Roku Inc (ROKU) 2024 Q3 法說會逐字稿

Good day, everyone. And thank you for standing by. Welcome to the Third Quarter 2024 Roku Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. Now I will pass the call over to Conrad Grodd, Vice President of Investor Relations.

大家好。感謝您的支持。歡迎參加 2024 年第三季 Roku 收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我將把電話轉給投資者關係副總裁康拉德·格魯德 (Conrad Grodd)。

Please go ahead.

請繼續。

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

謝謝，卡門。歡迎參加 Roku 2024 年第三季財報電話會議。參加今天電話會議的有 Roku 創辦人兼執行長 Anthony Wood；以及我們的財務長 Dan Jedda、Roku Media 總裁 Charlie Collier；和設備總裁 Mustafa Ozgen。

Our full results and additional management commentary are available in our shareholder letter on our IR website at roku.com/investor. 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 actual results to differ materially from these forward-looking statements.

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。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實際結果與這些前瞻性聲明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 the 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 2023 年可比較期間的結果。

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

現在我想把電話轉給安東尼。

Thanks, Conrad. We delivered strong results in Q3, our first quarter of more than $1 billion in total net revenue. Roku continued to benefit from our platform's simplicity, value and delight. The Roku OS has been the number one selling TV OS in the U.S. for more than 5 years, and it was again the number one selling TV OS in the U.S., Canada and Mexico.

謝謝，康拉德。我們在第三季取得了強勁的業績，第一季總淨收入超過 10 億美元。Roku 繼續受益於我們平台的簡單性、價值和樂趣。Roku OS 連續 5 年多成為美國銷售第一的電視作業系統，並且再次成為美國、加拿大和墨西哥銷售第一的電視作業系統。

Q3 was also the third straight quarter that the Roku Channel was the number three app on our platform by both reach and engagement with streaming hours up 80% year-over-year. A major driver of this growth is our position at the lead-in to TV, and we expect to build on this going forward. This year, we have been focused on our initiatives to grow platform revenue, which includes home screen innovation, growing ad demand through deeper third-party platform integrations such as DSPs and growing Roku-billed subscriptions.

第三季也是 Roku Channel 連續第三個季度成為我們平台上排名第三的應用程序，無論是覆蓋範圍還是參與度，串流媒體時長同比增長 80%。這一成長的主要推動力是我們在電視領域的領先地位，我們希望在此基礎上繼續前進。今年，我們一直專注於增加平台收入的舉措，其中包括主螢幕創新、透過更深入的第三方平台整合（例如 DSP）不斷增長的廣告需求以及不斷增長的 Roku 計費訂閱。

In Q3, we continued to execute against these initiatives and grew platform revenue 15% year-over-year. On our home screen in Q3, the Roku Sport Zone organized games and events, including the MLB, the Olympics, and the NFL. These zones drove use and engagement and also helped to grow subscribers for our content partners.

第三季度，我們繼續執行這些舉措，平台收入較去年同期成長 15%。在第三季的主螢幕上，Roku 體育區組織了比賽和活動，包括 MLB、奧運和 NFL。這些區域推動了使用和參與，也幫助我們的內容合作夥伴增加了訂閱者。

Additionally, the sport zone and our other viewer experiences broadened sponsorship opportunities. We also continue to deepen our relationship with third-party platforms to better serve advertisers programmatic needs, and we are beginning to see positive impacts that we believe will drive incremental revenue over time. While still early, we feel good about our initiatives to grow platform revenue, and we will continue to balance our investment in growth and profitability.

此外，體育區和我們的其他觀眾體驗擴大了贊助機會。我們也繼續深化與第三方平台的關係，以更好地滿足廣告商的程序化需求，我們開始看到積極的影響，我們相信隨著時間的推移，這些影響將推動增量收入。雖然還為時過早，但我們對增加平台收入的舉措感到滿意，我們將繼續平衡對成長和獲利能力的投資。

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 continue to drive strong growth and 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 4.1 hours in Q3, up from 3.9 hours in the year ago period.

謝謝，安東尼。我們持續推動強勁成長和參與度，串流媒體時長年增 20%。我們也提高了全球每個帳號的參與度，第三季每個串流家庭每天的串流媒體時長為 4.1 小時，高於去年同期的 3.9 小時。

In Q3, we grew total net revenue 16% year-over-year to $1.06 billion. Platform revenue was $908 million, up 15% year-over-year driven by both streaming services distribution and advertising activities. Within advertising, we saw outperformance from political advertising, along with early positive impacts from our deeper integration with the Trade Desk. Streaming services distribution activities grew faster than overall platform revenue, due primarily to subscription price increases.

第三季度，我們的總淨收入年增 16%，達到 10.6 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 9.08 億美元，年增 15%。在廣告領域，我們看到了政治廣告的出色表現，以及我們與 Trade Desk 更深入整合的早期正面影響。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，這主要是由於訂閱價格的上漲。

Device revenue increased 23% year-over-year in Q3, driven by expansion of retail distribution of our Roku-branded TVs. While platform revenue was up 15% year-over-year, ARPU of $41.10 on a trailing 12-month basis was flat year-over-year. This reflects an increasing share of streaming households in international markets, while we are currently focused on growing scale and engagement. Additionally, each country is at a different stage of monetization and each has different economic characteristics.

受 Roku 品牌電視零售分銷擴張的推動，第三季設備營收年增 23%。雖然平台營收年增 15%，但過去 12 個月的 ARPU 為 41.10 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，而我們目前專注於擴大規模和參與度。此外，每個國家都處於不同的貨幣化階段，並且具有不同的經濟特徵。

In Q3, gross profit was $480 million, up 30% year-over-year. When excluding Q3 2023 restructuring charges, gross profit was up 10% year-over-year. Total gross margin of 45% was up 480 basis points year-over-year and platform gross margin of 54% was up 610 basis points year-over-year.

第三季毛利為4.8億美元，年增30%。剔除 2023 年第三季重組費用後，毛利年增 10%。總毛利率為45%，年增480個基點，平台毛利率為54%，較去年同期成長610個基點。

Device gross margin was negative 8%, which was down 10 basis points year-over-year. Excluding Q3 2023 restructuring charges, total gross margin was down 250 basis points year-over-year. Platform gross margin was down 190 basis points year-over-year and device gross margin was down 260 basis points year-over-year.

設備毛利率為負8%，較去年同期下降10個基點。不包括 2023 年第三季的重組費用，總毛利率較去年同期下降 250 個基點。平台毛利率年減190個基點，設備毛利率較去年同期下降260個基點。

Q3 adjusted EBITDA was $98 million, which was significantly above our outlook. The better-than-expected performance was primarily driven by our Platform segment. Free cash flow was $157 million on a trailing 12-month basis. We ended the quarter with $2.1 billion of cash and recently closed a $300 million credit facility. We continue to see leverage in our operating model with our fifth straight quarter of positive adjusted EBITDA and free cash flow.

第三季調整後 EBITDA 為 9,800 萬美元，遠高於我們的預期。比預期的表現更好主要是由我們的平台部門所推動的。過去 12 個月的自由現金流為 1.57 億美元。本季結束時，我們擁有 21 億美元的現金，最近也完成了 3 億美元的信貸安排。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五個季度為正值。

Let me turn to our outlook for the fourth quarter. We anticipate total net revenue of $1.14 billion, gross profit of $465 million with gross margin of 41% and adjusted EBITDA of $30 million.

讓我談談我們對第四季的展望。我們預計總淨收入為 11.4 億美元，毛利為 4.65 億美元，毛利率為 41%，調整後 EBITDA 為 3,000 萬美元。

Our outlook for total net revenue anticipates a 16% year-over-year increase. We expect Q4 platform revenue to grow 14% year-over-year and device revenue to grow 25% year-over-year. We expect platform gross margin to be between 52% and 53%, in line with the first half of 2024.

我們對總淨收入的展望預計將年增 16%。我們預計第四季平台營收年增14%，設備營收年增25%。我們預計平台毛利率將在 52% 至 53% 之間，與 2024 年上半年一致。

We expect device gross margin to be in the negative high teens due to continued investment in the Roku-branded TV program and seasonal promotional spend. For operating expenses, we expect sales and marketing to be more seasonal in 2024 than in the prior year.

由於對 Roku 品牌電視節目的持續投資和季節性促銷支出，我們預計設備毛利率將達到負值。對於營運費用，我們預計 2024 年的銷售和行銷將比前一年更具季節性。

As a result, we expect OpEx to be up 9% year-over-year in Q4. However, sales and marketing and total OpEx will be slightly down for the full year, reflecting our ongoing operational discipline. Our expectations for both Q4 and 2024 OpEx year-over-year growth rates exclude onetime restructuring charges from 2023. In early 2023, we made a commitment to achieve positive adjusted EBITDA for the full year 2024. Our Q4 outlook implies adjusted EBITDA of $213 million for the full year and we expect free cash flow to be in line with adjusted EBITDA.

因此，我們預計第四季度營運支出將年增 9%。然而，全年的銷售和行銷以及總營運支出將略有下降，這反映了我們持續的營運紀律。我們對第四季和 2024 年營運支出年增率的預期不包括 2023 年的一次性重組費用。2023 年初，我們承諾在 2024 年全年實現正向調整 EBITDA。我們對第四季度的展望意味著全年調整後 EBITDA 為 2.13 億美元，我們預計自由現金流將與調整後 EBITDA 保持一致。

This level of profitability is a result of the team's relentless focus on improving our cost structure while continuing to invest in our streaming experience and simultaneously improving platform monetization. We are confident in our ability to continue driving platform revenue and free cash flow growth.

