Roku Inc (ROKU) 2022 Q3 法說會逐字稿

Hello. Thank you for standing by, and welcome to the Third Quarter 2022 Roku Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded.

你好。感謝您的支持，歡迎參加 2022 年第三季度 Roku 收益電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。

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 Third Quarter 2022 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; and Steve Louden, our CFO.

謝謝你，接線員。下午好，歡迎來到 Roku 的 2022 年第三季度財報電話會議。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。

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. 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.

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。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。

On this call, we'll be making forward-looking statements which are predictions, projections or other statements about future events, financial outlook, our investments, our operating expenses, our business strategy, future market conditions and macro environment headwinds such as economic uncertainty and inflationary pressures. These statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. Please refer to our shareholder letter and our periodic SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements.

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、財務前景、我們的投資、我們的運營費用、我們的業務戰略、未來市場狀況和宏觀環境逆風（如經濟不確定性）的預測、預測或其他陳述和通脹壓力。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。請參閱我們的股東信函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。

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. Finally, unless otherwise stated, all comparisons on this call will be against our results of the comparable period of 2021.

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。最後，除非另有說明，否則本次電話會議的所有比較都將與我們 2021 年可比期間的結果相比較。

Now I'd like to hand the call over to Anthony.

現在我想把電話交給安東尼。

Thanks, Conrad, and thank you all for joining us today. I'd like to provide some high-level thoughts on the macro environment, Roku's business model and our ongoing conviction in the streaming platform opportunity.

謝謝，康拉德，感謝大家今天加入我們。我想就宏觀環境、Roku 的商業模式以及我們對流媒體平台機會的持續信念提供一些高層次的想法。

In Q3, advertisers pulled back on spending, consumers were further pressured by inflation and overall economic uncertainty remained high. We expect these conditions will continue and are likely to worsen in Q4. Although these factors are temporary and the ad market is expected to bounce back, we will continue to take steps to reduce our OpEx growth.

第三季度，廣告商縮減支出，消費者進一步受到通脹壓力，整體經濟不確定性居高不下。我們預計這些情況將繼續存在，並可能在第四季度惡化。儘管這些因素是暫時的，廣告市場有望反彈，但我們將繼續採取措施降低運營支出的增長。

In addition, we are sharpening our spending focus on the projects that will drive the most growth and enhance our leadership position. Our opportunity as a streaming TV platform is very large and remains intact despite the current ad pullback. We are not idly waiting for the ad market to improve. We added 2.3 million active accounts in Q3, which was above net adds in both 2019 and 2021, and we grew streaming hours on the Roku Channel by more than 90% year-over-year.

此外，我們正在將支出重點放在能夠推動最大增長並增強我們的領導地位的項目上。我們作為流媒體電視平台的機會非常大，儘管目前的廣告回落，但仍然完好無損。我們並沒有坐等廣告市場好轉。我們在第三季度增加了 230 萬個活躍賬戶，高於 2019 年和 2021 年的淨增加量，我們在 Roku 頻道上的流媒體播放時間同比增長了 90% 以上。

We're making good progress internationally, demonstrated by our results in Mexico. Last month, we launched the Roku Channel in Mexico, a milestone that is the result of meaningful scale and engagement that we have built there in the past 3 years.

我們在國際上取得了良好的進展，我們在墨西哥的結果證明了這一點。上個月，我們在墨西哥推出了 Roku 頻道，這是我們在過去 3 年在那裡建立的有意義的規模和參與度的結果。

We continue to build our market-leading competitive assets and to attract top industry talent as demonstrated by the recent addition of Charlie Collier as President of Media, and before that, Gidon Katz, our President of Consumer Experiences. All of this positions us to return to stronger revenue growth when the ad market returns.

我們將繼續建立我們市場領先的競爭資產並吸引頂尖的行業人才，正如最近增加的媒體總裁查理科利爾和在此之前我們的消費者體驗總裁吉登卡茨所證明的那樣。所有這些都使我們能夠在廣告市場回歸時恢復更強勁的收入增長。

We continue to innovate and execute. Last month, we launched new smart home products to build new service revenue streams. We believe every device in the home will be connected by software and services but it's still early days. For example, only about 20% of U.S. households have IP cameras. Additionally, the existing smart home experience is fragmented and difficult to use.

我們不斷創新和執行。上個月，我們推出了新的智能家居產品，以建立新的服務收入來源。我們相信家中的每台設備都將通過軟件和服務進行連接，但仍處於早期階段。例如，只有大約 20% 的美國家庭擁有 IP 攝像頭。此外，現有的智能家居體驗碎片化且難以使用。

As the #1 selling smart TV OS in the U.S., we have the technology and expertise in hardware, software and services to deliver a smart home ecosystem that is simple, powerful and delightful. We launched in this category with strong retail distribution at Walmart, America's #1 retailer. Roku is now the #1 smartphone brand by shelf space in nearly 3,500 Walmart locations. As with our TV streaming business model, we will build scale with our devices and monetize through smart home services, which we expect to become a very large market.

作為美國銷量第一的智能電視操作系統，我們擁有硬件、軟件和服務方面的技術和專業知識，可提供簡單、強大和令人愉悅的智能家居生態系統。我們在美國排名第一的零售商沃爾瑪推出了這一類別的強大零售分銷渠道。 Roku 現在是沃爾瑪近 3,500 家門店中貨架空間排名第一的智能手機品牌。與我們的電視流媒體業務模式一樣，我們將利用我們的設備擴大規模並通過智能家居服務獲利，我們預計這將成為一個非常大的市場。

We have spent years building a business designed to benefit everyone in the TV streaming ecosystem. We are extending our ecosystem. And as we look ahead, we remain confident that our strategy and business model are the best way to maximize the opportunity to deliver both growth and profitability to our investors.

我們花了數年時間建立了一項旨在使電視流媒體生態系統中的每個人受益的業務。我們正在擴展我們的生態系統。展望未來，我們仍然相信，我們的戰略和商業模式是最大限度地為投資者帶來增長和盈利機會的最佳方式。

Finally, we announced earlier today that after nearly 8 years with Roku, Steve Louden will leave in 2023 after helping us recruit and transition his role to a successor. You may recall that Steve previously decided to leave Roku 3 years ago, when he relocated to Seattle. With the onset of the pandemic, he decided to stay. I'm grateful for his leadership and for building a world-class team, which he will continue to lead until his departure, and we all wish him well. Thank you, Steve.

最後，我們今天早些時候宣布，在與 Roku 合作近 8 年後，Steve Louden 將在幫助我們招募並將他的角色轉變為繼任者後於 2023 年離開。您可能還記得，史蒂夫在 3 年前決定離開 Roku，當時他搬到了西雅圖。隨著疫情的爆發，他決定留下來。我感謝他的領導和建立了一支世界級的團隊，他將繼續領導這支球隊直到他離開，我們都祝他一切順利。謝謝你，史蒂夫。

Thanks, Anthony. I appreciate the kind words.

謝謝，安東尼。我很欣賞這些客氣話。

Roku continues to grow, adding 2.3 million active accounts in Q3, which was above both 2019 and 2021 levels, ending the quarter with 65.4 million. This growth was driven primarily by TV sales in both the U.S. and international markets along with improved active account retention.

Roku 繼續增長，在第三季度增加了 230 萬活躍賬戶，高於 2019 年和 2021 年的水平，本季度末達到 6540 萬。這一增長主要是由美國和國際市場的電視銷售以及活躍賬戶保留率的提高推動的。

Meanwhile, Roku Player unit sales remained above pre-COVID levels and the average selling price decreased 6% year-over-year as we continued to insulate consumers from higher cost to prioritize account acquisition. Roku users streamed 21.9 billion hours in the quarter, an increase of 21% year-over-year as we continued to outperform viewing hour growth of traditional TV.

同時，Roku Player 的單位銷售額仍高於 COVID 之前的水平，平均售價同比下降 6%，因為我們繼續使消費者免受更高成本的影響，以優先考慮獲取帳戶。 Roku 用戶在本季度的流媒體播放時間為 219 億小時，同比增長 21%，因為我們繼續超過傳統電視的觀看時間增長。

In Q3, total net revenue increased 12% year-over-year to $761 million. Platform revenue was up 15% year-over-year to $670 million, representing 88% of total revenue. While Platform revenue came in above our expectations and was a positive given the difficult macro environment, the advertising business continues to grow more slowly than our beginning of year forecast due to the current weakness in the overall TV ad market and the ad scatter market in particular.

第三季度，總淨收入同比增長 12% 至 7.61 億美元。平台收入同比增長 15% 至 6.7 億美元，佔總收入的 88%。雖然平台收入高於我們的預期，並且在困難的宏觀環境下是積極的，但由於目前整體電視廣告市場，特別是廣告分散市場的疲軟，廣告業務的增長繼續低於我們年初的預測.

Player unit sales were down 2% year-over-year on a sell-in basis, while Player revenue was down 7% due to a mix shift toward lower priced units. Total gross margin was 47% in the quarter. Q3 Platform gross margin of 56% was stable sequentially but down [9.2] points year-over-year. This reflects weakness in the ad scatter market and a greater mix of video advertising in Q3 2022 compared to a year ago period.

播放器單位銷售額同比下降 2%，而播放器收入下降 7%，原因是向低價單位的混合轉變。本季度總毛利率為 47%。第三季度平台毛利率為 56%，環比穩定，但同比下降 [9.2] 個百分點。這反映了與去年同期相比，2022 年第三季度廣告分散市場的疲軟以及視頻廣告的更多組合。

Q3 2021 was also a tough comp due to the launch of new streaming services which drove significant growth of higher-margin M&E and content distribution.

