Roku Inc (ROKU) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Roku fourth-quarter 2024 earnings conference call.

歡迎參加 Roku 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係副總裁康拉德·格魯德 (Conrad Grodd)。

Please go ahead.

請繼續。

Welcome to Roku fourth quarter and year ended 2024 earnings call.

歡迎參加 Roku 第四季和 2024 年全年財報電話會議。

On today's call are Anthony Wood, Roku's Founder and CEO; Dan Jedda, our CFO; Charlie Collier, President, Roku Media; and Mustafa Ozgen, President Devices.

參加今天電話會議的有 Roku 創辦人兼執行長 Anthony Wood；我們的財務長 Dan Jedda； Roku Media 總裁 Charlie Collier；以及設備公司總裁穆斯塔法‧奧茲根 (Mustafa Ozgen)。

Our full results and additional management commentary are available in our share 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.

我們的完整業績及其他管理評論均可在我們的 IR 網站 roku.com/investor 上的股票通函中找到。在本次電話會議中，我們將做出前瞻性陳述，這些陳述可能受到風險和不確定性的影響。

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.

請參閱我們的股東信函和定期的美國證券交易委員會文件，以了解可能導致我們的實際結果與這些前瞻性陳述有重大差異的風險因素。

We will also present GAAP and non-GAAP financial measures.

我們也將介紹 GAAP 和非 GAAP 財務指標。

Reconciliations of non-GAAP measures to the most comparable GAAP financial measures are provided in our shareholder letter.

我們在致股東信中提供了非公認會計準則指標與最具可比性的公認會計準則財務指標的對帳表。

Unless otherwise stated, all comparisons will be against our results for the comparable 2023 period.

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進行。

Beginning this quarter, we'll forego prepared remarks and go straight into Q&A.

從本季開始，我們將放棄準備好的發言，直接進入問答環節。

Operator, our first question, please.

接線員，請問我們第一個問題。

(Operator Instructions) Shyam Patil, Susquehanna International Group.

(操作員指示) Shyam Patil，Susquehanna International Group。

Congrats on the strong results.

恭喜您取得的優異成績。

I had a couple of questions.

我有幾個問題。

I guess the first one, very strong fourth quarter.

我認為第一個是第四季非常強勁。

What drove the outperformance?

是什麼推動了這優異表現？

And do you guys expect that to continue in 2025?

你們預計這種情況會在 2025 年持續下去嗎？

And then second question, on free cash flow conversion, how should we expect that to trend in 2025 and beyond?

第二個問題，關於自由現金流轉換，我們應該預期 2025 年及以後的趨勢如何？

Shyam, this is Anthony.

希亞姆，這是安東尼。

Thanks for the question.

謝謝你的提問。

We were very pleased with the Q4 results.

我們對第四季的業績非常滿意。

It was an outstanding quarter.

這是一個出色的季度。

I'll provide a lot of proof points that our strategy to grow our platform revenue is working and working well.

我將提供許多證據來證明我們增加平台收入的策略是有效且卓有成效的。

And just to remind everyone, like the three key points of our strategy to grow platform revenue.

只是想提醒大家，我們的成長平台收入策略有三個關鍵點。

The first is to lean into making better use of our home screen.

首先是要更好地利用我們的主螢幕。

Home screen is a key -- our home screen on all our Roku devices is a key asset for us.

主螢幕是關鍵——我們所有 Roku 裝置上的主螢幕對我們來說都是一項重要資產。

Half of broadband households in the US start their keying experience with our home screen.

美國一半的寬頻家庭都是從我們的主螢幕開始他們的鍵盤體驗的。

So leaning into making better use of the assets is a big part of our strategy to grow platform revenue.

因此，傾向於更好地利用資產是我們增加平台收入策略的重要組成部分。

A second part of it is to continue to drive more ad demand by expanding our third-party partnerships.

第二部分是透過擴大我們的第三方合作夥伴關係來繼續推動更多的廣告需求。

That's also going well.

一切進展順利。

And then the third point is just to continue focusing on growing our subscription revenue with more focus on subscriptions generally, more resources (inaudible) on subscriptions and more home screen integration.

第三點就是繼續專注於增加我們的訂閱收入，更專注於訂閱，在訂閱上投入更多資源（聽不清楚）以及更多的主螢幕整合。

So I feel like our strategy is working well, and we're seeing that start to play out in the quarter.

所以我覺得我們的策略效果很好，而且我們看到這個策略在本季開始發揮作用。

Looking at advertising, generally, I mean, advertising is also doing well.

整體來看，廣告業務也表現良好。

It did great in the quarter.

本季它表現出色。

It was an outstanding advertising quarter as well.

這也是一個出色的廣告季度。

Even ex political, it was a strong advertising quarter.

即使不考慮政治因素，這也是一個強勁的廣告季度。

Advertising picks up on many fronts.

廣告在許多方面都呈現蓬勃發展的勢頭。

And one of our strategies around advertising is you see continue to create more unique high-demand, broad-reach ad units that are unique to our platform.

我們的廣告策略之一就是持續打造更獨特的、高需求、覆蓋面廣的平台獨有的廣告單元。

Just for example, one of those ad units is the video (inaudible) ad on our home screen, and that's also very popular.

舉個例子，其中一個廣告單元是我們主螢幕上的影片（聽不清楚）廣告，這也是非常受歡迎的。

We're also in our ad business, very good at reaching the right person with the right message at the right time.

我們也從事廣告業務，非常擅長在正確的時間向正確的人傳達正確的訊息。

So it was an outstanding quarter.

所以這是一個出色的季度。

We're executing well.

我們執行得很好。

Our strategy is working, and the strategy is going to continue to work.

我們的策略正在發揮作用，而這項策略將繼續發揮作用。

There's still a lot of growth left in this business.

這項業務仍有很大的成長空間。

It's still fairly early days in the streaming transition.

串流媒體轉型仍處於早期階段。

I expect to see continued growth in 2025.

我預計 2025 年將繼續成長。

But let me turn it over to Dan, who can talk more about that part of your question.

但請讓我把這個問題交給丹，他可以進一步談談你問題的這一部分。

Thanks, Anthony.

謝謝，安東尼。

Shyam, it's Dan.

希亞姆，我是丹。

So let me give a little bit of color on Q4 and into 2025.

所以讓我對第四季和 2025 年的情況做一點介紹。

And the Q4, very strong.

而且第四季表現非常強勁。

We grew 25% on the platform side.

我們的平台方面成長了25%。

If you back out political, which added 6 points of growth, we grew 19%.

如果撇開政治因素（增加了 6 個百分點），我們的成長為 19%。

And if you look at our Q1 and what we're expecting, we are going to grow 16% on a year-over-year basis for platform in Q1.

如果你看一下我們的第一季業績和預期，你會發現我們第一季的平台銷售額將年增 16%。

And for the full year, we're going to grow 12%.

就全年而言，我們的成長目標為 12%。

And if you back out political in 2025, we're going to grow 15%, which is actually faster than the growth in 2024.

如果您在 2025 年退出政治，我們將成長 15%，這實際上比 2024 年的成長更快。

So to answer your question, we do expect some very strong results to continue into 2025.

所以回答你的問題，我們確實預計2025年將會繼續保持強勁的業績。

If I just take it down to platform gross margin at the midpoint of our guide for 2025 at 52.5%, that compares to 53.5% in 2024, so a 100 basis point decline, but that's fully explained by [606] adjustments in 2024, which we do not expect 606 adjustments in 2025.

如果我將其下調至 2025 年指南中點的平台毛利率 52.5%，那麼 2024 年則為 53.5%，因此下降了 100 個基點，但這完全可以透過 2024 年的 [606] 調整來解釋，而我們預計 2025 年不會出現 606 次調整。

So backing out 606, our platform margins are flat.

因此，除了 606 之外，我們的平台利潤率是持平的。

So we expect to grow platform gross profit as much as platform revenue ex 606.

因此，我們預計平台毛利將與平台收入（除 606）一起成長。

And then dropping to adjusted EBITDA, the $350 million guide would imply a 130 basis point improvement in EBITDA margins on a year-over-year basis for 2025.

然後降至調整後的 EBITDA，3.5 億美元的指導價意味著 2025 年 EBITDA 利潤率將年增 130 個基點。

So again, gaining very good leverage as we grow our platform revenue as we manage our OpEx and still continue to invest in our platform business.

因此，我們再次獲得了非常好的槓桿作用，因為我們在管理營運支出的同時增加了平台收入，並且仍然繼續投資於我們的平台業務。

So all in all, very good.

總而言之，非常好。

To your last question on how to think about free cash flow conversion trend in 2025, thank you for that question.

關於您最後一個問題，如何看待 2025 年的自由現金流轉換趨勢，感謝您提出這個問題。

Free cash flow and free cash flow per share is our North Star metric.

自由現金流和每股自由現金流是我們的北極星指標。

We feel very good about free cash flow.

我們對自由現金流感到非常滿意。

We ended 2024 at just over $200 million of free cash flow.

截至 2024 年，我們的自由現金流略高於 2 億美元。

I'm actually expecting free cash flow to be higher than our adjusted EBITDA guide for 2025.

