Pinterest Inc (PINS) 2023 Q3 法說會逐字稿

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

午安.感謝您參加今天的 Pinterest 2023 年第三季財報電話會議。我叫漢娜，我將擔任今天電話會議的主持人。 （操作員說明）

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

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

Good afternoon, and thank you for joining us. Welcome to Pinterest's Earnings Call for the Third Quarter ended September 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 9 月 30 日的第三季財報電話會議。我是 Neil Doshi，Pinterest 投資者關係主管。今天參加電話會議的有 Pinterest 執行長 Bill Ready；和我們的財務長朱莉婭唐納利。

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 Q4 2023 and beyond are preliminary and are not an assurance of future performance.

現在我將覆蓋安全港。我們今天所做的有關我們的業績、營運和前景的一些聲明可能被認為是前瞻性的，而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 年第四季及以後的業績、趨勢和展望都是初步的，並不能保證未來的業績。

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.

我們根據今天掌握的資訊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 10-Q 或 10-K 表格中討論的風險因素，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簡報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，這些新聞稿和簡報透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 third quarter 2023 earnings call. We made great progress in Q3 as we accelerated our revenue growth and strengthened our fundamentals. Our efforts in deepening engagement and growing monetization are yielding results. We ended the quarter with 482 million monthly active users, up 8% to an all-time high, exceeding our peak users from the pandemic period surge by refocusing on Pinterest's unique differentiators as a visual search, discovery and shopping platform.

謝謝尼爾，謝謝大家參加我們 2023 年第三季的財報電話會議。隨著我們加快收入成長並鞏固我們的基本面，我們在第三季取得了巨大進展。我們在深化參與和提高貨幣化方面的努力正在取得成果。透過重新關注 Pinterest 作為視覺搜尋、發現和購物平台的獨特優勢，截至本季度末，我們的月度活躍用戶數為 4.82 億，增長 8%，達到歷史最高水平，超過了大流行期間激增的用戶峰值。

Total revenue was $763 million, up 11% on a reported and constant currency basis. This represents the third quarter in a row of accelerating revenue growth. Finally, the strong revenue growth, coupled with disciplined expense management allowed us to deliver adjusted EBITDA of $185 million and an adjusted EBITDA margin of 24%, a 1,300 basis point improvement from the year ago quarter.

總收入為 7.63 億美元，按報告和固定匯率計算成長 11%。這標誌著營收連續第三季加速成長。最後，強勁的收入成長，加上嚴格的費用管理，使我們實現了 1.85 億美元的調整後 EBITDA 和 24% 的調整後 EBITDA 利潤率，比去年同期提高了 1,300 個基點。

Last month, we hosted Pinterest's first ever Investor Day, where we shared an in-depth view of our strategy, the progress we've made to date and what we're building for the future. It was great to see many of you in person, and if you haven't seen it, you can watch the event on our Investor Relations website. You heard there from many members of our senior management on why Pinterest is unique and different from other platforms and why we have such a massive opportunity ahead of us.

上個月，我們舉辦了 Pinterest 首屆投資者日活動，我們深入分享了我們的策略、迄今為止的進展以及我們為未來所做的努力。很高興親自見到你們中的許多人，如果你們還沒有看到，您可以在我們的投資者關係網站上觀看該活動。您從我們的許多高階管理層成員那裡聽到了為什麼 Pinterest 是獨一無二的、與其他平台不同的，以及為什麼我們面前有如此巨大的機會。

Pinterest users engage in dynamic multi-session journeys that go from inspiration to action. In other words, people are saving and curating ideas and products they hope to make, do or buy today and in the future. That means they easily pick up where they left off every time they use Pinterest, with our recommendation getting increasingly relevant each time. These user journeys can span many verticals and include a wide variety of actionable outcomes like freshening up your wardrobe, finding gift ideas or creating a travel itinerary.

Pinterest 用戶參與從靈感到行動的動態多會話旅程。換句話說，人們正在保存和策劃他們希望在今天和未來製造、做或購買的想法和產品。這意味著他們每次使用 Pinterest 時都可以輕鬆地從上次中斷的地方繼續，而且我們的建議每次都變得越來越相關。這些用戶旅程可以跨越許多垂直領域，並包括各種可操作的結果，例如更新您的衣櫃、尋找禮物創意或創建旅行行程。

The inspiration to action journey we're furthest along in building is shopping. We know more than half our users view Pinterest as a place to shop, so our focus over the last year has been to make Pinterest more shoppable. When users are in a commercial mindset, we can drive better engagement through highly relevant ads, and we can grow monetization by delivering more views, clicks and conversions and customers to our advertising partners, thereby fueling our flywheel for engagement and revenue growth.

我們在建構行動旅程中走得最遠的靈感來自於購物。我們知道超過一半的用戶將 Pinterest 視為購物場所，因此我們去年的重點是讓 Pinterest 更具購物性。當用戶處於商業心態時，我們可以透過高度相關的廣告來推動更好的參與度，我們可以透過向廣告合作夥伴提供更多的瀏覽量、點擊量、轉換率和客戶來增加獲利，從而推動我們的飛輪的參與度和收入成長。

This ability to have a full funnel for users and advertisers on the same platform provides compounding benefits to both parties and is one of our core differentiators. We also laid out our financial targets for the future, where we expect to drive revenue growth at a mid- to high-teens compound annual growth rate and expand our adjusted EBITDA margins to reach the low 30% range in the next 3 to 5 years.

這種在同一平台上為用戶和廣告商提供完整管道的能力為雙方帶來了複合效益，也是我們的核心優勢之一。我們也制定了未來的財務目標，預計在未來 3 至 5 年內，以中位數至高位數的複合年增長率推動收入成長，並將調整後的 EBITDA 利潤率擴大到 30% 的低水平。

We plan to achieve this by focusing on 3 key priorities: growing users and deepening engagement per user, improving monetization, and delivering profitable growth through operational rigor. Today, Julia and I will provide you with an update on those priorities. Let's start with our work on growing users and deepening engagement. We continue to use AI to improve the relevance and personalization of our content recommendations and satisfy user intent on our platform through improved shopping experiences.

我們計劃透過專注於三個關鍵優先事項來實現這一目標：增加用戶並加深每個用戶的參與度、提高貨幣化程度以及透過嚴格的營運實現獲利成長。今天，朱莉婭和我將為您提供有關這些優先事項的最新資訊。讓我們從增加用戶和加深參與度方面的工作開始。我們繼續使用人工智慧來提高內容推薦的相關性和個人化，並透過改善購物體驗來滿足我們平台上的用戶意圖。

As we noted at our Investor Day, we're seeing strength with our Gen Z users who are our fastest-growing and most engaged users. We are also seeing our strongest product market fit in years as evidenced by our recent cohorts who saved 2x more content in their first year on Pinterest relative to older cohorts. Let me walk you through some of the product updates we've made that are driving these outcomes.

正如我們在投資者日所指出的，我們看到了 Z 世代用戶的力量，他們是我們成長最快、參與度最高的用戶。我們也看到了多年來最強勁的產品市場契合度，這一點從我們最近的同類中可以看出，他們在 Pinterest 上第一年保存的內容比老同類多 2 倍。讓我向您介紹我們所做的一些產品更新，這些更新推動了這些成果。

Among our efforts to deepen engagement with our users is helping users rediscover existing use cases and find new use cases in categories on Pinterest. During the quarter, we launched the more ideas tab at the top of the home feed to allow users to easily access their board themes and quickly refocus on an ongoing use case. Our AI recommendation engine builds off of the saved content from those boards to recommend additional pins that provide users with more points of inspiration, resulting in strong growth and saving on the platform.

我們加深與用戶互動的努力之一是幫助用戶重新發現現有用例並在 Pinterest 上的類別中找到新用例。在本季度，我們在主頁頂部推出了「更多創意」選項卡，使用戶能夠輕鬆存取他們的看板主題並快速重新關注正在進行的用例。我們的人工智慧推薦引擎以這些板上保存的內容為基礎，推薦額外的圖釘，為用戶提供更多靈感，從而實現平台的強勁成長和節省。

We also make continued progress on incorporating shopping into the forefront of the user experience on Pinterest, which is driving engagement by helping users seamlessly pick up where they left off from previous sessions and complete their inspiration to action journeys. Our new Shop the Look module, which we launched in Q2, helps users to easily shop what they see in lifestyle images.

我們還在將購物納入 Pinterest 用戶體驗的最前沿方面取得了持續進展，這透過幫助用戶無縫地繼續他們之前會話中留下的地方並完成他們的靈感到行動旅程來提高參與度。我們在第二季推出的新「Shop the Look」模組可協助使用者輕鬆購買他們在生活風格圖片中看到的商品。

When a user clicks on one of these lifestyle images, the Shop the Look module will appear as a carousel within the pin closeup. Within that module, we employ AI and computer vision to then recommend similar buyable items within our merchant catalog that users can easily shop. In fact, 70% products recommended in Shop the Look are rated as exact or highly relevant matches.

當使用者點擊這些生活方式圖像之一時，「購買外觀」模組將在圖釘特寫中顯示為輪播。在這個模組中，我們採用人工智慧和電腦視覺，然後在我們的商家目錄中推薦類似的可購買商品，以便用戶可以輕鬆購物。事實上，Shop the Look 中推薦的 70% 產品被評為完全或高度相關配對。

We've previously discussed the launch of a new AI-driven guided browsing experience to recommend new content from adjacent use cases based on user interest. In Q3, we expanded our guided browsing modules in the U.S. and Canada region to promote more shopping behavior by resurfacing relevant viable pins based on content users have engaged with in the past.

我們之前討論過推出新的人工智慧驅動的引導式瀏覽體驗，以根據用戶興趣推薦相鄰用例中的新內容。在第三季度，我們在美國和加拿大地區擴展了引導瀏覽模組，根據用戶過去參與的內容重新顯示相關的可行 pin，從而促進更多的購物行為。

For example, if you previously saved or clicked on a leather jacket and a pair of boots, we can serve a personalized carousel on the home feed, resurfacing those same pins or related items to encourage you to continue your shopping journey. These improvements enable us to show users shoppable content aligned with their interests, with seamless handoffs to the merchant app or website so users can easily purchase.

