Roku Inc (ROKU) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Roku 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我將把會議交給投資者關係副總裁康拉德·格羅德。請繼續。

Good afternoon. Welcome to Roku's third-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.

午安.歡迎參加 Roku 2025 年第三季財報電話會議。今天參加電話會議的有 Roku 創辦人兼執行長 Anthony Wood；財務長兼營運長 Dan Jedda；Roku 媒體總裁 Charlie Collier；以及設備總裁 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. 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.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明存在風險和不確定性。請參閱我們的股東信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業績與這些前瞻性陳述有重大差異的風險因素。我們也將介紹 GAAP 和非 GAAP 財務指標。我們在致股東信中提供了非GAAP指標與最可比較GAAP財務指標的調節表。除非另有說明，所有比較均與 2024 年同期結果進行比較。

With that, operator, our first question, please.

接線員，請問我們的第一個問題是什麼？

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Anthony, hoping you could expand on the trends you saw this quarter in the platform business and how you're thinking about the growth drivers in 4Q in 2026? And Dan, maybe a question for you. You bought back 50 million shares this quarter. So I thought it would be helpful to hear your latest thoughts on capital allocation priorities given your cash balance.

安東尼，希望你能詳細談談你在本季觀察到的平台業務趨勢，以及你對 2026 年第四季成長驅動因素的看法？丹，或許我有個問題想問你。本季你們回購了5000萬股股票。鑑於您目前的現金餘額，我想聽聽您對資本配置優先事項的最新看法。

I would say very good outlook. We feel good about our outlook and also feeling good about next year. And so what's driving our platform revenue growth, in 2024, we outlined our key monetization initiatives, the general buckets of areas we're focused on to grow our platform revenue. And that strategy is working. You can see it in the results, and I think we'll continue to see it for quite a while.

我認為前景非常好。我們對自己的前景感到樂觀，也對明年充滿信心。那麼，是什麼推動了我們平台收入的成長呢？在 2024 年，我們概述了我們的關鍵獲利計劃，以及我們為增加平台收入而重點關注的幾個領域。而這種策略奏效了。從結果中就能看出這一點，而且我認為這種情況還會持續相當長一段時間。

And the results and the success of our strategy just gives us a lot of confidence that we're going to maintain double-digit platform revenue growth, while increasing profitability in 2026 and beyond. So just to recap, the three areas that we're focused on to grow our platform revenue: one is making better use of our home screen, which is a key strategic asset for us; another one is growing ad demand; and the third is growing our subscription revenue.

我們的策略所取得的成果和成功讓我們非常有信心，我們將在 2026 年及以後保持兩位數的平台收入成長，同時提高獲利能力。綜上所述，我們為增加平台收入而重點關注的三個領域是：一是更好地利用我們的主螢幕，這是我們的一項關鍵策略資產；二是增加廣告需求；三是增加訂閱收入。

So in terms of our home screen, like I said, it's a key asset for us. Every Roku customer, which is half of broadband households in the United States, they turn on their TV and they start their viewing experience with their home screen. It's how they discover what -- and decide what to watch. And we're always actually working on improving our home screen. We're always testing changes. And when those changes result in a better viewer experience or better monetization. We roll those changes out and that's ongoing. For example, we added the recommendation row to the top of our home screen recently and that's working well for us.

所以就我們的主畫面而言，就像我剛才說的，它是我們的一項關鍵資產。美國一半的寬頻家庭都是 Roku 用戶，他們打開電視後，都會從主畫面開始觀看節目。他們就是這樣發現新內容，決定要看什麼的。我們一直在努力改進我們的主螢幕。我們一直在測試各種改動。當這些改變能夠帶來更好的觀眾體驗或更好的獲利效果時。我們正在逐步推出這些變更，而且這個過程仍在進行中。例如，我們最近在主螢幕頂部新增了推薦欄，效果很好。

But as we've mentioned before, we are working on a larger update to our home screen. That's in testing. It hasn't rolled out yet. But the testing has gone really well, getting a lot of positive feedback we're being very thoughtful about that. It affects a lot of viewers. So we want to make sure that it's both a big improvement for all of our viewers as well as an improvement to engagement and monetization. But I think we'll see that, based on the testing results we're seeing so far, I think that's going to roll out in 2026.

但正如我們之前提到的，我們正在對主螢幕進行一次更大的更新。還在測試階段。尚未正式推出。但測試進展非常順利，我們收到了很多正面的回饋，對此我們非常重視。它影響了很多觀眾。所以我們希望確保它既能為所有觀眾帶來巨大的改善，又能提高互動率和獲利能力。但我認為，根據我們目前看到的測試結果，這項技術將在 2026 年推出。

So continuous home screen improvements and UI improvements are one of the ways we grow our platform revenue. Another is we're focused on growing our ad business and our ad demand. Our strategy there is to work with all the major platforms, including all the major DSPs. We announced the relationship with Amazon recently, deeper support with the Amazon DSP. That's just turned on. So it's a little early to say. But so far, it's looking good. And I'm still very excited that's going to be a contributor to our business, but it hasn't really ramped up yet. It's just starting to ramp up.

因此，持續改進主螢幕和使用者介面是我們增加平台收入的方式之一。另一個重點是發展我們的廣告業務和廣告需求。我們的策略是與所有主要平台合作，包括所有主要數位服務提供者 (DSP)。我們最近宣布與亞馬遜建立合作關係，並加深對亞馬遜DSP的支援。剛剛打開。現在下結論還為時過早。但就目前來看，情況還不錯。我仍然非常興奮，因為這將為我們的業務做出貢獻，但它還沒有真正加速發展。事情才剛開始好轉。

Also on the ad side, we're focused on improving measurement. We announced, for example, this quarter integration with AppsFlyer. Another area we're focused on is Ads Manager, which is our self-serve platform for small- and medium-sized businesses, but also really focused on performance marketing. It's a business that's growing fast. It opens up a big new area of advertisers, a big new category of advertisers, a different class of advertisers as well as performance marketers. So that's a big area that we're focused on. We're putting more resources behind that.

在廣告方面，我們也專注於改善效果衡量。例如，我們本季宣布了與 AppsFlyer 的整合。我們關注的另一個領域是廣告管理平台，這是我們面向中小企業的自助服務平台，但也真正專注於效果行銷。這是一個快速發展的行業。它開闢了一個巨大的新廣告商領域，一個全新的廣告商類別，一個不同類型的廣告商以及效果行銷人員。所以這是我們重點關注的領域。我們正在為此投入更多資源。

And I think overall, we believe we can be the most performant connected TV platform. We have a lot of data. We have the highest engagement by far in the United States and it's an area we're investing in improving the performance of our ad platform.

而且我認為整體而言，我們相信我們可以成為效能最強的連網電視平台。我們有很多數據。我們在美國的用戶參與度最高，這也是我們正在投資提升廣告平台效能的領域。

And then subscriptions are doing well for us. Premium subscriptions, particularly doing well. And in Q3, we continue to improve the premium subscription experience. We also added new services. We're always adding new premium subscriptions, but we can add more services in the quarter, and we'll be launching more Tier 1 subscription services and premium subscriptions in 2026.

訂閱業務也為我們帶來了不錯的收益。付費訂閱服務表現特別優異。第三季度，我們將繼續改進高級訂閱體驗。我們也新增了一些服務。我們一直在增加新的高級訂閱服務，而且我們可以在本季增加更多服務，我們將在 2026 年推出更多一級訂閱服務和高級訂閱服務。

And then, of course, there's Howdy, which is our latest owned and operated service, which is $3 a month with no ads, an SVOD service, and it really taps into a large underserved market, a scenario of the market that's not really targeted with a particular SVOD service. And I think it's a very large opportunity for us. So that's also still early. But just like we grew the Roku Channel into a large business over time using our platform, I believe we're going to do that with Howdy as well. So that's an area that I'm excited about, but it's still early as well.

當然，還有 Howdy，這是我們最新推出的自有營運服務，每月收費 3 美元，沒有廣告，是一項 SVOD 服務，它真正開拓了一個服務不足的龐大市場，這個市場還沒有真正針對特定的 SVOD 服務。我認為這對我們來說是一個非常大的機會。所以現在下結論還太早。但就像我們利用自己的平台，逐步將 Roku Channel 發展成一項龐大的業務一樣，我相信我們也能用 Howdy 做到這一點。所以，我對這個領域很感興趣，但現在還處於早期階段。

And then in terms of capital allocation, let me turn it over to Dan.

至於資本配置方面，就交給丹來回答吧。

Thanks, Anthony, and thanks for the question, Cory. Let me just start by saying a few things about our financial position and capital allocation. We have $2.3 billion of cash and short-term investments on our balance sheet, a very strong position. We achieved a positive operating income in Q3. That's the first time since fiscal 2021.