實際上，我預計自由現金流將高於我們 2025 年調整後的 EBITDA 指南。

We've got a lot of good things working on the working capital front, we will continue to be CapEx light in 2025.

我們在營運資本方面做了很多好事，到 2025 年我們將繼續減少資本支出。

And so free cash flow should continue to grow and should grow faster than adjusted EBITDA for 2025.

因此，自由現金流應該會繼續成長，而且成長速度應該會比 2025 年調整後的 EBITDA 更快。

Michael Morris, Guggenheim Securities.

古根漢證券公司的麥可‧莫里斯。

Two questions for me.

我有兩個問題。

One, just to follow up on that last question.

首先，我們來回答最後一個問題。

Could you expand on some of the drivers of the 16% platform revenue growth that you're looking for in the first quarter.

您能否詳細闡述第一季平台營收成長 16% 的一些驅動因素？

It would be great to hear about how you're thinking about maybe advertising versus SSD and it'd be great to hear also about how these third-party DSP partnerships are contributing and how you think about that throughout the year?

我很想聽聽您對廣告與 SSD 的看法，也很想聽聽這些第三方 DSP 合作夥伴的貢獻以及您對全年的看法？

And then secondly, could you share any updated thoughts on how this Walmart acquisition of VIZIO will impact your business?

其次，您能否分享沃爾瑪收購 VIZIO 將如何影響您的業務的最新想法？

I think they are a pretty large retail partner of yours currently.

我認為他們目前是你的一個相當大的零售合作夥伴。

So do you expect that your products are going to be deemphasized or that there will be an impact on your business as a result of that combination?

那麼，您是否預期您的產品將不再那麼受重視，或者這種合併會對您的業務產生影響？

Mike, this is Anthony.

麥克，這是安東尼。

I'll let Dan take your first question and then when you finish that, I'll take your second question about Walmart.

我請丹回答你的第一個問題，然後當你回答完這個問題後，我會回答你關於沃爾瑪的第二個問題。

Mike, it's Dan.

麥克，我是丹。

Yes, I'll take that first question.

是的，我願意回答第一個問題。

With respect to the drivers of the 16% platform revenue growth in Q1, so that is both streaming service distribution and our advertising activities.

關於第一季平台收入成長 16% 的驅動因素，即串流媒體服務分銷和我們的廣告活動。

Both have very -- both are growing very strong in our Q1.

兩家公司在第一季都實現了強勁成長。

We start to comp average price increases in the back half of 2025.

我們將從 2025 年下半年開始比較平均價格漲幅。

So we'll give more guidance on SSD going forward.

因此我們將在未來提供更多關於 SSD 的指導。

But in Q1, both are driving excellent growth.

但在第一季度，兩者都實現了出色的成長。

We feel very good about the advertising business activities, both for Q1 and for full year.

我們對第一季和全年的廣告業務活動都非常滿意。

I would expect our advertising activities to actually grow faster in streaming services distribution, which we love to see.

我希望我們的廣告活動在串流媒體服務分銷方面能夠真正成長得更快，這是我們樂於看到的。

So all in all, again, very strong going into Q1, very strong for the full year for both SSD, that's primarily from subscriptions.

總而言之，對於 SSD 來說，第一季的表現非常強勁，全年的表現也非常強勁，這主要歸功於訂閱業務。

And then, of course, our advertising activities, which we've talked a lot about in the shareholder letter and what's driving them, including the answer to the second part of this question on the DSP partnerships, which I'll turn it back to Anthony.

然後，當然還有我們的廣告活動，我們在股東信中已經談了很多，以及推動這些活動的因素，包括關於 DSP 合作夥伴關係的這個問題的第二部分的答案，我會把它交還給安東尼。

And then regarding your question about Walmart and the VIZIO acquisition, I'll -- let me just make a few introductory remarks, and then I'll actually turn it over to Mustafa who runs our device business to talk more about it.

然後關於您關於沃爾瑪和 VIZIO 收購的問題，我將——讓我先做一些介紹性的評論，然後我會把它交給負責我們設備業務的穆斯塔法來進一步談論這個問題。

First of all, we're doing a great job on growing our streaming households.

首先，我們在擴大串流媒體家庭方面取得了很大的進展。

I mean we passed over 90 million streaming households globally.

我的意思是我們的全球串流媒體家庭數量已超過 9000 萬。

In the quarter, we added over 4 million new streaming households in the last quarter alone.

僅在上個季度，我們就增加了 400 多萬個新的串流家庭。

Our first-party TVs are also doing well.

我們的第一方電視也表現良好。

We've sold over 1 million first party TVs in 2024.

2024 年，我們售出了超過 100 萬台第一方電視。

And we announced, I think, last quarter that we expected to, in the not-too-distant future, pass 100 million streaming households.

我們在上個季度宣布，預計在不久的將來串流家庭數量將超過 1 億。

We're on track for that to happen.

我們正按計劃實現這一目標。

So our streaming households are growing nicely, both inside the US and outside the US, both parts are growing.

因此，我們的串流媒體家庭數量正在良好增長，無論在美國國內還是美國境外，兩個地區都在增長。

We're aware that Walmart bought VIZIO and that's all taken into account in our forecast and our view of the future, and I fully expect our streaming households are going to continue to grow, both inside the United States and outside the United States.

我們知道沃爾瑪收購了 VIZIO，這一切都已在我們的預測和未來展望中考慮到，我完全預計我們的串流媒體家庭將繼續成長，無論是在美國國內還是美國境外。

Walmart is an important partner for us.

沃爾瑪是我們的重要夥伴。

We do a lot of business together.

我們一起做很多生意。

I also expect that to continue.

我也希望這種情況能夠持續下去。

But let me talk -- turn it over to Mustafa, who can provide more detail.

但請讓我講一下——把話題轉交給穆斯塔法，他可以提供更多細節。

Mike, this is Mustafa speaking.

麥克，我是穆斯塔法。

Roku OS has been the number one selling TV OS in the US for six years in a row.

Roku OS 已連續六年成為美國最暢銷的電視作業系統。

For full year 2024, unit sales of Roku TVs were greater than the next two operating systems combined.

就 2024 年全年而言，Roku 電視的銷量將超過緊隨其後的兩種作業系統的銷量總和。

And as Anthony mentioned earlier, we've surpassed half of broadband households in the US in terms of household penetration.

正如安東尼之前提到的，就家庭普及率而言，我們已經超過了美國一半的寬頻家庭。

And we're a very large platform in terms of distribution and also in terms of installed base.

就分銷和安裝基礎而言，我們是一個非常大的平台。

And therefore, our streaming players and all of our Roku TVs have already a wide retail distribution.

因此，我們的串流媒體播放器和所有 Roku 電視已經擁有廣泛的零售分銷。

They are available in popular retailers, such as Amazon, Best Buy, Sam Clubs and Target and also in other specialty and regional stores.

它們在亞馬遜、百思買、山姆會員商店和塔吉特等熱門零售商以及其他專業商店和地區商店有售。

So it's a quite wide distribution.

因此它的分佈相當廣泛。

And we continue to gain shelf space in the retailers as we introduce new products and upgrade our products.

隨著我們推出新產品和升級產品，我們在零售商的貨架空間不斷擴大。

And also, because our brand is very popular, customers love our brand.

而且，由於我們的品牌非常受歡迎，所以顧客很喜歡我們的品牌。

They trust our brand.

他們信任我們的品牌。

They ask for Roku by name at stores.

他們在商店裡按名字詢問 Roku。

So retailers would love to carry our products.

因此零售商很樂意銷售我們的產品。

So overall, these are all sort of the reasons why the retailers will continue to carry Roku products.

總的來說，這些都是零售商將繼續銷售 Roku 產品的原因。

And as long as the demand, there will be basically a good shelf space allocated for our products.

而且只要有需求，基本上就會有很好的貨架空間分配給我們的產品。

And I should also highlight that we distribute our operating systems to our customers in three different ways.

我還要強調的是，我們透過三種不同的方式向客戶分發我們的作業系統。

One is with our streaming players, which is quite large business.

一是我們的串流媒體播放器，這是一項相當大的業務。

The other with our third-party TVs and recently with our first part of TVs, we have a large sort of different channels to distribute our operating systems.

另一個是我們的第三方電視，以及最近的第一批電視，我們有大量不同的管道來分發我們的作業系統。

So we'll continue to do that.

因此我們會繼續這樣做。

So we feel very confident that we are well positioned to continue to grow in the US also in other countries and remain on track to achieve 100 million streaming households target in the coming years.

因此，我們非常有信心，我們有能力在美國和其他國家繼續成長，並有望在未來幾年實現 1 億個串流媒體家庭的目標。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Congratulations on that fantastic results.

恭喜您取得如此優異的成績。

So about a year I think it was -- you fired everybody in subscription and have all report to you.

所以，我想大概是一年的時間——你解雇了訂閱的所有人，並讓所有人都向你報告。

And then in the most recent quarter, you over-delivered platform by about 100 million versus (inaudible) consensus.

然後在最近一個季度，您的平台交付量比（聽不清楚）共識高出約 1 億。

Could you break out for us what did you get done in the subscription business in the year you just finished managing that business?

