Reddit Inc (RDDT) 2025 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's fourth quarter 2025 earnings call.

午安.我叫克麗絲塔，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年第四季財報電話會議。

(Operator Instructions). I would now like to turn the conference over to Jesse Rose, Head of Investor Relations. Jesse, you may begin your conference.

（操作說明）現在我將把會議交給投資者關係主管傑西·羅斯。傑西，你可以開始你的會議了。

Thanks, Krista. Hi, everyone. Welcome to Reddit's fourth quarter and full year 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.

謝謝你，克麗斯塔。大家好。歡迎參加Reddit 2025年第四季及全年財報電話會議。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 fourth quarter letter to shareholders and earnings press release are available on our Investor Relations website and Investor Relations Subreddit. And now I'll turn the call over to Steve.

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。我們在第四季度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。現在我把電話交給史蒂夫。

Thanks, Jesse. Hi, everyone, and thanks for joining our Q4 earnings call. 2025 was a breakout year for Reddit. We surpassed bold targets, built real momentum across our business, improved our unique community model at scale. We crossed $2.2 billion in revenue, up 69% year-over-year and delivered $530 million in net income.

謝謝你，傑西。大家好，感謝各位參加我們的第四季財報電話會議。 2025年是Reddit的突破之年。我們超越了宏偉的目標，在業務上建立了真正的發展勢頭，並大規模地改進了我們獨特的社區模式。我們實現了 22 億美元的營收，年增 69%，淨利達到 5.3 億美元。

In Q4 alone, we welcomed over 121 million daily active users to our platform, up 19% year-over-year and over 471 million weekly active users, up 24%. None of this would be possible without our team. Thank you to our employees for a phenomenal year. The momentum we're seeing across the business, especially in all 3 sections of our ad funnel is the result of years of foundational work coming to life. I know we are all eager to build on this success.

光是在第四季度，我們的平台就迎來了超過 1.21 億日活躍用戶，年增 19%；每週活躍用戶超過 4.71 億，較去年同期成長 24%。如果沒有我們的團隊，這一切都不可能實現。感謝全體員工過去一年來的辛勤付出。我們看到整個業務，特別是廣告漏斗所有三個部分的發展勢頭，是多年基礎工作取得成效的結果。我知道我們都渴望在此成功的基礎上再接再厲。

The numbers tell just a small part of an important story. Reddit is at the center of a once-in-a-generation shift, and it's not a coincidence. We're now operating in a fundamentally different Internet, one shaped by opaque algorithms, generative content and growing distrust. And yet amid this shift, more people are turning to Reddit, not just to aimlessly scroll, but to connect, learn and research. That's because Reddit is the most human place on the Internet. In a world flooded with AI swap, people are seeking real community, lived experience and trusted opinions. That's Reddit's differentiator.

這些數字只是講述了一個重要故事的一小部分。Reddit 正處於一代人一次的變革的中心，這絕非偶然。我們現在身處一個截然不同的網路世界，這個網路被不透明的演算法、生成式內容和日益增長的不信任感所塑造。然而，在這種轉變中，越來越多的人開始使用 Reddit，不僅是為了漫無目的地瀏覽，而是為了聯繫、學習和研究。那是因為Reddit是網路上最有人情味的地方。在人工智慧交易氾濫的世界裡，人們渴望真正的社區、真實的生活體驗和值得信賴的意見。這就是Reddit的獨特之處。

To put it simply, more people than ever are coming to Reddit because Reddit is for everyone. One of the main reasons Reddit is the go-to place for community is the candor of our conversations. This authenticity is rare, and it's what makes conversations on Reddit uniquely helpful and influential.

簡而言之，越來越多的人來到 Reddit，因為 Reddit 面向所有人。Reddit之所以成為社群首選之地，主要原因之一就是我們對話的坦誠。這種真實性非常難得，也正是Reddit上的對話具有獨特價值和影響力的原因。

But in the age of AI, you can't easily distinguish a real person's thoughts or recommendations from a bot, that trust erodes. That's why we're actively working on ways to preserve our authenticity and conversation quality. This begins with the launch of verified profiles for brands and individuals in Q4 and will quickly move to bot verification and labeling next. We're making good progress here and are excited to share more updates in the coming weeks.

但在人工智慧時代，你很難區分真人的想法或建議和機器人的想法或建議，信任就會逐漸瓦解。這就是為什麼我們正在積極努力尋找方法來保持我們的真實性和對話品質。首先，第四季將推出品牌和個人的認證資料，接下來將迅速推進機器人驗證和標記。我們目前進展順利，很高興在接下來的幾週內與大家分享更多最新進展。

Our consumer product work remains a top priority, particularly driving user growth, retention and deeper engagement through more seamless experiences. Two areas of especially high priority, improving new user onboarding and integrating our search interfaces. Let's dig into how these are going.

我們的消費者產品工作仍然是重中之重，特別是透過更流暢的體驗來推動用戶成長、留存和更深層的參與。兩個特別重要的領域是：改善新用戶註冊流程和整合我們的搜尋介面。讓我們深入了解這些進展。

On the onboarding side, we deployed numerous experiments in Q4. We're actively iterating on these learnings and working fast to improve retention for new and casual users. That retention supports growth, engagement, monetization and more effective marketing. Next, search. In Q4, we made significant progress in unifying our core search with Reddit Answers, our AI-powered search feature. Together, they drove more search volume and queries per user with over 80 million people searching directly on Reddit every week in Q4, up from 60 million just a year ago.

在使用者引導方面，我們在第四季度開展了大量實驗。我們正在積極迭代這些經驗，並快速努力提高新用戶和一般用戶的留存率。留存率的提高有助於成長、用戶參與、獲利和更有效的行銷。接下來，進行搜尋。第四季度，我們在將核心搜尋與 Reddit Answers（我們的 AI 驅動搜尋功能）統一起來方面取得了重大進展。雙方共同推動了搜尋量和每位用戶的查詢次數增加，第四季度每周有超過 8000 萬人直接在 Reddit 上進行搜索，而一年前只有 6000 萬人。

We released Reddit Answers in 5 new languages with more on the way and are piloting dynamic agentic search results that include media beyond text. Reddit is already where people go to find things, making our platform an end-to-end search destination is how we meet that demand. As the industry evolves, how we think about our product and users must evolve, too. We've historically reported logged in versus logged out users, but as some of our work to streamline onboarding, instant personalization, for example, blurs the line between these states, the distinction between them makes less sense. As such, we plan to phase out reporting on logged in and logged out later this year.

我們推出了 5 種新語言的 Reddit Answers，未來也將推出更多語言版本，並且正在試行包含文字以外媒體內容的動態智慧搜尋結果。Reddit 已經成為人們尋找資訊的地方，將我們的平台打造為端到端的搜尋目的地，正是我們滿足這項需求的方式。隨著產業的發展，我們對產品和使用者的看法也必須隨之改變。我們過去一直報告已登入用戶和未登入用戶，但隨著我們一些簡化用戶註冊流程、實現即時個人化等工作模糊了這些狀態之間的界限，區分這些狀態的意義就越來越小了。因此，我們計劃在今年稍後逐步停止報告登入狀態和登出狀態。

In 2026, we're focused on making Reddit faster, more relevant and more accessible to everyone everywhere. A big part of this effort is improving feed relevancy using AI and machine learning to make Reddit feel more personalized and useful from the second you open the app. These are high-impact investments that help shape how new users experience Reddit and how often they return. I'm encouraged by the team's focus and velocity, and I'm confident we'll feel the impact of the work this year.

2026年，我們將致力於讓Reddit更快、更貼近用戶需求，並讓世界各地的人們更方便使用。這項工作的一個重要部分是利用人工智慧和機器學習來提高資訊流的相關性，使 Reddit 從你打開應用程式的那一刻起就感覺更加個人化和實用。這些都是高影響力投資，有助於塑造新用戶體驗 Reddit 的方式以及他們回訪的頻率。我對團隊的專注和效率感到鼓舞，我相信我們今年會感受到這項工作的影響。

To rise to this occasion, we're leveling up our execution, and that starts with leadership. I'm thrilled to welcome Maria Angelidou-Smith as our new Chief Product Officer. She brings a solid track record in scaling product organizations and is already helping us move faster and focus on the highest impact areas for users and growth. I have full confidence that Maria will be a great partner to the business and significantly up-level our pace and quality of results.

為了迎接這項挑戰，我們正在提升執行力，而這首先要從領導力做起。我非常高興地歡迎 Maria Angelidou-Smith 加入我們，擔任首席產品長。她在擴展產品組織方面擁有紮實的業績記錄，並且已經幫助我們加快步伐，專注於對用戶和成長影響最大的領域。我完全相信瑪麗亞將成為公司優秀的合作夥伴，並顯著提高我們的工作效率和績效品質。

We're seeing strong commercial momentum right now and are confident in where we're headed. We have a special business model that is generating a lot of cash, which is why we're excited to announce a $1 billion share repurchase program today. It's a testament to our growth and our commitment to delivering for our shareholders as we continue to invest in the business.

我們目前看到了強勁的商業發展勢頭，並且對未來的發展方向充滿信心。我們擁有獨特的商業模式，能夠產生大量現金流，因此我們很高興今天宣布一項 10 億美元的股票回購計畫。這證明了我們的發展壯大以及我們致力於為股東創造價值的承諾，我們將繼續投資於公司業務。

Our work ahead is ambitious, and that's by design. We have the right team, the right road map and the right moment. Now it's about execution. As always, thank you to our employees, communities, partners and investors for being a part of this journey. With that, I'll pass it to Jen to share more about the business.

我們接下來的工作雄心勃勃，這是我們有意為之的。我們擁有合適的團隊、正確的路線圖和正確的時機。現在關鍵在於執行。一如既往，感謝我們的員工、社區、合作夥伴和投資者一路以來的支持。接下來，我將把麥克風交給Jen，讓她詳細介紹一下業務狀況。

Thanks, Steve. Hello, everyone. It was a strong quarter and finish to the year for Reddit. Our unique community proposition and ad platform investments continue to drive differentiated growth and positive outcomes for our advertisers and partners. Total revenue in Q4 grew 70% year-over-year to $726 million. And for the full year, revenue grew 69% year-over-year to $2.2 billion.

謝謝你，史蒂夫。大家好。對Reddit來說，這是一個強勁的季度，也是今年的一個結束。我們獨特的社群定位和廣告平台投資持續推動差異化成長，並為我們的廣告商和合作夥伴帶來正面成果。第四季總營收年增 70%，達到 7.26 億美元。全年營收年增 69%，達到 22 億美元。

In Q4, the advertising business grew 75% year-over-year to $690 million, driven by broad-based strength across objectives, channels, verticals and regions. Four revenue drivers fueled our growth. First, performance ads outperformed and revenue from lower funnel objectives such as purchase conversions and app installs doubled year-over-year as we see the benefits of our investments in ML and new ad formats like shopping ads start to pay off.

第四季度，廣告業務年增 75%，達到 6.9 億美元，這得益於各個目標、通路、垂直行業和地區的全面強勁增長。四大營收驅動因素推動了我們的成長。首先，效果廣告表現優異，來自購買轉換和應用程式安裝等漏斗底部目標的收入同比增長了一倍，我們看到了在機器學習和購物廣告等新廣告格式方面的投資開始產生回報。

Second, we saw strength across channels with year-over-year growth ranging from mid- to high double digits within both our large customer segment and scaled segment, which includes mid-market SMBs. SMB revenue doubled year-over-year. Third, we saw broad strength across verticals. 11 out of our top 15 verticals grew revenue by 50% or more year-over-year, led by retail, pharma, financial services and tech. And fourth, we saw strength across geographies. US revenue grew 68% and international revenue grew 78% year-over-year.

