Roku Inc (ROKU) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Roku Third Quarter 2019 Earnings Conference Call.

女士們先生們，感謝大家的支持並歡迎參加 Roku 2019 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Tricia Mifsud, Vice President of Communications.

（操作員指示）我現在想將會議交給今天的發言人，通訊副總裁 Tricia Mifsud。

Thank you.

謝謝。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝。

Good afternoon, and welcome to Roku's financial results conference call for the third quarter ended September 30, 2019.

下午好，歡迎參加 Roku 截至 2019 年 9 月 30 日的第三季財務業績電話會議。

I'm pleased to be joined on the call today with Anthony Wood, Roku's Founder and CEO; Steve Louden, our CFO; and Scott Rosenberg, GM of our Platform business, who will be available for Q&A.

我很高興今天能參加 Roku 創辦人兼執行長 Anthony Wood 的電話會議。 Steve Louden，我們的財務長；我們的平台業務總經理 Scott Rosenberg 將出席問答環節。

Full details of our results and additional management commentary are available in our shareholder letter which can be found on the Investor Relations section of our website at ir.roku.com.

有關我們業績和其他管理層評論的完整詳細信息，請參閱我們的股東信函，該信函可在我們網站 ir.roku.com 的投資者關係部分找到。

The following discussion, including responses to your questions, reflects management's views as of today, November 6, 2019, only and we do not undertake any obligation to update or revise such information.

以下討論（包括對您問題的答案）僅反映截至今天（2019 年 11 月 6 日）管理層的觀點，我們不承擔更新或修改此類資訊的任何義務。

Some of the statements made on today's call are forward-looking and are based on our current expectations, forecasts and assumptions and involve risks and uncertainties.

今天電話會議上發表的一些聲明具有前瞻性，基於我們當前的預期、預測和假設，涉及風險和不確定性。

These statements include but are not limited to, statements regarding the future performance of Roku, including expected financial results for the fourth quarter and full year of 2019 and the future growth in our business.

這些聲明包括但不限於有關 Roku 未來業績的聲明，包括 2019 年第四季和全年的預期財務業績以及我們業務的未來成長。

Our actual results may differ materially from those discussed on this call for a variety of reasons.

由於多種原因，我們的實際結果可能與本次電話會議中討論的結果有重大差異。

Please refer to today's shareholder letter and the company's periodic filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

請參閱今天的股東信函以及公司向美國證券交易委員會提交的定期文件，以了解可能導致我們的實際結果與這些前瞻性陳述有重大差異的因素的資訊。

You will find reconciliations of non-GAAP measures to the most comparable measures discussed today in our shareholder letter, which is posted on our Investor Relations website at ir.roku.com.

您可以在我們的股東信中找到非 GAAP 指標與今天討論的最具可比性指標的調節表，該信函發佈在我們的投資者關係網站 ir.roku.com 上。

And I encourage you to periodically visit our IR website for important content.

我鼓勵您定期造訪我們的 IR 網站以獲取重要內容。

Finally, unless otherwise stated, all comparisons on this call will be against our results for the comparable period of 2018.

最後，除非另有說明，本次電話會議的所有比較都將與我們 2018 年同期的結果進行比較。

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

現在我想把電話轉給安東尼。

Thank you, Tricia, and thanks, everyone, for joining today's call.

謝謝特里西婭，也謝謝大家參加今天的電話會議。

Roku is well positioned as content publishers and advertisers shift to streaming.

隨著內容出版商和廣告商轉向串流媒體，Roku 處於有利地位。

We continue to execute well against our plans and our Q3 financial results beat our expectations.

我們繼續很好地執行我們的計劃，第三季的財務表現超出了我們的預期。

Our performance allows us to continue to reinvest in ways that extend our strategic advantages and build even greater preference for Roku among consumers, content publishers, OEMs and advertisers.

我們的業績使我們能夠繼續進行再投資，以擴大我們的策略優勢，並在消費者、內容出版商、原始設備製造商和廣告商中建立對 Roku 的更大偏好。

I'd like to share a few highlights from the quarter.

我想分享本季的一些亮點。

We launched our new streaming player lineup in North America, Latin America and key markets in Europe.

我們在北美、拉丁美洲和歐洲主要市場推出了新的串流媒體播放器系列。

Early reviews have been positive.

早期的評論是積極的。

For example, CNET named the Roku Streaming Stick+ the best overall streamer for a third year in a row.

例如，CNET 連續第三年將 Roku Streaming Stick+ 評為最佳整體串流媒體播放器。

Our focus on TV streaming and our large, highly-engaged audience make Roku an essential partner for content publishers, advertisers and TV manufacturers.

我們對電視串流媒體的關注以及龐大且高度參與的觀眾使 Roku 成為內容出版商、廣告商和電視製造商的重要合作夥伴。

We build big audiences for major new services and brands.

我們為主要的新服務和品牌建立大量受眾。

And when our partners succeed, we succeed.

當我們的合作夥伴成功時，我們也成功。

Just last Friday, Apple TV+ launched on our platform and we expect others to follow soon.

就在上週五，Apple TV+ 在我們的平台上推出，我們預計其他平台也將很快跟進。

Roku monetized video ad impressions more than doubled again on a year-over-year basis.

Roku 貨幣化影片廣告展示次數比去年同期再次增加了一倍以上。

The Roku Channel contributed to this growth as ad impressions within the channel are growing faster than the ad impressions in the overall platform.

Roku 頻道對此成長做出了貢獻，因為該頻道內的廣告展示次數成長速度快於整個平台的廣告展示次數。

We continue to be pleased with the growth of The Roku Channel.

我們對 Roku 頻道的發展持續感到滿意。

Finally, we recently announced an agreement to acquire dataxu, a demand-side advertising platform.

最後，我們最近宣布了一項收購需求方廣告平台 dataxu 的協議。

While we work with many leading DSPs and will continue to do so, we believe the dataxu acquisition will accelerate our OTT advertising road map and enable Roku to provide marketers a single data-driven software solution to plan, buy and optimize their ad spend across TV and OTT.

雖然我們與許多領先的DSP 合作並將繼續這樣做，但我們相信收購dataxu 將加速我們的OTT 廣告路線圖，並使Roku 能夠為行銷人員提供單一數據驅動的軟體解決方案，以規劃、購買和優化他們在電視上的廣告支出和奧特。

I'll now turn the call over to Steve to go through the financial details.

我現在會把電話轉給史蒂夫，讓他詳細了解財務細節。

Thanks, Anthony.

謝謝，安東尼。

Before taking your questions, I'll walk through financial highlights and address our outlook.

在回答大家的問題之前，我將先介紹一下財務要點並闡述我們的前景。

Please see our shareholder letter for more financial details from the quarter.

請參閱我們的股東信函，以了解本季的更多財務細節。

Q3 revenue, gross profit and adjusted EBITDA exceeded our outlook, driven by robust growth in our Platform segment and continued strong demand for streaming players.

在平台業務強勁成長和對串流媒體播放器持續強勁需求的推動下，第三季營收、毛利和調整後 EBITDA 超出了我們的預期。

Both revenue of $261 million and gross profit of $118 million grew 50% year-over-year and gross margin of 45.4% was similar to the prior quarter as well as the same quarter in the prior year.

營收為 2.61 億美元，毛利為 1.18 億美元，年增 50%，毛利率為 45.4%，與上一季和去年同期相似。

Adjusted EBITDA of roughly breakeven and the net loss of $25 million were ahead of our outlook due to better-than-expected revenues and lower-than-expected sales and marketing expenses due in part to timing of retail and merchandising cost as well as headcount cost, primarily stock-based comp expenses.

調整後的 EBITDA 大致達到損益平衡，淨虧損 2,500 萬美元超出了我們的預期，原因是收入好於預期，銷售和行銷費用低於預期，部分原因是零售和銷售成本以及員工成本的時間安排，主要是基於股票的補償費用。

Strong platform growth continued as revenue of $179 million was up 79% year-over-year and Roku monetized video ad impressions once again more than doubled year-over-year.

平台持續強勁成長，營收達 1.79 億美元，年增 79%，Roku 貨幣化影片廣告展示次數再次較去年同期成長一倍以上。

Player revenue grew 11% year-over-year, driven by a 21% year-over-year increase in player units, with ASPs down 9% year-over-year as we continue our strategy of attractive player pricing in order to drive unit sales and active accounts.

在玩家數量同比增長 21% 的推動下，玩家收入同比增長 11%，隨著我們繼續實施具有吸引力的玩家定價策略以推動數量增長，平均售價同比下降 9%銷售和活躍帳戶。

We ended the quarter with $388 million of cash, cash equivalents, restricted cash and short-term investments.

