Roku Inc (ROKU) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Roku Third Quarter 2023 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 Roku 2023 年第三季財報電話會議。 （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 host today, Conrad Grodd, Vice President of Investor Relations. Please go ahead.

我現在想把會議交給今天的東道主，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 Third Quarter 2023 Earnings Call. 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; and Mustafa Ozgen, President, Devices. Full details of our results and additional management commentary are available in our shareholder letter, which can be found on our Investor Relations website at roku.com/investor.

謝謝你，接線生。下午好，歡迎參加 Roku 2023 年第三季財報電話會議。今天，Roku 創辦人兼執行長 Anthony Wood 也加入了我的行列。和我們的財務長 Dan Jedda。 Roku Media 總裁 Charlie Collier 也參加了今天的問答電話會議。和設備部總裁 Mustafa Ozgen。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. On this call, we'll make forward-looking statements, which are predictions, projections or other statements about future events such as our financial outlook; our commitment to positive adjusted EBITDA for full year 2024 and continued improvements thereafter; our investments, future market conditions and macro environment uncertainties. These statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. Please refer to our shareholder letter and periodic SEC filings for risk factors that could cause our actual results to differ materially from these forward-looking statements.

我們對您在本次電話會議中提出的問題的評論和答覆僅反映了管理層截至今天的觀點，我們不承擔更新此資訊的義務。在本次電話會議上，我們將做出前瞻性陳述，即對未來事件（例如我們的財務前景）的預測、預測或其他陳述；我們承諾在 2024 年全年積極調整 EBITDA 並持續改善；我們的投資、未來市場狀況和宏觀環境的不確定性。這些陳述是基於我們目前的預期、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，以了解可能導致我們的實際結果與這些前瞻性聲明有重大差異的風險因素。

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 財務指標的調整表。

Finally, unless otherwise stated, all comparisons on this call will be against the results of 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 年可比較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. We are executing well as the shift to TV streaming continues and delivered a strong quarter. We grew our scale with net adds of 2.3 million active accounts, an acceleration from the previous quarter. We drove strong engagement with streaming hours surpassing 100 billion for the first time on a trailing 12-month basis, and the Roku Channel remains a top 10 streaming app with engagement comparable to Paramount Plus, Peacock and Max according to Nielsen. On the monetization side, platform revenue was up 18% year-over-year, reflecting strong contribution from content distribution and video advertising. We continue to tap into new ad demand sources and are now integrated with more than 30 programmatic partners.

謝謝，康拉德。隨著向電視串流媒體的轉變繼續進行並實現了強勁的季度業績，我們的執行情況良好。我們的規模不斷擴大，活躍帳戶淨增加 230 萬，比上一季加速。根據尼爾森的數據，我們的串流媒體播放時長在過去 12 個月中首次超過 1000 億，並且 Roku Channel 仍然是排名前 10 的串流媒體應用程序，其參與度可與 Paramount Plus、Peacock 和 Max 相媲美。在變現方面，平台營收年增18%，反映內容分發和影片廣告的強勁貢獻。我們不斷挖掘新的廣告需求來源，現已與 30 多個程式化合作夥伴整合。

Spend on the Roku platform through automated third-party demand sources in Q3 grew meaningfully year-over-year, and we expanded our partnerships with marquee brands this quarter. With Spotify, we introduced video ads in the Spotify app on Roku devices and with the NFL, we launched the first League-branded Zone in the Roku sports experience. We continue to make progress in reducing our year-over-year OpEx growth rate. In September, we announced additional measures that included a reduction of our workforce and office facilities and the removal of select content. These measures and other cost reductions, along with our strong top line growth, enabled us to deliver adjusted EBITDA of $43 million in Q3. Going forward, we will balance investment for growth with our commitment to positive adjusted EBITDA for the full year 2024, and we expect continued adjusted EBITDA improvements after that. With our growing scale and engagement, relentless focus on providing the best TV streaming experience and ongoing innovation, we are well positioned as the ad market recoveries.

第三季度，透過自動化第三方需求來源在 Roku 平台上的支出較去年同期大幅成長，本季我們擴大了與知名品牌的合作關係。透過 Spotify，我們在 Roku 裝置上的 Spotify 應用程式中引入了影片廣告；透過 NFL，我們在 Roku 運動體驗中推出了第一個聯盟品牌專區。我們在降低營運支出年增率方面繼續取得進展。 9 月份，我們宣布了額外措施，包括減少員工和辦公設施以及刪除部分內容。這些措施和其他成本削減，加上我們強勁的營收成長，使我們在第三季實現了 4,300 萬美元的調整後 EBITDA。展望未來，我們將在成長投資與 2024 年全年調整後 EBITDA 為正數的承諾之間取得平衡，我們預計此後調整後 EBITDA 將持續改善。隨著我們不斷擴大的規模和參與度，不懈地致力於提供最佳的電視串流體驗和持續的創新，我們在廣告市場的復甦中處於有利地位。

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 ended the quarter with 75.8 million active accounts globally, up 16% year-over-year. Sequential net adds of 2.3 million accelerated quarter-over-quarter. Overall, smart TV unit sales in the U.S. were up year-over-year in Q3, driven by a consumer focus on value that benefited Roku, which grew significantly faster than the overall industry.

謝謝，安東尼。截至本季末，我們的全球活躍帳戶數為 7,580 萬，年成長 16%。連續淨增人數較上季加速成長 230 萬人。總體而言，第三季美國智慧電視銷量較去年同期成長，因為消費者對價值的關注使 Roku 受益，其成長速度明顯快於整個產業。

Roku player unit sales remain above pre-COVID levels and the average Roku player selling price was up 2% year-over-year. Roku users streamed 26.7 billion hours in the quarter, an increase of 22% year-over-year, while viewing hours on traditional pay TV fell 15%. Trading hours per active account per day of 3.9 was up 5% year-over-year.

Roku 播放器銷量仍高於新冠疫情前的水平，Roku 播放器平均售價較去年同期上漲 2%。 Roku 用戶本季的串流播放時長為 267 億小時，年增 22%，而傳統付費電視的觀看時間則下降了 15%。每個活躍帳戶每天的交易時間為 3.9 小時，較去年同期成長 5%。

In Q3, total net revenue increased 20% year-over-year to $912 million. Platform revenue was up 18% year-over-year to $787 million, driven by both content distribution and video advertising, offset by lower media and entertainment promotional spend. Content distribution activities grew faster than overall platform revenue benefited from increased subscription sign-ups along with recent price increases from SVOD partners. Similar to Q2 2023, platform revenue and gross profit also benefited from a positive 606 adjustment from changes in forecasts of our content distribution deals.

第三季度，總淨收入年增 20%，達到 9.12 億美元。在內容分發和影片廣告的推動下，平台收入年增 18% 至 7.87 億美元，但被媒體和娛樂促銷支出的減少所抵消。內容分發活動的成長速度快於整體平台收入的成長，這得益於訂閱註冊量的增加以及 SVOD 合作夥伴最近的價格上漲。與 2023 年第二季類似，平台收入和毛利也受益於我們內容分發交易預測變化的積極調整 606。

Q3 Devices revenue increased 33% year-over-year driven by the launch of our Roku-branded TVs and smart home products. In Q3, ARPU was approximately $41 on a trailing 12-month basis, down 7% year-over-year but up quarter-over-quarter for the first time since Q3 of last year. We expect ARPU to benefit in future periods from a recovery in the ad industry.

由於 Roku 品牌電視和智慧家庭產品的推出，第三季設備營收年增 33%。第三季度，過去 12 個月的 ARPU 約為 41 美元，年減 7%，但自去年第三季以來首次環比成長。我們預計 ARPU 將在未來一段時間內受益於廣告業的復甦。

In Q3, gross profit was $369 million, up 3% year-over-year. Excluding the restructuring and impairment charges, gross profit was up 22% year-over-year. Platform gross margin was 48%, down 5 points sequentially, driven primarily by a $62 million impairment charge related to the removal of select licensed and produced content from the Roku Channel. Excluding the impairment charge, platform gross margin would have been 56%, a 3-point increase sequentially. Devices margin was negative 8%, which was up nearly 10 points sequentially.

第三季毛利為3.69億美元，年增3%。剔除重組和減損費用，毛利年增22%。平台毛利率為 48%，比上一季下降 5 個百分點，這主要是由於與從 Roku 頻道刪除精選許可和製作內容相關的 6,200 萬美元減值費用所致。剔除減損費用後，平台毛利率將為 56%，比上一季增加 3 個百分點。設備利潤率為負 8%，季增近 10 個百分點。

Q3 adjusted EBITDA was positive $43 million. The better-than-expected performance was driven by strong top line growth, along with cost reductions and measures we announced in September to further reduce our year-over-year OpEx growth rate. Free cash flow for Q3 was positive $239 million, and we ended the quarter with over $2 billion in cash and restricted cash.

第三季調整後 EBITDA 為正 4,300 萬美元。好於預期的業績是由強勁的營收成長、成本削減以及我們在 9 月宣布的進一步降低營運支出年成長率的措施所推動的。第三季的自由現金流為正 2.39 億美元，本季結束時我們擁有超過 20 億美元的現金和限制性現金。

Looking to the fourth quarter, we anticipate total net revenue of $955 million, up 10% year-over-year, gross profit of $405 million with gross margin of 42%, and positive adjusted EBITDA of $10 million. Within the Platform segment, we had a solid rebound in video ads in Q3, and we expect year-over-year growth rate of video ads in Q4 to be similar. However, we remain cautious amid an uncertain macro environment and an uneven ad market recovery. Ad verticals like CPG and health and wellness continue to improve, while verticals like financial services and M&E remain challenged.

展望第四季度，我們預計總淨收入為 9.55 億美元，年增 10%，毛利為 4.05 億美元，毛利率為 42%，調整後 EBITDA 為 1000 萬美元。在平台領域，我們的影片廣告在第三季度出現了強勁反彈，我們預計第四季度影片廣告的同比成長率將相似。然而，在宏觀環境不確定和廣告市場復甦不平衡的情況下，我們仍保持謹慎態度。 CPG 和健康保健等廣告垂直產業持續改善，而金融服務和 M&E 等垂直產業仍面臨挑戰。

Additionally, we will face difficult year-over-year growth rate comparisons in content distribution and M&E, which will challenge the year-over-year growth rate of platform revenue in Q4. Within Devices segment, we expect device margins to be down sequentially, in line with historical seasonal trends but up year-over-year. We anticipate both the sequential point decrease and the year-over-year point increase to be in the low teens. As a reminder, Q4 is traditionally a heavier promotional period in the retail calendar, resulting in lower device margins in the quarter relative to other quarters.

