Meta Platforms, Inc. (FB) 2013 Q1 法說會逐字稿

Good afternoon. My name is Jay and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook first-quarter 2013 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session.

午安.我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2013 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後將進行問答環節。

(Operator Instructions)

（操作員指示）

Thank you very much. Ms. Deborah Crawford, Facebook's Director of Investor Relations, you may begin.

非常感謝。您可以請 Facebook 投資者關係總監 Deborah Crawford 女士開始發言了。

Thank you. Good afternoon and welcome to Facebook's first-quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO, and David Ebersman, CFO.

謝謝。下午好，歡迎參加 Facebook 第一季財報電話會議。今天與我一起討論我們業績的有執行長馬克‧祖克柏；營運長謝麗爾‧桑德伯格 (Sheryl Sandberg) 和財務長大衛‧埃伯斯曼 (David Ebersman)。

Before we get started, I would like to take this opportunity to remind you that during the course of this call, we will make forward-looking statements regarding future events and the future financial performance of the Company. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release and this conference call. These risk factors are described in our press release and are more fully detailed under the caption Risk Factors in our annual report on Form 10-K filed with the SEC on February 1, 2013. In addition, please note that the date of this conference call is May 1, 2013, and any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，在本次電話會議期間，我們將對未來事件和公司未來財務表現做出前瞻性陳述。我們提醒您考慮可能導致實際結果與新聞稿和本次電話會議中的前瞻性陳述有重大差異的風險因素。這些風險因素已在我們的新聞稿中進行了描述，在我們於 2013 年 2 月 1 日向美國證券交易委員會提交的 10-K 表年度報告中的「風險因素」標題下有更詳細的說明。此外，請注意，本次電話會議的日期是 2013 年 5 月 1 日，我們今天所做的任何前瞻性陳述均基於截至該日期的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. This call is being broadcast on the Internet and is available on the Investor Relations section of the Facebook website at investor.fb.com. A rebroadcast of the call will be available after 6.00 PM Pacific Time today. The earnings press release and accompanying investor presentation are also available on our website. After management's remarks, we will host a Q&A session.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。這次電話會議正在網路上播出，您可以在 Facebook 網站 investor.fb.com 的投資者關係部分查閱。這次電話會議的重播將於今天太平洋時間下午 6 點後提供。收益新聞稿和隨附的投資者介紹也可在我們的網站上查閱。管理層發言結束後，我們將舉辦問答環節。

And now I'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

Thanks, Deborah. And thanks, everyone, for joining us today. We got off to a good start this year with strong engagement in growth across the community, several major new product announcements and some good financial results. Sometimes it surprises me that our community can still grow so quickly beyond 1 billion active members. More than 100 million new monthly active members have joined in the last half a year. But now there are more than 650 million people who use Facebook every day. That's more than 60% of our community every day. We continue to see high levels of engagement globally across our whole community. We take our stewardship of this very seriously. We want to make sure we give every person in the world the power to share. And we're proud of these results.

謝謝，黛博拉。感謝大家今天的參與。今年我們開局良好，整個社區積極參與發展，發布了幾款重要的新產品，並取得了一些良好的財務表現。有時我很驚訝我們的社群仍然能夠如此快速地發展，活躍成員超過 10 億。過去半年內，每月新增活躍會員超過1億。但現在每天使用 Facebook 的人已超過 6.5 億。這占到我們社區每天人數的 60% 以上。我們持續看到我們整個社區在全球範圍內的高度參與。我們非常重視對此的管理。我們希望確保世界上每個人都擁有分享的力量。我們對這些成果感到自豪。

Overall, there are three main parts of our strategy -- build the best mobile product, build a platform with new services that leverage the social graph, and build a strong monetization engine. I'm going to use my time here with you today to give my assessment of how I think we're doing in each of these areas.

整體而言，我們的策略主要包括三個部分：打造最好的行動產品、建立一個利用社交圖譜的新服務平台、以及建立一個強大的獲利引擎。今天我將利用與你們在一起的時間來評估我們在各個領域的表現。

Let's start with Mobile. One of the products I'm most excited about is Facebook Home. It's a family of apps that you can install on your Android phone to make the home screen of your phone much more personal and about people, not apps. We know that people spend an average of 20% or more of their time in apps on Facebook, staying up-to-date with the people they care about are doing. We each open the Facebook app maybe 10 to 15 times per day. But we probably check our phones over 100 times a day. So with Home, you can see fresh news and content from people and topics you care about every time you turn on your screen. It really brings your phone to life and provides a completely new experience.

讓我們從行動裝置開始。最讓我興奮的產品之一是 Facebook Home。這是一系列應用程序，您可以將其安裝在 Android 手機上，以使手機主螢幕更加個性化，並且以人為中心，而不是應用程式。我們知道，人們平均花費 20% 或更多的時間在 Facebook 等應用程式上，隨時了解他們關心的人在做什麼。我們每個人每天大概會打開 Facebook 應用程式 10 到 15 次。但我們每天可能會查看手機超過 100 次。因此，透過 Home，您每次打開螢幕時都可以看到您關心的人和主題的最新新聞和內容。它確實讓您的手機煥發生機並提供全新的體驗。

This product is still very early and this is just the first release in a long journey. We're planning on iterating quickly and tuning things based on feedback. We haven't really started encouraging people to install it from within our apps yet and it's only available on a few phones. But over the next few months we hope to push this out much more broadly and get this in the hands of a lot more people. We're excited about Home because we think it's a great product. But Home is also an important milestone for our Company. This is a completely new kind of mobile experience based on people, not apps. And we think this is how phones and computers should work. I'm looking forward to sharing more with you on the experiences that are borne on mobile that we're building over the rest of this year.

該產品還處於早期階段，這只是漫長旅程中的第一次發布。我們計劃快速迭代並根據回饋進行調整。我們還沒有真正開始鼓勵人們從我們的應用程式中安裝它，而且它只在少數手機上可用。但在接下來的幾個月裡，我們希望更廣泛地推廣這項技術，並讓更多的人能夠使用它。我們對 Home 感到非常興奮，因為我們認為它是一款很棒的產品。但 Home 對我們公司來說也是一個重要的里程碑。這是一種基於人而非應用程式的全新行動體驗。我們認為手機和電腦就應該這樣運作。我期待在今年剩餘的時間裡與大家分享更多我們正在建立的行動體驗。

Now, beyond Home, I'm really proud of how Instagram is doing. Kevin and his team have made amazing progress since last April. When we agreed to acquire them, the Instagram community had 22 million people actively using their service every month. And today, over 100 million people are using Instagram each month. The Instagram community is growing even faster than the Facebook community did when it was this size. And the two communities complement each other to create some great experiences where you can capture any moment in your life and easily share it across all the communities you care about.

現在，除了 Home 之外，我對 Instagram 的表現感到非常自豪。自去年四月以來，凱文和他的團隊取得了驚人的進步。當我們同意收購他們時，Instagram 社群每月有 2,200 萬人積極使用他們的服務。如今，每月有超過 1 億人使用 Instagram。Instagram 社群的成長速度甚至比 Facebook 社群規模達到這個水準時還要快。這兩個社區相互補充，創造了一些很棒的體驗，您可以捕捉生活中的任何瞬間，並輕鬆地與您關心的所有社區分享。

Next I'd like to talk about platform and building new services using the social graph. A couple months ago, we announced a new, richer and simpler design for our newsfeed, that's more visual and engaging for all the content that you might want to consume. From news stories from the New York Times to pins from Pinterest, or activities from a game that you play. This new design opens up a nicer canvas for content for every developer and publisher out there and we think it's going to create a lot more opportunities for engagement. Early feedback has been positive on the versions we've rolled out on iPhone, iPad and desktop web and we're looking forward to rolling this out more widely soon.

接下來我想談談平台以及使用社交圖譜建立新服務。幾個月前，我們宣布了我們的新聞推播將採用一種新的、更豐富、更簡單的設計，它將更加直觀、更吸引人地呈現您可能想要閱讀的所有內容。從《紐約時報》的新聞報導到 Pinterest 上的圖釘，或您玩的遊戲中的活動。這種新設計為每位開發商和出版商開闢了更美好的內容空間，我們認為它將創造更多的參與機會。我們在 iPhone、iPad 和桌面網路上推出的版本的早期回饋都是正面的，我們期待很快更廣泛地推出該版本。

For our development platform, we've had a long road map to build the tools for iOS and Android, to make building social apps and advertising with Facebook, as easy on mobile as it is on desktop web. We completed this transition by bringing Open Graph to mobile this month and our efforts are paying off, with now 81 of the top 100 grossing iOS apps, and 70 of the top 100 Android apps integrating with Facebook and continuing to grow.

對於我們的開發平台，我們有一個長期的路線圖來建立適用於 iOS 和 Android 的工具，以便建立社交應用程式和使用 Facebook 做廣告，在行動裝置上和在桌面網路上一樣簡單。我們本月透過將 Open Graph 引入行動領域完成了這一轉變，我們的努力得到了回報，現在收入最高的 100 個 iOS 應用中有 81 個與 Facebook 集成，收入最高的 100 個 Android 應用中有 70 個與 Facebook 集成，並且還在繼續增長。

One of the developments that's been interesting is seeing how big of an opportunity mobile apps can be for Facebook. Because of the roles Apple and Google have in this space with their app stores, it wasn't as clear early on what kind of role Facebook would play. But I think it's clear now that we can create a lot of value for developers by providing a platform for identity and distribution where we're starting to see real revenue through selling mobile app installs. We just announced the acquisition of Parse, a platform and service provider for mobile apps, as part of our strategy to provide greater support for developers. Both of these products make it easier for developers to create and grow their apps and this could be the start of something much bigger.

其中一個有趣的發展就是看看行動應用程式能為 Facebook 帶來多大的機會。由於蘋果和谷歌透過各自的應用程式商店在該領域扮演著不同的角色，因此 Facebook 將扮演什麼樣的角色一開始並不明確。但我認為現在很明顯，我們可以透過提供一個身分和分發平台為開發者創造很多價值，我們開始透過銷售行動應用安裝看到真正的收入。我們剛剛宣布收購行動應用平台和服務供應商 Parse，這是我們為開發人員提供更多支援的策略的一部分。這兩款產品都使開發人員能夠更輕鬆地創建和發展他們的應用程序，這可能是更大專案的開始。

Now I want to talk a bit about monetization. I just mentioned mobile app install ads, which are growing quite well and have become one of our most important new ad products. This supports our hypothesis that Facebook should help you discover new apps and content that you may want to use. And even if not every recommendation we make is one that you take, I think this is still starting to provide some really good content for our community, in addition to the business opportunity here. This type of ad makes sense to me on mobile. On desktop web, most ads encourage you to visit a new website. On mobile, it makes sense that most ads encourage you to visit apps instead. And in order to visit apps you first need to install them. So these ads are the obvious first step.

