Roku Inc (ROKU) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2022 Roku Earnings Conference Call. I would now like to hand the conference over to your host, Conrad Grodd, Vice President of Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 2022 年第一季度 Roku 收益電話會議。我現在想將會議交給您的主持人，投資者關係副總裁康拉德·格魯德。請繼續。

Thank you, operator. Good afternoon, and welcome to Roku's First Quarter 2022 Earnings Call. I'm joined today by Anthony Wood, Roku's Founder and CEO; Steve Louden, our CFO; and Scott Rosenberg, Senior Vice President, General Manager of our Platform business, who will be available for Q&A.

謝謝你，接線員。下午好，歡迎參加 Roku 2022 年第一季度財報電話會議。今天，Roku 的創始人兼首席執行官 Anthony Wood 加入了我的行列；我們的首席財務官 Steve Louden；高級副總裁兼平台業務總經理 Scott Rosenberg 將接受問答。

Full details of our results and additional management commentary are available in our shareholder letter, which can be found on our Investor Relations website at roku.com/investor. Our comments and responses to your questions on this call reflect management's views as of today only, and we disclaim any obligation to update this information. On this call, we'll make forward-looking statements, which are predictions, projections or other statements about future events, such as statements regarding our financial outlook, our investments, future market conditions and macro environment headwinds, such as global supply chain disruptions, inflationary pressures and geopolitical conflict.

我們的股東信函中提供了我們業績的全部詳細信息和其他管理層評論，該信函可在我們的投資者關係網站 roku.com/investor 上找到。我們對此電話會議的評論和對您的問題的回應僅反映了管理層截至今天的觀點，我們不承擔更新此信息的任何義務。在本次電話會議上，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述，例如關於我們的財務前景、投資、未來市場狀況和宏觀環境逆風的陳述，例如全球供應鏈中斷、通脹壓力和地緣政治衝突。

These statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. Please refer to our shareholder letter and our periodic SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements.

這些陳述基於我們當前的預期、預測和假設，涉及風險和不確定性。請參閱我們的股東信函和我們定期向美國證券交易委員會提交的文件，以獲取有關可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素的信息。

We'll also discuss certain non-GAAP financial measures on today's call. Reconciliations to the most comparable GAAP financial measures are provided in our shareholder letter.

我們還將在今天的電話會議上討論某些非公認會計原則的財務措施。我們的股東信中提供了與最具可比性的 GAAP 財務指標的對賬。

Finally, unless otherwise stated, all comparisons on this call will be against our results for the comparable period of 2021.

最後，除非另有說明，否則本次電話會議上的所有比較都將與我們在 2021 年可比期間的結果相反。

Now I'd like to hand the call over to Anthony.

現在我想把電話交給安東尼。

Roku had a solid first quarter with Platform revenue up 39% year-over-year, driven by higher content distribution and advertising revenue. This financial performance and our continued growth, even in a challenging operating environment, validates the strength of our business model. From day 1, the Roku platform has been built to operate at the center of TV streaming, meeting the needs of each participant in the ecosystem. For consumers, we provide an excellent experience with trusted discovery tools that allow them to find and watch content the way they prefer, whether that's via the ad-supported or subscription services.

Roku 第一季度表現穩健，平台收入同比增長 39%，這得益於更高的內容分發和廣告收入。即使在充滿挑戰的運營環境中，這種財務業績和我們的持續增長也驗證了我們業務模式的實力。從第一天開始，Roku 平台就被構建為在電視流媒體的中心運行，滿足生態系統中每個參與者的需求。對於消費者，我們通過值得信賴的發現工具提供出色的體驗，使他們能夠以自己喜歡的方式查找和觀看內容，無論是通過廣告支持的服務還是訂閱服務。

For content owners, we offer multiple ways to build and retain audiences and monetize content. And for advertisers, we have data, tools and technology that improves the return on every ad dollar spent. Ad-supported streaming services are a huge and growing part of the streaming ecosystem, demonstrated by the continued success of the Roku Channel. It was a top 5 app on our platform in the U.S. by active account reach for the third quarter in a row. And for the first time, it was a top 5 app on our platform in The U.S. by streaming our engagement. The Roku Channel's expanding reach and engagement is being driven by the increased quality and diversity of our content portfolio and our unique ability to promote it as the platform owner.

對於內容所有者，我們提供多種方式來建立和留住受眾並通過內容獲利。對於廣告商來說，我們擁有數據、工具和技術，可以提高每一美元廣告的回報率。廣告支持的流媒體服務是流媒體生態系統中一個巨大且不斷增長的部分，Roku 頻道的持續成功證明了這一點。它連續第三個季度在我們的平台上按活躍賬戶覆蓋率排名前 5 位。通過流式傳輸我們的參與度，它首次成為我們在美國平台上的前 5 名應用程序。 Roku 頻道不斷擴大的覆蓋範圍和參與度是由我們內容組合的質量和多樣性的提高以及我們作為平台所有者推廣它的獨特能力所推動的。

As a leading platform in TV streaming, we expect to continue to grow, both active accounts and platform monetization, for years to come. This quarter, we launched new ad products and we will present more ad product offerings and content to advertisers at Roku's first in-person upfront event next week. Today in The U.S., Nielsen reports that audiences spend 46% of their TV time streaming, while eMarketer reports that advertisers spend just 18% of their TV ad budgets on streaming. Both of these will become 100% as eventually all TV and all TV advertising will be streamed.

作為電視流媒體的領先平台，我們預計在未來幾年將繼續增長，包括活躍賬戶和平台貨幣化。本季度，我們推出了新的廣告產品，我們將在下週 Roku 的第一次面對面的前期活動中向廣告商展示更多的廣告產品和內容。今天在美國，尼爾森報告稱，觀眾將 46% 的電視時間用於流媒體，而 eMarketer 報告稱廣告商僅將 18% 的電視廣告預算用於流媒體。隨著最終所有電視和所有電視廣告都將流式傳輸，這兩者都將成為 100%。

Roku is a leader in TV streaming with an established track record of platform growth and technology innovation, and we will continue to invest to capture the significant opportunities ahead of us.

Roku 是電視流媒體領域的領導者，在平台增長和技術創新方面有著良好的記錄，我們將繼續投資以抓住我們面前的重大機遇。

With that, let me turn it over to Steve.

有了這個，讓我把它交給史蒂夫。

Thanks, Anthony. Before taking your questions, I'll walk through highlights and discuss our outlook given the current macro environment.

謝謝，安東尼。在回答您的問題之前，我將介紹重點並討論我們在當前宏觀環境下的前景。

We continue to grow, adding 1.1 million active accounts in Q1 and ending the quarter with 61.3 million. As expected, year-over-year active account net adds moderated, given the end of government stimulus payments that temporarily drove discretionary consumer spend in Q1, 2021. Additionally, ongoing supply chain disruptions increased U.S. TV prices in Q1, 2022, resulting in industry-wide TV unit sales that were below 2019 pre-COVID levels for the third quarter in a row.

我們繼續增長，在第一季度增加了 110 萬個活躍賬戶，並在本季度末達到了 6130 萬個。正如預期的那樣，鑑於政府刺激支付的結束在 2021 年第一季度暫時推動了可自由支配的消費者支出，因此與去年同期相比，活躍賬戶淨增加有所放緩。此外，持續的供應鏈中斷增加了 2022 年第一季度美國電視價格，導致行業- 電視銷量連續第三季度低於 2019 年新冠疫情前的水平。

Roku Player unit sales decreased 12% year-over-year, but remained above pre-COVID levels and the average selling price decreased 9% year-over-year. Engagement was high. Roku users streamed 20.9 billion hours in the quarter, an increase of 1.4 billion from last quarter. In Q1, total net revenue increased 28% year-over-year to $734 million. Platform revenue was up 39% year-over-year to $647 million, benefiting from higher content distribution and robust growth in advertising revenue, despite some continued softness in certain verticals.

Roku Player 的單位銷售額同比下降 12%，但仍高於 COVID 之前的水平，平均售價同比下降 9%。參與度很高。 Roku 用戶在本季度的流媒體播放時間為 209 億小時，比上一季度增加了 14 億小時。第一季度，總淨收入同比增長 28% 至 7.34 億美元。平台收入同比增長 39% 至 6.47 億美元，這得益於更高的內容分發和廣告收入的強勁增長，儘管某些垂直行業持續疲軟。

Q1 Player revenue declined 19% year-over-year, but was up 20% versus Q1, 2019 pre-COVID. In Q1, gross profit grew 12% year-over-year to $365 million. Platform gross margin was 59%, which was down roughly 8 points year-over-year, reflecting a shift towards a greater mix of video advertising compared to a year ago period, which had significant growth of higher-margin M&E and content distribution due to the launch of new services.

第一季度玩家收入同比下降 19%，但與 2019 年第一季度 COVID 之前相比增長了 20%。第一季度，毛利潤同比增長 12% 至 3.65 億美元。平台毛利率為 59%，同比下降約 8 個百分點，反映出與去年同期相比，視頻廣告的組合更加多樣化，高利潤率的 M&E 和內容分發顯著增長新服務的推出。

Player margins continue to be pressured by supply chain challenges, as we chose to prioritize account acquisition and insulate consumers from higher costs.

