Reddit Inc (RDDT) 2025 Q1 法說會逐字稿

Good afternoon. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's Q1 2025 earnings call. (Operator Instructions)

午安.我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Reddit 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference call over to Jesse Rose, Head of Investor Relations. You may begin your conference.

現在，我想將電話會議交給投資人關係主管傑西‧羅斯 (Jesse Rose)。您可以開始您的會議了。

Thanks, Kelvin. Thank you, and good afternoon, everyone. Welcome to Reddit's first-quarter 2025 earnings conference call. Joining me today are Steve Huffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO.

謝謝，凱爾文。謝謝大家，下午好。歡迎參加 Reddit 2025 年第一季財報電話會議。今天與我一起出席的還有 Reddit 聯合創始人兼首席執行官史蒂夫霍夫曼 (Steve Huffman)； Reddit 首席營運官 Jen Wong；以及 Reddit 首席財務官 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. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to revise or update any 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。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。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。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. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Our first-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.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。我們在致股東的信中闡述了 GAAP 與非 GAAP 財務指標的對帳情況。我們的第一季致股東的信函和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 上查閱。

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

現在我將把電話轉給史蒂夫。

Hi, everyone. Thank you for joining our Q1 earnings call. Next month, Reddit turns 20. That's two decades of building something special on the Internet, a user-powered platform where you can be your honest self and connect over topics you care most about, whether popular niche or personal.

大家好。感謝您參加我們的第一季財報電話會議。下個月，Reddit 將迎來 20 歲生日。這是我們二十年來在網路上建立的特別的東西，一個用戶驅動的平台，在這個平台上你可以做真實的自己，並就你最關心的話題進行交流，無論是流行的小眾話題還是個人話題。

We've endured a lot of change over the years. The rise of smartphones, social media and now AI, a global pandemic and countless trends in how people connect online. But one thing has always held true. The world needs community and shared knowledge, and that's what we do best. Millions of people have contributed to Reddit being the eclectic and thriving place it is today.

這些年來我們經歷了許多變化。智慧型手機、社交媒體以及如今的人工智慧的興起、全球流行病以及人們在線聯繫方式的無數趨勢。但有一件事始終是正確的。世界需要社群和共享知識，而這正是我們最擅長的。數以百萬計的人為 Reddit 的蓬勃發展做出了貢獻。

And as a result, we have over 100,000 enduring communities.

因此，我們擁有超過 100,000 個持久社區。

20 years after our founding, we still have many opportunities and much to do. We took a big step forward last year, becoming a public company, and I think we delivered strong results in our first year. We carried that momentum into 2025 with another solid quarter of growth and profitability. Revenue was $392 million, up 61% year over year, marking our third consecutive quarter of growth over 60%. We ended the quarter with 401 million weekly and 108 million dailies, both up 31% year over year, and we continue to scale efficiently while investing in the future.

我們成立20年了，我們還有很多機會，還有很多事情要做。去年我們邁出了一大步，成為一家上市公司，我認為我們在第一年就取得了強勁的業績。我們將這一勢頭延續到 2025 年，並​​再創一個季度的穩健成長和獲利記錄。營收為 3.92 億美元，年成長 61%，這是我們連續第三個季度實現超過 60% 的成長率。本季末，我們的每周播放量為 4.01 億次，每日播放量為 1.08 億次，年增 31%，並且我們將繼續有效擴大規模，同時投資於未來。

There's a lot to be excited about as we make progress on our core product and ad business, and we look forward to walking you through those updates today.

隨著我們的核心產品和廣告業務取得進展，有很多值得興奮的事情，我們期待今天向您介紹這些更新。

Ever shifting macro environments like these create both challenges and opportunities. We've grown through challenging times before. People need connection and information shift as much in uncertain times, and we're well positioned to meet this moment. Our unique advantage is that people come to Reddit with intent. They're not just scrolling, they're also seeking.

像這樣不斷變化的宏觀環境既帶來了挑戰，也帶來了機會。我們以前也經歷過充滿挑戰的時期。在不確定的時期，人們同樣需要聯繫和資訊轉移，我們也已準備好迎接這一刻。我們的獨特優勢是人們是有意來到 Reddit 的。他們不只是在滾動，他們也在尋找。

They come to Reddit for real opinions from real people. When you ask a question online today, whether it's about a product, decision or life choice you're not looking for generic answers or sanitized summaries. You're looking for lived experience from personal recommendations, which is why Reddit is the number one platform for finding possible solutions to people's needs or situations. And it's where half of all product conversations online take place.

他們來到 Reddit 是為了尋求真實的人的真實意見。如今，當您在線上提問時，無論是關於產品、決策還是生活選擇，您都不會尋求通用的答案或經過修飾的摘要。您正在尋找來自個人推薦的生活經驗，這就是為什麼 Reddit 是尋找人們需求或情況的可能解決方案的首選平台。網路上一半的產品對話都是在這裡進行的。

For seekers, Reddit's open nature is essential. It allows our content to surface across the open web and be easily found in search. We remain one of the last major platforms that doesn't require you to sign in to learn something because we believe that by giving everyone access to knowledge, we are helping fulfill the purpose of the Internet. This openness broadens visibility, drives awareness and brings us new users. But it also means that some of our traffic from external sources is variable.

對於搜尋者來說，Reddit 的開放性至關重要。它使我們的內容能夠出現在開放的網路上，並能透過搜尋輕鬆找到。我們仍然是最後幾個不需要登入即可學習內容的主要平台之一，因為我們相信，透過讓每個人都能獲得知識，我們正在幫助實現網路的目的。這種開放性擴大了知名度，提高了知名度並為我們帶來了新用戶。但這也意味著我們來自外部來源的部分流量是可變的。

Ultimately, short-term shifts don't affect our long-term strategy or opportunity. We control our own destiny.

最終，短期轉變不會影響我們的長期策略或機會。我們掌握自己的命運。

On the core product side, we're focused on making it a seamless experience to create, contribute to and discover communities. Here's how we're realizing that vision through our product road map. First, using search to help people find what they're looking for on Reddit. Search will help new users opening the app for the first time, find their home on Reddit and it will help visitors from external search to find the answers they're looking for. We're upgrading Reddit search and better integrating it throughout our product.

在核心產品方面，我們專注於為創建、貢獻和發現社群提供無縫體驗。以下是我們如何透過產品路線圖實現這個願景。首先，使用搜尋幫助人們在 Reddit 上找到他們想要的內容。搜尋將幫助首次開啟應用程式的新用戶在 Reddit 上找到他們的主頁，並幫助來自外部搜尋的訪客找到他們正在尋找的答案。我們正在升級 Reddit 搜尋並將其更好地整合到我們的產品中。

Reddit Answers, our version of AI search has reached 1 million weekly users. And last month, we began its global expansion, beginning with Australia and the UK We are now working to integrate it into Reddit's core search experience to further streamline the path from question to answer on Reddit.

Reddit Answers，我們的 AI 搜尋版本每週用戶數量已達 100 萬。上個月，我們開始了全球擴張，從澳洲和英國開始。我們現在正致力於將其整合到 Reddit 的核心搜尋體驗中，以進一步簡化 Reddit 上從問題到答案的路徑。

Next, becoming a truly global platform by growing outside of the US, machine translation is now available in 13 languages with more on the way. The focus markets where we've implemented our international playbook, including France, Spain and Brazil, are growing nearly twice as fast as total international users. For us, internationalization isn't just a way to grow. It's essential to our mission of providing community and knowledge to everyone in the world.

其次，透過在美國以外發展，機器翻譯已成為一個真正的全球平台，目前已支援 13 種語言，並且正在開發更多語言版本。我們實施國際策略的重點市場包括法國、西班牙和巴西，這些市場的成長速度幾乎是國際用戶總數的兩倍。對我們來說，國際化不僅僅是一種成長的方式。這對我們為世界上每個人提供社區和知識的使命至關重要。

And finally, making Reddit more fun and easy to use. We're continuing to make it simpler and easier to contribute to communities. In March, we released a set of tools to streamline the contribution process for users, including posting comment guidance, which provides real-time suggestions to improve your post -- post insights and community suggestions, these improvements not only help users but also meaningfully reduce the burden on moderators as the content people contribute is of higher quality and better aligned with community rules.

最後，讓 Reddit 變得更加有趣和易於使用。我們將繼續使為社區做出貢獻變得更加簡單和容易。3 月份，我們發布了一套工具來簡化用戶的貢獻流程，包括發表評論指南，它可以提供即時建議以改善您的貼文——貼文見解和社群建議，這些改進不僅可以幫助用戶，還可以顯著減輕版主的負擔，因為人們貢獻的內容品質更高，更符合社群規則。

We also have 400,000 people playing games and other interactive experiences built on our developer platform in Q1, showing that interactive experiences can thrive on Reddit, and we have more big ideas to drive engagement and premium content, which will roll out later this year. None of this happens without our communities. They are the heart of Reddit. From our Minecraft to our witchcraft to our craft beer, every subreddit is a world of its own, built by the people who use it. And this unique community model isn't just our history, it's our future.

今年第一季度，有 40 萬人在我們的開發者平台上玩遊戲和體驗其他互動體驗，這表明互動體驗可以在 Reddit 上蓬勃發展，而且我們還有更多推動參與度和優質內容的大想法，這些想法將於今年晚些時候推出。如果沒有我們的社區，這一切都不會發生。他們是 Reddit 的核心。從我們的 Minecraft 到我們的巫術到我們的精釀啤酒，每個 subreddit 都是一個獨立的世界，由使用它的人構建。這種獨特的社區模式不僅是我們的歷史，也是我們的未來。

We're not looking to imitate any other platform. We're looking to make Reddit the best version of Reddit by being faster, easier and better to use.

我們並不想模仿任何其他平台。我們希望透過更快、更簡單、更好用的方式，讓 Reddit 成為最好的 Reddit 版本。

On Reddit, it's not about perfection. It's about participation, not about broadcasting but belonging. That's why 20 years in, we're still growing, still resonating and still real proudly. Thanks again for being with us on this journey.

在 Reddit 上，完美並不重要。這是關於參與，而不是廣播，而是歸屬感。這就是為什麼 20 年後我們仍在成長、仍在產生共鳴並仍感到自豪。再次感謝您與我們一起踏上這段旅程。

I'll now hand it over to our COO, Jen Wong.

