Roku Inc (ROKU) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Roku first quarter 2025 earnings call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Roku 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

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·格羅德 (Conrad Grodd)。請繼續。

Thank you, operator. Welcome to Roku's first quarter 2025 earnings call. On today's call are Anthony Wood, Roku's Founder and CEO; Dan Jedda, our CFO; Charlie Collier, President Roku Media; and Mustafa Ozgen, President, Devices. Our full results and additional management commentary are available in our shareholder letter on our IR website at roku.com/investor.

謝謝您，接線生。歡迎參加 Roku 2025 年第一季財報電話會議。參加今天電話會議的有 Roku 創辦人兼執行長 Anthony Wood；我們的財務長 Dan Jedda； Roku Media 總裁 Charlie Collier；以及設備業務總裁 Mustafa Ozgen。我們的完整績效和其他管理評論可在我們 IR 網站 roku.com/investor 上的股東信函中找到。

On this call, we'll make forward-looking statements which is 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.

在本次電話會議中，我們將做出前瞻性陳述，這些陳述具有風險和不確定性。請參閱我們的股東信函和定期向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與這些前瞻性陳述有重大差異的風險因素。

We'll also present GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most comparable GAAP financial measures are provided in our shareholder letter. Unless otherwise stated, all comparisons will be against the results for the comparable 2024 period.

我們也將介紹 GAAP 和非 GAAP 財務指標。我們在致股東的信中提供了非公認會計準則 (GAAP) 指標與最具可比性的 GAAP 財務指標的對帳表。除非另有說明，所有比較均以 2024 年可比較期間的結果為準。

With that, operator, our first question, please.

接線員，請問這是我們的第一個問題。

(Operator Instructions) Cory Carpenter, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的 Cory Carpenter。

Okay. I wanted to ask what's giving you confidence in reiterating the full year platform guide and EBITDA guide, just given the current market environment and uncertainty around tariffs. And perhaps related to that, could you just talk about the recent trends you're seeing in the platform business and in particular, on the advertising side.

好的。我想問一下，考慮到當前的市場環境和關稅的不確定性，是什麼讓您有信心重申全年平台指南和 EBITDA 指南。也許與此相關，您能否談談您在平台業務，特別是廣告方面看到的最新趨勢。

Cory, this is Anthony. I'll be happy to take that. And then I'll -- well, I'll take the first part, then I'll turn it over to Charlie to discuss the ads. So yes, that's correct. I mean we are -- in our letter, we reaffirmed our platform revenue and adjusted EBITDA outlook for the full year 2025.

科里，這是安東尼。我很樂意接受。然後我會——好吧，我會先講第一部分，然後我會把它交給查理來討論廣告。是的，這是正確的。我的意思是——在我們的信中，我們重申了我們的平台收入和 2025 年全年調整後的 EBITDA 前景。

I mean obviously, there's a lot of macro uncertainty, but there's a lot of Roku-specific positives that give us confidence -- give us the confidence to reaffirm our guidance for the full year.

我的意思是，顯然存在著許多宏觀不確定性，但也有很多 Roku 特有的積極因素給了我們信心——讓我們有信心重申我們對全年的指導。

So for example, the shift to streaming is a big secular trend. It continues. We're at the center of it. That's a big driver of our business. Advertisers have already been shifting their budgets from linear to streaming and from direct insertion orders to programmatic.

例如，向串流媒體的轉變是一個巨大的長期趨勢。它仍在繼續。我們正處於它的中心。這是我們業務的一大推動力。廣告商已經將他們的預算從線性轉向串流媒體，從直接插入訂單轉向程式化。

Those are two big trends that are positive for Roku. And we're seeing that continue. On macro uncertainty, causes advertisers to look for more performance, they start looking for higher ROI, more performant ads and more flexibility.

這兩個大趨勢對 Roku 來說都是有利的。我們看到這種情況仍在繼續。宏觀的不確定性導致廣告主尋求更多的效果，他們開始尋求更高的投資報酬率、更有效的廣告和更大的靈活性。

And Roku's good at all those things. So those are all positive for us. Also if we look at our execution over the last two years, it's really positioned our business to be in a better position to navigate environments like we're seeing now with the macro uncertainty. So for example, we've really diversified our revenue streams. We have more diversified ad products, and we're less reliant on M&E.

Roku 在所有這些方面都很出色。所以這些對我們來說都是正面的。此外，如果我們回顧過去兩年的執行情況，就會發現它確實使我們的業務處於更好的位置，可以應對我們現在所看到的宏觀不確定性環境。例如，我們確實實現了收入來源多樣化。我們的廣告產品更加多樣化，對媒體與娛樂 (M&E) 的依賴也減少了。

We are tapping into more ad demand sources through our deeper integration with third-party DSPs. And we have a lot of supply that continues to grow.

我們正在透過與第三方 DSP 的更深入整合來挖掘更多的廣告需求來源。我們的供應量還在持續成長。

So these are all positive trends in our ad business. If you look at our ad revenue in the quarter, it grew faster than the OTT ad market overall, for example. And then also subscriptions. One of our -- if you just think about the three tiers of our strategy that we're focused on growing platform revenue, one is grow ad revenue by leaning and deepening integrations with our DSPs. Another is to take better advantage of our home screen and the Roku experience, the UI viewers use to discover content.

這些都是我們廣告業務的正面趨勢。例如，如果你看一下我們本季的廣告收入，你會發現它的成長速度比整個 OTT 廣告市場都要快。然後還有訂閱。我們的策略分為三個層次，其中之一就是我們專注於增加平台收入，其中之一就是透過傾向和深化與 DSP 的整合來增加廣告收入。另一個是更好地利用我們的主螢幕和 Roku 體驗，即觀眾用來發現內容的 UI。

And the third is subscriptions. Like to really lean into subscriptions. We build tens of millions of Roku subscriptions each month that's growing. Premium subscriptions is a bright spot, and that's continuing to grow. And then another example, today, we announced the acquisition of Frndly, which is a (inaudible) bundle, a subscription service that's growing both on and off Roku -- both on and off the Roku platform. It's also the kind of service that we're -- we have a lot of ability to lean into and grow faster with the platform and promotional tools we have available to us.

第三個是訂閱。喜歡真正傾向於訂閱。我們每月都會建立數千萬個 Roku 訂閱，並且這個數字還在不斷增長。高級訂閱是一個亮點，而且還在持續成長。再舉一個例子，今天，我們宣布收購 Frndly，這是一個（聽不清楚）捆綁包，是一項在 Roku 平台內外都在增長的訂閱服務——無論是在 Roku 平台內外。這也是我們提供的服務類型——我們有很大能力依靠我們現有的平台和促銷工具來更快地發展。

So those are some of the reasons we're confident in renewing our outlook for the year. But I'll let Dan add his thoughts on the question as well before we turn it over to Charlie on your question on ads.

這些就是我們有信心更新今年展望的一些原因。但在我們將關於廣告的問題轉交給查理之前，我會讓丹也對這個問題發表一下自己的看法。

Yeah. Thanks, Anthony, and thanks for the question, Cory. I just want to add that in reaffirming our platform revenue and adjusted EBITDA outlook for the full year, we did assume some weakening in the macro, but our outlook does represent the most informed view we have based on the current trends we saw in Q1 and as we start Q2, and we remain vigilant and adaptable to market conditions. And as they evolve, we'll communicate any material impacts in future quarters.