這種水準的獲利能力是團隊堅持不懈地致力於改善我們的成本結構、同時繼續投資於我們的串流體驗並同時提高平台貨幣化的結果。我們對持續推動平台收入和自由現金流成長的能力充滿信心。

With that, let's take questions. Operator?

說到這裡，我們來提問。操作員？

(Operator Instructions) Cory Carpenter, JPMorgan.

（操作員指示）Cory Carpenter，摩根大通。

Wanted to see if you could expand on the drivers of the platform acceleration and the beat relative to your guide in 3Q? And then as a follow-up, could you talk about the change in the KPIs and the rationale for removing streaming households and ARPU?

想看看您是否可以擴展平台加速的驅動因素以及相對於您的第三季指南的節拍？那麼作為後續，您能談談KPI的變化以及取消串流媒體家庭和ARPU的理由嗎？

Cory, this is Anthony. Yes, we had a great quarter, strong quarter. Our first quarter over $1 billion in revenue. Platform revenue was up 15%, which we're very happy with year-over-year. In terms of what drove platform revenue, we said in Q4 -- on our Q4 call in February that platform revenue growth and profitability are very important priorities for us.

科里，這是安東尼。是的，我們度過了一個偉大、強勁的季度。我們第一季的營收超過 10 億美元。平台營收年增 15%，我們對此感到非常滿意。就推動平台收入的因素而言，我們在 2 月的第四季度電話會議上表示，平台收入成長和獲利能力對我們來說是非常重要的優先事項。

And we've been focused on those, and that focus is showing results. In terms of some of the things that we've been doing in that area, one, we're deepening our integration with third-party platforms, which we've talked about before, but that's ongoing and going well. And we're seeing early positive impacts from Trade Desk and others. We continue to focus on improving the ways our home screen and UI can drive monetization. Our home stream is a very powerful asset for us, and we're focused on innovating there and as well as using it more effectively.

我們一直專注於這些，重點是展示結果。就我們在該領域所做的一些事情而言，第一，我們正在深化與第三方平台的集成，我們之前已經討論過這一點，但這一過程正在進行中並且進展順利。我們看到了 Trade Desk 和其他機構的早期積極影響。我們繼續專注於改善主螢幕和使用者介面推動獲利的方式。我們的家庭流對我們來說是一項非常強大的資產，我們專注於在那裡進行創新並更有效地利用它。

For example, we added a lot of new vertical ad categories to our home screen UI, including the sports zone in the quarter. Ad spend on our home screen for non-M&E brands has grown each of the last 3 quarters. So we're focused on deepening and improving our third-party partnerships to drive additional demand, add demand, focused on growing the ways we use our home screen. We're also focused on growing subscriptions. And one highlight in Q3 is that our Olympic Zone helped to drive a substantial volume of Peacock sign-ups through Roku Pay, including many first-time subscribers.

例如，我們在主螢幕使用者介面中新增了許多新的垂直廣告類別，包括本季的體育專區。過去三個季度，我們主螢幕上的非媒體和娛樂品牌廣告支出均有所成長。因此，我們專注於深化和改善我們的第三方合作夥伴關係，以推動額外需求，增加需求，專注於發展我們使用主螢幕的方式。我們也致力於增加訂閱量。第三季的一個亮點是，我們的奧運區幫助推動了透過 Roku Pay 進行大量 Peacock 註冊，其中包括許多首次訂閱者。

We also have a new content row on our home screen that we added recently, and that's also helping to drive subscriptions. So our strategy to grow platform revenue is working. We're confident, focused and we're executing well.

我們最近在主螢幕上新增了一個新的內容行，這也有助於推動訂閱。因此，我們增加平台收入的策略正在發揮作用。我們充滿信心、專注並且執行得很好。

In terms of your second question on our KPM changes, we're very focused on platform revenue growth and profitability. These are the most important or very important priorities for us. Yet the majority of our platform revenue is currently generated in the U.S., but a large portion of our streaming household growth is now in our international markets, which are in different stages of monetization and have different economics.

關於您關於我們 KPM 變化的第二個問題，我們非常關注平台收入成長和獲利能力。這些對我們來說是最重要或非常重要的優先事項。然而，我們的平台收入目前大部分來自美國，但我們的串流家庭成長的很大一部分現在來自我們的國際市場，這些市場處於不同的貨幣化階段，具有不同的經濟狀況。

And so for these reasons, we don't believe streaming household growth is representative of platform revenue growth. We're going to continue to grow streaming households in multiple international markets as well as in the U.S. and will provide updates on our scale as we achieve certain milestones. For example, I'm confident we'll achieve 100 million streaming households in the next 12 to 18 months.

因此，基於這些原因，我們不認為串流媒體家庭成長代表平台收入成長。我們將繼續在多個國際市場以及美國增加串流媒體家庭數量，並將在實現某些里程碑時提供有關我們規模的最新資訊。例如，我相信我們將在未來 12 到 18 個月內實現 1 億個串流媒體家庭。

Dan, do you want to add?

丹，你要補充嗎？

Yes. Thanks, Anthony, and thanks for the question, Cory. Let me just add a little bit to the second part of your question. So the industry and our business have grown and evolved since we established the streaming households as a KPM. As an example, at the time of our IPO, we had 15 million streaming households.

是的。謝謝安東尼，也謝謝科里的提問。讓我對你問題的第二部分補充一點。因此，自從我們將串流媒體家庭建立為 KPM 以來，這個行業和我們的業務都在不斷發展和發展。舉例來說，在我們 IPO 時，我們擁有 1500 萬個串流媒體家庭。

We now have more than 85 million globally. And in the U.S., we are approaching half of all broadband households. And as Anthony mentioned, streaming household growth is just not representative of platform revenue growth.

目前，我們在全球擁有超過 8,500 萬用戶。在美國，寬頻家庭的數量已接近一半。正如安東尼所提到的，串流媒體家庭成長並不代表平台收入成長。

And we see that when platform revenue was up 15% year-over-year, yet total ARPU was flat at $41.10. So as an example of how ARPU is obscured when looking -- when not looking beyond streaming household as a metric. Mexico is one of our fastest-growing countries, and we have significant penetration of broadband households there.

我們看到，當平台營收年增 15% 時，總 ARPU 卻持平於 41.10 美元。舉個例子，當你不把串流媒體家庭當作衡量標準時，ARPU 是如何被掩蓋的。墨西哥是我們發展最快的國家之一，我們在那裡的寬頻家庭普及率很高。

We're in the early stages of monetization in Mexico and the overall ad and SVOD markets in Mexico are quite different than they are in the U.S. So this results in ARPU in Mexico currently being a fraction of the ARPU in the U.S. But it all blends together when just looking at streaming households.

我們在墨西哥正處於貨幣化的早期階段，墨西哥的整體廣告和 SVOD 市場與美國有很大不同。看串流家庭時就在一起。

So while U.S. ARPU has continued to grow over the last several quarters, total ARPU has been flat due to the mix of streaming households internationally. And as we stated in the letter, we strongly believe the right KPMs for us are streaming hours, which is a great proxy for both engagement and viewer experience. And then platform revenue, adjusted EBITDA and free cash flow, and we remain committed to growing all these metrics over time.

因此，儘管美國的 ARPU 在過去幾個季度持續成長，但由於國際串流媒體家庭的混合，總 ARPU 卻持平。正如我們在信中所述，我們堅信對我們來說正確的 KPM 是串流媒體時間，這是參與度和觀眾體驗的一個很好的指標。然後是平台收入、調整後的 EBITDA 和自由現金流，我們仍然致力於隨著時間的推移不斷增長所有這些指標。

To add a little bit more to the first part of your question, Cory, our better-than-expected Q3 performance was primarily driven by our Platform segment in both revenue and gross profits. Platform revenue of $908 million was driven by both streaming services, distribution and advertising.

科里，要對您問題的第一部分補充一點，我們第三季度的業績好於預期，主要是由我們的平台部門的收入和毛利推動的。9.08 億美元的平台收入主要由串流媒體服務、發行和廣告推動。

SSD grew faster than platform revenue due primarily to subscription price increases. But we also saw a meaningful sequential increase in our advertising activities despite this challenged M&E market. Now some of that was due to the political environment, and we just performed very well in political spend. And as we mentioned, we're also seeing very positive impacts from our deeper integration with the Trade Desk.

SSD 的成長快於平台收入，主要是因為訂閱價格上漲。但儘管媒體和娛樂市場面臨挑戰，我們的廣告活動也出現了有意義的連續成長。其中一些是由於政治環境造成的，我們在政治支出方面表現得非常好。正如我們所提到的，我們也看到了與 Trade Desk 的更深入整合所帶來的非常積極的影響。

Thank you, guys.

謝謝你們，夥計們。

(Operator Instructions) Justin Patterson, KeyBanc.

（操作員說明）Justin Patterson，KeyBanc。

All right. Building off that last question, you've previously been talking about growth accelerating into 2025. So given just the momentum you have exiting this year, how should we think about just the ability to accelerate growth each quarter throughout 2025?

好的。基於最後一個問題，您之前一直在談論成長加速到 2025 年。因此，考慮到今年退出的勢頭，我們應該如何考慮 2025 年每季加速成長的能力？

And then separately, I wanted to hit on OpEx. Given sales and marketing and total OpEx are slightly down this year, how are you thinking about the right level of investment to support that growth into 2025?

然後，我想單獨談談營運支出。鑑於今年的銷售和行銷以及總營運支出略有下降，您如何考慮支持 2025 年成長的適當投資水準？

Justin, Dan will take that question.

賈斯汀，丹將回答這個問題。

Yes. Thanks for the question. So growth of platform revenue has exceeded our expectations in 2024 and specifically in H2 with our guide in 2024. We had stronger growth than expected, again, due to SSD from the price increases. We also, in a couple of quarters, did have 606 adjustments.

