Reddit Inc (RDDT) 2025 Q3 法說會逐字稿

Good afternoon. My name is Julieanne, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's Q3 2025 earnings call. (Operator Instructions)

午安.我叫朱莉安，今天我將擔任你們的會議接線生。此時此刻，我謹代表Reddit歡迎各位參加2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係主管傑西·羅斯。您可以開始會議了。

Hi, everyone. Welcome to Reddit's third quarter 2025 earnings call. Joining me are Steve Huffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO.

大家好。歡迎參加Reddit 2025年第三季財報電話會議。與我一同出席的還有 Reddit 共同創辦人兼執行長 Steve Huffman；Reddit 營運長 Jen Wong；以及 Reddit 財務長 Drew Vollero。

I'd like to remind you that our remarks today will include forward-looking statements, and actual results may vary. Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call, and we undertake no obligation to update any forward-looking statements.

我想提醒各位，我們今天的發言將包含前瞻性陳述，實際結果可能會有所不同。有關可能導致這些結果出現差異的風險和其他因素的資訊已包含在我們提交給美國證券交易委員會的文件中。這些前瞻性陳述僅代表我們截至本次電話會議之日的觀點，我們不承擔更新任何前瞻性陳述的義務。

During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders. Our third quarter letter to shareholders and earnings press release are available on our Investor Relations website and Investor Relations subreddit.

在本次電話會議中，我們將討論GAAP和非GAAP財務數據。有關 GAAP 與非 GAAP 財務數據的調整表，請參閱我們致股東的信函。我們第三季致股東信和獲利新聞稿已發佈在我們的投資者關係網站和投資者關係子版塊上。

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

現在我把電話交給史蒂夫。

Thanks, Jesse. Hi, everyone. Thank you for joining our earnings call. Q3 was a strong quarter for Reddit with differentiated results and solid execution across product, growth and revenue. We ended the quarter with 116 million DAUq and 444 million WAUq, both growing around 20% year-over-year.

謝謝你，傑西。大家好。感謝您參加我們的財報電話會議。第三季度對於Reddit來說是一個強勁的季度，產品、成長和營收方面都取得了差異化的業績和穩健的執行。本季末，每日活躍用戶數 (DAUq) 為 1.16 億，週活躍用戶數 (WAUq) 為 4.44 億，均較去年同期成長約 20%。

We're especially encouraged by the mix of growth with organic product-led improvements and successful marketing both playing a role. This balance is working, and we're focused on replicating it across markets.

我們尤其感到鼓舞的是，有機產品改進和成功的營銷共同發揮了成長的作用。這種平衡模式行之有效，我們正致力於在其他市場複製這種模式。

Revenue came in at $585 million, up 68% year-over-year, and our financial model is scaling very well. We continue to be GAAP profitable with a net income of $163 million and a net margin of 28%, an improvement of $133 million from last year. This quarter, we achieved a targeted adjusted EBITDA margin of 40%, which was a profitability goal we set at our IPO just last year. Today, Reddit is the number three most visited site in the US per Semrush, October 2025.

營收達到 5.85 億美元，年成長 68%，我們的財務模式發展非常順利。我們持續維持GAAP獲利，淨收入為1.63億美元，淨利潤率為28%，比去年提高了1.33億美元。本季度，我們實現了 40% 的調整後 EBITDA 利潤率目標，這是我們在去年 IPO 時設定的獲利目標。根據 Semrush 2025 年 10 月的數據，Reddit 是美國訪問量排名第三的網站。

That puts us in a rare company. YouTube is number two and Amazon is number four and reflects how Reddit is where people start, not just where they end up. People come here to find trusted perspectives to participate in communities that share their interests, no matter how niche or mainstream, and increasingly to engage directly with brands, institutions and publishers.

這使我們躋身少數精英之列。YouTube 位居第二，亞馬遜位居第四，反映出 Reddit 不僅是人們的終點，更是他們的起點。人們來到這裡是為了尋找值得信賴的觀點，參與到與他們興趣相投的社群中，無論這些興趣多麼小眾或主流，並且越來越多地直接與品牌、機構和出版商互動。

In September, we launched new Reddit Pro tools tailored for publishers. Early adopters like the Associated Press can now sync their feeds, automatically import articles, track how their stories are shared and use AI-powered tools to find the right communities. Our consumer product strategy continues to focus on making Reddit easier to use and more rewarding from day one, so casual users become daily users. They're already coming to Reddit. Now it's on us to make the experience worth coming back for by being more relevant and intuitive.

9 月，我們推出了專為發布商量身打造的全新 Reddit Pro 工具。像美聯社這樣的早期採用者現在可以同步他們的資訊來源，自動匯入文章，追蹤他們的新聞報導是如何被分享的，並使用人工智慧工具來找到合適的社群。我們的消費者產品策略將繼續專注於讓 Reddit 從一開始就更容易使用、更有價值，從而使休閒用戶變成每日用戶。他們已經開始湧入Reddit了。現在，我們需要透過提供更貼合使用者需求、更直覺易懂的服務，讓使用者覺得值得再次體驗。

To that end, we're making real progress across the three main focus areas we shared last quarter: core product, search and internationalization. Let's start with the core product. We're redesigning the Reddit experience with a more modern search-forward interface and streamlining onboarding so it's easier for new users to find what they're looking for with a dynamic personalized home feed.

為此，我們在上個季度提出的三個主要重點領域——核心產品、搜尋和國際化——都取得了實質進展。我們先從核心產品開始。我們正在重新設計 Reddit 的使用體驗，採用更現代化的搜尋導向型介面，並簡化用戶引導流程，以便新用戶能夠透過動態的個人化主頁資訊流更輕鬆地找到他們想要的內容。

We're also helping more people contribute to their favorite communities by using AI to interpret subreddit rules and surface post insights. On the moderation side, we're investing in tools that help mods grow and strengthen their communities. These tools are now live in over 3,000 communities, which are seeing 30% more active moderators on average. Moderators aren't just enforcing rules. They're shaping culture, building communities and helping Reddit thrive. Our job is to give them the tools to do it more efficiently. Next, search.

我們也利用人工智慧來解讀子版塊規則並挖掘貼文洞察，從而幫助更多人為他們喜愛的社群做出貢獻。在內容管理方面，我們正在投資開發能夠幫助版主發展壯大社群的工具。這些工具目前已在超過 3000 個社群上線，平均而言，這些社群的活躍版主數量增加了 30%。版主不僅僅是執行規則。他們正在塑造文化，建立社區，並幫助 Reddit 蓬勃發展。我們的工作是提供他們更有效率完成工作的工具。接下來，進行搜尋。

Search is one of our biggest opportunities because Reddit conversations are uniquely authentic, contextual and helpful. This is why we're investing in making Reddit a true search destination. In Q3, over 75 million people searched on Reddit weekly, and that number continues to rise. Reddit Answers provides users with curated community-powered insights that are often more helpful than traditional web results. We started integrating Reddit Answers into core search, increasing its visibility across conversations and rolling out to non-English languages. Our aim is to have a single great search experience on Reddit.

搜尋是我們最大的機會之一，因為 Reddit 上的對話具有獨特的真實性、上下文關聯性和實用性。這就是我們投資將 Reddit 打造成真正的搜尋目的地的原因。第三季度，Reddit每週的搜尋量超過7,500萬人次，而且這個數字還在持續成長。Reddit Answers 為用戶提供由社群精心策劃的見解，這些見解通常比傳統的網路搜尋結果更有幫助。我們開始將 Reddit Answers 整合到核心搜尋中，提高了其在對話中的可見性，並推廣到非英語語言。我們的目標是在Reddit上提供卓越的搜尋體驗。

And third, internationalization. Our international growth continues to accelerate. Machine translation is available in 30 languages, and it's a major driver of top-of-funnel growth outside the US. We've built a local content framework to identify top interests in each country, which we use to guide partnerships, content and marketing. This approach worked well in India, and now we're applying it in Australia, Brazil, Germany and France. We're focused on finishing the year strong and putting our strategy for 2026 in motion.

第三，國際化。我們的國際業務成長持續加速。機器翻譯支援 30 種語言，是美國以外地區銷售漏斗頂端成長的主要驅動力。我們建立了一個在地化內容框架，以確定每個國家/地區的主要興趣點，並以此指導合作夥伴關係、內容和行銷。這種方法在印度取得了良好的效果，現在我們正在澳洲、巴西、德國和法國應用這種方法。我們正全力以赴，爭取在今年取得佳績，並啟動2026年的策略規劃。

Looking ahead, our biggest priorities are: growing app users by improving the experience and therefore retention; broadening the types of users and communities that call Reddit Home, both in the US and globally; increasing top-of-funnel growth by diversifying the sources of traffic, including organic, paid and publisher-driven; and, of course, scaling monetization and ad formats for our users and partners. Reddit is in a unique position.

展望未來，我們最重要的優先事項是：透過改善用戶體驗和提高用戶留存率來增加應用程式用戶；擴大 Reddit 用戶和社群的類型，無論是在美國還是在全球範圍內；透過使流量來源多樣化（包括自然流量、付費流量和發布商流量），來增加漏斗頂端的成長；當然，還有擴大用戶和合作夥伴的盈利模式和合作夥伴的盈利模式和廣告形式。Reddit 處於一個獨特的地位。

We're not trying to be the next anything. We're focused on being the best version of ourselves and what the Internet needs most, a place where people can connect on almost any topic and find genuinely useful information because no matter what you're going through, someone on Reddit has already been there, done that and shared the story.

我們並不想成為下一個什麼。我們致力於成為最好的自己，並打造網路最需要的平台——一個人們可以就幾乎任何話題進行交流並找到真正有用資訊的地方，因為無論你正在經歷什麼，Reddit 上總有人已經經歷過，並分享了你的故事。

Thank you for being a part of this journey. I'll now hand it over to Jen to walk through the business in more detail.

感謝您參與這段旅程。現在我將把講解交給Jen，讓她更詳細地介紹一下業務。

Thanks, Steve. Good afternoon, everyone. I'd like to start by building on what Steve mentioned about our consumer product strategy. We're excited about the opportunity to meaningfully grow our user base, both in the US and internationally.

謝謝你，史蒂夫。大家下午好。我想先就史蒂夫提到的我們的消費品策略做些補充。我們很高興有機會在美國和國際上大幅擴大我們的用戶群。

And as we refine our strategies, our consumer product road map is focusing more intently on the Reddit app. This is where we can build direct, high-engagement relationships, which are most valuable to both our users and our business. The app can be more personalized, have easier onboarding and incorporate search more consistently. These kinds of changes can impact user retention, increase returns on marketing and help us better convert web users into the app.