謝謝安東尼，也謝謝科里提出的問題。首先，我想簡單介紹一下我們的財務狀況和資本配置。我們的資產負債表上有 23 億美元的現金和短期投資，財務狀況非常穩健。第三季我們實現了正的營業收入。這是自 2021 財年以來的第一次。

Our outlook for Q4 on adjusted EBITDA at $145 million is our highest ever for adjusted EBITDA. For the full year, our EBITDA margins are expected to be a 200 basis point improvement year over year to approximately 8.4%, and we expect similar improvement next year.

我們對第四季度調整後 EBITDA 的預期為 1.45 億美元，這是我們有史以來對調整後 EBITDA 的最高預期。預計全年 EBITDA 利潤率將比上年提高 200 個基點，達到約 8.4%，我們預計明年也將有類似的改善。

And I think, I've said several times, we are and we'll continue to be CapEx light and we're growing our free cash flow faster than our EBITDA. And all of this has resulted in a trailing 12-month free cash flow of over $440 million. So we're very strong in terms of free cash flow generation, and we're going to clearly grow from there.

而且我認為，正如我多次說過的那樣，我們現在是，將來也會繼續保持低資本支出，我們的自由現金流增長速度比 EBITDA 增長速度更快。所有這些因素共同促成了過去 12 個月超過 4.4 億美元的自由現金流。因此，我們在自由現金流方面非常強勁，而且我們顯然會在此基礎上繼續成長。

Also, in early 2024, we initiated our net share settlement program offsetting about 40% of gross dilution. And last quarter, as you mentioned, we repurchased $500 million of our stock under our $400 million share repurchase program. And total dilution for Q3 was 130 basis points. That's the lowest dilution we've had in any quarter.

此外，在 2024 年初，我們啟動了淨股份結算計劃，抵消了約 40% 的總稀釋。正如您所提到的，上個季度我們根據 4 億美元的股票回購計畫回購了 5 億美元的股票。第三季總稀釋率為 130 個基點。這是我們歷季中股權稀釋幅度最低的一次。

So all this is a way of saying, we're very focused on dilution, share buyback, free cash flow. We have a goal of offsetting 100% share dilution over time, and I certainly see line of sight to that. So we'll continue to look at opportunities to expand our business and maximize shareholder value through disciplined capital allocation. And we're investing in all the platform revenue initiatives that Anthony just addressed and talked about, but we're doing so mostly through reallocation of capital. And we'll continue to look at maximizing our ROI as we continue to generate this positive free cash flow.

所以說，我們非常關注股權稀釋、股票回購和自由現金流。我們的目標是隨著時間的推移抵消 100% 的股份稀釋，而且我確實看到了實現這一目標的希望。因此，我們將繼續尋找機會拓展業務，並透過嚴格的資本配置實現股東價值最大化。我們正在投資安東尼剛才提到的所有平台收入計劃，但我們主要透過重新分配資本來實現這一點。我們將繼續努力，在持續產生正自由現金流的同時，最大限度地提高投資報酬率。

Brent Navon, Bank of America.

布倫特·納馮，美國銀行。

Just want to look -- in your shareholder letter, you cited progress from third-party DSPs and Roku Ad Manager for advertising. Any way to frame how big each of those businesses are and what their underlying growth rates are?

我只是想看看——在您的股東信中，您提到了第三方 DSP 和 Roku 廣告管理器在廣告方面的進展。有沒有辦法描述一下這些企業的規模以及它們的潛在成長率？

And then just to circle back to the opportunity in '26 for you guys. It seems like you guys are growing 20% organic ex political, ex-ASC 606 and 3Q. Your guide implies somewhat similar to 4Q. It seems like there's a lot of irons in the fire that you just mentioned.

然後，再回到 2026 年你們的機會。看起來你們的有機成長率達到了 20%，不包括政治因素、ASC 606 和 3Q 因素。您的指南與 4Q 有些類似。看來你剛才提到的事情很多，確實有很多事情要處理。

Are there offsets that we should also be contemplating or tough comps because it seems like you have momentum in Ad Manager? You have the Amazon DSP ramp, a political year, potential improvements in M&E. So I just want to make sure we're thinking through all the pieces correctly?

還有其他需要考慮的抵銷因素或難以比較的因素嗎？因為看起來你們在廣告管理方面勢頭強勁。亞馬遜DSP的擴張、政治情勢的變化、媒體與娛樂的潛在改進。所以我想確保我們把所有細節都考慮周全了？

Brent, I think Charlie will answer that question.

布倫特，我想查理會回答這個問題。

Sure. Why don't I take the DSP portion and Ad Manager portion of the question, then I'll turn it over to Dan.

當然。不如我先回答關於 DSP 和廣告管理工具的部分，然後再交給 Dan 來回答。

Hi, Brent. Stepping back, our strategy remains that we want to be open and interoperable and be deeply integrated with all DSPs, so that we can meet clients anywhere they want to transact. So it was totally natural that we would do what you said, which is deepen our integrations across the board. And of course, we announced the Amazon integration as well.

你好，布倫特。回顧過去，我們的策略仍然是保持開放性和互通性，並與所有DSP深度集成，以便我們能夠在客戶希望進行交易的任何地方滿足他們的需求。所以，我們照您說的去做，也就是全面深化整合，是完全自然而然的事。當然，我們也宣布了與亞馬遜的整合。

And to put it in context, we've added dozens of ad tech partners over the last few years from the Yahoo! DSP or AppLovin Wurl to Magnite on the SSP side. And last year, we really continue to deepen our relationships with each of them.

為了更好地理解這一點，我們過去幾年新增了數十家廣告科技合作夥伴，其中包括雅虎！DSP 或 AppLovin Wurl 到 SSP 端的 Magnite。去年，我們與他們每個人的關係都得到了進一步的深化。

At the heart of your question on third-party DSPs, I think the best comparison is, last year, we discussed on these calls quite a bit about our UID integration with the Trade Desk, and the deepening of our existing relationship with Amazon is very similar to that, that we talked about last year with Trade Desk. So our goal with all these partnerships, Brent, is to drive greater efficiency and performance, and we are very bullish about our position as the open and interoperable partner in a marketplace with so many walled gardens.

關於您提出的第三方 DSP 問題，我認為最好的類比是，去年我們在這些電話會議上討論了很多關於我們與 Trade Desk 的 UID 集成的問題，而我們與亞馬遜現有關係的深化與我們去年與 Trade Desk 討論的問題非常相似。布倫特，因此，我們所有這些合作關係的目標是提高效率和績效，我們對自身在擁有眾多封閉生態系統的市場中作為開放且可互操作的合作夥伴的地位非常有信心。

In terms of Ads Manager, in the macro, the shift to proof of performance or performance marketing to CTV is a tailwind we love. And we like what we're seeing, but I should say, it's early days. So generally speaking, there's a market push towards automation and more sophisticated proof of performance and Ads Manager, which is our self-service platform.

就廣告管理而言，從宏觀角度來看，向效果證明或效果行銷轉向 CTV 是一個我們樂見的順風。我們對目前的情況感到滿意，但必須說，現在下結論還為時過早。總的來說，市場正在推動自動化和更複雜的效果證明以及廣告管理工具（我們的自助服務平台）。

And that and many of the performance innovations we're building to prove that Roku is the most performant CTV platform. All those are providing tailwinds. But it is very early days. We do like what we see. We see new advertisers coming. We see them staying because their Roku campaigns are performing.

而這正是我們正在建構的許多效能創新，旨在證明 Roku 是性能最強的 CTV 平台。所有這些都為我提供了順風。但現在下結論還為時過早。我們很喜歡我們所看到的。我們看到有新的廣告商進駐。我們看到他們留下來是因為他們的 Roku 推廣活動效果很好。

And in third quarter, approximately 90% of advertisers on Ads Manager were new to Roku, which we very much like as well. Dan, do you want to take the back half of that?

第三季度，廣告管理工具上約 90% 的廣告主都是 Roku 的新用戶，我們也對此感到非常滿意。丹，你想接手後半段嗎？

Yes. Thanks, Charlie, and thanks for the question, Brent. So to answer your question on thoughts on 2026 and are there any offsets. But let me just address Q3 and Q4 for a minute. So in Q3, we came in at a very strong 17%, actually, slightly over 17% growth rate. And our guide is at 15% growth rate, inclusive of political and friendly.