其次，我們看到各個通路都表現強勁，無論是大型客戶群或規模化客戶群（包括中型中小企業），年成長率均達到兩位數中高水準。中小企業收入較去年同期成長一倍。第三，我們看到各垂直產業普遍表現強勁。在我們前15名的垂直產業中，有11個產業的營收年增50%或以上，其中零售、醫藥、金融服務和科技業表現最為突出。第四，我們看到了各個地區都表現出強勁的勢頭。美國市場營收年增 68%，國際市場營收年增 78%。

Our ML and signals optimization efforts are making every impression work harder. In Q4, impression growth was the main driver of revenue growth, while pricing grew year-over-year as we delivered more outcomes and efficiency for advertisers. We also continue to expand our advertiser base. Total active advertiser count grew by over 75% year-over-year in Q4 as we added new accounts across all channels, including large, mid-market and SMBs.

我們的機器學習和訊號優化工作正在讓每一次曝光都發揮更大的作用。第四季度，曝光量成長是營收成長的主要驅動力，而隨著我們為廣告主帶來更多成果和效率，價格也較去年同期成長。我們也在不斷擴大廣告客戶群。第四季度，活躍廣告客戶總數年增超過 75%，我們在所有管道（包括大型企業、中型企業和中小企業）都新增了帳戶。

Now moving to our ad stack. Our strategy is focused on making all businesses successful on Reddit by: one, driving performance of our ad solutions across the funnel; two, improving usability for advertisers and productivity of our sales force through automation; and three, offering advertisers Reddit unique solutions and ad formats. We made meaningful progress against each of these areas in Q4.

現在轉到我們的廣告堆疊。我們的策略重點是幫助所有企業在 Reddit 上取得成功，具體措施包括：第一，提升我們廣告解決方案在整個銷售漏斗中的表現；第二，透過自動化提高廣告商的可用性和銷售團隊的效率；第三，為廣告商提供 Reddit 獨特的解決方案和廣告格式。我們在第四季度在這些領域都取得了實質進展。

First, our investments in ML signals and models are driving efficiency for advertisers delivering more outcomes and lower cost per action. In Q4, click volume in the mid-funnel grew over 60% and lower funnel conversion volume doubled year-over-year. One example of our optimization improvements was our Q4 beta launch of campaign budget optimization for the mid-funnel traffic objective. ZBO dynamically allocates budgets and reduces manual adjustments to maximize performance and lower cost per click for advertisers.

首先，我們對機器學習訊號和模型的投資正在提高廣告商的效率，從而帶來更多成果和更低的每次行動成本。第四季度，漏斗中段的點擊量成長超過 60%，漏斗下段的轉換量較去年同期成長了一倍。我們優化改進的一個例子是，我們在第四季度推出了針對漏斗中部流量目標的廣告系列預算優化測試版。ZBO 動態分配預算並減少手動調整，從而最大限度地提高廣告效果並降低每次點擊成本。

Our shopping solution, Dynamic Product Ads or DPA, emerged as a lower funnel driver in Q4, fueled by strong performance during the Black Friday and Cyber Monday period. While we are still early in our shopping ads journey, we are growing advertiser adoption and improving performance. Since last year, enhancements to our shopping ad ML models delivered over 75% improvement in advertiser ROAS. 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.

我們的購物解決方案「動態產品廣告」（DPA）在第四季度成為銷售漏斗底部的驅動因素，這主要得益於黑色星期五和網路星期一期間的強勁表現。雖然我們仍處於購物廣告發展的早期階段，但我們正在提高廣告主的接受度並提升廣告效果。自去年以來，我們對購物廣告機器學習模式的改進使廣告主的 ROAS 提高了 75% 以上。為了加強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。

In Q4, CAPI covered conversion revenue tripled year-over-year, like it has done each quarter in 2025. Second, improving usability for advertisers and productivity of our sales force through automation. At CES, we announced the public beta launch of Reddit Max campaigns, our AI-powered campaign platform that uses Reddit Community intelligence to optimize performance for middle and lower funnel objectives.

第四季度，CAPI 涵蓋的轉換收入年增了兩倍，就像 2025 年的每個季度一樣。其次，透過自動化提高廣告主的可用性和銷售團隊的效率。在 CES 上，我們宣布推出 Reddit Max 活動的公開測試版，這是我們的 AI 驅動活動平台，它利用 Reddit 社群的智慧來優化中低階通路目標的績效。

In testing, Max campaigns delivered an average 17% CPA reduction and a 27% conversion volume lift, validating it as a performance driver for our partners. We're encouraged by this progress and believe Reddit Max campaigns can be a powerful tool to unlock performance, make it easier to onboard new customers and deliver valuable business insights for advertisers from large brands to SMBs.

在測試中，Max 廣告系列平均降低了 17% 的每次轉換費用 (CPA)，並提高了 27% 的轉換量，驗證了其對我們合作夥伴的業績提升作用。我們對這一進展感到鼓舞，並相信 Reddit Max 廣告系列可以成為釋放廣告效果、簡化新客戶註冊流程以及為從大型品牌到中小企業的廣告主提供寶貴商業洞察的強大工具。

Third, offering advertisers Reddit unique solutions and ad formats. We continue to grow our suite of Reddit unique ad products and high engagement formats, including freeform, AMA and conversation summary add-ons. In Q4, we launched interactive ads to beta through our partnership with Paramount to promote their movie Running Man and debuted reminder ads to beta, which is a tool for advertisers to drive performance and engagement around product launches and events, including live streams and AMAs.

第三，為廣告主提供Reddit獨特的解決方案和廣告格式。我們不斷擴展我們在 Reddit 上獨有的廣告產品和高互動形式的產品組合，包括自由形式、AMA 和對話摘要插件。第四季度，我們透過與派拉蒙影業的合作，推出了互動廣告測試版，以推廣他們的電影《奔跑者》；同時，我們也推出了提醒廣告測試版，這是一種廣告商用來推動產品發布和活動（包括直播和 AMA）的績效和參與度的工具。

To expand our Reddit Pro tools, we launched Verified profiles that empower businesses and professional entities to build trusted identities and relationships with their audience on Reddit. For example, global brands ask Reddit communities for product reviews and feedback, and then they use that as a foundation for their marketing campaigns. Early results from Verified profile tests show that verification helps drive content creation and community trust. Verified users post over 10% more in their first week and generate more consumer engagement.

為了擴展我們的 Reddit Pro 工具，我們推出了 Verified 個人資料，使企業和專業實體能夠在 Reddit 上建立值得信賴的身份並與受眾建立聯繫。例如，全球品牌會向 Reddit 社群徵求產品評論和回饋，然後以此為基礎進行行銷活動。已驗證個人資料測試的初步結果表明，驗證有助於推動內容創作和社群信任。經過驗證的用戶在第一週發布的內容比其他人多 10% 以上，並且能帶來更高的用戶互動。

Now looking ahead, we believe we are well positioned for 2026, and our ad strategy this year will be focused on a few key themes. The first is scaling automation through our Ads Manager and Reddit Max. We plan to use Reddit Max as a foundation to streamline advertiser onboarding, particularly for smaller customers and enable them to leverage the AI-powered tools and automation to simplify campaign creation from setup to creative and augment performance from optimization to campaign insights.

展望未來，我們相信我們已經為 2026 年做好了充分準備，今年的廣告策略將集中在幾個關鍵主題上。首先是透過我們的廣告管理工具和 Reddit Max 實現自動化規模化。我們計劃以 Reddit Max 為基礎，簡化廣告主的入駐流程，特別是對於規模較小的客戶，並使他們能夠利用人工智慧驅動的工具和自動化功能，簡化從設置到創意的廣告系列創建流程，並從優化到廣告系列洞察等各個方面提升廣告系列的效果。

And through 2026, we plan to expand access and build automation that leverages Reddit's 24 billion posts and comments, turning them into powerful signals to drive further improvements in ad performance.

到 2026 年，我們計劃擴大存取權並建立自動化系統，利用 Reddit 的 240 億個貼文和評論，將它們轉化為強大的訊號，從而進一步提高廣告效果。

The second theme is delivering more advertiser value across the full funnel. In the upper funnel, we'll drive more outcomes and efficiency with our investments in brand auto bidding and video view objectives. In the lower funnel, we have a lot of headroom to scale our ML models and drive more outcomes and performance.

第二個主題是在整個行銷漏斗中為廣告主創造更多價值。在行銷漏斗的上層，我們將透過品牌自動競價和影片觀看目標的投資，推動更多成果和效率的提升。在銷售漏斗的下半部分，我們還有很大的擴展空間來擴展我們的機器學習模型，並推動更多的成果和績效。

For shopping ads or DPA, we're improving relevancy in ad formats to improve advertiser ROAS and the user experience. And for app ads, we're optimizing the ads to drive more in-app actions and that can translate into higher lifetime value users. We're also expanding our measurement capabilities, including first-party measurement tools, third-party partnerships and enhanced attribution capabilities to show Reddit's impact.

對於購物廣告或DPA，我們正在提高廣告格式的相關性，以提高廣告主的ROAS和使用者體驗。對於應用程式內廣告，我們正在優化廣告，以推動更多應用程式內操作，這可以轉化為更高的用戶終身價值。我們也在擴展我們的衡量能力，包括第一方衡量工具、第三方合作夥伴關係和增強的歸因能力，以顯示 Reddit 的影響力。

And the third theme is expanding the Reddit for Business ecosystem. Our strategy is to build partnerships around our Reddit unique community insights and tools to expand our connections to global brands and businesses. Building on our API partnerships with Smartly and WooCommerce, we are expanding our partner ecosystem to scale audience reach, creative automation and full funnel measurement.

第三個主題是擴展 Reddit for Business 生態系統。我們的策略是圍繞 Reddit 獨特的社群洞察力和工具建立合作夥伴關係，以擴大我們與全球品牌和企業的聯繫。基於我們與 Smartly 和 WooCommerce 的 API 合作關係，我們正在擴展我們的合作夥伴生態系統，以擴大受眾範圍、創意自動化和全通路衡量。

And finally, as more businesses leverage Reddit as a signal for the ever-evolving consumer intent, AI-powered insights from Reddit Community Intelligence can accelerate how brands turn community conversation into actionable media strategies, facilitating faster product feedback and more strategic customer relationships.

最後，隨著越來越多的企業利用 Reddit 作為不斷變化的消費者意圖的信號，Reddit 社群智慧提供的 AI 驅動的洞察可以加速品牌將社群對話轉化為可操作的媒體策略，從而促進更快的產品回饋和更具策略性的客戶關係。

Overall, I'm incredibly proud of the progress this year. As we turn our attention to 2026, we're excited about the opportunities ahead for Reddit. Thank you for joining us and for your continued support. Now I'll turn the call over to Drew.

總的來說，我對今年的進展感到無比自豪。展望 2026 年，我們對 Reddit 未來的發展機會感到興奮。感謝您的參與和持續支持。現在我把電話交給德魯。

Thank you, Jen, and good afternoon, everyone. Q4 was a solid finish to a standout year for Reddit. Both the strength and the consistency of our results continue to shine. These strong results included: first, total Q4 revenues grew 70% year-over-year. That's a particularly solid result given the tougher comp of 71% in Q4 of 2024. Second, profitability hit a new high with net income reaching $252 million, 35% of revenue. And adjusted EBITDA hit $327 million, 45% of revenue, making us a Rule of 115 company this quarter, also a high. Diluted EPS reached $1.24, up more than 3 times 2024.

