Roku Inc (ROKU) 2025 Q4 法說會逐字稿

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Hello, and thank you for standing by. Welcome to Roku fourth-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Roku 2025 年第四季財報電話會議。（操作說明）

I would now like to turn the call over to Conrad Grodd, Vice President of Investor Relations. Sir, you may begin.

現在我將把電話交給投資者關係副總裁康拉德·格羅德。先生，您可以開始了。

Good afternoon. Welcome to Roku's fourth quarter and year-end 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 of Roku Media; and Mustafa Ozgen, President, Devices.

午安.歡迎參加 Roku 2025 年第四季及全年財報電話會議。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 Media 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 risk and uncertainties. Please refer to our shareholder letter and periodic SEC filings for risk factors that could cause our actual results to differ maturely from these forward-looking statements.

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聲明有重大差異的風險因素。

We'll also present GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most comparable GAAP financial measures are provided in our shareholder letter. Unless otherwise stated, all comparisons will be against 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，否則所有比較均與我們 2024 年同期業績進行比較。

With that, operator, our first question, please.

接線員，請問我們的第一個問題是什麼？

(Operator Instructions) Shyam Patil, Susquehanna.

（操作說明）Shyam Patil，Susquehanna。

Congrats on the strong 2025 and 2026 outlook. I have a couple of questions. The first one, can you help us bridge the 1Q revenue outlook of over 21% growth to the full-year outlook of about 18% growth? Then I have a follow-up question.

恭喜你們對2025年和2026年的前景充滿信心。我有幾個問題。第一個問題，您能否協助我們將第一季超過 21% 的營收成長預期與全年約 18% 的營收成長預期連結起來？我還有一個後續問題。

Hey, Shyam, this is Anthony. I'll kick this off and then turn it over to Dan. He can talk more about the outlook.

嘿，沙姆，我是安東尼。我先開始，然後交給丹。他可以多談談前景。

So let me just start by taking a minute to reflect on our execution over the past several years. In 2023, our priority was to right size our cost structure. And reach adjusted EBITDA breakeven in 2024. And we achieved that goal a full year ahead of schedule. This early progress positioned us to invest further in our platform monetization initiatives. As a result, in advertising, we deepened integration with leading demand-side platforms and scaled our measurement and performance capabilities.

首先，請容許我花一分鐘時間回顧我們過去幾年的執行情況。2023年，我們的首要任務是調整成本結構，使其合理化。並於 2024 年達到調整後 EBITDA 損益平衡。我們提前整整一年就達成了這個目標。這項早期進展使我們能夠進一步投資於我們的平台獲利計劃。因此，在廣告領域，我們加深了與領先需求方平台的整合，並擴大了我們的衡量和績效能力。

In subscription, Q4 was our biggest quarter ever for premium subscription net ads. We expect to add more Tier 1 partners and roll out bundles this year, and we plan to expand how to be on Roku and take it to additional platforms.

在訂閱業務方面，第四季是我們高級訂閱網路廣告收入最高的一個季度。我們預計今年將增加更多一級合作夥伴並推出捆綁套餐，我們還計劃擴展在 Roku 上的業務，並將其推廣到其他平台。

So these initiatives are paying off for us. We grew platform revenue 18% in 2025, and we accomplished all of this while growing our streaming households both in the US and globally. Looking ahead to 2026 and beyond, we're confident in our ability to sustain double-digit platform revenue growth while continuing to grow profitability.

所以這些措施對我們來說是有效的。2025 年，我們的平台收入成長了 18%，而且我們在美國和全球範圍內的串流媒體家庭用戶數量都在增長，並實現了所有這些目標。展望 2026 年及以後，我們有信心在維持兩位數平台營收成長的同時，持續提高獲利能力。

So with the introduction, let me turn it over to Dan.

介紹完畢，現在讓我們把麥克風交給丹。

Thanks, Anthony, and thanks for the question. Let me just add a little bit to what Anthony said.

謝謝你，安東尼，也謝謝你的提問。我只想在安東尼剛才說的基礎上補充一點。

Exactly two years ago when we were entering 2024, we've said that now that we right size our cost structure, we would relentlessly focus on growing our platform revenue, improving our monetization, and driving profitability, including free cash flow.

兩年前，當我們展望 2024 年時，我們曾說過，既然我們已經調整了成本結構，我們將不懈地專注於提高平台收入、改善盈利能力和推動盈利，包括自由現金流。

In Q4, we grew platform revenue over 18%, surpassing $1.2 billion. We achieved the just of $169 million and net income of $80 million, all were records for us.

第四季度，我們的平台營收成長超過 18%，突破 12 億美元。我們實現了 1.69 億美元的營業額和 8000 萬美元的淨收入，這些都是我們的記錄。

For full year, we also grew our platform revenue 18%. Achieved adjusted EBITDA od $421 million, which represent a margin expansion of 255 basis points. And we generated free cash flow of $484 million, also a record for us, and over 100% year-over-year growth. With our strong free cash flow, we purchased $150 million of Roku stock through our share buyback program and achieved near 0% dilution for Q4, the lowest dilution we have ever reported.

全年來看，我們的平台收入也成長了 18%。調整後 EBITDA 達到 4.21 億美元，利潤率提高了 255 個基點。我們創造了 4.84 億美元的自由現金流，這也是我們的紀錄，年增超過 100%。憑藉強勁的自由現金流，我們透過股票回購計畫購買了價值 1.5 億美元的 Roku 股票，並在第四季度實現了接近 0% 的股權稀釋，這是我們有史以來報告的最低股權稀釋。

This year, our outlook for platform revenue growth is more than 21% in Q1 and 18% for full year as we continue to execute on our monetization initiatives. Our full-year adjusted EBITDA guidance of $635 million represents over 50% year-over-year growth and margin expansion of 267 basis points to 11.6%. I expect that free cash flow will again be above adjusted EBITDA as we remain CapEx-light. And it's also worth noting that we have over $1 billion of a deferred tax asset which will keep our cash taxes low for many years.

今年，隨著我們繼續推進獲利計劃，我們預計第一季平台收入成長將超過 21%，全年成長將超過 18%。我們全年調整後 EBITDA 預期為 6.35 億美元，年成長超過 50%，利潤率擴大 267 個基點至 11.6%。我預計，由於我們保持輕資本支出，自由現金流量將再次高於調整後 EBITDA。值得一提的是，我們擁有超過 10 億美元的遞延所得稅資產，這將使我們的現金稅負在未來多年內保持在較低水準。

I see our free cash flow continuing to be strong and outpacing EBITDA beyond this year. In fact, I see a path to over $1 billion in free cash flow by the end of 2028, if not sooner, which will be a significant milestone for us. We have incredibly strong momentum going into 2026, and our focus is on sustaining growth.

我認為我們的自由現金流將繼續保持強勁，並在今年之後繼續超過 EBITDA。事實上，我認為到 2028 年底，甚至更早，我們的自由現金流預計將超過 10 億美元，這將是我們的一個重要里程碑。進入 2026 年，我們擁有非常強勁的發展勢頭，我們的重點是保持成長。

So to get your question, specifically on Q1 versus full year, few factors are shaping our Q1 outlook. First, Q1 last year was our easiest comp at just under 17% year over year. Second, Q1 of this year includes the full benefit of Frndly. As you recall, we closed that acquisition in Q2 of last year. And I guess finally, we have stronger visibility into Q1 versus the second half of the year. So as we gain better visibility into political and into H2, we'll provide updated guidance.

所以，為了回答您的問題，特別是關於第一季與全年業績的比較，有幾個因素正在影響我們對第一季的展望。首先，去年第一季是我們年比增幅最小的季度，年增幅略低於 17%。其次，今年第一季包含了 Frndly 的全部收益。如您所知，我們在去年第二季完成了那次收購。最後，我想我們對第一季的預測比下半年更清晰。隨著我們對政治情勢和下半年情況的了解不斷加深，我們將提供更新的指導意見。

Thank you for all that color. It was really helpful. I did have a quick follow-up. Can you comment on your retail distribution strategy for 2026 given that Walmart is switching its house TV to Vizio's operating system?

謝謝你帶來如此絢麗的色彩。真的很有幫助。我隨後快速跟進了一件事。鑑於沃爾瑪正在將其自有品牌電視更換為 Vizio 的作業系統，您能否就貴公司 2026 年的零售分銷策略發表一下看法？

Hey, Shyam, this is Anthony again. Yeah, let me take that. So as Walmart focuses more on Vizio OS for their house brand, we're focused on broadening and diversifying our retail distribution. We remain extremely well positioned in the market. With hundreds of millions of dollars a year of investment in distribution. we have flexibility in how we invest this budget and we'll continue to optimize this investment across both our retail and our OEM partners.