隨著我們不斷完善策略，我們的消費者產品路線圖將更加集中於 Reddit 應用。在這裡，我們可以建立直接、高參與度的關係，這對我們的用戶和我們的業務都最有價值。該應用程式可以更加個人化，簡化使用者引導流程，並更有效地整合搜尋功能。這些變化可以影響用戶留存率，提高行銷回報率，並幫助我們更好地將網頁用戶轉化為應用程式用戶。

We're also working on expanding our users, communities and contribution across Reddit. We recently introduced tools focused specifically on publishers to help them share content and engage organically on Reddit through Reddit Pro.

我們也在努力擴大我們在 Reddit 上的用戶、社群和貢獻範圍。我們最近推出了專門針對發布商的工具，以幫助他們透過 Reddit Pro 在 Reddit 上分享內容並進行自然互動。

Now moving to monetization. In the third quarter, we demonstrated continued growth and strong execution with total revenue reaching $585 million, up 68% year-over-year. Our unique proposition and ad platform improvements delivered differentiated growth and positive outcomes for advertisers. The advertising business grew 74% year-over-year in Q3, reaching $549 million, and the growth was driven by broad-based strength across the business as we continue to expand existing relationships, acquire new customers and diversify our advertiser base.

現在進入獲利階段。第三季度，我們展現了持續成長和強勁的執行力，總收入達到 5.85 億美元，年增 68%。我們獨特的產品定位和廣告平台改進為廣告主帶來了差異化成長和積極的成果。第三季廣告業務年增 74%，達到 5.49 億美元，這一增長得益於公司各業務的全面強勁發展，我們不斷拓展現有客戶關係，獲取新客戶，並使廣告客戶群多元化。

The total active advertiser count expanded by over 75% year-over-year in Q3 as we added new accounts across all channels, including large mid-market and SMB businesses.

第三季度，活躍廣告客戶總數年增超過 75%，我們在所有管道新增了帳戶，包括大型中型市場和中小企業。

Now moving to our ad stack. Our strategy is focused on making all businesses successful on Reddit by driving performance of our ad solutions, improving usability for users and productivity for our sales force and offering our advertisers and partners Reddit-unique solutions and ad formats. We made meaningful progress against each of these areas in Q3.

現在轉到我們的廣告堆疊。我們的策略重點在於透過提升廣告解決方案的效能、改善使用者體驗和提高銷售團隊的效率，以及為廣告主和合作夥伴提供Reddit獨有的解決方案和廣告格式，來幫助所有企業在Reddit上取得成功。第三季度，我們在這些領域都取得了實質進展。

First, ongoing investments in our ad models and formats are driving greater performance and efficiency, which means better returns for advertisers. In Q3, we continued to optimize our models for lower-funnel objectives, including app installs and conversions.

首先，我們對廣告模式和形式的持續投入正在推動更高的績效和效率，這意味著廣告商將獲得更好的回報。第三季度，我們繼續優化漏斗底部目標的模型，包括應用安裝和轉換。

Model improvements to our lower-funnel app ads objective generated double-digit percentage improvements to performance outcomes and ML-driven optimizations in the lower-funnel conversion objective improved performance by over 20%. We continue to enhance our shopping solution, Dynamic Product Ads, or DPA, which launched to general availability earlier this year.

我們對漏斗底部應用廣告目標的模型改進，使效果結果實現了兩位數百分比的提升；而漏斗底部轉換目標的機器學習驅動優化，使效果提升了 20% 以上。我們持續改進我們的購物解決方案—動態產品廣告（DPA），該解決方案於今年稍早正式推出。

We're excited by the capability and seeing ongoing improvements to performance beyond the core conversion objective. DPAs currently account for a small portion of our total lower-funnel revenue. Broader advertiser adoption remains an opportunity and as it takes a little more time and resources for clients to implement this more complex ad product.

我們對這項功能感到興奮，並看到其性能在核心轉換目標之外不斷提升。目前，DPA 僅占我們總的下游收入的一小部分。更廣泛的廣告主採用仍然是一個機遇，因為客戶需要更多的時間和資源來實施這種更複雜的廣告產品。

To strengthen our lower-funnel strategy, we continue to make it easier for businesses of all sizes to adopt our measurement tools, including Pixel and conversion API or CAPI. In Q3, CAPI-covered conversion revenue tripled year-over-year.

為了強化我們的漏斗底部策略，我們將繼續讓各種規模的企業更容易採用我們的衡量工具，包括像素和轉換 API 或 CAPI。第三季度，CAPI涵蓋的轉換收入年增了兩倍。

Second, improving usability for advertisers and productivity for our sales force. We're investing in automation across our full ad stack to help drive adoption of our ad tools and improve performance for advertisers. For the upper funnel, we launched the beta of auto bidding, which simplifies budget management and improves efficiency, leading to over 15% more impressions and lower pricing for advertisers.

其次，提高廣告主的使用體驗和銷售團隊的效率。我們正在投資整個廣告技術堆疊的自動化，以協助推動廣告工具的普及，並提高廣告主的廣告效果。在行銷漏斗的上層，我們推出了自動競價的測試版，簡化了預算管理，提高了效率，從而為廣告主帶來了超過 15% 的展示次數增加和更低的價格。

In the middle and lower funnel, auto targeting is delivering strong results and adoption is growing over 50% year-over-year. We're also in early testing of our end-to-end automated campaign platform that uses AI to streamline campaign setup. It is focused on activating mid- and lower-funnel objectives and provides customers with insights on what made their campaign successful. Early results are promising with advertisers unlocking higher return on ad spend while spending less time managing campaigns. We're continuing to test the solution with a number of global advertisers across business sizes and verticals and adding new features.

在行銷漏斗的中下層，自動定向技術取得了顯著成效，其採用率年增超過 50%。我們目前也正在對端到端自動化行銷活動平台進行早期測試，該平台利用人工智慧來簡化行銷活動設定。它專注於激活中下游行銷目標，並為客戶提供有關其行銷活動成功因素的見解。初步結果令人鼓舞，廣告主在減少管理廣告活動時間的同時，也獲得了更高的廣告支出報酬率。我們正在繼續與眾多不同規模和垂直領域的全球廣告商測試該解決方案，並添加新功能。

Third, building Reddit-unique solutions and ad formats for our advertisers. In the third quarter, we expanded access to conversation summary add-ons, a distinctive ad format that lets brands integrate positive Reddit conversations into ads. We're now testing this format with a broader set of advertisers across the funnel and seeing encouraging results with brands like Bethesda, the mid-market video game publisher, seeing 15% higher click-through rates. We're developing interactive ads built on our developer platform, allowing advertisers to create custom experiences like mini games or quizzes directly within an ad. This format is testing now and the plan -- with plans to scale more broadly next year.

第三，為我們的廣告主打造Reddit獨有的解決方案和廣告格式。第三季度，我們擴大了對話摘要插件的使用範圍，這是一種獨特的廣告格式，可以讓品牌將積極的 Reddit 對話整合到廣告中。我們現在正在對整個行銷漏斗中的更多廣告商測試這種格式，並看到了令人鼓舞的結果，例如中階電玩發行商 Bethesda 的點擊率提高了 15%。我們正在基於我們的開發者平台開發互動廣告，讓廣告主直接在廣告中創建自訂體驗，例如小遊戲或測驗。目前該模式正在測試中，並計劃明年更廣泛地推廣。

Finally, we're seeing momentum with our free-form ad format launched last year, which lets brands tell richer stories through multiple media types in a post that feels native to Reddit. For example, FootJoy used freeform ads to promote their new HyperFlex line of golf shoes, delivering click-through rates 100% above benchmark and time spent more than 50% above benchmark. Overall, Q3 was another strong quarter for Reddit. I'm proud of the progress and the importance -- and the improvements we're delivering for our communities and partners and excited about the opportunities ahead.

最後，我們看到去年推出的自由形式廣告格式取得了進展，該格式允許品牌透過多種媒體類型在感覺像是 Reddit 原生廣告的貼文中講述更豐富的故事。例如，FootJoy 使用自由形式的廣告來推廣其新的 HyperFlex 系列高爾夫球鞋，點擊率比基準高出 100%，停留時間比基準高出 50% 以上。整體而言，Reddit 第三季表現依然強勁。我為所取得的進展及其重要性感到自豪，也為我們為社區和合作夥伴帶來的改進感到自豪，並對未來的機會感到興奮。

Now I'll turn the call over to Drew.

現在我把電話交給德魯。

Thank you, Jen, and good afternoon, everyone. Our solid Q3 results again demonstrated that financial model continues to scale well. And specifically, Reddit can be a leader in both growth and profitability. Total revenues grew 68% year-over-year, and our adjusted EBITDA margin reached 40%, passing that important profitability benchmark for the first time. The key to our financial success is continued traction across our five financial strategies.

謝謝你，珍，大家午安。我們穩健的第三季業績再次證明，該財務模式持續保持良好的可擴展性。具體來說，Reddit 可以在成長和獲利能力方面都成為領導者。總營收年增 68%，調整後的 EBITDA 利潤率達到 40%，首次突破了這項重要的獲利能力基準。我們財務成功的關鍵在於五大財務策略的持續推進。

These strategies include: First, achieving differentiated revenue growth. Revenues grew more than 60% for the fifth consecutive quarter. Second, expanding margins. Gross margins expanded 90 basis points year-over-year to 91%, our fifth consecutive quarter of over 90%. Our adjusted EBITDA and net income margins expanded by 1,300 and 1,900 basis points year-over-year, respectively.

這些策略包括：首先，實現差異化的收入成長。營收連續第五個季度成長超過 60%。第二，擴大利潤率。毛利率年增 90 個基點至 91%，這是我們連續第五個季度毛利率超過 90%。我們的調整後 EBITDA 和淨利潤率分別年增了 1300 和 1900 個基點。

Third, scaling profitably. GAAP net income reached $163 million and adjusted EBITDA hit $236 million, both new highs for Reddit. Our net income margin was 28%. Our incremental adjusted EBITDA margin hit 60%. Fourth, generating positive cash flow.

第三，獲利性規模化。Reddit 的 GAAP 淨收入達到 1.63 億美元，調整後 EBITDA 達到 2.36 億美元，兩項數據均創歷史新高。我們的淨利率為28%。我們的增量調整後 EBITDA 利潤率達到 60%。第四，產生正現金流。

Q3 cash flow ended at $183 million, and our free cash flow margin for the quarter was 31%. In the last 12 months, we've generated over $0.5 billion of free cash flow. Cash and cash equivalents on the balance sheet continued to build at $2.2 billion. And fifth, minimizing dilution. We continue to view stock-based compensation and dilution as business costs and manage them closely.

第三季現金流為 1.83 億美元，本季自由現金流利潤率為 31%。在過去的 12 個月裡，我們創造了超過 5 億美元的自由現金流。資產負債表上的現金及現金等價物持續增加至 22 億美元。第五，盡量減少稀釋。我們仍將股票選擇權激勵和股權稀釋視為業務成本，並對其進行嚴格管理。

The progress continues to be evident Total fully diluted shares outstanding were 206.1 million, down from both 206.6 million last quarter and 206.2 million last year. Similarly, stock-based compensation costs fell sequentially, both in dollars and a percent of revenue basis from 19% to 16%.

