Pinterest Inc (PINS) 2022 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Pinterest First Quarter 2022 Earnings Call. My name is Stephanie and I will be your moderator for today's call. (Operator Instructions) I would now like to pass it over to our host, Neil Doshi, Head of Investor Relations with Pinterest. Please go ahead.

下午好。感謝您參加今天的 Pinterest 2022 年第一季度財報電話會議。我的名字是斯蒂芬妮，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將其轉交給我們的主持人，Pinterest 投資者關係主管 Neil Doshi。請繼續。

Thanks, Stephanie. Good afternoon and thank you for joining us. Welcome to Pinterest's Earnings Call for the first quarter, ended March 31, 2022. I'm Neil Doshi, Head of Investor Relations for Pinterest. Joining me today on the call are Ben Silbermann, Pinterest President and CEO; and Todd Morgenfeld, Chief Financial Officer and Head of Business Operations.

謝謝，斯蒂芬妮。下午好，感謝您加入我們。歡迎參加 Pinterest 於 2022 年 3 月 31 日結束的第一季度財報電話會議。我是 Pinterest 投資者關係主管 Neil Doshi。今天和我一起參加電話會議的是 Pinterest 總裁兼首席執行官 Ben Silbermann；以及首席財務官兼業務運營主管 Todd Morgenfeld。

Now, I'll cover the safe harbor. Some of the statements we make today regarding our performance, operations and outlook, including the impact of the COVID-19 pandemic may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. In addition, our results, trends and outlook for Q2 2022 and beyond and preliminary and are not an indication of future performance. We are making these forward-looking statements based on information available to us as of today and we disclaim any duty to update them later, unless requirement by law. For more information, please refer to the risk factors discussed in our most recent Form 10-Q or 10-K filed with the SEC and available on the Investor Relations section of our website.

現在，我將覆蓋安全港。我們今天就我們的業績、運營和前景做出的一些陳述，包括 COVID-19 大流行的影響，可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。此外，我們對 2022 年第二季度及以後的結果、趨勢和展望是初步的，並不代表未來的表現。我們根據截至今天獲得的信息做出這些前瞻性陳述，除非法律要求，否則我們不承擔以後更新它們的任何義務。如需更多信息，請參閱我們最近提交給 SEC 的 10-Q 或 10-K 表格中討論的風險因素，這些風險因素可在我們網站的“投資者關係”部分查閱。

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 letter to shareholders, which are distributed and available to the public through our Investor Relations website located at investor.pinterestinc.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿和致股東的信函中，通過我們位於investor.pinterestinc.com 的投資者關係網站向公眾分發和提供。

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

現在我將把電話轉給本。

Hi, everyone. We appreciate you joining the call. We'll open up with some comments and then take your questions. But just before we get started, I wanted to express on behalf of our entire company, that our hearts continue to go out to all those impacted by what's happening in Ukraine. We have members of our team who lived in the region, and are now thankfully safe. And I'm proud of how our company came together to support humanitarian efforts for Ukrainians. We'll continue to keep everyone affected in our thoughts during this unimaginable time.

大家好。感謝您加入電話會議。我們將開放一些評論，然後回答您的問題。但就在我們開始之前，我想代表我們整個公司表達，我們的心繼續向所有受烏克蘭發生的事情影響的人表示。我們的團隊成員居住在該地區，謝天謝地，他們現在很安全。我為我們公司如何齊心協力支持烏克蘭人的人道主義努力感到自豪。在這個難以想像的時期，我們將繼續讓每個人的思想受到影響。

Turning to the business. A few minutes ago, we released our Q1 shareholder letter. Revenue was strong with 18% year-over-year growth to $575 million. This was due to strength from retail advertisers, our international business and our managed SMB advertisers, all of which offset the economic weakness we're seeing in CPG and in Europe because of the war. Meanwhile, we continue to face engagement headwinds. We had 433 million global monthly active users, down 9% compared to Q1 last year, a quarter that was driven by pandemic-influenced growth.

轉向業務。幾分鐘前，我們發布了第一季度的股東信。收入強勁，同比增長 18%，達到 5.75 億美元。這是由於零售廣告商、我們的國際業務和我們管理的 SMB 廣告商的實力，所有這些都抵消了我們在 CPG 和歐洲因戰爭而看到的經濟疲軟。與此同時，我們繼續面臨參與逆風。我們在全球擁有 4.33 億月活躍用戶，與去年第一季度相比下降了 9%，該季度受大流行影響的增長推動。

We also felt the impacts of lower traffic from search and time spent by people on competitive platforms. We're doing a number of things to improve the Pinner experience and tackle engagement headwinds head on. In the near term, we're applying sophisticated machine learning to every aspect of our platform. As a result, we've seen marked improvements in the relevance of home feed recommendations, the quality of search results and engagement with notifications. All of these enhance the quality of our platform for Pinners, and are leading indicators of deeper user engagement. We also plan to launch a global brand awareness and comprehension marketing campaign starting in Q3.

我們還感受到了搜索流量減少以及人們在競爭平台上花費的時間的影響。我們正在做很多事情來改善 Pinner 體驗並正面應對參與逆風。在短期內，我們正在將復雜的機器學習應用到我們平台的各個方面。因此，我們看到主頁提要推薦的相關性、搜索結果的質量和通知的參與度有了顯著改善。所有這些都提高了我們為 Pinners 提供的平台的質量，並且是更深入的用戶參與度的領先指標。我們還計劃從第三季度開始啟動全球品牌知名度和理解營銷活動。

In the medium term, we continue to invest in a rich content ecosystem with publishing tools that allow creators to publish rich lifestyle content onto Pinterest, and we're also allowing people to take the content they find and create on Pinterest and share that inspiration with their friends, family and followers across the Internet. To do this well, we're also working to connect Pinners with the most inspirational creators and native content in dynamic formats like short-term video.

從中期來看，我們將繼續投資於豐富的內容生態系統，通過發布工具讓創作者將豐富的生活方式內容髮佈到 Pinterest 上，我們還允許人們將他們在 Pinterest 上發現和創作的內容帶到 Pinterest 上，並與他們分享靈感他們在互聯網上的朋友、家人和追隨者。為了做好這件事，我們還在努力將 Pinner 與最具啟發性的創作者和以動態格式（如短期視頻）的原生內容聯繫起來。

As we've discussed in past calls, this investment has come at the cost of some MAUs in the short term as we get the ecosystem off the ground. But we're committed to this strategy because we believe it will drive engagement over time, and because we believe that native content in video, in particular, is fundamental to help the people get inspiration and shop in the future.

正如我們在過去的電話會議中所討論的那樣，隨著生態系統的啟動，這項投資在短期內是以犧牲一些 MAU 為代價的。但我們致力於這一戰略，因為我們相信它會隨著時間的推移推動參與，並且因為我們相信視頻中的原生內容尤其是幫助人們在未來獲得靈感和購物的基礎。

In 2021, I'm especially proud of our teams that laid the foundation for a native content ecosystem. It's gaining traction. The number of video Idea Pins is up 15x year-over-year, and this content is resonating with more and more people as we continue to see that Pinners, who follow multiple creators visit Pinterest more often compared to those who do not.

在 2021 年，我為我們的團隊為原生內容生態系統奠定了基礎而感到特別自豪。它正在獲得牽引力。視頻 Idea Pins 的數量同比增長了 15 倍，而且隨著我們繼續看到關注多個創作者的 Pinner 與不關注 Pinterest 的人相比，關注 Pinterest 的人更頻繁地訪問 Pinterest，這一內容引起了越來越多的人的共鳴。

We plan to continue building new publishing tools with the help of our new acquisition, Vochi, so creators can make even better content; content that's not only entertaining, but helps to move our user base from inspiration all the way to action, content worth saving. We're also expanding rewards to bring on more inspirational creators to Pinterest.

