Pinterest Inc (PINS) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Pinterest Inc. fourth-quarter and full-year 2024 earnings call.

感謝您參加今天的 Pinterest Inc. 第四季和 2024 年全年財報電話會議。

(Operator Instructions)

（操作員指令）

I'll now hand the call over to Andrew Somberg, Vice President of Investor Relations and Treasury, to begin.

現在我將把電話交給投資者關係和財務副總裁 Andrew Somberg 開始演講。

Andrew, you may proceed.

安德魯，你可以繼續。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Welcome to Pinterest's earnings call for the fourth-quarter and full year ended December 30, 2024.

歡迎參加 Pinterest 截至 2024 年 12 月 30 日的第四季和全年財報電話會議。

My name is Andrew Somberg, and I'm Vice President of Investor Relations and Treasury for Pinterest.

我叫安德魯‧索姆伯格 (Andrew Somberg)，是 Pinterest 的投資者關係和財務副總裁。

Joining me on today's call are Bill Ready, Pinterest CEO; and Julia Donnelly, our CFO.

參加今天電話會議的還有 Pinterest 執行長 Bill Ready；以及我們的財務長 Julia Donnelly。

This conference call is being webcast and we are also providing a slide presentation to accompany or commentary.

本次電話會議正在網路上直播，我們也將提供投影片簡報以供參考或評論。

Please refer to our Investor Relations website at investor.pinterest.com to find today's presentation, webcast, and earnings press release.

請造訪我們的投資者關係網站 investor.pinterest.com 查看今天的示範、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.

我們今天就我們的業績、營運和展望所做出的一些陳述可能被視為前瞻性陳述，此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。

In addition, our results, trends, and outlook for Q1 2025 and beyond are preliminary and are not an assurance of future performance.

此外，我們對 2025 年第一季及以後的業績、趨勢和展望都是初步的，不能保證未來的表現。

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.

我們根據截至今天可用的資訊做出這些前瞻性陳述，並且我們明確表示不承擔任何後續更新這些陳述的責任或義務，除非法律要求。

For more information about risks, uncertainties, and other factors that could affect our results, please refer to our most recent Form 10-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結果的因素的更多信息，請參閱我們向美國證券交易委員會提交的最新 10-K 表格，該表格可在我們的投資者關係網站上查閱。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

今天的收益新聞稿和介紹中包含了非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，這些對帳透過我們的投資者關係網站分發給公眾。

Lastly, all growth rates discussed in today's prepared remarks should be considered year over year unless otherwise specified.

最後，除非另有說明，今天的準備好的評論中討論的所有增長率都應考慮同比變化。

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

現在我將電話轉給比爾。

Thanks, Andrew.

謝謝，安德魯。

Good afternoon and thank you for joining our fourth-quarter and full-year 2024 earnings call.

下午好，感謝您參加我們的 2024 年第四季和全年財報電話會議。

My remarks today will cover the progress we made this past year and preview some of our key initiatives in 2025 to drive continued execution of our long-term goals.

我今天的演講將回顧我們過去一年的進展，並展望2025年的一些關鍵舉措，以推動我們繼續實現長期目標。

2024 was a transformative year for Pinterest.

2024 年對 Pinterest 來說是轉型的一年。

We reached record high global users, surpassing 550 million MAUs globally, and 100 million in UCA, while more than doubling our full-year revenue growth rate from 2023.

我們的全球用戶數量創下了歷史新高，全球月活躍用戶超過 5.5 億，UCA 超過 1 億，同時我們的全年營收成長率比 2023 年增加了一倍以上。

At the same time, we delivered over $1 billion in adjusted EBITDA, a roughly 50% increase as we continue to drive profitable growth.

同時，隨著我們繼續推動獲利成長，我們實現了超過 10 億美元的調整後 EBITDA，成長約 50%。

Our 2024 results are a testament that our long-term strategy is working.

我們的 2024 年業績證明我們的長期策略正在發揮作用。

We've transformed our user experience to focus on why people come to Pinterest, investing in actionability, relevance, and curation, all distinguishing ourselves as a positive place online.

我們改變了用戶體驗，將重點放在人們使用 Pinterest 的原因上，投資於可操作性、相關性和策劃，所有這些都使我們成為網路上的一個積極的地方。

The user journey from inspiration-to-action maps directly to our advertiser funnel, allowing advertisers to reach users at every stage of their purchase journey.

從靈感到行動的用戶旅程直接映射到我們的廣告商管道，使廣告商能夠在購買旅程的每個階段接觸用戶。

And in today's advertising environment, proving performance has never been more important.

在當今的廣告環境中，證明效能從未如此重要。

As such, we've spent the last 2.5 years building a suite of lower funnel tools that captures our users' inherent commercial intent.

因此，我們花了過去的 2.5 年時間建立了一套下層漏斗工具，以捕捉用戶固有的商業意圖。

Our efforts are paying off.

我們的努力正在獲得回報。

In Q4, we achieved our first $1 billion revenue quarter as we grew revenue 18% and drove a record number of clicks during the critical holiday season.

在第四季度，我們實現了第一個 10 億美元的營收季度，因為我們的營收成長了 18%，並在關鍵的假期季節點擊量創下了歷史新高。

As we look forward to 2025, we intend to double down on the multi-year initiatives that underpin our strategy.

展望 2025 年，我們打算加倍努力實施支撐我們策略的多年計畫。

We'll continue to leverage AI and our unique first-party signal to drive a more personalized and relevant experience for our users.

我們將繼續利用人工智慧和我們獨特的第一方訊號為我們的用戶提供更個人化和相關的體驗。

At the same time, we'll invest in our curation experiences in the shoppability of our platform to allow our users to move more seamlessly from inspiration to action.

同時，我們將在平台的購物體驗方面進行投資，以便用戶能夠更無縫地從靈感轉化為行動。

Finally, we'll continue to innovate and improve our lower funnel tools, allowing advertisers to successfully reach customers who are demonstrating high commercial intent.

最後，我們將繼續創新和改進我們的下層漏斗工具，使廣告商能夠成功接觸到表現出高度商業意圖的客戶。

Now, like last quarter, I'll start with an overview of how we're utilizing AI to drive results across our business.

現在，與上個季度一樣，我將首先概述我們如何利用人工智慧來推動整個業務的成果。

AI is deeply integrated into nearly every aspect of our user experience and advertising business.

人工智慧深度融入了我們用戶體驗和廣告業務的幾乎每個方面。

But AI is only as good as the signal it acts upon.

但人工智慧的效果取決於它所作用的訊號。

And at Pinterest, we have very unique signal.

在 Pinterest，我們有非常獨特的訊號。

We have hundreds of billions of first-party user actions on our platform, including acts of human curation that give us unique insight into each individual pin's relationship, not just to the user who saved it, but also to the ideas and aesthetic reflected by the content of the board it is saved in and the search queries related to it.

我們的平台上有數千億個第一方用戶操作，包括人工策劃的行為，這些行為使我們能夠對每個圖釘的關係有獨特的見解，不僅了解保存它的用戶，還了解保存它的圖板內容和與之相關的搜尋查詢所反映的想法和美學。

These associations between pins, searches, boards, products, and users make up our taste graph, which is the foundation of our AI recommendation engines and is used to amplify the quality of our computer vision and discovery experiences.

這些圖釘、搜尋、板塊、產品和使用者之間的關聯構成了我們的品味圖，這是我們 AI 推薦引擎的基礎，用於增強我們的電腦視覺和發現體驗的品質。

In practice, our taste graph is an essential part of the AI that determines the content we show our users and why users find our recommendations so highly relevant.

實際上，我們的品味圖是人工智慧的重要組成部分，它決定了我們向用戶展示的內容以及用戶為何認為我們的推薦如此相關。

As our platform has grown and as we've incorporated more signals from user actions, our taste graph has become more dense with more connections and associations between pins, searches, boards, products, and users.

隨著我們平台的發展以及我們從用戶行為中吸收的更多訊號，我們的品味圖變得更加密集，圖釘、搜尋、板塊、產品和用戶之間的聯繫和關聯也更加緊密。

In fact, our taste graph contains many billions of connections and has grown by 75% over the past two years, bridging together user activity, content, and products across the platform.

事實上，我們的品味圖譜包含數十億個連接，在過去兩年中成長了 75%，將整個平台上的用戶活動、內容和產品連結在一起。

This larger taste graph enhances our ability to understand how images and products are related and surface exceptionally relevant content.

這個更大的品味圖增強了我們理解圖像和產品如何相關以及呈現極其相關內容的能力。

For example, if we know a user is searching for and saving to a board labeled Super Bowl outfits, we recommend ideas based on the activity of all the other users on Pinterest who have similar tastes and fashion and are interacting with game day apparel.

例如，如果我們知道某個用戶正在搜尋並儲存到標有「超級盃服裝」的板塊，我們會根據 Pinterest 上所有其他具有相似品味和時尚風格並與比賽日服裝互動的用戶的活動來推薦創意。

And since we know this user is likely hosting or attending a Super Bowl party, we're able to help users laterally explore their taste to find other content or use cases that might be interesting to them, like game day decor or recipes that are personalized and relevant to them based on what we know about them from our taste graph.

而且由於我們知道該用戶可能會舉辦或參加超級盃派對，我們能夠幫助用戶橫向探索他們的品味，以找到他們可能感興趣的其他內容或用例，例如比賽日裝飾或個性化且與他們相關的食譜，這些都基於我們從品味圖中了解的資訊。

In doing so, we can drive deeper engagement and encourage revisitation, thereby strengthening our flywheel.

透過這樣做，我們可以推動更深入的參與並鼓勵再次訪問，從而加強我們的飛輪。

Looking back at 2024, I want to highlight a few key AI-based initiatives, many of which have been informed by our taste graph that have led to positive outcomes across the business.

回顧 2024 年，我想強調一些基於人工智慧的關鍵舉措，其中許多舉措都是由我們的品味圖譜所啟發的，並已為整個業務帶來了積極的成果。

We've made a lot of progress incorporating more context on user history into our recommendation algorithms.

我們在將更多用戶歷史記錄背景資訊納入我們的推薦演算法方面取得了很大進展。

In 2024, we leveraged cutting edge machine learning techniques and increased the context window on user actions, such as saves and clicks, that fed into our AI-based models by over 30-fold.

2024 年，我們利用尖端的機器學習技術，將使用者操作（例如儲存和點擊）的上下文視窗增加了 30 多倍，這些操作輸入到了我們基於人工智慧的模型中。

More context on users and more powerful machine learning models mean a deeper understanding of the content they might enjoy.

