Pinterest Inc (PINS) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to the Pinterest First Quarter 2024 Earnings Conference Call. My name is Harry, and I'll be your operator today. (Operator Instructions) I will now hand you over to Andrew Somberg, Vice President and Investor Relations and Treasury at Pinterest to begin. Please go ahead.

大家好，歡迎參加 Pinterest 2024 年第一季財報電話會議。我叫哈利，今天我將成為您的接線生。 （操作員指示）我現在將把您交給 Pinterest 投資者關係和財務部副總裁 Andrew Somberg 開始。請繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest's Earnings Call for the First Quarter ended March 31, 2024. My name is Andrew Somberg, and I'm Vice President of Investor Relations and Treasury for Pinterest. Joining me on today's 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 2024 年 3 月 31 日的第一季財報電話會議。參加今天電話會議的還有 Pinterest 執行長 Bill Ready；和我們的財務長朱莉婭唐納利。

We are providing a slide presentation to accompany our commentary. This conference call 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 actual results to differ materially. In addition our results trends and outlook for Q2 2024 and beyond, are preliminary and not an assurance of future performance.

我們將提供幻燈片演示來配合我們的評論。這次電話會議也進行了網路直播。請造訪我們的投資者關係網站 Investor.pinterestinc.com，尋找今天的簡報、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，可能與實際結果有重大差異。此外，我們對 2024 年第二季及以後的業績趨勢和展望是初步的，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 later unless required by law. For more information about risks, uncertainties and other factors that could affect our results, please refer to our most recent quarterly report on Form 10-Q or annual report on Form 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，否則我們明確不承擔任何稍後更新這些聲明的責任或義務。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10-Q 表格季度報告或10-K 表格年度報告。

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

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。現在我將把電話轉給比爾。

Thanks, Andrew. Good afternoon, and thank you for joining our first quarter 2024 earnings call. In Q1, we accelerated our progress against our strategic priorities, growing users and engagement, creating value for our advertisers to our lower funnel solutions and continuing to deliver profitable growth through operational efficiency.

謝謝，安德魯。下午好，感謝您參加我們的 2024 年第一季財報電話會議。在第一季度，我們加快了策略重點的進展，增加了用戶和參與度，為我們的廣告商創造了下漏斗解決方案的價值，並繼續透過營運效率實現獲利成長。

Investing in our core differentiators has led to our best product market fit in years, global MAU surpassed 500 million for the first time, reaching another record of 518 million, growing 12% and accelerating for the seventh consecutive quarter. Q1 revenue of $740 million grew 23%, nearly doubling our growth rate with an 11-point acceleration from just a quarter ago.

核心差異化的投資使我們的產品達到了多年來最好的市場契合度，全球月活躍用戶數首次突破5 億，再創紀錄，達到5.18 億，增長12%，連續第七個季度加速增長。第一季營收為 7.4 億美元，成長 23%，成長率幾乎翻倍，比一個季度前成長了 11 個百分點。

To put these numbers into broader perspective, not only are we seeing accelerations since last quarter. In fact, we are driving the highest user and revenue growth on the platform since 2021.

從更廣泛的角度來看，我們不僅看到了自上季以來的加速成長。事實上，我們正​​在推動該平台自 2021 年以來最高的用戶和收入成長。

We also continue to drive significant improvements in profitability, resulting in Q1 adjusted EBITDA of $113 million or a 15% margin, up nearly 1,100 basis points from last year. As many of you will remember, we hosted our first Investor Day last fall, where we shared an in-depth view of our strategy as well as 3- to 5-year targets for revenue and margins. We laid out multiple ways to drive revenue and how we would achieve our goals.

我們也持續推動獲利能力的顯著提高，第一季調整後 EBITDA 達到 1.13 億美元，利潤率為 15%，比去年增長近 1,100 個基點。你們中的許多人都記得，我們​​去年秋天舉辦了第一屆投資者日，會上我們分享了對我們策略的深入看法以及 3 到 5 年的收入和利潤目標。我們提出了多種增加收入的方法以及如何實現我們的目標。

First, growing users and decent engagement per user; second, continuing to increase ad load driven by the synergies between our users' strong commercial intent and relevant ads; third, executing on our lower funnel revenue opportunity; and finally, driving demand through third-party partners, resellers and international markets as additional levers to growth.

首先，不斷成長的用戶和每個用戶的良好參與度；其次，在用戶強烈的商業意圖和相關廣告之間的協同作用下，繼續增加廣告負載；第三，利用我們的下漏斗收入機會；最後，透過第三方合作夥伴、經銷商和國際市場推動需求，作為成長的額外槓桿。

Our results in Q1 are a testament to how each of these initiatives are performing as we expected or better. And all 4 of these drivers contributed to the revenue acceleration we saw in the first quarter and the strong outlook we have for the second quarter.

我們第一季的結果證明了每項措施的表現都符合我們的預期或更好。所有這些驅動因素都促成了我們在第一季看到的營收加速以及我們對第二季的強勁前景。

In summary, we have multiple ways to win. We are not overly reliant on any single initiative to achieve our objectives, which gives us confidence to deliver on these long-ranged targets. And we're driving strong momentum in our business. making it clear that we have shifted into a higher gear as we enter this next stage of growth.

總而言之，我們有多種獲勝方式。我們不會過度依賴任何單一舉措來實現我們的目標，這讓我們有信心實現這些長期目標。我們正在推動我們業務的強勁發展勢頭。明確表示，當我們進入下一階段的成長時，我們已經進入了更高的檔次。

As we pass the 500 million MAU milestone, I'd like to take a step back and discuss some of the core initiatives over the past 7 quarters that have driven much of the accelerating user growth and decent engagement we're seeing today. We focused the company on what our users love most about Pinterest, with a particular emphasis on reinvigorating curation and satisfying commercial intent.

當我們邁過5 億月活躍用戶這一里程碑時，我想退後一步，討論過去7 個季度的一些核心舉措，這些舉措在很大程度上推動了我們今天看到的用戶加速增長和良好的參與度。我們將公司的重點放在用戶最喜愛的 Pinterest 上，特別強調重振策展和滿足商業意圖。

We lean heavily into next-gen AI and relevancy improvements. We updated our content strategy to focus on content that satisfies purpose and intent rather than pure entertainment. And we made clear that our shopping strategy was to partner with retailers rather than compete with them.

我們嚴重依賴下一代人工智慧和相關性改進。我們更新了內容策略，專注於滿足目的和意圖的內容，而不是純粹的娛樂內容。我們明確表示，我們的購物策略是與零售商合作，而不是與他們競爭。

We're now clearly moving at full speed, leading into the reasons we know users come to Pinterest, and making them even better. In doing so, we're finding our best product market fit in years. The drivers of user growth, I'll discuss today are consistent with what I've laid out since joining Pinterest and that we elaborated on at our Investor Day.

我們現在顯然正在全速前進，深入了解用戶來到 Pinterest 的原因，並讓他們變得更好。透過這樣做，我們找到了多年來最適合市場的產品。我今天要討論的用戶成長驅動因素與我加入 Pinterest 以來所闡述的內容以及我們在投資者日上詳細闡述的內容是一致的。

First, how we're using AI to drive relevance and personalization; second, doubling down on curation through boards and collages; third, driving actionability throughout our core services; and lastly, creating a more positive alternative to traditional social media.

首先，我們如何使用人工智慧來推動相關性和個人化；其次，透過木板和拼貼畫加倍進行策展；第三，推動我們核心服務的可操作性；最後，創造一個比傳統社群媒體更積極的替代方案。

The results of these efforts are seen in the accelerating growth rate of our monthly active users. The vast majority of whom come directly to our mobile app, deepening engagement per user with engagement growth in excess of user growth and how we are winning with Gen Z., which is now our largest and fastest-growing demographic at more than 40% of our users.

這些努力的成果體現在我們每月活躍用戶的加速成長中。其中絕大多數人直接使用我們的行動應用程序，加深了每位用戶的參與度，參與度增長超過了用戶增長，以及我們如何贏得Z 世代的青睞，Z 世代目前是我們最大且增長最快的人群，佔了40% 以上。

It's important to note, that our MAU growth acceleration is result of months and quarters of compounding effects of these initiatives I just described and we see much more opportunity ahead as we continue improving our core user experience and lean further into the unique and highly differentiated aspects of our platform.

值得注意的是，我們的月活躍用戶數成長加速是我剛才描述的這些舉措數月和數季複合效應的結果，隨著我們繼續改善核心用戶體驗並進一步專注於獨特和高度差異化的方面，我們看到了更多的機會。

Let's start with our investments in AI to drive personalization and relevance. In the second half of 2022, we moved aggressively to implement LLM and next-gen AI to improve our user experiences. We transitioned from CPU to GPU serving, which allowed us to serve models that were 100x larger in size. This was the first step to unlocking a better product experience by improving our ability to service more personalized content for our users.

讓我們從對人工智慧的投資開始，以推動個人化和相關性。 2022 年下半年，我們積極實施法學碩士和下一代人工智慧，以改善我們的使用者體驗。我們從 CPU 服務過渡到 GPU 服務，這使我們能夠服務尺寸大 100 倍的模型。這是透過提高我們為用戶提供更個人化內容的能力來解鎖更好的產品體驗的第一步。

With GPU serving capabilities, we are developing and deploying even more complex models to drive further gains in relevancy and personalization. For example, our recommendation models were previously focused on serving content to drive greater view time in that immediate moment.

借助 GPU 服務功能，我們正在開發和部署更複雜的模型，以進一步提高相關性和個人化程度。例如，我們的推薦模型以前專注於提供內容，以便在即時增加觀看時間。

However, as we've advanced our AI and sharpened our focus on user intent, we've incorporated more proprietary signals into our recommendation models to optimize for depth of engagement and satisfaction of intent, including driving more actual outcomes like saves, clicks and conversions to help users progress further through their inspiration to action journey.

然而，隨著我們先進的人工智慧並更加關注用戶意圖，我們將更多專有訊號納入我們的推薦模型中，以優化參與深度和意圖滿意度，包括推動更多實際結果，例如保存、點擊和轉換幫助用戶在從靈感到行動的旅程中取得進一步進展。

Among these signals are the billions of acts of curation that happen on our platform in a manner that is highly distinct from the rest of social media. This gives us unique insight into user preferences, allowing us to tailor content to suit their need and help them find their next use case.

這些訊號之一是我們平台上發生的數十億次策展行為，其方式與其他社群媒體截然不同。這使我們能夠對用戶偏好進行獨特的洞察，使我們能夠根據他們的需求自訂內容，並幫助他們找到下一個用例。

In summary, not only does our AI keep advancing, but there's also a flywheel of the place. As we train our models on more user signals, we're driving even further relevance in our content recommendations to further improve the user signals our AI can act upon. As I mentioned, a key source of user signals is the human curation, which takes place on our platform at scale, and we're improving this experience for our users.

