Pinterest Inc (PINS) 2025 Q4 法說會逐字稿

Good evening. Thank you for attending today's Pinterest fourth-quarter and full year 2025 earnings call. My name is Megan and I'll be your moderator for today. (Operator Instructions)

晚安.感謝您參加今天舉行的 Pinterest 2025 年第四季及全年財報電話會議。我叫梅根，今天由我擔任主持人。（操作說明）

I would now like to pass the conference over to Pinterest's VP of Investor Relations and Treasurer, Andrew Somberg. Andrew, you may proceed.

現在，我將把會議交給 Pinterest 的投資人關係副總裁兼財務長 Andrew Somberg。安德魯，你可以繼續了。

Good afternoon, and thank you for joining us. Welcome to Pinterest's earnings call for the fourth quarter and full year ended December 31, 2025. Joining me on today's call are Bill Ready, Pinterest's CEO; and Julia Donnelly, our CFO.

下午好，感謝各位的參與。歡迎參加 Pinterest 2025 年 12 月 31 日結束的第四季和全年財報電話會議。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。

The statements we make on this call reflect management's view as of today and will include forward-looking statements. Such statements involve a number of assumptions, risks and uncertainties, and actual results may differ materially. For information about assumptions, risks, uncertainties and other factors that could affect our results, please refer to our Forms 10-K and 10-Q, each filed with the SEC and available on our Investor Relations website at investor.pinterestinc.com.

我們在本次電話會議上所作的陳述反映了管理階層截至目前的觀點，並將包括前瞻性陳述。此類聲明涉及諸多假設、風險和不確定性，實際結果可能與預期有重大差異。有關可能影響我們業績的假設、風險、不確定性和其他因素的信息，請參閱我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格，這些表格均可在我們的投資者關係網站 investor.pinterestinc.com 上查閱。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to 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 today are on a year-over-year basis 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，今天討論的所有成長率均為同比增速。

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

現在我把電話交給比爾。

Thanks, Andrew. Good afternoon, and thank you for joining our fourth-quarter and full year 2025 earnings call. Before I get into the quarter, I want to address the moment we're in.

謝謝你，安德魯。下午好，感謝各位參加我們2025年第四季及全年業績電話會議。在正式開始本季內容之前，我想先談談我們所處的當下。

AI is changing how people discover, how they form intent, narrow choices and move from inspiration to action. Pinterest is designed for this shift. When users have intent but don't have the exact words, brand or product in mind, that's where we win.

人工智慧正在改變人們發現事物的方式、形成意圖的方式、縮小選擇範圍的方式以及從靈感到行動的方式。Pinterest 的設計正是為了適應這種轉變。當用戶有購買意向，但腦海中沒有確切的關鍵字、品牌或產品資訊時，我們就能贏得客戶。

I'm proud of how we've transformed the company over the past 3.5 years. We've taken Pinterest from a platform with declining users into a growing AI-powered visual first shopping assistant and search destination that has now put up 10 straight quarters of record high users. Today, we see over 80 billion monthly searches on our platform, most of which are visual and generate 1.7 billion monthly outbound clicks.

我為過去三年半裡我們對公司的改造感到自豪。我們已經將 Pinterest 從一個用戶不斷減少的平台，轉變為一個不斷發展的、以人工智慧驅動的視覺優先購物助手和搜尋目的地，該平台已經連續 10 個季度創下用戶數量新高。如今，我們的平台每月搜尋量超過 800 億次，其中大部分是視覺搜索，每月產生 17 億次外部點擊。

Over that same time period, we've launched numerous performance ads products to build a unique full funnel ads platform, moving from single-digit revenue growth to consistent mid-teens or better revenue growth, all while significantly expanding margins. All of this combines to make Pinterest a stronger, more profitable business than ever before.

在同一時期，我們推出了眾多效果廣告產品，建立了一個獨特的全通路廣告平台，營收成長從個位數成長到持續的十幾位數甚至更高，同時利潤率也大幅提高。所有這些因素結合起來，使得 Pinterest 比以往任何時候都更加強大，盈利能力也更強。

We ended 2025 with 619 million global MAUs, up 12% year over year in Q4. User growth accelerated in the second half as we continue to introduce AI-led features for both users and advertisers. However, we are not satisfied with our Q4 revenue performance, and believe it does not reflect what Pinterest can deliver over time.

截至 2025 年底，我們的全球月活躍用戶數為 6.19 億，第四季年增 12%。下半年用戶成長加速，因為我們持續為用戶和廣告商推出人工智慧驅動的功能。然而，我們對第四季的營收表現並不滿意，並認為這並不能反映 Pinterest 長期的發展潛力。

While we absorbed an exogenous shock this year related to tariffs, which are disproportionately affecting ad spend from our top retail advertisers, this quarter also underscored where we need to move faster. Most importantly, we need to further broaden our revenue mix and accelerate the next phase of our sales and go-to-market transformation. These efforts will be led by Lee Brown, who joined in late January as our first Chief Business Officer.

雖然今年我們受到了與關稅相關的外部衝擊，這對我們頂級零售廣告商的廣告支出產生了不成比例的影響，但本季也凸顯了我們需要加快步伐的領域。最重要的是，我們需要進一步拓寬收入來源，加快銷售和市場推廣轉型下一階段的腳步。這些工作將由李布朗領導，他於 1 月下旬加入我們，擔任我們的第一位首席商務官。

We are moving with urgency to return over time to the mid- to high-teens growth or better than we have been consistently delivering. The path forward is clear and we're laser-focused on delivering the next phase of Pinterest.

我們正加緊努力，爭取逐步恢復到十幾到二十幾的成長水平，甚至超過我們一直以來持續維持的成長水平。前進的方向很明確，我們將全力以赴，推動 Pinterest 的下一階段發展。

Our priorities, which I will walk you through today are to: first, continue building a differentiated visual search, discovery and shopping experience. We have made Pinterest into a highly personalized visual first shopping destination, and we need to continue to build on our strong momentum with users.

今天我將帶大家了解我們的首要任務：首先，繼續打造差異化的視覺搜尋、發現和購物體驗。我們已經將 Pinterest 打造成一個高度個人化的視覺優先購物平台，我們需要繼續保持與用戶的良好互動勢頭。

Second, keep AI at the core of everything we do. From highly personalized user experiences and new features like Pinterest Assistant to the advertiser experience through Pinterest Performance+ and to optimizing our own internal operations.

第二，要讓人工智慧成為我們一切工作的核心。從高度個人化的使用者體驗和 Pinterest Assistant 等新功能，到透過 Pinterest Performance+ 提升廣告商體驗，再到優化我們自身的內部營運。

And third, accelerate monetization through improved go-to-market and sales execution, so our revenue consistently reflects the strength of our user activity.

第三，透過改善市場推廣和銷售執行來加速獲利，使我們的收入持續反映用戶活躍度的強弱。

With that context, I want to begin where every platform starts: with users and engagement. It's clear that we are in a period of rapid innovation in our industry with new AI chatbots quickly scaling to hundreds of millions of users. However, competing for user engagement is not new to us, and we have been able to thrive because we are doing something separate and distinct.

基於此，我想從每個平台的起點──使用者和互動──開始談起。很明顯，我們正處於行業快速創新的時期，新型人工智慧聊天機器人的用戶數量正在迅速增長到數億。然而，爭奪用戶參與度對我們來說並不陌生，我們之所以能夠蓬勃發展，是因為我們所做的是一些與眾不同的事情。

During that same period when AI chatbots were scaling, we reported 10 consecutive quarters of record high MAUs, 100% of which are logged in and reached 105 million UCAN MAUs. The Gen Z population, who are often the earliest adopters of this new technology like AI chatbots are also flocking to Pinterest. Gen Z represents over 50% of the users on Pinterest today, and they remain the fastest-growing user cohort on our platform.

在人工智慧聊天機器人規模化發展的同一時期，我們連續 10 個季度創下月活躍用戶數新高，其中 100% 的用戶都已登錄，UCAN 月活躍用戶數達到 1.05 億。Z世代人群通常是人工智慧聊天機器人等新技術的最早使用者，他們也紛紛湧向Pinterest。Z世代目前佔Pinterest用戶總數的50%以上，並且仍然是我們平台上成長最快的用戶群。

Our ratio of weekly active users to monthly active users or WAU-to-MAU ratio, has held steady year over year even as we achieved record highs in users. Importantly, we're also deepening engagement per user in the areas that matter most. As queries, boards created and clicks to advertisers continue to grow faster than users overall, both globally and also in our highest engagement UCAN region, specifically.

即使我們的用戶數量創下歷史新高，我們的每週活躍用戶與每月活躍用戶之比（WAU 與 MAU 之比）也逐年保持穩定。更重要的是，我們還在最重要的領域加深了每個用戶的參與。在全球範圍內，以及在我們參與度最高的 UCAN 地區，搜尋量、創建的看板數量和廣告商點擊量的增長速度都持續超過用戶總數的增長速度。

To understand how we've been able to carve out this distinct position and grow users and engagement, even as chatbots scale, I'd like to expand upon how we positioned our platform for visual search and discovery.

為了了解我們如何能夠開闢出這一獨特的市場地位，並在聊天機器人規模不斷擴大的情況下，實現用戶增長和參與度提升，我想詳細介紹一下我們是如何將我們的平台定位為視覺搜索和發現平台的。

Stepping back, e-commerce spent the first two decades focused on perfecting buying online, cheap and fast fulfillment, often at the expense of shopping, the joy of discovering what you actually want. Today, there are countless places to buy, but a few great places to shop, and that's where visual discovery matters most.

回顧過去，電子商務的前二十年專注於完善線上購物、廉價快速的配送，但往往以犧牲購物體驗和發現真正想要的東西的樂趣為代價。如今購物場所數不勝數，但真正值得一去的購物場所卻寥寥無幾，而視覺發現正是在這方面發揮著至關重要的作用。

As AI adoption accelerates, general purpose search is increasingly up for grabs as the largest players pour capital into general-purpose LLMs. But fit for purpose search still wins in key verticals like travel and consumer products. Our differentiation is clear. We're using AI to power visual search, discovery and shopping, not general-purpose tech-based search.

隨著人工智慧的普及加速，通用搜尋領域也變得越來越容易被瓜分，因為最大的幾家公司都在向通用LLM投入資金。但針對特定用途的搜尋在旅遊和消費品等關鍵垂直領域仍佔據主導地位。我們的差別很明確。我們正在利用人工智慧來增強視覺搜尋、發現和購物功能，而不是通用的技術型搜尋。

Pinterest sees over 80 billion searches a month and the vast majority are visual, while our newest visual search features are growing fastest. Engagement is growing because our unique curation signal and taste graph combined with cutting-edge AI has improved relevance significantly and made our services much more actionable.

Pinterest 每月搜尋量超過 800 億次，其中絕大多數是視覺搜索，而我們最新的視覺搜尋功能成長速度最快。用戶參與度不斷提高，是因為我們獨特的精選訊號和品味圖譜，結合尖端人工智慧，顯著提高了相關性，使我們的服務更具實用性。

Users open Pinterest to a personalized visual feed that starts their shopping journey without having to enter a prompt, bringing the promise of agentic commerce to life. And they can buy seamlessly by linking to an advertiser's mobile app or site or increasingly via one-click checkout from the advertiser within our app.

用戶打開 Pinterest 即可看到個人化的視覺訊息流，無需輸入任何提示即可開始購物之旅，從而將智慧商務的承諾變為現實。他們可以透過連結到廣告商的行動應用程式或網站輕鬆購買，或者越來越多地透過我們應用程式內的廣告商一鍵結帳方式購買。

As I've said before, in many ways, AI is following the same pattern cloud computing did over a decade ago. It's rapidly becoming a set of foundational capabilities available to everyone. The winners will be the companies that combine those capabilities with truly differentiated data and solve problems in unique ways for users and customers. That's exactly what we do at Pinterest.

