Roku Inc (ROKU) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the second-quarter 2024 Roku earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 Roku 2024 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Conrad Grodd, Vice President of Investor Relations. Please go ahead.

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

Welcome to Roku's second-quarter 2024 earnings call. On today's call are Anthony Wood, Roku's Founder and CEO; Dan Jedda, our CFO; and Charlie Collier, President, Roku Media.

歡迎參加 Roku 的 2024 年第二季財報電話會議。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；以及 Roku Media 總裁 Charlie Collier。

Our full results and additional management commentary are available in our shareholder letter on our IR website at roku.com/investor.

我們的完整業績和其他管理層評論可在我們的投資者關係網站 roku.com/investor 上的股東信中找到。

On this call, we'll make forward-looking statements, which are subject to risks and uncertainties. Please refer to our shareholder letter and periodic SEC filings for risk factors that could cause our results to differ materially from these forward-looking statements.

在本次電話會議上，我們將做出前瞻性聲明，這些聲明存在風險和不確定性。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結果與這些前瞻性陳述有重大差異的風險因素。

We'll also present GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most comparable GAAP financial measures are provided in our shareholder letter. Unless otherwise stated, all comparisons will be against our results for the comparable 2023 period.

我們也將介紹 GAAP 和非 GAAP 財務指標。我們的股東信中提供了非公認會計準則衡量指標與最具可比性的公認會計準則財務衡量指標的調節表。除非另有說明，所有比較都將針對我們 2023 年可比較期間的結果。

Now, I'll hand the call over to Anthony.

現在，我將把電話轉給安東尼。

Thanks, Conrad. This quarter, Roku continued to build on our foundation of unmatched scale and engagement, while remaining focused on operational discipline. We continue to lean into our unique assets, the Roku home screen, which is the beginning of the various TV experience.

謝謝，康拉德。本季度，Roku 繼續以無與倫比的規模和參與度為基礎，同時繼續專注於營運紀律。我們繼續依靠我們獨特的資產，即 Roku 主螢幕，這是各種電視體驗的開始。

Every day, US household is representing more than 120 million people began their streaming journey on the Roku home screen. This fact, along with our development and operations pipeline makes me confident we will be able to accelerate our platform revenue in 2025.

每天，美國家庭代表超過 1.2 億人在 Roku 主螢幕上開始串流媒體之旅。這一事實，加上我們的開發和營運管道，讓我相信我們將能夠在 2025 年加速我們的平台收入。

In Q2, we grew streaming households 14% year over year, streaming hours 20% year over year, and platform revenue 11% year over year. In the US, Roku is the number one TV OS by both TV shared and our screen, and our share of each is more than double the next largest operating system. The Roku Channel was our #3 app by both reach and engagement. This is a great achievement and demonstrates that Roku is building the lead-in to TV.

第二季度，我們的串流家庭年增 14%，串流媒體時長年增 20%，平台營收年增 11%。在美國，Roku 是電視共享和螢幕共享方面排名第一的電視作業系統，而我們的份額是第二大作業系統的兩倍多。無論從覆蓋範圍還是參與度來看，Roku Channel 都是我們排名第三的應用程式。這是一項偉大的成就，表明 Roku 正在打造電視領域的領先地位。

Another result we are proud of is our fourth straight quarter of delivering positive adjusted EBITDA and generating positive free cash flow. More than a year ago, we set a target of positive adjusted EBITDA for the full year 2024. As ambitious as this target was then, we did the work of rightsizing our cost structure and delivered on a full year early.

我們引以為傲的另一個結果是我們連​​續第四個季度實現正調整 EBITDA 並產生正向自由現金流。一年多前，我們設定了 2024 年全年調整後 EBITDA 為正數的目標。

Looking ahead, we will maintain this strong track record of execution as we focus on our monetization initiatives, including maximizing ad demand for Roku, leveraging the Roku home screen as the lead-in for TV, and growing Roku build descriptions.

展望未來，我們將保持這一良好的執行記錄，因為我們專注於我們的貨幣化計劃，包括最大限度地提高 Roku 的廣告需求、利用 Roku 主螢幕作為電視的引導以及不斷增加 Roku 構建描述。

Now, let me turn it over to Dan.

現在，讓我把它交給丹。

Thanks, Anthony. We ended Q2 with 83.6 million streaming households, up 14% year over year, with sequential net adds of 2 million driven by both TVs and streaming players. We continue to drive strong growth in engagement with streaming hours up 20% year over year. We also grew engagement per account globally, with streaming hours per streaming household per day of 4.0 hours in Q2 of 2024, up from 3.8 hours in Q2 of last year.

謝謝，安東尼。截至第二季末，我們的串流家庭數量為 8,360 萬，年增 14%，在電視和串流媒體播放器的推動下，環比淨增 200 萬戶。我們持續推動參與度的強勁成長，直播時長年增 20%。我們還在全球範圍內提高了每個帳戶的參與度，到 2024 年第二季度，每個串流媒體家庭每天的串流媒體時長為 4.0 小時，高於去年第二季度的 3.8 小時。

In Q2, we grew total net revenue 40% year over year to $968 million. Platform revenue was $824 million, up 11% year over year driven by both streaming services distribution and advertising activities, while offset by a challenged M&E vertical. Streaming services distribution activities grew faster than overall platform revenue, benefiting in part from subscription price increases. Devices revenue increased 39% year over year in Q2, driven by the expansion of the retail distribution of Roku-branded TVs.

第二季度，我們的總淨收入年增 40%，達到 9.68 億美元。受到串流媒體服務分發和廣告活動的推動，平台收入為 8.24 億美元，同比增長 11%，但被受到挑戰的媒體和娛樂垂直行業所抵消。串流服務分發活動的成長速度快於整個平台收入的成長速度，部分受益於訂閱價格的上漲。受 Roku 品牌電視零售分銷擴張的推動，第二季設備營收年增 39%。

ARPU was $40.68 in Q2 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 with monetization efforts in early stages.

以過去 12 個月計算，第二季 ARPU 為 40.68 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並參與早期的貨幣化工作。

Q2 total gross margin was 44%, down slightly year over year. Platform gross margin of 53% was relatively in line year over year, while devices gross margin was negative 11%, which was up 6 points year over year.

第二季總毛利率為44%，年減。平台毛利率為53%，較去年同期相對穩定，而設備毛利率為負11%，較去年同期上升6個百分點。

Q2 adjusted EBITDA was $44 million, which is above our outlook. The better-than-expected performance was driven by our platform segment.

第二季調整後 EBITDA 為 4,400 萬美元，高於我們的預期。好於預期的業績是由我們的平台部門推動的。

Free cash flow was $318 million on a trailing 12-month basis and we ended the quarter with $2.1 billion of cash and cash equivalents. We continue to see leverage in our operating model with our fourth straight quarter of positive adjusted EBITDA and free cash flow.

過去 12 個月的自由現金流為 3.18 億美元，本季末我們的現金和現金等價物為 21 億美元。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四個季度為正值。

Let me turn to our outlook for the third quarter. We anticipate total net revenue of $1.01 billion, gross profit of $440 million with gross margin of 44%, and adjusted EBITDA of $45 million.

讓我談談我們對第三季的展望。我們預計總淨收入為 10.1 億美元，毛利為 4.4 億美元，毛利率為 44%，調整後 EBITDA 為 4,500 萬美元。

Our outlook for total net revenue anticipates an 11% year-over-year increase. We expect Q3 platform revenue to grow 9% year over year. This takes into account a challenging year-over-year growth rate comparison within streaming services distribution, along with elevated positive 606 adjustments in Q3 of last year. While we expect M&E to remain challenged, we anticipate the year-over-year growth of advertising activities to accelerate in Q3. Platform margin will be in line with Q2 at roughly 53%.

我們對總淨收入的展望預計將年增 11%。我們預計第三季平台營收將年增 9%。這考慮到了串流服務分發中具有挑戰性的同比增長率比較，以及去年第三季 606 正調整的增加。雖然我們預計媒體和娛樂仍將面臨挑戰，但我們預計第三季廣告活動的年成長將加速。平台利潤率將與第二季保持一致，約 53%。

On the device side, we expect Q3 revenue to grow 24% and margins to be in line with Q2 in the negative low double digits, reflecting continued expansion and investment in our Roku branded TV program. We're benefiting from operational improvements we made over the course of the past year. And as a result, we continue to expect 2024 OpEx growth rates to be in the low single digits when excluding impairment and restructuring charges.

在設備方面，我們預計第三季營收將成長 24%，利潤率將與第二季持平，均為負低兩位數，反映出我們對 ​​Roku 品牌電視節目的持續擴張和投資。我們從過去一年所做的營運改善中受益。因此，我們繼續預計，在不計減損和重組費用的情況下，2024 年營運支出成長率將處於較低的個位數。

We are confident the year-over-year growth rate of platform revenue will begin to accelerate sequentially in Q4 of this year as a result of executing on our monetization initiatives to maximize ad demand and leverage our home screen as the lead-in for TV.

