Roku Inc (ROKU) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Roku Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 2023 年第二季度 Roku 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人、投資者關係副總裁康拉德·格羅德 (Conrad Grodd)。請繼續。

Thank you, operator. Good afternoon, and welcome to Roku's Second Quarter 2023 Earnings Call.

謝謝你，接線員。下午好，歡迎參加 Roku 2023 年第二季度財報電話會議。

I'm joined today by Anthony Wood, Roku's Founder and CEO; and Dan Jedda, 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.

今天，Roku 創始人兼首席執行官 Anthony Wood 也加入了我的行列。和我們的首席財務官 Dan Jedda。 Roku Media 總裁 Charlie Collier 也參加了今天的問答電話會議。 Mustafa Ozgen，設備部總裁；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.

有關我們業績和其他管理層評論的完整詳細信息，請參閱我們的股東信函，該信函可在我們的投資者關係網站 roku.com/investor 上找到。

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

我們對您在本次電話會議中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 commitment to positive adjusted EBITDA for full year 2024 and continued improvements thereafter; our investments; future market conditions; and our expectations regarding the impact of macroeconomic headwinds on our business and industry.

在本次電話會議上，我們將做出前瞻性聲明，這些聲明是關於未來事件的預測、預測或其他聲明，例如： 關於我們的財務前景的聲明；我們承諾在 2024 年全年積極調整 EBITDA 並持續改進；我們的投資；未來的市場狀況；以及我們對宏觀經濟逆風對我們業務和行業影響的預期。

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。請參閱我們的股東信函和定期向 SEC 提交的文件，了解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。

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.

我們還將在今天的電話會議上討論某些非公認會計準則財務指標。我們的股東信中提供了與最具可比性的 GAAP 財務指標的調節表。

Finally, unless otherwise stated, all comparisons on this call will be against the results for the comparable period of 2022.

最後，除非另有說明，本次電話會議的所有比較都將與 2022 年可比期間的結果進行比較。

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 Q2 results in a challenging economic environment. We grew scale, engagement and platform revenue. The Roku OS was once again the #1 selling smart TV OS in the United States and Mexico. For the first time, Nielsen reported the Roku Channel was 1.1% of total U.S. TV viewing in May, representing 3% of streaming. This is a similar engagement to Peacock and HBO Max.

謝謝，康拉德。 Roku 在充滿挑戰的經濟環境中取得了穩健的第二季度業績。我們擴大了規模、參與度和平台收入。 Roku 操作系統再次成為美國和墨西哥銷量第一的智能電視操作系統。尼爾森首次報告稱，5 月份 Roku 頻道占美國電視總收視率的 1.1%，佔流媒體收視率的 3%。這與 Peacock 和 HBO Max 的合作類似。

We are leaning into our unique role as the platform owner to help viewers first find entertainment across the enormous amount of content available throughout the Roku platform. Our home screen menu provides links to features such as our live TV guide, sports and want to watch that aggregate relevant content into a single location as we grow user engagement from the home stream menu to generate more monetization opportunities.

我們正在發揮平台所有者的獨特作用，幫助觀眾首先在 Roku 平台上提供的大量內容中找到娛樂內容。我們的主屏幕菜單提供了直播電視指南、體育賽事和觀看等功能的鏈接，將相關內容聚合到一個位置，因為我們通過主流菜單提高了用戶參與度，從而產生更多的盈利機會。

At our recent NewFronts presentation, we showcased that new ad units that are unique to the Roku platform. We've opened Roku City to major brands with recent promotions from McDonald's as well as the Barbie movie. We have partnered with a few key advertisers and verticals beyond M&E to place ads on the Roku home screen and are ramping up our work with third-party DSPs to capture incremental demand while not reducing existing revenue streams.

在我們最近的 NewFronts 演示中，我們展示了 Roku 平台獨有的新廣告單元。最近，我們通過麥當勞和芭比電影的促銷活動向主要品牌開放了 Roku City。我們已經與媒體和娛樂以外的一些主要廣告商和垂直行業合作，在 Roku 主屏幕上投放廣告，並正在加強與第三方 DSP 的合作，以捕獲增量需求，同時不減少現有收入流。

We've built a best-in-class TV streaming platform for viewers, advertisers, streaming services and content owners. And we continue to lead the industry with innovation and scale. We remain committed to achieving positive adjusted EBITDA for the full year 2024, with continued improvements after that.

我們為觀眾、廣告商、流媒體服務和內容所有者構建了一流的電視流媒體平台。我們繼續以創新和規模引領行業。我們仍然致力於在 2024 年全年實現正調整 EBITDA，並在此後持續改進。

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

現在我將把它交給丹來討論我們的結果。

Thanks, Anthony. We end this quarter with 73.5 million active accounts globally. Sequential net adds of 1.9 million were slightly above our net adds in Q2 2022. Overall, smart TV unit sales in the U.S. were up in Q, despite slight increases in TV panel and freight costs. Roku player unit sales remain above pre-COVID levels and the average selling price was down 9% year-over-year. Roku users streamed 25.1 billion hours in the quarter, an increase of 21% year-over-year, while viewing hours on traditional pay TV fell 13%.

謝謝，安東尼。本季度末，我們的全球活躍賬戶數為 7350 萬。連續淨增量為 190 萬台，略高於 2022 年第二季度的淨增量。總體而言，儘管電視面板和運費成本略有增加，但美國智能電視銷量在第二季度有所增長。 Roku 播放器銷量仍高於新冠疫情前的水平，平均售價同比下降 9%。本季度 Roku 用戶的流媒體播放時長為 251 億小時，同比增長 21%，而傳統付費電視的觀看時長則下降 13%。

In Q2, total net revenue increased 11% year-over-year to $847 million. Platform revenue was up 11% year-over-year to $744 million. Ad spend on the Roku platform and verticals, including CPG and health and wellness improved, while technology and media and entertainment remain pressured. Q2 devices revenue increased 9% year-over-year driven by the launch of our Roku-branded TVs and smart home products.

第二季度，總淨收入同比增長 11%，達到 8.47 億美元。平台收入同比增長 11%，達到 7.44 億美元。 Roku 平台和垂直行業（包括 CPG 和健康與保健）的廣告支出有所改善，而技術、媒體和娛樂仍然面臨壓力。得益於 Roku 品牌電視和智能家居產品的推出，第二季度設備收入同比增長 9%。

In Q2, ARPU was $40.67 on a trailing 12-month basis, down 7% year-over-year. This decline was due to strong global active account growth outpacing platform revenue growth. We expect that over time, monetization per account will continue to grow as the advertising industry rebounds and as a larger percentage of our U.S. customers cut the [chord].

第二季度，過去 12 個月的 ARPU 為 40.67 美元，同比下降 7%。這一下降是由於全球活躍賬戶增長強勁超過平台收入增長。我們預計，隨著時間的推移，隨著廣告行業的反彈以及我們更大比例的美國客戶的退出，每個帳戶的貨幣化將繼續增長。

In Q2, gross profit increased 7% year-over-year to $378 million. Platform gross margin was 53%, which was down 3 percentage points year-over-year. This reflects weakness in the ad scatter market, along with greater mix away from M&E in Q2 2023 compared to a year ago.

第二季度毛利潤同比增長 7% 至 3.78 億美元。平台毛利率為53%，同比下降3個百分點。這反映出廣告傳播市場的疲軟，以及與一年前相比，2023 年第二季度媒體和娛樂的混合程度更高。

Device margin was negative 17%, which was up almost 3 percentage points year-over-year. 4 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.

設備利潤率為負 17%，同比增長近 3 個百分點。淨利潤總額和毛利潤總額同比增幅差異4個百分點，是由於平台利潤率同比壓縮所致。

Q2 adjusted EBITDA was negative $18 million, which was $57 million above our outlook. The better-than-expected performance was driven by our Platform segment and improvements in our operating expense profile.

第二季度調整後 EBITDA 為負 1800 萬美元，比我們的預期高出 5700 萬美元。好於預期的業績是由我們的平台部門和運營費用狀況的改善推動的。

We ended the quarter with approximately $1.8 billion of cash and restricted cash.

本季度結束時，我們擁有約 18 億美元的現金和限制性現金。

Looking to the third quarter, we anticipate total net revenue of $815 million, up 7% year-over-year. Gross profit will be $355 million with gross margin of 43% and adjusted EBITDA of negative $50 million.

展望第三季度，我們預計總淨收入為 8.15 億美元，同比增長 7%。毛利潤將為 3.55 億美元，毛利率為 43%，調整後 EBITDA 為負 5000 萬美元。

Overall, trends that we observed in Q1 played out in Q2 and we expect them to continue throughout the year. While consumer spend is showing some modest growth, macro concern and uncertainty remain.

總體而言，我們在第一季度觀察到的趨勢在第二季度顯現出來，我們預計這種趨勢將持續全年。儘管消費者支出顯示出一定的增長，但宏觀擔憂和不確定性仍然存在。

As mentioned earlier, with the Platform segment, we do see some recovery signals in certain advertising verticals. However, M&E spend, which is already challenged industry-wide, is expected to be further pressured by limited fall release schedules. As such, we expect Q3 platform margins to be below Q2 levels.

如前所述，在平台領域，我們確實在某些廣告垂直領域看到了一些復甦信號。然而，已經在全行業範圍內受到挑戰的機電支出預計將因有限的秋季發佈時間表而進一步受到壓力。因此，我們預計第三季度平台利潤率將低於第二季度水平。

On the device side, we expect margins to improve from negative 16% in Q3 last year to negative low teens.

在設備方面，我們預計利潤率將從去年第三季度的負 16% 改善至負十幾歲。

We're executing on our plan to slow year-over-year OpEx growth. In Q2, OpEx grew 8% year-over-year, achieving single-digit growth ahead of our forecasted time line. We anticipate OpEx year-over-year growth rate to fall below 5% in Q3 and further improvement in Q4.