正如我之前所說，在許多方面，人工智慧的發展模式與十多年前雲端運算的發展模式相同。它正迅速成為人人皆可掌握的基礎能力。最終的贏家將是那些能夠將這些能力與真正差異化的數據相結合，並以獨特的方式為用戶和客戶解決問題的公司。這正是我們在 Pinterest 上所做的。

We have created one of the largest search destinations in the world by pairing those building blocks with our unique feedback loop and data set, one of the largest image corpuses in the world and the rich curation signal from hundreds of millions of users that forms our taste graph.

我們透過將這些建構模組與我們獨特的反饋循環和資料集、世界上最大的圖像庫之一以及來自數億用戶的豐富策展訊號相結合，創建了世界上最大的搜尋目的地之一，從而形成了我們的品味圖譜。

In 2025, our taste graph grew by nearly 40%, as users make more associations across pens, products, boards, retailers, and brands. A larger taste graph means we can surface more relevant content and make truly differentiated recommendations.

2025 年，我們的品味圖譜成長了近 40%，因為用戶在鋼筆、產品、畫板、零售商和品牌之間建立了更多聯繫。更大的口味圖譜意味著我們可以呈現更多相關內容，並做出真正差異化的推薦。

Not only do we have differentiated signals, we're also leveraging AI in a highly capital-efficient manner. We are model agnostic and focus on what delivers the best results for our specific use case, giving us the flexibility to test multiple approaches. As a result, we use a combination of AI models, including our own proprietary fit-for-purpose foundation models, leading third-party proprietary models, and increasingly open-source models that we fine-tune on our unique signal.

我們不僅擁有差異化的訊號，而且還以高度資本效率的方式利用人工智慧。我們不拘泥於特定模型，而是專注於為我們的特定用例帶來最佳結果的方法，這使我們能夠靈活地測試多種方法。因此，我們結合使用多種人工智慧模型，包括我們自己的專有適用基礎模型、領先的第三方專有模型以及越來越多的開源模型，並根據我們獨特的訊號對這些模型進行微調。

In 2025, we introduced OmniSage, our core AI model trained on our taste graph to turn those associations into a single high-value recommendation signal used to retrieve and rank content. The application of OmniSage drove a 450 basis points lift in site-wide saves.

2025 年，我們推出了 OmniSage，這是我們的核心 AI 模型，它基於我們的口味圖譜進行訓練，將這些關聯轉化為一個高價值的建議訊號，用於檢索和排名內容。OmniSage 的應用使全站節省成本提高了 450 個基點。

Additionally, in a continuation of our work to increase contact windows and bring a user's full history across all major surfaces on Pinterest, we developed a proprietary foundation ranking model called PIN FM. This model distills lifetime user actions into the recommendations on the home feed and related pins, driving personalization in nearly every impression our users see. This launch brought meaningful site-wide engagement gains, including a 240 basis points increase in saves across the platform.

此外，為了繼續擴大聯繫窗口，並在 Pinterest 的所有主要平台上呈現用戶的完整歷史記錄，我們開發了名為 PIN FM 的專有基礎排名模型。該模型將用戶終身行為提煉到首頁資訊流和相關圖釘的推薦中，從而在用戶看到的幾乎每一次展示中實現個人化。此次上線帶來了顯著的網站整體參與度提升，包括平台保存次數增加了 240 個基點。

Finally, as open-source models have made tremendous strides in performance, we developed a model framework called Navigator One, which allows us to leverage visual embeddings built on our taste graph and fine-tune open-source models to power our newest AI-driven experiences. This framework reduces latency and delivers approximately 90% reduction in costs versus utilizing a leading third-party proprietary model.

最後，由於開源模型在性能方面取得了巨大的進步，我們開發了一個名為 Navigator One 的模型框架，它使我們能夠利用基於我們的口味圖構建的視覺嵌入，並微調開源模型，從而為我們最新的 AI 驅動體驗提供支援。與採用領先的第三方專有模型相比，該框架可降低延遲並降低約 90% 的成本。

These models form the foundation for the next generation of AI-driven discovery experiences on Pinterest. A great example of this is Pinterest Assistant, which we launched in beta in Q4. Pinterest Assistant is a voice-activated visual first conversational assistant that will leverage Navigator One to expand our multimodal discovery capabilities and seamlessly flow between images, voice and text. While we're still iterating, we're encouraged by how people are using the product.

這些模型為Pinterest下一代人工智慧驅動的發現體驗奠定了基礎。Pinterest Assistant 就是一個很好的例子，我們在第四季度推出了測試版。Pinterest Assistant 是一款語音啟動的視覺優先對話式助手，它將利用 Navigator One 來擴展我們的多模態發現功能，並在圖像、語音和文字之間無縫切換。雖然我們仍在不斷迭代，但人們對產品的使用感到鼓舞。

Compared with traditional text-based search, users are asking a significant higher share of commercially oriented questions, about 25 percentage points more, when using Pinterest Assistant. Pinterest Assistant also helps users learn the names and terms for whatever they're looking for, making it easier to find similar items in the future. That's exactly the kind of high intent, high-value engagement we want to enable. We expect to meaningfully broaden access to US users over the coming months.

與傳統的基於文字的搜尋相比，用戶在使用 Pinterest Assistant 時提出的商業導向型問題比例明顯更高，大約高出 25 個百分點。Pinterest 助理還可以幫助用戶了解他們正在尋找的內容的名稱和術語，從而更容易在未來找到類似的商品。這正是我們想要實現的那種高意向、高價值的互動。我們預計在未來幾個月內，將大幅擴大美國用戶的存取權限。

Lastly, AI is at the core of how we are improving efficiencies internally as roughly 50% of our new code is AI generated. Taken together, these advances give us confidence that we can keep improving relevance, engagement, and advertiser performance while remaining disciplined on AI spend by leveraging Pinterest's unique first-party data.

最後，人工智慧是我們提高內部效率的核心，因為我們大約 50% 的新程式碼都是人工智慧產生的。綜上所述，這些進展讓我們有信心，透過利用 Pinterest 獨特的第一方數據，我們可以在維持 AI 支出控制的同時，不斷提高相關性、互動性和廣告商績效。

With that, now I'll turn to the fourth quarter and our priorities for the year ahead. As I stated upfront, we are not satisfied with our Q4 revenue growth, and we are moving with urgency to close the gap. Many of the largest retailers have been disproportionately impacted by tariffs and have been pulling back on advertising spend across the industry as they seek to protect their margins.

接下來，我將轉向第四季以及我們未來一年的工作重點。正如我之前所說，我們對第四季度的收入成長並不滿意，我們正在緊急採取措施來縮小差距。許多大型零售商受到關稅的嚴重影響，為了保護利潤，他們紛紛削減了整個產業的廣告支出。

Our higher mix of large retailers relative to some of our peers has resulted in us feeling more of an impact. This highlights the need for us to further accelerate our growth with a broader set of mid-market, SMB, and international advertisers with less than $30 billion of GMV. This is the next phase of our sales and go-to-market transformation.

與一些同業相比，我們公司大型零售商的比例較高，因此我們感受到的影響也較大。這凸顯了我們需要進一步加快成長，吸引更多中型市場、中小企業和國際廣告商，這些廣告商的 GMV 低於 300 億美元。這是我們銷售和市場推廣轉型的下一個階段。

Stepping back, as we were building our performance ads platform, we deliberately started by serving the largest retailers, given that is where consumers do the most shopping and was the fastest way to provide comprehensive inventory and selection to shoppers. This strategy has been effective. as reflected in our user and engagement trends and in our ad supply with paid clicks to advertisers up roughly fivefold over the last three years.

回顧我們建立效果廣告平台的過程，我們特意從服務最大的零售商開始，因為消費者在那裡購物最多，這是向購物者提供全面庫存和選擇的最快方式。這項策略卓有成效，從我們的用戶和互動趨勢以及廣告供應情況中可見一斑：過去三年，廣告商的付費點擊量增長了近五倍。

However, this strategy is also what has led to higher exposure to large retailers compared to some other platforms. We saw continued softness from this cohort of large retailers in Q4. While we see opportunity over the long term, the near-term outlook for this cohort on our platform remains pressured given these headwinds.

然而，也正是這種策略導致該平台相比其他一些平台，更容易接觸到大型零售商。第四季度，我們看到這批大型零售商的業績持續疲軟。儘管我們看到了長期的機遇，但鑑於這些不利因素，我們平台上這群人的近期前景仍然面臨壓力。

At the same time, the scale of the monetization opportunity we're pursuing has grown significantly. We're now competing for full funnel and performance marketing budgets across a broader range of advertisers in global markets than ever before. We made significant progress growing with a broader set of mid-market SMB and international advertisers in 2025. And but not enough to offset the headwinds that the largest retailers faced.

同時，我們正在追求的獲利機會的規模也顯著增長。如今，我們在全球市場中，與比以往任何時候都更廣泛的廣告主爭奪全通路和成效行銷預算。2025年，我們在與更廣泛的中型市場中小企業和國際廣告商共同發展方面取得了顯著進展。但這還不足以抵銷大型零售商面臨的不利因素。

So we've proven we can serve mid-market SMBs and international advertisers, but we need to accelerate our growth within these segments.

我們已經證明我們能夠服務中型中小企業和國際廣告商，但我們需要加快在這些細分市場中的成長速度。

Also, while we've made progress evolving our sales organization from primarily selling upper funnel brand advertising a few years ago to full funnel and performance marketing, our monetization still doesn't fully reflect the value of the clicks and conversions we're driving. This quarter made it clear that capturing this opportunity requires a higher level of sales and go-to-market sophistication with globally scaled selling motions as well as deeper technical expertise, particularly around measurement and attribution.

此外，雖然我們已取得了一些進展，使我們的銷售組織從幾年前主要銷售漏斗上層的品牌廣告發展到全漏斗和效果營銷，但我們的盈利能力仍然沒有完全反映出我們所獲得的點擊和轉換的價值。本季清楚地表明，要抓住這個機會，需要更高水準的銷售和市場推廣技巧，以及全球規模的銷售模式和更深厚的技術專長，尤其是在衡量和歸因方面。

To lead this next phase, we're pleased to welcome Lee Brown as our new Chief Business Officer, with responsibility for scaling Pinterest's global monetization efforts. Lee is a proven business and sales leader with deep experience building and growing advertising businesses at the intersection of technology, media and commerce.

為了引領下一階段的發展，我們很高興地歡迎 Lee Brown 擔任我們的新任首席商務官，負責擴大 Pinterest 的全球獲利能力。Lee 是一位經驗豐富的商業和銷售領導者，在科技、媒體和商業的交叉領域擁有豐富的廣告業務建立和發展經驗。

Claudine Cheever also joined us in February as our new Chief Marketing Officer, bringing extensive background with the world's largest online retailer. With this leadership in place, we believe we have the right team to pursue the significant long-term opportunity ahead.

Claudine Cheever 也於 2 月加入我們，擔任首席行銷官，她擁有全球最大線上零售商的豐富經驗。有了這樣的領導團隊，我們相信我們擁有合適的團隊來掌握未來重要的長期機會。

Now let me turn to the key levers we'll be executing against as we move through 2026. First, as I've shared, we're prioritizing broadening our revenue mix, with a primary focus on deepening our footprint with both mid-market enterprises and SMB advertisers. These advertisers who, on our platform range from roughly $30 billion down to tens of millions in annual GMV and continue to represent a significant opportunity for us to scale advertiser demand.

現在讓我來談談我們在 2026 年將要重點關注的關鍵因素。首先，正如我之前所說，我們正在優先考慮拓寬收入結構，重點是加深我們在中型企業和中小企業廣告商中的影響力。這些在我們平台上投放廣告的廣告商，其年度 GMV 從大約 300 億美元到數千萬美元不等，他們繼續為我們擴大廣告商需求提供了重要的機會。

Relative to the largest advertisers I was describing earlier, we believe this group has exhibited stronger advertising spending trends in the current environment and has been a strong growth driver for competing ad platforms. By further unlocking this opportunity, we create a powerful flywheel more diverse advertiser demand allows our models to serve more relevant, highly personalized ads to users.

