Pinterest Inc (PINS) 2025 Q2 法說會逐字稿

(audio in progress) My name is Matt, and I'll be the moderator for today's call. (Operator Instructions)

（音訊進行中）我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）

I'll now have to pass the conference over to our host, Andrew Somberg, Vice President of Investor Relations and Treasury. Andrew, please go ahead.

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

Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the second quarter ended June 30, 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 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 6 月 30 日的第二季財報電話會議。我叫安德魯‧索姆伯格 (Andrew Somberg)，是 Pinterest 投資者關係與財務副總裁。參加今天電話會議的還有 Pinterest 執行長比爾·雷迪 (Bill Ready) 和我們的財務長朱莉婭·唐納利 (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 以查看今天的簡報、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. In addition, our results, trends, and outlook for Q3 2025 and beyond are preliminary and are not an assurance of future performance.

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，而此類陳述涉及許多假設、風險和不確定性，可能導致實際結果大不相同。此外，我們對 2025 年第三季及以後的業績、趨勢和展望都是初步的，並不能保證未來的表現。

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. 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.

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。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，今天的準備好的發言中討論的所有增長率都應按年計算。

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

現在我將把電話轉給比爾。

Thanks, Andrew. Good afternoon, and thank you for joining our second-quarter 2025 earnings call. Over the past three years, we have made meaningful progress in transforming our product and business to take advantage of the full potential of Pinterest. This means seamlessly enabling our users to have dynamic multi-session journeys that take them from inspiration to action while allowing advertisers to connect with the user across the funnel and ultimately drive performance outcomes.

謝謝，安德魯。下午好，感謝您參加我們的 2025 年第二季財報電話會議。在過去三年中，我們在轉變產品和業務以充分利用 Pinterest 的潛力方面取得了有意義的進展。這意味著無縫地使我們的用戶能夠擁有動態的多會話旅程，讓他們從靈感到行動，同時允許廣告商在整個管道中與用戶建立聯繫並最終推動績效成果。

In order to do this, we're leveraging AI tuned on our unique curation signals to deliver increasingly relevant and personalized content. This drives further curation behavior, which provides us with even greater first-party signal for ever-improving actionability across our app, all while distinguishing ourselves as a place for positivity and belonging. As a result, Pinterest is resonating with our users more than ever before, and we have found our strongest-ever product market fit.

為了做到這一點，我們利用人工智慧根據我們獨特的策展訊號來提供日益相關和個人化的內容。這推動了進一步的策展行為，為我們提供了更強大的第一方訊號，以不斷提高我們應用程式的可操作性，同時將我們自己定位為一個積極性和歸屬感的地方。因此，Pinterest 比以往任何時候都更能引起用戶的共鳴，我們也找到了迄今為止最強大的產品市場契合度。

It's abundantly clear that Pinterest is an AI winner. We've never been more popular or valued by our users and more performant for our advertisers. Our Q2 results clearly showcase that our increased product velocity combined with our consistent execution against our multiple ways to win is leading to durable growth.

很明顯，Pinterest 是人工智慧的贏家。我們從未像現在這樣受到用戶的歡迎和重視，也從未像現在這樣為廣告主提供如此出色的服務。我們第二季的業績清楚地表明，我們不斷提高的產品速度，加上我們始終如一地執行多種制勝方法，正在帶來持久的成長。

We ended the quarter with 578 million MAUs, an 11% increase year over year, marking yet another quarter of record-high users. At the same time, we generated Q2 revenue of $998 million, up 17% year over year as we continue to be a vital partner for advertisers across a range of verticals seeking to reach our leaned-in users. Our consistent performance and ability to take market share demonstrate the effectiveness of our long-term strategy and laser focus on delivering value for our users and advertisers.

本季結束時，我們的每月活躍用戶數為 5.78 億，年增 11%，再次創下用戶數新高。同時，我們第二季的營收為 9.98 億美元，年增 17%，因為我們繼續成為各垂直領域廣告商的重要合作夥伴，幫助廣告商接觸我們的忠實用戶。我們始終如一的表現和佔領市場份額的能力證明了我們長期策略的有效性以及我們專注於為用戶和廣告商提供價值。

Pinterest has been at the forefront of visual search and has helped create an entirely new way in which users discover, explore their tastes, and ultimately shop. As we have significantly improved the relevance and personalization of our content using AI, we've become a destination for our users to explore their expansive set of commercial journeys.

Pinterest 一直處於視覺搜尋領域的前沿，並幫助創造了一種全新的方式，讓用戶發現、探索他們的品味並最終購物。由於我們利用人工智慧顯著提高了內容的相關性和個人化，我們已經成為用戶探索廣闊商業旅程的目的地。

As I've shared before, 100% of our reported monthly active users are logged in, and approximately 85% come to our mobile app directly. They are coming for new types of purely visual search experiences, particularly in moments where a user may not have the words to precisely describe what they're looking for or will know it when they see it.

正如我之前分享過的，我們報告的每月活躍用戶 100% 都已登錄，並且大約 85% 直接訪問我們的行動應用程式。他們追求的是新型的純視覺搜尋體驗，特別是在使用者可能無法用語言準確描述他們正在尋找的內容或看到後才知道是什麼的時候。

The visual nature of our platform is particularly attractive to Gen Z, who's been raised on an internet of visual content and thus seeks out information differently than other generations. Pinterest offers the ability to visually explore in a more focused way that is distinct from other discovery platforms that are more entertainment driven rather than intent driven.

我們平台的視覺特性對 Z 世代特別有吸引力，他們在充滿視覺內容的網路上長大，因此尋求資訊的方式與其他世代不同。Pinterest 提供了以更有針對性的方式進行視覺探索的能力，這與其他更注重娛樂而非意圖驅動的發現平台不同。

Today, our platform is resonating with Gen Z more than ever. I'm excited to share that over 50% of our monthly active users are Gen Z, which speaks to the fact that we've built a platform that is deeply resonating with the next generation of users and shoppers who are influential tastemakers, content creators, and a lucrative audience for advertisers to reach.

今天，我們的平台比以往任何時候都更能引起 Z 世代的共鳴。我很高興地告訴大家，我們超過 50% 的月活躍用戶都是 Z 世代，這表明我們構建的平台與下一代用戶和購物者產生了深刻共鳴，他們是有影響力的潮流引領者、內容創造者，也是廣告商可以觸達的有利可圖的受眾。

We see that our users, including Gen Z, value our platform for a number of use cases. Specifically, the visual nature of our platform lends itself well to use cases including fashion, apparel, beauty, food, beverage, and home decor, which are some of the core use cases on Pinterest. While those categories continue to be strong, we find that users across demographic groups leverage Pinterest for a broad range of moments in their lives.

我們發現，包括 Z 世代在內的使用者非常重視我們平台的多種用途。具體來說，我們平台的視覺特性非常適合時尚、服裝、美容、食品、飲料和家居裝飾等用例，這些都是 Pinterest 上的一些核心用例。雖然這些類別仍然很強勁，但我們發現不同人口群體的用戶在生活中的許多時候都會利用 Pinterest。

At the same time, we're continuing to broaden our audience across generations and gender. For example, We're seeing our male users come to Pinterest for searches like rock climbing aesthetic, which are up 95% year over year. Whether it be a college student searching for their next winter break travel destination, a new mom looking for parenting tips, or even actor Patrick Schwarzenegger creating boards to immerse himself in the characters he's playing on screen, there's something on Pinterest for everyone.

同時，我們正在繼續擴大不同世代和性別的受眾。例如，我們發現男性用戶在 Pinterest 上搜尋「攀岩美學」等內容的搜尋量年增了 95%。無論是尋找下一個寒假旅行目的地的大學生，還是尋找育兒技巧的新媽媽，甚至是演員帕特里克·施瓦辛格創建圖板以沉浸在他在屏幕上扮演的角色中，Pinterest 上總有適合每個人的內容。

As users come to Pinterest for a wide set of use cases to enrich their lives, we gain rich first-party human curation signal at large scale as they find inspiration, curate their tastes, make product associations, and ultimately take action. This proprietary signal is powerful for multiple reasons. First, as I just noted, all of our MAUs are logged in, with most coming directly to our mobile app. This means our users express their intent to us directly through what they search, click, or save to a board.

當用戶來到 Pinterest 進行廣泛的使用以豐富他們的生活時，我們會獲得大規模豐富的第一方人工策展訊號，因為他們會找到靈感、策劃他們的品味、建立產品關聯並最終採取行動。這種專有訊號之所以強大，有多種原因。首先，正如我剛才提到的，我們所有的 MAU 都已登錄，其中大多數直接訪問我們的行動應用程式。這意味著我們的用戶透過搜尋、點擊或儲存到板上的內容直接向我們表達他們的意圖。

Next, our signal comes from the hundreds of millions of users actively curating through boards and collages over their multi-session journeys. Together, this network of many billions of associations between pins, searches, boards, products, and users on our platform comprise our valuable taste graph, a signal that we believe to be unique in the Western world that allows us to make highly relevant recommendations.

接下來，我們的訊號來自於數億用戶在多會話旅程中積極透過板和拼貼畫進行策劃。總而言之，我們平台上的圖釘、搜尋、公告板、產品和用戶之間數十億個關聯的網路構成了我們寶貴的品味圖譜，我們相信這個訊號在西方世界是獨一無二的，它使我們能夠做出高度相關的建議。

And the more we've doubled down on curation through improved board functionality and new content formats like collages, the more dense our taste graph has become. In fact, as I've mentioned in previous quarters, our taste graph has grown over 75% over the last two years. And finally, because so much planning and saving activity happens on Pinterest, which is often a leading indicator of purchase intent, our signal provides valuable forward-looking insight.

而且，我們透過改進的板塊功能和拼貼畫等新內容格式加倍進行策展，我們的品味圖譜就變得越密集。事實上，正如我在前幾個季度提到的，我們的口味圖表在過去兩年中增長了 75% 以上。最後，由於大量的計劃和保存活動都發生在 Pinterest 上，而 Pinterest 通常是購買意圖的領先指標，因此我們的訊號提供了寶貴的前瞻性見解。

As a result, while some platforms may provide a year-in-review recap of what consumers have already done, our data allows us to uniquely publish an annual report called Pinterest Predicts, where we share what is not yet trending but very likely will be in the year ahead, based on what users are planning and curating today for purchases in the future. And given the strength of our data, over the last five years, 80% of our predictions have come true.

因此，雖然一些平台可能會提供消費者已做事項的年度回顧，但我們的數據使我們能夠獨特地發布一份名為 Pinterest Predicts 的年度報告，在該報告中，我們根據用戶今天為未來購買而計劃和策劃的內容，分享尚未流行但很可能在未來一年流行的事物。鑑於我們數據的可靠性，在過去五年中，我們的 80% 的預測都已實現。

The signal we garner from user activity is the basis of our leading-edge AI recommendation systems, which we use to identify and surface personalized and helpful content to our users. AI is a core competency of Pinterest and is deeply integrated across virtually all facets of our business. With our world-class engineering talent and large data corpus, we've developed our own proprietary AI foundational models for use cases that are uniquely applicable to the visual nature of Pinterest.

