Pinterest Inc (PINS) 2024 Q2 法說會逐字稿

Hello, everyone. Thank you for attending today's Pinterest second quarter 2024 earnings call. My name is Sierra, and I will be your moderator for today. (Operator Instructions)

大家好。感謝您參加今天的 Pinterest 2024 年第二季財報電話會議。我叫 Sierra，今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the conference over to our host, Andrew Somberg, Vice President of Investor Relations and Treasury. Please proceed.

現在，我想將會議交給我們的主持人、投資者關係和財務副總裁安德魯·索姆伯格 (Andrew Somberg)。請繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest earnings call for the second quarter ended June 30, 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 6 月 30 日的第二季財報電話會議。我叫安德魯‧索姆伯格 (Andrew Somberg)，是 Pinterest 投資者關係與財務副總裁。參加今天電話會議的還有 Pinterest 執行長 Bill Ready；以及我們的財務長 Julia Donnelly。

This conference call is being webcast and we are also providing a slide presentation to accompany our commentary. Please refer to our Investor Relations website at investor.pinterestinc.com to find today's presentation, webcast, and earnings press release.

本次電話會議正在進行網路直播，我們也將提供投影片簡報來配合我們的評論。請造訪我們的投資者關係網站 investor.pinterestinc.com 以尋找今天的簡報、網路廣播和收益新聞稿。

Some of the statements that we make today regarding our performance, operations, and outlook may be considered forward looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. In addition, our results, trends, and outlook for Q3 2024 and beyond are preliminary and are not an assurance of our future performance. 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.

我們今天就業績效、營運和前景所作的一些陳述可能被視為前瞻性陳述，此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。此外，我們對 2024 年第三季及以後的業績、趨勢和展望都是初步的，並不能保證我們未來的表現。我們根據截至今天掌握的資訊做出這些前瞻性陳述，並且我們明確表示不承擔任何以後更新這些陳述的責任或義務，除非法律要求。

For more information about risks, uncertainties, and other factors that could affect our results, please refer to our most recent Form 10-Q or Form 10-K filed with the SEC and available on our Investor Relations website.

有關可能影響我們業績的風險、不確定性和其他因素的更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的最新 10-Q 表或 10-K 表，這些表格可在我們的投資者關係網站上查閱。

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 GAAP 指標與最直接可比較的 GAAP 指標的對賬，這些對帳透過我們的投資者關係網站分發給公眾。最後，除非另有說明，今天的準備好的評論中討論的所有增長率都應按年計算。

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

現在，我將把電話轉給比爾。

Thanks, Andrew. Good afternoon, and thank you for joining our second quarter 2024 earnings call. Q2 marked another strong quarter of growth in users and revenue, driven by continued progress against our strategic initiatives. On the user side, we're leaning into what our users love most about Pinterest, the ability to find inspiration and take action seamlessly in one platform. And as we said before, we found our best product market fit in years. Q2 global MAUs reached another record high of 522 million, growing 12% year over year.

謝謝，安德魯。下午好，感謝您參加我們的 2024 年第二季財報電話會議。由於我們策略性舉措的持續進展，第二季用戶和營收再次強勁成長。在用戶方面，我們傾向於關注用戶最喜歡 Pinterest 的一點，即能夠在一個平台上無縫地找到靈感並採取行動。正如我們之前所說，我們找到了多年來最適合的產品市場。Q2全球月活躍用戶數再創新高，達5.22億，年增12%。

On the monetization side, our investments to become a true full-funnel platform, particularly our efforts to build out our lower-funnel offerings are paying off with Q2 revenue of $854 million, up 21% year over year. We also continue to drive significant improvements in profitability, resulting in Q2 adjusted EBITDA of $180 million, or a 21% margin, up 600 basis points versus Q2 last year.

在貨幣化方面，我們為成為真正的全漏斗平台而進行的投資，特別是我們為打造低漏斗產品所做的努力正在獲得回報，第二季度的收入為 8.54 億美元，同比增長 21%。我們也持續推動獲利能力的顯著提升，第二季調整後的 EBITDA 達到 1.8 億美元，利潤率為 21%，比去年第二季上升了 600 個基點。

Before I dive into my usual business update, I wanted to start with a few anecdotes from my time last month at Cannes Lions, one of the largest advertising industry events of the year, as it reflects the momentum building around Pinterest. Advertisers are taking note of Gen Z love for Pinterest and are increasingly understanding how they can meet this audience on our platform across their inspiration to action journey. They're also seeing firsthand how our investments in the lower funnel are driving tangible success through our increased clicks and conversions.

在我開始日常業務更新之前，我想先講一下上個月在坎城國際創意節上發生的一些趣事。坎城國際創意節是今年最大的廣告業盛會之一，它反映了 Pinterest 的發展勢頭。廣告主注意到 Z 世代對 Pinterest 的熱愛，並且越來越了解如何在我們的平台上滿足這個受眾群體的需求，幫助他們實現從靈感到行動的轉變。他們也親眼目睹了我們在下層管道的投資如何透過增加點擊量和轉換量來推動實際的成功。

And this momentum was evident at Cannes, as we saw a 50% increase in the number of visits to our activation this year and a 40% increase in the number of advertisers we met with at this important event. While at Cannes, we created an immersive activation experience where attendees could discover user behavior on Pinterest firsthand, and what one CEO said, felt like stepping into a real-life inspiration board. We created a space where attendees, many of whom were Gen Z, could take a break from talking and hearing about creativity and actually be creative with Pinterest.

這一勢頭在坎城得到了明顯體現，今年我們活動的訪問量增加了 50%，在這次重要活動中我們遇到的廣告商數量增加了 40%。在戛納，我們創造了一種身臨其境的激活體驗，與會者可以直接了解 Pinterest 上的用戶行為，正如一位首席執行官所說，感覺就像走進了一塊真實的靈感板。我們創造了一個空間，讓許多與會者（其中許多人是 Z 世代）可以在談論和聆聽有關創造力的事情時稍事休息，並真正利用 Pinterest 發揮創造力。

We also previewed our latest AI and automation tools to drive even more performance for our advertisers through the launch of Performance+, which was very well received. I'll discuss more about Performance+ later in my remarks.

我們也預覽了最新的人工智慧和自動化工具，透過推出 Performance+ 為我們的廣告商帶來更高的業績，這項舉措獲得了廣泛好評。我將在稍後的評論中進一步討論有關 Performance+ 的問題。

Shifting now to our quarterly update, beginning with users and engagement. Last quarter, we reviewed the initiatives over the last two years that have taken us from declining users to sustained user growth. These initiatives are, one, utilizing AI to drive increased relevance and personalization; two, doubling down on curation through boards and collages to help users navigate their inspiration to action journey; three, increasing actionability, particularly for shopping, allowing our users to bring their inspiration to life; and four, creating a more positive alternative to traditional social media. When combined, these initiatives have had compounding effects and have led to the healthy MAU growth we're seeing today across all geographic regions and the age cohorts we track.

現在轉向我們的季度更新，從用戶和參與度開始。上個季度，我們回顧了過去兩年來使我們的用戶數量從下降走向持續增長的舉措。這些舉措包括：一是利用人工智慧來提高相關性和個人化；二、透過板書和拼貼畫加倍策劃，幫助用戶從靈感到行動的旅程；三、提高可操作性，特別是在購物方面，讓我們的用戶能夠將他們的靈感變成現實；第四，創造比傳統社交媒體更積極的替代品。這些舉措結合起來產生了複合效應，並導致了我們今天在所有地理區域和我們追蹤的年齡組中看到的健康的 MAU 增長。

Now I'll share more about key recent product launches that demonstrate continued progress against our strategy and the initiatives I've outlined. First, we're helping our users more effectively find inspiration and discover new relevant content that resonates with their interests through our investments in AI. We've made ongoing progress to modernize the core AI that powers the content users are shown, leading to meaningful improvements to the relevance and personalization of our content recommendations.

現在，我將分享更多有關近期推出的關鍵產品的信息，這些產品表明我們的策略和我所概述的舉措正在持續取得進展。首先，我們透過對人工智慧的投資，幫助用戶更有效地找到靈感，並發現與他們的興趣產生共鳴的新內容。我們在對向用戶展示的內容提供核心人工智慧進行現代化升級方面取得了持續進展，從而顯著提高了我們內容推薦的相關性和個人化程度。

As an example, in Q2, we upgraded our search ranking algorithm to incorporate new signals, enabling us to recommend more relevant and ultimately engaging content for the user. This resulted in a significant increase in our global search fulfillment rate, which means our users are finding more of what they're looking for when they search on Pinterest. A part of our efforts to improve content discovery is to help users refine their searches, which often start as short, broad queries as users come to us with a general sense of what they're looking for but don't have the precise words to describe it or will know it when they see it.

例如，在第二季度，我們升級了搜尋排名演算法，納入了新的訊號，使我們能夠為用戶推薦更相關、最終更具吸引力的內容。這使得我們的全球搜尋完成率顯著提高，這意味著我們的用戶在 Pinterest 上搜尋時可以找到更多他們想要的內容。我們改進內容發現的努力之一是幫助用戶優化他們的搜索，這些搜索通常從簡短、寬泛的查詢開始，因為用戶向我們詢問時才知道自己在尋找什麼，但沒有精確的詞語來描述它，或者在看到它時才知道。

We're continuing to invest in bolstering content discovery through generative AI-based guided search, which we first rolled out several months ago for the home decor vertical. Guided search provided a structured way to break down these broad queries in the narrower avenues of exploration. For example, a search for a broad query-like kitchen ideas might lead a user to more refined options like DIY kitchen projects or backsplash inspiration to further explore their taste and move down the inspiration to the action journey. We're finding a notably strong product user fit for guided search with our more episodic users who are generally less familiar with the platform and thus find value in the structured experience to discover fulfilling results.

我們將繼續投資透過基於生成式人工智慧的引導式搜尋來增強內容發現，該搜尋幾個月前首次在家庭裝飾垂直領域推出。引導式搜尋提供了一種結構化的方法，可以在較窄的探索路徑中分解這些廣泛的查詢。例如，搜尋諸如廚房創意之類的廣泛查詢可能會引導用戶找到更精細的選項，例如 DIY 廚房專案或後擋板靈感，以進一步探索他們的品味，並將靈感轉化為行動。我們發現，對於我們的偶發性用戶來說，引導式搜尋是一個非常強大的產品，他們通常不太熟悉該平台，因此在結構化體驗中找到價值，以發現令人滿意的結果。

Second, we're leaning into curation, a key differentiating feature of Pinterest and one that users leverage as a pivotal step to navigate their journey from inspiration to action. Said simply, it's how they refine their choices and decide what to buy. Human curation on the platform bolsters our content flywheel, providing rich first-party signals early in customer shopping journeys. These signals are predictive of user interests and allow us to drive even more relevance to the users via enhanced content recommendations.