與我前面提到的最大廣告商相比，我們認為該群體在當前環境中表現出更強的廣告支出趨勢，並且一直是競爭廣告平台的強勁成長動力。透過進一步挖掘這一機遇，我們創造了一個強大的飛輪效應，更多樣化的廣告商需求使我們的模型能夠向用戶提供更相關、高度個人化的廣告。

This relevancy not only improves the user experience but drive superior performance for our advertisers and higher yield for Pinterest. While we're seeing healthy revenue growth from this group today, we believe we can accelerate that momentum over time with new leadership and a more sophisticated go-to-market approach, along with the enhancements we're making to Pinterest Performance+ that I will talk about in a moment.

這種相關性不僅能改善用戶體驗，還能為我們的廣告客戶帶來更佳的業績，並為 Pinterest 帶來更高的收益。雖然我們目前看到團隊的營收成長勢頭良好，但我們相信，隨著新的領導層和更成熟的市場推廣策略，以及我們對 Pinterest Performance+ 進行的改進（我稍後會談到），我們​​可以隨著時間的推移加快這一成長勢頭。

As part of our multiple ways to win, we've also been on a multiyear journey to bring in new sources of demand via multiple third parties to complement our first-party demand. We previously announced the agreement to acquire tvScientific, a leading connected TV performance advertising platform. This acquisition is an important step toward leveraging our valuable high-intent audience beyond Pinterest's owned surfaces and starting to monetize off-platform supply.

作為我們多種制勝方式的一部分，我們也進行了多年的努力，透過多個第三方引入新的需求來源，以補充我們自身的需求。我們先前宣布了收購 tvScientific 的協議，tvScientific 是一家領先的連網電視效果廣告平台。此次收購是我們在 Pinterest 自有平台之外利用我們寶貴的高意圖受眾群體，並開始實現平台外內容變現的重要一步。

Acquiring tvScientific, which comes after a partnership and several years of exploration in this space supports our roadmap to make Pinterest a full funnel and performance solution across search, social and over time, connected TV. It opens up larger and incremental budget pools. We're excited to welcome this outstanding team and to begin helping advertisers reach our high intent audience on donnected TV.

收購 tvScientific 是該領域經過多年合作和探索之後的結果，這有助於我們實現將 Pinterest 打造成一個涵蓋搜尋、社交以及未來聯網電視的完整管道和績效解決方案的路線圖。它開闢了更大、更靈活的預算資金池。我們很高興歡迎這支傑出的團隊加入，並開始幫助廣告商透過連網電視觸達我們高意向受眾。

Second, we're continuing to advance Pinterest Performance+ by investing in the next wave of bidding and performance enhancements. Since the end of 2023, we have increased the number of shopping SKUs with a paid ad impression by roughly 5 times. Over the past year, we accelerated this trend with the launch of Pinterest Performance+ ROAs bidding in Q1 2025, which adds more granular bidding functionality and allows advertisers to optimize for conversion value, not just the number of conversions.

其次，我們將持續推動 Pinterest Performance+ 的發展，投資下一波競價和效能提升。自 2023 年底以來，我們付費廣告曝光次數的購物 SKU 數量增加了約 5 倍。過去一年，我們加速了這一趨勢，於 2025 年第一季推出了 Pinterest Performance+ ROA 競價功能，該功能增加了更精細的競價功能，使廣告商能夠優化轉換價值，而不僅僅是轉換次數。

We still see significant opportunity to deepen catalog penetration as we remain a long way from having bids and budgets against advertisers' full product catalogs.

我們仍然看到在深化產品目錄滲透方面存在著巨大的機會，因為我們距離能夠針對廣告商的完整產品目錄進行競價和預算還有很長的路要走。

As advertisers increasingly adopt AI-driven automation platforms, the next step is optimizing our bidding system to become more tightly aligned with the advertisers' measurement source of truth. Late last year, we began to pilot integrations with a few of our most sophisticated advertisers proprietary in-house measurement systems to help us optimize bids to drive more of the outcomes of those advertisers value.

隨著廣告主越來越多採用人工智慧驅動的自動化平台，下一步是優化我們的競價系統，使其與廣告商的衡量標準更加緊密地保持一致。去年年底，我們開始試行與一些最先進的廣告客戶專有的內部衡量系統進行集成，以幫助我們優化出價，從而為這些廣告客戶帶來更多價值。

So far, this pilot has delivered promising results, with one advertiser increasing its bids on Pinterest by more than 30%, reflecting the higher value it was seeing from the platform under this new value-based optimization approach. We expect to expand this pilot to additional large sophisticated advertisers in the first half of 2026.

到目前為止，這項試點計畫已經取得了令人鼓舞的成果，其中一位廣告商將其在 Pinterest 上的出價提高了 30% 以上，這反映出在這種新的基於價值的優化方法下，該廣告商從該平台獲得了更高的價值。我們預計將在 2026 年上半年將此試點計畫推廣到更多的大型成熟廣告商。

To serve an even broader set of advertisers who rely on third-party measurement partners, later this year, we will enable deeper direct integrations between Pinterest and a number of measurement partners. These integrations will allow automated two-way data transfer, so we can continuously train and optimize our bidding models to reflect advertisers highest valued outcomes and thus show up more favorably in their measurement systems.

為了服務更多依賴第三方衡量合作夥伴的廣告商，我們將在今年稍後實現 Pinterest 與多家衡量合作夥伴之間更深入的直接整合。這些整合將實現自動化的雙向資料傳輸，以便我們能夠不斷訓練和優化我們的競價模型，以反映廣告商最重視的結果，從而在他們的衡量系統中獲得更有利的排名。

Additionally, these measurement systems are increasingly assigning more credit to events leading up to a conversion, such as view-through attribution. For example, Omnilux, a leader in medical-grade LED light therapy partnered with Pinterest and its measurement partner, Northbeam. After leveraging Northbeam's clicks plus deterministic views model, Omnilux saw a 7 times increase in attributed transactions to Pinterest through view-based attribution.

此外，這些衡量系統越來越重視促成轉換的事件，例如瀏覽歸因。例如，醫療級 LED 光療領域的領導者 Omnilux 與 Pinterest 及其測量合作夥伴 Northbeam 建立了合作關係。在利用 Northbeam 的點擊量加確定性瀏覽量模型後，Omnilux 透過基於瀏覽量的歸因，將歸因於 Pinterest 的交易量提高了 7 倍。

For a full funnel platform like Pinterest, this shift should support increased budget allocations over time. As part of our broader effort to give advertisers more control over expressing what matters most to them and building upon campaign customer groups, which we introduced two quarters ago, we recently entered beta for Pinterest Performance+ new customer acquisition.

對於像 Pinterest 這樣的全通路平台而言，這種轉變應該會隨著時間的推移支持預算分配的增加。作為我們更廣泛的努力的一部分，為了讓廣告商能夠更好地表達他們最關心的內容，並鞏固我們在兩個季度前推出的廣告系列客戶群體，我們最近對 Pinterest Performance+ 新客戶獲取功能進行了測試。

Available exclusively through Pinterest Performance+ campaigns, this feature helps advertisers efficiently acquire new customers by allowing them to assign their own customized values to different audiences, so we can optimize towards that outcome. In initial testing, advertisers saw new customer conversions increased by an average of 64% in campaigns where new customer acquisition was enabled compared to control campaigns without it.

此功能僅可透過 Pinterest Performance+ 廣告活動提供，它允許廣告主為不同的受眾群體分配自訂值，從而幫助廣告商高效地獲取新客戶，以便我們能夠優化以實現該目標。在初步測試中，廣告主發現，啟用新客戶獲取功能的廣告系列，其新客戶轉換率平均比未啟用該功能的對照廣告系列提高了 64%。

In closing, this is a moment of extraordinary innovation at Pinterest and across our industry and one that we've been building towards for the last several years. Our user and engagement trends reinforce that our product direction is working, and we know where we need to execute better to drive faster and more durable growth to ensure monetization follows that engagement.

最後，對於 Pinterest 和整個產業而言，這是一個非凡的創新時刻，也是我們過去幾年一直在努力的目標。我們的用戶和參與度趨勢印證了我們的產品方向是有效的，我們也知道在哪些方面需要改進，才能推動更快、更持久的成長，確保獲利能夠跟上用戶參與度的步伐。

Importantly, I'm proud not only of what we're building, but how we're building it. We've made deliberate choices that put user trust and well-being, especially for young users at the center of the experience, and we're seeing those choices rewarded as more users than ever come to Pinterest each month.

重要的是，我不僅為我們正在建造的東西感到自豪，也為我們建造的方式感到自豪。我們做出了深思熟慮的選擇，將用戶信任和福祉，特別是年輕用戶的福祉，置於體驗的核心，我們看到這些選擇得到了回報，每個月訪問 Pinterest 的用戶數量都比以往任何時候都多。

It's clear the parents and regulators around the world are raising the bar for online safety, particularly for teens and kids. We're proud to lead the way by tuning our AI for positivity and giving our users more agency and choice over their experience. This positions us well as these standards evolve.

顯然，世界各地的家長和監管機構都在提高網路安全標準，尤其是針對青少年和兒童的網路安全標準。我們很自豪能夠引領潮流，透過調整人工智慧使其更具積極性，並賦予用戶更多自主權和選擇權來掌控自己的體驗。這使我們能夠更好地適應這些標準的演變。

We are creating a positive place on the internet where people can invest in themselves and proving that you can build a strong business based on positivity.

我們正在網路上創造一個積極的空間，讓人們可以投資自己，並證明你可以建立一個強大的企業，而這建立在積極向上的基礎上。

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 full year and fourth-quarter 2025 financial results and provide an update on our first quarter 2026 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 年全年及第四季的財務業績，並更新我們 2026 年第一季的展望。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。

I'll start with our fourth-quarter results. We ended the quarter with 619 million global monthly active users, or MAUs, growing 12%, our 10th consecutive quarter of record high users. We continue to demonstrate user growth across all of our geographic regions.

我先從我們第四季的業績說起。本季末，全球月活躍用戶（MAU）達 6.19 億，成長 12%，連續第十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。

In Q4, our US and Canada region had 105 million MAUs growing 4%; our Europe region had 158 million MAUs growing 9%; and in the Rest of World markets, we had 356 million MAUs growing 16%.

第四季度，我們在美國和加拿大地區的每月活躍用戶數為 1.05 億，成長 4%；我們在歐洲地區的每月活躍用戶數為 1.58 億，成長 9%；在世界其他地區的市場，我們的每月活躍用戶數為 3.56 億，成長 16%。

Moving to revenue. In Q4, our global revenue was $1.319 billion, up 14% year over year or 13% on a constant currency basis. We saw strength from our conversion objective. Across verticals, growth was driven by retail, though with puts and takes within that, as we've described, and driven by smaller but faster-growing categories on our platform, including financial services and telecom.

轉向營收。第四季度，我們的全球營收為 13.19 億美元，年增 14%，以固定匯率計算成長 13%。我們從轉換率目標中看到了成效。從各個垂直領域來看，零售業是成長的主要驅動力，儘管其中也存在波動，正如我們所描述的那樣；此外，我們平台上規模較小但成長速度更快的類別，例如金融服務和電信，也推動了成長。

Turning to our geographical breakouts for Q4. Revenue in the US and Canada was $979 million, growing 9%. Growth came from retail, financial services, and telecom.

接下來我們來看看第四季的地域分佈。美國和加拿大的收入為 9.79 億美元，成長了 9%。成長主要來自零售、金融服務和電信業。

In Europe, revenue was $245 million, growing 25% on a reported basis or 18% on a constant currency basis. Growth in Europe was driven by retail, but was lower than our expectations. We saw a second order effect on cross-border spend from certain large global retailers who pulled back ad spend in Europe as well as UCAN as they recalibrated across our global portfolio due to the same tariff and margin pressure as Bill described earlier.