截至本季末，我們的現金、現金等價物、限制性現金和短期投資為 3.88 億美元。

Before turning to the outlook, I'll mention a new Roku OS feature that we began rolling out in Q3.

在展望前景之前，我想先提一下我們在第三季開始推出的 Roku 作業系統新功能。

This feature identifies when the channel has been continuously streamed for an extended period of time without user interaction.

此功能可識別頻道何時在沒有使用者互動的情況下連續長時間傳輸。

It prompts the user to confirm that they are still watching and closes the channel if the user doesn't respond.

它會提示用戶確認他們仍在觀看，如果用戶沒有回應則關閉頻道。

While we continue to expect robust growth in our aggregate streaming hours as we increase active accounts and user engagement, we believe our 2020 year-over-year streaming hour growth rates are likely to be lower than 2019 growth rates.

雖然我們繼續預期隨著活躍帳戶和用戶參與度的增加，我們的總串流媒體時長將出現強勁增長，但我們相信 2020 年的串流媒體時長同比增長率可能會低於 2019 年的增長率。

Some of Roku's leading channel partners like Netflix have already implemented similar features and we think it is positive for Roku, our customers, partners and advertisers to have a level of consistency across our platform.

Roku 的一些領先通路合作夥伴（例如 Netflix）已經實施了類似的功能，我們認為在我們的平台上保持一定程度的一致性對 Roku、我們的客戶、合作夥伴和廣告商來說是積極的。

We do not expect this rollout of this feature to have a material impact on our future financial performance.

我們預計此功能的推出不會對我們未來的財務表現產生重大影響。

With that, let's turn to our outlook for the full year.

說到這裡，讓我們談談全年的展望。

Reflecting our Q3 performance and the inclusion of dataxu for part of Q4, we are increasing our revenue and gross profit outlook for the full year 2019.

為了反映我們第三季的業績以及第四季部分數據的納入，我們正在提高 2019 年全年的營收和毛利前景。

Our raised revenue outlook midpoint of $1.106 billion represents roughly 49% year-over-year growth, up from 46% year-over-year growth in our prior outlook.

我們將營收預期中位數上調至 11.06 億美元，年增約 49%，高於我們先前預期的 46%。

We expect Platform revenue to represent roughly 2/3 of total revenue, including approximately $13 million in revenue from dataxu.

我們預計平台收入約佔總收入的 2/3，其中包括來自 dataxu 的約 1300 萬美元收入。

We are raising our total gross profit outlook for 2019 to roughly $492 million at the midpoint, up from roughly $485 million previously.

我們將 2019 年總毛利預期從先前的約 4.85 億美元上調至約 4.92 億美元。

For modeling purposes, we continue to expect full year Platform gross margins in the low 60s percent, driven primarily by continued mix shift to video advertising.

出於建模目的，我們繼續預計全年平台毛利率將在 60% 左右，這主要是由於持續向視訊廣告組合轉變的推動。

For players, we expect Player gross margin to be in the low-single digits for 2019 and we expect Player gross margin to be roughly 0% in Q4.

對於播放器而言，我們預計 2019 年播放器毛利率將處於低個位數，並且我們預計第四季度播放器毛利率約為 0%。

As a reminder, Q4 is seasonally our strongest quarter and is back-end loaded with a significant portion of our revenues related to Black Friday through the end of the year.

提醒一下，第四季是我們季節性最強的季度，到年底我們的收入中有很大一部分與黑色星期五相關。

So Q4 is still heavily dependent on how the holidays stack up, given a highly competitive retail environment.

因此，鑑於競爭激烈的零售環境，第四季仍然在很大程度上取決於假期的情況。

Similar to last year, given a seasonally higher mix of Player revenues in Q4, the overall company gross margin is expected to be sequentially lower in Q4, between the upper 30s and 40%.

與去年類似，鑑於第四季度玩家收入組合季節性較高，預計第四季度公司整體毛利率將環比下降，介於 30% 至 40% 之間。

We have updated our 2019 adjusted EBITDA outlook midpoint to $30 million from $35 million previously, reflecting continued investment in the business as well as roughly $5 million negative impact to adjusted EBITDA in Q4 related to dataxu operations and dataxu acquisition-related expenses.

我們已將2019 年調整後EBITDA 展望中位數從先前的3,500 萬美元更新為3,000 萬美元，反映了對該業務的持續投資以及與dataxu 營運和dataxu 收購相關費用相關的第四季度調整後EBITDA 約500萬美元的負面影響。

We plan to publish historical pro forma financials related to the dataxu acquisition prior to our next earnings call, which will provide some additional detail.

我們計劃在下一次財報電話會議之前發布與 dataxu 收購相關的歷史預估財務數據，這將提供一些額外的細節。

Given the relative size of dataxu in our integration plans, we do not expect to break out dataxu going forward, but rather it will be included in our Platform segment.

考慮到 dataxu 在我們的整合計劃中的相對規模，我們預計未來不會突破 dataxu，而是將其納入我們的平台部分。

As we have done previously, we plan to provide outlook for next year on our Q4 call.

正如我們之前所做的那樣，我們計劃在第四季度電話會議上提供明年的展望。

In Q4, we anticipate a greater sequential increase in operating expenses from our continued investments in talent, sales and marketing efforts, the impact of increased facility costs, as well as the inclusion of dataxu.

在第四季度，我們預計由於我們對人才、銷售和行銷工作的持續投資、設施成本增加的影響以及 dataxu 的納入，營運費用將出現更大的環比增長。

The stock-based comp estimate for 2019 has decreased to roughly $84 million from $90 million in the prior outlook.

2019 年基於股票的補償預估已從先前展望的 9,000 萬美元降至約 8,400 萬美元。

Depreciation and amortization and net other income of $10 million are reflected in our outlook for roughly $64 million of net income loss in 2019.

我們對 2019 年淨收入損失約 6,400 萬美元的預期反映了 1,000 萬美元的折舊和攤提以及其他淨收入。

I'll summarize by saying how pleased we are with the performance of the business in the quarter.

我總結一下，我們對本季的業務表現感到非常滿意。

With that, let's turn the call over for questions.

接下來，讓我們轉過來詢問問題。

Operator?

操作員？

(Operator Instructions) Our first question comes from Ralph Schackart with William Blair.

（操作員說明）我們的第一個問題來自 Ralph Schackart 和 William Blair。

Two, if I could.

兩個，如果可以的話。

Just first on the EBITDA guide.

首先是 EBITDA 指南。

Steve, it sounds like perhaps there were some more expenses in Q4.

史蒂夫，聽起來第四季可能有更多支出。

Is there anything specific in Q4 that you'd call out for expenses?

您在第四季有什麼具體的費用需要指出嗎？

Because it looks like the guide, even with a beat and contemplating dataxu, has maybe decreased relatively to the prior outlook, first question.

因為它看起來像指南，即使有節拍並考慮 dataxu，相對於先前的展望，第一個問題可能有所減少。

And second question, just on ARPU.

第二個問題，關於 ARPU。

I know that could bounce around, but it looks like it lagged account growth in the quarter.

我知道這可能會反彈，但看起來它落後於本季的帳戶成長。

Any color you can add to that?

您可以添加任何顏色嗎？

Anything from 606 you'd call out?

您想從 606 撥打什麼電話嗎？

That would be helpful as well.

這也會有幫助。

Ralph, it's Steve.

拉爾夫，我是史蒂夫。

I'll take the first one on EBITDA.

我將選擇 EBITDA 的第一個。

So as I mentioned in my remarks, part of the Q3 overperformance on OpEx relative to our prior expectations related to the timing of certain costs.

正如我在發言中提到的，第三季營運支出超出我們先前預期的部分原因與某些成本的時間安排有關。

And so similarly, Q4 reflects some lower -- some expectations in Q4 related to the timing of certain costs that are shifting in Q4 as well as the expected [SBC] difference.

同樣，第四季度反映了一些較低的預期——第四季度的一些預期與第四季度發生變化的某些成本的時間以及預期的 [SBC] 差異有關。

In terms of the ARPU, the ARPU growth rate on a trailing 12-month basis has been growing in a similar range in the high 20s and 30%.

就 ARPU 而言，過去 12 個月的 ARPU 成長率一直在 20% 至 30% 的類似範圍內成長。

So there's not anything in particular I would say on that.

因此，我對此沒有什麼特別要說的。

It's been on a fairly consistent ARPU year-over-year growth trajectory as of the last couple of quarters.

截至過去幾個季度，它的 ARPU 年成長軌跡相當穩定。

This is Anthony.

這是安東尼。

I'll just add that at the beginning of the year, we set a goal to operate the business at roughly EBITDA breakeven for the year and that we are on track for that.

