Reddit Inc (RDDT) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

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

我叫 Crista，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 second quarter 2024 earnings call.

此時此刻，我歡迎大家參加 Reddit 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

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)。

Thanks Crista and good afternoon, everyone.

謝謝克里斯塔，大家下午好。

Welcome to Reddit's second quarter 2024 earnings conference call.

歡迎參加 Reddit 2024 年第二季財報電話會議。

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

今天加入我的是 Reddit 聯合創始人兼執行長 Steve Huffman； Jen Wong，Reddit 營運長；以及 Reddit 財務長 Drew Vollero。

Before we get started, I'd like to remind you that our remarks today will include forward-looking statements.

在我們開始之前，我想提醒您，我們今天的言論將包含前瞻性陳述。

Actual results may vary materially from those contemplated by these forward-looking statements.

實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Information concerning risks, uncertainties, and other factors, it could cause these results to differ is included in our SEC filings.

有關風險、不確定性和其他因素的資訊可能會導致這些結果出現差異，這些資訊包含在我們向 SEC 提交的文件中。

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。

During this call, we will discuss both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。

Reconciliation of GAAP to non-GAAP financial measures to set forth in our letter to shareholders our second quarter letter to shareholders and accompanying earnings press release are available on our Investor Relations website at investor.redditinc.com in the Investor Relations subreddit, r/RDDT.

我們在致股東的信中闡述的GAAP 與非GAAP 財務指標的對賬，我們的第二季度致股東信以及隨附的收益新聞稿可在我們的投資者關係網站Investor.redditinc.com 的投資者關係subreddit, r/RDDT 中找到。

And now I'll turn the call over to Steve Huffman.

現在我將把電話轉給史蒂夫霍夫曼。

Thank you for joining, and welcome to our second quarter earnings call.

感謝您的加入，歡迎參加我們的第二季財報電話會議。

Q2 was another strong quarter for Reddit and our communities, we kept up our momentum with both strong business performance and progress on the product.

第二季度是 Reddit 和我們社區的另一個強勁季度，我們憑藉強勁的業務表現和產品進展保持了勢頭。

In Q2, both users and revenue grew over 50% year-over-year.

第二季度，用戶和營收年增超過 50%。

And for the second consecutive quarter, we had positive cash flow and were profitable on an adjusted EBITDA basis.

我們連續第二季擁有正現金流，並在調整後的 EBITDA 基礎上獲利。

User growth has continued to climb, reaching new heights with over 342 million active users and more than 91 million daily active users.

用戶成長持續攀升，達到新的高度，活躍用戶超過 3.42 億，每日活躍用戶超過 9,100 萬。

More and more people are coming to Reddit to explore their interests, engage in conversations and find their communities.

越來越多的人來到 Reddit 探索自己的興趣、參與對話並尋找自己的社群。

And increasingly, users are turning to ready for answers to their questions via search, recognizing the authenticity and trustworthiness of our content across a wide variety of topics.

用戶越來越多地開始透過搜尋來獲取問題的答案，並認識到我們的內容在各種主題上的真實性和可信度。

Our product work is focused on enhancing the user experience to make Reddit faster, safer, and easier to use.

我們的產品工作專注於增強用戶體驗，使 Reddit 更快、更安全、更易於使用。

Conversations are the heart of Reddit, and we've improved our app with near instant comment loading and more intuitive navigation across different post sites, including text, video, and images.

對話是 Reddit 的核心，我們透過近乎即時的評論載入和跨不同貼文網站（包括文字、影片和圖像）的更直觀導航來改進我們的應用程式。

The recent improvements bring users into conversations faster and more often driving more engagement on the platform.

最近的改進使用戶能夠更快、更頻繁地進行對話，從而提高平台的參與度。

The number of comments viewed reached a new high, up 10% from Q1 to Q2.

評論瀏覽量再創新高，較第一季成長10%。

Over the years, we've hosted some notable ask me anything sessions ranging from US presidents to celebrities and sports figures to regular people with interesting stories.

多年來，我們舉辦了一些著名的「問我什麼」會議，從美國總統到名人和體育人物，再到有有趣故事的普通人。

We introduced several updates to the AMA feature, making it easier for hosts to schedule and post and easier for users to participate.

我們對 AMA 功能進行了多項更新，讓主持人更輕鬆地安排和發帖，也讓用戶更輕鬆地參與。

During the pilot, we've seen hundreds of new AMAs created, including those with high profile brands and artists.

在試點期間，我們看到創建了數百個新的 AMA，其中包括那些知名品牌和藝術家的 AMA。

This product updates tie into our advertising strategy, allowing us to test new conversation, ad placements and AMA. ads, which are high intent services for brands and businesses to reach their audience.

該產品更新與我們的廣告策略相關，使我們能夠測試新的對話、廣告投放和 AMA。廣告，這是品牌和企業接觸受眾的高意圖服務。

As the platform continues to scale, so does our need for safety and moderation tools.

隨著平台的不斷擴展，我們對安全和審核工具的需求也不斷增加。

Using AI, we are reducing the moderation burden and making ready platform safer at scale.

使用人工智慧，我們正在減輕審核負擔，並使現成的平台大規模更安全。

We are evolving what the day-to-day looks like from moderators on Reddit, allowing them to spend more time engaging and growing their communities.

我們正在改進 Reddit 版主的日常生活，讓他們能夠花更多時間參與和發展他們的社群。

International expansion remains a top priority and one of our largest opportunities. 50% of our current user base is outside of the US, and we believe we can scale this meaningfully over time.

國際擴張仍然是我們的首要任務，也是我們最大的機會之一。我們目前 50% 的用戶群位於美國境外，我們相信隨著時間的推移，我們可以有意義地擴大這一規模。

International growth was a key driver in Q2, both in users and revenue.

國際成長是第二季度的主要驅動力，無論是用戶還是收入。

International daily active users exceeded 45 million, growing 44% year over year and 11% from Q1.

國際日活躍用戶超過 4,500 萬，較去年同期成長 44%，較上季成長 11%。

This was led by focused countries like France, India, the UK, and the Philippines, where we're seeing good results with our growth strategies, including through machine translation.

這是由法國、印度、英國和菲律賓等重點國家領導的，我們在這些國家的成長策略（包括透過機器翻譯）看到了良好的成果。

Immersive machine translation is now widely available in French.

沉浸式機器翻譯現已在法文中廣泛使用。

And as a result, France was one of our fastest growing countries surpassing growth in the US.

因此，法國成為成長最快的國家之一，超過了美國的成長。

We will now begin to expand machine translation to German, Spanish, and Portuguese, aiming to make credit accessible to everyone regardless of their native language.

我們現在將開始將機器翻譯擴展到德語、西班牙語和葡萄牙語，旨在讓每個人都能獲得信貸，無論其母語為何。

Looking ahead, we're making progress across our emerging initiatives, including the user economy, search, and data licensing.

展望未來，我們正在新興舉措方面取得進展，包括用戶經濟、搜尋和數據許可。

Starting with the user economy.

從使用者經濟入手。

We're excited to have our developer platform out to public beta with a few hundred active developers.

我們很高興我們的開發者平台能夠與數百名活躍開發者一起進行公開測試。

In Q2, we saw growing engagement with about three times more custom posted using than in Q1, including scoreboards and stock tickers in our international sports and investment communities.

在第二季度，我們看到自訂發布的使用量比第一季增加了約三倍，其中包括我們國際體育和投資社區中的記分板和股票行情。

We're working towards enabling monetization within the developer platform to empower our users to create and earn money on the platform this year.

今年，我們致力於在開發者平台內實現貨幣化，使我們的用戶能夠在平台上創造和賺錢。

I look forward to sharing more about this in the coming quarters.

我期待在未來幾季分享更多相關內容。

Okay.

好的。

Next, let's discuss our opportunity in search.

接下來，讓我們討論一下我們在搜尋方面的機會。

Reddit content is uniquely valuable and becoming more important in the context of Internet search users run over 1 billion search queries a month on Reddit today, and our product work is improving the search experience and success rate on the platform.

Reddit 內容具有獨特的價值，並且在當今網路搜尋用戶每月在 Reddit 上運行超過 10 億次搜尋查詢的背景下變得更加重要，我們的產品工作正在改善該平台上的搜尋體驗和成功率。

Later this year, we will begin testing new search result pages powered by AI to summarize and recommend content, helping users dive deeper into products, shows games and discover new communities on Reddit.

今年晚些時候，我們將開始測試由人工智慧支援的新搜尋結果頁面，以總結和推薦內容，幫助用戶更深入地了解產品、展示遊戲並發現 Reddit 上的新社群。

Turning to third-party search, we're seeing an evolution in the search ecosystem where Internet search, summarization and training are blending.

談到第三方搜索，我們看到搜尋生態系統的演變，網路搜尋、摘要和培訓正在融合。

We are seeking the right balance between openness and protecting our users and platform.

我們正在尋求開放與保護我們的用戶和平台之間的適當平衡。

Our partnerships with Google and Open AI align with our public content policies and uphold our belief in the connected Internet, helping people find what they're looking for and to discover communities on Reddit.

我們與 Google 和 Open AI 的合作關係符合我們的公開內容政策，並堅持我們對連網網路的信念，幫助人們找到他們正在尋找的內容並發現 Reddit 上的社群。

Our preference is for Reddit to be open and index and third-party search.

我們希望 Reddit 能夠開放並建立索引和第三方搜尋。

And we are in discussions with both big and small search engines towards this end.

為此，我們正在與大大小小的搜尋引擎進行討論。

However, some players in the ecosystem have not been transparent with their use of credits content.

然而，生態系中的一些參與者對於積分內容的使用並不透明。

And in those instances, we've blocked access to protect Reddit content and user privacy.

在這些情況下，我們會阻止存取以保護 Reddit 內容和用戶隱私。

We believe the Internet and search are better with read its contents, and we remain open to finding solutions that are mutually beneficial to our users, Reddit, and the broader Internet community.

我們相信，透過閱讀其內容，網路和搜尋會變得更好，我們始終願意尋找對我們的用戶、Reddit 和更廣泛的網路社群互利的解決方案。

To wrap up, I'm happy with the progress we've made in our first two quarters as a public company.

最後，我對我們作為一家上市公司在前兩季所取得的進展感到滿意。

We are still early in our journey with many opportunities and opportunities for execution ahead to fulfill our mission.

我們仍處於旅程的早期階段，未來還有許多執行的機會和機會來完成我們的使命。

Thank you again for joining us, for being a part of this journey with us.

再次感謝您加入我們，成為我們這段旅程的一部分。

And now I hand it over to Jen.

現在我把它交給 Jen。

Thank you, Steve, hello, everyone.

謝謝史蒂夫，大家好。

Q2 was another strong quarter for revenue.

第二季度是營收又一個強勁的季度。

Total revenue grew 54% year over year to $281.2 million, an acceleration from the prior quarter and the fastest year-over-year growth rate since Q1 2022.

總營收年增 54%，達到 2.812 億美元，較上一季有所加速，也是自 2022 年第一季以來最快的年成長率。

The investments we made across the business continue to pay off, and we're pleased with the results in the first half of the year.