由於新的流媒體服務的推出推動了利潤率較高的 M&E 和內容分發的顯著增長，2021 年第三季度也是一個艱難的競爭。

In Q3 2022, we recognized a negative 606 adjustment due to lower SVOD industry expectations. As a reminder, the 606 adjustment in Q2 was driven by our expectations for lower Roku TV and Player unit sales due to the macro environment and both had a similar impact on our Platform gross profit in their respective quarters.

在 2022 年第三季度，由於 SVOD 行業預期較低，我們確認了 606 負調整。提醒一下，第二季度的 606 調整是由於我們對宏觀環境導致 Roku 電視和播放器單位銷售下降的預期推動的，並且兩者都對我們各自季度的平台毛利潤產生了類似的影響。

Q3 Player margin was negative 19%, which was down roughly 4 points year-over-year as we continue to prioritize account acquisition and insulate consumers from higher cost caused by supply chain disruptions and inflationary pressures. The year-over-year compression in Platform and Player margins resulted in gross profit growth of negative 2% year-over-year versus the 12% year-over-year growth in total net revenue.

第三季度玩家利潤率為負 19%，同比下降約 4 個百分點，原因是我們繼續優先考慮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。平台和播放器利潤率的同比壓縮導致毛利潤同比負增長 2%，而總淨收入同比增長 12%。

Q3 adjusted EBITDA was negative $34 million and we ended the quarter with more than $2 billion of cash.

第三季度調整後的 EBITDA 為負 3400 萬美元，我們在本季度末擁有超過 20 億美元的現金。

Let me turn to our outlook for the fourth quarter. Total net revenue of $800 million, gross profit of $325 million with gross margin of 41% and adjusted EBITDA of negative $135 million. The holiday season is typically the strongest period for most companies, including Roku, but we expect this season to be different. We believe that macro uncertainties and inflationary pressures will continue to negatively impact consumer discretionary spend and these pressures will further weigh on advertising budgets, particularly the ad scatter market. We expect these conditions to be temporary but it is difficult to predict when they will stabilize or rebound.

讓我談談我們對第四季度的展望。總淨收入為 8 億美元，毛利潤為 3.25 億美元，毛利率為 41%，調整後 EBITDA 為負 1.35 億美元。對於包括 Roku 在內的大多數公司來說，假期通常是最強勁的時期，但我們預計這個季節會有所不同。我們認為，宏觀不確定性和通脹壓力將繼續對消費者可自由支配支出產生負面影響，這些壓力將進一步影響廣告預算，尤其是廣告分散市場。我們預計這些情況是暫時的，但很難預測它們何時會穩定或反彈。

For our Player business, we anticipate lower sales year-over-year and margins that will be significantly lower sequentially primarily due to traditional holiday promotional pricing. For our Platform business, we anticipate that these macro pressures will offset what would ordinarily be seasonal tailwinds. And as a result, our Platform revenue will be slightly down on a sequential basis.

對於我們的播放器業務，我們預計銷售額將同比下降，利潤率將顯著下降，這主要是由於傳統的假日促銷定價。對於我們的平台業務，我們預計這些宏觀壓力將抵消通常是季節性的順風。因此，我們的平台收入將環比略有下降。

In addition, our Player and Platform revenue in Q4 is typically back-end loaded, which further reduces our visibility. As we indicated last quarter, we will continue to slow headcount and operating expense growth in response to the macro environment while continuing to make disciplined investments in our most strategic projects that will increase both the market penetration of our platform and long-term customer value.

此外，我們在第四季度的播放器和平台收入通常是後端加載的，這進一步降低了我們的知名度。正如我們上個季度所指出的那樣，我們將繼續放緩員工人數和運營費用增長以應對宏觀環境，同時繼續對我們最具戰略意義的項目進行有紀律的投資，這將增加我們平台的市場滲透率和長期客戶價值。

Despite near-term headwinds, we continue to make progress towards capitalizing on the opportunity created by consumers and advertisers moving to streaming. Roku will continue to invest in innovation and driving our leadership position forward, which we believe is the best way to deliver both growth and profitability to our investors over the long term.

儘管近期面臨不利因素，但我們繼續在利用消費者和廣告商轉向流媒體所創造的機會方面取得進展。 Roku 將繼續投資於創新並推動我們的領導地位向前發展，我們認為這是為我們的投資者提供長期增長和盈利能力的最佳方式。

On a personal note, it has been an incredible journey and a privilege to be part of Roku's success from pre-IPO to becoming a public company and a leading TV streaming platform. As Anthony noted, I will be here until my successor is in place sometime next year. In the meantime, I look forward to continuing to execute on our mission and working with our terrific team.

就個人而言，這是一段令人難以置信的旅程，也是一種榮幸，能夠參與 Roku 從上市前到成為上市公司和領先的電視流媒體平台的成功。正如安東尼所說，我會一直待在這裡，直到明年某個時候我的繼任者就位。與此同時，我期待繼續執行我們的使命並與我們出色的團隊合作。

With that, let's take questions. Operator?

有了這個，讓我們來提問。操作員？

(Operator Instructions) Our first question comes from Justin Patterson with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Justin Patterson。

Great. Two, if I can. Anthony, I appreciate the comments you gave on smart home. However, it's a crowded space with some large competitors. Why focus on this category versus investing deeper into Roku's international expansion and strengthening the ad tech? What type of return do you see from this investment?

偉大的。二，如果可以的話。安東尼，我很欣賞你對智能家居的評論。然而，這是一個擁擠的空間，有一些大型競爭對手。為什麼要專注於這一類別，而不是更深入地投資於 Roku 的國際擴張和加強廣告技術？您從這項投資中看到了什麼類型的回報？

And then for Steve, it's been a pleasure working with you. I wanted to double click on some of your OpEx comments. I realize it's going to take time for that to flow through. But how do we think -- how are you thinking about the right level of OpEx growth against, say, revenue growth and margin preservation as we head out of Q4 and into 2023?

然後對於史蒂夫來說，很高興與您合作。我想雙擊您的一些 OpEx 評論。我意識到這需要時間才能通過。但是我們如何看待——當我們從第四季度開始進入 2023 年時，您如何看待運營支出增長與收入增長和利潤率保持的正確水平？

Justin, thanks for the question. I will answer the question on smart home and then turn it over to Steve for OpEx.

賈斯汀，謝謝你的問題。我將回答有關智能家居的問題，然後將其交給史蒂夫進行運營支出。

So I think -- the way I think about the smart home business is that it's a natural extension of Roku's ecosystem and a natural business for us to be in. I mean -- and for a few different reasons. Let me just highlight some of them. So first of all, Roku has 65 million active accounts consisting of smart TVs, which is a great smart device to build on in terms of expanding around the home with other smart devices.

所以我認為 - 我對智能家居業務的看法是，它是 Roku 生態系統的自然延伸，也是我們參與的自然業務。我的意思是 - 出於幾個不同的原因。讓我只強調其中的一些。因此，首先，Roku 擁有 6500 萬個由智能電視組成的活躍賬戶，這是一款出色的智能設備，可以在家庭周圍使用其他智能設備進行擴展。

So we have an early start. We are probably one of, if not the most, popular smart home device in homes today. And then also, it's a big opportunity. I mean it's still early days. For example, about 20% of U.S. homes have a smart camera. But the whole smart home experience today is early and complicated. It's way too complicated. And it's got a lot more potential than the way the existing competitors are thinking about it. And so I just think it's an area.

所以我們有一個早期的開始。我們可能是當今家庭中最流行的智能家居設備之一。而且，這是一個很大的機會。我的意思是現在還為時尚早。例如，大約 20% 的美國家庭擁有智能相機。但是今天的整個智能家居體驗還很早很複雜。太複雜了它的潛力比現有競爭對手的想法要大得多。所以我只是認為這是一個區域。

Making complicated things simple is something that Roku really excels at. And that's another big opportunity for us to be successful here, another way for us to be successful. It also -- if you think about all the assets we have, we have -- we're great at software services. We're good at building very simple and usable devices and services. And all of those things directly apply to the smart home business. So we have our brand. I mean we just -- it's a very natural extension and we've already built a lot of the pieces we need.

讓複雜的事情變得簡單是 Roku 真正擅長的事情。這是我們在這裡取得成功的另一個重要機會，也是我們取得成功的另一種方式。它還 - 如果您考慮我們擁有的所有資產，我們擁有 - 我們擅長軟件服務。我們擅長構建非常簡單且可用的設備和服務。所有這些都直接適用於智能家居業務。所以我們有我們的品牌。我的意思是我們只是 - 這是一個非常自然的擴展，我們已經構建了很多我們需要的部分。

And then finally, in terms of the opportunity, there's going to be -- it's going to be a big market for smart home services. And so it's -- kind of over the long term, it's the way for us to build out new high-margin service revenues. And then if you think about it tactically, our business -- at our business model level, our business model is to sell devices, smart devices that are low cost and great value for customers and then monetize those through service revenue streams. And so this is just, again, a natural extension.

最後，就機會而言，這將是智能家居服務的一個大市場。因此，從長遠來看，這是我們建立新的高利潤服務收入的方式。然後，如果您從戰術上考慮，我們的業務——在我們的業務模式層面，我們的業務模式是銷售低成本且對客戶有價值的智能設備，然後通過服務收入流將其貨幣化。所以這又是一個自然的延伸。

Also, extending our ecosystem by allowing our customers to add other devices to their account should -- will also have the benefit of increasing the retention of our existing customers as well as obviously building service revenue streams.

