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。我的名字是 Sierra，我將擔任今天的主持人。 （操作員說明）

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東道主、投資者關係和財務副總裁安德魯·松伯格 (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。歡迎參加截至 2024 年 6 月 30 日的第二季財報電話會議。參加今天電話會議的有 Pinterest 執行長 Bill Ready；朱莉婭·唐納利，我們的財務長。

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.

這次電話會議正在網路直播，我們也提供幻燈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，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.

我們今天所做的有關我們的業績、營運和前景的一些聲明可能被認為是前瞻性的，而此類聲明涉及許多風險和不確定性，可能導致實際結果存在重大差異。此外，我們對 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業績。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。

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 提交的最新表格 10-Q 或表格 10-K，並可在我們的投資者關係網站上獲取。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is included in today's earnings press release and presentation, which are distributed and available to the public through our Investor Relations website. Lastly, all growth rates discussed in today's prepared remarks should be considered year over year unless otherwise specified.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿和簡報中包含了非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節，這些新聞稿和簡報透過我們的投資者關係網站向公眾分發和提供。最後，除非另有說明，今天準備好的評論中討論的所有增長率都應逐年考慮。

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。在我們的策略性舉措持續取得進展的推動下，第二季標誌著用戶和收入的另一個強勁成長。在用戶方面，我們正在關注用戶最喜歡 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，我們發現了多年來最適合市場的產品。第二季全球月活躍用戶數再創歷史新高，達 5.22 億，較去年同期成長 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通路平台的投資，特別是我們為打造低通路產品所付出的努力正在獲得回報，第二季收入達到 8.54 億美元，年增 21%。我們也持續推動獲利能力的顯著提高，第二季調整後 EBITDA 達到 1.8 億美元，即利潤率 21%，比去年第二季成長 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.

在深入介紹我的日常業務更新之前，我想先講一些我上個月在戛納國際創意節上發生的一些軼事，這是今年最大的廣告行業活動之一，因為它反映了Pinterest 周圍的勢頭。廣告主注意到 Z 世代對 Pinterest 的熱愛，並越來越了解如何在我們的平台上與這些受眾見面，完成從靈感到行動的旅程。他們也親眼目睹了我們對下漏斗的投資如何透過增加點擊次數和轉換次數來推動實際的成功。

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.

這種勢頭在坎城影展上表現得尤為明顯，今年我們的活動訪問量增加了 50%，在這項重要活動中遇到的廣告商數量增加了 40%。在坎城期間，我們創造了一種身臨其境的激活體驗，與會者可以直接發現 Pinterest 上的用戶行為，而一位執行長所說的，感覺就像走進現實生活中的靈感板。我們創建了一個空間，讓與會者（其中許多是 Z 世代）可以在談論和聽到創造力的同時休息一下，並透過 Pinterest 真正發揮創造力。

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.

我們還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，該工具受到了廣泛好評。我將在稍後的發言中詳細討論性能+。

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使我們從用戶下降到用戶持續成長的舉措。這些舉措是，第一，利用人工智慧來提高相關性和個人化；第二，透過圖板和拼貼加倍進行策展，幫助使用者將靈感轉化為行動之旅；三、提高可操作性，特別是購物方面，讓我們的用戶將他們的靈感帶入生活；第四，創造一個比傳統社群媒體更積極的替代方案。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月活躍用戶數增長。

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發布的重要產品的信息，這些產品展示了我們的策略和我概述的舉措的持續進展。首先，我們透過對人工智慧的投資，幫助用戶更有效地尋找靈感並發現與他們的興趣產生共鳴的新的相關內容。我們在推動向用戶展示內容的核心人工智慧現代化方面取得了持續進展，從而對我們內容推薦的相關性和個人化做出了有意義的改進。

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以納入新訊號，使我們能夠為用戶推薦更相關且最終吸引人的內容。這導致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的一部分是幫助用戶優化他們的搜索，這些搜索通常以簡短而廣泛的查詢開始，因為用戶帶著對他們正在尋找的內容的一般了解但沒有準確的詞語來找到我們。它或當他們看到它時就會知道它。

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人工智慧的生成式引導搜尋來促進內容發現，幾個月前我們首次針對家居裝飾垂直領域推出了這種搜尋。引導式搜尋提供了一種結構化的方法，可以在更狹窄的探索途徑中分解這些廣泛的查詢。例如，搜尋類似廚房創意的廣泛查詢可能會引導用戶找到更精緻的選項，例如 DIY 廚房項目或後擋板靈感，以進一步探索他們的品味並將靈感轉化為行動之旅。我們發現了一個非常強大的產品用戶適合引導式搜索，而我們的間歇性用戶通常不太熟悉該平台，因此在結構化體驗中發現了價值，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 的關鍵差異化功能，也是用戶從靈感到行動的關鍵一步。簡而言之，這就是他們如何完善自己的選擇並決定購買什麼。平台上的人工管理增強了我們的內容飛輪，在客戶購物旅程的早期提供豐富的第一方訊號。這些訊號可以預測使用者的興趣，使我們能夠透過增強的內容推薦來提高與使用者的相關性。

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，透過更新版塊和新的內容格式拼貼，讓 Pinterest 上的策展之旅更易於使用，對用戶更具吸引力。在電路板方面，創建、保存和共享電路板比以往任何時候都更加直觀，具有精緻的用戶介面和自動組織等新功能，利用人工智慧識別引腳並將其自動分組到新電路板中，從而使用戶無需他們自己組織。

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.

