Pinterest Inc (PINS) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for attending the Pinterest Second Quarter 2023 Earnings Conference Call. My name is Elisa, and I will be your moderator for today's call. (Operator Instructions)

下午好，感謝您參加 Pinterest 2023 年第二季度收益電話會議。我叫 Elisa，我將擔任今天電話會議的主持人。 （操作員說明）

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

現在我想將會議交給東道主投資者關係主管尼爾·多西 (Neil Doshi)。您可以繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the second quarter ended June 30, 2023. I'm Neil Doshi, Head of Investor Relations for Pinterest. Joining me today on the call are Bill Ready, Pinterest's CEO; and Julia Donnelly, our CFO.

下午好，感謝您加入我們。歡迎參加 Pinterest 截至 2023 年 6 月 30 日的第二季度財報電話會議。我是 Pinterest 投資者關係主管 Neil Doshi。今天參加電話會議的有 Pinterest 首席執行官 Bill Ready；和我們的首席財務官朱莉婭唐納利。

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 Q3 2023 and beyond are preliminary and are not an indication of future performance. We are making these forward-looking statements based on information available to us as of today, and we disclaim any duty to update them later unless required by law. For more information, please refer to the risk factors discussed in our most recent Forms 10-Q or 10-K filed with the SEC and available on our Investor Relations website.

現在我將覆蓋安全港。我們今天做出的有關我們的業績、運營和前景的一些聲明可能被認為是前瞻性的，並且此類聲明涉及許多風險和不確定性，可能導致實際結果存在重大差異。此外，我們對 2023 年第三季度及以後的結果、趨勢和展望都是初步的，並不代表未來的業績。我們根據今天掌握的信息做出這些前瞻性聲明，除非法律要求，否則我們不承擔任何稍後更新這些聲明的義務。如需了解更多信息，請參閱我們向 SEC 提交的最新表格 10-Q 或 10-K 中討論的風險因素，該表格可在我們的投資者關係網站上獲取。

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。今天的收益新聞稿和演示文稿中包含了非公認會計準則與公認會計準則衡量標準的調節，這些新聞稿和演示文稿通過我們的投資者關係網站（位於investor.pinterestinc.com）向公眾分發和提供。最後，除非另有說明，今天準備好的評論中討論的所有增長率均應考慮同比增長率。

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

現在我將把電話轉給比爾。

Thanks, Neil, and thank you all for joining our second quarter 2023 earnings call. Q2 was a solid quarter marked by strong growth across our business. We're seeing ongoing momentum, giving us continued confidence that our strategy is yielding results with more potential as we look ahead. We ended the quarter with 465 million MAUs, up 8%. Our total revenue was $708 million, growing 6% or 7% on a constant currency basis. We stayed disciplined with our expenses and delivered adjusted EBITDA of $107 million and an adjusted EBITDA margin of 15%.

謝謝 Neil，也感謝大家參加我們的 2023 年第二季度財報電話會議。第二季度是一個穩健的季度，我們的業務強勁增長。我們看到了持續的勢頭，這讓我們持續相信，展望未來，我們的戰略正在產生更具潛力的成果。本季度末，我們的月活躍用戶數為 4.65 億，增長 8%。我們的總收入為 7.08 億美元，按固定匯率計算增長 6% 或 7%。我們嚴格控制開支，調整後 EBITDA 為 1.07 億美元，調整後 EBITDA 利潤率為 15%。

Before we dive into the key highlights from Q2 I'd like to share more about what we've accomplished over the last year since I joined and why I'm excited for the opportunities ahead. During this time, we've become laser focused on our strategy of building upon our core differentiators and visual discovery to help our users go from inspiration to action. With that focus on our strategic priorities, we've successfully returned to strong user and engagement growth while delivering consistent year-on-year revenue growth and returning to margin expansion despite the downturn in the advertising environment.

在我們深入探討第二季度的主要亮點之前，我想分享更多關於自我加入以來我們在過去一年中所取得的成就以及為什麼我對未來的機會感到興奮。在此期間，我們更加專注於我們的戰略，即以我們的核心差異化和視覺發現為基礎，幫助我們的用戶從靈感到行動。通過專注於我們的戰略重點，我們成功地恢復了強勁的用戶和參與度增長，同時實現了持續的同比收入增長，並在廣告環境低迷的情況下恢復了利潤擴張。

On the engagement side, we've utilized next-generation AI technologies to surface more relevant and personalized content and improve ad relevance, driven more intent to action and focused our content strategy to bring actionable content from a range of sources, including users, creators, publishers and retailers. As a result, monthly active users have grown more than 30 million over the last 12 months. Our users are also coming back more frequently and are engaging more deeply. Engagement metrics such as sessions, impressions and saves grew substantially faster than our users across all of our regions over the same period. It's worth noting that we have seen these engagement gains over the past year during a period where we have also grown our ad load on the platform, proving that relevant ads, including lower funnel ad formats, can be good content for users in a unique setting like ours with high commercial intent.

在互動方面，我們利用下一代人工智能技術來呈現更相關和個性化的內容，並提高廣告相關性，推動更多的行動意圖，並集中我們的內容策略，從包括用戶、創作者在內的一系列來源提供可操作的內容、出版商和零售商。因此，過去 12 個月內每月活躍用戶增長超過 3000 萬。我們的用戶回來的頻率也更高，參與度也更深入。同期，會話數、展示次數和保存量等參與度指標的增長速度遠遠快於我們所有地區的用戶增長速度。值得注意的是，我們在過去一年中看到了這些參與度的增長，同時我們還增加了平台上的廣告負載，證明相關廣告（包括漏斗下部廣告格式）可以在獨特的環境中為用戶提供良好的內容像我們一樣具有高度的商業意圖。

We continue to see significant benefits and momentum from whole page optimization and ongoing improvements to our ads quality, targeting and relevancy. We increased our focus on making Pinterest more shoppable by integrating shopping into the core experiences of our platform. We're now seeing strong growth in engagement with shopping related content on our core surfaces. And for the past 4 quarters, shopping ads revenue has grown multiples of our total revenue growth. I believe we are just scratching the surface when it comes to monetizing lower funnel behavior on Pinterest.

我們繼續看到全頁面優化以及廣告質量、定位和相關性的持續改進帶來的顯著效益和動力。我們更加註重通過將購物整合到我們平台的核心體驗中，讓 Pinterest 更具購物性。現在，我們看到核心界面上購物相關內容的參與度強勁增長。在過去的 4 個季度中，購物廣告收入的增長是我們總收入增長的數倍。我相信，在將 Pinterest 上的下漏斗行為貨幣化方面，我們只是觸及了表面。

Importantly, we also accelerated innovation on behalf of our advertisers, tripling the number of ad product formats released so far this year versus last and introducing important measurement solutions that prove our value to advertisers. We are seeing revenue from advertisers who take advantage of these measurement tools to grow significantly faster, a positive sign for the future as we increase adoption of these tools among our customer base.

重要的是，我們還代表廣告商加速了創新，今年迄今為止發布的廣告產品格式數量比去年增加了兩倍，並推出了重要的衡量解決方案，向廣告商證明了我們的價值。我們看到利用這些衡量工具的廣告商的收入顯著更快地增長，隨著我們在客戶群中增加這些工具的採用，這對未來來說是一個積極的信號。

We also opened our platform to third-party demand partners, starting with Amazon Ads platform. To summarize, I'm very proud of what we've accomplished over the last year, and we're just getting started. We look forward to sharing more details and a comprehensive update on our strategy during our Investor Day, taking place in San Francisco on September 19.

我們還向第三方需求合作夥伴開放我們的平台，首先是亞馬遜廣告平台。總而言之，我對我們去年所取得的成就感到非常自豪，而我們才剛剛開始。我們期待在 9 月 19 日於舊金山舉行的投資者日期間分享更多細節和全面的戰略更新。

With that backdrop, I'll now move on to the progress we've made in the second quarter, advancing our strategic priorities and driving the business forward. First, I'd like to discuss how we are deepening engagement with our existing users and growing new users in Q2, driven by our AI efforts in relevance and personalization as well as a clear focus on satisfaction of user intent. In Q2, our global MAUs grew 8%, while our mobile app MAUs, which account for over 80% of our revenue and impressions grew 16%. In addition, our U-Can mobile app MAUs grew 9%, accelerating from Q1. Our users were also visiting us more frequently. The basket of metrics that we use to measure engagement, such as sessions, impressions and saves grew significantly faster than MAUs in Q2 in all regions, consistent with the trends we have observed the last 4 quarters. To help bring this to life, I'd like to share a few examples of how we are driving engagement on the platform, starting with how we are implementing AI to better serve our users.

在此背景下，我現在將繼續討論我們在第二季度取得的進展，推進我們的戰略重點並推動業務向前發展。首先，我想討論一下，在我們在相關性和個性化方面的人工智能努力以及對用戶意圖滿意度的明確關注的推動下，我們如何在第二季度加深與現有用戶的互動並增加新用戶。第二季度，我們的全球月活躍用戶數增長了 8%，而占我們收入和展示次數 80% 以上的移動應用月活躍用戶數增長了 16%。此外，我們的 U-Can 移動應用月活躍用戶數增長了 9%，較第一季度有所加速。我們的用戶也更頻繁地訪問我們。我們用來衡量參與度的一攬子指標（例如會話數、展示次數和保存量）在所有地區第二季度的增長速度均明顯快於月活躍用戶數，這與我們在過去 4 個季度觀察到的趨勢一致。為了幫助實現這一目標，我想分享一些我們如何推動平台參與的示例，首先是我們如何實施人工智能以更好地為用戶服務。

Nearly a year ago, we began moving to next-gen AI capabilities, enabling us to use recommender models that were 100x larger than before. We combined our first-party proprietary data with our AI-based computer vision and search technologies to improve the perceived relevance for recommendations on related pins, driving proceed relevance up by nearly 10 points from a year ago to 94%. This means that when users are searching for something on Pinterest, we are returning results that they find relevant and helpful and we're doing this with a very high degree of accuracy.

大約一年前，我們開始轉向下一代人工智能功能，使我們能夠使用比以前大 100 倍的推薦模型。我們將第一方專有數據與基於人工智能的計算機視覺和搜索技術相結合，以提高相關圖釘推薦的感知相關性，使流程相關性比一年前提高近 10 個百分點，達到 94%。這意味著當用戶在 Pinterest 上搜索某些內容時，我們會返回他們認為相關且有幫助的結果，並且我們的準確性非常高。

More recently, as we have continued to focus on what our users really want from us, we've incorporated into our AI models more signals from our platform. As an example, in the first half of this year, we unlocked further engagement gains by incorporating propensity to share into our AI recommender models. By recommending content that users are more likely to share, we improved retention of our core users, and we grew revisits from dormant users as they are more likely to engage with recommended content from people they know.

最近，隨著我們繼續關注用戶真正想要從我們這裡得到什麼，我們將更多來自我們平台的信號納入到我們的人工智能模型中。舉個例子，今年上半年，我們通過將分享傾向納入我們的人工智能推薦模型中，進一步提高了參與度。通過推薦用戶更有可能分享的內容，我們提高了核心用戶的保留率，並且增加了休眠用戶的重訪，因為他們更有可能與他們認識的人推薦的內容互動。

In Q2, another source of engagement gains came from the launch of our new guided browsing experience, designed to help episodic users rediscover existing use cases and find their next project or passion on Pinterest. This experience adds a set of horizontal images across the home feeds grid, where we can show more content based on the user's intent. The valuable signals we get from this new browsing module helps to optimize the user experience for previous or new use cases and deliver more relevant shopping experiences. We've seen a meaningful lift in revisitation as a result.

