Pinterest Inc (PINS) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Pinterest, Inc. Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Pinterest, Inc. 2022 財年第四季度收益電話會議。我叫漢娜，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 our host, Neil Doshi, Head of Investor Relations. Please go ahead.

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。請繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest earnings call for the fourth quarter and full year ended December 31, 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.

下午好，感謝您加入我們。歡迎來到 Pinterest 截至 2022 年 12 月 31 日的第四季度和全年財報電話會議。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有 Pinterest 首席執行官比爾·雷迪 (Bill Ready)；和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 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 Q1 2023 and beyond are preliminary and are not an indication of future performance.

現在我將介紹安全港。我們今天就我們的業績、運營和前景所做的一些聲明可能被認為是前瞻性的，這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。此外，我們對 2023 年第一季度及以後的結果、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.

我們根據截至今日可獲得的信息做出這些前瞻性陳述，除非法律要求，否則我們不承擔任何日後更新這些陳述的義務。有關更多信息，請參閱我們最近向美國證券交易委員會提交的 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獲得。

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 presentation, which are distributed and available to the public through our Investor Relations website located at investor.pinterestinc.com. Lastly, all growth rates discussed in today's prepared remarks should be considered year-over-year unless otherwise specified.

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演示文稿中，這些新聞稿和演示文稿通過我們位於 investor.pinterestinc.com 的投資者關係網站向公眾分發和提供。最後，除非另有說明，否則今天準備好的評論中討論的所有增長率都應考慮同比。

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

現在我會把電話轉給比爾。

Thanks, Neil. Hi, everyone, and thank you for joining our Q4 earnings call. I'm proud of our team's focus and execution over the past year and in particular Q4. We reinvested in our core product experience that led to deepening engagement and a return to user growth. We built and shipped new ad tech and measurement solutions that resulted in improved returns for our advertisers. And we're just getting started. I have strong conviction that we will continue to innovate and deliver value to our users and business partners.

謝謝，尼爾。大家好，感謝您參加我們的第四季度財報電話會議。我為我們團隊在過去一年，尤其是第四季度的專注和執行感到自豪。我們對核心產品體驗進行了再投資，從而加深了參與度並恢復了用戶增長。我們構建並發布了新的廣告技術和測量解決方案，從而提高了廣告商的回報。我們才剛剛開始。我堅信我們將繼續創新並為我們的用戶和業務合作夥伴創造價值。

We grew global MAUs in Q4 to $450 million, up both sequentially and year-over-year. Our global mobile app users, which account for over 80% of our impressions and revenue, grew 14%. And our U.S. and Canada mobile app users grew 5%, accelerating from last quarter. More importantly, sessions continue to grow significantly faster than users, demonstrating deepening engagement per user as we focus on driving greater per user monetization.

我們在第四季度將全球 MAU 增長至 4.5 億美元，環比和同比都有所增長。占我們展示次數和收入 80% 以上的全球移動應用用戶增長了 14%。我們的美國和加拿大移動應用用戶增長了 5%，比上一季度有所加快。更重要的是，會話的增長繼續明顯快於用戶的增長，這表明隨著我們專注於推動更高的每個用戶貨幣化，每個用戶的參與度都在加深。

In Q4, we delivered revenue of $877 million, growing 4% or 6% on a constant currency basis, roughly in line with our mid-single-digit guidance range. Strength came from large U.S. retail advertisers and international markets, excluding the impact of FX, as these advertisers leaned into our full funnel platform during the holiday season. However, this strength was partially offset by CPG advertisers as well as small and mid-market advertisers in the U.S., who faced headwinds from the macroeconomic environment. For the full year, we generated revenue of $2.8 billion, growing 9% or 11% on a constant currency basis.

在第四季度，我們實現了 8.77 億美元的收入，按固定匯率計算增長 4% 或 6%，大致符合我們的中個位數指導範圍。力量來自大型美國零售廣告商和國際市場，不包括外彙的影響，因為這些廣告商在假期期間傾向於我們的全漏斗平台。然而，這種優勢被 CPG 廣告商以及美國的中小型市場廣告商部分抵消，他們面臨著宏觀經濟環境的不利影響。全年，我們創造了 28 億美元的收入，按固定匯率計算增長了 9% 或 11%。

We're pleased with our results this quarter despite headwinds from the softening ad market, which Todd will speak to later. We remain confident in our long-term strategy and our ability to execute and drive value for users and advertisers. We're also increasing operational rigor and have taken actions to control costs in Q4.

儘管廣告市場疲軟帶來不利影響，但我們對本季度的業績感到滿意，托德稍後將談到這一點。我們對我們的長期戰略以及我們為用戶和廣告商執行和推動價值的能力充滿信心。我們還在提高運營的嚴謹性，並已採取措施控制第四季度的成本。

For example, we significantly slowed the pace of hiring such that our head count was flat quarter-over-quarter. We reduced our infrastructure spend, which declined sequentially despite strong engagement volume increases, and we closed some of our smaller offices for future cost savings. These actions put us on the path to meaningful EBITDA margin expansion in 2023 and demonstrate our focus on generating strong cash flow.

例如，我們顯著放慢了招聘速度，因此我們的員工人數環比持平。我們減少了基礎設施支出，儘管參與量強勁增長，但基礎設施支出卻連續下降，並且我們關閉了一些較小的辦事處以節省未來的成本。這些行動使我們走上了在 2023 年實現有意義的 EBITDA 利潤率擴張的道路，並表明我們專注於產生強勁的現金流。

As we build upon the solid foundation we set in 2022, we're laser-focused on our 4 strategic priorities: one, growing monetization and engagement per user; two, integrating shopping into the core of the product experience; three, improving operational rigor, and therefore, margin expansion; and four, strengthening our leadership as a positive and brand-safe platform.

隨著我們在 2022 年打下的堅實基礎上再接再厲，我們專注於我們的 4 個戰略重點：一是提高貨幣化和每位用戶的參與度；二、將購物融入產品體驗的核心；第三，提高運營的嚴謹性，從而擴大利潤；第四，加強我們作為積極和品牌安全平台的領導地位。

First, as I mentioned last quarter, we're focused on growing monetization per user. Given that users come to our platform with intent to make, do or shop, we are well positioned to achieve this by deepening user engagement, driving more intent to action and helping advertisers better monetize our supply.

首先，正如我在上個季度提到的，我們專注於增加每個用戶的貨幣化。鑑於用戶來到我們的平台是為了製作、做或購物，我們有能力通過深化用戶參與、推動更多行動意圖和幫助廣告商更好地利用我們的供應來實現這一目標。

On deepening user engagement, we believe that we have a large opportunity to grow the frequency of engagement from episodic users. On top of our 450 million MAUs, hundreds of millions of logged-in users come to Pinterest episodically. In 2023, we're pursuing more ways to bring these users back more often and to find their next use case by leveraging our machine learning models and building new experiences for them.

在深化用戶參與度方面，我們相信我們有很大的機會來增加偶髮用戶的參與頻率。除了我們 4.5 億的 MAU 之外，數以億計的登錄用戶偶爾也會訪問 Pinterest。到 2023 年，我們將尋求更多方法來更頻繁地吸引這些用戶，並通過利用我們的機器學習模型並為他們構建新體驗來找到他們的下一個用例。

We're also continuing the work we began last year to serve more personalized, relevant and ultimately more engaging content. This effort has already yielded results, including our return to MAU growth and double-digit growth in mobile app users. However, we have more opportunity to leverage the unique first-party signal on our platform. Our users save and organize content to boards, an active human curation at scale that is unique to Pinterest. This gives us insights into emerging trends and product associations as well as the ability to assist users when they have intent but have not yet decided what to buy.

我們還將繼續我們去年開始的工作，以提供更加個性化、相關且最終更具吸引力的內容。這項努力已經取得了成果，包括我們恢復了 MAU 增長和移動應用程序用戶的兩位數增長。但是，我們有更多機會利用我們平台上獨特的第一方信號。我們的用戶將內容保存和組織到看板，這是 Pinterest 獨有的大規模主動人工策劃。這使我們能夠深入了解新興趨勢和產品關聯，並能夠在用戶有意向但尚未決定購買什麼時為他們提供幫助。

We're actively working to refresh the Pinterest Board experience to make it easier for users to organize their interest, which should yield more and higher-quality signals. This, in turn, enables us to deliver increasingly relevant and timely content recommendations.

我們正在積極努力更新 Pinterest Board 體驗，讓用戶更輕鬆地組織他們的興趣，這應該會產生更多和更高質量的信號。這反過來又使我們能夠提供越來越相關和及時的內容推薦。

I'm particularly excited about the work we've done to bring new and emerging demographics onto the platform. In Q4, Gen Z was once again our fastest-growing cohort, growing double digits and accelerating from Q3. We're building an experience that resonates with this audience on Pinterest, specifically around video. In fact, nearly half of all new videos penned in Q4 were from Gen Z users. And in Q4, Gen Z sessions grew much faster than sessions from our other demographics.

我對我們為將新興人口統計數據引入平台所做的工作感到特別興奮。在第四季度，Z 世代再次成為我們增長最快的群體，以兩位數的速度增長，並且從第三季度開始加速增長。我們正在打造一種能在 Pinterest 上引起觀眾共鳴的體驗，尤其是圍繞視頻。事實上，在第四季度創作的所有新視頻中，近一半來自 Z 世代用戶。在第 4 季度，Z 世代會話的增長速度遠遠快於我們其他人群的會話。

As I discussed last quarter, video also drives deeper engagement. We remain focused on growing our supply of videos from multiple sources, including creators, brands and publishers. Last quarter, we grew our supply of video content 30% quarter-over-quarter. And we recently announced a deal with Conde Nast Entertainment to create high-quality video content aligned with Pinterest's key seasonal and cultural moments like fashion months, wedding season, summer and back-to-school. We believe high-quality and inspiring content will further deepen engagement, especially for Gen Z.

正如我在上個季度所討論的那樣，視頻還可以推動更深入的參與。我們仍然專注於增加來自多個來源的視頻供應，包括創作者、品牌和出版商。上個季度，我們的視頻內容供應環比增長了 30%。我們最近宣布與 Conde Nast Entertainment 達成協議，以製作與 Pinterest 的關鍵季節性和文化時刻（如時裝月、婚禮季、夏季和返校季）保持一致的高質量視頻內容。我們相信高質量和鼓舞人心的內容將進一步加深參與度，尤其是對於 Z 世代而言。

Monetization per user should also be driven by our ads initiatives. Pinterest is unique because users come to our platform with intent, and we are one of the few places where people can go from seeking inspiration to fulfilling that intent through action. And we've built a full ad solution that helps advertisers meet users in their journey across the funnel from top to middle to bottom. In fact, our revenue is roughly split across the funnel with 1/3 brand, 1/3 consideration and 1/3 conversion.

每個用戶的貨幣化也應該由我們的廣告計劃驅動。 Pinterest 是獨一無二的，因為用戶帶著意圖來到我們的平台，而我們是少數幾個人們可以從尋求靈感到通過行動實現該意圖的地方之一。我們已經構建了一個完整的廣告解決方案，可幫助廣告商在從上到中再到底部的漏斗旅程中與用戶會面。事實上，我們的收入大致在漏斗中分配，1/3 品牌、1/3 考慮和 1/3 轉換。

We've seen advertisers who take a full funnel approach see more success than those who are only active on one campaign objective. In 2022, advertisers adopting a multi-objective media strategy saw up to a 50% improvement in sales lift compared to those who use one objective based on our (inaudible). I believe ads when relevant and personalized can be highly valuable content for users, fostering authentic interactions between brands and consumers.

