Reddit Inc (RDDT) 2024 Q1 法說會逐字稿

Good afternoon.

午安.

My name is Julian, and I will be your conference operator today.

我叫朱利安，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to Reddit's Q1 2024, earnings call.

此時此刻，我謹歡迎大家參加 Reddit 的 2024 年第一季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to turn the call over to Jesse Rose, Head of Investor Relations.

我現在想將電話轉給投資者關係主管傑西羅斯 (Jesse Rose)。

You may now begin.

你現在可以開始了。

Great.

偉大的。

Thanks, Julian.

謝謝，朱利安。

Good afternoon, everyone.

大家下午好。

Welcome to Reddit's first quarter 2024, earnings conference call.

歡迎參加 Reddit 2024 年第一季財報電話會議。

Joining me today to share our results are Steve Huffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO.

今天與我分享我們成果的是 Reddit 共同創辦人兼執行長 Steve Huffman； Jen Wong，Reddit 營運長；以及 Reddit 財務長 Drew Vollero。

Their remarks will be followed by a Q&A session.

他們的發言之後將進行問答環節。

We issued our first quarter letter to shareholders earlier today and is needed available on our Investor Relations website and our Investor Relations subreddit r/RDDT.

今天早些時候，我們向股東發出了第一季的信函，您可以在我們的投資者關係網站和投資者關係 subreddit r/RDDT 上取得該信函。

Before we get started, I'd like to remind you that our remarks today will include forward-looking statements, including those regarding our future plans, objectives, expected performance and in particular, our guidance for the next quarter.

在開始之前，我想提醒您，我們今天的言論將包括前瞻性陳述，包括有關我們未來計劃、目標、預期業績，特別是我們對下一季的指導的陳述。

Actual results may vary materially from today's statements.

實際結果可能與今天的聲明有重大差異。

Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings, including those stated in the Risk Factors section of our filings with the SEC.

有關風險、不確定性和其他可能導致這些結果出現差異的因素的資訊包含在我們向 SEC 提交的文件中，包括我們向 SEC 提交的文件的風險因素部分中所述的資訊。

These forward-looking statements represent our outlook only as of the date of this call.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。

We undertake no obligation to revise or update any forward-looking statements.

我們不承擔修改或更新任何前瞻性陳述的義務。

Additionally, the matters we will discuss today will include both GAAP and non-GAAP financial measures.

此外，我們今天將討論的事項將包括公認會計原則和非公認會計原則財務指標。

Reconciliation of any non-GAAP financial measures to the most directly comparable GAAP measures is set forth in our letter to shareholders.

我們致股東的信中闡述了任何非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節。

Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures.

非公認會計原則財務指標應被視為公認會計原則指標的補充，而不是取代公認會計原則指標。

Finally, today's conference call is being recorded and webcasted.

最後，今天的電話會議正在錄製並進行網路直播。

Now I'll turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thanks, Jesse.

謝謝，傑西。

Hi, everyone.

大家好。

I'm Steve Reddit's Co-Founder and CEO, and I'll be kicking things off for us today.

我是 Steve Reddit 的聯合創始人兼首席執行官，今天我將為我們揭開序幕。

Welcome to our first earnings call as a public company.

歡迎參加我們作為上市公司的第一次財報電話會議。

I'd like to start off by saying thank you for spending a bit of your time with us today.

首先，我想感謝您今天抽出寶貴的時間與我們在一起。

We believe that great companies are built in the public markets, and we're proud to have made the transition this quarter.

我們相信偉大的公司是在公開市場建立的，我們很自豪能夠在本季實現轉型。

Our IPO was an important moment for the company.

我們的首次公開募股對公司來說是一個重要時刻。

And I want to say thank you to our employees, our users and investors who all made it possible.

我想對我們的員工、用戶和投資者表示感謝，是他們讓這一切成為可能。

And I also want to say welcome to our new investors, particularly to our new user investors for users to be able to own some of Reddit has long been dream of mine.

我還想說歡迎我們的新投資者，特別是我們的新用戶投資者，因為用戶能夠擁有一些 Reddit 是我長期以來的夢想。

Starting today and going forward, we want to include the community in this process.

從今天開始，我們希望讓社區參與這個過程。

Our current plan will be to answer a few of the questions on this call, and then we'll do a few more on RDDT subreddit after this call.

我們目前的計劃是回答本次電話會議中的一些問題，然後我們將在本次電話會議之後在 RDDT subreddit 上做更多的事情。

This process will likely evolve as we go forward.

隨著我們的前進，這個過程可能會不斷發展。

I also want to acknowledge the research analysts who have been with us on this journey, helping us to prepare by not doing just one but eight practice earnings calls over the last two years.

我還要感謝在這過程中與我們同行的研究分析師，他們在過去兩年中不僅進行了一次，而且還進行了八次收益電話會議練習，幫助我們做好準備。

Very much appreciated.

非常感謝。

Thank you.

謝謝。

We're happy with our progress this quarter.

我們對本季的進展感到滿意。

More people are visiting Reddit than ever before.

造訪 Reddit 的人數比以往任何時候都多。

Users grew 37% year-over-year in the first quarter.

第一季用戶較去年同期成長 37%。

We averaged over 80 million users daily and 300 million users weekly, and we grew across logged in, logged out and within the US and abroad.

我們平均每天有超過 8,000 萬用戶，每周有 3 億用戶，我們在登入、登出、美國境內和國外都在成長。

The most reliable way for us to grow Reddit is to make Reddit better.

我們發展 Reddit 最可靠的方法就是讓 Reddit 變得更好。

As such, our primary focus this year is to continue to make Reddit faster, easier to use and safer.

因此，我們今年的主要重點是繼續讓 Reddit 變得更快、更容易使用和更安全。

Our new web platform, Shreddit is up to 100% of users, and it's more than twice as fast as the platform that replaces, feed equals retention, retention equals growth.

我們的新網路平台Shreddit的用戶覆蓋率高達100%，而且比替換的平台快兩倍以上，提要等於留存，留存等於成長。

We also recently updated our native apps with instant comment loading, comments and conversation at the heart of Reddit and we made it faster and easier for users to join in.

我們最近也更新了我們的原生應用程序，以 Reddit 為核心提供即時評論加載、評論和對話，讓用戶能夠更快、更輕鬆地加入。

Our investments in machine learning and AI will continue to improve relevance, engagement and moderation.

我們對機器學習和人工智慧的投資將繼續提高相關性、參與度和適度性。

We have and will continue to use machine learning to improve our ability to help users find communities they'll love, which in turn increases engagement across the platform.

我們已經並將繼續使用機器學習來提高我們幫助用戶找到他們喜歡的社群的能力，從而提高整個平台的參與度。

And for moderation, we've trained our own large language models that have dramatically reduced the time required for communities to enforce their own rules.

為了進行調節，我們訓練了自己的大型語言模型，大大減少了社群執行自己的規則所需的時間。

We're in testing with this in a couple of communities right now, and we'll be rolling out more broadly soon.

我們目前正在幾個社區中對此進行測試，很快我們將在更廣泛的範圍內推廣。

And to grow outside the US, we're using machine translation to unlock our mostly English corpus.

為了在美國以外的地區發展，我們正在使用機器翻譯來解鎖我們主要是英語的語料庫。

We believe this will not only drive growth in the near-term, but also over time, will allow users from all over the world to connect regardless of the languages they speak.

我們相信，這不僅會在短期內推動成長，而且隨著時間的推移，將允許來自世界各地的用戶進行聯繫，無論他們使用哪種語言。

Now turning to some of our emerging areas as we think about the next generation of Reddit.

現在，當我們思考下一代 Reddit 時，我們將轉向一些新興領域。

A few of the initiatives we have here are the user economy, developer platform and search.

我們在這裡採取的一些措施包括用戶經濟、開發者平台和搜尋。

The user economy refers to a family of features that will allow users to spend and earn money on Reddit.

用戶經濟是指允許用戶在 Reddit 上消費和賺錢的一系列功能。

Launching soon is a revamped version of user awards and Reddit Gold, which is our virtual currency that enables both of these things.

即將推出的是用戶獎勵和 Reddit Gold 的改進版本，Reddit Gold 是我們的虛擬貨幣，可以實現這兩種功能。

And our developer platform, third party developers will be able to push the boundaries of what subreddit can be, and we're excited with the early progress here.

在我們的開發者平台上，第三方開發者將能夠突破 subreddit 的界限，我們對這裡的早期進展感到興奮。

For example, wallstreetbets has livestock tickers for training stocks and a number of sports subreddit have built live scoreboards to track gain.

例如，wallstreetbets 有用於訓練股票的牲畜股票行情，許多體育 subreddit 也建立了即時記分牌來追蹤收益。

Historically, the value of Reddit for users has been in conversation about recent topics, but with improvements to on-platform search, we can unlock the huge amount of latent value in past content, including all the answers, reviews, and advice that we have, and we're going to continue to invest here.

從歷史上看，Reddit 對用戶的價值一直在於討論最近的話題，但隨著平台搜尋的改進，我們可以釋放過去內容中的巨大潛在價值，包括我們擁有的所有答案、評論和建議，我們將繼續在這裡投資。

It's an exciting time.

這是一個令人興奮的時刻。

The technology landscape is evolving and Reddit is becoming more important and valuable.

技術格局正在不斷發展，Reddit 變得越來越重要和有價值。

Reddit is one of the largest places for authentic connection and conversation online, and more and more people are discovering and appreciating this.

Reddit 是最大的線上真實聯繫和對話場所之一，越來越多的人正在發現並欣賞這一點。

We believe Reddit is more important now than ever before, not only as an alternative to traditional social media, but as we enter the AI era where the value of our corpus continues to grow.

我們相信 Reddit 現在比以往任何時候都更加重要，不僅作為傳統社交媒體的替代品，而且隨著我們進入人工智慧時代，我們的語料庫的價值不斷增長。

The paradox I see is that as more content on the Internet is written by machines, there's an increasing premium on content that comes from real people.

我看到的悖論是，隨著網路上越來越多的內容是由機器編寫的，來自真人的內容的價值也越來越高。

And we have nearly two decades of authentic conversation, unique perspectives, earnest advice, honest reviews and answers the questions about every topic imaginable.

我們有近二十年的真實對話、獨特的觀點、真誠的建議、誠實的評論，並回答了有關每個可以想像的主題的問題。

There are multiple ways, Reddit benefits from the evolving ecosystem, and we're still in the early stages of exploring use cases for Reddit data.

Reddit 可以透過多種方式受益於不斷發展的生態系統，而且我們仍處於探索 Reddit 資料用例的早期階段。

This includes both internally to improve the platform and experience for users and externally through partnerships.

這包括在內部改善用戶的平台和體驗，以及在外部透過合作夥伴關係。

We remain committed to the open Internet, but we need to be considered of where Redistata ends up and what it's used for.

我們仍然致力於開放互聯網，但我們需要考慮 Redistata 的最終用途及其用途。

And we need to find the right balance between open and fair and respectful of our users.

我們需要在開放、公平和尊重用戶之間找到適當的平衡。

To wrap up, this was a strong start of the year for Reddit and we're executing better than ever.

總而言之，這是 Reddit 今年的強勁開局，我們的執行力比以往任何時候都更好。

We see so much opportunity and could not be more excited about our future.

我們看到瞭如此多的機會，並對我們的未來感到無比興奮。

Thanks again for taking time with us today.

再次感謝您今天抽出時間接受我們的訪問。

And now, I'll hand it over to Jen.

現在，我將把它交給 Jen。

Thanks, Steve.

