Roku, Inc. (ROKU) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您耐心等候。

Welcome to Roku First Quarter 2026 Earnings Conference Call.

歡迎參加 Roku 2026 年第一季財報電話會議。

At this time, all participants are in a listen-only mode.

此時所有與會者將以只聽模式參與。

After the speaker's presentation, there will be a question-and-answer session.

在講者簡報結束後，將進行問答環節。

To ask a question during the session, you will need to press *11 on your telephone.

若要在問答環節提問，請在電話上按 *11。

You will then hear an automated message advising your hand is raised.

接著您會聽到自動語音訊息，告知您已舉手。

To withdraw your question, please press *11 again.

若要取消提問，請再次按 *11。

I would now like to hand the conference over to Conrad Grod, Vice President, Investor Relations. You may begin.

現在我想將會議交給投資人關係副總裁 Conrad Grod。您可以開始了。

Good afternoon. Welcome to Roku's First Quarter 2026 Earnings Call.

各位下午好。歡迎參加 Roku 2026 年第一季財報電話會議。

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.

今天與會的有 Roku 創辦人暨執行長 Anthony Wood、我們的財務長暨營運長 Dan Jedda、Roku Media 總裁 Charlie Collier，以及裝置事業總裁 Mustafa Ozgen。

On this call, we'll make forward-looking statements, which are subject to risks and uncertainties.

在本次電話會議中，我們將發表前瞻性陳述，這些陳述受風險與不確定性影響。

Please refer to our shareholder letter and periodic SEC filings for risk factors that could cause our actual results to differ materially from these forward-looking statements.

請參閱我們的股東信以及定期向 SEC 提交的文件，其中載有可能導致實際結果與這些前瞻性陳述存在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.

我們也將提供 GAAP 與非 GAAP 財務衡量指標。非 GAAP 指標與最可比 GAAP 財務指標之間的調節表已載於我們的股東信中。

Unless otherwise stated, all comparisons will begin our results for the comparable 2025 period.

除非另有說明，所有比較均以 2025 年同期結果為基準。

With that, operator, our first question, please.

那麼，接線員，請進行第一個問題。

Thank you. Ladies and gentlemen, as a reminder, to ask a question, please press *11 on your telephone, then wait for your name to be announced.

謝謝。各位女士先生，提醒您，若要提問，請在電話上按 *11，然後等待您的姓名被宣布。

To withdraw your question, please press *11 again.

若要取消提問，請再次按 *11。

Please stand by while we compile the Q&A roster.

請稍候，我們正在彙整問答名單。

Our first question comes from the line of Brent Navon with Bank of America. Your line is open.

第一個問題來自美國銀行（Bank of America）的 Brent Navon。您的線路已開通。

Good afternoon.

各位下午好。

Thank you.

謝謝。

Maybe just to start, can you explain some of the drivers for the strong 1Q results and maybe help us bridge that to your second quarter and full-year guidance, especially given all the momentum you have and political in the second-half? And then just as a follow-up question.

先從一個問題開始，能否說明一下第一季強勁表現的幾個驅動因素，並協助我們理解這如何銜接到你們對第二季與全年指引，特別是在你們動能很強、且下半年又有政治相關因素的情況下？接著我還有一個追問。

Maybe can you also discuss the impact of memory prices are having on the devices segment and maybe how you're thinking about total devices segment?

另外，能否談談記憶體價格對裝置部門的影響，以及你們如何看待整體裝置部門？

Thank you so much.

非常感謝。

Hey, Brent, this is Anthony. Thanks for your question. Let me I'll turn it over to Dan in a second to answer your actual question, but let me just say a few things. First, I just want to say.

嗨，Brent，我是 Anthony。謝謝你的提問。我先把你真正的問題交給 Dan 回答，不過我先說幾點。首先，我想先說。

But I'm very happy, super happy with the trajectory of our business. We're on a great path, and I'm really excited with how things are going.

我對我們業務的發展軌跡非常、非常滿意。我們正走在很好的道路上，我也對目前的進展感到非常振奮。

We delivered an outstanding quarter and are executing against our monetization initiatives. For example, advertising revenue grew 27% and our third-party partnership strategy is working, adoption of ads manager is growing, and overall, we're building a highly performant connected TV ad platform.

我們交出了一個非常出色的季度，並且正在落實我們的變現計畫。例如，廣告營收成長 27%，我們的第三方合作夥伴策略正在奏效，Ads Manager 的採用率持續提升，整體而言，我們正在打造一個高效能的連網電視（CTV）廣告平台。

And then subscription revenue grew 30%, driven by premium subscription sign-ups.

此外，訂閱營收成長 30%，主要由高階訂閱的新增註冊所帶動。

And we're obviously we're expanding our Tier 1 partners in premium subscriptions. We recently added Apple TV in March, and this week, we announced Peacock. And of course, we just recently passed 100 million streaming households, which I'm very excited about. It's a huge milestone for us.

而且我們顯然正在擴大高階訂閱的第一級（Tier 1）合作夥伴。我們在 3 月新增了 Apple TV，而本週我們宣布加入 Peacock。當然，我們最近也剛突破 1 億個串流家庭，我對此非常興奮，這對我們而言是個重大的里程碑。

So we're focused on execution, and we're super well positioned.

因此我們專注於執行，而且我們的定位非常有利。

But I'll let Dan take your exact question.

不過我會讓 Dan 來回答你具體的問題。

Thanks, Anthony, and thanks for the question, Brett. Let me actually just add on to what Anthony said, and I'll answer your question, and then I'll turn it back to Anthony on the second part of your question. But just quickly, as Anthony mentioned, Q1 was an outstanding quarter for us. Platform revenue grew 28%, coming in ahead of our outlook, benefiting from the Olympics and Super Bowl, which contributed to an increase in subscriptions and M&A spend.

謝謝 Anthony，也謝謝你的問題，Brett。讓我先補充 Anthony 的說法，接著回答你的問題，然後再把第二個問題交回給 Anthony。簡單說，正如 Anthony 提到的，第一季對我們而言是非常出色的一季。平台營收成長 28%，高於我們的展望，受惠於奧運與超級盃，帶動訂閱與併購（M&A）相關支出增加。

EBITDA margins more than doubled year-on-year to nearly 12% and our $148 million of free cash flow for the quarter was our second highest free cash flow quarter on record and free cash flow margins of nearly 16%.

EBITDA 利潤率較去年同期增加一倍以上，接近 12%；本季自由現金流為 1.48 億美元，為我們歷史上第二高的單季自由現金流，自由現金流利潤率接近 16%。

So very strong quarter for us, we're very excited about it. To your specific question regarding the bridge from Q1 to Q2 and to full year, let me just say a few things. Please keep in mind that regarding our Q1 versus our Q2 guide, first, we started to lap Friendly, the Friendly acquisition in Q2. So excluding Friendly in Q1, subscription revenue growth was 23%.

因此這一季對我們非常強勁，我們也非常興奮。針對你關於從第一季到第二季、以及到全年之間銜接的具體問題，我想說幾點。請記住，在比較第一季與我們第二季指引時，第一，我們在第二季開始對 Friendly 這項收購案進行年對年比較（lap）。因此若在第一季排除 Friendly，訂閱營收成長為 23%。

Second, Q1 had the easiest comp with advertising, growing 12% year-over-year in Q1 of last year.

第二，第一季的廣告比較基期最容易，因為去年第一季廣告年增僅 12%。

That growth stepped up to 19% in Q2 of last year, and we're comping this higher growth rate for the rest of this year for for the rest of the year in advertising once you back out political in 2025.

去年第二季該成長率提升至 19%，而今年其餘期間在廣告方面，我們將以這個較高的成長率作為比較基期；若把 2025 年的政治廣告因素扣除後，今年其餘時間的比較基期仍然較高。

And third, as I just mentioned, Q1 benefited from the Olympics and the Super Bowl.

第三，如我剛才提到的，第一季受惠於奧運與超級盃。

All that said, we expect Q2 platform to grow at a strong growth rate of 20% year-over-year, and I expect subscriptions and advertising both to be around this level of growth rate.

綜合以上，我們預期第二季平台業務仍將維持強勁的年增 20% 成長率，我也預期訂閱與廣告兩者的成長率大致都會落在這個水準。

For the full year, we increased our platform revenue guidance by over $100 million or approximately 3 points of growth to nearly 21%, and we're increasing our EBITDA and EBITDA margins, and I fully expect free cash flow to again be above adjusted EBITDA for the full year.

就全年而言，我們將平台營收指引上調超過 1 億美元，或約增加 3 個成長百分點至接近 21%；同時也上調 EBITDA 與 EBITDA 利潤率。我完全預期全年自由現金流仍將高於調整後 EBITDA。

All that said, we have much stronger visibility into Q2. I said this last quarter into Q1, we just have much stronger visibility into Q2 versus H-2, just given the macro environment.

不過話說回來，我們對第二季的能見度要高得多。我在上一季談到第一季時也說過：在目前的總體環境下，我們對第二季的能見度遠高於下半年（H2）。

And so as we gain better visibility into political and into other initiatives, we'll provide updated guidance for H-2. So we're just being a little conservative on our H-2 outlook.

因此，隨著我們對政治相關因素及其他計畫的能見度提升，我們會提供下半年更新後的指引。所以我們對下半年的展望採取稍微保守的態度。

Anthony, you want to start for the second question?