是的。謝謝查理，也謝謝你的提問，布倫特。所以，關於你提出的對2026年的看法以及是否存在任何抵消因素的問題，我想回答一下。但請容許我花一點時間談談問題 3 和問題 4。因此，第三季我們取得了非常強勁的17%的成長率，實際上略高於17%。我們的指南成長率為 15%，其中包括政治和友善因素。

And if you back out political and friendly for Q3, that number is 19% year over year. And if you back out political and friendly for Q4, it's actually a slight step-up from the 19%. So we feel really good on how we're going to finish this year. We're going to finish this year very strong.

如果剔除第三季的政治和友善因素，該數字年增 19%。如果剔除第四季度的政治和友好因素，實際上比 19% 略有上升。所以我們對今年的收官表現非常有信心。我們今年一定會取得非常強勁的成績。

To your question on 2026, obviously, we'll provide further guidance on 2026 after next quarter. But Anthony just went over many initiatives. Charlie just touched on many initiatives. You're right. We have a lot of irons in the fire, many of them are launched and working. Some of them are yet to be launched.

關於您提出的 2026 年的問題，很顯然，我們將在下個季度之後提供關於 2026 年的進一步指導。但安東尼剛才概述了許多舉措。查理剛才談到了很多舉措。你說得對。我們有很多項目正在進行中，其中許多項目已經啟動並正在運作。其中一些尚未推出。

Anthony talked about the home screen, which we're very excited about and the entire UI, which we're very excited about. We have Ads Manager. We have a lot of new ad products that that are performing well. We have premium subscriptions in our overall subscription business performing very well. And so I would just say, I feel very good about entering 2026. I'm very excited for the year.

Anthony 談到了主螢幕和整個使用者介面，我們對此感到非常興奮。我們有廣告管理工具。我們有很多新的廣告產品，它們的表現都很好。我們的高級訂閱服務在整體訂閱業務中表現非常出色。所以我想說，我對即將到來的2026年感覺非常好。我對新的一年充滿期待。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Could you expand a little bit more on what this new home screen means for the business? How should we think of it influencing engagement and monetization versus the existing home screen.

偉大的。您能否再詳細解釋一下這個新的主畫面對企業意味著什麼？我們應該如何看待它對用戶參與度和獲利能力的影響，以及它與現有主螢幕相比有何不同？

And then stepping back just around the deeper DSP integrations. There have been a lot of investor questions around just what comes after the DSP integration. So would love to hear about just what other ad product innovation you have going forward? And how you think that will help sustain platform revenue growth?

然後退後一步，看看更深層的 DSP 整合。投資人對DSP整合之後會發生什麼事有很多疑問。我很想了解你們未來還有哪些廣告產品創新計畫？你認為這將如何幫助維持平台收入成長？

Justin, this is Anthony. In terms of the new home screen, I would say, first of all, we have a very iconic home screen. It looks different. It feels different. It feels simpler. It is simpler to use than our competitors. We're very proud of that. And it's also a fun, a lot of delight built into our home screen.

賈斯汀，這位是安東尼。就新的主螢幕而言，首先，我想說，我們有一個非常標誌性的主螢幕。看起來不一樣了。感覺不一樣了。感覺更簡單了。它比我們的競爭對手的產品更易於使用。我們為此感到非常自豪。而且，它還為我們的主螢幕帶來了很多樂趣和驚喜。

So an important goal for us is to maintain and improve that. We want to keep it iconic. We want to keep it differentiated. We want to make it more delightful. But we also want to make it more useful. Our current home screen -- I mean, customers love it. It's very useful, but we can make it even more useful. So that's a big goal.

因此，我們的一個重要目標是保持並改善這一點。我們想保持它的標誌性地位。我們希望保持其獨特性。我們想讓它更令人愉快。但我們也希望它能發揮更大的作用。我們目前的首頁——我的意思是，顧客們都很喜歡它。它已經非常有用，但我們可以讓它更有用。所以，這是一個遠大的目標。

So we want to increase customer satisfaction with our home screen, but we also want it to drive more monetization. So there's lots of things that we're testing that testing does show it drives more engagement, increases monetization, whether it's helping get viewers to sign up for more subscriptions or to watch more ad-supported content, those are all important goals or whether it's more promotion.

所以我們希望提高用戶對我們主螢幕的滿意度，但我們也希望它能帶來更多收益。所以我們正在測試很多東西，測試結果表明，它可以提高用戶參與度，增加盈利，無論是幫助觀眾註冊更多訂閱，還是觀看更多廣告支持的內容，這些都是重要的目標，或者說，它可以帶來更多推廣。

So those are the two goals for the business, higher viewer satisfaction, more engagement, more monetization. And our testing has shown that we're achieving both of those. So we're still testing optimizing. And like I said, we'll hope to roll that out in 2026.

所以，這就是公司的兩大目標：提高觀眾滿意度、增強用戶參與、增加獲利。我們的測試表明，我們實現了這兩個目標。所以我們仍在進行測試和優化。正如我所說，我們希望能在 2026 年推出這項服務。

And then in terms of DSP integrations, what comes next, I mean, I'll just say, like, we're not done with DSPs like we do integrate with all the major DSPs. But I still think there's lots of room to continue to deepen those integrations to increase our business, create stronger business relationships with those partners. So we continue to work on that.

至於 DSP 整合方面，接下來會發生什麼事？我的意思是，我們還沒有完成 DSP 集成，因為我們確實與所有主要的 DSP 進行了集成。但我仍然認為，我們有很大的空間繼續深化這些整合，以增加我們的業務，並與這些合作夥伴建立更牢固的業務關係。所以我們會繼續努力。

And then in terms of ad products, there's a whole suite of ad products under development. I mean, I would say kind of high-level categories. One is we're very focused on performance, delivering on -- we already have a platform that is very performant, very measurable focus on performance and targeting. But we're doing things like integrating next-generation generative AI into our ad system to make it even more performance-oriented.

此外，在廣告產品方面，還有一整套廣告產品正在開發中。我的意思是，我會說是比較高層次的分類。一方面，我們非常注重績效，致力於實現目標——我們已經擁有一個性能卓越、可衡量的平台，專注於績效和目標定位。但我們正在做一些事情，例如將下一代生成式人工智慧整合到我們的廣告系統中，使其更加重視效果。

So just the overall, being by a wide margin, the most performant Connected TV platform, a lot of our ad work is going into that. And then our traditional ad business is brand advertisers, agencies, that's a big and important business for us. But looking at small- and medium-sized businesses, businesses that traditionally advertise on social media or more digital-first type advertisers, those are big markets, and we're building products to address those markets as well.

因此，就整體而言，它是目前表現最強的連網電視平台，而且優勢非常明顯，所以我們的許多廣告投入都集中在這個平台上。此外，我們的傳統廣告業務還包括品牌廣告商和代理商，這對我們來說是一項規模龐大且非常重要的業務。但對於中小企業，尤其是那些傳統上在社群媒體上投放廣告或更傾向於數位優先廣告的企業來說，這些都是很大的市場，我們也在開發產品來滿足這些市場的需求。

So I think I covered it, but I don't know, Charlie, if you have anything?

我想我已經說完了，但查理，你還有什麼要補充的嗎？

You nailed it. I'll say, Justin -- this is Charlie. Really you asked what comes next. I'll tell you what comes before it is equally important, too. If you think about -- Anthony mentioned we're in half the broadband households in the country.

你做得太棒了。我來說說，賈斯汀——這位是查理。你其實是想問接下來會發生什麼事。我還要告訴你，它前面的事也同樣重要。想想看——安東尼提到，我們覆蓋了全國一半的寬頻家庭。

Authentication leads everything. I mean, literally all else follows. So if you start to think about the fact that Roku has high fidelity signals, we have an ability to drive results for marketers in authenticated premium content. That's where it starts.

身份驗證是所有工作的前提。我的意思是，其他一切都隨之而來。因此，考慮到 Roku 具有高保真訊號，我們有能力為行銷人員帶來經過認證的優質內容，從而取得成效。一切都從這裡開始。

And then everything Anthony talked about is exactly right. We're going to continue to refine our integrations with each of these partners. And I think what the best thing is, is we'll drive outcomes for our marketers and be able to actually continue to refine to meet their needs.

安東尼說的每句話都完全正確。我們將繼續完善與每個合作夥伴的整合。我認為最棒的是，我們將為行銷人員帶來成果，並且能夠不斷改進以滿足他們的需求。

Dan, I don't know?

丹，我不知道？

No, I don't have anything except to say that the question was around sustainable revenue on ad product. And I think Charlie and Anthony answered that. We also have a subscription business, which is driving a lot of revenue growth and is in fact growing faster. Premium subscriptions is doing exceptionally well. We had a Tier 1 launch last quarter. We'll have more Tier 1 launches in the coming months that we feel very good about.