我們已經看到，採用完整漏斗方法的廣告商比只積極實現一個廣告活動目標的廣告商取得了更大的成功。到 2022 年，與使用基於我們（聽不清）的一個目標的廣告商相比，採用多目標媒體策略的廣告商的銷售額提升幅度高達 50%。我相信，相關且個性化的廣告對於用戶來說可能是非常有價值的內容，可以促進品牌與消費者之間的真實互動。

In Q4, we launched ad load management with whole page optimization, which flexes ad load opportunistically in context where ads are most well suited for the user. In our initial testing, this drove double-digit improvements in ad relevance on search while simultaneously reducing CPAs for advertisers. We expect the whole page optimization will enable us to continue to improve the efficiency with which we monetize our platform over time.

在第 4 季度，我們推出了具有整個頁面優化的廣告加載管理，它會在廣告最適合用戶的上下文中機會性地調整廣告加載。在我們的初始測試中，這推動了搜索廣告相關性的兩位數提高，同時降低了廣告商的每次轉化費用。我們預計整個頁面優化將使我們能夠隨著時間的推移繼續提高我們通過平台獲利的效率。

In addition, we continue to improve conversion visibility through our measurement solutions in a privacy-centric way to demonstrate the value that Pinterest brings to advertisers. For example, in Q4, we launched our conversion API, and we recently integrated this API with Shopify so that merchants can use our conversion measurement tool. Based on our tests, for advertisers using our conversion API with the Pinterest tag, we found an average of 28% lift in the attributed checkout conversions and 14% improvement in the checkout CPA metric.

此外，我們以隱私為中心的方式通過我們的衡量解決方案繼續提高轉化可見性，以展示 Pinterest 為廣告商帶來的價值。例如，在第四季度，我們推出了我們的轉化 API，最近我們將該 API 與 Shopify 集成，以便商家可以使用我們的轉化測量工具。根據我們的測試，對於將我們的轉化 API 與 Pinterest 標籤一起使用的廣告商，我們發現歸因結賬轉化平均提升了 28%，結賬 CPA 指標平均提升了 14%。

At CES this January, we announced our new privacy safe clean room solution with LiveRamp and Albertsons. Pinterest's integration with LiveRamp provides a protected third-party space where brands can join the first-party data and Pinterest platform data in a secure, privacy safe environment.

在今年 1 月的 CES 上，我們宣布了我們與 LiveRamp 和 Albertsons 合作的新的隱私安全潔淨室解決方案。 Pinterest 與 LiveRamp 的集成提供了一個受保護的第三方空間，品牌可以在一個安全、隱私安全的環境中加入第一方數據和 Pinterest 平台數據。

Our second strategic goal for 2023 is to lean into the high intent that users express on Pinterest by integrating shopping into the core of the product experience. Based on surveys of our users, over 50% say they view Pinterest as a place to shop. Yet we haven't made it easy for them to shop historically as shoppable content was not integrated into core experiences.

我們 2023 年的第二個戰略目標是通過將購物整合到產品體驗的核心中來充分利用用戶在 Pinterest 上表達的強烈意願。根據對我們用戶的調查，超過 50% 的用戶表示他們將 Pinterest 視為購物場所。然而，由於可購物內容未整合到核心體驗中，我們並未讓他們在歷史上輕鬆購物。

In our endeavor to make Pinterest the home of taste-based shopping, we're integrating shopping across our most traffic surfaces, including Home feed, Search and related pins to show users products most relevant to them. Over the long term, we also want to make every Pin shoppable. To that end, we're making video content on Pinterest more actionable using the same playbook we applied to static images. Over the course of this year, we will be deploying our computer vision technology across our video corpus to find products and videos and make them shoppable.

在我們努力使 Pinterest 成為基於品味的購物之家的過程中，我們正在將購物整合到我們最常訪問的界面，包括主頁提要、搜索和相關 Pin 圖，以向用戶展示與他們最相關的產品。從長遠來看，我們還希望讓每個 Pin 圖都可以購買。為此，我們正在使用應用於靜態圖像的相同劇本，使 Pinterest 上的視頻內容更具操作性。在今年的過程中，我們將在我們的視頻語料庫中部署我們的計算機視覺技術，以查找產品和視頻並使它們可供購買。

To make Pinterest more shoppable, we're creating a more seamless handoff by taking the user directly to the product detail page on the merchant's app. To this effort, we continue to deploy our mobile deep linking format, or MDL, on shopping ads. During the Black Friday, Cyber Monday period, MDL accounted for 40% of our shopping ad revenue, which grew 50% in Q4. People are shopping on Pinterest, and we are helping merchants find end-market consumers.

為了讓 Pinterest 更易於購物，我們正在通過將用戶直接帶到商家應用程序上的產品詳細信息頁面來創建更無縫的切換。為此，我們繼續在購物廣告上部署我們的移動深度鏈接格式 (MDL)。在黑色星期五、網絡星期一期間，MDL 占我們購物廣告收入的 40%，在第四季度增長了 50%。人們在 Pinterest 上購物，而我們正在幫助商家尋找終端市場消費者。

Third, we're driving operational rigor and are committed to delivering value to our shareholders. While 2022 started off as an investment year, we took steps to cut down on costs in this challenging macroeconomic environment starting in early Q3, and we are continuing to find ways to reduce our expenses so that we can meaningfully expand EBITDA margins. As I've said before, I'm a strong believer that constraints breed creativity, and I believe our teams will deliver more compelling products and experiences that set us up for sustainable growth long term.

第三，我們正在推動運營的嚴謹性，並致力於為我們的股東創造價值。雖然 2022 年作為投資年開始，但我們從第三季度初開始在這個充滿挑戰的宏觀經濟環境中採取措施削減成本，並且我們正在繼續尋找減少開支的方法，以便我們能夠有意義地擴大 EBITDA 利潤率。正如我之前所說，我堅信約束會孕育創造力，而且我相信我們的團隊將提供更具吸引力的產品和體驗，為我們的長期可持續發展做好準備。

Furthermore, Todd and I have been evaluating our broad capital allocation strategy, including investing in the business, maintaining flexibility for strategic acquisitions and options for returning capital to shareholders. Given the significant cash balance at Pinterest today, combined with our robust ongoing operating cash flow generation, we're planning to execute a stock buyback program of up to $500 million, which we plan to commence this quarter to help mitigate dilution from stock-based compensation. Todd will go into more details on our buyback program.

此外，托德和我一直在評估我們廣泛的資本配置戰略，包括投資業務、保持戰略收購的靈活性以及向股東返還資本的選擇權。鑑於今天 Pinterest 的大量現金餘額，加上我們持續產生的強勁運營現金流，我們計劃執行高達 5 億美元的股票回購計劃，我們計劃在本季度開始，以幫助減輕基於股票的稀釋賠償。托德將詳細介紹我們的回購計劃。

Finally, one of the biggest differentiators of Pinterest is that we are an inspirational platform, and we're intentionally tuning our business to be a positive place on the Internet. Pinterest's mission is to bring everyone the inspiration to create a life they love. And I believe in an online environment that is increasingly full of toxicity, this is more important than ever. Not only does it help our users but also our advertisers as they look for more brand-safe environments to attract customers.

最後，Pinterest 最大的區別之一是我們是一個鼓舞人心的平台，我們有意調整我們的業務以成為互聯網上的積極場所。 Pinterest 的使命是為每個人帶來靈感，創造他們熱愛的生活。而且我相信在一個越來越充滿毒性的網絡環境中，這比以往任何時候都更加重要。它不僅可以幫助我們的用戶，也可以幫助我們的廣告商尋找更多品牌安全的環境來吸引客戶。

From a user perspective, we've long been investing in being a more positive platform from products like inclusive search to important business decisions like banning political ads because we want our users to be in a positive space for inspiration and action. Users are noticing this investment. We have research confirming the positivity of our platform and emotional benefit to our users that we're planning to release in the coming weeks.

從用戶的角度來看，我們長期以來一直致力於成為一個更積極的平台，從包容性搜索等產品到禁止政治廣告等重要的商業決策，因為我們希望我們的用戶處於一個積極的空間中，以獲得靈感和行動。用戶注意到了這項投資。我們的研究證實了我們計劃在未來幾週內發布的平台的積極性和對用戶的情感利益。

We're seeing this sentiment come through with our advertisers as well. Some of our latest research also shows that ads that appear in a more positive environment drive more purchases at every stage of the funnel. We believe that positivity makes people more open to brands, more likely to remember them and more driven to purchase.

我們也看到我們的廣告商也有這種情緒。我們的一些最新研究還表明，出現在更積極環境中的廣告會在渠道的每個階段推動更多購買。我們相信，積極的態度會讓人們對品牌更加開放，更有可能記住它們，並且更有動力去購買。

As I mentioned in our last call, I value the communication, input and feedback with the investor and analyst communities. As part of that, we plan to host an Investor Day later this year, and we'll update you in the future on timing and additional details.

正如我在上次電話會議中提到的，我重視與投資者和分析師社區的溝通、意見和反饋。作為其中的一部分，我們計劃在今年晚些時候舉辦投資者日，我們將在未來向您通報時間安排和其他詳細信息。

Finally, as you may have seen in our press release today, Todd Morgenfeld, our CFO and Head of Business Operations, will transition from the company to pursue new career opportunities on July 1. Todd has been instrumental to Pinterest's growth over the last 6-plus years and is committed to ensuring a smooth transition while we search for a new CFO.

最後，正如您今天在我們的新聞稿中看到的那樣，我們的首席財務官兼業務運營主管托德摩根菲爾德將於 7 月 1 日從公司過渡到尋求新的職業機會。托德在過去 6 年對 Pinterest 的發展起到了重要作用加上多年，並致力於確保在我們尋找新的首席財務官時順利過渡。

I'd like to take a moment to recognize Todd for his dedication to our employees, our Pinners, advertisers and our shareholders. Todd has made significant contributions to our business over the last 6-plus years, including leading the company's IPO process, helping the company navigate the pandemic, advancing our revenue functions, maturing our business operations and partnering with me when I joined the company last year. So Todd, we thank you for your partnership and leadership. Everyone at Pinterest will be cheering for you in your future endeavors, and I intend to be cheering the loudest.

我想花點時間感謝托德對我們的員工、我們的 Pinner、廣告商和我們的股東的奉獻。在過去 6 年多的時間裡，托德為我們的業務做出了重大貢獻，包括領導公司的 IPO 流程、幫助公司渡過疫情、推進我們的收入職能、完善我們的業務運營以及在我去年加入公司時與我合作.所以托德，我們感謝您的合作和領導。 Pinterest 的每個人都會在你未來的努力中為你歡呼，而我打算成為最響亮的歡呼者。

Thanks, Bill. I appreciate the kind words and the partnership. I also want to thank the entire Pinterest team and the Board for the opportunity to contribute over the past 6 years. I look forward to watching the company continue to innovate, execute and grow.

謝謝，比爾。我感謝客氣話和夥伴關係。我還要感謝整個 Pinterest 團隊和董事會，讓我有機會在過去 6 年中做出貢獻。我期待看到公司繼續創新、執行和成長。

I'll now discuss our results. In my remarks today, I'll talk about our Q4 financial performance and our preliminary Q1 outlook. All financial metrics except for revenue will be discussed in non-GAAP terms unless otherwise specified. And as a reminder, all comparisons will be discussed on a year-over-year basis unless otherwise noted.

