Roku Inc (ROKU) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 Roku 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

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

Thank you, operator. Good afternoon. Welcome to Roku's second-quarter 2025 earnings call. Joining us on today's call are Anthony Wood, Roku's Founder and CEO; Dan Jedda, our CFO and COO; Charlie Collier, President, Roku Media; and Mustafa Ozgen, President, Devices.

謝謝您，接線生。午安.歡迎參加 Roku 2025 年第二季財報電話會議。參加今天電話會議的有 Roku 創辦人兼執行長 Anthony Wood、財務長兼營運長 Dan Jedda、Roku Media 總裁 Charlie Collier 和設備總裁 Mustafa Ozgen。

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

在本次電話會議上，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響。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 our 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，所有比較都將針對我們 2024 年可比較期間的結果。

With that, operator, our first question, please.

接線員，請問這是我們的第一個問題。

Shyam Patil, Susquehanna.

薩斯奎漢納的 Shyam Patil。

Hey, guys. Great quarter. I had a couple of questions. First, can you guys talk about what drove the outperformance in 2Q and also the full-year raise?

嘿，大家好。很棒的一個季度。我有幾個問題。首先，你們能談談是什麼推動了第二季的優異表現以及全年的成長嗎？

And then second question, based on your outlook, it looks like you're going to become operating income positive in the fourth quarter. Just how should we think about the trajectory in 2026?

第二個問題，根據您的展望，看起來您的第四季的營業收入將變為正數。我們究竟該如何看待2026年的軌跡？

Hey, Shyam, this is Anthony. Thanks for the question. I'll take the first one and then Dan can take the second question.

嘿，Shyam，我是 Anthony。謝謝你的提問。我來回答第一個問題，然後丹可以回答第二個問題。

So yeah, it was a great quarter. We're very happy, excited with the quarter. But I'd just say what I'm most focused on is what the results are telling us, which is that our strategy to grow our platform revenue is working. We set our platform revenue growth strategy in place 18 months ago, and we've been focused on execution and demonstrating progress along the way. And this quarter, we're really starting to see the results of that strategy.

是的，這是一個很棒的季度。我們對本季的表現感到非常高興和興奮。但我只想說，我最關注的是結果告訴我們什麼，那就是我們增加平台收入的策略正在發揮作用。我們在 18 個月前製定了平台收入成長策略，並且一直專注於執行和展示進度。本季度，我們開始真正看到該策略的成果。

And we believe our strategy is going to keep working and will sustain double-digit platform revenue growth while improving profitability. Just a few points about the quarter. In Q2, we grew platform revenue 18% year over year. Video advertising on our platform grew faster than OTT and digital ad markets in the US, and this reflects our ongoing work to expand and diversify ad demand, and strengthen performance through deeper integrations with third-party partners and, of course, the launch of new and exciting product such as the Roku Ads Manager, which all taken together drive incremental demand.

我們相信我們的策略將繼續發揮作用，並在提高盈利能力的同時保持兩位數的平台收入成長。關於本季度，僅談幾點。第二季度，我們的平台營收年增了18%。我們平台上的影片廣告成長速度快於美國的 OTT 和數位廣告市場，這反映了我們正在不斷努力擴大和多樣化廣告需求，並透過與第三方合作夥伴進行更深入的整合來增強業績，當然還有推出新的令人興奮的產品，如 Roku 廣告管理器，所有這些共同推動了增量需求。

We're also growing Roku-billed subscriptions with premium subscriptions continuing to perform well. We continue to launch new features that we can monetize that are also adding value for our viewers. And we closed, of course, the Frndly acquisition that we previously announced and have begun integrating Frndly into live search and other key areas of our platform.

我們也正在增加 Roku 付費訂閱量，其中高級訂閱量持續表現良好。我們將繼續推出可以獲利的新功能，同時也為我們的觀眾增加價值。當然，我們完成了先前宣布的 Frndly 收購，並已開始將 Frndly 整合到即時搜尋和我們平台的其他關鍵領域。

So yeah, again, it was a great quarter. I think it really shows our strategy starting to work also, of course, great execution by the team. And Dan, was there anything you'd like to add and take that second question?

是的，這又是一個偉大的季度。我認為這確實表明我們的策略開始發揮作用，當然，也離不開團隊的出色執行。丹，對於第二個問題，您還有什麼要補充的嗎？

Yeah. Thanks, Anthony, and thanks for the question, Shyam. I'll just echo Anthony's comments, great Q2. Very happy with it, very excited for the rest of the year as well.

是的。謝謝，安東尼，也謝謝你的提問，希亞姆。我只是附和安東尼的評論，第二季度很棒。對此感到非常高興，對今年剩餘的時間也感到非常興奮。

And as Anthony mentioned, our execution of our monetization initiatives gives us confidence to sustain double-digit platform revenue growth while also improving profitability in 2026 and beyond, Shyam. So we feel good about the rest of this year. We feel good about 2026. Specifically, we've done a great job of investing in our key monetization initiatives while expanding our EBITDA margins.

正如安東尼所提到的，我們實施的貨幣化計劃使我們有信心維持兩位數的平台收入增長，同時提高 2026 年及以後的盈利能力，Shyam。因此我們對今年剩餘的時間感到很滿意。我們對 2026 年充滿信心。具體來說，我們在投資關鍵貨幣化計畫的同時，也擴大了 EBITDA 利潤率，做得非常出色。

So you can see from our full-year guide, our EBITDA margin outlook reflects a full 180-basis-point improvement year over year over 2024. We expect to see further margin improvement in 2026. And while we continue to carefully balance our investment in our platform growth with our margin expansion, we're also focus on operational efficiency. And we expect 2026 OpEx growth rate and platform margins to stay relatively in line with '25.

因此，您可以從我們的全年指南中看到，我們的 EBITDA 利潤率前景反映出 2024 年將年增 180 個基點。我們預計 2026 年利潤率將進一步提高。在我們繼續謹慎地平衡平台成長投資和利潤擴張的同時，我們也注重營運效率。我們預計 2026 年營運支出成長率和平台利潤率將與 25 年保持相對一致。

And as you point out, our guide does imply, we are on track to be operating income positive in Q4 of this year and for full year 2026. And I'll just note that the Q4 op profit would be earlier than what we said even last quarter. So we feel really good about our Q2 results. We feel good about H2 and going into 2026.

正如您所指出的，我們的指南確實暗示，我們預計在今年第四季和 2026 年全年實現營業收入為正。我只想指出，第四季的營業利潤將比我們上個季度所說的還要早。因此，我們對第二季的業績感到非常滿意。我們對下半年以及 2026 年的發展充滿信心。

Michael Morris, Guggenheim Securities.

古根漢證券公司的麥可‧莫里斯。

Thank you. Good afternoon. Wanted to ask you a couple about advertising. You highlighted the progress that you're making, both with your third-party partnerships and then also now with Roku Ads Manager. So my question on that is, can you talk about what that program looks like, whether there's cannibalization of other parts of the business and maybe how those two drivers are complementary to one another?

謝謝。午安.想問你們幾個關於廣告的問題。您強調了您正在取得的進展，包括與第三方合作夥伴以及現在與 Roku Ads Manager 的合作。所以我的問題是，您能否談談該計劃是什麼樣的，是否會蠶食業務的其他部分，以及這兩個驅動因素是如何相互補充的？

And then my second question is just more broadly on the macroeconomy and what you're seeing. How are trends now in terms of demand and market health compared to where we were about three months ago?

