Reddit Inc (RDDT) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

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

我叫克里斯塔，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Reddit's fourth-quarter and full-year 2024 earnings call.

現在，我歡迎大家參加 Reddit 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

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

現在我想將電話轉給投資者關係主管傑西羅斯 (Jesse Rose)。

Jesse, you may begin your conference.

傑西，你可以開始你的會議了。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Welcome to Reddit's fourth-quarter and full-year 2024 earnings conference call.

歡迎參加 Reddit 2024 年第四季和全年財報電話會議。

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

今天與我一起參加的是 Reddit 的聯合創始人兼執行長史蒂夫霍夫曼 (Steve Huffman)； Reddit 的營運長 Jen Wong；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, and actual results may vary materially from those contemplated by these forward-looking statements.

在我們開始之前，我想提醒您，我們今天的評論將包括前瞻性陳述，實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

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

有關風險、不確定性和其他可能導致這些結果不同的因素的資訊包含在我們的美國證券交易委員會 (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 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 GAAP 和非 GAAP 財務指標。

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

我們在致股東的信中闡述了 GAAP 與非 GAAP 財務指標的調整。

Our fourth-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.

我們的第四季致股東信和隨附的收益新聞稿可在我們投資者關係網站 investor.redditinc.com 和投資者關係 subreddit, r/RDDT 上查閱。

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

現在，我將電話轉給史蒂夫。

Thanks, Jesse.

謝謝，傑西。

Hi, everyone.

大家好。

Thank you for joining, and welcome to our Q4 earnings call.

感謝您的加入，歡迎參加我們的第四季財報電話會議。

The fourth quarter marked the end of a milestone year for Reddit, our first as a public company.

第四季標誌著 Reddit 里程碑式的一年的結束，這也是我們作為上市公司的第一個年頭。

In 2024, we surpassed $1 billion in revenue, crossed 100 million DAUqs, and gained traction in several new countries around the world.

2024 年，我們的收入突破 10 億美元，DAU 突破 1 億，並在全球多個新國家獲得關注。

Over nearly two decades, our users have created a trove of knowledge about all aspects of the human experience, making Reddit one of the largest repositories of human-generated information online, and we're using AI to make this content accessible to everyone.

在近二十年的時間裡，我們的用戶創建了有關人類體驗各個方面的大量知識，使得 Reddit 成為網路上最大的人類生成資訊庫之一，而我們正在使用人工智慧讓每個人都能存取這些內容。

Machine translation is rolling out in eight languages, with more on the way, and is enabling international users to participate in their favorite communities and find the information they seek.

機器翻譯目前已支援八種語言，並且還將推出更多語言版本，使國際用戶能夠參與他們喜歡的社群並找到他們想要的資訊。

International growth is critical to our goal of Reddit being a global platform.

國際成長對於我們將 Reddit 打造為全球平台的目標至關重要。

For the second consecutive quarter, we were GAAP profitable, with total revenue growing 71% year over year and 3.5 times faster than our total costs.

我們連續第二季實現 GAAP 獲利，總營收年增 71%，是總成本成長速度的 3.5 倍。

Our advertising customers are diversifying across industries, objectives, and geographies as more brands tap into Reddit's unique ability to grow their business.

隨著越來越多的品牌利用 Reddit 獨特的能力來發展業務，我們的廣告客戶正在跨行業、跨目標、跨地域地多樣化。

Over 40% of Internet users consider recommendations on Reddit the most influential factor in purchasing decisions, surpassing expert reviews, influencer endorsements, and aggregated star ratings.

超過 40% 的網路使用者認為 Reddit 上的推薦是影響購買決策的最重要因素，其影響力超過了專家評論、有影響力的人物代言和整體星級評定。

Reddit conversations are where interests meet intent, they inform purchase decisions and offer valuable spaces for brands to connect with people looking for trustworthy opinions.

Reddit 對話是興趣與意圖相遇的地方，它們為購買決策提供訊息，並為品牌提供寶貴的空間，讓他們與尋求可信意見的人建立聯繫。

We finished the year with 101.7 million DAUq, marking 39% growth year over year, led by strong international growth at 46%.

我們全年的 DAUq 為 1.017 億，年成長 39%，其中國際業務成長強勁，達 46%。

Additionally, logged-in users grew 27% and they've grown at this rate or higher every quarter for the last year and have maintained a steady upward trend for the last two years.

此外，登入用戶數量增加了 27%，並且去年每個季度都以這個速度或更高的速度成長，並且在過去兩年中一直保持著穩定的上升趨勢。

Late in Q4, we did experience some volatility from Google Search triggered by a periodic algorithm change, but traffic from search has recovered so far in Q1, and we've regained momentum.

在第四季度末，我們確實經歷了由定期演算法變更引發的 Google 搜尋的一些波動，但到目前為止，第一季的搜尋流量已經恢復，我們已重新獲得發展勢頭。

What happened wasn't unusual, referrals from search fluctuate from time to time, and they primarily affect logged-out users.

發生的情況並不罕見，來自搜尋的推薦時常會波動，而且主要影響已登出的用戶。

Our teams have navigated many algorithm updates over the years and did an excellent job adapting to these latest changes effectively.

多年來，我們的團隊經歷了許多演算法更新，並出色地適應了這些最新變化。

This particular swing was interesting because, along with it, we saw a corresponding increase in the query term, Reddit, which suggests users are searching with the specific intent of reaching Reddit, and this propensity continues to rise.

這種特殊的變化很有趣，因為與此同時，我們看到查詢詞 Reddit 也相應增加，這表明用戶搜尋時有明確意圖訪問 Reddit，而且這種傾向還在持續上升。

We typically see two types of users on Reddit: those who scroll and those who seek.

我們通常在 Reddit 上看到兩種類型的用戶：滾動的用戶和搜尋的用戶。

Scrollers engage with Reddit for its core community and conversation product, while seekers come to, or end up on, Reddit for answers to their questions.

滾動者使用 Reddit 是因為其核心社區和對話產品，而搜尋者來到或最終進入 Reddit 是為了尋找問題的答案。

Just a few years ago, adding Reddit to the end of your search query felt novel.

就在幾年前，將 Reddit 添加到搜尋查詢的末尾還感覺很新奇。

Today, it's a common way for people to find trusted information, recommendations, and advice.

如今，它已成為人們尋找可靠資訊、建議和忠告的常用方式。

Regardless of why or where a user starts their journey, they should have a seamless path to discovering what they need on Reddit.

無論用戶為何或從何處開始他們的旅程，他們都應該能夠無縫地在 Reddit 上找到他們需要的內容。

These search trends provide insight into what we should prioritize.

這些搜尋趨勢讓我們了解應該優先考慮什麼。

To improve the experience for seekers, we're focused on making on-platform search a truly first-class product and the go-to place to find information on Reddit.

為了改善搜尋者的體驗，我們致力於使平台搜尋成為真正一流的產品和在 Reddit 上尋找資訊的首選之地。

In the US, we launched the beta for Reddit Answers, an AI-powered search tool that provides curated summaries of community discussions.

在美國，我們推出了 Reddit Answers 測試版，這是一款人工智慧搜尋工具，提供社群討論的精選摘要。

Although it's still in its early stages, it's already proven versatile as people turn to it for everything from local updates about the LA wildfires to opinions on the best coffee maker.

儘管它仍處於早期階段，但它已被證明具有多種用途，人們可以透過它了解各種信息，從洛杉磯山火的本地最新消息到對最佳咖啡機的看法。

When it comes to answers, we see that Reddit excels at providing insightful responses to questions with subjective answers that are difficult to find elsewhere.

當談到答案時，我們發現 Reddit 擅長為在其他地方很難找到的主觀答案的問題提供深刻的回應。

It's currently only available in English, but we're excited about how people are using it and the early promise of this product.

目前它僅提供英文版，但我們對人們的使用情況以及該產品的早期前景感到非常興奮。

Human perspectives have never been more important, and we've updated our mission statement to reflect this.

人類的觀點從未如此重要，我們已更新我們的使命宣言以反映這一點。

Our updated mission is to empower communities and make their knowledge accessible to all.

我們最新的使命是賦予社區權力並讓所有人都能獲得他們的知識。

This captures both our work in creating a platform for community and for using Reddit as a source for knowledge.

這體現了我們為社群創建平台和使用 Reddit 作為知識來源的工作。

With this mission as our guide, we are focused on making Reddit faster, easier, and better to use, whether you're an avid user or a first-time visitor deciding, for example, what backpack to buy.

以此使命為指導，我們致力於讓 Reddit 變得更快、更簡單、更好用，無論您是熱心用戶還是首次訪客（例如，正在決定購買什麼背包）。

Our role is to enable any community to exist and thrive on Reddit by helping make them useful, accessible, and well-moderated.

我們的職責是幫助任何社群變得實用、可訪問且管理良好，從而使它們能夠在 Reddit 上生存和發展。

By strengthening our unique community model, we ensure that Reddit is for everyone, everywhere.

透過加強我們獨特的社群模式，我們確保 Reddit 適合任何地方的任何人。

Thank you again for being a part of this journey.

再次感謝您參與這趟旅程。

Together, we are building a platform that connects the world through shared knowledge and perspectives.

我們正在共同建構一個透過共享知識和觀點連接世界的平台。

And with that, I'll pass it to Jen.

說完這些，我就把它傳給 Jen。

Thanks, Steve.

謝謝，史蒂夫。

Hello, everyone.

大家好。

It was a strong quarter and finish to the year for Reddit.

對 Reddit 來說，這是一個強勁的季度，也是今年的結束。

Our unique proposition and core platform improvements continue to drive differentiated growth and positive outcomes for advertisers.

我們獨特的主張和核心平台的改進繼續推動廣告商的差異化成長和積極成果。

Total revenue in Q4 grew 71% year over year to $428 million, and for the full year, revenue grew 62% year over year to $1.3 billion.

第四季總營收年增 71% 至 4.28 億美元，全年營收年增 62% 至 13 億美元。

In Q4, the advertising business grew 60% year over year to $395 million driven by broad-based strength across objectives, channels, verticals, and geographies.

第四季度，廣告業務年增 60%，達到 3.95 億美元，這得益於跨目標、通路、垂直產業和地理的廣泛實力。

Let me discuss our ad revenue drivers in more detail.

讓我更詳細地討論一下我們的廣告收入驅動因素。

Our strategy is to be a multi-objective ad platform.

我們的策略是成為一個多目標廣告平台。

And in Q4, we grew across the funnel.

在第四季度，我們實現了全面成長。

We saw strength in brand advertising, with top-of-the-funnel revenue growing the fastest rate in over three years.

我們看到了品牌廣告的強勁實力，漏斗頂部的收入實現了三年多來最快的成長。

Mid- and lower-funnel revenue accounted for about 60% of total ad revenue and drove more than half of the year-over-year growth in the quarter.

中低階通路收入約佔總廣告收入的 60%，並推動了本季同比增長的一半以上。

Across channels, our scaled business, which includes mid-market and SMB advertisers, continues to be a growth driver as we are activating new advertisers across both the US and EMEA regions and tuning our product set to better address these performance-oriented advertisers.

在各個管道中，我們的規模化業務（包括中型市場和中小企業廣告商）繼續成為成長動力，因為我們正在美國和歐洲、中東和非洲地區啟動新的廣告商，並調整我們的產品組合以更好地滿足這些注重效果的廣告商的需求。

We saw broad growth across verticals, with 10 of our top 15 verticals growing over 50% year over year led by finance, retail, auto, pharma, gaming, and tech.