例如，如果您之前曾儲存或點擊過一件皮夾克和一雙靴子，我們可以在主頁上提供個人化的輪播，重新顯示相同的圖釘或相關商品，以鼓勵您繼續您的購物之旅。這些改進使我們能夠向用戶展示符合他們興趣的可購物內容，並無縫切換到商家應用程式或網站，以便用戶可以輕鬆購買。

Next, I'd like to discuss how we're improving monetization by making Pinterest more valuable for advertisers as a full funnel platform. The continued innovation in our ad stack across formats, tools and measurement solutions enables us to improve performance for our advertisers and grow our revenue. At the lower end of the funnel, which now makes up roughly 2/3 of our revenue, we are focused on helping advertisers gain clicks, conversions and customers.

接下來，我想討論我們如何透過讓 Pinterest 作為一個完整的漏斗平台對廣告商更有價值來提高獲利能力。我們的廣告堆疊在格式、工具和衡量解決方案方面的持續創新使我們能夠提高廣告商的表現並增加我們的收入。在通路的低端（目前約占我們收入的 2/3），我們專注於幫助廣告商獲得點擊量、轉換率和客戶。

On past earnings calls, we've discussed the success we're seeing with mobile deep links, or MDL, where advertisers can now link users directly into the relevant product page and checkout experience in their mobile app. This is a great solution for merchants who have stand-alone apps with broad consumer penetration. As we've noted before, MDL is performing extremely well in our tests. Participating advertisers saw a 235% lift in conversion rates, along with a 35% improvement in their CPAs.

在過去的財報電話會議上，我們討論了行動深度連結（MDL）所取得的成功，廣告商現在可以將用戶直接連結到相關產品頁面並在其行動應用程式中獲得結帳體驗。對於擁有廣泛消費者滲透率的獨立應用程式的商家來說，這是一個很好的解決方案。正如我們之前指出的，MDL 在我們的測試中表現非常出色。參與的廣告商的轉換率提高了 235%，每次轉換費用 (CPA) 提高了 35%。

We're now bringing this solution to those advertisers who either don't have an app or rely primarily on their website for traffic and sales. This product is called direct links, which we launched in Q3. I'd like to spend a moment to dive deeper into direct links and why I believe this can become a significant unlock for advertiser value. Direct links brings a user experience similar to MDL to merchant websites, taking the user from an ad on Pinterest directly to a product purchase experience on the merchant website in just one click.

我們現在將這項解決方案提供給那些沒有應用程式或主要依賴其網站獲取流量和銷售的廣告商。這個產品稱為直接鏈接，我們在第三季推出。我想花點時間更深入地探討直接鏈接，以及為什麼我相信這可以成為廣告商價值的重要解鎖點。直接連結為商家網站帶來了類似MDL的使用者體驗，只需一鍵點擊，即可將使用者從Pinterest上的廣告直接帶到商家網站上的產品購買體驗。

This simplified experience creates a more seamless shopping journey for the user and drives more website traffic and conversions for the advertiser. So far, we've migrated approximately 60% of our lower funnel revenue to direct links and have seen strong results. As we noted at our Investor Day, we saw 88% higher outbound click-through rates and a 39% decrease in cost per outbound click for CPC objectives from early adopters.

這種簡化的體驗為用戶創造了更無縫的購物旅程，並為廣告主帶來了更多的網站流量和轉換。到目前為止，我們已將大約 60% 的較低渠道收入遷移到直接鏈接，並取得了良好的成果。正如我們在投資者日指出的那樣，早期採用者的 CPC 目標的出站點擊率提高了 88%，每次出站點擊成本降低了 39%。

We plan to roll direct links out to the remaining eligible lower funnel objectives, including CPC video ads and conversion ads by the end of Q1 '24 to increase our penetration of direct links and lower funnel revenue. On the video side, we believe bringing direct links to video will be an important unlock for us given the strength we're seeing with video ads on the platform, especially in the lower funnel. And for conversion objectives, results from initial testing have been very strong, driving similarly substantial results as we saw with CPC campaigns.

我們計劃在 2024 年第一季末推出指向剩餘符合條件的下渠道目標的直接鏈接，包括每次點擊費用視頻廣告和轉化廣告，以提高直接鏈接的滲透率和下渠道收入。在影片方面，我們相信，鑑於我們在平台上看到的影片廣告的實力，特別是在較低的漏斗中，引入影片的直接連結對我們來說將是一個重要的解鎖。對於轉換目標，初步測試的結果非常強勁，與我們在每次點擊費用活動中看到的結果類似。

In addition to lower funnel innovation, this year, we continued to launch new formats building on our strength at the top of the funnel, such as Premiere Spotlight, Showcase and Quiz ads. These formats help brands interact with the user and tell their story in an engaging way. In Q3, we expanded our Premiere Spotlight ads from search to the home feed, and we are seeing good traction from this ad unit among brand advertisers.

除了通路下部的創新之外，今年我們也持續推出基於通路頂部優勢的新格式，例如 Premiere Spotlight、Showcase 和 Quiz 廣告。這些格式可幫助品牌與用戶互動並以引人入勝的方式講述他們的故事。在第三季度，我們將 Premiere Spotlight 廣告從搜尋擴展到了首頁，我們看到該廣告單元在品牌廣告商中具有良好的吸引力。

For example, Maybelline Canada leveraged both Premiere Spotlight on the home feed and search to promote their new concealer. This high-impact format drove a 2x higher video completion rate versus the average video campaign. Not only are we driving full funnel outcomes for advertisers, we are also helping them measure the value that Pinterest uniquely delivers in privacy-safe ways. This is a critical element to our success, especially as we look towards a cookieless future.

例如，美寶蓮加拿大公司利用家庭推播和搜尋上的 Premiere Spotlight 來宣傳他們的新遮瑕膏。與普通影片行銷活動相比，這種高影響力的格式使影片完成率提高了 2 倍。我們不僅為廣告主推動整個管道的成果，還幫助他們衡量 Pinterest 以隱私安全的方式獨特提供的價值。這是我們成功的關鍵因素，特別是當我們展望無 cookie 的未來時。

We continue to move along the adoption curve for our API for Conversions product. Adoption for this product comes from two avenues: direct implementation with advertisers and partner integrations. Our sales force continues to make great strides in getting advertisers to integrate with our API for Conversions, with revenue coverage being a top-level goal across the sales organization. We are also integrating with partners that many of our advertisers plug into.

我們繼續沿著 API for Conversions 產品的採用曲線前進。該產品的採用有兩個途徑：廣告商直接實施和合作夥伴整合。我們的銷售團隊在讓廣告主與我們的轉換 API 整合方面繼續取得巨大進步，收入覆蓋率是整個銷售組織的首要目標。我們也與許多廣告商所加入的合作夥伴進行整合。

For instance, in Q3, we onboarded several partners like Adobe Commerce and Salesforce Commerce Cloud to help drive more adoption of API for Conversions. Integrating with partners allows us to meet advertisers where they are and enables a more frictionless experience and improving conversion visibility. For example, PacSun, a leading U.S.-based retailer that is popular with Gen Z, seamlessly adopted our API for Conversions through our new Salesforce Commerce Cloud app. After installing API for Conversions, PacSun saw a 7x increase in attributed conversion rate.

例如，在第三季度，我們引入了 Adob​​e Commerce 和 Salesforce Commerce Cloud 等多個合作夥伴，以幫助推動 API for Conversions 的更多採用。與合作夥伴的整合使我們能夠滿足廣告商所在的位置，並實現更順暢的體驗並提高轉換可見性。例如，深受 Z 世代歡迎的美國領先零售商 PacSun 透過我們新的 Salesforce Commerce Cloud 應用程式無縫採用了我們的 API for Conversions。安裝 API for Conversions 後，PacSun 的歸因轉換率提高了 7 倍。

And as we mentioned during our Investor Day, we are making solid progress here. Our API for Conversion solution accounted for 28% of our total revenue as of August, up from 14% at the start of the year. In addition to helping advertisers measure the value of Pinterest, we're also working towards fundamentally improving our ability to show the right ad to the right user at the right time, which feeds into the overall performance of our ads.

正如我們在投資者日期間所提到的，我們正在取得紮實的進展。截至 8 月份，我們的 API for Conversion 解決方案佔總營收的 28%，高於年初的 14%。除了幫助廣告商衡量 Pinterest 的價值外，我們還致力於從根本上提高我們在正確的時間向正確的用戶展示正確的廣告的能力，從而提高我們廣告的整體效果。

We've long said that ads, when relevant, are additive to the user experience. This year, we've made step function modeling improvements to better match ads to the users for whom they are most engaging and relevant. And as we flex up ad load with whole page optimization, we're able to serve more of these relevant ads to users who are displaying commercial intent, all while simultaneously growing engagement on the platform.

我們早就說過，廣告在相關時可以增強使用者體驗。今年，我們對階躍函數建模進行了改進，以便更好地將廣告與最有吸引力和最相關的用戶相匹配。當我們透過整個頁面優化來增加廣告負載時，我們能夠向表現出商業意圖的用戶提供更多相關廣告，同時提高平台上的參與度。

For example, in Q2, we expanded our use of GPU serving to our monetization engine, which enabled us to use models that were 100x larger. As a result, we're able to better use our first-party user signals to understand commercial intent and thus show more relevant ads to match that intent. In Q3, we began leveraging a longer history of users' on-platform behaviors in our ads models. Longer user history means more user signals, which in turn enables us to better predict and surface ads tailored to our users' preferences and tastes.

例如，在第二季度，我們將 GPU 的使用擴展到我們的貨幣化引擎，這使我們能夠使用大 100 倍的模型。因此，我們能夠更好地利用第一方用戶訊號來了解商業意圖，從而展示更相關的廣告來匹配該意圖。第三季度，我們開始在廣告模式中利用更長期的使用者平台上行為歷史記錄。更長的用戶歷史意味著更多的用戶訊號，這反過來又使我們能夠更好地預測和展示適合用戶偏好和品味的廣告。

On search specifically, we made improvements in our ability to match relevant ads to user search queries. By utilizing AI and large language models, we were able to more precisely link product metadata to user queries to show ads that are visually and contextually relevant. These 2 launches drove meaningful improvements across cost per click and cost per action and better ads relevance.