進展依然明顯。完全稀釋後的流通股總數為 2.061 億股，低於上一季的 2.066 億股和去年同期的 2.062 億股。同樣，股票選擇權激勵成本也環比下降，無論是以美元計算還是以收入的百分比計算，都從 19% 降至 16%。

I'll provide a bit more color on these headlines. First, Q3 total revenue of $585 million was driven by our advertising revenue, which grew 74% year-over-year to $549 million as we saw strength across objectives, verticals, geographies and channels. Other revenue, which includes revenue from our data licensing business, reached $36 million, up 7% year-over-year.

我將對這些標題進行更詳細的闡述。首先，第三季總收入為 5.85 億美元，這主要得益於我們的廣告收入，廣告收入年增 74% 至 5.49 億美元，因為我們在各個目標、垂直領域、地理和管道都看到了強勁的成長。其他收入（包括數據授權業務的收入）達到 3,600 萬美元，年增 7%。

Average revenue per user, ARPU, grew 41% year-over-year to $5.04, which is still low on an absolute basis and remains an opportunity. Regionally, revenue grew 67% and 74% year-over-year in the US and internationally, respectively. In the quarter, four revenue drivers fueled growth. First, performance ads and brand ads had strong quarters, both growing more than 70% year-over-year.

每位用戶平均收入 (ARPU) 年增 41% 至 5.04 美元，但從絕對值來看仍然較低，仍有發展機會。從區域來看，美國和國際市場的收入分別年增了 67% 和 74%。本季度，四大營收驅動因素推動了成長。首先，效果廣告和品牌廣告的季度表現強勁，兩者較去年同期成長均超過 70%。

Second, impression growth remains our key driver, but we saw a tailwind from pricing in the quarter, a consistent trend so far this year as we continue to deliver value and favorable outcomes for advertisers. Third, we saw strength across the funnel with growth ranging from mid- to high double digits in the upper, middle and lower-funnel segments. And fourth, we continued to see diversified strength by verticals. We had 9 of our top 15 verticals grow revenues by 50% or more.

其次，曝光量成長仍然是我們的主要驅動力，但本季價格上漲也帶來了利好，這是今年以來持續的趨勢，我們將繼續為廣告商提供價值和有利的結果。第三，我們看到整個銷售漏斗都表現強勁，漏斗上、中、下各部分的成長幅度均達到兩位數中高點。第四，我們繼續看到各垂直領域實力多元化。在我們排名前 15 名的垂直行業中，有 9 個行業的營收成長了 50% 或更多。

Now moving to expenses. The growth rate in Q3 total adjusted cost was very similar to Q2. Total adjusted costs, which include both cost of revenue and OpEx, were $349 million in Q3, up 37% year-over-year, consistent with a 38% growth last quarter. Our main cost driver continues to be operating expenses, which, on an adjusted basis, were $297 million in Q3, about 85% of total adjusted expenses. Adjusted OpEx costs grew 35% in Q3, the same growth rate as Q2, close to half the growth rate of our revenue, which was 68%.

接下來是費用部分。第三季總調整成本的成長率與第二季非常相似。第三季調整後的總成本（包括收入成本和營運支出）為 3.49 億美元，年增 37%，與上一季 38% 的成長一致。我們的主要成本驅動因素仍是營運費用，經調整後，第三季營運費用為 2.97 億美元，約佔調整後總費用的 85%。第三季調整後的營運支出成長了 35%，與第二季的成長率相同，接近我們營收成長率（68%）的一半。

Most of the increase in OpEx costs were driven by our growth investments in sales and marketing. Adjusted sales and marketing expenses were $115 million in Q3, about 20% of revenue, in line with peers. Sales and marketing investments were made in two key areas: first, building out our sales team; and second, brand and user marketing. Let me expand on each.

營運成本的成長主要源自於我們在銷售和行銷方面的成長投資。第三季經調整後的銷售和行銷費用為 1.15 億美元，約佔營收的 20%，與同業基本持平。銷售和行銷的投資主要集中在兩個方面：首先是擴大銷售團隊；其次是品牌和用戶行銷。讓我逐一詳細說明。

First, our sales team investments are primarily adding people resources in customer-facing areas like sales, marketing and ad tech. In the quarter, the company grew total headcount about 3% sequentially, slightly more than 80 net adds with about 70% of the net hires focused in these three growth functions. Our investment track record continues to be very strong here with fast paybacks and investment returns multiples higher than the cost.

首先，我們的銷售團隊投資主要集中在面向客戶的領域，例如銷售、行銷和廣告技術，增加人力資源。本季度，公司員工總數較上季成長約 3%，淨增加 80 餘人，其中約 70% 的淨增員工集中在以下三個成長職能部門。我們在此項投資的業績記錄一直非常強勁，投資報酬率快，且投資報酬率遠高於成本。

Second, during the quarter, we continued to invest strategically in brand campaigns and user marketing to drive awareness, acquisition and engagement. Our marketing spend was aligned with creative campaigns and targeted specific growth segments.

其次，在本季度，我們繼續對品牌宣傳活動和用戶行銷進行策略性投資，以提高知名度、獲取用戶和提高用戶參與度。我們的行銷支出與創意活動相匹配，並瞄準了特定的成長領域。

We maintained a balanced approach to investing in brand awareness and performance marketing in both the US and international markets. We remain thoughtful with our Q3 spending, targeting marketing expenses in the low to mid-single digits as a percentage of revenue. We're poised to scale marketing spend where we see the traction is promising. We'll continue to invest in those areas if we see the returns are sustainable.

我們在美國和國際市場都採取了平衡的策略，既投資於品牌知名度，也投資於效果行銷。我們第三季的支出仍保持謹慎，目標是將行銷費用佔收入的比例控制在個位數低到中等。我們已做好準備，在那些我們看到市場前景看好的領域擴大行銷支出。如果回報可持續，我們將繼續在這些領域進行投資。

Let me finish up the results discussion by adding a couple of other call-outs for the quarter. In Q3, our CapEx remained modest $2 million, less than 0.5% of revenue, which means both operating and free cash flow continue to move in lockstep. Net income was $163 million or $0.87 per basic share, $0.80 per diluted share, up 4 to 5 times from $0.18 and $0.16 last year, respectively.

最後，我想補充幾點關於本季業績的要點。第三季度，我們的資本支出維持在適中的 200 萬美元，不到收入的 0.5%，這意味著營運現金流和自由現金流繼續同步成長。淨利潤為 1.63 億美元，即每股基本收益 0.87 美元，每股攤薄收益 0.80 美元，分別比去年的 0.18 美元和 0.16 美元增長了 4 到 5 倍。

So as we look ahead, we'll share our internal thoughts on revenue and adjusted EBITDA for the fourth quarter, which is where we have the greatest visibility. In the fourth quarter 2025, we estimate revenue in the range of $655 million to $665 million, representing 53% to 55% year-over-year revenue growth with a midpoint of about 54%.

展望未來，我們將分享我們對第四季度營收和調整後 EBITDA 的內部看法，因為我們對這部分情況的了解最為深入。我們預計 2025 年第四季營收將在 6.55 億美元至 6.65 億美元之間，年增 53% 至 55%，中位數為 54% 左右。

Adjusted EBITDA in the range of $275 million to $285 million, representing approximately 78% to 85% year-over-year growth and an adjusted EBITDA margin of 42% at the midpoint. So overall, we accomplished a lot in Q3 and the output metrics of users, revenues and margins reflect that progress. The business model remains quite powerful as we saw impressive revenue growth be converted into 90% gross margins, 60% incremental margins and now 40% adjusted EBITDA margins for the first time. That was a pre-IPO goal for Reddit and an important milepost to pass. That concludes my comments for Q3, and now we turn our attention to the seasonally important fourth quarter.

調整後 EBITDA 預計在 2.75 億美元至 2.85 億美元之間，年增約 78% 至 85%，調整後 EBITDA 利潤率中位數為 42%。總的來說，我們在第三季取得了巨大成就，用戶數、收入和利潤率等產出指標也反映了這一進展。該商業模式依然非常強勁，我們看到令人矚目的營收成長轉化為 90% 的毛利率、60% 的增量利潤率，以及首次達到 40% 的調整後 EBITDA 利潤率。這是Reddit上市前的一個目標，也是一個重要的里程碑。我的第三季評論到此結束，現在我們將注意力轉向具有重要季節性意義的第四季。

Let me turn the call back over to Steve.

讓我把電話轉回給史蒂夫。

Thanks, Drew. We'll start, as usual, with a few questions from the RDDT community, and then we'll turn it over to the rest of the call. Question one, I am impressed by the growth in international DAUq, 31% year-over-year. Can you give any detail on which countries in particular stood out for growth?

謝謝你，德魯。我們將像往常一樣，先回答 RDDT 社群提出的幾個問題，然後再交給其他與會者。第一個問題，我對國際日活躍用戶數年增 31% 感到印象深刻。能否詳細說明一下哪些國家的成長尤為突出？

Thanks for the question. We're seeing strength across a number of regions and our focus countries, in particular, France, Brazil and India. And these are some of the first countries where we launched our international playbook, which includes machine translation, which is a good driver of top-of-funnel growth, local content framework based -- a local content framework, which is based on interests and passions, marketing efforts to drive awareness and then finally, local partnerships with brands and notable people.

謝謝你的提問。我們看到許多地區，特別是我們的重點國家，如法國、巴西和印度，都呈現出強勁的成長動能。這些是我們率先推出國際戰略手冊的一些國家，該手冊包括機器翻譯（這是推動漏斗頂端增長的良好動力）、基於本地內容框架（基於興趣和熱情）、旨在提高知名度的營銷活動，以及最後與品牌和知名人士建立本地合作夥伴關係。

Question two, a question about what we are doing to improve the user experience, making it easier to contribute and helping new users understand subreddit rules.

第二個問題，是關於我們正在採取哪些措施來改善使用者體驗，讓使用者更容易做出貢獻，並幫助新使用者了解子版塊規則。

So improving the onboarding experience and delivering value early in the user's journey is a top priority for us. We want them to see in their first session that Reddit is amazing and has content for them. So our goal is to connect users with relevant content very quickly. Community rules are a unique Reddit feature. So every subreddit has rules that is written by its own community and enforced by their own community.