其次，我們傾向於策展，這是 Pinterest 的關鍵差異化特徵，也是用戶利用策展作為引導他們從靈感到行動的關鍵一步。簡單地說，這就是他們如何完善選擇並決定購買什麼。平台上的人工策劃增強了我們的內容飛輪，在客戶購物旅程的早期提供了豐富的第一方訊號。這些訊號可以預測使用者的興趣，並使我們能夠透過增強的內容推薦為使用者提供更多相關性。

We've been reinvesting in making the curation journey on Pinterest easier to use and more engaging for our users through updates to board and through our new content format collages. On the board side, it's more intuitive to create, save to, and share boards than ever, with a refined user interface and new features like auto organization that utilizes AI to identify and automatically group together pins into new boards, saving users the need to organize it themselves.

我們一直在進行再投資，透過更新板塊和新的內容格式拼貼，讓 Pinterest 上的策展之旅更易於使用，並讓用戶更具吸引力。在板方面，創建、保存和共享板比以往更加直觀，具有精緻的用戶界面和自動組織等新功能，利用人工智能識別並自動將圖釘分組到新板中，從而無需用戶自己組織。

We're also making it easier for users to share their taste and style with others. In Q2, we launched board sharing, a new feature allowing users to share engaging videos of their Pinterest boards, like dream home decor or ultimate travel bucket list, to other social platforms for the first time. This feature also enables us to include a link for others to explore their boards on a platform as well.

我們也使用戶能夠更輕鬆地與他人分享他們的品味和風格。在第二季度，我們推出了「圖板共享」功能，這是一項新功能，允許用戶首次將他們在 Pinterest 圖板上的精彩影片（例如夢想的家居裝飾或終極旅行清單）分享到其他社交平台。此功能還使我們能夠添加一個鏈接，以便其他人也可以在平台上探索他們的主機板。

We're also collaborating with power users like musician Avril Lavigne, who use board sharing to give her fans a sneak peek into the inspiration behind her tour outfits to bring this feature to life for a broader audience and showcase the magic of curation on Pinterest.

我們也與音樂家艾薇兒 (Avril Lavigne) 等超級用戶合作，她使用圖板共享功能讓她的粉絲一睹她巡演服裝背後的靈感，讓更廣泛的受眾了解這一功能，並展示 Pinterest 上策展的魔力。

We're continuing to make progress with collages, a highly interactive new content format developed using advanced computer vision technology, which allows users to cut out components like a shirt or a pair of shoes from other images and piece them together into one highly engaging and interactive pin. And as we've mentioned before, we're seeing that this content format resonates with our audience who save collages roughly three times more often than our traditional pins, especially with our Gen Z audience who use collages to express their personal aesthetic.

我們在拼貼畫方面不斷取得進展，這是一種利用先進的電腦視覺技術開發的高度互動的新內容格式，它允許用戶從其他圖像中剪下襯衫或一雙鞋子等組件，並將它們拼湊成一個高度吸引人和互動的別針。正如我們之前提到的，我們發現這種內容格式引起了觀眾的共鳴，他們保存拼貼畫的頻率大約是傳統圖釘的三倍，尤其是我們的 Z 世代觀眾，他們使用拼貼畫來表達他們的個人美學。

In Q2, we extended collages to advertisers, meaning they can now create engaging collages using cutouts of product pins from their own catalog and promote them as ads. In fact, brands like Nike, John Lewis, and Bumble and Bumble are utilizing collages to showcase their product catalog in a unique and visually appealing way.

在第二季度，我們將拼貼畫擴展至廣告商，這意味著他們現在可以使用自己目錄中的產品圖釘剪紙來創建引人入勝的拼貼畫，並將其作為廣告進行推廣。事實上，Nike、John Lewis 和 Bumble and Bumble 等品牌正在利用拼貼畫以獨特且視覺上吸引人的方式展示其產品目錄。

And finally, we're driving further actionability across Pinterest by launching features that allow users to move further along in their shopping journeys and take action on what they see. In doing so, we more than doubled the number of outbound clicks we sent to advertisers year over year for the third quarter in a row. And as we improve overall actionability and make it easier for users to find what they're looking for, we're seeing that users are able to successfully complete their journeys on Pinterest more quickly.

最後，我們透過推出一些功能來進一步提高 Pinterest 的可操作性，這些功能允許用戶在購物過程中進一步前進並根據他們看到的內容採取行動。透過這樣做，我們連續第三個季度向廣告商發送的出站點擊次數同比增長了一倍以上。隨著我們提高整體可操作性並讓用戶更容易找到他們想要的內容，我們發現用戶能夠更快地在 Pinterest 上成功完成他們的旅程。

In Q2, we ship more new filters like price, retailer, and brand on high shopping intent search queries across fashion and home decor verticals. We're also experimenting with other filters, including on sale, to give users more control over their shopping journeys and find products tailored to their style and budget. And with this valuable signal, we can then recommend even more relevant and personalized shoppable content to our users.

在第二季度，我們針對時尚和家居裝飾垂直領域的高購物意圖搜尋查詢推出了更多新過濾器，如價格、零售商和品牌。我們也正在嘗試其他過濾器，包括促銷過濾器，以便用戶更好地控制他們的購物旅程並找到適合他們的風格和預算的產品。有了這個寶貴的訊號，我們就可以向使用者推薦更多相關、個人化的可購物內容。

We're also making video more shoppable on the platform as it is an integral content format on the inspiration to action journey. As an example, in Q1, we launched Shop the Look on video to help users shop items that bring them inspiration in the videos they were already watching. In Q2, we introduced video shopping ads to complement all the work we've been doing to drive actionability across formats and surfaces. With video shopping ads, merchants can seamlessly add videos to their product catalogs on Pinterest and promote them.

我們也讓影片在平台上更具購物性，因為它是從靈感到行動之旅中不可或缺的內容格式。例如，在第一季度，我們推出了影片「Shop the Look」功能，幫助用戶購買他們正在觀看的影片中能為他們帶來靈感的商品。在第二季度，我們推出了視訊購物廣告，以補充我們為推動跨格式和跨介面的可操作性所做的所有工作。透過影片購物廣告，商家可以將影片無縫添加到 Pinterest 上的產品目錄中並進行推廣。

Hundreds of advertisers have already started incorporating video in their product catalogs, given the strong visual nature of our platform. For mass retailers who have adopted this format, shoppable video ads drove a higher click-through rate and lower cost per action compared to static catalog ads.

鑑於我們平台強大的視覺特性，數百名廣告商已經開始將影片納入他們的產品目錄。對於採用這種形式的大眾零售商來說，與靜態目錄廣告相比，可購物影片廣告具有更高的點擊率和更低的每次行動成本。

Next, I'd like to discuss how we are improving monetization by making Pinterest more valuable and performant for advertisers. We delivered strong revenue growth in Q2, and the momentum we're driving in the business is evidence of all the work we've been doing over the last several quarters to significantly improve our ad offering, as the initiatives we outlined at our investor day continue to deliver as we expected or better. This includes, one, our investments to become a true full-funnel ad platform, particularly through our new lower-funnel offerings, which are creating significant value for advertisers; two, continuing to increase ad load, driven by the synergies between our users strong commercial intent and relevant ads; and lastly, third-party partners, resellers, and international as additional levers to revenue growth.

接下來，我想討論我們如何透過讓 Pinterest 對廣告主更有價值、更有效率來提高獲利能力。我們在第二季度實現了強勁的收入成長，我們在業務中推動的勢頭證明了我們在過去幾個季度中為顯著改善我們的廣告產品所做的所有工作，因為我們在投資者日概述的舉措繼續達到或超過我們的預期。其中包括：第一，我們投資成為一個真正的全漏斗廣告平台，特別是透過我們新的低漏斗產品，為廣告商創造巨大的價值；二是繼續增加廣告負載，這得益於我們用戶強烈的商業意圖和相關廣告之間的協同作用；最後，第三方合作夥伴、經銷商和國際合作夥伴是收入增長的額外槓桿。

We're seeing advertisers take notice of the growing momentum in our business. And we're gaining share with some of the largest and most sophisticated advertisers in the world. As I look ahead, there's a lot more to do, but it is clear that the strategy we've employed is working.

我們看到廣告商注意到了我們業務的成長勢頭。我們正在與世界上一些最大、最成熟的廣告商爭奪市場份額。展望未來，還有很多事情要做，但很明顯，我們所採用的策略正在發揮作用。

Shifting to our full-funnel ad solutions, we've been hard at work improving our offering to help advertisers meet consumers across the full funnel. Pinterest is a place where advertisers can build their brand in a positive environment, drive consideration when the consumer is not yet decided, and ultimately deliver conversions all on one platform. We see that over 90% of search queries don't specify a brand or specific product, but rather a categorical interest, such as fun summer dresses or cool white sneakers or mid-century bedroom decor. This is a magic moment for advertisers to connect with users who have clear commercial intent but have not yet decided what they want to buy.

轉向我們的全通路廣告解決方案，我們一直在努力改進我們的服務，以幫助廣告商滿足整個管道中的消費者。Pinterest 是一個讓廣告主在積極的環境中建立品牌、在消費者尚未做出決定時推動考慮、並最終在一個平台上實現轉換的地方。我們發現，超過 90% 的搜尋查詢沒有指定品牌或特定產品，而是類別興趣，例如有趣的夏裝或酷炫的白色運動鞋或中世紀臥室裝飾。對於廣告商來說，這是一個神奇的時刻，可以與具有明確商業意圖但尚未決定購買什麼的用戶建立聯繫。

Many of our advertisers are taking advantage of the full funnel, with over half of our large advertisers using multiple campaign objectives. Moreover, advertisers who use upper- and lower-funnel objectives see two times higher conversion rates than those who use one objective alone. Within the full funnel, we focus the majority of our monetization efforts on the lower funnel to drive performance in the form of clicks and conversions to advertisers. We've made substantial progress across our entire platform to improve actionability and allow users to shop at the point of inspiration.

我們的許多廣告主都在利用完整的銷售漏斗，超過一半的大型廣告主都使用多個廣告活動目標。此外，使用上部和下部漏斗目標的廣告商的轉換率比僅使用一個目標的廣告商高出兩倍。在整個漏斗中，我們將大部分獲利工作集中在下層漏斗上，以點擊量和廣告商轉換率的形式推動業績。我們在整個平台上取得了實質進展，提高了可操作性並允許用戶在靈感迸發時進行購物。

Nowhere does this manifest more than within the lower funnel, where relevant shoppable ads can be great content on Pinterest. And whole page optimization powered by AI allows us to show more of these relevant shoppable ads when users are in moments of high commercial intent.

這點在下層漏斗中體現得最為明顯，相關的可購物廣告可以成為 Pinterest 上的精彩內容。透過人工智慧驅動的整個頁面優化，我們可以在用戶具有較高商業意圖時展示更多相關的可購物廣告。

Over the last year, we've also made significant progress in making the purchase journey more seamless for our users, with products like mobile deep linking and direct links. Now, nearly 100% of our lower-funnel revenue is covered by direct links or mobile deep linking, which means it takes just one click to lead the user directly to an advertiser's product or purchase page. The changes we've made are having real impacts, as we've now more than doubled the amount of clicks to advertisers year over year for the third quarter in a row.