嘿，Shyam，我是Anthony。好的，讓我來吧。因此，隨著沃爾瑪更加專注於將 Vizio OS 作為其自有品牌，我們也專注於擴大和多元化我們的零售分銷管道。我們在市場上仍然佔據著非常有利的地位。我們每年在分銷方面投入數億美元，因此在如何投資這筆預算方面具有靈活性，我們將繼續優化對零售和OEM合作夥伴的投資。

We're already widely distributed, obviously, including at Walmart. And I'll show you a few examples of how we're expanding our distribution. At Best Buy, we expanded with the addition of Pioneer Roku TVs which we recently launched. At Target, we expanded with Hiro Roku TVs, and they're doing extremely well. At regional and national retailers like Amazon, we've expanded our presence.

顯然，我們的產品已經廣泛分銷，包括在沃爾瑪。接下來，我將向你們展示一些我們擴大分銷管道的例子。百思買最近推出了先鋒Roku電視，擴大了產品範圍。Target 拓展了 Hiro Roku 電視的銷售，而且銷售情況非常好。我們已在亞馬遜等區域性和全國性零售商中擴大了業務範圍。

And in addition to retailers, TV OEMs are key strategic partners for us. And we've expanded our licensing and distribution agreements with two of our largest and longest-term Roku TV partners, TCL and Hisense, as well as several others. We also have first-party TVs. And for our first-party TVs, we expect sales to increase after shifting our TV production to Mexico, which will help us lower our cost. And then, of course, we expect streaming players to continue to be a meaningful contributor to overall Roku OS distribution.

除了零售商之外，電視機原始設備製造商 (OEM) 也是我們的重要策略合作夥伴。我們還擴大了與兩家最大的、合作時間最長的 Roku 電視合作夥伴 TCL 和海信以及其他幾家公司的授權和分銷協議。我們也有自家品牌的電視。對於我們自有品牌的電視，我們預計在將電視生產轉移到墨西哥後，銷售量將會增加，這將有助於我們降低成本。當然，我們也期待串流媒體播放器繼續為 Roku OS 的整體發行做出重要貢獻。

So those are some of the things we're doing in 2026. This work has started. But we expect to see the impact predominantly in the second half of the year as these cycles take time to scale.

以上就是我們2026年要做的事情之一。這項工作已經開始了。但我們預計，這些影響主要會在今年下半年顯現，因為這些週期需要時間才能擴大規模。

So in addition to this work that I just outlined, I want to take a second and just talk about some of the strategic assets that we have to create a strong foundational competitive advantage for Roku that are really important.

除了我剛才概述的這些工作之外，我還想花一點時間談談我們擁有的一些策略資產，這些資產對於為 Roku 創造強大的基礎競爭優勢至關重要。

One is, of course the Roku brand. It's a brand that consumers love and asked for by name, and it's resulted in Roku in over -- it resulted in Roku being used in over half of US broadband households. Nearly half of all TV streaming in the US happens on the Roku platform. And importantly, we're best in class of monetization, which gives us a lot of flexibility to invest in building scale and distribution.

其中一個當然是 Roku 品牌。這是一個深受消費者喜愛並被點名要求購買的品牌，這使得 Roku 在美國超過一半的寬頻家庭中得到應用。美國近一半的電視串流播放都透過 Roku 平台進行。更重要的是，我們在獲利方面處於領先地位，這讓我們有很大的靈活性來投資擴大規模和拓展分銷管道。

We're also globally scaled and we have successful Roku TV partnerships with dozens of TV partners, factories, and retailers.

我們已在全球範圍內開展業務，並與數十家電視合作夥伴、工廠和零售商建立了成功的 Roku 電視合作關係。

And then one of the main ways we've achieved our success is with the Roku OS, which is a purpose-built operating system designed specifically for TV. It's the only purpose-built OS for TV. It has a lot of intrinsic advantages. One of those is the lowest bomb cost in the industry and one of the reasons for that is we have the lowest memory footprint in the industry. And as everyone knows, memory prices are going up right now. And so, as memory prices continue to go up, that's a cost advantage that accrues to us and keeps growing as memory prices increase.

我們成功的主要途徑之一是使用 Roku OS，這是一個專為電視設計的專用作業系統。它是唯一專為電視設計的作業系統。它本身就有很多優勢。其中一個優點是業界最低的炸彈成本，而原因之一是我們擁有業界最低的記憶體佔用量。眾所周知，目前內存價格正在上漲。因此，隨著記憶體價格的持續上漲，我們的成本優勢也隨之增加，隨著記憶體價格的上漲，這種優勢還會不斷擴大。

So the number of Roku TV units sold, it may go up or down from quarter to quarter, but overall, we expect to continue to grow our scale of streaming households in the US and globally, and we're on track to surpass 100 million streaming households this year.

因此，Roku 電視的銷量可能會逐季波動，但總體而言，我們預計在美國和全球範圍內，我們的串流媒體家庭用戶規模將繼續擴大，並且我們預計今年將突破 1 億串流媒體家庭用戶。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

So generative video, the advancements have really caught investors' attention of late. We saw CDance yesterday, Google Genie, both recent examples. I think one interpretation from this rehearing is that it's likely to significantly increase the amount of content available perhaps shift time spent more to short-form videos.

因此，生成式視訊技術的進步近來確實引起了投資者的注意。我們昨天看到了 CDance 和 Google Genie，這兩個都是最近的例子。我認為從這次排練中可以得出這樣的結論：可能會大幅增加可用內容的數量，或許會將更多時間用於短影片。

So Anthony, the question for you really is I thought it would be helpful to hear how do you think AI could impact the streaming landscape? And what do you think it means for Roku? Thank you.

所以安東尼，我真正想問你的問題是，我想聽聽你認為人工智慧會如何影響串流媒體領域？那你認為這對 Roku 意味著什麼？謝謝。

Sure. Yeah. I mean, personally, I'm super excited about AI and how it's going to impact content specifically. I think to answer your -- let me -- I'll answer your question directly, and then let me talk about some of the kind of bigger picture ways that we think about AI generally.

當然。是的。就我個人而言，我對人工智慧以及它將如何影響內容創作感到非常興奮。為了回答你的問題，我想先直接回答你的問題，然後再談談我們通常如何看待人工智慧的一些更宏觀的角度。

So just in terms of content, it's very clear to me that AI is going to reduce the cost of content significantly over time. And as content -- and including long-form content. And as long-form content costs come down, that's going to grow engagement on our platform, and we monetize engagement. That's basically our business model is monetizing engagement. So I view it as all very positive for our business.

所以就內容而言，我非常清楚，隨著時間的推移，人工智慧將會大幅降低內容成本。以及作為內容——包括長篇內容。隨著長篇內容成本的下降，這將提高我們平台上的用戶參與度，而我們將用戶參與度變現。我們的商業模式基本上就是透過用戶互動來實現獲利。所以我認為這對我們的業務來說都是非常積極的。

But if I just take it to a level up and think about how do we think about AI generally and its impact on our business. Let me start by saying that I think AI is a significant opportunity for Roku. We view it as a powerful tailwind to our business. It's not a disruptor for us, and we're integrating it across our entire technology stack. We're applying AI across our platform to improve discovery, increase engagement, and unlock major new monetization opportunities.

但如果我更進一步，思考我們如何看待人工智慧以及它對我們業務的影響。首先我想說的是，我認為人工智慧對 Roku 來說是一個重要的機會。我們認為這對我們的業務發展來說是一股強勁的推動力。它對我們來說不是顛覆性的，我們正在將其整合到我們的整個技術堆疊中。我們正在整個平台上應用人工智慧，以改善用戶發現、提高用戶參與度並釋放巨大的新獲利潛力。

So let me just talk about a few of those. On the viewer experience, AI helps personalize and simplify how people find what to watch, which increases engagement. For example, on our content row, we're improving recommendations and introducing new features that surface trending content. On our content details page, we're using AI to generate why to watch summaries to go beyond just plot overviews.

那麼，我就簡單談談其中幾個面向吧。在觀眾體驗方面，人工智慧有助於個人化和簡化人們查找觀看內容的方式，從而提高參與度。例如，在我們的內容板塊，我們正在改進推薦功能，並引入新功能來展示熱門內容。在我們的內容詳情頁面上，我們使用人工智慧產生觀看理由摘要，而不僅僅是劇情概述。

We've updated Roku Voice recently, now viewers going to ask more conversational entertainment-based questions and get contextual answers directly on their TV screen. So that's just some examples in the viewer experience.

我們最近更新了 Roku Voice，現在觀眾可以提出更多基於對話娛樂的問題，並直接在電視螢幕上獲得相關的答案。以上只是觀眾體驗的一些例子。

But I would say also equally important for us is on the advertising side, if not more important. AI is a major driver of opportunity in the advertising side of our business. AI helps us build the most performant connected TV ad platform. AI is opening the entire new market of small and medium-sized businesses, which we're addressing with Ad Manager. I mean that's an entire new segment in the ad business that was not accessible to TV platforms before but is now because of AI. AI allows products like ad manager to exist.