是的。謝謝，安東尼，也謝謝你的提問，科里。我只想補充一點，在重申我們平台收入和全年調整後 EBITDA 前景時，我們確實假設宏觀經濟會有所減弱，但我們的前景確實代表了我們根據第一季和第二季開始時看到的當前趨勢得出的最明智的看法，我們將繼續保持警惕並適應市場狀況。隨著它們的發展，我們將在未來幾季通報任何重大影響。

But we feel very good about where we are right now and we feel good about our forecast. Anthony mentioned, we are not the same company that we were four or even two years ago. We have a very diversified platform revenue stream, including the subscriptions that are growing well and all the advertising initiatives that Anthony mentioned earlier.

但我們對於目前的狀況感到非常滿意，並且對我們的預測也非常滿意。安東尼提到，我們已經不是四年前甚至兩年前的那家公司了。我們的平台收入來源非常多樣化，包括成長良好的訂閱業務以及安東尼之前提到的所有廣告計劃。

So we're confident in our strategy, and we continue to see the path to achieving positive operating income in 2026 and achieving our guidance of [3,950] on the platform side and adjusted EBITDA of [$350 million] for 2025. On the trends in advertising, I'll let Charlie take that one.

因此，我們對我們的策略充滿信心，我們繼續看到在 2026 年實現正營業收入的道路，並在平台方面實現 [3,950] 的指導，並在 2025 年實現 [3.5 億美元] 的調整後 EBITDA。關於廣告趨勢，我讓查理來談談。

Cory, it's a good question. We are continuing to see shifts in advertising. And most of it is driven by our clients really understandable need for greater flexibility in this macro environment. Some of the results of that are shorter planning cycles, what used to be quarterly planning for some, not all, but for some, can now even be as short term as weekly.

科里，這是個好問題。我們持續看到廣告業的轉變。其中大部分是由我們的客戶推動的，這確實可以理解，他們需要在這種宏觀環境下擁有更大的靈活性。這樣做的結果是縮短了規劃週期，以前有些（不是全部，但對於某些人來說）需要按季度進行規劃，而現在甚至可以縮短到每週一次。

So as a result, we are seeing changes in media buying patterns across our platform, particularly a shift from longer-term guaranteed commitments to shorter-term, non-guaranteed campaigns usually executed programmatically.

因此，我們看到整個平台的媒體購買模式發生了變化，特別是從長期保證承諾轉向通常以程式化方式執行的短期、無保證的活動。

Again, I think this is a short-term trend. But Roku is well positioned to capitalize on the shift. That's the best news. Over the past couple of years, we focused on building our programmatic capabilities and that investment is absolutely paying off.

再次強調，我認為這只是短期趨勢。但 Roku 已做好準備，充分利用這一轉變。這是最好的消息。在過去的幾年裡，我們專注於建立我們的程式化能力，這項投資絕對獲得了回報。

In an environment like this that demands agility and programmatic advertising is gaining share because I think, Cory, most of all, it offers the flexibility and performance that advertisers need and that enables them to launch their campaigns quickly and adjust in real time.

在這種要求敏捷性的環境中，程式化廣告的份額正在不斷增加，因為我認為，最重要的是，它提供了廣告商所需的靈活性和效能，使他們能夠快速啟動廣告活動並即時調整。

So in the near term, we expect some of the high-touch guaranteed business to be delayed or possibly scale back in favor of more flexible nonguaranteed programmatic buys, but this trend really aligns well with Roku's strategic direction and our focus on programmatic excellence.

因此，在短期內，我們預計一些高接觸保證業務將被推遲或可能縮減，以支持更靈活的非保證程序化購買，但這種趨勢確實與 Roku 的戰略方向和我們對程序化卓越的關注相一致。

Brent Navon, Bank of America.

美國銀行的布倫特納馮 (Brent Navon)。

I guess just as a follow-up to your comments there. I mean it sounds like some of the more idiosyncratic drivers are able to offset maybe some macro overall weakness. And I guess I'm just trying to think through how much buffer do you still feel like you have with some of these idiosyncratic drivers should macro trends deteriorate a little further going forward?

我想這只是對你的評論的後續。我的意思是，聽起來一些更特殊的驅動因素或許能夠抵銷一些宏觀整體的疲軟。我想我只是想思考一下，如果宏觀趨勢進一步惡化，您覺得自己還能對這些特殊驅動因素有多少緩衝？

Brent, Dan will take that question.

布倫特，丹將回答這個問題。

Yeah. Thanks for the question. Yeah, I know where you're going with this Brent. And I'll just say that -- as I said earlier, we've seen a shift, Charlie, talked about a shift from guaranteed to non-guaranteed and that actually has been favorable to us in terms of driving more volume our way. And so we see positives in that.

是的。謝謝你的提問。是的，我知道你要帶布倫特去哪裡。我只想說——正如我之前所說，我們已經看到了一種轉變，查理，談到了從保證到非保證的轉變，這實際上對我們有利，可以增加我們的交易量。因此，我們看到了其中的積極意義。

We do have -- we have a lot of initiatives. When we gave our guide last quarter, we talked about a lot of initiatives. We have a lot of initiatives going on in the subscription and in the advertising activities we announced.

我們確實有很多舉措。當我們上個季度發布指南時，我們討論了很多舉措。我們在訂閱和廣告活動方面有許多舉措正在實施中。

We've talked a lot about advertising and new products and the new initiatives, the growth of our supply. And now we're talking a lot more about subscriptions with the acquisition of Frndly and many more initiatives we have yet to announce.

我們討論了許多有關廣告、新產品、新措施以及供應成長的話題。現在，我們正在討論更多關於收購 Frndly 的訂閱業務以及許​​多尚未宣布的計劃。

So I think some of these initial -- we're going to keep doing new things, and these initiatives are going to play out over time. And so I do think like in the back half of the year, some of the -- if there is a greater macro environment, some of our new initiatives should help to offset that.

所以我認為，其中一些是初步的——我們將繼續做新的事情，這些舉措將隨著時間的推移而發揮作用。因此我確實認為，就像在今年下半年一樣，如果宏觀環境更好，我們的一些新舉措應該有助於抵消這種影響。

Obviously, we're not immune if there is a major macro environment recession type, specifically in the ad market, but we also have tremendous secular tailwinds as the market continues to shift from linear to digital and now the shift that Charlie just talked about from guaranteed to non-guaranteed, we're also very well positioned.

顯然，如果出現重大宏觀環境衰退，特別是在廣告市場，我們也無法倖免，但隨著市場繼續從線性向數位化轉變，以及查理剛才談到的從保證向非保證的轉變，我們也擁有巨大的長期順風，我們也處於非常有利的地位。

One thing I'll just add on this is advertisers are asking more for ROI and measurement. That is a space we play very well in given all the initiatives we have to increase demand to our platform because we have the supply and increase our ability to measure that demand. These are positive tailwinds for us. And so there's a lot of positives going on now, and there will be more that we discuss in the future.

我想補充一點，廣告商對投資報酬率和衡量標準的要求越來越高。鑑於我們採取了各種措施來增加我們平台的需求，我們在這個領域表現非常出色，因為我們擁有供應，並且提高了衡量需求的能力。這些對我們來說都是積極的順風。目前有很多正面的事情發生，未來我們還會討論更多。

Vasily Karasyov, Cannonball Research.

瓦西里‧卡拉索夫 (Vasily Karasyov)，《砲彈研究》。

Charlie, I think I have a question for you, and it's about programmatic and the whole transition you're going through. What's the best way for us to think about the contribution of programmatic to platform revenue growth. Is this revenue that entirely incremental? Or is it some inventory that was previously sold direct and now executed programmatic. So there is some cannibalization going on.