在歐洲，營收為 2.45 億美元，按報告匯率計算成長了 25%，以固定匯率計算成長了 18%。歐洲的成長主要由零售業推動，但低於我們的預期。我們看到，由於與比爾之前描述的相同的關稅和利潤壓力，一些大型全球零售商削減了在歐洲和 UCAN 的廣告支出，從而對跨境支出產生了次級影響，因為他們正在調整其全球投資組合。

Revenue from Rest of World was $96 million, growing 64% on a reported and constant currency basis. In Q4, overall ad impressions grew 41% while ad pricing declined 19% year over year driven primarily by the continued mix shift impact from growing at impressions in undermonetized international markets.

來自世界其他地區的收入為 9,600 萬美元，按報告匯率和固定匯率計算增長了 64%。第四季度，整體廣告曝光量年增 41%，而廣告價格年減 19%，主要是由於在貨幣化程度較低的國際市場中，曝光量持續成長，導致廣告組合轉變。

Moving to expenses. In Q4, cost of revenue was $221 million, up 15% year over year and up 7% versus Q3, due to increased infrastructure spend related to our user and engagement growth. Our non-GAAP operating expenses were $562 million, up 13%. The increase was driven by headcount investments in sales and marketing and R&D as we continue to invest in AI initiatives and grow our sales force.

轉到費用部分。第四季度，收入成本為 2.21 億美元，年增 15%，較第三季成長 7%，這是由於與用戶和參與度成長相關的基礎設施支出增加所致。我們的非GAAP營運費用為5.62億美元，成長13%。此次成長主要得益於我們在銷售、行銷和研發方面的人員投入，因為我們將繼續投資人工智慧專案並擴大銷售團隊。

Within G&A, expenses grew at a higher than typical rate year over year, primarily due to certain legal costs not expected to repeat as well as lapping certain insurance proceeds received in the prior year.

在一般及行政費用方面，支出年增率高於往年平均水平，主要是由於某些法律費用預計不會再次發生，以及上一年收到的某些保險賠償金的累積。

In Q4, we delivered adjusted EBITDA of $542 million with an adjusted EBITDA margin of 41%, up 20 basis points versus Q4 last year. For the full year 2025, free cash flow increased 33% to $1.25 billion. This compares to 2025 adjusted EBITDA of $1.27 billion, representing free cash flow conversion of 99%.

第四季度，我們實現了調整後 EBITDA 5.42 億美元，調整後 EBITDA 利潤率為 41%，比去年第四季度增長了 20 個基點。2025 年全年，自由現金流成長 33%，達到 12.5 億美元。相較之下，2025 年調整後的 EBITDA 為 12.7 億美元，自由現金流轉換率為 99%。

Our ability to generate significant free cash flow speaks to the inherent profitability of our business and asset-light nature of our model. Investors should continue to analyze our free cash flow annually as quarterly free cash flow can fluctuate due to the typical seasonality of our business.

我們能夠產生可觀的自由現金流，這反映了我們業務固有的獲利能力和我們輕資產模式的本質。投資者應繼續每年分析我們的自由現金流，因為季度自由現金流會因我們業務的典型季節性而波動。

We ended the year with cash, cash equivalents and marketable securities of $2.5 billion. We made further progress mitigating dilution in Q4 as we allocated $500 million towards share repurchases, bringing our full year 2025 share repurchases to $927 million for a total of 30 million shares.

截至年底，我們持有現金、現金等價物及有價證券共25億美元。我們在第四季度進一步減輕了股權稀釋，因為我們撥款 5 億美元用於股票回購，使我們 2025 年全年的股票回購額達到 9.27 億美元，總計 3,000 萬股。

In addition, we utilized $399 million of cash in the year on net share settlement of equity awards. Combined for full year 2025, these actions have driven an approximately 1.6% decline in year-over-year fully diluted share count, which compares favorably to our stated positive 2% to 3% average annual target.

此外，我們今年也動用了 3.99 億美元現金用於股權獎勵的淨股份結算。綜合來看，這些措施使得 2025 年全年完全稀釋後的股份數量同比下降了約 1.6%，這比我們先前宣布的 2% 至 3% 的年均增長目標更為理想。

Now I'll discuss our guidance for the first quarter, which does not include any impact from tvScientific as we await regulatory approval for the closing of that transaction. We expect Q1 revenue to be in the range of $951 million to $971 million, representing 11% to 14% growth year over year. Based on current spot rates, our guidance assumes the impact of foreign exchange to be approximately 3 points of tailwind in Q1.

現在我將討論我們對第一季的業績預期，由於我們正在等待監管部門批准完成該交易，因此該預期不包括 tvScientific 的任何影響。我們預計第一季營收將在 9.51 億美元至 9.71 億美元之間，年增 11% 至 14%。根據目前的即期匯率，我們的預測認為，外匯波動在第一季將帶來約 3 個百分點的利好。

For the first quarter, we expect adjusted EBITDA to be in the range of $166 million to $186 million. We anticipate Q1 2026 non-GAAP cost of revenue to grow sequentially from Q4 2025 by low single digits percent. In Q1, within non-GAAP operating expense, we will focus our investments on our sales transformation and additional R&D hiring to support our AI efforts.

我們預計第一季調整後 EBITDA 將在 1.66 億美元至 1.86 億美元之間。我們預計 2026 年第一季非 GAAP 營收成本將比 2025 年第四季環比成長，增幅為個位數百分比。第一季度，在非GAAP營運費用中，我們將把投資重點放在銷售轉型和額外的研發人員招募上，以支援我們的人工智慧工作。

Next, I want to share some color about the trajectory of margins throughout the year. Starting with cost of revenue. In 2026, we're making deliberate investments in high ROI areas such as GPU capacity to enable key AI initiatives. These investments will allow us to train and serve visual foundation models and our conversation models that advance our capabilities in multimodal search, discovery as well as Pinterest Assistant.

接下來，我想分享全年利潤率的變化趨勢。首先從營業成本著手。2026 年，我們將有意識地投資於高投資報酬率領域，例如 GPU 容量，以支援關鍵的人工智慧計畫。這些投資將使我們能夠訓練和維護視覺基礎模型和對話模型，從而提升我們在多模態搜尋、發現以及 Pinterest 助理方面的能力。

In addition, we will continue to build more powerful AI models that are enhancing full-funnel ROAS for our advertisers and ad relevance for our users. We also have been signaling for some time that we have captured much of the benefit from our multiyear infrastructure cost optimization efforts and are now reaching diminishing returns. As a result, we expect modest headwinds from cost of revenue as a percentage of revenue in 2026.

此外，我們將繼續建立更強大的 AI 模型，以提高廣告主的全通路 ROAS 和用戶的廣告相關性。我們先前也曾多次表示，我們已經從多年的基礎設施成本優化工作中獲得了大部分收益，現在收益正在遞減。因此，我們預計 2026 年收入成本佔收入的比例將略有下降。

That said, we are actively -- acting decisively to free up investment capacity elsewhere within the company. In January, we announced a restructuring, including a series of organizational actions to simplify how we operate, reduce layers, and increase efficiency so that we can invest more intentionally in the areas that matter most, especially AI and our go-to-market transformation. The result of these offsetting dynamics is that we expect adjusted EBITDA margins to be roughly in line with 2025.

也就是說，我們正在積極採取果斷行動，以釋放公司內部其他方面的投資能力。1 月，我們宣布了一項重組計劃，其中包括一系列組織措施，旨在簡化我們的營運方式、減少層級、提高效率，以便我們能夠更有針對性地投資於最重要的領域，特別是人工智慧和我們的市場轉型。這些相互抵銷的動態因素導致我們預期調整後的 EBITDA 利潤率將與 2025 年大致相同。

So while we anticipate year-over-year adjusted EBITDA margin pressure in the first half, based on our current outlook, we expect full year 2026 adjusted EBITDA margin to be roughly in line with 2025 at approximately 30%.

因此，儘管我們預計上半年調整後 EBITDA 利潤率將面臨同比壓力，但根據我們目前的展望，我們預計 2026 年全年調整後 EBITDA 利潤率將與 2025 年大致持平，約為 30%。

While the acquisition of tvScientific has not yet closed, we do expect closing to happen in Q1 or Q2, which we anticipate would cause a roughly 100 basis points drag to adjusted EBITDA margin in 2026, leading to 29% for 2026 overall on a combined basis.

雖然對 tvScientific 的收購尚未完成，但我們預計會在第一季或第二季完成，我們預計這將導致 2026 年調整後 EBITDA 利潤率下降約 100 個基點，使 2026 年整體合併後的利潤率降至 29%。

To illustrate the potential revenue impact of the acquisition, I will also share that we estimate tvScientific's Q4 2025 revenue would have contributed less than 2 points of growth to Pinterest revenue in Q4 2025.

為了說明此次收購可能帶來的營收影響，我還想分享一下，我們估計 tvScientific 在 2025 年第四季的營收對 Pinterest 在 2025 年第四季的營收成長貢獻不到 2 個百分點。

Stepping back, over the last two years, we've made meaningful progress toward our long-term margin goals. Adjusted EBITDA margins expanded by nearly 700 basis points from 2023, reaching 30% in 2025, reflecting both operating discipline as well as the inherent profitability of our model as we've scaled. Our margin outlook for 2026 reflects our decision to lean into the high ROI investment opportunities we see for ourselves in this crucial moment and to capture the full opportunity ahead.

回顧過去兩年，我們在實現長期利潤目標方面取得了實質進展。調整後的 EBITDA 利潤率從 2023 年起成長了近 700 個基點，到 2025 年達到 30%，這不僅反映了我們營運的自律，也反映了我們規模擴大後的商業模式固有的獲利能力。我們對 2026 年利潤率的展望反映了我們決定在這個關鍵時刻抓住我們看到的高投資回報率的投資機會，並充分把握未來的機會。

However, our fundamental view of the profit potential of the business is unchanged. And we, therefore, still expect to achieve our adjusted EBITDA margin target of 30% to 34% over the medium term. Given the strength of our user and supply dynamics, and the organizational actions we are taking to strengthen our sales and go-to-market efforts, we believe our revenue growth should be higher over time, and we continue to have conviction in our ability to reach our long-term targets.

然而，我們對該業務獲利潛力的基本看法並沒有改變。因此，我們仍預期在中期內實現調整後 EBITDA 利潤率目標為 30% 至 34%。鑑於我們強大的用戶和供應動態，以及我們為加強銷售和市場推廣工作而採取的組織行動，我們相信隨著時間的推移，我們的收入成長將會更高，我們也繼續堅信我們有能力實現我們的長期目標。

We are making the right decisions today to emerge from this period better positioned to compete for the large and growing opportunity ahead.

我們今天所做的決策是正確的，這將使我們更好地走出這段時期，從而更好地掌握未來不斷增長的巨大機會。

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

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) Doug Anmuth, JPMorgan.

（操作說明）道格·安穆斯，摩根大通。

Can you just talk more about the drivers of 4Q revenue, including the home impact that you saw? And then also how you're thinking about the 1Q guidance?

您能否詳細談談第四季營收的驅動因素，包括您觀察到的家庭消費對營收的影響？那麼，您對第一季業績指引有何看法？

Sure, Doug, I'll take that one. So in Q4, our largest retail advertisers created a more meaningful headwind than we expected as they sought to protect their margins in this dynamic environment and pulled back on ad spend. We believe this pullback on ad spend from larger advertisers was felt across the industry but impacted our platform to a higher degree, given our current revenue mix.

