Reddit Inc (RDDT) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Rob and I'll be your conference operator today.

我叫羅布，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to Reddit's Third Quarter 2024 earnings call.

歡迎大家參加 Reddit 2024 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you.

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 begin your conference.

您可以開始您的會議了。

Thank you, Rob.

謝謝你，羅布。

Good afternoon, everyone.

大家下午好。

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

歡迎參加 Reddit 2024 年第三季財報電話會議。

Joining me today are Steve Huffman, Reddit's co founder and CEO Jen Wong Reddit COO and Drew Valero Reddit CFO.

今天和我一起的還有 Reddit 聯合創始人兼執行長 Steve Huffman、Reddit 營運長 Jen Wong 和 Reddit 財務長 Drew Valero。

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, information concerning risks, uncertainties and other factors that could cause these results to differ is included in our sec filings.

實際結果可能與這些前瞻性陳述預期的結果有重大差異，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已包含在我們的 SEC 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 statement.

我們不承擔修改或更新任何前瞻性聲明的義務。

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 GAAP 和非 GAAP 財務指標。

Reconciliation of GAAP to Non-GAAP financial measures is set forth in our letter to shareholders.

我們致股東的信中闡述了 GAAP 與非 GAAP 財務指標的調整。

Our third quarter letter to shareholders and accompanying earnings press release are available on our investor relations website, investor.redditinc.com and investor relations subreddit, r/rddt.

我們第三季致股東的信函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 和投資者關係 subreddit、r/rddt 上取得。

And 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。

Hey, everyone, thank you for joining and welcome to our third quarter earnings call.

大家好，感謝您的加入並歡迎參加我們的第三季財報電話會議。

I'm excited to share that Q3 was a landmark quarter for Reddit.

我很高興與大家分享，第三季對 Reddit 來說是個具有里程碑意義的季度。

We averaged over 97 million DAUQ an increase of 47% from last year.

我們平均 DAUQ 超過 9700 萬，比去年增長 47%。

And for the first time, we exceeded 100 million DAQU few times during the quarter, which has been a long standing milestone for us.

本季我們首次突破 1 億大曲，這對我們來說是一個長期的里程碑。

Our Q2 revenue grew 68% year-over-year, and I'm proud to announce that we also achieved GAAP profitability.

我們第二季的營收年增 68%，我很自豪地宣布我們也實現了 GAAP 獲利能力。

Reddit's influence continues to grow across the broader internet in 2024, so far, the word Reddit was the sixth most googled word in the United States underscoring that when people are looking for answers, advice or community, they seek out reddit specifically.

到2024 年，Reddit 在更廣泛的互聯網上的影響力將繼續增長，到目前為止，Reddit 這個詞是美國谷歌搜尋次數第六多的詞，這突顯出當人們尋找答案、建議或社區時，他們會專門尋找Reddit。

We saw this play out in real time when the White House came to Reddit to share critical information during the recent hurricanes, they used our Reddit pro tools to identify the right communities to reach people affected by these events.

當白宮在最近的颶風期間來到 Reddit 分享關鍵訊息時，我們即時看到了這一情況，他們使用我們的 Reddit 專業工具來確定合適的社區來接觸受這些事件影響的人。

In fact, thousands of businesses are now using reddit pro including the MLB and NFL.

事實上，包括 MLB 和 NFL 在內的數千家企業現在正在使用 reddit pro。

We're using it to share exclusive content with communities.

我們用它與社區分享獨家內容。

We continue to see more businesses and organizations come to REDDIT to find their audience.

我們不斷看到越來越多的企業和組織來到 REDDIT 尋找受眾。

We remain focused on making reddit the best place on the internet for conversations and community, which means quite simply, we're continuously improving the user experience by making discovery easier, making the platform faster and smarter, enabling seamlesss contribution and simplifying moderation.

我們仍然致力於使Reddit 成為網路上對話和社群的最佳場所，這意味著我們將透過讓發現變得更容易、使平台更快、更聰明、實現無縫貢獻和簡化審核來不斷改善用戶體驗。

A few highlights from the quarter include our conversation pages.

本季度的一些亮點包括我們的對話頁面。

Conversation page views exceeded 90 billion growing 40% year-over-year in Q3, as users are getting into the conversations faster and more often.

第三季對話頁面瀏覽量超過 900 億次，年增 40%，因為用戶更快、更頻繁地進入對話。

We refreshed the ask me anything or AMA product which led to a five fold increase in the number of AMA's created in the new format.

我們更新了「問我任何問題」或 AMA 產品，這使得以新格式創建的 AMA 數量增加了五倍。

And we launched better tools for posting that have both increased posts and reduced moderator removals which makes a better experience for everybody.

我們推出了更好的發文工具，既增加了發文數量，又減少了版主刪除次數，為每個人帶來了更好的體驗。

And as for growing beyond the United States, our efforts here are proving successful.

至於在美國以外的發展，我們在這裡的努力被證明是成功的。

International DAU grew 44% year-over-year, led by 53% growth in our focus markets, most notably in France, India and the Philippines.

國際 DAU 年成長 44%，其中我們的重點市場（尤其是法國、印度和菲律賓）成長了 53%。

This year, we started using AI to translate Reddit's corpus into other languages, making it more accessible for non-English speakers to enjoy in their native languages.

今年，我們開始使用人工智慧將 Reddit 的語料庫翻譯成其他語言，讓非英語人士更容易用母語欣賞。

After promising results with French in the first half of this year, we expanded our coverage to include Spanish, Portuguese, Italian and German.

繼今年上半年法語取得可喜成果後，我們將涵蓋範圍擴大到西班牙語、葡萄牙語、義大利語和德語。

This quarter, machine translation drove four times more users than last quarter.

本季度，機器翻譯帶來的使用者數量是上季的四倍。

And based on the success we've seen so far, we plan to expand machine translation to over 30 countries through 2025.

基於迄今為止所取得的成功，我們計劃在 2025 年將機器翻譯擴展到 30 多個國家。

As Reddit becomes a truly global platform, we are focused on ensuring everyone regardless of their language can participate in and benefit from the community on Reddit.

隨著 Reddit 成為一個真正的全球平台，我們致力於確保每個人，無論其語言如何，都可以參與 Reddit 社群並從中受益。

Looking ahead, improving the search experience on Reddit is a key part of our strategy.

展望未來，改善 Reddit 上的搜尋體驗是我們策略的關鍵部分。

We want to ensure that all users have the best experience possible.

我們希望確保所有用戶都能獲得最佳體驗。

This includes users coming to Reddit from external search and those searching directly on reddit.

這包括透過外部搜尋存取 Reddit 的用戶以及直接在 Reddit 上搜尋的用戶。

We're looking for recommendations on what to buy, what to watch or what products or services are the best.

我們正在尋找關於買什麼、看什麼或什麼產品或服務最好的建議。

We know many users are looking for more than just answers.

我們知道許多用戶尋求的不僅僅是答案。

They're looking for authentic real world insights and advice from the communities on Reddit.

他們正在 Reddit 社群中尋找真實的現實世界見解和建議。

So we're focused on making the experience of finding relevant conversations and content on Reddit easier and more intuitive.

因此，我們致力於讓在 Reddit 上尋找相關對話和內容的體驗變得更輕鬆、更直覺。

Continuing to look to 2025 and beyond, we'll seek opportunities to accelerate our road map, whether through new product developments, global expansion or growing our ads business, all while maintaining our commitment to scaling profitably and ensuring that Reddit continues to be the go to place for conversations and community on the internet.

繼續展望 2025 年及以後，我們將尋求機會加快我們的路線圖，無論是透過新產品開發、全球擴張還是發展我們的廣告業務，同時保持我們對盈利擴展的承諾並確保 Reddit 繼續成為熱門在互聯網上進行對話和社區的地方。

Thank you again for being a part of this exciting journey with us and I'll hand it over to Jen.

再次感謝您參與我們這段激動人心的旅程，我將把它交給 Jen。

Thanks, Steve.

謝謝，史蒂夫。

Hello, everyone.

大家好。

It was a strong quarter for Reddit as our unique proposition and core platform improvements are driving differentiated growth.

對於 Reddit 來說，這是一個強勁的季度，因為我們獨特的主張和核心平台的改進正在推動差異化成長。

Total revenue.

總收入。

In Q3 grew 68% year-over-year to $348.4 million.

第三季年增 68% 至 3.484 億美元。

The advertising business grew 56% year over year to $315.1 million driven by strong growth across objectives, channels, verticals and geographies.

在目標、通路、垂直產業和地理的強勁成長的推動下，廣告業務年增 56%，達到 3.151 億美元。

Let me discuss my, discuss our ad revenue drivers in more detail.

讓我更詳細地討論我們的廣告收入驅動因素。

We saw strong year over year growth in impressions from higher user growth, more efficient ad load and expansion of conversation placement ads, while pricing was mostly consistent with the prior year revenue across the funnel accelerated year-over-year.

我們看到，由於更高的用戶成長、更有效率的廣告負載和對話置入廣告的擴展，展示次數同比增長強勁，而定價與上一年的收入基本一致，整個管道的收入逐年加速。

We continue to deliver more value to our customers by improving ad performance particularly in the middle and lower funnel, which is two thirds of our road map performance revenue from mid and lower funnel objectives drove more than half the growth in the quarter and accounted for about 60% of total advertising revenue.

我們持續透過改善廣告效果，特別是在中下漏斗中的廣告效果，為客戶提供更多價值，這是我們路線圖效果收入的三分之二來自中下漏斗目標，推動了本季度一半以上的成長，並占到了約佔廣告總收入的60%。

We more than doubled the number of clicks this quarter.

本季我們的點擊次數增加了一倍以上。

As we continue to enhance our lower funnel capabilities.

隨著我們繼續增強我們的下漏斗能力。

We saw continued momentum across channels.

我們看到跨渠道的持續勢頭。

The scaled business including mid market and S&B customers grew over 80% year to year and continues to be an area of investment.

包括中端市場和 S&B 客戶在內的規模化業務年增超過 80%，並且仍然是一個投資領域。

This was largely driven by managed clients where we provide service.

這主要是由我們提供服務的託管客戶所推動的。

We saw strength across verticals, led by auto consumer goods, financial services and pharmaceuticals, all adding new clients and lines of business in Q3.

我們看到了以汽車消費品、金融服務和製藥為首的各個垂直行業的實力，這些行業都在第三季度增加了新客戶和業務線。

And total international revenue grew 57% year-over-year as we saw strength in the EMEA markets across both large and midsized customers.

由於我們看到歐洲、中東和非洲市場的大中型客戶表現強勁，國際總收入較去年同期成長 57%。

In our ad stack, we continue to focus on: number one, driving performance of our ad solutions across the funnel; two, improving usability for our advertisers and productivity for our sales force; and three offering our advertisers, Reddit-unique solutions and creative.

在我們的廣告堆疊中，我們繼續關注：第一，推動整個管道的廣告解決方案的表現；第二，提高廣告商的可用性和銷售人員的生產力；第三是為我們的廣告商提供 Reddit 獨特的解決方案和創意。

I'll discuss our progress in each.

我將討論我們在每個方面的進展。

So first driving performance of our ad solutions, we continue to invest in delivery formats and measurement and optimization products across the funnel.

