Roku Inc (ROKU) 2023 Q4 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 2023 年第四季 Roku 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to the Vice President of Investor Relations, Conrad Grodd.

現在我想將會議交給投資者關係副總裁康拉德·格羅德 (Conrad Grodd)。

Thank you, operator. Good afternoon, and welcome to Roku's Fourth Quarter and Year Ended 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 的 2023 年第四季和全年財報電話會議。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，該信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 reflects 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 statements regarding our financial outlook, future market conditions and the macroeconomic environment. 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.

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，我們將做出前瞻性聲明，即有關未來事件的預測、預測或其他聲明，例如有關我們的財務前景、未來市場狀況和宏觀經濟環境的聲明。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和我們定期向 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陳述有重大差異的因素的資訊。

We'll also discuss certain non-GAAP financial measures on today's call. Reconciliations to the most comparable GAAP financial measures are provided in our Shareholder Letter. Finally, unless otherwise stated, all comparisons on this call will be against our results for the comparable period of 2022.

我們還將在今天的電話會議上討論某些非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公認會計準則財務指標的調節表。最後，除非另有說明，本次電話會議的所有比較都將與我們 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. Looking back at 2023, I'm proud of our execution. We delivered positive adjusted EBITDA and free cash flow a year ahead of schedule by focusing on operational improvements and platform revenue growth, which we grew double digits. We also drove record growth in our scale and engagement. A large share of my management team's attention in 2023 was spent on OpEx reduction and internal operational improvements. This year, we will be redirecting much of our attention to platform growth and innovation where I see lots of opportunity. A core strategy for us is to take better advantage of our position as the programmer of the home screen for our 80 million active accounts globally. We use this to grow ad reach, which correlates to ad revenue, as well as to grow our streaming service distribution activities.

謝謝，康拉德。回顧 2023 年，我為我們的執行力感到自豪。透過專注於營運改善和平台收入成長，我們提前一年實現了正調整 EBITDA 和自由現金流，實現了兩位數成長。我們的規模和參與度也取得了創紀錄的成長。 2023 年，我的管理團隊的大部分注意力都花在了營運支出削減和內部營運改善。今年，我們將把大部分注意力轉移到平台成長和創新上，我認為那裡有很多機會。我們的核心策略是更好地利用我們作為全球 8000 萬活躍帳戶主螢幕程式設計師的地位。我們利用它來擴大與廣告收入相關的廣告覆蓋範圍，並擴大我們的串流服務分發活動。

For example, Roku City is popular for the way it seamlessly integrates iconic brand imagery like McDonald's Golden Arches as well as movies and TV show promotions in ways that are delightful for viewers. Newer examples include our All Things Food and All Things Home viewer experiences, which aggregate the best culinary and home and garden content on the Roku platform; or the Roku sports experience, which aggregates sporting events in a single central location. These are some early examples, and we are focused on improving these early efforts as well as new experiences to engage viewers and help them find content across the streaming universe in ways that also drive monetization.

例如，Roku City 因其將麥當勞金拱門等標誌性品牌形象與電影和電視節目促銷無縫融合而廣受歡迎。較新的例子包括我們的 All Things Food 和 All Things Home 觀看體驗，它們匯集了 Roku 平台上最好的烹飪以及家庭和花園內容；或 Roku 體育體驗，它將體育賽事聚集在一個中心位置。這些是一些早期的例子，我們專注於改進這些早期的努力以及新的體驗，以吸引觀眾並幫助他們在串流媒體領域中找到內容，同時推動貨幣化。

Thinking about the state of the industry, I see 2 trends that are particularly important for us. One is the enormous volume of streaming content. As I just mentioned, helping our viewers easily navigate and find what they want to watch is a big opportunity for Roku. Second, the industry has increased its focus now more than ever on building thriving and sustainable businesses. This means more ad-supported streaming service tiers, which will further accelerate the overall shift of ad dollars from traditional TV to streaming. Roku has the tools and expertise to help streaming services grow engagement, which is critical in an ad-supported environment. We expect strong demand for ad-supported tiers on Roku as many users seek value price streaming options.

考慮到產業的現狀，我發現有兩個對我們特別重要的趨勢。一是串流內容數量龐大。正如我剛才提到的，幫助觀眾輕鬆導航並找到他們想觀看的內容對於 Roku 來說是一個巨大的機會。其次，該行業現在比以往任何時候都更加重視建立繁榮和永續的業務。這意味著更多由廣告支援的串流服務層，這將進一步加速廣告收入從傳統電視轉向串流媒體的整體。 Roku 擁有幫助串流媒體服務提高參與度的工具和專業知識，這在廣告支援的環境中至關重要。我們預計，隨著許多用戶尋求有價值的價格串流選項，Roku 上對廣告支援的層級的需求將會強勁。

With our platform advantages, loved brand, first-party relationships with 80 million active accounts and deep user engagement, we are well-positioned to accelerate revenue growth in future years.

憑藉我們的平台優勢、深受喜愛的品牌、擁有 8000 萬活躍帳戶的第一方關係以及深入的用戶參與度，我們有能力在未來幾年加速收入成長。

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. In Q4, we grew active accounts by 4.2 million, ending 2023 with 80 million. Full year net adds of 10 million were above 2019 and similar to 2022 levels, driven primarily by the Roku TV program in the U.S. and international markets. We're also growing engagement on our platform with 2023 streaming hours up 18.6 billion year-over-year to a record 106 billion hours. We grew both Q4 and full year streaming hours 21% year-over-year. Average streaming hours per active account per day were 4.1 hours in Q4 2023, up from 3.8 hours in Q4 2022 and 3.6 hours in Q4 2021. Average viewing time on traditional TV is 7.5 hours per day in the U.S., providing significant opportunity for us to continue to grow our engagement.

謝謝，安東尼。第四季度，我們的活躍帳戶增加了 420 萬個，截至 2023 年，活躍帳戶數達到 8,000 萬個。全年淨增用戶數達到 1,000 萬，高於 2019 年，與 2022 年的水準相似，這主要是受到美國和國際市場 Roku 電視節目的推動。我們平台的參與度也不斷提高，2023 年串流媒體播放時長年增 186 億小時，達到創紀錄的 1,060 億小時。第四季和全年串流媒體時長年增 21%。 2023 年第四季每個活躍帳戶每天的平均串流媒體時長為4.1 小時，高於2022 年第四季的3.8 小時和2021 年第四季的3.6 小時。美國傳統電視的平均觀看時間為每天7.5 小時，這為我們提供了重要的機會繼續增加我們的參與。

In Q4, total net revenue grew 14% year-over-year to $984 million. Platform revenue was $829 million, up 13% year-over-year, driven by both streaming services distribution and video advertising activities, offset by M&E. Streaming services distribution activities grew faster than overall platform revenue, benefiting from increased subscription sign-ups along with recent price increases from SVOD partners. However, the year-over-year growth rate of streaming services distribution in Q4 was lower than the year-over-year growth rate in Q3 due to tougher comps in Q4.

第四季度，總淨收入年增 14%，達到 9.84 億美元。平台收入為 8.29 億美元，年成長 13%，受到串流媒體服務分發和視訊廣告活動的推動，但被 M&E 所抵消。串流服務分發活動的成長速度快於平台整體收入的成長，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。然而，由於第四季度的競爭更加嚴峻，第四季度串流媒體服務分發的年比成長率低於第三季的年成長率。

Devices revenue increased 15% year-over-year in Q4, driven by Roku-branded TVs, which launched in March 2023. ARPU was $39.92 in Q4 on a trailing 12-month basis, down 4% year-over-year, reflecting an increasing share of active accounts in international markets where we are currently focused on growing scale and engagement. Q4 total gross margin was 44%. Q4 platform gross margin of 55% was stable year-over-year and sequentially when excluding the $62 million restructuring charge in Q3 related to the removal of select license and produced content from the Roku Channel. Q4 devices margin was negative 13%, which was up roughly 19 points year-over-year as a result of improved supply chain costs and limited promotional discounts.

在 2023 年 3 月推出的 Roku 品牌電視的推動下，第四季設備營收年增 15%。過去 12 個月的 ARPU 為 39.92 美元，較去年同期下降 4%，反映出國際市場上活躍帳戶的份額不斷增加，我們目前專注於擴大規模和參與。第四季總毛利率為44%。在排除第三季因刪除 Roku 頻道的部分授權和製作內容而產生的 6,200 萬美元重組費用後，第四季平台毛利率為 55%，與去年同期相比保持穩定。第四季設備利潤率為負 13%，由於供應鏈成本改善和促銷折扣有限，較去年同期成長約 19 個百分點。

Q4 adjusted EBITDA was $48 million, which was $38 million above our outlook. The better-than-expected performance was driven by our platform segment, along with improvements to our operating expense profile. Please note that a onetime charge of $42 million primarily related to lease impairments and workforce reductions was added back to adjusted EBITDA. Free cash flow was $176 million on a trailing 12-month basis, and we ended the quarter with over $2 billion in cash and cash equivalents.

