Roku Inc (ROKU) 2021 Q4 法說會逐字稿

(Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the conference to your host, Mr. Conrad Grodd, Vice President of Investor Relations. Sir, you may begin.

（操作員說明）作為提醒，今天的電話會議正在錄音中。我現在想把會議轉給您的主持人，投資者關係副總裁康拉德·格魯德先生。先生，您可以開始了。

Thank you. Good afternoon, and welcome to Roku's Fourth Quarter and Year Ended 2021 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; Steve Louden, our CFO; and Scott Rosenberg, Senior Vice President and 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。下午好，歡迎來到 Roku 的第四季度和截至 2021 年的財報電話會議。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；我們的平台業務高級副總裁兼總經理 Scott Rosenberg 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 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 our expectations regarding the continued impact of global supply chain disruptions on our business and industry. 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、未來市場狀況的陳述以及我們對全球供應鏈中斷對我們業務的持續影響的預期和工業。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。

Thank you, Conrad. And thanks, everyone, for joining us today. Roku delivered another record year in 2021. We have an enormous opportunity in front of us that we expect to capture. We have built and continue to expand a set of unique assets for this purpose. These include the Roku operating system, The Roku Channel and our sophisticated streaming ad platform. Our scale has passed 60 million active accounts, and we remain focused on being the best and largest streaming platform.

謝謝你，康拉德。感謝大家今天加入我們。 Roku 在 2021 年又創造了創紀錄的一年。我們面前有一個巨大的機會，我們希望抓住它。為此，我們已經建立並繼續擴展一組獨特的資產。其中包括 Roku 操作系統、Roku 頻道和我們先進的流媒體廣告平台。我們的規模已經超過 6000 萬活躍賬戶，我們仍然專注於成為最好和最大的流媒體平台。

The Roku operating system is poised to gain further market share as TVs shift away from costly proprietary operating systems. We expect manufacturers who want a best-in-class operating system to choose the Roku OS which is purpose-built for TV. The Roku Channel continues to gain momentum. Free ad-supported services are the fastest-growing segment in TV streaming. In just 4 years, we built a flywheel that propelled The Roku Channel to a top 5 position on our platform in the U.S. This success is a result of combining a robust content portfolio with our ability to send consumers to The Roku Channel with superior content marketing and advertising features.

隨著電視從昂貴的專有操作系統轉移，Roku 操作系統有望獲得進一步的市場份額。我們希望想要一流操作系統的製造商選擇專為電視打造的 Roku 操作系統。 Roku 頻道繼續獲得動力。免費的廣告支持服務是電視流媒體中增長最快的部分。在短短 4 年內，我們打造了一個飛輪，將 Roku 頻道推向了我們在美國平台上的前 5 名。這一成功是強大的內容組合與我們將消費者發送到 Roku 頻道的能力與卓越的內容營銷相結合的結果和廣告功能。

Our ad platform is built for TV streaming. We believe large, traditional TV advertisers will continue to shift to Roku for the targeting, measurement, optimization and superior ROI that we provide. And for digital-first advertisers and small and medium businesses, Roku makes advertising on TV more accessible. We remain focused on maximizing our competitive differentiators, extending our industry leadership and driving growth, both in the U.S. and internationally.

我們的廣告平台專為電視流媒體而打造。我們相信，大型傳統電視廣告商將繼續轉向 Roku，以實現我們提供的定位、衡量、優化和卓越的投資回報率。對於數字優先的廣告商和中小型企業，Roku 使電視廣告更容易獲得。我們仍然專注於最大化我們的競爭優勢，擴大我們的行業領導地位並推動美國和國際的增長。

With that, let me hand the call over to Steve.

有了這個，讓我把電話交給史蒂夫。

Thanks, Anthony. Before taking your questions, I'll walk through operational and financial highlights and address the outlook. In Q4, we grew our active account base by over 3.7 million, resulting in 8.9 million incremental active accounts for the year, thus ending 2021 with 60.1 million active accounts. While we continue to scale, we believe that the slowdown in the active account growth rate in the second half of the year was, in large part, attributable to global supply chain disruptions that have impacted the overall U.S. TV market and our TV OEM partners in particular. This was partially offset by Roku player unit sales in 2021 that remained above pre-COVID-19 levels.

謝謝，安東尼。在回答您的問題之前，我將介紹運營和財務亮點並討論前景。在第四季度，我們的活躍賬戶基數增加了超過 370 萬，全年增加了 890 萬活躍賬戶，從而在 2021 年結束時擁有 6010 萬活躍賬戶。儘管我們繼續擴大規模，但我們認為，下半年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和我們的電視 OEM 合作夥伴特定。這被 2021 年的 Roku 播放器單位銷售額部分抵消，該銷售額仍高於 COVID-19 之前的水平。

In addition to increasing our scale, we are also growing engagement on our platform, with 2021 streaming hours up 14.4 billion year-over-year to a record 73.2 billion hours. In Q4, we grew streaming hours 15% year-over-year, while full year grew 25% year-over-year as we continue to outperform viewing hour growth of both traditional TV and other TV streaming platforms. Average streaming hours per active account per day was relatively flat year-over-year as we lap the pandemic-related demand spike. As a reminder, please see our shareholder letter for the full financial details from the quarter and the fiscal year, and I'll highlight a few items.

除了擴大規模外，我們還增加了對平台的參與度，2021 年的流媒體播放小時數同比增長 144 億小時，達到創紀錄的 732 億小時。在第四季度，我們的流媒體播放時長同比增長 15%，而全年同比增長 25%，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時長增長。隨著與大流行相關的需求激增，每個活躍賬戶每天的平均流媒體播放時間與去年同期相比相對持平。提醒一下，請參閱我們的股東信，了解本季度和本財年的完整財務細節，我將重點介紹一些項目。

In Q4, total net revenue increased 33% year-over-year to $865 million. Platform revenue was up 49% year-over-year to a record $704 million, driven by strong content distribution and M&E growth. This was partially offset by temporary softness in advertising spend within the auto and CPG verticals, which have been most impacted by product availability issues related to supply chain disruptions. Q4 player revenue declined 9% year-over-year but was up 7% versus Q4 2019. Player unit sales were relatively flat year-over-year for Q4 and down 4% year-over-year for 2021.

第四季度，總淨收入同比增長 33% 至 8.65 億美元。在強勁的內容分發和 M&E 增長的推動下，平台收入同比增長 49% 至創紀錄的 7.04 億美元。這部分被汽車和 CPG 垂直行業的廣告支出暫時疲軟所抵消，這些行業受到與供應鏈中斷相關的產品可用性問題的影響最大。第四季度玩家收入同比下降 9%，但與 2019 年第四季度相比增長 7%。第四季度玩家單位銷售額同比相對持平，2021 年同比下降 4%。

Gross profit, one of our key financial performance metrics, grew 24% year-over-year in Q4 to a record $380 million. Q4 platform gross margin was 60%, which was down 4.5 points sequentially as the Platform business shifted toward a greater mix of video advertising.

毛利潤是我們的關鍵財務業績指標之一，第四季度同比增長 24%，達到創紀錄的 3.8 億美元。第四季度平台毛利率為 60%，環比下降 4.5 個百分點，因為平台業務轉向更多視頻廣告組合。

Player margin was pressured by supply chain challenges as we chose to prioritize account acquisitions and insulate consumers from higher costs. We estimate that excluding the year-over-year impact of component and logistic cost increases on the Player business, total gross margin would have been roughly 4 points higher for Q4 2021.

玩家利潤率受到供應鏈挑戰的壓力，因為我們選擇優先獲取賬戶並使消費者免受更高成本的影響。我們估計，排除零部件和物流成本增加對播放器業務的同比影響，2021 年第四季度的總毛利率將高出約 4 個百分點。

Q4 adjusted EBITDA was $87 million, and we ended the quarter with over $2.1 billion of cash, cash equivalents, restricted cash and short-term investments. Looking to the first quarter, we anticipate total net revenue of $720 million, up 25% year-over-year; gross profit of $360 million with a gross margin of 50%; and adjusted EBITDA of $55 million.

第四季度調整後的 EBITDA 為 8700 萬美元，截至本季度末，我們擁有超過 21 億美元的現金、現金等價物、受限現金和短期投資。展望第一季度，我們預計總淨收入為 7.2 億美元，同比增長 25%；毛利潤3.6億美元，毛利率為50%；調整後的 EBITDA 為 5500 萬美元。

Now I'll provide additional color on each of these estimates. Q1 total net revenue of $720 million reflects our expectations for standard Q1 seasonality, combined with the ongoing impact of supply chain disruptions on advertising spend within certain verticals. Next, conditions that positively affected gross profit and gross margin in Q1 2021 have shifted. The platform business, which had a larger portion of high-margin content distribution in Q1 2021, is expected to have a greater portion of video advertising in Q1 2022. Additionally, the Player business, which had a strong positive gross margin in Q1 2021 is expected to have a negative gross margin in Q1 2022 as we continue to absorb elevated supply chain-related costs.

現在我將為這些估計中的每一個提供額外的顏色。第一季度總淨收入 7.2 億美元反映了我們對第一季度標準季節性的預期，以及供應鏈中斷對某些垂直行業廣告支出的持續影響。接下來，對 2021 年第一季度毛利潤和毛利率產生積極影響的情況發生了變化。平台業務在 2021 年第一季度擁有較大比例的高利潤內容分發，預計在 2022 年第一季度將擁有更大比例的視頻廣告。此外，在 2021 年第一季度具有強勁正毛利率的播放器業務是由於我們繼續吸收與供應鏈相關的高成本，預計 2022 年第一季度的毛利率為負。

Finally, our outlook for Q1 adjusted EBITDA is $55 million due to higher OpEx, which we expect to increase approximately 55% year-over-year as we plan to invest aggressively this year. As a comparison, adjusted EBITDA in Q1 2021 was $126 million, driven by a combination of very strong platform growth and lower OpEx growth as we slowed down investments due to COVID uncertainty. This demonstrates a strong return from prior monetization investments and the inherent leverage in our business model.

最後，由於運營支出增加，我們對第一季度調整後 EBITDA 的展望為 5500 萬美元，由於我們計劃今年大舉投資，我們預計該支出將同比增長約 55%。相比之下，2021 年第一季度調整後的 EBITDA 為 1.26 億美元，這得益於非常強勁的平台增長和較低的運營支出增長，因為我們因 COVID 不確定性而放慢了投資。這表明了先前貨幣化投資的強勁回報以及我們商業模式的內在槓桿作用。

Looking to the full year, I want to share my thoughts on supply chain, our investment strategy and our confidence in the business. First, supply chain. While we have seen some component costs decrease relative to peak prices in 2021, overall component and logistics costs remain significantly elevated and available issues persist. Thus, we believe these disruptions will continue to negatively affect the size of the TV market and our player margins in the short term. And we assume that ad spend in certain verticals will continue to be impacted by ongoing inventory availability issues until conditions normalize.