更多關於使用者的背景資訊和更強大的機器學習模型意味著更深入地了解他們可能喜歡的內容。

And as a result, we saw approximately 250 basis points of lift in saves and a 150 basis point lift in outbound clicks across the platform.

結果，我們看到整個平台的保存量提升了大約 250 個基點，出站點擊量提升了 150 個基點。

Importantly, through our team's deep technical expertise, our engineering teams were able to achieve this 30-fold increase in signal ingestion at only a fractional increase in infrastructure spend.

重要的是，透過我們團隊的深厚技術專長，我們的工程團隊僅以基礎設施支出的微小增加就實現了訊號攝取量 30 倍的成長。

On the monetization side, our AI-powered whole page optimization product has enabled us to flex up relevant ad load to users in moments of high commercial intent.

在貨幣化方面，我們由人工智慧驅動的整頁優化產品使我們能夠在商業意向高的時刻向用戶增加相關的廣告負載。

This means we can show users in the lower funnel phase of their shopping journey more ads to help them take action and convert while keeping ad load lighter when users are in an upper funnel discovery phase.

這意味著我們可以向處於購物旅程下層漏斗階段的用戶展示更多廣告，以幫助他們採取行動並進行轉化，同時在用戶處於上層漏斗發現階段時保持較輕的廣告負載。

We've also made investments to keep the relevance bar high for our ads.

我們也進行了投資以保持我們的廣告的高相關性。

In fact, relevance on our search surface has more than doubled for top ad slots over the past two years.

事實上，過去兩年來，我們搜尋結果中頂級廣告位的相關性增加了一倍以上。

Since our users come with commercial intent, these ads are additive to the user journey.

由於我們的用戶帶有商業意圖，這些廣告對於用戶旅程來說具有補充作用。

We're also utilizing AI internally to promote employee productivity across our engineering team.

我們也正在內部利用人工智慧來提高整個工程團隊的員工工作效率。

Coding assistants help our developers accelerate code production and improve code quality.

編碼助手幫助我們的開發人員加速程式碼生產並提高程式碼品質。

The majority of our engineering team uses coding assistants, and 15% of our current code base is generated through AI.

我們的工程團隊中的大多數人都使用編碼助手，我們目前程式碼庫的 15％ 是透過人工智慧產生的。

Lastly, I'd be remiss not to point out Performance Plus, which I'll talk about in more depth later on in my remarks.

最後，如果不指出 Performance Plus，那我就太失禮了，我將在後面的評論中更深入地討論它。

Performance Plus is a key advancement in our lower funnel ad product suite that utilizes AI to bring greater performance and better efficiency to our advertisers while automating much of the campaign setup process.

Performance Plus 是我們下層漏斗廣告產品套件中的一項重要進步，它利用人工智慧為我們的廣告商帶來更高的效能和更高的效率，同時實現大部分廣告系列設定流程的自動化。

With that, I'd also like to discuss some of the user and engagement wins from Q4 and 2024.

同時，我也想討論一下第四季和 2024 年的一些用戶和參與度勝利。

Throughout 2024, we focused heavily on improving the user experience and the reasons users came to Pinterest in the first place.

在整個 2024 年，我們專注於改善用戶體驗以及用戶最初使用 Pinterest 的原因。

This meant investing in a better curation experience through boards and collages and driving further actionability across our core surfaces.

這意味著透過板和拼貼畫投資更好的策展體驗，並推動我們核心表面的進一步可操作性。

In Q4, we continue to deepen our efforts to show users how they could utilize Pinterest for shopping.

在第四季度，我們將繼續加強努力，向用戶展示如何利用 Pinterest 進行購物。

Holiday shopping season kicked off with a bang, and we saw users with high commercial intent lean into Pinterest to find and shop the best ideas and products for their loved ones.

假日購物季拉開序幕，我們看到具有強烈商業意圖的用戶傾向於使用 Pinterest 為他們所愛的人尋找和購買最好的創意和產品。

Our holiday shopping efforts, which included gift guides and promotions, drove deeper, more actionable sessions and helped more users find and buy the perfect gift on Pinterest.

我們的假期購物活動包括禮品指南和促銷活動，推動了更深入、更具可操作性的會議，並幫助更多用戶在 Pinterest 上找到並購買完美的禮物。

For example, we created gift guide spanning 27 categories from fashion and beauty to travel and gaming, partnering with celebrities, creators, and brands to showcase nearly 40,000 of the best products from our catalog.

例如，我們創建了涵蓋時尚、美容、旅遊和遊戲等 27 個類別的禮品指南，並與名人、創作者和品牌合作，展示我們目錄中近 40,000 種最佳產品。

A mix of both expertly curated and Pinterest-recommended content to maximize relevance for our users.

融合專業策劃和 Pinterest 推薦的內容，以最大限度地提高與用戶的相關性。

We then distributed these guides through personalized recommendation modules, showcasing the guides that are the most relevant to a user's interests, past activity, and search queries.

然後，我們透過個人化推薦模組分發這些指南，展示與使用者的興趣、過去活動和搜尋查詢最相關的指南。

We saw gift guides resonate with users as click-through rates from products recommended through gift guides were over 40% higher than the average product pin.

我們發現禮品指南引起了用戶的共鳴，因為透過禮品指南推薦的產品的點擊率比普通產品圖釘高出 40% 以上。

I'm pleased that our efforts to improve the actionability of our platform are paying off in the form of another quarter of record users.

我很高興看到，我們為提高平台可操作性所做的努力獲得了回報，用戶數量又創下了季度新高。

At the same time, we reported our highest-ever weekly active to monthly active user ratio of 62% in 2024.

同時，我們報告稱，2024 年每週活躍用戶與每月活躍用戶之比將達到歷史最高水平，達到 62%。

This means users are coming back more frequently as we continue to drive strong product market fit and performance for advertisers.

這意味著，隨著我們繼續為廣告商提供強大的產品市場契合度和效果，用戶會更頻繁地回來。

In fact, in Q4, we grew clicks to advertisers over 90%, even after lapping the initial launch of direct links that began in Q4 of last year, which is clear evidence that showing more relevant and shoppable content aligns with both the needs of our users and advertisers.

事實上，在第四季度，我們的廣告客戶點擊量增加了 90% 以上，即使在去年第四季度首次推出直接連結之後，這也清楚地表明，展示更相關、更可購物的內容符合我們用戶和廣告客戶的需求。

Next, I want to mention one of my favorite reports that we share annually, Pinterest Predicts.

接下來，我想提一下我們每年分享的我最喜歡的報告之一《Pinterest 預測》。

Using consumer insights and predictive analytics based user behavior like clicks, saves, and searches that happen on Pinterest every day, we've identified the 20 emerging Pinterest trends that we believe will hit the mainstream in 2025.

利用消費者洞察和基於用戶行為（例如每天在 Pinterest 上發生的點擊、保存和搜尋）的預測分析，我們確定了 20 個新興的 Pinterest 趨勢，我們認為這些趨勢將在 2025 年成為主流。

And over the last five years, 80% of the predictions we've made have come true.

在過去五年裡，我們做出的 80％ 預測都已實現。

These trends reveal what people will shop, try, and buy next across all verticals.

這些趨勢揭示了各個垂直領域的人們接下來會購買什麼、嘗試什麼和購買什麼。

For example, our trend, Cherry Coded, predicts that Gen Z and Millennials will infuse cherries into their makeup, menus, and aesthetics this year; and trend, Peak Travel, predicts that mountain ranges will become the ultimate travel destination for Gen Z and Gen X.

例如，我們的趨勢「Cherry Coded」預測 Z 世代和千禧世代今年將把櫻桃融入他們的化妝品、菜單和美學中；趨勢研究公司 Peak Travel 預測，山脈將成為 Z 世代和 X 世代的終極旅行目的地。

Pinterest Predicts also serves as a valuable lever for advertisers to reach customers by aligning company initiatives with up-and-coming trends.

Pinterest Predicts 還可以作為廣告商接觸客戶的寶貴槓桿，透過將公司計劃與新興趨勢相結合。

Marriott Bonvoy leaned into the Peak Travel trend, partnering with Pinterest to bring it to life through a pop-up concierge desk in New York City, surprising people with Peak Travel-themed giveaways.

萬豪旅享家順應巔峰旅行潮流，與 Pinterest 合作，透過紐約市的快閃禮賓服務台將其變為現實，並用巔峰旅行主題的贈品給人們帶來驚喜。

They're also sponsoring the trend on the platform through an exclusive Predict badge.

他們還透過獨家的 Predict 徽章贊助該平台上的趨勢。

They will be live throughout 2025 on a variety of Peak Travel-related pens that highlight exciting Marriott Bonvoy properties and mountainous locales.

2025 年全年，它們將在各種與 Peak Travel 相關的專欄中直播，重點介紹令人興奮的萬豪旅享家酒店和山區風景。

Looking to 2025, I'm incredibly excited for the evolution of our platform as we further lean into product features that can grow users, deepen engagement, and increase revisitation.

展望 2025 年，我對我們平台的發展感到無比興奮，因為我們將進一步依靠可以增加用戶、加深參與度和增加回訪率的產品功能。

We'll continue to invest in why users come to Pinterest and what makes our platform valuable to advertisers.

我們將繼續投資於用戶使用 Pinterest 的原因以及我們的平台對廣告商的價值。

This means further investing in curation functionality that allows users to identify and refine their taste and incorporating actionability throughout our core surfaces to allow users to take action and shop the products they love.

這意味著進一步投資於策展功能，使用戶能夠識別和改善他們的品味，並在我們的核心介面中融入可操作性，以允許用戶採取行動並購買他們喜歡的產品。

Next, I'd like to discuss how we proving monetization by increasing Pinterest value and performance for advertisers.

接下來，我想討論如何透過提高 Pinterest 的價值和為廣告商帶來效益來實現盈利。

In 2024, we made impressive strides against our monetization priorities, particularly to transform our ad platform into a true lower funnel performance engine, which led us to deliver a 19% revenue growth in 2024 compared to 9% in 2023.

2024 年，我們在貨幣化重點方面取得了令人矚目的進展，特別是將我們的廣告平台轉變為真正的下漏斗性能引擎，這使我們在 2024 年實現了 19% 的收入增長，而 2023 年這一數字為 9%。

Looking back at some of our key lower funnel launches, we began with mobile deep linking and direct links to bring users directly to an advertiser's web or mobile properties, enabling us to significantly grow clicks.

回顧我們的一些關鍵的下層漏斗發布，我們從行動深度連結和直接連結開始，將用戶直接帶到廣告商的網站或行動資產，使我們能夠大幅增加點擊量。

We complemented these efforts with adoption of our privacy-centric measurement tools to improve our performance, giving advertisers the tools they need to accurately measure, spend, and vote with their dollars.

