Roku Inc (ROKU) 2021 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Third Quarter 2021 Roku Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded. (Operator Instructions)

下午好，女士們，先生們，歡迎來到 2021 年第三季度 Roku 收益電話會議。 （操作員說明）作為提醒，今天的通話正在錄音中。 （操作員說明）

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

我現在想把會議交給今天的主持人，投資者關係副總裁康拉德·格魯德。請繼續。

Thank you, operator. Good afternoon, and welcome to Roku's Third Quarter 2021 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; Steve Louden, our CFO; and Scott Rosenberg, the Senior Vice President, General Manager of our Platform business, who will be available for Q&A. 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，接線員。下午好，歡迎來到 Roku 的 2021 年第三季度財報電話會議。今天，Roku 的創始人兼首席執行官 Anthony Wood 加入了我的行列；我們的首席財務官 Steve Louden；以及我們平台業務的高級副總裁兼總經理 Scott Rosenberg，他將接受問答。我們的股東信函中提供了我們業績的全部詳細信息和其他管理層評論，該信函可在我們的投資者關係網站 roku.com/investor 上找到。

Our comments and responses to your questions on this call reflect management's views as of today only and we disclaim any obligations 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 statements regarding our financial outlook, future market conditions, and our expectations regarding the continued impact of COVID-19 on our business and industry.

我們對此電話會議的評論和對您的問題的回應僅反映了管理層截至今天的觀點，我們不承擔更新此信息的任何義務。在本次電話會議上，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述，例如關於我們的財務前景、未來市場狀況以及我們對 COVID-19 對我們業務的持續影響的預期的陳述和工業。

These statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. Please refer to our shareholder letter and our periodic SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements.

這些陳述基於我們當前的預期、預測和假設，涉及風險和不確定性。請參閱我們的股東信函和我們定期向美國證券交易委員會提交的文件，以獲取有關可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素的信息。

We'll also discuss certain non-GAAP financial measures on today's call. Reconciliations to the most comparable GAAP financial measures are provided in our shareholder letter. Finally, unless otherwise stated, all comparisons on this call will be against our results for the comparable period of 2020.

我們還將在今天的電話會議上討論某些非公認會計原則的財務措施。我們的股東信中提供了與最具可比性的 GAAP 財務指標的對賬。最後，除非另有說明，否則本次電話會議上的所有比較都將與我們在 2020 年可比期間的結果相反。

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

現在我想把電話交給安東尼。

Thanks, Conrad, and thanks to everyone for joining today's call. In Q3, we delivered another quarter of strong revenue growth. The monetization side of our business continued to make tremendous progress, with ARPU surpassing the milestone of $40.

謝謝康拉德，感謝大家參加今天的電話會議。在第三季度，我們實現了又一個季度的強勁收入增長。我們業務的貨幣化方面繼續取得巨大進展，ARPU 超過了 40 美元的里程碑。

I'd now like to highlight 3 major themes. First, consumers, advertisers and content publishers continue to shift to TV streaming. Roku's role at the center of the ecosystem to bring these stakeholders together on a common platform is more important than ever. Second, Roku is the best platform for content publishers that want to grow a successful streaming business, with a very effective and efficient set of tools for promoting content services, whether that's signing up new customers, increasing customer engagement or reducing attrition.

我現在想強調 3 個主要主題。首先，消費者、廣告商和內容髮布商繼續轉向電視流媒體。 Roku 在生態系統中心將這些利益相關者聚集在一個通用平台上的作用比以往任何時候都更加重要。其次，Roku 是希望發展成功的流媒體業務的內容髮布商的最佳平台，擁有一套非常有效和高效的工具來推廣內容服務，無論是註冊新客戶、增加客戶參與度還是減少流失。

We've put a lot of effort into building these capabilities and our content partners are taking advantage of the tools and products we offer. And third, there is still a significant gap as advertisers have been slow to follow viewers to TV streaming. With our scale, technology and first-party customer relationships, we are uniquely positioned to benefit as this gap begins to close.

我們為構建這些功能付出了很多努力，我們的內容合作夥伴正在利用我們提供的工具和產品。第三，由於廣告商追隨觀眾觀看電視流媒體的速度很慢，因此仍有很大差距。憑藉我們的規模、技術和第一方客戶關係，隨著這種差距開始縮小，我們處於獨特的優勢地位。

The investments we have made and continue to make in our operating system that is purpose-built for TV as well as our strong brand and large scale continue to position us well for the long term. And with that, let me turn it over to Steve.

我們在專門為電視構建的操作系統中進行並繼續進行的投資以及我們強大的品牌和規模繼續使我們長期處於有利地位。有了這個，讓我把它交給史蒂夫。

Thanks, Anthony. Before we take your questions, I'll walk through operational and financial highlights and discuss our viewpoint looking forward. We grew active accounts by 1.3 million in Q3, ending the quarter with 56.4 million. While we continue to scale the platform, we believe that the slowdown in active account growth rate this quarter was in large part attributable to global supply chain disruptions that have impacted the overall U.S. TV market.

謝謝，安東尼。在我們回答您的問題之前，我將介紹運營和財務亮點，並討論我們對未來的看法。我們在第三季度增加了 130 萬個活躍賬戶，到本季度末達到 5640 萬個。雖然我們繼續擴大平台規模，但我們認為本季度活躍賬戶增長率的放緩在很大程度上是由於全球供應鏈中斷影響了整個美國電視市場。

Specifically, overall U.S. TV sales in Q3 fell below pre-COVID 2019 levels. We believe this was largely a function of lower inventory and higher component costs being passed along to consumers as overall U.S. TV prices increased 42% year-over-year. We believe that some of our TV OEM partners were hit particularly hard with these inventory challenges.

具體來說，第三季度美國電視的整體銷量低於 2019 年 COVID 之前的水平。我們認為，這主要是由於美國電視整體價格同比上漲 42%，庫存減少和組件成本增加轉嫁給消費者所致。我們相信，我們的一些電視 OEM 合作夥伴在這些庫存挑戰中受到的打擊尤其嚴重。

Meanwhile, Roku player unit sales remained above pre-COVID levels and the average selling price decreased 7% year-over-year as we chose to insulate consumers from higher costs. Roku users streamed 18 billion hours in the quarter, an increase of 21% year-over-year as we continued to outperform viewing hour growth rates of both traditional TV and other TV streaming platforms.

同時，由於我們選擇讓消費者免受更高成本的影響，Roku 播放器的銷量仍高於 COVID 之前的水平，平均售價同比下降 7%。 Roku 用戶在本季度的流媒體播放時間為 180 億小時，同比增長 21%，因為我們繼續超過傳統電視和其他電視流媒體平台的觀看小時增長率。

Total Q3 revenue increased 51% year-over-year to $680 million. Platform segment revenue was up 82% year-over-year to $582.5 million, representing 86% of total revenue. Platform monetization accelerated with ARPU of $40.10 on a trailing 12-month basis, up nearly 50% year-over-year. Player revenue and player unit sales were both down 26% year-over-year, following the pandemic-related demand spike in Q3 2020, but remained above pre-COVID levels in Q3 2019.

第三季度總收入同比增長 51% 至 6.8 億美元。平台部門收入同比增長 82% 至 5.825 億美元，佔總收入的 86%。平台貨幣化加速，過去 12 個月的 ARPU 為 40.10 美元，同比增長近 50%。在 2020 年第三季度與大流行相關的需求激增之後，玩家收入和玩家單位銷售額均同比下降 26%，但在 2019 年第三季度仍高於疫情之前的水平。

Gross profit, our key financial metric, grew 69% year-over-year in Q3 to $363.9 million, resulting in gross margin of 54%. Platform gross margin of 65% was consistent with Q2 levels and was more than expected due to a favorable mix toward higher-margin media and entertainment spend by content publishers. As mentioned earlier, we chose to insulate our consumers from increased component and logistics costs, resulting in player gross margin decreasing to negative 15% in Q3.

我們的關鍵財務指標毛利潤在第三季度同比增長 69% 至 3.639 億美元，毛利率為 54%。 65% 的平台毛利率與第二季度的水平一致，並且由於內容出版商對利潤率更高的媒體和娛樂支出的有利組合而超出預期。如前所述，我們選擇讓消費者免受組件和物流成本增加的影響，導致第三季度玩家毛利率下降至負 15%。

Our strong revenue and gross profit performance allowed us to deliver a record adjusted EBITDA of $130.1 million in Q3, while still investing in the business with OpEx spend of $295.1 million, up 45% year-over-year. We ended Q3 with approximately $2.2 billion of cash, cash equivalents, restricted cash and short-term investments.

我們強勁的收入和毛利潤表現使我們在第三季度實現了創紀錄的 1.301 億美元的調整後 EBITDA，同時仍以 2.951 億美元的運營支出投資該業務，同比增長 45%。我們在第三季度末擁有約 22 億美元的現金、現金等價物、受限現金和短期投資。

As we look ahead, our business fundamentals remained strong overall. The global supply chain disruptions will likely impact the overall holiday season in terms of shipping delays, product availability issues and product price increases. We expect the U.S. TV market to continue to be significantly impacted by these issues.

展望未來，我們的業務基本面整體保持強勁。全球供應鏈中斷可能會在運輸延誤、產品供應問題和產品價格上漲方面影響整個假期。我們預計美國電視市場將繼續受到這些問題的重大影響。

Additionally, certain advertising verticals could reduce spend in Q4 due to limited product availability. Year-to-date, we are pleased with the performance of the business despite continued pandemic-related obstacles, and we achieved continued progress as the secular shift to TV streaming proceeds.

此外，由於產品供應有限，某些廣告垂直行業可能會減少第四季度的支出。年初至今，儘管與大流行相關的障礙持續存在，但我們對業務的表現感到滿意，並且隨著向電視流媒體的長期轉變，我們取得了持續的進展。

Our Q4 outlook is for a robust growth, with total net revenue of $893 million at the midpoint, up 37% year-over-year despite macro headwinds and comping strong performance last Q4 from a rebounding ad business as well as the introduction of new SVOD services that drove content distribution value and M&A spend. Q4 estimated gross profit of $385 million at the midpoint, up 26% year-over-year, is being impacted by our decision to absorb increasing supply chain-related costs in our player business as we optimize for account growth versus player gross profit.