此外，通過允許我們的客戶將其他設備添加到他們的帳戶來擴展我們的生態系統應該 - 也將有利於增加我們現有客戶的保留率以及明顯建立服務收入流。

So -- and it's not a particularly big investment for us because we're leveraging a lot of what we've already done. And so -- but yet, it's an option on something that could be very big and a very high return. And so that's why we're doing smart home. It's a great opportunity.

所以 - 這對我們來說並不是一項特別大的投資，因為我們正在利用我們已經做過的很多事情。所以 - 但是，它是一個可能非常大和非常高回報的選擇。這就是我們做智能家居的原因。這是一個很好的機會。

And then Steve, did you want to talk about the OpEx question?

然後史蒂夫，你想談談運營支出問題嗎？

Sure. Justin, I know you've been tracking us a while, but just -- I think taking a step back here on just the kind of trend over time. Before the recent ad market downturn, we'd been performing well, consistent high revenue and gross profit growth and reinvesting that gross profit back into the business. As Anthony talked about, there's a significant opportunity out there ahead of us.

當然。賈斯汀，我知道你已經跟踪我們一段時間了，但只是 - 我想退後一步，看看隨著時間的推移這種趨勢。在最近的廣告市場低迷之前，我們一直表現良好，收入和毛利潤持續保持高增長，並將毛利潤重新投資於業務。正如安東尼所說，我們面前有一個重要的機會。

And when the pandemic hit, what we did is we've greatly curtailed that OpEx growth given the uncertainty at that time and effectively deferred some investments we would have otherwise made. When we thought that the business in the world was kind of moving out of the pandemic-related disruptions, we started to go ahead and invest again in a more substantial way, try to get through some of those deferred investments that we've pushed off during the pandemic. And so we ramped up headcount hiring, which is the primary way we invest in, in additional new innovation and work on our project road map.

當大流行來襲時，我們所做的是，鑑於當時的不確定性，我們大大減少了 OpEx 的增長，並有效地推遲了我們原本會進行的一些投資。當我們認為世界上的業務正在擺脫與大流行相關的中斷時，我們開始繼續以更實質性的方式再次投資，試圖通過我們推遲的一些延期投資疫情期間。因此，我們增加了招聘員工人數，這是我們投資的主要方式，以增加新的創新並製定我們的項目路線圖。

When we saw the ad market downturn in Q2, that was really kind of the confluence of high inflation, economic uncertainty, geopolitical issues around energy and the war in Ukraine. So we pulled back significantly immediately on the OpEx growth. That manifested itself in relative, basically flat headcount levels in Q3. And we're continuing to look at ways to take steps to lower that OpEx growth.

當我們在第二季度看到廣告市場低迷時，這實際上是高通脹、經濟不確定性、圍繞能源的地緣政治問題和烏克蘭戰爭的綜合作用。因此，我們立即大幅回落了 OpEx 的增長。這體現在第三季度相對基本持平的員工人數水平上。我們正在繼續尋找採取措施降低運營支出增長的方法。

But notably, the OpEx year-over-year growth rate is still high but that's largely the result of that hiring increases late last year and early this year. So we're focused on driving the sequential OpEx growth rate down. And then we're making sure that we're focusing our remaining investment on the high potential projects that are going to lead to further growth and further bolster our leadership position.

但值得注意的是，OpEx 的同比增長率仍然很高，但這主要是去年年底和今年年初招聘增加的結果。因此，我們專注於推動運營支出的連續增長率下降。然後我們確保將剩餘投資集中在高潛力項目上，這些項目將導致進一步增長並進一步鞏固我們的領導地位。

Justin, I'll just add that -- I mean these are tough times, especially in the ad market, certainly impacting us as well as others. But the transition to streaming and the creation of a small number of successful large-scale streaming platforms is a huge opportunity for us. And it's not changed by the current economic cycle.

賈斯汀，我要補充一點——我的意思是這是艱難的時期，尤其是在廣告市場，肯定會影響我們和其他人。但是向流媒體的過渡和少數成功的大型流媒體平台的創建對我們來說是一個巨大的機會。它並沒有被當前的經濟周期改變。

So that's why we're being very disciplined about where we spend our money but continuing to focus on strong account growth, strong engagement growth, is positioning us well for when the market turns around. I think it would be a mistake -- although we're being very disciplined and we're definitely looking at OpEx very carefully. We don't want to pull back so much that we start impacting the key pillars that we're building out with our goal of becoming a very large and profitable company.

所以這就是為什麼我們在花錢的地方非常自律，但繼續專注於強勁的賬戶增長、強勁的參與度增長，這讓我們在市場好轉時處於有利地位。我認為這將是一個錯誤——儘管我們非常自律，而且我們肯定會非常仔細地看待 OpEx。我們不想退縮太多，以至於我們開始影響我們正在建立的關鍵支柱，我們的目標是成為一家非常大且盈利的公司。

Our next question comes from Aaron Kessler with Raymond James.

我們的下一個問題來自 Aaron Kessler 和 Raymond James。

In terms of the Q3 kind of upside to ad revenues, can you just discuss kind of where the upside came from, maybe the linearity throughout the quarter as well? I mean just any thoughts on revenue by ad verticals that you are seeing as well.

就第三季度廣告收入的上升空間而言，您能否討論一下上升空間的來源，或者整個季度的線性度？我的意思是您所看到的關於廣告垂直收入的任何想法。

Steve, do you want to take the question on Q3 performance? I can talk about the ad market.

史蒂夫，你想回答關於第三季度業績的問題嗎？我可以談談廣告市場。

Sure. Just in terms of Q3 ad performance, I mean, certainly, starting in Q2, kind of mid-Q2, we saw businesses react to the greater level of uncertainty by pulling back on OpEx in general and including the TV ad scatter market was impacted. That's something that, by its nature, is easy to turn off and then easy to turn back on when things get better or businesses get more comfortable.

當然。就第三季度的廣告表現而言，我的意思是，當然，從第二季度開始，也就是第二季度中期，我們看到企業對更大程度的不確定性做出反應，總體上縮減了運營支出，包括電視廣告分散市場受到影響。從本質上講，這很容易關閉，然後在情況變得更好或企業變得更舒適時又容易重新打開。

So we are happy with Q3 performance given the headwinds. But that outlook was placed at a time where that trend was just materializing. So we feel like we've been performing well in terms of -- so we looked at some external data from SMI. It showed us outperforming the traditional TV ad market as well as being at or slightly above the connected TV ad market.

因此，鑑於逆風，我們對第三季度的表現感到滿意。但這種前景是在這種趨勢剛剛實現的時候提出的。所以我們覺得我們在 - 所以我們查看了來自 SMI 的一些外部數據方面表現良好。它表明我們的表現優於傳統電視廣告市場，並且處於或略高於聯網電視廣告市場。

So I think we continued to perform well despite all these headwinds. And that's really where we've seen the results come in relative to a pretty uncertain outlook at the time we did last earnings call.

因此，我認為儘管存在所有這些不利因素，我們仍然表現良好。這就是我們在上次財報電話會議時看到的結果，相對於相當不確定的前景。

Got it. So (inaudible) August, September were kind of better than when you initially gave guidance -- some things end of July?

知道了。所以（聽不清）8 月、9 月比你最初提供指導時要好一些——7 月底有些事情？

Yes. We haven't really commented on the specific trends within the quarter. Certainly, there's a lot of uncertainty. And so there's been a lot of changes, I think, especially you mentioned some of the questions around the verticals. We've seen kind of the strength or weakness of certain verticals. There's been a wide distribution of the impact. I mean pretty much every vertical is down when you look at the ad spend but they're down very different levels. And so I think that it's been an ever-shifting landscape by verticals. And so it's really kind of hard to make a global statement about the overall trends.

是的。我們還沒有真正評論本季度的具體趨勢。當然，有很多不確定性。因此，我認為發生了很多變化，尤其是您提到了一些有關垂直領域的問題。我們已經看到了某些垂直行業的優勢或劣勢。影響分佈廣泛。我的意思是，當您查看廣告支出時，幾乎每個垂直領域都在下降，但它們下降的水平卻截然不同。所以我認為這是一個不斷變化的垂直領域。所以很難對整體趨勢做出全球性的陳述。

This is Anthony. So we are seeing -- like Steve said, there's a lot of uncertainty. It's hard to say exactly what's going to happen in Q4, but we are seeing signs that Q4 is going to be worse in terms of the ad market than Q3 was. I mean we're seeing lots of big categories pull back, telecom, insurance. We're even seeing toy marketers planning on reducing their spend in Q4.

這是安東尼。所以我們看到——就像史蒂夫所說的那樣，存在很多不確定性。很難確切地說第四季度會發生什麼，但我們看到有跡象表明第四季度的廣告市場將比第三季度更糟。我的意思是，我們看到很多大類別都在撤退，電信、保險。我們甚至看到玩具營銷商計劃在第四季度減少支出。

I think traditionally, Q4 is a very -- the holiday season is typically the strongest period for a lot of companies, including Roku. But companies are pulling back their ad budgets because they're uncertain if there will be a recession or not. And so a lot of Q4 ad campaigns are being canceled. And so that's why -- so I think this holiday season, given the unique set of environments and characteristics, is probably going to be different than the typical holiday season.