謝謝，史蒂夫。

Hello, everyone.

大家好。

Our IPO was an important milestone for Reddit in our communities, and I'm thankful for everyone that helped make it possible.

我們的 IPO 是 Reddit 在我們社群中的一個重要里程碑，我感謝所有幫助實現這一目標的人。

I couldn't be more excited about what its future as a public company.

作為一家上市公司，我對它的未來感到非常興奮。

Reddit is still early in its monetization journey, I'm proud of what we have achieved to-date with our advertising business and our new and emerging businesses in data licensing and user economy.

Reddit 仍處於盈利之路的早期階段，我對我們迄今為止在廣告業務以及數據許可和用戶經濟方面的新興業務所取得的成就感到自豪。

We aspire to be a leader in contextual and inter-space advertising.

我們立志成為情境廣告和跨空間廣告領域的領導者。

And every day, we are working to improve our advertiser solutions and bring new advertisers to the platform.

我們每天都在努力改進我們的廣告商解決方案，並將新的廣告商引入該平台。

In the first quarter, we successfully scaled and diversified our business, expanded partnerships, and executed on our ads platform roadmap.

在第一季度，我們成功擴大了業務規模並實現多元化，擴大了合作夥伴關係，並執行了我們的廣告平台路線圖。

Total revenue growth accelerated in the first quarter and grew by 48% year-over-year to $243 million, the fastest year-over-year growth since Q1 2022.

第一季總營收成長加速，年增 48%，達到 2.43 億美元，這是自 2022 年第一季以來最快的年成長。

We continue to see traction with our strategies alongside a more favorable ad market versus last year and made progress in our emerging data licensing business.

我們繼續看到我們的策略的牽引力以及比去年更有利的廣告市場，並且我們的新興數據授權業務取得了進展。

Total US revenue grew 53% and international revenue grew 30% year-over-year.

美國總營收年增 53%，國際營收年增 30%。

International revenue represented 18% of total revenue in Q1.

國際收入佔第一季總收入的 18%。

Advertising revenue grew 39% year-over-year to $223 million, the third consecutive quarter of accelerating growth year-over-year.

廣告收入年增 39%，達到 2.23 億美元，連續第三個季度年增 39%。

Other revenue grew over 450% year-over-year to $20 million, primarily driven by new data licensing agreements we signed in the first quarter.

其他營收年增超過 450%，達到 2,000 萬美元，這主要是受到我們在第一季簽署的新資料授權協議的推動。

I'll first discuss our ad revenue drivers.

我將首先討論我們的廣告收入驅動因素。

Our investments enabled us to drive performance for advertisers.

我們的投資使我們能夠提高廣告商的表現。

Click volume doubled and we improved click-through rates by over 40% year-over-year in the quarter.

本季點擊量翻了一番，點擊率年增了 40% 以上。

Our full suite of solutions across the marketing funnel continue to position us well for a broad set of advertisers.

我們在整個行銷管道中提供的全套解決方案繼續使我們在廣大廣告商中佔據有利地位。

Our performance advertising business, which drives traffic and conversions, drove more than half of our growth in the quarter.

我們的效果廣告業務推動了流量和轉化，推動了本季一半以上的成長。

Ad revenue growth was primarily driven by increases in impressions delivered against a year-over-year decline in pricing.

廣告收入成長主要是因為定價年減所帶來的展示次數增加。

We saw revenue growth across all of our managed channels.

我們所有託管管道的收入都在成長。

Our scale business, mid-market, and SMB grew at a faster pace than total revenue.

我們的規模業務、中端市場和中小企業的成長速度快於總收入的成長速度。

This is an investment area for us and was in line with our expectations.

這是我們的一個投資領域，符合我們的預期。

Our large customer service channel, which accounted for slightly over 60% of total revenue saw broad-based growth.

我們龐大的客戶服務管道佔總收入的 60% 多一點，實現了廣泛的成長。

Looking at verticals, the tech vertical returned to growth and we experienced particular strength in the finance, pharma, and CPG categories, each growing over 50% year-over-year.

縱觀垂直產業，科技垂直產業恢復成長，我們在金融、製藥和消費品類別中表現尤其強勁，每個類別的年增長均超過 50%。

I'm pleased with our progress to diversify our revenue.

我對我們在收入多元化方面取得的進展感到高興。

And in Q1, there is no vertical that exceeds 20% of our ad revenue today.

在第一季度，沒有哪個垂直行業超過我們今天廣告收入的 20%。

In terms of geography, international revenue increased 30% year-over-year to $43 billion in the first quarter, an acceleration from 21% year-over-year growth in Q4 last year.

從地理來看，第一季國際營收年增 30%，達到 430 億美元，較去年第四季 21% 的年增率有所加速。

This was driven by strength across large and mid-market customers in EMEA.

這是由歐洲、中東和非洲大中型市場客戶的實力所推動的。

We've also made meaningful progress against our ad tech roadmap.

我們的廣告科技路線圖也取得了有意義的進展。

Here, we've our focus on a few key pillars; number one, improving usability for our advertisers and productivity of our sales force; number two, driving full funnel performance of our ad solutions; and number three, offering our advertisers Reddit unique solutions and creative that they can't find anywhere else.

在這裡，我們將重點放在幾個關鍵支柱；第一，提高廣告商的可用性和銷售人員的生產力；第二，推動我們廣告解決方案的全通路績效；第三，為我們的廣告商 Reddit 提供他們在其他地方找不到的獨特解決方案和創意。

So, first, to improve usability for advertisers, we focus on cutting down the campaign setup time for self-serve and small businesses.

因此，首先，為了提高廣告商的可用性，我們專注於縮短自助服務和小型企業的廣告活動設定時間。

We're using advancements in AI to remove friction and reduce set of time.

我們正在利用人工智慧的進步來消除摩擦並減少時間。

We launched an AI-driven headline generator for Simple Create, which is namely the self-serve creation flow for small businesses, and we're seeing promising early activation and adoption rates.

我們為 Simple Create 推出了人工智慧驅動的標題產生器，即小型企業的自助創建流程，我們看到了有希望的早期啟動和採用率。

Next, to improve performance and measurability of our ad solutions, we made progress building out our conversion API ecosystem to capture more signals and improve our models that drive performance.

接下來，為了提高廣告解決方案的效能和可衡量性，我們在建立轉化 API 生態系統方面取得了進展，以捕捉更多訊號並改進驅動效能的模型。

We launched our [cappy] late last year and this quarter, we announced integrations with (inaudible), a leading customer data platform and Google Tag Manager.

我們在去年年底推出了 [cappy]，本季我們宣布與領先的客戶資料平台和 Google 標籤管理器（聽不清楚）整合。

We continue to innovate with our ad products to bring our advertisers closer to our communities.

我們不斷創新廣告產品，讓廣告商更貼近我們的社群。

We launched free-formats, which provides advertisers with a versatile and creative format to drive deeper engagement with users.

我們推出了免費格式，為廣告主提供了一種多功能且富有創意的格式，以推動與用戶更深入的互動。

Testing has shown that free-formats have a meaningfully higher click-through rate than other ad types, and we've seen double the number of campaigns per day since its launch.

測試表明，自由格式的點擊率明顯高於其他廣告類型，並且自推出以來每天的廣告活動數量增加了一倍。

We also launched Reddit Pro, a free suite of AI-powered insights and tools to provide businesses an opportunity to establish and grow a meaningful organic presence on Reddit.

我們還推出了 Reddit Pro，這是一套免費的人工智慧驅動的見解和工具，為企業提供在 Reddit 上建立和發展有意義的有機存在的機會。

We're currently in beta with over 1,000 businesses, including Taco Bell, Wendy's, NFL, the Wall Street Journal as well as several SMBs.

目前，我們正在與 1,000 多家企業進行測試，其中包括 Taco Bell、Wendy's、NFL、華爾街日報以及多家中小型企業。

We're also continuing to lay the foundation for the future of shopping on Reddit.

我們也將繼續為 Reddit 購物的未來奠定基礎。

Users come to Reddit during their purchasing journey and value the rich human-powered product and review discussions on our platform.

用戶在購買過程中來到 Reddit，並重視我們平台上豐富的人力產品和評論討論。

We launched our first shopping ads and catalog ingest capabilities last year and are now testing dynamic product ads.

我們去年推出了第一個購物廣告和目錄擷取功能，現在正在測試動態產品廣告。

We're pleased with the early results.

我們對早期結果感到滿意。

Next, I'll share an update on our data licensing business.

接下來，我將分享我們資料授權業務的最新情況。

Our data licensing business continues to grow and evolve as the market is still nascent.

由於市場仍處於萌芽狀態，我們的數據許可業務不斷成長和發展。

In the first quarter, we signed licensing agreements with various companies in the social listening space and with Google as we previously announced.

正如我們之前宣布的那樣，在第一季度，我們與社交聆聽領域的多家公司以及谷歌簽署了許可協議。

The financial impact of the signed partnerships are reflected in our Q1 financials as other revenue and in our revenue guide for Q2, which you'll hear from Drew shortly.

簽署的合作夥伴關係的財務影響反映在我們第一季的財務數據、其他收入以及我們第二季的收入指南中，您很快就會從德魯那裡聽到。

Over time, we will strategically explore data licensing partnerships, as well as other uses for Reddit data internally, which we believe is also valuable in improving the platform and experience for our users and customers.

隨著時間的推移，我們將策略性地探索資料授權合作夥伴關係，以及 Reddit 資料在內部的其他用途，我們相信這對於改善我們的用戶和客戶的平台和體驗也很有價值。

Overall, we delivered solid results in our first quarter as a public company and remain focused on executing and fulfilling our mission.

總體而言，作為一家上市公司，我們在第一季取得了堅實的業績，並繼續專注於執行和履行我們的使命。

I hope you share the same excitement that we have in Reddit's future and look forward to the journey ahead.

我希望您能像我們一樣對 Reddit 的未來感到興奮，並期待未來的旅程。

Now I'll turn the call over to Drew.

現在我將把電話轉給德魯。

Thank you, Jen, and good afternoon, everyone.

謝謝你，Jen，大家下午好。

As we often say, Reddit has a powerful financial model that's straightforward, advantaged and scalable.

正如我們常說的，Reddit 擁有強大的財務模型，簡單、有利且可擴展。

The power of the financial model was evident in the first quarter, we reached an important inflection point.

財務模型的力量在第一季就顯而易見，我們到達了一個重要的轉折點。

In the first quarter, we were adjusted EBITDA profitable, which is both a marked difference from a year ago and a positive start to 2024.

第一季度，我們調整後的 EBITDA 實現盈利，這與去年同期相比有顯著差異，也是 2024 年的良好開端。

The key to that success was that revenue grew over 5 times as fast as total adjusted costs.

這項成功的關鍵在於營收成長速度是調整後總成本的 5 倍以上。

In the quarter, revenues grew 48% year-over-year and total adjusted costs grew 9% year-over-year.

本季營收年增 48%，調整後總成本年增 9%。

Let's summarize the highlights.

讓我們來總結一下亮點。

AUQ averaged $82.7 million, up 37% year-over-year, driven by structural product changes that have increased speed, onboarding, simplicity and consumer connection to more relevant content.

AUQ 平均收入為 8,270 萬美元，年成長 37%，這是由於結構性產品變革推動了速度、入門、簡單性以及消費者與更多相關內容的連結。

Domestic users were 50% of total users in the quarter, logged-in users were about 48% of the user base.

本季國內用戶佔總用戶的 50%，登入用戶約佔用戶群的 48%。

Sequentially, we added 9.6 million users in the quarter, our largest increase in three years, with 60% -- with over 60% of those users being logged out.

