Pinterest Inc (PINS) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Pinterest first quarter 2025 earnings call. (Operator Instructions) I'll now hand the call over to Andrew Somberg, VP of Investor Relations and Treasury. You may proceed.

午安.感謝您參加今天的 Pinterest 2025 年第一季財報電話會議。（操作員指示）我現在將電話交給投資者關係和財務副總裁 Andrew Somberg。您可以繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the first quarter ended March 31, 2025. 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. This conference call is being webcast, and we are also providing a slide presentation to accompany our commentary. Please refer to our Investor Relations website at investor.pinterest.com to find today's presentation, webcast and earnings press release.

下午好，感謝您加入我們。歡迎參加 Pinterest 截至 2025 年 3 月 31 日的第一季財報電話會議。我叫安德魯‧索姆伯格 (Andrew Somberg)，是 Pinterest 投資者關係與財務副總裁。參加今天電話會議的還有 Pinterest 執行長 Bill Ready；以及我們的財務長 Julia Donnelly。本次電話會議正在網路直播，我們也將提供投影片簡報來配合我們的評論。請造訪我們的投資者關係網站 investor.pinterest.com 以尋找今天的簡報、網路廣播和收益新聞稿。

Some of the statements that we make today regarding our performance, operations and outlook may be considered forward-looking, and such statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

我們今天就業績效、營運和前景所作的一些陳述可能被視為前瞻性的，此類陳述涉及一些假設、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 Q2 2025 and beyond are preliminary and are not an assurance of future performance. We are making these forward-looking statements based on information available to us as of today, and we expressly disclaim any duty or obligation to update them later unless required by law.

此外，我們對 2025 年第二季及以後的業績、趨勢和展望都是初步的，並不能保證未來的表現。我們根據截至今天掌握的資訊做出這些前瞻性陳述，並且我們明確表示不承擔任何以後更新這些陳述的責任或義務，除非法律要求。

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

有關假設、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，請參閱我們最新的 10-Q 表和 10-K 表，每份表格均已提交給美國證券交易委員會 (SEC)，並可在我們的投資者關係網站上查閱。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿和簡報中包含了非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，這些對帳透過我們的投資者關係網站分發給公眾。最後，除非另有說明，今天的準備好的評論中討論的所有增長率都應視為同比增長率。

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 first quarter 2025 earnings call. In Q1, we demonstrated the strength and effectiveness of our long-term strategy and remain laser-focused on delivering value for our users and advertisers.

謝謝，安德魯。下午好，感謝您參加我們的 2025 年第一季財報電話會議。在第一季度，我們展示了長期策略的優勢和有效性，並繼續專注於為用戶和廣告商創造價值。

We finished the quarter with another record number of users, reaching 570 million MAUs globally, reflecting 10% growth year-over-year. At the same time, we generated Q1 revenue of $855 million, up 16% year-over-year due to the strong performance we are driving for advertisers across the full funnel. We also grew adjusted EBITDA to $172 million as we continue to focus on driving profitable growth while simultaneously investing in high ROI areas to enable us to reach our longer-term opportunity.

本季度，我們的用戶數再創紀錄，全球月活躍用戶達到 5.7 億，較去年同期成長 10%。同時，由於我們為整個通路的廣告主帶來了強勁的業績，我們第一季的營收達到 8.55 億美元，年增 16%。我們的調整後 EBITDA 也成長至 1.72 億美元，因為我們繼續專注於推動獲利成長，同時投資於高投資報酬率領域，以使我們能夠獲得長期機會。

Before getting into the details of Q1, I'd like to discuss the current macro environment we're operating in. Our business, including our top line revenue growth, remains healthy. This is an indication that our efforts to build a more engaging and actionable product for our users and a more performant product for our advertisers are working.

在介紹第一季的細節之前，我想先討論一下我們目前所處的宏觀環境。我們的業務，包括我們的營業收入成長，依然保持健康。這表明，我們為用戶打造更具吸引力、更具可操作性的產品，以及為廣告商打造更高性能的產品的努力正在發揮作用。

The strong fundamentals in our business are the result of the strategic priorities we've executed against, taking Pinterest from a platform with declining users and modest revenue growth a few years ago into a secular share taker with a more resilient business than ever before.

我們業務的強勁基本面是我們執行的策略重點的結果，使 Pinterest 從幾年前用戶數量下降、收入增長緩慢的平台轉變為一個業務比以往任何時候都更具彈性的長期市場份額獲取者。

Today, Pinterest is a shopping destination, with roughly 85% of our monthly active users coming directly to our mobile app, which is up nearly 10% -- 10 points for the middle of 2022. As we've made our platform more actual and generated growing numbers of clicks and conversions, we've become a vital partner for advertisers across a range of categories, seeking to reach our high-intent users and drive sales. In turn, we are increasingly accessing always-on performance budgets, which are larger and tend to be more durable.

如今，Pinterest 已成為一個購物目的地，大約 85% 的月活躍用戶直接訪問我們的行動應用程序，這一數字增長了近 10%——到 2022 年中期增長了 10 個百分點。隨著我們平台的日益實際化以及點擊次數和轉換次數的不斷增長，我們已成為各類別廣告商的重要合作夥伴，致力於接觸目標用戶並推動銷售。反過來，我們越來越多地獲得始終在線的效能預算，這些預算更大且往往更持久。

Furthermore, an uncertain macro environment where consumers are more intentional and discerning with their spend presents an opportunity for Pinterest to deliver differentiated utility for our users. Our users are planners and often coming to us for their most considered purchases.

此外，在不確定的宏觀環境下，消費者的消費意願更強、更明智，這為 Pinterest 提供了一個機會，讓我們能夠為用戶提供差異化的實用性。我們的用戶都是規劃者，經常來找我們進行他們最深思熟慮的購買。

As such, our ability to leverage AI to personalize our users' experience is a key differentiator and has enabled us to find our best product market fit in years. It also makes us a highly valuable partner to advertisers that are looking for early signals on how consumer trends may be shifting before it shows up in traditional purchasing data.

因此，我們利用人工智慧來個性化使用者體驗的能力是一個關鍵的區別因素，並使我們能夠多年來找到最適合的產品市場。這也使我們成為廣告商非常有價值的合作夥伴，廣告主正在尋找消費者趨勢在傳統購買數據中反映之前可能發生的變化的早期訊號。

From where I sit today, I'm proud of our consistent execution, the progress we've made to improve the resiliency of our business, and I remain confident that the strategy we've employed will endure for the long term. With that, I'll now shift to our quarterly update on users and engagement, where I'll discuss just how we're delivering a differentiated product experience to ultimately drive deeper engagement with our users.

從今天的角度來看，我為我們一貫的執行力、為提高業務彈性所取得的進展感到自豪，並且我仍然相信我們所採用的策略將長期持續下去。接下來，我將轉到我們關於用戶和參與度的季度更新，我將討論我們如何提供差異化的產品體驗，以最終推動與用戶的更深入互動。

A key driver of our success is our intentional effort to build a better, more relevant platform for our users. One that connects them to styles, products and aesthetics, they may not have the words to describe. In fact, according to academic studies, 50% of the human brain is wired for visual processing.

我們成功的一個關鍵驅動力是我們致力於為用戶建立一個更好、更相關的平台。一個將他們與風格、產品和美學聯繫起來的東西，他們可能沒有語言來描述。事實上，根據學術研究，人類大腦的 50% 負責視覺處理。

The ability for users to explore their interest visually and take action on them is one of our core differentiators and an important reason why users come to our platform in the first place. This is especially relevant for Gen Z, our largest and fastest-growing user cohort, who have been raised on an internet of visual content across images and video and who find utility in the ability to search visually.

用戶能夠直觀地探索他們的興趣並採取行動是我們的核心差異化因素之一，也是用戶首先來到我們平台的重要原因。這對於我們規模最大、成長最快的使用者群體 Z 世代來說尤其重要，他們在網路上透過圖像和影片等視覺內容長大，並且發現視覺搜尋的能力很有用。

Over the years, we've been investing to strengthen our visual search and content understanding capabilities to match content from our corpus of billions of Pins to a user's taste and style. This means that a search query that may begin as beach dinner outfit and with a user finding and purchasing the perfect pair of linen pan, along with great accessories from the site or app of a brand that they love or a brand that Pinterest helped them discover.

多年來，我們一直在投資加強我們的視覺搜尋和內容理解能力，以便將數十億個 Pin 中的內容與用戶的品味和風格相匹配。這意味著搜尋查詢可能以海灘晚餐服裝開始，然後用戶找到併購買一對完美的亞麻鍋，以及他們喜歡的品牌或 Pinterest 幫助他們發現的品牌的網站或應用程式上的精美配件。

Throughout 2025, we're doubling down on our visual search capabilities to help users discover and effortlessly shop what inspires them, all powered by our enhanced multimodal AI models. Our latest model is trained on both image and text data, deepening its ability to understand the Pins by creating a more informative and comprehensive representation of its content. This allows the model to better interpret user input and ultimately provide better recommendations.

在整個 2025 年，我們將加倍加強我們的視覺搜尋功能，以幫助用戶發現並輕鬆購買他們想要的東西，所有這些都由我們增強的多模式 AI 模型提供支援。我們的最新模型基於圖像和文字資料進行訓練，透過創建更具資訊性和更全面的內容表示來加深其理解 Pin 的能力。這使得模型能夠更好地解釋用戶輸入並最終提供更好的建議。

Infact, our proprietary multimodal AI model that powers visual search on Pinterest is 30% more likely to identify and recommend relevant content from our corpus than leading off-the-shelf model. This advantage stems from the innovations we've made to deploy this model at scale for our unique use case and from leveraging our extensive signal from the hundreds of billions of user actions that take place on our platform and make up our Taste Graph, which has grown 75% over the past two years. This ultimately leads to more relevant recommendations and a better experience throughout the user's journey.

事實上，我們專有的多模式 AI 模型為 Pinterest 上的視覺搜尋提供支持，與領先的現成模型相比，從我們的語料庫中識別和推薦相關內容的可能性高出 30%。這一優勢源於我們針對獨特用例大規模部署該模型所做的創新，以及利用我們平台上數千億用戶操作的廣泛信號，構成我們的“品味圖譜”，該圖譜在過去兩年中增長了 75%。這最終會帶來更相關的推薦和整個用戶旅程中更好的體驗。

Leveraging this enhanced multimodal technology, we are unlocking a new level of personalization for our users. Earlier this month, we launched an entirely new user flow on women's fashion Pins globally that upgrades the visual search experience on Pinterest, allowing our users for the first time to search and refine their taste using multimodal image and text-based inputs.

利用這種增強的多模式技術，我們正在為用戶開啟新的個人化水平。本月初，我們在全球推出了全新的女性時尚 Pin 用戶流程，升級了 Pinterest 上的視覺搜尋體驗，使我們的用戶首次能夠使用多模式圖像和基於文字的輸入來搜尋和優化他們的品味。

This new user experience flow starts with the search image icon in the form of a magnifying glass. Once in this flow, users can select an element of the Pin to zoom in on and refine their search further using suggested attributes and filters recommended through our AI models.