我們透過採用以隱私為中心的測量工具來補充這些努力，以提高我們的績效，為廣告商提供他們所需的工具，以便他們準確衡量、支出和投票。

We also created and formats, like promotion ads, to help retailers showcase special offers during key promotional periods.

我們也創建了促銷廣告等格式，幫助零售商在關鍵促銷期間展示特別優惠。

Advertisers leaned into this format over the Q4 holiday season, with those included a promotion of their conversion campaign, seeing an 18% increase in conversion rate compared to the same ads without a promotion.

在第四季度的假期季，廣告商傾向於採用這種形式，其中包括對其轉換活動的促銷，與沒有促銷的相同廣告相比，轉換率提高了 18%。

Finally, we built and launched Performance Plus to transform the advertiser experience, driving performance improvements through lower CPCs and CPA and automating most of their campaign workflow.

最後，我們建立並推出了 Performance Plus 來改變廣告客戶的體驗，透過降低每次點擊費用 (CPC) 和每次轉換費用 (CPA) 來提高績效，並實現大部分廣告系列工作流程的自動化。

These efforts culminated in a record Q4 as we delivered over $1 billion in revenue in a single quarter for the first time in our company's history, with our ad platform delivering significant gain compared to last year given all the product innovation I just laid out.

這些努力最終使我們在第四季度創下了創紀錄的成績，在公司歷史上首次單季收入超過 10 億美元，由於我剛才列出的所有產品創新，我們的廣告平台與去年相比實現了顯著增長。

Digging into Q4, our advertiser saw immense value creation with over 90% growth in clicks to advertisers year over year on top of over 100% growth last Q4 as we lap the initial direct links product rollout.

深入研究第四季度，隨著我們首次推出直接連結產品，我們的廣告客戶看到了巨大的價值創造，廣告客戶點擊量同比增長超過 90％，而去年第四季度的增長率超過 100％。

The value we created also led to significant value capture and as retailers leaned into Pinterest to drive results.

我們創造的價值也帶來了顯著的價值獲取，零售商也開始依賴 Pinterest 來推動績效。

In fact, we saw the largest volume of revenue ever over the Cyber Five Holiday Surge while simultaneously decreasing CPAs by over 30% year over year in 2025.

事實上，我們在網路五假日購物潮中看到了有史以來最大的收入量，同時 CPA 在 2025 年同比下降了 30% 以上。

We have a strong road map to continue to drive value to advertisers and capture additional share of wallet.

我們擁有強大的發展路線圖，可以繼續為廣告主創造價值並獲得額外的市場份額。

Performance Plus is one component of this.

Performance Plus 是其中的一個組成部分。

Stepping back, it's worth noting that Performance Plus is at the beginning of a multiyear product cycle.

回顧過去，值得注意的是 Performance Plus 正處於多年產品週期的開始階段。

We will continue to release new features and functionality while simultaneously continuing to drive adoption and increased the percentage of revenue eligible to take advantage of key features within the autumn nation suite.

我們將繼續發布新功能和功能，同時繼續推動採用並增加有資格利用秋季國家套件中關鍵功能的收入百分比。

And while we're still early, I'm excited about the momentum we're building.

儘管我們還處於早期階段，但我對我們正在建立的勢頭感到興奮。

We're seeing performance improvements, positive advertiser feedback on the simplified campaigns setup, and promising initial adoption of Performance Plus campaigns and features while recognizing it's still in early phases of rolling out.

我們看到了效能改進、廣告客戶對簡化的廣告系列設定的正面回饋，以及對 Performance Plus 廣告活動和功能的初步採用，同時認識到它仍處於推出的早期階段。

Expanding on our launch from last fall, we'll also build new features for Performance Plus in 2025, including: enhanced bidding and creative functionality; ROAS bidding, which optimizes bids to maximize return on ad spend will be live to all eligible advertisers by the end of Q1.

在去年秋季推出的基礎上，我們還將在 2025 年為 Performance Plus 建立新功能，包括：增強競價和創意功能； ROAS 競價將在第一季末向所有符合條件的廣告主推出，可透過優化競價來最大限度地提高廣告支出回報率。

A large retailer with a sizable product catalog leaned into this product and saw strong results with a significant improvement in return on ad spend and their internal measurement system.

一家擁有大量產品目錄的大型零售商傾向於使用該產品，並獲得了顯著的效果，廣告支出回報率和內部測量系統都得到了顯著改善。

Following their test, the retailer increased their shopping budget in Q4 to take advantage of the strong results.

經過測試，該零售商在第四季度增加了購物預算，以利用強勁的業績。

Our Performance Plus creative tools will also be an area of focus in 2025.

我們的 Performance Plus 創意工具也將成為 2025 年的重點領域。

We're doubling down to give advertisers more creative control, which we've seen have a positive impact on their performance.

我們正在加倍努力，給予廣告商更多的創意控制權，我們已經看到這對他們的業績產生了積極的影響。

That means automated cropping, adjusting image brightness, and adding logo overlays so their brand is present -- all of which we expect to add in the first half of this year.

這意味著自動裁剪、調整圖像亮度以及添加徽標疊加以顯示其品牌——所有這些功能我們預計將在今年上半年添加。

Complementing the lower funnel product set is our commitment to improving conversion visibility and measurement.

作為下層漏斗產品集的補充，我們致力於提高轉換的可見度和可測量性。

This helps advertisers build stronger, more accurate data foundations that they need in order to scale their budgets on Pinterest.

這可以幫助廣告商建立更強大、更準確的數據基礎，以便在 Pinterest 上擴大他們的預算。

Advertisers use a variety of different methods to see and measure their spend in order to show up as accurately as possible wherever an advertiser is measuring their spend.

廣告商使用各種不同的方法來查看和衡量他們的支出，以便盡可能準確地顯示廣告商衡量其支出的位置。

We'll invest in scalable ways to continue to connect our conversion data into third-party measurement sources of truth.

我們將投資可擴展的方式，繼續將我們的轉換數據連接到第三方真實測量來源。

Our lower funnel advertiser offering is made possible by our ability to make ads relevant content for our users.

我們能夠為用戶提供與廣告相關的內容，從而為較低管道的廣告客戶提供服務。

As we've long said, when users come to Pinterest, they have a very different mindset than traditional social media, often coming to invest in themselves, find inspiration, shop, and take action.

正如我們早就說過的，當用戶造訪 Pinterest 時，他們的心態與傳統社群媒體截然不同，他們通常會來投資自己、尋找靈感、購物並採取行動。

If you take our three main surfaces: Home Feed, Search, and Related Pins, you can see the purchase funnel come to life, with roughly one-third of our engagement on the Home Feed, while lower funnel Search and Related Pin, a form of visual search, make up roughly two-thirds of our engagement.

如果您關注我們的三個主要介面：主頁動態、搜尋和相關 Pin，您會看到購買漏斗變得生動起來，其中大約三分之一的參與度來自主頁動態，而下層漏斗搜尋和相關 Pin（一種視覺搜尋形式）約占我們參與度的三分之二。

Because of this, relevant ads can improve the user experience and drive even more value to advertisers by more efficiently reaching the right audience at the right time.

因此，相關廣告可以更有效地在正確的時間接觸正確的受眾，從而改善用戶體驗並為廣告商帶來更多價值。

This flywheel improves over time as more intense signals feed more relevant content to help users shop and provide even more intense signals.

隨著更強烈的訊號提供更相關的內容以幫助用戶購物並提供更強烈的訊號，這個飛輪會隨著時間的推移而改進。

Moreover, we have tangible evidence that the flywheel is working.

此外，我們有確鑿的證據表明飛輪正在發揮作用。

Monthly active users continue to grow double digits, reaching all-time highs each consecutive quarter of 2024.

月活躍用戶持續維持兩位數成長，2024 年每季連續達到歷史新高。

Ad impressions are growing while clicks to advertisers are growing faster than ad impressions.

廣告展示量正在成長，而廣告商的點擊量成長速度快於廣告展示量。

And ad relevance on our search surface doubled over the past two years as our models are able to capture more signals and more efficiently place ads in the right place at the right time.

由於我們的模型能夠捕捉更多的訊號並更有效地在正確的時間在正確的地點投放廣告，我們搜尋介面上的廣告相關性在過去兩年中翻了一番。

In 2025, we are continuing to leverage AI to grow ad load while growing users, improving relevance, and increasing shopping and action ability on the platform.

2025 年，我們將繼續利用人工智慧來增加廣告量，同時增加用戶、提高相關性並增強平台的購物和行動能力。

Finally, I'll touch briefly on our monetization initiative to diversify demand through partnerships and international growth. 2024 marked a year of scaling our first third-party demand partnerships with Amazon ads and Google.

最後，我將簡要地談談我們的貨幣化計劃，即透過合作夥伴關係和國際成長來實現需求多樣化。 2024 年是我們與亞馬遜廣告和Google建立首個第三方需求合作關係的一年。

We complemented these efforts by launching resellers in 30 markets in Q3.

我們於第三季在 30 個市場推出經銷商，以補充這些努力。

These efforts are paying off as rest of world revenue growth accelerated throughout 2024.

隨著 2024 年世界其他地區收入成長加速，這些努力正在獲得回報。

As I think about all we've accomplished in 2024, I'm filled with pride about the work our teams delivered across our strategic priorities and feel optimistic about what's to come in the year ahead.

當我想到我們在 2024 年所取得的成就時，我對我們的團隊在策略重點方面所做的工作感到自豪，並對來年的發展感到樂觀。

More importantly, I'm proud of how we're building our business.

更重要的是，我為我們的業務建設方式感到自豪。

We've proven that a business model built on positivity not only benefits our users, particularly our Gen Z users who value Pinterest as a place to manifest their dreams away from the toxicity found elsewhere on social media, but it leads to better business outcomes.

我們已經證明，建立在積極性基礎上的商業模式不僅有利於我們的用戶，尤其是我們的 Z 世代用戶，他們將 Pinterest 視為一個遠離社交媒體其他部分所含毒性、可以實現夢想的地方，而且還可以帶來更好的業務成果。

We've consciously invested in products and policies that tune AI for positivity and ultimately help our users feel their best.

我們有意識地投資於可以調整人工智慧的積極性的產品和政策，最終幫助我們的用戶感覺最好。

For example, body type ranges and skin tone and hair pattern search let our users see themselves represented in the content on the platform.

例如，體型範圍、膚色和頭髮圖案搜尋讓我們的用戶能夠在平台內容中看到自己的身影。

In fact, users who search with these refinement tools save on average 75% more pins than users who search without using these tools.