我現在將討論我們的結果。在我今天的發言中，我將談論我們第四季度的財務表現和我們對第一季度的初步展望。除非另有說明，否則除收入外的所有財務指標都將以非 GAAP 條款進行討論。提醒一下，除非另有說明，否則所有比較都將按年進行討論。

In 2022, we made platform-wide innovations that resulted in improving the user experience through more personalized content, showing more relevant products that fit users' tastes and preferences and delivering increased value to advertisers through ad stack innovation, new measurement solutions and more seamless handoffs to merchant sites.

2022 年，我們進行了全平台創新，通過更個性化的內容改善了用戶體驗，展示了更多符合用戶品味和偏好的相關產品，並通過廣告堆棧創新、新的衡量解決方案和更無縫的切換為廣告商提供了更高的價值到商家網站。

Even though softening demand lowered ad pricing across the industry, including on our platform, we grew revenue in the fourth quarter. Furthermore, we expect our 2022 investments in our ad stack to help deliver competitive cost per action as the demand environment normalizes in the future. As we continue to innovate on new products like mobile deep linking, whole page optimization and improved measurement solutions, we believe these investments will drive better returns on ad spend for our partners.

儘管需求疲軟降低了整個行業的廣告定價，包括我們平台上的廣告定價，但我們在第四季度的收入有所增長。此外，隨著未來需求環境的正常化，我們預計 2022 年對廣告堆棧的投資將有助於提供具有競爭力的每次操作成本。隨著我們繼續在移動深度鏈接、整頁優化和改進的測量解決方案等新產品上進行創新，我們相信這些投資將為我們的合作夥伴帶來更好的廣告支出回報。

As Bill mentioned, we remain focused on deepening engagement with our existing and episodic users, which should allow us to grow our revenue per user over time. From Q4 2019 to Q4 2022, our revenue grew at a compound annual growth rate of 30%, while our monthly active users grew at a compound annual growth rate of 10%. Our growth opportunities should continue to be robust as we improve frequency of visitation, make Pinterest more shoppable to satisfy intent to action, deliver more solutions for advertisers and improve the relevance of our advertising to match our users' commercial intent.

正如 Bill 所提到的，我們仍然專注於加深與現有用戶和臨時用戶的互動，這應該能讓我們隨著時間的推移增加每個用戶的收入。從 2019 年第四季度到 2022 年第四季度，我們的收入以 30% 的複合年增長率增長，而我們的月活躍用戶以 10% 的複合年增長率增長。隨著我們提高訪問頻率、使 Pinterest 更易於購物以滿足行動意圖、為廣告商提供更多解決方案並提高我們廣告的相關性以符合用戶的商業意圖，我們的增長機會應該會繼續強勁。

During the quarter, 450 million global monthly active users came to Pinterest, growing 4% year-over-year and 1% sequentially. We believe that our investments in relevance and personalization are the primary drivers of our return to seasonal growth. In the U.S. and Canada, monthly active users were 95 million, back to year ago levels. As we've noted before, our mobile application users are our most monetizable users and account for over 80% of our total impressions and revenue.

本季度，全球每月有 4.5 億活躍用戶訪問 Pinterest，同比增長 4%，環比增長 1%。我們相信，我們在相關性和個性化方面的投資是我們恢復季節性增長的主要驅動力。在美國和加拿大，月活躍用戶為 9500 萬，回到一年前的水平。正如我們之前所指出的，我們的移動應用程序用戶是我們最具盈利能力的用戶，占我們總展示次數和收入的 80% 以上。

Global mobile application monthly active users accelerated to 14% growth, and U.S. and Canada mobile app MAUs accelerated to 5% growth after returning to growth for the first time this year in Q3 of 2022. Furthermore, global and U.S. and Canada sessions grew significantly faster than monthly active users and accelerated from the third quarter. In addition, we saw growth in many of our core verticals as well as some of our emerging verticals like travel, vehicles and men's fashion.

全球移動應用月活躍用戶加速增長至 14%，美國和加拿大移動應用 MAU 在 2022 年第三季度今年首次恢復增長後加速增長至 5%。此外，全球以及美國和加拿大的會話增長明顯更快超過每月活躍用戶，並從第三季度開始加速。此外，我們在許多核心垂直領域以及一些新興垂直領域（如旅遊、汽車和男裝）都取得了增長。

Turning to our financial performance. Q4 global revenue of $877 million grew 6% on a constant currency basis or 4% on a reported basis. Strength came from large retailers looking to drive sales during the holiday season, and we had solid growth from our international markets when adjusting for foreign exchange headwinds.

轉向我們的財務業績。第 4 季度全球收入為 8.77 億美元，按固定匯率計算增長 6%，按報告計算增長 4%。力量來自於希望在假期期間推動銷售的大型零售商，並且在針對外匯逆風進行調整時，我們的國際市場實現了穩健增長。

There was also resilience in our awareness objective or brand ad spend as advertisers continue to lean into the brand safety and positivity on Pinterest. Furthermore, some emerging verticals, including automotive, travel and financial services, posted strong revenue growth.

隨著廣告商繼續依賴 Pinterest 上的品牌安全和積極性，我們的知名度目標或品牌廣告支出也有彈性。此外，一些新興的垂直行業，包括汽車、旅遊和金融服務，收入增長強勁。

While we saw pockets of resilience from some CPG advertisers, many of our CPG partners and our U.S. mid-market and SMB advertisers continue to face some challenges stemming from the current macro climate.

雖然我們看到一些 CPG 廣告商的一些彈性，但我們的許多 CPG 合作夥伴以及我們的美國中端市場和 SMB 廣告商繼續面臨來自當前宏觀氣候的一些挑戰。

In terms of revenue by region, U.S. and Canada revenue was $722 million, an increase of 5%. Total revenue from Europe was $123 million, growing 5% on a constant currency basis but declining 7% on a reported basis due to foreign exchange headwinds. Total revenue from our Rest of World region was $32 million, growing 33% on a constant currency basis and 26% on a reported basis.

按地區劃分收入，美國和加拿大收入為 7.22 億美元，增長 5%。來自歐洲的總收入為 1.23 億美元，按固定匯率計算增長 5%，但由於外匯逆風，按報告計算下降 7%。我們世界其他地區的總收入為 3200 萬美元，按固定匯率計算增長 33%，按報告計算增長 26%。

Turning to our EBITDA and expense profile. Adjusted EBITDA was $196 million in Q4 with an adjusted EBITDA margin of 22%. This EBITDA figure includes several actions we took in the fourth quarter that we believe will reduce our expense profile for 2023 and beyond. Most notably, this included a realignment of our resources against our shopping strategy as well as reductions to our recruiting staff and closures of some of our smaller and less utilized office spaces. Collectively, these actions accounted for about 2 percentage points of EBITDA margin.

轉向我們的 EBITDA 和費用概況。第四季度調整後的 EBITDA 為 1.96 億美元，調整後的 EBITDA 利潤率為 22%。該 EBITDA 數據包括我們在第四季度採取的幾項行動，我們認為這些行動將減少我們 2023 年及以後的支出狀況。最值得注意的是，這包括根據我們的購物策略重新調整我們的資源，以及減少我們的招聘人員和關閉我們一些較小且利用率較低的辦公空間。總的來說，這些行動佔 EBITDA 利潤率的 2 個百分點左右。

I'd also like to provide more color on how these actions impacted some of our expenses. Total operating expenses were $508 million, up 17% quarter-over-quarter. If you adjust for the costs associated with the actions I described during Q4, our operating expenses grew 13% quarter-over-quarter, in line with our guidance. These costs were spread across sales and marketing and G&A.

我還想提供更多關於這些行動如何影響我們的一些開支的顏色。總運營費用為 5.08 億美元，環比增長 17%。如果你調整與我在第四季度描述的行動相關的成本，我們的運營費用環比增長 13%，符合我們的指導。這些成本分佈在銷售和營銷以及 G&A 中。

More specifically, our sales and marketing expenses grew 29% quarter-over-quarter. The actions I referenced accounted for approximately 5 points of that growth, while our brand marketing campaign that I've referenced on past calls drove the vast majority of the rest of the growth. G&A expenses grew 25% quarter-over-quarter. Over 80% of that growth was driven by the actions I previously mentioned as well as increased taxes and bad debt expense. Excluding all of these items, our G&A would have grown 4% sequentially. Finally, we ended the quarter with approximately $2.7 billion in cash, cash equivalents and marketable securities.

更具體地說，我們的銷售和營銷費用環比增長了 29%。我提到的行動約佔增長的 5 個百分點，而我在過去的電話會議上提到的我們的品牌營銷活動推動了其餘增長的絕大部分。 G&A 費用環比增長 25%。超過 80% 的增長是由我之前提到的行動以及增加的稅收和壞賬支出推動的。排除所有這些項目，我們的 G&A 將連續增長 4%。最後，我們在本季度結束時擁有約 27 億美元的現金、現金等價物和有價證券。

As we look ahead, while the macroeconomic environment remains volatile and we're experiencing softer advertiser demand, we want to share our best judgment around our guide based on the signals we have today. For Q1, we expect revenue to grow in the low single-digit percentage range year-over-year. Quarter-to-date, our revenue growth is trending nearly in line with our reported revenue growth from Q4. However, similar to last quarter, we believe the error bars are a bit wider given the volatility in the market.

展望未來，雖然宏觀經濟環境依然動盪，我們的廣告客戶需求疲軟，但我們希望根據今天的信號分享我們對指南的最佳判斷。對於第一季度，我們預計收入將以較低的個位數百分比同比增長。本季度至今，我們的收入增長趨勢幾乎與我們報告的第四季度收入增長一致。然而，與上一季度類似，我們認為考慮到市場的波動性，誤差線會更寬一些。

Our guide includes about 1 to 2 points of foreign exchange headwind, and we also expect headwinds to persist from our U.S. small and medium business and mid-market advertisers as they continue to face outsized challenges in this macro environment. While we've made significant progress in opening up more monetizable supply and reducing cost per action, these advertisers remain price-sensitive.

我們的指南包括大約 1 到 2 點的外匯逆風，我們還預計我們的美國中小型企業和中端市場廣告商將繼續面臨逆風，因為他們在這種宏觀環境中繼續面臨著巨大的挑戰。雖然我們在開放更多可貨幣化供應和降低每次操作成本方面取得了重大進展，但這些廣告商仍然對價格敏感。

For the first quarter non-GAAP operating expense, we expect a sequential decline in the low double-digit percentage range. First, we're not planning to invest in a brand marketing campaign in the first quarter as we did in the fourth quarter. Second, the net impact of the actions we took in Q4 and to date in Q1 related to expense reductions are reflected in the guidance. While these actions resulted in additional costs within these quarters, we believe they will contribute to our full year goal of returning to margin expansion.

對於第一季度的非 GAAP 運營費用，我們預計將連續下降兩位數的百分比範圍。首先，我們不打算像第四季度那樣在第一季度投資品牌營銷活動。其次，我們在第四季度和迄今為止第一季度採取的與費用削減相關的行動的淨影響反映在指南中。雖然這些行動在這些季度內導致了額外成本，但我們相信它們將有助於我們實現全年恢復利潤率擴張的目標。

As you think about our operating expense cadence through the year, you should expect a meaningful deceleration each quarter and year-over-year growth in OpEx, especially as we move into the second half of the year as we will be lapping the significant investment in hiring we made into the business in the first half of 2022.

