Meta Platforms, Inc. (FB) 2013 Q2 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 second-quarter 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 第二季財報電話會議。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 second-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 第二季財報電話會議。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·桑德伯格和財務長大衛·艾伯斯曼。

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 important 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 quarterly report on Form 10-Q filed with the SEC on May 2, 2013. In addition, please note that the date of this conference call is July 24, 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重要風險因素。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 5 月 2 日向美國證券交易委員會提交的 10-Q 表季度報告中的「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 7 月 24 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 an accompanying investor presentation are also available on our web site. I'd also like to mention that we recently launched our Facebook IR page at facebook.com/facebookinvestorrelations. While we don't currently intend to use the page as an exclusive vehicle for corporate disclosure, the IR page is designed as a curated resource for anyone interested in getting better acquainted with the Company.

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，您也可以在 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找到。我也想提一下，我們最近在 facebook.com/facebookinvestorrelations 上推出了我們的 Facebook IR 頁面。雖然我們目前並不打算將該頁面用作公司資訊揭露的專屬載體，但 IR 頁面旨在為任何有興趣更了解公司的人士提供精選資源。

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 made some really good progress this quarter with the growth and engagement of our community, the release of new products like Instagram video, and advertising growth, especially on mobile. When it comes to mobile, I'm very pleased with the results. We now have more daily actives on mobile than on desktop. Nearly 0.5 billion people use Facebook on their phones every day. And soon we'll have more revenue on mobile than on desktop, as well. This progress is the result of investments we started making more than a year ago and in some cases years ago. I appreciate the patience and trust of our team, our community, and our investors have given us. And we're looking forward to seeing our other long-term investments achieve great results, as well.

謝謝，黛博拉。感謝大家今天的參與。本季度，我們取得了一些非常好的進展，包括社群的成長和參與度、Instagram 影片等新產品的發布以及廣告的成長，尤其是在行動領域。說到行動設備，我對結果非常滿意。現在，行動裝置上的每日活躍用戶比桌面裝置多。每天有近 5 億人透過手機使用 Facebook。而且很快我們在行動裝置上的收入也將超過桌上型裝置。這項進展是我們一年多前，甚至有些是幾年前開始進行的投資的結果。我感謝我們的團隊、社區和投資者給予我們的耐心和信任。我們也期待看到我們的其他長期投資也能取得豐碩成果。

One of the questions I frequently get asked are what are the big changes we want to make in the world over the next five or ten years. Now that we've connected 1 billion people, what are the next big ambitions? There are three main goals I'd like us to achieve. Connect everyone, understand the world, and help build the knowledge economy. Connecting everyone is about growing our community to reach the next 5 billion people. Our mission is to give all people the power to share and make the world more open and connected. And that means everyone, not just people in developed countries. Most people in the world don't yet have smartphones or data access, but we know they want to be connected. We're focused on making this possible while also strengthening engagement within our existing community.

我經常被問到的一個問題是，未來五年或十年內我們希望世界發生哪些重大變化。現在我們已經連接了 10 億人，下一個宏偉目標是什麼？我希望我們實現三個主要目標。連結每個人，了解世界，幫助建構知識經濟。連結每個人是為了擴大我們的社區，以覆蓋下一個 50 億人。我們的使命是讓所有人都有分享的力量，讓世界更開放、更連結。這意味著每個人，而不僅僅是已開發國家的人民。世界上大多數人還沒有智慧型手機或資料存取權限，但我們知道他們渴望連網。我們致力於實現這一目標，同時加強我們現有社區的參與。

Understanding the world is about helping people share not just day-to-day updates, like text messages and photos, but also building up long-term knowledge about the world, like what people are interested in, which restaurants are good, which hotels your friends have stayed at, and so on. We should be able to build intelligent services that help you use your network to answer lots of questions for you that no other service can. And we want to lead our community to create a graph of all that understanding to power this intelligence.

了解世界不僅是為了幫助人們分享日常更新，如短信和照片，也是為了積累有關世界的長期知識，如人們對什麼感興趣，哪些餐館好吃，你的朋友住過哪些酒店，等等。我們應該能夠建立智慧服務，幫助您使用網路為您解答許多其他服務無法解答的問題。我們希望帶領我們的社群創建一個涵蓋所有理解的圖表，以支持這種智慧。

Building the knowledge economy is about helping people create companies and jobs using information. The way I see our advertising products, we aren't just building a strong monetization engine for our Company. We're creating tools to enable new growth to jobs and businesses through our platform, and to support a larger economic shift in the world based on knowledge and information. I'm proud of the work we're doing here to help developers create apps to help local businesses find customers, to help great brands tell their stories. And this is a core part of our mission.

建立知識經濟就是幫助人們利用資訊創造公司和創造就業機會。在我看來，我們的廣告產品不僅僅是為我們的公司建立強大的貨幣化引擎。我們正在創建工具，透過我們的平台促進就業和企業的新成長，並支持基於知識和資訊的世界更大的經濟轉型。我為我們在這裡所做的工作感到自豪，我們幫助開發人員創建應用程序，幫助本地企業找到客戶，幫助偉大的品牌講述他們的故事。這是我們使命的核心部分。

Now let's talk about the progress we've made in each of these areas, starting with connecting everyone. The Facebook community has grown steadily this quarter, adding 45 million new monthly actives. And the number of monthly actives is steady or increasing across demographics and countries. One thing that's surprised me as we've grown is I've always expected our ratio of daily actives to monthly actives would decrease as later technology adaptors used our service. The opposite has actually been true. And now 61% of monthly actives are daily actives. And that ratio has just continued to include. In our most penetrated markets like the US, more than 70% of our monthly actives use our services daily. And, now, more than 700 million people worldwide use Facebook daily as of today.

現在讓我們來談談我們在各個領域所取得的進展，首先是連結每個人。本季 Facebook 社群穩定發展，每月新增 4,500 萬活躍用戶。各個人口和國家的每月活躍用戶數量保持穩定或增加。隨著我們的發展，有一件事讓我感到驚訝，那就是我一直預計，隨著後來的技術適配器使用我們的服務，我們的每日活躍用戶與每月活躍用戶的比例會下降。事實卻恰恰相反。現在 61% 的月活躍用戶都是每日活躍用戶。且該比例還在持續增加中。在我們滲透率最高的市場（如美國），超過 70% 的每月活躍用戶每天都使用我們的服務。截至目前，全球每天有超過 7 億人使用 Facebook。

As more social services get created, one question is how it affects the sharing and time that people spend on Facebook. You could naively assume that more new services means people spend less time on Facebook, but that isn't happening. In fact, people on average are spending more time on Facebook than ever before. It's possible that, because the market is expanding due to mobile, even as time spent per person increases on Facebook, maybe our market share could decrease. But that doesn't seem to be happening either. According to third-party metrics like ComScore and Nielsen, Facebook's share of time spent in the US is either steady or increasing. And we believe it's either steady or increasing everywhere else, as well. This makes sense to me because Facebook helps you maintain your real identity in relationships, which are universal needs. We believe that if we execute well, we have a good shot at growing the amount of time that people spend using Facebook, while also maintaining or increasing our overall share of time spent.

隨著越來越多的社交服務的出現，一個問題是它如何影響人們在 Facebook 上的分享和花費的時間。您可能會天真地認為，更多的新服務意味著人們在 Facebook 上花費的時間更少，但事實並非如此。事實上，人們平均在 Facebook 上花費的時間比以往任何時候都多。有可能，由於行動市場不斷擴大，即使每個人在 Facebook 上花費的時間增加，我們的市場份額也可能會下降。但這似乎也沒有發生。根據 ComScore 和 Nielsen 等第三方指標，Facebook 在美國用戶使用時間中所佔的份額要么保持穩定，要么增加。我們相信，其他地方的數字要不是保持穩定，就是也在成長。這對我來說很有意義，因為 Facebook 可以幫助你在人際關係中保持真實身份，這是普遍的需求。我們相信，如果我們執行得好，我們就有很大機會增加人們使用 Facebook 的時間，同時保持或增加我們整體的使用時間份額。

One specific demographic I want to address is US teens. There's been a lot of speculation reporting that fewer teens are using Facebook. But based on our data that just isn't true. It's difficult to measure this perfectly, since some young people lie about their age. But, based on the best date we have, we believe that we have close to fully penetrated in the US teen demographic for a while. And the number of teens using Facebook on both a daily and monthly basis has been steady over the past year and a half. Teens also remain really highly engaged using Facebook. It's also worth mentioning that these stats are for Facebook only. Instagram is growing quickly, as well. So, if you combine the two services together, we believe our engagement and share of time spent are likely growing quickly throughout the world.

我想討論的一個特定族群是美國青少年。有許多猜測報導使用 Facebook 的青少年人數正在減少。但根據我們的數據，事實並非如此。由於有些年輕人會謊報年齡，因此很難準確衡量這一點。但是，根據我們掌握的最佳數據，我們相信我們已經接近完全滲透到美國青少年群體中。在過去一年半中，每天和每月使用 Facebook 的青少年數量一直保持穩定。青少年對 Facebook 的使用也十分活躍。另外值得一提的是，這些統計數據僅適用於 Facebook。Instagram 也在快速發展。因此，如果將這兩項服務結合在一起，我們相信我們的參與度和所花費的時間份額可能會在全球範圍內快速增長。

Next, let's talk about building more useful services on the path to understanding the world. The newest product I'm most excited about from our last quarter is Instagram video. Adding video fits really naturally with the Instagram mission of capturing and sharing the world's moments. And it's off to a great start. People are already uploading hours of video to Instagram every minute. I'm really proud of the team, and I think they did a great job with this product. When I first talked to Kevin about this he had a really smart insight. Instagram has always been about helping people capture moments in a way they are proud of. Filters were necessary for photos because when Instagram started most cameras weren't good enough to take high-quality photos. But lack of filters isn't what's holding back videos from being great. It's that they're shaky and feel unprofessional. Kevin realized that if we could deliver a product that helped people produce stable videos that would really change the landscape. And I think it already is.

接下來我們來談談在理解世界的道路上建構更多有用的服務。上個季度最讓我興奮的最新產品是 Instagram 影片。添加影片與 Instagram 捕捉和分享世界精彩瞬間的使命非常契合。這是一個好的開始。人們每分鐘都會上傳數小時的影片到 Instagram 。我為這個團隊感到非常自豪，我認為他們在這款產品上做得非常出色。當我第一次與凱文談論此事時，他有著非常深刻的見解。Instagram 一直致力於幫助人們以他們引以為傲的方式捕捉精彩時刻。照片需要濾鏡，因為 Instagram 剛開始時，大多數相機都不足以拍攝高品質的照片。但缺少濾鏡並不是阻礙影片變得精彩的原因。他們不夠堅定，給人一種不專業的感覺。凱文意識到，如果我們能夠提供一種產品，幫助人們製作穩定的視頻，那麼這將真正改變現狀。我認為它已經是了。

Now, some products like video fit into the flow of what people are doing, and they take off quickly. Others, like Graph Search and Home, are completely new kinds of products, and they're just going to take longer to develop. I think it's the right strategy to have a balance of long-term foundational new products and ones that fit an immediate demand. We're committed to building all of these into market-leading products.