這個新的使用者體驗流程從放大鏡形式的搜尋影像圖示開始。進入此流程後，使用者可以選擇 Pin 的元素進行放大，並使用透過我們的 AI 模型推薦的建議屬性和過濾器進一步優化搜尋。

For example, if a user comes across a lifestyle image of a celebrity wearing a stylish pair of sneakers, they can utilize the new flow to hone in specifically on the shoes to find content with a similar aesthetic, including other products and lifestyle images.

例如，如果使用者看到一位名人穿著一雙時尚運動鞋的生活方式圖片，他們可以利用新流程專門針對鞋子來尋找具有相似美感的內容，包括其他產品和生活方式圖片。

Once they do so, they might see descriptor words like streetwear or athleisure, alongside terms like graphic pattern or earth tones, which further specify visual or stylistic characteristics of the image and also allow the user to narrow down their search to the products and images that are most relevant to them.

一旦他們這樣做，他們可能會看到街頭服飾或運動休閒等描述詞，以及圖形圖案或大地色調等術語，這些術語進一步指定了圖像的視覺或風格特徵，也允許用戶將搜尋範圍縮小到與他們最相關的產品和圖像。

And through this new flow, we also connect users to a carousel of shoppable products from our catalog that match the characteristics of what they're searching for, in turn, allowing them to seamlessly go from inspiration to action.

透過這個新流程，我們還將用戶連接到我們目錄中可購物的輪播產品，這些產品符合他們所搜尋產品的特徵，從而使他們能夠無縫地從靈感轉化為行動。

With hundreds of millions of users, one of the largest image corpuses in the world and leading AI capabilities, Pinterest is a leader in visual search. As the landscape continues to evolve, I'm excited about the innovations we're making to our platform to continue offering a differentiated experience for our users.

Pinterest 擁有數億用戶、全球最大的圖像庫之一以及領先的人工智慧能力，是視覺搜尋領域的領導者。隨著情況的不斷發展，我很高興我們對平台進行了創新，以繼續為我們的用戶提供差異化的體驗。

Turning to monetization. All of the efforts we've made to improve our user experience directly tied to our value proposition for advertisers. This is our flywheel. A richer user experience with more action ability to drive deeper engagement, providing us more unique signals to serve relevant ads.

轉向貨幣化。我們為改善使用者體驗所做的所有努力都與我們對廣告商的價值主張直接相關。這是我們的飛輪。更豐富的使用者體驗和更強的行動能力可以推動更深入的參與，為我們提供更多獨特的訊號來投放相關廣告。

Since relevant ads are additive to the user experience on Pinterest as they allow end-market consumers to connect with products and brands they may like to purchase, we can scale up the amount of ads we're able to show users, ultimately increasing the amount of impressions we're able to monetize.

由於相關廣告可以增強 Pinterest 的用戶體驗，因為它們可以讓終端市場消費者與他們可能想購買的產品和品牌建立聯繫，因此我們可以擴大向用戶展示的廣告數量，最終增加我們能夠獲利的展示次數。

At the same time, we are improving the overall efficiency, relevancy and performance of each ad served, driving higher click-through and conversion rates by leveraging our AI recommendation models to better understand a user based on past activity and predict the type of ads that might be best suited for them at that given moment.

同時，我們正在利用我們的人工智慧推薦模型，根據過去的活動來更好地了解用戶，並預測在特定時刻最適合他們的廣告類型，從而提高每個廣告的整體效率、相關性和效能，提高點擊率和轉換率。

For example, we recently developed an innovative approach to effectively integrate large-scale knowledge graph embeddings into our ads ranking models to drive better performance for advertisers. These knowledge graph embeddings are a way of attracting complex networks of user interactions and ingesting them into our ads ranking models in a format that they can better interpret.

例如，我們最近開發了一種創新方法，將大規模知識圖嵌入有效地整合到我們的廣告排名模型中，為廣告商帶來更好的效果。這些知識圖譜嵌入是一種吸引複雜的使用者互動網路並以它們能夠更好地解釋的格式將其納入我們的廣告排名模型的方式。

This drives improved recommendations for users, leading to a 4% uplift in click-through rate on ads shown in our related Pin surface. The end result of this is a more shoppable and relevant experience for the user in a more performant ad suite for our advertisers.

這為用戶帶來了更好的推薦，使我們相關 Pin 表面顯示的廣告點擊率提升了 4%。最終結果是，透過為我們的廣告客戶提供表現更佳的廣告套件，為用戶帶來更佳的購物體驗和更相關的體驗。

Our flywheel comes to life for advertisers by offering the ability for them to market across the full funnel, which is synergistic with the way users engage with our product. Advertisers can reach consumers throughout their entire shopping journey, from building upper funnel awareness to driving lower funnel conversions.

我們的飛輪為廣告主提供了在整個管道進行行銷的能力，這與用戶與我們產品的互動方式具有協同作用。廣告主可以在消費者的整個購物過程中接觸到他們，從建立上層漏斗意識到推動下層漏斗轉換。

We're seeing that advertisers are using upper funnel objectives in tandem with lower funnel objectives to create full funnel campaigns with even better performance. In fact, those who spend on multiple objectives see nearly 2 times higher conversion rates than those who spend on one objective alone. This approach addresses the longer-term industry trend we're seeing of CMOs seeking to tie upper funnel brand dollars back to their own revenue growth objectives.

我們發現，廣告主正在結合使用上層漏斗目標和下層漏斗目標，以創造出更佳的全漏斗廣告活動。事實上，那些為多個目標而花錢的人的轉換率比僅為一個目標而花錢的人高出近 2 倍。這種方法解決了我們所看到的長期產業趨勢，即 CMO 試圖將上層品牌資金與自己的營收成長目標連結起來。

Turning to our lower funnel ad offerings. Over the last few quarters, we've rolled out and expanded our performance solution set to drive advertiser value while improving the efficiency of advertisers time and dollars. These efforts continue to yield benefits, with clicks to advertisers up significantly year-on-year, even as we lap the rollout of direct links. They also compound. As advertisers adopt multiple tools, they see more benefits accrue.

轉向我們的下層通路廣告產品。在過去的幾個季度中，我們推出並擴展了我們的效能解決方案集，以推動廣告商價值，同時提高廣告商的時間和資金效率。這些努力繼續產生效益，儘管我們剛剛推出直接鏈接，但廣告商的點擊量仍同比大幅增長。它們還會復合。隨著廣告商採用多種工具，他們看到了更多的好處。

As a result, some of the most sophisticated performance marketers in the world are spending 5% to 10% of their advertising budgets on Pinterest as they lean into our lower-funnel tools and the improved performance in the form of increased clicks and conversions that we are delivering.

因此，世界上一些最成熟的績效行銷人員將其廣告預算的 5% 到 10% 投入到 Pinterest 上，因為他們依賴我們的低漏斗工具以及我們透過增加點擊量和轉換量帶來的績效提升。

In Q1, we made further inroads on our lower-funnel performance efforts by launching additional bidding functionality into our Performance+ suite with ROAS bidding, which went into general availability in March. Previously, our automatic bidding functionality optimized for the maximum number of conversions at the lowest cost. While this remains a core offering for many advertisers, ROAS bidding addresses the need for some advertisers who want to bid based on basket size.

在第一季度，我們透過在 Performance+ 套件中推出額外的競價功能（包含 ROAS 競價）進一步推進了低漏斗績效工作，該套件於 3 月份全面上市。以前，我們的自動出價功能旨在以最低的成本實現最大的轉換次數。雖然這仍然是許多廣告商的核心產品，但 ROAS 競價滿足了一些希望根據購物籃規模進行競價的廣告商的需求。

For example, a retailer with a large variance in catalog price points may want to bid on conversion value versus conversion volume. While still in the early rollout days, we received positive initial feedback and adoption from advertisers.

例如，目錄價格點差異較大的零售商可能希望對轉換價值而不是轉換量進行競價。雖然仍處於早期推出階段，但我們收到了來自廣告商的正面初步回饋和採用。

PacSun, a lifestyle clothing brand popular with Gen Z saw a 3 times higher return on ad spend using ROAS bidding within their catalog campaigns compared to their previous campaigns. We also enhanced Performance+ creative with imagery sizing.

PacSun 是一個深受 Z 世代喜愛的生活風格服裝品牌，在目錄廣告系列中使用 ROAS 出價後，廣告支出回報率比之前的廣告系列高出 3 倍。我們也透過影像尺寸增強了 Performance+ 創意。

Imagery sizing is a scaled way for advertisers to bring their shopping catalog creative, which may be designed or optimized for other platforms and automatically enhance the ads visuals through resizing and cropping to better fit the Pinterest platform.

圖像尺寸調整是廣告主將其購物目錄創意進行縮放的一種方式，該創意可以針對其他平台進行設計或優化，並透過調整大小和裁剪自動增強廣告視覺效果，以更好地適應 Pinterest 平台。

While still in beta, initial results on shopping ads using imagery sizing show a 6% improvement in click-through rate compared to those without. Through the year, we expect to test and launch more scaled ways to improve advertiser creative within the Performance+ suite, further automating and optimizing the process of building campaign collateral for advertisers.

雖然仍處於測試階段，但使用圖像尺寸的購物廣告的初步結果顯示，與未使用圖像尺寸的購物廣告相比，點擊率提高了 6%。今年，我們預計將在 Performance+ 套件中測試並推出更多規模化的方式來改善廣告商的創意，從而進一步自動化和優化為廣告商建立廣告活動資料的過程。

Overall, we feel great about what we're seeing so far with Performance+. As a reminder, Performance+ brings together existing AI-powered advertiser tools that we've built and launched over multiple years into a simplified campaign setup while also adding new creative and bidding functionality. We brought this new automated AI suite into general availability in Q4 and continue to make meaningful product improvements to bolster our offering and drive efficiency and value to lower-funnel advertisers.

整體而言，我們對 Performance+ 目前的表現感到非常滿意。提醒一下，Performance+ 將我們多年來建立和推出的現有 AI 驅動的廣告商工具整合到一個簡化的廣告系列設定中，同時還添加了新的創意和競價功能。我們在第四季度將這款新的自動化 AI 套件投入全面上市，並繼續進行有意義的產品改進，以增強我們的產品，並為低漏斗廣告商提高效率和價值。

We consistently see that Performance+ outperforms traditional campaigns and 80% of A/B tests, a testament to the continued value creation we're driving to our advertisers. While we're pleased with our progress, we're still in the early days of driving adoption and will continue to drive advertisers to adopt the full Performance+ suite of solutions in the quarters and years ahead.