隨後，我們在本季增加了 960 萬用戶，這是三年來的最大增幅，成長了 60%，其中超過 60% 的用戶已註銷。

Revenues were $243 million, up 48% year-over-year, driven by both a strong acceleration in the ad business and the incremental data licensing revenue from new large and small deals.

營收為 2.43 億美元，年增 48%，這得益於廣告業務的強勁加速以及新的大大小小的交易帶來的增量數據授權收入。

Other revenue was $20 million in the quarter, up 454% from last year.

該季度其他收入為 2000 萬美元，比去年增長 454%。

International revenues were $43 million, up 30% year-over-year and 18% of total revenue.

國際營收為 4,300 萬美元，年增 30%，佔總營收的 18%。

Reddit's business model has a couple of distinct advantages, which really shined in the quarter in two areas.

Reddit 的商業模式有幾個明顯的優勢，本季在兩個領域真正表現出色。

First, our gross margins remain best-in-class.

首先，我們的毛利率仍然是同類中最好的。

Gross margins were 88.6% in the first quarter, up 500 basis points versus last year, driven by high-margin revenue gains, lower hosting contract prices, tax dep efficiencies and the accretive margin tailwind for the new data licensing deals.

第一季的毛利率為 88.6%，比去年增長 500 個基點，這得益於高利潤收入增長、託管合約價格下降、稅務部門效率提高以及新數據許可交易帶來的利潤增長。

Second, our CapEx remains very light.

其次，我們的資本支出仍然非常輕。

CapEx was about $3 million in the first quarter and just over 1% of revenue.

第一季的資本支出約為 300 萬美元，略高於收入的 1%。

Low CapEx was a contributing factor to our positive free cash flow that was $29 million in the quarter.

低資本支出是我們本季自由現金流 2,900 萬美元的正面因素之一。

As we scaled our business, we saw great operating leverage in two areas: first was leverage in operating expenses and headcount.

隨著我們擴大業務規模，我們在兩個領域看到了巨大的營運槓桿：首先是營運費用和員工人數的槓桿。

Non-GAAP operating expenses were up 10% year-over-year, as we continue to hire selectively in strategic areas, such as sales, ad tech and machine learning.

由於我們繼續在銷售、廣告技術和機器學習等策略領域中選擇性地招募員工，因此非公認會計準則營運費用年增 10%。

Total Q1 ending headcount increased 2% sequentially and 4% year-over-year.

第一季末員工總數較上季成長 2%，年增 4%。

Second was operating leverage on incremental sales.

其次是增量銷售的營運槓桿。

In Q1, revenue increased approximately $79 million year-over-year, and adjusted EBITDA increased about $60 million year-over-year, implying that over $0.75 on the incremental sales dollar reached the bottom line in the first quarter.

第一季度，營收年增約 7,900 萬美元，調整後 EBITDA 年成長約 6,000 萬美元，這意味著第一季度增量銷售額超過 0.75 美元達到底線。

These highly profitable incremental revenue dollars really helped drive positive free cash flow and swim our business into profitability on an adjusted EBITDA basis.

這些高利潤的增量收入確實有助於推動積極的自由現金流，並使我們的業務在調整後的 EBITDA 基礎上獲利。

That said, we did have a GAAP net loss of $575 million in Q1, driven by stock-based compensation related taxes from the IPO.

也就是說，我們第一季的 GAAP 淨虧損為 5.75 億美元，這是由於 IPO 產生的與股票薪酬相關的稅費所致。

Stock-based compensation, including related taxes for the quarter was $595 million, up from $13 million a year ago, driven primarily by one-time expenses related to the vesting of restricted stock units in connection with our initial public offering.

本季基於股票的薪酬（包括相關稅費）為 5.95 億美元，高於一年前的 1,300 萬美元，這主要是由於與我們首次公開募股相關的限制性股票單位歸屬相關的一次性費用。

On a non-GAAP basis, adjusted EBITDA was approximately $10 million in the first quarter, nearly a $60 million improvement from the first quarter of the prior year.

以非公認會計原則計算，第一季調整後的 EBITDA 約為 1,000 萬美元，比去年第一季增加了近 6,000 萬美元。

This marks our first profitable Q1 on an adjusted EBITDA basis, which in digital advertising is traditionally the slowest quarter of the year

這標誌著我們在調整後的 EBITDA 基礎上首次實現盈利的第一季度，而數位廣告行業傳統上是一年中最慢的季度

Positive adjusted EBITDA was a strong driver of cash flow for the quarter.

正調整後的 EBITDA 是本季現金流的強勁驅動力。

Cash from operating activities was $32 million in the first quarter, driven by improved performance and working capital improvements in DSO and DPO.

第一季來自營運活動的現金為 3,200 萬美元，這得益於 DSO 和 DPO 業績的改善以及營運資本的改善。

A couple of other financial notes of interest on cash and shares.

其他一些現金和股票利息的財務票據。

At the end of the first quarter, cash and marketable securities ended at $1.67 billion and includes all IPO proceeds at this point, dilution from employee grants was about 0.6% of our fully diluted shares outstanding, as we issued about 1.2 million shares to employees in Q1.

截至第一季末，現金和有價證券最終達到16.7 億美元，包括此時的所有IPO 收益，員工補助帶來的稀釋約為我們完全稀釋後流通股的0.6%，因為我們向員工發行了約120 萬股。

We view stock as a cost of our business and plan to manage dilution to be in line with peers in a low single-digit percentage range over time.

我們將股票視為我們業務的成本，並計劃隨著時間的推移管理稀釋度，使其與同行保持在較低的個位數百分比範圍內。

As we look ahead, we'll share our internal thoughts on revenue and adjusted EBITDA for the second quarter, which is where we have the greatest visibility.

展望未來，我們將分享我們對第二季營收和調整後 EBITDA 的內部想法，這是我們能見度最高的部分。

In the second quarter of 2024, we estimate revenue to be in the range of $240 million to $255 million and adjusted EBITDA to be in the range of $0 million to $15 million.

我們預計 2024 年第二季的營收將在 2.4 億美元至 2.55 億美元之間，調整後的 EBITDA 將在 000 萬美元至 1,500 萬美元之間。

So in summary, Q1 was a strong start to the year, with accelerated user and revenue growth and modest cost growth, which fueled solid margin expansion, adjusted EBITDA profitability and positive free cash flow.

總而言之，第一季是今年的強勁開局，用戶和收入成長加速，成本增長適度，這推動了利潤率的穩健擴張、調整後的 EBITDA 盈利能力和正的自由現金流。

Now let me turn the call back over to Steve.

現在讓我把電話轉回給史蒂夫。

Thanks, Drew.

謝謝，德魯。

Thanks, Jen.

謝謝，珍。

Okay.

好的。

We're going to take a couple of questions from the community quickly, and then we'll turn it over to the call here.

我們將快速回答社區中的幾個問題，然後將其轉交給此處的電話會議。

The first question from the community, how are your initiatives going in terms of licensing data for AI data models, plans to expand beyond Google?

來自社群的第一個問題是，你們在人工智慧資料模型的授權資料方面的舉措進展如何，並計劃擴展到Google之外？

The short answer is yes.

簡短的回答是肯定的。

But we're being considered and selective with our partners, especially for the larger scale search and training deals.

但我們正在與合作夥伴一起考慮和選擇，特別是對於更大規模的搜尋和培訓交易。

We need to be very considerate of where our data goes and what it's being used for.

我們需要非常考慮資料的去向和用途。

I can't comment on deals that are under negotiation, but the landscape is bifurcated.

我無法對正在談判的交易發表評論，但情況是分裂的。

There are a handful of large players and then there are many more smaller opportunities, and we're looking in above.

有少數大型參與者，然後還有更多較小的機會，我們正在上面尋找。

That said, not all plays an ecosystem.

也就是說，並非所有遊戲都扮演著生態系統的角色。

I think are good fits for Reddit.

我認為很適合 Reddit。

We're in early days here.

我們還處於早期階段。

I'd say, big picture, we have seen an increase in interest in Reddit/stata for various uses.

我想說的是，從大局來看，我們發現人們對 Reddit/stata 的各種用途的興趣增加。

And so we'll see -- look forward to how this grows looking forward.

因此，我們將拭​​目以待——期待這種情況如何發展。

Okay.

好的。

Second question, Jen, I think this one for you.

第二個問題，Jen，我想這個問題適合你。

Can you go into specifics about what types of advertising are most responsible for the strong increase in earnings?

您能否詳細說明哪些類型的廣告對營收的強勁成長最有貢獻？

Is that mostly increased sales on previously existing types of advertising or new types of advertising on the platform?

這主要是平台上現有廣告類型或新廣告類型的銷售增加嗎？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

We actually saw growth in both supply and demand.

我們實際上看到了供給和需求的成長。

Let me talk about the demand side.

先說需求端。

So across the funnel, we saw -- we saw growth across the funnel sort of the Brand upper funnel, mid-funnel which is traffic driving as well as the bottom of the funnel, which is driving conversion.

因此，在整個漏斗中，我們看到了整個漏斗類型的成長，包括品牌上漏斗、中漏斗（驅動流量）以及漏斗底部（驅動轉換）。

Brand, in particular, had a nice quarter and showed strength, certainly relative to -- I think Q1 2022, was the last really strong Brand quarter.

尤其是品牌，它度過了一個不錯的季度，並表現出了實力，當然是相對於——我認為 2022 年第一季是品牌最後一個真正強勁的季度而言。

So it was really nice to see Brand come back.

所以很高興看到布蘭德回來。

And mid is doing really well because we have made those improvements in CTR, 40% year-over-year, doubling click volumes, a lot of efficiency for advertisers.

mid 表現非常好，因為我們在點擊率方面取得了進步，比去年同期提高了 40%，點擊量翻了一番，為廣告商帶來了很大的效率。

We also saw broad-based strength across the managed channels, particularly in mid-market and our large customer channel in North America and Continental Europe.

我們也看到了託管通路的廣泛實力，特別是在中端市場以及北美和歐洲大陸的大型客戶通路。

And then we have strength in verticals like finance, pharma, CPG and tech return to growth.

然後，我們在金融、製藥、消費品和科技等垂直行業恢復成長方面擁有優勢。

On the supply side, while designing new ad placement is an opportunity.

在供應方面，設計新的廣告投放是一個機會。

These -- our inventory today really consists of two core ad types.

我們今天的庫存實際上由兩種核心廣告類型組成。

It's the ad in the feed and the ad in the conversations with the comment page.

這是提要中的廣告以及與評論頁面對話中的廣告。

We did see strong growth in conversation placement inventory from users spending more time reading comments and diving deeper, as well as from some ad platform work.

我們確實看到對話放置庫存的強勁增長，因為用戶花費更多時間閱讀評論並進行更深入的研究，以及一些廣告平台的工作。

So both supply and demand were helpful in drivers in our business.

因此，供給和需求都有助於推動我們的業務。

Great.

偉大的。

Thanks, Jen.

謝謝，珍。

Julian, why don't we open up the line, take some questions from folks online.

朱利安，我們為什麼不開通熱線，回答網路上人們的一些問題呢？

(Operator Instructions) Ron Josey, Citi.

（操作員指令）Ron Josey，花旗銀行。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

Steve, Jen, Drew, great quarter.

史蒂夫、珍、德魯，很棒的季度。

I wanted to ask, Steve, on global DAQ growing by $9.6 million sequentially.

史蒂夫，我想問一下全球 DAQ 連續成長 960 萬美元的情況。

Just talk about the drivers here and the sustainability.

