Meta Platforms, Inc. (FB) 2013 Q4 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 fourth-quarter and full-year 2013 earnings conference call.

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 年第四季和全年財報電話會議。

(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 fourth-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 第四季財報電話會議。今天與我一起討論我們業績的有執行長馬克‧祖克柏；謝麗爾‧桑德伯格（Sheryl Sandberg），營運長；以及財務長戴維‧艾伯斯曼 (David Ebersman)。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements and actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release, our annual report on Form 10K, and our most recent quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and 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，我們今天的評論將包括前瞻性陳述，實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿、我們的 10K 表年度報告以及我們向美國證券交易委員會提交的最新 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

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. The press release and an accompanying investor presentation are available on our website at investor.fb.com. And now I'd like to turn the call over to Mark.

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。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。現在我想把電話轉給馬克。

Thanks, Debra, and thanks, everyone, for joining today. This is a great quarter and a great way to end the year. We saw strong growth in engagement around the world and we are very pleased with the growth of our ad business, especially on mobile.

謝謝，黛布拉，也謝謝大家今天的參加。這是一個偉大的季度，也是結束這一年的美好方式。我們看到了全球參與度的強勁成長，我們對廣告業務的成長感到非常滿意，尤其是在行動領域。

Overall 2013 was an important year for us. In 2012 was the year where we turned our core product into a mobile product, than 2013 was the year where we turned our business into a mobile business. I expect 2014 will be the year where begin to deliver new and engaging types of mobile experiences. As of the end of the year, more than 1.23 billion people now use Facebook each month. Last quarter was our first quarter were more than 50% of our ad revenue came from mobile.

整體而言，2013 年對我們來說是重要的一年。2012年是我們將核心產品轉變為行動產品的一年，2013年是我們將業務轉變為行動業務的一年。我預計 2014 年將成為開始提供全新且引人入勝的行動體驗的一年。截至今年底，每月使用 Facebook 的人數已超過 12.3 億人。上個季度是我們第一個超過 50% 的廣告收入來自行動端的季度。

Looking back at the year, we launched some important products and initiatives, Internet.org, Graph Search, Instagram Video and Messenger 3.0. We also made a lot of improvements to the performance and reliability of all our mobile apps.

回顧這一年，我們推出了一些重要的產品和計劃，Internet.org、Graph Search、Instagram Video 和 Messenger 3.0。我們還對所有行動應用程式的效能和可靠性進行了大量改進。

One important trend from the last year is the continued growth and size and engagement of our community. In 2013, we added 172 million monthly actives and 139 million daily actives. That means that our daily engagement continues to increase.

去年的一個重要趨勢是我們的社區規模和參與度持續成長。2013年，我們的月活躍用戶增加了1.72億，每日活躍用戶增加了1.39億。這意味著我們的日常參與度持續增加。

In the last quarter more than 60% of our monthly actives visited Facebook daily. Given the size of our community we are very excited about this pace of growth.

上個季度，超過 60% 的每月活躍用戶每天都會造訪 Facebook。考慮到我們社區的規模，我們對這種成長速度感到非常興奮。

We are also seeing people engaging more. On the average day in December, we saw more than 6 billion likes. That's up 59% from 3.8 billion likes a year ago.

我們也看到人們的參與度越來越高。12 月的平均每天，我們收到的按讚數超過 60 億。這比一年前的 38 億個讚增加了 59%。

These trends show that our strategy of improving the quality of our core experiences over the last year has paid off. And we are now in a good position to focus on our longer-term goals of connecting everyone, understanding the world, and building the knowledge economy.

這些趨勢表明，我們去年提高核心體驗品質的策略已經取得了成效。現在，我們可以集中精力實現我們的長期目標：連結每個人、了解世界、建立知識經濟。

Connecting everyone is about bringing the Internet to everyone and giving them the tools to stay connected with the people and things that matter to them. Today more than 750 million people use Facebook every day.

連結每個人就是將網路帶給每個人，並提供他們工具，讓他們與重要的人事物保持聯繫。如今，每天有超過 7.5 億人使用 Facebook。

While that makes us by far the largest social network in the world we are still a small part of the world's population. Only one third of the world's population has access to the internet today, and for even many of those, their internet experience remains pretty weak.

儘管這使我們成為迄今為止世界上最大的社交網絡，但我們仍然只是世界人口的一小部分。目前，全球只有三分之一的人口可以上網，而且即使對於其中的許多人來說，他們的網路體驗仍然相當差。

Helping more people get connected is important to developing a global knowledge economy. Once people are connected, they can access tools like basic financial services, health information, and education tools to help them take care of the families and join the worldwide economy. That's why last summer we launched Internet.org, a partnership with industry leaders to make affordable internet access available to everyone in the world.

幫助更多的人建立聯繫對於發展全球知識經濟至關重要。一旦人們連網，他們就可以獲得基本金融服務、健康資訊和教育工具等工具，以幫助他們照顧家庭並融入全球經濟。這就是為什麼我們去年夏天推出了 Internet.org，與行業領導者合作，讓世界上每個人都能以可負擔的價格訪問互聯網。

In 2014, we are going to focus on achieving Internet.org's mission by deepening our relationships with mobile operators around the world and working to develop new models for internet access. Our existing partnerships with operators are something we have already invested a lot in over the years and this is an area where we are really excited to build on going forward.

2014年，我們將致力於實現Internet.org的使命，深化與世界各地行動電信商的關係，並努力開發新的網路存取模式。我們多年來已在與營運商的現有合作關係上投入了大量資金，我們非常高興能夠在這一領域繼續向前發展。

Connecting everyone also means giving people the power to share different kinds of content with different groups of people. This is something we focused on by building separate mobile apps beyond the main Facebook app, Messenger and Instagram are examples of this.