因此，首先要提高我們的廣告解決方案的效能，我們將繼續投資於整個管道的投放格式以及衡量和優化產品。

We saw nearly 50% growth in the number of conversions in Q3 versus Q2, and advertisers are adopting our automation tools including auto bidding.

我們看到第三季的轉換次數比第二季成長了近 50%，廣告主正在採用我們的自動化工具，包括自動出價。

We continue to drive CAPI adoption and expand our partner ecosystem.

我們繼續推動 CAPI 的採用並擴展我們的合作夥伴生態系統。

We saw over 2X more advertisers adopt cap this quarter versus Q2.

我們發現本季採用上限的廣告客戶數量比第二季增加了 2 倍以上。

We also expanded our ads AP I offering and ecosystem with the launch of our custom audience AP I which allows advertisers to target their audience from their customer data platforms on Reddit.

我們還推出了自訂受眾 API I，從而擴展了我們的廣告 API I 產品和生態系統，該 API 允許廣告商從 Reddit 上的客戶資料平台定位受眾。

Our partnerships with Tealium mParticle and Action IQ now include both CAPI and custom audience capabilities.

我們與 Tealium mParticle 和 Action IQ 的合作夥伴關係現在包括 CAPI 和自訂受眾功能。

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

其次，提高廣告商的可用性和銷售人員的生產力。

Over the course of the year, we invested across a few broad categories.

在這一年裡，我們投資了幾個大類。

Ads manager improvements that consolidate steps and remove manual work from campaign creation automation tools that make it easier to create performance campaigns and reduce the need for manual optimization.

廣告管理器的改進可整合步驟並消除行銷活動創建自動化工具中的手動工作，從而更輕鬆地創建效果行銷活動並減少手動優化的需要。

For example, multi placement optimization with auto bidding automatically sets bids and placement to maximize performance.

例如，使用自動出價的多展示位置最佳化會自動設定出價和展示位置，以最大限度地提高效果。

We're seeing over 90% adoption of this feature across lower funnel campaigns.

我們看到超過 90% 的漏斗下層行銷活動採用了此功能。

And AI driven workflows for our sales force to extract product insights from customer interactions and streamline sales support with an AI-powered knowledge base.

人工智慧驅動的工作流程讓我們的銷售人員能夠從客戶互動中提取產品見解，並透過人工智慧驅動的知識庫簡化銷售支援。

We also continue investing in brand safety and recently launched pre-bid protection with IS, which will expand our partnership to include brand safety and viewability reporting in the coming months.

我們也繼續投資於品牌安全，最近與 IS 啟動了出價前保護，這將在未來幾個月擴大我們的合作夥伴關係，包括品牌安全和可見度報告。

And third offering our advertisers, Reddit-unique solutions and creatives.

第三，為我們的廣告商提供 Reddit 獨特的解決方案和創意。

In Q3, we launched a refreshed design of our Reddit-unique ads, product conversation ads driving double digit improvements in conversion rate.

在第三季度，我們推出了 Reddit 獨特廣告的全新設計，產品對話廣告推動了轉換率兩位數的提升。

We continue to test a placements within the comments as we expand inventory and improve performance on the surface.

隨著我們擴大庫存並提高表面性能，我們將繼續測試評論中的展示位置。

In the near term, we anticipate this could reach up to mid-single digit of total impressions.

在短期內，我們預期總展示次數可能會達到中個位數。

Next, I'll shift to our data licensing business.

接下來，我將轉向我們的資料授權業務。

We continue to address the data licensing opportunity are and are in contact with a small set of potential partners.

我們正在繼續解決數據許可機會，並且正在與一小部分潛在合作夥伴進行聯繫。

Other revenue was $33.2 million in Q3 driven by data licensing partnerships we signed earlier in the year in Q3, we entered into a new partnership with Meltwater A media and social intelligence company, Meltwater accesses Reddit its content through our data API which allows our customers to uncover brand insights, monitor industry trends and tap into the discussions happening on the platform.

第三季的其他收入為3,320 萬美元，這得益於我們在今年第三季早些時候簽署的數據許可合作夥伴關係，我們與媒體和社交情報公司Meltwater 建立了新的合作夥伴關係，Meltwater 透過我們的數據API 存取Reddit 的內容，這使我們的客戶能夠發現品牌洞察、監控行業趨勢並利用平台上發生的討論。

Looking ahead the landscape continues to evolve and we have limited visibility into the timing of additional partnerships.

展望未來，情況持續發展，我們對更多合作夥伴關係的時間安排的了解有限。

We are focused on ensuring the end customers of our partners continue to see value in their content and meeting up time and delivery expectations for existing data partners.

我們致力於確保合作夥伴的最終客戶繼續看到其內容的價值，並滿足現有數據合作夥伴的時間和交付期望。

Overall, this was another strong quarter for Reddit and we are pleased with the traction we're seeing in the business.

總體而言，這是 Reddit 又一個強勁的季度，我們對業務的吸引力感到滿意。

I want to mention a recent key addition to our sales leadership team, Mike Romoff our new Chief Revenue Officer.

我想提一下我們銷售領導團隊最近新增的一位重要成員，也就是我們新任首席營收長 Mike Romoff。

Mike is a proven leader and brings a strong track record of sales partnerships and operational leadership from Google and LinkedIn.

Mike 是一位久經考驗的領導者，在 Google 和 LinkedIn 的銷售合作夥伴關係和營運領導方面擁有良好的記錄。

Mike will lead all of our sales and sales support functions reporting directly to me with Mike on board.

麥克將領導我們所有的銷售和銷售支援職能，並直接向我匯報，麥克也在場。

Our strategy remains the same to help customers grow their businesses on Reddit through our full funnel solution built on our leadership in contextual and interest based advertising.

我們的策略保持不變，即透過基於我們在上下文和基於興趣的廣告領域的領先地位而構建的完整管道解決方案，幫助客戶在 Reddit 上發展業務。

Looking ahead to Q4, the current industry environment feels stable and we are benefiting from structural improvements we have made to the core ad business that have sustained differentiated growth over the past quarters.

展望第四季度，目前的行業環境較為穩定，我們受益於核心廣告業務的結構性改善，在過去幾季中保持了差異化成長。

We are monitoring for any potential impact from the upcoming elections and we remain focused on our strategies and execution.

我們正在監測即將到來的選舉的任何潛在影響，並繼續關注我們的策略和執行。

Thank you all for joining for your continued support.

感謝大家的加入以及一直以來的支持。

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 Jen，大家下午好。

If three points make a trend, the business trends remain strong for Reddit in the third quarter as we deliver on our key financial goal, namely scale profitably.

如果三點構成趨勢，那麼隨著我們實現關鍵財務目標（即獲利規模），Reddit 第三季的業務趨勢仍然強勁。

The main financial headline for Q3 is likely that Reddit reached break even on a GAAP basis, which has been an important internal goal.

第三季的主要財務標題可能是 Reddit 在 GAAP 基礎上實現收支平衡，這是一個重要的內部目標。

Net income was $30 million up $40 million sequentially, but with a closer look, this quarter featured a number of encouraging signs of strength and key enablers to achieve GAAP profitability.

淨利潤為 3000 萬美元，比上一季增加 4000 萬美元，但仔細觀察就會發現，本季度出現了許多令人鼓舞的強勁跡象和實現 GAAP 盈利能力的關鍵推動因素。

Let me outline three areas where the company really shined first, accelerating revenue growth to 68%.

讓我概述一下該公司最先表現出色的三個領域，將營收成長加速至 68%。

Second, strong gross margins of 90% and strong adjusted EBITDA margins of 27% and third strong free cash flow of $70 million.

其次，毛利率高達 90%，調整後 EBITDA 利潤率高達 27%，第三，自由現金流高達 7,000 萬美元。

Let me expand a bit on each first revenues grew 68% year over year.

讓我詳細介紹一下第一批營收年增 68% 的情況。

A meaningful acceleration from 54% in Q2 and 48% in Q1 driven by a ramp and ad revenue which grew 56% year over year in Q3, up 15% points sequentially, let me summarize three key drivers for revenue acceleration.

在第三季廣告營收年增56%、季增15% 的推動下，營收成長速度較第二季的54% 和第一季的48% 顯著加快，讓我總結一下營收加速的三個關鍵驅動因素。

First overall, the investments in new ad products and the additional resources for our sales team are working well and we're seeing solid early traction with our customers.

首先，總體而言，對新廣告產品的投資以及我們銷售團隊的額外資源運作良好，我們看到了對客戶的早期吸引力。

Second, we saw strong gains and ad impressions which continue to fuel our growth.

其次，我們看到了強勁的收益和廣告印象，這繼續推動我們的成長。

All year long pricing growth for Q3 was about flat year-over-year.

第三季全年價格成長與去年同期基本持平。

Whereas for the first half of the year, it was slightly down year over year, a contributor to pricing was improved.

儘管上半年同比略有下降，但對定價的貢獻有所改善。

A performance and value delivery for advertisers as cost per click declined while click through rates increased third across our channel portfolio.

由於每次點擊成本下降，而點擊率在我們的管道組合中排名第三，因此為廣告商帶來了績效和價值交付。

We saw broad strength, more than half our verticals grew over 50% year over year with some growing more than 100%.

我們看到了廣泛的優勢，超過一半的垂直行業同比增長超過 50%，其中一些增長超過 100%。

While revenues were accelerating, total adjusted cost growth continues to be modest, up 19% in Q3, less than 1/3, the rate of revenue growth.

雖然營收加速成長，但調整後總成本成長仍溫和，第三季成長 19%，不到營收成長率的 1/3。

Q3 growth and total adjusted cost was sequentially higher than the 11% in Q2.

第三季的成長和調整後總成本較上季高於第二季的 11%。

Reflecting in part the growth investments, fueling the revenue acceleration in Q3 total adjusted costs for $254 million up $13 million sequentially but down as a percentage of revenue from 86% last quarter to 73% this quarter.

部分反映成長投資，推動第三季營收加速成長，調整後總成本為 2.54 億美元，比上一季增加 1,300 萬美元，但佔營收的百分比從上季的 86% 降至本季的 73%。

Our adjusted cost of revenue remained efficient with gross margins exceeding 90% for Q3 of 280 bps year-over-year.

我們調整後的營收成本保持高效，第三季毛利率超過 90%，年增 280 個基點。

We saw tailwinds from incremental revenue growth coupled with cloud hosting efficiencies which more than offset hosting cost increases from user and a growth and investments in ML to support our consumer platform and a performance.

我們看到了收入增量成長和雲端託管效率帶來的推動力，這遠遠抵消了用戶託管成本的增加，以及支持我們的消費者平台和效能的機器學習的成長和投資。

Adjusted operating expenses were up 17% year-over-year.

調整後營運費用年增 17%。

In Q3, slightly higher, sequentially driven primarily by rising people costs and machine translation costs.

第三季略有上升，主要是由人力成本和機器翻譯成本上升所推動的。

People costs were higher, in Q3 driven by our yearly merit cycle and hire rate.

在我們的年度績效週期和僱用率的推動下，第三季的人員成本較高。

Total head count was up 4% sequentially and 7% year-over-year, slightly higher than last quarter.