我們計劃在我們新收購的 Vochi 的幫助下繼續構建新的發布工具，以便創作者可以製作更好的內容；內容不僅有趣，而且有助於將我們的用戶群從靈感一直轉移到行動，內容值得保存。我們還在擴大獎勵範圍，以吸引更多鼓舞人心的創作者加入 Pinterest。

Finally, we continue to invest in making Pinterest a shopping destination, and we've taken some big steps here. We launched the Pinterest API for shopping to help merchants and give Pinners real-time information about the products they see from pricing to availability. We also started beta testing Your Shop, which uses our unique ability to understand tastes and preferences to deliver an experience for each Pinner that's personalized to them. This work is fundamental to our vision, so users cannot only come to Pinterest with the expectation of being inspired, but also know that they can turn those inspirations into a reality with purchases.

最後，我們繼續投資於使 Pinterest 成為購物目的地，並且我們在這方面邁出了重要的一步。我們推出了用於購物的 Pinterest API，以幫助商家並為 Pinners 提供他們所看到的產品的實時信息，從定價到可用性。我們還開始對 Your Shop 進行 Beta 測試，該測試利用我們了解品味和偏好的獨特能力，為每個 Pinner 提供個性化的體驗。這項工作是我們願景的基礎，因此用戶來到 Pinterest 不僅期望受到啟發，而且知道他們可以通過購買將這些靈感變為現實。

Across the board, we continue to make progress in helping Pinners go from the spark of inspiration through to buying, making trying and doing. We're confident that our strategy will deliver great results for Pinners, creators, advertisers, merchants and to our business. And we remain excited about the enormous opportunity to help people live a life they truly love.

全面地，我們繼續在幫助 Pinner 從靈感的火花到購買、嘗試和實踐方面取得進展。我們相信，我們的戰略將為 Pinner、創作者、廣告商、商家和我們的業務帶來巨大的成果。我們仍然對幫助人們過上他們真正熱愛的生活的巨大機會感到興奮。

With that, I'll turn it over to Todd to give you more color into the business.

有了這個，我會把它交給托德，讓你在業務中獲得更多的色彩。

Thanks, Ben. I'll share some further details on the trends that we saw in the first quarter and provide a preliminary outlook for Q2. Beginning this quarter, we're providing additional disclosure around our revenue, our monthly active users, or MAUs, our average revenue per user, or ARPU, by presenting the U.S. and Canada, Europe and Rest of World separately.

謝謝，本。我將分享一些關於我們在第一季度看到的趨勢的更多細節，並提供第二季度的初步展望。從本季度開始，我們將通過分別展示美國和加拿大、歐洲和世界其他地區的收入、每月活躍用戶或 MAU、我們的每用戶平均收入或 ARPU 來提供額外的披露。

As our international operations become a more meaningful part of our business, we want to provide additional detail on those regions. Please refer to our earnings presentation for the new geographic breakouts. As part of this change, we recategorized the U.S. into the U.S. and Canada. Please note that there is little difference in historical year-over-year and sequential growth rates for the U.S. alone versus the U.S. and Canada together.

隨著我們的國際業務成為我們業務中更有意義的一部分，我們希望提供有關這些地區的更多詳細信息。請參閱我們的收益報告以了解新的地理突破。作為這一變化的一部分，我們將美國重新分類為美國和加拿大。請注意，僅美國與美國和加拿大的歷史同比增長率和連續增長率幾乎沒有差異。

We're categorizing these 2 regions together going forward because they're both relatively mature, and they share a similar advertiser base. Furthermore, while we've provided U.S. monthly active users, recognized revenue and ARPU for Q1, going forward, we plan to only report these metrics for the new combined U.S. and Canada.

未來我們將這兩個地區歸為一類，因為它們都相對成熟，並且擁有相似的廣告客戶群。此外，雖然我們提供了第一季度美國每月活躍用戶、確認收入和 ARPU，但我們計劃僅報告新合併的美國和加拿大的這些指標。

Turning to our financial performance. Q1 revenue grew 18% year-over-year to $575 million, in line with our guidance. Adjusted EBITDA came in at $77 million, with an adjusted EBITDA margin of 13%. Most of the details on our quarterly performance can be found in our shareholder letter, but I wanted to provide you with some additional specifics. As our international business has grown, we're becoming more subject to currency fluctuations.

轉向我們的財務業績。第一季度收入同比增長 18% 至 5.75 億美元，符合我們的預期。調整後的 EBITDA 為 7700 萬美元，調整後的 EBITDA 利潤率為 13%。關於我們季度業績的大部分細節都可以在我們的股東信中找到，但我想為您提供一些額外的細節。隨著我們國際業務的增長，我們越來越容易受到貨幣波動的影響。

Revenue growth from Europe was 27% year-over-year. On a constant currency basis, revenue growth in Europe would have been approximately 34% year-over-year. And as we continued the distribution and placement of Idea Pins, we believe this negatively impacted our first quarter year-over-year revenue growth in the mid-single digits on a percentage basis similar to the prior 2 quarters. This impact was factored into our guidance for the first quarter.

來自歐洲的收入同比增長 27%。按固定匯率計算，歐洲的收入同比增長約為 34%。隨著我們繼續分發和放置 Idea Pins，我們認為這對我們第一季度的收入同比增長產生了負面影響，百分比與前兩個季度相似。我們在第一季度的指導中考慮了這種影響。

Turning to expenses. We accelerated our non-GAAP operating expense growth in the first quarter to 31% year-over-year versus 27% year-over-year in the fourth quarter. However, sequentially, our non-GAAP OpEx declined 1% due to pushing off creator-related spend, slower hiring than we anticipated, particularly in the Bay Area, and a few other favorable items.

轉向開支。我們將第一季度的非公認會計原則營業費用增長加速至同比 31%，而第四季度同比增長 27%。然而，由於推遲了與創作者相關的支出、招聘速度比我們預期的要慢，尤其是在灣區，以及其他一些有利的項目，我們的非公認會計準則運營支出環比下降了 1%。

Before getting into some specific trends on user engagement in the quarter, I want to double-click on our strategy to combat engagement headwinds. As Ben mentioned, we're looking at ways to drive more sustainable user acquisition and retention. For example, we're making Pinterest more browsable without immediately requiring users to sign up when they land on the site. While this had a modest negative impact on global new user sign-ups initially, we believe that removing barriers for longer browsing sessions can drive more activations over time. We also believe our investments in the core Pinner experience on home feed, search and shopping can make Pinterest feel more personal and relevant in the near to medium term, and that our investments in creator-led native content and short-form videos can bend the curve on engagement in the long run.

在探討本季度用戶參與度的一些具體趨勢之前，我想雙擊我們的策略來對抗參與度逆風。正如 Ben 提到的，我們正在尋找方法來推動更可持續的用戶獲取和保留。例如，我們讓 Pinterest 更易於瀏覽，而不需要用戶在登陸網站時立即註冊。雖然這最初對全球新用戶註冊產生了適度的負面影響，但我們認為，消除更長瀏覽會話的障礙可以隨著時間的推移推動更多的激活。我們還相信，我們在家庭信息流、搜索和購物方面的核心 Pinner 體驗的投資可以讓 Pinterest 在中短期內感覺更加個性化和相關，而且我們對創作者主導的原生內容和短視頻的投資可以改變從長遠來看，參與度曲線。

With respect to our Q1 engagement trends, it's worth noting that our global mobile app MAUs, which account for the significant majority of our impressions and revenue grew in the mid-single digits year-over-year. Mobile app MAUs in the U.S. and Canada were also relatively resilient, declining around 6% year-over-year versus down 31% year-over-year for web-based MAUs. Sequentially, U.S. and Canada mobile app MAUs were flat.

關於我們第一季度的參與趨勢，值得注意的是，占我們印象和收入的絕大部分的我們的全球移動應用 MAU 同比增長了中個位數。美國和加拿大的移動應用 MAU 也相對具有彈性，同比下降約 6%，而基於 Web 的 MAU 同比下降 31%。隨後，美國和加拿大的移動應用 MAU 持平。

Our younger Gen Z users were also a source of strength, growing mid-single digits year-over-year. Finally, shopping engagement remained relatively resilient, with the number of Pinners engaging in shopping services growing year-over-year.

