但不一定是體驗的核心。展望未來，我們正在讓購物成為體驗的核心。這就是用戶已經從 Pinterest 尋找的東西，所以我們對滿足真正的用戶需求非常有信心。

And you can see progress on the shopping front already. For example, our Q3 revenue from shopping ads grew 50% year-on-year. So that's a good indication of the progress there. And the things you can look to see more from us, as I mentioned in my comments, starting to make every product you encounter on Pinterest shoppable regardless whether that product appeared in a scene or user-generated content.

您已經可以看到購物方面的進展。例如，我們第三季度的購物廣告收入同比增長 50%。所以這很好地表明了那裡的進展。正如我在評論中提到的，你可以從我們這裡看到更多的東西，開始讓你在 Pinterest 上遇到的每一個產品都可以購買，無論該產品是出現在場景中還是出現在用戶生成的內容中。

And then taking the discovery that's happening on Pinterest and making sure that for all that great discovery of products that users are finding on Pinterest, that they have a clear way to take action on that, which has not always been the case historically. So going forward, we want to make sure there's much more actionability on that. And that actionability can be a hosted checkout like what we're doing with Shopify, where the user still is checking out directly with the merchant, but they're doing it in context on our platform or it can be a high-quality handoff to the retailer or the merchant like with the mobile deep link that gives the user a seamless connection with where to buy.

然後利用 Pinterest 上發生的發現，並確保對於用戶在 Pinterest 上發現的所有產品的偉大發現，他們有一個明確的方法來採取行動，這在歷史上並不總是如此。因此，展望未來，我們希望確保在這方面有更多的可操作性。這種可操作性可以是託管結賬，就像我們使用 Shopify 所做的那樣，用戶仍然直接與商家結賬，但他們是在我們平台上的上下文中進行的，或者它可以是高質量的移交給零售商或商家喜歡使用移動深度鏈接，讓用戶與購買地點無縫連接。

And as we do that, we think that not only it can address a lot of leaked engagement on our platform because historically, since the actionability was less, users would find things on Pinterest and then oftentimes have to go search someplace else to find where to buy them. As we give the user more actionability, we think that not only plugs leaked engagement from the platform, brings engagement back to -- deepens engagement on our platform, it's also a very highly monetizable event as well. And you're already seeing that progress on our shopping ads, and we expect more of that to continue.

當我們這樣做時，我們認為它不僅可以解決我們平台上大量洩露的參與，因為從歷史上看，由於可操作性較少，用戶會在 Pinterest 上找到東西，然後經常不得不去其他地方搜索以找到在哪裡買它們。當我們為用戶提供更多可操作性時，我們認為不僅可以堵住平台洩露的參與度，還能將參與度帶回——加深我們平台上的參與度，這也是一個非常可盈利的事件。您已經在我們的購物廣告上看到了這種進展，我們希望這種進展能夠繼續下去。

The next question comes from the line of Mark Mahaney with Evercore ISI.

下一個問題來自與 Evercore ISI 的 Mark Mahaney。

Can I try 2 questions, please? First, these music partnerships that you talk about, would that possibly lead to newer revenue streams? Are there different ways to monetize if you bring in music? And then secondly, Bill, I want to ask you just about AI and machine learning investments. And there seems to be a dramatic step-up in investments kind of across the industry just in that. How do you see -- is there something dramatically different that you think can be done at Pinterest with greater investment in artificial intelligence and machine learning? That's it.

請問我可以嘗試2個問題嗎？首先，您談到的這些音樂合作夥伴關係可能會帶來新的收入來源嗎？如果您引入音樂，是否有不同的獲利方式？其次，比爾，我想問你關於人工智能和機器學習投資的問題。就在這一點上，整個行業的投資似乎出現了戲劇性的增長。您如何看待 - 您認為 Pinterest 是否可以通過加大對人工智能和機器學習的投資來完成一些截然不同的事情？而已。

Thanks for the questions, Mark. First, on the music partnerships, we look at that really as a way to make our content more attractive for users. You've seen us making good progress on that, particularly in finding efficient ways to source new content. If you look at where we had been, it was almost entirely focused on creators. We now look at creators as a part of that strategy, but there's a broader strategy on content and looking at all the sources of content, including from publishers and partners. And this is an example of a partner.

謝謝你的問題，馬克。首先，在音樂合作方面，我們確實將其視為使我們的內容對用戶更具吸引力的一種方式。您已經看到我們在這方面取得了良好的進展，特別是在尋找有效的方法來獲取新內容方面。如果你看看我們曾經去過的地方，它幾乎完全專注於創作者。我們現在將創作者視為該戰略的一部分，但有一個更廣泛的內容戰略，並著眼於所有內容來源，包括來自出版商和合作夥伴的內容。這是合作夥伴的一個例子。

So I view this more in our broader content strategy and how we're getting more refined on the kinds of content that resonate with our users, which tend to be content that helps users satisfy intent and has a purpose, and the fact that we're broadening out our sources of content for that, which generally should lead to better monetization opportunities overall over time.

因此，我在我們更廣泛的內容策略中更多地看待這一點，以及我們如何在與用戶產生共鳴的內容類型上變得更加完善，這些內容往往是幫助用戶滿足意圖並有目的的內容，以及我們的事實為此，我們重新拓寬了我們的內容來源，這通常會隨著時間的推移帶來更好的整體獲利機會。

On your machine learning question, it's a fantastic question. And one of the things that I found quite compelling about Pinterest as part of why I joined is that machine learning is a utility that many have access to. Machine learning, though, is only as good as the signal that it's acting upon. And the human curation that happens on Pinterest, I think, is fundamentally different than the user engagement that happens on other platforms.