總人數較上季成長 4%，年增 7%，略高於上季。

Due to the seasonal build from college graduate hiring from our engineering teams in the quarter, we launched machine translation in five countries with potentially 30 more on the road map.

由於本季我們工程團隊招募的大學畢業生的季節性成長，我們在 5 個國家推出了機器翻譯，路線圖上可能還有 30 個國家。

Our translation efforts to date have been cost efficient as the translation cost for each language was less than a million dollars per language.

到目前為止，我們的翻譯工作一直具有成本效益，因為每種語言的翻譯成本不到一百萬美元。

This quarter and total spend was less than 1% of revenue.

本季總支出不到收入的 1%。

We'll continue to test how much content to translate with strong revenue growth and modest cost growth.

我們將繼續測試在收入強勁增長和成本適度增長的情況下需要翻譯多少內容。

It's not surprising the financials continue to reflect in a very positive way.

財務狀況繼續以非常積極的方式反映並不奇怪。

Q3 adjusted EBITDA was $94 million, a 27% adjusted EBITDA margin.

第三季調整後 EBITDA 為 9,400 萬美元，調整後 EBITDA 利潤率為 27%。

That's nearly double our Q2 margin of 14% adjusted EBITDA was $101 million higher than prior year driven in large part by a 72% flow through on incremental revenues.

這幾乎是我們第二季利潤率的兩倍，調整後的 EBITDA 為 14%，比去年同期高出 1.01 億美元，這在很大程度上是由於 72% 的增量收入帶來的。

Marking the fourth time in the last five quarters, over 70%.

這是過去五個季度中第四次超過 70%。

That's solid cost leverage.

這是堅實的成本槓桿。

Our key focus is to turn profitability into cash flow operating cash flow was $72 million, a $79 million positive change from a year ago.

我們的重點是將獲利能力轉化為現金流 營運現金流為 7,200 萬美元，比一年前有 7,900 萬美元的積極變化。

For the first three quarters of the year operating cash flow was $132 million.

今年前三季的營運現金流為 1.32 億美元。

Our CapEx remains very light, less than $2 million in the quarter and less than 1% of revenue.

我們的資本支出仍然非常少，本季不到 200 萬美元，佔收入的比例不到 1%。

Free cash flow for Q3 was $70 million and $127 million to date free cash flow was 20% of revenue for Q3 which is great to see cash in the balance sheet ended at $1.74 billion up $46 million.

第三季的自由現金流為7,000 萬美元，迄今為1.27 億美元，自由現金流佔第三季收入的20%，很高興看到資產負債表中的現金最終達到17.4 億美元，增加了4,600萬美元。

Sequentially, it was particularly encouraging to see we could both grow our cash balances and return capital.

因此，看到我們既能增加現金餘額又能回饋資本，真是令人鼓舞。

In Q3, Reddit executed a net settlement where the tax withholding for employee shares vested in the quarter overall reddit net settled $1.2 million shares at a cost of $66 million.

第三季度，Reddit 執行了一項淨額結算，其中，本季 Reddit 整體淨結算額為 120 萬美元，成本為 6,600 萬美元。

This strategy helped to lower dilution for employee vesting in the quarter relatedly, the total number of diluted fully diluted shares outstanding in Q3 was $206 million, up 0.7% sequentially and 1.3% for the year excluding the IPO.

這項策略有助於降低本季員工歸屬的稀釋度，第三季稀釋後的完全稀釋流通股總數為 2.06 億美元，比上一季成長 0.7%，不包括 IPO 的全年成長 1.3%。

We're pacing well, against our medium term goal of 2% to 3% solution for the year stock based compensation in Q3 was $83 million, about 24% of revenue in line with peers at this scale.

我們的中期目標是實現 2% 至 3% 的解決方案，今年第三季基於股票的薪酬為 8,300 萬美元，約佔收入的 24%，與同等規模的同行一致，我們進展順利。

In the quarter, net income was $30 million or $0.18 per basic share and $0.16 per diluted share.

本季淨利為 3,000 萬美元，即每股基本收益 0.18 美元，每股稀釋收益 0.16 美元。

This was a positive change from the prior year where both basic and diluted earnings per share were negative $.0.13. As we look ahead, we'll share our internal thoughts on revenue and adjusted EBIDA for the fourth quarter where we have the greatest visibility

與前一年相比，這是一個積極的變化，去年基本每股收益和稀釋每股收益均為負 0.0.13 美元。展望未來，我們將分享我們對第四季度收入和調整後息稅折舊攤銷前利潤 (EBIDA) 的內部想法，我們對第四季度的可見度最高

.

。

In the fourth quarter, we estimate revenue in the range of $385 million to $400 million representing 54% to 60% year-over-year revenue growth with a midpoint of 57% adjusted EBITDA in the range of $110 million to $125 million representing a 30% adjusted EBITDA margin at the midpoint.

我們預期第四季的營收將在3.85 億美元至4 億美元之間，年收入成長54% 至60%，調整後EBITDA 中點為57%，介於1.1 億美元至1.25 億美元之間，較去年同期成長30 %。

Let me close with this thought on areas for financial focus in the near term.

讓我以近期財務重點領域的想法作為結束語。

Historically, Q4 has been our largest revenue quarter of the year.

從歷史上看，第四季是我們一年中收入最高的季度。

So we're focused on execution, medium and longer term Reddit is scaling profitably and financially.

因此，我們專注於執行力，從中長期來看，Reddit 正在實現盈利和財務上的擴展。

We are focused on turning differentiated revenue growth, high margins and low CapEx into meaningful cash flow generation.

我們致力於將差異化的收入成長、高利潤率和低資本支出轉化為有意義的現金流產生。

Let me turn the call back over Steve.

讓我把電話轉給史蒂夫。

Thank you, Drew.

謝謝你，德魯。

Okay.

好的。

We're going to start with a few questions from our community that were asked in the RDDT subreddit to the folks who are in that subreddit asking questions.

我們將從社群中在 RDDT subreddit 中向在該 subreddit 中提問的人們提出的一些問題開始。

Thank you.

謝謝。

There's a ton of great questions in there.

裡面有很多很好的問題。

I'm going to do two now and then Jen Drew and I will do a bunch of others that will record later after our call today.

我現在要做兩個，然後 Jen Drew 和我會做很多其他的，這些將在我們今天通話後稍後錄製。

So first question "with the White House having an official account.

所以第一個問題「白宮有一個官方帳戶。

Now, would it be able to get more official accounts from government officials slash agencies for getting information out to people?

現在，它是否能夠從政府官員那裡獲得更多的官方帳號，並削減向人們傳播訊息的機構？

What will Reddit be doing to help expand that process?

Reddit 將採取哪些措施來幫助擴大這項進程？

"

」

So big picture, we want businesses, brands, creators, people to be able to have an official presence on Reddit.

整體而言，我們希望企業、品牌、創作者和人們能夠在 Reddit 上擁有官方形象。

And so this is, you can see the beginnings of this work with our work with Reddit Pro And some of these official accounts, I think prior to this, there's been no place for a business or entity or even a creator to call their home on Reddit.

所以，你可以從我們與 Reddit Pro 的合作中看到這項工作的開始。

And so, I think that has been historically a GAAP in our product and we need a place for them to be as a launching pad or that's the from the communities themselves as a as a launching pad for getting into communities.

因此，我認為這在歷史上一直是我們產品中的公認會計原則，我們需要一個地方讓它們成為啟動板，或者將社區本身作為進入社區的啟動板。

And so we want Reddit to be a space for everyone and we need it to be kind of well labeled and intentional.

因此，我們希望 Reddit 成為每個人的空間，並且我們需要它有良好的標籤和故意。

So we've got a lot of businesses in there already over the course of this year and seeing The White House on Reddit is really exciting and particularly in the way they use reddit, which was to reach people in local communities to give them timely information and updates.

今年，我們已經有很多企業入駐，在 Reddit 上看到白宮確實令人興奮，特別是他們使用 Reddit 的方式，即聯繫當地社區的人們，為他們提供及時的信息和更新。

So thanks for that question.

謝謝你提出這個問題。

Next question.

下一個問題。

Is basically the Google question.

基本上就是谷歌的問題。

"One thing that worries me is quote Google giveth Google taketh dynamic particularly with logged out DAU growth.

「讓我擔心的一件事是引用 Google 給出的 Google 動態，特別是註銷 DAU 的成長。

I guess most of us would be expecting logged in to be outgrowing, logged out, but logged in is at 27% while logged out is at 70% even the two-year stacks, the logged-out DAU crushes.

我想我們大多數人都會期望登入人數會成長，註銷，但登入比例為 27%，而登出比例為 70%，即使是兩年的堆疊，註銷 DAU 也會崩潰。

My questions are, what are the dynamics of those users?

我的問題是，這些用戶的動態是什麼？

It would be good if you could have some color on the conversion of them, if they showed intention on the Google queries, etcetera.

如果你能對它們的轉換有一些了解，如果它們在谷歌查詢上表現出意圖，等等，那就太好了。

And how much should we worry about Google diverting traffic in the future?

未來我們應該對谷歌分流有多少擔憂？

Also, if you can comment on the famous essay, Google is dying and people are pending right into the queries."

另外，如果你能評論這篇著名的文章，谷歌正在消亡，人們正在等待查詢。

Okay.

好的。

Thank you for the question.

謝謝你的提問。

Look, we've long had we've long had a I think symbiotic relation, symbiotic relationship with Google and the Google search platform specifically.

看，我認為我們長期以來一直與谷歌，特別是與谷歌搜尋平台有著共生關係。

So I think if you look within the Google traffic, there's a couple of big classes of users that I think are important important to recognize.

因此，我認為，如果您查看 Google 流量，您會發現有幾大類用戶需要識別。

So, the first are people who go to Google with the intention of ending up on red.

所以，第一類人就是那些以紅色收場而去谷歌的人。

So in that stat I mentioned in my opening remarks, we're seeing a lot of those users, reddit is the sixth most searched word on Google in the US this year.

因此，在我在開場白中提到的統計數據中，我們看到了很多這樣的用戶，reddit 是今年美國谷歌搜尋次數第六多的詞。

And so those are people literally typing the word Reddit into Google.

這些人實際上是在 Google 中輸入 Reddit 這個字。

So they know they're going to end up on Reddit.

所以他們知道他們最終會出現在 Reddit 上。

They're using in this case, Google to navigate reddit.

在本例中，他們使用 Google 來瀏覽 reddit。

The second class of users is users who are running maybe a more general search on Google and then ending up on Reddit also valuable.

第二類用戶是在 Google 上運行更一般的搜索，然後最終在 Reddit 上進行搜索的用戶，這些搜索也很有價值。

And so we think of these users as this is an opportunity to teach people that reddit has the answers to their questions.

因此，我們認為這些用戶是一個機會，讓人們知道 Reddit 可以解答他們的問題。

And so in that case, it's a great source of new users and a great opportunity to kind of show a new audience what Reddit is all about.

因此，在這種情況下，它是新用戶的重要來源，也是向新受眾展示 Reddit 的全部內容的絕佳機會。

It's true.

這是真的。

The algorithm does kind of come and go give it and take it away as you say.

