Roku Inc (ROKU) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 Roku Earnings Conference Call. (Operator Instructions).

美好的一天，謝謝你的支持。歡迎來到第四季度 Roku 收益電話會議。 （操作員說明）。

Please be advised that today's conference call is being recorded.

請注意，今天的電話會議正在錄製中。

I would like to turn the call over to your speaker today, Conrad Grodd, Vice President of Investor Relations.

今天我想把電話轉給您的發言人，投資者關係副總裁康拉德·格羅德 (Conrad Grodd)。

Thank you, operator. Good afternoon, and welcome to Roku's Fourth Quarter and Year ended 2022 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; and Steve Louden, our CFO. Also on today's call for Q&A are Charlie Collier, President Roku Media; Mustafa Ozgen, President Devices; and Gidon Katz, President, Consumer Experience.

謝謝你，運營商。下午好，歡迎來到 Roku 的第四季度和 2022 年結束的財報電話會議。 Roku 的創始人兼首席執行官 Anthony Wood 今天加入了我的行列；和我們的首席財務官 Steve Louden。 Roku Media 總裁查理·科利爾 (Charlie Collier) 也參加了今天的問答電話會議；設備總裁 Mustafa Ozgen；和消費者體驗總裁 Gidon Katz。

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. On this call, we'll be making forward-looking statements, which are predictions, projections or other statements about future events, such as statements regarding our financial outlook, future market conditions and our expectations regarding the impact of macroeconomic headwinds on our business and industry.

我們的股東信中提供了我們業績的全部細節和額外的管理評論，這可以在我們的投資者關係網站 roku.com/investor 上找到。我們對您在本次電話會議上提出的問題的評論和答复僅反映了管理層截至今天的觀點，我們不承擔任何更新此信息的義務。在這次電話會議上，我們將做出前瞻性陳述，即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、未來市場狀況以及我們對宏觀經濟逆風對我們業務的影響的預期的陳述，以及行業。

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

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。有關可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱我們的股東信和我們定期向美國證券交易委員會提交的文件。我們還將在今天的電話會議上討論某些非 GAAP 財務指標。我們的股東信中提供了與最具可比性的 GAAP 財務措施的對賬。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 年同期的結果進行比較。

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

現在我想把電話轉給安東尼。

Thanks, Conrad. 2022 was a difficult year for investors and a difficult year for the advertising market. But despite this, Roku made excellent progress building on our platform, brand and industry leadership. Our scale and engagement are unmatched.

謝謝，康拉德。 2022 年對投資者來說是艱難的一年，對廣告市場來說也是艱難的一年。儘管如此，Roku 在我們的平台、品牌和行業領導地位的基礎上取得了巨大進步。我們的規模和參與度無與倫比。

We reached 70 million active accounts globally. And in the U.S., we are approaching half of broadband households using the Roku OS. Additionally, we are the #1 selling smart TV OS in the U.S., Canada and now Mexico. This past fall, we hired a proven leader, Charlie Collier as President, Roku Media. We also named Mustafa Ozgen, President of Devices and Gidon Katz, President, Consumer Experience. The Roku OS is not just an industry leader. It is the only operating system purpose-built for TV. With this differentiated foundation, we continue to innovate, including with our home screen, the first thing that 70 million households see when they turn on their TV. Our home scheme presents a significant opportunity to grow not only the engagement of our viewers, but also the monetization of our platform. The Roku Channel also benefits from the unique advantages created by our home screen and integration throughout our platform.

我們在全球擁有 7000 萬活躍賬戶。在美國，我們接近一半使用 Roku 操作系統的寬帶家庭。此外，我們是美國、加拿大和墨西哥銷量第一的智能電視操作系統。去年秋天，我們聘請了一位久經考驗的領導者 Charlie Collier 擔任 Roku Media 總裁。我們還任命了設備總裁 Mustafa Ozgen 和消費者體驗總裁 Gidon Katz。 Roku OS 不僅僅是行業領導者。它是唯一專為電視打造的操作系統。憑藉這一差異化的基礎，我們繼續創新，包括我們的主屏幕，這是 7000 萬家庭打開電視時首先看到的內容。我們的主場計劃提供了一個重要的機會，不僅可以增加觀眾的參與度，還可以增加我們平台的貨幣化。 Roku Channel 還受益於我們的主屏幕和整個平台集成所創造的獨特優勢。

In Q4, the Roku Channel reached U.S. households with an estimated 100 million people and the streaming hours grew more than 85% year-over-year. This scale and engagement make the Roku Channel a partner of choice for publishers and content owners that want to maximize the value of their content. Turning to monetization. The macro environment pressured and continues to pressure the ad market. As a result, Roku platform revenue growth was lower than in prior years, but still grew with advertisers move to streaming and our scale increased by 10 million accounts. We grew full year platform revenue 20% year-over-year in 2022.

在第四季度，Roku 頻道覆蓋了約 1 億美國家庭，流媒體時長同比增長超過 85%。這種規模和參與度使 Roku 頻道成為希望最大化其內容價值的出版商和內容所有者的首選合作夥伴。轉向貨幣化。宏觀環境給廣告市場帶來壓力，並將繼續給廣告市場帶來壓力。因此，Roku 平台的收入增長低於往年，但隨著廣告商轉向流媒體和我們的規模增加了 1000 萬個賬戶，收入仍然增長。到 2022 年，我們的全年平台收入同比增長 20%。

We intend to continue to innovate with our platform and to grow scale, reach and monetization. Our business has inherent leverage and through a combination of growth and belt tightening, we expect expenses will moderate relative to revenue going forward. We will continuously lower the year-over-year OpEx growth rate as we progress through the year. We are driving to positive adjusted EBITDA in 2024 with continued EBITDA improvements after that.

我們打算繼續通過我們的平台進行創新，並擴大規模、範圍和貨幣化。我們的業務具有內在的槓桿作用，通過增長和緊縮開支的結合，我們預計未來支出相對於收入將有所緩和。隨著我們今年的進展，我們將不斷降低運營支出的同比增長率。我們將在 2024 年實現積極的調整後 EBITDA，此後 EBITDA 將繼續改善。

With that, let me hand the call over to Steve.

有了這個，讓我把電話交給史蒂夫。

Thanks, Anthony. In Q4, we grew active accounts by 4.6 million, ending 2022 with 70 million. Full year net adds of 9.9 million, were above both 2019 and 2021 levels, driven primarily by the Roku TV program in the U.S. and international markets.

謝謝，安東尼。在第四季度，我們的活躍賬戶增加了 460 萬，到 2022 年底達到 7000 萬。全年淨增 990 萬，高於 2019 年和 2021 年的水平，這主要是由美國和國際市場的 Roku 電視節目推動的。

We are also growing engagement on our platform with 2022 streaming hours up 14.3 billion year-over-year to a record to 87.4 billion hours. We grew Q4 streaming hours 23% year-over-year, while full year grew 19% year-over-year. Average streaming hours per active account per day in Q4 increased 6% year-over-year to 3.8 hours, which is roughly half of the average U.S. household TV viewing, leaving significant opportunity for growth.

我們還在增加我們平台上的參與度，2022 年流媒體播放時長同比增長 143 億小時，達到創紀錄的 874 億小時。我們第四季度的流媒體播放時長同比增長 23%，而全年同比增長 19%。第 4 季度每個活躍帳戶每天的平均流媒體播放時間同比增長 6% 至 3.8 小時，大約是美國家庭電視平均觀看時間的一半，這為增長留下了巨大的機會。

As of the fourth quarter, we reorganized our reportable segments to better align with our expanded range of hardware devices and our organizational structure. We renamed the Player segment to the Devices segment, which now includes licensing arrangements with service operators and TV brands in addition to sales of streaming players, audio products, smart home products and starting in 2023 sales of Roku-branded TVs. Financial information, current and historical is recast based on these reorganized segments.

截至第四季度，我們重組了可報告的部門，以更好地適應我們擴大的硬件設備範圍和我們的組織結構。我們將播放器部分更名為設備部分，現在包括與服務運營商和電視品牌的許可安排，以及流媒體播放器、音頻產品、智能家居產品的銷售以及從 2023 年開始的 Roku 品牌電視的銷售。當前和歷史的財務信息是根據這些重組的部門重新編制的。

In Q4, total net revenue was flat year-over-year at $867 million. Platform revenue was up 5% year-over-year to $731 million, while Q4 platform revenue came in above our expectations, inflation and macroeconomic uncertainty continue to pressure consumers and advertisers. Q4 devices revenue and player unit sales declined 18% and 19% year-over-year, respectively, reflecting a difficult consumer environment.

第四季度，總淨收入同比持平，為 8.67 億美元。平台收入同比增長 5% 至 7.31 億美元，而第四季度平台收入超出我們的預期，通脹和宏觀經濟的不確定性繼續給消費者和廣告商帶來壓力。第 4 季度設備收入和播放器單位銷售額分別同比下降 18% 和 19%，反映出艱難的消費環境。

Q4 total gross margin was 42%, Q4 Platform gross margin of 56%, was stable sequentially, but down 5 points year-over-year driven by weakness in the ad scatter market. Q4 devices margin was negative 32%, which was down roughly 6 points year-over-year as we prioritized account acquisition and insulated consumers from higher prices caused by inflationary pressure and supply chain disruptions that continue to elevate certain component costs.

第 4 季度總毛利率為 42%，第 4 季度平台毛利率為 56%，環比穩定，但在廣告投放市場疲軟的推動下同比下降 5 個百分點。第 4 季度設備利潤率為負 32%，同比下降約 6 個百分點，因為我們優先考慮客戶獲取，並使消費者免受通貨膨脹壓力和供應鏈中斷導致某些組件成本繼續上漲而導致的價格上漲的影響。

The year-over-year compression in both Platform and Device margins resulted in a 4 percentage point difference between the year-over-year growth rates of total revenue and total gross profit. Q4 adjusted EBITDA was negative $95 million, which was $40 million above our outlook. The better-than-expected performance was driven by our platform segment, along with improvements to our operating expense profile. Please note that a onetime charge of $38 million, primarily related to workforce reductions was added back to adjusted EBITDA, and we ended the quarter with over $1.9 billion of cash.