我們正在執行減緩運營支出同比增長的計劃。第二季度，運營支出同比增長 8%，提前實現了個位數增長。我們預計第三季度運營支出同比增長率將降至 5% 以下，第四季度將進一步改善。

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

鑑於我們持續致力於提高運營效率和重新加速收入增長，我們仍然致力於實現 2024 年全年調整後 EBITDA 為正值的計劃。

With that, let's take questions.

說到這裡，我們來提問吧。

Operator?

操作員？

(Operator Instructions) Our first question comes from Shyam Patil with Susquehanna International Group.

（操作員說明）我們的第一個問題來自 Susquehanna International Group 的 Shyam Patil。

Congrats on the nice quarter and outlook. I had a couple of questions. First one for Dan. Can you talk about what attracted you to Roku and what you're most excited about now that you've been here for a few months?

祝賀美好的季度和前景。我有幾個問題。第一個是給丹的。您能談談 Roku 吸引您的原因以及您來到 Roku 幾個月以來最令您興奮的事情嗎？

And then second, can you guys talk a little bit more about your outlook for 3Q platform revenue. Specifically, what you're seeing in July and how you're thinking about the balance of 3Q? And then any additional color you may be able to provide on the scatter market and M&E.

其次，你們能多談談你們對 3Q 平台收入的展望嗎？具體來說，您對 7 月份的情況有何看法以及您如何看待第三季度的平衡？然後您可以在分散市場和 M&E 上提供任何其他顏色。

Thanks for the question. As I spent 10 years at Amazon in the streaming and advertising businesses, I am well aware of the opportunity and the progress in streaming. And I've followed Roku from before the company went public. And I've been a user of the Roku TVs during this entire time as well.

謝謝你的提問。由於我在亞馬遜的流媒體和廣告業務領域工作了 10 年，因此我非常清楚流媒體領域的機會和進展。我從 Roku 公司上市之前就開始關注它了。在這段時間裡我也是 Roku 電視的用戶。

In addition to loving the product, I've really admired Roku's innovation in Anthony's vision. And what makes Roku particularly interesting to me is where we're at as a company. We're a market leader. We have significant scale and engagement, and the leverage in the business is excellent as we've shown in our Q2 results.

除了喜歡這個產品之外，我還非常欽佩 Roku 在 Anthony 願景中的創新。讓我對 Roku 特別感興趣的是我們公司所處的位置。我們是市場領導者。正如我們在第二季度業績中所顯示的那樣，我們擁有巨大的規模和參與度，並且業務槓桿非常出色。

And still the long-term opportunity for both engagement and monetization in front of us is huge, and the people at Roku have been incredible.

我們面前的參與度和盈利的長期機會仍然是巨大的，Roku 的員工也非常出色。

So I'm truly honored to have the opportunity to be here at Roku. I couldn't be more excited to be here with Anthony and the entire Roku team.

所以我真的很榮幸有機會來到 Roku。能夠和安東尼以及整個 Roku 團隊一起來到這裡，我感到無比興奮。

And then, Dan, do you want to talk about the second part of the question, I think was about the outlook.

然後，丹，你想談談問題的第二部分嗎？我認為是關於前景的。

Yes. Let me -- I'll take that. We delivered solid Q2 results, and we're well positioned and confident in our business, but overall, uncertainty remains with the advertise -- with certain verticals in the advertising. And we expect those trends that we observed in Q1 and Q2 to continue for the rest of this year. As I mentioned in the prepared remarks, we are seeing recovery in verticals, including CPG and health and wellness.

是的。讓我——我會接受的。我們交付了可靠的第二季度業績，我們對我們的業務定位良好且充滿信心，但總體而言，廣告方面仍然存在不確定性 - 廣告中的某些垂直領域。我們預計第一季度和第二季度觀察到的這些趨勢將在今年剩餘時間內持續下去。正如我在準備好的發言中提到的，我們看到垂直行業的複蘇，包括消費品和健康與保健。

However, tech and M&E remain challenged. And just as a reminder, M&E historically is our largest and highest-margin ad vertical. It's been challenged industry-wide, and we expect it to be further pressured in the second half of this year by the limited fall release schedules arising from the current labor strikes. And so we've factored that into our outlook.

然而，技術和機電仍然面臨挑戰。提醒一下，媒體與娛樂歷來是我們規模最大、利潤率最高的廣告垂直領域。它在全行業範圍內受到了挑戰，我們預計今年下半年，由於當前的勞工罷工而導致秋季發佈時間表有限，它將進一步受到壓力。因此，我們已將其納入我們的展望中。

At the same time, we continue to gain share in video ad spend. And while mix is shifting, our margins are relatively consistent and healthy across our various platform categories, and we remain confident in our business going forward.

與此同時，我們繼續擴大視頻廣告支出份額。儘管組合正在發生變化，但我們各個平台類別的利潤率相對穩定且健康，我們對未來的業務仍然充滿信心。

This is Anthony. I'll just add, we're continuing to grow our scale, engagement and monetization opportunities. For example, in the quarter, we added nearly 2 million net new accounts, also in Q2 streaming hours, originating from the home screen menu grew, 90% year-over-year, which demonstrates the strength and ability of our tools to help viewers find content across the UI and discover something to watch.

這是安東尼。我想補充一點，我們正在繼續擴大規模、參與度和盈利機會。例如，在本季度，我們新增了近 200 萬個淨新賬戶，同樣是在第二季度的流媒體小時數中，來自主屏幕菜單的賬戶同比增長了 90%，這證明了我們的工具幫助觀眾的實力和能力在用戶界面中查找內容並發現值得觀看的內容。

Also, we continue to launch unique new ad units, for example, extensions in Roku City, shoppable ads. And of course, we continue to create new demand sources from third-party DSPs.

此外，我們還繼續推出獨特的新廣告單元，例如 Roku City 中的擴展、可購物廣告。當然，我們會繼續從第三方 DSP 創造新的需求來源。

So I guess I'd just summarize by saying advertising is cyclical. The long-term opportunity in streaming remains unchanged, and we're at the center, serving viewers, content owners and advertisers.

所以我想我只想總結一下廣告是周期性的。流媒體的長期機會保持不變，我們處於中心位置，為觀眾、內容所有者和廣告商提供服務。

And then let's see. There's actually a third part. I think to the question which was around M&E. So let's see. M&E, so I'll kick that off and then turn it over to Charlie.

然後讓我們看看。其實還有第三部分。我想到了有關機電的問題。那麼讓我們看看。 M&E，所以我會啟動它，然後將其交給查理。

So M&E, which stands for media and entertainment, let me just explain a little bit about that. I mean we're the #1 streaming platform. We distribute lots of services and content. One of the biggest roles we have is helping viewers find something to watch across all the different content and services on the platform. And there's a bunch of ways we do that. But one way we do that is through our M&E promotions, which are generally integrated into our UI and they're a very effective way and a very user-friendly way to expose content and help viewers find content that's available on different services.

M&E（媒體和娛樂）的縮寫，讓我簡單解釋一下。我的意思是我們是排名第一的流媒體平台。我們分發大量服務和內容。我們最重要的角色之一是幫助觀眾在平台上的所有不同內容和服務中找到可觀看的內容。我們有很多方法可以做到這一點。但我們做到這一點的一種方法是通過我們的 M&E 促銷活動，這些促銷活動通常集成到我們的 UI 中，它們是一種非常有效且非常用戶友好的方式來展示內容並幫助觀眾找到不同服務上提供的內容。

And we're very good at these types of promotions. I would say we're best-in-class. And for a streaming service, just trying to increase engagement or add more subscribers, it's a very cost-effective way to do that, our M&E promotions.

我們非常擅長此類促銷活動。我想說我們是同類中最好的。對於流媒體服務來說，只是想提高參與度或增加更多訂閱者，這是一種非常經濟高效的方式，我們的 M&E 促銷活動。

Due to the current state of the economy, and the ad cycle we're in, M&E is down industry-wide right now. But we think our share is growing, and it's an area we continue to invest in. I mean, as a platform, we're just uniquely positioned to help with M&E, help drive engagement and help build subscribers. So it's something that we view as core to our business, and we're continuing to invest in it. But let me turn it over to Charlie, who can talk a little bit more about what we're doing to diversify away from M&E ads.

由於當前的經濟狀況以及我們所處的廣告週期，整個行業的媒體與娛樂行業都在下滑。但我們認為我們的份額正在增長，這是我們繼續投資的一個領域。我的意思是，作為一個平台，我們處於獨特的地位，可以幫助 M&E、幫助提高參與度並幫助建立訂閱者。因此，我們將其視為我們業務的核心，並且我們將繼續對其進行投資。但讓我把它交給查理，他可以多談談我們正在採取哪些措施來實現媒體娛樂廣告的多元化。

Great. Thank you, Anthony. And, Shyam, thanks for congratulating us on the quarter and for the sneakiest-ever 3-part opening question. I think M&E is a great category. And I've enjoyed it more actually in my time at Roku because we have the best highly performing tools, and we deliver great ROI.

偉大的。謝謝你，安東尼。而且，Shyam，感謝您對我們這個季度的祝賀以及有史以來最狡猾的由三部分組成的開場問題。我認為 M&E 是一個很棒的類別。事實上，我在 Roku 的時候更喜歡它，因為我們擁有最好的高性能工具，並且我們提供了巨大的投資回報率。

So before I go at what Anthony spoke about on the M&E side, I want to point out the good news amidst the industry-wide M&E pressure, and it's that we're building share versus the competition in M&E. I mean, advertising is still down in some verticals. As we noted, M&E tech and telco have been broadly actually reported on as down by the ad agency holding companies over the last few weeks.