事實上，使用這些優化工具進行搜尋的用戶比沒有使用這些工具進行搜尋的用戶平均多保存了 75% 的圖釘。

Additionally, our ethos around positivity is a unique value proposition to advertisers who wish to align their brand with a positive environment.

此外，我們圍繞著積極性的精神對於希望將其品牌與積極環境相結合的廣告商來說是一個獨特的價值主張。

And with that said, I'll turn the call over to Julia to share more details about our financial performance in Q4.

說完這些，我將把電話轉給朱莉婭，讓她分享更多關於我們第四季財務業績的細節。

Thanks, Bill, and good afternoon, everyone.

謝謝，比爾，大家下午好。

Today, I'll be discussing our full-year and fourth-quarter 2024 financial results and provide an update on our preliminary first-quarter 2025 outlook.

今天，我將討論我們的 2024 年全年和第四季度財務業績，並提供我們對 2025 年第一季的初步展望的最新資訊。

All financial metrics, except for revenue we discussed in non-GAAP terms, unless otherwise specified and all comparisons will be discussed on a year-over-year basis unless otherwise noted.

除收入外，所有財務指標均以非 GAAP 條款討論，除非另有說明，並且所有比較均按同比基礎進行討論，除非另有說明。

Before I dive into the details of the fourth quarter, I want to reiterate Bill's comments about how 2024 was a transformative year for Pinterest.

在深入了解第四季度的細節之前，我想重申比爾關於 2024 年如何成為 Pinterest 轉型之年的評論。

Last year, we generated $3.65 billion in revenue, representing 19% growth, more than doubling our growth rate from 2023.

去年，我們的營收為 36.5 億美元，成長了 19%，是 2023 年成長率的兩倍多。

And importantly, this growth illustrates the significant progress we've made to become a true full funnel platform.

重要的是，這種成長表明我們在成為真正的全通路平台方面取得了重大進展。

We grew revenue primarily from our lower funnel clicks and conversions-based objectives, which signal that our new lower funnel performance, tools, and strategies are working.

我們的收入成長主要來自下層漏斗點擊和基於轉換的目標，這表明我們新的下層漏斗效能、工具和策略正在發揮作用。

We've also remained strategic about our investments, focusing on high ROI opportunities across users and monetization.

我們對投資也保持了策略性，重點關注用戶和貨幣化的高投資報酬率機會。

These includes utilizing AI to improve personalization and content recommendation to enhance the user experience and building automation tool to drive better performance for advertisers.

這些包括利用人工智慧來改善個人化和內容推薦以增強用戶體驗，並建立自動化工具來為廣告商帶來更好的效果。

And we're doing this all while continuing to exercise expense discipline.

我們在做這一切的同時，繼續嚴格控制費用。

This focus on profitable growth has led to a roughly 50% increase in adjusted EBITDA dollars year over year in 2024, with margins expanding by 510 basis points.

對獲利成長的關注導致 2024 年調整後的 EBITDA 年成長約 50%，利潤率擴大 510 個基點。

Finally, we achieved a significant milestone in 2024, reaching GAAP profitability on a net income basis for the first time since 2021.

最終，我們在 2024 年實現了一個重要的里程碑，自 2021 年以來首次以淨收入實現 GAAP 利潤。

Now let's dive into the fourth quarter.

現在讓我們深入了解第四季。

We ended the quarter with 553 million global monthly active users, or MAUs, growing 11% and reaching another record high.

截至本季度，我們的全球月活躍用戶數（MAU）達到 5.53 億，成長 11%，再創歷史新高。

Users also continued to grow year over year across all of our geographic regions.

我們所有地理區域的使用者數量也逐年成長。

In Q4, our US and Canada region had 101 million MAUs, accelerating to 4% growth.

第四季度，我們美國和加拿大地區的每月活躍用戶數為 1.01 億，成長率為 4%。

Our Europe region had 145 million MAUs, growing 7%.

我們的歐洲地區擁有 1.45 億月活躍用戶，成長 7%。

And in the rest of world markets, we had 307 million MAUs growing 15%.

在世界其他市場，我們的每月活躍用戶數為 3.07 億，成長了 15%。

Moving to revenue.

轉向收入。

In Q4, our global revenue was $1.154 billion, up 18% on a reported and constant currency basis.

第四季度，我們的全球營收為 11.54 億美元，按報告和固定匯率計算成長 18%。

The revenue strength this quarter highlights how we are driving value for advertisers across the full funnel with particular strength coming from our lower funnel consideration objective, which optimizes for clicks.

本季的營收強勁凸顯了我們如何為整個通路的廣告主創造價值，特別是來自於我們針對點擊次數進行優化的低端管道考慮目標。

From a vertical perspective, we continue to see broad-based strength in retail.

從垂直角度來看，我們持續看到零售業的全面強勁發展。

Additionally, emerging verticals, like technology and financial services, continued to be a source of strength.

此外，科技和金融服務等新興垂直產業也持續成為成長動力的來源。

As expected, growth was partially offset by softness within the food and beverage subsector of CPG.

正如預期，快速消費品行業食品和飲料行業的疲軟部分抵消了其成長。

Additionally, as a reminder, unlike other platforms, we do not accept political advertising, and therefore, did not see a benefit from election-related spend in Q4.

此外，需要提醒的是，與其他平台不同，我們不接受政治廣告，因此，第四季並沒有從選舉相關支出中獲益。

While the majority of our growth came from our core first-party demand generated by our internal sales force, as expected, we also saw revenue from third-party demand partnerships ramp in Q4, growing sequentially off the revenue base we delivered in Q3 as they continued to round out gaps in our auction and complement our growing first-party demand.

雖然我們的大部分成長來自於我們內部銷售團隊產生的核心第一方需求，但正如預期的那樣，我們也看到來自第三方需求合作夥伴關係的收入在第四季度有所增加，在我們第三季度實現的收入基礎的基礎上連續增長，因為它們繼續彌補我們拍賣中的空白並補充我們不斷增長的第一方需求。

Turning to our geographical breakouts for Q4, in the US and Canada, we generated $900 million in revenue, growing 16%.

看看我們第四季的地理分佈，在美國和加拿大，我們的營收為 9 億美元，成長了 16%。

Strength came from retail and emerging categories including technology and financial services.

強勁成長源自零售以及科技和金融服務等新興類別。

In Europe, revenue was $196 million, growing 21% on a reported basis or 20% on a constant currency basis.

歐洲的營收為 1.96 億美元，按報告基礎計算成長 21%，以固定匯率計算成長 20%。

Strength in Europe was driven by retail.

歐洲的強勁成長主要得益於零售業。

Revenue from the rest of the world was $58 million growing 44% on a reported basis or 53% on a constant currency basis.

來自世界其他地區的收入為 5,800 萬美元，按報告基礎計算增長 44%，以固定匯率計算增長 53%。

In Q4, ad impressions grew 43% while ad pricing declined 18% year over year.

第四季度，廣告展示量年增 43%，但廣告價格年減 18%。

As we've discussed for multiple quarters, our efforts to begin serving ads and monetize international markets or previous gaps in our auction have been accretive to net revenue.

正如我們多個季度以來所討論的那樣，我們開始投放廣告並將國際市場貨幣化或彌補拍賣中先前的空白的努力已經增加了淨收入。

However, as we've begun to scale these initiatives, it has naturally led to an increase in ad impression growth and downward pressure on overall global platform pricing due to this ongoing mix shift.

然而，隨著我們開始擴大這些措施的規模，這種持續的組合轉變自然會導致廣告展示次數的成長和全球平台整體定價的下行壓力。

Moving to expenses in Q4, cost of revenue was $191 million, up 10% year over year and up 5% versus Q3 due to increased infrastructure spend related to users and engagement growth.

談到第四季的支出，收入成本為 1.91 億美元，年增 10%，較上季成長 5%，原因是與用戶和參與度成長相關的基礎設施支出增加。

Our non-GAAP operating expense was $496 million, up 12%.

我們的非公認會計準則營業費用為 4.96 億美元，成長 12%。

The increase was primarily due to R&D, where we are investing in headcount with a smaller increase in sales and marketing.

成長主要由於研發支出，我們主要對員工數量進行投資，而銷售和行銷支出的成長較少。

Our revenue strength and expense discipline led to another strong quarter of adjusted EBITDA, coming in at $471 million with an adjusted EBITDA margin of 41%, an increase of 320 basis points versus Q4 last year.

我們的營收實力和費用控制使得調整後 EBITDA 再創強勁季度，達到 4.71 億美元，調整後 EBITDA 利潤率為 41%，較去年第四季成長 320 個基點。

In Q4, we also recorded a $1.6 billion income tax benefit.

第四季度，我們也記錄了 16 億美元的所得稅收益。

This was driven by the release of a valuation allowance against a significant portion of our US deferred tax assets due to our sustained profitability and continued forecasted income.

這是由於我們持續的獲利能力和持續的預測收入導致我們對美國遞延稅務資產的很大一部分釋放了估值準備金。

I'd like to take a moment now to discuss our cash flow.

現在我想花點時間討論一下我們的現金流。

Our ability to generate significant free cash flow, which we define as cash flow from operating activities plus purchases of property and equipment, speaks to the inherent profitability of our business and asset-like nature of our model.

我們產生大量自由現金流的能力（我們將其定義為來自經營活動的現金流加上購買的物業和設備）說明了我們業務的固有盈利能力和我們模型的資產性質。

For the full-year 2024, free cash flow increased 55% to $940 million.

2024 年全年自由現金流成長 55%，達到 9.4 億美元。

This compares to 2024 adjusted EBITDA of $1.0 billion, representing free cash flow conversion of 91%.

相較之下，2024 年調整後的 EBITDA 為 10 億美元，自由現金流轉換率為 91%。

Investors should analyze our free cash flow annually, as quarterly free cash flow can fluctuate due to the seasonality of our business, among other factors.

投資者應每年分析我們的自由現金流，因為季度自由現金流會因業務的季節性等因素而波動。

We ended the quarter with cash equivalents, and marketable securities of $2.5 billion.

截至本季末，我們的現金等價物和有價證券總額為 25 億美元。

As a reminder, at our Investor Day in fall 2023, we laid out the four pillars of our capital allocation framework which remain unchanged: first, investing in product and technology innovation. second, balance sheet optimization; third, dilution management; and fourth, preserving flexibility for opportunistic and disciplined M&A.

提醒一下，在 2023 年秋天的投資者日上，我們列出了保持不變的資本配置框架的四大支柱：首先，投資於產品和技術創新。二是優化資產負債表；三是稀釋管理；第四，保持靈活性，以進行機會性和有紀律的併購。

In Q4, we made further progress mitigating dilution as we allocated $100 million to share repurchases, bringing our full-year 2024 share repurchases to $600 million for a total of 19.1 million shares.

