Roku Inc (ROKU) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Roku Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 Roku 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Conrad Grodd, Vice President of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係副總裁康拉德·格魯德。請繼續。

Thank you, operator. Good afternoon, and welcome to Roku's Second Quarter 2021 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; and Steve Louden, our CFO. Full details of our results and additional management commentary are available in our shareholder letter, which can be found on our Investor Relations website at roku.com/investor.

謝謝你，接線員。下午好，歡迎來到 Roku 的 2021 年第二季度財報電話會議。今天，Roku 的創始人兼首席執行官 Anthony Wood 加入了我的行列；和我們的首席財務官 Steve Louden。我們的股東信函中提供了我們業績的全部詳細信息和其他管理層評論，該信函可在我們的投資者關係網站 roku.com/investor 上找到。

Our comments and responses to your questions on this call reflect management's views as of today only, and we disclaim any obligation to update this information. On this call, we'll make forward-looking statements which are predictions, projections or other statements about future events, such as statements regarding our financial outlook, our investments, future market conditions, this shift of ad spend from legacy pay TV streaming and macro environment headwinds such as global supply chain destruction, recessionary fears and inflationary pressures.

我們對此電話會議的評論和對您的問題的回應僅反映了管理層截至今天的觀點，我們不承擔更新此信息的任何義務。在這次電話會議上，我們將做出前瞻性陳述，這些陳述是關於未來事件的預測、預測或其他陳述，例如關於我們的財務前景、我們的投資、未來市場狀況、廣告支出從傳統付費電視流媒體和宏觀環境逆風，如全球供應鏈破壞、衰退擔憂和通脹壓力。

These statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. Please refer to our shareholder and our periodic SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements. We'll also discuss certain non-GAAP financial measures on today's call. Reconciliations to the most comparable GAAP financial measures are provided in our shareholder letter.

這些陳述基於我們當前的預期、預測和假設，涉及風險和不確定性。請參閱我們的股東和我們定期向美國證券交易委員會提交的文件，以獲取有關可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素的信息。我們還將在今天的電話會議上討論某些非公認會計原則的財務措施。我們的股東信中提供了與最具可比性的 GAAP 財務指標的對賬。

Finally, unless otherwise stated, all comparisons on this call will begin our results from the comparable period of 2021. Now I'd like to hand the call over to Anthony.

最後，除非另有說明，否則本次電話會議的所有比較都將從 2021 年可比期間開始我們的結果。現在我想將電話會議交給安東尼。

Thanks, Conrad, and thank you all for joining us today. In Q2, we saw a significant slowdown in TV advertising spend due to the macroeconomic environment, which is pressuring Roku's platform business growth in the short term. However, Roku's business and strategic fundamentals are stronger than ever and growing stronger.

謝謝，康拉德，感謝大家今天加入我們。在第二季度，由於宏觀經濟環境，我們看到電視廣告支出顯著放緩，這在短期內對 Roku 的平台業務增長造成壓力。然而，Roku 的業務和戰略基礎比以往任何時候都更加強大，並且越來越強大。

Our TV advertising market share continues to grow and our active accounts continue to increase. In light of the current macroeconomic environment, we started taking actions in Q2 to significantly slow OpEx growth. That said, we expect to keep investing into our streaming leadership.

我們的電視廣告市場份額繼續增長，我們的活躍賬戶繼續增加。鑑於當前的宏觀經濟環境，我們在第二季度開始採取行動顯著減緩運營支出的增長。也就是說，我們希望繼續投資於我們的流媒體領導地位。

While downturns are difficult, it's important to keep in mind that temporary up cycles do not change the significant long-term opportunity in TV streaming. Roku is founded on the belief that all TV and all TV ads will be streamed, and we continue to see this unfold.

雖然低迷很困難，但重要的是要記住，暫時的上升週期不會改變電視流媒體的重要長期機會。 Roku 建立在所有電視和所有電視廣告都將被流式傳輸的信念之上，我們將繼續看到這種發展。

In the first half of this year, TV streaming passed the tipping point, where reach an engagement for adults aged 18 to 49 exceeded that of legacy pay TV. However, marketers are expected to spend just 22% of their TV ad budget on streaming in 2022.

今年上半年，電視流媒體超過了轉折點，18 至 49 歲成年人的參與度超過了傳統付費電視。然而，預計到 2022 年，營銷人員將僅將 22% 的電視廣告預算用於流媒體。

The ultimate driver of our success is the continued shift of viewers to streaming around the world, and the closing gap between viewership and ad budgets. The current economic state is causing TV advertisers to pause and reconsider spend, which is painful in the short term. But it also causes them to seek greater efficiency and ROI, which will benefit Roku in the mid and long term.

我們成功的最終驅動力是觀眾不斷轉向世界各地的流媒體，以及收視率和廣告預算之間的差距縮小。當前的經濟狀況導致電視廣告商暫停並重新考慮支出，這在短期內是痛苦的。但這也導致他們尋求更高的效率和投資回報率，這將有利於 Roku 的中長期。

This reminds us of when advertisers paused spend during the 2008 recession but it became a catalyst that accelerated the shift of ad spend from print publishing to digital. We believe a similar opportunity exists now for advertisers to accelerate their shift from legacy Pay TV to TV streaming.

這讓我們想起了 2008 年經濟衰退期間廣告商暫停支出的時候，但它成為加速廣告支出從印刷出版轉向數字出版的催化劑。我們認為，現在廣告商也有類似的機會來加速從傳統付費電視向電視流媒體的轉變。

We're already seeing this in the upfronts, where we continue to take share from broadcast networks and where we surpassed the milestone of $1 billion in commitments recently. Active accounts for a bright spot in Q2, we added 1.8 million incremental active accounts to reach 63.1 million, and we maintained our market leadership.

我們已經在前期看到了這一點，我們繼續從廣播網絡中獲得份額，並且我們最近超過了 10 億美元承諾的里程碑。活躍賬戶是第二季度的亮點，我們增加了 180 萬增量活躍賬戶，達到 6310 萬，我們保持了市場領先地位。

We remain the #1 selling TV OS in the U.S. and we are the #1 TV streaming platform in the U.S., Canada and Mexico by hours streamed. Roku remains differentiated by our unique assets, our proprietary Roku TV OS, The Roku Channel and our innovative ad platform for Connected TV.

我們仍然是美國銷量第一的電視操作系統，並且我們是美國、加拿大和墨西哥排名第一的電視流媒體平台（以流媒體播放時間計算）。 Roku 憑藉我們獨特的資產、我們專有的 Roku TV 操作系統、Roku 頻道和我們用於聯網電視的創新廣告平台，仍然與眾不同。

We are more confident than ever in our strategy, market position and growth potential and we remain focused on the significant opportunity ahead. With that, let me hand the call over to Steve.

我們對我們的戰略、市場地位和增長潛力比以往任何時候都更有信心，我們仍然專注於未來的重大機遇。有了這個，讓我把電話交給史蒂夫。

Thanks, Anthony. Despite the challenging macroeconomic environment, Roku continues to grow, adding 1.8 million active accounts in Q2 and ending the quarter with 63.1 million. In the quarter, retailers temporarily lowered U.S. TV prices to manage through elevated inventory levels, which resulted in a short-term increase in overall TV unit sales, including Roku TV models.

謝謝，安東尼。儘管宏觀經濟環境充滿挑戰，Roku 仍在繼續增長，在第二季度增加了 180 萬個活躍賬戶，並在本季度末達到了 6310 萬個。在本季度，零售商暫時降低了美國電視價格以應對庫存水平上升，這導致包括 Roku 電視型號在內的整體電視銷量短期增長。

Going forward, we expect less promotional activity and lower inventory levels in retail channels, which we believe will continue to keep overall U.S. TV sales below 2019 levels. Roku Player unit sales remained above pre-COVID levels in the U.S. and the average selling price decreased 5% year-over-year. We have continued to insulate consumers from our cost increases in our player business based on our growing ARPU, which enables us to prioritize account acquisition.

展望未來，我們預計零售渠道的促銷活動減少，庫存水平降低，我們認為這將繼續使美國電視的整體銷量低於 2019 年的水平。 Roku Player 在美國的單位銷售額仍高於 COVID 之前的水平，平均售價同比下降 5%。基於我們不斷增長的 ARPU，我們繼續使消費者免受我們玩家業務成本增加的影響，這使我們能夠優先考慮獲取帳戶。

Streaming hours were 20.7 billion. This was up 3.4 billion hours year-over-year but down 0.2 billion hours from Q1, which was as expected due to normal seasonality. In Q2, total net revenue increased 18% year-over-year to $764 million, coming in below our expectations. Recessionary fears and elevated inflation caused advertisers to significantly curtail or pause spend in the scatter market, and consumers to moderate discretionary spend.