正如你所說，該演算法確實有點來來去去，給予它並帶走它。

So you'll never hear us celebrate or complain about an algorithm change here.

因此，您永遠不會聽到我們慶祝或抱怨這裡的演算法更改。

But at the end of the day, Reddit has great content, it has answers the questions, it has advice and perspectives that people are looking for and that's what internet consumers want, whether they're coming directly to Reddit or finding us through other means.

但歸根結底，Reddit 擁有豐富的內容，它回答了問題，提供了人們正在尋找的建議和觀點，而這正是網路消費者想要的，無論他們是直接訪問 Reddit 還是透過其他方式找到我們。

Okay.

好的。

Now we'll turn it back over to, Yeah, in the audience.

現在我們將把它轉回，是的，在觀眾席上。

Great.

偉大的。

Thanks, Steve.

謝謝，史蒂夫。

Thanks Jen.

謝謝珍。

Drew really appreciate Rob.

德魯非常欣賞羅布。

Why don't we open the line for questions from the analysts that are on the line, please?

我們為什麼不開通電話，接受線上分析師的提問呢？

Thanks, Rob.

謝謝，羅布。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

And your first question comes from the line of Benjamin Black from Deutsche Bank.

你的第一個問題來自德意志銀行的班傑明‧布萊克。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you.

謝謝。

Thank you for taking my questions.

感謝您回答我的問題。

So, first on really on search and it'd be, it'd be great to get a sort of a status update on your efforts to improve on the platform search what incremental investments you need from here on out.

因此，首先在搜尋方面，如果能夠獲得有關您為改進平台搜尋所做的努力的狀態更新，以及從現在開始您需要哪些增量投資，那就太好了。

How could search potentially improve DAU growth and how do you think about sort of the pathway and and timeline to monetization of search?

搜尋如何可能提高 DAU 成長？

And then secondly, just quickly on machine translation, you just double click a little bit on on sort of your early learning here so far.

其次，快速了解機器翻譯，您只需雙擊到目前為止您的早期學習內容。

Also, are you seeing growth in international content velocity and could that potentially also support user growth here domestically?

另外，您是否看到國際內容速度的成長，這是否也可能支持國內用戶的成長？

Thank you very much.

非常感謝。

Thanks Benjamin.

謝謝本傑明。

Okay.

好的。

First question is search on platform search specifically.

第一個問題是專門針對平台搜尋進行的搜尋。

Yes.

是的。

Important part of our strategy and will be a focus investment for us heading into 2025.

這是我們策略的重要組成部分，並將成為我們進入 2025 年的重點投資。

I think search is a unique opportunity because of both it kind of strikes at all of the things we care about.

我認為搜尋是一個獨特的機會，因為它觸及了我們關心的所有事情。

It helps new users find their home on Reddit.

它可以幫助新用戶在 Reddit 上找到自己的家。

Even today, many new users in their first session, run a search.

即使在今天，許多新用戶在第一次會話時也會進行搜尋。

So they're literally typing into a text box, what they're interested in what they're looking for.

因此，他們實際上是在文字方塊中輸入他們感興趣的內容以及他們正在尋找的內容。

It helps core users navigate reddit, answer their questions and it's a monetization opportunity.

它可以幫助核心用戶瀏覽 reddit，回答他們的問題，這是一個獲利機會。

So it's one of the few products that kind of touches everything.

所以它是為數不多的涉及一切的產品之一。

So we're working on this.

所以我們正在努力解決這個問題。

It's an investment area in the 2025.

這是2025年的投資領域。

I think the time line for monetization is first, we think about the consumer product.

我認為貨幣化的時間線是首先，我們考慮消費產品。

So we're doing some heavy lifting on both the back end and the front end.

因此，我們在後端和前端都做了一些繁重的工作。

You'll see movement on that between now and throughout the year.

從現在到全年，你都會看到這方面的進展。

And I think when the product is in a more called stable configuration, then we can start working in monetization.

我認為當產品處於更穩定的配置時，我們就可以開始貨幣化工作。

Which I think is a big opportunity.

我認為這是一個很大的機會。

So first users then the monetization, but it's one of our top investments heading into next year.

因此，首先是用戶，然後是貨幣化，但這是我們明年最大的投資之一。

Your second question on the scene translation.

你的第二個問題是關於場景翻譯的。

What are the early learnings?

早期的教訓是什麼？

Well, this is a feature that had has a lot of nice stories to it.

嗯，這個功能有很多精彩的故事。

So first, our primary objective was we can translate English content into other languages?

那麼首先，我們的主要目標是我們可以將英語內容翻譯成其他語言？

In this case, French has been our focus on the kind of first half of this year with our first language.

在這種情況下，法語一直是我們今年上半年重點關注的那種我們的第一語言。

Can we track French speaking users in France?

我們可以追蹤法國的法語用戶嗎？

On translated content.

關於翻譯的內容。

The answer is yes.

答案是肯定的。

And so, following that simple learning, we're rolling out kind of a full immersive experience into five countries.

因此，在簡單的學習之後，我們將在五個國家推出完全沉浸式的體驗。

And then we're also beginning to translate the larger corporate of reddit into 30 languages over the course of next year.

然後，我們也將在明年開始將規模更大的 Reddit 翻譯成 30 種語言。

Machine translation is scaling, we drew four-times as many users this quarter as we did last.

機器翻譯正在擴展，本季我們吸引的用戶數量是上一季的四倍。

So we'd like that, we like that trend.

所以我們希望這樣，我們喜歡這種趨勢。

And the machine translation has some other positive externalities.

機器翻譯還有其他一些正外部性。

One is that the translated content gets indexed into other search engines.

一是翻譯的內容被索引到其他搜尋引擎。

And so we start to see new users from external search, who, who are are arriving on the translated pages.

因此，我們開始看到來自外部搜尋的新使用者正在到達翻譯後的頁面。

And we're starting to see a little bit of what you're asking about.

我們開始看到一些你所問的問題。

Does that native language content get translated into English and show up for US users.

該母語內容是否會翻譯成英語並顯示給美國用戶。

We're seeing some of that now, I think over time, we'll see more and more of that.

我們現在已經看到了一些這樣的情況，我想隨著時間的推移，我們會看到越來越多的這樣的情況。

And I think that just speaks to one of the, I think find reasons to use reddit, which is to get a view of the world through, the lens of somebody else.

我認為這正好說明了使用 Reddit 的原因之一，那就是透過別人的鏡頭來了解世界。

And so machine translation, I think from that point of view is really helping us fulfill our mission of connecting people around the world.

因此，我認為從這個角度來看，機器翻譯確實幫助我們實現了連結世界各地人們的使命。

So thanks for the questions.

謝謝你的提問。

Your next question comes from the line of Ron Josey from city, your line is open.

您的下一個問題來自城市的 Ron Josey 專線，您的專線已接通。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

I wanted to ask two please and I guess this is for Jen Andrew.

我想問兩個，我想這是給 Jen Andrew 的。

So I guess Jen and Drew, I'm trying to understand the upside to revenue in the quarter and I understand that impressions drove growth here.

所以我想 Jen 和 Drew，我正在嘗試了解本季營收的上升趨勢，我知道印象推動了這裡的成長。

But talk to us more about maybe the mix between ad stack improvements.

但請與我們更多地討論廣告堆疊改進之間的組合。

Jen, you mentioned a few newer product that, that are driving growth.

Jen，您提到了一些正在推動成長的新產品。

But then also would love to hear your thought on newer advertisers demand as SMB and others join the platform.

但隨著中小企業和其他人加入該平台，我也很想聽聽您對新廣告商需求的看法。

That's question one.

這是問題一。

And then, and then drew more specifically, you highlighted operating leverage again over 70% clearly achieving positive GAAP OI, which is great to see, talk to us about just how you view investments versus growth and and whether we think we turned the corner on profitability going forward.

然後，然後更具體地說，您再次強調了營運槓桿超過70%，明顯實現了積極的GAAP OI，這是很高興看到的，請與我們談談您如何看待投資與成長，以及我們是否認為我們已經扭轉了局面未來的獲利能力。

Thank you guys.

謝謝你們。

Yeah, I think the first part of it, which is sort of the growth drivers.

是的，我認為第一部分是成長動力。

It's a combination of the work we've done on go to market and the ad stack.

這是我們在上市和廣告堆疊方面所做的工作的結合。

So first of all, some of the drivers were things like vertical diversification.

首先，一些驅動因素是垂直多元化。

Over half of our verticals are growing more than 60% every year.

我們超過一半的垂直行業每年增長超過 60%。

Media, entertainment, Pharma tech finance, these are areas where we made intentional investments to develop that capability in those client relationships to bring on new lines of business and new customers.

媒體、娛樂、製藥科技金融，這些是我們有意投資的領域，旨在發展這些客戶關係的能力，從而帶來新的業務線和新客戶。

So that's really go to market driven.

所以這確實是市場驅動的。

Then there you have pieces that are really driven by the ad stack.

然後就是真正由廣告堆疊驅動的部分。

So things like the lower funnel and the mid funnel objective growth and the lower funnel, you almost doubled year over year in terms of an objective.

因此，像是下漏斗和中漏斗目標成長以及下漏斗這樣的事情，你的目標幾乎逐年翻倍。

That's because we're delivering more conversion volume, right, our revenue grows when advertisers, they find the outcomes at the volumes , the outcomes they want at the vol and prices that they want in our marketplace.

那是因為我們提供了更多的轉換量，對吧，當廣告商在我們的市場上找到他們想要的數量、他們想要的數量和價格的結果時，我們的收入就會成長。

And we're just able to deliver more conversion and traffic outcomes to advertisers.

我們能夠為廣告商提供更多的轉換和流量結果。

So that's been a significant growth driver in the quarter as you look at the bid in the lower funnel, I mean, all objectives grew really nicely.

因此，當您查看下漏斗中的出價時，這是本季的重要成長動力，我的意思是，所有目標都成長得非常好。

But those two in particular, and then finally, international, as I mentioned, it grew 69% year-over-year.

但特別是這兩個領域，最後是國際領域，正如我所提到的，它比去年同期成長了 69%。

So in a in particular, which is an area that we continue to develop, build agency relationships as well as a book of business across both channels, our large customer and mid market channels.

因此，特別是我們繼續發展的一個領域，建立代理關係以及跨兩個管道（我們的大客戶和中端市場管道）的業務簿。

So each of these I think is contributing contributing growth drivers, we are adding new advertisers every quarter.

因此，我認為這些都有助於推動成長，我們每季都會增加新的廣告商。

There are thousands of new advertisers onto our platform.

我們的平台上有數以千計的新廣告商。

Now it's not at the levels that we think is possible.

現在還沒有達到我們認為可能的水平。

I think that TAM is really large compared to where we are today.

我認為與我們今天的情況相比，TAM 確實很大。

There are many more lines of business and thousands more advertisers that can be on our platform, but we are adding them and acquiring new customers onto the platform.

我們的平台上可以有更多的業務線和數以千計的廣告商，但我們正在添加它們並在平台上吸引新客戶。

So those are obviously seeds that are planted for the future.

所以這些顯然是為未來播下的種子。

While we continue to grow our base book of business.