總而言之，我們的人工智慧不僅在不斷進步，而且還有一個飛輪。隨著我們根據更多的使用者訊號訓練我們的模型，我們正在推動內容推薦的進一步相關性，以進一步改善我們的人工智慧可以採取行動的使用者訊號。正如我所提到的，使用者訊號的一個關鍵來源是人工管理，它在我們的平台上大規模進行，我們正在為使用者改善這種體驗。

Our work on curation has been another driver of our user growth and is an integral step in the inspiration to action journey. To help remove the friction for users to begin creating boards, we've added additional board functionality, including auto organization features. And for those who generally don't organize their saves, which resulted in annually a 30% lift in boards created, highlighting how auto organization can unlock the magic of Pinterest for more users.

我們的策展工作是使用者成長的另一個驅動力，也是靈感轉化為行動旅程中不可或缺的一步。為了幫助消除使用者開始建立圖板的障礙，我們添加了其他圖板功能，包括自動組織功能。對於那些通常不組織儲蓄的人來說，創建的論壇數量每年增加 30%，這凸顯了汽車組織如何為更多用戶釋放 Pinterest 的魔力。

We're also significantly advancing what it means to curate on Pinterest with collages. Powered by our AI and advanced computer vision technology, collages are a powerful curation tool to cut out images and components from a pin and piece together new inspiring content. This greater granularity allows users to express their styles, taste and preferences in much more specific and creative ways. This is an entirely new, highly engaging and highly shoppable content format. Users are roughly 3x more likely to save collage pins versus other pins on Pinterest, and a significant portion contain clickable products.

我們也顯著地推進了 Pinterest 上拼貼畫策展的意義。在我們的人工智慧和先進的電腦視覺技術的支持下，拼貼是一種強大的管理工具，可以從圖釘上剪切圖像和組件，並將新的鼓舞人心的內容拼湊在一起。這種更大的粒度允許用戶以更具體和創造性的方式表達他們的風格、品味和偏好。這是一種全新的、高度吸引人且高度可購買的內容格式。與 Pinterest 上的其他 Pin 圖相比，用戶保存拼貼圖釘的可能性大約高出 3 倍，並且很大一部分包含可點擊的產品。

We're also continuing to see collage's gain traction with Gen Z, who are nearly 70% of collage creators. Furthermore, improving the actionability of pins is another core tenet of improving user satisfaction, deepening engagement and growing MAUs. We know users come to Pinterest to shop, and we've been working to ensure our high intent audience can find and easily take action against content they see on Pinterest.

我們也繼續看到拼貼畫受到 Z 世代的歡迎，他們佔拼貼畫創作者的近 70%。此外，提高pin的可操作性是提高用戶滿意度、加深參與度和增加每月活躍用戶的另一個核心原則。我們知道用戶來到 Pinterest 是為了購物，我們一直在努力確保我們的高意圖受眾能夠找到他們在 Pinterest 上看到的內容並輕鬆採取行動。

We integrated more shoppable content into our core services. including home feed, search and related items. For example, our guided shopping modules help users pick up where they left off on prior shopping journeys by resurfacing product pins based on past browsing and click history, while our visual shopping modules such as shop similar and Shop the Look, allow users to shop the items they see within lifestyle images right when they discover them. In Q1, we brought shoppable video to Pinterest as we expanded Shop the Look to video pins.

我們將更多可購物內容整合到我們的核心服務中。包括主頁、搜尋和相關項目。例如，我們的引導式購物模組可以根據過去的瀏覽和點擊歷史記錄重新顯示產品圖釘，幫助用戶從先前的購物旅程中中斷的位置繼續，而我們的視覺購物模組（例如“購買類似商品”和“購買外觀」）則允許使用者購買當他們發現生活圖像中的物品時，他們就會立即看到這些物品。在第一季度，我們將購物影片擴展到 Pinterest，並將 Shop the Look 擴展到影片 Pin 圖。

Now when a user clicks on a video pin, a carousel will appear with shuffle pins that match items in the video, this allows the user to easily shop the items that bring them inspiration in the videos they were already watching. Through these and other efforts to improve the actionability of the platform, we've made it easier and more seamless to shop content on Pinterest, a top priority for our users.

現在，當用戶點擊視訊圖釘時，將出現一個輪播圖，其中包含與影片中的項目相匹配的隨機圖釘，這使用戶可以輕鬆購買在他們已經觀看的影片中給他們帶來靈感的項目。透過這些和其他提高平台可操作性的努力，我們讓在 Pinterest 上購買內容變得更容易、更無縫，這是我們用戶的首要任務。

And we're seeing users take advantage of the improved actionability as outbound clicks to advertisers accelerated from last quarter, more than doubling year-over-year yet again. As a part of our efforts to grow users and deepen engagement, we're also building a more positive alternative to traditional social media. And we firmly believe that inspiration starts with inclusion.

我們看到用戶利用了改進的可操作性，廣告商的出站點擊量較上季加快，比去年同期再次增加了一倍多。作為我們增加用戶和加深參與度努力的一部分，我們也正在建立傳統社交媒體的更積極的替代方案。我們堅信靈感始於包容。

Building on past successes and inclusive product design, like skin tone and hair pattern search, in 2023, we added to our suite of inclusive products with our body-type ranges. We're also using the inclusive AI that powers these products to increase representation in the content that we show to users by default.

基於過去的成功和包容性產品設計（例如膚色和髮型搜尋），我們於 2023 年在包容性產品套件中添加了我們的體型系列。我們還使用包容性人工智慧為這些產品提供支持，以增加我們預設向用戶展示的內容的代表性。

And throughout 2023, we refined and implemented this technology across more surfaces so more people can see themselves reflected on Pinterest. Our users love and use these products. For example, the number of users searching with skin tone ranges doubled in the past year, which speaks to the affinity to our users have for inclusive products, and the work our team is doing to provide a more inspirational experience for everyone.

在整個 2023 年，我們在更多介面上完善並實施了這項技術，以便更多人可以在 Pinterest 上看到自己的反映。我們的用戶喜歡並使用這些產品。例如，去年以膚色範圍進行搜尋的用戶數量翻了一番，這說明了我們的用戶對包容性產品的熱愛，以及我們的團隊正在努力為每個人提供更具啟發性的體驗。

Finally, as I mentioned earlier, we're continuing to win with Gen Z. They are more than 40% of the users on the platform and our largest and fastest-growing demographic. Gen Z comes to our perform to get inspired and to shop. They save more than other demographics and also find value in new content formats like collages and they see Pinterest as a distinct and separate destination from other social media apps, 1 where they can invest in themselves and refine their interests in smaller forums, with closer connections and without the pressures and toxicity that often accompany their time on other social apps.

最後，正如我之前提到的，我們將繼續贏得 Z 世代的青睞。 Z 世代來觀看我們的表演是為了獲取靈感併購物。他們比其他人群節省更多，並且還發現拼貼畫等新內容格式的價值，他們將Pinterest 視為與其他社交媒體應用程式截然不同的獨立目的地1，他們可以在其中投資自己並在較小的論壇中完善自己的興趣，並建立更緊密的聯繫並且沒有使用其他社交應用程式時經常伴隨的壓力和毒性。

In fact, Gen Z rates Pinterest higher on promoting and preserving well-being metrics like self worth, belonging and purpose compared to other traditional social media platforms. As a result, Pinterest is aging down a rarity in consumer Internet applications, which typically age up as they mature. We're also continuing to break through with Gen Z by connecting through culturally relevant moments. For example, recently hosted an immersive activation at Coachella music festival, one of the biggest Gen Z moments of the year to deepen their connection to Pinterest.

事實上，與其他傳統社群媒體平台相比，Z 世代在促進和維護自我價值、歸屬感和目標等幸福指標方面對 Pinterest 的評價更高。結果，Pinterest 在消費者網路應用程式中的老化程度越來越低，而這些應用程式通常會隨著成熟而老化。我們也透過與文化相關的時刻建立聯繫，繼續與 Z 世代取得突破。例如，最近在 Coachella 音樂節上舉辦了一場沉浸式活動，這是 Z 世代今年最大的時刻之一，以加深他們與 Pinterest 的聯繫。

Inspired by our festival trends report, we created the Pinterest Manifestation, which invited festival goers to turn their favorite festival fashion and beauty dreams to reality with the help of expert makeup artists and stylists. Bringing this together, in conversion we've been moving fast and executing with tremendous clarity and focus over the past 2 years across the themes I've just discussed, which have all compounded to drive our acceleration in user growth.

受我們的節日趨勢報告的啟發，我們創建了 Pinterest Manifestation，邀請節日觀眾在專業化妝師和造型師的幫助下將他們最喜歡的節日時尚和美麗夢想變成現實。綜上所述，在過去的兩年裡，我們一直在快速行動，以極其明確和專注的方式執行我剛才討論的主題，所有這些都推動了我們用戶成長的加速。

I'm proud of our team for all they've been able to accomplish thus far and look forward to continuing to innovate on behalf of our users. Next, I'd like to discuss how we are improving monetization by making Pinterest more valuable and performant for advertisers.

我為我們的團隊迄今為止所取得的成就感到自豪，並期待為我們的用戶繼續創新。接下來，我想討論我們如何透過讓 Pinterest 對廣告主來說更有價值、更有效率來提高獲利能力。

We know that people come to Pinterest with intent. Our platform uniquely empowers users to have dynamic multi-session journeys that take them from inspiration to action. For a long time, Pinterest excelled an upper funnel discovery in connection with the early stages of a user's inspiration to action journey.

我們知道人們是帶著意圖來到 Pinterest 的。我們的平台獨特地使用戶能夠擁有動態的多會話旅程，將他們從靈感轉化為行動。長期以來，Pinterest 擅長與使用者靈感到行動旅程的早期階段相關的上漏斗發現。

But Pinterest provided very little ability to take action on the items that users found. Now we're solving for that actionability in the lower funnel. Through seamless connections to retailers like mobile deep linking and direct links enhanced ad platform capability, whole page optimization and improved adoption of our foundational measurement capabilities like the API for conversions and clean rooms.

但 Pinterest 幾乎沒有提供對用戶找到的項目採取行動的能力。現在我們正在解決漏斗下部的可操作性問題。透過與零售商的無縫連接（例如行動深度連結和直接連結）增強了廣告平台功能、整頁優化以及改進了我們的基礎測量功能（例如用於轉換和潔淨室的 API）的採用。

We've made substantial improvements in executing on our lower funnel road map to deliver value for our users and our advertisers. We're seeing the direct impact of increased actionability play out and the results we delivered this quarter proved this. We've accelerated clicks to advertisers again this quarter even after more than doubling clicks year-on-year in Q4, and our revenue growth rate nearly doubled from Q4 driven by lower funnel revenue acceleration.

我們在執行下漏斗路線圖方面做出了重大改進，為我們的用戶和廣告商提供價值。我們看到可操作性增加所產生的直接影響正在顯現，我們本季交付的結果證明了這一點。儘管第四季度的點擊量同比增長了一倍多，但本季度我們再次加速了廣告商的點擊量，而且在漏斗收入加速下降的推動下，我們的收入增長率較第四季度幾乎翻了一番。

Turning to some of the most notable achievements from the quarter. Adoption of our lower funnel formats and tools has been a critical part of our monetization strategy. In Q1, we completed our rollout of direct links to our lower funnel ad formats, which now covers 97% of our lower funnel revenue, up from 80% last quarter. Direct links take users to an advertiser's product or purchase page in just 1 click, significantly reducing friction and improving the ability to take action.

