Pinterest Inc (PINS) 2023 Q1 法說會逐字稿

Hello, and welcome to the Pinterest First Quarter 2023 Earnings Conference Call. My name is Elliott, I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to Neil Doshi, Head of Investor Relations. The floor is yours. Please go ahead.

大家好，歡迎來到 Pinterest 2023 年第一季度收益電話會議。我叫 Elliott，今天我將負責協調您的來電。 （操作員說明）我現在想交給投資者關係主管 Neil Doshi。地板是你的。請繼續。

Thank you. Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the first quarter ended March 31, 2023. I'm Neil Doshi, Head of Investor Relations for Pinterest. Joining me today on the call are Bill Ready, Pinterest's CEO; and Todd Morgenfeld, our Chief Financial Officer and Head of Business Operations.

謝謝。下午好，感謝您加入我們。歡迎來到 Pinterest 截至 2023 年 3 月 31 日的第一季度財報電話會議。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還有 Pinterest 的首席執行官 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 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 Q2 2023 and beyond are preliminary and are not indicative of future performance.

現在我將介紹安全港。我們今天就我們的業績、運營和前景發表的一些聲明可能被認為是前瞻性的，此類聲明涉及許多風險和不確定性，可能導致實際結果大相徑庭。此外，我們對 2023 年第二季度及以後的結果、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 Form 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.

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。

Lastly, all growth rates discussed in today's prepared remarks should be considered year-over-year unless otherwise specified. And now I'll turn the call over to Bill.

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。現在我會把電話轉給比爾。

Thank you, Neil, and thank you all for joining our first quarter 2023 earnings call. Q1 was a strong quarter as we continue to deliver growth driven by foundational improvements in the core Pinterest experience and by continued focus on our strategic priorities and unique differentiators. We ended the quarter with 463 million monthly active users, up 7%.

謝謝你，尼爾，感謝大家參加我們 2023 年第一季度的財報電話會議。第一季度是一個強勁的季度，因為我們繼續通過核心 Pinterest 體驗的基礎改進以及繼續關注我們的戰略重點和獨特的差異化因素來推動增長。本季度末，我們的月活躍用戶為 4.63 億，增長 7%。

Furthermore, we accelerated growth among our global and UCAN, or U.S. and Canada mobile app users similar to last quarter and our measures of engagement, including impressions, sessions and time spend continue to grow significantly faster than overall users, a testament to our work to deepen engagement per user.

此外，我們的全球和 UCAN 或美國和加拿大移動應用程序用戶的增長速度與上個季度類似，我們的參與度指標（包括印象、會話和時間花費）的增長繼續顯著快於整體用戶，這證明了我們的工作加深每位用戶的參與度。

We generated revenue of $603 million, up approximately 6% on a constant currency basis. This strength came from the top and bottom of the funnel, including demand from our brand and performance objectives. As you saw in our press release, we announced a multiyear strategic third-party ad demand partnership with Amazon, which we believe can, over time, improve monetization with relevant ad content on the platform and increase shopability for users.

我們創造了 6.03 億美元的收入，按固定匯率計算增長約 6%。這種力量來自漏斗的頂部和底部，包括來自我們品牌和績效目標的需求。正如您在我們的新聞稿中看到的那樣，我們宣布與亞馬遜建立多年戰略性第三方廣告需求合作夥伴關係，我們相信隨著時間的推移，這可以提高平台上相關廣告內容的貨幣化並增加用戶的購物能力。

I'll discuss this later in my remarks. While the overall demand environment remains challenging, we're demonstrating we can continue to grow our business, while also operating with more efficiency. We delivered $27 million of adjusted EBITDA for the quarter, with an adjusted EBITDA margin of 4% as our operating expenses came in lower than expected. This is due to a variety of cost reductions we achieved in the quarter as well as timing shifts that moved some expenses to Q2 and later in the year.

我將在稍後的發言中討論這一點。雖然整體需求環境仍然充滿挑戰，但我們正在證明我們可以繼續發展我們的業務，同時還能提高運營效率。本季度我們交付了 2700 萬美元的調整後 EBITDA，調整後的 EBITDA 利潤率為 4%，因為我們的運營費用低於預期。這是由於我們在本季度實現了各種成本削減，以及將一些費用轉移到第二季度和今年晚些時候的時間安排。

Even with those timing shifts, we have confidence that the operational rigor we are driving in the business, gives us a clear path to margin expansion in line with our prior commitments. This quarter, we continued to execute on our key strategic priorities, including: 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, including taking further steps to enhance the well-being of our users, especially teams.

即使有這些時間上的變化，我們有信心我們在業務中推動的運營嚴謹性，為我們提供了一條清晰的利潤增長路徑，符合我們先前的承諾。本季度，我們繼續執行我們的關鍵戰略優先事項，包括：第一，提高每位用戶的貨幣化和參與度；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，加強我們作為一個積極和品牌安全平台的領導地位，包括採取進一步措施來提高我們用戶，尤其是團隊的福祉。

In Q1, we made solid progress in deepening engagement on the platform with our existing users. Users provide strong first-party signals to their actions on Pinterest, such as searching and browsing-related items as well as by saving pins on the curated boards that create product associations unique to our platform. This signal combined with our increasingly sophisticated AI models is driving improved relevancy and personalization for users.

在第一季度，我們在深化平台與現有用戶的互動方面取得了堅實的進展。用戶為他們在 Pinterest 上的操作提供了強大的第一方信號，例如搜索和瀏覽相關項目，以及通過在策劃板上保存圖釘，創建我們平台獨有的產品關聯。這一信號與我們日益複雜的人工智能模型相結合，正在推動提高用戶的相關性和個性化。

To that end, our mobile app users who are our most engaged and monetizable users and account for more than 80% of our total impressions and revenue, grew 16% globally. U.S. and Canada mobile app user growth also accelerated to 7%, and our measures of engagement continued to grow faster than overall users, which is proof that users are coming back more frequently to Pinterest as they find more of what they're looking for on the platform.

為此，我們的移動應用程序用戶是我們參與度最高和盈利能力最強的用戶，占我們總展示次數和收入的 80% 以上，在全球範圍內增長了 16%。美國和加拿大的移動應用用戶增長也加速到 7%，我們的參與度指標繼續比整體用戶增長更快，這證明用戶在 Pinterest 上找到更多他們正在尋找的東西時會更頻繁地返回 Pinterest該平台。

We continue to make good headway in adding new users, especially Gen Z users who grew double digits and continue to be our fastest-growing demographic on the platform. Gen Z users are finding value in our positive and inspirational platform and are engaging with the full breadth of content, including video. During the quarter, our video content on the platform grew nearly 40% quarter-over-quarter on top of the 30% sequential growth we drove in Q4.

我們在增加新用戶方面繼續取得良好進展，尤其是增長兩位數並繼續成為我們平台上增長最快的用戶群的 Gen Z 用戶。 Z 世代用戶正在我們積極和鼓舞人心的平台中尋找價值，並參與了包括視頻在內的各種內容。在本季度，我們在平台上的視頻內容環比增長近 40%，而我們在第四季度實現了 30% 的環比增長。

Furthermore, in March, we announced a new publisher deal with Dotdash Meredith, one of the largest publishers in America to bring video content to the platform across lifestyle, fashion and food categories with brands, including Better Homes and Gardens, Brides, Food & Wine, and Allrecipes.

此外，在 3 月，我們宣布與 Dotdash Meredith 達成新的發行商協議，Dotdash Meredith 是美國最大的發行商之一，通過 Better Homes and Gardens、Brides、Food & Wine 等品牌將視頻內容引入該平台，涵蓋生活方式、時尚和食品類別和所有食譜。

We're also finding that our blend of videos and images is resonating with users as images remain a vital part of the Pinterest value proposition. Images in addition to video help users find inspiration relevant to them, refine what they're looking for and take action. Our corpus of images continues to grow even off a very large base.

我們還發現，我們的視頻和圖像融合引起了用戶的共鳴，因為圖像仍然是 Pinterest 價值主張的重要組成部分。除了視頻之外，圖像還可以幫助用戶找到與他們相關的靈感、優化他們正在尋找的內容並採取行動。我們的圖像語料庫甚至在非常大的基礎上繼續增長。

And we saw that the number of boards grew double digits in Q1. The unique curation and depth of signal we drive speaks to the high intent of our audience and the lean forward experience we have on Pinterest. We're also improving monetization by making Pinterest more valuable for advertisers as a full-funnel platform.

我們看到董事會的數量在第一季度增長了兩位數。我們驅動的獨特策劃和信號深度說明了我們觀眾的高度意圖和我們在 Pinterest 上的前瞻性體驗。我們還通過讓 Pinterest 作為一個全渠道平台對廣告商更有價值來提高盈利能力。

At the top of the funnel, we're seeing strength and awareness objective as we bring greater performance for advertisers. Also, our engagement wins are contributing to this growth by delivering more supply and favorable pricing. We've been hard at work building new ad formats that our brand advertisers have been asking for. In Q1, we began testing Premiere Spotlight, our first premium awareness offering to showcase brands in an exclusive placement on our search page with advertisers like the Coca-Cola Company.

在漏斗的頂部，我們看到了實力和知名度目標，因為我們為廣告商帶來了更好的表現。此外，我們的參與勝利通過提供更多的供應和優惠的價格為這種增長做出了貢獻。我們一直在努力構建我們的品牌廣告商一直要求的新廣告格式。在第 1 季度，我們開始測試 Premiere Spotlight，這是我們的第一個高級知名度產品，用於在我們的搜索頁面上與可口可樂公司等廣告商的獨家展示位置展示品牌。

Based on early testing results, Premiere Spotlight ads drive significantly higher click-through rates on average compared to standard video awareness ads on Pinterest. We also remain focused on lower-funnel objectives where we believe we have a much larger opportunity to deliver conversions to advertisers looking for sales. We're doing this by growing supply, better matching that supply with relevant demand and innovating on formats, actionability and measurement capabilities.

根據早期測試結果，與 Pinterest 上的標準視頻知名度廣告相比，Premiere Spotlight 廣告的平均點擊率要高得多。我們還繼續專注於較低渠道的目標，我們相信我們有更大的機會向尋求銷售的廣告商提供轉化。我們通過增加供應、更好地將供應與相關需求相匹配以及在格式、可操作性和測量能力方面進行創新來實現這一目標。

In Q1, whole page optimization, which we introduced in the prior quarter, continued to drive more relevant ad impressions with impressions growing faster than sessions even as engagement improves. As a result, our ad marketplace is getting more efficient, contributing to an 8% reduction in CPAs for performance advertisers.

在第一季度，我們在上一季度推出的整頁優化繼續推動更多相關的廣告印象，即使參與度有所提高，印象的增長速度也快於會話。因此，我們的廣告市場變得更加高效，為效果廣告商降低了 8% 的每次轉化費用。

We've also expanded our conversion ad products with mobile deep linking or MDL. We began beta testing MDL in Q3 of last year for shopping ads. And in Q1, MDL was the primary contributor to our shopping revenue growth, which was up 40% year-over-year. Building new ad tools and formats is only part of the equation for monetization success. The other part is helping advertisers measure those results through conversion visibility and attribution solutions.