我們在整個業務領域所做的投資持續獲得回報，我們對今年上半年的表現感到滿意。

The ad business continued to scale in Q2 and accelerated from the prior quarter as we executed on our strategy and saw a stable ad market, ad revenue grew 41% year over year to $253.1 million as we made progress scaling and diversifying the business, expanding partnerships and executing on our ad tech roadmap.

隨著我們執行策略並看到穩定的廣告市場，廣告業務在第二季度繼續擴大規模，並且比上一季有所加速，隨著我們在業務擴展和多元化、擴大合作夥伴關係方面取得進展，廣告收入年增41% 至2.531 億美元並執行我們的廣告科技路線圖。

Let me discuss our ad revenue drivers, we saw double digit year-over-year growth in impressions from personalized ad load, underlying user growth and product enhancements to drive ad efficiency against the year-over-year decline in pricing we continue to diversify our business across channels, verticals and geographies.

讓我討論一下我們的廣告收入驅動因素，我們看到個人化廣告負載、潛在用戶成長和產品增強帶來的印像數同比增長兩位數，以提高廣告效率，以應對定價同比下降的情況，我們持續實現多元化跨通路、垂直行業和地理區域的業務。

Global-scale channel, including mid-market and SMB, grew over 50% year over year, driven by both new avenues, advertiser activation and by deepening existing relationships.

在新通路、廣告商活化和深化現有關係的推動下，包括中端市場和中小企業在內的全球規模通路較去年同期成長超過 50%。

Strength in our verticals was led by retail, pharma and financial services, which each grew over 50% year over year.

我們垂直產業的優勢以零售、製藥和金融服務為主導，這些產業的年成長率均超過 50%。

International revenue accelerated from the prior quarter and grew 49% year over year, driven by strength across large and mid-market customers in India.

在印度大中型市場客戶實力的推動下，國際營收較上一季加速成長，年增 49%。

And the big six agency relationships were also growth drivers in the quarter.

六大代理商關係也是本季的成長動力。

Our Q2 growth was across the full funnel.

我們第二季的成長貫穿整個管道。

Performance objectives drove more than half of our revenue quarter, and we more than doubled the number of clicks again as we continue to enhance the lower funnel capabilities of our full funnel advertising business, we made measurable progress against our ad-tech roadmap.

業績目標推動了我們季度收入的一半以上，隨著我們繼續增強全漏斗廣告業務的下漏斗能力，我們的點擊次數再次增加了一倍多，我們根據廣告技術路線圖取得了可衡量的進展。

In Q2, we focused on number one, driving performance of our ad solutions number two, improving usability for our advertisers and productivity for our sales force.

在第二季度，我們的重點是第一，提高廣告解決方案的效能，第二，提高廣告商的可用性和銷售人員的生產力。

And number three, offering our advertisers ready unique solution and bringing them closer to our communities.

第三，為我們的廣告主提供現成的獨特解決方案，讓他們更貼近我們的社群。

And when we discuss each First, driving performance of our ad solutions.

當我們討論每個第一時，我們的廣告解決方案的表現。

We continued building out our conversion API ecosystem with a new partnership with end particle.

我們與 End Particle 建立了新的合作夥伴關係，繼續建立我們的轉換 API 生態系統。

This adds to our partnerships with Google tech manager and Telium as we execute our one to many approach for Kathy adoption, we lost the performance ad solution, dynamic product ads or DPA., the public beta early adopters have seen about a two times higher return on ad spend overall as compared to other conversion campaigns.

這增強了我們與Google 技術經理和Telium 的合作關係，因為我們為Kathy 採用採取了一對多的方法，我們失去了效果廣告解決方案、動態產品廣告或DPA。兩倍的回報與其他轉換廣告系列相比，整體廣告支出。

It's still early for this solution, and we'll continue to invest in improving performance with this new solution.

該解決方案還為時過早，我們將繼續投資以提高這項新解決方案的效能。

And we recently announced the acquisition of memorable AI, which helps accelerate our road map to bring AI driven intelligence tools and ad creative to our advertisers to help drive performance with this acquisition.

我們最近宣布收購令人難忘的人工智慧，這有助於加快我們的路線圖，為我們的廣告商帶來人工智慧驅動的智慧工具和廣告創意，以幫助透過這次收購提高業績。

We're adding a foundational models to our ad stack to help optimize creative, and we are working toward integration beginning to have impact next year.

我們正在為廣告堆疊添加一個基礎模型，以幫助優化創意，並且我們正在努力實現明年開始產生影響的整合。

Second, improving usability for our users and productivity for our sales force.

其次，提高使用者的可用性和銷售人員的生產力。

We've launched already as a PR to GA, allowing partners and advertisers to integrate with Reddit Ad Manager and do customized campaigns and analytics, which help to expand our platform's reach sprinkler in the first marketing intelligence platform to integrate with both adds Reddit and data API offering advertisers unique insights and capabilities.

我們已經作為GA 的PR 推出，允許合作夥伴和廣告商與Reddit Ad Manager 整合並進行客製化的活動和分析，這有助於擴大我們平台的覆蓋範圍，成為第一個與Reddit 和數據整合的行銷情報平台API 為廣告主提供獨特的見解和功能。

In Q2, we extended our partnership with double verify and announced a new partnership with IBM to provide advertisers with brand safety and suitability measurements, complementing our robust first party brand safety controls and fostering transparency and trust with major brands.

在第二季度，我們延長了與雙重驗證的合作夥伴關係，並宣布與IBM 建立新的合作夥伴關係，為廣告商提供品牌安全和適合性測量，補充我們強大的第一方品牌安全控制，並促進主要品牌的透明度和信任。

Third, offering our advertisers ready unique solutions and bring them closer to communities.

第三，為我們的廣告商提供現成的獨特解決方案，拉近他們與社區的距離。

We expanded ad placements on the conversation stage, a high intent and valuable surface for both our users and advertisers and where nearly 50% of all screens used occur.

我們擴大了對話平台上的廣告展示位置，對於我們的用戶和廣告商來說，對話平台是一個高度意圖且有價值的介面，幾乎 50% 的螢幕都在該平台上使用。

We launched the test of ads between comments and a new refreshed set of ad formats for conversation ads that are driving higher click-through rates in early testing.

我們啟動了評論之間的廣告測試，並為對話廣告推出了一套新的廣告格式，這些廣告格式在早期測試中推動了更高的點擊率。

Advertisers using both in feed and conversation ad experience a lift in action intent compared to those using all the in-feed ads.

與使用所有資訊流廣告的廣告商相比，同時使用資訊流廣告和對話廣告的廣告商的行動意圖有所提升。

We also invested in bringing new content types to our users and offering businesses and advertisers new ways to reach and engage with communities.

我們也投資為用戶帶來新的內容類型，並為企業和廣告商提供接觸社群並與之互動的新方式。

In Q2, we launched the next-generation version of our ask me anything AMA. product resulting in hundreds of new AMAs created businesses are hosting AMA and promoting them with ads to engage with communities and to share more about their brands and products.

在第二季度，我們推出了下一代版本的「Ask Me Anything AMA」。產品導致數百個新創建的 AMA 企業正在舉辦 AMA 並透過廣告進行宣傳，以與社區互動並分享更多有關其品牌和產品的資訊。

We also announced a partnership program for spring sports content, already spend communities, including highlight video, AMAs and behind the scenes materials.

我們還宣布了一項針對春季體育內容的合作計劃，該計劃已經投入社區，包括精彩影片、AMA 和幕後材料。

This helps drive engagement on the platform and offers new ad formats and placements for our advertiser's.

這有助於提高平台的參與度，並為我們的廣告主提供新的廣告格式和展示位置。

Force our global interest and a category that our users are deeply passionate about with over 1,000 active sports communities on Reddit partnering.

與 Reddit 上 1,000 多個活躍的運動社群合作，推動我們的全球興趣和用戶熱衷的類別。

The sports leagues was a natural place to start, and we'll see how this program unfolds later this year and consider how we might expand to other verticals and categories in the future.

體育聯盟是一個自然的起點，我們將在今年稍後看到這個計劃如何展開，並考慮未來如何擴展到其他垂直領域和類別。

Let's now shift to our data licensing business.

現在讓我們轉向我們的數據許可業務。

Although our revenue grew over 690% year over year to $28.1 million, primarily driven by data licensing agreements signed in the first half of the year.

儘管我們的營收年增超過 690% 至 2,810 萬美元，但這主要是受到上半年簽署的數據授權協議的推動。

This market is still evolving, and we are exploring agreements with partners across the landscape who are aligned with our public content and user privacy policies and where there's commercial alignment.

這個市場仍在不斷發展，我們正在探索與整個領域的合作夥伴達成協議，這些合作夥伴與我們的公共內容和用戶隱私政策以及商業上的一致。

Recent partnerships with sprinkler and Open AI make ready corpus of authentic conversations available for these partners to access, while also putting guardrails in place that protect our users' privacy and breadth of content.

最近與灑水器和 Open AI 的合作為這些合作夥伴提供了現成的真實對話語料庫，同時也設置了護欄來保護我們用戶的隱私和內容的廣度。

To date, our data licensing strategy has focused on marketing intelligence platforms and large-scale enterprise technology and search companies.

迄今為止，我們的資料許可策略主要集中在行銷情報平台以及大型企業技術和搜尋公司。

And we made good progress addressing these markets.

我們在這些市場上取得了良好進展。

We'll continue to explore opportunities with new verticals and potential ways to work with additional large and smaller scale emerging AI companies.

我們將繼續探索新的垂直領域的機會以及與其他大型和小型新興人工智慧公司合作的潛在方式。

Overall business, the good first half of the year for ready, and we've made a lot of progress.

整體業務來說，上半年已經做好了準備，我們取得了巨大的進展。

Our focus now turns to the back half of the year as we work to continue growing the business.

現在，我們的重點轉向下半年，我們將努力繼續發展業務。

Now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thank you, Jen, and good afternoon to everyone Reddit delivered very strong second quarter results across the board, which built on the sound start in Q1 and rounded out a solid first half of the year.

謝謝你，Jen，大家下午好，Reddit 全面交付了非常強勁的第二季度業績，這是建立在第一季度良好開局的基礎上的，並為今年上半年的業績畫上了圓滿的句號。

In the quarter, three key financial themes developed first, our most important growth and cost metrics really shined.

在本季度，三個關鍵的財務主題首先發展起來，我們最重要的成長和成本指標確實表現出色。

Second, our profitability continues to inflect rapidly as our business scales.

其次，隨著業務規模的擴大，我們的獲利能力持續迅速變化。

Third, we saw continued traction on important economic drivers like cash flow, CapEx, dilution and stock-based compensation.

第三，我們看到現金流、資本支出、稀釋和股票薪酬等重要經濟驅動因素持續被牽引。

Let's speak to each point starting first, with strength in key metrics, specifically users, revenues, gross margins and OpEx.

讓我們先從關鍵指標的強度開始討論每一點，特別是用戶、收入、毛利率和營運支出。

We saw really solid growth in the quarter with both user growth and revenue growth exceeding 50% year over year.

