Pinterest Inc (PINS) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for joining Pinterest Fourth Quarter and Full Year 2023 Earnings Call. My name is Kate, and I will be the moderator for today's call. (Operator Instructions)

下午好，感謝您參加 Pinterest 2023 年第四季和全年財報電話會議。我叫凱特，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 call over to your host, Neil Doshi, Head of Investor Relations at Pinterest. You may proceed.

現在我想將電話轉給主持人 Pinterest 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 Fourth Quarter and Full Year ended December 31, 2023. I am Neil Doshi, Vice President of Investor Relations for Pinterest.

下午好，感謝您加入我們。歡迎參加 Pinterest 截至 2023 年 12 月 31 日的第四季和全年財報電話會議。我是 Pinterest 投資者關係副總裁 Neil Doshi。

Joining me today on the call are Bill Ready, Pinterest CEO; and Julia Donnelly, our CFO. We are providing a slide presentation to accompany our commentary, and this conference call is also being webcast. Please refer to our Investor Relations website at investor.pinterestinc.com to find today's presentation webcast and earnings press release. 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.

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。我們將提供幻燈片簡報來配合我們的評論，並且本次電話會議也正在進行網路直播。請造訪我們的投資者關係網站 Investor.pinterestinc.com，尋找今天的示範網路廣播和收益新聞稿。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視為前瞻性聲明，而此類聲明涉及許多風險和不確定性，可能導致實際結果出現重大差異。

In addition, our results, trends and outlooks for Q1 2024 and beyond are preliminary and are not an insurance of future performance.

此外，我們對 2024 年第一季及以後的結果、趨勢和前景都是初步的，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 expressly disclaim any duty or obligation to update them unless required by law. For more information about risks, uncertainties and other factors that could affect our results, please refer to our most recent annual report, Form 10-K and quarterly report, Form 10-Q filed with the SEC and available on our Investor Relations website.

我們根據截至目前所掌握的資訊做出這些前瞻性陳述，除非法律要求，否則我們明確不承擔任何更新這些陳述的責任或義務。有關風險、不確定性和其他可能影響我們業績的因素的更多信息，請參閱我們向SEC 提交並可在我們的投資者關係網站上獲取的最新年度報告、表格10-K 和季度報告、表格10-Q。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable 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. 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衡量標準與最直接可比較的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. Good afternoon, and thank you for joining our fourth quarter and full year 2023 earnings call. In Q4, our team executed well against our strategic priorities, growing user engagement, gaining further traction with our lower funnel advertising offerings and delivering on operational efficiency. Our efforts to grow users and deepen engagement continue to yield strong results. Global MAUs hit another all-time record of $498 million, growing 11%, accelerating from last quarter and growing sequentially in all of our geographic regions. Q4 revenue of $981 million grew 12%, marking continued double-digit revenue growth in the second half of this year.

謝謝，尼爾。下午好，感謝您參加我們的 2023 年第四季和全年財報電話會議。在第四季度，我們的團隊在我們的策略重點上表現出色，提高了用戶參與度，透過我們較低的漏斗廣告產品獲得了進一步的吸引力，並提高了營運效率。我們在增加用戶和加深參與度方面所做的努力繼續取得了良好的成果。全球月活躍用戶數再創新高，達到 4.98 億美元，成長 11%，較上季加速成長，並且在我們所有地理區域均持續成長。第四季營收為 9.81 億美元，成長 12%，標誌著今年下半年營收持續保持兩位數成長。

And while growing revenue and engagement, we continue to demonstrate operational efficiency and disciplined expense management, resulting in Q4 adjusted EBITDA of $365 million or a 37% margin, up more than 1,400 basis points from last year.

在營收和參與度不斷增長的同時，我們繼續展示營運效率和嚴格的費用管理，第四季度調整後 EBITDA 達到 3.65 億美元，利潤率達到 37%，比去年增長超過 1,400 個基點。

Our strong product delivery in Q4 and throughout 2023, with investments focused in lower funnel offerings like mobile deep linking, shopping ads, API for conversions and most recently direct links are delivering sustained ROI improvements for advertisers. This is leading to advertisers growing their budgets with us and has resulted in further acceleration so far in Q1, which is reflected in our guidance that Julia will describe in further detail later in the call.

我們在第四季度和整個2023 年提供了強勁的產品交付，並重點投資於行動深度連結、購物廣告、用於轉換的API 和最近的直接連結等漏斗下層產品，為廣告商帶來了持續的投資報酬率提高。這導致廣告商與我們一起增加預算，並導致第一季迄今為止進一步加速，這反映在我們的指導中，朱莉婭將在稍後的電話會議中進一步詳細描述。

Before I discuss Q4, I'd like to reflect back on the progress we made over the past year. We entered 2023 with a backdrop of a challenging macroeconomic environment and a weak digital ads market. However, we delivered strong execution against the strategic priorities we laid out during the second half of 2022, which enabled us to grow through the downturn and get back to double-digit revenue growth in the back half of 2023. During this period, we made significant investments in AI that drove improvements in our overall platform for users and advertisers and we significantly accelerated product velocity across our most important priorities, propelling growth last year and laying the foundation for the future.

在討論第四季之前，我想回顧一下我們在過去一年中取得的進展。進入 2023 年，宏觀經濟環境充滿挑戰，數位廣告市場疲軟。然而，我們對 2022 年下半年制定的戰略重點進行了強有力的執行，這使我們能夠度過低迷期並在 2023 年下半年恢復兩位數的收入增長。在此期間，我們取得了我們對人工智慧進行了大量投資，推動了我們為用戶和廣告商提供的整體平台的改進，並且我們顯著加快了最重要優先事項的產品速度，推動了去年的成長並為未來奠定了基礎。

We focused on helping users find new reasons to come back to Pinterest more often. We also invested in the elements that made Pinterest so beloved and unique in the first place, like human curation through saving and organizing content and as a result, MAUs are growing and users are engaging more deeply with the platform than before.

我們專注於幫助用戶找到更頻繁地回到 Pinterest 的新理由。我們也投資了最初使 Pinterest 如此受人喜愛和獨特的元素，例如透過保存和組織內容進行人工管理，因此，每月活躍用戶數不斷增長，用戶比以前更深入地參與該平台。

We also made significant advancements on the shopability of the platform. More than half of our users view Pinterest as a place to shop. But historically, it was not easy to click out and go to a merchant site to buy the product you found on Pinterest.

我們也在平台的可購物性方面取得了重大進展。我們超過一半的用戶將 Pinterest 視為購物場所。但從歷史上看，點擊並前往商家網站購買您在 Pinterest 上找到的產品並不容易。

Last year, we improved the shopping experience by bringing shopping content front and center into our home feed, search and related services. As a result, we saw engagement with that shoppable content accelerate as users clicked and saved that content at rates significantly higher than in the past. This was clear evidence to us that people come to Pinterest with intent and will take action when we make it easy for them to do so. On the monetization front, the teams innovated across the entire funnel with particular emphasis in the lower funnel as we made it more seamless for users to pivot from inspiration to action through increased shopability.

去年，我們將購物內容引入我們的主頁、搜尋和相關服務，從而改善了購物體驗。因此，我們看到，隨著用戶點擊並保存該內容的速度明顯高於過去，人們對這些可購物內容的參與度也隨之加快。這對我們來說是明確的證據，表明人們帶著意圖來到 Pinterest，並且當我們讓他們輕鬆採取行動時，他們就會採取行動。在獲利方面，團隊在整個漏斗中進行了創新，特別強調了較低的漏斗，因為我們透過提高可購買性，使用戶能夠更無縫地從靈感轉向行動。

In fact, 2023 was one of our most productive years for ads innovation, as we accelerated product delivery and launched more ad formats, tools and solutions than ever before and continue to drive adoption of our lower funnel solutions for advertisers. These include seamless handoffs like mobile deep linking and direct links, new ad formats like Premier Spotlight, travel catalogs and lead ads and measurement solutions like our API for conversion and clean room integrations.

事實上，2023 年是我們廣告創新最有成果的年份之一，我們加快了產品交付速度，推出了比以往更多的廣告格式、工具和解決方案，並繼續推動廣告商採用我們的下漏斗解決方案。其中包括無縫切換（例如行動深度連結和直接連結）、新廣告格式（例如 Premier Spotlight）、旅遊目錄和引導廣告以及測量解決方案（例如用於轉換和無塵室整合的 API）。

As a smaller player in the overall digital ads ecosystem, adding third-party demand to increase the comprehensiveness of our catalog and the relevance of our ads was a key priority for us. Last year, we announced and launched our first third-party ad partner with Amazon Ads, which is scaling well, and we will continue to advance our third-party demand efforts this year and beyond to bring relevant ads that can enhance the user shopping journey. Putting all this together, we were able to achieve year-over-year revenue growth in every quarter in 2023 and get back to double-digit growth in the second half, and we did this while controlling our costs and expanding margins.

作為整個數位廣告生態系統中規模較小的參與者，增加第三方需求以提高我們目錄的全面性和廣告的相關性是我們的首要任務。去年，我們宣布並推出了我們的第一個第三方廣告合作夥伴亞馬遜廣告，該合作夥伴擴展良好，我們將在今年及以後繼續推進我們的第三方需求工作，以帶來可以增強用戶購物旅程的相關廣告。綜上所述，我們能夠在 2023 年每季實現營收年增，並在下半年恢復兩位數成長，而且我們在控製成本和擴大利潤率的同時做到了這一點。

When we started the year, we laid out a plan to achieve around 200 basis points of adjusted EBITDA margin expansion for the full year. With revenue growth, operational rigor and cost optimization, we were able to deliver 660 basis points of adjusted EBITDA margin expansion for 2023. I believe that constraints breed creativity. And in this environment, our teams are able to deliver better experiences for our users and our advertisers with clarity, focus and discipline.

年初時，我們制定了全年調整後 EBITDA 利潤率擴張約 200 個基點的計畫。憑藉營收成長、營運嚴謹性和成本優化，我們能夠在 2023 年實現 660 個基點的調整後 EBITDA 利潤率擴張。我相信限制會孕育創造力。在這種環境下，我們的團隊能夠清晰、專注和自律地為我們的用戶和廣告商提供更好的體驗。

Lastly, with a strong executive team, many of whom joined in 2023, we have the right leadership and a strong foundation to execute against our strategic priorities in 2024 and beyond. Now let's take a closer look at the initiatives we launched in Q4 to advance our strategic priorities. During the quarter, we made key updates along the entire inspiration to action journey to grow our users and deepen engagement. These investments are paying off. We had our fastest global MAU growth since Q1 of 2021, and we're seeing our best product market fit in years as evidenced by the strong growth in our Gen Z demographic and the fact that our most recent user cohorts are significantly more engaged in user cohorts from prior years, consistent with what we shared at our Investor Day.

最後，憑藉強大的執行團隊（其中許多人於 2023 年加入），我們擁有正確的領導力和堅實的基礎來執行 2024 年及以後的策略重點。現在讓我們仔細看看我們在第四季度推出的旨在推進我們策略重點的舉措。在本季度，我們對整個從靈感到行動的旅程進行了關鍵更新，以擴大用戶並加深參與度。這些投資正在得到回報。自2021 年第一季以來，我們的全球月活躍用戶數增長最快，我們看到了多年來最適合的產品市場，Z 世代人口的強勁增長以及我們最近的用戶群體顯著更多地參與這一事實證明了這一點前幾年的同類人群，與我們在投資者日分享的內容一致。

Starting with inspiration. We're enhancing the way users find inspiring content and hone in on exactly what they're looking for by making improvements to our core search capabilities. In Q4, we began testing generative AI-based search guides which help users to refine their understanding from broad queries like kitchen ideas and to more structured avenues of exploration like Rustic Farmhouse Kitchen or kitchen organization hacks, helping users get closer to the point of action or purchase. Additionally, these generative search guides highlight the advancements we're making in AI on the platform in ways that are additive and authentic to the user and that we expect will lead to continued improvements in engagement and retention.