現在，影片等一些產品已經融入了人們的日常活動之中，並迅速流行起來。其他產品，如 Graph Search 和 Home，則是全新的產品，只是需要更長的時間來開發。我認為在長期基礎新產品和滿足當前需求的產品之間取得平衡是正確的策略。我們致力於將所有這些打造成為市場領先的產品。

Finally, let's talk about building the knowledge economy and what that means for our core business. This quarter has been a strong period for us. A lot of new businesses have signed up to advertise with us. And we now have more than 1 million active advertisers. Our newsfeed ads products are working well for them. One of the things I watch most closely is the quality of our ads and people's sentiment around them. Right now ads, on average, make up about 5% or 1 in 20 stories in newsfeed. We haven't measured a meaningful drop in satisfaction when we ask people about their experience with Facebook. We're comparing that to the result we get when we ask the same question to people using a version of Facebook with no feed ads at all.

最後，讓我們談談建立知識經濟以及這對我們的核心業務意味著什麼。本季對我們來說是強勁的時期。許多新企業已經與我們簽約做廣告。現在我們擁有超過 100 萬活躍廣告商。我們的新聞推播廣告產品對他們來說效果很好。我最密切關注的事情之一是我們的廣告品質以及人們對這些廣告的看法。目前，廣告平均佔新聞推播內容的 5% 左右，即每 20 則報道就有 1 則廣告。當我們詢問人們使用 Facebook 的體驗時，我們並沒有發現滿意度有明顯的下降。我們將其與向使用沒有任何資訊流廣告的 Facebook 版本的用戶提出相同問題時得到的結果進行比較。

Now, that said, in recent studies people have told us that they notice the ads more. So we're going to invest more in improving the quality. Our top priority is to expand the number of marketers and overall demand in our system rather than just increasing the number of ads that we show. We believe that this will help us improve the quality of the ads that we show by creating a more competitive auction. And this will create the best experience for people who use our products, the best returns for more marketers, and the best results for us.

話雖如此，最近的研究顯示人們告訴我們，他們更加關注廣告。因此我們將投入更多資金來提高品質。我們的首要任務是擴大行銷人員的數量和系統中的整體需求，而不僅僅是增加我們展示的廣告數量。我們相信，透過創造更具競爭力的拍賣，這將有助於我們提高所展示廣告的品質。而這將為使用我們產品的人創造最好的體驗，為更多的行銷人員帶來最好的回報，也為我們自己帶來最好的結果。

That's my update for this quarter. We made a lot of progress in the last three months on growing our community engagement, releasing a successful major product, and generating strong financial results. This quarter also marks the end of our first year as a public company. And I think we've created a good foundation for the future. I want to take a moment to thank everyone who works at Facebook, and everyone who's a part of this great community. You are all helping to connect the world and push it forward. I'm grateful to have the chance to work with all of you on this. So, thank you, and thanks to everyone on this call for joining us today. I'm look forward to having more to share next quarter.

這是我本季的更新。在過去的三個月裡，我們在增加社區參與度、發布成功的主要產品和創造強勁的財務業績方面取得了很大進展。本季也標誌著我們作為上市公司的第一年的結束。我認為我們已經為未來奠定了良好的基礎。我想花點時間感謝在 Facebook 工作的每一個人，以及這個偉大社區的每一位成員。你們都在幫助連結世界並推動世界進步。我很高興有機會與大家一起合作。所以，謝謝大家，也謝謝今天參加電話會議的所有人。我期待下個季度能分享更多內容。

And now, Sheryl.

現在，謝麗爾。

Thanks, Mark. Our advertising business gained significant momentum this quarter, growing 61% year over year to $1.6 billion. Our mobile ad revenue grew significantly, as well, and was approximately 41% of total ad revenue, up from about 30% in Q1. This growth was robust across all regions. And each of our four marketing segments increased spending with us this quarter. We believe this is because our ad products are delivering impressive ROI for each of these types of marketers.

謝謝，馬克。本季我們的廣告業務發展勢頭強勁，年增 61%，達到 16 億美元。我們的行動廣告收入也大幅成長，約佔總廣告收入的 41%，高於第一季的 30% 左右。所有地區的成長均十分強勁。本季度，我們的四個行銷部門均增加了支出。我們相信這是因為我們的廣告產品為每種類型的行銷人員帶來了令人印象深刻的投資報酬率。

Direct response marketers, including eCommerce companies, increased their spend significantly. Year-over-year ad revenue from eCommerce companies doubled in the second quarter. Direct response marketers are taking advantage of our high click-through rates and competitive CTCs to grow their businesses. These marketers are typically very measurement-focused. And they quickly increase their budgets as we deliver compelling ROI.

包括電子商務公司在內的直接反應行銷人員大幅增加了支出。第二季電子商務公司的廣告收入較去年同期翻了一番。直接反應行銷人員正在利用我們的高點擊率和有競爭力的 CTC 來發展他們的業務。這些行銷人員通常非常注重衡量標準。當我們提供令人信服的投資回報率時，他們迅速增加了預算。

Revenue from mobile app install ads also continues to accelerate. The ad market is relatively new but is already large and growing very rapidly. We believe that Facebook is one of the most effective ways for developers to acquire new customers at competitive rates. We're increasing our share and helping to grow this market.

行動應用程式安裝廣告的收入也持續加速成長。廣告市場相對較新，但規模已很大，且成長非常迅速。我們相信 Facebook 是開發人員以有競爭力的價格獲取新客戶的最有效途徑之一。我們正在增加我們的份額並幫助擴大這個市場。

Local businesses also grew spend significantly. We surpassed 1 million active advertisers this quarter, more than double the number we had only a year ago. We believe that this rapid growth is being driven by our unique ability to target ads, and the simpler ad products we rolled out in the past year. We're all really excited that we can help local businesses grow around the world. One of my favorite local examples is right in our backyard, Artisan State, a San Francisco business that prints photos books. The owner told us that running newsfeed ads gained them so many customers so quickly that they had to pause their campaigns to let their manufacturing catch up. Nearly 18 million local businesses now have Facebook pages. While we are excited to hit 1 million active advertisers, we know that this is just a small fraction of the local businesses on Facebook. So this remains a large growth opportunity for us.

當地企業的支出也大幅增加。本季我們的活躍廣告客戶數量超過 100 萬，比一年前增加了一倍以上。我們相信，這種快速成長得益於我們獨特的廣告定位能力以及我們在過去一年推出的更簡單的廣告產品。我們都非常高興能夠幫助世界各地的本地企業發展。我最喜歡的當地例子之一就在我們家後院，Artisan State，一家位於舊金山的印刷照片書的公司。店主告訴我們，投放新聞推播廣告讓他們迅速獲得了大量客戶，因此他們不得不暫停廣告活動，以便讓生產跟上進度。目前，近 1,800 萬家本地企業都擁有 Facebook 頁面。雖然我們很高興擁有 100 萬活躍廣告商，但我們知道這只是 Facebook 上本地企業的一小部分。因此，這對我們來說仍然是一個巨大的成長機會。

And, finally, brand marketers also continue to grow spend. We have a massive and engaged audience around the world that brands can use to grow awareness and drive scale. Every night 88 to 100 million people are actively using Facebook during prime time TV hours in the United States alone. One recent example is from Reckitt Benckiser, a global CPG company. Their campaign for Lysol targeted moms and drove a 2 times return on ad spend for their brand. Their campaign for Air Wick was even better, driving a 5 extra turn on ad spend. As they have seen these results, they have more than doubled their ad spend with us over the last year.

最後，品牌行銷人員也持續增加支出。我們擁有遍佈全球的龐大且活躍的受眾群體，品牌可以利用他們來提高知名度並擴大規模。光是在美國，每晚黃金時段電視播放期間就有 8,800 萬至 1 億人活躍於 Facebook。最近的一個例子是全球快速消費品公司利潔時 (Reckitt Benckiser)。他們針對 Lysol 所進行的宣傳活動以媽媽們為目標客戶，為品牌帶來了 2 倍的廣告支出回報。他們為 Air Wick 所進行的宣傳活動效果更佳，廣告支出增加了 5 倍。由於看到了這些結果，他們在去年投入的廣告費用增加了一倍以上。

Newsfeed ads are performing very well. In an analysis by Datalogix of 55 ad campaigns on Facebook over the past six months, marketers saw a median return on ad sales of 3 times for campaigns that did not include ad in newsfeed, which is very solid performance. For campaigns that included newsfeed ads, the median return on ad sales was nearly double at 5.9X. During the second quarter we increased the number and type of ads in newsfeeds. At the same time, our click-through rates and cost per click metrics for newsfeed ads remained strong during the quarter, providing a good indicator of healthy and growing advertiser demand, and continued user interest in these ads.

新聞推播廣告表現非常好。Datalogix 對過去六個月 Facebook 上的 55 個廣告活動進行了分析，行銷人員發現，對於未在新聞推播中包含廣告的活動，廣告銷售的平均回報率為 3 倍，這是非常穩健的表現。對於包含新聞推播廣告的廣告活動，廣告銷售的平均回報率幾乎翻了一番，達到 5.9 倍。在第二季度，我們增加了新聞推播中的廣告數量和類型。同時，本季我們的新聞推播廣告點擊率和每次點擊費用指標依然保持強勁，這很好地表明了廣告商的需求健康且不斷增長，以及用戶對這些廣告的持續興趣。

Custom Audiences is another key product that continues to gain momentum. This product enables our clients to enhance their ad targeting by marrying their data with ours in a privacy-protective way. In Q2 the number of marketers using Custom Audiences more than doubled relative to Q1.

自訂受眾是另一個持續獲得發展動力的關鍵產品。該產品使我們的客戶能夠以隱私保護的方式將他們的資料與我們的資料結合起來，從而增強他們的廣告定位。與第一季相比，第二季使用自訂受眾的行銷人員數量增加了一倍以上。

We also continue to innovate around our mobile ad products. In April, we launched ad targeting for future friends. This helps marketers, everyone from multi-nationals to local businesses, reach people in emerging markets who they could not easily reach before. While these ad markets are not especially large today, they'll become increasingly important in the years to come.

我們也將繼續創新我們的行動廣告產品。四月份，我們推出了針對未來朋友的廣告定位。這可以幫助行銷人員（從跨​​國公司到本地企業）接觸到以前難以接觸到的新興市場客戶。雖然這些廣告市場目前還不是特別大，但在未來幾年它們將變得越來越重要。

In summary, we believe we're making strong progress executing our strategy. As I have mentioned in previous quarters, we are investing in mobile, measurement and product innovation. The results we're reporting today demonstrate the early returns on these investments. Looking ahead, we're enthusiastic about the long-term prospects for our business. The time people are spending on mobile devices is increasing dramatically, yet mobile represents just 2% of ad spend globally and 3% in the US. We have a massive and growing mobile user base. We have an impressive share of mobile time spent. And we have one of, if not the, most effective mobile ad products. Together, this positions us well to lead the mobile ad market.