具體來說，在搜尋方面，我們改進了將相關廣告與用戶搜尋查詢相符的能力。透過利用人工智慧和大型語言模型，我們能夠更精確地將產品元資料與使用者查詢聯繫起來，以展示視覺上和上下文相關的廣告。這兩次發布推動了每次點擊成本和每次操作成本的有意義的改進以及更好的廣告相關性。

Improved capabilities in our ads delivery model are also important as we think about augmenting our first-party sales efforts. Opening up our platform to third-party ad partners will allow us to accelerate monetization by improving ad relevance and auction density. As we mentioned during our Investor Day, our first 3P partnership with Amazon Ads is ramping ahead of schedule, and we are pleased with early results with over 50% improvement in relevance on search and a 100% improvement in relevance on related items in early tests.

當我們考慮加強第一方銷售工作時，改善廣告投放模式的能力也很重要。向第三方廣告合作夥伴開放我們的平台將使我們能夠透過提高廣告相關性和拍賣密度來加速貨幣化。正如我們在投資者日期間提到的，我們與Amazon Ads 的首次3P 合作關係正在提前推進，我們對早期結果感到滿意，在早期測試中，搜尋相關性提高了50% 以上，相關項目的相關性提高了100% 。

We noted that we were testing this on search in the U.S., and we are now beginning to roll out this test on our related item surface in the U.S. as well. Consistent with our prior comments on this topic, a partnership of this scale is a multi-quarter implementation, with the most meaningful revenue impact likely being in early 2024. Our extensive upfront work integrating third-party demand into our platform has laid the groundwork for more streamlined integrations of potential additional third-party partners in the future.

我們注意到我們正在美國的搜尋上對此進行測試，現在我們也開始在美國的相關項目表面上推出此測試。與我們先前對此主題的評論一致，這種規模的合作夥伴關係需要多個季度的實施，最有意義的收入影響可能是在2024 年初。我們將第三方需求整合到我們的平台中進行了大量的前期工作，為未來潛在的其他第三方合作夥伴的更簡​​化的整合。

Finally, we're continuing to drive operational rigor through further cost discipline, which resulted in strong EBITDA and EBITDA margin expansion again this quarter. We are tracking nicely toward our mid- to long-term margin expansion goals. I'm proud of our teams for all their hard work and execution this past quarter, the results of which are abundantly clear.

最後，我們將繼續透過進一步的成本控制來推動嚴格的運營，這導致本季 EBITDA 和 EBITDA 利潤率再次強勁成長。我們正在順利實現中長期利潤擴張目標。我為我們的團隊在上個季度的辛勤工作和執行力感到自豪，其結果非常明顯。

I'll now turn the call over to Julia, who will provide further updates on our financials.

我現在將把電話轉給朱莉婭，她將提供有關我們財務狀況的進一步更新。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing our third quarter financial results and provide an update on our preliminary fourth quarter outlook. 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.

謝謝比爾，大家下午好。今天，我將討論我們第三季的財務業績，並提供我們第四季度初步展望的最新情況。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。

To echo Bill's sentiment, I am proud of our team's execution, which resulted in a great quarter, marked by strong monthly active user growth, continued revenue acceleration and significant year-over-year adjusted EBITDA margin expansion. It is clear that the strategic shifts we have implemented in our business over the last year, leaning into the differentiators of our platform and accelerating our ads product velocity are resonating with users and advertisers alike.

為了呼應比爾的觀點，我為我們團隊的執行力感到自豪，這帶來了一個出色的季度，其特點是每月活躍用戶強勁增長、收入持續加速以及調整後的 EBITDA 利潤率同比顯著擴張。很明顯，我們去年在業務中實施的策略轉變，專注於我們平台的差異化因素並加快我們的廣告產品速度，引起了用戶和廣告商的共鳴。

We ended the quarter with 482 million global monthly active users, growing 8% and reaching a new all-time high. Our investments in increasing shoppability and deploying AI across our recommendation engine are paying off. In the U.S. and Canada, we had 96 million monthly active users, up 1% year-over-year, and we added approximately 1 million users versus last quarter. In Europe, we finished the quarter with 128 million monthly active users, up 7%, an acceleration from last quarter. In our rest of world markets, monthly active users were 258 million, up 12%, continuing the trend of acceleration throughout 2023.

截至本季末，我們的全球月活躍用戶數為 4.82 億，成長 8%，創下歷史新高。我們在提高可購物性和在推薦引擎中部署人工智慧的投資正在獲得回報。在美國和加拿大，我們的每月活躍用戶數為 9,600 萬，年成長 1%，與上季相比增加了約 100 萬用戶。在歐洲，本季末我們的每月活躍用戶數為 1.28 億，成長 7%，較上季有所加速。在世界其他市場，每月活躍用戶數為 2.58 億，成長 12%，延續了 2023 年加速趨勢。

Now to revenue. The strength we saw this quarter further demonstrates how we are driving value for advertisers across the full funnel. Total revenue came in at $763 million, up 11% on a reported and constant currency basis. Strength in overall revenue was driven by our awareness objectives and conversion objectives, including our lowest funnel shopping ads format. In the U.S. and Canada, revenue was $618 million, an increase of 8%, accelerating to the highest growth we've seen since Q3 '22.

現在來說說收入。我們本季看到的實力進一步證明了我們如何在整個管道中為廣告商創造價值。總收入達 7.63 億美元，按報告和固定匯率計算成長 11%。整體收入的成長是由我們的認知度目標和轉換目標所推動的，包括我們最低的漏斗購物廣告格式。在美國和加拿大，營收為 6.18 億美元，成長 8%，加速達到自 22 年第三季以來的最高成長。

Strength came from CPG, retail and certain emerging categories like financial services and restaurants. Europe revenue was $114 million, growing 33%, or 25% on a constant currency basis. We experienced strong growth across CPG, emerging verticals such as travel, technology and auto and from large agencies. Revenue from Rest of World was $31 million, growing 29% or 28% on a constant currency basis.

力量來自快速消費品、零售以及金融服務和餐飲等某些新興類別。歐洲營收為 1.14 億美元，成長 33%，以固定匯率計算成長 25%。我們在消費品、旅遊、科技和汽車等新興垂直產業以及大型機構中經歷了強勁成長。來自世界其他地區的收入為 3,100 萬美元，以固定匯率計算成長 29% 或 28%。

It is also useful to look at revenue through the lens of ad impressions and ad pricing trends. As we mentioned at our Investor Day, ad impressions growth is driven by total impressions, both organic and paid, and ad load. Over the last several quarters, we've been able to drive increases in both total impressions and in ad loads simultaneously, thereby demonstrating that relevant ads can be synergistic with engagement.

透過廣告印象和廣告定價趨勢來查看收入也很有用。正如我們在投資者日所提到的，廣告展示次數的成長是由總展示次數（包括自然展示次數和付費展示次數）以及廣告負載所驅動的。在過去的幾個季度中，我們已經能夠同時推動總展示次數和廣告負載的增加，從而證明相關廣告可以與參與度產生協同作用。

In Q3, we continued this trend, with ad impressions growing 26%, driven from both increases in total impressions and increases in ad load. Meanwhile, the price of ads declined 12% this quarter. While pricing still remains under pressure, this is an improvement from the 20% decline we saw last quarter, driven by industry-wide demand stabilization as well as the AI-fueled ad stack efficiencies we drove on the platform in Q3.

第三季度，我們延續了這一趨勢，在總展示次數和廣告負載增加的推動下，廣告展示次數增加了 26%。與此同時，本季廣告價格下降了 12%。儘管定價仍然面臨壓力，但由於全行業需求穩定以及我們第三季度在平台上推動的人工智慧驅動的廣告堆疊效率的推動，這比我們上季度看到的 20% 的下降有所改善。

Now let's turn to expenses. Cost of revenue was $167 million, down 7% year-over-year and roughly flat versus Q2. This result is due to efficiencies being driven across storage and compute infrastructure, even amidst our strong user and engagement growth and continued AI deployment throughout our business. Overall, non-GAAP operating expense was $415 million, down 4% year-over-year and down 6% quarter-over-quarter. This outperformed our expectations and is a reflection of our overall focus on expense management as we realized additional cost savings in the quarter on lower spend in technology and outside services. We have been pleased by our ability to drive double-digit revenue growth even as operating expenses declined year-over-year.

現在我們來談談費用。收入成本為 1.67 億美元，年減 7%，與第二季基本持平。這一結果是由於儲存和運算基礎設施的效率得到提高，即使我們的用戶和參與度強勁成長，並且在整個業務中持續部署人工智慧。整體而言，非 GAAP 營運費用為 4.15 億美元，年減 4%，季減 6%。這超出了我們的預期，反映了我們對費用管理的整體關注，因為我們在本季度透過減少技術和外部服務支出實現了額外的成本節省。儘管營運費用較去年同期下降，但我們仍能推動兩位數的營收成長，對此我們感到很高興。

Adjusted EBITDA had a strong quarter, coming in at $185 million or a 24% margin, up 13 percentage points versus a year ago, driven by strong revenue performance, efficiency in our cost of revenue and the year-over-year decline in operating expenses. We ended the quarter with approximately $2.3 billion in cash, cash equivalents and marketable securities.

受強勁收入表現、收入成本效率以及營運費用同比下降的推動，調整後 EBITDA 表現強勁，達到 1.85 億美元，利潤率為 24%，比去年同期增長 13 個百分點。本季末，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 fourth quarter. For the fourth quarter 2023, we expect revenue to grow in the 11% to 13% range, continuing the trajectory of accelerating year-over-year revenue growth throughout 2023. Our revenue guidance also takes into account a modest foreign exchange impact.