查理，我想我有一個問題要問你，是關於程式化和你正在經歷的整個轉變。我們該如何最好地看待程序化對平台收入成長的貢獻？這些收入完全是增量的嗎？或者它是一些以前直接銷售、現在透過程式執行的庫存。因此，存在著一些蠶食現象。

And then programmatic guaranteed and open -- transitioning to open pragmatic (inaudible) the same question, will we be accessing a completely incremental budgets or there is some offset that you're losing in direct.

然後程序化保證和開放 - 過渡到開放務實（聽不清楚）同樣的問題，我們是否會獲得完全增量的預算，或者是否存在直接損失的補償。

Thanks, Vasily. This is Charlie. It's a really good question. And the headline is that our multiyear push to diversify demand is absolutely working, some of the programmatic revenue we're seeing is clearly incremental, especially what we're seeing through our platform partnerships. That's what we call our channel sales business. That's entirely net new.

謝謝，瓦西里。這是查理。這確實是一個好問題。標題是，我們多年來為實現需求多樣化所做的努力確實有效，我們看到的一些程序化收入明顯在增加，特別是透過我們的平台合作夥伴關係所看到的。這就是我們所說的通路銷售業務。這完全是新鮮事。

But overall, it is a mix. Many enterprise and independent clients who previously bought Roku directly through IOs or insertion orders are now transacting programmatically, particularly via programmatic guarantees, as you asked about Vasily. One way to step back and think about it, that might be helpful is to think of programmatic, not as a buying category, but as a method of execution. It's really how advertisers choose to execute.

但總體而言，這是一種混合。正如您詢問 Vasily 的那樣，許多企業和獨立客戶之前透過 IO 或插入訂單直接購買 Roku，現在都透過程式化方式進行交易，特別是透過程式化擔保。退一步思考這個問題可能會有所幫助的一種方法是將程序化視為一種執行方法，而不是一種購買類別。這其實是廣告商選擇執行的方式。

So even just by allowing more buyers to use their preferred DSP, we're allowing them easier access to our inventory inside their broader DSP-driven campaign. So we're making leisure for them to buy from us. And that's even the case, by the way, when the business is sold directly by our sales team.

因此，即使只是允許更多買家使用他們喜歡的 DSP，我們也允許他們在更廣泛的 DSP 驅動的活動中更輕鬆地存取我們的庫存。因此，我們讓他們有時間向我們購買。順便說一句，當業務由我們的銷售團隊直接銷售時，情況也是如此。

So some of the advertisers who previously bought us directly, now they're using programmatic pipes. And the clearest example of true incrementality comes from small and medium-sized businesses using our self-service product called Roku as manager.

因此，一些以前直接向我們購買廣告的廣告商現在正在使用程式化管道。真正增量最明顯的例子來自於使用我們的自助服務產品 Roku 作為管理器的中小型企業。

Now it's early days, but these are D2C brands, mobile app marketers and local advertisers and all of those are net new to the platform. So Vasily, at the heart of your question is a range of new and expanding partnerships. Many of them truly incremental.

現在還處於早期階段，但這些都是 D2C 品牌、行動應用程式行銷商和本地廣告商，所有這些對該平台來說都是全新的。所以瓦西里，你的問題的核心是一系列新的和不斷擴大的夥伴關係。其中許多確實是漸進式的。

Our strategy to diversify demand and meet advertisers where they wish to transact our ability to improve performance through our 100% authenticated identity, our scale the unique ad units we talk a lot about and our data interoperability and our investment in tools and measurement, all of this is helping our partners, particularly as they invest in data and they match their data with Roku's high-fidelity signal.

我們的策略是實現需求多樣化，滿足廣告商的需求，透過我們 100% 經過驗證的身份、我們經常談論的獨特廣告單元的規模、我們的數據互通性以及我們在工具和測量方面的投資來提高性能，所有這些都在幫助我們的合作夥伴，特別是當他們投資數據並將他們的數據與 Roku 的高保真信號相匹配時。

So all of it's unlocking new revenue, it's deepening existing relationships as well, and it's strengthening, I think our position as the most performant and easiest to work with CTV platform.

因此，所有這些都在釋放新的收入，也在加深現有的關係，我認為它正在加強我們作為性能最高、最容易合作的 CTV 平台的地位。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Could you talk more about the significance of Roku Channel becoming the number 2 app on your platform in the US. How does that change your conversation with content providers just given that reach. And at the same time, how does that change the time frame to really do deeper integrations with more DSPs. It seems like you've got a lot of supply there that needs to be filled.

偉大的。您能否詳細談談 Roku Channel 成為美國平台上排名第二的應用程式的意義？考慮到這個影響範圍，這會如何改變您與內容提供者的對話？同時，這會如何改變時間框架以真正與更多 DSP 進行更深入的整合。看起來你那裡有很多供應需要補充。

Justin, this is Anthony. I'll start and then turn this over to Charlie. We have ad inventory access across our entire platform. The Roku Channel is part of it, is obviously an important part of it. Like you mentioned, it's the number 2 app on the platform now by engagement.

賈斯汀，這是安東尼。我先開始，然後把這個交給查理。我們擁有整個平台的廣告庫存存取權。Roku Channel 是其中的一部分，顯然是其中的重要組成部分。正如您所說，按參與度計算，它現在是該平台上排名第二的應用程式。

Globally, the Roku Channel engagement grew 84% year-over-year. So I mean this is a powerful asset to have access to that large amount of inventory engagement and reach. And that is a powerful asset for us. So we're going to continue to lean into that. But I'll let Charlie talk more about your question.

在全球範圍內，Roku 頻道參與度年增 84%。所以我的意思是，這是一個強大的資產，可以獲得大量的庫存參與和覆蓋範圍。這對我們來說是一筆寶貴的財富。因此我們將繼續傾向於此。但我會讓查理進一步談談你的問題。

Justin, I appreciate the question about the relationship with content providers. We have an unmatched scale. We talk a lot about being the lead into television. And if you think about it, before anyone makes a choice about what they're watching, we have a home screen that reaches households with over 125 million people every day, almost Super Bowl size ratings every day. And so as content providers, they absolutely look at us for unmatched scale and to provide audience that guides people into their content.

賈斯汀，我很感謝你關於與內容提供者的關係的問題。我們的規模無與倫比。我們談論了很多關於成為電視主角的事情。如果你仔細想想，在任何人決定觀看什麼內容之前，我們都有一個主螢幕，每天覆蓋超過 1.25 億家庭，幾乎每天都有超級盃規模的收視率。因此，作為內容提供者，他們絕對希望我們擁有無與倫比的規模，並能為人們提供引導他們內容的受眾。

And then from our position, we get to root for all of television and really use our unique assets, our home screen assets to drive engagement. So there's a really symbiotic relationship. And as they move toward performance and really have to watch every marketing dollar, as Dan said earlier, we prove performance, and we've invested in measurement and other tools that really make us very good at driving engagement, retention and subscription.

然後從我們的立場出發，我們支持所有電視節目，並真正利用我們獨特的資產、我們的主螢幕資產來推動參與。所以，這確實是一種共生關係。正如丹之前所說，當他們轉向績效並真正關注每一筆行銷費用時，我們證明了績效，並且我們已經投資於測量和其他工具，這些工具確實使我們非常擅長推動參與度、保留率和訂閱量。

So that's the content provider side. In terms of what it does for the DSPs, we talk a lot about being able to meet advertisers' demands at every price point and all up and down the demand curve, if you will. And a great example of that, at the very top of that or our home screen units, which are unique and a unique broad reach and also the performance signals we can send to our clients.