我想補充一點，在今年年初，我們設定了一個目標，即在今年以大致 EBITDA 盈虧平衡的方式經營業務，並且我們正在朝著這個目標邁進。

Our next question comes from Vasily Karasyov with Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

I wanted to ask a question about the expectations in terms of relative growth of ad-supported versus SVOD viewership, given that you have Disney+, you have Apple TV+.

我想問一個關於廣告支援與 SVOD 收視率相對增長的預期問題，因為你有 Disney+，你有 Apple TV+。

Are you not worried -- or should we not be worried that they will take share of viewing on Roku and then that would impact your ability to monetize advertising inventory and that would somehow impact advertising revenue growth?

您是否不擔心——或者我們不應該擔心他們會佔據 Roku 的觀看份額，然後這會影響您透過廣告庫存獲利的能力，從而以某種方式影響廣告收入的成長？

How do you think about what's going to happen in the next 12 to 24 months with viewing on your platform?

您如何看待未來 12 到 24 個月內您平台上的觀看情況會發生什麼？

And what will be the puts and takes between the SVODs and AVOD apps?

SVOD 和 AVOD 應用程式之間的優缺點是什麼？

Sure.

當然。

This is Anthony.

這是安東尼。

Overall, we're excited about the launch of all the new services coming to the industry and to our platform.

總的來說，我們對向業界和我們的平台推出所有新服務感到興奮。

We think that they are good for Roku in a bunch of ways.

我們認為它們在很多方面對 Roku 都有好處。

They are obviously going to drive viewing overall on our platform or engagement, which is good.

顯然，他們將提高我們平台上的整體觀看次數或參與度，這很好。

We can discuss why, but engagement on our platform is very good for us.

我們可以討論原因，但我們平台上的參與對我們非常有好處。

They're going to increase the interest in viewership moving from traditional TV to streaming.

他們將增加觀眾對從傳統電視轉向串流媒體的興趣。

We think that eventually, all TV is going to be streamed and that this will be a -- the rise of all these new services will help encourage that transition.

我們認為最終所有電視都將透過串流媒體播放，所有這些新服務的興起將有助於鼓勵這種轉變。

So we have customers that want to watch paid premium services.

因此，我們有想要觀看付費付費服務的客戶。

We have customers that want to watch free content.

我們有想要觀看免費內容的客戶。

We have customers that want to watch both.

我們有客戶想同時觀看這兩部影片。

And so we think all those business models are supported on our platform.

因此，我們認為所有這些商業模式都在我們的平台上得到支援。

We monetize all those business models.

我們將所有這些商業模式貨幣化。

We see advertising as growing the fastest, but they're all generally good for our business.

我們認為廣告成長最快，但它們總體上對我們的業務都有好處。

So I don't know, Scott, if you have anything you want to add?

所以我不知道，史考特，你還有什麼要補充的嗎？

Yes.

是的。

I'd just like to add to Anthony's comment that we think our biggest competition is attracting linear TV ad spending out of linear into OTT.

我想補充安東尼的評論，我們認為我們最大的競爭是吸引線性電視廣告支出進入 OTT。

That's the competition.

這就是競爭。

Today, according to Magna, only 3% of TV budgets are spent in OTT, but 29% of audiences are already there.

據 Magna 稱，目前只有 3% 的電視預算花在 OTT 上，但已經有 29% 的觀眾在 OTT 上。

That's the big opportunity.

這是一個很大的機會。

That's what we're focused on over the next 12 to 24 months.

這就是我們未來 12 到 24 個月的重點。

And there could be lots of winners on our platform, including these new services.

我們的平台上可能會有許多贏家，包括這些新服務。

So in other words, you think that the conglomerates that are behind those AVOD apps, they would be pushing advertisers to shift budgets and that's how you will benefit in the long term?

換句話說，您認為這些 AVOD 應用程式背後的企業集團會推動廣告商改變預算，這就是您長期受益的方式？

I do think that in the aggregate, yes.

我確實認為總的來說，是的。

The more attention and energy that's put into OTT advertising, the better for everybody.

對 OTT 廣告投入的關注和精力越多，對每個人都越好。

I think Roku especially is uniquely situated to serve TV advertisers as they move their budgets to OTT because we can prove incremental reach.

我認為，當電視廣告商將預算轉移到 OTT 時，Roku 具有得天獨厚的優勢，因為我們可以證明增量覆蓋範圍。

We've got the tools to prove the measurement and effectiveness of that spending.

我們擁有證明支出的衡量和有效性的工具。

We've got a first-party relationship with our consumers.

我們與消費者建立了第一方關係。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫爾夫斯坦和奧本海默。

Two.

二。

So first, can you say if the guidance assumes any impact from Disney+, Apple+ in the fourth quarter?

首先，您能否說一下指引是否假設第四季迪士尼+、蘋果+會產生任何影響？

And then there's just been a lot of -- still part of this question.

然後還有很多——仍然是這個問題的一部分。

A lot of questions just around the accounting treatment, particularly kind of in ASC 606, because Disney, for example, becomes a very large customer over a period of time, kind of how that flows into the numbers on a quarterly basis?

關於會計處理有很多問題，特別是在 ASC 606 中，因為例如迪士尼，在一段時間內成為一個非常大的客戶，它是如何按季度流入數字的？

So any help or commentary there I think would be helpful.

因此，我認為任何幫助或評論都會有幫助。

And then can you just say what the impact -- what you are assuming the impact of dataxu is on gross profit in the fourth quarter?

然後您能說說影響是什麼嗎？您假設 dataxu 對第四季度毛利的影響是什麼？

Yes.

是的。

Jason, this is Steve.

傑森，這是史蒂夫。

I'll take those.

我會接受那些。

In terms of guidance, our outlook does anticipate Apple+ has obviously just launched.

就指導而言，我們的前景確實預計 Apple+ 顯然剛剛推出。

And we anticipate other services to launch soon.

我們預計其他服務也將很快推出。

So they are included.

所以他們也被包括在內。

You noted the accounting 606 impact.

您注意到了會計 606 的影響。

I think, a reminder that the -- in 606, these multiple element arrangements are valued for the totality of the arrangement, which could be a couple of years.

我認為，提醒一下——在 606 中，這些多元素安排的價值取決於安排的整體性，這可能需要幾年的時間。

And there's different elements and different performance obligations.

並且存在不同的要素和不同的履約義務。

And so there isn't necessarily a direct 1:1 and immediate revenue recognition when these services launch or when we sign up people.

因此，當這些服務推出或我們簽約人員時，不一定會產生直接的 1:1 和立即的收入確認。

It's more complicated than that and the timing can be lumpy as we've talked about in different calls.

正如我們在不同電話會議中討論的那樣，情況比這更複雜，而且時間安排也可能很不穩定。

In terms of the impact of dataxu, we mentioned that the inclusion includes roughly $13 million of revenue for a subperiod in Q4 based on the anticipated close date here soon, as well as a $5 million negative impact to the EBITDA.

就 dataxu 的影響而言，我們提到，根據即將到來的預期截止日期，該納入包括第四季度一個子期間約 1300 萬美元的收入，以及對 EBITDA 的 500 萬美元負面影響。

We'll be publishing some pro forma financials related to the dataxu acquisition between now and the next call and so you will have more detail on the shape of the P&L there.

從現在到下一次電話會議，我們將發布一些與 dataxu 收購相關的預期財務數據，因此您將獲得有關損益表形狀的更多詳細資訊。

Our next question comes from Laura Martin with Needham.

我們的下一個問題來自勞拉·馬丁和李約瑟。

Great, and thank you, Jason, for asking my accounting question.

太好了，謝謝你，傑森，詢問我的會計問題。

And I think, Anthony, you're on track to actually earn $40 million of EBITDA this year, but forget that.

我認為，安東尼，你今年有望實際賺取 4000 萬美元的 EBITDA，但忘了這一點吧。

So I want to go back to dataxu, Anthony.

所以我想回到 dataxu，安東尼。

So I'm interested, are you going into competition with Trade Desk?

所以我很有興趣，你們會與 Trade Desk 競爭嗎？

Are we pivoting the business a little bit so that dataxu isn't going to be captive to Roku and instead we're going to be a demand-side platform and compete in the open Internet?

我們是否會稍微調整一下業務，以便 dataxu 不再受 Roku 的束縛，而是成為一個需求方平台並在開放互聯網中競爭？

I am very interested in how you see dataxu progressing over the next 3 to 5 years.

我對您如何看待 dataxu 在未來 3 到 5 年的進展非常感興趣。

Let's start with that one and then I'll do my follow-up.

讓我們從那個開始，然後我將進行後續工作。

Okay.

好的。

Sure.

當然。

So we haven't closed the deal with dataxu yet or begun the integration.