現在我想提供第四季度的初步財務指導。對於 2023 年第四季度，我們預計營收將成長 11% 至 13%，延續整個 2023 年營收同比加速成長的軌跡。我們的營收指引也考慮了適度的外匯影響。

Moving down the P&L. While we don't guide cost of revenue specifically, we do want to remind everyone that cost of revenue as a percentage of total revenue typically runs lower in Q4 due to the higher seasonal revenue we see in the fourth quarter. We expect Q4 non-GAAP operating expenses to decline in the 9% to 13% range year-over-year as we lap our large brand marketing campaign in Q4 last year. Please note that our operating expense guidance does not include cost of revenue.

損益表向下移動。雖然我們沒有具體指導收入成本，但我們確實想提醒大家，由於我們在第四季度看到較高的季節性收入，第四季度的收入成本佔總收入的百分比通常會較低。由於我們在去年第四季完成了大型品牌行銷活動，我們預計第四季非 GAAP 營運費用將年減 9% 至 13%。請注意，我們的營運費用指引不包括收入成本。

Finally, our focus on revenue growth and operational rigor has allowed us to meaningfully expand adjusted EBITDA margins over the course of this year. At the beginning of this year, we committed to 200 basis points of adjusted EBITDA margin expansion year-over-year for full year 2023. As the year progressed, we felt confident in our ability to exceed 200 basis points based on our expense discipline, and we doubled our commitment to roughly 400 basis points.

最後，我們對營收成長和營運嚴謹性的關注使我們能夠在今年有意義地擴大調整後的 EBITDA 利潤率。今年年初，我們承諾 2023 年全年調整後 EBITDA 利潤率同比增長 200 個基點。隨著時間的推移，我們對根據費用紀律超過 200 個基點的能力充滿信心，我們將承諾增加了一倍，達到大約400 個基點。

Based on our progress in accelerating revenue growth and further controlling costs, we now expect to see significant adjusted EBITDA margin expansion again in Q4, which would put us on track to achieve approximately 600 basis points of adjusted EBITDA margin expansion for full year 2023.

基於我們在加速收入成長和進一步控製成本方面取得的進展，我們現在預計第四季度調整後EBITDA 利潤率將再次大幅擴張，這將使我們預計在2023 年全年實現調整後EBITDA 利潤率擴張約600個基點。

To close, our Q3 performance tells an impressive story, significant monthly active user growth, strong and accelerating revenue generation and effective cost management. all of which continues to put us on the path to deliver on the longer-term financial targets we recently provided.

最後，我們第三季的業績表現令人印象深刻，每月活躍用戶顯著成長，強勁且加速的營收產生以及有效的成本管理。所有這些都繼續使我們走上實現我們最近提出的長期財務目標的道路。

I'll now turn the call over to Bill.

我現在將電話轉給比爾。

Thanks, Julia. We've made great progress across our business in the past year, and we're just getting started. I want to thank our teams at Pinterest, our advertising partners and all the people that come to Pinterest to find inspiration and to shop. And with that, we can open the call up for questions.

謝謝，朱莉婭。在過去的一年裡，我們的業務取得了巨大進步，而我們才剛剛開始。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 尋找靈感和購物的人。這樣，我們就可以開始提問了。

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

（操作員說明）第一個問題來自高盛的 Eric Sheridan。

Thanks for all the details and prepared remarks. Maybe 2, if I can. Bill, this year has been dominated by elements of some of the headwinds the advertising industry has faced, brand advertising, the macroeconomic conditions. How would you characterize the headwinds from those dynamics versus the tailwinds building on the shopping and the direct response side, when you think about the exit velocity investors should have in mind in terms of revenue moving out of 2023 and into 2024?

感謝您提供所有詳細資訊和準備好的評論。如果可以的話，也許是 2 個。比爾，今年一直受到廣告業面臨的一些不利因素的影響，包括品牌廣告、宏觀經濟狀況。當您考慮投資者在 2023 年和 2024 年收入轉移方面應考慮的退出速度時，您如何描述這些動態帶來的逆風與購物和直接響應方面的順風？

And then Julia, at the Investor Day, we talked a lot about long-term margin potential. Can you balance the margin potential you see in the business against some of the investments that you and Bill see as critical to make in the short to medium term to set up for that revenue success?

然後朱莉婭，在投資者日，我們談論了很多關於長期利潤潛力的問題。您能否平衡您在業務中看到的利潤潛力與您和比爾認為在中短期內為收入成功至關重要的一些投資？

Thanks for the question, Eric. So in terms of the broader ad environment, we've seen some stabilization there. And for us, particularly, retail has been an area of strength. I think it's been most pronounced with the larger, more sophisticated advertisers. And in addition to that stabilization in the broader ad market, as we've been improving our performance solutions, particularly at the lower funnel and better measurement, I think that's been reflected in our results with steady acceleration each quarter.

謝謝你的提問，艾瑞克。因此，就更廣泛的廣告環境而言，我們已經看到了一些穩定性。對我們來說，尤其是零售業一直是我們的優勢領域。我認為對於規模更大、更成熟的廣告商來說，這一點最為明顯。除了更廣泛的廣告市場的穩定之外，由於我們一直在改進我們的績效解決方案，特別是在較低的漏斗和更好的衡量方面，我認為這已經反映在我們每個季度穩步加速的業績中。

And so you saw that in our Q3 results, you see it reflected in our Q4 guide as well around that study acceleration. And I'll give it over to Julia for the other part of your question.

因此，您在我們的第三季結果中看到了這一點，您看到它反映在我們的第四季度指南中以及圍繞研究加速的情況。我將把你問題的其他部分交給朱莉婭。

Yes, Eric. So thanks so much for the question. So as we think about kind of margin expansion potential from here, maybe stepping back for a minute, we feel really good about the progress we've made so far in delivering margin expansion. We started the year with a 200 basis points margin expansion goal and we're on track now to triple that to 600 basis points for 2023. You're right that at Investor Day, we said we plan to get to the low 30s percent range in 3 to 5 years from now, and we get there with a steady progression. We are still planning for that.

是的，埃里克。非常感謝你的提問。因此，當我們從這裡考慮利潤擴張的潛力時，也許退後一步，我們對迄今為止在實現利潤擴張方面取得的進展感到非常滿意。今年伊始，我們的利潤率擴張目標是200 個基點，現在我們預計在2023 年將這一目標提高兩倍，達到600 個基點。你說得對，在投資者日，我們說過我們計劃將利潤率降至30% 的低水準從現在開始的 3 到 5 年內，我們將穩步前進。我們仍在為此做計劃。

This year, the combination of revenue acceleration and cost discipline led to outperformance on margin expansion. However, there are a lot of investment opportunities with high ROI, particularly in staffing sort of our R&D and product focus and technology areas that we want to fund as we think about balancing investment in the business and capturing the opportunity ahead of us, and flowing through profitability to the bottom line.

今年，收入加速和成本控制相結合，導致利潤率擴張表現出色。然而，有許多投資回報率很高的投資機會，特別是在我們的研發和產品重點以及我們希望資助的技術領域的人員配置方面，因為我們考慮平衡業務投資並抓住我們面前的機會，並流動透過獲利能力來實現利潤。

So given that, for next year, we're not providing specific guidance, but we do expect further margin expansion that will be more modest than the 600 basis points we are delivering this year in particular. And overall, we remain committed to steadily expanding our margins as we march up to that low 30% range over the next 3 to 5 years.

因此，考慮到明年，我們不會提供具體的指導，但我們確實預計利潤率將進一步擴大，幅度將比我們今年特別提供的 600 個基點更為溫和。總體而言，我們仍然致力於穩步擴大利潤率，在未來 3 到 5 年內將利潤率提高到 30% 的低水平。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

For Bill or Julia, just going back to the Investor Day, there was a slide, I believe it was in Julia's section, that showed kind of these colored bar charts around how much of the growth has been coming from ad load increase versus usage growth following the WPO change.

對於比爾或朱莉婭來說，回到投資者日，有一張幻燈片，我相信是在朱莉婭的部分，它顯示了這些彩色條形圖，顯示了有多少增長來自廣告負載增長與使用增長WPO 變更後。

And the question is, as we bring on Amazon and other third-party partners in the future, what do you think is the sustainability of that trend of increasing ad load? And is that a multiple year dynamic? How do you see that playing out as we bring on more demand?

問題是，當我們未來引進亞馬遜和其他第三方合作夥伴時，您認為廣告負載增加趨勢的可持續性如何？這是一個多年的動態嗎？隨著我們帶來更多需求，您如何看待這種情況？

Thanks, Ross. So as we've discussed, we have more than half the users on Pinterest say they're here to shop. And when they use it in a commercial mindset, relevant ads can be great content for the user. And so you've seen us proving that out over the course of the last year.

謝謝，羅斯。正如我們所討論的，Pinterest 上超過一半的用戶表示他們是來這裡購物的。當他們以商業思維使用它時，相關廣告對用戶來說可能是很棒的內容。所以你已經看到我們在去年證明了這一點。

And when we think about the third-party partnerships, we talked about this at Investor Day, and the progress we've seen so far, that one of the most encouraging things we've seen as we're bringing on third-party demand with our Amazon Ads partnership is the strong improvement in relevance.

當我們考慮第三方合作關係時，我們在投資者日討論了這一點，以及迄今為止我們所看到的進展，這是我們在引入第三方需求時看到的最令人鼓舞的事情之一與我們的亞馬遜廣告合作夥伴關係是相關性的顯著提高。

So we noted at Investor Day that we saw a 50% improvement in relevance on search, and as we're coming into related items, we're seeing 100% improvement on related items from that third-party demand. So the analogs that I have say to me that over a multiyear journey, our ad load when they use it in a commercial context, can be a multiple of what it is today.

因此，我們在投資者日指出，我們看到搜尋相關性提高了 50%，當我們進入相關項目時，我們看到第三方需求的相關項目提高了 100%。因此，我對我說過的類比是，在多年的旅程中，當他們在商業環境中使用它時，我們的廣告負載可能是今天的數倍。

And that's being driven by both improvements in the platform as well as getting the right relevant demand onto the platforms, and we've made continued progress in both. But we see a multiyear period there with that can continue.