此外，我們在內容分發和媒體娛樂方面將面臨困難的同比增長率比較，這將對第四季度平台收入的同比增長率構成挑戰。在設備領域，我們預期設備利潤率將持續下降，與歷史季節性趨勢一致，但較去年同期上升。我們預計環比點下降和同比點增長都將在十幾歲以下。提醒一下，第四季傳統上是零售日曆中促銷力度較大的時期，導致該季度的設備利潤率相對於其他季度較低。

Turning to OpEx. We anticipate Q4 year-over-year growth in the negative mid-teens, a significant improvement from OpEx year-over-year growth of approximately 70% in Q4 of last year. We will continue to operate our business with discipline to defend margins with a focus on driving positive free cash flow over time. Additionally, we remain committed to achieving positive adjusted EBITDA for full year 2024 with continued improvements after that. We will balance this commitment with investments to further expand our scale, engagement and monetization.

轉向營運支出。我們預計第四季的年成長將達到負值，這比去年第四季營運支出約 70% 的年成長有了顯著改善。我們將繼續嚴格經營業務，以捍衛利潤率，重點是隨著時間的推移推動積極的自由現金流。此外，我們仍致力於在 2024 年全年實現正向調整 EBITDA，並在此後持續改善。我們將平衡這項承諾與投資，以進一步擴大我們的規模、參與和貨幣化。

With that, let's take questions. Operator?

說到這裡，我們來提問。操作員？

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

（操作員指示）我們的第一個問題將來自摩根大通的科里·卡彭特（Cory Carpenter）的線路。

Hoping you'd go a bit deeper just into the different trends you're seeing across M&E upfronts in the scatter markets. Charlie, maybe specifically for you, anything that you would call out on impact from geopolitical events in 4Q? And then, Dan, maybe if you could just tie it all together into how those kind of various cross-currents got you to your 4Q guide.

希望您能更深入了解分散市場中 M&E 前期的不同趨勢。查理，也許是專門針對您而言，您對第四季地緣政治事件的影響有何看法？然後，丹，也許你可以將它們全部聯繫起來，看看這些不同的交叉流如何讓你到達你的 4Q 指南。

Cory, thanks. This is Anthony. So yes, Charlie will take that first part of that question, and Dan, the second part.

科里，謝謝。這是安東尼。所以，是的，查理將回答該問題的第一部分，丹將回答第二部分。

Thanks, Anthony. I'll start in the second quarter. We saw a continued rebound in video advertising from second quarter into third quarter. And in third quarter, year-on-year growth of video advertising on Roku actually outperformed the overall ad market and the linear ad market in the U.S. So while we're optimistic about the ongoing rebound in video advertising on our platform, we remain cautious about the uncertain macro environment and the uneven ad market recovery by category.

謝謝，安東尼。我將從第二季開始。我們看到影片廣告從第二季到第三季持續反彈。第三季度，Roku 上視訊廣告的同比增長實際上超過了整體廣告市場和美國線性廣告市場。因此，儘管我們對我們平台上視頻廣告的持續反彈持樂觀態度，但我們仍保持謹慎態度關於宏觀環境的不確定性和廣告市場按類別復甦的不平衡。

Actually, Cory, for instance, CPG and health and wellness are growing and doing quite well, but there are still categories like financial services and insurance that are not recovering as quickly. And you mentioned M&E, I expect M&E to be further pressured in fourth quarter by, of course, the limited fall release schedules because of labor strikes. And there are some challenging comps last year, if you remember, included the World Cup and a healthy seasonal and full theatrical schedule and more. So I'd say sort of trend wise, we had a solid -- really solid rebound in video ads in third quarter. And though there are the ups and downs I mentioned, we're executing well, and I fully expect the year-on-year growth rate of video ads in fourth quarter to be similar to third. Dan, do you want to?

事實上，以科里為例，快速消費品和健康與保健正在成長，而且表現相當不錯，但仍有一些類別，如金融服務和保險，沒有那麼快恢復。您提到了 M&E，我預計 M&E 在第四季度將受到進一步的壓力，當然，由於勞工罷工，秋季發佈時間表有限。如果你還記得的話，去年有一些具有挑戰性的比賽，包括世界盃和健康的季節性和完整的戲劇時間表等等。所以我想說，從趨勢角度來看，我們在第三季的影片廣告出現了強勁的、非常強勁的反彈。儘管有我提到的起伏，但我們執行得很好，我完全預計第四季度視頻廣告的同比增長率將與第三季度相似。丹，你願意嗎？

Yes. Cory, thanks for the question. Let me just tie that to what Charlie just said into how it impacts the Q4 guide. Yes, we did have a very solid video ads rebound in Q3. We do expect, as Charlie said, the year-over-year growth rate in video ads to be similar in Q4. And he also said that we remain cautious and uncertain for the macro environment, the uneven ad market recovery.

是的。科里，謝謝你的提問。讓我將其與查理剛剛所說的關於它如何影響第四季度指南的內容聯繫起來。是的，我們在第三季的影片廣告確實出現了非常強勁的反彈。正如查理所說，我們確實預計第四季度視訊廣告的同比增長率將相似。他也表示，我們對宏觀環境保持謹慎和不確定性，廣告市場復甦不平衡。

I do want to add that we also do face a difficult year-over-year growth rate comparison in content distribution and M&E. And that does challenge the sequential growth rate change from Q3 to Q4. We had a very strong Q3 in our content distribution activities. That comp gets harder in Q4, and that's factored into our guide. And so from a sequential basis, when you look at Q4 2023 growing slower than Q3 2023, some of that is this harder comp. And some of it is timing.

我確實想補充一點，我們在內容分發和媒體與娛樂方面也確實面臨著艱難的同比增長率比較。這確實對第三季到第四季的連續成長率變化提出了挑戰。我們的內容分發活動在第三季表現非常強勁。第四季度的比賽變得更加困難，這已納入我們的指南中。因此，從環比來看，當你看到 2023 年第四季的成長速度慢於 2023 年第三季時，其中一些原因是這種比較困難的情況。其中一些是時機。

If you look at our H2 compared to H1 of this year relative to our H2 compared to H1 of last year, you'll see a 9-point sequential change in the second half of 2023 relative to 2022. So that's also playing into the guide. And I'll just end by saying we expect to demonstrate further leverage in our business while our outlook -- with an outlook that calls for double-digit increase year-on-year in gross profit and a double-digit decrease year-over-year in OpEx, and that's what's driving the positive adjusted EBITDA for Q4.

如果你看我們今年 H2 與 H1 的比較，以及我們 H2 與去年 H1 的比較，你會發現 2023 年下半年相對 2022 年有 9 個點的連續變化。所以這也反映在指南中。最後我要說的是，我們希望在我們的業務中展現出進一步的槓桿作用，同時我們的前景——毛利同比增長兩位數，同比下降兩位數——今年的運營支出，這就是推動第四季調整後EBITDA 實現正值的原因。

Cory, this is Anthony. I'll just -- if I could just wrap it. I'll just add that I feel good about our commitment to achieving positive adjusted EBITDA for the full year 2024 and obviously, with continued improvements after that. I also feel good about continuing to invest in our business while also meeting those targets. So things are looking good for us right now.

科里，這是安東尼。我會——如果我能把它包起來的話。我只想補充一點，我對我們致力於在 2024 年全年實現正調整 EBITDA 的承諾感到滿意，顯然，此後還會持續改進。我也對繼續投資我們的業務同時實現這些目標感到高興。所以現在我們的情況看起來不錯。

Our next question comes from the line of Michael Nathanson with MoffettNathanson.

我們的下一個問題來自 Michael Nathanson 和 MoffettNathanson。

Charlie, I have 2 for you. One is, as you noted in the press release, Roku Channel is up 50% year-over-year. Can you talk a bit about what's changed on your watch in terms of how you program it versus previously? And then secondly, we'll focus on Amazon entering the market for Prime Video ads. What do you think it means for more broadly the ecosystem? And then any competition that you think you'll hit as they enter for Prime Video advertising?

查理，我有兩個給你。其一，正如您在新聞稿中指出的那樣，Roku Channel 年增 50%。您能談談您的手錶在程式設計方式方面與以前相比有何變化嗎？其次，我們將重點放在亞馬遜進入 Prime 視訊廣告市場。您認為這對更廣泛的生態系統意味著什麼？然後，當他們進入 Prime Video 廣告時，您認為您會遇到哪些競爭？

Michael, this is Anthony. Why don't we start with the question about video ads and competitors, and then Charlie can expand on the rest of your question. So I just -- I would say, first of all, we're the leading TV streaming platform. It's a great position to be in. We get asked about market dynamics a lot. We founded Roku on the belief that all TV, including advertising, is going to be streamed. And we're obviously seeing that happen well into that transition, but there's still a long way to go.

邁克爾，這是安東尼。為什麼我們不從有關視頻廣告和競爭對手的問題開始，然後查理可以擴展您問題的其餘部分。所以我想說，首先，我們是領先的電視串流平台。這是一個很好的位置。我們經常被問到市場動態。我們創立 Roku 的信念是，包括廣告在內的所有電視節目都將透過串流媒體傳輸。顯然，我們看到這種轉變正在發生，但還有很長的路要走。

Traditional, TV ads in the U.S., as everyone probably knows, is a $60 billion a year business. It's all going to move to streaming, and there's going to be multiple winners. Our platform obviously has significant scale, engagement, first-party data, unique ad products. And like we said before, in the U.S., our scale is approaching half of broadband households. That makes us a tremendously important platform to be involved in for everyone in the ecosystem. Our streaming hours passed 100 billion hours, a great milestone for us. The Roku Channel, which Charlie will talk more about, it's a top 10 streaming app on our platform and represents nearly 3% of all TV streaming in September, not just on Roku but across everywhere, which is comparable to the engagement of apps like Paramount Plus, Peacock and Max. So we're in a great position.