現在我將把發言權交給我們的營運長 Jen Wong。

Thanks, Steve. Hello, everyone. It was another strong quarter and a good start to the year for Reddit. We continued our momentum from last year and grew total revenue 61% year over year to $392 million in Q1. Our unique proposition and core platform improvements continue to drive differentiated growth and positive outcomes for advertisers.

謝謝，史蒂夫。大家好。對 Reddit 來說，這又是一個強勁的季度，也是今年的一個好開始。我們延續了去年的勢頭，第一季總營收年增 61%，達到 3.92 億美元。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。

In Q1, the advertising business grew 61% year over year to $359 million, driven by broad-based strength across objectives, channels, verticals and geographies.

第一季度，廣告業務年增 61%，達到 3.59 億美元，這得益於各個目標、通路、垂直產業和地理的廣泛實力。

Let me discuss our ad revenue drivers. Our strategy is to be a multi-objective ads platform. And in Q1, we continued to see growth across all objectives. Top of the funnel brand objectives accounted for about 40% of total ad revenue, consistent with prior quarters. M- anidd lower funnel performance revenue accounted for about 60% of total ad revenue and was a major growth driver in the quarter.

讓我來討論一下我們的廣告收入驅動因素。我們的策略是成為一個多目標廣告平台。在第一季度，我們繼續看到所有目標的成長。漏斗頂端的品牌目標約佔總廣告收入的 40%，與前幾季一致。M-anidd 下漏斗績效收入約佔總廣告收入的 60%，是本季的主要成長動力。

Across channels, our scaled business, which includes mid-market and SMB advertisers continues to be a revenue and active advertiser growth driver. The total number of active advertisers, including large, mid-market and SMB grew over 50% year over year in Q1.

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）繼續成為收入和活躍廣告商的成長動力。第一季度，包括大型、中型市場和中小企業在內的活躍廣告商總數較去年同期成長超過 50%。

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

我們看到各個垂直行業都出現了普遍的增長，其中排名前 15 位的垂直行業中有 10 個行業的同比增長率超過 50%，其中以製藥、零售、汽車、電信和金融等行業最為活躍。

Across geographies, US ad revenue grew 56% year over year and international ad revenue grew 83% year over year, the fastest growth rate in three years. For impressions in pricing, ad revenue was driven by year-over-year growth in impressions from underlying user growth, ongoing smart ad load work, increases in engagement and improved monetization of the conversation page. The ads and comments placement contributed about 6% of impressions in the quarter, and we're seeing healthy advertiser adoption and performance outcomes with this placement. Ad pricing was up year over year.

從地理來看，美國廣告收入較去年同期成長56%，國際廣告收入較去年同期成長83%，為三年來最快成長率。對於定價中的印象，廣告收入的推動因素包括：基礎用戶成長帶來的印象同比增長、持續的智慧廣告加載工作、參與度的提高以及對話頁面貨幣化的提高。廣告和評論展示位置在本季度貢獻了約 6% 的展示次數，並且我們看到廣告商透過這種展示位置獲得了良好的採用率和業績成果。廣告價格較去年同期上漲。

We are delivering more valuable impressions and advertisers are benefiting from efficiency improvements.

我們正在提供更有價值的印象，廣告主也從效率的提升中受益。

Now moving to our ad stack. We're focused on three things: driving performance across objectives, improving usability for our advertisers and productivity for our sales force and offering our advertisers ready to unique solutions and ad formats. We made meaningful progress against each of these areas in Q1. First, driving performance of our ad solutions. The lower funnel investments that we delivered last year, including ML optimization, measurement adoption and format optimization, continue to drive positive outcomes and performance.

現在轉到我們的廣告堆疊。我們專注於三件事：推動目標的績效、提高廣告商的可用性和銷售人員的生產力，並為廣告主提供獨特的解決方案和廣告格式。我們在第一季針對上述每個領域都取得了有意義的進展。首先，提高我們的廣告解決方案的效能。我們去年進行的下層漏斗投資，包括機器學習優化、測量採用和格式優化，繼續推動積極的成果和績效。

In Q1, we delivered more outcomes to advertisers through meaningful year-over-year increases in conversion and click volume. We improved our ML optimization models and enhanced signal fidelity for our first-party pixel to improve tracking accuracy. We're encouraged with our progress driving adoption of our measurement tools, including our pixel and conversion API, CAPI.

在第一季度，我們透過轉換量和點擊量的年比大幅成長，為廣告主帶來了更多成果。我們改進了 ML 優化模型並增強了第一方像素的訊號保真度，以提高追蹤準確性。我們對我們的測量工具（包括像素和轉換 API、CAPI）的採用所取得的進展感到鼓舞。

Lower funnel conversion revenue covered by CAPI tripled year over year in Q1. Over 90% of our managed advertisers have adopted our pixel, and we recently launched an integration between our Pixel and Google Tag Manager, enabling easier adoption for new customers.

第一季度，CAPI 涵蓋的下層通路轉換收入年增了兩倍。我們管理的廣告客戶中超過 90% 已經採用了我們的像素，並且我們最近推出了 Pixel 與 Google Tag Manager 之間的集成，使新客戶能夠更輕鬆地採用。

On format, we're excited about the progress to date with our shopping ad unit, Dynamic Product Ads, or DPA, which is currently in beta testing. In the quarter, we improved our DPA format in two areas, performance and ease of use, and we're excited about the road map for the rest of the year. We're continuing to deploy conversion and click prediction model improvements, enabling advertisers to onboard larger product catalogs with millions of products to deliver more relevant ads. In Q1, DPAs delivered an average of over 90% higher ROEs compared to campaigns from last year.

在格式方面，我們對購物廣告單元、動態產品廣告（DPA）迄今為止的進展感到非常興奮，該廣告單元目前正處於 Beta 測試階段。在本季度，我們在性能和易用性兩個方面改進了我們的 DPA 格式，我們對今年剩餘時間的路線圖感到興奮。我們正在繼續部署轉換和點擊預測模型改進，使廣告主能夠加入包含數百萬種產品的更大的產品目錄，以投放更相關的廣告。在第一季度，DPA 的 ROE 平均比去年同期高出 90% 以上。

Now second, improving usability for our advertisers and productivity for our sales force. We launched IAS brand safety and viewability in Q1, providing advertisers post-campaign measurement in addition to our prebid integration that we launched last year. We also invested in AI enhancements for our sales teams that enabled them to 10x the number of insights reports that inform campaign decisions and saw substantially higher revenue for campaigns with these insights.

其次，提高廣告商的可用性和銷售人員的工作效率。我們在第一季推出了 IAS 品牌安全和可見性，除了我們去年推出的競價前整合之外，還為廣告主提供廣告活動後測量功能。我們還為銷售團隊投資了人工智慧增強功能，使他們能夠將用於指導行銷活動決策的洞察報告數量增加 10 倍，並藉助這些洞察大幅提高了行銷活動的收入。

Third, offering advertisers ready unique solutions and formats. We're leveraging Reddit's community intelligence, including insights and signals from real conversations about almost every product and service to help businesses inform their strategy, learn more about their customers and drive more performance.

第三，為廣告主提供獨特的解決方案和格式。我們正在利用 Reddit 的社群情報，包括幾乎所有產品和服務的真實對話的見解和訊號，以幫助企業制定策略、更多地了解客戶並提高績效。

We've also launched enhancements to our upper funnel offerings. In Q1, we began a series of upgrades to our premium takeover ad products to simplify the sales process and drive more value for advertisers globally and specifically for category takeovers, which allow advertisers to own placements for contextually relevant communities were testing a more visually impactful format and elevated placement, and we'll be working on more enhancements in this area in the coming quarters.

我們也推出了針對上層通路產品的增強功能。在第一季度，我們開始對優質接管廣告產品進行一系列升級，以簡化銷售流程，為全球廣告商，特別是類別接管創造更多價值，這使得廣告商能夠擁有與上下文相關的社區的展示位置，我們正在測試一種更具視覺衝擊力的格式和更高的展示位置，我們將在未來幾個季度致力於這一領域的更多改進。

Coming off of our launch in Q4 of Reddit Pro trend, the number of companies using Reddit Pro grew over 2x from Q4 with healthy engagement around the tool set.

自從我們在第四季度推出 Reddit Pro 趨勢以來，使用 Reddit Pro 的公司數量比第四季度增長了 2 倍多，對該工具集的參與度很高。

Overall, I'm proud of our progress, and there's a lot to be excited about. Reddit is a differentiated platform and company, and we believe we are well positioned with our road map and our go-to-market strategy to continue making more businesses successful on Reddit.

總的來說，我為我們的進步感到自豪，並且有很多值得興奮的事情。Reddit 是一個差異化的平台和公司，我們相信，憑藉我們的路線圖和行銷策略，我們能夠繼續幫助更多企業在 Reddit 上取得成功。

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. Q1 was a solid start to the year for Reddit, with strong results quite similar to each quarter since becoming a public company last year. Building on that thought, Q1 revenues were up 61%, consistent with revenue growth for the prior four quarters, which has averaged about 60%. Similarly, Q1 total adjusted costs were up 19%, consistent with the second half of 2024, where adjusted costs grew about 20%.

謝謝你，Jen，大家下午好。今年第一季對於 Reddit 來說是一個良好的開端，其強勁的業績與去年上市以來的每個季度都非常相似。基於這個想法，第一季營收成長了 61%，與前四個季度平均約 60% 的營收成長一致。同樣，第一季總調整成本上漲了 19%，與 2024 年下半年調整後成本成長約 20% 的情況一致。

The financial performance for Q1 was again defined by the five financial strategies that have been consistent over the past several quarters, highlighted the company's solid fundamentals and scalable model. These headlines include, one, differentiated revenue growth. In Q1, we delivered strong growth of 61% despite the tougher comps, well above most peers. Second, scaling profitably. Adjusted EBITDA hit $115 million in Q1 and GAAP net income reached $26 million.