我們還通過移動深度鏈接或 MDL 擴展了我們的轉化廣告產品。我們在去年第三季度開始對 MDL 購物廣告進行 Beta 測試。在第一季度，MDL 是我們購物收入增長的主要貢獻者，同比增長 40%。構建新的廣告工具和格式只是貨幣化成功等式的一部分。另一部分是幫助廣告商通過轉化可見性和歸因解決方案衡量這些結果。

In Q1, we integrated our API for conversion with (inaudible) to drive further advertiser adoption and we're in the process of onboarding advertisers like Wayfair onto our LiveRamp clean room solution in Q2. As I've discussed previously, I also believe there's a meaningful opportunity for us to augment our auction with third-party ad demand.

在第一季度，我們將用於轉換的 API 與（聽不清）集成在一起，以推動廣告商的進一步採用，並且我們正在第二季度將 Wayfair 等廣告商納入我們的 LiveRamp 潔淨室解決方案。正如我之前所討論的，我也相信我們有一個有意義的機會來增加第三方廣告需求的拍賣。

This is an important lever for us to increase the comprehensiveness of our ads, thereby leading to greater relevance and shopability for users and ultimately improve monetization on the platform. We believe Amazon is the right first partner as we bring third-party demand on to Pinterest because they offer a breadth of relevant shoppable ad content paired with a seamless consumer buying experience. Their broad coverage of brands and products will help accelerate our efforts to take users from inspiration to action, satisfying more of the commercial intent that users have on our platform.

這是我們提高廣告綜合性的重要槓桿，從而為用戶帶來更高的相關性和可購買性，並最終提高平台的盈利能力。我們相信亞馬遜是合適的第一合作夥伴，因為我們將第三方需求引入 Pinterest，因為他們提供廣泛的相關可購物廣告內容以及無縫的消費者購買體驗。他們對品牌和產品的廣泛覆蓋將有助於加快我們將用戶從靈感轉化為行動的努力，滿足用戶在我們平台上的更多商業意圖。

We're excited about this partnership and the value it can bring to users and advertisers. A partnership (inaudible) will be a multiquarter implementation, and therefore, it may not be until next year that we see more meaningful revenue impact.

我們對這種合作關係及其可為用戶和廣告商帶來的價值感到興奮。合作夥伴關係（聽不清）將是一個多季度的實施，因此，我們可能要到明年才能看到更有意義的收入影響。

Moving to shopping. In Q1, we continue to execute on our vision to build the home of taste-based shopping. Our survey work consistently showed that over 50% of users view Pinterest as a place to shop, and our long-term goal is to make every Pin shoppable. In Q1, we started integrating shoppable pins for products you can take action on to the home feed and improving the overall distribution of this content through investments in our core relevancy algorithm.

移動到購物。在第一季度，我們繼續執行我們的願景，打造基於品味的購物之家。我們的調查工作一致表明，超過 50% 的用戶將 Pinterest 視為購物場所，我們的長期目標是讓每個 Pin 圖都可以購買。在第 1 季度，我們開始將您可以在主頁上採取行動的產品的可購買圖釘集成到主頁，並通過投資我們的核心相關性算法來改善此內容的整體分佈。

These changes are showing promising results. Click-through rates and saves of shoppable pins grew over 35% year-on-year. We're also exploring new formats to make shopping more fun and engaging. Earlier in the quarter, we announced that we were testing shoppable shuffles on Pinterest, with the goal of allowing users to more seamlessly access shoppable pins from their collagens.

這些變化正在顯示出可喜的結果。可購買圖釘的點擊率和保存量同比增長超過 35%。我們還在探索新的形式，讓購物變得更加有趣和吸引人。本季度早些時候，我們宣布我們正在 Pinterest 上測試可購物的隨機播放，目的是讓用戶更無縫地從他們的膠原蛋白中訪問可購物的圖釘。

As we started integrating more shuffled content into the main Pinterest app, we're seeing the shuffles with the highest number of saves have shoppable content like outfit, wedding and home ideas. As we make products more easily discoverable and shoppable, we're also enhancing merchant value on the platform. In the last 6 months, we've seen nearly a 30% increase in attributed checkouts for merchants who upload their catalogs to the platform.

當我們開始將更多隨機播放的內容集成到主要的 Pinterest 應用程序中時，我們發現保存次數最多的隨機播放內容包含可購買的內容，例如服裝、婚禮和家居創意。隨著我們讓產品更容易被發現和購買，我們也在提昇平台上的商家價值。在過去 6 個月中，我們發現將商品目錄上傳到平台的商家的歸因結賬增加了近 30%。

As I've mentioned in the past quarters, I believe our ability to execute on our key strategic priorities is enhanced by instilling a culture of operational rigor, including disciplined management of expenses. We're not a growth-at-all-cost company and our actions have proven that since I joined. Shortly after I arrived last summer, we took steps to significantly slow our pace of hiring. In Q3, we kept headcount flat and began driving meaningful improvement in infrastructure spend in Q4 while returning to user growth.

正如我在過去幾個季度提到的那樣，我相信通過灌輸嚴謹的運營文化（包括嚴格的費用管理），我們執行關鍵戰略重點的能力得到了增強。我們不是一家不惜一切代價實現增長的公司，自從我加入以來，我們的行動已經證明了這一點。去年夏天我到達後不久，我們就採取措施顯著放慢了招聘步伐。在第三季度，我們保持員工人數不變，並在第四季度開始推動基礎設施支出的顯著改善，同時恢復用戶增長。

In Q1, we took further actions to drive longer-term efficiency in our business through our restructuring plan, which we announced at the end of March. As part of this restructuring, we reduced our real estate footprint by downsizing or completely closing several of our offices around the globe as our flexible work policies do not require our historical levels of capacity. In addition, we made a 4% reduction in our workforce in early February to better align our talent against our top strategic priorities.

在第一季度，我們採取了進一步行動，通過我們在 3 月底宣布的重組計劃來提高我們業務的長期效率。作為此次重組的一部分，我們通過縮減或完全關閉全球多個辦事處來減少我們的房地產足跡，因為我們靈活的工作政策不需要我們歷史水平的能力。此外，我們在 2 月初裁員 4%，以更好地使我們的人才與我們的首要戰略重點保持一致。

We remain committed to delivering meaningful margin expansion this year even if the demand environment takes longer to improve. Todd will address this further in his remarks. As we grow users engagement, we're also investing in making Pinterest a more positive place on the Internet, which is important for our users and advertisers.

即使需求環境需要更長時間才能改善，我們仍然致力於在今年實現有意義的利潤率增長。托德將在他的發言中進一步說明這一點。隨著我們提高用戶參與度，我們也在投資使 Pinterest 成為互聯網上更積極的地方，這對我們的用戶和廣告商來說很重要。

For many of our users, Pinterest is a personal space online where they can discover, grow and manifest their dreams. Several third-party studies have shown that users feel safer on Pinterest and other platforms, and they feel more positive on Pinterest. We think that's worth investing in.

對於我們的許多用戶來說，Pinterest 是一個在線個人空間，他們可以在這裡發現、成長和實現他們的夢想。幾項第三方研究表明，用戶在 Pinterest 和其他平台上感覺更安全，並且他們對 Pinterest 感覺更積極。我們認為這值得投資。

To do that, we've taken steps to further enhance the safety and well-being of our users, especially minors. In late March, we made it mandatory for users to provide their birth dates so that we can provide age-appropriate features and functionality. Pinterest is now private by default for existing and new users under the age of 16, and their content and profiles won't be discoverable by others, setting a new bar for user well-being in this industry.

為此，我們已採取措施進一步加強用戶（尤其是未成年人）的安全和福祉。 3 月下旬，我們強制要求用戶提供出生日期，以便我們提供適合年齡的特性和功能。 Pinterest 現在默認對 16 歲以下的現有用戶和新用戶保密，他們的內容和個人資料不會被其他人發現，為該行業的用戶福祉設置了新的標準。

Our investments in being a positive platform also makes good business sense as advertisers (inaudible) brand safe environment as a reason for spending on the platform. Lastly, we're excited that Sabrina Ellis will be joining Pinterest as our Chief Product Officer. Sabrina is passionate about our mission to create a world where inspiration and well-being go hand in hand. I also want to thank Naveen Gavini for his 11 years of service and dedication to Pinterest. I'll now turn the call over to Todd to go into more detail on our quarter and guidance.

我們對成為一個積極平台的投資也具有良好的商業意義，因為廣告商（聽不清）品牌安全環境是在該平台上支出的一個原因。最後，我們很高興 Sabrina Ellis 將加入 Pinterest 擔任我們的首席產品官。 Sabrina 熱衷於我們的使命，即創造一個靈感與幸福齊頭並進的世界。我還要感謝 Naveen Gavini 11 年來對 Pinterest 的服務和奉獻。我現在將電話轉給托德，詳細介紹我們的季度和指導。

Thanks, Bill. In my remarks today, I'll discuss our Q1 financial performance and our preliminary Q2 outlook. All financial metrics, except for revenue will be discussed in non-GAAP terms unless otherwise specified.

謝謝，比爾。在我今天的發言中，我將討論我們第一季度的財務業績和我們對第二季度的初步展望。除非另有說明，否則所有財務指標（收入除外）都將以非 GAAP 條款進行討論。

And as a reminder, all comparisons will be discussed on a year-over-year basis unless otherwise noted. Stepping back, this time last year, our users were declining and pricing on our platform was elevated. A lot has changed since then. Our investments in the core Pinterest experience, including improvements in relevance and personalization, our user reactivation engines and adding new content, including video, have been major contributors to user and engagement growth.

提醒一下，除非另有說明，否則所有比較都將按年進行討論。退一步說，去年這個時候，我們的用戶在減少，而我們平台上的定價卻有所提高。從那以後很多事情改變了。我們對核心 Pinterest 體驗的投資，包括改進相關性和個性化、我們的用戶重新激活引擎和添加新內容（包括視頻），一直是用戶和參與度增長的主要貢獻者。

Additionally, we saw pricing ease over the last 2 quarters as we unlocked more supply through engagement gains and ad load management on the platform. While digital advertising remains challenging, we're building for the long term, and we've made significant progress to turn Pinterest into an attractive platform for advertisers through lower, mid- and upper-funnel ad formats and tools, as well as new measurement solutions.

此外，由於我們通過平台上的參與收益和廣告負載管理釋放了更多供應，我們看到過去兩個季度的定價有所緩解。雖然數字廣告仍然充滿挑戰，但我們正在著眼於長期發展，我們已經取得了重大進展，通過下部、中部和上部渠道的廣告格式和工具，以及新的衡量標準，將 Pinterest 變成對廣告商有吸引力的平台解決方案。

Turning to users. In Q1, 463 million monthly active users came to Pinterest, growing 7%, adding roughly 30 million users compared to a year ago and growing across all regions. In the U.S. and Canada, monthly active users were 95 million, growing 1%. We had 128 million monthly active users in Europe, which grew 7%, our strongest growth in 2 years.

轉向用戶。第一季度，Pinterest 每月有 4.63 億活躍用戶，增長 7%，與一年前相比增加了約 3000 萬用戶，並且在所有地區都有增長。在美國和加拿大，月活躍用戶為 9500 萬，增長 1%。我們在歐洲擁有 1.28 億月活躍用戶，增長 7%，是 2 年來最強勁的增長。

And in our Rest of World markets, we had 240 million monthly active users, up 9%. In addition to growing our users, our investments are driving more depth of engagement with our core and new users. We measure depth of engagement by looking at a basket of metrics such as impressions, sessions and time spent. In Q1, these metrics grew faster than our user base, which indicates that we're making good progress on this front.