第四季調整後 EBITDA 為 4,800 萬美元，比我們的預期高出 3,800 萬美元。好於預期的業績是由我們的平台部門以及營運費用狀況的改善所推動的。請注意，主要與租賃減損和裁員相關的 4,200 萬美元一次性費用已重新計入調整後 EBITDA。過去 12 個月的自由現金流為 1.76 億美元，本季末我們的現金和現金等價物超過 20 億美元。

Let me turn to our outlook for the first quarter. We anticipate total net revenue of $850 million, gross profit of $370 million, with gross margin of 43.5%, and breakeven adjusted EBITDA. While we remain mindful of the challenging macro environment and uneven ad market recovery, we plan to increase revenue and free cash flow and a deep profitability over time. For total net revenue, we anticipate a seasonal percentage decline in line with Q1 2023. We will face difficult year-over-year growth rate comparison in streaming services distribution and a challenging M&E environment for the rest of this year. We expect to maintain our Q4 2023 year-over-year platform growth rate of 13% in Q1.

讓我談談我們對第一季的展望。我們預計總淨收入為 8.5 億美元，毛利為 3.7 億美元，毛利率為 43.5%，盈虧平衡調整後 EBITDA 為 43.5%。儘管我們仍然專注於充滿挑戰的宏觀環境和不平衡的廣告市場復甦，但我們計劃隨著時間的推移增加收入和自由現金流以及深度獲利能力。對於總淨收入，我們預計季節性百分比下降與 2023 年第一季一致。在今年剩餘時間裡，我們將面臨串流媒體服務分發方面的艱難的同比增長率比較以及充滿挑戰的媒體和娛樂環境。我們預計 2023 年第四季第一季平台年增率將維持在 13%。

We expect a continued mix shift away from M&E activities, which will compress platform margins in the near term. For Q1, we expect platform margin to be similar to Q1 of last year of roughly 52%. On the Devices side, we expect margins to improve from negative 13% in Q4 to negative mid-single digits in Q1. Our outlook for this sequential improvement reflects a lighter retail promotional period in Q1.

我們預計媒體和娛樂活動將繼續發生混合轉變，這將在短期內壓縮平台利潤率。對於第一季度，我們預計平台利潤率將與去年第一季相似，約為 52%。在設備方面，我們預計利潤率將從第四季的負 13% 改善到第一季的負中個位數。我們對此環比改善的展望反映了第一季零售促銷期的減少。

Turning to OpEx. We anticipate Q1 year-over-year growth rate to negative low to mid-teens, a significant improvement from OpEx year-over-year growth of approximately 40% in Q1 '23. We'll continue to operate our business with discipline with a focus on driving increasingly positive free cash flow over time. After achieving positive adjusted EBITDA for full year 2023, we expect to deliver further improvements for full year 2024. As we've stated previously, we'll balance this commitment with reinvestment to continue to expand our scale, engagement and monetization.

轉向營運支出。我們預計第一季的年成長率將降至負值，較 2023 年第一季約 40% 的營運支出年增率顯著改善。我們將繼續嚴格經營我們的業務，重點是隨著時間的推移推動日益積極的自由現金流。在2023 年全年實現正調整EBITDA 後，我們預計在2024 年全年實現進一步改善。正如我們之前所說，我們將在這項承諾與再投資之間取得平衡，以繼續擴大我們的規模、參與度和貨幣化。

With that, let's take questions. Operator?

說到這裡，我們來提問。操作員？

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

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

Nice job on the execution. I had a couple of questions. The first one, what are the biggest priorities for Roku this year, Anthony? And then just a follow-up on Amazon, how are you guys thinking about the Prime AVOD launch? Is this a threat? Is this an opportunity? Maybe if you could talk about that a little bit.

執行方面做得很好。我有幾個問題。第一個，安東尼，今年 Roku 的首要任務是什麼？接下來是亞馬遜的後續報道，你們對 Prime AVOD 的推出有何看法？這是威脅嗎？這是一個機會嗎？也許你能稍微談談這一點。

Shyam, thanks for that. This is Anthony. Well, like I just mentioned in my prepared remarks, last year, 2023, as a management team, we were very focused on improving our operational effectiveness efficiencies, rightsizing OpEx, and we made a lot of progress in that area, achieving positive EBITDA for the full year, a year ahead of our target. So we're very happy with that. I mean, obviously, we're going to continue this year to push on operational efficiencies. But we'll have a lot more time this year as a management team to focus on innovation and growth, and that's where I'll be spending a lot of my time is just driving some of the -- or improving and adding things to our platform that will drive more growth over the long term. So that's a big focus for us in 2024 is innovation and growth.

夏姆，謝謝你。這是安東尼。好吧，就像我剛才在準備好的發言中提到的那樣，去年，即2023 年，作為一個管理團隊，我們非常專注於提高營運效率、調整營運支出規模，我們在該領域取得了很大進展，實現了正EBITDA全年，比我們的目標提前一年。所以我們對此非常滿意。我的意思是，顯然，我們今年將繼續提高營運效率。但今年作為管理團隊，我們將有更多的時間專注於創新和成長，這就是我將花費大量時間來推動一些——或者改進並添加一些東西到我們的從長遠來看，該平台將推動更多增長。因此，我們 2024 年的重點是創新和成長。

And maybe I could just give a couple of examples of the kinds of things that we're doing there, just to give you a flavor for it. I mean there's a lot of things -- there's a lot of opportunity in this area. But -- so one example is I made some organizational changes recently. And one of the changes is that I tasked one of our most strategic executives who reports to me to focus on driving our subscription business. And we have a large subscription business, both Roku Channel premium subscriptions as well as building and driving subscriptions for our streaming service partners. So it's not something that's new to us, but it's something that could be a lot larger and is a big opportunity for us. And so we're consolidating all the activities under one leader who reports to me. We're going to increase resources there. And I just think it's something that we can make a lot of good progress on. So that's one example.

也許我可以舉幾個我們正在做的事情的例子，只是為了讓您了解一下。我的意思是，這個領域有很多事情——有很多機會。但是——舉個例子，我最近做了一些組織變革。其中一項變化是，我任命了一位最具戰略意義的高階主管，他向我匯報，專注於推動我們的訂閱業務。我們擁有龐大的訂閱業務，包括 Roku Channel 高級訂閱以及為我們的串流媒體服務合作夥伴建立和推動訂閱。所以這對我們來說並不是什麼新鮮事，但它的規模可能會更大，對我們來說是一個巨大的機會。因此，我們正在將所有活動整合到一位向我報告的領導者的領導下。我們將增加那裡的資源。我只是認為我們可以在這方面取得很大進展。這就是一個例子。

Another example is one of our core strategies in monetization is to take advantage of our -- the fact that 80 million households -- approximately 80 million households turn on their TV and start their streaming experience with Roku. The first thing they see when they turn on their TV is the Roku home screen, and it's the place where they start to decide what do they want to watch -- what are they going to watch. And so one of the things that we do is we build viewer experiences to engage viewers that are entertaining and to help them decide where -- which app they want to run, what TV shows they want to watch. And you can see that in things -- just, for example, there are features that we've already launched to do this. So for example, we have the sports zone. Sports is an area that's particularly challenging for viewers because it's so fragmented. It's hard for them to figure out where the game that they want to watch is playing, it changes by day of week; it changes based on the league, it's just very complex.

另一個例子是我們在貨幣化方面的核心策略之一是利用我們的優勢——8000萬家庭——大約8000萬家庭打開電視並開始使用Roku的串流體驗。當他們打開電視時，他們首先看到的是 Roku 主螢幕，這是他們開始決定他們想看什麼——他們要看什麼的地方。因此，我們所做的一件事就是打造觀眾體驗，吸引娛樂性的觀眾，並幫助他們決定在哪裡——他們想要運行哪個應用程序，他們想要觀看哪些電視節目。你可以在事情中看到這一點——例如，我們已經推出了一些功能來做到這一點。例如，我們有運動區。體育是一個對觀眾來說特別具有挑戰性的領域，因為它是如此分散。他們很難弄清楚他們想觀看的比賽在哪裡進行，一周中的每一天都在變化；它根據聯賽而變化，非常複雜。

And so our Sports Zone helps viewers find games, figure out where they're playing, learn more about sports on the platform. That's one example. Things we've launched more recently, All Things Food, which helps -- which where we curate the best food content across our platform, what to watch. So these are the kinds of experiences we're working on. We call this programming our home screen, and it's a core strategy for us. It's a big area of focus. And it's basically a key strategy for us to engage with our viewers while they're trying to decide what to watch and use that to drive viewing in both our owned and operated apps, but also in third-party apps. So it drives monetization. At the same time, it helps solve big problem viewers have, which is trying to decide what to watch across all the content in the streaming universe. So those are just 2 examples, but a big focus on innovation and growth for our management team this year.