將每個人連接起來也意味著賦予人們與不同群體分享不同類型的內容的能力。我們專注於此，因此在主要的 Facebook 應用程式之外構建了單獨的行動應用程序，Messenger 和 Instagram 就是這方面的例子。

We launched a new version of Messenger to make the app even faster for mobile to mobile communication. Messenger was among the top most downloaded apps on iOS and Android in December and we see meaningful growth and engagement since launching.

我們推出了新版本的 Messenger，使應用程式在行動端到行動端的通訊速度更快。Messenger 是 12 月 iOS 和 Android 上下載次數最多的應用程式之一，自推出以來，我們看到了顯著的成長和參與度。

The number of people using Messenger grew more than 70% in the past three months. We've seen a large increase in the number of messages sent. We have a lot more coming to Messenger in the first half of this year and I am excited to build on these early results.

過去三個月，使用 Messenger 的人數增加了 70% 以上。我們發現發送的訊息數量大幅增加。今年上半年我們將為 Messenger 推出更多功能，我很高興能夠在這些早期成果的基礎上繼續努力。

Instagram also had a busy quarter bringing Instagram to Windows Phone, launching our first ads, and launching Instagram Direct, the new way to send private photo and video messages. We're pleased with the early reaction to all these products. With ads, the team has taken an especially careful approach working closely with a small number of brands that are already important members of the Instagram community to create a great early experience.

Instagram 也度過了一個繁忙的季度，將 Instagram 引入 Windows Phone、推出我們的第一條廣告，並推出 Instagram Direct，這是發送私人照片和影片訊息的新方式。我們對所有這些產品的早期反應感到非常高興。對於廣告，該團隊採取了特別謹慎的方式，與少數已經是 Instagram 社群重要成員的品牌密切合作，以創造良好的早期體驗。

I'm also excited to report that there are now more than 500 million people using Facebook groups every month. Groups is one of our core products and it provides a private space for sharing with small groups like your family, close friends, or sports team, or for larger communities like schools or even companies.

我還很高興地報告說，現在每月有超過 5 億人使用 Facebook 群組。群組是我們的核心產品之一，它提供了一個私人空間，讓您的家人、親密朋友或運動隊等小團體共享，或供學校甚至公司等更大的社區共享。

One theme that should be clear from our work on product like Messenger, groups, and Instagram is that our vision for Facebook is to create a set of products that help you share any kind of content you want with any audience you want. We're not just focused on improving the experience of sharing with all of your friends at once, although that is growing quickly too. A lot of the new growth we see is coming from people -- from giving people the tools to share with different sized groups of people.

從我們在 Messenger、群組和 Instagram 等產品上的工作中可以清楚地看出，我們對 Facebook 的願景是創建一套產品，幫助您與任何您想要的受眾分享您想要的任何類型的內容。我們不僅僅專注於改善與所有朋友同時分享的體驗，儘管這也在快速發展。我們看到的許多新成長都來自於人——來自於為人們提供與不同規模的人群共享的工具。

Now moving onto our business, last quarter I talked about our efforts to grow our business through improving the quality of our ads rather than just increasing the quantity. Our goal is to reach a point where the ads are as relevant and timely as the content your friends share with you.

現在談談我們的業務，上個季度我談到了我們透過提高廣告品質而不是僅僅增加數量來發展業務的努力。我們的目標是使廣告與您的朋友與您分享的內容一樣相關且及時。

To do this we've put a lot of effort into measuring people's sentiment around our ads and seeing how people engage with them. We do some of the broadest surveys in the world. We survey more than 35,000 people every day to see how we are doing and we use the results to drive our product development. Our approach is working.

為了做到這一點，我們付出了很多努力來衡量人們對我們廣告的感受，並觀察人們如何與廣告互動。我們進行了一些世界上最廣泛的調查。我們每天對超過 35,000 人進行調查，以了解我們的工作進展，並利用調查結果來推動我們的產品開發。我們的方法正在發揮作用。

In the second half of 2013, we saw an improvement in sentiment about ads on mobile, even as volume grew during that period. We also saw sentiment on desktop remain stable. Interestingly, even as the volume of newsfeed ads has grown, click through rates have also remained stable. We are very pleased with these results and they suggest our strategy of improving quality is working.

2013 年下半年，儘管行動廣告數量有所增長，但我們發現市場對行動廣告的看法有所改善。我們也看到桌面市場的情緒保持穩定。有趣的是，即使新聞推播廣告的數量不斷增長，點擊率也保持穩定。我們對這些結果非常滿意，這表明我們提高品質的策略正在發揮作用。

Our plan is to continue focusing on improving quality since we think this is the best way for us to improve the experience for people on Facebook, returns for advertisers, and our own revenue, as well as achieving our long-term goal of providing ads which are as relevant as organic content.

我們的計劃是繼續專注於提高質量，因為我們認為這是改善 Facebook 用戶體驗、廣告商回報和我們自身收入的最佳方式，同時還能實現我們提供與有機內容一樣相關的廣告的長期目標。

So that's my update on where we are focusing our efforts in the context of our longer-term goals. It's been a strong quarter and a great year for Facebook.

這就是我關於我們在長期目標背景下努力重點的最新情況。對 Facebook 來說，這是一個強勁的季度，也是偉大的一年。

Next week Facebook turns 10 years old. It's been an amazing journey so far, for me personally and for all of us at the company. But what is ahead of us is even more exciting.