轉向本季一些最引人注目的成就。採用我們的下漏斗格式和工具一直是我們獲利策略的關鍵部分。在第一季度，我們完成了對下漏斗廣告格式的直接連結的推出，該格式現在覆蓋了我們下漏斗收入的 97%，高於上季度的 80%。直接連結只需點擊 1 次即可將使用者帶到廣告商的產品或購買頁面，從而顯著減少摩擦並提高採取行動的能力。

The value creation to advertisers has been outstanding, with clicks to advertisers more than doubling year-over-year. The underlying value direct links create has been clear to us since it launched at the end of Q3. But for advertisers, it takes time to see and measure the results with their own source of truth, their measurement models.

為廣告主創造的價值非常出色，廣告商的點擊量比去年同期增加了一倍以上。自從第三季末推出以來，我們已經清楚直接連結所創造的潛在價值。但對於廣告商來說，需要時間才能透過自己的事實來源和測量模型來查看和測量結果。

We're now seeing the value capture from direct links through increased ad spend special from some of the largest, most sophisticated advertisers. Similar to past new product launches like mobile deep links, advertisers who have seen sustained performance gains from direct links and are able to measure the results have started to increase their share of wallet with Pinterest. With some of our most sophisticated advertisers, we are reaching 5% or more of total ad budget implying an even deeper penetration of their digital ad spend.

我們現在看到一些最大、最成熟的廣告商透過增加特殊廣告支出從直接連結中獲取價值。與過去推出的行動深度連結等新產品類似，廣告商看到直接連結帶來的持續績效收益並能夠衡量結果，已經開始增加 Pinterest 的錢包份額。對於我們一些最成熟的廣告商來說，我們的廣告預算已達到總廣告預算的 5% 或更多，這意味著他們的數位廣告支出的滲透率更高。

However, much of the value capture from direct links remains ahead of us. Many of our advertisers either recently got access to direct links or don't yet have the correct tools to understand their improved Pinterest performance, a process which can take months or quarters. As a result, we expect value capture from these advertisers to continue throughout the year as more of them begin to measure and react to the benefits from direct links.

然而，我們仍然無法從直接連結中獲取大部分價值。我們的許多廣告商要么最近獲得了直接鏈接，要么還沒有正確的工具來了解他們改進的 Pinterest 性能，這個過程可能需要數月或幾個季度的時間。因此，我們預計，隨著越來越多的廣告商開始衡量直接連結的好處並對其做出反應，全年都會繼續從這些廣告商那裡獲取價值。

In order to facilitate advertiser adoption of our lower funnel solutions, which drive additional value capture, we've made a number of changes within our sales and go-to-market functions. For example, we are providing a scaled approach for our global sales force to educate on and implement lower funnel best practices with more technical support to help advertisers meet their specific goals and maximize performance.

為了促進廣告主採用我們的下漏斗解決方案，從而獲得額外的價值，我們對銷售和上市職能進行了一些更改。例如，我們為全球銷售人員提供了一種規模化的方法，以教育和實施下漏斗最佳實踐，並提供更多技術支持，幫助廣告商實現其特定目標並最大限度地提高績效。

Turning to measurement. Thanks to our improved lower funnel solutions, we're driving more clicks and conversions to advertisers. And through our measurement tools, we're proving this value to advertisers. Our suite of measurement tools starts with advertisers adopting our privacy centric tools to preserve conversion visibility, which provides them with data to feed their individual models and measure their specific goals.

轉向測量。由於我們改進的下漏斗解決方案，我們為廣告主帶來了更多的點擊次數和轉換次數。透過我們的測量工具，我們正在向廣告商證明這一價值。我們的衡量工具套件首先是廣告商採用我們以隱私為中心的工具來保持轉換可見性，這為他們提供了數據來支持他們的個人模型並衡量他們的具體目標。

One of our most important initiatives began in earnest in 2023 with our efforts to increase adoption of the API for conversions, which provides a server-to-server connection for advertisers to measure and attribute conversions. I'm pleased to report that we've grown the adoption of the API to nearly 40% of total revenue, up from 28% of total revenue at our Investor Day last September.

我們最重要的舉措之一是從 2023 年開始，努力提高 API 轉換率的採用率，為廣告主提供伺服器到伺服器的連接來衡量和歸因轉換。我很高興地向您報告，我們已將 API 的採用率增加到總收入的近 40%，而去年 9 月投資者日時佔總收入的 28% 有所上升。

As I've mentioned previously, revenue from retail advertisers who have adopted the API for conversions, tends to grow significantly faster than revenue from those who have not yet adopted. This trend continued to hold in Q1 and underscores our desire to drive more privacy-centric measurement, particularly to lower funnel advertisers where it's most impactful.

正如我之前提到的，採用 API 進行轉換的零售廣告商的收入成長往往比尚未採用 API 的零售廣告商的收入成長得快得多。這一趨勢在第一季繼續保持，並強調了我們推動更多以隱私為中心的衡量的願望，特別是對最具影響力的低通路廣告商。

We're seeing a reinforcing effect take place as advertisers adopt and see the benefits of shopping ads, mobile deep linking or direct links, they are more incentivized to adopt our privacy-centric measurement. To that point, we also see that advertisers who have adopted our full lower-funnel tool set, including shopping ads, mobile deep linking or direct links and our API for conversions are also growing much faster than those who have no lower funnel solution adoption.

我們看到，隨著廣告主採用並看到購物廣告、行動深度連結或直接連結的好處，他們會更有動力採用我們以隱私為中心的衡量標準，從而產生強化效應。就這一點而言，我們還看到，採用我們完整的漏斗下層工具集（包括購物廣告、移動深度鏈接或直接鏈接以及我們的轉換API）的廣告商的增長速度也比那些沒有採用下漏斗解決方案的廣告商快得多。

As we look ahead to more industry changes, which will affect an advertiser's ability to measure conversions, we are strongly promoting API for conversions adoption to our lower funnel advertisers in our selling efforts and increasing the amount of variable compensation attached to adoption.

隨著我們期待更多的行業變化，這將影響廣告商衡量轉換的能力，我們在銷售工作中大力向漏斗下層廣告商推廣用於轉換的 API，並增加與採用相關的可變報酬金額。

We are also focused on getting advertisers where they are by integrating into their measurement tools of choice such as clean rooms and over 20 measurement platform integrations.

我們也致力於透過整合廣告商選擇的測量工具（例如無塵室和 20 多個測量平台整合）來幫助他們實現目標。

In addition to format and measurement innovations, we remain committed to bringing AI-based automation to the forefront of our campaign creation experience and ads offering to drive performance 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到我們的活動創建體驗和廣告產品的最前沿，以提高廣告商的績效。

In fact, 2023 was a strong year for ads innovation as we accelerated our product delivery and launched more ad formats, tools and solutions than in any year in our history. We've seen a lot of success with our current automation tools, and we're investing to build out the suite in order to give advertisers an array of tools to build, optimize, manage and measure campaigns on Pinterest.

事實上，2023 年是廣告創新強勁的一年，我們加快了產品交付速度，推出了比歷史上任何一年都多的廣告格式、工具和解決方案。我們目前的自動化工具已經取得了巨大的成功，我們正在投資建立該套件，以便為廣告商提供一系列工具來建立、優化、管理和衡量 Pinterest 上的廣告活動。

Today, our automated suite of performance features includes tools such as automated bidding, expanded targeting and flexible daily budgets. Each of these automation offerings helps to drive more efficient campaigns on Pinterest. As of Q1, we continue to see revenue coverage above 80% for automated bidding, while over half of our revenue utilizes either expanded targeting or flexible daily budgets.

如今，我們的自動化績效功能套件包括自動出價、擴展定位和靈活的每日預算等工具。這些自動化產品均有助於推動 Pinterest 上更有效率的行銷活動。截至第一季度，我們繼續看到自動出價的收入覆蓋率超過 80%，而我們一半以上的收入利用了擴展的定位或靈活的每日預算。

However, there's still significant room for us to go in driving further revenue coverage of our entire automation suite, which when adopted, results in compounding positive impacts on campaign performance. To drive further uptake, we plan to launch a campaign creation tool simplifies setup for our automated offerings and removes friction for advertisers to leverage these tools. We're also building out additional automation components to drive greater campaign efficiency for advertisers.

然而，我們在推動整個自動化套件的進一步收入覆蓋方面仍有很大的空間，一旦採用，就會對活動績效產生複合的正面影響。為了推動進一步普及，我們計劃推出一款廣告活動創建工具，以簡化我們的自動化產品的設置，並消除廣告商利用這些工具的障礙。我們還建立了額外的自動化元件，以提高廣告商的廣告活動效率。

We will release these features in stages. And as with other new launches, they will go through a typical product ramp as we develop, test and scale, ultimately creating a more robust suite of automation tools to improve advertiser performance. Let me touch on a couple of new offerings we're expecting to roll out over the coming quarters. First, we're launching our dynamic creative optimization solution set, which will allow advertisers to use generative AI to optimize the creative for their ads. Over time, we'll personalize this technology using signals that are unique to Pinterest, such that the imagery users see will be tailored to their own anesthetics.

我們將分階段發布這些功能。與其他新發布的產品一樣，隨著我們的開發、測試和擴展，它們將經歷典型的產品升級，最終創建一套更強大的自動化工具來提高廣告商的表現。讓我談談我們預計在未來幾季推出的一些新產品。首先，我們將推出動態創意優化解決方案集，該解決方案將允許廣告主使用生成式人工智慧來優化其廣告創意。隨著時間的推移，我們將使用 Pinterest 獨有的訊號來個性化這項技術，以便用戶看到的圖像將根據他們自己的麻醉情況進行客製化。

We'll also be introducing ROAS bidding. This solution will seek to increase advertiser return on ad spend by automatically optimizing campaigns in real time to prioritize users or products that drive the highest ROI. This rollout is a continuation of automation features we've been -- we've already been delivering so that ultimately, advertisers will be able to provide us with a budget, a goal and their seed creating and we'll do the rest.

我們還將引入 ROAS 出價。此解決方案將透過即時自動優化廣告活動來優先考慮可帶來最高投資報酬率的用戶或產品，從而提高廣告商的廣告支出回報。此次推出是我們一直以來的自動化功能的延續——我們已經交付了這樣的功能，這樣最終廣告商將能夠向我們提供預算、目標和他們的種子創建，剩下的工作將由我們來完成。

We'll manage bidding, targeting and dynamic creative at scale, all in service of delivering the best possible performance for our advertisers.

我們將大規模管理出價、定位和動態創意，所有這些都是為了為我們的廣告商提供盡可能最佳的效果。

Next, I want to provide an update on our third-party demand efforts. Consistent with our commentary from the start, our goal in developing these partnerships is to complement our first-party demand and round out demand gaps in our auction. We are currently scaling third-party demand with 2 partners.

接下來，我想介紹我們第三方需求工作的最新情況。與我們從一開始的評論一致，我們發展這些合作夥伴關係的目標是補充我們的第一方需求並彌補拍賣中的需求缺口。我們目前正在與 2 個合作夥伴一起擴大第三方需求。

Amazon Ads in the U.S. and Google Ads Manager, which recently went live in February in unmonetized international markets. Our Amazon partnership is live on all of our main surfaces in the U.S. and we are continuing to optimize our respective systems to improve relevance and drive performance for advertisers. Additionally, our Google partnership, while early, is also progressing nicely.