因此，我們的體育專區可以幫助觀眾找到比賽、了解他們在哪裡比賽、了解更多關於平台上體育的資訊。這就是一個例子。我們最近推出了 All Things Food，這很有幫助——我們在平台上策劃最好的食物內容，以及觀看什麼。這些就是我們正在研究的體驗。我們將此編程稱為我們的主螢幕，這是我們的核心策略。這是一個很大的焦點領域。這基本上是我們與觀眾互動的關鍵策略，當他們試圖決定觀看什麼內容時，並使用它來推動我們擁有和經營的應用程式以及第三方應用程式的觀看。因此它推動了貨幣化。同時，它有助於解決觀眾面臨的大問題，即試圖決定在串流媒體世界中的所有內容中觀看哪些內容。這只是兩個例子，但今年我們管理團隊的重點是創新和成長。

And then I think your second question was about AVOD launches. So maybe what I'll say there, just kind of taking it up a level. One of the trends that's happening right now in the streaming world is that the streaming industry is maturing. So if you take AVOD, for example, I mean a couple of years ago, all the streaming services were just very focused on driving subscribers at almost any cost. Now the industry is very focused on building sustainable thriving businesses. And one of the tools that's being used is ad support -- entry-level ad supported tiers to streaming services. The mainstream solution is something that the industry has done since the beginning for television. So it's not new. But for me, it's a sign that the industry is really starting to mature and, I think, the streaming industry.

我想你的第二個問題是關於 AVOD 的發布。所以也許我會在那裡說，只是將其提升一個層次。目前串流媒體世界正在發生的趨勢之一是串流媒體行業正在成熟。因此，如果你以 AVOD 為例，我的意思是幾年前，所有串流媒體服務都非常專注於不惜一切代價吸引訂閱者。現在，該行業非常注重建立可持續繁榮的業務。正在使用的工具之一是廣告支援——串流媒體服務的入門級廣告支援層。主流解決方案是業界從一開始就為電視產業所做的事情。所以這並不新鮮。但對我來說，這是這個行業真正開始成熟的標誌，我認為，串流媒體行業也是如此。

And I think if you -- another example of, I think, evidence that the streaming industry is starting to mature is sports. I mean we're seeing new sport services launched. It used to be that you couldn't get access to sports content without having a subscription to traditional pay-TV. That's really changed. Almost all sports, if not all sports, are now available. Unless there's been channels on streaming that's very fragmented, it's hard for viewers to figure out where to watch it, but it's there and it's an opportunity for us.

我認為，我認為串流媒體產業開始成熟的另一個例子是體育。我的意思是我們正在看到新的體育服務推出。過去，如果不訂閱傳統付費電視，就無法觀看體育內容。這真的改變了。現在幾乎所有運動項目（如果不是所有運動項目）都可以進行。除非有非常分散的串流頻道，否則觀眾很難找到在哪裡觀看它，但它就在那裡，這對我們來說是一個機會。

So I think both of these examples, more sports coming to streaming, the rise of AVOD tiers and streaming are examples of the industry maturing. And I think what that means is that we're going to see even more viewers moving to streaming, and in particular, more ad dollars moving to streaming.

因此，我認為這兩個例子，更多的體育賽事進入串流媒體，AVOD 層級和串流媒體的興起都是行業成熟的例子。我認為這意味著我們將看到更多的觀眾轉向串流媒體，特別是更多的廣告收入轉向串流媒體。

So for example -- I mean in the U.S. alone, the TV ad business is over $60 billion, but there's still this really large gap between viewership and ad spend. Approximately 60% of streaming -- sorry, approximately 60% of TV viewing hours are on streaming versus traditional pay-TV, but only about 30% of the ad dollars are on connected TV. So that's a huge gap that, as the industry matures, will start to close. So -- and I guess that's one. I think one aspect of AVOD is this maturing of the industry. And I don't think it will accelerate cord cutting, it will accelerate the shift of ad dollars moving to streaming.

舉例來說，我的意思是，光是在美國，電視廣告業務就超過 600 億美元，但收視率和廣告支出之間仍然存在巨大差距。大約 60% 的串流媒體播放——抱歉，與傳統付費電視相比，大約 60% 的電視觀看時間來自串流媒體，但只有大約 30% 的廣告收入來自連網電視。因此，隨著行業的成熟，這一巨大差距將開始縮小。所以——我想這就是其中之一。我認為 AVOD 的一方面是該行業的成熟。我不認為這會加速有線電視的消失，而是會加速廣告收入轉移到串流媒體的。

The other thing, I guess, I would say is as the programmer of the home screen for 80 million active accounts, we're good at and well-positioned to help drive across our platform. And we do that to promote our owned and operated services like I mentioned, but we also -- we can use -- we also do it regularly to promote third-party services across our platform. And in particular, ad-supported services are very reliant on engagement. Engagement is highly correlated to revenue if you have ads. And we're in a great position to help drive ad support and engagement across our platform. So we expect it to continue to be a good business and growing for us to do that. So that's just a couple of examples.

我想，我想說的另一件事是，作為 8000 萬活躍帳戶的主螢幕程式設計師，我們擅長並處於有利位置，可以幫助推動我們的平台發展。正如我所提到的，我們這樣做是為了推廣我們擁有和經營的服務，但我們也 - 我們可以使用 - 我們也定期這樣做來在我們的平台上推廣第三方服務。特別是，廣告支援的服務非常依賴參與度。如果您有廣告，那麼參與度與收入高度相關。我們處於有利地位，可以幫助推動整個平台的廣告支援和參與度。因此，我們希望它繼續成為一項良好的業務，並不斷發展，以實現這一目標。這只是幾個例子。

Our next question is from the line of Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Two, if I can. First, Anthony, I was hoping you could elaborate just on some of the progress you've made with third-party partnerships on the ad tech side and retail media networks over the past year. What have you learned from those initial integrations? And how should we think about that? Is it just a bigger part of the business going forward?

偉大的。兩個，如果可以的話。首先，安東尼，我希望您能詳細介紹過去一年您在廣告科技方面和零售媒體網路方面與第三方合作夥伴關係所取得的一些進展。您從這些最初的整合中學到了什麼？我們該如何思考這個問題？它只是未來業務的更大一部分嗎？

And then perhaps for Dan, I appreciate your commentary on EBITDA being profitable over the course of the year. But how should we think about just the puts and takes of what that -- what really drives the overall margin expansion and potentially how you might be reinvesting some strength you might be back at driving innovation and future platform growth?

也許對丹來說，我很欣賞你對 EBITDA 在這一年中實現盈利的評論。但是，我們應該如何考慮真正推動整體利潤率擴張的因素以及您可能如何重新投資一些力量，以推動創新和未來平台的成長？

Justin, thanks for that. I'll let Charlie take the third-party partnership question.

賈斯汀，謝謝你。我將讓查理回答第三方合作問題。

Thanks, Anthony, and thanks, Justin, for the question. When I think about our focus on demand diversification, which continues to be a huge priority for us, and our embrace of third-party relationships, underlying both of them are focused on expanding upon the many ways we build our businesses. We're opening up new ways to prove the unique value of Roku, and we'll continue to do that in whichever ways are best for our clients to execute their marketing and advertising campaign. So in '23, we did make real progress expanding our relationships with third-party platforms, Justin, including retail media networks, DSPs and other strategic partners.

謝謝安東尼，也謝謝賈斯汀提出的問題。當我想到我們對需求多元化的關注（這仍然是我們的重中之重）以及我們對第三方關係的擁抱時，兩者的根本都是專注於擴展我們建立業務的多種方式。我們正在開闢新的方式來證明 Roku 的獨特價值，並且我們將繼續以最適合我們的客戶執行行銷和廣告活動的方式做到這一點。因此，在 23 年，我們在擴大與第三方平台 Justin 的關係方面確實取得了真正的進展，包括零售媒體網路、DSP 和其他策略合作夥伴。

And as a result, we've increased our roster of advertisers. Programmatic ad spend continues to grow on the platform and ad investment grew. Third-party DSP is also growing well. Our strategies really have allowed us to tap into do budgets from existing advertisers while also growing and diversifying the number of new advertisers on Roku. We built tech and enhanced relationships that actually make it easier for small and medium-sized businesses, easier than ever before, to access the Roku platform. And many of these are small, but they have the potential to grow into large advertisers for us.

因此，我們增加了廣告商名冊。該平台上的程序化廣告支出持續成長，廣告投資也在成長。第三方DSP也發展良好。我們的策略確實使我們能夠利用現有廣告商的預算，同時增加 Roku 上新廣告商的數量並使之多樣化。我們建立了技術並加強了關係，實際上使中小型企業比以往任何時候都更容易訪問 Roku 平台。其中許多規模很小，但它們有潛力成長為我們的大型廣告商。

So to name some names for you. Over the past year, we formed partnerships with a broad variety of third parties. Actually, you mentioned retail platforms. We had DoorDash, Instacart, Cox and Best Buy. We've expanded third-party DSP relationships now to really participate with all the major DSPs and SSPs, and we're partnering also with new measurement partners like iSpot and Comscore. So overall, Justin, we are serving more partners and advertisers. And we really continue to improve and expand on the performance and measurement capabilities that Roku is providing for them. So on a third-party -- overall, I'm very pleased with our third-party partnerships, both in terms of our progress and our growth.

