Roku Inc (ROKU) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by, and welcome to Roku Q1 2023 Earnings Conference Call. (Operator Instructions)

您好，感謝您的支持，歡迎來到 Roku 2023 年第一季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to Conrad Grodd, Vice President, Investor Relations. Sir, you may begin.

我現在想將會議交給投資者關係副總裁 Conrad Grodd。先生，您可以開始了。

Thank you, operator. Good afternoon, and welcome to Roku's First Quarter 2023 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; and Steve Louden, our CFO.

謝謝你，運營商。下午好，歡迎來到 Roku 的 2023 年第一季度收益電話會議。 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。

Also on today's call for Q&A are Charlie Collier, President Roku Media; Mustafa Ozgen, President Devices; and Gidon Katz, President, Consumer Experience. 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.

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。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。

Our comments and responses to your questions on this call reflects management's views as of today only, and we disclaim any obligation to update this information.

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。

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

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、我們的投資、未來市場狀況以及我們對宏觀經濟逆風對我們的影響的預期的陳述商業和工業。

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.

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。

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 for the comparable period of 2022.

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 2022 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. Roku delivered solid first quarter results in a challenging economic environment. We grew both our active accounts and streaming hours. Roku's TV operating system was once again the #1 selling TV OS in the U.S., achieving a record high TV unit share of 43%, which is more than the next 3 operating systems combined.

謝謝，康拉德。 Roku 在充滿挑戰的經濟環境中取得了穩健的第一季度業績。我們增加了活躍賬戶和流媒體播放時間。 Roku 的電視操作系統再次成為美國銷量第一的電視操作系統，電視單位份額達到 43% 的歷史新高，超過接下來的 3 個操作系統的總和。

We achieved share gains across the full range of TV screen sizes, particularly in the larger screen segment. In March, we launched the first ever Roku-branded TVs exclusively at Best Buy, and they are receiving great reviews.

我們在所有電視屏幕尺寸範圍內取得了份額增長，尤其是在大屏幕領域。 3 月，我們在 Best Buy 獨家推出了首款 Roku 品牌電視，並獲得了好評。

Consumers now spend more TV time streaming than watching cable and all major media companies have shifted focus to streaming. With the amount of entertainment available on TV streaming continuing to grow, consumers are spending more and more time looking for something to watch across our platform. Streaming services and brand advertisers want to reach these viewers increasingly before the viewer decides what to watch.

現在，消費者花在流媒體電視上的時間比看有線電視的時間還多，所有主要媒體公司都已將重點轉移到流媒體上。隨著電視流媒體上可用的娛樂數量持續增長，消費者花費越來越多的時間在我們的平台上尋找可以觀看的內容。流媒體服務和品牌廣告商希望在觀眾決定觀看什麼之前越來越多地接觸到這些觀眾。

We're leaning into our unique role as the #1 TV streaming platform in the U.S., Canada and Mexico to simultaneously benefit consumers, content partners and advertisers while growing monetization opportunities. You can see this with features like our sports experience, live TV guide and continue watching.

作為美國、加拿大和墨西哥排名第一的電視流媒體平台，我們正在發揮我們獨特的作用，同時讓消費者、內容合作夥伴和廣告商受益，同時增加盈利機會。您可以通過我們的體育體驗、直播電視指南和繼續觀看等功能看到這一點。

We will continue to expand existing content discovery experiences and build new ones to entertain and inform viewers and help them discover what to watch next. These experiences are increasingly creating opportunities for brand advertising, M&E promotion and integration with the Roku's owned and operated content and services. As we noted in our letter, streaming hours that are originated from our home screen menu doubled year-over-year.

我們將繼續擴展現有的內容髮現體驗並構建新的體驗來娛樂和告知觀眾並幫助他們發現接下來要觀看的內容。這些體驗越來越多地為品牌廣告、M&E 推廣以及與 Roku 擁有和運營的內容和服務的整合創造機會。正如我們在信中指出的那樣，來自我們主屏幕菜單的流媒體播放時間同比翻了一番。

I am more excited than ever about the future of Roku's business. We are working to create new areas of customer engagement and monetization as well as improved operational efficiencies. We're committed to delivering positive adjusted EBITDA for the full year 2024 with continued improvements after that.

我對 Roku 業務的未來比以往任何時候都更加興奮。我們正在努力創造新的客戶參與和貨幣化領域，並提高運營效率。我們致力於在 2024 年全年實現積極的調整後 EBITDA，並在此後不斷改進。

Now I'll turn it over to Steve to discuss our results.

現在我將把它交給史蒂夫來討論我們的結果。

Thanks, Anthony. We ended the quarter with 71.6 million active accounts globally. Sequential net adds of 1.6 million were above net adds in Q1 2022. Overall, smart TV unit sales in the U.S. were up in Q1 driven in part by lower TV panel prices and freight costs.

謝謝，安東尼。本季度末，我們在全球擁有 7160 萬個活躍賬戶。連續淨增加 160 萬台，高於 2022 年第一季度的淨增加量。總體而言，美國第一季度智能電視銷量增長，部分原因是電視面板價格和運費下降。

Roku player unit sales remained above pre-COVID levels and the average selling price was relatively flat year-over-year. Roku users streamed 25.1 billion hours in the quarter, an increase of 20% year-over-year. Average streaming hours per active account per day reached a record high of 3.9 hours, which is roughly half of the average U.S. household TV viewing, leaving significant opportunity for future growth.

Roku 播放器的單位銷售額仍高於 COVID 之前的水平，平均售價同比持平。 Roku 用戶在本季度的流媒體播放時長為 251 億小時，同比增長 20%。每個活躍賬戶每天的平均流媒體時長達到 3.9 小時的歷史新高，大約是美國家庭平均收視電視時間的一半，這為未來的增長留下了巨大的機會。

In Q1, total net revenue increased 1% year-over-year to $741 million. Platform revenue was down 1% year-over-year to $635 million. While ad spend on the Roku platform in verticals, including financial services and media and entertainment remain pressured, verticals such as travel and health and wellness improved. Q1 devices revenue increased 18% year-over-year, driven by the launch of our Roku branded TVs, smart home products, and the recognition of a onetime catch-up of $10 million related to a licensing arrangement with the service operator.

第一季度，總淨收入同比增長 1% 至 7.41 億美元。平台收入同比下降 1% 至 6.35 億美元。儘管 Roku 平台在垂直領域（包括金融服務、媒體和娛樂）的廣告支出仍然面臨壓力，但旅遊、健康和保健等垂直領域的廣告支出有所改善。第一季度設備收入同比增長 18%，這得益於我們 Roku 品牌電視、智能家居產品的推出，以及與服務運營商的許可安排相關的 1000 萬美元的一次性追趕。

In Q1, gross profit declined 7% year-over-year to $338 million. Platform gross margin was 53%, which was down 3 points sequentially. This reflects weakness in the ad scatter market, along with a greater mix away from M&E in Q1 2023 compared to a year ago period.

第一季度，毛利潤同比下降 7% 至 3.38 億美元。平台毛利率為 53%，環比下降 3 個百分點。這反映出廣告投放市場的疲軟，以及與去年同期相比，2023 年第一季度 M&E 的混合情況有所增加。

Device margin was 3%, which benefited from a onetime $10 million service operator licensing catch-up previously mentioned. Excluding this onetime item, devices margin would have been negative 6%, a 9-point improvement from a year ago period, driven by normalizing supply chains. The 8 percentage point difference between the year-over-year growth rates of total net revenue and total gross profit was caused by year-over-year compression of platform margins along with a lower portion of platform revenue within total net revenue.

設備利潤率為 3%，這得益於之前提到的 1000 萬美元的服務運營商許可追趕。排除這個一次性項目，在供應鏈正常化的推動下，設備利潤率為負 6%，比去年同期提高 9 個百分點。淨收入總額與毛利總額同比增速相差8個百分點，是由於平台利潤率同比壓縮，以及平台收入占淨收入總額的比重下降。

Q1 adjusted EBITDA was negative $69 million which was $41 million above our outlook. The better-than-expected performance was driven by our Platform segment, recognition of the onetime catch-up in devices revenue and improvements in our operating expense profile. Please note that a onetime charge of $31 million, primarily related to workforce reductions and real estate impairments have been excluded from adjusted EBITDA. We ended the quarter with approximately $1.7 billion of cash, cash equivalents and restricted cash.

第一季度調整後的 EBITDA 為負 6900 萬美元，比我們的預期高出 4100 萬美元。好於預期的業績是由我們的平台部門、對設備收入的一次性追趕以及我們的運營費用狀況的改善所推動的。請注意，調整後的 EBITDA 中不包括主要與裁員和房地產減值相關的 3100 萬美元一次性費用。本季度結束時，我們擁有大約 17 億美元的現金、現金等價物和受限制的現金。

Now looking to the second quarter, we anticipate that total net revenue of $770 million, up 1% year-over-year, gross profit of $335 million with a gross margin of 44% and adjusted EBITDA of negative $75 million.

現在展望第二季度，我們預計總淨收入為 7.7 億美元，同比增長 1%，毛利潤為 3.35 億美元，毛利率為 44%，調整後的 EBITDA 為負 7500 萬美元。

We continue to expect the macro trends that have pressured consumer and advertiser spend to remain throughout 2023. Accordingly, we expect the advertising market in Q2 to look much the same as it did in Q1, with ad spend in certain verticals improving such as travel and health and wellness, while other verticals remain pressured such as M&E and financial services.