我們從用戶活動中收集的訊號是我們領先的人工智慧推薦系統的基礎，我們使用該系統來識別並向用戶提供個人化和有用的內容。AI 是 Pinterest 的核心競爭力，並且深度融入了我們業務的幾乎所有方面。憑藉我們世界一流的工程人才和龐大的資料語料庫，我們為特別適用於 Pinterest 視覺特性的用例開發了我們自己的專有 AI 基礎模型。

For example, last quarter, I talked about the launch of our multimodal AI model powering our new visual search experience, currently live for women's fashion. This new user flow allows users, for the first time, to search and refine their taste with both image and text inputs on our platform. Our proprietary in-house-built multimodal AI model that powers this visual search experience and is trained on our unique data set is 30% more likely to identify and recommend relevant content from our corpus than leading off-the-shelf models.

例如，上個季度，我談到了推出多模式人工智慧模型，為我們的全新視覺搜尋體驗提供支持，目前該模型主要針對女性時尚。這種新的用戶流程首次允許用戶在我們的平台上使用圖像和文字輸入來搜尋和優化他們的品味。我們專有的內部構建的多模式 AI 模型為這種視覺搜尋體驗提供支持，並在我們獨特的數據集上進行訓練，與領先的現成模型相比，它從我們的語料庫中識別和推薦相關內容的可能性高出 30%。

Building off this momentum, this quarter, we launched a proprietary generative retrieval model on our search and related surfaces to drive further improvements to personalization across the platform for our users. This model, built completely in-house, is utilized within the early stages of our content recommendation system and is trained on past user activity across all our surfaces and our taste graph of how users associate our corpus of tens of billions of pins together to generate an initial set of potential pins to show a user.

在此動能的基礎上，本季度，我們在搜尋和相關介面上推出了專有的生成檢索模型，以進一步改善整個平台的使用者個人化。該模型完全由我們內部構建，在我們的內容推薦系統的早期階段使用，並根據過去用戶在我們所有平台上的活動以及用戶如何將數百億個圖釘關聯在一起的品味圖進行訓練，以生成一組初始的潛在圖釘來顯示給用戶。

Due to the sophistication of this model and the breadth of content and activity it is trained on, it can recommend more relevant and deeply personalized content for our users while also balancing the distribution of fresh content, given it is more effective at predicting what a user might like to see.

由於模型的複雜性以及對其進行訓練的內容和活動的廣度，它可以為我們的用戶推薦更相關、更個性化的內容，同時平衡新鮮內容的分佈，因為它可以更有效地預測用戶可能喜歡看到的內容。

Another example of how we integrate AI to enhance the relevance of the content we serve our users is through the use of large language models in our search recommendation algorithm. Leveraging LLMs in this capacity, we can ingest complex and conversational search queries, converting them into a format that our models can easily understand and process more effectively, thus leading to better content recommendations for our users.

我們如何整合人工智慧來增強我們為用戶提供的內容的相關性的另一個例子是在我們的搜尋推薦演算法中使用大型語言模型。利用 LLM 的這種能力，我們可以提取複雜和對話式的搜尋查詢，將它們轉換為我們的模型可以輕鬆理解和更有效地處理的格式，從而為我們的用戶提供更好的內容推薦。

Our investments in driving deeper relevance and personalization for our users has led to cumulative gains across the business. Notably, we observed a 230-basis-point lift in our search fulfillment rate year to date, meaning we're connecting users with more of what they're looking for when they're searching on Pinterest.

我們為用戶提供更深層的相關性和個人化而進行的投資已為整個業務帶來了累積收益。值得注意的是，我們觀察到今年迄今為止的搜尋完成率提升了 230 個基點，這意味著當用戶在 Pinterest 上搜尋時，我們可以為他們提供更多他們想要的內容。

Over the past three years, improvements to relevance and actionability have been at the core of our business transformation. The compounding impacts of leveraging our rich first-party signal within our AI to drive relevance combined with our efforts to make it easier for our users to search, save, and shop is reflected in our all-time record users, including the outsized strength in Gen Z I described earlier.

在過去三年中，相關性和可操作性的提升一直是我們業務轉型的核心。利用我們人工智慧中豐富的第一方訊號來推動相關性，再加上我們努力讓用戶更輕鬆地搜尋、保存和購物，其複合效應反映在我們創紀錄的用戶數量上，包括我之前描述的 Z 世代的超強實力。

As we've improved actionability, we've driven increased value for our users, and we're seeing a greater proportion of our users take action. This is important because the deeper a user engages with the platform, the more likely they are to be retained and the more effectively we're able to monetize. We see this particularly clearly in our UCAN region, where we've driven the most significant improvement to actionability across the platform.

隨著我們提高可操作性，我們為用戶帶來了更高的價值，我們看到越來越多的用戶採取了行動。這很重要，因為使用者與平台的互動越深入，他們被留住的可能性就越大，我們就能更有效地將其貨幣化。我們在 UCAN 地區尤其清楚地看到了這一點，我們在該地區推動了整個平台可操作性的最顯著改進。

In UCAN, the retention rate of users who take action like a search or save is notably higher than those who engage only in view-based behavior. That retention rate increases even further as a user moves down the funnel and engages in outbound click behavior. And we see a similar pattern in monetization where users who take action drive significantly more revenue than those who do not.

在UCAN中，採取搜尋或儲存等操作的使用者的留存率明顯高於僅進行基於檢視的行為的使用者。隨著用戶沿著漏斗向下移動並參與出站點擊行為，該保留率甚至會進一步增加。我們在貨幣化方面也看到了類似的模式，採取行動的用戶比不採取行動的用戶帶來的收入明顯更多。

We're helping advertisers capture this lower funnel intent on our platform by significantly improving our ads relevancy as well as building the foundational components of a performance ads platform with tools like mobile deep links, direct links, and Pinterest Performance Plus. This has created highly relevant shopping recommendations paired with seamless buying experiences, particularly benefiting are retail and e-commerce advertisers.

我們正在透過大幅提高廣告相關性以及使用行動深層連結、直接連結和 Pinterest Performance Plus 等工具建立效果廣告平台的基礎元件，幫助廣告商在我們的平台上捕捉這種較低的漏斗意圖。這創造了高度相關的購物推薦和無縫的購買體驗，零售和電子商務廣告商尤其受益。

We are also leveraging AI to continually improve the overall personalization and efficiency of the ads we show users. These always-on efforts are resulting in higher click-through and conversion rates as we optimize our AI models to better understand our users' tastes and style. For example, in Q2, we significantly improved the performance of our large-scale conversion models by incorporating more sequences of signals about a user's commercial journey on the platform.

我們也利用人工智慧不斷提高向用戶展示的廣告的整體個人化和效率。隨著我們優化人工智慧模型以更好地了解用戶的品味和風格，這些持續的努力帶來了更高的點擊率和轉換率。例如，在第二季度，我們透過加入更多有關用戶在平台上的商業旅程的訊號序列，顯著提高了大規模轉換模型的效能。

By strengthening our training data in this way, we can more accurately predict ads that resonate with our users. In our early AB test, this launch drove a 5% increase in conversion rates for ads on our lowest funnel OCPM bid type. And while we've made tremendous strides in improving relevance and actionability for our users, we see continued runway ahead as we enable new seamless shopping experiences across various categories across our platform.

透過這種方式加強我們的訓練數據，我們可以更準確地預測與用戶產生共鳴的廣告。在我們早期的 AB 測試中，此次發布使我們最低通路 OCPM 出價類型的廣告轉換率提高了 5%。雖然我們在提高用戶的相關性和可操作性方面取得了巨大進步，但隨著我們在平台上的各個類別中實現新的無縫購物體驗，我們看到了持續的發展空間。

Take food and beverage, for instance, which is an endemic and often daily or weekly use case on Pinterest for users looking for inspiration for recipes, meals, or events. Historically, we lacked the functionality to help users take action on the products they'd want to buy in this category. To address this, in Q2, we announced a strategic partnership with Instacart. Through this collaboration, Pinterest ads will soon become directly shoppable via Instacart, allowing users to complete a purchase in just a few clicks.

以食物和飲料為例，對於在 Pinterest 上尋找食譜、餐點或活動靈感的用戶來說，這是常見的、每天或每週的使用場景。從歷史上看，我們缺乏幫助用戶對他們想要購買的此類產品採取行動的功能。為了解決這個問題，我們在第二季宣布與 Instacart 建立策略合作夥伴關係。透過此次合作，Pinterest 廣告很快就能透過 Instacart 直接購物，用戶只需點擊幾下即可完成購買。

Practically, this means we can make a recommendation to a user for a great cocktail recipe based on our knowledge of their taste, and the user can immediately order the necessary ingredients for delivery to their door. This provides CPG advertisers with a powerful, performance-driven, and actual way to connect with Pinterest users.

實際上，這意味著我們可以根據對用戶口味的了解，向用戶推薦一種很棒的雞尾酒配方，並且用戶可以立即訂購必要的配料送貨上門。這為 CPG 廣告商提供了一種強大、以效能為導向且切實可行的與 Pinterest 用戶建立聯繫的方式。

The partnership also empowers brands advertising on Pinterest to leverage Instacart's rich first-party retail purchase data to effectively reach high-intent shoppers. We also anticipate rolling out additional add-to-cart and buying functionality for CPG advertisers in the coming months, which will further enable products to be purchased directly on partner retailer websites.

此次合作也使在 Pinterest 上做廣告的品牌能夠利用 Instacart 豐富的第一方零售購買資料有效地接觸到有購買意願的購物者。我們也預計將在未來幾個月為 CPG 廣告主推出額外的添加到購物車和購買功能，這將進一步實現在合作零售商網站上直接購買產品。

At the same time, we are continually innovating on our AI-powered Pinterest Performance Plus suite to drive greater efficiency for advertisers after our initial launch in Q4 2024. In Q2, we entered beta testing for Pinterest Performance Plus Creative Preview, which allows advertisers to preview modifications made by our creative tools, including generative backgrounds and imagery sizing, directly within the campaign setup flow. They can also easily regenerate any pins that they wish to change.

同時，自 2024 年第四季首次推出以來，我們不斷創新基於人工智慧的 Pinterest Performance Plus 套件，以提升廣告商的效率。在第二季度，我們進入了 Pinterest Performance Plus Creative Preview 的 Beta 測試階段，該測試允許廣告商直接在廣告系列設定流程中預覽我們的創意工具所做的修改，包括生成背景和圖像大小。他們還可以輕鬆地重新生成他們想要更改的任何密碼。

This helps advertisers maintain control over the creative generation process to ensure the content aligns with their brand while improving transparency and building confidence with the product. In the second quarter, we also launched our campaign customer groups data within Pinterest Performance Plus campaigns.