玩家的利潤繼續受到供應鏈挑戰的壓力，因為我們選擇優先獲取賬戶並使消費者免受更高成本的影響。

Q1 adjusted EBITDA was $58 million, and we ended the quarter with over $2.2 billion of cash and investments.

第一季度調整後的 EBITDA 為 5800 萬美元，我們在本季度末擁有超過 22 億美元的現金和投資。

Looking to the second quarter, we anticipate total net revenue of $805 million, up 25% year-over-year. Gross profit of $395 million with a gross margin of 49% and breakeven adjusted EBITDA.

展望第二季度，我們預計總淨收入為 8.05 億美元，同比增長 25%。毛利潤為 3.95 億美元，毛利率為 49%，盈虧平衡調整後 EBITDA。

At a high level, we continue to navigate through a difficult near-term macro environment, which includes impacts from and further uncertainties related to ongoing supply chain disruptions, inflationary pressures, and geopolitical conflicts. That said, we believe Roku is well positioned to continue to grow, and we intend to invest in the huge opportunity in TV streaming and to maintain our leadership position.

在較高的層面上，我們繼續在困難的近期宏觀環境中導航，其中包括與持續供應鏈中斷、通脹壓力和地緣政治衝突相關的影響和進一步的不確定性。也就是說，我們相信 Roku 已做好繼續增長的準備，我們打算投資於電視流媒體的巨大機會並保持我們的領導地位。

I'd like to provide additional color on each of our estimates. Total net revenue of $805 million reflects our expectations that the ongoing macro headwinds, I just mentioned, have the potential to reduce or delay ad spend in certain verticals. However, we continue to improve our ability to monetize across our business, and we believe that this will be reflected in growing net revenue despite a very difficult comp. Recall that Platform revenue in Q2 of 2021 more than doubled year-over-year.

我想為我們的每個估計提供額外的顏色。 8.05 億美元的總淨收入反映了我們的預期，即我剛才提到的持續的宏觀逆風有可能減少或延遲某些垂直領域的廣告支出。然而，我們繼續提高我們在整個業務中獲利的能力，我們相信這將反映在淨收入的增長中，儘管競爭非常困難。回想一下，2021 年第二季度的平台收入同比增長了一倍多。

Gross profit of $395 million reflects our expectation that in our Platform business, we will continue to grow the portion of video advertising, which has slightly lower margins than other revenue streams. And we expect that supply chain disruptions will continue to pressure the Player business, resulting in a negative gross margin, as we prioritize the account acquisition and absorb elevated costs. Together, we expect this will result in total gross margin of approximately 49%.

3.95 億美元的毛利潤反映了我們的預期，即在我們的平台業務中，我們將繼續增加視頻廣告的部分，該部分的利潤率略低於其他收入來源。我們預計供應鏈中斷將繼續給玩家業務帶來壓力，導致毛利率為負，因為我們優先考慮獲取賬戶並吸收高昂的成本。總之，我們預計這將導致總毛利率約為 49%。

Finally, our outlook for Q2 adjusted EBITDA is breakeven, primarily due to our strategic commitment to invest in our business and the significant opportunity ahead of us. Recall that we curtailed spending during the early phases of COVID and then began ramping spending mid last year. And we, therefore, expect OpEx to increase approximately 90% year-over-year. We also continue to expect full year adjusted EBITDA of roughly $150 million.

最後，我們對第二季度調整後 EBITDA 的展望是盈虧平衡，這主要是由於我們對投資業務的戰略承諾以及擺在我們面前的重大機遇。回想一下，我們在 COVID 的早期階段削減了支出，然後在去年年中開始增加支出。因此，我們預計 OpEx 將同比增長約 90%。我們還繼續預計全年調整後的 EBITDA 約為 1.5 億美元。

As expected, we delivered solid performance in a challenging operating environment to begin the year. We believe that the near-term headwinds are drove by the long-term opportunities in the secular shift to TV streaming and TV OS consolidation. The enormous value we deliver to consumers, content owners and advertisers will drive our growth. And for the full year, we continue to expect total net revenue growth of approximately 35% year-over-year. We believe that all audiences, all content and thus all advertising will shift to TV streaming. We will continue to enhance our OS, our ad platform, and drive the Roku Channel flywheel with great new content. And we will continue to provide content publishers with the audience and tools to grow successful streaming businesses.

正如預期的那樣，我們在年初充滿挑戰的經營環境中取得了穩健的業績。我們認為，短期不利因素是由長期轉向電視流媒體和電視操作系統整合的長期機會推動的。我們為消費者、內容所有者和廣告商提供的巨大價值將推動我們的增長。對於全年，我們繼續預計總淨收入同比增長約 35%。我們相信所有觀眾、所有內容以及所有廣告都將轉向電視流媒體。我們將繼續增強我們的操作系統、我們的廣告平台，並以精彩的新內容推動 Roku 頻道的飛輪。我們將繼續為內容髮布商提供受眾和工具，以發展成功的流媒體業務。

Operator, we'll now open it up for questions.

接線員，我們現在打開它來提問。

(Operator Instructions) Your first question is from Shyam Patil with SIG.

（操作員說明）您的第一個問題來自 SIG 的 Shyam Patil。

Nice job on the results. I had a couple of questions. First one, Anthony, can you talk a little bit about just your thoughts on Netflix introducing advertising and the potential opportunities for Roku? And then second, can you guys talk about what gives you confidence in the second half growth acceleration?

結果很好。我有幾個問題。第一個，安東尼，你能談談你對 Netflix 引入廣告的想法以及 Roku 的潛在機會嗎？其次，你們能談談是什麼讓你們對下半年的增長加速充滿信心嗎？

Shyam, this is Anthony. Sure. I'll take the first question and then Steve can take the second one.

夏姆，這是安東尼。當然。我會回答第一個問題，然後史蒂夫可以回答第二個問題。

So I think -- if I think about -- well, first of all, I'll just say that I can't comment specifically on what Netflix may or may not do. But except to say that they're a great partner, we've been working with them since we launched the first streaming player in 2008. And then my thoughts generally on advertising, is that advertising is a way to lower the cost of a subscription streaming service, which makes services -- streaming services more appealing to consumers. I mean, as you lower the price of streaming, people stream more. And so generally, advertising is good, because it lowers the cost of streaming and increases consumer interest in streaming.

所以我認為 - 如果我考慮 - 好吧，首先，我只能說我無法具體評論 Netflix 可能會或可能不會做什麼。但除了說他們是一個很好的合作夥伴之外，自從我們在 2008 年推出第一款流媒體播放器以來，我們一直在與他們合作。然後我對廣告的總體看法是，廣告是降低訂閱成本的一種方式流媒體服務，使服務——流媒體服務對消費者更具吸引力。我的意思是，當你降低流媒體的價格時，人們會更多地流媒體。所以一般來說，廣告是好的，因為它降低了流媒體的成本並增加了消費者對流媒體的興趣。

And I guess the other -- another comment I would make is that Roku is a streaming platform, which is a different business model than an individual streaming service. And sometimes people confuse the two. But our business model and the way we make money is to connect consumers with content and with advertisers. And so anything that causes more streaming to flow through the Roku platform is good for us and good for our business. More generally, I think we believe that more AVOD offerings will accelerate the movement of traditional TV budgets into streaming.

我猜另一個——我要發表的另一條評論是，Roku 是一個流媒體平台，它是一種不同於單個流媒體服務的商業模式。有時人們會混淆這兩者。但我們的商業模式和賺錢方式是將消費者與內容和廣告商聯繫起來。因此，任何導致更多流媒體流經 Roku 平台的東西都對我們有利，也對我們的業務有利。更一般地說，我認為我們相信更多的 AVOD 產品將加速傳統電視預算向流媒體的轉移。

Just to recap where we are there. The traditional TV advertising in The U.S. is a $60 billion opportunity. It's larger globally. And for the first time, the reach of TV streaming has surpassed legacy pay TV in The U.S. for adults 18 to 49. And yet most ad dollars for TV have not moved to streaming yet. Only 18% of ad dollars -- ad spend -- traditional TV ad spend has moved to streaming. Yet almost half of all TV time is streaming. And so it's going to be 100% of ad budgets moving to streaming.

只是為了回顧一下我們在那裡。美國的傳統電視廣告是一個 600 億美元的機會。它在全球範圍內更大。電視流媒體的覆蓋範圍首次超過了美國 18 至 49 歲成年人的傳統付費電視。但大部分電視廣告收入尚未轉向流媒體。只有 18% 的廣告費用——廣告支出——傳統的電視廣告支出已經轉移到流媒體上。然而，幾乎一半的電視時間是流媒體。因此，將 100% 的廣告預算轉移到流媒體上。

So anything that accelerates that trend is also very good for our business model. So just in generally, I think ads as part of streaming services is good for consumers and is good for Roku as well.

因此，任何加速這一趨勢的事情對我們的商業模式也非常有利。所以總的來說，我認為作為流媒體服務一部分的廣告對消費者有好處，對 Roku 也有好處。

And then Steve, if you want to take the second question?