只談談這裡的驅動因素和可持續性。

Steve I know you mentioned SHRED-It's now fully rolled out, improved search is doing better and the home feed ML.

史蒂夫，我知道你提到過 SHRED——它現在已經全面推出，改進的搜尋做得更好，家庭提要 ML 也做得更好。

But any insights on the sustainability of just user growth would be helpful.

但任何關於用戶成長可持續性的見解都會有所幫助。

And then Jen and Drew, I think the comment was the ad market is healthy, but I would love to hear your thoughts as we get into the back half of the year, certainly tougher comps as well.

然後 Jen 和 Drew，我認為評論是廣告市場是健康的，但我很想聽聽你們的想法，因為我們進入了下半年，當然也會有更艱難的競爭。

Thank you.

謝謝。

Sure.

當然。

Thanks.

謝謝。

So user growth, we're happy with the results.

用戶成長，我們對結果感到滿意。

The main driver of growth is the product is better.

成長的主要動力是產品更好。

And so yeah, we mentioned D Steve Huffman Shred- It performance, both equals retention for users.

所以，是的，我們提到了 D Steve Huffman Shred-It 的效能，兩者都等於使用者的保留率。

Web performance also has been driving an increase in traffic from Google, which is driving the increase largely in the logged-out users.

網路效能也一直推動著Google流量的增加，這主要推動了註銷用戶的成長。

But logged-in users, which is the core of our business, the bedrock of our inventory is also up 27% year-over-year.

但登入用戶是我們業務的核心，也是我們庫存的基石，也較去年同期成長了 27%。

And the growth there is really driven by improvements to product quality.

那裡的成長實際上是由產品品質的提高所推動的。

So the sign-up has gotten much more efficient, onboarding has gotten better than home feed relevance for users, finding content that's relevant to them in their first session on Reddit.

因此，註冊變得更加高效，入職培訓比用戶的主頁相關性更好，可以在 Reddit 上的第一次會話中找到與他們相關的內容。

We've gotten much more effective at that.

我們在這方面變得更加有效。

We feel confident looking forward because the growth that we've seen isn't a -- it's not like a onetime spike.

我們對未來充滿信心，因為我們看到的成長不是一次性的高峰。

We've been adding users very consistently for the last year, roughly two million users a month, seven of the last 10 months, and one million users in eight of the 10 last month.

去年我們持續增加用戶，過去 10 個月中有 7 個月每月增加約 200 萬用戶，上個月 10 個月中有 8 個月增加了 100 萬用戶。

And so long story short, our work is working of focusing on product performance and quality, and that's driving retention.

長話短說，我們的工作重點是產品性能和質量，這可以提高保留率。

And so the other thing we're looking forward to as we go forward is international growth.

因此，我們期待的另一件事是國際成長。

We're still 50/50 US versus non-US but our peers are more 80% to 90% non-US.

我們的美國和非美國比例仍然是 50/50，但我們的同行中有 80% 到 90% 的非美國比例。

And so I think there's a huge opportunity there.

所以我認為那裡有一個巨大的機會。

I think one of the big unlocks for us in the near to medium-term is machine translation.

我認為我們在中短期內最重要的解鎖之一是機器翻譯。

So we're translating our entire corpus that's today mostly in English and the other languages and hope that, that will help accelerate international growth.

因此，我們正在翻譯目前主要以英語和其他語言提供的整個語料庫，並希望這將有助於加速國際成長。

Jen, Drew, do you want to comment on the second half of the year outlook?

Jen、Drew，您想對下半年的前景發表評論嗎？

Yeah, I'll kick it off and then pass to Drew.

是的，我會開始比賽，然後傳給德魯。

Look, market is healthy brand advertising, its strong as it's been since 2022.

看，市場是健康的品牌廣告，自 2022 年以來一直強勁。

We're feeling good in many parts of our business are working well in Q1 in the first half and are well-positioned for the second half.

我們對業務的許多部分感覺良好，上半年第一季運作良好，下半年也處於有利位置。

So our strategies are gaining traction.

因此，我們的策略正在獲得關注。

Adds, I like the vertical diversification.

補充道，我喜歡垂直多元化。

We like the accelerated growth in the mid-market channel and both in North America and in coming in Europe.

我們喜歡中階市場通路以及北美和歐洲的加速成長。

So a lot of positive traction.

所以有很多積極的牽引力。

The reality is Q1 had an easier comp, the 12% year-over-year growth from Q1, 2023.

事實上，第一季的業績比較容易，較 2023 年第一季年增 12%。

We did a low visibility into the second half.

下半場我們的能見度很低。

And 80% of our revenue is in the US and there is a US election, which could impact our advertisers like campaigns, especially brand advertisers.

我們 80% 的收入來自美國，而美國即將舉行大選，這可能會影響我們的廣告商，尤其是品牌廣告商。

And there's also inflation, geopolitical context and some type of comps in Q3, Q4.

第三季、第四季還有通膨、地緣政治背景和某種類型的比較。

But we feel like we've had a really solid start for strategy gaining traction.

但我們覺得我們已經有了一個非常堅實的開端，戰略也獲得了關注。

We feel good, but we just have a low visibility back end of the year.

我們感覺很好，但年底能見度較低。

Let me pass to Drew to add some more color.

讓我請德魯添加更多顏色。

Yeah.

是的。

No, I think that's well said, Jen.

不，我認為這句話說得很好，Jen。

I think that it was a good quarter for us, Ron start to finish.

我認為這對我們來說是一個很好的季度，羅恩從頭到尾。

Even March was very strong.

即使三月也非常強勁。

I think as Jen mentioned, the comps in the first quarter are a little lower than the back half of the year, they’re in the 20s.

我認為正如 Jen 所提到的，第一季的業績比下半年略低，在 20 多歲。

We also may have picked up some momentum from the IPO, hard to say to identify that.

我們也可能從首次公開募股中獲得了一些動力，但很難說這一點。

But we did, as I said, see strength in March.

但正如我所說，我們確實在三月看到了強勁的勢頭。

Look on the cost side of things, I think we found a good rhythm right now.

從成本方面來看，我認為我們現在找到了一個很好的節奏。

I think in the last four quarters, total adjusted costs have been up 5% to 15%, average 9%.

我認為在過去的四個季度中，調整後的總成本上漲了 5% 至 15%，平均為 9%。

I think we're really at a place where we have good scale as a company, and we're adding resources where it makes sense.

我認為，作為一家公司，我們確實擁有良好的規模，並且我們正在合理地增加資源。

I talked about adding resources in our machine learning teams in our sales teams.

我談到了在我們的銷售團隊中的機器學習團隊中添加資源。

I think we're in a place where we have scale, and we're adding selectively.

我認為我們已經形成規模，並且我們正在有選擇地增加。

As you know, headcount is by far and away, the biggest part of our cost driver.

如您所知，員工人數無疑是我們成本驅動因素的最大部分。

OpEx is 85% of total costs here, total adjusted costs here at the company.

營運支出佔總成本（公司調整後總成本）的 85%。

So I think we feel good at least for the next couple of quarters on how we're thinking about things, but we'll see how it plays out and I echo Jen's sentiments on kind of the headwinds and tailwinds on the back half of the year and the things that we're watching.

因此，我認為至少在接下來的幾個季度我們對如何思考事情感覺良好，但我們會看看結果如何，我同意 Jen 關於後半段逆風和順風的觀點。 。

Doug Anmuth, JP Morgan.

道格·安姆斯，摩根大通。

Thanks for taking the questions.

感謝您提出問題。

I have two, one for Steve, one for Drew.

我有兩本，一本給史蒂夫，一本給德魯。

Steve, you highlighted the large opportunity in on-platform search.

史蒂夫，您強調了平台搜尋中的巨大機會。

Can you just talk about what excites you here for both users and with advertisers?

能談談什麼讓用戶和廣告商都感到興奮嗎？

And then Drew, if you could just follow up on those comments a little bit more on the investment philosophy this year.

然後，德魯，您能否對這些評論進一步了解今年的投資理念。

You pulled back a lot in 2023, but we're obviously seeing big incrementals in 1Q.

2023 年，我們的業績出現了大幅下滑，但我們顯然在第一季看到了巨大的增量。

How do we think about that 5 times spread between revenue growth and cost growth as you go through the course of the year and beyond?

當您經歷這一年及以後的過程時，我們如何看待收入成長和成本成長之間的 5 倍差距？

Thank you.

謝謝。

Sure, thanks.

當然，謝謝。

So first question is on on-platform search.

第一個問題是關於平台搜尋的。

So like a ton of our users run searches in their first session on Reddit.

就像我們的大量用戶在 Reddit 上的第一次會話中運行搜尋一樣。

And so when I talk about one of the biggest challenges and opportunities we face being helping users find their home on Reddit, many of them are typing into a box exactly what they're interested in.

因此，當我談到我們面臨的最大挑戰和機會之一是幫助用戶在 Reddit 上找到自己的家時，他們中的許多人都在框中輸入了他們感興趣的內容。

And so I think just from a user experience point of view, on-platform search on Reddit being great is a huge opportunity.

因此，我認為僅從用戶體驗的角度來看，Reddit 上出色的平台搜尋是一個巨大的機會。

Now today we do over a billion queries per month on Reddit, but I think there's an opportunity for quite a bit more.

如今，我們每月在 Reddit 上進行超過 10 億次查詢，但我認為還有機會進行更多查詢。

So we've been investing in our search back end, some quality of life features like fail track and autocomplete are coming online as we speak.

因此，我們一直在投資搜尋後端，一些生活品質功能（例如失敗追蹤和自動完成）正在上線。

We've got some, I think, very sensible and overdue improvements to the user interface coming up this year as well.

我認為，今年我們也會對使用者介面進行一些非常明智且早該進行的改進。

And then as the search product itself gets better, of course, then there's an opportunity to monetize those pages.

當然，隨著搜尋產品本身變得更好，就有機會透過這些頁面獲利。

So there are no ads today on search result pages.

所以今天搜尋結果頁面上沒有廣告。

But that's obviously a very high-performing product elsewhere on the Internet.

但這顯然是互聯網其他地方的一個非常高性能的產品。

And I think there's no reason to believe that it wouldn't be for Reddit as well because the intention is so explicit when users are searching.

我認為沒有理由相信 Reddit 也不會如此，因為當用戶搜尋時，其意圖是如此明確。

So first step, improve the product for users.

所以第一步，為使用者改進產品。

And then I think when we feel like we have a good foundation there, we'll start looking at monetization.

然後我認為，當我們覺得我們在那裡有了良好的基礎時，我們就會開始考慮貨幣化。

Drew, I think the next question was investment philosophy?

德魯，我認為下一個問題是投資理念？

Yeah, investment philosophy.

是的，投資理念。

Doug, thanks for the question.

道格，謝謝你的提問。

Look, in terms of the investment philosophy, it didn't change here.

你看，就投資理念而言，這裡沒有改變。

Your point about revenue five times as fast as cost, yes, nice to see for sure.

您關於收入速度是成本速度五倍的觀點，是的，很高興看到這一點。

It really was about the revenue line or the numerator expanding.

這實際上與收入線或分子擴張有關。

Last three quarters, we've averaged about 23% revenue growth.

過去三個季度，我們的平均收入成長約為 23%。

This quarter, 48%.

本季為 48%。

If I look at our total adjusted cost growth, last four quarters has been 9%.

如果我看看我們調整後的總成本成長，過去四個季度是 9%。

This quarter was 9%.

本季為 9%。

So the investments in the business stayed the same or consistent with the four-quarter average.