我們對第四季度的展望是強勁增長，總淨收入在中點為 8.93 億美元，同比增長 37%，儘管存在宏觀逆風，並且由於廣告業務的反彈以及新 SVOD 的推出，去年第四季度的表現強勁推動內容分發價值和併購支出的服務。第四季度的中點估計毛利潤為 3.85 億美元，同比增長 26%，這受到我們決定在我們的玩家業務中吸收不斷增加的供應鏈相關成本的影響，因為我們針對賬戶增長與玩家毛利進行了優化。

We anticipate that the ongoing investments we are making as we grow and expand our business, will increase operating expenses on a sequential basis, and as a result, we expect Q4 adjusted EBITDA to be $70 million at the midpoint. Please note that adjusted EBITDA includes stock-based comp of $57 million and $13 million of depreciation and amortization and net other income in the quarter.

我們預計，隨著我們業務的增長和擴展，我們正在進行的持續投資將連續增加運營費用，因此，我們預計第四季度調整後的 EBITDA 將在中點達到 7000 萬美元。請注意，調整後的 EBITDA 包括 5700 萬美元的股票補償和 1300 萬美元的折舊和攤銷以及本季度的其他淨收入。

We are pleased with the resilience of our business in the face of macro headwinds and continue to have confidence in the long-term vision of all TV moving to streaming that has driven Roku's extraordinary growth since inception. We therefore continue to invest in our technology, tools and platform to maintain and grow our leading position in the TV ecosystem.

我們對我們的業務在面對宏觀逆風時的複原力感到滿意，並繼續對所有電視轉向流媒體的長期願景充滿信心，這推動了 Roku 自成立以來的非凡增長。因此，我們繼續投資於我們的技術、工具和平台，以保持和發展我們在電視生態系統中的領先地位。

With that, let's turn the call over for questions. Operator?

有了這個，讓我們把電話轉過來提問。操作員？

(Operator Instructions) Our first question comes from the line of Mark Zgutowicz with Rosenblatt Securities.

（操作員說明）我們的第一個問題來自 Rosenblatt Securities 的 Mark Zgutowicz。

Steve, I was hoping maybe you could flesh out the revenue guide a bit, both revenue and gross margin that is, in terms of player versus platform. And then as you called out product pricing in ad spend on the product pricing front, are you anticipating raising prices?

史蒂夫，我希望你能稍微充實一下收入指南，包括收入和毛利率，即玩家與平台的關係。然後，當您在產品定價方面在廣告支出中提到產品定價時，您是否預計會提高價格？

And then on the ad spend call out, is there a specific direction you're getting from ad buyers right now that points to that call as well? Just if you could flesh a few of those details out, that would be great.

然後在廣告支出呼籲中，您現在從廣告購買者那裡得到的具體方向是否也指向該呼籲？只要你能充實其中的一些細節，那就太好了。

Yes. Yes, in terms of the Q4 revenue, the outlook calls for a robust growth of 37% year-over-year at the midpoint for $893 million on the revenue side. There are a couple of factors impacting the year-over-year growth rate that I'll walk you through.

是的。是的，就第四季度的收入而言，前景要求在收入方面實現 8.93 億美元的中點同比強勁增長 37%。有幾個因素會影響年增長率，我將向您介紹。

So first one is tough comps from last year. So especially on the platform side, we delivered exceptional performance in Q4 of 2020, largely driven by very strong media and entertainment spending by content publishers, strong results on the content distribution side. That was the time when you had a couple marquee services that we were launching or building up in terms of HBO Max and discovery+ launching. And so those are a couple of factors that make the year-over-year comp pretty tough on (inaudible).

所以第一個是去年的艱難比賽。因此，特別是在平台方面，我們在 2020 年第四季度取得了出色的表現，這主要得益於內容出版商非常強勁的媒體和娛樂支出，以及內容分發方面的強勁業績。那個時候，我們在 HBO Max 和 Discovery+ 發布方面推出或建立了一些重要的服務。因此，這些因素使得年復一年的比賽變得非常艱難（聽不清）。

Then you kind of mentioned that the supply chain disruptions that we talked about for Q3 in terms of -- and this is really a macro industry or macro trend that's impacting a lot of industries, where you've got component cost increases, you have inventory availability challenges, you have shipping delays and shipping cost increases. Those are really -- we believe those will continue into Q4 and into, sometime in 2021 -- or sorry, 2022. And so those are factored into the outlook color Q4.

然後你提到了我們在第三季度談到的供應鏈中斷——這實際上是一個宏觀行業或宏觀趨勢，它影響著很多行業，你有組件成本增加，你有庫存可用性挑戰，您有運輸延遲和運輸成本增加。這些確實是-我們相信這些將持續到第四季度並在 2021 年的某個時候持續到-或者對不起，到 2022 年。因此，這些都被考慮到了第四季度的前景顏色中。

And then we are -- there's a lot of uncertainties around the holiday season, and we are also tracking some of the knock-on effects that we've seen that where certain verticals, especially on the advertising side, they're seeing their own supply chain challenges impacting their availability and thus, some of them are slowing down their advertising spend. So we saw a bit of that in Q3, and we anticipate, like a lot of other folks, that, that will be persistent in Q4 as well.

然後我們 - 假期期間有很多不確定性，我們也在跟踪我們看到的一些連鎖反應，在某些垂直領域，特別是在廣告方面，他們看到了自己的供應鏈挑戰影響了它們的可用性，因此，其中一些正在放慢廣告支出。所以我們在第三季度看到了一些這樣的情況，我們預計，像很多其他人一樣，這也將在第四季度持續存在。

Okay. And maybe a quick follow-up, Steve, just as I look at 3Q print, player revenue was obviously weak and platform actually performed quite well. So if I think about 4Q, player versus platform, is it fair to say that more of that guide pertains to the player side of the business and acknowledging that there are tough comps in player? But maybe if you could just flesh that out just a bit more, I'd be -- I'd appreciate it.

好的。也許是一個快速的跟進，史蒂夫，就像我看第三季度的印刷品一樣，玩家收入顯然很弱，平台實際上表現得很好。因此，如果我考慮 4Q，玩家與平台，是否可以公平地說該指南更多地涉及業務的玩家方面並承認玩家中有艱難的組合？但也許如果你能再充實一點，我會 - 我會很感激。

Yes, sure, Mark. So on the one -- just as context on that and really just -- and this speaks to the impact on the TV market with U.S. TV sales. So the supply chain disruptions that I mentioned are impacting a lot of industries, they're impacting U.S. TV sales, that is down. The market is down 31% year-over-year, in part because pricing on U.S. TVs on average is up 42%. And the U.S. TV market is actually down below pre-COVID levels in the corresponding period in 2019.

是的，當然，馬克。因此，就這一點而言 - 就像背景一樣，真的只是 - 這說明了美國電視銷售對電視市場的影響。因此，我提到的供應鏈中斷正在影響許多行業，它們正在影響美國的電視銷售，這是下降的。市場同比下降 31%，部分原因是美國電視的價格平均上漲了 42%。而美國電視市場實際上在 2019 年同期低於 COVID 之前的水平。

When you look at the Roku Player results, as you mentioned, Roku revenue -- Roku Player revenues and Roku units are down year-over-year based on an extraordinary demand spike in the pandemic in Q3 2020. But player unit and player revenue are actually, in Q3, above 2019 levels. So the TV side of the industry, we definitely get hit harder than the Roku players. Part of that has to do with we've chosen to insulate consumers in terms of the pricing, while not passing on the component cost increases. And we mentioned that we plan to do that in Q4 as well.

正如您所提到的，當您查看 Roku 播放器的結果時，Roku 收入——基於 2020 年第三季度大流行的異常需求激增，Roku 播放器收入和 Roku 單位同比下降。但播放器單位和播放器收入是實際上，在第三季度，高於 2019 年的水平。因此，在行業的電視方面，我們肯定比 Roku 玩家受到的打擊更大。部分原因與我們選擇在定價方面隔離消費者，而不是轉嫁組件成本增加有關。我們提到我們也計劃在第四季度這樣做。

So I think there's some uncertainty that's impacting the macroeconomic environment, even in consumer sentiment. But certainly, from the industry perspective, we think these trends will happen but we're going to continue with our successful strategy on the player side of focusing on driving account growth as opposed to trying to focus on the player gross margin.

因此，我認為存在一些影響宏觀經濟環境的不確定性，即使在消費者情緒方面也是如此。但可以肯定的是，從行業的角度來看，我們認為這些趨勢將會發生，但我們將繼續我們在玩家方面的成功戰略，即專注於推動賬戶增長，而不是試圖專注於玩家毛利率。

Mark, this is Scott -- oh, go ahead, Anthony. Go ahead.

馬克，這是斯科特——哦，繼續，安東尼。前進。

No, go ahead, Scott.

不，繼續，斯科特。

Mark, I was just going to say that, certainly, there are some ad verticals like auto and CPG that are facing their own supply chain issues, and that's causing some advertisers to slow their spending. We think it will bounce back as they work through these supply chain issues.

馬克，我只想說，當然，汽車和 CPG 等一些廣告垂直行業也面臨著自己的供應鏈問題，這導致一些廣告商放緩了支出。我們認為，當他們解決這些供應鏈問題時，它會反彈。

It's also important to note that there are a lot of ad categories that are not affected by supply chain issues, financial services, our M&E segment. These are services businesses that aren't affected in the same way. And so it's a modest effect on some parts of the business but not across the whole ad business.

還需要注意的是，有很多廣告類別不受供應鏈問題、金融服務、我們的 M&E 部門的影響。這些服務業務不會以同樣的方式受到影響。因此，這對業務的某些部分影響不大，但對整個廣告業務沒有影響。

Sorry, Anthony, you wanted to chime in with something?

抱歉，安東尼，你想插話嗎？

Well, I was going to say that. But also I think if you just think about the drivers of our ad business because some of your questions were about our ad business, the biggest driver of the ad business is not these kinds of details. It's the fact that if you look at TV time in the U.S. today, adults 18 to 49 spend 42% of their TV time streaming.