然後史蒂夫，如果你想回答第二個問題？

Yes, sure. Yes. Thanks for the question. So in terms of how do we bridge from solid Q2 performance with revenue up 28%, our Q2 outlook, which is in the same ballpark and then reaffirmation of our view that the full year will be kind of mid-30s revenue-wise. Like we said last quarter, 1 of the factors that's involved here is that the year-over-year comps are easier in the back half of this year. So just as context from 2021, if you remember, revenue in the front half grew roughly 80% in 2021 -- front half of 2021 versus in the back half of 2020, it grew 40%.

是的，當然。是的。謝謝你的問題。因此，就我們如何從穩健的第二季度業績與收入增長 28% 之間架起橋樑而言，我們的第二季度前景處於同一水平，然後重申我們的觀點，即全年收入將在 30 年代中期。就像我們上個季度所說的那樣，這裡涉及的一個因素是今年下半年的同比比較容易。因此，就像 2021 年的情況一樣，如果您還記得的話，前半部分的收入在 2021 年增長了大約 80%——2021 年前半部分與 2020 年後半部分相比，增長了 40%。

So that plus the robust growth we're seeing in the ad business and the relative growth in monetization relative to peers, gives us confidence that, that we're reaffirming that full year guidance. The other thing that we look at is just on a sequential increase basis, those are also in line with historical averages. So we're obviously transitioning through near-term macro headwinds that dwarfed by the overall opportunity. And so we're -- we feel good about the continued growth of Roku and the thesis around the shift to streaming remaining intact.

因此，加上我們在廣告業務中看到的強勁增長以及相對於同行的貨幣化相對增長，讓我們相信，我們正在重申全年的指導。我們看到的另一件事只是在連續增長的基礎上，這些也符合歷史平均水平。因此，我們顯然正在克服與整體機會相形見絀的近期宏觀逆風。因此，我們對 Roku 的持續增長以及圍繞向流媒體轉變的論文保持不變感到滿意。

Your next question comes from Victoria James with D.A. Davidson.

你的下一個問題來自維多利亞詹姆斯與 D.A.戴維森。

So we're getting a lot of questions from our -- from investors on the following, and we would appreciate your thoughts. What's the difference today between the state of SVOD and AVOD markets in the U.S. when it comes to the level of consumer engagement for SVOD specifically? Like have we hit a saturation point when it comes to the number of subscribers for SVOD collectively? And then I've got a follow-up question after that.

因此，我們從以下投資者那裡收到了很多問題，我們將不勝感激。今天，就 SVOD 的消費者參與程度而言，美國 SVOD 和 AVOD 市場的狀況有何不同？就 SVOD 的訂閱者數量而言，我們是否達到了飽和點？然後我有一個後續問題。

Victoria, thanks for the question. This is Anthony. I'll start and then see if Scott has anything to add. First of all, I guess I would just say that, I think it's too early to say anything about saturation of SVOD. I mean, streaming is more popular than ever. It's still growing. It's a large global phenomenon that is still spreading around the world. Roku has 60 million active accounts, but that's still tiny compared to the 1 billion broadband households around the world that are all going to get their TV through streaming.

維多利亞，謝謝你的問題。這是安東尼。我將開始，然後看看 Scott 是否有什麼要補充的。首先，我想我會這麼說，我認為現在談論 SVOD 的飽和度還為時過早。我的意思是，流媒體比以往任何時候都更受歡迎。它還在增長。這是一個巨大的全球現象，仍在世界各地蔓延。 Roku 擁有 6000 萬個活躍帳戶，但與全球 10 億個將通過流媒體收看電視的寬帶家庭相比，這仍然是微不足道的。

So there's still a lot of room to grow and a lot of room for services to continue to expand as the world transitions to streaming. I mean the dynamics are a little bit different in the U.S. versus globally. In the U.S., you've got this dynamic of Pay TV core cutting, consumers moving to streaming and saving money there, as well as having a better TV experience. And I think it's hard to say. I don't think we know yet what's the level of spend that consumers will settle out with on the SVOD services in the U.S.

因此，隨著世界向流媒體過渡，仍有很大的增長空間和很大的服務空間可以繼續擴展。我的意思是美國的動態與全球的動態略有不同。在美國，您可以看到付費電視核心削減的動態，消費者轉向流媒體並在那裡省錢，以及擁有更好的電視體驗。我認為這很難說。我認為我們還不知道消費者在美國 SVOD 服務上的支出水平是多少。

We do know that AVOD services are increasingly becoming popular in terms of like integrating ads into SVOD services and giving consumers a choice of lower prices with ads versus higher prices ad-free. And then all the way to services like the Roku Channel, which are 100% free and completely ad supported, which are very popular with the consumers as well. The Roku Channel is doing extremely well. It's a top 5 channel on our platform by reach, and now it's -- sorry, it's a top 5 app on the Platform by reach and now it's a top 5 app on the Platform by engagement as well.

我們確實知道 AVOD 服務越來越受歡迎，例如將廣告集成到 SVOD 服務中，讓消費者可以選擇有廣告的低價與無廣告的高價。然後一直到像 Roku 頻道這樣的服務，這些服務是 100% 免費且完全支持廣告的，這些服務也很受消費者歡迎。 Roku 頻道的表現非常好。它是我們平台上覆蓋率排名前 5 的渠道，現在它是 - 抱歉，它是平台上覆蓋率排名前 5 的應用程序，現在它也是平台上參與度排名前 5 的應用程序。

It's doing incredibly well for us. But if you look globally about the role of SVOD services, I mean, the way I think about it is streaming SVOD services are kind of the global version of Pay TV. Pay TV is mostly -- was sort of most of the U.S. phenomenon, although there's some Pay TV internationally, but just not a lot, nothing close to in the U.S. But SVOD streaming services are a way for the global market to quickly and easily access a great content selection akin to that of Pay TV, but at a much lower price and a better experience.

它對我們來說非常好。但是，如果您從全球範圍看 SVOD 服務的作用，我的意思是，我認為流媒體 SVOD 服務是付費電視的全球版本。付費電視主要是美國的一種現象，雖然國際上也有一些付費電視，但不是很多，在美國沒有什麼可接近的。但 SVOD 流媒體服務是全球市場快速輕鬆訪問的一種方式類似於付費電視的精彩內容選擇，但價格要低得多，體驗更好。

And so I think actually, there's a huge opportunity around the world, as I think most regions will transition from 100% free TV, which is the way it is in a lot of countries, to a lot of consumers around the world having at least 1 SVOD subscription and maybe more. So just in general, I think the streaming is more popular than ever. There's a large number of TVs around the world that are going to become smart TVs, and we're not anywhere near saturation. But I don't know, Scott, did you want to add something?

所以我認為實際上，世界各地都有巨大的機會，因為我認為大多數地區將從 100% 免費電視（許多國家的方式）過渡到世界各地的許多消費者至少擁有1 個 SVOD 訂閱，甚至更多。所以總的來說，我認為流媒體比以往任何時候都更受歡迎。世界上有大量的電視將成為智能電視，而且我們還沒有接近飽和。但我不知道，斯科特，你想補充什麼嗎？

Yes, yes. I just -- I'd like to double down on that, Victoria. We're nowhere near saturation. We mentioned the shareholder letter that we just crossed the point where streaming can deliver more reach than linear television, 46% of TV time's now on streaming. On our platform, we see 3.8 hours out of a daily diet of almost 8 hours per U.S. household. I mean just everywhere you look, we're nowhere near saturation in terms of consumers moving their television time to streaming.

是的是的。我只是 - 我想加倍努力，維多利亞。我們離飽和還差得很遠。我們提到了一封股東信，我們剛剛越過了流媒體可以提供比線性電視更大的覆蓋範圍，現在有 46% 的電視時間在流媒體上。在我們的平台上，我們看到每個美國家庭每天近 8 小時的飲食中有 3.8 小時。我的意思是，無論你在哪裡看，就消費者將電視時間轉移到流媒體上而言，我們還遠未達到飽和。

And I think if you -- then if you look at the business models of SVOD versus AVOD, we're also not near saturating there. Certainly, there are more mature services, whose growth has slowed down. There are much younger services who are still very much in acquisition mode, and competing, not just with each other, but for the time that's still spent in traditional linear television. We do see that AVOD has and for many years now and by AVOD, I mean, fully ad-supported free like the Roku Channel or ad subsidized with a subscription, that category of apps has consistently been growing faster than SVOD, the pure subscription services, in part for the -- because of the reasons Anthony mentioned earlier, which is that free is a great price or subsidizes a great price. And so consumers are drawn to having more choice ultimately when they can be offered ad supported services. So just definitively say we're nowhere near saturation in terms of consumer appetite for streaming.