美國的 Amazon Ads 和 Google Ads Manager 最近在 2 月於未貨幣化的國際市場上線。我們與亞馬遜的合作關係已在美國的所有主要平台上展開，我們正在繼續優化各自的系統，以提高廣告商的相關性並提高績效。此外，我們與Google的合作夥伴關係雖然還很早，但也進展順利。

In Q1, as expected, we saw an emerging contribution to revenue from third-party demand, and we anticipate this will be the base from which further third-party revenue will grow throughout the year. We continue to see opportunities to expand our current partnerships to multiple geographies and for multiple partners to exist within the same market. Consistent with what we laid out at our Investor Day, we also have an opportunity to grow our revenue in international markets and are employing a multipronged strategy to do.

正如預期的那樣，在第一季度，我們看到第三方需求對收入的貢獻不斷增加，我們預計這將成為全年第三方收入進一步增長的基礎。我們繼續看到將我們目前的合作夥伴關係擴展到多個地區以及在同一市場內存在多個合作夥伴的機會。與我們在投資者日所闡述的一致，我們還有機會增加國際市場的收入，並正在採取多管齊下的策略。

So. In our largest international markets, we are using first-party selling efforts to strategically capture advertiser demand. We're also deepening our partnership with agencies to grow within these markets.

所以。在我們最大的國際市場中，我們正在利用第一方銷售努力來策略性地捕捉廣告商的需求。我們也正在深化與代理商的合作關係，以在這些市場中發展。

In smaller markets, where we previously had not monetized or are under monetized, we are introducing additional sources of demand to fill in gaps in our auction. In addition to third-party demand from Google, this quarter, we will begin working with resellers to bring in local ad demand, primarily in rest of world markets.

在我們之前尚未貨幣化或貨幣化不足的較小市場中，我們正在引入額外的需求來源，以填補拍賣中的空白。除了來自 Google 的第三方需求外，本季我們還將開始與經銷商合作，以引入本地廣告需求，主要是在世界其他市場。

Resellers provide a scaled approach to drive demand in markets where we don't currently have a sales presence and can bring relevant ad content for users in those markets.

經銷商提供了一種規模化的方法來推動我們目前沒有銷售業務的市場的需求，並且可以為這些市場的用戶帶來相關的廣告內容。

Like any new selling effort, demand from resellers will take time to grow in these markets. And therefore, we expect to finish it through ramp over the course of the year. Our third strategic priority has been a continued focus on operational rigor and discipline. As I mentioned before, I'm extremely proud of our team's continued strong execution as evidenced by our ability to expand adjusted EBITDA margins by nearly 1,100 basis points in Q1, while also accelerating product innovation and product market fit.

與任何新的銷售活動一樣，這些市場中經銷商的需求需要一段時間才能成長。因此，我們預計將在一年內完成該專案。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，我對我們團隊持續強勁的執行力感到非常自豪，第一季調整後 EBITDA 利潤率擴大近 1,100 個基點，同時加速產品創新和產品市場適應的能力就證明了這一點。

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

現在我將把電話轉給 Julia，分享有關我們財務表現的更多詳細資訊。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing our first quarter 2024 financial results and provide an update on our preliminary second 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. Our team has made tremendous progress across users, monetization and profitability over the past few quarters.

謝謝比爾，大家下午好。今天，我將討論 2024 年第一季的財務業績，並提供 2024 年第二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。過去幾個季度，我們的團隊在用戶、貨幣化和獲利能力方面取得了巨大進步。

This quarter is a testament to how focused execution and alignment across our strategic priorities can drive strong gains for the business. Like Bill said, we found our best product market fit in years. Users and advertisers alike are taking notice, leading to our highest MAU count ever and our fastest revenue growth quarter since 2021.

本季證明了我們策略重點的集中執行和協調可以如何為業務帶來強勁收益。正如比爾所說，我們發現了多年來最適合市場的產品。用戶和廣告商都在關注這一點，導致我們的月活躍用戶數達到有史以來最高水平，並實現了自 2021 年以來最快的收入成長季度。

User growth is accelerating as we are investing in the areas that are unique to Pinterest. Such as human curation at scale that allows our AI to generate highly relevant personalization and recommendations across multi-session commercial journeys and significant improvements in actionability.

隨著我們對 Pinterest 獨特領域的投資，用戶成長正在加速。例如大規模的人工管理，使我們的人工智慧能夠在多會話商業旅程中產生高度相關的個人化和建議，並顯著提高可操作性。

We also see our investments in positivity and inclusion resonating deeply with our users. Additionally, our lower-funnel tools and formats, including mobile deep linking, API for conversions and clean rooms as well as direct links are driving meaningful and sustained ROI improvement for advertisers, which are reflected in our continuing revenue acceleration. These efforts have been complemented by our introduction of third-party demand onto the platform, which has added density to our auction and allowed us to serve more relevant and engaging ads to our users. Now let's dive into our first quarter results.

我們也看到我們在積極性和包容性方面的投資與用戶產生了深刻的共鳴。此外，我們的漏斗下層工具和格式，包括移動深度鏈接、用於轉換和潔淨室的API 以及直接鏈接，正在為廣告商帶來有意義且持續的投資回報率提高，這反映在我們持續的收入加速中。這些努力得到了我們在平台上引入第三方需求的補充，這增加了我們拍賣的密度，並使我們能夠向用戶提供更具相關性和吸引力的廣告。現在讓我們深入了解第一季的業績。

We ended the quarter with 518 million global monthly active users, growing 12% and reaching another record high. We accelerated user growth year-over-year across all our geographic regions. In the U.S. and Canada, we had 98 million MAUs, growing 3%, up from 2% last quarter, adding 1 million sequential users for the third quarter in a row. In Europe, we had 140 million MAUs, growing 10%, up from 8% last quarter. In our Rest of World markets, we had 279 million MAUs, growing 16%, up from 15% last quarter.

本季末，我們的全球月活躍用戶數達到 5.18 億，成長 12%，再創歷史新高。我們所有地理區域的使用者成長速度逐年加快。在美國和加拿大，我們的每月活躍用戶數為 9,800 萬，較上季的 2% 成長了 3%，連續第三季增加了 100 萬連續用戶。在歐洲，我們的每月活躍用戶數為 1.4 億，較上季的 8% 成長了 10%。在世界其他市場，我們的每月活躍用戶數為 2.79 億，較上季的 15% 成長 16%。

Now to revenue. In Q1, our global revenue was $740 million, up 23% or 22% on a constant currency basis. The revenue strength this quarter, which exceeded the high end of our guidance range, highlights how we are driving value for advertisers across the full funnel.

現在來說說收入。第一季度，我們的全球營收為 7.4 億美元，以固定匯率計算成長 23% 或 22%。本季的收入實力超過了我們指導範圍的上限，凸顯了我們如何在整個管道中為廣告商創造價值。

Our lowest funnel conversion objective was our fastest-growing with particular strength coming from our shopping ads format as advertisers turn to Pinterest to drive sales. We know that we are creating value for our advertisers and we're seeing signs of value capture from our largest, most sophisticated advertisers that have been able to see sustained performance gains in their own measurement sources of truth and shifted more budget to us as a result.

我們的最低漏斗轉換目標是成長最快的，尤其是我們的購物廣告格式，因為廣告主轉向 Pinterest 來推動銷售。我們知道，我們正在為廣告商創造價值，我們看到了來自我們最大、最成熟的廣告商的價值獲取跡象，這些廣告商能夠在自己的真實衡量來源中看到持續的績效收益，並將更多預算轉移給我們作為結果。

However, we finished our GA rollout direct links in March, and we expect more value capture to still be in front of us similar to the historical lag we've seen between value creation and value capture from other lower funnel products we've launched, such as mobile deep linking, API for conversions in our shopping ad format.

然而，我們在三月完成了GA 推出直接鏈接，我們預計更多的價值捕獲仍然擺在我們面前，類似於我們在我們推出的其他下漏斗產品中看到的價值創造和價值捕獲之間的歷史滯後，例如行動深度連結、用於購物廣告格式轉換的 API。

From a vertical perspective, we saw broad strength in retail. Within retail, we saw our larger, more sophisticated advertisers continue to lean into the platform as they have adopted our lower-funnel tools and are seeing continued success.

從垂直角度來看，我們看到了零售業的廣泛優勢。在零售領域，我們看到規模更大、更成熟的廣告商繼續傾向於該平台，因為他們採用了我們的漏斗下端工具，並看到了持續的成功。

We also saw a nice growth in our emerging categories, including financial services and technology. Next, as expected, our third-party demand partnerships began to scale in Q1 and were an emerging contributor to our growth.

我們也看到了新興類別的良好成長，包括金融服務和科技。接下來，正如預期的那樣，我們的第三方需求合作關係在第一季開始擴大，並成為我們成長的新興貢獻者。

Finally, we estimate that leap day in February and the Easter shift into March this year contributed approximately 2 points of growth to Q1. Turning to our geographical breakout. In the U.S. and Canada, we generated $592 million in revenue, growing 22%. Strength came from retailers in emerging categories, including technology and financial services. In Europe, revenue was $118 million, growing 27% on a reported basis or 25% on a constant currency basis. Strength in Europe came from retail and CPG categories.

最後，我們估計今年 2 月的閏日和復活節移至 3 月為第一季貢獻了約 2 個百分點的成長。轉向我們的地理突破。在美國和加拿大，我們創造了 5.92 億美元的收入，成長了 22%。實力來自新興類別的零售商，包括科技和金融服務。在歐洲，營收為 1.18 億美元，按報告計算成長 27%，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。

Revenue from Rest of World was $30 million, growing 25% on a reported basis or 26% on a constant currency basis. In Q1, ad impressions, which is composed of ad load and total impressions, including both organic and paid impressions grew 38%. This was driven both by increases in total impressions as well as increases in ad load. We've been able to flex up our ad load through whole page optimization to provide relevant ads to users in moments of high commercial intent. And we see continued room to steadily progress this as we further improve the actionability of our users' commercial journeys and relevance of ads.

來自世界其他地區的收入為 3000 萬美元，按報告計算增長 25%，按固定匯率計算增長 26%。第一季度，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）增加了 38%。這是由總印象數的增加和廣告負載的增加所推動的。我們已經能夠透過整個頁面優化來調整廣告負載，以便在具有高度商業意圖的時刻向用戶提供相關廣告。隨著我們進一步提高用戶商業旅程的可操作性和廣告的相關性，我們看到穩步推進這一目標的持續空間。

Meanwhile, ad pricing declined 11%, an improvement from down 16% last quarter, largely as a result of accelerating ad demand, but still a year-over-year decline as we continue to drive increased value to advertisers in the form of more clicks and greater efficiency.