我們年輕的 Z 世代用戶也是力量的源泉，同比增長中個位數。最後，購物參與度保持相對彈性，參與購物服務的 Pinner 數量逐年增長。

Turning to our preliminary outlook for Q2. While we typically don't provide MAU guidance, for the last 3 quarters, we've shared a quarter-to-date snapshot of MAUs in our earnings. As of April 25, U.S. and Canada MAUs were at 94 million and global MAUs were 432.9 million. We provided intra-quarter data points on MAUs over the last few quarters, because the lifting of pandemic lockdowns in 2021 disrupted our seasonal -- our typical seasonal engagement patterns, and limited visibility into quarterly MAU trends.

轉向我們對第二季度的初步展望。雖然我們通常不提供 MAU 指導，但在過去 3 個季度中，我們在收益中分享了季度至今的 MAU 快照。截至 4 月 25 日，美國和加拿大的 MAU 為 9400 萬，全球 MAU 為 4.329 億。我們提供了過去幾個季度 MAU 的季度內數據點，因為 2021 年大流行封鎖的解除擾亂了我們的季節性——我們典型的季節性參與模式，並且對季度 MAU 趨勢的可見性有限。

Lockdowns began to lift for some geographies in mid-March 2021, which is when we began to see year-over-year engagement declines. Engagement continued to normalize toward pre-COVID levels throughout Q2 2021 as more geos lifted COVID restrictions. We believe that the pandemic unwind will no longer create a year-over-year MAU headwind in the third quarter of this year, so we don't plan on providing an intra-quarter update on MAUs going forward.

2021 年 3 月中旬，一些地區的封鎖開始解除，那時我們開始看到參與度同比下降。隨著更多地區取消 COVID 限制，參與度在整個 2021 年第二季度繼續正常化至 COVID 之前的水平。我們認為，大流行的緩解將不再在今年第三季度造成同比 MAU 逆風，因此我們不打算提供有關未來 MAU 的季度內更新。

As you think about MAUs for Q2, I'd like to provide you with some additional context. Q2 has historically been our seasonally weakest quarter for MAUs, given that people tend to be outside more, travel more and engage in our core use cases less often. As a reminder, at the end of the quarter, we calculate MAUs based on a 30-day look back from the last month of each quarter.

當您考慮第二季度的 MAU 時，我想為您提供一些額外的背景信息。從歷史上看，第二季度一直是我們 MAU 季節性最弱的季度，因為人們傾向於更多地外出、更多地旅行並且更少地參與我們的核心用例。提醒一下，在季度末，我們根據每個季度最後一個月的 30 天回顧來計算 MAU。

Since June is one of our weaker months for engagement in the U.S., a snapshot of MAUs on April 25 may not predict June MAUs. And finally, we continue to face year-over-year growth headwinds from the search algorithm change that happened in the fourth quarter of 2021 as well as potential new headwinds from future search algorithm updates, the timing of which are hard to predict.

由於 6 月是我們在美國參與度較弱的月份之一，因此 4 月 25 日的 MAU 快照可能無法預測 6 月的 MAU。最後，我們將繼續面臨 2021 年第四季度發生的搜索算法變化帶來的同比增長阻力，以及未來搜索算法更新帶來的潛在新阻力，其時間難以預測。

On the revenue side, we expect Q2 revenue to grow around 11% on a percentage basis year-over-year. Please note that our Q2 revenue guide takes into account a few considerations. First, it's worth noting that we had a particularly strong Q2 last year, with revenue growing 125% after a weak Q2 of 2020. Second, the macro environment remains challenging, including supply chain issues and inflation exacerbated by the conflict in Europe. It's unclear how long these conditions will persist. Third, we continue to monitor the impact of higher CPAs. In general, we believe that higher pricing has multiple drivers, including industry-wide dynamics and recent trends in our user base. In Q1, we observed a higher pricing, lower budget utilization for a subset of our U.S. small and medium-sized advertisers that are more price-sensitive. We believe that advertisers who value what makes Pinterest unique, namely our users' planning mindset, our positive platform, our insights-based media buying and our unique audience of commercial intent users, will find value on our platform using our automated bidding products. Finally, our investment in building a native content ecosystem will likely remain a mid-single-digit headwind to revenue. However, we believe that this effort will both be engagement and revenue accretive over time.

在收入方面，我們預計第二季度收入將同比增長約 11%。請注意，我們的第二季度收入指南考慮了一些因素。首先，值得注意的是，我們去年的第二季度特別強勁，在 2020 年第二季度疲軟之後，收入增長了 125%。其次，宏觀環境仍然充滿挑戰，包括供應鏈問題和歐洲衝突加劇的通貨膨脹。目前尚不清楚這些情況會持續多久。第三，我們繼續監測更高註冊會計師的影響。總的來說，我們認為更高的定價有多種驅動因素，包括全行業的動態和我們用戶群的最新趨勢。在第一季度，我們觀察到對價格更敏感的部分美國中小型廣告客戶的定價更高，預算利用率更低。我們相信，重視 Pinterest 獨特之處的廣告商，即我們用戶的規劃思維、我們積極的平台、我們基於洞察力的媒體購買和我們獨特的商業意圖用戶受眾，將使用我們的自動競價產品在我們的平台上找到價值。最後，我們在構建原生內容生態系統方面的投資可能仍會對收入造成中等個位數的阻力。然而，我們相信，隨著時間的推移，這項努力將增加參與度和收入。

Finally, I want to touch on expenses. We expect the second quarter non-GAAP operating expenses to grow at 10% quarter-over-quarter as we push some of the spend from Q1 into Q2 and beyond. We plan to continue to scale our investments in our native content ecosystem, the core Pinner experience and head count across research and development and sales and marketing, but timing could be lumpy quarter-to-quarter. We also plan to push our Q2 brand marketing campaign to start towards the end of Q3 and into Q4 this year.

最後，我想談談費用。我們預計第二季度非 GAAP 運營費用將環比增長 10%，因為我們將部分支出從第一季度推至第二季度及以後。我們計劃繼續擴大對我們的原生內容生態系統、核心 Pinner 體驗以及研發、銷售和營銷方面的人數的投資，但時間可能會因季度而異。我們還計劃將我們的第二季度品牌營銷活動從第三季度末開始推進到今年第四季度。

For the full year, we plan to invest in our growth initiatives. Layering in some of the benefits and under-spend for Q1 and recognizing that this is a competitive hiring environment, we are expecting non-GAAP operating expenses to grow in the range of 35% to 40% year-over-year.

在全年，我們計劃投資於我們的增長計劃。考慮到第一季度的一些好處和支出不足，並認識到這是一個競爭激烈的招聘環境，我們預計非 GAAP 運營費用將同比增長 35% 至 40%。

Thanks to our teams at Pinterest, our advertising partners, our creators and all the people that come to Pinterest to find inspiration. And with that, we can open it up for questions. Operator?

感謝我們在 Pinterest 的團隊、我們的廣告合作夥伴、我們的創作者以及所有來到 Pinterest 尋找靈感的人。有了這個，我們可以打開它來提問。操作員？

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Ross Sandler with Barclays.

我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Two questions on the MAU trajectory. For Ben, I guess, why hasn't search traffic recovered? And are we going to basically have to wait until you lap the negative effects from fall of '21 for that to start to pick up? And I guess just stepping back of all these initiatives you guys are working on, what are you most excited about that can help drive engagement over the long term?

關於 MAU 軌蹟的兩個問題。對於 Ben，我猜，為什麼搜索流量沒有恢復？我們是否基本上必須等到您從 21 年秋天開始承受負面影響才能開始回升？而且我想只是退出你們正在開展的所有這些舉措，你最興奮的是什麼可以幫助推動長期參與？

And then the second one for Todd, just kind of nitpicky, but any additional color you can provide on both global and U.S. MAUs, like why they declined from the Feb 1 intra-quarter update you provided last quarter until the end of the quarter? Any color there would be helpful.