現在我想談一下貨幣化。我剛才提到了行動應用程式安裝廣告，它的成長相當不錯，已經成為我們最重要的新廣告產品之一。這支持了我們的假設，即 Facebook 應該可以幫助您發現您可能想要使用的新應用程式和內容。即使我們提出的建議並非都會被您採納，但我認為除了這裡的商業機會之外，這仍然開始為我們的社區提供一些真正好的內容。我覺得這種類型的廣告在行動裝置上很有意義。在桌面網路上，大多數廣告都會鼓勵您造訪新網站。在行動裝置上，大多數廣告鼓勵您存取應用程式是有道理的。為了存取應用程序，您首先需要安裝它們。因此這些廣告顯然是第一步。

On mobile, the set of companies that produce apps is much broader than what you might think of as traditional developers. Every major brand, company or service wants to build apps as a store front or interface for their customers. And each of these companies wants to reach their customers to encourage them to install their apps. This market is already big and I expect it to continue to grow quickly.

在行動領域，開發應用程式的公司範圍比你想像的傳統開發商要廣泛得多。每個主要品牌、公司或服務都希望建立應用程式作為客戶的店面或介面。每家公司都希望接觸自己的客戶並鼓勵他們安裝自己的應用程式。這個市場已經很大了，我預計它將繼續快速成長。

One more thing that's important to reinforce here is that we continue to measure people's satisfaction with all the content they see on Facebook, including ads. We haven't seen any meaningful impact on satisfaction and we're continuing to watch this very closely. This is important to us as stewards of this community. We aspire to have ads -- to show ads that improve the content experience over time. And if we continue making progress on this, then one day we can get there.

這裡需要強調的另一點是，我們會繼續衡量人們對 Facebook 上看到的所有內容（包括廣告）的滿意度。我們尚未看到對滿意度產生任何有意義的影響，我們將繼續密切關注此事。作為這個社群的管理者，這對我們來說很重要。我們渴望擁有廣告——展示能夠隨著時間的推移改善內容體驗的廣告。如果我們繼續在這方面取得進展，那麼有一天我們能夠實現目標。

So that's my update on our strategy for this quarter. We've already accomplished a lot so far this year. We've seen strong growth and engagement across our whole community, several major product announcements and good financial results. We think the products like Home and Graph Search are big opportunities to deliver some unique and important services to the world, that we're positioned to do better than anyone else. But these services are also big, long-term investments. So I want to be clear up-front that we're making these big investments because I think these are important areas for us to focus on.

這就是我對本季策略的更新。今年到目前為止我們已經取得了許多成就。我們看到整個社區的強勁成長和參與度、幾項重大產品的發布以及良好的財務表現。我們認為，像 Home 和 Graph Search 這樣的產品是向世界提供一些獨特而重要的服務的巨大機會，我們有能力比其他人做得更好。但這些服務也是一項巨大的長期投資。因此，我想先明確一點，我們之所以進行這些大規模投資，是因為我認為這些是我們需要關注的重要領域。

Now, finally, I want to take a moment to thank everyone who works at Facebook, and everyone who makes this community great. All of you are contributing to building these new experiences and helping more than 1 billion people stay connected. So thank you all. And thanks to everyone on this call for being with us today. I look forward to having more to share and report on next quarter. And now I'd like to turn the call over to Sheryl.

最後，我想花點時間感謝在 Facebook 工作的每一位員工，以及所有讓這個社群變得偉大的人。你們所有人都在為打造這些新體驗做出貢獻，並幫助超過 10 億人保持聯繫。謝謝大家。感謝今天參加電話會議的所有人。我期待下個季度有更多內容可以分享和報告。現在我想把電話轉給謝麗爾。

Thanks, Mark. As Mark said, we had a very solid start to this year and we're excited about the opportunities ahead of us. Our first-quarter total revenue was $1.458 billion and total advertising revenue grew to $1.245 billion. This means that ad revenue was up 43% year over year, faster growth than we had in any quarter in 2012. We believe that this shows that our ad product innovations are helping marketers reach customers effectively. Our growth is particularly strong from new small and medium-sized marketers, direct response marketers, and app developers. I want to use my time with you today to update you on the progress we've made in our three strategic ads priorities -- mobile, measurements and product innovation.

謝謝，馬克。正如馬克所說，我們今年的開局非常良好，我們對未來的機會感到興奮。我們第一季的總收入為14.58億美元，其中廣告總收入成長至12.45億美元。這意味著廣告收入年增 43%，比 2012 年任何一個季度的成長速度都要快。我們相信這表明我們的廣告產品創新正在幫助行銷人員有效地接觸客戶。我們的成長尤其強勁，來自新的中小型行銷人員、直接回應行銷商和應用程式開發人員。今天我想利用與大家見面的時間，向大家通報我們在三大策略廣告重點——行動、測量和產品創新——方面所取得的進展。

First, mobile. As Mark has said, having billions of people carry social devices in their pockets, checking them multiple times a day, often checking Facebook, is a huge opportunity for us. A recent comScore report showed that in the US, people spend more time on Facebook than on any other app on their smartphones. The opportunity for us to connect people to each other and to marketers has never been greater. We are uniquely positioned to offer marketers massive reach on a daily basis. In Q1, mobile was approximately 30% of our ad revenue, up from about 23% in Q4. Importantly, we're seeing strong growth in our mobile ads business all around the world, particularly in Asia.

首先，移動。正如馬克所說，數十億人口袋裡都帶著社交設備，每天多次查看，並且經常查看 Facebook，這對我們來說是一個巨大的機會。comScore 最近的一份報告顯示，在美國，人們在 Facebook 上花費的時間比在智慧型手機上的任何其他應用程式上花費的時間都多。我們將人們彼此之間以及與行銷人員之間聯繫起來的機會從未如此巨大。我們擁有獨特的優勢，能夠每天為行銷人員提供廣泛的覆蓋範圍。第一季度，行動廣告收入約占我們廣告收入的 30%，高於第四季的 23% 左右。重要的是，我們看到全球各地的行動廣告業務都在強勁成長，尤其是在亞洲。

As an example, our mobile app install ads performed very well this quarter. We offer developers a unique opportunity to drive downloads of their mobile apps, as Mark talked about. During the quarter, 3,800 developers used these ads to drive nearly 25 million downloads. Of the top 100 grossing apps on both iOS and Android in the last week of Q1, about 40% of them used our mobile app install ads. In gaming, travel, eCommerce and financial service industries, the early indicators are that our cost per install are highly competitive. In one example, British Telecom provider O2 used Facebook as its only digital marketing channel to promote its new music app, O2 Tracks. In just three days, they reached 9 million people and got to sixth place in iOS apps in the UK.

例如，本季我們的行動應用程式安裝廣告表現非常好。正如馬克所說的，我們為開發人員提供了一個獨特的機會來推動其行動應用程式的下載。本季度，有 3,800 名開發者利用這些廣告推動了近 2,500 萬次下載。在第一季的最後一周，iOS 和 Android 上收入最高的 100 個應用程式中，約有 40% 使用了我們的行動應用程式安裝廣告。在遊戲、旅遊、電子商務和金融服務業，早期指標顯示我們的每次安裝成本極具競爭力。舉個例子，英國電信供應商 O2 使用 Facebook 作為其唯一的數位行銷管道來推廣其新的音樂應用程式 O2 Tracks。僅用三天時間，他們的用戶就達到了 900 萬人，並在英國 iOS 應用程式中排名第六。

Second, I want to discuss our progress in measurement. One of the challenges we face is helping marketers understand the value of our ads. This has been a major focus for us over the past several quarters. We're partnering closely with our clients to help them understand how their campaigns are performing and this measurement work also helps them gain a better understanding of their customers, which then makes their future campaigns even better. In the last nine months, we've conducted campaign effectiveness studies on over 100 campaigns across CPG, auto, retail and telco.

第二，我想討論我們在測量上的進展。我們面臨的挑戰之一是幫助行銷人員了解我們廣告的價值。這是我們過去幾季關注的重點。我們與客戶密切合作，幫助他們了解他們的活動的效果，這種測量工作也幫助他們更好地了解他們的客戶，從而使他們未來的活動變得更好。在過去的九個月中，我們對快速消費品、汽車、零售和電信行業的 100 多個活動進行了活動效果研究。

One of these studies was with Bud Light. Bud Light ran Page Post ads to its 5.8 million fans on Facebook and these ads appeared in all of our placements, including mobile newsfeeds. We worked with Datalogix and found that these ads reached 20% of US households and had a 3.3% sales lift, yielding a 6 times return on ad spend, A result we are very proud of and Bud Light is really excited about. We plan to continue to invest heavily in measurement with our clients throughout the upcoming year.

其中一項研究是針對百威淡啤酒進行的。百威淡啤酒在 Facebook 上向其 580 萬粉絲投放了 Page Post 廣告，這些廣告出現在我們所有的展示位置，包括行動新聞推播。我們與 Datalogix 合作，發現這些廣告涵蓋了 20% 的美國家庭，銷售額提升了 3.3%，廣告支出回報率達到了 6 倍，我們對此感到非常自豪，百威淡啤酒也對此感到非常興奮。我們計劃在來年繼續與客戶一起大力投資測量。

We're also really excited about our acquisition of Atlas which closed just last week, and I was able to welcome the team to Facebook earlier today. Atlas is a really important part of continuing to develop our measurement capabilities. For the past decade, digital marketers have primarily measured success by focusing only on click. But this oversimplifies how people make purchase decisions, both offline and online, because it ignores everything people do and see before they do that last click. Smart marketers are looking for a better way to value all of the impressions that they buy and engage, leading up to purchase. Multiple industry-wide studies have validated this multi-click attribution approach. For offline sales, both Nielsen and comScore have repeatedly shown that clicks are not a good predictor of sales lift.

我們也對上週剛完成的對 Atlas 的收購感到非常興奮，今天早些時候我熱烈歡迎團隊加入 Facebook。Atlas 是我們持續發展測量能力的一個非常重要的部分。在過去的十年中，數位行銷人員主要透過專注於點擊量來衡量成功。但這過於簡化了人們做出購買決策的方式，無論是線下還是線上，因為它忽略了人們在最後一次點擊之前所做和看到的一切。聰明的行銷人員正在尋找一種更好的方式來評估他們購買和參與的所有印象，從而促成​​購買。多個行業研究已經驗證了這種多次點擊歸因方法。對於線下銷售，尼爾森和 comScore 都已多次表明，點擊次數並不能很好地預測銷售成長。

For online sales, aggregate knowledge found in an analysis of more than 500 online campaigns, that when clients move from allocating their advertising spend using last-touch attribution to using multi-touch attribution, it saw a 33% increase in actions, conversions and sales. In a study of campaigns from Q4 2012, they found that when measured holistically, cost per acquisition on Facebook is 68% less than other online channels. Datalogix studies validate this finding as well, demonstrating that, on average, 99% of people who saw a Facebook ad and then bought a product in the store never clicked on an ad at all. We believe the Atlas platform will help us demonstrate even more clearly the connection between ad impressions and purchases. We can help marketers measure the effectiveness of their ad impressions better, not just on Facebook but across the entire Internet. This means we can take the advancements we've made in measurement on Facebook, including our integration with Nielsen and Datalogix, and extend them to a much larger audience and to many more purchases.