不，我沒什麼要補充的，只想說這個問題是關於廣告產品的可持續收入。我認為查理和安東尼已經回答了這個問題。我們還有訂閱業務，這項業務正在推動收入成長，而且實際上成長速度更快。高級訂閱服務表現異常優異。我們上個季度進行了一次一級產品發表。未來幾個月，我們將推出更多一級產品，我們對此非常有信心。

So we have a whole other business in subscriptions that is also growing exceptionally fast and we fully expect that to continue in addition to the ad revenue that Charlie and Anthony just discussed.

因此，我們在訂閱業務方面還有另一項成長速度異常迅猛的業務，我們完全預期這項業務會繼續成長，此外還有查理和安東尼剛才討論的廣告收入。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

My one for Anthony is on data. So I understand that all these new revenue streams you're working on used Roku's best-in-class data. Do you have any updated feeling about licensing your best-in-class data to the LLM, which you're spending at Meta $72 billion this year and Gemini at $85 billion this year, and they're running out of data, these LLM. So you guys have, I think, a revenue stream that is really valuable that you're not utilizing at all.

我給安東尼的那則訊息是關於數據的。所以我了解到，你們正在開發的所有這些新的收入來源都使用了 Roku 一流的數據。對於將您一流的數據授權給LLM（您今年在Meta花費了720億美元，在Gemini花費了850億美元），而LLM的數據即將耗盡，您有什麼新的感想嗎？我認為，你們擁有一個非常有價值的收入來源，但你們完全沒有利用它。

And then for Charlie or Dan. Lots and lots of -- so there's auction density that you're working on. There is subscription revenue you're working on, and you didn't mention shoppable. Is that sort of the order you see in terms of driving upside from these, let's call them, ancillary or newer revenue streams over the one to two years? First would be getting the sellout rate higher, second would be the subscription, and then third would be shopping?

然後是查理或丹。很多很多——所以你正在努力提高拍賣密度。你們正在開發訂閱收入模式，但你們沒有提到可購物功能。在未來一到兩年內，您是否認為這些（我們姑且稱之為）輔助性或新興收入來源的成長速度大致如此？首先是提高售罄率，其次是訂閱服務，最後才是購物？

Laura, thanks for the question. Great to hear from you. On data, I'll just say that, yes, that's right. I mean, our first-party data is an extremely important asset. We use it in a lot of ways, we use it -- it's what powers our targeted advertising, it powers our AI behind all our performance marketing. It's how we personalize our home screen, recommend, make recommendations to users. So the primary way we use it is we use it to sell more ads, sell more subscriptions, deliver a better experience for our viewers.

勞拉，謝謝你的提問。很高興收到你的來信。關於數據，我只能說，是的，沒錯。我的意思是，我們的第一方資料是一項極為重要的資產。我們以多種方式使用它，它為我們的定向廣告提供動力，為我們所有效果行銷背後的 AI 提供動力。這就是我們個人化主畫面、向使用者推薦內容的方式。因此，我們使用它的主要方式是：我們用它來銷售更多廣告、銷售更多訂閱、為我們的觀眾提供更好的體驗。

But we are, I'll just say, always looking for ways to get better monetization out of our data. And I mean, working with LLMs is certainly something that we've thought of and are considering, but it's not something that we're doing today, but it's certainly something that we're investigating, I will say.

但是，我只想說，我們一直在尋找更好地利用數據來實現盈利的方法。我的意思是，與法學碩士合作當然是我們考慮過的事情，但這並不是我們目前正在做的事情，不過這確實是我們正在研究的事情。

And then there's other -- I mean, there's other opportunities to monetize our data as well that we're also looking at. So Charlie, Dan, do you want to take that question?

此外，還有其他一些——我的意思是，我們還在考慮其他利用我們的數據賺錢的機會。查理、丹，你們想回答這個問題嗎？

Laura, it's Charlie. In terms of the order, I think they're all important. I'll address your shoppable question. We're bullish on shoppable, and it's one of those opportunities that I think is early but working from some original programming where we've integrated product and made the products in the show shoppable to the far larger opportunity, which is to teach America how to shop on TV. I think Roku will be the best place to do that simply because of our scale.

蘿拉，我是查理。就順序而言，我認為它們都很重要。我會回答你關於可購買商品的問題。我們非常看好可購物模式，我認為這是一個發展初期的機會，但我們正從一些原創節目入手，將產品融入節目中，使節目中的產品可以購買，從而抓住更大的機遇，那就是教會美國人如何在電視上購物。我認為 Roku 將是實現這一目標的最佳平台，原因很簡單，就是因為我們的規模優勢。

But in terms of behavior, I think it is slightly early days. We do see, obviously, great performance metrics across our platform and certainly with some of our ads, including our Shoppable ads, but it wasn't mentioned because it's early days not because we don't have great interest in pursuing it. And we have lots of partners, who are working with us on that.

但就行為方面而言，我認為現在下結論還為時過早。顯然，我們的平台，尤其是部分廣告（包括可購物廣告）的績效指標都非常出色，但我們沒有提及這一點，是因為現在還處於早期階段，而不是因為我們對此沒有濃厚的興趣。我們有很多合作夥伴，他們正與我們一起努力。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

I have two, Charlie, Dan. Charlie, as more and more sports content moves to streaming, it feels like you guys have a major opportunity here with sports experiences. Can you talk a bit about what you're seeing to date? Is it driving revenue growth?

我有兩個，查理，丹。查理，隨著越來越多的體育內容轉移到串流媒體平台，感覺你們在體育體驗方面擁有一個巨大的機會。能談談你目前為止的觀察情況嗎？它是否推動了營收成長？

And then longer term, do you envision at a time, when I can actually watch all my sports in one experience zone, right? So instead of going to different apps, can I just have one centralized aggregation place to watch my sports, that's for you.

從長遠來看，您是否設想過有一天，我可以在一個體驗區觀看所有我喜歡的體育賽事？所以，與其使用不同的應用程序，我能不能只用一個集中的平台來觀看我的體育賽事？這正是你想要的。

And then for Dan, I just want to confirm, you said distribution revenues are growing faster than advertising and you had one new launch. But I think we had both Fox and ESPN launched in the quarter. So is there a timing issue because those are the two major launches? Just want to confirm that.

然後，丹，我只想確認一下，你說過分銷收入的成長速度比廣告收入更快，而且你們推出了一款新產品。但我認為我們本季同時推出了Fox和ESPN。所以是否存在時間安排問題，因為這是兩次重要的產品發布？我只是想確認一下。

Michael, it's Charlie. Good to hear from you. Look, the fact that every NFL game is now available in streaming is nothing but a tailwind for Roku, which again represents half the broadband households in the country.

麥可，我是查理。很高興收到你的來信。你看，現在每場 NFL 比賽都可以在串流媒體上觀看，這對 Roku 來說無疑是一大利好，Roku 的用戶佔全國寬頻家庭用戶的一半。

We have tremendous opportunities with sports for a number of reasons. Number one, if you think about it, and we talk a lot about being the lead into television. And when the last Olympics came, we took great pride in being the fact that we were the front door to everything you wanted to experience and we help drive that with NBC as our partners.

體育運動為我們提供了巨大的機遇，原因有很多。第一，如果你仔細想想，我們常常談論如何成為電視節目的主角。上屆奧運到來時，我們非常自豪地成為您體驗一切精彩賽事的門戶，我們與 NBC 等合作夥伴共同推動了這一目標的實現。

And we'll do the same for the World Cup that's coming and other opportunities because, frankly, in -- Anthony talked about simplicity of the home screen, the simplicity and delight of us getting people to what they want to watch, especially their favorite sporting experiences through our destinations like the sports zone, I think we're really just scratching the surface of what that can be.

對於即將到來的世界盃和其他機會，我們也會這樣做，因為坦白說，正如安東尼談到主螢幕的簡潔性，以及我們讓人們輕鬆愉快地觀看他們想看的內容，特別是透過我們的體育專區等目的地觀看他們最喜歡的體育賽事，我認為我們實際上只是觸及了這方面的冰山一角。

And as a sports fan myself, you see in Major League Baseball how your team travels from site to site and we -- or excuse me, from app to app throughout the very same week. And of course, the sports experiences we create make that really simple.

作為一名體育迷，你會看到美國職棒大聯盟的比賽是如何在一周內從一個場地到另一個場地進行的，而我們——或者更確切地說，是從一個應用程式到另一個應用程式——也是一樣。當然，我們創造的運動體驗讓這一切變得非常簡單。

So it's a long-term vision of having a time where you can watch them all in one place. I think that is a vision every sports fan would like. You know well the reality of these rights fees and how they are ending up behind paywalls. But I will say, regardless of how it settles out, the best experience for watching sports will be on Roku, and we're really refining the way to help sports fans operate in a confusing landscape.