這就是內容提供者方面。就其對 DSP 的作用而言，我們談論了很多如何滿足廣告商在每個價格點以及需求曲線上下的需求。一個很好的例子就是，在我們的主螢幕單元的最頂端，它是獨一無二的，具有獨特的廣泛影響力，也是我們可以發送給客戶的效能訊號。

We also have live sports and Major League Baseball and a lot of focused originals and content destinations. If that's at the top of the pricing curve, you can say we have the tonnage you described, and that meets a lot of advertisers' needs and allows us to be flexibly priced.

我們還提供現場體育賽事和美國職棒大聯盟賽事以及許多重點原創節目和內容目的地。如果這是定價曲線的頂端，您可以說我們擁有您所描述的噸位，並且這滿足了許多廣告商的需求並使我們能夠靈活定價。

And all the way down the demand curve, you might see us send fewer signals and less specific programming opportunities, and we can participate at the low end of the market as well. So with respect to your question about time frame and DSPs, to be as big as we are as an AVOD platform and the fastest growing, it really is a powerful one-two punch and then the programmatic execution allows us to be the most performant as well.

沿著需求曲線，您可能會看到我們發出的信號更少，具體的編程機會更少，而且我們也可以參與低端市場。因此，關於您關於時間框架和 DSP 的問題，要成為像我們這樣規模龐大且增長最快的 AVOD 平台，這確實是一個強大的組合拳，然後程序化執行也使我們的性能達到最高。

And I just want to add one thing to that. I agree with everything Charlie said, but also that TRC becoming a top 5, then a top 3 and now number 2 on our platform is really does showcase the power of the platform that we have. We do not have -- we have great content in TRC, but we're not spending billions and billions of dollars in content. What we have is an amazing platform and an amazing OS that helps us drive engagement to TRC.

我只想補充一點。我同意查理所說的一切，但 TRC 在我們的平台上成為前 5 名，然後是前 3 名，現在排名 2 名，確實展示了我們平台的實力。我們沒有——TRC 擁有出色的內容，但我們不會在內容上花費數十億美元。我們擁有一個令人驚嘆的平台和一個令人驚嘆的作業系統，可以幫助我們推動 TRC 的參與。

And it really does show the power of the platform. And we're going to use that to drive subscriptions. We're going to use that to drive advertising. We're going to use that to drive Frndly. It's now part of Roku. Like there's a lot of positives that home screen and the entire UI can do and TRC becoming number 2 in relatively short order is showcases that power.

它確實展現了該平台的威力。我們將利用它來推動訂閱。我們將利用它來推動廣告。我們將利用它來推動 Frndly。現在它是 Roku 的一部分。主螢幕和整個 UI 可以發揮很多積極作用，而 TRC 在相對較短的時間內成為第二名就展示了這種實力。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Great numbers, you guys. Congratulations. (inaudible) but start with the hard one. So I understand that Frndly drives your subscription revenue. However, I would like you to tell us why you think the virtual MVPD market is a transitory market going to zero.

你們的數字太棒了。恭喜。 （聽不清楚）但先從困難的問題開始。所以我明白 Frndly 推動了您的訂閱收入。但是，我想請您告訴我們為什麼您認為虛擬 MVPD 市場是一個即將走向零的暫時市場。

And then staying on Frndly for this question, Charlie, can you talk about how it aids your bundle of ad services and why it doesn't look backwards into the linear TV space, which I think Wall Street thinks is dying rather than stick to streaming, which is the growth aspect of advertising. So that's my first one is on Frndly.

然後繼續 Frndly 的這個問題，查理，你能談談它如何幫助你的廣告服務組合，以及為什麼它不回顧線性電視領域嗎？我認為華爾街認為線性電視領域正在消亡，而不是堅持串流媒體，這是廣告的成長面。這是我在 Frndly 上的第一個。

Laura, This is anthony, thanks for the hard question. Yeah. Well, I don't think it's that hard. I mean. So yeah, I agree that if you look at sort of cable subscriptions and their replication as virtual MVPDs that it's easy to think that, and it's easy to believe that that's going to not last as a bundle or as a market forever.

蘿拉，我是安東尼，謝謝你提出這個難題。是的。嗯，我認為這並沒有那麼難。我是說。是的，我同意，如果你將有線電視訂閱及其複製品視為虛擬 MVPD，那麼你很容易會這樣想，也很容易相信，這種捆綁或市場形式不會永遠持續下去。

But linear is a form of entertainment engagement that is very popular. It's just -- and it's actually growing in popularity. On our platform, linear channels, sometimes people call them fast channels. These are streaming linear channels, they're very popular and a huge form of engagement.

但線性是一種非常受歡迎的娛樂參與形式。事實上，它的受歡迎程度正在不斷增長。在我們的平台上，線性渠道，有時人們稱之為快速渠道。這些都是串流線性頻道，它們非常受歡迎，並且是一種巨大的參與形式。

There's a lot of people that like to just flip through the channels. And one way I think about Frndly, is it's actually -- it's a lot of brands that I think will stick around, things like Lifetime, Hallmark, A&E. These are brands that are popular.

很多人喜歡隨意瀏覽頻道。我對 Frndly 的看法是，實際上有很多品牌會繼續存在，例如 Lifetime、Hallmark、A&E。這些都是受歡迎的品牌。

They have good content. And I don't think of them as a virtual MVPD. I think of them as linear channels that's in a paid tier that we can grow the paid tier linear channels, and there's -- a linear channels are very popular in streaming as well. They're very popular in streaming and they're very popular on our platform as well.

他們有很好的內容。我並不認為他們是虛擬的 MVPD。我認為它們是付費層的線性頻道，我們可以擴大付費層的線性頻道，線性頻道在串流媒體中也很受歡迎。他們在串流媒體上非常受歡迎，在我們的平台上也很受歡迎。

And then I'll let Charlie answer your question about the bundle of ad services.

然後我會請查理回答你關於廣告服務包的問題。

Yeah. Thanks, Laura, for the question. I actually think Dan answered it in the last question, which is the power of our platform, it's staggering. I'll answer this first as a programmer because I have the whole media business. So I've got the content side and the ads team.

是的。謝謝勞拉提出這個問題。我實際上認為丹在最後一個問題中回答了這個問題，那就是我們平台的力量，它是驚人的。作為一名程式設計師，我將首先回答這個問題，因為我負責整個媒體業務。所以我有內容面和廣告團隊。

And I look at the content team and the way they use the power of the platform to really elevate partners' content. And I think there are brands inside Frndly that will be elevated simply by being focused on by Roku. And that's that's exciting for us as programmers and it allows us to do what we're here to do, which is root for all the television and provide a better lead in for it. So this is a good home for that bundle of services.

我關注內容團隊以及他們如何利用平台的力量來真正提升合作夥伴的內容。我認為 Frndly 內部的一些品牌只要得到 Roku 的關注就會提升。這對我們程式設計師來說是令人興奮的，它使我們能夠做我們要做的事情，即為所有電視節目提供支援並為其提供更好的引導。所以，這裡是這一系列服務的理想歸宿。

And then on the ad side, I actually think Frndly will benefit simply by being inside of our recommendation engines being inside of our sales team. Both of these teams are capable and able to elevate content that it's great to be able to do this for us alongside doing it for our partners.

然後在廣告方面，我實際上認為 Frndly 只需加入我們的推薦引擎和銷售團隊就能受益。這兩個團隊都很有能力，能夠提升內容，能夠為我們以及我們的合作夥伴做到這一點真是太好了。

I'd just like to quickly add on to that Frndly is growing and growing well. We brought in as a growth company, and we do think that we can grow it faster. It also will be adjusted EBITDA margin accretive in its first full year for us.

