Pinterest Inc (PINS) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for joining today's Pinterest Third Quarter 2025 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. (Operator Instructions)

女士們、先生們，大家好。感謝您參加今天舉行的Pinterest 2025年第三季財報電話會議。我叫蒂婭，我將擔任今天電話會議的主持人。（操作說明）

I would now like to pass the call over to your host, Andrew Somberg, Vice President of Investor Relations and Treasury. Please proceed.

現在，我謹將電話轉交給主持人，投資者關係和財務副總裁安德魯·索姆伯格。請繼續。

Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the third quarter ended September 30, 2025. My name is Andrew Somberg, and I'm Vice President of Investor Relations and Treasury for Pinterest.

下午好，感謝各位的參與。歡迎參加 Pinterest 截至 2025 年 9 月 30 日的第三季財報電話會議。我叫安德魯‧索姆伯格，是 Pinterest 的投資人關係和財務副總裁。

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.

今天和我一起參加電話會議的有 Pinterest 的執行長 Bill Ready 和我們的財務長 Julia Donnelly。本次電話會議將進行網路直播，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 查看今天的示範網路直播和收益新聞稿。

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 Q4 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. 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.

我們今天就公司業績、營運和前景所做的一些陳述可能被視為前瞻性陳述，此類陳述涉及許多假設、風險和不確定性，可能導致實際結果與預期結果有重大差異。此外，我們對 2025 年第四季及以後的業績、趨勢和展望均為初步預測，並不能保證未來的業績。我們根據截至今日所掌握的資訊做出這些前瞻性陳述，並且我們明確聲明，除非法律要求，否則我們不承擔任何更新這些陳述的義務。有關可能影響我們業績的假設、風險、不確定性及其他因素的更多信息，請參閱我們最新的 10-Q 表格和 10-K 表格，這兩份表格均已提交給美國證券交易委員會，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。今天發布的獲利新聞稿和簡報中包含了非GAAP指標與最直接可比較的GAAP指標的調節表，這些文件已透過我們的投資者關係網站分發並向公眾開放。最後，除非另有說明，今天準備好的發言稿中討論的所有成長率都應視為同比成長率。

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

現在我將把電話交給比爾。

Thanks, Andrew. Good afternoon, and thank you for joining our third quarter 2025 earnings call. Q3 marks another quarter of strong execution against our multiyear strategy and long-term financial targets. Over the past few years, we've transformed Pinterest from a platform of window shopping, where users often found that all the stores were closed into an AI-powered visual first shopping assistant. We are digitally replicating the joyful experiences of walking the bazar or working with a great salesperson on your favorite boutique while seamlessly enabling our users to take action.

謝謝你，安德魯。下午好，感謝各位參加我們2025年第三季財報電話會議。第三季標誌著我們在多年策略和長期財務目標方面又取得了強勁的進展。在過去的幾年裡，我們已經將 Pinterest 從一個用戶經常發現所有商店都關門的櫥窗購物平台，轉變為一個由人工智慧驅動的視覺優先購物助理。我們正在以數位化的方式重現漫步市集或在您最喜歡的精品店與優秀銷售人員合作的快樂體驗，同時無縫地讓用戶採取行動。

In an evolving competitive environment, Pinterest continues to distinguish itself as a destination for our users and a vital partner for our advertisers. To illustrate this point, nearly 85% of our users come directly to our mobile app, meaning we're not reliant on search engines or other third parties for traffic. We reached 600 million monthly active users in Q3, marking our ninth straight quarter of record high users with particular strength in Gen Z. Gen Z is our largest, fastest-growing cohort comprising over 50% of our user base and represents the next generation of users and shoppers who are influential tastemakers, content creators and a lucrative audience for advertisers to reach.

在不斷變化的競爭環境中，Pinterest 繼續保持其作為用戶首選目的地和廣告商重要合作夥伴的獨特地位。為了說明這一點，近 85% 的用戶直接訪問我們的行動應用程序，這意味著我們並不依賴搜尋引擎或其他第三方來獲取流量。第三季度，我們的每月活躍用戶數達到 6 億，連續第九個季度創下用戶數新高，其中 Z 世代用戶成長尤為強勁。 Z 世代是我們規模最大、成長最快的用戶群體，占我們用戶總數的 50% 以上，他們代表著下一代用戶和購物者，是具有影響力的潮流引領者、內容創作者，也是廣告商夢寐以求的優質受眾。

This momentum is also evident in key markets with our US and Canada MAUs reaching 103 million, the highest level on our platform in the last 4.5 years. Importantly, 100% of our reported users are logged in giving us valuable first-party intent signals that provide an unparalleled view into consumer taste and preferences, which powers our recommendation engine and creates an even better user shopping experience. This combination of scale and intent continues to fuel our financial performance, with Q3 revenue growing 17% year-over-year to $1.049 billion, proving our role as a trusted partner to brands and agencies across the world.

這一勢頭在主要市場也顯而易見，我們在美國和加拿大的每月活躍用戶數達到 1.03 億，這是我們平台近 4.5 年來的最高水準。重要的是，我們報告的用戶中有 100% 都已登錄，這為我們提供了寶貴的第一方意圖信號，讓我們能夠以前所未有的方式了解消費者的品味和偏好，從而為我們的推薦引擎提供支持，並創造更好的用戶購物體驗。規模和決心的結合繼續推動我們的財務業績，第三季營收年增 17% 至 10.49 億美元，證明了我們作為全球品牌和代理商值得信賴的合作夥伴的地位。

Not only has our platform become a destination for shopping, we've also increasingly become a destination for search, in particular, visual search. Today, there are approximately 80 billion monthly queries across Pinterest, split across related items and other forms of visual search and traditional text-based searches. In Q3, all of these individual query types grew year-over-year on the platform. Overall, queries per user also grew year-over-year as we deepen engagement per user and user search more often on Pinterest. Related items in other forms of visual search are by far the largest source of queries and on our latest visual search features, in particular, queries grew the fastest at 44% year-over-year in Q3.

我們的平台不僅成為了購物目的地，而且也日益成為搜尋目的地，尤其是視覺搜尋目的地。如今，Pinterest 每月約有 800 億次搜尋查詢，包括相關項目和其他形式的視覺搜尋以及傳統的基於文字的搜尋。第三季度，平台上的所有這些查詢類型都實現了同比增長。總體而言，隨著我們加深用戶參與度和用戶在 Pinterest 上更頻繁地進行搜索，每個用戶的查詢次數也逐年增長。在其他形式的視覺搜尋中，相關項目是迄今為止最大的查詢來源，尤其是在我們最新的視覺搜尋功能中，第三季的查詢量年增了 44%，成長速度最快。

These trends help to highlight how our AI investments are elevating our visual search capabilities and the relevance of our shopping recommendations. As a result, we are driving more of our engagement towards visual search, an area where we have a distinct right to win and is aligned with the visual search -- with the visual inspiration and discovery that our users have come to expect from Pinterest.

這些趨勢有助於凸顯我們在人工智慧方面的投資如何提升了我們的視覺搜尋能力和購物推薦的相關性。因此，我們將更多精力投入視覺搜尋領域，在這個領域，我們有充分的理由贏得勝利，並且與視覺搜尋相契合——我們的用戶期望從 Pinterest 獲得視覺靈感和發現。

At the same time that we found our best product market fit with users, we've also built a performance ad platform that is harnessing our users' commercial intent and AI-driven automation to improve performance and simplify campaign creation for our advertisers. As a result, we've grown outbound clicks to advertisers by 40% year-over-year in Q3 and by more than 5x over the last three years. We have also broken into performance budgets, including achieving 5% to 10% share of total ad spend for some of the world's largest, most sophisticated advertisers.

在找到與使用者最契合的產品市場的同時，我們也建立了一個效果廣告平台，利用使用者的商業意圖和人工智慧驅動的自動化來提高廣告效果，並簡化廣告主的廣告活動創建流程。因此，第三季我們針對廣告主的出站點擊量年增了 40%，過去三年成長了 5 倍以上。我們還細分了績效預算，包括為一些全球最大、最老練的廣告商實現了總廣告支出的 5% 到 10% 的份額。

Through continued product innovation, we see meaningful runway to expand our share of wallet with these large advertisers while also growing with smaller mid-market advertisers through continued improvements to our AI-powered automation suite, Pinterest Performance+.

透過持續的產品創新，我們看到了擴大我們在這些大型廣告商中的份額的巨大潛力，同時透過不斷改進我們的人工智慧自動化套件 Pinterest Performance+，我們也在與規模較小的中型市場廣告商共同發展。

International markets also remain significantly undermonetized, creating clear opportunities to increase monetization over the next several years across multiple growth levers. With these foundations in place, we see a clear path to sustainably grow our business and expand our market share.

國際市場仍然嚴重缺乏貨幣化，這為未來幾年透過多種成長槓桿提高貨幣化創造了明顯的機會。有了這些基礎，我們看到了實現業務永續發展和擴大市場份額的清晰路徑。

AI is the heart of the Pinterest experience, working continuously in the background to understand our users' evolving tastes and preferences. Unlike chat or search platforms that wait for users to type a prompt, our AI is proactive. It anticipates what users will love next, curating a fresh feet of personalized recommendations that are ready, the moment they return, advancing their commercial journeys without the user having to ask, which is effectively the promise of agentic experiences. This is the magic of Pinterest, delivering a world of inspiration and individualized AI-assisted shopping for each user. In effect, this has made us an AI-powered shopping assistant for our 600 million monthly active users.

人工智慧是 Pinterest 體驗的核心，它在後台持續工作，以了解用戶不斷變化的品味和偏好。與等待用戶輸入提示的聊天或搜尋平台不同，我們的人工智慧是主動的。它能預測用戶接下來會喜歡什麼，精心策劃一系列個人化推薦，在用戶返回的那一刻即可提供，無需用戶主動詢問即可推進他們的購物之旅，這實際上就是智能體驗的承諾。這就是 Pinterest 的魅力所在，它為每位用戶提供充滿靈感的世界和個人化的 AI 輔助購物體驗。實際上，這使我們成為了擁有 6 億月活躍用戶的 AI 購物助理。

Importantly, through this experience, we are acting as a true partner to our advertisers. We don't disintermediate their traffic. We provide our users a seamless journey from visual discovery directly to the advertiser's product checkout page, helping our advertisers gain a customer, not just a transaction. This entire ecosystem is built on our core competitive advantage. A deep understanding of user taste, intent and product associations.

重要的是，透過這種經驗，我們正在成為廣告商的真正合作夥伴。我們不會繞過他們的流量中介。我們為用戶提供從視覺發現到廣告商產品結帳頁面的無縫體驗，幫助廣告商獲得客戶，而不僅僅是完成交易。整個生態系統都建立在我們核心競爭優勢之上。深入了解使用者的喜好、意圖和產品聯想。

Our AI is trained on billions of first-party signals from hundreds of millions of people actively curating and buying, which builds our taste graph. This unique first-party data then trains our AI to recommend deeply personalized and relevant content, often before users even -- can even articulate what they're looking for. This creates a powerful feedback loop. As we provide more value to our users by surfacing what they are looking for, they engage more deeply, further enriching our data and strengthening our ability to recommend relevant content.

我們的 AI 是基於數億積極參與商品策劃和購買的用戶提供的數十億第一方訊號進行訓練，從而建立了我們的品味圖譜。然後，這些獨特的第一方資料會訓練我們的人工智慧，從而推薦深度個人化和相關的內容，甚至在使用者能夠清楚地表達他們正在尋找什麼之前就能做到這一點。這就形成了一個強大的回饋循環。當我們透過向用戶展示他們正在尋找的內容來為他們提供更多價值時，他們會更深入地參與其中，從而進一步豐富我們的數據並增強我們推薦相關內容的能力。

This May, we launched a significant enhancement to visual discovery on Pinterest, our first-ever multimodal search experience, starting with women's fashion. This upgraded feature allows users to refine searches with more precision than ever by using both image and text inputs. Powering this experience is a proprietary in-house multimodal model trained on Pinterest's vast and unique data set, which is 30% more effective at identifying and recommending relevant content from our Corpus compared to leading off-the-shelf models.

