Roku Inc (ROKU) 2024 Q1 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to Roku's First Quarter 2024 Earnings Call. (Operator Instructions) And please be advised that today's conference is being recorded.

大家好，感謝你們的支持。歡迎參加 Roku 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Conrad Grodd. Please go ahead.

我現在想把會議交給康拉德·格魯德。請繼續。

Thank you, operator. Welcome to Roku's First Quarter 2024 Earnings Call. On today's call are Anthony Wood, Roku's Founder and CEO; Dan Jedda, our CFO, Charlie Collier; President, Roku Media; and Mustafa Ozgen, President, Devices.

謝謝你，接線生。歡迎參加 Roku 2024 年第一季財報電話會議。參加今天電話會議的有 Roku 創辦人兼執行長 Anthony Wood； Dan Jedda，我們的財務長，Charlie Collier； Roku 媒體總裁；和設備部總裁 Mustafa Ozgen。

Full details of our results and additional management commentary are available on our shareholder letter, which can be found on our Investor Relations website at roku.com/investor.

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

On this call, we'll make forward-looking statements, which are predictions, projections or other statements about future events based on current expectations, forecasts and assumptions. These statements involve risks and uncertainties. Please refer to our shareholder letter and periodic SEC filings for risk factors that could cause our actual results to differ materially from these forward-looking statements.

在本次電話會議上，我們將做出前瞻性陳述，即基於當前預期、預測和假設對未來事件的預測、預測或其他陳述。這些陳述涉及風險和不確定性。請參閱我們的股東信函和定期向 SEC 提交的文件，以了解可能導致我們的實際結果與這些前瞻性聲明有重大差異的風險因素。

On today's call, we'll present GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures of the most comparable GAAP financial measures are provided in our shareholder letter. Finally, unless otherwise stated, all comparisons on this call will be against the results of the comparable period of 2023.

在今天的電話會議上，我們將介紹公認會計準則和非公認會計準則的財務指標。我們的股東信中提供了最具可比性的 GAAP 財務指標的非 GAAP 指標的調整表。最後，除非另有說明，本次電話會議的所有比較都將與 2023 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。

Thank you, Conrad. We delivered solid results in Q1, growing streaming households 14% year-over-year, streaming hours 23% and Platform revenue 19% year-over-year.

謝謝你，康拉德。我們在第一季取得了穩健的業績，串流家庭年增 14%，串流媒體時長年增 23%，平台營收年增 19%。

As I mentioned on the Q4 call, this year, we are directing more of our attention to platform growth and innovation. We will accelerate Platform revenue, adjusted EBITDA and free cash flow growth in 2025 by focusing on 3 key opportunities: maximizing the Roku Home Screen as the lead-in for TV, growing Roku-billed subscriptions and growing [high] demand for Roku.

正如我在第四季電話會議上提到的，今年，我們將更多的注意力放在平台成長和創新上。我們將透過重點關注3 個關鍵機會，在2025 年加快平台收入、調整後EBITDA 和自由現金流的成長：最大限度地發揮Roku 主螢幕作為電視引導的作用、增加Roku 計費訂閱量以及對Roku 不斷成長的[高]需求。

Every day, the Roku Home Screen reaches U.S. households with nearly 120 million people. This significant reach creates a lot of opportunity. I see many ways to improve the user experience while also growing monetization for Roku. For example, the Roku Sports experience, which viewers can click and view right from home screen, addresses the fragmentation of sport as it shifts to streaming, making it easier for viewers to find games and other sports-related content.

每天，Roku 主螢幕覆蓋近 1.2 億美國家庭。這一重大影響力創造了很多機會。我發現有很多方法可以改善用戶體驗，同時提高 Roku 的獲利能力。例如，觀眾可以直接從主畫面點擊並觀看的 Roku Sports 體驗解決了體育運動向串流媒體轉變時的碎片化問題，使觀眾更容易找到比賽和其他與體育相關的內容。

The NFL Zone on was our first lead sponsor zone. And for this year's Super Bowl, it was sponsored by TurboTax delivering massive reach to the brand during the critical time of the year.

NFL 專區是我們的第一個主要贊助商區。今年的超級盃比賽由 TurboTax 贊助，在一年中的關鍵時刻為該品牌帶來了巨大的影響力。

We recently launched the NBA Zone in partnership with the NBA in April.

我們最近在 4 月與 NBA 合作推出了 NBA 區。

We also see a big opportunity to grow Roku-billed subscriptions. Roku Pay, our payment and billing service simplifies the sign-up process for users so they can quickly transact and start streaming and [as our] content partners don't lose subscribers due to unnecessary friction at the point of purchase.

我們也看到了增加 Roku 付費訂閱的巨大機會。我們的支付和計費服務 Roku Pay 簡化了用戶的註冊流程，以便他們可以快速進行交易並開始串流媒體，並且[因為我們的]內容合作夥伴不會因購買時不必要的摩擦而失去訂閱者。

Additionally, we are making it easier for advertisers to execute campaigns programmatically on the Roku platform by expanding and deepening our relationships with third-party platforms.

此外，我們也透過擴大並深化與第三方平台的關係，讓廣告主更輕鬆地在 Roku 平台上以程式方式執行廣告活動。

In Q1, we continued to grow programmatic ad spend as a percentage of total video ad spend on the Roku platform.

第一季度，我們在 Roku 平台上的程式化廣告支出佔影片廣告總支出的百分比持續成長。

With our platform advantages, first-party relationships are more than 80 million streaming household and deep user engagement, we are well positioned to accelerate platform revenue growth in 2025 and beyond.

憑藉我們的平台優勢、超過 8000 萬串流媒體家庭的第一方關係以及深度的用戶參與度，我們完全有能力在 2025 年及以後加速平台收入成長。

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. We ended Q1 with 81.6 million streaming households, sequential net adds of 1.6 million were in line with Q1 2023 and driven by both TVs and streaming players. We continue to drive strong growth and engagement with streaming hours up 23% year-over-year and surpassing 30 billion for the first time in a single quarter. We also grew engagement per account globally with streaming hours per streaming household per day of 4.2 hours in Q1 2024, up from 3.9 hours in Q1 2023.

謝謝，安東尼。截至第一季末，串流媒體家庭數量為 8,160 萬，環比淨增 160 萬，與 2023 年第一季持平，這主要受到電視和串流媒體播放器的推動。我們持續推動強勁成長和參與度，串流媒體時長年增 23%，單季首次超過 300 億。我們也提高了全球每個帳號的參與度，每個串流家庭每天的串流媒體時長從 2023 年第一季的 3.9 小時增加到 2024 年第一季的 4.2 小時。

In Q1, we grew total net revenue 19% year-over-year to $882 million. Platform revenue was $755 million, also up 19% year-over-year, driven by both streaming service distribution and advertising activities.

第一季度，我們的總淨收入年增 19%，達到 8.82 億美元。在串流媒體服務分發和廣告活動的推動下，平台收入為 7.55 億美元，年增 19%。

Streaming services distribution activities grew faster than our overall Platform revenue, benefiting in part from subscription price increases. However, the year-over-year growth rate of streaming services distribution in Q1 2024 was lower than the year-over-year growth rate in Q4 2023 due to lapping past price increases and higher mix shift towards entry-priced ad-supported offerings.

串流服務分發活動的成長速度快於我們整個平台收入的成長速度，部分受益於訂閱價格的上漲。然而，由於過去的價格上漲以及向入門級廣告支援產品的組合轉變，2024 年第一季串流媒體服務分發的同比增長率低於 2023 年第四季的同比增長率。

Devices revenue increased 19% year-over-year in Q1, driven by the expansion of retail distribution of Roku-branded TVs.

受 Roku 品牌電視零售分銷擴張的推動，第一季設備營收年增 19%。

ARPU was $40.65 in Q1 on a trailing 12-month basis, flat year-over-year. This reflects an increasing share of streaming households in international markets where we are currently focused on growing scale and engagement.

以過去 12 個月計算，第一季 ARPU 為 40.65 美元，與去年同期持平。這反映出國際市場上串流媒體家庭的份額不斷增加，我們目前專注於擴大規模和參與。

Q1 total gross margin was 44%, down slightly year-over-year. Platform gross margin of 52% was stable year-over-year, while Devices gross margin was negative 5%, which was down 8 points year-over-year.

第一季總毛利率為44%，較去年同期小幅下降。平台毛利率年穩定為52%，而設備毛利率為負5%，較去年同期下降8個百分點。

Excluding the onetime $10 million service operator licensing catch-up benefit in Q1 2023, Devices gross margin would have been roughly flat year-over-year.

如果不計入 2023 年第一季服務業者許可追趕收益的 1,000 萬美元，設備毛利率將與去年同期基本持平。

Q1 adjusted EBITDA was $41 million, which was above our outlook of breakeven. The better-than-expected performance was driven by our Platform segment along with improvements to our operating expense profile.

第一季調整後 EBITDA 為 4,100 萬美元，高於我們的損益兩平預期。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。

Free cash flow was $427 million on a trailing 12-month basis, and we ended the quarter with $2.1 billion of cash and cash equivalents.

過去 12 個月的自由現金流為 4.27 億美元，本季末我們的現金和現金等價物為 21 億美元。

Let me turn to our outlook for the second quarter. We anticipate total net revenue of $935 million, gross profit of $410 million with gross margin of 44% and adjusted EBITDA of $30 million.