眾所周知，美國的傳統電視廣告每年產值達 600 億美元。一切都將轉向串流媒體，並且將會有多個贏家。我們的平台顯然具有顯著的規模、參與度、第一方數據和獨特的廣告產品。正如我們之前所說，在美國，我們的規模已接近一半的寬頻家庭。這使我們成為生態系統中每個人都參與的極其重要的平台。我們的串流媒體播放時間已超過 1000 億小時，這對我們來說是一個偉大的里程碑。 Charlie 將詳細討論Roku 頻道，它是我們平台上排名前10 的串流媒體應用程序，佔9 月份所有電視串流節目的近3%，不僅在Roku 上，而且在所有地方，這與派拉蒙等應用程式的參與度相當另外，孔雀和麥克斯。所以我們處於有利地位。

We're a strong part of the ecosystem. We're executing well. And if I think about a couple of factors that would be impacting our -- the growth of our video ad business, specifically, the most important one, which we've mentioned before and continues to be the most important is just the macro is -- well, one is the macro environment, which is impacting everyone right now. And then -- but the second one is just how fast advertisers move from traditional TV to streaming. There's still a lot of dollars that are in the traditional pay TV ecosystem that are all going to move to streaming. And that's a big factor in terms of our growth.

我們是生態系的重要組成部分。我們執行得很好。如果我考慮一下會影響我們影片廣告業務成長的幾個因素，特別是最重要的一個，我們之前提到過並且仍然是最重要的，那就是宏觀因素 - - 嗯，其中之一是宏觀環境，它現在正在影響著每個人。然後，第二個問題是廣告主從傳統電視轉向串流媒體的速度有多快。傳統付費電視生態系統中仍有大量資金將全部轉移到串流媒體。這是我們成長的一個重要因素。

And I think as services like -- services that were traditionally ad-free start to add ads, it does have the benefit of creating more interest in -- of advertisers and moving their ads to streaming. So that's a positive benefit for us. And then I think another thought I have, that maybe most people don't think about is if you think about the Roku Channel as popular streaming services make the trade-off to add ads, it levels the playing field in viewers' minds to services like the Roku Channel, which are already ad-supported. In other words, in streaming services that don't traditionally have ads as they enter the advertising business, I believe it's going to increase engagement on the Roku Channel. So those are a few high-level thoughts. And then, Charlie, do you want to add your thoughts?

我認為，隨著傳統上無廣告的服務開始添加廣告，它確實具有引起廣告商更多興趣並將其廣告轉移到串流媒體的好處。所以這對我們來說是一個正面的好處。然後我想我的另一個想法，也許大多數人沒有想到的是，如果你認為Roku 頻道是流行的串流媒體服務，會在添加廣告方面做出權衡，它會在觀眾心目中為服務提供公平的競爭環境例如 Roku 頻道，已經支援廣告。換句話說，在進入廣告業務時傳統上沒有廣告的串流服務中，我相信這將增加 Roku 頻道的參與度。這些是一些高層次的想法。然後，查理，你想補充你的想法嗎？

Sure. Yes. Thanks for the question, Michael. Thanks, Anthony. Look, we've done a lot of curation on the Roku Channel, and we feel really good about our opportunities there, Michael, to continue to grow. Really, our focus is on bringing the right mix of content to the Roku Channel, content that our customers love and watch across what is really that curated mix of licensed content, the fast channels and original content. And to sort of summarize it or prioritize it for you, originals are a key part of our strategy, and I'm proud of the team and are efficient and impact driving efforts. But the foundation of Roku's content spend is third-party license content that we service for viewers through Roku's unique UI advantages.

當然。是的。謝謝你的提問，麥可。謝謝，安東尼。看，我們在 Roku 頻道上做了很多策劃，邁克爾，我們對在那裡繼續發展的機會感到非常滿意。事實上，我們的重點是將正確的內容組合引入 Roku 頻道，這些內容是我們的客戶喜愛和觀看的內容，這些內容實際上是授權內容、快速頻道和原創內容的精心策劃組合。總結或為您確定優先順序，原創是我們策略的關鍵部分，我為我們的團隊感到自豪，他們的工作高效且具有影響力。但 Roku 內容支出的基礎是第三方授權內容，我們透過 Roku 獨特的 UI 優勢為觀眾提供服務。

Our position as the platform is extremely powerful. Probably, I would say, more powerful than I anticipated even coming in when we first spoke. And we have great program overall, and the numbers and the engagement growth proved that our content mix is working well. The Roku Channel has grown streaming hours 50% year-on-year. And so just like I did at AMC and other places I've led, we're very serious about managing the library, and we frequently tweak it. In fact, we review the Roku Channel's content and the content performance often simply to ensure that viewers have the best possible experiences. That's the job, to adjust the mix of offerings and do so to the benefit of audiences. And that process has helped us grow and the engagement is growing consistently, and we see continued growth ahead across all key content categories starting with that direct license, as I mentioned, including the fast channels and even sports and focus in budget originals.

我們作為平台的地位非常強大。我想說，可能比我們第一次談話時我預想的更強大。總體而言，我們的計劃很棒，數位和參與度的成長證明我們的內容組合運作良好。 Roku 頻道的串流媒體時長年增 50%。因此，就像我在 AMC 和我領導的其他地方所做的那樣，我們非常認真地管理圖書館，並且經常對其進行調整。事實上，我們經常審查 Roku 頻道的內容和內容表現，只是為了確保觀眾獲得最佳的體驗。這就是調整產品組合併為觀眾謀福利的工作。這個過程幫助我們成長，參與度持續成長，我們看到從直接授權開始的所有關鍵內容類別都將持續成長，正如我所提到的，包括快速頻道，甚至體育和專注於預算原創內容。

We have 400-plus fast channels, linear fast channels, and they're gaining in traction. Fans noticed that our NFL partnership continued to grow, and the NFL Zone launched within our sports zone in September. And Roku Originals mirrored that and premiered the NFL Draft, the pick is in. I think you just saw a clip if you were waiting on the call. Applebee's sponsored that, and that provided insider access to the NFL Draft, in partnership with the NFL sitting side by side with our expanded NFL partnership.

我們有 400 多個快速通道、線性快速通道，而且它們正在獲得越來越多的關注。球迷們注意到我們的 NFL 合作夥伴關係持續發展，並且 NFL 專區於 9 月在我們的運動區內推出。 Roku Originals 也反映了這一點，並首映了 NFL 選秀，選秀權已經出來。我想如果您在等待電話會議，您剛剛看到了一個剪輯。 Applebee 對此進行了贊助，並與 NFL 合作，並與我們擴大的 NFL 合作夥伴關係並肩合作，為內部人士提供了參與 NFL 選秀的機會。

And then we did innovative stuff like we launched the Mr. Beast fast channel, working with one of the most popular YouTube creators. I think he has something like 176 million YouTube subscribers. And that was both strategic and accretive, and it was an exclusive launch that our audience has loved, and it performed real well.

然後我們做了一些創新的事情，例如我們與最受歡迎的 Y​​ouTube 創作者之一合作推出了 Mr. Beast 快速頻道。我認為他擁有大約 1.76 億 YouTube 訂閱者。這既是戰略性的，也是增值性的，這是我們的觀眾喜歡的獨家發布，而且表現非常好。

So we're on strategy, Michael, and see growth ahead. We will continue to release new content and new partnerships on the Roku Channel, and I'm pleased with the team and our process and our progress.

所以我們正在製定策略，邁克爾，並看到未來的成長。我們將繼續在 Roku 頻道上發布新內容和新合作夥伴關係，我對團隊、我們的流程和進展感到滿意。

And this is Anthony again. Maybe I'll just point out an important component of our Roku Channel business model, which I think a lot of people understand, but maybe not everyone, which is that Roku's big strategic advantage is that with a platform that a large number of people use to watch television. So approaching half the broadband households in the United States, when they turn on their TV, the UI that they see is the Roku user interface. And so one way we use that is to help recommend content to our -- we use it to recommend content that's in the Roku Channel to viewers. Obviously, we use it to recommend all kinds of content, but we also insert and make sure that we promote content that is in the Roku Channel in our user interface when they're deciding what to watch.

這又是安東尼。也許我只想指出我們 Roku 頻道商業模式的一個重要組成部分，我認為很多人都理解這一點，但也許不是所有人都明白，那就是 Roku 的巨大戰略優勢在於擁有一個大量人使用的平台看電視。因此，美國接近一半的寬頻家庭在打開電視時看到的 UI 是 Roku 使用者介面。因此，我們使用它的一種方式是幫助向我們推薦內容——我們用它向觀眾推薦 Roku 頻道中的內容。顯然，我們用它來推薦各種內容，但當他們決定觀看哪些內容時，我們也會在使用者介面中插入並確保推廣 Roku 頻道中的內容。

And so that position in the viewer journey is a big competitive advantage, and it allows us to grow the scale and engagement in the Roku Channel with much smaller content budgets than other companies that have similar scale have to spend in order to reach that sort of -- in order to achieve that kind of reach. And so it's a big competitive advantage in our business model.

因此，在觀眾旅程中的這一地位是一個巨大的競爭優勢，它使我們能夠以比其他具有類似規模的公司要少得多的內容預算來擴大Roku 頻道的規模和參與度，以達到這種目標。 ——為了達到這樣的目標。因此，這在我們的商業模式中是一個巨大的競爭優勢。

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

我們的下一個問題來自傑森·赫夫斯坦和奧本海默的對話。

Two questions. Sorry, there was an echo. One, how much further does the company plan to go with DSP integrations? I think you called out 30 -- over 30 in the letter. Are you fully deployed with the major DSPs and agency trading desks? Just maybe help us understand what inning. And then second question, Dan, can you give us your philosophy for guidance? Like what's a reasonable kind of upside, downside range? Even if no numbers, just philosophically, I think just that would help investors kind of better set expectations.

兩個問題。抱歉，有迴音。第一，公司計劃將 DSP 整合進一步推進到什麼程度？我想你在信中提到了 30 個——超過 30 個。您是否已充分部署主要 DSP 和代理交易櫃檯？也許可以幫助我們了解哪一局。第二個問題，丹，你能給我們你的指導哲學嗎？例如合理的上行、下行範圍是多少？即使沒有數字，只是從哲學角度來看，我認為這將有助於投資者更好地設定預期。

Jason, this is Anthony. We're making great progress with third-party DSPs, but it's still early in sort of our journey there and tapping into that demand source. But I'll let Charlie talk about it more.