因此，改善使用者引導體驗並在使用者旅程早期階段提供價值是我們的首要任務。我們希望他們在第一次使用時就能感受到 Reddit 的魅力，並發現它擁有豐富的內容。因此，我們的目標是快速將用戶與相關內容連結起來。社群規則是Reddit獨有的功能。因此，每個子版塊都有由其社群制定並執行的規則。

But what we're doing is we're using AI to make it easier for those user-written rules or moderator-written rules to be enforced automatically to make moderation more fun and efficient. And so that's coming along. That's out there and working nicely in many cases. And we're supporting the contribution journey, so users posting successfully using AI-powered tools like post guidance and community recommendations to, for example, tell a user before they submit a post, whether or not it violates the community rules, which has historically been a friction point for new users. Okay.

但我們正在利用人工智慧，讓使用者編寫的規則或版主編寫的規則更容易自動執行，使管理工作更有趣、更有效率。所以，這件事進展順利。這種方法已經存在，而且在許多情況下效果很好。我們正在支持用戶貢獻之旅，例如，使用人工智慧驅動的工具（如帖子指導和社區建議）幫助用戶成功發帖，例如，在用戶提交帖子之前告知其帖子是否違反社區規則，這歷來是新用戶遇到的一個痛點。好的。

Now I'll turn it over to the rest of the call for questions.

現在我將把提問環節交給其他聽眾。

(Operator Instructions) Ron Josey, Citi.

（操作說明）Ron Josey，花旗銀行。

Steve, I wanted to ask about users and then also on product. And so can you talk to us a little bit more or talk to us a little bit more just about user growth trends here, particularly as we go into 4Q and going forward in the context, I think you said on the call, we're increasing top-of-funnel growth by diversifying traffic. So any insights on, call it, immediate term or near-term trends on traffic and more details on diversifying traffic progress? And then on Answers, now that we're embedded in search results reaching 75 million WAUs, would love to hear engagement trends from those users? Are they more -- are those users who are using Answers more engaged, asking more questions, things along those lines.

史蒂夫，我想問用戶方面的問題，也想問產品方面的問題。那麼，您能否再跟我們談談用戶成長趨勢，尤其是在我們進入第四季度以及未來一段時間內，正如您在電話會議上提到的，我們正在透過流量多元化來提高漏斗頂部的成長。那麼，對於近期或近期的交通趨勢，以及交通多元化進展的更多細節，您有什麼見解嗎？那麼，既然 Answers 已經嵌入到搜尋結果中，擁有 7500 萬週活躍用戶，我們很想了解這些用戶的參與趨勢？使用 Answers 的使用者是否更積極參與，提出更多問題等等？

Thanks, Ron. Okay. Question one, user growth trends. So as we mentioned in Q3, it's a nice balance between organic and paid. External search was basically flat.

謝謝你，羅恩。好的。問題一：用戶成長趨勢。正如我們在第三季度提到的，有機成長和付費成長之間取得了很好的平衡。外部搜尋基本持平。

Of course, that can ebb and flow. The product initiatives, including machine translation, were the largest contributors. And our product road map, we're still working very hard through that. Marketing today is very broad, but we want to focus on growing our most valuable users in the app and improving ROI there.

當然，這種情況也會有起伏。包括機器翻譯在內的產品創新措施是最大的貢獻者。至於我們的產品路線圖，我們仍在努力推進。現今的行銷範圍非常廣泛，但我們希望專注於發展應用程式內最有價值的用戶，並提高他們的投資報酬率。

Looking into Q4, we exited Q3 higher than our average. So we have a head start. Beyond that, we're going to see how the quarter plays out. And thinking bigger and longer term, we're really focused on the product to drive sustainable growth. We have 190 million Americans visit Reddit every week.

展望第四季度，我們第三季的業績高於平均水準。所以我們佔了先機。除此之外，我們還要看看本季的走勢如何。從更宏觀、更長遠的角度來看，我們真正專注於產品，以推動永續成長。每周有 1.9 億美國人造訪 Reddit。

So the reach is there. Our aim is to increase the frequency of those visits. And that really means focusing on that first session user experience to improve retention, which compounds into growth.

所以，覆蓋範圍是存在的。我們的目標是增加這些訪問的頻率。這意味著要專注於首次用戶體驗，以提高用戶留存率，從而促進成長。

As for Answers, that integration is coming along nicely. Our goal there is to build a global unified and modern search experience. The community vote signals that we see on Reddit, the authenticity and trust are all differentiators in Reddit Search. We're currently handling about 20% of our search volume in Answers or in that kind of core search box, and that full integration is coming in the coming quarters. We've also expanded Reddit Answers to non-English languages very recently last week, Spanish, German, Italian, French and Portuguese.

至於 Answers，其整合工作進展順利。我們的目標是打造全球統一的現代化搜尋體驗。在 Reddit 上看到的社群投票訊號、真實性和信任度都是 Reddit 搜尋的差異化因素。目前，我們大約 20% 的搜尋量是透過 Answers 或類似的搜尋框處理的，而全面整合將在未來幾季實現。就在上週，我們也將 Reddit Answers 擴展到了非英語語言，包括西班牙語、德語、義大利語、法語和葡萄牙語。

So I think lots of opportunity there. And then very high level, Search is something that many users do in their first session. And so this is a part of kind of the general onboarding and retention strategy, which is make sure that when new users run a search on Reddit, it's great results and it's differentiated, that should turn into improved retention for us, which is why it's such a priority.

所以我認為那裡有很多機會。從宏觀層面來看，搜尋是許多使用者在首次會話中進行的操作。因此，這是我們整體用戶引導和留存策略的一部分，即確保新用戶在 Reddit 上進行搜尋時，能夠獲得優質且差異化的結果，從而提高我們的用戶留存率，這也是為什麼我們如此重視它的原因。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Jen, I was wondering if you could talk about Publisher Pro. Is there a revenue opportunity here? Or is this about bringing new content into the Corpus and maybe driving user engagement on Reddit. And Drew, maybe for you, curious if you could talk about user marketing, how you're approaching it domestically and in rest of world. And just curious if you intend to ramp user marketing spend going forward.

Jen，我想請你談談 Publisher Pro。這裡是否存在獲利機會？或者，這與語料庫引入新內容，以及提高 Reddit 用戶參與度有關？德魯，或許我很好奇你是否可以談談用戶行銷，以及你在國內和世界其他地區是如何進行用戶行銷的。我只是好奇你們未來是否打算增加用戶行銷方面的投入。

Thanks, Tom. I'll take the first one. So I think we think about Reddit Pro, first and foremost, is bringing, I think, value to the platform. So Reddit is better when we have a diverse set of users and entities and leagues and businesses and publishers add a lot of vibrancy to our community because they bring content and a lot of our communities are talking about these organizations. And so having them engage on our platform, we think, is a really -- and Reddit Pro is really positive and Reddit Pro is a way of finding -- giving them a home on Reddit from which to do that.

謝謝你，湯姆。我選第一個。所以我認為，我們認為 Reddit Pro 的首要目標是為平台帶來價值。所以，當使用者、實體、聯盟、企業和出版商的多元化增強時，Reddit 會變得更好，因為他們為我們的社群帶來了內容，而我們的許多社群都在討論這些組織。因此，我們認為讓他們在我們的平台上參與互動，真的是一件好事——Reddit Pro 的確非常積極，Reddit Pro 是一種讓他們在 Reddit 上找到歸屬感的方式。

And of course, obviously, if we have more engagement on the platform, that converts into revenue. Having Reddit Pro also allows businesses to find a home on Reddit. They can have their own profile. They have tools that allow them to find insights who's talking about their brands, et cetera, or their products. And so that is really helpful because that's -- those are potentially leads into our advertising platform.

當然，很顯然，如果我們平台上的用戶參與度更高，就會轉化為收入。擁有 Reddit Pro 會員資格還可以讓企業在 Reddit 上找到自己的位置。他們可以擁有自己的個人資料。他們擁有一些工具，可以幫助他們了解誰在談論他們的品牌等等，或他們的產品。所以這真的很有幫助，因為這些潛在客戶可能會進入我們的廣告平台。

Publisher tools specifically, I think our vision there is to help those publishers be able to bring their content on to Reddit. That could be in multiple formats and text and video, et cetera. And I think we'll just increase the contribution, the content on Reddit and the vibrancy of the platform. So I think it's accretive in a lot of ways.

具體來說，我認為發布商工具的目標是幫助這些發布商將他們的內容帶到 Reddit 上。這可以採用多種格式，包括文字、影片等等。我認為我們會增加Reddit上的貢獻、內容和平台的活力。所以我認為它在很多方面都具有促進作用。

So on your second question on how we're thinking about the financials of it and where we're focused. Look, right now, we're in test mode. I would say that we're looking across a couple of dimensions. I would say we're top of funnel, lower funnel in terms of our spend. We're doing some brand spend at the top.

那麼，關於你的第二個問題，即我們如何考慮財務方面的問題以及我們的關注重點是什麼。你看，現在我們正處於測試階段。我認為我們是從多個維度來看這個問題的。就我們的支出而言，我認為我們處於行銷漏斗的頂端，但處於漏斗的下端。我們正在高端品牌推廣方面投入一些資金。

We're also looking for conversion down at the bottom. I'd say we're spending in the US and international markets. Right now, I've given you a couple of bread crumbs over the last couple of quarters on how much we've spend. We spend about low single-digit percent of revenue last quarter.

我們也在關注底部區域的轉換率。我認為我們的支出既包括美國國內市場，也包括國際市場。過去幾個季度，我只透露了一些關於我們支出狀況的蛛絲馬跡。上個季度，我們的支出約佔收入的個位數百分比。

This quarter, we're kind of low mid-single digits percent of revenue. To be honest with you, Tom, we don't have sort of a pinpoint number that we're going after. We're really, at this point, looking at that quality user. We're looking at the ROI and we're looking at the retention curves of people that we're bringing on to the platform. That's really what we're focused on.

本季，我們的營收佔比在個位數百分比左右。坦白說，湯姆，我們並沒有一個具體的目標數字。我們現在真正關注的是優質用戶。我們正在研究投資回報率，並且正在研究我們吸引到平台上的用戶的留存曲線。這才是我們真正關注的重點。

If we find an area that makes sense, we're not afraid to spend. Obviously, we have a P&L that we're continuing to show that we can both grow our business and grow it profitably.

如果找到合適的領域，我們不怕投入。顯然，我們的損益表不斷證明，我們既可以發展業務，又可以實現獲利成長。

And so we do have that ability to invest. I think really right now, we're trying to understand how we can really drive that usage on our platform. And if we find an area that makes sense, we're not afraid to invest behind it. But if we don't see that, we won't be putting a ton of money behind it. So that's where we are.

因此，我們確實具備投資能力。我認為目前我們正在努力了解如何真正推動我們平台上的用戶使用。如果我們發現某個領域值得投資，我們就會毫不猶豫地進行投資。但如果我們看不到這一點，我們就不會投入大量資金。這就是我們目前的處境。

We're really idea driven at this point and really looking for engagement users. Over the last couple of quarters, we've been kind of consistent in that spend. It could be more than that if we move forward if we're starting to see the traction in certain markets or with certain initiatives running.