好吧，我正要這麼說。但我也認為，如果您只考慮我們廣告業務的驅動因素，因為您的一些問題是關於我們的廣告業務的，那麼廣告業務的最大驅動力不是這些細節。事實上，如果你看看今天美國的電視時間，18 至 49 歲的成年人將 42% 的電視時間花在流媒體上。

But if you look at the amount of ad spend on streaming versus traditional TV, it's only 22% has moved to streaming. So there's this big gap still and that gap is starting to close, but has a long way to go. That -- the rate of that closure because they will catch up eventually, and the rate of all viewers moving to streaming, those are the biggest drivers of our ad business, which is a $60 billion opportunity.

但如果你看一下流媒體廣告與傳統電視的廣告支出，只有 22% 已經轉移到流媒體廣告上。所以仍然存在很大的差距，而且差距開始縮小，但還有很長的路要走。那 - 因為他們最終會趕上而關閉的速度，以及所有觀眾轉向流媒體的速度，這些都是我們廣告業務的最大驅動力，這是一個 600 億美元的機會。

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

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

Let me try your partnership and negotiations with YouTube, please. How should we think about the impact on streaming hours going forward? And is there any other negotiation -- there's media coverage on potential conversations with Prime Video. Could you please comment on both those?

請讓我試試你與 YouTube 的合作和談判。我們應該如何考慮對未來流媒體播放時間的影響？還有其他談判嗎——媒體報導了與 Prime Video 的潛在對話。你能對這兩個發表評論嗎？

And then second, could you please help us understand the active account growth to the extent that you can, contribution from perhaps international markets, not only in the fourth quarter, but how we should think about it going forward?

其次，您能否盡可能地幫助我們了解活躍賬戶的增長，也許來自國際市場的貢獻，不僅在第四季度，而且我們應該如何看待它的未來？

Shweta, this is Scott. I'll take the first part of your question. I think Steve will take the second part. So on YouTube, I don't have new info for you. I would point you at our recent blog post for our perspectives on the topic.

Shweta，這是斯科特。我會回答你問題的第一部分。我認為史蒂夫將參加第二部分。所以在 YouTube 上，我沒有新信息給你。我會向您指出我們最近的博客文章，了解我們對該主題的看法。

One thing I will say is, as we said before, it's not about the money, it's about our ability to create the best possible experience for our customers. We're working to resolve this matter. We don't have an update, and our goal is to land it in a way that's positive for Roku and for our customers.

我要說的一件事是，正如我們之前所說，這不是錢的問題，而是我們為客戶創造最佳體驗的能力。我們正在努力解決這個問題。我們沒有更新，我們的目標是以對 Roku 和我們的客戶有利的方式實現它。

As for the -- your Amazon question, we have renewal discussions with hundreds of partners each year. It's normal course of business. Our goal in these discussions is always to reach an agreement that's good for our partner, good for our customers, delivers a great user experience. Despite what you may have read, our Amazon agreement is not up for renewal or in negotiations at this time.

至於您的亞馬遜問題，我們每年都會與數百個合作夥伴進行更新討論。這是正常的業務過程。我們在這些討論中的目標始終是達成對我們的合作夥伴有利、對我們的客戶有利並提供出色用戶體驗的協議。儘管您可能已經閱讀過，但我們的亞馬遜協議目前尚未更新或談判。

Steve, do you want to take the second part of Shweta's question?

史蒂夫，你想回答什維塔問題的第二部分嗎？

Yes, sure. Shweta, yes, in terms of active account growth, we haven't broken out the specific of international, but the vast majority of the active account base is in the U.S. historically. International has been growing faster than the U.S. And so over time, that will continue to grow in mix. And we're really excited that not only are we making good progress in existing international markets in terms of having scale and market share in existing countries, but we're continuing to increase the footprint.

是的，當然。 Shweta，是的，就活躍賬戶增長而言，我們沒有詳細說明國際的具體情況，但從歷史上看，絕大多數活躍賬戶基礎都在美國。國際市場的增長速度一直快於美國。因此，隨著時間的推移，這將繼續增長。我們真的很興奮，我們不僅在現有國際市場上在現有國家的規模和市場份額方面取得了良好進展，而且我們還在繼續擴大足跡。

So we just announced entering Germany with player -- starting with players here, that just happened. We launched with SEMP TVs in Brazil, and we're expanding the Roku TV footprint in Latin America, also adding Peru and Chile later in the year. So over time, international will become a greater share of the active accounts.

所以我們剛剛宣布帶著球員進入德國——從這裡的球員開始，事情就這樣發生了。我們在巴西推出了 SEMP 電視，我們正在擴大 Roku TV 在拉丁美洲的足跡，今年晚些時候還將增加秘魯和智利。所以隨著時間的推移，國際將成為活躍賬戶的更大份額。

Our next question comes from the line of Michael Morris with Guggenheim.

我們的下一個問題來自邁克爾·莫里斯和古根海姆的觀點。

A couple for me. First, you guys did cite pricing of TVs as part of the challenge on the account growth side. A couple of your competitors seem to be taking more control of their TV manufacturing distribution process as opposed to just licensing operating systems. So I'm curious as to whether you would consider expanding your positioning there to having your own TVs in addition to licensing the OS? What are kind of the pros and cons there, how much you get into that?

給我一對。首先，你們確實將電視定價作為帳戶增長方面挑戰的一部分。您的一些競爭對手似乎正在更多地控制他們的電視製造分銷過程，而不僅僅是許可操作系統。因此，我很好奇您是否會考慮將您的定位擴展到擁有自己的電視以及獲得操作系統許可？那裡有什麼優點和缺點，你對此有多少了解？

And second, Steve, I'd like to try to understand a little better sort of the tough comp year-over-year, especially when it comes to the new streaming services. I feel like you've been pretty clear that you feel like there will be ongoing spend by those publishing partners to continue to drive engagement with their services. So can you help us at all anymore with kind of how unique last fourth quarter was and what maybe a more normalized behavior might look like?

其次，史蒂夫，我想試著更好地理解一年比一年的艱難競爭，尤其是在新的流媒體服務方面。我覺得您已經非常清楚，您覺得這些出版合作夥伴將持續支出以繼續推動與他們的服務的互動。那麼，您能否再幫助我們了解上個第四季度的獨特性以及更規範化的行為可能是什麼樣的？

Mike, this is Anthony. I'll take the first part on TV sales and our brand and so forth. And Steve, obviously, will take the second part.

邁克，這是安東尼。我將首先介紹電視銷售和我們的品牌等等。顯然，史蒂夫將接手第二部分。

Just in terms of the way the TV business works is there's different roles, different companies take in the supply chain. And the results of all of that, if you were to dig into it, is the brand you sell your TV under does not affect the price. It's not a factor in the price. The main factor in prices is things like component costs and shipping costs.

就電視業務的運作方式而言，不同的公司在供應鏈中扮演著不同的角色。所有這一切的結果，如果你要深入研究的話，你銷售電視的品牌不會影響價格。這不是價格的一個因素。價格的主要因素是組件成本和運輸成本。

If you look at what happened in the quarter, TV prices were up 42% on average, which is a pretty big increase. And also inventory was down, like TVs were just not available. And that was driven, in particular, especially Chinese manufacturers, the supply chain issues around shipping and getting products out of China and into the U.S. were particularly bad. And it just was either impossible or very expensive to ship products. And that -- so that's just a factor that affects anyone shipping products to the U.S. from overseas.

如果你看一下本季度發生的情況，電視價格平均上漲了 42%，這是一個相當大的漲幅。而且庫存也下降了，就像電視不可用一樣。這尤其受到驅動，尤其是中國製造商，圍繞運輸和將產品運出中國並進入美國的供應鏈問題尤其嚴重。運送產品要么是不可能的，要么是非常昂貴的。那——所以這只是影響任何從海外向美國運送產品的人的一個因素。

And then panel shortages and chip shortages and all that stuff also. So whether -- the brand you sell it under doesn't come into play there. You have companies like VIZIO that have a model, where they source products from factories overseas and then they get -- and then they transfer the product to a retailer, and they almost don't take possession of the inventory.

然後是面板短缺和芯片短缺等等。因此，您銷售它的品牌是否不會在那裡發揮作用。你有像 VIZIO 這樣的公司有一個模型，他們從海外工廠採購產品，然後他們得到 - 然後他們將產品轉移到零售商，他們幾乎不佔有庫存。

So I would just say, in summary, we're happy with the way we run our Roku TV program. We work with a lot of top brands and they're very successful selling Roku TVs. We work with the entire ecosystem. We work with retailers directly, we work with TV brands, we work with the factory directly. We do the engineering.

所以我只想說，總而言之，我們對我們運行 Roku 電視節目的方式感到滿意。我們與許多頂級品牌合作，他們非常成功地銷售 Roku 電視。我們與整個生態系統合作。我們直接與零售商合作，我們與電視品牌合作，我們直接與工廠合作。我們做工程。

I mean a lot of companies don't realize -- a lot of people don't realize it, but Roku is actually one of the few TV companies in the world in the sense that we have all the technology to build a TV. We know how to bring that manufacturing, we have the retailer. I mean, we do everything, except we don't put our brand on it, we work with partners that are in -- specifically in the TV business. And that works well for us. Then Steve? Or Scott?

我的意思是很多公司沒有意識到——很多人沒有意識到，但 Roku 實際上是世界上為數不多的電視公司之一，因為我們擁有製造電視的所有技術。我們知道如何帶來這種製造，我們有零售商。我的意思是，我們做所有事情，除了我們不把我們的品牌放在上面，我們與合作夥伴合作 - 特別是在電視業務中。這對我們很有效。然後史蒂夫?還是斯科特？

This is Scott. I'll take the M&E question, the media and entertainment question from you, Mike. Thanks for that.

這是斯科特。我會回答你的 M&E 問題，媒體和娛樂問題，邁克。感謝那。

Yes, last Q4 was a very robust quarter. It had a couple of big new service launches. It was in the middle of the pandemic. But the M&E category continues to perform very well, and I think there are a lot of reasons to remain bullish on it. We are a first stop for anyone in the streaming services business, because we have an effective promotions platform, our scale, our data, our tools make it cheaper ultimately for the streaming services to acquire and retain users than all their other options where they might spend.