我認為傳統上，第四季度是一個非常 - 假日季節通常是包括 Roku 在內的許多公司最強勁的時期。但是公司正在縮減他們的廣告預算，因為他們不確定是否會出現經濟衰退。所以很多第四季度的廣告活動都被取消了。這就是為什麼 - 所以我認為這個假期，鑑於獨特的環境和特徵，可能會與典型的假期不同。

Our next question comes from Shweta Khajuria with Evercore.

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

Hello. Can you hear me?

你好。你能聽到我嗎？

Yes. Go ahead.

是的。前進。

I'm sorry if my questions have been asked but let me try 2, please. One is, Steve, could you talk about how much visibility you have and how that has changed over the course of the year? So as you sit today, how much visibility across your revenue segments do you have from Player to video ads to M&E to content distribution?

如果有人問了我的問題，我很抱歉，但請讓我試試 2。一個是，史蒂夫，你能談談你有多少知名度以及在這一年中發生了怎樣的變化？因此，當您坐在今天的位置時，您在從播放器到視頻廣告到 M&E 再到內容分發的各個收入領域有多少可見性？

And then, Anthony, how are you thinking about prioritizing the different initiatives, whether it is the Roku Channel to the ad platform to the operating system and enhancing user experience and also international? Has your thought process changed with the change in the macro environment in terms of how you're prioritizing?

然後，Anthony，您如何考慮優先考慮不同的舉措，無論是 Roku 頻道、廣告平台、操作系統、增強用戶體驗還是國際化？就您的優先順序而言，您的思維過程是否隨著宏觀環境的變化而改變？

Sure. Steve, do you want to start?

當然。史蒂夫，你想開始嗎？

Yes, sure. Thanks for the question, Shweta. The -- certainly, with the increased amount of uncertainty out there, both on the consumer side as well as on the business and the advertising side, visibility has clearly diminished out there in the economy. Most pronounced is -- we talked about that briefly. The ad scatter market is -- by its nature is uncommitted, tends to be in quarter spend.

是的，當然。謝謝你的問題，Shweta。 - 當然，隨著消費者方面以及商業和廣告方面的不確定性增加，經濟中的知名度明顯降低。最明顯的是——我們簡要地談到了這一點。廣告分散市場——本質上是不承諾的，往往是季度支出。

And so a good example on that is kind of before disruptions happened, before the ad pullback, we had a pretty good handle based on our experience over the years about what's the pipeline, what's the curve in terms of what percentage of bookings that we had at certain points before the quarter started and during the quarter. Those kind of historical pipeline curves are sort of largely thrown out the window these days where there's tremendous uncertainty. And as I mentioned on that prior question, there's a big shift in verticals, especially depending on the level of uncertainty, whether there's continued supply chain disruptions, all that.

所以一個很好的例子就是在中斷發生之前，在廣告回調之前，根據我們多年來的經驗，我們有一個很好的處理方式，關於管道是什麼，就我們的預訂百分比而言，曲線是什麼在季度開始前和季度期間的某些時間點。如今，在存在巨大不確定性的情況下，這些歷史管道曲線在很大程度上被拋到了窗外。正如我在之前的問題中提到的那樣，垂直領域發生了很大的變化，尤其是取決於不確定性的程度，是否存在持續的供應鏈中斷等等。

And so the ad scatter business, certainly, the visibility has been most impacted by that, although obviously, we've made changes to longer-term things like in our 606 modeling around the market size expectations out there in the industry have shifted and we had that change in Q2. And in Q3, we made some updates based on SVOD industry expectations as well.

因此，廣告分散業務，當然，可見度受到的影響最大，儘管很明顯，我們已經對長期的事情進行了改變，比如圍繞行業市場規模預期的 606 建模已經發生了變化，我們在第二季度發生了這種變化。在第三季度，我們也根據 SVOD 行業的預期進行了一些更新。

So you've got -- most pronounced, you've got short-term visibility issues and then some other kind of, let's call it, near-term to moderate term changes in expectations just given the way that the world is moving at this point.

所以你有 - 最明顯的是，你有短期的可見性問題，然後是其他類型的，讓我們稱之為，考慮到世界在這方面的發展方式，近期到中度的預期變化觀點。

And then Shweta, your question on how we think about priorities given the current macro environment. I mean our priorities have not really -- have not changed. And so just to recap those, a big -- the kind of the first pillar of our business is built on scale of active accounts. And there's still lots of room to grow active accounts internationally, of course, but also domestically. And so that's the first area of continued investment for us.

然後是 Shweta，關於在當前宏觀環境下我們如何考慮優先事項的問題。我的意思是我們的優先事項並沒有真正 - 沒有改變。回顧一下這些，我們業務的第一個支柱是建立在活躍賬戶的規模之上的。當然，在國際上還有很大的活躍賬戶增長空間，但在國內也是如此。所以這是我們持續投資的第一個領域。

So that would be things like our Roku TV program, which has been super expensive. We're -- sorry, super effective, not expensive, super effective. We're the #1 selling TV operating system in the United States built on the strength of our purpose-built TV operating system, purpose-built for TV computing platform.

所以這就是我們的 Roku 電視節目，它非常昂貴。我們——對不起，超級有效，不貴，超級有效。我們是美國銷量第一的電視操作系統，它建立在我們專門為電視計算平台而專門構建的電視操作系統的優勢之上。

And again, just to recap for those who don't know our strategy here. If you think about when new computing platforms emerge, like happened with PCs, you get a lot of initial contenders or legacy businesses. And then they consolidate down to a handful of -- small handful of winners. And we saw that with Windows and Mac on PCs. And then on phones, it was iOS and Android. And on TVs, Roku is the #1 streaming TV OS platform.

再次，只是為那些不了解我們的策略的人回顧一下。如果您考慮新的計算平台何時出現，例如 PC，您會發現很多初始競爭者或傳統業務。然後他們合併為少數——少數獲勝者。我們在 PC 上的 Windows 和 Mac 上看到了這一點。然後在手機上，是 iOS 和 Android。在電視上，Roku 是排名第一的流媒體電視操作系統平台。

So continuing to drive that both domestically and internationally by signing up more partners, entering new markets, creating more innovative products. So the Roku TV program is a big thing for us.

因此，通過簽約更多合作夥伴、進入新市場、創造更多創新產品，繼續在國內和國際上推動這一進程。所以 Roku 電視節目對我們來說是一件大事。

And we made good progress in the quarter. Active accounts grew 2.3 million, both from TVs and players and internationally and domestically. So growing active accounts for Roku TV program.

我們在本季度取得了良好進展。來自電視和播放器以及國際和國內的活躍賬戶增加了 230 萬。因此，Roku 電視節目的活躍賬戶不斷增長。

And then another big area of investment for us is increasing the value of a customer. So we have lots of customers and we keep adding more customers. But we can also increase the value of those customers. And that's the mission of our consumer experience team, which we've been putting a finer focus on over the last year, led by Gidon Katz.

對我們來說，另一大投資領域是增加客戶的價值。所以我們有很多客戶，我們不斷增加更多的客戶。但我們也可以增加這些客戶的價值。這就是我們的消費者體驗團隊的使命，在過去的一年裡，我們一直更加關注這個團隊，由 Gidon Katz 領導。

And there -- what they're investing in is things that increases engagement in our UI, so engagement in the platform overall and engagement in the UI as well. And so making our -- making the user interface -- our platform user interface more effective in helping consumers find content to watch and more effective in terms of building out monetization options for us and just building the value of the customer by using all the levers available because we control the platform UI and there's a lot of ways to do that. And that's been going well, a lot of progress there.

在那裡——他們投資的是增加對我們 UI 的參與度的東西，因此對整個平台的參與度以及對 UI 的參與度也是如此。因此，使我們的用戶界面——我們的平台用戶界面更有效地幫助消費者找到要觀看的內容，更有效地為我們構建貨幣化選項，並通過使用所有槓桿來建立客戶價值可用是因為我們控制了平台 UI，並且有很多方法可以做到這一點。而且進展順利，取得了很大進展。

And then another area of -- sorry. And then on active accounts, international, of course, is a big -- continues to be a big area of focus for us and we're making good progress. I mean we highlighted successes in Mexico in our shareholder letter. We're the #2 platform in Mexico -- I'm sorry, we're the #2 selling TV OS in Mexico now. We continue to add more TV partners. We have a goal of passing Samsung. They're currently #1 but I think we can pass them just like we did in the U.S. and other markets.

然後是另一個領域——對不起。然後在活躍賬戶上，當然，國際化是一個很大的 - 仍然是我們關注的一個重要領域，我們正在取得良好的進展。我的意思是我們在股東信中強調了墨西哥的成功。我們是墨西哥排名第二的平台——對不起，我們現在是墨西哥排名第二的 TV OS 銷售平台。我們繼續增加更多的電視合作夥伴。我們的目標是超越三星。他們目前排名第一，但我認為我們可以像在美國和其他市場一樣超越他們。

And because we've been making the progress in building scale in Mexico, we launched the Roku Channel, which is kind of one of the steps in monetizing our platform in the market. So continuing to focus on global expansion -- so active accounts, grow the value of a customer, increase engagement.

由於我們一直在墨西哥建設規模方面取得進展，我們推出了 Roku 頻道，這是我們在市場上通過平台獲利的步驟之一。所以繼續專注於全球擴張——如此活躍的賬戶，增加客戶的價值，增加參與度。

And then finally, of course, there's monetization across the platform. And one of the key ways we do that is through the Roku Channel. So the Roku Channel continues to be a big success for us and an area that we continue to invest in.