展望全年，我想分享我對供應鏈、我們的投資策略和對業務的信心的看法。一是供應鏈。雖然我們看到一些組件成本相對於 2021 年的峰值價格有所下降，但整體組件和物流成本仍然顯著升高，並且可用問題仍然存在。因此，我們認為這些中斷將在短期內繼續對電視市場的規模和我們的玩家利潤率產生負面影響。我們假設某些垂直領域的廣告支出將繼續受到持續的庫存可用性問題的影響，直到情況恢復正常。

Second, we intend to continue to invest in our growth. To date, our investments in people, technology and content have been successful, as demonstrated by our strong ARPU growth. Roku's U.S. active account base has surpassed the U.S. video subscribers of all of the cable companies combined. Growing our share and extending our lead, both in the U.S. and international markets is a core part of our plan. For full year 2022, we plan to maintain adjusted EBITDA roughly in line with 2020 levels on an absolute basis as we continue to invest against a significant opportunity and drive continued innovation on the platform.

其次，我們打算繼續投資於我們的增長。迄今為止，我們在人員、技術和內容方面的投資取得了成功，正如我們強勁的 ARPU 增長所證明的那樣。 Roku 在美國的活躍賬戶基礎已經超過了所有有線電視公司的美國視頻訂閱用戶的總和。在美國和國際市場上增加我們的份額並擴大我們的領先地位是我們計劃的核心部分。對於 2022 年全年，我們計劃在絕對基礎上將調整後的 EBITDA 大致保持在 2020 年的水平，因為我們將繼續針對重大機遇進行投資並推動平台上的持續創新。

Third, even with the volatility that is expected to result from ongoing supply chain disruptions, we believe Roku will continue to grow. And our estimate for full year 2022 year-over-year revenue growth is in the mid-30s. Our core belief is that all of our secular growth drivers that favor streaming remain in place, and we have an exceptional platform as our foundation to build upon. There is a long runway of growth in front of us, and we are investing to capture this opportunity. We remain confident in our business and our ability to execute.

第三，即使預計供應鏈中斷會導致波動，我們相信 Roku 將繼續增長。我們對 2022 年全年收入同比增長的估計是在 30 年代中期。我們的核心信念是，我們所有支持流媒體的長期增長動力都保持不變，我們擁有一個卓越的平台作為我們的基礎。我們面前還有很長的增長之路，我們正在投資以抓住這個機會。我們對我們的業務和執行能力仍然充滿信心。

With that, let's turn it over to questions. Operator?

有了這個，讓我們把它交給問題。操作員？

(Operator Instructions) Our first question comes from Justin Patterson of KeyBanc.

（操作員說明）我們的第一個問題來自 KeyBanc 的 Justin Patterson。

Great. Steve, just going back to the annual revenue guidance of 35%. That reflects a very healthy acceleration from Q1 levels. Could you talk about what gives you the confidence in that and perhaps tease out some of the contribution from Player and Platform to get there?

偉大的。史蒂夫，剛剛回到 35% 的年收入指導。這反映了第一季度水平的非常健康的加速。您能否談談是什麼讓您對此充滿信心，或許可以梳理一下 Player 和 Platform 為實現這一目標所做的一些貢獻？

And then related, you've called out aggressive investment. Could you talk about some of the top priorities and whether things like controlling more of TV manufacturing play into that?

然後相關的，你已經呼籲積極投資。您能否談談一些首要任務，以及控制更多電視製造等事情是否在其中發揮作用？

Justin, this is Anthony. I'll kick off the answer and then turn it over to Steve. At a high level, the streaming platform business that we're a leader in is a very large global opportunity. And we're super well positioned to keep expanding our leadership in it. And so we're going to keep investing appropriately to the opportunity in our business.

賈斯汀，這是安東尼。我會開始回答，然後把它交給史蒂夫。在高層次上，我們處於領先地位的流媒體平台業務是一個非常大的全球機遇。我們處於非常有利的位置，可以繼續擴大我們在這方面的領導地位。因此，我們將繼續對我們業務中的機會進行適當的投資。

If you think about what we've accomplished so far with the money we've invested in our business, we've built some extremely valuable assets, the Roku operating system, which is the industry's only purpose-built operating system for television and is the #1 TV OS in the country and is making great progress internationally. The Roku TV program itself, where we build complete reference designs, license those to manufacturers and then help merchandise them at retail. It's been a super successful program for us. The Roku Channel, which is a top 5 channel on our platform, reached households with 80 million people in the quarter and it's just been a big driver of our ad business and under our very sophisticated ad platform.

如果您考慮一下我們迄今為止用我們在業務上投資的資金所取得的成就，我們已經建立了一些非常有價值的資產，即 Roku 操作系統，它是業界唯一的電視專用操作系統，並且是全國排名第一的電視操作系統，並在國際上取得了長足的進步。 Roku TV 節目本身，我們在其中構建完整的參考設計，將這些設計許可給製造商，然後幫助它們在零售店銷售。這對我們來說是一個超級成功的計劃。 Roku 頻道是我們平台上排名前 5 的頻道，在本季度覆蓋了擁有 8000 萬人口的家庭，在我們非常成熟的廣告平台下，它一直是我們廣告業務的重要推動力。

But those 4 assets we've built over the last few years, and we're going to keep investing in them and keep growing them. And together, they were instrumental in driving our gross profit for the year of $1.4 billion, which was up 74%, so over a tough comp.

但是我們在過去幾年中建立的這 4 項資產，我們將繼續投資並繼續發展它們。他們共同推動了我們當年 14 億美元的毛利潤，增長了 74%，因此超過了艱難的競爭。

So we just feel like there's so much opportunity still in front of us. It's still early days in the streaming platform business, which is a big global business or will be a huge global business we're going to keep investing for those reasons. And then, of course, there's international, which we're starting to see some good progress on, but it's still very early as well. But Steve, do you want to add any specifics?

所以我們只是覺得還有很多機會擺在我們面前。流媒體平台業務仍處於早期階段，這是一項大型全球業務，或者將成為一項龐大的全球業務，我們將出於這些原因繼續投資。然後，當然還有國際賽，我們開始看到一些不錯的進展，但也還為時過早。但是史蒂夫，你想補充一些細節嗎？

Sure. Justin, thanks for the question. So adding to what Anthony said, in general, we're providing formal outlook for the near-term quarter. So in this case, Q1 and some color on the full year. You mentioned the revenue growth we've said that we thought for the year that revenue would be in the mid-30s on a year-over-year basis. There's some things that factor into that. Obviously, like Anthony said, we've had successful investments in these key strategic investment areas. Historically, we think there's a lot more opportunity out there both to drive scale and monetization.

當然。賈斯汀，謝謝你的問題。因此，除了安東尼所說的之外，總的來說，我們正在提供近期季度的正式前景。所以在這種情況下，Q1 和全年的一些顏色。您提到了我們所說的收入增長，我們認為今年的收入同比將在 30 年代中期。有一些因素會影響到這一點。顯然，正如安東尼所說，我們已經在這些關鍵戰略投資領域進行了成功的投資。從歷史上看，我們認為有更多的機會來推動規模和貨幣化。

In terms of the Q1 versus full year view, on the revenue side on Q1, a couple of things to note and a lot of this has to do with the comp and then the current conditions that we saw coming into the year. And there's a couple of things. One is I'd just point back to Q1, and this is similar to Q2 as well last year. That's a good example of where we saw significant strong performance in the platform monetization side with revenue growth rates over 100% year-over-year in Q1 and Q2 of 2021. At the same time, we were curtailing our investment growth in terms of incremental head count and other spend because of the COVID uncertainty. So that aspect early in 2021 really shows the inherent leverage in the business.

就第一季度與全年的觀點而言，在第一季度的收入方面，有幾件事需要注意，其中很多都與我們看到的今年的競爭和當前狀況有關。還有幾件事。一個是我只想回到第一季度，這與去年的第二季度相似。這是一個很好的例子，我們在平台貨幣化方面看到了顯著的強勁表現，2021 年第一季度和第二季度的收入同比增長率超過 100%。同時，我們正在減少增量方面的投資增長由於 COVID 的不確定性，人數和其他支出。因此，2021 年初的這一方面確實顯示了該業務的固有影響力。

So when you fast forward to 2022 in Q1, in particular, what we see is we see more of a mix shifting into the ad business because of such a strong comp on the content distribution side and M&E side. At the same time, kind of mid last year, as we got through some of the worst uncertainty around the pandemic, we decided that we would continue -- or we kind of go back to our historical aggressive investment levels. And so you're seeing strong investment in the back half of 2021 and into 2022. As a result, we think that we comp in Q1, and those will be maybe slightly less tough as the year goes through it. And the other part we're tracking is in the back half of 2021, we had strong supply chain disruptions that we're still working through, but we're hopeful those will mitigate over time.

因此，特別是當您在第一季度快進到 2022 年時，我們看到的是，由於內容分發和 M&E 方面的強大競爭，我們看到更多的混合體轉向廣告業務。與此同時，在去年年中，當我們度過了圍繞大流行的一些最嚴重的不確定性時，我們決定繼續——或者我們回到我們歷史上激進的投資水平。因此，您會看到 2021 年下半年和 2022 年的強勁投資。因此，我們認為我們會在第一季度進行比較，隨著這一年的過去，這些可能會稍微不那麼艱難。我們正在跟踪的另一部分是在 2021 年下半年，我們仍在努力解決嚴重的供應鏈中斷問題，但我們希望這些情況會隨著時間的推移而減輕。

Our next question comes from Laura Martin of Needham.

我們的下一個問題來自 Needham 的 Laura Martin。

Do we have Scott on the line today or no?

我們今天有斯科特在線還是沒有？

Yes, I'm here.

對，我在這。

Scott's here.

斯科特來了。

Fabulous. Okay. Anthony, one for you, one for Scott. Fantastic. So data, Anthony, yours is data. So VIZIO makes 40 million a year selling some of their data. Your data is better because you have 3x as many subs. My question is, would you ever consider, as a new revenue stream, selling part of your data, overall keeping bunch for your proprietary use, to others as a new revenue stream?

極好。好的。安東尼，一份給你，一份給斯科特。極好的。所以數據，安東尼，你的就是數據。因此，VIZIO 每年通過銷售部分數據賺取 4000 萬美元。您的數據更好，因為您擁有 3 倍的訂閱者。我的問題是，你有沒有想過，作為一種新的收入來源，出售你的部分數據，整體保留一堆供你專有使用，作為新的收入來源？

Scott, for you, I'm very interested in hearing from you what you think you're most excited about as the ad revenue driver in 2022. Is it international ad growth? Is it like new markets like Mexico? Is it the upfront that's coming up in May? Is it the integration of bottom of funnel e-commerce with advertising? I'm really interested in where you see the most growth upside and what you're most excited about for 2022.