在過去的一年裡，我們也透過行動深度連結和直接連結等產品，在為用戶提供更無縫購買體驗方面取得了重大進展。現在，我們幾乎 100% 的低漏斗收入都來自直接鏈接或移動深度鏈接，這意味著只需一次點擊即可將用戶直接引導至廣告商的產品或購買頁面。我們所做的改變正在產生真正的影響，因為我們現在已經連續第三個季度將廣告點擊量比去年同期增長了一倍以上。

As advertisers have begun to notice improvements in their measurement sources of truth, many of the largest, most sophisticated advertisers are voting with their dollars and driving more budget to Pinterest. We're beginning to see value capture from the next tranche of advertisers as well and believe much of the value capture from direct links is still ahead of us, as advertisers continue to take note of the consistent increase in click volume we are delivering. However, the pace at which advertisers adjust their budgets depends on a variety of factors, including seeing this performance appear in their individual measurement sources of truth and the level of resourcing required to implement incremental campaigns.

隨著廣告商開始注意到其真實測量來源的改進，許多最大、最成熟的廣告商都開始用他們的錢投票，並將更多的預算投入到 Pinterest。我們也開始看到下一批廣告商的價值獲取，並且相信從直接連結中獲取的大部分價值仍然在我們面前，因為廣告商繼續注意到我們提供的點擊量的持續增長。然而，廣告商調整預算的速度取決於多種因素，包括在他們各自的真實衡量來源中看到的表現以及實施增量活動所需的資源水平。

We anticipate that with the rollout of our new automation suite, Performance+, which I'll discuss shortly in more detail, we'll be able to alleviate some of this heavy lifting on the advertiser side. This should drive even greater value creation through improved campaign setup and efficiency, leading to compounding performance effects through our full lower-funnel solution set and ultimately further value capture.

我們預計，隨著我們的新自動化套件 Performance+ 的推出（我將在稍後詳細討論），我們將能夠減輕廣告商方面的一些繁重工作。這將透過改進活動設定和效率來推動更大的價值創造，透過我們完整的下漏斗解決方案集產生複合性能效應，並最終進一步獲取價值。

Finally, we're also continuing to drive more actionability in the lower funnel through incorporating third-party ads into our auction to grow relevant shoppable ad demand. As we expected, third-party ad demand became an even larger source of revenue this quarter and is continuing to fill in gaps in the auction, especially on our high-intent surfaces like search and related items, where relevant ads are additive shoppable content for our users. We know that performance is only as good as the advertiser’s ability to measure it.

最後，我們還將透過將第三方廣告納入我們的競價中來繼續推動下層管道的更多可操作性，以增加相關的可購物廣告需求。正如我們預期的那樣，第三方廣告需求在本季度成為更大的收入來源，並繼續填補拍賣中的空白，特別是在我們的高意向介面（如搜尋和相關商品），其中相關廣告是我們用戶的可添加購物內容。我們知道，效果的好壞取決於廣告商的衡量能力。

Because of this, we're focused on driving adoption of our privacy-centric measurement tools like conversions API and clean rooms. We've continued to grow adoption of these tools in Q2, with a sharp focus on advertisers with lower-funnel shopping and conversion objectives. This adoption has been driven by a few key initiatives.

因此，我們專注於推動以隱私為中心的測量工具（如轉換 API 和無塵室）的採用。我們在第二季度繼續增加這些工具的採用，並專注於具有低漏斗購物和轉換目標的廣告商。此次採用是由幾項關鍵舉措推動的。

First, we are easing the onboarding process for advertisers, with the goal of meeting advertisers where they are with whichever third-party solutions they are using. As such, we revamped our developer site and continued to increase the number of third-party integration partnerships. Second, we have bolstered our own seller training efforts and education to help advertisers understand how these solutions can strengthen their conversion visibility. With that, we continue to make measurement adoption a key priority for our sales force and tie a portion of seller incentive compensation to privacy-centric measurement adoption.

首先，我們正在簡化廣告主的入職流程，目標是無論廣告主使用哪種第三方解決方案，我們都能與他們溝通。因此，我們改進了我們的開發者網站，並繼續增加第三方整合合作夥伴的數量。其次，我們加強了自己的賣家培訓力度和教育，幫助廣告商了解這些解決方案如何增強他們的轉換可見度。為此，我們繼續將測量採用作為我們銷售團隊的首要任務，並將部分賣家激勵薪酬與以隱私為中心的測量採用掛鉤。

While we want advertisers to adopt our own solutions and best practices, we recognize that many of them have their own measurement source of truth. To that end, we focus our efforts on making sure we are showing up correctly and consistently wherever an advertiser measures their performance.

雖然我們希望廣告商採用我們自己的解決方案和最佳實踐，但我們認識到其中許多廣告商都有自己的真實測量來源。為此，我們致力於確保無論廣告商在哪裡衡量其效果，我們都能正確且一致地出現。

Moving to AI and automation, our work to build out our lower-funnel suite continued in Q2 with the announcement of Performance+. This brand-new offering, which recently entered beta for a limited number of advertisers, brings together all of our AI and automation tools across bidding, budgeting, and targeting to improve campaign performance on Pinterest. With Performance+, lower-funnel advertisers can use these tools in concert to unlock our most powerful automation and AI features, all within a new simplified campaign setup.

隨著人工智慧和自動化的推進，我們在第二季度繼續致力於建立下漏斗套件，並發布了 Performance+。這項全新服務最近已進入測試階段，僅對有限數量的廣告商開放，它整合了我們在競價、預算和定位方面的所有人工智慧和自動化工具，以提高 Pinterest 上的廣告活動效果。借助 Performance+，低漏斗廣告商可以協同使用這些工具來解鎖我們最強大的自動化和 AI 功能，所有這些都可以在新的簡化廣告系列設定中進行。

Advertisers can also apply any of these features to non-Performance+ campaigns, giving them the ultimate control based on their unique needs. We are excited about Performance+ as the next iteration of our lower-funnel suite. As we roll out these tools, we expect a similar multi-quarter product uptake and adoption curve as our previous lower-funnel launches, like shopping ads, mobile deep linking, and direct links, and conversion APIs.

廣告主還可以將這些功能應用於非 Performance+ 廣告系列，從而根據其獨特需求實現最終控制。我們對 Performance+ 作為我們下漏斗套件的下一個版本感到非常興奮。隨著我們推出這些工具，我們預計產品的多季度吸收和採用曲線將與我們先前在較低漏斗中推出的產品類似，例如購物廣告、行動深度連結、直接連結和轉換 API。

This suite of tools, when used together, compound upon each other to drive powerful, lower-funnel performance for our advertisers. While still early, the test results have been positive. Many of the advertisers who participated in our Performance+ alpha test this spring saw a greater than 10% improvement in cost per acquisition for their lower-funnel conversion and shopping ad campaigns, or a greater than 10% improvement in cost per click, CPC, for consideration campaigns.

這套工具一起使用時可以相互疊加，為我們的廣告主帶來強大、低漏斗的效能。儘管還處於早期階段，但測試結果已經呈現陽性。今年春季參與我們的 Performance+ alpha 測試的許多廣告客戶都發現，他們的低漏斗轉換和購物廣告系列的每次獲取成本提高了 10% 以上，或者考慮廣告系列的每次點擊費用 (CPC) 提高了 10% 以上。

For example, outdoor apparel brand Timberland was an early tester of Performance+ in the UK and saw a 34% lower cost per action, a 16% increase in click-through rate, and ultimately a 50% higher return on ad spend from their Performance+ enabled campaign versus their traditional campaigns. In addition, Performance+ significantly reduces the time required for advertisers to create a campaign, with 50% fewer inputs than a traditional creation flow.

例如，戶外服裝品牌 Timberland 是英國 Performance+ 的早期測試者，與傳統廣告系列相比，其 Performance+ 廣告系列的每次行動成本降低了 34%，點擊率提高了 16%，最終廣告支出回報率提高了 50%。此外，Performance+ 顯著減少了廣告主創建廣告活動所需的時間，與傳統創建流程相比，投入減少了 50%。

We are also testing additional automation solutions, which we plan to incorporate into the Performance+ suite in the coming months. These include Performance+ Bidding for ROAS, which automatically optimizes advertisers' bids to drive the highest ROI; and Performance+ Creative, which helps advertisers make new ad creative using generative AI and optimize their existing creative across multiple ad formats.

我們也正在測試其他自動化解決方案，並計劃在未來幾個月內將其納入 Performance+ 套件中。其中包括針對 ROAS 的 Performance+ Bidding，可自動優化廣告商的出價，以實現最高的投資回報率；以及 Performance+ Creative，它可以幫助廣告商使用生成式人工智慧製作新的廣告創意，並在多種廣告格式中優化現有的創意。

Performance+ Creative is already driving tangible results for advertisers. Fashion marketplace Poshmark, an early tester of the product, saw a 25% lift in click through rates on products with a Performance+ generated background versus a white background. As we continue to iterate, we will roll these features out to a broader swath of lower funnel advertisers and we'll have more to share as we progress through the second half of the year.

Performance+ Creative 已經為廣告主帶來了實質的成果。時尚市場 Poshmark 是該產品的早期測試者，它發現使用 Performance+ 生成背景的產品的點擊率比使用白色背景的產品點擊率提高了 25%。隨著我們不斷迭代，我們將向更廣泛的管道下層廣告商推出這些功能，隨著下半年的進展，我們將有更多內容與大家分享。

Overall, I'm proud of our latest automation rollout, a continuation of our efforts to deliver the best possible performance for advertisers and reduce friction in doing so. Our goal is for advertisers to be able to provide us with a budget, a goal, and they're seed creative, and we'll do the rest.

總的來說，我對我們最新的自動化推出感到自豪，這是我們繼續努力為廣告商提供最佳效果並減少摩擦。我們的目標是讓廣告商能夠為我們提供預算、目標和種子創意，剩下的交給我們。

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

說完這些，我會把電話轉給茱莉亞，讓她分享更多關於我們財務表現的細節。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing our second quarter 2024 financial results and provide an update on our preliminary third 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. Let's dive into our second-quarter results.

謝謝，比爾，大家下午好。今天，我將討論我們 2024 年第二季的財務業績，並提供我們對 2024 年第三季的初步展望的最新資訊。除非另有說明，所有財務指標（收入除外）均以非 GAAP 條款討論，所有比較均以同比為基礎討論，除非另有說明。讓我們深入了解第二季的業績。

We ended the quarter with 522 million global monthly active users, or MAUs, growing 12% and reaching another record high. Users continued to grow year over year across all of our geographic regions due to the compounding effects of the initiatives Bill mentioned earlier in his remarks where improved personalization, curation, and actionability are driving enhanced inspiration to action journeys for users.

本季結束時，我們的全球月活躍用戶數（MAU）達到 5.22 億，成長 12%，再創歷史新高。由於比爾在演講中提到的舉措的複合效應，我們所有地理區域的用戶都繼續逐年增長，這些舉措的個性化、策展和可操作性的提高正在為用戶的行動之旅帶來更大的靈感。

Specifically in Q2, in the US and Canada, we had 98 million MAUs growing 3%. In Europe, we had 136 million MAUs growing 9%. And in our rest of world markets, we had 288 million MAUs growing 17%.