同時，廣告定價下降了 11%，較上季度下降 16% 有所改善，這主要是由於廣告需求加速，但仍同比下降，因為我們繼續以更多點擊的形式為廣告商增加價值和更高的效率。

Moving to expenses. For the past few quarters, we've been able to drive continued margin expansion through effective expense discipline while allocating resources towards our highest ROI initiatives. Cost of revenue in Q1 was $177 million, up 6% year-over-year and up 2% versus Q4 due to increased infrastructure spend related to users and engagement growth partially offset by our continued work to drive cost optimizations on our infrastructure spend.

轉向開支。在過去的幾個季度中，我們能夠透過有效的費用紀律推動利潤率的持續擴張，同時將資源分配給我們最高的投資回報率計劃。第一季的營收成本為1.77 億美元，年增6%，較第四季成長2%，原因是與用戶相關的基礎設施支出增加以及參與度成長，但我們持續努力推動基礎設施支出成本優化，部分抵消了這一影響。

Our non-GAAP operating expense was $453 million, up 10%. The increase was primarily driven by higher headcount-related expenses across R&D and sales and marketing as well as incremental marketing spend. Our revenue outperformance and expense discipline led to another strong quarter of adjusted EBITDA and margin expansion, coming in at $113 million with an adjusted EBITDA margin of 15%. This was up approximately 1,100 basis points versus last year.

我們的非 GAAP 營運費用為 4.53 億美元，成長 10%。這一增長主要是由於研發、銷售和行銷方面與員工人數相關的費用增加以及行銷支出的增加所致。我們的營收表現優異和費用紀律導致了調整後 EBITDA 和利潤率擴張的另一個強勁季度，收入達到 1.13 億美元，調整後 EBITDA 利潤率為 15%。這比去年增加了約 1,100 個基點。

Finally, we ended the quarter with cash, cash equivalents and marketable securities of $2.8 billion. We utilized approximately $100 million of cash in the quarter on net share settlement of equity awards. As a reminder, this process mitigates dilution by holding back shares to cover the taxes on employees vested RSUs where the company pays for the taxes from our own cash reserve on behalf of the employees. This process combined with last year's share repurchase has led to an approximately 1.6% decline in year-over-year fully diluted share count relative to the positive 2% to 3% average annual dilution target that we outlined at our Investor Day.

最後，本季結束時，我們的現金、現金等價物和有價證券為 28 億美元。本季我們使用了約 1 億美元現金用於股權獎勵的淨股份結算。提醒一下，這個過程透過持有股票來支付員工歸屬 RSU 的稅款來減輕稀釋作用，公司代表員工從我們自己的現金儲備中支付稅款。這個過程與去年的股票回購相結合，導致完全稀釋後的股票數量同比下降約 1.6%，相對於我們在投資者日概述的 2% 至 3% 的平均年度稀釋目標。

Now we'll discuss our preliminary guidance for the second quarter. We expect Q2 2024 revenue to be in the range of $835 million to $850 million, representing 18% to 20% growth year-over-year. This guidance represents a continuation of the strong growth we saw in Q1, driven by many of the same initiatives I just outlined, including direct links value capture and the emerging contribution from third-party demand partnerships.

現在我們將討論第二季的初步指引。我們預計 2024 年第二季營收將在 8.35 億美元至 8.5 億美元之間，年增 18% 至 20%。該指引代表了我們在第一季看到的強勁成長的延續，這是由我剛才概述的許多相同舉措推動的，包括直接連結價值捕獲和第三方需求合作夥伴關係的新興貢獻。

This guidance range is roughly consistent with the revenue growth that we've seen in Q1 when adjusting for the 2 points of year-over-year growth benefit in Q1 from the Easter timing shift and leap day and an additional 1 point benefit in Q1 from foreign exchange, which we're not expecting to continue into Q2 based on current spot rates.

這一指導範圍與我們在第一季看到的收入增長大致一致，調整了第一季因復活節時間轉變和閏日而帶來的2 個百分點的同比增長收益，以及第一季因復活節時間轉變和閏日而帶來的額外1 個百分點的收益。

Turning to our expense guidance. We expect Q2 non-GAAP operating expenses of $490 million to $505 million, growing 11% to 15% year-over-year. Our operating expense guidance does not include cost of revenue. However, we plan to continue our infrastructure optimizing efforts and therefore, we anticipate non-GAAP cost of revenue expense to be relatively consistent with Q1. 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.

轉向我們的費用指引。我們預計第二季非 GAAP 營運費用為 4.90 億至 5.05 億美元，年增 11% 至 15%。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一季相對一致。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，我們正在投資整個業務的人工智慧人才隊伍。

As we have said previously, we are anticipating year-over-year 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 flowing profitability through to the bottom line.

正如我們之前所說，我們預計 2024 年利潤率將再次同比擴張，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獲利能力流向利潤。

We expect margin expansion in both halves of 2024. However, we expect significantly more margin expansion to occur in the first half versus a more modest level in the second half as we lap the strengthening adjusted EBITDA margins we drove in the second half of 2023.

我們預計2024 年下半年的利潤率將出現擴張。將較為溫和。

All in all, I'm pleased with the strong progress we've made against our strategic priorities. There's strong momentum in our business, and we're successfully executing against our plans. Now I'll hand it over to Bill for some final words.

總而言之，我對我們在策略重點方面取得的強勁進展感到高興。我們的業務勢頭強勁，並且正在成功執行我們的計劃。現在我將把它交給比爾做最後幾句話。

Thanks, Julia. I want to thank our teams at Pinterest, our advertising partners and all the people that come to Pinterest to find inspiration in the shop. And with that, we can open the call up for questions.

謝謝，朱莉婭。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 商店尋找靈感的人。這樣，我們就可以開始提問了。

(Operator Instructions) And our first question today will be from the line of Brian Nowak of Morgan Stanley.

（操作員說明）今天我們的第一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

I have two. The first one, the first quarter results seem to come in quite a bit stronger than the guide. So I was just curious about any specific areas you'd call out that really came in a lot better than you were expecting, call it, 90 days ago. And then second one as we sort of look at the back half of the year Julia, I know the year-on-year growth comps get a little more difficult, how do we think about sort of continuing to be able to grow at this 20% clips even through the more challenging comps because of all the momentum you have with the business and third-party partners, et cetera?

我有兩個。第一個，第一季的結果似乎比指南強很多。所以我只是對你所說的任何特定領域感到好奇，這些領域確實比你在 90 天前預期的要好得多。然後是第二個，當我們回顧今年下半年時，朱莉婭，我知道同比增長比較變得有點困難，我們如何考慮在這 20 年內繼續增長由於您與業務和第三方合作夥伴等的所有動力，即使在更具挑戰性的競爭中也能進行%剪輯？

Thanks, Brian. On your first question, we were really pleased with the revenue acceleration we saw this quarter, leading us to come in above the high end of our guidance range. As I mentioned in the prepared remarks, in -- that we talked about at Investor Day as well. We've got multiple ways to win and drive revenue.

謝謝，布萊恩。關於你的第一個問題，我們對本季營收的成長感到非常滿意，這使我們的收入超出了指導範圍的高端。正如我在準備好的發言中提到的，我們在投資者日也談到了這一點。我們有多種方法來贏得和增加收入。

And we're seeing broad-based strength across all of these initiatives, all of which are performing generally as we expected or better. First of all, continued strong amount -- engagement growth on the platform. And we're seeing the best product market fit we've seen in years, not only growing MAU, but deepening engagement, even as we accelerate the rate of user ads on the platform.

我們看到所有這些舉措都具有廣泛的優勢，所有這些舉措的表現總體上符合我們的預期或更好。首先，平台上的參與度持續強勁成長。我們看到了多年來最適合的產品市場，不僅每月活躍用戶數不斷增長，而且參與度不斷加深，甚至在我們加快平台上用戶廣告投放速度的同時。

And we're doing that synergistically with ad load. We are demonstrating that because our users have commercial intent, ads can be relevant content on the platform. Secondly, I think, you -- on monetization, strength in the lower funnel driven by our shopping ads and direct links value capture, it was a strong contributor. There's particular strength in U.S. and retail, where we're taking share and starting to get more access into performance budgets. And that's really driven by the fact that we, again, doubled the number of clicks to advertisers year-on-year.

我們正在與廣告負載協同地做到這一點。我們正在證明，由於我們的用戶具有商業意圖，廣告可以成為平台上的相關內容。其次，我認為，在貨幣化、由我們的購物廣告和直接連結價值捕獲驅動的下漏斗中的力量方面，它是一個強大的貢獻者。美國和零售業尤其具有優勢，我們正在獲取份額並開始更多地參與績效預算。這實際上是由於我們再次將廣告商的點擊次數同比增加了一倍這一事實推動的。

We doubled our number of clicks advertisers in Q4. We more than doubled the number of clicks to advertisers again in Q1 and actually accelerated from Q4. So that's really driving that penetration into those performance budgets and driving strength in U.S. and retail. And as I mentioned, we saw an emerging contribution in Q1 from our 3P partnerships, which are ramping and which helped to complement the really strong growth that we're seeing in first-party demand. So it really is broad-based. All of those contributed to the acceleration in Q1 and we're -- and we see that continuing as we think about the Q2 revenue guidance as well. And with that, I'll give over to Julia for your second question.

第四季度，我們的廣告商點擊量增加了一倍。我們在第一季再次將廣告商的點擊次數增加了一倍以上，並且實際上比第四季度有所加速。因此，這確實推動了對這些績效預算的滲透，並推動了美國和零售業的實力。正如我所提到的，我們在第一季看到了 3P 合作夥伴關係的新貢獻，這些合作關係正在不斷擴大，有助於補充我們在第一方需求中看到的真正強勁的成長。所以它確實具有廣泛的基礎。所有這些都促成了第一季的加速，而且我們在考慮第二季營收指引時也看到這種情況仍在繼續。接下來，我將把你的第二個問題交給茱莉亞。

Yes. So thanks, Brian. So I think it's clear we're shifting into a higher gear here in half of 2024, and Bill just outlined a number of those drivers. We're clearly seeing a more favorable ad market backdrop, but perhaps importantly, we're also seeing the initiatives that we laid out playing out kind of as we expected or even better, as Bill just outlined. We do have tougher comps going into the back half of the year, and there are some additional uncertainties from the ramping deprecation of third-party cookies on chrome through this year and into early 2025.

是的。所以謝謝，布萊恩。因此，我認為很明顯，我們將在 2024 年下半年進入更高的檔次，比爾剛剛概述了其中一些驅動因素。我們顯然看到了更有利的廣告市場背景，但也許重要的是，我們也看到我們所製定的舉措符合我們的預期，甚至更好，正如比爾剛剛概述的那樣。我們確實會在今年下半年面臨更艱難的競爭，而從今年到 2025 年初，Chrome 上第三方 cookie 的逐漸棄用帶來了一些額外的不確定性。

But as we said before on cookies, from a relevancy and targeting perspective, we feel like we are well positioned given our unique first-party signal. And from a measurement adoption perspective we feel like we're doing all the things we need to do to drive privacy-safe adoption among our advertiser base.

但正如我們之前在 cookie 上所說，從相關性和目標定位的角度來看，鑑於我們獨特的第一方訊號，我們覺得我們處於有利地位。從衡量採用的角度來看，我們覺得我們正在做所有需要做的事情來推動廣告商群體中隱私安全的採用。

However, we expect many of the initiatives that Bill just outlined to ramp throughout this year as well. Specifically, we think more of the value capture on direct links is ahead of us than behind us and we expect third-party ad demand to contribute -- continue contributing to growth and grow off the base that we are seeing here in Q1. So those are the puts and takes as we think about 2024 revenue from here, but we feel really good about the initiatives that we're driving.