總而言之，我們相信我們在執行策略方面正在取得重大進展。正如我在前幾個季度提到的，我們正在投資行動、測量和產品創新。我們今天報告的結果證明了這些投資的早期回報。展望未來，我們對業務的長期前景充滿熱情。人們在行動裝置上花費的時間正在急劇增加，但行動廣告支出僅佔全球廣告支出的 2%，占美國廣告支出的 3%。我們擁有龐大且不斷成長的行動用戶群。我們花在手機上的時間佔了相當大的比例。我們擁有最有效的行動廣告產品之一，甚至可以說是最有效的。總之，這使我們在行動廣告市場佔據領先地位。

We believe that over time marketers will increasingly rely on Facebook, not just to reach people wherever they are but to fundamentally transform the way they build their businesses. As Facebook delivers personalized experiences to over 1.1 billion people, we also have a unique opportunity to deliver a more personalized advertising experience. As I meet with marketers all around the world, I find more and more that they are understanding the benefits of this opportunity. As a result, Facebook is poised to play a central role in the evolution of marketing. We know we still have a lot of hard work to do, but we're excited about this quarter and the opportunity in front of us.

我們相信，隨著時間的推移，行銷人員將越來越依賴 Facebook，不僅是為了接觸到世界各地的人們，而且是為了從根本上改變他們開展業務的方式。隨著 Facebook 為超過 11 億人提供個人化體驗，我們也擁有提供更個人化的廣告體驗的獨特機會。當我與世界各地的行銷人員會面時，我發現他們越來越了解這個機會的好處。因此，Facebook 將在行銷變革中發揮核心作用。我們知道我們還有很多艱苦的工作要做，但我們對本季和擺在我們面前的機會感到興奮。

Now David.

現在是大衛。

Thanks, Sheryl, and good afternoon, everyone. Today I'd like to update you on our progress in Q2 against our key financial objectives -- increasing revenue, investing to drive our future growth, and positioning the Company to maximize long-term returns for our shareholders. It was a great quarter across the board as we continue to benefit from and effectively navigate the transition to mobile.

謝謝，謝麗爾，大家下午好。今天，我想向大家通報我們第二季度在實現主要財務目標方面取得的進展——增加收入、投資推動未來成長以及使公司定位於為股東實現長期回報最大化。這是一個整體表現出色的季度，我們繼續受益於並有效引導向行動端的轉型。

Let's start with our network. Usage and engagement on Facebook remain extremely strong, as evidenced by the following. On an average day in June, 699 million people used Facebook, up 27% from last year. This represents 61% of the 1.15 billion people who accessed Facebook at any point during the month of June. Additionally, time spent per person on Facebook continues to increase. In aggregate across everyone in our network, time spent on Facebook exceeded 20 billion minutes each day in June. Separately, Instagram continues to grow rapidly with impressive engagement. And we announced last month we had over 130 million actives using the service. Overall, we're really pleased by the unprecedented growth and engagement of our community at this scale.

讓我們從我們的網路開始。Facebook 的使用率和參與度依然非常強勁，以下情況就是明證。6 月平均每天有 6.99 億人使用 Facebook，比去年同期成長 27%。這佔 6 月曾造訪 Facebook 的 11.5 億用戶的 61%。此外，每個人在 Facebook 上花費的時間也持續增加。總體而言，我們網路中的每個人 6 月每天在 Facebook 上花費的時間超過 200 億分鐘。另外，Instagram 繼續快速成長，用戶參與度令人印象深刻。我們上個月宣布，已有超過 1.3 億活躍用戶使用該服務。總的來說，我們對社區如此規模的空前成長和參與感到非常高興。

Now let's turn to the financials. In Q2, total revenue was $1.81 billion, up 53%, or 54% when adjusted for constant exchange rates. Ad revenue was $1.6 billion, up 61% in the quarter, or 63% when adjusted for constant exchange rates. This was our strongest quarter in terms of advertising revenue growth since the third quarter of 2011. The performance was strong throughout the world, with ad revenue in each of our geographic regions growing by greater than 50%. Growth in advertising revenue was driven by an increase in the number of marketers, overall advertising demand, and the strong performance of newsfeed ads. Newsfeed ads work. They've been remarkably effective at delivering high levels of engagement, a significant increase in click-through rates and overall number of clicks. And marketers have increased budgets meaningfully in response.

現在讓我們來談談財務狀況。第二季總營收為 18.1 億美元，成長 53%，以固定匯率調整後成長 54%。廣告收入為 16 億美元，本季成長 61%，以固定匯率調整後成長 63%。這是自 2011 年第三季以來我們廣告營收成長最強勁的一個季度。全球的表現都很強勁，我們每個地理區域的廣告收入都成長了 50% 以上。廣告收入的成長得益於行銷人員數量的增加、整體廣告需求以及新聞推播廣告的強勁表現。新聞推播廣告有效。它們在實現高參與度、顯著提高點擊率和總點擊次數方面非常有效。作為回應，行銷人員大幅增加了預算。

Overall ad impressions were up 43%. And the average price per ad was up 13% compared to last year. Ad impressions are up due to more people using our service worldwide, combined with the impact of reducing the price floor late in 2012, which resulted in more ads being shown, particularly in developing markets. In the US and Canada, where the price floor changes had a smaller impact, ad volume increased 6%. And average price per ad increased over 40% year over year, driven by the growth of higher performing newsfeed ads. Total payments and other fees revenue was $214 million in Q2, an increase of 11% versus last year. Payments revenue from gains specifically was up 7%. But we believe 11% represents the best apples-to-apples comparison if we adjust for items such as the change in revenue recognition timing we made late last year.

整體廣告展示量上升了 43%。與去年相比，每則廣告的平均價格上漲了 13%。由於全球越來越多的人使用我們的服務，加上 2012 年底降低價格下限的影響，廣告展示量有所上升，這導致廣告展示量增加，尤其是在發展中市場。在美國和加拿大，價格下限變動的影響較小，廣告量增加了 6%。由於效果較佳的新聞推播廣告的成長，每則廣告的平均價格較去年同期成長超過 40%。第二季總支付及其他費用收入為 2.14 億美元，比去年增長 11%。具體而言，收益支付收入成長了 7%。但我們認為，如果我們根據去年年底收入確認時間的變化等項目進行調整，11% 代表了最佳的同類比較。

We were pleased to see King's continued rapid growth on our games platform in Q2. King's strategy of launching games, like Candy Crush Saga, on Facebook, and subsequently launching on mobile, has proved to be an effective approach that enables people to seamlessly play games across desktop and mobile. And we expect other game developers to pursue a similar strategy. We believe Facebook continues to offer a compelling platform for developers to build great games and businesses.

我們很高興看到 King 在第二季在我們的遊戲平台上繼續快速成長。King 的策略是先在 Facebook 上推出《Candy Crush Saga》等遊戲，然後再在手機上推出，這一策略已被證明是一種有效的方法，可以讓人們無縫地在桌面和行動裝置上玩遊戲。我們預計其他遊戲開發商也會採取類似的策略。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。

Overall RPU increased 25% compared to last year, to $1.60 per user for the quarter, including a 35% increase in the United States and Canada, as well as 30%-plus gains in all our other regions.

本季度，整體 RPU 與去年相比成長了 25%，達到每位用戶 1.60 美元，其中美國和加拿大成長了 35%，所有其他地區的成長都超過了 30%。

Turning now to expenses, in Q2 our GAAP total expenses were $1.25 billion. Excluding stock compensation, non-GAAP total expenses increased 52% to $1.02 billion, primarily driven by head count and infrastructure. We ended the quarter just shy of 5,300 employees, up 33% from last year. And we continue to be pleased with our success in attracting talent. Our Q2 GAAP operating income was $562 million, representing a 31% operating margin. Excluding stock comp, our non-GAAP operating income was $794 million, a 44% non-GAAP operating margin.

現在談談費用，第二季我們的 GAAP 總費用為 12.5 億美元。除股票薪酬外，非公認會計準則總支出增加 52% 至 10.2 億美元，主要原因是員工人數和基礎建設。本季結束時，我們的員工人數略低於 5,300 人，比去年同期成長了 33%。我們對於吸引人才的成功感到滿意。我們第二季的 GAAP 營業收入為 5.62 億美元，營業利益率為 31%。不包括股票補償，我們的非公認會計準則營業收入為 7.94 億美元，非公認會計準則營業利潤率為 44%。

Our GAAP tax rate for Q2 was 39%. And our non-GAAP tax rate was 37%. GAAP net income was $333 million, or $0.13 per share. And non-GAAP income was $488 million, or $0.19 per share. We spent $268 million on CapEx in Q2 as we continued to invest in our data centers and facilities. While the relatively lower spend on CapEx in Q2 is partially the result of timing of purchases, it also reflects the returns from a significant effort by employees throughout the Company to make our software and hardware more efficient. CapEx will remain one of our primary areas of spend, since we need a powerful infrastructure to provide content-rich and personalized information to all the people who use our service around the world. But projects like Open Compute, and many others, are providing great returns for us. And helping ensure we're able to invest our resources in a disciplined and official manner.

我們第二季的 GAAP 稅率為 39%。我們的非公認會計準則稅率為 37%。GAAP 淨收入為 3.33 億美元，即每股 0.13 美元。非公認會計準則收入為 4.88 億美元，即每股 0.19 美元。由於我們繼續投資於資料中心和設施，我們在第二季度的資本支出為 2.68 億美元。雖然第二季資本支出相對較低的部分原因是採購時機的選擇，但也反映了全公司員工為提高軟體和硬體效率所做的巨大努力的回報。資本支出仍將是我們的主要支出領域之一，因為我們需要強大的基礎設施來為全球所有使用我們服務的人提供豐富且個人化的資訊。但是像 Open Compute 以及許多其他專案正在為我們帶來巨大的回報。並幫助確保我們能夠以有紀律的、正式的方式投資我們的資源。

Of note, free cash flow in Q2 was over $1 billion. This is much higher than we expect in coming quarters, as Q2 free cash flow benefited from a $419 million tax refund and light quarterly spend on CapEx. But, still, $1 billion in free cash flow is a nice milestone for us against an important financial metric. In Q2, similar to prior quarters, upon the vesting of employee RFUs, we withheld shares and paid the associated income taxes for our employees. Which provides an outcome similar to Facebook having repurchased approximately $153 million worth of shares in the quarter. We ended Q2 with $10.3 billion in cash and investments.