最後，當然，還有跨平台的貨幣化。我們這樣做的關鍵方法之一是通過 Roku 頻道。因此，Roku 頻道對我們來說仍然是一個巨大的成功，也是我們繼續投資的一個領域。

And then content is an area of focus for us. And we're getting -- we're obviously becoming a bigger player in the content industry in terms of licensing rev share, originals. But that spend has all done commensurate with the scale and size of the Roku Channel and appropriate to that business model.

然後內容是我們關注的一個領域。而且我們正在獲得 - 我們顯然正在成為內容行業中更大的參與者，就許可轉速份額，原創而言。但這筆支出都與 Roku 頻道的規模和規模相稱，並適合該商業模式。

So I think -- so that's some of the areas that we're focused on. So it's basically growing scale of the platform, increasing the value of a customer and just innovation and competitiveness overall.

所以我認為 - 這就是我們關注的一些領域。所以它基本上是擴大平台的規模，增加客戶的價值，以及整體的創新和競爭力。

Our next question comes from Vasily Karasyov with Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

Steve, can I ask you to unpack the Platform revenue growth by component, please? Maybe tell us how much monetized with your ad impressions grew in the quarter. You used to give out that metric. And then did M&E grow and did distribution revenue grow and maybe rank order by growth rates, if possible?

史蒂夫，我可以請你按組件分解平台收入增長嗎？也許告訴我們您的廣告印像在本季度增長了多少。你過去常常給出那個指標。然後 M&E 是否增長，分銷收入是否增長，如果可能的話，是否按增長率排序？

Vasily, happy to give you some more color. We obviously don't disaggregate that Platform segment due to 606 disaggregation issue. But what we saw this quarter, obviously, we talked about the ad scatter market is challenged. And so that's been a significant driver of the slowing growth in platform overall.

瓦西里，很高興給你更多的色彩。由於 606 分解問題，我們顯然不會分解該平台部分。但我們在本季度看到的情況，顯然，我們談到的廣告分散市場受到了挑戰。因此，這是整個平台增長放緩的重要驅動力。

M&E, we had a tough comp compared to last year, where we had some services that had launched mid to late last year. But M&E continues to grow and it's high margin. And from a content distribution standpoint, that is driven by the active account growth and streaming hour growth. So notwithstanding some of our expectations in the future based on SVOD industry changing expectations and some consumer behavior, that has held up as well.

M&E，與去年相比，我們有一個艱難的競爭，我們在去年中後期推出了一些服務。但 M&E 繼續增長，而且利潤率很高。從內容分發的角度來看，這是由活躍賬戶增長和流媒體小時增長推動的。因此，儘管基於 SVOD 行業不斷變化的期望和一些消費者行為，我們對未來的一些期望仍然存在。

So the main story here on the Platform segment and its growth trend is largely driven by the ad scatter market. Again, a reminder that upfront commitments have been strong this year, over $1 billion with that. In general, each year, our exposure to the -- or our mix of the upfront to ad scatter has been moving towards upfronts. And so there's kind of a short-term, long-term disconnect here. The short term, certainly, very challenged with the ad scatter market pullback -- pulling back significantly for the industry. But at the same time, good trend on the upfront commits as well as things like M&E performing well.

因此，平台部分的主要故事及其增長趨勢在很大程度上是由廣告分散市場驅動的。再次提醒您，今年的前期承諾非常強勁，超過 10 億美元。總的來說，每年，我們接觸到的——或者我們的前期到廣告分散的組合一直在朝著前期的方向發展。所以這裡有一種短期的、長期的脫節。短期來看，廣告分散市場的回落無疑是非常具有挑戰性的——該行業的大幅回落。但與此同時，前期承諾的良好趨勢以及 M&E 等表現良好。

Vasily, let me just add, M&E was brought up. M&E is -- which is media and entertainment and that -- for those that don't know that, that's our business, helping drive subscriptions and engagement and viewership with content across our platform.

瓦西里，讓我補充一下，M&E 被提出來了。 M&E 是 - 這是媒體和娛樂 - 對於那些不知道的人來說，這是我們的業務，幫助推動訂閱、參與和觀看我們平台上的內容。

And we're very good at it. It's an area that we've built a lot of expertise around. And as we built out our purpose-built platform for TV, it's an area that we've invested a lot in, in terms of building the right capabilities and tools into the platform. And of course, we understand very well the business of TV advertising and the tools needed to drive that.

我們非常擅長。這是一個我們已經建立了很多專業知識的領域。當我們為電視構建專用平台時，我們在這個領域投入了大量資金，在平台中構建正確的功能和工具。當然，我們非常了解電視廣告業務以及推動該業務所需的工具。

And so we built all that into our M&E business. And it's an area that I think has a lot of opportunity. I mean, obviously, there's a lot of streaming services that are still trying to build accounts, trying to reduce churn and grow engagement.

因此，我們將所有這些都融入了我們的機電業務。這是一個我認為有很多機會的領域。我的意思是，很明顯，有很多流媒體服務仍在嘗試建立帳戶，試圖減少客戶流失並提高參與度。

But we're also seeing big new services like Netflix and Disney get into the ad business -- are starting to add advertising to their -- some tiers of their services. And for those companies, as soon as they have ads, engagement becomes even more important for them because, obviously, the more people watch content, the more ads they can watch and the more money that can be made.

但我們也看到像 Netflix 和迪士尼這樣的大型新服務進入廣告業務——開始在他們的一些服務層級中添加廣告。對於這些公司來說，一旦有了廣告，參與度對他們來說就變得更加重要，因為顯然，觀看內容的人越多，他們可以觀看的廣告就越多，可以賺到的錢也就越多。

And so using our M&E tools to drive engagement on our services as well as third-party services is something that we're very good at. And I think those companies know that we can help them a lot in that area.

因此，使用我們的 M&E 工具來推動我們的服務以及第三方服務的參與是我們非常擅長的事情。而且我認為這些公司知道我們可以在這方面為他們提供很多幫助。

So -- so M&Es -- and also, I talked about Gidon working on our consumer experience. A big part of that is also related to driving our M&E business, which is around how can we become more relevant to our consumers, to our viewers and helping them decide what to watch. I mean we're a trusted partner for our viewers when they use things like universal search or more ways to watch or feature free in our user interface.

所以 - 所以 M&E - 還有，我談到了 Gidon 致力於我們的消費者體驗。其中很大一部分還與推動我們的 M&E 業務有關，即我們如何才能與我們的消費者、觀眾更相關，並幫助他們決定觀看什麼。我的意思是，當我們的觀眾使用通用搜索或更多觀看方式或在我們的用戶界面中免費使用功能時，我們是他們值得信賴的合作夥伴。

But as the owner of the platform UI, that's our core advantage is using that platform UI in ways to help our consumers find content is something that we can do exclusively. And then integrating that into our M&E business to drive engagement and viewerships and subscriptions is a big way that we can help our partners and generate profit for both our -- revenue for both us and our partners.

但作為平台 UI 的所有者，我們的核心優勢是使用該平台 UI 來幫助我們的消費者找到我們可以獨家做的事情。然後將其整合到我們的 M&E 業務中以推動參與度、收視率和訂閱，這是我們可以幫助我們的合作夥伴並為我們和我們的合作夥伴帶來收入的重要方式。

Our next question comes from Jason Helfstein with Oppenheimer.

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

Anthony, kind of big picture question with a few parts. So from what I can tell, the majority of your shareholders think you're making a strategic mistake by refusing to let third-party DSPs bid on TRC and other inventories. So one, do you still think this is the right decision? Two, why do you think this is the right decision? And three, what's Charlie's view on this given his position in the business? And is it possible you change the position now that he is running advertising?

安東尼，有點大的問題，有幾個部分。因此，據我所知，您的大多數股東認為您拒絕讓第三方 DSP 競標 TRC 和其他庫存，這是一個戰略錯誤。所以一，你還認為這是正確的決定嗎？二、為什麼你認為這是正確的決定？第三，鑑於查理在企業中的地位，他對此有何看法？既然他在做廣告，你有可能改變職位嗎？

Jason, thanks for that question on DSPs. So well, I'll come to Charlie in a second, but let me just kind of touch on DSP.

傑森，感謝關於 DSP 的問題。好吧，我馬上就來談查理，但讓我稍微談談 DSP。

So first of all, we have our own DSP OneView, which is highly optimized for TV streaming and our Roku Platform. It's the best way to buy inventory across our platform, taking advantage of our data and technology we built into the platform. So that's obviously a big focus for us.

因此，首先，我們擁有自己的 DSP OneView，它針對電視流媒體和我們的 Roku 平台進行了高度優化。這是在我們的平台上購買庫存的最佳方式，利用我們在平台中內置的數據和技術。所以這顯然是我們關注的重點。

In terms of diversifying our revenue streams, one of the ways we've been doing that is focusing on the upfronts. So we started out with no revenue coming from the upfronts. This last year, we passed $1 billion in our upfront commitments, which -- and so every year, the mix of dollars that comes on the platform that comes through the upfronts has been growing. And that's becoming increasingly important for us.

在使我們的收入來源多樣化方面，我們一直在做的一種方法是專注於前期。所以我們一開始沒有來自前期的收入。去年，我們的前期承諾超過了 10 億美元，因此每年，來自平台的前期資金組合都在增長。這對我們來說變得越來越重要。

But in terms of actual DSPs, I mean first of all, we do work with third-party DSPs. We work with dozens of buy- and sell-side platforms. We've long worked with marketing and ad tech partners, including -- for example, the shopper program we do with Kroger or the Roku Measurement Partner program with 20-plus measurement companies.