我們也讓使用者更容易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，這是一項新功能，允許用戶首次將其 Pinterest 圖板的引人入勝的影片（例如夢想家居裝飾或終極旅行願望清單）分享到其他社交平台。此功能還使我們能夠添加一個鏈接，供其他人在平台上探索他們的圖板。

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·拉維尼(Avril Lavigne) 等高級用戶合作，她利用圖板共享讓她的粉絲一睹她巡演服裝背後的靈感，從而為更廣泛的受眾帶來這一功能，並在Pinterest 上展現策展的魔力。

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.

我們正在繼續在拼貼方面取得進展，拼貼是一種使用先進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出襯衫或一雙鞋子等組件，並將它們拼湊成一個高度吸引人的圖片。正如我們之前提到的，我們看到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審美。

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，我們將拼貼畫擴展到廣告商，這意味著他們現在可以使用自己目錄中的產品圖釘剪裁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，我們推出了一些功能，讓用戶能夠在購物之旅中進一步前進，並對他們看到的內容採取行動，進一步推動 Pinterest 的可操作性。透過這樣做，我們連續第三季向廣告商發送的出站點擊次數比去年同期增加了一倍以上。隨著我們提高整體可操作性並讓用戶更輕鬆地找到他們想要的內容，我們發現用戶能夠更快地成功完成他們在 Pinterest 上的旅程。

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的過濾器，例如價格、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，以使用戶更好地控制他們的購物旅程，並找到適合他們風格和預算的產品。有了這個有價值的訊號，我們就可以向使用者推薦更相關和個人化的購物內容。

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容易購買，因為它是靈感行動之旅中不可或缺的內容格式。例如，在第一季度，我們推出了在影片中購買外觀，以幫助用戶購買那些在他們已經觀看的影片中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宣傳。

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，數百家廣告商已經開始將影片納入他們的產品目錄中。對於採用這種格式的大型零售商來說，與靜態目錄廣告相比，可購物影片廣告帶來了更高的點擊率和更低的每次操作成本。

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 對廣告主來說更有價值、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為顯著改善廣告服務所做的所有工作，正如我們在投資者日概述的舉措一樣繼續以我們的預期或更好的方式交付。這包括，一，我們投資成為一個真正的全通路廣告平台，特別是透過我們新的漏斗下部產品，這些產品為廣告商創造了巨大的價值；第二，在使用者強烈的商業意圖和相關廣告之間的協同作用的推動下，廣告負載持續增加；最後，第三方合作夥伴、經銷商和國際合作夥伴作為收入成長的額外槓桿。

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我們業務的成長勢頭。我們正在贏得世界上一些最大、最成熟的廣告商的份額。展望未來，還有很多事情要做，但很明顯，我們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產品，以幫助廣告商在整個管道中滿足消費者。 Pinterest 是廣告主可以在積極的環境中建立品牌、在消費者尚未做出決定時提高考慮度並最終在一個平台上實現轉換的地方。我們發現，超過 90% 的搜尋查詢並未指定品牌或特定產品，而是指定了類別興趣，例如有趣的夏季連身裙或涼爽的白色運動鞋或中世紀的臥室裝飾。對於廣告商來說，這是一個與有明確商業意圖但尚未決定要購買什麼的用戶建立聯繫的神奇時刻。

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.

我們的許多廣告客戶都在利用整個管道，超過一半的大型廣告客戶使用多個廣告活動目標。此外，使用漏斗上層和下層目標的廣告商的轉換率比單獨使用一個目標的廣告商高出兩倍。在整個漏斗中，我們將大部分貨幣化工作集中在較低的漏斗上，以廣告商的點擊和轉換形式提高績效。我們在整個平台上取得了實質進展，以提高可操作性並讓用戶能夠根據靈感進行購物。

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.

最能體現這一點的是下漏斗，相關的可購物廣告可以成為 Pinterest 上的精彩內容。由人工智慧支援的全頁面優化使我們能夠在用戶具有高度商業意圖的時刻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.

去年，我們也透過行動深度連結和直接連結等產品，在讓用戶的購買過程更加順暢方面取得了重大進展。現在，我們近 100% 的下漏斗收入都是透過直接連結或行動深度連結覆蓋的，這意味著只需單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季使廣告商的點擊量比去年同期增加了一倍以上。

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他們的衡量真實來源的改進，許多最大、最成熟的廣告商正在用他們的錢進行投票，並為 Pinterest 帶來更多預算。我們也開始看到下一階段廣告商的價值獲取，並相信直接連結的大部分價值獲取仍然遙遙領先，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，包括在其個人衡量事實來源中看到這種表現以及實施增量行銷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，隨著我們新的自動化套件 Performance+ 的推出（我稍後將更詳細地討論），我們將能夠減輕廣告商方面的一些繁重工作。這應該透過改善行銷活動設定和效率來推動更大的價值創造，從而透過我們完整的漏斗下端解決方案集實現複合績效效果，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 advertisers ability to measure it.