關於你的機器學習問題，這是一個很棒的問題。作為我加入 Pinterest 的原因之一，我發現 Pinterest 非常引人注目的一件事是機器學習是一種許多人都可以使用的實用程序。然而，機器學習的好壞取決於它所作用的信號。我認為，在 Pinterest 上發生的人工策劃與在其他平台上發生的用戶參與有著根本的不同。

Most of the other platforms in the discovery arena tend to be lean-back consumption platforms, and I think this is why you see platforms like Apple have implemented privacy changes and diminished the ability to use signals like third-party cookies. And you're seeing that have different impacts on different platforms. In a platform like Pinterest that has user intent on the platform, you're seeing that stand out. You're seeing that be more resilient in being able to show relevant things to users.

發現領域的大多數其他平台往往是精益消費平台，我認為這就是為什麼你會看到像 Apple 這樣的平台已經實施了隱私更改並削弱了使用第三方 cookie 等信號的能力。你會看到這對不同的平台有不同的影響。在像 Pinterest 這樣在平台上有用戶意圖的平台中，您會看到這一點很突出。您會發現在向用戶展示相關內容方面更具彈性。

But the human curation on our platform, the fact that users come to Pinterest and tell us what types of outfits go together, what types of home decor go together, what kinds of decorations go together well, that is really rich signal that our machine learning can act upon that is fundamentally different than the signal that you would get on a-lean back consumption platform, where your signals primarily views versus here, we have the user lean forward, engaging, curating, creating, making these associations directly on our platform.

但是我們平台上的人工策劃，用戶來到 Pinterest 告訴我們什麼類型的服裝搭配，什麼類型的家居裝飾搭配，什麼樣的裝飾品搭配得很好，這確實是我們機器學習的豐富信號可以採取行動與您在精益消費平台上獲得的信號根本不同，您的信號主要是查看與此處相比，我們讓用戶向前傾斜，參與，策劃，創建，直接在我們的平台上建立這些關聯.

And we think that's a very powerful signal that is feeding our machine learning and where we think we can continue to make really great advances and relevance and really outpace what we think is happening in a lot of the rest of the visual discovery arena where there's a lack of intent -- or tends to be a lack of intent. And so it's a place where you're seeing that in our user engagement results already and some of the improvements there. But we think that's something where we have a lot of future potential to continue.

我們認為這是一個非常強大的信號，它正在為我們的機器學習提供支持，我們認為我們可以繼續取得非常大的進步和相關性，並且真的超過了我們認為在視覺發現領域的其他許多其他領域正在發生的事情缺乏意圖——或傾向於缺乏意圖。因此，您已經在我們的用戶參與結果中看到了這一點以及那裡的一些改進。但我們認為這是我們未來有很大潛力繼續發展的地方。

The next question is from the line of Ross Sandler with Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

Nice job on the quarter. A question on international. So if we look at the international ad revenue opportunity, there are some countries where consumers engage with shopping apps different than they do in the U.S. There's like live commerce, other things going on. And hence, the monetization opportunity could be more robust in one country versus the other. And if we look at like some of your more mature peers like maybe Facebook, there's a pretty normal spread between the ARPU in the U.S. and places like Europe and RoW.

本季度幹得不錯。關於國際的問題。因此，如果我們看一下國際廣告收入機會，有些國家的消費者使用購物應用程序的方式與他們在美國不同。就像實時商務一樣，還有其他事情正在發生。因此，一個國家的貨幣化機會可能比另一個國家更強大。如果我們看看一些更成熟的同行，比如 Facebook，美國的 ARPU 與歐洲和世界其他地區的 ARPU 之間存在相當正常的差距。

And the gap here with Pinterest is obviously reflecting that your U.S. business is far more mature than these international countries. So the question is like, is there anything structural that we should think about that would make your international story different? And then how quickly do you expect these new countries that you're lighting up to ramp up? Is it direct sales, self-serve? And kind of can you just explain like a Japan or some of these newer countries, how quickly they're ramping up?

而這裡與 Pinterest 的差距顯然反映了你的美國業務遠比這些國際國家成熟。所以問題是，我們應該考慮什麼結構性的東西可以讓你的國際故事與眾不同？然後你預計這些你正在點亮的新國家會以多快的速度增長？是直銷還是自助？您能像日本或其中一些較新的國家那樣解釋一下，它們的發展速度有多快？

All right. Thanks for the question. I'll start there and then give it to Todd to fill in some more on it. International, we definitely think there's opportunity there. You see good growth from us in some of the markets, and Todd will talk more about that. What I would say generally on shopping is we -- the thing that we believe makes us very different than other platforms, which I've talked about around the intent on our platform, the human curation on our platform that gives us much richer signal than you would find in a lot of other visual discovery platforms I think puts us in a really great position to solve the full funnel for shopping.

好的。謝謝你的問題。我將從那裡開始，然後將其交給 Todd 填寫更多內容。國際，我們絕對認為那裡有機會。您會看到我們在某些市場的良好增長，托德將對此進行更多討論。關於購物，我一般會說的是我們——我們認為讓我們與其他平台非常不同的東西，我已經談到了我們平台上的意圖，我們平台上的人工策劃給我們提供了比其他平台更豐富的信號您會在許多其他視覺發現平台中找到我認為讓我們處於一個非常好的位置來解決購物的完整漏斗。

We're a full-funnel platform, and I think you see that resonating with advertisers on our platform. And we've historically been stronger in upper and mid. We're doing more in lower funnel. So I think we're uniquely positioned across markets to address that full funnel. In a lot of ways, the first 20-plus years of e-commerce were solving for buying and not as much for the shopping part of the equation, which was sort of walking the bazaar, going into the mall and not knowing what you wanted to buy but having a general sense and then discovering. That hasn't been fully solved in the digital world.