然後是 Todd 的第二個，有點挑剔，但是您可以在全球和美國 MAU 上提供任何其他顏色，例如為什麼它們從您上個季度提供的 2 月 1 日季度內更新到季度末有所下降？那裡的任何顏色都會有幫助。

I'll get started, Ross, and then turn it over to Todd. We've discussed in the past that search has always been an important channel for us, especially in bringing in brand-new users, and for users that engage periodically, it brings them back into the service. So Google is often making changes to their algorithm.

我會開始的，羅斯，然後把它交給托德。我們過去曾討論過，搜索一直是我們的一個重要渠道，尤其是在吸引全新用戶方面，而對於定期參與的用戶，它會將他們帶回服務中。所以穀歌經常改變他們的算法。

And entering Q1, we started at a lower baseline than we would have absent the algorithm updates in November 2021, when we had few resurrection from research in February and March we typically see. Now this quarter, we chose to take a different strategy than we have in times past. So rather than playing a short game, we really invested in protecting our long-term search. For example, when you visit Pinterest now compared to a few months ago, the experience is a lot more open, meaning you can explore the whole service, you can explore different pins without prompting you to sign up, and we allow you to dismiss that prompt. Todd mentioned that, that caused some modest declines in MAUs in the short term, but we think it's the right long-term strategy.

進入第一季度，我們開始的基線低於我們在 2021 年 11 月沒有算法更新的情況，當時我們通常看到的 2 月和 3 月研究幾乎沒有復蘇。現在本季度，我們選擇採取與過去不同的策略。因此，我們沒有玩短遊戲，而是真正投資於保護我們的長期搜索。例如，當您現在訪問 Pinterest 時，與幾個月前相比，體驗更加開放，這意味著您可以探索整個服務，您可以探索不同的 pin 而不提示您註冊，我們允許您忽略它迅速的。 Todd 提到，這導致短期內 MAU 略有下降，但我們認為這是正確的長期策略。

It's one that we've been testing internationally and results in higher activation rates and more sign-ups over the medium to long term. So we're proactively investing in better relevance. And then the other question you asked is what are the other things that we're doing that we're excited about to drive long-term growth. And there are a few that I mentioned. The first one that I mentioned, which isn't a brand-new feature, but it's the thing that Pinners fundamentally come to Pinterest for is we continue to invest in the quality of the recommendations and search results, and I'm really proud of the team that they improved both in the last quarter.

這是我們一直在國際範圍內測試的一種，在中長期內會產生更高的激活率和更多的註冊。因此，我們正在積極投資以提高相關性。然後你問的另一個問題是我們正在做的其他事情是什麼，我們很高興推動長期增長。我提到了一些。我提到的第一個功能並不是一個全新的功能，但 Pinner 來到 Pinterest 的根本原因是我們繼續投資於推薦和搜索結果的質量，我真的為他們在上個季度都有所進步的球隊。

On the recommendation quality, we saw better engagement with native video content, better recommendations overall. And in search, we began to introduce new features such as structured search for things like recipes that will expand it in new verticals. And what we're seeing from those is an increase in search query volume and a resulting increase in engagement. So it's kind of one pillar, and think of that as improving the core.

在推薦質量方面，我們看到與原生視頻內容的更好互動，整體上更好的推薦。在搜索方面，我們開始引入新功能，例如對食譜等內容進行結構化搜索，從而將其擴展到新的垂直領域。我們從中看到的是搜索查詢量的增加以及參與度的增加。所以它是一種支柱，並將其視為改進核心。

The second thing we're doing is we continue to invest in bringing on more native content on to Pinterest. And this has been a big investment for us over the last 12 to 18 months. I'm incredibly proud of the team. They stood up this entire ecosystem, essentially from scratch. And we're starting to see really great traction there. There are significant increases in both the number of creators that are adding Idea Pins -- the amount of video Idea Pins that are being consumed. And we continue to see that Pinners, who follow more of those creators visit more often.

我們正在做的第二件事是繼續投資，將更多本地內容引入 Pinterest。在過去的 12 到 18 個月裡，這對我們來說是一筆巨大的投資。我為這個團隊感到無比自豪。他們建立了整個生態系統，基本上是從零開始。我們開始在那裡看到非常大的牽引力。添加創意 Pin 圖的創作者數量顯著增加 - 視頻創意 Pin 圖的消費量。我們繼續看到更多關注這些創作者的 Pinner 更頻繁地訪問。

Now we're building this ecosystem into a much larger population base. So we've just got a bit of a headwind in the near term, but early signs are that we're getting traction there. And this is also strategically important because we think video as a format is just fundamental to the way people get inspired and take action in the future.

現在我們正在將這個生態系統建設成一個更大的人口基數。因此，我們在短期內遇到了一些逆風，但早期跡象表明我們正在那裡獲得牽引力。這在戰略上也很重要，因為我們認為視頻作為一種格式只是人們未來獲得靈感和採取行動的基礎。

Finally, I'm sure we'll talk about it more on the call, but we continue to invest in shopping. We talked a little bit about improving the quality of content, and we released the Pinterest API. We've got beta testing, Your Shop. And then finally, we'll be testing and expanding the test of checkout. And all of those bring more utility to the platform, which we think in turn are both revenue and engagement-accretive investments. Todd?

最後，我相信我們會在電話會議上更多地討論它，但我們會繼續投資於購物。我們討論了一些關於提高內容質量的問題，並且我們發布了 Pinterest API。我們已經進行了 Beta 測試，您的商店。最後，我們將測試和擴展結帳測試。所有這些都為平台帶來了更多的實用性，我們認為這反過來又是收入和參與度增加的投資。托德?

Yes. Ross, I think the second part of your question was what happened to MAUs from the Feb 1 intra-quarter update we gave on the last earnings call through the end of the quarter. And just for -- just to kind of reset from Feb 1 to March 31, the U.S. declined from 86.6 million monthly active users to 85.2 million, and global MAUs declined from 436.8 million to 433.3 million.

是的。羅斯，我認為你問題的第二部分是從 2 月 1 日我們在截至本季度末的最後一次財報電話會議上進行的季度內更新中，MAU 發生了什麼。從 2 月 1 日到 3 月 31 日，美國的月活躍用戶從 8660 萬下降到 8520 萬，全球 MAU 從 4.368 億下降到 4.333 億。

In the U.S., the decline was really due to 3 things. One was, as we've talked about in the past, especially on the last call, lower traffic from search. Historically, we've seen new user sign-ups, and resurrections typically tick up in the months of February and March. And we just didn't see that happen in the first quarter, we think, because of the impact of the search algo change from Q4.

在美國，下降實際上是由於三件事。一個是，正如我們過去所談到的，特別是在最後一次通話中，搜索流量較低。從歷史上看，我們已經看到新用戶註冊，並且複活通常在 2 月和 3 月增加。我們認為，由於第四季度搜索算法變化的影響，我們只是沒有看到第一季度發生這種情況。

The second was Russia's invasion of Ukraine, and we talked about this a little bit at the beginning of the COVID lockdowns that during periods where there are other large news events going on, people often turn away from inspiration and planning behavior toward real-time news updates that they find on other services. And then lastly, we've talked a little bit about competition. The U.S. is our most mature market, and we see a lot of social media, entertainment and news apps competing for user time spent.

第二個是俄羅斯入侵烏克蘭，我們在 COVID 封鎖開始時談到了這一點，在發生其他大型新聞事件的時期，人們經常從靈感和計劃行為轉向實時新聞他們在其他服務上發現的更新。最後，我們談到了競爭。美國是我們最成熟的市場，我們看到很多社交媒體、娛樂和新聞應用都在爭奪用戶使用時間。

Globally, the decline was due to lower engagement in Russia, Ukraine, and other countries in Europe. And we think based on our estimates that, that was about a 5 million global MAU impact. So had it not been for those events, we think our global MAUs would have been modestly up from the Feb 1 MAU number that we shared. So hopefully, that's helpful.