我們繼續預計，對消費者和廣告商支出施加壓力的宏觀趨勢將持續到 2023 年。因此，我們預計第二季度的廣告市場與第一季度大致相同，某些垂直領域的廣告支出有所改善，例如旅遊和健康和保健，而其他垂直行業仍然面臨壓力，例如 M&E 和金融服務。

For total net revenue, we anticipate a sequential increase of roughly 4%, in line with Q2 2022. Within the Platform segment, we expect continued pressure on M&E spend in the near term. This will result in platform margin remaining at Q1 2023 levels.

對於總淨收入，我們預計與 2022 年第二季度一致，環比增長約 4%。在平台領域，我們預計近期 M&E 支出將繼續面臨壓力。這將導致平台利潤率保持在 2023 年第一季度的水平。

On the devices side, we expect margins to improve from negative 20% in Q2 last year to negative mid-teens. Our outlook for this year-over-year improvement reflects supply chains continuing to normalize.

在設備方面，我們預計利潤率將從去年第二季度的負 20% 提高到負的 15%。我們對今年同比改善的展望反映了供應鏈繼續正常化。

We are executing against our plan to focus investments on high-priority projects while slowing year-over-year OpEx growth. We anticipate Q2 OpEx year-over-year growth in the mid-teens, a nearly 30-point sequential improvement, and we continue to expect further deceleration to single-digit year-over-year growth by Q4.

我們正在執行我們的計劃，將投資重點放在高優先級項目上，同時放緩運營支出的同比增長。我們預計第二季度運營支出同比增長將達到十幾歲左右，環比提高近 30 個百分點，我們繼續預計到第四季度同比增長將進一步放緩至個位數。

Given our ongoing work to improve operational efficiencies and reaccelerate revenue growth, we remain committed to delivering positive adjusted EBITDA for the full year 2024.

鑑於我們正在努力提高運營效率和重新加速收入增長，我們仍然致力於在 2024 年全年實現正的調整後 EBITDA。

With that, let's take questions. Operator?

有了這個，讓我們提出問題。操作員？

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

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

I had one on profit and one on revenue. On profit, just given the uncertainty in the macro environment that you guys discussed, what gives you the confidence in your path to profitability in 2024? And what are some of the steps that you may still need to take to get there?

我有一份關於利潤，一份關於收入。關於利潤，鑑於你們討論的宏觀環境的不確定性，是什麼讓你們對 2024 年的盈利之路充滿信心？您可能還需要採取哪些步驟才能到達那裡？

And then on revenue. In the letter, you mentioned "creating new monetization opportunities to reaccelerate revenue growth. " Hoping you could expand a bit on some of the initiatives that you think could be most impactful, especially on the programmatic side.

然後是收入。在信中，您提到“創造新的貨幣化機會以重新加速收入增長。”希望您可以擴展一些您認為可能最具影響力的舉措，尤其是在程序化方面。

Cory, this is Anthony. So I'd start by just saying we had a solid Q1 on both active accounts and streaming hours. We're executing on our plan to achieve positive adjusted EBITDA for 2024 both through growth of revenue and also operating discipline. Steve can talk a little bit more about the details on it.

科里，這是安東尼。所以我首先要說的是，我們在活躍賬戶和流媒體時間方面都有一個穩定的第一季度。我們正在執行我們的計劃，通過收入增長和運營紀律實現 2024 年調整後的 EBITDA 正數。史蒂夫可以多談談它的細節。

Cory, we're -- again, as we said, we're continuing to take adjustments to both the operations that we got and the overall OpEx base, which is allowing us to manage through these challenging macro environment that we're facing. We expect that OpEx tightening that we've been doing to continue to improve the year-over-year OpEx growth rates. As part of the outlook in Q2, we talked about year-over-year OpEx growth in the mid-teens, that's a 30-point sequential improvement. We saw a similar improvement on the year-over-year growth rate from Q4 to Q1 as well as you might have noticed before. And then we were sort of reaffirming that single-digit OpEx year-over-year growth by Q4. So given all the work we're doing, we remain committed to that path that delivers positive adjusted EBITDA for the full year '24.

科里，我們 - 正如我們所說，我們將繼續對我們獲得的運營和整體 OpEx 基礎進行調整，這使我們能夠管理我們面臨的這些具有挑戰性的宏觀環境。我們預計我們一直在收緊的運營支出將繼續提高運營支出的同比增長率。作為第二季度展望的一部分，我們談到了十幾歲中期的 OpEx 同比增長，這是一個 30 點的連續改進。我們看到從第四季度到第一季度的同比增長率有類似的改善，你之前可能已經註意到了。然後我們在某種程度上重申了第四季度運營支出的個位數同比增長。因此，考慮到我們正在做的所有工作，我們仍然致力於為 24 年全年提供正調整後 EBITDA 的道路。

This is Anthony again. We're in a great position with our unmatched scale and engagement, and we are working on new monetization opportunities as well that will be accelerating revenue growth as the ad market recovers. And maybe just to talk a little bit more about some of those monetization opportunities, let me turn it over to Charlie and then Gidon and to add to that.

這又是安東尼。我們憑藉無與倫比的規模和參與度處於有利地位，我們也在努力尋找新的貨幣化機會，隨著廣告市場的複蘇，這將加速收入增長。也許只是想多談談其中一些貨幣化機會，讓我把它交給查理，然後是吉頓，然後再補充一下。

Great. Well, thanks for the question, Cory. This is Charlie. I think to go right to your question about DSPs. I always start by noting that the best place to buy Roku is still Roku. From our first-party data to original content and UI integrations, we're so focused on helping clients maximize Roku, and so many partners across the industry are enjoying those results.

偉大的。好吧，謝謝你的問題，科里。這是查理。我想直接回答你關於 DSP 的問題。我總是首先指出購買 Roku 的最佳地點仍然是 Roku。從我們的第一方數據到原創內容和 UI 集成，我們非常專注於幫助客戶最大限度地發揮 Roku 的作用，而整個行業的許多合作夥伴都在享受這些成果。

Now inherent in your question, obviously, it remains true that incremental demand sources are a focus of ours. And, of course, managing third-party relationships towards that incremental demand and incremental revenue has been a priority of mine from day 1. So to take best advantage, I have been moving us toward third parties and B2B partnerships of all kinds that help us meet partners where they transact and doing that -- not just DSPs, by the way, but retailers, distributors of all kinds.

很明顯，現在你的問題是固有的，增量需求源仍然是我們關注的焦點。當然，從第一天起，管理第三方關係以實現增量需求和增量收入一直是我的首要任務。因此，為了充分利用，我一直在推動我們轉向第三方和各種 B2B 合作夥伴關係，以幫助我們在他們進行交易的地方結識合作夥伴——順便說一下，不僅僅是 DSP，還有各種零售商和分銷商。

So we're focused on demand diversification. I see an opportunity to tap incremental demand at Roku while preserving our overall Roku-first strategies. And this should ensure 2 things. One, the ongoing value of our data and specialized ad units and then really a focus on Roku's overall market distinction. We spend a lot of time talking about the leverage of our unmatched scale and innovation and creating new monetization opportunities. And so as you asked, we are working with more third-party DSPs to tap into that incremental demand.

所以我們專注於需求多元化。我看到了在保留 Roku 整體戰略的同時挖掘 Roku 增量需求的機會。這應該確保兩件事。第一，我們數據和專業廣告單元的持續價值，然後真正關注 Roku 的整體市場差異。我們花了很多時間談論我們無與倫比的規模和創新的槓桿作用，以及創造新的貨幣化機會。正如您所問，我們正在與更多的第三方 DSP 合作，以利用這種增量需求。

Thanks, Charlie. Cory, thanks for the question. At Roku, we obviously have 2 key revenue streams, firstly subscription and then secondly, advertising. Well, our goal when we think about those revenue streams and about creating new monetization opportunities is to help consumers discover great content, help content partners engage with consumers and help advertisers organically and authentically, help that value exchange.

謝謝，查理。科里，謝謝你的提問。在 Roku，我們顯然有兩個主要收入來源，首先是訂閱，其次是廣告。那麼，當我們考慮這些收入流和創造新的貨幣化機會時，我們的目標是幫助消費者發現精彩內容，幫助內容合作夥伴與消費者互動，並幫助廣告商有機地和真實地幫助價值交換。

What we did at Roku over the last couple of years is really investing in tools to enable that symbiotic relationship. And that's what's enabled us to achieve these fantastic engagement results. I mean 3.9 hours per consumer count per day is a huge engagement, and that's been driven by the investments we started making a few years ago.

過去幾年我們在 Roku 所做的實際上是投資於工具以實現這種共生關係。這就是使我們能夠取得這些出色的參與結果的原因。我的意思是每個消費者每天 3.9 小時是一項巨大的參與，這是由我們幾年前開始進行的投資推動的。

We started to invest in live. Initially, we launched it within Roku Channel in 2020. And then in 2022, we added (inaudible). Similarly, last year, we launched what to watch, and we launched the Sports Zone. Within what to watch, we enabled customers to discover right content. And to remember the content they already watched. A lot of our customers, 50% of our customers on the research forgot what they're watching to integrate and continue watching in their home screen, helps them come back.

我們開始投入直播。最初，我們於 2020 年在 Roku 頻道內推出了它。然後在 2022 年，我們添加了（聽不清）。同樣，去年，我們推出了 what to watch，並推出了 Sports Zone。在觀看內容中，我們使客戶能夠發現合適的內容。並記住他們已經看過的內容。我們的很多客戶，50% 的研究客戶忘記了他們正在觀看的內容，以整合併繼續在他們的主屏幕上觀看，幫助他們回來。

And what to watch, live and sport zone massively contributed to the fact that our home screen menu hours have doubled year-on-year, supporting that overall engagement. What we then do is we enable advertisers to participate in that value exchange. We make sure there's relevant contextual advertising, both on the home screen, but also within all of these other discovery vehicles.