從靈感開始。我們正在透過改進我們的核心搜尋功能來增強用戶尋找鼓舞人心的內容並準確找到他們正在尋找的內容的方式。在第四季度，我們開始測試基於人工智慧的生成搜尋指南，幫助用戶從廣泛的查詢（如廚房創意）和更結構化的探索途徑（如鄉村農舍廚房或廚房組織黑客）中提煉他們的理解，幫助用戶更接近行動點或購買。此外，這些生成搜尋指南強調了我們在平台上人工智慧方面的進步，這些進步對用戶來說是可附加的和真實的，我們預計這將導致參與度和保留率的持續提高。

After users search for and find the content they're looking for, we're developing new ways to help users curate that inspirational content. At our Investor Day, we introduced collages, a new interactive pin format composed of cutouts that users can engage with. Users can tap on an image within a scene to cut out components of the image they love and combine them with other cutouts to create interactive collages of their favorite ideas, all in one place. In addition, users can tap on a cutout within a collage to see its associated products, if available, or the source pin that the object was cut out of. This has the potential to create a flywheel of content creation and engagement, which we're excited about.

在用戶搜尋並找到他們正在尋找的內容後，我們正在開發新的方法來幫助用戶策劃鼓舞人心的內容。在投資者日，我們推出了拼貼畫，這是一種新的互動式圖釘格式，由使用者可以參與的剪紙組成。用戶可以點擊場景中的圖像來剪切他們喜歡的圖像的組成部分，並將它們與其他剪切組合起來，以創建他們最喜歡的想法的交互式拼貼畫，所有這些都在一個地方完成。此外，使用者可以點擊拼貼畫中的剪切圖來查看其相關產品（如果有），或剪切該物件的來源引腳。這有可能創造內容創建和參與的飛輪，我們對此感到興奮。

In Q4, we rolled out the collage functionality to nearly all iOS users globally. I'm pleased that this feature is now broadly available for our users as cutouts in collages are a new frontier of creation on Pinterest and allow users to express their creativity and taste in even more visually immersive ways. It also provides us with great first-party signals on what users are interested in, product associations, emerging trends and how we can surface more content and products that are aligned with users' evolving tastes.

在第四季度，我們向全球幾乎所有 iOS 用戶推出了拼貼功能。我很高興這個功能現在可以廣泛地供我們的用戶使用，因為拼貼中的剪貼畫是 Pinterest 上的創作新領域，允許用戶以更具視覺沉浸感的方式表達他們的創造力和品味。它還為我們提供了有關用戶感興趣的內容、產品關聯、新興趨勢以及我們如何展示更多符合用戶不斷變化的品味的內容和產品的重要第一方訊號。

And we're seeing strong early results and positive feedback from our users. They're finding collages highly engaging with users 3x more likely to save collage pins versus other pins on Pinterest and the majority of collages are created by users who had not previously created a pin. Collage is also skewed heavily towards shoppable content with approximately 75% of collages utilizing a product pin, showing the intent our users bring when creating and engaging with content on Pinterest.

我們看到了強勁的早期成果和用戶的正面回饋。他們發現，與Pinterest 上的其他Pin 圖相比，拼貼與用戶的互動度高，保存拼貼圖Pin 的可能性高出3 倍，而且大多數拼貼畫都是由之前未創建過Pin 的用戶創建的。拼貼也嚴重偏向可購物的內容，大約 75% 的拼貼使用了產品圖釘，顯示了用戶在 Pinterest 上創建內容並與之互動時的意圖。

Moving further down the inspiration to action journey, we're enhancing our board functionality to help users better understand and organize their tastes. Boards are an essential part of the curation flywheel on Pinterest and provide us with important signals on user tastes and preferences, which feeds into our recommendation algorithm and further augments our ability to serve relevant content back to our users.

沿著靈感到行動的旅程，我們正在增強我們的看板功能，以幫助用戶更好地理解和組織他們的品味。版塊是 Pinterest 策展飛輪的重要組成部分，為我們提供有關用戶品味和偏好的重要訊號，這些訊號會納入我們的推薦演算法，並進一步增強我們向用戶提供相關內容的能力。

In Q4, we launched our first auto organization feature. This feature leverages AI to simplify the Board creation process by automatically grouping similar pins into suggested boards based on what users have saved in the past. For users who generally don't curate on the platform, this feature resulted in a nearly 30% lift in boards created, highlighting how auto organization can unlock the magic of Pinterest for more users.

在第四季度，我們推出了第一個汽車組織功能。此功能利用人工智慧，根據使用者過去儲存的內容，自動將類似的引腳分組到建議的板中，從而簡化板創建過程。對於通常不在平台上進行管理的用戶來說，此功能使創建的圖板數量增加了近 30%，凸顯了汽車組織如何為更多用戶釋放 Pinterest 的魔力。

Finally, we're making it easier for users to shift from inspiration to action and shop products they discover on Pinterest. Over the past few quarters, we've launched shopping modules that help us further capitalize on our audience who come to Pinterest with intent and improve the shopability of our platform. Last quarter, we discussed a few of these efforts for women's fashion and home decor categories, including shop to look and guided shopping modules, which surface shoppable product pins based on past saving and clicking history.

最後，我們讓用戶更輕鬆地將靈感轉化為行動，並購買他們在 Pinterest 上發現的產品。在過去的幾個季度中，我們推出了購物模組，幫助我們進一步利用有意訪問 Pinterest 的受眾，並提高我們平台的可購物性。上個季度，我們討論了針對女性時尚和家居裝飾類別的一些努力，包括商店外觀和引導購物模組，這些模組根據過去的保存和點擊歷史顯示可購物的產品圖釘。

In Q4, we launched Shop Similar for mobile in the same categories. While Shop the Look is activated when a user clicks on a lifestyle image such as a celebrity wearing the latest outfit trends or a beautifully curated living room, Shop Similar is activated when a user clicks on a shoppable product pen from a merchant catalog. It then showcases a carousel of similar product pins across a variety of other brands and price points, complementing the feed of related pins below. We're in the early stages of ramping, and in our experiments, Shop Similar drove double-digit lift in both outbound clicks and checkouts.

在第四季度，我們在相同類別的行動裝置上推出了類似商店。當用戶點擊生活方式圖像（例如穿著最新流行服裝的名人或精心佈置的客廳）時，「購買外觀」就會被激活，而當用戶點擊商家目錄中的可購物產品筆時，「購買類似」就會被激活。然後，它展示了各種其他品牌和價位的類似產品圖釘的輪播，並補充了下面相關圖釘的提要。我們正處於擴張的早期階段，在我們的實驗中，Shop Like 在出站點擊量和結帳方面都實現了兩位數的提升。

I spent the last few moments discussing the key product updates we've made across the funnel to help users find the content that inspires them most and take action on it. The billions of intent signals we get from this on-platform search click and curation behavior gives us the unique ability to see trends in real time and predict consumer trends for the upcoming year through our annual Pinterest Predicts report.

我花了最後幾分鐘討論了我們在整個管道中所做的關鍵產品更新，以幫助用戶找到最能激發他們靈感的內容並採取行動。我們從平台上的搜尋點擊和管理行為中獲得的數十億意圖訊號使我們能夠透過年度 Pinterest 預測報告即時查看趨勢並預測來年的消費者趨勢。

We've had an 80% success rate in predicting future trends 4 years in a row. Some of our 2024 predictions are already making their way into the cultural conversation through publications like Boho and GLAMOUR UK as celebrities and users embrace Pinterest Predicts trends like Eclectic Grandpa Fashion Looks or Western Gothic Home Design. Blue Beauty, which predicts Gen Z and millennials will embrace Blue Hughes in their makeup routine, is taking off on Pinterest right now with searches related to this trend growing 125% since the report was launched. This year, we're incorporating Pinterest Predicts activations for both consumers and advertisers.

我們連續 4 年預測未來趨勢的成功率為 80%。隨著名人和用戶接受 Pinterest 預測趨勢（例如不拘一格的爺爺時尚造型或西方哥德式家居設計），我們的 2024 年一些預測已經透過 Boho 和 GLAMOR UK 等出版物進入文化對話。 Blue Beauty 預測 Z 世代和千禧世代將在日常化妝中採用 Blue Hughes，目前該產品在 Pinterest 上的受歡迎程度自報告發布以來與這一趨勢相關的搜尋量增長了 125%。今年，我們為消費者和廣告商整合了 Pinterest Predicts 啟動功能。

In December, for the first time, we took our predicts trends to real life. Opening the doors to our first ever predicts pop-up shop in New York, showcasing immersive displays and shoppable items inspired by the trends. Our predictions allow advertisers to plan ahead for new consumer interest, ensuring their products and ads are ready to meet ramping demand. Advertisers can also sponsor co-branded Pinterest Predicts content on our platform to reach targeted audiences. Pinterest Predicts is a great example of our ability to harness user behavior to show compelling trends in content that drive user engagement and provide advertisers with actionable insights they can't find anywhere else.

12 月，我們首次將預測趨勢應用到現實生活中。我們在紐約開設了第一家預測快閃店，展示沉浸式展示和受潮流啟發的可購物商品。我們的預測使廣告主能夠提前規劃新的消費者興趣，確保他們的產品和廣告準備好滿足不斷增長的需求。廣告主還可以在我們的平台上贊助聯合品牌的 Pinterest Predicts 內容，以覆蓋目標受眾。 Pinterest Predicts 就是一個很好的例子，說明我們有能力利用用戶行為來展示令人信服的內容趨勢，從而推動用戶參與，並為廣告商提供他們在其他地方找不到的可行見解。

With that, I'd like to turn to our second strategic priority, improving monetization per user and discuss how we're driving success for advertisers. Throughout 2023, we've been focused on driving performance for advertisers by rolling out our lower funnel tools, which include mobile deep linking, the API for conversions and clean rooms and most recently, direct links, which launched at the end of Q3 and ramped in Q4. The percentage of revenue from advertisers who adopted at least 3 of these tools increased from 2% at the beginning of 2023 to 13% at our Investor Day in September to 23% by the end of the year, marking strong progress toward our goal to be a meaningful performance player in the digital ads market.

說到這裡，我想談談我們的第二個策略重點，即提高每個用戶的貨幣化程度，並討論我們如何推動廣告商取得成功。在整個2023 年，我們一直致力於透過推出我們的下漏斗工具來提高廣告商的業績，其中包括行動深度連結、用於轉換和無塵室的AP​​I 以及最近的直接連結（該工具於第三季末推出並大幅增加）在第四季。至少採用其中 3 種工具的廣告商的收入百分比從 2023 年初的 2% 增加到 9 月份投資者日的 13%，到年底增加到 23%，這標誌著我們在實現「數位廣告市場中有意義的績效參與者。

One of the key product enhancements we've rolled out within the lower funnel suite is direct links, which creates a more seamless handoff for advertisers. Direct links take users to an advertiser's product page in just one click, significantly reducing friction and improving the ability to take action. Direct links also require little-to-no work by the advertiser to adopt and now cover 80% of our lower funnel revenue, up from 60% in October.