但我認為，對我們來說，廣告方面同樣重要，甚至更重要。人工智慧是我們廣告業務發展機會的主要驅動力。人工智慧幫助我們打造出效能最強的連網電視廣告平台。人工智慧正在為中小企業開闢一個全新的市場，而我們正在透過廣告管理工具來滿足這項需求。我的意思是，這開啟了廣告業一個全新的領域，以前電視平台無法涉足，但現在因為人工智慧而可以了。人工智慧使得廣告管理等產品得以存在。

And AI tools make it easier for advertisers to create high-quality video ads. The easier it is to create video ads, the larger the number of advertisers that can advertise on a TV platform. And then AIS automating workflows that were previously manual, such as reviewing and adapting ad formats. And then finally, we're using AI internally across the company to drive operational efficiency and productivity. So overall, AI strengthens our platform. It improves monetization, and it enhances the performance of our business overall.

人工智慧工具讓廣告主更容易製作高品質的影片廣告。影片廣告製作越容易，能夠在電視平台上投放廣告的廣告主就越多。然後，AIS 將以前需要手動完成的工作流程自動化，例如審核和調整廣告格式。最後，我們正在公司內部使用人工智慧來提高營運效率和生產力。總而言之，人工智慧增強了我們的平台。它提高了盈利能力，並提升了我們業務的整體業績。

Michael Morris, Guggenheim Securities.

邁克爾·莫里斯，古根漢證券。

Wanted to ask about how the third-party ad demand partnership that you have with Amazon is impacting the business so far and how you expect it to progress throughout the year. Is it additive to growth yet? Or has it cannibalized revenue in any way as it has come online?

我想問一下，您與亞馬遜的第三方廣告需求合作關係目前對業務有何影響，以及您預計它在今年將如何發展。它對成長有促進作用嗎？或者說，它在上線後是否以任何方式蠶食了收入？

And then if I could, just briefly on the platform gross margin, you provided the 51% to 52% range for '26, which is very helpful. What are you expecting for the first quarter? And how much variability do you expect in this quarter to quarter throughout the year? Thank you.

然後，如果可以的話，我想簡單談談平台毛利率，您提供了 2026 年 51% 到 52% 的範圍，這非常有幫助。您對第一季有何預期？您預計本季及全年各季度之間的波動幅度有多大？謝謝。

Hey, Michael. Charlie will take your first question on third-party ad demand partnerships.

嘿，麥可。Charlie 將回答您關於第三方廣告需求合作關係的第一個問題。

Great. Thanks, Anthony. Hey, Michael. Look, just stepping back for a second. Our strategy has been to be open and interoperable and be deeply integrated with all the DSPs so really that we can meet clients anywhere they want to transact. So the Amazon partnership was natural in that context.

偉大的。謝謝你，安東尼。嘿，麥可。瞧，我先退後一步。我們的策略是保持開放性和互通性，並與所有DSP深度集成，這樣我們就能真正滿足客戶在任何地方進行交易的需求。因此，在這種背景下，與亞馬遜的合作是順理成章的。

And really, overall, we strive to be the most performant CTV ad platform in the industry. So I'd say to your question of impact this year, it's early innings. Amazon is working hard to bring new clients over to its DSP. And the combination of our TV OS footprints make for an impressive offering.

總而言之，我們力求成為業界表現最佳的連網電視廣告平台。所以對於你提出的今年的影響問題，我的回答是，現在還處於比賽初期。亞馬遜正努力為其DSP平台吸引新客戶。我們電視作業系統組合在一起，打造出令人印象深刻的產品。

To put it in context, over the last year, we've added dozens of ad tech partners, Michael, from the Yahoo! DSP to AppLovin and Wurl to Magnite. And then once they're onboarded, just like with Amazon, we begin deepening our relationships with each of them and they start to ramp, and that will continue, and that's the case for all of them. So our goal with all these partnerships is to drive greater outcomes and greater performance for our marketing partners. And we're bullish about our position, not just as the open interoperable partner in marketplace with so many walled gardens, but the ability of this to grow as we deepen the integrations.

舉例來說，在過去一年裡，我們新增了數十家廣告科技合作夥伴，來自雅虎的麥可說。DSP 到 AppLovin，Wurl 到 Magnite。然後，一旦他們加入進來，就像亞馬遜一樣，我們就開始加深與他們的關係，他們也開始逐步擴大規模，這種情況會一直持續下去，所有合作夥伴都是如此。因此，我們開展所有這些合作的目標是為我們的行銷合作夥伴帶來更大的成果和更高的績效。我們對自己的地位充滿信心，不僅因為我們是市場上眾多封閉生態系統中開放的互通合作夥伴，還因為我們深化整合後，這種地位能夠不斷增長。

Dan, do you want to --?

丹，你想…——？

Yeah. Let me just add that in terms of how it will affect the business this year. I'll add to that, and then I'll answer your gross margin question.

是的。我還要補充一點，這會對今年的業務產生怎樣的影響。我補充一下，然後再回答你關於毛利率的問題。

As Charlie said, like the ramp of Amazon DSP will take time. Obviously, we're fully integrated. We are ramping. We are on. It's going as expected. And I think like across all the DSPs, we feel very good about how we're performing on that, specific to Amazon.

正如查理所說，就像亞馬遜DSP的推廣需要時間一樣。顯然，我們已經完全融合了。我們正在加速推進。我們已經開始了。一切進展順利。我認為，就所有 DSP 而言，我們對我們在該平台上的表現，特別是亞馬遜平台上的表現，都感到非常滿意。

As the Amazon DSP grows and becomes and is successful, which we think it will be, we'll be successful along with it. It does take time for these to ramp though. And we don't obviously break it out, but again, it's tracking as we'd expect, and we expect it to be more of a contribution over time.

隨著亞馬遜DSP的發展壯大並取得成功（我們認為它一定會成功），我們也會隨之獲得成功。不過，這些都需要時間才能達到最佳狀態。我們並沒有明確列出具體數據，但正如我們所預期的那樣，它的發展軌跡符合預期，我們預計隨著時間的推移，它的貢獻會越來越大。

With respect to platform gross margins, the guide was 51% to 52%. For the full year of 2025, we did end at 52%. I'll say that I don't expect a lot of variability from quarter to quarter. It does depend to some extent on the mix of our different activities in the platform business. We saw some stabilization in M&E in Q4, which was great, which helped margins. We're tracking that stability is happening in Q1 as well. We'll see how M&E goes forward. We're liking what we see there.

關於平台毛利率，指導值為 51% 至 52%。2025 年全年，我們的最終完成率為 52%。我認為，每季之間的波動不會太大。這在一定程度上取決於我們在平台業務中不同活動的組合。第四季媒體娛樂業務出現了一些穩定，這很好，也有助於提高利潤率。我們預計第一季也將保持穩定。我們將拭目以待監測與評估工作將如何發展。我們很喜歡那裡看到的景象。

But specifically, I don't expect a lot of variability. I will say, again, we have a lot of mix, different activities growing at different rates, and it's not lost on me and us that we don't give -- we don't break out a lot of detail. One thing we are working on is some more detail on our different activities and giving you a bit more color into the margin profile and the different activities in platform.

但具體來說，我預計不會有太大的波動。我再次強調，我們有很多不同的業務，不同的業務以不同的速度成長，我和我們都清楚，我們不會透露太多細節。我們正在努力完善各項活動的更多細節，並向您更詳細地介紹利潤率概況和平台上的不同活動。

And I hope to share some more data on that next quarter. It's something we're working on.

我希望下個季度能分享更多相關數據。這是我們正在努力的方向。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

So in the prepared remarks, you kind of alluded to the success you're seeing with the international viewership and how it's early days of monetization. I guess is there a way to, as we think about like what the opportunity is relative to like the platform business today back in the early days of Netflix, we would be like, oh, international, X times potentially bigger than the US opportunity.

所以，在事先準備好的發言稿中，你提到了你在國際觀眾方面的成功，以及目前獲利還處於早期階段。我想，當我們思考如今平台業務相對於 Netflix 早期發展階段的機會時，有沒有辦法可以這樣想：哦，國際市場的潛在規模可能是美國市場的 X 倍。

And then I guess just if you want to take a step back, I guess, like where does that fit in with where you think the kind of biggest opportunity is in the business? So comparing, let's say, the international revenue opportunity, advertising to other opportunities that you're looking at right now? Thank you.

然後我想，如果你想退後一步思考，例如，這和你認為企業中最大的機會在哪裡契合？那麼，比如說，將國際收入機會（廣告）與您目前正在考慮的其他機會進行比較？謝謝。

Hey, Jason. Dan will take that question.

嘿，傑森。丹將回答這個問題。

Yeah. So we've talked about international in our focus countries, and we're at different stages depending on the country. So let me just give you some examples of this.

是的。所以我們已經討論了我們在重點國家的國際化進程，而且根據國家的不同，我們目前所處的階段也不同。那我舉幾個例子來說明。

So for example, in Canada and in Mexico, we actually have scale and we're starting to monetize that more. In Mexico, we have incredible scale, and we're really starting to focus on the monetization side of our strategy. In Brazil, where the ad market isn't quite there yet, we're still building scale. That's a little bit further off in terms of focus on the monetization. So we're very focused on building scale and making great progress into Brazil and the rest of Latin America. We're making progress on the UK.