Anthony，你要先回答第二個問題嗎？

Yeah, so your second question was about memory prices in our devices, in our device segment. So I guess, first, I just want to highlight that the Roku TV operating system requires significantly less memory.

好，你的第二個問題是關於我們裝置部門中的記憶體價格。所以我想先強調，Roku TV 作業系統所需的記憶體明顯更少。

And stores than all our computing platforms. I mean, we spent a lot of effort building a highly customized OS designed specifically for television. One of the main things we focused on was bill of materials cost. One of the ways we achieved lower bill of materials cost is just using less memory and also being more versatile in the types of memory we can use.

以及儲存空間也比我們所有運算平台都少。我的意思是，我們投入大量心力打造一個高度客製化、專為電視設計的作業系統。我們聚焦的重點之一就是物料成本（BOM）。我們能降低物料成本的方法之一，就是使用更少的記憶體，同時在可使用的記憶體類型上更具彈性。

Because in the TV business, every dollar matters. It's a hugely price-competitive market.

因為在電視產業，每一美元都很重要。這是一個價格競爭極其激烈的市場。

So all the memory prices are going up, actually, and obviously, that's something in our first-party business we need to manage, and Dan will talk about that. I'll ask Dan to talk about that in a second. But most of our business is actually third-party products. And third-party products, as memory prices go up, the bill of materials advantage that we have versus our competitors gets bigger.

所以記憶體價格確實都在上漲，顯然這是我們第一方業務需要管理的事情，Dan 也會談到。我等一下請 Dan 說明。不過我們的大部分業務其實是第三方產品。對第三方產品而言，當記憶體價格上漲時，我們相較競爭對手的物料成本優勢會變得更大。

The price difference expands. And so that attracts TV OEMs and retail partners, and that's good for our business. It helps us win more accounts and win more retail placement. So although there is issues around memory that we have to manage, it's generally great for our business because of our bill of materials cost advantage, which allows us to just have a lower cost on all the competing products, and that gap is just widening right now by a pretty wide margin.

價差會擴大。因此這會吸引電視 OEM 與零售合作夥伴，對我們的業務是好事，能幫助我們贏得更多客戶與更多零售通路陳列位置。所以雖然記憶體確實有一些需要管理的議題，但整體而言這對我們的業務是非常有利的，因為我們在物料成本上的優勢，讓我們在所有競品上都能維持更低成本，而這個差距目前正以相當大的幅度擴大。

But Dan, do you want to talk more about the specifics?

Dan，你要不要再談談更具體的細節？

Yeah, I'll just like let let me just start on this question by saying what's most important to know is that we remain confident in our ability to keep expanding EBITDA margins in 2026 and beyond, and that's because we have confidence in growing our platform revenue double-digit while also managing our device investment across both gross profit and operating expenses.

好，我先從這個問題的重點開始：最重要的是，我們仍然有信心在 2026 年及之後持續擴大 EBITDA 利潤率；原因在於，我們有信心讓平台營收維持雙位數成長，同時也能在毛利與營業費用兩方面管理我們對裝置的投資。

So I think it's you you asked about device investment and the device segment, let me just step back for a minute first and I just want you to remember that device revenue is generated from the sale of our players in 1PTD, it does not include revenue. From the sale of our third-party Roku Mei TVs by our OEM partners, and that is the largest portion of our overall device unit volume.

所以我想你問的是裝置投資與裝置部門；我先退一步說明：裝置營收來自我們在 1PTD 銷售播放器所產生的收入；它不包含我們 OEM 合作夥伴銷售第三方 Roku Mei TV 所帶來的收入，而那才是我們整體裝置出貨量中占比最大的部分。

Second, we look at total device investment across both device gross profit and distribution costs, which sit in sales and marketing.

第二，我們會同時從裝置毛利與通路成本兩個面向來看整體裝置投資；通路成本則列在銷售與行銷費用中。

And so despite our expectations for elevated memory costs in the second-half of this year, the amount of our overall device investment and unit sales factored into our full-year outlook hasn't changed for the year, it hasn't changed from our last quarter. So our prior outlook already accounted for the increasing memory prices, and we maintain the strategic flexibility to optimize the mix of units across players, first-party TVs. And third-party TVs. So just overall, like no one knows what will happen to memory prices beyond this year.

因此，儘管我們預期今年下半年記憶體成本將維持在較高水準，但我們在全年展望中所納入的整體裝置投資金額與單位銷量並未改變，與上季相比也沒有變動。換言之，我們先前的展望已經反映記憶體價格上升，我們也保有策略上的彈性，可在播放器、自有品牌電視與第三方電視之間最佳化出貨組合。總之，沒有人知道今年之後記憶體價格會如何走。

And we really don't know how the market will react, the CTV market will react to higher memory prices. But even if memory prices remain elevated beyond this year, we're confident that our strong platform revenue growth and our device and operational flexibility put us in the position to continue to expand our EBITDA margins.

我們也確實不知道市場會如何反應，尤其是 CTV 市場對較高記憶體價格的反應。但即使記憶體價格在今年之後仍維持高檔，我們仍有信心，憑藉強勁的平台營收成長，以及我們在裝置端與營運端的彈性，能讓我們持續擴大 EBITDA 利潤率。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Shawn Disley with Morgan Stanley. Your line is open.

謝謝。下一題來自 Morgan Stanley 的 Shawn Disley。您的線路已開通。

Great. Thanks very much, team. I was hoping you could talk about what you're seeing with your third-party DSP strategy and Amazon in particular. I think you extended the partnership with them earlier this year, so I was hoping you could elaborate on what you're seeing there.

很好。非常感謝，各位團隊。我想請你們談談你們在第三方 DSP 策略上看到的情況，特別是與 Amazon 相關的部分。我記得你們今年稍早延長了與他們的合作夥伴關係，所以想請你們更進一步說明目前的觀察。

Hey, Sean, Charlie will take your question.

嗨，Sean，Charlie 會回答你的問題。

Hey, Sean, I appreciate the question.

嗨，Sean，謝謝你的提問。

I'll talk a little bit about Amazon, but just sort of stepping back, all of our DSP partnerships are important to us, and they all serve different customers and customer segments. And so really the most important thing to know as you ask us about our DSP is that our strategy is to be open and interoperable and deeply integrated with every major DSP so that when.

我會先談一點 Amazon，但先退一步說，我們所有的 DSP 合作夥伴關係對我們都很重要，而且各自服務不同的客戶與客群。因此，當你問到我們的 DSP 時，最重要的是了解：我們的策略是保持開放、可互通，並與每一家主要 DSP 深度整合，讓當

Clients want to transact, we meet them wherever they choose to transact. So that's whether it's on the Amazon DSP or we just announced an extension of our DV360 deal with Google, we are going to be everywhere they wish to transact. And then on top of that, strategically, medium-term, our goal is to be the most performant CTD ad platform in the industry. So specifically, how we're doing, I won't break out Amazon, but first quarter was evidence that our third-party DSP. DSP strategies are working. The majority of our video delivery is now through third-party programmatic partners, Sean, and we are growing quickly. So these take time to ramp, we feel very good about how Amazon is doing and how our other partnerships are going, but.

客戶想要進行交易時，我們能在他們選擇交易的任何地方與他們對接。無論是在 Amazon DSP 上交易，或是我們剛宣布延長與 Google 的 DV360 合作，我們都會出現在他們希望交易的每個地方。此外，從策略上看，中期目標是成為業界成效最佳的 CTD 廣告平台。至於具體表現，我不會單獨拆分 Amazon，但第一季已證明我們的第三方 DSP 策略正在奏效。Sean，目前我們多數的影片投放已透過第三方程式化合作夥伴完成，而且成長很快。這些合作需要時間爬坡，我們對 Amazon 的進展以及其他合作夥伴的推進都感到非常滿意，但

I think you're seeing the results in first quarter and certainly in our compounded share of programmatic revenue. So combined, Amazon, DSP, Trade Desk, Yahoo, Freewill, all of them.

我想你已在第一季、以及我們程式化營收的複合占比中看到成果。綜合來看，Amazon、DSP、Trade Desk、Yahoo、Freewill，全部都是。

Advertisers can now access our premium inventory through virtually every major buying platform. And again, our job is to drive outcomes and performance for marketing partners. And we're really bullish as our position in the market as the open and interoperable partner, specifically in a marketplace with so many walled gardens.

廣告主現在幾乎可以透過所有主要採買平台，取得我們的優質庫存。再次強調，我們的工作是為行銷合作夥伴帶來成果與成效。我們對自身在市場上的定位非常看好：作為開放且可互通的合作夥伴，尤其是在有這麼多封閉生態（walled gardens）的市場環境中。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Justin Patterson with KeyBank. Your line is open.

下一題來自 KeyBank 的 Justin Patterson。您的線路已開通。

Great.

很好。

Thank you very much. And congratulations on the $100 million household milestone and the Laguna Beach special. Connor, I'd look pretty excited to rub in that hat up in NASDAQ.

非常感謝。也恭喜達成 1 億戶家庭的里程碑，以及 Laguna Beach 特別節目。Connor，我看你在 NASDAQ 戴著那頂帽子，應該很興奮、很想炫耀一下。

Quick ones if I can.

如果可以的話，我有兩個簡短問題。

First, I was hoping to hear about how you're thinking about the role of roof to originals today. And then second, we've seen a lot of companies seeing meaningful productivity improvements from Gen. AI tools. I'm curious how you're thinking about the pace of product innovation, what that might mean for improvements to discovery features and recommendations, and what guardrails you have against rising token costs. Thanks so much.