我們在下漏斗套件中推出的關鍵產品增強功能之一是直接鏈接，它為廣告商創造了更無縫的切換。直接連結只需點擊一下即可將使用者帶到廣告商的產品頁面，從而顯著減少摩擦並提高採取行動的能力。直接連結也幾乎不需要廣告主進行任何工作即可採用，現在涵蓋了我們較低通路收入的 80%，高於 10 月的 60%。

We expect coverage to continue to increase over the course of Q1. The increased performance and value we were able to drive for advertisers in Q4 was particularly impressive. We more than doubled the amount of clicks we drove to advertisers year-over-year, a substantial increase during a retailer's most important time of year, and we were able to do so while driving high-quality engagement.

我們預計第一季的覆蓋範圍將繼續增加。我們在第四季度為廣告商帶來的業績和價值的提升尤其令人印象深刻。我們為廣告主帶來的點擊量比去年同期增加了一倍以上，在零售商一年中最重要的時期大幅增加，而且我們能夠在推動高品質參與的同時做到這一點。

Retailers are finding significant performance improvement with this format. For example, Urban Outfitters saw a 132% increase in outbound clicks and a 57% decrease in cost per click with a direct links enabled campaign. This is strong tangible evidence that we are creating significant real value for advertisers. This value creation comes in the form of increased clicks, lowered CPCs and therefore, higher return on ad spend from our lower funnel products.

零售商發現這種格式可以顯著提高效能。例如，透過啟用直接連結的行銷活動，Urban Outfitters 的出站點擊次數增加了 132%，每次點擊費用降低了 57%。這是我們正在為廣告商創造顯著的實際價值的有力且切實的證據。這種價值創造的形式是增加點擊次數、降低每次點擊費用，從而從我們的低漏斗產品中獲得更高的廣告支出回報。

Each time we have launched products that created meaningful advertiser value, we have seen budgets shift in our direction in the months and quarters that followed as advertisers were able to see and measure sustained performance. Given that we launched these products throughout the year, with direct links rolling out most recently during the holiday shopping period, much of the value capture from these new products is still in front of us, given the lag between value creation and value capture. We've seen the same value creation versus value capture adoption curve play out in our business already with larger, more sophisticated retailers taking advantage of products like mobile deep linking and API for conversion and subsequently growing their spend with us.

每次我們推出能夠創造有意義的廣告商價值的產品時，我們都會看到預算在接下來的幾個月和幾個季度中朝著我們的方向轉變，因為廣告商能夠看到並衡量持續的績效。鑑於我們全年都推出了這些產品，並且最近在假日購物期間推出了直接鏈接，考慮到價值創造和價值獲取之間的滯後性，從這些新產品中獲取的大部分價值仍然擺在我們面前。我們已經看到同樣的價值創造與價值獲取採用曲線在我們的業務中上演，規模更大、更成熟的零售商利用移動深度鏈接和API 等產品進行轉化，並隨後增加了他們在我們這裡的支出。

The cumulative effect of the significant improvement in Pinterest's lower funnel and performance ad capability over the last 18 months is that we are increasingly moving from advertisers experimental and social budgets to their performance budgets, which tend to be larger and more resilient. With our improved lower funnel solutions, we know we're driving more clicks in conversions, but performance is only as good as an advertiser's ability to measure it. Moreover, as the industry goes through additional privacy-centric changes this year with the expectation that a major browser will be deprecating third-party cookies, there is heightened urgency from agencies and advertisers to drive adoption of future-proofing measurement tools.

過去 18 個月，Pinterest 下漏斗和效果廣告能力顯著改善的累積效應是，我們越來越多地從廣告商的實驗預算和社交預算轉向效果預算，而效果預算往往更大、更有彈性。透過改進的下漏斗解決方案，我們知道我們正在推動更多的轉換點擊次數，但效果的好壞取決於廣告商衡量效果的能力。此外，隨著業界今年經歷更多以隱私為中心的變革，預計主流瀏覽器將棄用第三方 cookie，各代理商和廣告商迫切需要推動採用面向未來的測量工具。

From a targeting perspective, we believe we are well positioned relative to others due to the first-party signals we capture through user intent expressed directly on our platform. We are a lean forward platform in relevant ads or content to our users. From a conversion visibility and measurement standpoint, we have a broad suite of solutions, which are becoming indispensable for performance advertisers to measure and optimize the value of their spend. This is why we've been heavily focused on adoption of our API for conversions and clean room solutions and providing more third-party measurement solutions for advertisers.

從目標定位的角度來看，我們相信我們相對於其他公司處於有利地位，因為我們透過直接在我們的平台上表達的用戶意圖捕獲了第一方訊號。我們是一個向使用者提供相關廣告或內容的精實平台。從轉換可見度和衡量的角度來看，我們擁有一整套廣泛的解決方案，這些解決方案對於效果廣告商衡量和優化其支出價值變得不可或缺。這就是為什麼我們一直非常注重採用我們的 API 進行轉換和無塵室解決方案，並為廣告主提供更多第三方衡量解決方案。

On API for conversions, we've laid the groundwork for more adoption in 2024, including reducing the set-up time for advertisers through interface updates while integrating with 24 partners like LiveRamp, Adobe and Salesforce. Additionally, sophisticated advertisers are seeing the value of investing in clean rooms to measure campaign performance on Pinterest. Recently, a large CPG partner enabled measurement through clean rooms and found that their Pinterest's campaign drove a 16-point lift in incremental sales.

在用於轉換的 API 方面，我們為 2024 年更多採用奠定了基礎，包括透過介面更新減少廣告商的設定時間，同時與 LiveRamp、Adobe 和 Salesforce 等 24 個合作夥伴整合。此外，經驗豐富的廣告主也看到了投資無塵室來衡量 Pinterest 上的廣告活動成效的價值。最近，一家大型 CPG 合作夥伴透過無塵室進行了測量，發現他們的 Pinterest 行銷活動使銷售額增加了 16 個百分點。

We also offer a suite of first-party and third-party measurement tools to plug into advertisers measurement system of truth, whether it's brand and conversion lift studies, platform metrics and insights or highly sophisticated media mix modeling and multi-touch attribution studies.

我們還提供一套第一方和第三方測量工具，可插入廣告商的真實測量系統，無論是品牌和轉化提升研究、平台指標和見解，還是高度複雜的媒體組合建模和多點觸控歸因研究。

As we've discussed on previous earnings calls, we're going through a critical shift in the industry and a top priority for our company is growing the adoption of these alternative measurement solutions this year. To do so, we've implemented new adoption goals into our sales force compensation structure to encourage further advertiser penetration. We're growing our performance optimization team who can help with technical selling, and we're continuing to explore deeper partnerships with agencies and integrations with additional partners.

正如我們在先前的財報電話會議上討論的那樣，我們正在經歷行業的關鍵轉變，我們公司的首要任務是今年增加這些替代測量解決方案的採用。為此，我們在銷售人員薪酬結構中實施了新的採用目標，以鼓勵廣告商進一步滲透。我們正在擴大我們的績效優化團隊，他們可以幫助進行技術銷售，並且我們將繼續探索與代理商的更深層次的合作夥伴關係以及與其他合作夥伴的整合。

In addition to format and measurement innovations, we remain focused on bringing AI-based automation to the forefront of our campaign creation experience. We have many of the components in place for a fully automated ad system, including automatic bidding, campaign budget optimization and whole page optimization, which enables us to surface more relevant and performant ads when a user expresses commercial intent. These tools drive better results in aggregate for our advertisers.

除了格式和測量創新之外，我們仍然致力於將基於人工智慧的自動化帶入我們的行銷活動創建體驗的最前沿。我們擁有全自動廣告系統的許多組件，包括自動出價、廣告系列預算優化和整頁優化，這使我們能夠在用戶表達商業意圖時展示更具相關性和效果的廣告。這些工具總體上可以為我們的廣告商帶來更好的結果。

For example, automatic bidding covers 85% of our revenue, and whole page optimization is resulting in greater efficiencies across our full funnel. Reducing the time and effort for advertisers on campaign set-up while improving ROI is top of mind moving forward, and we'll see a steady progression of increased automation and easier add platform functionality throughout this year as we continue to build out these products.

例如，自動競價占我們收入的 85%，而全頁面優化則提高了整個管道的效率。減少廣告主在廣告活動設定上的時間和精力，同時提高投資報酬率是未來的首要任務，隨著我們繼續建立這些產品，我們將在今年看到自動化程度的穩定提高和更容易添加平台功能。

Next, I want to provide an update on our third-party demand efforts. Consistent with the time line we laid out at our Investor Day, Amazon Ads in the U.S. is live on search and related surfaces. And as of this quarter, we are testing it on the home feed. In addition, we always said we would have multiple partners and the third-party partners would be an important component of our overall international expansion. Today, I'm pleased to announce our next third-party ad integration with Google. This partnership will focus on monetizing several of our currently unmonetized international markets by enabling ads to be served on Pinterest via Google's Ad Manager. We went live a couple of weeks ago, and this is starting to ramp.

接下來，我想介紹我們第三方需求工作的最新情況。與我們在投資者日制定的時間表一致，美國的亞馬遜廣告已在搜尋和相關平台上上線。截至本季度，我們正在家庭推送中對其進行測試。此外，我們一直說我們將擁有多個合作夥伴，第三方合作夥伴將是我們整體國際擴張的重要組成部分。今天，我很高興地宣布我們與 Google 的下一個第三方廣告整合。此次合作將專注於透過 Google 廣告管理器在 Pinterest 上投放廣告，從而將我們目前尚未貨幣化的幾個國際市場貨幣化。我們幾週前上線，現在已經開始加速。

Third-party ad demand is scaling as we anticipated. And while it was not a significant revenue contributor in Q4, we are now seeing it contribute more meaningfully to our growth this quarter, and we expect that to continue going forward. Our third strategic priority is continued focus on operational rigor and discipline. As I mentioned before, I'm proud of our team's execution here as our operating expenses declined year-over-year, and we grew our EBITDA margins by over 1,400 basis points. Julia will provide more details on our future profitability outlook later in the call.

正如我們預期的那樣，第三方廣告需求正在擴大。雖然它在第四季度並不是一個重要的收入貢獻者，但我們現在看到它對我們本季的成長做出了更有意義的貢獻，我們預計這種情況將繼續下去。我們的第三個策略重點是繼續關注營運的嚴謹性和紀律性。正如我之前提到的，我為我們團隊的執行力感到自豪，因為我們的營運費用同比下降，我們的 EBITDA 利潤率增加了 1,400 個基點以上。朱莉婭將在稍後的電話會議中提供有關我們未來盈利前景的更多詳細資訊。

Lastly, I want to spend a few moments discussing a topic that's of utmost importance to this company and to me personally. Since joining Pinterest, I've talked extensively about Pinterest as a positive place online and how maintaining this positivity is a pivotal component of our ethos as a company. It's also a meaningful differentiator for our platform and a core part of our strategy for growing users and advertisers. Users, especially Gen Z, often crave respite from social media and see Pinterest as a positive alternative. Advertisers for their part, want to be present in a positive, brand-safe environment that can also deliver performance.