所以給你命名一些名字。在過去的一年裡，我們與許多第三方建立了合作關係。實際上，您提到了零售平台。我們有 DoorDash、Instacart、Cox 和百思買。我們現在已經擴展了第三方 DSP 關係，真正參與了所有主要 DSP 和 SSP，我們也與 iSpot 和 Comscore 等新的測量合作夥伴合作。總的來說，賈斯汀，我們正在為更多的合作夥伴和廣告商提供服務。我們確實在不斷改進和擴展 Roku 為他們提供的效能和測量功能。因此，就第三方而言，總的來說，我對我們的第三方合作夥伴關係感到非常滿意，無論是在我們的進步還是我們的成長方面。

I'll take the next question. Justin, it's Dan. Thanks for the question. On the -- on your question on EBITDA and some of the puts and takes, let me just talk a little bit about Q1 and the full year. And as we mentioned earlier, streaming services distribution performed very well in FY '23, with very strong year-over-year growth rates. And video advertising really rebounded well in the second half of 2023, and we expect both those areas to continue to grow in 2024.

我來回答下一個問題。賈斯汀，我是丹。謝謝你的提問。關於您關於 EBITDA 以及一些看跌期權的問題，讓我簡單談談第一季和全年情況。正如我們之前提到的，串流媒體服務分發在 23 財年表現非常出色，同比成長率非常強勁。影片廣告在 2023 年下半年確實反彈良好，我們預計這兩個領域將在 2024 年繼續成長。

We did comment on the M&E challenges that we faced in FY '23 and that we expect the M&E markets to continue to be challenged this year. So this will ultimately result in a difficult year-over-year comp on the platform side because of the strong growth in SSD and the challenging M&E environment. And if we EM&E accelerate from its current levels, it will have a positive impact on margins and our EBITDA, both on -- if we see it on the SVOD and the AVOD side, we'll grow subscribers and engagement across the platform, and that will have a positive impact for us.

我們確實評論了 23 財年面臨的機電挑戰，並預計今年機電市場將繼續面臨挑戰。因此，由於 SSD 的強勁成長和充滿挑戰的 M&E 環境，這最終將導致平台方面的同比比較困難。如果我們的 EM&E 從目前的水平加速，這將對利潤率和 EBITDA 產生積極影響，如果我們在 SVOD 和 AVOD 方面看到這一點，我們將增加整個平台的訂戶和參與度，並且這將對我們產生正面影響。

On the margin side, we guided platform margin in Q1 to 52%, which was similar to Q1 of last year. We're not providing guidance going forward, but I would anticipate that our gross margin to improve on the platform side, slightly from the Q1 levels as our volume of revenue growth, we do have some fixed costs up in platform margins. And I would expect us to see some sequential improvement in gross margin going forward.

在利潤方面，我們將第一季的平台利潤率引導至52%，與去年第一季相似。我們不會提供未來的指導，但我預計我們的毛利率將在平台方面有所改善，隨著我們的收入增長，我們的毛利率將略高於第一季的水平，我們的平台利潤率確實有一些固定成本上升。我預計未來毛利率會有所改善。

And then on the -- lastly, on the OpEx side. We ended Q4 at just over $500 million in OpEx, if you adjust for our Q4 impairment and restructuring charge. We talked a little bit about this in last quarter, it's similar to this quarter. If you annualize that out, and apply a mid-single-digit growth rate, that's the way I'm thinking of OpEx for 2024. And as we've stated previously, we do expect to see further improvements in 2024 in adjusted EBITDA.

最後是營運支出方面。如果您對第四季度的減損和重組費用進行調整，那麼我們第四季末的營運支出略高於 5 億美元。我們在上個季度對此進行了一些討論，與本季類似。如果將其按年計算，並採用中等個位數的成長率，這就是我對 2024 年營運支出的看法。正如我們之前所說，我們確實預計 2024 年調整後 EBITDA 會進一步改善。

We had a very strong free cash flow year in 2023. We expect to be positive on free cash flow in 2024. And lastly to where you see the reinvestment, Anthony touched on this in the earlier question. We have multiple areas on the monetization side that we'll reinvest in, specifically on our subscriptions business as we look to expand that and accelerate that. And we have a lot of other initiatives on ad product and the monetization side that we'll continue to reinvest as we look forward to accelerating growth in the years to come.

2023 年我們的自由現金流非常強勁。我們預計 2024 年的自由現金流將是積極的。最後，安東尼在之前的問題中談到了再投資的地方。我們將在貨幣化方面的多個領域進行再投資，特別是我們的訂閱業務，因為我們希望擴大並加速這項業務。我們在廣告產品和貨幣化方面還有很多其他舉措，我們將繼續進行再投資，因為我們期待在未來幾年加速成長。

Our next question is from Shweta Khajuria with Evercore ISI.

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

Let me try 2, please. One is on just the overall ad demand trends that you saw in Q4 and into Q1 so far. And specifically, as it relates to certain key verticals that you could comment on or just the scatter market health and the caution or the lack of among -- or the improvement of sentiment among brand advertisers. That's question one. And just a quick follow-up on how are you -- how should we be thinking about political impact this year for you?

請讓我嘗試 2。其中一個是您在第四季度和迄今為止第一季看到的整體廣告需求趨勢。具體來說，因為它涉及您可以評論的某些關鍵垂直領域，或者只是分散的市場健康狀況和謹慎或缺乏，或者品牌廣告商情緒的改善。這是問題一。快速跟進您的情況—我們應該如何考慮今年對您的政治影響？

Shweta, thanks. This is Anthony, but Charlie will take those questions.

施韋塔，謝謝。我是安東尼，但查理會回答這些問題。

Thank you. Good to hear from you, Shweta. Thanks for the questions. We continue to see actually a really solid rebound in video advertising in the fourth quarter. I'm really pleased with the way video advertising has strengthened in general, offsetting what has been and remains a challenging M&E marketplace.

謝謝。很高興收到你的來信，Shweta。感謝您的提問。我們繼續看到第四季度視訊廣告的強勁反彈。我對影片廣告整體的增強感到非常滿意，抵消了過去和現在仍然充滿挑戰的媒體和娛樂市場的影響。

Now all that said about M&E, it remains a really important category for Roku, and we are a unique and effective platform for driving engagement for our partners. And building our partners' businesses and driving engagement will always be core to Roku's success. So when that grows, we'll grow well.

綜上所述，對於 Roku 來說，它仍然是一個非常重要的類別，我們是一個獨特且有效的平台，可以推動合作夥伴的參與。發展我們合作夥伴的業務並推動參與始終是 Roku 成功的核心。所以當它成長時，我們就會成長得很好。

However, by all accounts, the M&E category went through a period of spending at unsustainably high levels. And we're working with our partners now even more to help them figure out their shift to a greater ad-supported focus and success. Again, engagement is something Roku is best suited to help them with. So that's a good transition.

然而，從各方面來看，機電類支出經歷了一段不可持續的高水準時期。現在，我們正在與合作夥伴進行更多合作，幫助他們轉向更大的廣告支援重點並取得成功。再次強調，Roku 最適合幫助他們提高參與度。所以這是一個很好的過渡。

Now overall, in the market, to your question about categories, we're executing well, and I do expect the year-on-year growth rate of video advertising in the first quarter to be similar to what we saw in fourth quarter. There are ups and downs by verticals since you asked. To name a few specific categories: CPG, health and wellness and telecom are growing nicely. Categories like financial services and insurance are not recovering as quickly. So Shweta, overall, I feel really good heading into the new fronts, the upfront in '25. We'll continue to build upon our market-leading scale and platform advantages and we'll continue to elevate Roku's powerful ad products and tech offerings, all with a focus on diversifying demand and continuing to scale our ad-supported businesses.

現在總體來說，在市場上，對於您關於類別的問題，我們執行得很好，我確實預計第一季視訊廣告的同比增長率將與我們在第四季度看到的類似。自從你問起以來，垂直產業有起有落。僅舉幾個具體類別：消費品、保健和電信成長良好。金融服務和保險等類別的復甦速度沒有那麼快。所以Shweta，總的來說，我對進入25年的新戰線感覺非常好。我們將繼續鞏固市場領先的規模和平台優勢，並繼續提升 Roku 強大的廣告產品和技術產品，重點是多樣化需求並繼續擴大我們的廣告支援業務。

I think your second question was about political. Political is growing for us. It's our tools and our tech make Roku a strategic platform for political advertising, both for those, by the way, targeting scale and also those looking for specificity. I will point out that in '24, we expect political to grow, but it will likely remain a relatively small contributor as a percentage of our whole really diverse ad business. We know political obviously; it's a big opportunity and a big market. And as this category, like others, shifts from linear to CTV, we'll be well-positioned.

我認為你的第二個問題是關於政治的。政治對我們來說正在成長。我們的工具和技術使 Roku 成為政治廣告的策略平台，無論是對於那些瞄準規模的人還是那些尋求特異性的人。我要指出的是，在 24 年，我們預計政治將會成長，但它在我們整個真正多元化的廣告業務中所佔的比例可能仍然相對較小。我們顯然了解政治；這是一個很大的機會和一個很大的市場。隨著這一類別與其他類別一樣從線性轉向 CTV，我們將處於有利地位。

We have some product updates that will help us tap into these budgets more and more in the future. We're making those updates to our platform as well as other refinements that we'll make moving forward. So overall, Shweta, we expect political to grow over time. For now, it will grow, but it will remain a relatively modest part of the overall ad mix at Roku.