所以我們還沒有完成與 dataxu 的交易或開始整合。

But with that sort of disclaimer aside, it's a very strategic acquisition for Roku.

但拋開這種免責聲明不談，這對 Roku 來說是一次非常具有戰略意義的收購。

It's in line with our strategy of how we expect the market to play out over the next several years.

這符合我們預期市場未來幾年發展的策略。

Today, our ads that we sell are mostly sold direct.

如今，我們銷售的廣告大部分是直接銷售的。

But we think the ad buying is going to become more automated over time and this acquisition's primary goal is to accelerate our road map for our ad tech.

但我們認為，隨著時間的推移，廣告購買將變得更加自動化，而此次收購的主要目標是加快我們廣告技術的路線圖。

I will let Scott talk a little bit more about that.

我會讓斯科特再多談談這一點。

Laura, I'll make a couple of points here.

蘿拉，我要在這裡強調幾點。

First is this is a natural progression of our strategy more generally, to provide advertisers with better planning and buying tools.

首先，這是我們更廣泛策略的自然進展，為廣告主提供更好的規劃和購買工具。

Our goal ultimately is to present a holistic TV and OTT planning and buying solution for TV advertisers and help support them as they migrate their spending out of traditional linear TV into OTT.

我們的最終目標是為電視廣告商提供全面的電視和 OTT 規劃和購買解決方案，並幫助他們支持他們將支出從傳統線性電視轉移到 OTT。

Our real goal in this deal is to both expand the business we do with current clients, give them new data and measurement products, prove more efficacy across a broader portion of their media.

我們在這筆交易中的真正目標是擴大我們與現有客戶的業務，為他們提供新的數據和測量產品，並在他們的更廣泛的媒體領域證明更有效率。

And it also helps us work with a broader spectrum of clients who may want to participate more in OTT than they can today and would value, programmatic, API, self-serve type access to OTT.

它還幫助我們與更廣泛的客戶合作，他們可能希望比現在更多地參與 OTT，並且重視對 OTT 的程序化、API、自助式訪問。

We are combining the unique advantages of Roku's first-party consumer relationship, our scale, our proprietary data and inventory, together with some great talent, device graph technology, data science capabilities from dataxu.

我們將 Roku 的第一方消費者關係、我們的規模、我們的專有數據和庫存的獨特優勢，以及來自 dataxu 的一些優秀人才、設備圖技術和數據科學能力結合起來。

And we do think that will present some unique opportunities to our buyers.

我們確實認為這將為我們的買家帶來一些獨特的機會。

But I do want to emphasize that being an open ecosystem is essential to how we operate here.

但我確實想強調，開放的生態系統對於我們在這裡的運作方式至關重要。

It's both good for the ecosystem and good business.

這對生態系統和商業都有好處。

And so we don't anticipate any slowing down of the work that we do with folks like Adobe, the Trade Desk, et cetera.

因此，我們預計與 Adob​​e、Trade Desk 等公司合作的工作不會有任何放緩。

Okay.

好的。

That's super helpful, Scott.

這非常有幫助，斯科特。

Let's go to your gross margins.

讓我們看看您的毛利率。

So your gross margins were a little light this quarter and also next quarter, they're a little light.

因此，本季您的毛利率有點​​低，下個季度也是如此。

I just want to make -- there's a couple of good reasons that gross margins might be down.

我只是想說——毛利率可能會下降有幾個很好的原因。

The Roku Channel has 50% margin, anything you guys are probably doing on the subscription revenue side, which is diversified revenue sources, lower gross margin.

Roku頻道有50%的利潤率，你們可能在訂閱收入方面做的任何事情，這是多元化的收入來源，毛利率較低。

Tell me what's going on with the gross margin line, please?

請告訴我毛利率線是怎麼回事？

Why is that under pressure?

為什麼會受到壓力呢？

Yes.

是的。

Laura, it's Steve.

蘿拉，我是史蒂夫。

Yes, in terms of the gross margins, in our prior outlook, and we mentioned it for Q4, that the Platform margins would be in the low 60% range.

是的，就毛利率而言，在我們先前的展望中，我們在第四季度提到過，平台利潤率將在 60% 的低水平範圍內。

So it actually was in that same range that we assumed it would be.

所以它實際上與我們假設的範圍相同。

The primary driver is -- and we talked about this phenomena, is the continued mix shift over to the video ad business, which tends to operate at a 50-plus-percent gross margin versus some of the other components within Platform that are significantly higher margin because there's little cost in our UI of some of these things like sponsorships or rev shares.

我們討論過這種現象的主要驅動因素是向視頻廣告業務的持續混合轉變，該業務的毛利率往往高達 50% 以上，而平台內的其他一些組件的毛利率要高得多利潤，因為我們的使用者介面中的一些東西（例如贊助或收益份額）幾乎沒有成本。

Okay.

好的。

Good.

好的。

And Scott, I guess Roku Channel continues to -- is it any higher in the ranking than fifth?

史考特，我想 Roku 頻道的排名還會繼續下去——它的排名是否比第五位更高？

It continues to be fifth in terms of reach and growing much faster than the platform as a whole.

就覆蓋範圍而言，它仍然排名第五，而且成長速度遠遠快於整個平台。

It's also growing as a contributor of ad inventory into our overall sale.

作為廣告庫存對我們整體銷售的貢獻者，它也在不斷增長。

We just launched Kids & Family this quarter, that was a great new addendum to our overall content offering.

我們本季剛剛推出了“兒童與家庭”，這是我們整體內容產品的一個很棒的新附錄。

And our goal here is to keep feeding this virtuous cycle of bringing more users in, that enables us to invest more in a broader array of content which then, of course, brings yet more users in.

我們的目標是繼續促進這種吸引更多用戶的良性循環，這使我們能夠對更廣泛的內容進行更多投資，當然，這會吸引更多用戶。

And we are executing on that strategy very well and it's an exciting growth story.

我們正在很好地執行該策略，這是一個令人興奮的成長故事。

Scott, this ARPU of 30% is like blowing everybody else away in TV.

Scott，30% 的 ARPU 就像電視裡的其他人一樣。

So you guys are doing great work on the CPM side.

所以你們在每千次展示費用方面做得很好。

So congratulations, guys.

恭喜你們，夥伴們。

Thanks.

謝謝。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Just staying on the dataxu topic, can you guys give us a sense for how fast that business is growing and whether you expect the integration of the asset into Roku to accelerate that growth rate?

就停留在 dataxu 主題上，你們能否讓我們了解一下該業務的成長速度以及您是否期望將該資產整合到 Roku 中來加速該成長速度？

And I'll just ask my follow-up on the international side.

我只會詢問國際方面的後續行動。

Anthony, you noted that you've announced some new partnerships heading into the U.K. Can you just help us think about sort of the international opportunity in the context of what you guys have been doing in the U.S.?

安東尼，你提到你已經宣布了一些進入英國的新合作夥伴關係。你能幫助我們考慮一下你們在美國所做的事情的背景下的國際機會嗎？

Is the business model broadly the same?

商業模式大致相同嗎？

What -- how quickly might you start monetizing?

什麼－你要多快才能開始獲利？

I know you have to build audience scale.

我知道你必須擴大受眾規模。

Just any help on thinking about that ramp would be great.

如果能對思考坡道有任何幫助那就太好了。

Ben, it's Steve.

本，是史蒂夫。

I'll take the first one on dataxu.

我將在 dataxu 上選擇第一個。

As Anthony mentioned, the deal hasn't quite closed yet and we haven't started the integration.

正如安東尼所提到的，交易還沒有完全完成，我們還沒有開始整合。

So in terms of kind of overall aspects on integration and growth rate, we'll talk more about that in the next call, where we'll also be providing overall 2020 guidance.

因此，就整合和成長率的整體方面而言，我們將在下一次電話會議中更多地討論這一點，我們還將提供 2020 年的整體指導。

And then as I mentioned before, we will be publishing pro forma financials, so you will have a lot more information soon regarding the historical growth rates of dataxu.

正如我之前提到的，我們將發布預計財務數據，因此您很快就會獲得有關 dataxu 歷史成長率的更多資訊。

Fair enough, thought I'd try.

很公平，我想我會嘗試。

Yes.

是的。

This is Anthony.

這是安東尼。

I mean just to add to that, I mean the primary reason that we acquired dataxu was for the talent and the technology to accelerate our technology road map.

我的意思是補充一點，我的意思是我們收購 dataxu 的主要原因是為了加快我們的技術路線圖的人才和技術。

So that's how it's really -- I mean we already have a very strong ad platform, but this makes it even stronger.

這就是事實——我的意思是我們已經擁有一個非常強大的廣告平台，但這讓它變得更強大。

In terms of international, there's obviously a lot of potential in international, 1 billion TV households around the world.