在第四季度，我們在減輕稀釋方面取得了進一步進展，因為我們分配了 1 億美元用於股票回購，使我們 2024 年全年的股票回購額達到 6 億美元，總計 1,910 萬股。

In addition, we utilize $390 million of cash in the year on net share settlement of equity awards.

此外，我們今年也利用 3.9 億美元現金進行股權獎勵的淨股份結算。

Combined for full-year 2024, these actions have driven an approximately 1.7% decline in year-over-year fully diluted share counts.

綜合考慮 2024 年全年因素，這些舉措已導致全面攤薄股票數量年減約 1.7%。

Now we'll discuss our preliminary guidance for the first quarter.

現在讓我們來討論第一季的初步指引。

Please note that starting this quarter, we are transitioning to provide adjusted EBITDA guidance and will no longer provide an outlook for non-GAAP operating expenses.

請注意，從本季度開始，我們將轉而提供調整後的 EBITDA 指引，並且不再提供非 GAAP 營業費用的展望。

We expect Q1 revenue to be in the range of $837 million to $852 million, representing 13% to 15% growth year over year or 15% to 17% growth on a constant currency basis as our guidance assumes the impact of foreign exchange to be approximately 2 points of headwind based on current spot rates.

我們預計第一季的營收將在 8.37 億美元至 8.52 億美元之間，年增 13% 至 15%，或以固定匯率計算成長 15% 至 17%，因為我們的指導假設外匯的影響根據當前現貨匯率約為 2 個點的逆風。

Our guidance also reflects the effects of lapping leap day and the earlier Easter timing in Q1 2024.

我們的指導也反映了 2024 年第一季閏日重疊和復活節提前的影響。

We expect Q1 adjusted EBITDA to be in the range of $155 million to $170 million.

我們預計第一季調整後的 EBITDA 在 1.55 億美元至 1.7 億美元之間。

We anticipate Q1 2025 non-GAAP cost of revenue expense to be relatively consistent with Q4 2024.

我們預計 2025 年第一季非 GAAP 收入成本費用將與 2024 年第四季相對一致。

Within non-GAAP operating expense, our primary area of investment will continue to be head count within R&D, which will support our efforts in AI as well as other product initiatives, which enhance the user experience and monetization.

在非公認會計準則營業費用中，我們的主要投資領域將繼續是研發人員數量，這將支持我們在人工智慧以及其他產品計劃方面的努力，從而增強用戶體驗和貨幣化。

Last year, we made significant progress in margin expansion towards our long-term goals, growing 2024 adjusted EBITDA margin by 510 basis points year over year.

去年，我們在實現長期目標的利潤率方面取得了重大進展，2024 年調整後的 EBITDA 利潤率年增 510 個基點。

We expect margin expansion again in 2025 and though we anticipate the rate of margin expansion to be lower than the outsized expansion we delivered in 2024 as we continue to invest behind our initiatives and drive profitable growth.

我們預計 2025 年利潤率將再次擴大，但我們預計利潤率擴張率將低於 2024 年實現的超額擴張，因為我們將繼續投資於我們的計劃並推動獲利成長。

In closing, I'm extremely pleased with our team's performance in Q4 and full year 2024.

最後，我對我們團隊在 2024 年第四季和全年的表現感到非常滿意。

We have made significant progress against our strategic priorities, growing users and engagement, executing on our lower funnel opportunity, all while driving profitable growth.

我們在策略重點、增加用戶和參與度、抓住低端通路機會以及推動獲利成長方面取得了重大進展。

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

說完這些，我會把發言權交給比爾，讓他做最後的發言。

Thanks, Julia.

謝謝，朱莉婭。

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.

我要感謝 Pinterest 的團隊、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.

現在，我們就可以開始提問了。

(Operator Instructions)

（操作員指令）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thanks so much for taking the question and thanks for all the details in the prepared remarks.

非常感謝您回答這個問題，也感謝您在準備好的發言中提供的所有細節。

Bill, I want to know what your key takeaways are from '24 in terms of how the platform evolved?

比爾，我想知道，就平台的發展而言，你從 24 年得到的要點是什麼？

And maybe with the eye forward, what are the two or three biggest strategic priorities you're setting up to try to execute against based on those learnings in '24 as we proceed deeper into 2025?

或許從長遠來看，隨著我們進入 2025 年，基於 2024 年的經驗教訓，您設立了哪兩個或三個最大的策略重點來嘗試執行？

Thanks so much.

非常感謝。

Thanks, Eric.

謝謝，埃里克。

If you take a step back, 2024, as I mentioned, it was a transformative year for our business.

如果回顧一下，2024 年，正如我所提到的，是我們業務轉型的一年。

We more than doubled our revenue growth rate, going from 9% growth in '23 to 19% in 2024.

我們的營收成長率增加了一倍多，從2023年的9%成長到2024年的19%。

We brought on a record number of users, while deepen engagement as best evidenced by our highest-ever weekly active to monthly active ratio.

我們吸引了創紀錄數量的用戶，同時加深了參與度，這最好體現在我們最高的每週活躍用戶與每月活躍用戶的比率上。

We just finished Q4 at 18% revenue growth and our guiding 15% to 17% on a constant currency basis.

我們剛結束的第四季營收成長了 18%，以固定匯率計算，我們的預期營收成長為 15% 至 17%。

So all of this really represents the considerable progress against our stated longer-term goals, and we feel good about the sustainability of the revenue growth that we've been driving.

因此，所有這些確實代表了我們在實現既定長期目標方面取得了長足進步，而且我們對一直推動的收入成長的可持續性感到滿意。

So as a result, we're doubling down on our strategy, and we see multiple initiatives with strong balanced execution to drive our growth in 2025 and beyond.

因此，我們加倍實施我們的策略，並且我們看到多項措施透過強有力的平衡執行來推動我們在 2025 年及以後的成長。

First is continuing to grow our user base and deepen engagement and bring back users more frequently through our efforts and actionability and curation.

首先是透過我們的努力、可操作性和策劃，繼續擴大我們的用戶群、深化參與度並更頻繁地吸引用戶回頭。

As we stated many times, relevant ads can be great content for our users and additive to the user experience, particularly when they're in commercial context.

正如我們多次指出的那樣，相關廣告可以為用戶帶來優質內容並增強用戶體驗，尤其是在商業環境中。

And as such, we see room to further grow our ad load, particularly in high-intent surfaces and verticals on our platform and for those users that, again, are in a commercial mindset.

因此，我們看到了進一步增加廣告量的空間，特別是在我們平台上的高意圖表面和垂直領域，以及對於那些具有商業思維的使用者。

Secondly, we'll continue to drive improved performance for advertisers through lower funnel product innovation and ad platform efficiencies.

其次，我們將繼續透過低通路產品創新和廣告平台效率來提高廣告商的績效。

Performance Plus, which we just rolled out late last year, will continue to be enhanced through features like ROAS bidding and Performance Plus creative.

我們去年年底剛推出的 Performance Plus 將繼續透過 ROAS 競價和 Performance Plus 創意等功能增強。

As I've always said, we expect Performance Plus to be a steady build, with a multiyear product and adoption cycle, no hockey stick in growth in one particular quarter, but a steady build over a multiyear product adoption cycle.

正如我一直所說，我們預計 Performance Plus 將穩步構建，具有多年的產品和採用週期，在某個特定季度不會出現曲棍球棒式增長，而是在多年的產品採用周期內穩步構建。

And finally, we'll continue to complement our strong and growing first-party business through new sources of demand, as you've seen us do through the launch of resellers and third-party partners, and we'll continue to optimize and test with incremental sources of demand over time.

最後，我們將繼續透過新的需求來源來補充我們強大且不斷成長的第一方業務，正如您看到我們透過推出經銷商和第三方合作夥伴所做的那樣，並且我們將隨著時間的推移繼續優化和測試增量需求來源。

And maybe just to add a little bit more color there from a vertical standpoint.

也許只是從垂直角度添加一點點顏色。

Retail has been strong for us in 2024, and there's certainly more room to go there in 2025.

2024 年我們的零售業表現強勁，2025 年肯定還有更大的發展空間。

We continue to see opportunities to capture more value from the clicks we're driving, especially as we roll out Performance Plus to our funnel; and more granular bidding functionality, allowing advertisers to effectively bid on a wider swath of their catalogs.

我們不斷發現從點擊量中獲取更多價值的機會，尤其是當我們將 Performance Plus 推出到我們的管道時；以及更細緻的競價功能，讓廣告主能夠對更廣泛的目錄進行有效競價。

As I noted in the prepared remarks, emerging verticals, such as financial services and technology, also continue to remain a nice driver for us.

正如我在準備好的演講中指出的那樣，金融服務和技術等新興垂直行業也將繼續成為我們發展的良好推動力。

We saw strength in those categories in Q4 and really much of 2024.

我們在第四季度以及 2024 年的大部分時間裡看到了這些類別的強勁表現。

Those are ad verticals with billions of dollars in digital ad spend, and we still have a very small percentage market share today.

這些廣告垂直領域在數位廣告方面的花費高達數十億美元，而我們目前的市佔率仍然很小。

So we see lots of opportunity there.

因此我們看到那裡有很多機會。

Within the food and beverage subsector of CPG, which was softer in 2024 due to category specific headwinds, in 2025, we begin to anniversary the weaker trends in that category.

在快速消費品 (CPG) 的食品和飲料子行業中，由於特定類別的不利因素，該行業在 2024 年表現較弱，到 2025 年，我們將開始回顧該類別的疲軟趨勢。

And while we are seeing very early green shoots there in Q1, it's too early to say the headwind in food and beverage is fully behind us.

儘管我們在第一季看到了非常早期的復甦跡象，但現在說食品和飲料行業的逆風已經完全過去還為時過早。

So as Bill described, we have several initiatives at play, and we continue to feel confident in the sustainability of our current trajectory and the steady ongoing execution of our plans.

正如比爾所描述的，我們已經實施了多項舉措，並且我們對於當前發展軌蹟的可持續性以及計劃的持續穩步執行充滿信心。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

This is Matt on for Brian.

這是馬特 (Matt) 取代布萊恩 (Brian)。

Can you talk a little bit about the GPU-enabled machine learning and Gen AI areas that you think can be the most material drivers to further platform improvement in 2025?

您能否談談 GPU 支援的機器學習和 Gen AI 領域，您認為這些領域可以成為 2025 年進一步推動平台改進的最重要驅動力？

Certainly.

當然。

Thanks for the question.

謝謝你的提問。

As a visual search platform, AI is a core competency here at Pinterest.