我們有一些產品更新，將幫助我們在未來越來越多地利用這些預算。我們正在對我們的平台進行這些更新以及我們將繼續進行的其他改進。總的來說，Shweta，我們預期政治會隨著時間的推移而成長。目前，它將會成長，但在 Roku 的整體廣告組合中仍將是相對較小的一部分。

This is Anthony. I'll just add a comment on M&E. Although we've talked a lot about M&E being pressured, I will say that one of the -- it's still a big opportunity for us. We're very good at it. It's something that I expect to bounce back over time in the growth area over time. This year, it'll probably will continue to be pressured, we project. But the other thing we're doing is we're taking a lot of inventory and creating new inventory that we used to sell exclusively for M&E, and we're using it now for brand advertisers. We're opening -- we're increasing the number of advertisers we will give access to that inventory.

這是安東尼。我只會添加對 M&E 的評論。儘管我們已經談論了很多關於 M&E 面臨壓力的問題，但我想說的是，這對我們來說仍然是一個巨大的機會。我們非常擅長。我預計隨著時間的推移，它會在成長領域反彈。我們預計，今年它可能會繼續受到壓力。但我們正在做的另一件事是，我們正在收集大量庫存並創建新庫存，這些庫存過去專門用於媒體和娛樂，現在我們將其用於品牌廣告商。我們正在增加我們將允許訪問該庫存的廣告商數量。

A good example of that, I think, is Roku City, which used to be entirely promotions for content, but we started selling buildings to McDonald's and companies like that, and that's gone extremely well for us. Viewers love it. It taps into new revenue sources. So we're going to continue to diversify the advertising in our home screen that we used to use exclusively just for M&E. We're going to start using that for brand advertisers as well.

我認為 Roku City 就是一個很好的例子，它曾經完全是內容促銷，但我們開始向麥當勞和類似的公司出售建築物，這對我們來說進展非常順利。觀眾喜歡它。它開闢了新的收入來源。因此，我們將繼續使主螢幕上的廣告多樣化，而我們過去只用於媒體娛樂。我們也將開始將其用於品牌廣告商。

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

我們的下一個問題來自勞拉·馬丁和李約瑟的對話。

Great numbers, you guys. Congratulations. My first question is on the Roku-branded TVs. I know that we've been really worried about channel complex. So you were in Best Buy exclusively; now you're announcing you're going into Costco and Amazon. Can you tell us what your 30 OEMs are saying about you expanding? And what's the ultimate strategy? Are you going to have these Roku-branded TVs in every channel outlet? Can you help us look forward on the future of this product?

偉大的數字，你們。恭喜。我的第一個問題是關於 Roku 品牌電視的。我知道我們一直非常擔心通路複雜性。所以你只在百思買；現在你宣布要進軍 Costco 和亞馬遜。您能否告訴我們，您的 30 家 OEM 廠商對您的擴張有何評價？最終的策略是什麼？您打算在每個頻道都配備這些 Roku 品牌的電視嗎？您能幫我們展望一下該產品的未來嗎？

Laura, it's Anthony. I'll let Mustafa talk about -- Mustafa will talk about revenues.

勞拉，這是安東尼。我會讓穆斯塔法談談——穆斯塔法將談論收入。

Laura, thank you for the question. Look, as we announced the product and explained then, Roku-branded TVs are basically a complementary program to our existing Roku TV program. And we use the Roku TV as a way to innovate in a hardware software combination. Historically, we focused on software only in the Roku TV context. Now we are able to do more innovation using the hardware as well as the software and build much better products that can then be given to consumers. And also, we are sharing that with our 30-plus licensing partners. And we are very open about that. And then we -- some of the improvements and innovations that we have already developed as part of the initial launch of the program is already being fed into our Roku TV ecosystem. Our partners are already benefiting from those improvements. Some of them are cost improvements, being able to further lower the cost of the hardware. Some of them are performance improvements.

勞拉，謝謝你的提問。看，正如我們宣布該產品並隨後解釋的那樣，Roku 品牌電視基本上是我們現有 Roku 電視節目的補充節目。我們使用 Roku TV 作為硬體軟體組合創新的一種方式。從歷史上看，我們只專注於 Roku TV 環境中的軟體。現在，我們能夠利用硬體和軟體進行更多創新，並建立更好的產品，然後提供給消費者。此外，我們也與 30 多個授權合作夥伴分享這一點。我們對此持非常開放的態度。然後我們——作為該計劃最初啟動的一部分，我們已經開發的一些改進和創新已經輸入到我們的 Roku TV 生態系統中。我們的合作夥伴已經從這些改進中受益。其中一些是成本改進，能夠進一步降低硬體成本。其中一些是性能改進。

So both of these type of improvements have been shared with our partners, and we'll continue to do so. And in terms of distribution, definitely to make this program successful and then for us to operate as a program, we need to scale it a little bit more. And therefore, we are expanding our distribution because customers love the product. We are receiving great reviews every day. And we want to be able to offer these products with customers and get their feedback and then that will be, again, used as a way for us to further improve and add new capabilities, then we'll share with our Roku TV ecosystem partners.

因此，這兩種類型的改進都已與我們的合作夥伴分享，我們將繼續這樣做。在發行方面，為了使這個計劃成功，然後讓我們作為一個計劃運作，我們需要進一步擴大規模。因此，我們正在擴大我們的分銷範圍，因為客戶喜歡我們的產品。我們每天都會收到好評。我們希望能夠向客戶提供這些產品並獲得他們的反饋，然後我們將再次將其用作進一步改進和添加新功能的一種方式，然後我們將與我們的 Roku TV 生態系統合作夥伴分享。

Super helpful. And then the other -- my second and last question is when we think about the user interface, I think one of the things -- I know you really love this whole city thing. But I think it's really ironic as you have a CTV business, and there's no video on the home page. And it feels like if you had some kind of carousel, you could not only put in cross-promoting your stuff instead of a still image, but also you could sort of get more money from video postage stamps on Page 1. Could you talk -- I know Anthony said you're focusing on the homepage more. That's one of your like tactical focuses in '23. Can you talk about other than just adding more brands to city? Are we going to see anything more -- I'm going to use the word engaging, for consumers from the Roku homepage in '24?

超有幫助。然後另一個 - 我的第二個問題也是最後一個問題是當我們考慮使用者介面時，我認為其中一件事 - 我知道你真的很喜歡整個城市的事情。但我認為這真的很諷刺，因為你有 CTV 業務，而且主頁上沒有影片。感覺就像如果你有某種輪播，你不僅可以交叉推廣你的東西而不是靜態圖像，而且你還可以從第一頁的視頻郵票中獲得更多的錢。你能談談嗎 - - 我知道安東尼說你更關注主頁。這是你在 23 年最喜歡的戰術重點之一。除了為城市增加更多品牌之外，您還能談談其他的事情嗎？我們還會看到更多的東西嗎？我將在 24 年的 Roku 主頁上為消費者使用「吸引」這個詞？

Laura, this is Anthony. Absolutely. I mean it's a big area of focus for us. We mentioned our food zone: All Things Food. I mean that has been -- has gotten a great reception from our viewers. Just as an example, building out an experience this access from our home screen that integrates promotion, both static display promotion as well as it promotes video as well. And it's just -- it's a small example of the kinds of things that we're going to be doing. So it's not -- Roku City is one example, but there's lots of ways across the platform that we can drive, we can create experiences that will engage viewers that will provide monetization opportunities and that will drive more engagement across our platform.

勞拉，這是安東尼。絕對地。我的意思是，這是我們關注的一個重要領域。我們提到了我們的美食區：萬物皆食。我的意思是，這已經得到了觀眾的熱烈歡迎。舉個例子，建立一種從我們的主螢幕存取的體驗，該體驗整合了促銷，包括靜態顯示促銷以及視訊促銷。這只是——這只是我們要做的事情的一個小例子。所以這不是——Roku City 就是一個例子，但我們可以在整個平台上透過多種方式推動，我們可以創造吸引觀眾的體驗，從而提供盈利機會，並推動整個平台的更多參與。

So in terms of putting video directly on the home screen, it's not -- of course, it's something that we thought about and it's something that we're thinking about testing, but it's not an area that we've made any decisions on. And -- but I'll just say, I guess, the big picture is, there's a long list of ideas of how we can create viewer experiences that engage and entertain on our platform around the home screen. A lot of those do include video, but they're -- the video is something on the home screen that you have to approach carefully. There's always this concern that it might delineate some viewers, but some viewers love it. So it's just something that we'll keep looking at and testing. But overall, there's a long list of great things we can do to add to our own stance drive engagement.

因此，就將影片直接放在主螢幕上而言，當然，這是我們考慮過的事情，也是我們正在考慮測試的事情，但這不是我們做出任何決定的領域。而且 - 但我只想說，我想，大局是，關於我們如何在主螢幕周圍的平台上創造吸引和娛樂的觀眾體驗，有很多想法。其中許多確實包含視頻，但視頻是主螢幕上的內容，您必須小心對待。總是有人擔心它可能會吸引一些觀眾，但有些觀眾喜歡它。所以我們將繼續關注和測試它。但總的來說，我們可以做很多偉大的事情來增加我們自己的立場驅動參與。

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。

Charlie, I have a question for you. And wanted to ask you to talk about how you price your scatter inventory, maybe help us triangulate your logic here in terms of how you do it relative to the upfront pricing relative to your competition. I mean we understand how it's done in linear TV. Is it the same? Because with the new entrants into the AVOD space, there is a lot of discussion what will happen to your pricing. There are industry press reports about where your CPMs are relative to your competitors. So can you tell us how you price your scatter inventory? And what kind of thinking goes into that? And what factors will make you raise your prices, drop your prices and so on? Just help us understand directionally how to think about that.