在我們的世界其他地區市場，我們每月有 2.4 億活躍用戶，增長了 9%。除了增加我們的用戶外，我們的投資還推動了與核心用戶和新用戶更深入的互動。我們通過查看印象、會話和花費的時間等一攬子指標來衡量參與深度。在第一季度，這些指標的增長速度快於我們的用戶群，這表明我們在這方面取得了良好進展。

Turning to our financial performance. Q1 global revenue of $603 million grew approximately 5% on a reported basis and 6% excluding the impact from foreign exchange rates. Our awareness objective demonstrated strong growth in the quarter as brand advertisers took advantage of higher engagement and lower CPMs on the platform. Revenue growth from our conversion objectives remain resilient as we continue to demonstrate the value of our lower-funnel format and measurement products.

轉向我們的財務業績。第一季度全球收入為 6.03 億美元，按報告基礎增長約 5%，排除匯率影響後增長 6%。由於品牌廣告商利用平台上更高的參與度和更低的每千次展示費用，我們的知名度目標在本季度實現了強勁增長。隨著我們繼續展示低漏斗格式和衡量產品的價值，我們轉換目標帶來的收入增長保持彈性。

International was also a strong contributor to growth and accounted for nearly 20% of total revenue, buoyed by traction from large and SMB advertisers. Finally, emerging verticals were a source of strength with solid growth from several non-core categories such as travel and autos. Advertisers in these verticals are turning to Pinterest to harness the unique commercial intent that our users express on our platform. For example, Southwest Airlines leaned into spring break search activity on Pinterest, by utilizing the Pinterest Trends tool as a planning guide. Southwest featured pins of exciting destinations that drove flight searches on their site.

受大型和中小企業廣告商的推動，國際業務也是增長的重要貢獻者，佔總收入的近 20%。最後，新興垂直行業是強勁增長的力量來源，旅遊和汽車等幾個非核心類別實現了穩健增長。這些垂直領域的廣告商正在轉向 Pinterest，以利用我們的用戶在我們平台上表達的獨特商業意圖。例如，西南航空公司利用 Pinterest 趨勢工具作為規劃指南，在 Pinterest 上開展春假搜索活動。 Southwest 精選了令人興奮的目的地圖釘，這些圖釘推動了他們網站上的航班搜索。

Breaking out revenue by region. U.S. and Canada revenue was $486 million, an increase of 3%. Total revenue from Europe was $93 million, growing 12% on a constant currency basis or 6% on a reported basis. And total revenue from our Rest of World region was $24 million, growing 42% on a constant currency basis and 38% on a reported basis.

按地區劃分收入。美國和加拿大收入為 4.86 億美元，增長 3%。來自歐洲的總收入為 9300 萬美元，按固定匯率計算增長 12%，按報告計算增長 6%。來自世界其他地區的總收入為 2400 萬美元，按固定匯率計算增長 42%，按報告計算增長 38%。

We're confident that the intent-based shopping mindset that our users bring when they come to Pinterest, coupled with improvements in shopping on the platform and our conversion-based ads business will bode well for advertisers in the long term.

我們相信，我們的用戶在來到 Pinterest 時帶來的基於意圖的購物心態，加上平台上購物的改進以及我們基於轉化的廣告業務，從長遠來看將對廣告商來說是個好兆頭。

Now I'd like to discuss our expense profile and EBITDA. Cost of revenue came in at $167 million and declined 6% sequentially as we continue to efficiently manage our infrastructure costs. Operating expenses were $413 million for the quarter, a 15% increase year-over-year and a 19% decrease quarter-over-quarter. This was lower than our guidance for 2 reasons. First, we shifted some investments from Q1 into Q2 and later in the year. And second, we made further progress on our expense control across business functions.

現在我想討論一下我們的費用概況和 EBITDA。由於我們繼續有效地管理基礎設施成本，收入成本為 1.67 億美元，環比下降 6%。本季度運營費用為 4.13 億美元，同比增長 15%，環比下降 19%。這低於我們的指導，原因有兩個。首先，我們將一些投資從第一季度轉移到第二季度和今年晚些時候。其次，我們在跨業務職能的費用控制方面取得了進一步進展。

Adjusted EBITDA was $27 million in the quarter with an adjusted EBITDA margin of 4%. As Bill mentioned, we announced a restructuring plan at the end of March in order to reallocate our resources against our highest priority areas. This resulted in a charge of approximately $121 million of which $113 million is noncash.

本季度調整後的 EBITDA 為 2700 萬美元，調整後的 EBITDA 利潤率為 4%。正如 Bill 提到的，我們在 3 月底宣布了一項重組計劃，以便將我們的資源重新分配給我們最優先的領域。這導致了大約 1.21 億美元的費用，其中 1.13 億美元是非現金費用。

On our capital allocation strategy, as we mentioned last quarter, our Board of Directors authorized a share repurchase program of up to $500 million to help manage dilution from stock-based compensation. We've made progress, repurchasing over $100 million worth of shares through April 24.

關於我們的資本配置策略，正如我們上個季度提到的那樣，我們的董事會批准了一項高達 5 億美元的股票回購計劃，以幫助管理股票薪酬帶來的稀釋。我們取得了進展，在 4 月 24 日之前回購了價值超過 1 億美元的股票。

Finally, we ended the quarter with approximately $2.7 billion in cash, cash equivalents and marketable securities. Before I discuss our Q2 financial guidance, I wanted to provide some additional context on our monthly active user trends. Q2 is our seasonally softest quarter as people tend to travel and spend more time outside starting in June.

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。在我討論我們的第二季度財務指南之前，我想提供一些關於我們每月活躍用戶趨勢的額外背景。第二季度是我們季節性最疲軟的季度，因為從 6 月開始人們傾向於旅行並在戶外度過更多時間。

This seasonality is particularly pronounced for us as we measure monthly active users on a 30-day look back from the last day in June. In addition, we expect that some of the recent updates we made like mandatory birthday collection, will moderate the rate of year-over-year growth in the second quarter. However, we continue to invest in product experiences that we believe will grow users, drive deeper engagement and improve monetizable supply over time.

這種季節性對我們來說尤為明顯，因為我們在 6 月最後一天的 30 天內回顧每月活躍用戶。此外，我們預計我們最近進行的一些更新（例如強制生日收集）將減緩第二季度的同比增長率。然而，我們繼續投資於我們相信會增加用戶、推動更深入的參與並隨著時間的推移改善可貨幣化供應的產品體驗。

Now on to our revenue guidance. The ads market continues to be uncertain given the macroeconomic environment. We've seen stabilization. And while Q1 growth was marginally better than Q4, we still do not have visibility into an acceleration in demand. As a result, we expect our second quarter year-over-year revenue growth to be roughly consistent with the growth we saw over the last 2 quarters in the fourth quarter of 2022 and the first quarter of 2023.

現在談談我們的收入指導。鑑於宏觀經濟環境，廣告市場仍然不確定。我們已經看到穩定。雖然第一季度的增長略好於第四季度，但我們仍然看不到需求加速的跡象。因此，我們預計我們第二季度的收入同比增長將與我們在 2022 年第四季度和 2023 年第一季度的最後兩個季度中看到的增長大致一致。

While foreign exchange headwinds are moderating, we still expect a small impact in Q2, which is reflected in our guide. Moving to our non-GAAP operating expense outlook. We expect our Q2 operating expenses to grow low-teens percentage points quarter-over-quarter, partially due to shifting some investments from Q1 to Q2. As a reminder, our OpEx outlook does not include the cost of revenue. Finally, as it relates to stock-based compensation, our annual employee equity merit awards will be granted in the second quarter, so we expect stock-based compensation to increase sequentially from Q1 levels.

雖然外匯逆風正在緩和，但我們仍預計第二季度的影響較小，這反映在我們的指南中。轉到我們的非 GAAP 運營費用展望。我們預計我們第二季度的運營費用將比上一季度增長低十幾%，部分原因是將一些投資從第一季度轉移到第二季度。提醒一下，我們的運營支出展望不包括收入成本。最後，由於與股票薪酬有關，我們的年度員工股權獎勵將在第二季度頒發，因此我們預計股票薪酬將從第一季度的水平開始依次增加。

Now I'll turn the call back over to Bill for some final comments.

現在，我將把電話轉回給比爾，徵求他的最終意見。

I'm proud of our team's execution to deliver strong results in Q1. I'm confident that we're making the appropriate investments that will position us to gain share when the demand environment returns. Also, we're excited to share more about our progress and long-term strategy at our first Investor Day, which we're currently planning for September.

我為我們團隊在第一季度取得強勁業績的執行力感到自豪。我相信我們正在進行適當的投資，這將使我們在需求環境恢復時獲得份額。此外，我們很高興在我們目前計劃於 9 月舉行的第一個投資者日上分享更多關於我們的進展和長期戰略的信息。

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 up the call for questions.

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。這樣，我們就可以開始提問了。

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

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

I want to come back to the broader revenue commentary from the latter end and your comments on the call. Can you just help us parse out a little bit of how the outside environment or the environment outside of your control is impacting elements of verticals or types of advertising like brand advertising or direct response advertising versus the potential for tailwinds to build in your business around some of the initiatives that you've been trying to build in 2022, going into 2023? And how should we be thinking about those headwinds and tailwinds looking out over the next 2 to 3 quarters?

我想從後端回到更廣泛的收入評論和你對電話的評論。你能幫我們分析一下外部環境或你無法控制的環境是如何影響垂直元素或廣告類型的，比如品牌廣告或直接反應廣告，以及圍繞某些因素在你的業務中建立順風的可能性您一直在嘗試在 2022 年和 2023 年建立哪些計劃？我們應該如何考慮未來 2 到 3 個季度的逆風和逆風？

Thanks, Eric. I appreciate the question. So first thing I'd say, we feel really great about the quarter and the progress we've made on revenue from everything we've seen, we continue to grow faster than the industry on revenue. So while there's still some challenges in the macro environment, when we look at our performance relative to the broader advertising industry, we feel really good about that.

謝謝，埃里克。我很欣賞這個問題。因此，首先我要說的是，我們對本季度以及我們所看到的一切在收入方面取得的進展感覺非常好，我們的收入增長速度繼續快於行業。因此，儘管宏觀環境仍然存在一些挑戰，但當我們看看我們相對於更廣泛的廣告行業的表現時，我們對此感覺非常好。

As we decompose what's happening in our revenue, what we're seeing is that there's a lot to be really excited about in terms of those advertisers that are implementing our measurement solutions like conversion API and clean rooms consistently find that they're getting better performance from Pinterest than what they had previously understood. And as they see that, they double down and invest more in Pinterest.

當我們分解我們收入中發生的事情時，我們看到的是，對於那些正在實施我們的測量解決方案（如轉換 API 和無塵室）的廣告商來說，有很多令人興奮的地方，他們始終發現他們正在獲得更好的性能來自 Pinterest 的內容比他們之前所了解的要多。當他們看到這一點時，他們會加倍投資 Pinterest。

So as the industry goes through an adoption curve on privacy safe measurement solutions, we think that bodes quite well for Pinterest, given the high intent on our platform and the way that we're leaning into better ad platform performance and seeing increasing engagement from our users so that there's great supply on the platform for those advertisers to connect with.