這有助於廣告主控制創意生成過程，以確保內容與其品牌保持一致，同時提高透明度並建立對產品的信心。第二季度，我們也在 Pinterest Performance Plus 活動中推出了活動客戶群數據。

This new functionality allows advertisers to combine their audience data with Pinterest data while utilizing AI trained on our unique signal of user tastes and preferences. This offers advertisers further granularity over their campaign setup to align with their business goals and drive incrementality; for example, by bidding more to reach new customers.

這項新功能允許廣告主將其受眾數據與 Pinterest 數據相結合，同時利用根據我們獨特的用戶品味和偏好訊號訓練的人工智慧。這為廣告主提供了更精細的廣告活動設置，以符合他們的業務目標並推動增量；例如，透過出價更高來吸引新客戶。

Finally, we continue to complement our robust first-party sales efforts with a diversified partner strategy. This approach aims to capture additional sources of demand, ultimately improving auction density and further enhancing the relevance of our ad demand. This includes integrations with partners like Smartly, an AI-powered platform assisting e-commerce advertisers in campaign management and optimization.

最後，我們繼續透過多元化的合作夥伴策略來補充我們強大的第一方銷售努力。這種方法旨在捕捉額外的需求來源，最終提高拍賣密度並進一步增強我們的廣告需求的相關性。這包括與 Smartly 等合作夥伴的整合，Smartly 是一個人工智慧平台，可協助電子商務廣告商進行廣告活動管理和最佳化。

We are also investing in our relationships with agencies, whom we view as vital partners within the ads ecosystem, and actively leveraging other complementary demand sources, including international resellers and third-party demand partnerships. Through countless discussions that I have had directly with the CEOs and CMOs of our top advertisers, I am more convinced than ever that Pinterest is offering unique value as a platform within the ads ecosystem.

我們也投資與代理商的關係，我們將他們視為廣告生態系統中的重要合作夥伴，並積極利用其他互補需求來源，包括國際經銷商和第三方需求合作夥伴。透過與頂級廣告商的執行長和行銷長直接進行的無數次討論，我比以往任何時候都更加確信 Pinterest 作為廣告生態系統中的平台具有獨特的價值。

Advertisers are increasingly recognizing our speed of execution and our consistent ability to deliver on promises with differentiated, data-driven insights and expanding global scale. More than ever before, advertisers now view Pinterest as a powerful search platform capable of driving significant lower funnel performance.

廣告商越來越認可我們的執行速度以及我們透過差異化、數據驅動的洞察力和不斷擴大的全球規模兌現承諾的持續能力。與以往任何時候相比，廣告商現在都把 Pinterest 視為一個強大的搜尋平台，能夠顯著提高漏斗下的效能。

Lastly, our fundamental ethos of positivity and belonging continues to be a critical differentiator for our platform. This ethos of positivity has also cemented us as a platform for self-expression in the broader cultural zeitgeist and has attracted creators who wish to align themselves with our messaging and uplifting content.

最後，積極性和歸屬感的基本精神仍然是我們平台的關鍵差異化因素。這種積極的精神也鞏固了我們作為更廣泛的文化精神中自我表達的平台的地位，並吸引了那些希望與我們的訊息和令人振奮的內容保持一致的創作者。

For example, we teamed up with Emma Chamberlain, a popular Gen Z influencer and Pinterest power user, to launch our first-ever co-branded global product with her brand, Chamberlain Coffee, whose packaging and branding was inspired by the fisherman aesthetic 2025 Pinterest predicts trend. We prioritize maintaining our inspirational platform and unwavering commitment to positivity and brand safety, which is upheld through policies such as private-by-default settings for users under 18 and supporting focus during class time.

例如，我們與受歡迎的 Z 世代影響者和 Pinterest 重度用戶 Emma Chamberlain 合作，與她的品牌 Chamberlain Coffee 推出了我們的首款聯名全球產品，其包裝和品牌的靈感來自於 Pinterest 預測的 2025 年漁夫美學趨勢。我們優先維護我們鼓舞人心的平台，並堅定不移地致力於積極性和品牌安全，並透過對 18 歲以下用戶實行預設隱私設定和支持上課期間集中註意力等政策來維護這一承諾。

We also continue to invest heavily in our inclusive AI tools that help users see themselves represented in the content they interact with on Pinterest. I'm incredibly proud that our advertising partner, Dove, recently won the Cannes Lions Media Grand Prix for their Real Beauty Redefined for the AI Era campaign, which ran exclusively on Pinterest and leveraged our inclusive AI tools and data insights. Overall, I'm proud of our team's sustained execution and commitment to delivering for our users and advertisers.

我們也將繼續大力投資我們的包容性人工智慧工具，幫助用戶在他們在 Pinterest 上互動的內容中看到自己的形象。我感到非常自豪，我們的廣告合作夥伴多芬最近憑藉其「人工智慧時代重新定義真實之美」活動贏得了坎城國際創意節媒體大獎，該活動僅在 Pinterest 上開展，並利用了我們包容性的人工智慧工具和數據洞察。總的來說，我為我們團隊持續的執行力和為用戶和廣告商提供服務的承諾感到自豪。

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 second-quarter 2025 financial results and provide an update on our preliminary third-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 年第二季的財務業績，並提供我們對 2025 年第三季的初步展望的最新資訊。除非另有說明，所有財務指標（收入除外）都將以非 GAAP 條款討論。除非另有說明，所有比較都將按同比進行討論。

As evident by our results this quarter, we're continuing to execute on our multiple ways to win, which are growing users, deepening engagement while simultaneously increasing ad load with relevant ads as content, driving performance for advertisers with lower funnel product innovations, and complementing our first-party business with new sources of demand. In doing so, we're taking share in a competitive but growing end market by building a strong business with sustainable revenue growth, profitability, and free cash flow generation.

從本季的業績可以看出，我們將繼續採取多種取勝之道，即增加用戶、深化參與度，同時以相關廣告作為內容增加廣告負載、透過低漏斗產品創新推動廣告商的業績，並透過新的需求來源補充我們的第一方業務。透過這樣做，我們透過建立具有可持續收入成長、獲利能力和自由現金流產生的強大業務，在競爭激烈但不斷增長的終端市場中佔據份額。

We're seeing record-high users driven by our efforts to improve the relevance and personalization of the content we show our users through incorporating AI deeply throughout our product. At the same time, we're also seeing continued revenue growth from our efforts to drive greater performance through AI-driven ad stack improvements and automation along with deeper actionability through our lower funnel ad formats. The compounding effects of these initiatives, combined with our consistent execution, has resulted in a more resilient business than ever before. And there's certainly more to go as we continue to execute on our strategy.

我們努力透過在整個產品中深度融入人工智慧來提高向用戶展示的內容的相關性和個人化，從而看到用戶數量創下歷史新高。同時，我們也看到，透過人工智慧驅動的廣告堆疊改進和自動化以及透過較低漏斗廣告格式的更深層的可操作性來提高效能，從而持續實現收入成長。這些舉措的複合效應，加上我們一貫的執行，使得業務比以往任何時候都更具彈性。隨著我們繼續執行我們的策略，我們肯定還有更多的工作要做。

Now let's move to our second-quarter results. We ended the quarter with 578 million global monthly active users or MAUs growing 11%, with another quarter of record-high users. We continue to demonstrate user growth across all of our geographic regions. In Q2, our US and Canada region had 102 million MAUs, growing 5%. Our Europe region had 146 million MAUs, growing 7%. And in the Rest of World markets, we had 329 million MAUs, growing 14%.

現在讓我們來看看第二季的業績。本季結束時，我們的全球月活躍用戶數（MAU）達到 5.78 億，成長 11%，本季的用戶數再創歷史新高。我們所有地理區域的使用者均持續成長。第二季度，我們美國和加拿大地區的每月活躍用戶數為 1.02 億，成長了 5%。我們的歐洲地區擁有 1.46 億月活躍用戶，成長了 7%。在世界其他市場，我們的每月活躍用戶數為 3.29 億，成長了 14%。

Shifting to revenue, in Q2, our global revenue was $998 million, up 17% on a reported and constant currency basis. We saw strength across our conversion and awareness objectives. From a vertical perspective, we continue to see strength across our retail vertical as well as in financial services.

轉向收入，在第二季度，我們的全球收入為 9.98 億美元，按報告和固定匯率計算增長了 17%。我們在轉換和認知目標方面看到了優勢。從垂直角度來看，我們繼續看到零售垂直領域以及金融服務領域的實力。

Turning to our geographical breakouts for Q2, in the US and Canada, we generated $745 million in revenue, growing 11%. Strength came from retail and financial services. In Europe, revenue was $191 million, growing 34% on a reported basis or 29% on a constant currency basis. Strength in Europe was driven by retail. Revenue from Rest of World was $63 million, growing 65% on a reported basis or 72% on a constant currency basis.

看看我們第二季的地理分佈，在美國和加拿大，我們的營收為 7.45 億美元，成長了 11%。強勁成長源自零售和金融服務。歐洲的營收為 1.91 億美元，按報告基礎計算成長 34%，以固定匯率計算成長 29%。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 6,300 萬美元，按報告基礎計算增長 65%，以固定匯率計算增長 72%。

In Q2, ad impressions grew 55%. As a reminder, the number of ad impressions on our platform is a factor of both the number of total impressions on our platform, whether paid or organic, as well as the percentage of those impressions that represent ads or ad load. This quarter marked the 12th consecutive quarter since the middle of 2022, with our ad impressions growth being driven synergistically by both total impressions and ad load.

第二季度，廣告展示量增加了 55%。提醒一下，我們平台上的廣告展示次數既包含我們平台上的總展示次數（無論是付費的還是自然的），也包括代表廣告或廣告負載的展示次數百分比。本季度是自 2022 年中期以來連續第 12 個季度，我們的廣告展示次數成長受到總展示次數和廣告負載的協同推動。

At the same time, ad pricing in Q2 declined 25% year over year. The primary driver of the sequential acceleration in ad impressions and corresponding decline in ad pricing continues to be the growing mix shift from ad impressions in previously unmonetized or under-monetized international markets, which carry lower ad pricing than our more mature markets.

同時，第二季的廣告價格較去年同期下降了25%。廣告印象連續加速和廣告價格相應下降的主要驅動因素仍然是，廣告印象組合從以前未貨幣化或貨幣化不足的國際市場不斷轉移，這些市場的廣告價格低於我們更成熟的市場。

Moving to expenses, in Q2, cost of revenue was $197 million, up 10% year over year and up 2% versus Q1 due to increased infrastructure spend related to users and engagement growth. Our non-GAAP operating expense was $555 million, up 14%. The increase was due to increases in sales and marketing and R&D as we continue to invest in teams across AI and other product initiatives as well as enterprise sales and support.