讓我談談我們對第二季的展望。我們預計總淨收入為 9.35 億美元，毛利為 4.1 億美元，毛利率為 44%，調整後 EBITDA 為 3,000 萬美元。

Our outlook for total net revenue anticipates a 10% year-over-year increase. This takes into account challenging year-over-year growth rate comparisons of streaming services distribution, along with an elevated 606 adjustment in Q2 of last year.

我們對總淨收入的展望預計將年增 10%。這考慮到了串流媒體服務分發具有挑戰性的同比增長率比較，以及去年第二季 606 的調整。

We expect Platform margin to be similar to Q2 of last year at roughly 53%.

我們預計平台利潤率將與去年第二季相似，約 53%。

On the Devices side, we expect margin to decline from negative 5% in Q1 to negative low teens in Q2, which reflects continued expansion and investments in our Roku-branded TV program. We expect to benefit from having implemented multiple operational improvements over the course of the past year, and as a result, forecast our year-over-year OpEx growth rate in Q2 to be down to negative low single digits.

在設備方面，我們預計利潤率將從第一季的負 5% 下降到第二季的負 10%，這反映出我們對 ​​Roku 品牌電視節目的持續擴張和投資。我們預計將受益於過去一年中實施的多項營運改進，因此，預測第二季度的營運支出年增率將降至負個位數。

Looking into the second half of the year, we expect normal seasonal spend in sales and marketing and in devices which will cause second half adjusted EBITDA to slightly moderate relative to the first half of the year.

展望今年下半年，我們預計銷售和行銷以及設備方面的季節性支出正常，這將導致下半年調整後的 EBITDA 相對於上半年略有放緩。

Looking at the full year, we expect 2024 year-over-year OpEx growth rate to be in the low single digits when excluding impairment and restructuring charges in 2023.

展望全年，如果剔除 2023 年的減損和重組費用，我們預期 2024 年營運支出年增率將處於較低的個位數。

We continue to see leverage in our operating model with our third straight quarter of positive adjusted EBITDA and free cash flow. We will continue to drive operational efficiencies. And as Anthony mentioned, we remain confident in our ability to accelerate the growth of platform revenue in 2025 and beyond.

我們的營運模式繼續發揮槓桿作用，調整後的 EBITDA 和自由現金流連續第三個季度為正值。我們將繼續提高營運效率。正如安東尼所提到的，我們對 2025 年及以後加速平台收入成長的能力仍然充滿信心。

With that, let's take questions. Operator?

說到這裡，我們來提問。操作員？

(Operator Instructions) And our first question from the line of Cory Carpenter with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Cory Carpenter。

I'm hoping you could expand on the drivers of the platform [we excel], what you're expecting in 2025 and what you're seeing that gives you confidence in this happening? And then, Dan, a quick follow-up for you. Just could you elaborate on what's embedded in the 2Q revenue guide for the Platform segment?

我希望您能詳細闡述該平台的驅動因素 [我們擅長]、您對 2025 年的期望以及您所看到的讓您對這一情況充滿信心的事情？然後，丹，請您快速跟進。您能否詳細說明平台部分第二季營收指南所包含的內容？

Cory, this is Anthony. I'll be happy to talk about that. So for some context before I start, I'll just start by noting that last year, we grew Platform revenue to $3 billion. Last year, also, of course, we focused on operational efficiencies. And like I just said, this year, we're directing -- I'm directing more of my attention and my team is directing more of their attention towards accelerating platform revenue growth in 2025. And there's a lot of opportunities to do that on our platform. But I'll just highlight 3 key areas where I see a lot of opportunity where we are increasing our focus. First is the Roku Home Screen. And by the home screen, I mean not just, of course, the actual home screen, but the UI, the user experience of URCs when they turn on their TV and they use to kind of find something to watch. So the home screen is a big area, programmatic ad capabilities and also Roku-billed subscriptions. So talk a little bit more about the Roku Home Screen. Every day, the Roku Home Screen reaches U.S. households of nearly 120 million people. That means every day, household of 120 million people turn on their TV when they start their viewing experience, their streaming journey on the Roku Home Screen. And so that home screen is what a viewer sees before they select an app. And they use that home screen to find something to watch. During that process, they're exposed to promotions, they're exposed to advertising. And they'll see advertising on our home screen before they select an app. They might be select an app that doesn't actually have adds in it. So we have the ability to reach everyone on the platform, not just the people, not just the viewers that select apps with advertising.

科里，這是安東尼。我很樂意談論這個。因此，在開始之前，我首先要指出的是，去年我們的平台收入成長到了 30 億美元。當然，去年我們也關注營運效率。正如我剛才所說，今年，我們正在引導——我將更多的注意力轉移到我的團隊上，將更多的注意力轉移到2025 年加速平台收入增長上。這一點我們的平台。但我只想強調 3 個關鍵領域，我認為這些領域有很多機會，我們正在加強關注。首先是 Roku 主畫面。當然，我所說的主螢幕不僅僅指實際的主螢幕，還指使用者介面，即 URC 打開電視並用來尋找觀看內容時的使用者體驗。因此，主螢幕是一個很大的區域，具有程式化廣告功能以及 Roku 計費訂閱功能。因此，我們再多談談 Roku 主畫面。每天，Roku 主螢幕覆蓋近 1.2 億美國家庭。這意味著每天，有 1.2 億人的家庭在 Roku 主螢幕上開始觀看體驗和串流媒體之旅時都會打開電視。因此，主螢幕是觀看者在選擇應用程式之前看到的。他們使用主螢幕來尋找可觀看的內容。過程中，他們會接觸到促銷活動，接觸到廣告。在選擇應用程式之前，他們會在我們的主螢幕上看到廣告。他們可能會選擇一個實際上沒有添加內容的應用程式。因此，我們有能力接觸到平台上的每個人，而不僅僅是人們，不僅僅是選擇帶有廣告的應用程式的觀眾。

But to give you some examples of the kinds of things we're looking at on the home screen, on the home screen today, there's the premier video app we called the marquee ad and that ad traditionally has been a static ad. We're going to add video to that ad, so that will be the first video ad that we add to the home screen. That will be a big change for us.

但為了給你一些我們在主螢幕上看到的東西的例子，在今天的主螢幕上，有一個我們稱之為字幕廣告的首要視頻應用程序，而該廣告傳統上是靜態廣告。我們將向該廣告添加視頻，這將是我們添加到主螢幕的第一個視頻廣告。這對我們來說將是一個巨大的改變。

We're also testing other types of video ad units, looking at other experiences we can add to the home screen that would be where we [can innovate more video] advertising. So that's something we're looking at.

我們也正在測試其他類型的影片廣告單元，看看我們可以添加到主螢幕的其他體驗，這將是我們[可以創新更多影片]廣告的地方。這就是我們正在研究的事情。

Another example, this quarter, we launched the NBA Zone in the Roku Sports experience, and the sports experience is a way for viewers to find sports across the platform. It's a way for us to grow our content, both AVOD and SVOD content. It's also a way for us to integrate advertising to that experience.

又例如，本季，我們在Roku運動體驗中推出了NBA專區，運動體驗是觀眾跨平台尋找運動的一種方式。這是我們發展內容（包括 AVOD 和 SVOD 內容）的一種方式。這也是我們將廣告融入這種體驗的一種方式。

Another example, we just launched, we just rolled out a personalized content row on the home screen. So this is the first time that we add content recommendations directly on our home screen. It's a big change for us in terms of the home screen, and it will be obviously AI-driven recommendations but it will promote both subscriptions and AVOD content in that row. So there's lots of ways we're working on enhancing the home screen to make it more valuable to viewers but also increase the monetization on the home screen. So that's the home screen.

另一個例子，我們剛剛推出，我們剛剛在主螢幕上推出了個人化內容行。所以這是我們第一次直接在主畫面上新增內容推薦。就主螢幕而言，這對我們來說是一個巨大的變化，這顯然是人工智慧驅動的推薦，但它將促進該行的訂閱和 AVOD 內容。因此，我們正在採取多種方法來增強主螢幕，使其對觀眾更有價值，同時也增加主螢幕上的貨幣化。這就是主螢幕。

Another area we're looking at increasing our focus on and I'm spending more time on is programmatic ad capabilities. So we recently switched our programmatic strategy to be more focused on third-party platforms and expanding our relationships with third-party platforms, including DSPs, expanding what we can offer advertisers. From building out the relationships. We're also increasing the expertise in-house and the talent we have in house [as it relates to] programmatic advertising.

我們正在關注並且我花費更多時間的另一個領域是程式化廣告功能。因此，我們最近改變了程序化策略，更加關注第三方平台，並擴大了與第三方平台（包括 DSP）的關係，擴大了我們可以為廣告商提供的服務。從建立關係開始。我們也正在增加內部專業知識和內部人才[因為它涉及]程序化廣告。

And I think one example of how this will be useful is if you look at the Roku Channel, the Roku Channel in Q1 was the #3 app on the Roku Platform. I mean that's pretty impressive. That's the #3 app after Netflix and after YouTube. And engagement in the Roku Channel is up 66% year-over-year, but there's a lot of opportunities to close the gap between engagement in the Roku Channel and flow rates in the Roku Channel, programmatic ad capabilities are on the way. We intend to do that.