第一，我想聽聽你們如何看待 Roku Originals 目前所扮演的角色。第二，我們看到很多公司透過生成式 AI 工具在生產力上有顯著提升。我想了解你們如何看待產品創新的速度，這可能對探索（discovery）功能與推薦帶來哪些改善，以及你們如何設置護欄以避免 token 成本上升。非常感謝。

Thanks, Justin. Let's see. Charlie will take a question on originals, and then maybe I can take your second question on AI.

謝謝你，Justin。讓我想想。Charlie 會回答你關於 Originals 的問題，然後我可以回答你第二個關於 AI 的問題。

Oh, great.

喔，太好了。

Thanks, Anthony. Well, Justin, first of all, I want to talk more about Conrad's hat. That was a great hat, and we're really happy with Laguna Beach. He looked great.

謝謝，Anthony。Justin，首先我想多聊聊 Conrad 的帽子。那是一頂很棒的帽子，我們也對 Laguna Beach 非常滿意。他看起來很棒。

But let me talk a little bit about content, and I'll dive into originals like Laguna.

不過我先談談內容，接著會深入說明像 Laguna 這樣的 Originals。

Our overall strategy in the content ecosystem is really differentiated, and it's been H1d over the years.

我們在內容生態系中的整體策略非常差異化，而且多年來一直維持不變。

Our original programming strategy actually hasn't changed. It's a targeted and powerful part of our offering, but even still, it remains a relatively small part of the overall content budget.

我們的原創節目策略其實沒有改變。它是我們產品中一個聚焦且有力的組成部分，但即便如此，在整體內容預算中仍只占相對小的比重。

So sort of stepping back, the strategy we've been saying in the upfront to our advertisers is that Roku has the hits and the habits, and the hits are ours.

因此，退一步說，我們在 upfront 對廣告主所傳達的策略是：Roku 既有爆款（hits）也有收視習慣（habits），而爆款是我們自己的。

Thank you for mentioning it, Laguna Beach, which became our largest unscripted series ever. That's the 20th reunion Laguna Beach special. So we have our hits and everyone else's on the platform. And then there are the habits, which are really important because that's comprised of the massive daily viewing that makes up so much of U.S. TV viewing. So with the 100 million households, which is why we were ringing the bell.

謝謝你提到 Laguna Beach，它成為我們史上最大的非劇本系列作品，也就是《Laguna Beach》20 週年重聚特別節目。所以我們既有自己的爆款，也有平台上其他所有人的爆款。再來是「習慣」，這點非常重要，因為它由龐大的每日收視所構成，而每日收視占了美國電視觀看的很大一部分。隨著我們達到 1 億戶家庭（這也是我們去敲鐘的原因），以及平台上發生了近一半的串流收視，我們作為內容方的規模，對各類型合作夥伴都具有重要意義。

And nearly half of streaming happening on our platform, our scale as a programmer is meaningful to every type of partner. So specifically, it's your originals question, we do originals in four pillars. We complement everyone's hits, and we build the lead-in to their hits. We also program against sports because it's such an important vertical. And of course, we serve as the lead-in to everyone's major sporting events. We then program seasonal, so you'll see us do custom holiday. Movies with sponsors and holiday movies and World Cup specials around World Cup, as you might imagine, around seasonal events.

針對你關於 Originals 的問題，我們的 Originals 主要分為四大支柱。我們會補強所有人的爆款，並在他們的爆款之前打造引流內容（lead-in）。我們也會針對體育內容編排，因為這是非常重要的垂直領域；當然，我們也會作為所有重大體育賽事的引流入口。接著我們會做季節性編排，所以你會看到我們在節慶期間製作由贊助商支持的客製化假日電影、假日電影，以及你可以想像的，像世界盃期間的世界盃特別節目等，圍繞季節性事件。

And then you'll also see us do UI programming. So, from the Wicked launch when that movie was released on demand, we had original programming in our UI, and we brought Demi Lovato to do a concert on a Roku City rooftop. And just recently we launched a UI original, which is Roku City Dash, an interactive game. So we have originals. To complement what we do very well. And again, the majority of our spending is actually against building the habits, which is our daily reach because we see our user or our viewer, I should say, 25 days a month. So I'll turn it over to Anthony for the back part of your question, but just to sort of end on saying more people are going to watch the biggest TV events, and I'm talking the Olympics and the Super Bowl right down to their biggest entertainment hits, they'll watch those on Roku more here than any other platform. And we love helping our partners succeed, and then we love it when we build original programming as well that, takes advantage of that.

此外你也會看到我們做 UI 內容編排。例如《Wicked》那部電影推出隨選點播時，我們就在 UI 中做了原創內容編排，並邀請 Demi Lovato 在 Roku City 的屋頂舉辦演唱會。最近我們也推出了一個 UI 原創內容，也就是 Roku City Dash，一款互動遊戲。所以我們的 Originals，是用來補強我們本來就做得很好的事情。再次強調，我們的大部分支出其實是用在建立「習慣」上，也就是我們的每日觸及，因為我們的使用者（或我應該說觀眾）每個月會看到我們 25 天。接下來我把後半段問題交給 Anthony。不過最後總結一下：從奧運、超級盃等最大的電視盛事，到最大的娛樂爆款，更多人會在 Roku 上觀看，而且在這裡的觀看量會超過任何其他平台。我們很樂於協助合作夥伴成功，也很喜歡打造能善用這些優勢的原創內容。

And your question about AI. Well, let me just maybe just talk -- I'll answer your specific question, but just talk generally about how we think about AI. So, I mean, at the highest level, AI is like a very big opportunity for Roku. It's a powerful tailwind for our business. We're integrating it across our entire technology stack.

至於你關於 AI 的問題，我先回答你的具體問題，但也先更一般性地談談我們如何看待 AI。從最高層次來看，AI 對 Roku 是一個非常大的機會，是推動我們業務的強勁順風。我們正在把它整合到整個技術堆疊中。

In the products, in our platform, we use AI across the platform to improve discovery and increase engagement, improve advertising performance, unlocking monetization opportunities. I mean, we've used AI in the platform since the beginning, but what's been happening over the last year or two has been moving our algorithms to modern generative AI algorithms, which just improves the performance.

在產品與平台方面，我們在整個平台使用 AI 來改善探索、提升互動、提升廣告成效，並解鎖變現機會。其實我們從一開始就在平台中使用 AI，但過去一兩年發生的變化是：我們把演算法轉向更現代的生成式 AI 演算法，這會進一步提升效能。

The more we can personalize the experience, the more engagement we get, the more ads viewing we can drive, the more subscription sign-ups we can drive. So, we're using it on the platform, which is really helping the platform to be more effective for the viewer and monetization. On engineering, we're rapidly adopting AI.

我們越能個人化體驗，就能帶來越高的互動，進而推動更多廣告觀看、帶動更多訂閱註冊。因此，我們在平台上使用 AI，確實讓平台對觀眾更有效，也更有利於變現。在工程方面，我們也正在快速採用 AI。

It's definitely accelerating feature development and the speed at which we can develop new features.

它確實正在加速功能開發，以及我們開發新功能的速度。

It's definitely enhancing the productivity of each of the engineers.

它也確實在提升每位工程師的生產力。

And then, of course, content. AI, I believe, I mean, it's already happening. It's going to lower the cost of content creation, both for entertainment content and for ads.

當然還有內容。我認為 AI——而且這已經正在發生——將降低內容製作成本，不論是娛樂內容或廣告。

And that'll result in lower-cost content, which will drive engagement on our platform. On the advertising side.

而這將帶來更低成本的內容，進而提升我們平台上的互動參與度。在廣告端也是如此。

Using generative AI in our platform is helping us build the most performant connected TV ad platform, which is a big goal for us to be the most performant connected TV ad platform and making great progress on that.

在我們的平台中使用生成式 AI，正協助我們打造效能最強的連網電視（Connected TV）廣告平台；這是我們的一大目標——成為效能最強的連網電視廣告平台——而我們在這方面也取得了很大的進展。

We're really leaning into performance across a bunch of different aspects, everything from integrating AI, but also the team, the kinds of people we hire.

我們確實在多個面向大力投入「效能」這件事，從整合 AI，到團隊本身、以及我們招募的人才類型。

And then also, Ads Manager is only possible because of generative AI, which is opening up an entirely new market, a big market of performance advertisers and small and medium-sized businesses.

此外，Ads Manager 之所以能夠實現，完全是因為生成式 AI；它正在開啟一個全新的市場——一個龐大的市場——也就是成效型廣告主以及中小企業。

So that product is built entirely on generative AI, including the creation of the videos.

因此，這個產品完全建立在生成式 AI 之上，包括影片的製作。

And then, of course, I guess, finally, we're using AI across the entire company for operations to drive operational efficiency and productivity.

然後，當然，最後我們也在全公司各項營運中使用 AI，以提升營運效率與生產力。

So it's a big opportunity. We're really leaning into it. And AI is strengthening our platform, it's improving monetization, and it's enhancing the performance of our business. In terms of controlling costs, I mean, we're still watching it carefully.

所以這是一個很大的機會。我們正全力投入。AI 正在強化我們的平台、改善變現能力，並提升我們業務的表現。至於成本控制，我的意思是，我們仍在仔細觀察。

And it's just something we'll balance.

而這就是我們需要去平衡的事情。

AI, on the efficiency side, will improve productivity.