謝謝你，珍，大家午安。Reddit第四季表現穩健，為這一年的出色表現畫上了圓滿的句號。我們取得的成績無論從實力或穩定性都持續表現優異。這些強勁的業績包括：首先，第四季總營收年增 70%。考慮到 2024 年第四季 71% 的較高基數，這是一個特別穩健的結果。其次，獲利能力創下新高，淨收入達 2.52 億美元，佔營收的 35%。調整後的 EBITDA 達到 3.27 億美元，佔營收的 45%，使我們成為本季符合 115 法則的公司，也是一個高點。稀釋後每股收益達到 1.24 美元，比 2024 年預期成長 3 倍以上。

And third, for the first time, free cash flow crossed $0.25 billion in a quarter, reaching $264 million in Q4. Free cash flow was 36% of revenue this quarter. The consistency of the results is also worthy of review. First, Q4 was Reddit's sixth consecutive quarter of over 60% revenue growth. Next, it was also Reddit's sixth consecutive quarter of 90% gross margins. Third, stock-based compensation expense was below 20% of revenue for the third consecutive quarter, hitting 13% in Q4.

第三，自由現金流首次在一個季度內超過 2.5 億美元，第四季達到 2.64 億美元。本季自由現金流佔營收的36%。結果的一致性也值得審查。首先，第四季是Reddit連續第六個季度營收成長超過60%。其次，這也是Reddit連續第六個季度毛利率達到90%。第三，股票選擇權費用連續第三個季度低於營收的 20%，第四季達到 13%。

It was nice to see negative dilution for the year with total shares outstanding falling slightly to 206.1 million, well below our medium-term dilution guide of 1% to 3%. These strong and consistent results enabled our business to scale successfully in 2025. On a full year basis, 2025 revenues were $2.2 billion, up 69% and gross margins were 91.2%, up 70 basis points. Total adjusted costs grew 35% for the year, about half the rate of revenue growth.

令人欣慰的是，今年實現了負稀釋，流通股總數略微下降至 2.061 億股，遠低於我們 1% 至 3% 的中期稀釋預期。這些強勁且持續的業績使我們的業務在 2025 年得以成功擴張。2025 年全年營收為 22 億美元，成長 69%；毛利率為 91.2%，成長 70 個基點。年度調整後總成本成長了 35%，約為營收成長率的一半。

Full year net income was $530 million, 24% of revenue, and adjusted EBITDA was $845 million it's 38% margin. Reddit's incremental adjusted EBITDA margins for the year were 60%. Full year free cash flow was $684 million, more than triple 2024. Diluted earnings per share reached $2.62, up from a loss last year.

全年淨利潤為 5.3 億美元，佔營收的 24%；調整後 EBITDA 為 8.45 億美元，利潤率為 38%。Reddit 當年的增量調整 EBITDA 利潤率為 60%。全年自由現金流為 6.84 億美元，是 2024 年的三倍多。稀釋後每股收益達到 2.62 美元，扭轉了去年的虧損局面。

I'll now provide more color on our Q4 results. Q4 revenues of $726 million grew 70% year-over-year, driven by a ramp in ad revenue, which grew 75% in Q4 to $690 million as we saw broad-based strength across all 3 sections of the ad funnel. Other revenue, which includes revenue from our content licensing business, reached $36 million, up 8%. US revenues were up 68%. International revenues were up 78%.

接下來我將詳細介紹我們第四季的業績。第四季營收為 7.26 億美元，年成長 70%，這主要得益於廣告收入的快速成長，第四季廣告收入成長 75% 至 6.9 億美元，因為我們在廣告管道的所有三個部分都看到了廣泛的強勁成長。其他收入（包括內容授權業務的收入）達到 3,600 萬美元，成長 8%。美國營收成長了68%。國際收入成長了78%。

Average revenue per user, or ARPU, grew 42% year-over-year to $5.98. Moving to expenses. Our Q4 total adjusted costs, which included both our adjusted cost of revenue and adjusted OpEx were $399 million in Q4, up 46% year-over-year. The expense growth rate was slightly elevated from the prior two quarters, which had averaged about 38% and the full year where costs were up 35%.

每位用戶平均收入（ARPU）年增 42%，達到 5.98 美元。接下來是支出狀況。我們在第四季度調整後的總成本（包括調整後的收入成本和調整後的營運支出）為 3.99 億美元，年增 46%。與前兩季相比，支出成長率略有上升，前兩季的平均成長率約為 38%，而全年成本成長率為 35%。

Building on that thought, the main cost driver continues to be operating expenses, which on an adjusted basis were $340 million in Q4, about 85% of total adjusted expenses. Adjusted OpEx costs grew 41%, driven by investments in two areas: hiring and marketing. On hiring, our pace was similar to prior quarters. The company ended with 2,555 total headcount, up 14% versus last year and up about 3% sequentially from Q3, the same pace as the prior quarters.

基於此思路，主要成本驅動因素仍是營運費用，經調整後，第四季營運費用為 3.4 億美元，約佔調整後總費用的 85%。調整後的營運支出成本成長了 41%，主要原因是兩個領域的投資：招募和行銷。在招募方面，我們的速度與前幾季類似。該公司員工總數達到 2555 人，比去年增長 14%，比第三季度環比增長約 3%，與前幾季度的增長速度相同。

In Q4, we added slightly less than 70 net people with hires continuing to be focused in revenue-generating functions. Our ROI from sales and ad tech investments remain strong, multiples of the cost. G&A headcount was lower than last year and about the same as year-end 2023 as we continue to leverage back-of-house resources. And secondly, on marketing, we invested more this quarter. The spend was in the mid-single digits as a percentage of Q4 revenues. We targeted our spend in two areas: user marketing and brand marketing to drive traffic and awareness.

第四季度，我們淨增員工略少於 70 人，招募工作持續集中在創收職能部門。我們在銷售和廣告科技投資方面的投資報酬率依然強勁，是成本的數倍。由於我們持續利用後台資源，一般及行政人員數量比去年有所減少，與 2023 年底大致相同。其次，在行銷方面，我們本季增加了投入。支出佔第四季收入的比例為個位數中段。我們將支出重點放在兩個方面：用戶行銷和品牌行銷，以提升流量和知名度。

On user marketing, spend levels were sequentially higher than in Q3, driven by increases in volume and price. Price increases were driven by both seasonality as media costs rose in Q4 versus Q3 and geography as most of the spends were targeted in the US market. On the brand side, we launched new audience campaigns focused in areas like parenting, entertainment and sports, which had some encouraging results, but there's more to do. So rounding out Q4 with a few more numbers. Reddit remains capital light. We continue to benefit from AI in many ways without the AI costs. CapEx was $3 million.

在用戶行銷方面，由於銷售量和價格的上漲，支出水準較上季高於第三季。價格上漲的原因既有季節性因素（第四季媒體成本較第三季上升），也有地理因素（支出大多集中在美國市場）。在品牌方面，我們推出了以育兒、娛樂和體育等領域為重點的新受眾活動，並取得了一些令人鼓舞的結果，但還有更多工作要做。那麼，讓我們用最後幾個數據來結束第四季。Reddit 仍維持輕資產營運。我們繼續在許多方面受益於人工智慧，而無需承擔人工智慧的成本。資本支出為300萬美元。

We ended the year with a strong cash and liquidity position. Cash and cash equivalents on the balance sheet ended at nearly $2.5 billion, up $250 million sequentially and over $630 million from last year. So that covers Q4 and the full year results.

年底時，我們的現金流和流動性狀況良好。資產負債表上的現金及現金等價物餘額接近 25 億美元，比去年同期增加 2.5 億美元，比去年同期增加超過 6.3 億美元。以上涵蓋了第四季和全年業績。

Let me speak to a couple of additional items. First, earlier today, we announced that our Board of Directors authorized a share repurchase program of up to $1 billion with no set expiration date. For many leading companies, strategic capital deployment has been an important driver of their total shareholder returns and specifically, repurchasing shares can be an attractive incremental tool to drive TSR in the medium and long term.

我再補充幾點。首先，今天早些時候，我們宣布董事會批准了一項高達 10 億美元的股票回購計劃，沒有設定到期日。對許多領先公司而言，策略資本部署一直是其股東總回報的重要驅動因素，特別是回購股票可以成為中長期推動股東總回報的有效增量工具。

For Reddit, we're proving our ability to grow durably at scale with our inflecting profitability underscoring the attractive incremental margins inherent in our business. As we think about our three capital allocation priorities, we will continue to prioritize investing in our core business first. Next, we'll look to do M&A, where it makes sense, both tuck-ins and more scaled opportunities, looking to buy capabilities, technologies and companies. And third, when it makes sense, we'll repurchase shares. Our differentiated financial profile gives us the opportunity to invest in all three priorities.

對於 Reddit 而言，我們正在透過不斷增長的獲利能力證明我們有能力實現規模化的可持續成長，這凸顯了我們業務中固有的誘人增量利潤率。在考慮我們的三個資本配置優先事項時，我們將繼續優先投資於我們的核心業務。接下來，我們將尋求合適的併購機會，包括小規模收購和更大規模的收購，以期獲得能力、技術和公司。第三，在適當的時機，我們會回購股票。我們獨特的財務狀況使我們有機會投資所有三個優先事項。

We plan to be in the market from time to time to buy shares opportunistically. We'll continue to be prudent about the financial management, targeting to keep over $1 billion of cash on the balance sheet, consistent with our capital framework.

我們計劃不時進入市場，伺機買入股票。我們將繼續謹慎進行財務管理，目標是在資產負債表上保持超過 10 億美元的現金，這與我們的資本框架相符。

So switching gears to the second item, I'll now share an update on our user reporting. Big picture, we want to make sure the metrics we share align with how we're managing the business. As you heard from Steve, our product strategy is evolving. We're focusing on making it easier for all users to engage with content on the platform and find immediate value regardless of whether a user is logged in or logged out. Our goal is to grow all users.

接下來，我將轉入第二個主題，分享我們用戶報告的最新進展。從大局來看，我們希望確保我們分享的指標與我們的經營管理方式保持一致。正如史蒂夫所說，我們的產品策略正在不斷發展。我們致力於讓所有用戶都能更輕鬆地與平台上的內容互動，並立即獲得價值，無論用戶是否登入。我們的目標是發展所有用戶。

As a result, the distinction of whether a user is logged in or logged out has become less of a management focus and less important to how we think about and manage the business. As a result, we are updating our disclosures starting in the second half of 2026 to better reflect the metrics we use to run the business and evaluate our operating performance as we scale.

因此，使用者是否登入或登出的差異不再是管理的重點，對我們思考和管理業務的重要性也降低了。因此，我們將從 2026 年下半年開始更新我們的揭露信息，以便更好地反映我們用於營運業務和評估我們規模化營運績效的指標。

Specifically starting with Q3 2026 disclosures, we'll continue to report the US and international DAUQ and WAUQ numbers as we've done historically, but we will no longer report logged in and logged out metrics. Between now and Q3, we will continue to report logged in and logged out metrics for the first two quarters of 2026.

具體來說，從 2026 年第三季揭露開始，我們將繼續像以往一樣報告美國和國際的 DAUQ 和 WAUQ 數據，但我們將不再報告登入和登出指標。從現在到第三季度，我們將繼續報告 2026 年前兩個季度的登入和登出指標。

Turning now to the outlook. We'll share our internal thoughts on revenue and adjusted EBITDA for the first quarter of 2026 as well as some additional thoughts on stock-based compensation. In the first quarter of 2026, we estimate revenue in the range of $595 million to $605 million, representing 52% to 54% year-over-year revenue growth with a midpoint of about 53%. Adjusted EBITDA in the range of $210 million to $220 million, representing approximately 82% to 91% year-over-year growth and an adjusted EBITDA margin of 36% at the midpoint. The Q1 guide implies a total adjusted cost base of $385 million, which would be down sequentially to Q4 expenses.