我認為，如果您查看 Roku 頻道，您會發現這一點非常有用，第一季度的 Roku 頻道是 Roku 平台上排名第三的應用程式。我的意思是這非常令人印象深刻。這是繼 Netflix 和 YouTube 之後排名第三的應用程式。 Roku 頻道的參與度比去年同期成長了 66%，但有許多機會可以縮小 Roku 頻道的參與度和 Roku 頻道流量之間的差距，程式化廣告功能正在開發中。我們打算這樣做。

And then the third area, there's a third example [of an area with regard] there's lots of opportunities to continue to build monetization and subscriptions. And as I've identified in the past that we had various teams throughout Roku working on subscriptions. We reorganized them into one team. We've reallocated more resources towards subscriptions. That team now reports directly to me. And they've already come up with a good list of priorities and ways that we can increase our focus on monetization on subscriptions.

然後是第三個領域，[有關領域]的第三個例子有很多機會繼續建立貨幣化和訂閱。正如我過去所指出的，Roku 內部有多個團隊致力於訂閱工作。我們將他們重組為一隊。我們已將更多資源重新分配給訂閱。該團隊現在直接向我報告。他們已經列出了一系列優先事項和方法，讓我們可以更加關注訂閱貨幣化。

One area that we're looking at, of course, is Roku Pay, which is our payments and [billing] service. Roku Pay is very popular, but it can be even more popular. It's great for viewers. It allows them to sign up for a subscription in a frictionless way without having to enter the credit card number, and it's great for our business partners because it allows them to reduce friction when a customer is signing up for a subscription.

當然，我們正在關注的一個領域是 Roku Pay，這是我們的支付和[計費]服務。 Roku Pay 非常受歡迎，而且可以更受歡迎。這對觀眾來說非常棒。它允許他們以無摩擦的方式註冊訂閱，而無需輸入信用卡號，這對我們的業務合作夥伴來說非常有用，因為它允許他們在客戶註冊訂閱時減少摩擦。

So those are 3 examples of how we're working on increasing monetization of our -- by monetizing our home screen, programmatic and subscriptions.

這些是我們如何透過主螢幕、程式化和訂閱貨幣化來提高貨幣化程度的 3 個例子。

And I just think overall, if you just look at the platform advantages we have, we have a brand that viewers love. We have first-party relationships with more than 80 million streaming households. We have deep user engagement, and we're well positioned to continue to reaccelerate platform revenue growth in 2025 and beyond. And then, Dan, do you want to take that?

我認為總的來說，如果你看看我們擁有的平台優勢，我們有一個觀眾喜愛的品牌。我們與超過 8000 萬個串流媒體家庭建立了第一方關係。我們擁有深厚的用戶參與度，我們有能力在 2025 年及以後繼續加速平台收入成長。然後，丹，你想接受嗎？

Yes. I'll take the second part of that question. Thanks, Cory, for the question. So let me talk briefly about the change in Q1 to Q2 before I answer the question on Platform revenue in Q2. So last year, Q1 Platform revenue growth rate was negative 1% due to a weak ad market, so Q1 of this year grew 19% as it had a relatively easy comp on a year-over-year basis. Platform growth in Q2 last year was plus 11%. So we went from negative 1% in Q1 to plus 11% in Q2, and that was due to streaming services distribution growth rate increasing primarily from increases in both subscriptions and subscription prices. Advertising revenue growth also improved in Q2 relative to Q1 last year, but SSD was the primary growth driver. And so we faced that challenging comp in SSD in Q2 and really for the rest of the year. We also had a positive 606 adjustment in Q2 and Q3 for Platform revenue last year, adding to the difficult comp. So if you exclude that 606 adjustment in Q2 of last year, our outlook for total revenue growth rate would increase by nearly 200 basis points for Q2 of this year. So again, we did see positive growth rate in advertising in Q1 versus the easier comp of Q1 last year, and our Q2 guide assumes a similar year-over-year growth rate in advertising versus what we exited the year at. So we're seeing momentum there. But the comp is the reason for the sequential decline in growth rate from Q1 to Q2.

是的。我將回答這個問題的第二部分。謝謝科里提出的問題。那麼在回答第二季平台營收的問題之前，我先簡單說一下第一季到第二季的變化。去年，由於廣告市場疲軟，第一季平台營收成長率為負 1%，而今年第一季成長了 19%，因為年比比較相對寬鬆。去年第二季平台成長率為 11%。因此，我們從第一季的負 1% 上升到第二季的正 11%，這是由於串流服務分發成長率主要來自訂閱和訂閱價格的成長。第二季廣告收入成長也較去年第一季有所改善，但 SSD 是主要成長動力。因此，我們在第二季以及今年餘下的時間都面臨 SSD 的挑戰。去年第二季和第三季我們也對平台收入進行了積極的 606 調整，這增加了困難。因此，如果排除去年第二季的606調整，我們對今年第二季總營收成長率的預期將提高近200個基點。因此，與去年第一季的較輕鬆比較相比，我們確實看到第一季度的廣告增長率為正，並且我們的第二季度指南假設廣告的同比增長率與我們當年退出時的增長率類似。所以我們看到了那裡的勢頭。但比較是導致第一季到第二季成長率季減的原因。

And to answer your question specifically, of the 10% growth that we guided to for Q2, I would think of platform growth as very high single-digit growth rates, inclusive of 606. And if you were to exclude 606, the 606 adjustment in Q2 last year, we would be in low double-digit growth rate for Platform revenue.

具體回答你的問題，在我們指導的第二季度 10% 的增長中，我認為平台增長是非常高的個位數增長率，包括 606。 ，我們的平台收入成長率將處於較低的兩位數。

Cory, did I answer your question?

科里，我回答你的問題了嗎？

Yes.

是的。

One moment for our next question, and it comes from the line of Vasily Karasyov with Cannonball Research.

等一下我們的下一個問題，它來自 Cannonball Research 的 Vasily Karasyov。

Thank you, Dan. I would like to follow up on your comments on OpEx. And if you remember on the last quarter call, you made the comment about annualizing Q4 operating expenses and applying a growth rate. And then it looks like this quarter expenses came in lower than we expected. So can you help us understand exactly how we should think about this math for the remainder of the year in terms of quarterly progression? So from this [$460,000] this quarter, how it's going to progress and what the full year estimate should be. At this point should it be what the reasonable estimate should be? And when you say mid-single-digit growth rates, would you please specify what that range is for you?

謝謝你，丹。我想跟進您對 OpEx 的評論。如果您還記得在上個季度的電話會議上，您曾對第四季度營運費用進行年度化並應用成長率發表過評論。然後看來本季的支出低於我們的預期。那麼您能否幫助我們準確地理解我們應該如何從季度進展的角度考慮今年剩餘時間的數學計算？因此，從本季的[460,000 美元]開始，它將如何進展以及全年的估計應該是多少。此時合理的估計應該是多少呢？當您提到中等個位數成長率時，請具體說明該範圍適合您嗎？

Yes. Thanks, Vasily. I will take that. So we exited the year in a good place with our operating expense profile based on all the work we had done throughout the year in 2023. And you see that in our Q1 OpEx. And as I mentioned in my prepared remarks, we expect full year OpEx to be in the low single digits from FY '23, excluding the impairment and restructuring charges that we had in FY '23. So let me just be clear on that.

是的。謝謝，瓦西里。我會接受的。因此，根據我們在 2023 年全年所做的所有工作，我們的營運費用狀況在今年結束時表現良好。正如我在準備好的發言中提到的，我們預計全年營運支出將從 23 財年開始保持在較低的個位數，不包括 23 財年的減損和重組費用。讓我澄清一下。

So our GAAP OpEx in 2023 was $2.3 billion. If you exclude impairment and restructuring, our OpEx would have been $2.0 billion, just a little bit above $2.0 billion in FY '23. So think about it as -- and I'll be very clear, not mid-single digits, but think about it as low single digits off of that $2 billion is what we'd expect for full year 2024. That just happens to be down double digits off a GAAP basis. But the way to look at it is off our $2 billion OpEx, excluding restructuring in 2023, we will likely grow low single digits off that number.

因此，我們 2023 年的 GAAP 營運支出為 23 億美元。如果排除減損和重組，我們的營運支出將為 20 億美元，略高於 2023 財年的 20 億美元。因此，我會非常明確地認為，這不是中個位數，而是我們對 2024 年全年預期的 20 億美元的低個位數。 。但從我們 20 億美元的營運支出來看，如果不包括 2023 年的重組，我們可能會比這個數字成長低個位數。

We do expect H2 OpEx to be higher than H1. I mentioned that in the prepared remarks. And that's due to normal seasonality that we see in sales and marketing for devices.

我們確實預計下半年營運支出將高於上半年。我在準備好的發言中提到了這一點。這是由於我們在設備銷售和行銷中看到的正常季節性。

And then Q3, Q4, if possible?

然後Q3、Q4，如果可能的話？

Again, we'll update that. I've given you a very clear guidance for overall OpEx. We'll update Q3 and Q4 once we close on Q2. But again, think of it low single digits, off that $2 billion.

我們將再次更新。我已經為您提供了關於整體營運支出的非常清晰的指導。一旦第二季結束，我們將更新第三季和第四季。但再一次，想想這個數字，低於 20 億美元。

A lot of that -- I just want to add, like a lot of that timing depends on how sales and marketing ramps in Q3 and into holiday in Q4, which is why I'm not providing specific guidance, but we do have a very good view for full year.

其中很多 - 我只是想補充一點，就像很多時間取決於第三季度的銷售和營銷如何提升以及第四季度的假期，這就是為什麼我不提供具體指導，但我們確實有一個非常好的指導。全年視野良好。

Okay, makes sense.