斯科特，對你來說，我很想听聽你認為作為 2022 年廣告收入推動者最興奮的事情。是國際廣告增長嗎？像墨西哥這樣的新市場嗎？是五月即將到來的預付款嗎？是漏斗電商底部與廣告的融合嗎？我真的很想知道你在哪裡看到了最大的增長優勢，以及你對 2022 年最興奮的是什麼。

Laura, it's great to hear from you again. Sure, I'll take the first question on data. I think generally, we view our data that we generate in lots of different ways, including ACR, automatic content recognition, which I think is the data you're probably referring to. I mean that's an existing VIZIO business. But we view that data as basically a key part of our ad platform and a key competitive advantage. And so we don't have any plans to sell it. I mean we sell ads. We sell lots of ad, and that business is growing incredibly fast, and our data is one of the key drivers. And I don't know -- when Scott takes the question, maybe he might have an opinion on data as well as key to his business...

勞拉，很高興再次收到您的來信。當然，我會回答關於數據的第一個問題。我認為一般來說，我們以許多不同的方式查看我們生成的數據，包括 ACR、自動內容識別，我認為這就是您可能指的數據。我的意思是這是現有的 VIZIO 業務。但我們認為這些數據基本上是我們廣告平台的關鍵部分和關鍵的競爭優勢。所以我們沒有任何出售它的計劃。我的意思是我們賣廣告。我們銷售了大量廣告，而且該業務增長得非常快，而我們的數據是關鍵驅動因素之一。而且我不知道——當斯科特提出這個問題時，也許他可能對數據以及他的業務的關鍵有意見......

Yes. I'll just add to that, data is our most valuable asset. And so it's not something we sell. It's also -- and obviously the long move from a consumer perspective. And frankly, we think the revenue optimal use of data is to keep it and use it for optimizing consumer experience and optimizing advertising. So there are lots of reasons we've opened the holdback close, consumer-oriented and commercial. And I think actually, if you look at some of those other platforms, they're actually regretting their decision and in some cases pulling that data back.

是的。我要補充一點，數據是我們最寶貴的資產。所以這不是我們賣的東西。從消費者的角度來看，這也是——而且顯然是長期的舉措。坦率地說，我們認為數據的收入優化使用是保留數據並將其用於優化消費者體驗和優化廣告。因此，有很多原因我們打開了保留關閉，面向消費者和商業。而且我認為實際上，如果您查看其他一些平台，他們實際上會後悔自己的決定，並且在某些情況下會撤回該數據。

With regards to my excitement about 2022 ad opportunities, there are a few things. One is, as you'll recall, we bought a division out of Nielsen last year that includes ACR and linear ad replacement technology. We will be rolling that out to beta in partnership with programmers. I'm very excited about that because it's a whole other ad units to be sold into the marketplace to extend our reach. I'm also excited about our continued progress in the growth or performance advertising category. We really shine and we can leverage our data and our ad stack to help advertisers drive to real outcome, product purchases-type business, et cetera.

關於我對 2022 年廣告機會的興奮，有幾件事。一個是，你會記得，我們去年從 Nielsen 收購了一個部門，其中包括 ACR 和線性廣告替換技術。我們將與程序員合作推出測試版。我對此感到非常興奮，因為這是一個完整的其他廣告單元將被出售到市場上以擴大我們的影響力。我也對我們在增長或效果廣告類別中的持續進步感到興奮。我們真的很出色，我們可以利用我們的數據和我們的廣告堆棧來幫助廣告商推動真正的成果、產品購買類型的業務等等。

2022 is a big year for OneView as well. We've made good progress with selling OneView into agency holding companies and lots of other advertisers. And I think it will be a breakout year for us. We just last week announced Nielsen DAR guarantees in OneView. This will enable an advertiser to use our data and our ad stack to optimize the age, gender goals when buying from programmers in the Roku ecosystem. We have sold that product with our own media for years. We're extending it now in what's an industry first to all impressions on the Roku platform.

2022 年對於 OneView 來說也是重要的一年。我們在將 OneView 出售給代理控股公司和許多其他廣告商方面取得了良好的進展。我認為這對我們來說將是突破性的一年。我們上周剛剛在 OneView 中宣布了 Nielsen DAR 保證。這將使廣告商能夠在從 Roku 生態系統中的程序員那裡購買時，使用我們的數據和我們的廣告堆棧來優化年齡、性別目標。多年來，我們一直使用自己的媒體銷售該產品。我們現在正在將它擴展到 Roku 平台上的所有印象，這是業界首創的。

So those are just a few highlights of categories I'm excited about. I mean I guess the punchline is there's just tons of growth opportunity for the ad business. We might have driven 43% lift in ARPU year-over-year, but we're nowhere near the ceiling of the ad potential in this contribution to the Roku platform business.

所以這些只是我對這些類別感到興奮的幾個亮點。我的意思是，我想關鍵是廣告業務有大量的增長機會。我們可能推動了 ARPU 同比增長 43%，但我們還遠未達到對 Roku 平台業務貢獻的廣告潛力上限。

Yes. This is Anthony. I mean you didn't ask me, Laura, but I'll answer anyway. What am I most excited about with our ad business? And I think there's -- I would highlight 2 things. One is just the overall industry state, which is that consumers spend 45% of their time, their TV time watching streaming TV, but advertisers have only moved about 18% of their budgets over to streaming. And all TV advertising is going to move to streaming. So there's just still so much opportunity for us there, both to capture those existing budgets and to continue to innovate.

是的。這是安東尼。我的意思是你沒有問我，勞拉，但我還是會回答的。我對我們的廣告業務最感興趣的是什麼？我認為有 - 我會強調兩件事。一是整體行業狀況，即消費者將 45% 的電視時間花在觀看流媒體電視上，但廣告商僅將約 18% 的預算轉移到流媒體上。所有電視廣告都將轉向流媒體。因此，我們仍然有很多機會來獲取現有預算並繼續創新。

And then the second thing I would highlight is just how powerful The Roku Channel has become as a source of ad inventory for us and how that's driving just this incredible virtuous cycle around content, advertisers and viewers and how that's allowing our scale to invest in originals and just becoming -- just really upping the scale needed to be successful in that business is creating a big opportunity for us as well.

然後我要強調的第二件事是，Roku 頻道作為我們的廣告資源來源已經變得多麼強大，以及它如何推動圍繞內容、廣告商和觀眾的這種令人難以置信的良性循環，以及這如何使我們的規模能夠投資於原創作品並且只是成為 - 只是真正擴大在該業務中取得成功所需的規模，也為我們創造了一個巨大的機會。

Our next question comes from Cory Carpenter of JPMorgan.

我們的下一個問題來自摩根大通的 Cory Carpenter。

I'm hoping you could expand a bit on the drivers that led to revenue coming in below your expectations in 4Q, but simply the auto and CPG verticals being weaker than expected or anything else to call out there? And then on the supply chain, are you starting to see any signs of improvement at all? Or maybe if you could just talk about how you expect that to impact active accounts in 2022.

我希望你能對導致第四季度收入低於預期的驅動因素進行一些擴展，但僅僅是汽車和 CPG 垂直行業比預期弱，還是有什麼其他值得關注的地方？然後在供應鏈上，您是否開始看到任何改善的跡象？或者，如果您可以談談您預計這將如何影響 2022 年的活躍賬戶。

Thank you, Cory. This is Anthony. I'll start with some commentary on our platform business. Nonetheless, Scott wants to jump in or Steve to talk about supply chain. But just in general, our Platform business is doing extremely well. If you just look at the big picture, that revenue in 2021 grew 55% to $2.8 billion. That was driven by an 80% year-over-year increase in Platform revenue. And there were some extraordinary circumstances. You should take a look at our shareholder letter for the details. But the fundamentals are strong.

謝謝你，科里。這是安東尼。我將從對我們平台業務的一些評論開始。儘管如此，Scott 還是想加入或 Steve 談論供應鏈。但總的來說，我們的平台業務做得非常好。如果你從大局來看，2021 年的收入增長了 55%，達到 28 億美元。這是由平台收入同比增長 80% 推動的。還有一些特殊情況。您應該查看我們的股東信以了解詳細信息。但基本面很強。

I mean ARPU in the quarter was up 43% year-over-year. And there's lots of room to keep growing that. I mean I mentioned the stat about how such a small part of the ad business has moved to streaming before with Laura's question. I mean it's just so true, and there's so much room to keep growing ARPU. Monetized video ad impressions nearly doubled in 2021. If you look at The Roku Channel, which is a key driver of inventory and ad revenue for us, it reached an estimate households with an estimated 80 million people.

我的意思是本季度的 ARPU 同比增長 43%。而且還有很大的空間可以繼續增長。我的意思是，我在 Laura 的問題中提到了關於廣告業務的一小部分如何轉移到流媒體的統計數據。我的意思是這太真實了，而且還有很大的空間可以繼續增長 ARPU。 2021 年，貨幣化視頻廣告的展示次數幾乎翻了一番。如果你看看 Roku 頻道，它是我們庫存和廣告收入的主要驅動力，它覆蓋了估計有 8000 萬人口的家庭。

So the business is very strong and still has a lot of room for growth. And it's a diversified business. There's a lot of different sources of revenue in that business, advertising, different kinds of advertising, M&E, content distribution, billing. There's just a lot of sources of revenue into our Platform business, and they're all doing great.

所以業務非常強大，還有很大的增長空間。這是一個多元化的業務。該業務有很多不同的收入來源，廣告、不同類型的廣告、M&E、內容分發、計費。我們的平台業務有很多收入來源，而且他們都做得很好。

But I don't know, Scott, if you have -- or Steve, if you guys want to add.

但我不知道，Scott，如果你們有 - 或者 Steve，如果你們想添加。

Yes, I'll just add a little more color on that, and I think there's a slide chain question's better for Steve to answer. Yes, Cory, just breaking down the Platform business a little bit more. The M&E, so this is our endemic advertising business of promoting partner apps and content on the platform, certainly moderating after some major app launches in 2020 and early 2021, but it still is growing very significantly faster than the platform overall. Our growth or performance advertiser segment, these are advertisers who are optimizing the bottom funnel outcomes, roughly doubled our brand studio, which is our sales of sponsorships and unique brand integrations and executions on the platform had its largest quarter yet.

是的，我只是在上面添加一點顏色，我認為有一個滑動鏈問題更適合史蒂夫回答。是的，Cory，只是進一步分解了平台業務。 M&E，所以這是我們在平台上推廣合作夥伴應用程序和內容的地方性廣告業務，在 2020 年和 2021 年初推出一些主要應用程序後肯定會有所放緩，但它的增長速度仍然明顯快於平台整體。我們的增長或績效廣告客戶部分，這些廣告客戶正在優化底部漏斗結果，大約使我們的品牌工作室翻了一番，這是我們在平台上的讚助和獨特品牌整合和執行的銷售額達到了迄今為止最大的季度。

And with regards to brand ad sales, advertising, excluding our M&E category, we're still going strong there. I don't want to overemphasize the temporary softness in auto and CPG. It was a relatively minor factor in the quarter. It was also not unique to Roku. Other segments for our brand ad business, we're up strongly. Restaurants -- travel was up 5x, a real bounce back from COVID financial services. So bottom line is we remain bullish on the continued growth of the Platform business.