今年五月，我們對 Pinterest 的視覺發現功能進行了重大改進，這是我們首次推出多模態搜尋體驗，首先從女性時尚開始。這項升級後的功能使用戶能夠透過同時使用圖像和文字輸入，比以往更精確地進行搜尋。支撐這一體驗的是 Pinterest 自主研發的多模態模型，該模型基於 Pinterest 龐大而獨特的數據集進行訓練，與領先的現成模型相比，它在從我們的語料庫中識別和推薦相關內容方面效率高出 30%。

Now we're testing ways to expand multimodal search and bring AI to the foreground of the user experience with the launch of our new Pinterest Assistant. With Pinterest Assistant, we are fundamentally enhancing the discovery journey on Penterest by transforming pure text-based search into a voice-activated conversational assistant. Now users can move beyond simple keyword text inputs to describing open-ended, complex questions and commands like; What outfits might match this theme, and make these home decor ideas brighter and with a modern layout. Our AI technology services real-time inspiration that takes these conversational descriptors, runs them through our AI fine-tuned with our first-party signal and surfaces shoppable products from our catalog.

現在，我們正在測試各種方法來擴展多模態搜索，並透過推出新的 Pinterest 助手，將人工智慧置於用戶體驗的核心位置。透過 Pinterest Assistant，我們將純粹的基於文字的搜尋轉變為語音啟動的對話式助手，從而從根本上增強了 Pinterest 上的發現之旅。現在，使用者可以超越簡單的關鍵字文字輸入，描述開放式、複雜的問題和命令，例如：哪些服裝可能與此主題相配，以及如何讓這些家居裝飾理念更加明亮，並採用現代佈局。我們的 AI 技術服務提供即時靈感，它獲取這些對話描述符，透過我們利用第一方訊號微調的 AI 進行處理，並從我們的產品目錄中篩選出可購買的產品。

Additionally, by translating natural language queries and to curated visual results, we are also able to capture more nuanced commercial intent, providing us valuable signal to drive further personalized recommendations. We just began a beta rollout of Pinterest Assistant to a small set of test users in the US. We're excited about the opportunities that multimodal search can unlock and we'll continue to test this product over the coming quarters seek user feedback and expand access to a broader set of users over time.

此外，透過將自然語言查詢翻譯成精心策劃的視覺結果，我們也能捕捉到更細緻的商業意圖，為我們提供有價值的訊號，從而推動更個人化的推薦。我們剛開始在美國向一小部分測試用戶推出 Pinterest Assistant 的 beta 版本。我們對多模態搜尋能夠帶來的機會感到興奮，我們將在接下來的幾季繼續測試該產品，尋求用戶回饋，並隨著時間的推移擴大其用戶範圍。

AI is also being integrated to help move users through their commercial journeys in ways that are unique to Pinterest. A recent example is with Boards. As I've discussed in past quarters, Boards are at the heart of a user's inspiration to action journey and a superpower of our platform. hundreds of millions of our users actively saved to 15 billion boards organizing every aspect of their lives and creating an intent signal found nowhere else in the Western world. Importantly, users who use boards are more likely to revisit, less likely to turn and more likely to have deep recessions.

人工智慧也被整合進來，以幫助用戶以 Pinterest 獨有的方式完成他們的商業旅程。最近的一個例子是 Boards。正如我在過去幾季中討論過的，看板是用戶從靈感到行動的核心，也是我們平台的強大功能。數億用戶活躍地保存了150億個看板，用於整理他們生活的方方面面，並創造了一種在西方世界其他任何地方都找不到的意圖信號。重要的是，使用論壇的用戶更有可能再次訪問，不太可能轉向，也更有可能經歷嚴重的經濟衰退。

Now we're using AI to make boards even more inspirational and shoppable, helping users move seamlessly from discovery to decision.

現在，我們正在利用人工智慧使看板更具啟發性和購物性，幫助用戶無縫地從發現到決策。

In the coming weeks, we will be introducing new trends and brands to our U-Can users with a new feature called Boards made for you. This feature brings timely curated collections of fresh and personalized content right into the home feed, with the goal of driving more frequent visitation and curation in introducing relevant shopping recommendations. With a blend of AI-driven recommendations and expert human curation, we're delivering personalized boards that help users discover new trends for them, see what others with similar styles and interests are loving each day and shop personalized weekly outfit ideas.

在接下來的幾周里，我們將透過一項名為「為你打造的板塊」的新功能，向 U-Can 用戶介紹新的潮流和品牌。此功能將精心挑選的新鮮個人化內容及時推送至主頁資訊流，旨在提高用戶訪問頻率，並透過提供相關的購物推薦來吸引用戶。我們結合人工智慧驅動的推薦和專家的人工精選，提供個人化的推薦板，幫助用戶發現適合他們的新潮流，了解其他擁有相似風格和興趣的人每天喜歡什麼，併購買個性化的每週穿搭靈感。

As part of our Q4 holiday go-to-market efforts, we're also launching the holiday edit, consisting of hundreds of new expert curated gift guides spanning 17 categories, including fashion, home, food, beauty, travel, parenting and technology. These shop boards feature gift ideas selected by celebrities in the know and Pinterest experts who understand exactly what to buy for every taste and budget. Through these initiatives, we're driving value for our users that they can only find on Pinterest, which in turn drives better engagement on the platform.

作為我們第四季度假日市場推廣活動的一部分，我們還將推出假日精選，其中包括數百份由專家精心策劃的全新禮品指南，涵蓋 17 個類別，包括時尚、家居、美食、美容、旅行、育兒和科技。這些店鋪板塊展示了由消息靈通的名人以及Pinterest專家精心挑選的禮物創意，他們深諳各種口味和預算的需求，並能準確把握購買方向。透過這些舉措，我們正在為用戶創造他們只能在 Pinterest 上找到的價值，這反過來又提高了用戶在平台上的參與度。

Our commitment to enhancing the user's journey from inspiration to action creates a powerful full funnel opportunity for advertisers. It allows them to connect with consumers at every stage, especially during the critical discovery phase where users have high commercial intent, but don't yet know exactly what they want to purchase. To that end, we recently launched a number of ad formats geared towards connecting users to shoppable products. For example, we recently launched top of search ads, now in beta in all monetized markets. These ads appear directly within the top 10 search results and in related pins ensuring that the brand's products are visible for shopping journeys most often begin and ahead of the competition.

我們致力於提升用戶從靈感到行動的整個體驗過程，為廣告主創造強大的全通路行銷機會。它使他們能夠與消費者在每個階段建立聯繫，尤其是在關鍵的發現階段，此時用戶具有很高的商業意向，但還不清楚自己究竟想購買什麼。為此，我們最近推出了一系列旨在將用戶與可購買產品聯繫起來的廣告形式。例如，我們最近推出了搜尋結果頂部廣告，目前在所有獲利市場都處於測試階段。這些廣告直接出現在搜尋結果的前 10 個結果中以及相關的 Pin 圖中，確保品牌的產品在用戶最常開始的購物旅程中可見，並領先於競爭對手。

Since 45% of clicks occur in the top 10 search results, this placement is highly valuable. Our testing shows an average click-through rate of 29% higher for top of search ads compared to standard campaigns and a 32% higher likelihood of attracting new users who haven't seen or engaged with the brand's ads in the past.

由於 45% 的點擊量都來自搜尋結果的前 10 個，因此這個排名位置非常有價值。我們的測試表明，與標準廣告系列相比，搜尋結果頂部廣告的平均點擊率高出 29%，吸引以前從未看過或與該品牌廣告互動過的新用戶的可能性高出 32%。

For example, Tractor Supply Company leveraged top of search ads and an A/B test saw a 129% increase in click-through rate versus their catalog benchmarks. Last quarter, I highlighted our significant opportunity to enable new seamless shopping experiences across various categories on our platform. As part of that effort, we announced our new partnership with Instacart. -- which enables Pinterest ads to become directly shoppable via Instacart, allowing users to complete a purchase in just a few clicks. In September, we further expanded this functionality, which brings actionability to CPG advertisers with the launch of where to Buy links.

例如，Tractor Supply Company 利用了搜尋廣告，並透過 A/B 測試發現，其點擊率比目錄基準提高了 129%。上個季度，我重點介紹了我們平台在各個類別中實現全新無縫購物體驗的巨大機會。作為這項工作的一部分，我們宣布與 Instacart 建立新的合作夥伴關係。 ——這使得 Pinterest 廣告可以直接透過 Instacart 進行購買，用戶只需點擊幾下即可完成購買。9 月，我們進一步擴展了這項功能，透過推出「購買連結」為 CPG 廣告商帶來了可操作性。

Where to Buy links make standard ads instantly shoppable by surfacing multiple in-stock retailer options for a single product directly from an ad, all while allowing advertisers to receive valuable purchase intent data. With one tap, shoppers can view retailer options and choose their preferred one to complete a purchase.

「購買地點」連結使標準廣告可以直接在廣告中顯示單一產品的多個有庫存零售商選項，從而使用戶能夠立即購買，同時還能讓廣告商獲得寶貴的購買意願數據。只需輕輕一點，購物者即可查看零售商選項，並選擇自己喜歡的零售商完成購買。

In September, we also launched local inventory ads, where retailers can display real-time prices for in-stock items within a shopper's local store radius, adding a layer of convenience and actionability for users who want to know what's available nearby. These new ad formats are complemented by our ongoing focus on Pinterest Performance+, where we continue to drive adoption, increase functionality, enhanced bidding capabilities through features like ROAS bidding and subsequently drive increased advertiser spend. We're excited about the performance that Pinterest Performance+ is delivering for advertisers, particularly Pinterest Performance+ campaigns, our AI-powered suite of automated ad products designed to boost campaign performance by simplifying setup and optimizing delivery across objectives.

9 月，我們還推出了本地庫存廣告，零售商可以顯示購物者所在本地商店範圍內有庫存商品的即時價格，為想要了解附近有什麼商品的用戶增加了便利性和可操作性。這些新的廣告格式與我們持續關注的 Pinterest Performance+ 相輔相成，我們將繼續推動用戶採用，增強功能，並透過 ROAS 競價等功能提升競價能力，從而推動廣告主增加支出。我們對 Pinterest Performance+ 為廣告主帶來的效果感到非常興奮，尤其是 Pinterest Performance+ 廣告系列，這是我們由人工智慧驅動的自動化廣告產品套件，旨在透過簡化設定和優化跨目標投放來提升廣告系列的效果。

Pinterest Performance+ campaigns bundle a la carte features like P+ bidding, P+ targeting and Plus budgets into one suite to help advertisers reach the right audience and drive better results with 50% fewer inputs related to set up a campaign. Just one year since launching into general availability, we're extremely pleased with our progress and the performance we're driving for advertisers. For example, retail advertisers that spent on Pinterest Performance Plus campaigns have on average seen a 24% higher conversion lift than those spending only on traditional campaigns.

Pinterest Performance+ 廣告活動將 P+ 出價、P+ 定位和 Plus 預算等單一功能捆綁到一個套件中，幫助廣告主以比設定廣告活動少 50% 的投入觸達目標受眾並獲得更好的廣告效果。自正式上線以來僅僅一年，我們對所取得的進展以及為廣告商帶來的業績感到非常滿意。例如，在 Pinterest Performance Plus 廣告活動中投入資金的零售廣告商，其轉換率平均比只在傳統廣告活動上投入資金的廣告商高出 24%。

Additionally, Performance+ campaigns are also helping us deepen performance across a wide range of advertiser segments. Last quarter, we talked about how our Pinterest Performance+ campaigns was seeing a particularly strong product market fit amongst our mid-market enterprise and smaller advertisers as these advertisers value automated and simplified ways to optimize their campaign performance on our platform.

此外，Performance+ 廣告活動也幫助我們提升了各個廣告客戶群的廣告效果。上個季度，我們討論了我們的 Pinterest Performance+ 廣告系列如何為中型企業和小型廣告商帶來特別強勁的產品市場契合度，因為這些廣告商重視透過自動化和簡化的方式來優化他們在我們平台上的廣告活動效果。

We continue to see highest adoption of this tool amongst our smaller and mid-market managed advertisers, who range from tens of millions to upwards of $100 million in annual gross merchandise value. As these advertisers adopt Performance+ campaigns, we are seeing them spend more on the platform. Among our mid-market and smaller managed advertisers, Performance+ campaign adopters exhibited on average a 12% higher monthly growth rate in spend on Pinterest post adoption when compared to non-adopters. While this cohort of smaller and mid-market advertisers represents approximately 15% of our revenue today, we see significant opportunity to continue to increase our share of wallet with this segment of advertisers.