因此，隨著行業經歷隱私安全測量解決方案的採用曲線，我們認為這對 Pinterest 來說是個好兆頭，因為我們平台上的意圖很高，我們傾向於更好的廣告平台性能，並看到我們的參與度越來越高用戶，以便平台上有大量供應供這些廣告商聯繫。

In fact, I think that's one of the real highlights of the quarter is that not only have we clearly demonstrated our return to user growth but as we've talked about before, there's sort of compounding layers there where our user growth being at 7% compares to our engagement growth that is solidly in the double-digit range and then our ad impressions aided by whole page optimization where we can bring dynamic ad load with greater relevance for users is north of 30% growth.

事實上，我認為本季度真正的亮點之一是，我們不僅清楚地展示了我們的用戶增長回歸，而且正如我們之前談到的那樣，我們的用戶增長率為 7%，存在某種複合層與我們穩定在兩位數範圍內的參與度增長相比，我們的廣告印像在整個頁面優化的幫助下，我們可以為用戶帶來更相關的動態廣告負載，增長超過 30%。

And so there's multiple layers of growth there. And while the demand environment still has puts and takes in it, I think all that bodes really well for where we sit in the medium to long term. And in the near term, visibility remains a challenge. And you have puts and takes, like, for example, consumer spending and retail broadly, for the whole retail industry down in February and March.

因此那裡有多層增長。雖然需求環境仍然存在，但我認為這一切都預示著我們在中長期所處的位置。在短期內，知名度仍然是一個挑戰。並且你已經在 2 月和 3 月對整個零售業進行了廣泛的消費支出和零售等。

It's a bit -- in my mind, premature to call it acceleration when you still have those kinds of things out there in the macro. But our relative performance, we've grown faster than others in the space. We feel like we continue to take share. And what we hear from advertisers implementing our latest best ad solutions, including things like conversion API and clean rooms, we performed really well and gain share of wallet as they've been pointing to those things. I think that's a very positive trend for us over the medium to long term, even though near-term visibility, given the macro remains a challenge.

這有點——在我看來，當你在宏觀中仍然有那些東西時，稱之為加速還為時過早。但是我們的相對錶現，我們在這個領域的增長速度比其他人快。我們覺得我們繼續分享。我們從實施我們最新的最佳廣告解決方案的廣告商那裡聽到的消息，包括轉換 API 和潔淨室之類的東西，我們表現得非常好，並且因為他們一直在指出這些東西而獲得了錢包份額。我認為從中長期來看，這對我們來說是一個非常積極的趨勢，儘管近期的可見性，鑑於宏觀仍然是一個挑戰。

I think on the second part of your question with regard to Amazon and the third-party ad demand partnership there. As I've shared on prior calls, relative to the significant amount of commercial intent on Pinterest, I think we are a platform that is still undermonetized relative to the amount of intent on the platform. And so you see us -- I mentioned, driving a 30% plus increase in ad impressions on the platform, even while driving up engagement, this shows as we bring more relevant ads onto the platform, that is not only aiding our revenue growth, aiding advertiser value, it's good for users and a commercial content, ads can be great content. So coming back to the third-party ad demand opportunity, we see a significant opportunity to bring more relevant ads onto the platform from a greater breadth of brands and products.

我想關於你關於亞馬遜和那裡的第三方廣告需求合作夥伴關係的問題的第二部分。正如我在之前的電話會議上分享的那樣，相對於 Pinterest 上的大量商業意圖，我認為我們是一個相對於平台上的意圖數量而言仍未充分貨幣化的平台。所以你看我們——我提到過，即使在提高參與度的同時，也推動平台上的廣告印象增加了 30% 以上，這表明我們在平台上投放了更多相關廣告，這不僅有助於我們的收入增長，幫助廣告客戶價值，它對用戶和商業內容都有好處，廣告可以是很棒的內容。所以回到第三方廣告需求機會，我們看到了一個重要的機會，可以從更廣泛的品牌和產品中將更多相關廣告投放到平台上。

And when we look at Amazon as a first partner, they bring great breadth on brands and products paired with a really great consumer buying experience that we think can aid progress on shopability in our platform. Finally, I'll just say, going back to your question of what's in our control. We've talked a lot about shopping on our platform. Our early indicators of success on shopping, we could not feel better about as we have brought more shoppable content into our core services. We've seen 30% plus increases in engagement on shoppable pins and 30%-plus year-on-year increase in attributed checkouts for merchants who are uploading their catalogs to us.

當我們將亞馬遜視為第一個合作夥伴時，他們帶來了廣泛的品牌和產品，以及真正出色的消費者購買體驗，我們認為這可以幫助我們平台上的可購物性取得進步。最後，我只想說，回到你的問題，即什麼在我們的控制之下。我們已經談了很多關於在我們平台上購物的問題。我們在購物方面取得成功的早期指標，當我們將更多可購物內容引入我們的核心服務時，我們感覺再好不過了。對於將目錄上傳給我們的商家，我們已經看到可購物圖釘的參與度增加了 30% 以上，歸因結賬同比增加了 30% 以上。

So the question of, can we take users from window shopping to taking action. We have very strong signs of progress there. And while that will be a multiyear adoption curve, we couldn't feel better about the progress that we're making there.

所以問題是，我們能否讓用戶從逛街到採取行動。我們在那裡有非常明顯的進展跡象。雖然這將是一個多年的採用曲線，但我們對我們在那裡取得的進展感覺再好不過了。

Our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, kind of goes back to your comment you made about window shopping and sort of changing the user experience to more shoppable. It seems like a lot of generative AI and a lot of new tools that are coming could really help that in a material way. I guess talk to us about how long you think that could take to really have a meaningful impact on the revenue? And how should we think about the potential near-term investments in the gross margin pressure from pushing more machine learning and AI investment into the P&L? And then Todd, just one on MAUs and users. As we're going through the 2Q commentary, are you expecting the North America users to be up sequentially sort of through those puts and takes? Or how are you -- how are you thinking through the users in the guidance?

我有 2 個。第一個，可以追溯到您對櫥窗購物的評論，以及將用戶體驗改變為更易於購物的評論。似乎大量的生成人工智能和大量即將出現的新工具可以真正以物質方式幫助實現這一目標。我想和我們談談你認為這需要多長時間才能真正對收入產生有意義的影響？我們應該如何考慮將更多的機器學習和人工智能投資推向損益表，從而對毛利率壓力造成的潛在短期投資？然後是 Todd，只是一個關於 MAU 和用戶的問題。在我們進行 2Q 評論時，您是否希望北美用戶通過這些投入和投入按順序上升？或者你如何 - 你如何通過指南中的用戶思考？

Yes. Thanks for the question, Brian. On the impact of next-generation AI, it is here. You see it in our results. When we look at the significant progress we've made on user engagement, that is largely driven by improvements we have made in personalization and relevancy for users and really applying next-gen AI techniques, including things like GPUs, but pairing those with the really unique signal on our platform.

是的。謝謝你的問題，布賴恩。關於下一代人工智能的影響，就在這裡。您會在我們的結果中看到它。當我們審視我們在用戶參與度方面取得的重大進展時，這在很大程度上是由於我們在用戶個性化和相關性方面所做的改進以及真正應用下一代 AI 技術（包括 GPU 等技術，但將它們與真正的我們平台上的獨特信號。

Again, I think I've shared a little bit of commentary about this in the past. I think the primitives of generative AI are going to be broadly accessible via cloud compute. I think what's going to be real differentiators are one of the places that have really unique signal upon which to train that AI. AI is only as good as the signal on which it is acting.

同樣，我想我過去曾分享過一些關於此的評論。我認為生成式 AI 的原語將可以通過雲計算廣泛訪問。我認為真正的差異化因素是具有真正獨特信號的地方之一，可以用來訓練人工智能。人工智能的好壞取決於它所作用的信號。

And we have really unique first-party signal, not just around the intent of the user, but about things like product associations from the real unique activity we have on our platform like boards and curation that associate products together in ways that let us make really great conclusions through our AI training on those signals you need to our platform.

我們擁有真正獨特的第一方信號，不僅圍繞用戶的意圖，還包括來自我們平台上真正獨特活動的產品關聯，例如將產品關聯在一起的方式讓我們真正做到的板和策展通過我們對您需要到我們平台的信號的 AI 培訓，得出了很好的結論。

So when you look at the improvements in user relevancy in the personalization there, there's a lot of work around AI that is driving those things. To your next part of the question around the gross margin impacts and what does that mean? Yes, these things are measured on their own and can provide additional expense, but we also see them linking to greater revenue for us already as well.

因此，當您查看那里個性化中用戶相關性的改進時，有很多圍繞 AI 的工作正在推動這些事情。關於毛利率影響的下一部分問題，這意味著什麼？是的，這些東西是自己衡量的，可以提供額外的費用，但我們也看到它們也已經為我們帶來了更大的收入。

So for example, using larger AI models and GPUs has been part of our progress in our ad stack. So a tangible example of that as we've been testing the deployment of significantly larger AI models for more relevant ads, our CPC campaign saw a greater than 5% increase in click-through rate. In the world of ad stack optimization, a 5% plus increase in click-through rate is phenomenal.

因此，例如，使用更大的 AI 模型和 GPU 是我們在廣告堆棧中取得進展的一部分。因此，一個具體的例子是，當我們一直在測試為更相關的廣告部署更大的 AI 模型時，我們的 CPC 活動的點擊率增加了 5% 以上。在廣告堆棧優化的世界裡，點擊率增加 5% 以上是驚人的。

And so we're leaning heavily into that. It's been a core competency for us for a long time. So we're leaning heavily into that and then applying that to the unique signals on our platform. And last point, the shopability progress that we've been making there. I hit a few of these points already, but it's another place where AI is helping us a lot on those product recommendations and relevancy.

因此，我們非常傾向於這一點。長期以來，它一直是我們的核心競爭力。因此，我們非常重視這一點，然後將其應用於我們平台上的獨特信號。最後一點，我們在那裡取得的可購物性進步。我已經提到了其中的一些要點，但這是人工智能在產品推薦和相關性方面幫助我們很多的另一個地方。

And again, as we've started to bring shoppable content into the core of our product into the main surfaces, we're seeing 35% -- greater than 35% increase and engagement on shoppable pins. And we're seeing things like our shopping ad revenue continue to grow 40% plus year-on-year, improvements in the buying experience like mobile deep linking being a significant driver of that 40% increase in shopping ad revenue.

再一次，當我們開始將可購物的內容帶入我們產品的核心到主要表面時，我們看到 35% - 超過 35% 的增長和參與度。我們看到我們的購物廣告收入繼續同比增長 40% 以上，移動深度鏈接等購買體驗的改善是購物廣告收入增長 40% 的重要推動力。

So again, the proof points of are the users -- are the users not only going to window shop, but are they going to take action? Or are they going to engage further? Really strong, really clear proof points on that, and next-gen AI is a big part of how we're powering those things behind the scene, particularly when paired with the really unique signal on our platform. I'll (inaudible) Todd for the other part of your question.

因此，再次證明點是用戶——用戶是否不僅會逛街，還會採取行動？還是他們會進一步參與？非常有力、非常明確的證據表明，下一代人工智能是我們在幕後為這些東西提供動力的重要組成部分，尤其是當與我們平台上真正獨特的信號配對時。我會（聽不清）托德回答你問題的另一部分。

Yes. A couple -- one addition to what Bill had talked about, obviously, the investments in infrastructure, we'd expect to have a return. But from a financial perspective, Brian, you're probably looking at the gross margin being at 72% this quarter versus where we were a year ago.