您能否向我們介紹一下，在您剛完成管理訂閱業務的一年裡，您在訂閱業務方面取得了哪些成就？

And when you think about the road map, how much better or how much bigger of a contributor can subscription be going forward?

當您考慮路線圖時，訂閱在未來會變得多麼好或貢獻者會變得多麼大？

And are they as big as what Charlie is doing over in retail media network and self-service for the ad business.

它們是否與 Charlie 在零售媒體網路和廣告自助服務領域所做的一樣大？

Laura, it's nice to hear from you.

蘿拉，很高興收到你的來信。

The connection wasn't great.

連接不太好。

So I think I got the question, but if I don't answer, let me know.

所以我想我明白了問題所在，但如果我沒有回答，請告訴我。

I think you asked about our subscription business, and we break out what we've been doing there in the last year, a little bit about the road map and then I wasn't quite sure what -- this is as big as the retail media business.

我想您問的是我們的訂閱業務，我們會詳細介紹去年我們在該業務上所做的事情，以及路線圖，但我不太確定——這和零售媒體業務一樣大。

So if we go back to our strategy for growing platform revenue, it's leveraging our home stream more growing ad demand.

因此，如果我們回到增加平台收入的策略，那就是利用我們的主頁串流來增加廣告需求。

There's a bunch of ways we're doing that, but one of the biggest is working with third-party platforms and deeper integration there.

我們有很多方法來實現這一目標，但其中最重要的方法之一是與第三方平台合作並進行更深入的整合。

And the third is growing our subscription business.

第三是發展我們的訂閱業務。

We have a very large subscription business that has tens of millions of subscribers that we build on our platform, and it's both through what we call premium subscriptions and also through direct-to-consumer subscriptions, all enabled by our billing platform, Roku Pay.

我們擁有非常龐大的訂閱業務，我們的平台上有數千萬訂閱用戶，這既包括我們所謂的高級訂閱，也包括直接面向消費者的訂閱，所有這些都由我們的計費平台 Roku Pay 實現。

And that business is -- it's a very good business for us.

這項業務對我們來說是一項非常好的業務。

It continues to grow.

它還在繼續增長。

And there's a lot of items on the road map that we don't talk about that will continue to drive that business.

路線圖中還有很多我們沒有談論的項目，但它們將繼續推動該業務的發展。

We continue to add more partners.

我們將繼續增加更多的合作夥伴。

For example, we recently added MAX to the premium subscription lineup.

例如，我們最近將 MAX 加入了高級訂閱陣容。

And we've also made changes internally around the way we handle operations and are organized to just give it more focus.

我們也在內部處理營運和組織的方式上做出了改變，以便更加集中註意力。

We're very disciplined about our OpEx.

我們對我們的營運支出非常嚴格。

But we're allocating more of our OpEx to subscriptions than we used to, to speed up some of the changes in the road map, but we'll continue to grow that business.

但我們將比以前更多地將營運支出分配給訂閱，以加快路線圖中的一些變化，但我們將繼續發展這項業務。

So I got a lot of room to grow.

所以我有很大的成長空間。

And I'm very bullish on it.

我對此非常看好。

And then the last part of the question -- so I think that answers your question.

然後是問題的最後一部分——我想這回答了你的問題。

If not, let me know.

如果沒有，請告訴我。

That was great.

那很棒。

And my second one was just on local.

我的第二個只是在本地。

I thought it was interesting that political was 6% of your fourth quarter revenue and Trade Desk that it was 5% of theirs.

我認為有趣的是，政治因素佔你們第四季營收的 6%，而 Trade Desk 卻只佔其收入的 5%。

Would you say that's a secular shift out of the local TV business, and you would expect that to grow in every two-year cycle now?

您是否認為這是本地電視業務的長期轉變？

Are you converted to using CTV in place of local broadcast or political ads?

您是否已轉而使用 CTV 來代替本地廣播或政治廣告？

Well, I'll turn it over to Charlie, but definitely one of the drivers for us was just we spent -- we put more effort into it.

好吧，我會把它交給查理，但對我們來說，其中一個驅動因素肯定是我們付出了更多努力。

I mean it's an area that we've identified strategically is a big vertical for us that we want to get better and better at.

我的意思是，我們已經從戰略上確定了這個領域，對於我們來說，這是一個很大的垂直領域，我們希望在這個領域做得越來越好。

And we did better than we did the last cycle.

而且我們的表現比上一周期更好。

I'm sure we'll get better at it the next cycle.

我確信下一輪我們會做得更好。

So that's one of the drivers.

這是驅動因素之一。

But there are definitely secular shifts.

但肯定存在著長期的轉變。

I'll let Charlie talk about it.

我會讓查理談論這件事。

I would say this, you learn so much from political advertising because it really is a good microcosm of what we do very, very well.

我想說的是，你可以從政治廣告中學到很多東西，因為它確實是我們做得非常非常好的事情的一個很好的縮影。

We talk about driving results for marketers.

我們討論如何幫助行銷人員取得成果。

And obviously, an election cycle is time bound.

顯然，選舉週期是有時間限制的。

They're very specific with respect to their targets.

他們對於自己的目標非常明確。

And Roku does a really good job delivering performance.

Roku 的效能確實非常出色。

So we've seen not just the growth, but I like what it portends in terms of our thesis that we can be a performance platform at the highest level.

因此，我們不僅看到了成長，而且我喜歡它預示著我們的論點，即我們可以成為最高水準的績效平台。

So yes, I think there'll be a continued shift to CTV and Roku specifically because of how well we deliver for advertisers improve ROI.

所以是的，我認為人們將繼續轉向 CTV 和 Roku，特別是因為我們為廣告主提供的服務能夠提高投資報酬率。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Clearly, the Roku Channel is delivering tremendous usage growth and giving a lot of available ad units to sell.

顯然，Roku 頻道的使用量正在大幅增長，並提供了大量可供銷售的廣告單元。

When you think about your success with political in the fourth quarter, did this crowd out other ad demand?

當您考慮到第四季度在政治方面的成功時，這是否擠佔了其他廣告需求？

Or do you think that just was all incremental when you think about inventory sales?

或者當您考慮庫存銷售時您是否認為這一切都只是增量？

Jason, this is Anthony.

傑森，這是安東尼。

I'll let Charlie take that question.

我讓查理來回答這個問題。

Sure.

當然。

Jason.

傑森。

Look, I think probably in the market, there were people who waited to get out of the political cycle to place some advertising.

看，我認為在市場上可能有些人等待擺脫政治週期而投放廣告。

So I think advertisers were making that choice -- for us, we have -- like you said, the Roku Channel grew 82% year-over-year.

所以我認為廣告商正在做出這樣的選擇——對於我們來說，就像你說的那樣，Roku 頻道比去年同期增長了 82%。

We have a lot of inventory, and that allows us to come to the market from a position of strength and really serve every part of demand -- on the demand curve and to service all types of pricing.

我們有大量庫存，這使我們能夠以強勢地位進入市場，真正滿足需求的每個部分——在需求曲線上並為所有類型的定價提供服務。

So for us, I think the question the incrementality, it's tough to say, but as I said before, one thing I'm sure of is our ability to target improved performance was really evident during the political cycle, and I think it served us well throughout the quarter, and we'll continue to do so into '25.

因此對我們來說，我認為增量問題很難說，但正如我之前所說，有一件事我可以肯定，那就是我們提高業績的目標能力在政治週期中非常明顯，我認為這對我們整個季度都起到了很好的作用，我們會在25年繼續這樣做。

Matt Condon, Citizens JMP.

馬特·康登（Matt Condon），公民 JMP。

My first is just on the home screen monetization.

我的第一個想法只是在主螢幕上實現貨幣化。

I understood that you guys have talked about video ads being placed there.

我知道你們談到了在那裡投放視頻廣告。

I know it was in beta.

我知道它還處於測試階段。

There's no mention of it in the shareholder letter.

股東信中沒有提到此事。

So I just wanted to touch base on that and see that's progressing?

所以我只是想了解一下情況並看看進展如何？

And maybe what are the levers you guys have there to increase monetization.

也許你們可以利用哪些手段增加貨幣化？

And then my second question is just on device revenue and gross profit margins understood.

我的第二個問題是關於設備收入和毛利率。

I think it was an increased discounting period during the holiday, but it does seem like it carried over into 1Q.

我認為這是假期期間折扣延長的時期，但它似乎延續到了第一季。

So I'm just trying to make sure that there wasn't any sort of increased competitive intensity in the quarter and into 1Q.

所以我只是想確保本季和第一季的競爭強度不會加劇。

Matt, this is Anthony.

馬特，這是安東尼。

I'll let Charlie talk about video ads and just how that plays into our overall ad strategy.

我將讓查理談論影片廣告以及它在我們的整體廣告策略中的作用。

And then I'll take your follow-on question about device margin.

然後我將回答您關於設備裕度的後續問題。

I will say the -- just before I turn it over to Charlie, our strategy of making better use of our home screen is not just about putting a marquee video ad on the home stream, for example, like we are -- we are very careful about putting ads on our home screen.