我們相信，由於執行了我們的貨幣化計劃以最大化廣告需求並利用我們的主螢幕作為電視的引導，平台收入的同比增長率將在今年第四季度開始連續加速。

With that, let's take questions. Operator?

說到這裡，我們來提問。操作員？

(Operator Instructions) Shyam Patil, Susquehanna International Group.

（操作員說明）Shyam Patil，薩斯奎哈納國際集團。

Hey, guys. Congrats on the nice results. I had a couple of questions. First, there's been a lot of commentary recently about excess supply of PC inventory in the market and downward pressure on CPMs. I was wondering if you could just talk about this and maybe what you're seeing? And then second question, can you talk about what you guys are currently seeing with M&E, just your expectations there? Thank you.

大家好。恭喜取得好成績。我有幾個問題。首先，近期關於市場PC庫存供應過剩以及CPM下行壓力的評論較多。我想知道你是否可以談談這件事以及你所看到的？第二個問題，您能談談您目前對 M&E 的看法，以及您的期望嗎？謝謝。

Hi, Shyam. This is Anthony. Yeah, I'll be happy to take that question. So first, I'll just say that Roku is not impacted by market-driven pricing changes in the same way that other streaming services seem to be. And this is because we, Roku, are streaming platform. We're not solely a streaming service.

嗨，夏姆。這是安東尼。是的，我很樂意回答這個問題。首先，我想說的是，Roku 不像其他串流媒體服務那樣受到市場驅動的定價變化的影響。這是因為我們 Roku 是串流媒體平台。我們不僅僅是串流媒體服務。

And if you think about what that means, like as a platform, as a streaming platform, one of the benefits is that we have a diversified set of revenue streams. Our platform business consists of our streaming services distribution activities, which are diversified as well as advertising, which are also diversified. So if you look at streaming service distribution, we're investing in areas like Roku built subscriptions as well as premium subscriptions. And then you think about advertising activities, which are also diversified, obviously, we have traditional video as traditional streaming ads on our platform across our platform.

如果你考慮一下這意味著什麼，就像作為一個平台，作為一個串流媒體平台，好處之一就是我們擁有多元化的收入來源。我們的平台業務包括多元化的串流服務分發活動以及多元化的廣告活動。因此，如果你看看串流媒體服務分發，我們正在投資 Roku 內建訂閱和高級訂閱等領域。然後你想想廣告活動，廣告活動也是多元化的，顯然，我們跨平台有傳統影片作為傳統的串流廣告。

But unlike normal streaming service, we have a unique set of ad products and sponsorships that are only possible because we own the platform and we integrate these throughout the viewer experience. So we have diversified revenue streams, a platform level revenue streams.

但與普通的串流媒體服務不同，我們擁有一套獨特的廣告產品和贊助，只有我們擁有這個平台，我們將這些產品和贊助整合到整個觀眾體驗中，才有可能實現。所以我們有多元化的收入來源，平台層級的收入來源。

And then if I even take a step back and think about like what are the primary factors that drive our platform business, our platform business growth is driven by the growth of the different components of that business. So for example, we continue to maintain strong growth of streaming households. We added 2 million net adds in the quarter recently. Now, it's 83 million almost 84 million streaming households. So we continue to add global streaming households.

然後，如果我退一步思考推動我們平台業務的主要因素是什麼，我們的平台業務成長是由該業務不同組成部分的成長所推動的。例如，我們繼續保持串流媒體家庭的強勁成長。最近本季我們淨增加了 200 萬用戶。現在，串流媒體家庭數量已達 8,300 萬、近 8,400 萬。因此，我們繼續增加全球串流媒體家庭。

They're very strong streaming hour engagement that also continues strong, and a lot of that is monetizable engagement for us. And then, of course, we continue to invest a lot of our R&D effort into building and creating new monetization products across the viewer experience. So these are the primary things that drive our growth.

他們的串流小時參與度非常高，而且持續強勁，其中許多對我們來說都是可貨幣化的參與度。當然，我們會繼續投入大量研發精力來建構和創造跨觀眾體驗的新貨幣化產品。所以這些都是推動我們成長的主要因素。

And then another critical point, I guess, I'd just like to mention is, I don't know we said it before, but it's really important. The Roku home screen is one of our, probably our most important asset. It's the reason why they lead into TV. Every day, US households with more than 120 million people, start their streaming experience at the Roku home screen. And that's super valuable scale to advertisers as well as promoting our owned and operated properties.

我想，我想提一下的另一個關鍵點是，我不知道我們之前說過，但這確實很重要。 Roku 主畫面是我們的資產之一，可能是我們最重要的資產。這就是他們進入電視界的原因。每天，超過 1.2 億人口的美國家庭都會在 Roku 主螢幕上開始串流體驗。這對於廣告商以及推廣我們擁有和經營的資產來說是非常有價值的規模。

But for advertisers, our home screen and our viewer experience for our platform reaches years before they decide what to watch. And after they spent some time trying to decide what to watch, they pick a streaming app and they fragment into different streaming apps. And a lot of those team apps don't have ads. And so for many of our viewers, promotions and advertising in our home screen is the only ad they're going to see.

但對於廣告商來說，我們的主螢幕和我們平台的觀眾體驗在他們決定觀看什麼之前就已經達到了數年。在他們花了一些時間嘗試決定觀看什麼之後，他們選擇了一個串流媒體應用程序，然後分成不同的串流應用程式。許多團隊應用程式都沒有廣告。因此，對於我們的許多觀眾來說，主螢幕上的促銷和廣告是他們會看到的唯一廣告。

So the home screen is a very important part of our strategy for growing our monetization, something that's working well for us. And then if I just think about what are the actual primary challenges to our platform business right now is, like we mentioned a few times, is continued weakness within the M&E vertical. But we have a great ad business, and we're well positioned to accelerate our ad business.

因此，主螢幕是我們成長獲利策略的一個非常重要的部分，這對我們來說效果很好。然後，如果我想一下我們平台業務目前面臨的實際主要挑戰是什麼，就像我們多次提到的那樣，是媒體與娛樂垂直領域的持續疲軟。但我們擁有出色的廣告業務，我們有能力加速我們的廣告業務。

So with that, I'll turn it over to Charlie to share some more details.

因此，我將把它交給查理分享更多細節。

Great. Thanks, Anthony, and thanks for the question, Shyam. I appreciate it. there is a lot of supply in the market. You're right. And since Anthony addressed our differentiating platform advantages, why don't I speak about advertising directly.

偉大的。謝謝安東尼，也謝謝夏姆提出的問題。我很感激。市場供應充足。你說得對。既然安東尼談到了我們的差異化平台優勢，我為什麼不直接談論廣告呢？

We're actively creating new revenue sources all the time at Roku. We're building new ad products across our UI. And these serve two purposes. They both drive demand, and they also fulfill demand. A few good examples are video ads on the home screen, our customizable Roku city buildings and cars, sponsorships across our UI in our content destinations, like the NFL experience, our Olympic zone, which is booming now, actually, I think you might be looking at it on your screen as we speak in the updated metal count. And it includes our all-things food and all things home areas.

Roku 一直在積極創造新的收入來源。我們正在透過我們的用戶介面建立新的廣告產品。這些有兩個目的。它們既推動需求，又滿足需求。一些很好的例子是主螢幕上的影片廣告，我們可自訂的Roku 城市建築和汽車，我們內容目的地中UI 的贊助，例如NFL 體驗，我們的奧林匹克區，實際上，現在正在蓬勃發展，我認為您可能會當我們談論更新的金屬計數時，請在螢幕上查看它。它包括我們所有的食物和所有的家居區域。

And then if you think about it, Shyam, there'd be open and interoperable way we partner with clients and use our unique ad targeting and measurement capabilities to help them meet their goals. That's really important. And we talk a lot about how we come to market.

如果你想一想，Shyam，我們會以開放且可互通的方式與客戶合作，並使用我們獨特的廣告定位和衡量功能來幫助他們實現目標。這真的很重要。我們談論了很多關於我們如何進入市場的問題。

Inherent in your question is that we've been competitively priced, and we remain competitively priced, and we've built multiple products and partner collaborations each at different points across the demand chain. And that's important, because I've mentioned over the last few quarters, we have strategically pivoted to all sorts of third-party relationships, third-party DSPs, channel partners, and others. And we are very much focused on meeting our clients where and how they wish to transact.

你的問題的本質是，我們的價格一直具有競爭力，而且我們仍然保持具有競爭力的價格，並且我們在需求鏈的不同點建立了多種產品和合作夥伴協作。這很重要，因為我在過去幾季中提到過，我們已策略性地轉向各種第三方關係、第三方 DSP、通路夥伴等。我們非常專注於滿足客戶希望的交易地點和方式。

And Anthony mentioned it, we have the flexibility to handle really well the market fluctuations you mentioned because of our increasing supply. And that's possible for a bunch of reasons. One is that the Roku Channel is up over 75% year on year, and it's also because of the growth across the entire Roku platform experience.