但就實際的 DSP 而言，我的意思是，首先，我們確實與第三方 DSP 合作。我們與數十個買方和賣方平台合作。我們長期與營銷和廣告技術合作夥伴合作，包括 - 例如，我們與 Kroger 合作的購物者計劃或與 20 多家測量公司合作的 Roku Measurement Partner 計劃。

And are there other ways we could work with DSPs to generate incremental revenue? There might be. And that's -- we're definitely looking at ways to work with partners to increase our revenue stream. So that's something that we're looking at.

還有其他方法可以與 DSP 合作以產生增量收入嗎？可能有。那就是 - 我們肯定在尋找與合作夥伴合作以增加我們的收入來源的方法。這就是我們正在研究的問題。

In terms of Charlie, I don't know what Charlie thinks about DSPs. But he's got a lot of experience working with advertisers, both traditionally through IOs and also through DSP platforms, which is something that -- TV does at Fox, where he was before Roku.

就查理而言，我不知道查理對 DSP 的看法。但他有很多與廣告商合作的經驗，傳統上是通過 IO 和 DSP 平台，這就是電視在 Fox 所做的事情，他在 Roku 之前就在那裡。

So we'll see. But I think the big picture around Charlie is just that he's a very senior media executive with a lot of experience in advertising and in content, in programming and the strategy of running a media company. And we built our media business to a big business, a very large business. But it's got so much more potential and it can be a lot bigger. And that's why we recruited Charlie to help take us to the next level. So I'm sure he'll bring some new insights and strategies and ways of thinking that we weren't thinking before and love to see what happens. But I'm looking forward to working with him to grow the media business.

所以我們拭目以待。但我認為查理周圍的大局只是他是一位非常資深的媒體主管，在廣告和內容、編程和運營媒體公司的戰略方面擁有豐富的經驗。我們把我們的媒體業務打造成了一個大企業，一個非常大的企業。但它有更多的潛力，它可以更大。這就是我們招募查理幫助我們更上一層樓的原因。所以我相信他會帶來一些我們以前沒有想到的新見解、策略和思維方式，並且喜歡看看會發生什麼。但我期待與他合作發展媒體業務。

Our next question comes from Ralph Schackart with William Blair.

我們的下一個問題來自 Ralph Schackart 和 William Blair。

Maybe can you give us some perspective on what you've seen quarter-to-date on the ad pullback. Anthony, I think you talked about big categories pullback like telecom. But any way to sort of quantify it or maybe talk to the -- I'm guessing more acceleration in the pullback? Just some perspective given sort of what we're seeing in the Q4 guide.

也許你能給我們一些關於你在廣告回調中看到的季度的觀點。安東尼，我想你談到了電信等大類別的回調。但是有什麼方法可以量化它，或者可能與-我猜回調中的加速度更大？只是給出了我們在第四季度指南中看到的一些觀點。

And Steve, I just wanted to clarify something. I think you said that -- I think you said Platform revenue will be down sequentially in Q4. If you could confirm that's indeed correct.

史蒂夫，我只是想澄清一些事情。我認為您說過-我認為您說過平台收入將在第四季度連續下降。如果你能確認那確實是正確的。

Yes. I mean I can say a few words about what we're seeing in the ad business. But -- and then maybe Steve has something -- some comments on that as well on our guidance -- I mean our outlook.

是的。我的意思是我可以談談我們在廣告業務中看到的情況。但是 - 然後也許史蒂夫有一些意見 - 關於我們的指導的一些評論 - 我的意思是我們的前景。

So I think -- like I said before, this is not a normal holiday season. There's a lot of uncertainty in the economy. And when there's uncertainty around it, there's going to be a recession or consumers are pulling back on spending. How much of that will continue, when will it turn around, when will the Fed stop raising interest rates, I mean all these things creating a tremendous amount of uncertainty in -- so this is not a normal holiday season.

所以我認為——就像我之前說的，這不是一個正常的假期。經濟存在很多不確定性。當周圍存在不確定性時，就會出現經濟衰退或消費者縮減支出。其中會持續多少，什麼時候會好轉，美聯儲什麼時候會停止加息，我的意思是所有這些都造成了巨大的不確定性——所以這不是一個正常的假日季節。

And we are seeing -- and one of the first things companies do in the face of such uncertainty is they cancel their ad budgets. And so that's kind of the core driver of why the ad market is down. It's very hard to predict because a lot of our business comes in the second half of the quarter in Q4.

我們看到——面對這種不確定性，公司做的第一件事就是取消廣告預算。這就是廣告市場下滑的核心驅動力。很難預測，因為我們的很多業務都是在第四季度的第二季度進行的。

So -- but the trends we're seeing are that big advertisers that we traditionally get spend from are not spending this quarter. They're not spending with anyone. It's not just they're not spending with us. But the best information we have, we put in our outlook.

所以 - 但我們看到的趨勢是，我們傳統上從中獲得支出的大廣告商在本季度沒有支出。他們不和任何人一起消費。不僅僅是他們不和我們一起消費。但我們擁有的最好的信息，我們把我們的前景。

And like I said before, it's definitely temporary. As soon as -- it doesn't -- the economy doesn't even have to turn around. What needs to happen is there has to be more certainty in people's minds about where the economy is heading. And that will cause people to come back in the market and start spending again.

就像我之前說的，這絕對是暫時的。只要——它沒有——經濟甚至不必好轉。需要發生的是，人們必須更加確定經濟的發展方向。這將導致人們重返市場並再次開始消費。

Steve, did you want to add anything?

史蒂夫，你想補充什麼嗎？

Yes, sure. Ralph, so yes, just on your specific question, so we did mention in the remarks that contemplated in the Q4 outlook is that the revenue will be down sequentially as well as year-over-year and specifically because of the significant pullback in the ad scatter market driving that Platform revenue down sequentially, kind of effectively -- basically counteracting the traditional sequential pop that we would get because of the holiday season. We think that the forces that are sort of against that, weighing on the autonomy and consumers and advertisers is enough to make that a sequential decline.

是的，當然。拉爾夫，是的，就您的具體問題而言，所以我們在第四季度展望中考慮的評論中確實提到收入將環比下降以及同比下降，特別是由於廣告的大幅回落分散市場推動平台收入連續下降，有點有效 - 基本上抵消了我們因假期而獲得的傳統連續流行。我們認為，反對這一點的力量，對自主權、消費者和廣告商造成壓力，足以使這種情況連續下降。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗的 Jason Bazinet。

I have a question about the next recession, actually. Do you think that the sort of dramatic sort of retrenchment that we've seen in your advertising revenue is simply a function of this upfront scatter mix? Or do you think it's that plus some sort of, I don't know, lack of sophistication or habit on the part of advertisers, where they still view connected TVs as experimental and therefore it's sort of the first thing that they cut when they're faced with a period of uncertainty? In other words, during the next recession, do you think you'll see the same sort of dynamics in terms of the pullback or it will look more like traditional TV? That's the basic question.

實際上，我有一個關於下一次經濟衰退的問題。您認為我們在您的廣告收入中看到的那種戲劇性的縮減僅僅是這種前期分散組合的功能嗎？或者你認為是不是因為廣告商缺乏成熟度或習慣，我不知道，他們仍然認為聯網電視是實驗性的，因此這是他們削減的第一件事。重新面臨一段不確定的時期？換句話說，在下一次經濟衰退期間，你認為你會在回調方面看到同樣的動態，還是看起來更像傳統電視？這是基本問題。

Jason, that's an interesting question. I think that -- well, first of all, I think that there's nothing unique about Roku's situation. We believe that we're -- based on what we've seen that other connected TV companies are experiencing similar pullbacks to us. We think we're over-indexing slightly a little bit versus the connected TV market in terms of getting our fair share. So we're doing a little bit better but roughly in line, we think, with other connected TV platforms.

傑森，這是一個有趣的問題。我認為——嗯，首先，我認為 Roku 的情況沒有什麼獨特之處。我們相信我們 - 基於我們所看到的其他聯網電視公司正在經歷與我們類似的回調。我們認為，就獲得我們的公平份額而言，與聯網電視市場相比，我們略微過度指數化。所以我們做得更好一點，但我們認為，與其他聯網電視平台大致一致。

And it's certainly true that most ad dollars are still flowing to the traditional TV companies. And I believe that the environment we're in now will -- is causing people to look more seriously about how they spend their money. And traditionally, in similar situations in the past, you've seen situations like we're seeing now accelerate the transition.

當然，大多數廣告收入仍在流向傳統電視公司。而且我相信我們現在所處的環境將導致人們更加認真地看待他們如何花錢。傳統上，在過去的類似情況下，您已經看到我們現在看到的情況正在加速過渡。

So my expectation is this will accelerate the transition of dollars from traditional TV to connected TV. I think we're seeing that. And I think the next recession, hopefully, is a long way away. And when that happens, by that point, I think all advertising will be through connected TVs and streaming.

所以我的預期是，這將加速美元從傳統電視到聯網電視的轉變。我想我們看到了。我認為下一次經濟衰退，希望，還有很長的路要走。當這種情況發生時，我認為所有的廣告都將通過聯網電視和流媒體進行。

Our next question comes from Rich Greenfield with LightShed Partners.

我們的下一個問題來自 Rich Greenfield 和 LightShed Partners。

Anthony, I guess if we sort of think sort of about the overall business and the profitability of your business, I'd love to sort of get how you're thinking about the shift. The -- one is when I think about the Meta challenges, it's because they're being forced to spend more on their business to sort of keep up with TikTok. And so the profitability from their AI investment is hurting the margin structure of the company.