查理，我有個問題想問你。我想請您談談您如何對分散庫存進行定價，也許可以幫助我們根據您相對於競爭對手的前期定價的方式來三角測量您的邏輯。我的意思是我們了解線性電視是如何實現的。是一樣的嗎？因為隨著 AVOD 領域的新進者，您的定價將會發生很多討論。有產業媒體報告有關您的每千次曝光費用相對於競爭對手的情況。那麼您能告訴我們您是如何為分散庫存定價的嗎？其中包含什麼樣的想法？以及哪些因素會讓你提高價格、降低價格等等？只是幫助我們有方向地理解如何思考這個問題。

Vasily, thank you so much for the question. Actually, I was looking at something yesterday, and the first thing you look at, as you said, in linear television also holds true in CTV, which is you want to see your upfront advertisers who come in early and make large commitments early. You want to see that pricing actually be less than what is occurring in scatter, and sure enough that's happening. Our scatter rates have been very solid and continue to be so. And I know there's been a lot of talk today about my beloved Roku City and All Things Food and some of those integrations.

瓦西里，非常感謝你的提問。事實上，我昨天在看一些東西，正如你所說，你在線性電視中看到的第一件事在CTV 中也是如此，那就是你希望看到你的前期廣告商早點進來並早點做出大量承諾。您希望看到定價實際上低於分散中發生的價格，並且確實發生了這種情況。我們的分散率一直非常穩定，並將繼續如此。我知道今天有很多關於我心愛的 Roku City 和 All Things Food 以及其中一些整合的討論。

What's remarkable about these integrations besides the fact that they're so immersive and engaging in their broad reach is that they're also scarce. So we look at what scarcity does to drive pricing and Anthony's last answer about the opportunities that we see, not just on the home stream, but throughout the entire streamer's journey. So many of the sponsorships that, as we said, used to be M&E only are now both M&E and non-endemic advertisers.

這些整合的顯著之處除了它們如此身臨其境且影響廣泛之外，還在於它們的稀缺性。因此，我們研究了稀缺性如何推動定價，以及安東尼最後關於我們看到的機會的回答，不僅在家庭直播中，而且在整個串流媒體的旅程中。正如我們所說，許多贊助商過去只是媒體和娛樂，現在既是媒體娛樂，也是非地方性廣告商。

And what's terrific about that, not only does it open up that scarcity to new bidding and new advertisers, but it's also driving pricing. So I would say the upfront we look at, and those who have committed to us early have been rewarded and those coming in scatter are -- seem to be responding to our changes toward opening up the sponsorships as Anthony mentioned, and the pricing is growing in tandem with that. So we feel like that's working and it seems to be so both in fourth and continuing now.

最棒的是，它不僅為新的競價和新的廣告商提供了稀缺性，而且還推動了定價。因此，我想說的是，我們所關注的前期工作，以及那些早期向我們做出承諾的人都得到了獎勵，而那些分散的人似乎正在響應我們開放贊助的變化，正如安東尼提到的那樣，而且定價正在增長與此同時進行。所以我們覺得這種方法正在發揮作用，而且在第四名和現在仍在繼續。

Do you feel that for advertisers, pricing is an important factor when they decide between, let's say, the Roku channel and other streaming opportunities?

您是否認為對於廣告商來說，當他們在 Roku 頻道和其他串流媒體機會之間做出決定時，定價是一個重要因素？

Well, look, obviously, price is something that they need to look at when they purchase. Our value has been great. We're also a performance platform. One of the things that are unmatched scale, the direct relationships with 80 million active accounts. What's great about it is we get the opportunity to be both top of the funnel and [bottom of the funnel] so we see people obviously, they look at us and compare us on price, and we're very competitively priced, but we also have the opportunity of being performing. And so the fact that we can broad reach at the top of the funnel and also in certain categories truly lead in this way. We're priced well and we're effective, which is what I think has people coming back. And then when we build these sponsorships on top of it, we are a creative solution for them as well. So that's right. Pricing matters, of course. We're competitively priced, but we also have some unique opportunities that are actually growing in demand and, therefore, pricing as well.

好吧，顯然，價格是他們購買時需要考慮的因素。我們的價值是巨大的。我們也是一個表演平台。無與倫比的規模之一是與 8000 萬活躍帳戶的直接關係。最棒的是我們有機會同時成為漏斗的頂部和[漏斗的底部]，所以我們很明顯地看到人們，他們看著我們並比較我們的價格，我們的價格非常有競爭力，但我們也有機會表演。事實上，我們可以廣泛覆蓋漏斗的頂部，並且在某些類別中真正以這種方式領先。我們的價格合理且高效，我認為這正是吸引人們回歸的原因。然後，當我們在此基礎上建立這些贊助時，我們對他們來說也是一個創造性的解決方案。所以說是這樣的。當然，定價很重要。我們的價格具有競爭力，但我們也有一些獨特的機會，這些機會實際上需求不斷增長，因此定價也在增長。

Our next question comes from the line of Nicholas Zangler with Stephens.

我們的下一個問題來自尼古拉斯·贊格勒和史蒂芬斯的對話。

Congrats on the quarter. Given the headlines and the new competition arising, I'm curious what you could tell us about your current relationship with Walmart, both in regard to overall retail distribution and then placement within the on-brand TV? And just if there's any risk of any material changes in this relationship in the foreseeable future?

恭喜本季。鑑於頭條新聞和新競爭的出現，我很好奇您能告訴我們您目前與沃爾瑪的關係，無論是在整體零售分銷方面，還是在品牌電視中的佈局方面？在可預見的未來，這種關係是否有任何重大變化的風險？

Nick, this is Anthony. I assume you're referring to the article in The Wall Street Journal. I mean we can -- obviously, can't comment on that. That's a rumor. But I will just say a few comments in general. First of all, we're the industry leader, with 80 million active accounts and growing. And one of the things -- one of the primary reasons that we're the leader in streaming platforms is the viewers love our products. They love our brand. They love the light and simplicity of our operating system. And one of the results of that is many of our viewers have multiple Roku devices in their home.

尼克，這是安東尼。我假設您指的是《華爾街日報》上的這篇文章。我的意思是我們可以——顯然，不能對此發表評論。那是謠言。但我只想說一些一般性的評論。首先，我們是產業領導者，擁有 8,000 萬活躍帳戶，並且還在持續成長中。其中一件事 - 我們成為串流平台領導者的主要原因之一是觀眾喜歡我們的產品。他們喜歡我們的品牌。他們喜歡我們作業系統的輕巧和簡單。結果之一是我們的許多觀眾家中都有多台 Roku 設備。

So we've been the #1 selling TV OS in the U.S. for the past 5 years, and we're installed in those half of all broadband households in the United States. And of course, we have a lot of international penetration as well. We have strong retail relationships. We have a great relationship with Walmart. We have a great relationship with -- relationships with lots of retailers. And we have strong distribution both inside and outside the United States.

因此，過去 5 年我們一直是美國銷售第一的電視作業系統，美國一半的寬頻家庭都安裝了我們的作業系統。當然，我們也有很大的國際滲透力。我們擁有強大的零售關係。我們與沃爾瑪有著良好的關係。我們與許多零售商都有著良好的關係。我們在美國境內外都有強大的分銷網絡。

We have a large engaged customer base. They love our brand. They ask for our brand. They have multiple products, multiple Roku products in their house. You can take that and you think about our leading technology, our innovation in the industry, our singular focus on streaming, our lower hardware costs. We have lower hardware costs than any other TV manufacturer I'm aware of. All of this gives me a lot of confidence that we're going to keep growing our distribution. We added 10 million net active accounts last year, and we're going to add a lot more active accounts this year as well.

我們擁有龐大的客戶群。他們喜歡我們的品牌。他們詢問我們的品牌。他們家有多種產品，多種 Roku 產品。您可以考慮我們領先的技術、我們在行業中的創新、我們對串流媒體的獨特關注以及我們較低的硬體成本。我們的硬體成本比我所知道的任何其他電視製造商都要低。所有這些都讓我對我們將繼續擴大我們的發行版充滿信心。去年我們增加了 1000 萬個淨活躍帳戶，今年我們還將增加更多的活躍帳戶。

Got it. I appreciate your willingness to answer that. And then just for the second question, you talked about M&E spend continuing to be pressured. I'm just wondering if you'd expect that vertical to potentially improve meaningfully in at least the second half of '24. Obviously, in that period, you'd be lapping some easier comps. I would think new releases by that time maybe come to market. But maybe in your view, the release slate is just too light, and that's why you're calling for M&E to remain pressured for the duration of the year. But maybe just as you think about second half '24, do you see a potential for an inflection there? Or maybe you could just parse out the commentary on M&A being pressured throughout the duration of the full year?