是的，去年第四季度是一個非常強勁的季度。它推出了幾項重大的新服務。那是在大流行的中間。但機電類繼續表現良好，我認為有很多理由繼續看好它。我們是流媒體服務行業任何人的第一站，因為我們擁有一個有效的促銷平台、我們的規模、我們的數據、我們的工具，最終使流媒體服務獲得和留住用戶的成本比他們可能的所有其他選擇更便宜花費。

So the M&E category in Q3 grew faster, substantially faster than the overall platform and the ads business. The growth is still strong, although it is moderating. It's more normalizing as we come off of the pandemic. We mentioned in the shareholder letter this PAW Patrol execution by Paramount Plus, it's just a fun example of the one of many different ways that brands can invest with us to drive awareness and ultimately, trials and subscriptions to their services.

因此，第三季度的機電類別增長速度更快，遠快於整個平台和廣告業務。增長仍然強勁，儘管正在放緩。隨著我們擺脫大流行，情況更加正常化。我們在股東信中提到派拉蒙加執行 PAW Patrol，這只是品牌可以與我們一起投資以提高知名度並最終試用和訂閱其服務的眾多不同方式之一的有趣示例。

There's also a pretty long runway in our view around the M&E business. It's not ultimately just about user acquisition, but as these services get bigger, they also need to drive engagement and retention of those users that they've acquired. We've been building out the tool set so that our partners can promote not just on that big home screen unit that you see when you start your Roku up, but in the channel store through video ads on and off the platform. We've also made a lot of progress on our optimization technology so that we can deliver to the partner new users at their target customer acquisition costs.

在我們看來，機電業務還有很長的路要走。最終不僅僅是用戶獲取，而且隨著這些服務變得越來越大，它們還需要推動他們獲得的用戶的參與和保留。我們一直在構建工具集，以便我們的合作夥伴不僅可以在您啟動 Roku 時看到的大型主屏幕單元上進行宣傳，還可以通過平台內外的視頻廣告在渠道商店中進行宣傳。我們還在優化技術方面取得了很大進展，以便我們能夠以目標客戶獲取成本向合作夥伴新用戶提供服務。

So overall, although the business is normalizing as it comes off -- as we come off of the pandemic, the business continues to grow and I think is ultimately a tool, a service that's going to be a great asset for our partners going forward.

因此，總體而言，儘管業務在結束時正在正常化——隨著我們擺脫大流行，業務繼續增長，我認為最終是一種工具，一種服務，它將成為我們合作夥伴未來的重要資產。

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

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

I wanted to ask a question about the deceleration in video advertising revenue. You said that the monetized impressions almost doubled. And I think outside of the pandemic quarters, that's the slowest kind of growth we have seen. So I was wondering if you could give us some color on what's going on there? And can we expect reacceleration back to 100-plus percent there?

我想問一個關於視頻廣告收入減速的問題。你說貨幣化的印象幾乎翻了一番。而且我認為在大流行季度之外，這是我們所見過的最慢的增長。所以我想知道你是否可以給我們一些關於那裡發生的事情的顏色？我們可以期望那裡再加速回到 100% 以上嗎？

And a related question is, do you mind telling us how the 3 different components of the platform revenue grew this quarter versus last quarter? And I mean, video that we know, but then distribution and media promotional spending, and what drives those variances quarter-to-quarter?

一個相關的問題是，您介意告訴我們本季度平台收入的 3 個不同組成部分與上一季度相比如何增長嗎？我的意思是，我們知道的視頻，然後是分銷和媒體促銷支出，以及是什麼推動了這些差異？

Scott will take the ad question, and then Steve can take the second question. Looks like you're muted, Scott.

斯科特將回答廣告問題，然後史蒂夫可以回答第二個問題。斯科特，你好像沉默了。

I was muted. Thank you. Too many mute buttons on this end. Thanks, Vasily. I'll just say that the video ad business roughly doubled. It wasn't a substantial deceleration. We are coming off of a couple of quarters where what we're comping over is a challenging comp relatively speaking. So in general, we still view that category of advertising as robust, very robust.

我被靜音了。謝謝你。這端的靜音按鈕太多。謝謝，瓦西里。我只想說視頻廣告業務大約翻了一番。這不是大幅減速。相對而言，我們正在完成幾個季度的比賽，我們正在競爭的是一個具有挑戰性的比賽。所以總的來說，我們仍然認為這類廣告是穩健的、非常穩健的。

The other categories that we're seeing robust growth out of, we just discussed the M&E business. We're also seeing great strength in our performance or growth advertising set, and these are advertisers that are driven primarily by optimizing to outcomes. That segment roughly tripled year-over-year, and I think is indicative of our ability to attract a new class of digital or social first advertisers, who are less interested in reaching a demographic and more interested in optimizing for a site visit or a product purchase.

我們看到強勁增長的其他類別，我們剛剛討論了機電業務。我們還看到了我們的業績或增長廣告組的強大實力，這些廣告商主要通過優化結果來驅動。該細分市場同比增長約三倍，我認為這表明我們有能力吸引新一類的數字或社交優先廣告客戶，他們對接觸人群不太感興趣，而對優化網站訪問或產品更感興趣購買。

Steve, do you want to take the second part of Vasily's question?

史蒂夫，你想回答瓦西里問題的第二部分嗎？

Yes, sure. Vasily, yes, we don't break out the components within the platform segment. But we did talk about this quarter, we had significant contributions from both the content and distribution side and the advertising activities. So those are notable pieces of the puzzle in terms of growing relatively fast.

是的，當然。瓦西里，是的，我們不會分解平台部分中的組件。但我們確實談到了本季度，我們在內容和發行方面以及廣告活動方面都做出了重大貢獻。因此，就增長相對較快而言，這些都是難題中值得注意的部分。

The other thing that's important to note that we talked about on prior earnings calls is in the back half of this year, we just have tougher comps, especially on the platform monetization side. So if you remember, in the pandemic last year, Q2, when a lot of advertisers hit the emergency break, we had a relatively easy comp for that quarter. And then as we went into Q3, the -- our advertising business rapidly kind of reaccelerated and went back to a more normalized state in Q3 and Q4.

我們在之前的財報電話會議上談到的另一件重要的事情是在今年下半年，我們只是有更嚴格的補償，特別是在平台貨幣化方面。因此，如果您還記得，在去年第二季度的大流行中，當許多廣告商進入緊急休息時間時，我們對該季度的競爭相對容易。然後當我們進入第三季度時，我們的廣告業務迅速重新加速，並在第三季度和第四季度回到了更加正常的狀態。

And we talked a little bit about how the M&E business has been doing extremely well, but it's had a banner kind of last 12 months. So as you've had a lot of the media companies either come on with new services or shift their focus towards that. So we're very happy with the continued progress despite these tough year-over-year comps.

我們談到了 M&E 業務如何做得非常好，但它在過去 12 個月裡一直處於領先地位。因此，由於您有很多媒體公司要么推出新服務，要么將注意力轉移到新服務上。因此，儘管有這些艱難的逐年對比，但我們對持續的進步感到非常高興。

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

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

I have 2 questions, probably for Scott. Scott, curious on -- there's been some, obviously, a lot of talk about IDFA and mobile headwinds this quarter and sort of heading into the holidays. Is that helping Roku at all? Are you finding advertisers maybe moving towards connected TV, just given some of the challenges, particularly on the performance DR front?

我有 2 個問題，可能是針對 Scott 的。斯科特，很好奇——顯然，本季度有很多關於 IDFA 和移動逆風的討論，並且有點進入假期。這對Roku有幫助嗎？您是否發現廣告商可能會轉向聯網電視，只是考慮到一些挑戰，特別是在性能 DR 方面？

And then you guys announced a really interesting partnership with Shopify, I don't think that's been discussed on this call. There's a comment in the letter about SMBs and building out products for them. I'm just wondering if there's an update you could provide for us on how sort of substantial that business is for you yet? And if you think this partnership translates into sort of real revenue kind of as we look out into 2022?

然後你們宣布與 Shopify 建立了非常有趣的合作夥伴關係，我認為這次電話會議沒有討論過這一點。信中有一條關於 SMB 和為它們構建產品的評論。我只是想知道您是否可以向我們提供有關該業務對您來說有多重要的更新？如果您認為這種夥伴關係會轉化為我們展望 2022 年的某種實際收入？

All right. Thanks, Ben, for the questions -- or the 2 questions, I should say. Yes, as you alluded to and the way you framed up the question, the disruption and the noise around the loss of cookies and device IDs like Apple's IDFA, in general, is a net benefit to Roku really for 2 reasons.

好的。謝謝，本，我應該說的問題 - 或 2 個問題。是的，正如您所提到的以及您提出問題的方式，一般而言，圍繞丟失 cookie 和設備 ID（如 Apple 的 IDFA）的中斷和噪音對 Roku 來說確實是一個淨收益，原因有兩個。

First, independent ad tech is very challenged in an environment where these identifiers are getting more scarce because they don't have these identifiers. They don't have a direct consumer relationship, whereas Roku does. And so we're always working on our platform with our own first-party data, and it's a fundamental advantage for us and ultimately is bringing brands to us.

首先，在這些標識符越來越稀缺的環境中，獨立廣告技術面臨著巨大的挑戰，因為他們沒有這些標識符。他們沒有直接的消費者關係，而 Roku 有。因此，我們一直在使用我們自己的第一方數據在我們的平台上工作，這對我們來說是一個基本優勢，最終將品牌帶給我們。

The second is a more general statement, which is that these changes are forcing marketers to step back and reevaluate their full ad investment portfolio, how they're spending on social platforms, for example. As these identifiers disappear, their costs of acquiring users or whatever action they're chasing, are going up because their ability to measure it is being through the loss of these identifiers. And Roku is a beneficiary there in the sense that brands are generally underinvested still in streaming relative to our scale and our capabilities. And we've got user identifiers and data, just like some of these big platforms. So in general, we come out ahead as brands step back and reevaluate their digital and social investments and it accrues to our benefit.