目前我們非常注重創意，並且非常希望吸引用戶參與。過去幾個季度，我們在這一領域的支出一直保持相對穩定。如果我們繼續前進，並且在某些市場或某些專案上開始看到成效，那麼最終的成果可能會不止於此。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

In your new marketing campaign, talk about returns and learnings so far? And maybe you could just sort of help compare how engagement for the users who come to you through performance ads compared to your existing users. And second, as you track engagement of these users acquired through performance channels, how does conversion to log in compare to overall company averages?

在你的新行銷活動中，談談目前為止的回報和經驗教訓？或許您可以幫忙比較一下透過效果廣告造訪您網站的使用者與現有使用者的參與度。其次，在追蹤透過效果行銷管道獲得的這些用戶的參與度時，登入轉換率與公司整體平均水平相比如何？

Yeah. I can take that. Good questions. Let me start with some examples. So we do -- we've done a little bit of brand work. For example, we did a campaign in France, countries outside of the US where our awareness and consideration is lower than in the US because we're newer. We think we need to make some investment at the top of the funnel, very beginning of that journey. But things we like from that were the fact that we saw an increase in Reddit app installs as a result of a brand campaign, which I think is good. And we saw a movement in brand awareness and consideration, which I think was also positive and provides a foundation for performance later.

是的。我可以接受。問得好。我先舉幾個例子。所以，我們確實做了一些品牌推廣工作。例如，我們在法國開展了一項活動，法國是美國以外的國家，由於我們成立時間較短，因此我們在這些國家的知名度和關注度都低於美國。我們認為需要在銷售漏斗的頂端，也就是旅程的最初階段進行一些投資。但我們從中看到的是，由於品牌推廣活動，Reddit 應用程式的安裝量增加，我認為這是件好事。我們看到品牌認知度和考慮度有所提升，我認為這也是正面的，並為以後的表現奠定了基礎。

Obviously, with things like that, you want to keep on being top of mind, et cetera, and that's work that you have to continue to do. But I think there are some good learnings there. I think over time, we can probably toggle how we think about brand and performance as the awareness sticks in some of those new markets outside of the US. So just to give you an example of the kinds of things that we're testing.

顯然，對於這類事情，你需要保持領先地位等等，而這是你必須繼續做的工作。但我認為這裡面有一些值得借鏡的地方。我認為隨著時間的推移，隨著品牌意識在美國以外的一些新市場中紮根，我們或許可以轉變我們對品牌和業績的看法。舉個例子來說明我們正在測試的內容。

On the performance side, I'd say it takes -- we've never marketed. So until recently, we really haven't spent a lot of money on marketing. And so there is some apparatus that you have to build in terms of the infrastructure for marketing and targeting, et cetera. And so the spend that we've done since we turned it on has allowed us to learn there. There's still more to learn.

從性能方面來說，我認為這需要——我們從未進行過市場推廣。所以直到最近，我們才開始在行銷上投入大量資金。因此，在行銷和目標定位等方面，你需要建立一些基礎設施。因此，自從我們啟用它以來，我們的支出使我們能夠從中學習。還有更多東西要學習。

I think we -- what we're excited about is the opportunity to grow specific audiences. So if you look at Reddit in the US, for example, we have very robust content in parenting, in sports, in gaming. But yet when you look at the audiences that are available in those areas, like how many parents there are in the US that could come to Reddit and have a great experience, about half of them don't even think about Reddit for parenting, only a quarter of them are on Reddit today. It's a really big opportunity. That's both a little bit of awareness and a little bit of performance that needs to go into that.

我認為我們—讓我們感到興奮的是有機會發展特定的受眾群體。例如，如果你看看美國的 Reddit，你會發現我們在育兒、運動、遊戲等領域都有非常豐富的內容。但是，當你審視這些地區的潛在受眾時，例如美國有多少父母可能會訪問 Reddit 並獲得良好的體驗，其中大約一半人甚至沒有想到用 Reddit 來育兒，如今只有四分之一的人在使用 Reddit。這是一個非常大的機會。這既需要一點意識，也需要一點表現。

And there's a little bit of work that we're doing in thinking about the landing page experience for that. Like when we bring them in and show off that we have great parenting content, we bring them in like what do we show them first? And maybe it's a variety of different content from different communities from Daddit and Mommit and parenting, et cetera.

我們正在做一些工作，思考如何改善著陸頁體驗。就像我們把他們帶進來，向他們展示我們擁有很棒的育兒內容時，我們會想，我們首先應該給他們展示什麼呢？或許它包含了來自不同社區的各種不同內容，例如 Daddit、Mommit 和育兒等等。

So that's where we're really testing to see where we have the best residence for that audience. And as we go through the testing with one audience group, we want to expand to others. We see a lot of verticals where we have this opportunity. So that's kind of how we're approaching it.

所以，我們正在進行真正的測試，看看哪裡才是最適合這部分受眾的居住地。當我們對一個受眾群體進行測試後，我們希望將其擴展到其他群體。我們看到很多垂直領域都存在這樣的機會。所以，我們大概就是這麼打算的。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great. Two questions for me. One, maybe just on the simplified onboarding flow. Are there any early results you can share in terms of how that effort is going? And then maybe just another one on referral traffic from AI chatbots.

偉大的。我有兩個問題。或許可以考慮簡化新用戶註冊流程。就這項工作的進展而言，您能否分享一些初步成果？然後或許還可以再寫一篇關於人工智慧聊天機器人帶來的推薦流量的文章。

Just trying to understand how meaningful is that in terms of your overall traffic? And what kind of trends you're seeing there? Anything you can do specifically to improve that? Or maybe it's not necessarily very, very important to you?

我只是想了解這對你們的整體流量來說有多大意義？你觀察了哪些趨勢？有什麼具體方法可以改善這種情況嗎？或許這對你來說並不是非常非常重要？

Great. Thanks for the questions. So on simplified onboarding, we're launching kind of a revamp of that relatively soon to get early results. I think intuitively, it makes a lot of sense. Reddit, we believe, has some of the best content on the Internet.

偉大的。謝謝大家的提問。因此，關於簡化新用戶註冊流程，我們很快就會推出一項改進措施，以便儘早取得成效。我覺得從直覺上講，這很有道理。我們認為，Reddit 擁有網路上一些最優質的內容。

But today, it's behind a couple of screens of interrogation before you actually get to see it. And so really streamlining that or even removing it are the things that we're putting into test shortly and making sure users are landing on feeds that are relevant to them. Jen was alluding to some of that where users are coming from specific channels with specific interest, making sure the content matches their expectations and what's going to work for them.

但如今，在你真正看到它之前，它必須經過幾道審訊的螢幕。因此，我們正在著手簡化甚至取消這一環節，以確保用戶能夠看到與他們相關的資訊流，並對此進行測試。Jen 指的是使用者來自特定管道，具有特定興趣，因此確保內容符合他們的期望，並且對他們有效。

So it's still very early there, but we're excited about where that can go. Second question on traffic from chatbots. They're not a traffic driver today. I think our relationships with the companies that we work for -- or work with directly are healthy, and we both learned a lot over the last couple of years, really the value of Reddit's data and where our respective products can go and how we can help each other.

所以現在還處於非常早期的階段，但我們對它的未來發展方向感到興奮。第二個問題是關於聊天機器人帶來的流量。他們今天不是交通司機。我認為我們與我們所服務或直接合作的公司之間的關係是健康的，而且在過去的幾年裡，我們都學到了很多東西，真正了解了Reddit數據的價值，以及我們各自的產品可以發展到什麼程度，以及我們如何互相幫助。

So I'm looking forward to continuing to work on these things with these partners, but they're not a major traffic driver today. But I think there's plenty of opportunity there as we continue to work together.

所以我很期待繼續與這些合作夥伴一起進行這些工作，但它們目前並不是主要的流量來源。但我認為，隨著我們繼續合作，那裡有很多機會。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

I'll just start with the LLM licensing. Is there any color or just thoughts around progress with LLM licensing deals with both either your existing partners or non-partners? And then for those companies that you're kind of involved in lawsuits with, perhaps just share what is their logic? They think they can just take your IP without paying for it? And then just a quick follow-up. Is there any deals you could do to capture identity for logged out users that would help with ad targeting, whether it's like a JV or partners?

我先從法學碩士（LLM）執照考試開始吧。對於與現有合作夥伴或非合作夥伴的LLM授權協議的進展，您有什麼具體的想法或建議嗎？那麼，對於那些你與之有訴訟糾紛的公司，或許可以分享他們的邏輯是什麼？他們以為可以不付錢就竊取你的智慧財產權嗎？然後還有一個簡短的後續問題。是否有任何交易可以獲取已登出用戶的身份信息，從而幫助進行廣告定向，無論是合資企業還是合作夥伴？

Okay. Thanks for the questions. On LLM licensing, no news to share here. Our relationships are very healthy and collaborative. As I mentioned, I think we've both learned a lot.

好的。謝謝大家的提問。關於法學碩士（LLM）執照申請，目前沒有新的消息可以分享。我們之間的關係非常健康且合作。正如我之前提到的，我認為我們都學到了很多。

And I think we've better identified the areas where we can mutually help each other's products and create better consumer experiences. So I'm looking forward to continuing to work through that with our partners there. But I think we're in great shape.

我認為我們已經更好地確定了可以在哪些領域互相幫助，從而改善彼此的產品，創造更好的消費者體驗。所以我期待著繼續與我們在那裡的合作夥伴一起解決這個問題。但我認為我們形勢一片大好。

Second, on the lawsuits, I can't add anything on that. Our complaints are worth a read. There's, I think, lots of information in there. I think you captured their logic, but I don't want to suppose it. But at the end of the day, look, our job is to protect our data for our business, for our users and for our paying partners.

其次，關於訴訟方面，我沒有什麼好補充的。我們的投訴值得一看。我認為裡面有很多資訊。我認為你抓住了他們的邏輯，但我不想妄下斷言。但歸根結底，我們的工作是保護我們公司、我們的用戶和我們的付費合作夥伴的資料。

And finally, I think your third question was capturing identity of logged out users. Look, all of Reddit is really built around this idea of connecting users with their interests. So not necessarily what or who they are, but what they're into on Reddit. And so that's how we're different than some other platforms. We don't need to know who you are or necessarily even how old you are or other demographics because we look at your explicit interest on Reddit, right?