對於線上銷售，透過對 500 多個線上活動的分析發現，當客戶從使用最後一次接觸歸因分配廣告支出轉變為使用多點接觸歸因分配廣告支出時，其行動、轉換和銷售額增加了 33%。在對 2012 年第四季的活動進行的研究中，他們發現，從整體上衡量，Facebook 上的每次獲取成本比其他線上管道低 68%。Datalogix 的研究也證實了這項發現，顯示平均而言，99% 看到 Facebook 廣告然後在商店購買產品的人根本沒有點擊過廣告。我們相信 Atlas 平台將幫助我們更清楚地展示廣告展示和購買之間的連結。我們可以幫助行銷人員更好地衡量其廣告印象的有效性，不僅在 Facebook 上，而且在整個網路上。這意味著我們可以利用我們在 Facebook 測量方面取得的進步，包括與尼爾森和 Datalogix 的整合，並將其擴展到更大的受眾和更多的購買量。

Third, I'd like to highlight product innovation in apps. Over the last year we've invested heavily in product innovation and I'm excited about what we've accomplished in a relatively short period of time. As always, our top focus is on the results we generate for marketers and we're pleased to see the ROI we can provide, as well as providing a good experience for our users. We continue to innovate new targeting capabilities that make it easier for businesses of all sizes to reach the right people, both on desktop and on mobile.

第三，我想強調一下應用程式的產品創新。在過去的一年裡，我們在產品創新方面投入了大量資金，我對我們在相對較短的時間內所取得的成就感到非常興奮。像往常一樣，我們最關注的是為行銷人員創造的成果，我們很高興看到我們可以提供的投資回報率，以及為我們的用戶提供良好的體驗。我們不斷創新新的定位功能，使各種規模的企業能夠更輕鬆地透過桌面和行動裝置接觸到合適的人群。

In Q1, we gained traction with our Custom Audiences product. This product allows marketers to reach their target audiences based on their own customer databases or databases maintained by third parties. For example, a marketer can target ads to customers who have not returned to their store in the past month, but who have made purchases before. This product improves our targeting and generates higher ROI for marketers and a better ad experience for our users. We're really pleased with our adoption of this product. In Q1, more than twice as many marketers used Custom Audiences than in Q4, including 23 of the Ad Age 100 top global marketers, and many other important clients. Companies from hotels.com to Intuit to Virgin America are seeing success with this product.

在第一季度，我們的自訂受眾產品獲得了廣泛關注。該產品允許行銷人員根據自己的客戶資料庫或第三方維護的資料庫來接觸目標受眾。例如，行銷人員可以向過去一個月內沒有返回商店但之前曾購買過商品的客戶投放廣告。該產品改善了我們的定位，為行銷人員帶來了更高的投資報酬率，並為我們的用戶帶來了更好的廣告體驗。我們對採用該產品感到非常高興。第一季度，使用自訂受眾的行銷人員數量是第四季度的兩倍多，其中包括《廣告時代》全球 100 強行銷人員中的 23 位，以及許多其他重要客戶。從 hotels.com 到 Intuit 再到 Virgin America 等公司都見證了產品的成功。

In April, we launched another powerful targeting product, Partner Categories. This enables marketers to use third-party data from Acxiom, Epsilon, and other data providers to target their ads. For example, we can deliver ads to the 12 million people in the US who are likely to purchase a car in the next six months, or to the 19 million people who are active purchasers of hair care products, households that purchase hair care products at multiples of other households. Or to the 23 million people in the US who are heavy soda drinkers. We apologize, Mayor Bloomberg.

四月份，我們推出了另一個強大的定位產品—合作夥伴類別。這使得行銷人員能夠使用來自 Acxiom、Epsilon 和其他資料提供者的第三方資料來定位他們的廣告。例如，我們可以向美國未來六個月內可能購買汽車的 1200 萬人投放廣告，或向 1900 萬人積極購買護髮產品，即在其他家庭的數倍處購買護髮產品的家庭投放廣告。或對美國 2,300 萬重度汽水飲用者來說。我們深感抱歉，布隆伯格市長。

We have also seen more customers begin to use FBX, and we recently launched FBX to newsfeed on desktop. We think this will continue to drive the advertisers' options, given that we generally see higher engagements for ads in the newsfeed. In the last six months of 2012 as one example, retargeting platform AdRoll saw 70% lower cost per click on Facebook than on traditional web retargeting. FBX was so successful for them that by the beginning of Q1, AdRoll reallocated 63% of their total impressions to Facebook.

我們也看到越來越多的客戶開始使用 FBX，我們最近在桌面上推出了 FBX 新聞推播功能。我們認為，鑑於我們普遍看到新聞推播中廣告的參與度更高，這將繼續推動廣告商的選擇。以 2012 年下半年為例，重定向平台 AdRoll 在 Facebook 上的每次點擊費用比傳統網路重新導向低 70%。FBX 對他們來說非常成功，到第一季初，AdRoll 將其總展示次數的 63% 重新分配給了 Facebook。

Overall, we feel really good about our first quarter results. We've made tremendous strides in mobile; we continue to improve our measurement capabilities, most notably with our acquisition of Atlas; and we continue to innovate on our key advertising products and tools. We're still in the early days of developing our ads business and the huge opportunity ahead of us and we thank all of you for your continued interest in our business.

整體而言，我們對第一季的業績感到非常滿意。我們在行動領域取得了巨大進步；我們繼續提高我們的測量能力，最顯著的是收購了 Atlas；我們將繼續創新我們的主要廣告產品和工具。我們的廣告業務仍處於發展初期，未來還有巨大的機遇，我們感謝大家對我們業務的持續關注。

Thank you, and now I'll turn it over to David.

謝謝，現在我將把時間交給大衛。

Okay. Thanks, Sheryl, and good afternoon, everyone. I'd like to share with you the progress we made in Q1 against our key financial objectives -- to increase revenue, to invest aggressively to drive our future growth and to position the Company to maximize long-term returns for our investors. In March, on average, 665 million people accessed Facebook each day, up 26% from last year, and representing 60% of the 1.11 billion people who used Facebook during the month. Consistent with last quarter, mobile continues to drive growth in visitation and engagement. 751 million people accessed Facebook from mobile devices in March, up 54% from last year. These numbers do not include Instagram, which continues to grow rapidly, as Mark mentioned.

好的。謝謝，謝麗爾，大家下午好。我想與大家分享我們在第一季在實現關鍵財務目標方面取得的進展——增加收入、積極投資以推動未來成長以及使公司能夠為投資者實現長期回報最大化。3 月份，平均每天有 6.65 億人造訪 Facebook，比去年同期成長 26%，佔當月 Facebook 使用人數 11.1 億的 60%。與上一季一致，行動裝置繼續推動訪問量和參與度的成長。3 月有 7.51 億人透過行動裝置造訪 Facebook，比去年同期成長 54%。這些數字不包括 Instagram，正如馬克所提到的，Instagram 仍在繼續快速成長。

Turning to revenue, in Q1 total revenue was up 38% and ad revenue was up 43% compared to last year, driven by the strong performance of newsfeed ads. Exchange rate had no meaningful impact on our revenue growth rates. Ad impressions were up 39% and average price per ad was up 3% compared to last year. The product changes we made and discussed last quarter -- primarily lowering the price floor in our auction -- had a significant impact on the price and volume year-over-year comparisons. In the United States and Canada, where the price floor changes had a smaller effect, average price per ad increased over 25% relative to Q1 of last year, driven by higher engagement and performance of newsfeed ads.

談到收入，第一季總收入比去年同期成長 38%，廣告收入成長 43%，這得益於新聞推播廣告的強勁表現。匯率對我們的收入成長率沒有任何重大影響。與去年相比，廣告展示次數增加了 39%，每個廣告的平均價格上漲了 3%。我們在上個季度進行並討論的產品變化——主要是降低拍賣的價格底線——對價格和銷量比去年同期產生了重大影響。在美國和加拿大，價格下限變化的影響較小，由於新聞推播廣告參與度和效果的提高，平均每個廣告價格較去年第一季上漲了 25% 以上。

Mobile ad revenue came in at approximately 30% of ad revenue this quarter versus zero last year, and desktop ad revenue in Q1 was essentially flat with last year. As we've discussed in the past, most of our advertising clients do not specify that their Facebook ads be shown on desktop only or on mobile only, but rather they put their ads into our system and allow us to show the ads on whatever device where the ads will perform best. Because of this, the flat desktop revenue does not reflect a particular trend relative to desktop demand so much as it reflects the fact that more of our available ad inventory is being shown on mobile, because that's where people are spending increasing amounts of time and because the mobile ads perform well. We believe our aggregate ad revenue number remains the most important reflection of our performance in terms of increasing overall advertising demand. And the most important ways for us to continue to increase ad revenue are to grow users and engagement and to build advertising products and measurement tools that increase demand from advertisers of all types around the world.

本季行動廣告收入約佔廣告收入的 30%，而去年為零，第一季桌面廣告收入與去年基本持平。正如我們過去所討論過的，我們的大多數廣告客戶並沒有指定他們的 Facebook 廣告僅在桌面上或僅在行動裝置上展示，而是將他們的廣告放入我們的系統中，並允許我們在廣告效果最佳的任何裝置上展示廣告。正因為如此，桌面收入持平並不反映相對於桌面需求的特定趨勢，而是反映了我們的更多可用廣告資源在行動裝置上展示的事實，因為人們在行動裝置上花費的時間越來越多，而且行動廣告效果良好。我們相信，就整體廣告需求的成長而言，我們的總廣告收入數字仍然是我們業績的最重要體現。我們持續增加廣告收入最重要的方法是增加使用者和參與度，並建立廣告產品和測量工具，以增加來自世界各地各類廣告商的需求。

Total payments and other fees revenue was $213 million in Q1, an increase of 15% versus last year. Payments revenue from games was up 12% so we believe 6% represents the best apples-to-apples comparison in terms of the increase for payments from games, if we adjust for items such as the Q4 change in revenue recognition timing. We're pleased that Q1 represented our largest three-month quarter of games revenue to date, despite a 37% drop in year-over-year payments volume from our largest developer, as our other developers increased their payments volumes by almost 60% and we saw a record number of people playing games on Facebook. Games revenue in Q1 benefited from the growth of games launched over the past year and also from our efforts to increase games distribution, usage and payments conversion. We believe Facebook continues to offer a compelling platform for developers to build great games and businesses and we will continue to invest in this area. Overall ARPU increased 12% to $1.35 for the quarter, including a 21% increase in the United States and Canada, and double-digit gains in the other major regions as well.

第一季支付及其他費用總收入為 2.13 億美元，較去年同期成長 15%。遊戲支付收入成長了 12%，因此，如果我們根據第四季度收入確認時間變化等項目進行調整，我們認為 6% 代表了遊戲支付增幅的最佳同類比較。我們很高興看到，儘管我們最大的開發商的支付額同比下降了 37%，但第一季是我們迄今為止遊戲收入最高的三個月，因為我們的其他開發商的支付額增加了近 60%，而且我們看到在 Facebook 上玩遊戲的人數創下了歷史新高。第一季的遊戲收入受益於過去一年推出的遊戲數量的成長，也受益於我們為增加遊戲發行、使用和支付轉換所做的努力。我們相信 Facebook 將繼續為開發者提供一個引人注目的平台來打造出色的遊戲和業務，我們將繼續在這一領域進行投資。本季整體 ARPU 成長 12% 至 1.35 美元，其中美國和加拿大成長 21%，其他主要地區也達到兩位數成長。

Shifting now to expenses, in Q1 our total GAAP expenses were $1.08 billion. Excluding stock compensation, total expenses increased 56% to $895 million, driven primarily by headcount and infrastructure spend to support our growth. We continue to expect that our total non-GAAP expenses, including cost of revenue but excluding stock comp, will likely grow in the neighborhood of 50% in 2013, consistent with what we said last quarter, as we continue to invest in products to grow engagement and monetization.