第二季度，參與度提升的另一個來源來自我們新的引導式瀏覽體驗的推出，該體驗旨在幫助臨時用戶重新發現現有用例並在 Pinterest 上找到他們的下一個項目或熱情。這種體驗在家庭提要網格中添加了一組水平圖像，我們可以在其中根據用戶的意圖顯示更多內容。我們從這個新的瀏覽模塊中獲得的寶貴信號有助於優化以前或新用例的用戶體驗，並提供更相關的購物體驗。結果，我們看到了重訪的顯著提升。

As we continue to focus on improving the inspiration to action journey for users across our platform, we're seeing users explore more interest outside of our core home, food, fashion and beauty verticals, and with strong growth in the number of MAUs engaging with emerging verticals such as men's fashion, autos, health and travel in the first half of this year.

隨著我們繼續專注於改善平台上用戶的靈感到行動旅程，我們看到用戶在我們的核心家居、食品、時尚和美容垂直領域之外探索更多興趣，並且參與這些領域的月活躍用戶數量強勁增長今年上半年，男士時尚、汽車、健康、旅遊等新興垂直領域不斷湧現。

Lastly, we continue to see strong growth with Gen Z users on Pinterest, who in Q2 were our largest contributor to overall engagement growth and the fastest growing cohort growing double digits and accounting for a larger portion of our overall mix. In particular, we found that our Gen Z users consistently engage more deeply on the platform than our older cohorts, as measured by their saves and close up activity on the platform.

最後，我們繼續看到 Pinterest 上 Z 世代用戶的強勁增長，他們在第二季度是我們整體參與度增長的最大貢獻者，也是增長最快的群體，增長了兩位數，並在我們的整體組合中佔據了更大的比例。特別是，我們發現 Z 世代用戶在平台上的參與度始終高於老一輩用戶，這通過他們在平台上的保存和關閉活動來衡量。

Next, I'd like to discuss how we are improving monetization by making Pinterest more valuable for advertisers as a full funnel platform. These ad offerings allow us to reach a broader set of advertisers to diversify and grow our revenue base, and also help us deliver improved results to our advertisers based on their performance criteria. First, let's start with how we are innovating at the lower end of the funnel, where we are helping retailers gain customers, not just transactions.

接下來，我想討論一下我們如何通過使 Pinterest 作為一個完整的漏斗平台對廣告商更有價值來提高盈利能力。這些廣告產品使我們能夠接觸到更廣泛的廣告商，以實現收入基礎多元化並擴大我們的收入基礎，並幫助我們根據廣告商的績效標準向他們提供更好的結果。首先，讓我們從我們如何在漏斗低端進行創新開始，我們幫助零售商贏得客戶，而不僅僅是交易。

In July, we brought our mobile deep linking product or MDL to general availability, opening up this highly performant offering to more advertisers. MDL is a great fit for retailers who want to drive users to purchase an item on their mobile app and has been a significant driver of our shopping ads revenue growth over the past 9 months.

7 月份，我們全面推出了移動深度鏈接產品或 MDL，向更多廣告商開放了這一高性能產品。 MDL 非常適合想要吸引用戶在其移動應用上購買商品的零售商，並且在過去 9 個月中一直是我們購物廣告收入增長的重要推動力。

By taking what we've learned through MDL, we are planning to expand our lower funnel offerings to include more seamless one-click site handoffs in the back half of this year. This gives retailers who don't have a stand-alone app or prefer to do a one-click handoff directly to their site, the flexibility to choose what works best for their objectives.

通過利用我們在 MDL 中學到的知識，我們計劃在今年下半年擴展我們的下漏斗產品，包括更多無縫的一鍵式站點切換。這使得沒有獨立應用程序或喜歡直接一鍵切換到其網站的零售商可以靈活地選擇最適合其目標的方式。

Travel catalogs are another format we debuted in the quarter, allowing advertisers to reach users who are in the midst of planning, organizing and taking action on their travel dreams. It's built on our product catalog technology and automatically turns each listing into a dynamic product pin with relevant booking information such as hotel name, pricing, images and descriptions.

旅行目錄是我們在本季度推出的另一種格式，使廣告商能夠接觸到正在計劃、組織和採取行動實現旅行夢想的用戶。它建立在我們的產品目錄技術之上，可自動將每個列表轉換為動態產品圖釘，其中包含相關預訂信息，例如酒店名稱、價格、圖像和描述。

As an example, TUI, one of the world's leading tourism groups based in Germany added travel catalogs to their full funnel strategy to drive more users to their available hotel listings. In Q2, their campaign yielded strong results with a 6x higher outbound click-through rate and an 80% lower outbound cost per click than they were seeing in previous conversion campaigns. Furthermore, we made good headway with helping advertisers measure the efficacy of their campaigns on Pinterest. Since introducing our conversion API in Q4, we've steadily grown the percentage of revenue from advertisers who adopted our conversion API solution.

例如，總部位於德國的世界領先旅遊集團之一 TUI 將旅遊目錄添加到其全渠道策略中，以吸引更多用戶訪問其可用的酒店列表。在第二季度，他們的廣告系列取得了強勁的成果，與之前的轉化廣告系列相比，出站點擊率提高了 6 倍，每次點擊的出站成本降低了 80%。此外，我們在幫助廣告商衡量 Pinterest 上的廣告活動效果方面取得了良好進展。自從在第四季度推出我們的轉化 API 以來，我們從採用我們的轉化 API 解決方案的廣告商獲得的收入百分比穩步增長。

In addition to innovating on the lower funnel, we'll also continue to innovate on upper funnel ad formats to build on our strength in that segment of the market and meet advertiser demand. In June, we made our Premier Spotlight ad format, which is our upper funnel takeover video ad unit on our search surface available for all advertisers. We're seeing early adoption from a large number of brand advertisers such as Max, formerly known as HBO Max, and Comcast Xfinity.

除了對下漏斗進行創新外，我們還將繼續對上漏斗廣告格式進行創新，以增強我們在該細分市場的優勢並滿足廣告商的需求。 6 月份，我們推出了 Premier Spotlight 廣告格式，這是我們搜索界面上的漏斗上部視頻廣告單元，可供所有廣告商使用。我們看到大量品牌廣告商早期採用了該技術，例如 Max（以前稱為 HBO Max）和 Comcast Xfinity。

Similar to last quarter, in Q2, we continued to drive a more than 30% increase in our global ad impressions or monetizable supply, due to engagement gains and dynamically flexing ad load when a user is expressing intent through whole page optimization. We are also leveraging next-gen AI on our ad products and we're seeing a profound impact in our ad capabilities.

與上季度類似，在第二季度，由於用戶通過整個頁面優化表達意圖時的參與度提升和動態調整廣告負載，我們的全球廣告展示次數或可貨幣化供應量繼續增長了 30% 以上。我們還在我們的廣告產品中利用下一代人工智能，我們看到我們的廣告能力產生了深遠的影響。

In Q2, we expanded our use of GPU serving from core engagement AI models to our ad delivery models, which enabled us to use models that are 100x larger than before in ads as well as organic. The cumulative impact was a 5% reduction in cost per action and over 10% lift in click-through rates. I'm very proud of our team's execution on the monetization side, but we are still early in our ad platform evolution. I believe third-party partnerships can be additive by expanding the depth of advertisers, bringing more relevant ads and improving our auction density. We announced our first third-party partnership with Amazon ads in April. This partnership has strong synergies. As Pinterest has significant commercial intent and consumer desire to go for inspiration to action, while Amazon ads can bring more shoppable content with a great consumer buying experience.

在第二季度，我們將 GPU 服務的使用範圍從核心參與 AI 模型擴展到了廣告投放模型，這使我們能夠在廣告和自然廣告中使用比以前大 100 倍的模型。累積影響是每次操作成本降低了 5%，點擊率提高了 10% 以上。我對我們團隊在盈利方面的執行力感到非常自豪，但我們仍處於廣告平台發展的早期階段。我相信第三方合作夥伴關係可以通過擴大廣告商的深度、帶來更多相關廣告並提高我們的拍賣密度來起到補充作用。我們於四月份宣布與亞馬遜廣告建立第一個第三方合作夥伴關係。這種夥伴關係具有很強的協同效應。由於 Pinterest 具有顯著的商業意圖和消費者渴望將靈感轉化為行動的願望，而亞馬遜廣告可以帶來更多的可購物內容以及良好的消費者購買體驗。

As I said on our last call, a partnership of this scale will be a multi-quarter implementation with the most meaningful revenue impacts likely being in early 2024. However, we have recently begun testing live traffic with Amazon ads. We are very pleased with the pace of implementation in Q2 and the early results of our testing in Q3 so far.

正如我在上次電話會議中所說，這種規模的合作夥伴關係將需要多個季度的實施，最有意義的收入影響可能會在 2024 年初出現。不過，我們最近開始測試亞馬遜廣告的實時流量。我們對第二季度的實施速度和第三季度迄今為止的測試的早期結果感到非常滿意。

Looking at our overall progress on shopping, we're quite excited at the momentum we're generating. We're building a powerful flywheel that is driving increased engagement among our users and delivering greater value to our advertisers. We're utilizing next-gen AI models with our first-party signal to recommend brands and products that are aligned with user preferences, and this is resonating with users.

看看我們在購物方面的總體進展，我們對我們所產生的勢頭感到非常興奮。我們正在構建一個強大的飛輪，以提高用戶的參與度，並為廣告商提供更大的價值。我們正在利用下一代人工智能模型和第一方信號來推薦符合用戶偏好的品牌和產品，這引起了用戶的共鳴。

In Q1, we continued to grow the overall distribution of Shuffle pins or products you can take action on, on the home feed. And in Q2, we've expanded this to all of our core surfaces. Users are actively engaging with this content with click-through rates and saves of Shuffle pins growing over 50%, accelerating from the 35% we saw in Q1.

在第一季度，我們繼續擴大了 Shuffle pin 或您可以在 home feed 上採取行動的產品的整體分佈。在第二季度，我們已將其擴展到所有核心表面。用戶積極參與這些內容，Shuffle 圖釘的點擊率和保存量增長了 50% 以上，比第一季度的 35% 有所加快。

In Q2, we also launched a new automated shop to look module for home decor and fashion pins that utilizes AI to recommend similar shoppable products tied to our merchant catalogs. In our early A/B tests, shop to look is unlocking greater value for merchants as this high-intent traffic drove a 9% increase in conversions. And these innovations continue to manifest and robust shopping ads revenue, which continue to grow at a pace meaningfully faster than our overall revenue rate.

在第二季度，我們還推出了一個新的自動化商店外觀模塊，用於家居裝飾和時尚別針，利用人工智能推薦與我們的商家目錄相關的類似可購物產品。在我們早期的 A/B 測試中，shop to Look 為商家釋放了更大的價值，因為這種高意向流量使轉化率增加了 9%。這些創新繼續體現出強勁的購物廣告收入，其增長速度明顯快於我們的整體收入率。

Now I'd like to discuss our focus on operational rigor. As we've said in the past, we're instilling a culture where we are more focused on what drives results for users and advertisers and being more rigorous with our expenses, ultimately making us a more durable company. We've been able to accelerate our pace of innovation while also being disciplined on expense management, resulting in positive outcomes for our users, advertisers and shareholders.

現在我想討論一下我們對操作嚴謹性的關注。正如我們過去所說，我們正在灌輸一種文化，使我們更加關注為用戶和廣告商帶來成果的因素，並更加嚴格地控制我們的開支，最終使我們成為一家更持久的公司。我們能夠加快創新步伐，同時嚴格執行費用管理，為我們的用戶、廣告商和股東帶來了積極的成果。

In Q1, we took steps to reduce our expenses and drive greater efficiencies in our business, including rightsizing our workforce to align talent to our strategic priorities and restructuring our real estate portfolio. In Q2, we identified further cost efficiencies, leading to operating expenses that were lower than we guided to. Later in the prepared remarks, Julia will share our latest outlook on expenses and margin expansion year.