第一季的財務表現再次由過去幾季始終如一的五項財務策略決定，突顯了公司堅實的基本面和可擴展的模式。這些頭條新聞包括：第一，差異化收入成長。在第一季度，儘管面臨嚴峻的競爭形勢，我們仍實現了 61% 的強勁成長，遠高於大多數同業。第二，擴大獲利。第一季調整後 EBITDA 達到 1.15 億美元，GAAP 淨收入達 2,600 萬美元。

That's good progress to be GAAP profitable in our historically slowest seasonal quarter of the year. We're also now GAAP profitable on a trailing 12-month basis.

在我們歷史上最慢的季度中，實現 GAAP 獲利是一個很好的進展。根據過去 12 個月的 GAAP 數據，我們目前也獲利了。

Three, expanding margins. Adjusted EBITDA margin reached 29%, up over 2,500 basis points year over year, and the net income margin was 7%, up from a loss last year. Our incremental adjusted EBITDA margin was 70%-plus for the fifth consecutive quarter. On the product side, gross margins expanded 190 basis points to 90.5%.

三、擴大利潤空間。調整後的 EBITDA 利潤率達到 29%，較去年同期成長超過 2,500 個基點，淨利潤率為 7%，高於去年的虧損。我們的增量調整後 EBITDA 利潤率連續第五個季度達到 70% 以上。產品方面，毛利率擴大190個基點至90.5%。

Fourth, generating positive cash flow. Operating cash flow exceeded $100 million for the first quarter, ending at $128 million, our highest ever, and our operating cash flow margin was 33% of revenue.

第四，產生正現金流。第一季經營現金流超過 1 億美元，達到 1.28 億美元，創歷史新高，經營現金流利潤率為營收的 33%。

Fifth, minimizing dilution. Total diluted shares fell again sequentially to 206 million in Q1 as we continue to thoughtfully manage our share count.

第五，盡量減少稀釋。由於我們繼續精心管理股票數量，第一季稀釋股份總數再次較上季下降至 2.06 億股。

I'll provide a bit more color on these headlines. First, total revenue of $392 million was driven by our advertising revenue, which grew 61% year over year to $359 million and continues to scale rapidly across channels, verticals and geographies. Other revenue, which includes revenue from our data license business, reached $34 million, growing 66% year over year. Regionally, revenue grew 57% and 82% year over year in the US and international, respectively.

我將對這些標題進行更詳細的說明。首先，3.92 億美元的總收入來自我們的廣告收入，該收入年增 61% 至 3.59 億美元，並繼續在各個管道、垂直行業和地理快速擴張。其他收入（包括數據授權業務的收入）達到 3,400 萬美元，年增 66%。從地區來看，美國和國際市場的營收分別較去年同期成長 57% 和 82%。

International revenue growth accelerated to the fastest growth in over three years, as we deepened and expanded our advertising relationships in important markets, including the UK and EMEA.

隨著我們深化並擴大在英國、歐洲、中東和非洲等重要市場的廣告關係，國際收入成長加速至三年多來的最快增幅。

In the quarter, we saw three encouraging revenue growth drivers. First, performance revenue drove more than half the dollar growth in the quarter. Second, our scale channel, including mid-market and SMB advertisers was also a growth driver, contributing more than [$0.5] growth in the quarter.

本季度，我們看到了三個令人鼓舞的營收成長動力。首先，績效收入推動了本季一半以上的美元成長。其次，我們的規模管道（包括中型市場和中小企業廣告商）也是成長動力，為本季貢獻了超過 [0.5 美元] 的成長。

And third, impression continues to be the primary driver and consistent with other quarters. But new for this quarter, we also saw a nice tailwind from pricing in the quarter.

第三，印象仍然是主要驅動力，並且與其他方面保持一致。但本季的新情況是，我們也看到本季定價出現了良好的順風勢頭。

We believe the gains in pricing reflect the progress from our investments in performance and targeting in the middle and lower funnel. We're delivering more clicks and conversions, which is driving more efficient ad spend and higher returns for our advertisers.

我們相信，價格的上漲反映了我們在中下層通路的績效和目標方面的投資所取得的進展。我們提供更多的點擊量和轉換量，從而為我們的廣告商帶來更有效率的廣告支出和更高的回報。

Now moving to costs. We continue to scale revenue -- as we continue to scale revenue, our investments are focused in two areas: hiring and technology. Hiring is focused on sales and engineering, which is primarily expanding customer coverage on the sales side and for engineering, we're adding resources in ad tech machine learning and search. The traction from those investments has been strong, and we found a sweet spot where we have both accelerated revenue growth and kept high incremental adjusted EBITDA margins, well above our long-term target of 50%.

現在討論成本。我們繼續擴大收入——隨著我們繼續擴大收入，我們的投資集中在兩個領域：招募和技術。招募主要集中在銷售和工程方面，主要是為了擴大銷售方面的客戶覆蓋範圍，而對於工程方面，我們正在增加廣告技術機器學習和搜尋方面的資源。這些投資的吸引力非常強勁，我們找到了一個最佳平衡點，既能加速營收成長，又能維持較高的增量調整後 EBITDA 利潤率，遠高於我們 50% 的長期目標。

In Q1, total adjusted cost growth was up 1% sequentially and 19% year over year, less than a third of the rate of revenue growth. Cost of revenue remained efficient with gross margins exceeding 90% for Q1, up 190 basis points year over year. Gross margins benefited from incremental revenue growth and we saw lower contract pricing from our hosting providers from the new contracts we signed late last year. That said, we reinvested some of those savings back across many important areas such as supporting user and ad revenue growth, using more machine learning, scaling search, accelerating machine translation from international markets and better optimizing our site speed and performance across the world.

第一季度，總調整成本成長率季增 1%，年增 19%，不到營收成長率的三分之一。營收成本維持高效，第一季毛利率超過 90%，較去年同期成長 190 個基點。毛利率受益於增量收入的成長，並且從去年年底簽署的新合約來看，我們的託管服務提供者的合約價格有所降低。也就是說，我們將部分節省下來的資金重新投資到許多重要領域，例如支援用戶和廣告收入成長、使用更多機器學習、擴展搜尋、加速國際市場的機器翻譯以及更好地優化我們在全球範圍內的網站速度和效能。

OpEx growth was consistent with prior quarters, up 17% as total head count was up 13% year over year. We ended the quarter with slightly more than 2,300 people, up 3% sequentially. The G&A head count was down 5% sequentially, reflecting our strategy to lever back of house expenses.

營運支出成長與前幾季一致，成長了 17%，因為總員工人數較去年同期成長了 13%。本季末，我們的員工人數略多於 2,300 人，比上一季成長 3%。一般及行政管理部門員工數量較上季下降 5%，反映了我們控制後台費用的策略。

I noted on the fourth quarter call that we're focused on scaling profitably and turning differentiated revenue growth, high margins and low CapEx in the meaningful cash flow generation. We delivered on those dimensions in Q1. Free cash flow for Q1 was $127 million, 32% of revenue. Our CapEx remained light, less than 1% -- less than $1 million in the quarter. Cash and investments ended at $1.95 billion, up over $110 million sequentially.

我在第四季電話會議上指出，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。我們在第一季實現了這些目標。第一季的自由現金流為 1.27 億美元，佔營收的 32%。我們的資本支出仍然很少，不到 1%——本季不到 100 萬美元。現金和投資最終達到 19.5 億美元，比上一季增加 1.1 億美元。

That's a healthy gain. SBC was $107 million, about 27% of revenue, down substantially versus prior year, which reflected the catch-up SBC expense from the IPO. Net income was $26 million or $0.14 per basic share and $0.13 per diluted share.

這是一個健康的收益。SBC 為 1.07 億美元，約佔收入的 27%，與前一年相比大幅下降，這反映了 IPO 追趕 SBC 的費用。淨收入為 2,600 萬美元，即每股基本收入 0.14 美元，每股稀釋收入 0.13 美元。

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

展望未來，我們將分享我們對第二季營收和調整後 EBITDA 的內部想法，這是我們最有預見性的季度。

In the second quarter 2025, we estimate revenue in the range of $410 million to $430 million, representing 46% to 53% year-over-year revenue growth with a midpoint of about 50%.

我們預計 2025 年第二季的營收將在 4.1 億美元至 4.3 億美元之間，年增 46% 至 53%，中位數約為 50%。

Adjusted EBITDA in the range of $110 million to $130 million, representing approximately 180% to 230% year-over-year growth. So it's good to see Reddit off to a strong start in 2025, our financial goal remains to continue to deliver consistent, strong and differentiated performance. In the end, we'll measure that differentiated financial performance primarily with cash flow.

調整後的 EBITDA 在 1.1 億美元至 1.3 億美元之間，年增約 180% 至 230%。因此，很高興看到 Reddit 在 2025 年取得良好開端，我們的財務目標仍然是繼續提供一致、強勁和差異化的業績。最後，我們將主要以現金流來衡量差異化的財務表現。

That concludes my comments. Let me turn the call back over to Steve.

我的評論到此結束。讓我把電話轉回給史蒂夫。

Thanks, Drew. We're going to start, as usual, with taking one of the questions received from the community. That question was, the core value proposition of Reddit is its meaningful human answers. How is the Reddit team protecting data quality from fake accounts or bots? It's super easy to make an account right now, which I love, but does that not run a trade-off of more bought accounts?

謝謝，德魯。像往常一樣，我們將首先回答來自社區的一個問題。這個問題是，Reddit 的核心價值主張是其有意義的人類答案。Reddit 團隊如何保護資料品質免受虛假帳戶或機器人的侵害？現在建立帳戶非常容易，我很喜歡，但這是否意味著需要購買更多的帳戶？

First, let's start at the top. We fully agree. That's the value prop of Reddit, authentic content from humans, and that's what we want to preserve. It has long been an area of work for us, which is preventing the abuse or manipulation of Reddit. And this is a new frontier in that fight, right, with AI and smarter agents.

首先，讓我們從頂部開始。我們完全同意。這就是 Reddit 的價值主張，來自人類的真實內容，這也是我們想要保留的。防止 Reddit 被濫用或操縱一直是我們的工作重點。這是這場戰鬥中的一個新前沿，利用人工智慧和更聰明的代理。

And it is very much top of mind for us. And that work continues, and we agree that some aspects of Reddit like our historically permissive account creation will need to evolve, I think, during this time. So very important. Thank you for the question.