我們始終看到 Performance+ 的表現優於傳統廣告活動和 80% 的 A/B 測試，這證明了我們正在為廣告商持續創造價值。雖然我們對所取得的進展感到滿意，但我們仍處於推動採用的早期階段，並將在未來幾季和幾年繼續推動廣告商採用全套 Performance+ 解決方案。

Performance+ is just the latest product in our suite of new lower-funnel tools, which are leading to a significant transformation in our business. In our US and Canada region where we're furthest along in lower-funnel shopping, we've been breaking into always-on performance budgets. We're seeing that some of the largest, most sophisticated accounts are increasing their share of wallet with us. And within those accounts, over 85% of their trailing 12-month spend has been in the lower funnel.

Performance+ 只是我們新的低漏斗工具套件中的最新產品，它正在引領我們業務的重大轉型。在我們位於美國和加拿大地區的低漏斗購物領域，我們一直在突破始終在線的績效預算。我們發現，一些最大、最複雜的帳戶正在增加其在我們這裡的錢包份額。在這些帳戶中，過去 12 個月的支出中超過 85% 都花在了較低的管道上。

We are also seeing budget penetration with the next tranche of advertisers, specifically those in the $1 billion to $30 billion sales range. Those advertisers are seeing results from our performance tools and increasing spend, following continued value creation through 2024 from direct links, CAPI adoption and the initial stages of the Performance+ rollout.

我們也看到了下一批廣告商的預算滲透率，特別是銷售額在 10 億美元至 300 億美元之間的廣告商。透過直接連結、CAPI 採用和 Performance+ 推出的初始階段，到 2024 年，這些廣告商將持續創造價值，從我們的績效工具中看到成效，並增加支出。

For markets outside of the US and Canada, we are successfully exporting our lower-funnel shopping playbook and increasing actionability. Revenue from our catalog shopping ads format was up meaningfully in Q1 year-over-year, with both the Europe and Rest of World regions growing shopping ad revenue over 3 times faster than the overall revenue growth of their respective regions as we drive deeper budget penetration in these markets and unlock new accounts focused on performance.

對於美國和加拿大以外的市場，我們正在成功輸出我們的低漏斗購物策略並提高可操作性。我們目錄購物廣告形式的收入在第一季同比大幅增長，隨著我們在這些市場進一步加大預算滲透力度並開拓注重業績的新帳戶，歐洲和世界其他地區的購物廣告收入增幅均是其各自地區整體收入增幅的三倍多。

International revenue is also benefiting from the scaled solutions we've unlocked over the past year, including resellers and other demand partnerships. In Q1, we expanded our reseller efforts to eight additional markets while making strong progress through these reseller partnerships and previously unmonetized or under monetized countries.

國際收入也受惠於我們在過去一年中解鎖的規模化解決方案，包括經銷商和其他需求合作夥伴。在第一季度，我們將經銷商業務擴展到另外八個市場，同時透過這些經銷商合作夥伴關係以及先前未貨幣化或貨幣化不足的國家取得了長足的進步。

Finally, I'll touch on our commitment to improve conversion visibility and measurement. As the industry becomes increasingly focused on data-driven results, the need for privacy-centric measurement remains a priority, even as the privacy landscape continues to evolve.

最後，我將談談我們提高轉換可見度和衡量標準的承諾。隨著業界越來越關注數據驅動的結果，即使隱私格局不斷發展，以隱私為中心的測量需求仍然是優先事項。

In Q1, we drove increased coverage of our privacy-centric measurement tools across our revenue base through continued adoption of our own solutions like conversions API and clean rooms and integrations with third-party measurement partners.

在第一季度，我們透過繼續採用我們自己的解決方案（如轉換 API 和潔淨室）以及與第三方測量合作夥伴的整合，提高了以隱私為中心的測量工具在整個收入基礎中的覆蓋率。

We also recently entered into strategic partnerships with North Bean and Triple Whale. These partnerships aim to improve the accuracy of Pinterest performance measurement by providing more comprehensive cross-channel measurement to help advertisers understand the true value of their spend on Pinterest. Overall, I'm proud of our team and their continued strong execution on our strategic plan.

我們最近也與 North Bean 和 Triple Whale 建立了策略合作夥伴關係。這些合作旨在透過提供更全面的跨渠道測量來提高 Pinterest 績效測量的準確性，幫助廣告商了解他們在 Pinterest 上支出的真正價值。總的來說，我為我們的團隊以及他們對我們的策略計劃的持續有力執行感到自豪。

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

說完這些，我會把電話轉給茱莉亞，讓她分享更多關於我們財務表現的細節。

Thanks, Bill, and good afternoon, everyone. Today, I'll be discussing our first quarter 2025 financial results and provide an update on our preliminary second quarter 2025 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，我將討論我們 2025 年第一季的財務業績，並提供我們對 2025 年第二季的初步展望的最新資訊。除非另有說明，所有財務指標（收入除外）均以非 GAAP 條款討論，所有比較均以同比為基礎討論，除非另有說明。

Before I get into our first quarter results, I'll spend a few is discussing how we're thinking about our broader business strategy. Over the last few years, we've been executing on a durable long-term strategy focused on our key differentiators as a business, including the user commercial intent on our platform, the ability to create a relevant and actionable experience with ads as useful content, and leveraging our full-funnel playbook to drive tangible performance gains for advertisers.

在介紹第一季業績之前，我將花一些時間討論我們如何考慮更廣泛的業務策略。在過去的幾年裡，我們一直在執行一項持久的長期策略，專注於我們作為一家企業的關鍵差異化因素，包括我們平台上的用戶商業意圖、利用廣告作為有用內容創造相關且可操作的體驗的能力，以及利用我們的全渠道策略為廣告商帶來切實的業績提升。

We have multiple revenue drivers that have allowed us to take share in a competitive environment across a variety of advertiser verticals. The first is continuing to grow our user base and deepen engagement, bringing users back more frequently through our efforts and actionability and curation.

我們擁有多種收入驅動因素，使我們能夠在各種廣告垂直領域的競爭環境中佔據份額。首先是繼續擴大我們的用戶群並深化參與度，透過我們的努力、可操作性和策劃讓用戶更頻繁地回來。

As we've stated many times, relevant ads can be great content for our users and additive to the user experience. And as such, we see room to further grow our ad load as we increase monetizable supply through user commercial intent and more efficient ad delivery.

正如我們多次提到的那樣，相關廣告可以為用戶帶來優質內容，並增強用戶體驗。因此，隨著我們透過用戶商業意圖和更有效率的廣告投放來增加可獲利的供應，我們看到了進一步增加廣告負載的空間。

Second, we're continuing to drive improved performance throughout the full funnel from spotlight ads on the awareness side to rapid product velocity, especially in the lower funnel with the launch of direct links, CAPI, and most recently, Performance+, which is in the early days of multi-quarter and multi-year advertiser adoption.

其次，我們將繼續推動整個漏斗的效能改進，從知名度方面的焦點廣告到快速的產品速度，特別是在下層漏斗中推出直接連結、CAPI 以及最近的 Performance+，這正處於廣告商採用多個季度和多年的早期階段。

Finally, we're finding ways to complement our strong and growing first-party business through new sources of demand, including efficient ways to scale our monetization through partnerships such as resellers, which is starting to drive more meaningful revenue contribution in under monetized and previously unmonetized regions.

最後，我們正在尋找透過新的需求來源來補充我們強大且不斷增長的第一方業務的方法，包括透過經銷商等合作夥伴關係來擴大我們的貨幣化規模的有效方法，這開始在貨幣化程度較低和以前未貨幣化的地區帶來更有意義的收入貢獻。

At the same time, we continue to be thoughtful about expenses and prioritizing investment in high ROI opportunities, which has allowed us to make considerable progress towards our longer-term margin goals. For example, we continue to focus our AI investments towards initiatives that have a near-term uplift to engagement and monetization such as improving our visual search capability as Bill described earlier as well as improving the technology that underpins our ad-serving efficiency, such as whole page optimization and Performance+.

同時，我們繼續認真考慮開支並優先投資於高投資回報率的機會，這使我們在實現長期利潤目標方面取得了長足的進步。例如，我們繼續將人工智慧投資重點放在那些能夠在短期內提升參與度和貨幣化的舉措上，例如比爾先前描述的改進我們的視覺搜尋能力，以及改進支撐我們廣告投放效率的技術，例如整頁優化和 Performance+。

Simultaneously, we're investing in areas which accelerate employee productivity. For example, over 25% of our code is now generated through AI, which is up 10 points since the beginning of the year. Similarly, we've begun testing productivity tools to automate repetitive tasks and standardize content for our sales force, ultimately allowing our sellers to spend more time with clients. Ultimately, as Bill noted upfront, we are confident in the long-term durability of our strategy and the continuation of our steady execution of that strategy through our prudent investment philosophy.

同時，我們也在投資能夠提高員工生產力的領域。例如，我們現在有超過 25% 的程式碼是透過 AI 產生的，自今年年初以來增加了 10 個百分點。同樣，我們已經開始測試生產力工具，以自動執行重複性任務並標準化銷售人員的內容，最終使我們的銷售人員能夠花更多時間與客戶在一起。最終，正如比爾預先指出的那樣，我們對我們的策略的長期持久性以及透過我們審慎的投資理念繼續穩步執行該策略充滿信心。

Now let's move to our first quarter results. We ended the quarter with 570 million global monthly active users, or MAUs, growing 10% and reaching another record high. We continue to demonstrate user growth across all of our geographic regions. In Q1, our US and Canada region had 102 million MAUs, growing 4%; our Europe region had 148 million MAUs, growing 5%; and in the Rest of World markets, we had 320 million MAUs, growing 14%.

現在讓我們來看看第一季的業績。本季結束時，我們的全球月活躍用戶數（MAU）達到 5.7 億，成長 10%，再創歷史新高。我們所有地理區域的使用者均持續成長。第一季度，我們美國和加拿大地區的每月活躍用戶數為1.02億，成長4%；歐洲地區的每月活躍用戶數為 1.48 億，成長 5%；在世界其他市場，我們的月活躍用戶數為 3.2 億，成長了 14%。

Shifting to revenue. In Q1, our global revenue was $855 million, up 16% or up 17% on a constant currency basis. We saw strength across our awareness and conversion objectives. From a vertical perspective, we continue to see broad-based strength in retail. Additionally, emerging verticals led by financial services continue to be a source of strength.

轉向收入。第一季度，我們的全球營收為 8.55 億美元，成長 16%，以固定匯率計算成長 17%。我們看到了我們在意識和轉化目標方面的優勢。從垂直角度來看，我們繼續看到零售業的廣泛實力。此外，以金融服務為主導的新興垂直產業也持續成為強勁動力。

As expected, the drag from the food and beverage subsector of CPG lessened slightly to be lapped the full quarter of softer Q1 2024 trends in that category.

正如預期的那樣，快速消費品 (CPG) 中食品和飲料子行業的拖累略有減弱，並在整個 2024 年第一季涵蓋了該類別較弱的趨勢。

Turning to our geographical breakout for Q1. In the US and Canada, we generated $663 million in revenue, growing 12%. Strength came from retail and emerging verticals, including financial services. In Europe, revenue was $147 million, growing 24% on a reported basis or 27% on a constant currency basis. Strength in Europe was driven by retail. Revenue from Rest of World was $45 million, growing 49% on a reported basis or 59% on a constant currency basis.