就國際而言，國際上顯然有很大的潛力，全球有10億個電視家庭。

It's a greenfield with a lot of potential.

這是一片潛力無窮的綠地。

These big new services that are coming into the market, like Disney+ and Apple and already Netflix, are -- have global ambitions, so -- and we are making progress.

這些即將進入市場的大型新服務，例如 Disney+、Apple 和 Netflix，都具有全球野心，因此，我們正在取得進展。

Now we said in the past that the first thing we're going to focus on international is building our scale and then monetization will follow, the same trend that we saw in the U.S., in building out the U.S. market.

現在我們過去說過，我們要關注國際化的第一件事是建立我們的規模，然後貨幣化將會隨之而來，這與我們在美國看到的相同趨勢，即建立美國市場。

In terms of building out active accounts, we announced that the Roku TVs with Hisense coming to the U.K. and we just launched in last quarter, our new lineup of streaming players.

在建立活躍帳戶方面，我們宣布與海信合作的 Roku 電視將登陸英國，我們剛剛在上季度推出了新的串流媒體播放器系列。

The first time -- this was the first time that we launched our Roku Express with a global launch in multiple countries around the world at the same time.

第一次－這是我們第一次在全球多個國家同時推出 Roku Express。

So we are -- so that's an example of how we're getting more serious about expanding our reach with -- in the international markets.

所以，這是我們如何更認真地擴大我們在國際市場的影響力的一個例子。

Our next question comes from Elliot Alper with D.A. Davidson.

我們的下一個問題來自 Elliot Alper 和 D.A.戴維森。

I wanted to ask if you guys have any more plans on launching more apps outside of The Roku Channel?

我想問你們是否還有計劃在 Roku 頻道之外推出更多應用程式？

This doesn't mean content like The Roku Channel, but maybe interactive apps or platforms on your platform that could drive more traffic and ad inventory.

這並不意味著像 Roku 頻道這樣的內容，而是指您平台上的互動應用程式或平台可以帶來更多流量和廣告庫存。

This is Anthony.

這是安東尼。

So the way we think about The Roku Channel is -- the way I think about the Roku platform overall is its primary purpose is to distribute content to viewers.

因此，我們對 Roku 頻道的看法是——我對 Roku 平台整體的看法是，其主要目的是向觀眾分發內容。

And there are multiple ways -- if you're a content publisher, there are multiple ways to distribute that content.

並且有多種方法 - 如果您是內容發布者，則有多種方法可以分發該內容。

One way is to write a streaming channel, and companies are still doing that, obviously.

一種方法是編寫一個串流媒體頻道，顯然，公司仍在這樣做。

Another way is -- that's becoming increasingly popular is to publish your content in The Roku Channel.

另一種方法是——越來越流行的是在 Roku 頻道中發布您的內容。

And so we're continuing to add more and more content to The Roku Channel and more and more content categories.

因此，我們將繼續為 Roku 頻道添加越來越多的內容以及越來越多的內容類別。

So for example, we just added Kids & Family, which was a great launch for us.

例如，我們剛剛添加了“兒童和家庭”，這對我們來說是一次很棒的發布。

The Roku Channel, we continue to expand in multiple dimensions.

Roku頻道，我們不斷在多個維度進行拓展。

There is, at this point, over 80,000 free and paid movies and TV shows.

目前，有超過 80,000 部免費和付費電影和電視節目。

We've added live linear services like ABC News.

我們增加了 ABC 新聞等直播線性服務。

There's over 40 live linear services now.

現在有超過 40 個線性直播服務。

Premium subscriptions we added recently, so over 40 million -- 40 different premium subscriptions now, like HBO and SHOWTIME.

我們最近添加了高級訂閱，數量已超過 4000 萬——現在有 40 種不同的高級訂閱，例如 HBO 和 SHOWTIME。

Nearly 30 Kids & Family content partners.

近 30 個兒童和家庭內容合作夥伴。

So we think that you'll -- well, not we think, you will see more and more content coming to The Roku Channel, different categories and you will see it integrated into different points in the UI.

所以我們認為你會 - 嗯，不是我們認為的，你會看到越來越多的內容來到 Roku 頻道，不同的類別，你會看到它整合到 UI 中的不同點。

And so that's really our approach for -- in terms of being a one-stop distribution channel.

因此，這確實是我們的方法——成為一站式分銷管道。

Our next question comes from Mark Mahaney with RBC Capital.

我們的下一個問題來自 RBC Capital 的 Mark Mahaney。

Let me try 2, please.

請讓我嘗試 2。

First, just on the -- I think it was Ben who was asking about the way to think about the duration or the timing related to international and I guess revenue contribution or profit contribution from international, do you want to set out any -- help us with any expectations there?

首先，我想是本問瞭如何思考與國際相關的持續時間或時間安排，我想來自國際的收入貢獻或利潤貢獻，你想列出任何幫助嗎？我們還有什麼期待嗎？

And then just back to the streaming launches.

然後回到串流媒體發布。

And I want to ask the question this way, if you think about the revenue you get from Disney+ and Apple+ and everybody else who's launching, it seems like a slew of them, do think that's going to be showing up in your -- for you more as customer acquisition ad revenue, subscription ad revenue shares or advertising revenue share?

我想這樣問這個問題，如果你考慮一下你從 Disney+ 和 Apple+ 以及其他正在推出的產品中獲得的收入，這似乎是很多，確實認為這會出現在你的——對你來說更多的是作為客戶獲取廣告收入、訂閱廣告收入分成還是廣告收入分成？

Like of those 3 buckets, where do you think the impact to you from these streaming wars is going to be most likely seen?

就像這三個方面一樣，您認為這些串流媒體戰爭對您的影響最有可能體現在哪些方面？

So I'll take international.

那我就選國際吧

I think Scott will take your second question.

我想史考特會回答你的第二個問題。

We don't really have much more to talk about in terms of our plans for international than we've already disclosed.

關於我們的國際計劃，除了我們已經披露的之外，我們確實沒有更多可談的了。

Obviously, we have a lot of work going on under the covers.

顯然，我們有很多工作在幕後進行。

But we haven't announced any specific timing related to revenue for international.

但我們尚未宣布與國際收入相關的任何具體時間。

On these new service launches, Mark, Disney+, Apple, et cetera, we're excited.

對於 Mark、Disney+、Apple 等新服務的推出，我們感到非常興奮。

For us, this is ultimately about giving consumers even more options in OTT and we're partnering very deeply with these companies to help launch their services, acquire subs, drive engagement.

對我們來說，這最終是為了讓消費者在 OTT 方面有更多選擇，我們正在與這些公司進行深入合作，幫助他們推出服務、獲取訂閱者、提高參與度。

And I won't comment on the economics of any specific partner except to say that our relationships are multifaceted.

我不會評論任何特定合作夥伴的經濟狀況，只是想說我們的關係是多方面的。

We're mutually incented to drive the success of these services through the Roku ecosystem.

我們相互激勵，透過 Roku 生態系統推動這些服務的成功。

And then 1 follow-up question for Anthony.

然後向安東尼提出 1 個後續問題。

Anthony, do think it's possible that this could lead to a scenario whereby you can actually start seeing material revenue shares from Netflix if the environment becomes a lot more competitive, which it's clearly doing, that may increase their incentive to actually start sharing economics with you?

安東尼，確實認為這可能會導致這樣一種情況：如果環境變得更具競爭力，你實際上可以開始看到來自Netflix 的物質收入分成，而這顯然正在發生，這可能會增加他們真正開始與你分享經濟的動力？

Any thought on that?

有什麼想法嗎？

Well, we have business terms with them, with all of our partners.

嗯，我們與他們以及我們所有的合作夥伴都有商業條款。

But I don't want to comment about any specific deal or any specific partner.

但我不想評論任何具體交易或任何具體合作夥伴。

I will say that one of the benefits of, at least in our platform, for these content partners that are launching, these new services that they're launching, is that we have built into the platform a lot of tools for them to be able to promote their services and sign up subscribers.

我想說的是，至少在我們的平台上，對於這些正在推出的內容合作夥伴以及他們正在推出的新服務來說，好處之一是我們在平台中內建了許多工具，使他們能夠推廣他們的服務並註冊訂閱者。

And so -- and they're taking advantage of those tools, right?

所以——他們正在利用這些工具，對嗎？

So it's kind of like when you go into retail, you pay a percentage of your revenue to the retailer for placement on the shelf, and then there's a lot of other options that they have, do you want to be in the circular, do you want to buy endcaps.

所以這有點像當你進入零售業時，你向零售商支付一定比例的收入，以將其放置在貨架上，然後他們有很多其他選擇，你想進入循環嗎？想買端蓋。

And so for us, with the subscription service, it's the same model.