觀看內容、直播和運動區極大地促進了我們的主屏幕菜單時間同比翻了一番，支持了整體參與度。然後我們要做的是讓廣告商參與到價值交換中。我們確保在主屏幕上以及所有其他發現工具中都有相關的上下文廣告。

And this drives our advertising revenue, but it also drives diversity of content peering, which drives our subscription revenue. You can see that in our premium subscriptions business, which is growing at 3x the speed of the app subscriptions on the platform.

這推動了我們的廣告收入，但它也推動了內容對等的多樣性，從而推動了我們的訂閱收入。您可以在我們的高級訂閱業務中看到這一點，該業務的增長速度是平台上應用程序訂閱速度的 3 倍。

So we see ourselves continuing to invest in these surface areas, continuing to drive more engagement, also high engagement levels and continuing to create this authentic and organic symbiosis between content partners, advertisers' partnerships.

因此，我們看到自己將繼續投資於這些表面領域，繼續推動更多的參與，以及更高的參與度，並繼續在內容合作夥伴、廣告商的合作夥伴關係之間創造這種真實而有機的共生關係。

This is Anthony again. So I guess just in summary, we're looking at new ways to sell ads that are incremental, such as DSPs. We are seeing the amount of content on the platform grow significantly, both in terms of the number of streaming services and the depth of the offerings of those services, and that's causing consumers to spend more time looking for something to watch, which is something that we're leaning into, expanding our future experience to help users find something to watch in a way that's entertained and informative, and we're creating new ad opportunities in those experiences. So those are some examples. I mean there's other examples too, like creating unique advertising units like shoppable ads and that sort.

這又是安東尼。所以我想總而言之，我們正在尋找新的方式來銷售增量廣告，例如 DSP。我們看到平台上的內容量在顯著增長，無論是在流媒體服務的數量還是在這些服務的產品深度方面，這導致消費者花更多的時間尋找可以觀看的內容，這是我們正在努力擴展我們未來的體驗，以幫助用戶以娛樂性和信息性的方式找到值得觀看的內容，並且我們正在這些體驗中創造新的廣告機會。這些是一些例子。我的意思是還有其他例子，比如創建獨特的廣告單元，比如可購買的廣告等等。

Our next question comes from the line of Vasily with Cannonball Research.

我們的下一個問題來自 Vasily 與 Cannonball Research 的合作。

Steve, I wanted to ask you about license content amortization and produced content amortization costs. So if I look at your disclosures in the 10-K, I can see a couple of things that I wanted to ask you about. First, the produced content amortization expense is small compared to the license content amortization. And then license cost -- cost of license content really spiked in 2022 compared to '21 and then the expected amortization in '23 drops off significantly.

史蒂夫，我想問你有關許可內容攤銷和製作內容攤銷成本的問題。因此，如果我查看您在 10-K 中的披露，我可以看到一些我想問您的事情。首先，與許可內容攤銷相比，製作內容攤銷費用較小。然後是許可成本——與 21 年相比，2022 年許可內容的成本確實飆升，然後 23 年的預期攤銷大幅下降。

Can you explain the reason for such volatility? Is the increase due to short contracts? Or what's driving that? And if the -- if you expect they produce content amortization costs to remain at relatively low level the way it is now?

您能解釋一下這種波動的原因嗎？增加是由於空頭合約嗎？或者是什麼驅動了它？如果 - 如果您希望他們製作的內容攤銷成本保持在目前相對較低的水平？

Vasily, this is Steve. Thanks for the question. I'll talk about them. And if Charlie has any color just from the kind of overall content strategy, you can chime in there if I missed anything.

瓦西里，這是史蒂夫。謝謝你的問題。我會談談他們。如果 Charlie 對整體內容策略有任何看法，如果我遺漏了什麼，你可以插話。

So just a reminder for the Roku Channel, our overall approach is to try to grow the content spend kind of commensurate with the scale and the growth trajectory for the Roku channel and obviously, to factor in the macro environment into those expectations. The predominant model that we have is still focused around licensed content, whether that's rev shares, whether that's fixed license fees.

因此，提醒 Roku 頻道，我們的總體方法是嘗試增加與 Roku 頻道的規模和增長軌跡相稱的內容支出，顯然，將宏觀環境納入這些預期。我們擁有的主要模式仍然專注於許可內容，無論是收入份額，還是固定許可費用。

And then certainly, Charlie, to touch on a little bit the Roku original side of things is an exciting new piece of content that gives exclusivity for viewers and then advertisers are etched in that exclusivity as well. So the overall strategy hasn't changed on that. We are producing more Roku originals, but again, the overall majority of the content spend is licensed.

然後當然，查理，稍微觸及 Roku 原始的一面是一個令人興奮的新內容，它為觀眾提供了排他性，然後廣告商也被這種排他性所銘記。所以總體戰略沒有改變。我們正在製作更多 Roku 原創內容，但同樣，大部分內容支出都是獲得許可的。

When we look at the fixed license fee because the rev shares basically don't show up on the balance sheet, they're kind of matched in the payouts kind of hit the P&L directly, if you will.

當我們查看固定許可費時，因為 rev 份額基本上不會出現在資產負債表上，如果你願意的話，它們在支出中有點匹配，直接影響損益表。

So we have a wide range of fixed license. Some of them are short term, and that's really where we started our approach there. And then we have gotten into more longer-term contracts, especially when you talk about TV series being licensed, so those tend to be essentially multiyear, especially for the bigger, more well-known TV series.

所以我們有範圍廣泛的固定許可證。其中一些是短期的，而這正是我們在那裡開始我們的方法的地方。然後我們簽訂了更多的長期合同，尤其是當你談到電視劇的授權時，所以這些合同基本上都是多年期的，尤其是更大、更知名的電視劇。

And so there's likely a mix effect on that piece. Certainly, we've been adjusting our content spend based on the macroeconomic conditions. And so that can change the mix overall between both short-term and long-term fixed license contracts as well as the mix for Roku Originals.

所以這件作品可能會產生混合效果。當然，我們一直在根據宏觀經濟狀況調整我們的內容支出。因此，這可以改變短期和長期固定許可合同之間的整體組合以及 Roku Originals 的組合。

Vasily, it's Charlie. Look, Steve is right, the foundation of our content spend will continue to be rev share and fixed licensing. But I should step back and talk about Roku Originals for a second. They create content exclusivity that is absolutely sought out by the viewers and the advertisers, adding value to both.

瓦西里，是查理。看，史蒂夫是對的，我們內容支出的基礎將繼續是收入份額和固定許可。但我應該退後一步，談談 Roku Originals。他們創造了絕對受觀眾和廣告商追捧的內容專有性，為兩者增加了價值。

So we just premiered Die Harter starring Kevin Hart and then last weekend Slip Zoe Lister-Jones. And each of these has been supported by some of our biggest clients, the Progressive Insurance, Verizon, T-Mobile and a lot more. And so we'll continue to grow our investments in Roku Originals to create exclusivity for users and advertisers. I think in the letter we highlighted [Emerald] and broad support from Coca-Cola and Martha Gardens and her inter-well relationship with Scott's Lawn-Care. So we'll do that, but we'll do it with focus and responsibility.

所以我們剛剛首映了由凱文哈特主演的 Die Harter，然後是上週末的 Slip Zoe Lister-Jones。其中每一個都得到了我們一些最大客戶的支持，Progressive Insurance、Verizon、T-Mobile 等等。因此，我們將繼續增加對 Roku Originals 的投資，為用戶和廣告商創造獨家經營權。我想在信中我們強調了 [Emerald] 和可口可樂和瑪莎花園的廣泛支持，以及她與 Scott's Lawn-Care 的井間關係。所以我們會這樣做，但我們會以專注和負責任的態度去做。

I get asked a lot about overall content spend on Roku. And Steve's right. Of course, we'll do it commensurate with the scale and growth, the growth in channel and in the context of the broader macro environment. But I'd like to point out, if you'll forgive a baseball analogy. The teams with the biggest payroll do not win every year, not by a long shot.

我經常被問到有關 Roku 整體內容支出的問題。史蒂夫是對的。當然，我們會根據規模和增長、渠道的增長以及更廣泛的宏觀環境來做到這一點。但我想指出，如果你能原諒棒球類比的話。薪資最高的球隊並非每年都獲勝，而且勝算不大。

I think certainly, my history, the great team I work with here, our history is programming show that we can be targeted and successful. So with the data platform that we have and using all the benefits of Roku assets to third parties and advertisers, I believe, again, fueled by this great team that Roku can continue to deliver differentiated product at a price that doesn't put us anywhere near the streaming wars, which probably is the heart of your question.

我認為當然，我的歷史，我在這里工作的偉大團隊，我們的歷史是編程表明我們可以有針對性和成功。因此，借助我們擁有的數據平台，並將 Roku 資產的所有優勢用於第三方和廣告商，我再次相信，在這個偉大團隊的推動下，Roku 可以繼續以不會讓我們無所適從的價格提供差異化產品在流媒體戰爭附近，這可能是您問題的核心。

I've said it before, and I'd say with pride, Roku is not in the streaming wars. The streaming wars are being played out on our platform.

