Pinterest Inc (PINS) 2024 Q3 法說會逐字稿

Thank you all for joining us today for today's conference call with Pinterest. We are currently finalizing preparations for today's third quarter earnings conference call and we appreciate your patience. (Operator Instructions)

感謝大家今天參加 Pinterest 電話會議。我們目前正在完成今天第三季財報電話會議的準備工作，感謝您的耐心等待。 （操作員說明）

Thank you all for joining. I would like to welcome you all to the Pinterest third quarter 2024 earnings conference call. My name is Brika and I will be your moderator for today. (Operator Instructions)

感謝大家的加入。歡迎大家參加 Pinterest 2024 年第三季財報電話會議。我的名字是 Brika，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 your host, Andrew Somberg, Vice President, Investor Relations and Treasury at Pinterest. Thank you. You may proceed, Andrew.

現在我想將會議轉交給東道主、Pinterest 投資者關係和財務部副總裁安德魯·松伯格 (Andrew Somberg)。謝謝。你可以繼續了，安德魯。

Good afternoon and thank you for joining us. Welcome to Pinterest earnings call for the third quarter and it's September 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 第三季財報電話會議，時間為 2024 年 9 月 30 日。參加今天電話會議的還有 Pinterest 執行長 Bill Ready；和我們的財務長朱莉婭唐納利。

This conference call is being webcast and we're 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上直播，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 maybe considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. In addition, our results, trends, and outlook for Q4 2024 and beyond are preliminary and are not an assurance of future performance.

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，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 年第四季及以後的業績、趨勢和展望都是初步的，並不能保證未來的業績。

We are making these forward-looking statements based on information available to us as of today. And we expressly disclaim any duty or obligation to update them later unless required by law. For more information about risks, uncertainties, and other factors that could affect our results, please refer to our most recent form 10-Q or form 10-K filed with the SEC and available on our Investor Relations website.

我們根據今天掌握的資訊做出這些前瞻性陳述。除非法律要求，否則我們明確不承擔稍後更新它們的任何責任或義務。有關風險、不確定性和其他可能影響我們業績的因素的更多信息，請參閱我們向 SEC 提交的最新表格 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 third quarter 2024 earnings call. One year ago, at our Investor Day, we shared our business vision and outlined the strategic initiatives that we believe will drive long-term sustainable growth. These initiatives include: one, growing users and DPA engagement per user; two, making ads relevant content, which allows us to increase ad load and provide a better user experience simultaneously; three, executing on our lower funnel revenue opportunity; and finally, driving demand through third-party partners, resellers, and international markets as additional levers to growth.

謝謝，安德魯。下午好，感謝您參加我們的 2024 年第三季財報電話會議。一年前，在投資者日，我們分享了我們的業務願景，並概述了我們相信將推動長期可持續成長的策略舉措。這些措施包括：一、增加使用者和每位使用者的 DPA 參與度；第二，製作廣告相關內容，這使我們能夠增加廣告負載並同時提供更好的使用者體驗；三、利用漏斗下部的收入機會；最後，透過第三方合作夥伴、經銷商和國際市場推動需求，作為成長的額外槓桿。

We stated that these initiatives working in tandem would result in a mid- to high-teens revenue growth CAGR and improving profitability, leading to adjusted EBITDA margins expanding to the low-30% range in the next three to five years. One year later, our operating results validate our continued execution against this strategy and commitment to delivering on the targets that we laid out at Investor Day.

我們表示，這些措施的協同作用將帶來中高雙位數的收入複合年增長率並提高盈利能力，從而導致調整後的 EBITDA 利潤率在未來三到五年內擴大到 30% 左右的範圍。一年後，我們的經營業績驗證了我們對這項策略的持續執行以及對實現我們在投資者日所製定的目標的承諾。

When we announced our three- to five-year financial targets at Investor Day, we had just delivered Q2 2023 revenue growth of 6%. Since then, on a trailing 12-month basis as of Q3 2024, we have accelerated revenue growth to 18% and expanded adjusted EBITDA margins by more than 800 basis points year-over-year.

當我們在投資者日宣布三到五年的財務目標時，我們剛剛實現了 2023 年第二季營收成長 6%。此後，截至 2024 年第三季的過去 12 個月，我們將營收成長加速至 18%，調整後 EBITDA 利潤率較去年同期擴大超過 800 個基點。

Q3 was further evidence of progress against our strategy as we grew revenue 18% year-over-year. We've built out a full funnel ads platform with a particular focus on the lower funnel, which continues to be the fastest-growing part of our business as advertisers are increasingly seeing Pinterest as a great place to connect with customers, demonstrating high commercial intent.

第三季進一步證明了我們的策略取得了進展，我們的營收年增了 18%。我們建立了一個完整的漏斗廣告平台，特別關注下漏斗，這仍然是我們業務中增長最快的部分，因為廣告商越來越多地將Pinterest 視為與客戶聯繫的好地方，表現出高度的商業意圖。

We're also building a fundamentally better product, focusing on the aspects of Pinterest that make us unique to our audience. The ability to find inspiration, curate, and shop all in one place. We are pleased to report monthly active users of 537 million in Q3, another record high, reflecting 11% year-over-year growth. Each quarter of record users provides further evidence that we found our best product market fit in years.

我們也正在打造一款從根本上更好的產品，重點放在 Pinterest 上那些讓我們在受眾中脫穎而出的方面。能夠在一個地方尋找靈感、策劃和購物。我們很高興地報告第三季月活躍用戶數達到 5.37 億，再創歷史新高，較去年同期成長 11%。每個季度的創紀錄用戶都提供了進一步的證據，證明我們發現了多年來最適合市場的產品。

Today, I'll focus my remarks on discussing themes that are driving progress against the strategy we laid out at Investor Day, starting with an overview about AI and its impact across our business. And moving on to a more specific quarterly update on users, engagement, and monetization.

今天，我將重點討論推動我們在投資者日制定的策略取得進展的主題，首先概述人工智慧及其對我們業務的影響。接下來是關於用戶、參與和貨幣化的更具體的季度更新。

At Pinterest, AI is a core competency and has played a central role in how we have transformed our business over the last two-plus years for both our users and advertisers. As we've leaned into this important technology in recent years, we've generated substantial returns from our investments that have fueled growth across our business.

在 Pinterest，人工智慧是一項核心能力，在過去兩年多的時間裡，我們在為用戶和廣告商實現業務轉型方面發揮了核心作用。近年來，隨著我們對這項重要技術的研究，我們的投資獲得了豐厚的回報，推動了我們整個業務的成長。

Effectively, all content served on Pinterest, including organic and ads is powered by AI recommendation models, that are trained by our unique first-party signal. And AI is only as good as a signal it acts upon. Our AI models generate over 400 million predictions per second, ranking what our users might engage with every time they come to the platform. These rankings leverage hundreds of billions of user actions like searches, saves and clicks. They come from over 0.5 billion logged-in users who are actively exploring, curating, and refining their tastes.

實際上，Pinterest 上提供的所有內容（包括自然內容和廣告）均由 AI 推薦模型提供支持，並由我們獨特的第一方訊號進行訓練。人工智慧的好壞取決於它所採取的行動的訊號。我們的人工智慧模型每秒產生超過 4 億個預測，對用戶每次造訪平台時可能參與的內容進行排名。這些排名利用了數千億次用戶操作，例如搜尋、儲存和點擊。他們來自超過 5 億的登入用戶，他們正在積極探索、策劃和提煉自己的品味。

This vast data allows us to create highly personalized and relevant recommendations, introducing audiences to new brands, products, and emerging trends. We have distinctive and explicit expressions of intent, like a user searching for and saving out their vacation board. This provides us with real-time insight into what inspires our users and what they're looking to purchase next and provides a holistic understanding of user taste based on their past behavior and other users with similar taste.

這些大量數據使我們能夠創建高度個人化和相關的推薦，向受眾介紹新品牌、產品和新興趨勢。我們有獨特而明確的意圖表達，就像用戶搜尋並保存他們的度假板一樣。這使我們能夠即時洞察用戶的動機以及他們接下來想要購買的商品，並根據用戶過去的行為和具有相似品味的其他用戶提供對用戶品味的全面了解。

So while other platforms may see what their users are looking to purchase today, we see what users are interested in purchasing days, weeks, and even months in advance. This is because the users who come to Pinterest are often undecided. The refinery over multisession come journeys before ultimately deciding what to do or buy.

因此，雖然其他平台可能會了解用戶今天想要購買的商品，但我們會提前幾天、幾週甚至幾個月了解用戶有興趣購買的商品。這是因為來到 Pinterest 的用戶常常猶豫不決。煉油廠在最終決定做什麼或購買什麼之前會經歷多次旅程。

This signal creates a flywheel effect. As users engage with our recommended content through curation actions like saving the and creating collages or through clicking and buying behavior, we gather richer data. Incorporating this data into our recommendation algorithms enables us to be even more personalized and relevant content and create a network of product associations, unlike any other platform that allow effectively recommend content to users with similar tastes.

此訊號產生飛輪效應。當使用者透過儲存和建立拼貼畫等管理操作或透過點擊和購買行為與我們推薦的內容互動時，我們會收集更豐富的資料。將這些數據納入我們的推薦演算法中，使我們能夠提供更個人化和相關的內容，並創建產品關聯網絡，這與任何其他可以向具有相似品味的用戶有效推薦內容的平台不同。

Furthermore, in addition to utilizing our proprietary funding model is an area where we are differentiated such as computer vision, we are also leveraging our unique first-party signal to fine-tune off-the-shelf large language models for a variety of use cases around organic and ad content serving. This approach has led to phenomenal results. Notably, a 300 basis point improvement in actionable engagement measured by clicks-and-saves compared to using an off-the-shelf model not fine-tuned with our data.

此外，除了利用我們專有的融資模型（例如電腦視覺）之外，我們還利用我們獨特的第一方訊號來針對各種用例微調現成的大型語言模型圍繞著有機和廣告內容服務。這種方法取得了驚人的成果。值得注意的是，與使用未根據我們的數據進行微調的現成模型相比，透過點擊和保存衡量的可操作參與度提高了 300 個基點。

Our unique user signals and deep understanding of individual interest and taste also allow us to power monetization with highly relevant ads, making the ads useful content for users. We see this clearly across the platform. including on our search surface, where the average ads relevance for top ads slot have more than doubled over the past two years.

我們獨特的用戶訊號以及對個人興趣和品味的深刻理解也使我們能夠透過高度相關的廣告來推動貨幣化，使廣告成為對用戶有用的內容。我們在整個平台上都清楚地看到了這一點。包括在我們的搜尋介面上，頂級廣告位的平均廣告相關性在過去兩年中增加了一倍以上。

This means when a user searches for commercial queries like holiday home decor or fall boots, they see more ads that are relevant to their query that they can easily shop. Since our users come with commercial intent, these ads do not interrupt their user journey, rather they enhance it.

這意味著當用戶搜尋度假家居裝飾或秋季靴子等商業查詢時，他們會看到更多與他們的查詢相關的廣告，以便他們可以輕鬆購物。由於我們的用戶具有商業意圖，因此這些廣告不會中斷他們的用戶旅程，而是會增強他們的用戶旅程。

We also leveraged AI to significantly enhance our ad ranking and delivery systems over the past, 18 months, leading the compulsion gains for our advertisers across the platform. Additionally, in moments of high intent, our AI-powered whole page enables us to flex up ad load to serve more relevant ads to our users, allowing ad load and engagement to grow in tandem. All in all, AI is a core competency at Pinterest. And at the center of the significant progress we're making across our technology stack, which is enhancing the experience for users and advertisers alike.