因此，在我討論安東尼在機電方面談到的內容之前，我想指出在全行業機電壓力下的好消息，那就是我們正在與機電領域的競爭相比建立份額。我的意思是，廣告在某些垂直領域仍然處於下降狀態。正如我們所指出的，在過去幾周里，廣告代理控股公司普遍報告了媒體與娛樂技術和電信公司的業績下滑。

But as Anthony said, it will come back. We do all know that advertising is cyclical. But as an illustration of the M&E marketplace change that's taken place in really less than 1 year, I was thinking about this, it feels like a long time ago, but in just August and September of last year, that's when HBO Max, now Max launched its Game of Thrones spinoff.

但正如安東尼所說，它會回來的。我們都知道廣告是有周期性的。但作為一個例證，在不到一年的時間內發生了 M&E 市場的變化，我在想這個，感覺像是很久以前的事了，但就在去年 8 月和 9 月，那時 HBO Max，現在是 Max推出了《權力的遊戲》衍生劇。

It's when Amazon launched its Lord of the Rings, the Rings of Power TV show. And you're not going to see anything like that this year for all sorts of obvious reasons. And so what a difference a year makes. But as Anthony noted, we've seen some of this coming, and we've been focused on ad diversification. We don't want to be over reliant on any single vertical.

當時亞馬遜推出了《指環王》電視節目《權力之戒》。由於各種明顯的原因，今年你不會看到類似的事情。一年的時間會帶來多麼大的變化啊。但正如安東尼指出的那樣，我們已經看到了其中的一些變化，並且我們一直專注於廣告多元化。我們不想過度依賴任何單一垂直領域。

So we continue to diversify and build new revenue sources and new ways to offer what were typically only M&E placements to non-M&E advertisers. So Roku City is a great example. We've introduced a new way for advertisers to connect with consumers, first with McDonald's, which we spoke about at the new fronts and more recently, actually last weekend with the Barbie's Roku City Dreamhouse.

因此，我們繼續多元化並建立新的收入來源和新方式，向非媒體和娛樂廣告商提供通常只提供媒體和娛樂廣告的機會。 Roku City 就是一個很好的例子。我們為廣告商引入了一種與消費者建立聯繫的新方式，首先是我們在新戰線上談到的麥當勞，最近，實際上是上週末的芭比娃娃 Roku City Dreamhouse。

And these are just a few among several opportunities to integrate advertisers into Roku's unique and broad reach virtual world, and it has remarkable potential. I'm really excited about it.

這些只是將廣告商融入 Roku 獨特且影響廣泛的虛擬世界的眾多機會中的一小部分，而且它具有巨大的潛力。我對此感到非常興奮。

And Roku City needs a double win. The advertisers love it. In fact, today, we have more demand than capacity in Roku City, and we're looking for ways to expand thoughtfully. And then the streamers love it because it turns out they love seeing real brands in Roku's virtual neighborhood.

而羅庫城需要雙贏。廣告商喜歡它。事實上，今天，Roku 市的需求超過了容量，我們正在深思熟慮地尋找擴張的方法。然後主播們喜歡它，因為事實證明他們喜歡在 Roku 的虛擬社區中看到真正的品牌。

Actually, just to share some unusually positive buds for ad integrations, and there were many to choose from, here are a couple of tweets I actually looked at earlier today. Regarding the Barbie Mattel, Walmart Warner integration, here's a quote. "My dream is to live in the Barbie house in Roku City." And then there are even comments about other advertisers from McDonald's here to quote, you -- "Who can I talk to you about both keeping the Barbie Dreamhouse and also bringing back the McDonald's permanently to Roku City?"

實際上，只是為了分享一些對廣告集成來說異常積極的芽，並且有很多可供選擇，這裡有幾條我今天早些時候看過的推文。關於芭比美泰、沃爾瑪華納的整合，這裡有一段引述。 “我的夢想是住在Roku市的芭比之家。”然後甚至還有關於麥當勞其他廣告商的評論引用，你——“我能和誰談談保留芭比夢幻屋並將麥當勞永久帶回 Roku 城的事情嗎？”

So we had a world where M&E represented the majority of these opportunities. And we're now focused, as Anthony said, on the diversification of Roku's full funnel offerings. So you'll continue to see successes like Roku City, you'll hear more from us about shoppable ads.

因此，我們的世界中 M&E 代表了大部分機會。正如安東尼所說，我們現在的重點是 Roku 全渠道產品的多樣化。因此，您將繼續看到 Roku City 等成功案例，您將聽到我們更多有關可購物廣告的信息。

And we've been opening up the home screen even to advertising verticals. We mentioned this last earnings call, like restaurants. We talked about Wendy's and DoorDash. We opened it up a little bit to retail and auto, all with the consumer experience team, Gidon's team by our side. So these Roku-only opportunities are just a few examples of how we're continuing to diversify ad categories in unique Roku products, products of scale.

我們甚至已經向垂直廣告領域開放了主屏幕。我們提到了上次的財報電話會議，比如餐館。我們討論了 Wendy's 和 DoorDash。我們向零售和汽車領域稍微開放了一點，所有這些都有消費者體驗團隊、吉登團隊在我們身邊。因此，這些僅限 Roku 的機會只是我們如何繼續在獨特的 Roku 產品和規模產品中實現廣告類別多樣化的幾個例子。

And on the M&E side, I think it's important to note that we'll help our M&E partners transfer their focus from account acquisition and account growth to engagement and churn management and retention. It's something we do really well. We're the perfect partner for this, too, because we are closest to the viewing decision for more than 73 million homes. So as our M&E partners spend on advertising, Roku will continue to see disproportionate share of investment, I believe, because Roku frankly, remains the best place for M&E partners and others to invest in accountability, creativity, full funnel marketing opportunities and ROI.

在 M&E 方面，我認為值得注意的是，我們將幫助我們的 M&E 合作夥伴將其重點從客戶獲取和客戶增長轉移到參與度和客戶流失管理和保留。這是我們做得非常好的事情。我們也是這方面的完美合作夥伴，因為我們最接近超過 7300 萬家庭的觀看決策。因此，隨著我們的 M&E 合作夥伴在廣告上的支出，Roku 將繼續看到不成比例的投資份額，我相信，因為坦率地說，Roku 仍然是 M&E 合作夥伴和其他人投資問責制、創造力、全漏斗營銷機會和投資回報率的最佳場所。

(Operator Instructions) And our next question will come from Vasily Karasyov with Cannonball Research.

（操作員說明）我們的下一個問題將來自 Cannonball Research 的 Vasily Karasyov。

Wanted to ask you to talk about the potential impact of the strikes in Hollywood. We all pretty much know what happens to the linear TV when that happens. But I think it's the first time with the streaming being where it is right now. So in terms of the revenue streams within the Platform segment, can you please share your thinking about what will happen, likely happen to the M&E revenue stream, distribution revenue stream? And then also what you expect the Roku channel to experience as a result? Will the viewership of the library product increase? Will it suffer? We'd appreciate your thoughts of what you are bracing for, or what you are preparing for in this regard?

想請您談談好萊塢罷工的潛在影響。我們都非常清楚，當這種情況發生時，線性電視會發生什麼。但我認為這是第一次流媒體達到現在的水平。那麼，就平台領域的收入流而言，您能否分享一下您對 M&E 收入流、分銷收入流可能會發生什麼的看法？那麼您希望 Roku 頻道體驗到什麼結果？圖書館產品的瀏覽量會增加嗎？會受苦嗎？我們非常感謝您對您正在為此做好準備或正在準備做什麼的想法？

Thanks, Vasily. Charlie will take that question.

謝謝，瓦西里。查理會回答這個問題。

Thanks, Vasily. As Dan mentioned in his prepared remarks, I do think it puts added pressure on M&E in the back half. And of course, there's added pressure on our partners, including those with upcoming fall schedules.

謝謝，瓦西里。正如丹在他準備好的發言中提到的那樣，我確實認為這給後半場的 M&E 帶來了額外的壓力。當然，我們的合作夥伴面臨著額外的壓力，包括那些即將到來的秋季日程的合作夥伴。

I should pause for a second and say that, of course, we hope that the AMP TP in both guilds reach a fast and equitable resolution.

我應該暫停一下並說，當然，我們希望兩個行會的 AMP TP 能夠快速、公平地達成解決方案。

To your question on our platform, there is a huge amount of content here. So viewers will have no trouble finding something great to watch, and we are seeing that reflected in our numbers.

對於您在我們平台上提出的問題，這裡有大量的內容。因此，觀眾可以毫不費力地找到精彩的內容，我們的數據也反映了這一點。

What about the distribution revenue? Do you think that could take a hit because companies will not have marquee shows to promote subscriptions, new subscriptions? So you will not get as many bound dollars and bounties and that could dampen growth in the second half of the year? Is that a possibility?

發行收入又如何呢？您是否認為這可能會受到打擊，因為公司不會舉辦大型節目來推廣訂閱、新訂閱？那麼您將不會獲得那麼多的綁定美元和賞金，這可能會抑制下半年的增長？有這種可能嗎？

This is Anthony. I'll take that. I don't think there's going to be much impact on distribution. Just as an aside, we don't really do bounties. We can only get rev shares for billing and signing up new subscribers in that category. So I think the main impacts, we think, will be on our M&E business, at least some additional pressure there. I don't know, Charlie, do you have anything to add or...

這是安東尼。我會接受的。我認為這不會對發行產生太大影響。順便說一句，我們並沒有真正提供賞金。我們只能通過該類別的計費和註冊新訂戶獲得收益份額。因此，我認為主要影響將是對我們的機電業務，至少會產生一些額外的壓力。我不知道，查理，你還有什麼要補充的嗎？

Yes, I think that's right. I think it will perhaps vary by service. But for us, we have the tools to find viewers what they want to watch, and that's very much what we're focused on.