關於品牌廣告銷售、廣告，不包括我們的 M&E 類別，我們仍然在這方面表現強勁。我不想過分強調汽車和 CPG 暫時的軟弱。在本季度，這是一個相對較小的因素。這也不是 Roku 獨有的。我們品牌廣告業務的其他部分，我們都在強勁增長。餐館——旅行增長了 5 倍，從 COVID 金融服務中真正反彈。所以底線是我們仍然看好平台業務的持續增長。

Steve, do you want to...

史蒂夫，你想...

Yes. And just on the supply chain side. As I mentioned earlier, the world continues to seek supply chain disruptions. We think those are coming into 2022, both in terms of elevated component and logistics costs as well as some continued inventory or component availability issues, I guess the good news is, in some cases, component costs have come back a bit from their peaks that we saw in 2021, but they're still overall very elevated. So there's a way to go between here and normal, but we do expect those to normalize over time.

是的。就在供應鏈方面。正如我之前提到的，世界繼續尋求供應鏈中斷。我們認為這些將進入 2022 年，無論是組件和物流成本升高，還是一些持續的庫存或組件可用性問題，我想好消息是，在某些情況下，組件成本已經從峰值回升了一點，即我們在 2021 年看到過，但它們總體上仍然非常高。因此，有一種方法可以在此處與正常之間進行，但我們確實希望這些隨著時間的推移而正常化。

The team has done a good job on the Player side of keeping the streaming players in stock. And so the main impact there has been on the gross margin where we had the flexibility, thanks to our increasing ARPU to insulate consumers for the prices and thus, the main impact is on negative gross margin. But we said in our outlook that we do expect that the overall U.S. TV sales market will be down below pre-COVID levels, at least in the short term. And so that's something that's a bit of a headwind for our business in the industry.

該團隊在保持流媒體播放器庫存方面在播放器方面做得很好。因此，主要影響是對我們具有靈活性的毛利率，這要歸功於我們不斷增加的 ARPU 以使消費者免受價格影響，因此，主要影響是對負毛利率。但我們在展望中表示，我們確實預計美國整體電視銷售市場將低於 COVID 之前的水平，至少在短期內如此。因此，這對我們在行業中的業務來說有點不利。

Our next question comes from Shweta Khajuria of Evercore ISI.

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

Okay. Let me try 2 please. One on supply chain. Could you please remind us what role Roku you play within the supply chain? And the follow-up to that is why not make your own TVs? And then the quick question for Steve is on EBITDA. Steve, did you say 2022 EBITDA to be same level of 2020? I just want to make I heard it right.

好的。請讓我試試2。一是供應鏈。您能否提醒我們 Roku 您在供應鏈中扮演的角色？後續行動是為什麼不自己製作電視？然後史蒂夫的快速問題是 EBITDA。史蒂夫，您是否說 2022 年 EBITDA 與 2020 年相同？我只是想讓我沒聽錯。

Shweta, this is Anthony. I'll start and then turn it over to Steve. We interact with the TV supply chain in a bunch of different ways. So when we talk about device or screening players, supply chain issues, those are products that we build, we design and build and manufacture ourselves. I mean we use contract manufacturers like the entire industry, but we manage that process. We source the key components or help source the key components. And so supply chain issues around players impact us when the main chips or what are called SoCs become -- when they become in short supply because of just general semiconductor shortages. That causes the price to go up. That impacts us in a bunch of ways, including it costs more to build the products, but also it causes our engineering team to have to spend time redesigning products to use alternate SoCs so that we can get access to more supply. So it impacts us in a couple of ways. But in general, we're managing through that and those issues are mitigating over time.

Shweta，這是安東尼。我會開始，然後把它交給史蒂夫。我們以多種不同的方式與電視供應鏈互動。因此，當我們談論設備或篩選播放器、供應鏈問題時，這些都是我們製造的產品，我們自己設計、製造和製造。我的意思是我們像整個行業一樣使用合同製造商，但我們管理這個過程。我們採購關鍵組件或幫助採購關鍵組件。因此，當主要芯片或所謂的 SoC 出現時，圍繞玩家的供應鏈問題會影響我們——當它們因為普遍的半導體短缺而出現短缺時。這導致價格上漲。這會以多種方式影響我們，包括構建產品的成本更高，但也導致我們的工程團隊不得不花時間重新設計產品以使用替代 SoC，以便我們能夠獲得更多供應。因此，它以多種方式影響著我們。但總的來說，我們正在解決這個問題，並且隨著時間的推移，這些問題正在緩解。

In terms of TV, TVs, we don't -- our role with The Roku TV program, which has been -- just I'll take a quick second and talk about The Roku TV program. I mean it's been hugely successful for us. This is the program where we designed the reference designs for a television and then we work with manufacturing and brand partners to build and sell those TVs and then we work with retailers to help merchandise them as well. And that program has been super successful for us, continues to be successful. We're the #1 TV platform in the country by unit sales as well as hours streamed. And we've become the #1 TV platform in Mexico by hours streamed, #1 in Canada by hours streamed. We're making great progress in other international markets, a lot of that through our Roku TV program.

在電視方面，電視，我們不 - 我們在 The Roku 電視節目中的角色，這一直是 - 我會花點時間談談 The Roku 電視節目。我的意思是它對我們來說非常成功。這是我們為電視設計參考設計的程序，然後我們與製造和品牌合作夥伴合作製造和銷售這些電視，然後我們與零售商合作幫助銷售它們。該計劃對我們來說非常成功，並且繼續取得成功。按單位銷售額和流媒體播放時間計算，我們是該國排名第一的電視平台。我們已經成為墨西哥排名第一的電視平台（以流媒體播放時間計算），在加拿大以流媒體播放時間計算排名第一。我們在其他國際市場上取得了長足的進步，其中很多是通過我們的 Roku 電視節目。

But in that program, those TVs are built by TV manufacturers around the world and sold through retailers around the world. And so that's the supply chain. And what's been happening in TVs is that there's been a shortage of panels and then it has also been -- it's been much more expensive to ship televisions. It's been more expensive to ship players as well, but TVs are bigger, and so it impacts them more. So the result of all that is TV prices have gone up a lot for consumers, and that's reduced demand for TVs. And so that's the big picture of what's happening.

但在該計劃中，這些電視由世界各地的電視製造商製造，並通過世界各地的零售商銷售。這就是供應鏈。電視中正在發生的事情是面板短缺，然後也是 - 運送電視機的成本要高得多。運送播放器的成本也更高，但電視更大，因此對它們的影響更大。因此，對於消費者而言，電視價格上漲了很多，這導致對電視的需求減少。這就是正在發生的事情的大局。

In terms of us making our own TV, there's rumors around that. We don't speculate on rumors. I'll just point out that the Roku TV program is a big area of investment for us. It's been super successful, and we're successful not just because we have a great purpose-built operating system for TV, but we also are a great partner for manufacturers and TVs. We offer a full stack solution and are really very helpful for them growing their smart TV market share. So that's some thoughts on Roku TV and supply chain, I don't know, Steve, if you want to -- if there's anything you'd like to add.

關於我們製作自己的電視，有謠言。我們不猜測謠言。我只想指出，Roku 電視節目對我們來說是一個很大的投資領域。它非常成功，我們之所以成功，不僅因為我們有一個專門為電視打造的出色操作系統，而且我們還是製造商和電視的絕佳合作夥伴。我們提供完整的堆棧解決方案，對他們擴大智能電視市場份額非常有幫助。所以這是關於 Roku TV 和供應鏈的一些想法，我不知道，史蒂夫，如果你想 - 如果你想添加任何東西。

Yes, I think you got it on the supply chain. Shweta, your second question was just around the 2022 EBITDA levels compared to 2020. So yes, in the prepared remarks, what we talked about is the OpEx investment levels, and we're investing aggressively against a significant opportunity and a lot of great growth vectors, and we have a great platform to build upon. We talked about some of those things around investing in The Roku operating system, investing in The Roku Channel itself and then the ad platform, of course.

是的，我認為你在供應鏈上得到了它。 Shweta，您的第二個問題是與 2020 年相比，2022 年的 EBITDA 水平差不多。所以，是的，在準備好的評論中，我們談到的是運營支出投資水平，我們正在積極投資以應對重大機遇和巨大的增長向量，我們有一個很好的平台可以構建。我們談到了一些關於投資 Roku 操作系統、投資 Roku 頻道本身以及廣告平台的事情，當然。

So one of the key things to mention in terms of the comparison to 2021 or 2020 is the fact that 2020 was a pre-COVID era, a more normalized basis when we were growing OpEx aggressively against these opportunities. In 2021, late -- or kind of mid-2020 and into 2021, we curtailed our investment growth because of the COVID uncertainty and then we've kind of stepped back on the gas so that the OpEx investment is a bit more aggressive like it was pre-COVID level. So that, combined with where we're at in terms of a more normalized growth in the Platform business compared to 2021, where especially in the front half, you had a platform growing 100-plus percent based on strong content distribution and media and entertainment as well as the fact that the OpEx investment levels were growing much slower, that's leading us I think to a better comp in the pre-COVID level. So we did say that we thought 2022 EBITDA levels would be around the same range as 2020 EBITDA on an absolute basis. So I think that is a better -- a fair comparison versus the surge we saw on the top line in 2021 and some curtailed investment growth at the same time.

因此，與 2021 年或 2020 年相比，要提到的關鍵之一是，2020 年是 COVID 之前的時代，當我們針對這些機會積極增加 OpEx 時，這是一個更加正常化的基礎。在 2021 年末或 2020 年年中到 2021 年，由於 COVID 的不確定性，我們縮減了投資增長，然後我們有點退縮了，因此 OpEx 投資像它一樣更具侵略性是COVID之前的水平。因此，再加上與 2021 年相比，我們在平台業務的正常增長方面所處的位置，尤其是在前半部分，基於強大的內容分發以及媒體和娛樂，您的平台增長了 100% 以上以及 OpEx 投資水平增長慢得多的事實，我認為這導致我們在 COVID 之前的水平上獲得更好的補償。所以我們確實說過，我們認為 2022 年 EBITDA 水平在絕對基礎上與 2020 年 EBITDA 的範圍大致相同。因此，我認為這是一個更好的選擇——與我們在 2021 年看到的收入激增以及同時一些投資增長放緩的情況進行了公平的比較。

Sure. Steve, it might be worth just mentioning a little bit about the -- how we're -- how our TV OEM partners were disproportionately affected by some of the supply chain issues.

當然。史蒂夫，值得一提的是——我們現在的情況——我們的電視 OEM 合作夥伴如何受到一些供應鏈問題的不成比例的影響。

Yes. Sure. So when you think about the supply chain impacts on the industry, we talked about sort of weaker demand because TV component prices and thus, TV consumer prices went up, it's a low-margin business. So those largely got past along. So the overall TV market size did go down in 2021. And we think that below pre-COVID levels, and we think that will continue in the short term.