作為一個視覺搜尋平台，AI 是 Pinterest 的核心競爭力。

Effectively, every pin and product shown as a result of our cutting-edge AI technique and recommendation algorithms that ingest hundreds of billions of user actions to understand what a user might be interested in.

實際上，所顯示的每個圖釘和產品都是我們尖端的 AI 技術和推薦演算法的結果，這些演算法吸收了數千億個用戶操作，以了解用戶可能感興趣的內容。

And as I mentioned in the prepared remarks, those are really unique user actions that only take place on Pinterest, where users are curating and making product associations.

正如我在準備好的評論中提到的，這些都是真正獨特的用戶操作，只會在 Pinterest 上發生，用戶可以在那裡策劃和建立產品關聯。

And so that's what's really driven significant improvements in the relevance of our recommendations.

這才是真正推動我們建議的相關性顯著提升的因素。

So our strategy remains unwavering.

所以我們的戰略是堅定不移的。

We're going to continue to invest in AI that drives great experiences for our users and better performance for our advertisers.

我們將繼續投資人工智慧，為我們的用戶帶來更好的體驗，為我們的廣告主帶來更好的表現。

This has included things like switching from CPU to GPU serving to leverage larger models that improve organic and ad serving, integrating LLM tech into our AI to drive user experiences like guided search and computer vision tech for experiences like Shop the Look, Ways the Style, et cetera.

這包括從 CPU 服務切換到 GPU 服務以利用更大的模型來改善有機和廣告服務，將 LLM 技術整合到我們的 AI 中以推動用戶體驗，例如引導搜尋和電腦視覺技術，以實現「Shop the Look」、「Ways the Style」等體驗。

As I also mentioned in the prepared remarks, we're using coding assistants to help engineers accelerate velocity of produced code, and to help with improving code test coverage and quality.

正如我在準備好的演講中提到的，我們正在使用編碼助手來幫助工程師加快生成程式碼的速度，並幫助提高程式碼測試覆蓋率和品質。

We see really strong internal uptake in these tools.

我們看到這些工具的內部應用非常強勁。

And like I said, roughly 15% of our code base is AI generated through these coding assistance.

正如我所說的，我們程式碼庫的大約 15％ 是透過這些編碼輔助產生的 AI。

So we see these results clearly in our top line numbers, with WAU at an all-time high, users at an all-time high, clicks to advertisers continue to be strong, even at those all-time high user numbers.

因此，我們在我們的營收數字中清楚地看到了這些結果，週活躍用戶數創歷史新高，用戶數創歷史新高，即使在用戶數創歷史新高的情況下，廣告商的點擊量仍然保持強勁。

So again, AI really has a core competency for the platform.

所以再說一次，人工智慧確實對該平台具有核心競爭力。

And I talked about Performance Plus being at the beginning of a multiyear product and adoption cycle.

我說過，Performance Plus 正處於多年產品和採用週期的開始階段。

We think there's a lot of improvement there.

我們認為那裡已經有很大進步。

And again, with what we're seeing in AI, we think we'll continue to drive great advancements and what we can do for user experience and advertising performance.

而且，憑藉我們在人工智慧領域的進展，我們認為我們將繼續推動巨大的進步，並為用戶體驗和廣告效果做出貢獻。

John Blackledge, TD Securities.

道明證券的約翰‧布萊克利奇 (John Blackledge)。

Great.

偉大的。

Thank you.

謝謝。

On the 1Q '25 guidance, could you discuss the quarter-to-date advertising trends that you're seeing?

關於 2025 年第一季的指引，您能否討論一下您所看到的本季迄今的廣告趨勢？

And then what are kind of the puts and takes that got you to the 1Q '25 revenue outlook?

那麼，是哪些利弊讓您得出了 2025 年第一季的營收預期呢？

Thanks, John.

謝謝，約翰。

So we just finished Q4 with revenue growth of 18% and guided Q1 to 15% to 17% on a constant currency basis.

因此，我們剛完成了第四季度，營收成長了 18%，並預計第一季的營收將按固定匯率計算成長 15% 至 17%。

And if you look at Q1 on a two-year stack basis, you'll see our guidance implies a sequential acceleration this quarter.

如果您以兩年疊加的基礎來看待第一季度，您會發現我們的指導意味著本季將出現連續加速。

So in Q1, we'll look to continue to drive performance across the lower and upper funnel.

因此，在第一季度，我們將繼續推動下層和上層漏斗的表現。

Our new lower funnel tool set continues to drive improved value to advertisers, most recently driving over 90% increase in clicks to advertisers year over year in Q4.

我們全新的下層漏斗工具組繼續為廣告商帶來更高的價值，最近第四季度廣告商的點擊量同比增長了 90% 以上。

We still have more value capture to go as advertisers increasingly turn to Pinterest to drive performance.

隨著廣告商越來越多地轉向 Pinterest 來提升業績，我們仍有更多價值獲取空間。

We're seeing nice adoption of newer ad formats and capabilities, including ongoing growth of spotlight ads and the adoption of more granular bidding capabilities to give advertisers more bidding control across their catalog.

我們看到新廣告格式和功能得到了良好的採用，包括焦點廣告的持續成長和更細粒度的競價功能的採用，從而使廣告商能夠更好地控制其目錄中的競價。

And finally, as Bill mentioned, we're at the beginning of a multiyear product cycle for Performance Plus.

最後，正如比爾所提到的，我們正處於 Performance Plus 多年產品週期的開始階段。

We're seeing really good results, but more of the opportunity is in front of us than behind us.

我們看到了非常好的結果，但是我們面前的機會比後面的機會更多。

We expect the adoption impact to steadily build as it would with any new product rollout.

我們預計，像任何新產品的推出一樣，採用的影響將會穩定增強。

And once we emphasize it's multi-quarter multiyears, new functionality continues to be rolled out.

一旦我們強調它是多季度多年度，新的功能就會不斷推出。

While challenges still remain within the food and beverage category, we are now lapping the early stages of that softness, which started in December of 2023.

雖然食品和飲料類別仍然存在挑戰，但我們現在正處於從 2023 年 12 月開始的疲軟初期。

As such, we're expecting the overall drag from food and beverage to our top-line revenue to lessen slightly in Q1 and as we start to see very early signs of green shoots in that category.

因此，我們預計食品和飲料對我們營業收入的整體拖累將在第一季略有減輕，而且我們開始看到該類別出現復甦的早期跡象。

But it's too early to say the headwind is fully behind us, and that is factored into our guidance as well.

但現在說逆風已經完全過去還為時過早，而且這也已考慮到我們的預期。

So those are some of the factors as we think about Q1 overall in our 15% to 17% constant currency guidance.

所以這些是我們在考慮第一季整體 15% 至 17% 的固定匯率指引時考慮的一些因素。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Thank you very much.

非常感謝。

I wanted to ask you, and you touched on this a little bit in the prepared remarks, but looking back at last year, I guess, can you talk through the contribution from the third-party partnerships?

我想問您，您在準備好的發言中稍微談到了這一點，但回顧去年，我想，您能談談第三方合作夥伴關係的貢獻嗎？

I guess, would you characterize them as in line with expectations, better, maybe a little bit slower?

我想，您會將它們描述為符合預期、更好、也許稍微慢一點嗎？

And then how much can we expect those partnerships to contribute this year?

那我們預期這些合作夥伴今年能貢獻多少呢？

Thanks, Mark.

謝謝，馬克。

Since the beginning, we've said that our efforts to bring in new demand, inclusive of third-party demand and resellers was targeted at rounding out gaps in our auction with a particular focus on improving shoppability as a complement to our first-party sales efforts.

從一開始，我們就說過，我們努力引入新的需求，包括第三方需求和經銷商，目的是彌補我們拍賣中的空白，特別注重提高購物能力，作為對我們第一方銷售努力的補充。

If we step back, we've seen great progress here on multiple fronts.

如果我們回顧一下，我們會發現這裡在多個方面都取得了巨大進展。

Our platform is more shoppable than ever as evidenced by the strength of our holiday shopping performance, and we've made significant progress in rounding out gaps in our auction, with first-party relationships leading the way exactly as we would hope and new demand efforts providing a complement when needed.

我們的平台比以往任何時候都更具購物性，這從我們假日購物表現的強勁就可以看出，我們在彌補拍賣方面的差距方面取得了重大進展，第一方關係正如我們所希望的那樣引領著潮流，而新的需求努力在需要時提供了補充。

As our capabilities as a true lower funnel platform take hold, we're driving strong first-party demand.

隨著我們作為真正的低端漏斗平台的能力逐漸增強，我們正在推動強勁的第一方需求。

At the same time, we've enhanced our ability to bring in programmatic demand as well as demand through resellers.

同時，我們增強了透過程序化需求和經銷商吸引需求的能力。

The net effect of that is we've driven significant improvements in the shopping labor platform by closing gaps in our auction, with ads and search results now being 2 times as relevant as they were two years ago.

這樣做的最終結果是，我們透過縮小拍賣中的差距，推動了購物勞動力平台的顯著改進，現在廣告和搜尋結果的相關度比兩年前提高了兩倍。

Lastly, as we see strength in our first-party business and advertisers come to us directly, which is what we want, we're finding we have fewer gaps in auction, especially in our more mature markets.

最後，隨著我們看到第一方業務的實力以及廣告商直接找上我們，這也正是我們想要的，我們發現拍賣中的差距越來越小，特別是在我們更成熟的市場中。

Therefore, as the core first-party business grows, it reduces the need for third-party demand.

因此，隨著核心第一方業務的成長，對第三方需求的需求就會減少。

Again, that's a very healthy dynamic for our overall business.

再次，這對我們的整體業務來說是一個非常健康的動態。

However, what's exciting is that our capability to ingest demand from many sources such as resellers and multiple third-party demand partners and thereby reduce gaps in our auction is more advanced than it's ever been, which allowed us to respond more dynamically when and if there are shifting demand patterns.

然而，令人興奮的是，我們從經銷商和多個第三方需求合作夥伴等多個來源獲取需求，從而減少拍賣差距的能力比以往任何時候都更加先進，這使我們能夠在需求模式發生變化時做出更有活力的反應。

So this is an area that we'll continue to optimize and advance as we move forward.

因此，我們將在未來繼續優化和推進這個領域。

Julia, anything you'd add there?

茱莉亞，您還有什麼要補充嗎？

So I guess I would say -- Mark, thanks for the question.

所以我想我會說——馬克，謝謝你的提問。

We've been very consistent that we'll not break out revenue from third-party partners or resellers separately.

我們始終堅持不單獨列出第三方合作夥伴或經銷商的收入。

We've noted that these initiatives were new and began to scale in 2024 with each quarter ramping sequentially.