傑森，這是安東尼。我們在第三方 DSP 方面取得了巨大進展，但在我們的旅程和挖掘需求源方面仍處於早期階段。但我會讓查理更多地談論它。

Thanks, Jason. We are seeing meaningful success with our early efforts to scale third-party DSPs. We broadened our relationships with a full spectrum of not just third-party DSPs, but also third-party supply and demand partners. We're -- as you noted, we're there with over 30 programmatic partners, both big and small, to answer your question, and we're spending -- we're seeing them spend on the Roku platform through automated third-party demand sources and also obviously directly with us, and that grew meaningfully year-over-year in the third quarter. A lot of it has to do with a concerted effort to meet marketers where they wish to transact. And that's been successful. It allows us to diversify demand and to demonstrate the full power and breadth of Roku's capabilities, really no matter how an investment in Roku is transacted. And it also has allowed us to be a really flexible partner in multiple ways across the markets we serve.

謝謝，傑森。我們在擴展第三方 DSP 的早期努力中看到了有意義的成功。我們擴大了與全方位的關係，不僅包括第三方 DSP，還包括第三方供需合作夥伴。正如您所指出的，我們有 30 多個大大小小的程序化合作夥伴來回答您的問題，並且我們正在支出 - 我們看到他們通過自動化第三方在 Roku 平台上進行支出 -各方需求來源，顯然也直接與我們聯繫，第三季較去年同期顯著成長。這在很大程度上與齊心協力滿足行銷人員希望進行交易的情況有關。這已經成功了。它使我們能夠實現需求多樣化，並展示 Roku 能力的全部力量和廣度，無論對 Roku 的投資如何進行。它還使我們能夠以多種方式成為我們所服務的市場中真正靈活的合作夥伴。

So the initial results prove the benefits of the strategy. And beyond just growing revenue, the feedback has been terrific, and we're often called our partner's most productive supplier of CTV impressions. And as Anthony said, the good news is these are still early days.

因此，初步結果證明了該策略的好處。除了營收成長之外，回饋也非常好，我們經常被稱為合作夥伴最高效的 CTV 展示次數供應商。正如安東尼所說，好消息是現在還處於早期階段。

I should say there's no silver bullet. The programmatic market faces the same overall macro challenges as other marketplaces, including categories like insurance that are not back as robustly as several other categories. Overall, though, our embrace of third-party partners of all kinds continues and the results should continue to be positive.

我應該說沒有靈丹妙藥。程序化市場面臨著與其他市場相同的整體宏觀挑戰，包括保險等類別的恢復不如其他幾個類別強勁。但總體而言，我們將繼續擁抱各種第三方合作夥伴，並且結果應該繼續是正面的。

We work sort of client by client to set up the best ways to build their businesses and to prove the unique value of Roku.

我們針對不同的客戶進行工作，以建立最佳的方式來發展他們的業務並證明 Roku 的獨特價值。

I do want to note, I sort of say this every quarter, but it's important. Much of our unique first party and ACR data, along with our specialized ad products, our original programming and many of the unique elements of the Roku UI, which deliver at a scale that few others can offer, I mean, these features will continue to remain accessible only through Roku. And it's this diversity of market-facing options that allows us to manage both demand diversification on the one hand and then product and pricing distinction on the other.

我確實想指出，我每季都會這麼說，但這很重要。我們的許多獨特的第一方和ACR 數據，以及我們的專業廣告產品、我們的原創節目以及Roku UI 的許多獨特元素，其提供的規模是其他人無法提供的，我的意思是，這些功能將繼續只能透過 Roku 存取。正是這種面向市場的選擇的多樣性使我們能夠一方面管理需求多樣化，另一方面管理產品和定價的差異。

Jason, I'll take the second part of that question on guidance. Obviously, we performed far better than what we said when we issued our 8-K in early September. And the reason for that was we did have a 606 adjustment that we talked about in the letter that I talked about earlier. We had a great September and Q3 on video ads revenue. We had a very strong content distribution quarter as well. And we saw the opportunity to go even a little deeper in our operating cost savings. And so a lot of that played in to what resulted in Q3.

傑森，我將回答該問題的第二部分關於指導的問題。顯然，我們的表現比我們九月初發布8-K時所說的要好得多。原因是我們確實進行了 606 調整，我們在我之前談到的信中談到了這一點。我們在 9 月和第三季的影片廣告收入方面表現出色。我們的內容發行季度也非常強勁。我們看到了進一步節省營運成本的機會。所以很多因素都影響了第三季的結果。

And going forward, the ad market is variable. It's challenging. A lot of ads are running closer to air dates. That does create some variability within a quarter. It's a very uneven ad market recovery. We're doing our best to forecast that. We think we've got a good handle on that. Content distribution activities is less seasonal and slightly more predictable. But the guidance is to give the best view that we have at the start of the quarter when we give the guidance. So it's not -- I wouldn't say it's like overly conservative. It's not overly aggressive. We don't give a range for a reason. We give what we believe is our best view at the time that we give this call.

展望未來，廣告市場將會改變。這很有挑戰性。許多廣告都在接近播出日期時投放。這確實會在一個季度內產生一些變化。廣告市場的復甦非常不平衡。我們正在盡力預測這一點。我們認為我們已經很好地處理了這個問題。內容分發活動的季節性較少，並且稍微更具可預測性。但該指導意見是我們在本季度初給出指導意見時給出的最佳觀點。所以這不是——我不會說這過於保守。它並不過分激進。我們不給出範圍是有原因的。我們在撥打電話時給出了我們認為最好的觀點。

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

我們的下一個問題來自 Shweta Khajuria 和 Evercore ISI 的路線。

Could you please provide some color on what drove the net adds acceleration specifically? You pointed to a couple of things in your letter, but anything that you can point to, if it was specific to this quarter, something that was onetime or just the trends that you saw. And my next question is anything you want to call out on macro. There are a couple of other advertising platforms that did call out impact from the Israel war. Anything that you saw or just the overall brand sentiment right now and in Q3?

您能否具體說明是什麼推動了網路加速？您在信中指出了一些事情，但是您可以指出的任何事情，如果是特定於本季度的事情，或者只是您看到的趨勢。我的下一個問題是你想在宏觀方面提出的任何問題。還有其他幾個廣告平台確實強調了以色列戰爭的影響。您現在和第三季度看到了什麼或只是整體品牌情緒？

Shweta, this is Anthony. I'll ask Mustafa to see if he has any color on what drove our net adds in the quarter. And then I think your second part of your question was about political ads...

施韋塔，這是安東尼。我會問穆斯塔法，看看他對本季我們的淨成長的推動因素是否有任何看法。然後我認為你問題的第二部分是關於政治廣告...

The war.

戰爭。

The war, Charlie can take.

戰爭，查理可以承受。

This is Mustafa. Thank you for the question. In terms of the drivers of the net add in the quarter, it's a combination of strong growth in the international markets as well as in the U.S. market. Yes. Although we're approaching half of the broadband households in the U.S., we still continue to grow, and we still see growth opportunities as the shift to streaming is happening in the U.S., followed by the international markets.

這是穆斯塔法。感謝你的提問。就本季淨增加的驅動因素而言，這是國際市場和美國市場強勁成長的綜合作用。是的。儘管我們已接近美國寬頻家庭的一半，但我們仍在繼續成長，隨著美國向串流媒體的轉變以及國際市場的轉變，我們仍然看到成長機會。

Overall, both the TV devices and the player devices were contributing to the growth in general. TVs are slightly higher than the players because of the international markets that we have a strong share of TVs at the players because of the mix of the devices used by the consumers in those markets.

總體而言，電視設備和播放器設備都對整體成長做出了貢獻。電視略高於播放器，因為在國際市場上，由於這些市場中消費者使用的設備的混合，我們在播放器上擁有很大的電視份額。

Overall, just looking at the international, we are doing really well in Latin America. In Mexico, we are the #1 selling TV OS, launched the Roku Channel, which continues to grow in reach and engagement, and we are beginning to monetize in Mexico. And again, the improvement that we're doing in engagement and improvements we're doing with the distribution with our TV partners and with our player devices, we see continued growth in Mexico.

總的來說，就國際而言，我們在拉丁美洲做得非常好。在墨西哥，我們是銷量排名第一的電視作業系統，推出了 Roku 頻道，該頻道的影響力和參與度持續增長，並且我們開始在墨西哥實現盈利。再說一次，我們在參與度方面所做的改進以及我們與電視合作夥伴和播放器設備的分銷方面所做的改進，我們看到墨西哥的持續增長。

Again, we have more than 10 TV partners in Mexico, and they are all growing their market share, and that's helping us to get again the #1 selling TV OS in Mexico. Equally, we're growing in other markets like Brazil. We have a strong growth in Brazil. And just like Mexico, Brazil is a large country in terms of number of households, so that's helping us to drive our net adds.

同樣，我們在墨西哥有超過 10 個電視合作夥伴，他們的市場份額都在增長，這有助於我們再次成為墨西哥銷量第一的電視作業系統。同樣，我們在巴西等其他市場也在成長。我們在巴西有強勁的成長。就像墨西哥一樣，巴西的家庭數量也很大，因此這有助於我們推動淨成長。

I'll just add really quick to that. On the international, it's definitely a big tailwind for us. But on the ARPU side, which, of course, takes the actives into account, while we were down 7% at [41] year-on-year, we did see sequential change. That's on a 12-month trial basis. We did see a sequential growth in ARPU, which is a big positive despite a very solid net active adds quarter. And then we also look at it on a quarterly. We don't share it out, but the quarterly ARPU also had a year-on-year change, positive change. So really good ARPU, in addition to a very strong net active adds for the quarter.

我會很快補充這一點。在國際比賽中，這對我們來說絕對是一個巨大的推動力。但在 ARPU 方面，當然，它考慮了活躍活動，雖然我們比去年同期下降 7% [41]，但我們確實看到了連續變化。這是 12 個月的試用期。我們確實看到了 ARPU 的環比增長，儘管季度淨活躍增加非常強勁，但這是一個很大的積極因素。然後我們也會按季度查看它。我們不分享，但季度ARPU也有年比變化，正面的變化。除了本季非常強勁的淨活躍增量之外，ARPU 值非常高。

This is Anthony again. I'll add just a couple of other observations about net adds. One is we are continuing to see a shift in consumers' minds to selecting value-oriented products, and we excel in the value segment of TV. That helped us. And then also, I think we're also continuing to see consumers selecting larger screen-size Roku TVs, which is also beneficial because they tend be consumers that -- the larger screen sizes tend to be in the main room of the house. And so it's a great spot to be in. And then, Charlie, do you want to talk about further...