我以前說過，我會自豪地說，Roku 不在流媒體戰爭中。流媒體大戰正在我們的平台上演。

Thank you, both. Anthony again. I'll just wrap up by saying this. The content that we just discussed, the licensed content, Roku Originals that can be found on the Roku Channel, which is doing extremely well and continues to grow. Engagement was up, streaming hours were up 65% year-over-year in the Roku channel. And it's the top 5 channel by reach and engagement on the Roku platform.

謝謝你倆。又是安東尼。我就這樣結束吧。我們剛剛討論的內容、許可內容、可以在 Roku 頻道上找到的 Roku Originals，該頻道做得非常好，並且還在繼續增長。 Roku 頻道的參與度上升，流媒體時長同比增長 65%。它是 Roku 平台上覆蓋面和參與度排名前 5 的頻道。

Our next question comes from the line of Shyam Patil with Susquehanna.

我們的下一個問題來自 Shyam Patil 和 Susquehanna 的台詞。

Nice job on the quarter. I had a couple of questions. Can you talk about just kind of how you're thinking about M&A and financial services as well as kind of the scatter market overall over the near to intermediate term? I know you're not guiding beyond 2Q, but just curious if you could talk about how you expect to see the bottoming and then maybe the improvement in those areas?

本季度幹得好。我有幾個問題。您能否談談您對併購和金融服務的看法，以及近期到中期的整體分散市場？我知道你不會在 2Q 之後進行指導，但只是好奇你是否可以談談你期望如何看到觸底，然後可能在這些領域有所改善？

And then second question. The Roku Channel is a big opportunity for you guys in terms of monetization. You guys have talked about engagement and viewership. And I was just wondering, how are you guys thinking about fill rates and the time frame for improving the fill rates to where you might want to be over time?

然後是第二個問題。就貨幣化而言，Roku 頻道對你們來說是一個巨大的機會。你們談到了參與度和收視率。我只是想知道，你們如何考慮填充率以及將填充率提高到您可能希望隨著時間的推移達到的時間框架？

Let's see. So M&E, I'll start with that and then we can talk about scatter markets. I think M&E kind of at the highest level, like I mentioned before, consumers are spending more time trying to figure out what they want to watch, and it's an area that we're really leaning into, like we really think we can be, especially on our platform, be their best guide to providing ways to help them find something to watch.

讓我們來看看。那麼 M&E，我將從它開始，然後我們可以討論分散市場。我認為 M&E 處於最高水平，就像我之前提到的那樣，消費者正在花費更多時間來弄清楚他們想看什麼，這是我們真正傾向於的領域，就像我們真正認為我們可以做到的那樣，尤其是在我們的平台上，成為他們提供方法幫助他們找到要觀看的內容的最佳指南。

And we think we can do that in ways that are branded, great advertising opportunities and are also entertaining and engaging. And increasingly, we're seeing that advertisers -- both brand advertisers but also M&E, media and entertainment services on our platform want to reach those consumers before the consumer decides, the viewer decides what they want to watch.

我們認為我們可以通過品牌化、巨大的廣告機會以及娛樂性和吸引力的方式來做到這一點。我們越來越多地看到，廣告商——既有品牌廣告商，也有我們平台上的 M&E、媒體和娛樂服務，希望在消費者決定之前接觸到這些消費者，觀眾決定他們想看什麼。

So we're definitely -- we're seeing lots of opportunity to create more UI experiences that will create more opportunities for advertisements for brand advertisers response. M&E is the #1 streaming platform with unmatched scale and engagement, we're in a great position to do that.

所以我們肯定 - 我們看到了很多機會來創造更多的 UI 體驗，這將為品牌廣告商的響應創造更多的廣告機會。 M&E 是排名第一的流媒體平台，具有無與倫比的規模和參與度，我們有能力做到這一點。

Advertising is definitely in a bit of a low. But it's a cyclical business, it will bounce back. And as it bounces back, these experiences that we're building will create a lot more opportunity for us to monetize. So we're leveraging that unmatched scale and innovation to create new monetization opportunities around our experience. So in terms of the scatter market, Steve, do you want to comment?

廣告肯定有點低。但這是一個週期性的行業，它會反彈。隨著它的反彈，我們正在打造的這些體驗將為我們創造更多的獲利機會。因此，我們正在利用無與倫比的規模和創新來圍繞我們的體驗創造新的貨幣化機會。那麼就散點市場而言，史蒂夫，你想發表評論嗎？

Yes. Let me just talk about kind of our overall thoughts on the environment that impact the scatter market and probably can dive into some of the more specific trends there.

是的。讓我談談我們對影響分散市場的環境的總體看法，並可能深入探討那裡的一些更具體的趨勢。

So similar to last quarter, we expect the macro uncertainty to persist through 2023. That really results in an environment where consumers are remaining pressured and their discretionary spend is likely to remain muted as a result. And so we talked about as part of our outlook that we expect the ad market in Q2 to look similar to Q1.

與上一季度非常相似，我們預計宏觀不確定性將持續到 2023 年。這確實導致消費者繼續承受壓力，因此他們的可自由支配支出可能會保持低迷。因此，作為我們展望的一部分，我們談到了我們預計第二季度的廣告市場看起來與第一季度相似。

Charlie?

查理？

Look, I love the question. I mean we believe the environment will drive a flight to effectiveness and a focus on engagement for advertisers. And that shift flatters Roku. Roku is the best way to drive engagement for M&E clients because Roku's where the streaming journey begins for nearly half of American broadband households.

看，我喜歡這個問題。我的意思是，我們相信環境將推動效率的提升，並關注廣告商的參與度。這種轉變讓 Roku 感到高興。 Roku 是推動 M&E 客戶參與的最佳方式，因為 Roku 是近一半美國寬帶家庭流媒體之旅的起點。

And so viewers see the ad on the Roku platform and literally watch the show that was advertised and they're watching it here as well. So they couldn't be closer to the content. So even as some partners manage their budgets down, Roku is poised to take a larger share of the marketing investment by proving as we do that Roku is a highly effective and efficient way to spend marketing dollars.

因此，觀眾在 Roku 平台上看到了廣告，並從字面上觀看了廣告中的節目，他們也在此處觀看。所以他們不能更接近內容。因此，即使一些合作夥伴降低了預算，Roku 也準備好通過像我們一樣證明 Roku 是一種非常有效和高效的營銷資金支出方式來獲得更大份額的營銷投資。

Actually, I'll give you a specific example because it really highlights how sophisticated and impact driving a partner Roku is. Actually, HBO Max was looking to increase streaming engagement on Roku, and they decided to target Roku streamers that had stopped engaging after major tentpole releases.

實際上，我會給你一個具體的例子，因為它確實突出了 Roku 合作夥伴的複雜性和影響力。實際上，HBO Max 希望增加 Roku 上的流媒體參與度，他們決定瞄准在主要支柱發布後停止參與的 Roku 流媒體。

And so it's a pretty sophisticated request that simply can't be addressed by most television partners, and we proved results for them. So streamers exposed to the campaign. We're 20% more likely to have a streaming session than the control group. And we helped another partner. This is similar. We help another service find that 3-plus hours of streaming or 3-plus distinct streaming days in a month was their tipping point for retention.

因此，這是一個非常複雜的要求，大多數電視合作夥伴根本無法解決，我們為他們證明了結果。所以彩帶暴露在競選活動中。我們進行流媒體會話的可能性比對照組高 20%。我們幫助了另一個合作夥伴。這是相似的。我們幫助另一項服務發現，每月 3 個多小時的流媒體播放或 3 個多天的不同流媒體播放是他們留存率的轉折點。

So at that point, the likelihood for return visits to their app increases double digits. And so I'll give you that example so you see that Roku uses the power of our platform to drive improvement specifically. And that's business building and insights that as the world turns to efficiencies, like the question about M&E, will again complement Roku.

因此，到那時，回訪他們的應用程序的可能性會增加兩位數。所以我會給你這個例子，讓你看到 Roku 使用我們平台的力量來具體推動改進。這就是業務建設和洞察力，隨著世界轉向效率，比如關於 M&E 的問題，將再次補充 Roku。

I think you're also seeing across the industry that the ARPU for ad-supported tiers of traditional SVOD businesses is surpassing their subscription tiers. And obviously, we're poised to help those companies grow. So yes, add to all of this that Roku has a diversified ad business, and this starts to get to fill rates in your question on fill rates. Beyond media and entertainment, this diverse ad business is so powerful because we're powering a full funnel marketing experience. Top of the funnel for broad reach all the way down to performance at bottom of the funnel.

我認為您在整個行業中也看到，傳統 SVOD 業務的廣告支持層級的 ARPU 正在超過其訂閱層級。顯然，我們準備幫助這些公司成長。所以，是的，除此之外，Roku 擁有多元化的廣告業務，這開始在你關於填充率的問題中得到填充率。除了媒體和娛樂，這種多樣化的廣告業務非常強大，因為我們正在推動完整的渠道營銷體驗。漏斗頂部的廣泛覆蓋一直到漏斗底部的性能。

So actually, just last week and this speak to fill rate. We got a call from a studio last week was worried about top and bottom of the funnel for weekend streaming. And he called me about his Premier. And I showed him our approach. We had to move quite a bit of inventory to accommodate him. And by the end of the weekend, he was using home screen ads on Roku to drive viewership for his movie.

所以實際上，就在上週，這說明了填充率。上週我們接到一家工作室的電話，擔心週末流媒體漏斗的頂部和底部。他給我打電話說他的總理。我向他展示了我們的方法。我們不得不移動相當多的存貨來容納他。到週末結束時，他在 Roku 上使用主屏幕廣告來提高他的電影的收視率。

And then in his post analysis, he talked about how we didn't just help here but across multiple platforms. So look, in the end, I believe that Roku is poised for greater demand and to take a bigger piece of this important market and the smart money will come to Roku.