所以這是一個長遠的願景，希望有一天人們可以在一個地方觀看所有這些影片。我想這是每個體育迷都夢寐以求​​的景象。你很清楚這些版權費的實際情況，以及它們最終是如何被放到付費牆後面的。但我想說的是，無論最終結果如何，觀看體育賽事的最佳體驗都將是在 Roku 上，我們正​​在努力改進方式，以幫助體育迷在這個複雜的環境中更好地進行操作。

Dan, do you want to take the back half?

丹，你想跑後半程嗎？

Yes. Thanks, Charlie. The short answer to your question is no, it's not a timing issue with revenue associated with FOX and ESPN. We would have -- you back out any partner launch, you back out M&E, we're still growing incredibly fast, faster than the market. It's not a timing issue.

是的。謝謝你，查理。簡而言之，你的問題的答案是否定的，這與FOX和ESPN的收入無關，不是時間安排問題。我們會—如果你取消任何合作夥伴的發布，取消媒體與活動，我們仍然會以驚人的速度成長，比市場成長更快。這不是時間問題。

Faster than advertising.

比廣告更快。

Yes.

是的。

This is Anthony. I'll just add. Look, on the sports thing, I mean, Charlie answered that, but just to be super clear, it's a big opportunity for us, the fact that sports is and will continue to be fragmented across a lot of apps is a big opportunity for us with products like our sports zone to create a simplified experience that allows viewers to find the sports they want to watch. So it's an area that we're focused on. It's also an opportunity for marketing and promotions and advertising and sponsorships as well.

這是安東尼。我再補充一點。關於體育方面，我的意思是，查理已經回答過了，但為了更清楚地說明，這對我們來說是一個巨大的機會。體育內容現在和將來都會分散在許多應用程式上，這對我們來說是一個巨大的機遇，我們可以利用像體育專區這樣的產品，創造一種簡化的體驗，讓觀眾能夠找到他們想看的體育賽事。所以這是我們重點關注的領域。這也是進行行銷、推廣、廣告和贊助的機會。

Vasily Karasyov, Cannonball Research.

Vasily Karasyov，Cannonball 研究公司。

Dan, I have a question for you. Now that we have had a few quarters in a row of very steady growth in platform revenue, and you and Anthony and Charlie outlined the growth drivers for the years ahead, can you help us think in terms of ARPU growth, given where your user base is growing and the platform revenue growth? If I were to think sort of in the ballpark terms, would ARPU grow at double the rate of the platform revenue growth in the midterm? Just if you could help us dimensionalize that trajectory would be really great.

丹，我有個問題想問你。鑑於我們的平台收入已經連續幾個季度保持穩定成長，而且您、Anthony 和 Charlie 也概述了未來幾年的成長驅動因素，考慮到用戶群的成長和平台收入的成長，您能否幫助我們思考一下 ARPU 的成長情況？如果讓我大致估算一下，中期內 ARPU 的成長速度會是平台營收成長速度的兩倍嗎？如果您能幫我們確定該軌蹟的維度，那就太好了。

Thanks for the question, Vasily. It's a good question. And I would say several years ago, I know we had an ARPU when we actually had that KOM is roughly flat. And we talked a lot of mix. I will say that in the US and globally, platform revenue continues to grow.

謝謝你的提問，瓦西里。這是個好問題。而且我想說的是，幾年前，我知道我們當時的 ARPU 值，而 KOM 值大致上是平的。我們也討論了很多關於混音的問題。我想說的是，無論是在美國還是在全球範圍內，平台收入都在持續成長。

We've talked about the overall platform revenue growth of 17%. The guide is at 15%. We are growing our streaming households as well. We've grown them well internationally. We've grown them in the US. They continue to grow in the US, but overall ARPU is growing. I expect that to continue.

我們已經討論過平台整體營收成長17%的情況。指南顯示價格為 15%。我們的串流媒體家庭用戶也在不斷成長。我們在國際上已經成功培育了它們。我們在美國種植它們。在美國，它們的成長動能持續增強，但總體而言，ARPU（每用戶平均收入）也在成長。我預計這種情況還會持續下去。

I think I mentioned in a prior call at some point, like I truly believe our ARPU can get significantly higher with all of our monetization initiatives. And while we will grow streaming households, like I strongly believe we'll hit 100 million streaming households in 2026, our ARPU is going to grow faster because our platform revenue initiatives are simply going to grow faster. So it is a good story on both US and international ARPU.

我想我之前在電話會議中提到過，我真的相信透過我們所有的獲利舉措，我們的 ARPU 可以大幅提高。雖然我們的串流家庭用戶數量會不斷增長，我堅信到 2026 年我們將達到 1 億串流媒體家庭用戶，但我們的 ARPU 成長速度會更快，因為我​​們的平台收入計畫的成長速度也會更快。所以，無論從美國或國際平均每用戶收入（ARPU）來看，這都是一個好故事。

I'm sorry, you said faster, faster than the active accounts growth or than the platform revenue growth?

抱歉，您說的是更快，是比活躍帳戶成長更快，還是比平台收入成長更快？

It's going to depend on the country. I will say that the US is -- we're growing both the numerator and the denominator of that equation. But because of the platform revenue growth [is], because of our constant -- as we said, we're going to continue to grow double digits and again, 17% growth in Q3 is very steady.

這取決於具體國家。我想說的是，美國——我們正在同時擴大這個等式的分子和分母。但由於平台收入成長，由於我們持續的——正如我們所說，我們將繼續保持兩位數的成長，而且第三季 17% 的成長非常穩定。

I do believe ARPU will grow. And I think the more important point is I think our ARPU can go up significantly higher from where it is per account or per streaming household today. Again, we're going to continue to grow streaming households, but ARPU is going to grow fast.

我相信ARPU值會增長。我認為更重要的是，我認為我們的每位用戶平均收入（ARPU）可以比目前每個帳戶或每個串流媒體家庭的平均收入大幅提高。我們將繼續擴大串流媒體家庭用戶數量，但每位用戶平均收入 (ARPU) 的成長速度將會更快。

James Heaney, Jefferies.

James Heaney，傑富瑞集團。

I know it's been under pressure for a while now, but is there anything you can say about M&E vertical this quarter and in Q4? And separately, how do you think about the consolidation in the media industry and how that potentially can influence your position as a distribution partner for streamers?

我知道媒體與娛樂產業已經承受了一段時間的壓力，但您能否談談本季和第四季的情況？另外，您如何看待媒體產業的整合，以及這可能會如何影響您作為串流媒體發行合作夥伴的地位？

And then I had a follow-up.

然後我還有後續跟進。

James, this is Anthony. I'll take the second question on consolidation first and then turn it over to Charlie to discuss M&E. I guess I would just say that, as we said many times in the US, more than half of broadband households use a Roku to watch television. That means half of all TV streaming happens on our platform. And that, of course, means that we're an essential partner to every content owner and streaming service.

詹姆斯，這是安東尼。我先回答關於合併的第二個問題，然後把討論 M&E 的問題交給 Charlie。我想說的是，正如我們在美國多次提到的那樣，超過一半的寬頻家庭使用 Roku 來觀看電視。這意味著一半的電視串流播放都發生在我們的平台上。當然，這意味著我們是每個內容所有者和串流媒體服務的重要合作夥伴。

And I don't -- however, whatever consolidation happens in the industry, that's not going to change. I mean, we're going to remain an essential partner. The streaming sector is robust. It's growing. It continues to grow nicely. And I think that that's just creating a lot of opportunities for us to continue to grow our business.

我不這麼認為——但是，無論產業內發生怎樣的整合，這一點都不會改變。我的意思是，我們仍將是重要的合作夥伴。串流媒體產業發展勢頭強勁。它正在增長。它繼續健康生長。我認為這為我們繼續發展業務創造了很多機會。

And then on M&E, Charlie.

然後是M&E，查理。

Sure. Yes, I think that's right. It is easy to see, obviously, that the M&E industry is still figuring itself out. As a whole, I'd say how many companies are still focused on profitability. And as such, there remains some general challenges in CTV. Our advertising business is doing remarkably well despite some of those headwinds. We got some benefit from the new launches this quarter, but the industry remains pressured.

當然。是的，我覺得沒錯。顯而易見，媒體與娛樂產業仍在摸索前進。總的來說，我想問的是，還有多少公司仍然專注於獲利能力？因此，CTV 仍然面臨一些普遍的挑戰。儘管面臨一些不利因素，我們的廣告業務仍然發展得非常出色。本季新產品的推出為我們帶來了一些好處，但整個產業仍然面臨壓力。

So inside M&E for us, there is quite a bit of good news. The theatrical side of M&E as a category is really starting to perform. And we're seeing those advertisers invest in the benefits of some of our unique units like our custom home screen takeovers and the video in our marquee unit, which has been very popular.