因此，該業務的投資與四個季度的平均值保持相同或一致。

What really happened here is we were able to leverage those resources and really drive a top line that was meaningfully different, double the growth rate over the last three quarters.

這裡真正發生的是，我們能夠利用這些資源，並真正推動收入顯著不同，在過去三個季度中成長率翻倍。

So I think that's really what happened in terms of that.

所以我認為這確實是發生的事情。

I will tell you that's an output metric.

我會告訴你這是一個輸出指標。

We didn't sort of design the quarter to be that way.

我們並沒有將這個季度設計成這樣。

I think internally, long-term, Doug, we'd like our revenue growth rate to be twice as fast as our cost growth.

我認為，從長遠來看，道格，我們希望我們的收入成長率是成本成長率的兩倍。

Like, that's how we think about running this business over the long-term.

就像，這就是我們考慮長期經營這項業務的方式。

But there are certainly quarters where we can do better than that, and I think the first quarter was a prime example of that.

但肯定有一些季度我們可以做得更好，我認為第一季就是一個很好的例子。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

The first one is on the strong user growth.

第一個是用戶的強勁成長。

Is there any way you can sort of help us unpack a little bit the benefit of the new Google partnership?

您有什麼辦法可以幫助我們了解新的 Google 合作夥伴關係的一些好處嗎？

Maybe any quantification of the incremental traffic, what you saw in traffic trends coming out of that from Google?

也許對增量流量進行任何量化，您在Google的流量趨勢中看到了什麼？

And then I guess to follow-up on that, where are you on sort of the Google SGE integration?

然後我想跟進一下，您對 Google SGE 整合的進展如何？

Should we think of it as a sort of a more queries you're going to be integrated in over the course of the year to make this tailwind grow?

我們是否應該將其視為一種在一年中將整合的更多查詢，以推動這一順風車的成長？

Or sort of how does that relationship work?

或者說這種關係是如何運作的？

Sure, Brian, it's Steve.

當然，布萊恩，是史蒂夫。

So look, the biggest factor driving user growth is the performance and product quality, because that's what's driving retention.

所以看，推動用戶成長的最大因素是效能和產品質量，因為這才是推動用戶留存的因素。

And so retention compounds into growth over time.

因此，隨著時間的推移，留存率會進一步轉化為成長。

Yes, we're seeing a tailwind from Google, and you can see that in our logged out numbers.

是的，我們看到了來自谷歌的推動力，你可以從我們的註銷數字中看到這一點。

But that's not the agreement we have with Google around the data training that has nothing to do with traffic.

但這並不是我們與Google就與流量無關的資料訓練達成的協議。

I think really the most -- the biggest driver of uptick in traffic from Google is also performance.

我認為，Google流量成長的最大推動力實際上也是效能。

Google bot like speed, it keeps track of the performance of the pages at crawls.

Google bot 喜歡速度，它會追蹤抓取頁面的效能。

And we made those pages in some cases, more than twice as fast, in some cases, up to five times as fast.

在某些情況下，我們製作這些頁面的速度提高了一倍多，在某些情況下，速度提高了五倍。

And so that has a huge improvement in ranking.

因此排名有了巨大的提高。

We do see algorithm changes from Google.

我們確實看到谷歌的演算法發生了變化。

Usually, you can expect maybe two a year.

通常，您每年大約可以期待兩次。

But sometimes they help sometimes they hurt.

但有時它們會帶來幫助，有時也會帶來傷害。

So you'll never hear us celebrating or complaining about those.

所以你永遠不會聽到我們慶祝或抱怨這些。

But you can see the consistency in our growth for the last year, but over $1 million a month, basically for the last year.

但你可以看到我們去年成長的一致性，但每月超過 100 萬美元，基本上是去年的。

And so that -- I think that's been really strong and consistent and speaks to the foundational improvements.

因此，我認為這非常強大且一致，並且說明了基礎性的改進。

And then I think there's a secular trend that benefits at it, which is in the AI era, people value authentic content more, right, content written by humans, and that's what Reddit is, and that's what Reddit has.

然後我認為有一個長期的趨勢從中受益，那就是在人工智慧時代，人們更重視真實的內容，對吧，人類寫的內容，這就是Reddit，這就是Reddit所擁有的。

And so I think there's a thirst for authentic opinions and advice and commentary and just conversations.

所以我認為人們渴望真實的意見、建議、評論和公正的對話。

And so I think that's the kind of irony of the technology shift that we're going through is it's the value of humans and fresh ideas continues to grow.

所以我認為這是我們正在經歷的技術轉變的一種諷刺，它是人類的價值和新想法的不斷增長。

Now in terms of the Google experiences, how their product impacts Reddit, that's one of the things we're considered if when we do any sort of deal, which is like how do you display Reddit data making sure that folks linked to us and that sort of thing.

現在就 Google 體驗而言，他們的產品如何影響 Reddit，這是我們在進行任何類型的交易時都會考慮的事情之一，就像如何顯示 Reddit 數據，確保人們連結到我們，並且之類的事情。

And so look, I feel pretty confident in how this will play out.

所以看，我對這件事的結果很有信心。

Like we've been a beneficiary of Reddit being in search and in Google for a long time.

就像我們長期以來一直是 Reddit 在搜尋和 Google 中的受益者一樣。

And so I think Reddit being well indexed is good for our respective companies, but most importantly, it's good for the end user who gets to find the answers to their questions.

因此，我認為 Reddit 的良好索引對我們各自的公司都有好處，但最重要的是，這對最終用戶找到問題的答案也有好處。

It brings new users to Reddit, it helps them find their home on Reddit.

它為 Reddit 帶來了新用戶，幫助他們在 Reddit 上找到自己的家。

And so I think Google is getting better and better at displaying our content can only help.

所以我認為谷歌在展示我們的內容方面做得越來越好只會有所幫助。

And we've seen that play out for over a decade now.

我們已經看到這種情況已經發生十多年了。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great.

偉大的。

I'd like to ask one more about users and then just guidance philosophy.

我想再問一個關於使用者的問題，然後只是問指導理念。

Certainly, a good user quarter.

當然，這是一個良好的用戶季度。

Just wondering about retention and churn are you seeing more people come at the top of the funnel, and that's driving it?

只是想知道關於保留和流失的問題，您是否看到更多的人進入了漏斗的頂部，而這正在推動它？

I'm talking about Logged-in, of course.

當然，我說的是登入。

Or are you just seeing less churn?

或者您只是看到流失率減少了？

Or are people coming in more frequently, so weeklies are coming in daily or is it everything?

還是人們來得更頻繁，所以周刊每天都會來，還是這就是一切？

But maybe a little more color on that.

但也許可以多一點色彩。

And then, Drew, maybe on the guidance since this is your first quarter just tell us a little bit more about your guidance philosophy.

然後，德魯，也許是關於指導，因為這是你的第一季度，請告訴我們更多關於你的指導理念。

Sequential is maybe a little less than last year.

順序可能比去年少一點。

Maybe it was a really tough comp.

也許這是一場非常艱難的比賽。

But just tell us how you think about guidance that you want to provide each quarter.

但請告訴我們您如何看待您希望每個季度提供的指導。

Thank you.

謝謝。

Sure.

當然。

So on users, the credit has long had a massive top of funnel.

因此，對於用戶來說，信用長期以來一直佔據著巨大的漏斗頂部。

We've been reporting more than 500 million monthly users for quite some time.

我們報告的每月用戶數量已經超過 5 億已經有一段時間了。

Now we only update that user -- that number periodically, because we really run the business on dailies and weeklies.

現在我們只定期更新該用戶——該數字，因為我們實際上是在日報和周刊上經營業務。

And so -- but the way we think about it is we need to improve user retention.

所以，但我們的想法是我們需要提高用戶保留率。

And we're pretty confident that, just to every user on the Internet is going to bounce off read periodically, whether it's through search or a word of mouth or this or that.

我們非常有信心，網路上的每個用戶都會定期閱讀，無論是透過搜尋還是口碑傳播或這樣或那樣。

The challenge to us is can we retain those users.

我們面臨的挑戰是我們能否留住這些用戶。

And so that's why our focus has been on quality, performance onboarding.

這就是為什麼我們一直關注入職品質和績效。

And so we've seen really nice improvement to new user retention and user reselections and so bringing old users back.

因此，我們看到了新用戶保留和用戶重新選擇的非常好的改進，從而吸引了老用戶。

And so those are the input metrics that we really look at when we're building new products and those compounds and the growth.

因此，這些是我們在建立新產品、這些化合物和成長時真正關注的輸入指標。

So that's why I keep saying, I think what we've done has made improvements to the foundation.

所以這就是為什麼我一直說，我認為我們所做的已經對基礎做出了改進。

And we get to mine those improvements for some time as opposed to this is maybe a one-time shift or things.

我們需要花一段時間來挖掘這些改進，而不是一次性的轉變或其他事情。

We had a good quarter.

我們度過了一個美好的季度。

The product is simply better, and we're benefiting from that now.

產品變得更好了，我們現在正從中受益。

Okay.

好的。

Second question, I think, Drew, was on guidance.

德魯，我認為第二個問題是關於指導。

Right.

正確的。

Justin, high-level, we will guide on a quarterly basis, one quarter ahead, we'll do revenues.

賈斯汀，高層，我們將按季度進行指導，提前一個季度，我們將進行收入統計。

And we'll do adjusted EBITDA.

我們將調整 EBITDA。

That's what we're comfortable with at this time.

這就是我們此時感到舒服的事。

In terms of the second quarter guide, I take your point we grew 48% in the first quarter.

就第二季指南而言，我同意你的觀點，我們第一季成長了 48%。

The midpoint of the guide is mid-30s.

該指南的中點是 30 多歲。

So there is a little bit of a -- de-cell there.

所以這裡有一點點——de-cell。

Look, I think as we mentioned, it was a strong quarter for us, top to bottom.

看，我認為正如我們所提到的，這對我們來說是一個強勁的季度，從上到下。

The month of March was very good for us, as I mentioned.

正如我所提到的，三月對我們來說非常好。

I think we're just looking at the comps a little bit.

我認為我們只是稍微關註一下比較。

I think that's a little bit, driving where we are at this point.

我認為這有點影響我們目前的處境。

The comp was, as Jen mentioned, 12% in the first quarter, the comp is 23.

正如 Jen 所提到的，第一季的比較是 12%，而比較是 23。

I do think we might have gotten a little bit of tailwind from the IPO in the first quarter.

我確實認為我們可能從第一季的首次公開募股中獲得了一些推動力。

We'll see if those tailwinds continue.

我們將看看這些順風是否會持續下去。

A couple of other things that kind of works in our favor in the first quarter, right, you get an extra day with Leap Day.

在第一季度，還有一些其他事情對我們有利，對吧，你會因為閏日而獲得額外的一天。

The Easter was a little bit earlier, like all the things kind of worked a little bit.

復活節來得早了一些，好像所有的事情都有點進展了。

But overall, as Jen said, it's a good solid start to the year for us, and we'll sort of see how we do.

但總的來說，正如 Jen 所說，這對我們來說是今年一個好的開端，我們將看看我們的表現如何。

I think bigger picture, we're keeping our eye on a couple of things, particularly geopolitics, I think that is the one thing that can affect you intra-quarter depending on sort of what the geopolitical situation is, brand advertisers can pull advertising if things aren't where they want it to be from time-to-time.

我認為從更大的角度來看，我們正在關註一些事情，特別是地緣政治，我認為這是可能在季度內影響你的一件事，具體取決於地緣政治局勢，品牌廣告商可以在以下情況下取消廣告：事情有時不如他們所願。

So those are -- that's probably the biggest one.