是的，我認為這是對的。我認為這可能會因服務而異。但對我們來說，我們有工具來找到觀眾想看的內容，這正是我們所關注的。

And our next question comes from Cory Carpenter with JPMorgan.

我們的下一個問題來自摩根大通的科里·卡彭特。

Dan, I had 2 for you. First, you mentioned 1 or 2 trends played out in 2Q. So just hoping you could expand on what drove the magnitude of the 2Q revenue upside relative to your guide.

丹，我有兩個給你。首先，您提到了第二季度出現的一兩個趨勢。因此，希望您能詳細說明推動第二季度收入相對於您的指南上漲幅度的原因。

And then secondly, on the 3Q outlook, just trying to better understand why you expect revenue to be down sequentially. Is there anything else to point to beyond the impact of the strikes?

其次，關於第三季度的前景，只是想更好地理解為什麼您預計收入將連續下降。除了罷工的影響之外，還有什麼可以指出的嗎？

Yes. And first of all, it's great to hear from you again, Cory. On the Q2 revenue, as we mentioned, it was the Platform business that drove the revenue upside, and we did see some rebounding in verticals that we saw -- that -- the verticals that we mentioned. CPG specifically was very strong for us as well as some other verticals. That ultimately drove the beat to the guidance. So we're quite happy with that.

是的。首先，很高興再次收到你的來信，科里。關於第二季度的收入，正如我們提到的，平台業務推動了收入的增長，我們確實看到了我們所看到的垂直行業的一些反彈——我們提到的垂直行業。 CPG 對我們以及其他一些垂直行業來說特別強大。這最終推動了指引的發展。所以我們對此非常滿意。

And with respect to the outlook, it's really what I addressed earlier is -- it's the M&E continues to be challenging, and we do expect it to be challenged in the back half of H2 for us. It's been challenged in H1, but we think it's going to be further challenged due to the strikes and the fall outlook. So essentially, we are factoring that into our Q3 outlook, which is why you see the growth rate just down slightly on a sequential basis.

就前景而言，這確實是我之前提到的——M&E 繼續面臨挑戰，我們確實預計它會在下半年下半年受到挑戰。它在上半年受到了挑戰，但我們認為由於罷工和秋季前景，它將受到進一步的挑戰。因此，從本質上講，我們將這一點納入了第三季度的展望中，這就是為什麼您會看到增長率環比略有下降。

Okay. Great. And maybe if I can sneak one more in since that was fast. Charlie, just could you -- I know on the new front process, you don't have numbers to share, it's taking longer to play out. But any color you can give us in terms of the level of demand you're seeing relative to last year or your expectations?

好的。偉大的。也許我可以再偷偷溜進去一次，因為速度很快。查理，你能不能——我知道在新的前沿流程中，你沒有數據可以分享，需要更長的時間才能發揮作用。但是，您能告訴我們您所看到的相對於去年的需求水平或您的期望嗎？

Sure. Cory, you're our second 3-question answered. Well done. So look, it is a very different year in the upfront for everyone. And you're right, it is proceeding at a slower pace than usual. Look, we're making great progress. You're absolutely right. We're not quite done yet, but we're pacing well.

當然。 Cory，你是我們回答的第二個 3 個問題。做得好。所以看，對於每個人來說，這都是非常不同的一年。你是對的，它的進展速度比平常慢。看，我們正在取得巨大進步。你是絕對正確的。我們還沒有完全完成，但我們進展順利。

Overall, the good news is we're seeing more advertisers engage with Roku upfront due to our broad reach, our innovative ad products and the powerful tools we offer to attract, engage and retain audiences. So all signs are good there, and we're methodically working through the market with our agency partners, but I feel good about where we are.

總體而言，好消息是，由於我們廣泛的影響力、創新的廣告產品以及我們提供的吸引、吸引和留住受眾的強大工具，我們看到越來越多的廣告商預先與 Roku 進行互動。因此，所有跡像都很好，我們正在與我們的代理合作夥伴有條不紊地開拓市場，但我對我們所處的位置感到滿意。

Cory, this is Anthony. I just learned -- you may know this, but Charlie's led almost 20 upfronts, which I thought was pretty cool.

科里，這是安東尼。我剛剛了解到——你可能知道這一點，但查理領導了近 20 個前期工作，我認為這非常酷。

Our next question comes from Laura Martin with Needham.

我們的下一個問題來自勞拉·馬丁和李約瑟。

So this cost control is really excellent, 8% cost growth. Last quarter, it was 42% and the quarter before, it was 71% growth. But, Anthony, you did it at really the R&D line. The R&D line has taken the brunt of it. Okay, all costs are down, but the R&D line fell to negative 2%. So is that actually sustainable now that you've been -- you've actually launched your 11 Roku-branded TVs and you've gotten out of international? Can we keep the R&D number at this low number going forward? Or is it just a onetime only that really aided cost growth this quarter?

所以這個成本控制確實非常出色，8%的成本增長。上季度增長 42%，上一季度增長 71%。但是，安東尼，你確實是在研發線上做到了這一點。研發線首當其衝。好吧，所有成本都下降了，但是研發線下降到了負2%。那麼，既然您已經推出了 11 款 Roku 品牌電視，並且已經退出國際市場，那麼這種情況真的可持續嗎？我們能否將研發數量保持在這麼低的水平？或者這只是一次性的，真正有助於本季度的成本增長？

Anthony. Thanks. Yes, I think -- well, I think 2 things. One is that we are still investing significantly in our key growth initiatives, things like expanding active accounts, Roku TV, monetization, billing premium subscriptions, expanding the ways we can help viewers find content.

安東尼.謝謝。是的，我認為——嗯，我認為有兩件事。一是我們仍在對關鍵增長計劃進行大量投資，例如擴大活躍帳戶、Roku TV、貨幣化、付費訂閱計費、擴大我們幫助觀眾查找內容的方式。

And a lot of the -- I would say one of the initiatives we're taking, which we don't talk about much, is we have R&D offices around the world. We have -- obviously, we have offices in Silicon Valley, but we have great teams in Manchester, England; Cambridge, U.K.; in Taipei; and in other places. And so one of the things that we've been doing is doing a lot more of our hiring in regions outside the United States that has great engineering talent, but are just less expensive than Silicon Valley engineers. So that's one of the ways we're controlling our R&D costs and still getting lots of great engineers.

我想說的是，我們正在採取的舉措之一（我們沒有過多談論）是我們在世界各地設有研發辦事處。顯然，我們在矽谷設有辦事處，但我們在英國曼徹斯特也有優秀的團隊；英國劍橋；在台北；以及其他地方。因此，我們一直在做的事情之一就是在美國以外的地區進行更多的招聘，這些地區擁有優秀的工程人才，但價格卻比矽谷工程師便宜。因此，這是我們控制研發成本並仍然吸引大量優秀工程師的方法之一。

Okay. And then my second question, and I will not have 3 is I want to push a little bit on this issue of CTV versus full funnel. So before this year, you went into the upfront in the linear TV, which was a benchmark against a $20 CPM as a substitute for linear TV, which had data so you were getting $30 CPMs from 2017 for round numbers [2025]. This year, you went into the new front and the go-to-market strategy pivoted to full funnel. Come to us because we can both do awareness drive, we can drive awareness but we can drive shoppable with Walmart and with Shopify.

好的。然後我的第二個問題（我不會有 3 個）是我想在 CTV 與全漏斗這個問題上稍微推動一下。因此，在今年之前，您進入了線性電視的預付費用，這是一個以 20 美元 CPM 為基準的線性電視替代品，它有數據，因此從 2017 年開始，您將獲得 30 美元的 CPM（整數 [2025]）。今年，您進入了新戰線，進入市場策略轉向全漏斗。來找我們吧，因為我們都可以提高知名度，我們可以提高知名度，但我們可以通過沃爾瑪和 Shopify 推動購物。

My question is, when you start moving down the funnel, you start competing with a $2 CPM, and I noticed your ARPUs here are down 7%. Okay. My question is, are you adding risk? Does it really do more good than harm to repivot the offering, your go-to-market offering to a full funnel and lose that benchmark of the $20 CPM that comes with broadcast TV substitute.

我的問題是，當你開始沿著漏斗向下移動時，你開始以 2 美元的 CPM 進行競爭，我注意到你的 ARPU 下降了 7%。好的。我的問題是，你會增加風險嗎？將產品重新轉向整個渠道，並失去廣播電視替代品附帶的 20 美元 CPM 的基準，這真的是利大於弊嗎？

So let me -- I'll answer that and then I don't know if Charlie or Dan might have more to add. We'll see. First of all, you mentioned ARPU down. I mean that's been driven by the fact that just we've been -- monetization has slowed down due to the slowdown in the ad business, yet active accounts are still growing strong. And so just when you do the math, you get a lower ARPU number. I don't think it indicates anything more than that, and I expect it to start picking back up again when the ad business rebounds.

那麼讓我來回答這個問題，然後我不知道查理或丹是否還有更多需要補充的內容。我們拭目以待。首先，你提到ARPU下降。我的意思是，這是由以下事實推動的：由於廣告業務放緩，貨幣化速度已經放緩，但活躍帳戶仍在強勁增長。因此，當您進行數學計算時，您會得到較低的 ARPU 值。我認為這僅表明了這一點，並且我預計當廣告業務反彈時，它會再次開始回升。

In terms of full funnel, I mean, we've launched things like shoppable ads, which allow a purchasing right inside the ad. But those shoppable ads, of course, are still -- have the site and sound of high-definition video. They're very engaging. And we still sell lots of ads to brand advertisers. So I think we're just trying to expand the different target markets we can sell ads to and there might be different pricing depending on the channel or the ad or the customer or the content or lots of factors.