我們看到各個垂直行業都出現了普遍增長，其中前 15 個垂直行業中有 10 個行業的同比增長率超過 50％，其中金融、零售、汽車、製藥、遊戲和科技行業的增長率最高。

Across geographies, international ad revenue grew 77% year over year, the fastest growth in over two years and led by the UK and broader EMEA regions.

從地區來看，國際廣告收入年增 77%，為兩年多來的最快成長速度，其中英國和更廣泛的 EMEA 地區佔據主導地位。

We saw double-digit year-over-year growth in impressions from underlying user growth, personalized ad loads, deeper engagement, and improved monetization of the conversation page, while pricing was mostly consistent with the prior year.

我們看到，由於基礎用戶的成長、個人化廣告負載、更深入的參與度以及對話頁面貨幣化的提高，展示次數同比增長了兩位數，而定價與上年基本一致。

Average impressions per user increased year over year as we benefited from ad placement and brand safety optimization work from prior periods.

由於我們受益於前期的廣告投放和品牌安全優化工作，每位用戶的平均展示次數較​​去年同期成長。

The ads and comments placement contributed about 3% of impressions in the quarter.

廣告和評論展示佔本季展示次數的約 3%。

We continue to test this new format and expect this could reach up to mid-single-digits percentage in the near term.

我們將繼續測試這種新格式，並預計短期內其比例可以達到中等個位數。

Revenue from the Cyber Five week during the holiday period grew over 60% year over year.

節慶期間「網路五大狂歡」週的營收年增超過60%。

This was driven by a combination of first-time brands and existing retail customers who increase their spend with us.

這是由首次合作的品牌和現有零售客戶增加在我們這裡的消費共同推動的。

Now, moving to our ad stack.

現在，轉到我們的廣告堆疊。

We continue to focus on: one, driving performance of our ad solutions across objectives; two, improving usability for our advertisers and productivity for our sales force; and three, offering our advertisers Reddit-unique solutions and ad formats.

我們將繼續專注於：一、推動我們的廣告解決方案在各個目標上的表現；二、提高我們廣告客戶的可用性及銷售人員的工作效率；第三，為我們的廣告商提供 Reddit 獨特的解決方案和廣告格式。

We made meaningful progress against each of these areas in Q4.

我們在第四季度在上述每個領域都取得了有意義的進展。

First, driving performance of our ad solutions.

首先，提高我們的廣告解決方案的效能。

We continue to improve the contextual relevance of ads on the conversation page, which drives higher conversion volume and performance revenue.

我們不斷提高對話頁面廣告的脈絡相關性，進而推動更高的轉換量和績效收入。

In Q4, we doubled-clicked volume for the fourth-consecutive quarter and also doubled conversion volume in the second half of the year versus the first half.

在第四季度，我們的點擊量連續四個季度翻了一番，下半年的轉換量也比上半年翻了一番。

We also continued driving CAPI, Conversion API, adoptions with onboarding improvements and new integration partnerships.

我們也繼續推動 CAPI、轉換 API、入職改進和新的整合夥伴關係的採用。

The share of conversion revenue covered by CAPI tripled in the second half of 2024 versus the prior year.

2024 年下半年，CAPI 涵蓋的轉換收入份額較前一年增加了兩倍。

Advertisers see a 25% reduction in cost per action when they adopt CAPI with Pixel compared to Pixel only.

與單純使用 Pixel 相比，廣告主採用 CAPI 和 Pixel 時，每次行動的成本降低了 25%。

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

其次，提高廣告客戶的可用性並提高銷售人員的工作效率。

Over the course of the year, we've launched capabilities across two categories.

這一年中，我們推出了兩個類別的功能。

The first is our Ads Manager, where we recently improved our report center to provide advertisers with deeper historical trend, comparative attribution windows, and keyword breakdowns to optimize targeting strategy.

首先是我們的廣告管理器，我們最近改進了報告中心，為廣告商提供更深的歷史趨勢、比較歸因視窗和關鍵字細分，以優化定位策略。

Next is how we continue to invest in GenAI as a driver of productivity and performance.

接下來我們將如何繼續投資 GenAI 作為生產力和績效的驅動力。

In 2024, we launched our AI Headline Generator and acquired Memorable AI, both of which are driving more adoption for mid-market and SMB advertisers, enabling dynamic campaign creation and providing more predictive insights into creative performance.

2024 年，我們推出了 AI 標題產生器並收購了 Memorable AI，這兩項技術都在推動中端市場和中小企業廣告商的更多採用，從而實現動態廣告系列創建並為創意表現提供更多預測性洞察。

We recently launched an LLM-powered ad review system, which increases automated ad review by 70% and decreases review time from 30 minutes to 1 minute, enabling advertisers to run campaigns faster while also improving ad quality and safety.

我們最近推出了一個由 LLM 提供支援的廣告審核系統，該系統將自動廣告審核提高了 70%，並將審核時間從 30 分鐘縮短到 1 分鐘，使廣告主能夠更快地進行廣告活動，同時提高廣告品質和安全性。

We also expanded brand safety measurements to both IAS and DoubleVerify.

我們也將品牌安全測量擴展到 IAS 和 DoubleVerify。

With the IAS launch in Q4, we tested the solution against more than 500 million impressions in North America and found Reddit to be over 99% brand safe.

隨著第四季度 IAS 的推出，我們針對北美超過 5 億次展示測試了這個解決方案，發現 Reddit 的品牌安全性超過 99%。

And third, offering advertisers Reddit-unique solutions and formats.

第三，為廣告主提供 Reddit 獨特的解決方案和格式。

We are developing products that leverage Reddit's community intelligence that can help businesses grow, insights, Reddit Pro Trends, and advertising solutions that leverage community signals.

我們正在開發利用 Reddit 社群智慧的產品，這些產品可以幫助企業發展、洞察、Reddit Pro Trends 以及利用社群訊號的廣告解決方案。

As we announced at CES, we began testing Reddit Pro Trends, a tool that helps businesses uncover real-time insights and build an organic presence on Reddit.

正如我們在 CES 上宣布的那樣，我們開始測試 Reddit Pro Trends，這是一種幫助企業發現即時見解並在 Reddit 上建立有機存在的工具。

To date, we've seen thousands of advertisers adopt Reddit Pro and seeing participating companies posting and engaging more on the site within communities.

到目前為止，我們已經看到數以千計的廣告商採用 Reddit Pro，並看到參與的公司在網站上發布更多內容並在社群內進行更多互動。

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

接下來，我將轉向我們的內容授權業務。

Reddit's content is a unique source of authentic insights and perspectives that is valuable to our users, advertisers, researchers, and our content licensing partners.

Reddit 的內容是真實見解和觀點的獨特來源，對我們的使用者、廣告商、研究人員和內容授權合作夥伴都很有價值。

In Q4, we entered into a partnership with Intercontinental Exchange to develop new data and analytics products for the financial industry.

第四季度，我們與洲際交易所建立合作夥伴關係，為金融業開發新的數據和分析產品。

This partnership explores a new market vertical for our content licensing business and connects anonymous conversations on Reddit with Intercontinental Exchange's infrastructure to provide financial customers with insights into market trends and sentiment.

此次合作為我們的內容授權業務探索了一個新的垂直市場，並將 Reddit 上的匿名對話與洲際交易所的基礎設施連接起來，為金融客戶提供對市場趨勢和情緒的洞察。

More broadly, we remain diligent about who we partner with and we will do so when it's complementary to our business.

更廣泛地說，我們始終謹慎選擇合作夥伴，並且當合作夥伴與我們的業務互補時，我們才會進行合作。

And we are investing in building our own products around our content, including Reddit Answers and Reddit Pro that reveal the authentic insights and recommendations that are unique to Reddit.

我們正在投資圍繞我們的內容建立自己的產品，包括 Reddit Answers 和 Reddit Pro，它們揭示了 Reddit 獨有的真實見解和建議。

Okay.

好的。

Looking ahead, I'm pleased with the progress we are making in building a multi-objective ad platform that enables businesses of all types and sizes to be successful on Reddit.

展望未來，我對我們在建立多目標廣告平台方面取得的進展感到滿意，該平台使各種類型和規模的企業都能在 Reddit 上取得成功。

Our opportunity is as big as ever.

我們的機會一如既往地大。

Reddit covers every topic and interest, and we believe every business can find value on Reddit.

Reddit 涵蓋了每個主題和興趣，我們相信每個企業都能在 Reddit 上找到價值。

The ad market feels healthy, and we're monitoring events that could impact the broader industry and the evolving EU privacy landscape.

廣告市場看起來健康，我們正在監控可能影響更廣泛的行業和不斷發展的歐盟隱私格局的事件。

I believe we're well-positioned heading into 2025, and I'm excited about our road map.

我相信我們已經為2025年做好了準備，我對我們的路線圖感到非常興奮。

In the year ahead, we'll focus on three areas that build on our progress to date.

在新的一年裡，我們將專注於三個領域，以鞏固我們迄今的進展。

First, delivering more Reddit-unique experiences and communicating value across objectives.

首先，提供更多 Reddit 獨特的體驗並跨目標傳達價值。

This includes bringing more ML optimization to our brand objectives as well as Reddit-unique formats that bring in more contacts and engagement from communities and more product catalog features for shopping.

這包括為我們的品牌目標帶來更多的機器學習優化，以及 Reddit 獨有的格式，從而帶來更多的來自社群的聯繫和參與，以及更多的購物產品目錄功能。

We believe all of this work can augment performance.

我們相信所有這些工作都可以提高績效。

Second, bringing more automation to our ad stack.

其次，為我們的廣告堆疊帶來更多自動化。

We're in the early stages of exploring end-to-end automation across our performance objectives.

我們正處於探索實現績效目標的端到端自動化的早期階段。

We believe this can help drive performance and lower the barrier to adoption while enabling us to continue to sustain our high marks in customer service.

我們相信這可以幫助提高效能並降低採用的障礙，同時使我們能夠繼續保持高水準的客戶服務。

Third, continuing to grow and diversify our advertiser base.

第三，繼續擴大和多樣化我們的廣告客戶基礎。

We've made good progress diversifying the business, broadening verticals, having customers use multiple objectives, and adding more advertisers, all of which increase the resiliency of our business.

我們在業務多元化、垂直領域拓寬、客戶使用多種目標以及增加更多廣告商方面取得了良好進展，所有這些都增強了我們業務的彈性。

We believe there's significant opportunity to bring many more advertisers to Reddit by lead generation efforts like Reddit Pro, partnerships, easier onboarding with features like Dynamic Creation and Campaign Import, and then retaining these advertisers with strong performance outcomes.

我們相信，透過 Reddit Pro 等潛在客戶開發工作、合作夥伴關係、使用動態創建和廣告系列導入等功能更輕鬆地入職，為 Reddit 帶來更多廣告商，然後透過強勁的績效結果留住這些廣告商，有很大機會。

Overall, I'm proud of our progress and excited about the opportunity we have to continue growing our share and driving outcomes for advertisers.

總的來說，我為我們的進步感到自豪，並對我們繼續擴大份額和為廣告商帶來成果的機會感到興奮。

Thanks for joining and for your continued support.

感謝您的加入和持續的支持。

Now, I'll turn the call over to Drew.

現在，我將電話轉給德魯。

Thank you, Jen, and good afternoon, everyone.

謝謝你， Jen，大家下午好。

Q4 was a strong ending to a solid opening year for Reddit.