最後，我想花一些時間討論一個對公司和我個人至關重要的話題。自從加入 Pinterest 以來，我廣泛談論了 Pinterest 作為一個積極的線上場所，以及如何保持這種積極性成為我們公司精神的關鍵組成部分。這也是我們平台的一個有意義的差異化因素，也是我們不斷成長的用戶和廣告商策略的核心部分。用戶，尤其是 Z 世代，往往渴望擺脫社群媒體的束縛，並將 Pinterest 視為一個積極的選擇。就廣告商而言，他們希望出現在一個積極的、品牌安全的環境中，同時也能帶來效果。

I recently had the opportunity to speak alongside key thought leaders at the inaugural Youth Online Safety Summit hosted by Common Sense Media, a leading advocacy organization working to ensure that the Internet is healthy, safe and empowering for young people. It was an honor to be able to speak alongside the Surgeon General, Vivek Murthy about how Pinterest is working to build an alternative social media business model, one that is focused on positivity. We're not perfect, and we don't have all the answers. Like the rest of the industry, we have a long way to go, but it is my intention to make Pinterest a safe place for everyone, especially young people. We're one of the few places online that is about focusing on your own life versus just observing the lives of others, about making plans for what you intend to do.

最近，我有機會在由 Common Sense Media 主辦的首屆青少年線上安全峰會上與主要思想領袖一起發表演講，Common Sense Media 是一家致力於確保互聯網健康、安全並為年輕人賦權的領先倡導組織。我很榮幸能夠與衛生局局長 Vivek Murthy 一起談論 Pinterest 如何致力於建立另一種專注於積極性的社群媒體商業模式。我們並不完美，我們也不知道所有的答案。與行業中的其他公司一樣，我們還有很長的路要走，但我的目的是讓 Pinterest 成為每個人，尤其是年輕人的安全之地。我們是少數專注於自己的生活而不是僅僅觀察他人的生活、為自己想做的事情制定計劃的網站之一。

We've taken a radically different stance than our competitors, and we're seeing it pay off in the emotional well-being of our users and in our business outcomes. These principles are at the heart of our technology, our AI and our policies, and we are being accountable and transparent about how we're doing and sharing our learnings across the industry. Our company mission is to bring everyone the inspiration to create a life they love and our work to make Pinterest a positive corner of the internet is an integral part of how we embody our mission every day.

我們採取了與競爭對手截然不同的立場，並且我們看到它在用戶的情感健康和業務成果方面得到了回報。這些原則是我們的技術、人工智慧和政策的核心，我們對我們的做法和在整個行業中分享我們的經驗負責並保持透明。我們公司的使命是為每個人帶來創造他們熱愛的生活的靈感，我們致力於讓 Pinterest 成為網路的積極角落，這是我們每天實踐使命的重要組成部分。

Now I'll turn the call over to Julia to share more about our financial performance.

現在我將把電話轉給朱莉婭，分享更多有關我們財務表現的資訊。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing our full year and fourth quarter 2023 financial results and provide an update on our preliminary first quarter 2024 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 2023 年全年和第四季度的財務業績，並提供 2024 年第一季初步展望的最新資訊。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。

Before I dive into the details of the quarter, I want to echo Bill's sentiments about the progress we made in 2023 and how far we've come in a short period of time. Last year, we generated $3.1 billion in revenue, growing 9% with revenue reaccelerating to double-digit growth in the back half of the year.

在深入了解本季的細節之前，我想回應 Bill 對我們在 2023 年取得的進展以及我們在短時間內取得的進展的看法。去年，我們實現了 31 億美元的收入，成長了 9%，下半年收入再次加速至兩位數成長。

We've been strategic with our investments that enabled us to invest in high ROI projects such as AI for content recommendation and ads and accelerating the pace of innovation across the board. We did this while driving efficiencies with our infrastructure spend and keeping our total non-GAAP expenses in 2023 roughly flat compared to 2022. This allowed us to deliver $683 million of adjusted EBITDA or a 22% adjusted EBITDA margin, representing 660 basis points of year-over-year margin expansion, well above our initial goal at the start of 2023 of 200 basis points.

我們一直堅持策略性投資，這使我們能夠投資於高投資回報率項目，例如用於內容推薦和廣告的人工智慧，並全面加快創新步伐。我們這樣做的同時，提高了基礎設施支出的效率，並使2023 年的非GAAP 總支出與2022 年基本持平。這使我們能夠實現6.83 億美元的調整後EBITDA 或22% 的調整後EBITDA 利潤率，相當於年度660 個基點-利潤率同比擴張，遠高於我們在 2023 年初設定的 200 個基點的初始目標。

Finally, at our recent Investor Day in September, we shared our long-term outlook with a revenue CAGR in the mid- to high teens and EBITDA margins expanding to the low 30s percent range in the next 3 to 5 years. Our recent results and our focus on executing against our strategic priorities sets us up well to achieve these targets over this time frame.

最後，在最近 9 月的投資者日上，我們分享了我們的長期前景，即未來 3 到 5 年內收入複合年增長率將達到中高水平，EBITDA 利潤率將擴大到 30% 左右。我們最近的成果以及我們對執行策略重點的關注使我們能夠在這段時間內很好地實現這些目標。

Now I'll discuss our fourth quarter results. We ended the year with 498 million global monthly active users, representing 11% growth. This is the strongest growth we've seen since Q1 2021, with MAU growth accelerating versus last quarter and growing sequentially in all of our geographic regions. We believe that our continued investments to help users find their next use case and quickly pivot from inspiration to action and shopping are paying off as we've been able to drive deeper engagement with our users.

現在我將討論我們第四季的業績。截至年底，我們的全球月活躍用戶數為 4.98 億，成長 11%。這是自 2021 年第一季以來我們看到的最強勁增長，每月活躍用戶數增長較上季度加快，並且在我們所有地理區域均連續增長。我們相信，我們為幫助用戶找到下一個用例並快速從靈感轉向行動和購物而進行的持續投資正在獲得回報，因為我們已經能夠推動與用戶更深入的互動。

In the U.S. and Canada, we had 97 million MAUs, growing 2%, up from 1% growth last quarter and adding 1 million MAUs sequentially for the second quarter in a row. In Europe, we had 135 million MAUs, growing 8%, an acceleration from last quarter. In our Rest of World markets, we had 266 million MAUs, growing 15%, continuing the trend of acceleration throughout 2023. In Q4, our global revenue was $981 million, up 12% or 11% on a constant currency basis.

在美國和加拿大，我們的每月活躍用戶數為 9,700 萬，較上季的 1% 成長 2%，並且連續第二季增加了 100 萬月活躍用戶。在歐洲，我們的每月活躍用戶數為 1.35 億，成長 8%，較上季有所加速。在世界其他市場，我們的每月活躍用戶數為2.66 億，成長15%，延續了整個2023 年的加速趨勢。第四季度，我們的全球營收為9.81 億美元，按固定匯率計算成長12% 或11 %。

Our fastest-growing objective was our lowest funnel conversion objective (inaudible) strength in the retail vertical including our shopping ad format. This is a testament to the innovative work we are doing to drive more clicks and conversions for performance advertisers and demonstrates that our business is evolving as we are deploying more lower funnel products and getting access to more performance budgets.

我們成長最快的目標是我們在零售垂直領域（包括購物廣告格式）的最低漏斗轉換目標（聽不清楚）優勢。這證明了我們為為效果廣告商帶來更多點擊和轉換而所做的創新工作，並表明我們的業務隨著我們部署更多較低漏斗產品並獲得更多效果預算而不斷發展。

Our awareness objective was also relatively resilient with strength from new formats like Premier Spotlight as this was the first holiday season with this offering. However, this growth was partially offset by headwinds from the food and beverage category as these advertisers pulled back spending towards the end of the quarter due to challenges from macro headwinds. We estimate that the underperformance in the food and beverage category created roughly 1 percentage point of headwind to total revenue growth in Q4.

我們的認知度目標也相對有彈性，得益於 Premier Spotlight 等新格式的力量，因為這是該產品的第一個假期季節。然而，這種增長被食品和飲料類別的不利因素部分抵消，因為這些廣告商由於宏觀不利因素的挑戰而在本季度末縮減了支出。我們估計，食品和飲料類別的表現不佳對第四季度總收入成長造成了約 1 個百分點的阻力。

Turning to our geographical breakouts. In the U.S. and Canada, we generated $778 million in revenue, growing 8%. Strength came from retailers and from emerging categories, including financial services. In Europe, revenue was $162 million, growing 32% on a reported basis or 25% on a constant currency basis. Strength in Europe came from retail and CPG categories. Revenue from Rest of World was $41 million, growing 27% on a reported basis or 25% on a constant currency basis.

轉向我們的地理突破。在美國和加拿大，我們創造了 7.78 億美元的收入，成長了 8%。力量來自零售商和包括金融服務在內的新興類別。在歐洲，營收為 1.62 億美元，按報告計算成長 32%，以固定匯率計算成長 25%。歐洲的優勢來自零售和消費品類別。來自世界其他地區的收入為 4,100 萬美元，按報告計算成長 27%，以固定匯率計算成長 25%。

In Q4, ad impressions, which is composed of ad load and total impressions, including both organic and paid impressions, accelerated to 33% growth, driven both by increases in total impressions and increases in ad load. This marks the sixth quarter in a row where we've been able to grow both total impressions and ad load, demonstrating that ads can grow in tandem with engagement, especially when those ads are relevant to users. During the holiday season, our continued investments in whole page optimization to dynamically flex up ad load when users express commercial intent, enabled us to open up more ad supply, especially when users were leaned in to shop during the holiday season.

第四季度，廣告展示次數（由廣告負載和總展示次數（包括自然展示次數和付費展示次數）組成）在總展示次數和廣告負載增加的推動下加速增長至 33%。這標誌著我們連續第六個季度實現了總展示次數和廣告負載的成長，這表明廣告可以與參與度同步增長，尤其是當這些廣告與用戶相關時。在假期期間，我們持續投資於全頁面優化，以便在用戶表達商業意圖時動態增加廣告負載，使我們能夠開放更多的廣告供應，特別是當用戶在假期期間傾向於購物時。

Offsetting the growth in ad impressions was a 16% decline in ad pricing due to our continued work to drive greater platform efficiency for lower funnel advertisers, which lowered prices and improved return on ad spend for those advertisers.

廣告定價下降了 16%，抵消了廣告展示次數的成長，這是由於我們不斷努力為管道較低的廣告商提高平台效率，從而降低了價格並提高了這些廣告商的廣告支出回報率。

Now I'd like to turn to expenses. While our Q4 revenue grew double digits, our operating expenses declined double digits as we continue to control our expenses diligently and balance investments for future growth. Cost of revenue in Q4 was $174 million, down 2% due to continued cost optimization work on the infrastructure side, even while MAUs reached an all-time high and engagement continued to grow. Our non-GAAP operating expense was $446 million, down 12%. Our heightened focus on driving operational efficiencies throughout the business showed through again this quarter.

現在我想談談費用。雖然我們第四季的營收成長了兩位數，但我們的營運支出卻下降了兩位數，因為我們繼續努力控制支出並平衡投資以實現未來成長。儘管每月活躍用戶數達到歷史最高水準且參與度持續成長，但由於基礎設施方面持續的成本優化工作，第四季度的收入成本為 1.74 億美元，下降了 2%。我們的非 GAAP 營運費用為 4.46 億美元，下降 12%。本季再次體現了我們對提高整個業務營運效率的高度重視。

All of our operating expense line items declined year-over-year, led by sales and marketing, which declined 18% as we lapped our large brand marketing campaign from Q4 2022. These efforts led to another strong quarter of adjusted EBITDA coming in at $365 million, an all-time high. Q4 adjusted EBITDA margin was 37%, up 1,400 basis points year-over-year. Finally, we ended the year with cash, cash equivalents and marketable securities of $2.5 billion.