當然，道格，我接受這個任務。因此，在第四季度，我們最大的零售廣告客戶為了在這個動態環境中保護利潤率，減少了廣告支出，這給我們帶來了比預期更大的阻力。我們認為，大型廣告商削減廣告支出的舉措對整個行業都產生了影響，但鑑於我們目前的收入結構，這對我們平台的影響程度更大。

We also saw a second order effect of the same dynamic into Europe as well with some of these same large global retailers pulling back on spend in Europe as they rebalance across their global portfolio.

我們也看到同樣的動態對歐洲產生了二次影響，一些大型全球零售商正在調整其全球投資組合，從而減少了在歐洲的支出。

On the home category, where there was a new furniture tariff enacted last October, the home category remains challenged overall, but the performance there was generally in line with our expectations at the time of guidance. Looking ahead to Q1, we expect these headwinds will continue and may become slightly more pronounced in Q1, including in UK and Europe.

家居用品類別方面，由於去年 10 月實施了新的家具關稅，家居用品類別整體上仍然面臨挑戰，但該類別的表現總體上符合我們當時的預期。展望第一季度，我們預計這些不利因素將持續存在，並且在第一季可能會變得更加明顯，包括在英國和歐洲。

It's also worth noting that we recently implemented a restructuring in January and are going through a sales and go-to-market transformation, and that may cause some near-term disruption, which we factored into our guidance to be prudent.

值得注意的是，我們最近在 1 月實施了重組，目前正在進行銷售和市場推廣轉型，這可能會在短期內造成一些混亂，出於謹慎考慮，我們已將此因素納入了我們的業績指引中。

So all that to say, we're in a moment in time where both of these near-term factors are impacting us. And we know we have a lot of execution to do on the monetization side, and we've started that process.

總而言之，我們正處於這樣一個時期，這兩個近期因素都在影響著我們。我們知道在獲利方面還有很多執行工作要做，我們已經開始了這項工作。

Looking kind of even beyond Q1, visibility isn't perfect. And obviously, we don't guide beyond one quarter. And we can't predict the macro working anyone perfectly. But we're not seeing any new factors today beyond what we've described that would create more headwinds to our current trajectory.

即使展望到第一季之後，能見度仍然不理想。顯然，我們的指導範圍不會超過一個季度。我們無法完美預測宏觀經濟對任何人的作用。但除了我們所描述的因素之外，我們今天沒有看到任何新的因素會對我們目前的發展軌跡造成更大的阻礙。

A few things to think about as we go forward to 2026. In terms of external factors, we've talked about the larger retailer headwinds, which we will start to anniversary in the second half of 2026. For internal factors, we talked about our measurement product releases and sales and go-to-market transformation, which may take a couple of quarters to play out, but we're encouraged by the new leadership we have in place with Lee and the quick actions he's taken there.

展望2026年，有幾件事值得我們思考。就外部因素而言，我們已經討論過大型零售商面臨的不利因素，我們將在 2026 年下半年開始應對這些不利因素。就內部因素而言，我們討論了測量產品的發布、銷售和市場轉型，這可能需要幾個季度才能見效，但我們對李領導下的新團隊以及他採取的快速行動感到鼓舞。

So all of this will take time, but we're moving quickly to ensure our revenue matches the strength of the users and engagement we're seeing on the platform today.

所以這一切都需要時間，但我們正在快速行動，以確保我們的收入與目前在平台上看到的用戶數量和參與度相符。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Bill, can you elaborate on how you and we are changing the go-to-market team? And basically, how is this new organization or a reorganized team likely to drive wallet share and digital advertising for Pinterest?

偉大的。比爾，你能詳細說明一下你和我們是如何改變市場推廣團隊的嗎？那麼，這個新組織或重組後的團隊究竟將如何推動 Pinterest 的用戶錢包份額和數位廣告業務的發展呢？

And then Julia just mentioned this, what's the lag period between when the new team kind of comes together and when it might be generating positive results in the form of share gain?

然後 Julia 也提到了這一點，從新團隊組建完成到可能產生積極成果（例如市場份額增長）之間，需要多長時間？

Thanks, Ross. So Lee's only been here for a few weeks, but he's already moving quickly and taking decisive action. As with any sales transformation, there can be some modest disruption in the near term as we rebuild and retool the organization to best position the company for the long term. But we're doubling down on broadening our revenue and consistent with the areas that we've been talking about with you all of last year, particularly across mid-market enterprise and SMB advertisers and closing the monetization gap in international markets, including rethinking how we cover some of these areas.

謝謝你，羅斯。李來這裡才幾個星期，但他已經行動迅速，採取了果斷的措施。與任何銷售轉型一樣，在重建和調整組織架構以使公司更好地適應長期發展的過程中，短期內可能會出現一些輕微的混亂。但我們將加倍努力擴大收入來源，並與我們去年一整年一直在和大家討論的領域保持一致，特別是針對中型企業和中小企業廣告商，以及縮小國際市場的貨幣化差距，包括重新思考我們如何涵蓋其中一些領域。

Over the past year, we've made good progress on this. We've doubled the growth rate of our managed SMB business. We expanded with mid-market enterprise advertisers in the $1 billion to $30 billion range and international revenue growth accelerated to 38% versus 25% in 2024. But we believe growth in these areas should be higher, which is why we need to move faster and be bolder.

過去一年，我們在這方面取得了良好進展。我們管理的中小企業業務的成長率翻了一番。我們拓展了與年收入在 10 億美元至 300 億美元之間的中型企業廣告客戶的合作，國際收入成長加速至 2024 年的 38%，而此前預計為 25%。但我們認為這些領域的成長應該更高，所以我們需要加快步伐，採取更大膽的行動。

And to do this, we need to restructure and reallocate resources across those opportunities. We need to adapt more quickly to grow within the fastest-growing parts of the market that we see contributing more significantly to the overall growth of competing platforms.

為此，我們需要對資源進行重組和重新分配，以掌握這些機會。我們需要更快地適應市場中成長最快的部分，因為我們認為這些部分對競爭平台的整體成長貢獻更大。

So we're also doubling down on measurement and technical capabilities within our sales team. We've made significant progress from where Pinterest was just a few years ago as an upper funnel only platform and sales team to one that can compete for performance budgets with the largest most sophisticated advertisers. But we know there is significant opportunity in driving greater performance selling capability across our sales organization and across the segments of the business beyond large advertisers.

因此，我們也加倍加強銷售團隊的衡量和技術能力。幾年前，Pinterest 還只是一個漏斗上層的平台和銷售團隊，如今我們已經取得了巨大的進步，能夠與規模最大、最老練的廣告商競爭效果營銷預算。但我們知道，在提升整個銷售組織以及除大型廣告客戶之外的各個業務部門的績效銷售能力方面，存在著巨大的機會。

This is actually really important as the industry has advanced measurement and attribution with large platforms becoming more aggressive in claiming credit for outcomes, even when they don't own the clicker conversion. You'd see this reflected in others talking about model conversions.

這其實非常重要，因為業界已經發展出先進的衡量和歸因方法，大型平台越來越積極地將結果的功勞攬到自己身上，即使點擊轉換並非他們所為。你會發現其他人在談論模型轉換時也反映了這一點。

This is an area where we know we haven't moved fast enough but we're laser-focused on addressing this and have -- we talked about some of the successful pilots that we've already put in place and that we have underway.

我們知道在這個領域我們行動得還不夠快，但我們正在全力以赴地解決這個問題，並且——我們談到了一些我們已經實施和正在進行的成功試點項目。

So while we expect this to play out over a couple of quarters, we're planning prudently around it as we think these changes are essential for us to capture what we continue to see as a much larger long-term opportunity, more consistent with the long-term targets that we've talked about previously.

因此，雖然我們預計這種情況會在幾個季度內發生，但我們正在謹慎地進行規劃，因為我們認為這些變化對於我們抓住我們一直認為的更大的長期機會至關重要，這與我們之前討論過的長期目標更加一致。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

I wanted to just follow up a little bit on this last point about broadening the advertiser base. And I know, Bill, you talked about this in the prepared remarks, around broadening beyond the large retailers. But can you talk a little bit more about how much tech investment beyond just kind of sales and go-to-market, but more tech investment might be necessary to broaden that advertiser base, to broaden and deepen that advertiser base? And that's question one.

我想就最後一點——擴大廣告商群體——再補充一點。我知道，比爾，你在事先準備好的演講稿中也談到了這一點，即要將業務範圍擴大到大型零售商之外。但是，您能否再多談談除了銷售和市場推廣之外，還需要多少技術投資來擴大廣告客戶群，擴大和深化廣告客戶群？這是第一個問題。

And just to follow on, on the engagement side, you've seen -- it's kind of rare that we see in this industry where you see really strong engagement trends, at least the third-party data that we follow suggests you've had very healthy time spend increases, both domestically and internationally. And I think that syncs up pretty well with was your commentary on these calls, but yet to see the ad revenues kind of decelerate here.

最後，在用戶參與度方面，我們已經看到——在這個行業中，我們很少看到如此強勁的用戶參與度趨勢，至少我們關注的第三方數據顯示，無論是在國內還是國際上，用戶花費的時間都出現了非常健康的增長。我認為這與你對這些電話的評論非常吻合，但廣告收入似乎有所放緩。

And I understand there are specific pressures. But maybe you could just talk a little bit about the dynamics around impression growths and click outs relative to what you might -- the pressure you might be seeing on pricing and maybe even conversion if the consumer is less healthy?

我明白其中存在一些特定的壓力。但或許您可以稍微談談曝光量成長和點擊率下降的動態變化，以及如果消費者健康狀況不佳，您可能會面臨的定價壓力甚至轉換率壓力？

Thanks, Ken. So like the rest of the market, we're seeing strong performance amongst our managed SMB business. We actually get is one of the fastest growing parts of the market and a part of the market that we've been under-indexed to. These advertisers represent approximately 15% of our revenue today. So we are very active there, but it's a lower percentage on other platforms.

謝謝你，肯。與市場其他領域一樣，我們的中小企業託管業務也表現出色。實際上，我們進入了市場中成長最快的領域之一，也是我們先前投入不足的市場領域。這些廣告商目前約占我們收入的 15%。所以我們在這些平台上非常活躍，但在其他平台上的比例較低。

And I mentioned the revenue growth rate of this group nearly doubled in 2025 versus 2024. And so we see opportunity over a multiyear period to make us a larger part of the business. And again, we think that's where we see competing platforms having significant growth.

我還提到，該集團2025年的營收成長率幾乎是2024年的兩倍。因此，我們看到了在未來幾年內使我們成為公司更大組成部分的機會。我們再次認為，競爭平台將在這方面實現顯著成長。

And so that growth we have had there demonstrates that we've got product that can compete there. SMBs who are adopting Performance+ campaigns to automate and simplify campaign set up with AI are seeing stronger performance and are spending more on our platform.

因此，我們在那裡取得的成長表明，我們的產品有能力在那裡競爭。採用 Performance+ 行銷活動，利用人工智慧實現行銷活動設定的自動化和簡化，中小企業獲得了更佳的行銷效果，並在我們的平台上投入了更多資金。

So as we noted last quarter, we see a 12% higher monthly revenue growth rate with these managed SMB advertisers versus non-adopters. So the ongoing improvements we're making to Performance+ around measurement and attribution will be particularly important for this group as they have leaner teams and often rely on third-party measurement platforms to validate performance.

正如我們上個季度所指出的，與未採用這些管理型中小企業廣告商相比，採用這些管理型廣告商的月收入成長率高出 12%。因此，我們正在對 Performance+ 進行衡量和歸因方面的持續改進，對於這個團隊來說將特別重要，因為他們的團隊規模較小，並且經常依賴第三方衡量平台來驗證績效。

So looking forward, we will continue to focus on driving Pinterest Performance+ campaign adoption as well as simplifying the advertiser onboarding experience. So whether there's more for us to build on product, but the product that we have today, we know can work and is driving good progress there.