安東尼提到，由於我們的供應量不斷增加，我們可以靈活地很好地應對您提到的市場波動。這是可能的，原因有很多。一是Roku頻道年增超過75%，這也是因為整個Roku平台體驗的成長。

So I'll reiterate what Anthony led with, which is as a streaming platform, we do have distinct advantages over the streaming services that compete on our platform. So our unique assets allow to adapt and be less impacted than others seem to be by market supply dynamics. And for all those reasons, I'm really optimistic that we'll ramp revenue into the back half of 2024.

因此，我將重申安東尼所領導的觀點，即作為一個串流媒體平台，我們確實比在我們平台上競爭的串流媒體服務具有明顯的優勢。因此，我們獨特的資產能夠適應市場供應動態，並且比其他資產受到的影響更小。基於所有這些原因，我對我們將在 2024 年下半年實現收入成長感到非常樂觀。

(multiple speakers) You also asked about M&A. So let me just talk about that for a second. In our prior calls, we mentioned that we expected the M&E vertical to be challenged in 2024, and that's what we're seeing.

（多位發言者）您也問到了併購的問題。讓我談談這個問題。在我們之前的電話會議中，我們提到我們預計 M&E 垂直領域將在 2024 年面臨挑戰，這就是我們所看到的。

But despite these challenges, the challenges we're seeing in the M&E vertical, we expect advertising activities on our platform to accelerate in the second half, and we expect to continue to grow platform revenue. So but I'll let Charlie and Dan share more detail on that.

但儘管有這些挑戰，我們在媒體和娛樂垂直領域看到了挑戰，我們預計我們平台上的廣告活動將在下半年加速，我們預計平台收入將繼續成長。所以，我會讓查理和丹分享更多細節。

Well, this is Charlie. He's right. We've diversified the overall ad business well. Before I get into that, I should note, I'm proud of this. We're really good at M&E and we're a must-have for our M&A partners. One way we've diversified is that we've increased the number of ad categories and/or ad units in the viewer experience. We've opened up inventory to new advertisers and it's inventory that used to be reserved almost exclusively for M&E brands and performance advertisers. And that diversification has worked well.

嗯，這是查理。他是對的。我們很好地實現了整體廣告業務的多元化。在開始之前，我應該指出，我為此感到自豪。我們非常擅長併購合作夥伴，我們是併購合作夥伴的必備人才。我們實現多元化的一種方式是增加觀眾體驗中的廣告類別和/或廣告單元的數量。我們已經向新廣告商開放了庫存，而這些庫存過去幾乎專門為媒體與娛樂品牌和效果廣告商保留。這種多元化運作良好。

Our new marquee video ad unit on the home screen is one example. We actually announced that at the upfront. And we opened a limited invite-only beta for this new video ad unit, and it's sold out in the first mont,h and the participation was exactly what we hope to see from premier brand,s like the Home Depot and Disney, automotive in Mini.

我們在主螢幕上新的字幕影片廣告單元就是一個例子。我們實際上預先宣布了這一點。我們為這個新的視訊廣告單元開放了僅限邀請的測試版，它在第一個月就賣完了，而參與正是我們希望看到的頂級品牌的參與，例如家得寶和迪士尼，汽車行業小型的。

So regardless of short-term broad market softness across M&E in the marketplace. Our platform is still the best place to attract and retain viewers, to build subscriptions, and to help our partners manage churn.

因此，無論 M&E 市場的短期大盤疲軟如何。我們的平台仍然是吸引和留住觀眾、建立訂閱以及幫助我們的合作夥伴管理客戶流失的最佳場所。

And let me just add one point to that. Due to the efforts to diversify our ad demand and ad products and our many growth initiatives, all the examples that Charlie just stated, M&E is a significantly smaller percent of our overall platform business now versus the last several years. So while we're in a good position to benefit from any M&E rebound and any new M&E entrants into the market, we're not relying on the vertical for future growth.

讓我補充一點。由於我們努力使廣告需求和廣告產品多樣化，以及我們的許多成長舉措，查理剛才提到的所有例子，與過去幾年相比，M&E 現在在我們整體平台業務中所佔的比例要小得多。因此，雖然我們處於有利位置，可以從任何 M&E 反彈和任何新的 M&E 進入市場中受益，但我們並不依賴垂直行業來實現未來的成長。

Great. Thank you, guys.

偉大的。感謝你們。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thank you very much. It's really exciting that you're now supporting UID.

非常感謝。您現在支持 UID 真是令人興奮。

Charlie, can I ask you what kind of lift are you expecting in demand or pricing from this partnership? And how long will it take to ramp demand from cradle. And do you expect kind of a similar integration with DV360 at some point?

查理，我可以問一下，您期望透過這次合作對需求或定價帶來什麼樣的提升嗎？需求從搖籃開始上升需要多長時間？您是否期望在某個時候與 DV360 進行類似的整合？

Hey, Jason, this is Anthony. Let me just kick this off, and then I'll turn it over to Charlie.

嘿，傑森，這是安東尼。讓我開始吧，然後我會把它交給查理。

We are very focused on accelerating our platform revenue, and we have as last mentioned -- as we have mentioned, a variety of initiatives to increase monetization and grow platform revenue that we're executing against, one of those initiatives is to grow our relationships with all third-party platforms. And we're making progress on that. And the announcement today around UID integration is one step in that strategy. I feel like we're making good progress against that strategy.

我們非常專注於加速我們的平台收入，正如我們所提到的，我們正在執行各種旨在提高貨幣化和增加平台收入的舉措，其中一項舉措就是發展我們的關係與所有第三方平台。我們正在這方面取得進展。今天關於 UID 整合的公告是該策略的一個步驟。我覺得我們在這項戰略方面取得了良好進展。

But I think Charlie can talk more about it.

但我認為查理可以多談談。

Well, thanks for noting it, Jason. It's really all about making Roku more performant and efficient for our clients. On the Trade Desk specifically, we're only a couple of months in, but the partnership with them has been really well received and been great to work with and our relationship is growing.

嗯，謝謝你注意到這一點，傑森。這實際上是為了讓 Roku 為我們的客戶提供更高的效能和效率。特別是在 Trade Desk 方面，我們才剛成立幾個月，但與他們的合作關係非常受歡迎，合作愉快，我們的關係正在不斷發展。

So to answer your time and question, it's early days, but we're pleased with the progress. And we look forward to continued innovations ahead. We think this will continue to drive demand.

因此，回答您的時間和問題還為時過早，但我們對進展感到滿意。我們期待未來的持續創新。我們認為這將繼續推動需求。

Unified ID 2.0, or UID2, is an identity solution developed by the Trade Desk. And really, for us, it will allow others to achieve more precise targeting and enhanced data collaboration. So you asked about others. It's not just Trade Desk. We've grown relationships across the entire programmatic demand and measurement ecosystem, including enhanced partnerships from folks like iSpot PubMatic, Magnite, and more.

Unified ID 2.0（或 UID2）是由 Trade Desk 開發的身份解決方案。事實上，對我們來說，它將允許其他人實現更精確的定位和增強的數據協作。所以你問了別人。這不僅僅是貿易櫃檯。我們在整個程式化需求和測量生態系統中建立了關係，包括與 iSpot PubMatic、Magnite 等公司加強合作。

The team and I talk a lot about the word interoperable and being open, because we actually believe in addition to the benefits I just mentioned. Our flexibility and open approach to partnerships are going to help differentiate Roku and benefit advertisers. So it drives performance for clients and demand, as you asked, for Roku Media.

我和團隊談論了很多關於互通和開放這個詞，因為除了我剛才提到的好處之外，我們實際上也相信這一點。我們的靈活性和開放的合作方式將有助於 Roku 脫穎而出並使廣告商受益。因此，正如您所要求的，它會提高客戶的績效和 Roku Media 的需求。

I take really seriously our leadership position as the leader TV streaming. We're triple the streaming hours of the next largest platform in the US. And so partnerships like these, the ones I've just described, put Roku and our partners right at the center of the open premium CTV ecosystem.

我非常重視我們作為電視串流媒體領導者的領導地位。我們的串流媒體播放時間是美國第二大平台的三倍。因此，像我剛才描述的這樣的合作夥伴關係，使 Roku 和我們的合作夥伴處於開放優質 CTV 生態系統的中心。

Thank you.

謝謝。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

So the first one I definitely think is for Anthony. So I think last quarter, you said you have everybody in your distribution activities now reporting to you, which is the concept I love. And I like your three integrations; the execution you put in the note about the new content row, facilitating subscription-based steps with your Roku Pay, and also the special thing you did with NBC around the Olympics.

所以我認為第一個肯定是安東尼。所以我認為上個季度，您說您的分銷活動中的每個人現在都向您匯報，這是我喜歡的概念。我喜歡你的三個整合；您在有關新內容行的註釋中所寫的執行，透過 Roku Pay 促進基於訂閱的步驟，以及您在奧運會期間與 NBC 所做的特殊事情。

My question is, when you think about a year from now, clean piece of paper, what's the north star here? Are you trying to get the revenue mix to 50/50 ads and let's call this a subscription revenue stream? Is there products that you want to introduce because clients are asking for them? We talk to me about the next year and what we should expect to see a year from now that's driving the subscription revenue streams at Roku.