平台和設備利潤率的同比壓縮導致總收入和總毛利的同比增長率相差 4 個百分點。第 4 季度調整後的 EBITDA 為負 9500 萬美元，比我們的預期高出 4000 萬美元。好於預期的業績是由我們的平台部門推動的，同時我們的運營費用狀況也有所改善。請注意，主要與裁員有關的一次性費用 3800 萬美元被加回到調整後的 EBITDA 中，我們在本季度結束時擁有超過 19 億美元的現金。

Let me turn to our outlook for the first quarter. We anticipate total net revenue of $700 million, gross profit of $310 million with gross margin of 44% and adjusted EBITDA of negative $110 million. We expect the macro trends that have pressured consumer and advertiser spend to continue in the near term. For total net revenue, we anticipate normal seasonal decline of roughly 20% quarter-over-quarter. Within the Platform segment, we expect continued weakness in M&E spend in term.

讓我談談我們對第一季度的展望。我們預計總淨收入為 7 億美元，毛利潤為 3.1 億美元，毛利率為 44%，調整後的 EBITDA 為負 1.1 億美元。我們預計對消費者和廣告商支出造成壓力的宏觀趨勢在短期內將繼續下去。對於總淨收入，我們預計正常的季節性環比下降約 20%。在平台部分，我們預計 M&E 支出將持續疲軟。

This will result in a mix shift toward video advertising, compressing platform margins. On the Devices side, we expect margins to improve from negative 32% in Q4 to negative high single digits in Q4. Our outlook for this sequential improvement reflects a lighter retail promotional period and supply chain continuing to normalize. To better manage through the challenging macro environment, we continue to improve our operations and operating expense profile. As a result, we expect to significantly lower our OpEx year-over-year growth over the course of the year.

這將導致向視頻廣告的混合轉變，壓縮平台利潤。在設備方面，我們預計利潤率將從第四季度的負 32% 提高到第四季度的負高個位數。我們對這一連續改善的展望反映了零售促銷期的減少和供應鏈的持續正常化。為了更好地管理充滿挑戰的宏觀環境，我們繼續改善我們的運營和運營費用狀況。因此，我們預計今年的運營支出同比增長率將大幅降低。

We anticipate Q1 OpEx year-over-year growth of approximately 40%, which is a 30-point sequential improvement. And by Q4, we expect further deceleration to single-digit year-over-year growth. Given our ongoing work to carefully manage expenditures, we are committed to a path that delivers positive adjusted EBITDA, full year 2024.

我們預計第一季度運營支出同比增長約 40%，環比提高 30 個百分點。到第四季度，我們預計同比增長將進一步放緩至個位數。鑑於我們正在進行的謹慎管理支出的工作，我們致力於實現 2024 年全年調整後 EBITDA 為正的路徑。

Looking ahead, our unmatched scale and engagement, along with our competitive advantages, gives us conviction in our ability to navigate and execute in challenging times. With that, let's take questions. Operator?

展望未來，我們無與倫比的規模和參與度，以及我們的競爭優勢，使我們堅信我們有能力在充滿挑戰的時代駕馭和執行。有了這個，讓我們提出問題。操作員？

(Operator Instructions) Our first question will be coming from Cory Carpenter of JPMorgan.

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

Charlie, with this being your first earnings call, it'd be great to hear your key priorities and where you're most focused? And then maybe also on the other side, where you see the most opportunity to potentially make some changes. And I have a quick follow-up after as well.

查理，這是你的第一次財報電話會議，很高興聽到你的主要優先事項和你最關注的地方？然後也許在另一邊，你看到最有可能做出一些改變的機會。之後我也會進行快速跟進。

Thanks, Cory, for your question. I appreciate it. It's a pleasure to join these calls. I've admired Roku for a long time, most recently as the CEO of FOX Entertainment. And from that linear perch, I envied Roku's unmatched scale, which is approaching nearly half the broadband households in the country. I admired Roku's unencumbered first-party data relationships and its differentiating innovation and technology.

謝謝，科里，你的問題。我很感激。很高興加入這些電話會議。我欽佩 Roku 很久了，最近一次是擔任 FOX Entertainment 的首席執行官。從那個直線高處，我羨慕 Roku 無與倫比的規模，它接近該國近一半的寬帶家庭。我很欣賞 Roku 不受阻礙的第一方數據關係及其差異化的創新和技術。

And of course, I could see first-hand from there, that in short order, most television and advertising would be strained. So I'm happy to share now a few months into my role at Roku that Roku's differentiators are actually even more compelling, particularly as we approach the day very soon, where all video buying and planning will be done streaming the first. So to speak to our priorities, Cory, Roku Media's focus is to build on top of one of the greatest platforms in the world. One of the greatest modern media and entertainment businesses in the world. And it's a lofty goal that Anthony and I set together, and this is the time in the industry's history to make it happen.

當然，我可以從那裡親眼看到，在短期內，大多數電視和廣告都會緊張。因此，我很高興在 Roku 任職幾個月後與大家分享，Roku 的差異化因素實際上更具吸引力，尤其是在我們即將到來的這一天，所有視頻的購買和規劃都將首先通過流媒體完成。所以說到我們的優先事項，Cory，Roku Media 的重點是建立在世界上最偉大的平台之一之上。世界上最偉大的現代媒體和娛樂企業之一。這是 Anthony 和我共同設定的一個崇高目標，現在是行業歷史上實現這一目標的時刻。

One of the most exciting things about Roku is that it's a platform and not a streaming app. And it's because Roku's platform that viewers begin far earlier with Roku than they do with most conventional streamers. Right when the viewer turns on a Roku TV, we're there, helping guide viewers through their streaming journey and helping build viewer engagement for our partners. So you asked about Roku Media's focus, Cory. after dozens of meetings in New York and Chicago, at CES and in L.A. and then listening to customer needs as well as in conversations with the remarkably talented Roku team, we have 3 early areas of focus.

Roku 最令人興奮的事情之一是它是一個平台，而不是流媒體應用程序。正是因為 Roku 的平台，觀眾開始使用 Roku 的時間比使用大多數傳統流媒體的時間要早得多。當觀眾打開 Roku 電視時，我們就在那裡，幫助引導觀眾完成他們的流媒體之旅，並幫助我們的合作夥伴建立觀眾參與度。所以你問了 Roku Media 的關注點，Cory。在紐約和芝加哥、CES 和洛杉磯舉行了數十次會議，然後聽取了客戶需求以及與才華橫溢的 Roku 團隊的對話之後，我們有 3 個早期重點領域。

For one, we're focused on a media world, where streaming first media buying and planning is coming, and that's coming faster than most realized. Two, we're adding breadth and depth to our partner relationships, including with third-party DSPs, where we're already more actively meeting marketers and partners where they transact programmatically. And it doesn't stop there. It's also with retail media networks like in our Walmart Connect shoppable partnership, which we announced last year. And then three, we're focused on adding a distinct entertainment overlay on top of the terrific Roku platform. So I'll close by saying there's an emerging appreciation that Roku is not just another player in the streaming wars but that the streaming wars are actually being fought on the Roku platform, and that is a tremendous advantage for all of us.

首先，我們專注於媒體世界，流媒體購買和規劃即將到來，而且來得比大多數人意識到的要快。第二，我們正在增加合作夥伴關係的廣度和深度，包括與第三方 DSP 的合作關係，我們已經更積極地與營銷人員和合作夥伴會面，他們以程序化方式進行交易。它並不止於此。它還與零售媒體網絡合作，例如我們去年宣布的 Walmart Connect 可購物合作夥伴關係。第三，我們專注於在出色的 Roku 平台之上添加獨特的娛樂覆蓋。因此，我最後要說的是，人們越來越認識到 Roku 不僅僅是流媒體戰爭中的另一個參與者，而且流媒體戰爭實際上是在 Roku 平台上進行的，這對我們所有人來說都是一個巨大的優勢。

And just as a follow-up, so you mentioned this in the letter and you mentioned it just now as well, just developing more relationships with third-party platforms on the programmatic side. Could you just expand a bit on your philosophy there and how you think about the pros and cons of potentially opening it up more?

作為後續行動，所以你在信中提到了這一點，你剛才也提到了，只是在程序化方面與第三方平台發展更多的關係。你能不能稍微擴展一下你的哲學，以及你如何看待可能更多地開放它的利弊？

Sure. Thanks, Cory. Look, we have many broad and successful relationships that we're fortifying. So generally speaking, we're developing relationships with all sorts of third-party platforms from retail media to third-party DSPs. My overall goal is to make sure basically that every marketer feels the impact of Roku inventory and data, so we're making it easier for marketers to accelerate through this evolution.

當然。謝謝，科里。看，我們正在鞏固許多廣泛而成功的關係。所以總的來說，我們正在與從零售媒體到第三方 DSP 的各種第三方平台建立關係。我的總體目標是基本上確保每個營銷人員都能感受到 Roku 庫存和數據的影響，因此我們讓營銷人員更容易加速這一演變。

The philosophy is to meet marketers where they're currently transacting programmatically, to both increased demand and simply breadth in the relationships for Roku in the marketplace. We think there is a day coming soon when all media plans begin with streaming. And while Roku will remain the best place to buy and optimize Roku and it's many special opportunities, again, we're going to meet our partners and marketers where they currently wish to transact. So our first party and ACR data along with our specialized ad products like the Roku Brand Studio, those will continue to be accessible only on their Roku advertising platform.

其理念是與營銷人員會面，他們目前正在以編程方式進行交易，以增加 Roku 在市場上的需求和廣度。我們認為很快有一天所有的媒體計劃都會從流媒體開始。雖然 Roku 仍將是購買和優化 Roku 的最佳場所，並且它有許多特殊的機會，但我們將再次與我們的合作夥伴和營銷人員會面，他們目前希望在這些地方進行交易。因此，我們的第一方和 ACR 數據以及我們的專業廣告產品（如 Roku Brand Studio）將繼續只能在其 Roku 廣告平台上訪問。

So broadly, it's not just DSPs, we have partnerships with Walmart Connect, DoorDash, Kroger and many more. So these are early days and we'll adapt to the market as we see fit.

從廣義上講，不僅是 DSP，我們還與 Walmart Connect、DoorDash、Kroger 等建立了合作夥伴關係。所以現在還處於早期階段，我們會按照我們認為合適的方式適應市場。

Our next question will be coming from Steve Cahall of Wells Fargo.