同時我們繼續擴大我們的業務基礎。

So I think both were contributors.

所以我認為兩人都是貢獻者。

Ron on the investment side of the world.

羅恩在世界投資方面。

I mean, it's happening now.

我的意思是，它現在正在發生。

The, the great news about our business is it's a really easy one to invest into.

而且，關於我們業務的好消息是，它是一項非常容易投資的業務。

And because the ROI is quick, it's immediate, it's measurable.

而且因為投資報酬率很快、立竿見影、可衡量。

There's a bias here to invest and we're a young company, but you've got a 90 gross margin.

這裡有投資偏見，我們是一家年輕的公司，但你的毛利率是 90。

The types of investments that we're making right now are measurable, short-term payback, frankly, really easy financial decisions where you're getting multiples back on some of the the investments that you're making.

我們現在正在進行的投資類型是可衡量的、短期回報的，坦白說，是非常簡單的財務決策，您可以從您正在進行的某些投資中獲得數倍的回報。

Where are we investing, we're investing in ad tech, right?

我們在哪裡投資，我們投資廣告技術，對嗎？

So there's a number of things that we've added from an ad tech perspective that makes sense.

因此，從廣告技術的角度來看，我們添加了許多有意義的內容。

You can measure the products, you have direct visibility into how the customers access your platform.

您可以衡量產品，可以直接了解客戶如何存取您的平台。

And so you can see whether or not you're getting returns for that immediately.

這樣您就可以看到是否立即獲得回報。

On the people side, we're adding people in channels and countries, easy to take a look at.

在人員方面，我們正在新增管道和國家/地區的人員，以便於查看。

We're opening up a couple of new markets, easy to take a look at that, run a country P&L So, a simple example would also be the sports deals we talked about last quarter.

我們正在開闢幾個新市場，很容易看一下，運行一個國家損益表，所以，一個簡單的例子就是我們上季度討論的體育交易。

That was an investment Jen and I made maybe six months ago, small investment, put a team on the ground and, and you're able to tangibly produce meaningful licenses with some of the leagues of the world.

這是珍和我大約六個月前進行的一項投資，小額投資，組建一支團隊，然後您就能夠與世界上一些聯盟切實地獲得有意義的許可。

And so anyway, it's right now, it's a pretty straightforward decision.

無論如何，現在就是一個非常簡單的決定。

You see that happening right now in the P&L like if you look at our cost growth over the last four quarters, if I go back to Q3 of 23 we grew 5%, 7%, 9%, 11% in this quarter, 19% year-over-year.

你會在損益表中看到這種情況，就像你看看我們過去四個季度的成本成長一樣，如果我回到23 年第三季度，我們本季成長了5%、7%、9% 、11%、19%較去年。

So you're starting to see that come in again.

所以你開始看到它再次出現。

We're just in a place where the investments are measurable.

我們正處於投資可衡量的階段。

They're short term and you can really see the payback.

它們是短期的，你可以真正看到回報。

So really, the questions we have are really about, can the organization handle it and can we execute?

所以說真的，我們的問題實際上是，組織能否處理它以及我們是否能執行？

It really isn't a difficult ROI decision because right now the returns are very, very strong with the high gross margin flow through.

這確實不是一個困難的投資報酬率決策，因為目前的回報非常非常強勁，毛利率很高。

(Operator Instructions).

（操作員說明）。

Our next question comes from the line of Rich Greenfield from Lightshed Partners.

我們的下一個問題來自 Lightshed Partners 的 Rich Greenfield。

Your line is open.

您的線路已開通。

I am tempted to ask one question with 27 parts, but I'll contain myself.

我很想問一個包含 27 個部分的問題，但我忍住了。

Sorry, I just couldn't resist.

抱歉，我實在無法抗拒。

As we think, this sort of follows up on, on what Drew was saying, but I think Jen's probably the person I should direct this at.

正如我們所想，這是對德魯所說內容的跟進，但我認為珍可能是我應該針對的人。

As we think about sort of the ARPU growth.

當我們考慮 ARPU 增長時。

It's obviously a lot far more measured and and slower.

顯然，它要謹慎得多，而且速度要慢得多。

It's solid overall, but it's obviously a lot slower than what you're seeing in terms of user growth.

總體而言，它很穩定，但在用戶成長方面顯然比您看到的要慢得多。

And I guess the question is, is how much is the ARPU growth being pressured by the rapid growth in users?

我想問題是，用戶的快速成長對ARPU成長造成多大壓力？

And in turn the number of impressions that you're actually getting on the platform.

反過來，您在平台上實際獲得的展示次數。

And maybe the way of thinking about this and why we're asking is like the absolute level of monetization per user still feels very low relative to where I think you should be right now, given the level of engagement and just trying to understand the puts and takes as we think about what will drive dramatically faster ARPU growth.

也許思考這個問題的方式以及我們為什麼要問的是，考慮到參與度並試圖理解看跌期權，相對於我認為你現在應該達到的水平，每個用戶的絕對貨幣化水平仍然感覺非常低並思考什麼將推動ARPU 大幅加速成長。

Does user growth actually have to slow for that to happen?

用戶成長真的必須放緩才能實現嗎？

Or can you actually get to both happening at the same time if that makes sense?

或者如果有意義的話，你實際上可以讓兩者同時發生嗎？

Thanks for the question Rich.

感謝里奇的提問。

Just, we've always said this,, we don't manage to ARPU, it's an output, right?

只是，我們一直在說，我們沒有做到ARPU，它是一個輸出，對嗎？

It's an output of revenue, users and user mix, user mix being things like what geographies the users are in the mix of logged in and logged out.

它是收入、使用者和使用者組合的輸出，使用者組合是指使用者登入和登出的地理位置。

So all of those are sort of drivers of our po but we don't manage to it look our revenue growth.

因此，所有這些都是我們 PO 的驅動因素，但我們未能實現收入成長。

It's like I said before, it's driven by advertisers finding the outcomes, they want the volumes and prices they want.

就像我之前說過的，它是由廣告商發現結果驅動的，他們想要他們想要的數量和價格。

And we are, we have really differentiated revenue growth and we feel really good about that.

我們確實實現了差異化的收入成長，我們對此感覺非常好。

We also have really differentiated user growth which we feel really good about.

我們也實現了真正差異化的用戶成長，對此我們感到非常滿意。

And like we said, we just, we don't focus on our two quarter to quarter.

正如我們所說，我們只是不關注兩個季度的情況。

Although we do see headroom in the future over time because we do believe in the value of reddit users and over time, reddit users actually increase in engagement as they come in and spend more time with us.

儘管隨著時間的推移，我們確實看到了未來的發展空間，因為我們確實相信Reddit 用戶的價值，而且隨著時間的推移，Reddit 用戶的參與度實際上隨著他們加入我們並花更多時間與我們在一起而增加。

So, another way to think about it is the bedrock of our inventory is logged in users and we do continue to grow the value of our most valuable users who are those logged in users.

因此，另一種思考方式是，我們庫存的基石是登入用戶，我們確實在繼續增加最有價值用戶（即登入用戶）的價值。

And there's been very steady growth in those logged in users.

登入用戶數量一直在穩定成長。

And so that's just another way to think about it.

所以這只是另一種思考方式。

So again, we don't manage to it, but we do see the headroom in the in the future over time.

再說一次，我們沒能做到這一點，但隨著時間的推移，我們確實看到了未來的發展空間。

Our next question comes from the line of Andrew Boone from J P Securities.

我們的下一個問題來自 JP 證券公司的安德魯·布恩 (Andrew Boone)。

Your line is open.

您的線路已開通。

Hi guys.

嗨，大家好。

Thanks for taking the question.

感謝您提出問題。

I wanted to talk about data sales a little bit from here.

我想從這裡談談數據銷售。

How do we think about the puts and takes of that category of growth?

我們如何看待此類成長的利弊？

Understood, there's limited visibility.

理解，可見度有限。

But can you help us understand kind of the guardrails of where this could go?

但你能幫助我們了解這可能會走向何方嗎？

Thanks so much.

非常感謝。

Okay.

好的。

I'll take it.

我要買它。

Look, we are in the market.

看，我們在市場。

So there's basically you kind of a call like Barbell of customers.

所以基本上有一種像槓鈴一樣的客戶電話。

So we've got the big customers on the training side, where we're, still in conversations with folks, but there's a limited number of deals there and then there's more customers.

因此，我們在培訓方面擁有大客戶，我們仍在與人們進行對話，但那裡的交易數量有限，然後會有更多客戶。

That would be smaller deals.

那將是較小的交易。

We've done a number of deals there.

我們在那裡做了很多交易。

That are less training and more, real time access to information on Reddit, social listening, financial services.

這意味著更少的培訓，更多的是即時存取 Reddit、社交聆聽、金融服務上的資訊。

Those would be the, the customers we're targeting there.

這些就是我們的目標客戶。

But we're still, I think it's still early days for us here.

但我認為我們仍然處於早期階段。

We built the kind of enterprise level kind of APIs to support this business.

我們建立了企業級 API 來支援這項業務。

I'd say for us, it's a nice to have business.

我想說，對我們來說，開展業務真是太好了。

And we'll keep these conversations going.

我們將繼續進行這些對話。

But if we're thinking about the future of Reddit, it's really our ads business, it's search, it's more of our kind of on platform initiatives.

但如果我們考慮 Reddit 的未來，這實際上是我們的廣告業務、搜尋業務，更多的是我們的平台計劃。

But I think that the story here, it's reddit's data is extremely valuable, is extremely valuable for a lot of players in the market including to ourselves.

但我認為這裡的故事、reddit 的數據非常有價值，對於市場上的許多參與者（包括我們自己）來說非常有價值。

And so, and as I was saying, in my opening opening remarks, internet consumers broadly are trying to find read its content for various reasons.

因此，正如我在開場白中所說，網路消費者普遍出於各種原因試圖閱讀其內容。

And so look, we're open and we're open for business.

所以看，我們是開放的，我們是開放的。

And I think finding the right balance between making this information accessible and building our own products on top of it is how we think about this.

我認為在使這些資訊易於訪問和在此基礎上構建我們自己的產品之間找到適當的平衡是我們的想法。

Your next question comes from the line of Naved Khan from B.Riley Securities.

您的下一個問題來自 B.Riley Securities 的 Naved Khan。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks a lot.

多謝。

So it's great to see conversation pays us up 40%.

因此，很高興看到對話為我們帶來了 40% 的回報。

So we talk about the, the ad road there.

所以我們談論那裡的廣告之路。

Where do you think you are in that opportunity in terms of just the runway?

就跑道而言，您認為您在這個機會中處於什麼位置？

I think you're asking about monetizing conversation placements.

我認為您是在問有關透過對話展示位置獲利的問題。

I think, look, we're, we're testing ads in comments right now.

我想，看，我們現在正在測試評論中的廣告。

I think we're still early in both honestly, the design of that page from a consumer experience point of view where I think there's a lot of opportunity and thinking happening because it's such a high intent page where people are searching for information.

老實說，我認為我們還處於早期階段，從消費者體驗的角度來看，該頁面的設計我認為有很多機會和思考正在發生，因為這是一個人們搜尋資訊的高度意圖頁面。

And I think we're early in designing the ad format that is appropriate for the different sections of that page, The part of the post, which we launched a couple of years ago and the ads in common.