我們注意到這些措施是新的，並將於 2024 年開始擴大規模，每季都會逐步擴大。

And we'll continue to test and optimize as we move forward, as Bill noted.

正如比爾所說，我們將在前進的過程中繼續測試和優化。

As we've mentioned, there are many levers for growth in 2025, including growing users engagement, increasing ad load on high-intent surfaces, synergistically with that engagement, improving ad relevance and ongoing kind of full funnel ad product innovation in addition to some of the opportunities to continue to take share in retail some of the emerging categories I noted earlier, like financial services and technology.

正如我們所提到的，2025 年有許多成長槓桿，包括增加用戶參與度、增加高意圖表面上的廣告負載、與參與度協同、提高廣告相關性和持續進行全通路廣告產品創新，此外還有一些機會繼續在零售業中佔據份額，以及我之前提到的一些新興類別，如金融服務和技術。

So on balance, we see multiple initiatives with strong balanced execution going forward to help drive our growth in 2025.

因此，總的來說，我們看到多項舉措將以強有力的平衡執行來幫助推動我們在 2025 年的成長。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

Thanks for taking the question.

感謝您回答這個問題。

Bill and Julia, in the release, there's the quote, People are coming to Pinterest more often.

比爾和朱莉婭，在新聞稿中有一句話：人們越來越頻繁地訪問 Pinterest。

And obviously, Bill, you've talked a few times about the improvement in weekly to monthly -- weekly users relative to monthlies.

顯然，比爾，你已經多次談到每周到每月的用戶數量的改善——每週用戶數量相對於每月用戶數量的改善。

But could you help us understand engagement a bit better?

但您能幫助我們更理解參與度嗎？

You've got US MAUs up 4%.

您的美國月活躍用戶數量上漲了 4%。

Should we take your comments on WAU growing substantially faster than MAU to mean?

我們是否應該理解你關於 WAU 成長速度遠遠快於 MAU 的評論？

Are WAUs growing high single digits?

WAU 是否以高個位數成長？

Double digits?

兩位數？

Like any way to think about given the importance of the US market to revenues, just how to think about how fast that engagement metric has grown or any engagement metric within that is growing?

就像有任何思考方式一樣，考慮到美國市場對收入的重要性，如何看待參與度指標成長速度有多快或其中任何參與度指標的成長速度有多快？

And then you're at 101 million MAUs in the US and Canada, is that -- I don't want to put a timeframe, but is that long term 150 million?

那麼，您在美國和加拿大的月活躍用戶數量是 1.01 億，這是——我不想設定一個時間框架，但長期來看這是 1.5 億嗎？

Is the ceiling 200 million?

上限是2億嗎？

Like how do you think about the domestic TAM for your business?

例如，您如何看待您公司的國內 TAM？

Thanks, Rich.

謝謝，里奇。

So yes, as I noted, our weekly active to monthly active ratio is at an all-time high for the platform at 62% for our global user base, which is a sign of deepening engagement even at record number of users other than noted before.

是的，正如我所說，我們平台的周活躍用戶與月活躍用戶比率達到了歷史最高水平，全球用戶群的這一比例為 62%，這表明即使用戶數量創下了歷史新高，參與度仍在不斷加深。

Oftentimes, you add large volumes of new users that can be dilutive to your overall engagement, but yet we still achieved record highs in that weekly active to monthly active ratio.

通常，您會添加大量新用戶，這可能會削弱您的整體參與度，但我們仍然在每週活躍用戶與每月活躍用戶比率方面創下了歷史新高。

And it's worth noting you're parsing sort of global versus UCAN.

值得注意的是，您正在解析全球與 UCAN 之間的差異。

Our WAU-to-MAU is highest in our most mature regions like UCAN and Europe.

我們的周活躍用戶與月活躍用戶比率在我們最成熟的地區（例如 UCAN 和歐洲）最高。

So I've said for quite a long time that, especially in our mature markets, it's really about deepening engagement per user versus chasing new users in our -- particularly in our most mature markets.

因此，我已經說過很長一段時間了，特別是在我們成熟的市場中，真正的重點是深化每個用戶的參與度，而不是追逐新用戶——特別是在我們最成熟的市場中。

And we're getting the dynamics that we'd want there with, again, a great deep engagement across the platform, the greater frequency from weekly to monthly active ratios and with those being highest in our most mature regions.

我們獲得了想要的動態，再次，整個平台的深度參與，從每周到每月的活躍率更高，而且在我們最成熟的地區這些比率最高。

So users continue to grow nicely.

因此用戶數量持續良好成長。

As noted, we had another quarter of all-time user highs.

如上所述，我們又迎來了一個用戶量歷史新高的季度。

And our strategy remains the same to bring actionability to the forefront of the user experience.

我們的策略始終如一，將可操作性放在使用者體驗的最前線。

Drive curation through boards and collages and create a positive space for our users, which are increasingly Gen Z as our largest, fastest-growing audience.

透過板和拼貼畫推動策展，為我們的用戶創造積極的空間，我們的用戶越來越多地成為 Z 世代，成為我們最大、成長最快的受眾。

So those efforts on actionability, shopping, curation, really resonating across our user base, especially with Gen Z and that deeper actionability on the platform, also noted, that's also leading to clicks to advertisers growing at over 90% year on year in Q4, even after lapping the initial impact of direct link from Q4 of '23 where those clicks were up more than 100% year on year.

因此，在可操作性、購物、策展方面的努力確實引起了我們用戶群的共鳴，尤其是 Z 世代，而且平台上更深層次的可操作性也導致廣告商的點擊量在第四季度同比增長超過 90%，即使在 23 年第四季度直接鏈接的初始影響之後，這些點擊量同比增長了 100% 以上。

So even lapping a really strong growth, again, 90% lift and clicks to advertisers.

因此，即使實現了真正強勁的成長，廣告商的點擊量仍將提升 90%。

So really finding a great dynamic around positive MAU trajectory, positive engagement and tying the user engagement to things that are highly monetizable even as users engage more and more with that.

因此，真正找到圍繞著積極的 MAU 軌跡、積極參與度的巨大動力，並將用戶參與度與可高度貨幣化的事物聯繫起來，即使用戶越來越多地參與其中。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks for taking my question.

感謝您回答我的問題。

I guess I have one on ad products and features.

我想我有一個關於廣告產品和功能的內容。

Bill, how should we think about contribution of all this product innovation that you have done and will do this year, as we think about one to three years out from Performance Plus to spotlight ads, new bidding capabilities, increasing ad load, deep linking, everything and what's to come?

比爾，我們應該如何看待你今年已經完成的和將要做的所有這些產品創新的貢獻，因為我們考慮從 Performance Plus 到聚焦廣告、新的競價功能、增加廣告負載、深度鏈接等一到三年後會發生什麼？

What are you most excited about in terms of the magnitude of the impact?

從影響的程度來看，最讓您興奮的是什麼？

And how should we think about when we see the impact from each of these different things through, call it, one to three years?

當我們看到這些不同事物在一到三年內產生的影響時，我們該如何思考？

How do you see it evolve?

您認為它如何演變？

Thanks for the question.

謝謝你的提問。

As I mentioned in my remarks, 2024 was quite transformative for us.

正如我在演講中提到的，2024年對我們來說是一個具有改變意義的一年。

We more than doubled our revenue growth rate from 23% to 24%.

我們的收入成長率增加了一倍多，從 23% 增加到 24%。

Our lower funnel objectives being the strongest.

我們的下層漏斗目標最為強大。

And we've been on a journey over the last 2.5 years to really make Pinterest a true performance advertising platform.

在過去的 2.5 年裡，我們一直致力於將 Pinterest 打造成一個真正的成效廣告平台。

And the things that we've done, as I've said before, I wouldn't think of them as like one-off launches.

正如我之前所說，我們所做的事情並不像一次性的發布那樣。

They have compounding effects over not just multiple quarters, but multiple years.

它們不僅在多個季度產生複合效應，而且在多年產生複合效應。

So we created immense value for advertisers in 2024 through our lower funnel innovation, including direct links, mobile delinking, conversion API.

因此，我們透過下層漏斗創新（包括直接連結、行動解除連結、轉換 API）在 2024 年為廣告商創造了巨大的價值。

Clicks were up 90% in Q4 after lapping the 100% click growth from the prior year.

繼上年點擊量成長 100% 之後，第四季點擊量又成長了 90%。

Doubled ad relevance on search; this all culminated in the doubling of the growth rate in revenue from $24 billion compared to $23 million and our first $1 billion quarter in Q4.

搜尋中的廣告相關性加倍；這一切最終導致營收成長率翻了一番，從 240 億美元增至 2,300 萬美元，而我們第四季的營收首次達到 10 億美元。

So all of these -- again, all of these launches are compounding on each other -- but that's an effect that we see continuing forward.

所以所有這些 — — 再說一次，所有這些發布都是相互疊加的 — — 但我們看到的這種效應將會持續下去。

As we look forward, we're not changing our strategy.

展望未來，我們不會改變我們的策略。

We're doubling down, and there's still a lot more yield from these various efforts as they continue to mature.

我們正在加倍努力，隨著這些努力不斷成熟，我們將獲得更多的利益。

For example, Performance Plus is very much in its early days.

例如，Performance Plus 尚處於早期階段。

It just went into general availability in October.

它於十月剛開始全面上市。

And this is a longer-term multiyear innovation cycle and adoption curve.

這是一個長期的多年創新週期和採用曲線。

And if you think back to when other platforms launched similar products, it kicked off multiyear adoption cycles for them as well.

如果你回想一下其他平台推出類似產品的時候，它也為它們開啟了多年的採用週期。

Notably, these platforms are still iterating and enhancing those products today, three to four years after their initial launch.

值得注意的是，這些平台在產品首次推出三到四年後的今天仍在對其進行迭代和增強。

We think about this similar that there's tremendous benefit yet to come and more benefit in front of us than behind us.

我們對此也有類似的想法，那就是還有巨大的利益即將到來，而且我們面前的利益比我們身後的利益更多。

However, we feel really good about the product performance we've seen with testing showing a 20% CPA improvement for advertisers using Performance Plus for shopping ad campaigns.

然而，我們對所看到的產品表現感到非常滿意，測試顯示，使用 Performance Plus 進行購物廣告系列的廣告客戶的 CPA 提高了 20%。

Advertisers also required 50% less inputs to create campaign now.

廣告主現在創建廣告活動的投入也減少了 50%。

Those that are using our Performance Plus products, and that's a significant improvement in campaign setup.

那些使用我們的 Performance Plus 產品的用戶，這對於活動設定來說是一個顯著的改進。

So while early, advertiser adoption is also going well.