這對我們來說是最重要的。這項工作仍在繼續，我們一致認為，Reddit 的某些方面（例如我們歷來允許的帳戶建立）將需要在此期間進行改進。所以非常重要。謝謝你的提問。

Okay. Back over to Jesse.

好的。回到傑西。

Great. Thanks, Steve, Jen, Drew, Kelvin, why don't we open up the line and take some questions from the folks on the line now. Thank you.

偉大的。謝謝，史蒂夫、詹、德魯、凱爾文，我們現在就開通熱線，回答一下線上的朋友們提出的問題。謝謝。

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

I had two, please. First, with Jen. I had a question for you on the advertising front. I know you mentioned broad-based strength earlier on the call. Talk just about what you're seeing currently from a macro perspective and how you see the ad market today and maybe how macro might impact the business? That's question one.

我有兩份。首先，和 Jen。我有一個關於廣告方面的問題想問您。我知道您在之前的電話會議中提到了廣泛的實力。請從宏觀角度談談您目前所看到的情況以及您如何看待當今的廣告市場，以及宏觀角度可能會如何影響業務？這是第一個問題。

And then Steve, I wanted to get your thought on DAUq's and users overall, more specifically your sense and how you see user growth for the remainder of the year going forward? And I ask you this only because I think we've seen two or so Google algorithm changes since December. And so any thoughts on user base would be very helpful?

然後史蒂夫，我想了解您對 DAUq 和用戶總體的看法，更具體地說，您的看法以及您如何看待今年剩餘時間的用戶成長？我問你這個問題只是因為我認為自 12 月以來我們已經看到兩次左右的 Google 演算法變化。那麼有關用戶群的任何想法都會很有幫助嗎？

Great. Thanks, Ron. I'll take the first one. Look, we ended Q1 with momentum. And as of April, we're off to a good start.

偉大的。謝謝，羅恩。我要第一個。瞧，我們以強勁勢頭結束了第一季。截至四月，我們已經有了一個好的開始。

And I think we're well positioned with our road map and our go-to-market. I will acknowledge there's a lot of uncertainty in the market. But so far, it's mostly business as usual. We're delivering more profitable outcomes for customers with our road map work, and that's important in this moment. And we're staying close to our customers to help them through the volatility by sharing insights on consumer trends that inform their strategy based on things that we're seeing on Reddit.

我認為我們的路線圖和市場定位已經準備好了。我承認市場上存在著許多不確定性。但到目前為止，一切基本上都正常。我們正在透過路線圖工作為客戶帶來更多有利可圖的結果，這在當下至關重要。我們與客戶保持密切聯繫，透過分享有關消費者趨勢的見解來幫助他們度過波動期，這些見解基於我們在 Reddit 上看到的情況為他們的策略提供資訊。

One thing I'll note is that in moments like this, they are volatile or uncertain, Reddit is a really important resource for users, for people who are just trying to figure out, should I buy this now or are becoming more considered about their purchases because of the uncertainty, so they come to Reddit to navigate that. And Reddit is an important partner to brands and businesses who are trying to understand how their consumers might be changing their behavior. So I think we're well positioned for moments like this. Steve?

我要指出的一件事是，在這種動盪或不確定的時刻，Reddit 對用戶來說是一個非常重要的資源，對於那些只是想弄清楚「我現在應該買這個嗎」或者因為不確定性而更加考慮購買的人來說，他們來到 Reddit 來解決這個問題。對於試圖了解消費者行為如何改變的品牌和企業來說，Reddit 是重要的合作夥伴。所以我認為我們已經為這樣的時刻做好了準備。史蒂夫？

All right. Thanks. Thanks, Ron, for the question. Users in Google. So look, we're happy with the start to the year.

好的。謝謝。謝謝羅恩提出這個問題。Google 中的使用者。所以，看，我們對今年的開始感到滿意。

In Q1, we had 18 million dailies, 400 million weekly. So that's 31% each year over year. And we believe we're in great shape over the medium and longer term. Look, ultimately, we drive growth when we make improvements to the product, which is where our focus is. So things like onboarding, search, machine translation, they all drive growth over the long term.

第一季度，我們的每日閱讀量為 1800 萬份，週閱讀量為 4 億份。因此，每年的成長率為 31%。我們相信，從中期和長期來看，我們的狀況良好。看起來，最終，當我們對產品進行改進時，我們會推動成長，這也是我們的重點所在。因此，諸如入職培訓、搜尋、機器翻譯等都會推動長期成長。

Now look, remember, we're an open platform, and we want people to find Reddit's content in search. Being open drives awareness and visibility, it can also create variability. And we do expect some bumps along the way from Google because we've already seen a few this year. This is expected in any year, but given that the search ecosystem is under heavy construction, the near term could be more bumpy than usual.

現在看看，記住，我們是一個開放的平台，我們希望人們透過搜尋找到 Reddit 的內容。開放可以提高知名度和知名度，也可以創造多樣性。我們確實預計谷歌在前進的道路上會遇到一些坎坷，因為今年我們已經看到了一些坎坷。這是每年都會發生的事情，但考慮到搜尋生態系統正處於緊張的建設之中，短期內可能會比往常更加坎坷。

To give you an early read on Q2 through the month of April, we're seeing total DAUs growing in the high teens range year over year. But the short-term bumps don't affect our long-term strategy or opportunity. We're in control of our own destiny. And I think the question behind the question is, is there a long-term risk to Reddit here? And in my view, the answer is no.

為了讓您對截至 4 月的第二季情況有初步了解，我們發現總 DAU 數量比去年同期增加了十幾個百分點。但短期的困難不會影響我們的長期策略或機會。我們掌握著自己的命運。我認為這個問題背後的問題是，Reddit 是否有長期風險？我認為答案是否定的。

In fact, I think there's opportunity. There's no doubt LLM will evolve search on the Internet. We can all see that. And it's awesome. And sometimes people will want the summarized annotated sterile answers from AI, and we're even building this ourselves in Reddit Answers.

事實上，我認為有機會。毫無疑問，法學碩士 (LLM) 將推動網路搜尋的發展。我們都可以看到這一點。這真是太棒了。有時人們會希望從 AI 獲得帶有註釋的總結性答案，我們甚至在 Reddit Answers 中自己建立了這些答案。

But other times, they want the subjective, authentic, messy, multiple viewpoints that Reddit provides. So in the same way that Reddit for the last decade has been an alternative to social media, social media being performative and manicured and Reddit being the opposite. Reddit communities in conversation will be an alternative to AI search cancers.

但其他時候，他們想要 Reddit 提供的主觀、真實、混亂、多種觀點。因此，就像 Reddit 在過去十年中一直是社交媒體的替代品一樣，社交媒體具有表演性和修飾性，而 Reddit 則相反。Reddit 社群對話將成為 AI 搜尋癌症的替代方案。

And furthermore, people want what Reddit has. And when they search, they search for Reddit by name. In the last 90 days, the word Reddit, was the sixth most searched word on Google between news and Trump, which incidentally also says something about our position in the media landscape. The Google algorithm serves users what they want and what they ask for. And of course, we have had a long and symbiotic relationship with Google.

此外，人們想要 Reddit 擁有的東西。當他們搜尋時，他們會按名稱搜尋 Reddit。在過去的 90 天裡，Reddit 這個詞是谷歌上搜尋次數第六多的詞，位於新聞和川普之間，這也順便說明了我們在媒體領域的地位。Google 演算法為用戶提供他們想要的和他們要求的東西。當然，我們與Google有著長期的共生關係。

So in summary, expect some bumps and expect us to continue to improve the product and lay the foundation for more consistency in the back half of the year and beyond. And our opportunity remains huge, communities Universal, our knowledge base is unparalleled.

總而言之，預計會遇到一些困難，但我們會繼續改進產品，為下半年及以後的一致性奠定基礎。我們的機會依然巨大，社區普遍，我們的知識庫無與倫比。

Andrew Boone, JMP Securities.

JMP證券的安德魯·布恩（Andrew Boone）。

Jen, I wanted to ask about pricing, just given the fact that this is the first time this has really come through as a part of revenue growth. Can you speak to the drivers of that? And then stepping back, how do you think about pricing and maybe ROAS at large compared to other platforms? Or is that not the right way to think about pricing as a formula of advertising at large?

Jen，我想問定價問題，因為這是第一次真正將其作為收入成長的一部分來實現。您能談談造成這種情況的因素嗎？然後退一步來說，與其他平台相比，您如何看待定價和整體 ROAS？或者說，將定價視為整個廣告公式的想法是否正確？

And then, Steve, in terms of Answers, it's great to see that Answers is now being tested in terms of the default search. Can you talk about that evolution and how you view Answers over time. And additionally, how were people actually asking questions up at it today? And how do you view that evolving in the future?

然後，史蒂夫，就答案而言，很高興看到答案現在正在根據預設搜尋進行測試。您能談談這種演變以及您對答案的看法嗎？此外，今天人們實際上是如何提出問題的呢？您如何看待未來的發展？

Sorry. I think the first one on pricing. So look, we don't -- pricing is an outcome of the supply and demand in the market. But the work that we're doing to drive more outcomes clicks, conversions, app installs, makes each impression more valuable. And we've been consistently delivering more outcomes to our advertisers and more advertisers are using those objectives to get those outcomes.

對不起。我認為第一個問題與定價有關。所以，我們不會——定價是市場供需的結果。但我們為推動更多點擊、轉換、應用程式安裝等結果所做的工作，使得每一次印像都更有價值。我們一直在為廣告商提供更多的成果，並且越來越多的廣告商正在利用這些目標來獲得這些成果。

So when advertisers can find the outcomes they want at the prices they want they can continue to spend. And I'd say we're seeing a combination of -- pricing has been an output of more demand in the marketplace and more value from each impression from those increase in outcomes that we're delivering. And I think we've consistently continue to deliver that, and we'll continue -- I think there's more in our road map to delivering more value to advertisers.