流媒體播放時長為 207 億小時。這與去年同期相比增加了 34 億小時，但比第一季度減少了 2 億小時，這與正常季節性的預期一致。第二季度，總淨收入同比增長 18% 至 7.64 億美元，低於我們的預期。經濟衰退的擔憂和通脹上升導致廣告商大幅削減或暫停分散市場的支出，而消費者則減少了可自由支配的支出。

This adversely affected our Q2 platform revenue growth, which was still up 26% year-over-year to $673 million. Going forward, we expect reduced consumer discretionary spend to pressure Roku TV and player unit sets. We therefore reduced our unit forecast and revised our 606 models, which had a disproportionately negative impact on Q2 platform revenue.

這對我們的第二季度平台收入增長產生了不利影響，該收入仍同比增長 26% 至 6.73 億美元。展望未來，我們預計消費者可自由支配支出的減少會給 Roku 電視和播放器設備帶來壓力。因此，我們降低了我們的單位預測並修改了我們的 606 模型，這對第二季度平台收入產生了不成比例的負面影響。

Q2 Player revenue was down 19%, while player unit sales were down 16% year-over-year on a sell-in basis. Total gross margin was 46% in the quarter. Q2 platform gross margin was 56%, which was down 9 points year-over-year. This reflected a shift toward a greater mix of video advertising compared to a year ago period, which benefited from significant growth of higher-margin M&E and content distribution due to the launch of new services as well as weakness in the ad market in the quarter.

第二季度播放器收入下降 19%，而播放器單位銷售額同比下降 16%。本季度總毛利率為 46%。第二季度平台毛利率為 56%，同比下降 9 個百分點。與去年同期相比，這反映了視頻廣告向更多組合的轉變，這得益於新服務的推出以及該季度廣告市場疲軟導致利潤率較高的 M&E 和內容分發的顯著增長。

Q2 player margin was negative 24%, which was down roughly 18 points year-over-year as we chose to prioritize account acquisition and insulate consumers from higher costs caused by supply chain disruptions and inflationary pressures. The year-over-year compression in platform and player margins, in addition to a negative 606 adjustment, based on our expectations for lower Roku TV and player unit sales resulted in gross profit growth of 5% year-over-year versus the 18% year-over-year growth for total net revenue.

第二季度玩家利潤率為負 24%，同比下降約 18 個百分點，因為我們選擇優先獲取賬戶並使消費者免受供應鏈中斷和通脹壓力導致的更高成本的影響。基於我們對較低的 Roku TV 和播放器單位銷售額的預期，平台和播放器利潤率的同比壓縮，以及 606 負調整，導致毛利潤同比增長 5%，而不是 18%總淨收入同比增長。

Q2 adjusted EBITDA was negative $12 million, and we ended the quarter with nearly $2.1 billion of cash and short-term investments. As we look ahead to the third quarter, we are facing an increasingly difficult and uncertain environment. recessionary fears, inflationary pressures, rising interest rates and ongoing supply chain issues will continue to impact both consumers and advertisers. We believe consumers are going to continue to moderate discretionary spend and the ad scatter market will remain pressured. As a result, our third quarter outlook is for the following: Total net revenue of $700 million, up 3% year-over-year, gross profit of $325 million with a gross margin of 46% and adjusted EBITDA of negative $75 million.

第二季度調整後的 EBITDA 為負 1200 萬美元，我們在本季度末擁有近 21 億美元的現金和短期投資。展望第三季度，我們面臨著越來越困難和不確定的環境。經濟衰退的擔憂、通脹壓力、利率上升和持續的供應鏈問題將繼續影響消費者和廣告商。我們認為消費者將繼續減少可自由支配的支出，而廣告分散市場將繼續承壓。因此，我們對第三季度的展望如下：總淨收入為 7 億美元，同比增長 3%，毛利潤為 3.25 億美元，毛利率為 46%，調整後的 EBITDA 為負 7500 萬美元。

These estimates reflect our viewpoint that the second half operating environment will be increasingly challenging. We expect roughly stable platform margin on a sequential basis. Our player margins will continue to be pressured as we insulate consumers from cost increases caused by ongoing headwinds from supply chain disruptions and inflationary pressures.

這些估計反映了我們的觀點，即下半年的經營環境將越來越具有挑戰性。我們預計平台利潤率環比大致穩定。由於我們使消費者免受供應鏈中斷和通脹壓力帶來的持續逆風造成的成本增加，我們的玩家利潤率將繼續受到壓力。

In anticipation of ongoing macroeconomic challenges, we took steps in Q2 to significantly slow both operating expense and headcount growth. We have reduced our OpEx growth rate down from the rates that underpin the full year color that we provided on our Q1 call.

鑑於持續存在的宏觀經濟挑戰，我們在第二季度採取措施顯著減緩運營費用和員工人數增長。我們已將運營支出增長率從支撐我們在第一季度電話會議中提供的全年顏色的增長率下調。

We reduced our Q2 OpEx year-over-year growth rate by 10 percentage points and we plan to reduce Q3 by 10 percentage points and Q4 OpEx by 25 percentage points, bringing Q4 OpEx year-over-year growth rate roughly in line with that of Q1 2022. We will continue to prudently invest in our business given the long-term potential we see. We plan to manage our content spend on the Roku channel based on both the scale of the channel and the macroeconomic factors.

我們將 Q2 OpEx 同比增長率降低了 10 個百分點，我們計劃將 Q3 降低 10 個百分點，Q4 OpEx 降低 25 個百分點，使 Q4 OpEx 同比增長率大致與2022 年第一季度。鑑於我們看到的長期潛力，我們將繼續謹慎投資於我們的業務。我們計劃根據渠道規模和宏觀經濟因素來管理我們在 Roku 渠道上的內容支出。

We are closely monitoring macro conditions, and we'll continue to be flexible with our OpEx and content spend. Given the volatility and uncertainty of the current macroeconomic environment, we are withdrawing our previous full year revenue growth outlook for 2022. Our outlook has always been based on our assessment of both our business and the broader macroeconomic environment.

我們正在密切關注宏觀狀況，我們將繼續靈活處理我們的運營支出和內容支出。鑑於當前宏觀經濟環境的波動性和不確定性，我們撤回了之前對 2022 年全年收入增長的展望。我們的展望始終基於我們對業務和更廣泛的宏觀經濟環境的評估。

And at this point, we feel that there is too much macro uncertainty for us to provide a full year outlook. Before we get to questions, I want to say one last thing. The significant and long-term opportunity in streaming is not changed by the current economic cycle. We remain confident in our business model and the secular trends that support it. We're in a strong position as a market leader and have a strong balance sheet, and we have the right strategy. And with that, let's take some questions. Operator?

在這一點上，我們認為宏觀不確定性太大，無法提供全年展望。在我們提出問題之前，我想說最後一件事。當前的經濟周期並未改變流媒體的重大而長期的機會。我們對我們的商業模式和支持它的長期趨勢充滿信心。作為市場領導者，我們處於強勢地位，擁有強大的資產負債表，我們擁有正確的戰略。有了這個，讓我們提出一些問題。操作員？

(Operator Instructions) Our first question comes from Cory Carpenter with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Cory Carpenter。

Hoping you could expand a bit on what you're seeing in the ad market? It sounds like you saw a pretty dramatic broad-based pullback. But any color on when you started to see the market turn or what verticals perhaps are most impacted would be helpful.

希望您可以擴展一下您在廣告市場上看到的內容？聽起來你看到了一個非常戲劇性的廣泛回調。但是，當您開始看到市場轉向或可能受到最大影響的垂直行業時，任何顏色都會有所幫助。

Cory, this is Anthony. I'll take that and then turn it over to Steve to add some more color. So at a high level, of course, we are seeing advertisers worried about a possible recession and so we're seeing them reduce their spend in places that are easy for them to turn off and turn back on. So for example, the scatter market, which is an important source of ad revenue for Roku is an easy market for advertisers to turn off and turn back on.

科里，這是安東尼。我會拿它然後把它交給史蒂夫添加更多顏色。因此，當然，在較高的層面上，我們看到廣告商擔心可能出現的經濟衰退，因此我們看到他們減少了在容易關閉和重新打開的地方的支出。因此，例如，作為 Roku 廣告收入的重要來源的分散市場，對於廣告商來說是一個容易關閉和重新打開的市場。

And so that's the -- one of the big factors we're seeing from the macroeconomic environment, and that's impacting the growth rate in the short term. In terms of -- but I mean, I guess another important point there, even though advertisers are pulling back on the growth of their spending or pulling back on their ad spend in places like the scatter market. They are continuing to invest more into streaming than traditional TV. So for example, a couple of the verticals that we saw that were particularly impacted recently our CPG and auto.