第一季度，我們採取措施減少開支並提高業務效率，包括調整員工規模，使人才符合我們的戰略重點，以及重組我們的房地產投資組合。在第二季度，我們進一步提高了成本效率，從而使運營費用低於我們的預期。稍後，在準備好的發言中，朱莉婭將分享我們對年度支出和利潤擴張的最新展望。

Finally, I'd like to talk about our progress in making Pinterest a more positive place on the Internet. Our commitment to fostering a more positive environment resonates with advertisers. We believe our relative brand safety remains a driver for advertisers to invest more and spend on Pinterest. Our efforts and positivity also resonate with users. For example, we are building inclusive AI technology, like skin tone diversification, that helps users personalize their experience and see themselves on Pinterest. In Q2, we improved the skin tone diversification of our core feeds, which led to engagement wins.

最後，我想談談我們在使 Pinterest 成為互聯網上更積極的地方方面所取得的進展。我們致力於營造更積極的環境，引起了廣告商的共鳴。我們相信，我們的相對品牌安全仍然是廣告商在 Pinterest 上進行更多投資和支出的動力。我們的努力和積極性也引起了用戶的共鳴。例如，我們正在構建包容性人工智能技術，例如膚色多樣化，幫助用戶個性化他們的體驗並在 Pinterest 上看到自己。在第二季度，我們改進了核心提要的膚色多樣化，從而贏得了參與度。

We want others to join us on our mission to make the Internet a more positive place. In June, we created the inspired Internet pledge in collaboration with the Digital Wellness lab at Boston Children's Hospital. The pledge is the call to action for tech companies and the broader digital ecosystem to unite with the common goal of making the Internet a safer and healthier place for everyone, especially young people.

我們希望其他人加入我們的使命，讓互聯網變得更加積極。六月，我們與波士頓兒童醫院的數字健康實驗室合作創建了受啟發的互聯網承諾。這一承諾呼籲科技公司和更廣泛的數字生態系統採取行動，共同實現讓互聯網成為每個人（尤其是年輕人）更安全、更健康的地方的共同目標。

Before turning the call over, I wanted to say a few words about our new CFO, Julia Donnelly, and why I'm so excited to partner with her going forward. We ran an extensive search for a CFO, and I know Julia is the right leader and partner to help our team grow and scale Pinterest. Prior to joining, Julia was VP of Finance and Accounting at Wayfair, where she was responsible for the entire global finance and accounting organizations as well as Investor Relations and Corporate Development. She is a strategic, disciplined and highly regarded executive with an impressive background leading all aspects of finance within an innovative, high-growth public company. Her leadership and deep experience across e-commerce, media and technology will be invaluable as we position ourselves for the next chapter at Pinterest.

在轉接電話之前，我想談談我們的新任首席財務官朱莉婭·唐納利 (Julia Donnelly)，以及為什麼我如此興奮地與她合作前進。我們廣泛尋找首席財務官，我知道 Julia 是幫助我們團隊發展和擴大 Pinterest 規模的合適領導者和合作夥伴。加入之前，Julia 是 Wayfair 的財務和會計副總裁，負責整個全球財務和會計組織以及投資者關係和企業發展。她是一位戰略性、紀律嚴明、備受尊敬的高管，擁有在一家創新、高增長的上市公司領導財務各個方面的令人印象深刻的背景。當我們為 Pinterest 的下一章做好準備時，她在電子商務、媒體和技術領域的領導力和豐富經驗將非常寶貴。

I'll now turn the call over to Julia to provide an update on our Q2 financial performance.

現在，我將把電話轉給 Julia，以提供有關我們第二季度財務業績的最新信息。

Thank you, Bill, and good afternoon, everyone. I'm thrilled to join the Pinterest team. As you can imagine, it's been a busy and exciting few weeks since I joined in late June. First, I'd like to discuss a few of the reasons why I came to Pinterest and why I'm even more excited about the opportunity ahead.

謝謝比爾，大家下午好。我很高興加入 Pinterest 團隊。正如你所想像的，自從我六月下旬加入以來，這是忙碌而令人興奮的幾週。首先，我想談談我加入 Pinterest 的一些原因，以及為什麼我對未來的機會更加興奮。

Before joining, I followed Pinterest extensively as a beloved brand with an inspiring and positive consumer app and a strong financial model. From my previous role, I have also watched Pinterest become an incredibly performant and innovative advertising platform. Coming from what I would consider a best-in-class e-commerce advertiser, I've had first-hand experience and how Pinterest is uniquely able to help marketers find users who are in the midst of an inspiration journey, where they're looking to buy, but not quite sure what they want and then ultimately take action to bring that to life.

在加入之前，我廣泛關注了 Pinterest，因為它是一個深受喜愛的品牌，擁有鼓舞人心、積極的消費者應用程序和強大的財務模型。在我之前的角色中，我還見證了 Pinterest 成為一個性能卓越、創新的廣告平台。來自我認為是一流的電子商務廣告商，我擁有第一手經驗，了解 Pinterest 如何獨特地幫助營銷人員找到正處於靈感之旅中的用戶，他們在哪裡想要購買，但不太確定自己想要什麼，然後最終採取行動將其變為現實。

Over the last few weeks, sitting inside the company, I can attest to the excitement and energy from our team on everything we are building for our users and advertisers. I'm honored to take on the CFO role and join the management team at Pinterest to continue building on this momentum. Leveraging my background in e-commerce, I look forward to helping us navigate through this exciting next chapter of growth, capturing the significant revenue potential ahead through strong operating execution and sound investments. Looking ahead, I'm excited to develop a productive dialogue with the shareholder and analyst community as well as sharing more about progress to date and future potential ahead at our Investor Day in September.

在過去的幾周里，坐在公司內部，我可以證明我們的團隊對我們為用戶和廣告商構建的一切感到興奮和充滿活力。我很榮幸擔任首席財務官並加入 Pinterest 的管理團隊，繼續鞏固這一勢頭。憑藉我在電子商務方面的背景，我期待幫助我們度過令人興奮的下一個增長篇章，通過強大的運營執行力和穩健的投資抓住未來的巨大收入潛力。展望未來，我很高興能夠與股東和分析師群體進行富有成效的對話，並在 9 月份的投資者日分享更多有關迄今為止的進展和未來潛力的信息。

Now turning to our results in the second quarter. In my remarks today, I'll discuss our Q2 financial performance and provide our preliminary outlook for Q3. All financial metrics, except for revenue, will be discussed in non-GAAP terms unless otherwise specified, and all comparisons will be discussed on a year-over-year basis unless otherwise noted.

現在轉向我們第二季度的業績。在今天的講話中，我將討論我們第二季度的財務業績，並提供我們對第三季度的初步展望。除非另有說明，除收入外的所有財務指標都將以非公認會計原則術語進行討論，除非另有說明，所有比較都將按年比較進行討論。

As Bill mentioned, our investments in AI and new user experiences drove strong engagement on our platform in Q2, resulting in 465 million global monthly active users, an increase of over 30 million users over the last 12 months. We grew monthly active users 8% on a year-over-year basis globally, the highest growth we've seen during the last 2 years.

正如 Bill 提到的，我們對人工智能和新用戶體驗的投資推動了第二季度我們平台的強勁參與度，全球每月活躍用戶數達到 4.65 億，在過去 12 個月中增加了超過 3000 萬用戶。我們的全球月度活躍用戶同比增長 8%，這是過去 2 年來的最高增幅。

In the U.S. and Canada, monthly active users were 95 million, up 3%. In Europe, monthly active users were 124 million, up 6%. And in our rest of world markets, monthly active users were 246 million, up 10%. Underlying our monthly active user metric, we had even faster growth in engagement as measured by sessions, impressions and saves, which is a testament to the work we're doing around deepening engagement with our users, and I'm excited about the progress we're making with Gen Z users, which was our fastest-growing segment and an important and influential demographic for marketers in many of our core verticals.

在美國和加拿大，月活躍用戶為 9500 萬，增長 3%。在歐洲，月活躍用戶為 1.24 億，增長 6%。在世界其他市場，月活躍用戶為 2.46 億，增長 10%。在我們的每月活躍用戶指標的基礎上，我們通過會話、印象和保存衡量的參與度增長更快，這證明了我們在深化與用戶互動方面所做的工作，我對我們所取得的進展感到興奮Z 世代用戶是我們增長最快的細分市場，也是我們許多核心垂直領域營銷人員的重要且有影響力的人群。

Turning to our financial performance. Global revenue for the second quarter came in at $708 million, growing 6% or 7% on a constant currency basis. U.S. and Canada revenue was $565 million, an increase of 4%. Europe revenue was $114 million, growing 12% on both a reported and constant currency basis. Revenue from Rest of World was $29 million, growing 32% or 35% on a constant currency basis. We're pleased to see global year-over-year revenue growth continued to strengthen this quarter versus Q1 '23 and Q4 '22. A testament that while the ad market remains somewhat choppy, advertisers continue to turn to Pinterest because of our highly attractive user demographics, relative brand-safe environment and the strong return on ad spend we can deliver.

轉向我們的財務業績。第二季度全球收入為 7.08 億美元，按固定匯率計算增長 6% 或 7%。美國和加拿大收入為 5.65 億美元，增長 4%。歐洲收入為 1.14 億美元，按報告和固定匯率計算增長 12%。來自世界其他地區的收入為 2900 萬美元，按固定匯率計算增長 32% 或 35%。我們很高興看到本季度全球收入同比增長與 23 年第一季度和 22 年第四季度相比繼續強勁。這證明，雖然廣告市場仍然有些波動，但廣告商繼續轉向 Pinterest，因為我們極具吸引力的用戶群體、相對品牌安全的環境以及我們可以提供的強勁廣告支出回報。

During the quarter, at the top of the funnel, we saw strength and awareness objectives as many brand advertisers, particularly CPG advertisers, were able to meet their goals given our engagement gains and attractive pricing. Contributing to this growth were video ads and our new premier Spotlight takeover ad unit. At the bottom of the funnel this quarter, strength came from larger, more sophisticated advertisers who leaned into our shopping ads format, driven by adoption of mobile deep linking and our conversion API. However, we also experienced headwinds from those who have yet to adopt our measurement tools and pockets of distressed retail advertisers.

在本季度，在漏斗的頂部，我們看到了實力和知名度目標，因為許多品牌廣告商，特別是 CPG 廣告商，鑑於我們的參與度提升和有吸引力的價格，能夠實現他們的目標。視頻廣告和我們新推出的首要 Spotlight 接管廣告單元為這一增長做出了貢獻。在本季度渠道的底部，力量來自於規模更大、更成熟的廣告商，他們在採用移動深度鏈接和我們的轉換 API 的推動下傾向於我們的購物廣告格式。然而，我們也遇到了來自那些尚未採用我們的衡量工具的人以及陷入困境的零售廣告商的阻力。

Finally, across all parts of the funnel, we continue to gain good traction with advertisers in emerging verticals such as travel, autos and financial services, helping us further diversify our advertiser base outside of our traditional areas of strength.

最後，在渠道的各個部分，我們繼續在旅遊、汽車和金融服務等新興垂直領域獲得廣告商的良好關注，幫助我們在傳統優勢領域之外進一步實現廣告商基礎的多元化。

In terms of overall auction dynamics in the second quarter, ad supply grew more than 30%, driven by engagement gains and opening up supply through whole page optimization, and the price of ads declined 20%, due primarily to a softer pricing environment across all geographies.