因此，當廣告商能夠以他們想要的價格獲得他們想要的結果時，他們就可以繼續投入。我想說，我們看到的是兩個因素的結合——定價是市場需求增加的結果，也是我們所提供的成果增加所帶來的每次印象價值增加的結果。我認為我們一直在持續實現這一目標，我們將繼續下去——我認為我們的路線圖上還有更多內容可以為廣告商提供更多價值。

Where we are compared to peers is sometimes hard to see. There's not -- we hear this from our advertisers that we are competitive. We're delivering -- able to deliver market competitive outcomes for a lot of our advertisers, either on a CPA, cost per acquisition basis, on a cost per click basis or on a return on ad spend basis. So I do think we've made progress there and our market competitive in a wide variety -- for a wide variety of customers. I think there's a balance between that and also scale.

有時我們與同齡人相比很難看清。沒有——我們從廣告商那裡聽說我們具有競爭力。我們正在為許多廣告客戶提供具有市場競爭力的成果，無論是按每次轉換費用 (CPA)、按每次獲取成本、按每次點擊成本還是按廣告支出回報率。因此，我確實認為我們在那裡取得了進步，並且我們的市場在各種各樣的客戶中都具有競爭力。我認為，這和規模之間存在著一種平衡。

So what they -- what happens is when they're able to see those outcomes, some of that comes back -- comes back in kind of their pocket of return and some of that comes back in share to us.

所以，當他們能夠看到這些結果時，他們會看到，一部分回報會以某種方式回到他們的口袋裡，一部分會以份額的形式回到我們手中。

So like I said, we don't optimize for pricing. It's an output of the marketplace, but we're very encouraged by the movement in pricing.

所以就像我說的，我們不會針對定價進行最佳化。這是市場的產物，但我們對價格的變動感到非常鼓舞。

I do think the other thing I'll note that's important is that in the marketplace, we wanted to be consistent in delivering outcomes and outcomes in a certain price for our customers. So pricing growth is fine within a certain level, but we want it to be consistent, let's say.

我確實認為我要指出的另一件重要的事情是，在市場上，我們希望始終如一地為客戶提供一定價格的成果。因此，價格增長在一定水平內是可以的，但我們希望它保持一致。

Okay. On Answers. So okay, for context, Answers we built relatively quickly, and we put it in the app. So today, Answers lives in the nap bar of the app, as its kind of own separate experience. Now it's up to 1 million weekly users, which is great.

好的。關於答案。好的，就上下文而言，我們相對較快地建立了答案，並將其放入應用程式中。因此，今天，「答案」存在於應用程式的小憩欄中，作為一種獨立的體驗。現在每週的用戶數已達 100 萬，這非常棒。

But we want to integrate it with Reddit Search, and we want to integrate search more deeply into Reddit. So -- so what does that mean? Integrating into Reddit Search means we want one search box. And so that will be the primary search box. And when you type your query in there, you'll get potentially your answers answer or more of a traditional rate of response depending on what you're searching for.

但我們希望將其與 Reddit 搜尋集成，並希望將搜尋更深入地整合到 Reddit 中。那麼——那是什麼意思呢？整合到 Reddit 搜尋意味著我們需要一個搜尋框。這將成為主要的搜尋框。當您在其中輸入查詢時，您可能會得到答案，或者根據您所搜尋的內容以更傳統的速度得到回應。

And then integrating that more deeply in the Reddit means I think there will be at least three that I can think of entry points for search. The first is the one we have right the search box. But the two other ones I think are really interesting. One would be at the beginning of the user journey. So you're a new user opening Reddit for the first time.

然後將其更深入地整合到 Reddit 中意味著我認為至少會有三個我可以想到的搜尋入口點。第一個是我們右邊的搜尋框。但我認為另外兩個確實很有趣。一個是用戶旅程的開始。您是第一次打開 Reddit 的新用戶。

I think using Answers to see what's in Reddit and learn at Reddit almost certainly has what you're looking for. And then the other is for users coming from external search, helping them get more like summarized or easy to parse version of the answer on Reddit. And so I think there's lots of opportunities here. And how the questions are evolving itself a really good question.

我認為使用 Answers 查看 Reddit 上的內容並在 Reddit 上學習幾乎肯定能找到您想要的內容。另一個是針對來自外部搜尋的用戶，幫助他們獲得更像是 Reddit 上答案的總結或易於解析的版本。所以我認為這裡有很多機會。而這些問題如何演變本身就是一個非常好的問題。

I think it is unlocking a new type of query on the Internet, and that is a question with a subjective answer. And so it's really good. I just -- things that I've done in the last month, I've asked it to give me a reading guy for an author I'm interested in. And so it's just gives a very practical guide there and then also recommends a few related subreddits.

我認為這正在解鎖網路上的一種新型查詢，即具有主觀答案的問題。所以這真的很好。我只是——我上個月所做的事情，我要求它給我一個我感興趣的作者的閱讀者。因此，它只是提供了一個非常實用的指南，然後也推薦了一些相關的 subreddit。

I've asked it for an intro to a new hobby, and that basically prints out a new starter guide. And I think what's cool about answer is everything it says, every bullet is a verbatim comments from Reddit, so you can click or tap any of those and get into the Reddit conversation about that thing.

我要求它介紹一項新的愛好，它基本上會列印出新的入門指南。我認為答案很酷的地方在於它所說的一切，每個要點都是來自 Reddit 的逐字評論，因此您可以單擊或點擊其中任何一個，然後加入有關該事物的 Reddit 對話。

So lots to come. Everything I've described, we're working on right now. So we hope to have that in the app this year. And of course, there will be, I'm sure, plenty of iteration, but I think really interesting things we're seeing so far.

還有很多事情要做。我所描述的一切，我們現在都在努力。所以我們希望今年能夠在應用程式中實現這項功能。當然，我確信還會有大量的迭代，但我認為到目前為止我們看到的確實很有趣的事情。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Steve, you spoke about making Reddit easier to use and touch on making it sort of easier to contribute. I'd be curious to hear how contribution rates have actually trended as you've grown your user base. And in the past, how improving contribution rates actually impacted the business? Does it have an impact on time spent to BAU improvement? Any color there would be helpful.

史蒂夫，你談到如何讓 Reddit 更容易使用，以及如何讓貢獻變得更容易。我很想知道隨著用戶群的擴大，貢獻率的實際趨勢如何。那麼在過去，提高繳費率其實對業務有何影響？它對 BAU 改進所花費的時間有影響嗎？任何顏色都會有幫助。

And then one on the data licensing side of the business. You're now entering your second year of your larger LLM sort of deals. And investors are starting to think about the renewal process. Can you maybe talk about your and also your partners' appetite to renew? And how should we be generally thinking about the sustainability of the current data licensing revenue?

然後是關於業務的數據許可方面。您現在正進入更大的 LLM 類交易的第二年。投資者也開始考慮更新過程。您能否談談您和您的合作夥伴的續約意願？我們該如何看待當前數據許可收入的可持續性？

Okay. Question one, contribution rates. So it's a little bit of a complex system here that part of it that we have been focused on and moving is what we call contribution success. And so that is whether you're a new or core user, the posts that you submit it's surviving, right? So it's not being removed by a mod, because I think this is one of the most important education moments for new users.

好的。問題一，繳費率。所以這是一個有點複雜的系統，我們一直關注和推動的部分就是我們所說的貢獻成功。無論您是新用戶還是核心用戶，您提交的貼文都會保留下來，對嗎？所以它不會被模組刪除，因為我認為這對新用戶來說是最重要的教育時刻之一。

So when we talk about post success or post guidance, I can give you a scenario. You're new to Reddit, you've been trained on social media. You're on a community for the first time. You asked a question in a subreddit that, for some reason, is in violation of its rules, but you don't even know there's rules. So you submit that post and then it ends up getting removed, really bad user experience.

因此，當我們談論成功後或指導後時，我可以給你一個場景。您是 Reddit 新手，您已經接受過社群媒體的培訓。您是第一次加入社區。您在 subreddit 中提出的問題由於某種原因違反了其規則，但您甚至不知道有規則。因此，您提交了該帖子，然後它最終被刪除，用戶體驗非常糟糕。

User didn't do anything wrong, they're just new. And so that's worked for the mod, bad experience for the user. So what we're doing now is we catch that post at submit time, so the user hit submit and then get a little pop up that says, hey, you're on a subreddit. This is a community. There's a rules.

用戶沒有做錯任何事，他們只是新手而已。因此，這對模型來說是可行的，但對使用者來說卻是糟糕的體驗。所以我們現在要做的是在提交時捕獲該帖子，以便用戶點擊提交，然後彈出一個小窗口，提示您，嘿，您在一個 subreddit 上。這是一個社區。有規則。

In particular, there's this rules and this post doesn't work, and you can fix it. It turns a bad user experience into an educational moment. And so that sort of thing has been really meaningful. I don't have to number off the top of my head, but moving post success rate, we've been successful in that, and that just makes the whole ecosystem healthier.

特別是，有這個規則，這個帖子不起作用，你可以修復它。它將糟糕的用戶體驗轉變為教育時刻。所以這類事情確實很有意義。我不需要立即給出數字，但就成功率而言，我們已經取得了成功，這使得整個生態系統更加健康。

So we're going to keep pulling this side because it also reduces the burden on moderators, and it just makes moderation more fun. Okay, data licensing. I think too early to talk about renewals. But as far as I've heard they love rate data. I can tell you -- I mean, I see a lot, right?

因此，我們會繼續推動這一進程，因為這也減輕了版主的負擔，並使審核變得更有趣。好的，資料許可。我認為現在談論續約還為時過早。但據我所知，他們喜歡利率數據。我可以告訴你——我的意思是，我看到了很多，對吧？

When I use their respective platforms, I see our little snow mascot all over the place. And so I think I'd say mission accomplished there.

當我使用各自的平台時，我到處都能看到我們的小雪吉祥物。所以我認為任務已經完成了。

And look, I think our early premise was correct, which is any search company, any AI company needs an ongoing supply of new information. especially new relevant information. So our strategy is still the same, which is let's do everything. Let's be open and open for business. Let's build our own products on top of our own corpus and do our best to make sure the Reddit information is accessible and as many verticals as possible.

而且，我認為我們早期的前提是正確的，即任何搜尋公司、任何人工智慧公司都需要持續提供新資訊。尤其是新的相關資訊。所以我們的策略還是一樣的，那就是盡我們所能。讓我們開誠佈公，開放營商。讓我們在自己的語料庫上建立自己的產品，並盡最大努力確保 Reddit 資訊可訪問且盡可能多的垂直化。

So thanks for the questions.