在過去 18 個月裡，我們也利用人工智慧大幅增強了我們的廣告排名和投放系統，引領了整個平台廣告商的強制收益。此外，在高度關注的時刻，我們的人工智慧驅動的整個頁面使我們能夠靈活調整廣告負載，為用戶提供更相關的廣告，從而使廣告負載和參與度同步增長。總而言之，人工智慧是 Pinterest 的核心能力。我們在技術堆疊上取得的重大進展的核心是增強用戶和廣告商的體驗。

With that, let's get into Q3 specifically and discuss our work to grow user and deepen engagement. In Q3, we continued to improve the user inspiration-to-action journey. As a visual search and discovery platform, users come to Pinterest to explore their interests, seek inspiration, and browse items they may like to purchase. They curate and safe Pins in boards and collages, refining their taste and facilitating future shopping.

接下來，讓我們具體進入第三季度，討論我們在增加用戶和加深參與度方面所做的工作。第三季度，我們持續改進用戶靈感到行動的旅程。作為一個視覺搜尋和發現平台，用戶來到 Pinterest 探索他們的興趣、尋求靈感並瀏覽他們可能喜歡購買的商品。他們在圖板和拼貼畫中策劃和保護 Pin 圖，提高他們的品味並促進未來的購物。

We enhanced the actionability of our platform by integrating shopability into all major user experiences, and leveraging our computer-vision technology to make Pins easily shoppable. Users are taking notice of this change with 66% of weekly Gen Z pinners saying, Pinterest is the first or first services they used to shop up from 54% in the year prior. Through curation, we gained valuable insights into product context, enabling us to refine our recommendations and enhance the user experience.

我們透過將可購物性整合到所有主要使用者體驗中，並利用我們的電腦視覺技術使 Pin 圖易於購物，從而增強了平台的可操作性。使用者註意到了這項變化，66% 的 Z 世代每週 pinner 表示，Pinterest 是他們用來購物的第一個或第一個服務，而去年這一比例為 54%。透過策劃，我們獲得了對產品背景的寶貴見解，使我們能夠完善我們的建議並增強用戶體驗。

Boards and collages are integral to allowing users to curate their own Pinterest, and we continue to make steady investments to improve these features. For example, we recently launched a suite of new collage features, including collage remixing, which lets users collaborate, build upon, and use existing collages as a starting point to express their own taste and creativity, thereby reducing the barrier to entry to create a collage.

圖板和拼貼是用戶管理自己的 Pinterest 不可或缺的一部分，我們將繼續進行穩定的投資來改進這些功能。例如，我們最近推出了一套新的拼貼功能，包括拼貼混音，它允許用戶協作、構建並使用現有拼貼作為起點來表達自己的品味和創造力，從而降低創建拼貼的門檻。

We're also bringing shoppable recommendations to boards, utilizing context from users own search and save history as well as our unique product associations to recommend items that might match their taste and allow them to seamlessly move down the funnel from curation to action.

我們還為看板帶來了可購物的推薦，利用用戶自己的搜尋和保存歷史記錄中的上下文以及我們獨特的產品關聯來推薦可能符合他們口味的商品，並允許他們無縫地從策劃到採取行動。

At Investor Day, we also discussed the shifts we made to our shopping strategy, most notably shifting from a model that was trying to compete with retailers for the transaction to being an ad-based model that is a deep partner to retailers. Our go-forward strategy is centered on expanding shoppable content, refining recommendations through improved personalization and relevance, and seamlessly connecting users and merchants.

在投資者日，我們也討論了我們對購物策略所做的轉變，最顯著的是從試圖與零售商競爭交易的模式轉變為基於廣告的模式，成為零售商的深度合作夥伴。我們的前進策略集中在擴大可購物內容，透過改善個人化和相關性來完善推薦，以及無縫連接用戶和商家。

Over the past year, we have made significant progress in executing against this strategy with the goal of making our platform more actionable for users. Notably, for the fourth consecutive quarter, we more than doubled outbound-clicks to advertisers year-over-year as we improve the overall actionability of the platform.

在過去的一年裡，我們在執行這項策略方面取得了重大進展，目標是使我們的平台對使用者更具可操作性。值得注意的是，隨著我們提高平台的整體可操作性，我們連續第四個季度為廣告商提供的出站點擊量比去年同期增加了一倍以上。

Additionally, to improve user understanding of which Pins are shoppable, added visual shopping in caters to product pins in the US and launched filters like on-sale to help users find products that match their budget and preferences.

此外，為了提高用戶對哪些 Pin 圖可以購物的了解，針對美國的產品 Pin 圖添加了視覺購物功能，並推出了促銷等過濾器，以幫助用戶找到符合其預算和偏好的產品。

Finally, we are expanding the availability of our shopping features to a broader audience. We recently expanded to Shop the Look, which helps users shop what they see in lifestyle imagery to international markets. We also added ways to Style, a module that appears on close hubs for women's fashion Pins, showcasing inspiration on how to style the item in and outfit and complementary shoppable products from our catalog.

最後，我們正在將購物功能的可用性擴展到更廣泛的受眾。我們最近擴展到 Shop the Look，幫助用戶將他們在生活方式圖像中看到的東西購買到國際市場。我們還為「風格」添加了方法，該模組出現在女性時尚 Pin 圖的緊密中心上，展示瞭如何設計商品風格和服裝的靈感以及我們目錄中的補充可購買產品。

In summary, we are successfully executing a strategy we shared at our Investor Day to drive curation and actionability. As a result, we are seeing steady improvement across the basket of engagement metrics we measure, including the ratio of our weekly active to monthly active users as well as an exciting increase in the mix of user sessions that include actionability like duration and outbound clicks.

總而言之，我們正在成功執行我們在投資者日分享的一項策略，以推動策劃和可操作性。因此，我們看到我們衡量的一攬子參與度指標穩步改善，包括每週活躍用戶與每月活躍用戶的比率，以及用戶會話組合的令人興奮的增長，其中包括持續時間和出站點擊等可操作性。

This increasing mix of intent-based and lower funnel user actions is directly aligned with our efforts to make Pinterest more shoppable for users in a true full funnel platform for advertisers as well.

這種越來越多的基於意圖和較低漏斗用戶操作的組合與我們的努力直接一致，即讓 Pinterest 在真正的全漏斗平台上為廣告商提供更多的用戶購物體驗。

Next, I'd like to discuss how we are improving monetization by increasing Pinterest's value and performance for advertisers. We delivered strong revenue growth in Q3, up 18% year-over-year, driven primarily by strength in our lower funnel revenue for the third quarter in a row. As we've discussed before, we've been in the process of transforming our advertising product to be a true performance platform where advertisers can meet our users across the purchase funnel.

接下來，我想討論我們如何透過提高 Pinterest 對廣告商的價值和績效來提高獲利能力。我們在第三季實現了強勁的營收成長，年增 18%，這主要是由於我們連續第三季的下漏斗營收強勁所致。正如我們之前討論的，我們一直在將我們的廣告產品轉變為一個真正的績效平台，廣告商可以在其中透過購買管道與我們的用戶見面。

While shopping has long been a core use case on Pinterest, advertisers historically lacked the tools to effectively drive and measure performance on Pinterest. To address this, we've rolled out multiple lower funnel products over the past 18 months, all of which compound on each other and become more powerful when used together.

雖然購物長期以來一直是 Pinterest 的核心用例，但廣告商歷來缺乏有效推動和衡量 Pinterest 效果的工具。為了解決這個問題，我們在過去 18 個月推出了多種下漏斗產品，所有這些產品相互結合，一起使用時會變得更加強大。

Our multi-quarter lower funnel product rollout began earnest with tools to drive more seamless handoffs. In mid-2023, we launched mobile deep linking, enabling a one-click transition to an advertiser's mobile application particularly beneficial for large retailers with deep consumer penetration of their mobile app.

我們的多季下漏斗產品推出開始認真使用工具來推動更無縫的交接。 2023 年中期，我們推出了行動深度鏈接，支援一鍵轉換到廣告商的行動應用程序，這對於行動應用程式在消費者中具有深入滲透的大型零售商尤其有利。

We followed this offering with the release of direct links, our one-click handoff to an advertiser's mobile or desktop website from Pinterest. Combined, MDL and direct links cover 100% of our lower funnel revenue today and have significantly improved both the shopping experience on Pinterest and advertiser performance. With Q3 being the fourth consecutive quarter, we've more than doubled the clicks to advertisers year-over-year.

在此之後，我們發布了直接鏈接，即從 Pinterest 到廣告商的行動或桌面網站的一鍵切換。 MDL 和直接連結相結合，涵蓋了我們目前 100% 的較低通路收入，並顯著改善了 Pinterest 上的購物體驗和廣告商績效。第三季度是連續第四個季度，我們為廣告商帶來的點擊量比去年同期增加了一倍以上。

The success of these tools is evident in our strong lower funnel revenue growth over the last three quarters, as advertisers increasingly allocate budget as after seeing performance gains on our platform. We initially began to see value capture in the form of increasing budget allocation from our largest, most sophisticated advertisers who benefited from mobile delinking and leverage advanced tools to understand the increase in ROI we were driving.

這些工具的成功體現在我們過去三個季度的下漏斗收入強勁成長中，廣告主在看到我們平台上的效能提升後越來越多地分配預算。我們最初開始看到以增加預算分配的形式從我們最大、最成熟的廣告商那裡獲取價值，這些廣告商受益於行動脫鉤，並利用先進的工具來了解我們正在推動的投資回報率的增加。

With some of these large advertisers, we've reached more than 5% of their total ad budgets or 10% plus of their digital ad budgets. While Pinterest was traditionally limited to smaller experimental budget pools, we are now taking share in performance budgets that tend to be larger and always on. For the past three quarters, as more advertisers have implemented measurement tools to see the impact of direct link, we started to see the next tranche of large retailers, those in the $1 billion to $30 billion sales range follows suit and increase their spend.

對於其中一些大型廣告客戶，我們的廣告預算已達到其總廣告預算的 5% 以上，或數位廣告預算的 10% 以上。雖然 Pinterest 傳統上僅限於較小的實驗預算池，但我們現在正在分享往往更大且始終在線的效能預算。在過去的三個季度中，隨著越來越多的廣告商採用衡量工具來了解直接連結的影響，我們開始看到下一批大型零售商（銷售額在10 億至300 億美元之間的零售商）紛紛效法並增加支出。

With both of these advertiser segments, we see more headroom to grow share of wallet into 2025 and beyond as advertisers see increasing gains to their lower funnel campaigns, the continued benefits of MDL, direct links, shopping ads, and resilient measurement.

對於這兩個廣告商細分市場，我們認為到2025 年及以後，錢包份額的成長空間更大，因為廣告商看到其下漏斗廣告活動的收益不斷增加，MDL、直接連結、購物廣告和彈性衡量的持續優勢。

We also expect our new automation offering, Performance+ to propel an even greater portion of spend from these advertisers as we make campaigns easier to create and more performance, compounding on the lower funnel improvements we've rolled out over the past 18 months.