是的。謝謝你的提問。因此，2024 年平台收入的成長超出了我們的預期，特別是我們 2024 年下半年的預期。由於 SSD 價格上漲，我們的成長再次強於預期。我們還在幾個季度內進行了 606 項調整。

We've seen strong contribution from political spend in Q3. And so we've seen an acceleration in platform revenue in Q3 versus Q2, and our Q4 guide implies a similar acceleration in Q4 versus Q2.

我們看到第三季政治支出的強勁貢獻。因此，我們看到第三季的平台收入相對於第二季有所加速，我們的第四季指南意味著第四季相對於第二季也有類似的加速。

And while we continue to expect strong growth in 2025, I'm very optimistic about it, it may not accelerate from current run rates in all quarters, just given certain variables like comping price increases in SSD and strong political spend in Q3 and Q4. And again, we had some positive 606 adjustments in Q2 and Q3 of this year. We'll provide further guidance next quarter and during the year. But overall, we feel very good going into 2025 on our growth trajectory.

雖然我們繼續預計2025 年將出現強勁增長，但我對此非常樂觀，但考慮到SSD 價格上漲以及第三季度和第四季度強勁的政治支出等某些變量，所有季度的運行速度可能不會加速。同樣，我們在今年第二季和第三季進行了一些積極的 606 調整。我們將在下個季度和年內提供進一步的指導。但總體而言，進入 2025 年，我們的成長軌跡感覺非常好。

Let me talk -- let me briefly address your question on OpEx. as I mentioned in my prepared remarks, we do expect operating expenses to grow in Q4 of this year by 9%, excluding impairment and restructuring charges. But for the full year, we expect OpEx to be slightly down year-over-year, excluding impairment and restructuring charges. The team has done a tremendous job, not only in rightsizing our cost structure, but also in focusing our resources on the highest impact projects including the highest ROI projects.

讓我談談—讓我簡要回答一下您關於營運支出的問題。正如我在準備好的演講中所提到的，我們預計今年第四季的營運費用將增加 9%，不包括減損和重組費用。但就全年而言，我們預計營運支出將比去年同期略有下降，不包括減損和重組費用。團隊做得非常出色，不僅在調整我們的成本結構方面，而且還將我們的資源集中在影響力最大的項目（包括投資回報率最高的項目）上。

This work is ongoing. We continue to evaluate capital allocation. So while I do expect some incremental increase in OpEx growth rates, as we likely add some headcount in FY25, mostly in our low-cost locations, I expect the increase to be modest. And I expect this to get leverage in FY25 and beyond. Again, we'll provide further guidance as the year progresses.

這項工作正在進行中。我們繼續評估資本配置。因此，雖然我確實預計營運支出成長率會增加，因為我們可能會在 25 財年增加一些員工數量（主要是在我們的低成本地點），但我預計成長幅度將不大。我預計這將在 2025 財年及以後發揮作用。同樣，隨著時間的推移，我們將提供進一步的指導。

But from an OpEx standpoint, there is going to be a modest increase in FY25.

但從營運支出的角度來看，25 財年將出現小幅成長。

(Operator Instructions) And our next question will be coming from Vasily Karasyov of Cannonball Research.

（操作員說明）我們的下一個問題將來自 Cannonball Research 的 Vasily Karasyov。

Wanted to ask, Charlie, question about next year, but a different angle. So out of these 2 major advertising revenue-related initiatives, the partnership with the Trade Desk, which you said is already providing a positive impact and the potential for home screen video advertising. First of all, which one do you think could be a bigger benefit next year? And can you tell us how you expect them to ramp throughout next year so that we can keep track of them?

查理，想問明年的問題，但角度不同。因此，在這兩項與廣告收入相關的主要舉措中，您所說的與 Trade Desk 的合作已經為主螢幕影片廣告帶來了積極的影響和潛力。首先，您認為明年哪一個收益會更大？您能否告訴我們您預計明年它們將如何成長，以便我們能夠追蹤它們？

Vasily, thanks for the question. It's a good question. Starting with the Trade Desk, we began the Trade Desk integration, specifically UID2 in mid-August, and we are beginning to see the positive impacts you mentioned. It's one of many third-party partnerships we've built over the last 18 months. But to your point, there's a lot of opportunity to learn and grow as we optimize the Trade Desk deal and the others.

瓦西里，謝謝你的提問。這是一個好問題。從 Trade Desk 開始，我們開始了 Trade Desk 集成，特別是 8 月中旬的 UID2，我們開始看到您提到的正面影響。這是我們在過去 18 個月內建立的眾多第三方合作夥伴關係之一。但就您而言，隨著我們優化 Trade Desk 交易和其他交易，有很多學習和成長的機會。

What we're seeing is that we're growing both the number and types of advertisers we serve. And our early signs show us growing share of wallet as well, which is very good.

我們看到的是，我們所服務的廣告商的數量和類型都在增長。我們的早期跡象表明我們的錢包份額也在不斷增長，這非常好。

So Trade Desk represents the deepest integration to date. But also to address how we're going to move forward, we'll continue to do more integrations with other DSPs as well that expand our ability to serve the entire demand curve and do it at multiple price points. And I think this will drive incremental revenue that holds us in good stead as we learn over the quarters.

因此，Trade Desk 代表了迄今為止最深入的整合。但為了解決我們將如何前進的問題，我們將繼續與其他 DSP 進行更多集成，從而擴展我們服務整個需求曲線並在多個價位上實現這一目標的能力。我認為這將推動收入的增加，使我們在幾個季度的學習過程中保持良好的狀態。

And then on the home screen video side, it's really an enormous opportunity. The video Marquee, which is currently in beta, is really receiving good reviews from our clients. It will go GA in the fourth quarter, and you see us testing new units and looking at new opportunities to monetize the home screen all the time.

然後在主螢幕影片方面，這確實是一個巨大的機會。目前處於測試階段的影片 Marquee 確實得到了我們客戶的好評。它將在第四季度上市，你會看到我們測試新設備並一直在尋找透過主螢幕獲利的新機會。

Our positioning in the market has been about being the lead-in to television. And the whole notion of home stream innovation is that our home screen reaches U.S. households with 120 million people every day. The Roku Channel is the number three app on our platform, and we're excited about the fact that we have the scale and the data to take advantage of that opportunity.

我們的市場定位是成為電視領域的領導者。家庭串流媒體創新的整體理念是，我們的主螢幕每天可以覆蓋 1.2 億人的美國家庭。Roku Channel 是我們平台上排名第三的應用程序，我們很高興我們擁有利用這一機會的規模和數據。

Some of the other things we're looking at, obviously, food, home and sports are zones that we are building off the home screen. Those are sponsorable and drive demand and price. And then we've talked on past calls as well about Roku City, each of which will expand our opportunity set next year.

顯然，我們正在關注的其他一些內容，食物、家庭和運動是我們在主螢幕外建造的區域。這些是可贊助的並推動需求和價格。然後我們在過去的電話會議中也談到了 Roku City，每一次電話會議都將擴大我們明年的機會。

Sorry, this is Anthony. I'll just jump in and add a couple of things. On the programmatic, well, first of all, I think these are both big opportunities for us. I think we're really just getting started, both programmatic expansion as well as their home screen. I mean if you think about DSPs, I mean, Roku is the number one streaming platform by a very wide margin in the United States, which is the largest ad market in the world.

抱歉，這是安東尼。我會加入並添加一些內容。在程序化方面，首先，我認為這對我們來說都是巨大的機會。我認為我們真的才剛開始，無論是程式化擴充功能還是主畫面。我的意思是，如果你考慮 DSP，我的意思是，Roku 是美國第一大串流媒體平台，遙遙領先，而美國是世界上最大的廣告市場。

We're in high demand by DSPs. They all want to integrate with our platform and something that we're not working on in earnest. So there's a lot of opportunity to deepen those relationships and grow that business.

DSP 對我們的需求很高。他們都想與我們的平台集成，而我們並沒有認真致力於這些事情。因此，有很多機會可以加深這些關係並發展業務。

And then we're also just getting started on how we can use our home screen to drive monetization. I mean, Charlie talked about some of the things we've done like our food zone and our sports zone and our video ads in the Marquee, but we're looking comprehensively at our home screen. There's a lot of ways we can continue to improve that, both for the user and for the advertisers. So there's a lot of opportunity in both of these areas.

然後我們也才剛開始研究如何使用主螢幕來推動獲利。我的意思是，查理談到了我們所做的一些事情，例如我們的食品區和體育區以及字幕中的視頻廣告，但我們正在全面審視我們的主螢幕。對於使用者和廣告商來說，我們可以透過很多方法繼續改進這一點。所以這兩個領域都有很多機會。

Okay. Dan, can I ask quickly how big this 606 adjustment was in the quarter?

好的。Dan，我可以快速問一下這個季度606的調整幅度有多大嗎？

Yes. It was $12 million.

是的。金額為 1200 萬美元。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

Two. Connected television is moving full funnel as Amazon Connect purchases to connected television ad units. And what I'm wondering is about cost per thousand for Roku who really only has a top-of-funnel solution primarily. So I'm wondering if you are seeing cost per thousand pressure as other alternatives have more of a direct performance-based connected television alternative as part of their product set? That's my first one.

二。隨著 Amazon Connect 購買連網電視廣告單元，連網電視正在移動整個管道。我想知道 Roku 的每千人成本是多少，因為 Roku 主要只有漏斗頂部解決方案。因此，我想知道您是否看到了每千人成本的壓力，因為其他替代方案更多的是直接基於性能的聯網電視替代方案作為其產品集的一部分？這是我的第一個。

The second one is Generative AI. You have -- you're talking about self-service here, which I think is intriguing for your small and medium businesses. My question is, are you integrating Generative AI into this self-service offering to get conversions up? And how are you using Generative AI today in your product set?