我們是一個全渠道平台，我認為您會看到我們平台上的廣告商對此產生了共鳴。而且我們歷來在中上層和中層都更強大。我們在較低的漏斗中做得更多。因此，我認為我們在各個市場中都處於獨特的地位，可以解決完整的漏斗問題。在很多方面，電子商務的前 20 多年都在解決購買問題，而不是等式中的購物部分，這有點像逛集市，走進商場卻不知道自己想要什麼購買但有一般意義然後發現。這在數字世界中還沒有完全解決。

And I think what you see from us around our ability to create great visual exploration with really great recommendations and really rich first-party signal lets us go solve that full-funnel experience in the digital world in a way that just has not been fully solved as of yet. I think that's our primary differentiator, and it cuts across markets.

而且我認為您從我們那裡看到的關於我們通過非常好的建議和非常豐富的第一方信號創建出色的視覺探索的能力讓我們能夠以尚未完全解決的方式解決數字世界中的全渠道體驗到目前為止。我認為這是我們的主要區別，它跨越市場。

And there may be things that are specific to different markets that we may tune to in one market or the next. But I think that differentiation and tying that full funnel together, I believe, is quite unique in e-commerce generally and cuts across markets. At the same time, we are managing to grow in international markets. We launched shopping last year in the EU. So it's relatively new, but we're seeing it grow well.

並且可能存在特定於不同市場的事物，我們可能會在一個或下一個市場中進行調整。但我認為，我認為，差異化和將整個漏斗捆綁在一起，在電子商務中是非常獨特的，並且跨越市場。與此同時，我們正在設法在國際市場上發展壯大。我們去年在歐盟推出了購物服務。所以它相對較新，但我們看到它發展良好。

And maybe I'll hand off to Todd there to talk about the various efforts across the markets there.

也許我會在那裡交給托德，談談那里市場的各種努力。

Ross, thanks for the question. I think when you take a step back and you think about the user experience and the use cases that people come to Pinterest for, the mindset of our users, that same commercial intent and planning mindset that folks bring to Pinterest in the U.S., that's very similar in our non-U.S. markets, too. So similar use cases, generally similar demographics, which is a good starting point. We were just later to begin monetizing outside of the U.S., starting more in Western Europe and then moving to Latin America and then just launching in Japan a few months ago. So very early in general, but especially early in LatAm and in APAC.

羅斯，謝謝你的問題。我認為，當您退後一步，考慮用戶體驗和人們來到 Pinterest 的用例、我們用戶的心態、人們在美國帶到 Pinterest 的相同商業意圖和規劃心態時，這非常我們的非美國市場也類似。如此相似的用例，通常相似的人口統計數據，這是一個很好的起點。我們後來才開始在美國以外的地方獲利，更多地在西歐開始，然後轉移到拉丁美洲，然後幾個月前才在日本推出。所以總體上來說非常早，但在拉丁美洲和亞太地區尤其如此。

There are aspects of these markets that's a little unique. So for example, you may recall when we were talking about scaling in EMEA or Europe that we noted at the time that one of the differences in the market is more agency concentration or more agency-centric selling. And so we talked about launching business access as a tool to help us navigate the agency relationships there. So there are aspects of the product experience that need to be tweaked for these markets. But when you start with why do people come to Pinterest, what do they use it for, what is their mindset, the full-funnel experience that Bill described going from idea or intent to action and marrying that against advertiser objectives, it's very similar. And it's just a question of the depth of the ad market and the prices folks are willing to pay for those slots. Is that helpful?

這些市場的某些方面有些獨特。因此，例如，您可能還記得，當我們談論在 EMEA 或歐洲擴大規模時，我們注意到市場的差異之一是更多的代理集中度或更多以代理為中心的銷售。因此，我們談到了將業務訪問作為一種工具來幫助我們處理那裡的代理關係。因此，產品體驗的某些方面需要針對這些市場進行調整。但是當你從人們為什麼來 Pinterest 開始，他們用它做什麼，他們的心態是什麼，比爾描述的從想法或意圖到行動的全渠道體驗，並將其與廣告商目標結合起來時，它非常相似。這只是廣告市場深度和人們願意為這些廣告位支付的價格的問題。這有幫助嗎？

Yes. Super helpful, guys.

是的。超級有幫助，伙計們。

The next question is from the line of Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. I appreciate the color about session growth. It's pretty interesting. I'd be curious to hear about what you can share on search behavior, whether it's search queries or number of people who are searching, anything, Bill. I know with your search background, you could help us understand the behavior you see in searching perhaps be another monetization driver.

我有 2。我很欣賞會話增長的顏色。這很有趣。我很想知道您可以分享哪些關於搜索行為的信息，無論是搜索查詢還是搜索的人數，比爾。我知道以您的搜索背景，您可以幫助我們了解您在搜索中看到的行為可能是另一個貨幣化驅動因素。

And then the second one, maybe it's a little technical, but I'm just curious to hear. The Shopify partnership has been around for quite some time now. Can you just give us some examples of blocking and tackling in the back end where you're going to be able to accelerate the merchants and the SKUs per merchant that really come on to the platform and are integrated into the experience at a faster pace?

然後是第二個，也許它有點技術性，但我只是很想听聽。 Shopify 合作夥伴關係已經存在了相當長的一段時間。您能否為我們提供一些在後端進行攔截和處理的示例，您將能夠加速真正進入平台並以更快的速度融入體驗的商家和每個商家的 SKU？

Thanks, Brian. Great questions. So on the session growth, yes, we're feeling good about the progress there, indicating that we're deeply engaging with our users and we think highlights the opportunity for us to continue to drive ARPU growth, which we think of as even more important than MAU growth going forward given the opportunity to do more to bring those users from episodic usage to more frequent usage.