現在來看前景。我們將分享我們對 2026 年第一季營收和調整後 EBITDA 的內部看法，以及對股票選擇權激勵的一些其他想法。我們預計 2026 年第一季的營收將在 5.95 億美元至 6.05 億美元之間，年增 52% 至 54%，中位數為 53% 左右。調整後 EBITDA 預計在 2.1 億美元至 2.2 億美元之間，年增約 82% 至 91%，調整後 EBITDA 利潤率中位數為 36%。第一季業績指引意味著調整後的總成本基數為 3.85 億美元，比第四季支出有所下降。

I'll also share a thought on the full year stock-based compensation expenses. SBC was $387 million or about 18% of revenue in 2025. Similarly, in 2026, we're aiming for stock-based compensation to be in the high teens as a percentage of revenue. Similar to our historic revenue trends, we expect nominal SBC expenses to increase each quarter. We'll target dilution at the lower end of our medium-term guide of 1% to 3%.

我也會分享我對全年股票選擇權激勵費用的看法。2025 年 SBC 為 3.87 億美元，約佔營收的 18%。同樣，到 2026 年，我們的目標是使股票選擇權激勵佔收入的比例達到 10% 以上。與我們以往的收入趨勢類似，我們預計名義上的SBC支出將每季增加。我們將把稀釋目標設定在中期指導目標 1% 至 3% 的下限。

So overall, it was a strong finish to a solid 2025 for the company, and our attention now turns to 2026 as we continue to focus on converting our leading revenue growth and high margins into meaningful cash flow and returns for our shareholders. That concludes my comment. Let me turn the call back over to Steve.

總的來說，該公司在 2025 年取得了強勁的收官成績，為這一年畫上了圓滿的句號。現在，我們將目光轉向 2026 年，繼續致力於將領先的收入成長和高利潤率轉化為有意義的現金流，並為股東帶來回報。我的發言到此結束。讓我把電話轉回給史蒂夫。

Okay. Thanks, Drew. Normally here, we will take a couple of questions from the community. First, I want to acknowledge the r/redditstock community and their earnings call bingo card. I just want to confirm I will refer to everything bad as an opportunity because that's what they are. And Drew will use the word Corpus times. Thank you all of you. Okay. Question from the community. Why do a buyback instead of putting that money towards future growth and product initiatives instead?

好的。謝謝你，德魯。通常情況下，我們會在這裡回答社區提出的幾個問題。首先，我要感謝 r/redditstock 社群及其提供的財報電話會議預測卡。我只想確認一下，我會把所有不好的事情都看成是機會，因為它們本質上就是機會。而德魯會多次使用“Corpus”這個詞。謝謝大家。好的。來自社區的問題。為什麼不把這筆錢投入未來的成長和產品研發中，而要進行股票回購呢？

Yes. I'll take that one, Steve. I think the short answer is we can do all of our three capital priorities. That's the idea. The strategy here is really to return capital to our shareholders, and that's the right strategic decision for the company. I think if you look at your great companies, you're leading creators of total shareholder returns. It's obviously the revenue growth and the margin expansion that drives the bulk of it. But the good companies that are the leaders in TSR for their shareholders also have capital allocation strategies.

是的。我來做那個吧，史蒂夫。我認為簡而言之，我們可以完成所有三個資本優先事項。這就是我的想法。我們的策略實際上是向股東返還資本，這對公司來說是正確的策略決策。我認為，如果你看看你們那些偉大的公司，你會發現你們是股東總回報的領導創造者。顯然，營收成長和利潤率擴張是推動成長的主要因素。但那些在股東總回報率方面領先的優秀公司也都有資本配置策略。

And so this is a strategic move being made by the company to return capital to shareholders. Our priorities haven't changed, Steve. We've got three priorities here. First and foremost, it's investing in the business. Second, it's M&A. Third is share repurchase, where it makes sense. I think by the numbers, we now have $2.5 billion on the balance sheet in cash or very close to it. We want to keep of working capital on the balance sheet as it were of about $1 billion in cash. And so you now have an ability to do all three priorities, which we haven't had before.

因此，這是該公司為向股東返還資本而採取的策略性舉措。史蒂夫，我們的工作重點沒有改變。我們有三項優先事項。首先，這是對企業的投資。其次，是併購。第三種是股票回購，前提是這樣做是合理的。我認為從數字上看，我們現在的資產負債表上有 25 億美元的現金，或者非常接近這個數字。我們希望在資產負債表上保持約 10 億美元的現金營運資金。因此，你們現在有能力同時完成這三項優先事項，這是我們以前所沒有的。

Obviously, the business last quarter had a terrific quarter. Cash flow was $264 million. What you're seeing is the model is starting to inflect and you're seeing the model really shine. CapEx for the full year for this company is under $10 million. So you're really seeing the model start to throw off cash. And so I think that just gives us the ability to execute on all three dimensions. First priority investing in the business; second priority doing M&A where it makes sense. And then third, share repurchases, we'll be opportunistically in the market from time to time when it makes sense.

顯然，公司上個季度的業績非常出色。現金流為2.64億美元。你現在看到的是模型開始出現轉機，你看到的是模型真正開始展現光芒。該公司全年資本支出不足1000萬美元。所以你真的可以看到這個模式開始產生現金流了。所以我認為這讓我們能夠在所有三個維度上都取得成功。首要任務是投資企業；其次是進行適當的併購。第三，股票回購，我們會不時在市場時機適當時進行股票回購。

Great. Thanks, Drew. Thanks, Steve, Jen. Krista, let's please open up the line for questions from the folks there. Thank you.

偉大的。謝謝你，德魯。謝謝，史蒂夫，珍。克麗斯塔，我們來開通電話，接受那邊人士的提問吧。謝謝。

(Operator Instructions)

（操作說明）

Ron Josey, Citi.

Ron Josey，花旗銀行。

Maybe one for Steve on product and one for Jen on Reddit Max. So Steve, given the amount of commentary and focus on the consumer product work, I want to understand a little bit more based on what you've seen around the revamped onboarding as well as incorporating Answers in the web, just talk about early benefits maybe on the onboarding flow change around retention.

或許可以寫一篇關於產品的文章，給 Jen 寫一篇關於 Reddit Max 的文章。所以史蒂夫，鑑於目前對消費者產品工作的評論和關注度很高，我想根據你對改進後的註冊流程以及將 Answers 整合到網頁上的看法，多了解一些情況，談談在用戶留存方面，註冊流程的改變所帶來的早期好處。

And then on search and integrating search with Answers, any impact there -- talk about the impact of user experience. So that's on product.

然後是關於搜尋以及將搜尋與 Answers 集成，這方面會有什麼影響——談談用戶體驗的影響。這是產品方面的內容。

And then, Jen, you mentioned Reddit Max to be used for streamline onboarding. I'd love to see how you believe that might roll out throughout the year and if that -- and how that channel mix might evolve across Reddit's advertisers being large, medium and SMB? Thank you.

然後，Jen，你提到了Reddit Max可以用來簡化使用者註冊流程。我很想知道你認為這項計劃在今年會如何實施，以及——如果真的實施的話——Reddit 的廣告商（包括大型、中型和中小企業）的管道組合會如何演變？謝謝。

Okay. Thanks, Ron. Consumer products. So let's start with onboarding. We shipped a bunch of stuff in Q4. Some work, some did not, lots of learnings across the board. I'd say that the core thesis remains the same. streamlining that process does improve retention. I think we've got some interesting things about using LLMs to help triangulate users' interest. I think one of the other learnings also, I think, is pretty straightforward, bringing users into the feed faster requires the feed to be better. And so we'll be making pretty good investment into ML to improve that kind of cold start feed for new users. So I think lots of opportunity there and more to come.

好的。謝謝你，羅恩。消費品。那麼，我們先從入職培訓開始。我們在第四季度發貨了很多東西。有些方法奏效，有些則不然，但整體來說，我們學到了很多。我認為核心論點依然不變。簡化流程確實能提高留存率。我認為我們利用 LLM 來幫助確定用戶興趣方面有一些有趣的發現。我認為另一個重要的經驗教訓也很簡單明了：要更快地吸引用戶進入資訊流，資訊流本身就需要更好。因此，我們將對機器學習進行相當大的投資，以改善新用戶的冷啟動體驗。所以我認為那裡有很多機會，而且未來還會有更多機會。

And then on search, yes, we did bring the search bars together for the most part. So you're on the search bar, you can go in and ask. And then if you run a traditional search, we'll often pop an answer there. Reddit Answers queries, I believe, were up from 1 million to 8 million -- 15 million, excuse me. Thank you, Jesse. 1 million to 15 million queries over the last year and then 60 million to 80 million overall search queries. So we're seeing nice growth there.

至於搜尋功能，是的，我們基本上已經將搜尋列合併在一起了。所以，既然你在搜尋欄裡，你就可以進去提問了。然後，如果您進行傳統搜索，我們通常會在那裡顯示答案。我記得Reddit Answers的查詢量從100萬增加到了800萬——不，應該是1500萬。謝謝你，傑西。過去一年裡，搜尋量在 100 萬到 1500 萬次之間，而整體搜尋量則在 6,000 萬到 8,000 萬次之間。所以我們看到那裡的成長勢頭良好。

And then as I mentioned in my remarks, we're going to continue to invest in Answers. And I think where this is going is we'll just handle more and more queries with Answers because it's more -- lets us respond in a more flexible way to the kind of wide range of things that users ask. Okay. And then Jen, the question to you was.

正如我在演講中提到的，我們將繼續投資 Answers。我認為未來的發展趨勢是，我們將使用 Answers 處理越來越多的查詢，因為它能讓我們以更靈活的方式回應用戶提出的各種各樣的問題。好的。然後，Jen，我想問你的問題是：

Yes, on Reddit Max.

是的，在Reddit Max上。

Reddit Max.

Reddit Max。

Yes. So thanks for the question. So right now, we're in the process of converting our lower funnel advertisers into Reddit Max. Obviously, there are thousands of advertisers that need to be converted. That's an effort. So that's where we're focused first for existing customers to have that experience. They're very familiar with Reddit.

是的。謝謝你的提問。所以目前，我們正在將漏斗底部的廣告客戶轉換為 Reddit Max 用戶。顯然，有成千上萬的廣告商需要轉換。那也算是一種努力。所以，這是我們首先關注的重點，就是如何讓現有客戶獲得這種體驗。他們對Reddit非常熟悉。

And then -- so I'd say it's still quarters out to really start to do the new onboarding of new advertisers on because we're so focused on conversion right now. But if I pull up, I think Reddit Max will make onboarding easier. I think it will drive productivity and performance gains for folks coming into the lower funnel for the first time and get that -- the benefits to creative and the optimization. So I think this is -- we think this will take out more friction and help us continue with our acquisition growth.

所以我覺得，距離真正開始引入新廣告商還有幾個季度的時間，因為我們現在非常專注於轉換率。但如果我啟用Reddit Max，我認為它會讓新用戶更容易上手。我認為這將提高首次進入銷售漏斗下層人員的生產力和績效，並讓他們獲得創造力和優化方面的好處。所以我認為——我們認為這將減少更多摩擦，並幫助我們繼續推動收購成長。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Steve, in the letter, you spoke about Reddit being a source for humans. But I'd be curious to hear your thoughts on AI-generated content on the platform. How do you see that evolving from here? Could it ultimately prove additive and support engagement in certain instances? Just interested to hear your thoughts there.

偉大的。史蒂夫，你在信中提到Reddit是人類的資訊來源。但我很想聽聽您對該平台上人工智慧生成內容的看法。你認為接下來會如何發展？它最終能否在某些情況下起到促進作用並提高參與度？很想聽聽你的看法。

And then secondly, in a world where we're moving closer and closer to potentially going to agent e-commerce, I'd love to feel and sort of -- I love to sort of hear how you think you're positioned, right? I mean, I can imagine the value of your data or your content goes up dramatically. But how do you think about the impact to users, contribution rates and certainly the ad side of the business? Thank you.