是的。當然。因此，當您考慮供應鏈對行業的影響時，我們談到了需求疲軟，因為電視零部件價格因此電視消費價格上漲，這是一項低利潤的業務。所以這些基本上都過去了。因此，整體電視市場規模在 2021 年確實有所下降。我們認為低於 COVID 之前的水平，我們認為這種情況將在短期內持續下去。

The other piece, which impacts TV OEMs in terms of their unit sales and market share and thus the Roku TV market shares was some of our OEM partners had specific component in inventory outages. And so that impacted some of their sales in Q3 and Q4. And so that's a big piece that's a headwind for us on the TV side.

另一部分影響電視 OEM 的單位銷售和市場份額，因此 Roku 電視市場份額是我們的一些 OEM 合作夥伴在庫存中斷中有特定的組成部分。因此，這影響了他們在第三季度和第四季度的部分銷售額。所以這是一個很大的部分，在電視方面對我們來說是一個逆風。

Yes, we were fortunate on the player side to largely have inventory available, thanks to our team internally leveraging our scale and our relationships. So we didn't have the inventory availability on the player side, but that is a material factor in the last couple of quarters on the TV side.

是的，由於我們的團隊在內部利用了我們的規模和我們的關係，我們很幸運在玩家方面擁有大量可用的庫存。所以我們沒有播放器方面的庫存可用性，但這是過去幾個季度電視方面的一個重要因素。

Our next question comes from Vasily Karasyov of Cannonball Research.

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

Scott, I think it's for you. I just wanted to ask you to speak in more detail about the media and entertainment promotional revenue. Can you tell us about the options that you are offering currently through M&E advertisers, how their price may be CPM versus performance-based, et cetera? And then if you could also tell us how did effective CPM evolve over time in this type of advertising? And what do you see driving growth going forward? Is it sell-through growth and impression? Do you think you have pricing power or to drive effective pricing up. So we get a lot of questions about this revenue stream, so I would appreciate you speaking in more detail about it.

斯科特，我想這是給你的。我只是想請您更詳細地談談媒體和娛樂促銷收入。您能否告訴我們您目前通過 M&E 廣告商提供的選項，它們的價格可能是 CPM 與基於性能的價格，等等？然後，如果您還可以告訴我們，在這種類型的廣告中，有效每千次展示費用是如何隨著時間的推移而演變的？您認為推動增長的因素是什麼？是銷售增長和印象嗎？你認為你有定價權或推動有效定價。所以我們收到了很多關於這個收入來源的問題，所以我希望你能更詳細地談論它。

Yes. Great question. Thanks, Vasily. Our North Star in the -- on the call, yes, maybe you can mute. Sorry, (inaudible) on this end. Our North Star on the M&E business is driving outcomes for our clients, and we are uniquely positioned to do this as Roku. First, we've got the promotional units all throughout the Roku experience from the time you're setting your device up, the ad on the home screen, teams, video ads, e-mail. In many ways, we are the checkout counter at the moment that the consumer is trying to make a choice of what to watch, we're there to influence it. The second reason we're uniquely positioned to do this is we've got the data to target and optimize these promotions.

是的。好問題。謝謝，瓦西里。我們的北極星在——在通話中，是的，也許你可以靜音。抱歉，（聽不清）到此為止。我們在機電業務方面的北極星正在為我們的客戶帶來成果，而我們作為 Roku 具有獨特的定位。首先，從您設置設備開始到主屏幕上的廣告、團隊、視頻廣告、電子郵件，我們在整個 Roku 體驗中都有促銷單元。在許多方面，當消費者試圖選擇觀看什麼時，我們就是收銀台，我們在那裡影響它。我們擁有獨特優勢的第二個原因是我們有數據來定位和優化這些促銷活動。

And then the third reason is, especially for our M&E clients, the conversion events, the download of the app, the subscription to their service happens on our platform. And so we have got a beautiful closed loop, data-driven way of optimizing for the outcome that our M&E clients care about, which is new users, engage users, retained users. And that all basically enables us to drive outcomes more efficiently for our M&E clients than the other media they might buy, say, on social media or in linear television.

然後第三個原因是，特別是對於我們的 M&E 客戶，轉換事件、應用程序的下載、對他們服務的訂閱都發生在我們的平台上。因此，我們有一個漂亮的閉環、數據驅動的方式來優化我們的 M&E 客戶關心的結果，即新用戶、吸引用戶、留存用戶。與他們可能在社交媒體或線性電視上購買的其他媒體相比，這一切基本上使我們能夠為 M&E 客戶更有效地推動成果。

Now as for your question about how we price it and how that might evolve, today, we price on both a CPM or impression basis as well as on a performance basis. You can buy in either way for us. Most of our clients, whether they buy on a CPM or a CPA basis are ultimately measuring on the outcome that they care about. They'll net it out to that.

現在，至於您關於我們如何定價以及它可能如何發展的問題，今天，我們根據每千次展示費用或展示次數以及性能進行定價。您可以為我們購買任何一種方式。我們的大多數客戶，無論他們是按 CPM 還是 CPA 購買，最終都會衡量他們關心的結果。他們會解決這個問題。

Our pricing is a function of a lot of factors. In Q4, there's just such competition as new programming is coming out that we often have scarcity. So that sensibility pricing, but we're also creating more supply throughout the user experience as we build more user engagement in the Roku home screen. So that's an offsetting factor. And then, of course, at the end of the day, this is basically an auction among various bidders trying to get attention from more consumers to subscribe to their service, and so that tends to drive pricing. Ultimately, though, our pricing will be driven by our ability to drive the outcomes that these M&E clients seek. And as long as we keep getting better at driving outcomes, which we're doing, because of our innovation around how we promote these services and our use of data, we're confident in our ability to keep growing the M&E business and drive deal sizes and pricing. I hope that answers your question, Vasily.

我們的定價是許多因素的函數。在第四季度，競爭激烈，因為新節目的出現，我們經常遇到稀缺性。因此，敏感性定價，但隨著我們在 Roku 主屏幕上建立更多用戶參與度，我們也在整個用戶體驗中創造更多供應。所以這是一個抵消因素。然後，當然，歸根結底，這基本上是各種競標者之間的拍賣，試圖吸引更多消費者的注意力以訂閱他們的服務，因此往往會推動定價。但最終，我們的定價將取決於我們推動這些 M&E 客戶尋求的結果的能力。只要我們在推動成果方面不斷取得進步，我們正在這樣做，因為我們在推廣這些服務和數據使用方面的創新，我們對我們繼續發展 M&E 業務和推動交易的能力充滿信心尺寸和定價。我希望這能回答你的問題，瓦西里。

Our next question comes from Michael Morris with Guggenheim.

我們的下一個問題來自古根海姆的邁克爾莫里斯。

I have a question about revenue and a question about costs. First, on the revenue side, on video advertising revenue, you guys noted monetized ad impressions on Roku Channel up 67% this quarter, I believe, which is pretty -- it's a big number, but still a meaningful slowdown from the doubling you guys have been seeing before. I'm hoping you could break down a little bit for us how much of that was driven by these supply chain challenged industries that you spoke about versus how you sort of feel about what that growth trajectory looks like going forward?

我有一個關於收入的問題和一個關於成本的問題。首先，在收入方面，在視頻廣告收入方面，你們注意到本季度 Roku 頻道的貨幣化廣告展示次數增長了 67%，我相信，這很不錯——這是一個很大的數字，但由於你們翻了一番，仍然是一個有意義的放緩以前見過。我希望您能為我們詳細分析一下，您談到的這些受供應鏈挑戰的行業推動了多少，以及您對未來增長軌蹟的看法？

And my second question, I really want to come back to this spending growth next year. By my math, it looks like your spending is going to almost double to well over $1 billion, just using your revenue and EBITDA guide. I mean it's a pretty huge number. And Steve, I think you just said kind of goes back to pre-COVID levels or behaviors, but multiples of what you were spending at that time. Now you're obviously a much bigger company now, but I think this is a really big deal coming out of the call. So I want to take one more opportunity to ask sort of in more detail what you're spending on? Like which areas do you think this is going to power? And when we should expect to see the return the top line on this incremental spend?

我的第二個問題，我真的很想回到明年的支出增長。根據我的數學計算，僅使用您的收入和 EBITDA 指南，您的支出將幾乎翻一番，超過 10 億美元。我的意思是這是一個相當大的數字。史蒂夫，我想你剛才說的有點回到 COVID 之前的水平或行為，但是是你當時花費的倍數。現在你顯然是一家更大的公司，但我認為這是一個非常重要的電話會議。所以我想再藉一次機會更詳細地問一下你的花費是什麼？就像你認為這會在哪些領域發揮作用？什麼時候我們應該期望看到這種增量支出的回報？

Scott, do you want to take the 67% question, which I'm not sure if that was correct.

斯科特，你想回答 67% 的問題嗎，我不確定這是否正確。

Yes, sure. I think the stat you're citing, Michael, is our total monetized video ad impressions, not specific to The Roku Channel. We don't break that out for The Roku Channel specifically. Roku Channel is growing much more -- much faster generally in terms of usage streaming hours ad impressions than the platform as a whole. Still a very significant growth rate for us and represents a huge opportunity for us to keep growing into all the video ad volume that's on our platform. I think -- sorry, your other question is on OpEx. Steve, do you want to take that?

是的，當然。邁克爾，我認為您引用的統計數據是我們的總貨幣化視頻廣告展示次數，而不是特定於 Roku 頻道。我們不會專門針對 The Roku Channel 打破這一點。 Roku 頻道的增長速度要快得多——就使用流媒體時間廣告印象而言，通常比整個平台快得多。對我們來說仍然是一個非常顯著的增長率，對我們來說是一個巨大的機會，可以繼續增長到我們平台上的所有視頻廣告量。我想——抱歉，您的另一個問題是關於運營支出的。史蒂夫，你想拿那個嗎？

Yes. I can take that. Michael, the -- yes, in terms of the investment areas, I mean, Anthony talked about our 3 core investment areas around The Roku operating system, The Roku Channel and the ad business. And will also throw in that these investments are not only in the U.S., but they're also in support of international markets as well.

是的。我可以接受。邁克爾，是的，就投資領域而言，我的意思是，安東尼談到了我們圍繞 Roku 操作系統、Roku 頻道和廣告業務的 3 個核心投資領域。並且還將指出，這些投資不僅在美國，而且還支持國際市場。

In terms of how we usually invest, the main source of investment is people-based. And so that head count expense is the largest single line item on our OpEx. And so we're continuing to invest in employee expense existing where we've been ramping up our hiring rates. So that's very important to the investment.