當您考慮我們全年的運營支出節奏時，您應該預計每個季度 OpEx 都會出現有意義的減速和同比增長，尤其是當我們進入下半年時，因為我們將對我們在 2022 年上半年進行的業務招聘。

On monthly active users, as you know, we generally do not provide guidance. We are encouraged that our investments in relevance and personalization brought us back to top line MAU growth, and we're focusing on deepening engagement within our core and episodic users.

關於月活躍用戶，如您所知，我們通常不提供指導。令我們感到鼓舞的是，我們在相關性和個性化方面的投資使我們回到了 MAU 增長的頂線，並且我們正專注於深化核心用戶和偶髮用戶的參與度。

As Bill mentioned earlier, we're focused on providing long-term shareholder value, including through our capital allocation strategy. Our Board of Directors has authorized a share repurchase program of up to $500 million. We plan to commence repurchasing shares this quarter, and we intend to complete the program over the following 12 months.

正如比爾之前提到的，我們專注於提供長期股東價值，包括通過我們的資本配置戰略。我們的董事會已批准一項高達 5 億美元的股票回購計劃。我們計劃在本季度開始回購股票，並打算在接下來的 12 個月內完成該計劃。

We believe it's important to have equity as a portion of our overall compensation program as it fosters an ownership culture with our employees, and this share repurchase program will help offset the dilutive impact of this equity compensation. Our repurchase program is in addition to an operating -- operational approach to mitigate dilution that we implemented in the second quarter of last year, called Net Settlement, under which we, as a company, hold back shares to cover the taxes on employees vested RSUs, where the company pays for the taxes from our own cash reserve on behalf of the employees. Net Settlement could amount to a use of cash of approximately $275 million in 2023, depending on a variety of factors, including the stock price and the number of grants that vest through the year.

我們認為，將股權作為我們整體薪酬計劃的一部分非常重要，因為它可以培養我們員工的主人翁文化，而該股票回購計劃將有助於抵消該股權薪酬的稀釋影響。我們的回購計劃是對我們在去年第二季度實施的一種旨在減輕稀釋的運營方法的補充，稱為淨結算，根據該方法，我們作為一家公司保留股份以支付對員工授予的 RSU 的稅收，公司代表員工從我們自己的現金儲備中支付稅款。到 2023 年，淨結算可能相當於使用約 2.75 億美元的現金，具體取決於多種因素，包括股票價格和全年授予的贈款數量。

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

最後，我要感謝我們在 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，我們就可以打開它來提問了。

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

（操作員說明）第一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. And first, Todd, congratulations on future endeavors. I'm sure we'll probably have one more earnings call together, but just wishing you best of luck in future endeavors. Maybe on the first question, obviously, visibility remains low in the overall advertising environment. Can you give us your perspective on how you're managing through that sort of low visibility that you're seeing right now versus managing towards building what you want to build on the advertising side for the long term and how we should expect the interplay of those factors in the coming quarters?

也許 2，如果可以的話。首先，托德，祝賀你未來的努力。我相信我們可能還會再召開一次財報電話會議，但祝您在未來的工作中好運。也許關於第一個問題，顯然，在整個廣告環境中，知名度仍然很低。您能否告訴我們您如何通過您現在看到的那種低可見性進行管理，而不是管理建立您想要在廣告方面長期建立的東西，以及我們應該如何期待兩者之間的相互作用未來幾個季度的那些因素？

And then second, as we exit '22, and you guys sprinkled a lot of this into your prepared remarks, but how should we think about what the top priorities are for investment into 2023 and how, again, that maybe plays back against sort of the broader growth environment that you're seeing?

然後其次，當我們退出 22 年時，你們在準備好的發言中加入了很多內容，但我們應該如何考慮 2023 年投資的首要任務是什麼，以及這可能會如何反作用於某種您看到的更廣泛的增長環境？

Thanks, Eric. So if I step back and sort of address your questions on the broader landscape and sort of where we are in progressing along our objectives there, first, I'd say, while 4% to 6% revenue growth typically wouldn't be something to write home about, we're actually outperforming compared to a lot of our peers. And we believe we're gaining share, especially with our larger and most sophisticated advertisers, where we're gaining more share of wallet.

謝謝，埃里克。因此，如果我退後一步，就更廣泛的前景以及我們在實現我們的目標方面取得的進展提出一些問題，首先，我會說，雖然 4% 到 6% 的收入增長通常不會是什麼回想一下，與許多同行相比，我們實際上表現出色。而且我們相信我們正在獲得份額，特別是對於我們更大、最成熟的廣告商，我們正在獲得更多的錢包份額。

So as we talked about, we have huge growth potential in front of us, and I'll try to frame out that potential. So when I came to Pinterest 2 quarters ago, analysts and investors had a few questions. Could we regain share with our core user base after the pandemic unwind? Could we compete in a world of more short-form video? And could we build a monetization engine at scale?

因此，正如我們所說，我們面前有巨大的增長潛力，我將嘗試勾勒出這種潛力。所以當我兩個季度前來到 Pinterest 時，分析師和投資者有幾個問題。大流行結束後，我們能否重新獲得核心用戶群的份額？我們能否在一個更短視頻的世界中競爭？我們能否大規模構建貨幣化引擎？

After a little over 6 months, I'm more confident than ever that we can do all of the above, and we're focusing our investments in employing operational discipline across the organization to get there. So on the first question, can we return to user growth? Yes. We've returned to year-over-year MAU growth. And better than that, we're seeing double-digit growth in our most monetizable and stickiest mobile app MAUs. And we're also seeing that our engagement overall is growing double-digit percentages.

6 個多月後，我比以往任何時候都更有信心我們可以做到上述所有事情，並且我們將投資集中在在整個組織內採用運營紀律以實現目標。那麼關於第一個問題，我們能否回歸到用戶增長？是的。我們已經恢復了 MAU 的同比增長。比這更好的是，我們看到我們最具盈利能力和粘性最強的移動應用程序 MAU 以兩位數的速度增長。而且我們還看到，我們的整體參與度正在以兩位數的百分比增長。

So we feel really good about the growing sessions and the fact that sessions are growing even faster than users, and that growth is accelerating. In fact, in our 10-K, which will be filed today, you'll see that our weekly active to monthly active user ratio is at its highest level ever at 61%. That's clear evidence that we're deepening engagement as we've been talking about for the last couple of quarters and finding really good success there.

因此，我們對不斷增長的會話感到非常滿意，事實上會話的增長速度甚至超過了用戶，而且這種增長正在加速。事實上，在我們今天提交的 10-K 中，您會看到我們的每週活躍用戶與每月活躍用戶的比率處於歷史最高水平，達到 61%。這清楚地表明我們正在加深參與，正如我們在過去幾個季度一直在談論的那樣，並在那裡取得了非常好的成功。

Second, we can compete in a world where our peers -- the second question was, can we compete in a world where our peers are all in on short-form video? And I think we're answering that question with a clear yes as well but doing it on our own terms. Our supply of content is growing. Video content is up 30% quarter-on-quarter. We're finding more efficient ways to get engaging content on Pinterest, serve the needs of our Pinners from inspiration to action.

其次，我們可以在一個我們的同行都在的世界中競爭——第二個問題是，我們能否在一個我們的同行都在使用短視頻的世界中競爭？而且我認為我們也在以明確的肯定回答這個問題，但是是按照我們自己的方式來做的。我們的內容供應正在增長。視頻內容環比增長 30%。我們正在尋找更有效的方法來在 Pinterest 上獲取引人入勝的內容，滿足我們的 Pinner 從靈感到行動的需求。

And importantly, while we're seeing more than 10% of our engagement is on video, it's more than 30% of our revenue that is on short-form video. So when we think about monetizing that short-form video, which I think has been an open question broadly, we're seeing really good success in the monetization of short-form video, which I think is unique and stands out.

重要的是，雖然我們看到超過 10% 的參與度來自視頻，但超過 30% 的收入來自短視頻。因此，當我們考慮將短視頻貨幣化時，我認為這一直是一個廣泛的懸而未決的問題，我們看到短視頻貨幣化取得了非常好的成功，我認為這是獨一無二的。

And so further to that point, the question of can we build a monetization engine at scale. Absolutely. I couldn't be more excited about the advancements we've made in our ad stack and how that's allowed us to grow monetizable supply north of 15%, higher than overall engagement gains because of tech innovation like whole page optimization, which opportunistically increases ad load when a consumer is in a shopping mode or has a commercial intent.

因此，更進一步，我們能否大規模構建貨幣化引擎的問題。絕對地。我對我們在廣告堆棧中取得的進步感到非常興奮，這讓我們能夠將可貨幣化的供應量增加到 15% 以上，高於整體參與度的提高，因為整頁優化等技術創新會機會性地增加廣告當消費者處於購物模式或具有商業意圖時加載。

We're building solutions to help advertisers measure results on our platform like our conversion API and our new clean room solution. And while we're early in the adoption curve on those measurement capabilities and those new tools for advertisers, we're seeing that our best share gains, our best growth is coming from the multistate advertisers that are implementing those tools. And the more they see visibility into our performance, the more we see that, that performance is clear. And I think that bodes well for our future as more and more of those advertisers adopt those tools from us.

我們正在構建解決方案來幫助廣告商衡量我們平台上的結果，例如我們的轉換 API 和我們新的無塵室解決方案。雖然我們在這些衡量能力和廣告商的新工具的採用曲線上處於早期階段，但我們看到我們最好的份額收益，我們最好的增長來自正在實施這些工具的多州廣告商。他們越了解我們的績效，我們就越清楚地看到這一點。我認為這對我們的未來是個好兆頭，因為越來越多的廣告商採用我們的這些工具。

So while we remain in a demand-challenged environment, I think the improvements we've made to deliver advertiser value are paying off. I think that's why you see us growing faster than many in the peer set. And while demand doesn't flip overnight, we think the setup that we have of deepening engagement, the supply on our platform growing even faster than the deepening engagement with innovations like whole page optimization are making sure we have really great relevance of those ads and allowing us to serve more relevant ads in commercial context, that, coupled with the progress we're making on measurement tools and the performance we're seeing there early in that adoption curve with discerning advertisers, we think all that sets us up really well for the medium to long term, even as we're fighting through a lot of choppiness in the near term, just as everybody else is.

因此，儘管我們仍然處於需求挑戰的環境中，但我認為我們為提供廣告客戶價值所做的改進正在取得回報。我認為這就是為什麼你看到我們比同行中的許多人成長得更快。雖然需求不會在一夜之間發生轉變，但我們認為我們所擁有的深化參與的設置，我們平台上的供應增長速度甚至比深化參與整頁優化等創新的速度更快，這確保了我們與這些廣告的相關性非常高，允許我們在商業環境中提供更多相關的廣告，再加上我們在測量工具方面取得的進展以及我們在採用曲線的早期與挑剔的廣告商一起看到的性能，我們認為所有這些都讓我們做得很好從中長期來看，即使我們在短期內與其他人一樣正在經歷很多動盪。

And then one final point. I think, Eric, you also asked about top priorities. I think I addressed many of these in the call, so I won't belabor those. But I think on each of these points, while we have really great progress, we continue to proceed forward on those. I talked about making sure that we're making our -- all of our core experience as shoppable as well as driving further improvements to engagement and our ad stack.