下週 Facebook 將迎來 10 週年。到目前為止，這都是一段奇妙的旅程，對我個人以及公司所有人來說都是如此。但我們未來將會遇到更令人興奮的事情。

Many of the successes of the past 10 years have simply been steps on the path to achieving our long-term vision of connecting everyone and improving the world through sharing. Over the coming months and years you'll see us continue focusing on many of the same themes but now with greater scale, ambition, and resources.

過去 10 年取得的許多成功都只是我們實現長期願景的一步，即透過共享讓每個人聯繫在一起、讓世界變得更美好。在未來的幾個月和幾年裡，你會看到我們繼續關注許多相同的主題，但現在規模更大、目標更遠大、資源也更豐富。

Finally, I just want to thank everyone who works at Facebook for a great year in 2013 and over the past 10 years. What we've achieved together has been a result of all of your hard work and I'm grateful that so many talented people are a part of our team. Thank you, and now here is Sheryl.

最後，我只想感謝在 Facebook 工作的所有人，感謝他們在 2013 年以及過去 10 年所做的貢獻。我們共同達成的成就是大家辛勤工作的結果，我很感激有這麼多才華洋溢的人加入我們的團隊。謝謝，現在請謝麗爾發言。

Thanks Mark, and hi everyone. I am really excited to report earnings this quarter and proud of the teams at Facebook who delivered these results. We ended 2013 with a terrific fourth quarter, continuing the strong momentum we saw throughout the year,. Our total revenue grew 63% year-over-year, led by 76% growth in advertising revenue.

謝謝馬克，大家好。我很高興能夠報告本季的收益，並為 Facebook 團隊所取得的這些成果感到自豪。我們以出色的第四季度結束了 2013 年，延續了全年強勁的發展勢頭。我們的總收入年增63%，其中廣告收入成長76%。

Approximately 53% of our ad revenue came from mobile. This is not only the first time we crossed the 50% threshold in mobile but it's also our first $1 billion mobile quarter. In fact, our Q4 mobile ad revenue of $1.25 billion was nearly as large as our total ad revenue in Q4 of last year.

我們的廣告收入約有 53% 來自行動裝置。這不僅是我們在行動領域首次突破 50% 的門檻，也是我們行動業務首次實現 10 億美元營收的季度。事實上，我們第四季的行動廣告收入為 12.5 億美元，幾乎與去年第四季的總廣告收入一樣多。

This growth continues to be very broad-based. The combination Mark spoke about of our growth in users and engagement, the effectiveness of our ads in newsfeed work together to provide marketers with a powerful way to reach people. It's impact is evident in our results.

這種增長仍然具有非常廣泛的基礎。馬克談到的用戶和參與度的成長，以及新聞推播中廣告的有效性，共同為行銷人員提供了一種強有力的接觸人們的方式。它的影響在我們的結果中顯而易見。

This quarter we saw healthy increases in every region around the world and positive momentum in all four marketer segments. There are three key drivers propelling our business. First and foremost is strong mobile engagement.

本季度，我們看到全球各個地區都出現了健康的成長，四個行銷部門都呈現積極的勢頭。有三個關鍵驅動因素推動我們的業務發展。首先也是最重要的就是強大的移動參與。

Everyday more people around the world are spending more time on their mobile devices and marketers are starting to shift their budgets to reach them. This was especially clear during the holiday season where not surprisingly Black Friday was our single biggest mobile ad revenue day during the quarter.

每天，世界各地的人們在行動裝置上花費的時間越來越多，行銷人員也開始調整預算以吸引這些用戶。這一點在假期季節尤其明顯，毫不奇怪，黑色星期五是我們本季行動廣告收入最高的一天。

When people are shopping in stores they are on their phones and when they are on their phones they are on Facebook. A recent study by Miller Brown Digital showed that while shopping in the store people who use Facebook do so at four times the rate of any other app or search. And for those people that use Facebook as a source before shopping, over half stated that it was a very influential source of information for them while they were shopping in the store.

當人們在商店購物時，他們會使用手機，而當他們使用手機時，他們也會使用 Facebook。Miller Brown Digital 最近的一項研究表明，在商店購物時，使用 Facebook 的人數是使用其他應用程式或搜尋引擎的四倍。對於那些在購物前使用 Facebook 作為資訊來源的人來說，超過一半的人表示，當他們在商店購物時，Facebook 是一個非常有影響力的資訊來源。

The second driver of our ads business is a continued growth in the number of marketers using Facebook. Again, this growth is broad-based and diverse across marketers, verticals, geographies.

我們廣告業務的第二個驅動力是使用 Facebook 的行銷人員數量的持續成長。再次，這種增長是廣泛且多樣化的，涵蓋行銷人員、垂直行業和地理。

I'll update you briefly on each of our four marketing segments. Demand from direct response marketers was strong in the Q4 holiday shopping period, particularly in e-commerce. These marketers focus on short-term ROI, so the growth we're seeing speaks to our ability to efficiently drive sales for them. For example, online retailer NoMoreRack used Facebook to promote its holiday deals. They hit their aggressive ROI targets and they generated $8 million in revenue on Black Friday alone.

我將向您簡要介紹我們的四個行銷部門。第四季度假日購物期間，直接反應行銷人員的需求強勁，尤其是在電子商務領域。這些行銷人員注重短期投資回報率，因此我們看到的成長證明了我們有能力有效地為他們推動銷售。例如，線上零售商 NoMoreRack 使用 Facebook 來推廣其假期優惠。他們實現了積極的投資回報率目標，僅在黑色星期五就創造了 800 萬美元的收入。

We are also making remarkable progress at SMBs, a segment that many in the industry have long considered the holy grail of online advertising, and a segment that I have been particularly focused on throughout my career. In November we reported that more than 25 million SMBs maintain an active page on Facebook. We've made a big investment in simplifying our ad products over the last year and that investment is working to convert these SMBs into advertisers. Of the new SMB advertisers we acquired in Q4, 72% started with our most simple ad products.