安東尼，我想如果我們考慮一下整體業務和您業務的盈利能力，我很想了解您對這種轉變的看法。一個是當我想到 Meta 挑戰時，這是因為他們被迫在業務上投入更多資金以跟上 TikTok 的步伐。因此，他們人工智能投資的盈利能力正在損害公司的利潤率結構。

When you think about sort of Roku's current sort of smart TV landscape, is the content spend simply to drive an incremental revenue stream? Or do you see content spend increasingly as something you need to do to differentiate versus the other players out there? Meaning, is it sort of an increasingly important part of the business that you have to invest in, in order to drive player sales and sort of maintain player market share? That would be great just to kind of get your kind of high-level view on that.

當您考慮 Roku 當前的智能電視格局時，內容支出是否只是為了推動增量收入流？或者你是否認為內容支出越來越多地成為你需要做的事情，以區別於其他玩家？意思是，為了推動玩家銷售和維持玩家市場份額，你必須投資於業務中越來越重要的部分嗎？如果能得到你的高層次觀點，那就太好了。

And then separately, we listened to Lachlan Murdoch earlier in the week talk about Tubi and talk about sort of 30% growth, accelerating to 40% growth in Q4. And I think the Street is having a lot of -- hard time kind of reconciling that -- those comments relative to what you and Steve just said as well as what we've heard from most of the other companies who have been far more sort of pessimistic about Q4. And I'm just curious if there's any reason why not all players would sort of be seeing the same trend.

然後，我們在本週早些時候聽取了拉克蘭默多克關於 Tubi 的談話，並談到了 30% 的增長，在第四季度加速到 40% 的增長。而且我認為華爾街有很多 - 很難調和 - 這些評論與你和史蒂夫剛剛所說的以及我們從其他大多數公司聽到的更相似的評論有關對第四季度持悲觀態度。我只是好奇是否有任何理由為什麼不是所有玩家都會看到相同的趨勢。

Rich, that was a complicated question. Let me see if I can parse it out. So the first part of it was around -- I think it was around our TV operating system strategy and -- that we see. Is there a parallel with Meta in terms of increased competition? I think it's completely different. I mean I think that -- the way the operating system for television strategy -- or market is playing out is that we're not seeing new competitors.

Rich，這是一個複雜的問題。讓我看看我能不能把它解析出來。所以它的第一部分是圍繞 - 我認為這是圍繞我們的電視操作系統戰略和 - 我們看到的。在競爭加劇方面是否與 Meta 有相似之處？我認為這是完全不同的。我的意思是我認為——電視戰略的操作系統——或市場正在發揮作用的是我們沒有看到新的競爭對手。

If you think like I do that all TVs are going to be sold with the licensed operating system and we're seeing that trend playing out over time. There's 3 licensed operating systems in the market that have any momentum. That's Roku, we're #1 in the U.S. and Google TV or Android TV, whatever you want to call it, and Amazon Fire TV, which is the variation of Android.

如果您像我一樣認為所有電視都將使用許可的操作系統出售，我們會看到這種趨勢隨著時間的推移而出現。市場上有 3 種獲得許可的操作系統具有任何發展勢頭。那就是 Roku，我們在美國排名第一，Google TV 或 Android TV，不管你怎麼稱呼它，還有亞馬遜 Fire TV，它是 Android 的變體。

And the -- all 3 of those operating systems are gaining accounts. And they're gaining them at the expense of the incumbents -- the incumbent TV providers, which have proprietary operating systems. And those are all transitioning to licensed operating systems with various degrees of speed depending on the company, the OEM.

而且——所有這三個操作系統都在增加帳戶。他們以犧牲現有企業——擁有專有操作系統的現有電視供應商為代價來獲得它們。這些都在以不同程度的速度過渡到許可的操作系統，具體取決於公司，OEM。

So I think -- so to summarize, in the TV operating system business, Roku has the only proprietary-based TV operating system -- sorry, we have the only purpose-built operating system for TV. It's not an operating system that was designed for mobile phones imported. It gives us fundamental advantages. It's the reason we're the #1 operating system in the U.S. and growing rapidly in the markets we enter. And we expect active accounts and adoption of that operating system to continue to grow. And we expect to maintain our leadership position.

所以我認為——總而言之，在電視操作系統業務中，Roku 擁有唯一基於專有的電視操作系統——抱歉，我們擁有唯一專門為電視構建的操作系統。它不是為進口手機設計的操作系統。它為我們提供了基本優勢。這就是我們成為美國排名第一的操作系統並在我們進入的市場中快速增長的原因。我們預計活躍帳戶和該操作系統的採用將繼續增長。我們希望保持我們的領導地位。

There's no new competitors coming into the market as the market is too far ahead. And it's not -- it's just different -- it's just a different market than social media platforms. I mean it's a TV business. It's hardware. It's -- it requires a lot of scale to be in the business at this point because there's so much R&D required. And it requires that you be successful in monetization to participate in the business successfully. So -- and to fund the R&D that goes along with it.

由於市場遙遙領先，因此沒有新的競爭對手進入市場。它不是——它只是不同——它只是一個與社交媒體平台不同的市場。我的意思是這是一個電視業務。是硬件。這是 - 在這一點上需要很大的業務規模，因為需要大量的研發。並且它要求您在貨幣化方面取得成功才能成功參與業務。所以 - 並為隨之而來的研發提供資金。

So I don't think there's really any analogy to Meta. And I think there's lots of reasons to think that the hardest part of our business in terms of active accounts is behind us. They're still very competitive, obviously. But we're doing well in terms of that.

所以我認為與 Meta 沒有任何類比。而且我認為有很多理由認為，就活躍賬戶而言，我們業務中最困難的部分已經過去。顯然，他們仍然非常有競爭力。但我們在這方面做得很好。

In terms of content, our content strategy is not about differentiating our product, our platform. I mean it might have some benefits there but that's not the primary reason. So I mean if you look at -- versus, say, an SVOD service, a big SVOD service like Disney or Netflix or Hulu, they have to convince people to keep paying a subscription fee every month. And they do that by producing a lot of originals. And some of them become hits and some of them cause people to want to sign up or retain their subscription.

在內容方面，我們的內容策略不是要區分我們的產品、我們的平台。我的意思是它可能在那裡有一些好處，但這不是主要原因。所以我的意思是，如果你看 - 與 SVOD 服務相比，像迪士尼、Netflix 或 Hulu 這樣的大型 SVOD 服務，他們必須說服人們繼續每月支付訂閱費。他們通過製作大量原件來做到這一點。其中一些成為熱門，其中一些使人們想要註冊或保留他們的訂閱。

Our business is different. Our business is we build active accounts by licensing our TV OS, selling streaming players. And then we focus on engagement across the entire platform and the customer has those. And because we control the user interface for the platform and we have our own free AVOD service called the Roku Channel, one of the things we do is we integrate the Roku Channel into the platform UI, which drives engagement at the Roku Channel.

我們的業務不一樣。我們的業務是通過授權我們的電視操作系統、銷售流媒體播放器來建立活躍賬戶。然後我們專注於整個平台的參與，客戶擁有這些。由於我們控制平台的用戶界面，並且我們擁有自己的免費 AVOD 服務，稱為 Roku 頻道，我們所做的一件事就是將 Roku 頻道集成到平台 UI 中，從而推動 Roku 頻道的參與度。

So it's not being driven -- of course, some of that engagement is where we promote content. And we promote originals and originals' role actually is to drive engagement among other things. But it's all about -- it's all in service of creating a good business around the Roku Channel and getting customers to come into the Roku Channel and watch content. And so it's not about getting people to pick Roku as a retailer because we have "Weird Al" Yankovic.

所以它不是被驅動的——當然，其中一些參與是我們推廣內容的地方。我們提倡原創，而原創的作用實際上是推動參與。但這一切都是為了圍繞 Roku 頻道創建良好的業務並讓客戶進入 Roku 頻道並觀看內容。所以這不是讓人們選擇 Roku 作為零售商，因為我們有“奇怪的 Al”Yankovic。

So anyway -- so for us, content or original is all part of a portfolio strategy design to have a portfolio of content for the Roku Channel that achieves our AVOD business model overall.

所以無論如何 - 所以對我們來說，內容或原創都是投資組合戰略設計的一部分，為 Roku 頻道提供內容組合，從而實現我們的 AVOD 商業模式。

So -- and then the third part of your question...

所以 - 然後是你問題的第三部分......

And then just lastly on sort of the -- yes.

然後就在最後——是的。

Tubi, I don't know. They don't break out the specifics of Tubi. I feel confident that the Roku Channel is highly competitive. Pluto didn't have the numbers that Tubi had, allegedly. I can't really comment. I don't really know the specifics of the FOX TV situation. I do know that on our platform, the Roku Channel is doing extremely well. I mean we grew engagement in the Roku Channel 90% year-over-year, which is a huge amount of growth.

圖比，我不知道。他們沒有透露 Tubi 的細節。我相信 Roku 頻道的競爭非常激烈。據稱，冥王星沒有圖比擁有的數字。我真的無法評論。我真的不知道 FOX TV 的具體情況。我知道在我們的平台上，Roku 頻道的表現非常好。我的意思是我們在 Roku 頻道的參與度同比增長了 90%，這是一個巨大的增長。

It's a very successful product for us. It's the top 5 app, both in terms of reach and engagement. It's ranked #1 in AVOD SaaS services in the U.S. and Canada. We've got a broad portfolio of compelling content, everything from originals to direct license products, Spanish language products, exclusive content like the "Weird Al" Yankovic, which premieres exclusively on the Roku Channel, November 4. We just had the premier last night with Daniel Radcliffe and "Weird Al." And a lot of buzz around that show. It's going to be a great show. But it's not -- and it will be very successful for us. But it's not why people are buying Roku players. They're buying Roku players because it's got a great user experience for streaming.