而且我認為，如果您 - 如果您查看 SVOD 與 AVOD 的商業模式，我們也沒有接近飽和。當然，還有更成熟的服務，它們的增長已經放緩。有很多年輕的服務仍然處於收購模式，並且不僅相互競爭，而且仍然在傳統的線性電視中花費時間。我們確實看到 AVOD 多年來一直在使用 AVOD，我的意思是，完全免費的廣告支持，如 Roku 頻道或訂閱補貼的廣告，這類應用程序的增長速度一直快於純訂閱服務 SVOD ，部分原因是——因為安東尼前面提到的原因，即免費是一個很大的價格或補貼一個很大的價格。因此，當可以為他們提供廣告支持的服務時，消費者最終會傾向於擁有更多選擇。因此，只需明確地說，就消費者對流媒體的需求而言，我們還遠未達到飽和。

This is -- yes, this is Anthony again. I think it's also important just as you start -- if you're thinking about Roku's business to remember that Roku's business is -- we are a platform that connects content consumers and advertisers. We're not an individual streaming service, but we are seeing across our entire platform, engagement continuing to grow. And as well as, of course, the reach of the platform continuing to grow. And the opportunity is huge, because just like we saw with phones where they consolidate it around a couple of platforms, the way we saw before that with PCs consolidating around a couple of platforms. The same thing is happening with smart TVs. Smart TV platforms like Roku are consolidating to a small number of TV platforms, I think it will end up being 2 or 3.

這是——是的，這又是安東尼。我認為剛開始時也很重要——如果你正在考慮 Roku 的業務，請記住 Roku 的業務是——我們是一個連接內容消費者和廣告商的平台。我們不是一個單獨的流媒體服務，但我們在整個平台上看到，參與度持續增長。當然，平台的覆蓋範圍也在不斷擴大。機會是巨大的，因為就像我們看到手機將其整合到幾個平台上一樣，就像我們之前看到的 PC 圍繞幾個平台整合一樣。智能電視也在發生同樣的事情。像 Roku 這樣的智能電視平台正在整合到少數電視平台，我認為最終會是 2 或 3 個。

And Roku is the #1 TV streaming platform in the U.S. We are now the #1 TV streaming platform in Canada. We're now the #1 TV streaming platform in Mexico. And if you think about that in the future, a world where everyone is -- everyone is using a smart TV, the smart TV is consolidated to 2 or 3 platforms and at hundreds of millions of dollars of subscription and advertising revenue flow through those platforms, mean that's it's a great business. And it's a different business than in a single streaming service.

Roku 是美國排名第一的電視流媒體平台。我們現在是加拿大排名第一的電視流媒體平台。我們現在是墨西哥排名第一的電視流媒體平台。如果你考慮一下未來，每個人都在的世界——每個人都在使用智能電視，智能電視被整合到 2 或 3 個平台，數億美元的訂閱和廣告收入流經這些平台，意味著這是一項偉大的業務。這是一項與單一流媒體服務不同的業務。

And then if I can just sneak in 1 more quick question. Do you have any color on your current thoughts on the importance of both live sports and live news as it relates to Roku?

然後，如果我可以再問一個快速的問題。您當前對與 Roku 相關的體育直播和直播新聞的重要性有何看法？

I'll let -- Scott, do you want to take that?

我會讓--斯科特，你想接受嗎？

Yes, I'll take it. I mean, sports is certainly a key driver for a number of the services on our platform in a key way that some of these services, whether it's Paramount, Peacock, (inaudible) the Olympics, it's an essential instrument, a content type that these services are using to draw viewers into streaming. And in some ways, sports is the last pillar holding the traditional Pay TV bundle together. So as we see that onion peel and more sports become available through streaming services, we'll see continued acceleration of consumers out of traditional Pay TV and linear viewership into streaming.

是的，我會接受的。我的意思是，體育無疑是我們平台上許多服務的關鍵驅動力，其中一些服務，無論是派拉蒙、孔雀、（聽不清）奧運會，它都是必不可少的工具，是這些服務的內容類型服務用於將觀眾吸引到流媒體中。在某些方面，體育是將傳統付費電視捆綁在一起的最後一個支柱。因此，當我們看到洋蔥皮和更多運動通過流媒體服務變得可用時，我們將看到消費者繼續加速從傳統的付費電視和線性收視率轉向流媒體。

News has moved more readily. We've got some great news offerings in the Roku Channel. For example, ABC News, NBC, Reuters, we have a ton of offerings there. They do very well. And then there are stand-alone services as well. I think news has already moved and started to innovate and streaming. Sports is more of a mixed bag with obviously some content still locked up behind more traditional linear services.

新聞更容易傳播。我們在 Roku 頻道提供了一些很棒的新聞。例如，ABC 新聞、NBC、路透社，我們在那裡有大量的產品。他們做得很好。然後還有獨立的服務。我認為新聞已經轉移並開始創新和流媒體。體育更像是一個魚龍混雜的包，顯然一些內容仍然被鎖定在更傳統的線性服務之後。

This is Anthony. I think sports actually is a great example of how Roku as a platform can be valuable to our customers, in the sense that sports rights are incredibly spread out across many different services. And 1 of the important roles we play for our customers is to help them find and discover content across the platform as opposed to like going into every app and looking at what's in that app. So we have tools today like Universal Search. We have things called zones. We have a sports zone. And those kinds of tools we're expanding to make it even easier for consumers to find out where the game they want to watch is playing right now across the thousands of services that are available on Roku as a streaming platform.

這是安東尼。我認為體育實際上是 Roku 作為一個平台如何對我們的客戶有價值的一個很好的例子，因為體育權利在許多不同的服務中令人難以置信地分佈。我們為客戶扮演的重要角色之一是幫助他們在整個平台上查找和發現內容，而不是像進入每個應用程序並查看該應用程序中的內容。所以我們今天有像通用搜索這樣的工具。我們有一些叫做區域的東西。我們有一個運動區。我們正在擴展這些工具，讓消費者更容易在 Roku 作為流媒體平台提供的數千種服務中找到他們想要觀看的遊戲現在在哪裡玩。

And your next question comes from Barton Crockett with Rosenblat Securities.

您的下一個問題來自羅森布拉特證券公司的巴頓克羅克特。

I wanted to ask a follow-up on the discussion about the environment and then a related question. In terms of -- just to dive into this, Netflix obviously is the dominant streamer in the area where you're dominant. They've hit a wall. They're losing some subscribers. You guys are still growing accounts, growing hours. Where is the incremental usage coming from and it's not going into Netflix? I was wondering if you could talk about, is that going into AVOD or the new subscription services? Or just some color about what you're seeing there would be helpful.

我想問一個關於環境的討論的後續問題，然後是一個相關的問題。就 - 只是為了深入研究這一點，Netflix顯然是你主導領域的主導流媒體。他們碰壁了。他們正在失去一些訂戶。你們仍在增加帳戶，增加時間。增量使用來自哪裡，而不是進入 Netflix？我想知道你是否可以談談，是進入 AVOD 還是新的訂閱服務？或者只是對您所看到的內容進行一些顏色會有所幫助。

Sure. This is Anthony, I'll start, and then Scott probably could add. Generally, what we're seeing -- if you look at -- you look at Roku as a platform, there's lots of different services that consumers can select to stream from. Streaming has never been more popular. The viewers have just a tremendous number of options. And so -- and that's causing overall engagement across our platform to grow. Any particular service might be going up or down or whatever has some specific dynamics, but in aggregate, we're seeing streaming grow.

當然。這是安東尼，我先開始，然後斯科特可能會補充。一般來說，我們所看到的——如果你看的話——你將 Roku 視為一個平台，消費者可以選擇從中流式傳輸許多不同的服務。流媒體從未如此流行。觀眾只有大量的選擇。所以 - 這導致我們平台上的整體參與度增長。任何特定的服務都可能會上升或下降，或者任何具有特定動態的東西，但總的來說，我們看到流媒體正在增長。

We've talked about the stat that if you look at the number of hours viewed by a typical household in the U.S., which is about 8, and you compare that to Roku's hours, we're about half of that. So there's -- and that's because consumers are using other ways of watching TV besides just streaming, but they're switching more and more and more of their time to streaming, and so that's causing streaming hours overall to grow.

我們已經討論過這個統計數據，如果你看看美國一個典型家庭的觀看時間約為 8 小時，然後將其與 Roku 的小時數進行比較，我們大約是這個數字的一半。所以有 - 那是因為消費者正在使用除了流媒體之外的其他方式觀看電視，但他們將越來越多的時間轉移到流媒體上，這導致流媒體播放時間整體增長。

As far as different kinds of categories, I mean, AVOD, ad-supported content, is a fast-growing category on our platform. The Roku Channel is doing extremely well, because it's free. And the quality of the content is getting better and better. Everything from that catalog content all the way up to Roku originals and everything in between, we did an output deal with Lionsgate recently for movies. We signed a deal recently with A&E to access some of their content. So ad supported content is growing, but that's why content is strong as well. There's just lots of -- there's lots of services. So I don't know, Scott, do you have anything you want to add?

至於不同種類的類別，我的意思是，AVOD，廣告支持的內容，是我們平台上一個快速增長的類別。 Roku 頻道做得非常好，因為它是免費的。而且內容的質量越來越好。從目錄內容一直到 Roku 原件以及介於兩者之間的所有內容，我們最近與 Lionsgate 就電影進行了輸出交易。我們最近與 A&E 簽署了一項協議，以訪問他們的一些內容。因此，廣告支持的內容正在增長，但這也是內容強大的原因。有很多——有很多服務。所以我不知道，Scott，你有什麼要補充的嗎？

No. I mean just yes, just simply the offer keeps getting better for consumers. We just see such a substantial investment in the services and the content that's going into them, that the appeal of what you can get on streaming just continues to get better and better. And with advertising, it opens up more price points and more accessibility to more consumers, that's ultimately, Barton, the thing that's driving incremental streaming consumption.