然後在他的後期分析中，他談到了我們如何不僅在這裡提供幫助，而且還跨多個平台提供幫助。所以看，最後，我相信 Roku 已準備好迎接更大的需求，並在這個重要市場中佔據更大份額，而聰明的錢將會來到 Roku。

Our next question comes from the line of Shweta Khajuria with Evercore.

我們的下一個問題來自 Shweta Khajuria 與 Evercore 的合作。

For being EBITDA positive next year, if we were to think about the OpEx line items, where do you see most leverage? I understand you're focused on OpEx growth rate, but how should we think about the key leverage drivers within your OpEx buckets? That's question one.

為了明年的 EBITDA 為正，如果我們考慮 OpEx 項目，您認為哪裡的槓桿作用最大？我知道您關注的是 OpEx 增長率，但我們應該如何考慮 OpEx 桶中的關鍵槓桿驅動因素？這是第一個問題。

And then the second question is on opening up to third-party DSPs as one of your levers. I mean, you have other monetization opportunities too. But how should we think about the time line for that in terms of the meaning and magnitude of contribution as you open up to third-party platforms.

然後第二個問題是向第三方 DSP 開放作為你的槓桿之一。我的意思是，您還有其他獲利機會。但是，當您向第三方平台開放時，我們應該如何根據貢獻的意義和程度來考慮時間表。

Shweta, it's Steve. I'll take the OpEx question. In terms of most leverage, as a reminder, our kind of single biggest block of OpEx is headcount and headcount-related expenses. And then certainly, we have a range of other categories of non-headcount expenses. And so really, our focus has been on looking at the prioritization on the road maps and really focusing our efforts on high ROI strategic initiatives, and so we can effectively slowdown the year-over-year growth rate, both from a headcount perspective and then we're also been looking at the opportunities to get more efficient on the nonheadcount side. So we have other work streams that are pushing efficiencies and cost saves on the nonheadcount side. So the combination of those, certainly the last round we talked about, we announced in late March was related to that kind of project level work and some of the other ongoing initiatives on the nonheadcount side.

Shweta，是史蒂夫。我會回答 OpEx 問題。提醒一下，就大多數槓桿而言，我們最大的 OpEx 塊是員工人數和與員工人數相關的費用。當然，我們還有一系列其他類別的非人頭費用。因此，實際上，我們的重點一直放在查看路線圖上的優先順序，並將我們的努力真正集中在高投資回報率的戰略計劃上，因此我們可以從員工人數的角度有效地放慢同比增長率，然後我們也一直在尋找在非員工方面提高效率的機會。因此，我們還有其他工作流程正在推動非人員方面的效率和成本節約。因此，這些組合，當然是我們在 3 月下旬宣布的最後一輪，與那種項目級別的工作以及非員工方面的其他一些正在進行的舉措有關。

So for us, the leverage is really looking and taking a harder look at the road maps and skinny in those down so that we're getting the highest ROI. Initiatives remaining on track and that we're becoming more efficient in a lot of different categories around that. So that will allow us to drive that year-over-year growth rate down to single digits by the end of the year.

因此，對我們來說，槓桿真的是在仔細觀察路線圖，並仔細研究路線圖，以便我們獲得最高的投資回報率。計劃仍在進行中，我們在許多不同的類別中變得更有效率。因此，這將使我們能夠在年底前將同比增長率降至個位數。

And then as Anthony mentioned at the start, we're also pairing that with work on monetization efforts, other growth initiatives to make sure that we're driving the top line as well and positioning ourselves to really attract a good place when the rebound happens on the macro environment and the ad business in the quarter. Charlie, do you want to take the third-party DSPs?

然後正如安東尼在開始時提到的那樣，我們還將其與貨幣化工作和其他增長計劃相結合，以確保我們也在推動收入增長，並讓自己在反彈發生時真正吸引到一個好地方關於本季度的宏觀環境和廣告業務。查理，你想使用第三方 DSP 嗎？

Sure. Thanks for the question. As I said before, and I always like to remind everyone, Roku is and will remain the best place to buy Roku. We've actually always shared inventory with third parties, including DSPs and retail media full funnel partners, et cetera, and we'll continue to do so. But incremental demand sources, as I said, really obviously are important to us have been important since day 1. And so we've been deepening our data and tech integrations with select third-party partners.

當然。謝謝你的問題。正如我之前所說，並且我總是想提醒大家，Roku 現在是而且將來仍將是購買 Roku 的最佳地點。實際上，我們一直與第三方共享庫存，包括 DSP 和零售媒體全渠道合作夥伴等，我們將繼續這樣做。但正如我所說，增量需求來源對我們來說確實很重要，從第一天開始就很重要。因此，我們一直在加深與選定的第三方合作夥伴的數據和技術集成。

But what's interesting in your question about timing is we're evaluating many partners, and we haven't paid any preferential deals, but each marketer is at a different phase of their shift to streaming. And so really, our philosophy on the DSP side has been to meet them where they are and be a better partner for them. We've made significant progress this quarter, and we'll continue to do so.

但是在你關於時間的問題中有趣的是我們正在評估許多合作夥伴，我們沒有支付任何優惠交易，但每個營銷人員都處於他們轉向流媒體的不同階段。因此，實際上，我們在 DSP 方面的理念是在他們所在的地方與他們會面，並成為他們更好的合作夥伴。本季度我們取得了重大進展，我們將繼續這樣做。

Our next question comes from the line of Richard Greenfield with LightShed.

我們的下一個問題來自 LightShed 的 Richard Greenfield。

Maybe Anthony, Charlie, I guess, I don't know who it's for specifically, but it's pretty clear when I look across the streaming landscape that all of the streaming platforms have sort of woken up to the importance of cheaper ad-supported tiers. I mean, something I think you've probably known for quite a while. But when I look at sort of the overwhelming majority of the -- not just of the user base, but even a lot of the net adds of things like Netflix, Disney and HBO Max, which I guess, in a few weeks will be called Max. They're all -- most of these subs are coming on ad free.

也許安東尼、查理，我猜，我不知道它具體是誰，但當我縱觀流媒體領域時，很明顯所有流媒體平台都意識到了更便宜的廣告支持層級的重要性。我的意思是，我認為你可能已經知道很長一段時間了。但是當我看到絕大多數——不僅僅是用戶群，甚至還有很多像 Netflix、迪士尼和 HBO Max 這樣的淨增加，我想，在幾週內就會被稱為最大限度。他們都是——這些潛艇中的大多數都是免費的。

And I guess I'm thinking about like what changes these companies need to make? And what role Roku can play in the evolution so that there are more ad-supported subs come on to these platforms. I'm just trying to think like how that plays out, whether that's advertising on your platform? Or just how do you think about sort of the -- how they shift their businesses to more ad-based subs. So it looks more like what I guess you see today like Hulu, which I think is like 2/3 is ad supported versus 70%, 80%, 90%, the other direction for a lot of these platforms.

我想我正在考慮這些公司需要做出哪些改變？ Roku 在演變過程中可以扮演什麼角色，以便有更多廣告支持的訂閱者進入這些平台。我只是想想想這是怎麼回事，這是否是在你的平台上做廣告？或者你如何看待 - 他們如何將業務轉移到更多基於廣告的訂閱。所以它看起來更像我猜你今天看到的 Hulu，我認為 2/3 是廣告支持，而 70%、80%、90% 是許多此類平台的另一個方向。

Rich, I'll let Charlie take that. But I guess my thoughts at a high level, one is, the way Roku's business model is constructed. We monetize our platform, whether -- regardless of whether consumers kind of for an ad tier or a subscription tier. And we're seeing growth in both of those areas, subscriptions and ads as supported tiers as for products. And I think the really most interesting thing for us about partners offering lower cost as per tiers, which I'm sure will become more popular overtime as you get used to them is that those tiers monetize more, the more people watch, which is not the case for a subscription and free tier.

里奇，我會讓查理拿走那個。但我想我的想法是高層次的，一個是 Roku 商業模式的構建方式。我們通過我們的平台獲利，無論消費者是喜歡廣告層還是訂閱層。我們看到這兩個領域的增長，訂閱和廣告作為產品的支持層。而且我認為對我們來說真正最有趣的事情是合作夥伴按層級提供更低的成本，我相信隨著你習慣它們會隨著時間的推移變得更受歡迎是這些層級貨幣化更多，觀看的人越多，這不是訂閱和免費套餐的情況。

And so we believe that, that will cause increased interest in our M&E promotional products, the ability to promote shows on our platform to drive more engagement is what outcome we expect to happen as more consumers strive to ask for tier. But Charlie, I don't know if you want to comment.

因此，我們相信，這將引起人們對我們的 M&E 促銷產品的興趣增加，在我們的平台上推廣節目以推動更多參與的能力是我們期望隨著越來越多的消費者努力要求等級而發生的結果。但是查理，我不知道你是否想發表評論。

Yes, sure. Well, you're right. Anthony was focused on ad support [before he was cool], and we're now watching our M&E tools not just be great for driving subscription and retention, that's still true, and they will. But the shift to engagement, Rich, that they actually have to watch the shows and the commercials during an advertiser's flight, that is a great trend for Roku because that's what we do.