我的問題是，當你想想一年後，一張乾淨的紙，這裡的北極星是什麼？您是否正在嘗試將廣告收入組合調整為 50/50，我們稱之為訂閱收入流？有沒有因為顧客要求而想要推出的產品？我們與我討論了明年的情況，以及我們對一年後的預期，這將推動 Roku 的訂閱收入流。

Hey, Laura, thanks for the question. Yeah. Well, I mean, obviously, a big goal for us for this year and next year is to reaccelerate our platform monetization. I feel like we're making great progress on that. We've talked about expanding our third-party partnerships as a way to increase demand for our advertising. There's a lot of opportunity there.

嘿，勞拉，謝謝你的提問。是的。嗯，我的意思是，顯然，我們今年和明年的一個大目標是重新加速我們的平台貨幣化。我覺得我們在這方面取得了很大進展。我們已經討論過擴大我們的第三方合作夥伴關係，以增加對我們廣告的需求。那裡有很多機會。

It's an area that, although we've invested a little bit in the past, we just mostly spend our time on other initiatives. And now we're turning our attention to that one. There's a lot of opportunity on that side. And the goal of that, of course, is just to drive more demand for our apps. You've got a lot of supply of that and we have the ability to grow our supply. So we're highly focused on growing demand and third-party partnerships.

儘管我們過去在這個領域進行了一些投資，但我們只是將大部分時間花在其他措施上。現在我們將注意力轉向這一點。這方面有很多機會。當然，這樣做的目標只是推動對我們應用程式的更多需求。你們有很多供應，我們有能力增加供應。因此，我們高度關注不斷增長的需求和第三方合作夥伴關係。

It's a one way to do that. The other way we do that is building unique ad products into our UI. A simple example is Roku City, which is very popular, we added sponsored links to Roku City and the people. Companies love that as a unique product. And when they buy that product, we bundle other ad products with that. So increasing demand.

這是做到這一點的一種方法。我們的另一種方法是將獨特的廣告產品建置到我們的使用者介面中。一個簡單的例子是 Roku City，它非常受歡迎，我們添加了 Roku City 和人們的贊助連結。公司喜歡它作為一種獨特的產品。當他們購買該產品時，我們會將其他廣告產品與該產品捆綁在一起。因此需求不斷增加。

I mentioned subscriptions. So there's a lot we can do on subscriptions. We have a large subscription business, but given the scale of our engagement, I believe there's opportunity to grow subscriptions. So we have a variety of initiatives there. And that involves signing up new subscribers, but also reducing churn. There's things we can do on both of that, both of those fronts.

我提到了訂閱。因此，我們可以在訂閱方面做很多事情。我們擁有龐大的訂閱業務，但考慮到我們的參與規模，我相信有機會增加訂閱量。所以我們在那裡有各種各樣的舉措。這不僅涉及註冊新訂戶，還包括減少客戶流失。我們可以在這兩方面做些事情。

And then a big focus for me is how do we make best use of our home screen. It's a key asset. But again, we've done a lot over the years to build our business. There's areas we're focused on. There's areas we focus on less, not because they weren't important just we have to choose.

然後我的一個重點是我們如何充分利用我們的主螢幕。這是一項關鍵資產。但同樣，多年來我們為發展我們的業務做了許多工作。我們重點關註一些領域。有些領域我們關注較少，並不是因為它們不重要，只是我們必須選擇。

And the home screen is something that is a huge asset for us. It's iconic and viewers love it, but we have not really spent much time evolving over the last many years, actually. And so there's just a huge amount of opportunity to keep it iconic but also make it more useful for viewers and also drive more monetization, so driving more subscriptions, driving more engagement, ad products, and sponsorship built into the home screen.

主螢幕對我們來說是一筆巨大的資產。它是標誌性的，觀眾喜歡它，但實際上，在過去的許多年裡，我們並沒有真正花太多時間來發展。因此，有大量的機會來保持其標誌性，同時也使其對觀眾更有用，並推動更多的貨幣化，從而推動更多訂閱、推動更多參與度、廣告產品和內建於主螢幕的贊助。

So I think if I think a year from now, I think we'll continue to see evolution of our home screen. I mean, so far, all we've really done is that one content wrote the top, which has been working well for us, but that's really just the tip of the iceberg of what we can do. So those are the kinds of things that we're working on.

所以我想如果我想一年後，我想我們將繼續看到我們的主螢幕的演變。我的意思是，到目前為止，我們真正所做的只是將一個內容寫在頂部，這對我們來說效果很好，但這實際上只是我們能做的事情的冰山一角。這些就是我們正在努力的事情。

Fantastic. My other one is on M&E. I will take the point that M&E is a lot smaller than it used to be. But I'm really -- Wall Street loves lead indicators. It feels to me like this Deadpool movie and Barbie and Oppenheimer, when these big movies come into the box office, do they eventually show up in streaming and therefore, they show up as an ad on your front page?

極好的。我的另一件事是關於 M&E 的。我想說的是，M&E 的規模比以前小了許多。但我真的——華爾街喜歡領先指標。在我看來，就像《死侍》電影以及《芭比與奧本海默》一樣，當這些大電影進入票房時，它們最終會出現在串流媒體中，因此它們會作為廣告出現在您的首頁上嗎？

Are we able as Wall Street to look at what's happening at the box office and then extrapolate that into your M&E revenue two or three quarters later as those films come to the streaming platforms?

作為華爾街，我們是否能夠了解票房情況，然後在兩到三個季度後，當這些電影進入串流媒體平台時，將其推斷為您的影視娛樂收入？

Well, let me take a shot at that, and then I'll turn it over to Charlie who really understands our M&E business very well. M&E is pretty broad-based. It's not just -- I think, you can't really just look at new releases and extrapolate from that. I mean M&E is -- it's an internal term. It's a term we use that means media and entertainment. It's a term we use to refer to our basically our endemic partners like services on the platform that wants to sign on these subscribers or increase engagement or sell transactions and all of those things happen through M&E and it's also distributed.

好吧，讓我嘗試一下，然後我會把它交給查理，他非常了解我們的機電業務。 M&E 的基礎相當廣泛。我認為，這不僅僅是——你不能真的只看新版本並從中推斷。我的意思是 M&E 是一個內部術語。我們使用這個術語來表示媒體和娛樂。我們用這個術語來指稱我們的地方性合作夥伴，例如平台上的服務，希望與這些訂戶簽約或增加參與度或銷售交易，所有這些事情都是透過 M&E 發生的，而且也是分散式的。

One way we're good at it is it distributed throughout platform. There's, of course, the Marquee ad. That's a primary way. But there's a lot of other ways that we drive those things for our partners, subscriptions, transactions, engagement, and so it's complicated. I mean we do -- it's deeply integrated into the platform.

我們擅長的一種方式是它分佈在整個平台上。當然，還有天棚廣告。這是一個主要的方式。但我們還有很多其他方式為我們的合作夥伴推動這些事情，訂閱、交易、參與，所以這很複雜。我的意思是我們確實這樣做了——它已深度整合到平台中。

But Charlie, do you want to share?

但查理，你想分享嗎？

Sure. That's spot on. And Laura, the way I think about it is M&E is really a category for us, because we are so good at driving people streaming business. Literally, you click on an ad here and also watch it here. So it's a unique category to us. And as it does well and as there are new entrants, we're always positioned to do well in that.

當然。那是對的。勞拉，我認為媒體與娛樂對我們來說確實是一個類別，因為我們非常擅長推動人們串流媒體業務。從字面上看，您點擊此處的廣告，也會在這裡觀看它。所以這對我們來說是一個獨特的類別。由於它表現良好並且有新進入者，我們總是能夠在這方面做得很好。

And that's why we break that out. But your point is right as well. When you think about the big movies, all of our strategy is to establish that we're broad reach in the lead-in television. And so with households with 120 million people, which is really Super Bowl sides reach every day, we really can drive an impact and put people in seats at movie theaters.

這就是我們打破這一點的原因。但你的觀點也是對的。當你想到大電影時，我們所有的策略都是建立我們在電視節目中的廣泛影響力。因此，對於擁有 1.2 億人口的家庭（實際上是超級盃球隊每天都會到達的人數），我們確實可以產生影響，讓人們坐在電影院的座位上。

So as they spend more and as we do the improvements to the home screen that Anthony talks about, those are strategies that overlap and we'll have more and more value to people who need broad reach because you can't fake scale, and we have scale. So our home screen and broad reach strategy, Anthony said, we're just at the beginning of, will drive broader reach advertising, which is stuff like what you've seen from Disney over the last few weeks, they've had a nice run.