第二個是更籠統的說法，即這些變化迫使營銷人員退後一步，重新評估他們的完整廣告投資組合，例如他們在社交平台上的支出方式。隨著這些標識符的消失，他們獲取用戶或他們所追求的任何行動的成本正在上升，因為他們衡量它的能力是通過這些標識符的丟失。 Roku 是那裡的受益者，因為相對於我們的規模和能力而言，品牌通常在流媒體方面的投資仍然不足。我們有用戶標識符和數據，就像其中一些大平台一樣。所以總的來說，隨著品牌退後一步，重新評估他們的數字和社會投資，我們會走在前面，這對我們有利。

You mentioned the Shopify partnership, this is a relatively new partnership. We were excited. It was -- we have a beta program running with them where basically, a merchant on the Shopify platform can opt through their platform to purchase advertising on Roku. And we've got a whole host of brands, Jambys, Moon Pod, Birthdate, OLIPOP in that beta working with us through that Shopify connection. It's still early days but the program was oversubscribed on the first day.

您提到了 Shopify 合作夥伴關係，這是一個相對較新的合作夥伴關係。我們很興奮。這是 - 我們有一個測試程序與他們一起運行，基本上，Shopify 平台上的商家可以選擇通過他們的平台在 Roku 上購買廣告。我們有很多品牌，Jambys、Moon Pod、Birthdate、OLIPOP 在那個測試版中通過 Shopify 連接與我們合作。現在還處於早期階段，但該計劃在第一天就被超額認購了。

And I think it is indicative of a broader strategy on our part to really widen the funnel, the set of advertisers that we work with on our platform. We are able because of our data, our scale, our optimization capabilities to work with brands that have traditionally invested in social and digital. And the Shopify partnership is a dimension and angle by which to diversify into that client base. You'll see other things like that from us going forward.

而且我認為這表明我們採取了更廣泛的戰略來真正擴大渠道，即我們在平台上與之合作的廣告客戶群。憑藉我們的數據、規模和優化能力，我們能夠與傳統上投資於社交和數字領域的品牌合作。 Shopify 合作夥伴關係是多元化進入該客戶群的一個維度和角度。你會從我們那裡看到其他類似的事情。

Ben -- oh, sorry, this is Anthony. I just thought I'd add a couple of points. So in our letters and on these calls, we talk a lot about the TV ad business to $60 billion is moving from traditional TV to streaming, and how customers or viewers are moving from traditional TV to streaming and the ad dollars are lagging, but following. And it's a big market and our goal is to capture a big part of that market and we think there's multiple winners, but be one of the winners in that transition.

本——哦，對不起，我是安東尼。我只是想我會補充幾點。因此，在我們的信函和電話會議中，我們談論了很多電視廣告業務，因為 600 億美元正在從傳統電視轉向流媒體，以及客戶或觀眾如何從傳統電視轉向流媒體，而廣告收入滯後，但緊隨其後的是.這是一個很大的市場，我們的目標是佔領這個市場的很大一部分，我們認為有多個贏家，但要成為這個過渡中的贏家之一。

But we've talked about TV advertising, but if you look at our TV ad, the way we do TV advertising and our TV ad technology stack, I mean, it's nothing like a traditional TV advertiser. It's just built entirely on a digital big data targeted platform. It's got all the characteristics of a typical digital ad platform. And so we don't usually talk about that much, but that market that uses those kinds of tools is just as big as the TV ad market. So it's a -- obviously, our goal is to go after both of those markets, and they're both big opportunities for us.

但是我們已經談到了電視廣告，但是如果你看看我們的電視廣告，我們做電視廣告的方式和我們的電視廣告技術堆棧，我的意思是，它與傳統的電視廣告商完全不同。它完全建立在數字大數據目標平台上。它具有典型數字廣告平台的所有特徵。所以我們通常不會談論那麼多，但使用這些工具的市場與電視廣告市場一樣大。所以這是一個 - 顯然，我們的目標是追求這兩個市場，它們對我們來說都是很大的機會。

Our next question comes from the line of Laura Martin with Needham.

我們的下一個問題來自 Laura Martin 和 Needham 的觀點。

Scott, I'd like to follow up on Vasily's question about the bottom of funnel SMBs. I know you've been growing that and talking about that a lot. But what we're hearing from like Facebook and Snap and other places that the SMB is challenged. So I'm wondering, how is it that your small and medium-sized business category is growing and performance stat is growing so robustly in an environment where other people are saying those kinds of advertisers have really pulled back because of lack of feedback?

Scott，我想跟進 Vasily 關於漏斗中小型企業底部的問題。我知道你一直在成長並且經常談論它。但我們從 Facebook 和 Snap 等其他地方聽到的消息表明 SMB 面臨挑戰。所以我想知道，在其他人說這類廣告商因缺乏反饋而真正撤退的環境中，您的中小型企業類別如何增長並且業績統計數據增長如此強勁？

Yes. Thanks, Laura. Look, I think, partly, it's the result of this being a new medium for most of these brands. Most of these brands did not grow up investing in television. They grew up investing in Facebook and then in Snap and more recently, in other platforms. And in some cases, they're being priced out of their activity on those platforms and especially as the identifier landscape is changing, it's making their spending look more expensive because they're less able to prove the effectiveness.

是的。謝謝，勞拉。看，我認為，部分原因是它成為大多數品牌的新媒介。這些品牌中的大多數都不是在電視上投資長大的。他們從小就投資於 Facebook，然後投資於 Snap，最近又投資於其他平台。在某些情況下，他們在這些平台上的活動被定價過高，特別是隨著標識符環境的變化，這使得他們的支出看起來更加昂貴，因為他們無法證明有效性。

We are brand new to the category. We offer an opportunity for these, not just as Anthony said, optimize the outcomes but also having -- have a branding impact, is running a 15- or 30-second spot on the biggest screen in the household. So we're something of a new kid on the block, but I think our appeal is quite broad. We're still early in the business. It depends on how you want to talk about and think about the business.

我們是該類別的新手。我們為這些人提供了一個機會，不僅如 Anthony 所說，優化結果，而且具有品牌影響力，在家庭最大的屏幕上播放 15 或 30 秒的廣告。所以我們是一個新的孩子，但我認為我們的吸引力相當廣泛。我們還處於起步階段。這取決於您想如何談論和思考業務。

There's SMBs, there's direct-to-consumer brands that have grown up nationally. All these brands tend to approach their ad spend with a performance goal in mind. And we've got the tools to compete for it. So from where we sit, we see very, very significant upside going forward that we're in a different place than some of the other platforms you mentioned.

有中小企業，有在全國范圍內成長起來的直接面向消費者的品牌。所有這些品牌都傾向於在考慮績效目標的情況下處理他們的廣告支出。我們擁有競爭它的工具。因此，從我們所處的位置來看，我們看到了非常非常重要的上行空間，即我們所處的位置與您提到的其他一些平台不同。

Super helpful. And then Anthony, I have a pricing question for you. I must be thinking about this wrong, but I think there's a consensus on Wall Street that TVs are going to sell out because of the supply chain issues. So it would seem to me that's really good for your dongles because you can fill up one aircraft carrier and basically supply America.

超級有幫助。然後安東尼，我有一個定價問題要問你。我一定是想錯了，但我認為華爾街的共識是，由於供應鏈問題，電視將被搶購一空。所以在我看來，這對你的加密狗來說真的很好，因為你可以裝滿一艘航空母艦，基本上可以供應美國。

But if you're going to sell out of those anyway because TVs are running out, why would you cut price? Why wouldn't you double price and still sell out and just -- and still add as many subs but at a higher price because you've got dongles in stock when all the TVs, smart TVs, are running out of inventory at the retail level?

但是，如果您因為電視快用完而無論如何都要賣掉這些產品，那您為什麼要降價呢？你為什麼不加倍價格，仍然賣光 - 並且仍然添加盡可能多的潛艇，但價格更高，因為當所有電視，智能電視，零售店的庫存都用完時，你有加密狗庫存等級？

So let me just try to understand the question, you're talking about why do we lower the price on the players?

所以讓我試著理解這個問題，你說的是為什麼我們要降低球員的價格？

Yes. Aren't you going to sell out? So why lower the price?

是的。你不是要賣光嗎？那麼為什麼要降價呢？

Well, we try hard not to sell out, right? I mean obviously, forecasting is a huge issue in our business. And getting the forecast right is important. And if you order too many devices, then you end up with extra inventory, if you don't order enough you sell out and you lose sales.

好吧，我們努力不賣光，對吧？我的意思很明顯，預測是我們業務中的一個大問題。做出正確的預測很重要。如果您訂購了太多設備，那麼您最終會獲得額外的庫存，如果您訂購的不夠多，您就會賣光，您就會失去銷售。

So the supply chain -- in the case of players, we're not -- our goal wasn't to not sell out. We are paying more for expedited shipping for -- to get chips get in front of the line for chips. So the results of all that is our costs are going up. But we haven't sold out yet. We've just been paying for air shipping, and we've been spending money to insulate the retailer and the end customer from pricing issues and supply issues. So far, we've been doing that relatively effectively.

所以供應鏈——就玩家而言，我們不是——我們的目標不是不賣光。我們正在為加快運輸支付更多費用 - 讓籌碼排在籌碼生產線的前面。因此，所有這一切的結果都是我們的成本正在上升。但是我們還沒有賣完。我們剛剛支付了空運費用，我們一直在花錢使零售商和最終客戶免受定價問題和供應問題的影響。到目前為止，我們一直在相對有效地做到這一點。

In the case of TVs, it's just a complete -- we don't -- obviously, we don't set the price of TVs, that's set by the TV OEMs and the retailers. And TVs cost so much more that -- and the lead times are longer. It's just it's not practical in many cases to absorb the cost increases for TV. So TVs are going to be in short supply as a result. And the players, hopefully, we won't run out of stock, but we'll see how the quarter goes.

就電視而言，它只是一個完整的 - 我們沒有 - 顯然，我們不設定電視的價格，這是由電視 OEM 和零售商設定的。電視的成本要高得多——而且交貨時間也更長。只是在很多情況下，吸收電視的成本增加是不切實際的。因此，電視將因此供不應求。球員們，希望我們不會缺貨，但我們會看看這個季度的情況。

You also have more options on players. Like you can pull things in from Q1 with air shipping, if you look like you're selling more than you expected, things like that. You cannot airship TVs as a backup plan because they're just too heavy.

你也有更多的球員選擇。就像您可以通過空運從第一季度開始收貨一樣，如果您看起來銷售量超出預期，諸如此類。您不能將電視作為備用計劃，因為它們太重了。

So it seems like that would be a net beneficiary to you on the dongle side, right?