我們發現，規模較小且中型市場的廣告主對該工具的使用率仍然最高，他們的年商品交易總額從數千萬美元到超過 1 億美元不等。隨著這些廣告主採用效果行銷+廣告活動，我們看到他們在平台上的支出也在增加。在我們針對中小型市場的廣告主中，採用 Performance+ 廣告活動的用戶在 Pinterest 貼文採用方面的月均支出成長率比未採用該廣告系列的用戶高出 12%。雖然目前這部分中小型市場廣告客戶約占我們收入的 15%，但我們看到了繼續提高我們在該廣告客戶群體中的份額的巨大機會。

We also continue to add new features and functionality to the Pinterest Performance+ suite. In Q1 2025, we launched Performance+ ROAs bidding, which provides more granular bidding functionality for advertisers and optimizes for conversion value. not just the volume of conversions. This is particularly impactful for advertisers that have a large catalog of varying price points. And while we are only two quarters into general availability of Road bidding, we're seeing promising early adoption.

我們也會繼續為 Pinterest Performance+ 套件添加新的功能和功能。2025 年第一季度，我們推出了 Performance+ ROA 競價，為廣告主提供更精細的競價功能，並優化轉換價值，而不僅僅是轉換次數。對於擁有大量不同價位廣告產品的廣告主來說，這一點尤其重要。雖然道路競標系統正式推出才兩個季度，但我們已經看到了令人鼓舞的早期應用情況。

Globally, 22% of our lower funnel retail revenue now flows through ROAs bidding. And notably, as we drive adoption, we're increasingly seeing advertisers place bids against a greater portion of their catalog.

在全球範圍內，我們零售通路下游收入的 22% 現在都透過 ROA 競價實現。值得注意的是，隨著我們推動採用率的提高，我們越來越看到廣告商對其目錄中的更大比例的內容進行競價。

In Q3, the number of unique shopping SKUs with a paid ad impression grew more than 100% year-over-year. And advertisers using road bidding contributed the entirety of that growth.

第三季度，付費廣告曝光次數對應的獨立購物 SKU 數量較去年同期成長超過 100%。而所有採用路邊競價的廣告商都貢獻了這個成長。

Lastly, we continue to enhance our Pinterest Performance+ suite and be responsive to advertiser feedback. As an example, advertisers have requested additional transparency regarding the audiences their performance plus campaigns are reaching to supplement the performance metrics they already receive. As a result, we recently launched enhanced new reporting functionality and ads manager, offering detailed audience breakdowns, including age, gender and approximate location.

最後，我們將繼續改進 Pinterest Performance+ 套件，並積極回應廣告主的回饋。例如，廣告主要求提高其成效廣告活動涵蓋受眾的透明度，以補充他們已經收到的效果指標。因此，我們最近推出了增強型新報告功能和廣告管理器，提供詳細的受眾細分訊息，包括年齡、性別和大致位置。

In short, just over a year since launching Pensions Performance Plus, I am proud of the value we've delivered for advertisers with meaningful opportunities still ahead of us. Now I'll turn to our international opportunity. International monetization represents one of our largest, most durable growth vectors, and we're still in the very early innings. Today, we have roughly 500 million MAUs outside of UCAN or 83% of our global users, evidence of our strong global awareness and product market fit with our users. However, these users represented just 25% of global revenue in Q3 2025, reflecting our historical monetization focus on U-Can.

簡而言之，自從推出 Pensions Performance Plus 以來僅僅一年多，我為我們為廣告商創造的價值感到自豪，未來還有許多有意義的機會。現在我將談談我們的國際機會。國際市場貨幣化是我們最大、最持久的成長動力之一，而我們目前仍處於起步階段。目前，我們在 UCAN 以外的地區擁有約 5 億月活躍用戶，佔全球用戶的 83%，證明了我們強大的全球知名度以及產品與用戶的市場契合度。然而，這些用戶在 2025 年第三季僅佔全球收入的 25%，這反映了我們過去對 U-Can 的獲利重點。

While we continue to see opportunities to drive growth in UCAN, this imbalance creates the upside we're now beginning to unlock as we scale proven playbooks across our Europe and Rest of World regions and integrate more deeply with the advertising ecosystem in each of these regions. Our go-to-market approach is region-specific. In Europe, we lead primarily with our first-party sales team to serve advertisers directly. We're also focused on strengthening our relationships with agencies who manage and deploy much of the digital advertising spend in this region and who we view as vital partners in the ecosystem as well as integrating with marketing tech partners who help advertisers manage their creative and campaigns.

儘管我們繼續看到 UCAN 領域的成長機會，但這種不平衡也帶來了我們現在開始釋放的潛力，因為我們將在歐洲和世界其他地區推廣行之有效的策略，並更深入地融入每個地區的廣告生態系統中。我們的市場推廣策略因地域而異。在歐洲，我們主要依賴第一方銷售團隊直接服務廣告商。我們也致力於加強與管理和部署該地區大部分數位廣告支出的代理商的關係，我們認為他們是生態系統中的重要合作夥伴；同時，我們也致力於與行銷技術合作夥伴進行整合，以幫助廣告商管理他們的創意和廣告活動。

In the rest of world, we've deployed a hybrid model that blends our direct sales force in select markets, reseller partners in over 40 countries. And incremental third-party ad demand, allowing us to effectively scale growth in longer tail markets that were previously unmonetized or significantly undermonetized. Critically, we're exporting what already works in you can while localizing the implementation. Our lower funnel playbook focuses on increasing uploads of product catalogs and driving adoption of shopping ad formats and privacy-centric measurement. We couple that with Pinterest Performance+ to simplify campaign creation and improve outcomes for our advertisers.

在世界其他地區，我們採用了混合模式，將特定市場的直銷團隊與 40 多個國家的經銷商合作夥伴結合。以及不斷增長的第三方廣告需求，使我們能夠有效地擴大以前未獲利或獲利不足的長尾市場的成長規模。關鍵在於，我們將已經行之有效的部分匯出到您的設備，同時實現本地化。我們的下漏斗策略著重於增加產品目錄的上傳量，並推動購物廣告格式和以隱私為中心的衡量方式的採用。我們將此功能與 Pinterest Performance+ 結合，以簡化廣告活動創建並提高廣告客戶的廣告效果。

The result is a consistent, measurable path for advertisers to see performance and scale their spend on Pinterest. As an example, Pandora, a leading European-based global jewelry retailer leveraged many of Pinterest's best practices, including the adoption of Pinterest Performance+ across 100% of their lower funnel spend in existing markets, which drove ROAS lists across their campaigns. Additionally, Pandora adopted our conversion API, driving nearly a 36% increase in ROAS and after implementing off-line conversions drove a 148% increase in ROAS across priority markets.

最終，廣告主可以透過一條持續、可衡量的路徑來了解廣告成效並擴大在 Pinterest 上的支出規模。例如，總部位於歐洲的全球領先珠寶零售商 Pandora 利用了 Pinterest 的許多最佳實踐，包括在現有市場中 100% 的漏斗底部支出中採用 Pinterest Performance+，從而提高了其廣告系列的 ROAS 清單。此外，Pandora 採用了我們的轉換 API，推動 ROAS 成長了近 36%，在實施線下轉換後，在重點市場推動 ROAS 成長了 148%。

International advertisers leaning into our shopping ad formats has been one of the clearest indication that our lower funnel playbook is resonating across the globe. two years ago at our Investor Day in September 2023, shopping ads represented just 9% of international revenue. In Q3 2025, it reached 30%. In fact, Q3 shopping ad revenue in both Europe and the Rest of World grew over 2x faster than the overall revenue growth of their respective regions. Despite this progress, we see significantly more opportunity to both activate and grow our share of wallet with international advertisers, particularly with the most sophisticated European and rest of world advertisers where we are currently underpenetrated.

國際廣告主對我們購物廣告形式的青睞，最清楚地表明了我們優化行銷漏斗底部策略在全球範圍內的影響力。兩年前，也就是2023年9月的投資人日上，購物廣告僅佔國際收入的9%。到 2025 年第三季度，這一比例達到 30%。事實上，第三季歐洲和世界其他地區的購物廣告收入成長速度均比各自地區的整體收入成長速度快兩倍以上。儘管取得了這些進展，但我們看到仍有很大的機會激活國際廣告商並擴大我們的市場份額，尤其是在我們目前滲透率較低的最成熟的歐洲和世界其他地區的廣告商中。

It's still early, but we're making tangible progress narrowing our international monetization gap as measured by international ARPU relative to UCAN. Overall, I'm extremely proud of our team and the progress we are making across a number of initiatives. Pinterest is growing users across all the generations and geographies we track and has become a destination. Importantly, we're also growing queries, board creation and clicks to advertisers faster than users, meaning we're deepening engagement per user across the dimensions we want even as users have more alternatives than ever for search.

雖然現在還處於早期階段，但我們在縮小國際貨幣化差距方面取得了實際進展，以國際 ARPU 相對於 UCAN 的水平來衡量。總的來說，我為我們的團隊以及我們在多項舉措中取得的進展感到無比自豪。Pinterest 的用戶數量在我們追蹤的所有年齡層和地區都在增長，並已成為一個熱門目的地。重要的是，我們向廣告主提供的搜尋查詢、版塊創建和點擊量增長速度也超過了用戶增長速度，這意味著即使用戶擁有比以往任何時候都多的搜尋選擇，我們也在我們希望的各個維度上加深每個用戶的參與度。

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

接下來，我將把電話交給茱莉亞，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 third quarter 2025 financial results and provide an update on our preliminary fourth 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.

謝謝你，比爾，大家下午好。今天，我將討論我們 2025 年第三季的財務業績，並更新我們對 2025 年第四季的初步展望。除收入外，所有財務指標均以非GAAP準則進行討論，除非另有說明；所有比較均以同比為基礎進行，除非另有說明。

Now let's start with our third quarter results. We ended the quarter with 600 million global monthly active users, or MAUs, growing 12%, our ninth consecutive quarter of record high users. We continue to demonstrate user growth across all of our geographic regions. In Q3, our US and Canada region had 103 million MAUs growing 4%, our Europe region had 150 million MAUs growing 8%, and then the rest of world markets, we had 347 million MAUs growing 16%.

現在讓我們從第三季業績開始。本季末，全球月活躍用戶（MAU）達 6 億，成長 12%，連續第九個季度創下用戶數新高。我們在所有地理區域都持續保持用戶成長。第三季度，我們在美國和加拿大地區的每月活躍用戶數為 1.03 億，成長了 4%；我們在歐洲地區的每月活躍用戶數為 1.5 億，成長了 8%；而世界其他地區的月活躍用戶數為 3.47 億，成長了 16%。

Shifting to revenue. In Q3, our global revenue was $1.049 billion, up 17% on a reported basis and 16% on a constant currency basis. We saw strength across our conversion and awareness objectives. Across verticals, we continue to see strength led by retail as well as by smaller, faster-growing categories on our platform, including telecom and entertainment. We also continue to see a normalization within CPG, driven largely by our food and beverage subvertical.

轉向營收。第三季度，我們的全球營收為 10.49 億美元，按報告匯率計算成長 17%，以固定匯率計算成長 16%。我們在轉換率和品牌知名度目標方面都取得了顯著進展。從各個垂直領域來看，我們繼續看到零售業以及平台上規模較小、成長速度較快的類別（包括電信和娛樂）保持強勁成長勢頭。我們也看到消費品產業內部持續出現正常化趨勢，這主要得益於我們的食品和飲料次產業的發展。

Turning to our geographical breakouts for Q3. In the US and Canada, we generated $786 million in revenue, growing 9%. Strength came from retail, CPG, Telecom and entertainment. In Europe, revenue was $193 million, growing 41% on a reported basis or 34% on a constant currency basis.

接下來來看看我們第三季的地域分佈。在美國和加拿大，我們創造了 7.86 億美元的收入，成長了 9%。零售、消費品、電信和娛樂產業是成長的主要來源。在歐洲，營收為 1.93 億美元，按報告匯率計算成長 41%，以固定匯率計算成長 34%。

Strength in Europe was driven by retail. Revenue from Rest of World was $70 million, growing 66% on a reported basis or 65% on a constant currency basis.