在我把它交給查理之前，我要說的是，我們更好地利用主螢幕的策略不僅僅是在主頁上放置一個影片廣告，例如，像我們一樣——我們非常謹慎地在主螢幕上放置廣告。

I mean, we're very focused on both driving more monetization but also driving increased customer satisfaction.

我的意思是，我們非常注重提高貨幣化水平，同時也專注於提高客戶滿意度。

We have a very iconic home screen, consumers love it.

我們有一個非常標誌性的主螢幕，消費者很喜歡它。

We have no intention of breaking it.

我們無意破壞它。

So putting video ads strategically in different locations on our home screen is part of it.

因此，在主螢幕的不同位置策略性地放置影片廣告是其中的一部分。

But also, for example, we added -- we added one row of content recommendations on our home screen.

但例如，我們在主畫面上新增了一行內容推薦。

That alone is driving significant more engagement in the Roku Channel and also driving a lot of subscriptions as well.

光是這一點就大大提高了 Roku 頻道的參與度，同時也帶來了大量訂閱。

So that's another example of like how do we use our home screen to drive more monetization.

這是我們如何使用主螢幕來推動更多貨幣化的另一個例子。

But let me -- Charlie can talk about our ad strategy and how things like the marquee video ads fit into our overall strategy.

但請允許我——查理可以談談我們的廣告策略，以及諸如大型影片廣告之類的東西如何融入我們的整體策略。

And then you can -- Charlie can turn it back over to me and we'll talk about device margins.

然後你就可以——查理可以把它轉回給我，我們會討論設備利潤。

Thanks, Anthony.

謝謝，安東尼。

Look, Anthony is right, the home screen is a proprietary asset, and it is doing very well in terms of demand for advertisers.

看，安東尼是對的，主螢幕是一種專有資產，而且從廣告商的需求來看，它表現得非常好。

We call it the Roku Experience, everything that an advertiser can participate in inside the UI is considered part of the Roku Experience.

我們稱之為 Roku 體驗，廣告主在 UI 中可以參與的一切都被視為 Roku 體驗的一部分。

And we've been talking a lot to you guys about our demand diversification.

我們一直在和你們討論我們的需求多元化問題。

And really over the last few quarters, we've diversified demand.

事實上，在過去幾個季度裡，我們實現了需求多樣化。

And I believe the home screen placements are a big part of that.

我相信主螢幕的位置是其中很重要的一部分。

So the Roku Experience advertising I mentioned in the letter were Pepsi and NEUTROGENA, but there were all sorts of advertisers, you took advantage of not just the marquee video unit that Anthony mentioned, which now puts video on the home screen, but we do integrations that include shopability.

因此，我在信中提到的 Roku Experience 廣告是百事可樂和露得清的，但還有各種各樣的廣告商，您不僅可以利用安東尼提到的大型視頻單元（現在將視頻放在主屏幕上），而且我們還進行了包括購物功能在內的整合。

We have integrations where we built showcases where people can go in and look at the color of the car that we're advertising, and it's really impact driving and performance.

我們建立了展示櫃，人們可以進去查看我們所宣傳的汽車的顏色，這確實對駕駛和性能產生了影響。

Roku in the macro is living at the intersection of two of the fastest-growing segments in advertising, I would say, commerce-driven solutions, which again, our Roku Experience units performed really well.

宏觀上看，Roku 處於廣告業兩個成長最快的領域的交匯處，我想說，它們是商業驅動的解決方案，而我們的 Roku Experience 部門表現非常出色。

And then just the move from linear to CTV and streaming.

然後從線性轉向CTV和串流媒體。

And so all of the unique products in the Roku Experience and the integrations we do allow us to prove business results for our marketers, not just M&A anymore, but marketers of every category.

因此，Roku Experience 中的所有獨特產品和我們所做的整合使我們能夠為行銷人員證明業務成果，不再僅限於併購，而是每個類別的行銷人員。

So it's working really, really well.

所以它的效果確實非常好。

Anthony, if you want to take part two?

安東尼，你想參加第二部嗎？

Yes.

是的。

So device revenue and gross margin.

因此設備收入和毛利率。

So let me -- I'll just repeat what I said before, which is that we're very happy with the progress we're making ongoing streaming households.

所以，讓我——我只想重複一下之前說過的話，那就是我們對串流媒體家庭持續發展的進展感到非常高興。

We passed 90 million streaming households globally.

我們的全球串流媒體家庭數量已超過 9000 萬。

We're growing both in the US and internationally.

我們在美國和國際上都在發展。

In the US, we passed half of all broadband households.

在美國，我們的寬頻覆蓋範圍已超過一半。

We added over 4 million streaming households in the quarter.

本季度，我們增加了 400 多萬個串流媒體家庭。

We're making great progress.

我們正在取得巨大進步。

I expect that growth to continue.

我預計這種增長將會持續下去。

We expect to continue to grow streaming households, both in US and outside the US.

我們預計，無論在美國國內還是國外，串流媒體家庭的數量都將繼續增長。

But in terms of your question about devices and gross margins in revenue, let me turn it over to Dan.

但是關於設備和收入毛利率的問題，讓我把它交給丹。

Yes.

是的。

Thank you, Matt, for the question.

謝謝馬特提出的問題。

It's Dan here.

我是丹。

So I think as you mentioned, like during the holidays, the market had high expectations for unit sales.

所以我認為正如你所提到的，在假期期間，市場對單位銷售抱有很高的期望。

And from an overall market perspective, that did not materialize.

從整體市場角度來看，這個目標並未實現。

And a lot of excess inventory across the market did drive pricing down, including at Roku.

市場上大量的過剩庫存確實壓低了價格，包括 Roku 的情況。

This did impact our revenue and our device gross profit for Q4.

這確實影響了我們第四季的營收和設備毛利。

It led to an excess inventory position in Q4, which will impact Q1.

這導致第四季度庫存過剩，並將影響第一季。

It will -- this will carry over just the excess inventory and basically, this is primarily in our first-party TV business.

這將會結轉多餘的庫存，基本上，這主要在我們的第一方電視業務中。

But for the full year -- and so we do expect margins to come to rationalize to a more normal device margin level, that's in our guide.

但是就全年而言 - 我們確實預計利潤率將趨於合理，達到更正常的設備利潤率水平，這是我們的指導範圍之內。

So for the full year, we're guiding to roughly flat dollars for device gross profit relative to 2024.

因此，就全年而言，我們預計設備毛利與 2024 年相比大致持平。

That's on higher device revenue, so margins are improving.

這是由於設備收入增加，因此利潤率正在提高。

And our guide does factor in what we would expect from the market pricing going into this year.

我們的指南確實考慮了我們對今年市場定價的預期。

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

On the call, you talked a lot about the strength and the strong ad performance in the quarter and sort of your outlook and that advertising grew faster than overall platform revenue in Q4.

在電話會議中，您談了很多關於本季強勁的廣告表現以及您的展望，並指出第四季度的廣告收入成長速度快於整體平台收入。

Maybe if you could sort of segment the top one or two things that are going really right in the ad business.

也許你可以細分出廣告業務中真正進展順利的一兩件事。

I'm sure there's a bunch of things coming together, driving the stronger performance, but maybe just get a sense of what's really driving the strong performance in that business?

我確信有很多因素共同作用，推動了更強勁的表現，但也許我們只是了解真正推動該業務強勁表現的因素是什麼？

And then I have a follow-up, please.

然後我還有一個後續問題。

Yes, I think -- this is Anthony.

是的，我想──這是安東尼。

I mean, all three parts of our strategies to grow platform revenue are really working well.

我的意思是，我們增加平台收入的策略的所有三個部分都確實運作良好。

We are making better use of our home screen to drive more engagement and to drive more subscriptions to drive more ad revenue.

我們正在更好地利用主螢幕來推動更多的參與、推動更多的訂閱，從而帶來更多的廣告收入。

There's more -- I think there's still a lot of room to grow there, but that's going well.

還有更多——我認為那裡仍有很大的發展空間，但進展順利。

The integrations with third-party DSPs to drive more end demand, those are going well.

與第三方 DSP 的整合將推動更多的終端需求，這些需求進展順利。

We're continuing to work on that.

我們正在繼續努力。

We're continuing to deepen those.

我們正在繼續深化這些。

And then subscription, subscription is a good business for us.

然後是訂閱，訂閱對我們來說是一項很好的業務。

And it's -- and it's growing both the premium subscriptions and the direct-to-consumer subscriptions.

而且它的高級訂閱和直接面向消費者的訂閱都在成長。

And there's just a lot of things to -- a lot of product changes, product improvements as well as partnership improvements, additional partners that are all good and are driving that business.

還有很多事情要做——很多產品變化、產品改進以及合作夥伴關係改進，增加合作夥伴，這些都很好，並推動著業務的發展。

So at a high level, that's what I'm seeing.

從高層次來看，這就是我所看到的。

I don't know Charlie or Dan, did you have anything to add or you got it?

我不認識查理或丹，你們還有什麼要補充的嗎，或者你們懂了嗎？

You got it.

你明白了。

You're absolutely right, obviously, with all those areas.

顯然，對於所有這些領域，您都是完全正確的。

I'll say one other thing we're able to do is we really can come to the market from a position of strength because of the growth of our inventory.