對 Reddit 來說，第四季是一個強勁的開局，為其畫上了圓滿的句號。

Once again, Q4 was our highest-revenue quarter of the year driven by five key financial storylines that have been consistent throughout 2024.

第四季再次成為我們今年收入最高的一個季度，這得益於 2024 年始終如一的五個關鍵財務故事線。

They are specifically: first, growing revenues faster than peers.

具體為：第一，營收成長速度快於同業。

Revenues grew 71% for the quarter.

本季營收成長了71%。

Second, scaling profitably.

第二，實現獲利性擴大。

Adjusted EBITDA hit $154 million in Q4 and GAAP net income reached $71 million.

第四季調整後 EBITDA 達到 1.54 億美元，GAAP 淨收入達 7,100 萬美元。

Third, expanding margins.

第三，擴大利潤空間。

Gross margins hit 92.6% in Q4, adjusted EBITDA margin hit 36%, and our net income margin was 17%.

第四季毛利率達 92.6%，調整後 EBITDA 利潤率達 36%，淨收入利潤率為 17%。

In the quarter, our incremental adjusted EBITDA margin was 74%.

本季度，我們的增量調整後 EBITDA 利潤率為 74%。

Fourth, generating positive cash flow.

第四，產生正現金流。

Operating cash flow reached $90 million, and free cash flow margin was 21%.

經營現金流達9000萬美元，自由現金流利潤率為21%。

We had positive cash flow all 4 quarters in 2024.

2024 年我們四個季度的現金流均為正。

And fifth, minimizing dilution.

第五，盡量減少稀釋。

Total diluted shares actually fell sequentially to 206.2 million in Q4.

第四季攤薄股份總數實際上環比下降至 2.062 億股。

Our earnings per share more than doubled from Q3 helped by a stable share count.

由於穩定股份數量，我們的每股盈餘較第三季增加了一倍以上。

Let me provide a little more color on these highlights.

讓我對這些亮點做更詳細的說明。

First, Q4 revenues of $428 million grew 71% year over year, driven by a ramp in ad revenue, which grew 60% year over year in Q4, up 4% sequentially.

首先，第四季營收 4.28 億美元，年增 71%，這得益於廣告收入的成長，第四季廣告營收年增 60%，比上一季成長 4%。

By region, the US grew 70% and international grew 76%, marking the first-time international growth outpaced US growth since mid-2023.

按地區劃分，美國成長了 70%，國際成長了 76%，這是自 2023 年中期以來國際成長首次超過美國成長。

For the quarter, let me summarize three key drivers for revenue acceleration.

就本季而言，讓我總結一下收入加速的三個關鍵驅動因素。

First, we're continuing to see success with our revenue investments, which include building new products for our ad platform or adding new sales team members to increase customer coverage.

首先，我們的營收投資持續取得成功，其中包括為我們的廣告平台打造新產品或增加新的銷售團隊成員以擴大客戶覆蓋範圍。

Second, we saw a strong gain in ad impressions while overall ad pricing was pretty consistent with last year.

其次，我們看到廣告展示次數大幅成長，而整體廣告定價與去年基本一致。

Impression gains remain our primary objective, and these increases were driven by user growth, improved ad click-through rates and new ad surfaces like comments.

展示次數的增加仍然是我們的主要目標，而這些增加是由用戶成長、廣告點擊率提高以及評論等新的廣告管道所推動的。

And third, we saw strength across the ad funnel led by high-double-digit growth rates from performance advertisements, which now comprise slightly less than 60% of our revenue.

第三，我們看到整個廣告管道都呈現強勁勢頭，其中效果廣告的成長率高達兩位數，目前占我們營收的近 60%。

For the year, revenue ended at $1.3 billion, up 62%.

全年營收達 13 億美元，成長 62%。

Now, on the cost side.

現在，談談成本方面。

Total adjusted cost growth was 21% in Q4, similar to Q3, but some notable differences in two key areas: cloud hosting costs and hiring pace.

第四季總調整後成本成長率為 21%，與第三季相似，但在兩個關鍵領域存在明顯差異：雲端託管成本和招募速度。

Let me comment on each.

讓我對每一個進行評論。

In Q4, we signed revised agreements with our key hosting providers, which positively benefited gross margins over 150 basis points this quarter, a key factor in driving our gross margins to 92.6%.

第四季度，我們與主要託管服務提供者簽署了修訂後的協議，這對本季度的毛利率產生了超過150個基點的正面影響，這是推動我們毛利率達到92.6%的關鍵因素。

Over time, we continue to see both cost opportunities and challenges in the future for gross margins.

隨著時間的推移，我們將繼續看到未來毛利率既面臨成本機遇，也面臨挑戰。

We believe these new arrangements will likely serve to help offset future cost increases, which we could see from increased user growth, machine learning investments or new initiatives like search.

我們相信這些新安排可能有助於抵消未來的成本增加，我們可以從用戶成長、機器學習投資或搜尋等新措施中看到這一點。

For the full year, gross margins were 90.5%.

全年毛利率為90.5%。

The second area worth a brief mention was hiring pace, which accelerated slightly in the quarter, driven by our growth investments in ad tech, sales, and search.

值得簡單提及的第二個領域是招募速度，由於我們在廣告科技、銷售和搜尋方面的成長投資，本季招募速度略有加快。

Total headcount was up 5% sequentially and 11% for the year.

總員工人數比上一季增加了 5%，比去年同期增加了 11%。

We ended the year with 2,233 heads, up slightly more than 200 people net for the year.

年底時，我們的人口為 2,233 人，全年淨增加 200 多人。

Differentiated revenue growth and modest cost growth meant we were GAAP profitable again in Q4 and a key focus is to turn profitability into cash flow.

差異化收入成長和適度成本成長意味著我們在第四季度再次實現 GAAP 盈利，而重點是將利潤轉化為現金流。

Q4 cash flow was $90 million, $107 million change from a year ago.

第四季現金流為 9,000 萬美元，與去年同期相比變化了 1.07 億美元。

For the full year, operating cash flow was $222 million.

全年營運現金流為2.22億美元。

Our CapEx remains very light, less than 1% in the quarter -- or excuse me, less than $1 million in the quarter, less than 0.5% of revenue.

我們的資本支出仍然很少，本季不到 1％——或者對不起，本季不到 100 萬美元，不到收入的 0.5％。

Free cash flow for Q4 was $89 million and $216 million for the year.

第四季的自由現金流為 8,900 萬美元，全年自由現金流為 2.16 億美元。

Cash in the balance sheet ended at $1.84 billion, up $96 million sequentially.

資產負債表中的現金最終為 18.4 億美元，比上一季增加 9,600 萬美元。

The total number of diluted shares outstanding in Q4 was 206.2 million, down 1% sequentially and only up 1.1% for the year, excluding the IPO, well below our 2% to 3% dilution target.

第四季攤薄後流通股總數為 2.062 億股，較上季下降 1%，全年僅成長 1.1%（不包括 IPO），遠低於我們 2% 至 3% 的攤薄目標。

Shares were slightly lower driven in part by a net settlement of a portion of employee vested shares as well.

股價略為下跌，部分原因是部分員工既得股份的淨結算。

Stock-based compensation in Q4 was $97 million, about 23% of revenue, in line with peers at this scale but slightly lower than the prior -- slightly higher than the prior quarter, reflecting a full quarter of expense from our annual performance grants, the accelerated hiring pace, and increases in taxes from stock vesting and exercises.

第四季度的股票薪酬為 9,700 萬美元，約佔收入的 23%，與同業持平，但略低於前一季度，略高於前一季度，反映了我們年度績效獎金、加快招聘速度以及股票歸屬和行使帶來的稅收增加的整個季度的支出。

In the fourth quarter, net income was $71 million or $0.40 per basic share and $0.36 per diluted share.

第四季淨收入為 7,100 萬美元，即每股基本收入 0.40 美元，每股稀釋收入 0.36 美元。

EPS more than doubled from the prior quarter, where basic earnings per share was $0.18 and diluted earnings per share was $0.16. As we look ahead, we'll share our internal thoughts on revenue and adjusted EBITDA for the first quarter, which is where we have the greatest visibility.

每股收益較上一季成長一倍以上，每股基本收益為 0.18 美元，每股稀釋收益為 0.16 美元。展望未來，我們將分享我們對第一季營收和調整後 EBITDA 的內部想法，這是我們最有預見性的方面。

In the first quarter of 2025, we estimate revenue in the range of $360 million to $370 million, representing 48% to 52% year-over-year revenue growth, with a midpoint of 50%; adjusted EBITDA in the range of $80 million to $90 million, representing approximately 700% to 800% growth.

2025年第一季度，我們預期營收在3.6億美元至3.7億美元之間，年增48%至52%，中位數為50%；調整後 EBITDA 在 8,000 萬美元至 9,000 萬美元之間，成長約 700% 至 800%。

In Q1, we could see slightly elevated sequential SBC costs due to higher employer taxes depending on share price volatility.

在第一季度，我們可能會看到由於股價波動導致雇主稅率提高，SBC 成本連續略有上升。

So Q4 was an important proof point for the medium- and long-term financial goals we outlined in our last call.

因此，第四季度是我們在上次電話會議中概述的中長期財務目標的重要證明點。

Simply put, we are focused on scaling profitably and turning differentiated revenue growth, high margins, and low CapEx into meaningful cash flow generation.

簡而言之，我們專注於擴大獲利規模，並將差異化收入成長、高利潤率和低資本支出轉化為有意義的現金流。

We delivered on all those dimensions in the fourth quarter, but there is much more to do and many more opportunities for progress.

我們在第四季度實現了所有這些目標，但仍有許多工作要做，也有很多進步的機會。

As we enter 2025, these financial goals will remain our North Star.

當我們進入 2025 年時，這些財務目標仍將是我們前進的北極星。

We've seen the positive impact revenue growth can have on our financial performance.

我們已經看到收入成長對我們的財務表現的正面影響。

The keys to continued differentiated revenue growth will be innovation and execution as they were in 2024.

繼續實現差異化收入成長的關鍵將是創新和執行，就像 2024 年一樣。

That concludes my comments.

我的評論到此結束。

Now, let me turn the call back over to Steve.

現在，讓我把電話轉回給史蒂夫。

Okay.

好的。

Thanks, Drew.

謝謝，德魯。

Thanks, Jen.

謝謝， Jen。

So we've posted in the RDDT subreddit, as we have in past quarters, to get questions from the community, from our user investors.

因此，就像過去幾個季度一樣，我們在 RDDT subreddit 上發布了帖子，以了解來自社區和用戶投資者的問題。

We will take a couple of those questions now.

我們現在將回答其中幾個問題。

Again, we do this because we want to include our user investors in as many of these formal conversations as possible alongside the pros.

再次強調，我們這樣做是因為我們希望讓用戶投資者與專業人士盡可能多地參與這些正式對話。

Jen, Drew, and I will also record answers to many more of the questions after our call today.

今天通話結束後，Jen、Drew 和我還將記錄更多問題的答案。

Those will be posted tomorrow morning in that subreddit.

這些將於明天早上發佈在該 subreddit 上。

Okay.

好的。

First question is for you, Jen.

第一個問題是問你的，Jen。

I've noticed a substantial increase in the quality and quantity of ads since Q3.

我注意到自第三季以來廣告的品質和數量都有了大幅提升。

How focused are you on developing new types of ads going forward, and how could these potentially differentiate Reddit from other platforms?

您未來對開發新類型的廣告有多重視？

Thanks for your question.

感謝您的提問。

When we think about building ad formats, we always want to leverage what's unique about Reddit, and I think about two things.