轉向我們第一季的地理分佈。在美國和加拿大，我們的營收為 6.63 億美元，成長了 12%。優勢來自零售和新興垂直行業，包括金融服務。歐洲的營收為 1.47 億美元，按報告基礎計算成長 24%，以固定匯率計算成長 27%。歐洲的強勁表現得益於零售業。來自世界其他地區的收入為 4500 萬美元，按報告基礎增長 49%，以固定匯率計算增長 59%。

In Q1, ad impressions grew 49%, while ad pricing declined 22% year-over-year. As we've discussed for multiple quarters, the sequential acceleration in ad impressions and corresponding decline in ad pricing is primarily driven by international mix shift. As last year we began to serve ads in previously unmonetized or under monetized international markets, which carry lower ad pricing than our more mature markets.

第一季度，廣告展示量增加了 49%，而廣告價格則是年減了 22%。正如我們多個季度所討論的那樣，廣告印象的連續加速和相應的廣告價格的下降主要是由國際組合轉變所驅動的。從去年開始，我們開始在以前未貨幣化或貨幣化程度不足的國際市場上投放廣告，這些市場的廣告價格比我們更成熟的市場低。

Moving to expenses. In Q1, cost of revenue was $193 million, up 10% year-over-year and up 1% versus Q4 due to increased infrastructure spend related to users and engagement growth. Our non-GAAP operating expense was $494 million, up 12%. The increase was primarily in R&D due to increases in headcount with a smaller increase in sales and marketing.

轉向開支。第一季度，收入成本為 1.93 億美元，年增 10%，季增 1%，原因是與用戶和參與度成長相關的基礎設施支出增加。我們的非公認會計準則營運費用為 4.94 億美元，成長 12%。成長主要源自於研發費用的增加，因為員工人數增加，而銷售和行銷費用的成長較小。

Our robust revenue growth and expense discipline led to another strong quarter of adjusted EBITDA, coming in at $172 million with an adjusted EBITDA margin of 20%, an increase of 300 basis points versus Q1 last year. We also delivered Q1 free cash flow of $356 million. Consistent with prior years, Q1 is seasonally our strongest quarter of free cash flow due to higher Q1 collections following peak Q4 revenue.

我們強勁的營收成長和費用控制使得調整後 EBITDA 再次表現強勁，達到 1.72 億美元，調整後 EBITDA 利潤率為 20%，比去年第一季增加了 300 個基點。我們也實現了第一季 3.56 億美元的自由現金流。與往年一致，第一季是我們自由現金流表現最強勁的季度，這是因為繼第四季營收達到高峰之後，第一季的收款額有所增加。

We ended the quarter with cash, cash equivalents and marketable securities of $2.6 billion. In Q1, we allocated $175 million towards share repurchase -- share repurchases and $94 million on net share settlement of equity awards as part of our ongoing efforts to mitigate dilution.

本季末，我們的現金、現金等價物及有價證券總額為 26 億美元。在第一季度，我們撥款 1.75 億美元用於股票回購——股票回購和 9,400 萬美元用於股權獎勵的淨股票結算，這是我們持續努力減輕稀釋的一部分。

Now I'll discuss our preliminary guidance for the second quarter. Before addressing specifics, I want to acknowledge the current evolving landscape. As Bill noted, our business trends remain healthy overall, and we feel good that the product investments we've made over the last three years are working.

現在我將討論我們對第二季的初步指導。在討論具體細節之前，我想先了解當前情勢的發展。正如比爾所說，我們的業務趨勢總體上保持健康，我們很高興看到過去三年來我們所做的產品投資正在發揮作用。

While we are not immune to the macro environment, we are confident in our multiple revenue initiatives, the study ongoing execution of our plans and our ability to compete effectively across a number of scenarios. We expect Q2 revenue to be in the range of $960 million to $980 million, representing 12% to 15% growth year-over-year. Based on the current spot rates, we expect a modest impact on foreign exchange in Q2.

雖然我們無法免受宏觀環境的影響，但我們對我們的多項收入計劃、我們計劃的持續執行以及我們在多種情況下有效競爭的能力充滿信心。我們預計第二季營收將在 9.6 億美元至 9.8 億美元之間，年增 12% 至 15%。根據目前的現貨匯率，我們預計第二季外匯將受到適度影響。

Moving down the P&L. We expect Q2 2025 adjusted EBITDA to be in the range of $217 million to $237 million. We anticipate Q2 2025 non-GAAP cost of revenue to grow at a similar rate on a year-over-year basis as we saw in Q1.

降低損益。我們預計 2025 年第二季調整後的 EBITDA 將在 2.17 億美元至 2.37 億美元之間。我們預計 2025 年第二季非 GAAP 營收成本的年成長率將與第一季相似。

Within non-GAAP operating expense, our primary area of investment in Q2 will continue to be headcount within R&D, which will support our efforts in AI and other product initiatives as well as investing in sales and marketing, which tends to be seasonally higher in Q2 than in Q1 due to the timing of certain marketing expenses.

在非公認會計準則營運費用中，我們在第二季度的主要投資領域將繼續是研發人員的增加，這將支持我們在人工智慧和其他產品計劃方面的努力，以及在銷售和行銷方面的投資，由於某些行銷費用的時間安排，第二季度的季節性支出往往高於第一季。

From where we sit today, we expect to deliver adjusted EBITDA margin expansion year-over-year for the full year 2025, though consistent with our commentary last quarter, the level of expansion will be lower than the outsized expansion we delivered in 2024.

從目前的情況來看，我們預計 2025 年全年調整後的 EBITDA 利潤率將同比增長，儘管與我們上個季度的評論一致，但擴張水平將低於 2024 年實現的超額擴張。

In closing, I'm extremely pleased with our team's performance in Q1. We're focused on executing against the levers firmly in our control, like growing and deepening user engagement through a better, more relevant product and driving performance for our advertisers, all while balancing investing in the business and driving long-term profitable growth.

最後，我對我們團隊在第一季的表現非常滿意。我們專注於執行我們牢牢控制的槓桿，例如透過更好、更相關的產品來增加和深化用戶參與度，並為我們的廣告商提高業績，同時平衡對業務的投資和推動長期盈利增長。

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

說完這些，我就把時間交給比爾來做最後的總結。

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

謝謝，朱莉婭。我要感謝 Pinterest 的團隊、我們的廣告合作夥伴以及所有來到 Pinterest 尋找靈感並採取行動的人。這樣，我們就可以開始提問了。

(Operator Instructions)

（操作員指示）

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. Bill, just starting with like the guidance, 2Q looks pretty solid, all things considered, just a very modest decel. We know you have Easter in the second quarter this year, which may help a little bit. But just curious, what you're seeing in the pipeline? And are any of the kind of high tariff exposed categories in retail and CPG showing any softness thus far? How do you see this playing out throughout the year? Thanks a lot.

偉大的。比爾，按照指引來看，第二季看起來相當穩健，綜合考量各方面因素，只是成長略有放緩。我們知道今年第二季是復活節，這可能會有一點幫助。但只是好奇，您在管道中看到了什麼？到目前為止，零售和快速消費品行業中任何受高關稅影響的類別是否都表現出疲軟跡象？您認為這情況全年會如何發展？多謝。

Thanks, Ross. I'll take that one. So first and foremost, as we noted in our prepared remarks, we're seeing strength in our business, and trends remain healthy both in Q1 and the early signals on Q2. Our products are really working well as we leverage AI to drive gains in relevance, personalization and actionability for users, and drive increasing performance gains for our advertisers across a range of verticals.

謝謝，羅斯。我要那個。因此，首先，正如我們在準備好的發言中指出的那樣，我們的業務表現強勁，第一季和第二季的早期訊號都保持著良好的趨勢。我們的產品確實運作良好，因為我們利用人工智慧來提高用戶的相關性、個人化和可操作性，並為各個垂直領域的廣告商提高績效。

To your specific question on the Q2 guide, given the situation remains somewhat fluid, our guidance reflects a slightly expanded revenue range. As always, our Q2 revenue outlook factors in both what we are seeing in quarter-to-date trends as well as what we are hearing from our advertising partners directly about their spend expectations for the remainder of the quarter as of today.

對於您關於第二季指南的具體問題，鑑於情況仍然有些不穩定，我們的指導反映了略微擴大的收入範圍。與往常一樣，我們對第二季度收入的展望既考慮了本季迄今為止的趨勢，也考慮了我們從廣告合作夥伴那裡直接聽到的關於截至今天本季度剩餘時間的支出預期。

There have been small pockets of spend that have been impacted by tariffs in recent weeks. For example, like other platforms, we have observed a reduction in spend from Asia-based e-commerce retailers in the US given the change in the de minimis exemption. However, we've also seen a geographic diversification from some of those Asia-based retailers to our European and rest of world user regions. And that's a theme that has continued to play out over multiple quarters now and continues today.

最近幾週，一小部分支出受到了關稅的影響。例如，與其他平台一樣，由於最低限度豁免的變化，我們觀察到美國亞洲電子商務零售商的支出減少。然而，我們也看到了地理分佈的多樣化，從一些亞洲零售商轉向歐洲和世界其他用戶區域。這一主題已持續多個季度並延續至今。

So stepping back, the fundamentals of our business remain strong. Our investments over the past three years have -- against our multiple revenue levers have helped us build a more resilient platform, and that's a vital partner to advertisers more so than ever before, and we'll continue to execute on the key strategic initiatives within our control.

所以回顧一下，我們的業務基本面依然強勁。過去三年來，我們的投資透過多種收入槓桿幫助我們建立了一個更具彈性的平台，這對廣告商來說比以往任何時候都更加重要，我們將繼續執行我們控制範圍內的關鍵策略舉措。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much for taking the question. Bill, it felt like last quarter and then building a momentum this quarter, there was a shift in you framing where the platform and its products were going in terms of things that were inside of your control. So leaving the macro aside for a minute, I know we'll talk a lot about on this call, but are the things in your control in terms of where you want to take the platform and how you want to evolve products, where do you think you are in that journey? And what is the receptivity across the advertising landscape to what you built so far? And how do you think about what might build as we get deeper into the year? Thanks so much.

非常感謝您回答這個問題。比爾，感覺就像上個季度一樣，然後在本季度建立了勢頭，就你所能控制的事情而言，你對平台及其產品的發展方向的框架發生了轉變。所以，暫時把宏觀問題放在一邊，我知道我們會在這次電話會議上討論很多，但是，就你想把平台帶到哪里以及如何發展產品而言，這些事情是否在你的掌控之中？你認為你在這段旅程中處於什麼位置？到目前為止，整個廣告界對您所建立的產品的接受度如何？您認為隨著今年的深入，未來會出現哪些變化？非常感謝。

Yes. Thanks, Eric. As we've talked about going all the way back to our Investor Day, we see multiple ways to win and multiple strategic initiatives that have been playing out to support the direction we're taking the platform.