就第二季度的整體拍賣動態而言，在參與度提升和通過整頁優化開放供應的推動下，廣告供應量增長了 30% 以上，而廣告價格則下降了 20%，這主要是由於整個定價環境趨於疲軟。地理。

Moving down the P&L. Cost of revenue was $164 million, up 1% year-over-year and down 2% quarter-over-quarter versus Q1. This is the third quarter in a row of sequential declines in our cost of revenue line item as our teams implemented a number of efficiency projects across storage and compute infrastructure. It has been exciting to see how we can realize these efficiencies in our cost of revenue even while we drive significant engagement gains and ad stack innovation and leverage AI throughout our business.

損益表向下移動。收入成本為 1.64 億美元，同比增長 1%，環比下降 2%。這是我們的收入成本連續第三個季度下降，因為我們的團隊在存儲和計算基礎設施上實施了許多效率項目。令人興奮的是，我們在推動顯著的參與度增長和廣告堆棧創新並在整個業務中利用人工智能的同時，如何實現收入成本的效率。

Overall, our non-GAAP operating expense was $440 million, up 5% year-over-year and up 7% sequentially versus Q1. This was below our guidance as we were able to drive more cost efficiencies, particularly in our R&D and G&A functions while also shifting some of our marketing spend from Q1 into Q2.

總體而言，我們的非 GAAP 運營費用為 4.4 億美元，同比增長 5%，比第一季度環比增長 7%。這低於我們的指導，因為我們能夠提高成本效率，特別是在我們的研發和一般管理職能方面，同時還將我們的一些營銷支出從第一季度轉移到第二季度。

Adjusted EBITDA had a very strong quarter, coming in at $107 million or a 15% margin, up 130 basis points year-over-year, driven by increased revenue, efficiency in our cost of revenue and operating expense discipline. This quarter, we successfully completed our $500 million stock repurchase program, well ahead of the 12-month plan to complete the program as we saw openings to be opportunistic with our purchases during the quarter. We continue to be mindful of managing dilution. Capital allocation will be a topic at our upcoming Investor Day, and we look forward to sharing more details at that time.

受收入增加、收入成本效率和運營費用紀律的推動，調整後 EBITDA 的季度表現非常強勁，達到 1.07 億美元，利潤率為 15%，同比增長 130 個基點。本季度，我們成功完成了 5 億美元的股票回購計劃，遠遠超出了完成該計劃的 12 個月計劃，因為我們在本季度的購買中看到了機會主義的機會。我們繼續注意管理稀釋。資本配置將成為我們即將到來的投資者日的一個主題，我們期待屆時分享更多細節。

Finally, we ended the quarter with approximately $2.3 billion in cash, cash equivalents and marketable securities.

最後，本季度結束時，我們擁有約 23 億美元的現金、現金等價物和有價證券。

Now I'd like to provide preliminary financial guidance for the third quarter. While the overall digital ads market appears to be stabilizing, the recovery remains uneven with pockets of strength and weakness. We expect Q3 revenue to grow in the high single-digits range year-over-year. Based on what we are seeing right now, we expect to land towards the middle of that range, which would represent a moderate acceleration from the growth rate we saw in Q2. This includes a small impact from foreign exchange, which is reflected in our guide.

現在我想提供第三季度的初步財務指導。儘管整體數字廣告市場似乎趨於穩定，但復甦仍不平衡，有強有弱。我們預計第三季度收入同比將實現高個位數增長。根據我們目前所看到的情況，我們預計將達到該範圍的中間，這將比我們在第二季度看到的增長率略有加速。這包括外彙的微小影響，這在我們的指南中有所反映。

Turning to expenses. We expect Q3 non-GAAP operating expenses to grow in the low single-digits range year-over-year. Please note that our operating expense guidance does not include cost of revenue. As we have noted previously, we are committed to expanding adjusted EBITDA margins in full year 2023 on the order of a couple of hundred basis points year-over-year in any state of the world. Based on the revenue acceleration and the expense outlook provided above, we believe the adjusted EBITDA we expect to deliver in Q3 puts us on the path to double that prior commitment, resulting in roughly 400 basis points of year-over-year adjusted EBITDA margin expansion for full year 2023.

轉向開支。我們預計第三季度非公認會計原則運營支出將同比增長在較低的個位數範圍內。請注意，我們的運營費用指導不包括收入成本。正如我們之前指出的，我們致力於在 2023 年全年將全球任何州的調整後 EBITDA 利潤率同比擴大數百個基點。根據上述收入加速和費用前景，我們相信，我們預計在第三季度實現的調整後 EBITDA 將使我們能夠將之前的承諾翻一番，從而使調整後 EBITDA 利潤率同比增長約 400 個基點2023 年全年。

We feel good about the progress we've made on users, engagement and monetization while also maintaining cost discipline to ensure we are investing in areas with clear line of sight to strong returns to capture the sizable revenue potential we see ahead.

我們對在用戶、參與度和貨幣化方面取得的進展感到滿意，同時也保持成本控制，以確保我們投資於視野清晰、回報強勁的領域，以捕捉我們未來可觀的收入潛力。

With that, I'll now turn the call over to Bill for a few final words.

現在，我將把電話轉給比爾，讓他說最後幾句話。

Thanks, Julia. I'm proud of our team's execution to deliver strong results in Q2. And I'm confident that we're making the appropriate investments to provide great experiences for our users and more value for advertisers. I want to thank our teams at Pinterest, our advertising partners and all the people that come to Pinterest to find inspiration.

謝謝，朱莉婭。我為我們團隊在第二季度取得強勁業績的執行力感到自豪。我相信，我們正在做出適當的投資，為我們的用戶提供良好的體驗，並為廣告商提供更多價值。我要感謝我們的 Pinterest 團隊、我們的廣告合作夥伴以及所有來到 Pinterest 尋找靈感的人們。

And with that, we can open the call up for questions.

這樣，我們就可以開始提問了。

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

（操作員說明）第一個問題來自高盛的埃里克·謝里丹（Eric Sheridan）。

Maybe 2, if I could. Bill, first for you. You talked a lot about product and platform iteration and there's also a lot of talk about the current advertising environment. Can you talk a little bit about when you think about the elements of revenue reacceleration that are building in your business, how much are elements that are within your control based on things you're building and sort of executing on inside the business versus elements of volatility down to the broader ad environment or macro environment that are somewhat out of your control? And then the second one, Julia, first, congrats on the new role. I look forward to working with you going forward. I wanted to come back to your comments during your prepared remarks and just delve a little bit deeper in what you see as some of the big opportunities or agenda items that you want to tackle in this role as the CFO at Pinterest?

如果可以的話，也許是 2 個。比爾，首先是你。您談了很多關於產品和平台迭代的內容，也談了很多關於當前廣告環境的內容。當您考慮在您的業務中構建的收入重新加速的要素時，您能否談談基於您正在構建和在業務內部執行的內容與您控制的要素有多少是在您的控制範圍之內的？波動性是否會下降到更廣泛的廣告環境或宏觀環境，而這些環境在某種程度上超出了您的控制範圍？然後是第二位，朱莉婭，首先祝賀你擔任新角色。我期待與您繼續合作。我想在您準備好的發言中回顧一下您的評論，並更深入地探討一下您認為作為 Pinterest 首席財務官您希望解決的一些重大機遇或議程項目？

Thanks for the questions, Eric. So to your first question, on what we can control and what's sort of in the broader environment. The broader environment is seeing some stabilization and some signs of recovery, but there's still a lot of puts and takes and a lot of choppiness out there. Direct example of that is if you look at pricing impact, which would be sort of a direct evidence of sort of softness in the ad market, that's down 20% year-on-year for us, that's pretty consistent with what you see across other large platforms, some of which have had year-on-year declines last year and year-on-year declines again this year that were double-digit plus or 15 percentage point plus. So you have this pretty strong pricing headwind, which is just the element of like softness in the broader market. And so while there is some signs of stabilization in pockets of recovery, there's still choppiness as evidenced by both us and other major platforms with that pretty material headwind on pricing.

謝謝你的提問，埃里克。關於你的第一個問題，我們可以控制什麼以及在更廣泛的環境中會發生什麼。更廣泛的環境正在出現一些穩定和一些復甦的跡象，但仍然存在大量的看跌期權和波動。直接的例子是，如果你看一下定價影響，這將是廣告市場疲軟的直接證據，我們的廣告市場同比下降了 20%，這與你在其他廣告市場看到的情況非常一致。大型平台，其中一些平台去年同比下降，今年又同比下降兩位數以上，即15個百分點以上。因此，你面臨著相當強勁的定價逆風，這正是大盤市場疲軟的因素。因此，儘管復甦的部分出現了一些穩定的跡象，但正如我們和其他主要平台在定價方面面臨相當大的阻力所證明的那樣，仍然存在波動。

But if you look at -- to your question of what we can control there, we feel fantastic about the progress that we're making. And the things in our control, most noteworthy, the return to user growth. We just put up our largest user growth quarter in 2-plus years, deepening engagement on the platform. We've talked about how, given the high commerciality of what users do on our platform that we can take ad load much higher than what it has been that ads in a commercial context can be really relevant content. And so we can take ad load higher even while driving deeper engagement, and you see that evidence in our result. That's a really unique thing in the ad world to be able to do that.

但如果你看看我們可以控制什麼的問題，我們對我們正在取得的進展感到非常高興。而在我們掌控的事情中，最值得注意的是用戶增長的回歸。我們剛剛實現了兩年多來最大的用戶增長季度，加深了平台的參與度。我們已經討論過，考慮到用戶在我們平台上所做的事情具有高度商業性，我們可以使廣告負載遠遠高於商業環境中的廣告真正相關的內容。因此，即使在推動更深入的參與度的同時，我們也可以提高廣告負載，您可以在我們的結果中看到這一證據。能夠做到這一點在廣告界確實是一件非常獨特的事情。

And particularly in social media, where ads tend to sort of take the user away from what they're trying to do because they're more of an entertainment mode. Here, because we have the user in a lean forward intent mode, we are demonstrating through our whole page optimization work and our dynamic ad load that we've been able to take ad load up 30% -- or drive 30%-plus lift in impressions, part of that driven by growth in user engagement, but a big part of that driven by increasing ad load while engagement is up, meaning we're proving out those ads as relevant content. So I think that, coupled with the advertiser side of this, where as they're getting more adoption of our measurement tools, they continuously as they adopt our latest measurement tools, spend more and tend to be much faster growers than those on the rest of our platform.

尤其是在社交媒體中，廣告往往會讓用戶遠離他們正在嘗試做的事情，因為它們更多的是一種娛樂模式。在這裡，因為我們讓用戶處於前傾意圖模式，所以我們通過整個頁面優化工作和動態廣告負載展示了我們已經能夠將廣告負載提高 30%，或者推動 30% 以上的提升在展示次數方面，部分是由用戶參與度的增長推動的，但很大一部分是由參與度上升時廣告負載的增加推動的，這意味著我們正在證明這些廣告是相關內容。因此，我認為，再加上廣告商方面，隨著他們越來越多地採用我們的衡量工具，他們不斷地採用我們最新的衡量工具，花費更多，並且往往比其他人更快地成為種植者我們的平台。

I've shared this in some prior remarks later in the quarter -- this past quarter that those that have adopted our measurement tools tend to grow on the order of 30% year-on-year. Those that have not yet adopted or mid-single-digit decline. So as we're driving that adoption curve, that headwind will increasingly flip around to tailwind for us. And so those are things that are in our control. But again, if you step back from it, give us lots of confidence in where we're going. And I think it's why if you step all the way back, and you look at us versus the broader ad market, we're one of the only major ad platforms that has grown consistently every quarter through the downturn in the ad market, and why we're seeing acceleration quarter-on-quarter.