所以，就我們M&E部門而言，有許多好消息。媒體與娛樂產業的戲劇面向作為一個類別，正開始真正展現其價值。我們看到，這些廣告主正在投資我們一些獨特廣告單元的優勢，例如我們客製化的主螢幕全螢幕廣告和我們主廣告單元中的影片廣告，這些廣告單元非常受歡迎。

I'll say, James, we have been focused on both diversifying and growing our platform business. And today, we're less reliant on any one vertical than we've ever been, including M&E and because we're so big, we're in half the US broadband households, we do remain the best place to spend on M&E to attract and engage and retain subscribers and to measure ROI.

詹姆斯，我想說，我們一直致力於平台業務的多元化和發展。如今，我們對任何單一垂直領域的依賴程度都比以往任何時候都低，包括媒體與娛樂領域。而且，由於我們的規模龐大，涵蓋了美國一半的寬頻家庭，因此我們仍然是媒體與娛樂領域投入資金以吸引、維繫和留住用戶以及衡量投資回報率的最佳選擇。

So while we're not relying on M&E to drive our growth, improvement in the industry at any time will represent upside for us. And when and if the segment really rebounds, it will be a tailwind for us because we're really good at building the M&E business, and I believe we're the best place for an M&E advertiser to invest their dollars.

因此，雖然我們並不依賴媒體與娛樂產業來推動成長，但任何時候產業的發展進步都會為我們帶來好處。如果這個領域真的反彈，那對我們來說將是順風，因為我們非常擅長發展媒體與娛樂業務，我相信我們是媒體與娛樂廣告商投資的最佳選擇。

Great. And then maybe just a quick follow-up on just overall macro environment in the quarter and so far in Q4, like anything stand out that's been particularly strong or weak? Anything on to call out there, maybe for Dan.

偉大的。然後，能否快速跟進本季以及第四季至今的整體宏觀環境，看看有沒有特別突出或特別疲軟的面向？有沒有人需要幫忙，也許是給丹的。

I think -- well, maybe Charlie wants to take the top of the macro environment as it relates to ads and then I can talk a little bit after Charlie. Charlie, do you want to take that one.

我想——嗯，也許查理想先談談與廣告相關的宏觀環境，然後我可以在查理之後再談一點。查理，你想接那個嗎？

Sure. Thanks, Dan. James, I like what we're seeing trend-wise. I really do. And Roku has some unique attributes that allow us to take advantage of today's ad trends. I think that's equally important. One of them is you got to remember that as a platform, Roku, and I said it earlier, is the lead into all of television, and that comes with some real advantages in this market.

當然。謝謝你，丹。詹姆斯，我喜歡我們目前看到的趨勢。我真的這麼認為。Roku 擁有一些獨特的功能，使我們能夠利用當今的廣告趨勢。我認為這一點同樣重要。其中一點就是你要記住，Roku 作為一個平台，正如我之前所說，是通往整個電視領域的先鋒，這在這個市場中帶來了一些真正的優勢。

Also, we've been diversifying demand across our platform and our streaming service, and we built programmatic excellence and numerous third-party relationships that allow us to meet our clients as I say, wherever they wish to transact.

此外，我們一直在努力實現平台和串流媒體服務的需求多元化，並建立了卓越的程序化購買能力和眾多第三方合作關係，正如我所說，這使我們能夠滿足客戶在任何地方進行交易的需求。

So Roku's seen the benefit of the market as a platform and as a publisher. If you think about it, I want to say publisher, I mean an owner and operator of the Roku Channel, which -- you look at the Nielsen Gauge, we're a top five streaming service and on our own platform, we're number two in terms of engagement in the US.

因此，Roku 已經看到了市場作為平台和發行商的優勢。仔細想想，我想說的是出版商，我的意思是 Roku 頻道的所有者和運營商，而根據尼爾森收視率調查，我們是排名前五的串流媒體服務，在我們自己的平台上，我們在美國的用戶參與度排名第二。

So as a platform, the value of our home screen engagement has allowed us to benefit from our ad product evolution, among other things. An example of this is, like I said, our Marquee Ad unit, which is now very popular and it's now a video unit. That's been great. And in terms of diversifying demand and the programmatic excellence I just mentioned, we're seeing positive impact of both heading into fourth quarter and moving forward.

因此，作為一個平台，我們主螢幕互動帶來的價值使我們能夠從廣告產品的演變中受益，以及其他方面。例如，就像我剛才說的，我們的招牌廣告單元現在非常受歡迎，它現在是一個視訊單元。那真是太好了。至於我剛才提到的需求多元化和程序化卓越性，我們看到這兩者都對第四季及以後的發展產生了正面影響。

Actually, Dan mentioned, our platform revenue grew 17% year on year that's due in part to strong performance in video advertising. And of course, that means we're growing faster than the US OTT and digital ad marketplaces. And then if you look at that ex-political and ex-friendly, third-quarter platform revenue grew 19% year on year.

事實上，丹提到，我們的平台收入年增了 17%，部分原因是影片廣告的強勁表現。當然，這意味著我們的成長速度比美國OTT和數位廣告市場更快。然後，如果你看看那些前政治人物和前友好人士，第三季平台收入比去年同期成長了 19%。

So to answer your question, James, the trends are positive, and Roku is really uniquely positioned as both the platform and a leading streaming service to compound the value of these market trends.

所以，James，回答你的問題，目前的趨勢是積極的，Roku 作為平台和領先的串流媒體服務商，其獨特的地位能夠進一步提升這些市場趨勢的價值。

Dan, did you want to --

丹，你想…--

The only thing I would add, I think on upfront pricing, Charlie. Like I think I'll just say that the one trend going into Q4 is we're pretty happy with our upfront in terms of pricing. Maybe you want to touch base on that as a trend because I think that is a change.

我唯一想補充的是，關於預先定價方面，查理。我想說的是，進入第四季的一個趨勢是，我們對前期定價相當滿意。或許你想把這當作一種趨勢來探討一下，因為我認為這是一種改變。

Yes. So you're right, with October comes to the new upfront schedule starting to run, not only do we have a really powerful upfront, but we saw pricing stability. And if you want me to go deeper on pricing, it's really interesting how pricing affects different services in different ways. And the headline, I suppose I'd leave with, Dan, is that we have multiple levers to pull, and that's consistent with what I just said.

是的。所以你說得對，隨著 10 月新的預售計畫開始實施，我們不僅迎來了非常強勁的預售，而且價格也保持穩定。如果你想讓我更深入地探討定價問題，那麼定價對不同服務的影響方式確實非常有趣。丹，我想我最後要說的重點是，我們有多種手段可以運用，這與我剛才所說的話是一致的。

And on pricing, we don't have a supply issue so we can price up and down a demand curve and use that to our advantage. So we're doing really well, both in volume and I think our pricing approach really is distinct in this market.

至於定價，我們沒有供應問題，所以我們可以根據需求曲線上下浮動價格，並利用這一點來獲得優勢。所以我們在銷售方面做得非常好，而且我認為我們的定價策略在這個市場上確實獨樹一格。

Yes, exactly. So pricing is positive for us in Q4, at least as part of our upfront, which is different than last upfront. So that's a good positive trend for us. In terms of other trends, like our guidance that we provided, which was roughly 15% per platform, and again, backing out political and friendly, it's above the Q3 growth rate of 19%. It actually implies 20% growth on an ex-political ex-friendly basis.

是的，正是如此。因此，第四季度的定價對我們來說是積極的，至少就我們的預付款而言是如此，這與上一季的預付款有所不同。所以這對我們來說是一個積極的好趨勢。至於其他趨勢，正如我們提供的指導意見，每個平台大約增長 15%，而且，如果排除政治和友好因素，這一數字高於第三季度 19% 的增長率。實際上，這意味著在不考慮政治因素和友善因素的情況下，成長率將達到 20%。

Just would imply that a lot of the trends that we're seeing in Q3, we expect to continue. And again, it is advertising, for sure, on everything Charlie just said, but it's also our subscriptions business, which is performing incredibly strong, including our premium subscription business, which is growing very well.

這僅僅意味著我們在第三季度看到的許多趨勢，我們預計會繼續下去。當然，查理剛才所說的所有內容都與廣告有關，但我們的訂閱業務也表現得非常強勁，包括我們的高級訂閱業務，該業務增長勢頭良好。

Ross Walthall, Cleveland Research Company.

羅斯‧沃爾索爾，克利夫蘭研究公司。

I just wanted to ask a little more detail on the Amazon DSP partnership. I know it's early days, but can you talk to you what the rollout looks like from here? Any customer feedback and whether this could be a material driver going into either Q4 of '26?