這些可能是最大的一個。

We're looking at inflation and elections to those are the other couple of things that we take a look at.

我們正在關注通貨膨脹和選舉，這是我們關注的其他一些事情。

But overall, it was a good quarter, first quarter, and we ended with momentum.

但總的來說，這是一個很好的季度，第一季度，我們以動力結束了。

We'll see how the second quarter plays out, but it really is kind of comp driven and sort of a couple of tailwinds that we have in the first quarter, we'll see if they continue the second.

我們將看看第二季度的表現如何，但這確實是一種補償驅動，並且是我們在第一季遇到的一些順風車，我們將看看他們是否會在第二季度繼續。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much.

太感謝了。

Maybe if I could just a two-parter for Jen, Jen, when you're out talking to advertisers and thinking about the future of the platform, number one, which platform initiatives and product initiatives are resonating the most in terms of driving either advertiser count or advertising spend as we get deeper into the 2024, budget cycle.

也許我可以為 Jen 做一個兩方合作，Jen，當你出去與廣告商交談並思考平台的未來時，第一，哪些平台舉措和產品舉措在推動廣告商方面最能引起共鳴隨著我們深入了解2024 年預算週期，我們會計算廣告支出。

And as you go out and have those conversations, what is still the big ask or friction points you and the team are trying to solve forward to bring more advertiser count and budgeting beyond 2024, and your long-term road map?

當您出去進行這些對話時，您和團隊正在努力解決的最大問題或摩擦點是什麼，以便在 2024 年之後增加廣告商數量和預算，以及您的長期路線圖？

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

Yeah, I'd say– I think our aspiration to be a leader in contextual interstates advertising is very differentiated, and it resonates with all of our advertising partners.

是的，我想說——我認為我們成為上下文州際廣告領域領導者的願望是非常與眾不同的，它引起了我們所有廣告合作夥伴的共鳴。

And the idea that Reddit can be a full-funnel solution, I think it is very attractive, and we've made good progress against that.

Reddit 可以成為全通路解決方案的想法，我認為它非常有吸引力，我們已經在這方面取得了良好的進展。

And we started at the top of the funnel with brand.

我們從品牌漏斗的頂部開始。

I think we have really done a lot of work and delivered a lot of performance and efficiency at the mid part of the funnel with the continuing growth in click-through rates and click volume.

我認為，隨著點擊率和點擊量的持續增長，我們確實做了很多工作，並在漏斗的中間部分提供了大量效能和效率。

And now with launches like Dynamic Product Ads and you had the catalog in jest last year and the work we're doing in (inaudible) conversions at the bottom end of the funnel, I think the advertisers see how serious we are in delivering value at the bottom end of the funnel.

現在，隨著動態產品廣告等產品的推出，去年你開玩笑地看到了目錄，以及我們在漏斗底部的（聽不清楚）轉換方面所做的工作，我認為廣告商看到了我們在提供價值方面的認真程度。

So this idea of being full funnel and being differentiated in terms of our targeting capabilities, I think, is really resonating.

因此，我認為，在我們的定位能力方面實現全漏斗和差異化的想法確實引起了共鳴。

We are focused on laying down signals for the bottom end of the funnel.

我們專注於為漏斗底部發出訊號。

So you see the work we did with a group of ad manager partnership and Helium.

所以你可以看到我們與一群廣告經理夥伴和 Helium 所做的工作。

We'll look at more of those.

我們將進一步研究其中的內容。

So cap being conversion is going incredibly important – signals into the models that we're building at the bottom end of the funnel.

因此，轉換上限變得非常重要——它向我們在漏斗底部建立的模型發出訊號。

And just working with advertisers to start testing spend against these solutions and continue to iterate.

只需與廣告商合作，開始針對這些解決方案測試支出並繼續迭代。

So I think there's real excitement about, wow, you're doing great in brand and mid-funnel and now the lower end of the funnel is potentially going to open up for us to go truly full funnel.

所以我認為，真正令人興奮的是，哇，你們在品牌和漏斗中段做得很好，現在漏斗的下端可能會為我們打開真正的完整漏斗。

That's really, really exciting.

這真的非常非常令人興奮。

So that's where our advertisers are, I think, particularly excited about to just have an additional objective.

我認為，這就是我們的廣告商對擁有額外目標感到特別興奮的地方。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great.

偉大的。

Thank you for the question, Steve.

謝謝你的提問，史蒂夫。

I know you're pretty excited about the development program and how that could be transformative longer-term.

我知道您對這個開發計劃以及它如何帶來長期變革感到非常興奮。

But more near-term, what are some of the investments that is necessary to build that out even faster?

但從更近期的角度來看，為了更快實現這個目標，需要進行哪些投資？

And could the sort of developer platform has potential positive implications for the ad business of the growth?

這種開發者平台是否會對廣告業務的成長產生潛在的正面影響？

And then the second one, I'm not sure if this is for Drew, or obviously, a big quarter of logged out user growth.

然後是第二個，我不確定這是否適用於德魯，或者顯然是註銷用戶成長的一個大季度。

But just given the fact that logged in users monetized at a slightly higher rate.

但考慮到登入用戶的貨幣化率略高。

Can you just sort of help us understand what the strategy is to convert more of the logged-out users to log in?

您能否幫助我們了解將更多註銷用戶轉化為登入的策略是什麼？

Thank you.

謝謝。

Thanks for the questions, Ben.

謝謝你的提問，本。

So first, developer platform, I am very excited about it.

首先，開發者平台，我對此感到非常興奮。

But I would actually frame the developer platform as a relative near-term opportunity.

但我實際上會將開發者平台視為一個相對近期的機會。

We've got a couple of hundred developers playing with it now, some of their work is in production as we speak, so some of the kind of scoreboards and stock tickers and things like that.

我們現在有幾百名開發人員正在使用它，正如我們所說，他們的一些工作正在生產中，所以有些記分牌和股票行情以及類似的東西。

But we can see in development, another level of interactivity.

但我們可以在開發中看到另一個層面的互動性。

Our goal is to get this fully open.

我們的目標是讓它完全開放。

So all of the developers off our waitlist and there's thousands really like tell it this summer.

所以所有的開發者都離開了我們的候補名單，並且有成千上萬的人真的想在今年夏天告訴我們。

And then started getting the monetization features in there later this year.

然後在今年稍後開始提供盈利功能。

And so I think there's a lot of opportunity there, all hands on deck trying to bring this to market.

所以我認為那裡有很多機會，所有人都在努力將其推向市場。

So I think the developer platform and the new Red gold in the user economy, kind of, dovetail together really nicely later this year.

因此，我認為開發者平台和用戶經濟中的新紅金在今年稍後會非常吻合。

In terms of the dynamic between Logged-out and Logged-in, yes, the bedrock of our business today is Logged-in users.

就登出和登入之間的動態而言，是的，我們當今業務的基石是登入使用者。

And we see plenty of Logged-out users, particularly from Google.

我們看到大量註銷用戶，尤其是來自 Google 的用戶。

But I don't think from a product point of view, the best strategy for us is to try to convert a Logged-out user into a Logged-in user in any particular session.

但我不認為從產品的角度來看，對我們來說最好的策略不是嘗試在任何特定會話中將登出使用者轉換為登入使用者。

They're usually coming from search, they have a question and we need to give what they're looking for as an answer, and we want to give them that answer.

他們通常來自搜索，他們有一個問題，我們需要提供他們正在尋找的答案，我們希望給他們這個答案。

Now I would look at the total DAU as the – look I think of that as like opportunity down the road.

現在，我將總 DAU 視為未來的機會。

Those are users.

這些是用戶。

Those are human beings that are on the Reddit platform for various reasons.

這些人出於各種原因出現在 Reddit 平台上。

We just know that in any particular session, not everybody is looking to join a community and have a profound experience.

我們只知道，在任何特定的會議中，並不是每個人都希望加入社群並獲得深刻的體驗。

Sometimes I just want an answer to the question, and that's okay.

有時我只是想要問題的答案，那也沒關係。

The other thing I think that's really important is that we grow our ability to monetize Logged-out users.

我認為真正重要的另一件事是我們提高透過註銷用戶獲利的能力。

Most of them are landing on what we call a post detail page or a comment page.

他們中的大多數人都會登陸我們所說的帖子詳細資訊頁面或評論頁面。

So it's a very specific page.

所以這是一個非常具體的頁面。

In many cases, it's talking about a specific product.

在許多情況下，它談論的是特定產品。

Now there isn’t admin on that page, but I'd say we're still in early days there, getting advertiser density so that we can have a well-targeted ad on all of those pages.

現在該頁面上沒有管理員，但我想說我們仍處於早期階段，正在提高廣告商密度，以便我們可以在所有這些頁面上投放有針對性的廣告。

And so I think there's lots of potential in monetizing Logged-out users.

因此，我認為透過註銷用戶獲利有很大的潛力。

So in summary, I'd look at it, the Logged-out users today represent potential for future Logged-in users.

總而言之，我認為今天的註銷用戶代表了未來登入用戶的潛力。

They also represent potential and monetization in their own right as well.

它們本身也代表著潛力和貨幣化。

But from a product point of view, we focus on the Logged-out users having a great experience to what they're trying to do, and when a user hits us opening the app for the first time or coming to our front page, really focusing on giving them a great experience to maximize their retention.

但從產品的角度來看，我們關注的是註銷用戶，他們對他們正在嘗試做的事情有很好的體驗，當用戶第一次點擊我們打開應用程式或來到我們的首頁時，真的專注於為他們提供良好的體驗，以最大程度地保留他們。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Hi.

你好。

Good afternoon.

午安.

Steve, I'm wondering if you could talk a little bit more about the machine translation tools that you're building and maybe with an eye towards the overseas market.

史蒂夫，我想知道您是否可以多談談您正在建造的機器翻譯工具，也許還著眼於海外市場。

I think the release talks a little bit about French or the French language maybe being somewhat underway?

我認為該版本談到了一些關於法語的內容，或者法語可能正在進行中？

And just curious what you're seeing with the user trends in -- maybe in France or rather French-speaking countries?

只是好奇您在法國或更確切地說法語國家的用戶趨勢中看到了什麼？

And then maybe for Drew or Jen, very early days in data licensing and I think we're all very interested in it.

然後，也許對於 Drew 或 Jen 來說，在資料許可的早期階段，我認為我們都對此非常感興趣。

And just curious, the early learnings, either financially or the potential with the product.

只是好奇，早期的學習，無論是財務上的還是產品的潛力。

Any thoughts there would be really helpful.

任何想法都會非常有幫助。

Thank you.

謝謝。

Thanks.

謝謝。

Great question.

很好的問題。

So the first one on translation.

所以第一個是關於翻譯的。

So one of the things, I think, that's most exciting for us with large language model, is the ability to do translation at human level quality.

因此，我認為，對於擁有大型語言模型的我們來說最令人興奮的事情之一就是能夠以人類水平的品質進行翻譯。

This was just quite simply technology that didn't really exist a year ago.

這只是一年前還不存在的簡單技術。

And now we can translate Reddit’s entire corpus into another language.

現在我們可以將 Reddit 的整個語料庫翻譯成另一種語言。

And so French is, the first language we're doing in the stand.

因此，法語是我們在展位上展示的第一種語言。

It's in testing now, and the results are looking very promising.

現在正在測試中，結果看起來非常有希望。

And so if you're a user in France, in this test group, you can see all of them, including like big blue-chip communities like AskReddit, entirely in French.