因此，雖然還處於早期階段，但廣告商的採用也進展順利。

And with that said, again, it's a multiyear product cycle, with more of the opportunity in front of us than behind us.

儘管如此，這是一個多年的產品週期，我們面前的機會比我們身後的機會更多。

We'll continue to roll out features and Performance Plus suite over the course of this year and next.

我們將在今年和明年繼續推出功能和 Performance Plus 套件。

And we'll also introduce performance plus functionality to more formats and advertisers to grow eligibility.

我們也將向更多格式和廣告商推出效能和功能，以擴大資格。

And just consistent with what we've done over the last 2.5 years, we usually see a steady build, steady execution on these things.

與我們過去 2.5 年所做的一致，我們通常會看到這些事情穩步建設、穩定執行。

Don't think of these as moments in time or as a hockey stick in a given moment; these have a steady build over time and a compounding effect of these things as they build on each other.

不要把它們想像成時間中的瞬間或某一特定時刻的曲棍球棒；隨著時間的推移，它們會穩定發展，並且由於它們相互構建，會產生複合效應。

And again, we see that as a multiyear cycle that we're still in the early innings of.

我們再次認為這是一個多年周期，目前仍處於初期。

Ron Josey, Citigroup.

花旗集團的 Ron Josey。

Great.

偉大的。

Thanks for taking the question.

感謝您回答這個問題。

Bill, maybe the quick follow-up to Shweta's just there.

比爾，也許這就是 Shweta 的快速後續行動。

I really enjoyed your comment, not onetime launches, but compounding over multiple years.

我真的很喜歡你的評論，不是一次性推出，而是多年的複合。

We're now a year in the direct link, maybe 1.5 or so, with outbound clicks growing 90%.

現在，我們的直接連結已經有一年了，大概是 1.5 年左右，出站點擊量增加了 90%。

I would love to hear how advertiser adoption of the direct link is going and the sales process is going, et cetera.

我很想了解廣告商對直接連結的採用以及銷售流程的進展等等。

And really how that's compounding to more advertisers just diverting more always on ad spend.

事實上，這會導致更多廣告商將更多的資金轉移到廣告支出上。

And then maybe more tactically, with ROAS bidding set to launch, I think you said end of the quarter, I'd love to understand just the benefits and the real opportunity around ROAS.

然後可能從更具戰術性的角度來說，隨著 ROAS 競價即將推出，我想您說過會在本季度末，我很想了解 ROAS 帶來的好處和真正的機會。

What do you think could -- or how do we think about what could happen here once launched?

您認為會發生什麼——或者我們如何看待一旦啟動會發生什麼？

Yes.

是的。

So on this compounding effect and the direct links, mobile delinking, as we talked about before, we launched those in Q4 of '23 when we launched Direct Link. And we said then that we were focused first on value creation and then value capture second.

因此，關於這種複合效應和直接連結、行動脫鏈，正如我們之前談到的，我們在 23 年第四季推出了 Direct Link。我們當時說過，我們首先關注的是價值創造，其次才是價值獲取。

So we launched Mobile Deep Linking and Direct Link in the back half of '23.

因此，我們在23年下半年推出了行動深度連結和直接連結。

Then that gave advertisers a reason to go launch measurement tools with us.

這就給了廣告商一個理由與我們一起推出測量工具。

And so we really focused on getting more advertisers adopting our measurement tools through '24 based on the evidence of the click traffic we were able to drive.

因此，我們真正專注於讓更多的廣告商根據我們能夠推動的點擊流量的證據，在 24 年間採用我們的測量工具。

And we saw as those advertisers adopted performance measurement with us, privacy safe measurement that consistently, that would lead to them being able to see the value that we are driving and then shifting budgets in our direction.

我們看到，這些廣告商與我們一起採用了績效衡量和隱私安全衡量，這將使他們能夠看到我們所推動的價值，並將預算轉移到我們的方向。

And we see more of that to go, both on that value capture from the measurement implementations that are happening as well as the next phase of work, which we talked about, which was after we created the value, made us so they could measure the value, then with Performance Plus that makes it so they can easily take action on that value with easy campaign creation and setup.

我們看到還有更多的工作要做，既包括從正在進行的測量實施中獲取價值，也包括我們討論過的下一階段的工作，也就是在我們創造價值之後，讓他們能夠測量價值，然後使用 Performance Plus，使他們能夠通過輕鬆的創建和設置活動，輕鬆地對該價值採取行動。

And then so we've created tremendous value through direct links through mobile deep linking and really just the shoppability of our users.

因此，我們透過行動深度連結的直接連結以及用戶的購物能力創造了巨大的價值。

Because it's not just the format change that as we make shopping better for users, we're seeing users engage more with shopping, clicking more on the platform, taking action more on the platform.

因為這不僅僅是格式的改變，隨著我們為用戶提供更好的購物體驗，我們看到用戶在購物方面參與度更高，在平台上點擊更多，在平台上採取更多行動。

And advertisers taking advantage of all of that value creation.

廣告商充分利用了所有這些價值創造。

Again, we see more of that value in front of us than behind us, which is what gives us a lot of confidence in the pipeline ahead.

再次，我們看到前方的價值比後方的價值更大，這讓我們對未來的發展充滿信心。

There's not just a pipeline of strong products; it's a pipeline of value that we have created that we're giving advertisers better and better ability to take advantage of.

我們不僅擁有一系列強大的產品；這是我們創造的價值管道，我們正在為廣告主提供越來越好的運用能力。

And again, we're still in the relatively early days of that, even though we see very clear signs of those users taking action.

儘管我們看到了用戶採取行動的非常明顯的跡象，但我們仍然處於相對早期的階段。

To give you a tangible example of just how much action we see advertisers taking because some of our largest advertisers, the lower funnel revenue objective now accounts for over 80% of their spend with us, which is up significantly over the last two years.

舉一個具體的例子來說明我們看到廣告商採取了多少行動，因為對於我們的一些最大的廣告商來說，較低的頻道收入目標現在佔他們在我們這裡的支出的 80% 以上，並且在過去兩年中大幅增長。

And significantly higher than the overall mix of lower funnel that we see across the business.

並且明顯高於我們在整個業務中看到的下層漏斗的整體組合。

So when you step back and say 2.5 years ago, we embarked on a mission to really turn Pinterest into a performance advertising platform for some of the largest, most sophisticated advertisers we're getting to 5% of their total ad budgets, 10% plus of their digital ad budgets, demonstrating that we can be a much larger portion of the overall ad market, even as we started first with those largest advertisers in doing that with focus on durable low-funnel budgets, again, with some of the largest getting to 80%-plus of their spend in that lower funnel.

所以，回顧一下 2.5 年前，我們開始了一項使命，即將 Pinterest 真正轉變為一個效果廣告平台，為一些最大、最成熟的廣告商提供服務，我們將獲得他們總廣告預算的 5% 以及數位廣告預算的 10% 以上，這表明我們可以佔據整個廣告市場的更大份額，即使我們最初是與那些最大的廣告商在支出上合作，並在其中一個持久的成本上佔最大的預算，在成本上最大的支出。

And over the course of the last year, we've seen this trend for the next tranche of advertisers think of, as I've said before, in the $1 billion to $30 billion range in that next tranche is still quite sizable.

在過去的一年裡，我們已經看到了下一批廣告商的這種趨勢，正如我之前所說，下一批廣告商的廣告支出在 10 億美元到 300 億美元之間，規模仍然相當可觀。

As they recognize the immense value creation that we've driven in the form of doubling the amount of clicks year on year, we continue to see room to grow share of wallet with both of these cohorts.

當他們意識到我們透過逐年翻倍的點擊量所創造的巨大價值時，我們繼續看到這兩個群體的錢包份額都有成長空間。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Thanks, guys, for taking the question.

謝謝大家回答這個問題。

So in the quarter, you saw a sequential improvement in both US and Europe MAU.

因此，在本季度，您會看到美國和歐洲的 MAU 都出現了連續成長。

How should we think about MAU growth for this year?

我們該如何看待今年的MAU成長？

And then how are you thinking about further improvement in the DAU to MAU ratio after the improvement in '24?

那麼，在 24 年改善之後，您如何看待 DAU 與 MAU 比率的進一步改善？

So we don't guide to users.

所以我們不對使用者進行指導。

So I'm not going to answer the question precisely.

所以我不會準確地回答這個問題。

But as I've shared in my remarks, we see really positive trajectory in giving better recommendations to our users, the curation on the platform, leading them to work through more of their decision-making journey and then the action ability that we brought in the platform, making it easier for them to take action.

但正如我在評論中分享的那樣，我們看到了非常積極的軌跡，為用戶提供更好的建議，平台上的策劃，引導他們完成更多的決策過程，然後我們在平台上引入的行動能力，使他們更容易採取行動。

So those are the things.

就是這樣的。

When we look at why we're getting to record highs in MAU, the deep engagement as evidenced in the WAU to MAU ratios at all-time highs, it is leveraging AI against our unique signal to make really great recommendations to our users that are fed by the unique curation signal that we have and that compelling effect we see continuing forward.

當我們研究為什麼我們的月活躍用戶數能夠創下歷史新高時，週活躍用戶數與月活躍用戶數之比創下歷史新高證明了用戶深度參與度，這是因為利用人工智能針對我們獨特的信號，為我們的用戶提供真正出色的推薦，這些推薦由我們擁有的獨特策展信號提供，而這種令人信服的效果將持續下去。

So while we don't guide to users, the underlying effects that are driving user engagement and MAU growth, we see those as long-term durable effects.

因此，雖然我們沒有引導用戶，但推動用戶參與度和 MAU 成長的潛在影響是長期持久的。

And as I mentioned in my remarks, we have a lot more to do to continue doubling down on that work when you think about how much shopping activity occurs in the broader ecosystem, the size of that market, there's a lot more of that out there for us to capture.

正如我在演講中提到的那樣，我們還有很多工作要做，要繼續加倍努力，當你想到在更廣泛的生態系統中發生了多少購物活動，這個市場的規模時，還有很多東西等待我們去把握。

So again, while we don't guide to users, I think the effects that we see, we believe are durable and based on the uniqueness of our platform and we continue to focus on that as we look ahead.

所以，雖然我們沒有指導用戶，但我認為我們看到的效果是持久的，並且基於我們平台的獨特性，展望未來，我們將繼續關注這一點。

And with that, I'd like to thank all of you again for joining the call and for your questions.

最後，我想再次感謝大家參加這次電話會議並提出問題。

We look forward to keeping the dialogue going, and we hope you enjoy the rest of your day.

我們期待繼續對話，並希望您享受剩餘的一天。

That concludes this conference call.

本次電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。