最後，我們也透過將第三方廣告納入我們的拍賣中，繼續推動下漏斗中的更多可操作性，以增加相關的可購物廣告需求。正如我們預期的那樣，第三方廣告需求成為本季更大的收入來源，並繼續填補拍賣中的空白，特別是在我們的高意圖表面（例如搜尋和相關項目）上，其中相關廣告是附加的可購買內容我們的用戶。我們知道，效果的好壞取決於廣告主衡量效果的能力。

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，我們致力於推動以隱私為中心的衡量工具（例如轉換 API 和無塵室）的採用。在第二季度，我們繼續增加對這些工具的採用，並專注於具有較低通路購物和轉換目標的廣告商。這種採用是由一些關鍵舉措所推動的。

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，我們正在簡化廣告商的入職流程，目標是透過廣告主使用的第三方解決方案來滿足他們的需求。因此，我們改進了開發者網站，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工作和教育，以幫助廣告商了解這些解決方案如何增強他們的轉換可見性。因此，我們繼續將測量採用作為我們銷售人員的首要任務，並將部分賣家激勵薪酬與以隱私為中心的測量採用聯繫起來。

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，但我們認識到他們中的許多人都有自己的衡量事實來源。為此，我們集中精力確保無論廣告商衡量其表現，我們都能正確且一致地展示。

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.

轉向人工智慧和自動化，我們在第二季度繼續建立漏斗下層套件，並發布了 Performance+。這項全新產品最近針對有限數量的廣告商進入了測試階段，它匯集了我們在出價、預算和定位方面的所有人工智慧和自動化工具，以提高 Pinterest 上的廣告活動成效。借助 Performance+，漏斗下游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人工智慧功能，所有這些都在新的簡化的廣告活動設定中進行。

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中的任何一個應用於非效果+廣告系列，從而根據自己的獨特需求提供最終控制權。我們對 Performance+ 作為我們下漏斗套件的下一個迭代感到興奮。當我們推出這些工具時，我們預計會出現與我們先前推出的較低通路產品類似的多季度產品採用和採用曲線，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，可以相互結合，為我們的廣告主帶來強大的、低管道的績效。雖然還為時過早，但測試結果已呈現陽性。今年春天參加我們的 Performance+ alpha 測試的許多廣告商都發現，他們的漏斗下部轉換和購物廣告活動的每次轉換成本提高了 10% 以上，或者每次點擊成本 (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，啟用 Performance+ 後，每次操作成本降低了 34%，點擊率提高了 16%，最終廣告支出回報率提高了 50%活動與傳統活動的比較。此外，Performance+ 顯著減少了廣告主創建廣告活動所需的時間，比傳統創建流程的投入減少了 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。其中包括針對廣告支出回報率的績效+競價，它會自動優化廣告商的出價以實現最高的投資回報率； Performance+ Creative，幫助廣告主使用生成式人工智慧製作新的廣告創意，並跨多種廣告格式優化其現有創意。

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，發現使用 Performance+ 產生的背景的產品與白色背景的產品相比，點擊率提高了 25%。隨著我們不斷迭代，我們將把這些功能推廣到更廣泛的漏斗下端廣告商，隨著下半年的進展，我們將有更多內容可以分享。

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部署感到自豪，這是我們為廣告主提供盡可能最佳效能並減少這樣做的摩擦而努力的延續。我們的目標是讓廣告商能夠為我們提供預算、目標，他們是創意種子，剩下的事情由我們來做。

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

這樣，我會將電話轉給 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 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 2024 年第二季的財務業績，並提供 2024 年第三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。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.

本季末，我們的全球月度活躍用戶 (MAU) 達到 5.22 億，成長 12%，再創歷史新高。由於比爾先前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持續逐年增長，其中個性化、管理和可操作性的改進正在推動用戶採取行動旅程的更多靈感。

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%.

特別是在第二季度，在美國和加拿大，我們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%。在世界其他市場，我們的每月活躍用戶數為 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%。本季的收入實力超過了我們指導範圍的上限，突顯了我們如何在整個管道中為廣告商創造價值，其中特別的優勢來自於我們最低的管道轉換目標。

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.