第二個是生成式人工智慧。您在這裡談論的是自助服務，我認為這對您的中小型企業很有趣。我的問題是，您是否會將生成式人工智慧整合到此自助服務產品中以提高轉換率？現在您如何在您的產品集中使用生成式人工智慧？

Laura, this is Anthony. Good to hear from you. So I guess a couple of things on connected TV move, full funnel versus not. I mean, first of all, we do focus on top of the funnel as well as we have a lot of products that are focused on performance-based advertisers as well. So it's not -- it's an area that we spend a lot of time working on in terms of our ad product road map addressing the entire funnel of ad demand.

勞拉，這是安東尼。很高興收到你的來信。所以我猜想連網電視上有一些事情會發生變化，全漏斗與非漏斗。我的意思是，首先，我們確實專注於漏斗的頂部，並且我們有很多產品也專注於基於效果的廣告商。所以這不是——這是我們在解決整個廣告需求管道的廣告產品路線圖方面花費了大量時間的一個領域。

But the more important thing I think about our business is that we're a streaming platform, and we're not impacted by market-driven pricing changes in CPMs, the way other streaming services are because we have a very diversified revenue stream across streaming service distribution and advertising.

但我認為關於我們的業務更重要的是，我們是一個串流媒體平台，我們不會像其他串流媒體服務那樣受到市場驅動的每千次展示費用定價變化的影響，因為我們在串流媒體領域擁有非常多元化的收入來源服務分發和廣告。

We have traditional video app, of course, but we also have a unique set of UI and ad products and sponsorships that are only possible because we own the platform. We also have a lot of performance-based ad products as well that are in our portfolio. The Roku home screen is, of course, one of our most important assets as an ad platform and is why we are the lead-in to TV.

當然，我們有傳統的視訊應用程序，但我們也有一套獨特的用戶介面、廣告產品和贊助，這些只有我們擁有這個平台才有可能實現。我們的產品組合中還有許多以效果為基礎的廣告產品。當然，Roku 主螢幕是我們作為廣告平台最重要的資產之一，也是我們成為電視行業領導者的原因。

Every day, U.S. households with more than 120 million people start their streaming experience with the Roku home screen and it reaches people before they decide what to watch, including those that are only going to watch ad-free apps. So for a lot of our customers, a Roku ad is the only way to reach those customers.

每天，擁有超過 1.2 億人口的美國家庭都會透過 Roku 主螢幕開始串流體驗，並在人們決定觀看什麼之前就接觸到串流媒體體驗，包括那些只打算觀看無廣告應用程式的人。因此，對於我們的許多客戶來說，Roku 廣告是接觸這些客戶的唯一方法。

We can -- and then, of course, we're continuing to focus on creating new ad products in our UI, including performance-based products. We have a great ad business that's well positioned to grow.

我們可以——當然，我們會繼續專注於在使用者介面中創建新的廣告產品，包括基於效果的產品。我們擁有出色的廣告業務，並且處於良好的成長勢頭。

And then Charlie, do you want to add anything before we go to Generative AI?

然後查理，在我們討論生成式人工智慧之前你想補充什麼嗎？

Sure. Laura, it's a great question. Thank you. It is true, the market currently has a lot of supply. And as Anthony mentioned, it just doesn't impact Roku the same way it will be apps and individual streaming services.

當然。勞拉，這是一個很好的問題。謝謝。確實，目前市場供應充足。正如安東尼所提到的，它對 Roku 的影響與對應用程式和個人串流媒體服務的影響不同。

The fact that we're a platform, we're not an app, we're not bundling linear assets with CTV assets. These all make a difference.

事實上，我們是一個平台，不是一個應用程序，我們不會將線性資產與 CTV 資產捆綁在一起。這些都會有所作為。

We have inherent advantages that allow us to not just lessen the impact of market oversupply, but also, Laura, benefit from and really grow in this environment because we have the scale to absorb pricing fluctuations. We have sports and original programming and unique home screen assets like Roku City, I mentioned earlier, and other assets that just create demand and drive pricing. And all of that makes us an extremely effective partner for advertisers. And again, we're just not affected the same way as individual streaming services and apps. Do you want to take...

我們擁有先天的優勢，使我們不僅能夠減輕市場供過於求的影響，而且勞拉也能從這種環境中受益並真正成長，因為我們有規模來吸收價格波動。我們擁有體育和原創節目以及獨特的主螢幕資產，例如我之前提到的 Roku City，以及其他能夠創造需求並推動定價的資產。所有這些使我們成為廣告商極其有效的合作夥伴。再說一次，我們所受到的影響與個人串流媒體服務和應用程式不同。你想帶...

And then you also asked about Generative AI, this is Anthony, again. Obviously, we're looking I mean, AI is a technology we use across our business already. We're looking harder about ways we could integrate Generative AI in ways that could drive platform revenue and also be cost effective. Self-service is one of the way -- obviously, one of the areas we're looking at. We just recently launched the Roku ad manager, which is a self-service platform, targeting advertisers that want to interact with us on a self-serve basis and particularly, small and medium-sized businesses.

然後你還問到了生成人工智慧，我又是安東尼。顯然，我們正在尋找我的意思是，人工智慧是我們已經在整個業務中使用的技術。我們正在更加努力地尋找整合生成式人工智慧的方法，以提高平台收入並具有成本效益。自助服務是其中一種方式——顯然，這也是我們正在關注的領域之一。我們最近剛推出了 Roku 廣告管理器，這是一個自助服務平台，針對希望以自助方式與我們互動的廣告商，特別是中小型企業。

And I view that as a huge opportunity as those -- to make it easy for those kinds of businesses to start to easily generate and deliver a high-quality television-based ad, the same way they can do an AdWords today, for example. And so that's clearly something we're focused on. And yes, it's a big opportunity for us.

我認為這是一個巨大的機會，讓這些類型的企業能夠輕鬆地開始輕鬆地產生和提供基於電視的高品質廣告，就像他們今天製作 AdWords 一樣。這顯然是我們關注的重點。是的，這對我們來說是一個很大的機會。

Thanks, Laura. I'll just throw one thing on top of it. What we're seeing as Ads Manager really ramps is that a significant portion of the ads sold in Ads Manager are taking advantage of action in their interactivity. So your technology question is prescient, because we really are building it to meet needs of the advertiser. And it's a solid demonstration of our demand diversification strategy we've been talking about for the last few quarters.

謝謝，勞拉。我只會在上面放一件事。隨著廣告管理工具的真正發展，我們看到廣告管理工具中銷售的廣告中有很大一部分正在利用其互動性。所以你的技術問題是有先見之明的，因為我們確實是為了滿足廣告商的需求而建構它的。這是我們過去幾個季度一直在談論的需求多元化策略的有力證明。

We -- from direct IO to a preferred DSP or now through self-service, all of our demand diversification is really focused on platform revenue growth and is off to a great start.

我們——從直接 IO 到首選 DSP，或者現在透過自助服務，我們所有的需求多樣化實際上都集中在平台收入成長上，並且已經有了一個良好的開端。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員指令）Ruplu Bhattacharya，美國銀行。

I have 2. First one for Charlie. So you've integrated with TTD and you've integrated UID 2.0. Have you seen an uptick in fill rates? What portion of Roku's unsold inventory would you be willing to allocate to these third-party DSPs.

我有2個。第一個是給查理的。因此，您已經整合了 TTD，並且整合了 UID 2.0。您是否看到填充率上升？您願意將 Roku 未售出庫存的多少部分分配給這些第三方 DSP。

And I'm asking that because also the shareholder letter talked about Roku's ability to serve the entire demand curve at multiple price points. So Charlie, what guardrail do you have on CPM?

我這麼問是因為股東信中也談到了 Roku 在多個價格點服務整個需求曲線的能力。那麼查理，你對每千次曝光費用有什麼保護措施？

Thanks, Ruplu. I appreciate the question. As I said before, I look at the opportunities in -- at the Trade Desk and UID2, but also across all of our DSP and third-party relationships. And I see no correlation with margin degradation, which is at the heart of your question.

謝謝，魯普魯。我很欣賞這個問題。正如我之前所說，我不僅關注 Trade Desk 和 UID2 中的機會，而且還關注我們所有 DSP 和第三方關係中的機會。我認為與利潤率下降沒有任何關係，這是你問題的核心。

Inventory management is an opportunity for us and a strength. And again, programmatic does not mean margin degradation. CPMs and margins is a good way for you to think about it. They vary by deal type. And we have opportunities for advertisers across that value chain that you asked about.

庫存管理對我們來說是一個機會，也是一個優勢。再說一遍，程序化並不意味著利潤下降。每千次展示費用和利潤是您思考這個問題的好方法。它們因交易類型而異。我們為您所詢問的整個價值鏈中的廣告商提供了機會。

And we have higher price opportunities on the home screening and sports and original programming. And then obviously, our channel partners are open programmatic. All of that comes with fewer unique integrations, fewer data signals and fewer sponsorships. Those will be on the lower price. But I am bullish on our ability to price both up and down the chain.

我們在家庭放映、體育和原創節目方面有更高的價格機會。顯然，我們的通路夥伴是開放的程序化。所有這些都伴隨著更少的獨特整合、更少的數據訊號和更少的贊助。這些將是較低的價格。但我看好我們在上下游定價的能力。

And it's not just the DSPs, it's the SSPs, it's our measurement partners. We have a lot of third-party relationships we're building out. And then you'll note that we talked about 80% growth in hours that we're driving on the Roku Channel.