我只是想快速補充一點，Frndly 正在成長，並且發展得很好。我們將其作為成長型公司引入，並且我們確實認為我們可以使其發展得更快。它還將在我們的第一個完整年度內增加調整後的 EBITDA 利潤率。

Fantastic. Okay. My second one is on data. So Wall Street has decided that third-party data is going to zero, and that first-party data is basically the only thing that has moats, competitive advantage. You guys have world-class first-party data.

極好的。好的。我的第二個問題是數據。因此，華爾街認定第三方資料將歸零，而第一方資料基本上是唯一具有護城河和競爭優勢的東西。你們擁有世界一流的第一方數據。

But you do not sell it into -- currently to third parties, either to (inaudible) which would make easy sense because it's 80% margins or even to iSpot to some, but these guys that aggregate and actually make a living on selling CTV, let me call it, on a smaller scale. So can you explain the logic of not bundling -- really packaging your first party data for CTV and selling it to others for revenue --

但你不會把它賣給——目前是賣給第三方，要么賣給（聽不清楚），這很容易理解，因為它的利潤率為 80%，甚至對某些人來說是賣給 iSpot，但這些傢伙實際上是在聚合並靠銷售 CTV 為生，我這樣稱呼，規模較小。那麼，您能解釋一下不捆綁的邏輯嗎？實際上，您打包的第一方資料用於 CTV，然後將其出售給其他人以獲取收入。--

Yeah. So Charlie, we'll take that.

是的。所以查理，我們接受這個。

Sure. Laura, first of all, I love the way you describe our data. You're absolutely right. We took a really unique approach to the upfront this year. We spoke directly to each holding company.

當然。蘿拉，首先，我喜歡你描述我們數據的方式。你完全正確。我們今年對前期採取了非常獨特的方法。我們直接與每家控股公司進行了交談。

And the reason is because they are all solving unique problems for their clients that all come back to the same desired result, which is proving outcomes for businesses. And to have 100% authenticated audience, which Roku does and to have unmatched scale the way we do with over half the broadband households, using Roku as their front door to television, it really is a differentiator.

原因在於他們都在為客戶解決獨特的問題，而這些問題最終都得到了相同的期望結果，即為企業帶來成果。Roku 擁有 100% 經過驗證的觀眾，並且擁有無與倫比的規模，超過一半的寬頻家庭使用 Roku 作為電視的門戶，這確實是一個差異化因素。

But I would step back and say one of the terrific things about Roku, writ large, is that we still have more opportunities to exploit over time. But the way I think about our data relationships are this, which is we have a multibillion-dollar business and all the opportunity, Dan and Anthony have been talking about on this call.

但我想退一步說，Roku 的一大優點在於，隨著時間的推移，我們仍然有更多的機會可以利用。但我對我們的數據關係的看法是這樣的，我們擁有數十億美元的業務和所有的機會，丹和安東尼在這次電話會議上一直在談論這些。

And the best way to take care of our partners, which are the advertisers and the content companies inside of -- the media side of the business is to make sure that we serve them and all the data that they're investing in, which is the missing part of your question, I think, is made only better and more powerful and the media more performance by matching it with our high fidelity signals.

照顧好我們的合作夥伴（即媒體業務中的廣告商和內容公司）的最佳方式是確保我們為他們提供服務，並為他們投資的所有數據提供服務，我認為這是你的問題中遺漏的部分，通過將其與我們的高保真信號相匹配，只會使媒體變得更好、更強大、性能更高。

So for the short and probably the medium term, the best way for us to deploy the data is to create this remarkable differentiated platform that's growing as much as it is. And for us, to hydrate their data with ours and then prove outcomes for our customers.

因此，從短期乃至中期來看，我們部署資料的最佳方式是創建這個正在快速發展的卓越差異化平台。對我們來說，我們要將他們的數據與自己的數據結合起來，然後為我們的客戶提供結果。

I talk a lot about how Roku has moved from building incrementality, and we are now building fundamental, really the base of their performant businesses. And that's what I'm focused on, and I think that's the best use of our data.

我多次談論 Roku 如何從建立增量業務轉向建立基礎業務，也就是他們高效能業務的基礎。這就是我所關注的，我認為這是對我們的數據的最佳利用。

This is Anthony again. I'll just add -- I'm just going to say that -- I mean I think Charlie covered it, but just to be super clear about it, if you're an advertiser and you buy ads from Roku and you -- but you go through a third-party DSP, you can have a -- you will -- those arrangements often have access to our data.

這又是安東尼。我只想補充一點——我只是想說——我的意思是，我認為 Charlie 已經涵蓋了這一點，但為了非常清楚地說明這一點，如果你是一個廣告商，你從 Roku 購買廣告，但你通過第三方 DSP，你可以擁有——你會的——這些安排通常可以訪問我們的數據。

I mean those are -- and targeting based on our data is part of those deals. And it's part of the reasons advertisers want to work with us. I will also say though, like we understand the value of our data, we -- and there's a lot of activities going on to expand the way we monetize our data. We just haven't necessarily announced what they are or talk about them directly.

我的意思是——基於我們的數據進行定位是這些交易的一部分。這也是廣告商希望與我們合作的原因之一。不過，我還要說，我們了解數據的價值，我們正在進行許多活動來擴大數據貨幣化的方式。我們只是沒有必要宣布它們是什麼或直接談論它們。

Matt Thornton with FBN Securities.

FBN 證券公司的 Matt Thornton。

I guess two, if I could. First one is a housekeeping one, probably for Dan. Frndly TV, is that assumed in full year or 2Q guidance? Or would that be incremental? That's the first question.

如果可以的話，我想是兩個。第一個是家事，可能是給丹的。Frndly TV，這是全年還是第二季指引中的假設？或者說這會是漸進的？這是第一個問題。

Second question, as we think about tariffs and the impact on the devices business and volumes in the balance of the year, I'm just kind of curious kind of what you're assuming for the balance of the year in guidance?

第二個問題，當我們考慮關稅以及對設備業務和今年餘額的影響時，我只是有點好奇您對今年餘額的指導有何假設？

And tied to that, how quickly can you move sourcing, production warehousing? I'm sure you've got lots of different scenarios kind of planned out. But I guess, is that something that can get moved in days or weeks? Or is that months or quarters once we get final clarity on the end tariff rates.

與此相關，您能多快轉移採購、生產倉儲？我確信你已經計劃好了很多不同的場景。但我猜，這是幾天或幾週就能完成的事嗎？或者說，在我們最終確定最終關稅稅率後，需要幾個月或幾季的時間。

Yeah. Matt, thanks for the question. When we gave full year guidance in February, we assumed several initiatives that have not yet launched in both our subscriptions and advertising activities. We mentioned at the time -- or I mentioned at the time that we're giving a full year outlook grounded in the best information we had at the time.

是的。馬特，謝謝你的提問。當我們在二月提供全年指導時，我們假設在訂閱和廣告活動中有幾項尚未啟動的舉措。我們當時提到過——或者說我當時提到過，我們根據當時掌握的最佳資訊給出了全年展望。

Frndly was one of the many initiatives we've been working on, and we're excited to have them as part of Roku. We're very confident that we can leverage the power of our home screen and platform and grow Frndly subscriptions even faster.

Frndly 是我們一直致力於的眾多計劃之一，我們很高興它能成為 Roku 的一部分。我們非常有信心，我們可以利用主螢幕和平台的力量，更快地增加 Frndly 訂閱量。

Again, it's one of many initiatives that we had at the time. So yes, Frndly is included. We have -- as Anthony said, we have many other initiatives that we look at when we provide guidance. And so again, we'll update you more as those initiatives launch. And as I also mentioned earlier, we do expect Frndly to be adjusted EBITDA margin accretive in the first full year.