這就是我們從宏觀經濟環境中看到的重要因素之一，這會在短期內影響增長率。就 - 但我的意思是，我想還有一個重要的觀點，即使廣告商正在縮減他們的支出增長或在分散市場等地方縮減他們的廣告支出。他們繼續在流媒體上投入比傳統電視更多的資金。例如，我們看到的一些垂直行業最近對我們的 CPG 和汽車產生了特別的影響。

And if you look at CPG and auto, they were down -- in traditional TV, they were down 9% in the quarter, but we saw double-digit growth as advertisers continue to prioritize streaming for their ad dollars. So that's the macro environment. But in terms -- if you just kind of peel back the onion, I think super important is that if you just look at the business fundamentals for us, they're very strong. I mean, we're in an economic cycle where advertising is trending down. It will turn around. And things like ad market share will become very important when that happens into the size of the rebound.

如果你看看 CPG 和汽車，它們下降了——在傳統電視中，它們在本季度下降了 9%，但我們看到了兩位數的增長，因為廣告商繼續優先考慮流媒體作為廣告收入。這就是宏觀環境。但就條款而言——如果你只是把洋蔥剝掉，我認為非常重要的是，如果你只看我們的業務基礎，它們就非常強大。我的意思是，我們正處於廣告呈下降趨勢的經濟周期中。它會轉過來。當這種情況發生在反彈的規模時，諸如廣告市場份額之類的事情將變得非常重要。

So for example, we are growing our share of the advertising market as advertisers continue to move dollars to streaming and platforms like Roku. So for example, we -- even though the scatter market, we're seeing softness, we had a robust upfront recently, where we closed over $1 billion in commitments for the first time. On the upfront, is sort of the opposite of the scatter market. And the scatter market is sort of quarter-by-quarter, short term. upfronts are -- where advertisers commit dollars for the next year.

例如，隨著廣告商繼續將資金轉移到流媒體和 Roku 等平台，我們正在擴大我們在廣告市場的份額。例如，我們 - 儘管分散市場，我們看到疲軟，但我們最近有一個強勁的前期，我們首次完成了超過 10 億美元的承諾。在前期，與分散市場相反。分散市場是一個季度一個季度的短期。預付款是——廣告商為明年投入資金。

And so the $1 billion plus in commitments in the upfront shows continued faith in advertisers for streaming as a place for them to place their advertising bets. So good robust upfront recently. We also in the quarter added 1.8 million active accounts. So active accounts continue to grow. Our share of ad dollars continues to grow as pay TV dollars shifted over as advertisers continue to move their dollars to higher ROI environments like streaming.

因此，超過 10 億美元的前期承諾表明，廣告商繼續相信流媒體是他們下注廣告的地方。最近的預付款非常好。我們還在本季度增加了 180 萬個活躍賬戶。因此，活躍賬戶繼續增長。隨著廣告商繼續將他們的資金轉移到流媒體等更高投資回報率的環境中，我們的廣告收入份額繼續增長。

So that's a few thoughts on the impact of the macro environment. I don't know, Steve, would you like to add some thoughts?

以上就是關於宏觀環境影響的一些想法。我不知道，史蒂夫，你想補充一些想法嗎？

Yes, just adding some color on the advertiser pullback in the scatter market overall. Certainly, that was a significant factor in the quarter and progress as the quarter went on. But an advertiser perception survey noted that almost half of advertisers in Q2 made pauses on their ad TV spend on TV streaming, which was similar to the amount that pause on digital video and traditional TV. So this is definitely a broad-scale significant pullback that happened within the quarter itself.

是的，只是為整體分散市場的廣告商回調添加了一些顏色。當然，這是本季度的一個重要因素，並且隨著本季度的進行而取得進展。但一項廣告商認知度調查指出，第二季度幾乎一半的廣告商暫停了他們在電視流媒體上的廣告電視支出，這與數字視頻和傳統電視的暫停數量相似。因此，這絕對是本季度本身發生的大規模重大回調。

And one that's pretty similar to other historical times of a degree of uncertainty or advertisers worried about impending economic downturns.

這與其他具有一定程度不確定性或廣告商擔心即將到來的經濟衰退的歷史時期非常相似。

For example, at the start of the pandemic, this is very similar to when a lot of advertisers paused or greatly curtailed in. And then once they get a better handle on which way the world is going, they added those budgets back. Like Anthony mentioned, the scatter market is a very flexible market of close-in timing. And so it's usually one of the first things to be dialed back on when there's uncertainty or a negative outlook, but it's also something that comes back.

例如，在大流行開始時，這與許多廣告商暫停或大幅縮減廣告非常相似。然後，一旦他們更好地掌握了世界的發展方向，他們就會重新增加這些預算。就像 Anthony 提到的，分散市場是一個非常靈活的收盤時機市場。因此，當存在不確定性或負面前景時，它通常是首先要恢復的事情之一，但它也會回來。

And when that money comes back, it generally comes back disproportionately into more demonstratable higher ROI markets like TV streaming.

當這筆錢回來時，它通常會不成比例地回到更明顯的更高投資回報率的市場，比如電視流媒體。

Yes. And I think just to add -- I think that is a silver lining here that's important to note, which is that stress on TV budgets causes people to evaluate how they're spending their dollars, looking at more effective ways to spend those dollars, 22% of TV budgets spent on streaming and in 2022 versus about half of all streaming hours -- sorry, half of all TV hours on streaming.

是的。我想補充一下——我認為這是一個值得關注的一線希望，那就是電視預算的壓力會導致人們評估他們如何花錢，尋找更有效的方式來花錢， 22% 的電視預算花在流媒體上，到 2022 年，大約佔所有流媒體時間的一半——對不起，流媒體電視時間的一半。

So there's a big opportunity to accelerate the transition from traditional advertising dollars from traditional TV to streaming. And this event will have a positive impact on that acceleration.

因此，有一個很大的機會可以加速從傳統電視到流媒體的傳統廣告收入的轉變。這一事件將對加速產生積極影響。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

Two questions. Steve, can you just go back and unpack the 606 impact on the quarter? Just specifically, how are you thinking about the drag versus a year ago? And then maybe give us an update on OneView. It doesn't really seem to be generating any material revenue tailwinds, at least from our perspective. So just how are you thinking about the programmatic impact on your business going forward? And are you considering especially maybe harder times, allowing other DSPs to bid on Roku inventory?

兩個問題。史蒂夫，你能回去解開 606 對本季度的影響嗎？具體來說，您如何看待一年前的阻力？然後也許會給我們一個關於 OneView 的更新。至少從我們的角度來看，它似乎並沒有真正產生任何實質性的收入順風。那麼，您如何看待程序化對您未來業務的影響？您是否正在考慮特別是可能更艱難的時期，允許其他 DSP 競標 Roku 庫存？

Steve, do you want to take the first question? I'll take the IP question?

史蒂夫，你想回答第一個問題嗎？我會回答IP問題嗎？

Okay. Sure. Jason, thanks for the question. So yes, in terms of the 606 model, just a reminder everybody that every quarter, we're -- go through a process where we're looking at the assumptions that underpin our material deal contracts and we're updating those as necessary. This is a quarter where, certainly, with the macroeconomic headwinds -- not only we saw the advertiser pull back, but also we saw in the economy that many verticals of consumer discretionary spending we're getting hit.

好的。當然。傑森，謝謝你的問題。所以，是的，就 606 模型而言，只是提醒大家，每個季度，我們都 - 經歷一個過程，我們正在研究支撐我們的重大交易合同的假設，並在必要時更新這些假設。在這個季度，當然，在宏觀經濟逆風的情況下——我們不僅看到廣告商撤退，而且我們在經濟中看到許多垂直的消費者可自由支配支出受到打擊。

We mentioned in the letter and some of the remarks that the TV side of the overall U.S. TV market and sort of overall player sales in the U.S. are being impacted by that pullback in spend and our expectation is that, that continues in the foreseeable future. As a result, in the short and kind of midterm, we updated our unit forecast to reflect the lower or kind of smaller market size and that had an impact a -- broad impact on most of our 606 models, most acutely around expected button revenue value in some of the deals.