當我們考慮建立廣告格式時，我們總是想利用 Reddit 的獨特之處，我想到兩件事。

One is community intelligence, the trove of opinions and recommendations that are on Reddit, that are really trusted; and the engagement and interest on Reddit.

一是社群情報，即 Reddit 上真正值得信賴的大量意見和建議；以及 Reddit 上的參與度和興趣。

So you saw that in last year, we launched the placement ads and comments.

所以你看到了，去年我們推出了展示廣告和評論。

This page is growing in engagement.

該頁面的參與度正在不斷提高。

It's early but we like what we're seeing there in terms of performance.

雖然還為時過早，但我們對目前的表現感到滿意。

So we're excited about that placement.

因此，我們對這項安排感到非常興奮。

In terms of formats, I'm excited to work on enhancing our AMAs or Ask Me Anythings.

在形式方面，我很高興能夠致力於增強我們的 AMA 或「問我任何問題」。

That's very unique to Reddit, where there's a two-way engagement and conversation between a brand and our community.

這對於 Reddit 來說非常獨特，品牌和社群之間可以進行雙向的互動和對話。

Also excited about shopping, more work in terms of product-level creative and Dynamic Product optimization.

也對購物感到興奮，在產品級創意和動態產品優化方面做了更多的工作。

And then finally, this is something we've long been excited to want to do, which is bringing in signals from the community and their perspectives into ads to provide more context.

最後，這是我們長期以來一直想做的事情，即將來自社區的信號和他們的觀點融入廣告中，以提供更多背景資訊。

I think all of the above can augment both brand and conversion performance, and we're excited about the work to come.

我認為以上所有內容都可以增強品牌和轉換績效，我們對即將到來的工作感到興奮。

Okay.

好的。

Thanks, Jen.

謝謝， Jen。

Drew, second question is for you.

德魯，第二個問題是問你的。

Q4 showed strong profitability but full year 2024 still ended in a major loss.

Q4獲利強勁，但2024年全年仍以巨額虧損告終。

How confident is Reddit in maintaining or expanding profitability in 2025?

Reddit 對於在 2025 年保持或擴大盈利能力有多大信心？

Thanks for the question.

謝謝你的提問。

I really like the question.

我非常喜歡這個問題。

GAAP profitability is something that really matters and we're focused on that.

GAAP 獲利能力確實很重要，我們將重點放在這一點上。

I think let me divide the question in a couple of parts.

我想讓我把這個問題分成幾個部分。

Let's talk about the $484 million loss total in 2024.

讓我們來談談 2024 年 4.84 億美元的損失總額。

I think if you double-click on that, you'll see that we lost $575 million in the first quarter.

我想如果你雙擊它，你會發現我們在第一季損失了 5.75 億美元。

That really was sort of an isolated incident.

那確實是個孤立事件。

We took a $595 million accounting charge related to stock-based compensation.

我們計入了與股票薪酬相關的 5.95 億美元會計費用。

What's happening there is you're recognizing your charges for the last multiple years to catch-up charge for the stock that you've been giving employees for a long time.

現在發生的情況是，你認識到過去幾年的費用是為了彌補你長期以來給員工的股票費用。

So you can't expense that as a private company the way that we structured that stock, so we had all of those catch-up charges.

因此，你不能像我們建立股票的方式那樣，作為一家私人公司將其計入費用，所以我們產生了所有這些補繳費用。

So that's really what drove the loss in 2024.

所以這才是導致 2024 年虧損的真正原因。

The last three quarters, we were profitable on a cumulative basis.

過去三個季度，我們累計獲利。

That's why when I look at sort of evaluating the health of the company, I'm always looking at three statements.

這就是為什麼當我評估公司健康狀況時，我總是會看這三個報表。

I'm looking at the income statement that you're looking at.

我正在看你正在看的損益表。

I'm always looking at the cash flow statement and the balance sheet.

我總是查看現金流量表和資產負債表。

We provide an EBITDA metric as well.

我們也提供 EBITDA 指標。

That also gives you kind of a look on how the financials are going.

這也可以讓您大致了解財務狀況。

We've been EBITDA profitable for the last three quarters.

過去三個季度，我們的 EBITDA 一直保持獲利。

So those are the ways that I look at the business.

這些就是我看待業務的方式。

In terms of the trends, I think they're good to us, as I mentioned, obviously, 71% revenue growth in the quarter.

就趨勢而言，我認為對我們有利，正如我所提到的，本季收入顯然增加了 71％。

The margins are strong here.

這裡的利潤很高。

Revenue has been growing 3 to 5 times as fast as costs.

收入成長速度是成本成長的3至5倍。

Those are all good signs that the business is scaling in a very positive way.

這些都是好跡象，表明業務正在以非常積極的方式擴展。

And then obviously, most importantly, we made $71 million this quarter.

顯然，最重要的是，我們本季賺了 7,100 萬美元。

Last quarter, we were GAAP profitable, we made about $30 million.

上個季度，我們實現了 GAAP 獲利，獲利約 3,000 萬美元。

So the last couple of quarters, reaching scale on the business and watching the profitability inflect.

因此，在過去幾個季度，我們的業務達到了規模，並且獲利能力也發生了變化。

So I appreciate the question.

我很感謝你提出這個問題。

Those are my thoughts, Steve.

這就是我的想法，史蒂夫。

Great.

偉大的。

Steve, Jen, Drew, thank you.

史蒂夫、珍、德魯，謝謝你們。

Krista, why don't we take some questions from the folks on the line, please?

克里斯塔，我們能不能回答一下電話那頭的朋友們提出的一些問題？

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

Thanks for taking the questions.

感謝您回答這些問題。

I had questions for, I guess, all three of you.

我想，我有問題想問你們三個人。

But first and foremost, Steve and Jen, I wanted to ask about Reddit Answers.

但首先，史蒂夫和 Jen，我想問一下關於 Reddit Answers 的問題。

Just wanted to hear about early results, maybe some insights on the rollout.

只是想聽聽早期的結果，也許對推出有一些見解。

And then what types of queries are you seeing with this more conversational search format?

那麼，透過這種更具對話性的搜尋格式，您會看到哪些類型的查詢？

Clearly, there's a lot of data and insights to glean with the data on Reddit.

顯然，可以利用 Reddit 上的數據來收集大量數據和見解。

So any insights on what you're seeing thus far in rollout?

那麼，您對目前的推出情況有什麼見解嗎？

And then Steve, you mentioned sort of some insights or some changes in Google Search algorithm.

然後史蒂夫，您提到了谷歌搜尋演算法的一些見解或一些變化。

Would love to hear any thoughts on what the change was.

很想聽聽大家對於這項改變的看法。

Was there any impact to engagement, maybe revenue?

這對參與度或收入有影響嗎？

That would be helpful.

那將會很有幫助。

Okay, I'll take both of those.

好的，我都要這兩個。

Thanks, Ron.

謝謝，羅恩。

Great to hear from you.

很高興收到您的來信。

Okay.

好的。

So first, Reddit Answers.

首先，Reddit Answers。

So we turned this on in December and it's basically a prototype.

因此我們在 12 月啟動了它，它基本上是一個原型。

So it's a beta and the purpose of getting this online was to answer actually kind of a couple of questions: how deep is Reddit's Corpus and are there compelling answers to a broad set of questions.

所以它是一個測試版，將其上線的目的實際上是為了回答幾個問題：Reddit 的語料庫有多深，以及是否有對一系列廣泛問題的令人信服的答案。

The answer to both of those tests is yes.

這兩個測驗的答案都是肯定的。

I think we're up to a very promising start.

我認為我們已經有一個非常好的開始。

Even I am learning and excited at the depth of the answers here.

甚至我也在學習，並對這裡答案的深度感到興奮。

For example, there are things that I could ask Reddit Answers that I feel like I don't get good coverage elsewhere online.

例如，我可以在 Reddit Answers 上詢問一些我在網路上其他地方找不到很好的介紹的問題。

So I've done it with a number of authors, what's the best way to get started reading this author.

我已經和許多作者一起做過了，開始閱讀這位作者的作品的最佳方式是什麼？

And it turns out that question has been asked 1 million times for every author on Reddit, so you get nice annotated answers to that.

事實證明，Reddit 上的每個作者都問過這個問題 100 萬次，因此你可以得到帶有註釋的很好的答案。

The other one that I thought was really cool was I asked, tell me what the fan theories of Severance Season 1 were, in preparing for season two.

另一個我覺得非常酷的問題是我問到，在準備第二季時，粉絲們對於《分手令》第一季有什麼理論。

And you get to kind of relive that whole conversation or those conversations that played out on Reddit three years ago.

您可以重溫整個對話或三年前在 Reddit 上進行的那些對話。

The thing that's interesting about that is the core product, the community and conversation product, you're really only interacting with like the last day, the last 24 hours of content.

有趣的是，對於核心產品、社群和對話產品，你實際上只與過去一天或過去 24 小時的內容互動。

But in those conversations, for 20 years, our users have left us absolutely massive and deep corpus of information about everything.

但在這些對話中，二十年來，我們的用戶為我們留下了關於一切事物的海量而深厚的信息。

And so we're starting to unlock that with Answers.

所以我們開始用答案來解開這個謎。

Okay.

好的。

So where is this going?

那麼這將會發生什麼？

We'll continue to iterate on this product, but really, the work here, right now, Answers is in the app from a separate place than search.

我們將繼續對該產品進行迭代，但實際上，目前這裡的工作是，Answers 在應用程式中與搜尋處於不同的地方。

Over time, over this year, we actually want there to just be one product, which is Reddit Search, that will help users navigate Reddit, find subreddits on Reddit, and even answer subjective, hard, interesting questions.

隨著時間的推移，今年我們實際上希望只推出一款產品，即 Reddit Search，它將幫助用戶瀏覽 Reddit、在 Reddit 上找到子版塊，甚至回答主觀、困難、有趣的問題。

So we want to bring all these things together, but we wanted to get this Answers functionality out fast, and so that's why it came out as its own thing.

因此，我們希望將所有這些東西整合在一起，但我們希望快速推出這個 Answers 功能，這就是為什麼它以獨立的形式推出。

So I think just a ton of promise there, we're really excited about where that's going.

所以我認為這裡充滿希望，我們對未來的發展感到非常興奮。

Okay.

好的。

Your second question was about Google as a third-party provider.

您的第二個問題是關於谷歌作為第三方提供者的問題。

Look, these changes happen.

看看，這些變化就發生了。

They actually happen all the time, I'd say ballpark, twice a year; not the first, not the last.

它們實際上一直在發生，我猜大概每年兩次；不是第一個，也不是最後一個。

For us, it primarily affects logged-out users in the US.

對我們來說，它主要影響美國的已註銷用戶。

And this one was particularly interesting because it really was a swing down but then a recovery shortly thereafter.

這一次尤其有趣，因為它確實出現了一次下跌，但隨後不久又出現了復甦。

It happened right at the end of the quarter.

這件事發生在本季末。

It was kind of interesting during this one, the team recovered, I think, adapted nicely.

這次比賽很有趣，我認為球隊恢復得很好，適應得很好。

We see these things for all sorts of different reasons.

我們因為各種不同的原因而看到這些事情。

We did see an increase in the query term Reddit in our own search dashboard, which says that kind of despite what happens on the Google side, Internet consumers broadly want to end up on Reddit.

我們確實看到，在我們自己的搜尋儀表板上，查詢字詞「Reddit」有所增加，這表明，不管谷歌方面發生什麼，網路消費者普遍希望最終訪問 Reddit。

So as we've mentioned, we started off Q1, I think, on a great foot, both with our search traffic and then also with the rest of our traffic.