就完整渠道而言，我的意思是，我們推出了諸如可購物廣告之類的東西，允許在廣告內進行購買。但當然，那些可購物廣告仍然具有高清視頻的網站和聲音。他們非常有吸引力。我們仍然向品牌廣告商出售大量廣告。因此，我認為我們只是想擴大我們可以銷售廣告的不同目標市場，並且根據渠道、廣告、客戶、內容或許多因素，可能會有不同的定價。

So I think it's all about, for us, diversifying our ad revenue and tapping into all the different sources that are out there. And we've made progress on that, but there's still, I think, a long way to go there.

因此，我認為對我們來說，最重要的是使我們的廣告收入多樣化並利用現有的所有不同來源。我們已經在這方面取得了進展，但我認為還有很長的路要走。

Charlie, do you want to add?

查理，你想補充一下嗎？

Yes, I think that's absolutely right. And I also think you shouldn't read into the pivots as one or the other. One thing that is just so powerful about Roku is that we really can do what television does best, which is broad reach and sight, sound and motion, and we can be accountable.

是的，我認為這是絕對正確的。我還認為你不應該將樞軸作為其中之一來解讀。 Roku 的強大之處在於，我們確實可以做電視最擅長的事情，即廣泛的覆蓋面、視覺、聲音和動作，而且我們可以負責任。

And so when we talk about full funnel, it's a differentiator because, look, you look back in my career and what I'm there to do on the advertising side of the business is help them be effective. And so by noting that we can be great at the top of the funnel and accountable at the bottom of the funnel, we're helping build businesses in a way that most people can't. So that is a really important message.

因此，當我們談論完整漏斗時，它是一個差異化因素，因為，看，你回顧我的職業生涯，我在廣告方面要做的就是幫助他們提高效率。因此，通過注意到我們可以在漏斗的頂部表現出色，並在漏斗的底部負責，我們正在以大多數人無法做到的方式幫助建立業務。所以這是一個非常重要的信息。

And then I want you to look also during the upfront, we made a prime time reach guarantee. And that's obviously the opposite of lower funnel. What we're saying is that Roku can reach, and you look at the top 5 cable networks on average, we can outreach them. And so Anthony is absolutely right. We're looking at not just serving the advertisers, but actually taking advantage of all the ways we can monetize Roku.

然後我希望您在前期也能看到，我們做出了黃金時段的到達保證。這顯然與下漏斗相反。我們想說的是，Roku 可以覆蓋，平均而言，你看看排名前 5 的有線網絡，我們可以覆蓋它們。所以安東尼是絕對正確的。我們不僅著眼於為廣告商提供服務，而且實際上利用所有可以通過 Roku 獲利的方式。

And our next question -- one moment, comes from Vikram Kesavabhotla with Baird.

我們的下一個問題——一會兒是由 Vikram Kesavabhotla 和 Baird 提出的。

I wanted to ask about the progress that you're making with third-party DSPs. And I'm curious if you can talk about the early impacts you're seeing on pricing and fill rates and how you expect that to evolve from here.

我想問一下你們在第三方 DSP 方面取得的進展。我很好奇您是否能談談您所看到的對定價和填充率的早期影響，以及您期望這種影響將如何發展。

And then separately, just based on the current state of macro trends and industry trends, I'm curious if you can offer any early perspective on what fourth quarter revenues might look like this year and some of the puts and takes we should be taking into consideration.

然後，根據目前的宏觀趨勢和行業趨勢，我很好奇您是否可以提供有關今年第四季度收入的任何早期觀點，以及我們應該考慮的一些看法考慮。

So Charlie can take the DSP question and then Dan can talk about fourth quarter revenue.

所以 Charlie 可以回答 DSP 問題，然後 Dan 可以談論第四季度的收入。

Great. And thanks for the question. Look, we sell ads through multiple channels. There's direct IO through our sales team, programmatically through a DSP. And by the way, often that is also enabled through our sales teams. And recently, as you know, we've more actively engaged with third-party DSPs. And to your question, we're seeing incremental budgets. No doubt about it. We believe these relationships have long-term potential. So it is working.

偉大的。謝謝你的提問。看，我們通過多種渠道銷售廣告。我們的銷售團隊可以通過 DSP 以編程方式進行直接 IO。順便說一句，這通常也是通過我們的銷售團隊實現的。如您所知，最近我們更加積極地與第三方 DSP 合作。對於你的問題，我們看到了預算的增量。毫無疑問。我們相信這些關係具有長期潛力。所以它正在發揮作用。

And I should note, it's off a small base. So it's early days, but it's going well. So headline is no doubt, we're getting budgets now that we weren't getting before. And I think these relationships have really strong long-term potential.

我應該指出，它的基礎很小。所以現在還為時尚早，但進展順利。因此，毫無疑問，頭條新聞是，我們現在得到了以前沒有得到的預算。我認為這些關係具有非常強大的長期潛力。

Yes, Vikram, on the fourth quarter guide, we'll obviously update you when we report our third quarter results. We're not guiding the fourth quarter. I will just say that we do expect the second half to be similar to what we see -- what we've guided to in the first half -- the second half to be similar to what we've seen in Q2.

是的，維克拉姆，關於第四季度指南，當我們報告第三季度業績時，我們顯然會向您通報最新情況。我們不會指導第四季度。我只想說，我們確實預計下半年將與我們所看到的類似 - 我們在上半年所指導的 - 下半年將與我們在第二季度所看到的類似。

We factored that into our guide for Q3. And again, we'll update the group in our Q3 results for further guidance for Q4.

我們將這一點納入了第三季度的指南中。我們將再次更新第三季度結果中的小組，以獲得第四季度的進一步指導。

We have a question from Justin Patterson with KeyBanc.

我們有來自 KeyBanc 的賈斯汀·帕特森 (Justin Patterson) 提出的問題。

Great. Two, if I can. First, I just want to touch on platform gross margin. That was up a little bit sequentially. Curious if there were just anything beyond mix, perhaps some one-timers or promotions, just driving that uptick?

偉大的。兩個，如果可以的話。首先，我只想談談平台毛利率。依次上升了一點。好奇除了混合之外是否還有其他因素，也許是一些一次性產品或促銷活動，只是推動了這種增長？

And then secondly, you called out again just the softer scatter market. this quarter. I would love to hear you just to mention out how Roku scatter is performing relative to the overall industry.

其次，您再次指出了較為疲軟的分散市場。本季度。我很想听聽您提及 Roku scatter 相對於整個行業的表現如何。

Justin, Dan can take the first part, and Charlie can talk about scatter.

賈斯汀、丹可以討論第一部分，查理可以討論分散。

Yes. On the platform gross margin for Q2, it was mix, which caused a slight uptick. With M&E, we did see -- it improved from Q1 to Q2. It was -- we had a very tough quarter for M&E in Q1, and we had -- we did see some uptick. So we did see some positive sequential change from Q1 to Q2 due to M&E. That said, as I said in the prepared remarks, we do expect M&E to be pressured in H2, which is why we expect just a slight tick down in platform gross profit for Q3.

是的。第二季度平台毛利率參差不齊，略有上升。在 M&E 方面，我們確實看到——它從第一季度到第二季度有所改善。第一季度，我們的 M&E 經歷了一個非常艱難的季度，但我們確實看到了一些上升。因此，由於 M&E，我們確實看到從第一季度到第二季度出現了一些積極的連續變化。儘管如此，正如我在準備好的發言中所說，我們確實預計下半年 M&E 將面臨壓力，這就是為什麼我們預計第三季度平台毛利潤將略有下降。

And, Charlie?

還有，查理？

Yes, thanks. And on the scatter side, I think it is a story of categories. Dan mentioned CPG and health and wellness and a few others are really showing green shoots and we've repeated it a few times, M&E, tech and telco, you won't be surprised to hear, it's challenging us.

對了謝謝。從分散的角度來看，我認為這是一個類別的故事。丹提到了快速消費品、健康和保健以及其他一些行業確實出現了萌芽，我們已經重複了幾次，機電、科技和電信，你聽到這個消息不會感到驚訝，這對我們來說是一個挑戰。

So we're seeing that in the marketplace. And again, I think the overall trends that are benefiting us just are like the viewership trends. We used to have to tell people, even in my early tenure here, the linear decline was continuing and connected TV was growing, and now they say it to us and look to us as a solution. So I think we'll see that more and more as the scatter markets roll out.

所以我們在市場上看到了這一點。再說一遍，我認為對我們有利的總體趨勢就像收視率趨勢一樣。我們曾經不得不告訴人們，即使在我任職初期，線性下降仍在繼續，聯網電視正在增長，現在他們對我們這麼說，並將我們視為解決方案。因此，我認為隨著分散市場的推出，我們會看到越來越多的情況。

And our next question will come from Matthew Thornton with Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Matthew Thornton。

Maybe one for -- I'm not sure if it's for Charlie or Anthony and then one for Dan. Maybe for Charlie, I guess, a follow-up to the prior question around leaning into some of that third-party demand. I'm wondering if you can either quantify are we at a point yet where maybe we're getting a point type of lift on revenue growth. And again, to use the old baseball analogy, are we kind of in the first inning there. Just any further color there would be would be helpful.

也許一張是給——我不確定是給查理的還是安東尼的，然後一張是給丹的。我想，對於查理來說，也許是對先前問題的後續討論，圍繞著第三方的一些需求。我想知道您是否可以量化我們是否處於某個點，也許我們的收入增長可能會得到一定程度的提升。再次，用古老的棒球比喻來說，我們是不是處於第一局。任何進一步的顏色都會有幫助。

And then one for Dan. Dan, as we think about the devices business as the branded TVs ramp, they carry a higher ASP. So that will start to become revenue intensive. And so my question is around how you're thinking about gross margin strategy in devices? Can we get back to breakeven next year? Do you think that business will run at breakeven or low single digits over time? Just kind of curious how you think about that because the revenue line theoretically could get bigger with branded TVs.