我的第二個問題更廣泛地涉及宏觀經濟和您所看到的情況。與三個月前相比，現在的需求和市場健康趨勢如何？

Sure. That sounds great. This is Anthony, I'll take that. So in terms of Ad Manager versus third-party partnerships, both are doing well for us. Ad Manager obviously is newer and smaller business, but growing faster.

當然。聽起來不錯。這是安東尼，我接受。因此，就 Ad Manager 與第三方合作夥伴關係而言，兩者對我們來說都表現良好。Ad Manager 顯然是一家較新、規模較小的企業，但發展速度更快。

I would say that, I think the main thing about the Roku Ads Manager is that it's opening up a new market for us. The advertisers -- performance-based advertisers they traditionally often smaller and midsized businesses that traditionally advertised on social media like it makes -- it brings video on Roku as a way for those -- to those customers, as a way for those customers to advertise. And so it's a big market that we have a lot of hopes for over time. We think it's going to grow over time to become a big market.

我想說的是，我認為 Roku 廣告管理器的主要作用是它為我們開闢了一個新市場。廣告商——基於績效的廣告商，他們通常是傳統上在社群媒體上做廣告的小型和中型企業——它將影片帶到 Roku 上，作為向這些客戶投放廣告的一種方式。因此，我們對這個龐大的市場寄予厚望。我們認為隨著時間的推移它將成長為一個巨大的市場。

Demand-side platforms, third-party partnerships is a big part of our strategy, and that's working well to really lean into those partnerships, I mean that's doing great. But those are big advertisers, but those tend to be the more traditional video advertisers.

需求方平台、第三方合作夥伴關係是我們策略的重要組成部分，而這些合作夥伴關係確實運作良好，我的意思是，這做得很好。但這些都是大型廣告商，而且往往是更傳統的影片廣告商。

So I don't know, Charlie, if you want to add anything, and maybe you can also take the macro economy question.

所以我不知道，查理，如果你想補充什麼，也許你也可以回答宏觀經濟問題。

Sure. Thanks, Anthony. Hey, Michael. I look at it this way. If you think about the strategy we've been talking about for really the last 18 months, where we've talked a lot about diversifying demand and both third-party partnership expansion and Roku Ads Manager fall beautifully under that heading.

當然。謝謝，安東尼。嘿，麥可。我是這樣看待這個問題的。如果你考慮我們過去 18 個月一直在談論的策略，我們談論了很多關於多樣化需求的內容，第三方合作夥伴關係的擴展和 Roku Ads Manager 都完美地符合這項要求。

Anthony is right. It's a bit of a high solution way to say it, but for the Ads Manager program, a lot of people say it democratizes television. It really does bring in hundreds of net new advertisers to TV that we wouldn't have seen and it's through self-service and as Anthony noted a lot of performance-based small- and medium-sized businesses.

安東尼是對的。這樣說可能有點太高端了，但是對於廣告管理器程序，很多人說它使電視民主化了。它確實為電視帶來了數百個我們以前從未見過的新廣告商，而且它是透過自助服務實現的，正如安東尼指出的那樣，還有很多基於績效的中小型企業。

The third-party partnerships, that really has been -- I think it's reflective in our results. It's really been working. And as Anthony said, the demand-side platform, the supply side platforms, the measurement partners, we have some really unique assets, and it all starts with authentication, everything else follows from that. We pass high-fidelity signals in really privacy safe ways and we drive results for marketers. And that inevitably is what both of those do for very different audiences. So to answer your first question directly, it's completely complementary. And I think there's a lot of expansion in both of those areas.

第三方合作夥伴關係確實如此——我認為這反映在我們的業績中。它確實有效。正如安東尼所說，需求方平台、供應方平台、測量合作夥伴，我們擁有一些真正獨特的資產，一切都始於身分驗證，其他一切都由此而來。我們以真正保護隱私的方式傳遞高保真訊號，並為行銷人員帶來成果。這不可避免地是這兩部作品針對的是截然不同的觀眾群。因此，直接回答您的第一個問題，這是完全互補的。我認為這兩個領域都有很大的發展空間。

On the macro economy, we just finished the upfront, and it was very positive. And obviously, is a forward-looking indicator. We've grown well. The team executed brilliantly. And really, that's been an interesting business to follow the upfront specifically business to follow over the last few years because it reflects the trends in the market; a, you have a lot of people who don't have the visibility they did a few years ago. So the upfront has really turned into a full-year long marketplace. And it's also a marketplace where people are looking more than ever to television for performance. And I think both of those trends hold us in a really good position.

在宏觀經濟方面，我們剛完成了前期工作，結果非常正面。顯然，這是一個前瞻性指標。我們成長得很好。該團隊表現非常出色。事實上，這是一個值得關注的有趣業務，特別是過去幾年值得關注的業務，因為它反映了市場的趨勢；a，許多人不再像幾年前那樣具有知名度。因此，前期實際上已經變成了一個全年的市場。在這個市場上，人們比以往更加關注電視的表演。我認為這兩種趨勢都使我們處於非常有利的地位。

And I suppose I should mention sports did very well. I think the macro economy is supporting some of the live events that you've heard about from others. And even that's good for us, we have unique assets in our destinations like the sports zone that in a fragmented macro media economy. Our users are turning to our destinations to actually help them enjoy even the biggest sporting events more and find them more easily.

我想我應該提一下，體育運動表現非常好。我認為宏觀經濟正在支持您從其他人那裡聽到的一些現場活動。即使這對我們有利，我們在目的地也擁有獨特的資產，例如在分散的宏觀媒體經濟中的體育區。我們的用戶選擇我們的目的地實際上是為了幫助他們更好地享受甚至最大的體育賽事，並且更輕鬆地找到它們。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thank you. Dan, I was just trying to unpack the platform growth a little bit between some things you had last year, plus what you called out for Frndly. I think growth was about 20% in Q2, if I back out 606 and political and Frndly. So just wondering if that's the right number. And I think it's implied around 18% in Q3. All those are pretty good. Just wondering if that's just kind of conservatism in terms of the way you're thinking about some of the same-store comp with maybe a 2-percentage-point slowdown from quarter to quarter?

謝謝。丹，我只是想根據你去年做的一些事情以及你對 Frndly 的評價來稍微分析一下平台的成長情況。如果我退出 606 和政治以及 Frndly，我認為第二季的成長率約為 20%。所以我只是想知道這是否是正確的數字。我認為第三季的成長率約為 18%。這些都非常好。我只是想知道，就您對同店銷售額同比增速可能每季放緩 2 個百分點的看法而言，這是否只是一種保守主義？

And then secondly, just on the platform gross margin guide at 51%. Anything you get unpacking there for us? Is this just mix, especially as M&E, I think, is a smaller component of revenue given the strong growth in video or anything else going on the programmatic side that drives the platform margin outlook?

其次，平台毛利率指引為 51%。您有什麼東西需要幫我們拆開嗎？這僅僅是混合嗎？特別是考慮到影片的強勁成長或程式化方面的其他因素推動了平台利潤率前景，我認為 M&E 的收入只佔較小的一部分？

Yeah. I'll take that question. Thanks, Steven, for the question. With respect to the outlook, excluding Frndly and political, maybe let me just give you some growth rates on that. Again, it's not really a sequential decline from what we're seeing right now. We're basically at around 17% for Q2, and we expect that 17%, if you back both those out in Q3 and the full year would imply Q4 at a similar level.

是的。我來回答這個問題。謝謝史蒂文提出的問題。就前景而言，除了友誼和政治因素外，我可能只給你一些成長率。再說一遍，從我們現在看到的情況來看，這並不是真正的連續下降。我們第二季的成長率基本上在 17% 左右，如果將第三季和全年的成長率都保持在 17% 左右，那麼我們預計第四季的成長率也將達到類似的水平。

And then if you back out 606, which, as you know, we had last year, it actually adds a full point of that in Q2 and Q3, smaller in Q4. We didn't have a big 606 adjustment in Q4 of last year. So we're seeing a very steady and very positive growth rate when you back out political and then if you exclude Frndly in H2 of this year.