我們所有的營運費用項目均年減，其中銷售和行銷費用下降了 18%，因為我們從 2022 年第四季開始就結束了大型品牌行銷活動。這些努力導致調整後 EBITDA 再次強勁，達到 365 美元萬，創歷史新高。第四季調整後 EBITDA 利潤率為 37%，較去年同期成長 1,400 個基點。最後，我們在年底擁有 25 億美元的現金、現金等價物和有價證券。

Now I'll discuss our preliminary guidance for the first quarter. We expect Q1 2024 revenue to be in the range of $690 million to $705 million, representing 15% to 17% growth and a meaningful acceleration from our Q4 '23 revenue growth. It's also worth noting that our guide implies up to a 500 basis point acceleration on top of a stable comp from last year since revenue growth from Q4 '22 to Q1 '23 was relatively consistent. I'd like to provide some additional color and context behind this guide for Q1. First, we're in the midst of an adoption curve of our lower funnel advertising products.

現在我將討論我們對第一季的初步指導。我們預計 2024 年第一季的營收將在 6.9 億美元至 7.05 億美元之間，成長 15% 至 17%，比 23 年第四季的營收成長顯著加速。另外值得注意的是，我們的指南暗示，在去年穩定的基礎上，增幅高達 500 個基點，因為從 22 年第 4 季到 23 年第 1 季的營收成長相對穩定。我想為本第一季的指南提供一些額外的顏色和背景。首先，我們正處於漏斗下端廣告產品的採用曲線之中。

In 2023, many of our largest and most sophisticated advertisers took advantage of lower funnel ad products like mobile deep linking, shopping ads or API for conversions. These advertisers have seen sustained performance gains with these formats and are growing their budgets with us, the benefits of which we've seen throughout the course of the year and accelerating into Q1, which is off to a strong start, as Bill mentioned.

2023 年，我們許多規模最大、最成熟的廣告客戶利用了行動深度連結、購物廣告或 API 等較低管道的廣告產品來實現轉換。這些廣告商透過這些格式看到了持續的業績提升，並與我們一起增加了預算，我們在這一年中已經看到了這些好處，並加速進入第一季度，正如比爾所提到的，這是一個很好的開端。

We see multiple of our large sophisticated retail advertisers allocating more of their performance budgets to us after seeing a longer track record of return on ad spend. As a result, we are beginning to garner more meaningful shares of their overall ad budgets, and we see more of this adoption curve yet to play out with many of our retailers.

我們看到許多大型成熟的零售廣告商在看到更長期的廣告支出回報記錄後，將更多的績效預算分配給我們。因此，我們開始在他們的整體廣告預算中獲得更有意義的份額，我們看到許多零售商尚未實現這種採用曲線。

Second, we launched direct links in late Q3 and early Q4 to help drive more clicks and conversions for all of the other advertisers who may not have as much mobile app penetration and were not good candidates for mobile deep linking. We created value for those advertisers by doubling the clicks we drove for advertisers in Q4. However, we believe the value capture from direct links will come over the course of 2024 and beyond as those advertisers use their own analytics to measure attribution from Pinterest and incrementally increase their budgets with us as a result.

其次，我們在第三季度末和第四季度初推出了直接鏈接，以幫助所有其他廣告商提高點擊量和轉換率，這些廣告商可能沒有那麼多移動應用程式滲透率，也不適合移動深度鏈接。我們透過將第四季度為廣告商帶來的點擊量增加了一倍，為這些廣告商創造了價值。然而，我們相信，從直接連結中獲得的價值將在 2024 年及以後實現，因為這些廣告商會使用自己的分析來衡量 Pinterest 的歸因，並因此逐步增加他們在我們這裡的預算。

Third, our Q1 revenue guidance includes an emerging contribution from third-party ad demand. We are pleased with how this is tracking and we'll continue to learn, iterate, optimize and ramp over the course of this year and beyond. Finally, our guidance takes into account a modest impact from foreign exchange rates.

第三，我們的第一季營收指引包括第三方廣告需求的新貢獻。我們對其追蹤情況感到滿意，我們將在今年及以後繼續學習、迭代、優化和提升。最後，我們的指導考慮了外匯匯率的適度影響。

Turning to our Q1 expense guidance. We expect non-GAAP operating expenses of $450 million to $465 million, growing 9% to 13%. Our operating expense guidance does not include cost of revenue. However, we plan to continue our infrastructure optimization efforts, and therefore, we anticipate non-GAAP cost of revenue expense to be relatively consistent with Q4. The increase in non-GAAP operating expense year-over-year is driven by investment increases in R&D, where we are investing in headcount for AI talent across our business and in sales and marketing, where we will be investing in B2B marketing to advertisers.

轉向我們的第一季費用指引。我們預計非 GAAP 營運費用為 4.5 億至 4.65 億美元，成長 9% 至 13%。我們的營運費用指引不包括收入成本。然而，我們計劃繼續基礎設施優化工作，因此，我們預計非公認會計原則收入費用成本將與第四季相對一致。非公認會計準則營運費用的同比增長是由研發投資增加所推動的，我們正在投資於整個業務的人工智慧人才隊伍，以及銷售和行銷方面的投資，我們將投資於面向廣告商的 B2B 行銷。

As we said during Investor Day, we plan to have a steady ramp to the low 30s percent adjusted EBITDA margin range in the next 3 to 5 years. Consistent with that, we are anticipating margin expansion again in 2024, but at a more modest level than the 660 basis point expansion we delivered in 2023 as we balance investing in growth and (inaudible) profitability through to the bottom line.

正如我們在投資者日期間所說，我們計劃在未來 3 至 5 年內穩步將調整後 EBITDA 利潤率穩步提升至 30% 的低水平。與此一致的是，我們預期 2024 年利潤率將再次擴張，但幅度將比 2023 年 660 個基點的擴張更為溫和，因為我們要平衡成長投資和（聽不清楚）獲利能力直至獲利。

As a reminder, the pacing of that margin expansion in 2024 is likely to be more front-loaded in the first quarter due to the strengthening adjusted EBITDA margin we saw as we progress through the quarters of 2023. In summary, 2023 was an instrumental year as we built the foundation for our future growth and returned to double-digit revenue growth in the second half of the year. Our Q1 guidance implies further acceleration, which shows that we are making good progress towards our long-term goals. As we look to this year, we plan to build on that momentum and continue executing against our key strategic priorities.

提醒一下，由於我們在 2023 年各季度中看到調整後 EBITDA 利潤率的加強，2024 年利潤率擴張的節奏可能會在第一季度提前。總而言之，2023 年是重要的一年我們為未來的增長奠定了基礎，並在下半年恢復了兩位數的收入成長。我們的第一季指引意味著進一步加速，這表明我們在實現長期目標方面取得了良好進展。展望今年，我們計劃在此勢頭的基礎上繼續執行我們的關鍵戰略重點。

Now I'll turn the call over to Bill.

現在我將把電話轉給比爾。

Thanks, Julia. I'm proud of all we were able to achieve in the last year, and I'm even more excited for the year ahead. 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。我為我們去年的成就感到自豪，對未來的一年更加興奮。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 will be 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·謝裡丹（Eric Sheridan）。

Thanks for all the details in the prepared remarks. I want to go back to some of the comments more broadly on the advertising environment because I think generally investors and analysts have heard a variety of messages about the health of brand advertising and direct response advertising and certain geographic exposure over the last sort of 2 weeks. Can you just go into a little bit more detail on what you saw in Q4 and how you feel it sets you up for cumulative advertising budget conversations into Q1 and through the remainder of 2024?

感謝您提供準備好的評論中的所有詳細資訊。我想更廣泛地回顧一些關於廣告環境的評論，因為我認為投資者和分析師在過去兩週內普遍聽到了有關品牌廣告和直接反應廣告的健康狀況以及某些地理曝光的各種信息。您能否更詳細地介紹一下您在第四季度看到的情況以及您認為這如何為您在第一季和 2024 年剩餘時間內進行累積廣告預算對話做好準備？

So we also see the broader ad market as stable to improving. For us, Retail was the fastest growing segment. And we're seeing across the entire ad industry, performance matters more than ever, and we're winning on that front. We're driving more performance to advertisers than ever before. As I mentioned in my remarks, large advertisers are opening up their performance budgets for us.

因此，我們也認為更廣泛的廣告市場正在穩定改善。對我們來說，零售是成長最快的領域。我們看到，在整個廣告產業，效果比以往任何時候都更重要，而我們正在這方面取得勝利。我們為廣告商帶來了比以往更好的效果。正如我在演講中提到的，大型廣告商正在向我們開放他們的效果預算。

Doubling our clicks sent to advertisers year-on-year, a strong indicator of not only the value that we have already created, but of how much more value capture is still left in front of us on that. So we also see that improvement, but performance is the name of the game, and we've made a major progression on performance over the last 18 months. And so those are the comments (inaudible) add any more on some of the other things that we saw in the market there.

發送給廣告商的點擊量比去年同期增加一倍，這不僅是我們已經創造的價值的有力指標，而且還表明我們在這方面還剩下多少價值捕獲。因此，我們也看到了這種改進，但性能才是關鍵，過去 18 個月我們在性能方面取得了重大進步。這些評論（聽不清楚）是對我們在市場上看到的其他一些東西的補充。

I'd say the only other thing we called this out in the script, Eric, is we did see not a significant impact from the Middle East, as we talked about on the prior earnings call. So that was a very temporary impact to us. It was fully recovered by the time we got on the last call. So that to us was not a major headwind, given the fact that we are making this transition to more performance budgets, as Bill alluded to. We did see a little bit of tail off in December from the food and beverage category, which is consistent with the public commentary that we've seen elsewhere, we're seeing that headwind continue into Q1. But in general, Q1 is off to a really, really good start, and we feel very confident in the acceleration that we're seeing and guiding to in Q1, which is a result of a lot of the lower funnel investments that Bill was alluding to earlier.

我想說的是，我們在劇本中指出的唯一一件事是，埃里克，我們確實沒有看到來自中東的重大影響，正如我們在之前的財報電話會議上談到的那樣。所以這對我們來說只是暫時的影響。當我們接到最後一次電話時，它已經完全恢復了。因此，正如比爾所提到的那樣，考慮到我們正在向更多的績效預算過渡，這對我們來說並不是一個主要的阻力。我們確實看到 12 月食品和飲料類別出現了一些下滑，這與我們在其他地方看到的公眾評論一致，我們看到這種逆風持續到第一季。但總的來說，第一季有了一個非常非常好的開始，我們對第一季看到和指導的加速非常有信心，這是比爾提到的許多下漏斗投資的結果到更早。

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

下一個問題將來自巴克萊銀行的羅斯桑德勒。

Question on the Google partnership. So Bill, everybody can see that the ARPU gap between Europe and U.S. for you guys is about twice as big as Meta. So can you talk about, I guess, the difference between the Google partnership and what you have going with Amazon right now? And is the mix of categories outside of retail that Google brings to the table going to -- could that be more meaningful in terms of your ARPU improvement? And are you allowed to use any of those non-retail categories in the U.S. from Google or not?

關於 Google 合作夥伴關係的問題。所以Bill，大家可以看到你們歐洲和美國之間的ARPU差距大約是Meta的兩倍。我想你能談談谷歌的合作關係和你現在與亞馬遜的合作關係之間的差異嗎？谷歌帶來的零售以外的類別組合是否會對您的 ARPU 提高更有意義？您是否可以在美國使用 Google 的任何非零售類別？

Great question. And as we've talked about on the international front, we see Pinterest significantly undermonetized across the board but the most undermonetized internationally, we have approximately 80% of our users outside the U.S., but only 20% of our revenue. So as we shared at our Investor Day, we think that's a meaningful opportunity for us to increase that ARPU internationally. At Investor Day, we talked about how we would leverage both 3P as well as resellers and other partnerships to help us advance there. So we're quite excited about the partnership with Google as particularly for those unmonetized markets, we think it can help us to accelerate the ARPU journey for those markets and bring more relevant content and actionable content to users in those markets.