這又是安東尼。我將添加一些有關淨添加的其他觀察。一是我們持續看到消費者的思維轉向選擇價值導向的產品，而我們在電視的價值領域表現出色。這對我們有幫助。而且，我認為我們還會繼續看到消費者選擇更大螢幕尺寸的 Roku 電視，這也是有益的，因為他們往往是這樣的消費者——更大的螢幕尺寸往往放在房子的主房間裡。所以這是一個很棒的地方。然後，查理，你想進一步討論嗎？

Sure. Yes. Thanks for -- Shweta, thanks for the question about the conflict. Thus far, we are not seeing a direct impact to ad spend the conflict. I would, of course, like most companies experience impact from it to the extent that it affects the macro environment. But again, we're not seeing a direct impact has been from it yet.

當然。是的。謝謝——Shweta，謝謝你提出衝突的問題。到目前為止，我們還沒有看到衝突對廣告支出有直接影響。當然，我會像大多數公司一樣，受到它的影響，達到影響宏觀環境的程度。但同樣，我們還沒有看到它產生的直接影響。

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

我們的下一個問題來自 Ruplu Bhattacharya 與美國銀行的聯繫。

My first question is on the upfront. Can you give some more details, like how did upfront pricing compare to last year? I mean I think last year, you said you had 1 billion plus in commitments. I mean did you continue to gain share? So any details on specifically on the pricing? Because as in the scatter market, as you open up your DSP to working with third-party DSPs, are you open to price discovery below that level of the upfront? And so how do you trade off the fill rate versus CPMs and margins?

我的第一個問題是預先提出的。您能否提供更多詳細信息，例如前期定價與去年相比如何？我的意思是，我想去年，您說您有超過 10 億美元的承諾。我的意思是你繼續獲得份額嗎？那麼具體的定價有詳細資料嗎？因為就像在分散市場中一樣，當您開放 DSP 與第三方 DSP 合作時，您是否願意接受低於預付款水準的價格發現？那麼如何權衡填充率與每千次曝光費用和利潤呢？

Ruplu, this is Anthony. Charlie, obviously, you can take that question.

魯普盧，這是安東尼。查理，顯然，你可以回答這個問題。

I was hoping you'd say it. Thanks, Ruplu. Look, I'm not going to break out the upfronts, except to say you'll be pleased with our numbers overall, whether they come in the broadcast upfront calendar, upfront scatter as the blend you just described. I'll start by saying, look, I'm pleased to report that we did do well in terms of total upfront dollars to the platform.

我本來希望你能這麼說。謝謝，魯普魯。看，我不會透露預付款，只是說您會對我們的整體數字感到滿意，無論它們是否出現在廣播預付款日曆中，預付款分散如您剛才描述的混合。首先我要說的是，我很高興地向大家報告，我們在平台的預付款總額方面做得很好。

It's interesting, as I said in last quarter's earnings call, this year was a very different one for everyone across the industry because it preceded at such a slower pace than usual. And despite the pace, it closed on time as we knew it would, and we're pleased with the outcome. It was interesting to me because the sales team pretty much pivoted from closing the upfront right into focusing on scatter. And one trend you see is advertisers are still spending closer to air dates. I think that will continue, and we certainly saw evidence of that in the third quarter.

有趣的是，正如我在上季度的財報電話會議上所說，今年對於整個行業的每個人來說都是非常不同的一年，因為它的進展速度比平時慢得多。儘管進展緩慢，但它還是如我們所預料的那樣按時結束了，我們對結果感到滿意。這對我來說很有趣，因為銷售團隊幾乎從關閉前期轉向專注於分散。您看到的一種趨勢是，廣告商仍在接近播出日期時進行支出。我認為這種情況將會持續下去，我們在第三季確實看到了這方面的證據。

So when I look at total dollars, we did well. We continue to take share from the overall TV market because of a combination of our unique scale, the data we offer and compelling Roku-only offerings. Again, business tends to keep coming in late as we keep highlighting, but the ad recovery itself is uneven, as Dan mentioned, across categories. So that's just making forecasting particularly challenging. But as broadcast and linear entertainment impressions continue to decline, Ruplu -- as a reminder, by the way, global hours on Roku grew 22% year-over-year, while linear hours in the U.S. declined 15%. So the gap is significant.

所以當我看總金額時，我們做得很好。由於我們獨特的規模、我們提供的數據以及引人注目的 Roku 專用產品的結合，我們繼續從整個電視市場奪取份額。同樣，正如我們不斷強調的那樣，業務往往會持續遲到，但正如丹所提到的那樣，各個類別的廣告復甦本身並不均衡。因此，這使得預測變得特別具有挑戰性。但隨著廣播和線性娛樂印象持續下降，Ruplu——順便提醒一下，Roku 的全球播放長度同比增長了 22%，而美國的線性播放時長則下降了 15%。所以差距是很大的。

So as this continues, I believe CTV in general and Roku specifically will continue to be planned and bought earlier in the process. So overall, advertisers engage with Roku on the upfront. I talked a little bit about our third-party DSPs. We're seeing great engagement there, too. And we're seeing, again, later than usual, but we're seeing that engagement in scatter as well.

因此，隨著這種情況的繼續，我相信 CTV 和 Roku 將繼續在過程的早期進行規劃和購買。整體而言，廣告主會預先與 Roku 進行互動。我簡單介紹了我們的第三方 DSP。我們在那裡也看到了很高的參與。我們再次看到，比平常晚，但我們也看到這種參與正在分散。

We've talked a lot about having nearly half the broadband households in the U.S. and the unique advantages of that scale in our data and our ad products like Roku City or shoppable ads or some of the powerful tools we use to attract and engage and retain audiences, I think all of that is what's seeing us drive that success.

我們已經談論了很多關於擁有美國近一半的寬頻家庭，以及我們的數據和我們的廣告產品（如Roku City 或可購物廣告）或我們用來吸引、參與和留住的一些強大工具的規模的獨特優勢觀眾們，我認為所有這些都是我們推動成功的原因。

Got it. And just for a quick follow-up. If M&E spend remains weak, are there things you can do to monetize the home screen and screen saver differently that is diversified to other end markets? So any thoughts there? Congrats on the quarter.

知道了。只是為了快速跟進。如果媒體和娛樂支出仍然疲軟，您是否可以採取一些措施，以不同的方式透過主螢幕和螢幕保護程式貨幣化，並將其多元化到其他終端市場？那麼有什麼想法嗎？恭喜本季。

Yes. Let me start on M&E. And I'm sure Charlie has things to say on that topic as well. So I think -- well, first of all, I'll just say that, as I said before, we're the #1 TV streaming platform. We distribute lots of streaming services and apps and content. We're often, if not usually, their #1 distribution platform on television. And this relationship, the scale of our relationship with viewers and with content apps generates a lot of different revenue streams for us beyond just M&E. And you can see this in our Q3 results. In Q3, M&E was pressured, but we still grew the platform revenue 18%. And so those are -- so that implies, obviously, these other revenue streams are doing well.

是的。讓我從機電開始。我確信查理對這個話題也有話要說。所以我認為——首先，我只想說，正如我之前所說，我們是排名第一的電視串流平台。我們分發大量串流媒體服務、應用程式和內容。我們經常（如果不是通常的話）是他們在電視上的第一大分發平台。這種關係，我們與觀眾和內容應用程式的關係規模，為我們帶來了許多不同的收入來源，而不僅僅是媒體和娛樂。您可以在我們第三季的業績中看到這一點。第三季度，M&E 受到壓力，但我們平台收入仍成長了 18%。因此，這些顯然意味著其他收入來源表現良好。

And then when it comes to M&E promotions, specifically, just in case everyone doesn't know what that, that is, as we expose the TV viewing UI to our viewers and as they browse around, we integrate promotions for different types of content into the user experience. And we do it in ways that are effective in driving engagement, ways to build subscriptions but also ways that are super viewer friendly. So it's something we're good at. We put a lot of effort into it. It's a win-win for everyone. It's good for our business. It leverages the fact that one of our key assets is the user interface for selecting content. So it's an area that we continue to invest in, an area that I think we're best-in-class in, an area that we're going to continue to invest in.

然後當涉及到M&E 促銷時，具體來說，以防萬一每個人都不知道那是什麼，也就是說，當我們向觀眾公開電視觀看UI 並在他們瀏覽時，我們將不同類型內容的促銷整合到用戶體驗。我們以有效提高參與度、建立訂閱的方式以及對觀眾超級友好的方式來做到這一點。所以這是我們擅長的事。我們為此付出了很多努力。這對每個人來說都是雙贏的。這對我們的生意有好處。它利用了這樣一個事實：我們的關鍵資產之一是用於選擇內容的使用者介面。因此，這是我們繼續投資的領域，我認為我們是同類中最好的領域，我們將繼續投資的領域。

And M&E is down right now because of the current state of the economy and the ad cycle, but it's an area that I think has long-term potential. I don't know, Charlie, do you want to add your thoughts on M&E?

由於當前的經濟狀況和廣告週期，媒體與娛樂產業目前正在下滑，但我認為這是一個具有長期潛力的領域。我不知道，查理，你想補充你對 M&E 的看法嗎？

Sure. Thanks, Anthony. And Ruplu, thanks for the congratulations. We talked a lot about diversifying demand, and Anthony talked about integrating all sorts of different advertisers and promotion into the UI beyond M&E, and that's right. And maybe I'll just add that stepping back, I think it's good to think about how versatile a partner Roku is both to M&E and to other advertisers who need to prove that their marketing is working. We have top of the funnel and bottom of the funnel impact, and we're building upon it. So just on M&E, look, we're a business builder for our media and entertainment partners, not just a place for them to invest. And that's because we make their services and content, we use the word unmissable a lot, unmissable across the full funnel from broad reach acquisition right through to engagement.