因此，如果您是法國的用戶，在這個測試群組中，您可以看到所有內容，包括像 AskReddit 這樣的大型藍籌社區，完全是法語。

And so this is leading to -- as we would hope, improved retention and time on site and then growth among these users.

因此，正如我們所希望的那樣，這會提高網站的留存率和停留時間，然後促進這些用戶的成長。

And they're also seeing this content get indexed by French language Google.

他們也看到這些內容被法語谷歌索引。

And so we start to see new users coming to that content as well.

因此，我們也開始看到新用戶也開始關注該內容。

And so I think really promising start here.

所以我認為從這裡開始真的很有希望。

We're going to do more languages this year.

今年我們將推出更多語言。

As we get the product polished, the next one would be Spanish, which I think represents a pretty big opportunity.

當我們完善產品時，下一個產品將是西班牙語，我認為這代表著一個相當大的機會。

So this is very exciting.

所以這非常令人興奮。

I think I keep saying everybody has a home on Reddit today, that's a true statement if you speak English, but we want to make that a true statement for everyone in the world.

我想我一直在說，今天每個人在 Reddit 上都有一個家，如果你說英語，這就是一個真實的說法，但我們想讓世界上每個人都知道這一點。

I think it's not a matter of if but when, but we want to make that wanas fast as possible.

我認為這不是是否會發生的問題，而是何時發生的問題，但我們希望盡快實現這一目標。

And so I think this represents our best shot at dramatically accelerating our growth outside the US in the non-English markets.

因此，我認為這代表了我們大幅加速我們在美國以外的非英語市場成長的最佳機會。

Second question was about data licensing for start with Jen.

第二個問題是關於 Jen 的資料許可。

Thanks, Steve.

謝謝，史蒂夫。

So on data licensing, Steve mentioned truly a barbell business where one part of the business is well-established markets, things like social listening, maybe the financial markets.

因此，在數據許可方面，史蒂夫確實提到了一項槓鈴業務，其中業務的一部分是成熟的市場，例如社交聆聽，也許是金融市場。

In social listening, I think we've learned there's clearly an established market.

在社交聆聽方面，我認為我們已經了解到顯然有一個成熟的市場。

There's interest embedded data for insights that lead to business decision-making, marketing decision-making.

有興趣嵌入的數據可以提供洞察，從而導致業務決策和行銷決策。

And it is a new market that I think has potential to grow over time, but it's a lot of players and a lot of players in sort of smaller deals but established market.

我認為這是一個新市場，隨著時間的推移，它有潛力成長，但它有很多參與者，而且很多參與者都在進行較小的交易，但已經建立了市場。

I'd say another learning is in the barbell side will take certain verticals like finance, et cetera, which are a little bit outside of our domain potentially working with partners who have accessed the distribution is very interesting to us as we learn those markets.

我想說，槓鈴的另一項學習將涉及某些垂直領域，例如金融等，這些領域有點超出我們的領域，當我們了解這些市場時，可能會與已訪問該發行版的合作夥伴合作，這對我們來說非常有趣。

So that's something that we're thinking about.

這就是我們正在考慮的事情。

On the other side of the barbell are fewer deals, fewer partners and probably a handful, but larger are the folks who are AI model builders.

槓鈴的另一邊是更少的交易、更少的合作夥伴，而且可能只有少數，但更多的是人工智慧模型建構者。

And on that side, I'd say these are midterm deals is how we think about them because it's such a nascent and early market that we want to see how things unfold or not forever, but wants to understand value.

在這方面，我想說這些是中期交易，這是我們對它們的看法，因為這是一個新生和早期的市場，我們希望看到事情如何發展或不會永遠發展，但希望了解價值。

User privacy is very important to us, and that's very important in how we craft these partnerships and consider partnerships, making sure that users when they have edits and deletions are respected is very important to us.

用戶隱私對我們來說非常重要，這對於我們如何建立這些合作夥伴關係和考慮合作夥伴關係非常重要，確保用戶在進行編輯和刪除時受到尊重對我們來說非常重要。

I'd say partners where we're not competitive and where we can grow together.

我想說的是我們沒有競爭力但可以共同成長的合作夥伴。

It's not always the case.

情況並非總是如此。

And so we just want to be sure that the partners are right fit even over the midterm.

因此，我們只是想確保合作夥伴即使在中期也是合適的。

So those are the things that I think we've learned in the, I'd say, the AI partnerships that were sort of more selective given all of those pieces.

因此，我認為我們在人工智慧合作夥伴關係中學到了這些東西，考慮到所有這些部分，這些合作夥伴關係更具選擇性。

Drew do you want to add?

德魯你想補充嗎？

Yeah, let me add two things on the financial side, Tom, both positives.

是的，讓我在財務方面添加兩件事，湯姆，都是積極的。

I think as Jen said in the barbell market, it's been nice to see on the smaller side.

我認為正如 Jen 在槓鈴市場上所說的那樣，很高興看到較小的一面。

There are seven figure deals available there.

那裡有七位數的交易。

And so that's been nice to see the team work hard and get those done.

很高興看到團隊努力工作並完成這些工作。

So that's been a benefit for a company like ours.

所以這對我們這樣的公司來說是一個好處。

And then the other piece is just sort of the cost of putting together the data as we're pulling it.

然後另一部分就是我們提取資料時將資料組合在一起的成本。

It's a high gross margin business to begin with.

首先，這是一項高毛利率的業務。

This has really been accretive to our business that the cost of preparing the data is probably a little less than we thought it would be and really flows through quite well in the P&L is one of the keys to success that you see in our first quarter numbers.

這確實對我們的業務起到了促進作用，準備數據的成本可能比我們想像的要低一些，並且在損益表中確實很好地流動，這是您在我們第一季的數據中看到的成功的關鍵之一。

Richard Greenfield, Lightshed Partners.

理查德·格林菲爾德，Lightshed Partners。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

I guess I wanted to follow-up, Steve, on your answer about Google.

史蒂夫，我想我想跟進你關於谷歌的回答。

You really talked about how Google indexing for AI will ultimately be good for Reddit in the long-term.

您確實談到了 Google 人工智慧索引從長遠來看最終將如何為 Reddit 帶來好處。

But I guess what I'd love to recall or help understand is when consumers are using AI plus, like I go on ChatGPT or I go on Gemini.

但我想我想回憶或幫助理解的是當消費者使用 AI+ 時，就像我上 ChatGPT 或我上 Gemini 一樣。

And when I'm searching for something, I'm sure I'm getting content that I believe is coming from Reddit, but it doesn't say this came from Reddit this -- like when I go to Google and do a Google search, I get a very clear set of links and say, these are from Reddit and I click in and I go to a Reddit page, that doesn't happen in AI.

當我搜尋某些內容時，我確信我得到的內容是我認為來自 Reddit 的，但它並沒有說這些內容來自 Reddit，就像我訪問 Google 並進行 Google 搜尋時一樣，我得到一組非常清晰的鏈接，並說這些來自Reddit，我點擊進入，然後進入Reddit 頁面，這在AI 中不會發生。

Will that happen in AI?

這會發生在人工智慧中嗎？

Is that the future that we see?

這就是我們看到的未來​​嗎？

And I'm just trying to understand traffic, this traffic end up slowing to things like Reddit.com and to your app versus these applications where you're making money, how do you see this evolving?

我只是想了解流量，與 Reddit.com 等網站和您的應用程式相比，您賺錢的應用程式的流量最終會變慢，您如何看待這種演變？

Because I think it obviously is impactful to your brand and what your brand means to the consumer?

因為我認為這顯然對您的品牌有影響以及您的品牌對消費者意味著什麼？

Thanks, Rich.

謝謝，里奇。

Good question.

好問題。

Look, when we do these agreements and the ones we have so far are very clear that if you're using Reddit data in an answer like in your example, you have to link of Reddit or you have to say ready, you have to use our branding, you have to link to us.

看，當我們達成這些協議時，我們迄今為止達成的協議非常明確，如果您在答案中使用 Reddit 數據（如您的示例所示），您必須鏈接 Reddit，或者您必須說準備好，您必須使用我們的品牌，您必須連結到我們。

And I think that's -- it's really important to your point.

我認為這對你的觀點來說非常重要。

We are studying from a position of we would like Reddit to be out there.

我們正在研究的立場是我們希望 Reddit 能夠出現。

I think it's good for the consumer.

我認為這對消費者有好處。

I think it's been good for our platform.

我認為這對我們的平台有好處。

We've lived that for a long time in search.

我們在搜索中已經經歷了很長一段時間了。

And I think of the AI products that we know today as really extensions of search, right, users are typing into a box, what they're interested in and getting access.

我認為我們今天所知道的人工智慧產品實際上是搜尋的延伸，對吧，用戶在一個框中輸入他們感興趣的內容並獲得訪問權限。

Now will people be able to take Reddit's data, not send any users to us, take credit for themselves in and risk themselves going forward?

現在，人們是否能夠獲取 Reddit 的數據，而不向我們發送任何用戶，為自己贏得榮譽並冒著前進的風險？

The answer is no.

答案是否定的。

I think our historical way of handling public data no longer works, right?

我認為我們處理公共資料的歷史方式不再有效，對嗎？

In the past, I think crawling Reddit benefited the whole ecosystem, including users on our platform as we said.

過去，我認為抓取 Reddit 使整個生態系統受益，包括我們所說的平台上的用戶。

But increasingly, we are seeing folks who hoard public data and they use it to enrich themselves.

但我們越來越多地看到有人囤積公共數據並利用這些數據來充實自己。

So we're open-minded about having relationships with companies like this and being included in search and used for training, but it will come with guardrails, with agreements that protect our platform and our users.

因此，我們對與這樣的公司建立關係、被納入搜尋並用於培訓持開放態度，但它將附帶護欄，並簽訂保護我們的平台和用戶的協議。

Similarly, in the past, Reddit has been open for research, and we want to preserve that.

同樣，Reddit 過去一直對研究開放，我們希望保留這一點。

And so I think there are uses of Reddit data outside of Reddit data are really important.

因此，我認為 Reddit 數據在 Reddit 數據之外的用途非常重要。

And I do want to be clear, under no circumstances will we ever license behavioral data or data that is not already public.

我確實想澄清，在任何情況下我們都不會許可行為數據或尚未公開的數據。

But I think these guardrails are really important.

但我認為這些護欄非常重要。

And so look, we're open and we're open for business, but we're not just going to give it away.

所以看，我們是開放的，我們是開放的，但我們不會只是放棄它。

And I don't think companies that have taken or continue to take our data can expect to continue to do so with no repercussion.

我認為已經獲取或繼續獲取我們數據的公司不能指望繼續這樣做而不會產生任何影響。

Mark Shmulik, Bernstein.

馬克·什穆里克，伯恩斯坦。

Thanks for taking my question.

感謝您提出我的問題。

Just a longer-term strategy one as we kind of get our first visual of Reddit as a public company.

這只是一個長期策略，因為我們第一次看到 Reddit 作為上市公司。

But as you think about all the different efforts that you've kind of shared underway around advertiser diversification, more ad products, the user economy, data licensing efforts.

但當你思考你圍繞廣告商多元化、更多廣告產品、用戶經濟、數據許可工作所做的所有不同努力。

Any way to think through dimensionalizing how you're thinking about prioritizing investments across all those monetization initiatives?

有什麼方法可以詳細考慮如何在所有這些貨幣化計劃中優先考慮投資？

Thanks.

謝謝。

Yeah.

是的。

Look, I'll start and see if Jen and Drew have anything to add.