從縱向來看，我們再次看到零售業的廣泛優勢。我們規模更大、更成熟的廣告商繼續依賴該平台，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。我們也開始看到從下一批廣告商那裡獲得的價值跡象，因為我們的點擊量連續第三季度翻了一番，而這些廣告商也開始看到他們的衡量真實來源的影響，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力量的來源。然而，這種增長被消費品內部的疲軟所部分抵消，特別是食品和飲料廣告商，他們正在該類別中應對更廣泛的逆風。

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，我們的第三方需求合作夥伴關係的收入在第二季度繼續增長，在我們第一季交付的收入基礎上連續增長，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突破。在美國和加拿大，我們創造了 6.73 億美元的收入，成長了 19%。力量來自零售業和新興類別，包括科技、汽車和金融服務。在歐洲，營收為 1.43 億美元，按報告收入和固定匯率計算成長 25%。歐洲的強勢是由零售業推動的。來自世界其他地區的收入為 3800 萬美元，按報告計算增長 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，廣告展示次數較​​去年同期成長 35%，廣告價格較去年同期下降 11%。這些動態與第一季類似，廣告展示次數是由總展示次數的增加和廣告負載的增加所驅動的。同樣，隨著我們繼續以更多點擊和更高效率的形式為廣告商增加價值，定價繼續逐年降低。我們繼續透過全頁面優化來推動廣告負載的增加，這增加了在商業意圖較高的時刻向用戶提供相關廣告的數量。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，我們也看到更多的組合轉向平均定價（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（主要是世界其他地區）投放廣告，其中許多市場的 eCPM 低於我們現有的貨幣化市場。其次，在全球範圍內，我們看到第三方廣告展示次數的成長，填補了我們在以前貨幣化不足或根本沒有貨幣化的地方的拍賣空白。目前我們主要是根據第三方的相關需求來填補這些。但隨著時間的推移，隨著我們進一步增加需求，我們預計拍賣壓力會更大，因此這些廣告焦點的有效每千次曝光費用也會更高。

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，我們能夠透過有效的費用紀律，將資源分配給最高投資報酬率的計劃，推動利潤率的持續擴張。第二季度，營收成本為1.8 億美元，年增9%，較第一季成長2%，原因是與用戶和參與度成長相關的基礎設施支出增加，但我們持續努力推動基礎設施支出成本優化，部分抵銷了收入成本。我們的非 GAAP 營運費用為 4.97 億美元，成長 13%。這一增長主要是由於員工人數增長和研發、行銷費用增加以及非所得稅和其他員工相關成本推動的一般管理費用增加。

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.

我們的收入實力和支出紀律導致調整後 EBITDA 和利潤率擴張又達到 1.8 億美元，調整後 EBITDA 利潤率為 21%。與去年第二季相比，這一數字上升了約 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.

第二季度，我們使用了約 1.2 億美元的現金用於股權獎勵的淨股份結算，另外也用於股票回購 3,400 萬美元。

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.

在我們期待第三季的同時，讓我分享一些額外的背景資訊。我們的收入指引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第三方需求合作夥伴關係的持續貢獻。我們業務的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，我們面臨更嚴峻的競爭，因為我們的營收成長從去年第二季到第三季幾乎翻了一番。

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，按照目前的即期匯率，我們預期外匯匯率將在五個季度內首次出現對我們不利的走勢，從而導致第三季出現 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，我們的指導方針並沒有假設食品和飲料類別的趨勢會出現實質改善，也不會因為推出 Performance+ 而做出重大收入貢獻，因為我們目前仍處於少數廣告商的測試階段。

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.

現在轉向我們的費用指南。我們預計第三季非 GAAP 營運費用為 4.85 億至 5 億美元，年增 17% 至 20%。我們的營運費用指南不包括收入成本。然而，我們計劃從我們正在進行的基礎設施優化工作中實現適度的額外收益，因此，我們預計第三季非公認會計原則收入費用成本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.

非公認會計準則營運費用的同比增長是由研發投資增加所推動的，我們繼續投資於整個業務的人工智慧人才隊伍。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，但與2023 年實現的660 個基點擴張相比，我們的水平更為溫和，因為我們平衡了投資、成長和流動性獲利能力一直延伸到利潤。

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.

我們也繼續預計2024 年下半年的利潤率將有所擴張。上半年的擴張將顯著提高我們在 2023 年下半年實現了利潤率成長。

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時再次取得強勁的季度業績感到自豪。我們的持續成長證明了我們業務的發展勢頭，並增強了我們對實現計劃能力的信心。

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

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) Ross Sandler, Barclays.

（操作員說明）Ross Sandler，巴克萊銀行。

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。也許只是從宏觀開始。因此，第三季中點 17% 的成長顯然反映出第二季的一些減速，但它在長期的高青少年範圍內。但是茱莉亞，你剛才提到了一些因素。您能否為我們詳細說明一下，與您提到的因素相比，您認為更艱難的比賽有多少減速？那麼合作夥伴收入的增加或廣告負載的增加可以在多大程度上幫助抵消導致減速的因素呢？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，我們對推動我們業務的槓桿感到滿意。我們的舉措與我們在投資者日概述的趨勢一致。我們推出市場的產品完全符合我們的預期。

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，我們的指導是幫助推動第一季度、第二季度以及現在第三季度增長的許多因素的延續，包括從漏斗下部產品中獲取價值以及第三方需求在第二季度收入基礎上再次增長。