這是由平台的改進以及將正確的相關需求引入平台所推動的，我們在這兩方面都取得了持續的進展。但我們認為這種情況可能會持續多年。

I'd also highlight just the dynamic of as we've been doing at the best proof point that we're turning the ads in the relevant content for users, is that even as we've taken ad load up, you've seen -- we've seen all of our measures of engagement growing faster than the user growth, which means we're deepening engagement per user, even as ad load grows at a multiple of -- or grows faster than the engager grows.

我還要強調一下，正如我們一直在做的最好的證明，我們正在將廣告放在用戶的相關內容中，即使我們已經增加了廣告負載，你也看到了- 我們已經看到所有參與度指標的成長速度都快於用戶的成長速度，這意味著我們正在加深每個用戶的參與度，即使廣告負載以數倍的速度成長，或成長速度快於參與度的成長。

I think that's the best proof point that as we bring in the right relevant ads for that user in the commercial context, that, that's -- they're finding that as engaging content.

我認為這是最好的證明，當我們在商業環境中為該用戶引入正確的相關廣告時，他們會發現這是有吸引力的內容。

Our next question is from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀集團的勞埃德·沃姆斯利。

First, just on the partner monetization, it sounds like Amazon is progressing faster than you guys expected and good early results. Remind us what the big outstanding blocks you need to get through to scale that with other partners? And then is there any of the acceleration in 4Q coming from Amazon?

首先，就合作夥伴貨幣化而言，聽起來亞馬遜的進展速度比你們預期的要快，而且早期成果也不錯。請提醒我們，您需要克服哪些重大障礙才能與其他合作夥伴一起擴大規模？那麼第四季是否有來自亞馬遜的加速？

And then the second one would just be more broadly on generative AI. You guys have a lot of interesting user data, content, context. Like anything you're working on interesting on the consumer-facing side for generative AI that you want to call out?

然後第二個將更廣泛地涉及生成人工智慧。你們有很多有趣的用戶資料、內容和背景。就像您正在為面向消費者的生成人工智慧所做的任何有趣的事情一樣，您想指出這一點嗎？

Great. Thanks for the question. So with the Amazon partnership, we gave an update just 2 weeks before the end of the quarter at our Investor Day. And what we've continued to see is consistent with the comments we made there, and as a reminder, what we talked about at Investor Day, we see really good progress. We're testing, learning, iterating and we're focused on creating a really great relevant user experience and valuable merchant experience.

偉大的。謝謝你的提問。因此，透過與亞馬遜的合作，我們在季度結束前兩週的投資者日發布了最新情況。我們繼續看到的情況與我們在那裡發表的評論是一致的，提醒一下，我們在投資者日所討論的內容，我們看到了非常好的進展。我們正在測試、學習、迭代，我們專注於創造真正出色的相關用戶體驗和有價值的商家體驗。

And we're really pleased with what we're seeing on that front. That's the biggest breakthrough, and this is demonstrating the increase in relevancy from bringing on third-party demand. As I noted in the prior question, 50% increase in relevance on search and 100% increase in relevance on related items, I think that just bodes really well for where we can go with that. So those were the biggest things to solve for. As we've been calling out, it is a multi-quarter implementation with the most meaningful revenue to hit early in '24.

我們對在這方面所看到的情況感到非常滿意。這是最大的突破，證明了引入第三方需求帶來的相關性的增加。正如我在上一個問題中指出的那樣，搜尋相關性增加了 50%，相關項目的相關性增加了 100%，我認為這對我們的發展方向來說是一個很好的預兆。所以這些是需要解決的最重要的事情。正如我們一直呼籲的那樣，這是一個跨季度的實施，最有意義的收入將在 24 年初實現。

So that's with regard to your question on Amazon. The other part of your question around potential new partners, we've commented on this from early on, that part of what made us a multi-quarter implementation is that we were fitting the platform for third-party demand generally, not just one partner. So that sets us up well to expand to other partners as we go into '24. And we've been really focused on making sure we get this first one really right, but we have built it in such a way that we think it sets us up well to expand to additional partners as we go into '24.

這就是您在亞馬遜上提出的問題。關於潛在新合作夥伴的問題的另一部分，我們從一開始就對此發表了評論，使我們能夠進行多季度實施的部分原因是，我們正在根據第三方需求來調整平台，而不僅僅是一個合作夥伴。因此，這為我們在進入 24 世紀時擴展到其他合作夥伴奠定了良好的基礎。我們一直非常專注於確保我們的第一個專案真正正確，但我們建立它的方式使我們認為它為我們在進入 24 世紀時擴展到更多合作夥伴奠定了良好的基礎。

And then on the generative AI front, it's -- AI generally has been a really great source of strength for us. And the places that we've talked about where our use of large language models, 100x larger models, GPU serving, all these great AI technologies, giving us significant increases in relevance, approximately 10 percentage point increase in relevance we talked about on last quarter's call and at Investor Day. So that's been going really well.

然後在產生人工智慧方面，人工智慧通常是我們真正強大的力量來源。在我們談到的地方，我們使用大型語言模型、100 倍大的模型、GPU 服務，所有這些偉大的人工智慧技術，使我們的相關性顯著增加，我們在上個季度談到的相關性增加了大約10 個百分點致電並在投資者日。所以一切進展順利。

And the newer products like our Creative Studio that is creating dynamic content for ads, for advertisers, to make those ads more compelling and engaging for users, we're early in our testing there, but we've seen just a palpable response from advertisers in terms of their excitement about engaging with that product and the things that we can do there.

而像我們的創意工作室這樣的新產品，正在為廣告商、廣告商創建動態內容，使這些廣告對用戶更具吸引力和吸引力，我們在這方面進行了早期測試，但我們只看到了廣告商的明顯反應他們對使用該產品以及我們可以在那裡做的事情感到興奮。

And then finally, other elements of the core experience. There's just really nice improvements happening throughout the core user experience that may be more subtle as a user, but actually driving really great results like guided search experiences, getting you to more related items. These are things where we're seeing just -- areas where you would normally see progress on basis points.

最後是核心體驗的其他要素。整個核心使用者體驗發生了非常好的改進，對於使用者來說可能更加微妙，但實際上會帶來非常好的結果，例如引導式搜尋體驗，讓您找到更多相關的項目。這些是我們所看到的——通常在基點上會看到進展的領域。

I mentioned that approximate 10% increase in relevancy. That's a place you'd normally see improvements in basis points. To say 10% -- approximately 10 percentage points improvement in relevancy there, those kinds of gains are just unheard of. And so we feel really good about the progress that we're making with AI and large language models and the core technologies there.

我提到相關性大約增加了 10%。您通常會在這個地方看到基點的改進。比如說相關性提高了 10%——大約 10 個百分點，這樣的收益是聞所未聞的。因此，我們對人工智慧、大型語言模型及其核心技術的進展感到非常滿意。

Our next question is from Rich Greenfield with LightShed Partners.

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

I got a couple. One, just -- I want to follow up, Bill, you were talking about sort of the, I guess, you called it the compounding benefit to both Pinterest and your content and advertising partners on ad load and how it's not impacting engagement. What does that tell you in terms of like -- does that imply that there's still lots of room to run in terms of what the ad load could be?

我有一對。一，只是 - 我想跟進，比爾，你所說的有點是，我想，你稱之為 Pinterest 以及你的內容和廣告合作夥伴在廣告負載方面的複合效益，以及它如何不影響參與度。這告訴你什麼——這是否意味著就廣告負載而言仍有很大的運行空間？

I mean you sort of framed it as -- I think you were about to say multiples and then you sort of said it was the percentage increase. But I'm just wondering, is there any way to frame how much is ad load up? And as you sort of see the engagement benefits from better targeting of ads and content, do you think that there is multiples to go in terms of ad load over the course of the next several years?

我的意思是，你將其描述為——我想你本來要說倍數，然後你又說這是百分比增長。但我只是想知道，有沒有什麼方法可以確定廣告載入量是多少？當您看到更好的廣告和內容定位帶來的參與度效益時，您是否認為未來幾年廣告負載會倍增？

And then two, just because I've been using Pinterest a lot over the last few months and one of the things I certainly noticed is the presence of Temu. Wondering if there's any way you can sort of quantify, has Temu been a major advertiser year-over-year? How much of an impact has it had positively on your business year-over-year? Would be helpful just to put it into context.

然後是兩個，只是因為過去幾個月我經常使用 Pinterest，而我當然注意到的一件事就是 Temu 的存在。想知道是否有任何方法可以量化 Temu 是否逐年成為主要廣告商？它對您的業務逐年產生了多大的正面影響？只要將其放在上下文中就會有所幫助。

Great. Thanks for the question, Rich. So stated very simply, there's a lot of room to run on ad load, again, both through the unlock of whole paid optimization and our ability to look at the ads of relevant content as well as being able to ingest more relevant third-party demand as well as getting more first-party demand as our advertisers, particularly retailers, are seeing more performance from us and wanting to bring more relevant inventory onto the platform. We think there's a lot of room to run there.

偉大的。謝謝你的提問，里奇。簡而言之，廣告負載還有很大的運行空間，無論是透過整個付費優化的解鎖，還是我們查看相關內容廣告的能力以及能夠吸收更多相關第三方需求的能力以及獲得更多的第一方需求，因為我們的廣告商，特別是零售商，看到了我們的更多業績，並希望將更多相關庫存引入平台。我們認為那裡有很大的運行空間。

Over a multiyear period, the analogs that I would have in my mind would say to me that when they use it in a commercial context on our platform, which again more than half users are here to shop, but when they use it in a commercial context, I think the analogs I would look to would say that we could support a multiple of the ad load that we currently have. That will be a multiyear journey to get to that. But I think that means there's just a lot of runway in front of us on where ad load can go.