我只是想了解亞馬遜DSP合作關係的一些細節。我知道現在還為時過早，但您能談談接下來的推廣計畫嗎？是否有任何客戶回饋？這是否會成為2026年第四季業績的重要驅動因素？

Ross, this is Anthony. I'll start. I don't know if Charlie will have anything to add. But I'll just say that, as you said, it's still early on the Amazon. I mean, it's live now, but it's just basically gone live recently. So I would say there's strong interest from customers. I mean, there's a lot of customers that are very interested in using the Amazon DSP.

羅斯，這位是安東尼。我先來。我不知道查理是否會補充什麼。但我只想說，正如你所說，現在談論亞馬遜還為時過早。我的意思是，它現在已經上線了，但基本上是最近才上線的。所以我覺得顧客們對此很有興趣。我的意思是，有很多客戶對使用亞馬遜DSP非常感興趣。

And we're obviously a key partner for them in that. There's a lot of customers, obviously, that want to use Trade Desk, but also these days, also Amazon. So I'd say there is strong customer interest. The signs we're seeing so far are good, but it's just a little early to say.

顯然，我們在這方面是他們的重要夥伴。顯然，有很多客戶想要使用 Trade Desk，但如今，亞馬遜也是如此。所以我認為消費者對此有濃厚的興趣。目前來看，情況不錯，但現在下結論還太早。

I don't know beyond that, Charlie, is there anything else or --

我不知道還能說什麼，查理，還有其他事嗎？--

I think you mentioned Trade Desk. You saw in the Trade Desk integration last year, it takes some time to roll out. But I like what we're seeing so far. We're seeing clients ask us the right questions about how to use it.

我想你提到了交易平台。正如您去年在交易平台整合中看到的那樣，它需要一些時間才能全面推出。但我很喜歡目前為止我們看到的成果。我們看到客戶向我們提出了關於如何使用它的正確問題。

We know there's a general push towards outcome-based buying and measurement of performance and our strategy to be everywhere, including now Amazon at depth has us in a good position. And I do think it will ramp well into '26.

我們知道，市場普遍傾向於以結果為導向的採購和績效衡量，而我們的策略是無所不在，現在也包括深入亞馬遜，這使我們處於有利地位。而且我認為它會在 2026 年之前持續成長。

And then I don't know, Dan, do you want to same thing on Q4 '26?

然後，丹，我不知道，你希望在 2026 年第四季也做同樣的事情嗎？

No. I guess I would just say that I'm going to reiterate both Anthony and Charlie's point is we just turned it on the first of this month here. We're in very, very early days. We like what we see. It is contemplated in our Q4 guide. And we're going to have a lot more visibility as we exit the year and go into 2026, and we'll update you at that point in time.

不。我想說的是，我重申安東尼和查理的觀點，我們這個月1號才剛開始。我們現在還處於非常非常早期的階段。我們很喜歡我們所看到的。我們在第四季度指南中對此進行了探討。隨著今年即將結束，進入 2026 年，我們將擁有更清晰的視野，屆時我們將向大家報告最新情況。

That's great. One other question on the self-serve business. Do you think you have the right tech and partnerships in place to really scale this, like are all the pieces in place? Or are there like additional capabilities or partnerships that you need to add? And just ultimately, like where can this business go long term?

那太棒了。關於自助服務業務，還有一個問題。你認為你擁有合適的技術和合作關係來真正擴大規模嗎？所有條件都具備了嗎？或是否還需要增加其他功能或合作關係？歸根究底，這家企業長遠發展方向是什麼？

So this is Anthony. I'll start and then see if Charlie has anything to add. I mean, I think that -- so the short answer is, yes. We have everything we need. We've got the partnerships we need, but it's also early in the evolution of this business. So we're still investing in R&D. We're still building more partnerships.

這位是安東尼。我先開始，然後看看查理有沒有什麼補充。我的意思是，我認為——所以簡而言之，答案是肯定的。我們所需的一切都已具備。我們已經擁有了所需的合作夥伴關係，但這項業務目前仍處於發展初期。所以我們仍在研發方面進行投資。我們仍在拓展更多合作關係。

I mean we have our own self-serve platform called Ad Manager but there are other businesses that are doing something similar and we're working with those companies as well. We're not wedded to our -- just using our own platform for this -- to serve this market. I mean, it's a big market. And it's a large market. It's a market that's multibillion dollars. It's almost as large as the traditional brand advertising business.

我的意思是，我們有自己的自助服務平台，叫做廣告管理平台，但也有其他公司在做類似的事情，我們也正在與這些公司合作。我們並不執著於自己的平台——只是利用我們自己的平台來服務這個市場。我的意思是，這是一個很大的市場。而且這是一個很大的市場。這是一個價值數十億美元的市場。它的規模幾乎與傳統品牌廣告業務一樣大。

So it's a big business. And I mean, the other thing we're really focused on is integrating generative AI into our platform to do an even better job on targeting and performance-based marketing. So I think that there's nothing that we're missing, but there's a lot more evolution and growth to come. But Charlie, I don't know, if you want to add?

所以這是一門大生意。我的意思是，我們真正關注的另一件事是將生成式人工智慧整合到我們的平台中，以便在目標定位和效果行銷方面做得更好。所以我覺得我們並沒有錯過什麼，但未來還有更大的發展和進步空間。但查理，我不知道，你是否想補充？

Yes. That's right. We have everything we need, and we're going deeper. I mean, it's so funny. We talk about deepening these integrations. We continue to do the same with our own products and look for ways to refine and improve more and more performance. One thing that's unique about our product, obviously, is that these small and medium-sized businesses will now have access to authenticated premium content.

是的。這是正確的。我們擁有所需的一切，而且我們正在深入探索。我的意思是，這太搞笑了。我們討論如何深化這些融合。我們對自己的產品也採取同樣的做法，不斷尋找改進和提升產品性能的方法。很顯然，我們產品的獨特之處在於，這些中小企業現在可以存取經過認證的優質內容。

And so, when they see that they're able to, we said in the early days, democratize television and access our platform, I think we have a really compelling and differentiated offering. And of course, because we have the scale that we do, we're going to perform really well.

所以，當他們看到他們能夠像我們早期所說的那樣，讓電視民主化並訪問我們的平台時，我認為我們擁有一個真正具有吸引力和差異化的產品和服務。當然，因為我們擁有這樣的規模，我們的業績肯定會非常好。

And what's great about these platforms, which is different than our traditional business, is that when we improve ROI, people will leave it on as long as there's a positive return. So I like these advertisers. I like how many new advertisers are coming to the platform, and I think there's a lot of opportunity ahead that we're poised for.

這些平台最棒的地方在於，與我們傳統的業務不同，當我們提高投資報酬率時，只要有正回報，人們就會繼續使用它。所以我喜歡這些廣告商。我很高興看到這麼多新廣告商進駐這個平台，我認為未來有很多機會等著我們去把握。

Yes. And I'll just add. I mean, I think it's kind of -- it's probably evident self-evident, but this is a large business that exists in -- like it's what caused the growth of social media platforms in terms of their advertising business.

是的。我再補充一點。我的意思是，我認為這有點——這可能不言而喻，但這是一個龐大的產業，它的存在就像是社群媒體平台廣告業務成長的原因一樣。

What's unlocked for platforms like for Roku is basically generative AI that allows a business to create a video ad for free basically with a single click of a button, producing a very high quality, high production value, professional-looking video ad. And so that now makes video platform like Roku as easy to use as a social media platform for performance marketing.

Roku 等平台解鎖的功能基本上是生成式人工智慧，它允許企業只需單擊一個按鈕即可免費創建影片廣告，產生高品質、高製作價值、看起來專業的影片廣告。因此，現在像 Roku 這樣的影片平台就像社群媒體平台一樣易於使用，可以用於效果行銷。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Two questions, please. First, on performance, I wanted to ask maybe about some of the advantages that you may have to sort of deliver on that as the platform player, your ability to provide feedback loops or certain types of consumer interactions with ads on your platform. And then also I wanted to ask sort of related to that as well, your ability or your interest level in perhaps launching new pricing models like cost per action or something along those lines?

請問兩個問題。首先，關於效能方面，我想問一下作為平台玩家，你們在實現這一目標方面可能有哪些優勢，例如你們提供反饋循環或與平台上的廣告進行某些類型的消費者互動的能力。另外，我還想問一個與之相關的問題，您是否有能力或有興趣推出新的定價模式，例如按行動付費或類似模式？

And then second, I just wanted to quickly touch on the streaming hours. It looks like you had a bit of a deceleration there. I wanted to just ask, if there were any comp factors or anything else to be aware of on that?