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，我們預計以當前即期匯率，外匯將轉向 1 個百分點的逆風。因此，如果沒有這種外匯逆風，第三季 16% 至 18% 的指引實際上會高出 1 個百分點。排除匯率影響後的較高範圍與我們今年第二季和第一季推動的成長大致一致，特別是考慮到我們在先前的財報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）時輪班和閏日。

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，儘管我們去年的業績在第三季確實開始變得更加困難，而且我們的食品和飲料業務進一步疲軟，但業務的基本成長率實際上保持穩定。如果你以兩年的堆疊為基礎來觀察，你會發現這種優勢也持續存在。

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，正如你們中的一些人可能還記得的那樣，值得注意的是，我們不接受政治廣告，因此當你們將我們與其他平台進行比較時，這是一個需要考慮的差異。

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。感謝您提出我的問題。我很欣賞通話中的所有細節。鑑於您為提高個人化內容的相關性所做的所有努力，我希望進一步深入了解用戶參與趨勢。與此相關的是，您是否看到夏季季節性和參與度的影響？我們也很好奇，當您嘗試平衡自然內容和不斷增加的廣告組合時，您會從廣告負載中看到多少額外增長。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，參與度對我們來說仍然是一個真正的亮點。大趨勢不僅是用戶成長加速，而且你看到我們總體上提出了12%的用戶成長，而不僅僅是那個控股。每個用戶參與度加深的整體趨勢也持續保持。所以 Play 似乎清楚地看到了這一點。這實際上是在 2024 年我們的 WAU 與 MAU 比率穩步提高，儘管我們帶來了創紀錄的新用戶數量。

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，如果你揭開這一點，這將進一步解答你關於 Play 的一些不同動態的問題。如果你揭開這一點，你會發現用戶的參與方式正在發生一些非常令人興奮的事情。隨著我們一直在推動管理和可操作性方面的改進，我們看到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東西，對廣告商來說也很棒，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.

對於您對廣告負載的評論，我們一直在談論廣告對於用戶來說是很棒的內容，特別是當他們處於商業環境中時，而這些廣告與他們正在尋找的內容相關。因此，我們繼續看到這種協同動力，因為我們有一半以上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。我們認為這種情況仍然存在。

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，我們追蹤了許多參與度指標，並且我們繼續看到整個平台的參與度有了良好的成長，這是透過那裡的各種訊號來衡量的。但隨著點擊和漏斗下部行為成為這種組合中更有意義的一部分，這再次令人鼓舞，我們也看到行動應用程式用戶的滲透率越來越高，他們往往是更具黏性和高度參與的用戶。

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，我只想指出，我們添加了更多非常理想的漏斗下端行為，正如我們從用戶那裡看到的那樣，我們將更多內容添加到衡量成功的方式中業務，對於我們的團隊，以及我們如何持續增強廣告之間的協同效應飛輪，作為商業環境中使用者的優質內容。

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

也許我會在那裡暫停。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。所以也許只是分享更多一點顏色。之前，我們以超過 60 秒的會話、展示次數和保存次數來衡量參與度。正如比爾所說，我們已經發展了我們的平台，使其更具可操作性，並且我們更新了我們的參與度觀點，以包括其中一些附加維度，這些維度也是參與度深度的重要信號，包括衡量出站點擊量和例如，查看拼貼創作等策展訊號，這是我們平台上的新功能。

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.

正如比爾所提到的，整體參與訊號仍然強勁，而且我們也看到了這一令人興奮的轉變，即出站點擊正在成為用戶行為中更有意義的一部分，因為用戶能夠更快地找到他們正在尋找的內容。我們相信這是該平台的健康發展，而且它也更符合我們為廣告商提供的價值，因為我們在整個管道中以瀏覽量、點擊量和轉換為基礎銷售廣告。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

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.

非常感謝您提出這個問題。如果可以的話，也許是兩個人。繼羅斯先前關於最終需求的問題之後，您發現數位廣告的最終需求環境存在地理差異嗎？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.

第二部分，比爾，你提供了很多細節，特別是關於去坎城季度間的細節，關於 Pinterest 所看到的廣告商需求遠離宏觀環境的轉變。您能否談談您所看到的競爭定位以及更廣泛的數位廣告生態系統的變化或轉變？那裡再深入一點。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，問那裡的地理問題。

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，我們認為廣告市場與上季相比相對穩定。那裡有一些看跌期權和看跌期權。我們看到零售垂直領域的真正實力來自於我們為提高績效而進行的所有漏斗下端改進。在這方面，直接回答你關於競爭定位的問題，我們已經討論過將廣告商的點擊次數同比增加一倍多，我們已經連續第三個季度做到了這一點。

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，最大、最成熟的廣告商首先抓住了這種價值獲取。隨著越來越多的廣告商看到這一點流入他們的衡量工具並保持一致，我們看到它現在已經在下一組廣告商中佔據主導地位。因此，與我們在之前的電話會議中分享的內容一致，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，特別是對於那些規模較大的零售廣告商，而且我們看到這種情況繼續當我們推動越來越多的漏斗下層績效時，這對我們來說是真正的優勢。

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.