我們的下一個問題將來自富國銀行的 Steve Cahall。

Maybe first, I was just wondering if you could discuss the net adds and if there was a significant contribution from your international expansion. Just as we think about net adds going forward, trying to get a better sense of the domestic versus the international piece? And then related to that, one of the things we like to do is subtract streaming hours growth from platform revenue growth as kind of a proxy for how monetization is trending. Looks like it was down about 19% year-on-year in the fourth quarter. And I think your guidance implies that, that doesn't really improve or maybe even gets a bit worse in the first quarter. So I was just wondering if that's maybe more of the international mix shift and its impact on ARPU? Or if it just reflects that the macro is kind of still going to be challenged as we get into Q1.

也許首先，我只是想知道你是否可以討論淨增加以及你的國際擴張是否做出了重大貢獻。正如我們考慮未來的淨增加一樣，試圖更好地了解國內與國際部分？然後與此相關，我們喜歡做的一件事是從平台收入增長中減去流媒體小時數增長，作為貨幣化趨勢的一種代表。看起來它在第四季度同比下降了約 19%。我認為你的指導暗示，第一季度並沒有真正改善，甚至可能變得更糟。所以我只是想知道這是否更多是國際組合轉變及其對 ARPU 的影響？或者，如果它只是反映出當我們進入第一季度時，宏觀仍然會受到挑戰。

I'll take the first question and then Steve can take your second question. So yes, we had -- I mean, we had a great year last year in active accounts, adding almost 10 million new net adds, new active accounts to land the year at 70 million active accounts. And a big picture, why is that happening? Well, it's because streaming is really actually super popular right now. And Roku is the leading streaming platform.

我將回答第一個問題，然後史蒂夫可以回答你的第二個問題。所以是的，我們有 - 我的意思是，去年我們在活躍賬戶方面表現出色，增加了近 1000 萬新淨增加，新活躍賬戶使這一年達到 7000 萬活躍賬戶。大局觀，為什麼會這樣？好吧，這是因為流媒體現在真的非常流行。 Roku 是領先的流媒體平台。

So that's obviously helping. We have a great brand. We focused on building products that are super delightful, incredibly simple and unmatched value. And that generates a lot of word of mouth for our products. So there was a report recently by Morning Consult saying that Roku is the fastest-growing brand among Gen Zs, which is cool. So the brand is great. The product is great. People love streaming. So there's just a lot of things that I think that are helping us.

所以這顯然有幫助。我們有一個偉大的品牌。我們專注於打造超級令人愉悅、難以置信的簡單和無與倫比的價值的產品。這為我們的產品帶來了很多口碑。所以最近 Morning Consult 的一份報告說 Roku 是 Z 世代中增長最快的品牌，這很酷。所以這個品牌很棒。該產品很棒。人們喜歡流媒體。所以我認為有很多事情對我們有幫助。

In terms of your question about where are those accounts coming from, in terms of devices, we sell streaming players and we have the Roku TV program, both are super successful. As time has progressed, the Roku TV program is becoming increasingly important active accounts and is now the majority of new active accounts. And then domestic versus international, both sources of accounts are important for us. We're doing well internationally. But of course, we're doing well in the U.S. as well. I mean we're the U.S. -- we're the #1 streaming platform in the U.S. We had -- I think it was 38% market share in Q4, which is the higher market share than Samsung and LG combined for TV operating systems. And you compare that to Amazon and Google, they were both single-digit market share.

關於你關於這些帳戶來自何處的問題，就設備而言，我們銷售流媒體播放器並且我們擁有 Roku 電視節目，兩者都非常成功。隨著時間的推移，Roku TV 節目正成為越來越重要的活躍賬戶，現在是新增活躍賬戶的大多數。然後是國內與國際，這兩種賬戶來源對我們都很重要。我們在國際上做得很好。但當然，我們在美國也做得很好。我的意思是我們是美國——我們是美國排名第一的流媒體平台——我認為它在第四季度的市場份額為 38%，這比三星和 LG 電視操作系統的市場份額總和還要高.你將其與亞馬遜和谷歌進行比較，它們的市場份額都是個位數。

So that's kind of the big picture. I don't know, Steve, if you want to take the second question?

這就是大局。我不知道，史蒂夫，你是否想回答第二個問題？

Yes. In terms of the second question on ARPU. Certainly, there is a difference in ARPU from the U.S. to international. The U.S. market is by far the part of this along in that shift to streaming, even though it's still early days even in the U.S. And so the global ARPU that you see on the statements is really driven by the U.S. because many of our markets Internationally, we're still focusing on driving scale and engagement, although we have notably in 2022, started to have additional markets that are monetizing.

是的。關於ARPU的第二個問題。當然，美國和國際的 ARPU 是有區別的。到目前為止，美國市場是向流媒體轉變的一部分，儘管在美國仍處於早期階段。因此，您在報表中看到的全球 ARPU 實際上是由美國推動的，因為我們的許多市場在國際上，我們仍然專注於推動規模和參與度，儘管我們已經在 2022 年開始擁有更多正在貨幣化的市場。

Mexico is a good case example where we've built up great scale, great engagement. And in 2022, we introduced the Roku Channel. And also, we started lighting up our ad business -- our ad sales efforts there. And so there is great progress on there on the ARPU side. But by its nature, it is at a much lower ARPU. But when we look at the trend sequentially, really, the story is around the macroeconomic environment and some of the pressures on consumer spending and also the advertising business hitting the ARPU side of things. So that's really the story here, although the U.S. international mix does come into play. But we've had that mix coming into play in subsequent, or in prior periods and the ARPU has still gone up until we had the scatter market pullback that we saw starting in mid-2022.

墨西哥是一個很好的例子，我們已經建立了巨大的規模和參與度。 2022 年，我們推出了 Roku 頻道。而且，我們開始點亮我們的廣告業務——我們在那裡的廣告銷售工作。所以在 ARPU 方面有很大的進步。但就其本質而言，它的 ARPU 值要低得多。但是當我們按順序看趨勢時，實際上，故事是圍繞宏觀經濟環境和消費者支出的一些壓力以及廣告業務影響 ARPU 方面的。所以這就是這裡的故事，儘管美國國際組合確實發揮了作用。但我們已經讓這種組合在隨後或之前的時期發揮作用，並且 ARPU 仍在上升，直到我們看到從 2022 年年中開始的分散市場回調。

And our next question will be coming from Laura Martin of Needham.

我們的下一個問題將來自 Needham 的 Laura Martin。

Anthony, one for you because it's going to be mean. I don't want to throw your guys out of the bus. So you just went into competition with your hardware manufacturers. And so what I want to know is, a, revenue upside from that because you said in your statement that you can do things when you own your own television that you can't do when you're licensing the OS to others. I'd like to understand what those upsides are? And secondly, I'd like to better understand, Anthony, how hard is it for some of those people you are currently the OS for to exit you and substitute TiVo or another independent operating system, which is one of the field they thought they got with Roku. Is that hard? Is it costly? Does it take a long time? So I'm looking at the monetary impact of you now competing with your licensees.

安東尼，給你一個，因為它會很刻薄。我不想把你們的人趕下車。所以你只是與你的硬件製造商競爭。所以我想知道的是，a，從中獲得收益，因為你在聲明中說，當你擁有自己的電視時，你可以做一些事情，而當你將操作系統授權給他人時，你不能做這些事情。我想了解這些好處是什麼？其次，我想更好地理解，安東尼，對於那些你目前是操作系統的人來說，退出你並替代 TiVo 或其他獨立操作系統是多麼困難，這是他們認為他們擁有的領域之一與 Roku。那很難嗎？成本高嗎？需要很長時間嗎？所以我正在研究你現在與你的被許可人競爭的貨幣影響。

Thanks for the question. So let's see. So first party the Roku-branded TVs. I think -- if I think about kind of the big picture here. So first of all, I just mentioned the majority of our account growth is coming by -- is coming from our Roku TV program. So it's a super successful program. It's the -- Roku TV program has made us the #1 TV OS in the U.S. In Q4, like I said, 38% share bigger than Samsung and LG combined. You compare that to Google and Amazon, which have single-digit shares, where just Roku is now the #1 TV OS in Canada in Q4, recently became the #1 TV OS in Mexico with about 30% share in Q4.

謝謝你的問題。讓我們看看。所以首先是 Roku 品牌的電視。我想 - 如果我考慮一下這裡的大局。所以首先，我剛剛提到我們的大部分客戶增長來自 - 來自我們的 Roku 電視節目。所以這是一個超級成功的項目。這是——Roku 電視節目使我們成為美國排名第一的電視操作系統，就像我說的那樣，在第四季度，38% 的份額比三星和 LG 的總和還要大。你將其與擁有個位數份額的谷歌和亞馬遜進行比較，Roku 現在是第四季度加拿大排名第一的電視操作系統，最近成為墨西哥排名第一的電視操作系統，在第四季度佔有約 30% 的份額。

So the program is doing great. In terms of our Roku-branded TVs. I'll turn it over to Mustafa who's on the call, Mustafa runs our Device business and including the Roku TV program. But we feel pretty strongly that the Roku TV program is the first -- the Roku-branded portion of the program, which we just launched is additive to our overall business, and it will help us drive innovation as well as moving into higher end market segments. And so I don't -- so overall, it's good.

所以這個項目做得很好。就我們的 Roku 品牌電視而言。我會把它交給正在通話的 Mustafa，Mustafa 負責我們的設備業務，包括 Roku 電視節目。但我們非常強烈地認為 Roku 電視節目是第一個——我們剛剛推出的節目的 Roku 品牌部分是對我們整體業務的補充，它將幫助我們推動創新並進入高端市場段。所以我不——總的來說，這很好。

And then before I turn it over to Mustafa, in terms of your question about how hard is it for OEM to switch to another TV OS. I mean, well, it's very difficult, I would say, impossible to build a new franchise in TV OS at this point. I mean the amount of scale that you need. So you mentioned TiVo, for example. I mean, that's -- that's not a significant player right now in TV OS and it's hard for me to imagine that a new entrant would be able to gain the necessary scale and technology and just size of the -- of everything that's needed to be in that business would be quite difficult. And then the big factor, of course, is the Roku brand.