我們在中小企業領域也取得了顯著進展，這個領域長期以來被業內許多人視為網路廣告的聖杯，也是我整個職業生涯中一直特別關注的領域。11 月份，我們報告稱，有超過 2500 萬家中小企業在 Facebook 上維護活躍頁面。去年，我們在簡化廣告產品方面投入了大量資金，這些投資正在努力將這些中小企業轉變為廣告商。在我們第四季獲得的新 SMB 廣告主中，72% 都是從我們最簡單的廣告產品開始的。

For developers, mobile apps are generating very healthy revenue growth. We launched mobile app install ads just over a year go and mobile app engagement ads last quarter based on a very simple idea that we can help people find and use great apps.

對於開發者來說，行動應用程式正在帶來非常健康的收入成長。我們在一年前推出了行動應用程式安裝廣告，並在上個季度推出了行動應用程式參與廣告，其理念很簡單：我們可以幫助人們找到並使用優秀的應用程式。

This is working even better than we hoped. We are helping developers attract new customers and keep them engaged. We remain excited about the opportunities in the small but quickly growing category.

效果比我們期望的還要好。我們正在幫助開發人員吸引新客戶並保持他們的參與。我們仍然對規模雖小但成長迅速的類別中的機會感到興奮。

In addition, last week we announced a small test to show Facebook ads in third-party mobile apps. We won't have meaningful results for a while, but it is an interesting area for us to explore.

此外，上週我們宣布了一項小測試，在第三方行動應用程式中顯示 Facebook 廣告。我們暫時不會得到有意義的結果，但這對我們來說是一個值得探索的有趣領域。

Finally, we are making steady progress with our brand marketers, particularly in verticals like CPG. We are helping them connect with customers in more dynamic ways, starting a start test of our new video ad product, and measuring our impact on their sales, which is super important to driving their business.

最後，我們與品牌行銷人員的合作正在取得穩步進展，特別是在快速消費品 (CPG) 等垂直領域。我們正在幫助他們以更具活力的方式與客戶建立聯繫，開始對我們的新影片廣告產品進行初步測試，並衡量我們對他們銷售的影響，這對於推動他們的業務至關重要。

The third quarter -- the third driver for both the quarter and the full year has been our investment in product development. We're especially pleased with the improvements we've made to our targeting capabilities and measurement tools. Our goal, as Mark said, is to make our ads as useful as possible for consumers and to generate greater returns for marketers. Eventually making all of our ads as valuable to users as our organic content.

第三季－本季和全年的第三個驅動力是我們對產品開發的投資。我們對我們的定位能力和測量工具所做的改進感到特別高興。正如馬克所說，我們的目標是讓我們的廣告對消費者盡可能有用，並為行銷人員帶來更大的回報。最終使我們的所有廣告對用戶來說都和我們的自然內容一樣有價值。

Custom Audiences is our most important product in this effort. When we launched it over a year ago it allowed marketers to reach their current customers on Facebook. Since then we've built more targeting capabilities while maintaining user privacy. These include look-alike targeting that lets marketers reach people who are similar to the best customers, partner categories which use third-party data to improve our targeting.

自訂受眾是我們在這項努力中最重要的產品。當我們一年多前推出它時，它允許行銷人員在 Facebook 上接觸到他們現有的客戶。從那時起，我們在保護用戶隱私的同時建立了更多的定位功能。這些包括相似定位，讓行銷人員能夠接觸到與最佳客戶相似的人，以及使用第三方資料來改善我們定位的合作夥伴類別。

Now marketers can reach exactly the people they are looking for, such as people who buy fashion apparel or are in the market for a new car. We have more than doubled the number of partner categories in the US and now offer more than 1,000. And we believe there is still significant opportunity ahead as we continue to improve our targeting capabilities.

現在，行銷人員可以準確地接觸到他們正在尋找的人群，例如購買時尚服裝或想購買新車的人。我們在美國提供的合作夥伴類別增加了一倍多，目前已超過 1,000 個。我們相信，隨著我們不斷提高定位能力，未來仍將存在巨大的機會。

We are also making major investments in measurement so that we can measure the impact of our advertising on in-store sales. In December we launched off-line conversion measurements. To date our results show that the average return on ad spend for newsfeed campaigns is eight times, a result that is really impressive when compared to other returns marketers have available.

我們也在測量方面進行了大量投資，以便能夠衡量我們的廣告對店內銷售的影響。12 月，我們推出了離線轉換測量。到目前為止，我們的結果顯示，新聞推播廣告活動的平均廣告支出回報率為八倍，與行銷人員可獲得的其他回報相比，這一結果確實令人印象深刻。

As Mark noted, this is the beginning of a new year and our 10th anniversary, so I want to reflect really briefly on where our advertising business and we believe the marketing industry is heading. Before mass media all business was personal. Sales happened customer by customer at the local store or door to door. The evolution of mass media made it possible to sell at scale but business was no longer personal.

正如馬克所說，這是新的一年的開始，也是我們成立十週年的開始，所以我想簡單回顧一下我們的廣告業務以及我們認為行銷產業的發展方向。在大眾媒體出現之前，所有的業務都是私人的。銷售是在當地商店針對每個顧客或挨家挨戶進行的。大眾媒體的發展使得大規模銷售成為可能，但商業不再是個人的。

On Facebook, marketers can do both. We are building the world first global platform that lets marketers personalize their messages at unprecedented scale. This is marketing where you are for who you are. This shift to personalization represents the biggest shift in marketing in generations and it is one that we are uniquely positioned to lead.