謝謝，布賴恩。好問題。所以關於會話增長，是的，我們對那裡的進展感覺良好，這表明我們正在與用戶深入互動，我們認為突出了我們繼續推動 ARPU 增長的機會，我們認為這甚至更多比未來 MAU 增長更重要，因為有機會做更多的事情來讓這些用戶從偶爾使用到更頻繁使用。

As the answer on your question, we -- search is a part of what you just come to the platform for. And if you look at the upper, mid- and lower funnel, and I touched on this in the comments, our revenue is split roughly 1/3, 1/3, 1/3 across those stages of the funnel. I'd say that lower funnel is the place where the product is even more nascent. So even though we see considerable search volume on the platform today, the fact that we do have such high intent and so many people are here to shop, we do think that lower funnel is a place that we can strengthen more and more. Shopping is a key part of that.

作為您問題的答案，我們 - 搜索是您剛剛來到平台的一部分。如果您查看上漏斗、中漏斗和下漏斗，我在評論中談到了這一點，我們的收入在漏斗的這些階段大約分成 1/3、1/3、1/3。我想說下漏斗是產品更加新生的地方。因此，即使我們今天在平台上看到相當大的搜索量，事實上我們確實有如此高的意圖和如此多的人來這裡購物，我們確實認為較低的渠道是一個我們可以越來越加強的地方。購物是其中的關鍵部分。

And so to your second question around accelerating efforts to bring those merchants on -- so we've had good integrations with Shopify. I talked about the shopping API that we put out that really makes it much easier for merchants to go publish their catalog to us. We're at 1 billion items in the catalog now. We think there's billions more that we can add to that. And so having an API that retailers can use to not only publish their catalogs to us but also give real-time updates on inventory and pricing, we think, will really help that.

所以關於你的第二個問題，關於加快吸引這些商家的努力——所以我們已經與 Shopify 進行了良好的集成。我談到了我們推出的購物 API，它確實讓商家更容易向我們發布他們的目錄。我們現在的目錄中有 10 億件商品。我們認為我們可以增加數十億美元。因此，我們認為，擁有一個 API，零售商不僅可以使用該 API 向我們發布他們的目錄，還可以提供庫存和定價的實時更新，這將非常有幫助。

But then the other part of that, that is really important, and I mentioned this earlier, is shifting from shopping being a separate tab or a separate activity or a thing that a user has to seek out on the platform versus meeting the user where they are and making the products that they encounter naturally on the platform naturally shoppable. And so as we do more and more of that, we think that will really create a lot more opportunity to drive that lower-funnel activity, and search is a part of that.

但是另一部分，這非常重要，我之前提到過，正在從購物轉變為一個單獨的選項卡或單獨的活動或用戶必須在平台上尋找的東西，而不是在他們需要的地方與用戶見面。是並使他們在平台上自然遇到的產品自然可購買。因此，隨著我們做的越來越多，我們認為這真的會創造更多的機會來推動低漏斗活動，而搜索就是其中的一部分。

But really, it's the visual discovery journey and the fact that we know we have users here with intent and making that intent much more easily actionable, we think, is the broader opportunity for us. And again, you see progress on it from us already with the shopping ads growing 50% year-on-year. But we're still relatively early days there and so we're excited. There's a lot to go.

但實際上，這是視覺發現之旅，我們知道我們的用戶是有意圖的，並且讓這種意圖更容易付諸實施，我們認為，這對我們來說是更廣泛的機會。再一次，您已經看到我們在這方面取得的進展，購物廣告同比增長 50%。但我們還處於相對早期的階段，所以我們很興奮。有很多事情要做。

The next question is from the line of Rich Greenfield with LightShed Partners.

下一個問題來自 Rich Greenfield 與 LightShed Partners 的觀點。

I got 2. One, I just want to follow up. Bill, you sort of inferred or implied in talking about October being sort of at the bottom end of the range. Just given sort of the macro headwinds that we've heard from whether it be Meta or Snap or Comcast this morning or just a few minutes ago, Amazon printing, everyone is sort of talking about sort of a very rough challenging macro. I guess I'm curious, why not just be more conservative in the Q4 guide given where October was trending? Is there something specific that you're looking to that gives you confidence in sort of a pickup in November and December? Is it sort of due to sort of the shopping nature of Pinterest and why you think you sort of accelerate or improve in the back 2 months of the quarter?

我得到了2個。一個，我只是想跟進。比爾，你在談論 10 月份處於範圍的底部時有點推斷或暗示。只是考慮到我們今天早上或幾分鐘前從 Meta、Snap 或 Comcast 或亞馬遜印刷中聽到的宏觀逆風，每個人都在談論一種非常粗糙的具有挑戰性的宏觀。我想我很好奇，考慮到 10 月份的趨勢，為什麼不在第四季度指南中更加保守呢？您是否正在尋找一些特定的東西，讓您對 11 月和 12 月的回升充滿信心？這是否是由於 Pinterest 的購物性質以及為什麼你認為你在本季度的後 2 個月有所加速或改善？

And then just -- you laid out a lot of, I think, really good plausible drivers of Pinterest over the course of the next few years. Now that you've had a few months to sink your teeth and if you had to kind of point out one thing, whether you mentioned it or not on the call so far, but what's sort of the one thing that you're most excited about creating value at Pinterest over the next 12 months?