然後在我把它交給 Mustafa 之前，就你關於 OEM 切換到另一個電視操作系統有多難的問題而言。我的意思是，好吧，我想說，目前不可能在 TV OS 中建立新的特許經營權。我的意思是你需要的規模。例如，您提到了 TiVo。我的意思是，這在 TV OS 中目前還不是重要的參與者，我很難想像一個新進入者能夠獲得必要的規模和技術以及所需的一切。在那個行業會很困難。當然，最重要的因素是 Roku 品牌。

I mean we've been working on building our streaming brand for years, and it's a great brand people love it. People go to -- a large number of our sales for devices don't actually create new accounts. They go into existing households that are Roku households, and they want another Roku device. So there's a lot of barriers to entry at this point. So with that, let me turn it over to Mustafa to talk more about the Roku-branded TV program.

我的意思是，我們多年來一直致力於打造我們的流媒體品牌，這是一個人們喜愛的偉大品牌。人們去 - 我們的大量設備銷售實際上並沒有創建新帳戶。他們進入現有的 Roku 家庭，他們想要另一個 Roku 設備。所以在這一點上有很多進入障礙。因此，讓我把它交給 Mustafa 來談談 Roku 品牌的電視節目。

Yes, sure. Not to summarize Anthony. Overall, the Roku brand TVs will complement their successful Roku TV licensing program. and it will help us drive further innovation for both Roku and our also licensing partners and ultimately for the consumers. That's what we're really after. We want to build products that are great for the consumers. And historically, Roku has focused on TV software and some portion of the TV hardware.

是的，當然。不總結安東尼。總體而言，Roku 品牌電視將補充其成功的 Roku TV 許可計劃。它將幫助我們為 Roku 和我們的授權合作夥伴以及最終為消費者推動進一步的創新。這才是我們真正追求的。我們希望打造對消費者有益的產品。從歷史上看，Roku 一直專注於電視軟件和部分電視硬件。

In terms of TV software, we not only provide the purpose-built operating system, but we actually provide the complete software that runs inside the TV, along with some hardware design to help reduce the cost. With local brand TVs, we expand our scope to complete hardware. And we have a chance now to innovate on the complete hardware side, including display and other areas of the TV, along with our software innovations, and we'll have a chance to really tightly combine these innovations together to offer even better TVs to the consumers. So we believe Roku Brand TVs will be edited to our overall product offering for consumers. They will enable us to further grow our leadership position in the market. They will allow us to expand into the higher-end spectrum of the performance TVs which are occupied by a few brands today. So this will allow us and Roku licensing partners to really capture some market share in the higher-end segment. So overall, we are excited to bring the first generation TVs to the consumers in the spring.

在電視軟件方面，我們不僅提供專門構建的操作系統，我們實際上還提供在電視內部運行的完整軟件，以及一些有助於降低成本的硬件設計。通過本地品牌電視，我們將範圍擴大到完整的硬件。我們現在有機會在完整的硬件方面進行創新，包括顯示器和電視的其他領域，以及我們的軟件創新，我們將有機會真正將這些創新緊密結合在一起，為消費者提供更好的電視。消費者。因此，我們相信 Roku 品牌電視將根據我們為消費者提供的整體產品進行編輯。它們將使我們能夠進一步鞏固我們在市場上的領導地位。它們將使我們能夠擴展到當今由少數品牌佔據的高性能電視的高端領域。因此，這將使我們和 Roku 許可合作夥伴能夠真正佔領高端市場的一些市場份額。總的來說，我們很高興能在春季將第一代電視帶給消費者。

This is Anthony again. I guess I would just add that if you look at this -- if you look at licensing programs in other -- the other companies have in adjacent industries and compare that to Roku TV, I mean it's very common for a program to have both first-party and third-party devices in the program. If you look at, like, say, Android phones, for example, Google makes the Pixel phone or if you look at Windows operating system, Microsoft makes the surface line of laptops and tablets. And brands and companies do this because it gives our consumers more choice.

這又是安東尼。我想我只想補充一點，如果你看看這個 - 如果你看看其他公司在相鄰行業的許可程序並將其與 Roku TV 進行比較，我的意思是一個程序首先擁有兩者是很常見的-程序中的第三方和第三方設備。例如，如果你看一下 Android 手機，谷歌生產 Pixel 手機，或者如果你看一下 Windows 操作系統，微軟生產筆記本電腦和平板電腦的表麵線。品牌和公司這樣做是因為它為我們的消費者提供了更多選擇。

And it really helps drive innovation as you understand better the integration of the hardware and the software, and that results in more innovations and those innovations roll out to licensing partners as well.

當您更好地了解硬件和軟件的集成時，它確實有助於推動創新，這會帶來更多創新，並且這些創新也會推廣到許可合作夥伴。

The next question I have is from Thomas Forte of D.A. Davison.

我的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

So first, at a high level from a P&L standpoint, can you explain the differences in sales and margins for Smart TVs sold with Roku's operating system and a Roku branded Smart TV. And then second, as you lower your OpEx growth rate, can you talk about your investment spending priorities, including in content, hardware and international expansion.

因此，首先，從 P&L 的角度來看，您能否解釋一下使用 Roku 操作系統和 Roku 品牌智能電視銷售的智能電視在銷售額和利潤率方面的差異。其次，當您降低運營支出增長率時，您能否談談您的投資支出優先事項，包括內容、硬件和國際擴張。

Steve can take the first question about the P&L and then I can talk about investment priorities after that.

史蒂夫可以回答第一個關於損益表的問題，然後我可以談談投資重點。

Yes. Tom, in terms of the how the P&L treatment works for the Roku TV program. Currently, we -- with our licensed TV program, obviously, our partners are selling the TVs themselves. And so no revenue or COGS from that sale is on the P&L. There is a small amount of TV licensing, OS licensing revenue on the P&L that's now in the Devices segment, but that's really inconsequential. And so really what -- when you think of the Roku branded TVs, what you'll think of is they'll get treated similarly to the players. So you'll have revenue, you potentially have some contra revenue there.

是的。湯姆，就 Roku 電視節目的損益處理方式而言。目前，我們——通過我們的許可電視節目，顯然，我們的合作夥伴正在自己銷售電視。因此，損益表中沒有來自該銷售的收入或銷貨成本。現在在設備部分的損益表上有少量電視許可、操作系統許可收入，但這真的無關緊要。所以真的是什麼——當你想到 Roku 品牌的電視時，你會想到的是它們會得到與播放器類似的待遇。所以你會有收入，你可能會有一些相反的收入。

You'll have the COGS and the gross profit and then associated expenses with that program in OpEx as well. And so it will be very much like the Players. That's part of the reason that we changed the Player segment name to devices, and then we align some other small things to be consistent with the organization change we made when we added the 3 presidents and Mustafa runs the broader devices universe.

您將在 OpEx 中獲得 COGS 和毛利潤，然後還有與該程序相關的費用。所以它會非常像球員。這就是我們將 Player 部分名稱更改為設備的部分原因，然後我們調整了一些其他小事情以與我們在添加 3 位總統和 Mustafa 管理更廣泛的設備領域時所做的組織更改保持一致。

Thomas, so in terms of areas of investment, I'll provide some color on that. And then when one of the ones you asked about was content spending, and I'll turn that one over to Charlie. So the key areas -- some of the key areas we're investing in, obviously, the Roku TV program, super successful for us, and we continue to push that forward, including with Roku-branded TVs, which we just talked about. The ad platform is an important asset of ours, our streaming ad platform. And there's different areas we're investing there.

托馬斯，所以就投資領域而言，我會提供一些顏色。然後當你問到的其中一個是內容支出時，我會把那個交給查理。因此，關鍵領域——我們正在投資的一些關鍵領域，顯然，Roku 電視節目對我們來說非常成功，我們將繼續推動它向前發展，包括我們剛剛談到的 Roku 品牌電視。廣告平台是我們的重要資產，我們的流媒體廣告平台。我們在那裡投資了不同的領域。

One, I guess, just one I might call out and highlight is improving integration of ads and promotions throughout our home screen and our home screen experience which is a big area of differentiation for us, which is 70 million households starting their TV journey every day when they watch TV by turning on their Roku TV and starting at our home screen, there's lots of opportunity for things that we can do there and maybe at some point, Gidon will get a chance to talk about that. So that's the best scenario for us.

其中之一，我想，我可能會大聲疾呼並強調的是，改進整個主屏幕上廣告和促銷的整合以及我們的主屏幕體驗，這對我們來說是一個很大的差異化領域，每天有 7000 萬家庭開始他們的電視之旅當他們通過打開 Roku TV 並從我們的主屏幕開始看電視時，我們可以在那裡做很多事情，也許在某個時候，Gidon 將有機會談論這個。所以這對我們來說是最好的情況。

Relating to that is the customer experience team, so just improving our customer experience. I mean, we have a world-class, obviously, customer experience has been -- it's one of the reasons we've been so successful. It's incredibly simple. It's easy, it's compelling, it's entertaining, but there's still ways we can make it better and in ways that increase engagement, reduce churn, increase monetization. So that's a big area of focus for us. International, you mentioned international is still an area that we're focused on. If I think about international, there's expanding into new regions, but there's also going deeper into the regions that we're in, which is a big focus for us this year, especially. We're doing -- we've made a lot of progress.

與此相關的是客戶體驗團隊，所以只是改善我們的客戶體驗。我的意思是，我們擁有世界一流的客戶體驗，這是我們如此成功的原因之一。這非常簡單。這很簡單，很吸引人，很有趣，但我們仍然有辦法讓它變得更好，並以增加參與度、減少流失、增加貨幣化的方式。所以這對我們來說是一個很大的關注領域。國際，你提到國際仍然是我們關注的領域。如果我考慮國際化，就會擴展到新的地區，但也會更深入地進入我們所在的地區，這是我們今年的重點，尤其是。我們正在做——我們取得了很大進展。

We're now the #1 TV OS in Canada and Mexico. But we're in other markets, and we're continuing to grow in those markets. In fact, we're growing share in every market that we currently participate in internationally. So that's an area for us. And then content -- and I guess I'll let Charlie talked about content.