所以我們認為我們在這方面的定位非常好。這也是我們看到零售業普遍強勁的原因。我們認為還有更多的事情要做。我談到了「績效+」（Performance+）是如何為下一層廣告商推出的，以及他們在採用越來越多的我們的低漏斗績效解決方案時所面臨的一些障礙。 Performance+ 實際上已經為他們圍繞行銷活動創建和設定實現了許多自動化，我們認為這些各種因素可以幫助進一步加速這種採用。據我們所知，一些較大的廣告平台已經擁有這些東西一段時間了。

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.

我們一直在競爭我們平台的高度商業意圖，以及能夠在用戶購買之前了解用戶正在購買什麼的獨特性。我們一直在這些事情上競爭。大型、經驗豐富的廣告商已經看到了這一點。隨著我們帶來更多的自動化，我們認為更多的零售商將能夠更多地依賴它。我們再次看到了非常好的訊號。我們認為還會有更多這樣的事情發生。所以我們感覺自己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看到了優勢，例如科技、汽車、金融服務。這給了你一些競爭動力。

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.

回到宏觀的看跌期權，整體相對穩定，但考慮到 Pinterest 上的用例，我們確實在某些類別中擁有更多的曝光度，例如 Julia 在她的評論中指出的食品和飲料，我們在其中在那裡看到了一些弱點。這確實是基於行業的。我認為，正如許多廣告商在自己的結果中所呼籲的那樣，他們在從消費者那裡看到的一些東西上面臨著一些壓力，這更具體地針對食品和飲料。更廣泛地說，我認為我們看到了相對穩定。

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?

也許說到這裡，我會暫停一下。朱莉婭，您還想在宏觀上添加什麼內容嗎？

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的更廣泛評論沒有什麼可補充的。我認為我唯一可以補充的一點是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% 上升至 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成長的主要因素，也是我們在第一季宣布的Google第三方合作夥伴關係的擴大，在第二季開始增加。提醒一下，這使我們能夠將以前未貨幣化的市場貨幣化，而且我們現在也開始擴展到我們貨幣化不足的世界其他地區的國家。

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.

經銷商是這些地區貨幣化的另一個槓桿。我們在第二季推出了這些經銷商合作關係。因此，這還處於早期階段，但我們預計這也將在明年開始為世界其他地區做出適度的貢獻。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

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，朱莉婭，我想在此處出現的廣告產品上多雙擊一下，特別是在直接連結的廣告產品上。這是連續第三個季度的點擊量在本季再次翻倍。因此，我很想了解廣告商群體在採用方面的進展，以及銷售流程將如何在未來幾季停止成長。

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，你談到它非常受歡迎。我們很想了解更多有關推出的信息，特別是我們是否應該期望有一個類似的直接鏈接時間表，或者不同的模組是否會更快地推出，例如性能+、創意在自動化之前推出以及類似的事情？謝謝您的幫忙。

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。所以在直接連結上，是的，第三季連續雙擊。我們很快就看到，最大、最成熟的廣告商能夠非常迅速地對此做出反應。他們一直為我們帶來巨大的力量，並將繼續這樣做。

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.

我們看到這種趨勢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動態感到非常滿意的原因是，我們知道我們在發送給廣告商的點擊和轉換方面產生了非常好的原材料，並且當年的增長非常顯著於年。但我們也知道，我們只從其中一部分中獲取了價值，隨著其他零售商採用測量解決方案，其餘部分將繼續從這些中獲取價值。現在，透過 Performance+，我們將使他們更輕鬆地創建廣告系列。

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.

我在發言中提到了這一點，所以我將回答您關於性能+的問題的第二部分。對於許多不太成熟的廣告商來說，這不僅僅是我們在衡量方面討論過的複雜程度以及他們如何需要更長的時間才能看到這一點，而且他們需要在多個季度中看到它。它還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以及諸如此類的事情。

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.

當你看到我們在 Performance+ 上所做的事情時，你會發現真正涉及的是如何創建廣告活動的設置，如何優化該廣告活動的效果，如何為受眾匹配創意，然後您如何進一步優化該廣告素材。我認為，更成熟的廣告商自己在這方面做得非常好，我們認為「效果+」可以起到附加作用，但他們是第一個發現平台上點擊次數和轉換次數增加的人。

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.

對於下一部分，我們認為設定廣告活動變得更加容易，針對不同受眾優化創意變得更加容易，甚至動態創建創意以進一步優化他們的點擊率，我們認為這將會發生真正幫助價值獲取進一步傳播。現在，這又是一個多季度的推出。不要將其視為曲棍球桿。就像我們的其他事情一樣，多季度推出，但這再次讓我們對業務的持續勢頭以及多季度期間的穩定發展充滿信心。

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，它們非常真實，對吧？在我們的 alpha 測試和 beta 測試中看到廣告商的成本提高了 10% 以上，這非常令人鼓舞。就像我在 Timberland 案例研究中分享的例子一樣，Timberland 的 CPA 降低了 34%，CTR 提高了 16%，ROAS 提高了 50%。正如我們之前談到的，這些確實非常令人鼓舞，而且是多季採用曲線。但我認為這給了我們很大的信心，可以真正幫助廣告活動設定中的下一層廣告商。

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 上建立行銷活動所需的步驟減少了 50%。因此，我認為這符合您在過去兩年中從我們身上看到的更廣泛的主題。我們始終如一地致力於讓越來越多的廣告商和越來越多的行業人士更輕鬆地與 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.