不僅僅是 DSP，還有 SSP，還有我們的測量合作夥伴。我們正在建立許多第三方關係。然後您會注意到，我們談到 Roku 頻道的播放時間增加了 80%。

And so our opportunity to deploy all these advantages and that growth across the value chain is pretty unique to Roku because we have enough inventory and enough demand with which to do so. So I believe it distinguishes Roku in this market, and I'll just say again, DSPs don't mean margin degradation.

因此，我們有機會部署所有這些優勢以及整個價值鏈的成長，這對 Roku 來說是非常獨特的，因為我們有足夠的庫存和足夠的需求來做到這一點。所以我相信它使 Roku 在這個市場上脫穎而出，我再說一遍，DSP 並不意味著利潤率下降。

I'll just add this. The Roku Channel was the number three app on our platform for the third straight quarter. And like Charlie mentioned, we grew hours 80% year-over-year. I mean, it's an incredible asset for us.

我就加這個。Roku Channel 連續第三季成為我們平台上排名第三的應用程式。正如 Charlie 所提到的，我們的工作時間年增了 80%。我的意思是，這對我們來說是一筆不可思議的資產。

Okay. Just maybe a follow-up for Dan. Can you prioritize your areas of investment over the next 12 months. So how are you thinking about spending on original content or spending on programmatic and international expansion? Can you help us rank order that?

好的。也許只是丹的後續行動。您能否優先考慮未來 12 個月的投資領域？那麼，您如何考慮在原創內容上的支出或在程序化和國際擴張上的支出？你能幫我們排序嗎？

Yes. I can provide some color on that. So we've said for several quarters, we're very focused on platform monetization. And a lot of our investments and a lot of allocation of our most important asset, our people, do go into the monetization side. We've given very specific examples of changes we're making in deeper integration with Trade Desk and other DSPs being fully distributed amongst DSPs.

是的。我可以對此提供一些顏色。因此，我們幾個季度以來一直表示，我們非常關注平台貨幣化。我們的大量投資以及我們最重要的資產（我們的員工）的大量配置確實都進入了貨幣化方面。我們給出了非常具體的範例，說明我們在與 Trade Desk 和其他 DSP 進行更深層整合方面所做的更改，並在 DSP 之間完全分佈。

We've given examples of changes to our home screen that we're working on the original content, Row Video and the Marquee, Charlie mentioned. We have other ad products that we're continuing to focus on. We've talked about the subscriptions investment and how we're focusing on improving the subscription journey, if you will, through our platform and using our assets to drive more subscriptions through Roku Pay.

查理提到，我們已經給出了對主螢幕進行更改的範例，我們正在處理原始內容、行視訊和選框。我們還有其他廣告產品將繼續關注。我們已經討論了訂閱投資，以及我們如何專注於改善訂閱旅程（如果您願意的話），透過我們的平台並利用我們的資產透過 Roku Pay 推動更多訂閱。

We have more to launch in premium subscriptions, which you'll hear about soon. There's lots of opportunities where we're investing in that are going to drive platform monetization. We're also focusing on international and continuing to grow our scale there.

我們將在高級訂閱中推出更多內容，您很快就會聽到。我們正在投資許多機會，這些機會將推動平台貨幣化。我們也專注於國際市場並繼續擴大我們的規模。

We're doing well on international. As I mentioned in an earlier question, we'll continue to invest in international because ultimately, that will monetize as we build scale and engagement. So those are the areas where we're very focused on in terms of monetization.

我們在國際賽中表現不錯。正如我在先前的問題中提到的，我們將繼續投資國際市場，因為最終，隨著我們擴大規模和參與度，這將實現盈利。因此，這些是我們在貨幣化方面非常關注的領域。

On the original content question, I'll just remind everybody that much of the cost or content, if you will, in TRC in the Roku Channel is variable based, not fixed. We do have original content. We do have fixed license content, but the vast majority of that is variable based, is on a rev share. So original content isn't a significant investment for us in terms of cost, and while we will absolutely continue to invest in this content because our streamers love it, it's not a material portion of our overall cost structure within the Roku Channel.

關於原始內容問題，我只想提醒大家，如果您願意的話，Roku 頻道的 TRC 中的大部分成本或內容都是基於變數的，而不是固定的。我們確實有原創內容。我們確實有固定的授權內容，但其中絕大多數是基於可變的，是基於收益份額的。因此，就成本而言，原創內容對我們來說並不是一項重大投資，雖然我們絕對會繼續投資這些內容，因為我們的串流媒體喜歡它，但它並不是我們Roku 頻道整體成本結構的重要部分。

And lastly, I'll just reiterate what I said earlier. A lot of our -- all these investments are ongoing. They'll continue into 2025, but we're going to do so with modest OpEx growth rates that I talked about earlier.

最後，我重申我之前所說的。我們的許多投資——所有這些投資都正在進行中。它們將持續到 2025 年，但我們將以我之前提到的適度的營運支出成長率來實現這一目標。

Okay, thanks for all the details.

好的，感謝您提供所有詳細資訊。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

I just had a strategic question. You said the Roku Channel, I think, is the number three app on your devices. And it's doing really well, but it's not number three, at least according to the gauge data from Nielsen. Have you ever thought about distributing the Roku Channel on devices that aren't Roku devices?

我只是有一個戰略問題。我認為您說 Roku Channel 是您設備上排名第三的應用程式。它的表現確實不錯，但還不是第三名，至少根據尼爾森的測量數據來看是這樣。您是否考慮過在非 Roku 裝置上分發 Roku 頻道？

Jason, this is Anthony. Yes. So -- but to elaborate, it is the number three app on our platform, which obviously is an area where we have a lot of influence on what our viewers watch because as the lead-in to television, we spend a lot of time building out features that help our viewers find content to watch. And that position is the primary reason the Roku Channel, which is AVOD content, which tends to be more commodity-based content.

傑森，這是安東尼。是的。所以，但詳細來說，它是我們平台上排名第三的應用程序，這顯然是我們對觀眾觀看的內容有很大影響的領域，因為作為電視的引導，我們花費了大量時間來構建幫助我們的觀眾找到要觀看的內容的功能。這個地點是 Roku 頻道的主要原因，它是 AVOD 內容，往往更多是基於商品的內容。

Roku Channel has awesome selection a huge number of hours and has got a lot of good content. But it's generally licensed content, that's readily available, and so that position as the lead-in to television and making recommendations to our viewers on what they might want to watch has allowed us to build that business to a number three app.

Roku 頻道有大量精彩的節目可供選擇，並且有很多優質內容。但它通常是獲得許可的內容，很容易獲得，因此作為電視的引導者和向觀眾推薦他們可能想觀看的內容使我們能夠將該業務打造成第三大應用程式。

We have looked -- it is actually off Roku. It's available on various platforms. It's available on Samsung. It's available on Amazon Fire TV, for example, but -- and it is a top 10 app overall amongst all apps. But if you just look at the economics of that business, it's much more economical and much more profitable when it's on our platform versus a third-party platform.

我們已經看過——它實際上是 Roku 之外的。它可以在各種平台上使用。它可以在三星上使用。例如，它可以在 Amazon Fire TV 上使用，但是，它是所有應用程式中總體排名前 10 的應用程式。但如果你只看該業務的經濟效益，你會發現在我們的平台上比在第三方平台上更經濟、更有利可圖。

And if I can just ask a follow-up. When you guys make innovations like, let's say, the Roku Sports Channel, is that something that gets refreshed on every single Roku device that's in the field? Or are there some old devices that can't really handle sort of these innovations that you're rolling out to maybe newer devices?

如果我可以問後續情況。當你們進行創新時，例如 Roku 體育頻道，是否會在該領域的每台 Roku 設備上進行刷新？或者是否有一些舊設備無法真正處理您正在向較新設備推出的這些創新？

Yes. I mean that's a great question. We put a -- we don't talk about it much, but we put a tremendous amount of effort in keeping all devices in the field running the same software version in the same release. So there might be a few small exceptions here and there, like very old devices, but very few and then generally, all device -- all Roku devices run essentially the same software version and have all the same features by region. So it might vary by region, like it might be different in Mexico, say, than the U.S.

是的。我的意思是這是一個很好的問題。我們並沒有過多談論它，但我們付出了巨大的努力來保持現場的所有設備在同一版本中運行相同的軟體版本。因此，可能會有一些小例外，例如非常舊的設備，但很少，而且一般都是所有設備——所有 Roku 設備都運行基本上相同的軟體版本，並且按地區劃分具有所有相同的功能。因此，它可能會因地區而異，例如墨西哥的情況可能與美國不同。

That's great. Thank you.

那太棒了。謝謝。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾，沃爾夫研究中心。

Two, if I may. I wanted to ask you about your commentary on revenue growth. And I'm sorry if this duplicates a question we heard earlier, but I want to ask you again to expand on your outlook for 2025. I think there was a commentary in the prepared remarks that the business has been accelerating in Q3 and you expect it to accelerate again in Q4, but I'm wondering why the press release just as growth in 2025.

如果可以的話，兩個。我想問一下您對收入成長的評論。如果這與我們之前聽到的問題重複，我很抱歉，但我想再次請您詳細闡述您對 2025 年的展望。我認為準備好的發言中有評論稱，業務在第三季度一直在加速，您預計它會在第四季度再次加速，但我想知道為什麼新聞稿與 2025 年的增長一樣。

And then on another topic, I wondered if you could talk about your outlook for 2025 gross margins, whether the puts and takes in that outlook are any different in '25 than those that have existed in '24?

然後在另一個主題上，我想知道您是否可以談談您對 2025 年毛利率的展望，該展望中的看跌期權和買入期權在 25 年與 24 年是否有任何不同？

Peter, Dan will take that.

彼得，丹會接受的。

Yes. So to be clear, what we said -- what I said earlier was the acceleration in Q4 was off of Q2, obviously, because the guide that we gave on platform was 14% in Q4. And what we said about next year is while we do expect growth, and I would even go so far as to say we expect strong growth.