我們現在是加拿大和墨西哥排名第一的電視操作系統。但我們在其他市場，我們在這些市場繼續增長。事實上，我們目前在國際上參與的每個市場的份額都在增加。所以這是我們的領域。然後是內容——我想我會讓查理談談內容。

Well, thank you. To be clear, the foundation of our content spend will continue to be rev share and fixed licensing. But I'd love to talk about Roku Originals for a second because they create content exclusivity that viewers seek and advertisers value. Actually, just this weekend, we launched a show called Meet Me in Paris, which was produced by Reese Witherspoon and Zoë Saldaña and it premiered so strongly this weekend. It's really charming first of its kind reality romcom, and we're proud of it because not only is it a good creative swing, but it's already the #1 reality Premier on the Roku Channel, and that's original or library. And you've probably heard us mention before our recent feature film Weird, the "Weird" Al Yankovic story.

嗯，謝謝。需要明確的是，我們內容支出的基礎將繼續是收入份額和固定許可。但我想談談 Roku Originals 一秒鐘，因為它們創造了觀眾尋求和廣告商看重的內容排他性。事實上，就在這個週末，我們推出了一個名為“在巴黎遇見我”的節目，該節目由瑞茜·威瑟斯彭和佐伊·薩爾達娜製作，並在本週末首映時表現強勁。它真的是同類真人 romcom 中的第一部非常迷人，我們為此感到自豪，因為它不僅是一個很好的創意搖擺，而且它已經是 Roku 頻道排名第一的真人秀首播，無論是原創還是圖書館。在我們最近的故事片《怪異》之前，您可能聽過我們提到過“怪異”的 Al Yankovic 故事。

It had the most reach of any on-demand program in the history of the Roku Channel. So just as Roku products are heralded for offering award-winning quality. Roku Originals are follow in [queue]. Weird won the Critic's Choice Award a few weeks back for the best movie made for television, and we're pleased to have nominations from industry guild like the writers' guild, producers' guild and the directors' guild. And again, while I say the foundation of our content spend is going to be rev share and fixed license, we'll grow our investments in Roku Originals to create exclusivity for users and advertisers.

它是 Roku 頻道歷史上所有點播節目中覆蓋面最廣的節目。正如 Roku 產品因提供屢獲殊榮的品質而廣受讚譽一樣。 Roku Originals 在[隊列]中關注。幾週前，Weird 獲得了影評人選擇獎最佳電視電影獎，我們很高興獲得來自行業協會的提名，例如編劇協會、製片人協會和導演協會。再一次，雖然我說我們內容支出的基礎將是收入分成和固定許可，但我們將增加對 Roku Originals 的投資，為用戶和廣告商創造獨家經營權。

Actually, Anthony mentioned Gidon, one of the major factors in the Roku Channel success to date has been our ability to use our UI to drive engagement. Gidon, do you want to talk a little bit about that?

事實上，Anthony 提到 Gidon，Roku Channel 迄今為止取得成功的主要因素之一是我們能夠使用我們的 UI 來推動參與。 Gidon，你想談談這個嗎？

Yes. Thanks, Charlie. As you mentioned already, our users are -- they need more and more help finding content, whether they're looking for that Roku original, the football game is about the start or the news. And the growth of streaming has driven a proliferation of entertainment choices on the platform. And as the largest platform with almost half the broadband homes in the United States, we have a duty to try and make it as easy as possible for them to find the content they really want to watch. But research has shown that streaming viewers in today are taking 52% longer to decide what to watch than they did a couple of years ago. So to really help our customers and drive engagement, we've been investing in ways to help consumers navigate across our platform.

是的。謝謝，查理。正如你已經提到的，我們的用戶——他們需要越來越多的幫助來尋找內容，無論他們是在尋找 Roku 原創、足球比賽是關於開始還是新聞。流媒體的發展推動了平台上娛樂選擇的激增。作為擁有全美近一半寬帶家庭的最大平台，我們有責任努力讓他們盡可能輕鬆地找到他們真正想看的內容。但研究表明，與幾年前相比，如今的流媒體觀眾決定觀看內容的時間延長了 52%。因此，為了真正幫助我們的客戶並推動參與，我們一直在投資幫助消費者在我們的平台上導航的方法。

And the Roku Channel and that team has really benefited from many of these unique integrations by being the anchor tenant, by being the first partner to really engage with them, and our ability to surface content viewers throughout our UI in a way that's authentic, organic and delightful has really contributed to the Roku Channel growing 85% year-on-year, growing fastly -- faster than the rest of the platform. This was driven in 2002 by 3 new rows that we added to the home screen menu. The first was Live TV that helped people jump [space] quickly into live content. The second was what to watch, a discovery zone that help people find new content to watch. And the third was a sport zone. We complemented these as well with content-first experiences like you saw with the House Of The Dragon or for Weird.

Roku 頻道和該團隊作為主要租戶，成為第一個真正與他們互動的合作夥伴，以及我們以真實、有機的方式在整個 UI 中展示內容觀眾的能力，真正從許多這些獨特的集成中受益and delightful 確實為 Roku Channel 帶來了 85% 的同比增長，增長速度快於平台的其他部分。這是在 2002 年由我們添加到主屏幕菜單的 3 行驅動的。第一個是直播電視，它可以幫助人們快速跳轉 [空間] 進入直播內容。第二個是看什麼，一個幫助人們找到要觀看的新內容的發現區。第三個是運動區。我們還補充了內容優先的體驗，就像您在《龍之屋》或《怪異》中看到的那樣。

And we saw that by bringing that content closer to the consumer and by making it easier for them to find new great content, the usage of these menus has accelerated -- and in fact, if you look at today, the home screen menu is, again, growing twice as fast as the rest of the platform. And it's helping the Roku Channel, driving the Roku Channel to be the largest fast service by reach and engagement on our service. So excited that we've started this journey and looking forward to accelerating it this year.

我們看到，通過讓內容更接近消費者，讓他們更容易找到新的精彩內容，這些菜單的使用速度加快了——事實上，如果你看看今天，主屏幕菜單是，同樣，增長速度是平台其餘部分的兩倍。它正在幫助 Roku 頻道，推動 Roku 頻道成為我們服務的覆蓋面和參與度最大的快速服務。很高興我們已經開始了這一旅程，並期待在今年加速它。

And our next question is coming from Tim Nollen of Macquarie.

我們的下一個問題來自麥格理的蒂姆諾倫。

I wanted to go back to the comments you've made about using more third-party platforms. You acquired -- what that was 3 years ago, maybe 4 years ago, you acquired one of the largest, at the time, independent DSPs, dataxu, which we thought at the time is going to be about automating a lot of the ad deliveries. That hasn't quite happened for reasons that I think I understand the way the market works. But I wonder now if you're doing something differently with OneView, formerly dataxu or -- and/or if you're going to be opening up more to other DSPs to be buying onto your platform?

我想回到您關於使用更多第三方平台的評論。你收購了——那是 3 年前，也許 4 年前，你收購了當時最大的獨立 DSP 之一，dataxu，我們當時認為這將是關於自動化很多廣告投放.由於我認為我理解市場運作方式的原因，這並沒有完全發生。但我現在想知道您是否正在使用 OneView（以前稱為 dataxu）做一些不同的事情，或者 - 和/或您是否打算向其他 DSP 開放更多以在您的平台上購買？

I'll take that. And Charlie -- I'm not sure if Charlie have anything to add, but if he does, he can jump in. So Roku has been building our ad platform out through a combination of internal organic efforts and acquisitions for several years now. We did acquire dataxu, but we also built a lot of our own technology, the ad platform that we built is world class. It's a great asset for us. It's used every day to deliver lots and lots of ads. It helps with measurement, it helps with targeting. It takes advantage of all the first-party data we have, our ACR data, our viewing data, it integrates with other data sources like our [cover] shopping program.

我會接受的。還有查理——我不確定查理是否有什麼要補充的，但如果他有的話，他可以加入。因此，Roku 多年來一直通過內部有機努力和收購相結合來構建我們的廣告平台。我們確實收購了dataxu，但我們也建立了很多自己的技術，我們建立的廣告平台是世界一流的。這對我們來說是一筆巨大的財富。它每天都被用來投放大量廣告。它有助於測量，它有助於定位。它利用我們擁有的所有第一方數據、我們的 ACR 數據、我們的觀看數據，它與我們的 [封面] 購物程序等其他數據源集成。

So it's a big asset and this -- and it helps marketers deliver very effective and targeted ads on our platform. We think it's probably the best streaming ad platform in existence. So it still continues to be a focus for us. We have, for a long time, worked with third-party DSPs in various capacities, but there's opportunity to expand our relationships, and that's what we're looking at in terms of -- there's opportunities to expand relationships in ways that will increase demand. And so that's what we're looking at. So I don't know, Charlie, do you want to...

所以這是一項巨大的資產——它可以幫助營銷人員在我們的平台上投放非常有效和有針對性的廣告。我們認為它可能是現存最好的流媒體廣告平台。所以它仍然是我們關注的焦點。長期以來，我們一直以各種身份與第三方 DSP 合作，但我們有機會擴大我們的關係，這就是我們所關注的——有機會以增加需求的方式擴大關係.這就是我們正在研究的。所以我不知道，查理，你想...

Sure. Yes. Well, and it is about relationship expansion. It's not just DSPs. We have partnerships with Walmart Connect. Last week, we announced a terrific DoorDash and Wendy's partnership. And to Anthony's point, the tech stack, the world-class tech stack that makes this all possible is a result of some of the some of the parts of your question you put together there, Tim. So for example, with DoorDash, it's a great example of what TV streaming in the Roku platform can do. It's a first of its kind partnership that empowers DoorDash merchants to place unique click-to-order offers within their Roku ad. So picture of your home, watching a movie on Roku and you're hungry and you see an ad from DoorDash and Wendy's and you click on it and while you're watching your movie, we prove that we're full funnel and your food and -- you get -- your food is delivered and get your dinner and a movie. So for the first time, restaurant advertisers can partner with DoorDash and Roku to attribute target, measure TV streaming ads on Roku.