是的，當然。嗯，你是對的。 Anthony 專注於廣告支持 [在他很酷之前]，我們現在看到我們的 M&E 工具不僅對推動訂閱和保留非常有用，這仍然是事實，而且他們會的。但是 Rich，轉向參與，他們實際上必須在廣告商的航班上觀看節目和商業廣告，這對 Roku 來說是一個很好的趨勢，因為這就是我們所做的。

As a business, we talk a lot about simultaneously helping the consumer, the content partner and the advertisers, all while growing monetization on our platform.

作為一家企業，我們談了很多關於同時幫助消費者、內容合作夥伴和廣告商，同時在我們的平台上增加貨幣化。

So with us approaching nearly half the broadband households in the country, it is staggering and with our platform advantages that Anthony just mentioned, we're great partners to help focus on engagement. And again, I think there is a huge flight to engagement happening.

因此，隨著我們接近該國近一半的寬帶家庭，這是驚人的，並且憑藉安東尼剛才提到的我們的平台優勢，我們是幫助專注於參與的重要合作夥伴。再一次，我認為參與度正在發生巨大的飛躍。

So bottom line is we're an impressions-based business, and we build impressions for a living, and we can and will continue to help the M&E partners grow as they see their ARPU benefit from it.

所以底線是我們是一家以印象為基礎的企業，我們以建立印象為生，我們可以而且將繼續幫助 M&E 合作夥伴增長，因為他們看到他們的 ARPU 從中受益。

Charlie, if I could just follow up on that point. Obviously, as you move to an impression-based business, you need time spent. Yet it seems like the knee-jerk reaction from all of the companies that you know super well to mitigate their losses in streaming, all of them are just -- they're not really cutting their programming budget, they're really cutting their marketing budgets, which is obviously doesn't help their ad budget or the ad dollars they can generate from platforms like yours, that just seems like a real disconnect.

查理，如果我能跟進這一點就好了。顯然，當您轉向基於印象的業務時，您需要花費時間。然而，所有你非常了解的公司似乎都下意識地做出反應，以減輕他們在流媒體方面的損失，他們只是——他們並沒有真正削減他們的節目預算，他們真的在削減他們的營銷預算，這顯然無助於他們的廣告預算或他們可以從像您這樣的平台產生的廣告收入，這似乎是一個真正的脫節。

It is, Richard, it's a great question. First of all, only 1 question. I'm sorry. I can object. If you think about it, you just nailed it -- marketing and programming that has to happen to drive engagement, and that's what we do. And it's not lost on anyone that while we can drive subscription so incredibly well and drive programming so incredibly well, these partners are huge advertisers as well and they value the power of the Roku platform.

是的，理查德，這是一個很好的問題。首先，只有一個問題。對不起。我可以反對。如果你仔細想想，你就成功了——營銷和編程必鬚髮生才能推動參與，這就是我們所做的。任何人都不會忘記，雖然我們可以如此出色地推動訂閱並如此出色地推動編程，但這些合作夥伴也是巨大的廣告商，他們重視 Roku 平台的力量。

And so you're absolutely right, the shift from driving subscriptions to a flight towards engagement and effectiveness, even in an environment where people have to show that they're being responsible that will flatter us to prove ROI. So you're right, it's a cycle that has to be about both. And if it's just about one, they won't have the engagement. They'll quickly realize that. We see that again, it's why I believe the smart money will be coming to Roku.

所以你是絕對正確的，即使在人們必須證明他們有責任感的環境中，從推動訂閱到飛行的轉變也會讓我們證明投資回報率。所以你是對的，這是一個必須兼顧兩者的循環。如果只是一個，他們就不會訂婚。他們很快就會意識到這一點。我們再次看到這一點，這就是為什麼我相信聰明的錢會來到 Roku。

Our next question comes from the line of Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

I have 2 of them. First, Charlie, I just wanted to pick your brain a little bit on your thoughts about making ad inventory more accessible. What guardrails are you putting on that? So on the positive side, I can see your fill rates going up but do you see any possibility of CPMs coming down?

我有 2 個。首先，查理，我只是想請教一下您關於使廣告庫存更易於訪問的想法。你在上面放什麼護欄？所以從積極的方面來看，我可以看到你們的填充率在上升，但是你認為每千次展示費用有可能下降嗎？

Are you making any of the first-party data that your platform has available to third-party DSPs? So if you can talk about where you are in the process? What your thoughts are about how open you want to be? And do you think you have enough ad tech and enough relationships to support the third-party DSPs and what you're trying to do? And I have a follow up question.

您是否將您平台上的任何第一方數據提供給第三方 DSP？那麼，如果你能談談你在這個過程中的位置？關於你想變得多麼開放，你有什麼想法？你認為你有足夠的廣告技術和足夠的關係來支持第三方 DSP 和你正在嘗試做的事情嗎？我有一個跟進問題。

Okay. Well, so look, we spend a lot of time leveraging our unmatched scale and innovation to create the new monetization opportunity that you're talking about. And so doing that, we're doing so hand in hand with, again, our current partners and then more and more third-party DSPs to tap incremental demand.

好的。嗯，所以看，我們花了很多時間利用我們無與倫比的規模和創新來創造你正在談論的新的貨幣化機會。為此，我們再次與我們當前的合作夥伴以及越來越多的第三方 DSP 攜手合作，以挖掘增量需求。

And I think we're really focused on that demand diversification and see an opportunity to tap incremental demand. And it will ensure 2 things. Because one, inherent in your question is pricing. We feel good that we can, again, continue to add ongoing value from our data and our specialized units and keep up the value of the general market distinction.

而且我認為我們真的專注於需求多樣化，並看到了利用增量需求的機會。它將確保兩件事。因為第一，你的問題中固有的是定價。我們感覺很好，我們可以再次繼續從我們的數據和我們的專業部門增加持續價值，並保持一般市場差異化的價值。

I've said it now a couple of times, but every time I'm asked about incremental demand, I just want to remind you how successful we've been and how focused we are on Roku being the best place to buy Roku. And we have so many opportunities to work with partners to customize what that means.

我已經說過幾次了，但每次我被問及增量需求時，我只想提醒你我們有多成功，以及我們有多專注於讓 Roku 成為購買 Roku 的最佳場所。我們有很多機會與合作夥伴合作來定制這意味著什麼。

Okay. Charlie, maybe as a follow-up, I'd like to ask Anthony about the new Roku brand TVs that were launched. Since you came out with a very broad range, I mean, 24 inches to 75 inches with a very broad price range, your TV OEM partners are already in the value part of the TV spectrum, so why not just focus on the larger screen sizes and the high-end TV space, where maybe you would compete less against the existing TV OEMs. So just your thoughts on how you're approaching the TV market.

好的。查理，也許作為後續行動，我想問安東尼有關已推出的新 Roku 品牌電視的問題。既然你推出了一個非常廣泛的範圍，我的意思是，24 英寸到 75 英寸，價格範圍非常廣泛，你的電視 OEM 合作夥伴已經處於電視頻譜的價值部分，所以為什麼不只關注更大的屏幕尺寸以及高端電視領域，與現有電視原始設備製造商的競爭可能會更少。所以只是你對如何進入電視市場的想法。

And just as a general statement, the Roku TV program overall, those licensing and our Roku brand and TVs has been hugely successful for us continues to grow. Now we mentioned in the letter that in the last quarter of 43%, all the TVs in the United States were Roku TV. I mean that's the large market share, and we're very proud of that. That's more than the next 3 OSs combined. And a program that has -- a company like Roku that has a licensing program, but also sells first-party products, it's very common in the industry. It's a pretty standard and you see it with things like Google Android Pixel or Microsoft Windows Surface. These -- having the first-party devices as well as the third-party devices, it gives consumers more choice. And it really gives us a platform to drive innovation and pass that innovation on to our partners.

正如一般性聲明，Roku 電視節目整體、那些許可以及我們的 Roku 品牌和電視都取得了巨大的成功，使我們繼續增長。現在我們在信中提到，在最後一個季度的 43% 中，美國所有的電視都是 Roku TV。我的意思是那是巨大的市場份額，我們為此感到非常自豪。這比接下來的 3 個操作系統的總和還要多。還有一個程序——像 Roku 這樣的公司有許可程序，但也銷售第一方產品，這在行業中很常見。這是一個非常標準的標準，您可以在 Google Android Pixel 或 Microsoft Windows Surface 等產品中看到它。這些 - 擁有第一方設備以及第三方設備，它為消費者提供了更多選擇。它確實為我們提供了一個平台來推動創新並將創新傳遞給我們的合作夥伴。

So at a high level, we believe pretty strongly that the Roku branded TV program is incremental. It's going to drive increased market share over time, both for our -- with licensing partners and through the first-party products directly. But to add more, let me turn it over to Mustafa and he is -- team leads the Roku TV program.

因此，從高層次上講，我們非常堅信 Roku 品牌的電視節目是漸進的。隨著時間的推移，它將推動我們的市場份額增加——與許可合作夥伴以及直接通過第一方產品。但要補充更多，讓我把它交給穆斯塔法，他是——團隊領導 Roku 電視節目。

Ruplu, this is Mustafa speaking. Roku Brand TVs are about expanding the choice for the consumers. And it's also a strong demonstration of our commitment to further strengthen the Roku TV ecosystem with innovation, with additional investment R&D on our side.

Ruplu，我是穆斯塔法。 Roku 品牌電視旨在擴大消費者的選擇範圍。這也有力地證明了我們致力於通過創新進一步加強 Roku TV 生態系統的承諾，以及我們對研發的額外投資。

So staying in for a full range of products and then being able to innovate in that full range is important to add real value to basically the consumers as well as to our ecosystem partners. Because when we look at the innovation, we don't necessarily look at just keep adding new technology in the high end, we look at the innovation as bring the best performance out of the midrange hardware. And so it's very important to focus on both the cost innovation also the performance innovation because, again, this helps our OEM partners at the end as we come up with innovations and as we come up with new ideas in that area.