我們在信中和一些評論中提到，整個美國電視市場的電視方面以及美國的整體播放器銷售都受到支出回落的影響，我們的預期是，這種情況在可預見的未來會持續下去。因此，在短期和中期，我們更新了我們的單位預測以反映較低或較小的市場規模，這對我們的大多數 606 型號產生了廣泛的影響，最嚴重的是預期的按鈕收入一些交易的價值。

So anyway, that as an overall view on the portfolio. As a reminder, in the past, we've had most quarters, we have some deal values go up, some go down, and you don't stay the same. When you have a change to an input that's common across all the deal models, for good or bad, you tend to get a significant impact on the portfolio. In this case, we did with the lowering of the unit sales. That has a disproportionate impact in the quarter you do that. So we did see a hit to expected platform segment revenue in Q2, and that will have an ongoing impact in subsequent quarters as well based on the lifetime of the deal -- the various yield models that are impacted.

所以無論如何，這是對投資組合的整體看法。提醒一下，在過去，我們有大多數季度，我們有一些交易價值上升，一些下降，你不會保持不變。當您對所有交易模型中通用的輸入進行更改時，無論好壞，您往往會對投資組合產生重大影響。在這種情況下，我們確實降低了單位銷售額。這對您執行此操作的季度產生了不成比例的影響。因此，我們確實看到第二季度的預期平台部門收入受到打擊，這將在隨後的幾個季度產生持續影響，這也將基於交易的生命週期——受影響的各種收益率模型。

And then on OneView, I guess a couple of thoughts. One is that in the quarter -- we saw spending on TV streaming inventory from agency holding companies in OneView Quadruple year-over-year. So it is growing, but it is also still a fairly small part of our business compared to just TV media streaming, streaming TV media generally. I mean we're -- we just closed $1 billion plus in upfronts. We're seeing TV dollars continue to shift in greater share and greater proportions from traditional pay TV to streaming. That's the biggest driver of our TV ad business.

然後在 OneView 上，我想有幾個想法。一個是在本季度——我們看到 OneView Quadruple 中代理控股公司的電視流媒體庫存支出同比增長。所以它正在增長，但與電視媒體流媒體、流媒體電視媒體相比，它仍然只是我們業務的一小部分。我的意思是，我們剛剛完成了 10 億美元以上的預付款。我們看到電視收入繼續以更大的份額和比例從傳統的付費電視轉向流媒體。這是我們電視廣告業務的最大推動力。

But OneView is a contributor it is growing. And it's also, I think, strategically important, over time, we expect more and more of TV advertising to move to programmatic. And so having a robust OneView solution is DSP is something that we think is strategically important.

但 OneView 是它不斷增長的貢獻者。而且，我認為，隨著時間的推移，我們希望越來越多的電視廣告轉向程序化，這在戰略上也很重要。因此，擁有強大的 OneView 解決方案是 DSP，我們認為它具有戰略意義。

Our next question comes from Matthew Thornton with Truist.

我們的下一個問題來自 Matthew Thornton 和 Truist。

Yes. Sorry about that. You guys, as we go to the back half there, I'm kind of curious how you're thinking about a few things contributing, I guess, one would be, are you thinking about international launches having any impact as we kind of roll through the year? Similarly, political, I know it's new for you guys, probably starting small, but I'm kind of curious how you're thinking about that contribution as we move through the year? And then finally, late this year into next year, obviously, we have a couple of very high-profile AVOD service launches. And I'm curious if you expect those to be net accretive to Roku. And any thoughts there would be helpful.

是的。對於那個很抱歉。你們，當我們去那裡的後半部分時，我有點好奇你們是如何考慮一些有貢獻的事情，我想，一個是，你們是否在考慮國際發布對我們有什麼影響？經過一年？同樣，在政治方面，我知道這對你們來說是新事物，可能從小處著手，但我有點好奇，隨著我們這一年的發展，你們如何看待這一貢獻？最後，從今年年底到明年，顯然，我們推出了一些非常引人注目的 AVOD 服務。我很好奇你是否期望這些對 Roku 產生淨增值。任何想法都會有所幫助。

This is Anthony. I'll take -- there was a lot of questions there. So the first question on international. International is going well for us. Just as a reminder, obviously, streaming is a large global opportunity, over 1 billion broadband TV households around the world. They're all going to switch to streaming. Roku is the #1 streaming platform in the United States, but also in Canada and Mexico.

這是安東尼。我會接受 - 那裡有很多問題。所以關於國際的第一個問題。國際對我們來說進展順利。提醒一下，顯然，流媒體是一個巨大的全球機遇，全球有超過 10 億寬帶電視家庭。他們都將轉向流媒體。 Roku 是美國排名第一的流媒體平台，在加拿大和墨西哥也是如此。

We're growing fast in Brazil and Latin America generally doing well, starting to make good progress in the U.K. and we just recently launched in Germany. So we are focused on global expansion. It's -- I'm happy with the results there. We're doing well generally. We knew -- our business model is to focus first on scale and then second on monetization. Most international companies, we haven't started monetization yet, so that is something that will come in the future primarily focused on scale, at least for now on international.

我們在巴西和拉丁美洲發展迅速，總體表現良好，在英國開始取得良好進展，我們最近剛剛在德國推出。所以我們專注於全球擴張。這是 - 我對那裡的結果感到滿意。我們總體上做得很好。我們知道——我們的商業模式是首先關注規模，然後才是貨幣化。大多數國際公司，我們還沒有開始貨幣化，所以這將是未來主要關注規模的事情，至少目前是國際化的。

Let's see. And then you had asked about political. Political is a good vertical for us. It's an area that's growing, obviously, the political season is coming up. Streaming is mainstream. Roku America's #1 TV stream platform by hours. So political is an important part of that of our ad business.

讓我們來看看。然後你問了政治問題。政治對我們來說是一個很好的垂直方向。這是一個正在增長的領域，顯然，政治季節即將到來。流媒體是主流。 Roku America 按小時排名第一的電視流媒體平台。因此，政治是我們廣告業務的重要組成部分。

But it's -- so I'd say it's an important. It's a good business. It's growing, but it's not a huge business for us. It's not yet become a primary growth driver. And I think that's for various reasons. But one of the reasons is the political advertising tends to be in certain very high-demand localized markets.

但它 - 所以我會說它很重要。這是一門好生意。它正在增長，但對我們來說並不是一項巨大的業務。它尚未成為主要的增長動力。我認為這是出於各種原因。但原因之一是政治廣告往往出現在某些需求量非常大的本地化市場。

And so even though we have a lot of scale in a particular market, we'll reach caps fairly quickly. And so that's one of the limiters on growth. But we expect political to continue to grow, continue to be an important vertical for us.

因此，即使我們在特定市場有很大的規模，我們也會很快達到上限。所以這是增長的限制因素之一。但我們預計政治將繼續增長，繼續成為我們的重要垂直領域。

And Then AVOD, so yes, I mean this is an important trend in the industry, which is that we're seeing SVOD services continue to add ad-supported tiers. I mean, the most recent, obviously, is Netflix, Disney+ also announced they're going to launch an ad support tier. All the other SVOD services already have ad support tiers, Hulu and HBO Max, for example.

然後是 AVOD，所以是的，我的意思是這是行業的一個重要趨勢，即我們看到 SVOD 服務繼續添加廣告支持的層。我的意思是，最近的顯然是 Netflix，Disney+ 也宣布他們將推出廣告支持層。所有其他 SVOD 服務已經有廣告支持層，例如 Hulu 和 HBO Max。

And I think if you just think about the high level, what's the impact of this? Well, ad supported tiers and SVOD services have the primary impact of lowering the cost of streaming for viewers, which increases the amount of streaming that consumers do. So it's good for engagement. As the U.S.'s leading streaming platform, more engagement and streaming is good for our business overall. We like it when people watch more TV.

我想如果你只考慮高層，這有什麼影響？好吧，廣告支持層和 SVOD 服務的主要影響是降低觀眾的流媒體成本，這增加了消費者的流媒體數量。所以對訂婚很有好處。作為美國領先的流媒體平台，更多的參與和流媒體對我們的整體業務有好處。當人們看更多電視時，我們喜歡它。

So that's one big factor. Another big factor is with companies like Netflix and Disney moving into ads. It makes streaming ads even more mainstream. I mean they're already mainstream, but it makes them even more appealing to advertisers. And I think we'll continue to accelerate or drive the trend from advertisers buying ads in traditional TV to moving those ads over to streaming.