在多年的時間裡，我腦海中的類似物會對我說，當他們在我們的平台上的商業環境中使用它時，同樣有超過一半的用戶在這裡購物，但是當他們在商業環境中使用它時在上下文中，我認為我希望看到的類似內容會說我們可以支持我們目前擁有的廣告負載的倍數。要實現這一目標將需要多年的歷程。但我認為這意味著我們面前還有很多廣告負載可以去的地方。

And the key proof points that I would have had in my mind coming in 5 quarters ago were really around whole page optimization, proving out that the users wanted to shop and would engage all the way through the lower funnel and the ability to bring in more demand rapidly. And all those major unlocks, we have progressed quite nicely on all those, but there's a lot more runway to go to get to get all the goodness out of that. That will be a multiyear journey, which is why we feel confident in our prospects as we look forward.

我在 5 個季度前想到的關鍵證據實際上是圍繞整個頁面優化，證明用戶想要購物並且會透過較低的漏斗一路參與，以及帶來更多內容的能力需求迅速。所有這些主要的解鎖，我們在所有這些方面都取得了相當不錯的進展，但要充分發揮所有優勢，還有很多路要走。這將是一個多年的旅程，這就是為什麼我們對未來的前景充滿信心。

And then on the other part of your question on Temu, our strength in retail has been broad-based. So if you looked at our strength in retail, the largest advertisers, the larger, more sophisticated advertisers, they've been seeing really great results from our latest product developments, and they have been leaning into the platform.

關於您關於 Temu 的問題的另一部分，我們在零售方面的優勢基礎廣泛。因此，如果你看看我們在零售方面的實力，最大的廣告商、規模更大、更成熟的廣告商，他們已經從我們最新的產品開發中看到了非常好的結果，並且他們一直在傾向於這個平台。

Each of our largest, most sophisticated advertisers across retail have been growing faster than the growth rate of our revenue overall, so they're leaning in and contributing to growth. And then Temu has been a nice -- I will not comment on anyone specific, but just sort of Asian e-commerce exporters generally have been a nice contributor to that. But we don't feel particularly concentrated or exposed given that our strength in retail has been very broad-based.

我們零售業中每個最大、最成熟的廣告商的成長速度都快於我們整體收入的成長速度，因此他們正在努力並為成長做出貢獻。 Temu 做得很好——我不會對任何具體人發表評論，但亞洲電子商務出口商通常對此做出了很好的貢獻。但考慮到我們在零售業的優勢非常廣泛，我們並沒有感到特別集中或暴露。

Our next question is from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

Great. I have 2. The first one, at the Analyst Day, you gave that great chart where you sort of showed the growth in engagement versus that basket of saves and impressions versus the DAU versus the MAU growth. Can you just update us for how fast that engagement grew in the quarter? I think it was up 14% in 2Q. Just for context, how quickly was it up in 3Q?

偉大的。我有 2。第一個，在分析師日，您提供了一張很棒的圖表，其中顯示了參與度的增長與一攬子保存和印象的增長以及 DAU 與 MAU 增長的比較。您能否向我們介紹本季參與度成長的最新情況？我認為第二季上漲了 14%。僅供參考，第三季的成長速度有多快？

And then the second one, you have a lot of different monetization sort of irons in the fire. Can you sort of walk through some of the key technological hurdles you still have to overcome for direct links and deep links as we think about those fully rolling out throughout 2024?

然後是第二個，你有很多不同的貨幣化類型的熨斗。當我們考慮在 2024 年全面推出直接連結和深度連結時，您能否介紹一下您仍需要克服的一些關鍵技術障礙？

Yes. Thanks, Brian, for the question. I'll take the first part and maybe kick it over to Bill for the second part of your question. So we did see engagement trends continue, the same trends that we showed at Investor Day.

是的。謝謝布萊恩提出這個問題。我將回答第一部分，也許將其交給比爾來回答你問題的第二部分。因此，我們確實看到參與度趨勢仍在繼續，與我們在投資者日上展示的趨勢相同。

So we talked about strong engagement growth on the call. We also talked about the increase in ad impressions of 26% being driven by both total impressions growth increasing and ad load increasing. So the same trend of ongoing engagement growth across the basket of metrics that we monitor and talked about on Investor Day continues to hold for Q3 specifically. And now Bill for the second part.

因此，我們在電話會議上討論了參與度的強勁成長。我們也談到，廣告展示次數成長了 26%，這是由總展示次數成長和廣告負載增加所推動的。因此，我們在投資者日監控和討論的一攬子指標中持續參與度增長的趨勢在第三季度仍然保持不變。現在比爾講第二部分。

Yes. So this is actually a really great area, Brian, in terms of what's required to implement our lower funnel solutions here and how that's going. So mobile deep links, which has had really great results, I mentioned 235% lift in conversion rates, which is really an experience taking the user from Pinterest straight into the product and buying experience in a retailer's mobile app.

是的。所以，布萊恩，這實際上是一個非常好的領域，就在這裡實施我們的下漏斗解決方案所需的條件以及進展而言。因此，行動深度連結確實取得了很好的效果，我提到轉換率提高了 235%，這確實是一種將用戶從 Pinterest 直接帶入零售商行動應用程式中的產品和購買體驗的體驗。

But there's a lot of retail that may not have users on their mobile app. And so with direct links we're now taking that -- a similar experience that will drop the user straight into a product and/or purchase experience with the retailer's website or mobile website, and we're deploying that very rapidly. And we're actually able to deploy that even faster than mobile deep links.

但有很多零售企業的行動應用程式可能沒有用戶。因此，透過直接鏈接，我們現在正在採取類似的體驗，將用戶直接帶入零售商網站或行動網站的產品和/或購買體驗，我們正在非常迅速地部署它。事實上，我們的部署速度甚至比行動深度連結還要快。

So we now have approximately 60% of our revenue, of our lower funnel revenue, has been migrated to direct links. And so the value creation of that has really been tremendous. We talked about 88% higher outbound click-through rate and 39% decrease in cost per outbound click. That's just really phenomenal value creation for the advertiser. And so advertisers have been seeing that.

因此，我們現在大約 60% 的收入（即較低漏斗收入）已遷移到直接連結。因此，它創造的價值確實是巨大的。我們談到出站點擊率提高了 88%，每次出站點擊成本降低了 39%。這對廣告商來說確實是驚人的價值創造。廣告商已經看到了這一點。

The other thing to note is that we are still in the beginning of capturing the value from that because we started rolling that out sort of in the back half of Q3, and I shared some comments as to how we're continuing to roll that out into Q4 and even into Q1, and we have our measurement progress that lets the advertisers measure all that goodness that they're seeing.

另一件需要注意的事情是，我們仍處於從中獲取價值的開始，因為我們在第三季度後半段開始推出該產品，我分享了一些關於我們如何繼續推出該產品的評論進入第四季度，甚至進入第一季度，我們有衡量進展，可以讓廣告商衡量他們所看到的所有優點。

So the shift of budgets that can result from that, I think while we have really accelerated the value creation for the advertiser, and they're really pleased with what they're seeing, I'd say we're still early on in capturing the value from that. So I think there's a lot of tailwind to that deployment as we continue forward into Q4 and into next year.

因此，由此可能導致的預算轉變，我認為雖然我們確實加速了廣告商的價值創造，並且他們對所看到的內容非常滿意，但我想說我們仍處於捕捉的早期階段從中獲得的價值。因此，我認為隨著我們繼續進入第四季度和明年，這種部署有很大的推動力。

Our next question is from Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

2 questions, please. The growth in MAUs was most pronounced in ROW, in the rest of the world regions. Any particular markets there or countries you would call out there? Is there something that suggests that, that growth is -- there's a new growth element in ROW?

請提 2 個問題。世界其他地區的每月活躍用戶數成長最為明顯。您會提到那裡的任何特定市場或國家嗎？有什麼跡象表明，成長是——ROW 中有一個新的成長元素嗎？

And then secondly, I think 2 other companies have talked about seeing a little bit of a pause in ad spend due to geopolitical factors earlier in the quarter. Are you seeing anything like that?

其次，我認為另外兩家公司已經談到，由於本季早些時候的地緣政治因素，廣告支出略有暫停。你看到類似的東西嗎？

So I'll take the second part of your question first, Mark, and thanks for the questions. So before I get to that, actually, I want to just take a moment to acknowledge the tragic situation on the ground in Israel and Gaza. While Pinterest doesn't have employees there, our thoughts are definitely with all those that are affected. Truly beyond words, the situation there.

因此，我將首先回答你問題的第二部分，馬克，感謝你的提問。因此，實際上，在我開始之前，我想花一點時間承認以色列和加薩當地的悲慘局勢。雖然 Pinterest 在那裡沒有員工，但我們的心肯定與所有受影響的人同在。那裡的情況真是一言難盡。

So with regard to the impact of the geopolitical situation, advertisers do react to major geopolitical situations. But spending on our platform has been relatively resilient so far in the quarter. When the Middle East conflict broke out, some brand advertisers did temporarily pause spend, and this resulted in a minor short-term impact, but we've since seen those advertisers largely return.

因此，對於地緣政治局勢的影響，廣告商確實會對重大地緣政治局勢做出反應。但本季到目前為止，我們平台上的支出相對有彈性。當中東衝突爆發時，一些品牌廣告主確實暫時停止了支出，這導致了短期影響較小，但我們後來看到這些廣告主大部分都回歸了。

And if the geopolitical environment were to get materially worse, we'd expect that brand advertising would be more at risk and performance ads would be more resilient. So platforms skewed more to brand would be more impacted than we would be, given the progress we've made in the lower funnel.

如果地緣政治環境嚴重惡化，我們預期品牌廣告將面臨更大的風險，而成效廣告將更具彈性。因此，考慮到我們在下漏斗中取得的進展，更傾向於品牌的平台將比我們受到更大的影響。

But if advertisers pull back spend in a more meaningful way than what we've seen so far, we're not going to be immune to that. But taking into account everything we know today and what we've seen so far, we feel good about our ability to execute in the quarter, bolstered by our recent product improvements at the lower end of the funnel, which is factored into our Q4 guidance.