現在轉向費用，第一季我們的 GAAP 總費用為 10.8 億美元。不包括股票薪酬，總支出成長 56%，達到 8.95 億美元，主要原因是員工人數和基礎設施支出支持了我們的成長。我們仍然預計，2013 年我們的非 GAAP 總支出（包括營業成本但不包括股票補償）可能會成長 50% 左右，與我們上個季度所說的一致，因為我們將繼續投資產品以增加參與度和貨幣化。

Our Q1 GAAP operating income was $373 million, representing a 26% operating margin. Excluding stock comp, our non-GAAP operating income was $563 million, representing a 39% non-GAAP operating margin. Our GAAP tax rate for Q1 was 38% and benefited significantly from the realization of a one-time $94 million R&D tax credit in the quarter. Our Q1 non-GAAP tax rate was 43% and we expect that our full-year non-GAAP tax rate will be similar to Q1.

我們第一季的 GAAP 營業收入為 3.73 億美元，營業利益率為 26%。不包括股票補償，我們的非 GAAP 營業收入為 5.63 億美元，代表非 GAAP 營業利潤率為 39%。我們第一季的 GAAP 稅率為 38%，並因本季實現的一次性 9,400 萬美元研發稅收抵免而受益匪淺。我們第一季的非公認會計準則稅率為 43%，我們預計全年非公認會計準則稅率將與第一季相似。

GAAP net income and EPS for the quarter were $219 million, or $0.09 per share and non-GAAP net income and EPS were $312 million, or $0.12 per share. We spent $327 million on CapEx in Q1 and we continue to expect 2013 CapEx to be in the neighborhood of $1.8 billion, as we invest in servers and data centers to rapidly and reliably provide our products to people around the world.

本季 GAAP 淨收入和每股收益為 2.19 億美元，即每股 0.09 美元，非 GAAP 淨收入和每股收益為 3.12 億美元，即每股 0.12 美元。我們在第一季的資本支出為 3.27 億美元，我們預計 2013 年的資本支出將達到 18 億美元左右，因為我們投資伺服器和資料中心，以便快速可靠地向世界各地的人們提供我們的產品。

In Q1, similar to Q4, upon the vesting of employee RSUs, we withheld shares and paid the associated income taxes for our employees which resulted in an outcome that's functionally very similar to Facebook having repurchased approximately $400 million worth of shares in Q1. We ended Q1 with $9.5 billion in cash and investments.

在第一季度，與第四季度類似，在員工 RSU 歸屬後，我們扣留了股份並為員工支付了相關所得稅，其結果在功能上與 Facebook 在第一季回購了價值約 4 億美元的股票非常相似。我們第一季結束時擁有 95 億美元的現金和投資。

Overall we believe that 2013 is off to a good start. We're pleased with our financial performance, as well as our progress in product development. We're continuing to invest aggressively in new products that we think will drive long-term engagement, as well as products and tools to grow our revenues and increase returns for the advertisers and developers working with us. And we're excited about the opportunity ahead of us to build out the network of people using Facebook and to bring our unique assets in terms of reach, engagement and identity to our large and important market opportunities.

總體而言，我們相信 2013 年開局良好。我們對我們的財務表現以及產品開發的進展感到滿意。我們將繼續大力投資我們認為將推動長期參與的新產品，以及增加我們的收入並增加與我們合作的廣告商和開發商的回報的產品和工具。我們對眼前的機會感到非常興奮，我們將利用 Facebook 來建立人際網絡，並將我們在覆蓋範圍、參與度和身份方面的獨特資產帶入我們龐大而重要的市場機會中。

Now let's open the call for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Heather Bellini with Goldman Sachs.

高盛的 Heather Bellini。

Mark, I was wondering, you shared with us the continued success of mobile install ads. I was wondering if you could share with us the other monetization initiatives that you have that you're most excited about for 2013. And then my follow-up for David would be if you can share with us qualitatively how CPMs trended in the various regions on a year-over-year basis.

馬克，我很好奇，您是否與我們分享了行動安裝廣告的持續成功。我想知道您是否可以與我們分享您在 2013 年最期待的其他貨幣化舉措。然後我想問 David，您是否可以與我們定性地分享各個地區的 CPM 與去年同期相比的變化趨勢。

I'll take the first question. In terms of our ads priorities, they are what I mentioned -- mobile, measurements and product innovation. We are particularly focused on improving the quality of our ads because we think that is the best way to have a great experience for users on Facebook, as well as for marketers. I think if you look at the success of Custom Audiences, Partner Categories, FBX, what you see in that are products that all move us towards better targeting, more relevant, better experience for users and for our marketers. And we're going to continue to invest very heavily in making the ad experiences as high return as they can for everyone involved.

我來回答第一個問題。就我們的廣告重點而言，就是我提到的行動、測量和產品創新。我們特別專注於提高廣告質量，因為我們認為這是為 Facebook 用戶和行銷人員帶來良好體驗的最佳方式。我認為，如果你看看自訂受眾、合作夥伴類別、FBX 的成功，你會發現這些產品都使我們朝著更精準的定位、更相關、為用戶和行銷人員提供更好的體驗的方向發展。我們將繼續投入大量資金，讓所有參與者都能享受盡可能高的廣告體驗回報。

Yes, and I'll just emphasize the same point. The things that I'm most excited about are things that are driving quality. The two big levers for the business are, A, obviously a lot of people spend a lot of time using Facebook to stay connected with all the people around them, and that gives us an opportunity to advertise. But I actually think over the long term, the thing that's going to drive the business the most is getting the ads to be very high quality -- personalized, good content in there and a lot of the things that we're doing are aligned with that. So, app installs, a lot of that stuff is just good content that people are interested in. There's no great way besides app stores today to discover a lot of apps on mobile devices. Similarly, I talked about the newsfeed redesign that we are rolling out and the content in there is much more visual. We've always had this policy that the advertising content will display in exactly the same way that the consumer content display is. And making it so that people can share much more visual content makes it so naturally advertisements can now have the same kind of compelling creative, as well. Which I think will increase the quality of that and over time increase the effectiveness, as well.

是的，我只想強調同一點。最讓我興奮的是那些推動品質的事情。這項業務的兩大槓桿是：A，顯然很多人花大量時間使用 Facebook 與周圍的人保持聯繫，這為我們提供了廣告機會。但實際上我認為，從長遠來看，最能推動業務發展的是讓廣告變得非常高品質——個人化、優質內容，我們所做的許多事情都與此一致。因此，應用程式安裝中很多東西都是人們感興趣的好內容。如今，除了應用程式商店之外，沒有其他好的方法可以在行動裝置上發現大量應用程式。同樣，我談到了我們正在推出的新聞提要重新設計，其中的內容更加直觀。我們一直秉持這樣的政策：廣告內容的顯示方式與消費者內容的顯示方式完全相同。讓人們分享更多的視覺內容，自然而然地，廣告也可以擁有同樣引人注目的創意。我認為這會提高其質量，並且隨著時間的推移也會提高其有效性。

Heather, in terms of your question about CPMs. Ads revenue grew well across all the geographic regions that we report on. I mentioned the US and Canada growth in CPMs. We saw a similar number, a little bit lower but similar, in Asia. For Europe and rest of world, the numbers were much lower. A little bit above zero in the case of Europe, a little bit below in the case of rest of world. The interesting question around this is what those numbers might have looked like if we hadn't made changes in the option dynamics, such as the price floor. And obviously we can't answer that question quantitatively because we don't have the data, but we feel pretty strongly and pretty confident that prices would have increased substantially more in all of the regions if we hadn't made those changes.

希瑟，關於你關於 CPM 的問題。我們所報告的所有地理區域的廣告收入均實現良好成長。我提到了美國和加拿大的 CPM 成長。我們在亞洲也看到了類似的數字，雖然略低一些，但差不多。對於歐洲和世界其他地區來說，這個數字要低得多。歐洲的情況略高於零，世界其他地區的情況略低於零。圍繞著這個問題的有趣問題是，如果我們沒有對選擇權動態（例如價格底線）進行改變，這些數字可能會是什麼樣子。顯然，我們無法定量地回答這個問題，因為我們沒有數據，但我們非常強烈地、非常有信心地認為，如果我們沒有做出這些改變，所有地區的價格都會大幅上漲。

Ross Sandler with Deutsche Bank.

德意志銀行的羅斯桑德勒。

Just two questions. Engagement, first, was up across most of the geographies. We assume that's primarily driven by mobile but can you talk about anything else that's driving up engagement? And then just a follow-up on the geographies. It looked like the US had a normal seasonal downtick sequentially, whereas international, most of those regions held up sequentially. So, can you just talk about the difference between sell-through rate in the US in newsfeed versus some of those international markets? Thanks.

僅兩個問題。首先，大多數地區的參與度都有上升。我們認為這主要是由行動裝置推動的，但您能談談其他推動參與度的因素嗎？然後只是對地理位置的後續。看起來美國市場連續出現了正常的季節性下滑，而國際市場中大多數地區的市場連續保持穩定。那麼，您能談談美國新聞推播的銷售率與一些國際市場的銷售率之間的差異嗎？謝謝。

Yes. In terms of growth and engagement geographically, I think you can see from the numbers that growth was strong across all the areas of the world. We continue to add a lot of users in places like India and Brazil. And engagement trends, I think, were similarly strong throughout. And mobile is clearly a big part of that equation, and been very helpful to us in terms of getting more users, more daily users, and more engagement from those users. In terms of revenue by geography, I don't know that there's a lot to add to the numbers I've already said. Europe looked good in the first quarter after being a little bit softer towards the end of last year and we continue to grow well in Asia and the rest of world. So I think just pretty consistent performance there.

是的。從地理上的成長和參與度來看，我想您可以從數據中看到，世界各地的成長都很強勁。我們繼續在印度和巴西等地增加大量用戶。我認為，參與趨勢始終同樣強勁。顯然，行動端是這個等式的重要組成部分，並且在我們獲得更多用戶、更多日常用戶以及更多用戶參與度方面提供了很大幫助。就按地區劃分的收入而言，我不知道除了我已經說過的數字以外還有什麼可以補充的。歐洲在去年年底略微疲軟之後，今年第一季表現良好，我們在亞洲和世界其他地區繼續保持良好成長。所以我認為那裡的表現相當穩定。

Scott Devitt with Morgan Stanley.