因此，對於我們來說，透過訂閱服務，它是相同的模型。

There's a rev share for customers that we sign up and that is going to continue to grow.

我們為簽約的客戶提供了一定的收益分成，並且該收益份額將持續成長。

But there is also a lot of marketing opportunities and ways for them to build their subscribers and they're very effective, more effective than probably any other way they spend their marketing dollars.

但他們也有很多行銷機會和方法來建立訂閱者，而且它們非常有效，比他們花費行銷資金的任何其他方式都更有效。

And so that's the big way that we make money for new content partners.

這就是我們為新內容合作夥伴賺錢的重要方式。

Our next question comes from Matthew Thornton with SunTrust.

我們的下一個問題來自 SunTrust 的 Matthew Thornton。

I want to come back to -- and maybe this is for Steve.

我想回到——也許這是為了史蒂夫。

If we think about the fourth quarter, obviously we've got a lot of new services coming, you can certainly see how they would contribute to content distribution revenue, certainly audience development revenue makes a ton of sense.

如果我們考慮第四季度，顯然我們將推出許多新服務，您當然可以看到它們將如何貢獻內容分發收入，當然受眾開發收入非常有意義。

But you can also see because they are kind of shiny new objects, they could pull some engagement away from other channels, including The Roku Channel, so you can actually see some headwind to video ad revenues.

但你也可以看到，因為它們是一種閃亮的新物體，它們可能會從其他頻道（包括 Roku 頻道）中拉走一些參與度，所以你實際上可以看到視頻廣告收入的一些阻力。

My question is, is that something that is kind of contemplated in the forecast?

我的問題是，預測中是否考慮到了這一點？

And then secondly, given the ASC 606 accounting, would we even see that?

其次，考慮到 ASC 606 會計，我們會看到這一點嗎？

Would that even matter in the short term?

這在短期內還重要嗎？

Any color there would be helpful.

任何顏色都會有幫助。

Yes.

是的。

Matthew, this is Steve.

馬修，這是史蒂夫。

So yes, as I mentioned before, I mean because of 606 and because these are multiple element arrangements and there are performance obligations, there is not an immediate -- necessarily an immediate and direct correlation between sort of the underlying actions like signing up subscribers or spend from these services into that quarter's revenue.

所以，是的，正如我之前提到的，我的意思是因為 606，並且因為這些是多個元素安排並且存在履行義務，所以在諸如註冊訂戶或這些服務的支出計入該季度的收入。

So it's more complicated on that and that's why we often talk about as a result of these 606 models and the treatment, that the associated content distribution revenue can be lumpy.

因此，情況更加複雜，這就是為什麼我們經常談論這些 606 模型和處理的結果，相關內容分發收入可能會不穩定。

And so I would just make sure that people are aware of that fact because there are some big new services that are launching or will launch soon, but that won't necessarily connect into this quarter's revenue.

因此，我只是確保人們意識到這一事實，因為有一些大型新服務正在推出或即將推出，但這不一定會影響本季的收入。

We have factored those into the outlook.

我們已將這些因素納入展望中。

We -- the outlook is strong.

我們——前景光明。

We did increase the outlook for the full year for revenue and gross profit.

我們確實提高了全年收入和毛利的預期。

The revenue at the midpoint is now $1.1 billion, that's 49% revenue growth at the midpoint.

目前中點營收為 11 億美元，即中點營收成長 49%。

And so we feel pretty good about the business.

所以我們對這項業務感覺很好。

But certainly, we want to make sure that people understand the accounting that underpins these services and the deals that we have.

但當然，我們希望確保人們了解支撐這些服務和我們所擁有的交易的會計。

This is Anthony.

這是安東尼。

Let me just add a couple of points.

讓我補充幾點。

These new services as well as existing services that have come onto the platform over the years, they're in no way negative for Roku.

這些新服務以及多年來進入該平台的現有服務，對 Roku 來說絕對不會產生負面影響。

They're all just very positive.

他們都非常積極。

We're an essential partner for these services.

我們是這些服務的重要夥伴。

They'll drive more people to adopting streaming, we're the country's most popular streaming platform, that will drive Roku viewers.

他們將推動更多人採用串流媒體，我們是全國最受歡迎的串流媒體平台，這將推動 Roku 觀眾的成長。

There's lots of room to grow engagement on the platform.

該平台有很大的提升參與度的空間。

And our primary competitor is not other services on the platform.

我們的主要競爭對手不是平台上的其他服務。

The primary competitor is linear TV.

主要競爭對手是線性電視。

Most TV in the country is still regular linear TV and people are moving to streaming and cutting the cord and this will help drive that.

該國的大多數電視仍然是常規的線性電視，人們正在轉向串流媒體並切斷電源線，這將有助於推動這一趨勢。

So they're all very -- for our business, they are all very, very positive.

所以他們對我們的業務都非常非常積極。

Maybe I'll just ask one quick follow-up, if I could.

如果可以的話，也許我會快速詢問一下。

Ad load on The Roku Channel, number one, I guess, just any changes there?

Roku 頻道上的廣告負載，第一，我猜，那裡有什麼變化嗎？

And just kind of what you are observing maybe other AVOD services across the platform?

您正在觀察平台上的其他 AVOD 服務嗎？

Are you seeing any trend, stable, up and any color you could provide there?

您是否看到任何趨勢、穩定、上升以及您可以提供的任何顏色？

Matthew, Scott here.

馬修，斯科特在這裡。

Our goal with The Roku Channel and its ad load has not changed.

我們對 Roku 頻道及其廣告負載的目標沒有改變。

We still believe it's -- that about half of the linear TV ad load is the right recipe for monetization and consumer experience.

我們仍然相信，大約一半的線性電視廣告負載是獲利和消費者體驗的正確秘訣。

In general, we think that's going to be proven to be the case broadly across OTT, that ads have got to get smarter and fewer in order to hit that balance right.

總的來說，我們認為這將被證明是整個 OTT 的普遍情況，廣告必須變得更聰明、更少，才能達到正確的平衡。

But every provider on the platform has a different mix of program to ad time.

但平台上的每個提供者都有不同的節目組合和廣告時間。

Our next question comes from Shyam Patil with Susquehanna.

我們的下一個問題來自 Susquehanna 的 Shyam Patil。

It's Ryan on for Shyam.

瑞安 (Ryan) 替補席亞姆 (Shyam)。

So first, how do you feel about your ad tech after the dataxu deal?

首先，在與 dataxu 達成交易後，您對您的廣告技術有何看法？

And do you think it might make some sense to add some further technology on the supply side?

您認為在供應方面添加一些進一步的技術可能有意義嗎？

And then secondly, how do you see the acquisition impacting dataxu's Fire TV partnership?

其次，您如何看待此次收購對 dataxu 的 Fire TV 合作關係的影響？

Ryan, Scott here.

瑞安，斯科特在這裡。

I'll take that.

我會接受的。

dataxu is a natural progression, a natural step in the road map we've been pursuing.

dataxu 是一個自然的進展，是我們一直在追求的路線圖中的一個自然步驟。

We have already started to provide planning and buying tools to advertisers to help them proactively plan their spending across TV and OTT.

我們已經開始為廣告商提供規劃和購買工具，幫助他們主動規劃電視和 OTT 支出。

We launched Roku reach insights going into the upfronts to help advertisers basically simulate plan their spending across TV and OTT in order to optimize for reach and frequency.

我們推出了 Roku 覆蓋範圍洞察，幫助廣告商從根本上模擬他們在電視和 OTT 上的支出計劃，以優化覆蓋面和頻率。

We wrote a partnership with Innovid this quarter to help measure reach and frequency and audience across multiple video platforms.

本季我們與 Innovid 建立了合作夥伴關係，以幫助衡量多個視訊平台的覆蓋範圍、頻率和受眾。

And so we look at dataxu as another important step in that progression that will help us not only activate our data and aid buyers in allocating their spend more aggressively to OTT, but also prove the effect through better data science and attribution, which we think ultimately is a long-term goal for -- as TV advertising dollars move into OTT.

因此，我們將dataxu 視為這一進程中的另一個重要步驟，它將不僅幫助我們啟動我們的數據並幫助買家更積極地將他們的支出分配給OTT，而且還透過更好的數據科學和歸因來證明效果，我們認為最終隨著電視廣告資金進入 OTT，這是一個長期目標。

And I won't comment on the Amazon Fire TV partnership, except to say that dataxu is an omnichannel DSP.

我不會評論 Amazon Fire TV 合作夥伴關係，只是說 dataxu 是一個全通路 DSP。

And our focus with it -- with the dataxu assets and the people and the capabilities is really to enable our advertisers to spend smartly in OTT and to better measure the effect in terms of reach, in terms of ROI as they move TV ad spending into OTT.