然後，如果你退出 606（如你所知，我們去年就有這個數字），它實際上在第二季和第三季增加了整整一個點，在第四季則減少了。去年第四季我們沒有進行大的606調整。因此，如果撇開政治因素，然後將今年下半年的 Frndly 排除在外，我們會看到非常穩定和非常積極的成長率。

On the margin question, if you look at our gross margin or our platform margins of 51% and we guided to a similar margin for Q3 and a full year of around 52%, we are expecting that margins stay in that 51% to 52% range. What we're seeing is, any sort of mix impact where we have some of our higher margin activities like M&E growing slower than other margin activities. We're able to offset a lot of that with efficiency and improvement.

關於利潤率問題，如果你看一下我們的毛利率或平台利潤率為 51%，並且我們預計第三季和全年的利潤率將在 52% 左右，那麼我們預計利潤率將保持在 51% 至 52% 的範圍內。我們看到的是，任何形式的混合影響都會導致我們的一些利潤率較高的活動（如媒體與娛樂）的成長速度比其他利潤率活動要慢。我們能夠透過提高效率和改進來抵消許多損失。

I think it's a positive that we're able to do that. If M&A were to pick up, we would see margin upside. We're not planning or counting on M&E growth to any significant level in our guide or our forecast. That would be upside if M&E does rebound in any way. There's possibilities of that with some new services launching, but we're not planning for significant growth in that area. So the platform margins that we see are -- we believe are going to be in the 51% to 52% range.

我認為我們能夠做到這一點是一件正面的事。如果併購活動回暖，我們將看到利潤率上升。在我們的指南或預測中，我們並未計劃或指望 M&E 增長達到任何顯著的水平。如果 M&E 確實出現任何反彈，那將是一個利好。隨著一些新服務的推出，有可能實現這一點，但我們並不打算在該領域實現顯著成長。因此，我們看到的平台利潤率——我們相信將在 51% 到 52% 的範圍內。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

Hey. This is Ron on for Peter. I just had two quick questions. So first, following up on the gross margin, I think it implies, though, that the fourth quarter, we should see a higher gross margin than the 52% for the full year. So I was just wondering if there was anything you could comment on the leverage there?

嘿。這是榮恩代替彼得。我只有兩個簡單的問題。因此，首先，跟踪毛利率，我認為這意味著第四季度的毛利率應該高於全年的 52%。所以我只是想知道您是否可以評論那裡的槓桿作用？

And then on the share repurchase authorization of the $400 million, is there a way we should be thinking about the timing and what it could being about future opportunities to grow shareholder return?

那麼，關於 4 億美元股票回購授權，我們是否應該考慮時機以及它可能帶來的未來增加股東回報的機會？

Yeah, I'll take that one as well. Yes, you're right. It does imply a sequential improvement in Q4 gross margins. And we see that just because the volumes increase, there are some fixed components in the gross margin line item. So that really just is leverage on pure volume. It's not anything more than that.

是的，我也要這個。是的，你說得對。這確實意味著第四季毛利率將連續提高。我們發現，僅僅因為銷售量增加，毛利率項目中就有一些固定組成部分。所以這其實只是純粹數量的槓桿。僅此而已。

The more volumes we get, we're able to have our -- we're able to have leverage over our fixed cost that sits in cost of goods sold, not everything in cost of goods sold is 100% variable. So as we grow volumes, we could potentially see margin upside. And we'll certainly see that or we believe we'll see that in Q4. We see that in every Q4.

我們獲得的數量越多，我們就越能夠利用我們的固定成本，即銷售成本，而銷售成本中並非所有部分都是 100% 可變的。因此，隨著銷量的成長，我們可能會看到利潤率上升。我們肯定會看到這一點，或者我們相信我們會在第四季度看到這一點。我們在每個第四季都會看到這種情況。

On your question on share repurchase, I'm not quite sure I'm understanding when you say the timing of it, we announced a $400 million share repurchase program. We have been doing that share settlement since the beginning of 2024, we plan to continue that. The share repurchase will come on top of that. We do expect that to offset dilution. We're offsetting over 40% of our dilution right now just on net share settlement. Share repurchase will be on top of that as we execute the share repurchase program.

關於您提出的股票回購問題，我不太確定我是否理解您所說的時間，我們宣布了一項 4 億美元的股票回購計劃。我們從 2024 年初就開始進行股份結算，我們計劃繼續這樣做。在此基礎上也將進行股票回購。我們確實希望這能夠抵消稀釋。目前，我們僅透過淨股份結算就抵消了 40% 以上的稀釋。當我們執行股票回購計畫時，股票回購將在此基礎上進行。

In terms of capital allocation, if that's your question, we've got this question a lot, and we've talked about acquisitions like Frndly. We've done some strategic investments. We've done share repurchase. And of course, we're investing in all our platform initiatives. So we feel really good about our capital allocation strategy over the last two years. And as we go forward, I'll update you more on the execution of the share repurchase program.

關於資本配置，如果這是您的問題，我們經常會問到這個問題，我們也討論過像 Frndly 這樣的收購。我們做了一些戰略投資。我們已經完成股票回購。當然，我們正在投資我們所有的平台計劃。因此，我們對過去兩年的資本配置策略感到非常滿意。隨著我們繼續前進，我將向您通報更多有關股票回購計畫執行情況的資訊。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

So Anthony, hard one for you. So the two assets that I think have pricing power or proprietary data and proprietary content. You have both. The question is that becomes more valuable over time with the rise of LLM. So the question generally is, at what point do you think Roku can do more good as part of something larger than going standalone? That's my question for you.

所以安東尼，這對你來說很難。因此我認為具有定價權的兩種資產是專有數據和專有內容。你兩者都有。問題是，隨著法學碩士 (LLM) 的興起，這一點隨著時間的推移變得越來越有價值。所以問題一般是，您認為 Roku 什麼時候可以作為比獨立更大的事業的一部分做出更多貢獻？這就是我要問你的問題。

Charlie, hard question for you. So we have a progress field that allows them access to the Roku Channel and Amazon, which has exclusive rights to for years to access the entire platform, maybe I have that wrong, if that's wrong, please correct. But why would you sign exclusive deals with anyone rather than open it up a bid?

查理，這個問題對你來說很難。因此，我們有一個進度字段，允許他們訪問 Roku 頻道和亞馬遜，後者擁有多年來訪問整個平台的獨家權利，也許我錯了，如果錯了，請糾正。但是，為什麼要與任何人簽署獨家協議而不是公開競標呢？

And two, why the difference in deal structure between those two large DSPs? I'm curious about that.

其次，為什麼這兩家大型 DSP 的交易結構有差異？我對此很好奇。

Hey, Laura. It's Anthony. Excellent questions. So I'll take the first question, and I'll start on The Trade Desk question and turn that over to Charlie. So yeah, I mean, our first-party data is super powerful asset that we have, and it's a key driver of our business. We use it to increase monetization in many different ways, everything from recommendations to clean rooms to just a variety of ways we use that is driver of our ad business, important components in interacting with and working with advertisers that's often in the clean rooms through DSP. So in terms of something being so large, we have a great business. We're very focused on growing our business, and that's our focus right now.