我認為我們很早就設計了適合該頁面不同部分的廣告格式，我們幾年前推出的帖子部分以及共同的廣告。

So I think there's a lot of opportunity there.

所以我認為那裡有很多機會。

It's today but is growing in terms of engagement.

就在今天，但參與度正在不斷增長。

So I do think that that's an opportunity.

所以我確實認為這是一個機會。

But we move both of those things in tandem.

但我們同時推動這兩件事。

And I think there's a lot more actually that we want to do with that page in terms of the experience of when users come in and are guiding and working through the information you getting the information that they want and going deeper and the ad the ad experience will follow that.

我認為，實際上，我們希望在該頁面上做更多的事情，即用戶進入並指導和處理資訊時的體驗，您可以獲得他們想要的資訊並進行更深入的了解，以及廣告體驗將遵循這一點。

So there's headroom there.

所以那裡有空間。

Again, we don't look at we, we are interested in designing ad formats, but ad load is not a lever that we focus on.

再說一次，我們不看我們，我們對設計廣告格式感興趣，但廣告負荷不是我們關注的槓桿。

We're really focused on designing formats and making sure we're delivering performance against the increase in users that we've seen onto the platform.

我們真正專注於設計格式，並確保我們能夠根據平台上用戶的增加提供效能。

So our inventory really grows with that reach.

因此，我們的庫存確實隨著覆蓋範圍的擴大而增長。

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

我們的下一個問題來自高盛的埃里克·謝裡丹（Eric Sheridan）。

Your line is open.

您的線路已開通。

Thanks so much for taking the question.

非常感謝您提出問題。

May maybe following up on that last answer and, and asking one of Jen.

可能會跟進最後一個答案，並詢問 Jen 中的一個。

Jen, do you think about scaling performance measurement attribution and garnering more direct response advertising budgets not in 2024 but over the medium longer term, what do you see is some of the key investments or unlocks that you're still trying to solve for to continue progress, the the budget conversation with the broader advertising community that would have the output of the yield of building additional revenue scale in the years ahead.

Jen，您是否考慮擴大績效衡量歸因並獲得更直接的反應廣告預算，不是在 2024 年，而是在中長期內，您看到的是您仍在努力解決的一些關鍵投資或解鎖問題以繼續進展，與更廣泛的廣告界的預算對話，這將產生在未來幾年建立額外收入規模的收益。

Thanks so much.

非常感謝。

Yeah, thanks, Eric.

是的，謝謝，艾瑞克。

It's a number of things.

這是很多事情。

So end to end for performance,, we're still continuing on our CAPI drive.

因此，為了實現端到端的效能，我們仍在繼續我們的 CAPI 驅動。

It's really important measurement is incredibly, incredibly important to performance.

測量對於性能來說非常非常重要，這一點非常重要。

That's proceeding really nicely, but it takes time.

進展非常順利，但需要時間。

We want ideally 100% of our conversion revenue covered by, a measurement like CAPI but we're not there yet.

理想情況下，我們希望 100% 的轉換收入都由 CAPI 之類的衡量標準所涵蓋，但目前還沒有實現。

So that that's an it, driven process with our customers.

這就是我們與客戶共同推動的流程。

But measurement is incredibly important.

但測量非常重要。

The second is automation simplicity.

第二是自動化簡單性。

So I think we have now developed a product that is market competitive in terms of performance outcomes.

因此，我認為我們現在已經開發出一種在性能結果方面具有市場競爭力的產品。

That's great.

那太棒了。

We'll continue to chip away at that and improve, improve performance for advertisers quarter over quarter and year over year.

我們將繼續努力解決這個問題，並逐季、逐年改善廣告商的表現。

And that's what the market demands and allow them to scale, especially with the increased reach of our users.

這就是市場的需求，並允許他們擴大規模，特別是隨著我們用戶範圍的擴大。

That's great.

那太棒了。

But it has to be simple in order for smaller advertisers to take advantage of that, which means automation really end to end simplicity and we're not there yet.

但它必須很簡單，以便小型廣告商能夠利用這一點，這意味著自動化確實是端到端的簡單性，而我們還沒有做到這一點。

That's something that we're building more end to end automation in the world of performance.

這就是我們在效能領域建立更多端到端自動化的東西。

But that will unlock more advertisers.

但這將釋放更多的廣告商。

The third is in the lower funnel is shopping,

第三個是在下漏斗購物，

Shopping it's a different sub objective within the lower funnel performance.

購物是較低通路績效中的一個不同的子目標。

It requires catalog ingest its own machine learning models, more complicated measurement.

它需要目錄攝取自己的機器學習模型，更複雜的測量。

And , we're building that capability, but it's a, it's a longer journey to sort of birth that objective something we believe in for Reddit.

而且，我們正在建立這種能力，但要實現我們對 Reddit 所堅信的目標，這是一個漫長的旅程。

But that's also something that I think would bolster our lower funnel.

但我認為這也將支撐我們的下漏斗。

So those three things.

所以這三件事。

Your next question comes from the line of Rohit Kulkarni from Roth Capital Partners.

您的下一個問題來自 Roth Capital Partners 的 Rohit Kulkarni。

Your line is open.

您的線路已開通。

Hey, thank you.

嘿，謝謝你。

Question about just how are you using Gen AI in your tech?

關於您如何在技術中使用 Gen AI 的問題？

Maybe talk about what impact have you already seen with advertising that option along the lines of, Jen you mentioned reducing friction and the automation?

也許可以談談您透過廣告該選項已經看到的影響，Jen，您提到減少摩擦和自動化？

and perhaps what category of new customers are coming as a result of any new tools that you're providing such advertisers around gen AI?

也許您圍繞 gen AI 為此類廣告商提供的任何新工具會帶來哪些類別的新客戶？

Yeah.

是的。

Thanks for asking.

謝謝你的詢問。

So we started we launched a couple quarters ago a a headline generator using GEN AI where you can just put in the URL from your website and it actually give you reddit the headlines that actually drive improved ad performance.

因此，我們在幾個季度前推出了一個使用 GEN AI 的標題產生器，您只需輸入網站中的 URL，它就會為您提供 Reddit 標題，從而真正提高廣告效果。

And, and having Reddit type headlines in your ads really does make a difference in the ad resonance.

而且，在廣告中添加 Reddit 類型的標題確實會產生不同的廣告共鳴。

So that's just an example.

這只是一個例子。

I think what's possible in terms of a creative.

我認為就創意而言，什麼是可能的。

We did acquire a company called Memorable AI.

我們確實收購了一家名為 Memorable AI 的公司。

Their specialty is in understanding the components of creative and how they drive performance, might be a hero image, the color of the image, the type of text, etcetera.

他們的專長是了解創意的組成部分以及它們如何驅動性能，可能是英雄圖像、圖像的顏色、文字類型等等。

So they drive the insights in how how to optimize creative.

因此，他們推動瞭如何優化創意的見解。

We have an ability we want to take that and integrate into our ad stack.

我們有能力將其整合到我們的廣告堆疊中。

And the next step would be having those insights tied to a gen A I capability to actually do the work based on those insights.

下一步是將這些見解與第一代人工智慧能力連結起來，以便根據這些見解實際開展工作。

So it's early in that we just acquired them and we're integrating them into our ad stack.

因此，我們只是獲得它們並將它們整合到我們的廣告堆疊中還為時過早。

But we do see a very fulsome and exciting road map related to ad creative in terms of, of gen A I the other automation that you'll see that is coming in, the platform is going to, is going to really be around , MML with a little bit of A I on top in terms of the end to end performance, that's taking steps out of the tool to make things easier to execute in terms of campaign set up and campaign optimization.

但我們確實看到了與廣告創意相關的非常豐富且令人興奮的路線圖，就第一代而言，您將看到即將出現的其他自動化，該平台將會，將真正圍繞，MML在端到在端表現方面，A I 處於領先地位，即從工具中採取措施，使行銷活動設定和行銷活動優化方面的事情更容易執行。

Your next question comes from the line of John Colantoni from Jefferies.

您的下一個問題來自 Jefferies 的 John Colantoni。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

You talked last quarter about conversation ads, creating some pricing headwinds.

您上個季度談到了對話廣告，造成了一些定價方面的阻力。

Can you talk about if conversation ads are still putting pressure on CPMs and also talk to the impact on pricing early adoption and sort of the reception of some of your newer premium conversation ads?

您能否談談對話廣告是否仍在對每千次展示費用施加壓力，並談談對早期採用定價的影響以及一些較新的高級對話廣告的接受程度？

Thanks.

謝謝。

Sure.

當然。

Yeah, I would say that the the conversation placement compared to the feed still has less demand in, in that placement because it's newer and we are testing ads and comments.

是的，我想說的是，與提要相比，對話位置的需求仍然較少，因為它較新，而且我們正在測試廣告和評論。

So we'll be adding some ad load into that page and obviously adoption for a new ad unit like that does take time But there are ways that we've been growing that demand.

因此，我們將在該頁面中添加一些廣告負載，顯然採用這樣的新廣告單元確實需要時間，但我們一直在透過一些方法來成長這種需求。

So for example, I mentioned earlier, the multi placement optimization where customers can get the benefit of us optimizing across both pieces of inventory, especially when they're looking for a specific outcome.

例如，我之前提到的多佈局優化，客戶可以從我們對兩個庫存的優化中獲益，特別是當他們正在尋找特定結果時。

That's helped increase demand fluidly across these two services because what the advertiser really wants is the outcome and they're sort of more indifferent to the placement.

這有助於流暢地增加這兩項服務的需求，因為廣告主真正想要的是結果，而他們對展示位置則更加漠不關心。

And so that's helping advertisers get acquainted with the performance in that unit where we can fluidly optimize for them and take some friction out and having to set up different ad groups, etcetera and be and think about those two ad units and we sort of adjust the creative and the optimization across both.

因此，這有助於廣告商熟悉該單元的表現，我們可以流暢地對其進行優化，並消除一些摩擦，並且必須設置不同的廣告組等等，並考慮這兩個廣告單元，我們對它們進行了某種調整創意和兩者的最佳化。

So I do think I do think that there is increased demand, we're seeing good, increased demand against that unit.

因此，我確實認為需求增加，我們看到對該單位的需求良好且增加。

But of course, we're also seeing a lot of supply as mentioned earlier in terms of the engagement on that page.

但當然，正如前面提到的，就該頁面的參與度而言，我們也看到了大量的供應。

So they're moving in tandem.

所以他們是同步行動的。

The good news is there's incredible opportunity on that page.

好消息是該頁面上有令人難以置信的機會。

That page is extremely contextual, extremely high intent.

該頁面的上下文非常相關，意圖非常高。

It is a high converting page with great outcomes and we're still early in the ad formats and designing the ads for that page.

這是一個轉換率很高的頁面，效果很好，我們在廣告格式和為該頁面設計廣告方面仍處於早期階段。

So it's just incredible opportunity.

所以這真是一個難以置信的機會。

Our next question comes from the line of Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

Your line is open.

您的線路已開通。

Thanks for taking my questions.