我們看到本季的成長非常穩健，用戶成長和營收成長年比均超過 50%。

DAUQ was $91.2 million, up 51% Logged-out users were about 70% of the in-quarter growth, but total logged-in users grew 31% year over year.

DAUQ 為 9,120 萬美元，成長 51% 註銷用戶約佔本季成長的 70%，但登入用戶總數較去年同期成長 31%。

The fastest rate in the last few years, revenues were $281 million, up 54% as impression gains continue to fuel our growth.

營收達到 2.81 億美元，成長 54%，是過去幾年最快的，因為印像數成長持續推動我們的成長。

Ad revenue grew 41% in Q2, while other revenue grew over 690%[Sic see press release 691%] primarily driven by new licensing deals with Google, Open AI and others.

第二季廣告收入成長了 41%，而其他收入成長了 690% 以上[原文見新聞稿 691%]，這主要是由與 Google、Open AI 等公司的新授權協議推動的。

Margin growth also really shine in the quarter.

本季的獲利成長也非常亮眼。

Gross margins were nearly 90%, up from 84% in the prior year, driven by operating efficiencies, lower pricing from our cloud hosting contracts, and the leverage from incremental revenues.

毛利率接近 90%，高於前一年的 84%，這主要得益於營運效率、雲端託管合約定價較低以及增量收入的槓桿作用。

For Q2, our 12% adjusted OpEx cost growth is very consistent with last four quarters where adjusted OpEx growth has averaged about 9%.

第二季度，我們調整後的營運支出成本成長 12%，與過去四個季度的調整後營運支出平均成長約 9% 非常一致。

The Company continues to leverage the organizational scale it's built over the last few years as we targeted modest hiring in the front of house areas like ad tech, machine learning and sales, total headcount was up less than 1% sequentially and 3% year over year.

公司繼續利用過去幾年建立的組織規模，我們的目標是在廣告技術、機器學習和銷售等前台領域進行適度招聘，總人數環比增長不到 1%，同比增長 3% 。

So as you can see, terrific traction on key metrics.

正如您所看到的，關鍵指標具有巨大的吸引力。

Second, let me touch on how profitability is inflecting rapidly as the business scales.

其次，讓我談談獲利能力如何隨著業務規模的擴大而迅速變化。

On a GAAP basis, our net loss was $10 million, $31 million better than prior year, and very solid progress against our internal goal of reaching GAAP breakeven.

以 GAAP 計算，我們的淨虧損為 1000 萬美元，比上年減少 3,100 萬美元，在實現 GAAP 盈虧平衡的內部目標方面取得了非常堅實的進展。

Q2 adjusted EBITDA was nearly $40 million, up $30 million sequentially and up $75 million year over year.

第二季調整後 EBITDA 接近 4,000 萬美元，季增 3,000 萬美元，年增 7,500 萬美元。

Adjusted EBITDA margins reached a mid-double-digit level at 14%, up from 4% in Q1 and negative 19% in the prior year.

調整後 EBITDA 利潤率達到 14% 的中兩位數水平，高於第一季的 4% 和前一年的負 19%。

The key to our significant gains and profitability continue to be both execution and our strong exit economic model.

我們取得顯著收益和獲利能力的關鍵仍然是執行力和強大的退出經濟模式。

Revenue grew over five times as fast as total adjusted costs in Q2 similar to Q1, as revenues grew 54% year over year, and total adjusted costs grew slightly less than 11% year over year.

與第一季類似，第二季的營收成長速度是調整後總成本的五倍以上，營收年增 54%，而調整後總成本較去年同期成長略低於 11%。

That's well ahead of our long-term internal goal of revenue growth twice as fast as total adjusted cost growth.

這遠遠超出了我們收入成長速度是調整後總成本成長速度兩倍的長期內部目標。

So relatedly, our incremental adjusted EBITDA margins were 76% for the quarter, slightly higher than our last four quarter average of 73%.

因此，本季我們調整後的增量 EBITDA 利潤率為 76%，略高於過去四個季度 73% 的平均值。

In Q2, we saw a $75 million positive change in adjusted EBITDA on a $98 million change in revenue.

第二季度，我們看到調整後 EBITDA 發生了 7,500 萬美元的正面變化，而收入則發生了 9,800 萬美元的變化。

Now to the third point, not only seeing good traction in areas like growth and costs, but also on important metrics like cash flow, CapEx, stock-based compensation solution, operating cash flow was $28 million in Q2, $82 million positive change from Q2 of 2023.

現在到第三點，不僅在成長和成本等領域看到了良好的牽引力，而且在現金流、資本支出、基於股票的薪酬解決方案等重要指標上也看到了良好的勢頭，第二季度的營運現金流為2800 萬美元，較第二季度出現了8200 萬美元的積極變化2023 年。

For the first half of the year, positive operating cash flow was $60 million.

今年上半年，正營運現金流為 6,000 萬美元。

Our CapEx remains very light, about $1 million in the second quarter, less than 1% of revenue.

我們的資本支出仍然非常少，第二季約為 100 萬美元，不到收入的 1%。

Stock-based compensation, including related taxes, was $67 million, down substantially from last quarter due to the recognition of IPO related stock expenses.

由於確認了 IPO 相關的股票費用，包括相關稅費在內的股票薪酬為 6,700 萬美元，較上季大幅下降。

Stock based compensation was about 24% of revenue for the quarter.

基於股票的薪酬約佔該季度收入的 24%。

Share count movements were modest in Q2 as basic shares outstanding were $166 million, up 1% sequentially, but fully diluted shares were 205 million down sequentially.

第二季股票數量變動不大，已發行基本股為 1.66 億美元，較上季成長 1%，但完全稀釋後的股票環比減少 2.05 億股。

On the other hand, cash was $1.7 billion, which gives us a lot of flexibility as our business scales into profitability and positive cash flow.

另一方面，現金為 17 億美元，這為我們的業務擴大盈利能力和正現金流提供了巨大的靈活性。

The medium term, we believe the right amount of cash on hand for the business today is around $800 million to $1 billion.

從中期來看，我們認為目前該業務合適的手頭現金數量約為 8 億至 10 億美元。

The company will look to deploy capital where it makes sense over time with capital priorities being first, investing in our business, M&A, and share repurchases.

隨著時間的推移，公司將尋求在有意義的地方部署資本，資本優先順序是第一位的，投資我們的業務、併購和股票回購。

As Jen mentioned, we recently completed and announced the acquisition of memorable AI. and Ad creative optimization platform to help drive lower file performance for advertisers.

正如 Jen 所提到的，我們最近完成並宣布了對難忘的 AI 的收購。廣告創意優化平台，幫助廣告主降低文件效能。

The preliminary purchase price consideration was $19.9 million, including $17.1 million of cash.

初步收購價格為 1,990 萬美元，其中包括 1,710 萬美元現金。

The deal closed in late July and will be reflected in the Q3 financial statements.

該交易於 7 月下旬完成，並將反映在第三季的財務報表中。

As we look ahead, we'll share our internal thoughts on revenue and adjusted EBITDA for the third quarter.

展望未來，我們將分享我們對第三季營收和調整後 EBITDA 的內部想法。

So, we have the greatest data visibility for the third quarter 2024, we estimate revenue in the range of $290 million to $310 million.

因此，我們擁有 2024 年第三季最大的數據可見性，我們預計營收在 2.9 億至 3.1 億美元之間。

And adjusted EBITDA in the range of $40 million to $60 million.

調整後的 EBITDA 在 4000 萬美元至 6000 萬美元之間。

These estimates include the anticipated benefits from the recently signed content partnerships with the sports leagues.

這些估計包括最近與體育聯盟簽署的內容合作夥伴關係的預期收益。

We anticipate these deals will contribute modestly to revenue this year, more in Q4 than Q3, and should and should have a greater financial impact in 2025 and beyond.

我們預計這些交易將對今年的收入貢獻不大，第四季度的收入將高於第三季度，並且應該在 2025 年及以後產生更大的財務影響。

So to summarize, the strength and consistency of the numbers were nice to see throughout the first half of 2024.

總而言之，2024 年上半年數據的強勁和一致性令人欣喜。

Both Q1 and Q2 were solid quarters for Reddit.

Reddit 第一季和第二季的業績都表現強勁。

That said, our business historically scales seasonally and we've turned our attention and focus to the back half of 2024.

也就是說，我們的業務歷來是季節性擴展的，我們已將注意力和重點轉向 2024 年下半年。

For now, let me turn the call over to Steve.

現在，讓我把電話轉給史蒂夫。

Thanks Drew.

謝謝德魯。

Thanks, Jen.

謝謝，珍。

Okay.

好的。

We're going to do two questions from our community, and then we'll open it up to everybody.

我們將從社區提出兩個問題，然後向所有人開放。

First question in past interviews, you have mentioned using large language models to translate its content into other languages to better connect read, it's communities internationally is something that is being actively built or just the vision for distant future.

第一個問題，在過去的訪談中，您提到使用大型語言模型將其內容翻譯成其他語言以更好地連接閱讀，它的國際社區是正在積極建立的東西，或者只是對遙遠未來的願景。

So it's something that's being built.

所以這是正在建造的東西。

It's testing it for them, French was up, which was our first language for doing this.

它正在為他們進行測試，法語已經上線，這是我們執行此操作的第一語言。

It's now in GA or general availability, which means if you're in France speaking, French minus a small holdout group, you can see the for immersive real-time translation experience and it's working very well.

它現在處於 GA 或一般可用性狀態，這意味著如果您在法語中，法語減去一小部分堅持不懈的人，您可以看到沉浸式即時翻譯體驗，並且效果非常好。

So now we're kicking off and German, Spanish and Portuguese and with our aim to get those out later, this year as well.

所以現在我們開始推出德語、西班牙語和葡萄牙語，我們的目標是在今年稍後推出這些內容。

Once I thought the test was successful, this is a really promising future.

一旦我認為測試成功了，這真是一個充滿希望的未來。

And so it's real and I think it should have an impact in the short term.

所以它是真實的，我認為它應該在短期內產生影響。

Second question, I'll read this one's for again.

第二個問題，我會再讀一次這個問題。

Advertising is the prime source of revenue for credit to increase this revenue.

廣告是信貸增加收入的主要收入來源。

Do you plan to focus on increasing the quantity number of adds or quality profit generated per ad of ads featured on Reddit.

您是否計劃專注於增加 Reddit 上廣告的添加數量或每個廣告產生的品質利潤？

So, what's important to growing revenue in our auction is that advertisers find the outcomes they want at the volumes and price they want.

因此，對於增加拍賣收入來說，重要的是廣告商能夠以他們想要的數量和價格找到他們想要的結果。

And our ad platform in marketplaces is still early.

我們在市場上的廣告平台還處於早期階段。

It's still young.

它還年輕。

So we do see opportunity to drive more demand and performance, which can drive more value per ad or CPM cost per thousand impressions and ad load on breaded where there are ads today, like indices, for example, is light compared to peers and the best we can tell outside is about half of peer platforms, but there are still many places on Reddit without ads.