在效率面，AI 會提升生產力。

And that'll show up in other ways in OpEx. So, I think there are definitely ways to manage the cost, but at this point, it's very manageable and we're just watching it carefully.

而這也會以其他方式反映在營運費用（OpEx）上。所以，我認為確實有方法可以管理成本，但就目前而言，成本是非常可控的，我們只是持續密切關注。

Thank you. Our next question comes from the line of Bosserly with Cannonball Research. Your line is open.

謝謝。下一個問題來自 Cannonball Research 的 Bosserly。您的線路已開通。

Hi, good afternoon. Dan, I have a question for you and the question is about the.

嗨，下午好。Dan，我有一個問題要問你，問題是關於……

Subscription revenue and how we should be thinking about forecasting it. You gave us five quarters now. So are there any factors that we should keep in mind when we are looking at the growth, quarter-on-quarter growth throughout the year? Are there any seasonal factors? Are there some bumps from adding Tier 1 app into the Roku channel? So anything that could help us frame that trajectory would be helpful.

訂閱收入，以及我們應該如何思考其預測。你們現在已經提供了五個季度的數據。所以，在我們觀察全年逐季（quarter-on-quarter）的成長時，有沒有任何因素需要留意？是否有季節性因素？把 Tier 1 的 App 加入 Roku Channel 是否會帶來一些波動？任何能幫助我們理解這條成長軌跡的資訊都會很有幫助。

Thank you.

謝謝。

Yeah, thanks for the question, Vasili. Well, there are some, there is some seasonality to subscriptions, like, for example, during sporting seasons, during NFL.

好的，謝謝你的問題，Vasili。嗯，訂閱確實存在一些季節性，例如在體育賽季期間、像是 NFL 賽季。

There will be a big jump up in subscriptions, number of subscriptions. There are, of course, things like price increases that are positive for our partners and therefore positive for us. But the reality is the most important factor is, first of all, we monetize tens of millions of subscriptions. So the seasonality isn't going to move the needle from a quarter-to-quarter perspective. It exists, but we are so big in this area, it doesn't move the needle. What is impactful for us from a revenue side is the launch of not just Tier 1, but even our Tier 2 and Tier 3 premium subscription partners, which we're doing very well on because that brings subscription revenue.

訂閱數會大幅上升。當然，也有像是漲價這類因素，對我們的合作夥伴是正面的，因此對我們也有利。但實際上，最重要的因素是：首先，我們變現的是數以千萬計的訂閱。因此，從逐季角度來看，季節性不會造成顯著影響。它確實存在，但因為我們在這個領域規模很大，所以不會改變整體走勢。對我們收入端真正有影響的是，不只是 Tier 1，而是甚至我們的 Tier 2 與 Tier 3 高級訂閱合作夥伴的上線；我們在這方面做得很好，因為這會帶來訂閱收入。

Incremental subscribers and, therefore, incremental subscription revenue as we continue to launch new partners. And as Anthony said earlier on, we launched Apple. We recently launched Peacock. We'll have more launches in the future. We also launched premium subscriptions in Mexico. We'll also launch more countries in the future. So we think that the growth rate that we're seeing in subscriptions, which is being driven in part by adding more Tier 1, Tier 2, Tier. Premium subscription partners. We're also adding new features and new subscription products, and that will help overtime. So the growth rate that we see here is indicative of just the success that we're seeing in premium subscriptions and our direct-to-consumer subscriptions that we're having. But I think this growth rate is sustainable just given all we've got going, adding more Tier 1s, Tier 2s and adding new features in our subscriptions segment.

隨著我們持續上線新的合作夥伴，會帶來新增訂閱戶，進而帶來新增的訂閱收入。正如 Anthony 先前提到的，我們上線了 Apple。我們最近也上線了 Peacock。未來還會有更多上線。我們也在墨西哥推出了高級訂閱。未來也會拓展到更多國家。因此，我們認為目前看到的訂閱成長率，部分是由新增更多 Tier 1、Tier 2、Tier……高級訂閱合作夥伴所驅動。我們也在加入新功能與新的訂閱產品，長期來看也會有所幫助。所以，我們在這裡看到的成長率，反映了我們在高級訂閱以及自有 DTC（direct-to-consumer，直面消費者）訂閱方面的成功。但我認為，考量到我們正在推進的所有事情——新增更多 Tier 1、Tier 2，以及在訂閱業務中加入新功能——這個成長率是可持續的。

Thank you. And can you give us an example maybe of Tier 1 versus Tier 2 app? Like how do you classify that?

謝謝。那你能否舉個 Tier 1 與 Tier 2 App 的例子？你們是如何分類的？

We don't, there's not a specific definition. So as we mentioned before.

我們沒有——並沒有一個明確的定義。所以如同我們之前提到的。

We view like the larger content partners as these so-called Tier 1s, we don't break it up and we'll mention some of the larger launches, for example, Peacock, for example, Apple, Paramount+ is a premium subscription partner, we launched Apple in Mexico.

我們把較大型的內容合作夥伴視為所謂的 Tier 1；我們不會做細分，但會提到一些較大型的上線案例，例如 Peacock、例如 Apple。Paramount+ 也是一個高級訂閱合作夥伴；我們也在墨西哥上線了 Apple。

So again, like think about the largest contents as Tier 1s. But again, like there is also a relatively long torso and tail in this business. And again, we monetize tens of millions of subscriptions across our overall subscription business. And all of them are growing in a very good fashion for us. Premium subscriptions is just growing faster.

所以，再次強調，把最大的內容方視為 Tier 1 就好。但同時，這個業務也有相對較長的「中段」與「長尾」。而且我們在整體訂閱業務中變現的是數以千萬計的訂閱，所有類別對我們而言都在以非常良好的態勢成長；只是高級訂閱成長更快。

Got it.

了解。

Thank you.

謝謝。

Our next question comes from the line of Michael Natheson with Moxit Natheson. Your line is open.

下一個問題來自 Moxit Natheson 的 Michael Natheson。您的線路已開通。

Great. Can I just first say thanks for giving us the added disclosure. It's really helpful and so I appreciate it. So thank you for that.

很好。我先說聲謝謝你們提供額外的揭露資訊，真的很有幫助，我很感謝。謝謝。

On that line, if you look at gross margin on advertising, it's really picked up nicely.

沿著這點，如果你看廣告的毛利率，確實提升得很不錯。

This is probably an all-time high gross margin, I have to assume. Can you talk a bit about what's driving that? And sustainability to maybe even go higher from here. And then for Anthony, I'd love to dig into the first-party debts versus third-party OEMs.

我想這可能是史上最高的毛利率。你能談談是什麼在驅動它嗎？以及其可持續性——甚至是否可能從這裡再往上？另外也想請 Anthony 深入談談第一方裝置與第三方 OEM 的差異。

You talk a bit about, are there any differences to you on either monetization, performance, and why wouldn't you lean more as a third-party if it's just more efficient to do it that way? Thanks.

你能談談在變現、效能方面是否有任何差異？以及如果以第三方方式更有效率，為什麼不更偏向第三方？謝謝。

Thanks for your question. So let's start with Dan. You can answer the question on advertising margin, gross margin, and then I'll talk about OEM.

謝謝你的問題。我們先從 Dan 開始。你先回答廣告毛利率、毛利的問題，然後我再談 OEM。

Right, so advertising gross margin, to your point. At just over 60%, was very strong for us in Q1. It was up over 400 basis points on a year-over-year basis from Q1 of last year. We feel very good about our advertising gross margins. We're seeing a lot of -- we're very focused on not just growing revenue, but improving our gross margins. We have a lot of, let's just say, tools at our disposal to help improve overall gross margins. We have higher ad products coming to market, think of the home screen monetization. Like adding video in our home screen has been very positive for us. We're also very efficient on how we deliver our campaigns from a gross margin standpoint. So we have a lot of areas we have a lot of ways that we focus on overall gross margin and maximize the gross margin of the business in addition to maximizing the revenue. To your question on sustainability, I do believe that this level is sustainable for the rest of this year and after, I think it could potentially even come up.

好的，關於廣告毛利率，如你所說。我們在第一季略高於 60%，表現非常強勁。相較去年第一季，年增超過 400 個基點。我們對廣告毛利率的表現感到非常滿意。我們看到很多——我們非常專注的不只是營收成長，也包括提升毛利率。我們有很多——就說是——可運用的工具來提升整體毛利率。我們有更高價值的廣告產品推向市場，例如主畫面（home screen）的變現。像是在主畫面加入影片，對我們非常正面。我們在投放活動的交付方式上，從毛利角度也非常有效率。因此，我們在整體毛利率上有很多著力點、很多方法，除了最大化營收之外，也最大化業務的毛利率。至於你問的可持續性，我確實相信這個水準在今年剩餘時間以及之後都是可持續的，我認為甚至可能還會再提高。

We'll see. We've got a lot of optimizations that we're always working on. We've got a lot of new ad product that we're working on to help gross margins. But we're focused on, again, driving both the overall advertising revenue as well as the GP of the business. And again, 60%, I believe it's going to sit at this level, maybe even come up for the rest of this year and thereafter as well.

我們再看看。我們一直在做很多優化，也在開發很多新的廣告產品來幫助提升毛利率。但我們的重點是——再次強調——同時推動整體廣告營收以及業務的毛利（GP）。而且，60% 這個水準，我相信在今年剩餘時間以及之後也會維持在這附近，甚至可能再往上。

And then to answer your question about first-party versus third-party, just to level set on what those terms mean. So when we say first-party products, we're talking about our streaming players, streaming sticks. These are products that we build and sell and distribute and market ourselves. And then we also make first-party TVs. So these are TVs. Again, we do everything. We build, sell, market.