很好的問題。正如我們在國際方面所討論的那樣，我們看到 Pinterest 全面貨幣化嚴重不足，但在國際上貨幣化最嚴重的地方，我們大約 80% 的用戶在美國以外，但只占我們收入的 20%。正如我們在投資者日分享的那樣，我們認為這對我們來說是一個提高國際 ARPU 的有意義的機會。在投資者日，我們討論瞭如何利用 3P 以及經銷商和其他合作夥伴關係來幫助我們實現這一目標。因此，我們對與Google 的合作感到非常興奮，特別是對於那些未貨幣化的市場，我們認為它可以幫助我們加快這些市場的ARPU 之旅，並為這些市場的用戶帶來更多相關內容和可操作的內容。

As we've demonstrated that our users have a commercial intent on our platform, the ads can be great content. You've seen that in our increase of impressions, ad impressions while also increasing engagement, demonstrating that the ads can be great content when used in a commercial context, we think it will also be additive from that perspective as well.

正如我們已經證明的那樣，我們的用戶在我們的平台上具有商業意圖，因此廣告可以是很棒的內容。您已經看到，在我們增加展示次數、廣告展示次數的同時，還增加了參與度，這表明廣告在商業環境中使用時可以成為很棒的內容，我們認為從這個角度來看，它也將是附加的。

Your question on Amazon, we feel really good about the way the Amazon partnership is scaling also. And there are international markets that can be in play there as well. So as we've talked about the 3P strategy overall, we think about 3P as a way to fill in gaps in our auction and bring more relevant content to our users. And so we're quite pleased with the way the Amazon partnership is progressing. And the Google partnership with the focus on our unmonetized or undermonetized international markets, we think will be quite additive as well.

你關於亞馬遜的問題，我們對亞馬遜合作關係的擴展方式也感到非常滿意。國際市場也可以在那裡發揮作用。因此，當我們總體討論 3P 策略時，我們認為 3P 是填補拍賣空白並為用戶帶來更多相關內容的一種方式。因此，我們對亞馬遜合作夥伴關係的進展方式感到非常滿意。我們認為，Google的合作關係重點關注我們未貨幣化或貨幣化不足的國際市場，這也將是相當可觀的。

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

下一個問題將由 Rich Greenfield 和 LightShed Partners 提出。

I'm seeing more and more video ad units when I'm on Pinterest, just scrolling through the feed. I guess the question, Bill, is when you talk about AI and machine learning, I guess, how should we think about how your algorithms and systems are figuring out whether to deliver a static image ad or a video ad for each available ad opportunity? And then just any comments on sort of the conversion of ROAS that you're seeing for video ads versus the static ads, any trends or any color you can give us would be really helpful.

當我在 Pinterest 上滾動瀏覽動態時，我看到越來越多的影片廣告單元。比爾，我想問題是，當您談論人工智慧和機器學習時，我們應該如何考慮您的演算法和系統如何確定是為每個可用的廣告機會提供靜態圖像廣告還是影片廣告？然後，您所看到的影片廣告與靜態廣告的 ROAS 轉換的任何評論、任何趨勢或任何顏色都可以給我們，這將非常有幫助。

So video remains more than 30% of our revenue. It's been a bright spot for us on the platform that we are driving really great monetization on video. And we've talked about how much AI is a core competency for us and how much that has driven increases in relevancy on the organic side as well as improvements on the ad side as well, our model being 100x larger than they were a year ago, as we talked about last quarter. And so one of the things we're seeing from that AI-driven improvement in relevancy is a really good ability to discern what's relevant for which user at the right moment in time, and that includes both video and still images.

因此，影片仍然占我們收入的 30% 以上。我們在影片上推動了巨大的貨幣化，這對我們來說是平台上的一個亮點。我們已經討論了人工智慧在多大程度上是我們的核心能力，以及它在多大程度上推動了有機方面相關性的增加以及廣告方面的改進，我們的模型比一年前大了 100 倍，正如我們上個季度討論的那樣。因此，我們從人工智慧驅動的相關性改進中看到的一件事是，能夠在正確的時間及時辨別哪些內容與哪個用戶相關，其中包括影片和靜態圖像。

And so we're seeing that work quite well in our feed, the balance between video and still imagery and I think you see it reflected quite well in our progress with users that we just put up our best user growth quarter since Q1 of '21. We're deepening engagement per user. Gen Z is now our largest fastest-growing demographic. They're very video-centric as well. We are winning with Gen Z. So I think those are all the things I'd point to and we're really getting the right balance of still imagery versus video with really good multi-mobile capabilities and our AI-driven relevancy on those things.

因此，我們看到這在我們的提要中效果很好，視頻和靜態圖像之間的平衡，我認為您會看到它很好地反映在我們與用戶的進展中，我們剛剛實現了自21 年第一季以來最好的用戶成長季。我們正在加深每個用戶的參與度。 Z 世代現在是我們人數最多、成長最快的人群。他們也非常以視頻為中心。我們正在與Z 世代一起獲勝。所以我認為這些都是我要指出的事情，我們確實在靜態圖像與視頻之間取得了適當的平衡，具有非常好的多移動功能以及我們在這些方面由人工智能驅動的相關性。

And when I look at Gen Z, is it fair to say that they're seeing an even higher percentage of video then?

當我觀察 Z 世代時，可以公平地說他們觀看影片的比例更高嗎？

Gen Z, the demographic tends to be more video-centric and as we've talked about, we are performing quite well with Gen Z. But interestingly, it's not just video. When we see things like I talked about collages in my comments, we are creating entirely new content types on Pinterest like collages where users can curate, and they've done that historically on boards, but collages now make that an even deeper level of granularity where people can put together outfits and room designs at much greater granularity driven by AI recommendations on those things. .

Z 世代，人口統計往往更加以視頻為中心，正如我們所討論的，我們在 Z 世代中表現得相當好。但有趣的是，這不僅僅是視頻。當我們看到像我在評論中談到拼貼畫這樣的內容時，我們正在Pinterest 上創建全新的內容類型，例如用戶可以在其中進行策劃的拼貼畫，而且他們歷史上已經在板上這樣做過，但拼貼畫現在使之具有更深層的粒度人們可以在人工智慧對這些事物的建議的驅動下，以更大的粒度組合服裝和房間設計。 。

So we're seeing Gen Z really engage deeply with that as well. And as I mentioned in my remarks, not only is that driving engagement, it's driving shopping behaviors of 75% plus of those collages that are curated contain shoppable products. And so quite pleased with how our team leveraging AI is finding great ways to bring new content types to the right users at the right moment in time, particularly around commercial intent.

所以我們看到 Z 世代也真正深入參與其中。正如我在演講中提到的，這不僅推動了參與度，還推動了 75% 以上的精選拼貼畫包含可購物產品的購物行為。我們對我們的團隊如何利用人工智慧找到在正確的時間向正確的用戶提供新內容類型的好方法感到非常滿意，特別是圍繞商業意圖。

The next question will be from the line of Doug Anmuth with JPMorgan.

下一個問題將來自摩根大通的 Doug Anmuth。

I have 2. You talked about doubling down on momentum in '24. I was just curious if you can talk about any key priorities for the year that really stand out? And is there any change to how you're thinking about profitability in '24? And then just quickly on China advertiser spending. Any color on exposure levels and perhaps how it trended in 4Q?

我有 2。你談到在 24 年加倍努力。我只是好奇您能否談談今年真正突出的關鍵優先事項？您對 24 年獲利能力的看法有什麼改變嗎？然後快速關注中國廣告商的支出。關於曝光水平的任何顏色以及第四季度的趨勢如何？

Sure. Thanks for the question, Doug. I'll take that one. So overall, we're feeling really good about the progress that we're making on our 3- to 5-year outlook, and we talked about at Investor Day, having a steady ramp to that low 30-ish percent EBITDA margin range in the next 3 to 5 years. As I said in my prepared remarks, we do intend to expand margin again in 2024 but at a more modest level than the 660 basis points that we delivered in 2023. So we are planning to drive more margin expansion and see operating leverage in the business in 2024. On an absolute dollar basis in terms of the areas where we're increasing our levels of investment, we plan to focus in our R&D area, tying to headcount additions primarily in AI, both to benefit our users and our advertisers.

當然。謝謝你的提問，道格。我會接受那個。因此，總體而言，我們對 3 到 5 年前景所取得的進展感到非常滿意，我們在投資者日談到了 EBITDA 利潤率穩步上升至 30% 左右的低水平。未來3到5年。正如我在準備好的發言中所說，我們確實打算在2024 年再次擴大利潤率，但幅度比我們在2023 年實現的660 個基點更為溫和。因此，我們計劃推動更多的利潤率擴張，並看到業務的營運槓桿到2024 年。就我們增加投資水平的領域而言，以絕對美元為基礎，我們計劃重點關注研發領域，主要與人工智慧領域的人員增加掛鉤，這都是為了讓我們的用戶和廣告商受益。

On the sales and marketing line, we also anticipate adding to our sales organization with a focus on enhanced technical selling capabilities and also expansion of some frontline sellers in our international markets as well. To your question about China-based e-commerce retailers, we are seeing some benefit from that category of advertiser in Q4. That is a nice contributor for us. But it is by no means the only contributor. We are seeing strong growth in the retail category that is broad-based, including several other major retailers aside from those categories in China. And so we think we're a great fit for those retailers. And I don't think we're as exposed there as some of our other peers may be.

在銷售和行銷方面，我們也預期會增加我們的銷售組織，重點是增強技術銷售能力，並擴大國際市場上的一些第一線銷售人員。對於您關於中國電子商務零售商的問題，我們看到第四季度此類廣告商帶來了一些好處。這對我們來說是一個很好的貢獻者。但它絕不是唯一的貢獻者。我們看到基礎廣泛的零售類別的強勁增長，包括中國除這些類別之外的其他幾家主要零售商。因此，我們認為我們非常適合這些零售商。我認為我們不像其他一些同行那樣暴露在這方面。

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

下一個問題將來自 Evercore 的 Mark Mahaney。

I wanted to ask about the Q1 outlook. And is there a way to peel back the different drivers of this acceleration between kind of the core product improvements than the Amazon, maybe the Google contribution coming in? And then, I guess, other things like the extra day in the quarter, like if you were to peel apart those, maybe you can't quantify, but directionally, which of those has the biggest impact on driving the acceleration, which is second, which is third? How would you triage those?

我想問一下第一季的前景。有沒有一種方法可以去除亞馬遜以外的核心產品改進之間加速的不同驅動因素，也許谷歌的貢獻也進來了？然後，我想，其他事情，例如季度中額外的一天，例如如果你把它們分開，也許你無法量化，但從方向上來說，其中哪一個對驅動加速度的影響最大，這是第二個，這是第三個？你會如何對這些進行分類？

As we talked about at our Investor Day, we've got multiple ways to win here. We've talked about driving better lower funnel performance. We are driving forward on that, performing quite well on that front. We talked about international in 3P. We see those contributing quite nicely as well. And so it is very much a multipronged approach, and we see really solid performance across each of those and very much in line with the plans we laid out at our Investor Day, so in the same way that we talked about multiple ways to win at Investor Day. We see progress on every single one of those fronts, and we see it as a balanced approach, and we continue to see that way as we look into Q1 and next year.