我在本季度晚些時候的一些評論中分享了這一點——上個季度，那些採用我們的衡量工具的企業往往同比增長 30% 左右。那些尚未採用或出現中個位數下降的國家。因此，當我們推動採用曲線時，對我們來說，逆風將逐漸轉變為順風。所以這些都是我們可以控制的事情。但同樣，如果你退後一步，就會給我們對前進的方向充滿信心。我認為這就是為什麼如果你退一步，看看我們與更廣泛的廣告市場相比，我們是在廣告市場低迷時期每個季度持續增長的唯一主要廣告平台之一，以及為什麼我們看到季度環比加速。

And while that acceleration is moderate, when you look at the 20 point-plus headwind on pricing and the fact that we're one of the only consistent growers through the downturn, I think that speaks to the really positive progress on the platform. And then final point, I'd just say a year ago, one of the big questions was would shopping work on the platform. We had user research to send more than half the users here to shop, the wood shopping work on the platform. And there, I think our results just could not be more encouraging. We talked about 50%-plus year-on-year improvement in engagement with shoppable content, as we brought shoppable content on to our main surfaces.

雖然這種加速是溫和的，但當你看到定價上 20 個百分點以上的逆風，以及我們是經濟低迷時期唯一穩定的種植者之一這一事實時，我認為這說明了該平台取得了真正積極的進展。最後一點，我想說一年前，一個大問題是在該平台上購物是否可行。我們進行了用戶研究，讓一半以上的用戶來這裡購物，在平台上進行木材購物工作。在那裡，我認為我們的結果非常令人鼓舞。我們談到，隨著我們將可購物內容帶到我們的主要界面，可購物內容的參與度同比提高了 50% 以上。

And that's accelerating quarter-on-quarter from 35% last quarter. So that as an indicator of the commerciality of our platform and what we can do for advertisers I think, again, just gives us tremendous optimism and what we can't predict when the sort of pricing headwinds in the broader ad market alleviate or turn back into a tailwind, we've been able to deliver really solid growth even with a 20-point plus headwind. And I'll give it to Julia for your second question.

而且這一數字比上季度的 35% 有所加快。因此，作為我們平台的商業性以及我們可以為廣告商做些什麼的指標，我認為，這再次給我們帶來了巨大的樂觀情緒，以及我們無法預測的情況，即更廣泛的廣告市場中的定價逆風何時會緩解或逆轉即使逆風 20 點以上，我們仍然能夠實現真正穩健的增長。我將把你的第二個問題交給朱莉婭。

Yes. Thanks, Eric, for the question. I appreciate it. So first, let me start with just a couple of observations. It's been obviously an exciting few weeks here for me at Pinterest. And from my prior seat, I heard a lot about Pinterest and the exciting pace of innovation that was taking place. Now that I'm on the inside, it's great to see that many other advertisers are really recognizing the same. When I first got here, the teams have just gotten back from Can. They were talking about the buzz and momentum from agencies and advertisers about all the ad products we're building. As we mentioned earlier, we've actually tripled the number of ad formats released so far this year versus last year. And we're really accelerating the pace of ad stack innovation meaningfully as we described earlier. So that's starting to really get recognized by the broader advertiser community, which is great to see.

是的。謝謝埃里克提出的問題。我很感激。首先，讓我從一些觀察開始。對我來說，在 Pinterest 度過了令人興奮的幾週。在我之前的座位上，我聽到了很多有關 Pinterest 的信息以及正在發生的令人興奮的創新步伐。現在我進入了內部，很高興看到許多其他廣告商也真正認識到了這一點。當我第一次來到這裡時，球隊剛剛從坎回來。他們談論的是代理商和廣告商對我們正在構建的所有廣告產品的熱議和勢頭。正如我們之前提到的，與去年相比，今年迄今為止發布的廣告格式數量實際上增加了兩倍。正如我們之前所描述的，我們確實正在有意義地加快廣告堆棧創新的步伐。因此，這開始真正得到更廣泛的廣告商群體的認可，這是很高興看到的。

The second observation I'd have is just how impressed I've been, early in here just the level of engineering and product talent that we have inside the company here, particularly in our AI functions. We have really world-class AI teams that have -- Pinterest has been a talent magnet on that front. So I'm impressed to see and learn how embedded AI actually is in virtually every aspect of our platform today. And if you think about sort of agenda items and where we go from here, obviously, I'm very excited about the direction that this team already has taken a company and that's a big part of why I chose to join and help build on that momentum. I'd say we've made some real progress over the last year, but my -- where he looks forward to partnering with the team is continuing to make sure we're driving those investments in areas with really clear line of sight to returns where we're investing in that growth to capture the revenue opportunity but also doing so profitably and looking to drive that operating leverage over time.

我的第二個觀察結果是，早期我們公司內部的工程和產品人才水平給我留下了深刻的印象，特別是在我們的人工智能功能方面。我們擁有真正世界一流的人工智能團隊——Pinterest 一直是這方面的人才磁石。因此，當我看到並了解嵌入式人工智能實際上如何滲透到我們今天平台的幾乎各個方面時，我印象深刻。如果你考慮一下議程項目以及我們從這裡開始的方向，顯然，我對這個團隊已經為公司指明的方向感到非常興奮，這也是我選擇加入並幫助在此基礎上發展的一個重要原因勢頭。我想說，我們在過去的一年裡取得了一些真正的進展，但我的——他期待與團隊合作，繼續確保我們在回報視野非常清晰的領域推動這些投資我們投資於這種增長，以抓住收入機會，同時也能實現盈利，並希望隨著時間的推移提高運營槓桿。

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

下一個問題來自羅斯桑德勒與巴克萊銀行的對話。

Bill, so we're starting to see these really nice SKU-level ads from Amazon showing up in the app. And you just mentioned that you guys have been able to increase ad loads pretty nicely even before turning these on. So I guess can you just talk about like how you think about ad load, the ceiling to ad load if there is one? And then how these new Amazon ads compare from a pricing perspective to the directly sold Pinterest ads? And then the second question is just on the new categories, the travel, financial services, auto, just how you guys are viewing? I know it's early, but how are you viewing those non-endemic categories in terms of potential opportunity in the next couple of years?

Bill，所以我們開始看到來自亞馬遜的這些非常漂亮的 SKU 級廣告出現在應用程序中。您剛剛提到，即使在打開這些功能之前，你們也已經能夠很好地增加廣告負載。所以我想你能談談你對廣告負載的看法嗎？廣告負載的上限（如果有的話）？那麼，從定價角度來看，這些新的亞馬遜廣告與直接銷售的 Pinterest 廣告相比如何？第二個問題是關於新的類別，旅遊、金融服務、汽車，你們怎麼看？我知道現在還為時尚早，但您如何看待這些非流行類別未來幾年的潛在機會？

Thanks, Ross. So on your point on the Amazon ads partnership, as I've said before, we really believe that the commerciality on our platform can allow us to take ad load much higher. We don't break our ad load specifically, but we've talked about the 30% plus growth in monetizable supply, which is meaningfully faster than our engagement growth overall. That's really been driven by bringing more relevant shoppable content onto the platform for users. So Amazon as a partner we're quite encouraged that they can bring more of that shoppable content plus a great buying experience for users.

謝謝，羅斯。因此，關於您關於亞馬遜廣告合作夥伴關係的觀點，正如我之前所說，我們確實相信我們平台上的商業性可以讓我們獲得更高的廣告負載。我們沒有具體打破我們的廣告負載，但我們談到了可貨幣化供應量的 30% 以上增長，這明顯快於我們整體參與度的增長。這實際上是通過為用戶在平台上帶來更多相關的購物內容來推動的。因此，亞馬遜作為合作夥伴，我們非常高興他們可以為用戶帶來更多的可購物內容以及良好的購買體驗。

And so while it's a multi-quarter implementation and again, a reminder that the biggest element of that revenue, we expect to start hitting in early '24, we're really pleased with the pace of implementation. And in those early results, I expanded a bit on those early results that we're so happy about -- one of the biggest things we're happy about is that we're seeing improvement and relevancy even beyond what we're already very optimistic expectations on our side. And so as we see that it's contributing to more relevant shopping content that further bolsters our view that we can take ad load much higher. And if you compared to other analogs that I've seen in past life and that you all could see as you sort of count ad load or add slots on other sort of shopping experiences, ad load provided we have the right relevancy, ad load can be a multiple of what it is today for our users, particularly when users are in commercial context and more than half the users are here to shop.

因此，雖然這是一個多季度的實施，並且再次提醒我們，我們預計該收入的最大組成部分將在 24 年初開始實現，但我們對實施的速度感到非常滿意。在這些早期結果中，我對那些我們非常高興的早期結果進行了一些擴展——我們最高興的事情之一是，我們看到了改進和相關性，甚至超出了我們已經非常滿意的水平。我們這邊的樂觀預期。因此，當我們看到它有助於提供更相關的購物內容時，這進一步支持了我們的觀點，即我們可以提高廣告負載。如果您與我過去見過的其他類似情況進行比較，並且當您計算廣告負載或在其他類型的購物體驗上添加廣告位時，您都可以看到，廣告負載只要我們具有正確的相關性，廣告負載就可以對於我們的用戶來說，它是今天的倍數，特別是當用戶處於商業環境中並且超過一半的用戶在這裡購物時。

So I think that says that there is still a lot more -- a lot more runway ahead, quite a high ceiling for where we can go with ad load and the fact that we've already been growing at 30% plus year-on-year in terms of overall monetizable supply while also increasing engagement is proving out that theory of the case that we can grow ad load while also making it relevant engagement driving content for our users. So we feel really good about all that.

所以我認為這說明還有更多的事情要做——還有更多的路要走，我們可以在廣告負載方面達到相當高的上限，而且事實上我們已經以 30% 以上的年增長率增長——就整體可貨幣供應量而言，同時增加參與度也證明了這樣的理論：我們可以增加廣告負載，同時也為我們的用戶提供相關的參與度驅動內容。所以我們對此感覺非常好。

And then to your second question on new categories and how we're seeing those sort of previously non-endemic categories, across Pinterest, we talked about the uniqueness of Pinterest being that it's a great full funnel platform where people would go from inspiration to action. But we knew that actionability was historically a weaker part of the platform, as we've been bringing in more satisfaction of intent, more ability to go from intent to action, we're seeing that, that is resonating across categories, across verticals. And so a few that we mentioned, like travel, auto, men's fashion, we're seeing that as we're doing more to create satisfaction of intent, that is applying well across other categories.

然後，關於新類別的第二個問題，以及我們如何看待 Pinterest 上那些以前非流行的類別，我們討論了 Pinterest 的獨特性，因為它是一個很棒的全漏斗平台，人們可以在其中從靈感到行動。但我們知道，可操作性歷來是平台的一個較弱部分，因為我們一直在帶來更多的意圖滿足，更多的從意圖到行動的能力，我們看到，這在跨類別、跨垂直領域產生了共鳴。因此，我們提到的一些類別，例如旅行、汽車、男士時尚，我們發現，隨著我們採取更多措施來創造意圖滿足感，這在其他類別中也得到了很好的應用。

Travel is probably the most noteworthy I mentioned in my prepared remarks, travel is quite a large ad market overall. People have always dreamed about travel on Pinterest. But again, like shopping, the actionability was lower. As we've taken our work in shopping applied a lot of that base technology to travel and opened up a travel catalog as we now have made more of those travel ads and clickable and engageable by the user with things like pricing information availability, we're seeing that intent to action effort is driving really good results with users and with advertisers. So I think that's quite encouraging that while we still have tremendous runway to go in shopping, there are other meaningful categories and verticals on Pinterest, and so we're quite excited about that.