然而，我們預計比爾剛剛概述的許多舉措也將在今年加強。具體來說，我們認為直接連結上的價值獲取更多是在我們前面，而不是在我們後面，我們預計第三方廣告需求將做出貢獻——繼續促進成長，並在我們在第一季看到的基礎上增長。這些是我們在考慮 2024 年收入時的看法，但我們對我們正在推動的舉措感到非常滿意。

Our next question today is from the line of Eric Sheridan of Goldman Sachs.

今天我們的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe following on what Brian asked there, just looking out towards the second half and even over a multiyear time frame, how do you think about the key investments that have to be made in the platform over the medium to long term. And how should we be thinking about your relative competitive positioning on those products relative to scale players in the industry that are deploying equal amounts of sort of OpEx and CapEx as a percentage of revenue towards initiatives like shopability and AI. So a bit of a relative competition question as well as investment scale as we go through this year.

也許按照布萊恩在那裡問的問題，展望下半年甚至多年的時間框架，您如何看待中長期內必須在該平台上進行的關鍵投資。我們應該如何考慮您在這些產品上相對於行業中規模企業的相對競爭地位，這些企業正在部署等量的營運支出和資本支出（佔收入的百分比）以實現可購買性和人工智慧等舉措。因此，我們今年經歷了一些相對競爭問題以及投資規模問題。

Yes. Thanks, Eric. Well, what I'd say is as you go over the past 7 quarters, I think we have demonstrably improved our competitive positioning across the board. You look at our growth rate in users, the fact that users grew across every geography, continue to deepen engagement per user, and that really speaks to just how much the greater actionability that we're driving for our users, both on shopping and on curation is causing deeper user engagement on the platform.

是的。謝謝，埃里克。嗯，我想說的是，在過去的 7 個季度中，我認為我們已經全面提高了我們的競爭地位。你看看我們的用戶成長率，事實上，每個地理位置的用戶都在成長，每個用戶的參與度不斷加深，這確​​實說明了我們為用戶帶來了多少更大的可操作性，無論是在購物還是在策展正在引起平台上更深入的用戶參與。

That's really been driven by both AI advancements and the unique signal on our platform where people curate on our platform. We just get a truly unique signal that doesn't exist any place else where you just spend hours and hours and hours refining their interest, curating their interest, and we understand their interest at a depth that you just couldn't understand otherwise, as the AI has upon that, it lets us drive much more relevant recommendation.

這實際上是由人工智慧的進步和我們平台上人們在我們平台上進行策劃的獨特信號所推動的。我們只是得到了一個真正獨特的信號，在其他任何地方都不存在，你只需花費大量時間來提煉他們的興趣，策劃他們的興趣，並且我們以你無法理解的深度了解他們的興趣，因為人工智能以此為基礎，讓我們能夠提出更相關的推薦。

And so yes, you have general competition in large models, but we also have a completely unique signal that we're able to train those models on that unique signal and you see that evidenced in the relevancy improvements we made.

所以，是的，大型模型存在普遍競爭，但我們也有一個完全獨特的訊號，我們能夠在該獨特訊號上訓練這些模型，並且您可以在我們所做的相關性改進中看到這一點。

Same on the ad side. For advertisers, we're able to bring them users in a highly commercial moment where they have intent but have not yet decided what to buy. So it's greater commercial intent than you would see elsewhere in social. But it's also bringing more of the inspiration than what you would typically find on other very low-funnel moments.

廣告方面也一樣。對於廣告商來說，我們能夠在高度商業化的時刻為他們帶來用戶，讓他們有意圖但尚未決定購買什麼。因此，它的商業意圖比你在社交領域的其他地方看到的要大。但它也帶來了比你通常在其他非常低的漏斗時刻找到的更多的靈感。

So I think that's demonstrating that we have a unique space to be occupy with the user where they see us as something distinct and separate from the rest of social media, where social media tends to be lean back entertainment.

因此，我認為這表明我們擁有一個獨特的空間來吸引用戶，他們將我們視為與其他社交媒體截然不同且分離的東西，而社交媒體往往是向後傾斜的娛樂。

We have lean forward commercial intent. We are still early in our journey and what we can get from that. We see a multiyear journey ahead as to how we continue to refine and make that better. And then that cuts through to advertisers where we're delivering very strong performance to advertisers, doubling the number of clicks year-on-year is exceptional.

我們有前瞻性的商業意圖。我們仍處於旅程的早期階段，以及我們能從中得到什麼。我們認為未來如何繼續完善和改進這一點將是一個多年的旅程。然後，這又涉及到廣告商，我們為廣告商提供了非常強勁的業績，點擊量同比翻番是很了不起的。

Our advertisers set out as exceptional as Julia noted, more the value capture from that still lies ahead of us versus behind us, and we think there's more runway to go and driving more and more commerciality on our platforms. We feel really well positioned in a unique space.

正如朱莉婭所指出的那樣，我們的廣告商表現得非常出色，更多的價值捕獲仍然在我們前面，而不是在我們後面，我們認為還有更多的路要走，並在我們的平台上推動越來越多的商業化。我們感覺自己處於一個獨特的空間。

And as AI continues to advance, we're able to adopt off-the-shelf large language models to those to our uniques and they can get very unique results because of the very distinct unique signals we get on our platform because of the human curation at scale on our platform.

隨著人工智慧的不斷進步，我們能夠採用現成的大型語言模型來適應我們的獨特之處，並且由於人工管理，我們在平台上獲得了非常獨特的信號，因此它們可以獲得非常獨特的結果在我們的平台上大規模。

And then, Eric, maybe to the second part of your question on sort of investment areas in 2024. So as a reminder, overall in 2024, we're expecting adjusted EBITDA margin expansion overall. But on a dollar basis in terms of the areas where we are looking to ramp operating expenses, in particular, there, we're really focused on R&D investments.

然後，埃里克，也許是關於 2024 年投資領域的問題的第二部分。 所以提醒一下，總體而言，2024 年，我們預計調整後的 EBITDA 利潤率總體會擴張。但以美元為基礎，就我們希望增加營運支出的領域而言，特別是在那裡，我們真正專注於研發投資。

So headcount additions primarily in the AI space, as Bill was mentioning, to benefit both our users and our advertisers, as well as on the sales and marketing line where we anticipate adding to our sales organization with a focus on enhanced technical selling capabilities, particularly in the lower funnel and some expansion of frontline sellers as well.

因此，正如比爾所提到的那樣，主要在人工智慧領域增加人員數量，以使我們的用戶和廣告商受益，以及在銷售和行銷領域，我們預計將增加我們的銷售組織，重點是增強技術銷售能力，特別是下漏斗以及一線賣家的一些擴張。

Our next question is from the line of Ron Josey of Citigroup.

我們的下一個問題來自花旗集團的 Ron Josey。

I wanted to ask a little bit more as a follow-up to some questions around your comments on greater returns for advertisers and gaining access to performance budgets. And 1 of the questions we get is just the visibility that Pinterest has on these budgets and adoption of these newer tools. And so great to hear progress of direct links and the API for conversions.

我想再問一些問題，作為您關於為廣告商帶來更大回報和獲得績效預算的評論的一些問題的後續提問。我們得到的問題之一就是 Pinterest 對這些預算和這些新工具的採用的可見性。很高興聽到直接連結和轉換 API 的進展。

But I would just love to hear a little bit more on your commentary around direct links adoption. I think you talked about measurement tools, more advertisers, need to be walked through the process. So any insights there would be helpful. And then you mentioned the launch of dynamic -- I think, campaign creation tools and then the to be launch of ROAS bidding. Just talk to us how you envision all these tools sort of coming together as we move forward here.

但我很想聽聽您對直接連結採用的更多評論。我認為你談到了衡量工具，更多的廣告商需要經歷這個過程。因此，任何見解都會有所幫助。然後你提到了動態的推出——我認為是行銷活動創建工具，然後是即將推出的 ROAS 競價。請告訴我們，當我們向前邁進時，您如何設想將所有這些工具結合在一起。

Yes, certainly. So as I mentioned in the prepared remarks, we now have -- we started -- we launched direct links at the very tail end of Q3. So really, Q4 is when we first started to see its effect. We continue to ramp that through Q1. We now have 97% of our lower funnel revenue has adopted the direct links format.

是的，當然了。正如我在準備好的發言中提到的，我們現在已經——我們開始——我們在第三季末推出了直接連結。事實上，第四季是我們第一次開始看到其效果的時候。我們將在第一季繼續提高這一速度。現在我們 97% 的下漏斗收入都採用了直接連結格式。

And our conversion for API -- our API for conversion is now covering 40% of revenue. So the effect that both Julia and I have talked about is that there is a lag effect between the value that we create for advertisers when we start to send them more clicks and send them better conversions and better return. And when they're able to see that flow through to their models and measurement systems, which typically has sometimes a quarter or multi-quarter lag effect, particularly if they have an implemented measurement.

我們的 API 轉換—我們的 API 轉換現在佔收入的 40%。因此，朱莉婭和我談到的效果是，當我們開始向廣告商發送更多點擊次數並為他們提供更好的轉換和更好的回報時，我們為廣告商創造的價值之間存在滯後效應。當他們能夠看到流經他們的模型和測量系統時，通常會產生四分之一或多個季度的滯後效應，特別是如果他們有實施的測量。

So when we say that we see more of the value capture still in front of us than behind us, we clearly see that value capture happening with direct links. We've seen budget shift. As I mentioned in my remarks that we're seeing, particularly 1 of the larger, more sophisticated advertisers that pick up these changes very quickly.

因此，當我們說我們看到更多的價值捕獲仍然在我們面前而不是在我們後面時，我們清楚地看到價值捕獲是透過直接連結發生的。我們看到了預算的變化。正如我在演講中提到的，我們看到，特別是規模更大、更成熟的廣告商很快就意識到了這些變化。

We're seeing that they have shipped to budgets and that we are now capturing 5% or more of total budget, which imply a much deeper penetration of their digital budget and going into their performance budgets, whereas historically, Pinterest would have been -- oftentimes in sort of experimental or social budgets.

我們看到他們的出貨量已經達到了預算，而我們現在佔據了總預算的5% 或更多，這意味著他們的數位預算和績效預算的滲透要深入得多，而從歷史上看， Pinterest 會－通常是實驗或社會預算。

We're now shifting more into those always-on performance budgets and doing quite well there, but that broad-based adoption of the measurement tools that let the advertisers see it and then their shift of budget, we see more of that in front of us than behind us, but that's what gives us comfort our ability to continue delivering because we know that we're delivering the clicks to those advertisers.

我們現在正在更多地轉向那些始終在線的績效預算，並且在那裡做得很好，但是廣泛採用衡量工具，讓廣告商看到它，然後他們的預算轉變，我們看到更多這樣的事情我們比落後於我們，但這讓我們感到放心，我們有能力繼續提供服務，因為我們知道我們正在向那些廣告商提供點擊。

And on the second part of your question around the automation suite for those advertisers, we have delivered some of the most important components of a full automation suite like the fact that we have 80% plus our revenue going through automated bidding. But we have some other really meaningful components that are still in front of us like Dynamic Creative Optimization, which we'll be launching and ramping over the coming quarters and ROAS-level bidding, which is also going to be launching and ramping over the coming quarters.