所以看起來這對你來說是加密狗方面的淨受益者，對吧？

Yes, we have -- we are managing the supply issues better than the TV manufacturer to manage TV supply issue. So that is true. That is helping. That's the reason you didn't see player sales drop at the same amount that TV sales dropped relative to the last quarter. I mean, player sales were up over 2019 pre-COVID levels. TV sales were not up because of the reasons we just discussed.

是的，我們有——我們比電視製造商更好地管理供應問題來管理電視供應問題。所以這是真的。那是有幫助的。這就是為什麼你沒有看到播放器銷量下降的幅度與電視銷量相對於上一季度的下降幅度相同。我的意思是，球員銷售額比 2019 年新冠疫情前的水平有所上升。由於我們剛才討論的原因，電視銷量沒有上升。

Our next question comes from the line of Thomas Forte with D.A. Davidson.

我們的下一個問題來自 Thomas Forte 與 D.A.戴維森。

Great. So I wanted to ask about viewership trends of The Roku Channel off of Roku's hardware. So people watching Roku Channel that don't have a Roku Smart TV, that don't have a dongle. And then the second question I had was, how should we think about your proprietary content what you acquired from Quibi and This Old House, how that's performing and your appetite to potentially acquire more?

偉大的。所以我想問一下 Roku 硬件上 Roku 頻道的收視率趨勢。因此，觀看 Roku 頻道的人沒有 Roku 智能電視，也沒有加密狗。然後我的第二個問題是，我們應該如何看待您從 Quibi 和 This Old House 獲得的專有內容，它的表現如何以及您可能獲得更多的興趣？

So this is Anthony. I'll take that and then I'm sure Scott might jump in with some extra detail or add some thoughts. So in terms of viewership trends of The Roku Channel off of the Roku platform, I mean we don't break that out, but we said previously, and it's still true that our primary focus is on Roku. That's where we have our full set of assets available to help promote the offerings. And so that's where we spend most of our effort.

這就是安東尼。我會接受的，然後我相信斯科特可能會加入一些額外的細節或添加一些想法。因此，就 Roku 平台上的 Roku 頻道的收視率趨勢而言，我的意思是我們不會打破這一點，但我們之前說過，我們的主要關注點仍然是 Roku。這就是我們擁有全套資產來幫助推廣產品的地方。這就是我們花費最多精力的地方。

We do make it available off Roku. And for example, if you have a premium subscription, you sign up for Showtime on -- in The Roku Channel. Sometimes you want to be able to watch that on your phone. So that's -- we make that available. And we do get incremental reach in viewing off Roku, but it's not our primary focus. The primary focus is on the Roku platform, where The Roku Channel has become a very important asset for us. It's very successful and continues to do well.

我們確實在 Roku 提供了它。例如，如果您有高級訂閱，您可以在 Roku 頻道中註冊 Showtime。有時您希望能夠在手機上觀看。這就是 - 我們提供它。我們確實在觀看 Roku 時獲得了增量，但這不是我們的主要關注點。主要關注點是 Roku 平台，Roku 頻道已成為我們非常重要的資產。它非常成功，並且繼續做得很好。

And we've created this virtuous cycle where we can invest more in content that brings in more viewers, that brings them more advertisers, that provides more dollars to spend on content, you just get this cycle that's really working well for us. And then you kind of inject into that cycle the fact that it's our platform, we own the home stream, we can promote the content, we can promote our originals very effectively. All that -- that's just sort of the perfect storm of everything working well for us, and so that's what we focus on.

我們創造了這個良性循環，我們可以在內容上進行更多投資，吸引更多觀眾，為他們帶來更多廣告商，提供更多資金用於內容，你只會得到這個對我們來說非常有效的循環。然後你在這個循環中註入了這樣一個事實：它是我們的平台，我們擁有主流，我們可以推廣內容，我們可以非常有效地推廣我們的原創作品。所有這一切——這只是對我們來說一切正常的完美風暴，所以這就是我們關注的重點。

In terms of content, your question is about content. We have a mix -- we have a portfolio approach of content for The Roku Channel. Obviously, as the portfolio is getting deeper and wider as we're able to spend more money as the scale grows, we spend more money on content. So it's just an overall strategy. We license a lot of content for The Roku Channel, I think we're at about 200 different companies that we license content from.

在內容方面，您的問題是關於內容的。我們有一個混合 - 我們有一個 Roku 頻道的內容組合方法。顯然，隨著投資組合越來越深，隨著規模的擴大，我們能夠花更多的錢，我們在內容上花的錢也更多。所以這只是一個整體策略。我們為 The Roku Channel 授權了很多內容，我認為我們在大約 200 家不同的公司中授權內容。

And of course, we're producing originals. So we got into the original business when we bought the Quibi content, as you mentioned. But since then, we've greenlit renewals of some of those shows, we've greenlit new shows like Zoey's Extraordinary Christmas. And then that's because the originals are working for us as part of the portfolio.

當然，我們正在製作原創作品。因此，正如您提到的，當我們購買 Quibi 內容時，我們進入了原始業務。但從那時起，我們為其中一些節目的續訂提供了綠燈，我們為佐伊的非凡聖誕節等新節目綠燈。那是因為原件作為投資組合的一部分為我們工作。

They're not a huge portion of the portfolio, because like I said, we have over 200 content partners. We also have lots of linear channels. We just added 17 linear channels, so we now have over 200-plus linear channels. We keep growing our kids and family content.

它們不是產品組合的重要組成部分，因為就像我說的，我們有 200 多個內容合作夥伴。我們也有很多線性通道。我們剛剛添加了 17 個線性通道，因此我們現在擁有超過 200 個線性通道。我們不斷發展我們的孩子和家庭內容。

So we're just growing content across the platform and originals are part of that portfolio, and they work great for us in a few different ways. They obviously drive a lot of viewing because they're exclusive, but they also bring in new viewers they help bring in new viewers to The Roku Channel experience. And so that's an important role for originals for us.

因此，我們只是在整個平台上增加內容，而原創作品是該產品組合的一部分，它們以幾種不同的方式對我們很有幫助。他們顯然推動了很多觀看，因為他們是獨家的，但他們也帶來了新的觀眾，他們幫助將新觀眾帶到了 Roku 頻道的體驗中。所以這對我們來說是原創作品的重要角色。

And then also, advertisers really like originals because they're something unique and exclusive and so it helps drive our ad business. So for all those reasons, we're going to keep doing originals. But again, in a disciplined way and as a part of the portfolio.

而且，廣告商真的很喜歡原創作品，因為它們是獨一無二的，獨一無二的，因此它有助於推動我們的廣告業務。因此，出於所有這些原因，我們將繼續製作原創作品。但同樣，以一種有紀律的方式並作為投資組合的一部分。

Our next question comes from the line of Tim Nollen with Macquarie.

我們的下一個問題來自於麥格理的蒂姆諾倫。

And sorry, I was late joining this call from another call, so I hope I haven't missed this. But I'm curious about your international expansion. My question is, I hope this isn't also clouded by the supply chain issues at the moment, but my question is you've laid out a strategy where your international expansion is basically predicated on your players, if I understand right, kind of leading the way into these markets.

抱歉，我從另一個電話中加入這個電話很晚，所以我希望我沒有錯過這個。但我很好奇你的國際擴張。我的問題是，我希望目前供應鏈問題也不會影響這一點，但我的問題是，你制定了一個戰略，你的國際擴張基本上取決於你的球員，如果我理解正確的話，有點引領進入這些市場。

By understanding those international consumers and a lot of markets are often just buying a new smart TV rather than buying a player. So I'm curious if you could talk about the growth of your dongle sales, your player sales versus your growth in Smart TV operating system sales, are you advantaged or disadvantaged in any way on either side?

通過了解這些國際消費者和許多市場，通常只是購買新的智能電視而不是購買播放器。所以我很好奇你能否談談你的加密狗銷售增長，你的播放器銷售與你在智能電視操作系統銷售方面的增長，你在任何一方都處於優勢還是劣勢？

Tim, this is Anthony. Well, I'll just start by saying that it's not true that we're player-first internationally. We view the international opportunity as a big opportunity. Streaming is a global phenomena. The shift to streaming around the world continues. Our overall strategy is to basically copy what has worked for us in the U.S. and use that internationally. So that's basically build scale through both TVs and players. That's how we've done it in the U.S., and that's what we're doing internationally, increasing engagement and then as scale builds, develop monetization techniques.

蒂姆，這是安東尼。好吧，我首先要說的是，我們在國際上是玩家至上的，這不是真的。我們將國際機遇視為一個巨大機遇。流媒體是一種全球現象。向全球流媒體的轉變仍在繼續。我們的總體戰略是基本上複製在美國對我們有用的東西並在國際上使用它。所以這基本上是通過電視和播放器建立規模。這就是我們在美國所做的，這就是我們在國際上所做的，增加參與度，然後隨著規模的擴大，開發貨幣化技術。

So that's the overall strategy. And as we enter new international markets, we're seeing the consumers like our products. They use them a lot. And our market share grows in those countries as we enter the country. So our international strategy is working for us. We do enter markets sometimes with TVs first, sometimes with players first, but our goal is to have both of them available in every market from multiple vendors and multiple SKUs.

這就是總體策略。隨著我們進入新的國際市場，我們看到消費者喜歡我們的產品。他們經常使用它們。隨著我們進入這些國家，我們在這些國家的市場份額也在增長。因此，我們的國際戰略正在為我們服務。我們確實有時首先使用電視進入市場，有時首先使用玩家，但我們的目標是讓它們在每個市場都可以從多個供應商和多個 SKU 中獲得。

So for example, when we entered the Brazilian market, we entered with TVs. We just entered the German market, we entered first with players. But in all markets, we eventually have players and TVs, and usually it doesn't take that long.

例如，當我們進入巴西市場時，我們是通過電視進入的。我們剛剛進入德國市場，我們首先進入的是玩家。但在所有市場中，我們最終都會擁有播放器和電視，而且通常不會花那麼長時間。

So a couple of other things that have happened recently in our international efforts, we launched players in Germany. And so now we have more than 2,000 channels on the German channel store platform. In terms of Roku TVs, we just introduced a brand new lineup of SEMP model Roku TVs in Brazil. SEMP is a popular Brazilian brand for TVs. And we're working with TCL to expand -- to bring Roku TVs to Brazil later this year.