好吧，有道理。

One moment for our next question, and it comes from the line of Steven Cahall with Wells Fargo.

我們的下一個問題請稍等一下，它來自富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So first on Devices margins. I was just wondering if you could elaborate on some of the sequential change you're talking about from Q1 to Q2? Is that mix or channel partners or anything else that takes it from the pretty good down 5 in Q1 to that low teens, a little weaker in Q2? And with the seasonally higher marketing spend in the second half of the year, is there anything that also is reflected in Devices margin being weaker in the back half relatedly?

首先是設備利潤。我只是想知道您是否可以詳細說明您所談論的從第一季到第二季的一些連續變化？是這種組合、通路夥伴還是其他因素導致它從第一季的相當不錯的下降 5 到第二季的低十幾歲，有點弱？隨著下半年行銷支出的季節性增加，下半年設備利潤率是否也相應疲軟？

And then secondly, Anthony, just on Roku Pay, it seems like it's a really big focus for monetization growth. I think you said it's really popular. Any sense of what percentage of your streaming households use Roku Pay? And how you think about what the ARPU uplift is when [you count] that?

其次，安東尼，就 Roku Pay 而言，這似乎是貨幣化成長的一個真正的重點。我想你說它真的很受歡迎。您知道使用 Roku Pay 的串流家庭比例有多少嗎？當 [你計算] 時，你如何看待 ARPU 的提升？

Yes. I'll take the Devices gross margin. So again, Q1 Devices gross margin was negative 5%, which was pretty flat if you exclude the $10 million positive service operator licensing catch-up in Q1 of last year. In terms of like the near term and the change from Q1 to Q2, it really is reflective of the ramp-up in our Roku-branded devices. And again, that's a positive. We are continuing to ramp that up. It is -- we're far more distributed now. We're in 2023. I'm sure Mustafa can talk on that. But we see that as positive. And we would expect those margins to be in the Q2 ballpark going forward.

是的。我將採用設備毛利率。同樣，第一季設備毛利率為負 5%，如果排除去年第一季 1,000 萬美元的服務業者許可追趕，毛利率相當穩定。就近期而言以及從第一季到第二季的變化而言，這確實反映了我們 Roku 品牌設備的成長。再說一遍，這是積極的。我們正在繼續加大力度。是的——我們現在更加分散了。現在是 2023 年。但我們認為這是積極的。我們預計這些利潤率將在第二季的大致範圍內。

Again, as we grow and scale this program, we will improve our cost structure within devices, and those margins will get better. relative to where we are now. But again, we are in the ramp-up stage of Roku-branded TV. And so for the near term, as we ramp that program up, I would expect to see margins similar to Q2.

同樣，隨著我們發展和擴展該計劃，我們將改善設備內的成本結構，並且這些利潤率將會變得更好。相對於我們現在的情況。但同樣，我們正處於 Roku 品牌電視的起步階段。因此，在短期內，隨著我們加強該計劃的力度，我預計利潤率將與第二季相似。

Yes. In terms of Roku Pay, I don't think we've broken out the percentage of streaming households that use it. I'll just say that it's the primary way that we drive subscriptions on our platform is through having viewers sign up to a subscription service with the ease of using Roku Pay. And a lot of the way we plan and we had improved Roku Pay's adoption on the platform is things like integrating SVOD content more throughout the recommendation engine. So for example, like I just mentioned, we're adding a [digital route] of content growth, a recommendation of content -- a [kind of a] row of recommended content at the top of our home screen that will include recommendations of SVOD content both entitled and untitled SVOD content, meaning SVOD content that you have a subscription for, which will increase engagement, which will reduce churn as well as SVOD content. You don't have a subscription for which you then would sign up, get a free trial and a sign up using Roku Pay.

是的。就 Roku Pay 而言，我認為我們還沒有公佈使用它的串流媒體家庭的百分比。我只想說，我們在平台上推動訂閱的主要方式是讓觀眾輕鬆使用 Roku Pay 註冊訂閱服務。我們計劃和改進 Roku Pay 在平台上的採用的許多方法是在整個推薦引擎中更多地整合 SVOD 內容。例如，就像我剛才提到的，我們正在添加內容增長的[數位路線]、內容推薦——在主螢幕頂部的[某種]行推薦內容，其中包括以下內容的推薦： SVOD 內容包括授權和未授權的SVOD 內容，這表示您訂閱了SVOD 內容，這將提高參與度，從而減少SVOD 內容的流失。您沒有訂閱，然後您可以註冊、獲得免費試用並使用 Roku Pay 進行註冊。

But we also -- so integrating SVOD throughout the platform more, but also the user experience of how easy it is to sign up with Roku Pay also the technicalities of running a large-scale billing platform, things like cancellations, there's just a lot of operational focus on improving the numbers in Roku Pay. And so it's a [sticky] business but it's -- and there's still lots of opportunities, continuing to improve it.

但我們也 - 所以在整個平台上更多地整合 SVOD，而且還有註冊 Roku Pay 的便捷性的用戶體驗，以及運行大型計費平台的技術細節，比如取消，還有很多運營重點是提高Roku Pay的數量。因此，這是一項[黏性]業務，但仍然有很多機會，可以繼續改進它。

One moment for our next question, and it comes from the line of Ralph Schackart with William Blair.

等一下我們的下一個問題，它來自拉爾夫·沙卡特和威廉·布萊爾。

Just a question on ARPU. It did increase sequentially. So I'm just kind of curious how we should think about that trend line going forward, particularly with some of the monetization efforts that Anthony highlighted? And then just maybe as a follow-up, maybe bigger picture, a couple of quarters now of higher levels of EBITDA and free cash flow, just kind of thinking -- or give some perspective if you could, how you're thinking about just philosophically about these levels of sustained profitability.

只是關於 ARPU 的問題。確實是依序增加的。所以我只是好奇我們應該如何看待未來的趨勢線，特別是安東尼強調的一些貨幣化努力？然後，也許作為後續行動，也許是更大的前景，幾個季度的 EBITDA 和自由現金流水平更高，只是一種思考 - 或者如果可以的話，提供一些觀點，你是如何思考的從哲學上講，這些水準的持續獲利能力。

Yes. Okay. So I'll take the ARPU question first. We were flat year-on-year on ARPU, and that's, of course, mixing out is to more international than U.S. where we're in our scale and engaged phase. We are starting to monetize in areas like Mexico and key to monetize like Canada, U.K. and Germany. But essentially, a lot of our international growth does have a lower ARPU. So we do mix out.

是的。好的。所以我先回答 ARPU 問題。我們的 ARPU 值與去年同期持平，當然，混合業務比美國更國際化，而我們正處於規模和參與階段。我們開始在墨西哥等地區貨幣化，並在加拿大、英國和德國等地區貨幣化。但從本質上講，我們的許多國際成長確實具有較低的 ARPU。所以我們確實混在一起。

I will say what we do see, which is positive, is one, if I were to just look at U.S. in isolation, I -- we, of course, look at it in multiple ways. And on a trailing 12-month basis, U.S. ARPU was up year-on-year. And when we mix in international, it becomes flat for total company. So that is a positive for us that we are improving ARPU on a trailing 12-month basis. So we also look at it on a quarterly basis, but also what's positive in the U.S. looking at the most recent quarter, which is a positive. So I like the trends I see in terms of on a mix adjusted basis in ARPU. But when we mix things out, the ARPU does tend to be flat, just given the growth that we're seeing for [actives] International, which again is a good thing as we continue to scale and grow engagement internationally.

我想說的是，我們確實看到的是積極的，如果我只是孤立地看待美國，我們當然會以多種方式看待它。從過去 12 個月來看，美國的 ARPU 年比成長。當我們融入國際市場時，整個公司的情況就會變得平淡。因此，我們在過去 12 個月的基礎上提高了 ARPU，這對我們來說是一個積極的因素。因此，我們也會按季度來看待它，但也會關注美國最近一個季度的正面情況，這是正面的。因此，我喜歡在 ARPU 的混合調整基礎上看到的趨勢。但當我們將各種因素混合在一起時，考慮到我們看到的[活躍]國際業務的成長，ARPU 確實趨於持平，這又是一件好事，因為我們繼續擴大規模並提高國際參與。

Ultimately, we will monetize international. We are monetizing pieces of it, but we'll continue to monetize it, and that should improve international ARPU over time.

最終，我們將在國際上實現貨幣化。我們正在將其部分貨幣化，但我們將繼續將其貨幣化，隨著時間的推移，這應該會提高國際 ARPU。

This is Anthony. I'll just comment that we're seeing great progress with our international growth plans. For example, in Mexico, we've now achieved 40% market share for TVs. 40% of TVs sold in Mexico are now Roku TVs, which is a great achievement for us. We're also starting to ramp up monetization. I mean it's still early days for international, but we are starting to make progress with, for example, launching the Roku Channel in Mexico and things like that.