當然。是的。好吧，這是關於關係擴展的。不僅僅是 DSP。我們與 Walmart Connect 建立了合作夥伴關係。上週，我們宣布了 DoorDash 和 Wendy 的合作夥伴關係。就 Anthony 的觀點而言，技術堆棧，世界級的技術堆棧使這一切成為可能，這是你把問題的某些部分放在一起的結果，蒂姆。因此，例如，對於 DoorDash，它是 Roku 平台中電視流媒體可以做什麼的一個很好的例子。這是同類合作中的第一個，它使 DoorDash 商家能夠在他們的 Roku 廣告中放置獨特的點擊訂購優惠。所以你的家的照片，在 Roku 上看電影，你餓了，你看到 DoorDash 和 Wendy's 的廣告，你點擊它，當你看電影的時候，我們證明我們是滿漏斗和你的食物並且——你得到——你的食物被送到了，你的晚餐和電影。因此，餐廳廣告商首次可以與 DoorDash 和 Roku 合作，對 Roku 上的電視流媒體廣告進行定位和衡量。

It's truly accountable media. It's differentiating media and it's lower funnel attribution, which Roku is first to market with, again, truly accountable. So I think here, Roku is taking a lead because of its tech stack and literally teaching new consumer behavior in this case, how to interact with the TV screen.

這是真正負責任的媒體。它是區分媒體和較低的漏斗歸因，Roku 率先將其推向市場，再次，真正負責任。所以我認為 Roku 在這里處於領先地位，因為它的技術堆棧和在這種情況下從字面上教導新的消費者行為，如何與電視屏幕互動。

And our next question is coming from Shweta Khajuria of Evercore.

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

I guess I have a follow-up on the Roku branded TVs. Congrats on launching those TVs in the line -- the TV line. But I guess the question is, how should we think about the gross margin contribution from Roku-branded TVs versus, let's say, your Player segment gross margins historically pre-covid just for our modeling purposes? And then second is on Steve, have you -- has the guidance philosophy changed over the past couple of quarters, call it, in terms of how you've delivered through the quarters and how you've guided?

我想我有關於 Roku 品牌電視的後續行動。恭喜推出這些電視系列——電視系列。但我想問題是，我們應該如何考慮 Roku 品牌電視的毛利率貢獻，比方說，您的播放器細分市場毛利率歷史上只是為了我們的建模目的？然後第二個是史蒂夫，你有沒有 - 過去幾個季度的指導理念是否發生了變化，就你如何通過季度交付以及你如何指導而言？

In terms of Roku branded TVs, I mean we haven't disclosed anything about gross margins. But just in general, our Device business is focused on customer acquisition. So it's not focused on gross profit from hardware. Our monetization obviously comes from our service and ad business, content distribution, which obviously is a great business for us. So that same philosophy applies to TVs as well. And like I said, I did the big focus on the Roku -- I'm sorry, on the branded TV program is just driving innovation as well as moving a little bit more upmarket in the TV space. And then in terms of guidance, Steve, you want to talk about the outlook?

就 Roku 品牌電視而言，我的意思是我們尚未披露任何有關毛利率的信息。但總的來說，我們的設備業務專注於客戶獲取。所以它並不關注硬件的毛利潤。我們的貨幣化顯然來自我們的服務和廣告業務、內容分發，這對我們來說顯然是一項偉大的業務。所以同樣的理念也適用於電視。就像我說的，我把重點放在了 Roku 上——對不起，品牌電視節目只是在推動創新，同時也在電視領域向更高端的市場移動。然後在指導方面，史蒂夫，你想談談前景嗎？

Sure. Yes. I wouldn't say that our guidance philosophy has changed over the last couple of quarters. I think what's changed since Q2 of last year is just the level of uncertainty in the macro environment, and obviously, the impact that has on consumers as well as the advertising market, which, in particular, is obviously a large portion of our monetization.

當然。是的。我不會說我們的指導理念在過去幾個季度發生了變化。我認為自去年第二季度以來發生的變化只是宏觀環境的不確定性水平，顯然，對消費者和廣告市場的影響，尤其是我們貨幣化的很大一部分。

And so I think like a lot of companies, what you see over our approach to outlook and whether we provide full year outlook or just the near quarter and how we think about the color around that, it's really more of a factor around the macroeconomic environment and how we're trying to find our way through the amount of uncertainty and then looking at what levers that we have better control over and which levers we don't in terms of the advertising market spend which is largely macro-driven and vertical driven versus things that we can control better, which is what we've done with our operations and our operating expense base and corralling the year-over-year growth rate on stuff like that. So I think that's really how we look at it, and it's really driven by how we see the business and the industry timing, given what's out in the broader world.

因此，我認為與許多公司一樣，您對我們的展望方法的看法，以及我們是提供全年展望還是僅提供近一個季度的展望，以及我們如何看待周圍的顏色，這實際上更多地是宏觀經濟環境的一個因素以及我們如何嘗試通過大量的不確定性找到我們的方式，然後看看我們可以更好地控制哪些槓桿，以及我們在很大程度上由宏觀驅動和垂直驅動的廣告市場支出方面不能控制的槓桿與我們可以更好地控制的事情相比，這就是我們在運營和運營費用基礎上所做的，並在類似的事情上獲得了同比增長率。所以我認為這真的是我們看待它的方式，它實際上是由我們如何看待業務和行業時機所驅動的，考慮到更廣闊的世界。

Okay, Steve. If I could follow up, what kind of ad demand trends have you seen, whether it is sequentially from, call it, Q4 December up until now mid-February, and/or year-over-year, if you could please comment on that. And that's it for me.

好的，史蒂夫。如果我可以跟進，你看到了什麼樣的廣告需求趨勢，無論是從 12 月第四季度到現在 2 月中旬，和/或同比，如果你可以請評論一下.對我來說就是這樣。

Yes. This is Anthony. I'll kick that off and then turn it over to Charlie. I think, again, big picture streaming is popular. Theatres are switching to streaming. Advertisers are moving to streaming. Huge opportunity in terms of our platform, scale and engagement with 70 million active accounts and growing. Like I said before, the #1 streaming platform by our streams is in the U.S., Canada and Mexico. I mean, if you look at traditional TV in Q4, hours were down 5% year-over-year, but on our platform, hours grew 23%. And I think that reflects the power of our platform, but also the fact that the industry is moving to streaming and continue moving to streaming. Still got a long ways to go, but it's definitely in process. Roku Channel hours alone in Q4 grew 85% year-over-year, an incredible amount. So I think if we think about the big picture in advertising, there's macroeconomic -- there's macro issues, but we're continuing to build out a platform that's a world-class platform for advertising and streaming and there's a lot of opportunity ahead.

是的。這是安東尼。我會開始，然後把它交給查理。我認為，大圖片流媒體再次流行。劇院正在轉向流媒體。廣告商正在轉向流媒體。就我們的平台、規模和與 7000 萬活躍賬戶的互動而言，這是一個巨大的機會，而且還在不斷增長。就像我之前說的，我們流媒體排名第一的流媒體平台在美國、加拿大和墨西哥。我的意思是，如果你看看第四季度的傳統電視，播放時間同比下降 5%，但在我們的平台上，播放時間增長了 23%。我認為這反映了我們平台的力量，也反映了行業正在轉向流媒體並將繼續轉向流媒體的事實。還有很長的路要走，但它肯定在進行中。 Roku 頻道在第四季度的時長同比增長了 85%，這是一個令人難以置信的數字。所以我認為，如果我們考慮廣告的大局，那就是宏觀經濟——有宏觀問題，但我們正在繼續打造一個世界級的廣告和流媒體平台，未來還有很多機會。

But Charlie can probably give you a lot more color on the specifics of our ad business.

但查理可能會就我們廣告業務的具體情況向您提供更多信息。

Sure. Thanks. And the ad market was muted. That was pretty well reported in the fourth quarter. But even still, Roku outperformed overall ad and certainly traditional TV ad spending. So Roku continues to take share. Ad spend among some verticals is improving in the first quarter, which we're so pleased with the momentum, including restaurants, travel, CPG, health and wellness and others, as you know, remain a little muted, tech financial services and certainly, M&E, which is playing out pretty publicly. But we're creating new ad products and opportunities and building relationships, as I mentioned, to address all markets and diversify demand and as I mentioned a moment ago, with our shoppable ads both with Walmart last year and the one we announced last week, there are so many great examples of things Roku is doing that so many other platforms simply can't. So that's how I look at the markets right now.

當然。謝謝。廣告市場一片沉寂。這在第四季度得到了很好的報導。但即便如此，Roku 的整體廣告表現仍然優於傳統電視廣告支出。因此 Roku 繼續佔有份額。某些垂直行業的廣告支出在第一季度有所改善，我們對這一勢頭感到非常滿意，包括餐飲、旅遊、CPG、健康和保健以及其他，如您所知，仍然有點低調，科技金融服務，當然， M&E，這是非常公開的。但正如我提到的，我們正在創造新的廣告產品和機會並建立關係，以解決所有市場和多樣化需求，正如我剛才提到的，我們去年與沃爾瑪和上周宣布的可購物廣告， Roku 正在做的事情有很多很好的例子，而許多其他平台根本做不到。這就是我現在看待市場的方式。

And our next question is coming from Matthew Thornton of Truist.

我們的下一個問題來自 Truist 的 Matthew Thornton。

Maybe one and then a follow-up, if I could. On video advertising, Anthony, you guys are talking about the north of $1 billion in upfront commitments. Is that still the right number to think about as we think about 4Q '22 through 3Q '23? Is that still the right number? Is there any cancellation activity that we need to think about, delays that we need to think about? I guess, just any updated color there would be helpful. And then just following up on a prior question around branded TV. It sounds like the strategy there will be very similar and that's to operate probably close to breakeven to drive customer acquisition. I guess the follow-on there is there any start-up costs that we need to think about in the margins as we start ramping them in '23?

如果可以的話，也許是一個，然後是一個跟進。關於視頻廣告，安東尼，你們談論的是超過 10 億美元的前期承諾。當我們考慮 22 年第四季度到 23 年第三季度時，這仍然是正確的數字嗎？那還是正確的數字嗎？是否有任何我們需要考慮的取消活動，我們需要考慮的延誤？我想，任何更新的顏色都會有所幫助。然後只是跟進有關品牌電視的先前問題。聽起來那裡的策略非常相似，那就是運營可能接近收支平衡以推動客戶獲取。我想後續有沒有任何啟動成本我們需要在利潤中考慮，因為我們在 23 年開始增加它們？

I'll turn over to Charlie. But before I do that, I would just say we had a great upfront last year, and our upfronts have been growing -- if you look back historically, our upfronts have gotten bigger every year. And I expect that to continue because the advertising -- TV advertising business is moving to streaming. There's, I don't know if it's a $60 billion a year spent on TV advertising. A lot of that, most of that is still haven't moved to streaming, but it is improving the streaming. And that's naturally going to transition the upfront to being a streaming-first event, and it's going to grow our business each upfront. So that's kind of the big picture. But Charlie, do you want to talk about our Channel front?