是的。因此，需要明確的是，我們所說的——我之前所說的是，第四季度的加速明顯低於第二季度，因為我們在平台上給出的指導是第四季度的 14%。我們所說的明年是我們確實預期增長，我甚至可以說我們預期強勁增長。

The question was from acceleration from current run rates and just some of the comps that we have on political. We need to get, especially in H2, we just need to get later in the year and see where that looks like before I can comment on that. So I'm just not giving full-on guide as to if it will accelerate from current run rates. I will say we feel very good about our growth from Q4 going into 2025. We'll provide more updates as we get through Q4 and into Q1.

問題在於當前運行率的加速以及我們在政治方面的一些比較。我們需要得到，特別是在下半年，我們只需要在今年晚些時候得到，看看情況如何，然後我才能發表評論。因此，我只是沒有給出關於它是否會從當前運行速度加速的全面指南。我想說的是，我們對第四季到 2025 年的成長感到非常滿意。當我們進入第四季度並進入第一季時，我們將提供更多更新。

But like I said, I feel very good about our growth potential into 2025. Again, some of these are just comp issues, specifically for political and as I mentioned, some of the 606 adjustments that we had this year. And then the second question on the puts and takes on gross margin, our outlook implies platform gross margin in Q4 to be between 52% and 53%, which is in line with H1 of this year. And looking beyond Q4, we have different platform activities growing at different rates.

但正如我所說，我對 2025 年我們的成長潛力感到非常滿意。同樣，其中一些只是補償問題，特別是政治問題，正如我所提到的，我們今年進行了一些 606 調整。第二個問題是關於看跌期權和看跌期權的毛利率，我們的展望是第四季度平台毛利率在52%到53%之間，與今年上半年一致。展望第四季之後，我們有不同的平台活動以不同的速度成長。

So mix will have an impact on margin. For example, as we've stated several times, we believe M&E will continue to be challenged and will become a smaller percent of our overall platform revenue going forward. This will negatively impact platform margins, but we also have done a very good job of optimizing our brand advertising margins, which has largely offset the mix impact of M&E.

因此混合會對利潤率產生影響。例如，正如我們多次指出的那樣，我們相信媒體與娛樂將繼續面臨挑戰，並且未來將占我們整體平台收入的比例較小。這將對平台利潤產生負面影響，但我們在優化品牌廣告利潤方面也做得很好，這在很大程度上抵消了媒體和娛樂的混合影響。

So I would just expect, as we go into 2025, I think our margins will be relatively consistent with FY24, if you exclude the impact of 606, so -- and that number is around 52%. That's my expectation going to '25. So think about it as flat margins on an ex 606 basis on the platform side with us being able to offset any M&E mix impact.

因此，我預計，當我們進入 2025 年時，如果排除 606 的影響，我認為我們的利潤率將與 2024 財年相對一致，所以——這個數字約為 52%。這是我對 25 年的期望。因此，可以將其視為平台方面以前 606 為基礎的平坦利潤，我們能夠抵消任何 M&E 組合的影響。

(Operator Instructions) Steven Cahall, Wells Fargo.

（操作員說明）Steven Cahall，富國銀行。

First, just to trying to put a finer point on it. So can you just help us make sure we understand what's driving the Q4 deceleration platform revenue growth? Is that conservatism? Is that the Olympics in Q3 or the political was a little lumpy in Q3 or the 606 or the M&E comp is just tougher? So that's the first one, just to understand that quarter-on-quarter slight deceleration.

首先，只是想提出一個更好的觀點。那麼您能否幫助我們確保我們了解推動第四季度減速平台收入成長的因素是什麼？這就是保守主義嗎？是第三季的奧運會，還是第三季的政治有點不穩定，還是 606 或 M&E 比較困難？這是第一個，只是為了了解季度環比略有減速。

And then secondly, Dan, you were just speaking about M&E and brand advertising. If we think about home screen as a whole, I know it's somewhere where you're investing in the UI. You're potentially expanding into video, which I think is in beta testing. So if we think about the home screen a little more holistically between M&E and non-M&E kind of revenue, is that still something that you think will start to grow in the future or the comp is still pretty tough there?

其次，丹，您剛剛談到了 M&E 和品牌廣告。如果我們將主螢幕視為一個整體，我知道它是您在使用者介面上進行投資的地方。您有可能擴展到視訊領域，我認為這正處於測試階段。因此，如果我們在 M&E 和非 M&E 收入之間更全面地考慮一下主螢幕，您是否認為這仍然是未來會開始成長的東西，或者那裡的競爭仍然相當艱難？

Yes. To your first question on the slight decel. So again, that's 15%, going to 14%. I think it's the question that you're asking. And again, from a political standpoint, we had a very strong Q3 political.

是的。關於你的第一個問題，關於輕微的減速。再說一次，這是 15%，將達到 14%。我想這就是你問的問題。同樣，從政治角度來看，我們在第三季的政治表現非常強勁。

And while we expect Q4 to also be strong. I'll just remind everybody that there's really only 1 month of political in Q4, and that's October.

雖然我們預計第四季也將表現強勁。我只是提醒大家，第四季其實只有 1 個月的政治時間，那就是 10 月。

We also, again, had a 606 adjustment in Q3, which I just mentioned was $12 million. So again, like if you kind of do a sort of apples-to-apples comparison of Q3 to Q4, it's really not a decel in that context.

我們也在第三季再次進行了 606 調整，我剛才提到的是 1,200 萬美元。再說一次，如果你對第三季和第四季進行同類比較，在這種情況下，這實際上並不是減速。

To the second question on home screen, Yes, as Charlie mentioned, video ads in our Marquee unit is picking up. I do think that will grow and offset M&E, but overall M&E spend will just not keep pace with the growth of our brand advertising, which is growing exceptionally strong. And so we've been able to grow the advertising activities both on a year-over-year and really a step up in sequential change in growth from Q2 to Q3 despite these M&E challenges and M&E not growing anywhere close to our brand ads, and again, we expect that to continue.

對於主螢幕上的第二個問題，是的，正如查理所提到的，我們的字幕單元中的影片廣告正在增加。我確實認為這將成長並抵消媒體和娛樂，但整體媒體和娛樂支出將無法跟上我們品牌廣告的成長步伐，而品牌廣告的成長異常強勁。因此，儘管存在這些 M&E 挑戰，而且 M&E 的成長速度遠不及我們的品牌廣告，但我們的廣告活動能夠同比增長，並且確實實現了從第二季度到第三季度的連續增長變化，並且我們再次期望這種情況能夠繼續下去。

So the home screen is a big part of that. Also just overall, our brand ads growing through our integration with Trade Desk and a lot of our other ad products. But essentially, like on the home screen as a whole, like I do think we'll continue to monetize that home screen holistically which is one of the reasons why we've been able to grow sequentially. And again, we think that growth will continue.

所以主螢幕是其中重要的一環。總體而言，我們的品牌廣告透過與 Trade Desk 和許多其他廣告產品的整合而不斷成長。但本質上，就像整個主螢幕一樣，我確實認為我們將繼續從整體上透過主螢幕貨幣化，這是我們能夠連續成長的原因之一。我們再次認為成長將持續下去。

And this is Anthony. Let me just add. Our work on the home screen is not just focused on ads in the home screen. It's also focused on making the home screen more influential on what our viewers watch and there's lots of ways we monetize that viewing. So for example, we talked about how one of the drivers of our subscription revenue has been adding subscription services to the recommendation role on our home screen.

這是安東尼。讓我補充一下。我們在主螢幕上的工作不僅僅集中在主螢幕上的廣告。它還致力於讓主螢幕對觀眾觀看的內容更具影響力，並且我們有很多方法可以透過觀看來獲利。例如，我們討論了訂閱收入的驅動因素之一是如何將訂閱服務新增至主畫面上的推薦角色。

So there's a lot of activities around the home screen, just some of which have rolled out, some we're still working on and haven't been released yet, that we expect will drive monetization in a bunch of different areas, including advertising.

因此，主螢幕周圍有很多活動，其中一些已經推出，一些我們仍在開發但尚未發布，我們預計這些活動將推動包括廣告在內的許多不同領域的盈利。

And on advertising, specifically, the only thing we've done so far is we've added video ads to the home screen, but there's other areas on advertising related to the home screen that we're working on as well. And those video ads in the home screen, a lot of them are non-M&E now. So there's a lot of brand advertising that's happening there as well.

具體來說，在廣告方面，到目前為止我們所做的唯一一件事就是在主螢幕上添加了影片廣告，但我們也正在研究與主螢幕相關的其他廣告領域。還有那些在主螢幕上的影片廣告，現在很多都是非影視類的。所以那裡也有很多品牌廣告。

(Operator Instructions) Our next question is coming from Jason Helfstein of Oppenheimer.

（操作員說明）我們的下一個問題來自 Oppenheimer 的 Jason Helfstein。

This is Steve Hromin, on for Jason. So just a question on next year OpEx growth? How should we think about that or views on a margin target for next year?

我是史蒂夫·赫羅明（Steve Hromin），代表傑森（Jason）。那麼只是關於明年營運支出成長的問題嗎？我們該如何看待這個問題或對明年的利潤目標有何看法？

Yes. Again, I mentioned earlier that total OpEx when you back out restructuring and impairment from prior year was slightly down. I believe the number was down 2%, to be specific, so far, and we expect that to continue for the rest of the year.

是的。我之前再次提到，當您取消上一年的重組和減損時，總營運支出略有下降。具體而言，我認為到目前為止，這一數字下降了 2%，我們預計今年剩餘時間將持續這種情況。

For next year, what I mentioned is we likely will have some increase in OpEx, although I expect that amount to be modest. I'm not guiding to OpEx right now. But I think at a high level, that mid-single digits is probably the right level for us. We'll provide more guidance going forward. But again, we do believe that we can grow our OpEx very modestly while continuing to invest in all these initiatives that we've been talking about throughout this call.