因此，隨著他們花更多的錢，當我們對安東尼談到的主螢幕進行改進時，這些策略是重疊的，我們將為那些需要廣泛覆蓋的人提供越來越多的價值，因為你無法偽造規模，而且我們有規模。因此，我們的主螢幕和廣泛覆蓋策略，安東尼說，我們才剛剛開始，將推動更廣泛的廣告覆蓋，這就像你在過去幾週從迪士尼看到的那樣，他們有一個很好的表現跑步。

I'll tell you also, partnerships, a lot of what we're talking about in terms of making Roku more performant and more efficient for our advertisers, is also allowing us different types of partnerships. So we just did a deal with Fandango. And that's all about proving that we are not just effective for them, but that we can get people into seats. And so I'm very enamored, one of the reasons I came here is we're so good, not just at the top of the funnel with the broader reach, but with proving performance and you're seeing it in our partnerships that they're acknowledging it. And then we're driving outcomes and driving the KPIs of partners just like we will for the studios.

我還要告訴你，合作夥伴關係，我們談論的很多內容都是為了讓 Roku 為我們的廣告商提供更好的性能和更有效率的服務，這也允許我們建立不同類型的合作夥伴關係。所以我們剛剛與 Fandango 達成了一項協議。這一切都是為了證明我們不僅對他們有效，而且我們可以讓人們就座。所以我非常著迷，我來到這裡的原因之一是我們非常優秀，不僅處於漏斗的頂部，覆蓋範圍更廣，而且還擁有證明的表現，你可以在我們的合作夥伴關係中看到這一點，他們正在承認這一點。然後我們會像為工作室一樣推動成果並推動合作夥伴的關鍵績效指標 (KPI)。

(multiple spekaers) Thanks, Laura. This is Anthony. I was just going to comment one last comment, which is just that, I mean, we are very good at M&E and we're getting better at it, and it's a good business for us. But the key factor that's driving -- the reason it's challenged is because it's pretty simple, that a lot of streaming services are pulling back on their marketing budgets. And that's having some impact on the market and us as well.

（多個發言者）謝謝，勞拉。這是安東尼。我只想評論最後一條評論，我的意思是，我們非常擅長 M&E，而且我們在這方面做得越來越好，這對我們來說是一筆好生意。但推動這一趨勢的關鍵因素——它受到挑戰的原因是因為它非常簡單，即許多串流媒體服務正在削減行銷預算。這對市場和我們也產生了一些影響。

Thank you very much. Great numbers, you guys.

非常感謝。偉大的數字，你們。

Vasily Karasyov, Cannonball Research.

瓦西里·卡拉瑟夫，砲彈研究。

Thank you. I wanted to ask about distribution revenue. First of all, was there 606 adjustments in the quarter, if there was, would you mind telling us how big it was?

謝謝。我想問一下發行收入。首先，本季是否有606次調整，如果有的話，您介意告訴我們調整幅度有多大嗎？

And then looking at the next year revenue acceleration, does that assume that the distribution revenue continues to grow at the rate that seems to be growing now or should it accelerate because we are comping against fairly big 606 adjustments last year. So I would appreciate any help on this. Thank you.

然後看看明年的收入加速，這是否假設發行收入繼續以現在似乎正在增長的速度增長，或者應該加速，因為我們正在與去年相當大的 606 調整進行比較。因此，我將不勝感激對此的任何幫助。謝謝。

Yeah. I'll take that one. We did have a 606 adjustment in Q2. It was similar to the adjustment that we had last quarter, and it was primarily due to the -- our subscriptions increasing prices when our partners increase prices, we benefit from that, not just in our revenue, but it can lead to 606 adjustment. We don't forecast 606 adjustments because the forecast takes that into account. But yes, we did have one for Q2.

是的。我會接受那個。我們在第二季確實進行了 606 調整。這與我們上個季度的調整類似，主要是因為——當我們的合作夥伴提高價格時，我們的訂閱價格也會提高，我們從中受益，不僅是我們的收入，而且可能導致 606 調整。我們不預測 606 調整，因為預測已考慮到這一點。但是，是的，我們確實為第二季度準備了一個。

In terms of your question on acceleration, as we talked about the acceleration that we expect to see in Q4, we talked also about the acceleration from Q2 into Q3 for advertising. That was specific to advertising.

關於您關於加速的問題，當我們談到我們預計在第四季度看到的加速時，我們也談到了廣告從第二季到第三季的加速。這是廣告特有的。

In my prepared remarks, I talked about SSD or the streaming distribution business having difficult comps because of all the price increases, and the subscription businesses that we saw in H2 of last year, and in H1 of this year, and it's very hard to predict those price increase. And so if we see similar price increases across the SVOD partners, we'll benefit from that.

在我準備好的發言中，我談到了SSD或串流媒體發行業務由於價格上漲而難以比較，以及我們在去年下半年和今年上半年看到的訂閱業務，而且很難預測那些價格上漲。因此，如果我們看到 SVOD 合作夥伴出現類似的價格上漲，我們將從中受益。

We'll also benefit from all the work that we're doing and driving more subscriptions. That is what Anthony talked about earlier on the call. And how that compares from an acceleration standpoint, I would expect that just based on the difficult comp, the acceleration is going to be led more by the advertising business with SSD moderating going forward. But again, it really does depend on a lot of the price increases that we see from our SVOD partners.

我們還將受益於我們正在做的所有工作以及推動更多訂閱。這就是安東尼早些時候在電話會議上談到的內容。從加速的角度來看，我預計，僅基於困難的比較，加速將更多地由廣告業務主導，SSD 將會放緩。但同樣，這確實很大程度上取決於我們從 SVOD 合作夥伴那裡看到的價格上漲。

Thank you very much.

非常感謝。

Peter Supino, Wolf Research.

彼得‧蘇皮諾，沃爾夫研究中心。

Hi. Two questions, one on third-party ad sales and another on the cost and getting apps and getting screened real estate. On sells, I wanted to ask you why now on using third-party DSPs to sell Roku Channel ad inventory, particularly the third-party partnership? Should we think about that as over the long run, a disinflationary or decision for you relative to your prior strategy and why now? Obviously, everybody wants to sell more volume, but there's a pro and con to that decision.

你好。有兩個問題，一個是關於第三方廣告銷售，另一個是關於成本、獲取應用程式和篩選房地產。關於銷售，我想問您為什麼現在使用第三方 DSP 來銷售 Roku 頻道廣告庫存，特別是第三方合作關係？我們是否應該考慮從長遠來看，相對於您之前的策略而言，這是一個通貨緊縮或決定，為什麼現在呢？顯然，每個人都希望銷量更高，但這個決定有利有弊。

So I'd love to hear your thoughts on that. And then on the costs, you've had a very advantageous commercial terms with TV manufacturers over time, and also with streaming app owners over time. And I wonder how many changes in the market for those relationships. Thank you.

所以我很想聽聽你對此的想法。然後在成本方面，隨著時間的推移，您與電視製造商以及串流媒體應用程式所有者都獲得了非常有利的商業條款。我想知道這些關係的市場有多少變化。謝謝。

Thank you. This is Anthony. On third-party ad sales and why now, I'll let Charlie give his thoughts. But I'll just say from my point of view. Over the years, we've created a streaming platform and it's not -- it's a lot of work. You've got to do a lot of different stuff. And there's a lot of places you can focus. There's a lot of different ways to make money and you sort of have to choose.

謝謝。這是安東尼。關於第三方廣告銷售以及為什麼現在，我會讓查理發表他的想法。但我只是從我的角度說。多年來，我們創建了一個串流媒體平台，但工作量並不大。你必須做很多不同的事情。還有很多地方你可以關注。賺錢的方式有很多種，你必須做出選擇。

And so in the past, we've chosen things that have worked really well for us to focus on. And obviously, we're not stopping doing those. We're going to continue to do those. But integrating with third-party partners is something we've done in the past. It's not that it's new. It's just that we've never really focused on it as a key initiative that we're going to really push on.

所以在過去，我們選擇了那些對我們來說非常有效的事情來關注。顯然，我們不會停止這樣做。我們將繼續這樣做。但與第三方合作夥伴整合是我們過去做過的事情。這並不是說它是新的。只是我們從未真正將其作為我們要真正推動的一項關鍵舉措。

And it was just a choice you made. These other opportunities where we thought were better turns at that moment in time, at this moment in time, it's the one that we've chosen. And without going through that, the way we rank different options. I mean we've got a lot of options on where we can spend our time is the one that we believe is going to have a big impact over the next year.

這只是你所做的選擇。我們認為當時的其他機會是更好的機會，此時此刻，這是我們選擇的機會。無需經歷這些，我們就可以對不同選項進行排名。我的意思是，我們有很多選擇可以把時間花在哪裡，我們相信這些選擇將對明年產生重大影響。

And also a little bit related to the fact that the evolution of the industry, advertising, even though it's often delivered programmatically these days, it's still often sold through people on the street, but it's increasingly going through programmatic demand platforms and demand is also increasingly being sourced from those platforms. And it's clear that's the future of the initiation of the question of how long is it going to take. And so it's our judgment now it's the right time. So that's basically the answer.