我們還期望新的自動化產品 Performance+ 能夠推動這些廣告商的更大比例的支出，因為我們使廣告活動更容易創建並提高效能，再加上我們在過去 18 個月推出的下漏斗改進。

Diving deeper into automation. After months of beta testing, we officially launched Performance+ for general availability on October 1. Performance+ brings together AI-driven budgeting, bidding, and targeting functionalities or reducing the effort required from advertisers. Recognizing that giving up control can be challenging for certain marketers, we've gone through multiple levels of alpha and beta testing to validate the effectiveness of automated campaigns and simplifying the experience for marketers and delivering superior ROI.

更深入地研究自動化。經過數月的 Beta 測試，我們於 10 月 1 日正式推出 Performance+ 並全面上市。認識到放棄控制權對於某些行銷人員來說可能具有挑戰性，我們進行了多個層級的alpha 和beta 測試，以驗證自動化行銷活動的有效性，並簡化行銷人員的體驗並提供卓越的投資回報率。

The results are clear. Advertisers need 50% fewer inputs to set up a campaign and on average, a 10% better cost for action. Moreover, advertisers who use Performance+ for their shopping ad campaigns on average, see a [20%] plus cost per action improvement. While we're only five weeks into the general availability launch of Performance+ campaigns, we're pleased with the early signals from advertisers as they begin to adopt the automation suite. This is especially true for the smaller and medium-sized advertisers who have historically struggled to build successful campaigns on Pinterest.

結果很明顯。廣告主進行行銷活動所需的投入減少 50%，行動成本平均降低 10%。此外，使用 Performance+ 進行購物廣告活動的廣告主平均會發現每次操作成本提高了 [20%]。雖然 Performance+ 廣告活動全面推出僅五週時間，但我們對廣告主開始採用自動化套件時發出的早期訊號感到滿意。對於中小型廣告商來說尤其如此，他們歷來都在努力在 Pinterest 上打造成功的廣告活動。

Beyond its initial suite of automation tools, Performance+ is expanding to include new creative and bidding features. Performance+ Creative, which also went into general availability in early October, helps advertisers create and optimize their ad creatives across formats, including generative AI backgrounds on shopping ads. Beta testing has demonstrated a 14% average increase in conversion rate and a 9% lower cost per action for advertisers utilizing performance plus creative.

除了最初的自動化工具套件之外，Performance+ 正在擴展以包含新的創意和出價功能。 Performance+ Creative 也於 10 月初全面上市，可協助廣告主跨格式創建和優化廣告創意，包括購物廣告中的生成人工智慧背景。 Beta 測試表明，利用效果加創意的廣告主的轉換率平均提高了 14%，每次操作成本降低了 9%。

For example, Ruggable, an online retailer known for its innovative washable rugs, use Performance+ creative to automate ad creation from their extensive product catalog. In addition to the significant time and effort savings from automation, they drove a 37% better click-through rate compared to their standard shopping campaigns.

例如，Ruggable 是一家以其創新的可水洗地毯而聞名的線上零售商，它使用 Performance+ 創意從其廣泛的產品目錄中自動創建廣告。除了透過自動化節省大量時間和精力之外，與標準購物活動相比，他們的點擊率提高了 37%。

Our second key investment area is bidding with features designed to enable advertisers to bring more inventory on to Pinterest and find value across a broader swath of their catalog. For the largest advertisers, we built in the optionality to bid at the item level of their product catalog. So advertisers can have granular controls to bid at different price points.

我們的第二個關鍵投資領域是競價，其功能旨在使廣告商能夠將更多庫存帶到 Pinterest 上，並在更廣泛的目錄中找到價值。對於最大的廣告商，我們內建了在其產品目錄的項目層級出價的選項。因此，廣告商可以對不同價格點的出價進行精細控制。

For the next tier of advertisers, we introduced Performance+ ROAS bidding, which automatically optimizes bids based on performance or customer value in order to maximize return on ad spend. While ROAS bidding is currently in beta in our alpha test, most advertisers saw at least a 15% increase in return on ad spend by using Performance+ ROAS bidding. We expect Performance+ ROAS bidding to exit beta testing and be more broadly available to all eligible advertisers in Q1.

對於下一級廣告商，我們引入了「效果+廣告支出回報率」出價，該出價可根據效果或客戶價值自動優化出價，以最大限度地提高廣告支出回報。雖然 ROAS 出價目前在我們的 Alpha 測試中處於 Beta 階段，但大多數廣告客戶透過使用效果+ ROAS 出價，廣告支出回報率至少提高了 15%。我們預計效果+廣告支出回報率出價將在第一季結束 Beta 測試，並更廣泛地提供給所有符合資格的廣告客戶。

Underlying our lower funnel improvements are our efforts to implement our resilient measurement solutions. Conversion of API or CAPI remains our highest priority within the suite of measurement solutions as it enhances conversion visibility for advertisers and in turn, can be used to tune and optimize their spend for future performance.

我們下漏斗改善的基礎是我們努力實施彈性測量解決方案。 API 或 CAPI 的轉換仍然是我們在衡量解決方案套件中的最高優先級，因為它增強了廣告商的轉換可見性，進而可用於調整和優化他們的支出以實現未來的績效。

We increased our CAPI coverage again this quarter and also introduced CAPI Connect, a lower-touch adoption method for advertisers with fewer in-house developing resources to further simplify the process. We are also promoting the adoption of other resilient solutions depending on an advertiser's preference. For example, many of our large retail partners have implemented clean rooms with us to improve their conversion visibility and measurements.

本季我們再次擴大了 CAPI 覆蓋範圍，並推出了 CAPI Connect，這是一種低接觸採用方法，適合內部開發資源較少的廣告商，以進一步簡化流程。我們也根據廣告商的偏好推動採用其他彈性解決方案。例如，我們的許多大型零售合作夥伴都與我們一起實施了無塵室，以提高他們的轉換可見度和測量結果。

By providing a wider range of durable measurement solutions, we are aligning with advertisers' needs and meeting them where they are. As a result, advertisers utilizing one or more of our privacy-centric measurement tools now make up over half of our total revenue or two-thirds of our lower funnel revenue specifically. We continue to make progress across the lower funnel suite, one of our key investment areas in the business. And look forward to sharing more progress in the quarters to come as this suite of solutions continues to roll out.

透過提供更廣泛的持久測量解決方案，我們正在滿足廣告商的需求並滿足他們的需求。因此，使用我們的一種或多種以隱私為中心的衡量工具的廣告商現在占我們總收入的一半以上，特別是我們下漏斗收入的三分之二。我們繼續在漏斗下層套件中取得進展，這是我們業務的關鍵投資領域之一。隨著這套解決方案的不斷推出，我們期待在未來幾季分享更多進展。

Next, I'll touch on our global partnership efforts, which are meant to fill in gaps in our auction and expand our international presence. We've made great progress since we discussed these partnerships at our Investor Day a year ago. Starting with our third-party demand partnerships. We announced in September that as a start to our international expansion, we expanded our relationship with Amazon ads from the US to now include Canada and Mexico as well.

接下來，我將談談我們的全球合作夥伴關係努力，這些努力旨在填補我們拍賣的空白並擴大我們的國際影響力。自從一年前我們在投資者日討論這些合作關係以來，我們已經取得了巨大進展。從我們的第三方需求夥伴關係開始。我們在 9 月宣布，作為國際擴張的開始，我們將與亞馬遜廣告的關係從美國擴展到現在的加拿大和墨西哥。

Next, our Google partnership continues to grow as we test, learn and expand to new regions, including both undermonetized and previously unmonetized markets. Both of these partnerships have continued to build sequentially throughout the year, and we expect that trajectory to persist into Q4.

接下來，隨著我們測試、學習和擴展到新的地區，包括貨幣化不足和以前未貨幣化的市場，我們的 Google 合作夥伴關係將繼續發展。這兩種合作關係在全年中都在繼續建立，我們預計這種軌跡將持續到第四季度。

Turning to our reseller partnerships. Throughout this year, we have turned on multiple new partnerships to expand our sales coverage across our international footprint. Resellers complement our first-party sales efforts and our third-party demand partnerships and are now helping to drive revenue in over 30 undermonetized markets. We expect these partnerships to ramp in our rest of world markets and a steady progression throughout the next few quarters.

轉向我們的經銷商合作夥伴關係。今年，我們建立了多個新的合作夥伴關係，以擴大我們在國際市場上的銷售覆蓋範圍。經銷商補充了我們的第一方銷售工作和第三方需求合作夥伴關係，目前正在幫助增加 30 多個貨幣不足市場的收入。我們預計這些合作夥伴關係將在世界其他市場中不斷擴大，並在未來幾季穩步發展。

Finally, with the holiday season right around the corner, I'd be remiss not to discuss some of our most exciting launches to help users shop and help advertisers drive sales during the most important retail period of the year. For users, we're taking the work out of holiday shopping by introducing gift guides, curated by celebrities, brands, publishers, and tastemakers, with shoppable gift ideas available to users right in their feed.

最後，隨著假期即將到來，如果我不討論一些最令人興奮的產品，以幫助用戶購物並幫助廣告商在一年中最重要的零售期間推動銷售，那就太失職了。對於用戶來說，我們推出了由名人、品牌、出版商和時尚引領者策劃的禮品指南，並在用戶的動態中提供可購買的禮品創意，從而減輕了假日購物的負擔。

For advertisers, we've launched a suite of new tools powered by machine learning to better help advertisers highlight their holiday shopping discounts. The first tool is promotions, which allows advertisers to showcase promotions like free shipping, site-wide sales, and buy one get one offers to users based on their taste and preferences. The test results have been promising. For example, Spanx was an early adopter of our new promotions feature and saw a 2x increase in click-through rate on their recent campaign.

對於廣告商來說，我們推出了一套由機器學習驅動的新工具，以更好地幫助廣告商突出他們的假期購物折扣。第一個工具是促銷，它允許廣告商根據用戶的品味和偏好向用戶展示免費送貨、全站銷售以及買一送一優惠等促銷活動。測試結果很有希望。例如，Spanx 是我們新促銷功能的早期採用者，最近的活動點擊率增加了 2 倍。

Second, we launched new deal ad modules, making ads with special offers more visible to users with the carousel format, helping brands stand out during sale moments. These enhancements help users easily find that perfect gift they've been looking for and helping advertisers connect with our high-intent user base.

其次，我們推出了新的特惠廣告模組，以輪播的形式讓特惠廣告更容易被用戶看到，幫助品牌在促銷時刻脫穎而出。這些增強功能可幫助用戶輕鬆找到他們一直在尋找的完美禮物，並幫助廣告商與我們的高意向用戶群建立聯繫。

Overall, I'm pleased with the progress we are making across a number of initiatives, many of which were in the early stages of development at our Investor Day a year ago, and I'm even more optimistic about what's ahead.

總的來說，我對我們在多項舉措上取得的進展感到滿意，其中許多舉措在一年前的投資者日上還處於開發的早期階段，我對未來更加樂觀。

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 third quarter, 2024 financial results and provide an update on our preliminary fourth quarter, 2024 outlook. All financial metrics except for revenue will be discussed in non-GAAP terms unless otherwise specified. And all comparisons will be discussed on a year over year basis unless otherwise noted.

謝謝比爾，大家下午好。今天，我將討論 2024 年第三季的財務業績，並提供 2024 年第四季初步展望的最新情況。除非另有說明，除收入外的所有財務指標都將以非公認會計原則術語進行討論。除非另有說明，所有比較都將逐年討論。

Let's start with our third quarter results. We ended the quarter with 537 million global monthly active users or MAUs, growing 11% and reaching yet another record high. Additionally, we continue to demonstrate user growth across all our reported geographies. In Q3, our US and Canada region had 99 million MAUs growing 3%. Our Europe region had 139 million MAUs growing 8%. And in the rest of world markets, we had 300 million MAUs growing 16%.