關於針對這些廣告商的自動化套件的問題的第二部分，我們已經提供了完整自動化套件的一些最重要的組件，例如我們 80% 以上的收入來自自動競價。但我們還有一些其他真正有意義的組件仍然擺在我們面前，例如動態創意優化，我們將在未來幾季推出並逐步推廣，以及ROAS 級別競價，這也將在未來幾季推出和推廣。

So these are things that say, okay, we know there's a compounding effect of delivering more clicks and conversions to the advertisers, giving them more ready to measure it and then make it easier and easier for them to create sort of set-it-and-forget-it campaigns and deliver them great ROI, all those things have a compounding effect. And with each one of those, we've got clear elements of the potential of that, but then we're driving more and more of that adoption, which is what confidence in the continued adoption ahead.

因此，這些事情表明，好吧，我們知道向廣告商提供更多點擊和轉換會產生複合效應，讓他們更容易衡量它，然後讓他們更容易創建某種設定和轉換-「忘記它」活動並為他們帶來巨大的投資報酬率，所有這些都會產生複合效應。對於其中的每一個，我們都清楚地了解了其潛力，但隨後我們正在推動越來越多的採用，這就是對未來持續採用的信心。

And finally, I just mentioned -- I talked about some in my remarks, everything that we've talked about here is consistent with what I've said since I joined what we outlined at our Investor Day. These things have compounding benefits over time. So don't expect like big bang moments on these things. But you saw us hit a new gear from H1 to H2, last year.

最後，我剛剛提到——我在演講中談到了一些內容，我們在這裡討論的所有內容都與我加入我們在投資者日概述的內容以來所說的一致。隨著時間的推移，這些事情會產生複合效益。所以不要指望這些事情會出現大爆炸的時刻。但去年我們從 H1 到 H2 都換了新檔。

We doubled our growth from H1 to H2 last year. You're seeing us do it again as we come this quarter and project forward into next quarter, into Q2. And so those are compounding benefits and so expect that similar kind of behavior that the benefits just continue to compound versus one big hockey stick moment in a particular quarter. Hopefully, that helps.

去年上半年到下半年，我們的成長翻了一番。當我們進入本季度併計劃進入下個季度第二季度時，您會看到我們再次這樣做。因此，這些都是複合效益，因此預計會出現類似的行為，即與特定季度的一個重大曲棍球棒時刻相比，效益會繼續複合。希望這會有所幫助。

Our next question today is from the line of Ross Sandler of Barclays.

今天我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Bill, I guess another big picture question. I think last year, coming into earlier this year, there was a debate in both the advertiser industry and among the investment community around how smaller platforms like Pinterest and Snap and others are able to keep pace or not with the larger platforms given levels of investment. I would say these 1Q results fly in the face of that or at least answer some of that debate. So I guess the question is -- or how are the conversations with marketers changing?

偉大的。比爾，我猜是另一個大問題。我認為去年，也就是今年早些時候，廣告商行業和投資界都曾就 Pinterest 和 Snap 等小型平台在給定投資水平的情況下如何能夠跟上大型平台的步伐展開辯論。我想說，第一季的結果與這一點背道而馳，或至少回答了部分論點。所以我想問題是——或者與行銷人員的對話發生了怎樣的變化？

You obviously sound pretty good about the sustainability of the growth that you're seeing. But I guess, what gives you that confidence and as you look out over the next year or two with things like the TikTok situation going on, how do you see those conversations with markers changing in your favor going forward?

顯然，您對所看到的成長的可持續性相當滿意。但我想，是什麼給了你這樣的信心，當你展望未來一兩年，像 TikTok 的情況這樣的事情發生時，你如何看待這些與標記的對話在未來對你有利的變化？

Yes. Thanks, Ross. Yes, no. We feel great about our competitive positioning. We think we have a unique and distinct use case for our users. And we have strong commercial intent, and we're now delivering more and more of that performance for advertisers, and we see those advertisers shifting budget to us and notably moving us into those performance budgets, it was always on budgets versus the experimental area that Pinterest historically played in.

是的。謝謝，羅斯。是的，不是。我們對自己的競爭地位感到非常滿意。我們認為我們為用戶提供了獨特且獨特的用例。我們有強烈的商業意圖，我們現在正在為廣告商提供越來越多的效果，我們看到這些廣告商將預算轉移給我們，特別是讓我們進入這些效果預算，它總是在預算與實驗領域Pinterest 歷史上曾參與過。

And I'd say what's fueling that, again, as the uniqueness of the use case we solve for our users, but also as you think about the way that AI plays out, I do think this first wave of AI or some of the first conversations in AI were about value accruing to the model creators and those who have like the largest general-purpose models. I think it's also the case that there's a distinct set of value creation around both fit-for-purpose models and taking unique signal applying it to those larger models, and you see us doing both.

我想說的是，是什麼推動了這一點，再次，作為我們為用戶解決的用例的獨特性，而且當你思考人工智慧的發揮方式時，我確實認為這是人工智慧的第一波浪潮或第一波人工智慧浪潮人工智慧領域的對話是關於模型創建者和擁有最大通用模型的人所獲得的價值。我認為情況也是如此，圍繞著適合目的的模型以及將獨特的信號應用於那些更大的模型，都有一套獨特的價值創造，你會看到我們兩者都在做。

We have taken off the shelf larger models. We then train them on our unique user signal that lets us -- I talked about on prior quarter's calls, 10 full percentage points improvement in user relevancy. So you see us doing those kinds of things. You also see us doing things with our own foundational models like really unique computer vision work where we have one of the largest image corpuses out there.

我們已經下架了更大的型號。然後，我們根據我們獨特的用戶訊號對他們進行培訓，這讓我們——我在上一季的電話會議上談過，用戶相關性提高了 10 個百分點。所以你看到我們在做這些事。您還可以看到我們使用自己的基礎模型做事情，例如真正獨特的電腦視覺工作，我們擁有最大的圖像語料庫之一。

We have really unique signal about how users associate those images, styling outfits and styling rooms and things like that. And that's let us train for purpose models. So we feel really good about our ability to compete both in terms of unique space for the user, delivering great value for advisers that's leading them to shift share to us. And we think there's more of that to go as they're just now starting to measure and see that and shift budgets.

關於用戶如何將這些圖像、造型服裝和造型室以及類似的東西聯繫起來，我們有非常獨特的信號。這就是讓我們訓練有目的的模型。因此，我們對自己在為用戶提供獨特空間和為顧問提供巨大價值方面的競爭能力感到非常滿意，從而促使他們將份額轉移給我們。我們認為還有更多的事情要做，因為他們現在才開始衡量和觀察並調整預算。

And from an AI perspective, we feel really well positioned in terms of the uniqueness of the signal we get through the human curation on our platform as we're leading into that. We're seeing that accelerate as well through things like our collage format, which is driving 3x the engagement, approximately 3x the engage of traditional pins.

從人工智慧的角度來看，我們感覺自己處於非常有利的位置，因為我們在平台上透過人工管理獲得了訊號的獨特性，因為我們正在引領這一趨勢。我們看到，透過我們的拼貼格式等方式，這種趨勢也在加速，它推動了 3 倍的參與度，大約是傳統圖釘的 3 倍。

So we think that's an entirely new content type on Pinterest that is unique to what people do on Pinterest, fueled by AI and has this flywheel effect of feeding us more and more granular signals that let us train our AI or do unique things that don't across -- other platforms. So all that to say, yes, we feel good. It's a competitive space. It always will be, but we feel well positioned and I think reflected in our results.

因此，我們認為這是Pinterest 上的一種全新內容類型，它是人們在Pinterest 上所做的事情所獨有的，由人工智慧推動，並具有飛輪效應，可以為我們提供越來越多的細粒度訊號，讓我們訓練人工智慧或做一些獨特的事情，而這些訊號不需要我們做。綜上所述，是的，我們感覺很好。這是一個競爭的空間。永遠都是這樣，但我們感覺自己處於有利位置，我認為這反映在我們的結果中。

Our next question today is from the line of Anthony Post (sic) [Justin Post] of Bank of America Merrill Lynch.

今天我們的下一個問題來自美銀美林的安東尼·波斯特（原文如此）[賈斯汀·波斯特]。

We thought U.S. really accelerated this quarter and some of the international markets were strong but decelerated. Can you talk about how much the drivers in these are kind of maybe unique to the U.S. And then if Amazon was above your expectations in the quarter? And then finally, maybe as you think about some of these drivers, whether it's partnership or your own internal efforts, is there more to come internationally in the back half of next year?

我們認為美國本季確實加速成長，而一些國際市場強勁但減速。您能否談談這些驅動因素在多大程度上可能是美國特有的？最後，也許當你思考其中一些驅動因素時，無論是合作夥伴關係還是你自己的內部努力，明年下半年是否會有更多的國際影響力？

On international, I'd say, again, more of the opportunities in front of us than behind us. I talked about the Google 3P partnership that is just getting going. So that wasn't really a contributor in this quarter. We see more of that as we look ahead. I'd say stepping back more broadly, the shopping improvements that we have made, the lower funnel improvements we have made, of course, we started with our home market, our largest market first, and we're now taking more of those things international.

在國際上，我想說，我們面前的機會比我們身後的機會更多。我談到了剛開始的 Google 3P 合作。所以這並不是本季的真正貢獻者。展望未來，我們會看到更多這樣的情況。我想說的是，更廣泛地說，我們所做的購物改進，我們所做的下漏斗改進，當然，我們從我們的國內市場開始，首先是我們最大的市場，我們現在正在採取更多這些東西國際的。

And you can see reflect...

而且你可以看到反射...

(technical difficulty) Apologies, everyone. It appears we have lost temporary connection with the speaker line. Please stand by. We will reconnect shortly.

（技術難度）向大家道歉。我們似乎暫時失去了與揚聲器線路的連接。請稍候。我們很快就會重新連結。

Great. Apologies for the technical glitch there. So we see that those shopping improvements that we've made starting in the U.S. that now as we're just starting to take them international, that that's resonating with the users as well. So when our MAU acceleration, we saw accelerated user growth in every geography. That speaks to how broad-based the product improvements are from a user perspective.

偉大的。對那裡的技術故障表示歉意。因此，我們看到，我們從美國開始所做的購物改進現在才剛開始將其推向國際，這也引起了用戶的共鳴。因此，當我們的每月活躍用戶數加速時，我們看到每個地區的用戶成長都在加速。這說明從使用者角度來看，產品改進的基礎有多廣泛。

And then now we're taking those advertiser tools in those markets, particularly on shopability in the low funnel, both from a 1P perspective as well as just starting with our 3P and reseller efforts that I talked about as well. So we see much more of that opportunity international is still in front of us.