在全球範圍內，下降的原因是俄羅斯、烏克蘭和其他歐洲國家的參與度較低。我們認為，根據我們的估計，這對全球 MAU 產生了大約 500 萬的影響。因此，如果沒有這些事件，我們認為我們的全球 MAU 會比我們分享的 2 月 1 日的 MAU 數量略有上升。所以希望這會有所幫助。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. First, you called out some of the macro volatility that we saw in results around the war in Eastern Europe. Any greater color you could give about the depth of pullback from advertising spend, or how volatile it was as the quarter came to an end, and whether you're still seeing sustained weakness as we move into Q2. That would be a question number one.

也許2，如果可以的話。首先，您提到了我們在東歐戰爭結果中看到的一些宏觀波動。關於廣告支出回落的深度，或者本季度結束時的波動程度，以及進入第二季度時您是否仍然看到持續疲軟，您可以給出任何更大的顏色。那將是第一個問題。

And then to the comment -- and then Todd just bought it back again with respect to video-centric apps and what impact it might be having on usage. Can you talk a little bit about what you are seeing as you think of it as a direct correlation of people spending more time on video-centric maybe versus your engagement? And how do you think your product road map positions you better competitively vis-a-vis those video-centric products over the medium term?

然後是評論——然後托德又買回了以視頻為中心的應用程序以及它可能對使用產生的影響。你能談談你所看到的，因為你認為這與人們花更多時間在以視頻為中心的時間可能與你的參與度直接相關嗎？您認為您的產品路線圖如何在中期內使您與那些以視頻為中心的產品相比更具競爭力？

So Eric, I can take the first part, and I'll probably ask Ben to step in on the second part of the video-centric apps question. But in terms of demand and volatility, it definitely wasn't helpful to us in terms of monthly active users. As I talked about, we had probably a 5 million monthly active user impact. And it also had knock-on effects to advertising spend around the world, but in particular, in Europe.

所以 Eric，我可以回答第一部分，我可能會請 Ben 參與以視頻為中心的應用程序問題的第二部分。但就需求和波動性而言，就月活躍用戶而言，它絕對對我們沒有幫助。正如我所說，我們每月可能有 500 萬活躍用戶的影響。它還對世界各地的廣告支出產生了連鎖反應，尤其是在歐洲。

I don't know when that conflict will resolve, but it's definitely a period of uncertainty that's not helpful. We've seen, in addition, a fair amount of weakness that we've called out over time in the consumer packaged goods, or CPG space, driven, we think, by supply chain pressures and inflation, as I called out. So the combination of those things has not been good for brand building in this environment. But we hope that once that resolves, and we start to see some of the supply chain issues abate that we'll see a recovery in some of that demand.

我不知道那個衝突什麼時候會解決，但這絕對是一段不確定的時期，沒有幫助。此外，我們已經看到，隨著時間的推移，我們在消費品包裝或 CPG 領域指出了相當多的弱點，我們認為這是由供應鏈壓力和通貨膨脹驅動的，正如我所說的那樣。因此，在這種環境下，這些東西的結合不利於品牌建設。但我們希望，一旦問題得到解決，並且我們開始看到一些供應鏈問題得到緩解，我們將看到其中一些需求出現復甦。

Yes. To your second question on competition in video. So we called out competition just because there's a tremendous amount of options for consumers on the phone at any given time. And we look at the same data that all externals do. That said, we think that what we've heard from Pinners, and what we see is that we have a pretty differentiated use case. I mean that's the use case of actually using Pinterest to plan, get ready for major events and then eventually to make considered purchases.

是的。關於視頻競爭的第二個問題。因此，我們呼籲競爭只是因為消費者在任何時候都可以通過電話獲得大量選擇。我們查看所有外部人員所做的相同數據。也就是說，我們認為我們從 Pinners 那裡聽到的，以及我們看到的是我們有一個非常不同的用例。我的意思是，這是實際使用 Pinterest 進行計劃、為重大活動做好準備，然後最終進行深思熟慮的購買的用例。

And that's quite different from an entertainment and news use case. Now the way you characterized the question was kind of video versus not. We think video is going to be a fundamental medium for all kinds of activities, like from entertainment to news to education. And that's why we've made this investment in building out a native content ecosystem.

這與娛樂和新聞用例完全不同。現在，您描述問題的方式是視頻而不是視頻。我們認為視頻將成為各種活動的基本媒介，例如從娛樂到新聞再到教育。這就是我們投資構建原生內容生態系統的原因。

This was kind of a long bet that we started 18 months ago. But if you were just to fast forward to the future, we think the interest is undoubtedly the more engaging and richer surface. If you could shop with video, if you can get new ideas that are part of video, and a lot of our core use cases are already seeing the benefits from having more video content on board. So we're going to continue to make that investment. We think that enhances core value proposition of going from inspiration all the way to realization. That's why you've gone long on that investment as a company.

這是我們在 18 個月前開始的長期賭注。但如果你只是快進到未來，我們認為興趣無疑是更具吸引力和更豐富的表面。如果您可以購買視頻，如果您可以獲得視頻中的新想法，並且我們的許多核心用例已經看到了擁有更多視頻內容的好處。因此，我們將繼續進行這項投資。我們認為這增強了從靈感到實現的核心價值主張。這就是為什麼您作為一家公司長期從事這項投資的原因。

Our next question comes from the line of Mark Mahaney with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Mark Mahaney。

Okay. I just want to ask one question about shopping. That data point you provided about the number of Pinners engaging in shopping services growing year-over-year. That seems to be -- things seem to be going in the right direction for you. How long is the path to get to the, Ben, to the kind of the shopping experience that you've envisioned that you'd like to see on Pinterest? And what are the remaining things you need to do to create that experience?

好的。我只想問一個關於購物的問題。您提供的關於參與購物服務的 Pinner 數量逐年增長的數據點。這似乎是——事情似乎朝著對你來說正確的方向發展。 Ben 想要在 Pinterest 上看到的那種購物體驗，還有多長的路要走？你還需要做什麼來創造這種體驗？

Yes. Thanks for the question, Mark. I've been really proud of the team for continuing to make progress in shopping. And we've talked about this 3-pronged strategy. The first has been we really want to improve the quality of inventory. So the journey that we've been on started with a Verified Merchant Program. It expanded to letting people upload catalogs and then multi-feed.

是的。謝謝你的問題，馬克。我一直為團隊繼續在購物方面取得進展而感到自豪。我們已經討論過這種三管齊下的策略。首先是我們真的想提高庫存質量。因此，我們的旅程從經過驗證的商家計劃開始。它擴展到讓人們上傳目錄，然後進行多重提要。

This quarter, we expanded that to include Pinterest API for shopping as well as a partnership with WooCommerce to gives millions of merchants the power to turn their product catalogs into shoppable product pins. All of that is just the fundamental baseline investment that we need. But already this quarter, what you can see is if you start looking at the product pages, not only is the data up to date, but we're keeping it up-to-date in real-time, and that gives people confidence to purchase.

本季度，我們將其擴展到包括用於購物的 Pinterest API 以及與 WooCommerce 的合作夥伴關係，讓數百萬商家能夠將他們的產品目錄變成可購買的產品圖釘。所有這些只是我們需要的基本基線投資。但是在本季度，您可以看到，如果您開始查看產品頁面，不僅數據是最新的，而且我們會實時更新數據，這讓人們有信心購買。

The second part of that strategy is improving the discoverability of that. So we've talked in the past about surfacing shopping results and things like search, using computer vision technology to match products to all of the scene images I think the next big milestone for us will be taking Your Shop, which is a personalized shopping surface out of beta, which is how it's being tested today and into kind of the market in a more mainstream way.

該策略的第二部分是提高其可發現性。因此，我們過去曾討論過顯示購物結果和搜索等內容，使用計算機視覺技術將產品與所有場景圖像進行匹配，我認為我們的下一個重要里程碑將是 Your Shop，這是一個個性化的購物界面退出測試版，這就是它今天如何被測試並以更主流的方式進入市場的方式。

And then finally, we continue to test seamless checkout with more and more merchants. We think that for long-considered items, people are less sensitive to having one-tap checkout, if it's something you've been thinking about for months. But over the long run, we think this is going to be a fundamental expectation. And so that's how we're pursuing that strategy. I'm happy with the progress. We have a ways to go. I think that -- there's a company up in Seattle that's been continuing to improve shopping experience for literally decades. But we think what Pinterest brings is that ability to discover products without necessarily knowing the exact name of that product and using your taste and preferences to connect you to products that help you get something done in your life.