摩根士丹利的斯科特·德維特 (Scott Devitt)。

It's Jordan Monahan on for Scott. Just two quick questions. The first is, one of your competitors recently said something to the effect of, if you're building for mobile, you're building for today but not tomorrow, suggesting that tomorrow is a multi-screen world with all sorts of personalized devices. And I'm just curious, what opportunities do you see when you think about tomorrow? Would you agree that screen fragmentation will continue to increase? And does moving ads toward newsfeed and away from right-hand side help you in that environment? And then the second question is just about engagement. Engagement continues to improve despite more ads, which validates your strategy. So every time you launch a new product people get concerned that engagement may actually tick down, but it seems to do the opposite. So, are there other ad formats that you're thinking about that are likely to be complementary to engagement?

喬丹·莫納漢代替史考特上場。只要問兩個簡單的問題。首先，你們的一個競爭對手最近說了這樣的話，大意是，如果你為行動裝置打造產品，那麼你就是為今天打造，而不是為明天打造，這意味著明天是一個擁有各種個人化裝置的多螢幕世界。我只是好奇，當您想到明天時，您看到了什麼機會？您是否同意螢幕碎片化將會持續增加？那麼，將廣告移至新聞推送而不是右側對您在這種環境下有幫助嗎？第二個問題是關於參與度。儘管廣告增多，參與度仍在持續提高，這證明了您的策略的有效性。因此，每次推出新產品時，人們都會擔心參與度實際上可能會下降，但事實似乎恰恰相反。那麼，您是否考慮過其他可能與參與度互補的廣告格式？

All right, well, I'll start. I think that the trend of more different form factors, I think is somewhat orthogonal from the main trends that we see, which is just people sharing more in different ways. People want to stay connected with their friends and family and all of these different folks in their lives. And they're going to use whatever technology they have to enable that, whether that's desktop computers or laptops or phones or tablets or glasses. Whatever the products are. And I think that there's going to be good ways for people to be able to consume social content on all of those. So I think the big question for us is just which platforms do we see growing the quickest. We're not tooled up as a company right now to make 10 huge investments like that at a time, but we can do a couple.

好的，那我就開始了。我認為，更多不同形式因素的趨勢與我們看到的主要趨勢有些正交，即人們以不同的方式分享更多內容。人們希望與朋友、家人以及生活中的所有不同的人保持聯繫。他們將使用一切現有技術來實現這一目標，無論是桌上型電腦、筆記型電腦、手機、平板電腦還是眼鏡。無論產品是什麼。我認為人們將會有很好的方式來消費所有這些社交內容。所以我認為我們面臨的最大問題是哪些平台成長最快。我們公司目前還沒有能力一次進行 10 項這樣的巨額投資，但我們可以進行幾項。

Certainly tablets are growing very quickly and I think that's going to be increasingly important. But I think that consuming social content and staying connected with people is just such a fundamental human need that that that's going to be important on all of these. Getting ads in newsfeed was a valuable step in making it so that everywhere where someone is consuming content from Facebook, the business model goes along with that naturally. That was one of the early challenges that we had with mobile was ads for the first six or seven years of Facebook were just right-hand column, and that didn't translate to mobile. But it was fairly easy, with some amount of work, just to make that transition and we're there now. And now I think whatever the form factor is going forward, we'll be able to deliver advertising content in a proportion that we think is good, along with consumer content.

當然，平板電腦正在快速成長，我認為這將變得越來越重要。但我認為，消費社交內容和與人保持聯繫是人類的基本需求，這對所有這些都很重要。在新聞推播中投放廣告是邁出的重要一步，這樣，只要有人在 Facebook 上消費內容，商業模式就會自然而然地隨之發展。這是我們在行動領域早期面臨的挑戰之一，Facebook 成立後的前六、七年，廣告都只出現在右側欄，這在行動端並不適用。但這相當容易，只需做一些工作，就可以實現這一轉變，現在我們就做到了。現在我認為無論未來的形式如何，我們都能夠以我們認為合適的比例提供廣告內容以及消費者內容。

For the sentiment stuff, I think what we're seeing is really positive and it's better than expectations. We assumed that sentiment and satisfaction might drop some amount. We continue to watch this really carefully because there's no guarantee that it won't in the future. But right now, what we have seen has made us more confident that we can do more with advertising over time and can ramp that up. Our strategy isn't to have a ton of different ad units. We really want to make it so that we're delivering these end-to-end solutions for our customers, and only have a small number of simple things to make it easier for advertisers to work with us. We want to deliver that and we're underway on this long road map to execute that.

就情緒而言，我認為我們看到的情況確實非常積極，而且比預期要好。我們假設情緒和滿意度可能會下降。我們將繼續密切關注此事，因為沒有人能保證將來不會發生這種情況。但目前，我們所看到的情況讓我們更有信心，隨著時間的推移，我們可以在廣告方面做更多的事情，並且可以加強。我們的策略是不要有大量不同的廣告單元。我們確實希望能夠為客戶提供端到端的解決方案，並且只採取少量簡單的措施，以便廣告商更輕鬆地與我們合作。我們希望實現這一目標，並且我們正在按照這一長期路線圖進行實施。

Anthony DiClemente with Barclays.

巴克萊銀行的 Anthony DiClemente。

Thanks a lot. I have one for Sheryl and one for David. Sheryl, you talked about Atlas and the measurement capabilities there, and you framed it in terms of click-based ads. I'm wondering, is there also an opportunity for Atlas to improve or standardize measurement for impression-based ads? The spirit of the question, more generally, can you just talk about, or update us on, the potential for impression-based ads in terms of increasing as a percentage of the mix versus performance-based ads on Facebook?

多謝。我為 Sheryl 準備了一張，為 David 準備了一張。謝麗爾，您談到了 Atlas 及其測量功能，並將其描述為基於點擊的廣告。我想知道，Atlas 是否也有機會改善或標準化基於印象的廣告的衡量標準？更籠統地說，您能否談談或更新一下基於印象的廣告在 Facebook 上相對於基於效果的廣告的廣告組合中所佔比例增加的潛力？

And then, David, question would be a little bit of a decel in the rate of growth of ARPU in the US. I'm wondering if there are other things you can call out in the first quarter, be it dollars from large events, TV events like the Super Bowl, or other things, other than seasonality. Or maybe you can quantify or comment on the seasonality factor in the US and Canada for 1Q. Thanks a lot.

然後，大衛，問題是美國 ARPU 的成長率是否會放緩。我想知道除了季節性因素之外，第一季是否還有其他因素可以提及，例如大型活動的收入、超級盃等電視活動的收入，還是其他因素。或者您可以量化或評論美國和加拿大第一季的季節性因素。多謝。

On Atlas, you're exactly right. Our focus with Atlas is on impression-based ads. And the idea is that, historically, a lot of ads online, which were more based on search, the attribution was always that last click. And as people have looked more holistically at all the ad spending they're doing, what they find is that it's not just the last click that matters, but it's all the impressions leading up to that click.

關於 Atlas，您說得完全正確。我們對 Atlas 的關注點是基於印象的廣告。我們的想法是，從歷史上看，許多在線廣告更多地基於搜索，其歸因總是最後一次點擊。當人們更全面地審視他們所做的所有廣告支出時，他們發現重要的不僅僅是最後一次點擊，而是導致這次點擊的所有印象。

Importantly, we also drive sales offline. And offline, people aren't clicking through the purchase at all but they are actually walking into a store. So, in some sense, there is no last click. And so our focus with Atlas is to take that technology and enable us to improve our ability to connect ad impressions to purchase behavior, both offline and on. And not just on Facebook but across different ad purchases people do. So that's exactly why we made that purchase.

重要的是，我們也推動線下銷售。而在線下，人們根本不會點擊購買，而是直接走進商店。因此，從某種意義上來說，不存在最後一次點擊。因此，我們對 Atlas 的關注點在於利用這項技術，使我們能夠提高將廣告印象與線下和線上購買行為聯繫起來的能力。不僅在 Facebook 上，而且在人們購買的不同廣告上也是如此。這就是我們進行此次購買的原因。

In terms of ARPU in the US and Canada, was up 21% versus last year so continuing to make good progress there. I really don't have anything unique to say about seasonality in 2013. We see it from Q4 to Q1 across the years that we've been an advertising business. And I'm sure there are unique things that impact each year, but there's nothing that we're aware of that was particularly important in 2013 in that regard.

就美國和加拿大的 ARPU 而言，與去年相比成長了 21%，並持續取得良好進展。關於 2013 年的季節性，我真的沒有什麼特別要說的。我們看到，從第四季到第一季度，我們一直從事廣告業務。我確信每年都會有一些獨特的事情產生影響，但就此而言，我們還沒有意識到 2013 年有什麼特別重要的事情。

Jordan Rohan with Stifel.

喬丹羅漢 (Jordan Rohan) 與 Stifel 合作。

Thanks so much. I'm curious about how you address markets where it's a little bit harder to sell advertising. Specifically, if I'm calculating correctly, then 41% of monthly active users are in the US, Canada and Europe, as you define those geographies in your slides. And that's 74% of ad revenues. How can the other geographies of the world step up to be an even more meaningful percentage of total revenue? Do you have to add a lot of heads, a lot of sales infrastructure and technology infrastructure that you don't currently have? And from that perspective, did you meet your objectives in terms of hiring and expenses? Because I know how hard it is to support a business as global as Facebook. Thank you.

非常感謝。我很好奇您如何應對那些廣告銷售比較困難的市場。具體來說，如果我計算正確的話，那麼 41% 的每月活躍用戶位於美國、加拿大和歐洲，正如您在幻燈片中定義的這些地區。這佔廣告收入的 74%。世界其他地區如何在總收入中佔據更有意義的比例？您是否需要增加大量目前沒有的人員、銷售基礎設施和技術基礎設施？從這個角度來看，您在招募和費用方面是否達到了目標？因為我知道支持像 Facebook 這樣全球化的企業有多困難。謝謝。

I'm very encouraged about our opportunity to sell ads all over the world. One thing I've learned in my time selling ads on the Internet, which is going over a decade now, is that markets that you don't expect to have ad markets develop faster than you would think. So, if had asked me seven years ago what Turkey's ad market would look like, I would not have predicted it as it is today. So I'm increasingly encouraged by small businesses around the world, and large businesses, and their adoption of the technology.

我對我們有機會在世界各地銷售廣告感到非常高興。我在網路上銷售廣告已經十多年了，從中我學到的一件事就是，那些你意想不到的廣告市場的發展速度比你想像的要快。因此，如果七年前有人問我土耳其的廣告市場會是什麼樣子，我不會預測到它今天會是什麼樣子。因此，世界各地的小企業和大企業以及他們採用這項技術讓我越來越感到鼓舞。

I think with small businesses, we had an actually really deep competitive advantage, which is that people all around the world use Facebook. So when small businesses, who are historically way too busy to spend a lot of time using technology, start to use the Facebook platform, they're using something they already use as users. So once you have a time line or a profile, setting up a page is not a very big ask because you understand it and you're doing it anyway. And that's why we think, with almost no direct effort, we have 16 million small businesses actively using Facebook pages. I think one of the things we've done well over the past number of quarters is rolled out simplified ad products like Promoted Posts, where it's easy for those people who are using pages -- and this happens all over the world -- to become advertisers. And we're increasingly optimistic that we can do more and more of that.