其次，在我們越來越接近代理商電子商務的世界裡，我很想感受一下——我很想聽聽你認為自己的定位是什麼，對吧？我的意思是，我可以想像你的數據或內容的價值會大幅提升。但您認為這會對使用者、貢獻率以及廣告業務方面產生什麼影響？謝謝。

Thanks, Benjamin. Okay. So first question, AI-generated content, how do we think about it? Could it be additive? Well, look, depending on how you look at it, right, machine translation is AI-generated content. So there's certainly a role for using AI to communicate better, right? We do that. Our users do that.

謝謝你，班傑明。好的。那麼第一個問題，關於人工智慧生成的內容，我們該如何看待它？會不會是添加物？嗯，你看，從某個角度來看，機器翻譯就是人工智慧生成的內容。所以，利用人工智慧來改善溝通肯定是有幫助的，對吧？我們這樣做。我們的用戶就是這樣做的。

I think there's also a version of this where there's a -- we see more and more of this, I think, just on the Internet, right, people write with AI. And I think we're going through this transition right now. In my opinion, it's kind of annoying, but there's still a human behind the prompt. And then there's like full like bot-like behavior.

我認為還有一種情況是——我們在網路上越來越頻繁地看到這種情況，對吧，人們用人工智慧寫作。我認為我們現在正處於這種轉型期。我覺得這有點煩人，但至少提示背後是真人。然後還有完全像機器人一樣的行為。

The latter, we don't want on Reddit. And to the extent that there is automated uses of Reddit, we want those basically to be part of our developer program apps. And so we do see things like this on Reddit, like the -- RemindMeBot and the Haiku bot and things like that.

我們不希望後者出現在Reddit。而且，如果 Reddit 有自動化使用，我們希望這些自動化使用基本上都成為我們開發者計畫應用程式的一部分。因此，我們在 Reddit 上確實看到了類似的東西，例如 RemindMeBot 和 Haiku bot 等等。

So I think the answer to questions like the use for Reddit is almost always in transparency and intentionality. At the end of the day, Reddit is for humans to talk to other humans. And so to the extent that there's anything automated or generated, that needs to be very well labeled. It doesn't mean we have to outlaw entirely. It just needs to be marked as what it is because there are times, when it's helpful. Okay. Jen, the question to you is Agentic Commerce and how we think about that.

所以我認為，像Reddit的用途這類問題的答案幾乎總是在於透明度和意圖。歸根究底，Reddit 是供人與人交流的平台。因此，凡是自動化或生成的，都需要貼上非常清晰的標籤。但這並不意味著我們必須完全取締。只需要標明它是什麼，因為有時候這樣做很有幫助。好的。Jen，我想問你的問題是：代理商務以及我們如何看待它？

Sure. Look, I think Reddit is very well positioned for the changes in ever-evolving consumer decision journey and very well positioned for what's coming in agentic commerce. Reddit is the point of trusted recommendations. It's where the human, who actually has to deploy resources and make decisions is actually searching for what it is that they're interested in buying.

當然。我認為，Reddit 已經做好充分準備，迎接不斷變化的消費者決策過程，並迎接智慧商務領域的未來發展。Reddit是值得信賴的推薦平台。在這裡，真正需要投入資源和決策的人類，實際上是在尋找他們想要購買的東西。

I think the layer after that, which is when you do the price comparison and when you do the last click and the execution of that could be commoditized, frankly, because that's where the agent will get the job done. But the human -- the last point of decision-making of what to buy and allocating resources is at the recommendation, and Reddit has the best recommendations for products and services, and that's present on Reddit and in our partnerships with LLM.

我認為之後的那一層，也就是進行價格比較、最後一次點擊以及執行的環節，坦白說是可以商品化的，因為那是代理商完成工作的地方。但是，最終決定購買什麼和分配資源的是人——也就是用戶推薦，而 Reddit 擁有最好的產品和服務推薦，這一點在 Reddit 上以及我們與 LLM 的合作中都有體現。

So I think we're really well positioned because marketers are always going to want to talk to the customer and the customer is going to be the ones who deploy the resources and make those decisions. And that position is very, very important for all marketers and I think for any business.

所以我認為我們處於非常有利的地位，因為行銷人員總是希望與客戶溝通，而客戶才是部署資源和做出決策的人。這個立場對於所有行銷人員來說都非常非常重要，我認為對於任何企業來說也是如此。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Thanks very much. Good afternoon, everyone. Steve, can you talk about the monetization opportunity with logged out users? Does removing the reporting distinction imply monetization can come closer to parity between logged in and logged out? And maybe you could just talk about the mechanisms to get there, if so?

非常感謝。大家下午好。史蒂夫，你能談談如何利用未登入用戶來獲利嗎？取消報告方式的區分是否意味著登入狀態和未登入狀態之間的獲利能力可以更接近平等？如果可以的話，或許你可以談談實現目標的機制？

Thank you.

謝謝。

I can take that. So look, logged-in users and log-out users both see ads. And on an impression basis, the value of those impressions is the same. There's actually no differential between them. The real differential is around engagement. So our strategy is to increase engagement, right? So what we want is the weekly users that we have to become daily users. And we don't want having to be logged in to be a criteria for personalization to get a better Reddit experience.

我可以接受。所以你看，登入用戶和未登入用戶都能看到廣告。從曝光量來看，這些曝光量的價值是相同的。實際上它們之間沒有任何區別。真正的差別在於參與度。所以我們的目標是提高用戶參與度，對嗎？所以我們希望將每週活躍用戶轉換為每日活躍用戶。我們不希望登入成為獲得更好 Reddit 體驗的個人化條件。

And that's why this change to remove the logged-in, logged out metric because it will be blurred. It's about this creation of increasing the engagement. And as the -- what I say, the logged-out user gets a more personalized experience and increases engagement, that's where you can get more value because every -- you'll be able to see more impressions with that engagement. So the opportunity is in engagement via those product improvements that Steve talked about.

因此，我們做出這項更改，移除已登入/已登出指標，因為它會變得模糊不清。關鍵在於如何提高用戶參與度。正如我所說，未登入使用者可以獲得更個人化的體驗並提高參與度，這才是你能獲得更多價值的地方，因為每一次參與都能帶來更多曝光。所以，機會在於透過史蒂夫提到的那些產品改進來吸引用戶。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great, thank you. Maybe a couple. Steve, just wondering if you could talk a little bit about the AI deals with Google and OpenAI. How are they using their data? And do you think it's really growing in importance for their models? And second, you kicked it off with some comments on bots. Do you expect any user impact? Or is there any revenue opportunities around verification? Thank you.

太好了，謝謝。或許是一對。史蒂夫，我想問你是否可以談談你與Google和OpenAI的AI合作專案。他們如何使用這些數據？你認為這對他們的模型來說真的越來越重要了嗎？其次，你先發表了一些關於機器人的評論。您預計會對用戶造成任何影響嗎？或者說，驗證方面是否存在任何獲利機會？謝謝。

Okay. So on -- thanks, Justin. So on the AI deals, really our partnerships with Google and OpenAI. I think we can see the growing importance of Reddit. Reddit Profound is the number 1 cited source in AI answers. Our relationships with both companies are very healthy. The conversation is shifting from a purely business deal to more of a product partnership.

好的。就這樣——謝謝你，賈斯汀。所以在人工智慧交易方面，我們真正與Google和 OpenAI 建立了合作關係。我認為我們可以看到Reddit的重要性日益增長。Reddit Profound 是人工智慧答案領域中引用率最高的來源。我們與這兩家公司的關係都非常良好。對話正從純粹的商業交易轉向產品合作。

And so I think the exchange will be we help you build the best version of your products and you help us build the best version of our products. Specifically, what we're looking for in any relationship like this is can we bring users into the community parts of Reddit, right? Reddit's product is human connection, it's conversation, it's communities. And we want to bring users into that experience on Reddit that, of course, generates more conversation and makes that whole kind of partnership flywheel work better. So that's where our headset right now, but both relationships are great.

所以我認為，雙方的合作方式將會是：我們幫助你們打造最好的產品版本，你們也幫助我們打造最好的產品版本。具體來說，我們在這種關係中尋求的是能否將用戶引入 Reddit 的社群部分，對嗎？Reddit 的產品是人與人之間的聯繫，是對話，是社群。我們希望將用戶帶入 Reddit 的這種體驗中，這當然會引發更多對話，並使整個合作良性循環更好地發揮作用。這就是我們目前使用耳機的情況，但兩段關係都很好。

On things like bots, no user impact. We remove and have for the lifetime of this company, anything that we believe is a bot, we remove from our users before we share anything. But we do see more and more agentic usage of Reddit, specifically, somebody might be writing a comment with ChatGPT and that sort of thing. There is a culture of labeled bots on Reddit already. So this is what I mentioned before, the RemindMe bot, the Haiku bot, some things like that.

對於機器人之類的東西，不會對使用者造成影響。本公司一直以來都堅持，任何我們認為是機器人的內容，在分享給用戶之前，都會先從用戶那裡刪除。但我們確實看到越來越多的人主動使用 Reddit，具體來說，有人可能會使用 ChatGPT 之類的工具來撰寫評論。Reddit 上已經存在一種帶有標籤的機器人文化。這就是我之前提到的，提醒機器人、俳句機器人等等。

And I think with the Reddit developer program, there's more opportunities to expand the functionality of Reddit. But that means that those sorts of interactions need to be well labeled. But the default assumption on Reddit has been and should be that you're talking to humans because that's what Reddit is for is people talking to people.

我認為，透過 Reddit 開發者計劃，我們將有更多機會擴展 Reddit 的功能。但這意味著這類互動需要被明確標示。但Reddit的預設假設一直是（也應該是）你是在和真人交流，因為Reddit的用途就是人與人之間的交流。

The AI version of this challenge is just a new chapter in this challenge. We've seen this sort of challenge, right, which STEM in general really is what we're talking about. The STEM challenge has been something we've been fighting for two decades on Reddit. So this is really an evolution of that challenge, which we'll continue to stay vigilant on.

人工智慧版本的挑戰只是這項挑戰的新篇章。我們已經看到了這種挑戰，對吧？而我們真正要討論的，正是整個 STEM 領域面臨的挑戰。在Reddit上，我們已經為STEM領域的挑戰奮鬥了二十年。所以這實際上是這項挑戰的演變，我們將繼續保持警惕。

John Colantuni, Jeffries.

約翰‧科蘭圖尼，傑弗里斯。

Okay. Two. As you've seen more users engaging with Reddit Answers and Search, I'm curious how you've seen that impact monetization in the near and long term with your ad products within Search still at nascent stages. And number 2, Jen, you mentioned pricing has been a driver of revenue growth. I was wondering if you could put a finer figure on how much pricing contributed to revenue.

好的。二。隨著越來越多的用戶使用 Reddit Answers 和搜尋功能，我很好奇您認為這會對搜尋廣告產品的短期和長期盈利產生怎樣的影響，畢竟搜尋廣告產品目前仍處於起步階段。第二點，Jen，你提到定價一直是收入成長的驅動因素。我想知道您能否更精確地估算定價對收入的貢獻程度。

And as you think about what drove pricing, I'd be curious to get your perspective if pricing's contribution will remain low or start to grow over time and how you see that impacting advertiser adoption if your pricing starts to converge with other platforms?

在您思考定價因素時，我很想知道您認為定價的貢獻會保持較低水平還是會隨著時間的推移而增長，以及如果您的定價開始與其他平台趨同，您認為這會對廣告商的採用產生什麼影響？

Sure. Okay. So the first one was about Answers and Search. Those are services where we don't have monetization on, but obviously is an enormous market and opportunity for us. The behavior of searching, both navigational and Agentic, right now seems incremental and additive to the existing engagement.