但如果廣告商以比我們迄今為止所看到的更有意義的方式削減支出，我們也將無法倖免。但考慮到我們今天所知道的一切以及迄今為止所看到的情況，我們對本季度的執行能力感到滿意，這得益於我們最近在漏斗低端的產品改進，這已納入我們的第四季度指導。

And then on the MAU side, it continues to be a story of mature markets, where it's a story of deepening engagement in mature markets. And then broad-based strength as you look to rest of world, we're getting more and more relevant results. A lot of these things we're talking about in great improvement in relevancy using next-gen AI technology, these are things that are just having a global impact in mature markets where we've seen a lot of the users that we need to see that manifest as deepening engagement per user. As you look to rest of world, you see even more MAU growth happening in those markets.

然後在月活躍用戶方面，它仍然是一個成熟市場的故事，這是一個深化成熟市場參與的故事。然後，當你放眼世界其他地區時，我們會得到越來越多相關的結果。我們正在談論的很多事情都是透過使用下一代人工智慧技術來極大地提高相關性，這些事情正在成熟市場中產生全球影響，在這些市場中我們已經看到了很多我們需要看到的用戶這表現為每個用戶的參與度不斷加深。當您放眼世界其他地區時，您會發現這些市場的每月活躍用戶數量出現了更多的成長。

Our next question is from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

At the Analyst Day, you talked about launching a fully automated ad tool in 2024 similar to some of the other large platforms. I was just hoping you could provide an update on that? Perhaps any commentary just around how the build progress is going there? That's all.

在分析師日上，您談到在 2024 年推出類似其他一些大型平台的全自動廣告工具。我只是希望你能提供最新情況？也許有關於那裡的構建進度如何的評論嗎？就這樣。

Thanks, Doug. Appreciate the question. So we're really pleased with our progress on that front. If you think about sort of the fully automated tools out there, we have most of the components that you'd want to see in that. And we're now bringing those together into a more comprehensive solution. So if you looked at our bidding now, we'd have a significant majority of our revenue, it would be using -- is using automated bidding today.

謝謝，道格。感謝這個問題。因此，我們對這方面的進展感到非常滿意。如果您考慮現有的全自動工具，我們擁有您希望在其中看到的大部分元件。我們現在正在將這些整合到一個更全面的解決方案中。因此，如果您現在查看我們的出價，您會發現我們的大部分收入都將使用 - 今天正在使用自動出價。

As we look forward into '24, as we progress through the year, we're going to be giving advertisers more ability to basically give us targets, give us creative and then leave it to us to go drive campaign results for them. And so we feel like we're making really great progress there. And so we think that's another positive factor as we look forward into '24.

展望 24 年，隨著這一年的進展，我們將賦予廣告商更多能力，讓他們基本上為我們提供目標，為我們提供創意，然後讓我們為他們推動廣告活動結果。所以我們覺得我們在這方面取得了巨大的進步。因此，我們認為這是我們展望 24 年的另一個積極因素。

Our next question is from Anthony Post (sic) [Justin Post] with Bank of America. Our next question will be from Ron Josey with Citi.

我們的下一個問題來自美國銀行的安東尼·波斯特（原文如此）[賈斯汀·波斯特]。我們的下一個問題將由花旗銀行的 Ron Josey 提出。

I have 2, please. Bill, you talked about, when talking about engagement in newer use cases, improvements in users picking up where they left off in prior sessions. Talk just more about how that connected search improves overall engagement rates and just the impact to overall use cases?

我有2個，拜託。 Bill，您在談論新用例的參與度時談到了用戶在先前會話中繼續上次會話的地方的改進。多談談互聯搜尋如何提高整體參與率以及對整體用例的影響？

And then with mobile deep linking fully launched in July, would love to hear just more insights on overall adoption now that [we're GA]. And particularly, I think I heard you say we launched direct links in 3Q, but there's more to go. So any insights on MDL and direct links would be helpful.

然後，隨著行動深度連結於 7 月全面推出，現在 [我們已正式發布]，我很想聽到更多關於整體採用率的見解。特別是，我想我聽到你說我們在第三季度推出了直接鏈接，但還有更多工作要做。因此，任何有關 MDL 和直接連結的見解都會有所幫助。

Yes. So on this sort of picking up on journeys, they're multi-session. One of the things I think people may not fully appreciate is that a significant portion of commercial journeys are, in fact, multi-session. And if you were to look over the shoulder of a user that's shopping, the way this would manifest is you'd see 30 or 40 browser tabs open at a time, oftentimes, which is reflective of how users think about these shopping sessions as multi-session experiences.

是的。因此，在這種旅程中，他們會進行多次會議。我認為人們可能沒有完全理解的一件事是，商業旅程的很大一部分實際上是多會話的。如果您仔細觀察正在購物的用戶，您會經常看到一次打開 30 或 40 個瀏覽器選項卡，這反映了用戶如何看待這些購物會話- 會議經驗。

This is a real core strength of Pinterest. Like that pain point of having 30 or 40 browser tabs open at once, that's sort of a core pain point that Pinterest solves. And so as users are saving on our platform at an increasing rate, we talked about our most recent cohorts being approximately twice as engaged as past cohorts and saving being a core element of that, as we're making that experience easier and better for the users to go save those journeys with us, come back and pick up where they left off and get great recommendations.

這是 Pinterest 真正的核心優勢。就像同時打開 30 或 40 個瀏覽器分頁的痛點一樣，這也是 Pinterest 解決的核心痛點。因此，隨著用戶在我們平台上的儲蓄率不斷增加，我們談到我們最近的群組的參與度大約是過去群組的兩倍，並且儲蓄是其中的核心要素，因為我們正在為用戶提供更輕鬆、更好的體驗用戶可以和我們一起保存這些旅程，回來後繼續他們上次停下的地方並獲得很棒的推薦。

Like taking the example I gave of taking the jacket and the shoes that you saved, but then coming back and not only do you get more recommendations about that, but things that could go with it or things that are relevant to your style. We're seeing that really play well with users and give users more reasons to come back to Pinterest more frequently for their shopping needs. And so we feel really excited about the results there, but we still have a lot more that we can go forward with.

就像我舉的例子一樣，拿走你保存的夾克和鞋子，然後回來，你不僅會得到更多關於這些的建議，還會得到與之相配的東西或與你的風格相關的東西。我們發現這確實很受用戶歡迎，並讓用戶有更多理由更頻繁地回到 Pinterest 來滿足他們的購物需求。因此，我們對那裡的結果感到非常興奮，但我們還有很多可以繼續前進的地方。

But it's a core strength of Pinterest. And it's really unique to our platform, fundamentally different than what users would do on other platforms. And so as we're leaning into that, we're seeing a differentiation sign through more and more. And then on mobile deep links and direct links, the great news with direct links is that we've been able to deploy that more easily for retailers without them having to do work on their end.

但這是 Pinterest 的核心優勢。這對我們的平台來說確實是獨一無二的，與用戶在其他平台上所做的事情根本不同。因此，當我們傾向於這一點時，我們看到越來越多的差異化跡象。然後，在行動深度連結和直接連結方面，直接連結的好消息是，我們能夠為零售商更輕鬆地部署，而無需他們自行完成工作。

They still need to do work to measure and then to reallocate budgets, but our ability to go deliver them more clicks, we then will do that without work by the advertisers, particularly with retailers that were getting into shopping. And so that 88% lift in clicks that we noted is a tremendous value creation for the advertisers. And as we look forward, and they're getting that -- they're seeing that come through in their measurement models and they're thinking about budget, we see a lot of that value capture is still in front of us, even though we're moving very rapidly on the value creation for the advertiser.

他們仍然需要做一些工作來衡量，然後重新分配預算，但是我們有能力為他們提供更多的點擊次數，然後我們將在沒有廣告商工作的情況下做到這一點，特別是對於進入購物領域的零售商。我們注意到，點擊量提升了 88%，這為廣告商創造了巨大的價值。當我們展望未來時，他們正在意識到這一點——他們在衡量模型中看到了這一點，並且他們正在考慮預算，我們看到很多價值捕獲仍然在我們面前，儘管我們在為廣告商創造價值方面進展非常迅速。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自科林·塞巴斯蒂安和貝爾德。

A couple for me as well. I guess first off, when you look at the incremental revenues on the platform, I'm curious how much of that growth is just from new advertisers versus just higher budget allocation from existing advertisers? And then secondly, apologies if I missed this, but did you provide an update for Q4 to date on API for Conversions, the penetration rate across revenues in the platform?

我也有一對。我想首先，當您查看平台上的增量收入時，我很好奇其中有多少增長來自新廣告商，而不是來自現有廣告商的更高預算分配？其次，如果我錯過了這一點，我深表歉意，但是您是否提供了迄今為止第四季度有關轉換 API 的更新以及平台收入的滲透率？

Yes. So on your first question, we've seen certainly a nice mix of new advertisers coming in as well that are seeing compelling results. But as I noted in my prior comments, our strength, particularly in retail, has been broad-based. And we've actually seen the larger, more sophisticated advertisers have been at the core of that.

是的。因此，關於你的第一個問題，我們確實看到了新廣告商的良好組合，並且看到了令人信服的結果。但正如我在之前的評論中指出的那樣，我們的優勢，特別是在零售領域，基礎廣泛。事實上，我們已經看到規模更大、更成熟的廣告商是其中的核心。

And so seeing those most sophisticated advertisers are seeing great performance from us, they're, as a cohort, growing faster than our revenue overall. In fact, across all of our large sophisticated advertisers, particularly in retail, we're seeing them growing faster than our revenue growth rate overall.

因此，看到那些最精明的廣告商看到我們的出色表現，他們作為一個群體的成長速度超過了我們整體收入的成長速度。事實上，在我們所有大型複雜的廣告商中，特別是在零售領域，我們發現他們的成長速度快於我們整體收入的成長速度。

So I think that bodes really well for just how our lower funnel performance-oriented solutions are driving value for advertisers, and that's working well with large retailers. It's also helping to bring in emerging categories as well, to comment on some of those emerging categories like travel and financial services and others. And so there are new advertisers coming on to the platform as well.