最後，我們繼續與越來越多的商家測試無縫結賬。我們認為，對於長期考慮的項目，人們對一鍵式結賬不太敏感，如果這是您幾個月來一直在考慮的事情。但從長遠來看，我們認為這將是一個基本預期。這就是我們追求這一戰略的方式。我對進展感到滿意。我們有路要走。我認為——西雅圖有一家公司幾十年來一直在不斷改善購物體驗。但我們認為 Pinterest 帶來的是發現產品的能力，而不必知道該產品的確切名稱，並使用您的品味和偏好將您與幫助您完成生活中的某事的產品聯繫起來。

Our next question comes from the line of Rich Greenfield with LightShed.

我們的下一個問題來自 Rich Greenfield with LightShed。

I've got 2. One, just sort of macro. Obviously, inflation, fears growing sort of recession in Europe, even U.S. sort of certainly growing concerns and e-com slowing. And just, I guess, just what are you seeing on the ground in terms of -- as you sort of push much more aggressively into shopping and make that experience better, how does the sort of kind of retail spending outlook, do you think impact you as you look out, especially as you move into Q2 and even into back-to-school in Q3?

我有 2 個。一個，只是一種宏。顯然，通貨膨脹、對歐洲經濟衰退的擔憂越來越大，甚至美國的擔憂也在不斷增長，電子商務也在放緩。而且，我想，你在實地看到了什麼——當你更積極地推動購物並改善這種體驗時，這種零售支出前景如何，你認為會產生什麼影響？你在看，尤其是當你進入第二季度，甚至在第三季度回到學校時？

And then sort of just a big picture question. On the creator side, you're obviously doing a lot to sort of create on-platform content that's unique and you've obviously hired Malik and pushing into the creator economy.

然後有點像一個大問題。在創作者方面，您顯然在創建獨特的平台內容方面做了很多工作，並且您顯然已經聘請了 Malik 並推動了創作者經濟。

When you talk about competition -- because I think you've mentioned it a couple of times already, is that mostly TikTok? Is that -- internally, where are you seeing most of that competition? Is there any way to sort of isolate where you're losing time spent mostly to -- - in that sort of war for time?

當你談到競爭時——因為我想你已經提到過幾次了，那主要是 TikTok 嗎？那是-在內部，您在哪裡看到了大部分競爭？有什麼方法可以隔離你大部分時間都花在——在那種時間的戰爭中？

So Rich, I can take the first part of your question on market dynamics, inflation recession supply chain, all of that stuff as it relates to the retail outlook and then maybe Ben can weigh in on the creator side -- so first of all, we saw a particular strength last quarter in the retail advertising market. We saw more pressure on CPG advertisers due to supply chain pressures, inflation, et cetera. We were we benefited significantly from strength in retail. And I would imagine that based on what we're seeing that, that will continue.

So Rich，我可以回答你關於市場動態、通脹衰退供應鏈的問題的第一部分，以及與零售前景相關的所有內容，然後 Ben 可以在創作者方面進行權衡——所以首先，上個季度，我們看到零售廣告市場特別強勁。由於供應鏈壓力、通貨膨脹等，我們看到 CPG 廣告商面臨的壓力更大。我們從零售業的實力中受益匪淺。我想根據我們所看到的情況，這種情況將繼續下去。

The reason I have confidence that it will continue is that our progress in signing joint business partnerships, which I think we've described in the past, we call them JBPs, but they're not contracts to spend, but there are indications of intent to spend. The number of those large deals that we signed, in particular, with retailers, grew 35% in terms of raw number year-over-year in the first quarter. And the dollar amounts indicated by those agreements grew 55% year-over-year in the first quarter. So that suggests not only strength last quarter in the retail segment, which showed up in the results but also an indication patient willingness to continue to spend.

我有信心它會繼續下去的原因是我們在簽署聯合業務夥伴關係方面取得了進展，我認為我們過去已經描述過，我們稱它們為 JBP，但它們不是要花費的合同，但有跡象表明有意向要花。第一季度，我們與零售商簽訂的大宗交易數量同比增長 35%。這些協議顯示的美元金額在第一季度同比增長了 55%。因此，這不僅表明零售部門上個季度的實力（這在結果中有所體現）也表明患者願意繼續消費。

Ben, would you like to weigh in on the creator side?

Ben，你想在創作者方面權衡一下嗎？

Yes. Rich, I think the way that I interpreted your question is if you're losing time spent, where is it going to?

是的。 Rich，我認為我解釋你的問題的方式是，如果你浪費時間，它會去哪裡？

And we don't have exact fidelity on where people are spending the time. But obviously, the story the last couple of years in terms of time shift has been the rise of TikTok is a major place that people are spending their time.

而且我們對人們將時間花在哪裡沒有確切的保真度。但顯然，過去幾年時間轉移的故事是 TikTok 的崛起，這是人們花費時間的主要場所。

Now on Pinterest end, what we're really trying to establish the creators is a place where they can publish content, and they're rewarded for that content's ability to inspire action rather than raw entertainment value of that. And that's going to have to be reflected in the way that we provide incentives for creators but also the way that we rank content on Pinterest. So the reason that feed on Pinterest feels different than a feed on a social network or a feed on a pure entertainment network is that the content is ranked taking into account how useful that idea will be getting something done in the future.

現在在 Pinterest 端，我們真正想要為創作者建立一個他們可以發佈內容的地方，他們會因為內容激發行動的能力而不是原始的娛樂價值而獲得獎勵。這不僅要體現在我們為創作者提供激勵的方式上，還要體現在我們在 Pinterest 上對內容進行排名的方式上。因此，Pinterest 上的 feed 與社交網絡上的 feed 或純娛樂網絡上的 feed 感覺不同的原因在於，內容的排名考慮了該想法在未來完成某事的有用程度。

As we think about things like creative rewards and roll out new ad formats like Idea Pins that are sponsored, that's the sort of central thesis behind it. And it's in line with the central thesis of Pinterest overall, where this isn't a platform to talk to your friends. It's not a platform to keep up with the news. It's a platform for you to articulate things that you want to do in your life for us to help you visualize what the end state looks like. And then for us to give us the planning tools and the shopping tools to turn that vision into reality. We think creators can play a positive role all the way across that inspiration-to-realization journey.

當我們考慮諸如創意獎勵之類的事情並推出新的廣告格式（如贊助的 Idea Pins）時，這就是其背後的中心論點。它與 Pinterest 的整體中心論點一致，這不是一個與你的朋友交談的平台。這不是一個跟上新聞的平台。它是一個平台，您可以表達自己想要在生活中做的事情，以便我們幫助您想像最終狀態的樣子。然後為我們提供規劃工具和購物工具，將這一願景變為現實。我們認為創作者可以在從靈感到實現的整個過程中一直發揮積極作用。

The next question comes from the line of Justin Post with Bank of America.

下一個問題來自美國銀行的賈斯汀波斯特。

A couple. Todd, you've given a lot of metrics suggesting users are somewhat stabilizing, especially on mobile. When does that mobile crossover happen? Or are you trying to kind of signal that we're nearing the bottom maybe this summer?

一對夫婦。托德，你給出了很多指標，表明用戶在一定程度上趨於穩定，尤其是在移動設備上。移動交叉何時發生？或者你是想暗示我們可能在今年夏天接近底部？

And then second, just on the on-site shopping tests, are you seeing better conversion or better monetization of usage when people do on-site shopping?

其次，僅在現場購物測試中，當人們進行現場購物時，您是否看到更好的轉化或更好的使用貨幣化？

So Justin, I think the question you're trying to get at is really around guidance, and I want to be careful that we're not providing guidance, and there are a few things to note around that.

賈斯汀，我認為你想要解決的問題實際上是關於指導的，我想小心我們沒有提供指導，並且有一些事情需要注意。

In my opening remarks, I called out the second quarter as our weakest quarter, typically. As people head into summer, a lot of times, you're spending more time outside and less time on Pinterest because you're doing instead of planning.