在 Facebook 上，行銷人員可以同時做到這兩點。我們正在建立世界上第一個全球平台，讓行銷人員能夠以前所未有的規模個性化他們的訊息。這就是針對您的身分進行行銷。這種向個人化的轉變代表了幾代以來行銷領域最大的轉變，而我們擁有獨特的優勢來引領這一轉變。

Facebook is the only place where 750 million people visit every day increasingly on mobile to discover what matters to them. As we continue to leverage our understanding of people to make marketing more personal, and do it at massive scale, we will dramatically improve the quality of ads and drive more personal discovery. Facebook is making business personal again.

Facebook 是唯一一個每天有 7.5 億人透過行動裝置造訪以發現他們關心的資訊的網站。隨著我們繼續利用對人的了解，使行銷更加個人化，並大規模地進行行銷，我們將大大提高廣告品質並推動更多的個人化發現。Facebook 正在讓商業再次變得個人化。

And like Mark, I want to thank the teams that we get to work with everyday at Facebook who are doing a great job to make this happen. Now I'd like to turn it over to David.

和馬克一樣，我要感謝 Facebook 每天與我們共事的團隊，他們為實現這一目標做出了巨大貢獻。現在我想把發言權交給大衛。

Okay. Thanks Sheryl. Overall 2013 was a great year for Facebook. We performed well against all at our key financial priorities, growing revenue to $7.9 billion, delivering operating profit and free cash flow each of over $2.8 billion, and making investments that position the Company for continued growth. Today's results strengthen our conviction that we're in the early days of capitalizing on a significant opportunity.

好的。謝謝謝麗爾。整體而言，2013 年對 Facebook 來說是豐收的一年。我們在所有關鍵財務重點方面都表現良好，收入增長至 79 億美元，營業利潤和自由現金流均超過 28 億美元，並且進行的投資使公司能夠持續成長。今天的結果增強了我們的信念：我們正處於利用重大機會的早期階段。

Let's start with some user and engagement highlights. During the year the population of people using Facebook on a daily basis increased by 139 million to 757 million, and the population of people using Facebook each month grew by 172 million to 1.23 billion. In December, 62% of our monthly users used Facebook on an average day.

讓我們從一些用戶和參與度亮點開始。這一年，每天使用 Facebook 的用戶數量增加了 1.39 億，達到 7.57 億；每月使用 Facebook 的用戶數量增加了 1.72 億，達到 12.3 億。12 月份，我們平均每天有 62% 的每月活躍用戶使用 Facebook。

Mobile continues to drive our growth. When we began 2013, we had more daily users on desktop than mobile. By the end of the year, our daily users on mobile outnumbered desktop by around 200 million.

行動領域持續推動我們的成長。2013 年初，我們桌面端的每日用戶數比行動端的多。截至今年底，我們的行動端每日用戶數已超過桌面端約 2 億。

We are also pleased that engagement per user continued to increase in 2013 based on measures such as time spent per user and feedback per user. And none of these stats include Instagram, which doubled its user base over the past year. The network of people who use our products remains the foundation for everything we do and they are the most important audience we are trying to serve and delight every day.

我們也很高興地看到，根據每位用戶花費的時間和每位用戶的回饋等指標，2013 年每位用戶的參與度持續提高。這些數據都不包括 Instagram，其用戶群在過去一年中翻了一番。使用我們產品的用戶的網路仍然是我們所做一切的基礎，他們是我們每天努力服務和取悅的最重要的受眾。

Turning now to the financials, in Q4, total revenue was $2.59 billion, up 63% and ad revenue was $2.34 billion, up 76%, for our highest year-over-year growth rate since mid-2011. Exchange rates had no meaningful impact.

現在來看看財務狀況，第四季總營收為 25.9 億美元，成長 63%，廣告收入為 23.4 億美元，成長 76%，創下自 2011 年中期以來的最高年成長率。匯率沒有產生任何有意義的影響。

We continued to experience strong revenue growth around the world. Ad revenue in each of our four reported geographic regions grew by more than 65% in Q4 compared to last year. The key driver of ad revenue growth continued to be the strong performance of newsfeed ads on mobile and desktop, which helped us attract more advertiser demand. Mobile ad revenue increase from approximately $881 million in Q3 to approximately $1.25 billion in Q4, a healthy increase that of course benefited from seasonal effects.

我們在全球範圍內繼續實現強勁的收入成長。與去年相比，我們報告的四個地理區域的廣告收入在第四季度均增加了 65% 以上。廣告收入成長的主要驅動力仍然是行動裝置和桌面裝置上新聞推播廣告的強勁表現，這有助於我們吸引更多的廣告主需求。行動廣告收入從第三季的約 8.81 億美元增加到第四季的約 12.5 億美元，這一健康成長當然得益於季節性的影響。

In Q4, total ad impressions declined 8% and the average effective price per ad was up 92% compared to last year. The decline in ad impressions was primarily due to the shift in usage towards mobile devices where people are shown fewer as compared to desktop since there's no right-hand column ads on mobile.

第四季度，廣告總展示次數與去年同期相比下降了 8%，而每則廣告的平均有效價格則上漲了 92%。廣告展示次數的下降主要是由於使用量轉向行動設備，由於行動裝置上沒有右側欄廣告，因此與桌上型電腦相比，人們看到的廣告次數較少。

The significant increase in average price per ad was driven by the mix shift to more newsfeed ads that have much higher engagement and click through rates, increasing the average effective price per ad impression. The price volume trends were pretty similar across our four geographies.