是的。一對 - 除了比爾所說的之外，顯然是對基礎設施的投資，我們希望得到回報。但從財務角度來看，布賴恩，你可能會看到本季度的毛利率與一年前相比為 72%。

And to Bill's point, we're getting a return on that, but the Q1 revenue that we see is seasonally weakest, seasonally the softest quarter in the year. And while we would expect that we'll invest more dollars after 2 quarters of sequential declines in infrastructure, we would expect to start spending more absolute dollars in infrastructure or our cost of revenue.

就比爾而言，我們正在獲得回報，但我們看到的第一季度收入是季節性最弱的，是今年季節性最疲軟的季度。雖然我們預計在基礎設施連續兩個季度下降後我們將投資更多美元，但我們預計將開始在基礎設施或我們的收入成本上花費更多的絕對美元。

Given the seasonality in revenue, we would expect to see some operating leverage against that line. So I think that's the financial interpretation of the returns that Bill was describing. In terms of the user question and what you're asking about in terms of seasonality, it's important to remember, the way we measure our users and report is a 30-day look back at the end of every quarter.

考慮到收入的季節性，我們預計會看到對該線的一些運營槓桿。所以我認為這就是比爾所描述的回報的財務解釋。關於用戶問題以及您在季節性方面提出的問題，重要的是要記住，我們衡量用戶和報告的方式是在每個季度末回顧 30 天。

And so in the second quarter this year, we'll look back across the month of June. That is the month where people tend to be out and about, and we've seen our seasonally softest quarter as a result of that in the second quarter. So typically, Q1 to Q2 users, our MAU count has been seasonally our softest quarter.

因此，在今年第二季度，我們將回顧 6 月份的情況。那是人們傾向於外出走動的月份，因此我們在第二季度看到了季節性最疲軟的季度。因此，通常，第一季度到第二季度的用戶，我們的 MAU 數量是季節性的最疲軟的季度。

In addition to that, this year, we're making some product investments in a better user experience and leading the industry around privacy centers with our user base. And that will moderate our year-over-year growth in our -- so we have a compounding impact of -- from a year-over-year perspective, some product investments that we think are good for our users over the long term, coupled with a seasonally soft quarter. Hopefully, that answers your question.

除此之外，今年，我們還進行了一些產品投資，以提供更好的用戶體驗，並通過我們的用戶群在隱私中心方面引領行業。這將緩和我們的同比增長——所以我們有復合影響——從同比的角度來看，一些我們認為對我們的用戶長期有利的產品投資，再加上季節性疲軟的季度。希望這能回答您的問題。

Our next question comes from Ross Sandler from Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Bill, a quick question on the Amazon deal to follow up on the previous one. I think some folks on the line here, including me, probably a little surprised given your prior role that you guys went with Amazon. So can you walk us through like what was it about the set-up here that made them the first one? Is there exclusivity or not, which I think you had said previously that it wasn't going to be exclusive.

比爾，一個關於亞馬遜交易的快速問題，以跟進上一個交易。我想這裡的一些人，包括我，可能有點驚訝你們之前在亞馬遜的角色。那麼，您能否帶我們了解一下使他們成為第一個的這裡的設置是什麼？是否有排他性，我想你之前說過它不會是排他性的。

And then yes, what portion of inventory is this going to be applied to? Is it kind of across the border? Is there going to be certain like geos or product types that this kind of partnership makes the most sense? And is the CPM going to be on a net basis, I think that would be helpful to get a clarification on.

然後是的，這將應用於庫存的哪一部分？是不是有點越界了？是否會存在某些像地理或產品類型這樣的合作夥伴關係最有意義的東西？ CPM 是否將以淨額為基礎，我認為這有助於澄清。

And then Todd, just one quick follow-up on the macro. The U.S. decelerated a tab in the first quarter and given all the momentum in shopping ads, anything to call out there on the U.S. ad rev?

然後是托德，只是對宏的快速跟進。美國在第一季度放緩了一個標籤，考慮到購物廣告的所有勢頭，美國的廣告收入有什麼值得稱道的嗎？

Thanks, Ross. Appreciate the questions. So on the Amazon deal, I've pretty consistently commented that in a future state, we'd imagine that we would adjust third-party demand from multiple different parties, which I think is consistent with what you would see from most mature ad platforms out there that you have multiple sources of third-party demand augment in the auction.

謝謝，羅斯。感謝這些問題。所以關於亞馬遜的交易，我一直很一致地評論說，在未來的狀態下，我們會想像我們會調整來自多個不同方的第三方需求，我認為這與你從大多數成熟的廣告平台看到的是一致的在那兒，您在拍賣中有多種第三方需求增加來源。

So without commenting on any other party, we chose Amazon as our first partner because we saw not only a really great opportunity to bring more brands and more products onto the platform, which we think can help comprehensiveness and shopability, but it's also paired with a really great consumer buying experience.

因此，在不評論任何其他方的情況下，我們選擇亞馬遜作為我們的第一個合作夥伴，因為我們不僅看到了將更多品牌和更多產品帶到平台上的絕佳機會，我們認為這有助於全面性和可購物性，而且它還與真正偉大的消費者購買體驗。

I talked about the fantastic progress we're making in shopping overall as well as lower funnel -- lower-funnel objectives where we're driving strength there also with shopping and conversion objectives. So having a great consumer buying experience, we think really helps us take a step forward on our overall shopping efforts and is great for users, great for advertisers.

我談到了我們在整體購物以及較低漏斗方面取得的驚人進展——較低漏斗目標，我們在這些目標中也通過購物和轉化目標來推動實力。因此，擁有良好的消費者購買體驗，我們認為真的可以幫助我們在整體購物努力上向前邁進，這對用戶和廣告商來說都很棒。

So we felt like that was a key contributor to why Amazon is a great first partner for us (inaudible) other partners. There's nothing that precludes us from that in the long term or the near term. But we want to make sure we get this first partnership really right, that share could be a multiquarter implementation.

因此，我們認為這是亞馬遜成為我們（聽不清）其他合作夥伴的最佳第一合作夥伴的關鍵因素。沒有什麼能阻止我們在長期或短期內這樣做。但我們希望確保我們的第一個合作夥伴關係真正正確，該份額可能是一個多季度的實施。

And so in the near term, we'll be focused on making sure that we get that really right in the medium to long term. This is a broader move to leveraging third-party demand on the platform to enhance our comprehensiveness, our relevance for users and our shopability. And again, we feel great about this as a first step. You had some other detailed questions on the deal that might be a little bit more detailed and I can answer, but the overall -- I think we feel great that there's fantastic mutual value in this for us and our partner, Amazon.

因此，在短期內，我們將專注於確保我們在中長期內真正做到這一點。這是利用平台上的第三方需求來增強我們的綜合性、與用戶的相關性和可購物性的更廣泛舉措。再一次，作為第一步，我們感覺很好。你還有一些關於這筆交易的其他詳細問題，這些問題可能會更詳細一些，我可以回答，但總的來說——我認為我們感覺很好，這對我們和我們的合作夥伴亞馬遜來說具有巨大的共同價值。

And we think that can be the same for how we continue to work with other partners across the industry. So again, we feel great about the progress there, not just in the partnership, but really what it means for users and bringing advertiser value onto our platform.

我們認為這對於我們如何繼續與整個行業的其他合作夥伴合作可能是一樣的。因此，我們再次對那裡取得的進展感到非常高興，不僅僅是在合作夥伴關係方面，而且對於用戶以及為我們的平台帶來廣告商價值的真正意義。

Yes. Ross, on the question about U.S. and Canada revenue growth. I would look back over a 2-year stack. And if you look at it on that basis, we had a little bit of a harder comp over a year ago period. So if you look at it over 2 years, we're pretty consistent at around 18%.

是的。羅斯，關於美國和加拿大收入增長的問題。我會回顧 2 年的堆棧。如果你以此為基礎來看待它，我們在一年前的表現會更難一些。所以如果你看 2 年以上，我們會非常穩定地保持在 18% 左右。

However, within that, Bill talked about this at the outset around what we're seeing in pockets of our advertiser base. For those advertisers who have capital, who value positivity and brand safety, they value the insights-led selling that we can offer against the commercial intent of our users and who have adopted and see quality performance using our latest measurement solutions.

然而，在這方面，比爾一開始就圍繞我們在廣告客戶群的口袋裡看到的情況談到了這一點。對於那些擁有資本、重視積極性和品牌安全的廣告商來說，他們重視我們可以根據用戶的商業意圖提供的以洞察力為主導的銷售，並且他們已經採用了我們最新的測量解決方案並看到了質量表現。

We talked a lot about conversion API. We talked about Clean Room solutions. Those advertisers are performing exceptionally well, but you can look at the headlines and see that not everyone in retail is performing as well. So there's a mix of performance in some of these segments.

我們談了很多關於轉換 API 的內容。我們討論了無塵室解決方案。這些廣告商的表現非常出色，但您可以查看頭條新聞，發現並非零售業中的每個人都表現出色。因此，其中一些細分市場的表現參差不齊。

Our next question comes from Lloyd Walmsley from UBS.

我們的下一個問題來自瑞銀集團的 Lloyd Walmsley。

I'm going to stick with this. The Amazon partnership and general partner monetization theme and perhaps drag you into the weeds here, Bill. But we talked to a lot of investors about this, who just don't understand the basic nuts and bolts of it. So to the extent you can elaborate more about how the Amazon partnership will work with the other like retail media network partnerships? How they'll work from a nuts and bolts perspective? Like is this Amazon kind of deploying their advertisers' budget on Pinterest? Is it also Amazon deploying their own budget or all of the kind of clicks kind of drive people back to Amazon? Anything you can share to just help explain at a basic level, how it's going to work in practice?

我會堅持這一點。比爾，亞馬遜合作夥伴關係和普通合夥人貨幣化主題可能會讓你陷入困境。但我們與很多投資者談過這個，他們只是不了解它的基本細節。那麼，在某種程度上，您可以詳細說明亞馬遜合作夥伴關係將如何與零售媒體網絡合作夥伴關係等其他合作夥伴合作？從具體細節的角度來看，它們將如何工作？就像亞馬遜在 Pinterest 上部署廣告商的預算一樣嗎？是亞馬遜也在部署自己的預算，還是所有的點擊都會促使人們回到亞馬遜？您可以分享任何有助於在基本層面上解釋它在實踐中如何運作的東西嗎？

And then the second one related to this is just like thinking about the geographical benefit of this and other partnerships. I guess our impulse has been to think that you all have been kind of slow to migrate the ad business outside the U.S., and there's a lot of markets where you have a lot of engagement already, but you just don't have a big ad business yet. Is there any reason to think you can't leverage these partnerships to get kind of like a U.S. market share level of digital and other international markets on the back of these? Are we right to think that's one of the big benefits of these partnerships?