對於明年，我提到的是我們的營運支出可能會增加，儘管我預計這筆金額不會太大。我現在不指導營運支出。但我認為從高水準來看，中個位數可能對我們來說是合適的水平。我們將在未來提供更多指導。但我們再次相信，我們可以非常適度地增加營運支出，同時繼續投資於我們在本次電話會議中一直在討論的所有這些舉措。

So I do not expect a significant step-up in OpEx. It will be modest.

因此，我預計營運支出不會大幅提升。這將是謙虛的。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Cameron McVeigh, Morgan Stanley.

（操作員指示）Cameron McVeigh，摩根士丹利。

I was curious if you are more or less exposed to certain streaming services like Disney, Paramount Plus, Max or Peacock and whether one is driving an outsized impact on the streaming services distribution revenue given some of the recent price increases we've seen over the past year?

我很好奇您是否或多或少接觸過迪士尼、派拉蒙Plus、Max 或Peacock 等某些串流媒體服務，以及考慮到我們最近看到的一些價格上漲，這些服務是否對串流媒體服務發行收入產生了巨大影響。

I mean we're a very large distributor for all the streaming services. So that's a fairly diversified business across the different streaming services. I mean, obviously, some streaming services have more market share than others, but there's no one particular area I'd call out.

我的意思是我們是所有串流媒體服務的非常大的經銷商。因此，這是跨不同串流媒體服務的相當多元化的業務。我的意思是，顯然，某些串流媒體服務比其他串流媒體服務擁有更多的市場份額，但我沒有特別指出的一個特定領域。

Got it. And then secondly, I was curious if you could just talk about the international expansion plans a bit more and how that's trending and whether there's the biggest opportunity in one given country?

知道了。其次，我很好奇您是否可以多談談國際擴張計劃，以及該計劃的趨勢如何，以及某個國家是否存在最大的機會？

Yes. This is Anthony. I'll start and then I'll turn it over to Dan for some more comments on that. So our international expansion is going well. We have a fairly constrained set of what we call focus countries, countries we're focused on internationally.

是的。這是安東尼。我先開始，然後將其交給丹以獲取更多評論。所以我們的國際擴張進展順利。我們有一組相當有限的所謂焦點國家，也就是我們在國際上關注的國家。

It's basically all of the Americas plus the U.K. And we're making good progress in all those countries on active account or streaming household growth. And those countries are in different stages of monetization, but they're all fairly early in monetization.

基本上是整個美洲加上英國，我們在所有這些國家的活躍帳戶或串流媒體家庭成長方面都取得了良好進展。這些國家處於不同的貨幣化階段，但它們都處於貨幣化的早期階段。

So we're still primarily focused on growth of scale of households in those countries. We mentioned with the number one streaming platform in Mexico. We're the number one streaming platform in Canada. Obviously, we're the number one in the U.S., and we're growing strong in all of our focus countries.

因此，我們仍然主要關注這些國家家庭規模的成長。我們提到了墨西哥排名第一的串流媒體平台。我們是加拿大排名第一的串流媒體平台。顯然，我們是美國第一，而且我們在所有重點國家/地區都在不斷發展壯大。

But Dan, did you want to add anything?

但丹，你想補充什麼嗎？

I'll just add that, as Anthony mentioned, different international markets are at different stages of scale and monetization. As I mentioned, we have scale in Mexico and we're really starting to focus on monetization. And so we expect to have very strong growth rates in Mexico. But again, we're just getting started. So the base is relatively small.

我想補充一點，正如安東尼所提到的，不同的國際市場處於不同的規模和貨幣化階段。正如我所提到的，我們在墨西哥已經具備規模，並且我們真正開始關注貨幣化。因此，我們預計墨西哥的成長率將非常強勁。但同樣，我們才剛開始。所以基數比較小。

We're also seeing meaningful monetization in Canada. These are the 2 areas where, Anthony just mentioned, we're the number one selling TVOS. But other countries are still building scale and just do not yet have meaningful monetization, but we're growing streaming households and engagement. So when you think of Brazil and the rest of Latin America, and even U.K., we're really still building that scale in engagement and monetization will follow. So over time, we expect international monetization to be a more meaningful percent of our net revenue.

我們在加拿大也看到了有意義的貨幣化。安東尼剛才提到，在這兩個領域，我們是 TVOS 銷售第一的。但其他國家仍在擴大規模，只是還沒有實現有意義的貨幣化，但我們正在增加串流媒體家庭和參與度。因此，當你想到巴西和拉丁美洲其他地區，甚至英國時，我們實際上仍在建立參與和貨幣化的規模。因此，隨著時間的推移，我們預計國際貨幣化將占我們淨收入的更有意義的百分比。

But it does take time for us to build scale and engagement, which is what we need to drive platform monetization. And again, I think we've said it a couple of times, is we're going to continue to grow in all our markets. And we expect to achieve 100 million streaming households in the next 12 to 18 months. And with that scale, we'll ultimately monetize these international countries as well.

但我們確實需要時間來建立規模和參與度，這是我們推動平台貨幣化所需要的。我想我們已經說過好幾次了，我們將在所有市場上繼續成長。我們預計在未來 12 至 18 個月內將實現 1 億個串流媒體家庭。憑藉這樣的規模，我們最終也將透過這些國際國家貨幣化。

This is Anthony. I'll just add on that forecast of 100 million streaming households in the next 12 to 18 months, we're assuming that we're growing in all markets we're in, all international markets and the U.S. We expect to be growing streaming households for the foreseeable future in all of those markets.

這是安東尼。我只想補充一下未來 12 到 18 個月內將有 1 億串流媒體家庭的預測，我們假設我們在所有市場、所有國際市場和美國都在成長。 ，所有這些市場的家庭。

(Operator Instructions) Our next question will be coming from Alan Gould of Loop Capital.

（操作員說明）我們的下一個問題將來自 Loop Capital 的 Alan Gould。

I've got 2 questions. First, I was wondering, Charlie, if you could just give us some sense of how the ad market is looking right now? And then on the hardware side, how are the -- for Anthony or whomever, how is the new Roku Pro Series TVs doing? And you've had your Roku-branded TVs now for a year plus or so? What impact, if any, have they had on your partner-branded TVs?

我有 2 個問題。首先，查理，我想知道您能否讓我們了解一下廣告市場目前的狀況？然後在硬體方面，對於安東尼或其他人來說，新的 Roku Pro 系列電視表現如何？您的 Roku 品牌電視已經使用一年多了嗎？它們對您的合作夥伴品牌電視有何影響（如果有）？

So yes, Charlie can kick that off, and then Mustafa can answer the Roku TV -- Roku-branded TV question.

所以，是的，查理可以開始，然後穆斯塔法可以回答 Roku TV——Roku 品牌電視的問題。

Great. Thanks, Alan. Look, third quarter advertising activities accelerated from second quarter nicely. In the third quarter, the year-on-year growth of advertising activities across the Roku platform, excluding M&E, as Dan said earlier, outperformed both the overall ad market and the OTT ad market in the U.S. So we feel really good about that.

偉大的。謝謝，艾倫。看起來，第三季的廣告活動較第二季明顯加速。正如 Dan 之前所說，第三季 Roku 平台上的廣告活動（不包括 M&E）的同比增長超過了整體廣告市場和美國 OTT 廣告市場，因此我們對此感到非常滿意。

To give you a few specific categories, a little more inside baseball in third quarter, the year-on-year growth of political, retail and CPG as a few ad verticals, they were up on the Roku platform, and we've mentioned M&A a couple of times, health and wellness. Those are verticals that continue to be a little pressured.

給你一些具體的類別，更多一點關於第三季度棒球的情況，政治、零售和消費品作為一些廣告垂直領域的同比增長，它們在 Roku 平台上的增長，我們已經提到了併購幾次，健康和保健。這些垂直行業仍然面臨一些壓力。

A little extra context. The biggest change in the sales process in this market, certainly, and you've probably been observing it market-wide is that the ad market is now a 52-week market, upfronts were really positive for us. And we closed relatively early. However, in an environment where marketers are working with such varied levels of even short-term visibility, we come out of the upfront and jump right into working with our partners on a day-to-day and week-to-week basis.

一些額外的背景。當然，這個市場銷售流程中最大的變化，你可能已經在整個市場上觀察到了，廣告市場現在是一個 52 週的市場，預付款對我們來說確實是正面的。而且我們關門的時間相對較早。然而，在行銷人員的工作環境中，即使是短期可見度也各不相同，我們會從前期工作中跳出來，直接與我們的合作夥伴進行日常和每週的合作。

So we're focused on brand allocations from the upfront and then meeting advertiser objectives all year long. And it's changes like that to the market that I think really hold Roku in good stead because of all the growth and all the characteristics I mentioned in the last answer.

因此，我們從一開始就專注於品牌分配，然後全年滿足廣告客戶的目標。我認為正是市場的這種變化真正讓 Roku 受益匪淺，因為我在上一個答案中提到了所有的成長和所有特徵。

Mustafa, do you want to...

穆斯塔法，你想...

Yes, sure. Alan, this is Mustafa speaking. Look, overall, we are very pleased with the progress of our Roku-branded TVs. We're still in the early stages of this journey, which we launched these products a little over a year ago. And our initial focus was on being fully distributed for these TVs, and we've done that.

是的，當然。艾倫，我是穆斯塔法。總體而言，我們對 Roku 品牌電視的進步感到非常滿意。我們仍處於這趟旅程的早期階段，我們在一年前推出了這些產品。我們最初的重點是為這些電視完全分發，而我們已經做到了。

We have now grown from one exclusive retailer, which was best buy for the calendar year '23, now to many national and regional retailers. And we will continue to grow the distribution and also the shelf space for these products.