還有一點與行業的發展有關，廣告，儘管現在它經常以程序化方式交付，但它仍然經常通過街上的人們出售，但它越來越多地通過程序化需求平台，需求也越來越多源自這些平台。很明顯，這就是未來需要多長時間的問題。所以我們的判斷是現在正是時候。這基本上就是答案。

I don't know, Charlie, do you have anything to add to that?

我不知道，查理，你還有什麼要補充的嗎？

Yeah, I agree with all that. And look, media performance will differentiate us. There's something very empowering for us about being an interoperable platform in a world that is not often open or interoperable certainly across the ecosystem. So we announced something called Roku Exchange. It's a TV streaming first ad tech solution, and it's the way we bring Roku's differentiated tech stack to market.

是的，我同意這一切。看，媒體表現將使我們與眾不同。在一個不經常開放或跨生態系統互通的世界中，成為一個可互通的平台對我們來說是非常有力量的。所以我們宣布了一個名為 Roku Exchange 的專案。這是電視串流媒體優先的廣告技術解決方案，也是我們將 Roku 的差異化技術堆疊推向市場的方式。

So to your point, we've benefited from our tech stack to date. And now we're bringing it to market in a way that allows us to take all of the advertising capabilities from our DSP and add an intelligence layer that allows for our data-driven media to be matched with best product across the pragmatic ecosystem.

因此，就您而言，迄今為止我們已經從我們的技術堆疊中受益。現在，我們將其推向市場的方式使我們能夠利用 DSP 的所有廣告功能，並添加一個智慧層，使我們的數據驅動媒體能夠與整個務實生態系統中的最佳產品相匹配。

So Peter, you think about the scale that we offer, we talk a lot, it's funny about having unmatched scale in the homes with 120 million people every day. That means we also have the largest CTV data set to match with someone like the Trade Desk, and that will separate us in this market. So Anthony is right, the timing is right, and it allows us to be confident that we're building with the right people in the right way to grow into the future.

Peter，你想想我們提供的規模，我們談了很多，每天在 1.2 億人的家庭中擁有無與倫比的規模是很有趣的。這意味著我們還擁有最大的 CTV 資料集，可以與 Trade Desk 等公司相匹配，這將使我們在這個市場上脫穎而出。所以安東尼是對的，時機是正確的，這讓我們充滿信心，我們正在以正確的方式與正確的人一起建設，以成長為未來。

And then second question, I wasn't quite sure I understood, but I think it basically was, is there any change in the dynamics around apps on our platform. And perhaps you mentioned -- (multiple speakers).

然後是第二個問題，我不太確定我是否理解，但我認為基本上是，我們平台上應用程式的動態是否有任何變化。也許您提到了－（多位發言者）。

Yeah. So I think the main change, I would say, is just the continued growth in Roku's scale. I mean, we're approaching half of all broadband households in the United States, [100] households with 120 million people every day turn on a Roku TV. We put a chart in the shareholder letter that showed just the massive scale of our engagement compared to other platforms.

是的。所以我認為主要的改變就是 Roku 規模的持續成長。我的意思是，我們正在接近美國一半的寬頻家庭，[100] 個擁有 1.2 億人口的家庭每天都會打開 Roku 電視。我們在股東信中放了一張圖表，顯示了與其他平台相比我們的參與規模。

I mean we're a must-have platform if you're going to launch a streaming service or if you want to build a market a streaming service. And so certainly, that scale is impacting our relationships with streaming services. I mean, obviously, there's a mutually beneficial relationship for both of us. But our large scale is making us really important to streaming services platforms. That's probably the main change.

我的意思是，如果您要推出串流媒體服務或想要建立串流媒體服務市場，我們是必備平台。當然，這種規模正在影響我們與串流媒體服務的關係。我的意思是，顯然，我們雙方都存在著互惠互利的關係。但我們的龐大規模使我們對串流媒體服務平台非常重要。這可能是主要的變化。

Michael Morris, Guggenheim Securities.

麥可‧莫里斯，古根漢證券公司。

Good afternoon. Thanks, guys. Thanks for all the information and the question. I had two. I wanted to just ask a little bit more about the revenue guide at platform. Dan, you helped a little bit with the 606. But I'm curious just to understand the at least reported deceleration going from 11% this quarter to 9% next quarter. Is the 606 impact that you're expecting in the 3Q or the comping that much bigger in 3Q versus 2Q?

午安.多謝你們。感謝您提供所有資訊和問題。我有兩個。我想多問一些關於平台收入指南的問題。 Dan，您在 606 方面提供了一點幫助。您預計第三季的 606 影響或第三季的影響是否比第二季大得多？

And then also several price increases have been announced, right? So I think Peacock, Max, Paramount Plus, if I remember correctly. So is that taken into account in your third quarter guide? Or is that something that would be incremental? And then I have a bigger picture one, but I'd love to hear your thoughts on that first.

然後還宣布了幾次漲價，對吧？如果我沒記錯的話，我認為是 Peacock、Max、Paramount Plus。那麼您的第三季指南是否考慮到了這一點？還是這是增量的東西？然後我有一個更大的願景，但我很想先聽聽你對此的想法。

Yeah, I'll take that question. So the 606 impact for Q3 of last year was similar to the 606 of Q2 of last year and Q2 of this year. So there is that impact on the sequential decline. And you could roughly call it around 200 basis points. But the other piece, which we tried to lay out in the prepared remarks, is the SSD comp, the streaming services distribution comp just gets a lot more challenging in H2 of this year relative to H2 last year, simply because we are comping a lot of price increases that happened last year.

是的，我會回答這個問題。所以去年Q3的606影響與去年Q2和今年Q2的606影響類似。因此，這對連續下降產生了影響。你可以粗略地稱之為 200 個基點左右。但我們試圖在準備好的發言中闡述的另一部分是 SSD 競爭，相對於去年下半年，串流媒體服務分發競爭在今年下半年變得更具挑戰性，僅僅是因為我們進行了很多競爭去年發生的價格上漲。

And yes, there are some price increases that happened this year, but not to the level from what we see that happened last year. So the SSD business just doesn't have a much more difficult comp, which does play into that Q2 to Q3 decel from 11% to the 9% that we guided also the 606 I just mentioned. And then, of course, I said in my prepared remarks that we are expecting advertising to accelerate on a sequential basis during that quarter, during from Q2 to Q3.

是的，今年價格出現了一些上漲，但沒有達到我們去年看到的水平。因此，SSD 業務並沒有更困難的競爭，這確實導致了第二季到第三季從 11% 下降到 9%，我們也指導了我剛才提到的 606。當然，我在準備好的發言中表示，我們預計廣告在該季度（從第二季到第三季）將環比加速。

Okay. That's really helpful. And then my second question is on the data that you put in, and Anthony just referenced about your share of the US CTV OS market, right, at almost 50%, a very impressive number. But your CTV revenue as part of share, I think, is much, much smaller than that. My math would say less than 10%.

好的。這真的很有幫助。然後我的第二個問題是關於你輸入的數據，安東尼剛剛提到了你在美國 CTV 作業系統市場的份額，對吧，幾乎 50%，這是一個非常令人印象深刻的數字。但我認為，作為份額的一部分，你的 CTV 收入比這個小得多。我的數學顯示不到 10%。

So my question is, do you see 50% as a number that investors should be thinking about as share of the market that you can be striving toward. How can we reconcile that share with how big you feel your company can be in the CTV marketplace?

所以我的問題是，您是否認為 50% 是投資者應該考慮的數字，作為您可以努力爭取的市場份額？我們如何協調這一份額與您認為您的公司在 CTV 市場中的規模？

This is Anthony. I'll take that. But before I answer, I just want to make sure I understood the question. So what were you comparing it to? Our share of the --

這是安東尼。我會接受的。但在回答之前，我只想確保我理解這個問題。那你把它與什麼做比較呢？我們的份額——

The CTV. So I understand there are different revenue sources. I understand that, but showing that chart, I think leads investors to see you as roughly half of the, as you like to say, the starting point or the launch pad. So how much of that can translate to financial performance? Could you be 50% of the CTV marketplace over time?

央視。所以我知道有不同的收入來源。我理解這一點，但顯示該圖表，我認為會讓投資者將您視為起點或發射台的大約一半，正如您所說的那樣。那麼其中有多少可以轉化為財務績效呢？隨著時間的推移，您能佔據 CTV 市場 50% 的份額嗎？

Yeah. I mean I think that there's -- that scale and -- I mean, we expect to continue growing our scale, both in the U.S. and internationally. Both in terms of active accounts, but also streaming hours per account. So that's the basis, one of the basis on which our growth is based and we're going to continue to drive that.

是的。我的意思是，我認為存在這樣的規模，我們希望在美國和國際上繼續擴大我們的規模。既包括活躍帳戶，也包括每個帳戶的串流媒體小時數。這就是基礎，我們成長的基礎之一，我們將繼續推動這一點。

That scale does create the opportunity for us to continue to increase monetization per account in a variety of ways, including creating new products that we own and operate or that we integrate into our platform. And so yes, there's a lot of room to continue to grow. If you think about the streaming hours on our platform, they range from hours that we completely monetize 100% on like ours in the Roku Channel to ours that we make less monetization on. So where it's going to land, it's hard for me to say.