當然。謝謝，安東尼。還有魯普魯，謝謝你的祝賀。我們談論了很多關於多樣化需求的問題，安東尼談到了將各種不同的廣告商和促銷活動整合到 M&E 之外的 UI 中，這是正確的。也許我會補充一點，退後一步，我認為考慮一下合作夥伴 Roku 對於 M&E 和其他需要證明其行銷有效的廣告商來說是多麼多才多藝，這是一件好事。我們有漏斗頂部和漏斗底部的影響，我們正在以此為基礎。因此，就媒體和娛樂而言，我們是媒體和娛樂合作夥伴的業務建設者，而不僅僅是他們的投資場所。那是因為我們為他們提供服務和內容，我們經常使用「不可錯過」這個詞，「不可錯過」貫穿從廣泛覆蓋範圍獲取到參與的整個管道。

And in the case of M&E partners on Roku, that literally means, right? You see their ads on our platform and the integration Anthony talked about. Viewer will click here and watch the video here, too. So that is the ultimate endemic advertiser for us. And we're starting to see that impact beyond M&E. So we're effective and accountable. And what's interesting is we're finding each of our partners has individual ways of seeing the power of the Roku platform to help them build their business. And so simultaneously, we can benefit the customers, really the consumers, the advertisers and our M&E channel partners, and we sort of relish all 3 opportunities.

對於 Roku 的 M&E 合作夥伴來說，這實際上意味著，對吧？您可以在我們的平台上看到他們的廣告以及安東尼談到的整合。觀眾也將點擊此處並在此處觀看影片。所以這對我們來說是最終的流行廣告商。我們開始看到這種影響超越了機電領域。所以我們是有效率且負責任的。有趣的是，我們發現每個合作夥伴都有自己的方式來了解 Roku 平台幫助他們發展業務的力量。因此，同時，我們可以使客戶受益，實際上是消費者、廣告商和我們的媒體與娛樂管道合作夥伴，我們有點享受這三個機會。

Anthony talked about the short-term pain that the M&E category is facing because of the difficult ad sales market, limited fall release schedules and the general uncertainty. And I mentioned earlier that last fourth quarter, there were some pretty big promotional moments from the World Cup to midterm elections. But I got to tell you, the temporary economic cycles do not dampen the enormous opportunity that we see in working with our streaming partners. We just have the reach and the scale and the powerful tools, both to win ourselves but also to help them win.

安東尼談到了由於廣告銷售市場困難、秋季發佈時間表有限以及普遍的不確定性，媒體和娛樂類別面臨的短期痛苦。我之前提到過，去年第四季度，從世界盃到中期選舉，有一些相當大的宣傳時刻。但我必須告訴你，暫時的經濟週期並不會削弱我們在與串流媒體合作夥伴合作中看到的巨大機會。我們只是擁有影響力、規模和強大的工具，既可以贏得自己，也可以幫助他們獲勝。

Just a few examples. We produced some branded content that builds viewer loyalty. One of our partners actually leans on advanced Roku machine learning to optimize their creative executions for them so they can proactively reduce churn and improve win backs. And there's lots of examples like this, and it's not just the large partners. This is really effective media. And if you're a Roku user, you probably noticed that a couple of weeks ago, we had a fan experience around the new season of Apple's The Morning Show. And this content was exclusively available on the Roku platform. It included unlocked new material, free episodes, exclusive interviews and a 3-month free extended trial for Apple TV+ subscribers.

僅舉幾個例子。我們製作了一些建立觀眾忠誠度的品牌內容。我們的一位合作夥伴實際上依靠先進的 Roku 機器學習來優化他們的創意執行，以便他們能夠主動減少客戶流失並提高贏回率。這樣的例子還有很多，而且不只是大合作夥伴。這是真正有效的媒體。如果您是 Roku 用戶，您可能會注意到，幾週前，我們圍繞 Apple 的《早間秀》新一季進行了粉絲體驗。而且該內容僅在 Roku 平台上提供。它包括解鎖的新材料、免費劇集、獨家採訪以及針對 Apple TV+ 訂閱者的 3 個月免費延長試用。

So the breadth and depth of this promotion is a perfect example of what I've been talking about in this question. But answering a couple of others, we're the right place for M&E and other partners to invest to build engagement and we'll do more of it and we'll measure it uniquely for them and we'll improve the impact.

所以這次促銷的廣度和深度就是我在這個問題中所討論的一個完美的例子。但在回答其他幾個問題時，我們是 M&E 和其他合作夥伴進行投資以建立參與度的正確場所，我們將做更多的事情，我們將為他們進行獨特的衡量，我們將提高影響力。

And this is Anthony again. Just maybe touch back on your question, the other part of your question, which was what's beyond M&E in the user experience, I think, is sort of how I interpreted that question. And it's innovating ways to create ways for viewers to discover content and also to create experiences that they find compelling in our user interface and then integrate promotion, marketing sales into those experiences is a big part of our strategy of monetizing our installed base. And so this an area that we have invested in historically. I think we lead in it, and it's an area that we continue to invest in.

這又是安東尼。也許回到你的問題，你問題的另一部分，即使用者體驗中 M&E 之外的內容，我認為，這就是我對這個問題的解釋。它以創新的方式為觀眾創造發現內容的方式，並創造他們在我們的用戶界面中發現引人注目的體驗，然後將促銷、行銷銷售整合到這些體驗中，這是我們將安裝基礎貨幣化的戰略的重要組成部分。所以這是我們歷史上投資的一個領域。我認為我們在這方面處於領先地位，而這是我們繼續投資的領域。

Just some examples. When we launched the Sports Zone, for example, which is a big pain point for viewers, how do they find which of the many streaming services their favorite game is being played on currently. It was -- that sports experience when we launched it was sponsored by T-Mobile, so which is not a traditional M&E advertiser for us.

只是一些例子。例如，當我們推出「體育專區」時，這對觀眾來說是一個很大的痛點，他們如何找到目前正在播放的眾多串流媒體服務中的哪一個是他們最喜歡的遊戲。當我們推出運動體驗時，它是由 T-Mobile 贊助的，所以這對我們來說不是傳統的 M&E 廣告商。

And then another example, Roku City has become super popular with our viewers. It has become a cultural phenomenon. It used to have only M&E-based ads. We started adding buildings. Like we added the McDonald's building, for example, which is a big hit. So these are the kinds of things we're doing. And these are things that -- these are promotions and advertising and viewer experiences that everyone loves. Advertisers love them, our viewers love them. So it's a big -- it's certainly a huge area of focus for us.

另一個例子是，Roku City 非常受觀眾歡迎。它已成為一種文化現象。它過去只有基於媒體和娛樂的廣告。我們開始新增建築物。例如，我們增加了麥當勞大樓，這非常受歡迎。這些就是我們正在做的事情。這些是每個人都喜歡的促銷、廣告和觀眾體驗。廣告商喜歡它們，我們的觀眾也喜歡它們。所以這對我們來說無疑是一個很大的關注領域。

Our next question comes from the line of Steven Cahall with Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Sorry if I missed this earlier, but as we just look at the gross margin performance of platform in the quarter, is it right to think about some of the year-on-year and sequential weakness as being driven by the M&E market, that that's some of the highest gross margin revenue. And so as that trends into Q4 and could even be a little bit weak in Q1, should we just be thinking about a little bit of pressure? So I'd love some color there.

抱歉，如果我之前錯過了這一點，但由於我們只關注本季平台的毛利率表現，因此認為某些同比和連續疲軟是由機電市場驅動的是否正確？一些毛利率最高的收入。因此，隨著第四季度的趨勢，甚至第一季可能會有點疲軟，我們是否應該考慮一點壓力？所以我喜歡那裡有一些顏色。

And then, Dan, when you think about the OpEx growth heading out -- sorry, heading down to mid-teens in Q4. You've done a lot on costs. There were some in the 8-K, and I think you've continued to work on it. Is that a good way for us to think about some of the early part of 2024 as well? I know you'll hit a tough comp by the end of 2024, but can OpEx be down mid-teens? I know you've had investment projects in the past. So I just want to make sure if that's a decent run rate or if there's anything more ahead on the OpEx side.

然後，丹，當你想到即將到來的營運支出成長時——抱歉，第四季將下降到十幾歲左右。你在成本方面做了很多工作。 8-K 中有一些，我認為你還在繼續努力。這對我們來說是思考 2024 年初的一些問題的好方法嗎？我知道到 2024 年底您將遇到艱難的競爭，但營運支出會下降到十幾歲左右嗎？我知道您過去有過投資項目。所以我只是想確定這是否是一個不錯的運行率，或者運營支出方面是否還有更多進展。

Yes, I'll take that. Thanks for the question, Steven. On the gross margin side, the platform gross margin of 56%, backing out the impairment charges that we talked about for Q3, was a very strong. Gross margin quarter for us, it was up 3 points sequentially. As we look -- as you look forward, and yes, on a year-over-year basis, there is an impact on the mix of M&E. It is our -- one of our highest margin products within advertising. And there's also different margin structures within the different content distribution activities as well as within display versus video versus M&E advertising. So when we look at margins, we look at them and we want all of them to go up and to the right as we improve margins, but we're very focused on absolute gross profit dollars, which leads to absolute free cash flow, which is obviously a North Star for us.

是的，我會接受的。謝謝你的提問，史蒂文。在毛利率方面，扣除我們談到的第三季減損費用後，平台毛利率為 56%，非常強勁。我們的季度毛利率較上季成長了 3 個百分點。正如我們所看到的——正如你們所期望的那樣，是的，與去年同期相比，機電組合受到了影響。這是我們在廣告領域中利潤率最高的產品之一。不同的內容分發活動以及展示廣告、影片廣告和媒體娛樂廣告也存在不同的利潤結構。因此，當我們考慮利潤率時，我們希望隨著利潤率的提高，所有利潤率都會上升並向右，但我們非常關注絕對毛利，這會帶來絕對自由現金流，對我們來說顯然是北極星。

But to answer your question on guidance, we did have a 606 adjustment in Q3 that did add 200 basis points of margin to platform. We don't -- there's no guidance to give for that because, of course, that depends on the forecast that we have at the end of the quarter for 606 adjustments. But we do feel good about gross margins ex that 606 adjustment and where they are on a go-forward basis. But mix will play an impact on that based on the M&E market, which does continue to remain challenged. And we're expecting that business to be challenged going forward.

但為了回答您關於指導的問題，我們確實在第三季度進行了 606 調整，確實為平台增加了 200 個基點的保證金。我們沒有——沒有為此提供指導，因為當然，這取決於我們在季度末對 606 項調整的預測。但我們確實對 606 調整後的毛利率以及未來的毛利率感到滿意。但混合將對機電市場產生影響，機電市場仍面臨挑戰。我們預計該業務未來將面臨挑戰。

So that gives you a little bit of color on how to think about gross margins.