讓我們從第三季的業績開始。本季末，我們的全球月活躍用戶數 (MAU) 達到 5.37 億，成長 11%，再創歷史新高。此外，我們繼續展示我們報告的所有地區的用戶成長。第三季度，我們的美國和加拿大地區每月活躍用戶數為 9,900 萬，成長 3%。我們的歐洲地區有 1.39 億月活躍用戶，成長了 8%。在世界其他市場，我們的每月活躍用戶數為 3 億，成長了 16%。

Moving to revenue. In Q3, our global revenue was $898 million, up 18% on a reported and constant currency basis. The revenue strength this quarter highlights how we are driving value for advertisers across the full funnel, with strength coming from our lower funnel consideration and conversion objectives, which optimize for clicks and conversions.

轉向收入。第三季度，我們的全球營收為 8.98 億美元，按報告和固定匯率計算成長 18%。本季的收入實力突顯了我們如何在整個管道中為廣告商帶來價值，其中的優勢來自於我們對管道下部的考慮和轉換目標，這些目標針對點擊和轉換進行了最佳化。

From a vertical perspective, we continue to see broad strength in retail. Additionally, emerging verticals like financial services, automobiles, and technology continue to be a source of strength. However, this growth was partially offset by ongoing softness within the food and beverage subsector of CPG, where advertisers continue to navigate broader industry headwinds.

從垂直角度來看，我們繼續看到零售業的廣泛優勢。此外，金融服務、汽車和科技等新興垂直產業仍是力量的來源。然而，這種成長被消費消費品食品和飲料子行業持續疲軟所部分抵消，廣告商繼續應對更廣泛的行業逆風。

Next, as expected, revenue from our third-party demand partnerships continued to ramp in Q3, growing sequentially off the revenue base we delivered in Q2 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三季度繼續增長，在我們第二季度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 breakout for Q3. In the US and Canada, we generated $719 million in revenue, growing 16%. Strength came from retail and emerging categories, including financial services, technology, and automobiles. In Europe, revenue was $137 million, growing 20% on both a reported and constant currency basis. Strength in Europe was driven by retail.

轉向我們第三季的地理突破。在美國和加拿大，我們創造了 7.19 億美元的收入，成長了 16%。力量來自零售和新興類別，包括金融服務、科技和汽車。在歐洲，營收為 1.37 億美元，按報告收入和固定匯率計算成長 20%。歐洲的強勢是由零售業推動的。

Revenue from rest of world was $42 million, growing 38% on a reported basis or 45% on a constant currency basis. In Q3, ad impressions grew 41% while ad pricing declined 17% year over year. Our efforts to begin serving ads and monetize international markets or previous gaps in our auction have been accretive to net revenue. However, as we started to call that last quarter, the ramp of these initiatives has also naturally led to an increase in ad impressions growth and downward pressure on overall global platform pricing due to this ongoing mix shift.

來自世界其他地區的收入為 4,200 萬美元，按報告計算成長 38%，以固定匯率計算成長 45%。第三季度，廣告展示次數較​​去年同期成長 41%，廣告價格較去年同期下降 17%。我們開始投放廣告並利用國際市場貨幣化的努力或先前拍賣的空白已經增加了淨收入。然而，正如我們上個季度開始所說的那樣，這些舉措的推廣也自然導致了廣告展示次數增長的增加，以及由於這種持續的組合轉變而對全球整體平台定價造成的下行壓力。

Moving to expenses. Though year-over-year comparisons are becoming more challenging due to the substantial margin expansion achieved in the second half of 2023, we continue to drive adjusted EBITDA margin expansion again in Q3 through effective expense discipline while allocating resources towards our highest ROI initiatives. In Q3, cost of revenue was $182 million, up 9% year-over-year and up 1% versus Q2. Due to increased infrastructure spend related to user and engagement growth, partially offset by our continued work to drive cost optimizations on our infrastructure spend.

轉向開支。儘管由於2023 年下半年實現的利潤率大幅增長，同比比較變得更具挑戰性，但我們繼續透過有效的費用紀律在第三季度再次推動調整後EBITDA 利潤率的擴張，同時將資源分配給我們最高投資報酬率的計劃。第三季度，營收成本為 1.82 億美元，年增 9%，比第二季度成長 1%。由於與用戶和參與度成長相關的基礎設施支出增加，部分被我們持續努力推動基礎設施支出成本優化所抵消。

Our non-GAAP operating expenses was $478 million, up 15%. The increase was primarily due to R&D where we are investing in headcount growth with smaller increases in sales and marketing and G&A. Our revenue strength and expense discipline led to another strong quarter of adjusted EBITDA coming in at $242 million with an adjusted EBITDA margin of 27%. This was up approximately 280 basis points versus Q3 last year.

我們的非 GAAP 營運支出為 4.78 億美元，成長 15%。這一成長主要歸因於研發，我們投資於員工人數成長，而銷售和行銷以及一般管理費用的增幅較小。我們的營收實力和支出紀律導致另一個強勁的季度調整後 EBITDA 達到 2.42 億美元，調整後 EBITDA 利潤率為 27%。與去年第三季相比，這一數字上升了約 280 個基點。

Finally, we ended the quarter with cash, cash equivalents and marketable securities of $2.4 billion. In the quarter, we allocated $466 million towards share repurchases, bringing our year-to-date spend to $500 million for a total of 15.9 million shares. In addition, we have utilized $306 million of cash year-to-date on net share settlement of equity awards.

最後，本季結束時，我們的現金、現金等價物和有價證券為 24 億美元。本季度，我們分配了 4.66 億美元用於股票回購，使我們年初至今的支出達到 5 億美元，回購股票總數為 1,590 萬股。此外，今年迄今我們已使用 3.06 億美元現金用於股權獎勵的淨股份結算。

Lastly, we have replenished our buyback capacity by authorizing a new $2 billion share repurchase program intended to be used over a multiyear period to mitigate dilution from stock-based compensation or opportunistically buyback shares.

最後，我們透過授權一項新的 20 億美元股票回購計劃補充了我們的回購能力，該計劃旨在在多年內使用，以減輕基於股票的薪酬或機會性回購股票帶來的稀釋。

Now I'll discuss our preliminary guidance for the fourth quarter. We expect Q4 2024 revenue to be in the range of $1.125 billion to $1.145 billion, representing 15% to 17% growth year-over-year. Based on current spot rates, we expect the impact of foreign exchange to be minimal.

現在我將討論我們對第四季的初步指導。我們預計 2024 年第四季營收將在 11.25 億美元至 11.45 億美元之間，年增 15% 至 17%。根據目前的即期匯率，我們預期外匯的影響很小。

Turning now to our expense guidance. We expect Q4 non-GAAP operating expenses of $495 million to $510 million, growing 11% to 14% year-over-year. Our operating expense guidance does not include cost of revenue. However, we anticipate a more modest level of year-over-year Q4 non-GAAP cost of revenue leverage versus the prior three quarters as we anniversary significant gains from our cost optimization work.

現在轉向我們的費用指南。我們預計第四季非 GAAP 營運費用為 4.95 億至 5.1 億美元，年增 11% 至 14%。我們的營運費用指引不包括收入成本。然而，隨著我們的成本優化工作取得顯著收益，我們預計第四季度非公認會計準則收入槓桿成本的同比水平將較前三個季度更為溫和。

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 and other product initiatives supporting users and monetization.

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，我們繼續投資於人工智慧人才和其他支援用戶和貨幣化的產品計劃。

Consistent with our prior commentary, we expect year-over-year adjusted EBITDA margin expansion in both halves of 2024, though at a more modest level in the second half as we anniversary the strengthening adjusted EBITDA margins we drove in the second half of 2023. Overall, we are pleased with our progress in 2024 toward our long-term adjusted EBITDA margin target.

與我們先前的評論一致，我們預計 2024 年下半年調整後 EBITDA 利潤率將同比增長，但下半年的水平將較為溫和，因為我們正值 2023 年下半年調整後 EBITDA 利潤率走強的周年紀念日。整體而言，我們對2024 年在實現長期調整後EBITDA 利潤率目標方面取得的進展感到滿意。

In closing, I'm pleased with our team's performance this quarter, which demonstrates ongoing progress against our strategic plans as we grow users and engagement and continue to strengthen our full funnel offering for advertisers.

最後，我對我們團隊本季的表現感到滿意，這表明隨著我們增加用戶和參與度，並繼續加強我們為廣告商提供的全通路服務，我們的策略計畫正在取得持續進展。

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

說到這裡，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 and to shop.

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 尋找靈感和購物的人。

And with that, we can open the call up for questions.

這樣，我們就可以開始提問了。

(Operator Instructions)

（操作員說明）

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Thanks guys. Maybe just starting with the macro. Julia, your guide for 4Q looks like a couple point decel at the midpoint. Could you just talk about what you're seeing quarter to date? Any impact from the shortened holiday window or any kind of category strength or weakness that we would flag here? And then just generally, how are things heading into 2025? Thanks a lot.

偉大的。謝謝你們。也許只是從宏觀開始。朱莉婭，你的 4Q 指南看起來像是在中點有幾個點減速。您能談談您本季迄今所看到的情況嗎？縮短的假期窗口或我們在此標記的任何類別的優勢或劣勢有何影響？那麼整體而言，2025 年的情況如何？多謝。

Thanks Ross. So, as you noted, we're guiding Q4 at 15% to 17%, which is roughly similar to the 16% to 18% we guided for Q3. And obviously, we came in at the high end of that range in Q3 at 18%.

謝謝羅斯。因此，正如您所指出的，我們指導第四季度為 15% 至 17%，這與我們為第三季度指導的 16% 至 18% 大致相似。顯然，我們在第三季處於該範圍的高端，為 18%。

And that guidance for Q4 reflects a continuation of many of the factors that help drive our growth in Q3. And really throughout this entire year. Lower funnel revenue growth has been the fastest growing part of our business for the past three quarters driven by the product innovation we've had over the last 18 months and we expect that lower funnel strength to continue not just into Q4 but into 2025 and beyond.

第四季度的指導反映了許多有助於推動我們第三季成長的因素的延續。確實貫穿這一整年。在過去 18 個月的產品創新推動下，下漏斗營收成長是過去三個季度我們業務成長最快的部分，我們預計下漏斗的優勢不僅會持續到第四季度，而且會持續到 2025 年及以後。

Revenue from third party demand partnerships also continues to ramp sequentially into Q4. However, we've also noted for the last few quarters that we're seeing softness among food and beverage advertisers who are navigating broader headwinds within that category. And we think this trend continues into Q4 as well.

第四季來自第三方需求合作夥伴的營收也持續成長。然而，我們也注意到，在過去的幾個季度中，我們看到食品和飲料廣告商的表現疲軟，他們正在應對該類別中更廣泛的逆風。我們認為這種趨勢也將持續到第四季。

I would also call it that as expected Performance+ is still in the early rollout phase with many advertisers limiting budget shifts and adoption of new features during holiday peak period, we also have more functionality on the come with Performance+ with ROAS bidding feature expected to be released in Q1 next year, which is consistent with our prior commentary on the timeline.