是的。謝謝，埃里克。正如我們在投資者日所討論的那樣，我們看到了多種獲勝方式和多種策略舉措，這些舉措正在發揮作用以支持我們平台的發展方向。

At the core of that, we've made Pinterest a destination for our user, particularly shopping destination. Pinterest is where Gen Z goes to shop. And you see that reflected not only in the all-time highs in users, but also, as we shared in our 10-K, record levels of engagement per user, and that's really a combination of AI becoming a core competency for us, the unique signal on our platform and the fact that users are here with great commercial intent.

其核心是，我們把 Pinterest 打造成用戶的目的地，尤其是購物目的地。Pinterest 是 Z 世代購物的地方。您會發現，這不僅體現在用戶數量創歷史新高，而且正如我們在 10-K 中所分享的，每個用戶的參與度也創下了歷史新高，這實際上是人工智慧成為我們核心競爭力、成為我們平台上的獨特信號以及用戶懷有巨大商業意圖這一事實的結合。

So as we've been solving that for our users, we've also been for our advertisers, opening up format ad platform also driven by AI-enabled tools. And we see it making it so that not only is there better commercial intent and actionability than ever before on Pinterest for our users, as advertisers have better and better tools, to easily take action on that, they're finding that not only can they come take action, Performance+ cutting campaign creation time and half, but also giving them great return on their ad spend and letting them meet users in a unique moment in their commercial journey where they clearly have intent but haven't yet decided what to buy, which is something really special about Pinterest that in the Western world, we're the only platform that has on the surface, in the same app, the user at every stage of the funnel.

因此，我們在為用戶解決這個問題的同時，也為廣告商解決了這個問題，並開放了由人工智慧工具驅動的格式廣告平台。我們看到，它不僅使得 Pinterest 上的用戶比以往任何時候都具有更好的商業意圖和可操作性，因為廣告商擁有越來越好的工具來輕鬆地採取行動，他們發現他們不僅可以採取行動，Performance+ 將廣告系列創建時間縮短了一半，而且還為他們帶來了豐厚的廣告支出回報，並讓他們能夠在商業旅程中的獨特時刻與用戶購買 Pinterest的真正特別之處，在西方世界，我們是唯一一個在同一個應用程式中，在漏斗的每個階段都擁有用戶的平台。

And we pair that with our unique curation that's giving us really, really unique signals, letting us do really great things with AI and the relevant to our recommendations, as I noted, with our new multilevel model on the call, that's getting to great relevancy for users, making it so that we can give more and more commercial content from our advertisers to them. And so there's a really a great flywheel effect between those things.

我們將其與我們獨特的策展相結合，這給了我們非常獨特的信號，讓我們能夠利用人工智慧和與我們的推薦相關的技術做出非常偉大的事情，正如我在電話會議上提到的那樣，透過我們新的多層次模型，這對用戶來說具有很大的相關性，這樣我們就可以向他們提供越來越多來自廣告商的商業內容。所以這些事物之間確實存在著巨大的飛輪效應。

And then as we look at that, as we noted, we focused first on our home market as we were building that out. But as we're moving into international markets, we see that same shopping and lower-funnel playbook really, really working well.

然後，當我們審視這一點時，正如我們所指出的，我們在建立這個市場時首先關注的是本土市場。但隨著我們進入國際市場，我們發現同樣的購物和低漏斗策略確實非常有效。

So I think not only we continue to grow our user base, deepen engagement, proving that relevant ads could be great content, we're driving improved performance throughout the full funnel. Now starting to move that into international markets that are approximately 80% of our users, but only roughly 20% of our revenue. So we're seeing the beginning of that. And we're bringing in new sources of demand as well.

因此，我認為我們不僅會繼續擴大用戶群、加深參與度、證明相關廣告可以成為優質內容，而且還會推動整個管道的效能提升。現在我們開始將其轉移到國際市場，國際市場約占我們用戶的 80%，但僅占我們收入的 20% 左右。所以我們正看到這一切的開始。我們也正在引進新的需求來源。

So we're making it so that we can meet advertisers where they are, both on measurement and the ability to bring in new demand. And across all of that together, it's really creating a great shopping destination for users, a great performance ads platform for advertisers, and we're starting to take that global, all that underpinned by unique curation signal and core competency AI that I think, again, is that durable flywheel that we've been talking about for some time, but we've continued to build upon.

因此，我們這樣做是為了能夠在衡量標準和帶來新需求的能力方面與廣告商見面。綜合所有這些，我們確實為用戶創造了一個絕佳的購物目的地，為廣告商創造了一個效果極佳的廣告平台，而且我們正開始將其推向全球，所有這些都以獨特的策展信號和核心競爭力人工智能為基礎，我認為，這就是我們一直在談論的耐用飛輪，但我們一直在其基礎上不斷發展。

And I would say we still have a lot more in front of us than behind us. We're early innings. Still on so much of this. I think we are well down the path in demonstrating just how unique the value proposition is both for users and advertisers. Hopefully, that helps.

我想說，我們面前還有很多事情要做，而過去的事卻沒有做。我們剛開始比賽。仍然有很多這樣的事。我認為我們已經很好地證明了這個價值主張對於用戶和廣告商來說有多獨特。希望這能有所幫助。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my question. I have two, please. The first one on Performance+. You've made a lot of progress driving adoption of that product with some of your larger advertisers. Is there any way you can talk with us about how to think about a rough percentage lift in same advertiser spend as you sort of rolled that tool out so far?

感謝您回答我的問題。請給我兩份。Performance+ 上的第一個。在推動一些較大的廣告商採用該產品方面，您已經取得了很大進展。您能否與我們討論一下，在您推出該工具時，如何考慮同一廣告客戶支出的大致百分比增長？

And the second one, Bill, maybe a big-picture one. You continue to really rapid click growth to your advertisers. I remember last quarter, it was 90% plus growth and 100%, et cetera. What do you think is the biggest opportunity to sort of further close that gap between that rapid click growth you're selling to your advertisers versus your advertiser growth -- your advertising dollar growth? Thanks.

第二個問題，比爾，也許這是一個宏觀問題。您的廣告客戶的點擊量持續快速成長。我記得上個季度，成長率超過了 90% 甚至 100% 等等。您認為，進一步縮小您向廣告主銷售的點擊量快速成長與廣告主成長（即廣告費用成長）之間的差距的最大機會是什麼？謝謝。

Yes. Thanks, Brian. So in terms of how we think about the uplift from Performance+, I shared some stats on the call around the uplift and rollouts from different components. It's important to know, it's a suite of products, but we've also given the ability for advertisers to adopt a la carte. And so what we're seeing is that -- those that have adopted, they're seeing really strong performance that when paired with our measurement tools that we've rolled out is leading to share shift and budget gains for us with those advertisers.

是的。謝謝，布萊恩。因此，就我們如何看待 Performance+ 帶來的提升而言，我在電話會議上分享了一些有關不同組件的提升和推出情況的統計數據。重要的是要知道，這是一套產品，但我們也為廣告商提供了點菜的能力。因此，我們看到的是，那些採用了我們的解決方案的用戶獲得了非常強勁的表現，當與我們推出的測量工具相結合時，這些解決方案將為我們與這些廣告商帶來份額轉變和預算收益。

And while we've not broken that out what's the percentage of lift from that, again, given that sort of advertisers can either take the whole suite or sort of choose a la carte, we are seeing quite consistently, as I noted in the 80% of the campaigns on Performance+ outperformed traditional campaigns. We are feeling really good about that progress even as we still have a lot more functionality that we are building there. So again, we feel like the progress is quite strong, but a lot more ahead.

雖然我們還沒有具體說明提升的百分比是多少，但考慮到廣告商可以選擇全套服務或單點服務，我們看到的情況相當一致，正如我在 Performance+ 上所注意到的，80% 的廣告活動都優於傳統廣告活動。儘管我們還有很多功能需要構建，但我們對這一進展感到非常高興。因此，我們再次感覺到，進展相當強勁，但還有很長的路要走。

As we've talked about with all these things, just think about these as sort of compounding effects that build on those, creating longer-term durable growth, no hockey sticks are sort of onetime federal results, but these are like steady builds that just make us a better and more performant add for advertising and getting extend more of those always on performance budgets that tend to be much more durable.

正如我們討論過的所有這些事情，只要把它們看作是建立在這些基礎上的複合效應，就能創造長期持久的增長，曲棍球棒不是一次性的聯邦成果，而是穩定的構建，使我們變得更好，更高效，可以增加廣告，並延長那些始終基於績效預算的廣告，而這些預算往往更加持久。

So we feel really great about those things. More to go there. But when you see things like 80% of campaigns on Performance+ outperforming, that's quite strong. The beta test results that we mentioned, 20% CPA improvements on shopping campaigns. These are things that are leading to -- when you look at our growth rates overall being strong relative to the industry. These are reasons why we become a secular taker, but we think we have a lot more runway ahead of us than behind us, both in adoption as well as in the dollar share shift.

所以我們對這些事情感到非常高興。還有更多要去的地方。但是，當您看到 Performance+ 上 80% 的廣告活動表現優異時，這已經相當強勁了。我們提到的 Beta 測試結果顯示，購物活動的 CPA 提高了 20%。這些都是導致——當你看到我們的成長率相對於整個產業而言是強勁的。這些就是我們成為長期接受者的原因，但我們認為，無論是在採用方面，還是在美元份額轉變方面，我們未來的發展空間都比過去的更大。

And then to your question on the click growth and sort of closing the gap between the click growth and the ad dollar growth, what I would say is that we are seeing that drive spend change. The two things we've talked about pretty consistently have been getting better implementation of measurement tools. So we've called out many new partnerships, meeting advertisers where they are.

然後回答你關於點擊量成長以及如何縮小點擊量成長和廣告費用成長之間的差距的問題，我想說的是，我們看到了推動支出變化的因素。我們一直在談論的兩件事就是更好地實施測量工具。因此，我們建立了許多新的合作關係，與廣告商會面。

I called out two new ones in my prepared remarks that, again, are just part of our ongoing efforts to meet advertisers where they are integrate into their ad systems because even for driving the clicks, if it's not showing up in their performance measurement systems, it won't lead to the share shift because we've been driving more and more implementation of privacy-centric measurement, meeting advertisers where they are. We see that helping. There's more of that to go.

我在準備好的發言中提到了兩個新舉措，這只是我們持續努力的一部分，旨在滿足廣告商的需求，將廣告系統整合到他們的廣告系統中，因為即使是為了增加點擊量，如果它沒有出現在他們的績效衡量系統中，也不會導致份額的轉變，因為我們一直在推動越來越多以隱私為中心的衡量標準的實施，以滿足廣告商的需求。我們認為這有幫助。還有更多的事情要做。

And then the other is around making campaign creation easier and easier. So we've talked about with Performance+, that cutting down campaign creation time as much as 50% or more, that's making it easier and easier for the advertisers to bring new campaigns on.