感謝您的提問。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Steve, I'm wondering if you could share some thoughts about how Google and the index treats machine-translated content. Is this highly ranked in the index as unique kind of UGC? Or is it perceived to be AI generated, which could be ranked lower. Just any comments would be helpful. And then, Drew, a question for you on cost growth.

史蒂夫，我想知道您是否可以分享一些關於谷歌和索引如何處理機器翻譯內容的看法。這在索引中是否作為獨特的 UGC 類型排名靠前？或者它被認為是人工智慧生成的，因此排名可能會較低。任何評論都會有幫助。然後，德魯，我想問你一個關於成本成長的問題。

Obviously, really strong results since the IPO and the 19% cost growth is impressive in the context of 60% top-line growth. And so I guess the question is, why not invest more? Is there anything you could invest in or be doing on the hiring side or performance side, in light of that extremely strong top line growth, why is the 70% incremental EBITDA margin optimal?

顯然，在 60% 的營收成長背景下，IPO 以來的強勁業績和 19% 的成本成長令人印象深刻。所以我想問題是，為什麼不投入更多呢？鑑於極其強勁的營收成長，您是否可以在招募方面或績效方面進行投資或做些什麼？為什麼 70% 的增量 EBITDA 利潤率是最佳的？

What great questions. All right. Let's start with Google. Machine translation. Good question.

多麼好的問題。好的。讓我們從谷歌開始。機器翻譯。好問題。

We had the same question ourselves when we started on this. And so we just I think the sensible thing and ask Google, hey, because we're basically the first person to do this at scale is this cool. They said, yes, they've actually been helping us with it. We use Gemini for the translation. So I think it's just -- it's a really nice.

當我們開始做這件事時，我們自己也有同樣的疑問。所以，我認為我們做的明智的事情是問谷歌，嘿，因為我們基本上是第一個大規模做這件事的人，這很酷。他們說，是的，他們確實一直在幫助我們。我們使用 Gemini 進行翻譯。所以我認為這真的很棒。

I think this is a great example of the symbiotic relationship. We can put more UGC in the index now in more languages -- and use that as a channel for new users around the world. So it's totally sanctioned, and it's been working great. And then Drew, why can't we invest more?

我認為這是共生關係的一個很好的例子。我們現在可以將更多語言的 UGC 放入索引中，並將其作為吸引全球新用戶的管道。所以它完全受到認可，並且一直運作良好。那麼德魯，為什麼我們不能投入更多呢？

Well, we can see. We certainly have the money to do that. I think overall, Tom, thanks for the question. The North Star here is revenue growth twice as fast as costs. So that's how we think about it.

嗯，我們可以看到。我們當然有錢來做這件事。我認為總的來說，湯姆，謝謝你的提問。這裡的北極星是營收成長速度是成本成長速度的兩倍。這就是我們的想法。

You're right that over the last few quarters, we certainly have done better than that. We didn't take 70% and draw it up on the dark board and say this is what we want. That's just where we are currently. We're having a lot of success with the investments, which I think is probably the reason why you're having the question that you're asking. So we're really investing in hiring and we're investing in technology, right?

您說得對，在過去幾個季度裡，我們確實做得更好了。我們並沒有拿出 70% 並將其畫在黑板上，然後說這就是我們想要的。這就是我們目前的狀況。我們的投資非常成功，我想這可能是您提出這個問題的原因。所以我們確實在投資招募和技術，對嗎？

So a lot of investments in the P&L and machine learning in search and answers, machine translation across the globe, like all those are investments, they're paying really solid dividends. It's helping accelerate our growth rate. I think those are the ideas that we're thinking about.

因此，全球範圍內對損益表和搜尋、解答、機器翻譯方面的機器學習進行了大量投資，所有這些都是投資，它們帶來了非常豐厚的回報。它有助於加快我們的成長速度。我認為這些就是我們正在思考的想法。

I think some of the new ideas that are potentially on the plate we're starting to discuss is really marketing, how do you build community both inside the US and outside the US potentially user acquisition. Those are things that are -- things that we're going back and forth on. I think we're disciplined and we realize great companies are profitable companies.

我認為我們開始討論的一些可能的新想法實際上是行銷，如何在美國境內和境外建立社群並獲取潛在用戶。這些是我們正在反覆討論的事情。我認為我們很自律，我們意識到偉大的公司都是獲利的公司。

We want to do that. But I think revenue twice as fast as cost is how we think about the business going forward. We have been doing better than that. If we do come with the ideas that we think will make sense for our users and for our shareholders, we're more than happy to invest it.

我們想這樣做。但我認為，收入是成本的兩倍是我們對未來業務的看法。我們一直做得更好。如果我們確實提出了對我們的用戶和股東有意義的想法，我們非常樂意進行投資。

We certainly have the cash as well to do it. We have over $1.1 billion in cash. But right now, most of the investments that we're looking at are generally a lot cheaper than that. They're in the $10 million to $20 million range. And so we're making a lot of them.

我們當然也有足夠的現金來做這件事。我們擁有超過11億美元的現金。但目前，我們正在考慮的大多數投資通常都比這便宜得多。它們的價值在 1000 萬美元到 2000 萬美元之間。因此我們生產了很多這樣的產品。

The good news is the revenue has been growing extremely fast here. And so we've been able to afford those. We've reached that sweet spot that I talked about in my script, where we've been able to accelerate revenues and have strong incremental margins. But I think as you think about our business in the long term, I think revenue growth twice as fast as cost growth is kind of what we're managing to, and we'll see as the ideas come across what we want to invest in.

好消息是這裡的收入成長非常快。因此我們有能力承擔這些。我們已經達到了我在腳本中談到的最佳點，即我們能夠加速收入成長並獲得強勁的增量利潤。但我認為，當你從長遠角度考慮我們的業務時，收入成長速度是成本成長速度的兩倍是我們正在努力實現的目標，隨著想法的出現，我們將決定投資什麼。

I'll just add 10 seconds on that, which is sometimes I like to tease Drew, but I think the discipline around cost growth has probably been our single most important management lever over the last few years. And I think we've gotten good at being able to build what we want to build in a, I think, sustainable way. So it's something we put a lot of effort into, but it's something we're, I think, proud of.

我只想補充 10 秒鐘，有時我喜歡取笑德魯，但我認為圍繞成本增長的紀律可能是我們過去幾年中最重要的管理槓桿。我認為我們已經能夠以可持續的方式建造我們想要建造的東西。因此，我們為此付出了很多努力，但我認為，我們也為此感到自豪。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

I want to go back to the DAU point you made about being up high teens in April and the volatility. Could you just give us a -- please -- a bit more color on both US versus international and kind of logged out versus log in. Can you just give us a bit more color to understand the trend in April? And was there any disruption that you saw kind of in the March time or time period that may have impacted the 1Q reported DAU number?

我想回到您提到的關於 4 月份 DAU 上漲幅度高達十幾歲以及波動性的問題。您能否給我們詳細介紹美國和國際的情況，以及登出和登入的情況。您能否提供我們更多細節來讓我們了解四月的趨勢？您是否發現 3 月或某個時間段內出現了任何可能影響第一季報告的 DAU 數量的中斷？

So look, we're focused on the product and building longer term. Search traffic is mostly logged out, but it's some logged into it's more US than not, simply because that's where we've had the content base. That's the biggest content base and where it's had it the longest. So look, we'll see where it goes.

所以，我們專注於產品和長期建設。搜尋流量大部分都是註銷的，但也有一些登入的，其中大部分來自美國，只是因為我們的內容基礎在那裡。這是最大的內容基礎，也是歷史最悠久的內容基礎。所以，我們來看看它會走向何方。

As I said, we expect some bumps. Some bumps are normal. It's probably more bumpy than typical because of the evolution. So we'll share more with you next quarter.

正如我所說，我們預計會遇到一些困難。有些顛簸是正常的。由於進化的原因，它可能比典型的情況更坎坷。因此我們將在下個季度與您分享更多資訊。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

First, when thinking about all the various drivers of your advertising revenue over the medium term, whether it be improved targeting, new ad formats, et cetera. Can you give us your perspective on how you're thinking about the relative contributions to growth from all those various initiatives in the next 12 to 24 months. You've obviously got a lot going on. So I think that perspective would be helpful.

首先，當考慮中期廣告收入的各種驅動因素​​時，無論是改進定位、新的廣告格式等等。您能否向我們介紹一下您如何看待未來 12 到 24 個月內所有這些舉措對成長的相對貢獻。顯然你有很多事情要做。所以我認為這種觀點會很有幫助。

And second, on dynamic product ads specifically, talk about your progress in marrying predictive analytics and conversion insights along with building out of necessary capabilities to begin scaling that product more meaningfully this year?

其次，具體到動態產品廣告，您能談談在結合預測分析和轉化洞察方面取得的進展，以及建立必要的功能以便今年開始更有意義地擴展該產品嗎？

I can take that. It's hard to break down each piece. We obviously are investing across a lot of areas. The growth drivers that we're seeing now, I think, have more opportunity and road map in them.

我可以接受。很難將每一部分分解開來。我們顯然正在很多領域進行投資。我認為，我們現在看到的成長動力蘊含著更多機會和路線圖。

So in the go-to-market, the scale channel for mid-market and SMB just has so many more advertisers that can be on Reddit that aren't on Reddit today. So there's just thousands of advertisers globally across every vertical in that segment that can be on Reddit. So that has been our highest growth channel and I think has a lot of runway and opportunity.

因此，在進入市場的過程中，中端市場和中小企業的規模管道擁有更多可以在 Reddit 上投放廣告的廣告商，而這些廣告商目前還沒有在 Reddit 上投放廣告。因此，在全球範圍內，各個垂直領域中都有數以千計的廣告商可以在 Reddit 上投放廣告。所以這是我們成長最快的管道，我認為它有很大的發展空間和機會。

The second is the performance objective for us. So actually, specifically, the conversions installs and soon adding DPA or dynamic product ads to it has been our highest growing objective. And that's a young objective. That's something we've been working on over the last, let's call it, 18 to 24 months. We're still early in that journey.