這是安東尼。我只想評論說，我們的國際成長計劃取得了巨大進展。例如，在墨西哥，我們現在已經取得了 40% 的電視市場。現在，墨西哥銷售的電視中有 40% 是 Roku 電視，這對我們來說是一項偉大的成就。我們也開始加大貨幣化力道。我的意思是，對於國際化來說，現在還處於早期階段，但我們已經開始取得進展，例如在墨西哥推出 Roku 頻道等。

And I'll just take the second part of that question, Ralph, on EBITDA and free cash flow. So we feel very good about EBITDA. We've basically -- we have had our third straight quarter of positive adjusted EBITDA, and we've guided to a positive adjusted EBITDA of $30 million for Q1. So 4 quarters inclusive of the guide, I feel very good. About EBITDA going forward, we said in the letter and Anthony repeated that as we focus on growing the growth rate of platform in FY '25, we will continue to grow EBITDA and free cash flow. I will say -- I've said it many times, free cash flow. EBITDA -- adjusted EBITDA will give a good proxy for free cash flow as we are CapEx light, and we'll continue to be CapEx light for at least the next year. I'm really, really happy with the capital that we have and how we're focusing CapEx, being CapEx-light. So adjusted EBITDA will be a great proxy for free cash flow. So we see that growing along with adjusted EBITDA.

拉爾夫，我將只回答該問題的第二部分，即 EBITDA 和自由現金流。所以我們對 EBITDA 感覺非常好。基本上，我們已經連續第三個季度實現正調整 EBITDA，並且我們指導第一季的正調整 EBITDA 為 3000 萬美元。所以4個季度含導遊，感覺很好。關於未來的 EBITDA，我們在信中表示，安東尼重申，隨著我們專注於提高 25 財年平台的成長率，我們將繼續增加 EBITDA 和自由現金流。我會說——我已經說過很多次了，自由現金流。 EBITDA——調整後的 EBITDA 將很好地代表自由現金流，因為我們資本支出較少，而且至少在明年我們將繼續保持資本支出較少。我對我們擁有的資本以及我們如何專注於資本支出（輕資本支出）感到非常非常滿意。因此，調整後的 EBITDA 將是自由現金流的一個很好的代表。因此，我們看到這一增長與調整後的 EBITDA 一起增長。

I will say one thing that we did do in Q1 was something called a net share settlement where when we issued our shares via our restricted stock units in Q1, we did offset some of that with net share settlements. So we offset 1/3 of our dilution by essentially issuing less shares and paying the taxes in cash. That had the impact of reducing the dilution impact of shares issued. That's just one way we utilize cash. And as we continue to focus on free cash flow and free cash flow per share, that will have a positive impact. I do expect us to continue to do that for the rest of this year, which should offset about 1/3 of the dilution of future issuances.

我要說的是，我們在第一季所做的一件事是所謂的淨股份結算，當我們在第一季透過限制性股票單位發行股票時，我們確實用淨股份結算抵消了其中的一部分。因此，我們透過發行更少的股票並以現金繳納稅款來抵消 1/3 的稀釋。這減少了已發行股票的稀釋影響。這只是我們使用現金的一種方式。隨著我們繼續關注自由現金流和每股自由現金流，這將產生積極影響。我確實希望我們在今年剩餘時間繼續這樣做，這應該可以抵消未來發行稀釋度的約 1/3。

One moment for our next question, and it comes from the line of Rich Greenfield with LightShed Partners.

等一下我們的下一個問題，它來自 Rich Greenfield 和 LightShed Partners 的團隊。

Anthony, earlier in the call, you touched on this idea of this personalized fee that you've rolled out at the top of Roku. For a long time, Roku was always about apps or clicking on apps, I'm curious sort of fundamentally what made you take the shift? Because it seems like a pretty big fundamental shift in how content is sort of surfaced. And as you think about this personalized feed, obviously, as you think about directing the traffic to the Roku Channel, where you sell ads or apps that you could subscribe to. It seems to give you a lot of power to drive revenue. And I'm trying to think about how the interplay between purely what a user might want to watch next versus how it drives revenue at Roku and how you think about that balance going forward? And sort of just how this evolves for Roku would be really interesting to hear.

安東尼，在電話會議的早些時候，您談到了您在 Roku 頂部推出的個人化費用的想法。很長一段時間以來，Roku 總是與應用程式或點擊應用程式有關，我很好奇從根本上是什麼讓你做出了轉變？因為內容的呈現方式似乎發生了相當大的根本轉變。顯然，當您考慮這種個人化提要時，當您考慮將流量引導至 Roku 頻道時，您可以在其中銷售可以訂閱的廣告或應用程式。它似乎給了你很大的力量來增加收入。我正在嘗試思考用戶接下來可能想觀看的內容與它如何推動 Roku 的收入之間的相互作用，以及您如何看待未來的平衡？ Roku 的發展方式將會非常有趣。

Rich, yes. So I think there's a few different things that I think about when I think about doing a content row on the home screen. One is our viewers. Such a fundamental driver of our success has been building a custom-built operating system for television that has a simple and delightful viewer experience. And we have an iconic home screen that's differentiated and recognizably different than our competitors. And so we don't want to -- we obviously don't want to lose that, and we're not going to lose that.

富有，是的。因此，我認為當我考慮在主螢幕上製作內容行時，我會考慮一些不同的事情。一是我們的觀眾。我們成功的根本驅動力是建立一個客製化的電視作業系統，該作業系統具有簡單而令人愉快的觀看體驗。我們擁有一個標誌性的主螢幕，它與我們的競爭對手截然不同且明顯不同。所以我們不想——我們顯然不想失去它，我們也不會失去它。

But also, if you just look at the evolution of what people's view on a platform like Roku. It used to be that a lot of things spread out on a lot of different apps. Now I say, for example, the number -- we said the #3 app on the platform is the Roku Channel, but it's not really an app. I mean, of course, it is an app but it's also more than that. It's content that we have, is fast content, it's pre-used subscription content, it's AVOD content. It's content that we've licensed directly that we have direct distribution deals with and that we integrate throughout our user experience. One way to access that content just to the Roku Channel app, but you can also access it to more ways to watch based on our UI, you can access it via Sports Zone. You can, there's just lots of different ways. And it's one of the fundamental parts of our business model is to expose content to viewers and drive engagement with content while being disciplined about how much we spend for content, and we can do that by integrating it into our UI. So it's important for our viewers to explore that content. It's super important for our business model to expose content.

而且，如果你看看人們對 Roku 這樣的平台的看法的演變。過去，很多東西分散在許多不同的應用程式上。現在我說，例如，數字 - 我們說平台上的#3應用程式是Roku頻道，但它並不是真正的應用程式。我的意思是，當然，它是一個應用程序，但它還不止於此。我們擁有的內容是快速內容、預先使用的訂閱內容、AVOD 內容。這是我們直接授權的內容，我們有直接的分銷協議，並且我們將其整合到我們的整個用戶體驗中。僅透過 Roku Channel 應用程式存取該內容的一種方法，但您還可以根據我們的 UI 以更多方式存取它，您可以透過 Sports Zone 存取它。可以，只是有很多不同的方法。我們商業模式的基本部分之一就是向觀眾展示內容並推動內容的參與，同時嚴格控制我們在內容上的花費，我們可以透過將其整合到我們的使用者介面中來做到這一點。因此，對於我們的觀眾來說，探索這些內容非常重要。對於我們的商業模式來說，公開內容非常重要。

So -- and then, of course, this year, last year for me was the year of focusing on operational efficiencies. This year, I'm focused on driving platform revenue growth. There's tons of opportunity. One of the big ones, it's just the home screen. It's iconic, but it hasn't changed. It's really been a long time. And there's a lot of ways to still keep what's made it great, but also make it useful for our viewers and drive revenue. So that's sort of the different kind of aspects.

所以，當然，今年，去年對我來說是關注營運效率的一年。今年，我的重點是推動平台營收成長。有很多機會。其中最大的一項就是主螢幕。這是標誌性的，但並沒有改變。真的已經很久了。有很多方法可以既保留其精彩之處，又使其對觀眾有用並增加收入。這就是不同的方面。

Maybe asked another way, do you think ultimately, it becomes a content fee and not an app fee like long term?

也許換個方式問，您認為最終它會成為內容費，而不是像長期那樣的應用程式費嗎？

Well, I don't [want to define] our home screen on the earnings call. But the home screen -- my goal with the home screen is that it will evolve while maintaining its iconic differentiation and while increasing monetization and increasing its usefulness for viewers. And a big part of that strategy for that is some of this content, but it's not -- it's also about what we call experiences, things like the sports experience, which is just to bring up a lot because it's just a good example, right? It's an experience for helping viewers find sports content across the app, across the platform. And so I think one of the things we plan to do with the home screen is build more of these types of experiences, to make them more useful for viewers and to use those ways to integrate advertising and promotion and sponsorship as well.

好吧，我不想在財報電話會議上定義我們的主畫面。但主螢幕——我對主螢幕的目標是，它會不斷發展，同時保持其標誌性的差異化，同時增加貨幣化並提高其對觀眾的實用性。該策略的一個重要部分是其中的一些內容，但它不是——它也是關於我們所說的體驗，例如體育體驗，這只是提出了很多，因為這只是一個很好的例子，對吧？這是一種幫助觀眾跨應用程式、跨平台尋找體育內容的體驗。因此，我認為我們計劃在主螢幕上做的事情之一就是建立更多此類體驗，使它們對觀眾更有用，並使用這些方式來整合廣告、促銷和贊助。

So that -- you might see more of that kind of thing integrated into our home screen long term. But no, I don't think it will ever become just content recommendations.

因此，從長遠來看，您可能會看到更多此類內容整合到我們的主螢幕中。但不，我認為它永遠不會只是成為內容推薦。

One moment for our next question, and it comes from the line of Ruplu Bhattacharya with Bank of America.