接著回答你關於第一方與第三方的問題，先把這些術語的意思對齊一下。當我們說第一方產品時，指的是我們的串流播放器、串流棒。這些是我們自行設計、製造、銷售、通路分銷並自行行銷的產品。另外我們也製造第一方電視。也就是電視——同樣地，我們全都自己做：製造、銷售、行銷。

And these are distributed, these are sold under the Roku brand as well as the Hero brand, which is one of our first-party brands that we use, it's a known brand. And then third-party means working with other OEMs like TCL, Hisense, but there's many others.

這些產品透過通路分銷，並以 Roku 品牌以及 Hero 品牌銷售；Hero 是我們使用的第一方品牌之一，是一個知名品牌。第三方則是指與其他 OEM 合作，例如 TCL、Hisense，當然還有很多其他廠商。

In terms of monetization, they're pretty similar. I mean, there's not -- I don't think there's any real difference by first-party versus third-party, but there's slight differences by channel, depending on the retail outlet. You have different types of customers that shop there, that can result in slightly different monetization. I don't think it's huge. And then also things like TV size affects monetization a little bit, bigger TVs. Have slightly higher monetization, but players and TVs might have slightly different monetization, but it's not -- none of these things are particularly large, so it's probably not worth focusing on it.

就變現而言，它們其實相當類似。我的意思是——第一方與第三方之間並沒有——我不認為有任何實質差異，但會因通路而有些微差異，取決於零售通路。不同通路的客群不同，可能導致變現略有差異。我不認為差異很大。另外像是電視尺寸也會稍微影響變現；更大的電視通常變現略高。播放器與電視的變現也可能略有不同，但這些差異都不算特別大，所以大概不值得把焦點放在這上面。

Why wouldn't we lean into third-party more? We do lean into third-party a lot.

為什麼我們不更倚重第三方呢？其實我們非常倚重第三方。

Our partners are very important to us.

我們的合作夥伴對我們非常重要。

The vast majority of TVs sold are third-party TVs.

市面上銷售的電視絕大多數都是第三方電視。

The majority of Roku TVs sold are third-party TVs.

銷售的 Roku TV 多數也是第三方電視。

And why would we have first-party and third-party TVs is because it's a very complicated distribution system to sell.

而我們之所以同時有第一方與第三方電視，是因為電視的銷售通路體系非常複雜。

When you sell the number of TVs it takes to be in over half of all broadband households, it means things like -- I don't know the exact number, but it's probably over 1,000 different models that we certify each year. Across first-party, third-party, different countries, different regions, different retailers. And so the retail distribution channels for television is complicated, and different retailers want to differentiate by having different brands, different products, different models and different price points, and so different features. And so the ability to offer a variety of third-party products as well as first-party products just gives us maximum flexibility in how we.

當你要賣到足以覆蓋超過一半所有寬頻家庭所需的電視數量時，就會牽涉到一些事情——我不知道確切數字，但我們每年認證的機型可能超過 1,000 款。涵蓋第一方、第三方、不同國家、不同地區、不同零售商。因此，電視的零售分銷通路很複雜；不同零售商希望透過不同品牌、不同產品、不同機型與不同價位帶來做出差異化，還有不同功能。因此，同時能提供多樣的第三方產品以及第一方產品，能讓我們在如何進入通路並最大化分銷方面，擁有最大的彈性。

Go into the channel and maximize distribution, and it just gives us options. So that's why we do it. So, for example, HERO is currently, I think, exclusive to Target, which helps us get distribution and Target. So that's just a simple example, but there's lots of reasons we do it.

進入通路並最大化分銷，這也讓我們有更多選擇。所以這就是我們這麼做的原因。舉例來說，HERO 目前我想是 Target 的獨家，這有助於我們在 Target 取得分銷。這只是個簡單例子，但我們這麼做的原因有很多。

Thanks, Anthony.

謝謝你，Anthony。

Thank you.

謝謝。

Our next question comes from the line of Rich Greenfield with LightShed Partners. Your line is open.

下一個問題來自 LightShed Partners 的 Rich Greenfield。您的線路已開通。

Hi, thanks for taking the question. I got a couple. One, you guys have been definitely expanding your tests and trials of a new home screen. It looks like you're basically putting half the screen is now content boxes and you're pushing apps down to sort of the lower half of the screen and really bringing content forward and making it a persistent video box on the right side. Curious, how soon do you think this rolls out more broadly, too, related to that, what are you seeing early in terms of its impact on subscription uptake or advertising, any types of impact on sort of the business side would be great to understand.

嗨，謝謝讓我提問。我有幾個問題。第一，你們顯然正在擴大對新版主畫面的測試與試行。看起來你們基本上把螢幕的一半變成內容方塊，並把 App 往下推到螢幕下半部，真正把內容往前放，並在右側做成一個常駐的影片方塊。想請教你們認為多久會更廣泛推出？另外也相關地，早期你們看到它對訂閱轉換或廣告有什麼影響嗎？任何對業務面影響的觀察都很想了解。

And then two, just because there's talk out of antenna that Howdy hit a million subscribers and whether or not that's true, it's very clear that Howdy has been far bigger than I think anyone listening to this call probably expected. And I'm curious, Anthony, how big can Howdy be? Do you need to have original programming? Just sort of the future of Howdy would be great to hear your perspective on.

第二，因為外界有傳聞說 Howdy 已達到一百萬訂閱戶，不管這是否屬實，很明顯 Howdy 的表現遠超過我想這通電話上大多數人原先的預期。我想請教 Anthony，Howdy 最終能做到多大？你們是否需要原創節目？也想聽聽你對 Howdy 未來發展的看法。

Okay. Thanks, Rich. Thanks for the questions.

好的。謝謝，Rich。謝謝你的問題。

It's great to hear from you.

很高興聽到你的聲音。

Let's see. So on the home screen, yeah, so we've been testing the new home screen for a while.

我想想。關於主畫面，是的，我們測試新版主畫面已經有一段時間了。

It's a big change. It's going to -- every Roku customer in the world will see that will get the new home screen. It's not particularly optional when it rolls out. So you want to make sure that. Customers are happy that there's not going to be any complaints that, in fact, they're going to like it more than the old home screen. And it's easy to get most of the customers to like it more, but it's a little bit harder to get almost all the customers to like it more. So that's one of the things we've been focused on. We've been focusing on making sure it improves monetization, subscriptions and ads, that it helps us improve those businesses, improves engagement. So those are the things we've been focusing on.

這是一個很大的改動。它將會——全球每一位 Roku 客戶都會看到、都會拿到新版主畫面。推出時並不是特別可選的。所以你必須確保客戶滿意，不會有任何抱怨，事實上他們會比舊版主畫面更喜歡。要讓大多數客戶更喜歡其實不難，但要讓幾乎所有客戶都更喜歡就比較難。這是我們一直專注的事情之一。我們也一直在確保它能提升變現、訂閱與廣告，幫助我們改善這些業務並提升互動。這些就是我們聚焦的重點。

The home screen is a super important asset to us. It's in households that have over 125 million people every day -- sorry, it's in households with over 125 million people, and they start their TV viewing experience with our home screen every day. It's very iconic. I mean, the other thing we're being focused on is not losing our sort of iconic look.

主畫面對我們來說是非常重要的資產。它存在於覆蓋超過 1.25 億人的家庭中——抱歉，是在擁有超過 1.25 億人的家庭裡，而且他們每天開始看電視的體驗都是從我們的主畫面開始。它非常具代表性。我的意思是，我們也在專注的另一件事是不要失去我們那種具代表性的外觀。

Most connected TV platforms all kind of look the same. Our home screen does look unique, and it's more delightful, so we don't want to lose that.

大多數連網電視平台看起來都差不多。我們的主畫面確實看起來很獨特，也更令人愉悅，所以我們不想失去這一點。

And it's in testing, but it's been a fairly large number of homes and it's going to be rolling out to everyone soon and we'll be launching soon.

目前仍在測試中，但已涵蓋相當多的家庭，而且很快就會推送給所有人，我們也將很快正式推出。

And the results we're seeing in the testing are we're definitely seeing more engagement, we're definitely seeing improved good viewer satisfaction.

我們在測試中看到的結果是：互動確實增加了，觀眾滿意度也確實提升。

We're seeing increased monetization. I mean, you mentioned in your note or in your question, you had some screenshots, and you noted a few things. Like one of the things, for example, about the new home screen is that the marquee ad is visible when you first launch the home screen, whereas with the current home screen, you have to scroll to the right to see the marquee ad. That change alone is driving more click-throughs, increased click-through rates, so that's making the ad unit more visible, more valuable.

我們也看到變現提升。你在備註或提問中提到你有一些截圖，也注意到幾點。比如新版主畫面的其中一點是：當你第一次啟動主畫面時，主視覺（marquee）廣告就可見；而在目前的主畫面中，你必須向右捲動才看得到主視覺廣告。光是這個改動就帶來更多點擊、提高點擊率，讓這個廣告版位更顯眼、更有價值。

And then making content more prominent is something that consumers want and also drives engagement, allows us to promote subscriptions, allows us to promote ad content.