最後，我認為你的第三個問題是關於如何取得已登出使用者的身份資訊。你看，Reddit 的整個運作模式都是圍繞著將用戶與他們的興趣聯繫起來這一理念而建立的。所以，重點不一定是他們是誰，而是他們在Reddit上關注什麼。這就是我們與其他一些平台的不同之處。我們不需要知道你是誰，甚至不需要知道你的年齡或其他人口統計信息，因為我們只關注你在 Reddit 上的明確興趣，對吧？

Are you part of the skiing community, you're probably in the outdoor stuff. Are you coming from a parenting blog, you're probably a parent. And so that's generally how we think about it. And I think it's a little bit of a different model, but I think it's better for user privacy, and we can target on, I think, a unique but really powerful dimension.

如果你是滑雪愛好者，那你很可能也喜歡戶外運動。如果你是從育兒部落格過來的，那你很可能是一位家長。所以，我們通常就是這樣看待這個問題的。我認為這是一種略有不同的模式，但我認為它更有利於用戶隱私，而且我們可以著眼於一個獨特而又非常強大的維度。

Andrew Boone, Citizens Bank.

安德魯·布恩，公民銀行。

I wanted to go back to logged-out users and talk about users that are coming in from search. Can you guys talk about the product road map of improving that experience? And then one for Jen. Jen, can you just talk about lower-funnel products that you're excited about for '26? What gets you most excited? And what's the biggest near-term impact that you think investors should be thinking about?

我想回到未登入用戶，談談透過搜尋進入網站的用戶。可以談談改善使用者體驗的產品路線圖嗎？然後給珍也來一個。Jen，可以談談你對 2026 年即將推出的漏斗底部產品有哪些感到興奮嗎？什麼最讓你興奮？那麼，您認為投資人應該考慮的近期最大影響是什麼？

Okay. Thanks, Andrew. First question on logged out users coming in from Search. Look, our focus is on growing logged in app users. And so we do that in two ways.

好的。謝謝你，安德魯。首先，關於透過搜尋進入網站的已登出使用者的問題。你看，我們的重點是增加已登入應用程式的使用者數量。所以我們透過兩種方式來實現這一點。

One, of course, we want to convert some of those search users into logged in, and I think there's more we can do there. I don't think that's going to be our best channel long term just because of what the user is doing. If they're running a search, they might be on the Internet to get off the Internet. But I do think we can do more there. For example, something we've been doing this year is showing those users not just the direct post they're arriving on, but also a Reddit Answers summary of the topic that that's about.

首先，我們當然希望將部分搜尋用戶轉化為登入用戶，我認為我們在這方面還有更多可以改進的地方。我認為從長遠來看，這不會是我們最好的管道，原因在於用戶的行為。如果他們正在進行搜索，他們可能正在上網以退出互聯網。但我認為我們還可以在這方面做得更多。例如，我們今年一直在做的一件事是，不僅向用戶顯示他們看到的直接帖子，還向他們顯示該帖子主題的 Reddit Answers 摘要。

And that has helped to increase engagement from those users. So there's plenty we can do there. But I actually think the biggest opportunity are the users who are opening the Reddit app for the first time. These are the users who are coming for the community and conversation product. And I think we have the biggest opportunity here to give them a better experience, improve their retention, which will obviously compound into more app growth.

這有助於提高用戶的參與度。所以，我們可以在那裡做很多事情。但我認為最大的機會其實在於那些第一次打開 Reddit 應用程式的用戶。這些用戶是衝著社群和對話產品而來的。我認為我們現在擁有最大的機會，可以為他們提供更好的體驗，提高他們的留存率，這顯然會促進應用程式的進一步成長。

So that's the cohort that we care the most about. Second question, Jen, was lower-funnel products.

所以，這是我們最關心的群體。Jen，第二個問題是關於銷售漏斗底部的產品。

I think I love talking about the lower funnel, and I am excited about a lot of things. So I'll just pick three. One is the engine automation, which we've been testing, really excited about that to make our platform easier, more accessible. I think that allows for the thousands of advertisers who aren't on Reddit today, some of them small to make it easier for them to activate and onboard on to Reddit and then allows us to deliver even more performance. We love making the impressions work harder for our customers and delivering more outcomes for them.

我很喜歡談論銷售漏斗的下半部分，我對很多事情都感到興奮。所以我選三個。一是引擎自動化，我們一直在測試它，對此我們感到非常興奮，因為它能讓我們的平台更容易上手，更容易使用。我認為，這可以讓數千家目前尚未入駐 Reddit 的廣告商（其中一些規模較小）更容易啟動並加入 Reddit，使我們能夠提供更佳的廣告效果。我們喜歡讓品牌曝光為客戶創造更大的價值，並為他們帶來更多成果。

The second is shopping. Shopping is something that we're really pleased with the results that shopping or DPA delivers. And we had a partnership with Smartly that we announced and a piece of that is also just doing work together on shopping, which we're excited about. And so feeling really optimistic of the opportunity around shopping. So that's another piece and also how shopping come alive on our platform in general.

第二點是購物。購物是我們對購物或DPA所帶來的結果非常滿意的事情。我們與 Smartly 建立了合作關係，並已宣布了這項合作，其中一部分內容就是在購物方面進行合作，我們對此感到非常興奮。因此，我對購物方面的機會感到非常樂觀。所以，這就是另一個方面，也是我們平台上購物體驗如何變得生動有趣的原因。

And then the third is the ongoing work we're doing in app install. We've been working on our measurement there and the attribution and this journey of becoming a SAN. And that can, I think, be very powerful in terms of measurement, making sure that advertisers see all the value we're delivering and then two, for signals that go into the ML for even stronger optimization for app install.

第三點是我們正在進行的應用程式安裝方面的工作。我們一直在努力改進這方面的衡量標準和歸因分析，並努力成為 SAN。我認為，這在衡量方面非常有效，可以確保廣告商看到我們提供的所有價值；其次，可以獲得輸入機器學習的訊號，從而更有效地優化應用程式安裝。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

I wanted to discuss the onboarding flows a little bit. It obviously has historically had quite a few steps and quite a few kind of tiles to choose interest. I think the goal is to simplify that. I'm just curious, as you've done the experimentation with the new flows, is it getting to a place where it's maybe closer to going GA? Or how should we think about maybe what you've learned so far? And how should we think about maybe the rollout there?

我想稍微討論一下新用戶註冊流程。顯然，歷史上它有很多步驟和很多種類的瓷磚可供選擇，這很能引起人們的興趣。我認為目標是簡化這個過程。我只是好奇，既然你們已經對新流程進行了試驗，它是否已經接近正式發布（GA）了？或者我們該如何思考你目前為止學到的東西呢？我們該如何考慮在那裡推廣推廣呢？

Thanks, Josh. Great question. Yes, lots of steps. We want to get rid of those steps. I think the best pitch for Reddit is Reddit's content and making sure that first feed is amazing.

謝謝你，喬希。問得好。是的，步驟很多。我們想去掉這些步驟。我認為Reddit最好的賣點是Reddit的內容，以及確保首頁資訊流精彩紛呈。

And one of the big developments that we've had over the last couple of years since we released the kind of onboarding as we know it, the topic-based selection is our machine learning feed is much more capable, and it's actually the top driver of new subreddit subscriptions today.

自從我們推出我們所知的這種引導方式（即基於主題的選擇）以來，過去幾年裡我們取得的一項重大進展是，我們的機器學習資訊流功能更加強大，而且它實際上是當今新子版塊訂閱的主要驅動力。

And so getting users into that feed sooner and letting the feed and the ML do the work of making good community recommendations. So we're pushing very hard here, getting some things in the test and then hopefully beyond as soon as possible because I think this is one of our biggest levers.

因此，要讓使用者更快進入資訊流，並讓資訊流和機器學習來做出好的社群推薦。所以我們正在全力推進，爭取盡快進行一些測試，並希望能夠更進一步，因為我認為這是我們最重要的槓桿之一。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

I apologize if this has been asked, but there's just been a lot of discussion around how Reddit shows up on search and on large language model results. Can you just help us understand how that ties to the value of your data licensing deals? Or do you view these as two more distinct or separate items?

如果這個問題之前有人問過，我先道個歉，但最近有很多關於Reddit在搜尋結果和大型語言模型結果中排名的討論。您能否幫我們理解這與貴公司資料許可交易的價值有何關聯？或者您認為這是兩個截然不同或獨立的事物？

Thanks for the question, Doug. Look, I think our relationships with the kind of search and LLM companies are multifaceted, right? Their products are different for sure. And so we look at, I think, all of the different ways that there can be a value exchange. Look, our top priority is growing the Reddit community and conversation product.

謝謝你的提問，道格。我認為我們與這類獵人頭公司和法學碩士公司之間的關係是多方面的，對吧？他們的產品確實與眾不同。因此，我認為，我們要檢視所有不同的價值交換方式。聽著，我們目前的首要任務是發展Reddit社群和對話產品。

so really helping our flywheel go faster. And I think looking the other direction, we can help these companies deliver kind of better search results in those moments. And so that's our attitude or that's our position in this space is how can we make -- like how can we use these relationships to grow the core Reddit product.

這樣確實能幫助我們的飛輪運轉得更快。我認為，換個角度來看，我們可以幫助這些公司在那些時候提供更好的搜尋結果。所以，這就是我們的態度，或者說我們在這個領域的立場，那就是我們如何利用這些關係來發展Reddit的核心產品。

I'd say, I guess the color commentary there is I think our relationships are as healthy and collaborative as ever. And so we're, I think, having interesting conversations on how we can help each other do this because we've learned so much over the last couple of years, I think we got into this relationship and maybe perhaps a simpler place. But now I think we mutually have much more confidence in where our products are going. And of course, I'll just remind everybody that our core business is ads, and that's really the driver of Reddit's revenue.

我想說的是，我認為我們之間的關係一如既往地健康且合作。所以，我認為，我們正在進行一些有趣的對話，討論如何互相幫助做到這一點，因為在過去的幾年裡，我們學到了很多東西，我認為我們進入了這種關係，也許也進入了一個更簡單的狀態。但現在我認為我們雙方對產品的未來發展方向都更有信心了。當然，我還要提醒大家，我們的核心業務就是廣告，這才是 Reddit 收入的真正動力。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

I guess, Steve, more than anything else, you've talked about 50% of your traffic comes direct and 50% from Google. I guess if you just think from a very high level, what are the top 3 or top 5, whatever the best number to think about is, what are the best drivers of someone becoming a Reddit app user? Like what determines that activity? Because that's obviously where you make your money and what is the biggest determinant of your success.

史蒂夫，我想，你之前多次提到過，你的流量有 50% 來自直接訪問，50% 來自谷歌。我想，如果從宏觀的角度來看，促使人們成為 Reddit 應用程式用戶的最主要因素是什麼？排名前 3 或前 5 的因素是什麼？ （或任何你認為最適合的數字）是什麼決定了這種活動？因為很明顯，那是你賺錢的地方，也是決定你成功與否的最重要因素。

Thanks for the question, Rich. I'd say those numbers are approximate, but pretty close. Look, the way somebody becomes a Reddit user, an app user is they install the app and they find amazing content. We see a lot of new app users every day and plenty of what we call like a reinstall or an opportunity for a reengagement every day. And so this is why I keep bringing your and our team's attention back to that first open experience and making sure there are no barriers between the user and seeing content on Reddit because the biggest driver of retention is following subreddits that are relevant to your interest.