歐洲經濟的強勁成長主要得益於零售業。來自世界其他地區的收入為 7000 萬美元，按報告匯率計算增長了 66%，按固定匯率計算增長了 65%。

We're pleased to deliver the strong 17% third quarter revenue growth which exemplifies our multiple ways to win that I've spoken about for many quarters. We continue to diversify our business across geographies, grow long-standing as well as new advertiser verticals and begin to deepen our share with mid-market and smaller advertisers. We did face pockets of moderating ad spend in UCAN in Q3 as larger US retailers navigate tariff-related margin pressure in the current environment. However, as Bill noted, we also saw accelerating strength across our international geographies in Q3 as we have begun to successfully export our lower funnel playbook around shopping.

我們很高興地宣布第三季營收實現了強勁的 17% 成長，這充分體現了我過去幾季以來一直強調的多種制勝之道。我們繼續在地域上實現業務多元化，發展長期存在的以及新的廣告客戶垂直領域，並開始加深我們在中小型廣告客戶中的份額。第三季度，由於美國大型零售商在當前環境下面臨關稅相關的利潤壓力，我們在UCAN的廣告支出出現了一些放緩的跡象。然而，正如比爾所指出的那樣，我們在第三季度也看到，隨著我們開始成功地將我們圍繞購物的漏斗底部策略輸出到國際市場，我們在國際地區的成長勢頭也在加速增強。

In Q3, overall ad impressions grew 54% and while ad pricing declined 24% year-over-year. The primary driver of the continued strong growth in ad impressions and corresponding decline in ad pricing continues to be the growing mix shift from ad impressions in previously unmonetized or undermonetized international markets, which carry lower ad pricing than our more mature markets.

第三季度，廣告總曝光量成長了 54%，而廣告價格較去年同期下降了 24%。廣告展示次數持續強勁成長和廣告價格相應下降的主要驅動因素，是廣告展示次數從以前未盈利或盈利不足的國際市場向更成熟的市場轉移，這些國際市場的廣告價格低於我們更成熟的市場。

Moving to expenses. In Q3, cost of revenue was $206 million, up 13% year-over-year and up 5% versus Q2 due to increased infrastructure spend related to our user and engagement growth. Our non-GAAP operating expense was $543 million, up 15%. The increase was due to investments in sales and marketing and R&D as we continue to invest in headcount to support our AI and other product initiatives as well as our sales force.

轉到費用部分。第三季度，營收成本為 2.06 億美元，年增 13%，較第二季成長 5%，原因是與用戶和參與度成長相關的基礎設施支出增加。我們的非GAAP營運費用為5.43億美元，成長15%。成長是由於我們在銷售、行銷和研發方面的投資，我們將繼續增加人手，以支援我們的人工智慧和其他產品計劃以及我們的銷售團隊。

Our revenue growth, combined with our disciplined approach to cost led to another strong quarter of adjusted EBITDA coming in at $306 million, a margin of 29%. Adjusted EBITDA margin expanded 170 basis points versus Q3 last year and helped to deliver Q3 free cash flow of $318 million. This speaks to the inherent profitability of our business and highly cash-generative nature of our model with over 90% of our adjusted EBITDA converting to free cash flow over the trailing 12 months. We ended the quarter with cash, cash equivalents and marketable securities of $2.7 billion. As a reminder, we've previously discussed the four pillars of our capital allocation framework, which remain unchanged.

我們的營收成長，加上我們嚴格的成本控制，使得本季調整後 EBITDA 達到 3.06 億美元，利潤率為 29%。調整後的 EBITDA 利潤率較去年第三季增長了 170 個基點，並幫助實現了第三季 3.18 億美元的自由現金流。這體現了我們業務固有的獲利能力和我們模式的高度現金產生特性，在過去 12 個月中，我們調整後的 EBITDA 有超過 90% 轉化為自由現金流。本季末，我們持有現金、現金等價物及有價證券共27億美元。再次提醒大家，我們之前討論過資本配置架構的四大支柱，這些支柱保持不變。

First, investing in product and technology innovation; second, balance sheet optimization; third, preserving flexibility for opportunistic and disciplined M&A; and fourth, dilution management. To that end, as part of our ongoing efforts to mitigate dilution from employee stock-based compensation, in Q3, we allocated $199 million towards share repurchases and $115 million toward net share settlement of equity awards, thus bringing fully diluted share count roughly flat year-over-year.

首先，投資於產品和技術創新；其次，優化資產負債表；第三，保持靈活性，以便進行機會主義和有紀律的併購；第四，進行股權稀釋管理。為此，作為我們持續努力減輕員工股票選擇權激勵措施帶來的股權稀釋的一部分，我們在第三季度撥款 1.99 億美元用於股票回購，併撥款 1.15 億美元用於股權獎勵的淨股票結算，從而使完全稀釋後的股票數量與上年同期基本持平。

Now I'll discuss our preliminary guidance for the fourth quarter. We expect Q4 revenue to be in the range of $1.313 billion to $1.338 billion, representing 14% to 16% growth year-over-year. Our guidance assumes the impact of foreign exchange to be approximately 1 point of tailwind based on current spot rates.

現在我將討論我們對第四季的初步預期。我們預計第四季營收將在 13.13 億美元至 13.38 億美元之間，年增 14% 至 16%。根據目前的即期匯率，我們的預測認為外匯波動的影響約為1個百分點的順風。

Moving down the P&L. We expect Q4 2025 adjusted EBITDA to be in the range of $533 million to $558 million. We anticipate Q4 2025 non-GAAP cost of revenue to grow sequentially from Q3 2025 by high single-digits percent. Within Q4 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 sales team. Our Q4 adjusted EBITDA guidance confirms that we will continue to expect adjusted EBITDA margin expansion in the second half of 2025.

向下移動損益表。我們預計 2025 年第四季調整後 EBITDA 將在 5.33 億美元至 5.58 億美元之間。我們預計 2025 年第四季非 GAAP 營收成本將比 2025 年第三季季增高個位數百分比。在第四季度非GAAP營運費用中，我們的主要投資領域將繼續是研發部門的人員成長，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銷售團隊。我們在第四季度調整後 EBITDA 指引確認，我們將繼續預期 2025 年下半年調整後 EBITDA 利潤率將擴大。

We Consistent with our commentary on our last earnings call, the level of expansion in the second half 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. Overall, we are pleased with our progress in 2025 towards our long-term adjusted EBITDA margin targets and our ability to continue generating significant free cash flow.

正如我們在上次財報電話會議上所言，由於我們將繼續投資於推動營收成長的舉措，2025 年下半年的擴張水準將低於上半年的較高水準。總體而言，我們對 2025 年在實現長期調整後 EBITDA 利潤率目標方面取得的進展以及我們繼續產生大量自由現金流的能力感到滿意。

In closing, I'm proud of our team for another strong quarter as we continue to deliver for our users and advertisers. With that, I'll hand it over to Bill for some final words.

最後，我為我們的團隊感到自豪，我們又一個季度表現出色，繼續為我們的用戶和廣告商提供優質服務。接下來，我將把麥克風交給比爾，讓他做最後的總結演講。

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.

謝謝你，茱莉亞。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。

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

接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Ron Josey, Citigroup.

Ron Josey，花旗集團。

Great, thanks for taking the question. Bill, a bigger picture question for you, and then Julia, I had one for you. Bill, on the future of e-commerce, I would love to get your thoughts on agentic Commerce, agenetic search and how everything is evolving here. and specifically interest opportunity and strategy given its evolving landscape and then clearly with the launch of Pinterest Assist? And then, Julia, I think you mentioned some pockets to growth in UCAN given tariffs. Wondering if this continued or if things have normalized since then. Thank you.

太好了，謝謝你回答這個問題。比爾，我有個更宏觀的問題想問你；茱莉亞，我也有個問題想問你。比爾，關於電子商務的未來，我很想聽聽你對智慧商務、智慧搜尋以及這些領域發展趨勢的看法。特別是考慮到其不斷變化的格局，以及Pinterest Assist的推出，你認為這其中蘊藏著哪些機會和策略？然後，Julia，我想你提到了關稅因素下 UCAN 的一些成長點。想知道這種情況是否一直持續，還是之後情況已經恢復正常。謝謝。

Thanks for the question, Ron. So one of the things I'm most proud of when I look at our results, particularly over the last three years is the strength that we have had with users, nine straight quarters of record high users, in the fact that shopping has been at the very center of the resurgence of our platform. And the core of that is that we've effectively become an AI-driven shopping assistant, as I discussed in my prepared remarks.

謝謝你的提問，羅恩。因此，當我回顧我們的業績，尤其是過去三年來的業績時，我最引以為傲的事情之一就是我們在用戶方面取得的強勁表現，連續九個季度用戶數量創歷史新高，這說明購物一直是我們平台復興的核心。正如我在準備好的演講稿中所討論的那樣，其核心在於我們實際上已經變成了一個由人工智慧驅動的購物助理。

And to go a little further on that related to your question on agentic. Pinterest is proactive. It anticipates what users love without the user having to ask. Effectively, that is the promise of agentic that AI is working for you without you having to tell it what to go do. And that's exactly what users experience on Pinterest every day and what is leading to that deep engagement that we understand their style and taste and preferences so well.

關於你提出的關於代理的問題，我想再進一步探討。Pinterest 非常積極主動。它無需用戶詢問就能預測用戶的喜好。實際上，這就是智能體的承諾：人工智慧無需你告訴它該做什麼，就能為你工作。而這正是用戶每天在 Pinterest 上體驗到的，也是我們能夠如此深入地了解他們的風格、品味和偏好，以實現深度互動的原因。

that every time they open the app, they're getting great new recommendations from our AI-driven systems, and we're making those more and more helpful as evidenced by the Pinterest Assistant that we just announced. We're clearly not standing still. We're going to continue advancing that, and we're going to continue to be centered on our strength in a visual first experience. But adding voice, bringing more of the AI to the foreground, we think will take us further into that AI-driven journey for the user. And our focus, to be clear, is in guiding the user through the decision-making journey.

每次用戶打開應用程式時，我們的人工智慧系統都會向他們推薦很棒的新內容，而且正如我們剛剛發布的 Pinterest 助理所證明的那樣，我們正在讓這些推薦變得越來越有用。我們顯然沒有停滯不前。我們將繼續推進這項工作，並將繼續發揮我們在視覺優先體驗方面的優勢。但我們認為，加入語音功能，讓更多人工智慧技術走到台前，將帶領使用者更深入體驗人工智慧驅動的旅程。需要明確的是，我們的重點是引導使用者完成決策過程。

We believe that is the most impactful part of the promise of Agentic.

我們認為這是 Agentic 最具影響力的優勢。

From a buying perspective, we deliver great buying experiences for our users. For example, we have push button buying with Amazon linked accounts. That's a great experience. We have millions of users using that today where they can buy right within our platform. And if we see users saying they want the AI to push the button for them, that's not a technically complex thing for us to do, but we think actually the more differentiated thing is how we're guiding the user through that journey helping them go further down the commercial journeys every time they come back to our app.

從購買者的角度來看，我們為使用者提供卓越的購買體驗。例如，我們可以透過關聯亞馬遜帳戶實現一鍵購買。那是一次很棒的經驗。如今，我們有數百萬用戶正在使用該平台，他們可以直接在我們的平台上購買商品。如果我們看到用戶表示希望 AI 為他們按下按鈕，這對我們來說在技術上並不復雜，但我們認為真正更具差異化的是如何引導用戶完成這一過程，幫助他們在每次回到我們的應用程式時都能更深入地了解商業流程。

And it's also worth noting, as you've seen other AI platforms really burst onto the scene AI, open AI at 800 million users, that's branded over the last few years. But even if that has happened, we've delivered nine consecutive quarters of record users while deepening engagement across the metrics that we want, including on search. And within that, a 44% increase in queries in our latest visual search features. So we think that is really clearly demonstrating that we've carved out a unique space for ourselves there. And where -- when you think about that broader promise of agentic AI working on your behalf to guide you through those earnings, I think we are at 600 million-plus monthly active users, I think we are one of the most popular places for us to go in that and doing something unique and distinct from others.