然後與此相關的第二個問題就像考慮這種合作夥伴關係和其他合作夥伴關係的地理利益一樣。我想我們的衝動是認為你們將廣告業務遷移到美國以外的地方有點慢，而且有很多市場你們已經有很多參與，但你們只是沒有大廣告業務呢。有什麼理由認為你不能利用這些合作夥伴關係來獲得類似於美國的數字市場份額水平和其他國際市場的支持？我們是否認為這是這些合作夥伴關係的一大好處？

Yes. Thanks for the question, Lloyd. So a lot to unpack there. So your macro -- the macro point in your question, which is spot on, is that our platform -- I talked about this before, our platform overall, it's a nascent -- a more nascent ad platform. And relative to the very high consumer commercial intent on our platform, we're quite undermonetized.

是的。謝謝你的問題，勞埃德。在那裡打開很多東西。所以你的宏觀 - 你問題中的宏觀點，就是我們的平台 - 我之前談到過這個，我們的平台總體上是一個新生的 - 一個更新生的廣告平台。相對於我們平台上非常高的消費者商業意圖，我們的貨幣化程度很低。

And there's a real opportunity for us to simultaneously drive better user engagement through highly relevant ads that help users satisfy commercial intent while also driving up revenue on the platform. So you've seen that with like our whole page optimization and the fact that we're able to grow ad load 30% plus, while still having positive progress on engagement.

我們確實有機會通過高度相關的廣告同時提高用戶參與度，幫助用戶滿足商業意圖，同時增加平台收入。所以你已經看到了我們的整個頁面優化以及我們能夠將廣告加載量增加 30% 以上的事實，同時在參與度方面仍然取得積極進展。

This demonstrates that highly relevant ads that help the user satisfy their intent can be great content for the user and be enhancing both engagement and revenue simultaneously. So that's our macro opportunity. As you rightly called out, while we are undermonetized overall, we are really undermonetized internationally.

這表明，幫助用戶滿足其意圖的高度相關的廣告對於用戶來說可能是很好的內容，並且可以同時提高參與度和收入。這就是我們的宏觀機會。正如您正確指出的那樣，雖然我們總體上貨幣化不足，但我們在國際上確實貨幣化不足。

And if you look at our results, you see really positive growth on a percentage basis internationally for us, which is evidence that there's a lot more potential there. And so that's something we're investing in directly with our first-party sales, but also something where we think partnerships can certainly be helpful in accelerating that progress.

如果你看看我們的結果，你會發現我們在國際上的百分比基礎上確實出現了正增長，這證明那裡還有更多的潛力。因此，這是我們直接通過第一方銷售進行投資的事情，也是我們認為合作夥伴關係肯定有助於加速這一進程的事情。

And so we think that overall, there's a significant opportunity to drive the monetization of our platform at a much greater rate than growth in not only users but also growth of engagement that we can drive monetization faster than that, particularly as we're demonstrating good results for advertisers, particularly as they implement new measurement tools, new priority safe tools.

因此，我們認為，總的來說，這是一個重要的機會，可以以比用戶增長和參與度增長更快的速度推動我們平台的貨幣化，我們可以比這更快地推動貨幣化，特別是當我們展示良好的廣告商的結果，特別是當他們實施新的測量工具、新的優先安全工具時。

So we feel like that is a significant opportunity for us and partnerships can definitely be helpful there. One other part -- I think -- sorry, one other part of your question, I didn't answer. You asked about sort of teasing apart the nuances of Amazon. Like one thing in your question that again, I can go into extremely nitty-gritty detail, but this is Amazon ads, not Amazon as a retailer. We certainly -- you could have found lots of Amazon ads on our platform previously from Amazon as a retailer. This is Amazon ads.

所以我們覺得這對我們來說是一個重要的機會，合作夥伴關係肯定會有所幫助。另一部分——我想——抱歉，你問題的另一部分，我沒有回答。你問的是關於梳理亞馬遜的細微差別。就像你問題中的一件事一樣，我可以深入細節，但這是亞馬遜廣告，而不是作為零售商的亞馬遜。我們當然 - 你可以在我們的平台上找到很多以前來自亞馬遜作為零售商的亞馬遜廣告。這是亞馬遜廣告。

And so this is bringing ads from brands and other products that are leveraging the Amazon ad platform. That Amazon ad platform, one of the things that we're quite excited about is that it does also bring great buying experiences. And those buying experiences can include things for other brands and retailers.

因此，這帶來了來自利用亞馬遜廣告平台的品牌和其他產品的廣告。那個亞馬遜廣告平台，我們非常興奮的事情之一是它確實也帶來了很好的購買體驗。這些購買體驗可以包括其他品牌和零售商的東西。

And so that is part of what is compelling about this partnership is that in an ad platform with a lot of brands, a lot of products that can help drive comprehensiveness for our users, but also paired with a great buying experience for the many retailers and brands that are participating in the Amazon ad platform.

因此，這種合作關係的部分引人注目之處在於，在一個擁有眾多品牌的廣告平台中，許多產品可以幫助我們的用戶提高綜合性，同時也為許多零售商和零售商提供了良好的購買體驗。參與亞馬遜廣告平台的品牌。

Our next question comes from Rich Greenfield from LightShed Partners.

我們的下一個問題來自 LightShed Partners 的 Rich Greenfield。

One, I guess when you think about video, I think, Bill, last quarter, you said something like 10% of time spent was video, but it was like 30% of your revenue. And I'm just wondering, as you think about sort of the power of video, you talked about sort of the increase in video content on the platform. But I guess I'm curious sort of how much time spent on how that 10% may have changed? As we look through the remainder of 2023, given the importance of video consumption, not video content, the consumption of the video is to driving your revenue. How should we think about like what you're doing and how the sort of the video transition of the content? I know it's not removing sort of pictures. But how do you think about that video transition over the course of 2023?

第一，我想當你想到視頻時，我想，比爾，上個季度，你說大約 10% 的時間花在視頻上，但它大約佔你收入的 30%。我只是想知道，當你考慮視頻的力量時，你談到了平台上視頻內容的增加。但我想我很好奇花了多少時間在這 10% 的變化上？展望 2023 年剩餘時間，考慮到視頻消費而非視頻內容的重要性，視頻消費將推動您的收入增長。我們應該如何思考像你正在做的事情以及內容的視頻轉換方式？我知道它不會刪除某種圖片。但您如何看待 2023 年的視頻過渡？

And then just a quick follow-up on Amazon. Just to try to synthesize everything you said is the ultimate takeaway is that we're going to end up seeing far more shoppable ads because of this Amazon partnership as it sort of gets implemented. If we look at Pinterest, if we scroll through Pinterest where we feel like there'll be a far greater number of shoppable ads between now and the end of the year (inaudible)?

然後只是在亞馬遜上快速跟進。只是嘗試綜合你所說的一切是最終的收穫是，由於這種亞馬遜合作夥伴關係的實施，我們最終會看到更多的可購物廣告。如果我們看看 Pinterest，如果我們滾動瀏覽 Pinterest，我們覺得從現在到年底（聽不清）之間會有更多的可購買廣告？

Yes. To the last part of your question, yes. You're already seeing that happen where previously, users -- more than half of users said they were coming to Pinterest for shop. Pinterest are really solving digital window shopping, but the actionability was low. So it's sort of like Pinterest is involving window shopping, but the stores were closed.

是的。對於你問題的最後一部分，是的。你已經看到這種情況發生在以前，用戶 - 超過一半的用戶表示他們來 Pinterest 購物。 Pinterest 確實解決了數字窗口購物問題，但可操作性很低。所以這有點像 Pinterest 涉及櫥窗購物，但商店關門了。

We are opening the stores. And the comments I made around the progress that we already have with shopping ads growing 40% year-on-year, mobile deep linking driving great conversion and being a big driver behind that growth, the 35% increase in engagement on shoppable pins as we're bringing those on to our main surfaces.

我們正在開店。我對我們已經取得的進展發表了評論，其中購物廣告同比增長 40%，移動深度鏈接推動了巨大的轉化並成為這一增長背後的重要推動力，隨著我們對可購物圖釘的參與度增加了 35%將它們帶到我們的主要表面上。

It's already the case that users are starting to find that much more of the things that they were finding on Pinterest before that they would have found on Pinterest but couldn't take action on Pinterest, which was leaked engagement to other platforms and leaked monetization to other platforms, they're now able to take action on directly on Pinterest.

用戶已經開始發現他們之前在 Pinterest 上找到的更多東西，他們本可以在 Pinterest 上找到但無法在 Pinterest 上採取行動的情況已經發生，這被洩露到其他平台並洩露了貨幣化到在其他平台上，他們現在可以直接在 Pinterest 上採取行動。

And so our goal is to make every pin shoppable, that's a long-term goal. That won't all get solved in a single year. But we feel really good about the progress that we're already making. And yes, we think this partnership absolutely can help contribute to that. As I said before, it's a multiquarter implementation. And so I think we'll see more of that effect coming into next year. But separate from just the one partnership, just overall, we're already seeing your macro point of like will users see more actionability on the platform. They already are, great progress on it. And as we get to this holiday shopping season, we would expect that users are going to be able to engage with much more shoppable content on Pinterest than what they would have previously.

因此，我們的目標是讓每個圖釘都可以購買，這是一個長期目標。這不會在一年內全部解決。但我們對我們已經取得的進展感到非常滿意。是的，我們認為這種夥伴關係絕對可以為此做出貢獻。正如我之前所說，這是一個多季度實施。所以我認為我們會在明年看到更多這種影響。但是，除了單一的合作夥伴關係之外，總的來說，我們已經看到你的宏觀觀點，比如用戶會在平台上看到更多的可操作性。他們已經在這方面取得了很大進展。隨著這個假日購物季的到來，我們預計用戶將能夠在 Pinterest 上接觸到比以前更多的可購物內容。

That's due to efforts that we already have in flight that are already in front of users and that we're growing aggressively. But it will also be augmented by what we do with third-party partnerships like the one with Amazon. On your video point, so video continues to be north of 10% of our engagement.

這是由於我們已經在用戶面前做出了努力，並且我們正在積極發展。但它也將通過我們與第三方合作夥伴關係（如與亞馬遜的合作夥伴關係）的合作得到增強。關於你的視頻點，所以視頻仍然占我們參與度的 10% 以上。

It's also the case that it continues to be a significantly greater percentage of our monetization. So this dynamic that we described last quarter where last quarter, I talked about we've got 10% plus of our engagement on video, but 30% plus of our revenue. We continue to see that kind of dynamic. And your question about the interplay between video and images, we feel like we're finding a really great balance between those 2 things. We have a format that is bringing both videos and images to the user in a simultaneously versus those being separate surfaces.

情況也是如此，它繼續在我們的貨幣化中所佔的比例要大得多。因此，我們在上個季度描述的這種動態，上個季度，我談到我們在視頻上的參與度增加了 10%，但我們的收入增加了 30%。我們繼續看到這種動態。還有你關於視頻和圖像之間相互作用的問題，我們覺得我們在這兩件事之間找到了一個非常好的平衡點。我們有一種格式，可以同時將視頻和圖像帶給用戶，而不是將它們分開。

And as we're doing that, we're seeing that, that's resonating well with users because, again, users come here with intent and with purpose. And sometimes that intent and purpose is aided by video, and they have the option to engage with that. But oftentimes, as they want to go refine that intent to get closer to actionability, images can help them a lot with that as well.