第二個是我們的績效目標。因此，實際上，具體來說，轉換安裝並很快添加 DPA 或動態產品廣告一直是我們成長最快的目標。這是一個年輕的目標。這是我們過去 18 到 24 個月一直在努力的事情。我們仍處於這趟旅程的早期階段。

And I think that has a lot of road map to continue delivering more value for advertisers at higher scale.

我認為這有很多路線圖可以繼續為更大規模的廣告商提供更多價值。

I'll talk about -- and then the final one I'll just say is I think we're very early in our international journey, just given that more than half of our audience is outside of the US, but it's only 20% of our business today, and there's a lot of opportunity there. So those are the three things I would point to.

我要說的是——最後我想說的是，我認為我們的國際化之路才剛起步，因為我們一半以上的受眾都在美國以外，但這只占我們目前業務的 20%，而且那裡有很多機會。這就是我要指出的三件事。

From a DPA perspective, it's in beta testing. It is early. It is a complicated product. It is end to end, just everything from the format, the product ingestion and it gets its own ML models, it benefits greatly from conversion API take from the measurement and the real-time data and signals. So there's a lot of work that goes into it.

從 DPA 角度來看，它處於 Beta 測試階段。現在還早。這是一個複雜的產品。它是端到端的，從格式、產品攝取到它自己的 ML 模型，它從測量和即時數據和訊號中獲得的轉換 API 中受益匪淺。因此，這需要做大量的工作。

So we're very, very early. But I'd say we've updated our ML model for DPA. And as I mentioned, we saw a 90% ROAS gain we're very early in our journey. So I think we feel very encouraged by the testing that we're seeing from the advertisers who are the early adopters here.

所以我們還非常非常早。但我想說我們已經更新了 DPA 的 ML 模型。正如我所提到的，我們的 ROAS 成長了 90%，而這只是我們旅程的早期階段。因此，我認為，看到早期採用我們的廣告商進行的測試，我們感到非常鼓舞。

Look, we'll want to add capabilities to have even more products ingested into the catalog, and we want to continue doing even more work on ML and our models will get better as we lay down more signal and get more signal from more adopters of conversion API. So I think we feel very encouraged by the results, but we're very early in the process.

看，我們希望添加功能以將更多的產品納入目錄，並且我們希望繼續在 ML 上做更多的工作，並且隨著我們發出更多信號並從更多轉換 API 的採用者那裡獲得更多信號，我們的模型將變得更好。所以我認為我們對結果感到非常鼓舞，但我們才處於這個過程的早期階段。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe two, if I could. Steve, maybe a bigger picture question. I think a lot of what you've talked about today is sort of the road map for the future of Reddit, where do you see the biggest sort of opportunity set to put more structure on the activity levels and the content being created on Reddit that could create either improvements in the user conversion dynamic or the user funnel also open up the biggest monetization opportunities over the next couple of years.

如果可以的話，也許兩個。史蒂夫，也許這是一個更大的問題。我認為您今天談論的很多內容都是 Reddit 未來的路線圖，您認為最大的機會在哪裡，即對活動水平和在 Reddit 上創建的內容進行更多的結構化，這可以改善用戶轉換動態或用戶渠道，並在未來幾年開闢最大的貨幣化機會。

And Jen, when you think about the evolution of marrying engagements with ads. Any update on richer media formats and how you continue to make progress on elements of video and other elements that could amplify both the engagement side and the monetization side back to the conversations you have with the advertising community?

Jen，當你思考將互動與廣告結合的演進。您能否就更豐富的媒體格式提供一些更新信息，以及如何在視頻元素和其他可以擴大參與度和貨幣化方面的元素方面繼續取得進展，以回到您與廣告界的對話中？

Thanks, Eric. Let me just get the first question. I think I think this points to the kind of framing we've been using in the last two quarters about scrollers and seekers. Scrollers being the users who come to Reddit for the core product that we know and love, community, conversation right, that's more of engaging in the topics you care about, the things you're going through or the things you're into it's really that community conversation product versus the seekers where up until very recently, we haven't built a product for them. These are the people either coming to Reddit or ending up on Reddit it with a question that they didn't answer for.

謝謝，埃里克。我先問第一個問題。我認為這指的是我們在過去兩個季度中一直在使用的有關滾動器和搜尋器的框架類型。滾動者是那些為了我們熟悉和喜愛的核心產品（社區和對話）而來到 Reddit 的用戶，他們更多地參與自己關心的話題、正在經歷的事情或感興趣的事情，這實際上是社區對話產品，而搜索者直到最近才為他們打造產品。這些人要么來到 Reddit，要么帶著無法回答的問題來到 Reddit。

And so like very specifically, if you come to Reddit from Google, you land on a common page or what we sometimes call post details page. That page was built for the scrollers, right? It's built for consuming conversations for seeing that back and forth, not actually designed to give you an answer or a summary or anything like that. And so -- but those users are not coming to edit for a community in that moment, they're coming for an answer. So I think we can, I think, embrace the use case that the user is bringing us and be more effective at solving it.

具體來說，如果你從 Google 來到 Reddit，你會進入一個常見頁面，或者我們有時稱之為帖子詳細資訊頁面。該頁面是為滾動條構建的，對嗎？它是為了反覆查看對話而建構的，實際上並不是為了給你一個答案或摘要或類似的東西。所以——但那些用戶並不是來為社群編輯的，他們來是為了尋求答案。所以我認為我們可以接受用戶為我們帶來的用例，並更有效地解決它。

I think that will make users happier. And then, of course, should improve engagement, retention and all of those things. And so I think this is -- let's call it product 101, give the user what they want. Okay. And then Jen, the question is about richer media formats.

我認為這會讓用戶更高興。然後，當然應該提高參與度、保留率和所有這些方面。所以我認為這是——我們稱之為產品 101，為用戶提供他們想要的東西。好的。然後 Jen，問題是關於更豐富的媒體格式。

Yes, I'll take that. So Reddit has some of the deepest engagement of any platform, and that's video aside, just because of the nature of the platform and the mindset people come to the platform. And our ad platform really consistently delivers strong results in terms of resonance and in outcomes. And that's with, call it, 40%-ish being in a video format and the rest being maybe a visual or text driven. So I think Red it in delivering outcomes is kind of media agnostic.

是的，我接受。因此，Reddit 擁有所有平台中最深入的參與度，除了影片之外，這僅僅是因為平台的性質以及人們使用該平台的心態。我們的廣告平台確實在共鳴和結果方面持續提供強勁的效果。其中，大約 40% 是視訊格式，其餘的可能是視覺或文字驅動的。所以我認為 Red 在實現成果方面與媒體無關。

This is both on the consumer side and on the ad side. We are working on making it easier to port existing video assets into the ad stack where we might automatically recrop, et cetera, and are doing work in integrating memorable AI, a company we bought that has expertise in identifying what are the best sort of creative variants. And so we are doing work there in our platform, which I'm really excited about that again just make creative easier, more portable and also more optimized.

這既涉及消費者方面，也涉及廣告方面。我們正在努力使現有視訊資產更容易移植到廣告堆疊中，以便我們可以自動重新裁剪等等，並且正在努力整合 Remembered AI，這是我們收購的公司，它在識別最佳創意變體方面擁有專業知識。因此，我們正在我們的平台上開展工作，我對此感到非常興奮，這再次使創意變得更容易、更便攜、更優化。

But video per se is just not a focus for us. It is something that works really well in our platform, it's what you want to use, but you can use many different media types on our platform and have success.

但影片本身並不是我們的重點。它在我們的平台上運作得很好，它是您想要使用的，但您可以在我們的平台上使用許多不同類型的媒體並獲得成功。

Richard Greenfield, LightShed.

理查德·格林菲爾德，LightShed。

Steve, I read your comments in the letter about making the best version of Reddit by being faster, easier and better to use. I'd love sort of your view, like on a scale of one to 10 with 10 being the best, where are you on that journey today? And how should we think about the improvements coming over the coming year? And how does this tie into making your Reddit starting point for where you begin online versus a destination that you get to via a Google, open AI, et cetera?

史蒂夫，我讀了你在信中的評論，關於如何讓 Reddit 變得更快、更簡單、更好用，從而打造出最好的版本。我很想聽聽您的看法，例如以 1 到 10 為等級，10 為最佳，您今天在旅途中處於什麼位置？我們該如何看待未來一年的改進？那麼，這與將 Reddit 作為您在線開始的起點與透過 Google、開放 AI 等到達的目的地有何關係？

It's hard to quantify my answer on that scale, look, we're in the middle, and we're always going to be in the middle. We're better than we've been. And when I use Reddit, all I see are ways for Reddit to be better. And I think that's the fun part of the job is continuing to iterate on this product. I don't think of it as an either/or between us and other products.

很難用這個尺度來量化我的答案，看，我們處於中間，我們永遠都會處於中間。我們比以前更好了。當我使用 Reddit 時，我看到的都是讓 Reddit 變得更好的方法。我認為這份工作的有趣部分就是不斷對產品進行迭代。我並不認為我們和其他產品之間只有一種選擇。

We have different products that fulfill different needs, right? There's search and AI. I think it's like an extension of search for the direct answers or kind of summarized answers, and there's Reddit for community belonging, conversation. And even within our Answers product, it's for getting the broad perspective of Reddit intentionally.

我們有不同的產品來滿足不同的需求，對嗎？有搜尋和人工智慧。我認為它就像是對直接答案或總結性答案的搜尋的延伸，而 Reddit 則用於社群歸屬感和對話。即使在我們的 Answers 產品中，它也是為了有意獲得 Reddit 的廣闊視野。

So I think maybe there's some overlap in the middle, but we're really different products that serve different needs. And I expect us to continue all of the companies you've named to continue to evolve and coexist. And expect Google to continue to be a great channel for us, and I expect us to continue to grow doing our own thing as well.

所以我認為也許中間存在一些重疊，但我們實際上是滿足不同需求的不同產品。我希望我們能夠繼續與你們提到的所有公司一起發展和共存。我希望谷歌繼續成為我們的一個重要管道，我也希望我們能夠繼續發展我們自己的業務。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

This is [Steve Holman] on for Jason. So just two questions from us. One, if you could give any commentary on the continued strength within US logged in users. Are you driving better conversion or retention, either within desktop or app.