因此，堅持全系列產品，然後能夠在全系列產品中進行創新，對於基本上為消費者和我們的生態系統合作夥伴增加真正的價值非常重要。因為當我們看待創新時，我們不一定只關注在高端不斷添加新技術，我們將創新視為從中端硬件中帶來最佳性能。因此，同時關注成本創新和性能創新非常重要，因為這再次有助於我們的 OEM 合作夥伴，因為我們提出創新，並在該領域提出新想法。

And we are definitely very excited about the positive reception. Our new TVs have received both from the consumers and the industry press. And again, they are a great complement to growing array of excellent Roku TVs that are made by our licensing partners. And I'd like to sort of quote a comment from [Thomas Guide], which awarded us the Editor's Choice Award for the Roku Plus Series. And they said -- and we mentioned this in the shareholder letter they said, the fact that the Roku Plus Series 4K OLED TV comes even remotely close to the best TVs for the fraction of the price is remarkable.

我們對積極的接待感到非常興奮。我們的新電視受到了消費者和行業媒體的好評。再一次，它們是對我們的許可合作夥伴生產的越來越多的優秀 Roku 電視的一個很好的補充。我想引用 [Thomas Guide] 的評論，該評論授予我們 Roku Plus 系列編輯選擇獎。他們說——我們在他們所說的股東信中提到了這一點，事實上 Roku Plus 系列 4K OLED 電視的價格甚至遠遠接近最好的電視，這是非常了不起的。

I think again, to summarize the focus that we have is bringing the best performance out of the TV hardware that exists in the market today and offering that -- the consumers, again, offering that our partners is our key goal in the Roku branded TV initiative.

我想再次總結一下我們的重點是從當今市場上存在的電視硬件中獲得最佳性能並提供 - 消費者再次提供我們的合作夥伴是我們在 Roku 品牌電視中的主要目標倡議。

And overall, as Anthony mentioned, the program is really -- Roku TV program is highly successful, drives great results for Roku and our partners not only in the U.S., which we again reached the 43% market share record high in Q1, but also globally with more than TV partners and growing -- actually, that number continues to grow.

總的來說，正如 Anthony 所提到的，這個節目真的——Roku TV 節目非常成功，不僅在美國為 Roku 和我們的合作夥伴帶來了巨大的成果，我們在第一季度再次達到了 43% 的市場份額歷史新高，而且在全球範圍內，不僅有電視合作夥伴而且還在增長——實際上，這個數字還在繼續增長。

We continue to drive great results and grow the scale of our business, for example, in Mexico, in Q1, 1 in 3 TVs sold in the market was Roku TVs and Roku TV had the leading market share. It was a successful program and the branded TVs really help us add the incremental value to that program that benefits our partners and more importantly, consumers.

我們繼續取得優異成績並擴大我們的業務規模，例如，在墨西哥，第一季度，市場上售出的電視機中有三分之一是 Roku TV，Roku TV 佔據了領先的市場份額。這是一個成功的計劃，品牌電視確實幫助我們為該計劃增加了增值，使我們的合作夥伴以及更重要的消費者受益。

Our next question comes from the line of Jason Helfstein with Oppenheimer.

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

So we've previously been focused on you opening up demand of third-party DSPs because that kind of seems like the easiest way to solve the demand issue when the ad market slowed. You made a number of announcements and I'll call out the one you did to partner with UM to kind of share data to help them better understand their buys.

所以我們之前一直專注於你開放第三方 DSP 的需求，因為當廣告市場放緩時，這似乎是解決需求問題的最簡單方法。你發布了很多公告，我會提到你與 UM 合作所做的公告，以共享數據來幫助他們更好地了解他們的購買。

I think there was data that I saw this morning in the industry presentation that something like 50% of the top services have overlap from an ad standpoint. And effectively, you can see that, and they can on their own.

我想我今天早上在行業演示中看到的數據表明，從廣告的角度來看，大約 50% 的頂級服務存在重疊。實際上，您可以看到這一點，而且他們可以自己看到。

So I guess I want to take it a bit deeper. Help us understand when you think about like the ability to monetize, how much more valuable that is than just in those types of deals than simply just opening up kind of simplistically third-party demand.

所以我想我想更深入一點。幫助我們了解當您考慮貨幣化的能力時，這比僅僅在這些類型的交易中更有價值，而不是僅僅打開一種簡單的第三方需求。

Jason, this is Anthony. I'll turn it over to Charlie. I'll just say that data partnerships are definitely an area we're focused on and this is to create value in a bunch of different ways.

傑森，這是安東尼。我會把它交給查理。我只想說，數據合作絕對是我們關注的領域，這是以多種不同方式創造價值。

I couldn't agree more. The long-term opportunity is terrific, and you nailed it few reasons. So thanks for the question, Jason. As more and more clients drive dollars to accountable connected TV advertising obviously, that's happening to get scale. I mean if you look in the first quarter, traditional TV hours fell 10% year-on-year, while our streaming hours grew 20%.

我完全同意。長期的機會非常好，你抓住它的理由不多。傑森，謝謝你的提問。顯然，隨著越來越多的客戶將資金投入到可靠的聯網電視廣告中，這種情況正在發生規模化。我的意思是，如果你看看第一季度，傳統電視的播放時間同比下降了 10%，而我們的流媒體播放時間增長了 20%。

So the trends are terrific, and I'm bullish on Roku's position given our scale and the fact that Roku reaches, as I said before, half the broadband households in the country, and this is important for your point about monetization. We reached the majority of board cutters.

所以趨勢非常好，鑑於我們的規模以及 Roku 覆蓋了該國一半的寬帶家庭這一事實，我看好 Roku 的地位，這對你關於貨幣化的觀點很重要。我們接觸了大多數切板機。

So we're poised to take a bigger share of the market as advertisers focus on value and effectiveness. And again, inherent in your question because we prove ROI.

因此，隨著廣告商關注價值和有效性，我們準備佔據更大的市場份額。再一次，你的問題是固有的，因為我們證明了投資回報率。

I talked a lot about M&E, but I should talk about the diversity of our video advertising. We're seeing health and in video advertising and continue to stabilize against categories like health and wellness, in travel, all of which grew faster than our overall business.

我談了很多 M&E，但我應該談談我們視頻廣告的多樣性。我們看到了健康和視頻廣告，並繼續穩定在健康和保健、旅遊等類別中，所有這些類別的增長都快於我們的整體業務。

And I should mention the new fronts because the new fronts and the upfront, Roku has only been in this marketplace for a few years. In fact, our first live event was just last year, and this will be my first new front on Tuesday in New York with Alison and the team.

我應該提到新戰線，因為新戰線和前期，Roku 進入這個市場才幾年。事實上，我們的第一次現場活動就在去年，這將是我周二在紐約與艾莉森和團隊的第一個新前線。

And I'm still looking forward to it because we'll be presenting new products, new ad sharing to add new -- sharing new ad focused opportunities, including the data opportunities that you're talking about, we can talk about our original content. And each of these make Roku more impact driving distinct and effective for our partners.

而且我仍然很期待它，因為我們將展示新產品，新的廣告共享以添加新的 - 共享新的以廣告為中心的機會，包括您正在談論的數據機會，我們可以談論我們的原始內容.每一項都使 Roku 更具影響力，為我們的合作夥伴帶來獨特而有效的推動力。

I appreciate you mentioning our announcements. One, you didn't mention was we talked about Roku's Primetime Reach Guarantee. And this is directly speaking to monetization and moving money from cable to Roku. Advertisers can reach more TV households in Primetime on Roku than the average top 5 cable network. And this is truly about that ongoing shift from traditional TV to more accountable TV streaming, and we're the only ones with enough scale to guarantee that type of broad results.

感謝您提及我們的公告。第一，你沒有提到我們談到了 Roku 的黃金時段到達保證。這直接關係到貨幣化和將資金從有線電視轉移到 Roku。廣告商可以在 Roku 的黃金時段覆蓋更多的電視家庭，而不是平均排名前 5 位的有線網絡。這確實是關於從傳統電視到更可靠的電視流媒體的持續轉變，我們是唯一擁有足夠規模來保證這種廣泛結果的公司。

And you might have noticed there was an announcement today about our Instacart partnership. So think about this in the context of your budget. This is a full funnel marketing offer, which is so unusual for TV and makes Roku so distinct.

您可能已經註意到，今天有一個關於我們 Instacart 合作夥伴關係的公告。因此，請在您的預算範圍內考慮這一點。這是一個完整的漏斗營銷提議，這對電視來說非常不尋常，也讓 Roku 如此與眾不同。

With this, CPG advertisers to measure whether streamers are purchasing products on Instacart after seeing the ad on the Roku platform. So we can see them buy the products after seeing our ads. And is this type of results focus and accountability. And as Anthony said, our use of data that distinguishes Roku that will really hold us in good stead.

藉此，CPG 廣告商可以衡量主播在看到 Roku 平台上的廣告後是否會在 Instacart 上購買產品。所以我們可以看到他們在看到我們的廣告後購買了產品。並且是這種類型的結果重點和問責制。正如安東尼所說，我們使用區分 Roku 的數據，這將真正幫助我們。

So look, in summary, I think we are going to continue to maximize that shift that is happening from traditional TV to more accountable TV streaming, and we're doing so as the biggest, best solution. So I said it before, but I think the smart money keeps coming to Roku.