當我們這樣做時，我們看到了這一點，這與用戶產生了很好的共鳴，因為，再次，用戶是帶著意圖和目的來到這裡的。有時這種意圖和目的是通過視頻來輔助的，他們可以選擇參與其中。但通常情況下，當他們想要完善該意圖以更接近可操作性時，圖像也可以在這方面為他們提供很大幫助。

And so we continue to work through that optimization, but we feel like we're getting that balance to a good place, and we're going to continue to lean into the balance of those 2 things that gives the user the best of both worlds because we see that users absolutely want both. And both of those things help the users drive more actionability. Last thing I'll say on video. I talked about how the video corpus is growing. Our image corpus continues to grow as well.

所以我們繼續進行優化，但我們覺得我們正在取得平衡，我們將繼續傾向於這兩個方面的平衡，為用戶提供兩全其美的體驗因為我們看到用戶絕對想要兩者。這兩件事都有助於用戶提高可操作性。我要在視頻中說的最後一件事。我談到了視頻語料庫是如何增長的。我們的圖像語料庫也在繼續增長。

The fact that our boards are growing 10% plus is also a good indication of the core activities that user engage with on the platform as we're leaning into those. Those are not only alive and well, but things that users are engaging with more and more and I talk about Gen Z as our fastest-growing demographic.

事實上，我們的董事會增長了 10% 以上，這也很好地表明了用戶在平台上參與的核心活動，因為我們正傾向於這些活動。這些不僅活得很好，而且用戶越來越多地參與其中，我說 Z 世代是我們增長最快的人群。

There are also Gen Z, Genz Z is the fastest growing demographic. It's not just about a big growth rate on a small denominator. Gen Z is the largest contributor of engagement growth as we talk about engagement growth. So we -- to put it very pointedly, we are winning with Gen Z. And I think this was a big question about the platform a year ago. We've returned to user growth. We're clearly winning with Gen Z and winning with Gen Z in a unique way, where we don't need to win with them on where they go for entertainment. We're winning with them on where they go (inaudible) where they go when they have intent and purpose and where they go and they're looking for an oasis away from the toxicity of the rest of social media. And that's working quite well for us, including how we're leaning into more investments in their well-being on our platform.

還有 Z 世代，Z 世代是增長最快的人群。這不僅僅是關於小分母的大增長率。當我們談論參與度增長時，Z 世代是參與度增長的最大貢獻者。所以我們 - 非常明確地說，我們正在贏得 Z 世代。我認為這是一年前關於該平台的一個大問題。我們已經恢復了用戶增長。很明顯，我們正在以一種獨特的方式贏得 Z 世代，並以一種獨特的方式贏得 Z 世代，我們不需要在他們去哪裡娛樂時與他們一起贏得勝利。我們正在與他們一起贏得他們去哪裡（聽不清）他們有意圖和目的時去哪里以及他們去哪里以及他們正在尋找遠離其他社交媒體毒性的綠洲。這對我們來說效果很好，包括我們如何傾向於在我們的平台上對他們的福祉進行更多投資。

But we shouldn't think about video being 20% or plus percent, that's not your goal for a year from now. It's more about balance versus a dramatic scaling up of time spent (inaudible).

但我們不應該考慮視頻佔 20% 或更多百分比，這不是你一年後的目標。它更多地是關於平衡與花費時間的急劇增加（聽不清）。

Yes. We're very focused on what gives the user the best satisfaction of their intent and their purpose. And what we're finding with that is that's a balance of video and images. And you can expect us to continue progressing that in a thoughtful, methodical way that helps the user satisfy their intent and in a way, a big contrast from us with other platforms. Most of the platforms are talking about video as a headwind to revenue. And you're hearing us talk about video is helping to drive engagement, but we have more revenue on video than we have on engagement. So that's sort of the inverse of what you see on other platforms. We think we can continue to manage it in that kind of fashion. Hopefully, that helps.

是的。我們非常專注於什麼能讓用戶最大程度地滿足他們的意圖和目的。我們發現的是視頻和圖像的平衡。你可以期待我們繼續以深思熟慮、有條不紊的方式取得進展，幫助用戶滿足他們的意圖，並在某種程度上與我們與其他平台形成鮮明對比。大多數平台都在談論視頻是收入的逆風。你聽到我們談論視頻有助於推動參與，但我們在視頻上的收入比我們在參與上的收入更多。所以這與您在其他平台上看到的有點相反。我們認為我們可以繼續以這種方式管理它。希望這會有所幫助。

Our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

I guess a couple of questions for me as well. I guess, first off, curious if there's anything else to call out with respect to the acceleration in international users and revenues. Obviously, I think as Lloyd mentioned, and you guys mentioned that's a huge monetization opportunity and showing good progress there. And then we're getting a few questions on the expense guide for Q2, the sequential increase. I think it might be helpful, Todd, to understand a little bit more (inaudible) the moving parts there, some of the timing shift and then does that serve as the baseline for modeling the sequential trend in expenses for the rest of the year? I think more color there might be helpful.

我想我也有幾個問題。我想，首先，我想知道在國際用戶和收入的加速方面是否還有其他值得一提的地方。顯然，我認為正如 Lloyd 提到的那樣，你們提到這是一個巨大的貨幣化機會，並且在那裡顯示出良好的進展。然後我們收到了一些關於第二季度支出指南的問題，即連續增長。托德，我認為多了解一點（聽不清）那裡的活動部分，一些時間變化可能會有所幫助，然後這是否可以作為為今年剩餘時間的支出連續趨勢建模的基線？我認為那裡更多的顏色可能會有所幫助。

Yes. On the international side, I'd say, first thing is back to the user point. What we're doing to deliver great engagement for users is working well across geographies. So our return to user growth is happening across geographies, both UCAN and international. And so in terms of our platform returning to user growth and bring more supply onto the platform, that's consistent across geographies, we feel great about that.

是的。在國際方面，我想說的是，首先要回到用戶角度。我們為用戶提供良好參與度所做的工作在各個地區都運作良好。因此，我們的用戶增長回歸發生在 UCAN 和國際上的各個地區。因此，就我們的平台恢復用戶增長並為平台帶來更多供應而言，這在各個地區都是一致的，我們對此感覺很好。

I think your point on monetization, we're a fraction of the monetization that we could be internationally. And particularly when you look at places like Europe, that there's clear line of sight to how there's more monetization opportunity in places like Europe. Our growth rates -- you can see the growth rates there are high, but the denominators are low.

我認為你關於貨幣化的觀點，我們只是我們可以在國際上實現的貨幣化的一小部分。特別是當你看歐洲這樣的地方時，你會清楚地看到歐洲這樣的地方如何有更多的貨幣化機會。我們的增長率——你可以看到那裡的增長率很高，但分母很低。

And we think that's a lot of go-forward potential with us. But those high-growth rates, even on a small denominate, I think, are the good indications of as we build out those investments, as we build out our ad capabilities in those international markets, our sales teams are able to go make effective progress there, and we think there's a lot more of that to come.

我們認為這對我們來說具有很大的發展潛力。但是那些高增長率，即使是小面額，我認為，是我們建立這些投資的良好跡象，當我們在這些國際市場建立我們的廣告能力時，我們的銷售團隊能夠取得有效進展在那裡，我們認為還會有更多這樣的事情發生。

Finally, on international, we called out large advertisers are growing with us there, and we have SMB growth in international as well. So a good balanced mix of where we think there's opportunity in international for us.

最後，在國際上，我們呼籲大型廣告商與我們一起成長，我們在國際上也有 SMB 增長。因此，我們認為我們在國際上有機會的地方是一個很好的平衡組合。

And then, Colin, on the expense guide. If you remember back, we've talked about this for a couple of quarters. We had a big increase in expenses last year that were largely payroll driven or headcount based. So in the first half of last year, we had a lot of attrition in the first quarter. We backfilled and accelerated hiring going into the end of Q2.

然後，科林，關於費用指南。如果您還記得的話，我們已經討論了幾個季度。去年我們的開支大幅增加，主要是工資驅動或基於員工人數。所以在去年上半年，我們在第一季度有很多減員。我們在第二季度末補充並加速了招聘。

And then as Bill referenced in his opening comments, we paused the rate of hiring in early Q3 and then that -- those efforts kind of accelerated as we moved into the end of last year and then through Q1. We also have called out historically that we had a lot of marketing spend that was variable in nature in the back half of last year that drove a lot of our expense growth in Q3 and Q4. We're lapping as a result of all of those comments.

然後，正如比爾在開場白中提到的那樣，我們在第三季度初暫停了招聘速度，然後——隨著我們進入去年年底和第一季度，這些努力有所加速。從歷史上看，我們還指出，去年下半年我們有很多本質上可變的營銷支出，這推動了我們在第三季度和第四季度的支出增長。由於所有這些評論，我們正在合作。

We're lapping the payroll expense growth as we go into Q3 and Q4. And then in the back half of the year, we're lapping a lot of variable marketing spend. The implication of all of that is that we will see a deceleration in year-over-year expense growth that will pick up next quarter and then accelerate going to Q3 and Q4, which will drive the margin improvement that we've been talking about now for a few quarters.

隨著我們進入第三季度和第四季度，我們正在研究工資支出的增長。然後在今年下半年，我們投入了大量可變的營銷支出。所有這一切的含義是，我們將看到費用同比增長放緩，下個季度將加速，然後加速進入第三季度和第四季度，這將推動我們現在一直在談論的利潤率改善幾個季度。

So I know the guide suggests that we'll see a step-up in sequential expenses. A lot of that is timing around a couple of marketing programs and other investments that we're making, but we would not expect to see that continue to grow in absolute dollar terms. And certainly, as a percentage of revenue, we would expect to see that decelerate dramatically over the course of especially the back half of the year.

所以我知道該指南表明我們將看到連續支出增加。其中很多是圍繞我們正在進行的幾個營銷計劃和其他投資的時間安排，但我們預計不會以絕對美元計算繼續增長。當然，作為收入的百分比，我們預計在特別是下半年的過程中會急劇減速。

Our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to take another stab at the 2Q revenue outlook. I guess, just trying to understand, is it really purely just caution on macro that kind of keep you a little bit more muted perhaps and in the range of 4Q and 1Q versus acceleration that we're seeing from others in the industry? And as part of that, are you seeing any notable differences between omnichannel and just pure e-comm? And then second, just related to AI, can you just kind of parse out how it's clear you're using AI, how to think about it across rankings and recommendations and ad monetization. But then also, how will users of Pinterest take advantage of generative AI tools going forward?

我只是想再談談第二季度的收入前景。我想，只是想了解一下，是否真的純粹只是對宏觀謹慎，讓你在第四季度和第一季度的範圍內保持沉默，而不是我們從業內其他人那裡看到的加速？作為其中的一部分，您是否看到全渠道和純電子商務之間有任何顯著差異？其次，與 AI 相關，您能否分析一下您使用 AI 的清晰度如何，如何在排名和推薦以及廣告貨幣化中考慮它。但同時，Pinterest 的用戶將如何利用未來的生成式 AI 工具？

Yes. So I think on sort of what we're seeing on the macro, as I shared before, there's a lot that we feel great about, but there are puts and takes out there. I think in the fact that we're growing revenue faster than the broader industry, I think it's something that we certainly feel great about. That's hard thought, but we feel great that we're growing revenue faster than the industry.