然後只是 - 你列出了很多，我認為，在接下來的幾年裡，Pinterest 的非常好的合理驅動因素。現在你已經有幾個月的時間來咬牙切齒了，如果你不得不指出一件事，不管你到目前為止是否在電話會議上提到過，但是你最興奮的一件事是什麼未來 12 個月在 Pinterest 創造價值？

All right. Thanks, Rich. I'll start with a couple of thoughts on your question on the macro, and then give it to Todd to fill in there. If you look at this quarter, I think you look at us relative to our peer set, and I think it's pretty clear that in a tough macro, we found ways to differentiate and outpace a decelerating ad market. And yes, as we go into Q4, as you're seeing projections from others, there's a lot of expectations around that, that will continue to decelerate.

好的。謝謝，里奇。我將從您對宏的問題的一些想法開始，然後將其交給托德來填寫。如果您看一下本季度，我認為您會相對於我們的同行來看待我們，並且我認為很明顯，在艱難的宏觀環境中，我們找到了區分和超越減速的廣告市場的方法。是的，當我們進入第四季度時，正如您看到其他人的預測一樣，對此有很多期望，這將繼續減速。

At the same time, we think there's a lot that we're doing that is cutting through. But Todd talked about the wider range around the outcomes It is an inherently back-weighted quarter with holiday shopping. And holiday shopping is something people spend a lot of time on Pinterest for holiday activities, not just shopping, but things like how they think about their decor, how do they think about planning for events, how do they think about recipes and all these kinds of things that really drive a lot of engagement during Q4. But as Todd mentioned, it's a back-weighted quarter and so that's why there's a wider range around that. I'll pause and let Todd add into that before I come to the second part of your question.

同時，我們認為我們正在做的很多事情都是切入的。但托德談到了圍繞結果的更廣泛的範圍，這是一個固有的假期購物季度。假日購物是人們在 Pinterest 上花費大量時間進行假日活動的事情，不僅僅是購物，還包括他們如何看待他們的裝飾、他們如何看待活動策劃、他們如何看待食譜等等在第四季度真正推動大量參與的事情。但正如托德所提到的，這是一個反向加權的季度，所以這就是為什麼圍繞它的範圍更廣的原因。在我談到你問題的第二部分之前，我會暫停一下，讓 Todd 補充一下。

Yes. Rich, I mean, I for sure wanted to make sure -- I want to make sure folks understood that we're keenly aware of the environment we're operating in and what's happening in the industry. And I was hoping to call that out with the wider range of outcomes, the back-end-weighted nature of the quarter in general in Q4 for us and call out some of that risk and the wider range that may unfold.

是的。里奇，我的意思是，我當然想確定——我想確保人們明白我們敏銳地意識到我們所處的環境以及行業中正在發生的事情。我希望通過更廣泛的結果、第四季度總體上季度的後端加權性質來指出這一點，並指出其中的一些風險和可能展開的更廣泛的範圍。

But this is our best call on where we're headed for the quarter. And I think what you can take away from that is we have a large concentration of larger retailer advertisers and large CPG advertisers that if you roll the clock back a couple of years when we were in the earlier days of the pandemic, those were the advertisers that were disproportionately slowed. And we looked relatively weak compared to the industry because we didn't have crypto, gaming apps, app download to the extent that others did.

但這是我們本季度前進方向的最佳選擇。而且我認為你可以從中得到的是，我們有大量的大型零售商廣告商和大型 CPG 廣告商，如果你把時間倒退幾年，當我們在大流行的早期，那些就是廣告商不成比例地放慢了速度。與行業相比，我們看起來相對較弱，因為我們沒有像其他人那樣擁有加密、遊戲應用程序和應用程序下載。

In this environment, we're seeing relative strength with those larger retailers. And with the falling in the CPG market, we saw more resilience there in the third quarter, and we're expecting some more resilience there in the fourth quarter.

在這種環境下，我們看到這些大型零售商的實力相對較強。隨著 CPG 市場的下滑，我們在第三季度看到了更大的彈性，我們預計第四季度會有更多的彈性。

The last thing I would say is that we had called out -- I made mention of it in words in my script around graduating from experimental to kind of always-on budgets. And we had talked about last quarter how our joint business partnership deal volume had grown in the first half of the year 25% year-over-year. Those are noncontractual but indications of large advertiser spend commitments.

我要說的最後一件事是我們已經呼籲——我在我的劇本中用文字提到了它，它是關於從實驗性預算畢業到那種永遠在線的預算。我們在上個季度談到了我們的聯合業務合作交易量如何在今年上半年同比增長 25%。這些是非合同性的，但表明大型廣告商的支出承諾。

We saw that number grow to 35% year-over-year -- year-to-date in terms of JBP deal volume, joint business partnership deal volume, in the third quarter. So that gives us some indication that we are an important platform for advertisers that really need to reach consumers during a period when they're shopping. And I'm hopeful that it plays out the way we described.

我們看到這個數字同比增長 35%——就第三季度 JBP 交易量、聯合業務合作夥伴交易量而言，今年迄今。因此，這給了我們一些跡象，表明我們是廣告商的一個重要平台，他們確實需要在消費者購物期間接觸他們。我希望它會像我們描述的那樣發揮作用。

And on your second question, Rich, you asked me for one thing that we cut through the most. I'll give you 2, but they're related. So the first I've talked about a bunch, which is driving more of the intent to action. We know the user has strong intent here, but we haven't always made it as easy as it could be for them to take action on that. So we think as we make more of the things people are discovering on Pinterest directly actionable, we think there's a lot of lift in engagement that comes from that.