這種規模確實為我們創造了機會，以各種方式繼續增加每個帳戶的貨幣化，包括創建我們擁有和經營或整合到我們平台中的新產品。是的，還有很大的持續成長空間。如果您考慮一下我們平台上的串流播放時間，您會發現它們的範圍從我們在 Roku 頻道中完全 100% 貨幣化的時間到我們貨幣化較少的時間。所以它會降落在哪裡，我很難說。

Great, thank you. Appreciate it.

太好了謝謝。欣賞它。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

Hi, thanks very much. Can we switch to the devices side, please? I'm just curious, you had really strong growth in the quarter. It looks like some okay growth forecast for Q3 as well. There was some question about your distribution via various retailers such as Walmart. I wonder if you could speak about how your retailing strategy is going.

你好，非常感謝。我們可以切換到設備端嗎？我只是好奇，這個季度的成長非常強勁。第三季的成長預測似乎也不錯。關於您透過沃爾瑪等各種零售商進行的分銷存在一些問題。我想知道您能否談談您的零售策略進展如何。

And when do we actually comp against your own teeth coming out Q3, but I can't remember. And just kind of how much impact might we expect for that in Q3 and Q4.

我們什麼時候才能真正與第三季度出現的你自己的牙齒進行比較，但我不記得了。我們預計第三季和第四季會產生多大影響。

All right. Thanks, Tim. This is Anthony. I'll take that and then maybe I'll turn it over to Dan to talk about comping against our own TVs.

好的。謝謝，蒂姆。這是安東尼。我會接受這個，然後也許我會把它交給丹來談論與我們自己的電視進行比較。

In general, the device side of our business, which is focused on growing active accounts, signing up new streaming households is doing really well. I mean, we have a product that we spent the last 16 years building. Consumers love it. It's a great product. It's a great brand. It's got strong momentum in the market. Like I said, we added 2 million net accounts in the quarter.

總的來說，我們業務的設備方面，專注於增加活躍帳戶、簽約新的串流媒體家庭，做得非常好。我的意思是，我們花了 16 年打造了一款產品。消費者喜歡它。這是一個很棒的產品。這是一個很棒的品牌。它在市場上有強勁的勢頭。正如我所說，本季我們增加了 200 萬個淨帳戶。

And that side of our business, growing active accounts from selling devices comes from selling -- there's sort of three pillars to that. The biggest pillar actually is the licensing program, where we licensed Roku TVs to other OEMs. We license the platform to other OEMs. That's the biggest piece, but also quite big as streaming players. We sell a lot of streaming players.

我們業務的另一面，透過銷售設備來增加活躍帳戶來自於銷售——這有三個支柱。實際上，最大的支柱是授權計劃，我們將 Roku 電視授權給其他 OEM 廠商。我們將該平台授權給其他原始設備製造商。這是最大的一塊，但作為串流媒體播放器也相當大。我們出售很多串流媒體播放器。

And then Roku-branded TVs or first-party Roku TVs, that's relatively new for us, is growing. It's ramping nicely, like we think it's a good program, but it's still got ways to go.

然後，Roku 品牌電視或第一方 Roku 電視（對我們來說相對較新）正在成長。它進展順利，就像我們認為這是一個很好的程序一樣，但它還有很長的路要走。

And then in Q1, we mentioned that we added in terms of Roku TV first-party TVs, Roku -- sorry, Roku-branded Roku TVs. In Q1, we added -- we mentioned before that we added Amazon, Costco, Walmart.com. And then in this quarter, we expanded distribution to include Target and some other specialty retailers, so we're expanding distribution.

然後在第一季度，我們提到我們添加了 Roku TV 第一方電視，Roku——抱歉，Roku 品牌的 Roku 電視。在第一季度，我們添加了——我們之前提到過，我們添加了亞馬遜、好市多、沃爾瑪。然後在本季度，我們擴大了分銷範圍，將塔吉特和其他一些專業零售商納入其中，因此我們正在擴大分銷範圍。

In April, the new Roku Pro Series hit the market. The Pro Series is our higher-performing Roku-branded TVs, receiving really strong reviews, selling well. For example, Yahoo! Tech, named the Pro Series their favorite TV of 2024. So I would say, in general, that part of our business is doing well. And we expect it to continue to grow for the foreseeable future, both actually in the US, where we have very strong market share, but we still think there's room to grow there. And then also globally, of course, is a big focus for us.

4月，全新Roku Pro系列上市。 Pro 系列是我們性能更高的 Roku 品牌電視，獲得了非常強烈的評價，銷售也很好。例如，雅虎！ Tech 將 Pro 系列評為 2024 年最受歡迎的電視。我們預計它在可預見的未來將繼續成長，實際上在美國，我們在美國擁有非常強大的市場份額，但我們仍然認為那裡還有成長空間。當然，全球範圍也是我們關注的重點。

And then on the branded TV, like I said, it's still fairly early days for that. I mean it's starting to ramp up. The scale is good. But there's a lot of room -- I think a lot of room to continue to grow that, but I'll turn it over to Dan.

然後在品牌電視上，就像我說的，現在還為時過早。我的意思是它開始加速。規模很好。但還有很大的空間——我認為還有很大的空間可以繼續發展，但我會把它交給丹。

Yeah. I'll just add that we launched in Q1 of last year. But just as a reminder, for all of last year, we were exclusive with Best Buy, and Anthony labeled off all the distribution partners we now have starting in Q1 of this year and adding in Q2 and this year as well with Target and some specialty Visa. So we're very well distributed in FY24 versus FY23. So we do expect to -- the Roku branded TV to continue to ramp, and you'll see that in our guide and in our reported results as we go forward.

是的。我只想補充一點，我們是在去年第一季推出的。但提醒一下，去年全年，我們都是百思買的獨家經銷商，安東尼從今年第一季度開始，在第二季度和今年添加了我們現在擁有的所有分銷合作夥伴，以及塔吉特和一些專業產品簽證。因此，與 2023 財年相比，我們在 2024 財年的分佈非常均勻。因此，我們確實預計 Roku 品牌的電視將繼續成長，隨著我們的前進，您將在我們的指南和報告的結果中看到這一點。

We're happy with it. We're happy with our distribution partners and we're seeing great results from it. So it's a big win for us.

我們對此很滿意。我們對我們的分銷合作夥伴感到滿意，並看到了良好的成果。所以這對我們來說是一個巨大的勝利。

And a quick follow-up. When can we think -- when can we expect to get closer to breakeven on gross profit? If you're ramping up more on the owned branded TVs, maybe the higher price sets coming out now, I'm guessing that helps to get closer to breakeven on gross profit?

並快速跟進。我們什麼時候可以思考－我們什麼時候可以預期毛利更接近損益兩平？如果您在自有品牌電視上加大投入，也許現在會推出更高的價格，我猜這有助於接近毛利的盈虧平衡？

Yeah, I'll take that one as well. So we were at negative 11% in our device margin business. And we guided to a similar level in Q3, which is the low double digit, negative low double digits on Roku-branded TV.

是的，我也拿那個。因此，我們的設備利潤率業務為負 11%。我們在第三季達到了類似的水平，即 Roku 品牌電視的低兩位數、負低兩位數。

So as Anthony mentioned, we're early on in our ramp to scale. And as we get scale, our component costs should come down. I can't speak to market pricing. We watch that very closely as well. But we do believe that the component costs will continue to go down to scale.

正如安東尼所提到的，我們正處於擴大規模的早期階段。隨著我們規模的擴大，我們的組件成本應該會下降。我不能談論市場定價。我們也非常密切地關注這一點。但我們確實相信組件成本將繼續按比例下降。

So I expect over time that we will see improvements in device margin. Again, just as a scaling and getting very good at managing the BOM cost. We saw this with players and Roku does an exceptionally good job of managers. It is a core competency of the company. But for the next several quarters, I think we're going to be in this range just because it takes many quarters to get to the scale where you start to see the benefit from component costs come down.

因此，我預計隨著時間的推移，我們將看到設備利潤率的提高。再次強調，就像擴展並非常擅長管理 BOM 成本一樣。我們在球員身上看到了這一點，Roku 在管理方面做得非常出色。這就是公司的核心競爭力。但在接下來的幾個季度中，我認為我們將處於這個範圍內，因為需要許多季度才能達到您開始看到組件成本下降帶來的好處的規模。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

I had two advertising questions for Charlie or Anthony. First, could you provide an update on the news front, maybe the broader market, what you're seeing and anything Roku specific?

我有兩個關於查理或安東尼的廣告問題。首先，您能否提供新聞方面的最新情況，也許是更廣闊的市場，您所看到的以及 Roku 的具體情況？

And then secondly, how are you thinking about the impact to advertising in the second half of the year from the political and mix given your announced partnership.