平均每個廣告價格的大幅上漲是由於廣告組合轉向更多參與度和點擊率更高的新聞推播廣告，從而提高了每個廣告展示的平均有效價格。我們四個地區的價格量趨勢非常相似。

Total payments and other fees revenue in Q4 was $241 million, down 6% versus last year, remembering that in Q4 last year we recognized revenue from four months of payments transactions. On a more apples to apples basis, payments revenue from games, which represents the substantial majority of our payments and other fees revenue, grew approximately 8% in Q4 versus last year despite the fact that our payments revenue from games is limited to our desktop users, a population that's declining.

第四季的總支付和其他費用收入為 2.41 億美元，比去年下降 6%，記得去年第四季我們確認了四個月的支付交易收入。從更公平的角度來看，儘管我們從遊戲中獲得的支付收入僅限於我們的桌面用戶（而這一群體正在減少），但第四季度來自遊戲的支付收入（占我們支付和其他費用收入的絕大部分）與去年相比增長了約 8%。

Turning now to expenses, our Q4 GAAP expenses were $1.45 billion, up 37% and non-GAAP expenses were $1.13 billion, up 33%. For the full year, our non-GAAP expenses were up 44%, driven largely by growth in infrastructure expense and a 37% increase in headcount over the year.

現在談談費用，我們第四季的 GAAP 費用為 14.5 億美元，成長 37％，非 GAAP 費用為 11.3 億美元，成長 33％。全年來看，我們的非公認會計準則支出增加了 44%，主要原因是基礎設施支出的成長以及員工人數年增 37%。

As our revenue has grown we've worked hard to stay disciplined in terms of our expense growth. Focusing on investments where we are most confident of creating value and meaningful ROI. We are pleased with the returns we achieved from many of our investments that we made in 2013, including those to advance our ad products, improve mobile product quality, increase engagement, and drive efficiency improvements in our infrastructure.

隨著收入的成長，我們努力控制支出的成長。專注於我們最有信心創造價值和有意義的投資報酬率的投資。我們對 2013 年多項投資所取得的回報感到非常滿意，這些投資包括改善我們的廣告產品、提高行動產品品質、增加參與度以及推動基礎設施效率的提高。

Our Q4 GAAP operating income was $1.13 billion representing a 44% operating margin and our non-GAAP operating income was $1.46 billion representing a 56% margin, up from 46% last year. As you know, margins are typically the strongest in the fourth quarter given the seasonal strength in our advertising's business.

我們的第四季 GAAP 營業收入為 11.3 億美元，營業利潤率為 44%，非 GAAP 營業收入為 14.6 億美元，利潤率為 56%，高於去年的 46%。如您所知，考慮到我們廣告業務的季節性強勁，第四季度的利潤率通常最高。

Our GAAP and non-GAAP tax rates for Q4 were 54% and 46% respectively, and for the full year 2013 our GAAP and non-GAAP tax rates were 46% and 41%. The tax rates in Q4 were higher than the rates for prior quarters in the year primarily because of intercompany payments that occurred in Q4 related to our international operations. Also at the end of 2013, we had a tax net operating loss or NOL carry forward of almost $8 billion.

我們第四季的 GAAP 和非 GAAP 稅率分別為 54% 和 46%，2013 年全年的 GAAP 和非 GAAP 稅率分別為 46% 和 41%。第四季的稅率高於今年前幾季的稅率，主要是因為第四季發生了與我們的國際業務相關的公司間支付。此外，截至 2013 年底，我們的稅務淨營業虧損或 NOL 結轉額接近 80 億美元。

In Q4 GAAP net income was $523 million or $0.20 per share and non-GAAP net income was $780 million or $0.31 per share, up approximately 80% compared to last year. CapEx was $483 million in Q4 and $1.37 billion for the full year.

第四季 GAAP 淨收入為 5.23 億美元，即每股 0.20 美元，非 GAAP 淨收入為 7.8 億美元，即每股 0.31 美元，較去年同期成長約 80%。第四季資本支出為 4.83 億美元，全年資本支出為 13.7 億美元。

Our efficiency investments including the open compute project on the hardware side and proprietary work on the software side has enabled us to significantly increase the amount of data and the number of users we can support with each server we buy, and these investments have saved us over $1 billion over the past three years. We wouldn't be able to deliver the profit and cash flow numbers we are reporting today without the success of these efficiency investments. Our Q4 free cash flow was $748 million and our full-year free cash flow was $2.8 billion, including the benefit from a $419 million tax refund in Q2.

我們的效率投資包括硬體方面的開放計算項目和軟體方面的專有工作，這使我們能夠顯著增加我們購買的每台伺服器可以支援的數據量和用戶數量，這些投資在過去三年中為我們節省了超過 10 億美元。如果沒有這些效率投資的成功，我們就不可能實現今天報告的利潤和現金流數字。我們第四季的自由現金流為 7.48 億美元，全年自由現金流為 28 億美元，其中包括第二季 4.19 億美元退稅帶來的收益。

Turning to the balance sheet, we ended the year with $11.4 billion in cash and investments. This number includes $1.5 billion from our secondary offering of 27 million shares in December at the time of our inclusion in the S&P 500 index.

從資產負債表來看，截至年底，我們的現金和投資總額為 114 億美元。這個數字包括我們在 12 月被納入標準普爾 500 指數時透過二次發行 2700 萬股獲得的 15 億美元。

Now I want to share a few thoughts on 2014. In terms of expenses, we are planning that our total 2014 GAAP expenses, including cost of revenue and including stock comp, will likely grow in the neighborhood of 35% to 40%. And non-GAAP expenses, including cost of revenue but excluding stock comp, will likely grow in the neighborhood of 40% to 45%.