值得注意的是，正如你所看到的，其他人工智慧平台在過去幾年迅速崛起，例如開源人工智慧平台，用戶數量已達 8 億。但即便如此，我們仍連續九個季度實現了用戶數量創紀錄的成長，同時在包括搜尋在內的各項指標上都提高了用戶參與度。其中，我們最新視覺搜尋功能的查詢量增加了 44%。所以我們認為這非常清楚地表明，我們已經在那裡開闢了一個獨特的空間。而當你想到人工智慧代理代表你工作，引導你實現這些收益的更廣泛前景時，我認為我們擁有超過 6 億的月活躍用戶，我認為我們是這方面最受歡迎的地方之一，我們正在做一些與眾不同的事情。

And then on the cost side of that, I think there's -- it's really important to understand that just as we've been talking about, our ability to go align the AI with great monetization continues. The cost implications there it's not only about us aligning the assistant with our ability to monetize and how that is renewing great search results that are highly commercial in nature. We have our own proprietary and compact fit-for-purpose models that perform really well. And every pen we serve today is driven by that, and that's really already in our cost structure. And when there are things that we need to do with broader LLM capabilities, we are constantly doing side-by-side testing between both the leading off-the-shelf proprietary models and open source models.

至於成本方面，我認為——正如我們一直在討論的那樣，我們繼續努力將人工智慧與良好的盈利能力相結合，這一點非常重要。成本方面的影響不僅在於我們如何使助手與我們的獲利能力相匹配，以及如何更新具有高度商業性質的優質搜尋結果。我們擁有自主研發的、結構緊湊且用途明確的型號，性能非常出色。我們今天銷售的每一支鋼筆都是基於這個理念，而這實際上已經體現在我們的成本結構中了。當我們需要使用更廣泛的LLM功能時，我們會不斷地對領先的現成專有模型和開源模型進行並排測試。

And one of the really, really interesting things that we're seeing is that we are just getting tremendous performance from open source models, specifically for Pinterest use cases on visual AI given current market rates and per ton costs in early testing, we're seeing orders of magnitude reduction in costs with comparable performance using fine-tuned open-source models versus leading off-the-shelf proprietary models. So going forward, we think open source can be applied to many more of our use cases and at a fraction of the cost of the larger model providers using open source. So again, we feel really good about the value that we're bringing to the user there. our ability to align that with monetization and our ability to control those costs and deliver that effectively.

我們看到的一個非常非常有趣的現像是，開源模型在視覺人工智慧方面表現出色，尤其是在 Pinterest 的應用案例中。考慮到目前的市場價格和早期測試中的每噸成本，與領先的現成專有模型相比，使用經過微調的開源模型，在性能相當的情況下，成本降低了幾個數量級。因此，展望未來，我們認為開源可以應用於我們更多的用例，而且成本僅為使用開源的大型模型提供者的一小部分。所以，我們對我們為用戶帶來的價值感到非常滿意。我們有能力將這種價值與獲利模式結合，並控製成本，從而有效地交付成果。

And then, Ron, the second part of your question, I'd say overall, with respect to Q3, the quarter played out largely as we expected. In addition, we saw some of the pullback from some US retailers spend from Asia-based e-commerce players in the US was down year-over-year again in Q3. So relative to Q2, we did see a partial recovery there.

然後，羅恩，關於你問題的第二部分，我想說，總體而言，就第三季而言，該季度的發展基本上符合我們的預期。此外，我們看到一些美國零售商的支出有所回落，第三季美國來自亞洲電子商務企業的支出較去年同期再次下降。所以相對於第二季度，我們確實看到了部分復甦。

As we think about guidance for Q4, our Q4 guidance range is 1 point lower than our guidance range was for Q3 as we see these broader trends and market uncertainty continuing with the addition of a new tariff in Q4 impacting the home furnishings category. So I think overall, we still feel really good about our mid- to high teens kind of revenue growth targets over the medium and long term and the durability of our revenue growth.

在考慮第四季度業績指引時，由於我們看到這些更廣泛的趨勢和市場不確定性持續存在，並且第四季度新增關稅將影響家居用品類別，因此我們第四季度的業績指引範圍比第三季度的指引範圍低 1 個百分點。所以總的來說，我認為我們仍然對中長期內實現十幾到二十幾的收入成長目標以及收入成長的可持續性感到非常樂觀。

There are several areas of momentum in our U-Can business that continue that you've seen over the last several quarters. So One of those has been momentum in emerging verticals, also momentum in smaller and mid-market advertisers and then some of the international opportunity that Bill touched on in his prepared remarks. To put this into perspective, some of these emerging verticals in the US like financial services is nearly a $40 billion digital ad category in the US we estimate that we have less than 0.5 point of market share there, and that category has been growing really nicely for us for some time.

在過去幾個季度中，我們已經看到，我們的 U-Can 業務在幾個方面保持著成長勢頭。其中之一是新興垂直領域的成長勢頭，也是中小市場廣告商的成長勢頭，以及比爾在事先準備好的演講稿中提到的一些國際機會。為了讓大家更理解這一點，我們不妨看看美國一些新興的垂直產業，例如金融服務，其數位廣告市場規模接近 400 億美元。我們估計，我們在該領域的市佔率不到 0.5 個百分點，而該領域對我們來說已經發展得相當好一段時間了。

We expect this to translate into further share gains in this and other emerging verticals like travel, entertainment and telecom Likewise, smaller and mid-market advertisers today represent only 15% of our revenue as our priority has been to solve the needs of larger enterprise advertisers first. But we're seeing nice tailwinds as these smaller and mid-market advertisers adopt Performance+ campaigns, and we plan to continue to invest more into growing this segment. So while all these initiatives continue to play out over time and that's going to take time to play out. We're confident we have the right playbook to drive further growth, including an UCAN moving forward.

我們預計這將轉化為在該領域以及其他新興垂直領域（如旅遊、娛樂和電信）的進一步市場份額成長。同樣，目前中小型市場廣告商僅占我們收入的 15%，因為我們的首要任務是先滿足大型企業廣告商的需求。但隨著中小市場廣告商採用效果廣告+廣告活動，我們看到了良好的發展勢頭，我們計劃繼續加大投資，以發展這一細分市場。因此，所有這些舉措都需要時間才能逐步落實。我們有信心，我們擁有推動進一步成長的正確策略，包括推動 UCAN 的發展。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Maybe building on that answer, just Bill, can you characterize more broadly the digital ad environment that you find yourself operating in, representing Q3 what you just reported and sort of the building back of Q4? And Julia gave some really good color there with respect to UCAN. Can you characterize what you're seeing in UCAN relative to the rest of your operations globally against that broader ad environment? Thanks so much.

非常感謝您回答這個問題。或許可以以此為引子，比爾，你能否更廣泛地描述一下你所處的數位廣告環境，以你剛才報告的第三季情況以及第四季的展望為例？Julia 對 UCAN 的描述非常精彩。您能否根據全球更廣泛的廣告環境，描述您在 UCAN 中看到的情況與您在全球其他業務中的情況有何不同？非常感謝。

Thanks, Eric. We're pleased with another strong quarter in Q3 at 17% revenue growth. And as I'm sure you've noted, we've been quite consistent in our growth and in line with the long-term targets for revenue and margin that we laid out at our Investor Day two years ago. So we continue to feel good about that mid- to high teens revenue growth target over the long term that we laid out at Investor Day and our ability to consistently deliver. It's also really important to know this gets to your sort of question on sort of the broader environment.

謝謝你，埃里克。我們對第三季17%的營收成長感到滿意。正如您所注意到的，我們的成長相當穩定，並且與我們兩年前在投資者日上製定的收入和利潤率長期目標相符。因此，我們仍然對我們在投資者日上提出的長期營收成長目標（15%至10%左右）以及我們持續實現該目標的能力感到樂觀。了解這一點也很重要，因為這涉及到你提出的關於更廣泛環境的問題。

It's also important to note that we grew 17% despite operating in an environment where some of our largest retailers in UCAN pull back spend across the industry, not specific to us, a pullback across the industry as a navigated tariff-related margin pressure. And we think that's disproportionately impacting large retailers, but that is a segment that we have more exposure to than other platforms given our focus on shopping though we continue to grow in other verticals and segments of the market in addition to those.

值得注意的是，儘管我們所在的 UCAN 地區一些最大的零售商在整個行業（並非我們獨有）都減少了支出，但我們仍然實現了 17% 的增長，這是因為關稅相關的利潤率壓力導致了整個行業的下滑。我們認為這給大型零售商帶來了不成比例的影響，但鑑於我們專注於購物，我們比其他平台更多地接觸到這一領域，儘管除此之外，我們還在其他垂直領域和市場細分領域繼續發展。

Additionally, as advertisers are adopting AI-driven platforms, there's a next level of optimization in the AI ad platforms that's taking place right now, where bidding is getting further aligned to advertisers measurement sources of truth and more events that lead up to a conversion or being incorporated. We think that presents an upside opportunity moving forward. We began that journey earlier this year with road-based bidding, and we've seen good results there. For example, after launching ROAS bidding in Q1, we saw a 100% increase in shopping SKUs with paid ad impressions across the platform in Q3. And has driven entirely by ROAS bidding adopters, as I noted in my remarks, and more of those advertisers are uploading greater portions of their product catalog.

此外，隨著廣告主採用人工智慧驅動的平台，人工智慧廣告平台正在經歷一個更高層次的最佳化，競價將進一步與廣告主的衡量標準和更多促成轉換或被納入的事件保持一致。我們認為這為未來的發展提供了上漲機會。今年早些時候，我們開始了道路建設招標，並且已經取得了不錯的成果。例如，在第一季推出 ROAS 競價後，我們在第三季看到平台上的付費廣告曝光次數的購物 SKU 增加了 100%。正如我在演講中提到的，這完全是由 ROAS 競價採用者推動的，而且越來越多的廣告商正在上傳其產品目錄的更大部分。

We've talked about that opportunity to get deeper into the catalog even of our largest advertisers. We think this will continue to help us do more of that. Going forward, we see meaningful potential to expand further into AI-based optimization of other events that are valued in advertisers' measurement sources of truth. And while many advertisers have adopted these solutions first with the larger platforms as typical of the adoption cycle, we are testing this with some of our largest partners, and we're seeing really good early results. Certainly, more of that is in front of us than behind us.

我們已經討論過，即使是對於我們最大的廣告客戶，也有機會更深入地了解他們的產品目錄。我們認為這將繼續幫助我們做得更多。展望未來，我們看到了進一步擴展至基於人工智慧的優化其他事件的巨大潛力，這些事件在廣告商衡量真實指標的來源中具有重要價值。雖然許多廣告商首先在大平台上採用了這些解決方案（這是典型的採用週期），但我們正在與一些最大的合作夥伴進行測試，並且我們看到了非常好的早期結果。當然，擺在我們面前的挑戰遠比我們身後的挑戰還要多。

But the good news is that the alignment of AI bidding with the advertisers measurement source of truth is market expanding. I think we've already seen that reflected in some of the larger platforms and what they have been out in the market with. And that tended to give more credit to events leading up to a conversion, such as view through attribution, which should be good for a full funnel platform like Pinterest. So this should accrue to our advantage in future quarters as we continue to roll out those features are very early on our platform now, but we are seeing good early results. And through our broader deployment of these additional Performance+ solutions in 2026, we think there's continued opportunity there.

但好消息是，人工智慧競價與廣告主衡量真實數據來源的一致性正在擴大市場。我認為我們已經在一些大型平台及其推出的產品中看到了這一點。而這往往會將更多功勞歸於促成轉換的事件，例如瀏覽歸因，這對於像 Pinterest 這樣的全通路平台來說應該是有利的。因此，隨著我們繼續推出這些功能，這應該會在未來幾季對我們有利。目前這些功能在我們的平台上還處於非常早期的階段，但我們已經看到了良好的早期效果。我們認為，隨著我們在 2026 年更廣泛地部署這些額外的 Performance+ 解決方案，未來仍將有發展機會。

So we know we're driving performance for advertisers. Clicks to advertisers increased 40% in Q3 and clicks to advertisers outpaced revenue in all of our reported geographies. In fact, Clicks to advertisers were up over 5x over the last three years. But clearly, we have more to do to get proper credit for that performance.