另一個是讓活動創建變得越來越容易。因此，我們討論了 Performance+，它可以將廣告系列創建時間縮短 50% 或更多，從而使廣告商可以更輕鬆地開展新的廣告系列。

If you just step all the way back from it, where we only just went into GA with Performance+ late in the year last year, and direct links was a year before that. So if you look at sort of throughout 2024, we were -- we had launched direct links, that was driving clicks and conversions. Then we are pushing conversion API, measurement tool integration is making so the advertisers can measure it. So then they could see the clicks and conversions. Then late in the year last year, we started to address the ease of campaign creation and optimization through Performance+. And so those are really sort of the legs of this tool.

如果你回顧一下，我們去年年底才剛透過 Performance+ 進入 GA，而直接連結則是在那之前的一年。因此，如果你看一下整個 2024 年，我們 - 我們已經推出了直接鏈接，這推動了點擊和轉換。然後我們正在推動轉換 API，測量工具集成，以便廣告商可以對其進行測量。這樣他們就可以看到點擊次數和轉換次數。然後在去年年底，我們開始透過 Performance+ 解決廣告活動創建和優化的簡易性問題。這些其實就是這個工具的腿。

And they've only just all come together. But even with that, you see us taking share given the unique value proposition of what we're doing for our users. So again, I think that will continue to help us demonstrate that durable growth in our business that you've been seeing from us. Hopefully, that helps.

他們剛剛才聚集在一起。但即便如此，你仍然會看到我們憑藉我們為用戶提供的獨特價值主張而獲得市場份額。因此，我認為這將繼續幫助我們展示您所看到的我們業務的持久成長。希望這能有所幫助。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Okay. Thanks a lot for taking my question. We've seen some press reports about you testing with multiple partners. Can you please give us an update on your strategy for third-party demand? Thanks a lot.

好的。非常感謝您回答我的問題。我們看到一些關於您與多個合作夥伴進行測試的新聞報導。您能否向我們介紹一下針對第三方需求的最新策略？多謝。

Yes. Thank you. I appreciate the question. So first thing I'd say is that nothing about our programmatic or third-party advertising strategy has changed. We've always said that our first-party demand that comes from our internal sales force would be the primary driver of our business and that we would seek out demand from third parties as a complement to our first-party business really to round out gaps in our auction.

是的。謝謝。我很感謝你提出這個問題。因此，我想說的第一件事是，我們的程序化或第三方廣告策略沒有任何改變。我們一直說，來自我們內部銷售團隊的第一方需求將是我們業務的主要驅動力，並且我們將尋求第三方的需求作為我們第一方業務的補充，以真正彌補我們拍賣中的空白。

As such, we've -- we're instantly and constantly testing and iterating within our business to find the right sources of demand around our gaps or auction and drive greater actionability for our users. And we've been consistent about having envisioned multiple partners. And you saw us start with some of the largest players, Amazon and Google. But there are also a number of smaller players that can bring incremental demand to the platform.

因此，我們正在業務範圍內即時且持續地進行測試和迭代，以找到圍繞我們的差距或拍賣的正確需求來源，並為我們的用戶提供更大的可操作性。我們始終致力於尋找多個合作夥伴。你們看到我們從一些最大的參與者開始，例如亞馬遜和谷歌。但也有一些規模較小的參與者可以為該平台帶來增量需求。

In service of that, we've been testing with [multiple] providers to open up access, and we've decided to work with Magnite, a leading SSP, as our next partner to help us aggregate smaller sources of demand. While there's been some speculation out there, there are no additional SSPs that we plan to scale with in the immediate future, but we think this helps us to aggregate more of those sources of demand from other players through our Magnite partnership.

為此，我們一直在與多家提供者進行測試以開放存取權限，並且我們決定與領先的 SSP Magnite 合作，作為我們的下一個合作夥伴，幫助我們聚合較小的需求來源。雖然有一些猜測，但我們近期沒有計劃擴展其他 SSP，但我們認為這有助於我們透過與 Magnite 的合作，從其他參與者聚集更多需求來源。

And I view this as a steady progression and build of the business, which is consistent with what we've outlined. So just like prior efforts, these things take time to integrate and plan a thoughtful go-to-market launch and scale.

我認為這是業務的穩定發展和建設，這與我們所概述的內容一致。因此，就像之前的努力一樣，這些事情需要時間來整合和規劃周到的上市發布和規模。

So again, don't expect any big-hockey stick moment, but it's part of the ongoing build of the business. I wouldn't think of this as immediate change in revenue trajectory of the business, but as part of that compounding effect of just making it easier and easier for advertisers to reach really great commercial intent on our platform and us meeting advertisers more and more where they are.

所以，再說一次，不要期待任何重大的曲棍球棒時刻，但這是業務持續建設的一部分。我不認為這會立即改變業務的收入軌跡，而只是這種複合效應的一部分，使廣告商越來越容易在我們的平台上實現真正偉大的商業意圖，並且我們越來越多地在廣告商所在的地方與他們會面。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you very much for the opportunity. Could we talk a little bit about the accelerating impression growth and the associated kind of price declines on a per impression basis? Could you talk -- I know that's a global number, and you referred to earlier some of the mix shift to international and adding, I think, you said eight additional territories.

非常感謝您給我這個機會。我們能否稍微談談印象數的加速成長以及每次印象數相關的價格下降？您能談談嗎——我知道這是一個全球數字，您之前提到一些混合轉向國際，並且我認為您提到了增加八個額外的地區。

Could you talk a little bit about what you're seeing in UCAN, kind of your most mature area and you're most well developed. Could you talk about the trends there. What you're seeing from an impression basis? And also maybe potentially on the price per impression basis. Are you seeing -- are you starting to see some pricing leverage in UCAN? Thank you very much.

您能否簡單談談您在 UCAN 看到的情況，這是您們最成熟、發展最完善的領域。您能談談那裡的趨勢嗎？從印象角度看您看到了什麼？也可能是以每次展示的價格計算的。您是否看到——您是否開始看到 UCAN 中的一些定價槓桿？非常感謝。

Hi, Ken, yes, thanks for the question. So we've said for many quarters in a row now the dynamics that we're seeing in terms of global ad impression growth and global pricing decline is primarily driven by international mix shift.

嗨，Ken，是的，謝謝你的提問。因此，我們已經連續多個季度表示，我們所看到的全球廣告印象成長和全球價格下降的動態主要是由國際組合轉變所驅動的。

As you'll recall, last year, we began to serve ads and monetize previously unmonetized or previously under monetized international markets. And so naturally, these international markets have lower total addressable market and also have lower cost per impression or ECPMs on average. So this international mix shift puts downward pressure on global pricing, but it's clearly been a positive to net revenue overall. And importantly, you're seeing that show up in the accelerating revenue trends in our rest of world market for the last several quarters.

您可能還記得，去年我們開始在以前未實現貨幣化或貨幣化程度較低的國際市場上投放廣告並實現貨幣化。因此，這些國際市場的總目標市場較低，平均每千次曝光費用或 ECPM 也較低。因此，這種國際組合轉變對全球定價產生了下行壓力，但顯然對整體淨收入產生了正面影響。重要的是，您會看到過去幾季我們世界其他市場的收入趨勢不斷加速。

To your question on sort of UCAN specifically, it is worth noting, if you were to look at kind of UCAN impression growth and pricing alone. It would tell a very different story, and the trends are far less pronounced because the primary driver on a global level really is this mix shift impact due to international growth.

對於您關於 UCAN 的具體問題，如果您單獨查看 UCAN 印象增長和定價，則值得注意的是。這將講述一個截然不同的故事，而且趨勢不那麼明顯，因為全球層面的主要驅動力實際上是國際成長導致的混合轉變影響。

John Blackledge, TD Securities.

道明證券的約翰·布萊克利奇。

Great. Thanks. Just any further color on the broader macro volatility impacting ad spend, particularly with the more brand-oriented advertisers? And is the introduction of Performance+ helping drive and kind of tie together that full-funnel campaign dynamic that you referenced earlier in the call? Thank you.

偉大的。謝謝。您能否進一步了解更廣泛的宏觀波動對廣告支出的影響，特別是對更注重品牌的廣告商的影響？Performance+ 的推出是否有助於推動和整合您在電話會議中提到的全通路行銷活動動態？謝謝。

Yes. Thanks for the question, John. You're spot on with your question in the ability to tie together that full funnel. That's been -- Pinterest has talked about that for years, but I think now that our lower-funnel business has become very compelling, it's really helping us bring the promise of the full funnel to life. And I shared that stat in my prepared remarks about how advertisers that do both upper and lower-funnel objectives with us see 2 times the click-through rate.

是的。謝謝你的提問，約翰。您對將整個漏斗聯繫在一起的能力的疑問是正確的。Pinterest 多年來一直在談論這個問題，但我認為，現在我們的低漏斗業務已經變得非常引人注目，它確實幫助我們實現了全漏斗的承諾。我在準備好的發言中分享了這一統計數據，即與我們一起實現上層和下層漏斗目標的廣告商的點擊率提高了 2 倍。

This is really what CMOs have always known is that great CMOs know that the whole decision doesn't get made just in those last three seconds before the last click. It was just the thing that was most measurable. And they knew they needed to be able to tell more of their story to differentiate their brand, to connect with customers, but that wasn't very measurable for them.

這確實是 CMO 一直都知道的事情，優秀的 CMO 知道整個決策並不是在最後一次點擊前的最後三秒內做出的。這只是最可衡量的事情。他們知道他們需要講述更多的故事來使他們的品牌與眾不同、與客戶建立聯繫，但這對他們來說並不是很容易衡量的。

With us having both the upper funnel and middle and lower funnel all in the same surface, same consumer experience, we are able to tie that together for our users and our advertisers. So the user is getting a seamless shopping experience from upper-funnel inspiration all the way through to the click and the conversion, but it is exactly as you alluded to in your question. Really helping us deliver on that full funnel.

由於我們擁有相同的表面、相同的消費者體驗，所以我們能夠為我們的用戶和廣告商將它們結合在一起。因此，用戶可以獲得從上層漏斗靈感一直到點擊和轉換的無縫購物體驗，但這正是您在問題中提到的。真正幫助我們實現整個漏斗。

I actually think in this moment where, as we go through periods of uncertainty, if you talk to CMOs about past times of uncertainty, when they get that call from the CFO to ask them to focus their spend, of course, that would all rush to the low funnel, but then they'd feel like they had left something on the table by not being able to tell their brand story, which is how they really ultimately connect with the customers to eventually get to that last click with what we're doing in the full funnel. We're really giving them a [twofer].

實際上，我認為，在我們經歷不確定時期的當下，如果你與首席營銷官談論過去的不確定時期，當他們接到首席財務官的電話，要求他們集中支出時，當然，所有這些都會湧向低谷，但隨後他們會覺得自己因為無法講述自己的品牌故事而遺漏了一些東西，而這正是他們最終與客戶建立聯繫的方式，最終通過我們在整個漏斗中所做的事情。我們真的給了他們一個[兩個]。

They can do upper funnel and lower funnel, but then that CMO can turn to their CFO and say, see, when I did the upper funnel with the lower funnel on Pinterest, it was double a click-through rate. So my upper funnel does perform. And therefore, that CMO can still tell our brand story even while driving lower-funnel last click on our platform.