不，我的意思是肯定的，只是對消費者來說，優惠越來越好。我們只是看到對服務和進入其中的內容進行瞭如此大的投資，以至於您可以在流媒體上獲得的吸引力繼續變得越來越好。通過廣告，它為更多消費者開闢了更多的價格點和更多的可及性，這最終是巴頓，推動了流媒體消費的增長。

Yes. I mean, just for our viewers the golden age of TV. I mean there's just so many different options, so much competition, that just didn't happen before, between content providers for viewers. And so viewers have lots of options, it's getting better all the time for them. And then for services and for Roku as a platform, that competition is good for our business, because we provide a lot of tools that allow viewers to find content. I was talking about like searching across the platform, but -- and those kinds of user interfaces provide opportunities for us to put promotional impressions or ads, which we make money on.

是的。我的意思是，對於我們的觀眾來說，電視的黃金時代。我的意思是，觀眾的內容提供商之間有很多不同的選擇，如此多的競爭，這是以前從未發生過的。所以觀眾有很多選擇，對他們來說一直在變得更好。然後對於服務和作為平台的 Roku，這種競爭對我們的業務有好處，因為我們提供了很多工具讓觀眾可以找到內容。我說的是跨平台搜索，但是——這些類型的用戶界面為我們提供了投放促銷印像或廣告的機會，我們可以藉此賺錢。

And then we have lots of tools to allow content providers to build audience to -- everything from billing to promotion, and just other ways for them to build audience. So just for our business, the competition that's happening in streaming is good and for viewers is good as well.

然後我們有很多工具可以讓內容提供商建立觀眾——從計費到促銷，以及他們建立觀眾的其他方式。因此，就我們的業務而言，流媒體中發生的競爭是好的，對觀眾來說也是好的。

Okay. And then just 1 other kind of topic that I wanted to address quickly, if I could, the consolidation of services. So obviously, top of mind was Warner Bros. Discovery. And I'm just curious about what happens -- what -- you can talk about the contractual circumstances of consolidation to the extent that if 1 big service is buying a smaller service, is it like we see in TV where the smaller service gets on the bigger services, more favorable economics. If 2 networks are combined, is that just the loss of revenue from 1 of the networks or is there something different in your model that protects you somewhat? I was wondering if you could discuss.

好的。然後，如果可以的話，我想快速解決另一種主題，即服務整合。很明顯，最重要的是華納兄弟的發現。我只是好奇會發生什麼——什麼——你可以談論合併的合同情況，如果一項大型服務正在購買一項較小的服務，是否就像我們在電視中看到的那樣，小型服務開始運作更大的服務，更有利的經濟。如果合併 2 個網絡，那僅僅是其中 1 個網絡的收入損失，還是您的模型中有一些不同的東西可以在一定程度上保護您？我想知道你是否可以討論。

Scott can take that question.

斯科特可以回答這個問題。

Yes. Barton, what I'd say is that, back to Anthony's earlier point, our role as a platform is to help these services get in front of consumers to drive consumption. And so in general, we're in favor of any development, whether it's the launch of new ad-supported business models or the merger of companies that ensures that these companies can continue to bring bigger and better services to our consumers. I won't comment specifically on our deals or relationships with Warner before the merger or Discovery, except to say we have deep enduring relationship with both parties. We expect it to continue afterwards. We've just launched discovery+ inside the Roku Channel.

是的。巴頓，我想說的是，回到安東尼之前的觀點，我們作為一個平台的角色是幫助這些服務走在消費者面前，推動消費。所以總的來說，我們支持任何發展，無論是推出新的廣告支持的商業模式，還是合併公司，以確保這些公司能夠繼續為我們的消費者帶來更大、更好的服務。在合併或發現之前，我不會具體評論我們與華納的交易或關係，只是說我們與雙方都有深厚的持久關係。我們預計它會在之後繼續。我們剛剛在 Roku 頻道內推出了 discovery+。

I'm very excited about the potential there to deliver for our consumers, a great experience and extend the audience that Warner Bros. Discovery can reach with discovery+ through the Roku channel. We've got a robust relationship with both sides of the house in terms of marketing their content and services to our users. So in general, a robust competitive ecosystem is good for us as a platform.

我對華納兄弟的 Discovery 可以通過 Roku 頻道的 Discovery+ 為我們的消費者提供出色的體驗和擴大受眾的潛力感到非常興奮。在向我們的用戶營銷他們的內容和服務方面，我們與房子的雙方建立了穩固的關係。所以總的來說，一個強大的競爭生態系統對我們作為一個平台是有好處的。

Yes. And I would say -- I'd just add that actually -- I mean, the number of content services and the amount of content available through streaming is growing. What -- I think the consolidation that's happening is around existing media companies consolidating to build better streaming services. But those are generally new streaming services that didn't exist before.

是的。我會說——我實際上只是補充一下——我的意思是，內容服務的數量和通過流媒體提供的內容數量正在增長。什麼——我認為正在發生的整合是圍繞現有的媒體公司整合以建立更好的流媒體服務。但這些通常是以前不存在的新流媒體服務。

And your next question comes from Shweta Khajuria with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Let me try a few, please. One, can you please comment on the supply chain headwinds currently and when you think you'll start to see the headwinds sort of dissipate? Perhaps are you seeing that already? Where are you right now versus what you saw earlier in the year? That's question one.

請讓我試幾個。一，您能否評論一下當前的供應鏈逆風，以及您認為何時會開始看到逆風消散？也許你已經看到了？與今年早些時候看到的情況相比，你現在在哪裡？那是問題一。

Second is, possible to comment on the overall ad environment. The demand trends that you're seeing right now, there have been conflicting -- there has been conflicting commentary from some of the other companies that have already reported on brand spend and perhaps potential weakness in brand spend, but you are reiterating your full year guidance for top line growth. So just talk to the demand trends that you're seeing for brand spend, especially.

其次，可以對整體廣告環境進行評論。您現在看到的需求趨勢存在矛盾——其他一些公司已經報告了品牌支出以及品牌支出可能存在潛在弱點的評論相互矛盾，但您正在重申您的全年對收入增長的指導。因此，只需談談您所看到的品牌支出需求趨勢，尤其是。

And then finally, just if you could talk about gross margins for Platform revenue -- for your Platform segment as we think about the rest of the year, that would be great.

最後，如果你能談談平台收入的毛利率——對於我們認為今年剩餘時間的平台細分市場，那就太好了。

So Steve can take the first question on supply chain. Scott will take the second question on the overall ad environment. And then I guess Steve can also take the gross margin question.

所以史蒂夫可以回答關於供應鏈的第一個問題。 Scott 將回答關於整體廣告環境的第二個問題。然後我猜史蒂夫也可以回答毛利率問題。

Yes. So, yes, in terms of -- I'll talk about the supply chain impact mainly on the account acquisition side, and we can talk about -- Scott can chime in with some commentary on the monetization side. Yes, the situation is similar to last couple of quarters. So if you remember, starting in Q3, Q4 and now into Q1, we've had dealing with similar situations where we've got continued elevated pricing in terms of components as well as some availability challenges and then the kind of shipping and logistics costs and delays there.

是的。所以，是的，就 - 我將主要談談對帳戶獲取方面的供應鏈影響，我們可以談談 - 斯科特可以在貨幣化方面發表一些評論。是的，情況與前幾個季度相似。因此，如果您還記得，從第三季度、第四季度到現在到第一季度，我們已經處理過類似的情況，我們在組件方面的價格持續上漲，以及一些可用性挑戰，然後是運輸和物流成本和那裡的延誤。

Some of those portions have come off their all-time highs that we've seen, but in general, costs remain elevated. The Roku team is doing a great job of being nimble in terms of alternate sourcing and doing some reworking to make sure that we have availability on the Player side. But in general, the situation is fairly similar in terms of the impacts of the TV industry and then how that impacts kind of our unit sales.

其中一些部分已經脫離了我們所看到的歷史最高點，但總的來說，成本仍然很高。 Roku 團隊在替代採購方面做得非常靈活，並進行了一些返工以確保我們在玩家方面有可用性。但總的來說，就電視行業的影響以及這如何影響我們的單位銷售而言，情況非常相似。

So on the TV side, similar to the last couple of quarters, we can see that these elevated pricing of new TVs is causing the overall size of the market in terms of the units sold to be down, and they're still down below 2019 pre-COVID level. So that's definitely a headwind for the industry as well as our TV partners. The good news is that our market share has actually gone up sequentially. So as we have inventory availability that's good with our partners. That has gone well.