談到費用，第二季度，收入成本為 1.97 億美元，年增 10%，環比增長 2%，原因是與用戶和參與度增長相關的基礎設施支出增加。我們的非公認會計準則營運費用為 5.55 億美元，成長 14%。這一增長是由於我們繼續投資於人工智慧和其他產品計劃以及企業銷售和支援團隊而導致的銷售、行銷和研發的成長。

Our revenue outperformance, combined with ongoing cost discipline, led to another strong quarter of adjusted EBITDA coming in at $251 million. This resulted in an adjusted EBITDA margin of 25%, an increase of approximately 310 basis points versus Q2 last year, which exceeded our expectations and was driven by the incremental flow-through from the revenue outperformance. We also delivered Q2 free cash flow of $197 million.

我們的營收表現優異，加上持續的成本控制，使得調整後的 EBITDA 再創佳績，達到 2.51 億美元。這導致調整後的 EBITDA 利潤率達到 25%，比去年第二季增加了約 310 個基點，這超出了我們的預期，並且是由收入優異表現帶來的增量流出所推動的。我們也實現了第二季 1.97 億美元的自由現金流。

We ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion. In Q2, we allocated $106 million toward net share settlement of equity awards, and $53 million towards share repurchases as part of our ongoing efforts to mitigate dilution. These dilution-mitigation efforts have driven a 1% decline in year-over-year fully diluted share count versus Q2 2024, which compares favorably to our stated positive 2% to 3% average annual target.

本季末，我們的現金、現金等價物和有價證券總額為 27 億美元。在第二季度，我們分配了 1.06 億美元用於股權獎勵的淨股份結算，並分配了 5,300 萬美元用於股票回購，這是我們持續努力減輕稀釋的一部分。這些稀釋緩解措施已導致 2024 年第二季完全稀釋股數年減 1%，與我們所述的 2% 至 3% 的平均年目標相比有所改善。

Now we'll discuss our preliminary guidance for the third quarter. We expect Q3 revenue to be in the range of $1.033 billion to $1.053 billion, representing 15% to 17% growth year over year. Our guidance assumes the impact of foreign exchange to be approximately 1 point of tailwind based on current spot rates.

現在我們將討論第三季的初步指引。我們預計第三季營收將在 10.33 億美元至 10.53 億美元之間，年增 15% 至 17%。我們的指導假設，根據目前現貨匯率，外匯的影響約為 1 個順風點。

Moving down the P&L, we expect Q3 2025 adjusted EBITDA to be in the range of $282 million to $302 million. We anticipate Q3 2025 year-over-year leverage on non-GAAP cost of revenue to be approximately half of what we delivered in Q2 2025. Within Q3 non-GAAP operating expense, our primary area of investment will continue to be headcount growth within R&D to support our efforts in AI and other product initiatives, as well as our global enterprise sales team.

順著損益表往下看，我們預計 2025 年第三季調整後的 EBITDA 將在 2.82 億美元至 3.02 億美元之間。我們預計 2025 年第三季非 GAAP 營收成本將年增率約為 2025 年第二季的一半。在第三季非公認會計準則營運費用中，我們的主要投資領域將繼續是研發人員的成長，以支持我們在人工智慧和其他產品計劃方面的努力，以及我們的全球企業銷售團隊。

Looking ahead, we expect to deliver adjusted EBITDA margin expansion in the second half of 2025, though the level of expansion will be lower than the more elevated expansion we delivered in the first half of 2025 as we continue to invest in revenue-driving initiatives. In closing, I'm proud of our team for yet another strong quarter of results as we execute against our strategic plans. We are delivering for our users and advertisers, while our multiple ways to win are driving durable revenue growth.

展望未來，我們預計 2025 年下半年調整後的 EBITDA 利潤率將有所擴大，但由於我們將繼續投資於創收計劃，因此擴張水平將低於 2025 年上半年的更高水平。最後，我為我們的團隊在執行策略計畫的過程中又取得了強勁的季度業績而感到自豪。我們為用戶和廣告商提供服務，同時我們多種獲勝方式正在推動持久的收入成長。

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) Ron Josey, Citigroup.

（操作員指示）花旗集團的 Ron Josey。

All right. Thanks for taking the question. Bill, I wanted to ask a little bit more on just overall usage trends with Gen Z being 50% of users today. I would love to hear just how usage overall in PINS has changed just given the changing demographic. I know we talked about newer verticals last quarter, and you mentioned that today.

好的。感謝您回答這個問題。比爾，我想多問一些關於整體使用趨勢的問題，因為 Z 世代目前佔用戶的 50%。我很想聽聽隨著人口結構的變化，PINS 的整體使用情況發生了怎樣的變化。我知道我們上個季度討論了較新的垂直行業，今天您也提到了這一點。

And then maybe bigger picture -- and this gets into the Gen Z, maybe, comment. Just given changing search habits, we're hearing more and more users are starting their search directly on Pinterest. And so just wanted to hear more about the opportunity here as PINS gets more direct traffic and particularly younger direct traffic. Thank you.

然後也許是更大的圖景——這也許會涉及 Z 世代的評論。鑑於搜尋習慣的改變，我們聽說越來越多的用戶直接在 Pinterest 上開始搜尋。因此，我只是想了解更多有關 PINS 獲得更多直接流量（尤其是更年輕的直接流量）的機會。謝謝。

Thanks, Ron. Yes, as you noted, user growth overall has been a real bright spot for us. And we're growing across all geographies and generations that we track. And we're increasingly relevant with the next generation, particularly with Gen Z now accounting for over 50% of our MAUs, followed by millennials, who are our second fastest.

謝謝，羅恩。是的，正如您所說，整體用戶成長對我們來說是一個真正的亮點。我們在所有追蹤的地區和世代中都在不斷發展。我們與下一代的聯繫越來越緊密，尤其是 Z 世代目前占我們 MAU 的 50% 以上，其次是千禧世代，他們是我們成長速度第二快的一代。

And to your point on Gen Z coming to Pinterest to search, Adobe put out a study recently that Gen Z views Pinterest as a search destination. They found that 39% of study participants have used Pinterest as a search engine, and that was 47% for Gen Z. And so over 70% of those users say the top reason they use Pinterest as a search engine is because it's visually appealing.

關於您提到的 Z 世代使用 Pinterest 進行搜索，Adobe 最近發布的一項研究表明，Z 世代將 Pinterest 視為搜索目的地。他們發現，39% 的研究參與者使用 Pinterest 作為搜尋引擎，而 Z 世代的比例為 47%。超過 70% 的用戶表示，他們使用 Pinterest 作為搜尋引擎的首要原因是它具有視覺吸引力。

So what we've done around visual search using curation paired with AI to make really, really relevant recommendations where users say, Pinterest just gets me, it's helping them in entirely new forms of search that are both a mix of discovery based on deep knowledge of their taste, but then their ability to really easily refine that taste in a purely visual manner.

因此，我們在視覺搜尋方面所做的工作是使用策展與人工智慧相結合來提供真正相關的推薦，用戶說，Pinterest 了解我，它以全新的搜尋形式幫助他們，這種搜尋形式既是基於對用戶品味的深入了解而進行的發現，又使他們能夠以純視覺的方式輕鬆改進這種品味。

So while we see that resonating the most with Gen Z, that is working across our platform globally. It is working on our platform across demographics across generations. And so that's part of why you see our growth both in UCAN, in Europe, and in the rest of the world, strong growth numbers across all those because that is working globally. But that AI paired with our unique curation signal on the platform is leading users to a place of saying, well, Pinterest just gets me.

因此，雖然我們發現這在 Z 世代中引起了最大的共鳴，但這在我們全球的平台上也發揮作用。它在我們的平台上跨人口、跨世代地發揮作用。這就是為什麼你會看到我們在 UCAN、歐洲和世界其他地區都實現了強勁成長，因為我們的策略在全球範圍內有效運作。但是，人工智慧與我們平台上獨特的策展訊號結合，讓使用者覺得，Pinterest 就是了解我。

And we think we've got a lot more that we can do there as we continue to do more and more with AI and as we are increasingly a destination with 100% of our users being logged in and 85% coming to our mobile app directly. So we're a destination for these things. Users are seeking us out, and we think there's a lot of continued opportunity to build upon that.

我們認為，隨著我們在人工智慧領域的不斷進步，以及我們日益成為一個目的地，100％ 的用戶登錄，85％ 的用戶直接訪問我們的行動應用程序，我們可以做更多的事情。所以我們是這些東西的目的地。用戶正在尋找我們，我們認為在此基礎上還有很多持續發展的機會。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Bill, there's been a lot of volatility year to date in the broader macro environment. How would you characterize the current demand state for digital ads broadly, and how are you thinking about the potential for volatility in either direction or nuance around budgets as we progress deeper into the year? Thanks.

非常感謝您回答這些問題。比爾，今年迄今為止，宏觀環境總體上出現了許多波動。您如何概括目前數位廣告的需求狀況？隨著今年的深入，您如何看待預算在各個方向或細微方面可能出現的波動？謝謝。

Thanks, Eric. just broadly speaking, I'd say as you look at our over-delivery on revenue in Q2, we saw a bit more constructive environment than what we had expected and many others expected at the time of our last call. But I'll turn it over to Julie to give some more insights and thoughts as to how we're seeing that going forward.

謝謝，埃里克。廣義上講，我想說，當你看到我們第二季的超額收入時，我們看到的環境比我們以及上次電話會議時許多其他人的預期要更具建設性。但我會把這個機會交給朱莉，讓她就我們如何看待這個未來提供更多見解和想法。

Thanks, Eric. For Q2, we saw areas that have been strong for several quarters now for us, such as retail and financial services, continued to be sources of strength. As Bill alluded to in his prepared remarks, we're also seeing continued gains through our investments in AI, which are driving user and engagement growth, as well as compounding benefits from improvements to our ad tech stack, as evidenced by outbound click growth and efficiency improvements for advertisers.

謝謝，埃里克。對於第二季度，我們看到零售和金融服務等幾個季度以來表現強勁的領域繼續成為我們力量的來源。正如比爾在其準備好的發言中提到的那樣，我們也看到了透過對人工智慧的投資而獲得的持續收益，這推動了用戶和參與度的增長，同時也看到了透過廣告技術堆疊的改進而獲得的複合收益，這從出站點擊的增長和廣告商的效率的提高中可以看出。

While the tariff impact was certainly smaller than we anticipated in Q2, we did still see some impact affecting our UCAN region. For example, Asia-based e-commerce retailers pulled back spend in the US tied to the change in the de minimis exemption. But partially offsetting this headwind, we also continue to see really exciting ongoing geographic diversification from some of these and other retailers to our European and Rest of World regions. So outside of UCAN in our international markets, we saw a nice acceleration in Q2, both on a reported and constant currency basis in Europe and Rest of World.