他們可以做上層漏斗和下層漏斗，但隨後 CMO 可以轉向他們的 CFO 說，看，當我在 Pinterest 上將上層漏斗與下層漏斗結合起來時，點擊率翻了一番。所以我的上部漏斗確實有發揮作用。因此，即使在我們的平台上推動漏斗下部的最後點擊時，CMO 仍然可以講述我們的品牌故事。

So we think that is quite compelling and I think is, again, another example of how we've been building in a way that is long-term durable, but I think even in a moment of uncertainty where we have unique offerings that we can come forward with for both our users and our advertisers.

因此，我們認為這非常引人注目，我認為這再次證明了我們如何以長期可持續的方式進行建設，但我認為即使在不確定的時刻，我們也可以為我們的用戶和廣告商提供獨特的產品。

Ron Josey, Citigroup.

花旗集團的 Ron Josey。

Great. Thanks for taking the question. Maybe another one on -- two, please. And so the first one is just on advertising. Bill and Julia, we've been talking about strength in the emerging verticals for a few quarters now actually since Analyst Day, and before, we mentioned financial services. So I wanted to hear more about these additional verticals that Pinterest is seeing success in. Maybe talk about some of the use cases and why Pinterest is a good fit for these advertisers just given the focus on retail and commerce.

偉大的。感謝您回答這個問題。也許還有另外一對──兩位。第一個只是關於廣告。比爾和朱莉婭，實際上，從分析師日開始，我們已經討論了幾個季度的新興垂直行業的實力，在此之前，我們提到了金融服務。因此，我想了解更多有關 Pinterest 在這些其他垂直領域取得成功的資訊。也許可以討論一些用例，以及為什麼 Pinterest 非常適合這些廣告商，因為它專注於零售和商業。

And then, Julia, you highlighted in your comments, 25% of code is generated by AI. That's up 10 points in the quarter, I think you said. But would love to hear your comments on the benefit tier. Is it product -- I mean, everything, right, but benefits around product velocity, time to market, but also cost savings as well? Thank you.

然後，Julia，你在評論中強調，25% 的程式碼是由 AI 產生的。我想您說過，本季的漲幅為 10 分。但我很想聽聽您對福利等級的評論。它是產品嗎——我的意思是，一切，對吧，但除了產品速度、上市時間的好處之外，還有成本節省嗎？謝謝。

Thanks, Ron. Maybe I'll take the first one just to start out here on emerging verticals. And you're right, we've called out financial services for many quarters now as one of several categories where we're seeing strong growth. Some of the others that we've mentioned over time have been technology, telecom, entertainment, which includes streaming services. So we're certainly underpenetrated in these categories with lots of room to grow.

謝謝，羅恩。也許我會選擇第一個，從這裡開始探討新興的垂直產業。您說得對，我們已經連續多個季度將金融服務列為強勁成長的幾個類別之一。我們一直以來提到的其他一些領域包括科技、電信、娛樂，其中包括串流媒體服務。因此，我們在這些領域的滲透率還很低，還有很大的成長空間。

In terms of sort of use cases, Pinterest attracts users during key life moments like weddings, starting a family, buying a car, remodeling a home. These are times when consumers are often seeking new financial services such as insurance or credit cards. This makes Pinterest an ideal platform for these advertisers who want to connect with their audience undergoing these significant life events.

就使用案例而言，Pinterest 在婚禮、組建家庭、買車、改造房屋等人生關鍵時刻吸引用戶。此時，消費者經常尋求新的金融服務，例如保險或信用卡。這使得 Pinterest 成為那些希望與經歷重大生活事件的受眾建立聯繫的廣告商的理想平台。

Advertisers are also value Pinterest insights into consumer trends and spending habits, which inform their content and messaging strategies, particularly with Gen Z users who may be selecting insurance providers or credit card issuers for the very first time.

廣告主也重視 Pinterest 對消費者趨勢和消費習慣的洞察，這些洞察可以引導他們的內容和訊息傳遞策略，尤其是針對可能首次選擇保險提供者或信用卡發行商的 Z 世代用戶。

So in summary, I think we're seeing strength in these categories and believe there's an ongoing longer-term fit for these advertisers on our platform as we demonstrate it for some of these categories, and we're starting to see some of these advertisers really leaning in.

總而言之，我認為我們看到了這些類別的優勢，並相信這些廣告商在我們的平台上具有持續的長期契合度，正如我們在其中一些類別中所展示的那樣，我們開始看到其中一些廣告商真正傾向於在我們的平台上投放廣告。

On your second question about 25% of code now being accepted -- generated by AI, but accepted by human review, that being up 10 points versus the prior quarter. We're really pleased with this progress that we're seeing there. I think we've talked to you all many times about how AI is a core competency for our business and how we're leveraging it to power both user and engagement growth, including some of the newer visual search experiences that we talked about on the call earlier that Bill referenced and how we're doing on the ad serving stack.

關於你的第二個問題，現在有 25% 的程式碼被接受——由人工智慧生成，但被人工審核接受，這比上一季增加了 10 個百分點。我們對所看到的進展感到非常高興。我想我們已經和大家討論過很多次人工智慧如何成為我們業務的核心競爭力，以及我們如何利用它來推動用戶和參與度的成長，包括我們之前在電話會議上討論過的一些較新的視覺搜尋體驗，比爾提到了這一點，以及我們在廣告服務堆疊方面的表現。

But I think we're also using it internally throughout our business to help accelerate engineering velocity, and I think you're starting to see just that pace of velocity really start to improve from us over the last year. I think that's a great example of that. It's both employee productivity, including engineering velocity, but also it allows us to be thoughtful about the places we're investing in our business and continue to be prudent as we think about those high ROI opportunities over time.

但我認為我們也在整個業務內部使用它來幫助加快工程速度，而且我認為你會開始看到，在過去的一年裡，我們的速度確實開始加快了。我認為這是一個很好的例子。它既能提高員工的工作效率，包括工程速度，也能讓我們認真考慮我們在業務上投資的地方，並在考慮長期的高投資回報率機會時繼續保持謹慎。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

Hi. Thanks for taking the question. I was listening to a D2C marketing exec at Kitch on the [21] podcast recently. And the woman was talking about ROAS across various digital platforms. And she gave some specific commentary around Pinterest from her experience and for relationships in the business.

你好。感謝您回答這個問題。我最近在 [21] 播客中聽了 Kitch 一位 D2C 行銷主管的演講。這位女士正在談論各種數位平台上的 ROAS。她根據自己的經驗以及業務關係對 Pinterest 發表了一些具體的評論。

And one of the things he sort of said was that it's a long game because when you talk about ROAS on Pinterest, it's a long game because consumers pin things and then they come back, and they do buy them, but they buy them later.

他說的一件事是，這是一場持久戰，因為當你談論 Pinterest 上的 ROAS 時，這是一場持久戰，因為消費者會固定東西，然後他們會回來，他們確實會購買它們，但他們會在稍後購買。

I was wondering how you react to that comment from a marketer and how some of the changes you've been making to the product to make it easier to shop and more visible from a shopping standpoint. How that narrative may be changing or whether you disagree with it entirely? But I just would be curious how you react to it.

我想知道您對行銷人員的評論有何反應，以及您對產品做了哪些改變，使購物變得更容易、從購物的角度來看更引人注目。這種敘述可能會發生怎樣的變化，或者您是否完全不同意這種敘述？但我只是好奇你對此有何反應。

Yes. Thanks for the question, Rich. What I would say is I think that commentary is half right. And half right in the sense that like, yes, we do see consumers coming to Pinterest when they have sort of a kernel of an idea, a beginning of an intent, but haven't yet decided what to buy, which, again, is a magic moment for the advertiser to meet that consumer.

是的。謝謝你的提問，Rich。我想說的是，我認為這個評論有一半是對的。一半是對的，從某種意義上來說，我們確實看到消費者在有了一些想法、初步有了意圖但還沒有決定購買什麼的時候來到 Pinterest，這對於廣告商來說又是一個與消費者見面的神奇時刻。

Historically, Pinterest had that, but didn't have that last click, didn't have the conversion. We absolutely are delivering the clicks and conversions now, and I've shared that. Some folks that may not have looked at them more recently or may not have adopted all of our tools or maybe were not yet integrated into their measure solution, which is why we had so much focus on those things.

從歷史上看，Pinterest 有這個功能，但沒有最後的點擊，也沒有轉換。我們現在絕對正在提供點擊和轉換，我已經分享了這一點。有些人可能最近沒有關注它們，或者可能沒有採用我們所有的工具，或者可能還沒有融入他們的測量解決方案，這就是我們如此關注這些事情的原因。

That sort of illustrates a little bit of -- there's an earlier question around how do we bridge the delta between the extremely strong growth in clicks and conversions relative to the revenue growth, that gets to a little bit of that, that from a user perspective, the users absolutely are clicking and buying on the platform in addition to what they used to do, which was curate sort of planning ahead.

這多少說明了一點——之前有一個問題，我們如何彌合點擊量和轉換量相對於收入成長的極強成長之間的差距，這有點涉及到這一點，從用戶的角度來看，除了他們過去所做的之外，用戶絕對還會在平台上點擊和購買，這是一種提前規劃。

Now it is all of those things, it truly is the full funnel. But as we've noted before, we're working through an adoption cycle with our advertisers. And the largest, most sophisticated advertisers have -- this way I've talked about them coming on the most quickly because they integrate through APIs, they're the most sophisticated, they see the arbitrage very quickly. And that's where we saw our strength first.

現在所有這些東西都已經齊全了，確實是一個完整的漏斗。但正如我們之前提到的，我們正在與廣告商一起完成一個採用週期。而最大的、最成熟的廣告商——我已經說過，他們來得最快，因為他們透過 API 進行集成，他們是最成熟的，他們很快就能發現套利機會。這也是我們第一次看到自己的實力。

Then we talked about that next group down in the sort of $1 billion to $30 billion in sales range is the group that we're starting to penetrate more and more with Performance+ and with our work to go meet the advertiser where they are through their measurement solutions, but we see that continuing on to more and more advertisers as we make it easier and easier to engage there.

然後我們討論了銷售額在 10 億美元到 300 億美元之間的下一組群體，我們開始透過 Performance+ 越來越多地滲透這個群體，並透過我們的工作透過測量解決方案去滿足廣告商的需求，但我們看到，隨著我們讓參與變得越來越容易，我們會繼續吸引越來越多的廣告商。

The last thing I'd say is, again, in this moment, one of the things that we are uniquely equipped to do is that there are places, or if you're using third-party cookies things like that, where people can see what users clicked and bought.