然後是給丹的一張。丹，當我們考慮隨著品牌電視的增長而帶來的設備業務時，它們的平均售價更高。因此，這將開始變得收入密集型。所以我的問題是你如何考慮設備的毛利率策略？明年我們能恢復盈虧平衡嗎？您認為隨著時間的推移，業務會保持盈虧平衡還是低個位數？只是有點好奇你是如何看待這個問題的，因為理論上品牌電視的收入線可能會更大。

This is Anthony. I'll answer the question on third-party DSPs. I'm up for that. And just Charlie has anything else to add, he can jump in and then we could talk about device margins. I think that -- I mean, we're obviously not breaking out numbers for third-party DSPs. The numbers, I think, are relatively -- the base is relatively modest, but we're seeing strong growth. So we think it's got a lot of potential, but it's going to take a little while to build.

這是安東尼。我將回答有關第三方 DSP 的問題。我已經準備好了。查理還有什麼要補充的，他可以介入，然後我們可以討論設備利潤。我認為——我的意思是，我們顯然沒有公佈第三方 DSP 的數據。我認為這些數字是相對的——基數相對較小，但我們看到了強勁的增長。所以我們認為它有很大的潛力，但需要一些時間來構建。

I don't know if there's anything we can say beyond that, Charlie?

我不知道除此之外我們還能說些什麼嗎，查理？

I think we're very conscious of making sure that it's not cannibalistic. And so some of what I think you'd want to see us do and we're doing it actively is just make sure that it's additive and make sure that we're growing within our long-term business plan. So, so far, so good.

我認為我們非常有意識地確保它不會同類相食。因此，我認為您希望看到我們做的事情以及我們正在積極做的事情就是確保它是可附加的，並確保我們在長期業務計劃內成長。所以，到目前為止，一切都很好。

Dan, do you want to add anything or talk about devices?

Dan，您想添加任何內容或談論設備嗎？

Yes. On the device question, Matt, for -- our first-party TVs will have a different margin outlook, that's right. Obviously, a different revenue outlook relative to the licensed side of the business. And right now, the bulk of the device revenue is, in fact, players, along with a small amount of first-party TVs and our smart home product.

是的。關於設備問題，馬特，我們的第一方電視將有不同的利潤前景，這是正確的。顯然，與獲得許可的業務相比，收入前景有所不同。目前，設備收入的大部分實際上是播放器，還有少量的第一方電視和我們的智能家居產品。

On the longer-term strategy on margins, again, we'll update you more as we go. It's very early days for us in first-party TVs. We like what we see so far. I think we mentioned we're getting extraordinarily good ratings at 4.5 out of 5 stars on all our models at Best Buy. So we love that.

關於利潤率的長期策略，我們將再次為您提供更多最新信息。對於我們來說，第一方電視還處於早期階段。我們喜歡目前所看到的。我想我們提到過我們在百思買的所有型號都獲得了 4.5 星（滿分 5 星）的非常好的評價。所以我們喜歡這樣。

But the margin structure, it's just really small right now. So it's not showing up in the financials. And we'll update you more as we sell more, but a lot of that will be, of course, market-based pricing. And Mustafa and team are excellent at driving the BOM cost for these products. So we'll update you more as it becomes a bigger portion of our device revenue.

但目前的利潤結構確實很小。所以它沒有出現在財務報表中。當我們銷售更多產品時，我們會向您提供更多最新信息，但其中很多當然是基於市場的定價。 Mustafa 和團隊在降低這些產品的 BOM 成本方面表現出色。因此，隨著它在我們設備收入中所佔的比例越來越大，我們將向您提供更多最新信息。

And this is Anthony. I mean, I'll just remind everyone that we -- our business model is -- does not include making money on devices. I mean, devices are a customer acquisition channel for us. And how much we spend there varies based on a lot of factors, including looking at the value of the customers we receive and the return from different segments of distribution.

這是安東尼。我的意思是，我只是提醒大家，我們的商業模式不包括在設備上賺錢。我的意思是，設備是我們的客戶獲取渠道。我們在那里花費的金額取決於很多因素，包括考慮我們收到的客戶的價值以及不同分銷部門的回報。

So we don't -- we're not talking about next year, but we don't -- as a general rule, it's not profit maximizing or value maximizing for us to try and make the device business profitable because the service business is so much more profit.

所以我們不會——我們不是在談論明年，但我們不會——作為一般規則，對我們來說，嘗試讓設備業務盈利並不是利潤最大化或價值最大化，因為服務業務是更多的利潤。

And we have a question from Nicholas Zangler with Stephens.

尼古拉斯·贊格勒向斯蒂芬斯提出了一個問題。

What's the takeaway on upfront negotiations proceeding at a slower pace? Just wondering if you could peel back the dynamic there. And we've heard of advertisers looking for more flexibility in these upfront commitments than in prior years, which I think would naturally push ad spend into the scatter market. But if that is true, just wondering if you could frame up the implications there for Roku.

前期談判進展緩慢的結果是什麼？只是想知道你是否可以剝離那裡的動態。我們聽說廣告商在這些前期承諾中尋求比前幾年更大的靈活性，我認為這自然會推動廣告支出進入分散市場。但如果這是真的，我只是想知道你是否可以闡述一下這對 Roku 的影響。

Sure, Charlie can take that.

當然，查理可以接受。

Sure. Thanks for the question, Nick. You look at the upfronts, and really what people are doing is placing money down early to lock in products of value, products they value in the 12 months of the upfront cycle. And it varies every year how they do so, right, depending on what they think they can get in scatter. And frankly, based on uncertainty of their businesses and how much they can commit in advance.

當然。謝謝你的提問，尼克。你看看預付款，就會發現人們實際上所做的是提前存錢以鎖定有價值的產品，即他們在 12 個月的預付款週期中看重的產品。每年他們的做法都會有所不同，對吧，這取決於他們認為可以分散什麼。坦率地說，基於他們業務的不確定性以及他們可以提前承諾多少。

So the pace reflects that, and I think what it says and it's not an issue for the business so long as the business is running by fourth quarter, that it comes in, in July or June or May as it has in some really healthy years. So long as it's running by fourth quarter, the upfront cycle starts. And I just think you'll see a different mix this year of upfront and scatter because there's not the need, for instance, to lay down that money or people are seeing the uncertainty and decide to hold it until closer to order because they don't think they can get the inventory that they want.

因此，速度反映了這一點，我認為它所說的，只要業務在第四季度之前運行，這對業務來說就不是問題，它會在七月、六月或五月到來，就像在一些非常健康的年份一樣。只要它在第四季度運行，前期週期就會開始。我只是認為今年你會看到預付和分散的不同組合，因為沒有必要，例如，放下這筆錢，或者人們看到不確定性並決定持有它直到接近訂單，因為他們不需要他們不認為他們可以獲得他們想要的庫存。

The flexibility issue is certainly one as well. As they lay down money earlier in a market where perhaps there's not as much early demand, the return -- what they're asking for in return is flexibility. So it's not unusual at all that these would be the issues on the table during an upfront. The result is a slower pace.

靈活性問題當然也是其中之一。當他們在一個可能沒有那麼多早期需求的市場上更早地投入資金時，他們所要求的回報就是靈活性。因此，這些成為前期討論的問題並不罕見。結果是速度變慢。

But again, the dollars that you're committing don't start running until October. So what I like about our trends is that we have more advertisers participating and more people coming to us for solutions, and I think that holds us in good stead whether the money comes upfront or in scatter.

但同樣，你所投入的資金要到十月份才會開始運行。因此，我喜歡我們的趨勢的一點是，我們有更多的廣告商參與進來，也有更多的人來向我們尋求解決方案，我認為無論資金是預付的還是分散的，這都對我們有利。

This is Anthony, I mean I guess I'll just add that we -- I would just say that we've traditionally done very well in the scatter market. That's how we built our ad business initially. So we'll see what happens in this coming season, but traditionally, it's been -- we've been strong in the scatter.

這是安東尼，我想我會補充一點，我們——我只想說，我們傳統上在分散市場上做得很好。這就是我們最初建立廣告業務的方式。所以我們會看看下個賽季會發生什麼，但傳統上，我們在分散方面一直很強大。

Right. And to that point then, are you kind of agnostic to whether it comes via direct or scatter? If we were to see an upfront number come in similar to last year, I mean, I don't necessarily think that has to be perceived as a negative if ultimately more dollars come in through the scatter market. But is that the right way to view the dynamic, whether the dollars come in direct or scatter.

正確的。到那時，您是否不知道它是通過直接還是分散來實現的？如果我們看到與去年類似的預付數字，我的意思是，如果最終有更多的美元通過分散市場進入，我並不一定認為這一定會被視為負面。但這是看待動態的正確方式嗎，無論美元是直接流入還是分散流入。

Charlie?

查理？

Yes, sure. I think that's right. Obviously, pace impacts pricing, but we're very well positioned to even take late money. So sure, as long as the money comes, I think the mix of upfront and scatter does change in every marketplace, and it's getting a little more discussion now simply because of the pace. But I think that's a good way to look at it. That's right.

是的，當然。我認為這是對的。顯然，速度會影響定價，但我們甚至有能力接受遲到的資金。所以可以肯定的是，只要錢來了，我認為預付和分散的組合在每個市場都會發生變化，而且現在僅僅因為速度的原因，它得到了更多的討論。但我認為這是一個很好的看待問題的方式。這是正確的。

Got it. And then finally, just on the Roku TV strategy, just curious. What does success look like for you guys on the Roku-branded TV program? Is this merely a complementary gateway to the consumer? Or for you, is this a strategy that over time you might look to aggressively take market share and maybe do so through price and potentially become effectively a leading TV OEM? Just thoughts on this overall strategy.