我們的下一個問題請稍等一下，它來自美國銀行的魯普盧·巴塔查亞 (Ruplu Bhattacharya)。

I have two, one on active account growth and one on programmatic revenues. On active account growth, do you see more growth in the U.S.? Or do you think that more growth now comes from the international markets? And with respect to the Walmart VIZIO deal, do you see any impact from that, and do you see yourselves maybe potentially gaining share at other retailers?

我有兩項，一項是關於活躍帳戶成長，另一項是關於程序化收入。關於活躍帳戶成長，您認為美國的成長更快嗎？或者您認為現在更多的成長來自國際市場？關於沃爾瑪 VIZIO 交易，您認為這會產生任何影響嗎？

And then the second question on programmatic, Charlie, I wanted to ask you what innings are we in with respect to opening up to other DSPs? And have you seen a meaningful uptick in the flow rates and any impact on CPMs.

然後是關於程序化的第二個問題，查理，我想問你我們在向其他 DSP 開放方面處於什麼階段？您是否看到流量顯著上升以及對每千次曝光費用 (CPM) 的影響？

So this is Anthony. And I actually see, I think, three questions in that question. So I'll take the first part. I'll turn it over to Mustafa to talk about Walmart, VIZIO and Charlie can talk about DSPs. I mean in terms of active account growth, we're seeing growth -- I mean, obviously, more future growth comes from the U.S. because there's just a lot more humans with broadband households to watch TV outside the U.S. than inside the U.S. And certainly, we're seeing stronger growth at this point outside the U.S. than inside the U.S. But there's still, I believe, plenty of room to continue to grow active accounts inside the U.S. for a while. And of course, there's tons and tons of room to continue to grow active accounts outside the U.S. which we're making good progress there.

這就是安東尼。我認為，我實際上在這個問題中看到了三個問題。所以我將採取第一部分。我將把它交給 Mustafa 來談論沃爾瑪，VIZIO 和 Charlie 可以談論 DSP。我的意思是，就活躍帳戶增長而言，我們正在看到增長——我的意思是，顯然，未來更多的增長來自美國，因為擁有寬頻家庭在美國境外觀看電視的人數比美國境內的人數要多得多。當然，在美國以外的地區還有大量的空間可以繼續增加活躍帳戶，我們在那裡取得了良好的進展。

I mean we -- our approach outside the U.S. has been to focus on a small number of specific countries, it's all focused countries with -- established scale in those countries and then to add more countries. So the countries we've been focused on historically are primarily countries in the Americas, like U.S., Mexico, Canada, Brazil, and then outside of the Americas, primarily the U.K. And we're seeing great progress in all those countries. And then at some point, we'll add other countries as well. So I don't know Mustafa -- I don't if you have anything to add on international or if you want to talk...

我的意思是，我們在美國以外的做法是專注於少數特定國家，所有重點國家都在這些國家建立了規模，然後增加更多國家。因此，我們歷史上關注的國家主要是美洲國家，如美國、墨西哥、加拿大、巴西，然後是美洲以外的國家，主要是英國。然後在某個時候，我們也會添加其他國家。所以我不認識穆斯塔法——我不知道你是否有任何關於國際比賽的補充或你想談談...

No, I think you [covered all the] international.

不，我認為你[涵蓋了所有]國際。

On VIZIO.

在 VIZIO 上。

On VIZIO, sure. We spent the last 15 years building America's #1 TV streaming platform and the brand. And our users love Roku and ask for Roku, and many have multiple devices in their homes. So we are becoming the platform where they consume their content. So we know what our customers want, and we are always innovating. Our innovation is not just about launching new features, but also bringing down the cost of the existing features for our customers. So we have a very strong setup here. We are confident in our ability to continue to grow our streaming households. Obviously, we have a great relationship with all of our retail partners, including Walmart, where we are [the leading product] in shelf space in streaming players, TVs and smart home categories.

在 VIZIO 上，當然可以。我們在過去 15 年裡打造了美國排名第一的電視串流平台和品牌。我們的用戶喜歡 Roku 並要求使用 Roku，而且許多用戶家中都有多個裝置。因此，我們正成為他們消費內容的平台。因此，我們知道客戶想要什麼，並且我們始終在創新。我們的創新不僅是推出新功能，還在於為客戶降低現有功能的成本。所以我們在這裡有一個非常強大的設置。我們對繼續發展串流媒體家庭的能力充滿信心。顯然，我們與所有零售合作夥伴都建立了良好的關係，包括沃爾瑪，我們在串流媒體播放器、電視和智慧家居類別的貨架空間中處於[領先產品]。

Additionally, we have a wide retail distribution in and outside of the U.S. and we continue to [spend] it and also deepen it with select retail partners.

此外，我們在美國國內外擁有廣泛的零售分銷，我們將繼續[支出]它，並與精選的零售合作夥伴深化它。

So overall, we have a robust strategy to continue to grow our streaming households with our devices. That includes streaming players, our licensed Roku TV program and our Roku-branded TVs that we launched last year.

總的來說，我們有一個強有力的策略來繼續使用我們的設備來擴大我們的串流媒體家庭。其中包括串流媒體播放器、我們授權的 Roku 電視節目以及我們去年推出的 Roku 品牌電視。

Also on the Roku-branded TVs, we are expanding the product line up with recent introduction of higher-performance TVs with the Roku Pro Series, which complement the existing select [and smart] series. And we're also expanding its distribution, they are now available at Best Buy, Costco, amazon.com and walmart.com. So these factors in our strong track record and capacity to innovate such as recently announced AI-based quality settings along with our singular focus on streaming and low-cost hardware, that's enabled by our purpose-built TV operating system, gives us confidence that we will keep growing our distribution in streaming households.

同樣在 Roku 品牌電視上，我們正​​在擴展產品線，最近推出了 Roku Pro 系列更高性能的電視，對現有的精選 [和智能] 系列進行了補充。我們也正在擴大其分銷範圍，現在可在 Best Buy、Costco、amazon.com 和 walmart.com 購買。因此，我們強大的業績記錄和創新能力（例如最近宣布的基於人工智慧的品質設定）以及我們對串流媒體和低成本硬體的單一關注（由我們專門構建的電視作業系統支援）使我們有信心將繼續增加我們在串流媒體家庭中的分佈。

And this is Anthony again. So just back -- the third part of your question was on DSPs. I'll turn it over to Charlie, but just -- I'll just say that, like I said before, I highlighted 3 areas where I think there's a lot of potential for us to increase our focus, drive more growth, accelerate growth in '25 in terms of platform revenue growth. And DSPs are one of the pillars. And we've changed our strategy a bit there to be much more focused on working with third-party partners. And I would say it's pretty early in that sort of adoption of that new strategy, and there's a lot of room to grow. But we've had some early successes, and we're making good progress. That's at the high level to you. I don't know, Charlie, if you want to do that.

這又是安東尼。剛才回來了——您問題的第三部分是關於 DSP 的。我會把它交給查理，但我只想說，就像我之前說過的那樣，我強調了 3 個領域，我認為這些領域有很大潛力讓我們更加關注、推動更多成長、加速成長25 年平台收入成長。 DSP 是支柱之一。我們稍微改變了我們的策略，更專注於與第三方合作夥伴的合作。我想說，這種新策略的採用還處於早期階段，而且還有很大的成長空間。但我們已經取得了一些早期的成功，並且正在取得良好的進展。這對你來說已經是很高的水平了。我不知道，查理，你願不願意這麼做。

I agree. Thanks, for the question. It's early innings for sure. I think we're getting to the heart of our lineup. There continues to be a ton of opportunities for us with third-party DSPs, and it's an important priority for all of us. As you know, over the last year or so, we made the strategic changes Anthony talked about, and we've been really focusing on incorporating more third-party DSPs.

我同意。謝謝你的提問。這肯定是早幾局。我認為我們已經進入了陣容的核心。第三方 DSP 為我們帶來了大量的機會，這對我們所有人來說都是一個重要的優先事項。如您所知，在過去一年左右的時間裡，我們做出了 Anthony 談到的策略變革，我們一直致力於整合更多第三方 DSP。

Now it is going well, but the expanded access to our platform that I talked about on the last call. We now have over 30 partners, not just all the names you think of, by the way, our list includes all the notable partners, but also Instacart and Cox Auto and others, you might not immediately have top of mind. So this expansion is part of our commitment to an open ecosystem, which is central to our growth strategy. And I think this will be a key differentiator for us versus large closed ecosystems.

現在一切進展順利，但我在上次通話中談到了對我們平台的擴展訪問。我們現在有超過30個合作夥伴，不只是你能想到的所有名字，順便說一句，我們的名單包括所有著名的合作夥伴，還有Instacart和Cox Auto等，你可能不會立即想到。因此，這種擴張是我們對開放生態系統承諾的一部分，這是我們成長策略的核心。我認為這將是我們與大型封閉生態系統的關鍵差異。

As I've shared before, we're committed to flexibility and in meeting advertisers where they prefer to transact. And this strategic pivot has been paying real dividends.

正如我之前所分享的，我們致力於靈活性並滿足廣告商喜歡的交易方式。這一戰略支點已經帶來了真正的紅利。

In the first quarter, we continued to see increase in programmatic ad spend as a percentage of total video investment on our platform, and that underscores for me the strength and appeal of our offering.

在第一季度，我們繼續看到程序化廣告支出占我們平台上視頻總投資的百分比有所增加，這凸顯了我們產品的實力和吸引力。

Our strategy isn't just about expanding the platform we operate on. It's also about deepening these relationships, so we're making it easier for advertisers to execute their campaigns programmatically with us and easier for them to use Roku inventory. So as we continue to deploy our programmatic strategy [at Roku], I really expect us to continue the early traction we're seeing and prove that this is really just, as you said, early innings.