雖然關稅的影響肯定比我們在第二季預期的要小，但我們仍然看到對我們的 UCAN 地區產生了一些影響。例如，由於最低限度豁免的變化，亞洲的電子商務零售商減少了在美國的支出。但為了部分抵消這種不利因素，我們也繼續看到一些零售商和其他零售商正在向我們的歐洲和世界其他地區進行令人興奮的持續地理多元化。因此，除了 UCAN 之外，在我們的國際市場上，我們看到歐洲和世界其他地區在第二季度都出現了良好的加速成長，無論是按報告還是按固定匯率計算。

Europe, this was really driven by strength in retail as we continue to expand our lower funnel and shopping playbooks to those markets. While in our Rest of World region, we saw strength coming from our own first-party sales force, plus contribution from resellers as they continue to ramp, which is consistent with our multi-pronged strategy to accelerate monetization in this region. So overall, a very strong Q2, and we see that continuing into Q3.

歐洲，這實際上是由零售業的實力推動的，因為我們繼續將我們的下層通路和購物策略擴展到這些市場。而在世界其他地區，我們看到了來自我們自己的第一方銷售隊伍的強勁增長，加上經銷商的持續增長貢獻，這與我們加速該地區貨幣化的多管齊下的戰略是一致的。總體而言，第二季表現非常強勁，我們預計這種勢頭將持續到第三季。

You asked a little bit about sort of ad environment. Again, I'd say as we talk to advertisers about Q3, we do hear that some of that tariff-related and broader market uncertainty has continued into how they're thinking about Q spend for Q3, though this varies by advertiser. And again, it's definitely a relatively more constructive environment than feared. So we're trying to provide an outlook for Q3 that is responsive to that overall environment, and we'll have to see how the broader market backdrop plays out.

您問了一些有關廣告環境的問題。再次，我想說，當我們與廣告商談論第三季度時，我們確實聽到一些與關稅相關和更廣泛的市場不確定性繼續影響他們對第三季支出的看法，儘管這因廣告商而異。而且，這絕對是一個比人們擔心的更具建設性的環境。因此，我們試圖提供一個響應整體環境的第三季前景，我們必須觀察更廣泛的市場背景如何發展。

Stepping back, though, we're guiding to a revenue range that is similar to the 17% growth we just delivered in Q2. So we think the consistency of our revenue growth year-to-date really highlights the resilience of our business and, more importantly, the durability of our many revenue growth drivers as we're continuing to execute on our strategy.

不過，退一步來看，我們預計的收入範圍與我們剛剛在第二季度實現的 17% 的增長相似。因此，我們認為，今年迄今營收成長的一致性確實凸顯了我們業務的彈性，更重要的是，在我們繼續執行策略的過程中，我們的許多營收成長動力的持久性。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for the question. Bill, I wanted to ask about Performance Plus adoption. You rolled out ROAS bidding in GA in March and then also gave advertisers the ability to bring in audience data in 2Q. Can you just talk about how those initiatives are trending so far and then what else may be in the pipeline for Performance Plus? Thanks.

謝謝你的提問。比爾，我想問關於 Performance Plus 的採用情況。你們在 3 月在 GA 中推出了 ROAS 競價，並且還讓廣告商能夠在第二季度引入受眾數據。您能否談談這些舉措目前的趨勢如何？ Performance Plus 還有哪些其他方案？謝謝。

Thanks, Doug. we're really pleased with what we're seeing on the rollout of Performance Plus. So we've seen notable early adoption from mid-market advertisers. Since the end of last year, the percentage of lower funnel revenue flowing through Pinterest Performance Plus campaigns has more than doubled.

謝謝，道格。我們對 Performance Plus 的推出感到非常滿意。因此，我們看到中端市場廣告商的早期採用率顯著提高。自去年年底以來，透過 Pinterest Performance Plus 活動獲得的低漏斗收入百分比增加了一倍以上。

And so we've consistently talked about how we see that as a multi-quarter, multi-year cycle. But we feel really good about the adoption and the performance there. And we're continuing to bring the best offerings for bidding, targeting, budgeting, and creative to advertisers. As you noted, we launched ROAS bidding in Q1. In Q2, we launched the P Plus creative previews and campaign customer groups.

因此，我們一直在談論如何將其視為一個跨多個季度、跨多年的周期。但我們對那裡的採用和表現感到非常滿意。我們將繼續為廣告主提供競價、定位、預算和創意方面的最佳服務。正如您所說，我們在第一季推出了 ROAS 競價。在第二季度，我們推出了 P Plus 創意預覽和活動客戶群。

And so our goal with Performance Plus was to expand our reach beyond the largest retailers. And we're seeing it do exactly that, that Performance Plus gives advertisers their preferred level of control. And it's also getting us more into that mid-market, more into some of the -- that $1 billion to $30 billion segment.

因此，我們對 Performance Plus 的目標是將我們的業務範圍擴大到最大的零售商之外。我們看到它確實做到了這一點，Performance Plus 為廣告商提供了他們喜歡的控制等級。這也讓我們更多地進入中端市場，更多地進入價值 10 億至 300 億美元的市場。

And even as we go a little bit further in small business, we're seeing some early signs there. because Pinterest Performance Plus is making it much easier for advertisers to come on the platform. I spoke before about how it's cutting campaign creation time in half, and they were seeing a lower cost per action. So we continue to see all those things playing out nicely, and again, driving what we think will be a multi-quarter, multi-year adoption cycle on not just the existing features, but as we continue to round out the feature set there.

即使我們在小型企業領域走得更遠，我們也看到了一些早期跡象。因為 Pinterest Performance Plus 讓廣告主更容易進入該平台。我之前談到過它如何將活動創建時間縮短一半，並且他們看到每次行動的成本降低。因此，我們繼續看到所有這些事情進展順利，並且再次推動我們認為將是多個季度、多年的採用週期，不僅是現有的功能，而且我們將繼續完善那裡的功能集。

Justin Patterson, KeyCorp.

賈斯汀·帕特森（KeyCorp）

Great. Thank you. Bill, there's been a lot of talk about just how agentic AI is changing the search funnel. I'd love to hear you expand around just some of the investments you're making to really succeed in this new era and how long you think it'll be before you see some benefits there. Thank you.

偉大的。謝謝。比爾，關於代理人工智慧如何改變搜尋管道的討論已經很多了。我很想聽聽您詳細說明您為了在這個新時代真正取得成功而進行的一些投資，以及您認為多久才能看到一些收益。謝謝。

Yes. Thanks, Justin. First, I'd say that as we've entered this Cambrian moment of a lot of new AI-driven experiences and people thinking about searching in new ways, Pinterest is an AI winner in that. Through that moment, Pinterest is more popular than ever as we're driving record highs in users, winning with the next generation, deepening engagement per user. And at the core of that is that we've really made AI central to everything that we're doing.

是的。謝謝，賈斯汀。首先，我想說，隨著我們進入這個寒武紀時代，出現大量新的人工智慧驅動體驗，人們開始思考以新的方式進行搜索，Pinterest 在這方面是人工智慧的贏家。在那一刻，Pinterest 比以往任何時候都更受歡迎，因為我們的用戶數量創下了歷史新高，贏得了下一代用戶的青睞，並且每個用戶的參與度不斷加深。其核心在於我們確實已將人工智慧作為我們所做的一切的核心。

While we don't talk about it this way, Pinterest has effectively become an AI-enabled shopping assistant. And we don't talk about it that way because it's not how our users think of it, but when users say things like Pinterest just gets me, it's because they can open the app and the app's going to make recommendations to them proactively on things that they're really interested in, that align with their taste and their style the way that a really great personal shopping assistant would.

雖然我們沒有這樣談論，但 Pinterest 實際上已經成為一個人工智慧購物助理。我們不會這樣談論它，因為我們的用戶並不這麼認為，但是當用戶說 Pinterest 讓我著迷時，那是因為他們可以打開應用程序，應用程序會主動向他們推薦他們真正感興趣的東西，這些東西符合他們的品味和風格，就像一個非常優秀的個人購物助理一樣。

And we think there's a lot more to go in that. And then we think we have something really unique around our curation signal that doesn't just let us understand the taste for that user individually. But when they curate and associate products, it just gives us a completely unique signal for us to show the next user that may start with just a very small signal of even just one of those products that we can then recommend what else might go with that.

我們認為還有很多事情要做。然後，我們認為我們的策展訊號確實非常獨特，它不僅讓我們了解每個用戶的品味。但是，當他們策劃和關聯產品時，它只會為我們提供一個完全獨特的信號，讓我們向下一個用戶展示，該用戶可能只會從其中一個產品的非常小的信號開始，然後我們就可以推薦其他可能與之搭配的產品。

And not just the obvious things, like you bought your first ever bag of dog food, and so here's a dog collar. Those are pretty obvious. But things that will say, well, if you're into this kind of beauty product, you might be into these kinds of yoga apparel or those kinds of things, and really unique associations that are going to resonate with that user.

不只是那些顯而易見的東西，例如你買了第一袋狗糧，然後給你買了一個狗項圈。這些都很明顯。但是，如果你喜歡這種美容產品，你可能會喜歡這種瑜珈服裝或類似的東西，而真正獨特的聯想會引起用戶的共鳴。

And to your question on agentic, I think this notion of an agent just going and buying all the things for you without you doing anything, I think that's going to be a very, very long cycle for that to play out, both in terms of how the users think about it, where the users aren't going to be ready to just let something go run off and do everything for them, save for maybe some very utilitarian journeys.

至於你關於代理的問題，我認為這種代理人為你購買所有東西而你什麼都不做的想法，將是一個非常非常漫長的周期，無論是從用戶如何看待它的角度來看，用戶都不會準備好放手讓他們為他們做所有事情，除了一些非常實用的旅程。

But if we look at what's happening on our platform already, we're able to take the user much further down that shopping journey, assisting them. As I mentioned with the relevance of our recommendations, that's effectively taking the user much further down the shopping journey without them having to do the work.

但如果我們看看我們平台上已經發生的事情，我們就能夠幫助用戶走得更遠，走得更遠。正如我所提到的我們的建議的相關性，這實際上可以讓用戶在購物過程中走得更遠，而無需他們做任何工作。

And so we see really great early signs of that, and we think there's a lot more that we're going to be able to do there that we will focus on in a very user-centric way that meets the user where they are, but with AI and LLMs and agentic capabilities deeply embedded in the way that we're doing that.

因此，我們看到了非常好的早期跡象，我們認為我們能夠在那裡做更多的事情，我們將專注於以用戶為中心的方式來滿足用戶的需求，但人工智慧、法學碩士和代理能力深深嵌入到我們這樣做的方式中。

So again, through all of that, as we're going through this Cambrian moment, Pinterest is more popular than ever. And it's because, again, we've made Pinterest into an AI winner and really made it a core competency, both based on what we're able to do through our engineering, but importantly, the completely unique curation signal that we have on our platform. Hope that's helpful.