我想說的是，我們能夠做的另一件事是，由於庫存的成長，我們確實能夠以強勢地位進入市場。

We have the volume, the competitive pricing and the products at every price point on the demand curve.

我們擁有足夠的產量、有競爭力的定價以及需求曲線上每個價格點的產品。

So you start to look the way the market is moving, and Roku is really well positioned to optimize the premium side of our inventory, our sponsorships, our sports, our Roku City, all of the premium inventory, and we can service all the way down the demand chain to folks who don't need those signals are willing to take a different inventory mix.

因此，你開始關注市場的發展方向，Roku 確實處於有利地位，可以優化我們庫存的高端部分，我們的贊助、我們的體育、我們的 Roku City 以及所有的高端庫存，我們可以為整個需求鏈提供服務，滿足那些不需要這些信號但願意採用不同庫存組合的人們的需求。

So I very much like the fact that we are growing in this environment and have the kind of volume and competitive pricing flexibility and products at every point.

因此，我非常喜歡我們在這樣的環境中成長，並且在每個階段都擁有這樣的產量和有競爭力的定價靈活性以及產品。

Great.

偉大的。

And then just a quick follow-up for I guess one for Dan.

然後我猜接下來要跟進的是丹的問題。

In the letter, you talked about wanting to provide a clear and accurate outlook based on latest info rather than conservatism.

在信中，您談到希望根據最新資訊而不是保守主義提供清晰、準確的觀點。

I'm just curious, has your approach to guidance changed since last call?

我只是好奇，自上次通話以來，您的指導方法有改變嗎？

Just kind of curious, anything you could add on that within the letter.

只是有點好奇，您還可以在信中添加什麼內容。

Yes, it's a good call out, Ralph.

是的，這是一個很好的呼籲，拉爾夫。

What we're trying to do is just provide not just Q1 this year, obviously, but full year and give the outside all the -- using all the data points we have.

我們要做的顯然不僅僅是提供今年第一季的數據，而是提供全年的數據，並使用我們擁有的所有數據點向外界提供所有資訊。

Obviously, the ad industry can be very choppy and volatile from quarter-to-quarter.

顯然，廣告業每季的表現都會非常不穩定且波動。

But we're providing our best view that we see for all -- for Q1 and for all of 2025.

但我們為所有人提供了我們所看到的最佳觀點——針對第一季以及整個 2025 年。

So again, I think we're just saying, hey, this is our view internally on what we see for Q1 and for the full year.

所以，我認為我們只是說，嘿，這是我們對第一季和全年情況的內部看法。

Obviously, we'll update everybody each quarter as we go through it.

顯然，我們會在每季向大家通報進度。

But it's not a guide out there that we would say is overly conservative.

但我們不會說這是一個過於保守的指南。

It's our view of what we would expect for 2025.

這是我們對 2025 年的預期。

Steve Cahall, Wells Fargo.

富國銀行的史蒂夫‧卡哈爾 (Steve Cahall)。

First, it's on subscription.

首先，它是訂閱的。

So we've seen some prices go up at some of the streamers.

因此，我們看到部分彩帶的價格有所上漲。

Netflix took price up recently, but they're also guiding a flattish ARPU for the year.

Netflix 最近提高了價格，但他們預計今年的 ARPU 值將持平。

I think their expectation is that folks will down tier to the ad tier, and we've seen ARPU be kind of flattish with some of the other big streamers.

我認為他們的預期是人們會降低到廣告層級，而且我們已經看到 ARPU 與其他一些大型串流媒體的 ARPU 持平。

So I'm just wondering how that plays into your SSD revenue.

所以我只是想知道這對您的 SSD 收入有何影響。

If pricing goes up, but folks do end up on some of these lower subscription tiers, do you still get the acceleration of the pricing?

如果價格上漲，但人們最終還是選擇了一些較低的訂閱層級，那麼價格還能加速上漲嗎？

Does it flatten it out a little bit.

它是否讓它變得平坦一點？

So maybe you can just help us think about how some of these industry shifts towards ad-supported tiers that we're seeing rolls through SSD.

所以也許您可以幫助我們思考這些行業是如何轉向廣告支援層的，我們看到這些廣告支援層正在透過 SSD 滾動。

And then a couple of follow-ups on political.

然後再談一些政治方面的後續問題。

So just first, given how big the cycles are getting, this was a record cycle, and it seems like '26 could be similar to '24 from a cycle size.

首先，考慮到週期的大小，這是一個創紀錄的周期，從週期大小來看，'26 年可能與 '24 年相似。

Are you adding sales force to try to build into political more specifically and help the campaigns in the packs reach the younger audiences.

您是否正在增加銷售人員，試圖更具體地融入政治，並幫助包裝中的活動接觸更年輕的受眾。

And then lastly, Dan, sorry, I can't help myself on this one, but it seems like you probably would have had a pretty good idea of political when you reported Q3, and then you've said that the guidance isn't conservative.

最後，丹，抱歉，在這個問題上我沒法控制自己，但看起來你在報告第三季度時可能對政治有一個很好的了解，然後你說指導意見並不保守。

So maybe you can just help us understand how the political kind of came in as a surprise in Q4.

所以也許您可以幫助我們理解第四季度出現意外的政治事件的原因。

Steve, thanks for the three questions.

史蒂夫，謝謝你的三個問題。

On subscriptions, -- that's okay.

關於訂閱，--沒關係。

I'll turn it over to Dan.

我將把它交給丹。

I'll just say that we're not going into any specific deal because our deals vary our distribution deals.

我只想說，我們不會達成任何特定的交易，因為我們的交易因分銷交易而異。

But as a general matter, our deals are structured to allow us to win when our partners win.

但一般而言，我們的交易結構使得當我們的合作夥伴獲勝時，我們也能獲勝。

So if we sign up subscriptions, if we grow their engagement.

因此，如果我們註冊訂閱，我們就會增加他們的參與度。

So that often means Roku has some monetization based on subscription builds but also based on advertising.

所以這通常意味著 Roku 可以透過訂閱建立和廣告實現一定的盈利。

So -- but that's just kind of a general statement.

所以 — — 但這只是一種一般性的說法。

But let me turn it over to Dan.

但請讓我把它交給丹。

Yes.

是的。

Thanks, Steve.

謝謝，史蒂夫。

It's Dan.

是丹。

And Anthony is exactly right, like the way to think about subscriptions is the way all our deals are different across the different content -- different partners.

安東尼完全正確，思考訂閱的方式是我們所有的交易在不同內容——不同的合作夥伴——之間都是不同的。

But ultimately, like one of the ways I like to think about it is when they win, and we're going to win on the economics of it.

但最終，我喜歡思考的方式之一是，如果他們獲勝，那麼從經濟角度來說我們也會獲勝。

So as they go through and adjust their pricing to better reflect what's best for them, it's going to flow through to us, depending on the deal and the economics.

因此，當他們根據交易和經濟情況調整定價以更好地反映對他們最有利的因素時，這些價格也會轉移到我們身上。

And then I'm going to take the third question, and then I'll send it back to Anthony or Charlie on political.

然後我要回答第三個問題，然後我會把它交還給政治方面的安東尼或查理。

But the Q4 political did obviously surpass our expectations, really was a very strong end of political cycle.

但第四季的政治確實顯然超出了我們的預期，確實是一個非常強勁的政治週期結束。

We did know that there was demand and giving all the uncertainty going into the last month of political, but it did surpass our expectations for Q4.

我們確實知道存在需求，並考慮到上個月政治局勢的所有不確定性，但它確實超出了我們對第四季度的預期。

And a lot of that is due to Charlie and team and what they were able to do in the political, not just on the sales side but really with amazing focus on what we can do with targeting, political is very targeted.

這在很大程度上要歸功於查理和他的團隊，以及他們在政治領域所取得的成就，不僅僅是在銷售方面，而且他們真正專注於我們可以透過定位來做的事情，政治是非常有針對性的。

It's very performance driven, as Charlie said, and as Anthony said, we are just very focused on this.

正如查理所說，它非常注重性能，正如安東尼所說，我們只是非常關注這一點。

So I believe that this particular vertical will be a strength for us going forward.

因此我相信，這個特定的垂直領域將成為我們未來發展的優勢。

Q4 certainly showcased that I'll let Charlie talk about -- or Anthony talk about the political cycle and how they're thinking about it.

Q4 肯定表明我會讓查理談論——或者安東尼談論政治週期以及他們對此的看法。

Well, yes, let me just say one thing, and then I'll turn it over to Charlie.

好吧，是的，我只想說一件事，然後我會把它交給查理。

This is Anthony.

這是安東尼。

Political -- the other -- we were very focused on political as a vertical because we want to become good at it, and we knew there was a lot of opportunity there.

政治——另一方面——我們非常關注政治這個垂直領域，因為我們想在這方面做得好，我們知道那裡有很多機會。

It's very difficult for us to forecast because we haven't -- it's not something we do every day.

我們很難進行預測，因為我們沒有——這不是我們每天都要做的事情。

It's something we don't have a lot of history, something that we're improving our ability at.

這是我們歷史上沒有太多經驗的領域，我們正在提高這方面的能力。

So it's an area where forecasts are going to be uncertain.