就我們平時的投資方式而言，主要的投資來源是以人為本。因此，人數費用是我們運營支出中最大的單項。因此，我們將繼續投資於我們一直在提高招聘率的現有員工費用。所以這對投資來說非常重要。

In terms of some of the specific items that we'll talk about around The Roku Channel, in particular, one of the things that we've talked about recently is this flywheel effect. So the -- Scott mentioned, The Roku Channel is growing much faster than the platform overall. That flywheel is driven by content, which is driving increased reach and viewership, which then allows us, since it's primarily AVOD supported, to sell more ads based on the supply from the Roku Channel. Really the scale of The Roku Channel in that growth trajectory is allowing us to invest more in the content. And it's a combination of licensing. We've got 200-plus licensing partners there. But also in 2021, we basically came out with the Roku original side of the house, which we kickstarted with the acquisition of Quibi's content distribution rights, but we've done a lot on that front as well. And so that is a big piece of that, but with same within our AVOD model. And then the ad business, there's continued opportunity there. So we're continuing to invest in parts of the technology features. There's a lot of innovation on various road maps.

就我們將圍繞 The Roku Channel 討論的一些具體項目而言，特別是，我們最近討論的其中一件事是這種飛輪效應。所以--斯科特提到，Roku 頻道的增長速度比整個平台快得多。這個飛輪是由內容驅動的，這推動了覆蓋面和收視率的增加，這使得我們能夠根據 Roku 頻道的供應銷售更多廣告，因為它主要支持 AVOD。確實，Roku 頻道在該增長軌跡中的規模使我們能夠在內容上進行更多投資。它是許可的組合。我們在那裡有 200 多個許可合作夥伴。但同樣在 2021 年，我們基本上推出了 Roku 原創的一面，我們從收購 Quibi 的內容髮行權開始，但我們在這方面也做了很多工作。所以這是其中很大一部分，但在我們的 AVOD 模型中也是如此。然後是廣告業務，那裡有持續的機會。因此，我們將繼續投資於部分技術功能。各種路線圖上有很多創新。

Yes. Sorry, I just want to jump in and just from my point of view, at a high level, the way I think about this is that the streaming platform business is a very large business, and it's going to become an even larger, huger, bigger business. And it's got a huge amount of potential. And it's the kind of business where there's only going to be a small number of winners.

是的。對不起，我只是想跳進去，從我的角度來看，在高層次上，我認為流媒體平台業務是一個非常大的業務，它將變得更大，更大，更大的業務。它具有巨大的潛力。這是一種只有少數贏家的業務。

In some ways, it's very similar to what happened with like desktops, for example, where there used to be a lot of different companies that make PC operating systems and PC software. Now there's -- every PC in the world comes with either Microsoft Windows or Apple Mac OS. Same thing happened with phones. There used to be lots of different companies making phones and phone software stacks, and now every phone that you can buy comes with either Android or iOS. And the same thing is happening in TVs. TVs historically have been very fragmented, lots of different software providers, lots of different places you can get a smart TV operating system, and it's consolidating, and it's going to consolidate down to a handful of winners. And Roku is the leading operating system in the United States right now. We're making great progress in other countries as well. And we're just extremely well positioned to keep investing in that leadership position and grow that leadership position as consolidation continues to happen in the TV -- in the platform space.

在某些方面，這與台式機的情況非常相似，例如，過去有很多不同的公司生產 PC 操作系統和 PC 軟件。現在有——世界上的每台 PC 都配備了 Microsoft Windows 或 Apple Mac OS。手機也發生了同樣的事情。過去有很多不同的公司生產手機和手機軟件堆棧，現在您可以購買的每部手機都帶有 Android 或 iOS。同樣的事情也發生在電視上。電視在歷史上一直非常分散，有很多不同的軟件供應商，在很多不同的地方可以獲得智能電視操作系統，而且它正在整合，它將整合到少數贏家。 Roku 是目前美國領先的操作系統。我們在其他國家也取得了很大進展。而且我們處於非常有利的位置，可以繼續投資於該領導地位並隨著電視 - 平台領域的整合繼續發生而發展該領導地位。

It also applies to other areas like the ad stack. Scale is super important in the ad platform business. It applies to content. The Roku Channel has been hugely successful for us. We've been a leader in ad-supported free content. We've gone from licensing a few low-cost, old movies to producing our own multimillion dollar originals. And that's happened on the back of hugely increasing scale, and that scale supports that kind of investment.

它也適用於廣告堆棧等其他領域。規模在廣告平台業務中非常重要。它適用於內容。 Roku 頻道對我們來說非常成功。我們一直是廣告支持的免費內容的領導者。我們已經從許可一些低成本的老電影到製作我們自己的價值數百萬美元的原件。這是在規模大幅增加的背景下發生的，而這種規模支持這種投資。

And so it's just -- there's just a huge opportunity. The stakes are getting bigger, and we're in a unique position that we lead in all these areas, and we can grow our leadership position. And so that's why, for us, continue to invest really just makes a lot of sense financially for the -- in our quest to build a huge, large business.

所以它只是 - 只是一個巨大的機會。賭注越來越大，我們在所有這些領域都處於領先地位，我們可以提高我們的領導地位。所以這就是為什麼，對我們來說，繼續投資在我們尋求建立一個龐大的大型企業的過程中，在財務上真的很有意義。

And I think we ran this sort of accidental experiment during COVID where we pulled back on the gas on investment in the future, and we saw how EBITDA started flowing to the bottom line. And so that's what will happen eventually. We will start to normalize. But -- and these days where we're still pretty early in the building of these streaming platforms, we want to maintain and keep winning with our leadership position.

而且我認為我們在 COVID 期間進行了這種意外實驗，我們在未來的投資中減少了燃料，我們看到了 EBITDA 如何開始流入底線。所以這就是最終會發生的事情。我們將開始正常化。但是——在這些流媒體平台的構建還處於早期階段的這些日子裡，我們希望保持並繼續贏得我們的領導地位。

So can I just ask, is wage inflation a meaningful part of this increase? Or how much is just sort of like existing wage inflation versus how much is expanding the areas you're spending on given your comment that people is such a big part of where the spending is going.

那麼我可以問一下，工資上漲是這種增長的重要組成部分嗎？或者說多少有點像現有的工資通脹與多少正在擴大你的支出領域，因為你的評論是人們是支出的重要組成部分。

Yes, this is Steve. Yes. I mean, certainly, there -- it's a very competitive market out there. So certainly, wages are going up. And like I said, that's our #1 component in our OpEx. So that is certainly part of what's been factored into the outlook.

是的，這是史蒂夫。是的。我的意思是，當然，那裡 - 這是一個競爭非常激烈的市場。所以當然，工資在上漲。就像我說的，這是我們運營支出中的第一大組成部分。因此，這肯定是前景考慮的一部分。

But the main driver is we just keep hiring a lot more people as we expand each of these key areas. Just one small example, we didn't use to make Originals. Now we have a whole team working on Roku Originals. We didn't use to sell TVs in Brazil. Now we're building more and more models for Brazil. So those are -- those are places -- those are examples of places where we increase our head count. And the head count investment usually comes ahead of the results, right? We have to work on it for a year or 2 before you start seeing the results. Thank you.

但主要驅動力是，隨著我們擴大這些關鍵領域，我們只是繼續僱傭更多的人。只是一個小例子，我們沒有用來製作原創作品。現在我們有一個完整的團隊致力於 Roku Originals。我們以前沒有在巴西銷售電視。現在我們正在為巴西建造越來越多的模型。所以這些是 - 這些是地方 - 這些是我們增加人數的地方的例子。人數投資通常先於結果，對嗎？在您開始看到結果之前，我們必須為此工作一兩年。謝謝你。

Our next question comes from Jason Helfstein of Oppenheimer.

我們的下一個問題來自奧本海默的 Jason Helfstein。

So I'm going to applaud the investment. For years, we heard from investors that you weren't spending enough. So I'm going to echo that, albeit a tough data report earnings. So kind of sorry about that.

所以我要為這項投資鼓掌。多年來，我們從投資者那裡聽說你的支出不夠。因此，我將附和這一點，儘管數據報告收益很艱難。對此感到非常抱歉。

So I just want to ask, I don't think anybody asked, but did you kind of say why you missed the revenue guide in the quarter? Steve, just maybe kind of give us just some color there.

所以我只是想問一下，我認為沒有人問過，但你有沒有說為什麼你錯過了本季度的收入指南？史蒂夫，也許只是給我們一些顏色。

And then my second question, I don't know if anyone asked this. I saw the announcement with the resale agreement with Entravision Mexico. Maybe just talk a bit about what you expect out of that? Could that start to be like the first material bucket of international revenue -- international ad revenue?

然後我的第二個問題，我不知道是否有人問過這個問題。我看到了與 Entravision 墨西哥的轉售協議的公告。也許只是談談你對此的期望？會不會開始像國際收入的第一個物質桶——國際廣告收入？

Scott can take the international revenue question. And then, Steve, do you want to answer the other question?

斯科特可以回答國際收入問題。然後，史蒂夫，你想回答另一個問題嗎？

Yes, Jason, thanks for the kind words, and I appreciate you mentioning the investors that wanted incremental investments. So yes, I mean, I think, frankly, the incremental investment just shows the -- we're bullish on the opportunity and the growth trajectories have great road maps ahead of us. So we think that's the right strategic decision. As Anthony has talked about, the industry is going to consolidate around and we're in a leading position.

是的，傑森，謝謝你的客氣話，我感謝你提到想要增加投資的投資者。所以是的，我的意思是，坦率地說，我認為增量投資只是表明——我們看好這個機會，增長軌跡在我們面前有很好的路線圖。所以我們認為這是正確的戰略決策。正如安東尼所說，該行業將整合，我們處於領先地位。

In terms of Q4, the biggest theme in terms of the results versus the original outlook expectations were around the level of supply chain disruptions that impacted the industry, our partners and us in particular, both on the account acquisition side, like we said, it was a smaller TV sales size in the market because of the higher TV prices. I had mentioned that TV prices were up 33% year-over-year in Q4, which was a tamp down on demand, and then we had specific TV OEM partners that had inventory availability challenges. And so the main impact of that was certainly on the account acquisition side, but what we also talked about was we saw some temporary softness in some verticals around auto and CPG, where they had their own inventory availability challenges and so deferred some of the revenue spend. And so that was more pronounced than what we originally thought it would be going into the quarter, and that was the biggest driver of the disconnect.

就第四季度而言，與最初的前景預期相比，結果的最大主題是供應鏈中斷的程度，這影響了行業、我們的合作夥伴，尤其是我們，無論是在客戶獲取方面，就像我們說的那樣，它由於電視價格較高，市場上的電視銷售規模較小。我曾提到，第四季度電視價格同比上漲 33%，這是對需求的抑制，然後我們有特定的電視 OEM 合作夥伴面臨庫存可用性挑戰。因此，主要影響當然是在客戶獲取方面，但我們還談到，我們看到汽車和 CPG 周圍的一些垂直行業出現了暫時的疲軟，他們在這些領域面臨著自己的庫存可用性挑戰，因此推遲了部分收入花費。因此，這比我們最初認為的進入本季度的情況更為明顯，這是造成這種脫節的最大驅動力。

This is Scott. I'll just tag on to sort of that question, and I'll answer your question, Jason, about Entravision in Mexico. One other thing I'd say about Q4 was we were comping over a really robust Q4 2020. If you roll back to 2020, advertisers really suppressed spending in Q2 2020. And then they made up for it in Q4. It drove a really strong Q4 for us in our ad business and, frankly, across the business. And so we had a strong quarter in Q4 for the ad business, Q4 '21. But the comp, in addition to a couple of the softness in a couple of the verticals, as Steve mentioned, were the real drivers of the missed offer guide.