因此，我們確實看到了推動更多需求和表現的機會，這可以提高每個廣告的價值或每千次展示的CPM 成本，並且當今有廣告的地方的廣告負載（例如指數）與同行和最佳廣告相比較少我們可以看到外面大約有一半的同行平台，但Reddit上仍然有很多地方沒有廣告。

Today, we're more focused on designing ads for spaces where users are spending more time VERSUS increasing ad load in the existing spaces, for example, 50% of screen views there.

如今，我們更專注於為用戶花費更多時間的空間設計廣告，而不是增加現有空間中的廣告負載，例如，50% 的螢幕瀏覽量。

Now on conversation pages, that's an opportunity.

現在在對話頁面上，這是一個機會。

Okay.

好的。

Thanks, Jen, for the community questions, Jen, Drew and I will record answers to the rest of them and post them tomorrow.

感謝 Jen，提出社群問題，Jen、Drew 和我將記錄其餘問題的答案，並於明天發布。

Okay, Jesse, it's actually great.

好吧，傑西，這真的很棒。

Thanks, Steve.

謝謝，史蒂夫。

Thanks, Jen.

謝謝，珍。

why don't we open up the line to some questions from the folks that are online now, appreciate it.

我們為什麼不開放線路來回答現在在線的人們的一些問題，謝謝。

(Operator Instructions)

（操作員說明）

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks for taking the questions.

感謝您提出問題。

One for Drew and one for Steve.

一份給德魯，一份給史蒂夫。

Drew, I was hoping you could provide some more color on the 3Q guide, in particular, any more insight into the ad market and the health in the third quarter?

德魯，我希望您能為第三季指南提供更多信息，特別是對第三季廣告市場和健康狀況的更多見解嗎？

Just it looks like the revenue outlook is either very conservative or perhaps you're seeing something in the business because if you back out Open AI incremental contribution and then perhaps even some of the sports league benefits as well, it doesn't suggest much sequential growth in revenue.

只是看起來收入前景要么非常保守，要么你可能在業務中看到了一些東西，因為如果你取消開放人工智能的增量貢獻，甚至可能還有一些體育聯盟的好處，它並不意味著太多的連續性收入增長。

So just checking if there's anything to call out there.

所以只是檢查一下是否有什麼需要注意的地方。

And then, Steve, you talked about testing new search results pages.

然後，史蒂夫，您談到了測試新的搜尋結果頁面。

Can you just elaborate there is this going to be done all internally?

您能否詳細說明一下，這一切都是在內部完成的嗎？

Are you partnering with third party providers here as well?

您也在這裡與第三方提供者合作嗎？

Thanks.

謝謝。

Okay.

好的。

On the on the guide, Doug, here, we guided $290 million to $310 million.

道格，在指南中，我們指導了 2.9 億至 3.1 億美元。

If you take the midpoint of that year-over-year growth is mid 40s.

如果以年同比增長的中點計算，則為 40 多歲。

We think that's a good number.

我們認為這是一個很好的數字。

We think that's differentiated versus the peer set.

我們認為這與同行有所不同。

If you look over the last four quarters, we've been growing in the mid to high 30s.

如果你看看過去四個季度，我們的成長速度一直在 30 多歲左右。

So we feel like it's a differentiated number.

所以我們覺得這是一個有差別的數字。

I take your point that your measurement stick is a bit different you're looking just only at the second quarter.

我同意你的觀點，你的衡量標準有點不同，你只專注在第二季。

So I take your point there in terms of the revenue drivers that you're looking at, sort of the incrementality of them look I think that the sports deals are something that's probably a bigger idea for us in 2025 and beyond.

因此，我同意你的觀點，即你所關注的收入驅動因素，即它們的增量，我認為體育交易對我們來說可能是 2025 年及以後的一個更大的想法。

We have to get that sold through our sales force, etc. So, I would look for a very modest impact in Q3.

我們必須透過我們的銷售人員等來銷售這些產品。

I think we'll have a little bit more, particularly with the NFL in Q4.

我認為我們會有更多，特別是第四季的 NFL。

That's kind of that.

就是這樣。

The main part of the NFL season.

NFL 賽季的主要部分。

So I think that incrementality in the third quarter will be pretty modest as it relates to kind of Open AI, we saw about half the benefit of the deal in the second quarter.

因此，我認為第三季的增量將相當適度，因為它與開放人工智慧相關，我們在第二季度看到了該交易的大約一半收益。

So there will be a little bit incrementality to your point.

所以你的觀點會有一點增量。

But but overall, I think the guide feels good and other particular things that we're looking at in the third quarter that we can put our finger on.

但總體而言，我認為該指南感覺很好，而且我們在第三季度正在關注的其他具體事情我們可以指出。

No, there isn't anything that's particularly different than what we've seen now for the full year.

不，與我們現在所看到的全年情況沒有什麼特別不同。

There still is some macro uncertainty and particularly in the fourth quarter around elections.

宏觀經濟仍然存在一些不確定性，特別是在第四季度圍繞選舉的情況下。

So I think that's a little bit in the background.

所以我認為這是有背景的。

But I think overall in the third quarter, I think the guide feels good to where the business is right now feels better than where we've been over the last four quarters.

但我認為總體而言，在第三季度，我認為該指南對目前業務狀況的感覺比過去四個季度的情況要好。

But I do take your point, it's a little bit lower than we've been since the second quarter, but I think we take a little broader lens than that.

但我確實同意你的觀點，它比第二季度以來的水平要低一些，但我認為我們的視角比這更廣泛。

Okay.

好的。

Thanks.

謝謝。

The second question about search.

第二個問題是關於搜尋。

So we're talking about on Reddit search a lot of our work over the last couple of years has been on the back end.

所以我們在 Reddit 搜尋上談論的是，過去幾年我們的許多工作都是在後端進行的。

So improving the actual results of this speed and relevance of those results and some of that is on first party technology.

因此，提高實際結果的速度和這些結果的相關性，其中一些是基於第一方技術。

Some of that is third party technology, and we're also beginning to enhance the results with AI.

其中一些是第三方技術，我們也開始使用人工智慧來增強結果。

Again, some of those are first party models.

同樣，其中一些是第一方模型。

Some of those will be third party models.

其中一些將是第三方模型。

And what I was really referring to in my script is the rest of this year.

我在劇本中真正指的是今年剩下的時間。

We'll start to see the front end product and actually change.

我們將開始看到前端產品並真正改變。

So, the user experience and how we package these results because that's gone unchanged for a long time.

因此，使用者體驗以及我們如何打包這些結果，因為這很長一段時間以來都沒有改變。

I'm search on Red is a huge opportunity.

我在 Red 上搜尋是一個巨大的機會。

Many new users want to search.

許多新用戶想要搜尋。

And you've heard me talk about onboarding helping connect users to their interest on read it for many users.

您已經聽過我談論入職培訓，幫助用戶了解他們的興趣，並為許多用戶閱讀它。

They're literally typing into a box exactly what they're interested in.

他們實際上是在一個框中輸入他們感興趣的內容。

And so I think really important consumer products, office area and then of course, over the long term, and there's significant advertising potential there as well.

因此，我認為消費品、辦公區域非常重要，當然，從長遠來看，那裡也有巨大的廣告潛力。

But really what I'm referring to here is it will be our in-house efforts to improve the presentation of that front.

但我在這裡真正指的是，我們將透過內部努力來改進這一方面的呈現。

Laura Martin, Needham & Company.

勞拉馬丁，李約瑟公司。

I will beg your request only have one question and no, I'm going to ask one to Steve putting on your Protector culture hat, Steve, and historically these are conversations and there hasn't been a hidden agenda about earning money and you guys are going to trying to earn money now for people and creators on the platform, which sort of moves it more towards a Twitter, YouTube in my mind.

我請求你只提出一個問題，不，我要問一個問題給史蒂夫，戴上你的保護者文化帽子，史蒂夫，從歷史上看，這些都是對話，沒有關於賺錢的隱藏議程，你們這些傢伙現在我們將嘗試為該平台上的人們和創作者賺錢，這在某種程度上使其更像是我心目中的 Twitter、YouTube。

So how do you protect this wonderful unique culture.

那麼該如何保護這種美妙獨特的文化呢？

I've read it at the same time, you're going to let people make money from these conversations?

我同時讀到了，你要讓人家靠這些對話賺錢？

Thank you.

謝謝。

Thank you, Laura.

謝謝你，勞拉。

Great question.

很好的問題。

So yes, I think one of the truly special and honestly almost magical things about read, it is the amount of time and effort, people spend helping each other giving advice, helping people through decisions, sometimes small decisions.

所以，是的，我認為閱讀的真正特別和誠實幾乎神奇的事情之一，就是人們花費大量的時間和精力，互相幫助，提供建議，幫助人們做出決定，有時是小決定。

What should I watch night?

晚上該看什麼？

Sometimes big decisions like should I go through this breakup?

有時會做出一些重大決定，例如我應該經歷這次分手嗎？

It's really, I think, truly profound.

我認為這確實是非常深刻的。

And your question is if we start to include other incentives in there like monetary incentives, does that change in my experience on Reddit whenever we had basically a new way of using credits.

你的問題是，如果我們開始在其中加入其他激勵措施，例如金錢激勵，每當我們基本上有了一種使用積分的新方式時，我在 Reddit 上的體驗是否會改變。

What happens is it expands Reddit, but we've not seen it cannibalize existing Reddit.

所發生的情況是它擴展了 Reddit，但我們還沒有看到它蠶食現有的 Reddit。

And so I think the existing altruistic free version of Reddit we'll continue to exist and grow and thrive just the way it has.

因此，我認為現有的無私免費 Reddit 版本將繼續以它的方式存在、成長和繁榮。

But now we will unlock the door for new use cases, new types of sublets that can be built on that may have exclusive content or private areas, things of that nature.

但現在我們將為新的用例、新類型的轉租項目打開大門，這些轉租項目可能具有專有內容或私人區域，以及類似性質的東西。

A good example of this, is read it.

一個很好的例子就是閱讀它。

We didn't host images back in the past.

我們過去沒有託管圖像。

It was all text and links and images our we're linked.

我們所連結的都是文字、連結和圖像。

So we'd like to other websites are platforms for images when we added image hosting.

所以當我們加入圖片託管時，我們希望其他網站也是圖片平台。

And so all of a sudden there's a ton of new communities built around that feature.

因此突然間圍繞著該功能建立了大量新社區。

But the existing text and linked based read it also continued to grow.

但現有的文本和基於連結的閱讀也在持續增長。

So I'd look at this as an opportunity of expansion as opposed to one that is going to cannibalize the existing red at home, which, as I said, is magical, it's something that we think is truly precious.

因此，我認為這是一個擴張的機會，而不是一個會蠶食國內現有紅色的機會，正如我所說，這是神奇的，我們認為這是真正珍貴的東西。

And so we'll of course, watch these things closely, but that's how we see it playing.

所以我們當然會密切關注這些事情，但這就是我們看待它的方式。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great.

偉大的。

Thanks for taking the question I wanted to ask on usage and an advertising.

感謝您提出我想問的有關使用和廣告的問題。

Steve, I think we saw log into a use of 32%, maybe most the fastest growth in past couple of years.