嘿，勞拉。是安東尼。非常好的問題。所以我將回答第一個問題，然後從交易台問題開始，並將其交給查理。是的，我的意思是，我們的第一方數據是我們擁有的超級強大資產，它是我們業務的關鍵驅動力。我們利用它來以多種不同方式增加盈利，從推薦到清潔室，再到我們使用的各種方式，這些都是我們廣告業務的驅動力，也是與廣告商互動和合作的重要組成部分，這些通常透過 DSP 在清潔室中進行。因此，就規模如此之大而言，我們的業務非常棒。我們非常注重發展我們的業務，這就是我們現在的重點。

In terms of trade the Amazon deal, so I'll just say just to remind everyone that doesn't know this. Our strategy to grow our platform revenue has three parts. One part is to deeper integration with third-party DSPs, which I'll talk more about in a second. Another is to lean into our home screen, take better advantage of that. It's an asset that we can use a lot more to help our viewers to find things to watch as well as help drive monetization for us better, more effectively. And then third is there's -- we have a large subscription business but we're just leaning into that a lot more. So there's a lot of things we can do, both with third-party and first-party subscription. So we're focused on that.

就與亞馬遜的交易而言，我只是想提醒所有不知道這一點的人。我們增加平台收入的策略包括三個部分。一部分是與第三方 DSP 進行更深入的集成，稍後我將詳細討論。另一個就是依靠我們的主螢幕，更好地利用它。我們可以充分利用這項資產來幫助觀眾找到想看的內容，並更好、更有效地推動我們獲利。第三，我們擁有龐大的訂閱業務，但我們更傾向於這方面業務。因此，我們可以做很多事情，包括第三方和第一方訂閱。所以我們專注於此。

In terms of our working with DSPs and the Amazon deal that we announced, our strategy with DSPs is to work with all of them and to have deep integration with all of them to deepen our integration. Each DSP is unique in its own ways. They have different technology stacks. They have different approaches to come into market. Every deal we do with the DSP is customized for that particular DSP partner and is focused on helping marketers achieve their objectives in the context of each specific platform. And so we're really customizing the deals to work best for each DSP.

就我們與 DSP 的合作以及我們宣布的與亞馬遜的交易而言，我們與 DSP 的策略是與所有 DSP 合作並與所有 DSP 進行深度整合，以深化我們的整合。每個 DSP 都有其獨特之處。他們有不同的技術棧。他們採用不同的方式進入市場。我們與 DSP 達成的每筆交易都是針對特定的 DSP 合作夥伴量身定制的，並專注於幫助行銷人員在每個特定平台的背景下實現他們的目標。因此，我們確實在定制交易，以使其最適合每個 DSP。

And we're not going to share specifics on the deal, but we haven't done any deals that -- and wouldn't do any deals that would tie our hands and doing deals with other DSPs. So -- and DSP is on different things. So for example, in The Trade Desk case, which we have a great partnership with Trade Desk, they are a very strong partner. We do a lot of mutual business together, really good for each other's business.

我們不會分享有關交易的具體細節，但我們沒有做過任何交易——也不會做任何束縛我們與其他 DSP 進行交易的交易。所以 — — DSP 牽涉不同的事情。舉例來說，在 The Trade Desk 案例中，我們與 Trade Desk 建立了良好的合作關係，他們是一個非常強大的合作夥伴。我們一起做了很多生意，這對彼此的業務確實有好處。

When we did that deeper integration, the main thing they were focused on was UID2, which we supported for them. And Amazon is focused on integrating their DSP onto our platform and being a good DSP for the marketers that want to buy through Amazon.

當我們進行更深層的整合時，他們的重點是 UID2，我們為他們提供支援。亞馬遜專注於將其 DSP 整合到我們的平台上，並成為希望透過亞馬遜購買的行銷人員的良好 DSP。

So that's -- we have marketers that come to Roku to buy ads and sometimes they want to use Trade Desk, sometimes they want to use Amazon, sometimes they want to use Yahoo!, sometimes they want use Google. So we support all the DSPs, and we support them all fully, and we're always looking for ways to deepen the integration and be a more effective partner with all of them.

所以，我們有行銷人員來到 Roku 購買廣告，有時他們想使用 Trade Desk，有時他們想使用亞馬遜，有時他們想使用雅虎，有時他們想使用谷歌。因此，我們支持所有 DSP，並全力支持它們，並且我們一直在尋找深化整合並成為所有 DSP 更有效合作夥伴的方法。

So -- but with that set up, I'll just see if Charlie, if you have anything to add?

那麼——但有了這個設置，我只想看看查理，你還有什麼要補充的嗎？

Nice to have a boss who knows it cold. I think that's right. Really taking from the marketing perspective, each constituent and this is true on the DSP side, but starting with the marketer who we're driving to outcomes in our agency partners, they really are measuring outcomes differently than ever before. So our data and our over 90 million logged on relationships really do make a huge difference. And then each constituent partner has a different use case that they're building for, and they're solving for.

有一個對此瞭如指掌的老闆真好。我認為那是對的。從行銷角度來看，每個組成部分都是如此，這在 DSP 方面是正確的，但從我們在代理商合作夥伴中推動成果的行銷人員開始，他們衡量成果的方式確實與以往不同。因此，我們的數據和超過 9000 萬個登入關係確實發揮了巨大的作用。然後，每個組成合作夥伴都有他們正在建立和解決的不同用例。

So Anthony is right, we haven't done deals that will preclude us from doing other deals. They are unique in some of the ways you mentioned, but we also do deals. You mentioned Trade Desk, the Amazon DSP. We've done Yahoo! and I think this quarter, we announced a deeper integration with AppLovin and Wurl, you're going to see us everywhere.

所以安東尼是對的，我們並沒有做過會妨礙我們做其他交易的交易。他們在您提到的某些方面是獨一無二的，但我們也做交易。您提到了 Trade Desk，即亞馬遜 DSP。我們已經完成雅虎了！我認為本季我們宣布與 AppLovin 和 Wurl 進行更深層的整合，您將隨處看到我們。

And I really like our position a lot. I think we're seeing it in the results and the increased guidance that our strategy either be open and interoperable and in fact, shut down our own DSP, so we could do it has proven to be effective and has a lot of upside.

我真的很喜歡我們的立場。我認為我們從結果和越來越多的指導中看到了這一點，即我們的策略要么是開放和可互操作的，事實上，關閉我們自己的 DSP，這樣我們就可以做到這一點，事實證明這是有效的，並且有很多好處。

Rob Coolbrith, Evercore ISI.

Rob Coolbrith，Evercore ISI。

Great. Thank you very much for taking the question. I wanted to ask on Roku Ad Manager and the SMB and performance opportunity in CTV. Just a broadcast of our market structure. Just compare it to opportunities ranging from search and social to online display. Do you think performance marketers in CTV are likely to gravitate towards platform direct opportunities, if you will, versus working by DSPs?

偉大的。非常感謝您回答這個問題。我想詢問 Roku Ad Manager 以及 CTV 中的 SMB 和效能機會。只是對我們的市場結構的廣播。只需將其與從搜尋、社交到線上展示的機會進行比較即可。您是否認為 CTV 的績效行銷人員可能會傾向於平台直接機會，而不是透過 DSP 工作？

And secondly, do you think the other market is going to (inaudible) winner take most or take characteristics or be governed by sort of multi-homing costs where the earliest or the largest players in the market are likely to sort of earn outsized monetization?

其次，您是否認為其他市場將會（聽不清楚）贏家通吃，或佔據某些特點，或受到多歸屬成本的支配，其中市場上最早或最大的參與者可能會獲得超額的貨幣化？

And then just a second quick one on TRC, I just wonder if you could share streaming hours growth with respect to that. We -- I don't think we caught that in the letter.