在我的開場白中，我通常將第二季度稱為我們表現最差的季度。隨著人們進入夏天，很多時候，你在戶外花費的時間越來越多，而在 Pinterest 上的時間越來越少，因為你是在做而不是計劃。

It was interesting to note in Google's call yesterday that travel searches in the first quarter were above Q1 2019 pre-pandemic levels, which suggests that we may see that even more so in the month of June going into the summer this year. And so I also want to make sure that we reminded folks of the way we calculate our MAUs. It's on a 30-day look back from the last day of the quarter. And so our Q2 MAUs will be calculated based on June data, which is a seasonally weaker month for us as people start heading out, probably on vacations. And we've seen that trend historically.

有趣的是，在谷歌昨天的電話會議中，第一季度的旅行搜索量高於 2019 年第一季度大流行前的水平，這表明我們可能會在進入今年夏季的 6 月份看到這種情況更加嚴重。因此，我還想確保我們提醒人們我們計算 MAU 的方式。這是本季度最後一天的 30 天回顧。因此，我們的第二季度 MAU 將根據 6 月的數據計算，這對我們來說是一個季節性較弱的月份，因為人們開始外出，可能是在度假。我們在歷史上已經看到了這種趨勢。

I haven't really gotten into a lot of seasonality within quarters because it's a little noisy, but we wanted to give people these intra-quarter updates over the last couple of years to just give you a sense of what we're seeing in real time. And then the last point was that we're still facing this year-over-year growth headwind from the search algorithm change that happened in the fourth quarter, and the threat of potential new headwinds from future algo changes, which is hard for us to predict in terms of timing. And the competition for time spent on competing video-centric platforms is something we pay close attention to.

我在幾個季度內並沒有真正了解很多季節性因素，因為它有點吵，但我們希望在過去幾年裡向人們提供這些季度內的更新，讓您了解我們實際看到的情況時間。最後一點是，我們仍然面臨著第四季度發生的搜索算法變化帶來的同比增長逆風，以及未來算法變化帶來的潛在新逆風的威脅，這對我們來說很難從時間上預測。在以視頻為中心的競爭平台上花費時間的競爭是我們密切關注的事情。

Justin, I think your second question was, how are we seeing shopping. We've known for a long time that Pinners, have a lot of commercial intent and they bring that intent to Pinterest. And what we've seen is that as we remove barriers to people executing that intent by linking them to products, by ensuring those products are in stock that the prices are accurate, their purchasing behavior increases. And so our core strategy has been around increasing that inventory making the matching more efficient and then eventually streamlining that conversion event at the end. But those first 2 are really fundamental.

賈斯汀，我認為你的第二個問題是，我們如何看待購物。我們早就知道 Pinner 有很多商業意圖，他們將這種意圖帶到了 Pinterest。我們所看到的是，當我們通過將人們與產品聯繫起來來消除人們執行該意圖的障礙時，通過確保這些產品有庫存且價格準確，他們的購買行為就會增加。因此，我們的核心戰略一直圍繞著增加庫存以提高匹配效率，然後最終簡化轉換事件。但是前兩個是非常基礎的。

And then we think creators in social shopping, they can be a bonus on top of that by giving people more confidence in their ability to buy. And we've seen some great early signs both with Pinterest TV as well as with partnerships. We had one this quarter with Viktor&Rolf, which was a new fragrance, where we paired them up with a creator, showing really good business results. Because at the end of the day, they're getting Pinners with commercial intent, the confidence they need to eventually make that purchase.

然後我們認為社交購物中的創作者可以通過讓人們對自己的購買能力更有信心而成為額外的獎勵。我們已經在 Pinterest TV 和合作夥伴中看到了一些很好的早期跡象。本季度我們與 Viktor&Rolf 合作推出了一款新香水，我們將它們與一位創作者配對，展示了非常好的業務成果。因為在一天結束的時候，他們得到了具有商業意圖的 Pinner，他們最終購買所需的信心。

Our next question comes from the line of Mark Shmulik with Bernstein.

我們的下一個問題來自 Mark Shmulik 和 Bernstein 的觀點。

This is [Simone] for Mark. We wanted to ask, I guess, 2 questions. The first one on like quarter-to-date trends for like revenue haven't necessarily seemed reflective over the overall quarter for everyone. We wanted to know, are there any ebbs and flows like beyond Ukraine for how to think about the rest of the second quarter for revenue, and if we're giving -- how much room maybe we're giving for uncertainty around macro there?

這是馬克的[西蒙娜]。我們想問，我猜，2個問題。第一個關於類似收入的季度至今趨勢的第一個似乎並不一定反映了每個人的整個季度。我們想知道，在如何考慮第二季度剩餘時間的收入方面，是否有像烏克蘭那樣的起起落落，以及如果我們給予 - 我們為那裡的宏觀不確定性給予多少空間？

And then the second question, if you could elaborate more on -- you've talked about how you've pushed up your creator spend, but any expectations around that, and what you're looking for there?

然後是第二個問題，如果你能詳細說明一下——你已經談到了你是如何提高創作者支出的，但是對此有什麼期望，以及你在那裡尋找什麼？

Sure. I can take the first question on the quarter-to-date revenue piece, and then maybe Ben can weigh in on the creator side. I know others have called out intra-quarter trends on revenue. What I would say is that our guidance for the quarter, we said, we anticipate growing about 11% year-over-year. That reflects our best judgment of where we'll land this quarter. And so we look at a number of factors internally to gauge that, but we're not calling out any other -- I think others have called for a deceleration or have other factors kind of weighed in. Our best judgment is we're going to land at roughly 11% growth, and that's kind of everything that we see about business to date and our outlook.

當然。我可以回答關於季度至今收入的第一個問題，然後 Ben 可以在創作者方面進行權衡。我知道其他人已經提到了季度內的收入趨勢。我想說的是，我們對本季度的指導，我們說，我們預計同比增長約 11%。這反映了我們對本季度將在何處著陸的最佳判斷。因此，我們在內部查看了許多因素來衡量這一點，但我們並沒有提出任何其他因素——我認為其他人已經要求減速或有其他因素影響。我們最好的判斷是我們要去以大約 11% 的增長率降落，這就是我們迄今為止看到的關於業務和前景的一切。

And [Simone], I wanted to make sure that I understood the intent of your question. You mentioned kind of our trend on creator spending. Is that right?

[Simone]，我想確保我理解你的問題的意圖。你提到了我們在創作者支出方面的趨勢。是對的嗎？

Yes.

是的。

Yes. I think we might have mentioned earlier, we did have some creative marketing spend that we pushed out from the beginning of the year to the back half of the year as we continue to learn kind of really what works with creators, and how do we create incentives that give them kind of the motivation to create content that's really useful. And often content that's a lot more evergreen than the kind of ephemeral content you see on a lot of other platforms. And that's a pretty different mindset for a lot of the creators that are on competing platforms that are essentially rewarded on a combination of volume and entertainment value versus the ability to inspire action.

是的。我想我們之前可能已經提到過，我們確實有一些創意營銷支出，我們從年初到下半年推出，因為我們繼續學習真正適合創作者的東西，以及我們如何創造激勵他們創造真正有用的內容的動力。而且通常內容比您在許多其他平台上看到的那種短暫的內容更常青。對於在競爭平台上的許多創作者來說，這是一種截然不同的心態，這些創作者基本上是在數量和娛樂價值的結合上獲得獎勵，而不是激發行動的能力。

So a tutorial that might help you teach something and it's just as relevant as it searched a year from now, as it was on the day it's posted. So we're still in early experiments with exactly how to do that. That's part of the reason that we pushed out some of that spend. But it doesn't reflect a lack of conviction in our investment around initiative.