我們的重點是——透過dataxu 資產、人員和能力，真正讓我們的廣告商能夠在OTT 上明智地支出，並在他們將電視廣告支出轉移到互聯網上時更好地衡量影響範圍、投資回報率。奧特。

Our next question comes from Mark Zgutowicz with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的馬克‧茲古托維奇 (Mark Zgutowicz)。

Maybe just a follow-up on dataxu.

也許只是 dataxu 的後續。

I'm curious how it will work alongside your network sales team.

我很好奇它將如何與您的網路銷售團隊合作。

So if we think about sort of nondirect business, will this run -- will you have sort of a media take rate through the standard DSP model and sort of run that through the agencies at a sort of media take rate on sort of lower-end -- longer-tail type inventory?

因此，如果我們考慮某種非直接業務，這是否會運行 - 您是否會通過標準 DSP 模型獲得某種媒體獲取率，並通過代理機構以某種低端媒體獲取率運行該業務——長尾型庫存？

That's on dataxu.

這是dataxu上的。

And then maybe just a follow-up on gross margin.

然後也許只是毛利率的後續行動。

As you look at 4Q and potentially into 2020, I'm just curious if there's any changes in the pieces there?

當您展望第四季度並可能進入 2020 年時，我只是好奇其中的內容是否有任何變化？

Obviously, the pieces are content distribution, audience development and video.

顯然，這些部分是內容分發、受眾開發和影片。

Maybe specific to content distribution, are you seeing The Roku Channel, that content distribution business ramp faster, which is potentially putting a little bit downward pressure on gross margin?

也許具體到內容分發，您是否看到 Roku 頻道，內容分發業務增長得更快，這可能會給毛利率帶來一點下行壓力？

Just maybe some puts and takes there.

也許只是一些看跌期權和拿走的東西。

Mark, I'll take your question on dataxu.

馬克，我會在 dataxu 上回答你的問題。

You are right, that dataxu is ultimately a SaaS or platform or tools play.

你是對的，dataxu 最終是一個 SaaS、平台或工具。

And so it is a different model generally than a media sale.

因此，這通常是與媒體銷售不同的模式。

The power we think though, is we're already in a position where we're something of a category captain with our advertisers, advising them not just on their spending with Roku for Roku media, but on Roku more broadly with our publishers and across OTT generally.

不過，我們認為，我們已經處於這樣一個位置：我們已經成為廣告商的品類隊長，不僅為他們在Roku 媒體上的Roku 支出提供建議，而且還為我們的出版商和整個行業提供更廣泛的Roku 支出建議一般是OTT。

And so dataxu is a new tool in our toolbox that will help us help advertisers to better plan and spend their money in OTT.

因此，dataxu 是我們工具箱中的一個新工具，它將幫助我們幫助廣告商更好地規劃並在 OTT 上花錢。

Steve, do you want to take the gross margin...?

史蒂夫，你想計算毛利率嗎...？

Yes.

是的。

Sure.

當然。

Mark, it's Steve.

馬克，這是史蒂夫。

Just in terms of the GP, so in terms of 2020, we'll be providing guidance on that in the next call.

就 GP 而言，就 2020 年而言，我們將在下一次電話會議中提供相關指導。

But we did mention for Q4, we expect Platform gross profit to be in a similar range of the low 60s sequentially.

但我們確實提到了第四季度，我們預計平台毛利將連續在 60 多美元的類似範圍內。

And then we talked about the guidance around Player gross profit operating around 0 for Q4, just given the promotional environment, which is similar to prior years, where that's been kind of the lowest quarter usually.

然後我們討論了第四季度 Player 毛利約為 0 的指引，考慮到促銷環境，這與往年類似，通常是最低季度。

But in general, the biggest thing to think about in terms of the gross margin trend has just been -- within Platform has been the increased mix of the video ad business.

但總的來說，就毛利率趨勢而言，最需要考慮的事情是平台內影片廣告業務組合的增加。

As the video ad business continues to grow fast, that tends to be at that 50-plus-percent gross margin level versus some of the higher ones as I mentioned earlier.

隨著影片廣告業務持續快速成長，與我之前提到的一些更高的毛利率水準相比，毛利率水準往往高達 50% 以上。

And then within TRC, as Scott mentioned earlier, TRC in terms of a source of Roku monetized video ad impressions, is growing faster than the network as a whole.

然後，在 TRC 內部，正如 Scott 之前提到的，TRC 作為 Roku 貨幣化影片廣告印象的來源，成長速度快於整個網路。

But really, the margin difference is more around video ads versus other parts of Platform versus a specific TRC, non-TRC mix.

但實際上，利潤差異更體現在影片廣告與平台其他部分以及特定 TRC、非 TRC 組合之間。

(Operator Instructions) Our next question comes from Ziv Israel with Merrill Lynch.

（操作員指示）我們的下一個問題來自 Ziv Israel 和 Merrill Lynch。

So maybe first on gross margins.

所以也許首先是毛利率。

How much of the year-over-year decrease in Platform margin is due to higher mix of premium subscriptions, if at all?

平台利潤率年減有多少是由於高級訂閱組合的增加（如果有的話）造成的？

And then you mentioned investments driving some of the change to your adjusted EBITDA guide.

然後您提到投資推動了調整後的 EBITDA 指南的一些變更。

What areas are the investment in?

投資在哪些領域？

Any color there would be helpful.

任何顏色都會有幫助。

And then I have a quick follow-up.

然後我會進行快速跟進。

Yes.

是的。

Ziv, it's Steve.

齊夫，我是史蒂夫。

Just on your first question with gross margins.

關於你的第一個問題，毛利率。

We didn't -- we have mentioned previously that the premium subscription business, because that has a -- that is on a gross revenue stream and that's good for revenue and gross profit dollars but it does show up as a lower margin.

我們之前沒有提到高級訂閱業務，因為它有一個總收入流，這對收入和毛利有利，但它確實表現為較低的利潤率。

In terms of this quarter, we mentioned in the prepared remarks that the primary driver of the sequential gross margin change was around the mix shift in the video ad business.

就本季而言，我們在準備好的評論中提到，毛利率環比變化的主要驅動因素是影片廣告業務的組合轉變。

So that's the key driver there.

這就是關鍵的驅動因素。

In terms of investing in the adjusted EBITDA, as Anthony mentioned earlier, we had a goal that we set out at the start of the year that we're going to operate around EBITDA breakeven, just given our strategic position and that it's early days with a big opportunity.

在投資調整後的 EBITDA 方面，正如安東尼之前提到的，我們在年初制定了一個目標，即我們將圍繞 EBITDA 盈虧平衡進行運營，考慮到我們的戰略地位，而且現在還處於早期階段。一個很大的機會。

The 4 investment areas we talked about are around the ad business, Roku TV, The Roku Channel and then international.

我們討論的 4 個投資領域是廣告業務、Roku TV、Roku 頻道以及國際。

And in terms of Q4 specifically, it's really in the form of more talent, sales and marketing as well as some of the other options that we have to kind of secure our position going forward.

具體而言，就第四季度而言，實際上是透過更多的人才、銷售和行銷以及其他一些選擇的形式，我們必須確保我們未來的地位。

Yes.

是的。

This is Anthony.

這是安東尼。

Let me just add in terms of investment, I'll give you some examples of products and services that we shipped in Q3 that were invest -- that we weren't talking about necessarily before but were investments that we've made prior to Q3.

讓我補充一下投資方面的內容，我將向您提供一些我們在第三季度交付的投資產品和服務的示例 - 我們之前不一定談論這些，但這是我們在第三季度之前進行的投資。

So for example, we launched Roku TVs in the U.K. with Hisense in the quarter.

例如，本季我們與海信在英國推出了 Roku 電視。

We did our first global launch of players around the world.

我們在全球範圍內首次推出了玩家。

We refreshed our entire player lineup.

我們更新了整個球員陣容。

We launched Kids & Family, a new content category in The Roku Channel.

我們推出了 Roku 頻道的新內容類別「兒童與家庭」。

We launched Smart Soundbar as a new product category, a new way for us to build active accounts.

我們推出了 Smart Soundbar 作為一個新產品類別，這是我們建立活躍帳戶的新方式。

And we did a lot more than that.

我們所做的遠不止於此。

So we are pushing our business forward on multiple fronts and these are all areas that are going to pay off in the future.

因此，我們正在多個方面推動我們的業務向前發展，這些都是未來將獲得回報的領域。

Okay.

好的。

That's helpful.

這很有幫助。

Just quickly on dataxu.

很快就可以上dataxu了。

As you grow in programmatic and it becomes a bigger percent of sales, how do you see that impacting maybe the overall profitability of the Platform segment?