然後我再快速問一下 TRC，我想知道您是否可以分享一下與此相關的串流媒體小時數增長情況。我們——我認為我們沒有在信中提到這一點。

Hey, Rob. Charlie will take that question.

嘿，羅布。查理將回答這個問題。

Thanks, Rob. It's a good question. When we look at the small and medium-sized business opportunity and all of our Ads Manager and self-service opportunities, I really get excited because it's so focused on performance.

謝謝，羅布。這是個好問題。當我們看到中小型企業機會以及我們所有的廣告管理器和自助服務機會時，我真的很興奮，因為它非常注重表現。

And so your question about where the winners will be, without question, the winners will be the ones who can prove that $1 in actually produces the desired result. And so if you look at what we're able to do just -- and it's very early days on things like shopability and all of our action ads, we're seeing really positive signs, again, early on that we can be a leader in teaching the world had a shop on television.

所以你問誰是贏家，毫無疑問，贏家將是那些能夠證明投入 1 美元確實能產生預期結果的人。所以，如果你看看我們能做什麼——在購物能力和我們所有的行動廣告等方面，我們才剛起步，我們就看到了非常積極的跡象，再次表明我們可以成為在電視上向全世界傳授購物知識的領導者。

I think that and some of the opportunities for these clients who are so sophisticated to actually activate through self-service is complementary, as I said in an earlier answer and allows us a ton of headroom. We also see -- you compared it to direct platform tools to the DSP.

我認為，對於這些非常成熟的客戶來說，透過自助服務來激活他們的某些機會是互補的，正如我在先前的回答中所說的那樣，這給了我們很大的發展空間。我們也看到——您將它與 DSP 的直接平台工具進行了比較。

Again, I think it's really a different set of advertisers. We are going deeper with all the traditional television players. I can tell you, again, in the upfront. A lot of it will be executed programmatically, but we're seeing the business grow with our traditional partners. And then the SMB opportunities are net new hundreds, possibly someday, thousands of advertisers that can take advantage on a self-service basis.

再說一次，我認為這確實是一組不同的廣告商。我們正在與所有傳統電視播放器進行更深入的合作。我可以再次提前告訴你。其中許多將以程式設計方式執行，但我們看到我們的傳統合作夥伴的業務也在成長。然後，中小企業的機會就是新增數百個、也許有一天會是數千個廣告商，他們可以透過自助服務的方式利用這些廣告商。

On TRC growth, Dan?

關於 TRC 的成長，丹？

Yeah, I'll take that one. I do want to just follow up on Charlie's answer as well. Like, we do view this as a new market. Anthony said that earlier, we're very excited about it. And these are a lot of advertisers who wouldn't go through a DSP.

是的，我要那個。我確實也想跟進查理的回答。就像，我們確實將其視為一個新市場。安東尼早些時候說過，我們對此感到非常興奮。很多廣告商都不會通過 DSP。

Remember, this is a self-service portal, and it's basically you're up and running in a matter of clicks with a very -- with an exceptional video ad, a lot of SMB advertisers want to do this. We're seeing this. We're seeing the demand grow. We're seeing the revenue grow. We're seeing the number of advertisers who are coming in the self-service platform grow. And this could be a few big players that could be many. We're going to integrate and we are integrated with all of them.

請記住，這是一個自助服務門戶，基本上只需點擊幾下即可啟動並運行 - 透過出色的影片廣告，許多 SMB 廣告商都希望這樣做。我們看到了這一點。我們看到需求在成長。我們看到收入在成長。我們看到進入自助服務平台的廣告商數量正在增加。這可能是少數幾個大玩家，也可能有很多。我們將進行整合，並且我們已經與它們全部整合在一起。

So our product is exceptional and will continue to be exceptional, but we also integrate with other players in this space because when you have over half of broadband households you're going to want to integrate with Roku to take advantage of us as a platform, so. And of TRC in that respect. So it's a really exciting new market for us to play in, in this space, and we're really excited about it.

因此，我們的產品非常出色，並將繼續保持出色，但我們也與該領域的其他參與者進行整合，因為當您擁有超過一半的寬頻家庭時，您將希望與 Roku 整合以利用我們作為平台的優勢，所以。在這方面，真相與和解委員會也是如此。因此，對我們來說，這是一個非常令人興奮的新市場，我們對此感到非常興奮。

With respect to your question on TRC, the Roku Channel continued its strong performance in Q2. The app was the number two app on our platform by engagement and the number three app globally by reach. We talk a lot about Nielsen Gauge and the ranking it has on that. Its growth in hours, was around 80% for Q2. I do expect that growth rate to probably come down from that level in future quarters just because we're comping the content role at the top of the home screen, and that drove a lot of ingress into the Roku Channel.

關於您關於 TRC 的問題，Roku 頻道在第二季繼續保持強勁表現。該應用程式是我們平台上參與度排名第二的應用程序，也是全球覆蓋率排名第三的應用程式。我們經常談論尼爾森指數及其排名。其工作時間的成長在第二季達到了 80% 左右。我確實預計未來幾季的成長率可能會從這個水平下降，因為我們正在將內容角色放在主螢幕的頂部，這推動了大量內容進入 Roku 頻道。

And we have a lot of other ways to ingress into the Roku Channel. So when I say, we expect it to come down, it's still going to grow well, well into the double digits going forward. So there has been no slowdown in terms of engagement with TRC. And while it might come down from that 80% level, it's still going to grow and grow a lot over the next several quarters.

我們還有很多其他方法可以進入 Roku 頻道。所以當我說我們預計它會下降時，它仍然會很好地成長，未來會達到兩位數。因此，與真相與和解委員會的合作並未放緩。儘管它可能會從 80% 的水平下降，但在接下來的幾個季度中它仍將大幅增長。

Matt Condon, Citizens.

馬特·康登，公民。

Thank you so much for taking my questions. My first one is just on Frndly TV. I just wanted to ask about maybe were there early learnings so far as far as the cross-sell opportunity into your base of streaming households?

非常感謝您回答我的問題。我的第一個是在 Frndly TV 上。我只是想問一下，就向串流媒體家庭群體進行交叉銷售的機會而言，您是否有早期的經驗教訓？

Then my second is just on Walmart transitioning on the SmartCast year before the holiday season. Just what tools do you guys have your disposal maybe to mitigate some of those headwinds from a net add perspective for streaming households?

我的第二個目標是沃爾瑪在假期前一年轉型為 SmartCast 。那麼，你們可以使用什麼工具來從串流媒體家庭淨增角度緩解一些不利因素？

Hey, Matt. This is Anthony. So Dan will take your question on Frndly and then I'll take your question on Walmart.

嘿，馬特。這是安東尼。所以丹會在 Frndly 上回答你的問題，然後我會在沃爾瑪上回答你的問題。

Yeah. Thanks for the question, Matt. On Frndly, we mentioned in the letter that Frndly added 1.8 points of growth in Q2, and we've been working closely with the Frndly team. We're very pleased with the progress so far, one big focus, one immediate focus was integrating Frndly more deeply within our platform. That is an ongoing initiative.

是的。謝謝你的提問，馬特。關於 Frndly，我們在信中提到，Frndly 在第二季度增加了 1.8 個點的成長，我們一直與 Frndly 團隊密切合作。我們對迄今為止的進展感到非常滿意，一個重點，一個當前的重點是將 Frndly 更深入地整合到我們的平台中。這是一項持續進行的舉措。

Just a couple of examples. We added Frndly to the apps that are installed on our home screen when a user activates new devices. We saw, obviously, app installs immediately increase as a result of that integration. We indexed Frndly into our live TV search results, thereby making Frndly more exposed on our platform.