值得注意的是，第二季的自由現金流超過 10 億美元。這遠高於我們對未來幾季的預期，因為第二季的自由現金流受益於 4.19 億美元的退稅和季度資本支出的少量支出。但是，10 億美元的自由現金流對我們來說仍然是一個重要的財務指標，這是一個不錯的里程碑。在第二季度，與前幾季度類似，在員工 RFU 歸屬後，我們扣留了股份並為員工支付了相關所得稅。這與 Facebook 本季回購價值約 1.53 億美元的股票的結果類似。我們在第二季結束時擁有 103 億美元的現金和投資。

Now I want to conclude by sharing some thoughts about the second half of 2013. We expect newsfeed ads to remain the main driver of revenue growth in the second half of the year. And we believe we have a great opportunity to continue to drive long-term growth by improving the quality and relevance of these ads. However, remember that newsfeed ads really began to contribute to our revenue in the third and fourth quarters last year, which will make for more difficult year-over-year comparisons in Q3 and Q4 relative to Q2. Looking at expenses, consistent with what we've said previously, we plan to invest in our business. And 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% for the full year 2013 compared to 2012. We also continue to expect that this over full-year expense growth rate will be faster than our year-over-year revenue growth rate for the full year 2013 compared to 2012.

最後，我想分享一些關於 2013 年下半年的想法。我們預期新聞推播廣告仍將是下半年營收成長的主要驅動力。我們相信，透過提高這些廣告的品質和相關性，我們有很好的機會繼續推動長期成長。然而，請記住，新聞推播廣告實際上在去年第三季和第四季開始為我們的收入做出貢獻，這將使第三季和第四季相對於第二季的年比比較變得更加困難。從費用來看，與我們之前所說的一致，我們計劃投資我們的業務。並且繼續預計，與 2012 年相比，2013 年全年我們的非 GAAP 總支出（包括營業成本但不包括股票補償）可能將增加 50% 左右。我們也持續預計，2013 年全年費用成長率將高於 2012 年全年營收成長率。

In terms of our tax rate, we expect that our Q3 and full-year non-GAAP tax rate will be a few percentage points higher than our Q2 rate. And, finally, we expect 2013 CapEx to be in the neighborhood of $1.6 billion. This is down from our prior estimate of $1.8 billion due to a combination of efficiency gains and changes in timing of purchases. Overall Q2 was a very strong quarter for us. We believe we're executing well, in particular with regard to the mobile transition, the investments we've been making over the past year are paying off, the business is growing rapidly, and we're excited about the opportunities ahead of us.

就我們的稅率而言，我們預計第三季和全年非公認會計準則稅率將比第二季高出幾個百分點。最後，我們預計 2013 年資本支出將在 16 億美元左右。由於效率提高和購買時間變化等因素，這一數字低於我們先前估計的 18 億美元。總體而言，第二季對我們來說是一個非常強勁的季度。我們相信我們執行得很好，特別是在行動轉型方面，我們在過去一年中所做的投資正在獲得回報，業務正在快速成長，我們對未來的機會感到興奮。

Now let's open the call for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Douglas Anmuth with JPMorgan.

摩根大通的道格拉斯‧安穆斯 (Douglas Anmuth)。

Great, thanks for taking the question. Just wanted to drill down a little bit more on the ad revenue growth here in the quarter. And it was very helpful to get the four segments broken down. But can you just help us understand a little more, Sheryl, your comment on the increased number, and then the type of ads in the newsfeed in 2Q? I'm trying to understand if this is more specific product-driven or if this is just the combination of all the efforts that have been going into newsfeed ads essentially over the last year. Thanks.

太好了，謝謝你回答這個問題。只是想更深入地了解本季的廣告收入成長。將這四個部分分解開來非常有幫助。但是謝麗爾，您能否幫助我們進一步了解您對第二季新聞推播中廣告數量的增加以及廣告類型的評論？我想了解這是否是更具體的產品驅動，或者這是否只是過去一年來在新聞推播廣告上投入的所有努力的結合。謝謝。

Over the past year on these calls we've been talking about our three priorities in growing our ads business -- mobile, measurement and product innovation. I think what you're seeing here is all three of these are paying off. Obviously the transition to mobile is a really big one. We had almost no mobile ads a year ago. We're up to 41% this quarter. We've done a lot on measurement. And product innovation newsfeed ads has been the most important thing we've done there. We've done other things, as well. In terms of the marketer segment, all four marketer segments are growing and contributing to our growth. So, we're seeing both the increased supply that we talked about with newsfeed ads, but also the increase in demand that all four of these marketer segments represent.

在過去一年的電話會議上，我們一直在討論發展廣告業務的三個重點—行動、測量和產品創新。我認為您在這裡看到的是這三項措施都得到了回報。顯然，向行動端的轉變是一個非常大的轉變。一年前我們幾乎沒有移動廣告。本季我們已達到 41%。我們在測量方面做了很多工作。產品創新新聞推播廣告是我們在那裡所做的最重要的事情。我們還做了其他事情。就行銷人員細分而言，所有四個行銷人員細分都在成長並為我們的成長做出貢獻。因此，我們不僅看到了我們談到的新聞推送廣告供應量的增加，還看到了這四個行銷商群體所代表的需求量的增加。

And just as a follow up, can you help us understand how impactful or how big mobile app install ads are within the mix?

作為後續問題，您能否幫助我們了解行動應用程式安裝廣告的影響力或規模有多大？

We don't break out by segment, the four market segments. But, again, all four are growing. Mobile app install ads, they're small but they're important and they're growing rapidly. It's basically a totally new market. People who are selling either mobile apps as their revenue, or things that are bought through mobile apps, are looking for a way to find new customers. And we represent one of the only ways and a very effective way to do that. So, we're growing quickly and I think we're helping to grow this market.

我們不會依照細分市場，即四個細分市場進行劃分。但四大經濟體都在成長。行動應用程式安裝廣告雖然規模較小，但卻非常重要，而且正在快速成長。這基本上是一個全新的市場。那些以銷售行動應用程式作為收入來源或透過行動應用程式購買商品的人正在尋找尋找新客戶的方法。我們代表了實現這一目標的唯一方法之一，而且是一種非常有效的方法。所以，我們正在快速發展，我認為我們正在幫助這個市場成長。

Thank you.

謝謝。

Heather Bellini with Goldman Sachs.

高盛的 Heather Bellini。

Great. Thank you very much and congratulations. I was wondering, you talked about before improved targeting and relevance of newsfeed ads that lies ahead. I was just wondering if you could share with us the progress you think you've made on this initiative and what's to come.

偉大的。非常感謝，恭喜你。我想知道，您之前談到未來新聞推播廣告的定位和相關性的提高。我只是想知道您是否可以與我們分享您認為在這項計劃上取得的進展以及未來的計劃。

Targeting is really important because what takes an ad and makes it a good ad is whether it's relevant to you. When I see something on Facebook or anywhere that I'm interested in, that's a great experience. When I see something that I'm not interested in, that's not. So we've done a lot of work around targeting. The most important work we've done over the past years, and I think you're seeing its results in this, is around Custom Audiences, which allows people to use their data in a privacy-protective way with us. It enables them to show different ads to people who are current customers versus new customers who are interested in different things. And I think we're really pleased with the adoption. The number of marketers using Custom Audiences more than double doubled in Q2. And we're now up to the 50 Ad Age 100 who have already started using the product. We also think there's room to improve. We can do more, and we will continue to do more to improve the targeting, the relevance of our ads.

定位非常重要，因為廣告的好壞取決於它是否與您相關。當我在 Facebook 或任何我感興趣的地方看到某些東西時，那是一種很棒的體驗。當我看到一些我不感興趣的東西時，那就不是。因此我們在目標定位方面做了很多工作。過去幾年我們所做的最重要的工作，我想你們也看到了它的成果，就是圍繞著自訂受眾，它允許人們以保護隱私的方式與我們一起使用他們的資料。它使他們能夠向現有客戶和對不同事物感興趣的新客戶展示不同的廣告。我認為我們對這項舉措感到非常高興。第二季度，使用自訂受眾的行銷人員數量增加了一倍以上。現在，已經有 50 位 Ad Age 100 會員開始使用該產品。我們也認為還有進步的空間。我們可以做得更多，而且我們將繼續做更多，以提高我們廣告的針對性和相關性。

Mark Mahaney with RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mark Mahaney。

Great, thanks. Two questions, please. Could you talk about thoughts on monetization on Instagram. And maybe just potentially how you think about the ability to monetize that versus your core Facebook asset. And then, secondly, Sheryl, could you talk about, on a vertical basis, where you think the biggest white space opportunities are for advertising revenue for Facebook Are there particular industries that you look at that, say, are materially under-represented on Facebook where you could have the greatest growth going forward? Thanks a lot.

太好了，謝謝。請問兩個問題。能談談對 Instagram 貨幣化的看法嗎？也許只是潛在地，您如何看待將其與您的核心 Facebook 資產進行貨幣化的能力。其次，謝麗爾，您能否從垂直角度談談，您認為 Facebook 廣告收入最大的空白機會在哪裡？您是否關注過某些特定行業，比如說，在 Facebook 上代表性不足的行業，未來在這些行業中，Facebook 可以實現最大的成長？多謝。

Sure, I'll answer the Instagram question. Kevin has always been clear that we're building Instagram to be a business. And that we expect that over time we're going to generate a lot of profit from it, and probably through advertising. Now, that all said, right now it's just growing so quickly. The number that we just said was 130 million monthly actives. The video product is growing really quickly. There are so many directions to expand this in, that we think that the right focus for now is to continue just focusing on increasing the footprint of Instagram. And when the right time comes, then we'll think about doing advertising, as well. And I think that's going to be a really big opportunity.

當然，我會回答 Instagram 的問題。凱文一直很清楚，我們打造 Instagram 是為了做一門生意。我們預計，隨著時間的推移，我們將從中獲得大量利潤，而且很可能是透過廣告。現在，總而言之，它現在增長得非常快。我們剛才說的數字是每月活躍用戶1.3億。視訊產品成長非常快。有很多方向可以擴展，我們認為現在正確的重點是繼續專注於增加 Instagram 的影響力。當適當的時機到來時，我們也會考慮做廣告。我認為這將是一個很大的機會。

In terms of growth opportunities, I think in terms of vertical categories we have big growth opportunities across the board. There are certainly verticals where we're stronger than others. We're very strong, for example, in CPG. But even though we've grown spend significantly, we're still a tiny portion of the spend of CPG advertisers. So, even in the verticals where I think we've done very well starting to penetrate, there's a lot of room for growth. I think as you think about different industries using the power of online marketing, we see different levels of adoption. But I'm a believer that over time this is where people are spending their time. And any marketer who's trying to reach people is going to spend their resources here, as well.

就成長機會而言，我認為就垂直類別而言，我們在各方面都擁有巨大的成長機會。在某些垂直領域我們確實比其他人更強。例如，我們在 CPG 領域實力非常強大。但儘管我們的支出大幅增加，我們仍然只佔 CPG 廣告商支出的一小部分。因此，即使在我認為我們已經做得很好的垂直領域，也有很大的成長空間。我認為，當您考慮不同行業利用網路行銷的力量時，我們會看到不同程度的採用。但我相信，隨著時間的推移，人們會在這裡消磨時間。任何試圖接觸人們的行銷人員也將在這裡投入資源。

Jordan Rohan with Stifel Nicolaus.