關於你的第二個問題，Rich，你問我一件我們最切題的事情。我會給你2個，但它們是相關的。所以我第一次談到了一堆，它推動了更多的行動意圖。我們知道用戶在這裡有強烈的意圖，但我們並不總是讓他們盡可能容易地採取行動。因此，我們認為，隨著我們使人們在 Pinterest 上發現的更多內容可以直接採取行動，我們認為這會大大提高參與度。

But the second thing that's related to it is that our ad platform is younger than many of the other platforms out there. And so you're seeing us make advancements in maturing the platform. As we drive greater maturity in our ad platform, there's a lot of upside in delivering more insight, more measurability to our advertising partners. And again, I think you see some of that reflected in our results, with conversion year-on-year being up 20%, us giving more tools to advertisers and insights around these things.

但與之相關的第二件事是，我們的廣告平台比許多其他平台更年輕。因此，您會看到我們在平台成熟方面取得了進展。隨著我們的廣告平台更加成熟，為我們的廣告合作夥伴提供更多洞察力、更多可衡量性有很多好處。再一次，我認為您會在我們的結果中看到其中的一些反映，轉化率同比增長 20%，我們為廣告商提供了更多工具和圍繞這些事情的見解。

As we make that more and more mature, we think there's a lot of upside opportunity on that as well. And obviously, these 2 things relate to one another because that intent to action really rounds out the lower-funnel part of our story, making us a truly unique full-funnel platform that can engage with the user across every stage of their purchasing journey. So those are the 2 very related things, I would say, I think, have the most opportunity to really cut through and drive continued improvement for us as we go into next year.

隨著我們越來越成熟，我們認為這也有很多上行機會。顯然，這兩件事是相互關聯的，因為這種行動意圖真正完善了我們故事的低漏斗部分，使我們成為一個真正獨特的全漏斗平台，可以在用戶購買旅程的每個階段與他們互動。所以這是兩個非常相關的事情，我想說，我認為，在我們進入明年時，最有機會真正突破並推動我們持續改進。

That's really helpful. Can I just ask a follow-up on that, the acceleration in the back half of the quarter or the back 2 months of the quarter? Is the Google sort of lapping which happens in November, how does that factor into that as well? For Bill or for Todd.

這真的很有幫助。我可以問一個跟進的問題，季度後半段或本季度後兩個月的加速？谷歌是在 11 月發生的那種重疊，這也是如何影響的？對於比爾或託德。

Well, it's a little bit indirect, right? The Google lapping was an algorithm change that effectively slowed the traffic we were getting from search to the platform, so users coming to the platform through search activity, which, in general, tended to be more web-based users.

嗯，這有點間接，對吧？谷歌重疊是一種算法變化，它有效地減慢了我們從搜索到平台的流量，因此用戶通過搜索活動進入平台，一般來說，這些用戶往往是更多基於網絡的用戶。

I called out the success we've had in growing our mobile application user base, which has been the most resilient part of our user engagement story. That's where we make almost all of our -- I mean, not all, a significant majority. Over 80% of our revenue and our impressions come from those mobile app users. So I would disaggregate the Google Search impact to revenue because we've been able to continue our financial performance despite some search algorithm changes.

我提到了我們在擴大移動應用程序用戶群方面取得的成功，這是我們用戶參與故事中最具彈性的部分。這就是我們幾乎所有的地方——我的意思是，不是全部，絕大多數。我們超過 80% 的收入和印象來自這些移動應用用戶。所以我會分解谷歌搜索對收入的影響，因為儘管搜索算法發生了一些變化，我們仍然能夠繼續我們的財務業績。

We did see, as I called out, resilience and stabilization and even a return to our normal seasonal growth patterns with users in the third quarter, and I would expect that to continue. But we are lapping that SEO change at the end of last year. I guess if you were to really pick at it, you'd say that we would hopefully see some increase in monetizable supply as a result of some of these changes, but that would be at the margin.

正如我所說，我們確實看到了彈性和穩定性，甚至在第三季度與用戶恢復了正常的季節性增長模式，我預計這種情況會繼續下去。但是我們在去年底對 SEO 的變化進行了研究。我想如果你真的選擇它，你會說，由於其中一些變化，我們希望看到可貨幣化供應量有所增加，但這只是邊際。

The next question comes from the line of Lloyd Walmsley with UBS.

下一個問題來自瑞銀的勞埃德·沃姆斯利 (Lloyd Walmsley)。

First, Bill, I just want to thank you for your interest in engaging with investors and analysts. Not necessarily the norm in the space, so nice breath of fresh air. So thanks for that. First question, just wanted to go back to the comment on seeing more always-on budget. Traditionally, we think of that as more direct response and a function of ROI improvements. And when that happens, budget tends to scale up, not just kind of be always on but leaning into ROI. So is that what we're seeing? Are we thinking about it right? It's mostly DR and really kind of position you to see kind of same client budget scale?

首先，比爾，我只想感謝您對與投資者和分析師交流的興趣。不一定是空間的常態，所以呼吸新鮮空氣。所以謝謝你。第一個問題，只是想回到關於查看更多始終在線預算的評論。傳統上，我們認為這是更直接的響應和 ROI 改進的功能。而當這種情況發生時，預算往往會增加，不僅是一直在線，而且傾向於投資回報率。這就是我們所看到的嗎？我們想對了嗎？主要是 DR，並且您真的可以看到相同的客戶預算規模嗎？

And then the second one would just be about the third-party video content that you talked about at the beginning of the call. Can you just help us understand the margin implications of that and kind of what those deals look like? Are those like typical rev shares? Are they fixed-cost licensing deals? Do any of the partners sell ads and like share revenue with you? And like how do we think about all -- the impact of those deals on the P&L?