聽著，我先看看 Jen 和 Drew 是否有什麼要補充的。

Our top priority and where most of our resources go is the core of Reddit.

我們的首要任務和大部分資源都投入了 Reddit 的核心。

And so this is the community and conversation platform our apps on the website and then the ad business.

這就是我們網站上的應用程式的社群和對話平台，然後是廣告業務。

I think there's a tremendous amount of potential in this area.

我認為這個領域有巨大的潛力。

So, I think we can grow users quite significantly, both in the US and even more so outside the US, And then we've got a long way to go on that.

因此，我認為我們可以大幅增加用戶，無論是在美國，還是在美國以外，我們還有很長的路要走。

I think we're very happy with the progress.

我認為我們對進展感到非常滿意。

But really, it still feels like we're at the beginning of our journey.

但實際上，我們仍然感覺到我們正處於旅程的開始。

There's just so much upside.

有這麼多的好處。

And so that's the core of what we do and how we think about the future.

這就是我們所做的事情以及我們如何思考未來的核心。

And then kind of our next couple of chapters, yeah, the user economy and developer platform and the search opportunity.

然後是我們接下來的幾章，是的，用戶經濟、開發者平台和搜尋機會。

So, I think of this as like a 70/20/10 model. 70% on the core of our business, and then the rest on these future initiatives.

所以，我認為這就像 70/20/10 模型。 70% 用於我們的核心業務，其餘的則用於這些未來的計劃。

Now, the things for our future initiatives, user economy, developer platform search, they're pretty down the fairway for Reddit, I think, are very sensible opportunities to expand the platform and to grow our business.

現在，我們未來的計劃、用戶經濟、開發者平台搜索，對於 Reddit 來說已經很順利了，我認為，這是擴展平台和發展我們業務的非常明智的機會。

And so it's not too far afield, I think all these things kind of fit together in a nice way.

所以它並不太遠，我認為所有這些東西都以一種很好的方式結合在一起。

And of course, the other big opportunity, right, the international growth machine translation, I put that in the core, but it has a tremendous amount of upside itself.

當然，另一個巨大的機會，對吧，國際成長機器翻譯，我把它放在核心位置，但它本身有巨大的上行空間。

Jen, Drew, what would you add?

Jen、Drew，你們要補充什麼？

From here, Steve, I would just add that the margin profile of the business just really encourages investments.

史蒂夫，我想補充一點，該業務的利潤狀況確實鼓勵投資。

We have so many things that I think sort of lead us to want to invest in this business, at least in -- we think of our business as a three-legged stool, right, in terms of ad revenues and licensing revenues and then kind of the user economy piece, but at least in the first two.

我們有很多東西，我認為這讓我們想要投資這項業務，至少是——我們認為我們的業務是一個三腳凳，對吧，就廣告收入和許可收入而言，然後是用戶經濟部分，但至少在前兩個部分。

I mean you've got a great collection of high-margin immediate payback, no capital.

我的意思是，你已經獲得了大量高利潤的即時回報，無需資本。

Like that's way the ad businesses and that's where we're finding the licensing business here.

這就是廣告業務的方式，這就是我們在這裡找到許可業務的地方。

The investments are really headcount-driven.

這些投資實際上是由人員數量所驅動的。

And so those are just easy businesses to track.

因此，這些都是很容易追蹤的業務。

It's easy to see from an accountability perspective, what you're progressing here.

從責任的角度很容易看出你在這裡的進展。

But the high gross margins give you a good chance for the payback, the immediate term, you can course correct if you need to.

但高毛利率給你一個很好的回報機會，短期內，如果你需要的話，你可以糾正。

It really does sort of set yourself up to really look for the right investments and accelerate the revenue growth rate.

它確實可以幫助您真正尋找正確的投資並加快收入成長率。

That's how we think about things sort of conceptually.

這就是我們從概念上思考事物的方式。

Now, the third leg of the stool as it relates to the development platform, the user economy, that's coming together now.

現在，與開發平台、用戶經濟相關的第三條腿現在正在整合。

And so we'll see what that ends up being.

所以我們會看看最終會是什麼。

Right now, we're doing kind of more product market fit work.

目前，我們正在做更多的產品市場適應工作。

But overall, just the dynamic of the first two pieces of business, Steve, I think are just really unique and special in the sense that they're short-term, high margin, no capital, those are really financially easy places to invest where you can see your payback quickly and course correct if you need to.

但總的來說，史蒂夫，我認為前兩項業務的動態非常獨特和特殊，因為它們是短期的、高利潤的、沒有資本的，這些都是在財務上非常容易投資的地方如果需要，您可以快速看到投資回報並修正路線。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks much for taking my questions.

非常感謝您回答我的問題。

Two, please.

請兩位。

The first for Jen, you talked earlier about feeling the business and adding diversity as a key area of focus.

首先是 Jen，您之前談到感受業務並增加多元化作為重點關注領域。

Can you just talk about your progress here, especially given the strength that you saw in SMBs this last quarter, I think there was 50% growth in the skilled business area?

您能否在這裡談談您的進展，特別是考慮到上個季度您在中小企業中看到的實力，我認為技術業務領域成長了 50%？

And then, Steve, a bigger picture question.

然後，史蒂夫，一個更大的問題。

Videos one of the key trends across in-app time spent at launch.

影片是發佈時應用程式內花費時間的主要趨勢之一。

Can you talk about how you think about video and how you're corporate video onto the platform?

您能談談您對影片的看法以及您如何將企業影片放到平台上嗎？

Thanks so much.

非常感謝。

I could take the first piece.

我可以拿走第一塊。

You're diversifying on multiple fronts.

您正在多個方面實現多元化。

Number one, in terms of geography, growing our monthly active advertisers outside of the US.

第一，就地理位置而言，我們在美國以外的每月活躍廣告商不斷成長。

Number two, in terms of advertiser size.

第二，就廣告商規模而言。

So the scale channel, which is mid-market advertisers and SMBs, we saw strength in Q1 in an area of investment for us.

因此，規模管道，即中端市場廣告商和中小企業，我們在第一季看到了我們在投資領域的優勢。

But I like about those advertisers is, they really start at the mid-funnel, and they tend to be more performance-oriented.

但我喜歡這些廣告商的是，他們確實從漏斗中間開始，而且往往更注重績效。

And I think they're benefiting from some of the performance improvements we made in the top line.

我認為他們正在從我們在營收方面所做的一些性能改進中受益。

And there are just thousands more advertisers in that segment that can be on Reddit.

Reddit 上還有數千個該細分市場的廣告商。

So that is something we continue to work against.

所以這是我們繼續努力反對的事情。

We are adding and growing our monthly active advertiser count in that segment.

我們正在增加並增加該細分市場的每月活躍廣告商數量。

That's a focus for us as well.

這也是我們關注的焦點。

And then verticals.

然後是垂直方向。

Verticals is something over the last 12 to 18 months, we expanded into and continue to have a lot of opportunity in our large customer segment.

垂直市場是在過去 12 到 18 個月中發生的事情，我們擴展到並繼續在我們的大客戶群中擁有很多機會。

While we touch top 300 advertisers, a lot of these have multiple business lines.

雖然我們接觸了前 300 名廣告商，但其中許多都擁有多個業務線。

And we're only penetrated in a handful.

而且我們只滲透到少數。

And so there's just a lot more opportunity in sub-brands and sub-businesses and even in that segment as we grow out the different verticals.

因此，隨著我們發展不同的垂直領域，子品牌和子業務甚至該細分市場都會有更多的機會。

And so we see segments like Finance and Pharma and CPG growing 50% year-over-year, just is a signal that there's just a lot of opportunity there.

因此，我們看到金融、製藥和 CPG 等細分市場同比增長 50%，這表明那裡存在大量機會。

So it's a priority for us.

所以這是我們的首要任務。

We are growing at monthly active advertisers.

我們的每月活躍廣告商數量正在增加。

And I think that scale segment in particular, there's just thousands more advertisers into our platform.

我認為，特別是在規模細分市場，有數千名廣告主進入我們的平台。

Okay.

好的。

And that's for video.

這是影片。

As you say video is obviously huge, important content side on the Internet.

正如你所說，影片在網路上顯然是巨大且重要的內容。

I'd say, the way we think about that Reddit, looks there is different for what's worth, Video is one of our fastest-growing content types.

我想說的是，我們對 Reddit 的看法是不同的，影片是我們成長最快的內容類型之一。

More-and-more people spend more-and-more time on video on Reddit.

越來越多的人花越來越多的時間在 Reddit 上觀看影片。

But I do -- I think from a product point of view, try to think of Reddit as being content type agnostic, that is whatever type of content that users want to use to communicate or tell stories, they should be able to do so on Reddit.

但我確實——我認為從產品的角度來看，嘗試將 Reddit 視為與內容類型無關的，即用戶想要使用任何類型的內容來交流或講述故事，他們應該能夠這樣做紅迪網。

And so look, we've put a ton of effort into -- in the last year of just the quality of our video player, making going in and out of video from our feed, making just the day-to-day experience of watching video on Reddit better.

所以看，我們在去年投入了大量的精力來提高我們的視頻播放器的質量，使視頻能夠從我們的提要中進出，使日常觀看體驗變得更好Reddit 上的視頻更好。

And we've got some nice updates coming even in the near future towards that end.

為此，我們甚至在不久的將來也會推出一些不錯的更新。

But with images, static images and tax are also hugely important to Reddit.

但對於圖像而言，靜態圖像和稅收對於 Reddit 來說也非常重要。

And so a lot of our effort is how do we bring these things together in harmony.

因此，我們的許多努力是如何將這些東西和諧地結合在一起。

And so I'd say the core Reddit product is parts of that are still under construction right now, making a mixed media feed, work really well, were text and links and hold their own alongside video and gifts and ads.

所以我想說，Reddit 的核心產品目前仍在建設中，製作混合媒體源，效果非常好，是文本和鏈接，與視頻、禮物和廣告一起保持自己的風格。

That's been really important to us.

這對我們來說非常重要。

I think we've made some progress, but I also think there's plenty of room for improvement there.

我認為我們已經取得了一些進展，但我也認為還有很大的進步空間。

So we're going to -- my answer is similar to my answer on search.

所以我們要——我的答案與我在搜尋中的答案類似。

I think we'll make the video playing and creation experience on Reddit better.

我認為我們會讓 Reddit 上的影片播放和創作體驗變得更好。

And when the product is really performing well, then I think we can start talking about monetization.

當產品確實表現良好時，我認為我們可以開始談論貨幣化。

Obviously, it's a huge monetization potential on Reddit.

顯然，Reddit 上的獲利潛力巨大。

So we'll get there before long, but our focus right now is on making the consumption and creation experience better.

所以我們很快就會實現這個目標，但我們現在的重點是讓消費和創作體驗變得更好。

I think there's plenty of to improvement.

我認為還有很多需要改進的地方。

Okay.

好的。

I think we're at the top of the hour here, folks.

夥計們，我想我們現在正處於最高峰。

Thank you so much for your time and attention.

非常感謝您的時間和關注。

It's really exciting to be here, I think, for our first public earnings calls, but the folks who have been with us helping us do this for so long.

我認為，來到這裡參加我們的第一次公開財報電話會議真的很令人興奮，而且長期以來一直與我們在一起幫助我們做到這一點的人。

Again, we're so grateful.

再次，我們非常感激。

And we will talk again soon.

我們很快就會再次交談。

Thanks, folks.

謝謝各位。

Bye.

再見。

This concludes Reddit's Q1 2024, earnings call.

Reddit 2024 年第一季財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。