旅行可能是我在準備的演講中提到的最值得注意的地方，旅行總體來說是一個相當大的廣告市場。人們一直夢想著在 Pinterest 上旅行。但同樣，就像購物一樣，可操作性較低。由於我們在購物方面的工作將大量基礎技術應用於旅行並開放了旅行目錄，因為我們現在製作了更多的旅行廣告，並且用戶可以通過定價信息可用性等內容進行點擊和參與，我們'我們看到，行動的意圖正在為用戶和廣告商帶來真正好的結果。因此，我認為這是非常令人鼓舞的，雖然我們在購物方面仍有廣闊的空間，但 Pinterest 上還有其他有意義的類別和垂直領域，因此我們對此感到非常興奮。

Finally, I would just say on the organic side of that, I mentioned some of what we're doing around helping to nudge users into other use cases. I think this is one of the things we've seen historically is that Pinterest could at times be more episodic for some users, and we've been leveraging some of our AI capabilities and some of our product experiences to now nudge users towards other relevant categories for them. And we're finding that is working really well. So we think there's a lot more runway to go there.

最後，我只想說，在有機方面，我提到了我們正在做的一些事情，以幫助推動用戶進入其他用例。我認為這是我們歷史上看到的事情之一，Pinterest 對於某些用戶來說有時可能會更加間歇性，我們一直在利用我們的一些人工智能功能和一些產品體驗來推動用戶轉向其他相關的產品他們的類別。我們發現這種方法效果非常好。所以我們認為還有更多的跑道可以到達那裡。

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

下一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

A couple for me on the partner monetization side, if I can. First, it sounds like Amazon partnership is progressing faster than you guys expected. What are the big outstanding blocks you need to get through to scale that? And as you think about potentially adding other partners, like are those things that would need to get redone from scratch? Or is this more foundational platform efforts? And then second one, the partnership you guys announced with Aleph, how meaningful could that contribution ultimately grow to? And in markets where you have their sales force helping you and other third parties, how will you kind of toggle between those sorts of go-to-market and Aleph?

如果可以的話，我在合作夥伴貨幣化方面有一些建議。首先，聽起來亞馬遜合作夥伴關係的進展速度比你們預期的要快。為了擴大規模，您需要克服哪些重大的突出障礙？當您考慮可能添加其他合作夥伴時，那些事情是否需要從頭開始重做？或者這是更基礎的平台工作？第二個，你們宣布與 Aleph 的合作夥伴關係，這種貢獻最終會變得多麼有意義？在您有銷售人員為您和其他第三方提供幫助的市場中，您將如何在此類進入市場和 Aleph 之間進行切換？

Thanks for the question, Lloyd. So on the partnership with Amazon and sort of your broader comments on bringing on third-party demand, as we said, yes, we are very pleased with the pace of implementation and even more importantly, pleased with the significant improvement in relevancy and what that says about the long-term potential of that partnership. And so a couple of things I would note. You asked about the pace there. Yes, we are pacing ahead of expectations. At the same time, as we get relevancy really right that places a much higher ceiling on the long-term potential of the partnership. So in the near term, we're making sure that even though we're really pleased with the pace and the progress and the results, then we want to make sure we do that in a methodical way getting the relevancy really right for the user because as we do that, that gives us a much higher long-term ceiling.

謝謝你的提問，勞埃德。因此，關於與亞馬遜的合作以及您對引入第三方需求的更廣泛的評論，正如我們所說，是的，我們對實施的速度感到非常滿意，更重要的是，對相關性的顯著改善以及相關性的顯著改善感到滿意談到了這種夥伴關係的長期潛力。我要注意一些事情。你問了那裡的節奏。是的，我們的步伐超出了預期。與此同時，當我們真正掌握相關性時，我們就為合作夥伴關係的長期潛力設定了更高的上限。因此，在短期內，我們要確保，即使我們對速度、進展和結果非常滿意，我們也希望確保以一種有條不紊的方式做到這一點，讓相關性真正適合用戶因為當我們這樣做時，這會給我們帶來更高的長期上限。

So we're not going to sort of sacrifice the long term to sort of go faster than is necessary in the short term, but we are seeing really positive progress there. And I'd say our long-term view of that partnership just continues to expand, even though we want to be careful not to get ahead of ourselves in terms of revenue contribution for this year. We do think that when you step back and say, our big opportunity here is about making our platform shoppable content to users. What we're seeing there, extraordinarily encouraging. I think the ceiling only continues to lift as you look at the long term there. And the pacing again is better than where we had expected.

因此，我們不會為了短期內比必要的速度更快而犧牲長期目標，但我們看到了真正積極的進展。我想說的是，我們對這種合作夥伴關係的長期看法正在繼續擴大，儘管我們希望小心不要在今年的收入貢獻方面超前。我們確實認為，當你退一步說，我們這裡的巨大機會是讓我們的平台向用戶提供可購買的內容。我們在那裡所看到的，非常令人鼓舞。我認為，從長遠來看，天花板只會繼續上升。而且節奏再次比我們預期的要好。

You had asked about other partners. We've mentioned this previously, we do expect to have multiple partners to help us bring in engaging relevant content, ad demand for our users. We're focused on making sure we get this first one really right. But we are building in a way that will help to sort of agree the skids for others. And so we do think as we land this one really well, and that's tracking well, and we start to look towards other potential partners that we're building this in a way that is repeatable, and will help us continue to accelerate as we think about where we go forward. But again, we're going to make sure we get this one really right, particularly getting that user relevancy right because if we get that right, then the ability to go take that ad load up much higher while still deepening engagement with users is really the longer-term potential here. And again, all signals there are encouraging even beyond our prior expectations.

您曾詢問過其他合作夥伴的情況。我們之前已經提到過這一點，我們確實希望有多個合作夥伴來幫助我們為用戶帶來有吸引力的相關內容和廣告需求。我們專注於確保第一個項目真正正確。但我們正在以一種有助於其他人同意滑行的方式進行建設。因此，我們確實認為，當我們確實很好地實現了這一點，而且進展順利時，我們開始尋找其他潛在的合作夥伴，我們正在以一種可重複的方式構建這一點，並將幫助我們繼續加速我們的想法關於我們前進的方向。但再次強調，我們將確保這一點確實正確，特別是正確的用戶相關性，因為如果我們正確地做到這一點，那麼我們就能夠在加深與用戶互動的同時大幅提高廣告負載。這裡的長期潛力。再說一次，所有的信號都令人鼓舞，甚至超出了我們之前的預期。

You asked about what we're doing with Aleph and how meaningful that could be. So for that, as we think about international, we do think that our international monetization is a big opportunity for us. This past year, we had to really focus on making sure that we made some meaningful updates to our user experience and our ad capabilities in our largest markets, which are highly competitive, and so we feel good about the progress we made on that.

你問過我們正在用 Aleph 做什麼以及這有多大意義。因此，當我們考慮國際化時，我們確實認為國際貨幣化對我們來說是一個巨大的機會。在過去的一年裡，我們必須真正專注於確保我們在競爭激烈的最大市場中對用戶體驗和廣告功能進行一些有意義的更新，因此我們對我們在這方面取得的進展感到滿意。

We did start to make some focused investment in the international, particularly with agencies and partners that can help us drive more distribution and meeting our advertisers where they are. And so as we have leaned into agency deals and partners that can help us distribute internationally, we have seen those have performed quite well without speaking to any one specific partner, we've seen that those have been growing at a much faster rate of revenue than what we would see otherwise. So we think there's a lot more yield in that.

我們確實開始在國際上進行一些重點投資，特別是與可以幫助我們推動更多分銷並滿足廣告商所在地的代理機構和合作夥伴。因此，當我們傾向於能夠幫助我們進行國際分銷的代理交易和合作夥伴時，我們看到這些交易和合作夥伴在沒有與任何特定合作夥伴交談的情況下表現得相當好，我們看到這些交易和合作夥伴的收入增長速度要快得多比我們在其他情況下看到的要多。所以我們認為這會帶來更多的收益。

And as we look into '24, we think international that has probably been under monetized across the board, we have been even more undermonetized internationally, and so I think we have some really encouraging proof points to say there's a lot more we can lean into international monetization as we go into '24, particularly with partners like Aleph and others that can help us accelerate that distribution.

當我們展望 24 世紀時，我們認為國際市場可能全面貨幣化不足，我們在國際上的貨幣化程度甚至更低，所以我認為我們有一些非常令人鼓舞的證據表明我們還有很多可以藉鑑的地方當我們進入 24 世紀時，國際貨幣化，特別是與 Aleph 和其他可以幫助我們加速分配的合作夥伴合作。

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

下一個問題來自 Mark Mahaney 和 Evercore 的對話。

Okay. I want to ask about the 2 things: the LLM models, the impact you've seen in terms of cost per action, reduced cost per action and lift in CTRs. I would assume these are still kind of early stage results for you. Could you talk maybe about what kind of long-term impact you could see? Or is that kind of in the unknown knowns? How much better do you think the application of large language models to Pinterest -- much more of an improvement could you see on both the user and the advertiser side?

好的。我想問兩件事：LLM 模型、您在每次操作成本方面看到的影響、每次操作成本的降低和點擊率的提升。我認為這些對你來說仍然是早期階段的結果。您能談談您能看到什麼樣的長期影響嗎？或者這是一種未知的已知？您認為大型語言模型在 Pinterest 上的應用有多好——您可以在用戶和廣告商方面看到更多的改進嗎？

And then one specific question about this data point you provided, I don't know, a month ago about how 10% of your advertisers were -- had adopted your measurement tools, and they're growing 30% year-over-year in terms of their ad spend with you. Where are those 2 numbers now? And like what's a reasonable expectation for when 10% gets to 50%?

然後，關於您提供的這個數據點的一個具體問題，我不知道，一個月前，您的廣告商中 10% 的廣告商採用了您的衡量工具，並且他們在 2019 年同比增長了 30%。他們與您的廣告支出條款。那兩個數字現在在哪裡？當 10% 達到 50% 時，合理的預期是多少？

Thanks, Mark. Appreciate the questions. So on LLM models, 2 things are simultaneously true: One is we are seeing tremendous benefit, and we are pretty far along with what we're doing there. The second thing that's true, though, is that as you look at the long run, I think there is a lot more runway to go in terms of what we can do with that poor technology, particularly when you consider the fact that, that technology is going to continue advancing.

謝謝，馬克。感謝您提出的問題。因此，在法學碩士模型上，有兩件事同時成立：一是我們看到了巨大的好處，而且我們在所做的事情上已經取得了很大進展。不過，第二件事是真實的，從長遠來看，我認為就我們可以用這種糟糕的技術做的事情而言，還有很多路要走，特別是當你考慮到這一事實時，該技術將會繼續前進。

So to be more specific, on larger models and next-gen AI capabilities moving from CPUs and GPUs, things like that, I mentioned in my prepared remarks, we really started into that nearly a year ago. These things were available prior to sort of a lot of -- the sort of big uptick in sort of the news cycle around earlier this year. These things were available and I worked close with them in past lives, knew the potential there, and it's something we really started to lean into nearly a year ago.

更具體地說，關於更大的模型和從 CPU 和 GPU 轉移的下一代人工智能功能，諸如此類的事情，我在準備好的發言中提到，我們實際上是在大約一年前開始這樣做的。這些東西在今年早些時候的新聞周期大幅上升之前就已經存在了。這些東西是可用的，我在前世與它們密切合作，了解它們的潛力，這是我們大約一年前真正開始傾向於的東西。

We started first on the organic side. And so as you look over the past several quarters, the fact that we've been able to take our recommender models up to be 100x larger than what they were. I mentioned on the call that 10 percentage point improvement in perceived relevancy by the user. In the world of search, advertising, discovery, 10 percentage point improvements in relevancy are like completely unheard of, like the magnitude of that like cannot be overstated. So I think that says, okay, we're seeing really tremendous impact from that, and we're well on our way on that on the organic side.