正如我們所提到的，我認為我們第一季的開局很好，無論是我們的搜尋流量還是其他流量。

And I think in Q4, we grew in all the areas that count, logs and users up 27%, and it's been that way for over a year; international itself starting to pick up steam at 46%.

我認為在第四季度，我們在所有重要領域都實現了成長，日誌和使用者成長了 27%，而且這種狀態已經持續了一年多；國際市場本身也開始加速成長，達到 46%。

So we like where we're at, and we like the way things look going forward.

所以我們喜歡我們現在所處的境況，我們也喜歡事情未來的發展方向。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

A couple of more follow-ups on search and maybe one for Drew.

關於搜尋還有幾個後續問題，也許有一個是針對德魯的。

Can the tools on Reddit do a lot more than what Google can do now.

Reddit 上的工具能做的比 Google 現在更多嗎？

And then second, how do you think about those search's commercial relevance?

第二，您如何看待這些搜尋的商業相關性？

Is there a percentage or a thought about how much of that search content could be monetizable?

有沒有一個百分比或想法，關於這些搜尋內容中有多少可以貨幣化？

Would be very interesting because you've given us the queries, which is really helpful.

這將會非常有趣，因為您給了我們疑問，這真的很有幫助。

And then, Drew, any thoughts on cost growth for the year?

那麼，德魯，對於今年的成本成長有什麼看法？

I don't know if you can give us anything on how you're thinking about head count or any cost directions for the total year.

我不知道您是否可以告訴我們您對員工總數的想法或全年的成本方向。

Okay.

好的。

We'll do me, search; Jen, search monetization; Drew, cost.

我們會幫我搜尋； Jen，搜尋貨幣化；德魯，成本。

So the reason Reddit Search is interesting is because we're the only search provider who is focusing exclusively on Reddit, while other search engines are general.

Reddit 搜尋之所以有趣是因為我們是唯一專注於 Reddit 的搜尋供應商，而其他搜尋引擎都是通用的。

They call the entire Internet.

他們呼叫了整個互聯網。

And our relationship with Google has been really good and deep and continues to be symbiotic.

我們與Google的關係一直都非常好、很深厚，並且繼續保持著共生關係。

But Reddit is one of many content providers on the Internet.

但 Reddit 只是網路上眾多內容供應商之一。

And what we know is that Internet users broadly what's on Reddit.

我們知道的是，網路使用者廣泛了解 Reddit 上的內容。

And what we're learning with Answers is that there's even more on Reddit than I think we even believed 6 months ago with this type of behavior, the seeker behavior.

透過 Answers，我們發現 Reddit 上這種行為，即搜尋者行為，比我們 6 個月前想像的還要多。

And by focusing on Reddit specifically, we can do things like what we're doing in Reddit Answers, which is every fact that Reddit Answers responds with links to a specific Reddit comment that was written by a human being.

透過專注於 Reddit，我們可以做類似在 Reddit Answers 中所做的事情，即 Reddit Answers 會透過指向人類撰寫的特定 Reddit 評論的連結來回應。

And so it's a set of highly annotated answers.

所以這是一組有高度註解的答案。

And so you can read that sentence, get your answer, but you can also click on it and actually see the whole conversation, right?

這樣，您不僅可以閱讀該句子，得到答案，還可以單擊它並實際查看整個對話，對嗎？

You can get the conversation about it.

您可以獲得有關此內容的對話。

So I think this is really, really interesting for things like recommendations, travel, advice, where there isn't an answer.

所以我認為這對於建議、旅行、建議等沒有答案的事情來說真的非常有趣。

There are lots of answers and there's lots of conversations about it.

關於這個問題有很多答案，也有很多討論。

And there's an added benefit that we're seeing in Answers, which is after you read your answer at the bottom, you see where the answers came from.

我們在「答案」中看到了一個額外的好處，那就是當你閱讀底部的答案後，你就會看到答案來自哪裡。

So there'll be a whole bunch of posts and there will be a bunch of subreddits.

因此將會有大量的帖子和大量的 subreddit。

And so it actually helps you expand your interests on Reddit.

因此它實際上可以幫助你擴大你在 Reddit 上的興趣。

And so I was telling you before about the authors.

我之前跟你講過關於作者的事。

I'm not going to name the authors.

我不會透露作者的名字。

But I've now joined the subreddits for a number of different authors.

但現在我已經加入了許多不同作者的 subreddit。

I found all these communities.

我找到了所有這些社區。

I've been on Reddit for 20 years and I'm still finding new communities.

我已經在 Reddit 上待了 20 年了，但我仍在尋找新的社群。

So just really excited about what we can do when we build something on Reddit, specifically for Reddit.

因此，當我們在 Reddit 上建立某些東西時，特別是為 Reddit 建立一些東西時，我們真的很興奮。

So I think there's a kind of opportunity in the market.

所以我認為市場上存在某種機會。

Jen, do you want to take the commercial opportunity of search?

Jen，你想抓住搜尋的商業機會嗎？

Yeah.

是的。

I mean, Reddit is actually inherently commercial in so many ways.

我的意思是，Reddit 實際上在許多方面本質上都是商業性的。

About 40% of the posts are actually classified as like purely commercial, meaning about products and services.

實際上，大約 40% 的帖子被歸類為純商業帖子，即有關產品和服務的帖子。

But in a lot of ways, like joining an interest, starting skiing, I mean, that is commercial and that there's gear and things that you want as you start up an interest.

但在很多方面，例如加入一個興趣愛好，開始滑雪，我的意思是，這都是商業性的，當你開始產生興趣時，你會想要一些裝備和東西。

So I think Reddit just naturally has that.

所以我認為 Reddit 天生就具有這個功能。

What's interesting and exciting about Reddit Answers is this idea of recommendations.

Reddit Answers 的有趣和令人興奮的地方就在於這個推薦的想法。

I think Reddit is a place where people are going to for specific recommendations on what to buy, to make decisions.

我認為 Reddit 是人們尋求購買具體建議、做出購買決定的地方。

And what Reddit Answers does is reveal the recommendation in a way that shows what's the opinions across all of Reddit.

Reddit Answers 所做的就是以一種能夠反映整個 Reddit 上的意見的方式來揭示建議。

And that's an incredible opportunity because, if you think about search, search is incredibly high-intent, and people are really in the mindset of wanting to convert on that recommendation.

這是一個令人難以置信的機會，因為如果你考慮搜索，你會發現搜索具有極高的意圖，而且人們確實希望根據該推薦進行轉換。

So the more that we build experiences like Reddit Answers that put people in a mindset of recommendations and thinking about what they want to buy, the bigger the opportunity is for us to provide, to bring in a brand or a marketer to meet that demand and drive that into an action.

因此，我們越能打造像 Reddit Answers 這樣的體驗，讓人們產生推薦的心態，思考他們想要購買什麼，我們提供的機會就越大，可以引入品牌或行銷人員來滿足這種需求，並將其轉化為行動。

If you think about what we're building, we're building shopping, right?

如果您想想我們正在建造什麼，我們正在建造購物中心，對嗎？

Shopping is product-level ad creative.

購物是產品級的廣告創意。

We already have the foundation in keyword targeting, which is around contextual.

我們已經有了圍繞上下文的關鍵字定位的基礎。

Those two pieces allow us to create a monetization opportunity at the time that it makes sense, it's an early product test.

這兩個部分使我們能夠在有意義的時間創造貨幣化機會，這是一個早期的產品測試。

But the foundation is there for us to monetize that intent as the product develops.

但隨著產品的發展，我們已經建立了將這項意圖貨幣化的基礎。

Justin, on the cost side of things, I think we found a new level here in the last couple of quarters.

賈斯汀，就成本方面而言，我認為我們在過去幾個季度中達到了一個新的水平。

If I look at kind of total adjusted costs, third quarter, fourth quarter and then the guide here, kind of in that 20% range.

如果我看一下第三季、第四季的總調整後成本，然後按照這裡的指南，大概在 20% 的範圍內。

That's where the business has been in terms of year-over-year cost growth.

從成本年成長來看，業務狀況就是這樣的。

We're not guiding further out than that because the revenue visibility isn't more than a quarter at this point.

我們不會做出更遠的預期，因為目前的收入可見度還不超過四分之一。

We're still at a place where we're within the quarter trying to earn about half of our business, right?

我們仍處於本季努力賺取約一半業務的階段，對嗎？

And so it's hard for us to give a kind of a full-year guide.

因此我們很難給出全年的指導。

But I think overall, you have the places that we're investing in.

但我認為總體而言，我們正在投資一些地方。

I think the pace of hiring will probably be slightly accelerated from what it was the prior year.

我認為招募的速度可能會比前一年略有加快。

Last year, we added a little bit more than 200.

去年，我們增加了200多人。

We're still hiring a little bit more on the engineering side.

我們在工程方面仍在招募一些人才。

We're building a small search team here.

我們正在這裡組建一個小型搜尋團隊。

So there will be investments there.

因此那裡會有投資。

But I also want to speak to there's a lot of in-year discussions here.

但我也想講一下這裡有很多年度討論。

We could move the needle quickly on some of the sales investment projects that have helped accelerate our revenue growth.

我們可以迅速推動一些有助於加速我們收入成長的銷售投資項目。

And so that's really dynamic information that we're looking at.

這就是我們正在關注的真正動態訊息。

So it's hard to kind of give a full year guide.

因此很難給出全年的指南。

But I think what you have from the company right now is kind of we've established over the last 3 quarters and kind of growing costs about 20%.

但我認為，目前公司的情況是我們在過去 3 個季度中確定的，成本增加了約 20%。

I do think we'll hire a little bit more than we did last year, but we do want the flexibility to make those in-year investments.

我確實認為我們會比去年多招募一點員工，但我們確實希望能夠靈活地進行年內投資。

They've been driving the accelerated revenue that you've been seeing.

他們一直在推動您所看到的收入加速成長。

We can snap them in quickly and make things happen.

我們可以快速地將它們整合在一起，讓事情順利進行。

Benjamin Black, Deutsche Bank.

德意志銀行的班傑明·布萊克。

Just a follow-up on Reddit Answers.

這只是 Reddit Answers 的後續內容。

Have you seen an impact on retention, on engagement, or even on sort of logged-in conversion?

您是否看到了對保留率、參與度甚至登入轉換率的影響？

And longer term, does Reddit Answers potentially alter the way you think about data licensing more broadly?

從長遠來看，Reddit Answers 是否有可能從更廣泛的角度改變您對資料許可的看法？

And then just a quick one on sort of the year ahead.

然後我簡單談談未來一年的情況。

How do you think about the balance of US user growth versus ARPU growth?

您如何看待美國用戶成長與 ARPU 成長之間的平衡？

And across the two, which one do you think you have the most visibility on?

那麼，您認為在哪一個中您的知名度最高？

Okay.

好的。

Thanks, Ben.

謝謝，本。

So on Answers, I think too soon to tell on things like retention.

因此，在答案上，我認為現在談論保留之類的事情還為時過早。

It's only in English.

它只有英文版本。

It's not even on all platforms yet or it's just barely on all platforms, and so it's truly right out the gate.

它還沒有出現在所有平台上，或者只是剛剛出現在所有平台上，所以它真的剛開始。

So we're more of testing kind of the technology and the potential from a product point of view.

因此，我們更多地是從產品的角度測試技術和潛力。

That's all looking very promising.