例如，在加拿大和墨西哥，我們已經擁有了一定的規模，並且正在開始更多地將其貨幣化。在墨西哥，我們擁有驚人的規模，我們正真正開始專注於我們策略的獲利方面。在巴西，廣告市場尚未完全成熟，我們仍在努力擴大規模。就獲利模式而言，這還有一段距離。因此，我們非常注重擴大規模，並在巴西和拉丁美洲其他地區取得重大進展。我們在英國方面取得了進展。

But the monetization is really starting to take hold in Mexico and Canada for slightly different reasons. In Canada, the market is very good from a digital perspective. Our ARPU is actually quite strong in Canada. We're growing our streaming households and our ARPU along with it. And so we like what we see there.

但由於略有不同的原因，這種商業化模式在墨西哥和加拿大真正開始流行。從數位化角度來看，加拿大的市場非常好。我們在加拿大的平均每用戶收入（ARPU）實際上相當不錯。我們的串流家庭用戶數量和每位用戶平均收入都在增加。所以，我們很喜歡我們在那裡看到的東西。

In Mexico, the ad market hasn't shifted to digital like it has in the US, although we expect that to happen over time. So we have incredible scale in Mexico. It actually rivals the US in terms of scale in Mexico, which is great.

墨西哥的廣告市場還沒有像美國那樣轉向數位化，儘管我們預計這種情況會隨著時間的推移而發生。因此，我們在墨西哥擁有龐大的規模。就規模而言，墨西哥實際上可以與美國相媲美，這很棒。

We're really starting to focus on monetization of subscriptions and advertising across all our international locations. So for example, we launched premium subscriptions in Mexico recently and we'll likely launch more countries over time. So we're very focused not just on advertising, but on leveraging our amazing subscription business in our international countries, and we like what we see there. That is also an opportunity. And over time, I do believe that international will become a larger percent of our overall platform revenue. But it's still pretty early on, so there's a lot of room to grow in these international locations.

我們正開始真正專注於在所有國際地區實現訂閱和廣告的利潤。例如，我們最近在墨西哥推出了高級訂閱服務，未來可能會在更多國家推出。因此，我們不僅非常注重廣告，還非常注重利用我們在國際市場上的出色訂閱業務，而且我們對目前的情況感到滿意。那也是一個機會。而且我相信，隨著時間的推移，國際業務在我們平台總收入中所佔的比例將會越來越大。但現在還處於早期階段，所以這些國際市場還有很大的發展空間。

And how would you rank that relative to like the opportunities you're looking at now for growth? Like is this (inaudible).

那麼，與您目前正在關注的成長機會相比，您會如何排序呢？就像這樣（聽不清楚）

You mean relative to the US?

你是說相對於美國而言嗎？

Relative to US or just other things you're looking at.

相對於我們而言，或只是你正在關注的其他事物。

The international is an incredible opportunity for us to grow. I mean, like I said, subscriptions alone is a big opportunity. The Roku Channel is doing very well in our international locations. We're doing more -- we're having -- engagement is growing very well. In Brazil, where we have scale, we recently launched FAST, which is doing very well. So I think it's a big opportunity.

國際化為我們提供了一個絕佳的發展機會。我的意思是，就像我說的，單單訂閱就是一個巨大的機會。Roku頻道在我們國際地區的業務表現非常出色。我們正在加大投入——我們的參與度正在穩步提升。我們在巴西擁有規模優勢，最近推出了 FAST，目前發展勢頭良好。所以我認為這是一個很好的機會。

The question is how did the digital ad markets migrate over? And that is a country-by-country-specific situation. But subscriptions, including, for example, Howdy, can grow really well in these locations, and that's a really big opportunity for us.

問題是，數位廣告市場是如何遷移過來的？這是因國家而異的情況。但訂閱服務，例如 Howdy，在這些地區發展得非常好，這對我們來說是一個很大的機會。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

Dan, just following up on the platform guide in the first quarter. I don't know how much kind of political or friendly is in both the current Q1 and the prior Q1, but it seems like there is a little bit of a deceleration in kind of same-store sales in platform from Q4 to Q1 and the comp is slightly easier.

丹，我只是想跟進第一季的平台指南。我不知道目前第一季和上一個第一季度有多少政治或友善因素，但從第四季度到第一季度，平台上的同店銷售額似乎略有放緩，而且比較也稍微容易一些。

Just wanted to know if that's conservatism. Is there some natural deceleration because you've gotten to such big scale, or am I doing the math wrong there? And then also, if we just think about your revenue and platform outlook for 2026, just curious how you're thinking about the contribution of political dollars in there. I think you did about $90 million in '24. That kind of came out of nowhere. So wondering what you're thinking for '26. Thanks.

我只是想知道這算不算保守主義。規模如此龐大，自然會出現某種減速現象嗎？還是我的計算有誤？另外，如果我們考慮一下您對 2026 年的收入和平台前景，我很好奇您是如何看待政治資金在其中的作用的。我認為你在2024年賺了大約9000萬美元。這件事來得莫名其妙。想知道你對2026年有什麼想法。謝謝。

Yeah. Thanks for the question, Steven. To the point, first of all, Q1 doesn't have a lot of political in it in general. So I wouldn't say that's an impact for Q1, although it will be impactful in H2.

是的。謝謝你的提問，史蒂文。言歸正傳，首先，第一季整體上並沒有太多政治因素。所以，我不會說這對第一季有影響，儘管對下半年會有影響。

Yes, friendly is impactful for Q1, and that does add a couple of points. With respect to Q1 versus H2 or Q1 versus the full year, to the answer I gave in my first question, we just have a lot more visibility into Q1. And so we're waiting to see how political shapes up, how the spending shapes up. I do believe that if the market is similar in the midterms versus the general, like we will do well in that market.

是的，友好關係對第一季影響很大，這確實能增加幾分。至於第一季與第二季或第一季與全年的比較，正如我在第一個問題中給出的答案，我們對第一季的情況有更清晰的了解。所以我們正在等待觀察政治局勢如何發展，支出情況如何改變。我相信，如果中期選舉的市場與大選類似，那麼我們在中期選舉中也會有不錯的表現。

Charlie and team have built out a very good, strong political sales funnel. We're very good at targeting. We're a great platform of which to advertise on. So again, it's just a question of having more visibility right now in Q1 versus H2 and how political will transpire. And we'll update you as we go forward. So yes, I would agree with the comment that the back half is a little bit more conservative, just given how much visibility we have into Q1.

查理和他的團隊已經建立了一個非常出色、強大的政治宣傳管道。我們非常擅長精準定位目標群。我們是一個很棒的廣告平台。所以，問題仍然在於第一季與第二季相比，能否獲得更高的關注度，以及政治局勢將如何發展。我們會隨時向您報告最新進展。所以，是的，我同意後半部會稍微保守一點的說法，畢竟我們對第一季的情況了解得還不多。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Hey, congratulations on really great numbers. I want to follow up on one of the Gen AI questions asked earlier. So Netflix is telling us that they are going to put short-form video and user-generated content on their platform because they think engagement is what they are solving for.

嘿，恭喜你取得了非常優異的成績。我想就之前提出的一個關於人工智慧的問題進行後續討論。所以 Netflix 告訴我們，他們將在平台上推出短影片和用戶生成內容，因為他們認為用戶參與度是他們正在解決的問題。

Anthony, you just said something similar in an earlier question that engagement is there like North Star. However, I think one of the reasons you get so many really high-quality brand advertisers is your top-of-funnel premium-only video. So how do you think from a judgment point of view of balancing driving engagement, which could mean vertical video and adding user-generated content even short form, compared with protecting your ad environment so that you continue to get high-quality advertisers? That's my first question.

安東尼，你之前在另一個問題中也說過類似的話，參與就像北極星一樣指引著方向。不過，我認為你們能吸引這麼多高品質品牌廣告商的原因之一，就是你們在行銷漏斗頂端提供的付費專屬影片。那麼，從判斷的角度來看，您如何看待在提升用戶參與度（可能意味著豎屏視頻和添加用戶生成內容，甚至是短視頻）與保護廣告環境以繼續吸引高品質廣告商之間取得平衡呢？這是我的第一個問題。

Yeah. Let me -- I'll give you my opinion, and then I'll turn to see if Charlie has anything to add. We do have short-form content on our platform. We're always experimenting with different kinds of short form and how to place in our UI. There's lots of ways we drive engagement on our platform, mostly around our user interface and the personalization of the experience, but it also around the content that's on the platform.

是的。讓我先說說我的看法，然後看看查理有沒有什麼補充。我們的平台上確實有短影片內容。我們一直在嘗試不同類型的短表單以及如何將其放置在我們的使用者介面中。我們有許多方法來提高平台上的用戶參與度，主要圍繞著用戶介面和個人化體驗，但也與平台上的內容有關。

I think that -- I mean, as a platform, we're a big screen TV platform primarily, and that does mean generally long-form content. That's generally what gets consumed. So although we do have some shorter-form video, and I'm sure that will grow, our focus really is on long-form video. That's what people generally look for when they turn on their TV.