具體來說，在第二季度，我們在美國和加拿大的每月活躍用戶數為 9,800 萬，成長了 3%。在歐洲，我們的每月活躍用戶數為 1.36 億，成長了 9%。而在世界其他市場，我們的每月活躍用戶數量達到 2.88 億，成長了 17%。

Now onto revenue. In Q2, our global revenue was $854 million, up 21% on a reported and 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 with the particular strength coming from our lowest funnel conversion objective.

現在談談收入。第二季度，我們的全球營收為 8.54 億美元，按報告和固定匯率計算成長 21%。本季的收入超過了我們預期範圍的高端，凸顯了我們如何為整個通路的廣告主創造價值，特別是來自我們最低通路轉換目標的優勢。

From a vertical perspective, we once again saw broad strength in retail. Our larger, more sophisticated advertisers continue to lean into the platform as they have adopted our lower-funnel tools and are seeing continued success. We're also starting to see signs of value captured from the next tranche of advertisers as we have doubled clicks for the third quarter in a row, and those advertisers are beginning to see that impact in their measurement sources of truth and adjusting spending accordingly.

從垂直角度來看，我們再次看到零售業的廣泛實力。我們的規模更大、更成熟的廣告客戶繼續依賴該平台，因為他們採用了我們的低漏斗工具並看到了持續的成功。我們也開始看到從下一批廣告商那裡獲取價值的跡象，因為我們連續第三個季度的點擊量翻了一番，而這些廣告商開始在他們的衡量真實來源中看到這種影響並相應地調整支出。

Additionally, emerging verticals like technology, autos, and financial services were sources of strength. However, this growth was partially offset by softness within CPG, specifically food and beverage advertisers who are navigating broader headwinds within that category.

此外，科技、汽車和金融服務等新興垂直產業也是其強勁的來源。然而，這種增長被快速消費品（CPG）的疲軟所部分抵消，特別是食品和飲料廣告商，他們正面臨該類別中更廣泛的逆風。

Next, as expected, revenue from our third-party demand partnerships continue to ramp in Q2, growing sequentially off the revenue base we delivered in Q1 as it continues to complement our growing first-party business.

接下來，正如預期的那樣，來自第三方需求合作夥伴關係的收入在第二季度繼續增長，與我們在第一季度實現的收入基礎相比連續增長，因為它繼續補充我們不斷增長的第一方業務。

Turning to our geographical breakouts for Q2. In the US and Canada, we generated $673 million in revenue, growing 19%. Strength came from retail and from emerging categories, including technology, autos, and financial services. In Europe, revenue was $143 million, growing 25% on both a reported and constant currency basis. Strength in Europe was driven by retail. Revenue from rest of world was $38 million, growing 32% on a reported basis or 36% on a constant currency basis.

轉向我們第二季的地理分佈。在美國和加拿大，我們的營收為 6.73 億美元，成長了 19%。強勁表現來自零售業以及科技、汽車和金融服務等新興領域。歐洲的營收為 1.43 億美元，按報告和固定匯率計算均成長 25%。歐洲的強勁表現得益於零售業。來自世界其他地區的收入為 3800 萬美元，按報告基礎計算增長 32%，以固定匯率計算增長 36%。

In Q2, ad impressions grew 35% while ad pricing declined 11% year over year. These dynamics were similar to Q1, with ad impressions being driven both by increases in total impressions as well as increases in ad load. Similarly, pricing continues to be lower year over year as we continue to drive increased value to advertisers in the form of more clicks and greater efficiency. We continue to drive increases in ad load through whole page optimization, which increases the supply of relevant ads to users in moments of high commercial intent. And we see opportunity to increase ad load moving forward as we further improve the actionability of our users' journeys and the relevance of our ads.

第二季度，廣告展示量年增 35%，廣告價格較去年同期下降 11%。這些動態與第一季類似，廣告展示次數既受到總展示次數增加的推動，也受到廣告負載增加的推動。同樣，隨著我們繼續以更多點擊量和更高效率的形式為廣告商帶來更高的價值，價格也逐年走低。我們繼續透過整個頁面優化來推動廣告負載的增加，從而在商業意圖高的時刻向用戶增加相關廣告的供應。隨著我們進一步提高用戶旅程的可操作性和廣告的相關性，我們看到了增加廣告負載的機會。

In Q2, we also saw a greater mix shift to ad impressions with lower average pricing, or eCPMs. This was influenced by two factors. First, we started serving ads in previously unmonetized markets, mostly in our rest of world region, many of which have lower eCPMs than our existing monetized markets. And second, on a global basis, we are seeing growth in third-party ad impressions to fill in gaps in our auctions in places that were previously under-monetized or not monetized at all. Right now, we are mainly filling these in with relevant demand from third parties. But over time, as we increase demand further, we expect to see greater auction pressure and therefore higher eCPMs for these ad-focs.

在第二季度，我們也看到廣告展示量大幅轉向平均價格或有效每千次曝光費用 (eCPM) 較低的廣告展示。這受到兩個因素的影響。首先，我們開始在以前未貨幣化的市場投放廣告，主要是在我們所在的世界其他地區，其中許多市場的 eCPM 低於我們現有的貨幣化市場。其次，從全球範圍來看，我們看到第三方廣告展示量正在成長，填補了我們拍賣中先前貨幣化程度不足或根本沒有貨幣化的領域的空白。目前我們主要根據第三方的相關需求來填寫這些內容。但隨著時間的推移，隨著需求的進一步增加，我們預計拍賣壓力會更大，因此這些廣告的 eCPM 也會更高。

Moving to expenses. For the past several quarters, we've been able to drive continued margin expansion through effective expense discipline by allocating resources towards our highest ROI initiatives. In Q2, cost of revenue was $180 million, up 9% year over year and up 2% versus Q1, due to increased infrastructure spend related to user and engagement growth, and partially offset by our continued work to drive cost optimizations on our infrastructure spend. Our non-GAAP operating expense was $497 million, up 13%. The increase was primarily driven by headcount growth and R&D, increased marketing expense, and increased G&A driven by non-income-based taxes and other employee-related costs.

轉向開支。在過去的幾個季度中，我們透過將資源分配給投資回報率最高的計劃，有效地控制了費用，從而推動了利潤率的持續成長。第二季度，收入成本為 1.8 億美元，年增 9%，環比增長 2%，原因是與用戶和參與度增長相關的基礎設施支出增加，但部分被我們持續推動基礎設施支出成本優化的工作所抵消。我們的非公認會計準則營運費用為 4.97 億美元，成長 13%。成長的主要原因是員工人數成長和研發費用增加、行銷費用增加以及非收入稅和其他員工相關成本導致的一般及行政費用增加。

Our revenue strength and expense discipline led to another solid quarter of adjusted EBITDA and margin expansion coming in at $180 million with an adjusted EBITDA margin of 21%. This was up approximately 600 basis points versus Q2 last year. Finally, we ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion.

我們的營收實力和費用控制使得調整後的 EBITDA 和利潤率再創佳績，達到 1.8 億美元，調整後的 EBITDA 利潤率為 21%。與去年第二季相比，這一數字上漲了約 600 個基點。最後，本季結束時，我們的現金、現金等價物和有價證券總額為 27 億美元。

In Q2, we utilized approximately $120 million of cash on net share settlement of equity awards, plus an additional $34 million on share repurchases.

在第二季度，我們利用約 1.2 億美元現金用於股權獎勵的淨股份結算，另外還利用 3,400 萬美元用於股份回購。

Now I'll discuss our preliminary guidance for the third quarter. We expect Q3 2024 revenue to be in the range of $885 million to $900 million, representing 16% to 18% growth year over year.

現在我將討論我們對第三季的初步指導。我們預計 2024 年第三季的營收將在 8.85 億美元至 9 億美元之間，年增 16% 至 18%。

Let me share some additional context as we look forward to Q3. Our revenue guidance reflects further progress against our strategic initiatives, including continued lower-funnel strength and the ongoing emerging contribution from third-party demand partnerships. The underlying health of our business remains strong, and we continue to be excited about the opportunities ahead. However, as we move into Q3, we are facing tougher comps since our revenue growth nearly doubled from Q2 to Q3 last year.

在我們展望第三季之際，讓我分享一些額外的背景資訊。我們的收入預期反映了我們策略性舉措的進一步進展，包括持續的低漏斗實力和來自第三方需求夥伴關係的持續貢獻。我們的業務基本健康狀況依然強勁，我們繼續對未來的機會感到興奮。然而，隨著進入第三季度，我們面臨著更加嚴峻的競爭形勢，因為去年第三季我們的營收成長幾乎翻了一番。

It's also worth noting that at current spot rates, we are expecting the foreign exchange to move against us for the first time in five quarters, resulting in a 1 point headwind for Q3.

另外值得注意的是，以目前的現貨匯率，我們預期外匯匯率將在五個季度內首次對我們不利，導致第三季出現 1 個百分點的逆風。

Finally, our guidance does not assume a material improvement in trend for the food and beverage category or significant revenue contribution from the launch of Performance+ as we are still currently in the testing phase with a small number of advertisers.

最後，我們的指導意見並不認為食品和飲料類別的趨勢會得到實質改善，也不認為 Performance+ 的推出會帶來顯著的收入貢獻，因為我們目前仍處於測試階段，廣告商數量較少。

Turning now to our expense guidance. We expect Q3 non-GAAP operating expenses of $485 million to $500 million, growing 17% to 20% year over year. Our operating expense guidance does not include cost of revenue. However, we plan to realize modest additional benefits from our ongoing infrastructure optimization efforts, and therefore, we anticipate Q3 non-GAAP cost of revenue expense to be relatively consistent with Q2.

現在談談我們的費用指引。我們預計第三季非公認會計準則營運費用為 4.85 億美元至 5 億美元，年增 17% 至 20%。我們的營業費用指引不包括收入成本。然而，我們計劃從正在進行的基礎設施優化工作中獲得適度的額外收益，因此，我們預計第三季非 GAAP 收入成本費用將與第二季相對一致。

The increase in non-GAAP operating expense year over year is driven by investment increases in R&D, where we continue to invest in headcount for AI talent across our business. As we have said previously, for full year 2024, we are anticipating year-over-year adjusted EBITDA margin expansion, but at a more modest level than the 660-basis-point expansion we delivered in 2023 as we balance investing and growth and flowing profitability through to the bottom line.

非公認會計準則營業費用的年增率是由於研發投資的增加，我們繼續在整個業務中投資人工智慧人才。正如我們之前所說，對於 2024 年全年，我們預計調整後的 EBITDA 利潤率將同比增長，但由於我們在投資和增長之間取得平衡，並且盈利能力將流向底線，因此與 2023 年實現的 660 個基點的增長相比，增幅將較為溫和。

We also continue to expect margin expansion in both halves of 2024. Though consistent with our prior remarks, we expect a more modest level of margin expansion in the second half versus significantly higher expansion in the first half as we begin to lap the strengthening adjusted EBITDA margins we drove in the second half of 2023.

我們也預計 2024 年上半年利潤率將持續擴大。儘管與我們先前的評論一致，但我們預計下半年的利潤率成長幅度將較為溫和，而上半年的利潤率成長將顯著提高，因為我們開始追趕 2023 年下半年調整後 EBITDA 利潤率的成長。

In closing, I'm proud of our team for delivering yet another strong quarter of results as we execute against our strategic plans. Our continued gains are evidence of the momentum in our business and underpin our confidence in our ability to deliver on our plans.