另外，讓內容更突出是消費者想要的，也能帶動互動，讓我們可以推廣訂閱、推廣廣告內容。

Also on the app tiles, we're making the app tiles be a little bit more user-friendly, like viewer-friendly, so a little bit more likely to see the app they want near the top.

在 App 磚（app tiles）方面，我們也讓它更符合使用者、也更符合觀眾的使用習慣，因此更有可能在上方附近就看到他們想要的 App。

So that's just a few of the changes. There's lots and lots of detailed changes, all designed to improve viewer satisfaction and monetization. So the testing was good. It's going to be a good change for us.

以上只是幾個改動。我們做了非常非常多細節調整，全部都是為了提升觀眾滿意度與變現。所以測試結果很好，這會是對我們很有利的改版。

Let's see, and then you asked about how do you.

我想想，然後你問到你要怎麼……

Yeah, I can't really confirm third-party numbers, but just to remind everyone that doesn't know, Howdy is an owned and operated streaming service. Our main owned and operated streaming service is The Roku Channel, which is free ad-supported content.

是的，我無法真正確認第三方的數字，但提醒一下不熟悉的人：Howdy 是我們自有自營（owned and operated）的串流服務。我們主要的自有自營串流服務是 The Roku Channel，提供免費、廣告支持的內容。

It's the number two app on our platform. It's like over 6% of all streaming viewing in the U.S. Now. And then Howdy is not as big as The Roku Channel because it's a lot newer, but it is doing extremely well, and it's a subscription service, and there's no ads, so it's sort of the opposite of The Roku Channel. And it's.

它是我們平台上的第二大 App。在美國目前占所有串流觀看時數的 6% 以上。而 Howdy 因為推出時間更短，所以規模不如 The Roku Channel，但表現非常好；它是訂閱制服務，沒有廣告，所以某種程度上與 The Roku Channel 相反。而且它……

It's an SVOD service, it's ad-free, and it's $3 a month, and so it's very affordable, and I guess I would say that it's positioned it's positioned in the market, it's going after...

它是一個 SVOD 服務、無廣告，每月 3 美元，因此非常親民。我想我會說，它在市場上的定位是——它的定位是要鎖定……

The segment of the market that's not currently served except by Howdy, which is streaming services have been raising their prices. They've been increasing their ad loads. And so a low-cost affordable streaming service is something that didn't really exist in the market. So that's the segment of the market we're going after. And that's the segment we intend to stay in. And I think it's a very large segment.

目前市場上除了 Howdy 之外幾乎沒有被服務到的那個區隔：各家串流服務一直在漲價，也在增加廣告量。因此，低成本、可負擔的串流服務在市場上其實並不存在。這就是我們要切入的市場區隔，而且我們打算持續留在這個區隔。我認為這是一個非常大的區隔。

The content will just keep getting better. We'll just keep improving the quality of the content.

內容只會越來越好。我們會持續提升內容品質。

As we keep getting more and more viewers, that will allow us to invest more and more content, and that is a positive cycle that we'll just keep writing.

隨著觀眾越來越多，這會讓我們能投入更多內容，形成一個正向循環，我們會持續推進。

And I think it can be very large. I mean, I think it can be a very large part of the market.

我認為它可以做得非常大。我的意思是，我覺得它可以成為市場中非常大的一部分。

Do you ever see original programming?

你會看到原創節目嗎？

We don't have plans right now for original programming. Original programming requires -- is expensive, requires.

我們目前沒有原創節目的計畫。原創節目需要——成本很高，也需要……

A lot of a more expensive service generally.

通常需要更昂貴的服務形態。

But that doesn't mean that I don't think that as we continue to improve the quality of the content, as the number of viewers gets bigger, that we'll have -- I think we'll likely have originals someday. I don't know when that day will be. I mean, we have originals today, I should say. I should take that back. We do have originals today. We have Roku originals, but they're not the Blockbuster originals you're probably thinking of. They tend to be things like Laguna Beach, which is doing really well, but it's unscripted.

但這不代表我不認為，隨著我們持續提升內容品質、觀眾規模變大，我們將會——我認為我們未來某一天很可能會有原創。我不知道那一天會是什麼時候。我的意思是，我應該說我們今天其實就有原創。我收回剛才那句。我們今天確實有原創。我們有 Roku Originals，但不是你可能在想的那種大片級原創。它們往往是像《Laguna Beach》這類內容，表現非常好，但屬於非劇本（unscripted）。

We don't have a lot of scripted content in our originals today.

我們目前的原創內容裡，劇本類內容並不多。

So when you said originals, I was taking it to mean like a Blockbuster type originals. So those are going to come, I think, but that's not happening right now. Right now, we're just focused on improving the quality of the content, promoting it in our UI, promoting it off our platform we just recently launched on Amazon Prime, we just launched.

所以你提到原創時，我理解的是你指那種大片級的原創。我認為那類內容會到來，但現在還沒有發生。眼下我們只是專注在提升內容品質、在我們的 UI 裡推廣、在平台外推廣——我們最近剛在 Amazon Prime 上線，我們剛剛上線。

In Mexico, those are all doing really well.

在墨西哥，這些業務都表現得非常好。

Our next question comes from the line of Peter Sapino with Wolfe Research. Your line is open.

下一個問題來自 Wolfe Research 的 Peter Sapino。您的線路已開通。

A question on your DSP relationships.

關於你們與 DSP 的合作關係有個問題。

If you could discuss the growth contributions that you're seeing.

想請你談談你們目前看到的成長貢獻。

In context of this great acceleration of ad sales, I'm wondering if you could rank order the growth contributions from Trade Desk, Amazon and others. And then I believe it's true that your relationship with DV360 is somewhat different than your relationship with Amazon. So if that becomes a contributor, should it have a different impact?

在廣告銷售大幅加速的背景下，我想請你把來自 Trade Desk、Amazon 以及其他夥伴的成長貢獻做個排序。另外，我相信你們與 DV360 的合作關係，與你們和 Amazon 的合作關係有些不同。所以如果它成為一個貢獻來源，是否應該帶來不同的影響？

Hey, Peter. Thanks for the question. Charlie will take the question.

嗨，Peter。謝謝你的提問。這題由 Charlie 來回答。

Hey, Peter.

嗨，Peter。

I answered this a little bit in an earlier question. And I started, I think, by saying that each of these relationships is different and important. And I always start with the customer.

我在前面的一個問題中稍微回答過這點。我一開始應該是說，每一段合作關係都不同且都很重要。而我總是從客戶出發。

The customers want to transact and have different goals.

客戶想要進行交易，而且目標各不相同。

They want to transact in different ways, and they have different goals. So I think a lot about.

他們想用不同的方式交易，也有不同的目標。所以我會花很多心思在這上面。

Strategy first, how do we serve the customer and we do so, as I said before, being open and interoperable, being deeply integrated with every major DSP and then meeting the clients everywhere they want to transact and we're doing that. And then on top of that, our goal is obviously to be the most performant CTV platform. So to dive into your specific question about DV360 expansion, we did expand and it is slightly different. In fact, all of our DSP relationships are different.

策略優先：我們如何服務客戶；如我先前所說，我們以開放與可互通的方式，與每一家主要 DSP 深度整合，並在客戶想要交易的任何地方與他們對接，而我們正在這麼做。在此之上，我們的目標顯然是成為效能最佳的 CTV 平台。回到你關於 DV360 擴展的具體問題，我們確實做了擴展，而且它確實略有不同。事實上，我們與各家 DSP 的合作關係都不一樣。

We signed up with Campaign Manager 360, which is important for a couple of reasons, actually three reasons. First is, Roku is the first streamer to participate in this publisher match, and I love that Roku is an early mover, so that's new for us.

我們與 Campaign Manager 360 完成了合作，這很重要，原因其實有幾點，實際上是三點。第一，Roku 是第一個參與這個 publisher match 的串流平台；我很喜歡 Roku 能夠成為早期行動者，這對我們來說是新的。

Secondly, it enables holistic management of.

第二，它讓我們能夠以整體方式管理。

YouTube for the first time, which really means, Peter, that advertisers can activate Google's first-party data and their own first-party data, meaning their own, the advertisers' first-party data on Roku Media inside DV 360. And these are audiences that previously only worked on YouTube in isolation, so that's a really big deal. And then.

首次把 YouTube 納入整體管理，這真正代表的是，Peter，廣告主可以在 DV 360 裡的 Roku Media 上啟用 Google 的第一方資料以及他們自己的第一方資料，也就是廣告主自身的第一方資料。這些受眾過去只能在 YouTube 內部獨立運作，所以這是一件非常重要的事。然後。

The third part of why DV360 is important is because Campaign Manager 360 measures Roku Media regardless of where the advertisers buy lands, which means that it will provide proof of Roku's outstanding performance up and down the marketing funnel. And that's great for us because as we seek to be known as the most performant CTV platform, this is just another spoke in the wheel that will prove how performant we are, not just.

第三個 DV360 重要的原因是：無論廣告主最終在哪裡購買，Campaign Manager 360 都能衡量 Roku Media，這意味著它將在整個行銷漏斗的上下游提供 Roku 卓越成效的證明。這對我們很有利，因為當我們希望被視為效能最佳的 CTV 平台時，這只是輪子上的另一根輻條，能證明我們的效能有多強，不只是。

In our own media, but as we travel across all sources of advertising platforms.

不僅在我們自有媒體上，也包括我們跨越所有廣告平台來源時的表現。

Our next question comes from the line of John Hoduluk with UBS. Your line is open.