僅舉幾個例子。我們將 Frndly 新增至用戶啟動新裝置時安裝在主畫面上的應用程式。顯然，我們看到，由於這種整合，應用程式安裝量立即增加。我們將 Frndly 納入我們的直播電視搜尋結果，從而使 Frndly 在我們的平台上獲得更高的曝光率。

These are just a couple of like immediate things that we did and how we can leverage our platform to drive more subscriptions and we have a lot of more growth initiatives on the road map. I've just given you two very simple examples. We have a lot more on the road map. We're very pleased with what we're seeing with Frndly so far.

這些只是我們立即採取的一些措施，以及我們如何利用我們的平台來吸引更多的訂閱，我們在路線圖上還有更多成長計劃。我剛才給你們舉了兩個很簡單的例子。我們在路線圖上還有更多內容。到目前為止，我們對 Frndly 的表現非常滿意。

And I'll let Anthony ask the second part -- answer the second part of your question.

我請安東尼問第二部分——回答你問題的第二部分。

Yeah. So just on Walmart, let me -- I'll just maybe expand a little bit on your question, just talk about a little bit generally about how we think about Walmart acquiring Vizio, SmartCast, and what we expect there. First, I think they announced the acquisition 18 months ago, so it's been a while. And it's playing out as we expected. And I would say that we're -- just like we said on prior calls, we're still very confident we can continue to grow our broadband household penetration globally.

是的。那麼就沃爾瑪而言，讓我——我可能只是稍微擴展一下你的問題，只是大致談談我們如何看待沃爾瑪收購 Vizio、SmartCast，以及我們對此有何期望。首先，我認為他們在 18 個月前就宣布了收購，所以已經有一段時間了。一切正如我們預期的那樣。我想說的是，就像我們在之前的電話會議上所說的那樣，我們仍然非常有信心能夠繼續提高全球寬頻家庭普及率。

And even if we simply just for example, even we expect it to grow, but even if we just simply maintained our US penetration in the US, which is more than half broadband households, we can continue to grow platform revenues double digits for years to come because we have so much room to grow our monetization in the US and internationally.

即使我們只是簡單地舉例，即使我們預計它會增長，但即使我們只是簡單地維持在美國的普及率，即超過一半的寬頻家庭，我們也可以在未來幾年繼續使平台收入增長兩位數，因為我們在美國和國際上都有很大的增長空間來提高我們的貨幣化水平。

Another point I would just make is we've invested billions to build a market-leading operating system. We spent the last 15-plus years, building the most popular and best-selling smart TV experience. And by a wide margin, if you look at our engagement, for example, is three times more than the next closest smart TV brand. So it's very popular.

我想說的另一點是，我們已經投資了數十億美元來建立市場領先的作業系統。我們花了 15 多年的時間打造最受歡迎、最暢銷的智慧電視體驗。如果你看一下我們的參與度，你會發現我們的參與度是排名第二的智慧電視品牌的三倍。所以它非常受歡迎。

Roku is a powerful brand. Consumers love it. It's a great experience. And this experience and what we built over the last 15 years causes consumers to walk into retail outlasts every day asking for a Roku device. And that's going to continue to drive demand for Roku devices.

Roku 是一個強大的品牌。消費者很喜歡它。這是一次很棒的經驗。這種經驗以及我們在過去 15 年中建立的成果使得消費者每天都會走進零售店詢問 Roku 設備。這將繼續推動對 Roku 設備的需求。

So it's a great asset to have the best smart TV. But on top of that, we invest hundreds of millions of dollars a year in distribution, and we're going to continue to spend at that current level in the most strategic and effective ways. And this includes, for example, adjusting the mix if we need to across our retail partners of how we spend those dollars. So again, we're very confident we can continue to grow our streaming households for years to come.

因此，擁有最好的智慧電視是一筆巨大的財富。但除此之外，我們每年在分銷方面投資數億美元，我們將繼續以最具策略性和最有效的方式在現有水準上進行投資。例如，如果需要的話，我們可以調整零售合作夥伴的資金使用組合。因此，我們非常有信心在未來幾年繼續擴大我們的串流家庭規模。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Thank you. Various ad industry participants, supply siders are concerned about the volume of connected TV advertising. But how are you managing the volume of ads out there to keep the inventory scarce and maintain the price in this kind of environment?

謝謝。各廣告業參與者、供給方都關注連網電視廣告的數量。但是在這種環境下，您如何管理廣告量以保持庫存稀缺並維持價格？

David, Charlie will take that.

大衛，查理會接受的。

Thanks, David. I appreciate the question. Roku really is in a unique position, David, because of our scale, because of our market-leading engagement growth and really because of our unique performance ad placements, which gets right at keeping up the value of the inventory. All of those assets allow us to price our inventory and our ad packages really at any point on the demand curve regardless in many ways of where CPMs travel in the marketplace. We are one of the rare scale players that can handle a fluctuating price market.

謝謝，大衛。我很感謝你提出這個問題。大衛，Roku 確實處於一個獨特的地位，因為我們的規模，因為我們市場領先的參與度增長，以及因為我們獨特的效果廣告展示位置，這正好保持了庫存的價值。所有這些資產使我們能夠在需求曲線的任何一點為我們的庫存和廣告套餐定價，而不管 CPM 在市場上如何變化。我們是少數能夠應對價格波動的規模企業之一。

So our strategy, as I say a lot, is to diversify demand and meet advertisers where they wish to transact or purchase media and due to our scale and our supply, which is your point, and the unique ad products. We can price really efficiently from premium sponsorships, by the way, that doesn't always mean low price. So you have premium sponsorships and sports inventory, our unique ad units and Roku City on the high end. And then we have broader streaming video packages that can clear at lower CPMs. And often, of course, those come with fewer signals attached.

因此，正如我經常說的那樣，我們的策略是實現需求多樣化，並滿足廣告商希望進行交易或購買媒體的需求，這得益於我們的規模和供應（這是你的觀點），以及獨特的廣告產品。順便說一句，我們可以透過優質贊助來制定非常有效的價格，但這並不總是意味著低價。因此，您擁有優質的贊助和運動資源、我們獨特的廣告單元和高端的 Roku City。然後，我們有更廣泛的串流影片套餐，可以以更低的 CPM 結算。當然，這些設備通常附帶的訊號較少。

So look, we just completed our upfront. We did not see pricing deflation, and we feel very good that we're positioned almost regardless of where the prices fluctuate in the market.

瞧，我們剛剛完成了前期工作。我們沒有看到價格通貨緊縮，而且我們感覺非常好，因為無論市場價格如何波動，我們都能保持領先。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

Hi. It's Rich Greenfield. Anthony and Dan, you've talked a lot about diversifying revenues towards subscription. Curious how you think about two things: one, the bundling opportunities of other services, other streaming services with Frndly now that you own it?

你好。我是里奇·格林菲爾德。安東尼和丹，你們談了很多關於透過訂閱實現收入多元化的問題。好奇您如何看待這兩件事：一、既然您擁有了 Frndly，那麼其他服務、其他串流媒體服務與 Frndly 的捆綁機會是什麼？

And then two, as you think about using the home screen, you've talked a lot about how you drive people to things like the Roku Channel and into places where you drive advertising revenue, but also starting to think about how do you drive subscriptions using that surface like surfacing content that a subscriber might be interested in based on what they've watched before, but they don't have a subscription to so you can drive subscription revenue and sort of broaden out the subscription revenue of Roku over time?