喬丹羅漢 (Jordan Rohan) 與 Stifel Nicolaus。

Thanks so much. I think it's fairly easy, when talking to advertisers, to assess that there's been this latent demand for advertising on Facebook. But when you look across the globe it's a little bit harder to address the advertising community. Can you talk about the growth of the ad sales force and the ad ops, and all the people required to really bring that outside of the major US and Western European markets. And, specifically, is there a chance that you believe that Asia Pacific and rest of world markets can see a meaningful continued and sustainable shift higher in RPU than where we are today? Thank you.

非常感謝。我認為，在與廣告商交談時，評估 Facebook 上是否有潛在的廣告需求是相當容易的。但當你放眼全球時，解決廣告界的問題就變得有點困難了。您能否談談廣告銷售團隊和廣告營運的成長情況，以及真正將其帶出美國和西歐主要市場所需的所有人員。具體來說，您是否認為亞太地區和世界其他市場的 RPU 可能會出現比現在更顯著的持續和可持續的轉變？謝謝。

Yes, I'm a big believer that there are revenue opportunities that exist all over the world. And our growth was very strong across regions, including outside of the US for this time. We're up to over 40 offices, so we have sales teams on the ground in over 40 offices. And we're seeing really good adoption and really good growth across. You mentioned Asia. I was actually in Japan and Korea meeting with advertisers just a few weeks ago. And we are seeing companies that really weren't doing much with us a year ago increasingly adopt us as part of a core part of their spend. So I remain very optimistic about our growth across Asia and the rest of the world.

是的，我堅信世界各地都存在著創收機會。我們在各個地區的成長都非常強勁，包括美國以外的地區。我們擁有超過 40 個辦事處，因此我們在 40 多個辦事處都有實地銷售團隊。我們看到了非常好的採用率和非常好的成長。您提到了亞洲。事實上，幾週前我還在日本和韓國與廣告商會面。我們發現，一年前還沒有與我們進行太多合作的公司越來越多地將我們作為其核心支出的一部分。因此，我對我們在亞洲和世界其他地區的發展仍然非常樂觀。

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, please. Maybe, can you talk about the mix of growth in direct selling versus programmatic selling for you guys? And where do you see that going forward? And in terms of just on the cost side, looking at the investment -- and, by the way, David, thanks for the color about operating expenses guidance for the second half. But as you look at longer term, how far can you see that 50% increase in operating expenses still being sustained as you -- just looking at 2014, I know you're not guiding through 2014 right now, but just as we look at the model going forward, how far do you think you can sustain growth and operating expenses faster than growth in revenues? Thank you.

非常感謝。請問兩個問題。也許，您能談談直銷和程序化銷售的成長組合嗎？您認為未來會如何發展？僅從成本方面來看，看看投資——順便說一句，大衛，謝謝你對下半年營運費用指引的詳細說明。但從長遠來看，您認為 50% 的營運費用成長還能維持多久？就 2014 年而言，我知道您現在並沒有預測整個 2014 年的情況，但是當我們展望未來的模型時，您認為您可以將成長和營運費用維持在比收入成長更快的水平嗎？謝謝。

Thanks for your question. Your first question about direct selling versus programmatic, the mechanism that most people buy ads from, from Facebook, is through the option that we offer. But that doesn't mean that we don't have a sales force that's out calling on clients. Sheryl can expand on that, if she wants.

謝謝你的提問。您關於直接銷售與程序化購買的第一個問題是，大多數人從 Facebook 購買廣告的機制是透過我們提供的選項。但這並不意味著我們沒有外出拜訪客戶的銷售人員。如果 Sheryl 願意的話，她可以對此進行詳細說明。

Yes. We sell both directly through our own sales team, both in person and online -- what I think you mean by programmatic, which is through third parties, such as DSPs and others. One thing worth noting is that FBX, which is part of that programmatic selling, is actually a very small part of our business. And I think sometimes people don't understand that. That piece is quite small. We are expanding both our direct selling efforts, both the sales teams and online, as well as the third parties we work with. And we think having a healthy and growing ecosystem on both sides is really good for the development of our business.

是的。我們透過自己的銷售團隊直接進行銷售，包括面對面銷售和線上銷售——我認為您所說的程序化銷售是指透過第三方，例如 DSP 等。值得注意的是，作為程序化銷售一部分的 FBX 實際上只是我們業務的一小部分。我認為有時人們並不理解這一點。那塊碎片相當小。我們正在擴大我們的直銷力度、銷售團隊和線上銷售團隊，以及與我們合作的第三方。我們認為，雙方擁有健康且不斷發展的生態系統對我們的業務發展非常有利。

And you asked about investments looking forward to next year. I think philosophically is the easiest way to answer that, which is, we still think we're early in the journey of building the service that we want Facebook to be. And there's lots of work ahead of us to do and lots of things to build. And our plan will be to continue to invest aggressively in the areas that we think are important to improve our strategic positioning, and to drive our ability to grow revenues and profits over the long run. We also know that to be the great company that we want to be, we have to be disciplined in everything that we do, and focus our spend on the areas that are really most important. So, the challenge for us, just like any company, is finding that right balance. I really can't comment on 2014 yet, honestly, just because I don't know what 2014 is going to look like. We tend to plan in six-month blocks, and I think have our act together pretty well for what we're going to try to do in the second half of this year. But haven't begun the conversation about next year yet.

您詢問了明年的投資前景。我認為從哲學角度來回答這個問題是最簡單的方式，也就是說，我們仍然認為我們正處於建立我們想要的 Facebook 服務的早期階段。我們還有很多工作要做，還有很多東西要建造。我們的計劃是繼續在我們認為重要的領域進行積極投資，以改善我們的策略定位，並推動我們長期增加收入和利潤的能力。我們也知道，要成為我們想要成為的偉大公司，我們必須在所做的每件事上都嚴守紀律，並將資金投入真正最重要的領域。因此，就像任何公司一樣，我們面臨的挑戰是找到適當的平衡。老實說，我還無法對 2014 年發表評論，因為我不知道 2014 年會是什麼樣子。我們傾向於以六個月為一個時間段來製定計劃，我認為我們已經為今年下半年要做的事情做好了充分的準備。但尚未開始討論明年的事情。

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, I'd be interested in hearing a little bit about the relative progress of impression-based selling versus performance-based. I know you mentioned the e-commerce -- the doubling from e-commerce from direct response. And I just wanted to know if you've increased the amount of inventory that you're selling on an impression basis versus performance. And then, David, I had a follow up on the CapEx. It just seems like an interesting time for CapEx to be coming in when video usage and video uploads could be growing --.

多謝。我為 Sheryl 準備了一張，為 David 準備了一張。謝麗爾，我有興趣聽聽基於印象的銷售與基於績效的銷售的相對進展。我知道您提到了電子商務——電子商務從直接回應中翻了一番。我只是想知道您是否增加了按印象而不是按效果銷售的庫存數量。然後，大衛，我跟進了資本支出。當影片使用量和影片上傳量可能不斷增長時，資本支出進入這個有趣的時期似乎是一個有趣的時機——。

I think we may have lost the question, but I'll take the first half while we wait for the second piece to come back. On the first piece, our system works that you can buy by CPM or CPC, and we let advertisers choose. I think both parts of our business are healthy and growing. I think when people talk about impression-based purchasing or buying, what they're really trying to get at is brand. And brand is a very important one of our four segments, and one that's growing. When you think about what brand spenders are doing, they're trying to get discovery. And I think we've made a lot of progress there. We now work with every one of the global Ad Age 100 over the past year. Now that said, people are in different parts of that spectrum. We have brand advertisers who are looking for discovery, who have advertised with us for a long time, proven the value, and are really expanding. And we have others that are newer, that are experimenting, that aren't as convinced yet. And it's our job to get there and convince them.

我認為我們可能已經忘記了這個問題，但我會先回答前半部分，等待第二部分回來。首先，我們的系統允許您按 CPM 或 CPC 購買，我們讓廣告商進行選擇。我認為我們的業務的兩個部分都是健康且正在成長的。我認為，當人們談論基於印象的購買時，他們真正想要獲得的是品牌。品牌是我們四大業務板塊中非常重要的一個，而且正在不斷發展。當你思考品牌消費者在做什麼時，他們正在試圖獲得發現。我認為我們在這方面已經取得了很大進展。過去一年來，我們與全球《廣告時代》100強的每一位企業都有合作。話雖如此，但人們處於該範圍的不同部分。我們擁有尋求發現的品牌廣告商，他們長期與我們一起做廣告，證明了其價值，並且正在真正擴張。我們還有其他一些較新的、正在進行實驗的、尚未被確信的。我們的工作就是到達那裡並說服他們。

I think what people are increasingly seeing is we have a big brand opportunity. We have a massive and engaged audience, 88 to 100 million people in the US during prime time hours on Facebook. We offer discovery. And we have a unique opportunity to take people all the way through the funnel. In one example, a recent one that I really like, T-Mobile did an ad campaign with us to attract people to sell new phones. They used our offer ads to do it. 9% of the people who claimed the offer converted to T-Mobile within 10 days. And they had over a 20 times return on their ad spend, which is just incredibly strong in the industry. And I think that shows the power of what we can do with impressions, taking people all the way through the funnel.

我認為人們越來越意識到我們擁有巨大的品牌機會。我們擁有龐大且活躍的受眾群體，在美國，Facebook 黃金時段的活躍用戶數量達到 8,800 萬至 1 億。我們提供發現。我們有一個獨特的機會，可以帶領人們完成整個漏斗。舉個例子，最近我非常喜歡的一個例子，T-Mobile 與我們一起做了一個廣告活動，以吸引人們銷售新手機。他們利用我們的優惠廣告來做到這一點。9% 的接受該優惠的用戶在 10 天內轉用 T-Mobile。他們的廣告支出回報率超過 20 倍，這在業界是非常高的。我認為這體現了我們利用印象的力量，帶領人們一路走過整個漏斗。

And, Anthony, I'll try and answer your question about CapEx, as best I could. You got cut off, as you probably know. So I only got -- well, I don't know how much of it I got. But I got enough to give it a shot. And, really, the best way I can think to answer it is to describe for you the variables that influence what CapEx requirements are for the Company. So, clearly, the number of users is near the top of the list. And also the time at which the users use the service. So, adding users who are off peak, the Facebook peak, provides less of a burden for our infrastructure than people who are using it at the same time as our peak hours, because we can leverage what we've built to peak.

安東尼，我會盡我所能回答你關於資本支出的問題。您可能知道，您的連接被切斷了。所以我只得到了——嗯，我不知道我得到了多少。但我有足夠的勇氣去嘗試。實際上，我認為回答這個問題的最好方法是向您描述影響公司資本支出要求的變數。因此，顯然，用戶數量位於列表頂部附近。以及用戶使用服務的時間。因此，增加非高峰期（Facebook 高峰期）的用戶，對我們的基礎設施造成的負擔比在高峰時段使用的用戶要小，因為我們可以利用我們已經建立的高峰期資源。

A second thing is definitely the level of engagement of those users. And that seemed to be where you were going with your question about vide. That is and will continue to be, we hope, something that drives up requirements for our infrastructure, because it means people are really engaging and finding new ways to use the service. What has helped us, I think, is the two variables that come next. One is just the cost of the equipment itself in the data centers. And over time Moore's Law and other things, and competition in the market, have helped us to really be able to bring down the cost for each unit of equipment we use.