當然。好的。所以第一部分是關於答案和搜尋的。這些服務我們目前還沒有實現盈利，但顯然對我們來說是一個巨大的市場和機會。目前，無論是導航式搜尋還是智慧搜索，其行為似乎都是對現有用戶參與度的漸進式和附加式提升。

And so that's great because that's an opportunity for us to have another touch point and a very specific touch point that often has a shopping lower funnel, high intent converting mindset to it. So it's something that we're really excited about. And I think that opportunity is ahead of us, but it's incremental to our opportunity today.

所以這很棒，因為這給了我們一個機會，讓我們能夠擁有另一個接觸點，一個非常具體的接觸點，通常具有購物漏斗底部、高意圖轉換的思維模式。所以，我們對此感到非常興奮。我認為這樣的機會就在前方，但它只是我們今天所擁有的機會的漸進式提升。

The next is a question about pricing. So we don't break out impressions and pricing numerically, but it was a growth driver. What's driving pricing is our strategy, right? So our strategy is to make every impression more valuable by delivering more hard marketing outcomes per impression to our advertisers, increasing the click-through rate and response rate, so we have more traffic to advertisers for research and consideration, more conversions, more app installs, more in-app events, right? And so that's what's driving the competition and the pricing is the value of those outcomes.

接下來是關於定價的問題。因此，我們沒有對曝光量和定價進行具體數字分析，但這確實是成長的驅動因素。定價策略決定了我們的決策，對吧？因此，我們的策略是透過為廣告主每次展示帶來更多切實有效的行銷成果，提高點擊率和回應率，從而使每次展示更有價值，這樣我們就能為廣告商帶來更多流量進行研究和考慮，帶來更多轉換、更多應用程式安裝、更多應用程式內事件，對嗎？因此，這就是競爭的驅動力，而定價則取決於這些結果的價值。

Now obviously, when you increase -- when pricing increases, it's a result of the demand for those outcomes. And what matters is the ROAS equation. It's the return on ad spend. So if am I getting a high LTV quality user, is that customer incremental to what I had. So the measurement piece becomes very important in supporting those games. And that's why measurement has been a big focus for us is constantly demonstrating the unique value of Reddit.

很顯然，當價格上漲時，這是由於對這些結果的需求增加所致。真正重要的是ROAS方程式。這是廣告支出回報率。所以，如果我獲得了一個高LTV（終身價值）的高品質用戶，那麼這個客戶是否是我現有客戶以外的新增客戶？因此，測量環節對於支援這些遊戲至關重要。因此，衡量指標一直是我們的重點，我們不斷努力證明 Reddit 的獨特價值。

You're getting incredible marketing outcomes with great -- with improving returns from all the ML and signals work. And that's actually what's driving our strategy in driving the success of the marketplace.

透過機器學習和訊號分析，您獲得了令人難以置信的行銷成果，並且回報率不斷提高。而這正是我們推動市場成功的策略驅動力。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

I got a couple. So first, on Reddit Search, Steve, when I click on the small magnifying glass, I see the new experience, where it kind of dynamically expands across the screen and I've got the ask button as an option. But Search overall is still this like little magnifying glass in the upper right corner.

我買了幾個。首先，在 Reddit 搜尋中，史蒂夫，當我點擊小放大鏡圖標時，我看到了新的體驗，它會動態地擴展到整個螢幕，並且我可以看到「提問」按鈕作為選項。但搜尋功能整體上仍然像右上角的小放大鏡。

I'm wondering, as you think about sort of the starting point or how you think about using the homepage real estate, specifically on the app, to make it more, especially as you've improved the search experience, and it seems like such a key part of -- in terms of the growth of usage, how do you make it more visually focused on by consumers from a homepage standpoint over the course of 2026?

我想知道，當您思考如何利用主頁空間，尤其是在應用程式上，使其更具吸引力時，特別是考慮到您已經改進了搜尋體驗，而主頁空間似乎是用戶成長的關鍵部分，那麼在 2026 年，您如何從主頁的角度讓消費者更加關注它？

And then just a follow-up on the commentary you had around Google and OpenAI in terms of like the renewal or the -- how you're talking about them in terms of more of a partnership going forward. The way that these companies sort of cite not just you, but everybody on the Internet is they paraphrase the content and then they put a little circle with a number and you can sort of click to get more information from where the sources are.

然後，我想就您之前對 Google 和 OpenAI 的評論，例如續約或——您是如何談論它們未來更緊密的合作關係的。這些公司引用內容的方式，不僅限於你，而是引用網路上的所有人，他們會改寫內容，然後在內容旁邊放一個帶有數字的小圓圈，你可以點擊查看更多資訊來源。

How do you -- like if you could wave a magic wander on your blackboard, like what do you want it to look like so that you have a way to drive people more deeply into the Reddit conversational content?

如果你能像變魔術一樣在黑板上揮動筆，你想讓它看起來是什麼樣子，才能引導人們更深入地參與 Reddit 的對話內容？

Okay, Rich, thanks. On the search bar, you are in one of the variants. There's another variant, the one that I happen to be in, has a big fat search bar at the top. So you can go on the natural journey or if you want to follow up after, I can put you in the big search part variant. But anyway, we're testing lots of things there. I like the bigger one.

好的，里奇，謝謝。在搜尋欄中，您目前處於其中一個變體中。還有另一個版本，我碰巧用的是這種，頂部有一個很大的搜尋欄。所以你可以順其自然地探索，或者如果你想繼續深入，我可以把你放到大型搜尋部分。總之，我們在那裡測試了很多東西。我喜歡大的那個。

On Google and OpenAI, how we feel about the citations, look, I think there's a lot of movement there. If I could wave a magic wand, I think what we really want is to say I go to some other platform, I say, what's the best speaker, Reddit helps you get a few options for what the best speaker is. I'd like to make that user aware, hey, you can go to the audio file community and talk to other speaker geeks.

關於Google和 OpenAI，我們對引用的看法，我認為這方面有很多變化。如果我能揮舞魔法棒，我想我們真正想要的是，當我訪問其他平台時，我會說，哪個演講者最好，Reddit 可以幫助你找到幾個最佳演講者的選項。我想讓這位用戶知道，嘿，你可以去音訊檔案社群和其他揚聲器愛好者交流。

I think that's the sort of thing that really differentiates Reddit and would be additive to that user's experience. But there's so much movement in both of these products. The other part of my brand, I just have some empathy for product people who are moving really, really fast. So we're in close connection with them. Relationships are healthy. Obviously, there's a lot of movement there, and I expect they will continue to be. But we'll continue, I think, to evolve together through this. Thanks.

我認為這正是Reddit的獨特之處，也能提升使用者體驗。但這兩款產品都蘊含著巨大的變化。我品牌理念的另一部分是，我對那些行動非常非常迅速的產品人員抱持著一些同理心。所以我們與他們關係密切。良好的人際關係。顯然，那裡有很多動態變化，而且我預計這種變化還會繼續下去。但我認為，我們會繼續共同進步。謝謝。

Vasily Karasyov, Cannonball Research.

Vasily Karasyov，Cannonball 研究公司。

I wanted to follow-up on what you said earlier about the new advertising solutions across the funnel that you're launching. So it seems like brand and performance growth rates in '25 converged and yet in '24, performance was outgrowing brand by a lot, 2 to 3 times, right? So given all the solutions you're launching, DPA, Max and so on, should we expect performance to outgrow brand again given the brand has tougher comps, too? Or are there any solutions on the brand side that should offset that? Thank you very much.

我想就您之前提到的即將推出的貫穿整個行銷漏斗的新廣告解決方案進行後續詢問。所以看起來 2025 年品牌和業績的成長率趨於一致，然而在 2024 年，業績的成長速度卻遠遠超過了品牌，是品牌成長率的 2 到 3 倍，對嗎？鑑於你們推出的所有解決方案，例如 DPA、Max 等等，考慮到該品牌也面臨更激烈的競爭，我們是否應該預期性能會再次超越品牌？或者品牌方面是否有任何解決方案可以抵消這種影響？非常感謝。

Yes. Thanks for asking. We are a full funnel solution. So that's -- Reddit delivers value for marketers from the top to the bottom of the funnel. And brand is absolutely a piece of that full funnel solution. We've actually been investing in brand as well. And when I think about 2026, it's an area we'll continue investing in. So the first is around Reddit unique experiences. So I mentioned the interactive ads that we started to test in Q4. I think there's a nice road map there for high-impact engagement, engaging ad units that are Reddit unique.

是的。謝謝你的提問。我們提供全通路解決方案。所以說——Reddit 為行銷人員從銷售漏斗的頂端到底端都提供了價值。品牌絕對是整個行銷漏斗解決方案中不可或缺的一部分。我們其實也一直在品牌建立方面進行投資。展望2026年，我們將繼續在這個領域進行投資。首先，我們來談談Reddit的獨特體驗。所以我提到了我們在第四季開始測試的互動廣告。我認為這裡有一個很好的路線圖，可以實現高影響力互動，打造Reddit獨有的吸引人的廣告單元。

The second is, last year, we invested in video in deeper video views and video view optimization. And I think we're going to go deeper on that. For video-forward advertisers, they can run campaigns on Reddit for maybe even longer video length is something we're interested in.

第二點是，去年我們投資了視頻，進行了更深入的視頻觀看和視頻觀看優化。我認為我們還要對此進行更深入的探討。對於以影片為主的廣告商來說，他們可以在 Reddit 上投放廣告活動，我們甚至對更長的影片長度很感興趣。

And then just raw optimization and automation. We want to get auto bidding adopted broadly. We're going to work on things like auto targeting and some of those optimizations that we have at the lower funnel, we want to do for the brand experience.

然後就是純粹的優化和自動化。我們希望自動競價技術廣泛應用。我們將致力於自動定位等功能，以及我們在銷售漏斗底部進行的一些優化，我們希望將其應用於品牌體驗。

And then finally, measurement is another area that's really important to us. We're going to be really focused on the MMM measurement partners and demonstrating Reddit brand value. So yes, there'll be work in brand. Again, we're a full funnel solution. We care about delivering value across every piece.

最後，測量也是我們非常重視的另一個領域。我們將重點關注 MMM 測量合作夥伴，並展示 Reddit 的品牌價值。所以，是的，品牌領域會有工作機會。再次強調，我們提供的是全通路解決方案。我們注重在每一件產品中都體現價值。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Jen, just can you elaborate a bit more, maybe help us understand around the progress as far as hiring, training, sales and support to catch up with basically what seems like more advertiser demand than you can handle. So just I guess, how long does it take to catch up? And just kind of where are you in that journey? And just any other color you want to share?

Jen，可以再詳細說明一下嗎？或許可以幫助我們了解在招募、培訓、銷售和支援方面取得的進展，以便應對似乎超出你們處理能力的廣告商需求。所以我想問一下，大概要多久才能趕上？那麼，你目前處於這段旅程的哪個階段呢？還有其他顏色想分享嗎？

Sure. Yes. I mean, look, we have a process by which we continually invest in our sales force, and we continually work on their productivity as well through tools and technology. And when we see an opportunity, I mean, the ROI is so high that we'll invest behind new verticals, new geographies, expanding channels.

當然。是的。我的意思是，你看，我們有一套流程，透過這套流程，我們會不斷投資我們的銷售團隊，並透過工具和技術不斷提高他們的生產力。當我們看到機會時，我的意思是，投資報酬率非常高，我們會投資新的垂直領域、新的地域、拓展管道。

So something that we do, frankly, all the time. There is -- maybe behind the question there's is like, could you grow faster if you added more resource or something like that? I think, again, all of this is -- there's a process by which you take these products to market and customer digestion and adoption. That's just the reality.