其次，當您考慮使用主螢幕時，您已經多次談論如何引導人們訪問 Roku 頻道等可以帶來廣告收入的地方，但同時也開始思考如何利用主螢幕來推動訂閱，例如根據訂閱者之前觀看的內容展示他們可能感興趣但沒有訂閱的內容，這樣您就可以推動訂閱收入，並隨著時間的推移擴大 Roku 的訂閱收入？

Hey, Rich. Nice to hear from you. Yes, so we're doing all of that. I mean -- so I think when I think about driving growth in our subscription business, a lot of it actually -- a lot of it are the tactics you're talking about, which are using recommendations to recommend content that would cause a viewer to sign up for a subscription.

嘿，里奇。很高興收到你的來信。是的，我們正在做這一切。我的意思是——所以我認為當我考慮推動我們的訂閱業務成長時，實際上很多都是你所說的策略，即使用推薦來推薦會導致觀眾註冊訂閱的內容。

So for example, in our recommendation -- content recommendations row, which we added not too long ago to the top of the home screen, it does include subscription recommendations and some of the subscription recommendations or recommendations for shows that you don't have, you haven't purchased yet. You haven't purchased a subscription for just because you're eligible for a free trial. So that -- but there's lots of different locations across our UI where we can recommend content, including subscription content.

例如，在我們的推薦——內容推薦行中，我們不久前將其添加到主螢幕頂部，它確實包含訂閱推薦和一些訂閱推薦或您還沒有購買的節目的推薦。您沒有購買訂閱只是因為您有資格享受免費試用。所以——但是我們的用戶介面上有很多不同的位置可以推薦內容，包括訂閱內容。

And then bundling is a big factor in the industry. And one of the things we're focused on is improving our capabilities to do bundling and then putting together bundles, creating bundles of bundles include technical capabilities, product capabilities but also deals and commercial relationships. So we're working on all of that, and that's improving. Certainly Frndly. We're definitely looking at doing different kinds of bundling and adding more content, creating more packages around Frndly.

捆綁是這個行業的一個重要因素。我們關注的事情之一是提高我們的捆綁能力，然後將捆綁包組合在一起，創建捆綁包，包括技術能力、產品能力以及交易和商業關係。所以我們正在努力解決所有這些問題，而且情況正在改善。當然是 Friendly。我們確實在考慮進行不同類型的捆綁並添加更多內容，圍繞 Frndly 創建更多包。

But a big part of our -- so all these are things we're doing, but I would say what's kind of changed Roku when it comes to subscription. It's just the emphasis we've given it. We've increased resource allocation in terms of people working on it. We elevated in the company in terms of seniority and or the company around to be better structured to be more effective at driving our subscription business. So it's an ongoing project. We're making good progress, but there's a lot we can continue to do.

但我們的很大一部分——所有這些都是我們正在做的事情，但我想說的是，在訂閱方面，Roku 發生了哪些變化。這只是我們給予其強調而已。我們增加了從事此項工作的人員的資源分配。我們在公司中提升了資歷，或者說公司的結構變得更好，從而更有效地推動我們的訂閱業務。所以這是一個正在進行的項目。我們正在取得良好進展，但還有很多事情可以繼續做。

How do you decide whether you drive someone to an ad-supported place or a subscription-supported place?

您如何決定是否將某人引導至廣告支援的地方或訂閱支援的地方？

Yeah. Well, it's a very complicated question. And also, how do we decide whether to promote a Roku property or a property that someone is paying us. So we have an excellent machine learning team. There's a lot of work that goes in every day on optimizing the yield from our UI, looking at both viewer satisfaction as well as revenue.

是的。嗯，這是一個非常複雜的問題。而且，我們如何決定是否要推廣 Roku 的資產或有人付錢給我們的資產。所以我們擁有一支優秀的機器學習團隊。我們每天都會投入大量工作來優化使用者介面的收益，同時關注觀眾滿意度和收入。

Can we show a piece of content to this customer that will sign up for a service that we get a good rev share on? Would we make more money showing a piece of content that they'll actually watch this ad supported where we know we're going to fill some of the ad inventory? Would we make more money by promoting a piece of content that someone is paying us to promote?

我們能否向這位將要註冊一項服務的客戶展示一些內容，以便我們獲得豐厚的收入分成？透過展示一段用戶真正會觀看的內容，我們是否會賺到更多的錢，而這段內容是由廣告支持的，我們知道我們會填補一些廣告庫存？透過推廣別人付錢給我們推廣的內容，我們能賺更多的錢嗎？

Is it important that we keep this viewer engaged by just showing them more content than they actually are just want to watch, even if we don't make money on it? And then balancing all that because, of course, the viewer is the most important thing for us. And second is still important is generating revenue. So there's a very complicated algorithm. There's a whole team that works on that every day, and it's an ongoing project.

透過向觀眾展示比他們實際想看的更多的內容來吸引他們，即使我們不能從中賺錢，這重要嗎？然後平衡所有這些，因為觀眾對我們來說當然是最重要的。第二點仍然重要的是創造收入。所以這是一個非常複雜的演算法。有一整個團隊每天都在致力於此，這是一個持續進行的專案。

Thank you.

謝謝。

And I would say we're good at it, like we've been doing it for a long time. So we're going to get better, but we're pretty good at it.

我想說我們很擅長這個，就像我們已經做了很長時間一樣。所以我們會變得更好，但我們在這方面已經相當擅長了。

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

Okay. Great. Thanks for taking the question. I wanted to explore a little bit more the Roku Ads Manager and the small and midsize business given that I think you've launched this less than a year ago, I think it was in September of last year.

好的。偉大的。感謝您回答這個問題。我想進一步探索 Roku 廣告管理器和中小型企業，因為我認為你們推出這個產品還不到一年，我想是在去年九月。

And I was wondering if you could give us some sense of the materiality of that to you at this point, the last time you spoke, I think the suggestion was, I think, from the CFO, Dan Jedda, there was great hopes about it, but it was still not material. Now, you seem totally much more kind of excited and interested and what you're seeing there. So I was wondering if you could give us a sense of is this starting to really move the needle at this point? Is that a change from the past couple of quarters?

我想知道您是否可以讓我們了解一下這件事的重要性，上次您發言時，我認為首席財務官丹·傑達 (Dan Jedda) 的建議是，人們對此抱有很大的希望，但仍然不是實質性的。現在，你似乎對你在那裡看到的一切更加興奮和感興趣。所以我想知道您是否可以讓我們了解一下這是否真的開始產生影響？這與過去幾季相比有什麼變化嗎？

This is Anthony. I'll let Dan take that. But before he takes that, I'll just say that the reason I'm excited about it is because it's a very large market that we don't currently really tap into. It's not like the traditional video market, which is also a very large market. But we've been working on that market for a while, and we have established competitors.

這是安東尼。我會讓丹來拿這個。但在他接受這個之前，我只想說，我對此感到興奮的原因是因為這是一個非常大的市場，我們目前還沒有真正進入。它不像傳統的視訊市場，後者也是一個非常大的市場。但我們在該市場上已經耕耘了一段時間，並且已經建立了競爭對手。

And that's a well understand market, and we're doing a good job of growing our share of that market, and that market is moving over to streaming from traditional TV. So it's a market that's growing well for us, strong. But this is a market that is a multibillion dollar, many multibillion-dollar market that just traditionally was not even tapped into by TV platform. So it's just a big new market. That's why I'm excited about it.

這是一個很好理解的市場，我們正在很好地擴大我們的市場份額，而這個市場正在從傳統電視轉向串流媒體。所以，對我們來說，這是一個成長良好、強勁的市場。但這個市場價值數十億美元，甚至數十億美元，傳統上電視平台甚至還沒有涉足其中。所以這只是一個巨大的新市場。這就是我感到興奮的原因。

But Dan, do you want to answer --

但是丹，你想回答--

Yeah. I'll just add. I fully agree with that. It is a big market. We've seen estimates that the overall performance base. We know it's like $60 billion-plus in this market. And when we look at where we -- not only what we're doing now, but where we can go with this, it is very exciting.