因此，在電視方面，與過去幾個季度類似，我們可以看到，新電視的這些高價正在導致市場整體規模（以售出單位計）下降，但仍低於 2019 年新冠病毒前水平。因此，這絕對是該行業以及我們的電視合作夥伴的逆風。好消息是我們的市場份額實際上已經連續上升。因此，由於我們的合作夥伴有很好的庫存可用性。那進展順利。

We're still the #1 TV OS out there in North America. And we continue to compete well on that despite the headwinds on the TV side. On the Player side, similar to the last couple of quarters as well, what we've been doing is using our scale, our relationships and the flexibility to go ahead and absorb the price increases. Our increase in ARPU gives us more flexibility. And like I said, the supply chain and operations team has done a good job of keeping that. So the Player unit sales, while they're down year-over-year, in part due to a tough comp based on the stimulus payments last year, what you're seeing is that they remain above 2019 pre-COVID levels.

我們仍然是北美排名第一的電視操作系統。儘管電視方面存在逆風，但我們繼續在這方面競爭良好。在玩家方面，與過去幾個季度類似，我們一直在做的是利用我們的規模、我們的關係和靈活性來繼續吸收價格上漲。 ARPU 的增加為我們提供了更大的靈活性。就像我說的，供應鍊和運營團隊在保持這一點方面做得很好。因此，儘管 Player 的單位銷售額同比下降，部分原因是基於去年的刺激支付的艱難補償，但您所看到的是它們仍高於 2019 年 COVID 之前的水平。

So that's kind of the impact. In terms of how long that will continue, we think that situation will be similar. That's what we talked about in our outlook for Q2, that at least in the short term, those conditions will persist. And certainly, there's a lot of uncertainty out there, not only around the supply chain, but continued pandemic impacts, especially in China as well as knock-on effects from the war in Ukraine. So Scott, maybe turn it over to you on the ad side?

所以這就是一種影響。至於這種情況會持續多久，我們認為情況會類似。這就是我們在第二季度展望中談到的，至少在短期內，這些情況將持續存在。當然，存在很多不確定性，不僅圍繞供應鏈，還有持續的流行病影響，尤其是在中國，以及烏克蘭戰爭的連鎖反應。所以斯科特，也許在廣告方面把它交給你？

Yes, Shweta, on the ad side, yes, absolutely, there's still some uncertainty out there. There are certain verticals that are more affected by supply chain than others. But we're still putting up very robust growth for the ad business, and that's largely because we're still early in the movement of budgets into streaming. In the shareholder letter, we cited 46% of time spent in stream, but only 18% of ad budgets being spent. For us, that translates into, hey, are we going to be able to grow this account 100% year-over-year or 40% or 50% year-over-year. Our per account spending is up 50% year-over-year, and we see significant increased commitments across every 1 of our segments, our large customer segment, our growth performance segment, our M&E segment.

是的，Shweta，在廣告方面，是的，當然，仍然存在一些不確定性。某些垂直行業比其他垂直行業更容易受到供應鏈的影響。但我們仍在為廣告業務提供非常強勁的增長，這主要是因為我們仍處於將預算轉移到流媒體的早期階段。在股東信中，我們引用了 46% 的時間花在流媒體上，但只花費了 18% 的廣告預算。對我們來說，這意味著，嘿，我們將能夠使該帳戶同比增長 100% 還是同比增長 40% 或 50%。我們的每個賬戶支出同比增長 50%，我們看到每個細分市場、我們的大客戶細分市場、我們的增長績效細分市場、我們的 M&E 細分市場的承諾顯著增加。

So the uncertainty does affect us, but the magnitude of the shift is still very substantial. We're still putting up very substantial growth figures. And we're going into the upfront next week. It's our first live upfront. We're excited about it, rolling out a bunch of great new content offerings, great new ad product, innovations, and we're bullish about our ability to drive yet further substantial commitments for the ad business.

因此，不確定性確實會影響我們，但轉變的幅度仍然很大。我們仍在提供非常可觀的增長數據。我們將在下週進行前期工作。這是我們第一次現場直播。我們對此感到興奮，推出了一系列出色的新內容產品、出色的新廣告產品、創新，並且我們看好我們為廣告業務推動進一步實質性承諾的能力。

Yes. And then on the gross margin per platform, so in the quarter, platform gross margin was about 59%. That was down roughly 8 points year-over-year relative to Q1, 2021. The primary difference there is, it reflects the shift towards the advertising -- video advertising. If you remember, in Q1 of 2021, we had extremely strong performance from M&E and content distribution sides of the business related to new or recently -- new streaming services. So that was a higher mix, and those are very high-margin parts of monetization. So that change reflects the overall move toward video advertising.

是的。然後是每個平台的毛利率，所以在本季度，平台毛利率約為 59%。與 2021 年第一季度相比，同比下降了大約 8 個百分點。主要區別在於，它反映了向廣告——視頻廣告的轉變。如果您還記得，在 2021 年第一季度，我們在與新的或最近的新流媒體服務相關的 M&E 和內容分發方面的表現非常強勁。所以這是一個更高的組合，這些都是盈利的高利潤部分。因此，這種變化反映了向視頻廣告的整體轉變。

And then we mentioned as part of our outlook, kind of a similar overall company gross margin to what we had this quarter, and that reflects that kind of continued mix of video advertising.

然後我們在展望中提到，公司的整體毛利率與本季度相似，這反映了視頻廣告的持續組合。

Your next question comes from Ralph Schackart with William Blair.

您的下一個問題來自 Ralph Schackart 和 William Blair。

Scott and Anthony, a couple of times you've referenced in this call and others about the 18% of ad budgets that have shifted to the streaming and on this call, we're talking about 46% of consumers streaming time occurring in the streaming environment. I know the macro is tough. But what are the conditions do you think that you would need, let's say, we finally get through this macro tunnel to sort of accelerate that shift?

Scott 和 Anthony，您曾多次在本次電話會議和其他人中提到 18% 的廣告預算已轉移到流媒體，在本次電話會議中，我們談論的是 46% 的消費者流媒體時間發生在流媒體中環境。我知道宏很難。但是你認為你需要什麼條件，比如說，我們最終通過這條宏觀隧道來加速這種轉變？

And maybe another question to ask is, if you're not allocating larger budgets of streaming today, what is the holdup? Is it just that TV is sort of established and has more predictable measurement capabilities? But just sort of provide some color along that question would be helpful.

也許另一個要問的問題是，如果您今天不分配更多的流媒體預算，那麼阻礙是什麼？僅僅是電視已經成熟並且具有更可預測的測量能力嗎？但只是在這個問題上提供一些顏色會有所幫助。

Ralph, this is Anthony. I'll take it from my point of view, and then I'm sure Steve probably has a better answer. But I just think the big issue is just people take a while to change behaviors. TV buyer, ad buyers have been buying ads a certain way for a long time. They understand it. And the percent of TV ad budgets that were spent on streaming, I mean not long ago, it was a lot smaller. The gap was even bigger. So the gap is starting to close. I think really what it is, is just time.

拉爾夫，這是安東尼。我會從我的角度來看，然後我確信史蒂夫可能有一個更好的答案。但我只是認為最大的問題是人們需要一段時間來改變行為。電視買家，廣告買家長期以來一直以某種方式購買廣告。他們理解它。而花在流媒體上的電視廣告預算百分比，我的意思是不久前，它要小得多。差距就更大了。所以差距開始縮小。我認為它是什麼，只是時間。

I mean, the other thing to kind of accelerate -- will accelerate things as in the past, is any time there's macroeconomic stresses on businesses, then they start to get more serious about how they should be efficiently spending their money. But I think this is just something we've seen before in other industries. The transition of ad dollars to mobile, for example, took a lot longer than it took for viewers to shift to mobile, but eventually, it catches up. I don't know, Scott, did you have anything else to add?

我的意思是，另一件要加速的事情 - 將像過去一樣加速事情，即任何時候企業面臨宏觀經濟壓力，然後他們開始更加認真地考慮應該如何有效地花錢。但我認為這只是我們以前在其他行業看到的情況。例如，廣告資金向移動設備的轉變比觀眾轉向移動設備所用的時間要長得多，但最終還是迎頭趕上了。我不知道，斯科特，你還有什麼要補充的嗎？

I mean it's happening, it's just inertia. As Anthony said, it's a big industry with a lot of players, a lot of strategies, but it's happening and the CTV ad segment is the fastest-growing segment among all media, all advertising segments. So I think we'll continue to see acceleration just because this year amount of money is still locked up in linear television.

我的意思是它正在發生，它只是慣性。正如安東尼所說，這是一個有很多參與者、很多策略的大行業，但它正在發生，CTV 廣告部分是所有媒體、所有廣告部分中增長最快的部分。因此，我認為我們將繼續看到加速增長，因為今年的資金仍被鎖定在線性電視中。

And if you think about ad growth generally from Roku's business point of view, there's a shift of traditional TV ad dollars to streaming in The United States. In the rest of the markets around the world, Roku is much more focused at this point in the life cycle on building active accounts. And we barely started monetization. We just recently, in Mexico, launched ad sales, but almost no ad monetization in the rest of the world. That's also going to be -- I mean the whole world is going to switch to streaming and all TV advertising switch to streaming.