Steve，我認為我們看到登入使用率達到了 32%，這可能是過去幾年中成長最快的。

And we saw comments also comments viewed, I think, up as well.

我認為我們看到的評論和查看的評論也有所增加。

So wanted to hear about the changes the team has made on the site itself, whether it be shredded new onboarding processes that have driven this, and I'm really curious about the lasting implications here.

所以想聽聽團隊對網站本身所做的改變，是否是粉碎了推動這一點的新的入職流程，我真的很好奇這裡的持久影響。

And then, Jen, you mentioned the stable ad market.

然後，Jen，您提到了穩定的廣告市場。

We saw each other a few weeks back over Econ.

幾週前我們在《經濟學》上見過面。

And just wanted to hear how your conversations with advertisers have evolved really over the past few months on just in terms of how that dynamic has changed in terms of advertising on Reddit.

我只是想聽聽您與廣告商的對話在過去幾個月中發生了怎樣的變化，以及 Reddit 上的廣告動態如何變化。

Thank you.

謝謝。

Hey, Ron.

嘿，羅恩。

Thank you for the questions.

謝謝你的提問。

Yes, as you observed a log in, our DAU is up and up over 30% last year, that is indeed our fastest growth rate among that segment in years.

是的，正如您在登入時觀察到的那樣，我們的 DAU 去年增長了 30% 以上，這確實是我們多年來在該細分市場中最快的增長率。

So we're very happy with that.

所以我們對此非常滿意。

And you answered your own question, improved onboarding our Shred-it, which represents what performance I would say broadly general push around our quality on Reddit has helped a lot.

你回答了你自己的問題，改進了我們的 Shred-it 的加入，這代表了我所說的性能，廣泛地推動我們在 Reddit 上的質量有很大幫助。

And then there is a structural change that we've been going through over the last couple of years, which is it used to be when you were a new user to read it, we were putting you into it basically global feed.

然後是過去幾年我們經歷的結構性變化，過去當你是新用戶閱讀它時，我們基本上將你放入全球提要中。

So we call that a popular feed today, that was the core Red Hat product for the first maybe 15 years of our life.

所以我們稱之為今天流行的提要，它是我們生命中最初 15 年的核心紅帽產品。

And now what happens is we get you into the community onboarding experience.

現在我們讓您進入社區入職體驗。

And so we tried to find that the interest specific to you and then we put you in a home feed that has those communities and sublets and we grow from there.

因此，我們試圖找到您特有的興趣，然後我們將您放入包含這些社區和轉租的家庭源中，我們從那裡成長。

And so that first user experience has gotten much more dialed in relevant to new users, which has been driving meaningful improvements to new user retention.

因此，首次用戶體驗與新用戶的關係變得更加密切，這推動了新用戶保留率的有意義的改進。

And of course, that compounds in that growth and so the story I've read I think for a long time is we've had this very big top of funnel come from third party search and word of mouth and the question is then can we retain those users because we get so many shots on goal every day.

當然，這種增長會加劇這種增長，所以我讀過的故事我想很長一段時間是我們已經有了來自第三方搜索和口碑的非常大的漏斗頂部，問題是我們可以嗎？用戶是因為我們每天都會有很多射門機會。

So really over the last year, we've gotten much better at retaining new users and we've been growing over 1 million users a month, more or less since some and spring of last year.

事實上，去年以來，我們在留住新用戶方面取得了很大進步，自去年春季以來，我們每個月的用戶數量已經超過 100 萬。

And a common agenda was the second question on the stable ad market?

共同議程是關於穩定廣告市場的第二個問題？

Yes, I think we saw a stable ad market in Q2 on the I'd say up post can I think first of all, as I think Ken has very strong sentiment post can was bookings, but it's a very, very positive.

是的，我認為我們在第二季度看到了穩定的廣告市場，我首先想到的是，因為我認為肯在預訂後有非常強烈的情緒，但這是一個非常非常積極的情況。

Look, we're watching a few things.

聽著，我們正在觀察一些事情。

We're watching inflation, geopolitics collections.

我們正在關注通膨、地緣政治收藏。

I will say a few things.

我會說幾件事。

One, there are real election jitters.

第一，確實存在選舉緊張情緒。

We did see some pauses in the U.K. around the snap election.

我們確實看到英國在提前大選期間出現了一些停頓。

We saw pauses around the time of the Trump rally shooting.

我們在川普集會槍擊事件前後看到了停頓。

So I think there's a lot of caution and I will also say that recently agencies have signaled a little bit back half caution on budgets being more flattish versus growing.

因此，我認為人們非常謹慎，而且我還要說，最近各機構已表示對預算更加持平而不是成長持謹慎態度。

So I think there is caution from Malara holdcos.

因此，我認為 Malara 控股公司持謹慎態度。

And we're not a big, big player in political ads, which in some might have a political bonds.

我們並不是政治廣告領域的重要參與者，而政治廣告在某些方面可能與政治息息相關。

But that's not something that we play in.

但這不是我們玩的東西。

That's kind of how I think about the back half.

這就是我對後半部的看法。

So overall, I think it is and if there's still a little bit, maybe more caution and but I think where we're still well positioned.

所以總的來說，我認為是的，如果還有一點，也許會更加謹慎，但我認為我們仍然處於有利位置。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Let me go back to the ad markets.

讓我回到廣告市場。

Jen, can you talk to us about sort of what you're seeing on your branded advertiser spend.

Jen，您能和我們談談您在品牌廣告客戶支出方面看到的情況嗎？

Are you still seeing your advertisers who are mostly branded spend?

您是否仍然看到您的廣告商大部分都是品牌支出？

Are they spending more on the branded side.

他們在品牌上花費更多嗎？

So sort of what's driving that?

那麼是什麼推動了這一點呢？

And then just sort of any update you can give us on the pre IPO, walk us through sort of progress on growing your advertiser count growing your advertiser spend, your average your advertiser spend per advertiser over time.

然後，您可以向我們提供有關首次公開募股前的任何最新信息，引導我們了解增加廣告商數量、增加廣告商支出、隨著時間推移每個廣告商的平均廣告商支出的進展情況。

Any kind of help us kind of what's going on actually beneath the beneath the headlines on driving this really strong ad growth in the 3Q?

有什麼可以幫助我們了解推動第三季廣告強勁成長的頭條新聞背後到底發生了什麼嗎？

Sure.

當然。

Happy to so on just on your question on the brand as an objective was just growing really nicely for us.

很高興回答您關於品牌的問題，因為我們的目標是發展得非常好。

And in fact, I think, you know, brand, we've seen both folks coming to the auction, so bidding against brand objectives as well as using our takeover product, which is a reserve product where they can align against specific separate it.

事實上，我認為，你知道，品牌，我們已經看到兩個人都來參加拍賣，因此針對品牌目標進行競價並使用我們的收購產品，這是一種儲備產品，他們可以在其中與特定的單獨產品保持一致。

So specifically, the category takeovers in my category, like sports, etc. So, on which brand advertisers come into both of those products as well as nice adoption of some of the Ready unique format like a maze, it had been refreshing the free format.

具體來說，我的類別中的類別接管，例如體育等。 。

So, Brand has actually been solid as an objective and there is really diversified across Sainik brand and performance.

因此，品牌實際上是一個堅實的目標，並且 Sainik 的品牌和業績確實多元化。

In terms of the underlying pieces of our business, I think it's really healthy in a number of ways.

就我們業務的基礎部分而言，我認為它在許多方面都非常健康。

So number one is we've been growing the number of active advertisers, particularly in the Manage segment, and it has for large customers in mid-market and managed F&B.

第一是我們一直在增加活躍廣告商的數量，特別是在管理細分市場，它針對的是中端市場和管理餐飲的大客戶。

And those are really seeds for the future and because you start small and you can grow those advertisers into more products and more objectives and that I think allows us to plant seeds for the future.

這些確實是未來的種子，因為你從小處開始，你可以將這些廣告商發展成更多的產品和更多的目標，我認為這使我們能夠為未來播下種子。

The second is we had a number of growth drivers across our business.

第二是我們的業務有許多成長動力。

The scale part, mid-market and SMB growing over 50% international becoming a growth driver, 49% year over year vertical diversification.

規模部分，中端市場和中小企業成長超過 50%，國際化成為成長動力，垂直多元化較去年同期成長 49%。

So it used to be at our tech group.

所以它曾經是在我們的技術團隊。

It was our number one vertical group.

這是我們排名第一的垂直團隊。

This quarter.

本季。

It actually was the group that included retail pharma, financial services, CPG So really interesting that diversification continues in our book, and it's actually changing the face of our book, I think, which has been really positive.

它實際上是包括零售製藥、金融服務、快速消費品的集團。

And so and then the final thing I'll say is we've been investing in the lower funnel and I'm specifically converging, and that has accelerated in growth as an objective at our auction.

所以，我要說的最後一件事是，我們一直在投資下漏斗，我特別趨同，並且作為我們拍賣的目標，這已經加速了成長。

And that's really nice to see because as that objective delivers more performance and that allows an unlock for more advertisers, particularly in the scaled channel.

這真的很高興看到，因為這個目標提供了更多的效能，並允許更多的廣告商解鎖，特別是在規模化的管道中。

So I think the business is really healthy, and we're doing a good job retaining at high rate, our managed advertisers as well as adding new advertisers to the book because of the new platform capabilities.

因此，我認為這項業務非常健康，我們在高比例地保留我們管理的廣告商方面做得很好，並且由於新的平台功能而在書中添加了新的廣告商。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question on the topic really is memorable AI can you talk a little bit about why you felt that was the right asset for you as a team to acquire up how you thought about building organically around that broader team versus maybe accelerating the path to market and going down the acquisition route and how we should be thinking about that asset being integrated and having an impact on the business in the years ahead.

非常感謝您提出這個主題的問題，人工智慧確實令人難忘，您能談談為什麼您認為這對您作為一個團隊來說是正確的資產，以了解您如何考慮圍繞更廣泛的團隊進行有機構建而不是加速建立進入市場的路徑和收購路線，以及我們應該如何考慮該資產的整合並對未來幾年的業務產生影響。

Thanks so much.

非常感謝。

Sure.

當然。

So one of the layers in our ad stack that we want to develop and that was on our roadmap is around creative, both insights and optimization and then creative generation.

因此，我們想要開發的廣告堆疊中的一層（也在我們的路線圖上）是圍繞著創意，包括洞察和優化，然後是創意生成。

We know that that can be really valuable for driving performance and also just making an easier and more automated, scalable experience for advertisers.

我們知道，這對於提高效能非常有價值，而且還可以為廣告主提供更簡單、更自動化、可擴展的體驗。

It is something that we had our roadmap that we could build, but acquiring memorable, which is one of the leaders in the market.

這是我們可以建立的路線圖，但獲得令人難忘的東西，這是市場的領導者之一。

I mean, all of our deals is just showed how much customers value their technology and insight it just accelerates our ability to come to add this part of the of the ad stack.