下一個問題來自 UBS 的 John Hoduluk。您的線路已開通。

Maybe can we talk about the subscription revenue gross margin? Looks like sort of.

或許我們可以談談訂閱營收的毛利率？看起來有點。

Different to what you're seeing in the advertising side, you're seeing you saw some pressure over the last few quarters on the gross margin side there. What's driving that? Is it a mix shift or is there any help there or outlook on the margin there would be great? And then I see that non-M&A ad spending on the home screen has reached 30%. Can you talk about where you think that number can go and what are some of the categories where you're having success selling inventory on the homepage?

跟你們在廣告端看到的情況不同；廣告端過去幾季毛利率似乎有些壓力。是什麼在驅動這件事？是組合轉移（mix shift）嗎？或是那邊有任何改善或毛利率展望也會很有幫助？另外我看到首頁上非 M&A 的廣告支出已達到 30%。你能談談你認為這個數字還能到哪裡，以及你們在首頁庫存銷售上成功的品類有哪些嗎？

Yeah, thanks for the question, John. So on subscriptions, yes, subscriptions were just north of 40%, our subscriptions gross margin, that is down. It is mix that's driving that. We have different activities, different subscription activities within there that mix out to lower, but higher revenue growth, but slightly lower gross margins. So we are seeing that in Q1. I do expect.

好的，謝謝你的問題，John。關於訂閱，是的，訂閱毛利率略高於 40%，我們的訂閱毛利率確實下降了。主要是組合在驅動。我們在訂閱裡面有不同的活動、不同的訂閱型態，組合起來會呈現較低的毛利率，但營收成長更高、毛利率略低。所以我們在第一季看到了這點。我確實預期。

I do expect it to stay at this 41% to 42% level for the rest of this year, we also have some other higher margin activities that we think will grow in Q2 and for the rest of the year, so premium subscriptions is driving that down a little bit, but I expect it to level off here at this level.

我確實預期今年剩下時間會維持在 41% 到 42% 這個水準；我們也有一些其他較高毛利的活動，我們認為會在第二季以及今年其餘時間成長，所以高階訂閱（premium subscriptions）讓毛利率稍微下滑，但我預期會在這個水準附近趨於平穩。

And again, like we have a lot of activities going on in subscriptions that will actually help gross margin, but all in all, I think this is we're at that level where we're going to sustain it for the rest of this year in this 41% to 42%. That will, along with the advertising margin I talked about it being just north of 60%, I think we'll take platform revenue out to be closer to the high end of the 51% to 52% range that we have in overall platform. But I don't expect us to go down from there, I expect us to maintain this level, if not come up a little bit. To your question on non-M&A, and I'll let Charlie jump in if he wants, but on the home screen ads growing significantly on non-M&A, that is a tailwind for us, like adding video to the home screen has been very impactful and very important for us.

再說一次，我們在訂閱方面其實有很多活動會幫助毛利率，但整體而言，我認為我們會在今年剩下時間維持在 41% 到 42% 這個區間。再加上我提到廣告毛利率略高於 60%，我認為平台營收的毛利率會更接近我們整體平台毛利率指引 51% 到 52% 區間的高端。但我不預期會再往下，我預期會維持這個水準，甚至可能略微上升。至於你問的非 M&A，我也讓 Charlie 如果想補充可以加入；但就首頁廣告而言，非 M&A 的成長非常顯著，這對我們是順風；像是在首頁加入影片對我們非常有影響、也非常重要。

And so we are seeing more diversification on the home screen for our video ad unit. I think Anthony mentioned earlier that the new home screen, which collapses the left nav, has that ad unit front and center right from the beginning, which will also be a positive in terms of more impressions to even sell on that ad unit. And so this diversification matters a lot because we can expand the availability. Of that ad unit, which would be a positive for us in both revenue and gross margin. So we're very happy with that specific area of the home screen. There's also other areas of the home screen to monetize, but that one is particularly unique and it has the ability to both help our advertising revenue and our advertising gross margin. I don't know, Charlie, if you have anything else.

因此，我們看到首頁影片廣告單元的客戶組合更加多元。Anthony 先前提到，新版首頁把左側導覽列收合，讓那個廣告單元從一開始就位於最顯眼的位置，這也會帶來正面影響，因為該廣告單元可售的曝光量會更多。這種多元化非常重要，因為我們可以擴大。該廣告單元的可用供給，這將在營收與毛利率兩方面都對我們有利。所以我們對首頁這個特定區域非常滿意。首頁還有其他可變現的區域，但這個特別獨特，而且同時有能力提升我們的廣告營收與廣告毛利率。我不知道，Charlie，你還有沒有要補充的。

Non-M&A brands represented nearly 30% of the Roku Experience advertising revenue in first quarter. That's a big deal. That's an all-time high for us. And as Dan said, it's deliberate. We've been working for years on demand diversification, so seeing that number was really meaningful. It also just is a great balance to our M&A strategy overall because now we're not reliant on any one category for these -- to fill these outstanding units. So as I look at M&A now. When the M&A market is healthy, as Dan said, there's a tailwind for Roku. And when it's soft, the rest of Roku's book now carries us. So that's a major difference between this year and years prior.

第一季，非 M&A 品牌幾乎占了 Roku Experience 廣告營收的 30%。這很重要，這是我們的歷史新高。正如 Dan 所說，這是刻意為之。我們多年來一直在做需求多元化，所以看到這個數字非常有意義。它也讓我們整體的 M&A 策略更平衡，因為現在我們不再依賴任何單一品類來——填滿這些優質的廣告單元。所以當我現在看 M&A。當 M&A 市場健康時，如 Dan 所說，對 Roku 是順風；而當它疲軟時，Roku 其餘的客戶組合現在也能支撐我們。這是今年與以往年度之間的一個重大差異。

Our next question comes from the line of Laura Martin with Needham. Your line is open.

下一個問題來自 Needham 的 Laura Martin。您的線路已開通。

Hi, I have two. The first, Anthony, so you're aggregating the most expensive types of content, film and TV. And we're hearing from Netflix that they're going to add some lower cost content, maybe some of the highest quality YouTube influencers. Can you talk about your vision for how you see aggregation here and how you expect to drive engagement long-term, which may take different kinds of lower cost content? So that's my first. And then my second is on devices. So we have. Revenue down 16% with a negative 14% margin. And it seems to me that it matters whether that is the actual sticks.

嗨，我有兩個問題。第一個，Anthony，你們正在聚合最昂貴類型的內容：電影與電視。我們也聽到 Netflix 說他們將加入一些成本較低的內容，可能是一些最高品質的 YouTube 網紅內容。你能談談你對聚合的願景，以及你預期如何長期推動互動（engagement），而這可能需要不同種類的低成本內容嗎？這是第一個。第二個是關於裝置。我們看到。營收下滑 16%，毛利率為負 14%。在我看來，關鍵在於這是否是實際的棒狀裝置（sticks）。

That we're seeing a negative comp in, or whether it's just your televisions aren't getting -- your physical Roku branded televisions aren't getting as much adoption, or if you just got kicked out of Walmart because they bought physio and now they're taking away your shelf space, which doesn't feel recurring to me. So could you maybe go granularly into what is driving the downdraft on the unit side on the device line? That would help me.

出現負成長，或是只是你們的電視——你們實體的 Roku 品牌電視——採用率沒有那麼高；又或者你們只是因為 Walmart 收購了 Vizio，於是把你們的貨架空間撤掉，這在我看來不像是可持續的。你能否更細緻地說明，裝置業務線上出貨/單位端下滑的原因是什麼？這會對我很有幫助。

Thank you.

謝謝。

Hey, Laura. Thanks.

嗨，Laura。謝謝。

Let's see, on content, I think you're, we talked about the Netflix announcement, they just announced they're going to do Eclipse.

我想想，關於內容，我認為你提到的 Netflix 公告——他們剛宣布他們要做 Eclipse。

So we do have that kind of content on Roku in a lot of different places. I mean, first of all, we're a distribution platform.

所以我們在 Roku 上的很多不同地方都有那類內容。我的意思是，首先，我們是一個發行/分發平台。

We obviously have our owned and operated services. We're also a distribution platform primarily for third-party services. We carry YouTube. It's very popular. It has all the low-cost content.

我們顯然有自有自營的服務。我們同時也主要是一個第三方服務的分發平台。我們有提供 YouTube。它非常受歡迎，擁有各種低成本內容。

And then in our own services, we distribute clips from things like.

接著在我們自有的服務中，我們也分發像是來自以下內容的片段。

Saturday Night Live, to mood trailers, to sports highlights from multiple leagues. So we do have sort of the best of the clips strategy in our owned and operated services. We aren't currently trying to compete with YouTube. We carry YouTube and it's a great product. So that's kind of how we view clips. And I do think content costs -- I mean, with how do you -- we are focused on offering a low-cost service. That means we are on the lookout.

從《週六夜現場》（Saturday Night Live）、到情緒預告片、到多個聯盟的體育精華。因此在我們自有自營的服務中，我們確實有點像是在執行「精華片段最佳集合」的策略。我們目前並不打算與 YouTube 競爭。我們有提供 YouTube，而且它是很棒的產品。所以這就是我們看待片段內容的方式。我也確實認為內容成本——我的意思是，你要怎麼——我們專注於提供低成本服務。這代表我們會持續留意。

For both high-quality, more expensive content, as well as high-quality, less expensive content. So, things like content that's lower cost because it incorporates AI production, those sort of things. So we are, or whether it's unscripted. So we are definitely focused on a broad array of content, including lower-cost content.