是的。所以我認為我們在宏觀上看到的一些東西，正如我之前分享的那樣，有很多我們感覺很好的東西，但是那裡有看跌期權。我認為事實上我們的收入增長速度快於整個行業，我認為這是我們當然感覺很好的事情。這是一個艱難的想法，但我們感到很高興我們的收入增長速度快於行業。

And we have shared earlier, the number of things that give us confidence that we're demonstrating good value for advertisers, even as those advertisers are digesting a lot of change. I think as you compare us to others. I think there are places that maybe -- there are strengths for others, like international small business and international, those kinds of things.

我們之前已經分享了很多讓我們相信我們正在為廣告商展示良好價值的事情，即使這些廣告商正在消化大量變化。我認為當您將我們與其他人進行比較時。我認為有些地方可能 - 其他人也有優勢，比如國際小型企業和國際企業，諸如此類。

But those are a smaller portion of our overall business. But you do see those accelerating for us as well. They're just a smaller portion of our overall business. But when you look at multiple major platforms, still having year-on-year declines, and we're putting up solid growth, and we feel like we got even though visibility is limited, we feel like we've got visibility to continue growth even as other larger platforms, some of which are still seeing year-on-year declines. I think that's a good indication of our relative performance.

但這些只是我們整體業務的一小部分。但你確實看到那些為我們加速的。它們只是我們整體業務的一小部分。但是，當您查看多個主要平台時，仍然存在同比下降，而我們正在實現穩健增長，儘管能見度有限，但我們覺得我們已經獲得了繼續增長的能見度即使是其他較大的平台，其中一些平台仍出現同比下降。我認為這很好地表明了我們的相對錶現。

And I don't see that changing. We just see that visibility is limited, and it feels premature to call a bottom when you have things like consumer spending on retail, still declining year-on-year. So our view of the medium and long term, we could not feel better about. In fact, if I go back to our strategic priorities and where we were a year ago, as Todd mentioned in his script, a year ago, we had multiple quarters of year-on-year decline with users. We were a supply-constrained platform.

我認為這不會改變。我們只是看到能見度有限，當消費者零售支出仍同比下降時，現在就斷言觸底還為時過早。因此，我們對中長期的看法，我們感覺再好不過了。事實上，如果我回到我們的戰略重點和一年前的情況，正如托德在他的劇本中提到的那樣，一年前，我們的用戶數出現了多個季度的同比下降。我們是一個供應受限的平台。

Advertiser value was in question because that -- the supply constraints, where we sit today, we have returned to user growth. We are clearly growing with Gen Z as our fastest-growing demographic. We're delivering great value for advertisers and the more advertisers implement better measurement, the more they see that we're delivering value for them, shopping on the platform that was a real question a year ago and like could we drive more shopping behavior, very strong proof points on that, even though we're early on an adoption curve.

廣告商的價值受到質疑，因為我們今天所處的供應限制，我們已經恢復了用戶增長。顯然，我們正在與 Z 世代一起成長，成為我們增長最快的人群。我們正在為廣告商提供巨大的價值，而且越多的廣告商實施更好的衡量，他們就越能看到我們正在為他們提供價值，在平台上購物這在一年前是一個真正的問題，比如我們能否推動更多的購物行為，非常有力的證據表明這一點，即使我們處於採用曲線的早期階段。

All those things on every one of our strategic imperatives where we've executed and I think are beyond the progress we would have expected. And with ad impressions up 30% plus. Had demand been constant, the growth will be screaming, right? But we can't predict when that demand volatility sort of goes back to normal better than anybody else.

我們已經執行的每一項戰略要求中的所有這些事情，我認為都超出了我們預期的進展。並且廣告展示次數增加了 30% 以上。如果需求保持不變，增長將會尖叫，對吧？但我們無法預測需求波動何時會比其他任何人都更好地恢復正常。

And there continue to be a lot of puts and takes. And I think you've seen that reflected in others' commentary with -- these are also calling either experiencing year-on-year declines or calling that visibility is still poor for them as well as evidenced by wide ranges and outcomes and those kinds of things.

並且繼續有很多投入和投入。我想你已經看到其他人的評論中反映了這一點——他們也稱要么經歷了同比下降，要么稱他們的能見度仍然很差，廣泛的範圍和結果以及那些類型的證據證明了這一點事物。

Can you just repeat your second question?

你能重複你的第二個問題嗎？

Just on AI, kind of how users will take advantage of generative AI tools on the Pinterest platform?

就人工智能而言，用戶將如何利用 Pinterest 平台上的生成人工智能工具？

Yes. I think we're looking at this with generative AI, we think there's a lot we can do to deliver better experiences in ways that the user that will feel natural for the user. And I think that's what you're seeing from us already that we're using next-generation AI to bring better recommendations, more shopability, better product experience, ads that are more relevant and convert better. So you're already seeing that in the platform.

是的。我認為我們正在用生成人工智能來看待這個問題，我們認為我們可以做很多事情來以用戶感覺自然的方式提供更好的體驗。我認為這就是你已經從我們這裡看到的，我們正在使用下一代人工智能來帶來更好的推薦、更多的可購物性、更好的產品體驗、更相關和更好轉化的廣告。所以你已經在平台上看到了。

So we're thinking about ways that we can bring next-generation AI to users in ways that feels natural to them. And given that we're a highly visual platform, we think we'll have a lot more of those kinds of opportunities around great recommendations. Users making collages on shuffles. There's a lot of great AI that's behind the way that we're doing those kind of things. So there's a lot of that kind of stuff that you already are seeing from us, where we're going to be methodical about it.

因此，我們正在考慮如何以用戶感覺自然的方式將下一代 AI 帶給用戶。鑑於我們是一個高度可視化的平台，我們認為我們將圍繞出色的推薦提供更多此類機會。用戶在隨機播放拼貼畫。我們做這些事情的方式背後有很多偉大的人工智能。所以你已經從我們這裡看到了很多這樣的東西，我們將有條不紊地處理它。

There's still a lot of open questions out there around how do you make sure there's good value exchange between platforms and publishers. How do you make sure that there are image rights and all these kinds of things. These are meaningful issues that we're going to be thoughtful and methodical about and we're not going to rush into sort of headfirst, but we're finding really great ways to leverage this technology that's already driving user benefits, and you can expect to see more of that from us.

關於如何確保平台和發行商之間存在良好的價值交換，仍然存在很多懸而未決的問題。你如何確保有肖像權和所有這些類型的東西。這些都是有意義的問題，我們將深思熟慮並有條不紊地解決，我們不會倉促行事，但我們正在尋找真正好的方法來利用這項已經為用戶帶來好處的技術，你可以期待從我們這裡看到更多。

Operator, we'll take one last question.

接線員，我們將提出最後一個問題。

Our final question comes from Tom Champion from Piper Sandler.

我們的最後一個問題來自 Piper Sandler 的 Tom Champion。

It sounds like you're seeing really strong growth on mobile. And Bill, just curious how mobile or location becomes an element of the customer signal that maybe you're able to leverage in addition to the lean forward behavior element or the growth in boards. I'm just curious if that figures into your thinking at all? And then maybe just a second one. Curious how you feel about assembling your team and leadership at the company, I'm curious if the Analyst Day announcement tentative plan (inaudible) another announcement.

聽起來您在移動設備上看到了非常強勁的增長。比爾，只是好奇移動或位置如何成為客戶信號的一個元素，除了前傾行為元素或董事會的增長之外，你可能還可以利用這些信號。我只是好奇這是否完全符合您的想法？然後也許只是第二個。很好奇你對在公司組建你的團隊和領導層有何感想，我很好奇分析師日公告暫定計劃（聽不清）是否是另一個公告。

So -- so on your second question around the team, feel great about the team that we have. This is a team that's winning. This is a team that's delivering great results. And you've seen us doing that consistently over the last 3 quarters. And so these things are oftentimes (inaudible). And so even in places where we've had somebody who's led a strong (inaudible) we've brought in great talent to augment the next (inaudible) race. And so if part of your question there was around our CFO transition. I'd say it's a good opportunity for what I was already planning to do, which is to thank Todd again for having really strong (inaudible), given how long he's been here and how thoughtful he's been in the transition.

所以 - 關於你關於團隊的第二個問題，對我們擁有的團隊感覺很好。這是一支正在獲勝的球隊。這是一支正在取得優異成績的團隊。你已經看到我們在過去 3 個季度中一直在這樣做。所以這些東西經常（聽不清）。因此，即使在我們有領導過強大（聽不清）的人的地方，我們也引進了優秀人才來增強下一場（聽不清）比賽。因此，如果您的部分問題與我們的 CFO 過渡有關。我想說這是我已經計劃做的事情的好機會，那就是再次感謝托德的強大（聽不清），考慮到他在這裡待了多久，以及他在過渡期間是多麼周到。

And so while we don't have new news to share there right now, we've seen exceptional engagement from a number of candidates. And we feel quite confident that, that process is progressing on track, both in terms of how thoughtful and engaged Todd has been managing that transition as well as our ability to make sure that we're going to have great talent going forward there as well. Sabrina, who I mentioned in my prepared remarks, I think, is going to be a fantastic addition to the team, even as we also say thank you to Navin, who also ran multiple really strong legs of the race for us as well. So that part we feel great about.

因此，雖然我們現在沒有新消息可以分享，但我們已經看到許多候選人的出色參與。我們非常有信心，這個過程正在按軌道進行，無論是托德在管理過渡方面的周到和投入，還是我們確保我們將擁有優秀人才的能力。 .我認為，我在準備好的發言中提到的 Sabrina 將成為車隊的絕佳補充，即使我們也對 Navin 表示感謝，他也為我們跑了好幾條非常強勁的賽道。所以那部分我們感覺很棒。

And so on the mobile part of it, the first part of your question, again, another really positive part of our progress, as I shared, 80% plus of our engagement and revenue comes from mobile app users. And those mobile app users, both in UCAN and international growing much faster for us than users overall. So our most engaged users are growing the fastest, and that's giving us the opportunity to have greater depth of engagement.

所以在移動部分，你問題的第一部分，再次，我們進步的另一個真正積極的部分，正如我分享的那樣，我們 80% 以上的參與和收入來自移動應用程序用戶。而那些移動應用程序用戶，無論是在 UCAN 還是在國際上，對我們來說都比整體用戶增長得更快。因此，我們參與度最高的用戶增長最快，這讓我們有機會獲得更深入的參與。

So the progress on mobile feels great. Without commenting on sort of future product enhancements for those kinds of things, having the user in our mobile app lets us control our destiny much more, and we feel fantastic about the progress there and what that lets us do to drive deeper and deeper engagement for users and deliver your value for advertisers.

所以移動端的進步感覺很棒。在不評論未來對這類事情的產品改進的情況下，讓用戶使用我們的移動應用程序可以讓我們更好地控制自己的命運，我們對那裡的進展以及讓我們做些什麼來推動越來越深入的參與感到非常棒用戶並為廣告商提供您的價值。

So with that, again, thank you, everybody, for the questions. Thank you, again, Todd. Since this is the last earnings call, thank you again for a fantastic tenure here at Pinterest. Very much appreciate the partnership. Thank you to everyone on the call. Thank you to all our customers, our team members, and we look forward to continuing the conversation with all of you. Thank you.

因此，再次感謝大家提出的問題。再次謝謝你，托德。由於這是最後一次財報電話會議，再次感謝您在 Pinterest 的精彩任期。非常感謝合作夥伴關係。感謝電話中的每一個人。感謝我們所有的客戶、我們的團隊成員，我們期待與大家繼續對話。謝謝。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，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。