坦白說，這是我們一直在做的事情。這個問題背後可能隱藏著這樣的問題：如果增加更多資源，成長速度會不會更快？我認為，這一切，歸根結底，都是一個將這些產品推向市場，並讓客戶消化和接受的過程。這就是現實。

And we have -- you can see we have so much going on in our road map across the funnel in terms of new products and Services as an Adoption. I think the team is doing a great job shouldering something like CAPI that doesn't drive revenue today, while also servicing marketers' needs in the marketing platform.

您可以看到，我們在產品路線圖中，從新產品和服務的採用到整個管道，都做了很多事情。我認為團隊在承擔像 CAPI 這樣目前無法帶來收入的業務方面做得非常出色，同時也能滿足行銷平台中行銷人員的需求。

So we really are very thoughtful about that digestion. I think six quarters of 60% growth, like we are fueling this business as much as we can, and we're always looking for opportunities to do it more. I don't know if you add anything, Drew.

所以我們對消化問題確實考慮得很周全。我認為連續六個季度 60% 的成長，說明我們正在盡最大努力推動這項業務發展，我們一直在尋找機會來進一步發展。我不知道你是否補充了什麼，德魯。

No, I think that's right. I think there's a really good partnership. And I think you're talking about -- are we chasing demand? I mean at times, but it's really about the enablers, like we really got to work cross-functionally. But Jen and I are looking at it, we're meeting multiple times a month on this very topic. And when we see an opportunity, I mean, it really behooves us to go and make investments, especially with the margin profile that we have here.

不，我覺得是對的。我認為我們之間建立了非常好的合作關係。我想你指的是──我們是否在追逐需求？我的意思是，有時候是這樣，但關鍵在於推動者，例如我們真的需要跨部門合作。但我和Jen正在研究這個問題，我們每個月都會就此主題會面好幾次。當我們看到機會時，我的意思是，我們真的應該去進行投資，尤其是考慮到我們目前的利潤率狀況。

It's really easy to make these investments. It's getting 3 to 6 times our return out in one calendar year. Like you can really -- and I love the fact that it's immediate returns and easy to track. You added this calendar, you can see the sales in this geography or vertical. So anyway, we're really pleased with it. It's really the enablers and sometimes the enablers in our control and sometimes we're waiting for customers on some of the enablers.

進行這些投資真的很容易。它在一個日曆年內就能獲得我們投資回報的 3 到 6 倍。真的可以做到——而且我喜歡它能立即產生回報並且易於追蹤這一點。您已新增此日曆，可以查看此地區或行業的銷售情況。總之，我們對此非常滿意。關鍵在於促成因素，有時這些促成因素在我們掌控之中，有時我們則需要等待客戶提供一些促成因素。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

I wanted to ask a little bit about the large advertiser category, kind of where you are with respect to wallet share and kind of how much headroom you think there is with some of these large advertisers? Obviously, you're having great momentum bringing on a bunch of advertisers, but kind of interested in that segment specifically.

我想問一下關於大型廣告商這個類別的問題，你們在廣告份額方面處於什麼位置，以及你們認為在這些大型廣告商中還有多少提升空間？顯然，你們發展勢頭強勁，吸引了大量廣告商，但我對這個細分市場特別感興趣。

And then with respect to the outlook for Q1, I think going back to last quarter, you erred a little bit conservative because of some of the tariff dynamics. Is there anything to be mindful of just with respect to the broader environment relative to Q1? Thank you.

至於第一季的展望，我認為回顧上個季度，由於一些關稅動態，你們的預測可能有點過於保守了。就第一季而言，在更廣泛的環境下，有哪些需要注意的地方？謝謝。

Sure. I can take the first one on the large customers. So from a share perspective, I think that there's opportunity to go deeper with these partners when I look at it. Some often start with us in the US territory, but can become global partners and some are just still mid-flight in that journey.

當然。我可以先從大客戶接手。所以從股份的角度來看，我認為有機會與這些合作夥伴進行更深入的合作。有些合作夥伴最初在美國境內與我們合作，但後來發展成為全球合作夥伴，而有些合作夥伴目前仍處於發展歷程中。

I think the other is some of these large customers, they have like a portfolio of 100 different brands, and we still haven't penetrated all those brands. It's still in the minority percentage that we've covered at this point. So there's a lot more ground to cover in terms of the LOBs and the lines of business.

我認為另一個原因是，有些大客戶擁有多達 100 個不同的品牌，而我們還沒有滲透到所有這些品牌中。它仍然只占我們目前所討論的少數群體。因此，在業務線和業務分支方面，還有很多工作要做。

And then finally, I'll say, with the large customers, we've typically started at the top of the funnel in a lot of cases, and the opportunity is to move into the lower funnel. A lot of the lower funnel group is actually fueled by the scaled segment, more and more by the large customer segment, but that's still an opportunity for us.

最後，我想說，對於大客戶，我們通常都是從銷售漏斗的頂端開始的，很多時候，機會在於如何進入銷售漏斗的下層。許多處於銷售漏斗下層的客戶群實際上是由規模化客戶群推動的，而且越來越是由大客戶群推動的，但這對我們來說仍然是一個機會。

And some of the reasons why is just because laying down CAPI and some of that infrastructure for lower funnel just takes a little longer with larger advertisers. We're making good progress, but there's still headroom there. So I mean these advertisers are massive. And we're still, I think, scratching the surface in terms of our opportunity given the footprint of Reddit that keeps growing 20% year-over-year really steadily.

部分原因是，對於大型廣告主而言，建立 CAPI 和一些用於轉換漏斗底部的基礎設施需要更長的時間。我們取得了不錯的進展，但仍有提升空間。我的意思是，這些廣告商規模非常龐大。我認為，鑑於 Reddit 的用戶規模每年都在穩定成長 20%，我們目前所面臨的機會只是冰山一角。

Josh, on the guide, let me give you a couple of kind of pieces of information. Let me specifically address your question, like what's different? Is there anything different in the first quarter.

喬希，關於這份指南，我給你一些資訊。讓我具體回答你的問題，例如有什麼不同？第一季有什麼不同嗎？

Look, I think the guide that we gave for this quarter of 52% to 54%, very similar to the last couple of quarters. We've been in the kind of the low to mid-50% range in Q3 and Q4. So very similar kind of profile on the guide. I think the double-click on the quarter itself is we were pretty strong from start to finish in Q4. Like we had a good October. We had a good November, we had a good December. Like it was a good quarter for us. So we end with momentum in the business.

你看，我認為我們本季給出的 52% 到 54% 的指導目標，與過去幾個季度非常相似。第三季和第四季，我們的佔比一直維持在 50% 左右。所以，指南上的介紹類型非常相似。我認為本季最大的亮點在​​於，我們在第四季從頭到尾都表現得非常強勁。感覺我們度過了一個美好的十月。我們11月過得不錯，12月也過得不錯。感覺這季對我們來說是個不錯的季度。因此，我們以業務發展動能作為結尾。

I think on the margin, on the forecasting side, we still ran around quarter with work to do. We still have 40% to 50% of our orders to write in quarter. I think specifically to your question, in the first quarter, your business comes a little bit later. March tends to be your biggest month. And so you got to make March happen and that for us in a lot of cases, can happen intra-quarter.

我認為從預測的角度來看，我們本季仍然有很多工作要做。本季我們還有 40% 到 50% 的訂單要處理。我認為具體來說，針對你的問題，在第一季度，你的業務進展會稍晚。三月通常是你業績最好的月份。所以你必須確保三月的目標能夠實現，而對我們來說，在許多情況下，這可以在一個季度內實現。

That's really the only dynamic on the margin. But overall, very similar guide to the last couple of quarters, and there was momentum as we were leaving the fourth quarter kind of toward the holiday season. Does that make sense?

這就是邊緣地帶唯一的動態因素。但總體而言，與過去幾季的指導方針非常相似，而且隨著第四季度接近假期，市場勢頭強勁。這樣說得通嗎？

Naved Khan, B. Riley Securities.

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

I have a two-part question, if I may. So maybe just on the user marketing, I'm curious how you're looking at the ROI on the user marketing spend? And what are your thoughts on scaling this further as we enter 2026? And then the other question I have is just on the M&A, Drew, you mentioned it includes even scale acquisition scale capabilities. And I'm just thinking what kind of what these might be. So just any color would be helpful. Thank you.

如果可以的話，我有一個包含兩個部分的問題。所以，就用戶行銷而言，我很好奇您是如何看待用戶行銷支出的投資報酬率的？展望2026年，您對進一步擴大規模有何看法？德魯，我的另一個問題是關於併購的，你提到它甚至包括規模收購能力。我只是在想這些會是什麼樣的東西。所以任何顏色都可以。謝謝。

Sure. Let me take that. On the ROI side, I mean, pretty consistent with how others are modeling it. We're looking at the costs for particular advertising, and then we're looking at the users that we're bringing in and then we're looking at a retention curve.

當然。讓我來拿吧。就投資回報率而言，我的意思是，它與其他人採用的建模方法相當一致。我們正在研究特定廣告的成本，然後研究我們帶來的用戶，最後研究用戶留存曲線。

Pretty similar to, I think, how other companies look at it. I think the longevity of our model tends to be a little kinder than most because of the high gross margins that a user can bring here at Reddit. But overall, pretty linear model, really valuing on sort of the income statement basis, what's the value that it creates and a pretty straightforward ROI payback in a relatively short period of time.

我認為，其他公司看待這個問題的方式也大致相同。我認為，由於用戶在 Reddit 上能帶來較高的毛利率，我們的模式比大多數模式的壽命要長一些。但總體而言，這是一個相當線性的模型，實際上是根據損益表來評估價值的，看它創造了什麼價值，以及在相對較短的時間內獲得相當直接的投資回報率。

So not a whole lot different than most of the other models that you may see in the business. I think we do have a little bit of an advantage because of the high gross margin. So the revenues that we are able to bring in with the user do give us a little bit better ability to pay back.

所以它與你在業內可能看到的大多數其他型號並沒有太大區別。我認為我們確實有一些優勢，因為我們的毛利率很高。因此，我們從用戶那裡獲得的收入確實讓我們更有能力償還貸款。

Okay. On the second one, on the M&A side, look, what I'm trying to say there is we continue to look at a lot of opportunities. I probably wouldn't overthink the scaled opportunities. I would just look at it as sort of a spectrum of opportunities. We're looking at capabilities. We're looking at companies, looking at technologies. I think we've been successful here tucking in a number of technologies. It actually kind of relates to Jason's question a couple of minutes ago. It's really been one of the secrets of our success on the revenue side.

好的。第二點，在併購方面，我想說的是，我們仍在繼續尋找很多機會。我可能不會過度考慮規模化的機會。我會把它看作是一系列機會的集合。我們正在研究各項功能。我們正在考察公司，考察技術。我認為我們成功地將多種技術融合在一起。這其實和傑森幾分鐘前提出的問題有點關係。這確實是我們在營收方面取得成功的秘訣之一。

The ad tech team has done an outstanding job in how they've been able to really kind of drive our business. One of the ways is they tuck in technologies rather than build it themselves, saves us six months to market, saves us 12 months to market and you have a proven product. So we have been able to kind of tuck things in successfully, particularly on the ad tech side that's really helped us in the monetization journey. I would say that's really been the primary focus of where we are today, but we're not ruling anything off the table. And that's why I mentioned the scale and the setup.

廣告技術團隊在推動我們業務發展方面做得非常出色。其中一個方法是他們採用現有技術而不是自己開發，這樣可以節省我們六個月甚至十二個月的上市時間，而且你還能得到一個經過驗證的產品。因此，我們已經能夠成功地將各項工作整合起來，尤其是在廣告技術方面，這確實幫助我們實現了盈利。我想說，這確實是我們目前工作的重點，但我們並沒有排除任何可能性。這就是我提到規模和設定的原因。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Jen, I wanted to ask about your shopping ads. What do you need to do from either a tool or an ad format perspective to grow that vertical faster? And then, Steve, going back to seekers and some of the generative AI tools that are now available, can you flesh out what your view is or what the experience is that you're trying to build in terms of people coming to Reddit and looking for XYZ?