正如我們在投資者日談到的那樣，我們有多種方法可以在這裡獲勝。我們已經討論過如何推動更好的漏斗下部績效。我們正在朝著這個方向前進，並且在這方面表現得相當好。我們在3P中談到了國際化。我們看到這些人也做出了很好的貢獻。因此，這在很大程度上是一種多管齊下的方法，我們看到每一個方面的表現都非常穩健，並且非常符合我們在投資者日制定的計劃，所以就像我們討論了多種獲勝方式一樣投資者日。我們看到這些方面的每一個方面都取得了進展，我們認為這是一種平衡的方法，並且在我們展望第一季和明年時，我們將繼續看到這一點。

The next question will be from the line of Ronald Josey with Citigroup.

下一個問題將來自花旗集團的 Ronald Josey。

Great. Bill, I wanted to ask maybe bigger picture. You talked about larger retail advertising, just to allocate advertisers and allocating more performance budgets to the Pinterest as you evolve from experimental. Just talk to us about the process here to get to more performance ad budgets to be that line item and how this fits in your commentary on working with agencies and incentives? And then a quick follow-up on just Mark's question to Julia. Any insights on just Easter adding extra -- with Easter being earlier this year and/or the extra day in the quarter?

偉大的。比爾，我想問更大的情況。您談到了更大的零售廣告，只是為了在您從實驗階段發展的過程中分配廣告商並為 Pinterest 分配更多的績效預算。請與我們討論一下獲得更多效果廣告預算作為該訂單項目的流程，以及這如何符合您對與代理商合作和激勵措施的評論？然後快速跟進馬克向茱莉亞提出的問題。關於復活節增加額外的任何見解 - 今年復活節提前和/或本季增加一天？

So as we've talked about before, we've been on a major transformation from a primarily brand ad-driven platform a couple of years ago to a performance-driven platform today. And we shared at Investor Day 2/3 of our revenue now coming from the lower funnel. So we are well down that path on that transformation. At the same time, we are continuing to launch major improvements to our performance ad product and we're on an adoption curve there. So for example, we launched mobile deep links to GA sort of middle of the year last year.

正如我們之前談到的，我們經歷了重大轉型，從幾年前的主要品牌廣告驅動平台轉變為今天的績效驅動平台。我們在投資者日分享了現在 2/3 的收入來自下漏斗。因此，我們正在沿著這條轉型之路前進。同時，我們正在繼續對效果廣告產品進行重大改進，而我們正處於採用曲線上。例如，我們在去年年中推出了到 GA 的行動深度連結。

And then we are still seeing more and more retailers not only adopt that, but then shift budget to us as a result of that. With direct links, we launched that as we were right into the holiday shopping season when most of the retailers are sort of hunkered down and not really making major shifts. So we're able to deliver that without the advertiser doing work, and we doubled the number of clicks we sent to advertisers year-on-year.

然後我們仍然看到越來越多的零售商不僅採用這一點，而且因此將預算轉移給我們。透過直接鏈接，我們推出了這項服務，因為我們正進入假日購物​​季，當時大多數零售商都在按兵不動，沒有真正做出重大轉變。因此，我們能夠在廣告客戶不做任何工作的情況下實現這一目標，並且我們向廣告客戶發送的點擊次數比去年同期增加了一倍。

And as we're going into Q1, we're seeing that now start to show up in budget allocations moving to us. But we think we have a lot more of that to go and to give you a little bit more sense of this, if you looked at our lower funnel performance tools, things like conversion API, mobile deep links, direct links, clean rooms. At the start of last year, we had roughly 2% of our revenue coming from those who have at least 3 of those lower funnel tools.

當我們進入第一季時，我們看到這一點現在開始出現在我們的預算分配中。但我們認為我們還有很多工作要做，如果您查看我們的較低漏斗效能工具，例如轉換 API、行動深度連結、直接連結、無塵室等，可以讓您對此有更多的了解。去年年初，我們大約 2% 的收入來自那些至少擁有 3 個較低漏斗工具的人。

By Investor Day, that was 13% of our revenue coming from those that had at least 3 of those lower funnel tools. By the end of the year, it was 23% of our revenue coming from those who had at least 3 of those lower funnel tools. So that gives you a sense for how we're making strong progress, but also to my comments around how there is a lot more of the value capture still in front of us from products that we have already launched that we know are performing well. And of course, we are continuing to innovate there as well. So a lot more to come on that.

到投資者日，我們的收入中有 13% 來自那些至少擁有 3 個下漏斗工具的公司。到年底，我們 23% 的收入來自那些至少擁有 3 個較低漏斗工具的人。因此，這讓您了解我們如何取得強勁進展，同時也讓您了解我的評論，即我們仍然可以從我們已經推出且表現良好的產品中獲取更多價值。當然，我們也在持續創新。所以還有很多事情要做。

And then maybe I'll just add to that. As Bill was talking about, we're seeing nice growth from retail, in particular, and that's really kind of already capturing some of the value from some of the investments that we made over the course of 2023. One additional stat I'll share, this is on an updated version of a stat that we had last year, which is that those who have adopted our API for conversions, retailers who adopt our API for conversions are actually seeing year-over-year growth in the 30% range compared to non-adopters of our API for conversions who are declining mid-single digits. So another data point to support the growth that we're seeing and the budgets that are coming our way as we're delivering sustained ROAS performance.

然後也許我會補充一點。正如比爾所說，我們特別看到零售業的良好成長，這確實已經從我們在 2023 年進行的一些投資中獲得了一些價值。我將分享另一項統計數據，這是我們去年統計數據的更新版本，即那些採用我們的API 進行轉換的零售商，採用我們的API 進行轉換的零售商實際上看到了30% 的同比增長。未採用我們的API 進行轉換且轉換率下降至個位數的用戶。因此，另一個數據點可以支持我們所看到的成長以及我們在提供持續的 ROAS 績效時即將到來的預算。

To your question on Q1 and kind of puts and takes in Q1. Just a reminder again that our acceleration that we're guiding to in Q1 is off the back of a stable comp from last year. There are kind of small puts and takes and a small tailwind from timing of Easter or addition of leap day this year, but those are by no means the major driver.

對於你關於 Q1 的問題以及 Q1 的投入與投入。再次提醒大家，我們在第一季指導的加速是在去年穩定的基礎上實現的。今年復活節或閏日的增加帶來了一些小的影響和小推動力，但這些絕不是主要驅動力。

The major drivers are the strength that we're seeing in the retail category tied to large advertisers, the emerging contribution from 3P and some of the other factors that we've discussed today on the call. So overall, this is us doing what we said we would do at Investor Day and delivering on some acceleration in capturing value from all of the investments that we've made over the last year, and we feel really good about the growth that we're seeing, the sustainability of that growth and the progress that we're making against those goals.

主要推動因素是我們在零售類別中看到的與大型廣告商相關的實力、3P 的新興貢獻以及我們今天在電話會議上討論的其他一些因素。因此，總的來說，我們正在做我們在投資者日所說的事情，並在從我們去年所做的所有投資中獲取價值方面取得一些進展，我們對我們的成長感到非常滿意。我們看到了這種成長的可持續性以及我們在實現這些目標方面所取得的進展。

The next question will be from the line of Dan Salmon with New Street Research.

下一個問題將由 New Street Research 的 Dan Salmon 提出。

So maybe could we dig in a little bit more on your accelerating monthly active user growth this quarter. You talked about success with Gen Z, any additional quantification you could put around that, it would be great. And then maybe any color around other demographics, like, for example, men and then we can see the growth by region, obviously, but any particular countries that you would call out for where you're seeing particular strength (inaudible).

因此，也許我們可以進一步深入了解本季每月活躍用戶的加速成長情況。你談到了 Z 世代的成功，如果你能對此進行任何額外的量化，那就太好了。然後可能是其他人口統計中的任何顏色，例如男性，然後我們可以看到按地區劃分的增長，顯然，但您會指出您看到特定優勢的任何特定國家（聽不清楚）。

Certainly, on Gen Z, we've talked about it's more than 40% of our user base now. And there's multiple factors driving the improvement in users and engagement at its core. We're helping users find more of what they're interested in on Pinterest, helping them take action on it and delivering a positive environment for them that they see as an oasis away from the toxicity of much of the rest of social media (inaudible) directly particularly by Gen Z users. And so we are carving out a unique space for ourselves that is quite different from the rest of social media that is more about users investing in themselves.

當然，對於 Z 世代，我們已經談過，他們現在占我們用戶群的 40% 以上。有多種因素推動用戶和參與度的提升。我們正在幫助用戶在 Pinterest 上找到更多他們感興趣的內容，幫助他們採取行動，並為他們提供一個積極的環境，他們將其視為遠離其他社交媒體毒性的綠洲（聽不清） ）直接由Z 世代使用者直接使用。因此，我們正在為自己開闢一個獨特的空間，與其他社群媒體截然不同，更多的是用戶對自己的投資。

Things are additive to their lives versus sort of viewing the lives of others or that where they feel like they have to perform for others. And so it is a really unique and ownable space, and we're seeing that really cut through with users. And again, with advertisers as well to see it as a brand-safe environment.

與觀察他人的生活或他們覺得自己必須為他人表演的生活相比，事物是對他們生活的補充。因此，這是一個非常獨特且可擁有的空間，我們看到它確實吸引了用戶。廣告商也將其視為一個品牌安全的環境。

On geographies, as you mentioned, you can see the geographic growth there. The couple of things I'd mention are just on You Can. We saw, again, another nice, really nice growth quarter there in our mature markets. I've been saying this for the last 6 quarters. Our mature market is much more about driving depth of engagement, and we feel really good about the depth of engagement that we're driving, particularly actionability on to the platform. You see that reflected in the increase in clicks where users are taking action on our platform, a big question 18 months ago. Users not only come here with intent, but they are taking action.

在地理位置上，正如您所提到的，您可以看到那裡的地理增長。我提到的幾件事就在 You Can 上。我們再次看到成熟市場又一個非常非常好的成長季度。過去 6 個季度我一直在這麼說。我們的成熟市場更多的是推動參與深度，我們對我們正在推動的參與深度感到非常滿意，特別是平台上的可操作性。您可以看到，這反映在用戶在我們平台上採取行動的點擊次數的增加上，這在 18 個月前是一個大問題。用戶不僅有意圖來到這裡，而且正在採取行動。

And internationally, the big question there has always been the monetization. And we have nice momentum there, but we have a lot more that we can do, and we're quite excited about our first-party selling efforts, the things we can do with reseller partners and agencies. We're making progress on those fronts and then bring 3P into the mix there with Google, particularly for those unmonetized and undermonetized markets. We think there's a lot we can do that not only drives the monetization per user, but again, drive that actionability for the user that we think can help further enhance the user engagement for users in those international markets.

在國際上，最大的問題始終是貨幣化。我們在那裡有很好的勢頭，但我們還有很多事情要做，我們對我們的第一方銷售工作、我們可以與經銷商合作夥伴和代理商一起做的事情感到非常興奮。我們正在這些方面取得進展，然後將 3P 融入到 Google 中，特別是對於那些未貨幣化和貨幣化不足的市場。我們認為我們可以做很多事情，不僅推動每個用戶的貨幣化，而且再次推動用戶的可操作性，我們認為這有助於進一步提高這些國際市場用戶的用戶參與度。

Only other thing I'd add, Dan, to your question on sort of the acceleration that we've seen in MAU growth, which we are quite proud of. As Bill mentioned, it is also carrying through in terms of depth of engagement. And so we are continuing to see our mobile app MAU growth accelerate even faster than our total MAU growth. And as we look at total impressions, which is one of the drivers of ad impressions, but total impressions that continues to grow even faster than our MAU growth as well. So continue to see nice trends there consistent with some of the longer-term trends we shared at Investor Day.