再說一次，這是我們當時採取的眾多措施之一。是的，Frndly 也包括在內。正如安東尼所說，我們在提供指導時會考慮許多其他舉措。因此，我們將在這些舉措推出後向您提供更多更新資訊。正如我之前提到的，我們確實預計 Frndly 的調整後 EBITDA 利潤率將在第一年成長。

I think I'll turn it over to Mustafa for the tariff question.

我想我會把關稅問題交給穆斯塔法。

Matt, this is Mustafa. Look, we have a diversified manufacturing strategy already in place. We manufacture in multiple countries with multiple factory partners that provides us quite of agility and flexibility and helps mitigate the impact of the tariffs. And our teams are continue to working to optimize our overall manufacturing footprint. And like as things change, they are ready to be able to move quickly from one place to another.

馬特，這是穆斯塔法。看，我們已經制定了多元化製造策略。我們在多個國家與多家工廠合作夥伴進行生產，這為我們提供了相當的靈活性，並有助於減輕關稅的影響。我們的團隊正在繼續努力優化我們的整體製造足跡。隨著事物的變化，他們已經準備好從一個地方快速移動到另一個地方。

So that's sort of part of our plan, and they continue to work on that. Based on the current tariff structure that's in place, we do not anticipate a material change to our devices gross profit dollars for the full year. And at the same time, we already implemented some small price increases. So we're passing some of the cost to consumers.

這是我們計劃的一部分，他們正在繼續努力。根據現行的關稅結構，我們預計全年設備毛利不會有重大變化。同時，我們已經實施了一些小幅的價格上調。因此我們將部分成本轉嫁給消費者。

And we're continuously monitoring the environment, remaining flexible in terms of price increases or price increase as well. Just want to make sure we stay competitive, but at the same time, continue to monitor the demand environment. And the other point around the demand and then some -- a mitigating factor for us that's on the positive side is how we actually distribute our Roku operating system to consumers.

我們正在持續監測環境，在價格上漲或漲價方面保持靈活性。只是想確保我們保持競爭力，但同時繼續監控需求環境。關於需求的另一點，對我們來說，一個積極的緩解因素是我們如何真正地將我們的 Roku 作業系統分發給消費者。

Our OS distribution strategy has three pillars: We use our streaming players that are made and sold by us. We have our first party TVs also made and sold by us under the Roku brand. And then we have the third-party TVs that are made and sold by our Roku TV licensing partners. So not all of the tariff mitigation or the impact is carried by Roku. Some of those are carried by -- and mitigated by our third-party TV partners.

我們的作業系統分發策略有三大支柱：我們使用我們自己製造和銷售的串流媒體播放器。我們也生產並以 Roku 品牌銷售第一方電視。然後我們還有由我們的 Roku 電視授權合作夥伴製造和銷售的第三方電視。因此，並非所有的資費減免或影響都由 Roku 承擔。其中一些問題由我們的第三方電視合作夥伴承擔並緩解。

But more importantly, in case the TV prices increased due to tariffs and the demand softens, our streaming players are actually a great way for consumers to upgrade and extend the life of their existing TVs at a much lower price point. We have a great selection of streaming players and their price point ranges from $20 all the way to $99. So they are a great optional. I'll turn it for the consumers to upgrade a streaming.

但更重要的是，如果電視價格因關稅而上漲且需求減弱，我們的串流媒體播放器實際上是消費者以更低的價格升級和延長現有電視使用壽命的好方法。我們擁有大量串流媒體播放器供您選擇，價格從 20 美元到 99 美元不等。所以它們是一個很好的選擇。我會將其轉換為可供消費者升級的串流媒體。

Matt, this is Anthony. I'll just add quickly. One possible outcome of tariffs is that the overall TV unit sales decline or declined, I don't think they'll decline a lot, but they might decline slightly. I just think it's important to note that's unlikely to hurt our market share.

馬特，這是安東尼。我就簡單補充一下。關稅的一個可能結果是電視機整體銷量下降或下降，我認為不會下降很多，但可能會略有下降。我只是認為需要注意的是，這不太可能損害我們的市場份額。

We're well positioned -- much better positioned than others given our significant penetration in over half of the US broadband households. Also, our scale is continuing to grow in terms of households. And we're on track to achieve 100 million streaming households, a milestone we set to achieve a couple of calls ago.

我們的優勢在於——鑑於我們在美國超過一半的寬頻家庭中的普及率，我們的優勢比其他公司大得多。此外，我們的家庭規模也在持續成長。我們預計將實現 1 億個串流媒體家庭的目標，這是我們在幾次電話會議前設定的里程碑。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

Dan, can you just walk us through how we should be thinking about the revenue trajectory for platform growth just for the remainder of the year? I know you'll have the tough [political] comp in the second half, but just any other puts and takes that we should be considering?

丹，您能否向我們介紹一下，我們該如何考慮今年剩餘時間內平台成長的營收軌跡？我知道下半年會面臨嚴峻的政治競爭，但我們還該考慮其他什麼因素嗎？

Yeah. I mean we gave the Q2 guide, we gave the full year guide, I think Q3 and Q4 will have probably -- there'll be probably a smaller growth rate in Q4 simply because of the very large quarter we had in Q4 of last year with 25%, and it was, I believe, 19% excluding political. But essentially, I think you're really asking what Q3 and Q4 looks like. And again, I think that we'll probably have a slight sequential step down in growth rate in Q4, but we'll see and we'll update you.

是的。我的意思是，我們給出了第二季度的指導，我們給出了全年的指導，我認為第三季度和第四季度可能會有——第四季度的增長率可能會較低，這僅僅是因為去年第四季度我們的季度增長率非常高，達到了 25%，而我相信，不包括政治因素，增長率是 19%。但本質上，我認為你真正想問的是 Q3 和 Q4 是什麼樣子。我再次認為，第四季的成長率可能會略有下降，但我們會觀察並及時向大家通報。

Again, we have many initiatives that we're working on, and we'll update you on that on Q3 and Q4 when we report our Q2 results.

再次強調，我們正在進行多項計劃，我們將在報告第二季業績時，在第三季和第四季向您通報最新情況。

One reminder, I think it's one thing -- there is probably one thing I should remind you of is we did have a lot of [606] adjustments in FY24. And actually, Q2 was the largest of the 606 adjustments at just over $16 million. We also had a fairly large 606 adjustment in Q3 and a much smaller one. in Q4. We had no 606 adjustments in Q1, as we said.

提醒一下，我認為這是一件事——可能有一件事我應該提醒你，那就是我們在 24 財年確實做了很多 [606] 調整。實際上，第二季的調整是 606 項調整中最大的，調整金額略高於 1,600 萬美元。我們在第三季也進行了相當大的 606 調整，並且調整幅度也小得多。在第四季。正如我們所說，我們在第一季沒有進行 606 項調整。

We didn't expect to have -- nor do we expect to have nor does our guide imply any 606 adjustments for Q2 or the rest of this year. So we are comping especially in Q2 and Q3 some 606 adjustments. As a matter of fact, if you back out 606 in Q2, we have the same growth rates in the platform business, very close to the same growth rate as we achieved in Q1. So it's very close to that 17% if you back out 606 in Q2.

我們並沒有預期——我們的指南也沒有暗示對第二季或今年剩餘時間進行任何 606 項調整。因此，我們特別在第二季和第三季進行了 606 項調整。事實上，如果你回顧第二季的 606，我們平台業務的成長率是相同的，非常接近第一季的成長率。因此，如果退回第二季的 606，它非常接近 17%。

Okay. Yeah. Great. Appreciate the extra detail. And maybe just 1 more, just on home screen.