我認為對於小型企業來說，我們實際上擁有非常大的競爭優勢，那就是世界各地的人們都在使用 Facebook。因此，當小型企業（它們過去總是太忙而沒有時間使用技術）開始使用 Facebook 平台時，他們正在使用他們作為用戶已經在使用的東西。因此，一旦您有了時間軸或個人資料，設定頁面就不是什麼大問題了，因為您了解它，而且無論如何都會這樣做。這就是為什麼我們認為，幾乎不需要任何直接努力，就有 1,600 萬家小型企業積極使用 Facebook 頁面。我認為我們在過去幾個季度中做得很好的事情之一就是推出了簡化的廣告產品，例如“推廣貼文”，這使得使用頁面的人（這種情況在世界各地都有發生）可以輕鬆成為廣告商。我們越來越樂觀地認為我們可以做更多這樣的事。

In terms of hiring, I think everything has gone quite well. And as we've discussed, 2013 is a year where we're investing for future growth and I think in the first quarter, both in terms of hiring and building out our infrastructure, we're on track with where we want to be.

在招募方面，我認為一切進展順利。正如我們所討論的，2013 年是我們為未來成長進行投資的一年，我認為在第一季度，無論是在招聘方面還是在建設基礎設施方面，我們都在朝著我們想要的方向前進。

Youssef Squali with Cantor Fitzgerald.

尤素夫‧斯誇利 (Youssef Squali) 與康托‧費茲傑拉 (Cantor Fitzgerald)。

Thank you very much. Two questions, maybe one for Sheryl and one for Mark. On ad pricing, can you maybe just talk about CPMs for ads in the newsfeed versus ads on the right-hand rail? Can you give us maybe just an idea as to the magnitude of the difference between the two? Was that a big driver for that 21% increase? And then on video advertising, I was just wondering what's the strategy to bring video advertising to Facebook, both in your newsfeed on the desktop, initially, and then eventually on mobile, assuming that there's enough bandwidth for that? Thanks.

非常感謝。有兩個問題，一個問謝麗爾，一個問馬克。關於廣告定價，您能否談談新聞推播廣告與右側欄廣告的 CPM 比較？您能否告訴我們兩者之間的差異程度有多大？這是推動 21% 成長的重要因素嗎？關於影片廣告，我只是想知道將影片廣告引入 Facebook 的策略是什麼，最初是在桌面上的新聞推送中，然後最終在行動裝置上，假設有足夠的頻寬？謝謝。

This is David. I'll take the first one, which is about CPMs. The ads that we show in newsfeed are displayed more prominently and they are more in the flow of a user's attention. So, as you would imagine, we get more engagement with those ads and they end up commanding a much higher average price per ad, as you would expect.

這是大衛。我選擇第一個，關於 CPM。我們在新聞推播中展示的廣告更加突出，也更能吸引用戶的注意。因此，正如您所想像的，我們對這些廣告的參與度更高，並且最終每個廣告的平均價格也更高，正如您所期望的那樣。

Video ads. Yes, sorry, I'll take the second part. So, video is a really exciting area because we had leveraged our scale and engagement and our ability to provide relevant ads. We have a video product out today. Advertisers can embed a video in their page posts and we're seeing really strong results. I think both because of that and because of marketers' inherent liking video as a format, we continue to explore new things as well, but we don't have anything to announced today.

影片廣告。是的，抱歉，我會選擇第二部分。因此，影片是一個非常令人興奮的領域，因為我們利用了我們的規模和參與度以及提供相關廣告的能力。我們今天推出了一款視訊產品。廣告商可以在他們的頁面貼文中嵌入視頻，我們看到了非常好的效果。我認為，由於這個原因，也因為行銷人員天生喜歡影片這種形式，我們也在繼續探索新事物，但今天我們還沒有任何消息可以宣布。

Justin Post with Bank of America Merrill Lynch.

美國銀行美林證券的賈斯汀波斯特 (Justin Post)。

Thank you. Two questions. First, on ad formats. Sheryl, do you think you really optimized the ad formats, especially on PC? Or is there a lot of room you can do to get better performance from that? And then, secondly, maybe you can just give us a business update on Instagram. Maybe you could compare where they are to where Facebook was when you turned on ads or any thoughts on how you could monetize that platform, maybe far down the road. Thank you.

謝謝。兩個問題。首先，關於廣告形式。Sheryl，您認為您真的優化了廣告格式，尤其是在 PC 上嗎？或者說，您是否還有很大的改進空間來獲得更好的性能？其次，您可以在 Instagram 上向我們提供業務更新資訊。也許你可以將他們現在的處境與你開啟廣告時的 Facebook 處境進行比較，或者思考一下如何在未來將該平台貨幣化。謝謝。

On the first, I think there's a lot of room to improve our ads. I don't know whether that will take the format of different formats. I think more of it will be in terms of quality because I think we feel pretty good about our format. But one of the main pushes we have is to make each ad a better experience for users. Content in those ads, which is as good as the content they'll see from a friend or anything else on the site, as well as make those higher return for marketers. And those two go hand in hand. I think the place you will see the most from us is more around targeting, around ability to take the formats we have and make the ad better within those formats. That's certainly our focus now. But as our site evolves and our product evolves we never rule out changing a format, as well.

首先，我認為我們的廣告還有很大的進步空間。我不知道這是否會採用不同格式。我認為更多的是在品質方面，因為我認為我們對我們的格式感覺很好。但我們的主要動力之一是讓每個廣告都能為用戶帶來更好的體驗。這些廣告中的內容與他們從朋友或網站上看到的內容一樣好，並且能為行銷人員帶來更高的回報。這兩者是相輔相成的。我認為，您最重視的是我們的目標定位，以及利用現有格式並在這些格式內改善廣告的能力。這當然是我們現在關注的重點。但隨著我們的網站和產品的發展，我們也從不排除改變格式。

And on Instagram, they are really doing well and growing really quickly. And I think that that is the right focus for them. And they have this opportunity to capture and basically build off this huge community, and I think that that should be 100% of the focus right now. I am really optimistic about the business opportunity there, too. You already have a lot of brands from folks who advertise with Facebook, putting content into Instagram, getting huge engagement rates. So people are coming to us and asking for ways to make that even richer and it's something that we're thinking about. But right now I think that -- I'm just really proud of the team and excited about how quickly they are growing. And we mentioned this in my comments early on, but they are growing a lot faster now and were faster to get to 100 million than Facebook even was.

在 Instagram 上，他們表現非常出色，而且發展非常迅速。我認為這才是他們關注的重點。他們有機會抓住並建立這個龐大的社區，我認為這應該是現在 100% 的焦點。我對那裡的商機也非常樂觀。已經有許多品牌透過 Facebook 投放廣告，將內容發佈到 Instagram，獲得了極高的參與率。因此人們來找我們並詢問如何使其變得更加豐富，而這正是我們正在考慮的。但現在我認為——我真的為這個團隊感到驕傲，並為他們的快速成長感到興奮。我們之前在評論中提到過這一點，但是他們現在的成長速度要快得多，甚至比 Facebook 更快達到了 1 億。

Gene Munster with Piper Jaffrey.

吉恩·芒斯特 (Gene Munster) 與 Piper Jaffrey。

Good afternoon. You've seen some acceleration of revenue over the last three quarters. Can you just give us some guidelines in terms of should we continue to see that revenue accelerate. And if not, at some point, in the back half of this year or early next year, based on some of the investments in new products, could we see another inflection point in growth? Thank you.

午安.過去三個季度，我們已經看到收入有所成長。您能否給我們一些指導，說明我們是否應該繼續看到收入加速成長。如果沒有，那麼在今年下半年或明年年初的某個時候，基於對一些新產品的投資，我們是否會看到另一個成長轉折點？謝謝。

I think we're still in the really early days of what we're doing and it's particularly true in mobile. A year ago we didn't have any mobile ad revenue and now it's 30% of our ad revenue. So this is great. We're really pleased with the progress and we still believe that mobile has the opportunity to be huge for us if we can execute well. We've got a really large mobile user base. They are very engaged and spend a lot of time with us. We have an ad format that works on mobile and we have identities so that we can put the right ads in front of the right people.

我認為我們所做的事情還處於早期階段，尤其是在行動領域。一年前我們沒有任何行動廣告收入，而現在它佔了我們廣告收入的 30%。這太棒了。我們對所取得的進展感到非常高興，我們仍然相信，如果我們能夠執行得當，行動業務將有機會為我們帶來巨大的發展。我們擁有非常龐大的行動用戶群。他們非常投入並且花了很多時間與我們在一起。我們擁有適用於行動裝置的廣告格式，並且擁有身份，因此我們可以將合適的廣告投放到合適的人群面前。

So I think the future for us is, I think, much more interesting than trying to project it from any particular quarter at this point, just because we've got a lot left to do. And obviously we'll continue to try and develop tools to enable us to monetize our advertising better and potentially in different ways, as well. But the big opportunity that's right in front of us is trying to make the mobile advertising products higher quality and more relevant over time.

因此，我認為我們的未來比現在從任何特定角度預測的未來要有趣得多，因為我們還有很多事情要做。顯然，我們將繼續嘗試開發工具，以便我們能夠更好地以不同的方式將廣告貨幣化。但擺在我們面前的巨大機會是努力提高行動廣告產品的品質並使其隨著時間的推移更具相關性。

Ben Schachter with Macquarie.

麥格理銀行的 Ben Schachter。

A couple issues for Mark. I was wondering, first, if you could talk about the platform strategy and maybe give some specific examples of third parties that have really been successful. And, in general, what are the lessons that you've learned around the platform strategy and how it has evolved. And then, secondly, just around the evolution of Graph Search, any lessons from the launch, positive or negative? Thanks.

馬克有幾個問題。首先，我想知道您是否可以談談平台策略，並給出一些真正成功的第三方的具體例子。總的來說，您在平台策略方面獲得了哪些經驗教訓，以及它是如何發展的。其次，圍繞著 Graph Search 的發展，從它的發布中我們能得到什麼教訓，無論是正面的還是負面的？謝謝。

Sure. One thing that I think has actually gone well with the platform recently is the gaming ecosystem. David was talking about this earlier. With the exception of our largest partner, Zynga, whose growth hasn't been as awesome as everyone would hope, the rest of the community has actually grown quite well and is quite healthy. And so we're pretty happy with that and it's a pretty diverse group. I mentioned in my comments at the beginning, we're up to -- I think it's 81 of the top 100 top grossing iOS apps and 70 of the top grossing Android apps are connected in with Facebook, so we're getting good coverage. And that's always been the vision, is making it so that any app and experience that you have can be social. That's working well.

當然。我認為該平台最近進展順利的一件事是遊戲生態系統。大衛之前就談論過這個。除了我們最大的合作夥伴 Zynga 的成長不如大家所希望的那樣驚人之外，社區的其他部分實際上都發展得相當好，而且相當健康。所以我們對此非常滿意，這是一個非常多元化的群體。我在一開始的評論中提到，我們已經達到了——我認為收入最高的 100 個 iOS 應用程式中的 81 個和收入最高的 Android 應用程式中的 70 個都與 Facebook 相連，因此我們獲得了良好的覆蓋率。我們的願景始終是讓您擁有的任何應用程式和體驗都能夠具有社交性。效果很好。

And also we really want to be a source that developers can come to for distribution and make it so that they can come to Facebook and spread their apps. People have always had good tools to do it organically, but recently the app install ad product has been another tool in developers' arsenal in order to do that, and that's showing some real traction. So I'm pretty excited about that, as well.