然後是最後一點。我想，埃里克，你也問過最優先事項。我想我在電話中解決了其中的許多問題，所以我不會重複這些。但我認為在每一點上，雖然我們確實取得了很大進展，但我們會繼續在這些方面取得進展。我談到要確保我們的所有核心體驗都可以購買，並推動進一步改進參與度和我們的廣告堆棧。

We think we're early in those journeys. We're going to have really good proof points. Those continue to be our priorities. And then finally, the operational rigor where we've implemented a program around operational rigor, we're seeing good results from that. And importantly, even as we're implementing more operational rigor, we're seeing really good product innovation. And so the comments I've made multiple times around constraints leading to creativity, we're seeing that in action. And we feel really good about the progress on that.

我們認為我們在這些旅程中處於早期階段。我們將擁有非常好的證據。這些仍然是我們的優先事項。最後，我們圍繞運營嚴謹性實施了一項計劃，我們從中看到了良好的結果。重要的是，即使我們正在實施更嚴格的運營，我們也看到了非常好的產品創新。因此，我多次圍繞導致創造力的限制發表評論，我們看到了這一點。我們對這方面的進展感到非常滿意。

Your next question is from Ross Sandler with Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just following up on the prior question on priorities and investment levels. So Todd, if revenue -- I know we don't have a ton of visibility, but let's just say low single digits is what we see in the first half and then it improves to something higher than that in the second half of the year, what kind of margin expansion might we see based on the planned investment levels that you talked about for '23?

只是跟進關於優先事項和投資水平的先前問題。所以托德，如果收入——我知道我們沒有太多的知名度，但我們只能說低個位數是我們在上半年看到的，然後它會提高到比下半年更高的水平，根據您在 23 年談到的計劃投資水平，我們可能會看到什麼樣的利潤率增長？

And then the second question, Bill, you guys have talked about using an ad partnership idea as a kind of supplement to your direct ad sales, where you bring in demand from some of these retail media networks and DSPs and other third parties. So could you just talk a little bit more about timing and magnitude of something like this? It didn't come up on that prior checklist. So is that more of a '24 event? And then how do you -- if you do implement that balance, the partnership idea with direct ad sales?

然後是第二個問題，Bill，你們討論過使用廣告合作夥伴的想法作為對直接廣告銷售的一種補充，你可以從這些零售媒體網絡和 DSP 以及其他第三方那裡引入需求。那麼，您能否多談談此類事情的時間和規模？它沒有出現在之前的清單上。那麼這更像是一個'24事件嗎？那麼你如何 - 如果你確實實現了這種平衡，即與直接廣告銷售的合作理念？

Yes. I'll answer your second question first (inaudible) your first question. So we definitely think about sourcing ad demand as an opportunity for us. Our first priority is always going to be our direct sales and the partnerships that we're driving there. And we feel really good about the progress that our sales team is making on that and how we're winning with those advertisers that have implemented our latest tools and the most sophisticated and discerning advertisers seeing our performance be the strongest. We feel really good about that first-party selling motion. But we do believe there's an opportunity to augment our demand with third parties. And you mentioned one of those that we've done already around Retail Media Networks. We think there's a lot more opportunity in those.

是的。我會先回答你的第二個問題（聽不清）你的第一個問題。因此，我們絕對將尋找廣告需求視為我們的機會。我們的首要任務始終是我們的直銷和我們在那裡推動的合作夥伴關係。我們對我們的銷售團隊在這方面取得的進展以及我們如何贏得那些實施了我們最新工具的廣告商以及看到我們表現最強勁的最老練和最挑剔的廣告商感到非常滿意。我們對第一方銷售動議感到非常滿意。但我們確實相信有機會增加我們對第三方的需求。您提到了我們已經圍繞零售媒體網絡完成的其中一項工作。我們認為在這些方面有更多的機會。

And we also think that leveraging third-party demand has been an underutilized lever here, particularly compared to other platforms. And so that is something that we will continue to explore. While no specific updates on specific deals or specific partners or those kinds of things, I do think that is something that we'll look to take more action on. We're already taking action on it with Retail Media Networks and something that we'll look to continue taking action on more in the near term.

我們還認為，利用第三方需求在這裡一直是一個未被充分利用的槓桿，特別是與其他平台相比。因此，這是我們將繼續探索的事情。雖然沒有關於特定交易或特定合作夥伴或此類事情的具體更新，但我確實認為這是我們希望採取更多行動的事情。我們已經通過 Retail Media Networks 採取行動，我們希望在短期內繼續採取更多行動。

It is not something that I'd put into 2024. It's something that we're actively exploring. And again, no specific updates or specific announcements on what we do there. But we are very much looking at that as a meaningful opportunity in the near term versus something that would be relevant to the medium or long term.

這不是我要放到 2024 年的事情。這是我們正在積極探索的事情。再一次，沒有關於我們在那裡做什麼的具體更新或具體公告。但我們非常重視將其視為近期有意義的機會，而不是與中長期相關的事情。

And Ross, on your margin question, not to be too basic about it, but in a world where we have a volatile demand picture and some uncertainty on the year, generally from a top line perspective, we know revenue needs to outgrow costs. We talked about meaningful margin expansion a few quarters ago, and that's something we're still committed to and understand the levers that are needed to get there.

羅斯，關於你的保證金問題，不要太基礎，但在我們需求不穩定且今年存在一些不確定性的世界中，通常從頂線的角度來看，我們知道收入需要超過成本。幾個季度前我們談到了有意義的利潤率擴張，這是我們仍然致力於並了解實現目標所需的槓桿的事情。

Ideally, we can grow as the demand environment hopefully normalizes given all the factors that Bill described. Deepening engagement, that strategy is working. We've opened up more monetizable supply at lower prices. We've built tools, including whole page optimization and mobile deep linking to better utilize that monetizable supply. And our measurement tools are proving that those ads are working better and better. So I'm confident that we'll -- as the demand picture normalizes, we'll see some upside from a revenue perspective.

理想情況下，鑑於比爾描述的所有因素，我們可以隨著需求環境正常化而增長。深化參與，該戰略正在奏效。我們以更低的價格開放了更多可貨幣化的供應。我們已經構建了工具，包括整頁優化和移動深度鏈接，以更好地利用可貨幣化的資源。我們的衡量工具正在證明這些廣告的效果越來越好。所以我相信我們會——隨著需求情況正常化，我們會從收入的角度看到一些好處。

But we also know that there's another part of this equation that's on the cost side. And from a gross margin perspective, you saw in this current quarter that our cost of revenue declined quarter-over-quarter after meaningful expansion through the year. That's a product of more discipline from an infrastructure standpoint and hope to continue to invest in further optimizations through the year, which creates a little bit more headroom for OpEx.

但我們也知道，這個等式的另一部分是成本方面的。從毛利率的角度來看，您在本季度看到我們的收入成本在全年有意義的擴張之後環比下降。從基礎設施的角度來看，這是更多紀律的產物，並希望在今年繼續投資於進一步的優化，從而為 OpEx 創造更多的空間。

And as Bill mentioned, we slowed hiring pretty significantly in the summer of last year. We took some actions in the fourth quarter. We've taken more actions already, and we continue to evaluate other levers, including things like our real estate portfolio, to make sure we're on track to deliver that margin expansion.

正如比爾所說，我們在去年夏天大幅放慢了招聘速度。我們在第四季度採取了一些行動。我們已經採取了更多行動，並繼續評估其他槓桿，包括我們的房地產投資組合，以確保我們按計劃實現利潤率擴張。

If I'm in your shoes thinking about modeling how the year will unfold, you probably can sense from my guide that year-over-year OpEx growth for the first quarter is a huge step down from the year-over-year growth that we posted in the fourth quarter on OpEx. You'll see another meaningful step down and further step down as the year unfolds because we're lapping in each of the 4 quarters because we're lapping a lot of headcount-related investments that we made in the first half of last year. And then we're lapping a lot of our brand and marketing campaigns in the back half of the year, including some creator rewards programs, which we would dial back and are discretionary.

如果我站在你的角度考慮對今年將如何展開進行建模，你可能會從我的指南中感覺到第一季度的運營支出同比增長與我們預測的同比增長相比有很大的下降第四季度在 OpEx 上發布。隨著時間的推移，你會看到另一個有意義的下降和進一步下降，因為我們在 4 個季度中的每個季度都在進行，因為我們在去年上半年進行了大量與員工人數相關的投資。然後我們在今年下半年開展了很多品牌和營銷活動，包括一些創作者獎勵計劃，我們會酌情取消這些計劃。

When you think about that from a modeling perspective, that means that we would be able to post much, much, much reduced OpEx growth through the course of the year that should support even low levels of revenue growth, driving margin expansion.

當你從建模的角度考慮這一點時，這意味著我們將能夠在一年中公佈大大減少的 OpEx 增長，這應該支持甚至較低水平的收入增長，從而推動利潤率增長。

The next question is from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, you've made a lot of progress around users and sessions and engagement. Was just wondering if you have any stats to share at all about clicks to advertisers, interaction with advertisers or anything on transaction. I know it's early, but just any way you can quantify sort of some of the early progress you're making on your users engaging more with your advertisers?

我有 2 個。第一個，您在用戶、會話和參與度方面取得了很大進展。只是想知道您是否有任何關於點擊廣告商、與廣告商互動或任何交易的統計數據要分享。我知道現在還早，但是您可以通過任何方式量化您在用戶與廣告商更多互動方面取得的一些早期進展嗎？

And the second one, Bill, I guess, if you sort of look at your user behavior as well as the key merchants and inventory you're putting on the platform, what are sort of 2 or 3 of the most important verticals in e-commerce that you think are going to really catalyze the advertising growth to materially faster growth over the course of the year into next year?

第二個，Bill，我想，如果你看看你的用戶行為以及你放在平台上的主要商家和庫存，電子商務中最重要的 2 或 3 個垂直領域是什麼？您認為在今年到明年的過程中真正會促進廣告增長以實現實質性更快增長的商業活動？

Maybe on the first question, on the progress we're seeing there, I mentioned in my remarks, shopping ad is growing 50% year-on-year as well as not only solving for shopping but giving easier conversions, easier ability for the user to connect with the place to buy through our mobile deep linking capabilities.

關於第一個問題，關於我們在那裡看到的進展，我在發言中提到，購物廣告同比增長 50%，不僅解決了購物問題，還為用戶提供了更輕鬆的轉化和更輕鬆的能力通過我們的移動深度鏈接功能連接到購買地點。

And so I shared how significant the percentage of revenue from shopping apps is coming from mobile deep linking. I think that is an early indicator of just how much we can do not only to make more of our content shoppable, but also our ability to drive that full funnel engagement where we've historically been much stronger at the upper and mid-funnel. But at the lower end of that funnel, we're seeing that low-funnel conversion objective being about 1/3 of our revenue overall in things like mobile deep linking, which we have not adopted across the board, but the early adopters of that have seen really strong performance.