所以我們知道我們正在為廣告主提升廣告效果。第三季廣告點擊量增加了 40%，在我們所有報告的地區，廣告點擊量都超過了收入。事實上，在過去三年裡，廣告點擊量增加了 5 倍以上。但顯然，我們還有更多工作要做，才能讓這項表現得到應有的認可。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

Thank you for the question -- seen that's allowing users to actually remove AI content. I guess the big question is, how do you know what's AI generated? What's not? And why did you make that decision? It seems like a lot of your peers are actually encouraging and want AI content because they want more content to keep people even more engaged, to sell more ads or to build the business.

感謝您的提問——我看到這確實允許用戶刪除人工智慧內容。我想最大的問題是，如何知道哪些內容是人工智慧生成的？什麼不是？為什麼會做出這樣的決定？看來你的許多同行其實都在鼓勵和需要人工智慧內容，因為他們想要更多內容來讓人們更投入，銷售更多廣告或發展業務。

And so it seems like you're sort of doing the opposite, and I'm curious or maybe allowing the opposite versus doing the opposite. Why and help us understand how this all works and why you're doing it?

所以看起來你好像在做相反的事情，我很好奇，或許允許相反的事情發生和做相反的事情是兩回事。為什麼？請幫助我們理解這一切是如何運作的，以及為什麼要這樣做？

Yes. Thanks for the question, Rich. So it's a really great clarification. And overall, we see Gen AI created content as a big tailwind for our platform, and we are very much embracing it. Part of embracing it is addressing content quality.

是的。謝謝你的提問，里奇。所以這真是一個非常好的澄清。總的來說，我們認為人工智慧創造的內容對我們的平台來說是一股強大的推動力，我們非常歡迎它。接受這種理念的一部分就是解決內容品質問題。

And we address content quality primarily through our recommender systems, but then also by giving users choice and saying what they want to see. And so I think you've heard this across pretty much every platform out there, that there are some users and some use cases that would like to see less AI-driven content. And so we're simply giving the user choice, but we're also leveraging all the really great AI-generated content that is available out there. And I think this is not dissimilar to what's happened in prior expansionary moments with content, whether you think about what happened with online video or short form video or the ability for everyone to take a photo with their phone, initially, people react to changes in the volume of quality leading to some examples of lower content quality. But if you have recommender systems that can really parse what's great quality versus not great quality, then you can give users the best of that expanding content corpus.

我們主要透過推薦系統來解決內容品質問題，但同時也讓使用者選擇並表達他們想看的內容。所以我覺得你幾乎在所有平台上都聽過這樣的說法，那就是有些用戶和一些使用場景希望看到更少的 AI 驅動的內容。因此，我們只是讓使用者做出選擇，同時也充分利用了所有現有的優秀人工智慧生成內容。我認為這與之前內容擴張時期發生的事情並無太大區別，無論是在線視頻、短視頻，還是每個人都能用手機拍照，最初，人們對數量和質量的變化都做出了反應，導致了一些內容質量下降的例子。但是，如果你擁有一個能夠真正解析高品質內容與低品質內容的推薦系統，那麼你就可以向用戶提供不斷擴展的內容庫中最好的內容。

And when you look at the engagement on our platform, I think that we -- I think that demonstrates that we're doing a pretty good job of parsing all that great influx of AI-generated content that's out there and figuring out what's going to be relevant for which user at which moment in time. And then what we're doing is augmenting what our recommender systems can do with the user's ability to give us direct feedback if they want to see less AI-driven content. You do have some use cases where someone might say, well, hey, I'm looking for a specific thing to provide architecture on my home. And so I need to know it's a real picture of something that could actually be built versus something that is AI generated. I think over time, users will accept more and more of that as the quality filters get better and better.

當你觀察我們平台上的用戶互動情況時，我認為——我認為這表明我們在解析大量湧入的 AI 生成內容方面做得相當不錯，並且能夠弄清楚在什麼時間對哪個用戶來說是相關的。然後，我們正在做的是增強推薦系統的功能，讓使用者能夠直接向我們回饋，如果他們希望看到更少的 AI 驅動的內容。在某些使用場景中，有人可能會說，嘿，我正在尋找某種特定的東西來為我的房子提供建築設計。所以，我需要知道這張圖片展示的是實際可以建造的東西，而不是人工智慧產生的東西。我認為隨著品質過濾器的不斷改進，使用者會逐漸接受越來越多的這種情況。

But again, overall, we see gene content as a significant tail on the platform already. And it's really about getting the content quality right, which primarily we do behind the scenes on our users' behalf, but we're giving them tools to say when they want to see more or less.

但總的來說，我們認為基因內容已經是該平台上的重要組成部分。而這其實關乎內容質量，我們主要在幕後代表用戶完成這項工作，但我們也為他們提供工具，讓他們可以決定何時想看到更多或更少的內容。

And then specifically to your question of how do you tell. I would say there's not a precise ability for any platform to catch 100% of what is AI generated. There are some industry-level tags that we would act on. There are also things where we're looking at metadata and other indicators that give us indication of that. But that's why we say see less, not see none of because the ability to precisely spot that is not perfect for any platform.

然後具體回答你的問題，也就是如何判斷。我認為沒有任何平台能夠精確地辨識出100%由人工智慧產生的內容。我們會關註一些產業層面的標籤。我們也會查看一些元資料和其他指標，這些指標可以提供我們一些線索。但這就是為什麼我們說要減少看到的內容，而不是完全看不到，因為對於任何平台來說，精確發現問題的能力都不完美。

And I would just say, over time, I think it will get to a place where almost every piece of content you see will have been at a minimum edited by AI in some form or other -- and there are analogs is if you think back to -- it used to be that people would get really sort of intense or some people get in a sense if photos had been photoshopped. Well it has long since been the case that nearly everything you would see out there would have been not just Photoshop, but you have filters and all these things that even the average person can do. We think that over time, almost every piece of content you see will have been AI modified in some way, and it really will come down to content recommendation and content quality. But in the near term, we're giving users choice and allowing them to express what they want to see in honoring that choice.

我想說，隨著時間的推移，我認為最終你看到的幾乎每一條內容都會至少以某種形式經過人工智能的編輯——如果你回想一下，就會發現以前人們如果發現照片經過了 Photoshop 處理，就會非常激動，或者說會非常生氣。很久以前，你看到的幾乎所有東西都不僅僅是 Photoshop 處理過的，還有各種濾鏡以及普通人也能使用的各種功能。我們認為，隨著時間的推移，你看到的幾乎每一條內容都會以某種方式經過人工智慧的修改，最終將取決於內容推薦和內容品質。但就目前而言，我們將給予使用者選擇權，並允許他們表達自己想要看到的內容，同時尊重他們的選擇。

Shweta Khajuria, Wolf Research.

Shweta Khajuria，狼研究。

Okay, thank you for taking my question. I was wondering if you could please talk about your relationship with Magnite and more broadly about your efforts to add new sources of demand and perhaps time line around that? Thank you very much.

好的，謝謝您回答我的問題。我想請您談談您與 Magnite 的關係，以及您為增加新的需求來源所做的努力，或許還可以談談相關的時間表？非常感謝。

Thanks for the question, Shweta. We've been very consistent from the beginning as we think about our programmatic and third-party strategy. Our first-party ad demand continues to be the primary driver of our growth. with third-party demand really complementing and rounding out our auction when there may be gaps in the auction.

謝謝你的提問，Shweta。從一開始，我們在考慮程序化和第三方策略時就一直保持著非常一致的想法。我們的第一方廣告需求仍然是我們成長的主要驅動力，而第三方需求則在競價出現缺口時起到補充和完善作用。

With respect to Magnite, when we announced that, we said it would take time to integrate test and doing more fulsome go-to-market. We're still working through that testing now, and we're in the early days. Today, most of our efforts have been with respect to 3P have been focused on bringing on new sources of demand on the platform as many of these programmatic budget pools are large and new to Pinterest today. So we continue to see that consistently with how we have before. But I would also call out that there's a next potentially meaningful opportunity that we're also starting to look at that we think that we think we bring a unique audience to these budget pools given the high intent nature of our audience and the visual discovery that uniquely occurs on Pinterest.

關於 Magnite，我們在宣布推出該產品時曾表示，需要時間來整合測試並進行更全面的市場推廣。我們目前仍在進行測試，仍處於早期階段。今天，我們在第三方廣告方面的大部分努力都集中在為平台引入新的需求來源，因為這些程序化預算池規模龐大，而且對於 Pinterest 來說也是全新的。所以我們看到的情況與之前一致。但我還想指出，我們正在開始關注下一個可能意義重大的機會，我們認為，鑑於我們受眾的高度意圖性以及 Pinterest 上獨特的視覺發現方式，我們可以為這些預算池帶來獨特的受眾群體。

So as a result, we're also starting to explore very early testing how valuable our audience could be even beyond our own platform. When you think about the very strong commercial intent that we see with our users, obviously, we satisfy a lot of that commercial intent on our platform, but we think that could be helpful beyond our platform. So we're in very early days of testing that.

因此，我們也開始探索儘早測試我們的受眾群體在我們自己的平台之外的價值。考慮到我們用戶強烈的商業意圖，顯然，我們在平台上滿足了他們許多商業意圖，但我們認為這在我們的平台之外也可能有所幫助。所以我們還處於測試的早期階段。

Mark Kelly, Stifel.

馬克凱利，史蒂費爾。

Great, thanks very much for taking my questions. Bill, I appreciate the extra color on Performance+ tonight. I was hoping maybe we could drill into the SMB and kind of mid-market opportunity, just a little bit more. I know you threw out that -- that's that, the 24% higher conversion rate. Is that pretty like standard, whether you're a smaller advertiser versus a more sophisticated and larger brand? And then second, maybe just to clarify, the 10% to 15% of revenue running through P+, was that just an SMB and mid-market stat?

太好了，非常感謝您回答我的問題。比爾，我很欣賞今晚《Performance+》節目中新增的色彩。我原本希望我們能更深入地挖掘一下中小企業和中階市場的機會。我知道你已經把那件事拋到腦後了——就是這樣，轉換率提高了 24%。無論你是規模較小的廣告商，還是更成熟、規模更大的品牌，這都算是標準做法嗎？其次，為了澄清一下，透過 P+ 實現的收入佔總收入的 10% 到 15%，這僅僅是針對中小企業和中端市場的統計數據嗎？

And where might that go over time? Thank you.

隨著時間的推移，它又會如何發展呢？謝謝。

Thanks for the question, Mark. So first of all, we feel really great about Performance+ and how well that's working. we're not even a year end to the deployment of that. And as a reminder, the larger platforms are many years into their rollout of this. So we're at year-end, and we feel great about the progress that we've made.

謝謝你的提問，馬克。首先，我們對 Performance+ 的運作感到非常滿意。距離它正式部署還有不到一年的時間。需要提醒的是，大型平台推出這項功能已經很多年了。現在是年末，我們對所取得的進展感到非常滿意。

People's campaigns or bundled suite of AI-enabled automated features. It's really driving much better performance and reducing the inputs, 50% fewer inputs. So I called a little bit of this out, but for example, retail advertisers using performance plus campaigns are seeing a 24% higher conversion lift versus traditional campaigns. It is also helping significantly as we have bent the smaller and mid-sized advertisers, those tens of millions or hundreds of million -- $20 million to $100 million of GMV, who really value that automation. And for that segment, we see a 12% higher monthly revenue growth rate of adopters of Ps campaigns versus non-adopters and approximately 15% of our current revenue the segment is growing nicely.

人們的活動或包含人工智慧的自動化功能套件。它確實顯著提高了性能，並減少了輸入，減少了 50% 的輸入。所以我稍微提了一下這一點，例如，使用效果廣告系列的零售廣告商的轉換率比傳統廣告系列高出 24%。這也對中小規模廣告商（那些GMV在2000萬美元到1億美元之間的廣告商）產生了顯著的幫助，他們非常重視自動化。對於該細分市場，我們發現採用 Ps 行銷活動的客戶的月收入成長率比未採用該行銷活動的客戶的月收入成長率高出 12%，且該細分市場目前約占我們收入的 15%，成長勢頭良好。

So there's a lot more to do to deepen share of wallet there. And again, as a reminder, this is a segment of the market that larger platforms have had much more exposure to. We are earlier on this segment of the market. But P+, we see as a significant unlock there and it's having exactly the effect of intended, but we still have a lot more of that opportunity in front of us than behind us. So we're quite excited about what we're seeing from Performance+ there.