而且我們也確實希望成為開發人員可以進行分發的源頭，並讓他們可以來到 Facebook 傳播他們的應用程式。人們一直擁有很好的工具來有機地實現這一目標，但最近應用程式安裝廣告產品已成為開發人員實現這一目標的另一個工具，並且顯示出真正的吸引力。所以我對此也感到非常興奮。

Graph Search was your other question. The strategy around this, and where we are in rolling it out is we developed it over a period of time at the Company. And we knew that in order to get it to be really good we had to get some real world data, so we rolled it out to just a small percent of people in order to be able to tune the ranking and all that. We're getting it to a state where we're really happy with it before we roll it out to everyone. But we're really optimistic that that will happen over the coming months.

圖形搜尋是您的另一個問題。圍繞著這項策略以及我們實施該策略的階段是我們在公司內部經過一段時間的開發而製定的。我們知道，為了讓它真正好用，我們必須獲得一些真實世界的數據，所以我們只向一小部分人推廣它，以便能夠調整排名等等。在向所有人推出之前，我們會讓它達到我們真正滿意的狀態。但我們非常樂觀地認為這將在未來幾個月內實現。

So I'm pretty excited about that. The people who use it, we've gotten very positive feedback from it and I think it's going to be a very big opportunity. But the launch wasn't this point where we expected a ton of people to start using it. We've gated who can use it quite aggressively, in order to just make sure that we get the data that we need, and the real rollout will hopefully start pretty soon.

所以我對此感到非常興奮。我們從使用它的人那裡得到了非常積極的回饋，我認為這將是一個非常大的機會。但我們預計發布後不會有大量用戶開始使用它。我們已經嚴格限制誰可以使用它，以確保我們獲得所需的數據，並且希望真正的推廣很快就會開始。

Mark Mahaney with RBC.

加拿大皇家銀行的 Mark Mahaney。

Thanks. I was wondering if you could talk about engagement per cohort. There's an urban myth that those under 25 are disengaging from Facebook. It's hard for us to see that in, obviously, the data that you report. But you would know that. Is the mobile engagement, is that offsetting that? Could you talk about that engagement amongst younger cohorts?

謝謝。我想知道您是否可以談談每個群體的參與度。有一種都市傳說，說的是 25 歲以下的人正在脫離 Facebook。顯然，從您報告的數據中我們很難看出這一點。但你會知道這一點。行動端的參與是否抵消了這一點？能談談年輕一代的參與度嗎？

And then, secondly, you talked about advertising on mobile devices performing well. Could you actually make the statement as to whether it performs as well as desktop ads do for advertisers on Facebook -- similar to, sometimes greater, sometimes less? Could you compare those two? Thank you.

其次，您談到了行動裝置上的廣告效果良好。您能否確切地說出它對 Facebook 廣告商的效果是否與桌面廣告一樣好——類似，有時更好，有時更差？你能比較一下這兩者嗎？謝謝。

Sure. I guess I'd start by saying we remain really pleased with the high level of engagement on Facebook by people of all ages around the world. You asked about people under 25. We continue to have really high penetration rates among that age group, both in the US and globally, and that the younger users remain among the most active and engaged users that we have on Facebook. And then, in addition, younger users are extremely active users of Instagram, as well. So that's great and makes our position even stronger.

當然。我想首先要說的是，我們對世界各地各個年齡層的用戶在 Facebook 上的高參與度感到非常高興。您詢問的是 25 歲以下的人。無論是在美國還是在全球，我們在該年齡群體中的滲透率都保持著很高的水平，而且年輕用戶仍然是 Facebook 上最活躍、參與度最高的用戶之一。此外，年輕用戶也是 Instagram 極為活躍的用戶。這很棒，並且使我們的地位更加強大。

From our standpoint, the urban legend you referenced flows, more often than not, from surveys people have done of younger users that indicate that they are using other social services. And we take this feedback seriously but our sense is much of the concern stems from the assumption that this is a zero sum game, and that's not how we see it.

從我們的角度來看，您引用的都市傳說往往來自人們對年輕用戶所做的調查，這些調查表明他們正在使用其他社交服務。我們非常重視這些回饋，但我們感覺到大部分的擔憂源自於人們認為這是一場零和遊戲，而我們卻不這麼認為。

We think the overall amount of time spent on services that enable you to connect and share is growing and will continue to grow, because these kinds of services are really engaging and good. And it's great for us to be the leader in a market that's expanding rapidly with the foundation we have with both Facebook and Instagram. And I guess the challenge for us is just to continue building great products that appeal to users of all ages.

我們認為，人們花在連接和共享服務上的總時間正在增長，並且還將繼續增長，因為這些類型的服務確實很吸引人，而且很好。憑藉 Facebook 和 Instagram 的基礎，我們能夠成為這個快速擴張市場的領導者，這對我們來說是件很棒的事。我想我們面臨的挑戰就是繼續打造能夠吸引所有年齡層使用者的優秀產品。

Your second question about the engagement levels or the performance of mobile ads, I think it's fair to say that newsfeed ads on both mobile and desktop both perform extremely well and we're pleased with both formats.

您的第二個問題是關於行動廣告的參與度或效果，我認為可以公平地說，行動裝置和桌面裝置上的新聞推播廣告表現都非常出色，我們對這兩種格式都很滿意。

Ken Sena with Evercore Partners.

Evercore Partners 的 Ken Sena。

I was just hoping that you could go back to Atlas for a second and maybe give us a sense of maybe the run rate quarter on quarter. And is it correct to see Atlas as an avenue into monetizing potential inventory off of Facebook? And how do Home and maybe your Mobile Open Graph tie into that strategy? Thank you.

我只是希望您能回到 Atlas 一會兒，讓我們了解一下季度環比的運行率。那麼，將 Atlas 視為將 Facebook 潛在庫存貨幣化的途徑是否正確？Home 和您的行動開放圖譜如何與該策略結合？謝謝。

Our main focus with Atlas is our own measurement. That being able to measure Facebook ads all the way through to purchase, and net compare those in an apples-to-apples way with other ad purchases you make not on Facebook, is really important to drive marketer engagement with us. And that's our focus. We have no plans to launch in the network. We also don't break out -- we're not breaking out the revenues from Atlas.

我們對 Atlas 的主要關注點是我們自己的測量。能夠對 Facebook 廣告進行全程衡量直至購買，並以同類的方式將其與您在 Facebook 之外進行的其他廣告購買進行淨比較，這對於推動行銷人員與我們互動非常重要。這就是我們的重點。我們沒有在網路上推出的計劃。我們也沒有公佈 Atlas 的收入。

And it's small. We didn't buy Atlas for the run rate of its revenues, but because we feel like it's a tool that can help us to grow our own business.

而且它很小。我們購買 Atlas 並不是因為它的營收運作率，而是因為我們覺得它是一種可以幫助我們發展自己業務的工具。

Douglas Anmuth with JPMorgan.

摩根大通的道格拉斯‧安穆斯 (Douglas Anmuth)。

Thanks for taking the question. Sheryl, you talked about having strong traction with SMBs, and also in direct response in app developers, and also about Atlas and attribution. But can you help us understand the biggest hurdles that you have right now with big marketers? And then, secondly, David, if you could help us understand the percentage of mobile ads revenue that's coming from mobile app install ads. Thank you.

感謝您回答這個問題。謝麗爾，您談到了對中小企業的強大吸引力，以及對應用程式開發人員的直接回應，以及 Atlas 和歸因。但是您能幫助我們了解您目前與大型行銷人員合作時面臨的最大障礙嗎？其次，大衛，你能幫助我們了解來自行動應用程式安裝廣告的行動廣告收入的百分比嗎？謝謝。

There are lots of types of big marketers. There are big marketers out there who are direct marketers. There are also big marketers who are brand marketers. And I think first and probably it's the brands, so that's how I will answer it, even though it's worth noting that there are big advertisers across the spectrum of different types of ad buys. As I said before, the thing about brand advertisers is that they got very used to TV, then they got very used to search, and we are a third thing. And we will win that business client by client, CMO by CMO. It's something I personally spend a lot of time on and I think we have a great team in the field against.

大型行銷商有很多種類型。有很多大型行銷商都是直銷商。還有一些大行銷商是品牌行銷商。我認為首先而且很可能是品牌，所以我將這樣回答，儘管值得注意的是，在不同類型的廣告購買領域都有大型廣告商。正如我之前所說，品牌廣告商的情況是，他們非常習慣於電視，然後他們非常習慣於搜索，而我們是第三種。我們將逐一贏得客戶、逐一贏得 CMO。我個人在這方面花了很多時間，我認為我們在場上擁有一支出色的隊伍。

With some of the big brand advertisers, we have been working with them for years and years. A lot of the data and measurement you hear us talking about are studies we've done with them based on campaigns that we've run with. And I think we have a lot of belief at the top, and in many of them we're in the process of going through their companies and getting that same commitment to buy. So we'll have a CMO who has seen the value, we've proven the value, and really wants the company to come along. And now we're in the process of working brand by brand, region by region, to get that same buy-in lower in the organization, which actually takes more time, not surprisingly.

我們與一些大品牌廣告商已經合作多年了。您聽到的我們談論的許多數據和測量都是我們根據所進行的活動所做的研究。我認為我們對高層抱有很大的信心，我們正在對其中許多公司進行考察並獲得相同的購買承諾。因此，我們將有一位看到其價值、已經證明了其價值並真正希望公司加入的首席行銷長。現在，我們正在對每個品牌、每個地區進行改進，以在組織內獲得相同的認同，這實際上需要更多時間，這並不奇怪。

But other brand marketers, they are just in the testing phase, and they really haven't done enough with us so that we can even do the studies to prove the value. And so the good news for us is we're engaged with all 100 Ad Age 100, so everyone is buying with us on an annual basis. And we're working client by client to bring them along that spectrum. The good news is, I think we're increasingly proving that we can return on ad spend in different parts of the purchase funnel.

但其他品牌行銷商還處於測試階段，他們還沒有與我們進行足夠多的合作，因此我們甚至無法進行研究來證明其價值。因此，對我們來說好消息是我們與所有 100 家 Ad Age 100 合作，所以每個人都每年都會向我們購買。我們正在與各個客戶合作，幫助他們實現這一目標。好消息是，我認為我們正在不斷證明我們可以在購買管道的不同部分獲得廣告支出的回報。

To share one recent example, MGM Resorts has used a different suite of Facebook products to address different customers at different parts of the purchase funnel. They used offers to acquire new customers and they saw a 3 times return on ad spend. Then they used FBX to re-target people who were in their booking process and dropped out and that gave them a 15 times return on ad spend. And then for past guests who had completed a purchase but hadn't come back, they used Custom Audiences to target them to return, and they got a 5 times return. And I think it's experiences like that, where we show the breadth of what we can do, that really move us forward with the brand spender.