第二件事肯定是這些用戶的參與程度。這似乎就是您關於影片的問題所要表達的意思。我們希望，這將繼續推動我們基礎設施的需求，因為這意味著人們真正參與其中並找到使用該服務的新方法。我認為對我們有幫助的是接下來的兩個變數。一是資料中心設備本身的成本。隨著時間的推移，摩爾定律和其他因素以及市場競爭幫助我們真正降低了所使用的每台設備的成本。

And then the next variable which I mentioned in my remarks, which I think is a really important one, is just the efficiency of what we build. So, over time, I think Facebook has impressively succeeded at making the hardware we use more efficient, and the software that we run on it more efficient in terms of how much compute power that it needs. The last variable, of course probably the hardest to predict, is product development. It's just what we build and how that influences what the compute requirements are. So, clearly, the variable you emphasized, which was engaging with higher content things, is one of the things that will influence CapEx over time. But it's a pretty complicated equation that I think right now we're managing well. I think we're pleased with how 2013 is coming together in that regard.

然後，我在評論中提到的下一個變量，我認為是一個非常重要的變量，就是我們所建構的效率。因此，隨著時間的推移，我認為 Facebook 已經取得了令人印象深刻的成功，使我們使用的硬體更加高效，並且我們在硬體上運行的軟體在所需的運算能力方面也更加高效。最後一個變量，當然可能是最難預測的，是產品開發。這只是我們所建構的以及它如何影響計算需求。因此，顯然，您強調的變數（即與更高內容的事物互動）是會隨著時間推移影響資本支出的因素之一。但這是一個相當複雜的方程式，我認為現在我們處理得很好。我認為我們對 2013 年在這方面的進展感到滿意。

Justin Post with Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

As we look back at this mobile ramp, back in 3Q last year, it's been pretty lumpy, and it bounces around quarter over quarter. But it looks like a pretty big inflection this quarter. Can you help us understand why it has been so lumpy, so we can think about going forward? And maybe what caused the inflection this quarter. And then I really appreciated the time spent metric. I think you said 20 billion minutes per day. Can you tell us how that compares to, say, a quarter ago or a year ago? Thank you.

當我們回顧去年第三季的行動成長時，我們發現它的成長相當不穩定，每季都在波動。但本季的情況似乎發生了相當大的轉變。您能否幫助我們理解為什麼情況如此不順利，以便我們能夠思考下一步該如何做？這也許是導致本季出現轉變的原因。然後我真的很欣賞花費時間的指標。我想你說的是每天200億分鐘。您能告訴我們與一個季度前或一年前相比情況如何嗎？謝謝。

In terms of the progression of mobile, we're really pleased overall that newsfeed ads, in general and on mobile in particular, are working so well in terms of the performance they're providing to marketers, and how users are engaging with them. For a new product like this, I don't think we should be that surprised that the quarter-to-quarter progression is going to be harder to predict than it would be for a more mature product. I think one of the things that happened in the second quarter is that, as the investments we've made started to really come together, we had a lot more demand in our system that met the quality bar that we set for feed. So, we were able to place that demand intelligently in a manner where it performed well, and didn't have a meaningful impact on the user experience. So I think that more feed-eligible demand was a big part of the story.

就行動領域的進展而言，我們總體上對新聞推送廣告感到非常高興，尤其是在行動裝置上，新聞推送廣告在為行銷人員提供的效能以及用戶參與度方面都表現得非常好。對於像這樣的新產品，我認為我們不應該感到驚訝，因為季度間的進展比更成熟的產品更難預測。我認為第二季度發生的事情之一是，隨著我們所做的投資開始真正聚集在一起，我們的系統中滿足我們為飼料設定的品質標準的需求大大增加。因此，我們能夠以表現良好的方式聰明地提出該需求，並且不會對使用者體驗產生重大影響。因此我認為更多的飼料合格需求是原因之一。

And I think one of the really good pieces of news for us is how well the price held up as we did that, as we increased the number of ads we showed in feed. For many of our ads, as you know, marketers are bidding for clicks in an auction, and the auction determines the price where supply equals demand -- the cost per click price. And in the second quarter -- and this statistic I'm going to give you is relative to the first quarter of this year because it's hard to do a year-over-year for mobile and for newsfeed because it just didn't really exist a year ago -- so Q2 relative to Q1, the number of clicks in our system went up a lot. And we might have assumed that price would decline as click number increased, because we're basically pushing out the supply curve and changing the point where supply would meet demand. And that's not what happened. Cost per clicks for feed ads increased, and really demonstrating to us that demand was growing rapidly, as well, as we were increasing the supply of ads we were showing. It's not a perfect comparison because Q2 is seasonally stronger than Q1, but I don't think the seasonality explains the trend I just provided. And I think that's a really encouraging metric for us.

我認為對我們來說真正好消息之一是，隨著我們增加資訊流中顯示的廣告數量，價格保持得非常好。如您所知，對於我們的許多廣告，行銷人員都在拍賣中競標點擊量，拍賣決定了供應等於需求的價格——每次點擊費用。在第二季度——我將要給你們提供的這個統計數據是相對於今年第一季的，因為對於行動裝置和新聞推送來說，很難進行同比統計，因為一年前這些還不存在——所以第二季度相對於第一季度，我們系統中的點擊次數上升了很多。我們可能認為價格會隨著點擊次數的增加而下降，因為我們基本上是在推動供給曲線並改變供給滿足需求的點。但事實並非如此。資訊流廣告的每次點擊費用增加了，這確實向我們表明，隨著我們增加所展示廣告的供應量，需求也在快速增長。這不是一個完美的比較，因為第二季度的季節性強於第一季度，但我不認為季節性可以解釋我剛才提供的趨勢。我認為這對我們來說是一個非常令人鼓舞的指標。

Your second question was -- I wrote it down. Hold on. Oh, time spent. Unfortunately, we don't have a lot of longitudinal data for time spent. It's not something that we had instrumented well going back more deeply in time because it's hard. It's hard on every interface and it's particularly hard on mobile. We feel pretty good about where we are now in terms of the quality of the instrumentation. It is up on a per user basis. As you would imagine, quarter-over-quarter sequentially on a per user basis it will be growing slowly. On an aggregate basis, of course, it's benefited from the fact that we have such a nice and consistent increase in the number of daily users of this service.

您的第二個問題是——我把它寫下來了。堅持，稍等。噢，時間花光了。不幸的是，我們沒有大量關於花費時間的縱向資料。這不是我們能夠很好地追溯到更久遠的過去的事情，因為這很困難。每個介面都很難，行動裝置上尤其困難。就儀器的品質而言，我們對目前的狀況感到非常滿意。它是根據每個用戶計算的。正如您所想像的，按每個用戶計算，其季度環比增長將會緩慢。當然，從整體來看，這得益於我們這項服務的每日用戶數量持續良好成長。

Ross Sandler with Deutsche Bank.

德意志銀行的羅斯桑德勒。

Great. Thanks, guys. David, just a continuation of what you were just talking about. On the mobile newsfeed ads, is the 5% number -- 5% of stories being ads -- the right number? And is that consistent across geos? And then is the growth a function of -- you just said price is going up sequentially. Obviously your mobile DAUs are going up, or MAUs are going up sequentially. And you're probably also seeing improving click-through rates. So, of those three variables -- users, click-through rate, and price -- which is driving the sequential increase the most in mobile? Thanks.

偉大的。謝謝大家。大衛，這只是您剛才談論內容的延續。在行動新聞推播廣告中，5%（即 5% 的新聞內容為廣告）這個數字正確嗎？這在不同地區是否一致？那麼成長是否取決於——你剛剛說價格正在連續上漲。顯然，您的行動 DAU 正在上升，或者 MAU 正在連續上升。您可能還會看到點擊率的提高。那麼，在這三個變數——用戶、點擊率和價格——中，哪一個對行動端的連續成長推動作用最大？謝謝。

In terms of the 5% number, again, what we know is where we are now, and we're pleased that things are going as well as they are at the current level. The number was zero a year ago. It's increased steadily over the past year. And the 5% number is an average number globally. It does differ by geography and it also differs by person. It will be higher for people for whom we have a lot more ads that are targeted towards them and are relevant for them. What we're trying to do is find the right balance ideally for each user, where we're balancing their experience with Facebook and the performance of the ads. And continually tweaking the product, learning from our experience, to try and do that as well as we can. Going forward, I think we've been consistent in saying the biggest opportunity for us is to improve the quality of the ads so that we can show ads that are engaging and relevant for the users involved.

就 5% 這個數字而言，我們知道我們現在的狀況，我們很高興事情進展順利，達到了目前的水平。一年前這個數字是零。過去一年來，這一數字穩步增長。5% 是全球平均數。它確實因地域不同而不同，也因人而異。對於我們向其投放更多有針對性且與其相關的廣告的用戶來說，這個數字會更高。我們試圖為每個用戶找到理想的平衡點，即平衡他們的 Facebook 體驗和廣告成效。並不斷調整產品，從我們的經驗中學習，盡力做到最好。展望未來，我認為我們一直堅持認為，我們最大的機會是提高廣告質量，以便我們能夠展示對相關用戶有吸引力且相關的廣告。

Your question about what drove the increase, I think everything contributed. I think that's one of the things that's encouraging about where we are, is we do have more users, we have more demand that enabled us to show more newsfeed ads. We're really pleased with how click-through rates have held up. And I mentioned what was happening in terms of cost per click increasing sequentially. So it's a nice balanced contribution from the variables that determine what our revenue performance is.

您問到是什麼推動了成長，我認為所有因素都有所貢獻。我認為這是我們目前所處位置令人鼓舞的事情之一，我們確實擁有更多的用戶，我們有更大的需求，這使我們能夠展示更多的新聞推播廣告。我們對點擊率的維持感到非常滿意。我提到了每次點擊費用連續增加的情況。因此，這是決定我們的收入表現的變數的良好平衡貢獻。

Brian Pitz with Jefferies.

傑富瑞 (Jefferies) 的 Brian Pitz。

I'm wondering if you could give us a sense for what the major hurdles are to overcome before deploying a major video ad product on the core site. As you're out talking to potential clients, can you help us understand what demand looks like for that product? And then maybe separately, just a sense for what you're seeing in Europe from a macro perspective, just given some of the mixed views we've heard on the economy over there. Thanks so much.