因此這是一個預測不確定的領域。

So I think that was also a factor.

所以我認為這也是一個因素。

But Charlie, do you want to

但是查理，你想

--

--

There was also a candidate change, which changed the cadence in the middle of the election cycle.

候選人也發生了變化，改變了選舉週期中期的節奏。

But in general, we did staff up.

但總體來說，我們確實增加了員工。

I'm really proud of the whole ad sales team and the political team has done a tremendous job.

我為整個廣告銷售團隊和政治團隊所做的出色工作感到自豪。

And then I think as the cycle built and as we are successful serving our clients, in this case, political clients, more money is coming to Roku because it's performance.

然後我認為，隨著週期的建立以及我們成功地為客戶提供服務，在這個例子中是政治客戶，更多的錢將流入 Roku，因為它的表現。

And I think that it's a really good moment in time because it tests a lot of our skills.

我認為這是一個非常好的時刻，因為它考驗了我們的許多技能。

It shows us what we're good at and where we need to be better.

它告訴我們我們擅長什麼以及我們需要改進的地方。

And yes, we've already started talking about 2026 and even 2028 and how we're going to prepare for it on the staffing side, technology and all, but all signs that we're doing a lot of the right things, and we still have room to grow.

是的，我們已經開始談論 2026 年甚至 2028 年，以及我們將如何在人員配備、技術等方面為此做好準備，但所有跡像都表明我們正在做很多正確的事情，而且我們仍有成長空間。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

You guys have done a good job at slowing your OpEx growth rate recently.

你們最近在減緩營運支出成長率方面做得很好。

And when you think about your OpEx levels, particularly this year, curious where you see the most opportunity to become more efficient.

當您考慮自己的營運支出水準時，尤其是今年，您會好奇在哪裡看到了提高效率的最大機會。

Cameron, this is Anthony.

卡梅倫，這是安東尼。

Let me -- I'll just say, I think that we are very focused on continuing to grow our investment in our platform business while also being very disciplined about our OpEx levels.

我只想說，我認為我們非常專注於繼續增加對平台業務的投資，同時也對我們的營運支出水準非常嚴格。

And so areas to be more efficient.

如此一來各領域的效率就會更高。

Part of this is where do we hire employees.

其中一部分是我們在哪裡僱用員工。

I mean we have a lot of offices around the world, some of them in lower-cost regions versus, say, Silicon Valley.

我的意思是我們在世界各地有很多辦事處，其中一些位於成本較低的地區，例如矽谷。

So that's one strategy we're using is to hire more employees in lower-cost regions.

因此，我們採用的一個策略是在成本較低的地區僱用更多員工。

We're also looking hard at automation.

我們也正在努力研究自動化。

We've really bent the curve on our cloud costs, for example, by putting more resources into the software and writing more efficient software.

例如，透過在軟體上投入更多資源以及編寫更有效率的軟體，我們確實降低了雲端運算成本。

Obviously, we're looking at AI.

顯然，我們正在關注人工智慧。

There's lots of ways to improve efficiency, both in operations and on our -- and the customer experience using AI.

有很多方法可以提高效率，包括營運效率、以及使用人工智慧的客戶體驗。

So (inaudible) -- and so just in general, it's just a big focus for us.

所以（聽不清楚）——總的來說，這是我們關注的一個重點。

Execution in general is something we're really focused on.

整體來說，我們真正關注的是執行。

I don't know, do you want to talk about OpEx, Dan?

我不知道，你想談談 OpEx 嗎，丹？

Well, the only thing I would add on that, Anthony, is, of course, right, is that doing all what he said has allowed us to reallocate capital to the platform side of the business, while not losing any focus on our critical growing of scale on the device side.

嗯，安東尼，我唯一想補充的是，當然，這是對的，按照他說的做，我們就能夠將資本重新分配到業務的平台方面，同時又不會忽視我們在設備方面規模的關鍵增長。

So we feel very good about the investments that we're making on the platform side to continue to grow our platform revenue.

因此，我們對在平台方面進行的投資感到非常滿意，這將繼續增加我們的平台收入。

And we're able to do it because of everything Anthony just said, without adding a lot of external OpEx.

由於安東尼剛才所說的一切，我們能夠做到這一點，而無需增加大量的外部營運支出。

So it's really a balanced approach between operational discipline but continuing to invest in the platform side of the business, which again, we all feel very good about.

因此，這實際上是一種在營運紀律與繼續投資於業務平台方面之間取得平衡的方法，對此，我們都感到非常高興。

Got it.

知道了。

And then just secondly, curious how this response has been to the release of your self-serve ads manager.

其次，我很好奇大家對你們發布的自助廣告管理器的反應如何。

How are you thinking about the SMB opportunity, both in terms of timing and magnitude going forward?

您如何看待中小企業的機遇，包括未來的時機和規模？

This is Anthony.

這是安東尼。

I'll -- I mean, the response has been great, and I think it's a huge opportunity.

我的意思是，反應非常好，我認為這是一個巨大的機會。

I mean it's a very large market. very large market of advertisers that don't traditionally buy TV advertising that we can tap into.

我的意思是這是一個非常大的市場。我們可以利用這個非常大的市場，也就是傳統上不購買電視廣告的廣告主市場。

So it's something we're going to continue to invest in.

所以我們將繼續在這方面進行投資。

But Charlie, I don't know, I'll let you comment.

但是查理，我不知道，我讓你評論。

Yes, that's absolutely right.

是的，完全正確。

And it fits -- and with our strategy, we've talked a lot about demand diversification and the small and medium-sized businesses, it is incremental, and these are early days, but we like the trajectory and it's really going to diversify our demand well beyond the top 500 advertisers, which is terrific.

這是符合的——而且根據我們的策略，我們已經討論了很多關於需求多樣化和中小型企業的問題，這是漸進的，現在還處於早期階段，但我們喜歡這種軌跡，而且它確實會使我們的需求多樣化，遠遠超出前 500 名廣告商，這是非常好的。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

It's sort of -- it's one question, but sort of three parts, humor me for a few.

這有點像——這是一個問題，但又分為三個部分，讓我想說幾點。

I'm curious how you think about the lifetime value impact of a Roku active account subscriber who subscribe to at least one of these premium subscription offerings that you're talking a lot about in both your letter and on the call earlier.

我很好奇，您如何看待 Roku 活躍帳戶訂閱者的終身價值影響，這些訂閱者至少訂閱了其中一種高級訂閱服務，您在之前的信函和電話中都多次談到過這一點。

It feels like once you've subscribed using Roku as you're sort of how you subscribe it?

感覺就像您使用 Roku 訂閱後一樣，您是如何訂閱的？

We think that has a real lock-in effect.

我們認為這具有真正的鎖定效應。

But I was wondering if there's anything you've seen in terms of what happens to people getting different devices in the future or not being an active account and how it changes when they have at least one subscription tied to Roku.

但我想知道，當人們將來購買不同的設備或沒有活躍帳戶時，您是否看到過什麼情況，以及當他們至少有一個與 Roku 綁定的訂閱時，情況會發生怎樣的變化。

And sort of the other side of it is what happens for the provider, whether it's Max or any of your premium subscription partners, what have they -- do they see much lower churn when they work with Roku?

另一方面，對於提供者來說，無論是 Max 還是您的任何高級訂閱合作夥伴，他們與 Roku 合作時的客戶流失率是否會降低很多？

I know some have seen higher churn with Amazon.

我知道有些人已經看到了亞馬遜更高的客戶流失率。

I'm just curious sort of what the experience has been with Roku.

我只是好奇 Roku 的體驗如何。

And then lastly, just sort of tied into all of this, do you bundle these subscriptions over time and create your own packages of multiple of these?

最後，將所有這些聯繫在一起，您是否會隨著時間的推移捆綁這些訂閱並創建自己的多個訂閱包？

Or how do you see that changing over time?

或者您認為隨著時間的推移，這種情況會如何變化？

Rich, thanks for your question.

里奇，謝謝你的提問。

This is Anthony.

這是安東尼。

Let's see.

讓我們來看看。

So I would -- first of all, I can't really comment on churn rates of different aspects of our business.

所以我想——首先，我無法真正評論我們業務不同方面的客戶流失率。

I would just say on that point, we're very focused on lifetime value, churn, customer experience.

我只想說，關於這一點，我們非常關注終身價值、客戶流失和客戶體驗。

And I think we're good at it, and I think we understand it quite well.

我認為我們在這方面很擅長，而且我們對此理解得相當透徹。

Obviously, we're always trying to get better, but it's a big area of our data science team and analytics.

顯然，我們一直在努力變得更好，但這是我們數據科學團隊和分析的一個重要領域。

We're focused on our subscription business.

我們專注於訂閱業務。

We're focused on growing both premium subscriptions and our direct-to-consumer subscriptions for our app partners.

我們專注於為我們的應用程式合作夥伴增加高級訂閱和直接面向消費者的訂閱。

So we have teams working on both we're happy when we get a new subscriber no matter whether it's a premium subscription or a direct-to-consumer subscription.

因此，我們有一個團隊致力於這兩項工作，當我們獲得新訂閱者時，我們會很高興，無論是高級訂閱還是直接面向消費者的訂閱。

I would say they both are generally positive in terms of retention because they both use our Roku Pay billing system.