我認為——我的意思是，作為一個平台，我們主要是一個大螢幕電視平台，這意味著通常以長篇內容為主。通常情況下，人們會消耗掉這些。所以，雖然我們也有一些短視頻，而且我相信這方面也會有所發展，但我們的重點仍然是長視頻。這就是人們打開電視時通常想看的內容。

And I mean, I strongly believe that as content costs come down, that's going to -- anything -- when you lower the cost of something, people consume more of it. And so we'll see more engagement of long-form video, and that's a big opportunity for us as a platform.

我的意思是，我堅信隨著內容成本的下降，任何事情——當你降低某樣東西的成本時，人們就會消費更多。因此，我們將看到更多用戶參與長視訊互動，這對我們平台來說是一個巨大的機會。

In terms of advertisers, let me -- I'll ask Charlie to take that question.

至於廣告商方面，讓我——我請查理回答這個問題。

Sure. Hey, Laura, it's a good question. One thing I think we have a few real advantages. One is our FAST channel environment has been really powerful. And so for example, Mr. Beast launched its own FAST channel and it premiered on Roku. And because of our scale, of course, that did really well, and we got to see the type of viewers who consume that content.

當然。嘿，勞拉，問得好。我認為我們確實有一些優勢。其一是我們的FAST通道環境非常強大。例如，Mr. Beast 推出了自己的 FAST 頻道，並在 Roku 上首播。當然，由於我們的規模，效果非常好，我們也得以了解消費這些內容的觀眾類型。

And that last point is really one of our advantages. We really do understand the cohorts of viewers, and one of the things we've been able to do is curate content around different interests. And I think as we get more in the short form, when we do, as Anthony said, we do it against specific cohorts and really try to super serve audiences that we understand.

而最後一點，正是我們的優勢之一。我們確實了解觀眾群體，我們所做的一件事就是圍繞著不同的興趣來策劃內容。我認為，隨著短視頻形式的增多，正如安東尼所說，我們將針對特定群體，努力為我們了解的受眾提供優質服務。

We are known for premium content. And in the foreseeable future, it's going to be the majority of what we do and do well. But I very much like the ability of our platform to sort of figure out what the viewer wants to watch and how. Some of the examples of that beyond just the content creators you might be thinking about or even in places like our sports zone, where we'll do shoulder content, they'll go in to watch the game, they'll get short-form clips, they'll get short-form commentary and other information. And we do that with the leagues. So there's all sorts of ways you can do it, and Roku is really good at putting it in context.

我們以優質內容而聞名。在可預見的未來，這將是我們工作的大部分內容，也是我們擅長的領域。但我非常喜歡我們平台能夠了解觀眾想看什麼以及如何看的能力。除了你可能想到的內容創作者之外，還有一些例子，例如在我們的體育專區，我們會提供一些輔助內容，他們會觀看比賽，他們會獲得短視頻片段、短評論和其他資訊。我們與各聯盟也這樣做。所以有很多方法可以做到這一點，而 Roku 非常擅長將其置於合適的語境中。

Super helpful. My second question is on upfront versus SMB. This is a similar judgment question, which is a lot of the letters talking about your investments and as manager and your focus on SMBs because it is a large market. But what we hear from MOUNTAIN, which is 100% performance CTV, is that those types of advertisers are really 100% focused on performance like within three days, like super short-term performance.

非常有用。我的第二個問題是關於預付費模式和中小企業模式的差異。這是一個類似的判斷性問題，很多信件都在談論你的投資，以及你作為經理對中小企業的關注，因為這是一個龐大的市場。但我們從 MOUNTAIN（一家 100% 效果型 CTV 廣告公司）了解到，這類廣告商 100% 專注於效果，例如三天內的效果，也就是超短期的效果。

And my [wild selection] is you guys do more than $1 billion in upfront guarantee, which is like a quarter of your revenue. So as you think about investing in this bottom of funnel, making yourself a full-funnel CTV option for advertising, over time, do you think you're going to pivot from like towards the more performance-oriented, which I would think would have lower margins than top of funnel? But correct me if you think I'm wrong on that thinking. Thank you.

我的[大膽猜測]是你們的預付擔保金額超過10億美元，這相當於你們收入的四分之一。所以，當你考慮投資於漏斗底部，使自己成為全漏斗 CTV 廣告選項時，隨著時間的推移，你認為你會從類似漏斗頂部的廣告轉向更注重效果的廣告嗎？我認為效果導向廣告的利潤率會比漏斗頂部的廣告低。如果你認為我的想法有誤，請指正。謝謝。

Sure. Laura, it's Charlie again. I think it's sort of different horses for different courses. So let me tell you what I mean by that. Yeah, we do a lot of guaranteed business at the top of the funnel with enterprise clients.

當然。蘿拉，我是查理。我認為這有點像是因地制宜。讓我來解釋一下我的意思。是的，我們在銷售漏斗頂端與企業客戶開展了許多有保障的業務。

And they -- by the way, and I believe they're performing too. They measure perhaps different things than, as you said, conversion in a few days. But the shift to performance marketing and the opening of our platform to small and medium-sized businesses, it's absolutely a tailwind, but we can manage it in a very different way.

順便說一句，我相信他們也在進行表演。正如你所說，它們衡量的可能與幾天內的轉換率不同。但向效果行銷的轉變以及我們平台向中小企業的開放，絕對是順風，但我們可以以截然不同的方式來應對。

We've talked a lot in past calls about how unique our situation is as a platform, which is that we can price up and down the pricing curve and the demand curve. And I think in that context, you'll see us manage very well the opportunity to both perform and to serve the high-end clients.

我們在過去的電話會議中多次談到，我們作為一個平台的情況有多麼獨特，那就是我們可以根據價格曲線和需求曲線上下調整價格。我認為在這種背景下，你會看到我們能夠很好地把握機會，既能進行精彩的演出，又能服務高端客戶。

One way to break this out for you is the way we price our inventory. You'll have specific units and opportunities at the high end of the pricing curve, our sponsorships, our Roku originals, our sports, our home screen units or any time we do a deep digital integration. That comes with a price tag because of exactly what those are.

我們可以這樣解釋：我們的庫存定價方式就是最好的說明。在價格曲線的高端，您將擁有特定的單元和機會，例如我們的贊助、我們的 Roku 原創內容、我們的體育賽事、我們的主螢幕單元，或我們進行深度數位整合的任何時刻。正因為這些東西的性質，所以它們也是要付出代價的。

And then on the other end of the business, and this might be some of the business that you're picturing when you ask the question. You've got some advertisers who have different needs who are priced at a much lower price point, but they certainly don't get inventory with the same quality signal. They don't get certainly any of the unique units or sponsorships that I was talking about on the other end.

而在業務的另一端，這可能就是你提出這個問題時腦海中浮現的一些業務場景。有些廣告客戶的需求不同，他們的廣告價格要低得多，但他們肯定無法獲得相同品質的廣告位。他們肯定得不到我剛才提到的那些獨特的設備或贊助。

So look, we are the largest CTV footprint, and we have really ways to expand our inventory thoughtfully as we grow. And so I think our ability to price up and down the demand curve allows us to not just do well in the current CTV landscape, but as we push to be the most performant CTV platform and welcome in small- and medium-sized businesses. They will spend $600 billion on advertising this year in small and medium-sized businesses. And if the enterprise trend is any indication, you combine the visual impact of television with the performance of digital. And Roku Ad Manager, I think, is uniquely positioned to lead in that transition, and we'll price it properly at both ends of the curve.

所以你看，我們擁有最大的 CTV 覆蓋範圍，而且隨著我們的發展，我們確實有辦法周全地擴展我們的庫存。因此，我認為我們能夠根據需求曲線上下定價，這不僅使我們能夠在當前的 CTV 環境中取得成功，而且在我們努力成為性能最佳的 CTV 平台並歡迎中小企業加入的過程中，也使我們能夠取得成功。今年他們將在中小企業廣告上花費 6,000 億美元。如果企業的發展趨勢可以作為參考，那麼就應該將電視的視覺衝擊力與數位科技的表現結合。我認為，Roku 廣告管理器具有獨特的優勢，能夠引領這一轉型，我們將在轉型的兩端給予它合理的定價。

This is Anthony. I'll just add a few comments. I think just generally, we're hearing from all of our advertisers, both traditional high top-of-the-funnel brand advertisers all the way to lower-funnel advertisers, which we have a whole range, that they're all focused on performance. And it's a key strategy for us to be the most performant connected TV platform in the industry. And we're putting a lot of effort into that, and we're integrating a lot of generative AI technology to help us achieve that. And it's going well.