所以這是一個很大的因素。另一個重要因素是 Netflix 和迪士尼等公司進入廣告領域。它使流媒體廣告更加主流。我的意思是它們已經成為主流，但這使它們對廣告商更具吸引力。而且我認為我們將繼續加速或推動從廣告商在傳統電視中購買廣告到將這些廣告轉移到流媒體的趨勢。

So it will grow the industry. We have a lot of tools for partners as well as for ourselves and for advertisers to help make ads more effective on our platform. So it's obviously an area we're leaning into and have a lot of ways we can partner and help our service partners. Another, I think, interesting trend driven by adverse of advertising is that if you're an SVOD service, historically, you're just focused on active accounts or the number of subscribers you have.

所以它會發展這個行業。我們為合作夥伴以及我們自己和廣告商提供了許多工具，以幫助使廣告在我們的平台上更有效。因此，這顯然是我們正在關注的一個領域，並且有很多我們可以合作和幫助我們的服務合作夥伴的方式。我認為，由廣告的不利推動的另一個有趣趨勢是，如果您是 SVOD 服務，從歷史上看，您只關注活躍帳戶或您擁有的訂閱者數量。

But if you have ads in your service, then you're also focused on engagement more so because the more people watch TV, the more ads they see. And we feel, obviously, a lot of tools in our platform to help drive engagement, ways to promote services and content on our home screen throughout our platform. And that's one of the keys that drives our M&E business.

但是，如果您的服務中有廣告，那麼您也會更加關注參與度，因為觀看電視的人越多，他們看到的廣告就越多。顯然，我們覺得我們平台中有很多工具可以幫助推動參與度，以及在整個平台的主屏幕上推廣服務和內容的方式。這是推動我們的機電業務的關鍵之一。

So I think the rise of ads is going to continue to be a positive influence for us. It will make ads more mainstream. It will move dollars over faster. It will drive our M&E business, and it creates partnership opportunities for us and our key partners.

所以我認為廣告的興起將繼續對我們產生積極影響。它將使廣告更加主流。它將更快地轉移美元。它將推動我們的機電業務，並為我們和我們的主要合作夥伴創造合作機會。

Our next question comes from Shweta Khajuria with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Okay. Let me try one on expenses and one on gross profit, please. So could you please talk a little bit about how much flexibility do you have in terms of pulling back on your expenses, not only this year, but how you're thinking about it just overall at a high level as we even think about next year without -- you don't have to officially guide, but just help us think through the potential here in terms of expense control? And where would you be slowing down most of your expenses? So would it be original content, international expansion product? Could you please provide color on that?

好的。請讓我試一試費用和毛利。所以你能否談談你在削減開支方面有多大的靈活性，不僅是今年，而且你是如何從總體上考慮它的，就像我們明年考慮的那樣沒有——你不必正式指導，而只是幫助我們思考這裡在費用控制方面的潛力？你會在哪裡減慢大部分開支？那麼它會是原創內容，國際擴張產品嗎？你能提供顏色嗎？

And then the second question is on gross margins. Just help us with where -- how we should think about the stability of gross margins for the Platform segment, please? You've guided to Q3, but how should we think about the long-term potential of gross margin for platform?

然後第二個問題是毛利率。請幫助我們在哪裡 - 我們應該如何考慮平台部門毛利率的穩定性？您已經引導到 Q3，但我們應該如何考慮平台毛利率的長期潛力？

Steve, do you want to take that?

史蒂夫，你想拿那個嗎？

Yes. Shweta, OpEx and then gross margin. And in terms of OpEx, just a reminder, when we look at our OpEx, the single biggest bucket is headcount growth or headcount-related expenses. And so one of the significant actions we took is to slow that headcount growth in Q2 along with slowing down variable OpEx or non-headcount growth as well. In addition, what we wanted to do is make sure that the Roku Channel content spend is commensurate with the scale and the growth trajectory of the Roku channel.

是的。 Shweta，運營支出，然後是毛利率。就運營支出而言，提醒一下，當我們查看運營支出時，最大的一個桶是員工人數增長或與員工人數相關的費用。因此，我們採取的一項重要行動是減緩第二季度的員工人數增長，同時減緩可變運營支出或非員工人數的增長。此外，我們想做的是確保 Roku 頻道的內容支出與 Roku 頻道的規模和增長軌跡相稱。

We've lived within that supported TV model since the inception of the Roku. And so certainly, making sure the -- it reflects the economic realities of the short-term disruptions around the macroeconomic factors is important. So when we think about that, and I mentioned that in our remarks, the OpEx growth rate is going to be lower than what we had originally talked about on the Q1 call. Just the actions in Q1 -- or Q2, apologies lower that growth rate that otherwise would have been higher by 10 percentage points.

自從 Roku 誕生以來，我們就一直生活在這種受支持的電視模式中。當然，確保它反映了圍繞宏觀經濟因素的短期破壞的經濟現實，這一點很重要。因此，當我們考慮到這一點時，我在我們的講話中提到，OpEx 增長率將低於我們最初在第一季度電話會議上談到的增長率。只是第一季度或第二季度的行動，道歉降低了增長率，否則增長率會高出 10 個百分點。

We think it will be a similar level of about 10 percentage points in Q3 and 25 percentage points by Q4. That will take the year-over-year growth rate back down to closer to the Q1 range. And so we'll continue to manage that as things handle. But the biggest thing we can do while still maintaining the right amount of balance between investing in the long-term opportunity that we're still convinced there and we're in a leadership position to go deliver against as well as the short-term reality is to bend that cost curve down on the OpEx side.

我們認為這將是一個相似的水平，在第三季度約為 10 個百分點，到第四季度將達到 25 個百分點。這將使同比增長率回落到更接近第一季度的範圍。因此，隨著事情的處理，我們將繼續管理它。但是，我們可以做的最重要的事情是，在投資於我們仍然堅信的長期機會、我們處於反對的領導地位以及短期現實之間保持適當的平衡就是在運營支出方面向下彎曲成本曲線。

Again, CRC is a bit of a different angle. As a reminder there. When we talk about content spend, the majority of the content spend and the foundation of the spend from the Roku Channel from day 1 has been third-party licensing. There's two models there. The predominant one is rev share. So that is kind of variabilizes things on its own and third-party licensing.

同樣，CRC 是一個不同的角度。作為提醒。當我們談論內容支出時，從第一天開始，Roku 頻道的大部分內容支出和支出的基礎都是第三方許可。那裡有兩個模型。最主要的是轉速份額。因此，這是一種對自身和第三方許可的可變性。

And then you have the Roku Originals, which is obviously the newer piece and one that gets a lot of attention, but that's the minority of spending. And so the Roku Original program is important for consumers to help drive incremental reach and engagement and then also it helps deepen the relationships with the advertisers as part of the value proposition and our successful upfronts that we just completed where we surpassed over $1 billion. But we're going to make sure that we're keeping that content in line with the revenue outlook. So that's how we think about that. Obviously, there's a lot of uncertainty out in the world, so we'll remain flexible as we get a better handle on which way the world is going.

然後你就有了 Roku Originals，這顯然是較新的作品，並且受到了很多關注，但這只是少數支出。因此，Roku Original 計劃對於消費者來說很重要，它有助於推動增加的覆蓋面和參與度，然後它還有助於加深與廣告商的關係，作為價值主張的一部分，以及我們剛剛完成的超過 10 億美元的成功前期工作。但我們將確保我們使該內容與收入前景保持一致。所以我們就是這麼想的。顯然，世界上有很多不確定性，所以我們將保持靈活，因為我們可以更好地掌握世界的發展方向。

In terms of the gross margin, again, we mentioned that the world is very uncertain, and we are providing specific guidance past Q3 at this point. Certainly, the margins, especially on the platform side, you've seen some year-over-year degradation. That largely has to do with the mix shift toward more video as we had some kind of one-offs around media and entertainment spend and content distribution revenue being a higher percentage mix as some of the new Tier 1 services came online at the end of 2020 and early 2021.

在毛利率方面，我們再次提到世界非常不確定，此時我們正在提供第三季度之後的具體指導。當然，利潤，特別是在平台方面，你已經看到了一些同比下降。這在很大程度上與向更多視頻的混合轉變有關，因為我們在媒體和娛樂支出和內容分發收入方面有某種一次性的混合，因為一些新的 1 級服務於 2020 年底上線和 2021 年初。

And then also, obviously, some weakness in the ad market. So we anticipate that some of the pressures on the macro environment will continue in the short term, and that will have knock-on impacts around not only the revenue growth rate, but also the margin structure.

然後，很明顯，廣告市場也出現了一些弱點。因此，我們預計宏觀環境的一些壓力將在短期內持續存在，這不僅會對收入增長率產生連鎖反應，還會對利潤率結構產生影響。

Our next question comes from Nicholas Zangler with Stephens.