我想說他們在保留方面總體上都是積極的，因為他們都使用我們的 Roku Pay 計費系統。

And so it gets the consumer into habit of using our billing system, they'll have a method of payment on file.

這樣，消費者就會養成使用我們的計費系統的習慣，他們就會在檔案中保存付款方式。

But yes, I think in general, we aspire to get a higher segment of our customers paying for subscriptions through Roku Pay and through our billing system.

但是的，我認為總的來說，我們希望讓更多的客戶透過 Roku Pay 和我們的計費系統支付訂閱費用。

It's an area I think is an area of a big opportunity for us because I would say if you can -- I mean, compared to some of our competitors, we're actually a little bit behind on premium subscriptions.

我認為這對我們來說是一個很大的機會領域，因為我想說，如果你可以的話——我的意思是，與我們的一些競爭對手相比，我們在高級訂閱方面實際上有點落後。

I mean it's a big business for us, but it could be a lot bigger if you compare it to, say, where some of our competitors are versus other areas of business where we're well ahead most areas of our business, we're well ahead of our competitors.

我的意思是，這對我們來說是一項大生意，但如果你將它與我們的一些競爭對手相比，與其他業務領域相比，它可能要大得多，我們在大多數業務領域都遙遙領先，我們遠遠領先於競爭對手。

But this is one area where I think there's opportunity that we're sort of below where we should be and where we will be.

但我認為，這是一個有機會的領域，我們現在的水平還遠遠沒有達到我們應該達到的水平和我們將要達到的水平。

Alan Gould, Loop Capital.

艾倫·古爾德（Alan Gould），Loop Capital。

I've got two.

我有兩個。

One, can you give us an update on what's happening on your international expansion?

第一，能否向我們介紹一下你們國際擴張的最新進展？

And secondly, is M&E still a headwind?

其次，M&E 是否仍是阻力？

Or are we past the tough comps there?

或者說我們已經度過了那場艱難的比賽了？

Maybe throw a third one in, Dan.

也許可以再加第三個，丹。

Was there any 606 adjustment in the quarter?

本季有 606 調整嗎？

Yes, Alan, thanks for that single three-part question.

是的，艾倫，謝謝你提出這個由三個部分組成的問題。

Let's see. -- international expansion, this is Anthony.

讓我們來看看。 ——國際擴張，我是安東尼。

I mean we're doing -- very pleased with our progress internationally.

我的意思是，我們對我們在國際上的進展感到非常高興。

We're making great progress.

我們正在取得巨大進步。

I mean just to remind everyone, the primary markets we're focused on right now is the Americas, North America, Central America, Latin America and the UK.

我只是想提醒大家，我們目前關注的主要市場是美洲、北美、中美洲、拉丁美洲和英國。

We're number one.

我們是第一。

We're the numbering platform in Canada and Mexico and obviously, the US, we're growing fast in Latin America generally, where our growth is starting to accelerate in the UK.

我們是加拿大、墨西哥和美國的號碼平台，總體而言，我們在拉丁美洲發展迅速，其中在英國我們的成長也開始加速。

So we're making good progress in the markets we're focused on, I would say, great progress.

因此，我們在我們關注的市場中取得了良好的進展，我想說，巨大的進展。

And we do that the normal ways we're focused on lots of new Roku TV partners.

我們以通常的方式關注眾多新的 Roku 電視合作夥伴。

We have new Roku TV partners in Brazil, Colombia, Chile and Peru, for example.

例如，我們在巴西、哥倫比亞、智利和秘魯都有新的 Roku 電視合作夥伴。

In UK, we expanded a number of RofiTV partners as well as retail distribution partners.

在英國，我們擴大了 RofiTV 合作夥伴以及零售分銷合作夥伴的數量。

I would say internationally, in most markets, except for maybe Canada, we're still focused primarily on scale of streaming households and less so on monetization, but that will come.

我想說，在國際上，在大多數市場（也許除了加拿大），我們仍然主要關注串流媒體家庭的規模，而不是貨幣化，但這將會發生。

And I think last quarter, we said we expect to reach 100 million streaming households in the next 12 to 18 months.

我們在上個季度就表示，預計未來 12 到 18 個月內串流媒體家庭數量將達到 1 億。

We're on track to do that.

我們正按計劃進行。

International is a big part of that.

國際化是其中很重要的一環。

So it's going well.

一切進展順利。

I don't know, Dan, do you want to add anything on international?

我不知道，丹，你想補充一些關於國際的內容嗎？

Yes.

是的。

Let me just -- I'll just add a little bit to that.

讓我——我只想補充一點。

As Anthony said, like we're in different stages of our scale and monetization on the international front.

正如安東尼所說，我們在國際規模和貨幣化方面處於不同階段。

He mentioned Canada where we are actually very focused on monetization.

他提到了加拿大，我們實際上非常注重貨幣化。

It's growing very well.

它生長得很好。

We're actually hiring more locally in Canada even to double down in that area.

事實上，我們正​​在加拿大當地招募更多員工，甚至將該地區的勞動力數量翻了一番。

In Mexico, we actually have scale.

在墨西哥，我們實際上已經具有規模。

We've reached scale.

我們已經達到了規模。

And I think we're over 40% of broadband penetration in Mexico, and we're really now starting to turn our focus on monetization.

我認為我們的寬頻普及率在墨西哥已經超過 40%，現在我們開始真正將重點轉向貨幣化。

We haven't monetize in a meaningful way there because of the market.

由於市場原因，我們尚未在那裡以有意義的方式實現盈利。

And now that we've got the scale, that is going to be a focus point for us going forward.

現在我們已經有了規模，這將成為我們未來關注的重點。

And then in other countries like Brazil and what we'd call the rest of Latin America, we are in our growing scale phase.

然後在巴西等其他國家以及我們所說的拉丁美洲的其他國家，我們正處於規模成長階段。

And so we're not actively in any big way monetizing those areas yet.

因此，我們尚未積極地以任何大規模的方式將這些領域商業化。

But all this will come over time, and we would expect as both our scale continues to grow and as importantly, as these markets move to digital advertising that we're going to be in a great position to take advantage of that, especially given our number one position in like Mexico and other areas of Latin America and South America.

但這一切都需要時間才能實現，我們預計，隨著我們的規模不斷增長，而且同樣重要的是，隨著這些市場轉向數位廣告，我們將處於有利位置來利用這一點，特別是考慮到我們在墨西哥和拉丁美洲及南美洲其他地區的第一地位。

So it will take some time.

所以這需要一些時間。

I would expect that international revenue does become a more meaningful part of our net revenue over time as we continue to build the scale and ultimately get to the monetization side of the business.

我希望，隨著我們不斷擴大規模並最終進入業務貨幣化階段，國際收入將逐漸成為我們淨收入中更有意義的一部分。

On M&A, I'll turn it back to Anthony.

關於併購，我會把話題轉回給安東尼。

Do you want to take the M&A question?

您想回答有關併購的問題嗎？

Yes, M&A is something we're really good at.

是的，併購是我們擅長的。

We continue to improve the Roku Experience units that I mentioned earlier.

我們將繼續改進我之前提到的 Roku Experience 單元。

And actually, we've diversified beyond M&A for those units from revenue from non-M&E brands supporting all those Roku experiences on the platform is healthy, and we see a ton of advertisers coming in where it was just M&E before.

實際上，我們已經實現了業務多元化，不再局限於併購，而是從非媒體和娛樂品牌的收入中支持 Roku 在平台上的所有體驗，這是非常健康的，我們看到大量廣告商湧入之前只是媒體和娛樂業務的地方。

Anthony mentioned the Roku, I mean the marquee video ad.

安東尼提到了 Roku，我指的是大型影片廣告。

I will say we're not reliant on M&A for business results like we used to.

我想說的是，我們不再像以前一樣依賴併購來取得業務成果。

We're not reliant on any one category, like we used to be.

我們不再像以前一樣依賴任何一個類別。

M&E is going well, and we see opportunity for strength in the category going into '25.

M&E 進展順利，我們看到了進入 25 年該類別的強勁發展機會。

To the last question, I'll take the last question on 606.

對於最後一個問題，我將回答關於 606 的最後一個問題。

There was a very small 606 adjustment in Q4.

第四季的調整幅度非常小，為 606。

I think I mentioned earlier like we do not expect 606 adjustments going forward.

我想我之前提到過，我們預計未來不會有 606 項調整。

Our guide for 2025 does not have any 606 adjustments in there.

我們的 2025 年指南中沒有任何 606 項調整。

Just given the way we've structured our agreements and the accounting policy we apply against them.

只是給出了我們制定協議的方式以及針對協議所採用的會計政策。

We don't believe 606 will be in our numbers on a go-forward basis.

我們認為，今後我們的數字將不再是 606。

Barton Crockett, Rosenblatt.

巴頓·克羅克特、羅森布拉特。

Okay.

好的。

Great.

偉大的。

I guess I was curious about some of the news flow overnight.

我想我對昨晚發生的一些新聞感到好奇。

So one of your business partners, the Trade Desk was talking about some disappointment in their trends.