然後第二個只是關於您在通話開始時談到的第三方視頻內容。你能不能幫助我們了解這對利潤的影響以及這些交易是什麼樣的？那些像典型的轉速股嗎？它們是固定成本的許可交易嗎？是否有任何合作夥伴出售廣告並喜歡與您分享收入？就像我們如何看待所有這些交易對損益表的影響？

Yes. Maybe I'll take the second one first, and then give it to Todd on your first question. On the video side, I would say each of those deals are -- I would not expect to have a material impact on margin or things like that. The macro point to take away is as we have refined our content strategy, we're finding efficient ways to go get really high-quality content that resonates with our users.

是的。也許我會先拿第二個，然後在你的第一個問題上把它交給托德。在視頻方面，我會說這些交易中的每一個都是 - 我不希望對利潤率或類似的事情產生重大影響。要帶走的宏觀觀點是，隨著我們完善了內容策略，我們正在尋找有效的方法來獲得真正高質量的內容，從而與我們的用戶產生共鳴。

So while the teams have been experimenting with short-form video for a couple of years now, there's a lot of good learnings there around the type of video content that resonates with users on Pinterest, which is oftentimes different than the video content that may resonate for those users -- or resonating for users on other platforms because users have more intent and purpose here. It's less about entertainment and it's more about intent and purpose, which means there are often different kinds of videos that are resonant. And so finding partnerships to source those is quite efficient as compared to creator ecosystem.

因此，雖然這些團隊已經嘗試了幾年的短視頻，但圍繞在 Pinterest 上與用戶產生共鳴的視頻內容類型有很多很好的學習經驗，這通常與可能引起共鳴的視頻內容不同對於那些用戶——或者在其他平台上引起用戶的共鳴，因為用戶在這裡有更多的意圖和目的。它與娛樂無關，而更多地與意圖和目的有關，這意味著通常會有不同類型的視頻引起共鳴。因此，與創作者生態系統相比，尋找合作夥伴來獲取這些資源非常有效。

Again, creators are an important part of that strategy. But whereas they were most of the strategy previously, they're now a part of that strategy. And I look at these third-party partnerships as broadening out the content strategy, broadening out our sources in a way that is more efficient than what you would have seen in a content -- or a creator-only content strategy.

同樣，創作者是該戰略的重要組成部分。但是，雖然它們以前是該策略的大部分，但它們現在是該策略的一部分。我認為這些第三方合作夥伴關係擴大了內容策略，以一種比你在內容中看到的更有效的方式擴大了我們的資源 - 或僅限創作者的內容策略。

So while these deals specifically don't have some sort of negative impact to margin, I think on our longer-term strategy, you're seeing us focus on efficient ways to source content both of these third-party deals. And then I'd finally call out the creation and curation that happens on our platform is really important content as well. I've talked several times about the value of the human curation on our platform. That curation is content creation, and it's a lot of the content that our users are seeking as they're trying to put together an outfit or put together a room or put together a holiday party. The pins that come onto our platform, the boards the people curate on our platform are giving a lot of that content that we really need to service. So that's really efficient content sourcing as well.

因此，雖然這些交易特別不會對利潤率產生某種負面影響，但我認為在我們的長期戰略中，您會看到我們專注於有效地獲取這些第三方交易的內容。然後我最後要指出，在我們平台上發生的創作和策劃也是非常重要的內容。我已經多次談到我們平台上人工策展的價值。策展就是內容創作，這是我們的用戶正在尋找的很多內容，因為他們試圖整理一套衣服、整理一個房間或整理一個假日聚會。出現在我們平台上的圖釘，人們在我們平台上策劃的板塊正在提供很多我們真正需要服務的內容。所以這也是非常有效的內容採購。

And I'll turn it over to Todd for the other part of your question.

我會把它交給托德來回答你問題的另一部分。

Lloyd, thanks for the question. What I wanted to make sure you understood is -- Bill spent a lot of time in his opening remarks talking about this full-funnel platform that we've built. We have our users that go from intent to action. Our advertisers want to be there with awareness, consideration or traffic or conversion campaigns and shopping campaigns at the lower part of the funnel.

勞埃德，謝謝你的問題。我想確保您理解的是——比爾在他的開場白中花了很多時間談論我們建立的這個全渠道平台。我們有從意圖到行動的用戶。我們的廣告商希望在漏斗的下半部分有意識、考慮或流量或轉化活動和購物活動。

When I talked about our success in driving those joint business partnerships, again, they're not contractual deals. They're indications of interest to spend, and they're not necessarily designed against a specific objective. What we're seeing is that we're getting -- we're having success even with advertisers that are typically more awareness-oriented. So think traditional CPG advertisers exploring ways of moving down funnel.

當我談到我們在推動這些聯合業務夥伴關係方面取得的成功時，再次強調，它們不是合同交易。它們是有興趣消費的跡象，它們不一定是針對特定目標設計的。我們所看到的是我們正在獲得 - 即使廣告商通常更注重意識，我們也取得了成功。因此，想想傳統的 CPG 廣告商正在探索如何向下移動渠道。

With our retail advertisers signing these commitments, we're seeing them move up funnel. And so we're -- to Bill's comments about us being a full-funnel platform, in these joint business partnerships, we're seeing an interest in advertising against awareness, consideration and conversion objectives, and that's been really encouraging to me.

隨著我們的零售廣告商簽署這些承諾，我們看到他們向上移動。所以我們 - 對於比爾關於我們是一個全渠道平台的評論，在這些聯合業務合作夥伴關係中，我們看到了對針對意識、考慮和轉換目標的廣告的興趣，這對我來說真的很鼓舞。

And then lastly, we have seen that total deal volume dollars under those commitments grow now year-to-date 35% year-over-year, which is 10 points faster than what we were last quarter. So pretty good -- I think a lot of confidence with large sophisticated advertisers in the platform.