因此，我分享了移動深度鏈接在購物應用程序收入中所佔的比例有多大。我認為這是一個早期指標，表明我們不僅可以做多少，不僅可以使我們的內容更容易購買，而且還可以推動整個漏斗參與度，而我們在歷史上一直在漏斗的上層和中層更強大。但在該漏斗的低端，我們看到低漏斗轉換目標約占我們總收入的 1/3，如移動深度鏈接，我們尚未全面採用，但早期採用者看到了非常強勁的表現。

So I mentioned that part of what gives me a lot of confidence in our future is much of our performance is coming from early adoption of new conversion tools like -- or new measurement tools like our conversion API and new capabilities like mobile deep linking that right now have been adopted by a smaller set of our larger, more sophisticated advertisers as we move along that adoption curve, I think that bodes well for how we can compete more broadly, particularly on shopping-type actions, conversion objectives and these lower-funnel objectives. So those are really good early indicators that as we move on the adoption curve I feel quite good about.

所以我提到，讓我對我們的未來充滿信心的部分原因是我們的大部分錶現來自於早期採用新的轉換工具，例如 - 或新的測量工具，例如我們的轉換 API 和新功能，例如移動深度鏈接隨著我們沿著採用曲線移動，現在已經被一小部分更大、更老練的廣告商採用，我認為這預示著我們如何能夠更廣泛地競爭，特別是在購物類型的行為、轉化目標和這些較低的漏斗上目標。所以這些都是非常好的早期指標，當我們在採用曲線上移動時，我感覺非常好。

You asked also about which categories we think of. Shopping is pretty broad based on our platform. There are some obvious ones that you would think about, women's fashion and apparel and those kinds of things, that are definitely places where we have very large engagement, significant opportunity. We have other large moment engagement, things like weddings and home redesigns and these kinds of things, are meaningful user behaviors as well.

您還詢問了我們考慮的類別。基於我們的平台，購物範圍非常廣泛。你會想到一些明顯的東西，女性時尚和服裝以及那些東西，這些絕對是我們有非常大的參與度和重要機會的地方。我們還有其他重要的時刻參與，比如婚禮和家居重新設計等等，也是有意義的用戶行為。

We have some really interesting emerging behavior also. Todd mentioned growth in things like autos and men's fashion, Gen Z being our fastest-growing demographic. So we feel like shopping is a broad-based opportunity. While there are some categories that we will lean into first, we see it as quite broad-based, probably more broad-based than many may appreciate on our platform.

我們也有一些非常有趣的新興行為。托德提到了汽車和男裝等領域的增長，Z 世代是我們增長最快的人群。所以我們覺得購物是一個基礎廣泛的機會。雖然我們將首先關注某些類別，但我們認為它的基礎非常廣泛，可能比我們平台上的許多人所理解的基礎更廣泛。

Todd, I don't know, anything you would add to that?

托德，我不知道，你還有什麼要補充的嗎？

Yes. I mean, I think there's a different way of cutting it too. I think everything Bill said is absolutely right. The other way of thinking about it is just in terms of these joint business partnerships that we signed. So if you cut the market by large versus small as opposed to category of retail or category of shopping marketplace, we've seen -- I think I talked about it a couple of quarters ago that we saw 25% growth in joint business partnerships first half of 2022 versus first half of 2021. And we talked at the time about how that was a source of confidence in that the ad stack and the experience, the full funnel model here was working for the largest, most sophisticated advertisers.

是的。我的意思是，我認為還有一種不同的切割方式。我認為比爾所說的一切都是絕對正確的。另一種思考方式就是我們簽署的這些聯合業務夥伴關係。因此，如果你根據零售類別或購物市場類別來劃分市場的大小，我們已經看到——我想我在幾個季度前談到過，我們首先看到聯合業務合作夥伴關係增長了 25% 2022 年的一半與 2021 年的上半年。我們當時談到這是如何成為對廣告堆棧和體驗的信心來源，這裡的全漏斗模型正在為最大、最成熟的廣告商工作。

We ended the year up 27% year-over-year on joint business partnerships. So we saw that tick up. And so from the standpoint of what Bill was describing, some of the largest, most sophisticated specialty e-commerce and specialty retailers are seeing great success on the platform. And that expands from brand through consideration, through purchase behavior. So really high confidence in success being driven by some of these larger players through the cycle where there's been a lot more resilience.

我們在聯合業務合作夥伴關係方面同比增長 27%。所以我們看到了這一點。因此，從比爾所描述的角度來看，一些最大、最先進的專業電子商務和專業零售商在該平台上取得了巨大成功。通過考慮，通過購買行為從品牌擴展。因此，在具有更大彈性的周期中，這些較大的參與者中的一些人對成功的成功充滿信心。

The next question is from Rich Greenfield with LightShed Partners.

下一個問題來自 Rich Greenfield 和 LightShed Partners。

Bill, how should we think about your comments around time spent in deepening engagement. I mean, is there -- I know you're only reporting sort of -- you sort of give us overview metrics, like you haven't gotten to DAU yet. But it does feel like -- I mean, is that the metric that you're sort of solving for is to get people to be using Pinterest on a daily basis?

比爾，我們應該如何看待你關於花在深化參與上的時間的評論。我的意思是，有沒有——我知道你只是在報告某種——你給了我們一些概述指標，就像你還沒有達到 DAU 一樣。但它確實感覺——我的意思是，你要解決的指標是讓人們每天都使用 Pinterest 嗎？

And like you made these comments about sort of Gen Z and video. And I'm curious if a user touches video Pin, do they end up spending a lot more time on Pinterest if they create X number of boards? Like I guess what I'm trying to understand is what the unlock it gets someone to spend meaningfully more time? Is it engaging with video, creating a board?

就像你對 Z 世代和視頻發表這些評論一樣。我很好奇，如果用戶觸摸視頻 Pin，如果他們創建 X 數量的圖板，他們最終會在 Pinterest 上花費更多時間嗎？就像我想我想了解的是什麼解鎖它讓某人花費更多有意義的時間？它是與視頻互動，創建董事會嗎？

Like what have you learned since you sort of took over Pinterest? Because I guess we're all trying to understand, like what are you solving for that ends up leading to a far more engaged user who comes back -- I guess I'm sort of curious, like is the goal daily, every few hours, every week? Like what are you trying to solve for? I know that's a long-winded question.

自從你接管 Pinterest 以來，你學到了什麼？因為我想我們都在努力理解，比如你要解決什麼問題最終會導致更多參與的用戶回來——我想我有點好奇，就像每天的目標一樣，每隔幾個小時， 每週？比如你想解決什麼問題？我知道這是一個冗長的問題。

Yes. Thanks for the question, Rich. As I mentioned in my remarks earlier, we think there's a huge opportunity in moving Pinterest users from episodic usage to more frequent usage. And certainly, when you think about something like shopping as a behavior, those become the kinds of use cases that can be more daily-type use cases versus monthly or quarterly use cases.

是的。謝謝你的問題，里奇。正如我在之前的評論中提到的，我們認為將 Pinterest 用戶從偶發性使用轉變為更頻繁地使用是一個巨大的機會。當然，當您將購物之類的事情視為一種行為時，這些用例就變成了更多的日常用例，而不是每月或每季度的用例。

And so a lot of the progress you've seen from us over the last multiple quarters has been around using good AI and machine learning to get better recommendations, better personalization and using that to provide better recommendations to our users. And we think there's a lot more opportunity to use those nudges to the user to help them find new use cases on Pinterest. And we've got some really good early evidence of that.

因此，在過去的多個季度中，您從我們這裡看到的很多進展都是圍繞使用良好的人工智能和機器學習來獲得更好的建議、更好的個性化，並使用它來為我們的用戶提供更好的建議。我們認為有更多的機會利用這些對用戶的推動來幫助他們在 Pinterest 上找到新的用例。我們已經得到了一些非常好的早期證據。

Again, it's our personalization and the AI capabilities behind that are a lot of what's been driving our improvements in engagement. But yes, we want to move people from episodic use cases to things that are weekly and daily use cases. And again, we feel like we're well on our way there.

同樣，正是我們的個性化和背後的 AI 功能推動了我們提高參與度。但是，是的，我們希望將人們從偶發的用例轉移到每周和每天用例的事物上。再一次，我們覺得我們在通往那裡的路上一切順利。

We are by no means done. But to see things like engagement sessions and multiple measures of engagement at 10%-plus, we feel really great about that. I think the other thing that -- I mentioned this before, underscore gains, I think it's a big unlock, which is the work that we've done around whole page optimization and demonstrating that ads can be valuable content to the user.

我們還沒有完成。但是看到諸如參與會議和多種參與衡量指標達到 10% 以上之類的事情，我們對此感覺非常好。我認為另一件事——我之前提到過，強調收益，我認為這是一個很大的解鎖，這是我們圍繞整個頁面優化所做的工作，並證明廣告可以成為對用戶有價值的內容。

If you think about the levers of growth in the businesses, yes, we're going to grow MAUs. But more than that, there's so much what I would call leaked engagement from the platform, where somebody couldn't satisfy their intent here and monetization would occur someplace else. So as we get more and more ability to take action on the things that people are already finding here that's plugging a lot of leaked engagement, a lot of leaked monetization, but then also give the use of reasons to want to come back to us more and then our ability to monetize that as we've made progress with whole page optimization that we launched in Q4.

如果您考慮業務增長的槓桿，是的，我們將增加 MAU。但更重要的是，我稱之為平台洩露的參與度，有人無法在這裡滿足他們的意圖，而貨幣化會在其他地方發生。因此，隨著我們越來越有能力對人們已經在這裡發現的事情採取行動，這些事情正在堵塞大量洩露的參與，大量洩露的貨幣化，但隨後也提供了使用理由希望更多地回到我們身邊然後是我們將其貨幣化的能力，因為我們在第四季度推出的整個頁面優化方面取得了進展。

What that's really showing is that in those commercial context, we can actually serve a lot more ads -- a lot more relevant ads in ways that are good for the user, helps satisfy their intent and very highly monetizable for us. So I think that makes me feel really good about our long-term prospects is that we have multiple levers of growth there, like yes, getting from episodic to more monthly, weekly, daily usage, but then within that, playing a lot of that leaked engagement, playing a lot of that leaked monetization and actually being able to bring much more ad load and much more relevant ad load to the platform than what we've had historically. So that's how I think about the way that unfolds over time.

真正顯示的是，在那些商業環境中，我們實際上可以提供更多的廣告——以對用戶有利的方式提供更多相關的廣告，有助於滿足他們的意圖，並為我們帶來非常高的貨幣化。所以我認為這讓我對我們的長期前景感覺非常好，因為我們在那裡有多種增長槓桿，比如是的，從偶發性增加到每月、每週、每天的使用量，但在其中，發揮了很多作用洩漏的參與度，發揮了很多洩漏的貨幣化作用，實際上能夠為平台帶來比我們以往擁有的更多的廣告負載和更多相關的廣告負載。這就是我對隨著時間展開的方式的看法。

And while we've had good early indicators, we are at the very beginning of the potential from that. And I think there's -- if you thought about our monetization on these sort of commercial interactions, I think we're at a fraction of the ad load that you would see in a lot of other places that have these highly commercial intents. So there's a lot more we can do there. We've set the foundation for how we can dynamically take that ad load up in a way that's good for the user, good for the advertiser. That's a foundation that will allow us to grow quite a bit more.

雖然我們有很好的早期指標，但我們正處於潛力的開端。而且我認為有 - 如果你考慮我們在這些商業互動中的貨幣化，我認為我們的廣告負載只是你在許多其他具有這些高度商業意圖的地方看到的廣告負載的一小部分。所以我們可以在那裡做更多的事情。我們已經為如何以對用戶和廣告商都有利的方式動態增加廣告負載奠定了基礎。這是一個能讓我們成長得更多的基礎。

And actually tying back into the questions around third-party demand, one of the things you need to do first before you bring in more demand is make sure you've got the supply to be able to serve that demand. With our supply growing -- engagement is growing faster than users, supply is growing faster than engagement, we now very clearly have the supply and the ability to go serve that ad content in a way that's relevant and helpful to the user that we think lets us unlock a lot more potential in the ad platform going forward.