您的一位業務合作夥伴 Trade Desk 正在談論他們對趨勢的一些失望。

And it raises the question about their relationship with you, which you guys have called out last quarter as a source of strength.

這也引發了有關他們與你們的關係的問題，上個季度你們曾指出，這種關係是力量的來源。

And just this DSP channel generally where there's some competitive kind of gyrations and I'm just wondering if you could comment on the health of that relationship and the health of DSPs generally with you guys.

通常，DSP 管道中存在一些競爭性的波動，我只是想知道您是否可以評論一下這種關係的健康狀況以及 DSP 的整體健康狀況。

Barton, this is Anthony.

巴頓，這是安東尼。

I'll just make a comment, and I'll turn it over to Charlie, I think.

我只是發表一下評論，然後我想我會把它交給查理。

So just in general, I think we have a great relationship with the Trade Desk.

總的來說，我認為我們與 Trade Desk 的關係很好。

I mean it's a very productive business relationship.

我的意思是這是一種非常有成效的業務關係。

We're obviously a very large supplier of ad inventory for the Connected TV.

顯然，我們是聯網電視領域廣告庫存的大型供應商。

That's important to their business.

這對他們的業務來說很重要。

They're also helping bring us additional demand.

他們也幫助我們帶來額外的需求。

So it's a mutually beneficial relationship.

所以這是一種互惠互利的關係。

I don't really follow Trade Desk and their stocks.

我不太關注 Trade Desk 和他們的股票。

I don't know -- I don't read the earnings.

我不知道——我沒有看過收益表。

I'm not sure what's going on there.

我不確定那裡發生了什麼事。

But I'll just say that I think our relationship is generally good.

但我只想說，我認為我們的關係總體上很好。

I mean -- but we're focused on all demand side platform is -- we want to be as diversified as possible.

我的意思是 - 但我們專注於所有需求方平台 - 我們希望盡可能地多樣化。

Trade Desk is an important partner, but there's a lot of other big DSPs out there. and we're working with all of them.

Trade Desk 是我們重要的合作夥伴，但還有很多其他大型 DSP。我們正在和他們所有人合作。

So I don't know, Charlie, do you want to add anything?

所以我不知道，查理，你想補充什麼嗎？

That's right.

這是正確的。

We have integrations now with every major demand and supply side platform.

我們現在已經與每個主要的供需方平台進行了整合。

And we're working really diligently not just to beyond them because we've done that, but to optimize those relationships and drive marketer results.

我們非常努力地工作，不僅為了超越他們，因為我們已經做到了這一點，而且為了優化這些關係並推動行銷人員取得成果。

So Anthony's right, Trade Desk is a great partner.

因此，安東尼是對的，Trade Desk 是一個很好的合作夥伴。

But not only are we expanding partnerships we're building deeper integrations with all of them.

但我們不僅在擴大合作關係，還在與所有合作夥伴建立更深層的整合。

And this will drive more demand.

這將推動更多的需求。

We're growing the number of advertisers we serve and the types of advertisers we serve.

我們服務的廣告商的數量和類型都在增加。

And I think you're seeing signs that we're growing share of wallet.

我認為你已經看到了我們的錢包份額正在增長的跡象。

Earlier, we mentioned the Roku Channel being up 82% year-over-year.

之前，我們提到 Roku 頻道年增了 82%。

So we have a lot of inventory -- and more importantly, we have a lot of high-fidelity signals that make us a great partner, not just for the DSPs, but for agencies and inevitably for marketers, which is the most important.

因此，我們擁有大量的庫存——更重要的是，我們擁有大量的高保真信號，這使我們成為一個很好的合作夥伴，不僅對 DSP 如此，對代理商也如此，對營銷人員也同樣如此，這是最重要的。

So we'll continue to do more integrations with the DSPs and the SSPs and expand our ability to serve the entire demand curve, as I said earlier, at multiple price points.

因此，我們將繼續與 DSP 和 SSP 進行更多整合，並擴大我們以多個價格點滿足整個需求曲線的能力，正如我之前所說。

So really, Barton, in the macro, what's happening is that we're driving incremental revenue and partnerships.

所以巴頓，從宏觀角度來看，實際上我們正在推動增量收入和合作夥伴關係。

And as we do so, you'll see us ensure our inventory is available to advertisers and whichever platforms are easiest and most efficient for them to activate.

當我們這樣做時，您會看到我們確保我們的庫存可供廣告商使用，並且他們可以使用最簡單、最有效的平台來啟動它們。

And you'll see us ensure that our data and our inventory partnerships are optimized, which makes Roku inventory more visible programmatically.

您將看到我們確保我們的資料和庫存合作夥伴關係得到最佳化，這使得 Roku 庫存在程式上更加可見。

And all these partnerships are becoming more and more accountable to our clients.

所有這些合作夥伴關係對我們的客戶越來越負責。

So really, at the highest level, we're driving better performance for advertisers across all sorts of platform relationships, and this should lead to deeper partnerships and more meaningful investment for Roku.

因此，實際上，在最高層面上，我們正​​在透過各種平台關係為廣告商帶來更好的業績，這將為 Roku 帶來更深層的合作夥伴關係和更有意義的投資。

Okay.

好的。

And then if I could just ask one other thing.

然後我是否可以再問一件事。

The -- in the news, trade wars, tariffs, does this mean anything for you guys?

新聞裡的貿易戰、關稅，這些對你們來說代表什麼嗎？

Is there any risk on devices from the tariffs in China, any impact on advertising flows?

中國徵收關稅是否會對設備造成風險？

I know Ford was cautionary about what steel could do to autos, the de minimis could affect e-commerce.

我知道福特對鋼鐵可能對汽車造成的損害持謹慎態度，輕微的損害可能會影響電子商務。

Are you seeing anything?

你看到什麼了嗎？

Yes.

是的。

This is Anthony, I'll comment on that.

我是安東尼，我將對此發表評論。

Let me just also just wrap up on Trade Desk.

讓我對 Trade Desk 的問題做最後總結。

I'll just say that just in summary, they're a good partner.

我只想說，總而言之，他們是個很好的合作夥伴。

We enjoy working with them, and it's a mutually beneficial relationship.

我們很高興與他們合作，這是一種互惠互利的關係。

I don't think that's going to change.

我認為這不會改變。

In terms of tariffs, I mean -- well, I'll just say at a high level, we don't believe tariffs.

關於關稅，我的意思是——好吧，我只想說，從高層次上講，我們不相信關稅。

I mean, there's a lot of different rumors about tariffs or discussions about tariffs.

我的意思是，關於關稅有很多不同的謠言或討論。

But in general, from what we can tell, we don't believe the tariffs will have a material impact on our business.

但總體而言，從我們目前的情況來看，我們認為關稅不會對我們的業務產生重大影響。

And I'll turn it over to Mostafa to maybe explain in a little more detail why that's the case.

我將把這個問題交給穆斯塔法，讓他更詳細地解釋為什麼會發生這種情況。

Barton, this is Mustafa speaking.

巴頓，我是穆斯塔法。

Look, while tariffs could have a broad impact on the industry in general.

雖然關稅可能會對整個產業產生廣泛影響。

We believe the impact on Roku will be minimal.

我們相信這對 Roku 的影響將是微不足道的。

Manufacturing of our first-party products is already diversified around the world.

我們第一方產品的製造已在世界各地多樣化。

So we are not really overly impacted by a single country concentration, for example, China concentration.

因此，我們實際上並沒有受到單一國家集中度（例如中國集中度）的過度影響。

And also, we believe that higher-end TV prices actually may need to be raised to compensate for tariffs impact.

此外，我們認為高階電視價格實際上可能需要提高以彌補關稅的影響。

This actually could move some customers into the value segment where we are really strongly positioned.

這實際上可以將一些客戶轉移到我們佔據強勢地位的價值領域。

So we may see some benefit from the tariffs in general.

因此，總體而言，我們可能會看到關稅帶來一些好處。

Yes, this is Dan, Barton.

是的，我是丹巴頓。

I just want to add to what Mustafa said.

我只是想補充一下穆斯塔法所說的話。

From a device perspective, like any impact on our gross margin related to tariffs, we believe would be immaterial and we don't expect any impact on the platform revenue side of the business.

從設備角度來看，就像與關稅相關的對我們的毛利率的任何影響一樣，我們認為這都是微不足道的，我們預計這不會對平台收入業務產生任何影響。

To your point on certain verticals, there's always that possibility that certain verticals are impacted in general.

關於您提到的某些垂直行業，總體而言，某些垂直行業總是有可能受到影響。

But again, we're very well diversified.

但同樣，我們的多元化程度很高。

Charlie talked a lot about that earlier.

查理之前已經多次談論過這一點。

So we don't see any issue on the platform side right now as it relates to tariffs.

因此，我們目前沒有發現平台方面有任何與關稅相關的問題。

Thank you.

謝謝。

I would now like to hand the call back over to Anthony Wood for closing remarks.

現在我想將發言權交還給安東尼·伍德，請他作最後發言。

I'd just like to thank our employees, customers advertisers and content partners, and thank you for listening.

我只想感謝我們的員工、客戶、廣告商和內容合作夥伴，感謝大家的聆聽。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。