我們現在已經從一家獨家零售商（23 年的百思買）發展成為許多國家和地區零售商。我們將繼續擴大這些產品的分銷和貨架空間。

And with respect to products, again, we continue to receive positive feedback from the users and great reviews and ratings from the technical press. We have 3 product lineups now, the Select series, which is our entry-level products; and the Plus series, the midrange; and the Pro series, our sort more performance range products.

在產品方面，我們繼續收到用戶的正面回饋以及技術媒體的好評和評級。我們現在有3個產品陣容，Select系列是我們的入門產品；以及Plus系列，中檔；和 Pro 系列，我們分類更多性能範圍產品。

They are all receiving really, really good feedback. Pro series especially has been our halo product that we can show our technology and capabilities. They are really doing well. But Plus series is a higher-end product. It tends to sell less compared to Select and Plus series.

他們都收到了非常非常好的回饋。尤其是Pro系列一直是我們的光環產品，可以展示我們的技術和能力。他們確實做得很好。但Plus系列是更高階的產品。與 Select 和 Plus 系列相比，它的銷量往往較低。

But overall, it complements the lineup.

但總體而言，它補充了陣容。

And again, doing really well. We are very pleased with the performance of the product in terms of the video and picture quality, the other features that we have, great reviews. And whatever we develop and design for our Roku-branded TVs, we actually share with our partners. So our licensing partners benefit from these technology developments that we have.

再說一遍，做得非常好。我們對該產品在影片和圖片品質方面的表現以及我們擁有的其他功能非常滿意，好評如潮。無論我們為 Roku 品牌電視開發和設計什麼，我們實際上都會與合作夥伴分享。因此，我們的授權合作夥伴可以從我們擁有的這些技術開發中受益。

We are completely open to them. Almost -- they can almost take our underlying hardware and then reuse for their own purposes. So we are open at that kind of level. And so it's working well. So whatever we're learning, whatever we're developing is contributing to their products as well.

我們對他們完全開放。幾乎——他們幾乎可以拿走我們的底層硬件，然後再用於他們自己的目的。所以我們在這種層面上是開放的。所以它運作得很好。因此，無論我們正在學習什麼，無論我們正在開發什麼，都會為他們的產品做出貢獻。

And so far, our relationship has been growing with our partners, and we continue to bring new partners to our Roku TV program. So overall, it's all moving in the right direction. And I should also note that the main distribution of our operating system, particularly in the U.S., is through our third-party TV partners and also with our streaming players.

到目前為止，我們與合作夥伴的關係一直在發展，並且我們將繼續為我們的 Roku TV 節目帶來新的合作夥伴。所以總的來說，一切都在朝著正確的方向發展。我還應該指出，我們作業系統的主要分發，特別是在美國，是透過我們的第三方電視合作夥伴以及我們的串流媒體播放器進行的。

Our Roku-branded TVs are really a small portion of the overall distribution that we get in the U.S. and then this will continue this way. We still rely on and we expect to rely on our third-party partners to be the main distributor of our operating system in the U.S. and also in the international markets for sure because the Roku-branded TVs are really available only in the U.S., not in other markets.

我們的 Roku 品牌電視實際上只占我們在美國的整體分銷的一小部分，而這種情況將繼續下去。我們仍然依賴並希望依賴我們的第三方合作夥伴成為我們作業系統在美國和國際市場的主要經銷商，因為 Roku 品牌的電視實際上只在美國銷售，而不是在美國銷售。

Okay, thanks, Mustafa.

好的，謝謝，穆斯塔法。

(Operator Instructions) Mark Mahaney, Evercore ISI.

（操作員說明）Mark Mahaney，Evercore ISI。

This is Ian Peterson on for Mark. Two questions, if I may. First question, how much of a contribution from political ad revenue did we see in Q3? And how should we think about the political contribution in Q4?

這是馬克的伊恩彼得森。如果可以的話，有兩個問題。第一個問題，第三季政治廣告收入的貢獻有多大？我們該如何看待第四季的政治貢獻？

And secondly, for the Q4 platform revenue guide, any color on how much of a headwind there is in the guide related to SSD in the subscription price increases we saw in Q4 of last year. And secondly, should we expect easier video advertising comps related to the M&E and auto ad verticals from the strikes we saw in Q4 last year?

其次，對於第四季度平台收入指南，我們在去年第四季看到的訂閱價格上漲中，與 SSD 相關的指南中存在多少逆風。其次，我們是否應該期待與去年第四季的罷工相比，與媒體與娛樂和汽車廣告垂直領域相關的影片廣告組合變得更容易？

Dan will take that.

丹會接受的。

Yes. Let me just talk briefly about political. Political came in above our expectations in Q3. The team did an amazing job, and we're demonstrating that Roku has the tools and the tech that make it a strategic platform for all advertisers, including political. It's also worth noting that political is another vertical of several that Roku is getting better at monetizing every cycle.

是的。我簡單談談政治。第三季的政治表現超出了我們的預期。團隊做得非常出色，我們正在證明 Roku 擁有的工具和技術使其成為所有廣告商（包括政治廣告商）的策略平台。另外值得注意的是，政治是另一個垂直領域，Roku 在每個週期的貨幣化方面都做得越來越好。

But to answer your question specifically, it was an impact on Q3. We're not going to say how much it was. It did have an impact on Q3. It is factored into our guide for Q4. But note that, of course, political is only 1 month in Q4, the month of October versus 2 strong months in Q3.

但具體回答你的問題，這是對第三季的影響。我們不會透露具體金額是多少。它確實對第三季產生了影響。它已納入我們第四季度的指南中。但請注意，當然，政治因素在第四季度只有 1 個月，即 10 月份，而第三季度則有 2 個月表現強勁。

And again, this is all factored into our guide.

再說一遍，這一切都已納入我們的指南中。

In terms of your question on SSD headwind in the Q4 guide, I would just not think of it as such as a headwind per se. Our subscription -- we did have price increases throughout this year in many of our partners. And so we are benefiting from that. That is what has caused the 606 adjustments in Q2 and Q3. We talked about that.

關於您在第四季度指南中關於 SSD 逆風的問題，我只是不認為它本身就是逆風。我們的訂閱——今年我們的許多合作夥伴的價格確實上漲了。所以我們正在從中受益。這就是導致第二季和第三季 606 次調整的原因。我們討論過這個。

So I don't think there's specifically a headwind in terms of SSD going into Q4.

因此，我認為 SSD 進入第四季度並不存在特別的阻力。

I do think that -- I just want to reiterate that brand advertising ex M&E has continued to accelerate at a very healthy clip due to our innovative ad product, due to our integration with Trade Desk and other DSPs. So we like what we see there.

我確實認為——我只是想重申，由於我們的創新廣告產品、由於我們與 Trade Desk 和其他 DSP 的集成，M&E 的品牌廣告繼續以非常健康的速度加速成長。所以我們喜歡在那裡看到的東西。

In terms of the last part of your question, if we should expect easier ad comps from M&E from the strikes? Yes, I just don't think M&E is ever an easy comp just given the industry and the challenges that M&E faces. And we are in a great position to benefit from any M&E, whether it's due to easier ad comps or if the content partners decide to spend.

關於您問題的最後一部分，我們是否應該期望 M&E 透過罷工獲得更輕鬆的廣告補償？是的，考慮到 M&E 產業和 M&E 面臨的挑戰，我認為 M&E 從來都不是一件容易的事。我們處於有利位置，可以從任何 M&E 中受益，無論是由於更容易的廣告組合還是內容合作夥伴決定支出。

However, that's not what we've seen so far. And we've been able to grow our platform and our advertising activities despite the challenges from overall M&E. So again, we feel really good about our path forward even in this challenged M&E environment. I don't know, Charlie, if you have anything to add to that from the M&E standpoint?

然而，這並不是我們迄今為止所看到的。儘管面臨整體媒體和娛樂的挑戰，我們仍然能夠發展我們的平台和廣告活動。因此，即使在這個充滿挑戰的媒體和娛樂環境中，我們對我們的前進道路也感到非常滿意。我不知道，查理，從 M&E 的角度來看，您是否還有什麼要補充的？

Well, look, I think it's worth saying that the team is doing a good job. And Roku is and will continue to be the best place for M&E partners to build reach, to build engagement and to see ROI. Dan is right, we're not relying on this vertical for future growth, but a lot of the innovation on the home screen and beyond, both benefits our diversification of categories away from M&E and holds us in a great position when M&E is healthy.

嗯，看，我認為值得說的是，團隊做得很好。Roku 現在並將繼續成為 M&E 合作夥伴擴大影響力、建立參與度和實現投資回報率的最佳場所。丹是對的，我們並不依賴這個垂直領域來實現未來的成長，但主螢幕及其他領域的許多創新，既有利於我們遠離媒體和娛樂的類別多元化，也使我們在媒體和娛樂健康時處於有利地位。

Okay. And I would now like to turn the call back to Anthony Wood, CEO, for closing remarks.

好的。現在，我想將電話轉回給執行長安東尼·伍德 (Anthony Wood)，讓其致閉幕詞。

I'd like to thank our employees, advertisers and content partners, and thank you for joining our call today.

我要感謝我們的員工、廣告商和內容合作夥伴，並感謝您今天加入我們的電話會議。

This concludes today's conference call. We are aware that there was a technical issue during the prepared remarks. Roku has posted their prepared remarks and the replay will be posted on their IR site. 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。我們知道在準備發言時存在技術問題。Roku 已經發布了他們準備好的言論，重播將發佈在他們的 IR 網站上。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。