Jen，我想問你的購物廣告。從工具或廣告形式的角度來看，你需要做些什麼才能更快發展這個垂直領域？然後，史蒂夫，回到搜尋者和一些現有的生成式人工智慧工具，你能否詳細說明一下你的觀點，或者你試圖建立怎樣的體驗，讓人們來到 Reddit 並尋找 XYZ？

Sure. I can take the first one on DPA. So I think that we have been -- our product today is competitive certainly with, I'd say, Tier 2 peers pretty consistently, both on a prospecting and retargeting basis. But when you think about Tier 1 companies, I think we want to do more work on ML in terms of the signals that I think can improve our ROAS to be even more competitive.

當然。我可以用DPA（暫緩起訴協議）處理第一起案件。所以我認為，我們一直以來——我們的產品如今在與二線同行的競爭中，無論是在潛在客戶開發還是再行銷方面，都相當有競爭力。但對於一流公司而言，我認為我們應該在機器學習方面投入更多精力，利用我認為可以提高廣告支出回報率 (ROAS) 的訊號，從而更具競爭力。

I mean shopping is a pretty numerical return exercise. But we are quite competitive today with -- very quickly, we only released it in April with a number of peers, and that's allowed us to grow shopping. The second piece is just raw work on adoption. So with shopping, you have to get product feeds in, you want CAPI because you want that real-time signal.

我的意思是，購物其實是一項以數位回報為導向的活動。但如今我們與許多同行相比，已經相當有競爭力了——我們只是在四月才發布了這款產品，而這讓我們得以發展購物業務。第二部分只是關於收養問題的初步研究。所以對於購物而言，你需要取得產品資訊流，你需要 CAPI，因為你需要即時訊號。

So there's a little -- there's definitely more work in the setup for our sales team that we are -- the team is doing a really good job working through, but they're just working through the customer list. I mean you saw our strong growth in retail that's fueled by the success we've been seeing in DPA. Now it's very early. There's a lot more advertisers and a lot more opportunity there. But it gives you a sense of like, I think of DPA's possibility.

所以，我們的銷售團隊在設定方面肯定還有一些工作要做——團隊的工作做得非常好，但他們目前只是在處理客戶名單。我的意思是，你們也看到了我們在零售業的強勁成長，這得益於我們在DPA領域的成功。現在時間還很早。那裡的廣告商更多，機會也更多。但這讓你感受到，例如，我想到了DPA的可能性。

Okay. And for search, we spent most of last year talking about how do we unify these two search experiences, the traditional search on Reddit and then the Gen AI search. I think the main thing that we've learned is that the Gen AI search results, I think, will just be better for most queries.

好的。至於搜尋方面，我們去年大部分時間都在討論如何統一這兩種搜尋體驗：Reddit 上的傳統搜尋和 Gen AI 搜尋。我認為我們學到的最主要一點是，Gen AI 搜尋結果對於大多數查詢來說都會更好。

There's a type of query they're, I think, particularly good at. I would argue the best on the Internet, which is questions that have no answers, where the answer actually is multiple perspectives from lots of people, right? What should I watch? Where should I go? What's the best XYZ? I think Reddit is really great at this.

我認為他們特別擅長處理某種類型的查詢。我認為網路上最好的就是那些沒有答案的問題，而答案其實是來自許多人的多種觀點，對吧？我該看什麼？我該去哪裡？最好的XYZ是什麼？我覺得Reddit在這方面做得非常出色。

When we thought about traditional search, it's more like navigation, taking me to this topic to the Subreddit. But we're actually finding that the LLM search results is, in many cases, better for this as well. So that's the direction we're going. Search WAU in the last year is up 30% from 60 million to 80 million. The Answers WAU, so the LLM search went from 1 million in Q1, 7 million last quarter, 15 million this quarter. So we're seeing a lot of growth there.

當我們想到傳統搜尋時，它更像是導航，帶我找到這個主題，然後進入這個子版塊。但我們發現，在很多情況下，LLM 的搜尋結果在這方面也更好。所以這就是我們前進的方向。過去一年，搜尋用戶週活躍量增加了 30%，從 6,000 萬增至 8,000 萬。Answers WAU，因此 LLM 搜尋量從第一季的 100 萬增加到上季的 700 萬，本季的 1500 萬。所以我們看到那裡成長很快。

And I think there's a lot of potential. The other thing I mentioned in my script is with the LLM answers mostly in text now, we'll start making those responses more media-rich as well. So one of the primary use cases, I think there's three use cases that people come to Reddit for. One of the primary ones is searching, right? The others being for the feed or for the community experience. But search is a big one, and we see a ton of opportunity there.

我認為它很有潛力。我在腳本中提到的另一件事是，目前LLM的答案大多是文字形式，我們將開始讓這些答案更加多媒體化。所以，我認為人們使用 Reddit 的主要用途有三個。其中一項主要功能就是搜索，對吧？其餘的則是為了獲取資訊或體驗社區氛圍。但搜尋領域非常重要，我們看到了其中的巨大機會。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks. Good afternoon. Appreciate the questions. We're hearing that Reddit is sort of evolving as a gateway for brands that want to surface more consistently in LLMs. And if you agree with that, does that create a pathway for more of those companies to also experiment with ads on the platform?

謝謝。午安.感謝提問。我們聽說 Reddit 正在逐漸發展成為品牌在 LLM 中更穩定出現的一種途徑。如果你同意這一點，這是否會為更多此類公司在該平台上嘗試投放廣告創造條件？

And then secondly, maybe, Jen, do you see an opportunity to shift the perception that some advertisers still have of Reddit as more of a niche content platform rather than an essential full funnel opportunity? Is there marketing or outreach you can do to sort of help the market catch up? Thank you.

其次，Jen，你認為我們有機會改變一些廣告商對 Reddit 的看法嗎？他們仍然認為 Reddit 更像是利基內容平台，而不是一個重要的全通路行銷機會。您可以透過哪些市場推廣或宣傳活動來幫助市場迎頭趕上？謝謝。

Thanks, Colin. Jen and I are going to try to take the -- we'll tag team this first one together. So it's really interesting, when I talk to customers, so brands, increasingly, we've seen a steady increase over the years of first, what is Reddit? Okay, what is community? Okay, I get it, how do I show up well to now where they're like, I have to be on Reddit and I have to show up in the right way.

謝謝你，科林。我和Jen打算一起嘗試拿下第一關——我們兩個會聯手完成這第一關。所以這真的很有趣，當我與客戶交談時，品牌越來越多，我們看到多年來穩步增長，首先，Reddit 是什麼？好的，那什麼是社區？好吧，我明白了，現在他們覺得我必須上Reddit，而且必須以正確的方式出現，那我該如何表現才行呢？

And I want a way to do this not just as a paid customer, but organically, right? I want to provide great customer service. I want to get my content there because increasingly, they realize that the best way to do well in external search to show up in LLMs is to show up well on Reddit. And so we're actually starting to see a shift in their thinking. Multiple brands told me we're reorganizing our social media team to be the Reddit team.

我想要的是一種自然而然的方式，而不僅僅是付費購買，對吧？我想提供優質的客戶服務。我希望我的內容能出現在那裡，因為他們越來越意識到，要想在外部搜尋中獲得好成績，從而出現在LLM（LLM的縮寫）中，最好的方法就是在Reddit上獲得好成績。因此，我們實際上開始看到他們的想法發生了轉變。多個品牌告訴我，我們正在重組社群媒體團隊，使其成為 Reddit 團隊。

So they're really starting to appreciate the differences with Reddit and the opportunity that it brings. And of course, I think if they can have great organic experiences, which we're trying to help them with, this is our Reddit Pro line of work. So the profiles, the official accounts, the labeled accounts, even some of that app and bot labeling that I was talking about before are all ways to allow brands to show up as first-class citizens, well labeled and intentional. And of course, this, we believe, will open the gateway for the customer relationship as well.

所以他們開始真正意識到 Reddit 與其他平台的不同之處以及它帶來的機會。當然，我認為如果他們能夠獲得良好的自然體驗（這也是我們正在努力幫助他們實現的），那就是我們的 Reddit Pro 工作內容。所以，個人資料、官方帳號、帶標籤的帳號，甚至我之前提到的一些應用程式和機器人標籤，都是讓品牌以一流形像出現的方式，這些標籤清晰醒目，且經過深思熟慮。當然，我們相信，這將為建立客戶關係打開大門。

The only thing I'll add to that is I think marketers really -- they are -- they do understand that the reason why Reddit is so valued for its recommendations and LLMs is because LLMs don't know anything unless it's from humans and Reddit has the best answers and recommendations. And I think their perspective is, yes, they would love that, but obviously, nobody knows what comes out on LLM still does.

我唯一要補充的是，我認為行銷人員確實明白，Reddit 的推薦和 LLM 之所以如此受重視，是因為 LLM 只有在了解人類資訊之後才會知道一些事情，而 Reddit 擁有最好的答案和推薦。我認為他們的觀點是，是的，他們很樂意那樣做，但顯然，沒有人知道LLM上仍然會發布什麼內容。

But the opportunity on Reddit, where all that human conversation is happening is the opportunity in front of them today to engage that audience and set a conversation with them through our marketing platform. And that is the best way to do it and to take advantage of marketing outcomes with that very influential audience today.

但是，Reddit 上所有的人際對話都發生在這裡，這正是他們今天透過我們的行銷平台與受眾互動並與他們展開對話的機會。這是利用當今極具影響力的受眾群體，實現行銷目標的最佳方式。

So that is, yes, a part of the conversations we have.

是的，這是我們談話的一部分。

The second part is I think you asked about Reddit appearing niche. And this is one of those myths that we always had a myth bust on Reddit because we show up as 100,000 communities that cover every topic on the planet. But when you put it all together, we're over 0.5 billion monthly and we're 120 million daily. So it all adds up to a very large at-scale audience. It is constant education to remind people of that and because we can show up with those communities that can seem so niche.

第二部分，我想你問的是Reddit看起來比較小眾的問題。而這正是我們在 Reddit 上一直闢謠的謠言之一，因為我們擁有 10 萬個社區，涵蓋地球上所有話題。但綜合來看，我們每月超過 5 億，每天超過 1.2 億。因此，這一切加起來就形成了一個非常龐大的受眾群體。我們需要不斷地進行教育，提醒人們這一點，因為我們可以與那些看似非常小眾的群體建立聯繫。

I think the other piece we'll be doing is as we build on our community insights and tools, we're going to be bringing that closer to our ads manager so that there's a nice connection between the insights the audience that you see and the volumes that you can actually touch on Reddit and engage with and then the opportunity in the marketing platform. So we want to bring that all together a little bit more so that, that volume and that scale is a little more present in the insights.

我認為我們要做的另一件事是，隨著我們不斷完善社區洞察和工具，我們將把這些工具與我們的廣告管理工具更緊密地結合起來，以便在您看到的受眾洞察和您在 Reddit 上實際可以觸達和互動的用戶數量之間建立良好的聯繫，從而帶來營銷平台的機會。所以我們希望將所有這些因素更好地結合起來，以便讓這種規模和體積在見解中得到更充分的體現。

Great. Krista, I think we'll end the call there. I just want to thank everyone for joining, and look forward to speaking again soon. Thanks all. Bye-bye.

偉大的。克麗斯塔，我想我們今天就到此為止吧。我只想感謝大家的參與，期待很快能再與大家交流。謝謝大家。再見。

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

Reddit 2025 年第四季財報電話會議到此結束。您現在可以斷開連線了。