我們的下一個問題來自 Nicholas Zangler 和 Stephens。

I'm curious if there's any specific forces that you could point out that are serving as a potential offset to the industry headwinds in the near term. You kind of talked about political. I know you just turned on the advertising engine in Mexico. And then you launched the What To Watch home stream in April. I'd love to know if that is a monetizable product. It seems like it, but I'd love to get a clarification there. But just any near-term catalyst to kind of go through?

我很好奇您是否可以指出任何特定的力量在短期內可以抵消行業逆風。你有點談論政治。我知道你剛剛在墨西哥打開了廣告引擎。然後您在 4 月推出了“觀看內容”主頁流。我很想知道這是否是一種可獲利的產品。似乎是這樣，但我很想在那裡得到澄清。但是，任何短期催化劑都可以通過嗎？

This is Anthony. I would say maybe one important factor there is if you just look at the general advertising industry versus TV advertising industry, especially in the scatter market versus Roku's ad business, which is obviously streaming. We are still seeing -- as advertisers decide how to invest more limited amounts of dollars. They do look favorably on platforms that are growing as opposed to platforms that are shrinking.

這是安東尼。我想說，如果你只看一般廣告行業與電視廣告行業，特別是在分散市場與 Roku 的廣告業務，這顯然是流媒體，也許存在一個重要因素。我們仍然看到——廣告商決定如何投資更有限的美元。與正在縮小的平台相比，它們在增長的平台上看起來確實不錯。

And so it is causing dollars to shift to streaming at a faster rate. And I think a good example of that was that stat I said before, where we saw CPG and auto down in the mark -- down in the overall TV ad industry, 9% in the quarter, but grew double digits on our platform. So we are still the beneficiary of advertisers starting to follow viewers and starting to follow higher ROI to streaming.

因此，它導緻美元以更快的速度轉向流媒體。我認為一個很好的例子就是我之前說過的那個統計數據，我們看到 CPG 和汽車下降——在整個電視廣告行業下降，本季度下降 9%，但在我們的平台上增長了兩位數。因此，我們仍然是廣告商開始追隨觀眾並開始追隨更高投資回報率的流媒體的受益者。

And there's a big opportunity for that to continue to happen. I mean like I said before, about half of the TV hours are now streaming, but only 22% of the TV budgets. So I think -- so one -- I think one bright spot is that pressures on budgets cause people to get more serious about how they spend their budgets, causes them to change their behavior change is permanent. So I think when we come out of this, we'll be in a better position.And then like I said, Sorry, go ahead.

這有很大的機會繼續發生。我的意思是，就像我之前說的，現在大約一半的電視時間是流媒體，但只有 22% 的電視預算。所以我認為 - 所以一個 - 我認為一個亮點是預算壓力導致人們更加認真地對待他們如何花費他們的預算，導致他們改變他們的行為改變是永久性的。所以我認為當我們擺脫困境時，我們會處於一個更好的位置。然後就像我說的，對不起，繼續吧。

I was just going to add, if you don't mind. I was curious also, in fact, if we can get a status update on enabling like small and midsized brands and performance advertisers to promote via targeted ads on Roku. I know you guys had within the last 1.5 years, announced a partnership with Shopify there, but just curious because it seems like the it's a growing priority now. We've heard recent announcements from the Trade Desk, Amazon, Peacock, all catering to this type of demand. And I know you guys were pretty early on starting to set this up. So any update there would also be appreciated.

我只是想補充一下，如果你不介意的話。事實上，我也很好奇，如果我們能獲得關於使中小型品牌和績效廣告商能夠通過 Roku 上的定向廣告進行推廣的狀態更新。我知道你們在過去的 1.5 年內宣布了與 Shopify 的合作夥伴關係，但只是好奇，因為現在它似乎是一個越來越重要的優先事項。我們從 Trade Desk、亞馬遜、Peacock 聽到了最近的公告，它們都迎合了這種需求。我知道你們很早就開始設置它。因此，任何更新也將不勝感激。

Sure. One other -- you also had asked about More Ways to Watch other factors in our UI that's causing more engagement. And I think it is worth noting that we have been putting a lot more emphasis recently on driving engagement on our platform. We have created a whole new team. We hired a new executive that's focused on improving engagement and there's a lot of low-hanging fruit there. So that is an area that we are also continuing to focus on. In terms of performance advertising, yes, that's still a focus for us. I mean we think that a lot of advertising is going to in the process of moving the performance space.

當然。另一個——您還詢問了更多方式來觀看我們 UI 中導致更多參與的其他因素。我認為值得注意的是，我們最近更加重視推動我們平台上的參與度。我們創建了一個全新的團隊。我們聘請了一位專注於提高參與度的新高管，那裡有很多容易實現的成果。所以這也是我們繼續關注的一個領域。在效果廣告方面，是的，這仍然是我們關注的焦點。我的意思是我們認為很多廣告將在移動表演空間的過程中進行。

We have a lot of tools to do that. We're good at it. We're getting even better. So it is an area that we're continuing to see growth in. I mean if you look at digital budgets, that is -- they are a factor in our -- for us, and this is a budget that we're starting to tap into that we didn't historically tap into, but it's still a fairly small part of our sales. It's growing. But still, by far, the biggest source of revenue -- ad revenue for us is traditional TV budgets moving to streaming. And that's a $70 billion opportunity in the U.S. alone. So that's our primary focus. And some of those budgets are becoming more performance-based as well.

我們有很多工具可以做到這一點。我們很擅長。我們正在變得更好。所以這是一個我們繼續看到增長的領域。我的意思是，如果你看一下數字預算，那就是——它們是我們的一個因素——對我們來說，這是我們開始製定的預算利用我們歷史上沒有利用的，但它仍然是我們銷售額的一小部分。它正在增長。但到目前為止，最大的收入來源——對我們來說，廣告收入仍然是傳統的電視預算轉向流媒體。僅在美國，這就是一個 700 億美元的機會。所以這是我們的主要關注點。其中一些預算也變得更加基於績效。

Our next question comes from Benjamin Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Benjamin Swinburne。

One for Anthony and then a question for clarification for Steve. I think back in April, you guys launched the dynamic linear ad product, it leads into beta, which I think was something that came out of your Nielsen acquisition. And thing we've heard ad buyers and national networks are excited about. Do you have any update on how that's trending and whether that can turn into a revenue driver in sort of the next 6 to 12 months?

一個給安東尼，然後一個問題給史蒂夫澄清。我記得在四月份，你們推出了動態線性廣告產品，它進入了測試階段，我認為這是你收購尼爾森的結果。我們聽到廣告買家和全國網絡對此感到興奮。您是否有任何關於這種趨勢的最新信息，以及這是否會在未來 6 到 12 個月內轉化為收入驅動力？

And then, Steve, just wanted to better understand the 606 adjustment. I apologize for going back to that. But I think you said it was tied to your outlook for player sales. I just want to confirm that was true. And also just to make sure I don't think you said that impacted the third quarter guide. I just wanted to just confirm that.

然後，史蒂夫，只是想更好地理解 606 的調整。我很抱歉回到那個問題。但我認為你說這與你對球員銷售的前景有關。我只是想確認這是真的。而且只是為了確保我不認為你說這會影響第三季度指南。我只是想確認一下。

Thanks, Ben. Yes. So just a quick update on dynamic linear ads. It's going well. Still early days for those that aren't familiar, dynamic leader and or DLA is a technology that allows publishers with Roku's help to replace linear TV ads in real time so that they're targeted.

謝謝，本。是的。所以只是對動態線性廣告的快速更新。進行得順利。對於那些不熟悉的人來說，動態領導者和/或 DLA 仍處於早期階段，這項技術允許發布商在 Roku 的幫助下實時替換線性電視廣告，從而使其成為目標。

So it allows for higher CPMs and better targeting events. It's -- we're in beta with partners like Discovery and AMC is going well, but still fairly early. We did in Q2 release it broadly to buyers in OneView. So the OneView of buyers can now target ads to DLA partners as well as traditional streaming ads. So it's rolling out more broadly, still early, it looks promising, but it's still early. Then, Steve?

因此，它允許更高的每千次展示費用和更好的定位事件。這是 - 我們與 Discovery 和 AMC 等合作夥伴處於測試階段，進展順利，但仍處於早期階段。我們在第二季度向 OneView 中的買家廣泛發布了它。因此，買家的 OneView 現在可以將廣告定位到 DLA 合作夥伴以及傳統的流媒體廣告。因此，它正在更廣泛地推出，還為時過早，看起來很有希望，但還為時過早。那麼，史蒂夫?