實際上回到圍繞第三方需求的問題，在你帶來更多需求之前你需要做的第一件事就是確保你有供應能夠滿足該需求。隨著我們供應量的增長——參與度的增長速度快於用戶，供應量的增長速度快於參與度，我們現在非常清楚地擁有供應量和能力，以我們認為可以讓用戶相關且有幫助的方式提供廣告內容我們將在未來的廣告平台中釋放更多潛力。

The only other thing I would add on that, so we -- I've had an aspiration -- over the last few years, you may think back to the IPO, we talked about bringing people back to Pinterest for more things in their life because we know that, that drives stickiness with our user base. We invested a lot in personalization and relevance last year because we wanted to address deepening engagement. You've seen the results of that this quarter with growing MAUs, our mobile application user growth at 14% globally, up 5% year-over-year in the U.S. and Canada.

我要補充的唯一一件事，所以我們——我有一個願望——在過去的幾年裡，你可能會回想起首次公開募股，我們談到讓人們回到 Pinterest 以獲得他們生活中的更多東西因為我們知道，這會增加我們用戶群的粘性。去年，我們在個性化和相關性方面投入了大量資金，因為我們想解決深化參與的問題。您已經看到本季度的結果，MAU 不斷增長，我們的移動應用程序用戶在全球範圍內增長了 14%，在美國和加拿大同比增長 5%。

Bill referenced the weekly to monthly active user ratio at an all-time high, sessions growing faster than all of the above. So the deepening engagement story is working because we were investing heavily in personalization and relevance. You saw that in the financials because our gross margin and cost of revenue climbed last year.

Bill 提到每週活躍用戶與每月活躍用戶的比率處於歷史最高水平，會話增長速度超過上述所有指標。因此，深入參與的故事之所以奏效，是因為我們在個性化和相關性方面投入了大量資金。你在財務上看到了這一點，因為我們去年的毛利率和收入成本有所攀升。

Why did it climb? It climbed because we built 100x the size of our machine learning models last year to power that experience based on unique first-party signal. We're now seeing the results of that in the engagement figures, and that gives us a different foundation on which to deliver new use cases to our users going forward.

為什麼會爬上去？它攀升是因為我們去年構建了 100 倍大小的機器學習模型，以基於獨特的第一方信號為這種體驗提供動力。我們現在在參與數字中看到了這一結果，這為我們提供了一個不同的基礎，可以在此基礎上向我們的用戶提供新的用例。

The next question is from Colin Sebastian with Baird.

下一個問題來自 Colin Sebastian 和 Baird。

Maybe first, just as a follow-up on the comments around the episodic users. I know this is in early stages, but what's sort of the time frame you'd expect where we could see an acceleration in MAUs above sort of the seasonal trends? I think, Todd, you talked about that you saw in Q4.

也許首先，只是作為對情節用戶周圍評論的跟進。我知道這還處於早期階段，但是您期望在什麼時間範圍內我們可以看到 MAU 的加速超過季節性趨勢？我想，托德，你談到了你在第四季度看到的。

And then secondly, regarding features like Watch and Pinterest TV, which you're gaining more visibility on the app, curious how these are impacting monetization or ARPU? Bill, I think you mentioned a stat around video and the portion of monetization growth. So I didn't quite catch exactly what that was, though.

其次，關於 Watch 和 Pinterest TV 等功能，您在應用程序中獲得了更多的知名度，想知道這些功能如何影響貨幣化或 ARPU 嗎？比爾，我想你提到了一個關於視頻和貨幣化增長部分的統計數據。所以我不太明白那是什麼，不過。

Great. Thanks, Colin. So on the shift from episodic to more frequent usage, I think you're seeing some of that reflected already. The progress we've made, as Todd and I both mentioned, around greater personalization, giving you just more reasons to come back, I think that's part of why we're seeing engagement grow much faster than MAUs overall.

偉大的。謝謝，科林。因此，在從偶發性使用到更頻繁使用的轉變中，我認為您已經看到了其中的一些反映。正如托德和我都提到的那樣，我們取得的進步圍繞著更好的個性化，讓你有更多的理由回來，我認為這就是為什麼我們看到參與度的增長速度比整體 MAUs 快得多的部分原因。

You asked about a time frame for MAUs to move beyond seasonal. Again, I would point to focus more towards the overall engagement and the revenue per user rather than MAUs. As I mentioned in my prepared remarks, we have hundreds of millions of users that come to Pinterest that are not in our MAU count that come to us on an episodic basis. And so we're much more focused on how do we drive deeper engagement with the users we have. You can imagine we have a very good view as to where those other users are, which ones monetize well.

您詢問了 MAU 超越季節性的時間範圍。同樣，我會指出更多地關注整體參與度和每個用戶的收入，而不是 MAU。正如我在準備好的評論中提到的那樣，我們有數以億計的用戶來到 Pinterest，他們不在我們的 MAU 計數中，他們偶爾會來找我們。因此，我們更加關注如何推動與現有用戶的更深入互動。你可以想像我們對那些其他用戶在哪裡，哪些人能很好地獲利有很好的了解。

If we wanted to chase MAUs as a vanity metric, we will chase it as a vanity metric, but they may not be the users that would monetize the best or where we need to go defend our platform the most. And so we're much more focused on deepening the engagement with the users that are in places where we know we need to compete most and where we also have the best monetization opportunity. And so I'd point your attention more towards the accelerating engagement and the accelerating revenue per user on where we go there.

如果我們想將 MAU 作為虛榮指標來追逐，我們會把它作為虛榮指標來追逐，但他們可能不是最能獲利的用戶，也不是我們最需要捍衛我們平台的地方。因此，我們更加專注於深化與我們知道最需要競爭的地方以及我們也擁有最佳貨幣化機會的地方的用戶的互動。因此，我會將您的注意力更多地放在我們去那裡的加速參與和每個用戶的加速收入上。

And on video, and especially the monetization around video, I think this is a place -- it's one of the most exciting things that I've seen in our work here is that -- prior to my joining Pinterest, a -- I think a commonly held viewpoint on short-form video that I held as well was that the engagement is fantastic. But do the unit economics actually work, can you make money off of it in a way that more than outstrips the significant increase in the expense was very much an open question.

在視頻方面，尤其是圍繞視頻的貨幣化，我認為這是一個地方——這是我在這里工作中看到的最令人興奮的事情之一——在我加入 Pinterest 之前，一個——我認為我對短視頻的一個普遍看法是，參與度非常好。但是，單位經濟學是否真的有效，你能否以超過費用顯著增加的方式從中賺錢，這是一個懸而未決的問題。

And to say that we have more than 10% of our engagement on video but more than 30% of our revenue on video, I think, just puts us in a very different place than many others in terms of having found that right balance of how to monetize short-form video and make sure that's driving both engagement and monetization. And we think there's a lot more we can do there. Because we're a lean-forward platform rather than an entertainment platform, the lean-forward nature of our platform, we think we have a lot of license from users to do much more with short-form video.

並且說我們有超過 10% 的參與度來自視頻，但超過 30% 的收入來自視頻，我認為，就我們找到正確的平衡方式而言，我們與許多其他公司相比處於一個非常不同的位置。通過短視頻獲利，並確保這能同時推動參與和獲利。我們認為我們可以在那裡做更多的事情。因為我們是一個精益平台而不是娛樂平台，我們平台的精益性質，我們認為我們從用戶那裡獲得了很多許可，可以用短視頻做更多的事情。

So a question I've been posing to the team is in the same way that images existed on the web before Pinterest that Pinterest brought new utilities to those images, short-form video has existed independent of Pinterest. But we believe we can bring utility to those short-form videos in ways that others may not, and others may not have user license to do because they have the user in a lean-back entertainment mode. We have the user in a lean-forward intent mode, where we think shoppable content and these kinds of things can be much more well received by our users.

所以我一直向團隊提出的一個問題是，在 Pinterest 之前網絡上存在圖像的方式相同，Pinterest 為這些圖像帶來了新的實用程序，短視頻已經獨立於 Pinterest 存在。但我們相信，我們可以以其他人無法做到的方式為這些短視頻帶來實用性，而其他人可能沒有用戶許可，因為他們讓用戶處於一種休閒娛樂模式。我們讓用戶處於前傾的意圖模式，我們認為可購買的內容和這類東西更容易被我們的用戶接受。

And so that's a big part of what comes next for us is that we're looking at how we make video shoppable. We have a really great strength in our team on computer vision. There's lots of talk about AI and how it's advancing. One of the most exciting areas of the next generation of AI is around computer vision. And that's a core competency for us. And so we're using computer vision to make video more shoppable, and some really good early results there.

因此，我們接下來要做的事情的很大一部分是我們正在研究如何使視頻可購買。我們的團隊在計算機視覺方面擁有非常強大的實力。有很多關於 AI 及其進展的討論。下一代人工智能最令人興奮的領域之一是計算機視覺。這是我們的核心競爭力。因此，我們正在使用計算機視覺來使視頻更易於購買，並在那裡取得了一些非常好的早期結果。

So our new core computer vision model that has over 1 billion-plus parameters has led to an 8% increase in visual search shopping relevance. So these are the kinds of things that we think we can do -- that we think we're already doing quite well in the balance of how to benefit from short-form video, driving gate from that but monetize it well, and we think there's a lot more to come there. Hopefully that helps.

因此，我們擁有超過 10 億個參數的新核心計算機視覺模型使視覺搜索購物相關性提高了 8%。所以這些是我們認為我們可以做的事情——我們認為我們已經在如何從短視頻中獲益、從中開門但又能很好地貨幣化方面做得很好，我們認為還有很多事情要做。希望這有幫助。

The next question is from Mark Mahaney with Evercore ISI.

下一個問題來自 Evercore ISI 的 Mark Mahaney。

When you talk about sessions growing faster than users, can you provide a little bit more color on that? Is that users are spending more sessions, more time within the current categories that they're interested in? Or is there any -- is there evidence that they're starting to look across different categories? That's one question.

當你談到會話增長速度快於用戶增長速度時，你能提供更多的顏色嗎？用戶是否在他們感興趣的當前類別中花費了更多會話、更多時間？或者是否有任何 - 是否有證據表明他們開始跨不同類別尋找？這是一個問題。

Then the second one, just in terms of -- you talked about meaningful margin expansion in '23. I know in the past, you talked about non-GAAP OpEx growth in fiscal '23 would be slower than in '22. So I'm sort of hoping you could qualitatively or quantitatively talk a little bit more about what fiscal '23 looks like. And does meaningful margin expansion mean a couple of hundred bps of EBITDA margin expansion? Anything else there would be really helpful.

然後是第二個，就你在 23 年談到有意義的利潤率擴張而言。我知道過去，你談到 23 財年的非 GAAP 運營支出增長將低於 22 財年。所以我有點希望你能定性或定量地多談談 23 財年的樣子。有意義的利潤率擴張是否意味著 EBITDA 利潤率擴張幾百個基點？其他任何東西都會很有幫助。

Thanks, Mark. So a couple of things. We -- when we say sessions, we're looking at what we consider to be a meaningful engagement with the platform. So you're not just coming here and bouncing, but you're on for more than a minute in general. And so those are quality engagements largely from people on mobile application -- mobile app and even more impressions and revenue opportunity from those sessions than what we have seen from kind of our web-based users historically.