所以，透過這一切，當我們經歷這個寒武紀時刻時，Pinterest 比以往任何時候都更受歡迎。這是因為我們再次將 Pinterest 打造成了人工智慧領域的贏家，並真正使其成為一項核心競爭力，這不僅基於我們透過工程技術所能做的事情，更重要的是，基於我們平台上完全獨特的策展訊號。希望有幫助。

Mark Shmulik, Bernstein Société Générale Group.

馬克‧什穆里克（Mark Shmulik），伯恩斯坦股份公司。

Yes, thanks. Julie, we've seen strong acceleration, kind of the international business the last few quarters. Can you perhaps help us dimensionalize kind of what's driving that strength between just overall stronger market dynamics and what Pinterest is doing to perhaps close the monetization gap there?

是的，謝謝。朱莉，過去幾個季度，我們看到國際業務強勁成長。您能否幫助我們具體分析一下，究竟是什麼推動了這種優勢，是整體更強勁的市場動態，還是 Pinterest 為縮小貨幣化差距所採取的措施？

And then Bill, just to follow up on kind of the search question from earlier, appreciate the color on the traction with visual search. I think the last data point we have on search query volume was from the Analyst Day, but is it reasonable to assume that search volume is growing alongside this changing user mix with more Gen Z users? Thank you.

然後，比爾，只是為了跟進先前的搜尋問題，欣賞視覺搜尋對牽引力的影響。我認為我們關於搜尋查詢量的最後一個數據點來自分析師日，但是否可以合理地假設，隨著 Z 世代用戶的增多，搜尋量也會隨著用戶結構的變化而增長？謝謝。

Great. Thanks, Mark. I'll take your first one on international. We still think that international is a huge opportunity for us in the medium to long term. In Q2, as you noted, we're pleased with the acceleration we're seeing in our international regions. and we're starting to see that over the last couple quarters. We are beginning to narrow the gap between UCAN and international ARPU.

偉大的。謝謝，馬克。我將接受你關於國際的第一個請求。我們仍然認為，從中長期來看，國際化對我們來說是一個巨大的機會。正如您所說，在第二季度，我們對國際地區的加速發展感到滿意，並且我們在過去幾個季度開始看到這種情況。我們正在開始縮小UCAN與國際ARPU之間的差距。

There's obviously a lot more room to go to further narrow that gap over a multi-year period, but we think the early proof points in Europe, with retail in particular, demonstrate that the success we've seen with lower funnel and performance ad budgets in UCAN can translate well to large markets abroad with the right focus and execution.

顯然，在多年的時間裡，還有很大的空間可以進一步縮小這一差距，但我們認為，歐洲的早期證據，特別是零售業，表明我們在 UCAN 中看到的較低渠道和效果廣告預算的成功，只要有正確的重點和執行，可以很好地轉化為海外大型市場的成功。

As a reminder, the monetization and go-to-market approach does vary country by country internationally. Though in Western Europe, it's primarily our first-party sales team; whereas when you get to longer-tail international markets, which tend to be in the Rest of World region as we report them, it's really a mix of our first-party sales force, reseller partners, which we've been continuing to ramp, and then third-party ad demand to our Google partnership as well.

需要提醒的是，國際上各國的貨幣化和市場進入方式確實存在差異。雖然在西歐，主要是我們的第一方銷售團隊；而當你進入長尾國際市場時（正如我們報告的那樣，這些市場往往位於世界其他地區），這實際上是我們的第一方銷售團隊、經銷商合作夥伴（我們一直在不斷擴大）以及第三方廣告對我們谷歌合作夥伴關係的需求的混合體。

These markets are overall sort of lower TAM and have ad impressions with lower eCPM in general. And so you're starting to see that affect our overall pricing trends. However, they're really clearly net revenue accretive. And you can see that in the accelerating growth rates, really, for the past several quarters, in particular this quarter. So it represents a large opportunity for us going forward as we start to break into and grow more meaningful share in these markets.

這些市場整體上 TAM 較低，且廣告展示次數的 eCPM 總體較低。因此，您開始看到這影響了我們的整體定價趨勢。然而，它們確實明顯增加了淨收入。您可以看到過去幾個季度，特別是本季度，成長率確實在不斷加快。因此，當我們開始打入這些市場並在其中獲得更有意義的份額時，這對我們來說是一個巨大的機會。

Yes, and on your second part of your question, Mark, around visual search and search volume, a couple things that we've commented on. First, as you look at us hitting record levels of users, we continue to see the general trend of DPA engagement per user. And as I've commented on past calls, also, it continues to be the case that at the core of that DPA engagement per user is actionability, which is intent-driven experiences. And those intent-driven experiences tend to be search-type experiences.

是的，馬克，關於你問題的第二部分，關於視覺搜尋和搜尋量，我們已經評論了幾件事。首先，當您看到我們的用戶數量創下歷史新高時，我們繼續看到每個用戶的 DPA 參與度的整體趨勢。正如我在過去的電話會議中所評論的那樣，每個用戶的 DPA 參與的核心仍然是可操作性，即意圖驅動的體驗。而這些意圖驅動的體驗往往是搜尋類型的體驗。

A general way to think about it that we've talked about before is that our platform in terms of user interaction is approximately one-third home feed and then two-thirds search and related. That two-thirds of search and related is sort of a more purely visual form of search. And even the home feed, increasingly, we see as continuation of search journeys. So it really is the case that the entire platform has become a new way that people think about searching in a way where it is more proactive, it is more contiguous across sessions, it is more personalized, it is more visual.

我們之前討論過的一種普遍的思考方式是，就用戶互動而言，我們的平台大約有三分之一是主頁資訊流，然後三分之二是搜尋和相關內容。三分之二的搜尋和相關內容是一種更純粹的視覺搜尋形式。甚至主頁資訊流也越來越被我們視為搜尋旅程的延續。因此，整個平台確實已經成為一種新的搜尋方式，人們可以以更主動、跨會話更連續、更個人化、更直觀的方式思考搜尋。

And again, that deep engagement per user, the resonance with Gen Z, it really is, at the core of that, helping them go satisfy intent, which is the kind of thing that is effectively a search-type experience. But we're delivering that for them in entirely new ways. So we continue to feel really great about the progress there. And again, expect there's a lot more we can do.

再次強調，每個用戶的深度參與、與 Z 世代的共鳴，其核心實際上是幫助他們滿足意圖，這實際上是一種搜尋類型的體驗。但我們以全新的方式為他們提供這項服務。因此，我們繼續對那裡的進展感到非常高興。再次強調，我們還可以做更多的事情。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. Julia, could you talk about your investment priorities for the second half of this year, the pace of margin improvement? It's still up, but it's coming down a bit, as you noted. So how should we think about that? And then, Bill, could you just elaborate a little bit on this new Instacart partnership? Sounds like you're integrating some of their shopping data to make CPG ads more targeted on Pinterest. Could you just double-click into that? And was there an off-Pinterest component involved as well? Thank you.

偉大的。茱莉亞，您能談談今年下半年的投資重點以及利潤率改善的步伐嗎？正如您所說，它仍然在上漲，但正在下降一點。那我們該如何看待這個問題呢？那麼，比爾，您能否詳細說明一下這個新的 Instacart 合作夥伴關係？聽起來您正在整合他們的一些購物數據，以使 Pinterest 上的 CPG 廣告更有針對性。你能雙擊它嗎？其中是否也涉及 Pinterest 以外的組件？謝謝。

Great. So Ross, thank you for the question. I'll take the first one on margins. So I would say in Q2, we had exceptionally strong revenue performance. So the flow-through of that led to outsized adjusted EBITDA margin expansion. And then for the second half, we talked about in the prepared remarks that we're expecting adjusted EBITDA margin expansion again, but just at a lower level than the elevated expansion than in the first half.

偉大的。羅斯，謝謝你的提問。我將選擇第一個關於邊距的問題。所以我想說，在第二季度，我們的營收表現異常強勁。因此，這一轉變導致了調整後的 EBITDA 利潤率大幅擴張。對於下半年，我們在準備好的評論中談到，我們預計調整後的 EBITDA 利潤率將再次擴大，但幅度將低於上半年的大幅擴張。

But maybe just to give a little bit more color in sort of the areas that we're investing in and how we're seeing that. play out, so we're already starting to see the pacing of investments showing up in our expense line. So our plan investments in R&D are targeted at high-value areas that enhance our product, both for users and advertisers.

但也許只是為了更詳細地介紹我們正在投資的領域以及我們如何看待這些領域。因此，我們已經開始看到投資的節奏出現在我們的支出項目中。因此，我們在研發方面的計畫投資將瞄準那些能夠提升我們產品的高價值領域，無論是對用戶還是廣告商而言。

As we look back over the last 18 months, it's just incredibly clear that we've seen really nice near-term returns from where we focus these investments, particularly within AI to improve relevance and personalization, like Bill was talking about a little bit earlier, leveraging our unique first-party signal and technology through LLMs to strengthen our search recommendation algorithms and creating new visual experiences like visual search through our proprietary multimodal model.

回顧過去的 18 個月，我們非常清楚地看到，我們的投資在短期內獲得了非常好的回報，特別是在人工智慧領域，以提高相關性和個性化，就像比爾之前提到的那樣，透過 LLM 利用我們獨特的第一方訊號和技術來加強我們的搜尋推薦演算法，並透過我們專有的多模式模型創造新的視覺體驗，例如視覺搜尋。

As we've rounded out the ad tech stack, we're also seeing early revenue momentum in Europe and Rest of World, also in these emerging verticals like financial services that we've continued to call out for the last few quarters here and across the lower funnel. So as a result, we want to invest in our sales capacity to further lean into that growth that we're starting to see and the larger opportunity that we have ahead of us there.

隨著我們完善廣告技術堆棧，我們也看到歐洲和世界其他地區的早期收入勢頭，同樣也出現在金融服務等新興垂直領域，我們在過去幾個季度中一直在這裡和整個下層漏斗中呼籲這些領域。因此，我們希望投資我們的銷售能力，以進一步抓住我們開始看到的成長和我們面臨的更大機會。

So to that end, after a period of more aggressive margin expansion in 2024, since the start of this year, we've added new sales leaders who are continuing to elevate their teams and add new talent, particularly in our UCAN and Europe enterprise sales teams. Alongside this, we're also investing in the growth of our sales enablement support teams, bringing in more technical sales talent to support our increased focus on lower funnel and performance-based campaigns.

為此，在經歷了 2024 年更積極的利潤率擴張期之後，自今年年初以來，我們增加了新的銷售領導，他們正在繼續提升團隊並增加新的人才，特別是在我們的 UCAN 和歐洲企業銷售團隊中。除此之外，我們還在投資擴大我們的銷售支援團隊，引進更多的技術銷售人才，以支持我們更加關注低漏斗和基於績效的活動。

So tying that all together as a result, we still expect margin expansion in full-year 2025, though at a more modest level than the outsized amount we delivered in 2024. And this is all kind of generally consistent with our prior margin outlook commentary provided on previous earnings calls as well.