這讓你對如何思考毛利率有了一些了解。

To your question on OpEx, we guided to a gross profit of $405 million for Q4 and an EBITDA of $10 million. You all will do the math. That puts OpEx in that $500 million to $510 million range. From a go forward perspective, we'll give more guidance for 2024 next quarter when we do Q4 results. But I would anticipate low single-digit growth rates from a run rate basis off that. But because we are focused on driving towards the positive adjusted EBITDA, but we're also going to balance that with growth and look at positive ROI initiatives and invest in those as we look at -- to expand our scale and our monetization.

對於您關於營運支出的問題，我們預計第四季度的毛利為 4.05 億美元，EBITDA 為 1000 萬美元。你們都會算一算。這使得營運支出在 5 億至 5.1 億美元之間。從未來的角度來看，我們將在下個季度公佈第四季度業績時為 2024 年提供更多指導。但我預期從運行率來看，成長率將較低。但因為我們專注於推動積極的調整後EBITDA，但我們也將在成長與成長之間取得平衡，並著眼於積極的投資回報率計劃並投資於我們所關注的計劃，以擴大我們的規模和貨幣化。

Our next question comes from the line of David Joyce with Seaport Research Partners.

我們的下一個問題來自 David Joyce 和 Seaport Research Partners 的電話。

Could you please discuss your thoughts about the carriage deals in the legacy world, such as Charter and Disney, where the streaming apps are becoming more prevalent on those cable systems? How might that impact your business model or plans? And if you could marry that thought with the increasing pricing on the streaming services, do you -- how do you think the consumer is reacting to all of the streaming choice out there and the pricing versus the legacy model in terms of how that could impact your streaming trajectory?

您能否談談您對傳統世界（例如 Charter 和 Disney）運輸交易的看法，因為串流媒體應用程式在這些有線電視系統上變得越來越普遍？這會對您的業務模式或計劃產生什麼影響？如果你可以將這種想法與串流媒體服務不斷上漲的定價結合起來，你認為消費者對所有串流媒體選擇有何反應，以及定價與傳統模式的反應如何影響你的串流軌跡？

David, this is Anthony. Well, I think at a high level, the agreements like you just highlighted also highlight the importance of streaming in the current and future TV ecosystem. So the fact that pay TV operators are more actively trying to promote streaming offerings, I think just shows -- it just makes it very clear that streaming is the future. And we're the #1 streaming platform in the United States. We're in a great position to continue to benefit as the world and the country shifts to streaming.

大衛，這是安東尼。嗯，我認為從較高的層面來看，像您剛才強調的協議也凸顯了串流媒體在當前和未來電視生態系統中的重要性。因此，付費電視業者更加積極地嘗試推廣串流媒體產品這一事實，我認為這只是表明——這清楚地表明串流媒體是未來。我們是美國排名第一的串流媒體平台。隨著世界和國家轉向串流媒體，我們處於有利地位，可以繼續受益。

In the U.S., for example, our active account base is bigger than the largest 3 pay TV providers combined, which is also -- I think when we started Roku, people would have thought that would never happen. We're the #1 TV streaming platform in the country by our stream and these both -- and we've built both of these positions while competing with very large competitors.

例如，在美國，我們的活躍帳戶基數比最大的 3 家付費電視提供商的總和還要大，我想當我們創辦 Roku 時，人們會認為這種情況永遠不會發生。從我們的串流媒體和這兩者來看，我們是全國排名第一的電視串流平台——我們在與非常大的競爭對手競爭的同時建立了這兩個地位。

So I think we're well positioned to continue to monetize viewer activity engagement on our platform no matter where the viewers obtain their streaming credentials -- streaming subscription credentials. So I just think we're in a great position. And these pay TV companies are trying to figure out how to make the transition to streaming, but it's going to be very tricky and very difficult for them to do that.

因此，我認為我們處於有利位置，可以繼續透過我們平台上的觀眾活動參與獲利，無論觀眾在何處獲得串流媒體憑證（串流訂閱憑證）。所以我認為我們處於一個很好的位置。這些付費電視公司正在試圖弄清楚如何過渡到串流媒體，但這對他們來說將非常棘手且非常困難。

And I think if you look at the Roku platform, it serves not just viewers that are cord cutters and just sign it for Netflix and YouTube and the Roku Channel. But also we do serve pay TV operators -- pay TV customers. Virtual TV services are very popular, even non-virtual TV services. Like for example, I personally live in a spectrum area, and I use Roku obviously to watch television. I also subscribe to the Spectrum app, which is a great app on Roku as well.

我認為，如果你看看 Roku 平台，你會發現它不僅僅服務於那些掐線者，只是在 Netflix、YouTube 和 Roku 頻道上簽名的觀眾。但我們也為付費電視業者——付費電視客戶提供服務。虛擬電視服務非常流行，甚至非虛擬電視服務也是如此。例如，我個人生活在一個頻譜區域，我顯然使用 Roku 看電視。我還訂閱了 Spectrum 應用程序，這在 Roku 上也是一個很棒的應用程式。

So I think that we're great at selling subscriptions. We monetize all viewer activity not just by selling subscriptions, and we monetize viewers no matter how they obtain their streaming credentials. And we're extremely well positioned to continue to do well as the world shifts to streaming.

所以我認為我們非常擅長銷售訂閱。我們不僅透過銷售訂閱來將所有觀眾活動貨幣化，而且無論觀眾如何獲得串流媒體憑證，我們都可以將他們貨幣化。隨著世界轉向串流媒體，我們處於非常有利的位置，可以繼續表現出色。

I think our big headline is going to be that you watch TV through Roku.

我認為我們的大標題將是透過 Roku 看電視。

Yes. Surprising. And I have a Pay TV subscription, right, but it's through the Spectrum app on Roku.

是的。奇怪。我訂閱了付費電視，對吧，但這是透過 Roku 上的 Spectrum 應用程式訂閱的。

And then you asked about the impact of increasing -- the price increases on streaming. I mean it's a natural evolution of the ecosystem. It will rise -- it will raise overall streaming revenue. And I think we've seen so far, it's been good for our business because we have a large business distributing content services. We do billing. We have revenue share arrangements. We have a lot of different arrangements that result in that being positive for our business overall.

然後你問了串流價格上漲的影響。我的意思是這是生態系的自然演進。它將會上升——它將提高整體串流媒體收入。我認為到目前為止我們已經看到，這對我們的業務有利，因為我們擁有分發內容服務的大型業務。我們做帳單。我們有收入分成安排。我們有很多不同的安排，這對我們的整體業務產生了積極的影響。

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

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

Anthony, a lot of your streaming partners, your media and entertainment companies are losing billions of dollars, and Wall Street is putting a lot of pressure on them. I'm sure you've seen their stock prices. They're at multiyear, even multi-decade lows. What can Roku do to help them accelerate revenue growth and reduce costs? Like what are the options or what types of creative things could you do to help these companies that are really struggling in their streaming businesses?

安東尼，你的許多串流媒體合作夥伴、你的媒體和娛樂公司正在損失數十億美元，華爾街給他們帶來了巨大的壓力。我相信你已經看過他們的股價了。它們處於多年來甚至幾十年來的低點。 Roku 可以採取哪些措施來幫助他們加速收入成長並降低成本？例如，您可以採取哪些選擇或採取哪些類型的創意來幫助這些在串流媒體業務中真正陷入困境的公司？

Well, I mean, as they transform their businesses to streaming-first companies, I mean, there's a lot of ways we can help them. We -- that's what we do, actually is our core, is connect viewers with streaming services and advertisers. And we do it in a lot of different ways. We have a lot of products that can help them build their businesses whether they're trying to build an ad-supported business or whether they're trying to build a subscription business. We've spent a lot of time putting those features into our platform, thinking deeply about it. And so just in terms of effectiveness for them and spending dollars to make the transition to streaming and to sign up new subscribers, we're, by far, the most efficient and effective platform to do that marketing platform. So that's one.

嗯，我的意思是，當他們將業務轉變為串流媒體優先公司時，我們可以透過很多方法幫助他們。我們——這就是我們所做的，實際上是我們的核心，是將觀眾與串流媒體服務和廣告商聯繫起來。我們透過很多不同的方式做到這一點。我們有許多產品可以幫助他們建立業務，無論他們是嘗試建立廣告支援的業務還是嘗試建立訂閱業務。我們花了很多時間將這些功能放入我們的平台中，並進行了深入思考。因此，就他們的有效性以及花費資金過渡到串流媒體和註冊新訂戶而言，我們是迄今為止最高效、最有效的行銷平台。這就是其中之一。

Two is there's different ways for those companies to distribute their service. They can create apps, and a lot of companies are trying to do that. But that's a heavy lift. I mean when you do your own direct-to-consumer service, create your own app, it requires a lot of technical expertise. It requires a lot of marketing expertise. It requires a lot of a lot of money to acquire customers and retain customers and build user experiences. And the other way is for those companies to work with Roku and integrate into our overall user experience with what we call premium subscriptions, which is a way for them to offer SVOD services but without doing the heavy lifting of building their own app and figuring how to become data science experts and how to build engagement when people might be using -- customers might be in a different user experience.

二是這些公司有不同的方式來分發他們的服務。他們可以創建應用程序，許多公司都在嘗試這樣做。但這是一個沉重的負擔。我的意思是，當你做自己的直接面向消費者的服務、創建自己的應用程式時，它需要大量的技術專業知識。它需要大量的營銷專業知識。它需要大量的資金來獲取客戶並留住客戶並建立用戶體驗。另一種方式是這些公司與Roku 合作，透過我們所謂的高級訂閱融入我們的整體用戶體驗，這是他們提供SVOD 服務的一種方式，但無需建立自己的應用程式並弄清楚如何進行繁重的工作。成為數據科學專家，以及如何在人們可能使用時建立參與度——客戶可能處於不同的用戶體驗。

And so those are -- that's another way a content partner or an app -- or sorry, a studio that transport -- sorry, a streaming company -- a media company that's transitioning to streaming can much more efficiently build their business without building a lot of new streaming and expertise and with focusing more on what they're good at, which is the content in their programming. So those are a few examples. I don't know if anyone -- Charlie, do you...