我們的策略不僅僅是擴大我們營運的平台。它還旨在加深這些關係，因此我們使廣告商能夠更輕鬆地與我們一起以程式設計方式執行他們的廣告活動，並更輕鬆地使用 Roku 庫存。因此，當我們繼續部署我們的程式化策略（在 Roku）時，我真的希望我們能夠繼續我們所看到的早期牽引力，並證明這確實只是，正如您所說的，早期局。

Congrats on the quarter.

恭喜本季。

Thank you.

謝謝。

One moment for our next question, and it comes from the line of Jason Bazinet with Citi.

請等一下我們的下一個問題，它來自花旗銀行的傑森·巴齊內 (Jason Bazinet)。

I just had a quick question on the home screen. I'm always surprised when I turned on my Roku how much sort of white space there is there. My question is, is your sense that this sort of move from static to more video-centric is sort of a key unlock to monetize it? Or do you think there's just something about marketers that don't quite understand since this is a pretty unique sort of piece of inventory to buy? In other words, do you think that this shift to video is sort of a key enabler or could it take more time?

我剛剛在主螢幕上有一個簡短的問題。當我打開 Roku 時，我總是很驚訝那裡有多少空白。我的問題是，您是否認為這種從靜態到更加以視訊為中心的轉變是貨幣化的關鍵？或者您認為行銷人員不太理解，因為這是一種非常獨特的庫存購買方式？換句話說，您認為向影片的轉變是一個關鍵推動因素還是需要更多時間？

Yes. This is Anthony. I think that to be frank, there's lots of areas we could spend our time and our resources on. And our home screen has served us well. There is a lot of white space as part of what makes it iconic, different as recognizable as part of our brand. But I would say the big change is that you just identified it, it's like, okay, we're going to prioritize resources to work on the home screen. There's just a lot of untapped opportunity there, but you asked just one of the areas of opportunity. I mean integrating some form -- some content like the recommendation roads that we're adding. But there's just lots of areas on the home screen in terms of the potential to both increase engaging UI experiences with our viewers and more deeply integrating promotion and advertising in ways that work for marketers as well as our viewers.

是的。這是安東尼。坦白說，我認為我們可以在很多領域投入時間和資源。我們的主螢幕為我們提供了很好的服務。有大量的空白，使其具有標誌性，與眾不同，同時也是我們品牌的一部分。但我想說，最大的變化是你剛剛識別了它，就像，好吧，我們將優先考慮在主螢幕上工作的資源。那裡有很多未開發的機會，但您只詢問了其中一個機會領域。我的意思是整合某種形式——一些內容，例如我們添加的推薦道路。但主螢幕上有許多區域可以增加與觀眾的互動 UI 體驗，並以對行銷人員和觀眾都有效的方式更深入地整合促銷和廣告。

And so no, I think the, adding a video ads that all seem to be very popular, well, my prediction is it will be very popular with advertisers. Like I said, it's households with 140 million people in them daily reach before they enter an app. Many of those apps don't have video advertising. So I think it will be popular. And like I said, we're also looking at other ways to integrate video into our home screen. But the video is not the only thing we're looking at. And Charlie, do you think marketers understand the value of advertising on the home screen?

所以不，我認為，添加影片廣告似乎都非常受歡迎，嗯，我的預測是它將非常受廣告商歡迎。正如我所說，每天有 1.4 億人在進入應用程式之前接觸到的家庭。其中許多應用程式沒有影片廣告。所以我認為它會很受歡迎。正如我所說，我們也在尋找其他方法將視訊整合到我們的主螢幕中。但影片並不是我們唯一看的東西。查理，您認為行銷人員了解主螢幕上廣告的價值嗎？

I do. Thanks for the question, Jason. Look, it's really about distinction. We do so much well. But as Anthony said, when you got nearly 120 million people, that's a huge distinction in and of itself. And there's a whole class of viewers today who purchase ad-free streaming subscriptions, for example, and they do so. So they see fewer ads, and so it's worth noting and you should remember that the one thing all viewers see when they turn on their TV is our home screen, and Roku's ads, as you know, are elegantly placed in an uncluttered ad environment. So we literally have the privilege of engaging viewers where they choose what to watch before audiences splinter into apps. And if you think about the problem for marketers, a lot of it is the tension fragmentation. So our home screen is a huge opportunity because it really differentiates.

我願意。謝謝你的提問，傑森。看，這確實是關於區別的。我們做得很好。但正如安東尼所說，當你擁有近 1.2 億人口時，這本身就是一個巨大的差異。例如，如今有一類觀眾購買了無廣告的串流訂閱，而他們也確實這麼做了。因此，他們看到的廣告較少，因此值得注意，您應該記住，所有觀眾打開電視時看到的一件事就是我們的主螢幕，而如您所知，Roku 的廣告優雅地放置在整潔的廣告環境中。因此，我們確實有幸吸引觀眾，讓他們在轉向應用程式之前選擇觀看什麼內容。如果你考慮一下行銷人員面臨的問題，很大一部分就是緊張的零碎化。因此，我們的主螢幕是一個巨大的機會，因為它確實與眾不同。

One moment for our next question, and it comes from the line of Barton Crockett with Rosenblatt.

我們的下一個問題請稍等一下，它來自 Barton Crockett 和 Rosenblatt 的台詞。

I was curious about sports, which has been a theme you've been touching on a lot. And in particular, I mean, there's been some media reports perhaps at Roku could be looking at buying some sports rights directly. I think there was something recently about the Major League Baseball Sunday lead off that was on Peacock. And you guys have done something in small scale, I think it was [formulary].

我對運動很好奇，這是你經常談論的一個主題。我的意思是，特別是有一些媒體報告說 Roku 可能正在考慮直接購買一些體育賽事轉播權。我認為最近有一些關於美國職棒大聯盟週日領先的事情發生在孔雀身上。你們做了一些小規模的事情，我認為這是[處方]。

I'm just wondering kind of just structurally. Is buying sports rights directly at a meaningful level? Does that make sense for Roku? It would seem to be questionable, given that anyone streaming sports is kind of wanting to have a deal with you to go through you, I would imagine. So if you can talk to how you see sports rights deals in the role for Roku direct or through kind of third-party kind of intermediaries.

我只是想知道結構上的情況。直接購買體育版權有意義嗎？這對 Roku 有意義嗎？我想這似乎是有問題的，因為任何直播體育賽事的人都希望與你達成協議並透過你來觀看。因此，您是否可以談談您如何看待體育版權交易在 Roku 中直接或透過第三方中介機構的角色。

Yes, this is Anthony. I would say the primary -- so first of all, we don't comment on rumors, speculation, that sort of thing, so I can't comment on that particular rumor. But just to your question, like how do we think about sports? I mean, I think the primary way I think about sports is that we're a platform and there's many different streaming services that we distribute on our platform. Many of them have sports. So -- and sports, in particular, is incredibly fragmented and viewers just have no idea how to find the game they want to watch or their favorite team or -- so the primary opportunity for us is to help our viewers to be the place they go to help them find a sporting event to watch.

是的，這是安東尼。我想說的是主要的——所以首先，我們不會對謠言、猜測之類的事情發表評論，所以我不能對那個特定的謠言發表評論。但就你的問題來說，例如我們如何看待體育？我的意思是，我認為我對體育的主要看法是我們是一個平台，我們在我們的平台上分發了許多不同的串流媒體服務。他們中的許多人都有體育運動。所以——特別是體育運動，是極其分散的，觀眾不知道如何找到他們想觀看的比賽或他們最喜歡的球隊——所以我們的主要機會是幫助我們的觀眾成為他們想要的地方去幫助他們找到觀看的體育賽事。

And now that doesn't mean -- we also have content that we license directly. We have rev share content. We have direct license content. We have Roku originals. So -- and we've done like you mentioned for, I mean, the way we think about Roku Originals is a budget of content -- budget for content that we either produce or have more exclusive relationships around.

現在這並不意味著——我們還擁有直接授權的內容。我們有收益分享內容。我們有直接許可內容。我們有 Roku 原創作品。所以——我們已經做了你提到的那樣，我的意思是，我們對 Roku Originals 的看法是內容預算——我們製作的內容或有更多獨家關係的內容的預算。

So -- and there's things like The Rich Eisen Show, that which we consider a Roku Original that we integrate into the Sports Zone. We also look at sponsorships for the Sports Zone. We also think about, well, is that a place where we could put video ads? I mean, so for us, it's really the experience of helping viewers find content. We also do licensed content and produced content, and so that also could in the Sport Zone, but the primary goal is to be just the go-to place for a viewer to find what to watch and to monetize that whole experience when they figure out what they want to watch. And if they end up watching something that we have licensed directly, then we monetize that as well.

所以——還有像 The Rich Eisen Show 這樣的東西，我們認為它是 Roku 原創的，我們將其整合到體育區中。我們也關注體育區的贊助。我們還想，那是我們可以放置影片廣告的地方嗎？我的意思是，對我們來說，這確實是幫助觀眾找到內容的體驗。我們也製作授權內容和製作內容，因此在體育區也可以這樣做，但主要目標是成為觀眾尋找觀看內容的首選場所，並在他們弄清楚後將整個體驗貨幣化他們想看什麼。如果他們最終觀看了我們直接授權的內容，那麼我們也會將其貨幣化。

Okay. That's great. And then if I could squeeze in just one other. I was curious if you could give us an update on what you're seeing in terms of the endemic kind of media marketing partners at this point. There's been a headwind historically, but that businesses in some ways kind of normalizing and in some ways still going through some structural issues with some of the media companies and the cost cutting at the streaming services. So what are you seeing in that kind of market right now for you guys?