我還認為，正如預期的那樣，Performance+ 仍處於早期推出階段，許多廣告商在假期高峰期間限制預算調整和新功能的採用，我們還推出了更多功能，預計將發布 Performance+ 和 ROAS 出價功能明年第一季度，這與我們先前對時間表的評論一致。

And just like our previous lower funnel product efforts like MDL, direct links, and CAPI, we expect the adoption curve and value capture cycle to be more multi quarter beginning in 2025 and to further compound the gains we are seeing in the lower funnel.

就像我們之前的 MDL、直接連結和 CAPI 等下漏斗產品工作一樣，我們預計從 2025 年開始，採用曲線和價值獲取週期將更加持續多個季度，並進一步複合我們在下漏斗中看到的收益。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions. I have two. The first one is, can you bill, can you sort of walk us through just kind of step back and say your most important 2025 ad innovation focal points? And perhaps how have new Gen-AI capabilities sort of change those over the course of the last year.

感謝您回答我的問題。我有兩個。第一個是，您能開立帳單嗎？也許新的 Gen-AI 功能在過去一年中如何改變了這些情況。

And then the second one, I'll do a jump off either bill or Julia as you sort of think about the ad tech innovation areas are there where you really see the potential to just drive durably faster ad revenue growth, sort of, hopping into the 20%s or is it just sort of, it's more of a challenge to add that many dollars? Thanks.

然後第二個，當你思考廣告技術創新領域時，我會跳出比爾或朱莉婭，在那裡你確實看到了推動廣告收入持久更快增長的潛力，有點跳入20%，或者只是增加這麼多美元更具挑戰性？謝謝。

Yeah. Thanks Brian. So first of all, we feel really good about the leverage. We have to drive revenue growth in 2025 as we make further continued progress in building out the full funnel platform with a concerted focus on the lower funnel.

是的。謝謝布萊恩。首先，我們對槓桿感覺非常好。我們必須在 2025 年推動營收成長，因為我們在建立全漏斗平台方面取得了進一步的持續進展，並專注於下漏斗。

If we look back at the initiatives that we outlined at our Investor Day, those all continue to play out nicely. As I noted, we rolled out a number of lower funnel tools in solutions like mobile deep linking, direct links, and CAPI, privacy resilient measurement, that are leading to increased share of wallet and value capture, especially with our largest most sophisticated advertisers and now increasingly with the next tranche of advertisers as well. So we see more room to grow with both cohorts of advertisers in 2025.

如果我們回顧一下我們在投資者日概述的舉措，就會發現這些舉​​措都繼續取得了良好的效果。正如我所指出的，我們在解決方案中推出了許多下漏斗工具，例如行動深度連結、直接連結和CAPI（隱私彈性測量），這些工具導致錢包份額和價值獲取增加，特別是對於我們最大、最成熟的廣告商和現在也越來越多地與下一批廣告商合作。因此，我們認為到 2025 年，這兩類廣告商都有更大的成長空間。

And it's worth noting that for some of our largest advertisers, lower funnel revenue objectives now account for over 80% of the spend with us, which is up significantly over the last two years and significantly higher than the overall mix of lower funnel that we see across the business.

值得注意的是，對於我們一些最大的廣告客戶來說，下漏斗收入目標現在占我們支出的80% 以上，這一數字在過去兩年中顯著上升，並且顯著高於我們看到的下漏斗整體組合整個業務。

A couple of things to note Performance+ just went GA with value capture still on the come as you go into 2025 especially from midsized accounts as Performance+ really helps automate and expedite a new campaign creation and of course global partnerships including third party demand resellers are also an added contributor as we look into 2025.

需要注意的幾件事Performance+ 剛剛進入GA，隨著您進入2025 年，尤其是中型帳戶，Performance+ 確實有助於自動化和加快新行銷活動的創建，當然，包括第三方需求經銷商在內的全球合作夥伴關係也將帶來價值捕獲。

And then, as we've noted on the last several quarters, macro headwinds specifically within the food and beverage category are not unique to us, but we do have more concentration there and those are somewhat out of our control. So setting those aside, we continue to feel good about our initiatives to grow the business in a 2025 and beyond.

然後，正如我們在過去幾季所指出的那樣，特別是在食品和飲料類別中的宏觀逆風並不是我們所獨有的，但我們確實更加專注於該領域，而這些在某種程度上是我們無法控制的。因此，撇開這些因素不談，我們仍然對 2025 年及以後發展業務的舉措感到滿意。

And it's worth noting -- you asked about your second question of getting to growth in the 20%s. You know, if you excluded food and beverage, we grew revenue in the low 20% range in Q3, which really speaks to the strength and the rest of the business on the back of the initiatives that we're driving.

值得注意的是—您問了第二個問題，即達到 20% 的成長。你知道，如果不包括食品和飲料，我們第三季的營收成長在 20% 左右，這確實說明了在我們推動的舉措的支持下，我們的實力和其他業務。

And so you talked about durability, I mentioned in my prepared remarks as we're moving into those lower funnel performance budgets, those tend to be much larger than the experimental budget where we played before and much more durable. And that is increasingly where we are gaining share so that we feel really good about.

所以你談到了耐用性，我在準備好的評論中提到，因為我們正在進入那些較低的漏斗性能預算，這些預算往往比我們之前玩的實驗預算大得多，而且更耐用。我們越來越多地在這方面獲得份額，因此我們感覺非常好。

And again, if you were to exclude food and beverage where there's been a broader macro head, and we just have a little more exposure to that because the unique use cases are a platform, the rest of our business growing in the low 20% range in Q3.

再說一次，如果你要排除食品和飲料，那裡有更廣泛的宏觀頭腦，我們只是有更多的接觸機會，因為獨特的用例是一個平台，我們的其餘業務增長在 20% 的低範圍內在第三季。

And then finally on engagement, we continue to be excited with the progress there. We're seeing an increasing mix of sessions that include lower funnel actions. And that's really directly aligned with our efforts to improve actionability. And we have more room to go as monetization per unit of intent is still a fraction of what it could be on the platform. But we've really proven out that Pinterest is a shopping platform.

最後，在參與度方面，我們仍然對那裡的進展感到興奮。我們看到越來越多的會議包含了漏斗下部的行動。這確實與我們提高可操作性的努力直接相關。我們還有更大的發展空間，因為每單位意圖的貨幣化仍然只是平台上的一小部分。但我們確實證明了 Pinterest 是一個購物平台。

And we've talked about winning with the next generation, with Gen Z. Pinterest is where Gen Z goes to shop. That's increasing the case here over the years, I shared in my prepared remarks and we see that across the platform. And so again, that's why we feel good about picking up share in those lower funnel objectives, performance budgets, retail being a source of strength. Those are all things that have been consistently part of our story and those, those efforts continue to compound on one another. Hopefully that helps.

我們討論了與下一代（Z 世代）一起獲勝。多年來，這種情況不斷增加，我在準備好的演講中分享了這一點，我們在整個平台上都看到了這一點。再說一次，這就是為什麼我們對在那些較低的漏斗目標、績效預算、零售作為力量源泉中獲得份額感到高興。這些都是我們故事中一貫的一部分，而這些努力將繼續相互疊加。希望有幫助。

Ken Gawrelski, Wells Fargo.

肯‧加維爾斯基（Ken Gawrelski），富國銀行。

Thank you very much for the opportunity. On Performance+, could you talk to us about -- I know you just rolled out in GA, but could you talk about how we should think about the contribution to '25 growth? And over time, do you think that it builds throughout the year? Or how do you see clients adopting Performance+ in its contribution in '25?

非常感謝您給我這個機會。關於 Performance+，您能否與我們談談——我知道您剛剛在 GA 中推出，但您能否談談我們應該如何考慮對 25 世紀增長的貢獻？隨著時間的推移，您認為它會全年增長嗎？或者您如何看待客戶在 25 年的貢獻中採用 Performance+？

And then maybe to follow up just on the same matter. Do you see this as driving greater advertiser adoption or do you see it driving better conversions and therefore, better pricing on an impression level that has already been expanding pretty dramatically? I know it could have both impacts, but I'd love to hear your thoughts on one versus the other. Thank you.

然後也許會就同一件事進行跟進。您認為這會推動廣告客戶的更大採用，還是會推動更好的轉化，從而在已經大幅擴張的印像水平上帶來更好的定價？我知道這可能會產生兩種影響，但我很想聽聽您對其中一種影響的看法。謝謝。

Yeah. Thanks for the question, Ken. So we're feeling good about the rollout of Performance+. As you noted and I noted in my prepared remarks, that went to general availability just at the beginning of October. So we saw really encouraging results from the beta testing and from our early deployment of that, but it is early. And these are always multi-quarter adoption cycles.

是的。謝謝你的提問，肯。因此，我們對 Performance+ 的推出感到滿意。正如您和我在準備好的演講中指出的那樣，該產品於 10 月初全面上市。因此，我們從 Beta 測試和早期部署中看到了非常令人鼓舞的結果，但現在還為時過早。這些總是多個季度的採用週期。

And I called out in my prepared remarks that a year ago at our Investor Day, we had just printed 6% revenue growth in the quarter before our Investor Day. A year later, we've done 18% revenue growth on a trailing 12-month basis. That's really because of the things that we had launched then direct links, mobile deep linking, those early shopping efforts. Those paid pounding dividends over the coming year. And we think about Performance+ similarly that as we go into next year, that gives us a next leg of budget gains that we can make with advertisers.

我在準備好的發言中指出，一年前的投資者日，我們剛剛在投資者日之前的季度實現了 6% 的收入成長。一年後，我們過去 12 個月的收入成長了 18%。這實際上是因為我們推出了直接連結、行動深度連結以及早期的購物努力。這些公司將在來年支付巨額股息。當我們進入明年時，我們對「效果+」的看法類似，這為我們提供了可以與廣告商一起獲得的下一個預算收益。

And some of the stats I called out those initial results, we're seeing 50% fewer inputs to set up a campaign to your question about getting to more clients that really helps us get to those sort of midsized on down advertisers, where setting up campaigns, finding performance had been to struggle then 50% fewer inputs to set up the campaign, and a 20% plus CPA improvement for those. So that's going really well in terms of the performance that we're delivering and the reduction in effort, which should get us to a wider swath of advertisers.

我列出了這些初步結果的一些統計數據，我們發現針對您關於吸引更多客戶的問題設置營銷活動的投入減少了50%，這確實有助於我們吸引中型或規模較小的廣告商，在這些廣告商中，行銷活動，發現效果一直很掙扎，然後設定行銷活動的投入減少了 50%，而每次轉換費用 (CPA) 提高了 20% 以上。因此，就我們提供的效能和減少的工作量而言，這確實進展順利，這應該會讓我們接觸到更廣泛的廣告商。

The creative side of that, I mentioned the Ruggable case study on the call as we're doing AI-generated accretive that makes products appear more visually compelling for users. We're seeing really great results there in the Ruggable case study, a 37% better click-through rate using Performance+ creative compared to their standard shopping campaigns. So that gives you a sense of just how significant the benefits are there. So a lot more to come on that in 2025.

在創意方面，我在電話會議上提到了 Ruggable 案例研究，因為我們正在做人工智慧生成的增值，使產品在視覺上對用戶更具吸引力。我們在 Ruggable 案例研究中看到了非常好的結果，與標準購物廣告系列相比，使用 Performance+ 廣告素材的點擊率提高了 37%。這樣您就可以感受到其中的好處有多重要。因此，2025 年還會有更多的事情發生。

Your question about -- so I address anything to more advertisers, where we're going from those very largest events really picking up steam for some time with us now to the next sort of $1 billion to $30 billion group Performance+ ease of campaign creation gets us more into those advertisers. But the other part of your question was like, can we get to more of their inventory, more of the advertiser’s inventory? So this gets to how we grow share of wallet even for our largest advertisers. Things that we've done like SKU level bidding and ROAS bidding, these help the advertiser bid at a more granular level and see performance as much wider swath of their inventory, which should bring more advertised inventory onto the platform, and be another source of expansion as we go into next year.