Yes, in terms of the 606 side of things, Ben, yes, just to clarify, I mentioned that -- the changes in the 606 model were primarily related to a change in assumption that the size of the U.S. TV market and player markets would be lower than prior expectations, that would translate into lower estimates of active accounts, which then funnel through various models.

是的，就 606 方面而言，Ben，是的，只是為了澄清一下，我提到過 - 606 模型的變化主要與假設美國電視市場和播放器市場規模的變化有關低於先前的預期，這將轉化為對活躍賬戶的較低估計，然後通過各種模型匯集。

The most explicit connection to that would be a lower expectation of button revenues in certain deals where we've sold those deep link buttons on the remote. So that's the primary thing. So it's not necessarily just a player thing. It's a macroeconomic wins largely tied to lower consumer discretionary spend expectations in the recessionary environment.

與此最明確的聯繫是，在某些交易中，我們在遙控器上出售了那些深層鏈接按鈕，對按鈕收入的期望較低。所以這是首要的事情。所以這不一定只是球員的事情。這是宏觀經濟的勝利，很大程度上與經濟衰退環境下消費者可自由支配支出的預期降低有關。

And then you mentioned the question on Q3. Whenever we change the 606 model, then you have a broad-scale assumption like this, but it's the majority of the portfolio of 606 models. You have a disproportionate impact from that change in the quarter. So in this case, in Q2, but you do have an ongoing impact in subsequent quarters, including Q3. And so there is a negative impact of that 606 million call down that's contemplated in the Q3 outlook.

然後你提到了第三季度的問題。每當我們更改 606 模型時，您都會有這樣的廣泛假設，但它是 606 模型組合的大部分。您從本季度的這種變化中產生了不成比例的影響。因此，在這種情況下，在第二季度，但您在隨後的幾個季度（包括第三季度）確實會產生持續的影響。因此，第三季度展望中預期的 6.06 億回調會產生負面影響。

Our next question comes from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的 Tim Nollen。

So could you help us understand how you're adding 1.8 million active accounts, which is more than you did in Q2 last year, and it followed at 1.2% in Q1. If your player sales are down as much as they are, that imply smart TV operating system sales go. But I have the 606 markdown. So I'm just wondering if you could help eliminate where the account growth is coming from? And if I'm right that it's more of the smart TV side, operating systems side, how much of that -- if you could help us break out between U.S. and international, if that's possible.

那麼，您能否幫助我們了解您是如何增加 180 萬個活躍賬戶的，這比您去年第二季度的數字還要多，並且在第一季度以 1.2% 的速度緊隨其後。如果您的播放器銷量下降，這意味著智能電視操作系統的銷量下降。但我有606降價。所以我只是想知道您是否可以幫助消除帳戶增長的來源？如果我是對的，它更多的是智能電視方面，操作系統方面，有多少——如果你能幫助我們在美國和國際之間取得突破，如果可能的話。

This is Anthony. I'll start and then turn that over to Steve for some more details. So I would just say at a high level, people are still buying lots of Roku streaming players. I mean we have great products. People love them. Streaming players are -- have available at very low prices. Our TVs are at a great value. We have lots of content, lots of -- super easy to use. The Roku OS, the only purposeful OS for TV. So all these have resulted in people liking Roku products and buying -- continuing to buy Roku's products and our strength of our brand continues to grow.

這是安東尼。我將開始，然後將其交給史蒂夫了解更多細節。所以我想說的是，人們仍在購買大量 Roku 流媒體播放器。我的意思是我們有很棒的產品。人們愛他們。流媒體播放器以非常低的價格提供。我們的電視物超所值。我們有很多內容，很多——超級好用。 Roku OS，唯一有目的的電視操作系統。因此，所有這些都導致人們喜歡 Roku 產品併購買——繼續購買 Roku 的產品，我們的品牌實力不斷增強。

So I mean I think that's a big factor. And both streaming players and TVs are doing well for us. But maybe, Steve, do you want to talk about some of the details?

所以我的意思是我認為這是一個很大的因素。流媒體播放器和電視對我們來說都做得很好。但也許，史蒂夫，你想談談一些細節嗎？

Yes, sure. So the -- in terms of the kind of net adds in Q1 versus Q2, the biggest factor there that we talked about in the shareholder letter was on the TV side. So a lot of retailers are feeling like they have over-inventoried right now and they're trying to lower their overall inventory levels in part due to the recessionary peers and also some of the consumer discretionary spend across a number of verticals that they're starting to see weakened.

是的，當然。因此，就第一季度與第二季度的淨增加量而言，我們在股東信中談到的最大因素是電視方面。因此，許多零售商感覺他們現在庫存過多，他們正試圖降低整體庫存水平，部分原因是同行經濟衰退，以及他們在許多垂直領域的一些非必需消費品支出開始看到減弱。

As a result, especially on the TV side, which tends to be kind of costly inventory, they temporarily reduced the price of that kind of basically put more aggressive promos on the TVs in order to get rid of excess inventory. That has a short-term boost on the number of TVs sold in the market, including Roku TV models, which is kind of single biggest part of the fact that net adds increased on a quarter-over-quarter basis.

結果，特別是在電視方面，往往是一種昂貴的庫存，他們暫時降低了這種價格，基本上是在電視上進行更積極的促銷，以擺脫多餘的庫存。這對市場上銷售的電視數量有短期的推動作用，包括 Roku 電視型號，這是淨增加量環比增長的最大原因。

We think that's a temporary blip. A lot of retailers have said that they're looking to kind of lower their inventory levels in general and become more cautious as the recessionary fears continue and inflationary pressures continue. And so that -- we look at that as more of a temporary phenomenon. Like I said, in general, with the 606 answer, the expectations out there in the market is that the -- many of the consumer discretionary markets, including consumer electronics, in general, will be smaller during the near term because of these pressures.

我們認為這是暫時的。許多零售商表示，隨著經濟衰退擔憂的持續和通脹壓力的持續，他們希望總體上降低庫存水平並變得更加謹慎。所以——我們認為這更像是一種暫時的現象。就像我說的，一般來說，對於 606 的回答，市場的預期是，由於這些壓力，包括消費電子產品在內的許多非必需消費品市場在短期內會變小。

Okay. And any help on maybe qualitatively breaking out U.S. versus international?

好的。對可能在質量上打破美國與國際的任何幫助？

We haven't provided that before. So nothing to add there.

我們以前沒有提供過。所以沒有什麼可添加的。

Our next question comes from Alan Gould with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Alan Gould。

Anthony, can you tell us was there any big difference in the various verticals in terms of advertising? Or did it all slow down at the same time? And specifically how did the media and entertainment vertical do?

Anthony，您能告訴我們各個垂直行業在廣告方面有什麼大的不同嗎？或者這一切都同時變慢了？尤其是媒體和娛樂垂直行業是怎麼做的？

Yes. I mean, well, definitely different verticals where some verticals are more impacted than others. I mean I mentioned that CPG and auto were particularly impacted declined 9% for traditional TV generally, but growing double digits for us, which is good growth, but we would have expect a stronger growth in the absence of the macroeconomic problems we're seeing.

是的。我的意思是，嗯，肯定是不同的垂直領域，其中一些垂直領域比其他垂直領域受到的影響更大。我的意思是我提到 CPG 和汽車受到的影響特別大，傳統電視普遍下降了 9%，但對我們來說增長了兩位數，這是一個很好的增長，但在沒有我們看到的宏觀經濟問題的情況下，我們預計會有更強勁的增長.

And then in terms of media M&E. I think it's a good business for us. And like I said before, I think that the fundamentals are in favor of that business continuing to do well, particularly for example, just one example, subscription -- publishers of SVOD services tend to just focus on subscriber acquisition-type promotions, but we are seeing them now start to do promotions designed to retain customers, not just to acquire new customers.

然後在媒體 M&E 方面。我認為這對我們來說是一筆好生意。就像我之前說的，我認為基本面有利於該業務繼續表現良好，特別是例如訂閱——SVOD 服務的發布商往往只專注於訂閱用戶獲取類型的促銷，但我們看到他們現在開始進行旨在留住客戶的促銷活動，而不僅僅是為了獲得新客戶。

And so as the industry matures, it will start spending more promotional dollars on retaining customers, reducing churn as well as acquiring customers. And then like I said before, I think the trend to offer more advertising supported tiers is going to result in services wanting to drive engagement because the more engagement, the more ads people see.

因此，隨著行業的成熟，它將開始花費更多的促銷資金來留住客戶、減少客戶流失以及獲得客戶。然後就像我之前說的，我認為提供更多廣告支持層的趨勢將導致服務想要提高參與度，因為參與度越高，人們看到的廣告就越多。

And so -- and we have a lot of tools in our M&E business for helping to drive engagement. And I think we'll start to see them used increasingly. So I think M&E is going to be a big and growing business for us.