謝謝你的提問，里奇。我認為這些數字只是近似值，但相當接近實際情況。你看，一個人成為 Reddit 用戶或應用程式用戶的方式就是他們安裝了該應用程式，然後發現了精彩的內容。我們每天都能看到很多新的應用程式用戶，而且每天都有很多我們稱之為重新安裝或重新吸引用戶的機會。所以，這就是為什麼我不斷提醒你和我們團隊關注最初的開放體驗，確保用戶在 Reddit 上查看內容時沒有任何障礙，因為留存率的最大驅動因素是關注與你的興趣相關的子版塊。

And so it's not rocket science.

所以這並不是什麼高深的學問。

Now Reddit is very, very broad, and we don't always have a lot of information coming in. And so we do have to do that work. Our machine learning there has gotten much better. And then Jen was earlier describing opportunities where we know where a user is coming from, from a particular content source, whether it's a category source, so call it parenting or gaming or TV shows or whatever, to give them a tailor feed as well. And so that's really the way that we think about it.

Reddit 的內容非常非常廣泛，我們並不總是能獲得大量資訊。所以我們必須做這項工作。我們那邊的機器學習技術已經有了很大的進步。先前 Jen 也描述了一些機會，例如我們知道用戶來自哪裡，來自哪個特定的內容來源，無論是類別來源，例如育兒、遊戲、電視節目等等，以便為他們提供量身定制的資訊流。所以，我們就是這麼想的。

I think we have enough shots on goal here every day that improving this process will make the whole Reddit machine run much more efficiently.

我認為我們每天的嘗試機會足夠多，改進這個過程將使整個 Reddit 系統運作得更有效率。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Jen, I guess, can you talk a little bit about the operating environment you're seeing as we head into the 4Q holiday shopping season? And what assumptions have you baked into the guide from a macro perspective? And then secondly, Drew, one on margins. I guess, no good deed goes unpunished.

偉大的。Jen，我想，你能談談隨著第四季度假日購物季的臨近，你所看到的經營環境嗎？從宏觀角度來看，您在指南中融入了哪些假設？其次，德魯，一個邊緣人物。看來，好心沒好報。

You already hit your margin targets that you laid out at the IPO. So when we look ahead, your incremental margins are sort of hovering around the 60% range. How should we think about potentially sort of updated margin targets?

你們已經達到了在IPO時設定的利潤率目標。所以展望未來，您的增量利潤率大概會在 60% 左右徘徊。我們該如何看待可能需要更新的利潤率目標？

Great. I can take the first one. Look, I'd say the macros -- for us, the market feels largely stable, broadly stable, but I'd say there's low visibility. I'd say tariffs are on the minds of some of our customers. Efficiency is important.

偉大的。我可以接受第一個。你看，就宏觀經濟而言——對我們來說，市場感覺總體穩定，非常穩定，但我認為前景不明朗。我想說，關稅問題確實引起了我們一些客戶的注意。效率很重要。

We're certainly delivering that. And we're definitely counseling our customers as they're navigating through a very dynamic environment and as they're thinking about investment across the funnel. I mean the great news is we have a full funnel offering. So we can meet their needs, I think, broadly. So I think it's broadly been stable in Q3.

我們當然能夠做到這一點。我們一定會為客戶在瞬息萬變的環境中摸索前行，並在他們考慮整個投資流程時提供諮詢。好消息是我們提供了完整的銷售漏斗產品。所以我認為，我們可以大致滿足他們的需求。所以我認為第三季整體比較穩定。

Ben, on the margin side of things, you're right, that was our target, that 40% margin that we talked about. That was our North Star during the IPO. It's nice to hit it. Six quarters in. So that is something.

本，就利潤率而言，你說得對，那就是我們的目標，我們之前討論過的 40% 的利潤率。那是我們在IPO流程中始終堅持的目標。擊中目標的感覺真好。比賽進行到第六個季度。這總算是個好消息。

The guide you probably picked up on in the fourth quarter is even higher than 40%. I think how we think about it is -- and the North Star is going to be something more than 40%. We're thinking that it's probably in the 50% range. That's our North Star. I think it's a couple of things are important on the day-to-day and kind of the near and mid-term.

你在第四季可能看到的指導方針甚至高於 40%。我認為我們應該這樣想——而北極星將會是超過 40% 的東西。我們認為大概在 50% 左右。那是我們的北極星。我認為有幾件事在日常事務以及近期和中期發展中比較重要。

Obviously, we want margins to be higher and they will go higher. It won't be every quarter. I think that's the piece that I want to make sure that people understand here.

顯然，我們希望利潤率更高，而且利潤率也會更高。不會每季都這樣。我認為這是我想要確保大家理解的一點。

We're really building a business, and we'll invest in things where it makes sense, right? You have a 90% gross margin, you just have the ability here to really do special things if you can get growth. And so there may be times that we'll have to invest in our business periodically. I think right now, we're doing fine and things continue to scale well. But for a North Star, I think 50% makes sense.

我們正在努力打造一家企業，我們會投資有意義的事情，對吧？你們的毛利率高達 90%，如果能夠成長，你們完全有能力在這裡做出一些特別的事情。因此，我們可能需要定期對我們的業務進行投資。我認為目前我們一切順利，各項工作都在穩定發展。但作為指路明燈，我認為 50% 比較合理。

I think in the medium term, we'll be focused on better than 40%, like that's how we'll be thinking about it. And then remember that our business won't always be that way quarter-to-quarter. We reserve the right to be strategic to grow our business.

我認為中期內，我們會把重點放在提高到 40% 以上，我們會這樣考慮這個問題。但請記住，我們的業務狀況不會每季都是如此。我們保留採取策略措施發展業務的權利。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Two, if I may, please. Two probably directed to Jen. First, could you talk about -- I mean, first, impressive expansion of the advertiser count again this quarter. Jen, can you speak to whether self-serve has become a meaningful part of that advertiser count expansion yet or when it may become meaningful? And then maybe a second one, please, probably also for you, Jen, is could you talk about how marketers may use you for GEO like generative optimization, AI optimization. Is this a major use case for your advertisers? And could you walk us through your pitch?

如果可以的話，請給我兩個。其中兩份可能寄給了Jen。首先，您能否談談—我的意思是，首先，本季廣告客戶數量再次出現令人印象深刻的成長？Jen，您能否談談自助服務是否已經成為廣告商數量增長的重要組成部分，或者何時才能成為重要的組成部分？然後，或許還有第二個問題，Jen，可能也是問你的，你能談談行銷人員如何利用你進行 GEO 生成式優化、AI 優化嗎？這是貴公司廣告客戶的主要應用場景嗎？能給我們詳細介紹一下您的提案嗎？

Sure. So on self-serve, that -- we do have self-serve today, but it's not a big part of our business. We want to have a self-serve offering, and I think the end-to-end automation work that we're doing will be a great step in that direction for more advertisers who want to operate on a self-serve basis. But it hasn't been the focus. I mean our focus is on the advertisers who really have a lot of significant budget who do want somebody to talk to some -- in a lot of cases.

當然。所以關於自助服務，我們現在確實提供自助服務，但這並不是我們業務的主要部分。我們希望提供自助服務，我認為我們正在進行的端到端自動化工作將是朝著這個方向邁出的一大步，對於更多希望以自助方式運營的廣告商來說，這將是一大進步。但這並非重點。我的意思是，我們的重點是那些擁有大量預算的廣告商，他們確實希望有人能與他們溝通——在許多情況下都是如此。

So they're in our managed segment, either our large customer segment, mid-market or even our managed SMB segment, where they provide some light counsel to them, and we're in like what I would call a hybrid configuration where we're kind of both hands on keyboard working together in a light way.

所以他們屬於我們的託管客戶群，無論是大型客戶群、中型市場或中小企業託管客戶群，我們都會為他們提供一些簡單的諮詢服務。而我們則處於一種我稱之為混合配置的狀態，我們雙方都在鍵盤上進行輕鬆的合作。

Our strategy is to maximize the opportunity across the biggest part of the market, and that sits right now in the managed segment and to optimize like put the customer in the right service channel that maximizes their experience and their ability to spend on Reddit. So we're not religious about self-serve. I think we're really focused on the right service model for the right advertiser to be successful on the platform and get what they need. But I think self-serve is something that we're interested in as we build more automation.

我們的策略是最大限度地利用市場最大部分的機會，而這部分目前位於託管細分市場，並透過優化將客戶置於合適的服務管道，最大限度地提高他們的體驗和在 Reddit 上的消費能力。所以我們並不熱衷於自助服務。我認為我們真正關注的是為合適的廣告商提供合適的服務模式，以便他們在平台上取得成功並獲得他們所需的內容。但我認為，隨著我們建立更多自動化系統，自助服務是我們感興趣的方向。

The second one was about optimizing for, I guess, LLMs. And look, I think Reddit's corpus of information is clearly incredibly valuable and helpful to LLMs because it's human conversation that's fresh, it's authentic. It's just distinctive. There's nothing like it. And we know that LLMs appreciate Reddit's conversation.

第二個問題是關於優化LLM（法學碩士）的。而且，我認為 Reddit 的資訊庫顯然對法學碩士（LLM）來說非常有價值和幫助，因為它是新鮮的、真實的人類對話。它就是獨具特色。獨一無二。我們知道，法學碩士們很喜歡在Reddit上進行交流。

But when marketers come to us, they're coming to us because that conversation is on Reddit and for the opportunity to find customers and engage those customers in an environment where that conversation is happening because when they're in that environment on Reddit, they're getting the engagement converting to outcomes that help them grow their business.

但當行銷人員來找我們時，他們是因為Reddit上正在進行這樣的對話，他們想藉此機會找到客戶，並在對話發生的環境中與客戶互動，因為當他們在Reddit這樣的環境中時，他們就能獲得互動，並將互動轉化為有助於他們發展業務的結果。

So I don't think it's about the influence in LLM. That's a secondary product of our core amazing platform, the conversations and communities. What the marketers are getting is real value from the Reddit platform itself in terms of converting that engagement to real business outcomes for them. It just so happens that, that environment of that conversation is also appreciated by LLMs. But that environment is on Reddit.

所以我認為這與法學碩士的影響力無關。這是我們核心強大平台——對話和社群——的次要產品。行銷人員從 Reddit 平臺本身獲得的真正價值在於，能夠將用戶互動轉化為實際的業務成果。恰巧的是，法學碩士們也很喜歡這種對話氛圍。但那種環境存在於Reddit上。

Rohit Kulkarni, ROTH Capital Partners.