你的問題是——所以我向更多的廣告商提出任何問題，我們將從那些真正在一段時間內與我們一起加速發展的大型活動，到下一個價值10 億至300 億美元的集團績效+廣告活動創建的簡易性我們更關注那些廣告商。但你問題的另一部分是，我們能否獲得更多他們的庫存，更多廣告商的庫存？因此，這涉及我們如何增加錢包份額，即使對於我們最大的廣告商也是如此。我們所做的事情，例如SKU 級別出價和ROAS 出價，這些可以幫助廣告商在更細粒度的級別上出價，並將效果視為更廣泛的庫存範圍，這應該會為平台帶來更多的廣告庫存，並成為另一個來源當我們進入明年時，我們會進行擴張。

So that Performance+ grow as bidding that I mentioned, that's still in beta with encouraging results and general availability on that in Q1. So both those things -- all those things together really give us confidence that there's a lot more share of wallet that we can gain. And that's all on the back of the inherent commerciality of our users. Again, we've really proven out Pinterest as a great place to shop.

因此，Performance+ 會隨著我提到的競價而成長，但仍處於測試階段，其結果令人鼓舞，並且在第一季普遍可用。所以這兩件事——所有這些事情加在一起確實讓我們有信心，我們可以獲得更多的錢包份額。而這一切都是基於我們用戶固有的商業性。我們再次證明 Pinterest 是一個購物的好地方。

So it's early days, but we're really encouraged by what we're seeing there. given the strong performance among the beta advertisers. And we do see incrementality there and early signs of budget shift. So while that broader adoption is more H1, that -- the signs there are encouraging, even though advertisers don't make big shifts during the holiday shopping season.

所以現在還處於早期階段，但我們對在那裡看到的一切感到非常鼓舞。鑑於測試版廣告商的強勁表現。我們確實看到了增量和預算轉變的早期跡象。因此，雖然更廣泛的採用更多是在上半年，但儘管廣告商在假期購物季期間沒有做出重大轉變，但跡象令人鼓舞。

Ron Josey, Citigroup.

羅恩喬西，花旗集團。

Great. Thanks for taking the question. Bill, I wanted to follow up on that question just now around engagement. But specifically, you mentioned, we've proven out Pinterest is a great place to shop. So I would love your thoughts on this engagement rate on the platform, aside from MAUs, but just engagement rates around shoppable engagement. And as you think about the benefits from AI, would you say we're in the early days here, that 300 basis points?

偉大的。感謝您提出問題。比爾，我想繼續討論剛才關於參與度的問題。但具體來說，您提到，我們已經證明 Pinterest 是一個購物的好地方。因此，除了每月活躍用戶數之外，我很想聽聽您對平台上參與率的看法，但只是圍繞可購物參與度的參與率。當您思考人工智慧的好處時，您是否會說我們還處於 300 個基點的早期階段？

And then a second question just on the lower funnel products and adoption. Without bound click continue to double here, help us understand just the process of adoption of these of these tools like direct link and CAPI, because it usually take two or three quarters? Or how do advertisers see this in terms of adoption now that we're several quarters in the launch? Thank you.

然後是關於下漏斗產品和採用的第二個問題。沒有綁定點擊繼續雙重這裡，幫助我們了解直接連結和CAPI等這些工具的採用過程，因為它通常需要兩到四分之三的時間？或者，既然我們已經推出了幾個季度，廣告商對採用率有何看法？謝謝。

Yeah. Thanks, Ron. So on the engagement question, just to be really crystal clear about this, the significant improvement in user growth and deepening engagement has been a bright spot over the past two years. Those trends continue to be really encouraging as we continue to deepening engagement while also reaching record high monthly active users.

是的。謝謝，羅恩。因此，在參與度問題上，要真正清楚地了解這一點，用戶成長和參與度加深的顯著改善是過去兩年的亮點。隨著我們繼續加深參與度，同時每月活躍用戶達到歷史新高，這些趨勢仍然非常令人鼓舞。

Place you see that really clearly is in the steady improvement in our low amount ratio in 2024, even as we bring in record amounts of new users, oftentimes bringing a lot of new users can be dilutive to your engagement per user. But even as we bring on record amounts of new users, our WAU to MOU ratio continues to see steady improvement, which just really gets to how we're driving depth of engagement, and how as we bring more relevant shoppable content, including ads onto the platform, that's driving further user engagement.

您可以清楚地看到，到 2024 年，我們的低金額比率將穩步改善，即使我們帶來了創紀錄數量的新用戶，但引入大量新用戶通常會稀釋每個用戶的參與度。但即使我們帶來了創紀錄數量的新用戶，我們的WAU 與MOU 比率仍在穩步提高，這確實關係到我們如何推動參與深度，以及我們如何將更多相關的可購物內容（包括廣告）引入到平台上。

When you unpack what's driving engagement across the back of activity that we look at, we see that actionability specifically sessions with curation and clicks are driving an increasing share of engagement. That's really encouraging as it aligns with the shift of our business model towards the lower funnel and is a higher value activity, both for the user and the advertiser compared to passive view time alone. So that's really encouraging.

當你分析我們所關注的活動背後推動參與度的因素時，我們發現可操作性，特別是與策劃和點擊相關的會話正在推動參與度的增加。這確實令人鼓舞，因為它與我們的業務模式向下漏斗的轉變相一致，並且與單獨的被動觀看時間相比，對於用戶和廣告商來說都是一項更高價值的活動。這確實令人鼓舞。

And finally, our most mature markets are our most engaged with engagement per MAU being highest in you can and continuing to grow, and that's consistent with our other developed markets. So we're furthest along in our actionability efforts in these mature markets, but lots of opportunity as we take that further internationally. But these things do continue to build upon themselves.

最後，我們最成熟的市場是我們參與度最高的市場，每個月活躍用戶的參與度是最高的，並且持續成長，這與我們其他已開發市場是一致的。因此，我們在這些成熟市場的可操作性努力方面走得最遠，但隨著我們在國際上進一步發展，我們還有很多機會。但這些事情確實會繼續發展。

And so you were asking about lower funnel adoption. As we called out many times, these things are multi-quarter adoption cycles for retailers. But it's also worth noting that in addition to the multi-quarter adoption cycle, you see compounding benefits to these things. So we've talked about the flywheel effect of as users come to the platform and curate and take action more, that gives us rich signal to make better and better relevant recommendations. Those more relevant recommendations, bring users back to the platform more often and drive more shopping behavior that are therefore advertisers to meet those users and create monetization events for us.

所以你問的是下漏斗採用狀況。正如我們多次呼籲的那樣，這些對於零售商來說是多個季度的採用週期。但也值得注意的是，除了多個季度的採用週期之外，您還會看到這些事情的複合效益。因此，我們討論了隨著用戶來到平台並進行更多策劃和採取更多行動的飛輪效應，這為我們提供了豐富的信號來提出越來越好的相關推薦。這些更相關的推薦可以讓用戶更頻繁地回到平台並推動更多的購物行為，因此廣告商可以滿足這些用戶並為我們創造獲利活動。

So we talk about this being the fourth quarter in a row where we more than doubled the number of outbound clicks to advertisers. Every time we get one of those clicks, that's a shopper that we help find what they were looking for, that feed does better signal back into what's relevant to bring them back to next time, but also gives us more opportunity to monetize in the future.

因此，我們說這是連續第四個季度，廣告商的出站點擊量增加了一倍以上。每當我們獲得其中一次點擊時，我們就會幫助購物者找到他們正在尋找的東西，該信息流可以更好地傳達相關信息，讓他們下次再回來，同時也為我們提供了更多在未來獲利的機會。

So that flywheel effect even beyond the adoption of the product features, that flywheel effective increasing engagement through relevancy more supple events for more advertisers, bringing more shoppable content onto the platform, more advertised SKUs, those things all compound upon each other. And so we think that while the adoption cycles are multi-quarter, we think the compounding effects are durable in multiyear. So hopefully, that helps.

因此，飛輪效應甚至超越了產品功能的採用，飛輪透過為更多廣告商提供更靈活的活動相關性、為平台帶來更多可購物內容、更多廣告SKU，這些東西相互結合，有效地提高了參與度。因此，我們認為，雖然採用週期是多個季度，但我們認為複合效應在多年內是持久的。希望這會有所幫助。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Thank you for taking my question. I have a question on ad load. So where do you think is a good normal level for ad load on Pinterest?

感謝您回答我的問題。我有一個關於廣告加載的問題。那麼，您認為 Pinterest 上廣告負載的正常正常水平是多少？

And what in your opinion, are the biggest opportunities on the platform? How are you thinking about balancing engagement as you continue to increase ad load?

您認為該平台上最大的機會是什麼？當您繼續增加廣告負載時，您如何考慮平衡參與度？

Yeah. Thank you. Well, just touching on a bit, our engagement continues to deepen. Our WAU to MAU ratio continues to improve through 2024, and that really is driven by actionability. And at the core of that actionability has been shoppable ads. So to your question of what's a normal ad load, I think we are still at a fraction of the monetization per unit of intent on our platform that I've seen in analogs from past life. So I think there's a lot more headroom to go.

是的。謝謝。好吧，只是簡單說一下，我們的接觸不斷加深。到 2024 年，我們的 WAU 與 MAU 比率將繼續提高，這實際上是由可操作性驅動的。可操作性的核心是可購物廣告。因此，對於您關於什麼是正常廣告負載的問題，我認為我們的平台上每單位意圖的貨幣化程度仍然只是我在過去的類似情況中看到的一小部分。所以我認為還有很大的發展空間。

And the headroom on that is really driven by how much you can bring on the right relevant ads that help the user complete their shopping journey. And we see a lot more of that to go. I talked about how Performance+ is helping us bring on more retailers and letting more retailers advertise, how more granular bidding controls allow us to bring on more inventory from each of the retailers. So these things help drive even more shopability on the platform. And the more we get the right relevant ads, the more we can take the ad load higher.

而這方面的空間實際上取決於您可以在多大程度上投放正確的相關廣告來幫助用戶完成他們的購物旅程。我們看到還有更多這樣的事情發生。我談到了 Performance+ 如何幫助我們吸引更多零售商並讓更多零售商做廣告，更精細的出價控制如何讓我們從每個零售商那裡獲得更多庫存。因此，這些東西有助於提高平台上的可購買性。我們獲得的相關廣告越多，我們就越能提高廣告負載。

And again, from analogs that I would have from pass live and that you can see looking at other sort of highly commercial products, particularly in search and things like that, there's a lot more headroom to go in terms of where ad load can go. But we're always looking at making sure that is driving positive engagement. And we see that our WAU to MAU ratio continues to improve, really driven by that improved actionability on the platform.

再說一次，從我從現場直播中獲得的類比中，你可以看到其他類型的高度商業化的產品，特別是在搜尋和類似的產品中，在廣告負載可以去的地方還有更多的空間。但我們一直在努力確保這能推動積極的參與。我們看到，我們的 WAU 與 MAU 比率持續提高，這實際上是由平台上可操作性的提高所推動的。

And we talked about things like whole paid optimization where we do that dynamically that we look at when the user is in a commercial context. And we see there, if we can drive more relevant ads, we will bring more relevant ads because the user, if they're in a commercial context cares less about whether the pen is sponsored or not sponsored and more about was it the right product for them in that moment.