知道了。我很感激你願意回答這個問題。對於第二個問題，您談到了機電支出繼續面臨壓力。我只是想知道您是否預計該垂直領域至少在 24 年下半年可能會出現有意義的改善。顯然，在那個時期，你會完成一些更簡單的比賽。我認為到那時新版本可能會上市。但也許在您看來，發布計劃太少了，這就是為什麼您呼籲 M&E 在今年持續承受壓力。但也許正如你對 24 年下半年的看法一樣，你是否認為那裡有可能出現變化？或者，也許您可以解析一下全年都面臨併購壓力的評論？

Charlie will take that.

查理會接受的。

Thanks for the question, Nick. Look, M&E is a really important category for us. And I want to tell you that what we really focus on is helping them right now as they shift their focus toward engagement. It's really interesting to me to watch as they do so. And I think in the second half of the year as they not just have to get people to subscribe, but got -- even need to have people watch their shows and watch the commercials that we are probably their best partner in helping them do so on the platform. So when they're back, we're ready for them. I would say one of the things we're doing to make sure we're offering opportunities not just for M&E advertisers but for other categories, just to diversify in the way that Anthony said, we've been doing a lot of work to make sure our ad offerings are places where M&E can advertise but then have opened it up to the other categories. So that pivot to engagement will be successful for us, and we'll be ready for them when they return. Also, I think we'll be able to offer those opportunities to a lot of different categories.

謝謝你的提問，尼克。看，機電對我們來說是一個非常重要的類別。我想告訴你，我們現在真正專注的是幫助他們，因為他們將注意力轉向參與。看著他們這樣做對我來說真的很有趣。我認為在下半年，他們不僅需要讓人們訂閱，甚至需要讓人們觀看他們的節目和廣告，我們可能是幫助他們做到這一點的最佳合作夥伴這個平台。因此，當他們回來時，我們就做好了迎接他們的準備。我想說的是，我們正在做的一件事是為了確保我們不僅為M&E 廣告商，而且為其他類別提供機會，只是為了以安東尼所說的方式實現多元化，我們一直在做大量的工作來使確保我們的廣告產品是 M&E 可以做廣告的地方，但隨後又向其他類別開放。因此，轉向參與對我們來說將是成功的，當他們回來時，我們將為他們做好準備。另外，我認為我們將能夠為許多不同類別提供這些機會。

I'll just add a couple of comments, I guess, since there seems to be a lot of interest in M&E. I'll just say that -- like we said, it was pressured, it will continue to be pressured for a while. But despite that, our platform revenue grew 13%. And then in Q4, the year-over-year growth with the video ads on our platform outperformed both the streaming industry overall as well as, obviously, the traditional TV industry.

我想我只是想添加一些評論，因為人們似乎對 M&E 很感興趣。我只想說——就像我們說的，它受到了壓力，而且在一段時間內將繼續受到壓力。但儘管如此，我們的平台收入成長了 13%。然後在第四季度，我們平台上視訊廣告的同比增長超過了整個串流媒體行業，顯然也超過了傳統電視行業。

I mean what's going on with M&E is pretty straightforward. We're a great platform for M&E spend. We have the most advanced tools in the industry. We are very good at it. We're good at helping streaming services build subscribers and increase engagement. And they spend a lot of money on M&E in the go-go years of the COVID pandemic. Now that they're retrenching and focusing on a sustainable business, that spending has normalized. It's normalized down a little bit, but it's going to continue to pick back up. And over time, it will be a growth business for us.

我的意思是 M&E 的情況非常簡單。我們是機電支出的絕佳平台。我們擁有業界最先進的工具。我們非常擅長。我們擅長幫助串流媒體服務建立訂閱者並提高參與度。在新冠疫情流行期間，他們在 M&E 上花費了大量資金。現在他們正在緊縮開支並專注於可持續發展的業務，支出已經正常化。它已經正常化了一點，但它將繼續回升。隨著時間的推移，這將成為我們的成長業務。

Our next question is from the line of Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a quick question for Anthony. Given your focus on growth that you talked about and less on costs, what sort of your aspiration? In other words, what metric do you think is most important to focus on given all the metrics you disclosed? And what do you think is a reasonable aspiration where you would say we've been successful in our effort to reinvigorate the top line and get growth?

我只是想問安東尼一個簡單的問題。鑑於您所談論的重點是成長而不是成本，您的願望是什麼？換句話說，考慮到您所揭露的所有指標，您認為最需要關注的指標是什麼？您認為我們在重振營收和實現成長方面取得了成功的合理願望是什麼？

So I think -- so first of all, just on cost. I mean cost is obviously a big issue. We're not -- I'm not saying that we're not focused on cost. I mean as a company, we take operational discipline very seriously. We just made a lot of progress last quarter -- I mean, sorry, last year. And so this year, we have more time to work on some other initiatives, and growth is one of those big initiatives. And for us, for me anyway, there's just so many opportunities across our platform to drive, in particular, monetization growth that we've worked on historically, but we've never put a huge amount of effort and made it a big focus in terms of monetization growth. And so it's a renewed area for us -- it's a renewed area of focus. And success to me means reaccelerating platform growth rates beyond what we're seeing this year.

所以我認為——首先是成本。我的意思是成本顯然是一個大問題。我們不是——我並不是說我們不關注成本。我的意思是，作為一家公司，我們非常重視營運紀律。上個季度我們剛剛取得了很大進展——我的意思是，對不起，去年。因此，今年，我們有更多時間致力於其他一些舉措，而成長就是其中一項重大舉措。對我們來說，無論如何對我來說，我們的平台上有很多機會來推動，特別是我們歷史上一直致力於的貨幣化增長，但我們從未投入巨大的努力並將其作為重點貨幣化成長方面。所以這對我們來說是一個新的領域——這是一個新的關注領域。對我來說，成功意味著平台成長率的重新加速超出了我們今年的預期。

Just in dollars, dollars per hour. Is there any sort of metric that you think is more important?

只是以美元計算，每小時美元。您認為有什麼指標更重要嗎？

Let me just add on to that. So when we look at both the current year and out-years, we are very focused on absolute free cash flow, and we're going to get that through acceleration of growth rate on the platform business. So again, when we look at investments, we ask ourselves how does this, of course, impact in a positive way the streaming experience and how -- what's the ROI on this. That second component is really how we evaluate what we invest in. So again, we see tremendous opportunity to monetize our platform. We're really just getting started. We're doing a good job. 2023 was very strong, but there's a lot of opportunity as we've grown these 80 million actives. But when we think about it, again, it's not -- we don't focus so much on a margin percent or an EBITDA, we're focused on absolute free cash flow and free cash flow per share and driving that up over time.

讓我補充一下。因此，當我們審視今年和未來幾年時，我們非常關注絕對自由現金流，我們將透過平台業務成長率的加速來實現這一點。因此，當我們考慮投資時，我們會問自己，這當然會如何以積極的方式影響串流媒體體驗，以及這方面的投資報酬率是多少。第二個組成部分實際上是我們如何評估我們的投資。因此，我們再次看到了透過我們的平台獲利的巨大機會。我們真的才剛開始。我們做得很好。 2023 年非常強勁，但隨著我們增加了 8,000 萬活躍用戶，機會也很多。但當我們再次思考時，我們並不太關注利潤率或 EBITDA，我們關注的是絕對自由現金流和每股自由現金流，並隨著時間的推移推動其上升。

And my focus is also just the fundamental drivers, like what are the features and what are the areas of the product, what's the strategy that will fundamentally just drive increased platform revenue growth.

我的重點也只是基本驅動因素，例如產品的功能和領域是什麼，從根本上推動平台收入成長的策略是什麼。

Our next question is from the line of Barton Crockett with Rosenblatt.

我們的下一個問題來自 Barton Crockett 和 Rosenblatt。

I was curious about international in terms of your active account growth. Can you give us any sense of the contribution of international to the over 4 million active account growth in the fourth quarter and the 10 million over the year? Is it a minority of the net increase or a majority? Or is there any kind of sense you can give us of that contribution to growth? That's the first question. And then the second question is just to drill into this idea of your market share, you as the leading platform, smart TV OS in the U.S. and some other markets. I understand you've kept a #1 ranking for a number of years in the U.S. But as your absolute market share, has that also been steady? Or has there been any change up or down in your market share of smart TV OS in the U.S.?

我對國際活躍帳戶成長感到好奇。您能否向我們介紹一下國際業務對第四季度超過 400 萬活躍帳戶成長以及全年 1,000 萬活躍帳戶成長的貢獻？是淨增長中的少數還是大部分？或者您可以跟我們講講這種對成長的貢獻嗎？這是第一個問題。第二個問題就是深入探討您的市場份額，您作為美國和其他一些市場的領先平台、智慧電視作業系統。據我所知，你們在美國多年來一直保持第一名。但就你們的絕對市場份額而言，這是否也很穩定？或者你們在美國智慧電視作業系統的市佔率有什麼變化嗎？

Barton, I'll take the -- I'll start with the -- this is Anthony -- with the kind of some high-level thoughts on international and then Dan has some thoughts. Just in general, I think overall, we're pleased with our progress internationally. We're the #1 in Mexico as well as the U.S.; doing extremely well in Canada. We're doing well in all of Latin America. We're making great progress in Brazil. So we don't break out our active accounts by region, but a lot of them are international at this point. We're making good progress. We're also doing well in the U.K. So Dan, did you want to add something about international?