現在我想分享一些關於2014年的想法。在費用方面，我們計劃 2014 年 GAAP 總費用（包括收入成本和股票補償）可能增加 35% 至 40% 左右。非 GAAP 費用（包括營業成本但不包括股票補償）可能會增加 40% 至 45% 左右。

We plan to invest with a continued emphasis on technical headcount and product development to take advantage of the opportunities we see to create new experiences and more value for our users, marketers, and developers.

我們計劃繼續增加對技術人員和產品開發的投資，以利用我們看到的機會為我們的用戶、行銷人員和開發人員創造新的體驗和更多價值。

On taxes we expect our GAAP and non-GAAP tax rates in 2014 to be roughly similar to our full-year tax rates in 2013, although this could vary widely depending upon acquisitions, our international revenue and expense mix, and other factors. Our tax rate in 2014 and over the next several years will continue to reflect the fact that we're in the early years of investing in our international operations. Longer-term we expect our tax rate to be in line with peer companies who have similar operations and international revenue mixes.

在稅收方面，我們預計 2014 年的 GAAP 和非 GAAP 稅率將與 2013 年全年稅率大致相同，儘管這可能會因收購、我們的國際收入和支出組合以及其他因素而有很大差異。我們 2014 年及未來幾年的稅率將繼續反映出我們正處於國際業務投資初期的事實。從長遠來看，我們預計我們的稅率將與擁有類似業務和國際收入結構的同行公司保持一致。

We ended 2013 with $2.6 billion diluted shares outstanding including the December stock offering, and we estimate that our diluted share count will increase roughly 2% to 2.5% by the end of 2014, although this may vary depending upon our stock price and new share issuances, for example to support M&A. We anticipate our 2014 CapEx will increase to be in the range of $2 billion to $2.5 billion. The significant year-over-year growth will be driven by an expansion of our Menlo Park headquarters, infrastructure related expenses such as the build out of our Iowa data center, and by our investment plans to support initiatives like Internet.org that are designed to increase internet penetration in the developing world. We'll also continue to make strategic investments to improve capital efficiency.

截至 2013 年年底，我們的稀釋流通股數為 26 億美元（包括 12 月的股票發行），我們預計，到 2014 年底，我們的稀釋股數將增加約 2% 至 2.5%，但這可能因我們的股價和新股發行（例如，為支持併購而發行的新股）而異。我們預計 2014 年資本支出將增至 20 億美元至 25 億美元。推動這一顯著同比增長的因素包括：門洛帕克總部的擴建、愛荷華州數據中心的建設等基礎設施相關費用，以及我們為支持 Internet.org 等旨在提高發展中國家互聯網普及率的計劃而製定的投資計劃。我們也將繼續進行策略性投資，以提高資本效率。

Last, in terms of revenue, in 2014 we hope to build on our success from last year. 2013's strong growth in ad revenue was driven by the rapid ramp-up of newsfeed ads, growth in users engagement and marketers using Facebook, and by the product investments we made that improved the quality, relevance, and performance of our ads.

最後，就收入而言，我們希望在2014年的基礎上再創佳績。2013 年廣告收入的強勁成長得益於新聞推播廣告的快速成長、用戶參與度的成長和使用 Facebook 的行銷人員的成長，以及我們為提高廣告品質、相關性和效果而進行的產品投資。

As Sheryl described, we believe we're still early in the evolution of our advertising business and the mobile ad business in general. This makes for a difficult time to forecast near-term revenues with any precision, but it also makes for an exciting time and we're looking forward to capitalizing on this opportunity.

正如謝麗爾所描述的，我們認為我們的廣告業務以及整個行動廣告業務的發展仍處於早期階段。這使得我們很難準確預測近期收入，但這也是一個令人興奮的時刻，我們期待著利用這個機會。

To sum up, Q4 was a strong end to a great year for Facebook. Thanks for joining us on the call today. And now let's open for questions.

總而言之，第四季對 Facebook 來說是一個輝煌的一年，為這一年畫上了圓滿的句點。感謝您今天參加我們的電話會議。現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

Congratulations on a fantastic year. Sheryl, I was wondering if you could rank order the four groups of marketers and discuss sort of how SMBs play out over time versus the larger enterprise companies? And then Mark, if you could talk a bit more, expand more on what you mean by standalone mobile apps and really what your vision is there, and I understand your speaking of Mobile World Congress so any update on what we should expect from that. Thanks.

恭喜您度過了美好的一年。謝麗爾，我想知道您是否可以對這四組行銷人員進行排序，並討論中小企業與大型企業相比如何發展？然後馬克，如果你可以再多說一點，進一步闡述一下你所說的獨立行動應用程式的含義，以及你對此的真正看法，我理解你所說的是世界行動通訊大會，那麼請問你對此有何期待？謝謝。

We don't break out by segment. But all four segments are growing and we are pleased with the growth there. I'm glad you asked about SMBs because it's a particular focus for us, and some where I'm really proud of our performance, our teams led by Dan Levy and others have just done a great job.

我們不會按細分市場進行分類。但所有四個部門都在成長，我們對這些部門的成長感到滿意。我很高興您問到中小型企業，因為這是我們特別關注的重點，我對我們的表現感到非常自豪，由 Dan Levy 和其他人領導的團隊做得非常出色。

There are 25 million SMBs that have pages on Facebook and that's a really good first step, because it's just historically very hard to get small businesses online. What we've done over the last year is we've really worked at simplifying our ad product, and that's working because the way to convert our SMBs who are using our free product into being advertisers are with these really simple ad products. So rather than go to them and say do you want to become an advertiser, you say do you want to promote a post? And that's what's working and we are able to convert them to advertising, and then upsell them from there in large numbers and we are excited about it.