所以你每隔幾季就會看到這種情況。它為我們創建了一個階躍函數。我們認為，展望未來，將繼續增強業務的持續實力，這與我們在去年投資者日為多年期審查而列出這些舉措時所討論的內容非常一致。希望有幫助。

Mark Mahaney, Evercore.

馬克·馬哈尼，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。我只想詢問 3P 合作夥伴關係。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 月季度的貢獻將高於 3 月季度，並且一次又一次地，9 月季度的貢獻將高於 6 月季度。

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?

你認為這有多遠——談談你認為這需要多長時間才能達到坡道，或者坡道需要多長的跑道？這是可以用絕對美元建立一兩年的東西嗎？我想，您可以做些什麼來加速 3P 合作的績效嗎？

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 3P 合作夥伴關係？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，但只是談談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。如果你退後一步，我們在 3P 方面的工作還處於相對早期的階段，對吧？距離 23 年初首次宣布這項消息已經過了一年多。我們已經看到亞馬遜的發展勢頭良好。谷歌，我們在這方面要早得多，因為我們在亞馬遜之後大約一年才宣布它們，而且這也開始加速。

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，正如我們在評論中分享的那樣，我們將繼續看到其中的每一個構建，即第二季度是在我們在第一季度看到的基線基礎上構建的。我們對此也抱持類似的期望。因此，我們繼續將這些事情視為穩定的建造。

And we think there's a lot more opportunity not just with 3P, but in monetizing more of our platform. We really brought those in to 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 3P 存在更多機會，我們平台的更多貨幣化也有更多機會。我們引入這些確實是為了彌補拍賣中的差距，在我們已經貨幣化的市場中，然後幫助我們在完全沒有貨幣化的市場中開始貨幣化。因此，我們認為，我們將在未來幾個季度和幾年內優化這一點，並且我們面前仍然有更多的機會，儘管我們仍然對我們所取得的進展和未來的發展感到非常滿意。關係的基礎上穩步發展。

(multiple speakers)

（多個發言者）

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.

然後你問題的另一部分——對不起，馬克，我沒有回答你關於擴大這些合作關係的問題的另一部分。雖然我們現在沒有更多的合作關係，但我們將繼續尋找如何彌補拍賣中的空白。

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.

也許我要說的最後一點是我們的經銷商。因此，當我們談論國際貨幣化時，我們討論了這不僅適用於 3P，也適用於經銷商。我們看到這些經銷商開始增加。我們在這方面還處於早期階段。我們看到他們開始崛起並做出貢獻。

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.

我們實際上看到了轉銷商和3P 合作夥伴之間的一些協同效應，對於其中一些轉銷商來說，當他們引入廣告商時，他們可以透過Google Ads Manager 向我們購買產品，他們已經進行了集成，正在 3P 和經銷商以及 1P 業務之間創造一些協同效應。

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的廣告商時，但現在說，您需要透過現有整合進行購買的路徑。再說一遍，對進展感到非常滿意。它繼續按季度連續增長，我們認為我們還有更多的事情要做。

Rich Greenfield, LightShed Partners.

里奇·格林菲爾德，LightShed 合夥人。

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。感謝比爾和茱莉亞提出這個問題。正如您所說，您花了大量的時間來改進 Pinterest 的產品，使其更有用、更易於購買。我想，我們有一個問題，為什麼這沒有轉化為美國用戶的有意義的加速。

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，你已經有了一點進步，但考慮到產品的改進，我想是什麼——我們如何協調這兩件事？您是否發現每個美國用戶每週或每月花費的時間顯著增加，這意味著您看到更多的是參與度而不是用戶的整體成長？

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，但你一直在談論年輕用戶——我認為自從你加入以來，年輕用戶是你成長最快的細分市場。如果整體用戶相對持平，這是否意味著您正在失去舊用戶，這意味著年輕用戶正在取代老用戶？我只是想了解整體用戶組合方面發生的情況，那就太好了。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，里奇。因此，自從我來到這裡以來，我在這一點上一直非常一致，在美國等成熟市場，真正的故事更多的是與用戶互動的深度不斷加深。根據我之前在問答中的評論，我們在參與深度方面看到了非常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，週活躍用戶與月活躍用戶的比率持續改善。

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帶來新用戶。因此，通常情況下，當您帶來創紀錄的新用戶等級時，這會稀釋每個用戶的參與度，因為當您的早期採用者是您的超級用戶時，新用戶的參與度可能會更邊緣或更外圍。

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的新用戶數量，而且在這樣做的同時還加深了用戶的參與度，我認為正是這一點，這實際上是關於與用戶的參與深度。特別是，正如我之前在評論中分享的那樣，我們看到深度參與確實以我們希望的方式發生，其中策展信號讓我們幫助用戶完成購物 - 幫助用戶瀏覽他們的產品當他們購物或決定買什麼時，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，點擊是我們看到深化的一個主要領域，如您所知，這以前是該平台的致命弱點。現在，這已成為我們的真正優勢，我們發送給廣告商的點擊量逐年增加一倍，這意味著更多的用戶可以在該平台上找到更多他們想要的東西。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.