隨著程序化業務的成長，它在銷售額中所佔的比例越來越大，您認為這對平台細分市場的整體獲利能力有何影響？

Do you expect higher or lower CPM in programmatic versus a more direct relationship type of business?

與更直接的關係類型業務相比，您期望程序化業務的每千次展示費用更高還是更低？

Well, we look at it primarily as a vehicle to continue bringing significant new demand into the ecosystem from TV.

嗯，我們主要將其視為一種工具，繼續將電視的大量新需求帶入生態系統。

I think that's the main and first cut of the strategy behind dataxu.

我認為這是 dataxu 背後策略的主要部分和第一步。

We do anticipate that programmatic as well as other forms of automation, API-based buying, self-serve will become a growing part of OTT.

我們確實預計，程式化以及其他形式的自動化、基於 API 的購買、自助服務將成為 OTT 日益增長的一部分。

It is still a minority of total spend.

它仍然只佔總支出的一小部分。

Magna Global has commented that there'll be about $5 billion in OTT spending in 2020.

麥格納全球表示，2020 年 OTT 支出約 50 億美元。

Majority of that will not yet be programmatic, but over time, we see that growing very significantly.

其中大部分還不是程序化的，但隨著時間的推移，我們看到這一增長非常顯著。

We also look at these technologies as a way to onboard a broader class of advertisers who would have invested in TV but for difficulty in accessing it or the inability to prove ROI.

我們也將這些技術視為吸引更廣泛的廣告商的一種方式，這些廣告商本來會投資電視，但由於難以獲得電視或無法證明投資回報率。

That's really the power here for us.

這對我們來說確實是力量。

So I wouldn't characterize dataxu in terms of pressure on margins or pricing as much as a broader array of clients and an acceleration of spending into OTT.

因此，我不會用利潤或定價壓力來描述 dataxu，而是用更廣泛的客戶群和 OTT 支出的加速來描述。

Our next question comes from Michael Morris with Guggenheim.

我們的下一個問題來自古根漢的麥可莫里斯。

A couple from me.

我的一對。

Can you share how streaming hours that you guys are able to monetize with advertising, how those hours are pacing relative to that growth in overall hours streamed?

您能否分享一下你們如何透過廣告來貨幣化串流時間，這些時間相對於串流媒體總小時數的成長是如何變化的？

Is it growing faster or more slowly?

它成長得更快還是更慢？

Can you share how much of your available inventory that you have access to that you're delivering at a premium CPM?

您能否分享一下您可以以高每千次展示費用投放的可用廣告資源有多少？

You talked about this gap between sort of dollars in the industry and streaming in the industry overall.

您談到了行業中的美元與整個行業的串流媒體之間的差距。

Does that look a lot like how much you monetize relative to what you have access to?

這看起來是不是很像你相對於你所能獲得的資源而言的貨幣化程度？

And then on the international side, you guys just mentioned the global player launch and refresh again.

然後在國際方面，你們剛才提到了全球玩家的再次推出和刷新。

Were there any new markets there?

那裡有新的市場嗎？

Or were there expanded sort of retail partnerships, more inventory?

還是擴大了零售合作夥伴關係，增加了庫存？

Anything you can help us with specifically on how that moves you forward, based on those comments you made, Anthony?

安東尼，根據您發表的評論，您可以幫助我們具體了解如何推動您前進嗎？

Michael, I'll take your first 2 questions.

邁克爾，我來回答你的前兩個問題。

First, I'd described it as a funnel.

首先，我將其描述為漏斗。

Ad supported viewing is growing faster than underlying than the total platform viewing.

廣告支援的觀看次數的成長速度快於基礎觀看次數的成長速度。

And then our monetization of advertising on the platform is growing faster than that.

然後我們在平台上的廣告貨幣化成長速度比這更快。

So we are growing, in some sense, our share of -- or our participation in advertising on the platform significantly.

因此，從某種意義上說，我們在該平台上的廣告份額或參與度正在顯著增加。

As we've commented before in prior earnings calls, we generally would not characterize the business as supply-constrained as much as demand-constrained.

正如我們之前在先前的財報電話會議中所評論的那樣，我們通常不會將業務描述為供應受限，而是需求受限。

We're in the process of bringing over significant new demand from TV advertising.

我們正在從電視廣告中引入大量的新需求。

And so we view our task as primarily driving that demand function.

因此，我們認為我們的任務主要是推動需求函數。

We have, in the case of The Roku Channel as well as our ad-supported channel distribution agreement, access to sufficient inventory to support that very aggressive growth.

就 Roku 頻道而言，我們擁有廣告支援的頻道分銷協議，可以獲得足夠的庫存來支持這種非常積極的成長。

Anthony, you want to take the question on international?

安東尼，你想回答國際賽的問題嗎？

Yes.

是的。

I'd also just add, monetized video ad impressions more than doubled in the quarter.

我還想補充一點，貨幣化影片廣告展示次數在本季增加了一倍以上。

The ad business is doing really well and -- yet most of that TV ad dollars has not started to move over to streaming yet.

廣告業務做得非常好，但大部分電視廣告收入尚未開始轉向串流媒體。

So it's still a big opportunity for us.

所以這對我們來說仍然是一個很大的機會。

In terms of international, I think we covered most of the points there.

在國際方面，我認為我們涵蓋了大部分內容。

I mean we launched our new streaming player lineup in the United States, obviously, but also Canada, Mexico, Latin America, the U.K. and a few other countries as well.

我的意思是，我們不僅在美國推出了新的串流媒體播放器陣容，而且還在加拿大、墨西哥、拉丁美洲、英國和其他一些國家推出了新的串流媒體播放器陣容。

So I guess I would say the main way we think about our international expansion is not about adding more countries, because we are already in most of those countries.

所以我想我會說我們考慮國際擴張的主要方式不是增加更多的國家，因為我們已經進入了大多數這些國家。

It's about bringing more focus and more dedicated resources to international, being more competitive international, accelerating the active account acquisition in the international market.

這是為了將更多的焦點和更多的資源投入國際化，提高國際競爭力，並加速國際市場上的活躍帳戶取得。

That's really what we're focused on.

這確實是我們關注的重點。

So does that mean hiring people on the ground in those markets?

那麼這是否意味著在這些市場上僱用人員？

Or what kind of resources are you speaking of?

還是你說的是哪一類資源？

Yes.

是的。

That involves hiring more people in market, that involves writing more partnership deals, that involves more manufacturers that are focused on specific regions, that involve content partners for specific -- in region, it involves more engineering and talent inside Roku focused on international.

這包括在市場上僱用更多的人，涉及簽訂更多的合作協議，涉及更多專注於特定地區的製造商，涉及特定地區的內容合作夥伴——在該地區，它涉及Roku 內部更多專注於國際的工程與人才。

We think our strategy that's worked for us in the U.S. with just TV players works internationally as well.

我們認為，我們的策略在美國適用於電視播放器，在國際上也適用。

And the technology we've built also works internationally.

我們開發的技術也適用於國際。

We just need to take the formula and apply it more aggressively to international markets and that's what we're starting to do.

我們只需要採用這個公式並將其更積極地應用於國際市場，這就是我們開始做的事情。

Is the runway for players outside the U.S. longer, like early in the life cycle than operating systems in the TVs -- Roku-branded TVs?

美國以外的播放器的跑道是否比電視（Roku 品牌電視）中的作業系統更長（例如在生命週期的早期）？

I think both players and TVs are great opportunities for international for us.

我認為球員和電視對我們來說都是國際化的絕佳機會。

I'm not showing any further questions at this time.

我目前不會提出任何進一步的問題。

I would now like to turn the call back over to Anthony Wood for any further remarks.

我現在想將電話轉回給安東尼伍德，以徵求進一步意見。

Thanks.

謝謝。

We had another good quarter and we are pleased with our outlook for the full year.

我們又度過了一個不錯的季度，我們對全年的前景感到滿意。

Roku is getting stronger in fundamental ways.

Roku 從根本上變得更加強大。

We are executing well.

我們執行得很好。

Our streaming devices continue to stand apart and we are attracting impressive content publishers and advertisers to drive our Platform segment.

我們的串流媒體設備繼續脫穎而出，我們正在吸引令人印象深刻的內容出版商和廣告商來推動我們的平台細分市場。

The world is transitioning to streaming faster than ever and we are well-positioned to capture the benefits.

世界正以前所未有的速度向串流媒體轉型，我們已做好充分準備來獲取收益。

We look forward to the holiday season and sharing more with you in the New Year.

我們期待假期的到來，並在新的一年與您分享更多。

Thank you and happy streaming.

謝謝您，祝您直播愉快。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。