因此，這是內容合作夥伴或應用程式的另一種方式，或者抱歉，一個傳輸的工作室，抱歉，一家串流媒體公司，一家正在向串流媒體過渡的媒體公司可以更有效地建立業務，而無需建立許多新的串流媒體和專業知識，並且更專注於他們所擅長的內容，即他們的節目內容。這些只是一些例子。我不知道是否有人——查理，你...

Rich, one thing we talk about a lot is Roku is a really powerful engagement engine. So as people are moving from certainly subscription services to now embracing ad sales, we can help them drive engagement, and we're seeing that a lot. It's a really big shift even cyclically moving from trying to get people to subscribe and not churn to getting them to watch the shows and the commercials. And so we're really good at driving engagement, and we're having a lot of positive response and seeing the impact of our media as we help our M&E partners drive engagement. And then another thing we're doing is windowing differently with the studios. So you're going to see a lot -- we're very efficient, as Anthony said, with respect to our programming costs, and we're a really good partner for the studios as well in that respect because we're a window that hasn't existed before, and we can monetize it in different ways because of the power of the UI that Anthony mentioned.

Rich，我們經常談論的一件事是 Roku 是一個非常強大的參與引擎。因此，隨著人們從訂閱服務轉向現在的廣告銷售，我們可以幫助他們提高參與度，我們已經看到了很多這樣的情況。從試圖讓人們訂閱而不流失到讓他們觀看節目和廣告，這是一個非常大的轉變，甚至是週期性的轉變。因此，我們非常擅長推動參與度，在幫助我們的媒體和娛樂合作夥伴推動參與時，我們得到了很多積極的回應並看到了媒體的影響。我們正在做的另一件事是與工作室採用不同的視窗方式。所以你會看到很多——正如安東尼所說，在我們的節目成本方面，我們非常高效，在這方面我們也是工作室的一個非常好的合作夥伴，因為我們是一個窗口這是以前不存在的，由於安東尼提到的用戶介面的強大功能，我們可以透過不同的方式將其貨幣化。

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

我們的下一個問題來自 Ben Swinburne 與摩根士丹利 (Morgan Stanley) 的對話。

Two questions. There's an echo. Okay, it's gone. I wanted to ask you guys about live programming. You guys mentioned in the letter quite a bit, growth in live and the investments in live. And I think back to years ago, people probably thought live TV was going to die and streaming would be all on demand. What -- any sense for how much of your viewing is done through by viewing and whether that's an opportunity for you guys in terms of monetization. I would imagine it would have greater ad loads, maybe greater overall engagement levels, and I think a lot of the investments you guys have made in content and products are around driving fast channels and a lot of the Roku Channel is built, particularly sports, around live. So I'd love to hear some thoughts on whether that's something we should be thinking about as a tailwind to the business.

兩個問題。有迴聲。好吧，已經消失了。我想向你們詢問有關直播節目的問題。你們在信中多次提到了現場的成長和現場的投資。我想回到幾年前，人們可能認為直播電視將會消失，串流媒體將全部按需提供。什麼——你的觀看量有多少是透過觀看完成的，以及這對你們來說是否是一個盈利的機會。我想它會有更大的廣告負載，也許會有更高的整體參與度，而且我認為你們在內容和產品上所做的很多投資都是圍繞推動快速頻道，並且建立了很多Roku 頻道，特別是體育頻道，週邊住。因此，我很想聽聽一些關於我們是否應該將其視為業務順風車的想法。

And then I just want to ask, Dan, on the North Star comment on free cash flow. You guys generated, I think, about $150 million year-to-date. Any expectations you can share this for the year or the fourth quarter just to get a sense for what you think free cash flow might shake out for 2023?

然後我只想問丹，關於北極星公司對自由現金流的評論。我想，你們今年迄今已經創造了大約 1.5 億美元。您可以分享對今年或第四季的任何預期，以了解您認為 2023 年自由現金流可能會發生什麼變化嗎？

Thanks, Ben. This is Anthony. I'll take the first part on live and then, Dan, obviously, will take the second part. So yes, I mean, well, first of all, let me just define live. So live in the streaming world, at least on our platform, means content that is truly live, like a sports game or an awards show. But it also means content that is just programmed linearly because it's hard to call it a linear -- I'm just explaining this for other listeners. So when you call it a linear channel, that doesn't -- viewers don't respond to that. So we call the whole category of linear viewing live.

謝謝，本。這是安東尼。我將現場直播第一部分，然後丹顯然將直播第二部分。所以，是的，我的意思是，首先，讓我定義一下生活。因此，在串流媒體世界中，至少在我們的平台上，直播意味著真正直播的內容，例如體育比賽或頒獎典禮。但這也意味著只是線性編程的內容，因為很難稱其為線性——我只是向其他聽眾解釋這一點。因此，當你稱其為線性頻道時，觀眾不會對此做出反應。所以我們把整個範疇的線性觀看稱為直播。

And then live is something we've been focused on for at least a couple of years now. And we've built out a lot of great experiences to promote live content. There's a live menu in our left-hand tab on our home screen. We built an EPG, the electronic program guy, which is sort of like a traditional cable box UI for live programming. That's also very popular. And we continue to put a lot of effort into things like our machine learning algorithms drive tuning of live. And it's very popular.

直播是我們至少幾年來一直在關注的事情。我們已經打造了許多出色的體驗來推廣直播內容。主螢幕左側選項卡中有一個即時選單。我們建立了一個 EPG，即電子節目管理器，它有點像用於現場節目的傳統有線電視盒 UI。這也很受歡迎。我們繼續在機器學習演算法驅動直播調整等方面投入大量精力。而且它很受歡迎。

It surprised me actually how popular it is. I was wondering -- people thought maybe it would fade away, but it's not true. It turns out there's lots of people that don't want to have to -- don't want to pick a show. They just want to flip through a few channels and find something that catches their attention.

事實上它如此受歡迎讓我感到驚訝。我想知道——人們認為它可能會消失，但事實並非如此。事實證明，有很多人不想選擇——不想選擇節目。他們只是想瀏覽幾個頻道並找到引起他們注意的東西。

So it's a big growth area for us. It will probably continue to be a big growth area, especially important internationally, where linear is still super big. So there's a lot of different categories, different types of content, whether it's live or VOD, AVOD or SVOD or TVOD. And we put a lot of effort into all those types of content. But live is popular and growing fast.

所以這對我們來說是一個很大的成長領域。它可能仍將是一個巨大的成長領域，在國際上尤其重要，線性仍然非常大。因此，有許多不同類別、不同類型的內容，無論是直播還是 VOD、AVOD、SVOD 或 TVOD。我們在所有這些類型的內容上投入了大量精力。但現場直播很受歡迎且成長迅速。

We're also actually airing some live events. We have Formula E coming up, and we've done some great work with the Miss Universe Pageant. And so there are opportunities there. But also live is confusing often to the viewer, the way so many of these sports packages are being split up. So Anthony mentioned it earlier, but our Sports Zone is an incredible tool for viewers to figure out how to navigate. And actually, the consumer experience team does an amazing job helping viewers navigate to the live events that they'd like to find. So it's another platform advantage as well. They come through our front door. We make it delightful and simple for them to find what they want to watch and get where they want to go.

我們實際上也在直播一些現場活動。我們即將舉辦電動方程式錦標賽，我們在環球小姐選美比賽中也取得了一些出色的成績。所以那裡有機會。但現場直播也經常讓觀眾感到困惑，因為如此多的體育節目被分割。安東尼之前提到過，但我們的運動區是一個令人難以置信的工具，可以幫助觀眾弄清楚如何導航。事實上，消費者體驗團隊在幫助觀眾導航到他們想要找到的現場活動方面做得非常出色。所以這也是另一個平台優勢。他們從我們的前門進來。我們讓他們輕鬆愉快地找到他們想看的內容並到達他們想去的地方。

And we're always looking for ways to help our viewers. So for example, we have something called tune-in reminders, which is a way for a viewer to like be reminded when a live event is about to air. And they can click on an ad for an event and it can schedule a tune-in reminder for them where they'll get a notice. So it's definitely an area we're also innovating in as well.

我們一直在尋找幫助觀眾的方法。例如，我們有一種稱為收視提醒的功能，這是一種讓觀眾在現場活動即將播出時收到提醒的方式。他們可以點擊某個活動的廣告，它可以為他們安排一個收聽提醒，在那裡他們會收到通知。所以這絕對是我們也在創新的領域。

On free cash flow, thanks for the question on that. And yes, you're right, 3, 2 quarters, we had about $161 million of positive free cash flow, $239 million in this most recent quarter. We're very focused on free cash flow. And with respect to Q4, we will have some restructuring charges that get paid out in Q4, so I need to wait and see like the timing of that relative to our working capital. Obviously, Q4 is a big advertising quarter for us. But a lot of that collection doesn't come until Q1. And then Q1 also is a big payment for us through some of our sales and marketing channels.

關於自由現金流，感謝您提出這個問題。是的，你是對的，三、兩個季度，我們有大約 1.61 億美元的正自由現金流，最近一個季度為 2.39 億美元。我們非常關注自由現金流。關於第四季度，我們將在第四季度支付一些重組費用，所以我需要等待，看看相對於我們的營運資金的時間表。顯然，第四季對我們來說是一個重要的廣告季度。但其中許多產品要到第一季才會上市。第一季也是我們透過一些銷售和行銷管道支付的一大筆費用。

That said, I think that EBITDA is a very good proxy for free cash flow. We -- after several quarters of being capital intense, we are now capital light, and so EBITDA is going to be a pretty good proxy of free cash flow with some fluctuations in working capital from quarter-to-quarter.

也就是說，我認為 EBITDA 是自由現金流的一個很好的代表。經過幾季的資本密集之後，我們現在資本輕了，因此 EBITDA 將成為自由現金流的一個很好的指標，但營運資本每季都會有一些波動。

That concludes our question-and-answer session. I'd like to turn the call back to Anthony Wood for closing remarks.

我們的問答環節到此結束。我想將電話轉回給安東尼·伍德，讓他致閉幕詞。

Thanks, everyone, for joining. Thanks to our employees, customers, content partners and advertisers. Thanks for attending our call today.

謝謝大家的加入。感謝我們的員工、客戶、內容合作夥伴和廣告商。感謝您今天參加我們的電話會議。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。