是的。我僅補充一點。我完全同意這一點。這是一個很大的市場。我們已經看到了整體業績基礎的估計。我們知道這個市場的規模超過 600 億美元。當我們審視我們所處的位置時——不僅是我們現在正在做的事情，還有我們可以去往何方，這非常令人興奮。

So as I mentioned, it's a self-service product. These are basically self-service products where you could be up and running in the matter of minutes and a few clicks with an AI-generated video, professional AI-generated video that looks amazing on CTV and many small and medium-sized businesses want to do this now.

正如我所提到的，它是一種自助服務產品。這些基本上是自助服務產品，您只需幾分鐘的時間和幾次點擊就可以啟動並運行 AI 生成的視頻，專業的 AI 生成的視頻在 CTV 上看起來很棒，許多中小型企業現在都想這樣做。

A lot of it is medium-sized businesses now, and we're starting to see them go into the even smaller businesses, and that's why we like it. In terms of whether or not it's material or not. What I will say is it is a very typical new ramp of a product where every month we do this, we see more advertisers and more revenue on it, which is why we're very excited about it.

現在很多都是中型企業，我們開始看到它們進入規模較小的企業，這就是我們喜歡它的原因。就其是否重要而言。我想說的是，這是一個非常典型的新產品，我們每個月都會推出這種產品，我們看到更多的廣告商和更多的收入，這就是我們對此感到非常興奮的原因。

And we're talking about our ads manager, but the market itself is also going to be significant. And like I said, we'll play in this market in a big way just because of our reach, our broadband penetration in many ways. So as Anthony said, like, this is why we're excited about it. And we're just starting to put marketing behind this as an example. So really, we'll give updates as we go forward, but we really like what we're seeing in this market and in this space.

我們正在談論我們的廣告經理，但市場本身也很重要。正如我所說的，我們將大力拓展這個市場，因為我們的覆蓋範圍和寬頻普及率很高。正如安東尼所說，這就是我們對此感到興奮的原因。我們剛開始以行銷作為例子。所以實際上，我們會在前進的過程中提供更新，但我們真的很喜歡我們在這個市場和這個領域看到的東西。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Thank you for the question. So just first, were there any factors that held back platform growth in the quarter? I mean growth accelerated on a reported basis, 100 basis points, but it was against an 8-point easier comp. So just is it was kind of, I guess, any weakness that kind of played out in the quarter or anything that was held back? And then are you expecting any Amazon DSP revenue in the fourth quarter? Or at this point, that's more for 2026 thing?

謝謝你的提問。那麼首先，是否存在什麼因素阻礙了本季平台的成長？我的意思是，報告顯示成長率加快了 100 個基點，但相較之下成長率卻降低了 8 個基點。那麼，我猜這是否是本季出現的任何弱點或受到阻礙的事情？那麼您預計第四季度亞馬遜 DSP 會有任何收入嗎？或者就目前情況而言，這更適合 2026 年的事情？

Hey, Jason. It's Anthony. I just want to mention that I heard you on CNBC this morning. Great job. I'll let Dan -- I have to, I was in my car.

嘿，傑森。是安東尼。我只是想說，我今天早上在 CNBC 上聽到了您的談話。幹得好。我會讓丹——我必須這麼做，我當時在車上。

Yeah, I'll take this question. In the form of like, do we see any weakness, I think both Anthony and I and Charlie and Mustafa have expressed our -- how pleased we are with our Q2. I'm not -- there was nothing in the quarter outside of like anything I continue to say is what we normally see with M&E just continues, which isn't necessarily a weakness. It's just not adding to growth, and we're not counting on M&E for our future growth.

是的，我願意回答這個問題。例如，我們是否看到任何弱點，我想安東尼和我以及查理和穆斯塔法都表達了我們對第二季的滿意。我不是——除了我繼續說的任何事情之外，本季度沒有發生任何事情，我們通常在 M&E 中看到的只是繼續，這並不一定是弱點。它不會促進成長，我們也不指望 M&E 帶來未來的成長。

Perhaps that changes in Q3 with the launch of some new apps, but there was nothing in particular that I'd call out that would indicate any weakness. I think the quarter was exceptionally strong. And it also gave us confidence to raise the full year guide by a fairly sizable amount. So we feel pretty good on what we're seeing across advertising.

也許隨著第三季一些新應用程式的推出，這種情況會有所改變，但我沒有特別指出任何可以表明任何弱點的地方。我認為本季表現異常強勁。這也讓我們有信心將全年指引大幅調高。因此，我們對所看到的廣告效果感到非常滿意。

We talked about ads management. We talked about -- Charlie talked about video, we're doing very well with video in the Marquee. We're starting to see that pick up. It's a great ad product that's really starting to take hold on the subscription side. We continue to see momentum, premium subscriptions, which we really haven't addressed doing very well on our platform. So net-net, across all the activities, maybe say, for M&E, very strong quarter.

我們討論了廣告管理。我們談到了——查理談到了視頻，我們在 Marquee 的視頻方面做得非常好。我們開始看到這種回升。這是一款出色的廣告產品，在訂閱方面確實開始流行。我們繼續看到優質訂閱的勢頭，而我們實際上還沒有在我們的平台上很好地解決這個問題。因此，從總體來看，從所有活動來看，對於 M&E 來說，這是一個非常強勁的季度。

With respect to Amazon, I just want to remind people, like we've talked a little bit about this, that the integration of these types of integrations take time. Our primary focus with their DSPs as remains on being open and performant. And as we onboard more partners into our ecosystem, we'll naturally improve the bid density across our demand curve, which will optimize pricing and improve fill rates, and this will lead to more demand.

關於亞馬遜，我只是想提醒大家，就像我們談論過這個問題一樣，這些類型的整合需要時間。我們對其 DSP 的主要關注點仍然是開放性和高效能。隨著我們的生態系統中吸收更多合作夥伴，我們自然會提高需求曲線上的出價密度，從而優化定價並提高填充率，最終帶來更多需求。

We're in the middle -- specifically with Amazon, we're in the middle of this integration now. We mentioned that it would be completed towards the end of Q3, and we're on track for that. But it's similar to our other deep integrations like with Trade Desk, it takes time to build and ramp.

我們正處於中間階段——特別是與亞馬遜的整合階段。我們提到它將在第三季末完成，我們正在按計劃進行。但它與我們與 Trade Desk 等其他深度整合類似，需要時間來建立和提升。

So while we factored in some into Q4 for Amazon, it's very difficult to predict the exact impact, and we'll update you as we know more post-integration, we're excited about the deal. But again, these ramps just take time because you got to build the integration, then you actually turn it on, and then of course, you optimize that over time, which is exactly how Trade Desk worked.

因此，雖然我們在亞馬遜第四季度考慮了一些因素，但很難預測其確切的影響，我們會在整合後了解更多信息後向您通報，我們對這筆交易感到非常興奮。但同樣，這些提升需要時間，因為你必須建立集成，然後你才能真正啟動它，當然，你會隨著時間的推移對其進行優化，這正是 Trade Desk 的工作方式。

Thank you. And that's all the time we have for questions. I'd like to turn the call back over to Anthony for closing remarks.

謝謝。這就是我們回答問題的時間了。我想將電話轉回給安東尼，請他做最後發言。

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

好吧，我只想感謝我們的員工、客戶、廣告商和內容合作夥伴。感謝您的聆聽。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, good day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接了。大家好。