如果你從 Roku 的業務角度來考慮廣告增長，傳統的電視廣告收入正在轉向美國的流媒體。在全球其他市場中，Roku 在生命週期的這一點上更加專注於建立活躍賬戶。我們才剛剛開始盈利。我們最近在墨西哥推出了廣告銷售，但在世界其他地區幾乎沒有廣告貨幣化。這也將是 - 我的意思是整個世界都將轉向流媒體，所有電視廣告都將轉向流媒體。

And the other big pool of ad dollars that I think is not fully tapped into yet is performance-based advertising or the kinds of ad dollars that are spent on digital advertising. I mean, if you look at traditional TV advertising, it was Nielsen demographics. It was -- there was no way to directly measure how effective your ad is. In the case of connected TV, in the case of Roku specifically, we've invested a lot in our ad stack over the years. And we have a very high quality, high tech, big data, targeted, measurement, performance based advertising stack.

我認為尚未充分利用的另一大廣告資金池是基於效果的廣告或用於數字廣告的各種廣告資金。我的意思是，如果你看一下傳統的電視廣告，那是尼爾森的人口統計數據。是的——沒有辦法直接衡量你的廣告的效果。對於聯網電視，特別是 Roku，這些年來我們在廣告堆棧上投入了大量資金。我們擁有非常高質量、高科技、大數據、有針對性、可衡量、基於績效的廣告堆棧。

And so we are starting to see performance-based advertisers and digital advertisers starting to move to our platform, and there's a lot of room to grow that as well.

因此，我們開始看到基於績效的廣告商和數字廣告商開始轉向我們的平台，而且還有很大的增長空間。

Your next question comes from Steven Cahall with Wells Fargo.

您的下一個問題來自富國銀行的 Steven Cahall。

Maybe first, I think that platform ARPU in the quarter was up around 20%. The hours per account were down a little bit. I know it's a really tough comp as there was still some lockdowns going on last year. But nonetheless, I was wondering if you could just maybe help us deconstruct that ARPU a little bit. So it seems like either you got really good pricing or maybe you had some content sales or other bounties that you might have had in the quarter. So I'd love to get a little more color on just ARPU. And then, Anthony, I got a quick follow-up for you.

也許首先，我認為本季度平台 ARPU 增長了 20% 左右。每個帳戶的小時數減少了一點。我知道這是一場非常艱難的比賽，因為去年仍然有一些封鎖。但儘管如此，我想知道你是否可以幫助我們稍微解構 ARPU。因此，您似乎獲得了非常好的定價，或者您可能在本季度獲得了一些內容銷售或其他賞金。所以我很想在 ARPU 上獲得更多的色彩。然後，安東尼，我為你做了一個快速的跟進。

Okay. Well, actually, ARPU was $43 in the quarter, up 34% year-over-year. But Steve, I don't know if you want to add any more color to that?

好的。嗯，實際上，該季度的 ARPU 為 43 美元，同比增長 34%。但是史蒂夫，我不知道你是否想給它添加更多顏色？

Yes, you're right. Yes. So for trailing 12 months, roughly $43, up 34% year-over-year. Yes, we continue to see great progress on monetization. That's obviously the 3 big parts of that are the advertising business, the content distribution, revenue shares as well as the media and entertainment spend. And so from a year ago, we've seen a shift more to the video ad business, but all 3 aspects of that have been making good progress, and we continue to innovate on the ad side and obviously have our Upfront coming up next week, where we'll announce even more. And then we continue to see good progress partnering with the content publishers on content distribution revenues and media and entertainment.

你是對的。是的。因此，在過去的 12 個月中，大約 43 美元，同比增長 34%。是的，我們繼續看到貨幣化的巨大進步。這顯然是廣告業務、內容分發、收入分成以及媒體和娛樂支出的三大部分。因此，從一年前開始，我們看到視頻廣告業務發生了更多轉變，但這三個方面都取得了良好的進展，我們繼續在廣告方面進行創新，顯然我們的前期工作將於下週推出，我們將在其中宣布更多信息。然後，我們繼續看到與內容髮行商在內容分發收入以及媒體和娛樂方面的合作取得良好進展。

So those -- that ARPU is not necessarily directly correlated with the streaming hours. As you mentioned, streaming hours on an active account per day -- streaming hours per day is a little bit down year-over-year, but that still is a bit of a difficult comp just given where we were in the COVID and lockdown cycle a year ago. We feel pretty good about how that's been growing over time, minus some of the demand blips in the lockdown phases. But just a reminder, that's still roughly half of the average U.S. TV household in terms of their total time viewing.

所以那些 - ARPU 不一定與流媒體時間直接相關。正如您所提到的，活躍帳戶每天的流媒體播放時間 - 每天的流媒體播放時間同比略有下降，但考慮到我們在 COVID 和鎖定週期中所處的位置，這仍然是一個困難的比較一年前。我們對隨著時間的推移如何增長感到非常滿意，減去了鎖定階段的一些需求。但提醒一下，就其總觀看時間而言，這仍然大約是美國普通電視家庭的一半。

So there's a lot more opportunity on both the engagement side with streaming hours as well as on the ARPU potential.

因此，在流媒體時間的參與方面以及 ARPU 潛力方面都有更多的機會。

And then, Anthony, I mean, you seem really convicted on this notion of operating systems, consolidating down to just a couple of players. Yesterday, there was the announcement by Comcast and Charter that they're going into this market in a little more aggressive way than they had been in the past. So I guess, how do you kind of think about the risk that, that market rationalization takes quite a long time? It's obviously baked into a lot of your investment guidance for the year. So when do you kind of think we might be coming through to that rationalization where you might enjoy stronger economics?

然後，安東尼，我的意思是，你似乎真的對操作系統這個概念深信不疑，合併到只有幾個玩家。昨天，康卡斯特和查特宣布他們將以比過去更積極的方式進入這個市場。所以我想，你如何看待市場合理化需要很長時間的風險？它顯然已經融入了你今年的許多投資指導中。那麼，您認為我們什麼時候可能會實現合理化，您可能會享受更強的經濟性？

Well, I think -- so if you just think about competition for a second, we've got over 60 million active accounts and growing fast. We're the #1 TV selling operating system in The United States. I mean, a few years ago, Roku TVs didn't even exist. Now we're the #1 selling TV OS in the country. And we gained -- our growth in TV program gained market share sequentially quarter-over-quarter in the latest quarter. So every region we compete in, active accounts are growing, and we've been competing effectively against big, strong companies for years. We compete with Google, compete with Amazon, and we compete effectively.

好吧，我想——所以如果你只考慮一下競爭，我們有超過 6000 萬個活躍賬戶並且增長迅速。我們是美國排名第一的電視銷售操作系統。我的意思是，幾年前，Roku 電視甚至都不存在。現在我們是全國銷量第一的電視操作系統。我們獲得了——我們在電視節目中的增長在最近一個季度環比增長了市場份額。因此，我們競爭的每個地區，活躍賬戶都在增長，多年來我們一直在與強大的大公司進行有效競爭。我們與穀歌競爭，與亞馬遜競爭，我們有效地競爭。

And the reason we win in these markets is because where -- we built the only purpose-built operating system for TV. We're incredibly focused on streaming, it's all we do. And we've got a great team. And our [A team] comes to work every day to build the best streaming products in the business. The way we grow active accounts, we sell streaming players, and we sell -- we sell licensed Roku TVs or we don't sell them, but Roku TVs are in the market, which we license. And both of those are -- both TVs and streaming players are critical strategic assets for us in terms of growing our active accounts. If you look at our competitors, there's competitors that only do TVs and then there's competitors that do both players and TVs, but they're really strong in only 1 or the other, whereas 1 of the key things about Roku's success is we're very strong in both streaming players and smart TVs.

我們在這些市場中獲勝的原因是因為我們為電視構建了唯一的專用操作系統。我們非常專注於流媒體，這就是我們所做的一切。我們有一個很棒的團隊。我們的 [A 團隊] 每天都在工作，以打造業內最好的流媒體產品。我們增加活躍賬戶的方式，我們銷售流媒體播放器，我們銷售——我們銷售許可的 Roku 電視，或者我們不銷售它們，但 Roku 電視在市場上，我們獲得許可。這兩者都是——電視和流媒體播放器都是我們增加活躍賬戶的關鍵戰略資產。如果你看看我們的競爭對手，有隻做電視的競爭對手，也有做播放器和電視的競爭對手，但他們真的很強大，只有一個或另一個，而 Roku 成功的關鍵之一是我們是在流媒體播放器和智能電視方面都非常強大。

Both of those assets are doing well for us. So I think if you just -- in terms of why is it going to continue to consolidate, it's because the amount of money that goes into building a competitive TV streaming platform is very large and growing. I mean we're funneling all a big chunk of our gross profit back into building the strength of our platform. It's very hard for -- certainly for a new player. Like it's hard for you to imagine how they're going to be successful given the long number of years that we've invested in our platform and our competitors have as well.