Rohit Kulkarni，ROTH Capital Partners。

A couple of questions. One on user mix as engagement has risen and number of users have risen. Can you talk about how the mix has evolved over time over the last couple of years, maybe in terms of people who actively contribute versus we just come in there to consume or then there are those in between people who kind of amplify through voting and sharing content? And then the second is on ARPU. Any drivers on underlying ARPU growth? How much is ad load contributing to ARPU growth versus other factors?

幾個問題。一是用戶組成，因為用戶參與度和用戶數都增加了。您能否談談過去幾年裡，這種組合是如何演變的？例如，積極貢獻內容的人和只是來消費的人，或是介於兩者之間的那些透過投票和分享內容來擴大影響力的人？第二點是關於每位使用者平均收入（ARPU）。有哪些因素推動了ARPU（每位用戶的平均收入）成長？廣告投放量對ARPU成長的貢獻程度與其他因素相比如何？

Thanks for the questions. On user mix, yes, there's been some movement there. I'd say it's in a fairly consistent range. It's something we think a lot about. We haven't talked about it much on this call.

謝謝大家的提問。在使用者組成方面，是的，已經出現了一些變化。我認為它處於一個相當穩定的範圍內。這是我們經常思考的問題。我們在這次通話中還沒有過多討論這個問題。

Well, we did a little bit. So our strategy around contribution is -- when we say that, we're really referring to helping new users post successfully on Reddit and eliminating like roadblocks there, one of which we're working very hard on, which is when a user shows up to Reddit and they want to contribute, but they may not be aware that there's a bunch of rules in the community they're writing to. And so we try to catch that early in the journey to give them feedback or find them other places to submit. So that's been testing very well and improving kind of the contributor mix there.

嗯，我們做了一點。所以我們關於貢獻的策略是——當我們這麼說的時候，我們實際上指的是幫助新用戶在 Reddit 上成功發帖，並消除一些障礙，其中一個我們正在努力解決的障礙是，當用戶來到 Reddit 並想要做出貢獻時，他們可能沒有意識到他們所寫內容的社區有很多規則。因此，我們會在他們創作的早期階段就嘗試發現問題，以便給予回饋或幫助他們找到其他投稿管道。所以，測驗效果非常好，也改善了貢獻者組合的組成。

And then Reddit does have multiple ways of contributing. You described a cohort of users that we colloquially call the lurkers. These are people who don't write comments, but they vote. And the voting is very important for ranking. And today on Reddit, you can't leave a comment or vote unless you're logged in.

而且Reddit提供了多種貢獻方式。你所描述的這群用戶，我們俗稱他們為潛水者。這些人不發表評論，但他們會投票。投票對排名至關重要。如今在Reddit上，除非登錄，否則無法發表評論或投票。

And so getting more people logged in, so this brings us back, of course, to onboarding and those flows, getting people through logged in more successfully, relevant communities more successfully, removing barriers to contribute and finding content they like to increase the voting and engagement are all things that kind of push us in the -- I think, in the healthy direction. I think there's a lot of opportunity here because there's friction at each of those steps. And then the second question, Jen, was ARPU and ad load.

因此，要讓更多的人登錄，這當然又讓我們回到了用戶引導和流程上，讓人們更成功地登錄，更成功地加入相關的社區，消除貢獻的障礙，找到他們喜歡的內容，從而增加投票和參與度，所有這些都在某種程度上推動我們朝著——我認為——健康的方向發展。我認為這裡有很多機會，因為每個步驟都存在摩擦。珍，第二個問題是 ARPU 和廣告載入量。

Yes, sure. I can take that one on ARPU. So just a reminder, our strategy is to make every impression more valuable by delivering hard outcomes, more clicks, more conversions. In Q3, we saw eCPM grow, but the quarter had impressions grow was a bigger contributor. There are three components that drove the impressions.

當然可以。我可以接受ARPU值。所以再次提醒大家，我們的策略是透過帶來實際的結果、更多的點擊量和更多的轉換率，讓每一次曝光都更有價值。第三季度，我們看到 eCPM 成長，但該季度曝光量的成長貢獻更大。影響印象的因素有三。

One is user engagement and then also ads and comments and then also a temporary operating point that we hadn't when we had a balancing supply and demand in ad load.

一是用戶參與度，二是廣告和評論，三是我們先前在廣告投放量供需平衡時所沒有的臨時營運點。

Just to be -- just to address ad load directly. So our ad load overall, if you look at the fee compared to peers, is much lower than our peers. And it is not a core part of our strategy to increase ad load. Our strategy is to make every impression more valuable and to design ad units for spaces where we don't have ads like ads and comments. It is an operating point that we do use when we have supply-demand tightness to make sure that the marketplace is consistent for our advertisers.

只是為了——只是為了直接解決廣告載入問題。因此，如果將我們的廣告費用與同業進行比較，就會發現我們的廣告總載量遠低於同業。增加廣告投放量並不是我們策略的核心部分。我們的策略是讓每一次曝光都更有價值，並為我們沒有廣告的空間（例如廣告和評論）設計廣告單元。當供需緊張時，我們會採用這種操作方法，以確保市場對我們的廣告商而言是穩定的。

And so we did use that lever temporarily in Q3, but we turned it back. So that's kind of the contributors of impressions in the ad load.

因此，我們在第三季暫時使用了那個槓桿，但後來又把它調回去了。以上就是廣告載入次數的構成因素。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

This is Robert on for Youssef Squali. Just one for me. It seems like new types of AI content are rising and users are also consuming more video. So just curious what Reddit's strategy is in this environment. And if you're focused on building out answers and integrating publishers, does that imply that the focus of content is still going to be predominantly text-based?

這是羅伯特，代表尤瑟夫·斯誇利。我只留一個。似乎新型人工智慧內容正在興起，用戶也越來越喜歡觀看影片。所以很好奇Reddit在這種環境下會採取什麼策略。如果你專注於建立答案和整合出版商，這是否意味著內容的重點仍然主要以文本為主？

Great question. So there's a couple of dimensions to this. So our very high-level positioning for Reddit in the AI era is that Reddit is for humans by humans. And so yes, there's plenty of AI content on the Internet. And -- but we want Reddit to be a place where humans talk to other humans or people talk to people about the stuff that they're interested in.

問得好。所以這件事包含多個層面。因此，我們在人工智慧時代對 Reddit 的最高定位是：Reddit 是為人類而設，由人類創造。所以，沒錯，網路上有很多關於人工智慧的內容。而且——但我們希望 Reddit 成為一個人類與人類交流，或者人們談論自己感興趣的事情的地方。

Now every post on Reddit, which they can be a link, text, image, video, meme, GIF is really a prompt for conversation. So in terms of what the post is, we don't have a strong feeling there. We just want more posts, and we want to continue to expand the post types that Reddit support, so kind of evolving with the time.

現在，Reddit 上的每一個帖子，無論是連結、文字、圖片、影片、表情符號還是 GIF，都成為了引發對話的契機。所以就貼文內容而言，我們並沒有特別強烈的看法。我們只是想要更多的帖子，並且希望繼續擴展 Reddit 支援的帖子類型，與時俱進。

And developer platform, which we haven't talked much about today, is one of our big ways of doing that. So we're seeing all sorts of new posts on Reddit. Users have rebuild polls. We've got lots of games. There's stock charts, all sorts of things.

而我們今天還沒有過多提及的開發者平台，正是我們實現這一目標的重要途徑之一。所以我們在Reddit上看到了各種各樣的新帖子。用戶已重建投票。我們有很多遊戲。這裡有股票圖表，各種各樣的東西。

But really, all of these things serve as prompts for conversation. Video on Reddit is and has been for a while, our fastest-growing content type. Even though we don't think of Reddit as a video platform, I think there's a lot of headroom for video on Reddit, both as post, which is what we see today, but also using video and then potentially down the road audio just as a means of communication. I think there is a kind of very uniquely Reddit way of doing video.

但實際上，所有這些都可以作為對話的引子。Reddit 上的影片一直是，而且已經持續一段時間是我們成長最快的內容類型。雖然我們不認為 Reddit 是一個視頻平台，但我認為 Reddit 在視頻方面還有很大的發展空間，既可以像我們今天看到的那樣發布視頻，也可以將視頻，甚至在未來可能還會將音頻作為一種交流方式。我認為Reddit的影片製作方式非常獨特。

One of the things that I'm very excited about is we did our first video AMA just a couple of weeks ago. So this was done by NASA, so you can find it. And in this case, NASA hosted the AMA, but all of their astronauts answered in video within the Reddit comments. I think this is a really nice way of letting people like really bring their charisma to these moments. And video comment replies is kind of this interesting marriage of video to the modern content format, but in the context of a conversation as opposed to kind of the long-form, short-form influencer stuff you might see on other platforms.

讓我非常興奮的一件事是，就在幾週前，我們進行了第一次視訊問答。這是美國太空總署做的，你可以去看看。這次，NASA主辦了AMA（Ask Me Anything，問我任何問題）活動，但所有太空人都是在Reddit評論區以視訊形式回答問題的。我認為這是一種非常好的方式，可以讓人們在這些時刻真正展現他們的個人魅力。影片評論回覆是將影片與現代內容形式巧妙結合的一種方式，但它是在對話的背景下進行的，而不是像你在其他平台上看到的那種長篇或短篇網紅內容。

So we always try to think like what's the Reddit version of this content format. And I think there might be some opportunity there.

所以我們總是試著思考，這種內容形式在 Reddit 上會是什麼樣子。我認為這裡或許存在一些機會。

And then in terms of publishers, yes, look, text isn't going anywhere. Text, you can read quietly. Again, it serves as good as anything as a prompt for conversation. Now with AI, you can turn text into audio for background listening. And so I don't think video or AI video replaces text any more than movies replaced books.

至於出版商方面，是的，你看，文字不會消失。文字內容，可以安靜閱讀。再說一遍，它作為引發對話的引子再好不過了。現在有了人工智慧，你可以將文字轉換成音頻，用於後台播放。因此，我不認為影片或人工智慧影片會取代文本，就像電影不會取代書籍一樣。

Really, what happens is the content pie just keeps getting bigger and bigger, and we want to make sure everything works on Reddit.

實際上，內容蛋糕只會越來越大，我們希望確保Reddit上的所有內容都能正常運作。

Julianne, this is Jesse. I think we're bumping up in time here. So I just want to thank everyone for joining. We appreciate it. Look forward to speaking again soon.

朱莉安娜，這位是傑西。我覺得我們時間有點趕不上了。所以，我只想感謝大家的參與。我們很感激。期待很快能再次與您交談。

Thanks all.

謝謝大家。

Thanks, everyone.

謝謝大家。

This concludes Reddit's Q3 2025 earnings call. You may now disconnect.

Reddit 2025 年第三季財報電話會議到此結束。您現在可以斷開連線了。