巴頓，我會從——我將從——這是安東尼——開始，對國際比賽有一些高層的想法，然後丹有一些想法。總的來說，我認為總的來說，我們對我們在國際上的進展感到滿意。我們在墨西哥和美國都是第一名；在加拿大做得非常好。我們在整個拉丁美洲都做得很好。我們在巴西取得了巨大進展。因此，我們不會按地區劃分活躍帳戶，但目前其中許多都是國際帳戶。我們正在取得良好進展。我們在英國也做得很好。所以丹，你想添加一些關於國際的內容嗎？

Yes, I'll just comment. I just think it's important to note that we -- as we talk about the 80 million actives, we are growing in both the U.S. and international. And while international, of course, just given the maturity of the markets are growing faster. The U.S. continues to grow very well for us on net new accounts. And as part of that, a significant part of that, those 10 million adds that we have. And we expect both markets, both our international and our U.S. to continue to grow on actives.

是的，我就評論一下。我只是認為重要的是要注意，當我們談論 8000 萬活躍用戶時，我們在美國和國際上都在成長。當然，儘管國際化，但考慮到市場的成熟度，成長速度更快。美國的淨新帳戶持續保持良好成長。作為其中的一部分，其中很重要的一部分，我們擁有的這 1000 萬個補充。我們預計國際市場和美國市場都將持續成長。

One comment, just as it relates to the platform revenue and ARPU, we talked that -- we stated our ARPU was down 4% due to the fact that international is growing so fast. And that is true. But in the U.S., we are actually seeing ARPU flat to up. We don't break it out, but we are seeing year-over-year growth rates in ARPU, and it's really mixed. It's all mix that's causing that slight contraction in ARPU. So it just shows you -- and then we're at a different stage, obviously, in the monetization of our international accounts. But those will monetize over time. We're in that scale phase, that engagement phase and in that monetization phase depending on the international markets. But we feel very good about the growth rate of both the U.S. and international.

一則評論，正如它與平台收入和 ARPU 相關一樣，我們說過——我們表示，由於國際業務成長如此之快，我們的 ARPU 下降了 4%。這是真的。但在美國，我們實際上看到 ARPU 持平到上升。我們沒有詳細說明，但我們看到 ARPU 的同比增長率，而且確實好壞參半。所有這些因素都導致了 ARPU 的輕微收縮。所以它只是向你展示了——然後我們顯然在國際帳戶的貨幣化方面處於不同的階段。但隨著時間的推移，這些都會貨幣化。我們正處於規模階段、參與階段和貨幣化階段，取決於國際市場。但我們對美國和國際的成長率感到非常滿意。

And this is Anthony again. Just on your question about market share and it's been steady or up or down in U.S. Well, I'll just take that question. So globally, if you look at regions outside the U.S., let's say, outside the U.S. and Canada, which are more mature for us, you've seen strong and steady upward trends of market share growth rates. In the U.S., also, we launched Roku TV 10 years ago. And since that launch, we've seen steady increases in market share growth rate. We've seen it bounced around quarter-to-quarter. Sometimes it goes up, sometimes it goes down. But in general, on average, it has been going up steadily since we launched Roku TV. And I actually think there's still quite a bit of room to grow our market share, even in the United States because there will continue to be consolidation.

這又是安東尼。關於你關於市場佔有率的問題，美國的市佔率一直穩定或上升或下降。好吧，我就回答這個問題。因此，在全球範圍內，如果你看看美國以外的地區，比如說美國和加拿大以外的地區，這些地區對我們來說更加成熟，你會看到市場份額增長率強勁而穩定的上升趨勢。同樣在美國，我們 10 年前推出了 Roku TV。自推出以來，我們看到市佔率成長率穩定上升。我們已經看到它每個季度都有反彈。有時它會上升，有時它會下降。但總的來說，自從我們推出 Roku TV 以來，平均而言，它一直在穩步上升。事實上，我認為即使在美國，我們的市佔率仍有很大的成長空間，因為整合將會持續下去。

There's a lot of TVs sold that run on proprietary TV OS. And I've always said and still believe strongly that we're going to see consolidation to a small number of licensed TV OS. They just have bigger economies of scale. They just have a big head start in terms of user experience with a leading licensed TV OS and we expect to be a beneficiary of that. So I think that sort of the trends in market share for TVs are in our favor. In the United States, I expect over time the growth rate to continue to climb, although like I said, they do bounce around quarter-to-quarter.

許多銷售的電視都運行專有的電視作業系統。我一直說並且仍然堅信我們將看到少數授權電視作業系統的整合。他們只是擁有更大的規模經濟。他們憑藉領先的授權電視作業系統在使用者體驗方面取得了巨大的領先優勢，我們希望成為其中的受益者。所以我認為電視市場佔有率的趨勢對我們有利。在美國，我預計隨著時間的推移，成長率將繼續攀升，儘管正如我所說，成長率確實會按季度反彈。

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

我們的最後一個問題來自傑森·赫夫斯坦和奧本海默的對話。

So 2 questions. Do you expect media and entertainment revenue to start growing again in the second quarter? And then on the 3P ad platforms, you gave obviously some color on the note, and there's been questions or comments, questions about that. But what would it take to see a material increase in participation from major DSPs such as Trade Desk and DV360 in your ecosystem there?

所以有2個問題。您預計第二季媒體和娛樂收入將再次開始成長嗎？然後在 3P 廣告平台上，您顯然在註釋上給出了一些顏色，並且出現了相關問題或評論。但是，如何才能看到主要 DSP（例如 Trade Desk 和 DV360）在您的生態系統中的參與度大幅增加？

Jason, this is Anthony. So I think Dan will take that first question, and then Charlie can talk about DSPs. Do you want to go with the next question?

傑森，這是安東尼。所以我認為 Dan 會回答第一個問題，然後 Charlie 可以談論 DSP。您想繼續下一個問題嗎？

Sure. We talked about M&E and that we do think it was a challenge in '23 and we'll be challenged going forward. And we're not -- I'm not going to break out what the growth rates that we're expecting of M&E. And we do think it could grow year-over-year, but it's going to be growing less than our overall platform business most likely, and that's what we're anticipating. And that's all the work that Charlie is doing on diversification. What he talked about is what we're focused on. But we'll update you more on M&E as we get into the second half of Q2 and in H2. But we're actually not -- we don't break that specific activity out in our advertising business.

當然。我們談到了 M&E，我們確實認為這是 23 年的一個挑戰，而且我們未來也會面臨挑戰。我們不會——我不會透露我們預期的 M&E 成長率是多少。我們確實認為它可能會逐年成長，但它的成長很可能低於我們的整體平台業務，這就是我們的預期。這就是查理在多元化方面所做的全部工作。他所講的就是我們所關注的。但當我們進入第二季下半年和下半年時，我們將向您提供更多有關 M&E 的最新資訊。但實際上我們沒有——我們不會在廣告業務中分解具體的活動。

Jason, I like the way we say we have one more question. So you have 2 questions. That's good. And I'll take the second one on DSPs. We are now actually in relationships with all the major DSPs and SSPs. And the way I look at it is this, we went and prioritized demand diversification. And we've done a good job because we're balancing the direct relationships we have, some of whom wish to execute their transactions on the DSPs. And then there is the opening up of demand to smaller accounts that has really grown in the thousands for us, and a lot of those smaller accounts will become bigger and bigger over time. So we've built those relationships. I feel good about the growth, both in dollars and active accounts. And then I think you'll see the small- and medium-sized business, it's really a good result and become, I hope, medium- and large-sized businesses. But we think the strategy is solid and that we're executing well.

傑森，我喜歡我們說還有一個問題的方式。所以你有兩個問題。那挺好的。我將選擇關於 DSP 的第二個。我們現在實際上與所有主要的 DSP 和 SSP 都建立了合作關係。我的看法是，我們優先考慮需求多元化。我們做得很好，因為我們正在平衡我們擁有的直接關係，其中一些希望在 DSP 上執行交易。然後，對小帳戶的需求開放，對我們來說，這些需求確實增長了數千個，而且隨著時間的推移，許多小帳戶將變得越來越大。所以我們已經建立了這些關係。我對美元和活躍帳戶的成長感到滿意。然後我想你會看到中小企業，這確實是一個很好的結果，我希望成為中型和大型企業。但我們認為該戰略是可靠的，而且我們執行得很好。

And with that, ladies and gentlemen, we conclude the Q&A session. I will turn it back to Anthony Wood for final comments.

女士們先生們，問答環節到此結束。我會將其轉回給安東尼·伍德以徵求最終意見。

Thank you, everyone, for joining. And thanks to our employees, customers, content partners and advertisers. I look forward to an exciting year of TV streaming.

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。我期待著電視串流媒體激動人心的一年。

And thank you all for participating.

感謝大家的參與。