現在我們正在這些市場中使用這些廣告商工具，特別是在低漏斗中的可購買性方面，無論是從 1P 角度還是從我也談到的 3P 和經銷商努力開始。因此，我們看到更多的國際機會仍然擺在我們面前。

And maybe just to add to Justin. So on the U.S. side, as Bill was noting, obviously, we're seeing really strong growth in our party business in retail, but also emerging contribution from third-party ad demand, as you mentioned.

也許只是為了補充賈斯汀。因此，在美國方面，正如比爾所指出的，顯然，我們看到我們的零售派對業務確實強勁增長，正如您所提到的，第三方廣告需求也出現了新的貢獻。

And then maybe just a follow-up on the international side as well. We do see currency headwind and in Q1 that if you look on a constant currency basis, Europe and Rest of World growth was actually the same on a constant currency basis or stronger in Q1 relative to Q4. So I would take a keen eye towards the FX changes here, which are changing in Q4, Q1 and also in Q2 as we called out when we talked about guidance for the second quarter.

然後也許只是國際方面的後續行動。我們確實看到了貨幣逆風，在第一季度，如果你以固定匯率為基礎來看，歐洲和世界其他地區的成長實際上是相同的，或者相對於第四季度而言第一季更強。因此，我會密切關注這裡的外匯變化，這些變化在第四季度、第一季以及第二季度都在變化，正如我們在談論第二季度指導時所指出的那樣。

Our next question comes from the line of Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的道格安穆斯 (Doug Anmuth)。

Just when you think about the progress in shopability and moving down the funnel, can you just talk about how that's translating into growth in advertiser count and the degree that we're seeing a pickup in auction density. And then any early learnings from the third-party deals with Amazon and Google, anything that surprised you thus far?

當您思考可購物性的進展和向下移動漏斗時，您能否談談這如何轉化為廣告商數量的增長以及我們看到拍賣密度上升的程度。那麼，從與亞馬遜和谷歌的第三方交易中獲得的早期經驗，到目前為止，有什麼讓您感到驚訝的嗎？

Great. Yes. What I would say, our growth and strength has been most pronounced in lower funnel, particularly in U.S. retail and amongst the largest, most sophisticated advertisers. But we do see that starting to broaden out as sort of other retailers adopt the ability to do privacy-safe measurement. As we're able to see that flow through the models, we see that starting to flow through to a broader set of retailers as well.

偉大的。是的。我想說的是，我們的成長和實力在下漏斗中最為明顯，特別是在美國零售業以及最大、最成熟的廣告商。但我們確實看到，隨著其他零售商採用進行隱私安全測量的能力，這種情況開始擴大。當我們能夠看到這種趨勢通過模型流動時，我們看到它也開始流向更廣泛的零售商。

So we have -- our business is less SMB-centric, but we do see that our improvements in shopability are benefiting a broad swath of retail and the largest all the way through to smaller retailers as well. So we think more of the value capture today is occurring with the largest, most sophisticated. They're just faster to react.

因此，我們的業務不太以中小企業為中心，但我們確實看到，我們在可購物性方面的改進正在惠及廣大零售業，從最大的零售商一直到小型零售商。因此，我們認為當今更多的價值獲取發生在規模最大、最複雜的企業。他們只是反應更快。

But when we say there's like a multi-quarter adoption curve on these things, that will start to take us deeper and deeper into sort of midsize and smaller retailers as well. So hopefully that helps give you a little bit of color on that part of it. And then on 3P (inaudible) from third party deal...

但當我們說這些東西有一個多季度的採用曲線時，這也將開始讓我們越來越深入地了解中型和小型零售商。希望這可以幫助您對這部分內容有所了解。然後是來自第三方交易的 3P（聽不清楚）...

And it's on the third-party (inaudible)

而且是第三方的（聽不清楚）

Yes. On the third-party side of it, 3P is doing exactly what we expected it to do. And if you step back, when we introduced 3P about a year ago, we were excited to announce our first third-party partnership with Amazon Ads then. And when we first introduced 3P, we talked about the opportunity for 3P to work in parallel with 1P to round out gaps in our auction, leading to greater relevancy and shopability for our users and ultimately improve monetization.

是的。在第三方方面，3P 所做的正是我們所期望的。如果您退後一步，大約一年前，當我們推出 3P 時，我們很高興地宣布與 Amazon Ads 建立第一個第三方合作夥伴關係。當我們第一次引入3P 時，我們談到了3P 與1P 並行工作的機會，以彌補我們拍賣中的差距，從而為我們的用戶帶來更大的相關性和可購買性，並最終提高貨幣化。

And of course, we've also been investing heavily in our 1P business even as we introduced the 3P opportunity. And we talked about how we believe that creating numerous ways to win and driving a balanced durable top line growth where this would be a complementary auction that, that was the approach we're taking.

當然，即使我們引入了 3P 機會，我們也一直在大力投資 1P 業務。我們討論了我們如何相信創造多種方式來獲勝並推動平衡的持久收入成長，這將是一個補充拍賣，這就是我們正在採取的方法。

And so when we've talked about our 3P efforts as a complement, it's not that we believe -- is that, that we're any less exceeded or see the long-term (inaudible) we're also seeing significant accelerating strength in our 1P business. So our 1P is rounding out those gaps in our auction, bringing much more auction density.

因此，當我們談論我們的 3P 努力作為補充時，我們並不是相信——我們的超越程度有所減輕，或者看到了長期（聽不清），我們也看到了顯著的加速力量我們的1P 業務。因此，我們的 1P 正在彌補拍賣中的這些空白，從而帶來更高的拍賣密度。

And then 3P is contributing nicely to that as a complement as well. So again, we see that playing out as we had expected in terms of complementing our 1P demand, bringing more density to the auction, creating greater shopability, but it is broad based because we see broad-based strength in retail, both first party and 3P as an emerging contributor to that.

3P 作為補充也對此做出了很好的貢獻。因此，我們再次看到，在補充我們的1P 需求、提高拍賣密度、創造更大的可購買性方面，我們看到了這一點，但它具有廣泛的基礎，因為我們看到了零售業的廣泛實力，包括第一方和第一方3P 是其中的一個新興貢獻者。

And as I mentioned in my comments, we expect that where we are now on 3P is a base from which we'll continue to grow as we optimize further and further with our partners and look forward to how we'll bring in more demand to complement our auction.

正如我在評論中提到的，我們預計 3P 目前的狀況是我們與合作夥伴進一步優化的基礎，我們將在此基礎上繼續發展，並期待我們如何為客戶帶來更多需求。 。

And our final question today will be from the line of Mark Mahaney of Evercore ISI.

我們今天的最後一個問題將來自 Evercore ISI 的 Mark Mahaney。

Two questions, please. You talked about, Bill, about adding potentially more partners beyond Amazon and Google. Can you just put some -- set some expectations around there. It's kind of hard to see any partners that could be as material as those but maybe I'm not being creative enough in thinking about it.

請教兩個問題。比爾，你談到了在亞馬遜和谷歌之外增加更多潛在的合作夥伴。你能不能在那裡設定一些期望。很難找到像這些人一樣物質的合作夥伴，但也許我在思考這個問題時沒有足夠的創造力。

And then secondly, Julie, I know you quantified the impact in the March quarter from leap day and Easter timing. Is it safe to assume that the emerging contribution from 3P would have less than that and that's why you wouldn't -- that's why you didn't quantify it?

其次，朱莉，我知道您量化了閏日和復活節時間對三月季度的影響。是否可以安全地假設 3P 的新興貢獻將低於這個水平，這就是為什麼你不會——這就是為什麼你沒有量化它？

Yes. Thanks, Mark. So again, we're just getting going with our 3P efforts. Again, we feel that those are performing in line with our expectations from what we've talked about previously. We're just starting on the international side. Google certainly a great first party there, but we're just getting going.

是的。謝謝，馬克。再說一遍，我們剛開始進行 3P 工作。同樣，我們認為這些表現符合我們之前討論過的預期。我們在國際方面才剛開始。谷歌無疑是一個偉大的第一方，但我們才剛開始。

And as we carry forward, we think about -- we're always looking at this as sort of like a retail problem, right. You have the right products on the shelves when the user walks in. And so we're always looking at where do we need more density, where do we need more shoppable inventory to round out what the users are looking for. And we'll continue to look at what are the best partners to round that out.

當我們前進時，我們會思考——我們總是將其視為零售問題，對吧。當用戶走進去時，貨架上就有合適的產品。我們將繼續尋找最好的合作夥伴來解決這個問題。

As you noted, we brought in some really great partners already. We see really phenomenal momentum in our first-party business, which is always -- what you would hope to see, first and foremost, but we'll continue to look at how we round up those gaps. And as I mentioned, we see opportunities to expand our current partnerships to multiple geographies versus the geographies that are in today. And we're continuously evaluating additional partners that can complement the auction going forward. So obviously, I'm not going to comment on any new partner before we have a new partners signed up.

正如您所指出的，我們已經引入了一些非常出色的合作夥伴。我們在第一方業務中看到了真正驚人的勢頭，這始終是您希望看到的，首先也是最重要的，但我們將繼續研究如何彌補這些差距。正如我所提到的，我們看到了將我們目前的合作關係擴展到多個地區（而不是今天的地區）的機會。我們正在不斷評估可以補充未來拍賣的其他合作夥伴。顯然，在我們簽約新合作夥伴之前，我不會對任何新合作夥伴發表評論。

But we're continuously evaluating those. And even though it's been a nice -- 3P has been a nice emerging contributor, we're just getting going internationally. And we see a lot more opportunity to continue on that effort. And then I'll give to Julie for second question.

但我們正在不斷評估這些。儘管 3P 是個很好的新興貢獻者，但我們才剛開始走向國際化。我們看到有更多的機會繼續這項努力。然後我將向朱莉提出第二個問題。

Yes. So Mark, on the second part of your question, we've always said we're not going to specifically break out 3P versus 1P for many reasons. But one is that they go together into the same auction and they're meant to complement one another, as I said.

是的。馬克，關於你問題的第二部分，我們一直說，出於多種原因，我們不會專門區分 3P 和 1P。但其中之一是，它們一起參加同一場拍賣，正如我所說，它們旨在相互補充。

And so the reason I didn't call it out was not because of what you said or I would not make that assumption. The reason I didn't call it out is I was trying to call out in Q1 sort of specific unique seasonal factors that benefited Q1 that would not continue into Q2.

所以我沒有指出這一點的原因不是因為你所說的，或者我不會做出這樣的假設。我沒有指出這一點的原因是我試圖在第一季指出一些特定的獨特季節性因素，這些因素對第一季有利，但不會持續到第二季​​。

In comparison, 3P is something that is benefit in Q1 and continuing to benefit Q2 is something that we see scaling and ramping throughout the year. So I would not draw any other conclusions.

相比之下，3P 在第一季受益，而在第二季度繼續受益，我們看到全年都會擴大和成長。所以我不會得出任何其他結論。

Unfortunately, we have no further time for any further questions at this time. So I'd like to hand back to Bill Ready for any closing remarks.

不幸的是，我們目前沒有時間回答任何進一步的問題。因此，我想請比爾·雷迪 (Bill Ready) 發表結束語。

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

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

Thank you, everyone. This concludes today's conference call. You may now disconnect your lines.

謝謝大家。今天的電話會議到此結束。現在您可以斷開線路。