因此，總而言之，我認為我們將繼續最大限度地實現從傳統電視到更負責任的電視流媒體的轉變，我們正在這樣做，這是最大、最好的解決方案。所以我之前說過，但我認為聰明的錢不斷湧入 Roku。

Our next question comes from the line of Benjamin Swinburne with Morgan Stanley.

我們的下一個問題來自 Benjamin Swinburne 與 Morgan Stanley 的對話。

Two questions. I guess, first for Steve. I think it's for Steve. Just -- I know you guys aren't guiding to revenue, but the comps get a lot easier. for everybody in the ad market in the second half of the year. And I'm just wondering, I think there's an expectation in the market that your business will -- the platform business will accelerate in growth. Does that make sense to you?

兩個問題。我想，首先是史蒂夫。我認為這是給史蒂夫的。只是——我知道你們並沒有指導收入，但是補償變得容易多了。對於今年下半年廣告市場上的每個人。而且我只是想知道，我認為市場期望您的業務將 - 平台業務將加速增長。這對你有意義嗎？

And then the other piece is just you guys have talked about M&E headwinds for a while now. Is there any way to help us, I don't know, think about the -- when that becomes just too small of a matter or those headwinds fade enough or how fast the business might be growing if you excluded M&E, just because I think that's probably been masking stronger underlying trends.

然後另一件事就是你們已經談論了一段時間的 M&E 逆風。有沒有什麼方法可以幫助我們，我不知道，想想——當這變得太小了，或者那些不利因素已經足夠消退，或者如果你排除 M&E，業務可能會增長多快，只是因為我認為這可能掩蓋了更強大的潛在趨勢。

And then I just was curious, Charlie, on the upfront new front, whatever you want to call it. You've been through this a lot in your prior calls, how are you approaching this? Because on one hand, Connected TV and Roku have some secular tailwinds, which should help you on the other hand, the market in the scatter market is weak. And so how are you thinking about the strategy and positioning Roku, the best you can for -- to grow the $1 billion last year to a bigger number this year in terms of commitments?

然後我很好奇，查理，在最前沿的新戰線上，隨便你怎麼稱呼它。你在之前的電話中已經經歷了很多，你是如何處理這個問題的？因為一方面，Connected TV 和 Roku 有一些長期的順風，這應該對你有所幫助，另一方面，分散市場的市場疲軟。那麼，您如何考慮 Roku 的戰略和定位，盡最大努力將去年的 10 億美元增加到今年的承諾金額？

Ben, it's Steve. I'll take that first couple and then I'll pass it over to Charlie for the new front, et cetera. Yes. In terms of the comps, you're certainly correct. The ad scatter market started to really materially slow down in midway through Q2. So certainly, as you comp that you've got easier comps as you get into the back half of things.

本，是史蒂夫。我會拿走第一對，然後我會把它交給查理，用於新的戰線，等等。是的。就補償而言，你當然是正確的。廣告分散市場在第二季度中期開始真正放緩。所以當然，當你進入後半部分時，你會變得更容易。

In terms of the macro environment, we said in our outlook color that we think that the uncertainty is likely to persist throughout 2023, really, the consumers kind of pinched between inflation is coming down, but it's still elevated. There's also concerns of the potential recession later this year or next year. And so that spend is discretionary spend, which drives a lot of the economy, we think will remain muted.

就宏觀環境而言，我們在展望顏色中表示，我們認為不確定性可能會持續到 2023 年，實際上，消費者在通脹之間的壓力正在下降，但它仍然很高。還有人擔心今年晚些時候或明年可能出現經濟衰退。因此，支出是可自由支配的支出，它推動了經濟的發展，我們認為將保持低迷。

So overall, the ad market, we think in Q2 will look pretty similar to Q1. With that, we're -- folks talked about all the great incremental monetization opportunities we're working on. So we're not really sure of the timing, but we do think -- we do know that ads are cyclical, and they tend to track the economy. In general, you don't necessarily need the economy to be doing well for the ad market to pick back up.

總的來說，我們認為第二季度的廣告市場與第一季度非常相似。有了這個，我們 - 人們談論了我們正在努力的所有偉大的增量貨幣化機會。所以我們不太確定時間，但我們確實認為 - 我們確實知道廣告是周期性的，而且它們往往會跟踪經濟。一般來說，你不一定需要經濟表現良好才能讓廣告市場回暖。

But what you need is stability and the uncertainty to kind of start to at least firm up and hopefully start to get incrementally better. I think that's why you see in certain verticals in the ad market. We talked about seeing signs of promise on things like travel and health and wellness, but we also do have some areas like financial services and M&E that are continuing to remain pressured.

但你需要的是穩定性和不確定性，至少要開始堅定並希望開始逐漸變得更好。我認為這就是你在廣告市場的某些垂直領域看到的原因。我們談到在旅行、健康和保健等方面看到了希望的跡象，但我們也確實在金融服務和 M&E 等領域繼續承受壓力。

And certainly, we -- just given the streaming environment we operate in that we do have an exposure to M&E that it's bigger than an average where the rest of our assets is fairly similar to the market overall.

當然，我們 - 鑑於我們運營的流媒體環境，我們確實有 M＆E 的風險敞口，它比我們其餘資產與整體市場非常相似的平均水平更大。

So I'm not sure what the timing is, but I think we're well positioned when it comes back. In the meantime, we are working on the OpEx side of the house as well to make sure that we're sort of balanced so that we can kind of maintain our growth trajectory on the top line when things get better, but also make sure that we drive towards that positive EBITDA target we talked about for 2024. Charlie, I'll switch over to you.

所以我不確定時機是什麼，但我認為我們已經做好了回歸的準備。與此同時，我們也在致力於公司的運營支出方面，以確保我們保持平衡，這樣當情況好轉時，我們可以在某種程度上將我們的增長軌跡保持在頂線，但也要確保我們朝著我們談到的 2024 年積極的 EBITDA 目標前進。查理，我會轉給你。

Well, Ben, first, thanks for noting how old I am and how many upfronts I have been through, I appreciate that.

好吧，本，首先，感謝你注意到我多大了，我經歷了多少預付款，我很感激。

I didn't give a number.

我沒有給一個數字。

Our approach -- Thank you. I appreciate that. Neither will I. So look, our approach to new fronts is really exciting for 2 reasons. One is the trend that you talked about. Again, when you know traditional TV, it fell 10% and our streaming hours are growing 20% year-on-year, that's obviously a really interesting time to come and reintroduce ourselves to the market.

我們的方法——謝謝。我很感激。我也不會。所以看，我們對新戰線的方法真的很令人興奮，原因有兩個。一個是你談到的趨勢。再一次，當你知道傳統電視下降了 10% 而我們的流媒體時間同比增長 20% 時，這顯然是一個非常有趣的時間來重新將我們引入市場。

And you think about some of what I said before and what we'll be introducing in terms of the data partnerships and ad-focused offerings. But actually, I want to talk a little bit about why I'm particularly bullish for Roku, which is that we're still quite new to this. These are not 50-year relationships. We have a lot of new advertisers coming to streaming for the first time, and we still have opportunity to both grow businesses that have seen how effective Roku is and also add new accounts.

你想想我之前說過的一些話，以及我們將在數據合作夥伴關係和以廣告為中心的產品方面引入的內容。但實際上，我想談談為什麼我特別看好 Roku，因為我們對此還很陌生。這些不是 50 年的關係。我們有很多新的廣告商是第一次來流媒體，我們仍然有機會發展已經看到 Roku 有多有效的業務，並增加新帳戶。

So Roku is in an interesting position because again, the secular trends are coming our way. And I also feel really excited to present Roku in the context of really being the base of the advertising market.

所以 Roku 處於一個有趣的位置，因為長期趨勢再次向我們襲來。我也很高興能在真正成為廣告市場基礎的背景下介紹 Roku。

Here's what I mean by that. I think in the -- really in the near term, more and more television is going to be planned platform first because of our scale and our really unmatched reach on this platform. So we actually chose to come to the new fronts instead of the upfront because we wanted to reach people early and we wanted to show them how much we help all the people they'll be hearing from, again, those networks and apps and further our M&E advertisers, and they value Roku and more and more, you're going to see the general marketplace be the same.

這就是我的意思。我認為在 - 真的在短期內，由於我們的規模和我們在這個平台上真正無與倫比的影響力，越來越多的電視將首先計劃成為平台。所以我們實際上選擇了新的戰線而不是前期，因為我們想儘早接觸到人們，我們想向他們展示我們為他們將再次聽到的所有人們提供了多少幫助，這些網絡和應用程序以及進一步我們的M&E 廣告商，他們越來越重視 Roku，你會看到整個市場都是一樣的。

So I'm excited to present with the team. They're doing a great job, and we're hearing really positive feedback.

所以我很高興能和團隊一起出席。他們做得很好，我們聽到了非常積極的反饋。

Ladies and gentlemen, due to the interest of time, I would now like to turn the call back over to Anthony for closing remarks.

女士們，先生們，由於時間緊迫，我現在想把電話轉回給 Anthony 作結束語。

Thanks. So to wrap up, let me just thank everyone for joining and remind everyone that next week, we will welcome Dan Jedda, our new Chief Financial Officer. On behalf of everyone at Roku, I want to thank Steve for his contributions and leadership over the last 8 years.

謝謝。最後，讓我感謝大家的加入，並提醒大家下週，我們將歡迎我們的新任首席財務官 Dan Jedda。我代表 Roku 的每個人，感謝史蒂夫在過去 8 年中所做的貢獻和領導。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，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。