我會交給查理。但在我這樣做之前，我只想說我們去年的預付款很好，而且我們的預付款一直在增長——如果你回顧歷史，我們的預付款每年都在增加。我預計這種情況會持續下去，因為廣告——電視廣告業務正在轉向流媒體。還有，我不知道這是不是每年花在電視廣告上的 600 億美元。很多，其中大部分還沒有轉移到流媒體，但它正在改進流媒體。這自然會將前期轉變為流媒體優先的事件，並且它將在前期發展我們的業務。這就是大局。但是查理，你想談談我們的頻道前端嗎？

Sure. It's a good question, Matt. We're not seeing anything out of the ordinary. As you noted, it's fourth quarter through third. So we're only about a quarter into the upfront. But one way to think about Roku differently perhaps is that our upfront don't front-load in fourth quarter the way traditional networks do, just given the timing of new fall premieres and how heavily others rely on fourth quarter for sports. So the scatter market has been challenged, but we're also seeing some verticals, as I just mentioned, with some momentum and side of life. So that's the best way to think about it. One thing I'll say as it attributes to this team, Roku has only been in the upfront market for less than 5 years versus others who have been in it for 50-plus years. So we're excited about the runway ahead and the upfront market. And I do believe there's a world where all media plans are going to start with streaming, and that day is coming soon, and it will favor Roku and its unique scale and assets.

當然。這是個好問題，馬特。我們沒有看到任何異常情況。正如您所指出的，現在是第四季度到第三季度。所以我們只進行了大約四分之一的預付款。但是，以不同的方式思考 Roku 的一種方式可能是，我們的前期不會像傳統網絡那樣在第四季度提前加載，只是考慮到新秋季首映的時間以及其他人對第四季度體育的依賴程度。所以分散市場受到了挑戰，但正如我剛才提到的，我們也看到了一些垂直市場，它們具有一些動力和生活的一面。所以這是考慮它的最佳方式。我要說的一件事歸功於這個團隊，Roku 進入前期市場的時間不到 5 年，而其他人已經進入該市場 50 多年。因此，我們對未來的跑道和前期市場感到興奮。而且我確實相信，所有媒體計劃都將從流媒體開始，那一天很快就會到來，這將有利於 Roku 及其獨特的規模和資產。

In terms of your -- Matt, you asked about branded TVs and anything specific in terms of the startup costs, et cetera. I mean, I don't think we have anything really to add there. So I mean, all of our expenses are in our outlook.

就您而言 - 馬特，您詢問了品牌電視以及啟動成本等方面的任何具體內容。我的意思是，我認為我們真的沒有什麼可以添加的。所以我的意思是，我們所有的開支都在我們的展望中。

The next question is coming from Nicholas Zangler of Stephens.

下一個問題來自 Stephens 的 Nicholas Zangler。

Focusing on the near-term weakness that we're hearing about in M&E. Obviously, many streaming services have pivoted as of late to adopt an EVOD offering. So still very highly incentivized to win viewership hours now as opposed to just subscription count. So just given this dynamic, do you anticipate M&E spend to strengthen meaningfully at some point in the mid-term? Just as viewership hours become more of a priority? Just how would you frame up maybe this I guess, this near-term weakness in M&E versus your longer-term outlook?

關注我們在 M&E 中聽到的近期弱點。顯然，許多流媒體服務最近都轉向採用 EVOD 產品。因此，現在仍然非常有動力去贏得收視時間，而不僅僅是訂閱數量。因此，鑑於這種動態，您是否預計 M&E 支出會在中期的某個時候顯著增強？就像收視時間變得更重要一樣？我猜你會如何構建 M&E 的近期弱點與你的長期前景？

Nick, this is Anthony. I'll kick us off and then turn that over to Charlie. But yes, you're right. We think that I mean to answer your question specifically over the not-too-distant future term. Streaming services are going to be focused increasingly on engagement, so they can drive advertising revenue. So if you -- just to take a step back, think about our business, I mean, advertising is important to Roku, but advertising is important to our streaming partners as well, streaming service partners.

尼克，這是安東尼。我會把我們踢開，然後把它交給查理。但是，是的，你是對的。我們認為我的意思是在不久的將來專門回答您的問題。流媒體服務將越來越注重參與度，因此它們可以推動廣告收入。因此，如果你 - 退後一步，想想我們的業務，我的意思是，廣告對 Roku 很重要，但廣告對我們的流媒體合作夥伴也很重要，流媒體服務合作夥伴。

I mean they -- almost all of them have big and growing ad businesses. And the pressure we're seeing in the ad market is affecting them, just like it's affecting us, and that's causing them to pull back on M&E spend in the short-term. But we know that M&E on Roku is super effective and a great way to spend marketing dollars. And the size of the -- of our platform is unmatched the scale and engagement on our platform is huge. And so I do think there's -- I'm bullish long-term and mid-term on M&E. But Charlie, do you want to maybe take that?

我的意思是他們 - 幾乎所有的人都擁有龐大且不斷增長的廣告業務。我們在廣告市場看到的壓力正在影響他們，就像影響我們一樣，這導致他們在短期內縮減 M&E 支出。但我們知道，Roku 上的 M&E 非常有效，是花費營銷資金的好方法。我們平台的規模是無與倫比的，我們平台上的規模和參與度是巨大的。所以我確實認為 - 我看好 M&E 的長期和中期。但是查理，你想接受嗎？

Yes. Thanks, Nick. I think you nailed it in your question. Longer term, as the ad industry recovers, we absolutely believe that M&E companies will shift their focus toward engagement because they'll need to deliver for their own advertisers. So I know firsthand from my lab job, the importance and magnitude of Roku's impact on every streamers engagement metrics. So Roku's M&E tools are terrific for that goal for growing engagement. I'll emphasize that our media literally think about it on the Roku Media platform. It is the closest media to the viewing decision that the viewer makes, and we're doing this scale. Again, 70 million active accounts approaching nearly 50% of all streaming households, we believe that every M&E dollar spent on Roku is a highly effective dollar and particularly in the context that you shared in your question, Nick.

是的。謝謝，尼克。我想你把它釘在了你的問題上。從長遠來看，隨著廣告行業的複蘇，我們絕對相信 M&E 公司會將他們的重點轉向參與，因為他們需要為自己的廣告商提供服務。所以我從我的實驗室工作中直接了解到 Roku 對每個流媒體參與度指標的影響的重要性和程度。因此，Roku 的 M&E 工具非常適合實現提高參與度的目標。我要強調的是，我們的媒體確實是在 Roku Media 平台上考慮的。它是最接近觀眾做出的觀看決定的媒體，我們正在做這個規模。同樣，7000 萬活躍賬戶接近所有流媒體家庭的近 50%，我們相信花在 Roku 上的每一美元 M&E 都是非常有效的美元，尤其是在你在問題中分享的背景下，尼克。

So look, we collaborate closely with streaming services to create bespoke campaigns for them and prove that our media is accountable. And one thing that's great about the Roku Media platform is that we can test the effectiveness of ads, and we did this in fact, with our own movie, the "Weird Al" Yankovic story I mentioned, and we did so using a holdout group. And on the on-platform media associated with Weird, we drove more than 60% lift in unique viewers versus the hold out group. So we even make our own media accountable. It's pretty great. And one of the reasons the industry respects Roku so much. And then there are things like Roku Pay, which enables easy one-click sign up. It's another valuable tool to offer our content partners.

所以看，我們與流媒體服務密切合作，為他們製作定制的活動，並證明我們的媒體是負責任的。 Roku Media 平台的一大優點是我們可以測試廣告的有效性，事實上我們是這樣做的，我們自己的電影，我提到的“怪人艾爾”揚科維奇的故事，我們這樣做是通過一個堅持小組.在與 Weird 相關的平台媒體上，與堅持觀看的觀眾相比，我們將獨立觀眾人數提高了 60% 以上。所以我們甚至讓我們自己的媒體負責。太棒了。這也是業界如此尊重 Roku 的原因之一。然後是 Roku Pay 之類的東西，它可以實現輕鬆的一鍵式註冊。這是為我們的內容合作夥伴提供的另一個有價值的工具。

That's less on the engagement side, but obviously, in the subscription side. And then premium video streaming services experience higher retention using Roku Pay than they do on other third-party billing platforms. That was cited from a recent study by Antennas. So Again, you're right, the movement toward engagement flatters Roku and moves Roku up partner's priority list, particularly in this world where they have to be so focused on effectiveness and efficiency.

這在參與方面較少，但顯然在訂閱方面。然後，與在其他第三方計費平台上相比，使用 Roku Pay 的優質視頻流媒體服務的留存率更高。這是 Antennas 最近的一項研究中引用的。所以再說一遍，你是對的，參與度的提高讓 Roku 感到受寵若驚，並將 Roku 提升到合作夥伴的優先級列表中，尤其是在這個他們必須如此專注於有效性和效率的世界中。

Great. No, that's great color. Just one quick follow-up on that. There is one very, very large streaming service that seemingly doesn't really partake in some of these engagement strategies. And it's not just on Roku, it's under the other streaming service as well. Just I don't know if you have any thoughts there on whether you would expect like the full market to engage in including just the absolute largest streaming services as well?

偉大的。不，那是很棒的顏色。只是對此進行快速跟進。有一個非常非常大的流媒體服務似乎並沒有真正參與其中的一些參與策略。而且它不僅在 Roku 上，它也在其他流媒體服務下。只是我不知道您是否有任何想法，您是否希望整個市場都參與其中，包括絕對最大的流媒體服務？

Well, look, you nailed it in your question, there's going to be a shift toward not just acquisition, but engagement. And when you build engagement, you need to build impressions and you need people to watch the programming. And again, Roku is uniquely positioned to be right there for the viewer at the moment of decision and will help will help drive partners' businesses. That's how we think of every large streaming service as our partner, and we help them build engagement.