謝謝，馬克。所以有幾件事。我們 - 當我們說會議時，我們正在研究我們認為與平台有意義的互動。所以你不只是來這裡跳來跳去，而且你通常會持續超過一分鐘。因此，這些都是高質量的參與，主要來自移動應用程序上的人——移動應用程序，以及從這些會話中獲得的印象和收入機會，比我們過去從基於網絡的用戶那裡看到的更多。

We've seen good engagement across a number of verticals, some of our core verticals. But we've also seen, as I mentioned in my script, that there are some areas where we're seeing some cross-fertilization into some new areas. So I'm highly encouraged. In fact, one of the things I called out was men's fashion, which may come as a surprise to some on the call. We're actually seeing some of that use case diversification into things like automotive, travel, which is something we started calling out as people went out and about post-COVID.

我們已經看到許多垂直領域的良好參與，其中一些是我們的核心垂直領域。但我們也看到，正如我在腳本中提到的那樣，在某些領域我們看到一些新領域的交叉施肥。所以我很受鼓舞。事實上，我提到的其中一件事是男士時尚，這可能會讓一些電話會議的人感到驚訝。我們實際上看到一些用例多樣化到汽車、旅行等領域，這是我們在人們外出和談論後 COVID 時開始呼籲的。

And so to answer your question, yes, we're seeing some use case diversification not only across our core verticals but also into some emerging ones, which gives us a lot of confidence in the kind of next journey toward use case diversification.

因此，為了回答您的問題，是的，我們不僅在核心垂直領域看到了一些用例多樣化，而且在一些新興垂直領域也看到了用例多樣化，這讓我們對下一次用例多樣化之旅充滿信心。

On the non-GAAP margin, we had said a couple of quarters ago that we thought that could be around a couple of hundred basis points of margin improvement, and we're committed to delivering that. It's going to take us stepping down from where we were in the fourth quarter meaningfully in terms of year-over-year growth.

在非 GAAP 利潤率方面，我們幾個季度前曾說過，我們認為利潤率可能會提高幾百個基點，我們致力於實現這一目標。就同比增長而言，這將使我們從第四季度的水平上顯著下降。

I think the year-over-year OpEx growth implied by my low double-digit sequential decline is probably in the low 20s on a year-over-year basis versus 40% growth from Q4. You should expect another big step down in the second quarter, another big step down in the third quarter and another big step down in the fourth quarter. So when you do the math on what that implies for the year, it's not just a little deceleration from this year. It's a complete reset.

我認為我的低兩位數連續下降所暗示的同比 OpEx 增長可能在同比低 20% 左右，而第四季度增長了 40%。你應該期待第二季度再次大幅下滑，第三季度再次大幅下滑，第四季度再次大幅下滑。因此，當你對這一年意味著什麼進行數學計算時，這不僅僅是今年的減速。這是一個完整的重置。

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

下一個問題來自瑞銀集團的 Lloyd Walmsley。

Two questions, if I can. First, just kind of going back to that earlier comments around partnerships around monetization with the likes of Retail Media Networks or other DSPs. How much do you guys see that as an opportunity around like billing in ad coverage on certain categories, helping monetize new geographies or even just on a pure pricing? Like do you think you benchmark so low that using other platforms can drive up pricing? Anything you can share there would be helpful.

兩個問題，如果可以的話。首先，回到之前關於與 Retail Media Networks 或其他 DSP 之類的貨幣化合作夥伴關係的評論。你們在多大程度上認為這是一個機會，比如在某些類別的廣告覆蓋範圍內計費，幫助從新的地區獲利，甚至只是單純的定價？就像你認為你的基準如此之低以至於使用其他平台可以推高價格嗎？您可以在那里分享的任何內容都會有所幫助。

And then going back to the notion that you monetize, I think you said video is 30% of monetization, 10% of engagement. Appreciate some of the color you've already shared. But is that SKU brand? Or is that also kind of match your overall DR mix? Are you selling those ads or media partners, in some cases, selling ads on that content? Like -- or is it just a function of the ad creative working where you just get a higher click-through rate on those ads? Like anything you can share there to help us understand that better would be great.

然後回到貨幣化的概念，我想你說視頻是貨幣化的 30%，參與度的 10%。欣賞您已經分享的一些顏色。但這是 SKU 品牌嗎？或者這是否也符合您的整體 DR 組合？您是在銷售這些廣告還是媒體合作夥伴，在某些情況下，在該內容上銷售廣告？喜歡 - 或者它只是廣告創意的一個功能，您可以在這些廣告上獲得更高的點擊率？就像您可以在那里分享的任何東西一樣，以幫助我們理解更好的東西。

Thanks for the question. So on partnerships, I mean, I think each of the dimensions you mentioned are part of the opportunity. If you use the platform, you can see that there's an opportunity for us to drive increased ad relevance. I feel really great about the progress our sales team has made. But as a smaller platform, even really large, really dense auctions will augment their demand with third-party sources.

謝謝你的問題。所以關於夥伴關係，我的意思是，我認為你提到的每個方面都是機會的一部分。如果您使用該平台，您會發現我們有機會提高廣告相關性。我對我們的銷售團隊取得的進步感到非常高興。但作為一個較小的平台，即使是非常大、非常密集的拍賣也會增加他們對第三方來源的需求。

And so as a smaller player, as great as our sales team has done in driving first-party ad demand, which we are absolutely committed to continuing to do, it's a real asset. We're going to continue to invest in that. If even the largest auctions benefit from augmenting demand with third-party sources, certainly, we can as well. And in doing that, that should give you greater relevance.

因此，作為一個較小的參與者，就像我們的銷售團隊在推動第一方廣告需求方面所做的那樣出色，我們絕對致力於繼續這樣做，這是一項真正的資產。我們將繼續投資於此。如果即使是最大的拍賣也能從第三方資源增加的需求中受益，當然，我們也可以。在這樣做的過程中，這應該會給你更大的相關性。

I think I made the comment earlier around the sort of foundation we've laid with whole page optimization. That sets us up to think about in an integrated way how we bring ads to the user in a way where those ads are relevant content, which we think is -- has a twofold benefit. One is drive engagement when it truly is -- particularly in a commercial context where that ad could be relevant content for the user. But then secondarily, it lets us serve more ads and take our ad load up from where it's been. And our ad loads has previously been a fraction of what you would expect in other places with the kind of commercial intent that we have.

我想我早些時候圍繞我們為整個頁面優化奠定的基礎發表了評論。這讓我們以綜合的方式思考我們如何以這些廣告是相關內容的方式將廣告帶給用戶，我們認為這有雙重好處。一種是在真實情況下推動參與——尤其是在廣告可能與用戶相關的商業環境中。但其次，它讓我們可以投放更多廣告，並從原來的位置增加我們的廣告負載。我們的廣告加載量以前只是您在其他地方所期望的一小部分，具有我們所擁有的那種商業意圖。

So ad coverage, increasing relevancy, ad load, these are things that will naturally improve with us over time. But as we think about the benefits potentially of augment third-party sources, retail gate networks or otherwise, we think that's an opportunity, geographies can be an opportunity.

因此，廣告覆蓋率、增加相關性、廣告負載，隨著時間的推移，這些都是我們自然會改善的事情。但當我們考慮增加第三方來源、零售門網絡或其他方式的潛在好處時，我們認為這是一個機會，地域可以是一個機會。

And then your final point on pricing, I think -- one of the things that I think is hard to overstate and the progress we've made here is that the whole industry is going through a rewiring on ad measurement and moving from cookies to privacy safe ad measurement solutions. So while the whole industry is going through that rewiring, we are -- we've provided our conversion API. We've launched our clean room efforts. And our early indications there are really positive, but we are very early on that adoption curve.

然後你關於定價的最後一點，我認為 - 我認為很難誇大的一件事和我們在這裡取得的進展是整個行業正在經歷廣告衡量的重新佈線，並從 cookie 轉向隱私安全的廣告測量解決方案。因此，當整個行業都在經歷這種重新佈線時，我們——我們已經提供了我們的轉換 API。我們已經啟動了潔淨室工作。我們的早期跡象確實是積極的，但我們處於採用曲線的早期階段。

And as we think we move along that adoption curve, we think we actually are performing far better than many advertisers realize, far better than what they've been able to measure. And so bringing that greater measurement is a real opportunity. Those are things that we're absolutely going to do first party, but those are also things that as we think about the potential for partnership across the industry, there's multiple different ways that, that can play out.

當我們認為我們沿著採用曲線前進時，我們認為我們實際上比許多廣告商意識到的要好得多，也比他們能夠衡量的要好得多。因此，帶來更大的衡量標準是一個真正的機會。這些是我們絕對要做第一方的事情，但這些也是我們考慮整個行業合作潛力的事情，有多種不同的方式可以發揮作用。

And you've seen us talk about some of those already, like what we did in our clean room efforts with LiveRamp and Albertsons. And we think we'll have more of those kinds of opportunities going forward that will help with measurement, and therefore, also help with pricing as advertisers have better visibility into the value we're creating for them.

你已經看到我們已經談論了其中的一些，比如我們在 LiveRamp 和 Albertsons 的潔淨室工作中所做的。我們認為我們將有更多這樣的機會向前發展，這將有助於衡量，因此也有助於定價，因為廣告商可以更好地了解我們為他們創造的價值。

And then on your other question on video, we're kind of not breaking it down quite to the level of specificity that you're asking for. But we're seeing good broad-based engagement on video. I'll give it to Todd, if there's anything more you want to share about video generally.

然後關於你關於視頻的其他問題，我們並沒有把它分解到你要求的具體程度。但我們看到視頻的廣泛參與度很高。我會把它交給托德，如果你還想分享關於視頻的更多信息。

No. I would say we -- in general that it tends to be more of an awareness opportunity. That's kind of where it started. We have built performance video and have seen decent returns there. But I think the opportunity going forward is, as Bill has talked about before, building a real full funnel video advertising experience, it takes people through conversion.

不，我會說我們——總的來說，它更像是一個提高認識的機會。這就是它開始的地方。我們製作了性能視頻，並在那裡看到了可觀的回報。但我認為未來的機會是，正如 Bill 之前談到的那樣，建立一個真正的全漏斗視頻廣告體驗，讓人們完成轉化。

I think there's a unique opportunity given the shopping mindset where more than half of the people come to Pinterest to shop. Video advertising can take you through the full funnel in a super compelling way. So I'm excited about the opportunity there.

我認為，鑑於超過一半的人來 Pinterest 購物的購物心態，這是一個獨特的機會。視頻廣告可以以極具吸引力的方式帶您通過整個渠道。所以我對那裡的機會感到興奮。

Operator, I think we're out of time now.

接線員，我想我們現在沒時間了。

Thank you. That concludes...

謝謝。結論是...

Operator, we are out of time now. Thank you.

接線員，我們現在沒時間了。謝謝。

Yes. So thanks again to all of you for joining the call and for your questions. We look forward to keeping the dialogue going, and hope everyone enjoys the rest of your day. Thank you.

是的。再次感謝大家加入電話會議並提出問題。我們期待著繼續對話，並希望大家度過愉快的一天。謝謝。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。