因此，綜合考慮所有這些因素，我們仍然預計 2025 年全年利潤率將會擴大，儘管與 2024 年實現的巨額利潤相比，這一水平將更為溫和。這與我們在先前的收益電話會議上提供的利潤前景評論大致一致。

And on the second part of your question, Ross, around the Instacart partnership, we're quite excited about that. As I've consistently talked about, actionability and bringing actionability into the platform has been really core to the revitalization of Pinterest over the last three years. And we started with core retail and shopping categories, but food and beverage has been one of those categories that is endemic to our platform, but where actionability was still relatively low.

關於你問題的第二部分，羅斯，關於與 Instacart 的合作，我們對此感到非常興奮。正如我一直談論的那樣，可操作性以及將可操作性引入平台是 Pinterest 在過去三年中復興的核心。我們從核心零售和購物類別開始，但食品和飲料一直是我們平台特有的類別之一，但可操作性仍然相對較低。

And the partnership with Instacart will allow us to do things like as people are looking at say a recipe on the platform, immediately go order the ingredients for that recipe to have it delivered to their door. And the way that will work, consistent with what we've done in retail, is seamless handoffs to the place that you're buying. You've seen us with mobile deep linking and those kinds of things, make it so that as you find the product that you want, we create a really seamless handoff to the place to go buy it. And we're taking that over to the place for you to go buy those things.

與 Instacart 的合作使我們能夠做一些事情，例如當人們在平台上查看食譜時，我們可以立即訂購該食譜的配料並將其送到他們家門口。其運作方式與我們在零售業的做法一致，就是無縫轉交給您購買的地方。您已經看到我們推出了行動深度連結等功能，當您找到所需的產品時，我們會為您創建無縫銜接，讓您可以前往購買該產品。我們會把它帶到您可以購買這些東西的地方。

So as I mentioned, we'll have multiple of these ways that we'll continue to bring actionability into the platform. And consistent with what we've done with direct links, mobile deep linking, we'll consistently look for ways that we create really seamless handoffs into the places to go buy those things. Sometimes that will be in our app or a really seamless handoff into the retailer to buy from. But again, quite excited to bring that actionability into food and beverage, which is a large endemic category for us.

正如我所提到的，我們將採用多種方式繼續為平台帶來可操作性。與我們在直接連結、移動深度連結方面所做的工作一致，我們將不斷尋找方法，在購買這些東西的地方建立真正無縫的交接。有時這會在我們的應用程式中出現，或無縫地轉移到零售商處進行購買。但再次，我們非常高興將這種可操作性帶入食品和飲料領域，這對我們來說是一個很大的本土類別。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my question. I wanted to ask one about sort of forward advertising growth. I mean, you guys have made a lot of improvements to the platform, and you talked a lot about compounding gains over the last nine months or so using GPU and AL machine learning. When other platforms have done that, we've sort of seen a big step in growth and acceleration.

感謝您回答我的問題。我想問一個關於未來廣告成長的問題。我的意思是，你們對平台做了很多改進，並且在過去九個月左右的時間裡，你們談論了很多使用 GPU 和 AL 機器學習來增加收益的情況。當其他平台也這樣做時，我們看到了成長和加速的一大步。

Is that an incorrect analog to be sort of applying to Pinterest? As you sort of look at the ad revenue that you're delivering, are there constraints to how much the business can accelerate that perhaps we externally don't understand as you're trying to think about the path of forward revenue growth in the back half and into next year?

這是否是一種不正確的類比，不適合應用於 Pinterest？當您審視您所創造的廣告收入時，業務成長速度是否有限制因素？當您試著思考下半年和明年的營收成長路徑時，這些限製或許是我們外部人士無法理解的？

Yes, thanks for the question, Brian. I think I've been very, very consistent on this as saying that think of these things as long-term compounding initiatives. And I don't know how many more ways I can say no hockey stick, no step function. Because these things, as we're building the performance ad platform, these all have compounding benefit. And so we're pretty consistently delivering above the rate of the market growth overall. And we feel really good about that.

是的，謝謝你的提問，布萊恩。我認為我一直非常一致地認為這些事情是長期複合措施。我不知道還有多少種方式可以說沒有曲棍球棒，沒有階躍函數。因為當我們建立績效廣告平台時，這些都具有複合效益。因此，我們的業績成長速度一直高於整體市場的成長速度。我們對此感到非常高興。

We've really turned the platform into a performance advertising platform over the last few years and have increasingly broken into those always-on performance budgets, really taking share, growing above the rate of the market overall. And we have continued to consistently deliver on that very much in line with the expectations we set at our Investor Day, delivering above the high end of our guidance range.

在過去的幾年裡，我們確實把這個平台變成了一個效果廣告平台，並且越來越多地打入那些始終在線的效果預算，真正佔據份額，增長速度高於整體市場。我們繼續始終如一地實現這一目標，完全符合我們在投資者日設定的期望，並且超出了我們指導範圍的高端。

And so we feel really good about the way that we're delivering there. And we don't see any structural limitation of that. We're a small player in the market, but we're a small player in the market that's growing faster than the market and increasingly relevant in more use cases with more advertisers as we work our way from the largest advertisers down to sort of the mid-market on down.

因此，我們對在那裡提供服務的方式感到非常滿意。我們沒有發現任何結構性限制。我們是市場上的小參與者，但我們是市場中的小參與者，成長速度快於市場，隨著我們從最大的廣告商逐漸向下進入中型市場，我們在更多用例中與更多廣告商的相關性越來越高。

And I think there's a lot of room for growth ahead in those things I talked about for Pinterest Performance Plus. That's really starting to pick up resonance with that mid-market group as we go into a new range of advertisers that we hadn't been as available to previously. We're seeing that pick up nicely. You're seeing the international pick up nicely.

我認為，我所談論的 Pinterest Performance Plus 未來還有很大的成長空間。隨著我們進入一系列以前無法觸及的新廣告客戶，這確實開始引起中端市場群體的共鳴。我們看到這一情況正在好轉。您看到國際情勢正在好轉。

So those are all the levels of growth that we laid out in our multiple ways to win back at our Investor Day. And we're executing on those and delivering in the ranges that we've talked about consistently on how we would do that. We've also been very consistent that we don't see those as step functions, but instead as long-term compounding benefits of a true performance ad platform. Hopefully, that's helpful.

以上就是我們在投資者日上列出的多種贏回成長機會的方法。我們正在執行這些目標，並在我們一直談論的範圍內實現這些目標。我們也始終堅持認為，我們不認為這些是階梯函數，而是真正有效的廣告平台的長期複合效益。希望這會有所幫助。

Anthony Post, Bank of America.

安東尼波斯特，美國銀行。

Great. Thanks. A couple things, definitely the functionality of the site's improving. Do you see -- and you mentioned men in your prepared remarks, but are you seeing more men get on the site? And could there be further breakthroughs there to really expand the audience over time, how you're thinking about that?

偉大的。謝謝。有幾件事，肯定是網站的功能在改進。您是否看到了—您在準備好的發言中提到了男性，但是您是否看到更多男性造訪該網站？隨著時間的推移，是否還能取得進一步的突破，真正擴大受眾群體，您對此有何看法？

And then, I guess some other sites had a real big acceleration intra-quarter. But you mentioned less variability but more durability. Could you maybe explain why your auctions could be a little different than other sites out there and why you could be more durable over time? Thank you.

然後，我猜想其他一些網站在本季內確實出現了大幅加速。但您提到了變化性降低但耐用性提高。您能否解釋為什麼您的拍賣與其他網站略有不同，以及為什麼您的拍賣會更持久？謝謝。

Thanks, Justin. So to your point on broadening use cases, that is absolutely what we see happening on the platform. So we've talked about winning the next generation with Gen Z. That's going very, very well. I commented in my prepared remarks about broadening relevance across all generations that we track. So we're growing across all generations that we track. We're also growing across gender lines with more and more men coming to the platform.

謝謝，賈斯汀。所以關於擴大用例的觀點，這正是我們在平台上看到的。因此，我們討論瞭如何透過 Z 世代贏得下一代客戶。進展非常順利。我在準備好的發言中談到了擴大我們所追蹤的所有世代的相關性。因此，我們所追蹤的所有世代都在不斷發展。隨著越來越多的男性加入平台，我們的發展也跨越了性別界線。

And the reason we see that our relevancy is increasing across all the geographies that we track, across the generations that we track, and across gender lines is that what we're doing around our AI-powered recommendations, our AI-powered visual search. So much of what people are looking for is visually driven. And that is true for women. That is true for men. That is true for Gen Z. It's true for millennials. It's true for Gen X and boomers. And so we're really seeing that have broad, broad applicability.

我們發現，我們的相關性在我們追蹤的所有地區、我們所追蹤的世代和性別中都在不斷提高，這是因為我們圍繞著人工智慧推薦和人工智慧視覺搜尋所採取的措施。人們所尋找的很多東西都是由視覺驅動的。對於女性來說也是如此。對於男人來說也是如此。對於 Z 世代來說確實如此，對於千禧世代來說也是如此。對於 X 世代和嬰兒潮世代來說確實如此。因此我們確實看到它具有廣泛的適用性。

And on the point of getting more men on the platform, we put out our men's report that went a little bit deeper into the different things that men are looking for on the platform. But it's not just getting men into more things around apparel and those kinds of things that have been typical on our platform. So much of the categories that we have talked about as perhaps more emerging have a lot of visual nature to them as well.

為了讓更多男性使用該平台，我們發布了男性報告，更深入地探討了男性在該平台上尋找的不同事物。但這不僅僅是讓男性更專注於服裝以及我們平台上常見的那些東西。我們討論的許多新興類別也具有很強的視覺特性。

Categories that I spend time in a lot personally, shoes, cars, watches, those kinds of things, those are all very visually driven. And those are resonant across gender lines as well. And so we're really pleased with how we see the relevance of the platform improving across geographies, across generations, and across gender lines.

我個人花費大量時間研究的類別包括鞋子、汽車、手錶等，這些都與視覺息息相關。這些也引起了跨性別的共鳴。因此，我們很高興地看到該平台的相關性在跨地域、跨世代、跨性別方面不斷提升。

Yes. And then I think to get at your second question, Justin, obviously, we don't comment on monthly trends. But I think what you're seeing from us in Q2 and what I would expect in Q3 as well is that we're a really vital partner for many of our advertisers, particularly as we break into their more performance-oriented budgets.

是的。然後我想回答你的第二個問題，賈斯汀，顯然我們不會對月度趨勢發表評論。但我認為，您在第二季度看到我們的表現以及我對第三季度的預期是，對於許多廣告商來說，我們是至關重要的合作夥伴，特別是當我們打入他們更注重績效的預算時。

You're seeing that they continue to really value the full funnel -- very unique full funnel offering that we have and the sort of leaned-in, high commercial intent users that we have who are actively participating in our site. And so I think we're a great partner to those advertisers in retail during these moments.