這一切看起來都非常有希望。

I think if we were to explain how this would lead into retention, what I'm very excited about is the general user journey on Reddit is often coming to Reddit as seekers.

我認為，如果我們要解釋這將如何帶來留存，那麼讓我感到非常興奮的是，Reddit 上的一般用戶旅程通常是以搜尋者的身份來到 Reddit。

So that's what I was talking about in my opening statement.

這就是我在開場白中談論的內容。

They're often coming from Google with a question and then learning that Reddit has answers to their questions.

他們經常帶著問題來到 Google，然後發現 Reddit 可以解答他們的問題。

I think helping the user be able to search directly on Reddit, refine their queries on Reddit, eventually come directly to Reddit for those types of queries, even integrating search into something like onboarding over time, I think would all be really interesting things for us to try as on-platform search gets better and better.

我認為幫助用戶能夠直接在 Reddit 上搜索，優化他們在 Reddit 上的查詢，最終直接在 Reddit 上進行這些類型的查詢，甚至隨著時間的推移將搜索集成到入職培訓之類的工作中，我認為隨著平台搜索變得越來越好，這些都是我們值得嘗試的非常有趣的事情。

And so I think it opens all sorts of doors.

所以我認為這會打開各種各樣的大門。

And just about everything we do on the product is in the name of improving retention.

我們在產品上所做的一切幾乎都是為了提高保留率。

But I think the number one retention challenge for Reddit is when a user shows up on Reddit, and we help them find the perfect community or communities for them, well, that's a search problem.

但我認為 Reddit 面臨的最大留存挑戰是當用戶出現在 Reddit 上時，我們會幫助他們找到最適合他們的社區，這是一個搜尋問題。

So search will get at that over time.

因此，隨著時間的推移，搜尋將會找到答案。

That's really the point.

這才是關鍵。

In terms of licensing, I think what you're seeing here is we're still in the market.

就許可方面而言，我認為您在這裡看到的是我們仍然在市場上。

We're still working on various deals.

我們仍在處理各種交易。

We announced one with an IC, I think just yesterday, and we're still talking to some of the big players as well.

我想就在昨天，我們發布了一款帶有 IC 的產品，而且我們還在與一些大公司洽談。

But we're also turning inward and looking at the opportunities for us to kind of capture the value of the data ourselves.

但我們也在向內看，尋找機會自己取得數據的價值。

And so again, that's how we arrive at something like Reddit Answers.

這就是我們如何得到像 Reddit Answers 這樣的東西。

Like, hey, this corpus is really amazing.

就像，嘿，這個語料庫真是太棒了。

Sure, we can help other people build good products and good models, but we can build the best product on our data and that should be our focus as well.

當然，我們可以幫助其他人打造好的產品和好的模型，但我們可以根據我們的數據打造最好的產品，這也應該是我們的重點。

So we're doing all of these things.

所以我們正在做所有這些事情。

So yes, we're still in the licensing business, but also, I think, very excited about all of the things that we can build on our data as well.

所以是的，我們仍然從事授權業務，但同時，我認為，我們對能夠在數據上建立的所有事物也感到非常興奮。

And then in terms of user growth and ARPU growth, I'll spend 10 seconds on users.

然後在用戶成長和 ARPU 成長方面，我會花 10 秒鐘在用戶上。

Like I think we still have a tremendous amount of opportunity on users.

我認為我們在用戶方面仍然擁有巨大的機會。

We haven't come, I think, close to tapping out in the US, which is our most mature market.

我認為，我們還沒有接近退出我們最成熟的市場美國。

And we're really getting off the ground in a number of countries around the world.

我們確實已經在世界許多國家取得了進展。

Communities are universal, and so we see very high potential in building a product that is literally universal.

社群是普遍的，因此我們認為建立一款真正普遍的產品具有很大的潛力。

Everybody belongs to communities.

每個人都屬於社區。

Everybody wants that feeling of belonging.

每個人都想要那種歸屬感。

Everybody has questions.

每個人都有疑問。

Everybody is going through life's journey, and those things are all on Reddit.

每個人都在經歷人生的旅程，這些事情都在 Reddit 上。

The way we get there is the things we've talked about, performance, quality, some of these new products like search actually kind of touches on both of those things.

我們實現這一目標的方式就是我們已經討論過的事情，性能、質量，其中一些新產品，比如搜索，實際上都涉及到了這兩方面。

And then of course, things like machine translation and our community -- or excuse me, country growth efforts around the world.

當然還有機器翻譯和我們的社區──或者對不起，是世界各國的發展努力。

I'll turn it over to Jen to talk about ARPU looking forward.

我會把主題交給 Jen 來談談未來的 ARPU 問題。

So as we've mentioned before, we don't manage to ARPU.

正如我們之前提到的，我們無法實現 ARPU。

There's nobody who managed it to what it is.

沒有人能夠做到這一點。

It is just the revenue divided by the users.

它只是收入除以用戶數。

It did grow in Q4 nicely in both regions, the US and rest of world.

第四季度，它在兩個地區（美國和世界其他地區）都實現了良好的成長。

And there's a lot of headroom there.

那裡還有很大的發展空間。

And we know that that's an opportunity to grow over time.

我們知道這是一個隨著時間而成長的機會。

But the way we think about it is we're trying to grow revenue by continuing to expand our verticals, drive performance, make our ad platform easier so that we have more advertisers on it, driving more demand into our platform.

但我們的想法是，我們正試圖透過繼續擴大我們的垂直領域、提高績效、使我們的廣告平台更容易來增加收入，以便我們擁有更多的廣告商，為我們的平台帶來更多的需求。

That grows our share as we continue to also grow users in parallel.

隨著我們用戶的不斷增加，我們的份額也隨之增加。

Look, the ARPU in both the US and rest of worldwide, they grew in Q4, are still very early.

你看，美國和世界其他地區的 ARPU 在第四季度都有成長，但這還處於早期階段。

And the ARPU for the rest of world is just a fraction of the US so there's a lot of opportunity for growth there.

世界其他地區的 ARPU 僅為美國的一小部分，因此還有很大的成長機會。

But again, we think of it as really growing our revenue, growing our share and users in parallel.

但我們再次認為這確實會同時增加我們的收入、份額和用戶。

And you see that the user growth has been a really nice driver of value for us as well as some of the brand safety and the personalized ad load work.

您會發現，用戶成長為我們帶來了真正的價值驅動力，同時也帶來了一些品牌安全和個人化廣告載入工作。

And there's a lot more there in addition to the ad format work that we did adding ads and comments.

除了我們添加廣告和評論的廣告格式工作之外，還有很多其他工作。

So there are a lot of different levers that we have for augmenting monetization.

所以，我們有很多不同的手段來提高貨幣化。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

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

我有兩個，一個給史蒂夫，一個給 Jen。

Steve, I wanted to sort of talk to you about the initiatives that you have in place to continue to convert the logged-out users to logged-in users.

史蒂夫，我想跟你談談你為繼續將已登出使用者轉換為登入使用者所採取的舉措。

Maybe talk to us about where you've made the most progress in '24.

也許可以和我們談談您在 24 年取得的最大進步是什麼。

And as you look out to '25, what are you focused on internally to sort of continue to convert logged-out to logged-in?

展望 2025 年，您在內部將重點放在哪些方面，以繼續將未登入使用者轉換為登入使用者？

And then, Jen, I know there's a lot of advertising initiatives in 2025.

然後，Jen，我知道 2025 年會有很多廣告計劃。

Can you just help us understand a little bit about, when you look across your pipeline of products, what are some that are sort of the lowest-hanging fruit areas of improvement versus areas where it is a little bit of a higher time that could take a little longer to sort of manifest itself in the P&L?

您能否幫助我們了解一下，當您回顧您的產品線時，哪些是最容易改進的領域，哪些領域需要花費較長的時間，可能需要更長的時間才能在損益表中體現？

Okay.

好的。

Brian, thanks for the questions.

Brian，謝謝你的提問。

So logged-out to logged-in.

因此從登出變為登入。

So picture the way that we think about it, Reddit is universal.

所以想像一下我們的想法，Reddit 是通用的。

And let's start with the US first.

我們先從美國開始。

If Reddit has a community for everybody, and it's us, then why isn't everybody on Reddit?

如果 Reddit 是一個面向所有人的社區，而這個社區就是我們，那麼為什麼不是每個人都在使用 Reddit？

Well, I think there's two reasons.

嗯，我認為有兩個原因。

Either they haven't heard of Reddit, which is increasingly less likely, or they've tried Reddit and it didn't work for them.

要么他們沒有聽說過 Reddit（這種可能性越來越小），要么他們嘗試過 Reddit，但沒有效果。

That is the cohort of users that we are focused on.

這就是我們關注的用戶群。

And so those users are either coming from external search like Google or they're coming to Reddit's front door, right?

那麼這些用戶要么來自 Google 等外部搜索，要么直接進入 Reddit 的前門，對嗎？

They're going to Reddit.com or they're opening the app.

他們會訪問 Reddit.com 或打開應用程式。

Those folks who come direct from logged-out, that is where we are the most aggressive because what they're saying to us in that moment is, I am open to joining this platform.

對於那些直接從註銷狀態過來的用戶，我們是最積極的，因為他們在那一刻對我們說的是，我願意加入這個平台。

And so the work we've done there that's been most effective is we've made it much, much easier to log in.

因此，我們所做的最有效的工作就是使登入變得更加容易。

It used to be very hard.

這曾經非常困難。

We used to lose 80% of our sign-ups on the choose a username stuff.

我們曾經因為選擇用戶名而損失了 80% 的註冊用戶。

It was a meat grinder.

那是一台絞肉機。

It's much, much smoother now.

現在順暢多了。

You can log in and register with an e-mail, with a phone number, with Google or Apple, so really, really fast log-in, and then much improved onboarding from there.

您可以使用電子郵件、電話號碼、Google或蘋果登入並註冊，因此登入速度非常非常快，並且從那裡開始大大改善入職體驗。

So what are your interests, and we get you into the home feed.

那麼您的興趣是什麼？

Our ML in the home feed, our ability to take your interests and expand them or show you more related subreddits, that's gotten much better.

我們主頁資訊流中的機器學習、我們了解你的興趣並擴展它們或向你展示更多相關子版塊的能力已經變得更好了。

So that's kind of now the top driver for users to join new communities on Reddit, and that's the number one driver for retention.

所以這現在成為了用戶加入 Reddit 新社群的首要驅動力，也是留住用戶的首要驅動力。

So that stuff has been working very well in 2024.

因此，這些東西在 2024 年運行得非常好。

Now if you're coming from search, we actually used to be more aggressive.

現在，如果你來自搜索，我們實際上曾經更加積極主動。

You come from Google, we'd say, hey, download the app, log in.

如果你來自谷歌，我們會說，嘿，下載應用程序，登入。

That is a classic case of it works in the short term, it moves the numbers, and it doesn't work in the long term.

這是一個典型的例子，它在短期內有效，可以改變數字，但長期來看卻無效。

It annoys people, makes them mad and then actually tapers off.

它會惹惱人們、使他們發瘋，然後逐漸減少。

So we actually go the other direction.

所以我們實際上是朝另一個方向走。

If you're coming from search, we want to give you the answers, right?

如果您是透過搜尋而來，我們希望為您提供答案，對嗎？

We're trying to make our customers happy.

我們正盡力讓顧客滿意。

What are they there for?

他們在那裡幹什麼？

Answers, give them answers.

答案，給他們答案。

They're not looking to join a community in that moment.