所以最近在我們的國際努力中發生的其他一些事情，我們在德國推出了球員。所以現在我們在德國渠道商店平台上擁有超過 2,000 個渠道。在 Roku 電視方面，我們剛剛在巴西推出了全新的 SEMP 型號 Roku 電視陣容。 SEMP 是巴西流行的電視品牌。我們正在與 TCL 合作進行擴展——今年晚些時候將 Roku 電視帶到巴西。

We're expanding our presence in Latin America with Roku TV models later this year in Chile and Peru. And we're also shipping players in Latin America, U.K. and other countries. So it's -- just to summarize, I mean, we -- in terms of building active accounts, it's the same strategy we have in the U.S., which is focused on players and TVs.

今年晚些時候，我們將在智利和秘魯使用 Roku 電視型號擴大我們在拉丁美洲的業務。我們還在拉丁美洲、英國和其他國家運送玩家。所以——總結一下，我的意思是，我們——在建立活躍賬戶方面，這與我們在美國的策略相同，專注於玩家和電視。

Our next question comes from the line of Ralph Schackart with William Blair.

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

Two questions. First, more short-term related, Scott or Steve, in the letter you talked about headwinds that may impact Q4 guide, several factors, but one of which you talked about is advertising spend. Obviously, there's some concerns with product availability, et cetera. But are you starting to see any advertisers sort of having the discussions about pulling back spend for Q4? Or have they? Or is that just more sort of what could potentially happen is the first question.

兩個問題。首先，更短期相關，斯科特或史蒂夫，在你的信中你談到了可能影響第四季度指南的逆風，有幾個因素，但你談到的其中一個是廣告支出。顯然，產品可用性等方面存在一些問題。但是，您是否開始看到任何廣告商在討論縮減第四季度的支出？還是有？還是第一個問題是更多可能發生的事情。

And second question is just longer term, Anthony. You talked about the $60 billion opportunity in the spread or the gap that's close between time spent and ad spend. If you think about mobile or desktop advertising, that was certainly true through time. But any factors you could sort of point to that could speed up that gap closing other than just time? Any sort of market movements or acceleration you could talk to or any perspective on perhaps when you think that gap may actually close be?

第二個問題是長期的，安東尼。您談到了傳播中的 600 億美元機會或花費的時間和廣告花費之間的差距。如果您考慮移動或桌面廣告，那麼隨著時間的推移，這肯定是正確的。但是，除了時間之外，您可以指出的任何因素都可以加速縮小差距？您可以談論的任何類型的市場走勢或加速，或者您認為差距實際上可能縮小時的任何觀點？

Sure. Steve, do you want to go first?

當然。史蒂夫，你想先走嗎？

Yes, sure. Ralph, just in terms of the Q4 outlook color on that, we did mention uncertainty in Q4 and into 2022 related to pandemic supply chain disruptions. And in the ad business, it's kind of a secondary effect as certain companies or verticals have their own challenges, they might soften up their advertising spend.

是的，當然。拉爾夫，就第四季度的前景顏色而言，我們確實提到了第四季度和 2022 年與大流行供應鏈中斷有關的不確定性。在廣告業務中，這是一種次要影響，因為某些公司或垂直行業有自己的挑戰，他們可能會軟化廣告支出。

We've seen some evidence on that. It's been widely reported across the other advertising-focused companies and industries that there is some evidence of that. It's kind of unknown exactly how that will play out in the rest of Q4 here. So it's something that we're watching, but it is a factor that we accounted for as part of our Q4 outlook ranges.

我們已經看到了這方面的一些證據。其他以廣告為重點的公司和行業已廣泛報導，有一些證據表明這一點。在第四季度的剩餘時間裡，這將如何發揮作用還不得而知。所以這是我們正在關注的事情，但這是我們作為第四季度展望範圍的一部分考慮的一個因素。

And then in terms of the gap, time is probably the biggest factor. But the other thing that affects it, I think, is anything that causes advertisers to reevaluate their spend. So COVID, I think, for example, has been a helpful factor in that, when everyone pulled back their advertising when COVID first hit. And then they started spending again, I think that they looked harder at how to spend that money more effectively. And I think they realized that they were underspending at streaming. Just -- so I think that's helped.

然後就差距而言，時間可能是最大的因素。但我認為，影響它的另一件事是導致廣告商重新評估他們的支出的任何事情。因此，例如，我認為 COVID 是一個有用的因素，當 COVID 首次出現時，每個人都撤回了廣告。然後他們又開始花錢了，我認為他們更努力地研究如何更有效地花錢。我認為他們意識到他們在流媒體上的支出不足。只是——所以我認為這很有幫助。

I think the -- I think Scott talked a little bit about the identity issues around cookies and such. I think that problem is also causing advertisers to reevaluate where and how they spend their dollars. So those kinds of things will, I think, cause people to reevaluate and those are good for us. I mean if you just look at the numbers, it is -- the gap is starting to close. It was a pretty -- I mean, the gap has closed some since we last discussed the stats, but it still has a ways to go.

我認為-- 我認為Scott 談到了關於cookie 等的身份問題。我認為這個問題也導致廣告商重新評估他們在哪里以及如何花錢。所以我認為這些事情會導致人們重新評估，這對我們有好處。我的意思是，如果你只看數字，那就是——差距開始縮小。這很漂亮——我的意思是，自從我們上次討論統計數據以來，差距已經縮小了一些，但仍有一段路要走。

Our next question comes from the line of Matthew Thornton with Truist Securities.

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

Maybe 2, if I could. First, just coming back to TVs for a second. Obviously, there's some new kind of incremental competition in market between Google, TCL, Amazon Fire TV branded TVs and kind of what Comcast is doing. It remains to be seen how successful that will be. But I guess the question is that, that narrative is there, and I'm curious what you guys think about to kind of offset that narrative?

也許2，如果可以的話。首先，只是回到電視上一秒鐘。顯然，谷歌、TCL、亞馬遜Fire TV品牌電視和康卡斯特正在做的事情之間存在某種新的市場競爭。這將如何成功還有待觀察。但我想問題是，那個敘述就在那裡，我很好奇你們想什麼來抵消那個敘述？

And I guess one lever to pull, when we think about international supply chain aside, I guess, if we think about the next couple of years, I know you guys have been investing pretty aggressively. Can we see faster launches and penetration and ramp internationally than maybe we've seen kind of looking backwards over the last couple of years?

我猜想拉一個槓桿，當我們考慮國際供應鏈時，我想，如果我們考慮未來幾年，我知道你們一直在非常積極地投資。我們能否看到比過去幾年回顧過去更快的發布、滲透和國際擴張？

I guess the other lever, I'm curious is OEM opportunities. Are there other OEMs perhaps that you're not working with that -- without getting into any names, where you feel like there's real opportunity for Roku? So that's the first question on TV.

我猜另一個槓桿，我很好奇是OEM機會。是否還有其他 OEM 可能您沒有與之合作 - 沒有提及任何名稱，您覺得 Roku 有真正的機會？這是電視上的第一個問題。

The second question is around the different levers within the TV advertising business as we start to look forward here. I think you guys have held ad load pretty constant, if I'm not mistaken. CPMs, I would assume, have probably been under some pretty nice upward pressure.

第二個問題是圍繞電視廣告業務中的不同槓桿，因為我們開始展望這裡。如果我沒記錯的話，我認為你們的廣告負載一直保持不變。我認為，每千次展示費用可能已經承受了相當不錯的上行壓力。

And so I'm just curious where you think you are in terms of inventory and sell-through? Is there any kind of ceiling we're hitting there? CPMs, is there any ceiling that we're hitting there? And I guess, is there any change to ad load versus kind of what you've been targeting in the past?

所以我只是好奇你認為你在庫存和銷售方面的情況如何？有沒有我們要達到的天花板？每千次展示費用，我們有沒有達到上限？而且我想，與您過去的目標相比，廣告負載是否有任何變化？

This is Anthony. I'll take the TV questions. And Scott will, I assume, take the ad questions because that's what he does. Let's see. So competition. So just in general, if you think about competition, I mean we're in a very competitive industry. But we've been competing very successfully with large companies, all the companies you mentioned since the beginning.

這是安東尼。我會回答電視問題。我想，斯科特會回答廣告問題，因為他就是這麼做的。讓我們來看看。所以競爭。所以總的來說，如果你考慮競爭，我的意思是我們處於一個競爭非常激烈的行業。但我們一直在與大公司競爭非常成功，你從一開始就提到的所有公司。

And if you look at where we are in terms of that competition, we've gone from no market share in TVs to the #1 licensed TV OS brand in the U.S., with about 1/3 of all TVs sold now running the Roku operating system. We've built an incredibly strong brands around streaming. We've achieved large scale with lots, I believe, lots of scale growth to continue in front of us. Most of our growth is in front of us.

如果你看看我們在競爭中所處的位置，我們已經從沒有電視市場份額變成了美國排名第一的授權電視操作系統品牌，現在售出的所有電視中約有 1/3 運行 Roku 操作系統系統。我們圍繞流媒體建立了一個非常強大的品牌。我們已經實現了大規模，我相信，很多規模增長將繼續擺在我們面前。我們的大部分成長都在我們面前。

So we've been competing very effectively. We take competition very seriously. I don't see any particular dramatic change in the competitive landscape with all the stuff that's going on. It's just more of the same and we will continue to compete in market share. I think we'll continue to grow, although there'll be puts and takes as we move along that path.

所以我們一直在非常有效地競爭。我們非常重視競爭。我沒有看到競爭格局的任何特別戲劇性的變化，所有正在發生的事情。情況差不多，我們將繼續競爭市場份額。我認為我們將繼續增長，儘管在我們沿著這條道路前進的過程中會有一些投入和投入。

We continue to innovate. We've built the world's only purpose-built operating system for TV, it's one of the primary reasons we're so successful. Our competitors all take -- generally, take mobile operating systems and port them to TV, and that is versus Roku's approach is from the ground up, build the best possible operating system just for TV and keep innovating and being maniacally focused on that.