好的。是的。偉大的。感謝您提供的額外細節。可能只剩下 1 個，就在主螢幕上。

Would -- just love to hear how you're thinking about the growth drivers outside of the M&E vertical? And then just curious if there's any verticals you'd call out where you've seen traction and others that you're looking to expand into just on home screen.

我很想聽聽您對 M&E 垂直領域之外的成長動力有何看法？然後我很好奇，您是否可以列舉一些垂直領域，在這些領域中，您看到了發展勢頭，而其他領域您希望在主螢幕上進行擴展。

Sure, James. This is Anthony. I'll take that. So yes, just to remind everyone, our initiatives, our strategy to grow platform revenue. One is grow our ad business, and a big part of that is integration with third-party DSPs, really embracing them as partners and deepening our integration with them.

當然，詹姆斯。這是安東尼。我會接受的。是的，只是提醒大家，我們的措施和策略是為了增加平台收入。一是發展我們的廣告業務，其中很大一部分是與第三方 DSP 的整合，真正將它們視為合作夥伴並深化與它們的整合。

Another is focusing on our subscription business, which we think has a lot of room to continue to grow. And then third is just overall arching to really lean into the Roku Experience users start their TV experience every time they sit down to watch television with a Roku home screen. And then there's a lot of UI elements that are adjacent to the home screen aren't directly on the home screen.

另一個重點是我們的訂閱業務，我們認為該業務還有很大的成長空間。第三，整體上真正傾向於 Roku 體驗，用戶每次坐下來透過 Roku 主螢幕看電視時都會開始他們的電視體驗。然後，許多與主螢幕相鄰的 UI 元素並不直接位於主螢幕上。

And we have an iconic, simple, powerful home screen that's very popular with our customers, and there's just a lot of ways to continue to use that to drive both subscriptions as well as engagement and ad reach.

我們擁有一個標誌性的、簡單的、功能強大的主螢幕，深受客戶的歡迎，並且有很多方法可以繼續使用它來推動訂閱以及參與度和廣告覆蓋率。

And for example, and it's definitely not just focused on M&E. I mean that's how our ad business started with the M&E vertical and ads on the home screen, but the home screen is these days is used to drive a lot of businesses besides M&E.

例如，它絕對不僅僅關注 M&E。我的意思是，我們的廣告業務就是從 M&E 垂直領域和主螢幕上的廣告開始的，但如今，主螢幕已用於推動 M&E 以外的許多其他業務。

So for example, we added -- not too long ago, we added a single new road to the home screen with recommendations, and we're seeing that drive significant increases in subscription sign-ups as well as significant engagement. I mean it's one of the reasons that Roku Channel grew 84% globally year-over-year in the quarter.

例如，不久前，我們在主螢幕上添加了一條帶有推薦的新道路，我們看到這顯著增加了訂閱註冊量並提高了參與度。我的意思是，這就是 Roku Channel 本季全球年增 84% 的原因之一。

So that's just one example, but there's lots of other things we're looking at and testing on the home screen. It's really an area that we haven't touch significantly over the -- in a long time in several years. We now have a team working on it. We're testing lots of different experiences in the home screen. And I think it's going to continue.

這只是一個例子，但我們在主螢幕上也查看和測試了很多其他東西。這確實是我們多年來沒有深入觸及的領域。我們現在有一個團隊致力於此事。我們正在主螢幕上測試許多不同的體驗。我認為這種情況將會持續下去。

We're going to continue to roll out changes as we test them and they test positive, and it's going to have a material impact on our growth. And Charlie wants to add something.

我們將在測試後繼續推出變革，這些變革將對我們的成長產生重大影響。查理還想補充一些內容。

Yeah. And James, from the ad sales point of view, I mentioned earlier that the home screen reaches 125 million or -- households with 125 million people in it every day. That kind of reach is so unique that it obviously has been a great place for us to partner with advertisers. And inherent in your question, it works really well for M&E. But I think in the letter, we put a picture of what we call our marquee video ad unit and that one was for Hellmann's.

是的。詹姆斯，從廣告銷售的角度來看，我之前提到過，主螢幕每天覆蓋 1.25 億個家庭，有 1.25 億人。這種覆蓋範圍非常獨特，顯然是我們與廣告商合作的絕佳場所。從你的問題本身來看，它對 M&E 來說確實很有效。但我認為，在信中，我們放了一張我們稱之為「大型影片廣告單元」的圖片，那是為 Hellmann's 製作的。

We've seen a lot of people who are pushing toward performance utilize the home screen, especially marquee video, some of the takeovers we recently had won for the Simpsons that got a lot of viral support and social chatter, it's really powerful, and we're seeing it well beyond the M&E vertical.

我們看到很多致力於提高性能的人都在利用主屏幕，尤其是字幕視頻，我們最近為《辛普森一家》贏得的一些接管活動得到了大量病毒式支持和社交討論，它非常強大，我們看到它遠遠超出了 M&E 垂直領域。

When we think about the home stream, we also think about the Roku Experience more broadly and -- it includes experiences that are actually engaging in their own right, like Roku City, for example, which is extremely popular. And we just keep adding new features and new promotions inside Roku City and new features for people to watch.

當我們考慮家庭流時，我們也會更廣泛地考慮 Roku 體驗 - 它包括實際上具有吸引力體驗，例如非常受歡迎的 Roku City。我們不斷在 Roku City 中添加新功能和新促銷活動以及供人們觀看的新功能。

Stephen Cahall, Wells Fargo.

富國銀行的史蒂芬‧卡霍爾 (Stephen Cahall)。

Thank you. Dan, if we could maybe just dig in a little more to what you're talking about with the platform revenue growth. So thanks for that math. I was kind of getting at the same place that Q2 looks a lot like Q1 underlying. If we think about the back half of the year and we take out both 606 and political, is it logical to assume some deceleration just as you start to comp some of the DSP integrations and other things that you started to do towards the end of 2024.

謝謝。丹，我們是否可以更深入地探討一下您所說的平台收入成長問題。所以謝謝你的數學計算。我有點明白 Q2 看起來很像 Q1 的基礎。如果我們考慮下半年的情況，並且我們把 606 和政治因素都去掉，那麼在您開始完成一些 DSP 整合以及您在 2024 年底開始做的其他事情時，假設出現一些減速是否合理。

Or do you think that, that kind of teens growth rate is sustainable for a little longer? Because I know there's a lot of work that is still ongoing. So I'd just love to get kind of a sense of that underlying growth rate, maybe more for the medium term.

或者您認為，青少年的這種成長速度還能持續一段時間嗎？因為我知道還有很多工作正在進行中。因此，我很想了解潛在的成長率，或許更確切地說是中期成長率。

And then the 51% platform margins for Q2, that's a little bit of a degradation from what we've seen historically, not a lot, but a little bit. Is that just mix because you're growing AVOD so much faster than some of the other parts of the platform revenue or anything else we should think about in the margin mix platform?

然後，第二季的平台利潤率為 51%，與我們過去所見的相比，略有下降，雖然不是很多，但有一點點。這只是因為你們的 AVOD 成長速度比平台收入的其他部分快得多，還是我們應該在利潤組合平台中考慮的其他因素？

Yeah. Thanks, Stephen, for the question. Let me take the second part of that question first on the 51% guide. And maybe I'll talk a little bit about the full year guide 54%. And so in February, we mentioned platform gross margin would be 52% to 53%, which is roughly in line with our prior year margins when you exclude 606 adjustments in FY24.