我最後要說的是，此時此刻，我們擁有獨特優勢的一件事就是，在某些地方，或者如果你使用第三方 cookie 之類的東西，人們可以看到用戶點擊了什麼和購買了什麼。

We're able to see what users are planning to do before they do it. And in moments where you may have uncertainty, where there may be rapidly shifting consumer trends, we get insight into that well before it shows up in third-party purchasing data or those kinds of areas, and that makes us a great partner to advertisers, particularly those that are savvy enough and fleet-of-foot enough to go respond to rapidly shifting consumer demand.

我們能夠在使用者執行某項操作之前了解他們計劃要做什麼。在您可能存在不確定性的時刻，在消費者趨勢可能快速變化的時刻，我們會在第三方購買數據或類似領域出現之前洞察到這一點，這使我們成為廣告商的優秀合作夥伴，特別是那些足夠精明和敏捷，能夠應對快速變化的消費者需求的廣告商。

So again, that's an emerging area of strength for us that's just core to how our platform is unique in the industry with truly now having that full funnel. But again, I think that commentary speaks to where we still have perception to shift, but those that have been astute and on more sophisticated, didn't have gold up quickly, but we've got to make it easy for everybody else to access the too. And so we're doing that work to make sure we meet them where they are. And we're well down that path, but again, a lot more of that runway ahead of us. Hopefully, that helps.

所以，這對我們來說是一個新興的優勢領域，也是我們的平台在產業中獨一無二的核心，現在我們真正擁有了完整的管道。但是，我再次認為，這些評論表明我們仍然需要轉變觀念，但那些精明且更老練的人並沒有迅速獲得黃金，但我們必須讓其他人也能輕鬆地獲得黃金。因此，我們進行這項工作是為了確保能夠在他們所在的地方與他們會面。我們已經在這條道路上走得很遠了，但是前面的路還很長。希望這能有所幫助。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking the question. I just want to ask about capital allocation. You repurchased about $175 million of stock in 1Q and I think have $1.7 billion authorized. Can you just talk about how you're thinking about capital allocation strategy currently in light of valuation, but then also the current macro backdrop as well? Thanks.

感謝您回答這個問題。我只是想問一下資金配置的問題。您在第一季回購了價值約 1.75 億美元的股票，我認為已獲得 17 億美元的授權。您能否談談您目前如何根據估值以及當前的宏觀背景來考慮資本配置策略？謝謝。

Thanks, Doug. Yes. So we noted in Q1, we did buy back $175 million of shares, as you called out. In addition, we also utilized $94 million in net share settlement of equity awards. So these two actions together combined led to a 2.2% decline in year-over-year fully diluted share count. So we're clearly more than offsetting dilution in a meaningful way here.

謝謝，道格。是的。因此，我們注意到，在第一季度，我們確實回購了價值 1.75 億美元的股票，正如您所說。此外，我們也利用了 9,400 萬美元的股權獎勵淨股份結算。因此，這兩項措施加在一起導致完全稀釋股數年減 2.2%。因此，我們顯然正在以有意義的方式抵消稀釋。

We do have $1.7 billion remaining under our share repurchase authorization. And we have the discretion to determine the timing and amounts of any buybacks under that program, and we will use that discretion thoughtfully over a multiyear period, particularly when the stock is trading at an attractive valuation level.

我們的股票回購授權金額還剩餘 17 億美元。我們有權決定該計劃下任何回購的時間和金額，並且我們將在多年內慎重地使用這一自由裁量權，特別是當股票交易處於有吸引力的估值水平時。

Our overall capital allocation framework hasn't changed from what we laid out at our Investor Day in late 2023. We have lots of potential uses for our cash, stock buybacks, certainly being one of them that you've seen us use here multiple times to mitigate dilution. We're always looking at ways to optimize our balance sheet, preserving flexibility for opportunistic and disciplined M&A, and obviously, first and foremost, investing in our product and technology innovation, as you've seen us do for many quarters now. So that overall capital allocation philosophy remains consistent with what we laid out at Investor Day.

我們的整體資本配置框架與我們在 2023 年底投資者日制定的框架相比沒有改變。我們的現金、股票回購有很多潛在用途，其中之一就是您已經看到我們多次使用它來減輕稀釋。我們一直在尋找優化資產負債表的方法，為機會主義和有紀律的併購保留靈活性，顯然，首先也是最重要的是投資於我們的產品和技術創新，正如您已經看到我們已經做了許多個季度一樣。因此，整體資本配置概念與我們在投資者日所闡述的理念保持一致。

Justin Patterson, KeyCorp.

賈斯汀·帕特森（KeyCorp）

Great. Thank you very much. Bill, you've had great engagement gains over the past two years, but we're also now in a world where there's more uncertainty on how AI is impacting search. As a business that's had the intersection of search and social, could you expand a little bit more on how visual search and other product initiatives can keep that engagement going? Thank you.

偉大的。非常感謝。比爾，過去兩年來，你的參與度取得了很大進步，但現在我們對人工智慧如何影響搜尋的不確定性也越來越大。作為一家將搜尋和社交相結合的企業，您能否進一步闡述視覺搜尋和其他產品計劃如何保持這種互動？謝謝。

Yes. Thanks for the question. We think we have a really unique space in this because, yes, we're at this intersection between not only social and search, but also commerce as well. And I shared on the call, I've talked about this extensively since I joined the company that the curation signal at Pinterest just gives us really, really unique signal to do something very different with the AI.

是的。謝謝你的提問。我們認為我們在這方面擁有真正獨特的空間，因為是的，我們不僅在社交和搜尋的交匯處，而且也在商業的交匯處。我在電話會議上分享道，自從我加入公司以來，我已經廣泛地談論過這個問題，Pinterest 的策展信號為我們提供了非常獨特的信號，讓我們可以用人工智能做一些非常不同的事情。

I've long had the view that AI, just like cloud compute, would become basically building blocks available to everyone, but then it thrives on feedback loops, and so who has unique feedback loops in their business to do something special with it.

我一直認為，人工智慧就像雲端運算一樣，將成為每個人都可以使用的建置模組，但它依靠反饋循環而蓬勃發展，因此誰在其業務中擁有獨特的反饋循環，就可以利用它做一些特別的事情。

The really, really unique feedback loop that Pinterest has that, again, I don't believe exist any place else in the Western world, is users curating their purchases before they make the purchase. And doing that in a purely visual format gives us really, really rich signal. So when I shared on the call that our multimodal model that powers our visual search is 30% more likely to identify and recommend relevant content from our corpus than leading off-the-shelf models, that is both a great credit to the fact that AI is a core competency, and we've got some amazing AI engineers at Pinterest, but it's also about that curation signal that we get.

Pinterest 擁有真正獨特的回饋循環，我認為這種回饋循環在西方世界其他任何地方都不存在，即用戶在購買之前對他們的購買進行策劃。以純視覺形式進行操作可以為我們帶來非常豐富的訊號。因此，當我在電話會議上分享說，支援我們視覺搜尋的多模式模型比領先的現成模型識別和推薦語料庫中的相關內容的可能性高出 30% 時，這既歸功於人工智慧是一項核心競爭力，也歸功於我們在 Pinterest 擁有一些出色的人工智慧工程師，但這也與我們獲得的策展信號有關。

So there's also, I think, a broader discussion of a group of sort of very large general purpose models. But then also, you're seeing now more fit-for-purpose models that can be smaller, focused, solve individual use cases better than the general purpose model. And I think this, again, is an example of that.

因此，我認為，還需要對一組非常大的通用模型進行更廣泛的討論。但同時，您現在也看到了更多適合用途的模型，這些模型更小、更集中，比通用模型更好地解決個別用例。我認為這又是一個這樣的例子。

But at the core of your question of how do we compete, if you look at search generally, search has been fragmenting for quite some time and federating for quite some time. And while you still have some amazing players that are thriving and doing well in the sort of general purpose search arena, there's also been great growth in those that are going after specific areas of that.

但是，關於我們如何競爭這個問題的核心，如果你從總體上看搜索，你會發現搜索已經分裂了很長一段時間，並且聯合了很長一段時間。雖然在通用搜尋領域仍然有一些出色的公司蓬勃發展，表現不俗，但在特定領域的公司也取得了長足的發展。

And so I think with Pinterest, our focus on purely visual, our commercial intent, the unique curation, again, I think as a user experience, that doesn't exist elsewhere. And we talked about 85% of our users come to our mobile app directly. They're all signed in, all of our [mouths] are signed in users.

因此我認為，對於 Pinterest 來說，我們專注於純粹的視覺、商業意圖和獨特的策展，再次強調，我認為作為一種用戶體驗，這些在其他地方是不存在的。我們說過，85% 的用戶直接訪問我們的行動應用程式。他們都登入了，我們所有人[嘴巴]都是登入使用者。

So we have history and intent in curation and rich signal, that again, I think, is a durable advantage for us in terms of what experiences we're able to deliver versus other experiences that don't have that or more focused on general purpose.

因此，我們在策展和豐富訊號方面擁有歷史和意圖，我認為，就我們能夠提供的體驗而言，與其他沒有這些體驗或更注重通用目的的體驗相比，這對我們來說是一個持久的優勢。

And again, I think there's so much growth here that many can thrive. We're not in the game of general-purpose search. But I think in our use case, which I think applies across many categories, shopping is our first category, we've talked about other emerging verticals that are very visual as well where this can be highly applicable also. So I think that is allowing us to bring more and more adjacencies in.

而且，我認為這裡的發展空間很大，很多人都能繁榮昌盛。我們並不參與通用搜尋的遊戲。但我認為在我們的用例中，我認為這適用於許多類別，購物是我們的第一個類別，我們已經討論了其他非常直觀的新興垂直行業，這些行業也可以高度適用。所以我認為這使我們能夠引入越來越多的鄰接關係。

And again, even as you've seen great innovation across the industry, I think the best comfort I could offer you around this is even as you've had amazing general-purpose chatbots, great advances in search real large.

再說一次，即使你已經看到整個行業的巨大創新，我認為我能給你的最好的安慰是，即使你已經擁有了令人驚嘆的通用聊天機器人，搜索領域也取得了巨大的進步。

We are putting up all-time highs in users, all-time highs in depth of engagement as reported in our 10-K. And again, I think that is reflective of that really unique curation behavior of our users and what that allows us to uniquely do with AI based on that signal that we just couldn't do with the very best off-the-shelf models.

正如我們的 10-K 報告所報告的，我們的用戶數量和參與深度都創下了歷史新高。而且，我認為這反映了我們用戶真正獨特的策展行為，以及這使我們能夠根據該訊號利用人工智慧以獨特的方式完成我們無法用最好的現成模型完成的任務。

Thank you. That concludes our Q&A session. I'll hand the call back over to Bill Ready, CEO, for closing remarks.

謝謝。我們的問答環節到此結束。我將把電話轉回給執行長比爾雷迪 (Bill Ready)，請他做最後發言。

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

再次感謝大家參加電話會議並提出問題。我們期待繼續進行這項對話，並希望您享受剩餘的一天。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。