我們首先從有機方面開始。回顧過去幾個季度，我們已經能夠將推薦模型擴大到原來的 100 倍。我在電話中提到，用戶感知的相關性提高了 10 個百分點。在搜索、廣告、發現的世界中，相關性提高 10 個百分點是完全聞所未聞的，其幅度怎麼強調都不為過。所以我認為這說明，好吧，我們確實看到了巨大的影響，而且我們在有機方面正在努力實現這一目標。

On the ad side, we just started bringing that over to the ad side now with models 100x larger. So we got right on the organic side first. Now we're bringing it to the ad side. And yes, same thing on the ad side, when you look at those things like a 5% reduction in CPA and a 10% lift in click-through rates, again, in the world of advertising, those are unheard of kind of numbers. And so we're early on there, but the impacts were profound.

在廣告方面，我們現在剛剛開始將其帶到廣告方面，模型放大了 100 倍。所以我們首先從有機方面入手。現在我們把它帶到廣告方面。是的，廣告方面也是如此，當你看到每次轉化費用降低 5% 和點擊率提高 10% 之類的事情時，在廣告領域，這些都是聞所未聞的數字。所以我們在這方面起步較早，但影響卻是深遠的。

So we're quite excited about how much more runway is left with those things. But we're deep enough in it to know that we feel like we are absolutely drafting on that acceleration and innovation that's happening in AI generally. It's been a core strength of Pinterest for a long time, computer vision as one of the places that has been sort of at the forefront of sort of advancements in AI and computer vision has been a strength for Pinterest, and we've got a really talented team there. So we feel really well positioned on continuing leverage from AI or further along on organic, but with a lot of runway to go. On the ad side, we're earlier there, but already seeing profound impacts. So again, tons of runway on both.

因此，我們對這些東西還剩下多少跑道感到非常興奮。但我們已經足夠深入，知道我們感覺我們絕對是在人工智能領域普遍發生的加速和創新的基礎上起草的。長期以來，它一直是 Pinterest 的核心優勢，計算機視覺作為人工智能進步的前沿領域之一，計算機視覺一直是 Pinterest 的優勢，我們確實擁有那裡有才華橫溢的團隊。因此，我們認為在繼續利用人工智能或進一步利用有機技術方面處於有利地位，但還有很多路要走。在廣告方面，我們很早就做到了這一點，但已經看到了深遠的影響。再說一遍，兩者都有大量的跑道。

I think on your second question, around the 10% of advertisers that had adopted measurement tools growing 30% -- on the range of 30%, we gave that update pretty deep into the quarter -- last quarter. So we're not updating those specific numbers at this moment. We're going to have our Investor Day coming up. We'll talk more about some of the progress there. The one thing I will say is that we've seen really nice continued adoption. The biggest thing I've been watching for is, as we continue along that adoption curve, do we continue to see the linkage between advertisers adopting the measurement tools and then seeing that they were getting much better performance than what they had realized from Pinterest and increasing spend.

我認為關於你的第二個問題，大約 10% 的廣告商採用了衡量工具，增長了 30%——在 30% 的範圍內，我們在本季度——上個季度——進行了相當深入的更新。因此，我們目前不會更新這些具體數字。我們即將迎來投資者日。我們將更多地討論那裡的一些進展。我要說的一件事是，我們已經看到了非常好的持續採用。我一直在關注的最重要的事情是，當我們沿著採用曲線繼續前進時，我們是否會繼續看到廣告商採用測量工具之間的聯繫，然後看到他們獲得的效果比他們從 Pinterest 和增加支出。

And that linkage, not only has that remained present as we've continued along that adoption curve. That linkage is becoming stronger. And maybe to give a little bit of a qualitative example of that when we were at Can, not that long ago, and great gathering of many of the world's leading advertisers, we had tremendous buzz there on a number of fronts just around the overall acceleration in our platform, our users and the acceleration of our ad platform. But this point of advertisers adopting and seeing that they were getting much more performance than what they had realized and there were much more performance oriented solutions available for them than what had been available for things like mobile deep link and things like that, that are driving great lower funnel performance.

當我們沿著採用曲線繼續前進時，這種聯繫不僅仍然存在。這種聯繫正在變得越來越緊密。也許可以舉一個定性的例子來說明這一點，不久前我們在 Can 時，許多世界領先的廣告商齊聚一堂，我們在許多方面圍繞整體加速進行了巨大的討論。在我們的平台、我們的用戶和我們的廣告平台的加速中。但是，廣告商採用這一點並發現他們獲得的性能比他們意識到的要高得多，而且他們可以使用的面向性能的解決方案比移動深度鏈接等可用的解決方案要多得多，這正在推動出色的下漏斗性能。

There was really good buzz around that. And there's nothing better than having a large sophisticated advertiser out there saying, "Oh, yes, we adopted that from Pinterest and saw really great results." And I think I mentioned that in my prior commentary that as we look at those that have adopted so far, or the early adopters, actually tended to be the larger, more sophisticated advertisers, the hardest ones to please. So I said before, if you can make them happy, you can make anybody happy. And that's what we've been seeing is that as successive cohorts are adopting, that linkage is not only still present, but getting stronger in terms of them seeing more performance than they realize and therefore, increasing their spend with us.

圍繞這件事確實引起了熱烈的討論。沒有什麼比有一個大型的、經驗豐富的廣告商說“哦，是的，我們從 Pinterest 那裡採用了它，並看到了非常好的結果”更好的了。我想我在之前的評論中提到過，當我們看到那些迄今為止已經採用的廣告商或早期採用者時，實際上往往是規模更大、更複雜的廣告商，也是最難取悅的廣告商。所以我之前說過，如果你能讓他們快樂，你就能讓任何人快樂。這就是我們所看到的，隨著連續的群體採用，這種聯繫不僅仍然存在，而且變得更強，因為他們看到的性能比他們意識到的要多，因此增加了他們在我們這裡的支出。

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

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

Bill, you were talking about sort of the AI and targeting. And I guess there's just this growing fear among investors that everyone not named Meta, Google, Apple will be sort of little struggle to compete in AI as we look out over the next 2 years. And given the importance of AI, both as you were talking about from content recommendations and ad targeting, and I know sort of the history you spoke at Pinterest in terms of computer vision. But would love to get a sense of how you think about how you compete with the -- what is, I guess, the juggernaut in tech, especially given your background at Google? And then I just got a quick follow-up on demographics.

比爾，你剛才談論的是人工智能和目標定位。我想投資者越來越擔心，在我們展望未來兩年的過程中，除 Meta、谷歌、蘋果之外的所有公司在人工智能領域的競爭都將陷入困境。考慮到人工智能的重要性，正如您所談論的內容推薦和廣告定位，我也了解您在 Pinterest 上談到的計算機視覺方面的歷史。但我想知道你如何看待你如何與——我猜，科技領域的巨頭競爭，特別是考慮到你在谷歌的背景？然後我對人口統計數據進行了快速跟進。

All right. Maybe we get the follow-up quickly, just so we know what it is, and we don't lose it from you.

好的。也許我們會很快得到後續信息，這樣我們就知道它是什麼，並且我們不會從您那裡失去它。

The follow-up is just, you talked about the demographic group, you talked about Gen Z growing so quickly. As we look at all of the different demos that use Pinterest, especially as you think about shopping, the actual -- taking action on content and buying content. Do you see any major deviations or changes in terms of what behavior looks at by demographic as you look by cohort? Anything to kind of call out in terms of what you're seeing on shopping activity specifically?

後續就是，你談到了人口群體，你談到了 Z 世代增長如此之快。當我們查看使用 Pinterest 的所有不同演示時，尤其是當您考慮購物時，實際情況是對內容採取行動併購買內容。您是否發現按人群觀察的行為與按同類人群觀察的行為有任何重大偏差或變化？關於您在購物活動中所看到的具體情況，有什麼需要指出的嗎？

Okay. Great. Thank you, Rich. So on your first question on AI, I think there's a question of do the benefits only accrue to the largest. I think we're already providing a pretty strong counterpoint to that. And actually, if you step back, I think if you look at like cloud computing, while, yes, cloud computing had a lot of benefits to the largest providers of cloud computing, it also created a lot of ability for a broad swath of people to engage. And I think you're seeing that with AI that -- yes, you have some of the largest players that are providing a lot of great capabilities there, but they're also externalizing those through cloud compute. It's also the case that the open source community is advancing really rapidly, and you're seeing some of these open source models are actually comparing quite favorably to some of the things that you would have seen come from the very largest players.

好的。偉大的。謝謝你，里奇。因此，關於你關於人工智能的第一個問題，我認為存在一個問題，即利益是否只惠及最大的人。我認為我們已經提供了一個非常有力的反駁。實際上，如果你退後一步，我認為如果你看看雲計算，雖然，是的，雲計算為最大的雲計算提供商帶來了很多好處，但它也為廣大人民創造了很多能力參與。我認為你會看到人工智能——是的，一些最大的參與者提供了很多強大的功能，但他們也通過雲計算將這些功能外部化。開源社區的發展也非常迅速，您會看到其中一些開源模型實際上與您從最大的參與者那裡看到的一些東西相比相當有利。

And if I step back for a moment, I would actually take the view that I think in the sort of first round of next-gen AI, I think you've seen a lot of value accrue to the model creators. As you play that forward, I actually think there's going to be a lot of value that starts to accrue to the places that have really unique signal and really unique user interactions. The AI is only as good as the signal of home, which is acting. And when you look at it through that lens, we have a really unique signal at Pinterest. We've talked about this that unlike the rest of social media, we have very high commercial intent. But if you go further in that, it's not just we have commercial intent, it's not just that we know what people might click on or buy, these commercial journeys are long-lived, and users on Pinterest interestingly, are curating for the future.

如果我退後一步，我實際上會認為，在下一代人工智能的第一輪中，我認為你已經看到模型創建者獲得了很多價值。當你向前推進時，我實際上認為那些擁有真正獨特的信號和真正獨特的用戶交互的地方將會開始積累很多價值。人工智能的好壞取決於家裡的信號，而家中的信號正在發揮作用。當你從這個角度來看時，我們在 Pinterest 上有一個非常獨特的信號。我們已經討論過，與其他社交媒體不同，我們有非常高的商業意圖。但如果你更進一步的話，我們不僅僅是有商業意圖，不僅僅是我們知道人們可能會點擊或購買什麼，這些商業旅程是長期存在的，有趣的是，Pinterest 上的用戶正在為未來做準備。

So we don't just know what people have done in the past, we know what they're planning to do in the future. When you think of the power of that signal and what that can do in terms of the power of recommendations that we can make to users, the advertising capabilities that we can open up with that, I think we just have a lot of uniqueness in our signal from the fact that it's not just the people are shopping here, they are curating here. They are not just saying, okay, here's the pair of shoes I'm interested in, the handbag that I'm interested in or the dress that I'm interested in, they're saying, "Here's how I think about putting a great outfit together." And this handbag and these shoes go with this dress, and that's being repeated across hundreds of millions of users on our platform.

因此，我們不僅知道人們過去做了什麼，我們還知道他們未來計劃做什麼。當你想到這個信號的力量，以及我們可以向用戶提供的推薦的力量，我們可以利用它開放的廣告功能時，我認為我們在我們的產品中擁有很多獨特性。事實上，人們不僅在這裡購物，而且還在這裡進行策展。他們不只是說，好吧，這是我感興趣的一雙鞋、我感興趣的手提包或我感興趣的裙子，他們是說，“這就是我考慮如何將一起穿很棒。”這款手提包和鞋子與這件衣服相搭配，我們平台上的數億用戶都重複了這一點。

That is a completely unique experience that doesn't exist anywhere else, certainly not in the Western world. And that really unique signal as we're pairing that with those models, I think that's letting us do really unique things with the way that we can make recommendations. So when I talk about that relevancy, a really interesting thing to think about for us is not even just that a search relevancy to you saying, "Okay, you search for the sign we give you the right thing." We're doing that on things like related items.