我是 [Steve Holman]，代表 Jason 發言。我們只想問兩個問題。首先，您能否對美國登入用戶的持續強勁表現發表一些評論？您是否在推動更好的轉換或保留，無論是在桌面還是應用程式內。

And then second, any update on the Meta campaign import tool that was announced and launched maybe a month ago? Is that helping to reduce advertisers time to launch a campaign and/or driving solid ad performance?

其次，大約一個月前宣布並推出的 Meta 活動導入工具有任何更新嗎？這是否有助於減少廣告主發起廣告活動的時間和/或提高廣告成效？

Yes. Look, I think the story of logged in user conversion and retention in our apps over the last couple of years is a success story. We've done a lot of work there to just make it easier to register, to sign up, to get onboarded, to find your community. And so I think that's a never-ending work. It's probably the single most important number for us is new user retention.

是的。看，我認為過去幾年我們應用程式中登入用戶轉換和保留的故事是一個成功的故事。我們在那裡做了很多工作，只是為了讓註冊、報名、加入和找到您的社區變得更容易。所以我認為這是一項永無止境的工作。對我們來說，最重要的數字可能是新用戶保留率。

So we've been able to move it and we'll continue to do so. And this work broadly -- or not broadly is it's the -- it's kind of the in-the-trenches product work. So when I say make Reddit easier and better, I think every detail here matters, but we've been moving that for a couple of years. And look, retention compounds into growth. And so that's how we think about it.

因此，我們已經能夠移動它，並且我們將繼續這樣做。這項工作從廣義上講——或者說不是廣義上講——是一種實地生產的工作。因此，當我說讓 Reddit 變得更容易、更好時，我認為這裡的每一個細節都很重要，但我們已經為此努力了幾年。看看吧，保留會轉化為成長。這就是我們的想法。

Jen, on the Meta thing?

Jen，關於 Meta 的事情？

Yes. So some platforms have a marketing API for advertisers to advertise their campaigns. Obviously, the advertisers' assets and campaign data are owned by the advertiser. And so we did an integration. As part of our strategy of, we're making it easier for advertisers to get started on Reddit and there's a lot of features that we work on to take the friction out of onboarding and think it easy to activate.

是的。因此，一些平台為廣告商提供行銷 API 來宣傳他們的活動。顯然，廣告商的資產和廣告活動數據歸廣告商所有。因此我們進行了整合。作為我們策略的一部分，我們正在讓廣告商更輕鬆地開始使用 Reddit，我們正在開發許多功能來消除入職過程中的摩擦並使其易於啟動。

And so this is one of them that we worked on.

這就是我們正在研究的問題之一。

We've seen some adoption of this feature. But it's one of many in an effort to just make it easier for advertisers to onboard. And obviously, we've been very pleased with the overall growth in our number of advertisers.

我們已經看到一些用戶採用了此功能。但這只是為了讓廣告商更容易加入而做出的眾多努力之一。顯然，我們對廣告商數量的整體成長感到非常滿意。

Alan Gould, Loop Capital.

艾倫·古爾德（Alan Gould），Loop Capital。

I've got two. One is, can you comment on what's happening with per user engagement? And then second, Steve, one of the things special about Reddit is that you have the moderators given the growth in users that you've had, assuming strong user engagement, I know you're using technology, but how do you manage that growth for all the -- how do you manage that growth. Are you adding that many more moderators? How do you keep the moderation going so well?

我有兩個。一是，您能否評論一下每個用戶參與度的情況？其次，史蒂夫，Reddit 的特別之處之一在於，考慮到用戶數量的增長，假設用戶參與度很高，你們有版主，我知道你們在使用技術，但你們如何管理這種增長呢？你們如何管理這種成長？您要增加那麼多版主嗎？您是如何做到讓審核工作進行得這麼順利的？

Okay. Great questions. Per user engagement, look, of course, this depends on the channel. But this -- I'll reference all the answers I've given today about making the product easier to use, more relevant. I'd say one of the big improvements we've made over the last year and we'll continue to iterate on that I haven't mentioned today is the quality of our home feeds.

好的。很好的問題。從每個用戶的參與度來看，當然，這取決於管道。但這個——我會參考我今天給出的所有答案，讓產品更容易使用、更具相關性。我想說，我們在過去一年中取得的重大進步之一，以及我們將繼續進行的、我今天沒有提到的進步，就是我們家庭資訊流的品質。

Your home feed in Reddit is made up of the subreddit that you subscribe to. But serving you the right subreddit at the right time of day with the right type of content is getting that right is really important. And so that's been one of the biggest drivers of retention over the last couple of years, and that's an area we'll continue to iterate on.

Reddit 中的主頁由您訂閱的 subreddit 組成。但是在一天中的正確時間向您提供正確類型的內容的正確 subreddit 確實非常重要。因此，這是過去幾年留住客戶的最大驅動力之一，我們將繼續在這一領域進行研究。

And there's some stuff we're doing later this year that I'm very excited about that I think will make Reddit kind of more accessible and easier to figure out in that first session. And of course, that's a little bit upstream from engagement, but that's how we think about it. It's just get people in the Reddit, get them into their home and the rest follows.

我們今年稍後會做一些事情，我對此感到非常興奮，我認為這將使 Reddit 在第一次會議中更容易訪問和更容易理解。當然，這與參與度相比略有不同，但我們就是這麼認為的。這只是讓人們進入 Reddit，讓他們進入他們的家，其餘的事情就會隨之而來。

Moderators, look, great question. There's kind of two things we're doing at once right now. One is reducing moderator burden. So AI tools help with this a lot. So whether it's post guidance or our improved safety work, we can just try to require the mods to do less clicking and less repetitive work so that they can focus on doing the things they love, which is being stewards of communities.

主持人，看，這個問題問得好。我們現在同時在做兩件事。一是減輕主持人負擔。所以人工智慧工具對此​​有很大幫助。因此，無論是後期指導還是我們改進的安全工作，我們都可以嘗試要求版主減少點擊次數和重複性工作，以便他們可以專注於做自己喜歡的事情，即成為社區的管家。

And at the same time, we have an initiative to grow the number of mods, right? We just want to see more mods. More mods means more communities, more diversity of communities. It's a big part of our strategy for international growth, is starting with that foundation of new moderators. So it's a big part of our work literally in countries finding engage end users and saying, Hey, do you want to actually run a community and teaching them how to do that.

同時，我們有一個增加模組數量的計劃，對嗎？我們只是想看到更多的模組。更多的模組意味著更多的社群、更多樣化的社群。這是我們國際成長策略的重要組成部分，從新版主的基礎開始。因此，我們在各個國家/地區工作的很大一部分是尋找最終用戶並詢問他們，嘿，你想真正經營一個社群並教他們如何做到這一點嗎？

So it's kind of a whole program around that. So it's actually -- I think it's a unique aspect of work is all of this infrastructure we have around finding, recruiting, training, building products for mods, so thanks for the question.

所以這是一個圍繞這一點的完整計劃。所以實際上——我認為這是工作的一個獨特方面，我們擁有圍繞尋找、招募、培訓、為模組建立產品的所有基礎設施，所以感謝您的提問。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Jen, I believe you mentioned during your prepared remarks that the conversation ad placements now up to accounting for 6% of impressions. Could you just tell us a little bit more about the performance of the format, how it's helping inform your search strategy and potentially broader monetization strategy later?

Jen，我相信您在準備好的發言中提到過，對話廣告展示位置現在佔展示次數的 6%。您能否向我們詳細介紹一下該格式的效能，以及它如何幫助您制定搜尋策略以及以後更廣泛的貨幣化策略？

Sure. Yes. So I think you're referring to ads and comments. So on the conversation page, we have had an ad below the post and above the comments, but we tested and launched an ad inside the comments, which of course, is a high engagement space for people coming to Reddit because when you're trying to get answers to your questions, you're reading through the conversation there. So highly contextual, and as a reminder, about 40% of the conversations on Reddit are actually commercial in nature.

當然。是的。所以我認為您指的是廣告和評論。因此，在對話頁面上，我們在帖子下方和評論上方放置了一個廣告，但我們測試並在評論內推出了一個廣告，這當然是 Reddit 用戶參與度較高的空間，因為當您嘗試獲得問題的答案時，您會閱讀那裡的對話。因此具有高度的脈絡性，提醒一下，Reddit 上大約 40% 的對話實際上屬於商業性質。

They're about products and services. So there's a lot of engagement where people are in a purchase decision journey.

它們與產品和服務有關。因此，人們在購買決策過程中會有很多參與。

We've been really pleased with the adoption of that ad. I think almost no platform has ads in their comments. It's not been typically a high engagement space for other platforms, but it is uniquely high engagement for Reddit. And we've been pleased with the performance that we're seeing. Again, that space is highly contextual.

我們對該廣告的採用感到非常高興。我認為幾乎沒有平台在評論中設置廣告。對於其他平台來說，這通常不是一個高參與度的空間，但對 Reddit 來說，這卻是一個獨一無二的高參與度空間。我們對所看到的表現感到非常滿意。再次強調，該空間具有高度的情境性。

It is high engagement because that's usually where you're finding the answers to your questions. People who come into that space come two ways. They either come one click past search on a very specific query, where they're reading the comments for an answer or they've clicked into that space from a post that interested them in the feed. So the intent in that space is incredibly high, and we see a lot of opportunity to drive outcomes and performance from that ad unit.

它的參與度很高，因為您通常可以在這裡找到問題的答案。進入該空間的人有兩種方式。他們要么通過點擊搜索非常具體的查詢，要么閱讀評論來尋找答案，要么從他們感興趣的帖子中點擊進入該空間。因此，該領域的意圖非常高，我們看到了許多機會來推動該廣告單元的結果和表現。

Thanks, Jen. Kelvin, I think we're out of time here. So we'll wrap up. Thanks, everyone, for joining. We really appreciate it. Looking forward to speaking with you again soon.

謝謝，Jen。凱爾文，我想我們已經沒時間了。那我們就此結束。謝謝大家的參與。我們非常感激。期待很快再次與您交談。

This concludes Reddit's Q1 2025 earnings call. You may now disconnect.

Reddit 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。