這對我們來說是一個非常成功的產品。它是覆蓋率和參與度排名前 5 位的應用程序。它在美國和加拿大的 AVOD SaaS 服務中排名第一。我們擁有廣泛的引人入勝的內容組合，從原件到直接許可產品、西班牙語產品、獨家內容，如 11 月 4 日在 Roku 頻道獨家首播的“奇怪的 Al”Yankovic。我們剛剛舉行了首映與丹尼爾拉德克利夫和“奇怪的艾爾”一起度過的夜晚。還有很多關於那個節目的嗡嗡聲。這將是一場精彩的演出。但事實並非如此——這對我們來說會非常成功。但這並不是人們購買 Roku 播放器的原因。他們購買 Roku 播放器是因為它具有出色的流媒體用戶體驗。

Other content that's exclusive to Roku Channel includes The Rich Eisen Show. We're integrating more and more SVOD services into the Roku Channel, which has the benefit of driving a lot of incremental engagement for those SVOD services because the Roku Channel is integrated into our platform UI. So the Roku Channel has been great for us and it's a great asset for us.

Roku 頻道獨有的其他內容包括 The Rich Eisen Show。我們正在將越來越多的 SVOD 服務集成到 Roku 頻道中，這有助於推動這些 SVOD 服務的大量增量參與，因為 Roku 頻道已集成到我們的平台 UI 中。因此，Roku 頻道對我們來說非常棒，對我們來說也是一筆巨大的財富。

Rich, it's Steve. Just to add to what Anthony was talking about. I don't have any insight on Tubi, but one thing just to remind folks is, for a lot of media companies that have traditional sort of network cable and connected properties with the declining ratings in a lot of the traditional business. A lot of times, those ad sales are being fulfilled over on the connected TV properties. And so they're actually shifting kind of a broad-based sale disproportionately over to their connected TV properties. So again, I don't know what's driving Tubi's [info]. But that's one thing that is a general phenomenon in the industry.

里奇，是史蒂夫。只是為了補充安東尼所說的內容。我對 Tubi 沒有任何見解，但要提醒人們的一件事是，對於許多擁有傳統網絡電纜和連接屬性的媒體公司而言，許多傳統業務的收視率都在下降。很多時候，這些廣告銷售都是在聯網電視資產上完成的。因此，他們實際上正在將一種基礎廣泛的銷售不成比例地轉移到他們的聯網電視資產上。再說一次，我不知道是什麼推動了 Tubi 的 [信息]。但這是行業普遍現象的一件事。

Our last question will be from Barton Crockett with Rosenblatt Securities.

我們的最後一個問題將來自羅森布拉特證券公司的巴頓克羅克特。

Okay. I guess 2 things I wanted to just get some color on. One is when you talk about the upfront, which was $1 billion was a big increment. Presumably, that was kind of start to flow in the fourth quarter. So I'm just wondering if that, in fact, is happening or have -- we've had people exercise cancellation options or push their committed spend back to later in the year?

好的。我想有兩件事我只想塗上一些顏色。一個是當你談到預付款時，10 億美元是一個很大的增量。據推測，這是在第四季度開始流動的。所以我只是想知道這實際上是否正在發生或已經發生 - 我們已經讓人們行使取消選項或將他們承諾的支出推遲到今年晚些時候？

And then the other question I was wondering about was in terms of the strong growth you've had in accounts, active accounts, hours this quarter, a bit of an uptick in the pace there. Was there anything kind of unusual that drove that? Or does that feel like just a manifestation of the broad trend and for that reason, maybe every reason to think it can continue in the near term?

然後我想知道的另一個問題是關於你在本季度的賬戶、活躍賬戶、小時數方面的強勁增長，那裡的步伐有點加快。有什麼不尋常的事情導致了這種情況嗎？或者這是否只是大趨勢的一種表現，因此，也許有充分的理由認為它可以在短期內繼續下去？

This is Anthony. I'll start with the active account question. And then in terms of the upfronts and how much of that is related to the Q4, maybe Steve can take that one.

這是安東尼。我將從活動帳戶問題開始。然後就前期費用以及其中有多少與第四季度有關，也許史蒂夫可以接受。

So active accounts, so active accounts were up 2.3 million net new adds. And it was driven by the normal thing. So we sell streaming players but TV sales, Roku TV program was a particularly big contributor for active accounts. And also international was a good contributor as well.

如此活躍的帳戶，因此活躍的帳戶增加了 230 萬個淨新增。它是由正常的東西驅動的。所以我們銷售流媒體播放器，但電視銷售，Roku 電視節目是活躍賬戶的一個特別大的貢獻者。國際也是一個很好的貢獻者。

So I would say, if you look at the kind of 4 parts of that grid, you've got streaming players, TVs and you got domestic and international. TVs did well and did maybe a little bit over-indexing there and international also did well.

所以我想說，如果你看看這個網格的 4 個部分，你有流媒體播放器、電視，還有國內和國際。電視表現不錯，可能有點過度索引，國際也表現不錯。

We also saw retention rates -- accounts come in and out depending on if a consumer is using them. It's not like a SVOD service where they cancel it or they don't cancel it. In the case of our accounts, if they use the account and stream, then that's an active account. And so -- and there's always accounts that haven't streamed in the last 30 days and so they drop out. And sometimes they come back. A lot of -- usually, they come back. So -- but anyway, all of that adds up to a retention rate that has been doing well for us for a little bit -- 2 quarters now.

我們還看到了保留率——賬戶的進出取決於消費者是否使用它們。這不像他們取消或不取消的 SVOD 服務。對於我們的帳戶，如果他們使用該帳戶和流媒體，那麼這就是一個活動帳戶。所以 - 總是有帳戶在過去 30 天內沒有流式傳輸，所以他們退出了。有時他們會回來。很多——通常，他們會回來。所以 - 但無論如何，所有這些加起來對我們來說一直很好的保留率 - 現在是兩個季度。

So I don't think there's anything specific that was particularly unusual in the quarter, that was just going to be a onetime thing. I think those -- that was sort of our normal way where things are going for us in terms of accounts.

所以我不認為本季度有什麼特別不尋常的事情，這只是一次性的事情。我認為那些 - 這是我們在賬戶方面的正常方式。

And then, Steve, I don't know if you have anything to add about the upfronts.

然後，史蒂夫，我不知道你對前期有什麼要補充的。

Yes. In terms of the upfronts, you're right. The upfront commits start in Q4 and they go through the end of Q3 the following year. So the deals that we're talking about in the $1 billion-plus commits that we discussed on the last earnings call start as of October.

是的。就前期而言，你是對的。前期承諾從第四季度開始，到第二年第三季度結束。因此，我們在上次財報電話會議上討論的 10 億美元以上承諾中的交易從 10 月開始。

We haven't seen significant cancel rates. Just a reminder that unless the advertiser wants to specify in, say, Q4 that the upfront commitment level expand that 12-month period. And so they have flexibility to kind of think of what their plan is and change it around in general.

我們還沒有看到顯著的取消率。只是提醒一下，除非廣告商想在第四季度指定前期承諾水平擴大了 12 個月的期限。所以他們可以靈活地思考他們的計劃是什麼，並在總體上改變它。

But the main focus for the advertising pullback for us has been the ad scatter market. That's where most of the advertisers are being conservative in the short term. And the upfront commits are still a positive indicator for the long term leaning into Roku and streaming.

但對我們來說，廣告回調的主要焦點是廣告分散市場。這就是大多數廣告商在短期內保守的地方。從長遠來看，前期提交仍然是向 Roku 和流媒體傾斜的積極指標。

Yes. So maybe another way -- just to add on to that, basically, yes, upfronts have been coming -- are becoming a bigger and bigger percent of our ad plan and they're getting bigger. But when you see such a large dramatic reduction in the scatter market, it just -- it definitely impacts growth.

是的。所以也許另一種方式 - 只是補充一點，基本上，是的，前期已經到來 - 正在成為我們廣告計劃的越來越大的百分比，而且它們越來越大。但是，當您看到分散市場如此大幅度的減少時，它只是 - 它肯定會影響增長。

And when you talk scatter market, you're not talking kind of the smaller digital players as much as you are the big traditional advertisers we see on TV. Is that what you're saying in terms of who's cutting back?

當您談論分散市場時，您所談論的不是小型數字播放器，而是我們在電視上看到的大型傳統廣告商。這就是你所說的誰在削減開支？

Yes. When we said scatter -- go ahead, Anthony.

是的。當我們說分散 - 繼續，安東尼。

Scatter -- when we say scatter, we mean anything that's not in the upfront. So it's big TV advertisers. Some of their budget is in the upfront but not all of it.

分散——當我們說分散時，我們指的是任何不在前面的東西。所以它是大型電視廣告商。他們的一些預算是前期的，但不是全部。

I would now like to turn the call back over to Anthony Wood for any further remarks.

我現在想將電話轉回給 Anthony Wood 以獲取任何進一步的評論。

I just want to thank our employees, customers and partners for their focus and commitment in a very difficult operating environment. We expect to emerge from the current advertising downturn stronger and in a better position than ever. So thank you.

我只想感謝我們的員工、客戶和合作夥伴在非常困難的運營環境中的專注和承諾。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，處於更好的位置。所以謝謝。

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。