好吧，你看，你把它釘在了你的問題上，將會不僅轉向收購，而且轉向參與。當你建立參與度時，你需要建立印象，你需要人們觀看節目。再一次，Roku 的獨特定位是在觀眾做出決定的那一刻就在那裡，並將幫助推動合作夥伴的業務。這就是我們將每個大型流媒體服務視為我們的合作夥伴的方式，我們幫助他們建立參與度。

This is an -- this is Anthony. I mean I would just I agree with all that. We have -- we believe we can help all our streaming partners on a very positive ROI basis, build engagement, but we don't have any insight or can't comment on what any particular company might or might not do in the future.

這是——這是安東尼。我的意思是我同意所有這些。我們有 - 我們相信我們可以在非常積極的投資回報率基礎上幫助我們所有的流媒體合作夥伴，建立參與度，但我們沒有任何洞察力或無法評論任何特定公司未來可能會或可能不會做的事情。

And our next question will be coming from Michael Morris of Guggenheim.

我們的下一個問題將來自古根海姆的邁克爾莫里斯。

First, Anthony and/or Charlie, you guys have made content acquisitions in the past, I mean most notably, Quibi. I'm curious how you would think about putting capital to work in acquiring a library of content or more content is something bigger going forward as opposed to what we've seen with some of your originals and licensing. So how are you thinking about potentially acquiring something bigger. And then second for Steve, in the fourth quarter, you materially outperformed your guidance. I'm hoping maybe you could help us understand what changed that led you to kind of come in so far ahead on the top line? And as we look at your guidance for the first quarter, it can't help us think that we should probably be thinking it could come in a lot higher just like it did last quarter. Why wouldn't we think you could beat that number by 8% since you just did that in this past quarter?

首先，安東尼和/或查理，你們過去進行過內容收購，我的意思是最值得注意的是 Quibi。我很好奇你會如何考慮將資金投入到獲取內容庫或更多內容的工作中，這與我們在你的一些原創和許可中看到的情況不同，這是一個更大的進步。那麼你如何考慮可能獲得更大的東西。然後是史蒂夫的第二名，在第四季度，你的表現大大超過了你的指導。我希望也許你能幫助我們了解是什麼改變導致你在頂線遙遙領先？當我們查看您對第一季度的指導時，它無法幫助我們認為我們可能應該認為它可能會像上一季度那樣高得多。我們為什麼不認為您可以將這個數字提高 8%，因為您在上個季度剛剛做到了這一點？

Mike, I'll let Charlie take the content acquisition question. But I mean just at a high level, I would say that we have done acquisitions in the past. We're very cautious about doing acquisitions. We have a high bar. We do spend a lot of money on content, primarily to licensing and rev share, but also originals. And so we're always looking at ways to spend that money most effectively. But I don't think we have a particular strategy around acquisitions. I don't know, Charlie, do you want to add anything?

邁克，我讓查理回答內容獲取問題。但我的意思是，在高層次上，我會說我們過去進行過收購。我們對收購非常謹慎。我們有很高的標準。我們確實在內容上花了很多錢，主要是許可和收入分成，但也包括原創內容。因此，我們一直在尋找最有效地使用這筆錢的方法。但我認為我們沒有特定的收購戰略。我不知道，查理，你想補充什麼嗎？

Well, I think you're right. The foundation -- the base of our content spend will continue to be rev share and licensing. But you're right, those Quibi acquisition -- those Quibi shows continue to perform well, and we renewed Kevin Hart series and he's coming back soon. And then we acquired a content library in This Old House. And I look at our commitment for the advertising community to genres like food and home and having this old house library for us globally has been a really -- has been accretive and really creatively has led to some really interesting relationships. So I think we'll do so opportunistically and with discipline. But I like very much the fact, for instance, on Weird that we own all the rights globally, and it's been a calling card, both for the creative community and for the advertising community because they realize we're going to build high-class distinct product for them at the right cost.

好吧，我認為你是對的。基礎——我們內容支出的基礎將繼續是收入份額和許可。但你是對的，Quibi 的那些收購——那些 Quibi 節目繼續表現良好，我們更新了 Kevin Hart 系列，他很快就會回來。然後我們在 This Old House 中獲得了一個內容庫。我看到了我們對廣告界對食品和家庭等類型的承諾，並且在全球範圍內為我們擁有這個老房子圖書館真的 - 一直在增加並且非常有創意地導致了一些非常有趣的關係。所以我認為我們會以機會主義和紀律的方式這樣做。但我非常喜歡這樣一個事實，例如，在 Weird 上，我們擁有全球的所有權利，它已成為創意界和廣告界的一張名片，因為他們意識到我們將打造一流的以合適的成本為他們提供獨特的產品。

Yes. And on your second question in Q4, I mean, we're pleased with the performance in the quarter against a pretty difficult consumer and ad market backdrop. Just to give you an idea, in our shareholder letter, we talked about just the trends in the U.S. ad market and how they weakened through the quarter. So the U.S. ad market was down 12% year-over-year in December. That's after it decreased 2% and decreased 6% in October and November. So it just shows you the challenge of the trends. And when we're giving the outlook, our expectation is to try to give our best estimate at that time.

是的。關於第四季度的第二個問題，我的意思是，在消費者和廣告市場相當困難的背景下，我們對本季度的表現感到滿意。只是為了給你一個想法，在我們的股東信中，我們只討論了美國廣告市場的趨勢以及它們如何在本季度減弱。因此，美國廣告市場在 12 月份同比下降了 12%。那是在 10 月和 11 月下降 2% 和 6% 之後。所以它只是向你展示了趨勢的挑戰。當我們給出前景時，我們的期望是在那個時候給出我們最好的估計。

But certainly, with the high level of uncertainty and all the macroeconomic pressures that are both hitting consumers directly and then into the ad market itself based on those stats, it's really challenging to get a hand on that. So again, we're pleased with the results relative to our initial expectations captured in outlook. But I wouldn't say back to that other question around has our guidance philosophy changed, it hasn't. And we're kind of making a point in time call based on the imperfect information we have. And so that's how we approached it in Q4, and that's how we're approaching to our Q1 outlook as well.

但可以肯定的是，由於高度的不確定性和所有宏觀經濟壓力都直接打擊消費者，然後根據這些統計數據進入廣告市場本身，因此要掌握這一點真的很有挑戰性。因此，我們再次對與我們在展望中獲得的最初預期相關的結果感到滿意。但我不會說我們的指導理念是否改變了，它沒有改變。我們正在根據我們擁有的不完善信息進行時間點調用。這就是我們在第四季度處理它的方式，這也是我們處理第一季度展望的方式。

So Steven, in that -- are you saying that when you gave the guide in November, you thought that ads were going to decelerate like 25% in December? Or -- I'm just trying to understand because it's a big difference, right? I mean you talked about in letter to your point, that the trends did decelerate in December and yet you still came in meaningfully ahead. And now we're looking at the first quarter and you're guiding revenue to go backward by $34 million. I'm just trying to get a handle on it because the guide relative to we're forecasting has proven to be a bit tricky.

所以史蒂文，在那 - 你是說當你在 11 月給出指南時，你認為廣告會在 12 月減速 25%？或者——我只是想了解，因為這是一個很大的區別，對吧？我的意思是你在信中談到了你的觀點，趨勢在 12 月確實有所放緩，但你仍然遙遙領先。現在我們正在看第一季度，你指導收入倒退 3400 萬美元。我只是想了解它，因為與我們預測相關的指南已被證明有點棘手。

Yes. I think -- I mean, there's a couple of different things and kind of Charlie mentioned this in some of the -- included in the letter, in the prepared remarks as well as -- we were concerned, and you saw this in our language for the Q4 guide, we were concerned with how the holiday season will go both on the consumer side of things as well in the ad market. And so we were hearing some concerns out there from a lot of different parts of the ecosystem. And so that was reflected in our view that it was going to be a difficult holiday season, which overall for a lot of companies, it was. For us, we had some bright spots around how TVs performed and then the ad business was better than we hoped it would be.

是的。我想 - 我的意思是，有一些不同的事情和查理在一些 - 包括在信中，在準備好的評論中以及 - 我們很擔心，你在我們的語言中看到了這一點對於第 4 季度指南，我們關注假期在消費者方面以及廣告市場方面的表現。因此，我們從生態系統的許多不同部分聽到了一些擔憂。因此，這反映在我們的觀點中，即這將是一個艱難的假期，對很多公司來說，總體而言，情況確實如此。對我們來說，我們在電視的表現方面有一些亮點，然後廣告業務比我們希望的要好。

So that's good. even though the market was down overall year-over-year. When you look into Q1, you see some bright spots in terms of certain verticals that seem to be stabilizing or potentially on a bit of a green shoot type uptick, but then you also have other verticals that remain pressured. So that's kind of the challenge we have. And part of our outlook reflects the fact that -- we do have a strong M&E business in general, and that's also a high-margin business. And so that's reflected both in the top line viewpoint as well as how that translates down into gross profit in and the EBITDA look as well.

所以這很好。儘管市場整體同比下降。當您查看第一季度時，您會看到某些垂直領域的一些亮點似乎正在穩定或可能出現一些綠色射擊類型的上升，但您也有其他垂直領域仍然面臨壓力。這就是我們面臨的挑戰。我們的部分前景反映了這樣一個事實——我們總體上確實擁有強大的 M&E 業務，而且這也是一項高利潤業務。因此，這既反映在頂線觀點中，也反映在如何轉化為毛利潤和 EBITDA 的外觀上。

This concludes our question-and-answer session. I'm going to turn the call back over to Anthony Wood for closing remarks.

我們的問答環節到此結束。我將把電話轉回給 Anthony Wood 以作結束語。

Thanks, everyone, for joining the call. I also want to thank our employees, customers and partners for their focus and commitment.

謝謝大家加入電話會議。我還要感謝我們的員工、客戶和合作夥伴的專注和承諾。

Thank you all for joining today's conference call. You may disconnect, and everyone, have a great evening.

感謝大家參加今天的電話會議。您可能會斷開連接，祝大家度過一個愉快的夜晚。