我想知道您是否可以讓我們了解在核心網站上部署主要影片廣告產品之前需要克服的主要障礙是什麼。當您與潛在客戶交談時，您能幫助我們了解產品的需求嗎？然後也許可以單獨談談，從宏觀角度來了解歐洲的情況，考慮到我們聽到的關於歐洲經濟的一些不同觀點。非常感謝。

On video ads, we have a current video ad product because marketers can embed a video in a page post. And we see a lot of marketers using that product and seeing good results. So the demand to do more on video on Facebook is there. And we're exploring how we can expand that, but we don't have anything new to announce today. In terms of Europe, we hear the same things, and obviously on the macro environment. But our growth has been very strong. We had a new head of our European operations, as well, Nicola Mendelsohn, who just started. We're excited to have her. And we are experiencing strong growth.

在影片廣告方面，我們有一個當前的影片廣告產品，因為行銷人員可以在頁面貼文中嵌入影片。我們看到很多行銷人員使用該產品並取得了良好的效果。因此，對 Facebook 上更多影片的需求是存在的。我們正在探索如何擴大這一範圍，但今天還沒有任何新消息可以宣布。就歐洲而言，我們聽到了同樣的事情，顯然是在宏觀環境中。但我們的成長非常強勁。我們還有一位新的歐洲業務主管，尼古拉‧門德爾松 (Nicola Mendelsohn)，剛上任。我們很高興有她。我們正在經歷強勁的成長。

Ben Schachter with Macquarie.

麥格理銀行的 Ben Schachter。

Congratulations on a really outstanding quarter. Mark, I want to ask about the platform strategy. Just broadly, how has the strategic vision to allow third parties to provide services to the network evolved over the past year? And what needs to happen to have more of a contribution from non-advertising-based businesses? And then, David, just quickly, for modeling, the mobile ad revenue, can you talk about how that progressed through the quarter? Did it exit June much stronger than it was earlier in the quarter? Thanks.

恭喜您取得如此出色的季度業績。馬克，我想問平台策略。整體而言，過去一年來允許第三方為網路提供服務的策略願景是如何演變的？那麼，需要做些什麼才能讓非廣告業務做出更多貢獻呢？然後，大衛，對於行動廣告收入建模，您能簡單談談本季的進展嗎？6 月的表現是否比本季初強勁得多？謝謝。

Yes, I can take the platform question. The strategy for that, we've shifted a bit to focus on building more business tools for developers. A lot of what we're seeing is folks have shifted towards using products like mobile app installs. Originally we had a little bit of skepticism about how happy developers would be with a system where they would pay to get more distribution. But what we've actually found is that the NPS is really high for this because it's just a lot more stable than anything else that they've had in the past. And it's the most stable way they have to grow their apps. What we're basically focused on doing now is we think about advertisers in terms of these use cases that folks have. There's local businesses, there are great brands, there are developers who are building apps, there's eCommerce. And we're really focused on building out the platform to be one of those big verticals to be a big part of the business. There's also the games part of the platform, which is the first piece of platform that we launched. And that is just continuing to grow at a slower but steady rate.

是的，我可以回答平台問題。對於該策略，我們進行了一些調整，將重點放在為開發人員建立更多的業務工具。我們看到很多人已經轉向使用行動應用安裝等產品。最初，我們有點懷疑開發人員是否會對透過付費獲得更多分銷的系統感到滿意。但我們實際上發現，這款產品的 NPS 確實很高，因為它比他們過去擁有的任何其他產品都要穩定得多。這是他們發展應用程式最穩定的方式。我們現在主要關注的是，根據人們的用例來考慮廣告商。有本地企業，有大品牌，有開發應用程式的開發人員，有電子商務。我們真正專注於將平台建立成為大型垂直產業之一，成為業務的重要組成部分。該平台還有遊戲部分，這是我們推出的第一個平台。而且它仍以較慢但穩定的速度持續成長。

Your second question was about progress through the quarter. Nothing notable to report there. It was really a strong quarter from the beginning to the end.

您的第二個問題是關於本季的進展。沒有什麼值得報告的。從頭到尾這確實是一個強勁的季度。

Scott Devitt with Morgan Stanley.

摩根士丹利的斯科特·德維特 (Scott Devitt)。

Thanks. I had a bigger picture question for Mark. I was hoping you could give a score card one year in relative to your founder letter. I know it's been only 14 months, and that's a short period of time. But it'd be interesting to hear your views on the Company's performance against the longer-term aspirations and core values that you put in the letter. Thanks.

謝謝。我對馬克有一個更宏觀的問題。我希望您能根據創始人信給出一年的評分卡。我知道才過了 14 個月，時間很短。但我們很想聽聽您對公司績效的看法，以及您在信中提出的長期願望和核心價值。謝謝。

I think we're early. One of the interesting things over the past six months or so is reaching 1 billion people was this big rallying cry for the Company for a long period of time. And I think as we've passed that, we've seen the ambition that the Company has, grow. Reaching 1 billion users was a great first thing to focus on because no one had ever built a service that had 1 billion active people who are signed in, had a real identity before. But, in a way, it's actually just an abstract. There's nothing magical about 1 billion. The real goal is to connect everyone in the world, and help people map out everything that there is. What I think what we're seeing as some of the products succeed is just the ambition increase to be able to do more of these, and taking on more longer-term things.

我覺得我們來早了。過去六個月左右發生的一件有趣的事情是，覆蓋 10 億用戶是該公司長期以來的一大口號。我認為，隨著我們度過這一階段，我們看到了公司不斷成長的雄心壯志。達到 10 億用戶是我們首先要關注的事情，因為之前從來沒有人建立過一項擁有 10 億活躍用戶、登入並擁有真實身份的服務。但從某種程度上來說，它其實只是一種抽象。10億並沒有什麼神奇之處。真正的目標是連結世界上的每個人，並幫助人們繪製出世界上的一切。我認為，我們看到一些產品的成功只是人們雄心壯志的增強，他們想要做更多這樣的事，承擔更多長期的事。

At the same time, I think what you have is, we weren't happy with the quality of our mobile experiences, rewinding 18 months. So we had just a lot of foundational work to do. And I think coming into this year we could tell internally that we were turning a corner on that. We were in good shape and could start to play a bit more offense. But, as I think the numbers from this quarter suggest, I think we're really starting to see the up side of some of the investments that we've been making over the last period.

同時，我認為，我們對 18 個月前的行動體驗品質並不滿意。所以我們還有很多基礎工作要做。我認為，進入今年，我們可以從內部看出，我們正在扭轉這一局面。我們的狀態很好，可以開始更多地進攻。但是，我認為本季的數據表明，我們確實開始看到過去一段時間內進行的一些投資的好處。

Mark May with Citigroup.

花旗集團的馬克‧梅。

Thanks for taking my question. I had two. One of the things that stood out in your prepared remarks was I think you mentioned a 40% year-on-year increase in average price for ad in North America in Q2. I was hoping you could remind us how that compared to, say, Q1. And given that I think you contributed that to higher-performing ads, if maybe you could call out specifically what one or two either ad units or ad targeting enhancements were the key contributors to that growth. And then, secondly, David, I think you called out the more challenging comps as you enter into the second half of the year. Are you suggesting that it's unreasonable for us to look at the sequential growth that you saw in the second half of 2012 and assume that that rate of growth is repeatable this year?

感謝您回答我的問題。我有兩個。在您的準備好的發言中，引人注目的一點是，我認為您提到了第二季度北美廣告平均價格同比上漲了 40%。我希望您能提醒我們這與 Q1 相比如何。鑑於我認為您將其歸功於更有效率的廣告，您是否可以具體指出哪一兩個廣告單元或廣告定位增強功能是這一成長的關鍵貢獻者？其次，大衛，我認為您在進入下半年時提到了更具挑戰性的競爭對手。您是否認為，根據 2012 年下半年的持續成長情況，我們就認為今年的成長率可以重複，這是不合理的？

Okay. In terms of pricing, we were pleased with the pricing growth in the first quarter, too. The net across the world was a 3% average in the first quarter. But that was much higher in the US and Canada because, again, for the same reason it wasn't impacted by the price floor change. It was above 25% in the US and Canada, and was even stronger in the second quarter. And, similarly, in other territories, I think pricing's just going really well. And would be stronger than the results show if not for the impact of the price floor. We'd probably have numbers that are similar to the US and Canada, if not stronger, in our other regions, as well.

好的。在定價方面，我們對第一季的價格成長也感到滿意。第一季全球淨利平均為3%。但美國和加拿大的這個數字要高得多，因為同樣的原因，它們沒有受到價格下限變動的影響。美國和加拿大的增幅均超過25%，第二季增幅甚至更強勁。同樣，在其他地區，我認為定價也非常好。如果沒有價格下限的影響，其表現會比結果顯示的更強勁。在我們其他地區，我們的數字也可能與美國和加拿大相似，甚至更強。

In terms of the comps, I don't think there's anything particularly complicated to what I was saying. It's just if you're looking at the percentage growth rates for Q2, you're comparing to a quarter last year that really didn't have much mobile revenue or newsfeed revenue in it at all. And that really started to ramp up in the third quarter and the fourth quarter. So it's there in one side of the comparison going forward.

就比較而言，我認為我所說的話並沒有什麼特別複雜的東西。如果你看一下第二季的百分比成長率，你會發現與去年同期相比，這一季的行動收入或新聞推播收入其實不多。而這一趨勢在第三季和第四季開始真正加速。因此，它是未來比較的一方面。

In terms of where the growth is coming from, in terms of ad units, in terms of our market segments, direct response marketers were a very big contributor to the growth. It's why I started with them in the remarks and in the Q&A. ECommerce doubled year over year, and they're doing that by using a bunch of our different ad products. Everything from posts to offers to other things. But it's really about looking for those contributions. We've also seen a lot of growth, as I said, in mobile app install ads. Small market but growing rapidly. And it's a market where we offer a product that there's almost nowhere else to get the kinds of return and opportunity we offer.

就成長來源而言，就廣告單位而言，就我們的市場區隔而言，直接反應行銷人員對成長做出了很大的貢獻。這就是為什麼我在評論和問答環節中以他們作為開場。電子商務同比增長了一倍，這是透過使用我們的一系列不同的廣告產品來實現的。從帖子到優惠到其他的一切。但這其實是為了尋找那些貢獻。正如我所說，我們也看到行動應用程式安裝廣告的大幅成長。市場雖小但成長迅速。在這個市場上，我們提供的產品幾乎沒有其他地方可以獲得我們提供的回報和機會。

I'm just going to add one more thing just in case I, in any way, created any confusion. I have no evidence that I did yet. But the price per ad that I was talking about in this question reflects not the same thing as the cost per click that I answered in a question earlier, because price per ad will also incorporate the click-through rate as well as the class per click for a click-based ad. And also includes ads that are purchased on an impression basis. So, most of the pricing metrics we provide are per ad, inclusive of click-through rates and impression-based ads. The CPC metric I gave earlier was just, I think, a specific and useful metric in understanding how much strong demand contributed in the second quarter.