這是一種完全獨特的體驗，在其他任何地方都不存在，當然在西方世界也不存在。當我們將其與這些模型配對時，這個非常獨特的信號，我認為這讓我們能夠通過提出建議的方式做真正獨特的事情。因此，當我談論這種相關性時，對我們來說，值得思考的一件非常有趣的事情甚至不僅僅是搜索相關性，您會說：“好吧，您搜索我們為您提供正確信息的標誌。”我們正在對相關項目之類的事情這樣做。

And so to get to things like 94% plus relevancy, when we're doing broader sort of discovery for the user, that is exceptionally difficult, but is an example of us taking the models that are becoming more generally available for all and then applying them to really unique signal and really unique user interactions on our platform. So I feel that we are quite well positioned in the longer term sort of move towards next-gen AI and the dynamics there, I think, are quite favorable for us. And again, I think no better way than to demonstrate that in your results, and we've been doing that.

因此，當我們為用戶進行更廣泛的發現時，要達到 94% 以上的相關性，這是非常困難的，但這是我們採用越來越普遍適用於所有人的模型，然後應用的一個例子他們在我們的平台上發出真正獨特的信號和真正獨特的用戶交互。因此，我認為，從長遠來看，我們在邁向下一代人工智能的過程中處於非常有利的位置，而且我認為那裡的動態對我們非常有利。再說一遍，我認為沒有比在結果中證明這一點更好的方法了，我們一直在這樣做。

I think your second question on demographic groups. We've noted this multiple times that Gen Z is our fastest-growing demographic and our largest contributor to overall engagement, which means it's not just a high growth rate on a small denominator. It's our largest contributor to overall engagement growth. That's a really interesting thing I've worked on a lot of different consumer products and a lot of different platforms. Generally, as you get a more mature platform or more mature product, each successive cohort is a little less engaged, a little weaker.

我認為你的第二個問題是關於人口群體的。我們多次指出，Z 世代是我們增長最快的人群，也是我們整體參與度的最大貢獻者，這意味著它不僅僅是小分母上的高增長率。這是我們整體參與度增長的最大貢獻者。這是一件非常有趣的事情，我曾在很多不同的消費產品和很多不同的平台上工作過。一般來說，當你獲得一個更成熟的平台或更成熟的產品時，每個連續的群體的參與度都會降低一些，強度也會減弱一些。

To be able to say that we have Gen Z, a more recent cohort that's actually engaging even more deeply than our prior cohorts, I think is quite exceptional. And I think it gets to the fact that what we're solving with this ability to go from dreaming to doing and to use Pinterest as a way to play in your future, whether that's in travel or in shopping, I think that's really resonating in a lot of our next-gen experiences that we're bringing are resonating there as well, things like what we've done with Shuffles and the ability to go even more uniquely curate these things, that's working quite well.

能夠說我們有 Z 世代，這是一個更新的群體，實際上比我們以前的群體更深入地參與，我認為這是非常特殊的。我認為事實是，我們正在解決的問題是，從夢想到行動，並使用 Pinterest 作為你未來的一種娛樂方式，無論是在旅行還是購物中，我認為這確實能引起人們的共鳴。我們帶來的許多下一代體驗也在那裡引起了共鳴，比如我們對 Shuffles 所做的事情以及以更獨特的方式策劃這些東西的能力，效果非常好。

Shopping, you asked about that specifically. I think we're finding that to be broadly resonant. And so not only is the shopping behavior broadly resonant across demographics, I mentioned that, that shopping behavior or sort of if you step back and say, doing more inspiration to action. We're seeing that work across other verticals and categories. That's quite encouraging for us as well like the travel example that I've spoken about.

購物，你專門問過這個問題。我認為我們發現這引起了廣泛的共鳴。因此，購物行為不僅在不同人群中廣泛引起共鳴，我提到過，購物行為或者說，如果你退一步說，為行動提供更多靈感。我們看到這種做法在其他垂直領域和類別中也發揮著作用。這對我們來說非常令人鼓舞，就像我提到的旅行例子一樣。

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

最後一個問題來自道格·安穆斯 (Doug Anmuth) 與摩根大通 (JPMorgan) 的對話。

Bill, I know you touched on API, I guess, I just want to understand what's keeping advertisers from adopting here? And what are you doing proactively to move them along the adoption curve? And then secondly, any comments on the MAU decline in Europe in 2Q? I don't know if that was part of the birthday collection dynamics that you've talked about. And just curious if you have any thoughts on overall 3Q MAU outlook?

Bill，我知道你提到了 API，我想，我只是想了解是什麼阻止了廣告商採用這裡？您正在積極採取哪些措施來推動他們沿著採用曲線前進？其次，對第二季度歐洲月活躍用戶數下降有什麼評論嗎？我不知道這是否是您所說的生日收藏動態的一部分。只是好奇您對第三季度月活躍用戶總數的總體前景有何想法？

Thanks, Doug. I'll take your first one and then give Julia the second one. So our conversion API is important. Our conversion API, we've only recently put that out there. It's been on the market less than a year. So we're early on with that. So to say what's keeping folks from adopting it, we're really pleased with the progress that we've been making on that. It's a recent product for us, and we've seen really significant uptake of that product. So we feel really good about it overall. But of course, we wanted to be faster, given the magnitude of its impact is so consequential for us and the advertiser. I think the spirit of your question, like, hey, how do we move along the option curve faster. We very much are mindful of that.

謝謝，道格。我會拿走你的第一個，然後給朱莉婭第二個。所以我們的轉換API很重要。我們的轉換 API，我們最近才推出。它上市還不到一年。所以我們很早就開始這樣做了。因此，要說是什麼阻礙了人們採用它，我們對我們在這方面取得的進展感到非常滿意。這是我們最近推出的產品，我們已經看到該產品的使用率非常高。所以我們總體感覺非常好。但當然，我們希望速度更快，因為它的影響程度對我們和廣告商來說非常重要。我認為你的問題的實質是，嘿，我們如何更快地沿著期權曲線移動。我們非常注意這一點。

So a few things that we're thinking about. The first is with that being a recently introduced product, we've really been getting our own go-to-market really tight in terms of how our sales team is engaging. The more we have proof points I talked about having large sophisticated advertisers that are speaking about how impactful it's been for them. That -- those reference points are really compelling, that's really helping us drive better and better go-to-market with our first-party efforts there. But the other thing that we're doing is working to meet the advertisers where they are because there's a broad-based adoption curve on these things, it's not just us with the larger platforms are putting these things out there as well. And so advertisers are moving through an adoption curve on this. So we're making sure that we're working with third-party partners. We've mentioned some of them like LiveRamp and Tealium or Google Tag Manager.

我們正在考慮一些事情。首先，作為最近推出的產品，我們在銷售團隊的參與方式方面確實非常嚴格地進入市場。我們有越多的證據，我就談到大型複雜的廣告商正在談論它對他們的影響有多大。這些參考點確實非常引人注目，這確實有助於我們通過第一方的努力更好地進入市場。但我們正在做的另一件事是努力滿足廣告商的需求，因為這些東西有一個廣泛的採用曲線，不僅僅是我們擁有更大的平台也在把這些東西放在那裡。因此，廣告商正在經歷一個採用曲線。因此，我們確保與第三方合作夥伴合作。我們已經提到過其中一些，例如 LiveRamp 和 Tealium 或 Google 跟踪代碼管理器。

And then certainly, our recent partnership with Amazon's ad platform, these are all examples of integrating to the platforms where those advertisers are already integrated. So that sort of multipronged approach of saying we're going to get better and better with our own go-to-market, which is working really well and advancing quite nicely as well as meeting the advertiser where they are. Those things are sort of the 2-point approach of how we're accelerating that.

當然，我們最近與亞馬遜廣告平台的合作，這些都是集成到那些廣告商已經集成的平台的例子。因此，這種多管齊下的方法表明我們將通過自己的市場推廣變得越來越好，這種方法非常有效，並且進展順利，並且滿足了廣告商的需求。這些事情是我們如何加速這一進程的兩點方法。

And again, the most encouraging thing is that consistently as those advertisers adopt these measurement solutions, they're seeing better performance than they expected from us and increasing their spend with us. So we think that is right now, the balance of those advertisers given us a new product being tilted towards not yet having that tool while that creates some headwind for us. We talked about that cohort being a mid-single-digit decliner. But the ones that have adopted those tending to be growers on the order of 30% that headwind flips around a tailwind as we get more of that balance of adoption. And we are seeing strong pull-through on that.

同樣，最令人鼓舞的是，隨著這些廣告商不斷採用這些衡量解決方案，他們看到我們的表現比他們預期的要好，並增加了他們在我們身上的支出。所以我們認為現在，這些廣告商的平衡給了我們一個新產品，但我們還沒有這個工具，這給我們帶來了一些阻力。我們談到該群體是中等個位數的下降者。但是，隨著我們獲得更多的採用平衡，那些採用了大約 30% 的種植者的人，逆風就會變成順風。我們看到這方面的強勁推動力。

And then, Doug, just on your second question about monthly active user kind of trends, specifically in Europe and globally and now look for Q3. I'd say, as Bill noted, we feel really great about the monthly active user growth that we've seen globally. So we're at a 2-year high, both globally and in the U.S. and in rest of world and nearer to your high in Europe as well, if you look at year-over-year. Comps on MAUs, so I think we're feeling really good there.

然後，道格，關於你的第二個問題，關於每月活躍用戶的趨勢，特別是在歐洲和全球，現在尋找第三季度。我想說，正如比爾指出的那樣，我們對全球每月活躍用戶的增長感到非常滿意。因此，無論是全球、美國還是世界其他地區，我們都處於兩年來的高點，如果按年比較的話，也更接近歐洲的高點。根據每月活躍用戶數進行比較，所以我認為我們感覺非常好。

There is some seasonality in the business on monthly active users as we called out on our prior earnings call. This is -- Q2 is a 30-day look back and during the month of June. And so you do typically see a little bit more seasonal weakness in Q2 and then that reverts back in Q3. So it's important to really focus on year-over-year metrics looking here. And on that basis, we're continuing to feel quite strong. Birthday collection was something we noted on the prior call, that ended up being a nonfactor and not material.

正如我們在之前的財報電話會議上指出的那樣，該業務的月度活躍用戶存在一定的季節性。第二季度是 6 月份 30 天的回顧。因此，您通常會在第二季度看到更多的季節性疲軟，然後在第三季度恢復。因此，真正關注此處的同比指標非常重要。在此基礎上，我們仍然感覺相當強大。生日收藏是我們在之前的電話中註意到的事情，最終成為一個無關緊要的因素，而不是實質性的。

So overall feeling very good about all the trends that we're seeing on MAUs, the return on our marketing spend and all the user and growth engagements that we're investing in. And I would expect that we don't guide on MAUs for Q3 specifically, but in general, we feel really good about being able to maintain those year-over-year increases going forward.

因此，總體而言，我們對月活躍用戶數的所有趨勢、營銷支出的回報以及我們投資的所有用戶和增長參與度感覺非常好。而且我希望我們不會對月活躍用戶數進行指導具體來說是第三季度，但總的來說，我們對未來能夠保持同比增長感到非常滿意。

All right. Thanks again to all of you for joining the call and for your questions. We look forward to keeping the dialogue going, and hope you all enjoy the rest of your day. Thank you.

好的。再次感謝大家參加電話會議並提出問題。我們期待繼續進行對話，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。