您會發現，他們繼續真正重視完整的漏斗 - 我們提供的獨特的完整漏斗產品以及積極參與我們網站的傾向性強、具有高度商業意向的用戶。因此我認為在這些時刻我們是零售業廣告商的絕佳合作夥伴。

And we're seeing really nice penetration gains as well in some of these emerging verticals that we've talked about here for the last several quarters. We're seeing some nice tailwind also in the mid-market segment due to some of the early adoption in Performance Plus, although still multi-year cycle there ahead of us. So that's a little bit more color on that, but I think that's all we're going to comment on there.

我們也看到，在過去幾季中我們討論過的一些新興垂直產業中，滲透率也取得了非常好的成長。由於 Performance Plus 的一些早期採用，我們在中端市場也看到了一些良好的順風，儘管我們還需要多年的週期。所以這方面還有更多的細節，但我認為這就是我們要評論的全部。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. Thanks. Good afternoon. Bill, the new visual search tool works really well from what we can tell, and I guess I'd be curious how you envision that functionality ultimately contributing to broader user engagement and monetization, and how this helps position you against some of the other visual surfaces that we see cropping up on other AI-oriented apps. And Julia, I guess curious what you've seen in Q2 in terms of MAUs that reflect seasonality in North America and Europe and how that might track into Q3. Thank you.

偉大的。謝謝。午安.比爾，據我們所知，新的視覺搜尋工具效果非常好，我很好奇您如何設想該功能最終有助於更廣泛的用戶參與和貨幣化，以及這如何幫助您在其他面向人工智慧的應用程式中脫穎而出，與其他視覺介面競爭。朱莉婭，我很好奇你在第二季度看到的反映北美和歐洲季節性的月活躍用戶數據如何，以及這會對第三季度產生怎樣的影響。謝謝。

Thanks, Colin. On the visual search part, I think the thing that I'd say there is the uniqueness of our platform and the curation signal that we have that lets us make proactive recommendations. So even before you go search, we're giving you recommendations for things that are highly likely to be interesting to you in a much more targeted way than what you would typically find on entertainment-based platforms and those kinds of things. Because there is intent expressed on our platform, and that allows us to go make those proactive recommendations.

謝謝，科林。在視覺搜尋部分，我想說的是我們的平台的獨特性和我們擁有的策展訊號，這讓我們能夠做出主動的建議。因此，甚至在您進行搜尋之前，我們就會以比您通常在娛樂平台和類似平台上找到的內容更有針對性的方式向您推薦您很可能感興趣的內容。因為在我們的平台上表達了意圖，這使我們能夠提出那些主動的建議。

I talked about on our new multimodal model for visual search. That is outperforming off-the-shelf models by 30 full percentage points on the relevancy of the recommendations to our users. And that is really getting at the uniqueness of that curation signal and the product associations that happen on our platform that let us make those really, really great recommendations.

我談到了我們用於視覺搜尋的新型多模式模型。在向使用者推薦的相關性方面，這比現成的車型高出整整 30 個百分點。這確實體現了策展訊號和我們平台上發生的產品關聯的獨特性，讓我們能夠做出非常非常棒的推薦。

So again, I think that's a place where you're seeing our users vote directly by coming to us more and more with these very actionable journeys driving clicks and conversions for advertisers, but deep engagement with the user on our platform, as I mentioned in my prepared remarks, driving greater retention with those users because they're really pleased with the experience they're getting.

所以，我認為，你會看到我們的用戶越來越多地透過這些非常可操作的旅程來到我們這裡直接投票，為廣告商帶來點擊和轉化，但正如我在準備好的發言中提到的那樣，在我們的平台上與用戶進行深入互動，推動這些用戶的更大保留率，因為他們對他們所獲得的體驗非常滿意。

But at the core of that is that unique curation signal and then what we're able to do with AI trained against that, that is outperforming off-the-shelf models, like I said, by 30 full percentage points on the relevancy of those recommendations based on our unique corpus. That, I think, is a real, real differentiator. And for context, if you had outperformed one of those off-the-shelf models by 30 basis points, that would be something to be really proud of. 30 percentage points just really gets to how unique our curation signal is.

但其核心在於獨特的策展訊號，然後我們能夠利用針對該訊號進行訓練的人工智慧，就像我說的，基於我們獨特的語料庫，這些建議的相關性比現成的模型高出整整 30 個百分點。我認為，這是一個真正的區別因素。就背景而言，如果你的表現比那些現成的模型高出 30 個基點，那將是一件值得驕傲的事。 30 個百分點確實反映了我們的策展訊號有多獨特。

And then, Colin, to your second question on MAUs and sort of seasonality, we don't guide to MAUs. But in Q2, you're seeing consistent growth and actually accelerating growth across many of the regions that we're reporting in on an MAU basis. We do see seasonality sort of every year, particularly in Europe. Just as a reminder, MAUs are reported on a 30-day look-back from the last day of the quarter, so you do tend to see sort of summer vacations show up in Europe.

然後，科林，對於你關於 MAU 和季節性的第二個問題，我們沒有指導 MAU。但在第二季度，我們可以看到，按月活躍用戶數計算，我們報告的許多地區都呈現持續成長，而且成長實際上還在加速。我們每年都會看到季節性的變化，尤其是在歐洲。需要提醒的是，MAU 是根據季度最後一天起 30 天的回顧來報告的，因此您確實會看到歐洲出現暑假。

But on a year-over-year basis, we actually accelerated user growth across all regions in Q2. And really happy with what we're seeing there, not just on the user growth side, but also on the various engagement metrics that we're tracking per user. It's really been a bright spot for us as we've been able to drive relevance and personalization through the use of more and more AI, as we were talking about earlier on the call, but also better able to re-engage marginally engaged users.

但與去年同期相比，我們第二季所有地區的用戶成長其實都加快了。我們對所看到的結果感到非常高興，不僅是用戶成長方面，還有我們追蹤的每個用戶的各種參與度指標。這對我們來說確實是一個亮點，因為正如我們之前在電話會議上討論的那樣，我們能夠透過使用越來越多的人工智慧來推動相關性和個人化，同時也能夠更好地重新吸引參與度較低的用戶。

I think in the prepared remarks, we talked about how in UCAN, as we've been able to drive more and more actionability specifically, and you can refer this along there, that we're able to kind of better retain users over time but also better monetize those users over time. So hopefully, that gives you a little bit more color there.

我認為在準備好的發言中，我們討論了在 UCAN 中，隨著我們能夠推動越來越多的可操作性，你可以參考這一點，我們能夠隨著時間的推移更好地留住用戶，同時也能隨著時間的推移更好地將這些用戶貨幣化。希望這能帶給你更多色彩。

John Blackledge, TD Securities.

道明證券的約翰·布萊克利奇。

Great, thanks. With AI driving so many parts of the business, just curious how PINS is competing for talent, particularly AI talent, given the increasingly competitive market for the AI talent. Thank you.

太好了，謝謝。由於人工智慧推動著業務的許多方面，我很好奇在人工智慧人才市場競爭日益激烈的情況下，PINS 如何爭取人才，尤其是人工智慧人才。謝謝。

Thanks for the question, John. What I would say is that I think there's multiple factors involved in how you compete with talent. Money and mission are two of those. I think also having a really great sandbox for great engineers to experiment in is another. And as you are noting, there's definitely competition for talent. The good news is that we're able to align what we're doing with AI to really, really great monetizable use cases that generate returns for us.

謝謝你的提問，約翰。我想說的是，我認為如何與人才競爭涉及多種因素。金錢和使命就是其中的兩個。我認為，擁有一個真正優秀的沙箱供優秀的工程師進行實驗也是另一回事。正如您所注意到的，人才競爭肯定存在。好消息是，我們能夠將我們在人工智慧方面的工作與真正可獲利的用例結合起來，為我們帶來回報。

And so we're competing for talent in that regard, not at the most headline-grabbing numbers that you would see out there, but those are truly rare instances. But for more of the folks that are building day-to-day, we're definitely competing and are able to because of the ROI that we're delivering on our use cases, but that's on the money side of it.

因此，我們在這方面爭奪人才，雖然人數並不像你看到的那麼引人注目，但這些確實是罕見的情況。但對於更多日常建設的人來說，我們肯定是有競爭力的，而且我們能夠做到這一點，因為我們在用例中提供了投資回報率，但這只是金錢方面的問題。

The other really big part of that equation is money and mission. On the mission side, I think we really, really punch above our weight, both in terms of what we're doing with tuning AI for positivity, creating a more positive alternative to what's happening in the rest of social media. I think there's a lot of people that really want to build for that. I think there's sort of two competing sort of points of view around this where you have some folks that are willing to sort of throw caution to the wind and do things at all costs.

這個等式的另一個真正重要的部分是金錢和使命。在使命方面，我認為我們確實做得超出了我們的能力，無論是在調整人工智慧以產生積極影響方面，還是在為其他社交媒體的現狀創造更積極的替代方案方面。我認為有很多人確實想實現這一目標。我認為圍繞著這個問題有兩種相互競爭的觀點，有些人願意不顧一切，不惜一切代價去做。

And I think there's others that really, really deeply care about making sure that AI is used for good and that AI is used responsibly. And we're not the only ones that are building in that regard. But I think for us and for others that are really competing on this dimension of AI for good and responsible AI, you're seeing that that mission part of the equation really matters to many of the best engineers out there.

我認為其他人也確實非常關心如何確保人工智慧得到良好的利用以及人工智慧得到負責任的使用。我們不是唯一在這方面進行建設的人。但我認為，對於我們以及其他在人工智慧領域真正為優秀和負責任的人工智慧而競爭的人來說，你會發現，這個等式中的使命部分對於許多最優秀的工程師來說確實很重要。

And then also, engineers are always attracted to a great sandbox. And when you think about what we have with nearly 600 million monthly active users on our platform, that are engaging in a totally unique visual search experience. There are just very few sandboxes out there that can bring that to the equation. There are some that are bigger, but there are very few platforms that ever get above 0.5 billion users, particularly with the unique visual journey, the unique search journeys, and the unique curation signal that we have that's totally unique to us. Well, that makes it a pretty unique sandbox, and we see that really helping us punch above our weight.

而且，工程師總是被偉大的沙盒所吸引。想想看，我們的平台每月有近 6 億活躍用戶，他們正在享受一種完全獨特的視覺搜尋體驗。很少有沙箱能夠實現這一目標。有些平台規模較大，但很少有平台的使用者數量能超過 5 億，尤其是我們擁有獨特的視覺旅程、獨特的搜尋旅程和獨特的策展訊號，這些對我們來說都是獨一無二的。嗯，這使它成為一個非常獨特的沙盒，我們看到它確實幫助我們超越了我們的能力。

Thank you for your question. I will now have to hand the call back over to Bill Ready, CEO, for closing remarks.

感謝您的提問。現在我必須將電話轉回給執行長比爾雷迪 (Bill Ready)，請他發表最後發言。

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 the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。