我們討論了諸如整體付費優化之類的事情，當使用者處於商業環境時，我們會動態地進行最佳化。我們看到，如果我們可以推出更相關的廣告，我們將帶來更多相關的廣告，因為用戶，如果他們處於商業環境中，不太關心這支筆是否受到贊助，而更關心它是否正確的產品為那一刻的他們。

And as we continue to do better and better on that, I talked about how our ad relevance has more than doubled over the last two years in our search results, that's letting us drive more and more relevant ads where the ads are synergistic with engagement. And again, you see it in our increasing MAUs and our increasing depth of engagement per user. Hopefully that's helpful.

隨著我們在這方面做得越來越好，我談到了過去兩年我們的搜尋結果中的廣告相關性如何增加了一倍多，這使我們能夠投放越來越多的相關廣告，其中廣告與互動具有協同作用。再次，您可以從我們不斷增加的每月活躍用戶數和每個用戶的參與深度不斷增加中看到這一點。希望有幫助。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Okay. I was just going to ask about the Amazon and Google partnerships. And I apologize already covered this early on, but any update on how those are progressing? And especially if we look at the average revenue per user metrics, like is the greater monetization -- I think this is more Google than Amazon, but the greater monetization that we're sort of seeing in ROW in Europe, is that at all being impacted so far by Google? Or is it still too small to impact that?

好的。我只是想問一下亞馬遜和谷歌的合作關係。很抱歉，我很早就已經涵蓋了這一點，但是這些進展有什麼更新嗎？尤其是如果我們看一下每個用戶的平均收入指標，例如更大的貨幣化——我認為這更像是谷歌而不是亞馬遜，但我們在歐洲的ROW 中看到的更大的貨幣化，根本就是到目前為止受到Google的影響嗎？或者它仍然太小而無法影響這一點？

Yeah. Thanks, Mark. So we continue to build upon those partnerships. We see them continuing to improve sequentially quarter-on-quarter and build upon themselves. I noted in the call that with Amazon, we're now expanding that to Canada and Mexico. So we're starting to get the Amazon partnership international. And on our rest of world markets, we have both the Google relationship as well as resellers there. I would say, while we're pleased with our progress, we continue to see sequential results that are improving on that.

是的。謝謝，馬克。因此，我們將繼續鞏固這些夥伴關係。我們看到他們繼續逐季度改善並不斷完善自己。我在電話中指出，透過亞馬遜，我們現在正在將其擴展到加拿大和墨西哥。因此，我們開始與亞馬遜建立國際合作關係。在世界其他市場上，我們既有 Google 關係，也有經銷商。我想說，雖然我們對我們的進展感到滿意，但我們繼續看到在此基礎上不斷改進的後續結果。

We are earlier days on the Google and international partnerships than we are on our Amazon third-party relationship. But with each of those, we talked about how we wanted to see them filling in gaps in the auction. We see them doing exactly what they were intended to do and continuing to build upon themselves even as we go into international markets.

我們與谷歌和國際合作夥伴關係的建立比與亞馬遜第三方關係的建立要早。但對於每一個，我們都討論了我們如何希望看到它們填補拍賣中的空白。我們看到他們完全按照他們的預期去做，並且在我們進入國際市場時繼續自我發展。

And I think on some of your questions like how that's appearing. It is still relatively early days on that rest of the world, but we've seen really encouraging progress there even though it's early days.

我思考了你們的一些問題，例如它是如何出現的。對於世界其他地區來說，現在還處於相對早期的階段，但我們已經看到了真正令人鼓舞的進展，儘管現在還處於早期階段。

Rich Greenfield, LightShed Partners

里奇‧格林菲爾德，LightShed Partners

Hi. Thanks for taking the question. I guess, Bill, you made the comment about UCAN -- about deepening engagement. And I guess if we could just drill down a little bit on that. When you think about engagement, is total time spent, like if you were to look at an individual user, whether it's day, month, week, however, best to think about it, but is time spent per Pinterest user in UCAN growing on a year-over-year basis?

你好。感謝您提出問題。我想，比爾，你對 UCAN 發表了評論——關於深化參與。我想我們是否可以對此進行深入研究。當你考慮參與度時，是指花費的總時間，就像你要查看單個用戶一樣，無論是天、月、週，但是，最好考慮一下，但UCAN 中每個Pinterest 用戶花費的時間是否在成長年比基礎上？

And could you give us -- I think between the product enhancements and the AI that you spent a lot of time on during your prepared remarks talking to, everyone want to understand like what is happening to that in terms of total time spend per user. Because obviously that creates more inventory, which fuels our ad business. So any way to quantify or give us some direction on what deepening engagement actually means?

您能否告訴我們——我認為您在準備好的演講中花費了大量時間在產品增強和人工智慧之間，每個人都想了解每個用戶的總時間花費發生了什麼。因為顯然這會創造更多的庫存，從而推動我們的廣告業務。那麼有什麼方法可以量化或給我們一些指導來了解深化參與的實際意義嗎？

Yeah. Thanks, Rich. So this is a really great question because one of the things that has been a fundamental shift in our business over the last two-plus years is that we shifted from being a couple of years ago a platform that was chasing entertainment-based use cases, where time spent would have been the right measure. And we've shifted from entertainment-based use cases to really driving search-related use cases.

是的。謝謝，里奇。所以這是一個非常好的問題，因為過去兩年多來我們業務發生根本性轉變的一件事是我們從幾年前追逐基於娛樂的用例的平台轉變為花時間才是正確的衡量標準。我們已經從基於娛樂的用例轉向真正推動搜尋相關的用例。

Search is two-third of our business. So if you look at how our usage breaks out, it's basically a third on home feed and then a third on search and a third unrelated, which is really just a purely visual search. So two-third of our business is search.

搜尋占我們業務的三分之二。因此，如果你看看我們的使用情況如何爆發，基本上三分之一是在主頁上，然後是搜索，第三個是不相關的，這實際上只是純粹的視覺搜索。所以我們三分之二的業務是搜尋。

And when you think about the right way to measure a search business, you would never measure a search business on time spent. In fact, the more time spent in search oftentimes means you did a worse job of getting you into the right answer. So as we do things like getting the user more relevant results. I talked about the 2 times improvement in the relevancy of ads, the more than doubling clicks year-on-year for the fourth quarter in a row. Those are things that say, we're getting our users to the things they were looking for in a better, more compelling way than we were previously.

當您考慮衡量搜尋業務的正確方法時，您永遠不會根據花費的時間來衡量搜尋業務。事實上，花在搜尋上的時間越多，通常意味著你在找到正確答案方面做得更差。因此，當我們做諸如為用戶提供更相關的結果之類的事情時。我談到了廣告相關性提高了兩倍，點擊量連續第四季度比去年同期增加了一倍以上。這些都表明，我們正在以比以前更好、更引人注目的方式讓用戶找到他們正在尋找的東西。

And if you're looking at search, you would never say like, oh, the user found the results on the first -- at the top of the first page, instead of having to go two tab through four pages. Well, time spend went down to your products worth, like you would never think of it that way, you would say, oh, it's a great thing that you got to use the right answer faster. So we don't look at time spend. But what we do look at are those measures of actionability.

如果您正在查看搜索，您永遠不會說，哦，用戶在第一頁的頂部找到了結果，而不必在四個頁面中瀏覽兩個選項卡。好吧，花費的時間取決於你的產品價值，就像你永遠不會那樣想一樣，你會說，哦，你必須更快地使用正確的答案，這是一件很棒的事情。所以我們不考慮時間花費。但我們真正關注的是那些可操作性的衡量標準。

And to the question of depth of engagement per user, again, I think the best way to look at that is our improvement in the weekly active to monthly active ratios because as we do a better and better job of making great relevant recommendations to our users, helping them find the thing they're looking for in a faster, more compelling way, the more we see them coming back, and that's reflected in that improving WAU to MAU ratio even as we bring on record levels of new users to the platform.

對於每個用戶的參與深度問題，我認為最好的方法是我們提高每週活躍度與每月活躍度的比率，因為我們在向用戶提供相關推薦方面做得越來越好，幫助他們以更快速、更引人注目的方式找到他們正在尋找的東西，我們看到他們回來的次數就越多，這反映在WAU 與MAU 比率的提高上，即使我們為平台帶來了創紀錄的新用戶水平。

So hopefully, that gives you some sense. I talked about clicks and save and actionability really being in our basket of measures, the things that are improving the most, which is exactly what you'd want to see in a search-driven business and in a commercial context. Hopefully, that's helpful.

希望這能為您帶來一些意義。我談到了點擊、保存和可操作性確實在我們的一攬子措施中，這是改進最多的事情，這正是您希望在搜尋驅動的業務和商業環境中看到的。希望有幫助。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. I have a couple of questions, if I could. I guess, first off, you guys have talked about the potential contributions to growth from new advertisers as well as increasing budget allocations from existing advertisers and you talked about the two tranches of large advertisers. But any way to break out the contributions from new advertisers this year in terms of the growth rate?

偉大的。如果可以的話，我有幾個問題。我想，首先，你們已經談到了新廣告商對成長的潛在貢獻以及現有廣告商增加預算分配，並且談到了兩部分大型廣告商。但有什麼辦法可以從成長率來統計今年新增廣告主的貢獻呢？

And then as a follow-up on, I guess, Q4 and what it sort of implies for 2025. It looks like monetization rates were a little bit lower in Europe on a sequential basis. So just curious if there's anything geographically to call out that could be a headwind to Q4 growth. Thank you.

然後，我想，作為第四季的後續行動，它對 2025 年意味著什麼。因此，我想知道是否有任何地理因素可能會阻礙第四季度的成長。謝謝。

Thanks, Colin. I'll take the first part, and I'll give the second part to Julia. On the new advertisers versus existing, we've not broken that out. But we are seeing growth in the total number of active advertisers, and we're seeing really nice share of wall gains, particularly with exit enterprise accounts both with the largest, most sophisticated advertisers and that next tranche of mid-tier advertisers that have revenue in the $1 billion to $30 billion range.

謝謝，科林。我將承擔第一部分，並將第二部分交給茱莉亞。關於新廣告商與現有廣告商的比較，我們還沒有透露這一點。但我們看到活躍廣告商總數的成長，我們看到牆收益的份額非常大，特別是退出企業帳戶，其中既有最大、最複雜的廣告商，也有下一批有收入的中層廣告商在10億至300億美元範圍內。

And so I've talked about this adoption curve where as we were looking at like the platform more shoppable, we started with the largest, most sophisticated advertisers, those that could engage with us via API and those that had much broader swaths of shoppable inventory. That's really where we saw those largest, most sophisticated advertisers leaning in first, and we've gotten now to 10%-plus of digital ad spend with a number of those. That was the first wave of adoption. And we continue to see more opportunity to gain share there.