最後，我為我們的團隊在執行策略計畫的過程中又取得了強勁的季度業績而感到自豪。我們的持續成長證明了我們業務的強勁發展勢頭，並增強了我們對實現計劃的能力的信心。

Now, I'll hand it over to Bill for some final words.

現在，我將把時間交給比爾，讓他說幾句話。

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 Pinterest 的團隊、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) Ross Sandler, Barclays.

（操作員指示）巴克萊銀行的羅斯·桑德勒。

Great. Just maybe starting with the macro. So the 17% growth for third quarter at the midpoint obviously reflects some deceleration from 2Q, but it's within your long-term high-teens range. But Julia, you just mentioned a few factors. Could you just flesh out for us how much of the deceleration you would chalk up to tougher comps versus the factors that you mentioned? And then how much might partner revenue increases or ad load increases help offset the factors that are driving deceleration? Thanks a lot.

偉大的。也許只是從宏開始。因此，第三季中點 17% 的成長率顯然反映了與第二季相比有所減速，但仍處於長期高十幾個百分點的範圍內。但是茱莉亞，你剛才提到了幾個因素。您能否為我們詳細說明一下，與您提到的因素相比，更艱難的競爭對減速的影響有多大？那麼，合作夥伴收入的增加或廣告負荷的增加能在多大程度上抵消導致減速的因素？多謝。

Great. Thanks, Ross. So we feel good about the levers to drive our business. Our initiatives are trending consistent with what we outlined at Investor Day. The products we put in market are doing exactly what we've intended for them to do.

偉大的。謝謝，羅斯。因此，我們對推動業務發展的槓桿感到滿意。我們的舉措趨勢與我們在投資者日概述的內容一致。我們投入市場上的產品確實發揮了我們預期的作用。

Looking to Q3, our guidance is a continuation of many of the factors that have helped drive growth in Q1, Q2, and now into Q3, including value capture from lower-funnel products and third-party demand growing off the Q2 revenue base again.

展望第三季度，我們的指引延續了推動第一季度、第二季度以及現在第三季度成長的許多因素，包括從低漏斗產品中獲取的價值以及第三方需求再次從第二季度的收入基礎增長。

And we noted in the prepared remarks that we expect FX to switch to a 1 point headwind for us at current spot rates. And so, the 16% to 18% guidance for Q3 would have effectively been 1 point higher without this FX headwind. That higher range excluding the FX impact is roughly consistent with the growth we've drove in Q2 and Q1 this year, particularly when accounting for some of the unique seasonal factors that benefited Q1 that we highlighted on our prior earnings call, including the Easter timing shift and leap day.

我們在準備好的評論中指出，我們預計按照當前現貨匯率，外匯將對我們產生 1 點的不利影響。因此，如果沒有外匯逆風的影響，第三季 16% 至 18% 的預期實際上會高出 1 個百分點。排除外匯影響後的較高範圍與我們今年第二季和第一季度實現的成長大致一致，特別是考慮到我們在先前的收益電話會議上強調的一些有利於第一季度的獨特季節性因素，包括復活節時間變化和閏日。

So the underlying growth rate of the business is holding effectively stable, despite the fact that our comps last year did start to become more difficult in Q3 and the fact that we're experiencing further softness in food and beverage. And if you look at it on a two-year stack basis, you'll see that strength persist as well.

因此，儘管我們去年同期的業績在第三季開始變得更加困難，而且食品和飲料業務進一步疲軟，但業務的潛在成長率仍然保持穩定。如果你以兩年的時間來觀察，你會發現這種優勢依然存在。

And then lastly, as some of you may remember, it's worth noting that we do not accept political ads, so that's a difference to account for as you compare us to other platforms as well.

最後，有些人可能還記得，值得注意的是，我們不接受政治廣告，因此，在將我們與其他平台進行比較時，這也是需要考慮的差異。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. Thanks for taking my question. I appreciate all the detail on the call. I was hoping to dig in a little bit more on user engagement trends, just given all the efforts you've made to improve the amount of relevancy of personalized content. And related to that, are you seeing any impact from seasonality over the summer months and engagement? And we'd also just be curious as well how much additional growth you see here from ad load as you try to balance both the organic content as well as the increasing mix of ads. Thank you.

偉大的。感謝您回答我的問題。我很感謝通話中提供的所有詳細資訊。考慮到您為提高個人化內容的相關性所做的所有努力，我希望能夠更深入地了解用戶參與度趨勢。與此相關，您是否看到夏季季節性因素對參與度有何影響？我們也很好奇，當您嘗試平衡有機內容和不斷增加的廣告組合時，您會看到廣告負載有多少額外的增長。謝謝。

Great. Thanks for the question. I'd say engagement continues to be a real highlight for us overall. The general trend of not only accelerating user growth, and you saw us put up 12% user growth overall, not only that holding. The general trend of engagement per user deepening is also continuing to hold. So Play seems to see that clearly. It's really in the steady improvement in our WAU to MAU ratio in 2024, even as we bring in record amounts of new users.

偉大的。謝謝你的提問。我想說，總體而言，參與度對我們來說仍然是一個真正的亮點。整體趨勢不僅是用戶成長加速，而且您看到我們總體上實現了 12% 的用戶成長，不僅如此。每位用戶參與度不斷加深的整體趨勢也將持續維持。所以 Play 似乎清楚地看到了這一點。即使我們引入了創紀錄數量的新用戶，我們的 WAU 與 MAU 比率在 2024 年仍將穩步提高。

So if you pull back the covers on that, and this will get a little bit more to your question on some of the different dynamics of Play. If you pull back the covers on that, there's some really exciting things happening with the way that users are engaging. As we've been driving improvements in curation and actionability, we're seeing more and more clicks and conversions from users. This is really great for users because it means they're finding more of what they're looking for on Pinterest, and it's great for advertisers because they see clicks and conversions as much more valuable than impressions.

因此，如果您揭開這個謎團，我們就能更深入地了解您關於 Play 的一些不同動態的問題。如果你揭開這些面紗，你會發現用戶參與的方式確實發生了一些令人興奮的事情。隨著我們不斷推動策展和可操作性的改進，我們看到來自用戶的點擊和轉換越來越多。這對用戶來說真的很棒，因為這意味著他們可以在 Pinterest 上找到更多他們想要的內容，對於廣告商來說也很棒，因為他們認為點擊和轉換比展示更有價值。

And to your comment around ad load, we've been talking about ads as great content for users, particularly when they are in a commercial context, and those ads are relevant to what they're looking for. So we continue to see that synergistic dynamic there, because we have more than half our users on the platform to shop. So that's been a real lever for us. We think it continues to be.

關於您關於廣告負載的評論，我們一直在談論廣告，認為廣告對使用者來說是一種很棒的內容，特別是在商業環境中，而這些廣告與他們正在尋找的內容有關。因此，我們繼續看到那裡的協同動態，因為我們有超過一半的用戶在該平台上購物。所以這對我們來說是一個真正的槓桿。我們認為這種情況還會持續下去。

And so back to engagement, we track a number of engagement metrics, and we continue to see nice growth in engagement across the platform, measured by the various signals there. But with clicks and lower-funnel behavior becoming a more meaningful part of that mix, which again is really encouraging, we're also seeing deeper penetration with our mobile app users who tend to be more sticky and highly-engaged users.

回到參與度問題，我們追蹤了許多參與度指標，並且透過那裡的各種訊號衡量，我們繼續看到整個平台的參與度呈現良好的成長。但隨著點擊和低漏斗行為成為該組合中更有意義的部分，這再次令人鼓舞，我們也看到行動應用用戶的滲透率越來越高，這些用戶往往更具黏性和參與度更高。

And finally, I’ll just call out that we've added more of that highly desirable lower-funnel behavior, as we've seen that from our users, we're adding that more into how we're measuring success for the business, for our teams, and in how we are continuing to enhance that flywheel on synergistic effect between ads as great content for users that are in commercial context.

最後，我想說的是，我們增加了更多非常理想的低漏斗行為，正如我們從用戶身上看到的，我們將其更多地添加到我們衡量業務成功與否、團隊成功與否以及如何繼續增強廣告與用戶在商業環境中獲得優質內容之間的協同效應的飛輪中。

Maybe I'll pause there. And Julia, anything you would add to that?

也許我會在那裡暫停一下。茱莉亞，您還有什麼要補充的嗎？

Yeah. So maybe just to share a little bit more color. Previously, we measured engagement as sessions longer than 60 seconds, impressions and saves. And as Bill talked about, we've evolved our platform to be more actionable, and we've updated our view of engagement to include some of these additional dimensions that are also important signals of depth of engagement, including things like measuring outbound clicks and looking at curation signals like collage creation, for example, which is a newer feature on our platform.

是的。所以也許只是為了分享更多一點色彩。以前，我們將參與度衡量為超過 60 秒的會話、印象和保存。正如比爾所說，我們已經改進了我們的平台，使其更具可操作性，並且我們已經更新了我們的參與度視圖，以包括一些額外的維度，這些維度也是參與深度的重要信號，包括衡量出站點擊和查看拼貼創作等策展信號，例如，這是我們平台上的一個較新的功能。

So as Bill mentioned, overall engagement signals remain strong, and we're also seeing this exciting shift that outbound clicks are becoming a more meaningful part of user behavior as users are able to find what they are looking for more quickly. And we believe this is a healthy evolution of the platform, and it's also kind of better aligned with the value we're providing advertisers since we sell ads across the full funnel on a views, clicks, and conversions basis.

因此，正如比爾所提到的，整體參與度訊號依然強勁，我們也看到了這種令人興奮的轉變，即隨著用戶能夠更快地找到他們想要的內容，出站點擊正成為用戶行為中更有意義的一部分。我們相信這是平台的健康發展，它也與我們為廣告商提供的價值更加一致，因為我們根據瀏覽量、點擊量和轉換量在整個管道中銷售廣告。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much for taking the question. Maybe a two-parter, if I could. Following up on Ross's question before about end demand, is there any differences you are seeing by geography in terms of the end demand environment you're finding yourself in with respect to digital ads? That would be part one.

非常感謝您回答這個問題。如果可以的話，也許可以分成兩個部分。繼續回答羅斯之前關於最終需求的問題，就您所處的數位廣告最終需求環境而言，您是否發現不同地區有差異？那將是第一部分。

And part two, Bill, you gave a lot of detail, especially about going to Cannes interquarter, about the shift that Pinterest is seeing in terms of advertiser demand away from the macroenvironment. Can you talk a little bit about what you are seeing in terms of your competitive positioning, changing or shifting with respect to the broader digital advertising ecosystem? Go a little bit deeper there. Thanks so much.

比爾，在第二部分中，你給了許多細節，特別是關於前往坎城的季度間活動，以及 Pinterest 在廣告主需求方面從宏觀環境轉變的情況。您能否談談您所看到的競爭定位、相對於更廣泛的數位廣告生態系統的變化或轉變？再深入一點。非常感謝。

Great. Maybe I'll start with the second one first, and then give it to Julia for the question on geography there.