這是斯科特。我會直接回答這個問題，然後我會回答你的問題，傑森，關於墨西哥的 Entravision。關於第四季度，我要說的另一件事是，我們正在經歷一個非常強勁的 2020 年第四季度。如果你回溯到 2020 年，廣告商確實抑制了 2020 年第二季度的支出。然後他們在第四季度彌補了這一點。它在我們的廣告業務中為我們帶來了非常強勁的第四季度，坦率地說，在整個業務中。因此，我們在 21 年第四季度的廣告業務第四季度表現強勁。但是，正如史蒂夫所提到的，除了幾個垂直方向的軟弱之外，競爭是錯過報價指南的真正驅動因素。

With regards to Mexico, this is a great story, a great part of our narrative of going abroad. Of course, we seek scale by getting televisions and players in the consumers' hands, then we try to drive engagement and then we monetize. And in Mexico, we are through the first and second phases there with significant winning posture in terms of household penetration, user engagement. And so it was very timely for us to launch Mexican ad business. We're doing it in partnership with Entravision. Internationally, I'd also call out our success in Canada, where we've been scaling our ad business and our M&E business for several years now. So we're excited about the progress in Mexico. And of course, it's also a great entry into activity elsewhere in Lat Am.

關於墨西哥，這是一個很棒的故事，是我們出國故事的重要組成部分。當然，我們通過讓消費者手中的電視和播放器來尋求規模，然後我們嘗試推動參與度，然後我們實現貨幣化。在墨西哥，我們正處於第一階段和第二階段，在家庭滲透率、用戶參與度方面取得了顯著的勝利。因此，我們開展墨西哥廣告業務非常及時。我們正在與 Entravision 合作。在國際上，我還要讚揚我們在加拿大取得的成功，幾年來我們一直在擴大我們的廣告業務和 M&E 業務。所以我們對墨西哥的進展感到興奮。當然，這也是進入拉美其他地區活動的絕佳機會。

Yes, this is Anthony. I mean if you think about just international and the countries in the Americas, south of the United States, the 2 biggest markets by far are in Brazil and Mexico. So that's why we focused on those primarily, and we're doing great in both of those markets.

是的，這是安東尼。我的意思是，如果你只考慮國際和美洲國家，美國南部，迄今為止最大的兩個市場是巴西和墨西哥。所以這就是為什麼我們主要關注那些，我們在這兩個市場都做得很好。

In Mexico, we're the #1 streaming platform by hours streamed. And we just announced that we passed 20% market share for TVs with The Roku TV program. And so our scale has been growing there for a few years now, that's why we're starting to add on monetization in that region.

在墨西哥，我們是流媒體播放時間排名第一的流媒體平台。我們剛剛宣布，我們通過 Roku 電視節目超過了 20% 的電視市場份額。所以我們的規模已經在那裡增長了幾年，這就是我們開始在該地區增加貨幣化的原因。

Our next question comes from Jason Bazinet of Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

There was a little bit of a question in the buy side about whether or not you guys would provide sort of a full year outlook, which I think is unusual for you. You can correct me if I'm wrong. But I'd be curious about 2 things, why you decided to do that? And then two, sort of what -- what your sort of level of conservatism is or isn't when you sort of lay out a full year guide versus a quarterly guide, which presumably is much easier.

買方有一點關於你們是否會提供全年展望的問題，我認為這對你們來說是不尋常的。如果我錯了，你可以糾正我。但我會對兩件事感到好奇，你為什麼決定這樣做？然後兩個，有點什麼 - 當你制定全年指南而不是季度指南時，你的保守主義水平是什麼，或者不是什麼，這可能要容易得多。

Scott -- I'm sorry, Steve, that's a Steve question.

斯科特——對不起，史蒂夫，這是史蒂夫的問題。

Yes. In terms of our approach to outlook, since the start of the pandemic, so coming on 2 years, we have focused on providing a formal outlook for the nearing quarter, in this case, Q1 and providing some color on the longer term or the annual view to the extent we have visibility. And so what we talked about in the shareholder letter is continuing on with that strategy permanently and tweaking the outlook, moving from a range to our best estimate. And so that's really no different than what we've been doing for the last couple of years. I think it reflects the fact that, obviously, we have better visibility into the short term.

是的。就我們的展望而言，自大流行開始以來，在接下來的 2 年裡，我們一直專注於為即將到來的季度（在這種情況下為第一季度）提供正式展望，並為長期或年度提供一些顏色在我們能見度的範圍內查看。因此，我們在股東信中談到的是永久地繼續採用該策略並調整前景，從一個範圍轉向我們的最佳估計。因此，這與我們過去幾年一直在做的事情並沒有什麼不同。我認為這反映了一個事實，顯然，我們對短期有更好的了解。

In this case, we didn't provide formal outlook for the full year, but we did provide some color on what we thought the trends were for the full year, and we provided a rough outlook for the revenue year-over-year growth range as well as the EBITDA level. So we're kind of somewhere in between, but we think that's prudent just given the level of uncertainty in that factor.

在這種情況下，我們沒有提供全年的正式展望，但我們確實提供了一些我們認為全年趨勢的顏色，並且我們提供了收入同比增長范圍的粗略展望以及 EBITDA 水平。所以我們介於兩者之間，但考慮到該因素的不確定性，我們認為這是謹慎的做法。

Our next question comes from Ruplu Bhattacharya of Bank of America.

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

I have 2, one on platform revenues and one on your comments on The Roku OS. With respect to platform revenues, 4Q and the full year, the M&E spend, media and entertainment spend, was very strong. It grew faster than the platform revenues. Can you give us your thoughts on M&E spend for the full year 2022?

我有 2 個，一個關於平台收入，一個關於你對 The Roku OS 的評論。就平台收入而言，第四季度和全年的 M&E 支出、媒體和娛樂支出非常強勁。它的增長速度超過了平台收入。您能否談談您對 2022 年全年 M&E 支出的看法？

And just maybe talk about, in the shareholder letter, it says delayed ad spend in verticals most impacted by imbalances may continue into 2022. If we go back to the pandemic in 2Q of '20, advertisers had pulled back, but they came back pretty quick after that, and 3Q, 4Q were pretty strong quarters for your platform revenues. Just reading the shareholder letter, it seems that this come back this year might be delayed. So just your thoughts on when you think the CPG and the auto advertisers might come back and spend more on the platform.

也許只是在股東信中說，受不平衡影響最嚴重的垂直行業的延遲廣告支出可能會持續到 2022 年。如果我們回到 20 年第二季度的大流行，廣告商已經撤退了，但他們回來得很好在那之後很快，第三季度和第四季度對於您的平台收入來說是相當強勁的季度。光看股東信，看來今年的回歸可能要推遲了。因此，只要您認為 CPG 和汽車廣告商可能會回來並在該平台上花費更多，請考慮一下。

Scott?

斯科特?

Ruplu, yes, let me take this in parts here. First of all, again, I just would not overstate the impact of those verticals. We saw some softness. I think if anybody's guess how the CPG and auto businesses deal with their supply chain issues, but we see robustness broadly across the rest of the ad business. And so we're -- yes, we -- it's a relatively minor factor in the grand scheme of Q4 and our outlook going forward.

魯普魯，是的，讓我在這里分部分講。首先，我不會誇大這些垂直行業的影響。我們看到了一些柔軟。我想如果有人猜測 CPG 和汽車業務如何處理他們的供應鏈問題，但我們看到廣告業務的其他部分廣泛存在穩健性。所以我們 - 是的，我們 - 在第四季度的宏偉計劃和我們未來的前景中，這是一個相對次要的因素。

With regards to the M&E business, we don't guide to that business specifically. I'll just say that it continues to grow strongly. The biggest services have launched on Roku, but they continue to spend very significantly with us because they're not done acquiring users. And as they hit scale, retaining users becomes critical.

對於機電業務，我們不具體指導。我只想說它繼續強勁增長。最大的服務已經在 Roku 上推出，但他們繼續在我們身上花費大量資金，因為他們還沒有完成獲取用戶。隨著它們達到規模，留住用戶變得至關重要。

It's also a very competitive environment. We've seen quite a bit of share shifting within the top 10 apps as they compete for user attention. Consumers aren't going to have subscriptions to all of these services. They're going to pick and choose. And in a streaming world, it's easy for them to subscribe and unsubscribe. And so there's a lot of competitive pressure on our partners to stay front and center when they invest in big new programming, they want to get behind it and promote it aggressively to users. And as I answered in the question earlier, we're just one of the best possible choices for a programmer to utilize, drive awareness and tune it to their programming. So overall, we remain really bullish on the future of the M&E business. I don't know, Steve or Anthony, if you want to add anything?

這也是一個競爭非常激烈的環境。我們已經看到前 10 名應用程序在爭奪用戶注意力的過程中發生了相當大的份額轉移。消費者不會訂閱所有這些服務。他們會挑挑揀揀。在流媒體世界中，他們很容易訂閱和取消訂閱。因此，當我們的合作夥伴投資於大型新節目時，他們面臨著很大的競爭壓力，要保持領先和中心地位，他們想要支持它並積極地向用戶推廣它。正如我在前面的問題中回答的那樣，我們只是程序員利用、提高意識並將其調整到他們的編程的最佳選擇之一。所以總的來說，我們仍然非常看好機電業務的未來。我不知道，史蒂夫還是安東尼，你想補充什麼嗎？

Well, this is Steve. I'll just add because you mentioned kind of Q2 2020 and it popped back pretty quick with advertisers. I think that part is -- certainly, there was a pullback in advertising there, but I think it was a very different situation, right? That was early days of the pandemic. There was a lot of uncertainty across the board for advertisers that their business was going to drop off a cliff. And so that was much more of a stabilize the ship, lower the operating expense burn and see where the world is going.

嗯，這是史蒂夫。我只是補充一下，因為您提到了 2020 年第二季度的那種情況，它很快就在廣告商中反彈了。我認為那部分是——當然，那裡的廣告有所回落，但我認為這是一個非常不同的情況，對吧？那是大流行的初期。對於廣告商來說，他們的業務將一落千丈有很多不確定性。因此，這更像是穩定船舶，降低運營費用消耗並了解世界的發展方向。

In this case, where you have certain weakness in the advertising or a temporary slowdown in the advertising, in large part, these companies are selling everything they can produce. And I can tell you being in the market for an auto have a lot of pricing power on what they are producing, right? And so they're actually in a position of strength as opposed to a position of concern and weakness. But because of the supply chain constraints, there's kind of an artificial disconnect where they're not having to market. But there is a strong case for marketing and advertising once things normalize on that front.