因此，我談到了這種採用曲線，當我們著眼於平台更具可購物性時，我們從最大、最成熟的廣告商開始，那些可以透過API 與我們互動的廣告商以及那些擁有更廣泛的可購物庫存的廣告商。這確實是我們看到那些最大、最成熟的廣告商首先投入的地方，現在我們已經透過其中的一些廣告商獲得了超過 10% 的數位廣告支出。這是第一波採用。我們繼續看到更多在那裡獲得份額的機會。

And we see that happening as we give more of these granular controls around item-level bidding and those kinds of things. But we are -- as we've noted the last couple of quarters, we're seeing that broaden out into the next tranche of advertisers, first in that $1 billion to $30 billion revenue range. And as we introduce tools like Performance+, that's making it sort of smaller and smaller advertisers can, in a very simple way, see performance from our platform really as simple as give us your seed creative, give us an objective, and a budget and will go deliver great results. And so we see that being a continuing trend as we roll out more and more of these AI-driven advertising tools.

當我們對專案級出價和此類事情進行更多精細控制時，我們就會看到這種情況的發生。但我們 - 正如我們在過去幾季所指出的那樣，我們看到這種情況擴展到了下一批廣告商，首先是收入範圍為 10 億至 300 億美元的廣告商。隨著我們推出 Performance+ 等工具，越來越小的廣告商可以以一種非常簡單的方式查看我們平台的效果，就像向我們提供您的種子創意、給我們一個目標、預算和意願一樣簡單去交付偉大的成果。因此，隨著我們推出越來越多的人工智慧驅動的廣告工具，我們看到這是一個持續的趨勢。

And then, Colin, to your second question on Europe specifically, I would just call it Europe, we saw really good growth in Q3 at 20%. This was down slightly versus 25% in Q2, but that's really on the back of a much tougher comp in Europe last year. We went -- our comp last year went from 12% to 33% and from Q2 to Q3. So that's really the primary driver there.

然後，科林，關於你關於歐洲的第二個問題，我將其稱為歐洲，我們在第三季度看到了 20% 的良好成長。與第二季的 25% 相比，這一數字略有下降，但這實際上是由於去年歐洲的競爭更加激烈。我們去年的比較從第二季到第三季從 12% 上升到 33%。所以這確實是主要驅動力。

Despite this tougher comp, we're seeing really nice strength in retail in Europe. We expect that to continue. We're also starting to see a mix shift in some of our cross order spend, which is benefiting the European region this quarter. However, our general strength in retail in Europe is really broad-based and not just driven by one particular advertiser. So we're feeling really strong about Europe in general.

儘管競爭更加激烈，我們還是看到了歐洲零售業的強勁實力。我們預計這種情況會持續下去。我們也開始看到一些交叉訂單支出的混合變化，這使本季的歐洲地區受益。然而，我們在歐洲零售業的整體實力確實具有廣泛的基礎，而不僅僅是由某一特定廣告商所推動的。因此，我們對整個歐洲的感覺非常強烈。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks for any questions. One for Bill, one for Julia. Bill, you've doubled clicked to advertisers for the past four straight quarters, and you talked about the shift from value creation to value capture. Just curious if there's any specific hurdles in your view that keep you from closing the gap more here?

感謝您提出任何問題。一份給比爾，一份給茱莉亞。比爾，您在過去連續四個季度對廣告商進行了兩次點擊，並且您談到了從價值創造到價值捕獲的轉變。只是好奇您認為是否存在任何具體障礙阻礙您進一步縮小差距？

And then, Julia, on Rest of World advertiser spending, I think it was down slightly sequentially. Just wondering if there's any comments that you have there or in particular, related to APAC advertising spend (technical difficulty) --?

然後，朱莉婭，關於世界其他地區的廣告商支出，我認為它比上一季略有下降。只是想知道您是否有任何評論，或者特別是與亞太地區廣告支出（技術難度）相關的評論——？

Thanks, Doug. On the first part of your question there, that value creation capture, exactly as you noted, we started out Q4 of last year was our first quarter where we were doubling the number of clicks through advertisers year-on-year. And we said then that we had rolled that out in a way that they didn't have to do work to get it. But they have to do work to be able to measure it. And they don't ship budgets until they measure it. And so that has been a big focus throughout the year this year is driving privacy resilient measurement across our advertiser base.

謝謝，道格。關於您問題的第一部分，即價值創造捕獲，正如您所指出的，我們從去年第四季度開始是我們的第一季度，廣告商的點擊次數比去年同期增加了一倍。然後我們說我們已經以一種他們不需要做任何工作就能得到它的方式推出了它。但他們必須做一些工作才能衡量它。他們在衡量預算之前不會發布預算。因此，今年全年的一大焦點是推動我們廣告商群的隱私彈性衡量。

I noted in my prepared remarks that we now see more than half the revenue on our platform with privacy resilient measurement and more than two-thirds of our lower funnel revenue with privacy resilient measurement. So we've continued to see the same trend that we've talked about before that more than doubling the number of clicks as we then come behind that and get the advertisers to implement measurement tools.

我在準備好的發言中指出，我們現在看到我們平台上一半以上的收入都採用了隱私彈性測量，而我們的下漏斗收入中三分之二以上都採用了隱私彈性測量。因此，我們繼續看到我們之前討論過的相同趨勢，點擊次數增加了一倍多，然後我們落後於此並讓廣告商實施衡量工具。

We see consistently that, that leads to wallet share shift to us, particularly in those larger, more durable performance budgets. So that trend continues, and we feel really encouraged about the progress that we made this year on getting our advertisers on to privacy resilient measurement, doing a lot to meet them where they are on their ad tools, on queen rooms, and those kinds of things. So while we've made tremendous progress, there is still more of that value capture to go.

我們一致認為，這會導致錢包份額向我們轉移，特別是在那些規模更大、更持久的績效預算中。因此，這種趨勢仍在繼續，我們對今年在讓廣告商進行隱私彈性衡量方面取得的進展感到非常鼓舞，我們做了很多工作來滿足他們在廣告工具、大床房等方面的需求。因此，儘管我們已經取得了巨大的進步，但仍有更多的價值獲取工作要做。

I've noted that half of our revenue is on privacy resilient measurement, two-thirds of our lower funnel. That means there is more of that to go. And even for those that have implemented measurement, they're now getting more of our AI-driven advertising tools as I noted in the Performance+ remarks. So there's more of that value capture to come there through the automated bidding, the automated campaign optimization, all those things will lead to more value capture as well.

我注意到我們一半的收入來自隱私彈性測量，也就是我們下漏斗的三分之二。這意味著還有更多的事情要做。即使對於那些已經實施了衡量的人來說，他們現在也獲得了更多我們的人工智慧驅動的廣告工具，正如我在績效+評論中指出的那樣。因此，透過自動出價、自動行銷活動優化，可以獲得更多的價值，所有這些也將帶來更多的價值獲取。

So the raw material, at the end of the day, in our business, we sell views, clicks and conversions and the click-on conversions are far more valuable than a view. The volume of increase in clicks and conversions has just been a bright spot. So that raw material continues to be really, really encouraging. As we now come behind that and give better measurement, better AI tools and paying creation and optimization, we see that value capture happening, but there's still a lot more of that in front of us than behind us.

因此，歸根結底，在我們的業務中，我們銷售的是觀看次數、點擊次數和轉換次數，而點擊轉換次數比觀看次數更有價值。點擊量和轉換量的成長只是一個亮點。因此，原材料仍非常非常令人鼓舞。當我們現在落後於此並提供更好的衡量、更好的人工智慧工具以及支付創造和優化時，我們看到價值捕獲正在發生，但我們面前的事情仍然比我們身後的事情多得多。

And Doug, then to the second part of your question on the Rest of World part of our business, we're actually seeing good acceleration there quarter-over-quarter, year-over-year, both on a constant and reported -- constant currency and reported basis. So that's where you're really starting to see the growth contribution from some of our ongoing partnerships with retailers that we're launching and early contribution from some of our third-party demand partnerships internationally. So we're actually seeing good growth there.

道格，然後關於你關於我們業務的世界其他部分的問題的第二部分，我們實際上看到季度環比、同比增長，無論是恆定的還是報告的恆定的貨幣和報告基礎。因此，這就是您真正開始看到我們正在與零售商建立的一些持續合作夥伴關係以及我們在國際上的一些第三方需求合作夥伴關係的早期貢獻的成長貢獻。所以我們實際上看到了那裡的良好增長。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Great, good evening everyone. Thank you for the question. Bill, I want to follow up on your third-party partnership strategy. You obviously talked about how you're expanding with Amazon. You've talked a lot about kind of the synergy in some of the emerging markets, you're working with the Google Platform, but also having the resellers in there. Just -- does it make sense for you to have more partners?

太好了，大家晚上好。謝謝你的提問。比爾，我想跟進您的第三方合作夥伴策略。您顯然談到瞭如何與亞馬遜一起擴張。您已經談論了很多關於一些新興市場的協同作用，您正在與 Google 平台合作，但也有經銷商在那裡。只是－擁有更多的合作夥伴對你來說有意義嗎？

Just curious how you think about that on both a short-term and long-term basis, maybe some that could bring you demand from different verticals you're underexposed to maybe in certain markets, just would love to get you thoughts on that. Thanks.

只是好奇你在短期和長期的基礎上如何看待這個問題，也許有些可能會給你帶來來自不同垂直領域的需求，而你在某些市場上可能接觸不足，只是很想听聽你對此的想法。謝謝。

Yeah. Thank you for the question. As we built -- I said this from our very first partnership that we are building our ability to ingest third-party demand in a way that could allow for many partners. And so we started with Amazon in the US. But we always said we would have multiple; we then went to Google on international. We're now expanding Amazon beyond the US. We're working with resellers, but we've always intended that we would work with multiple.

是的。謝謝你的提問。在我們建立的過程中——我從我們第一次合作時就說過，我們正在建立我們吸收第三方需求的能力，以允許許多合作夥伴的方式。所以我們從美國的亞馬遜開始。但我們總是說我們會有多個；然後我們去了谷歌國際航班。我們現在正在將亞馬遜業務擴展到美國以外的地區。我們正在與經銷商合作，但我們一直希望與多個經銷商合作。

So we don't have any new partnerships that we're announcing at the moment. We built the platform that way. You've seen us expand it that way. And as I mentioned earlier, like we are still significantly undermonetized as a platform relative to the amount of commercial intent on the platform.

因此，我們目前沒有宣布任何新的合作夥伴關係。我們就是這樣建構平台的。您已經看到我們以這種方式擴展它。正如我之前提到的，相對於平台上的商業意圖而言，我們作為一個平台的貨幣化程度仍然嚴重不足。

So as we look at how we bring more advertiser demand to meet that commercial intent, the trends how we're doing first party with things like all of our AI-driven performance suite Performance+. The things that we're doing to bring that into third parties, things are doing a branding through resellers. And certainly, we expect that we'll have much more that we do there. Even though we don't have anything new that we're announcing at the moment there, that is our long-term intent. Hopefully, that's helpful.

因此，當我們研究如何帶來更多廣告商需求來滿足商業意圖時，我們如何利用所有人工智慧驅動的效能套件 Performance+ 等進行第一方的趨勢。我們正在做的事情是將其引入第三方，即透過經銷商進行品牌推廣。當然，我們預計我們會在那裡做更多的事情。儘管我們目前沒有宣布任何新內容，但這就是我們的長期意圖。希望有幫助。

Thank you. I would now like to turn it back to bill for some final remarks.

謝謝。我現在想把它轉回賬單上做一些最後的評論。

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

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

Thank you for joining the Pinterest third quarter 2024 earnings conference call. I confirm today's call has now concluded. Please enjoy the us today, and you may now disconnect from the call.

感謝您參加 Pinterest 2024 年第三季財報電話會議。我確認今天的電話會議現已結束。請享受我們今天的時光，您現在可以掛斷電話了。