偉大的。也許我會先從第二個開始，然後把它交給茱莉亞回答那裡的地理問題。

So I'd say, generally, just a broader macro, we're seeing an ad market that we think is relatively stable versus last quarter. There are some puts and takes there. We're seeing real strength come from the retail vertical due to all the lower-funnel improvements we've been building to drive performance there. And within that, sort of directly to your question on competitive positioning, we've talked about more than doubling the number of clicks to advertisers year on year, third straight quarter that we've done that.

所以我想說，總的來說，從更廣泛的宏觀角度來看，我們看到的廣告市場與上一季相比相對穩定。這其中存在一些得失。我們看到零售垂直領域的真正實力來自於我們一直在進行的低階通路改進，以推動該領域的表現。在此範圍內，直接回答您關於競爭定位的問題，我們已經談到廣告點擊量同比增長了一倍以上，這是我們連續第三個季度實現這一目標。

The value capture on that we've seen take hold first with the largest, most sophisticated advertisers. As more and more advertisers are seeing that flow through into their measurement tools and seeing that remain consistent, we're seeing that now take hold with the next grouping of advertisers. So consistent with what we shared on prior calls, we're seeing that we're actually winning more and more of those performance budgets and always-on budgets, particularly with those larger advertisers in retail, and we're seeing that continue to be a real strength for us as we're driving more and more lower-funnel performance.

我們看到，價值捕獲首先由規模最大、最成熟的廣告商實現。隨著越來越多的廣告商將這一趨勢引入他們的測量工具並保持一致，我們看到這一趨勢正在被下一組廣告商所接受。因此，與我們在先前的電話會議上分享的內容一致，我們看到我們實際上贏得了越來越多的績效預算和始終在線預算，特別是來自零售業的大型廣告商，而且我們看到這繼續成為我們的真正優勢，因為我們正在推動越來越多的低漏斗績效。

So we think we're positioned quite well there. And again, that's why we're seeing broad-based strength across retail. And we think there's more of that to go. I talked about how Performance+, as that comes out for that next tier of advertisers, that some of the hurdles they face to adopting more and more of our lower funnel-performance solutions. Performance+ have actually automates so much of that for them around campaign creation and setup, and those various factors we think can help to further accelerate that adoption. And that's the place that we've known that some of the larger ad platforms have had those things for a while.

因此我們認為我們在那裡處於相當有利的位置。這就是我們看到零售業普遍表現強勁的原因。我們認為未來還會有更多這樣的事情發生。我談到了 Performance+ 如何面向下一層級的廣告客戶，以及他們在採用我們越來越多的低漏斗效能解決方案時面臨的一些障礙。Performance+ 實際上已經在活動創建和設定方面為他們實現了很大程度的自動化，我們認為這些各種因素可以幫助進一步加速這種採用。我們知道，一些較大的廣告平台已經擁有這些東西有一段時間了。

And we've been competing on the high commercial intent of our platform, the uniqueness of being able to see what users are shopping for before they purchase. We've been competing on those things. Large, sophisticated advertisers have been seeing it. As we bring more of that automation, we think a broader swath of retailers are going to be able to lean in even more on that. And again, we've been seeing really good signals of that. We think there's more of that to come. So we feel really well positioned there.

我們一直在憑藉平台的高度商業意圖進行競爭，這種獨特性使得我們能夠在用戶購買之前了解他們想要購買什麼。我們一直在這些事情上競爭。大型、成熟的廣告商已經看到了這一點。隨著我們引入更多自動化技術，我們認為更廣泛的零售商將能夠更加依賴自動化技術。而且，我們再次看到了非常好的訊號。我們認為未來還會有更多這樣的事發生。因此，我們覺得自己在那裡處於非常有利的位置。

And I'd call out that we have other verticals where we're seeing strength as well, like technology, autos, financial services. And so that's giving you some of the competitive dynamic.

我想說的是，我們在其他垂直領域也表現出色，例如科技、汽車、金融服務。這給你帶來了一些競爭動力。

And back to the macro on sort of the puts and takes, again, relatively stable overall, but we do have more exposure in certain categories given the use cases on Pinterest, such as food and beverage that Julia called out in her comments, where we've seen some weakness there. It's really industry based. I think as many of those advertisers have been calling out in their own results, where they've been facing some pressure around some of what they are seeing from consumers, that's more specific to food and beverage. Broader than that, I think we see relative stability.

回到宏觀層面，關於投入和產出，總體來說相對穩定，但考慮到 Pinterest 的使用案例，我們確實在某些類別中有更多的曝光，例如 Julia 在她的評論中提到的食品和飲料，我們看到了其中的一些弱點。它確實是基於行業的。我認為，正如許多廣告商在自己的業績報告中所指出的那樣，他們在消費者方面面臨一些壓力，這些壓力更具體地體現在食品和飲料方面。從更廣泛的角度來看，我認為我們看到了相對的穩定性。

Maybe with that, I'll pause. Julia, anything else you'd add on the macro or we can go to the other part of the question on geography?

或許我會暫停一下。茱莉亞，關於宏觀你還有什麼要補充的嗎？或者我們可以討論一下地理問題的另一部分嗎？

Yeah. So I don't think anything else to add on the broader commentary there on the ad market overall. I think the only other point I might add is in our rest of world segment. We did see a nice acceleration to 36% on a constant currency basis, up from 26% the prior quarter, albeit off a relatively small dollar base there.

是的。因此，我認為對於整個廣告市場來說，沒有什麼可以補充的了。我認為我唯一要補充的另一點是關於我們世界其他地區的部分。我們確實看到，以固定匯率計算，成長率從上一季的 26% 大幅提升至 36%，儘管美元基數相對較小。

Revenue, the primary factor that drove this acceleration was the ramping of the Google third-party partnership that we announced in Q1, began to ramp in Q2. And as a reminder, that is allowing us to monetize what was previously unmonetized markets, and we're now also starting to expand into countries in our rest of world segment that we were undermonetized in. So we're pleased with how that's beginning to launch.

收入是推動這一加速的主要因素，這是我們在第一季宣布的與Google第三方合作夥伴關係的加強，而這一加強在第二季度開始加強。提醒一下，這使我們能夠將以前未貨幣化的市場貨幣化，現在我們也開始擴展到世界其他地區我們貨幣化程度不足的國家。因此，我們對它的啟動感到滿意。

Resellers are another lever to monetizing those regions. We launched these reseller partnerships in Q2. So that's still in early days, but we expect this to start to modestly contribute to the rest of world segment over the course of the next year as well.

經銷商是實現這些地區獲利的另一個槓桿。我們在第二季建立了這些經銷商合作關係。所以這還處於早期階段，但我們預計明年這也將開始對世界其他地區產生適度貢獻。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great. Thanks for the question. Bill, Julia, I wanted to maybe double-click a little bit more on the ad products that are coming out here, and specifically on the ad product that's out direct links. This is now what the third quarter in a row with clicks doubling again this quarter. So would love to hear just about the progress in terms of adoption amongst your advertiser base and then also how the sales process is going to discontinue the ramp over the coming quarters.

偉大的。謝謝你的提問。比爾、茱莉亞，我想再多點一下這裡推出的廣告產品，特別是直接連結的廣告產品。這是本季點擊量連續第三個季度翻倍。因此，我很想聽聽你們在廣告客戶群中採用該技術的進展情況，以及未來幾季銷售流程將如何停止成長。

And then with Performance+ coming online here, Bill, you talked about it being very well-received. We'd love to hear more about the rollout, specifically should we expect a similar timeline to direct links or perhaps would different modules roll out faster like Performance+, Creative coming out before automation and things along those lines? Thanks for the help.

然後隨著 Performance+ 在這裡上線，比爾，您說它受到了熱烈歡迎。我們很想聽到有關推出的更多信息，特別是我們是否應該期待與直接鏈接類似的時間表，或者不同的模組是否會更快地推出，例如 Performance+、Creative 在自動化之前推出以及類似的事情？謝謝你的幫忙。

Yeah, thanks for the question. So on direct links, yes, the third quarter in a row of doubling clicks. We saw very quickly that the largest, most sophisticated advertisers, they are the ones that are able to respond to that very quickly. They've been driving really tremendous strength for us and continue to do so.

是的，謝謝你的提問。因此，就直接連結而言，是的，連續第三個季度點擊量翻倍。我們很快就發現，規模最大、最成熟的廣告主能夠對此做出快速反應。他們一直為我們帶來巨大的力量，並且將繼續這樣做。

We're seeing that start to broaden into the next tranche of retailers. That's also why we feel really good about sort of the ongoing dynamics in the business is that we know we've generated really great raw material in terms of the clicks and conversions that we're sending to advertisers and a very significant increases of those year on year. But we also know that we've only yet captured the value from a portion of those, and the rest of those will continue to capture value from those as other retailers adopt measurement solutions. And now with Performance+, we're going to make it easier for them on campaign creation.

我們看到這一領域開始擴展到下一批零售商。這也是為什麼我們對業務的持續發展感到非常滿意，因為我們知道，就我們發送給廣告商的點擊量和轉換量而言，我們已經產生了非常棒的原材料，而且這些原材料的年復一年都在顯著增加。但我們也知道，我們只從其中的一部分中獲取了價值，隨著其他零售商採用測量解決方案，其餘部分將繼續從中獲取價值。現在，透過 Performance+，我們可以讓他們更輕鬆地建立廣告活動。

And I mentioned this in my remarks a little bit, and so I'll get to sort of the second part of your question around Performance+. For a lot of those less sophisticated advertisers, for them, it's not just about their sophistication which we've talked about that in measurement and how it takes longer for them to see that, and they need to see it over multiple quarters. It's also about the work they have to do to go create a campaign and how you optimize Creative across our platform and those kinds of things.

我在我的評論中稍微提到了這一點，所以我將談論有關 Performance+ 的問題的第二部分。對於許多不太成熟的廣告商來說，這不僅僅關乎他們的成熟度（我們在衡量標準方面已經討論過），而且他們需要更長的時間才能看到這一點，他們需要在多個季度內看到這一點。這也涉及他們創建活動所需要做的工作以及如何在我們的平台上優化創意等等。

And when you look at what we're doing with Performance+, it's really getting to how do you go create the setup of a campaign, how do you optimize the performance of that campaign, how do you match the Creative for the audience, and then how might you further optimize that creative. And the more sophisticated advertisers, I think, do that really well on their own and where we think Performance+ can be additive, but they've been the first to pick up on the increased clicks and conversions on the platform.

當您查看我們在 Performance+ 上所做的事情時，它實際上涉及如何創建廣告系列的設定、如何優化該廣告系列的效果、如何為受眾匹配創意，以及如何進一步優化該創意。我認為，更成熟的廣告商自己就能很好地做到這一點，而且我們認為 Performance+ 可以起到附加作用，但他們是第一個注意到平台上點擊量和轉換量增加的人。

For that next tranche, we think the fact that it becomes dramatically easier to set up a campaign, significantly easier to optimize Creative to the different audiences, or even dynamically create Creative that will further optimize their click-through rates, we think that is going to really help that value capture to spread further. Now, again, it's a multi-quarter rollout. Don't think of this as like a hockey stick. Just as with our other things, multi-quarter rollout, but that's again what gives us a lot of confidence in the ongoing momentum in the business and the steady build in that over a multi-quarter period.