展望未來，我們將繼續專注於推動 Pinterest Performance+ 廣告系列的普及，並簡化廣告主的註冊流程。所以，我們是否還需要在產品上進行更多開發，但我們目前的產品，我們知道是可以運作的，並且正在推動良好的進展。

And it will take time. But Lee and the team are focused on bringing a new level of sophistication to our go-to-market efforts, including how we sell to a broader range of advertisers, particularly with SMBs. And then I'll give to Julia to hit some of the other part of your question there.

這需要時間。但 Lee 和他的團隊致力於將我們的市場推廣工作提升到一個新的成熟水平，包括我們如何向更廣泛的廣告商（尤其是中小企業）進行銷售。然後我會讓茱莉亞來回答你問題的其他部分。

So I would just to add on to that, and we'll -- Ken, I think you had a second question on sort of engagement, which I'll go back to. But I just want to add on that SMB, Bill talking about SMB is obviously a large opportunity for us. But it is sort of one of multiple ways that we have to win, as we've talked about in previous quarter, right?

所以我想補充一點，還有──肯，我想你還有第二個關於參與度的問題，我稍後會再回答。但我只想補充一點，當比爾談到中小企業時，這顯然對我們來說是一個巨大的機會。但正如我們在上個季度討論的那樣，這只是我們贏得比賽的多種方式之一，對吧？

Other growth drivers include deepening our share of wallet with mid-market enterprises, growing internationally, growing with agencies and UCAN and internationally and using third-party demand to complement our first-party business. We're also continuing to drive growth in emerging verticals, including financial services, telecom, technology and entertainment, all of which we think can help us build a broader base of revenue and more resilient platform over time.

其他成長動力包括提高我們在中型企業中的市場份額、拓展國際市場、與代理商和 UCAN 拓展國際市場，以及利用第三方需求來補充我們的第一方業務。我們也持續推動新興垂直領域的成長，包括金融服務、電信、科技和娛樂，我們認為所有這些都有助於我們隨著時間的推移建立更廣泛的收入基礎和更具韌性的平台。

I think we had a second part to Ken's question as well. So I'll turn it back to Bill for that.

我認為我們還有肯的問題的第二部分。所以這件事我還要交給比爾處理。

Yes. On the engagement side, a couple of things I'd note. We've talked about this, to transform the platform, we need to start with users first, get the shopping behavior and the search behavior. And on that on that engagement, we talked about the 10 straight quarters of record high users. I actually think one of the things. We shared this for the first time last quarter. And I don't think it got as much discussion on the call.

是的。在互動方面，有幾點要注意。我們已經討論過這個問題，要改造平台，我們需要先從用戶入手，了解他們的購物行為和搜尋行為。關於用戶參與度，我們談到了用戶數量連續 10 個季度創歷史新高的情況。我確實認為其中一件事是這樣的。我們上個季度首次分享了這個訊息。而且我覺得電話會議上並沒有對此進行充分討論。

But as we talk to folks across the industry, it has really raised some eyebrows in terms of the 80 billion monthly searches that we're doing. To put that in context, you can go look at third-party data as what other platforms are doing. If you ask ChatGPT, how many prompts per month ChatGPT does, it will tell you about 75 billion monthly prompts. We're doing 80 billion monthly searches and generating 1.7 billion monthly clicks. That makes us one of the largest search destinations in the world.

但當我們與業內人士交流時，我們每月高達 800 億次的搜尋量確實引起了一些人的關注。為了更好地理解這一點，你可以看看第三方數據，了解其他平台正在做什麼。如果你問 ChatGPT，ChatGPT 每個月發出多少個提示，它會告訴你大約每月 750 億個提示。我們每月進行 800 億次搜索，產生 17 億次點擊。這使我們成為全球最大的搜尋平台之一。

And importantly, more than half of those searches are commercial in nature compared to, I think, open out share that they have approximately 2% that will be commercial there. So not only have we created one of the largest search destinations in the world and doing approximately as many searches per month as ChatGPT doing prompts in a month, more than half of that is commercial.

更重要的是，這些搜尋中有一半以上是商業性質的，而我認為公開搜尋結果中商業性質的搜尋量僅佔約 2%。因此，我們不僅創建了世界上最大的搜尋目的地之一，而且每月進行的搜尋量與 ChatGPT 每月進行的提示搜尋量大致相同，其中超過一半是商業搜尋。

And so we have talked about how we needed to go from winning that engagement to then getting the advertisers behind that and then getting measurements so they could see that and lean more into their budgets. If you step back from it, we're still relatively early on in that journey, we only became fully committed to being a performance ad platform just a few years ago.

因此，我們討論瞭如何從贏得用戶參與，到獲得廣告商的支持，再到獲得衡量標準，以便他們能夠看到效果並更有效地利用預算。如果從更宏觀的角度來看，我們仍處於這段旅程的早期階段，我們真正致力於成為成效廣告平台也只是幾年前的事。

And you have the largest ad platforms in the world that have been at this for 20-plus years, they were competing against. But the growth that we have delivered is really indicative of how much unique user engagement we have there. But obviously, we have a lot more of that to do. And I would say our users and engagement are out in front of where our ad platform is.

他們要面對的是全球最大的廣告平台，這些平台已經在這個產業耕耘了 20 多年，他們要與他們競爭。但我們所取得的成長確實顯示了我們擁有多麼高的獨特用戶參​​與度。但顯然，我們還有很多這樣的工作要做。而且我認為，我們的用戶數量和用戶參與度都領先於我們的廣告平台。

The ad platform has been growing significantly. And the ad platform is out in front of where our sales and go-to-market capabilities are. And as we have proven out that we can sell not only to those largest retailers, but also to those midsized retailers that we've been talking about and SMBs and international and now moving beyond our O&O, just the complexity of that sales organization has increased significantly, and the need to have technical performance selling ability, measurement ability within the sales organization, that has changed significantly as well.

廣告平台發展快速。廣告平台的發展速度超過了我們的銷售和市場推廣能力。我們已經證明，我們不僅可以向最大的零售商銷售產品，還可以向中型零售商、中小企業和國際客戶銷售產品，現在我們甚至超越了自有業務範圍，銷售組織的複雜性顯著增加，對銷售組織內部的技術績效銷售能力和衡量能力的需求也發生了顯著變化。

So these are the things that are embedded in that sales transformation that we're talking about. And we're not only do we think there's a gap to cover between our monetization and our user engagement, we think that gap is quite significant and why we feel really encouraged about the long-term initial of our business.

所以，這些就是我們所談論的銷售轉型中所蘊含的要素。我們不僅認為我們的獲利能力和用戶參與度之間存在差距，而且我們認為這個差距相當大，這也是為什麼我們對業務的長期發展前景感到非常鼓舞的原因。

I've shared in my remarks, search is more up for grabs than it ever has been, at least in the last 25 years. And I'm not aware of another company in the western world that could claim anywhere close to the search volume that we're talking about other than us ChatGPT, OpenAI and Google. Obviously, we have a lot more to do to monetize that, but we have a clear line of sight as to what we need to do to get there.

正如我在演講中提到的，搜尋領域比以往任何時候都更加開放，至少在過去的 25 年裡是如此。除了我們 ChatGPT、OpenAI 和 Google 之外，我不知道西方世界還有哪家公司能夠達到我們所說的搜尋量。顯然，我們還有很多工作要做才能將其變現，但我們已經清楚地知道為了實現目標我們需要做什麼。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe building on the answers to so far in the call, Bill, when you think about ChatGPT and they're launching their own ad product and you have a lot of ambition for growth across the industry at the same time that the industry is moving towards more automation and more AI and machine learning.

比爾，或許可以基於通話中目前為止的回答，想想 ChatGPT，他們正在推出自己的廣告產品，並且對整個行業的成長抱有很大的雄心，與此同時，該行業正在朝著更加自動化、人工智慧和機器學習的方向發展。

Can you bring together your vision for how you see Pinterest broadly fitting into this increasingly competitive landscape for digital advertising budget dollars? I'll just ask the one and leave it there.

您能否闡述一下您對 Pinterest 在日益激烈的數位廣告預算競爭格局中整體定位的看法？我就問其中一個，然後就到此為止。

Thank you, Eric. Over time, we believe ad dollars will ultimately flow towards clicks and conversions and we have that engagement. And that has continued to grow, including in UCAN, our largest, most mature market. So while this has always been a competitive market, we have a unique curation signal. We have a differentiated full funnel platform.

謝謝你，埃里克。我們相信，隨著時間的推移，廣告投入最終會轉化為點擊量和轉換率，而我們已經獲得了這種參與。而且這趨勢還在持續成長，包括在我們最大、最成熟的市場 UCAN。雖然這個市場一直競爭激烈，但我們擁有獨特的篩選訊號。我們擁有差異化的全通路平台。

And we've created one of the largest source destinations in the world now with 619 million global users and shopping as a primary use case. We have one of the highest commercial intent audiences of any platform. Again, we're very early on in that monetization journey. But the others that would claim large search volumes are also very early. And so I think that the ad market is still quite large.

我們已經打造了全球最大的用戶來源目的地之一，擁有 6.19 億全球用戶，購物是其主要用途。我們的用戶群擁有所有平台中最高的商業意圖之一。再次強調，我們目前還處於獲利模式的早期階段。但其他聲稱搜尋量龐大的數據也還處於非常早期的階段。所以我認為廣告市場仍然相當龐大。

There are a lot of dollars still flowing to places that aren't necessarily highly performant. We think there's a lot of dollars still up for grabs as we deliver high commercial intent, strong performance, there are a lot more dollars available. And so I talked about, for example, the tvScientific acquisition as one of us now starting to monetize our audience beyond our owned and operated.

仍有許多資金流向那些績效未必很高的地方。我們認為，隨著我們展現出高度的商業意圖和強勁的業績，還有很多資金可以爭取，因為還有更多資金可供利用。因此，我談到了收購 tvScientific，因為我們現在開始將我們的受眾群體變現，而不僅限於我們自有和經營的媒體。

We think there's a real opportunity in that commerciality beyond just our O&O surface. And this has happened before. You've seen this play out before where those that have high commercial intent are able to monetize that across multiple surfaces, including beyond their O&O. So we think that again, we acknowledge that the revenue performance we put up in Q4, while pressured by the tariffs and our greater mix towards large retailers.

我們認為，除了我們的自有水面之外，這種商業化蘊藏著真正的機會。這種情況以前也發生過。你以前也見過這種情況，那些具有高度商業意圖的人能夠透過多種管道（包括自有管道以外的管道）來獲利。因此，我們再次承認，儘管受到關稅壓力以及我們向大型零售商傾斜程度增加的影響，但我們在第四季度仍取得了不錯的營收業績。

While that has presented some near-term headwind, the long-term commerciality of the platform, the very significant volume of search activity that we're getting, the high commercial intent and our ability to -- that we've now proven that we can drive performance advertising budgets, gives us confidence that really, this is about how we get that performance to a broader set of advertisers through greater sophistication. And we think what we have is quite unique.

雖然這在短期內帶來了一些不利因素，但該平台的長期商業價值、我們所獲得的非常大的搜尋活動量、高度的商業意圖以及我們——我們現在已經證明我們可以推動效果廣告預算——讓我們相信，真正的問題在於如何透過更精細化的方式將這種效果帶給更廣泛的廣告商。我們認為我們所擁有的東西是相當獨特的。

I shared those stats. Again, 80 billion searches per month. Similar to what ChatGPT would say that it provides in prompts per month, but with a much greater mix of commerciality, 50% of our search is being with commercial intent, 1.7 billion monthly outbound clicks. There's a lot of that, that we still have to monetize, but we have a clear line of sight to do. We just have to do that across a broader set of advertisers.