Dan，對於您的問題，我只想補充一點，即我們在 MAU 增長方面看到的加速，我們對此感到非常自豪。正如比爾所提到的，它在參與深度方面也得到了落實。因此，我們繼續看到我們的行動應用程式月活躍用戶成長速度甚至快於總月活躍用戶成長速度。當我們觀察總印象數時，這是廣告印像數的驅動因素之一，但總印象數的成長速度甚至超過了我們的每月活躍用戶數成長速度。因此，繼續看到與我們在投資者日分享的一些長期趨勢一致的良好趨勢。

The next question will be from the line of Kenneth Gawrelski with Wells Fargo.

下一個問題將來自富國銀行的肯尼斯‧加維爾斯基 (Kenneth Gawrelski)。

Just 2, if I may, real quickly. First, on revenue mix and thinking about 4Q versus 1Q, you talked about the headwinds from the food and beverage category in 4Q continuing into 1Q, but yet you did guide to an acceleration. Should we think about that as -- is there a mix component to that, meaning heavier brand adds or heavy brand in 4Q versus 1Q? Or is that (inaudible) acceleration and the 3P kicking in?

只要 2，如果可以的話，很快。首先，關於收入組合以及對第四季度與第一季的思考，您談到了第四季度食品和飲料類別持續到第一季度的不利因素，但您確實引導了加速。我們是否應該考慮這一點——是否存在混合成分，這意味著第四季度與第一季相比有更多的品牌增加或更多的品牌？還是是（聽不清楚）加速和 3P 開始起作用？

And then second, please, I just hope maybe if you could walk us through a little bit. And you talked about this, Bill, about the value capture versus value creation. Looking at those impressions plus 33% in the fourth quarter, which is really impressive. As you think about throughout '24, not a 1Q question, but throughout '24, do you see that your Pinterest's ability to close that gap over time in terms of see advertising revenue relative to those impression growth? And what are the key kind of steps you're going to take to get that done?

第二，請，我只是希望你能引導我們了解一下。比爾，你談到了價值獲取與價值創造。看看這些印像在第四季度增加了 33%，這確實令人印象深刻。當你思考整個 24 年，不是第一季的問題，而是整個 24 年，你是否認為你的 Pinterest 有能力隨著時間的推移在廣告收入相對於印象增長方面縮小這一差距？為了完成這個任務，您將採取哪些關鍵步驟？

Maybe I'll take the first part of your question, Ken. So it is not mix. It is more acceleration and ongoing acceleration from retail and an emerging contribution from 3P. So we do see continuing headwind from food and beverage, but it is more that it's being even more offset by other positive growth factors that are driving our Q1 acceleration.

也許我會回答你問題的第一部分，肯。所以它不是混合的。這是來自零售業的更多加速​​和持續加速以及來自 3P 的新興貢獻。因此，我們確實看到食品和飲料的持續阻力，但更重要的是，它被推動我們第一季加速的其他積極成長因素所抵消。

And on your question on the value capture versus value create. There's always a lag between these things. Advertisers need to see the performance sustain and you see it flow through into their models and their measurement. And so the thing we feel really great about is that the value create is the hardest part and has to happen first, and we're seeing that as we drive more users with more intent to those advertisers. So that's really fantastic raw material for us. And we've only really just started the value capture on that. And what comes ahead in that is some of that is just advertisers see that bake into their own models of performance. Some of that is about getting advertisers on to privacy safe measurement.

關於你關於價值獲取與價值創造的問題。這些事情之間總是存在著滯後。廣告商需要看到績效的維持，並且你會看到它流入他們的模型和測量中。因此，我們真正感覺很棒的是，價值創造是最困難的部分，必須先發生，隨著我們吸引更多用戶對這些廣告商有更多的意向，我們就會看到這一點。所以這對我們來說確實是很棒的原料。我們才剛開始在這方面獲取價值。隨之而來的是，其中一些只是廣告商看到的，融入了自己的績效模型。其中一些是為了讓廣告商進行隱私安全衡量。

Julia talked about, and we started talking about this Q1 -- late Q1, I believe, of last year around adopters of API for conversions as a cohort growing at 30%, approximately 30%, those that had not adopted being mid-single-digit decliners. That trend continues as we drive that adoption. So as I mentioned in my comments, the performance doesn't matter to the advertisers if they can't see it through their measurement. So driving that adoption curve on measurement matters quite a lot as well.

朱莉婭談到了，我們開始談論這個第一季——我相信，去年第一季末，圍繞 API 進行轉換的採用者群體增長了 30%，大約 30%，那些沒有採用的人是中單身人士——數字下降者。隨著我們推動採用，這種趨勢仍在繼續。正如我在評論中提到的，如果廣告商無法透過測量看到效果，那麼效果對廣告商來說並不重要。因此，推動衡量採用曲線也非常重要。

But we're seeing -- again, we're seeing that budget shift toward us continue. We saw that through the year this past year, doubling our growth rate from the beginning of the year to the end of the year. We see further acceleration as we look into Q1 as reflected in our guide. And we think there's a lot more of that to go as we continue to drive through that adoption curve. I hope that helps.

但我們再次看到，預算繼續轉移到我們身上。我們看到去年這一年，我們的成長率從年初到年底翻了一番。正如我們的指南中所反映的那樣，當我們研究第一季時，我們看到了進一步的加速。我們認為，隨著我們繼續推動採用曲線，還有更多的事情要做。我希望這有幫助。

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

下一個問題將來自科林·塞巴斯蒂安和貝爾德。

A couple, I guess, for me as well. Bill, maybe a follow-up on the MAUs. Are you saying that there is a faster conversion of maybe those occasional users maybe quarterly or semiannual users to monthly users? Or are you seeing just users who are new to the platform overall?

我想，對我來說也是如此。 Bill，也許是 MAU 的後續行動。您是說那些偶爾的用戶、季度或半年用戶轉換為每月用戶的速度更快嗎？還是您只看到整個平台的新用戶？

And then secondly, in highlighting the improvements you've made in relevancy and recommendations of ads (inaudible) the platform. I know there's a lot of work with machine learning behind all of that and using signals from users. So I guess I'm just curious, how far along do you think you are in really optimizing that level of personalization and hitting those key advertiser objectives like conversion rates?

其次，強調您在平台廣告（聽不清楚）的相關性和推薦所做的改進。我知道這一切背後都有大量的機器學習工作以及來自使用者的訊號的使用。所以我想我只是好奇，您認為您在真正優化個人化水平並實現轉換率等關鍵廣告客戶目標方面走了多遠？

So on your first question around MAUs, we are seeing progress both in bringing new users to the platform. We talked about Gen Z, where we are winning with Gen Z and they are finding Pinterest quite compelling and unique and different from the rest of social media. So we are bringing new users on the platform like our Gen Z examples. But it's also the case that we are deeply engaged with existing users, giving them more reasons to come back to Pinterest more frequently. And I'd say there's 2 large drivers in that. One is as we make better and better recommendations, that gives them more reasons to come back and giving them more suggested use cases, helping them to broaden out what they think they can do on Pinterest showing them adjacent use cases.

因此，關於您關於每月活躍用戶的第一個問題，我們看到在為平台帶來新用戶方面取得了進展。我們談到了 Z 世代，我們與 Z 世代一起獲勝，他們發現 Pinterest 非常引人注目、獨特，並且與其他社交媒體不同。因此，我們正在為該平台帶來新用戶，就像我們的 Z 世代範例一樣。但我們也與現有用戶深入互動，讓他們有更多理由更頻繁地回到 Pinterest。我想說這裡面有兩個大的驅動因素。一是我們提出越來越好的建議，這給了他們更多回來的理由，並為他們提供了更多建議的用例，幫助他們擴大他們認為可以在Pinterest 上做的事情，向他們展示相鄰的用例。

So that's working quite well. And then it's the actionability. As I've said many times before, Pinterest had previously solved digital window shopping, but all the stores were closed, actionability was hard. How good was the digital window shopping, so good that people would keep coming back even though all the stores were closed. But as we open those stores, people have good reason to come back more and more frequently. So the MAU acceleration and the growth there is broad-based and it is both bringing new users on the platform, winning with Gen Z as well as driving depth of engagement with new adjacent use cases and better actionability that caused users to come back more frequently.

所以這工作得很好。然後是可操作性。正如我之前多次說過的，Pinterest 之前已經解決了數位櫥窗購物的問題，但所有商店都關門了，可操作性很難。數位櫥窗購物真是太好了，即使所有商店都關門了，人們仍然會繼續回來。但當我們開設這些商店時，人們就有充分的理由越來越頻繁地回來。因此，MAU 的加速和成長是基礎廣泛的，它既為平台帶來了新用戶，贏得了Z 世代的青睞，又推動了與新的相鄰用例的互動深度，以及更好的可操作性，從而導致用戶更頻繁地回來。

On your second question, on relevancy. This is where we just get really amazing first-party signal that feeds our AI. AI is only as good as a signal upon which is acting. And we get really amazing signal on what users are interested in. I've talked about Pinterest Predicts and our ability to predict there and see trends that are coming because users plan for the future on Pinterest. We see users in their shopping journeys long before that intent has been expressed on other platforms. And so that's really rich signal. As we're leveraging next-gen AI with models that are 100x larger than they were before, we're seeing really fantastic ability to take that completely unique signal to Pinterest and convert that into great relevant recommendations for users.

關於你的第二個問題，關於相關性。在這裡，我們可以獲得真正令人驚嘆的第一方訊號，為我們的人工智慧提供支援。人工智慧的好壞取決於它所依據的訊號。我們得到了關於用戶感興趣的內容的非常驚人的信號。我已經談到了 Pinterest 預測以及我們預測並看到即將出現的趨勢的能力，因為用戶在 Pinterest 上規劃了未來。早在其他平台上表達意圖之前，我們就已經看到用戶已經在購物旅程中了。所以這是非常豐富的訊號。當我們利用下一代 AI 的模型比以前大 100 倍時，我們看到了將完全獨特的信號傳遞到 Pinterest 並將其轉換為與用戶相關的相關推薦的出色能力。

I shared on our last call that we saw approximately 10 percentage point improvement in relevancy when we moved to our large language models. And that flywheel between the user coming and curating, giving a signal of what they're interested in and then us being able to give better and better recommendations to users, we see that flywheel accelerating, particularly as we bring in more actionability. So again, AI is a core competency for us. And importantly, we have a completely unique signal that you wouldn't find elsewhere around the user curation particularly around the commercial intent and we see that really just continuing to drive that flywheel as we go forward. Hopefully, that helps.

我在上次電話會議中表示，當我們轉向大型語言模式時，相關性提高了約 10 個百分點。用戶到來和策劃之間的飛輪發出了他們感興趣的信號，然後我們能夠向用戶提供越來越好的建議，我們看到飛輪正在加速，特別是當我們帶來更多可操作性時。再說一次，人工智慧是我們的核心能力。重要的是，我們有一個完全獨特的訊號，您在用戶管理的其他地方找不到，特別是在商業意圖方面，我們看到，隨著我們的前進，這實際上只是繼續驅動飛輪。希望這會有所幫助。

That is all the time that we have for questions today. And with that, I will turn the call back over to Bill for some final closing remarks.

這就是我們今天提問的全部時間。接下來，我將把電話轉回給比爾，讓他做最後的總結演講。

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

再次感謝大家參加電話會議並提出問題。我們期待一如既往地保持這種對話。我們希望您度過愉快的一天。

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

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開線路了。