對於下一批產品，我們認為設定廣告活動將變得非常容易，針對不同受眾優化創意將變得非常容易，甚至可以動態地創建創意以進一步優化點擊率，我們認為這將真正有助於價值獲取進一步傳播。現在，這又是一個跨多個季度的推出。不要把它想像成曲棍球棒。就像我們的其他產品一樣，需要多個季度才能推出，但這再次讓我們對業務的持續發展勢頭以及在多個季度內穩步增長充滿信心。

And the tangible examples of that, a few of which I mentioned in my comments, they're pretty real, right? Seeing 10%-plus improvement in costs for advertisers in our alpha testing and our beta testing is quite encouraging. Like the examples I shared in the case studies like from Timberland, a 34% lower CPA, 16% higher CTR, 50% higher ROAS that Timberland saw. These are really, really encouraging, and again, multi-quarter adoption curve, as we talked about before. But I think that's what gives us a lot of confidence that can really help that next tier of advertisers in the campaign setup.

我在評論中提到的一些具體例子都是非常真實的，對吧？在我們的 alpha 測試和 beta 測試中看到廣告商的成本改善了 10% 以上，這是非常令人鼓舞的。就像我在案例研究中分享的例子一樣，例如 Timberland，其 CPA 降低了 34%，CTR 提高了 16%，ROAS 提高了 50%。正如我們之前討論過的，這些確實非常令人鼓舞，而且再次出現了多個季度的採用曲線。但我認為這給了我們很大的信心，可以真正幫助下一層級的廣告商進行廣告活動設定。

We're seeing things like 50% reduction in the number of steps required to go create a campaign on Pinterest. So I think it just holds with the broader theme that you've seen from us over the last two years. We're just consistently -- we're making it easier and easier for more and more advertisers and more and more of the industry to do business with Pinterest.

我們發現在 Pinterest 上建立活動所需的步驟數量減少了 50%。所以我認為這與您在過去兩年中看到的我們的更廣泛的主題相符。我們始終如一地致力於讓越來越多的廣告商和業內人士更輕鬆地與 Pinterest 開展業務。

And so you've seen that every couple of quarters. It has created a step function for us. And we think that as we look forward, continues to bolster the ongoing strength in the business and very much consistent with what we talked about as we lined those initiatives out at our Investor Day last year for our multi-year review. Hopefully that helps.

所以每隔幾季你就會看到這種情況。它為我們創建了一個階躍函數。我們認為，展望未來，這將繼續增強業務的持續實力，並且與我們去年在投資者日進行多年期回顧時提出的舉措非常一致。希望有幫助。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Thanks. I’ll just ask about the 3P partnerships. You mentioned the contribution that Google made to rest of world. I know in the past you've said you expect the contribution to be greater in the June quarter than in the March quarter, and again and again, greater in the September quarter than in the June quarter.

謝謝。我只想問一下有關第三方合作關係的問題。您提到了谷歌對世界其他地區的貢獻。我知道您過去曾說過，您預計 6 月份季度的貢獻會比 3 月份季度更大，並且一次又一次地表示，9 月份季度的貢獻會比 6 月份季度更大。

How far do you think this -- talk about like how long you think this takes to ramp or how long is the runway for ramping? Is this something that could build in absolute dollars for a year or two? Is there anything you can do to accelerate the, I guess, the performance of the 3P partnerships?

您認為這能走多遠——談談您認為這需要多長時間才能完成坡道或坡道的跑道有多長？這是可以在一兩年內累積絕對美元價值的東西嗎？我想，您能做些什麼來加速第三方合作關係的績效？

And do you need to expand any more with 3P partnerships? You've got two very large partners now in Amazon and Google. That may be good enough, but just talk about the opportunity to fill in beyond those two. Thank you very much.

您是否需要進一步擴大與第三方的合作關係？您現在有兩個非常大的合作夥伴：亞馬遜和谷歌。這可能已經足夠好了，但只是談論填補這兩者之外的機會。非常感謝。

Yeah. Thanks for the question, Mark. If you step back from it all, we're still relatively early days in what we're doing with 3P, right? We're a little bit more than a year in from when we first announced that early ‘23. And we've seen Amazon ramping nicely. Google, we're much earlier on with that as we announced them roughly a year after Amazon, and that's starting to ramp as well.

是的。謝謝你的提問，馬克。如果你退一步來看，我們在 3P 方面的工作還處於相對早期的階段，對嗎？從我們 2023 年初首次宣布這項消息到現在已經有一年多了。我們看到亞馬遜發展勢頭良好。谷歌，我們在這方面做得很早，因為我們在亞馬遜之後大約一年就宣布了這一消息，而且它也開始加速發展。

And so we continue to see each of those build as we shared in our commentary, that Q2 built off the baseline that we saw in Q1. We have similar expectations of that going forward. So we continue to see those things as a steady build.

因此，我們繼續看到這些建設，正如我們在評論中分享的那樣，第二季度建立在我們在第一季看到的基線上。我們對此未來也有類似的期望。因此，我們繼續將這些事情視為穩定發展。

And we think there's a lot more opportunity not just with 3P, but in monetizing more of our platform. We really brought those into round out gaps in our auction, in the markets where we were already monetized and then to help us start monetizing in markets where we were completely unmonetized. And so we see that as something that we'll be optimizing for quarters and years to go and with a lot more of that opportunity still in front of us, even as we still feel really good about the progress that we've made and the steady build of that on each of those partnerships.

我們認為，不僅在第三方平台上存在更多機會，而且在平台的更多貨幣化方面也存在更多機會。我們確實利用這些優勢彌補了拍賣中的差距，在我們已經貨幣化的市場中，然後幫助我們在完全未貨幣化的市場中開始貨幣化。因此，我們認為這是我們將在未來幾個季度和幾年內進行優化的事情，而且我們面前還有更多這樣的機會，儘管我們仍然對所取得的進展以及在每個合作夥伴關係上的穩步發展感到非常滿意。

(multiple speakers)

（多位發言者）

And then the other part of your question -- sorry Mark, I didn't hit the other part of your question about expanding those partnerships. While we don't have any more of those partnerships that we're talking about right now, we're going to continue to look for how we round out gaps in the auction.

然後是你問題的另一部分——抱歉馬克，我沒有提到你問題的另一部分關於擴大這些合作夥伴關係的問題。雖然我們現在不再談論這些合作關係，但我們將繼續尋找如何彌補拍賣中的差距。

And maybe one final nugget I'll give is on our resellers. So as we talked about monetizing international, we talked about how that would be not just with 3P, but also with resellers. We're seeing those resellers start to ramp. We're early days in that. We're seeing them start to ramp and contribute.

我最後想說的一點是關於我們經銷商的。因此，當我們談論國際貨幣化時，我們談論的不僅僅是透過 3P，還包括透過經銷商。我們看到這些經銷商開始增加銷售量。我們對此還處於早期階段。我們看到他們開始加強並做出貢獻。

And we're actually seeing some synergies between the resellers and the 3P partnerships, where for some of those resellers, as they're bringing advertisers in, the fact that they can buy from us through Google Ads Manager where they already have an integration, is creating some synergy between the 3P and the resellers and the 1P business.

我們實際上看到了經銷商和第三方合作夥伴之間的一些協同效應，對於其中一些經銷商來說，當他們引入廣告商時，他們可以透過已經整合的 Google Ads Manager 從我們這裡購買廣告，這在 3P 和經銷商以及 1P 業務之間創造了一些協同效應。

As we think about advertisers that are still thinking about it directly, but now saying, you need your path to make that purchase through an existing integration. So again, feel really good about the progress. It continues to sort of build sequentially quarter on quarter, and we think there's a lot more of that ahead of us.

當我們考慮仍在直接考慮這個問題的廣告商時，但現在他們說，你需要透過現有的整合來實現購買。所以，再次對進展感到非常高興。它繼續按季度連續增長，我們認為未來還會有更多增長。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

Hi. Thanks for taking the question, Bill and Julia. You spent a tremendous amount of time improving the product at Pinterest, making it more useful and shoppable as you talked about. I guess, we get a question sort of why is that not translating into a meaningful acceleration in US users.

你好。感謝比爾和茱莉亞回答這個問題。您花了大量的時間來改進 Pinterest 的產品，使其如您所說的那樣更加實用、更適合購物。我想，我們會問這樣一個問題：為什麼這並沒有轉化為美國用戶數量的顯著增長。

You're up a hair from where you ended last year, but given the product improvements, I guess what's the -- how do we sort of reconcile those two things? Are you seeing a meaningful increase in time spent per US user per week or per month, meaning you're seeing it more in engagement rather than overall growth in users?

與去年相比，您取得了一些進步，但考慮到產品的改進，我想我們應該如何協調這兩件事？您是否看到美國用戶每週或每月花費的時間有顯著增加，這意味著您看到的是參與度的成長，而不是用戶整體的成長？

And I know this is sort of a related question, but you keep talking about how younger users -- I think since you joined, how younger users are your fastest growing segment. If overall users are relatively flattish, does that mean you're losing older users, meaning younger is replacing older? I just would love to understand what's happening in terms of the overall mix of users would be great. Thanks.

我知道這是一個相關的問題，但您一直在談論年輕用戶——我認為自從您加入以來，年輕用戶就是成長最快的群體。如果整體用戶數量相對持平，是否代表您正在失去舊用戶，即年輕用戶正在取代舊用戶？我只是想了解整體用戶組合的情況。謝謝。

Yeah. Yeah, thanks, Rich. So I've been pretty consistent on this from -- since I got here, that in mature markets like the US, that really the story was much more about growing depth of engagement with users. And to my comments earlier in the Q&A, we're seeing really, really encouraging signs there around depth of engagement. We've been talking about that consistently. We see that continue to happen with, as I mentioned, the WAU to MAU ratio continuing to improve.

是的。是的，謝謝，Rich。自從我來到這裡以來，我一直堅持這一點，那就是在像美國這樣的成熟市場，真正的重點是不斷加深與使用者的互動。正如我之前在問答環節中所說，我們在參與深度方面看到了非常令人鼓舞的跡象。我們一直在談論這個問題。正如我所提到的，我們看到這種情況繼續發生，WAU 與 MAU 的比率持續改善。

And I think it's really noteworthy if you think about that. We're bringing on new users to the platform at record levels. And so normally, when you are bringing on record levels of new users, that would be dilutive to your engagement per user, because new users may be somewhat more marginally engaged or more peripheral as you got your early adopters that were sort of your power users.

如果你仔細想想的話，我認為這確實值得注意。我們正在以創紀錄的水平為該平台吸引新用戶。因此，通常情況下，當您帶來創紀錄數量的新用戶時，這會降低您每個用戶的參與度，因為新用戶的參與度可能稍微低一些或更邊緣化，因為您的早期採用者是您的超級用戶。

The fact that we're not only bringing on record numbers of new users, but also deepening engagement for users while doing that, I think is exactly to that point of like, it's really about depth of engagement with users. And particularly, as I shared earlier in my commentary, we see that that depths of engagement is really occurring in exactly the ways that we wanted it to, where the curation signal that lets us help users through their shopping -- help users navigate through their shopping or when they are deciding what to buy, we see the curation behaviors deepening.