這是安東尼。我再補充幾點。我認為總的來說，我們從所有廣告客戶那裡都聽到了這樣的回饋，從傳統的漏斗頂端品牌廣告客戶到漏斗底端的廣告客戶（我們涵蓋了各種類型的廣告客戶），他們都專注於效果。而成為業界表現最強的連網電視平台，是我們的關鍵策略。我們為此投入了大量精力，並整合了許多生成式人工智慧技術來幫助我們實現這一目標。一切進展順利。

And you can see, I mean, in early days, but the Roku Ad Manager is doing extremely well, and we're seeing strong growth. And so that strategy is working for us. So the whole advertising business is moving to performance. Different advertisers have different definitions of how they're measuring performance and what they're looking for.

你可以看到，雖然現在還處於早期階段，但 Roku 廣告管理器表現非常出色，我們看到了強勁的成長。所以這個策略對我們很有效。因此，整個廣告產業正在向效果廣告轉型。不同的廣告主對衡量效果和目標有不同的定義。

It's not all the same. It's like a traditional social media advertiser-type performance, but it is moving more and more into performance. Results are being measured. And and we're seeing -- it's working, like we're seeing those advertisers start to move over.

並非都一樣。它類似於傳統的社交媒體廣告商類型的表演，但它越來越偏向於效果行銷。正在評估結果。而且我們看到——它正在奏效，例如我們看到那些廣告商開始轉移過來。

Yeah. I think I'll just add on one more thing, Laura, to your point. I do think it's important to understand that I agree with everything Charlie and Anthony said. But your comment on the pivot towards lower margin, more performant ads, they're not lower margin for us. We are very -- it's not where like a performance-based ad that is focused on a site visit that's focused on a raw ad, that's focused on a click. They're not lower margin for us in this area. So you should not think that as we focus on the SMBs that it drags down margins; it does not.

是的。蘿拉，關於你的觀點，我想再補充一點。我認為重要的是要讓大家明白，我完全同意查理和安東尼所說的一切。但你提到的轉向利潤率更低、效果更好的廣告，對我們來說並非利潤率更低。我們非常——它不像效果廣告那樣，以網站訪問量為重點，也不像原始廣告那樣，以點擊量為重點。在這個領域，它們的利潤率並不低。所以你不應該認為我們專注於中小企業會拉低利潤率；事實並非如此。

Rob Sanderson, Loop Capital.

Rob Sanderson，Loop Capital。

I wanted to ask a little bit about just expanding your advertising opportunity on the home screen outside of M&E and into the much larger advertising landscape. I'm sure there's lots of interesting things you can do here. But any color on the types of ad formats you might be thinking about? Is it something that we're likely to learn more about through 2026?

我想稍微了解一下，如何將你們在主螢幕上的廣告機會從媒體娛樂領域擴展到更大的廣告領域。我相信你在這裡可以做很多有趣的事。但您能否透露一下您正在考慮的廣告形式類型？我們是否有可能在 2026 年之前了解更多相關資訊？

And then just thoughts on go-to-market. These would be completely unique and probably require some education of advertisers, maybe not something your third-party demand partners could help you with. Is that something that you think you'd have to take on a direct basis? Or anything you can share on go-to-market.

然後是關於市場推廣的一些想法。這些廣告形式將完全獨一無二，可能需要對廣告商進行一些培訓，這或許不是您的第三方需求合作夥伴能夠幫助您的。你認為這件事必須由你直接承擔嗎？或任何關於市場推廣方面的內容。

Hey, Rob. Charlie will take that question.

嘿，羅布。查理將回答這個問題。

Yeah, sure. Well, it's happening already, Rob. It's a great question, and we've expanded well beyond M&E over the last couple of years. Actually, I think if you saw the home screen or you're looking at the home screen right now, Roku City, which is our beloved interactive world that is living inside your television, right now, if you look at it, it's got the Olympics on it. And some of our sponsors actually, I think, most of which are not M&A at all.

當然可以。羅布，這事已經開始了。這是一個很好的問題，而且在過去的幾年裡，我們的業務範圍已經遠遠超出了監測與評估領域。實際上，我想如果你看到主螢幕，或者你現在正在看著主螢幕，Roku City，也就是我們摯愛的互動世界，它現在就存在於你的電視裡，如果你看它，你會發現上面正在播放奧運會。而且我認為，我們的一些贊助商實際上大部分根本不是併購公司。

We also added video to the home screen inside of our Marquee unit, which is a big unit on the right-hand side of the screen. And that is really performing well for all sorts of categories beyond M&E. So we are testing several variations of home screen design, and we're obviously proving that it drives more engagement and viewer satisfaction, which is -- but you're going to see us do a lot of it.

我們還在 Marquee 單元的主螢幕上添加了視頻，Marquee 單元是螢幕右側的大型單元。而且，除了媒體娛樂產業之外，這種模式在各種其他類別中都表現得非常出色。所以我們正在測試幾種不同的主螢幕設計，顯然，我們證明了這種設計能夠提高用戶參與度和觀眾滿意度，而且——你會看到我們做很多這樣的設計。

And as to your question about whether it's programmatic, to date, it is not. There are lots of reasons. We got a question earlier about upfront versus SMB. Obviously, with our enterprise clients and our or advertising agencies, they are very focused on these unique units and these performance units, and you'll see more of it moving forward.

至於你問的它是否是程序化購買，目前來看，還不是。原因有很多。我們之前收到一個關於預付款和中小企業付款的問題。顯然，我們的企業客戶和廣告代理商都非常關注這些獨特的單元和這些效果單元，未來你會看到更多這樣的單元。

Hey, Rob, this is Anthony again. I'll just -- in terms of new ad units, we've mentioned before that we have a new home stream design that we're working on. It's one of our major initiatives. It's in testing right now, and we're testing several different variations of the home screen is going well. We're driving more engagement and viewer satisfaction.

嘿，羅布，我是安東尼。我只想說——關於新的廣告單元，我們之前提到過，我們正在開發一種新的主頁流設計。這是我們的主要舉措之一。目前正在測試中，我們正在測試幾種不同的主螢幕版本，一切進展順利。我們正在提升用戶參與度和觀眾滿意度。

We believe it will increase monetization over time, whether that's getting viewers to sign up for subscriptions or watch more ad supported content and we hope to roll it out sometime this year. But the new -- I'll just say that the new home screen has got a lot of improvements. One of the changes is we're testing new types of ad units. And we're also looking hard at how we can -- and we're testing different ways to increase impressions of current ad units and also increased click-through of current ad units as well.

我們相信，隨著時間的推移，這將增加盈利，無論是吸引觀眾註冊訂閱還是觀看更多廣告支援的內容，我們希望在今年某個時候推出這項服務。但是新的——我只能說新的主螢幕有很多改進。其中一個變更是我們正在測試新型廣告單元。我們也在努力研究如何提高現有廣告單元的展示次數和點擊率，並且正在測試不同的方法來提高現有廣告單元的展示次數和點擊率。

Vikram, Baird.

維克拉姆，貝爾德。

I wanted to ask about the Howdy launch as well as the Frndly acquisition. Could you talk more about how each of those integrations is going so far? And what are your plans for those businesses in 2026? Thanks.

我想問一下 Howdy 的發布以及 Frndly 的收購情況。能否詳細介紹一下目前為止各項整合工作的進度？那麼，您對這些業務在 2026 年有什麼計畫？謝謝。

Hey, Vikram, this is Anthony. Both of those are going well. We haven't broken out numbers, but the -- like I'm extremely happy with how Howdy launch is going. Subscribers are continuing to grow nicely. And I'll just say that for those who don't know, Howdy and Frndly, they're part of Roku's portfolio of owned and operated services, which started with the Roku Channel.

嘿，維克拉姆，我是安東尼。這兩件事進展都很順利。我們還沒有公佈具體數字，但——我對 Howdy 的發布進度非常滿意。訂閱用戶數量持續穩定成長。我還要補充一點，對於那些不了解的人來說，Howdy 和 Frndly 是 Roku 自有和經營服務組合的一部分，該組合始於 Roku 頻道。

And adding Howdy and Frndly is a strategic expansion into subscription that's going to add incremental revenue. We're using the power of our platform, our user experience to drive engagement in both of those. We're seeing increased engagement on both of them. I mean, we're definitely increasing engagement and sign-ups for Frndly since we took over that service. And of course, that platform is how we're launching and growing the Howdy business.

而新增 Howdy 和 Frndly 則是向訂閱模式的策略性擴張，這將增加收入。我們正在利用我們平台的優勢和用戶體驗來提高用戶在這兩方面的參與度。我們看到這兩個平台上的用戶參與度都在提高。我的意思是，自從我們接手 Frndly 服務以來，我們的用戶參與度和註冊量肯定都在增加。當然，我們也正是透過這個平台來啟動和發展 Howdy 業務。

We have plans -- Frndly is already available on platforms outside of Roku. We have plans to launch Howdy platforms off of Roku as well. So I mean, I'm very excited about both of them. And Howdy, in particular, I think it has the opportunity -- the potential over time to become a very large service for us.