好的。那太棒了。然後如果我能擠進另一個人的話。我很好奇您能否向我們介紹您目前所看到的流行媒體行銷合作夥伴的最新情況。歷史上一直存在逆風，但企業在某種程度上正在正常化，並且在某些方面仍然面臨著一些媒體公司的結構性問題以及串流媒體服務的成本削減。那麼你們現在在這樣的市場上看到了什麼？

Yes. Charlie will take that.

是的。查理會接受的。

Great. Thanks, Barton. Look, we have a large M&E business. And good news is we're really good at it. And Roku is really the best place for marketers to build audiences. So simply put, we build content [companies,] businesses. Now I think you used the right word. Obviously, the market has been normalizing versus what it used to be. And so our efforts have been to monetize our home screen in the way Anthony described, and we're now focused on all verticals as we continue to diversify and successfully sell inventory that was previously utilized nearly exclusively by M&E advertisers. So we're also growing engagement and monetization by creating new experiences on the home screen.

偉大的。謝謝，巴頓。看，我們有很大的機電業務。好消息是我們真的很擅長。 Roku 確實是行銷人員建立受眾的最佳場所。簡而言之，我們建立內容[公司]業務。現在我認為你用了正確的字。顯然，與過去相比，市場已經正常化。因此，我們的努力一直是按照安東尼描述的方式將我們的主螢幕貨幣化，隨著我們繼續多元化並成功銷售以前幾乎完全由媒體和娛樂廣告商使用的庫存，我們現在專注於所有垂直領域。因此，我們也透過在主螢幕上創造新的體驗來提高參與度和獲利能力。

Actually, Anthony mentioned The Rich Eisen Show. So a notable example for sharing is the BMW sponsorship of The Rich Eisen Show, which included a marquee ad on our home screen as well as custom advertising within Roku City. Of course, they sponsored his live show. By the way, he's at the draft this week for us and doing live shows from there. And then our partnership with BMW is growing. So our home screen is being deployed beyond M&E and for the client, enhancing brand visibility and engagement.

事實上，安東尼提到了里奇艾森秀。因此，一個值得分享的顯著例子是BMW對 Rich Eisen Show 的贊助，其中包括我們主畫面上的字幕廣告以及 Roku City 內的客製化廣告。當然，他們贊助了他的現場表演。順便說一句，他本週參加了我們的選秀並在那裡進行現場表演。我們與寶馬的合作關係也在不斷發展。因此，我們的主螢幕正在部署在媒體和娛樂之外並為客戶服務，從而提高品牌知名度和參與度。

One moment for our next question, and it comes from the line Mark Mahaney with Evercore ISI.

請稍等一下我們的下一個問題，它來自 Evercore ISI 的 Mark Mahaney。

This is Ian Peterson on for Mark. First question, the Roku Channel streaming hours accelerated for the second quarter in a row. Can you help us walk through some of the drivers of that? Where within the Roku Channel or what areas of content are you seeing the strong engagement trends from?

這是馬克的伊恩彼得森。第一個問題，Roku 頻道的串流播放時間連續第二季加快。您能幫助我們了解其中的一些驅動因素嗎？您在 Roku 頻道的哪個位置或內容的哪些領域看到了強勁的參與趨勢？

And maybe to follow up on the earlier programmatic question, how should we think about the trajectory and mix of video ad revenue coming from third-party programmatic demand going forward?

也許為了跟進先前的程序化問題，我們應該如何思考未來來自第三方程式化需求的影片廣告收入的軌跡和組合？

And last question on advertising. Anything you can call out on the macro front on quarter-to-date advertising trends you're seeing heading into the up-front season, and maybe progress on some of the SMB advertiser initiatives you've laid out in attracting them to the Roku platform?

最後一個關於廣告的問題。您可以在宏觀方面指出您在進入前期季節時所看到的季度至今的廣告趨勢，以及您為吸引中小型企業廣告商使用 Roku 而製定的一些中小型企業廣告客戶計劃的進展情況平台？

Ian, this is Anthony. Thanks for all the questions. Let's see. I think we'll start with Charlie.

伊恩，這是安東尼。感謝您提出所有問題。讓我們來看看。我想我們先從查理開始吧。

You got it. Thanks, Ian. You asked about TRC. The Roku Channel offers 3 types of content, primarily, AVOD, Live TV, and premium subscriptions. And we deliver them via viewing experiences that are integrated throughout our platform. As I mentioned earlier, we've made some strategic programming choices for the Roku Channel. It's strong growth. In first quarter, made it to #3 app in our platform by both reach and engagement. And as the program type this past weekend, for example, the Spiderwick Chronicles opening weekend. We made it the most watched on-demand title on the Roku Channel with the highest reach and most hours streamed of any title in the history of Roku Channel for its opening weekend. So it shows there's a tremendous opportunity to engage new audiences with power of the Roku Platform.

你說對了。謝謝，伊恩。你問的是TRC。 Roku 頻道提供 3 種類型的內容，主要是 AVOD、直播電視和付費訂閱。我們透過整合在我們平台上的觀看體驗來提供它們。正如我之前提到的，我們為 Roku 頻道做出了一些策略性的節目選擇。這是強勁的成長。第一季度，在我們的平台中，無論是覆蓋範圍還是參與度，該應用程式均排名第三。例如，上週末的節目類型是《蜘蛛人編年史》的首映週末。我們使其成為 Roku 頻道上收視率最高的點播遊戲，在 Roku 頻道歷史上首周末播出的所有遊戲中，覆蓋率最高，播放時長也最多。因此，這表明存在利用 Roku 平台的力量吸引新受眾的巨大機會。

Other content, we've briefly also added short-form content, launching clips from popular NBC shows like Saturday Night Live and sports. And by servicing this content throughout the Roku platform, including our home screen, we're able to generate additional reach and engagement.

在其他內容上，我們還簡單地添加了短片內容，推出了《週六夜現場》和體育節目等熱門 NBC 節目的剪輯。透過在整個 Roku 平台（包括我們的主螢幕）上提供這些內容，我們能夠產生額外的影響力和參與度。

I mentioned Live TV. We continue to expand our line up of fast channels. We recently partnered with the NBA to launch the first-ever MBA fast channel, and that's exclusively on the Roku Channel, and we now have more than 35 sports-focused Live TV channels. So all these examples point to the opportunities for us to serve and delight our audiences with the content they love. And I'm going to head into the new front [out of] last week, and I look forward to sharing more of what's coming at the Roku Channel.

我提到了電視直播。我們繼續擴大快速通路的陣容。我們最近與 NBA 合作推出了首個 MBA 快速頻道，該頻道獨家在 Roku 頻道上播出，現在我們擁有超過 35 個以體育為重點的直播電視頻道。因此，所有這些例子都表明我們有機會透過觀眾喜愛的內容來服務和取悅他們。我將在上週進入新的戰線，我期待分享 Roku 頻道的更多內容。

DSPs. Well, look, I talked a little bit about it before. There is a lot of opportunity for us in third party DSPs. I mentioned that we expanded our relationships to now over 30 partners. And while we don't break out the mix, I'm really focused on the re-acceleration of platform revenue and the DSP focus will play a huge part in that.

DSP。嗯，看，我之前談過一些。第三方 DSP 為我們帶來了很多機會。我提到我們的合作關係現已擴展至 30 多個。雖然我們沒有透露具體的組合，但我確實專注於平台收入的重新加速，而 DSP 重點將在其中發揮重要作用。

I mean with DSPs, one of the things that will happen with more focus on DSPs is increased diversity of advertisers. And I think -- I don't want if that will probably help attract more SMB advertisers for the platform as well. Yes, to question number 3.

我的意思是，對於 DSP，隨著對 DSP 的更多關注，將發生的事情之一就是廣告商的多樣性增加。我認為——我不知道這是否也有助於為該平台吸引更多的中小企業廣告商。是的，針對問題 3。

Yes. Know that. To your third question. So you asked about the small, medium-sized, the demand of diversification is something we have been focused on for several quarters. I've talked about it for a few quarters in a row. And I answered earlier that we're in the early innings. I really think you're going to see the reacceleration of the platform revenue growth into '25 and beyond, and it is both small- and medium-sized businesses, and it's also expanding the work we're doing with so many of our existing partners.

是的。我知道。關於你的第三個問題。所以你問到中小型企業，多元化的需求是我們幾個季度一直關注的。我已經連續幾個季度談論這個問題了。我之前回答說我們正處於初期階段。我真的認為你會看到平台收入成長在 25 世紀及以後重新加速，而且都是中小型企業，而且它也擴大了我們與許多現有企業所做的工作夥伴。

Thank you. And with that, we conclude our Q&A session. I will turn it back to Anthony Wood for final comments.

謝謝。至此，我們的問答環節就結束了。我會將其轉回給安東尼·伍德以徵求最終意見。

Well, thanks to everyone for joining, and thanks to our employees, customers and partners and advertisers.

嗯，感謝大家的加入，感謝我們的員工、客戶、合作夥伴和廣告商。

And with that, ladies and gentlemen, thank you for participating.

女士們、先生們，感謝你們的參與。