其次，我想簡單談談串流播放時長。看起來你剛才好像減速了一點。我想問一下，這方面有沒有什麼比較重要的因素或其他需要注意的地方？

Okay. So just on performance, let me start and maybe Dan will have something to say. So I think the advantages of our platform include extremely large scale, a lot of first-party data on a very advanced technology platform, including a lot of AI. So like these are the things, these are the key -- a user experience that has a lot of places to promote and place ads as well as video ads.

好的。那麼，就表演方面而言，我先來，也許丹會有一些話要說。所以我認為我們平台的優勢包括規模極為龐大，擁有大量第一方數據，而且技術平台非常先進，包括大量的人工智慧技術。所以，這些就是關鍵所在——使用者體驗要有很多地方可以推廣和投放廣告，包括影片廣告。

So I mean, these are the things that are sort of the base capabilities that we build our performance on top of. And I think we're unique in our scale and the amount of data that we have and we have a world-class, I would say, probably the best TV engineering team in the world. So we have all the pieces and we're putting them together.

所以我的意思是，這些就是我們建構績效的基礎能力。我認為我們在規模和數據量方面是獨一無二的，而且我們擁有一支世界一流的，我敢說可能是世界上最好的電視工程團隊。我們已經有了所有需要的零件，現在正在把它們組裝起來。

In terms of our interest in new pricing models, I don't know, Charlie, do you want to take that one?

關於我們對新定價模式的興趣，我不知道，查理，你想談談這個嗎？

Well, the answer is you were asking about CPA. I think that performance is in the eye of the beholder, right? And you have some large, packaged goods company, who just want to see incremental reach. And then you've got some other businesses who have a very specific KPI, and we can help them reach all of them. It's interesting. When I step back, I think about the use cases we can meet and there are many.

嗯，答案是，你問的是關於註冊會計師（CPA）的問題。我認為表演的好壞是見仁見智的，對吧？還有一些大型包裝消費品公司，他們只想看到市場佔有率逐步擴大。還有一些企業有非常具體的關鍵績效指標 (KPI)，我們可以幫助他們實現所有指標。很有意思。當我退後一步，思考我們可以滿足哪些使用情境時，我發現有很多。

But ultimately, they all sort of fit into one of three buckets, which is planning or activation or measurement and we've got tools and we have Roku Data Cloud and all sorts of other ways to help people maximize the efficacy of their media across the largest streaming platform in America.

但歸根結底，它們都可以歸為三類：規劃、啟動或衡量。我們擁有各種工具、Roku 資料雲以及各種其他方式，可以幫助人們最大限度地提高其在美國最大的串流媒體平台上的媒體效果。

And so the answer to your question is directionally, absolutely, we will meet people not just where they want to transact, but we'll start to prove ROI in deeper and deeper ways. And then our platform in terms of the ads manager platform will really make it easy for them to do so and continue to see a return on their investment.

所以，對於你的問題，答案是肯定的，我們不僅會在人們想要交易的地方與他們互動，而且我們會以越來越深入的方式證明投資報酬率。然後，我們的廣告管理平台將真正讓他們輕鬆地做到這一點，並持續獲得投資回報。

In terms of streaming hours, do you --?

就串流媒體播放時長而言，你——？

Yes, I'll take that one. On streaming hours, it was a slight [decel] from prior quarters, but really, there's nothing there from a monetization standpoint. What you're just seeing is these numbers are just getting very large. And so we still are growing well into the double digits in streaming hours.

是的，我要那個。從串流媒體播放時長來看，雖然比前幾季略有下降，但從獲利角度來看，實際上並沒有什麼變化。你現在看到的只是這些數字變得越來越大。因此，我們的串流媒體播放時長仍然保持著兩位數的成長。

I think it's also really important to note that here see streaming hours and monetizable hours, which is something I look at across the platform is actually growing very well, and we're actually gaining traction not in terms of acceleration of percentage hours, but any -- the TRC continues to be the number two app on our platform by streaming hours.

我認為同樣重要的是要注意，這裡可以看到串流媒體播放時長和可盈利時長，我在整個平台上觀察的這兩項指標實際上增長得非常好，而且我們確實獲得了發展動力，不是體現在播放時長百分比的加速增長上，而是體現在任何方面——按流媒體播放時長計算，TRC 仍然是我們平台上排名第二的應用程式。

And it's actually -- it's gaining ground from other apps in that perspective. So nothing on streaming hours is concerning in any way. It's just very, very large numbers, hundreds of billions of hours that are being streamed here.

從這個角度來看，它實際上正在從其他應用程式那裡追趕。所以，串流媒體播放時間方面沒有任何值得擔憂的地方。這裡串流的資料量非常非常龐大，高達數千億小時。

So the decel from quarter on quarter is nothing that is of any concern. And in fact, like I said, monetizable hours, especially with our premium subscription growth and our TRC growth, continues to do very well and it's very strong.

所以，季度間的減速並不值得擔憂。事實上，就像我剛才說的，可獲利的小時數，尤其是隨著我們的高級訂閱用戶成長和 TRC 成長，表現依然非常出色，而且非常強勁。

Yes. As a head of ad monetization, it is a nonissue. This is Charlie. I think it's actually -- we have what we need to come to market, and we're maximizing that inventory opportunity.

是的。身為廣告變現負責人，這根本不是問題。這是查理。我認為實際上——我們擁有進入市場所需的一切，並且我們正在最大限度地利用庫存機會。

Alan Gould, Loop Capital.

Alan Gould，Loop Capital。

I've got two, please. First, on the Amazon, just one quick follow-up. What are the key features and functionality that Amazon provides that the other DSPs don't in addition to diversification? Is the key issue there, the frequency capping?

我要兩份。首先，關於亞馬遜，這裡還有一個簡短的後續說明。除了多元化之外，亞馬遜還提供哪些DSP所不具備的關鍵特性和功能？關鍵問題在於頻率限制嗎？

And then for Dan, when I look at 3Q and 4Q platform growth, and you back out friendly and political, if you were to also back out ASC 606, would the numbers be north of 20% and would 4Q still be growing quicker than 3Q?

那麼對於 Dan 來說，當我查看 3Q 和 4Q 平台增長情況時，如果你排除友好和政治因素，如果你再排除 ASC 606 因素，這些數字是否會超過 20%，4Q 的增長速度是否會仍然比 3Q 更快？

Alan, Charlie will take your first question and then Dan will take your second.

艾倫，查理會回答你的第一個問題，然後丹會回答你的第二個問題。

Great. Thanks, Alan, for the question. Look, the easiest way to talk about it probably is that we're powering audience addressability, frequency management, and closed-loop measurement. As I said, we actually, again, tend not to advise a client on which DSP to use. We actually are everywhere they want to be, and we're very proud of this Amazon deal. But at the highest level, that's what we're working on with that DSP integration.

偉大的。謝謝你的提問，艾倫。最簡單的解釋方式可能是，我們正在推動受眾定向、頻率管理和閉環測量。正如我所說，我們實際上通常不會建議客戶使用哪個DSP。事實上，我們出現在了他們想去的任何地方，我們對與亞馬遜達成的交易感到非常自豪。但從最高層面來說，這就是我們正在努力實現的DSP整合。

Dan, you want --

丹，你想要--

To your question. Sorry, I'll take the second part of your question. You're right, it would be slightly north of 20%. Actually, it's slightly north of 20% just ex-ASC 606 -- ex-political and friendly for Q4, it would be closer to 21% on an ex-ASC 606 basis. And yes, you would still see that slight step-up on ASC 606 basis. And again, that's ASC 606, just to be clear, that ASC 606 from 2024, we have not booked any ASC 606 in 2025, nor do I expect to.

回答你的問題。抱歉，我來回答您問題的第二部分。你說得對，應該略高於 20%。實際上，如果不考慮 ASC 606，這個數字略高於 20%——如果排除政治因素和對第四季度有利的因素，那麼在不考慮 ASC 606 的情況下，這個數字會接近 21%。是的，您仍然會看到基於 ASC 606 的輕微上漲。再次聲明，這是 ASC 606，需要明確的是，是 2024 年的 ASC 606，我們沒有預訂 2025 年的 ASC 606，我也不打算預訂。

That concludes today's question-and-answer session. I'd like to turn the call back to Anthony Wood for closing remarks.

今天的問答環節到此結束。現在我把電話轉回給安東尼·伍德，請他作總結發言。

All right. Well, I want to say thank you to our employees, customers, advertisers, and content partners, and thank you for listening.

好的。首先，我要感謝我們的員工、客戶、廣告商和內容合作夥伴，也感謝大家的聆聽。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。