同時尋找高品質、較昂貴的內容，以及高品質、較便宜的內容。所以，像是因為導入 AI 製作而成本較低的內容，這類型的東西。或者是非劇本（unscripted）內容。因此我們確實聚焦在廣泛的內容類型上，包括較低成本的內容。

So I think that's your question on content. And then on devices, I'll let Dan take that question.

所以我想這回答了你關於內容的問題。至於裝置方面，我讓 Dan 來回答。

Yeah, I think your question is what's driving revenue down and margins on devices. I just want to say, first of all, a couple of things going on, the ASPs in streaming players continue to come down.

是的，我想你的問題是：是什麼在拉低裝置端的營收與毛利率。我先說，首先有幾件事同時在發生：串流播放器的 ASP（平均售價）持續下滑。

That also has higher memory costs associated to it. So that does impact overall margins. I think it's important to note that from an overall unit perspective, like we are on track to where we expected to be for total units across all of our devices. And I just want to be clear, like we're not kicked out of Walmart. We still sell a lot of units at Walmart.

同時也伴隨更高的記憶體成本。因此這會影響整體毛利率。我認為重要的是，從整體出貨量的角度來看，我們在所有裝置的總出貨量上，進度符合我們原先的預期。我也想澄清：我們沒有被 Walmart 踢出去。我們在 Walmart 仍然賣出很多台。

We sell a lot of third-party units at Walmart. We sell a lot of first-party TVs. As a matter of fact, first-party TVs are growing quite well. On a year-over-year basis.

我們在 Walmart 也賣出很多第三方裝置。我們也賣出很多第一方電視。事實上，第一方電視的成長相當不錯，以年對年來看。

So to be clear, like it's not a volume issue per se. It's simply from an ASP perspective and the higher memory pricing that we're seeing specifically in the back half of the year that we talked about in our guidance.

所以要說清楚：這本身不是出貨量的問題。純粹是 ASP 的因素，以及我們在今年下半年看到的較高記憶體價格——這點我們在財測指引中也有提到。

And then I think you asked about Walmart, maybe or in our device distribution generally, let me just ask Mustafa to talk for a little bit about that.

另外我想你也問到 Walmart，或是更一般的裝置通路分發；我請 Mustafa 來談一下。

Yeah, this is Mustafa speaking.

是的，我是 Mustafa。

I mean, we feel good about our progress in terms of diversifying our distribution.

我的意思是，我們對於在分散通路、讓分發更為多元化方面的進展感到滿意。

And we are also on track with our overall device unit sales target for the year.

而且我們也正按計畫達成今年整體裝置出貨量的目標。

As Anton mentioned earlier, we recently surpassed 100 million streaming households worldwide. So it's a major milestone for us, but it also highlights our scale and momentum that we have in the U.S. We are, again, in more than half of the broadband households, so customers love our products.

如 Anton 先前提到，我們最近在全球已突破 1 億個串流家庭。這對我們是重要里程碑，也凸顯我們在美國的規模與動能。我們再次強調：我們已覆蓋超過一半的寬頻家庭，因此客戶很喜愛我們的產品。

We build really great products, we offer a delightful experience, and retailers want to sell this type of good product, and they carry our products across their shelves. And again, as Dan mentioned, we continue to have a great relationship with Walmart. Again, our products really fit well for Walmart customer base, the shoppers love our products.

我們打造非常棒的產品，提供令人愉悅的體驗，而零售商也希望販售這種好產品，因此他們會在貨架上陳列我們的產品。而且如 Dan 所說，我們與 Walmart 的關係依然非常好。同樣地，我們的產品非常符合 Walmart 的客群，消費者也很喜歡我們的產品。

At the same time, we are successfully broadening and diversifying our retail distribution.

同時，我們也成功擴大並多元化我們的零售通路分發。

We grew our presence at Target. Anthony mentioned earlier, the hero brand TVs, it's really helping with our partnership at Target.

我們在 Target 的能見度提升了。Anthony 先前提到的 hero brand TVs，確實很有助於我們與 Target 的合作。

Best Buy, we're growing. Amazon, we're growing. Regional retailers, we're growing, and we expect to add more retailers in the second-half of the year as well.

Best Buy，我們在成長。Amazon，我們在成長。區域型零售商，我們也在成長；而且我們預期在今年下半年也會新增更多零售商。

At the same time, we're actively expanding and diversifying our TV OEM licensing agreements, including with our long-term partners, TCL and Hisense.

同時，我們也在積極擴大並多元化我們的電視 OEM 授權合作協議，包括與我們的長期合作夥伴 TCL 與海信（Hisense）。

Again, Anthony mentioned the increasing memory costs across the industry is helping us quite a bit.

同樣地，Anthony 提到產業整體記憶體成本上升，這對我們幫助很大。

We're becoming more attractive to OEMs and retailers.

我們對 OEM 與零售商而言變得更具吸引力。

And we're going to see the impact of these updated partnerships in the second-half-the-year sales of our products.

而且我們將在今年下半年產品銷售中看到這些更新後合作關係所帶來的影響。

So overall, really, we're well positioned. We build streaming sticks, first-party TVs, third-party TVs. This portfolio gives us flexibility depending on the market conditions, cost conditions, we can lean into one product over the other one. So overall, we feel really comfortable with our distribution strategy.

所以整體而言，我們的確處於很有利的位置。我們製造串流棒、第一方電視、第三方電視。這個產品組合讓我們能依市場狀況、成本狀況而具備彈性，必要時可以更偏重某一類產品而非另一類。因此整體來說，我們對通路策略感到非常安心。

And the number of Roku TVs units sold may go up or down from quarter to quarter, but overall, we expect it to continue to grow our scale.

而 Roku TV 的銷售台數可能會隨季度上下波動，但整體而言，我們預期它將持續擴大我們的規模。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Please stand by for our next question.

請稍候，我們將進行下一個提問。

Ladies and gentlemen, due to the interest of time, our final question will come from the line of David Joyce with Seaport Research Partners. Your line is open.

各位女士先生，因時間關係，我們最後一個問題將由 Seaport Research Partners 的 David Joyce 提出。您的線路已開通。

Thank you. As you continue to deepen your integrations with DSPs and maybe add a few more, what could that do to the cadence of the advertising gross margin? I know you did talk about overall where you think it could be at the end of it, but I was just wondering what those impacts might be over the next few quarters. Thanks.

謝謝。隨著你們持續加深與 DSP 的整合、也可能再新增幾個，這會如何影響廣告毛利率的變化節奏（cadence）？我知道你們談過最終可能落在什麼水準，但我想了解未來幾季可能會有哪些影響。謝謝。

Thanks, David. Dan, I'll take your question.

謝謝你，David。Dan，我來回答你的問題。

Yeah, the way we integrate with the demand-side platforms, they're an impact to the volume of impressions that we get, depending on where the advertiser wishes to transact. Charlie talked very in detail about how we integrate with the DSPs. There's not a margin impact. So how we integrate across the different DSPs.

是的，我們與需求方平台（DSP）的整合方式，會影響我們取得的曝光量（impressions）規模，取決於廣告主希望在哪裡進行交易。Charlie 已非常詳細說明我們如何與 DSP 整合。這不會帶來毛利率影響。所以我們如何在不同 DSP 之間整合。

Really don't have a margin impact with the one caveat being Amazon where it's at the platform level, which will be positive, but the remaining DSPs where we integrate and adopt their identifier like a hashed e-mail, et cetera, it's not going to impact our margins either way. What will impact margins are how we fulfill.

基本上不會影響毛利率，唯一的例外是 Amazon，因為那是在平台層級整合，會是正向影響；但其餘 DSP，我們整合並採用他們的識別碼（例如雜湊電子郵件等），不會對我們的毛利率造成正負影響。會影響毛利率的是我們如何履約（fulfill）。

Which we're getting, which we're very good at, the ad units that we have on the home screen, et cetera, and how we just complete the campaigns internally, which again, we're very good at optimizing for that. That's not a function of how the demand comes in. It's a function of how we fill the demand on our side with our platform, which again, we're just getting better and better at.

也就是我們如何填補（fill）需求——我們在這方面做得很好——例如主畫面上的廣告版位等，以及我們如何在內部完成投放活動；同樣地，我們非常擅長針對這些進行最佳化。這不是需求從哪裡進來的問題，而是我們如何用自家平台在我們這一端把需求填滿；而這方面我們也持續做得越來越好。

Understood.

了解。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, at this time, I would like to turn the call back over to Anthony for closing remarks.

各位女士先生，現在我想把電話交回給 Anthony 作結語。

Thanks. It was an outstanding quarter, and I'd just like to thank our employees, customers, advertisers, and content partners. And thanks to all the listeners for listening.

謝謝。這是一個非常出色的季度，我想感謝我們的員工、客戶、廣告主與內容合作夥伴。也謝謝所有聽眾的收聽。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以掛線。

That is so good. We need the best. What I'm about to tell you sounds crazy.

那真是太棒了。我們需要最好的。我接下來要告訴你的聽起來很瘋狂。

Oh, that's what I'm talking about.

喔，這就是我在說的。

We have never had a conversation on camera, just the two of us. So shake it up Shake it up, shake it up.

我們從來沒有在鏡頭前只剩我們兩個人聊過天。所以來點不一樣的吧，來點不一樣的吧，來點不一樣的吧。