我的意思是，我們所有的交易都只是表明了客戶對他們的技術和洞察力的重視程度，這只是加速了我們添加這部分廣告堆疊的能力。

So yes, we're integrating we get technology and talent with the acquisition, and we're doing that integration work in the back half of this year to start having impact next year, but it'll really accelerate our ability to deliver performance at the lower end of the funnel in particular, I mean, it'll help all the performance, particularly at the lower end of the lower funnel where ad formats and creative can have a lot of impact on click-through rate and conversion.

所以，是的，我們正在將我們獲得的技術和人才與收購進行整合，我們將在今年下半年進行整合工作，以便在明年開始產生影響，但這確實會加快我們提供績效的能力我的意思是，特別是在漏斗的下端，它將有助於所有效能，特別是在下漏斗的下端，廣告格式和創意會對點擊率和轉換率產生很大影響。

Rich Greenfield, LightShed.

里奇·格林菲爾德，萊特謝德。

Hi, thanks.

你好，謝謝。

I got a couple of questions.

我有幾個問題。

Steve, you talked about sort of the improving engagement and sort of that upper funnel, which I assume you're talking about sort of how search drives people into the platform, but your DAU or your weekly users are still growing faster than your daily users.

史蒂夫，你談到了提高參與度和上層管道，我認為你正在談論搜尋如何推動人們進入平台，但你的 DAU 或每週用戶的成長速度仍然快於日常用戶。

And I guess the question is, how do you close that gap over time is it product changes like it's obviously great that you have all of these people coming and touching read it every single, but how do you get them to be addicted and become daily active users?

我想問題是，隨著時間的推移，你如何縮小這種差距，產品會發生變化，就像你讓所有這些人來接觸並閱讀每一篇文章一樣，這顯然很棒，但你如何讓他們上癮並變得每天活躍用戶？

What is that?

那是什麼？

But like is there something that you've seen historically that sort of convert somebody from either a search base used or somebody who comes in once in a while to at an actual daily user.

但是，就像您在歷史上看到的那樣，可以將某人從使用過的搜尋庫或偶爾進入的人轉變為實際的日常用戶。

And then just two.

然後就只有兩個。

I wanted to follow up on, I think you've made a comment about CPMs pricing being down.

我想跟進一下，我認為您已經對每千次展示費用定價下降發表了評論。

Is that the same issue that you sort of are seeing in RPU?

這與您在 RPU 中看到的問題相同嗎？

Is it just simply that the users year over year are just growing too quickly and you can't keep up and with the overall growth of the platform, any just color on given how early you are?

只是因為用戶逐年成長太快而你無法跟上平台的整體成長，考慮到你的起步有多早，有什麼公正的色彩嗎？

What's happening on the CPM side of pricing on the advertising side from Jen would be great.

Jen 廣告方面定價的每千次曝光費用方面所發生的事情將會很棒。

Great.

偉大的。

I'll take the first two and Jen will take the second half.

我將負責前兩個，Jen 將負責後半部分。

So, look was first things.

所以，外觀是第一要務。

First, we're happy with growth on weeklies, growing dailies, growing, logged in logged out growing.

首先，我們對周刊的成長感到滿意，日報不斷成長，登入登出不斷增長。

And so I think we're in a good position there.

所以我認為我們在這方面處於有利地位。

I think your observation is correct and weeklies.

我認為你的觀察是正確的並且每週一次。

And of course, monthlies even more so on can be more volatile because they can be more affected by third party search or events in the news and what have you.

當然，月刊甚至可能更加不穩定，因為它們更容易受到第三方搜尋或新聞事件等的影響。

And of course, we want to grow our dailies and that's really how we operate.

當然，我們希望增加我們的日報，這就是我們的運作方式。

The Company is growing dailies, but we don't think it necessarily about how do we convert weeklies to dailies.

公司正在增加日報，但我們並不認為這必然涉及如何將周刊轉換為日報。

We think about it little bit differently, which is how do we retain the dailies that we see on the platform every day for both the new users and getting them to come back at all in the core users, getting them to come back more network.

我們的想法有點不同，那就是我們如何保留我們每天在平台上看到的新用戶的日報，並讓他們回到核心用戶中，讓他們回來更多的網路。

There's it's hard work, but it's easy to explain relevancy and now onboard and product quality.

這是一項艱苦的工作，但很容易解釋相關性以及現在的船上和產品品質。

And do you see something of a some question?

你看到了什麼問題嗎？

Do you see something in your first session on Reddit that is uniquely engaging one assumption that I would caution against making is that search users, third party search users, many of them are core users.

你在 Reddit 上的第一次會議中是否看到了一些獨特的吸引人的假設，我警告不要做出這樣的假設：搜尋用戶、第三方搜尋用戶，其中許多人是核心用戶。

So they're using other search engines to effectively navigate red and I include myself in that cohort, but there are a number of logged-out users or new potential users that come from search.

因此，他們正在使用其他搜尋引擎來有效地導航紅色，我將自己納入該隊列中，但有許多註銷用戶或來自搜尋的新潛在用戶。

And I think if that experience is there learning that read it over time has the answers to their questions, and they may not be in that session looking to join a community that's maybe a little bit of a heavier experience.

我認為，如果這種經歷是隨著時間的推移而學習的，那麼他們的問題就會得到答案，而且他們可能不會在那次會議上尋求加入一個可能有一點更沉重的經歷的社區。

But eventually we get them through the front door.

但最後我們還是把他們帶進了前門。

They'll come they'll download our app for they'll come to the website.

他們會來下載我們的應用程序，因為他們會訪問我們的網站。

And then that's where everything I mentioned around relevancy and product quality come into play to retain those, and we're growing retention and we're growing DAU.

這就是我提到的有關相關性和產品品質的一切發揮作用的地方，以保留這些內容，我們正在提高保留率，並且我們正在增加 DAU。

So are happy happy with that result.

所以我們對這個結果感到高興。

And then there's another interesting dynamic on Reddit which is and the longer somebody has their account for more time to actually spend on Reddit.

Reddit 上還有另一個有趣的動態，即用戶擁有帳戶的時間越長，實際花在 Reddit 上的時間就越多。

They join more communities, and they go deeper and deeper.

他們加入了更多的社區，並且越來越深入。

And so, users on Reddit and where they may be on other platforms age out, they actually age into red and spend more time over the course of years.

因此，Reddit 上的用戶以及其他平台上的用戶可能會老化，他們實際上會老化到紅色，並且多年來花費更多的時間。

So, I think that's a really powerful trend Okay.

所以，我認為這是一個非常強大的趨勢，好吧。

On Jen.

論珍.

Second question was the interplay between users and RPU and users and CPM so on.

第二個問題是使用者與RPU、使用者與CPM等之間的互動。

So, we can look nobody manages the company of total.

所以，我們可以看到沒人管理這家公司。

We manage to revenue growth and EBITDA growth.

我們設法實現收入成長和 EBITDA 成長。

And we're in the, I think, fortunate position of having really strong revenue and user growth with users being a little bit more.

我認為，我們處於一個幸運的位置，擁有非常強勁的收入和用戶成長，而且用戶數量有所增加。

And that's why our two down.

這就是我們兩個失敗的原因。

But I think when I look at the headroom that we have and I think we've been growing share of the top grow or on the revenue side, and I think continue to have headroom on ortho.

但我認為，當我看看我們擁有的淨空時，我認為我們在頂部增長或收入方面的份額一直在增長，而且我認為在正交方面繼續有淨空。

So I know I think it's I need to be a first-class problem that we have and the math of Barco on the CPM side, what's really driving the decline in CPMs is the placement on the conversation page.

所以我知道我認為我需要成為我們所面臨的一流問題，而巴可在 CPM 方面的數學計算，真正推動 CPM 下降的是對話頁面上的位置。

So that's a newer unit that and then and so there is right now, we're still building demand for that.

所以這是一個較新的單位，然後現在就存在，我們仍在建立對此的需求。

And, you know, a couple of things we're doing to do that to one is educating the market about that unit.

而且，你知道，我們正在做的幾件事就是對市場進行有關該部門的教育。

It's very unique, very different than anything else and market in fact, most people don't most platforms don't Have an add in comments on question because the comments are the best part of their platform.

它非常獨特，與其他任何東西和市場都非常不同，事實上，大多數人都沒有，大多數平台都沒有添加有關問題的評論，因為評論是他們平台上最好的部分。

They are the best part of credit but there's some reeducation to be done.

它們是學分中最好的部分，但還需要進行一些再教育。

The second is that we've actually refreshed that format so that it has a broader set of creative capability was things that our advertisers wanted is just a little more functionality in that format.

第二個是我們實際上刷新了該格式，使其具有更廣泛的創意能力，而我們的廣告商想要的只是該格式的更多功能。

So we've recently released that and they'll be able to take advantage of it.

所以我們最近發布了它，他們將能夠利用它。

I think that can increase demand.

我認為這可以增加需求。

And then finally, we're testing ads inside the comments.

最後，我們正在測試評論中的廣告。

So that adds some more inventory to that page that there's very low demand for it because it's in testing, it's very new.

因此，這會為該頁面添加更多庫存，因為它正在測試中，所以需求非常低，它非常新。

It's just experimental so obviously, that wouldn't have high CPMs in that unit yet.

顯然，它只是實驗性的，因此該單元的每千次曝光費用還不高。

And so when you look at the page, I think I mentioned earlier that 50% of screen views are now on the conversation today.

因此，當您查看該頁面時，我想我之前提到過 50% 的螢幕瀏覽量現在都在討論今天的話題。

So the traffic is really going back page, which is a great high intent, highly contextual page, but we have to match the demand it the flow of the ad impressions on that page.

因此，流量實際上是返回頁面，這是一個非常高意圖、高度上下文的頁面，但我們必須將需求與該頁面上的廣告展示流量相匹配。

So we'll continue to grow the demand on this new unit.

因此，我們將繼續增加對這個新設備的需求。

I think it's a really good unit, high performing, but will take time for the demand to catch up with the supply that's been generated.

我認為這是一個非常好的設備，性能很高，但需求需要時間才能趕上已產生的供應。

That's why you see the differential in CPMs.

這就是您會看到每千次曝光費用差異的原因。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

You guys have seen an influx of new users just via search as well as just an improved product.

你們已經透過搜尋看到了新用戶的湧入以及改進的產品。

Steve, you mentioned this earlier about the maturation of new user cohorts and how people spend more time.

史蒂夫，您之前提到過新用戶群的成熟以及人們如何花費更多時間。

Are you seeing anything different with new users more recently?

您最近發現新用戶有什麼不同嗎？

And then Jen retail is just a massive opportunity.

Jen 零售業就是一個巨大的機會。

Can you talk about DPAs and what you guys need to do to unlock the retail advertising opportunity more acutely?

您能談談 DPA 以及您需要做什麼才能更敏銳地釋放零售廣告機會嗎？

Thanks so much.

非常感謝。

Okay.

好的。

Thanks, Andrew.

謝謝，安德魯。

Let me first then Jen. so the question was, are we seeing anything in the latest cohort of new business and probably we're seeing new user retention go up.

讓我先來，然後是珍。所以問題是，我們是否在最新一批新業務中看到了任何東西，並且可能我們看到新用戶保留率上升。

That's one of our core internal operating metrics and I think that's really a measurement of onboarding working is the performance and now relevance, all of those things working.