我們有相關計劃——Frndly 已經在 Roku 以外的平台上可用。我們也計劃在 Roku 之外推出 Howdy 平台。所以我的意思是，我對他們倆都非常興奮。尤其是 Howdy，我認為它有機會——隨著時間的推移，它有潛力成為我們非常重要的服務。

Matt Condon, Citizens Bank.

馬特·康登，公民銀行。

I just wanted to ask, Netflix is pending the acquisition of Warner Bros., and this is changing potentially the broader streaming landscape. Can you just talk about if they become more guarded about how to distribute their content, how this could potentially impact Roku both on the advertising side and the subscription side?

我只是想問一下，Netflix 正在等待收購華納兄弟，這可能會改變整個串流媒體格局。您能否談談，如果他們對內容分發方式更加謹慎，這可能會對 Roku 的廣告和訂閱業務產生哪些潛在影響？

And then maybe just a quick follow-up, Dan, just mid-single-digit OpEx growth going forward. Is that the right way to continue to think about this? And if revenue growth comes in above expectations, how do you just think about reinvesting some of that growth back into the business. Thank you so much.

丹，或許可以再補充一點，未來營運支出只會維持個位數中段的成長。這種思考方式對嗎？如果營收成長超出預期，你會考慮將部分成長收益再投資到業務中嗎？太感謝了。

Hey, Matt, this is Anthony. I'll just say in the US, as we've said before, we're in more than half of broadband households and half of all TV streaming happens on the Roku platform. I mean, that's a lot of scale. This makes us an essential partner to every content owner and streaming service. And we don't anticipate that changing regardless of how the industry consolidates or how that consolidation plays out.

嘿，馬特，我是安東尼。我只想說，正如我們之前所說，在美國，我們的產品已經覆蓋了超過一半的寬頻家庭，而且一半的電視串流媒體播放都是透過 Roku 平台進行的。我的意思是，這規模太大了。這使我們成為所有內容所有者和串流媒體服務的重要合作夥伴。我們預計，無論產業如何整合，或整合的結果如何，這種情況都不會改變。

In any scenario, the streaming sector remains extremely robust. It's continuing to grow quite nicely. And we remain well positioned to help our streaming and content partners drive engagement, find viewers, and sign up customers.

無論如何，串流媒體產業依然非常強勁。它目前發展勢頭良好。我們依然處於有利地位，可以幫助我們的串流媒體和內容合作夥伴提高用戶參與度、尋找觀眾並吸引用戶註冊。

And I'll let Dan take the question on.

我將讓丹來回答這個問題。

Yeah. Thanks for the question, Matt. With respect to OpEx, we remain focused on execution and operational discipline, ensuring we invest where we see the highest returns. We grew our OpEx 3% in 2025, a little bit lower than I expected, which is fine because we're investing well in all these initiatives that we've laid out here, both in the shareholder letter and what we've talked about on this Q&A.

是的。謝謝你的提問，馬特。在營運支出方面，我們仍然專注於執行和營運紀律，確保將投資投入到回報最高的地方。2025 年我們的營運支出成長了 3%，比我預期的略低，但這沒關係，因為我們正在對所有這些舉措進行良好的投資，這些舉措包括我們在致股東信和本次問答中討論的內容。

I do expect our OpEx to grow in that mid-single digits. As we've said many times, we expect our platform revenue to grow double digits. I think I gave some pretty concise guidance on gross margin, where we don't expect any major decel in gross margin. In fact, we expect it to stay in this 51% to 52%, and that will translate into improved EBITDA margins over time. It's also one of the reasons why I feel like we're on a good path to achieving in free cash flow by 2028.

我預計我們的營運支出將以中等個位數的速度成長。正如我們多次所說，我們預計平台收入將實現兩位數成長。我認為我已經對毛利率給出了相當簡潔的指導，我們預計毛利率不會有任何大幅下滑。事實上，我們預計這一比例將保持在 51% 到 52% 之間，隨著時間的推移，這將轉化為 EBITDA 利潤率的提高。這也是我認為我們預計在 2028 年實現自由現金流目標的原因之一。

And all of this is to say we are absolutely investing. We're adding headcount, mostly on the engineering side to invest in these incredible initiatives that we have in front of us. So a lot of good things happening. I think it's also one thing I will say that's helping our OpEx growth is our SBC continues to come down. We've done a lot of work in SBC, and that is actually trending going backwards.

這一切都表明，我們正在進行絕對的投資。我們正在增加人手，主要是在工程方面，以便投資於我們面前這些令人難以置信的項目。所以很多好事都在發生。我認為，SBC（服務業務成本）持續下降也是我們營運支出成長的一大助力。我們在SBC領域做了很多工作，但實際上卻呈現倒退的趨勢。

From 2025 into 2026, our guide contemplate that. And that's one of the things that's helping our OpEx stay in that mid-single-digit range.

我們的指南認為，從 2025 年到 2026 年，情況會有所改變。這也是我們的營運支出能夠維持在個位數中段水準的原因之一。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

We can see from your discussion around '26 expectations, pretty solid top line revenue guidance. But I think you've been sort of indicating that you see a path for a very solid multiyear CAGR in revenue growth, and you've talked about some of the near-term drivers.

從你們對「2026 年預期」的討論中可以看出，你們給了相當穩健的營收指引。但我認為你一直在暗示你看到了未來幾年營收複合年增長率非常穩健的發展前景，而且你也談到了一些近期的驅動因素。

But I'm just wondering if you could talk a little bit about maybe more intermediate or longer-term dynamics in the business that would give you confidence in sort of a solid growth trajectory beyond this year in '26. Any thoughts would be welcome. And then maybe for Dan, just a clarification, is it $250 million that remains on the buyback? Thank you.

但我只是想知道，您能否談談公司中期或長期的發展動態，以便您對公司在 2026 年及以後的穩健成長軌跡充滿信心。歡迎大家提出任何想法。那麼，丹，或許需要澄清一下，回購計畫中還剩下 2.5 億美元嗎？謝謝。

This is Anthony. I'll start and then turn it over to Dan. In terms of what's driving our growth, our two big businesses are advertising and subscriptions, and they're both doing nicely. So on the advertising side, we've talked about deepening our relationship with third-party DSPs and partners. There's still room to continue to do that.

這是安東尼。我先開始，然後交給丹。就推動我們成長的因素而言，我們的兩大業務是廣告和訂閱，而且它們都發展得很好。所以在廣告方面，我們已經討論過加深與第三方DSP和合作夥伴的關係。這方面還有繼續發展的空間。

There's still a lot of ad dollars that is in the traditional linear ecosystem that's still moving the streaming. We're taking, I would say, more than our fair share of those dollars. So we're continuing to see growth there. We have initiatives in place like our new home screen that we're launching, which I think will grow -- which I believe, will grow monetization over time based on the testing results I'm seeing.

傳統的線性生態系統中仍然有大量的廣告資金，而這些資金仍在推動串流媒體的發展。我認為，我們拿走的錢遠遠超過了我們應得的份額。所以我們看到這方面持續成長。我們已經制定了一些舉措，例如我們即將推出的新主螢幕，我認為它會發展壯大——根據我看到的測試結果，我相信它會隨著時間的推移實現盈利增長。

And then on subscriptions, one of the big trends in the industry that we're seeing is aggregation of streaming services. I think increasingly over time, it's only going to be a small number of services that can maintain a profitable app and that a much more profitable way to distribute the streaming service will be through something like Roku's premium subscriptions, and that's one of the reasons we're seeing every major streaming service other than the top you sign up to be a participant in premium subscriptions because it's just good economics. It drives more subscribers on a more economical basis.

在訂閱方面，我們看到的產業一大趨勢是串流媒體服務的聚合。我認為隨著時間的推移，能夠維持盈利的應用程式的服務將會越來越少，而分發串流媒體服務的更有利可圖的方式是透過類似 Roku 的高級訂閱服務，這也是為什麼我們看到除了頂級串流媒體服務之外的所有主要串流媒體服務都在註冊成為高級訂閱用戶的原因之一，因為這符合良好的經濟效益。它能以更經濟的方式吸引更多用戶。

And I think that -- so I think premium subscriptions are going to be a big growth driver and a big secular trend in the industry for quite some time.

所以我認為，高級訂閱服務將在相當長的一段時間內成為行業成長的一大動力和一大長期趨勢。

Things like Ad Manager are opening up huge new ad markets for us to just were not available to TVs before. Those new markets are now accessible because of AI, essentially AI that can create video very quickly or instantaneously at very low cost and then provide the targeting and then provide the granular self-serve capabilities that opened up to a large number of advertisers. So those are some of the areas we're working on.

廣告管理工具等工具正在為我們開啟龐大的全新廣告市場，而這些市場在以前是電視廣告無法企及的。由於人工智慧的出現，這些新市場現在得以進入。人工智慧本質上能夠以極低的成本快速或即時地創建視頻，然後提供定向投放和精細化的自助服務功能，從而為大量廣告商打開了市場。以上就是我們正在努力的方向。

And there's other activities and research projects that we have in place that we haven't disclosed yet. So there's just a lot of opportunity in the streaming space. And there's a lot of ways to continue to grow monetization on our platform as well as, obviously, we're going to continue to grow the scale of our platform, both outside the US and inside the US.