在這種情況下，如果您的廣告有一定的弱點或廣告暫時放緩，這些公司在很大程度上是在出售他們可以生產的一切。我可以告訴你，在汽車市場上，他們對他們生產的產品有很大的定價權，對吧？所以他們實際上處於強勢地位，而不是關注和弱勢地位。但是由於供應鏈的限制，在他們不必推銷的地方存在一種人為的脫節。但是，一旦這方面的事情正常化，營銷和廣告就有了充分的理由。

So to Scott's point, I think it's -- certainly, supply chain disruptions are the main determinant on -- in certain verticals about kind of what their -- whether their spend levels will be normalized or not, but I actually think a lot of these companies are in a very strong position, and it's just this temporary disconnect of supply and demand that's created a temporary stop in spend. But otherwise, they're in great shape versus at the start of the pandemic, they were quite fearful for their well-being.

所以就斯科特的觀點而言，我認為這是——當然，供應鏈中斷是主要決定因素——在某些垂直領域，他們的支出水平是否會正常化，但我實際上認為其中很多公司處於非常有利的地位，正是這種暫時的供需脫節造成了支出的暫時停止。但除此之外，與大流行開始時相比，他們的身體狀況很好，他們非常擔心自己的健康。

So Ruplu, I don't know if that answered your question or not. And also, did you have something about you want to ask about Roku OS. I wasn't sure if that was a question there.

所以Rupl，我不知道這是否回答了你的問題。此外，您是否有任何關於 Roku OS 的問題。我不確定這是否是一個問題。

Our final question is Rich Greenfield of LightShed.

我們的最後一個問題是 LightShed 的 Rich Greenfield。

I guess 2 big picture questions. One, Anthony, when you think about sort of the change in consumer behavior, moving from dongles to TVs, just wondering, do you have any way of telling how many people -- because I think one of the things people or investors fear is that as people move from sort of Roku dongles and then they buy a new television, that some of those are sort of inactive or those sort of active accounts become inactive accounts. I'm just wondering as sort of like as the shift from dongles to TVs play out, how do you -- like what are you seeing? What have you seen over the last year? And what do you think happens over the next couple of years?

我想有兩個大問題。第一，安東尼，當你考慮到消費者行為的某種變化，從加密狗轉向電視時，只是想知道，你有沒有辦法知道有多少人——因為我認為人們或投資者擔心的一件事是隨著人們從某種 Roku 加密狗轉移，然後他們購買了一台新電視，其中一些是不活躍的，或者那些活躍的帳戶變成了不活躍的帳戶。我只是想知道就像從加密狗到電視的轉變一樣，你怎麼樣 - 你看到了什麼？過去一年你看到了什麼？你認為未來幾年會發生什麼？

And then obviously, I mean, it's sort of the obvious that everyone is sort of panicked about the state of streaming after seeing the results from some of the players, most notably Netflix earlier in the quarter, sort of revising long-term TAM? And I just -- when you think about the TAM of streaming, 300 million, 500 million, 1 billion, Jason Kilar said someone's going to get to 1 billion, curious what you think of the streaming market globally and where you think the TAM really lies and the time to get to that TAM?

然後很明顯，我的意思是，很明顯，在看到一些參與者（尤其是本季度早些時候的 Netflix）的結果後，每個人都對流媒體的狀態感到恐慌，有點修改長期 TAM？我只是 - 當你想到流媒體的 TAM 時，3 億、5 億、10 億，Jason Kilar 說有人會達到 10 億，很好奇你對全球流媒體市場的看法以及你認為 TAM 的真正位置謊言和到達 TAM 的時間？

Sure. Great questions. We have 0 minutes left so I'll do my best. Let's see, on TV versus streaming players, they're both important to us, to our business. And we sell millions and millions of both. I think -- and I think -- so some of the dynamics there are that we sell a lot of streaming players to people that have an older TV or a competitor smart TV that doesn't quite have the features that they would like to get or the content that they want. And then when someone buys a new TV, they'll take the older TV and move it into a bedroom, and they'll also want to upgrade that with a streaming player. And so there's just a lot of different dynamics. They're both important. They're both big sources of active accounts. They're both not going away anytime soon. But I would say, I guess, strategically, TVs are probably more important just because when you buy a smart TV, if you buy a smart Roku TV, then whatever you have before you don't need because it's a great solution. And people keep them for about 7 years roughly.

當然。好問題。我們還有 0 分鐘，所以我會盡力而為。讓我們看看，在電視和流媒體播放器上，它們對我們和我們的業務都很重要。我們賣出了數百萬和數百萬。我認為 - 而且我認為 - 所以存在一些動態，我們向擁有舊電視或競爭對手智能電視的人出售大量流媒體播放器，這些人不具備他們想要獲得的功能或他們想要的內容。然後當有人購買新電視時，他們會把舊電視搬進臥室，他們還想用流媒體播放器對其進行升級。所以有很多不同的動態。他們都很重要。它們都是活躍賬戶的重要來源。他們都不會很快消失。但我想說，我想，從戰略上講，電視可能更重要，因為當你購買智能電視時，如果你購買了智能 Roku 電視，那麼你之前擁有的任何東西都不需要，因為它是一個很好的解決方案。人們將它們保留大約 7 年。

There's questions about how long will software updates happen on the smart TV, we try very hard to keep updating our smart TVs for a long time, and we're better at that than, I think, everyone else in the industry who will sometimes abandon or stop doing software updates to their TV after a few years. That also becomes a great place for us to sell a streaming player, too. So they're both really important. And if you look -- when you go overseas, there's a lot of older TVs. And so they're both just very important for us. They have suddenly different dynamics, but I think the main message is just we need to do both, and we do both very well.

關於智能電視上的軟件更新會持續多長時間的問題，我們非常努力地在很長一段時間內不斷更新我們的智能電視，而且我認為我們比業內其他有時會放棄的人做得更好或幾年後停止對其電視進行軟件更新。這也成為我們銷售流媒體播放器的好地方。所以兩者都非常重要。如果你看 - 當你去海外時，有很多舊電視。所以它們對我們來說都非常重要。他們突然有了不同的動力，但我認為主要信息是我們需要兩者都做，而且我們都做得很好。

In terms of the TAM, I think if it is -- every broadband household that watches TV is going to switch to streaming. So it's 1 billion households.

就 TAM 而言，我認為如果是的話——每個看電視的寬帶家庭都將轉向流媒體。所以這是10億個家庭。

Do you have any feel of just why it slowed down so much?

你有什麼感覺為什麼它放慢了這麼多？

Sorry, why -- what?

抱歉，為什麼——什麼？

Do you have any sense of like why do you think there's been a slowdown that's sort of a panic investors. I'm not even talking about your stock. I'm talking about the entire streaming sector that people are sort of starting to really just get concerned.

你有什麼感覺嗎？為什麼你認為經濟放緩是一種恐慌的投資者。我什至不是在談論你的股票。我說的是人們開始真正開始關注的整個流媒體行業。

Well, I think -- go ahead, Scott.

好吧，我想 - 繼續，斯科特。

I say, look, the market's reception to this or that streaming company's results and notwithstanding, as Anthony said, the number of households consuming television, what they spend on television, what their eyeballs are worth in terms of advertising hasn't changed through all of it. So the TAM really has not changed. And while I think individual streamers will -- their fate and their perception of the market will rise and fall according to their performance, at the end of the day, they're all going to be on Roku and competing for share. And we see that playing out like never before on our platform, and it's great, ultimately, for the consumer and great for Roku.

我說，看，市場對這家或那家流媒體公司的業績的接受度，儘管正如安東尼所說，消費電視的家庭數量，他們在電視上的花費，他們的眼球在廣告方面的價值並沒有改變其中。所以TAM真的沒有變。雖然我認為個別流媒體會 - 他們的命運和他們對市場的看法會根據他們的表現而起起落落，但歸根結底，他們都將在 Roku 上爭奪份額。而且我們看到在我們的平台上以前所未有的方式發揮作用，最終對消費者和 Roku 來說都很棒。

Yes. I mean I would just say that there's important differences -- strategic differences between a streaming service and a streaming platform like Roku. I mean they're both great businesses to be in right now in terms of the fact that they're all growing. But our goal, as a platform, is to offer as many different services as possible and give our consumers options. And I think if you're a streaming service, your dynamics are different. If you're one of the early streaming services, you didn't really have much composition for a long time, and now consumers have other options. So that's 1 dynamic. And also, there's just a lot of change happening right now.

是的。我的意思是我只想說存在重要的差異——流媒體服務和像 Roku 這樣的流媒體平台之間的戰略差異。我的意思是，就他們都在成長的事實而言，他們現在都是偉大的企業。但作為一個平台，我們的目標是提供盡可能多的不同服務，並為我們的消費者提供選擇。而且我認為，如果您是流媒體服務，那麼您的動態就會有所不同。如果你是早期的流媒體服務之一，那麼很長一段時間你並沒有太多的組合，現在消費者有了其他選擇。所以這是 1 動態的。而且，現在發生了很多變化。

So -- and then the rise of free streaming services like The Roku Channel, which is doing Gangbusters, I mean, there's just a lot of different dynamics affecting the industry, but at a high level for us, we built a business model where we can monetize -- we do monetize most streaming services on our platform and provide tools to allow them to be successful and provide them trying to be a great partner, trying to provide a good marketplace, try and help the consumer find content and just provide a solution that works for the entire industry. And just -- and of course, streaming is going to keep growing, and there'll be 1 billion households that use a smart TV to watch TV. And there's not going to be -- there's only going to be a small number of those different platforms that win.

所以——然後是像 The Roku Channel 這樣的免費流媒體服務的興起，它正在製作 Gangbusters，我的意思是，有很多不同的動態影響著這個行業，但對我們來說，在高層次上，我們建立了一個商業模式，我們可以貨幣化——我們確實通過我們平台上的大多數流媒體服務貨幣化，並提供工具讓他們成功，並為他們提供努力成為一個偉大的合作夥伴，努力提供一個良好的市場，嘗試幫助消費者找到內容，並提供一個適用於整個行業的解決方案。只是——當然，流媒體將繼續增長，將有 10 億家庭使用智能電視看電視。而且不會有——只有少數不同的平台會獲勝。

Thank you. I'd like to turn the call back over to Anthony for any closing remarks.

謝謝你。我想將電話轉回給 Anthony 以進行任何結束語。

All right. Well, I just want to say thanks to everyone. Thanks to our employees and our investors for joining the call today. And we're looking forward to continuing our growth and the robust streaming business that we're in, continuing. So thanks, everyone.

好的。好吧，我只想對大家說聲謝謝。感謝我們的員工和投資者今天加入電話會議。我們期待繼續我們的增長和我們所從事的強大的流媒體業務，繼續。所以謝謝大家。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。