因此，我認為這預示著我們的漏斗下端績效導向解決方案如何為廣告主帶來價值，並且與大型零售商合作良好。它還有助於引入新興類別，對旅行和金融服務等一些新興類別進行評論。因此，也有新的廣告商進入該平台。

But retail has been the largest contributor to our growth, and driven particularly by larger sophisticated advertisers, which we always say, if you can make them happy, you can make just about anybody happy. And so we expect that, that trend of other advertisers coming in or leaning more into the platform will only continue.

但零售業一直是我們成長的最大貢獻者，尤其是由規模較大、經驗豐富的廣告商所推動的，我們總是說，如果你能讓他們快樂，你就能讓幾乎任何人快樂。因此，我們預計其他廣告商進入或更傾向於該平台的趨勢只會持續下去。

And then, Colin, to your second question about the sort of penetration update on API for Conversions, so we did not update that stat simply because we just gave it to you all last month at Investor Day. So just a reminder there, at that time, we said that as of August, 28% of total revenue has adopted the API for Conversions app, which is up from 14% at the start of the year. So continuing to see nice progress there.

然後，Colin，關於你的第二個問題，關於 API 轉換的滲透率更新，所以我們沒有更新該統計數據，只是因為我們剛剛在上個月的投資者日向大家提供了它。提醒一下，當時我們說截至 8 月份，總收入的 28% 採用了 API for Conversions 應用程序，高於年初的 14%。因此，我們將繼續看到良好的進展。

Our next question is from Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

Mine is 2 quick ones. The first one is just on just the importance of whether it's Amazon or other third-party demand partners that you bring on over time. I guess how important are those partnerships to international expansion? Does that make it easier, partnering with a tech provider that's kind of widely adopted? That's the first one.

我的是2個快的。第一個只是關於隨著時間的推移，無論是亞馬遜還是其他第三方需求合作夥伴的重要性。我想這些合作關係對於國際擴張有多重要？與廣泛採用的技術提供者合作是否會讓事情變得更容易？這是第一個。

And then the second one, just a follow-up on API for Conversions. Is that something that you expect to kind of slowly increase in terms of adoption and then kind of a rush at the last minute when cookies are deprecated on Chrome? I guess what's the path forward, bigger picture?

然後是第二個，只是 API for Conversions 的後續。您是否希望這種技術的採用率會慢慢增加，然後在 Chrome 上棄用 cookie 時在最後一刻突然加快？我想未來的路是什麼，更大的前景？

Thanks for the questions, Mark. So on your first question there, we've not talked about -- there's no specific new announcements around third-party for international or anything like that. But we have talked about how we are significantly undermonetized internationally and that as we look forward,and think about how 3P could help with our business overall, international is definitely a place that we think third-party demand can be particularly helpful.

謝謝你的提問，馬克。因此，關於你的第一個問題，我們還沒有討論過——沒有關於國際第三方或類似內容的具體新公告。但我們已經討論過我們在國際上的貨幣嚴重不足，並且當我們展望未來並思考 3P 如何幫助我們的整體業務時，國際絕對是我們認為第三方需求特別有幫助的地方。

We had some comments on this in Investor Day, both around third parties, around working with resellers internationally, all of which can help accelerate our progress.internationally. So that's definitely something that we're focusing on as we go into next year is driving greater ARPU internationally given our under monetization there. And we see third-party as a contributor to that, along with other efforts like resellers and other things that can bring relevant demand onto the platform internationally.

我們在投資者日對此發表了一些評論，既圍繞第三方，也圍繞與國際經銷商的合作，所有這些都有助於加快我們在國際上的進展。因此，考慮到我們在國際上的貨幣化程度較低，這絕對是我們明年要關注的重點，即推動國際 ARPU 的提升。我們認為第三方是其中的貢獻者，此外還有經銷商和其他可以將相關需求帶入國際平台的事物。

And then on CAPI, to your point, as we go into '24, I think we've seen, as we look back, the larger, more sophisticated advertisers have been at the earlier end of the adoption curve on these things. But as we look into '24, and there'll be -- there has been stated desire to make further progress by browser -- major browser providers and deprecating cookies, I think that will create more forcing function for the industry as we go into '24.

然後在CAPI 上，就你的觀點而言，當我們進入24 世紀時，我認為我們已經看到，當我們回顧過去時，規模更大、更成熟的廣告商已經處於這些事物採用曲線的較早末端。但當我們展望 24 世紀時，將會有——已經表示希望瀏覽器取得進一步進展——主要瀏覽器提供商和棄用 cookie，我認為這將為行業創造更多的強制功能，因為我們進入' 24。

So I don't have a better crystal ball than anybody else, but I do think as we move toward that cookieless future, that will create some forcing function for advertisers to implement privacy-safe measurement. And then I think the other thing just as we face a cookieless future, we've talked about this, we think the industry broadly is in a similar boat around implement privacy-safe measurement tools.

因此，我沒有比其他人更好的水晶球，但我確實認為，隨著我們走向無 cookie 的未來，這將為廣告商創建一些強制功能來實施隱私安全測量。然後我認為另一件事就像我們面臨無 cookie 的未來一樣，我們已經討論過這一點，我們認為整個產業在實施隱私安全測量工具方面處於類似的情況。

But we think platforms are in very different boats as it pertains to being able to serve relevant ads to users. And stated very simply, Pinterest doesn't need to follow users around the Internet to know what they're interested in. Users come on Pinterest and tell us what they're interested in. So our ability to serve great relevant ads to users is driven by what users do on our platform, [correctly] by our first-party signal.

但我們認為，平台的情況截然不同，因為它涉及能夠向用戶提供相關廣告。簡單地說，Pinterest 不需要在網路上關注用戶來了解他們對什麼感興趣。用戶來到 Pinterest 上並告訴我們他們對什麼感興趣。因此，我們向用戶提供相關的優質廣告的能力是由用戶在我們平台上的行為驅動，[正確地]由我們的第一方訊號驅動。

And so we think we're positioned quite well as it pertains to delivering great relevant ads for users even as we move into a cookieless future. And then on the measurement side, yes, the industry, I suspect, will continue to accelerate the adoption of those privacy-safe measurement tools as we go into '24.

因此，我們認為我們的定位非常好，即使我們進入了一個沒有 cookie 的未來，也可以為使用者提供相關的優質廣告。然後在測量方面，是的，我懷疑，當我們進入 24 世紀時，該行業將繼續加速採用這些隱私安全的測量工具。

Next question is from Tom Champion with Piper Sandler.

下一個問題是 Tom Champion 和 Piper Sandler 提出的。

Bill, on Amazon, is there any sensitivity to managing the existing 1P advertiser base when layering on a major partner or additional partners in the future? Is there any impact to existing advertiser price or ROI or any trade-off there to keep in mind?

Bill，在亞馬遜上，未來在主要合作夥伴或其他合作夥伴上進行分層時，管理現有的 1P 廣告商基礎是否有任何敏感性？對現有廣告客戶的價格或投資報酬率是否有任何影響，或者是否有任何需要記住的權衡？

And then Julia, maybe for you, just curious if you could discuss the very strong revenue growth in Europe in 3Q. Any call outs there? Anything to monitor on the regulatory front there as well?

然後朱莉婭，也許對你來說，只是好奇你是否可以討論第三季度歐洲非常強勁的收入成長。那裡有喊話嗎？監管方面還有什麼需要監控的嗎？

Thanks, Tom, for the questions. To your point on 1P versus 3P, I think you're sort of getting out like is there a channel complex kind of issue there. And we've not really seen that surface. What we've really seen surface, and I think this is evidenced by the meaningful increase in relevance, is that we're really seeing a lot of new demand that's coming through that, that you wouldn't have the relevancy increases if you weren't seeing new demand that wasn't already on the platform.

謝謝湯姆提出的問題。對於您關於 1P 與 3P 的觀點，我認為您有點像那裡有通道複雜的問題。我們還沒有真正看到這個表面。我們真正看到的表面現象，我認為相關性的有意義的增加證明了這一點，我們確實看到了很多新的需求，如果你不這樣做，你就不會增加相關性。沒有看到平台上尚未存在的新需求。

So that's really been the highlight so far is that it's making it so that there's new relevant demand showing up on our platform, which is why it's been so engagement-positive for users. So we've not seen any particular concern there, certainly something we would watch for and pay attention to. We actually think these things are quite synergistic with one another. And then I'll give it over to...

因此，到目前為止，真正的亮點是，我們的平台上出現了新的相關需求，這就是為什麼它對用戶的參與度如此積極。所以我們沒有看到任何特別的擔憂，當然我們會注意和關注。我們實際上認為這些事情彼此之間具有強烈的協同作用。然後我會把它交給...

Yes. So Tom, on your question on sort of European growth in Q3 specifically, so we did see some strong growth there from CPG and also from emerging verticals such as technology and the auto vertical, but this was also amplified by strong growth with agencies.

是的。湯姆，關於你關於第三季度歐洲增長的問題，我們確實看到了快速消費品以及技術和汽車垂直等新興垂直行業的強勁增長，但這也因代理機構的強勁增長而得到放大。

As we've talked about, historically, agencies play a differential role in the European market specifically. Some of it was also, to be fair, a little bit of an easier comp in Q3 of last year, both on a reported and a constant currency basis. And so I think that's something also that's worth calling out. And no major impact that we see today in our business or expect on the regulatory front either.

正如我們所討論的，從歷史上看，代理商在歐洲市場中發揮著不同的作用。公平地說，去年第三季的業績比較容易一些，無論是在報告基礎上還是在固定匯率基礎上。所以我認為這也是值得呼籲的。我們今天在我們的業務中看到的或預期在監管方面也不會產生重大影響。

Thank you. This was the last question for today's call, so I will now hand the call over to Bill Ready for closing remarks.

謝謝。這是今天電話會議的最後一個問題，所以我現在將電話會議交給 Bill Ready 進行結束語。

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

再次感謝大家參加電話會議並提出問題。我們期待著繼續進行這種對話，並希望大家度過愉快的一天。

That concludes today's Pinterest Third Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

今天的 Pinterest 2023 年第三季財報電話會議到此結束。感謝您的參與。現在您可以斷開線路。