知道了。最後，關於 Roku TV 策略，只是好奇。對於你們來說，在 Roku 品牌的電視節目中取得成功是什麼樣的？這僅僅是通往消費者的補充門戶嗎？或者對您來說，這是一種隨著時間的推移，您可能會尋求積極佔據市場份額的策略，也許可以通過價格來實現這一目標，並有可能實際上成為領先的電視 OEM？只是對這個總體策略的思考。

This is Anthony. I'll give the initial answer and then Mustafa can add more detail. So you just think about the Roku TV program and the Roku-branded TVs are all part of our device team or our device efforts, and our device efforts are all around building active accounts. And that's going extremely well, a scenario that we've always been good at, led by the purpose-built operating system that we built just for TV.

這是安東尼。我將給出初步答案，然後穆斯塔法可以添加更多細節。所以你只要想想 Roku 電視節目，Roku 品牌的電視都是我們設備團隊或設備工作的一部分，而我們的設備工作都是圍繞建立活躍帳戶進行的。這一切進展得非常順利，這是我們一直擅長的場景，由我們專為電視構建的專用操作系統引領。

I mean compared to all of our competitors that have basically taken mobile operating systems and ported them to TVs, we've -- we built from the beginning of an operating system from the ground up designed specifically for TVs, and we distribute it in various ways. We distribute it built into our streaming players, built into our -- those TVs that we work with our licensed OEM partners and then our own branded TVs.

我的意思是，與我們所有基本上採用移動操作系統並將其移植到電視上的競爭對手相比，我們從頭開始構建了專門為電視設計的操作系統，並將其分發到各種方法。我們將其分發到我們的流媒體播放器中，內置到我們與我們的授權 OEM 合作夥伴合作的電視中，然後是我們自己的品牌電視中。

And that -- in aggregate, that's resulted in the United States as becoming the #1 streaming platform. We're also, like we said, #1 in Mexico and doing well in a lot of other regions. In the U.S., specifically, we're approaching 1/2 of all broadband households now using a Roku device to watch television.

總的來說，這導緻美國成為第一大流媒體平台。正如我們所說，我們在墨西哥排名第一，並且在許多其他地區也表現出色。具體來說，在美國，接近 1/2 的寬帶家庭現在使用 Roku 設備觀看電視。

So the overall mix of different kinds of ways to reach the consumer has been very successful for us. And players, for example, we -- some people talk about the demise of players. I mean, we don't see that. We sell tens of millions of players a year that add new accounts or increase engagement with existing accounts.

因此，接觸消費者的不同方式的總體組合對我們來說非常成功。比如說球員，我們——有些人談論球員的消亡。我的意思是，我們沒有看到這一點。我們每年銷售數千萬玩家，這些玩家增加了新帳戶或提高了現有帳戶的參與度。

When it comes to TV, TVs are now the most important way that we add active accounts. And by far, still the license program, the program where we license our platform to OEMs is the largest part of that. And then the Roku-branded program is something that's new, it's going well, and it's got a few different purposes, and I'll let Mustafa talk about that.

說到電視，電視現在是我們添加活躍帳戶的最重要方式。到目前為止，仍然是許可計劃，我們將平台許可給原始設備製造商的計劃是其中最大的部分。 Roku 品牌的計劃是一個新的東西，進展順利，並且有一些不同的目的，我將讓 Mustafa 談談這一點。

Yes, Nicholas. Mustafa here. Thanks for the question. Again, for us, the local brand TVs are about really expanding the choice for the consumers. And they're also a strong demonstration of our commitment to further strengthen the Roku TV ecosystem itself, where we had additional innovations and investments that we are making and we also announced that before that we are sharing our innovations and the learnings with our partners. So it's about the strength of the ecosystem and growing the overall Roku TV licensing program.

是的，尼古拉斯。穆斯塔法在這裡。謝謝你的提問。同樣，對於我們來說，本土品牌電視能夠真正擴大消費者的選擇。它們也有力地證明了我們進一步加強 Roku TV 生態系統本身的承諾，我們正在進行額外的創新和投資，並且在此之前我們還宣布將與合作夥伴分享我們的創新和經驗。因此，這關係到生態系統的強度和整個 Roku TV 授權計劃的發展。

And as Dan mentioned, actually, although we launched these products really recently in mid-March, early days are showing that we can actually build good TVs that can get great press reviews. For instance, the Roku Plus series won the Tom's Guide the award for Best Value TV. Again, it shows that we can contribute to the Roku TV ecosystem, although, to some extent, we are offering a competitive product, but in reality, whatever we build to build this best-value TV, it's actually going to our third-party licensing program as well. It's a completely shared program.

正如 Dan 提到的，實際上，儘管我們最近在 3 月中旬推出了這些產品，但早期的情況表明我們實際上可以製造出能夠獲得好評的優質電視。例如，Roku Plus 系列榮獲《湯姆指南》最佳價值電視獎。再次表明，我們可以為 Roku TV 生態系統做出貢獻，儘管在某種程度上，我們提供的是有競爭力的產品，但實際上，無論我們為打造這款最有價值的電視而構建什麼，它實際上都會流向我們的第三方許可計劃也是如此。這是一個完全共享的程序。

Not only the press review, but customer reviews are also great. Again, as Dan mentioned, that all 11 models that we are selling at Best Buy, who is our exclusive retailer for the Roku-branded TVs, they received at least a 4.5 star out of 5 star rating, which is, again, a great indication that we can build good products and contribute the Roku TV program.

不僅媒體評價，客戶評價也很棒。正如丹提到的，我們在百思買（Roku 品牌電視的獨家零售商）銷售的所有 11 款型號，它們至少獲得了 4.5 星評級（滿分 5 星評級），這再次是一個偉大的評價。這表明我們可以打造好的產品並貢獻 Roku TV 節目。

And as Anthony said, just to emphasize, Roku-branded TVs are really a great way to complement to the primary way we distribute our platform, which is through our TV licensing partners and the Roku streaming players. So that's how we see the mix going forward.

正如 Anthony 所說，我想強調的是，Roku 品牌的電視確實是對我們分銷平台的主要方式（即通過我們的電視授權合作夥伴和 Roku 流媒體播放器）進行補充的好方法。這就是我們對未來混合的看法。

Yes. This is Anthony. I think that covers it, but I'll just add, the primary way we're going to -- the primary way to distribute our platform through TVs is through our licensing program. The Roku-branded program, I think, is incremental to that, as we see it driving innovation, which we'll pass on to our partners and see our licensing program, and it also helps us fill gaps that maybe our partners are not filling or demand -- incremental demand that they're not addressing, it allows us to go after that.

是的。這是安東尼。我認為這已經涵蓋了它，但我只想補充一下，我們將要採取的主要方式 - 通過電視分發我們平台的主要方式是通過我們的許可計劃。我認為 Roku 品牌計劃是對此的增量，因為我們看到它推動了創新，我們會將其傳遞給我們的合作夥伴並查看我們的許可計劃，它還幫助我們填補合作夥伴可能無法填補的空白或者需求——他們沒有解決的增量需求，它讓我們能夠去追求這個需求。

Our next question comes from Ross Walthall with Cleveland Research Company.

我們的下一個問題來自克利夫蘭研究公司的羅斯沃爾索爾。

I just had a question on the new Shopify partnership. What's the initial feedback that you're getting on that? And curious if you could share any of the early success stories or learnings from shoppable ads generally.

我剛剛對新的 Shopify 合作夥伴關係有疑問。您收到的初步反饋是什麼？我很好奇您是否可以分享任何早期的成功故事或從可購物廣告中獲得的經驗教訓。

Sure. Charlie?

當然。查理？

Sure. Thanks, Ross. We're really excited about the Shopify partnership. I should note upfront that our goal is to make the TV screen accessible by businesses of all sizes, not just the largest businesses. And so this first-of-its-kind partnership with Shopify provides viewers the ability to seamlessly purchase products from Shopify merchants directly from their TV using Roku shoppable ads. So literally, you just click okay on your remote, you check out automatically with Roku Pay. And an order confirmation from the Shopify merchant hits your inbox. It really is that easy.

當然。謝謝，羅斯。我們對 Shopify 的合作夥伴關係感到非常興奮。我應該預先指出，我們的目標是讓各種規模的企業（而不僅僅是最大的企業）都能使用電視屏幕。因此，與 Shopify 的這種史無前例的合作夥伴關係使觀眾能夠使用 Roku 可購物廣告直接從電視上無縫地從 Shopify 商家購買產品。從字面上看，您只需在遙控器上單擊“確定”，即可使用 Roku Pay 自動結賬。來自 Shopify 商家的訂單確認會發送到您的收件箱。它真的很容易。

So you asked about a couple of partners. True Classic, which is a men's apparel brand, the game-based connected rower -- regatta and wellness brand, Ali, have all signed on as initial partners. Now it's still early days in terms of teaching the consumer how to shop on the TV screen, just like they do on their phones, but to your point, this is something that Roku is excited about and is uniquely positioned to do.

所以你問了幾個合作夥伴。男士服裝品牌 True Classic、基於遊戲的互聯賽艇帆船賽以及健康品牌 Ali 均已簽約成為初始合作夥伴。現在，教消費者如何在電視屏幕上購物（就像在手機上購物一樣）還處於早期階段，但就您而言，這是 Roku 感到興奮的事情，並且具有獨特的優勢。

So we're seeing positive signs for this new ad format, and it's a new purchase point for the consumer. So I think there's a lot of good news ahead.