感謝您回答我的問題。

I have two the first one is to go back to Eric's earlier question about sort of '25 drivers, Jenny, could you just sort of walk us through?

我有兩個問題，第一個是回到埃里克之前關於 25 歲車手的問題，珍妮，你能給我們介紹一下嗎？

We think through all the ad innovation that you're most excited about, which of the products have you sort of built the back end tech stack for that are going to sort of roll out into, into 25 that you think could really be the next driver of performance and and add budget growth for you guys.

我們仔細考慮了您最感興趣的所有廣告創新，您為哪些產品構建了後端技術堆棧，並將其推廣到您認為可能真正成為下一個的 25 種產品績效的驅動力並為您增加預算增長。

And then the second one, Steve can you just kind of walk us through your your conceptual timeline about search, building search and then starting to test monetization of search.

然後是第二個問題，史蒂夫，你能向我們介紹一下你關於搜尋、建立搜尋然後開始測試搜尋貨幣化的概念時間表嗎？

Yeah, happy to talk about the ad stack.

是的，很高興談論廣告堆疊。

So for '25 I would say we're continuing on the same journey in terms of our strategy, right?

因此，對於 25 年，我想說我們在策略方面將繼續走同樣的道路，對吧？

We want to be a full funnel solution for advertisers.

我們希望成為廣告商的完整管道解決方案。

We want to deliver market, competitive outcomes across brand and performance advertising.

我們希望在品牌和效果廣告方面提供具有市場競爭力的成果。

And I think we're, we're doing that in the objectives that we have across brands or impressions, brand lift, middle of the funnel for traffic and lower funnel in terms of key conversions, things like add to cart purchase and in app install.

我認為我們正在這樣做，我們的目標是跨品牌或印象、品牌提升、流量漏斗的中間部分以及關鍵轉換方面的下漏斗，例如添加到購物車購買和應用程式內安裝。

So there's more there.

所以還有更多。

We're just at the beginning of that journey, there's more that we can do in terms of our modeling, there's more that we can do on measurement, like we can add modeling to measurement.

我們才剛開始這個旅程，在建模方面我們可以做更多的事情，在測量方面我們可以做更多的事情，例如我們可以將建模加入測量中。

There is a lot more that we can do to give more value and more scale to advertisers in those objectives.

我們還有很多事情可以做，以便為廣告商實現這些目標提供更多價值和更大規模。

And remember that can all scale with user growth.

請記住，這一切都可以隨著用戶的成長而擴展。

So it's really nice position to be in and we will deliver more efficient.

因此，這是一個非常好的位置，我們將提供更有效率的服務。

It is still efficiency driven market.

這仍然是效率驅動的市場。

So we will still deliver more efficiency and return on ad spend to them next year, which will help them scale their work with us.

因此，明年我們仍將為他們提供更高的效率和廣告支出回報，這將有助於他們擴大與我們的合作。

In addition to that, we see an opportunity to enhance the brand part of our proposition.

除此之外，我們也看到了增強我們主張的品牌部分的機會。

On the brand side, we've always been successful because of the high engagement and the big duplicated reach on a monthly basis.

在品牌方面，我們始終取得成功，因為每月的高參與度和大量重複覆蓋。

And brand has an opportunity to be a lot more automated and have a lot more selection in terms of the optimization for advertisers like optimizing for reach your lowest cost, the things that we've given to advertisers on the performance side that drive some automation from them, not end to end automation, but automation on the optimization to make it easy.

品牌有機會變得更加自動化，並在廣告商的優化方面有更多的選擇，例如優化以實現最低成本，我們在性能方面為廣告商提供了一些東西，這些東西可以推動一些自動化它們不是端到端的自動化，而是優化上的自動化，使其變得簡單。

We can do that in brand as well.

我們也可以在品牌方面做到這一點。

And so that'll be something that we're investing in.

所以這將是我們正在投資的東西。

The second is on the lower funnel.

第二個位於漏斗下部。

While we have a really nice foundation conversions and app install, we want to build out shopping, as I mentioned before.

雖然我們有非常好的基礎轉換和應用程式安裝，但正如我之前提到的，我們希望擴大購物範圍。

That's just another capability in the lower funnel that I think can get advertisers another way to talk to customers.

我認為這只是下漏斗中的另一種功能，可以讓廣告商以另一種方式與客戶交談。

So that would be the second piece.

這將是第二部分。

And the third, which I think we're now at the moment that we can do, which is the end to-end-automation.

第三個，我認為我們現在可以做到，那就是端到端自動化。

And, you've seen this with Advantage plus and performance max from Google, it really does make optimization campaign set up much simpler and scalable for advertisers.

而且，您已經透過 Google 的 Advantage plus 和 Performance Max 看到了這一點，它確實使廣告商的最佳化廣告系列設定更加簡單且可擴展。

In order to do that, there's two steps

為此，有兩個步驟

Like you have to have every part of the ad stack in place before you automate over it.

就像您必須先將廣告堆疊的每個部分都準備就緒一樣，然後才能對其進行自動化。

And the second is you need to build a certain amount of trust with your customers before you automate all of those activities so that they really understand what's happening at each step.

其次，在自動化所有這些活動之前，您需要與客戶建立一定程度的信任，以便他們真正了解每一步發生的情況。

I think we are there at that point.

我想我們已經到了那個時候了。

And so we've been investing and starting to put together these items into more automated experience.

因此，我們一直在投資並開始將這些項目組合成更自動化的體驗。

So those are the three things that we've been starting to invest in, in the background and think about as we go into '25 on top of the continuing road map from this year in terms of delivering the market, competitive performance.

因此，這些是我們在進入 25 世紀時開始投資的三件事，在今年開始的持續路線圖之上，在提供市場和競爭績效方面進行背景和思考。

Okay.

好的。

And so then on the search side, but we'll be doing a lot of heavy lifting throughout 2025.

那麼在搜尋方面，我們將在 2025 年完成大量繁重的工作。

So high level road map, modernizing our search products, so kind of bringing it up the table stakes or, or what are table stakes in this era.

如此高層次的路線圖，使我們的搜尋產品現代化，這樣就提高了賭注，或者，或者這個時代的賭注是什麼。

So really good auto complete, beautiful results pages.

非常好的自動完成，漂亮的結果頁面。

We'll start working integrating LL Minto into making our results more sophisticated and helping users navigate, all of the results that come back from Reddit.

我們將開始整合 LL Minto，使我們的結果更加複雜，並幫助用戶導航從 Reddit 返回的所有結果。

And there's a lot of back end work as well, which is improving our own ability to do retrieval, getting more sophisticated ranking ourselves and then creating more entry points in the search as well.

還有很多後端工作，這些工作正在提高我們自己的檢索能力，讓我們自己進行更複雜的排名，然後在搜尋中創建更多的入口點。

So, not just the, the search button on reddit, but for example, users who arrive to Reddit from external search, helping them kind of expand their queries and find more of what they're looking for.

因此，不僅僅是 Reddit 上的搜尋按鈕，例如，從外部搜尋到達 Reddit 的用戶，可以幫助他們擴展查詢並找到更多他們想要的內容。

So all of that will be under heavy construction.

因此，所有這些都將進行繁重的建設。

We do a lot of testing, so you'll start to see this over the course of the next year.

我們進行了大量測試，因此您將在明年開始看到這一點。

In terms of when we start monetization, we need to have some stability in the product, right?

當我們開始獲利時，我們需要產品有一定的穩定性，對嗎？

It's hard to modify the product and the pixels are moving all over.

產品很難修改，而且像素到處移動。

So that's the simplest answer I think most likely is we'll find some products we like next year.

所以我認為最簡單的答案是我們明年會找到一些我們喜歡的產品。

That's when we'll begin planning.

那時我們將開始計劃。

So I wouldn't expect actual dollars to be coming in in 2025.

因此，我預計 2025 年不會有實際資金流入。

But hopefully not too far after.

但希望不要太久之後。

So we'll follow the product.

所以我們會關注產品。

There's lots of exciting stuff coming.

有很多令人興奮的事情即將到來。

I think the opportunity is really big.

我認為機會真的很大。

And, we're looking forward to getting there, but it is a multi step process.

而且，我們期待著實現這一目標，但這是一個多步驟的過程。

But I think you'll be able to follow along with us each quarter as we go next year.

但我認為您將能夠在明年每個季度跟隨我們。

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

您的下一個問題來自 Piper Sandler 的 Tom Champion。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Jen, maybe for you.

珍，也許適合你。

Your, your comments on the market sound quite a bit better than maybe the last call.

您對市場的評論聽起來可能比上次通話好一些。

Curious if you agree.

很好奇你是否同意。

What, what were maybe the, the signposts that emerged during the quarter and just any early take on the market in '25?

本季出現的路標以及 25 年市場的早期表現是什麼？

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

Yeah, I'd say, look, probably, when we last spoke, I had some caution about too far around the election.

是的，我想說，聽著，也許，當我們上次談話時，我對選舉的時間太遠持謹慎態度。

And what I would say is, I think it doesn't seem to be affecting bookings.

我想說的是，我認為這似乎並沒有影響預訂。

I think there is caution around delivery timing.

我認為交貨時間要謹慎。

So there might be advertisers who are going to be a little quiet for certain periods of time, but it doesn't seem to affect their interest in growing their business with us in, in Q4 and continuing their, their advertising.

因此，可能有些廣告商會在某些時間內保持沉默，但這似乎並沒有影響他們在第四季度與我們一起發展業務並繼續他們的廣告的興趣。

So I think that's where at least, what we've seen so far. '25 it's early but I would say the signals are that it's stable that it, k most folks of the whole call will say that they're going to be up in, in general unless there's been a client or share shift, which I think is good and I think brand advertising has been really healthy.

所以我認為這至少是我們迄今為止所看到的。 '25 現在還早，但我想說的是，信號是穩定的，整個電話會議中的大多數人都會說他們會上漲，一般來說，除非有客戶或股票轉移，我認為很好，我認為品牌廣告非常健康。

And we've seen strength across all our objectives.

我們在所有目標上都看到了力量。

I think it's still an efficiency driven market.

我認為這仍然是一個效率驅動的市場。

So I do think at the mid and lower funnel, there's still pressure to improve roas year on year.

因此，我確實認為在漏斗的中下游，仍然存在逐年提高投資報酬率的壓力。

But I do think that there is healthy interest and investment in brand which I think is always a good sign.

但我確實認為人們對品牌有健康的興趣和投資，我認為這始終是一個好兆頭。

So I think the full funnel is actually all in healthy place in terms of investment.

因此，我認為整個管道在投資方面實際上都處於健康狀態。

That's our view so far.

到目前為止，這是我們的觀點。

Your next question comes from the line of Doug Anmuth, from JP Morgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Your line is open.

您的線路已開通。

Great.

偉大的。

Maybe two for Steve is with Google and open AI already under contract.

也許對史蒂夫來說，兩個是與谷歌和已經簽訂合約的開放人工智慧。

How would you characterize the demand for future large language model partnerships currently?

您如何描述目前對未來大型語言模型合作關係的需求？

And do you feel like you're making progress in working through some of those data, data and privacy requirements that you've talked about?