我們不斷創新。我們已經構建了世界上唯一的電視專用操作系統，這是我們如此成功的主要原因之一。我們的競爭對手都採用——一般來說，採用移動操作系統並將它們移植到電視上，而 Roku 的方法是從頭開始，為電視構建最好的操作系統，並不斷創新並瘋狂地專注於此。

So that's how we compete. We hire great talent. We stay focused. We've built a purposeful operating system for TV. We focus on innovation that matters, being super easy to use, lots of content, being a partner for the center of the ecosystem. So I mean, that strategy works well for us.

這就是我們競爭的方式。我們聘請優秀人才。我們保持專注。我們為電視構建了一個有目的的操作系統。我們專注於重要的創新，超級易於使用，內容豐富，成為生態系統中心的合作夥伴。所以我的意思是，這種策略對我們很有效。

If you look at -- and then you had asked for about U.S. versus international, I mean, obviously, U.S. is a bit more mature market, but there's still lots of room to grow where, like I said, about 1/3 of TVs sold in the U.S., roughly half of TVs sold in the U.S. are still running proprietary homegrown operating systems, not a licensed operating system. And I personally, as we said before, we don't think that's sustainable. And you see that in the market share, generally declining for these legacy TV companies as companies like Roku license ROS and gain share.

如果你看一下 - 然後你問過美國與國際的對比，我的意思是，很明顯，美國是一個更成熟的市場，但仍有很大的增長空間，就像我說的那樣，大約 1/3 的電視在美國銷售的電視中，大約有一半在美國銷售的電視仍在運行專有的本土操作系統，而不是許可的操作系統。正如我們之前所說，我個人認為這是不可持續的。您會看到，隨著 Roku 等公司許可 ROS 並獲得份額，這些傳統電視公司的市場份額普遍下降。

And so in the U.S., I think you're going to see a lot of our share growth come from decline in share from the usual big Tier 1 TV companies, which has been happening and will continue to happen. There was a bit of a -- if you look into the details, it was a little bit of a reversal of that trend, slightly, recently, due to supply chain issues because it was easier to get TVs out of non-Korean -- sorry, out of non-Chinese companies -- countries. It's particularly hard to get TVs shipped and built out of China, and our partners are primarily Chinese.

所以在美國，我認為你會看到我們的大部分份額增長來自通常的大型一級電視公司的份額下降，這種情況已經發生並將繼續發生。有一點——如果你仔細研究一下，最近由於供應鏈問題，這種趨勢有點逆轉，因為電視更容易從非韓國市場中取出——對不起，來自非中國公司——國家。將電視運出中國並製造出來尤其困難，我們的合作夥伴主要是中國人。

So that impacted us more, but that's temporary. And I think that general trend, that the world will move entirely to a licensed OS is -- will continue to happen, and that will be a source of growth in the U.S.

所以這對我們的影響更大，但那是暫時的。而且我認為，世界將完全轉向許可操作系統的總體趨勢將繼續發生，這將成為美國增長的源泉。

Internationally, there's -- we're just newer to the market there. And so every time we enter a country, we're displacing existing TV companies. And like I said before, consumers like our products and our market share continues to grow, it starts growing immediately once we enter a country, and we're seeing good results. So we're going to continue to push on international and domestic expansion of accounts. There's lots of ways to keep growing it, and that's what we're going to keep doing.

在國際上，我們只是對那裡的市場較新。因此，每次我們進入一個國家，我們都在取代現有的電視公司。就像我之前說的，消費者喜歡我們的產品，我們的市場份額繼續增長，一旦我們進入一個國家，它就會立即開始增長，我們看到了良好的結果。因此，我們將繼續推動國際和國內賬戶的擴張。有很多方法可以讓它繼續增長，這就是我們將繼續做的事情。

I mean if you think about the big picture, we believe all TV is going to be streamed. That means there's 1 billion broadband households around the world. They're going to get all their TV through streaming. So a pretty small percent of those are actually doing that today.

我的意思是，如果您考慮全局，我們相信所有電視都將被流式傳輸。這意味著全世界有 10 億個寬帶家庭。他們將通過流媒體獲得所有電視節目。所以今天實際上只有一小部分人在這樣做。

I'll take the second part of your question, which I think amounts to, do we see any near-term feelings or limitations in our ability to keep scaling the ad business? And I'd say that's generally not a concern of ours. First of all, as Anthony has pointed out a few times in this call, there's still a pretty significant gap between user engagement and the ad investments. So there's a lot of headroom there.

我將回答你問題的第二部分，我認為這相當於，我們是否看到我們繼續擴大廣告業務的能力有任何近期感受或限制？我想說這通常不是我們關心的問題。首先，正如 Anthony 在本次電話會議中多次指出的那樣，用戶參與度和廣告投資之間仍然存在相當大的差距。所以那裡有很多淨空。

We're also -- as fast as we're growing, we're still -- we still sell a minority of the ads on our own platforms. So there's a lot of inventory flowing through the Roku platform for us to both sell as well as through our OneView Ad Platform to add value. So even if the transaction isn't our own media sale, even if it's a publisher on our platform, we can apply the same identity data optimization capabilities through our OneView Ad Platform that our advertisers have come to expect when they're buying media from us directly.

我們還——隨著我們的發展速度，我們仍然——我們仍然在我們自己的平台上銷售少數廣告。因此，有大量庫存流經 Roku 平台，我們既可以銷售，也可以通過我們的 OneView 廣告平台增加價值。因此，即使交易不是我們自己的媒體銷售，即使它是我們平台上的發布商，我們也可以通過我們的 OneView 廣告平台應用我們的廣告商在購買媒體時所期望的相同身份數據優化功能我們直接。

You talked about ad load, which I heard is like would we float the ad load up. We're pretty passionate about the user experience here and not floating the ad load up. But there are lots of other opportunities in the Roku experience to create consumer-friendly touch points for brands.

你談到了廣告加載，我聽說我們會浮動廣告加載。我們對這裡的用戶體驗充滿熱情，而不是讓廣告加載。但在 Roku 體驗中還有很多其他機會可以為品牌創造消費者友好的接觸點。

And this is part of why we've invested in the Roku Brand Studio. It gives brands an opportunity to author content with us, put together experiences, content first, content-led experiences that are brought to you by that brand. So that's a particularly interesting dimension for us to keep growing the ad business in beyond 15- and 30-second in-stream spots, and we've got a lot of interesting executions we're doing there.

這也是我們投資 Roku Brand Studio 的部分原因。它為品牌提供了與我們一起創作內容的機會，將體驗、內容優先、內容主導的體驗組合在一起，這些體驗由該品牌帶給您。因此，這對我們來說是一個特別有趣的維度，可以在超過 15 秒和 30 秒的插播廣告中繼續發展廣告業務，並且我們在那裡進行了很多有趣的執行。

We also keep getting better at optimizing for outcomes, whether that's driving a consumer to visit an advertiser's website or buy a product. And that gives us pretty good leverage too because the better we get at that optimization and especially as our clientele mixes over time to what we think will be a more heavy focus on outcomes our ability to keep optimizing means our inventory will work harder both for Roku and for our advertisers.

我們還在優化結果方面做得更好，無論是推動消費者訪問廣告商的網站還是購買產品。這也為我們提供了很好的槓桿作用，因為我們在優化方面做得越好，尤其是隨著時間的推移，我們的客戶混合在一起，我們認為將更加註重結果，我們持續優化的能力意味著我們的庫存將更加努力地為 Roku和我們的廣告商。

So all to say that I think there are a lot of dimensions of continued growth for the ad business going forward.

所以總而言之，我認為廣告業務未來有很多方面的持續增長。

Our last question comes from the line of Jeffrey Rand with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Jeffrey Rand。

When talking about TV sales being below pre-COVID levels, how do you think about the impact of higher pricing and the lack of inventory versus people who might have pulled in a TV purchase when they were stuck at home during the earlier days of the pandemic?

當談到電視銷售低於 COVID 之前的水平時，您如何看待較高定價和庫存不足的影響與那些在大流行初期被困在家裡時可能已經購買電視的人的影響?

Jeff, this is Anthony. Well, I think TV sales are actually below the pre-pandemic levels, and I think it's primarily price. TVs are -- I mean also inventory, because if there's no TVs in stock, then you can't buy one. And that was definitely a factor.

傑夫，這是安東尼。好吧，我認為電視銷售實際上低於大流行前的水平，我認為這主要是價格。電視是——我的意思是庫存，因為如果沒有電視庫存，那麼你就買不到。這絕對是一個因素。

But TV prices are up almost 42% on average. And that's a huge -- I mean, TVs are an incredibly price-sensitive business. And so higher prices cause people to defer their purchases so they can get a better deal, they wait for Black Friday or whatever they're going to do.

但電視價格平均上漲了近 42%。這是一個巨大的——我的意思是，電視是一個對價格非常敏感的行業。因此，更高的價格導致人們推遲購買，以便獲得更好的交易，他們等待黑色星期五或他們將要做的任何事情。

So I mean -- if you look at the overall -- Jeff, the TV industry generally is very cyclical. It goes through these cycles of pricing changes and sales go up, sales come down. It's the history of TVs. I don't think there's anything to be -- there's nothing systematic or fundamental. It's just -- this is where we are in terms of TV sales and they're going to come back up.

所以我的意思是——如果你看整體的話——傑夫，電視行業通常是非常週期性的。它經歷了這些定價變化的周期，銷售額上升，銷售額下降。這是電視的歷史。我不認為有什麼可做的——沒有什麼系統的或基本的。只是——這就是我們在電視銷售方面所處的位置，而且它們會捲土重來。

Thank you. This concludes today's question-and-answer session. I will now turn the call back to Anthony Wood for closing remarks.

謝謝你。今天的問答環節到此結束。我現在將電話轉回給 Anthony Wood 進行閉幕詞。

Thanks. I want to thank our employees, customers and partners for a strong quarter. We've built the best TV streaming platform for audiences, content publishers and advertisers alike and we remain well positioned for the long term. Thanks, everyone.

謝謝。我要感謝我們的員工、客戶和合作夥伴帶來了強勁的季度業績。我們已經為觀眾、內容髮布商和廣告商建立了最好的電視流媒體平台，並且我們在長期內保持良好的定位。感謝大家。