他們此刻並不想加入某個社群。

And so our work there and looking forward is can we make Reddit amazing at giving them answers.

因此，我們在這裡的工作以及對未來的展望是，我們能否讓 Reddit 在為他們提供答案方面表現出色。

So that's things like literally Reddit Answers that specialize in landing pages for seekers, that's having Reddit search itself be amazing, so users can learn and that they can ask these specific questions on Reddit.

這就是像 Reddit Answers 這樣專門為搜尋者提供登陸頁面的東西，這使得 Reddit 搜尋本身變得非常棒，因此用戶可以學習並且可以在 Reddit 上詢問這些特定的問題。

This idea of building products for the seekers, not just the scrollers, is so important to us that we've expanded our mission to include it.

為搜尋者而不是滾動者打造產品這一想法對我們來說非常重要，因此我們擴大了我們的使命以將其納入其中。

And so that's what I mentioned in my opening remarks, empower communities and make the knowledge accessible to all.

這就是我在開場白中提到的，賦予社群權力，讓所有人都能獲得知識。

So a lot of what we're doing requires us to think about each of these cases specifically.

因此，我們所做的許多工作都需要我們具體思考每個情況。

And so that's what leads to logging in, that's what leads into higher retention.

這就是導致登入的原因，也是導致更高保留率的原因。

Okay, Jen, the question was about what's the easy stuff, what's the hard stuff in 2025.

好的，Jen，問題是關於 2025 年什麼是容易的事情，什麼是困難的事情。

Yes.

是的。

In terms of the road map, things that are, I think, more lower-hanging fruit, I mean, things that we know work, right?

就路線圖而言，我認為，這些都是更容易實現的目標，我的意思是，我們知道可行的事情，對吧？

ML, applying ML optimization, applying models to brand, which we don't do extensively today, that has worked so well in performance.

ML，應用 ML 優化，將模型應用於品牌，這些我們今天還沒有廣泛應用，但在性能上卻表現得非常好。

I think applying that to brand can deliver really significant performance for our advertisers.

我認為將其應用於品牌可以為我們的廣告商帶來非常顯著的效果。

We know that formula works, so really applying ML for optimization.

我們知道公式有效，因此真正應用 ML 進行最佳化。

Second is measurement.

第二是測量。

There's work that you want to do around conversion modeling, really getting credit for the value that we're driving.

您希望圍繞轉化模型進行一些工作，真正獲得我們所推動的價值的認可。

That's really important, moving to industry standard there, so you'll see us do that work.

這真的很重要，要轉向行業標準，所以你會看到我們做這項工作。

And then finally, creative optimization.

最後，創意優化。

The work that you do in optimizing variants and creatives can have such a significant impact on performance.

您在優化變體和創意方面所做的工作可能會對性能產生重大影響。

And that's something you grind away at forever, frankly.

坦白說，這是你需要永遠努力實現的事情。

But that also is, I think, an opportunity for us.

但我認為這對我們來說也是一個機會。

It's not an area that we spend that much time on so far but we're excited to do that this year.

到目前為止，我們還沒有在這個領域花費太多時間，但我們很高興今年能做到這一點。

The rest of our road map, I think is, again, the ads road map is about continuous improvement in terms of ease of use, in terms of performance for our advertisers, and in terms of Reddit-unique opportunities.

我認為，我們路線圖的其餘部分是廣告路線圖，旨在不斷改進易用性、廣告商表現以及 Reddit 獨有的機會。

And you'll see us continue to grind the way at that.

你會看到我們繼續努力。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

I got a few that I think are some of the key questions that investors are concerned about.

我得到了一些我認為是投資者關心的關鍵問題。

What exactly did Google change in the algorithm?

谷歌到底在演算法上做了哪些改變？

I think there's been a lot of views that's sort of Google loves Reddit and was sort of prioritizing Reddit.

我認為有很多觀點認為谷歌喜歡 Reddit 並且優先考慮 Reddit。

So what exactly changed?

那麼究竟發生了什麼變化呢？

And I guess, Steve, how do you get comfort or confidence that future changes are not going to be more problematic than this one?

我想，史蒂夫，你如何感到安慰或確信未來的改變不會比這次更成問題？

I think, Steve, you said that the Google change was mostly logged-out users.

我覺得，史蒂夫，你說過Google的變化主要是針對已註銷的用戶。

I assume that means it's had very minimal, if not no impact, on revenue.

我認為這意味著它對收入的影響非常小，甚至沒有影響。

But if you could qualify around that, that would be great.

但如果你能解決這個問題，那就太好了。

And then just given your comments about DAU growth resuming in Q1, as we think about that, is there any way you could sort of give us what was Q4 adjusted for the Google algorithm change so we could see what the underlying growth is to think about what the implication is for Q1?

然後，鑑於您對第一季 DAU 成長恢復的評論，當我們考慮到這一點時，您能否給我們提供一下第四季度根據 Google 演算法變化進行調整的情況，以便我們了解潛在的成長情況，從而思考這對第一季度有何影響？

I apologize for the three questions.

對於這三個問題，我深感抱歉。

All good.

一切都很好。

Thanks, Rich.

謝謝，里奇。

Okay.

好的。

What did Google change?

谷歌改變了什麼？

I have my suspicions but it's not my place to say, but I'm not worried about it.

我有我的懷疑，但我沒有權力說，但我並不擔心。

Number two, assume no revenue impact?

第二，假設對收入沒有影響？

Correct, no revenue impact.

正確，對收入沒有影響。

And three, what was adjusted down in Q4, what's it look like in Q1?

第三，第四季調整了哪些內容，與第一季的情況如何？

Look, I can't put specific numbers on it but I don't think we'd be having this conversation if not for the swing there, and we feel very good about the pace that we're on in Q1.

看，我無法給出具體的數字，但如果沒有那裡的變化，我想我們就不會進行這次談話，而且我們對第一季的進展速度感到非常滿意。

Like I said, look, we see volatility from Google all the time as does everybody.

就像我說的，你看，我們和所有人一樣，一直看到Google的波動。

You can read the blogs a couple of times a year.

您每年可以閱讀幾次部落格。

Our relationship with them is great.

我們與他們的關係很好。

We collaborate in a number of ways, including how they can continue to crawl us better, so there's zero concern from us in this department.

我們以多種方式進行合作，包括他們如何繼續更好地抓取我們的數​​據，因此我們在這個部門完全不用擔心。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Two, if I may.

如果可以的話，有兩個。

First, could you talk, maybe Jen, about as you think about your initiatives to grow the advertiser count, could you talk about the progress you've made maybe in the back half of '24 and initiatives maybe you have in place in '25 and '26 to grow that advertiser count, including maybe focus on the self-serve side?

首先，Jen，您能否談談您在增加廣告客戶數量的舉措方面所取得的進展，以及您在 2025 年和 2026 年為增加廣告客戶數量所採取的舉措，包括可能專注於自助服務方面？

And then the second is I just want to go back to the search aspect and maybe approach it from a different angle, which is the intent and signal that it may drive across the platform.

第二，我只想回到搜尋方面，也許從不同的角度來處理這個問題，這就是它可能在整個平台上推動的意​​圖和訊號。

Could you talk a little bit about the power of search and maybe even the power of growing engagement on the Answers platform and its ability to drive improved conversion and intent across the rest of the platform?

您能否稍微談談搜尋的力量，甚至是 Answers 平台上日益增長的參與度的力量，以及它在推動平台其他部分提高轉換率和意圖的能力？

So I can take the first one about active advertisers.

因此我可以談談第一個關於活躍廣告商的問題。

So we continue to see really healthy year-over-year and quarter-over-quarter growth.

因此，我們繼續看到真正健康的同比和環比增長。

We saw that in Q4 for our monthly active advertiser count.

我們在第四季度看到了每月活躍廣告商的數量。

So that diversification continues.

這種多樣化仍在繼續。

Again, there's many more advertisers that can be on the platform, but we're pleased with the progress there.

再次，平台上可以容納更多的廣告商，但我們對那裡的進展感到滿意。

What's unlocking that is a combination of things.

解鎖這個的是多種事物的組合。

One, our focus on ease of use in terms of the onboarding, in terms of activation, just making it much more simple to activate things like a GenAI Headline Generator, just takes the friction out of getting creative, up and running on the platform, automating, just being able to optimize for like max clicks or lowest-cost click.

首先，我們專注於入門和激活方面的易用性，使激活諸如 GenAI 標題生成器之類的東西變得更加簡單，消除了在平台上進行創意、啟動和運行的阻力，實現自動化，能夠優化最大點擊次數或最低成本點擊次數。

Those kinds of semi-automations allow smaller advertisers to get on the platform.

這些半自動化系統允許較小的廣告商進入該平台。

As a reminder, our strategy is not focused on self-serve right now.

提醒一下，我們的策略目前並不專注於自助服務。

We do have a very nicely growing scaled business in mid-market and SMB, but they are managed.

我們在中型市場和中小企業確實擁有成長非常好的規模業務，但它們是受管理的。

They're managed in that we do give them some treatment, very light treatment, to help them through the process.

我們對他們進行管理，給他們一些治療，非常輕度的治療，以幫助他們度過整個過程。

It's worth it in terms of the average revenue per advertisers that we see and helps with their retention and engagement.

從我們看到的每個廣告商的平均收入來看，這是值得的，並有助於他們的保留和參與。

And we're focused on growing those what we call sort of filtered Tier 1, Tier 2 SMBs.

我們專注於發展那些我們稱之為經過篩選的一級和二級中小企業。

But that's been growing really, really nicely.

但這一增長確實非常非常好。

And there's a lot more that can be on the platform.

該平台上還可以實現更多功能。

We will continue that drive into 2025.

我們將這項動力延續到 2025 年。

We will be doing work at the top of the funnel to acquire more advertisers.

我們將在漏斗頂端開展工作以吸引更多的廣告商。

So we've been doing that in terms of the acquisitions team that we sort of established, embedded in pods in mid-market last year, that will continue this year, as well as top of the funnel, some paid marketing, work in SEO around our business website, building relationships with partners who work with small businesses, who we can then bring leads into our platform.

因此，我們一直在這樣做，就我們去年在中端市場建立的收購團隊而言，該團隊今年將繼續開展工作，同時還進行一些漏斗頂端的付費營銷，圍繞我們的商業網站進行搜尋引擎優化工作，與為小型企業工作的合作夥伴建立關係，然後我們可以將這些潛在客戶帶入我們的平台。

Developing Reddit Pro, which is a landing spot for businesses where they can have a presence on Reddit, get to know the platform and then become advertisers.

開發 Reddit Pro，它是企業的登陸點，企業可以在 Reddit 上展示自己，了解平台，然後成為廣告商。

So these are all the ways that we're starting to expand our work on the top of the funnel for bringing in new advertisers.

這些都是我們開始擴大通路頂端的工作以吸引新廣告商的方法。

Okay.

好的。

And the second part of your question was about search and opportunities for search.

問題的第二部分是關於搜尋和搜尋機會。

I mean, this is why search is so amazing.

我的意思是，這就是搜尋如此神奇的原因。

I was just talking about how the key to retention for Reddit, which is the foundation for growth, is figuring out what users are interested in.

我剛才談到，Reddit 的留存關鍵（也是其成長的基礎）在於弄清楚用戶的興趣所在。

Well, with search, they're literally typing into a box, this is what I'm interested in.

嗯，透過搜索，他們實際上就是在一個盒子裡輸入內容，這就是我感興趣的。

So it's amazing for us to pick up on that signal.

因此，我們能夠接收到這個訊號真是太神奇了。

And then, of course, they actually click on things, right?