最後，我們看到這些承諾項下的總交易金額今年迄今同比增長 35%，比上一季度快 10 個百分點。非常好——我認為平台上的大型成熟廣告商很有信心。

The last question is from the line of Doug Anmuth with JPMorgan.

最後一個問題來自摩根大通的 Doug Anmuth。

Just 2 quick ones. Bill, you mentioned just innovation in ad tech going forward. Can you just talk for a minute about building out self-serve and how far along you are here? And then also, Shuffles driving a lot of the Gen Z growth in 3Q, how do you leverage that into the core platform to drive repeated use and engagement?

只有2個快速的。比爾，你剛才提到了廣告技術的創新。你能不能談談建立自助服務以及你在這裡走了多遠？此外，Shuffles 推動了第三季度 Z 世代的大量增長，您如何將其利用到核心平台中來推動重複使用和參與？

Thanks, Doug. On the ad innovation side, as I mentioned, like we're early on in our ad -- relatively early on in our ad platform compared to others. And I think some of the things we've talked about in terms of better conversion visibility, better trends visibility, the adoption of automation by our advertising partners, these are all things where we think there's a lot of continued yield.

謝謝，道格。正如我所提到的，在廣告創新方面，就像我們在廣告中的早期階段一樣——與其他平台相比，我們的廣告平台相對較早。我認為我們討論過的一些事情，比如更好的轉化可見性、更好的趨勢可見性、我們的廣告合作夥伴對自動化的採用，這些都是我們認為有很多持續收益的事情。

Self-serve is an opportunity for us. We're probably even more nascent in our self-serve capabilities. So longer term, I'd say there's a large opportunity for us. I'd say in the near term, a lot of those smaller advertisers that would be more inclined towards self-serve have been some of the hardest impacted. And so fortunately, that's a smaller part of our business. It's one that we still very much believe in over the long term. But our focus is on building out the maturity of the ad platform more broadly right now. And then self-serve, we'll continue to invest there, but we view it as smaller in the near term, but still quite important in the long term.

自助服務對我們來說是一個機會。我們的自助服務能力可能還處於初級階段。所以從長遠來看，我想說我們有很大的機會。我想說的是，在短期內，許多更傾向於自助服務的小型廣告商受到的影響最為嚴重。幸運的是，這只是我們業務的一小部分。從長遠來看，我們仍然非常相信這一點。但我們現在的重點是更廣泛地建立廣告平台的成熟度。然後自助服務，我們將繼續在那裡投資，但我們認為它在短期內較小，但從長遠來看仍然非常重要。

And then on the Shuffles side, yes, Shuffles has seen really phenomenal reception. And I think it really speaks to interesting use cases that people expect on Pinterest. The user is just in a different mode on Pinterest than they are on other platforms. I talked about the users in a lean-forward mode on Pinterest versus a lean-back mode on other platforms. And it's very hard to change the sort of headspace the user's in when they're in an app or on a platform. So the fact that we have the users in that lean-forward mode, I think Shuffles is just one example of the way that we can extend use cases with our users that are uniquely Pinterest, take advantage of the lean-forward mode that you just have with us.

然後在 Shuffles 方面，是的，Shuffles 已經看到了非常驚人的接收。而且我認為它確實說明了人們期望在 Pinterest 上的有趣用例。用戶在 Pinterest 上的模式與在其他平台上的模式不同。我談到了 Pinterest 上的前傾模式與其他平台上的後傾模式的用戶。當用戶在應用程序或平台上時，很難改變他們所處的頂部空間。因此，事實上我們的用戶處於前傾模式，我認為 Shuffles 只是我們可以使用獨特的 Pinterest 用戶擴展用例的方式的一個例子，利用你剛剛的前傾模式和我們在一起。

And then to your question on Gen Z, I want to be clear, and I think I touched on this in my comments. Our Gen Z traction is not just about Shuffles. We're finding really great Gen Z traction in the core platform already. So I cited some of those stats around the growth there in my prepared remarks. Shuffles, we think, only adds to that.

然後對於你關於 Z 世代的問題，我想澄清一下，我想我在評論中談到了這一點。我們 Z 世代的吸引力不僅僅在於隨機播放。我們已經在核心平台中發現了非常強大的 Z 世代牽引力。所以我在準備好的評論中引用了一些關於那裡增長的統計數據。我們認為，洗牌只會增加這一點。

And to your question, we are looking at ways that we can draw more connectivity between Shuffles and the Pinterest app. So it's already the case that when you're in Shuffles, you can connect your Pinterest boards and these kinds of things. So there's connections between these 2 already, and we think there's more and more of these natural connections that can happen between the 2 so that each is enhancing the other.

對於您的問題，我們正在尋找可以在 Shuffles 和 Pinterest 應用程序之間建立更多連接的方法。因此，當您在 Shuffles 中時，您已經可以連接您的 Pinterest 板和這些東西。所以這兩者之間已經存在聯繫，我們認為這兩者之間可能會發生越來越多的自然聯繫，因此每個人都在增強另一個人。

All right. Thank you again to all of you for joining the call and for your questions. And as I mentioned earlier, we really look forward to keeping this dialogue going with all of you. We appreciate your feedback, and enjoy the rest of your day.

好的。再次感謝大家加入電話會議並提出問題。正如我之前提到的，我們非常期待與大家繼續進行這種對話。我們感謝您的反饋，並享受您接下來的一天。

That concludes today's conference call. Thank you. You may now disconnect your line.

今天的電話會議到此結束。謝謝你。您現在可以斷開您的線路。