這兩項資產對我們來說都做得很好。所以我認為，如果你只是 - 就它為什麼會繼續整合而言，那是因為用於建立一個有競爭力的電視流媒體平台的資金量非常大並且還在增長。我的意思是，我們正在將大部分毛利潤重新用於建立我們平台的實力。這對於新玩家來說是非常困難的。鑑於我們已經在我們的平台上投資了多年，我們的競爭對手也有這麼多年的投資，你很難想像他們將如何取得成功。

But also just you have to amortize that cost across a larger and larger installed base to be competitive. Scale is super important. So it's the exact same phenomenon. I mean in PCs, there used to be lots of different PC operating systems. In phones, there used to be lots of different phone software stacks. Now there's only a couple. The same thing is happening in TVs.

但也只是你必須在越來越大的安裝基礎上分攤成本才能具有競爭力。規模非常重要。所以這是完全相同的現象。我的意思是在個人電腦中，曾經有很多不同的個人電腦操作系統。在手機中，曾經有很多不同的手機軟件堆棧。現在只有一對。同樣的事情也發生在電視上。

Our last question comes from Vasily Karasyov with Cannonball.

我們的最後一個問題來自 Cannonball 的 Vasily Karasyov。

I have a quick one and then a more substantial one. The quick one. Can you please tell us how fast they monetized with ad impressions growing the quarter? I'm sorry if I missed it in the letter. And then my second question is about your relationships with major apps that were launched in recent years and how they evolve over time?

我有一個快速的，然後是一個更充實的。快的那個。您能否告訴我們他們在本季度廣告展示次數增長的情況下獲利的速度有多快？如果我在信中遺漏了它，我很抱歉。然後我的第二個問題是關於您與近年來推出的主要應用程序的關係以及它們如何隨著時間的推移而發展？

So if I look at your disclosures, they show that spending by your biggest platform customer grew 39% last year after a significant growth in 2020. So obviously, relationships grow in years after an app launches. So can you give us some color on how the revenue mix changes over time between distribution revenue and M&E?

因此，如果我查看您的披露，它們顯示您最大的平台客戶的支出在 2020 年顯著增長後，去年增長了 39%。很明顯，關係在應用程序發布後的幾年內增長。那麼，您能否就分銷收入和 M&E 之間的收入組合如何隨時間變化而給我們一些顏色？

And then speaking of M&E, how do you see the M&E revenue dynamic change as an app goes from the initial subscriber acquisition phase to churn control and subscriber retention?

然後談到 M&E，您如何看待 M&E 收入的動態變化，因為應用程序從最初的用戶獲取階段到流失控制和用戶保留階段？

Steve? You are muted.

史蒂夫?你被禁言。

Vasily, just in terms of Roku monetized video impression, we didn't denote a specific number on that. Obviously, the ad business continues to grow. And as we said, we're mixing more into the video ad business. In terms of kind of the rev mix between content distribution, M&E, I'll give some thoughts and then Scott can give more color on the dynamics there. But what we see over time is certainly, we talked about the shift from last year into video advertising. So that's becoming a bigger mix of the platform overall.

Vasily，僅就 Roku 貨幣化視頻展示次數而言，我們沒有指明具體數字。顯然，廣告業務繼續增長。正如我們所說，我們正在更多地融入視頻廣告業務。就內容分發、M&E 之間的轉速組合而言，我會給出一些想法，然後 Scott 可以對那裡的動態提供更多色彩。但隨著時間的推移，我們看到的肯定是，我們談到了從去年開始轉向視頻廣告。因此，這正在成為整個平台的更大組合。

But when you think about the kind of revenue specific to the content publishers, we obviously had a situation late 2020, early 2021, where you had a lot of new services, a lot of especially legacy media companies who were pivoting their focus towards streaming. That was very helpful in terms of short-term revenues related to the launch of those services. But what you really see is that we have the most engaged audience. We have significant reach with our 60-plus million active accounts. And we have industry-leading tools to help them grow their business.

但是，當您考慮特定於內容髮布商的那種收入時，我們顯然在 2020 年末、2021 年初遇到了這樣一種情況，您有很多新服務，尤其是許多傳統媒體公司，他們將重點轉向流媒體。這對於與推出這些服務相關的短期收入非常有幫助。但你真正看到的是我們擁有最投入的觀眾。我們擁有 60 多個活躍賬戶，影響力巨大。我們擁有行業領先的工具來幫助他們發展業務。

And then increasingly, what's important is that they will need to drive engagement and retention of those account bases. And so that's the shift that you're seeing in terms of spending specifically on the M&E side. So we've been sort of moving that business for a long time even before some of the players that have reoriented that way, where that's all going. They're going to have large bases, they -- my analogy is the need -- many of them need to start thinking like scale wireless carriers in terms of focusing just as much on the engagement and retention as they've historically focused on building new subscriber basis.

然後越來越重要的是，他們需要推動這些客戶群的參與和保留。這就是您在 M&E 方面的支出方面所看到的轉變。所以我們已經在很長一段時間內轉移了這項業務，甚至在一些以這種方式重新定位的玩家之前，這一切都將發生。他們將擁有龐大的基礎，他們——我的類比是需要——他們中的許多人需要像規模無線運營商一樣開始思考，就像他們過去一直專注於建立一樣關注參與度和留存率新訂戶基礎。

So would it be fair to say that an app can spend more in the second year after launch with you than in the year when they launch?

那麼，一個應用程序在發布後的第二年可以比發佈時花費更多，這是公平的嗎？

This is Scott here. I mean what I'd say is that our -- generally, our relationship with these app partners deepens over time. And it's not just a function of their marketing, their M&E spend with us, it's multifaceted. It's buttons. It's revenue shares from their subscription services. It's collaboration on advertising. It's marketing trades between the companies. When we keep getting bigger as a platform, we keep improving our tool set and the partners look to us, especially after they get live and they see the performance of our platform in terms of the ratio of new subscribers and engagement that we can drive relative to other platforms. They tend to lean in and engage more deeply with us, not just monetarily, but strategically.

這是斯科特在這裡。我的意思是我要說的是，我們與這些應用程序合作夥伴的關係通常會隨著時間的推移而加深。這不僅僅是他們的營銷功能，他們與我們的 M&E 支出，它是多方面的。是按鈕。這是他們訂閱服務的收入份額。是廣告合作。這是公司之間的營銷交易。當我們作為一個平台不斷擴大規模時，我們會不斷改進我們的工具集，合作夥伴也會關注我們，尤其是在他們上線之後，他們看到了我們平台在新訂戶比例和我們可以推動的參與度方面的表現到其他平台。他們傾向於更深入地與我們互動，不僅僅是金錢上的，而是戰略上的。

We just announced the dynamic linear ad beta work that we're doing with Discovery Paramount, AMC Crown. There'll be more to come. It's just an example of where there's yet another lane to collaborate with these big partners on. I think you're also probing the M&E category itself. And yes, generally, partners do increase their spend over time. And it's not just for user acquisition. Even as partners hit -- approach saturation and very few of our partners actually have, they need to keep driving engagement and driving retention. There's clear precedent from the traditional TV world where up to about 1/4 of all air time, all advertising time, is used to cross-promote shows. And obviously, linear TV is not growing.

我們剛剛宣布了我們正在與 Discovery Paramount、AMC Crown 進行的動態線性廣告測試工作。還會有更多。這只是與這些大合作夥伴合作的另一個途徑的一個例子。我認為您也在探索 M&E 類別本身。是的，一般來說，合作夥伴確實會隨著時間的推移增加支出。這不僅僅是為了獲取用戶。即使合作夥伴達到飽和，我們的合作夥伴實際上很少有，他們需要繼續推動參與和推動保留。傳統電視界有一個明顯的先例，其中多達 1/4 的播出時間、所有廣告時間用於交叉推廣節目。顯然，線性電視並沒有增長。

And so the importance of the services investing in marketing, collaborating with us to feature their content organically in the paid form in our experience doesn't diminish over time. They've got to keep competing for consumer retention, driving tune-in, which drives loyalty and engagement. And this is even more important in a streaming world, where the traditional tactics of cross-promoting across different properties and content is harder than it was traditionally. They look to us as a platform to help continue driving tune-in. So Vasily , I hope that answers your question.

因此，服務投資於營銷、與我們合作以在我們的體驗中以付費形式有機地展示其內容的重要性不會隨著時間的推移而減弱。他們必須繼續爭奪消費者保留，推動收聽，從而推動忠誠度和參與度。這在流媒體世界中更為重要，在這個世界中，跨不同屬性和內容交叉推廣的傳統策略比傳統策略更難。他們將我們視為一個平台，以幫助繼續推動調整。所以瓦西里，我希望能回答你的問題。

And that ends our Q&A session for today. I will turn it back to Anthony Wood for his closing remarks.

今天的問答環節到此結束。我將把它轉回到安東尼伍德的閉幕詞上。

Thanks. I want to thank our employees, customers and partners for a solid quarter. We have built the best TV streaming platform for audiences, content publishers and advertisers alike. And we're focused on continuing to be the innovation leader among streaming platforms.

謝謝。我要感謝我們的員工、客戶和合作夥伴在一個穩定的季度。我們為觀眾、內容髮布商和廣告商等建立了最好的電視流媒體平台。我們專注於繼續成為流媒體平台的創新領導者。

Thank you. This concludes today's program, and you may now disconnect. Thank you.

謝謝你。今天的節目到此結束，您現在可以斷開連接。謝謝你。