我分享了這些數據。再次強調，每月搜尋量高達 800 億次。與 ChatGPT 所說的每月提供的提示類似，但商業性成分更高，50% 的搜尋都帶有商業意圖，每月有 17 億次出站點擊。還有很多東西要我們去變現，但我們已經有了一個明確的目標方向。我們只需要在更廣泛的廣告客戶群中這樣做。

And we think that is quite unique in the ecosystem and there's room for multiple winners. So even as another new search player comes in, I think there's room for multiple to succeed. And what we're doing with the completely visual forward nature of our platform, those 80 billion monthly searches, the vast majority of those are visual in nature. It's just completely different than what anybody else is doing.

我們認為這在生態系統中相當獨特，而且可以容納多個贏家。所以即使有新的搜尋平台進入市場，我認為也有多個平台獲得成功的空間。而我們平台的完全視覺化特性，每月 800 億次的搜索，其中絕大多數都是視覺性質的。這跟其他人做的事情完全不同。

We think that's a distinct space that not only are we winning there now, we see the very unique data that we have, giving us a sustaining advantage of that. Even as AI advances, we talked about how we're able to use low-cost open source AI and our own internal proprietary models, train that against that data and then get very different results.

我們認為這是一個獨特的領域，我們不僅現在在那裡取得了勝利，而且我們看到了我們擁有的非常獨特的數據，這使我們能夠持續保持優勢。即使人工智慧不斷發展，我們也討論過如何利用低成本的開源人工智慧和我們自己的內部專有模型，用這些數據進行訓練，從而獲得截然不同的結果。

I shared on prior calls that our latest multimodal visual search models, outperform leading proprietary off-the-shelf models by 34 percentage points on the relevancy of shopping recommendations. That's really about that flywheel effect of the unique signal on our platform in AI trained on that unique signal.

我在之前的電話會議上分享過，我們最新的多模態視覺搜尋模型在購物推薦的相關性方面比領先的專有現成模型高出 34 個百分點。這實際上與我們的平台上基於此獨特訊號訓練的人工智慧所產生的飛輪效應有關。

So those are all the things I'd point to that give us confidence that -- and I think, again, it's best demonstrated by what we've done over the last 10 quarters or 10 straight quarters of record high users, but also despite the sort of near-term bumps here, where we see that there is a lot more monetization opportunity ahead even just for the engagement that already is on platform today. Hopefully, that helps.

所以，以上這些因素都讓我們有信心——而且我認為，過去 10 個季度，或者說連續 10 個季度用戶數量創歷史新高，最能證明這一點。儘管近期出現了一些波動，但我們仍然看到，即使僅僅針對目前平台上的用戶參與度，未來還有更多的變現機會。希望這能有所幫助。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. I guess -- maybe for Julia, but obviously, a lot of moving parts here. But given some of the top line headwinds, the sales force transition and the opportunities you have to unlock with some of the reallocation of investments. Could you maybe walk through in a little more detail the puts and takes on the adjusted EBITDA outlook for the year just as we move through the year and then you balance some of those -- the impacts from some of those various factors?

偉大的。我想——也許對茱莉亞來說是這樣，但顯然，這裡面有很多變數。但考慮到一些營收方面的不利因素、銷售團隊的轉型以及透過重新分配一些投資而可以釋放的機會。您能否更詳細地解釋一下，隨著年數的推移，您對本年度調整後 EBITDA 前景的看法有哪些不同，以及您如何權衡這些因素的影響？

Colin, so we anticipate adjusted EBITDA margins, as I said on the call, to be kind of roughly in line with 2025, excluding the approximately 100 basis point drag from the tvScientific acquisition, which results in sort of 29% for full year 2026 overall. But to get into some of the puts and takes underneath that, we're intentionally investing in cost of revenue, specifically in GPU capacity to enable key AI initiatives, which I described earlier in my prepared remarks.

科林，正如我在電話會議上所說，我們預計調整後的 EBITDA 利潤率將與 2025 年大致持平，不包括 tvScientific 收購帶來的約 100 個基點的拖累，這將導致 2026 年全年整體利潤率約為 29%。但要深入了解其中的一些利弊，我們正在有意地投資於營收成本，特別是GPU容量，以支持關鍵的人工智慧計劃，我在先前的發言稿中已經描述過這些計劃。

But we believe this will drive further improvements to advertiser performance and, therefore, advertiser budgets and continued user and engagement growth. So we expect this cost of revenue investment to be approximately 100 basis points in 2026, similar to the gross margin outlook implied in my Q1 commentary earlier.

但我們相信這將進一步提升廣告主的業績，從而增加廣告主的預算，並促進用戶數量和參與度的持續成長。因此，我們預計到 2026 年，這項營收投資成本約為 100 個基點，與我先前在第一季評論中暗示的毛利率前景類似。

Moving to OpEx. In January, we took action on a restructuring, which we anticipate will generate approximately $100 million of annualized non-GAAP OpEx savings. Now we expect to reinvest roughly half of those OpEx savings primarily in our sales transformation and in AI talent. So as a result, the net impact between the cost of revenue investment and the OpEx savings I just described, gets you to roughly flat margins for the standalone Pinterest business in '26 compared to '25.

轉向營運支出。1 月份，我們採取了重組措施，預計每年可節省約 1 億美元的非 GAAP 營運支出。現在我們預計將把節省下來的營運支出的大約一半重新投資於銷售轉型和人工智慧人才。因此，收入投資成本與我剛剛描述的營運支出節省之間的淨影響，使得 2026 年 Pinterest 獨立業務的利潤率與 2025 年大致持平。

On top of that, we expect the acquisition of tvScientific, which is higher growth business, but also earlier-stage business. So we expect the acquisition of tvScientific to be an approximate 100 basis points headwind to full year adjusted EBITDA margin, including some modest further deleverage on cost of revenue. So we'll continue to be responsive to the overall environment and thoughtful allocators of capital.

除此之外，我們也預期將收購 tvScientific，這是一家成長速度更快但發展階段更早的企業。因此，我們預期收購 tvScientific 將對全年調整後 EBITDA 利潤率造成約 100 個基點的不利影響，包括對收入成本的進一步適度降低。因此，我們將繼續對整體環境做出積極反應，並謹慎地配置資本。

But based on what we see today, these are the puts and takes that get us to our expected 29% adjusted EBITDA margin for '26, as I said before, we've made significant progress against our long-term targets, reaching 30% in '25. And obviously, this continues to be a very structurally high-margin business, and we continue to have conviction in margins reaching 30% to 34% over the medium and long term.

但根據我們今天所看到的，這些交易和執行將使我們達到 2026 年預期的 29% 調整後 EBITDA 利潤率。正如我之前所說，我們在實現長期目標方面取得了重大進展，2025 年達到了 30%。顯然，這仍然是一個結構性高利潤率的業務，我們仍然堅信，在中長期內，利潤率將達到 30% 至 34%。

Our next question will go to the line of Brian Nowak with Morgan Stanley.

我們的下一個問題將問到摩根士丹利的布萊恩·諾瓦克。

Just to go back to the advertising go-to-market change, so we can sort of understand a little bit what you want to really change this year, Bill. Can you give us sort of a couple of examples of your current go-to-market with SMBs and international and some tangible examples of what you would like to change 12 months from now, just so we can understand the KPIs and the go-to-market that you're most focused on to make this right?

回到廣告市場策略的改變上來，這樣我們才能更了解你今年真正想要改變的是什麼，比爾。您能否舉幾個例子說明您目前針對中小企業和國際市場的行銷策略，以及一些您希望在 12 個月後做出哪些改變的具體例子，以便我們了解您最關注的關鍵績效指標和市場策略，從而確保一切順利進行？

And then secondly, with the first quarter guide, I think you might have mentioned there's an assumption on some disruption expected in the advertising side. Can you just walk us through sort of like practically what are you expecting to be disrupted with the ore change?

其次，關於第一季業績指引，我想您可能提到過，廣告方面預計會出現一些混亂。您能否具體說明一下，您預期礦石變化會對哪些方面造成影響？

Yes. Thanks for the question. So in terms of like how we're thinking about it, when we could step back and put things in context for a moment, we only started building a true performance ad platform just a few years ago. Our first true CPC product for advertisers wasn't launched until we didn't go GA until Q4 of 2023. So sort of two years in the quarter -- two years on a partial quarter into even having a platform that do clicks to advertisers.

是的。謝謝你的提問。所以，就我們思考這個問題的方式而言，如果我們能退後一步，把事情放在背景下考慮一下，我們才剛開始建立一個真正的效果廣告平台，那也只是幾年前的事了。我們針對廣告主的第一個真正的 CPC 產品直到 2023 年第四季才推出，而我們直到 2023 年第四季才正式上線 GA。所以，差不多兩年了——或者說，兩年多一點的時間，我們才擁有了一個能為廣告商帶來點擊量的平台。

As we talked about before, we started with the very largest advertisers. We've been working our way down. Our SMB -- the main product that we needed to enable that for SMBs was Pinterest Performance+ because SMB advertisers need something that is much more automated, more set and forget it. Pinterest Performance+, we went GA at the start of '25.

正如我們之前討論過的，我們從最大的廣告商開始。我們一直在往下走。我們為中小企業打造的主要產品是 Pinterest Performance+，因為中小企業廣告主需要更自動化、更易於設定和無需操心的產品。Pinterest Performance+，我們在 2025 年初正式上線。

As we deployed that through '25, we saw that working well. As I mentioned, we doubled the growth rate of our SMB, our managed SMB population that's now 15% of revenue, but we know that can and should be much larger. And so it's a different kind of selling to those kinds of advertisers. . The things that we need to do to run that the -- also the measurement integrations that we need to do as they rely on a different set of measurement partners than what the very largest advertisers would.

我們在 2025 年全面部署了該方案，結果顯示效果良好。正如我之前提到的，我們的中小企業成長率翻了一番，我們管理的中小企業客戶群目前佔收入的 15%，但我們知道這個數字可以而且應該更大。因此，向這類廣告商銷售產品的方式也不同。。為了運行它，我們需要做一些事情——此外，我們還需要進行測量集成，因為它們依賴與最大的廣告商不同的測量合作夥伴。

So that is part of that go-to-market, which is how do we have those sellers set up to sell performance, understand the measurement, particularly measurement sources of truth that are used by the advertiser and then how to help that advertiser get the most out of our AI-driven tools like Pinterest Performance+ to configure those things for performance.

所以，這是市場推廣的一部分，即我們如何讓這些銷售人員能夠銷售效果廣告，了解衡量標準，特別是廣告商使用的衡量標準的真實來源，以及如何幫助廣告商充分利用我們的人工智慧驅動工具（如 Pinterest Performance+）來配置這些工具以提高效果。

Those are some of the things that we're driving through. And again, leasing a couple of weeks in, but these are things that -- we have made progress on this, again, doubling the growth rate of SMBs over the course of '25, we've made progress. So we have a clear line of sight what to do. We just need to take bigger, bolder steps. And we're confident now with Lee here, we've got the right leadership in place to go do that.

這些都是我們正在經歷的事情。再說一遍，租賃業務開展了幾週，但這些都是——我們在這方面取得了進展，再次強調，在 2025 年期間，中小企業的成長率翻了一番，我們取得了進展。所以我們現在很清楚該怎麼做。我們只需要採取更大、更大膽的措施。現在有了李，我們有信心，我們已經有了合適的領導階層來完成這項任務。

Yes. And the second part of your question in terms of Q1 and what I was referring to there on the near-term disruption, I think we obviously took the difficult decision to go through that restructuring activity in January. Part of that did impact some of frontline sellers and on the measurement side as well.

是的。至於你問題的第二部分，關於第一季以及我之前提到的短期中斷，我認為我們顯然在 1 月做出了艱難的決定，進行重組活動。其中一部分確實對一些第一線銷售人員和測量方面產生了影響。

And so as we're kind of getting ahead of that and backfilling those roles, obviously, it will take a little bit of time for those new folks to come in and ramp up productivity. So I do think we're anticipating a little bit of impact here in Q1, but all of that is factored into the guidance.