因此，要進一步提高該領域的市場份額，還有很多工作要做。再次提醒大家，大型平台在這個細分市場擁有更大的市場佔有率。我們在這個細分市場起步較早。但我們認為 P+ 是一個重要的突破，它正在產生預期的效果，但我們面前的機會仍然比過去的機會多得多。所以，我們對 Performance+ 的表現感到非常興奮。

And then on the larger segment of this, ROAS bidding, as we've talked about, is really helping us get much deeper into the catalog of our -- of the largest retailers out there. So I've shared 22% of retail lower funnel revenue, both enterprise and SMB. So -- and that's just launched in two quarters on ROAS bidding. So road bidding is really having quite an effect. And I shared how much is getting us into many more SKUs.

而就更廣泛的層面而言，正如我們之前討論過的，ROAS 競價確實幫助我們更深入地了解了我們——也就是最大的零售商——的產品目錄。因此，我分享了零售通路下層銷售額的 22%，包括企業和中小企業。所以——而這僅僅是在短短兩個季度內就推出了 ROAS 競價。所以道路招標確實產生了相當大的影響。我還分享了這筆資金如何幫助我們獲得更多SKU。

So when we think about ads as relevant content, we want to make sure that we have ads that line what you are actually looking for, getting a much larger portion of large retailers catalog on our platform is super helpful to that and ROAS bidding as a subset of Performance+ we rolled out over the last couple of quarters, effectively has doubled the number of SKUs with a -- that are delivering a paid impression on our platform. And it's because that ROAS bidding allows advertisers to more precisely tune really the AI tunes for them across catalogs with high variation in price points and margin points and those kinds of things. And so we see really great progress everybody I think there's a lot more of that to go. So when we think about, I would just say our opportunity globally, but specifically UCAN, even as we think about growth in UCAN it's really three things: the expansion into the full catalog with the largest retailers, driven by more granular bidding like ROAS bidding from Performance+. And so -- we've got good results of that.

因此，當我們將廣告視為相關內容時，我們希望確保我們的廣告與您實際尋找的內容相符。在我們的平台上獲得更大比例的大型零售商目錄對此非常有幫助，而 ROAS 出價作為我們在過去幾個季度推出的 Performance+ 的一個子集，有效地使我們平台上付費展示的 SKU 數量翻了一番。這是因為 ROAS 競價讓廣告主更精確地調整 AI 為他們在價格點和利潤點等差異很大的目錄中進行的調整。所以我們看到大家都取得了很大的進步，我認為還有很長的路要走。所以當我們思考時，我會說我們在全球範圍內的機會，特別是 UCAN 的機會，即使我們考慮 UCAN 的增長，實際上有三件事：與最大的零售商一起擴展到完整的目錄，由更精細的競價（如 Performance+ 的 ROAS 競價）驅動。所以——我們取得了不錯的成果。

We're just a couple of quarters and a lot more to do there. They can get us deeper into the catalog to the largest retailers. And then secondly, it's mid-market and SMB driven by Performance+ where we're just getting started in that segment of the market, but seeing really good promising early results. And then the third point that I alluded to in one of my prior answers, the AI-driven alignment of bidding and bidding systems to the advertiser measurement sources of truth. That's giving a clear view of full-funnel attribution and events across the funnel.

我們只剩下幾個季度了，還有很多事情要做。他們可以幫助我們更深入地了解大型零售商的產品目錄。其次，中階市場和中小企業市場由 Performance+ 驅動，我們才剛開始涉足這個細分市場，但已經看到了非常好的早期成果。第三點是我在先前的回答中提到的，也就是人工智慧驅動的競價和競價系統與廣告主衡量真實來源的對齊。這樣就能清楚了解整個漏斗的歸因與事件。

And other larger platforms have fully roll that out. We are just getting started testing on some of our legist advertisers. We're seeing really promising early results there. So we think that will -- that's having an expansionary effect that you're seeing with some of the largest platforms out there. We think that's a real opportunity for us as we look into next year.

其他一些規模更大的平台也已經全面推出了這項功能。我們才剛開始對一些合法廣告商進行測試。我們目前已經看到了非常令人鼓舞的早期成果。所以我們認為這將產生擴張效應，你已經在一些最大的平台上看到了這種效應。我們認為，展望明年，這對我們來說是一個真正的機會。

So hopefully that helps give a little more color on the broader sort of things we're thinking about with Performance+ there.

希望這能幫助大家更清楚地了解我們在 Performance+ 方面所考慮的更廣泛的問題。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Just want to bring Julia in on key investment priorities for next year. And how do we think about the pace of EBITDA margin expansion in '26 compared to the pace we're seeing in second half '25? And then, Bill, just a follow-up on the agentic question. So Walmart's integrating its catalog into ChatGPT for this checkout service.

偉大的。想讓茱莉亞參與討論一下明年的關鍵投資重點。那麼，我們該如何看待 2026 年 EBITDA 利潤率擴張的速度與 2025 年下半年的成長速度相比呢？然後，比爾，關於代理問題，我還有一個後續問題。因此，沃爾瑪正在將其產品目錄整合到 ChatGPT 中，用於這項結帳服務。

I know it's early days, but for something like that, do you view that as neutral, positive, negative in terms of where that kind of a marketer might move their Pinterest ad budget in the future? Is this going to help you guys or potentially create a new headwind? Any thoughts there?

我知道現在下結論還為時過早，但對於這類事情，你認為這會對這類行銷人員未來在 Pinterest 上的廣告預算產生中性、正面還是負面的影響？這會對你們有幫助，還是可能會帶來新的阻力？大家有什麼想法嗎？

Thanks a lot.

多謝。

Thanks, Ross. I'll take the first question. So it's still a bit too early to talk specifically about 2026 as we're still reviewing those plans internally. But stepping back, we still feel confident in the long-term margin targets that we provided in 2023. And at that time, just as a reminder, we said we would target a 30% to 34% adjusted EBITDA margin over a three- to five-year time horizon.

謝謝你，羅斯。我來回答第一個問題。所以現在具體談論 2026 年還為時過早，因為我們仍在內部審查這些計劃。但從長遠來看，我們仍然對我們在 2023 年提出的長期利潤率目標充滿信心。當時，我們再次強調，我們的目標是在三到五年內實現 30% 至 34% 的調整後 EBITDA 利潤率。

So now here in 2025, we're already approaching 30% for the full year. So we've made a lot of progress already by growing the top line while investing thoughtfully primarily in R&D and to a lesser extent, the sales area as well. So looking forward, we continue to see many investment opportunities with high ROI, particularly across AI. Power user experiences, including our new Pinterest Assistant, which we believe will help keep us on the leading edge in visual search and discovery as well as ongoing investment in our performance ads platform.

所以到了 2025 年，我們已經接近全年 30% 的目標了。因此，我們透過穩步提升營收，並有意識地將資金投入研發（其次是銷售領域），已經取得了很大的進展。展望未來，我們將繼續看到許多具有高投資報酬率的投資機會，尤其是在人工智慧領域。強大的用戶體驗，包括我們全新的 Pinterest 助手，我們相信這將有助於我們在視覺搜尋和發現領域保持領先地位，以及對我們效果廣告平台的持續投資。

On the gross margin line, in aggregate, we expect cost of revenue next year to grow more in line with the business going forward, so there can be some variations quarter-to-quarter, and there are a few factors at play there that I'll call out. Cost of revenue, which is mostly our infrastructure costs will naturally rise, of course, due to kind of ongoing user and engagement growth. Additionally, we've previewed for multiple quarters now on several calls that we expect to see diminishing returns from the infrastructure cost optimization work that we've undertaken for the last two-plus years. Now partially offsetting this kind of natural upward pressure on cost of revenue is the fact that we're able to apply AI use cases sort of directly in service to monetization, where we see immediate revenue lift, right? So we're not rolling out new features and then planning to monetize them years later.

從毛利率來看，總體而言，我們預計明年的收入成本將與未來的業務成長更加一致，因此季度之間可能會有一些波動，其中有幾個因素在起作用，我將指出來。當然，隨著用戶數量和參與度的持續增長，收入成本（主要是我們的基礎設施成本）自然會上升。此外，我們已經在多個季度的電話會議上預告，我們預計過去兩年多來我們開展的基礎設施成本優化工作的回報將會遞減。現在，部分抵銷這種自然上行成本壓力的原因是，我們可以將人工智慧用例直接應用於貨幣化，從而立即提升收入，對吧？所以，我們不會先推出新功能，然後再計劃幾年後將其商業化。

They monetize right away. So part of our general philosophy. We're also being cost efficient with our model usage, including, as Bill alluded to, utilizing open source models where applicable that come at a meaningful reduction in costs. So -- in summary, we continue to stand by our long-term adjusted EBITDA margin targets that we've always said, though, that the rate of adjusted EBITDA margin expansion would vary year-to-year. We've made a lot of progress towards these goals, and we'll continue to be thoughtful about how we invest moving forward as well.

他們立即開始盈利。這是我們整體理念的一部分。我們也在模型使用方面注重成本效益，包括像比爾提到的那樣，在適用的情況下利用開源模型，從而顯著降低成本。綜上所述，我們仍然堅持我們一直以來所設定的長期調整後 EBITDA 利潤率目標，儘管我們曾表示，調整後 EBITDA 利潤率的擴張速度會逐年變化。我們在實現這些目標方面取得了很大進展，未來也會繼續認真考慮如何進行投資。

And then following up on your agentic commerce part of the question, Ross. A couple of things I'd say. One is that for the largest retailers, we have catalog integrations. I shared how we're getting deeper into their catalog with our Performance+ capabilities and root level bidding and things like us getting a much broader part of the catalog available for ads, but we have those catalogs for organic shopping for push button type buying and linked accounts. We have that with Amazon.

然後，羅斯，我想繼續回答你關於代理商業的問題。我有幾點想說。其一是為最大的零售商提供目錄整合服務。我分享了我們如何透過 Performance+ 功能和根級出價等方式更深入地了解他們的產品目錄，例如，我們可以獲得更廣泛的產品目錄用於廣告投放，但我們也有用於自然購物的一鍵式購買和關聯帳戶的產品目錄。我們在亞馬遜身上就遇到了這種情況。

We've had that for some time in millions of users on Pinterest to take advantage of that and have a great experience. So we feel really great about the shopping experience that we're providing. And I think overall, I would just say it's worth noting that there's an expansionary moment happening with search generally. And I think users just as I did in an app-driven world, are thinking about different places to go for different types of experiences. Traditional search was always great for things like product research.

一段時間以來，Pinterest 上數百萬用戶都利用了這一點，獲得了絕佳的體驗。所以我們對我們提供的購物體驗感到非常滿意。總的來說，我認為值得注意的是，搜尋領域正經歷著一個擴張時期。我認為，就像我以前在應用程式驅動的世界一樣，用戶正在思考去不同的地方體驗不同類型的事物。傳統搜尋方式一直都非常適合產品研究之類的用途。

And I think broad-based chat bots are sort of the next evolution of that sort of research type of shopping behavior if you're trying to figure out like every attribute of the latest 4K Ultra TV or things like that. Search was -- traditional search was always great for that, and then chatbots are even better for that. But we're solving a different type of shopping journey on Pinterest, really the more the -- I'll know when I see it a tight problem. And the best evidence I can share of users think about these things as distinct and separate is that over the last couple of years as you've had an explosion of usage in AI chat bots, we've put up nine straight quarters of record high user growth, shopping being at the very center of that. And it's because we're taking a visual first approach driven off the human curation that happens on our platform where we just understand user style and taste and preference.