這是我們的核心內部營運指標之一，我認為這實際上是對入職工作的衡量標準，即績效和現在的相關性，所有這些事情都有效。

And so we've actually seen over the last couple of quarters steady improvement in user retention, which we're very happy with my experience.

因此，在過去的幾個季度中，我們實際上看到了用戶保留率的穩定提高，我們對我的經驗感到非常滿意。

I read it.

我讀了它。

That is the hardest number to move because you can't always see it in an individual experiments you have to kind of let these product improvements run for a while, but our strategy of just make Red Hat better and simpler, faster, safer, easier to use that's been working for the last year.

這是最難移動的數字，因為你不能總是在單獨的實驗中看到它，你必須讓這些產品改進運行一段時間，但我們的策略是讓紅帽更好、更簡單、更快、更安全、更容易使用去年一直有效的方法。

So happy with the new user retention up, particularly among that new cohort from Jen.

對新用戶保留率的上升感到非常高興，尤其是 Jen 的新用戶群。

The question was about the retail opportunity on it.

問題是關於它的​​零售機會。

Getting the questions about DPA.

取得有關 DPA 的問題。

And I think this is a really big opportunity given the commercial intent on Reddit.

考慮到 Reddit 的商業意圖，我認為這是一個非常大的機會。

And but it's also one of the hardest right in the industry dynamic product ads, they have their own its own objectives.

但這也是業界最難做的動態產品廣告之一，他們有自己的目標。

It has its own models and prediction models, and it has its own end-to-end workflow from ingesting catalog all the way to how measurement was done at a detailed level to feedback, product level information for the targeting and retargeting.

它有自己的模型和預測模型，並且有自己的端到端工作流程，從攝取目錄一直到如何在詳細層級進行測量，再到反饋、用於定位和重定向的產品層級資訊。

So it is a big ecosystem unto itself.

所以它本身就是一個很大的生態系統。

So what we're working on is one improving our models and driving performance.

因此，我們正在努力改進我們的模型和駕駛性能。

Number two, Kathy, to converge and API incredibly important for signal and feeding signal into the models or better and better performance.

第二，Kathy，融合和 API 對於訊號和將訊號輸入模型或越來越好的效能非常重要。

Third is enabling first-party data from an advertiser to match into our platform for targeting.

第三是使來自廣告商的第一方數據能夠匹配到我們的平台以進行定位。

And then obviously on the measurement side, they have very specific audiences, maybe loyalty programs for some cases like retail media networks that they want to be able to target again.

顯然，在衡量方面，他們有非常特定的受眾，也許是針對某些情況的忠誠度計劃，例如他們希望能夠再次瞄準的零售媒體網絡。

And then finally, just continually to improve both the format and the catalog ingest.

最後，不斷改進格式和目錄攝取。

So we can adjust catalogs today, but we want to make that process easier and even more scalable.

因此，我們今天可以調整目錄，但我們希望使過程更容易，甚至更具可擴展性。

So we are working across all of these areas to continue to improve DPA.

因此，我們正在所有這些領域開展工作，以繼續改進 DPA。

I will just say it is our goal for this year is to test with a handful of partners and really build the foundations of DPA so that it can be a more material contributor to the business in 25 and beyond.

我只想說，我們今年的目標是與少數合作夥伴一起進行測試，並真正為 DPA 奠定基礎，以便它能夠為 25 年及以後的業務做出更實質的貢獻。

It is a longer road, but I think a big opportunity.

這是一條更長的路，但我認為這是一個很大的機會。

Your next question comes from the line of Tom Champion, Piper Sandler.

您的下一個問題來自湯姆·錢皮恩 (Tom Champion)、派珀·桑德勒 (Piper Sandler)。

Good afternoon, Steve, you've talked in the past about the most reliable way to grow is to make red it better.

下午好，史蒂夫，你過去曾說過，最可靠的成長方式就是讓紅色變得更好。

So I'm just curious between sports content, Subrah added functionality, search, text translation, the laundry list of things you guys are working on.

所以我只是對體育內容感到好奇，Subrah 添加了功能、搜尋、文字翻譯，以及你們正在做的事情的清單。

What do you think has the potential to be the most impactful from a customer experience perspective?

從客戶體驗的角度來看，您認為什麼最有可能產生最大的影響力？

Thanks.

謝謝。

Thanks, Tom.

謝謝，湯姆。

Good question.

好問題。

I'd say there are broadly two dimensions to this or kind of two ways I think about.

我想說，這大致上有兩個維度，或者說我的思考方式有兩種。

So the first is like the general quality and so on.

那麼第一個就是像綜合素質等等。

This is I call it the search experience, onboarding ease-of-use in mature markets like the US is actually still one of our fastest growing markets on product quality has an outsized impact because the content is already there, if you speak English, if you live in America, I guarantee you have a home and read at your interest.

這就是我所說的搜尋體驗，在像美國這樣的成熟市場中，易用性實際上仍然是我們成長最快的市場之一，對產品品質產生了巨大的影響，因為內容已經存在，如果你說英語，如果你住在美國，我保證你有一個家，並且可以根據你的興趣閱讀。

Your passion, whatever you're into are going through is on Reddit somewhere.

你的熱情，無論你正在經歷什麼，都可以在 Reddit 上的某個地方找到。

So the question is, can we reveal that?

那麼問題是，我們能透露一下嗎？

And so anything we do around onboarding and relevance more effectively reveals that.

因此，我們圍繞入職和相關性所做的任何事情都更有效地揭示了這一點。

And so that's driving a lot of the growth in the US now outside of the US and we need the content base to grow.

因此，這在很大程度上推動了美國以外地區的成長，我們需要內容基礎的成長。

So machine translation is one of the best opportunities we've ever seen to rapidly grow the content base outside of English.

因此，機器翻譯是我們所見過的快速發展英語以外內容庫的最佳機會之一。

So I've mentioned this over the last couple of quarters, our tests in French that went very well.

所以我在過去幾個季度提到過這一點，我們的法語測試進展順利。

We're expanding to other languages.

我們正在擴展到其他語言。

So I think this is a very exciting opportunity.

所以我認為這是一個非常令人興奮的機會。

Now, of course, all of the quality and onboarding efforts that will work in every market.

當然，現在所有的品質和入職工作都將適用於每個市場。

But you have to have the content base, the community base to recommend our people too.

但你也必須有內容基礎、社群基礎來推薦我們的員工。

And so that's where the machine translation is really effective.

這就是機器翻譯真正有效的地方。

So to summarize, in the US, it's the block and tackle product quality work.

總而言之，在美國，這是全面解決產品品質問題的工作。

I mean, outside of the US, it's the machine translation to get them to the point where the quality can be a slicker, a multiplier effect on top of it.

我的意思是，在美國以外，機器翻譯可以讓他們的品質變得更好，並產生乘數效應。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Good afternoon, everyone.

大家下午好。

Steve, you've talked a lot about search and third-party search and the relationship with model training and investor data licensing business, you also talked about beginning to restrict access to Reddit content.

Steve，您談了很多關於搜尋和第三方搜尋以及與模型訓練和投資者資料授權業務的關係，您也談到開始限制對 Reddit 內容的存取。

In some cases, we have seen news reports that that includes Microsoft being, I'm sure, you don't want to speak too much in detail about one potential partner, but is that an example of that type of back and forth that's beginning to transpire with some of your potential partners or just more broadly, can you it's a layer deeper in those conversations and helps a little bit more about the variables that tend to be the more important ones in those dialogues.

在某些情況下，我們看到的新聞報導包括微軟，我相信，你不想過多談論某個潛在合作夥伴的細節，但這就是這種類型的來回的一個例子嗎？夥伴或更廣泛地交流，您可以在這些對話中進行更深層的交流，並有助於更多地了解這些對話中往往更重要的變數。

Thanks Dan.

謝謝丹。

So look, the corpus of content on it is super valuable and the old status quo.

所以你看，它上面的內容語料庫是超級有價值的，而且是舊的現狀。

So search engines, crawl us index us put us in search and everybody wins and the consumer finds content.

因此，搜尋引擎對我們進行抓取索引，將我們納入搜尋範圍，每個人都會獲勝，消費者會找到內容。

We get some users, search businesses grow and read it in that era was the most open by the way.

順便說一句，我們獲得了一些用戶，搜尋業務不斷增長，並且在那個最開放的時代閱讀它。

I think credit is still the most open of our peers.

我認為信用仍然是我們同行中最開放的。

But what's changed is folks are calling read it for training and other use cases that we can't see and so we can no longer assume intent or what Reddit data is being used for.

但改變的是，人們呼籲閱讀它以進行培訓和其他我們看不到的用例，因此我們無法再假設 Reddit 數據的意圖或用途。

And so we went from a situation of being default open to the fall are blocking crawlers.

因此，我們從預設開放的情況變成了阻塞爬蟲的情況。

Now we're still open for users.

現在我們仍然對用戶開放。

You don't even have to have an account to see Reddit, and we still make our content available for free for noncommercial use.

您甚至不需要擁有帳戶即可查看 Reddit，而且我們仍然免費提供我們的內容以供非商業用途。

And so our preference is for Reddit content to be out there to be open and indexed, but it has to come on us with important terms.

因此，我們希望 Reddit 內容能夠公開並被索引，但它必須向我們提供重要的術語。

And so we created a public content policy we really set a couple of months ago, and it basically speaks to user privacy, not using Reddit data, identify users or target ads to them.

因此，我們制定了幾個月前製定的公共內容政策，它基本上涉及用戶隱私，而不是使用 Reddit 資料、識別用戶或向他們投放廣告。

You can't resell the data because again, we want to know where Reddit data is going and what it's being used for.

你不能轉售數據，因為我們想知道 Reddit 數據的去向以及它的用途。

And so those are the terms of engagement.

這些就是參與條款。

Now we've had some big players sign up for that.

現在我們已經有一些大玩家報名參加了。

And we've had some medium and small players sign up for that as well.

我們也有一些中小型參與者報名參加。

And we still make credit available for free for researchers and noncommercial use.

我們仍然免費為研究人員和非商業用途提供信用。

And but the ecosystem has changed.

但生態系統已經改變了。

I'd say it's a dynamic market for sure.

我想說這肯定是一個充滿活力的市場。

All of our conversations are ongoing.

我們所有的談話都在進行中。

But I think as I said many times, our preference is to have relationships with everybody, but we need to be very considered of where Reddit data goes and what it's useful.

但我認為，正如我多次說過的，我們更願意與每個人建立關係，但我們需要認真考慮 Reddit 數據的去向以及它的用處。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great.

偉大的。

Thanks for the questions.

感謝您的提問。

On the developer platforms are opening up, the monetization is coming earlier than we anticipated.

隨著開發者平台的開放，貨幣化的到來比我們預期的還要早。

So can you talk a little bit more about the results from the public beta and what surprised you to the upside, for instance?

那麼您能多談談公開測試版的結果嗎？

And then Drew quickly on margin.

然後德魯很快就領先了​​。

The flow through was, I think, 76% the last couple of quarters, the midpoint of 3Q guide implies a bit of a step down or is it different comparators in both then or maybe just more broadly talk about targeted swing factors embedded in your EBITDA guide?