是的。謝謝史蒂芬提出這個問題。讓我先回答有關 51% 指南的問題的第二部分。也許我會稍微談談全年指南 54%。因此，我們在二月提到平台毛利率將達到 52% 至 53%，如果排除 24 財年的 606 項調整，這與我們去年的利潤率大致持平。

And within Q1 and into the first month of Q2, Charlie talked about this, we've seen a greater shift from the guarantee to the nonguaranteed. And therefore, just much more on the programmatic side, given the uncertain macro environment. We view this as a positive as we're able to meet the advertiser along any point of the CPM demand curve.

查理談到了這一點，在第一季和第二季的第一個月，我們看到了從擔保到非擔保的更大轉變。因此，考慮到不確定的宏觀環境，程序化方面會更加活躍。我們認為這是一件好事，因為我們能夠在 CPM 需求曲線的任何一點滿足廣告商的需求。

I mean, Charlie talked in detail about why the shift does have a positive impact on us as we're able to measure the higher ROIs, et cetera. But that mix shift from guaranteed to non-guaranteed does have a modest impact on margins within our advertising and Platform segment. That's why we're guiding to 52% for the full year. It's a very modest mix impact.

我的意思是，查理詳細地談到了為什麼這種轉變對我們產生了積極的影響，因為我們能夠衡量更高的投資回報率等等。但從保證到非保證的組合轉變確實對我們的廣告和平台部門的利潤率產生了一定的影響。這就是我們預計全年成長率為 52% 的原因。這是一種非常溫和的混合影響。

We'll see if the non-guaranteed versus guaranteed stays where it's at now or if it goes back to more, let's just say, pre macro environment levels in H2 that would have a slight positive impact on margins. But right now, we're expecting that trend to stay where it's at, which is why we're seeing 52% margins.

我們將觀察非擔保與擔保的比例是否會保持在目前的水平，或者是否會回到下半年宏觀環境之前的水平，這將對利潤率產生輕微的正面影響。但目前，我們預計這一趨勢將保持下去，這就是我們看到 52% 利潤率的原因。

I've said it many times, I do believe that we can maintain and, in fact, grow our margins over time on mixed adjusted basis and mix -- and within mix because we've got a lot of positive initiatives going on that can help margins as well as all the volume, an increase in platform revenue that we discussed.

我已經說過很多次了，我確實相信我們可以維持甚至隨著時間的推移在混合調整基礎上增加我們的利潤率——在混合範圍內，因為我們有很多積極的舉措可以幫助提高利潤率以及所有交易量，增加我們討論過的平台收入。

To the first part of your question, I absolutely believe team growth rate is sustainable over the longer period of time. And I do believe that if you back out 606 and political, you'll see that growth rate in the back half of the year as well.

對於你問題的第一部分，我絕對相信團隊成長率在較長時期內是可持續的。我確實相信，如果你退出 606 和政治，你也會看到下半年的成長率。

The only caveat would be maybe Q4 is a slight deceleration because there was so much volume after political in the month of December. But that may happen again, and we're in a great position if it does happen again to take advantage of that, given our supply. So even once you back out political and if you back out 606, you'll see that we are growing in that 15%-ish range.

唯一的警告是，第四季度可能會略有減速，因為 12 月政治事件之後的交易量非常大。但這種情況可能會再次發生，如果再次發生，考慮到我們的供應，我們將處於有利地位來利用這一點。因此，即使你退出政治，如果你退出 606，你也會看到我們的成長速度在 15% 左右。

And I firmly believe that's sustainable.

我堅信這是可持續的。

I just wanted to get an update on devices. In the fourth quarter letter, you started to grow 12% this year, and now you're saying it should be flat. So I know you've had a good start to the year. But so what's your view on device demand over the year and why the flattening of the outlook versus where you were just a couple of months ago.

我只是想獲得設備更新資訊。在第四季度的信中，您開始預測今年的成長率為 12%，而現在您卻說它應該持平。所以我知道你今年有一個好的開始。但是，您對今年的設備需求有何看法？為什麼與幾個月前相比，前景變得平淡？

This is Anthony. I'll turn this over to Mustafa to to Dan. But I'll just say, overall, we're not focused on device revenue. We're focused on growth in Roku using households. And those come in large part from our partners, our TV partners, but also our own devices.

這是安東尼。我將把這個交給穆斯塔法和丹。但我只想說，總的來說，我們不關注設備收入。我們專注於 Roku 家庭用戶的成長。這些很大程度上來自我們的合作夥伴、我們的電視合作夥伴，也來自我們自己的設備。

But you can lower prices and sell more devices and get more households. So we're -- I'll let Dan talk about revenue, but it's really not something in device revenue, but we're just not focused on that. We're focused on device unit sales and especially through third-party partners and also growth which results in growth in Roku Household. That's our KPI.

但你可以降低價格，銷售更多的設備，從而獲得更多的家庭。所以我們——我讓丹談談收入，但這實際上不是設備收入，但我們只是沒有關注這一點。我們專注於設備單位銷售，特別是透過第三方合作夥伴的銷售，同時也帶來 Roku 家庭的成長。這就是我們的KPI。

Yeah. Anthony is absolutely right. And thanks for the question, Michael. We are not focused on device revenue. Device revenue now can be very lumpy because it's driven by our first-party TVs, which we recognize revenue on, where as opposed to our third-party OEM-based TVs, we don't recognize revenue on players, we've always recognized revenue on it.

是的。安東尼完全正確。謝謝你的提問，麥可。我們並不關注設備收入。現在設備收入可能非常不穩定，因為它是由我們的第一方電視推動的，我們從第一方電視上確認收入，而與我們的第三方 OEM 電視相比，我們不從播放器上確認收入，我們一直從播放器上確認收入。

And that is actually fairly steady for us. We've got good margins on that, et cetera. But on the first-party TVs, it can be very lumpy depending on the quarter, depending on how -- what our actual sell what we call our sell-in to the distributor.

這對我們來說實際上是相當穩定的。我們在這方面獲得了良好的利潤，等等。但對於第一方電視而言，根據季度不同，銷售情況可能會有很大差異，具體取決於我們實際向分銷商的銷售情況。

And so -- it's not something that we pay a ton of attention to. What we look at is our units, our market share in terms of units and our streaming households, which are growing in all countries, including the US. We think it will continue to grow in all countries, including the US. Anthony mentioned, our -- we're on track to hit 100 million streaming households. So we feel very good about that.

所以——這不是我們過度關注的事情。我們關注的是我們的銷售、市場份額以及串流媒體家庭數量，這些在包括美國在內的所有國家都在增長。我們認為它將在包括美國在內的所有國家繼續成長。安東尼提到，我們預計將覆蓋 1 億串流媒體家庭。因此我們對此感到非常高興。

And that's again why we guide to platform revenue is because that is where we monetize those -- those basically over 90 million streaming households that we currently have. So Device revenue is just very difficult and very lumpy in the short term. And it's not something we particularly pay attention to, just it's more about the unit volume that we ship.

這就是我們再次引導平台收入的原因，因為這是我們將這些收入貨幣化的地方——基本上是我們目前擁有的超過 9000 萬個串流媒體家庭。因此，短期內設備收入的取得會非常困難且不穩定。這不是我們特別關注的事情，我們更關注的是運送的單位體積。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference. I'd like to turn the call back over to Anthony for closing remarks.

女士們、先生們，今天會議的問答部分到此結束。我想將電話轉回給安東尼，請他做最後發言。

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

我只想向我們的員工、客戶、廣告商和內容合作夥伴表示感謝，感謝你們的聆聽。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。