其次，考慮到您們宣布的合作關係，您如何看待下半年政治和組合對廣告的影響。

Hey, Cory. Thanks for the questions. Charlie will take both of those actually.

嘿，科里。感謝您的提問。查理實際上會接受這兩個。

Cory, the answer is we're seeing good momentum on news front, it's been a positive market for us. And we've been growing our share generally across the board, while continuing to embrace new ways of working and what is unquestionably modern more digital-first ecosystem. The digital transition absolutely benefits Roku and our clients.

科里，答案是我們在新聞方面看到了良好的勢頭，這對我們來說是一個積極的市場。我們一直在全面擴大我們的份額，同時繼續採用新的工作方式和毫無疑問更現代、更數位化的生態系統。數位轉型絕對有利於 Roku 和我們的客戶。

Good news is we're hearing a lot of excitement around our new products, like the video ads and the marquee and sports participation. You mentioned in your next question in the Olympics and all we've done Major League Baseball. And we've also invested, and this isn't quite as visible as those, we've invested a lot in partnerships to make Roku easier to buy and measure. So we've been getting the feedback we wanted, which is that we're making it easier to purchase Roku Media and onboard new clients and then measure their performance.

好消息是，我們聽到了很多關於我們新產品的令人興奮的消息，例如影片廣告、大帳篷和體育活動。您在下一個問題中提到了奧運會以及我們在美國職棒大聯盟所做的一切。我們也進行了投資，這並不像那些那麼明顯，我們在合作夥伴關係上投入了大量資金，以使 Roku 更容易購買和衡量。因此，我們已經得到了我們想要的回饋，那就是我們正在讓購買 Roku Media 和吸引新客戶以及衡量他們的表現變得更加容易。

And I think you're going to be hearing that more and more. So it's a different marketplace than it used to be. And we're ready while the video revenue is still purchased during the upfront, and we're building that share, we also expect buying to be executed across a bunch of channels both direct and programmatic all year long with all sorts of flexibility built in because of the market dynamic you mentioned in your question.

我想你會越來越常聽到這樣的說法。所以這是一個與以前不同的市場。我們已經準備好了，而視頻收入仍然是在前期購買的，我們正在建立這個份額，我們還希望全年通過直接和程序化的一系列渠道執行購買，並內置各種靈活性因為你在問題中提到的市場動態。

So on the momentum, we're closing the upfront with Poise. We're building share and we're having great conversations both about the upfront and establishing client KPIs really well beyond the upfront. And it's a change we're ready for, and I feel confident with our position.

因此，憑藉這一勢頭，我們將與 Poise 一起完成前期工作。我們正在建立份額，並且就前期和建立遠遠超出前期的客戶 KPI 進行了精彩的對話。我們已經準備好迎接這項變化，我對我們的立場充滿信心。

On the Olympics -- on political, look, political holds us in a terrific position as we count down to November and the completion of the '24 election cycle. And while we're happy with our political ad sales, it really is just one part of our growing and diverse advertising business. What they're noticing like other categories is we have the tools and tech that make Roku a strategic platform for advertisers. So they're taking advantage of our scale and our ability to target desirable audiences and geographies and Anthony said something earlier that I think bears repeating. This is another category where Roku is getting better every cycle. We really are improving, which is terrific.

在奧運會上——在政治上，看，當我們倒數 11 月和 24 屆選舉週期結束時，政治使我們處於一個極好的位置。雖然我們對政治廣告銷售感到滿意，但這實際上只是我們不斷成長的多元化廣告業務的一部分。與其他類別一樣，他們注意到我們擁有使 Roku 成為廣告商策略平台的工具和技術。因此，他們正在利用我們的規模和能力來瞄準理想的受眾和地區，安東尼早些時候說過一些我認為值得重複的話。這是 Roku 每個週期變得更好的另一個類別。我們確實在進步，這太棒了。

The Olympics, I'm really excited about. You just saw on the screen before we customize that experience. And if you understand Roku's strategy and market differentiation, the Olympics is a really great example of both. We talk a lot, we did at our upfront. We talked to advertisers all the time about our unique position to lead in to all of television.

奧運會，我真的很興奮。在我們定制該體驗之前，您剛剛在螢幕上看到了。如果您了解 Roku 的策略和市場差異化，那麼奧運就是一個很好的例子。我們談了很多，我們預先做了很多。我們一直與廣告商談論我們在所有電視領域的獨特地位。

And we're working so closely with Peacock and NBC to be the lead into the Olympics. And it's clearly working. I keep getting text from folks in France that say we're on fire and we're helping drive their engagement.

我們正在與 Peacock 和 NBC 密切合作，以成為奧運會的領導者。而且它顯然正在發揮作用。我不斷收到法國人發來的短信，說我們很火，我們正在幫助推動他們的參與。

So what our Olympics partnership with them was, and it was a series of custom integrations, ability to innovate and are also ability to build really bespoke ad-supported experience around tentpole events. And what I like about it, not just that it's working for our great partners at NBC and Peacock, but we can do this for all sorts of major events across television. It's totally something Roku has a right to win at. So we have the scale and focus to be the lead into television. That's a differentiator.

我們與他們在奧運會上的合作是一系列客製化整合、創新能力以及圍繞主力賽事建立真正客製化的廣告支援體驗的能力。我喜歡它的原因不僅在於它為我們 NBC 和 Peacock 的偉大合作夥伴提供服務，而且我們可以為電視上的各種重大活動做到這一點。這完全是 Roku 有權贏得的。因此，我們擁有成為電視領域領先者的規模和重點。這是一個差異化因素。

I said before, you can't fake scale and you can't fake that we have home with nearly 120 million viewers every day coming through our front door. So the good news about this, and I'll end here is our Olympic experience is great for viewers. They're using it. It's making the Olympics easier. It's great for content owners who are our partners and obviously, it benefits advertisers.

我之前說過，你無法偽造規模，也無法偽造我們的家每天有近 1.2 億觀眾從我們的前門湧入。因此，關於這一點的好消息是，我們的奧運體驗對觀眾來說非常棒。他們正在使用它。這讓奧運變得更加容易。這對我們的合作夥伴內容所有者來說非常好，顯然，它也有利於廣告商。

In fact, we co-hold the Olympics with NBC and that whole lead-in experience.

事實上，我們與 NBC 共同舉辦奧運會以及整個引導體驗。

So we launched the Olympic zone. That's going well. We are doing similar things for Major League Baseball and through our NFL experience. And again, it's a total differentiator and improves our impact and our partnership capabilities and you're going to see a lot more of it ahead.

所以我們推出了奧運區。進展順利。我們正在為美國職棒大聯盟和 NFL 的經驗做類似的事情。再說一遍，這是一個完全的差異化因素，可以提高我們的影響力和我們的合作夥伴能力，並且您將在未來看到更多。

David Joyce, Seaport Research.

大衛喬伊斯，海港研究中心。

Thank you very much. Could you please provide some more color on how fill rates are evolving and how the increasing programmatic buying activity and ad tech partnerships and increased industry supply are interplaying there? Thanks.

非常感謝。您能否提供更多關於填充率如何演變以及不斷增加的程序化購買活動和廣告技術合作夥伴關係以及增加的行業供應如何相互作用的信息？謝謝。

This is Charlie, David. It's all of a piece. So Anthony led with, and it's so impressive. The entire platform is growing. And in fact, the Roku Channel is growing over 75% year over year. So you can imagine that holds us in great stead to handle both. Pricing fluctuations in the market and demand fluctuations. And then we're layering these third-party partnerships, not just Trade Desk, but all sorts of third-party partnerships over our advanced data, our scale, and our ability to handle supply.

這是查理，大衛。這一切都是一個整體。所以安東尼領先，這令人印象深刻。整個平台都在成長。事實上，Roku 頻道的年增長率超過 75%。所以你可以想像，這對我們處理這兩個問題很有幫助。市場定價波動和需求波動。然後我們將這些第三方合作夥伴關係分層，不僅僅是 Trade Desk，而是基於我們的先進數據、我們的規模和我們處理供應的能力的各種第三方合作夥伴關係。

So fill rates are one metric of our success. But I think what you're going to see is a steady ramp of demand and a steady ramp of ad revenues into the back half of the year. So it all moves together. And I think we're pretty uniquely positioned to drive the type of opportunities we've been talking about on this call.

因此，填充率是我們成功的衡量標準之一。但我認為今年下半年你會看到需求的穩定成長和廣告收入的穩定成長。所以這一切都是一起移動的。我認為我們處於非常獨特的位置，可以推動我們在這次電話會議上討論的機會類型。

All right. Thank you.

好的。謝謝。

Okay. At this time, I would now like to turn the call back over to Anthony for closing remarks.

好的。現在，我想將電話轉回給安東尼，讓他作結語。

All right. Thank you, everyone, for joining, and thanks to our employees, customers, partners, and advertisers.

好的。感謝大家的加入，感謝我們的員工、顧客、合作夥伴和廣告商。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。