我認為，過去幾個季度的流量為 76%，第三季度指南的中點意味著有所下降，或者兩個季度的比較器是否不同，或者可能只是更廣泛地討論 EBITDA 中嵌入的目標波動因素指導？

Thank you.

謝謝。

Okay.

好的。

Yes.

是的。

Thanks, Ben, for the question on that platform.

謝謝 Ben 在該平台上提出的問題。

So, the data is growing nicely.

因此，數據成長良好。

So, we are in close beta for most of this year.

因此，今年的大部分時間我們都處於封閉測試階段。

We're still iterating on the technology.

我們仍在迭代該技術。

It's one of the more complex things we've built because we're effectively running user code, both on our servers and on the client side, that's in a public beta now.

這是我們建立的更複雜的東西之一，因為我們在伺服器和客戶端上有效地運行使用者程式碼，現在處於公共測試版。

We've got a few hundred developers playing with it.

我們有數百名開發人員正在使用它。

There's some cool stuff in the works some time.

有時會出現一些很酷的東西。

I'm excited to see where users take it.

我很高興看到用戶將其帶到哪裡。

Our aim for this year is to both get them.

我們今年的目標是兩者兼得。

Some of these debt platform apps kind of at scale out there.

其中一些債務平台應用程式規模較大。

I would see some fund launches scoreboards stock tickers and Rustic.

我會看到一些基金推出記分板股票行情和 Rustic。

That's things like that.

就是這樣的事情。

I'd love.

我願意。

I'd be very excited to see some of these more interactive ones, and I'll be very, very excited to see somebody builds something that we didn't anticipate and which is kind of a common story.

我會非常興奮地看到其中一些更具互動性的內容，而且我會非常非常興奮地看到有人構建了一些我們沒有預料到的東西，這是一個常見的故事。

I've read it as users surprising us.

我讀過它，因為用戶讓我們感到驚訝。

So one milestone or looking for is that, that surprise and then the other milestone we're looking for is just to connect the dots on monetization.

因此，我們正在尋找的一個里程碑是，那個驚喜，然後我們正在尋找的另一個里程碑是將貨幣化的各個點連結起來。

And so really getting an end to end a prototype where a user can actually buy something through a debit developer platform app or written by another user.

因此，真正獲得了一個端到端的原型，用戶可以透過借記開發者平台應用程式或其他用戶編寫的應用程式實際購買東西。

And so I can't promise scale or anything like that this year.

所以我不能承諾今年的規模或類似的事情。

But getting to that kind of end to end a proof of concept will be, I think, a really important milestone, but we're making nice progress towards that.

但我認為，實現這種端到端的概念驗證將是一個非常重要的里程碑，但我們正在朝著這一目標取得良好進展。

Andrew your second question was about margin and flow through Q3.

安德魯，你的第二個問題是關於第三季的利潤和流量。

Yes.

是的。

Look, it's really been a good run for the last four quarters, as you mentioned, 73%, 76 last quarter, but there's nothing enormous going on.

看，過去四個季度的運行確實不錯，正如您所提到的，73%，上個季度為 76，但沒有什麼大的事情發生。

There's a couple of things on the margin when the guide itself sort of has, I think, an incremental margin in more of the 60s range that a couple of things in between that are happening.

我認為，當指南本身在 60 年代的範圍內有一些增量裕度時，就會發生一些介於兩者之間的事情。

I mean, I think again, incremental revenues are our friends, the guides a little higher than where we were in in the second quarter 281.

我的意思是，我再次認為，增量收入是我們的朋友，指導值略高於第二季的水平 281。

So I will pick up something there which is nice.

所以我會在那裡挑選一些不錯的東西。

There's a couple of things to think about as you think about our margin structure.

當您考慮我們的利潤結構時，有幾件事需要考慮。

But again, just small stuff on the margin, a nice benefit that we got over the last 12 months has been contract prices on hosting.

但同樣，這只是邊際上的小事情，我們在過去 12 個月中獲得的一個不錯的好處是託管合約價格。

And so we signed those contracts in kind of mid third quarter last year.

因此，我們在去年第三季中期簽署了這些合約。

We've enjoyed kind of a full year of those benefits.

我們已經享受了一整年的這些好處。

You remember our gross margin 500 basis points in the second quarter.

您還記得我們第二季的毛利率為 500 個基點。

We'll start to lap that contract pricing now here in the third quarter.

我們將在第三季開始採用該合約定價。

So that will be a little bit of a we won't see the benefit that we have seen over the last four quarters on that.

因此，我們不會看到過去四個季度在這方面看到的好處。

Again, a couple of other small things on the margin the company pays raises typically in the third quarter.

同樣，公司通常會在第三季支付額外的一些小費用。

So there will be a little bit more in the cost structure there, again on the margin, small stuff.

因此，成本結構中會有更多的東西，同樣是在邊際上，小東西。

And then also we hire a bit more in the third quarter.

然後我們在第三季增加了一些員工。

Historically, we have a lot of folks that come in the folks that we've hired from universities.

從歷史上看，我們有很多人是從大學聘請的。

It typically start during that time.

它通常在那段時間開始。

So it's a little bit on the margin again.

所以這又有點邊緣化了。

So nothing huge.

所以沒什麼大不了的。

Maybe a couple of points lower.

也許會低幾個點。

We'll see sort of you can do the math around kind of what the guide margin is.

我們將看到您可以圍繞指導邊距進行數學計算。

But overall, there's nothing significant in the quarter.

但總體而言，本季沒有什麼重大的事情。

There's a little bit also in the model for business translation, right so we're starting to translate, as Steve said, some of the markets into foreign languages.

商業翻譯模型中也有一些內容，所以我們開始將一些市場翻譯成外語，正如史蒂夫所說。

There's some hosting costs associated with that as well.

還有一些與此相關的託管成本。

So those are things, but there's no huge change right now in the margin structure.

這些就是事情，但目前利潤結構沒有巨大的變化。

Alan Gould, Loop Capital.

艾倫·古爾德，Loop Capital。

Thanks for taking the questions.

感謝您提出問題。

I've got two.

我有兩個。

First, what impact has Olympics and political has historically had for you on users' engagements, I'm assuming not much on revenue.

首先，奧運和政治歷來對用戶的參與度產生了哪些影響，我假設對收入影響不大。

And the second one for Drew.

第二個是給德魯的。

Is that cash guide that you or the cash goal of $800 million to $1 billion is significantly less than what you have now.

您的現金指南或 8 億至 10 億美元的現金目標是否比您現在擁有的要少得多？

I'm assuming that's a multiyear period to get to that.

我假設這需要多年的時間才能實現。

Okay.

好的。

Thanks, Alan.

謝謝，艾倫。

First question, certainly moments in the world that are humans for Olympics elections and your major sporting events like the Super Bowl has been a big one on Reddit and what we've seen, and we've seen this for a long time is there's always some Subrata on Reddit that's having some of that, you know, twice as large as they were yesterday or sometimes significantly more.

第一個問題，當然，世界上人類參與奧運選舉的時刻，以及像超級盃這樣的重大體育賽事一直是Reddit 上的一個大事件，我們所看到的，而且我們已經看到這一點很長時間了，總是有Reddit 上的一些 Subrata 的一些內容，你知道，是昨天的兩倍，有時甚至更多。

But when you zoom out, our traffic doesn't fluctuate that much because there are many thousands of cigarettes.

但當你縮小時，我們的流量波動並沒有那麼大，因為有數千支香菸。

And so somebody's always having a moment, somebody's always growing, but our traffic is actually pretty steady on that despite kind of feeling that activity on the Internet or even feeling it on Reddit, Jen, is there anything to add from a revenue point of view around these events?

所以有人總是有時刻，有人總是在成長，但我們的流量實際上相當穩定，儘管在互聯網上甚至在 Reddit 上感受到了這種活動，Jen，從收入的角度來看有什麼可以增加的嗎圍繞這些事件？

No, we don't play in political ad to there's not a bump from them on a narrow focus for us.

不，我們不參與政治廣告，因為他們不會對我們的狹隘關注造成影響。

And I don't want that everyone takes, I think, track to see what you just said, which is there's always these moments happening already, but overall, they kind of smoothed out, and that's how it reflects in the revenue.

我認為，我不希望每個人都追蹤看看你剛才所說的，這些時刻總是已經發生，但總的來說，它們有點平滑，這就是它在收入中反映出來的方式。

Those are opportunities, sales opportunities, but they tend to smooth out because there's moments happening in different parts of, right.

這些都是機會，銷售機會，但它們往往會被平滑掉，因為不同的部分都會發生一些時刻，對吧。

It dropped the year.

年份就掉下來了。

And then final question, Mr. Drew,

最後一個問題，德魯先生，

Unlike on the cash side, You're right, Alan, thanks for the question. $800 million to $1 billion is how we think about things over the medium term.

與現金方面不同，你是對的，艾倫，謝謝你的提問。 8 億至 10 億美元是我們對中期問題的看法。

We wanted to dimensionalize the cash that we have in the balance sheet right now at 1.7, I gave you a sense and kind of the cash flow over the last couple of quarters, which has been positive and nice.

我們想要將資產負債表中目前的現金規模化為 1.7，我向您介紹了過去幾季的現金流，這是正面且良好的。

So the cash is starting to build.

因此，現金開始增加。

We also wanted to give you a sense on how we think about the priorities here.

我們也想讓您了解我們如何看待這裡的優先事項。

The first priority will be and continues to be investing in the business.

首要任務將是並將繼續投資於業務。

There aren't huge ideas right now from a capital investment perspective.

從資本投資的角度來看，目前還沒有什麼偉大的想法。

And so we're also starting to look at M&A.

因此我們也開始考慮併購。

You saw tuck-in memorable in the quarter.

你在這個季度看到了令人難忘的吃東西的經歷。

So there's money available for that.

所以有錢可以做到這一點。

And then sort of we will start to think about share repurchases as we as we move forward as well.

然後，隨著我們的前進，我們也會開始考慮股票回購。

So those are sort of the capital priorities.

所以這些都是資本優先。

I think of $800 million to $1 billion is sort of how we look at our business from a stress test perspective.

我認為 8 億到 10 億美元是我們從壓力測試的角度看待我們的業務的方式。

We think that's the right amount of cash.

我們認為這是適量的現金。

Obviously, we have a credit facility behind it, too.

顯然，我們背後也有信貸安排。

So I think the company has a lot of capitalization and this certainly has liquidity to do it at once, but I wanted to start to dimensionalize a little bit for you how we think about what cash might be available for things like M&A and share repurchases in the future.

因此，我認為該公司擁有大量資本，當然有流動性可以立即做到這一點，但我想開始為您詳細說明我們如何考慮哪些現金可用於併購和股票回購等事情未來。

Great.

偉大的。

Thanks, Crista, and thanks, everyone, for joining, and we'll look forward to keeping the dialogue open take care.

謝謝 Crista，也謝謝大家的加入，我們期待保持對話的開放性，保重。

Thank you, and this concludes today's conference call.

謝謝大家，今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。