因此，我們正在提前做好準備，填補這些職缺，顯然，新員工需要一些時間才能融入團隊並提高生產力。所以我認為我們預計第一季會受到一些影響，但所有這些都已納入業績指引中。

Justin Patterson, KeyCorp.

Justin Patterson，KeyCorp。

Great. Bill, you mentioned earlier that Pinterest is a brings the promise of agentic commerce to life without having to enter prompts. Could you just spend some more on just what agentic commerce means for Pinterest and the steps to get there?

偉大的。比爾，你之前提到過，Pinterest 讓使用者無需輸入提示即可實現智慧商務。您能否再詳細解釋一下代理型商務對 Pinterest 的意義以及實現這一目標的步驟？

Yes. Thanks for the question, Justin. The broader promise of agentic has tremendous potential, and we're leaning into the places where we see the most opportunity to solve compelling user problems. So let me start with: First, the way we think about the broader agentic opportunity and what it really means for users. The promise of agentic is one where users trust AI to help them along a commercial journey to remove friction and find products they love all without the user having to do as much of the work. That's exactly where Pinterest has been leaning in.

是的。謝謝你的提問，賈斯汀。智慧代理的更廣泛前景具有巨大的潛力，我們正在努力解決用戶面臨的重要問題，並尋找最大的機會。那麼，讓我先從以下幾點談起：首先，我們如何看待更廣泛的代理機會以及它對用戶的真正意義。智慧代理的優點在於，使用者信任人工智慧，讓其幫助他們完成購物之旅，消除摩擦，找到他們喜歡的產品，而用戶無需做太多工作。這正是Pinterest一直以來努力的方向。

Our visual search, discovery and personalization means that users are instantly met with relevant products that they're interested in when they open up the Pinterest app. We're helping them complete those commercial journeys without having to type in a single prompt. So that is the agentic nature that we are solving for already, which is the users to have to tell us what next step to take, we're meeting them with products that help them along their products recommendations that help them along their commercial journey.

我們的視覺搜尋、發現和個人化功能意味著，當用戶打開 Pinterest 應用程式時，他們會立即看到自己感興趣的相關產品。我們幫助他們完成這些商業旅程，而無需輸入任何提示訊息。所以，這就是我們正在解決的自主性問題，即使用者必須告訴我們下一步該怎麼做，而我們正在透過產品推薦來幫助他們完成商業之旅。

In essence, we're helping our users know what to buy before they know what to ask for, which has historically been one of the biggest problems in search is that people don't have the words to describe what it is they're looking for. So on top of that, we've enabled capabilities that make the purchase in a single tap without ever leaving our site, most notably with Amazon.

從本質上講，我們是在幫助用戶在知道自己想要什麼之前就知道要買什麼，而這歷來是搜尋領域最大的問題之一，因為人們沒有足夠的詞語來描述他們正在尋找的東西。此外，我們也啟用了一些功能，讓用戶無需離開我們的網站即可一鍵購買，最顯著的例子就是與亞馬遜的合作。

This has resulted in users, searches, clicks and overall commercial intent, all growing significantly and accelerating over the last three years. In Q4, we accelerated our product even further, introducing Pinterest Assistant, which adds voice as a new modality. So we're seeing very strong traction in real-world application of this type of experience for users, with our AI capabilities at the core of how we're delivering on it.

這使得用戶數量、搜尋量、點擊量和整體商業意圖在過去三年中都顯著增長，並且增長速度加快。第四季度，我們進一步加快了產品開發步伐，推出了 Pinterest Assistant，將語音作為一種新的互動方式。因此，我們看到這種使用者體驗在現實世界中的應用非常受歡迎，而我們的人工智慧能力是我們實現這一目標的核心。

What we see less demand for in the near term is an experience where ages complete the full shopping journey without the user being involved at all. We see users wanting to be in the loop for the foreseeable future. And in the future, when users are -- well, right now, when users are ready to confirm a purchase, we're making it very seamless for them to do so.

短期內，我們看到需求減少的是一種讓使用者完全無需參與即可完成整個購物過程的體驗。我們看到用戶在可預見的未來都希望隨時了解最新動態。未來，當用戶——或者說現在，當用戶準備確認購買時，我們將讓他們能夠非常輕鬆地完成購買。

And whatever point in the future users are ready to actually trust the agent to press the buy button for them -- that will actually be one of the easiest parts of the commercial journey to solve given how many frictionless buy buttons exist in the market today. So again, I think there's been a lot of discussion of the promise of agentic, and a lot of it sort of goes all the way to the agenda just go do everything for you.

而未來某個時候，當用戶真正準備好信任代理商為他們按下購買按鈕時——考慮到目前市場上存在如此多的便捷購買按鈕，這實際上將是商業旅程中最容易解決的部分之一。所以，我認為人們已經對智能體的前景進行了很多討論，其中許多討論都指向一個最終目的是讓智能體為你做一切事情。

We're focused on the AI doing the thing that the users need the most help with today, and not getting in the way of the users for the thing that they want to make sure that they verify, which is the user being in the loop at that last one was saying, yes, that's the thing. Give it to me. I press a button in us all the way. And that's what's happening on the platform today and why we're seeing the very strong user engagement trends that we talked about.

我們專注於讓 AI 做用戶今天最需要幫助的事情，而不是妨礙用戶進行他們想要驗證的事情，也就是讓用戶參與到最後一個環節中，並確認「是的，就是這樣」。給我。我按下了我們所有人心中的一個按鈕。這就是目前平台上正在發生的事情，也是我們看到先前提到的用戶參與度非常高的趨勢的原因。

Ron Josey, Citigroup.

Ron Josey，花旗集團。

I wanted to ask two really quickly. Just Bill, on tvScientific. You talked about the new sources of demand and highlighted Pinterest third-party partners in the past. But with tvScientific expands beyond the platform. Does it talk to us how this acquisition can open up larger budget pools as it just accelerates those tvScientific as well as Pinterest overall scale?

我想快速問兩個問題。比爾，在 tvScientific 上。您之前談到了新的需求來源，並重點介紹了 Pinterest 的第三方合作夥伴。但 tvScientific 的功能已經超越了平臺本身。它是否向我們說明了此次收購如何能開闢更大的預算池，同時加速 tvScientific 和 Pinterest 的整體規模擴張？

And then on the go-to-market and the revamp that we're planning there in the first half of the year. Would love your thoughts, just where are we on the process there? I know, obviously, Lee just to not too long ago, but any insights on additional impacts on timing and like rebuilding that team?

然後是上市計劃和我們計劃在今年上半年進行的改革。很想聽聽您的看法，我們目前進展到什麼階段了？我知道，李不久前才離開，但對於時間安排以及重建球隊等方面的其他影響，您有什麼見解嗎？

Thanks, Ron. So on tvScientific, yes, you're exactly right. We've, over the last couple of years been bringing in third-party demand. This now is our first foray -- first meaningful foray into third-party supply. And this is very consistent with what you would see from other high-intent platforms, where you can take the high intent that you have on your own platform. And then drive more relevant, more performant ads on other surfaces based on knowledge of that intent.

謝謝你，羅恩。所以，在 tvScientific 上，是的，你的說法完全正確。過去幾年，我們一直在引入第三方需求。這是我們首次涉足──首次真正意義上涉足第三方供應領域。這與你在其他高意向平台上看到的情況非常一致，你可以將你在自己平台上擁有的高意圖帶到這些平台上。然後根據對使用者意圖的了解，在其他平台上投放更相關、效果更好的廣告。

And in terms of -- this is an area we've been sort of studying and experimenting in for a couple of years now. And we started with a partnership with tvScientific to allow us to sort of understand their technology, their team, and we move from that to acquisition because they're driving today search type performance advertising in TV and connected TV, which is very aligned with our approach.

至於這方面——這是我們過去幾年一直在研究和試驗的一個領域。我們首先與 tvScientific 建立了合作關係，以便了解他們的技術和團隊，然後我們轉向收購，因為他們目前在電視和連網電視領域推動搜尋型效果廣告的發展，這與我們的方法非常契合。

And we think we can -- when we combine that with our very highly commercial audience and the scale of that audience, as I've shared a few times, over 80 billion monthly searches and that being primarily visual, which obviously would align with TV and sort of the visual nature of that. We think there's a lot we can do to together drive more performance connected TV advertising which is one of the fastest-growing areas of the ad market.

我們認為我們可以做到——當我們把這一點與我們極具商業價值的受眾群體以及該受眾群體的規模結合起來時，正如我多次分享的那樣，每月超過 800 億次的搜索量，而且主要是視覺搜索，這顯然與電視及其視覺特性相符。我們認為我們可以共同努力，推動更多與效果相關的電視廣告發展，這是廣告市場成長最快的領域之一。

So I talked about more exposure to SMB into international, given that those are fast growing. Connected TV is also fast growing. And I think there's a lot we can do to bring performance there. So hopefully that helps on the tvScientific acquisition. It effectively turns Pinterest into a full-funnel search, social and connected TV performance solution, opening up larger in incremental budget pools. And of course, these things take time, but we're quite excited about the opportunity.

所以我談到了讓中小企業更接觸國際市場，因為這些企業發展迅速。連網電視也在快速發展。我認為我們可以做很多事情來提升那裡的表現。希望這能對收購 tvScientific 有所幫助。它有效地將 Pinterest 轉變為涵蓋搜尋、社交和連網電視的全通路行銷解決方案，從而開闢了更大的增量預算池。當然，這些事情都需要時間，但我們對這個機會感到非常興奮。

On the other part, on the go-to-market revamp, that I have commented on that a good bit. And so the timing and rebuild, these things do take some time. We are in flight on these things already. Again, the way I would characterize this as looking back at '25, we talked about diversifying the revenue base all through '25. We were talking to all about that on the call then of expanding to those midsized retailers expanding to SMB to expand international, we executed on those things. I would say that we had good execution, we need great execution.

至於市場推廣策略的調整，我已經對此發表不少評論。因此，時間安排和重建這些事情確實需要一些時間。我們已經在著手處理這些事情了。再說一遍，如果讓我回顧 2025 年，我會這樣描述：我們在整個 2025 年都在討論如何實現收入來源多元化。當時我們在電話會議上和大家討論如何拓展到中型零售商、中小企業以及拓展國際市場，我們也執行了這些計畫。我認為我們執行得不錯​​，但還需要更出色的執行力。

And so all that to say, we're not starting for the first time on these things. It's really about how do we learn from the efforts we've had so far, double down, go faster with greater clarity with those teams and bolder decisions around what are the different levers needed for those different segments of the business. It's just a more complex selling organization.

所以說，我們並不是第一次做這些事。關鍵在於我們如何從迄今為止的努力中吸取教訓，加倍努力，與團隊一起以更清晰的思路加快步伐，並就業務不同部門所需的各種槓桿做出更大膽的決策。它只是一個更複雜的銷售組織。

Again, I think we've got the right leadership in place now with Lee to go after that. But time 0 is not at this moment. This is really about sort of us finding the next year in that transformation. We have a really good line of sight to that. And I commented that with any of these kinds of things, you can expect at times a quarter or two of disruption as you move through some of those things.

我認為我們現在有了合適的領導人，李會帶領我們去實現這個目標。但時間0並非此刻。這其實是關乎我們如何在這種轉變中找到來年的方向。我們能很清楚地看到那裡。我評論說，對於任何這類事情，在推進過程中，你有時會遇到一到兩個季度的混亂。

But again, we've got clear line of sight to how these have already been faster-growing areas for us, and it's really about us doubling down in those faster-growing areas.

但是，我們已經清楚地看到這些領域已經是我們成長最快的領域，現在我們需要加大對這些成長更快領域的投入。

That will conclude the question-and-answer session. I would now like to pass the conference back over to Pinterest's CEO, Bill Ready for closing remarks.

問答環節到此結束。現在我謹將會議交還給 Pinterest 的執行長 Bill Ready，請他致閉幕詞。

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 earnings call. Thank you for your participation, and enjoy the rest of your day.

今天的財報電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。