舉一個最近的例子，米高梅度假村使用了不同的 Facebook 產品套件來滿足購買管道不同部分的不同客戶的需求。他們利用優惠來吸引新客戶，並獲得了 3 倍的廣告支出回報。然後，他們使用 FBX 重新定位那些正在預訂但退出的用戶，這使他們的廣告支出獲得了 15 倍的回報。然後，對於已經完成購買但尚未回來的過去客人，他們使用自訂受眾來定位他們以讓他們回來，並且獲得了 5 倍的回報。我認為，正是這樣的經歷，向我們展示了我們所能做的廣度，才真正推動了我們與品牌消費者的共同進步。

You asked about mobile app install ads. We launched that product, I think, at the beginning of the fourth quarter, more broadly. It's early in its development but really doing quite well. And we're pleased with both the quality of the experiences we're providing and with the revenue growth that we've seen. It really fits in nicely with the idea of putting content into newsfeed that we think will be of interest to users and provide value for developers. The only other thing I'd note is that it's an incremental audience for us, for the most part, from an advertising standpoint, which is also nice. Some of those developers were advertising with us before but for a lot of the mobile app install ad purchasers are new advertisers to Facebook.

您詢問了有關行動應用程式安裝廣告的問題。我認為，我們在第四季初更廣泛地推出了該產品。雖然它的開發還處於早期階段，但進展確實相當順利。我們對所提供的體驗品質和所看到的收入成長感到滿意。這確實非常符合將內容放入新聞推播的想法，我們認為這些內容會引起用戶的興趣，並為開發人員提供價值。我唯一要注意的另一件事是，從廣告的角度來看，這對我們來說大部分是一個增量受眾，這也很好。其中一些開發人員之前曾與我們合作過廣告，但對於許多行動應用程式安裝廣告購買者來說，他們是 Facebook 的新廣告商。

Brian Wieser with Pivotal Research.

Pivotal Research 的 Brian Wieser。

Thanks for taking the question. First of all, I just wanted to go back into the segments of the advertisers between the brands, developers, small businesses and performance. Is there any way you can characterize what maybe the growth trends have been, even recognizing some of them blur the lines? Or, alternately, growth trends between the different ad products. I find it's useful to get a sense of where the relative growth is. That would be useful.

感謝您回答這個問題。首先，我只是想回到品牌、開發商、小型企業和績效之間的廣告商細分領域。您能否描述一下可能的成長趨勢，甚至承認其中一些趨勢已經模糊？或者，不同廣告產品之間的成長趨勢。我發現了解相對成長的位置很有用。那將會很有用。

And then a second question, I just wanted to get updated thoughts on data centers and the role of data centers for Facebook. The degree to which you think that it is strategic in investing in and building these out. Or if it's really just about operational efficiency. Thank you.

第二個問題，我只是想了解有關資料中心以及資料中心對 Facebook 的作用的最新想法。您認為投資和建立這些內容的策略性程度。或者這實際上僅僅與營運效率有關。謝謝。

In terms of the segments, it's really hard to break out the revenue because the same advertiser crosses multiple segments with multiple objectives, sometimes with the same ads. One of the ways we use the segments is to help focus our product development on understanding the different objectives that marketers might have, but then translating that into individual groups of revenue is difficult. I think that, as Sheryl mentioned, we're particularly pleased with small businesses as something that we can measure on Facebook and see the number of advertisers increasing.

就細分市場而言，很難細分收入，因為同一個廣告商會跨越多個細分市場，有多種目標，有時還會投放相同的廣告。我們使用這些細分的方法之一是幫助我們專注於開發產品，了解行銷人員可能擁有的不同目標，但將其轉化為單獨的收入群體卻很困難。我認為，正如謝麗爾所提到的，我們對小型企業特別滿意，因為我們可以在 Facebook 上進行衡量，並且看到廣告商的數量正在增加。

In terms of data centers, I think it is both strategic and operational. There's no question that owning our own data centers removes another party from the mix relative to when we used to lease data center space. It also enables us to build the data centers to look exactly as we want them to look, so that the performance is optimized for precisely what Facebook needs to do with the servers that we put in there. And there's definitely some efficiency that comes from that. But I would also say that, given what we're trying to do and the world we're trying to reach, I do think it's strategic for Facebook to not be dependent on third parties to provide that critical part of our supply chain.

對於資料中心來說，我認為它既是策略性的，也是營運性的。毫無疑問，與我們過去租賃資料中心空間相比，擁有自己的資料中心可以消除另一方的干擾。它還使我們能夠按照我們想要的樣子建立資料中心，從而根據 Facebook 需要對我們放置在那裡的伺服器執行的操作進行精確優化效能。這肯定會帶來一些效率。但我還要說的是，考慮到我們正在努力做的事情以及我們試圖觸及的世界，我確實認為，對於 Facebook 來說，不依賴第三方來提供我們供應鏈的關鍵部分是具有戰略意義的。

Aaron Kessler with Raymond James.

亞倫‧凱斯勒 (Aaron Kessler) 與雷蒙德‧詹姆斯 (Raymond James)。

Yes, a couple questions. On the unpublished Page Post, can you just give us an update? I think that got released towards the end of the first quarter. Maybe what type of traction you're seeing there. And also just going back to the US versus Europe, can you just maybe detail? Europe definitely outperformed US on a sequential basis. Was that due to some of the later adoption of some of the sponsored stories in the newsfeed? Or was that something else? Thank you.

是的，有幾個問題。關於未發布的頁面帖子，您能否向我們提供最新消息？我認為它是在第一季末發布的。也許您在那裡看到了什麼類型的牽引力。另外，回到美國與歐洲的對比，您能詳細說明一下嗎？從連續表現來看，歐洲的表現肯定優於美國。這是因為後來新聞推播中採用了一些贊助故事嗎？還是別的什麼？謝謝。

On Page Post, Page Post ads first appeared May of last year, and then we just put them into newsfeed in March of 2013. In terms of unpublished, what that just means is the ability to target Page Posts only to the right people. So, for example, without posting it to everyone on your page. For example, if you're a retailer and there was a snow storm in one state, you could target snow shovels or other relevant stuff you want to sell for a snow storm only to people in that state. So it's just a really useful way of segmenting your audience. Again, part of our overall push to relevance, targeting and quality.

在 Page Post 上，Page Post 廣告於去年 5 月首次出現，然後我們在 2013 年 3 月將它們放入新聞推播中。就未發布而言，這僅意味著能夠將頁面貼文僅定位到合適的人群。例如，無需將其發布給您頁面上的每個人。例如，如果您是零售商，並且在某個州發生了暴風雪，那麼您可以將雪鏟或其他與暴風雪相關的物品僅針對該州的人們進行銷售。所以這只是一種細分受眾的非常有用的方法。再次強調，這是我們整體推動相關性、針對性和品質的一部分。

We're really excited about Page Post ads. Over 7.5 million posts have been promoted by pages. Over 30% of the people using the product are new advertisers to Facebook. And I think that speaks to one of the earlier questions on small to medium businesses and their adoption. If you say to an SMB, do you want to become an advertiser? That's a heavy lift. If you say to them, you have a page, you've posted something, do you want to pay a few dollars to promote this post to reach more people? That is a much easier on ramp to advertising spend with us and we think it's working really well.

我們對 Page Post 廣告感到非常興奮。超過 750 萬篇貼文已透過頁面進行推廣。超過 30% 的產品使用者是 Facebook 的新廣告主。我認為這回答了之前關於中小型企業及其採用的一個問題。如果你問中小企業，你想成為廣告商嗎？這是一個很重的任務。如果你告訴他們，你有一個頁面，你發布了一些內容，你願意花幾美元來推廣這個帖子，讓更多的人看到嗎？這對我們來說增加廣告支出的途徑更加容易，而且我們認為效果非常好。

In terms of US and Europe, I really don't have a lot more to add. The Europe number, as I said, was strong in Q1. I'm certain it's true that for some of the products that we roll out, the US represents the first adopters and then they spread their way to other clients around the world. But I don't have any specific evidence to support that that was key to the trends in Q1.

關於美國和歐洲，我真的沒有什麼好補充的。正如我所說，歐洲第一季的數據表現強勁。我確信，對於我們推出的一些產品來說，美國是第一批採用者，然後這些產品會傳播給世界各地的其他客戶。但我沒有任何具體證據證明這是第一季趨勢的關鍵。

Operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

Daniel Ernst with Hudson Square Research.

哈德遜廣場研究公司的丹尼爾‧恩斯特（Daniel Ernst）。

Yes, good evening. Thanks for taking my call. Two questions, if I might. If we look at the broad base of all ad impressions across Facebook, whether it's desktop or mobile, can you give us a sense of what percentage of those are generated or conditioned by social statistics or socially relevant data that comes out of the Facebook experience versus ads conditioned by external data, like from Acxiom or from re-targeting traffic from other web sites?

是的，晚上好。謝謝您接聽我的電話。請問我有兩個問題。如果我們看一下 Facebook 上所有廣告印象的廣泛基礎，無論是桌面還是移動，您能否告訴我們其中有多少百分比是由來自 Facebook 體驗的社交統計數據或社交相關數據生成或決定的，而有多少百分比是由外部數據（例如來自 Acxiom 的數據或來自其他網站的重新定位流量）決定的？

And then, second, within the category of apps and other, can you give a sense of is there any materiality around the other category? So, not apps payments or what part of that might have been Facebook type services like gifts. Thank you.

其次，在應用程式和其他類別中，您能否了解其他類別是否存在任何實質？因此，不是應用程式支付，也不是其中可能包含 Facebook 類型的服務（如禮物）。謝謝。

To your first question on mobile, I think the question was on mobile ad load, is that right?

對於您關於行動裝置的第一個問題，我認為問題是關於行動廣告負載，對嗎？

No. Whether it's mobile or desktop, what part of the --.

不。無論是行動裝置還是桌上型設備，哪個部分--。

Okay. Sorry, I got lost in the second question, which I should have written down the first one. Right now, you asked about Acxiom and things like that. That's a very small percentage of the ad impressions we show. Hopefully over time we can bring tools to bear that can really increase our ability to do more targeting, or more effective targeting than we do today.

好的。抱歉，我在第二個問題上迷失了方向，我應該把第一個問題寫下來。現在，您詢問了有關 Acxiom 和類似的事情。這僅占我們展示的廣告展示次數的一小部分。希望隨著時間的推移，我們能夠利用一些工具來真正提高我們進行更多定位或比現在更有效定位的能力。

In terms of the second part, I think you're asking about the whole payments and other fees revenue line. I said the whole line grew by 15%. Games represented 12% growth. So the increment in between the 12% and the 15% came primarily from user-promoted posts, which is a product we launched last year. To a lesser degree, also, from our gifts product.

關於第二部分，我認為您詢問的是整個支付和其他費用收入線。我說整個生產線成長了 15%。遊戲成長了 12%。因此，12% 到 15% 之間的增量主要來自用戶推廣的帖子，這是我們去年推出的產品。從較小程度上來說，也來自我們的禮品產品。

Great. Thank you for joining us today. We appreciate your time. And we look forward to speaking with you again next quarter.

偉大的。感謝您今天加入我們。感謝您的時間。我們期待下個季度再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。