我認為，如果你想了解最新 4K 超高清電視或類似產品的每個屬性，那麼廣泛使用的聊天機器人就是這類購物行為研究的下一個發展階段。搜尋——傳統搜尋一直都很好用，而聊天機器人在這方面就更好了。但是我們在 Pinterest 上解決的是另一種類型的購物旅程，實際上越是——當我看到一個棘手的問題時，我就知道了。我能提供的最佳證據是，用戶認為這些事情是截然不同的，過去幾年，隨著人工智慧聊天機器人使用量的爆炸式增長，我們連續九個季度實現了創紀錄的用戶增長，而購物正是這一增長的核心。這是因為我們採取了以視覺為先的方法，這種方法依賴我們平台上的人工篩選，我們能夠理解使用者的風格、品味和偏好。

We just have a unique signal is completely distinct from any place else in the western world, and that's why we're able to do things like what we've showed on our -- the relevancy of our latest multimodal visual search models, where we're able to outperform the off-the-shelf models by over 34 percentage points on the relevance of shopping recommendations on our platform. That just gets you to a bit of the kind of unique things we're able to do with users. And so I think, again, it's a market-expanding moment. Multiple players are growing simultaneously. And very clearly, we are one of those players that is growing, delivering a lot of value for users a tremendous of shopping occurring on the platform.

我們擁有一個獨特的訊號，與西方世界其他任何地方的訊號都完全不同，這就是為什麼我們能夠做到我們在最新多模態視覺搜尋模型中所展示的——我們的多模態視覺搜尋模型的相關性，在我們的平台上，我們的購物推薦相關性比現成的模型高出 34 個百分點以上。這只是我們能夠為用戶做的事情的一部分。所以我認為，這又是一個市場擴張的時刻。多家玩家同時發展壯大。很明顯，我們是正在發展壯大的企業之一，為用戶提供了巨大的價值，平台上的購物活動也十分活躍。

And in terms of not searching happening on the platform, I shared that in my prepared remarks, the 80 billion-plus monthly queries, the vast majority of which are visual in nature, which just, again, gets to how we're doing something that's very different than traditional search or even what chatbots are doing. So hopefully, that helps contextualize that.

至於平台上沒有搜尋功能這一點，我在事先準備好的發言稿中提到，每月超過 800 億次的搜尋查詢，其中絕大多數是視覺查詢，這再次說明我們正在做的事情與傳統搜尋甚至聊天機器人所做的事情非常不同。希望這能幫助大家更理解這個問題。

John Blackledge, TD Securities.

John Blackledge，TD證券。

Great, thanks. PINS historically has had all of its infrastructure running through AWS. Given the move in recent years of companies shifting to multiple cloud vendors, how should we think about PINS potentially diversifying to other cloud platforms? Thanks.

太好了，謝謝。PINS 的所有基礎設施歷來都運行在 AWS 上。鑑於近年來企業紛紛轉向多個雲端供應商，我們該如何看待 PINS 可能向其他雲端平台多元化發展？謝謝。

Thanks, John. So first, I'd say we view our infrastructure and platform as strategic assets that support our performance, reliability and our AI road map. And on a fantastic partner for us, to be very clear. But in the same way that we are constantly testing all the various LLMs and benchmarking different LLMs across one another. We're also constantly assessing the best infrastructure options for us as we move forward, especially in an AI-driven world.

謝謝你，約翰。首先，我想說，我們將基礎設施和平台視為支援我們效能、可靠性和人工智慧路線圖的策略資產。而且，必須明確一點，他們是我們非常棒的合作夥伴。但同樣地，我們也在不斷測試各種 LLM，並對不同的 LLM 進行基準測試。隨著我們不斷發展，尤其是在人工智慧驅動的世界中，我們也在不斷評估最適合我們的基礎設施方案。

And that infrastructure includes LLM, chip providers and hyperscalers. So again, if you look at what we've done over the last few years, you've seen us put AI at the center of our business, really effectively align that with the ability to monetize for users to deliver great results for users and do so cost effectively. And again, we've had great partnerships there. But the space is evolving rapidly, and we continue to pay really close attention to that and Denmark across multiple providers on each of those sort of layers of the stack. Hopefully, that's helpful.

該基礎設施包括LLM、晶片供應商和超大規模資料中心。所以，如果你回顧一下我們過去幾年所做的工作，你會發現我們把人工智慧置於我們業務的核心，真正有效地將其與用戶盈利能力相結合，從而為用戶帶來卓越的成果，並且實現成本效益。而且，我們在那裡也建立了非常好的合作關係。但這個領域發展迅速，我們將繼續密切關注這一點，並關注丹麥在各個技術堆疊層面上的多個供應商。希望這能有所幫助。

Michael Morris, Guggenheim.

麥可莫里斯，古根漢美術館。

Thank you. Good afternoon. Bill, you referenced a couple of times deepening engagement per user. And I'm hoping you can add some context to that. Are you talking about time spent per visit or frequency or some other metric? And do you see that as a leading indicator of reaccelerated growth in the UCAN market? And then secondly, on international, the growth there is significant.

謝謝。午安.比爾，你曾多次提到要加深每個用戶的參與。我希望你能補充一些背景資訊。您指的是每次造訪的停留時間、造訪頻率還是其他指標？您認為這是UCAN市場重新加速成長的領先指標嗎？其次，在國際市場，成長也十分顯著。

That has accelerated. How much runway do you fee to continue to grow internationally at that elevated level? And maybe -- you gave us a few drivers, but what do you see as the one or two key drivers as we look forward? Thank you.

這一趨勢已經加速。您認為您還有多少發展空間才能持續維持目前的國際成長水準？或許—您已經列舉了一些驅動因素，但展望未來，您認為最重要的一個或兩個驅動因素是什麼？謝謝。

Yes. Thanks for the question, Mike. On the DP engagement per user, we talked about this very consistently over many quarters now is that we are deepen engagement per user across the areas that we want, which are around search, curation, clicks and actions. And I share a little more color on this call around the search behavior where we are getting more searches per user. So it's not just our searches are growing, we are getting more searches per user.

是的。謝謝你的提問，麥克。關於每個用戶的 DP 參與度，我們已經連續多個季度反覆討論過，我們正在加深每個用戶在我們想要的領域的參與度，這些領域包括搜尋、內容策劃、點擊和操作。在這次電話會議上，我還想就搜尋行為方面分享一些細節，我們發現每個用戶的搜尋次數變多了。所以不僅我們的搜尋量在成長，而且每個用戶的搜尋量也在增加。

We are getting it in the ways that we won't particularly on where we are very highly differentiated around our visual searches related items and other forms of visual searches drive the vast majority of that search behavior, but it is more searches per user happening on our platform even as we put up record high levels of users and also significantly growing actionability last year, just how much the clicks to advertisers have grown 5 times over the last three years, we're driving a tremendous amount of clicks to advertisers. So it is that great relevancy driving great recommendations that leads to actionability that leads to more users coming back for more searches and more actions like that is that flywheel is spending on the deepening user engagement.

我們正在以各種方式獲得成功，尤其是在我們視覺搜尋相關項目和其他形式的視覺搜尋驅動著絕大多數搜尋行為方面，我們在這方面具有高度差異化。儘管我們的用戶數量創歷史新高，去年用戶轉換率也顯著提高，但我們平台上的用戶搜尋量卻在增加。過去三年，廣告商的點擊量增加了 5 倍，我們為廣告主帶來了巨大的點擊量。因此，正是高度相關性帶來的優質推薦，進而促成可操作性，最終促使更多用戶回來進行更多搜尋和更多類似操作，這就是飛輪效應，它致力於加深用戶參與度。

And to your question around is that a leading into monetization, I think absolutely yes. What I would say is that three years ago, Pinterest was pretty much upper funnel only. We've had a major transformation of the business, both in terms of user engagement, which, again, I think, continues to be the brightest spot in the business. And advertisers will always follow where users and commercial intent are. We stood up a performance ad platform pretty much from scratch over the last couple of years.

至於你問的這是否會導致盈利，我認為絕對是。我想說的是，三年前，Pinterest 基本上只適用於銷售漏斗的上層。我們的業務發生了重大變革，尤其是在用戶參與度方面，我認為這仍然是業務中最亮眼的部分。廣告商總是會追隨用戶和商業意圖的動向。在過去幾年裡，我們幾乎從零開始建立了一個效果廣告平台。

And we are still a long way from having the capabilities of the very largest platforms. But even as we've made the basic capabilities of that available, we've really broken into those always on performance budgets. We have a lot more to do there. And with UCAN specifically, I shared those sort of three areas where I think there is significant opportunity around getting deeper in the full catalog of the largest retailers mid-market and SMB that are really driving a lot of the growth across the broader market, but it's a newer area for us. And the alignment of AI bidding systems and advertiser and sauces giving a clear view of full funnel attribution.

我們距離擁有最大型平台的能力還有很長的路要走。但即便我們已經提供了這些基本功能，我們也真正突破了那些始終受效能預算限制的領域。我們在那裡還有很多工作要做。就 UCAN 而言，我分享了這三個領域，我認為在這些領域存在著巨大的機會，那就是深入了解大型零售商、中型市場和中小企業的完整產品目錄，這些零售商和中小企業正在推動整個更廣泛市場的成長，但這對我們來說是一個較新的領域。人工智慧競價系統、廣告商和推廣管道的協調一致，清楚展現了完整的轉換漏斗歸因。

I think those are things that will help us capture more of that value that we are driving. But I do think absolutely yes. Is generally true that user behavior is a leading indicator of where the advertiser dollars are going to follow. And we have the largest platforms are many years into their AI-driven ad systems, we are only a couple of years into ours. But because the user behavior is so strong, that's what's really letting us make progress.

我認為這些措施將有助於我們獲得更多我們正在創造的價值。但我確實認為答案是肯定的。一般來說，使用者行為是廣告商資金流向的領先指標。我們最大的平台已經發展了多年的人工智慧驅動廣告系統，而我們才發展了幾年。但正因為使用者行為如此強大，這才是真正讓我們進步的原因。

And on the international side, as I shared in my prepared remarks, the playbook that we have used in UCAN, we are now exporting and we're seeing that really take hold internationally. We are still early on in our work there. We have a lot more of that opportunity in front of us, but we're really pleased with the progress we've made and how it's starting to show results. As I noted in Q3, Europe ARPU grew 31%, while rest of world ARPU grew 44%. We have a lot more of that to do.

在國際方面，正如我在準備好的發言稿中提到的，我們在UCAN中使用的策略，我們現在正在輸出，並且我們看到它在國際上真正站穩了腳跟。我們在那裡的工作還處於起步階段。我們面前還有很多這樣的機會，但我們對已經取得的進展以及它開始顯現的成果感到非常滿意。正如我在第三季度指出的那樣，歐洲的 ARPU 增長了 31%，而世界其他地區的 ARPU 增長了 44%。我們還有很多這類工作要做。

And I shared in my remarks, how shopping ads are really at the center of what's driving that. So is that commercial -- commercial behavior. So a lot more of that to go, but it's what's working in UK is exporting well. And again, to put it in perspective, two years ago at our Investor Day in September of '23, shopping ads represented just 9% of international revenue.

我在發言中也提到，購物廣告才是真正推動這股趨勢的核心因素。所以，這就是商業行為──商業行為。所以還有很多工作要做，但英國市場行之有效的產品出口效果很好。再說一遍，為了更清楚說明情況，兩年前，也就是 2023 年 9 月的投資者日上，購物廣告僅佔國際收入的 9%。

In Q3 of 2025, it reached 30%. So Q3 shopping on revenue in both Europe and Rest of World grew over 2x faster than revenue growth of their respective regions. So we believe there's many years of runway of continuing to grow ARPU as we increase product catalogs, add additional ad demand, drive up relevance and thus, our ability to take a bad load, certainly for international, but again this year, we think there's a lot more to do in you can as well.

2025 年第三季度，這一比例達到 30%。因此，第三季歐洲和世界其他地區的購物收入成長速度均比各自地區的收入成長速度快兩倍以上。因此我們相信，隨著我們增加產品目錄、增加廣告需求、提高相關性，以及我們應對不利局面的能力增強，ARPU（每位用戶平均收入）在未來許多年內都有持續成長的空間，尤其是在國際市場。但今年，我們認為還有很多事情要做，你們也可以。

Thank you. I will now hand the call over to Bill Ready, CEO, for any closing remarks.

謝謝。現在我將把電話交給執行長比爾·雷迪，請他作總結發言。

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.

再次感謝各位參加電話會議並提出問題。我們期待繼續進行對話，並祝您今天餘下的時間愉快。

That concludes today's conference call. Thank you. You may now disconnect your line.

今天的電話會議到此結束。謝謝。現在您可以斷開線路了。