我們還有其他一些活動和研究項目正在進行中，但尚未公開。所以串流媒體領域蘊藏著很多機會。而且，我們有很多方法可以繼續提高我們平台的獲利能力，顯然，我們也將繼續擴大我們平台的規模，無論是在美國以外還是在美國境內。

I don't know, Dan, did you have anything?

丹，我不知道，你帶了什麼嗎？

Yeah. I'll answer the second part of your question. We purchased $50 million in Q3 and $100 million in Q4. So yes, there's $250 million remaining on the buyback. And I will say like as we noted in the shareholder letter, we see her offsetting dilution for FY26, and we have very strong free cash flow as our guide contemplates of the $635 million of adjusted EBITDA. And my comments with respect to, we believe free cash flow, will be above adjusted EBITDA for the year.

是的。我將回答你問題的第二部分。我們在第三季採購了價值 5,000 萬美元的商品，在第四季度採購了價值 1 億美元的商品。是的，回購計畫還剩下 2.5 億美元。正如我們在致股東信中提到的那樣，我們預計她的股權稀釋將抵消 2026 財年的股權稀釋，而且我們的自由現金流非常強勁，預計調整後的 EBITDA 將達到 6.35 億美元。至於自由現金流，我認為今年的自由現金流將高於調整後的 EBITDA。

Robert Coolbrith, Evercore.

Robert Coolbrith，Evercore。

Just wanted to go back to Ad Manager maybe for another follow-up. Can you talk about maybe the performance orientation or some of the ways that the product is different from OneView? Or did you use OneView as a base and try to sort of make more performance into the platform. Just anything you could tell us about the starting point for a manager and how you're attempting to serve the needs of performance-based advertisers.

我只是想再回廣告管理介面跟進。您能否談談該產品在性能方面的導向，或者它與 OneView 有哪些不同之處？或者，你們是以 OneView 為基礎，並嘗試提昇平台效能？您能否告訴我們一些關於經理的起點以及您如何嘗試滿足效果廣告客戶需求的資訊？

And then secondly there, if you could talk a little bit more about maybe the go-to-market for how you identify maybe high-value SMB prospects, how you reach out to them, how you onboard them or get them into the funnel and then onboard them into the platform. Anything more you could tell us about that would be really helpful. Thank you.

其次，能否再多談談市場推廣策略，例如如何識別高價值的中小企業潛在客戶，如何與他們聯繫，如何引導他們進入銷售漏斗，以及如何引導他們使用平台。如果您能提供更多相關信息，那就太好了。謝謝。

Hey, Robert, this is Anthony. I'll take the first part and then turn it over to Charlie for the second part. I'll just say -- well, first of all, OneView was technology platform, but it was also a business strategy. And I would say the business strategy is what's changed. So the new technology is still integrated throughout our platform and pieces of it are in Roku Ad Manager, for example, as well as a lot of homegrown technology as well. Our ad stack wasn't just OneView, but that was a piece of it.

嘿，羅伯特，我是安東尼。我先完成第一部分，然後把第二部分交給查理。我只想說——首先，OneView 是一個技術平台，但它也是一種商業策略。我認為改變的是商業策略。因此，這項新技術仍然整合到我們的整個平台中，例如，Roku 廣告管理器中就包含這項技術，此外還有很多我們自主研發的技術。我們的廣告技術堆疊不只 OneView，但 OneView 是其中的一部分。

But OneView was really a strategy around us making that essentially our exclusive DSP on our platform. And that changed a few years ago to like we're not going to have one DSP on our platform. We're going to work with all the large that are out there that customers are using and want to continue using. So that's when we completely switched our strategy to working with third-party partners. That's when we started deeper integration with Trade Desk, with Amazon, with all the other partners that are out there that we work at third-party platforms. So that was really a strategy change, I would say. And that strategy change has been extremely effective, like that's working well for us.

但 OneView 實際上是我們圍繞著將其打造為我們平台上的獨家 DSP 而製定的策略。幾年前情況發生了變化，我們不再在我們的平台上設置任何 DSP。我們將與所有客戶正在使用且希望繼續使用的大型企業合作。所以，那時我們徹底改變了策略，開始與第三方合作夥伴合作。正是在那時，我們開始與 Trade Desk、亞馬遜以及我們在第三方平台上合作的所有其他合作夥伴進行更深入的整合。所以，我認為這確實是一項策略調整。而這項策略轉變非常有效，對我們來說效果很好。

I don't know, Charlie, do you want to take the second part or add to that?

查理，我不知道，你是想保留第二部分，還是想在此基礎上添加內容？

Well, it's a very different sales funnel, obviously, then going to the agencies and clients the way we do with enterprise. I'll say from my career, it is such a joy to be able to serve top of the funnel, middle of the funnel, and bottom of the funnel. And it is really the bottom of the funnel that we're working on with the ad manager product.

顯然，這與我們面向企業客戶和代理商的銷售管道截然不同。就我的職業生涯而言，能夠服務銷售漏斗的頂端、中端和底端，真是一件非常快樂的事情。而我們真正著手開發的，就是廣告管理產品所涵蓋的銷售漏斗底部。

Driving it all to your point about outcomes, driving it all is really just trying to improved performance. And Anthony said earlier in the call, that's spot on, really people define performance in very different ways. And so we've announced a bunch of partnerships, for example, iSpot AppsFlyer incremental and each of them in one way or another is about measurement performance.

說到底，關鍵在於結果，說到底，一切都是為了提升績效。安東尼在之前的通話中也說過，這完全正確，人們對錶現的定義確實各不相同。因此，我們宣布了一系列合作關係，例如與 iSpot AppsFlyer 的漸進式合作，而每一項合作都以某種方式與衡量績效有關。

And so I won't go deep into how we identify the high-value SMB prospects except to say we've created a very different sales force and sales approach. We do a lot of lead gen. We market into this group. And then the best advertising for this is actually the performance itself because unlike our enterprise clients who come in with budgets, when this works, people will leave it on and continue to come back to ads manager for more.

因此，我不會深入探討我們如何識別高價值的中小企業潛在客戶，只想說我們創建了一支非常不同的銷售團隊和銷售方法。我們做了很多潛在客戶開發工作。我們的市場目標群就是這個群體。而且，最好的廣告其實就是廣告效果本身，因為與那些帶著預算而來的企業客戶不同，當廣告效果好的時候，人們會一直開著它，並且會繼續回到廣告管理平台獲取更多廣告。

So in the letter and actually in the recording right before the call, you heard about a client with specific objectives who came in, saw the return on ad spend. And then not only do they continue to come back, but we see a lot of performance lead to other advertisers in the category doing the same. So really, in many ways, it's the purest form of advertising because you invest, we tweak and optimize results and outcomes and then improve performance, and then we become new partners. And so I'm very excited about the ramp of this, and I think we can move from going hundreds to thousands to tens of thousands of advertisers.

所以在信中，實際上在通話前的錄音中，你聽到了一位有具體目標的客戶，他看到了廣告支出的回報。而且，他們不僅會繼續回來，我們還看到許多成功的案例促使該類別中的其他廣告商也採取了同樣的做法。所以從很多方面來說，這其實是最純粹的廣告形式，因為你投入資金，我們調整和優化結果，然後提高業績，然後我們就成為新的合作夥伴。因此，我對這項業務的成長感到非常興奮，我認為我們可以從數百家廣告商發展到數千家，再到數萬家廣告商。

This is Anthony again. I'll just say one other point, which is that although ad manager is doing well for us, it's not exclusive. Like we are working with other third-party partners that are targeting the same target customers, the same SMBs, the same TV Scientific, for example, is just one. But I do think that there are some significant competitive advantages to building our own self-serve platform in terms of integrating it more deeply into our platform that will result in better performance.

我是安東尼。我只想補充一點，雖然廣告管理工具對我們來說效果很好，但它並不是唯一的選擇。就像我們與其他第三方合作夥伴合作一樣，他們的目標是相同的目標客戶，相同的中小企業，例如 TV Scientific，這只是其中之一。但我認為，建立我們自己的自助服務平台，並將其更深入地整合到我們的平台中，在提升效能方面具有顯著的競爭優勢。

And so I think that one of the reasons we're doing it ourselves is we think we can build a better product by integrating ourselves into our platform.

所以我認為我們自己動手的原因之一是，我們認為透過將自己整合到我們的平台中，我們可以打造出更好的產品。

Thank you. Ladies and gentlemen, due to the interest of time. I would now like to turn the call back to CEO, Anthony Wood, for closing remarks.

謝謝。女士們、先生們，由於時間有限。現在我謹將電話轉回給執行長安東尼·伍德，請他作總結發言。

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

我謹代表公司感謝我們的員工、客戶、廣告商和內容合作夥伴，也感謝各位的聆聽。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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。