然後，當然，他們實際上會點擊東西，對嗎？

They find their interest on Reddit.

他們在 Reddit 上找到了自己的興趣。

So not only do they tell us, they find subreddits that they can then join and follow.

因此，他們不僅告訴我們，還找到了可以加入和關注的 subreddit。

So it's amazing from that point of view.

從這個角度來看，這是令人驚奇的。

And of course, that signal has incredible monetization potential, as you all know.

當然，正如大家所知，該訊號具有令人難以置信的貨幣化潛力。

So search is one of those things where it's a product that is great for new users, for the reasons I just mentioned; it's great for core users like myself, I search on Reddit every day; and it's great for monetization.

因此，出於我剛才提到的原因，搜尋是非常適合新用戶的產品之一；對於像我這樣的核心用戶來說它很棒，我每天都在 Reddit 上搜尋；這對於盈利非常有利。

So it's not every day we get a product that's fun to build, that scratches all of our itches.

因此，我們並不是每天都能得到一款既有趣又能滿足我們所有需求的產品。

So we're very excited about it.

因此我們對此感到非常興奮。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Maybe a two-parter on the international side of the business.

或許在國際業務方面會有兩個部分。

When you think about your strategic priorities or where the business sits internationally relative to domestically, how should we be thinking about the runway for either user funnel optimization or monetization and building more density around the advertising initiatives globally as opposed to what you've proven out more domestically?

當您考慮策略重點或業務在國際上相對於國內的地位時，我們應該如何考慮用戶管道優化或貨幣化的跑道，並在全球範圍內圍繞廣告計劃建立更高的密度，而不是像您在國內已經證明的那樣？

Just to think about contrasting the business by geographies.

只是思考一下按地域對比業務。

Okay.

好的。

Part one, IT users; part two, IT dollars.

第一部分，IT用戶；第二部分，IT 美元。

Okay, so IT users.

好的，所以是 IT 用戶。

Look, I think at the very beginning there.

你看，我認為從一開始就是這樣。

So Reddit is roughly 50/50 US versus non-US.

因此 Reddit 美國用戶和非美國用戶的比例大致是 50/50。

Peers in the space are 80% to 95% non-US.

該領域的同行中有 80% 至 95% 來自非美國本土。

We have no reason to believe that we won't be in that range because Reddit is universal, because communities are universal.

我們沒有理由相信我們不會處於這個範圍內，因為 Reddit 是通用的，因為社群是通用的。

So I think the opportunity is there.

所以我認為機會是存在的。

Now everything we've talked today about growth is really about kind of the quality and performance in search.

今天我們談論的有關增長實際上都與搜尋的品質和性能有關。

Those things not only help us grow in the US, our most mature market, but helps us grow outside the US as well, right?

這些不僅幫助我們在美國這個最成熟的市場發展，也幫助我們在美國以外發展，對嗎？

Product quality always works.

產品品質始終如一。

Now in addition to that, we have a couple of initiatives that I think are very promising.

除此之外，我們還有幾個我認為非常有前景的舉措。

We've talked a number of times about machine translation.

我們已經多次討論過機器翻譯。

The first country for us to deploy this in was France.

我們第一個部署這項技術的國家是法國。

France, even within our focus market countries, which themselves are outpacing the rest of the world than the US, France is growing 30% to 40% faster.

法國，即使在我們關注的市場國家中，這些國家本身的成長速度也比美國快得多，法國的成長速度快 30% 至 40%。

And that's because we've got the machine translation first.

這是因為我們先有了機器翻譯。

We're rolling it out into half a dozen languages right now and more throughout the year, and the cost of that has come down so we'll just continue to expand that.

目前，我們正在將其推廣到六種語言，並將在全年推出更多語言版本，而且成本已經下降，因此，我們將繼續擴大其服務範圍。

And then there's our community work.

然後還有我們的社區工作。

So we have people in country identifying topic areas, for example, sports, cities, important kind of cultural areas, making sure communities exist, recruiting moderators, training moderators, doing meet-ups, all the kind of high-touch diplomatic work.

因此，我們派人在當地確定主題領域，例如體育、城市、重要的文化領域，確保社區存在，招募主持人，培訓主持人，組織聚會，以及所有高接觸的外交工作。

And we're doing that in a number of countries around the world as well.

我們也在世界許多國家這麼做。

So the potential is there because communities are universal.

因為社區是普遍的，所以潛力是存在的。

And our work is working.

我們的工作正在發揮作用。

Now it's very high-touch work because we're growing communities, right?

現在，這項工作需要高接觸，因為我們正在發展社區，對嗎？

We can't force it, but it's coming along nicely.

我們無法強迫它，但一切都進展順利。

And then the revenue will follow the users.

然後收入就會跟著用戶而來。

Yeah.

是的。

I would just say we follow the users and we do have markets like the UK, which are getting to be more mature markets for us.

我想說的是，我們會關注用戶，我們確實擁有像英國這樣的市場，對我們來說，這些市場正在變得更加成熟。

And similar to what happened in the US, Reddit has become an intentionally entered term into Google in the UK, one of the top terms.

和美國的情況類似，在英國，Reddit 已經成為 Google 搜尋中故意輸入的字詞，也是熱門字詞之一。

So that's also created, again, a stronger base of awareness and understanding of our platform.

因此，這也再次增強了人們對我們平台的認識和理解基礎。

Look, everything we build in the ad stack and in the ad platform, it's global.

你看，我們在廣告堆疊和廣告平台中建立的一切都是全球性的。

It works for advertisers globally.

它適用於全球的廣告商。

So they get the benefits of all the performance gains and the ease of use that we built into the platform.

因此，他們可以從我們在平台中建立的所有效能提升和易用性中獲益。

We are investing in marketing in EMEA to acquire more advertisers, and we have invested in growing our go-to-market teams, again, with a focus on acquiring more advertisers and bringing more customers onto the platform.

我們正在歐洲、中東和非洲地區投資行銷以吸引更多的廣告商，我們已經投資擴大我們的行銷團隊，再次專注於吸引更多的廣告商並將更多的客戶引入平台。

And as you saw in Q4, that growth rate that we saw from EMEA is a result of some of the investments that we made.

正如您在第四季度看到的，我們在歐洲、中東和非洲地區看到的成長率是我們進行的一些投資的結果。

So we feel very good about the opportunity there.

因此，我們對那裡的機會感到非常高興。

Chris, I think we have time for one last question.

克里斯，我想我們還有時間問最後一個問題。

Laura Martin, Needham & Company.

勞拉馬丁 (Laura Martin)，尼德漢姆公司。

And I'll just stick to one since we're up against time, and it's on DeepSeek.

由於時間緊迫，我只會堅持一個，它是在 DeepSeek 上。

So DeepSeek, as you know, a lot of my companies are moving over to DeepSeek in their large language models and also you're seeing Facebook hit all-time highs.

所以 DeepSeek，正如你所知，我的許多公司都在將他們的大型語言模型轉向 DeepSeek，同時你也看到 Facebook 創下了歷史新高。

Both of those are open source.

兩者都是開源的。

So my question for you is, both of the deals you guys have are with proprietary large language models, Google, and OpenAI.

所以我想問一下，你們達成的兩筆交易都是與專有大型語言模型、Google和 OpenAI 進行的。

My question is, are you using these open models to help with your content creation for your customers?

我的問題是，您是否使用這些開放式模型來幫助您為客戶創作內容？

And/or does it threaten your revenue stream coming from your content licensing if, in fact, open large language models win the battle of large language models?

或者，如果開放大型語言模型事實上贏得了大型語言模型之戰，這是否會威脅到您從內容授權中獲得的收入流？

Okay.

好的。

Thanks.

謝謝。

Two great questions.

兩個很好的問題。

So the first question, let me just kind of cut it in half.

因此，對於第一個問題，讓我將其分為兩半。

Are we using it?

我們在用它嗎？

Period.

時期。

Yes.

是的。

We and every company, except for two, on Earth love open source AI models, and so I think a tremendous amount of opportunity there.

我們和地球上的每一家公司（兩家除外）都喜歡開源 AI 模型，因此我認為這裡蘊藏著巨大的機會。

And look, we use commercial models, we use open source models.

你看，我們使用商業模型，我們使用開源模型。

We make our own.

我們自己做。

And so I think what we're seeing happen is exactly what we said would happen two years ago.

所以我認為，我們現在看到的情況正是我們兩年前所說的會發生的情況。

Access to this technology will become commoditized.

這項技術將會變得商品化。

Open source will keep pace with the commercial offerings, and ultimately, it will be accessible to everyone.

開源將與商業產品保持同步，最終將為所有人所用。

And that's exactly what's happening.

而這正是正在發生的事。

And I think it's great for the industry, and it's, of course, great for us because basically, every aspect of our business can benefit from this technology, right, moderation, safety, copy generation, internal tools, also search.

我認為這對行業非常有益，當然對我們來說也非常有益，因為基本上我們業務的每個方面都可以從這項技術中受益，包括審核、安全、副本生成、內部工具以及搜尋。

The second part of your question is how does this impact our opportunities in licensing.

你的問題的第二部分是這對我們的許可機會有何影響。

The short answer is it does not.

簡短的回答是：不是。

Look, every foundation model that exists, including DeepSeek and including the models that DeepSeek stole from, use Reddit data.

你看，現有的每個基礎模型，包括 DeepSeek 以及 DeepSeek 竊取的模型，都使用 Reddit 資料。

So that's something that we've accepted.

所以這是我們接受的事實。

These models do not exist without Reddit data.

如果沒有 Reddit 數據，這些模型就不存在。

But what we are selling is ongoing access to up-to-date information.

但我們出售的是持續獲取最新資訊的權限。

Imagine a search engine that stopped indexing in 2021.

想像一下搜尋引擎在 2021 年停止索引。

It gets less and less useful over time.

隨著時間的推移，它變得越來越沒用。

The same thing is with the foundation level.

基礎層面也存在著同樣的情況。

If it stops getting new information, it just gets less and less relevant over time.

如果它停止獲取新訊息，隨著時間的推移它就會變得越來越不相關。

And so you need a steady supply of up-to-date information.

因此，您需要穩定地提供最新的資訊。

And Reddit is a supply of information about all aspects of the human experience, right?

Reddit 提供有關人類經驗各個方面的信息，對嗎？

AI can't try a new hair dryer or listen to headphones and tell you what the experience is like, but users on Reddit can and do.

人工智慧無法嘗試新的吹風機或聽耳機並告訴你體驗如何，但 Reddit 上的用戶可以而且確實做到了。

And so that sort of information is super valuable.

所以這類資訊非常有價值。

AI can't tell you what it's like to go through a breakup and what you should do.

人工智慧無法告訴你分手是什麼感覺，以及你應該做什麼。

That information comes from Reddit.

該資訊來自 Reddit。

So I don't see any change there.

因此我沒有看到任何變化。

It's actually no change from the situation we are already experiencing, and we're very excited about the open source models.

事實上，這與我們已經經歷的情況沒有什麼變化，我們對開源模型感到非常興奮。

Great.

偉大的。

Thanks, Steve, Jen, Drew.

謝謝，史蒂夫、珍、德魯。

Thanks, everyone, for joining.

感謝大家的加入。

We appreciate you all spending some time with us, and we look forward to speaking again soon.

感謝大家抽出時間與我們交流，我們期待很快能再次與您交談。

This concludes Reddit's fourth-quarter and full-year 2024 earnings call.

Reddit 的 2024 年第四季和全年財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。