因此，我們看到了這種新廣告格式的積極跡象，這對消費者來說是一個新的購買點。所以我認為未來會有很多好消息。

And then one follow-up on margins. I know a little bit of discussion earlier about M&E being part of the pressure point in the Q3 margin guidance for the Platform business. Just if you step back and think longer term, what do you need to see in order to get back to that like the high 50s margins? Does that require meaningful recovery in the M&E business? Or are there other avenues to get back there?

然後是關於利潤的一項後續行動。我知道之前有一些關於 M&E 是平台業務第三季度利潤指引壓力點的一部分的討論。如果你退一步思考更長遠的情況，你需要看到什麼才能回到 50 年代的高利潤率？這是否需要機電業務實現有意義的複蘇？或者還有其他途徑可以返回嗎？

This is Anthony. I'll kick that off and maybe turn that over to Dan to talk about. I think the margins are firmly related to the mix. And so with the M&E down, there's less M&E, which is higher margin. And I think there's 2 ways -- from my point of view, there's 2 things that will address that. One is I think the reduction in demand right now is completely cyclical. It's related to the slowdown of the ad business impacting our M&E partners. That's also related to the strikes. And so I think those things will change and we'll see it pick back up again.

這是安東尼。我會開始討論這個問題，也許會把它交給丹來討論。我認為利潤率與組合密切相關。因此，隨著 M&E 的下降，M&E 也會減少，利潤率就會更高。我認為有兩種方法——從我的角度來看，有兩件事可以解決這個問題。一是我認為目前需求的減少是完全週期性的。這與影響我們的媒體和娛樂合作夥伴的廣告業務放緩有關。這也與罷工有關。所以我認為這些事情將會改變，我們會看到它再次回升。

We're also continuing to build out the features in our platform that are used by M&E promotions and sold as part of M&E promotions and making them even more effective. And so I think that's already a very effective way to drive engagement and subscriptions from partner services, but it's just going to get better. I mean, we're making it a lot better -- making it better.

我們還繼續在我們的平台中構建 M&E 促銷使用的功能，並作為 M&E 促銷的一部分進行銷售，並使其更加有效。因此，我認為這已經是一種非常有效的方式來推動合作夥伴服務的參與度和訂閱量，而且它只會變得更好。我的意思是，我們正在讓它變得更好——讓它變得更好。

And then the other part of it is, like Charlie said, where M&E is mostly inventory in the user experience, mostly ad units and the static ad units in the user experience. And there's a lot of opportunities to expand the type of advertisers that we sell those ads to.

然後另一部分，就像查理說的，M&E主要是用戶體驗中的庫存，主要是用戶體驗中的廣告單元和靜態廣告單元。我們有很多機會擴大我們向其銷售廣告的廣告商類型。

Like, for example, T-Mobile sponsor our Sports Zone, we had -- we talked about the McDonald's and Roku City. And so there's other -- we're expanding the client base that we sell those ads to, to relevant brand advertisers as well. So I think all that's going to increase sales over the long term of what we would today call M&E.

例如，T-Mobile 贊助了我們的體育區，我們討論了麥當勞和 Roku City。所以還有其他的——我們正在擴大我們向其銷售這些廣告的客戶群，以及相關的品牌廣告商。因此，我認為從長遠來看，所有這些都將增加我們今天所說的 M&E 的銷售額。

And then I don't know, Dan, if you want to add.

然後我不知道，丹，你是否想補充。

The only thing I'd add is, I think I stated earlier that we are seeing strong margins across all our platform ad categories. So there is a mix impact. And yes, M&E has a disproportionately higher margin. And we do expect at some point, M&E to start to recover again. And also, we are diversifying and things like Roku City also have higher margins. So there are opportunities to grow our margins outside of M&E as well.

我唯一要補充的是，我想我之前說過，我們所有平台廣告類別的利潤率都很高。所以存在混合影響。是的，機電行業的利潤率高得不成比例。我們確實預計在某個時候，機電將再次開始復蘇。而且，我們正在多元化發展，像 Roku City 這樣的公司也有更高的利潤。因此，我們在機電之外也有機會增加利潤。

Congrats on the quarter.

恭喜本季度。

Thank you.

謝謝。

Thanks, Ross.

謝謝，羅斯。

We have a question from Jason Helfstein from Oppenheimer.

我們有來自奧本海默的 Jason Helfstein 的問題。

Two questions. First, there was an interesting choice of words using modest to describe 11% platform growth. So if that's modest, what's normal? So that's one.

兩個問題。首先，使用“適度”一詞來描述 11% 的平台增長是一個有趣的選擇。那麼，如果這是適度的，那麼什麼是正常的呢？這就是其中之一。

And then second, Charlie, can you talk about how you're supporting third-party DSP demand? Are you doing SSP integrations, direct integrations with DSPs or both?

其次，查理，您能談談您如何支持第三方 DSP 需求嗎？您正在進行 SSP 集成、與 DSP 直接集成還是兩者兼而有之？

Let's see, dissecting our adjectives. I don't know. Dan, you're good with adjectives. What's...

讓我們看看，剖析我們的形容詞。我不知道。丹，你很擅長使用形容詞。什麼是...

Yes. That is probably one of the most difficult questions I've had. I'd say it's modest. I don't know when we said it was modest. I will say we're very happy with our Q2 results. I think we talked a little bit about our guidance and what's driving it. And I go back to my original comments on why I came to Roku and how much runway there is ahead of us from an opportunity standpoint on the monetization front.

是的。這可能是我遇到過的最困難的問題之一。我想說這是謙虛的。我不知道什麼時候我們說這是謙虛的。我想說我們對第二季度的結果非常滿意。我想我們討論了一些我們的指導以及推動它的因素。我回到我最初的評論，關於我為什麼來到 Roku，以及從貨幣化方面的機會角度來看，我們還有多少跑道。

So outside of that, I will say, again, we have a lot of runway ahead of us to grow. And maybe we'll just choose our adjectives better when we explain a double-digit growth rate for Q2.

因此，除此之外，我要再次強調，我們還有很長的路要走。當我們解釋第二季度的兩位數增長率時，也許我們會更好地選擇形容詞。

Yes. On DSPs, I mean, there's direct technical integration with the DSPs at multiple levels. And we've had that for a long time and as well as, obviously, we have our own ad tech stack that we continue to make better. We integrate DSPs, third-party DSPs into that ad tech stack.

是的。我的意思是，在 DSP 上，與 DSP 在多個級別上有直接的技術集成。我們已經這樣做了很長一段時間，而且顯然，我們擁有自己的廣告技術堆棧，並且我們會繼續做得更好。我們將 DSP、第三方 DSP 集成到該廣告技術堆棧中。

And then we have a lot of levers on how we choose to work with them. And I would say -- I mean, without getting into details, I would characterize the way we're working with them now versus before, it's just much more active in ways that I think are going to drive more success.

然後我們有很多手段來選擇如何與他們合作。我想說——我的意思是，在不涉及細節的情況下，我會描述我們現在與他們合作的方式與以前相比，它只是更加積極，我認為這將推動更多的成功。

So I don't know, Charlie, if you want to add anything?

所以我不知道，查理，你是否想補充什麼？

Well, first of all, as the first person in media to be asked anything with the word modest in it, I appreciate that. But secondly, I think that's 100% right. And it's the levers that we lean on to meet advertisers where they wish to transact. So Anthony is right on the tech stack, we're remarkably proud of our tech stack and the team that builds it.

嗯，首先，作為媒體中第一個被問到帶有“謙虛”一詞的問題的人，我對此表示讚賞。但其次，我認為這是100%正確的。我們依靠它來滿足廣告商希望進行交易的槓桿。所以安東尼在技術堆棧上是正確的，我們為我們的技術堆棧和構建它的團隊感到非常自豪。

And then we are coming to market in ways that is showing signs of new accounts and new account growth. So it is -- a lot of it is still manual, to be honest, and works through our sales teams but we are working in different ways with third-party DSPs and the way Anthony described.

然後我們進入市場的方式顯示出新客戶和新客戶增長的跡象。確實如此——老實說，很多工作仍然是手動的，並通過我們的銷售團隊進行工作，但我們正在以不同的方式與第三方 DSP 合作，就像安東尼描述的那樣。

And our last question will come from Ralph Schackart with William Blair.

我們的最後一個問題將由拉爾夫·沙卡特和威廉·布萊爾提出。

Just a question kind of going back to the macro a little bit. Maybe can you talk about the linearity of the ad platform revenue growth as it progressed the quarter? So how did you start out versus how did end up through the quarter? Just one for me.

只是一個有點回到宏觀的問題。也許您能談談廣告平台收入增長在本季度的線性增長嗎？那麼本季度的開始和結束情況如何？只給我一個。

Dan will take that.

丹會接受的。

Yes. I guess I would say the pacing was consistent throughout the quarter. And really, I guess, we haven't -- we did see that improvement in those verticals. I would say that those -- that has transpired. There's nothing within the quarter that we saw that changed outside of any normal trends that we have in the quarter. So really not much to add beyond that from an intra-quarter standpoint.

是的。我想我會說整個季度的節奏是一致的。事實上，我想，我們確實看到了這些垂直領域的改進。我想說那些——已經發生了。我們看到本季度內沒有任何正常趨勢之外的變化。因此，從季度內的角度來看，除此之外確實沒有​​什麼可補充的。

But there were modest changes I would say.

但我想說的是，有一些細微的變化。

Right.

正確的。

Thank you. I would now like to turn the conference back over to Anthony Wood for any closing remarks.

謝謝。現在我想將會議轉回安東尼·伍德發表閉幕詞。

Thanks to everyone for joining the call, and thanks to our employees, customers, content partners and advertisers.

感謝大家加入電話會議，感謝我們的員工、客戶、內容合作夥伴和廣告商。

This concludes today's conference call. Thank you for participating.

今天的電話會議到此結束。感謝您的參與。