我只是想再補充一點，以防萬一造成任何混淆。我還沒有證據證明我這樣做了。但是我在這個問題中談論的每次廣告價格與我之前在一個問題中回答的每次點擊費用並不相同，因為每次廣告價格還會包含點擊率以及基於點擊的廣告的每次點擊類別。還包括按展示次數購買的廣告。因此，我們提供的大多數定價指標都是按廣告計算的，包括點擊率和基於展示次數的廣告。我認為，我之前給出的 CPC 指標只是一個具體且有用的指標，可以幫助我們了解第二季強勁需求的貢獻有多大。

Ken Sena with Evercore Partners.

Evercore Partners 的 Ken Sena。

Just maybe if we could drill into the comment around eCommerce spending doubling. It seems as though FDX and third-party effort is growing fast, but it's small. And the same with the app install effort. But can you talk a little bit about what drove that doubling year on year? Thanks.

也許我們可以深入研究電子商務支出翻倍的評論。看起來 FDX 和第三方的努力正在快速成長，但規模卻很小。應用程式安裝工作也同樣如此。但是您能否稍微談談推動這數字逐年翻倍的原因是什麼？謝謝。

I think direct response marketers have had more opportunities to use our system, use our product. And we've also made a very major investment in helping them measure returns, and helping them connect what's happening both online and, as well, as throughout the system. So, direct response marketers tend to be buyers, they have an ROI metric. They're looking for that ROI metric, and their budgets are flexible around those ROIs. So, as they've invested with us, and hit their ROI metrics, their budgets go up and they make those adjustments very quickly. That's why, when they start using the products and see the value they create, they're able to grow very quickly, even within a quarter or within a week or within a month, because they adjust to their budgets.

我認為直接反應行銷人員有更多機會使用我們的系統、使用我們的產品。我們也投入了大量資金來幫助他們衡量回報，並幫助他們連接網路和整個系統中發生的事情。因此，直接反應行銷人員往往是買家，他們有投資報酬率指標。他們正在尋找投資回報率指標，並且他們的預算可以圍繞這些投資回報率靈活調整。因此，當他們與我們一起投資並達到投資回報率指標時，他們的預算就會增加，並且他們會很快做出調整。這就是為什麼，當他們開始使用產品並看到他們創造的價值時，他們能夠非常快速地成長，甚至在一個季度、一周或一個月內，因為他們會根據預算進行調整。

Rory Maher with Hillside Partners.

Hillside Partners 的 Rory Maher。

A couple quick questions. First, on hiring, there's been a lot of discussion in the press about tech companies' need for more highly skilled workers. And I'm curious if you're feeling pressure to find that kind of highly skilled talent. And what areas you find hardest to fill. And maybe some successful ways that you're finding good engineering talent. And then, secondly, on the advertiser mix, have you guys discussed your mix of brand advertisers by category, like auto, retail, telecom, that kind of category mix? And are there any that have grown particularly well the past year?

幾個簡單的問題。首先，在招募方面，媒體對科技公司需要更多高技能員工進行了大量的討論。我很好奇您是否感受到尋找這種高技能人才的壓力。以及您發現哪些領域最難填補。也許有一些成功的方法可以幫助您找到優秀的工程人才。其次，關於廣告商組合，你們是否討論過按類別劃分的品牌廣告商組合，例如汽車、零售、電信等類別的組合？過去一年有哪些企業發展得特別好？

Yes, I can take this. Hiring great people, especially engineers, is one of the biggest challenges that any technology company has. We're doing really well against the hiring goals that we have. But there's a systemic issue where our country doesn't produce the volume of engineers that the companies would want to hire. And I think that that's a lot of what you hear these companies talking about. We're doing really well competitively right now. We have a really strong program on colleges where we can continue to attract a lot of the best people who are graduating. We do really well at hiring senior engineers from across the valley, as well. But it's just something that we invest a huge amount of time in. It's really important.

是的，我可以接受。聘用優秀人才，尤其是工程師，是任何科技公司面臨的最大挑戰之一。我們在實現招募目標方面做得非常好。但存在一個系統性問題，就是我們國家培養不出公司想要雇用的大量工程師。我認為這些公司談論的很多內容都是這樣的。我們目前的競爭情況非常好。我們有一個非常強大的大學計劃，我們可以繼續吸引大量優秀的畢業生。我們在從矽谷各地招募高級工程師方面也做得非常出色。但我們在這件事上投入了大量的時間。這真的很重要。

In terms of where we're growing by category, I've mentioned CPG, gaming, retail. These are vertical categories where we're very strong. But, again, we're growing. You're watching people really experiment. One of the things that's been really fun to see, even though it's not a paid product, is GE's Instagram work. GE is doing super interesting photos on Instagram, which show us that other industries are also going to adapt to the social environment and to some of the new ways to reach customers globally.

就我們按類別成長的情況而言，我提到了快速消費品、遊戲、零售。這些是我們非常擅長的垂直類別。但是，我們正在成長。你正在觀察人們真正地進行實驗。儘管它不是付費產品，但 GE 的 Instagram 作品確實很有趣。GE 在 Instagram 上發布了非常有趣的照片，這向我們展示了其他行業也將適應社會環境以及一些接觸全球客戶的新方式。

Laura Martin with Needham & Company.

尼德漢姆公司的勞拉馬丁 (Laura Martin)。

Great numbers, guys. Congratulations. Two questions. One on, could you guys quantify the custom advertising bucket? I know you said it was up 100% quarter over quarter. And a lot of the brands are talking about this as a key growth area. So I'm real interested in how big it's starting for you guys. And then my second question is, we're also talking to a lot of companies that target your metrics using your UPI integrations. And that creates an arbitrage. I'm wondering if over time you foresee that being a stable ecosystem. Or are you guys going to try to ease those guys out over time and grab some of that upside that these arbitragers that are using your platform are garnering today? Thanks.

很棒的數字，夥計們。恭喜。兩個問題。首先，你們能量化訂製廣告桶嗎？我知道您說過它比上一季成長了 100%。許多品牌都將此視為關鍵的成長領域。所以我真的很想知道這對你們來說有多大意義。我的第二個問題是，我們也在與許多使用 UPI 整合來瞄準您的指標的公司進行交流。這就產生了套利。我想知道您是否預見到隨著時間的推移這將是一個穩定的生態系統。或者你們會試著隨著時間的推移逐漸淘汰這些人，並抓住這些使用你們平台的套利者今天所獲得的一些好處？謝謝。

On the first, Custom Audiences is small but growing in importance. We doubled -- what I said was we doubled the number of marketers using the product Q2 over Q1. And that also has included getting us to 50 of the Ad Age 100. As I've talked about, the large brand advertisers, the Ad Age 100, have a long sales cycle, and it takes a lot of work to get them to adopt products. So, seeing adoption this quickly of something, we think, shows how powerful that targeting is. In terms of some of the more programmatic ways people buy, we think it's really healthy for us to have multiple sales channels. We like having a direct sales channel, which we have in our over 40 offices. We like having online and robust sales because that means that, even in countries where we don't have offices, we have the ability to sell into those markets. We also like having an ecosystem of what we call PMDs -- third-party sellers who can work with our clients to provide some of the features that we don't have, or some of the capabilities that they may not have in-house. And so for us we'd like to see all of those sales channels continue to grow and thrive.

首先，自訂受眾群體規模雖小，但其重要性日益凸顯。我們翻了一番——我說的是，第二季使用該產品的行銷人員數量比第一季增加了一倍。這也包括讓我們進入《廣告時代》100強中的50強。正如我所說的，大型品牌廣告商，《廣告時代 100》，都有很長的銷售週期，要讓他們採用產品需要做大量的工作。因此，我們認為，看到某項技術如此迅速地被採用，顯示了這種定位的強大力量。就人們購買的一些更具程序化的方式而言，我們認為擁有多種銷售管道對我們來說非常有益。我們喜歡擁有直銷管道，我們擁有超過 40 個辦事處。我們喜歡在線上銷售並且銷售強勁，因為這意味著，即使在我們沒有辦事處的國家，我們也有能力向這些市場銷售產品。我們也喜歡擁有一個我們稱為 PMD 的生態系統——第三方賣家可以與我們的客戶合作，提供我們所沒有的一些功能，或者他們內部可能沒有的一些功能。因此，我們希望看到所有這些銷售管道繼續增長和繁榮。

Eric Sheridan from UBS.

瑞銀的 Eric Sheridan。

Thanks, guys. Congratulations on the numbers. Mark, a longer-term question focused on your initial comments. How have some of the recent products that are consumer-facing that you guys have launched, like Graph Search and Facebook Home, taught you what the consumer acceptance is for certain things, learnings about how the platform can be developed and evolved over time? I would love to get your take-aways on that.

謝謝大家。恭喜你取得這些數字。馬克，一個長期問題集中在你最初的評論。你們最近推出的一些面向消費者的產品，例如 Graph Search 和 Facebook Home，是如何讓你們了解消費者對某些產品的接受程度的，以及如何讓你們了解平台如何隨著時間的推移而發展和演變的？我很想聽聽你對此的看法。

I think that there are a bunch of different kinds of products that you can ship. Every day we ship a lot of tweaks to the products, or small changes to existing products. Then there are going to be products like Instagram video which is really doing well. And it fits very naturally into the current flow of how people use Instagram to capture moments that they're proud of. So that makes sense, and I think the team did a really good job there. Things like Home and Graph Search are really new use cases. In the case of Home, it's a new category of products that's different from anything that exists out there. And I think of it more of a seed that we're planting, that is going to create a completely new pillar of the ecosystem, rather than drafting off of behavior that people already have in the system today. So, I definitely think that we just have to look at this over the long term. And when we're building models for the Company, we basically think that this is going to be something that we will invest in for years. And we expect these to become market-leading products. And they're doing things that no one else really has the strategic position or content to be able to build these products. So we're excited about them. They're just going to be longer-term bets. But I think you want to look at the different things we're doing in terms of how naturally they fit into the flow of a person's day-to-day life today, to get a sense of how quickly it's going to ramp up over time.

我認為您可以運送多種不同類型的產品。我們每天都會對產品進行大量調整，或對現有產品進行小改動。然後就會出現像 Instagram 影片這樣表現非常好的產品。它非常自然地融入了人們使用 Instagram 捕捉他們引以為傲的時刻的當前潮流。這是有道理的，我認為團隊在這方面做得非常好。Home 和 Graph Search 之類的東西確實是新的用例。就家居而言，它是一種不同於現有任何產品的新型產品。我認為它更像是我們種下的種子，它將創造一個全新的生態系統支柱，而不是藉鏡人們目前在系統中已有的行為。所以，我確實認為我們必須從長遠角度看待這個問題。當我們為公司建立模型時，我們基本上認為這將是我們多年來投資的事情。我們期望這些產品能夠成為市場領先的產品。他們所做的事情是其他人沒有真正具備戰略地位或內容來製造這些產品的事情。所以我們對他們感到很興奮。它們只是長期賭注。但我認為，你應該從我們所做的不同事情如何自然地融入人們的日常生活的角度來看待它們，以了解隨著時間的推移它會以多快的速度增長。

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。