您是否覺得您在解決您所討論的一些數據、數據和隱私要求方面正在取得進展？

So that's one and then maybe second, this is a frequent question that we get from investors but hoping you could just help us think through some of the puts and takes of getting up to 40% of daily traffic coming from Google.

這是第一個問題，也許是第二個問題，這是我們從投資者那裡經常收到的問題，但希望您能幫助我們思考如何獲得 Google 的每日流量高達 40%。

Sure.

當然。

Okay, so first question is on the, on the data partnerships.

好的，第一個問題是關於資料合作夥伴關係。

So you mentioned a couple of big ones, Google and Open AI like as I mentioned.

所以你提到了幾個大公司，Google和開放人工智慧，就像我提到的那樣。

We are talking to folks.

我們正在與人們交談。

It's important that I think any commercial agreement or non commercial agreement for that matter as well that the partners are respectful of our users.

我認為與此相關的任何商業協議或非商業協議以及合作夥伴都尊重我們的用戶，這一點很重要。

So that's inclusive of our public data policy.

這包括我們的公共數據政策。

And then also it needs to be fair to our business.

然後它還需要對我們的業務公平。

And so, I think those, those deals have so far been complex.

因此，我認為迄今為止這些交易都很複雜。

I wouldn't say, I mean, not even close Reddit, but none of them are existential for Reddit.

我不會說，我的意思是，甚至沒有接近 Reddit，但它們對 Reddit 來說都不是存在的。

I'd say they're all kind of nice-to-have.

我想說它們都是可有可無的。

Our general principle is we're open and open for business.

我們的總原則是我們持開放態度，對業務持開放態度。

But it needs to be on terms that work for us, our business and our users.

但它需要遵循對我們、我們的業務和我們的用戶有利的條款。

So we're kind of working through each of those.

所以我們正在努力解決每一個問題。

But as you've also seen, we're not afraid to block people or cut people off.

但正如您也看到的，我們並不害怕阻止人們或切斷人們的聯繫。

If we don't think we're going to come to terms there.

如果我們不認為我們會在那裡達成協議。

And so I think there'll be a range of outcomes.

所以我認為將會有一系列的結果。

And then on a kind of more traditional external search side.

然後是一種更傳統的外部搜尋方面。

Yeah, look, I think as I mentioned, we've long had a I think symbiotic relationship with the Google search platform, it's a it's high utility for some of our core users.

是的，你看，正如我所提到的，我們長期以來與谷歌搜尋平台一直保持著共生關係，這對我們的一些核心用戶來說非常有用。

Those users are going to come to Reddit regardless.

無論如何，這些用戶都會來到 Reddit。

And it's a great source of new users, effectively a marketing channel to educate new users about reddit.

它是新用戶的重要來源，也是向新用戶宣傳 Reddit 的有效行銷管道。

And like we've seen Google algorithm change a lot over the years and of course, it always will.

就像我們看到Google演算法多年來發生了很大變化一樣，當然，它總是會改變。

And then Google of course, experiments with all sorts of new search products.

當然，Google也嘗試了各種新的搜尋產品。

Some help, some hurt.

有些幫助，有些傷害。

But we, , we've been on this journey for 19 years.

但我們，我們已經在這條路上走了 19 年。

So yeah, there's volatility in that traffic.

是的，流量存在波動。

But if you look over the last few years, our log and growth has been very stable and reliable.

但如果你回顧過去幾年，我們的日誌和成長一直非常穩定和可靠。

Our app growth has been stable and reliable and that's where the majority, the vast majority of our revenue is.

我們的應用程式成長一直穩定可靠，這就是我們大部分收入的來源。

Is there.

有沒有。

So yeah, volatility on the logged out users on the external users.

是的，註銷用戶對外部用戶的波動性。

But our actual business has been very stable and reliable growth. , over that time period and that's what we see looking forward as well.

但我們的實際業務卻一直非常穩定可靠的成長。 ，在這段時間內，這也是我們所期待的。

Our next question comes from the line of Alan Gould from loop capital.

我們的下一個問題來自 Loop Capital 的艾倫·古爾德 (Alan Gould)。

Your line is open.

您的線路已開通。

Thanks for taking the question.

感謝您提出問題。

So Jen, I know you said you don't manage towards ARPY, but the domestic ad ARPU had a significant uptick this quarter from minus 12% year over year in two Q to plus 2% year-over-year in 3Q.

Jen，我知道您說過您無法實現 ARPY，但本季國內廣告 ARPU 大幅上升，從第二季年比負 12% 上升到第三季年比正 2%。

I know Drew said pricing has improved how much of that is pricing and how much and what other areas are contributing to that.

我知道德魯說定價已經改善了多少是定價以及多少以及其他領域對此做出了貢獻。

So, I mean, ARPU is going to bounce around quarter to quarter.

所以，我的意思是，ARPU 將逐季反彈。

That's just the reality of being focused on the revenue growth and user growth and, so I don't necessarily read too much into quarter, over quarter movements in ARPU.

這就是專注於營收成長和用戶成長的現實，因此我不一定會對每季、每季 ARPU 的變化進行過多解讀。

But yeah, I mean, the drivers of ARPU in general in terms of it's, it's definitely , things like pricing and ad formats or ad load or obviously contributors to, to ARPU growth.

但是，是的，我的意思是，總體而言，ARPU 的驅動因素肯定是定價、廣告格式或廣告負載等因素，或者顯然是 ARPU 成長的貢獻者。

The way I think about it is our business has really grown significantly in the mid- and lower front.

我的想法是，我們的中低端業務確實有了顯著成長。

And you do that by growing volume of clicks and conversions, which increases the value per impression that an advertiser gets, right?

您可以透過增加點擊量和轉換量來做到這一點，這會增加廣告主獲得的每次展示的價值，對吧？

And it's increasing their return and the efficiency that we're delivering to them and that just increases the value of every impression because of the click volume and the conversions that they're seeing from advertising on Reddit.

這增加了他們的回報和我們為他們提供的效率，並且由於他們在 Reddit 上的廣告中看到的點擊量和轉換率，這只會增加每次展示的價值。

So, I do think that delivering performance is definitely helpful for advertisers and for us in delivering return on ad spend for advertisers which drives demand, which drives spending and which can drive pricing and competition and interest in those objectives and scaling those objectives.

因此，我確實認為，提供績效對於廣告商和我們來說絕對有幫助，可以為廣告商提供廣告支出回報，從而推動需求、推動支出、推動定價、競爭以及對這些目標的興趣，並擴大這些目標。

So I do think it's driven by a lot of the work we've done in the ad stack to deliver performance.

所以我確實認為這是由我們在廣告堆疊中為提供效果所做的大量工作所推動的。

Our next question comes from the line of Daniel Salmon from New Street Research.

我們的下一個問題來自 New Street Research 的 Daniel Salmon。

Your line is open.

您的線路已開通。

Hey guys, this is Bill, speaking for Dan Simon.

大家好，我是比爾，代表丹·西蒙發言。

From New Street.

來自新街。

Thanks for taking our question.

感謝您提出我們的問題。

I was just wondering, could you guys give us an update on your go-to-market strategy for data licensing, how it's evolving both for like large language model trainers and midsized customers.

我只是想知道，你們能否向我們介紹一下你們的資料授權上市策略的最新情況，以及它如何針對大型語言模型培訓師和中型客戶進行演變。

It'd be great to like hear about your latest learnings.

很高興聽到您的最新學習成果。

Thanks.

謝謝。

Sure.

當然。

So Steve mentioned before our go-to-market is kind of a barbell.

因此，史蒂夫在我們進入市場之前提到過，這是一種槓鈴。

We have discussions with a small group of folks who are developing training AI models.

我們與一小群正在開發訓練人工智慧模型的人進行了討論。

The other side is maybe marketing intelligence firms or verticals who are interested in slices of reddit data and those tend to be smaller deals, but more volume.

另一方可能是行銷情報公司或垂直行業，他們對 Reddit 資料片段感興趣，這些交易往往規模較小，但數量較多。

And the training folks, there's usually a combination of both freshness that they're interested in as well as the total corpus of information to train on.

對於培訓人員來說，通常既有他們感興趣的新鮮度，也有要培訓的全部資訊集。

Look, I think that we continue to, we're, we continue to talk to like what I say is a small group of folks who are in the world of AI training.

聽著，我認為我們繼續，我們，我們繼續與我所說的人工智慧培訓領域的一小群人進行交談。

It's a really evolving landscape.

這是一個真正不斷發展的景觀。

Many of those companies are trying to figure out their own strategies, what their product is going to be, what they're building, how they're investing, how Reddit fits into it.

其中許多公司都在試圖找出自己的策略，他們的產品是什麼，他們正在建立什麼，他們如何投資，Reddit 如何融入其中。

So I think we are, it's well known that we are there to help and be a thought partner in this etcetera.

所以我認為我們是，眾所周知，我們在這個領域提供幫助並成為思想合作夥伴。

But I thinking out their strategies and we're a part of that strategy.

但我思考了他們的策略，我們也是這個策略的一部分。

So, it's, that's just, where we are in the landscape.

所以，這就是我們在景觀中所處的位置。

The other side of the go to market, it's a very small team, but is out there talking to marketing intelligence companies and also looking at some verticals there, what we're doing is we're both engaging, who would be the the client, the customer to us as well as their end customers, right?

進入市場的另一邊，這是一個非常小的團隊，但正在與行銷情報公司交談，並關注那裡的一些垂直領域，我們正在做的是我們雙方都參與其中，誰將是客戶，我們的客戶以及他們的最終客戶，對吧？

So if you're marketing intelligence, you might have customers who are brands and companies, if you're a financial services firm, you might have an end customer who's, financial services firm.

因此，如果您是行銷情報，您可能擁有品牌和公司的客戶，如果您是一家金融服務公司，您可能擁有的最終客戶是金融服務公司。

And there, what we're doing is really helping them show the value to their end customers and make sure that their end customers have a great experience in understanding what the Reddit data, how the Reddit data can bring value and that's how we sort of grow that business.

在那裡，我們正在做的是真正幫助他們向最終客戶展示價值，並確保他們的最終客戶在理解 Reddit 數據什麼、Reddit 數據如何帶來價值方面擁有豐富的經驗，這就是我們的方式發展該業務。

We get more people excited about what you can learn and the insights you can get from Reddit data and to continue to see value in it.

我們讓更多的人對您可以從 Reddit 數據中學到的東西和獲得的見解感到興奮，並繼續看到其中的價值。

And so that's what that work looks like.

這就是這項工作的樣子。

There are no further questions.

沒有其他問題了。

Please go ahead.

請繼續。

Yes, thanks, Rob.

是的，謝謝，羅布。

Yeah, I think we'll wrap here.

是的，我想我們就到此結束吧。

You know, appreciate everyone joining the call today.

您知道，感謝大家今天加入電話會議。

If anyone has any follow up questions, please do not hesitate to reach out.

如果有人有任何後續問題，請隨時與我們聯繫。

We of course, look forward to keeping the dialogue open.

我們當然期待保持對話的開放性。

Thanks everyone.

謝謝大家。

Thanks.

謝謝。

All.

全部。

This concludes Reddit's third quarter, 2024 earnings call.

Reddit 2024 年第三季財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。