所以——我們在 M&E 業務中有很多工具可以幫助推動參與度。而且我認為我們將開始看到它們越來越多地被使用。因此，我認為 M&E 對我們來說將是一項龐大且不斷增長的業務。

If I could just ask one follow-up. You say you're targeting most of your ad gains from traditional TV, not digital. But these trends sound a lot more like the digital players. I mean when Comcast reported this morning, they talked about the scatter market being choppy. But having the whole business pause sounds a lot more like the digital guys. Wondering where the discrepancy is coming from?

如果我能問一個後續。您說您的大部分廣告收益來自傳統電視，而不是數字電視。但這些趨勢聽起來更像是數字播放器。我的意思是當康卡斯特今天早上報導時，他們談到分散市場波動。但是讓整個業務暫停聽起來更像是數字人。想知道差異來自哪裡？

Well, it didn't pause. I mean our platform business grew nicely in the quarter. I was saying that we had -- like I was talking about that one vertical, CPG and auto down in the industry overall, but up double digits for us. So we are seeing -- we did see in Q2 growth in our ad business, just not as strong as we had initially expected. So I think -- yes, so I mean we are -- we are starting to access digital budgets as well, but they're still relatively small compared to the overall TV ad business, which is a $70-plus billion business and has got a lot of reasons to transition to streaming at the moment.

好吧，它沒有暫停。我的意思是我們的平台業務在本季度增長良好。我是說我們有 - 就像我在談論一個垂直行業，CPG 和汽車在整個行業中下降，但對我們來說上升了兩位數。所以我們看到了——我們確實在第二季度看到了我們的廣告業務的增長，只是沒有我們最初預期的那麼強勁。所以我認為——是的，所以我的意思是——我們也開始獲得數字預算，但與整體電視廣告業務相比，它們仍然相對較小，這是一項價值 70 多億美元的業務，並且已經獲得了目前有很多過渡到流媒體的理由。

So yes, I mean, I think the overall our business is growing, just not as strongly as it would have us advertisers were pulling back. Another factor, I guess, in our business is we do traditionally over-index on scatter versus upfront. I mean, that's starting to change. Our upfronts are getting bigger and bigger every year. This year, we passed the $1 billion. But we do traditionally have a lot of scatter business more than a traditional TV network, that tends to be more of their business in the upfront. And the scatter market is easy for advertisers to pause on and then restart.

所以是的，我的意思是，我認為我們的整體業務正在增長，只是沒有我們廣告商撤退的那麼強勁。我想，在我們的業務中，另一個因素是我們傳統上在分散而不是前期做過度索引。我的意思是，這開始改變了。我們的預付款每年都在變得越來越大。今年，我們超過了 10 億美元。但我們傳統上確實比傳統的電視網絡有很多分散的業務，這往往是他們的前期業務。分散市場很容易讓廣告商暫停然後重新啟動。

Our last question comes from Michael Nathanson with MoffettNathanson.

我們的最後一個問題來自 Michael Nathanson 和 MoffettNathanson。

Great. Can I just ask two. One, Steve, I wanted to just come back to 606. And what I wanted to know is, are you seeing a material change in either top-of-funnel gross additions to streaming services or churn dynamics, right? Or is there anything on the economics of streaming that makes you come back and look at your assumptions?

偉大的。我可以問兩個嗎？第一，史蒂夫，我想回到 606。我想知道的是，您是否看到流媒體服務的漏斗頂部總增加量或流失動態發生了重大變化，對嗎？或者有什麼關於流媒體經濟學的東西讓你回過頭來看看你的假設嗎？

And then the bigger question is, there was a GroupM study back in June that talked about a lot of ad impressions on sticks and were running when the TV set was off. And I wondered if you guys have a point of view on the Group M study and what you're doing to maybe address that -- and do you think -- is there a bit of a concern about maybe the quality of impressions that come through (inaudible).

然後更大的問題是，早在 6 月，GroupM 的一項研究就談到了很多廣告展示在棍子上，並且在電視機關閉時正在運行。我想知道你們是否對 M 組研究有自己的看法，以及你們正在做些什麼來解決這個問題 - 你認為 - 是否有一點擔心通過的印象的質量（聽不清）。

Yes, Steve, do you want to take that? I can take the impression question, if you want, but go ahead.

是的，史蒂夫，你願意接受嗎？如果您願意，我可以回答印象問題，但請繼續。

Sure. Yes, I think in terms of the 606 piece, the material change is, like I said around that sort of market sizing of overall CD players in the player -- sorry, TV sales as well as player sales kind of on the market level, which then filters down into unit sales estimates and then active account numbers. Certainly, we update the assumptions for the specific deal models. What I would say on that in terms of kind of the funnels within the SVOD services. There's certainly more competition in the SVOD space. And so there may be changes that we make in different models over time, but it's certainly not a macro factor like what we've seen with the material impact to the 606 model. So I would say that's more of a competition-related set of changes potentially that we look at every single quarter as opposed to a broad scale change in the market size of TVs and players that's really what's driving the change in the 606 models at this time.

當然。是的，我認為就 606 塊而言，重大變化是，就像我所說的圍繞播放器中整體 CD 播放器的那種市場規模——抱歉，電視銷售以及播放器銷售在市場層面上，然後過濾成單位銷售估計，然後是活動帳號。當然，我們會更新特定交易模型的假設。關於 SVOD 服務中的渠道類型，我會說些什麼。在 SVOD 領域肯定會有更多的競爭。因此，隨著時間的推移，我們可能會在不同的模型中做出改變，但這肯定不是我們所看到的對 606 模型產生重大影響的宏觀因素。所以我想說，這更多是與競爭相關的一系列變化，我們可能會在每個季度查看，而不是電視和播放器市場規模的廣泛變化，這才是目前推動 606 型號變化的真正原因.

Yes. And then on the ad impressions, I would say Roku is a leader in advertising quality. I mean -- so on the point you raised, specifically, I'll just talk about a few of the things we do and then maybe talk about the big picture.

是的。然後在廣告印象方面，我會說 Roku 是廣告質量的領導者。我的意思是 - 所以關於你提出的觀點，具體來說，我將只談談我們所做的一些事情，然後可能會談談大局。

So in terms of specific things, when a Roku player goes inactive -- sorry, a Roku player will go inactive when they get a signal from the TV, the TV inputs me longer being watched. A lot of TVs, most TVs send out that signal but at all.

因此，就具體情況而言，當 Roku 播放器處於非活動狀態時——抱歉，當 Roku 播放器收到來自電視的信號時，它們將處於非活動狀態，電視輸入我被觀看的時間更長。很多電視，大多數電視都發出信號，但根本沒有。

Obviously, it's a Roku TV, then we know when you turn off the TV and we stop -- we don't continue to play. And then to catch the edge cases, in 2019, we rolled out a feature called are you still watching where we -- if there's a period of inactivity, we ask the user if they're still there. So we take a lot of steps to make sure our inventory is high quality, and I think we're more confident that it is generally.

顯然，這是一台 Roku 電視，然後我們知道您何時關閉電視並且我們停止播放——我們不再繼續播放。然後為了捕捉邊緣情況，在 2019 年，我們推出了一項名為“你還在看我們在哪裡”的功能——如果有一段時間不活動，我們會詢問用戶他們是否還在。所以我們採取了很多措施來確保我們的庫存是高質量的，我認為我們對它總體上更有信心。

And I think the proof is in the numbers. If you just look at -- we do lots of analysis on ad campaigns that run on linear and then also run on Roku. And we see consistently that the campaigns are higher performing on our platform versus traditional linear TV.

我認為證據就在數字中。如果您只看一下 - 我們對在線性上運行然後也在 Roku 上運行的廣告活動進行了大量分析。我們始終看到，與傳統線性電視相比，我們平台上的廣告系列表現更好。

This concludes the question-and-answer session. I would now like to turn the conference back over to Anthony Wood for closing remarks.

問答環節到此結束。我現在想把會議轉回給 Anthony Wood 做閉幕詞。

Thanks. I want to thank our employees, customers and partners for their focus and commitment in a very difficult operating environment. But we expect to emerge from the current advertising downturn stronger and better positioned than ever to capture value in the transition of TV to streaming.

謝謝。我要感謝我們的員工、客戶和合作夥伴在非常困難的運營環境中的專注和承諾。但我們希望從當前的廣告低迷中脫穎而出，比以往任何時候都更強大，更有能力在電視向流媒體的過渡中獲取價值。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。