所以一個可以幫助你教一些東西的教程，它和一年後搜索的一樣相關，就像它發布的那天一樣。因此，我們仍處於早期實驗中，確切地知道如何做到這一點。這是我們推出部分支出的部分原因。但這並不反映我們對主動性投資缺乏信心。

Our next question comes from the line of Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is [Niraj] On for Doug. So just a couple of questions. One is, if you could help us frame the performance of brand versus DR, spending during 1Q, and how it's trending quarter-to-date? And anything else on verticals. Also, you guys lowered expense outlook from 40% to 35% to 40%. Where is that coming from?

這是 Doug 的 [Niraj] On。所以只是幾個問題。一個是，如果您能幫助我們確定品牌與 DR 的表現、第一季度的支出以及季度至今的趨勢如何？以及垂直領域的其他任何東西。此外，你們將費用前景從 40% 降低到 35% 到 40%。那是從哪裡來的？

Sure. So in terms of brand versus performance, we've talked historically about being a majority performance-based advertising in terms of our mix versus brand, and there's no change in that. I would say that the one readthrough on the weakness we've been experiencing, especially in CPG, which is, I think, an industry-wide kind of supply chain inflation-driven phenomenon, that disproportionately impacts brands, but we're still seeing growth across objectives.

當然。因此，就品牌與績效而言，我們歷來曾討論過在我們的組合與品牌方面是基於績效的多數廣告，並且沒有任何變化。我想說的是我們一直在經歷的弱點，特別是在 CPG 中，我認為這是一種全行業的供應鏈通脹驅動的現象，對品牌產生了不成比例的影響，但我們仍然看到跨目標增長。

So that's part one. And then on the lowered expense side, our ambition is to invest in the long term. We set out a bunch of priorities earlier in the year that we communicated on the last call, and for a number of reasons that we talked about earlier, slower-than-desired growth in hiring, some delays in our creator spend, as Ben mentioned a moment ago, and then lower in-office spend in the first quarter among a few other items. We just got off to a little bit of a slower start in ramping our spend, even though our OpEx grew 31% year-over-year, up 4 points on a year-over-year basis from the fourth quarter. We also grew our headcount 27% year-over-year, which is at the same rate that we grew headcount on a year-over-year basis in the fourth quarter. So we're hiring aggressively. We're spending against our strategic priorities. And we set the bar really high for the year, and got off to a little bit slower start than we anticipated. We will catch up on some of that spend as the year unfolds, but not all the way to the full amount that we had intended to spend in the first quarter, which is why we brought the guidance down to 35% to 40% for the year.

這是第一部分。然後在降低費用方面，我們的目標是進行長期投資。我們在今年早些時候制定了一系列優先事項，我們在上次電話會議上進行了溝通，出於我們之前談到的一些原因，招聘增長低於預期，我們的創作者支出出現了一些延遲，正如 Ben 提到的不久前，然後在其他一些項目中降低了第一季度的辦公室支出。儘管我們的 OpEx 同比增長 31%，比第四季度同比增長 4 個百分點，但我們在增加支出方面剛剛起步緩慢。我們的員工人數也同比增長了 27%，這與我們第四季度的員工人數同比增長速度相同。所以我們正在積極招聘。我們正在根據我們的戰略重點進行支出。我們為這一年設定了非常高的標準，起步速度比我們預期的要慢一些。隨著時間的推移，我們將趕上其中的一些支出，但不會一直達到我們在第一季度計劃支出的全部金額，這就是為什麼我們將指導值降低到 35% 到 40% 的原因年。

Our last question comes from the line of Brian Fitzgerald with Wells Fargo.

我們的最後一個問題來自富國銀行的 Brian Fitzgerald。

Two quick ones, maybe follow-ups on the shopping API, sorry if we missed it, but did you give us any color on kind of the penetration dynamics there? Is it accelerating? What kind of quotient of people are testing there? What kind of sites tests are they doing? Maybe even any color on verticals that are using it more so than others?

兩個快速的，也許是關於購物 API 的跟進，如果我們錯過了，很抱歉，但是你有沒有給我們任何關於滲透動態的顏色？是在加速嗎？什麼樣的人正在那裡測試？他們在做什麼樣的網站測試？甚至可能比其他顏色更多地使用它的垂直行業的任何顏色？

And then on the head count hiring and kind of the -- I don't think it was a pause, it was lighter than expected in Q1. Can you give us any color on the dynamics there? Is it competitive? And candidates are kind of pricing themselves out of your threshold? Or anything on the head count color.

然後在招聘人數和類似方面——我不認為這是一個停頓，它比第一季度的預期要輕。你能告訴我們那裡的動態嗎？有競爭力嗎？候選人的定價是否超出了您的門檻？或者任何關於頭數顏色的東西。

Yes. Brian, why don't I start with the second part, and we'll come back to the first question, and the second.

是的。 Brian，我為什麼不從第二部分開始，我們將回到第一個問題和第二個問題。

So we had a pretty aggressive desired ramp in head count leading into the year, and we have done a great job in hiring. I think we're still very competitive for talent, but we set the bar really high to scale our team. And as you know, in the industry right now, it's very competitive for talent. We -- especially in the Bay Area, which is why we started to build hubs for talent in other geographies, Toronto, Mexico City and Poland, which we think will be an opportunity for us to diversify the sources of talent and bring on a broader group of people to build a great product. So we're doing, I think, the right things there. But what you shouldn't expect from us is to be in-disciplined around hiring in uneconomic or unfair terms. So we want to balance our ambition to staff the team as aggressively as we need to deliver the product that we want to build over the next few years, but we don't want to do that in a reckless way.

因此，我們在今年的員工人數上實現了非常積極的預期增長，而且我們在招聘方面做得很好。我認為我們在人才方面仍然很有競爭力，但我們為擴大我們的團隊設定了非常高的標準。如您所知，在目前的行業中，人才競爭非常激烈。我們——尤其是在灣區，這就是為什麼我們開始在多倫多、墨西哥城和波蘭等其他地區建立人才中心，我們認為這將是我們多元化人才來源並帶來更廣泛人才的機會一群人來構建一個偉大的產品。因此，我認為，我們正在那裡做正確的事情。但是，您不應該期望我們在以不經濟或不公平的條件招聘時不遵守紀律。因此，我們希望平衡我們的雄心，盡可能積極地為團隊配備人員，以提供我們想要在未來幾年內構建的產品，但我們不想以魯莽的方式這樣做。

[Niraj], on shopping, you can think of the shopping API as kind of the next generation of our catalog uploader. So it's very much in line with our desire to get as much up-to-date and accurate information. And then we apply machine learning to rationalize all of those products and then computer vision to match some up again the scenes. So we're seeing really good early uptake. It's been a learning process as we've gone from single feed upload to multi-feed upload and out of a proper API. And we continue to see -- continue -- we plan to see continued improvement in the quality of inventory, which in turn kind of enables people to go from that inspiration to purchasing experience, which is fundamental to our mission as a company.

[Niraj]，關於購物，您可以將購物 API 視為我們的下一代目錄上傳器。因此，這非常符合我們獲得盡可能多的最新和準確信息的願望。然後我們應用機器學習來合理化所有這些產品，然後用計算機視覺來匹配一些場景。所以我們看到了非常好的早期吸收。這是一個學習過程，因為我們已經從單一提要上傳到多提要上傳，並且沒有適當的 API。我們繼續看到 - 繼續 - 我們計劃看到庫存質量的持續改善，這反過來又使人們能夠從這種靈感轉向購買體驗，這是我們公司使命的基礎。

I will now pass it back to Ben Silbermann for any closing remarks.

我現在將把它轉回給 Ben Silbermann 做任何結束語。

Well, I just wanted to thank everyone for the thoughtful questions. We look forward to keeping the dialogue open. I know it's a busy afternoon for a lot of industries. So enjoy the rest of your day.

好吧，我只是想感謝大家提出的深思熟慮的問題。我們期待保持對話的暢通。我知道對於很多行業來說，這是一個忙碌的下午。所以享受你剩下的一天。

That concludes the Pinterest First Quarter 2022 Earnings Call. All be well, enjoy the rest of your day. You may now disconnect your lines.

Pinterest 2022 年第一季度財報電話會議到此結束。一切都好，享受你剩下的一天。您現在可以斷開線路。