然後針對你的具體問題，好吧，如果 Z 世代正在成長，我們是否會失去其他人？我在上個季度分享過這一點。本季的情況再次如此，我們追蹤的每個人口群體和每個地理區域都在成長。因此，我們的用戶優勢非常廣泛，並且與我們圍繞人工智慧驅動的推薦相關性以及平台上的可操作性和管理對平台所做的改進直接相關。希望有幫助。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

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.

感謝您提出問題。當您考慮為廣告主改進廣告堆疊和工具的所有方法時，您認為縮小價值創造和價值捕獲之間差距的最大機會在哪裡？您認為這種轉變有多大的可見度，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，我們知道它 - 我們一直在談論，即使你正在推動性能，它也只能與廣告商能夠看到的一樣好並測量。因此，測量一直是我們非常關注的焦點，而且仍然如此。

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.

如果你認為 Pinterest 的歷史主要是一個漏斗上層平台，那麼許多廣告商沒有與我們一起實施漏斗下層衡量工具是有道理的。事實上，我們建立直接聯繫還不到一年。因此，不到一年的時間，我們在讓更多廣告商採用這種衡量方法方面取得了非常好的進展，但我們看到未來還有更多的進展。

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.

從您的可見性來看，我們一直追蹤到客戶級別，並且銷售團隊不僅僅逐個客戶地查看它。我們的銷售代表接受過相關訓練；他們在這方面很出色。

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了很好的了解，並對廣告商的反饋做出了回應，使他們更容易採用，特別是當你接觸到規模較小的廣告商時，我談到了在我對最後幾次電話會議的評論中，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，我們看到需要滿足廣告商的需求，整合到他們正在使用的第三方工具、無塵室等。所以您已經聽到我們談論與第三方測量平台的更多合作夥伴關係，與無塵室的更多合作夥伴關係。

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在零售商和廣告商方面取得了廣泛進展，特別是與漏斗下層廣告商合作，使他們更容易採用衡量標準，從而看到其價值。當他們在衡量中看到這一點時，我們就會看到他們改變預算。我們認為未來還有更多這樣的事。

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，在 Performance+ 上，還有另一面，就是廣告活動創建和創意優化，如果你認為 Pinterest 在整個廣告市場中是一個較小的參與者，如果你去找其中一些廣告商說，哦，好吧，嘿，如果您與我們一起實施衡量並進行一些廣告系列設置，我們可以為您帶來良好的效果，但我們在您的總支出中的百分比很低。要讓人們接受這種對話是比較困難的。

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.

好吧，現在我們可以指出這樣一個事實：我們擁有最大、最成熟的廣告商，他們從我們這裡獲得了非常出色的業績。我們正在了解他們永遠在線的預算，他們的績效預算。我在上次電話會議中分享了一些真正大型、成熟的零售商獲得的 5%、10% 的廣告支出。

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輕鬆。

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反饋的回應，我們一直在逐一獲取帳戶並做出反饋，以便我們對價值捕獲的持續發揮有清晰的視線，儘管這仍然是需要考慮的事情在多個季度期間。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。 Julia，我只是想跟進您對第三方降低有效每千次曝光費用的評論。正如您所指出的，我們開始涉足這些規模較小、貨幣化不足的市場，因此這並不令人意外。但到目前為止，這個定價符合您的預期嗎？

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，您覺得我可以對 Performance+ 進行一些跟進嗎？聽起來你已經開始進入下一部分了。您是否認為下一部分真的會在假期季節之前對其進行可靠的測試，此時您的零售垂直領域將變得格外重要？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，也許我會先拿最後一個。我認為我們已經看到這繼續是一個穩定的發展。因此，我們認為零售業的進步是我們主要的力量來源之一。我們看到這種情況繼續發展。 Performance+ 還處於早期階段，涉及多個季度，但我們已經看到它是從最大、最成熟的零售商和廣告商開始的。

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。我們認為性能+將開始進一步降低。但我們認為，這為我們展望未來並希望繼續在零售領域保持穩定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，我認為您問題的第一部分是關於 eCPM，所以是的，它通常與我們對 eCPM 較低的世界其他市場的預期一致。我確實認為，隨著時間的推移，隨著我們繼續擴大這些合作夥伴關係並在這些市場中增加更多的選擇密度，我們可以預期這些有效每千次展示費用將會上升。但基於我們現在所處的位置，以及它們總體上屬於較低 TAM 市場的事實，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。我想這就是我們的——

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。我們期待繼續開展這場對話。我們希望您度過愉快的一天。

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。