事實上，我們不僅帶來了創紀錄數量的新用戶，而且在過程中還加深了用戶的參與度，我認為這正是與用戶互動深度有關。特別是，正如我之前在評論中分享的那樣，我們看到參與的深度確實以我們想要的方式發生，策展信號讓我們能夠幫助用戶完成購物 - 幫助用戶瀏覽他們的購物或當他們決定購買什麼時，我們看到策展行為正在深化。

And then clicks is a major place that we see deepening, which as you know, had previously been a bit of an Achilles heel to the platform. That's now becoming a real strength for us where we're doubling the number of clicks we send to advertisers year on year, which just means more users are finding more of what they are looking for on the platform. So all those things I think are very positive dynamics.

然後，點擊是我們看到不斷深化的一個主要領域，正如你所知，它以前一直是該平台的致命弱點。這現在成為了我們的一個真正優勢，我們發送給廣告商的點擊次數逐年翻倍，這意味著更多的用戶可以在平台上找到他們想要的內容。所以我認為所有這些都是非常積極的動力。

And then to your specific question around, okay, if Gen Z is growing, are we losing others? I've shared this last quarter. It's true again this quarter, that we are growing across every demographic that we track and across every geography that we track. So our strength of users is really broad-based and really directly tied to the improvements we've made to the platform around AI-driven relevancy of recommendations and then the actionability and curation on the platform. Hope that helps.

然後回答你的具體問題，如果 Z 世代正在成長，我們是否會失去其他人？我上個季度已經分享過這個了。本季再次證明，我們在所追蹤的每個人口統計和追蹤的每個地區都實現了成長。因此，我們的用戶優勢非常廣泛，並且與我們在人工智慧驅動的推薦相關性以及平台的可操作性和策劃方面所做的改進直接相關。希望有幫助。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking the question. When you think about all the ways you've improved the ad stack and your tools for advertisers, where do you see the biggest opportunity to close that gap between value creation and value capture? And how much visibility do you think you have in that shift, particularly in a potentially tougher macroenvironment? Thanks.

感謝您回答這個問題。當您考慮改進廣告堆疊和廣告商工具的所有方法時，您認為縮小價值創造和價值獲取之間差距的最大機會在哪裡？您認為這種轉變的可見度有多大，特別是在可能更加嚴峻的宏觀環境下？謝謝。

I'd say on the visibility of it, like, we know it’s -- we’ve been talking pretty consistently about, even if you're driving performance, it's only as good as what the advertisers are able to see and measure. And so measurement has been a really big focus for us, continues to be.

我想說的是，關於它的可見性，我們知道——我們一直在談論，即使你正在推動績效，它也只與廣告商能夠看到和衡量的一樣好。因此，測量一直是我們關注的重點，並將繼續如此。

If you think about Pinterest's history as primarily more of an upper-funnel platform, it would make sense that a lot of those advertisers hadn't implemented lower-funnel measurement tools with us. It's really been -- we're less than a year in with direct links. So less than a year into that, we've made really good progress in getting more advertisers to adopt that measurement, but we see a lot more of it ahead.

如果您認為 Pinterest 的歷史主要是一個上層漏斗平台，那麼很多廣告商沒有與我們一起實施下層漏斗測量工具就說得通了。確實如此——我們建立直接聯繫還不到一年。因此，在不到一年的時間裡，我們在讓更多廣告商採用該衡量標準方面取得了很大進展，但我們看到了更大的進步。

And to your point of visibility, we're tracking it all the way down to the account level, and sales teams are not only looking at it account by account. Our sales reps have been trained on it; they're gold on it.

從您的角度來看，我們會一直追蹤到帳戶級別，銷售團隊不僅僅是逐個帳戶地查看它。我們的銷售代表已經接受過這方面的訓練；他們是黃金。

And so we feel like we've got pretty good visibility to what's driving that adoption, as well as responding to advertiser feedback of things that will make it easier for them to adopt, especially as you get to the smaller advertisers, where I talked about in my comments on the last couple calls, that we launched our API for conversions a little more than a year ago, and that's a really successful rollout with large advertisers.

因此，我們覺得我們對推動採用的因素有很好的了解，並且對廣告商的反饋做出了回應，這將使他們更容易採用，特別是對於較小的廣告商，我在前幾次電話會議的評論中談到了這一點，我們在一年多前推出了用於轉換的 API，這對大型廣告商來說是一次非常成功的推出。

As we went to take that more broadly, we saw a need to meet advertisers where they were, integrate to the third-party tools that they were using, the clean rooms and the like. So you've heard us talking about more partnerships with third-party measurement platforms, more partnerships with clean rooms.

當我們更廣泛地考慮這一點時，我們發現有必要在廣告商所在地與他們會面，並將其整合到他們正在使用的第三方工具、無塵室等。所以您聽到我們談論與第三方測量平台建立更多合作夥伴關係，與無塵室建立更多合作夥伴關係。

So as we're doing that, we're seeing that's really helping us make broad progress with retailers and advertisers, particularly lower-funnel advertisers that are making it easier for them to adopt the measurement so they can see the value. When they see that come through in their measurement, then we see them shifting budgets. And we think there's a lot more of that ahead.

因此，當我們這樣做時，我們發現這確實幫助我們與零售商和廣告商取得了廣泛的進展，特別是低漏斗廣告商，這使得他們更容易採用這種衡量標準，從而他們能夠看到價值。當他們在測量中看到這一點時，我們會看到他們調整預算。我們認為未來還會有更多這樣的事情發生。

Then finally on Performance+, there's the other side of that, which is just the campaign creation and the creative optimization, where if you think about Pinterest as a smaller player in the overall ad market, if you go to some of these advertisers and say, oh, well, hey, if you implement measurement with us and if you do some campaign setup, we can drive good performance for you, but we're low single-digit percentage points of your total spend. That's a harder conversation to get people to adopt.

最後，關於 Performance+，還有另一面，也就是廣告活動創建和創意優化，如果你認為 Pinterest 在整個廣告市場中只是一個較小的參與者，如果你去找一些廣告商並說，哦，好吧，嘿，如果你和我們一起實施衡量標準，如果你做了一些廣告活動設置，我們可以為你帶來良好的表現，但我們只佔你總支出的個位數百分比。要讓人們接受這樣的談話是比較困難的。

Well, now we're able to point to the fact that we have the largest, most sophisticated advertisers are getting really great performance from us. We're getting into their always-on budgets, their performance budgets. I shared in our last call, getting the 5%, 10% of ad spend for some of these really large, sophisticated retailers.

現在我們可以指出一個事實：我們擁有最大、最成熟的廣告客戶，他們從我們這裡獲得了非常出色的業績。我們正在了解他們的持續預算和績效預算。我在上次電話會議上分享了一些真正大型、成熟的零售商獲得 5% 到 10% 的廣告支出的經驗。

We're now able to point to that and say, not only can you have that kind of performance, but we're making it easier for you to measure because we're integrating to your measurement tools. And now, with Performance+, we're going to solve the other side of this and make it easier for your campaign creation and campaign optimization and creative optimization.

我們現在可以指出這一點並說，您不僅可以擁有這種性能，而且我們還可以讓您更輕鬆地進行測量，因為我們正在整合到您的測量工具中。現在，透過 Performance+，我們將解決這個問題的另一個方面，讓您的廣告活動創建、廣告系列優化和創意優化變得更加容易。

We think these are all things that are responding to that advertiser feedback that we've been getting account by account and making it so that we have clear line of sight to that value capture continuing to play out, even though it's still something to think about over a multi-quarter period. Hope that helps.

我們認為，這些都是對廣告商回饋的回應，我們透過逐一帳戶收集這些回饋，以便我們能夠清楚地看到價值獲取的持續發揮作用，儘管這仍然是一個需要在未來多個季度內思考的問題。希望有幫助。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Great. Good afternoon, everybody. Julia, I just wanted to follow up on your comment about the lower eCPMs from third parties. As you noted, these are smaller, undermonetized markets that we're starting to step into, so that's not a big surprise. But is that pricing coming in in line with your expectations so far?

偉大的。大家下午好。朱莉婭，我只是想跟進一下你關於第三方較低 eCPM 的評論。正如您所說，我們剛開始進入這些規模較小、貨幣化程度較低的市場，因此這並不奇怪。但到目前為止，定價是否符合您的預期？

And then just second, do you feel I can follow up just a little bit on Performance+? It sounds like you're starting to get into that next tranche already. Do you think that that next tranche will really have given it a solid test drive ahead of holiday season when your retail vertical will be extra important? Thank you.

其次，您覺得我可以稍微跟進一下 Performance+ 嗎？聽起來你已經開始進入下一批了。您是否認為下一批產品真的會在假期來臨之前進行一次紮實的試駕，屆時您的零售垂直業務將變得尤為重要？謝謝。

Yeah, maybe I'll take the last one first. I think that we've seen that continue to be a steady build. And so we think that progress in retail, we thought it as one of our primary sources of strength. We see that continue to build. And Performance+, it's early on, it's multi-quarter, but we've seen it start with the largest, most sophisticated retailers and advertisers.

是的，也許我會先選擇最後一個。我認為我們已經看到這種成長持續穩定地推進。因此，我們認為零售業的進步是我們主要的力量來源之一。我們看到這種情況仍在繼續發展中。Performance+ 還處於早期階段，需要多個季度才能完成，但我們已經看到它從最大、最成熟的零售商和廣告商開始。

Then we started to hit the next group down. We think Performance+ will start to take it further down even than that. But we think that sets us up well as we look into the future and look to continue that steady build within retail.

然後我們開始攻擊下一組人。我們認為 Performance+ 將使其進一步下降。但我們認為，展望未來，這為我們繼續在零售業中穩步發展奠定了良好的基礎。

Yeah. I think on the first part of your question, though, on eCPMs, and so yes, it is generally coming in line with where we expected for those rest of world markets that just have a lower eCPM. I do think over time as we continue to ramp those partnerships and add even more option density in those markets, we can expect those eCPMs to rise. But based on where we are right now and based on the fact that they're just sort of lower TAM markets overall, we feel really pleased with how those are initially ramping.

是的。不過，我認為你問題的第一部分是關於 eCPM 的，所以是的，它總體上與我們對世界其他市場 eCPM 較低的預期一致。我確實認為，隨著時間的推移，隨著我們繼續加強這些合作夥伴關係並在這些市場中增加更多的選擇密度，我們可以預期這些 eCPM 會上升。但基於我們目前的狀況以及它們整體上只是 TAM 較低的市場這一事實，我們對這些市場最初的成長感到非常滿意。

All right. I think that's our --

好的。我認為這是我們的--

I think that's our last question, operator.

我想這是我們的最後一個問題，接線生。

All right. Thanks again to all of you for joining the call and for your questions. We look forward to keeping this dialog going. 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。我們期待繼續進行這場對話。我們希望您能享受剩餘的一天。

That will conclude today's conference call. Thank you, all, for your participation. You may now disconnect your line.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。