目前有 2500 萬家中小企業在 Facebook 上擁有一個頁面，這是一個非常好的第一步，因為從歷史上看，讓小型企業上網是非常困難的。過去一年來，我們一直在努力簡化我們的廣告產品，而這項措施非常有效，因為我們可以透過這些非常簡單的廣告產品，將使用我們免費產品的中小企業轉變為廣告商。因此，你不必去找他們問“你想成為廣告商嗎”，而是問“你想推廣貼文嗎？”這就是有效的方法，我們能夠將它們轉化為廣告，然後從那裡大量地向他們追加銷售，我們對此感到興奮。

Yes. And in terms of the focus on building new and separate experiences, our theory is that there are all these different ways that people want to share and communicate. Almost any kind of content that you can imagine sharing, text, photos, videos, links, locations, events, games, anytime, a type of content with any type of audience, whether privately on a one-on-one situation or small groups, or with all of your friends or a larger community or publicly, there's an interesting intersection between most of these things.

是的。在專注於建構新的和獨立的體驗方面，我們的理論是，人們希望透過各種不同的方式進行分享和交流。幾乎任何你能想像到可以分享的內容，文字、照片、影片、連結、位置、事件、遊戲，任何時間，任何類型受眾都可以分享，無論是私下一對一還是小群體，還是與所有朋友或更大的社群或公開，其中大多數內容之間都有一個有趣的交集。

And one of the things that we want to try to do over the next few years is build a handful of great new experiences that are separate from what you think of as Facebook today, that are just kind of helping to explore that place and give people new ways to share. And I you can see that that's something that people want from some of the mobile apps that exist out there today.

未來幾年，我們想要嘗試的事情之一就是創造一些不同於如今 Facebook 的全新體驗，這些體驗有助於探索 Facebook，並為人們提供新的分享方式。您可以看到，這正是人們對當今現有的一些行動應用程式的期望。

You can see it from our own offering with, not just Facebook, but also Instagram and Messenger already today. And were probably -- we're going to keep working on this over the next few years.

您可以從我們今天提供的服務中看到這一點，不僅是 Facebook，還有 Instagram 和 Messenger。我們可能——未來幾年我們會繼續致力於此。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

I have two questions. The first one, there's been a lot of talk about Messenger over the last couple of quarters. I'm just wondering if you could share with us how you see the competitive environment for Facebook in the area of messaging, in particular in regions like Asia, and how do you see Facebook differentiating itself, and maybe changing the user behavior from some of the newer companies that have aggregated a large number of users in the space? And then my second question is just for David in regards to seasonality of ad revenue, it obviously typically declines in Q1, I'm just wondering if we are at the point now where we should see seasonality of mobile ad revenue in Q1. Thanks so much.

我有兩個問題。首先，在過去幾個季度裡，關於 Messenger 的討論很多。我只是想知道您是否可以與我們分享您如何看待 Facebook 在訊息傳遞領域（特別是在亞洲等地區）的競爭環境，以及您如何看待 Facebook 的差異化，以及如何改變一些在該領域聚集了大量用戶的新公司的用戶行為？然後我的第二個問題是針對大衛的，關於廣告收入的季節性，它顯然通常在第一季下降，我只是想知道我們現在是否應該看到第一季行動廣告收入的季節性。非常感謝。

So I can talk to Messenger, a bit. If you think about the overall space of sharing and communication, there's not just one thing that people are doing. People want to share, want to have the ability to share any kind of content with any audience. There are going to be a lot of different apps that exist, and Facebook has always had the mission of helping people share any kind of content with any audience, but historically we've done that through a single app.

所以我可以跟 Messenger 聊一會兒。如果你考慮分享和交流的整體空間，你會發現人們所做的並不只限於一件事。人們想要分享，想要有能力與任何受眾分享任何類型的內容。將會有許多不同的應用程式存在，而 Facebook 的使命一直是幫助人們與任何受眾分享任何類型的內容，但從歷史上看，我們是透過一個應用程式來實現這一目標的。

And one of the stats that I shared today is that we now have more than 0.5 billion people using groups every month, and I think that's not something that I think a lot of people are paying attention to, because it was sort of seen as a feature of the Facebook app rather than its own product. So what we're doing with Messenger now, similarly a lot of people are using Messenger every day, but it's a feature of Facebook rather than its own network or standalone thing, and we are making it more of a standalone app.

我今天分享的統計數據之一是，現在每月使用群組的人超過 5 億，但我認為很多人並沒有關注這一點，因為它被視為 Facebook 應用程式的功能，而不是自己的產品。所以我們現在對 Messenger 所做的就是，同樣有很多人每天都在使用 Messenger，但它是 Facebook 的一個功能，而不是它自己的網絡或獨立的東西，我們正在使它更像一個獨立的應用程序。

We've actually, in the last quarter we've taken it out of the main app, so that way it gets room to breathe and blossom as its own great experience, and we're going to focus on making that really good and adding to it and adding a lot of new things, and some of the stats that I shared are incredibly promising. In the last few months, 70% more people are using it and a lot of message volume growth, so we are still focused on kind of general growth for Messenger rather than going country-specific at this point in its evolution.

實際上，在上個季度，我們已經將它從主應用程式中移除，這樣它就有了發展和綻放的空間，成為它自己出色的體驗，我們將專注於讓它變得非常好，並添加很多新的東西，我分享的一些統計數據非常有希望。在過去的幾個月裡，使用它的人增加了 70%，資訊量也大幅增長，因此我們仍然專注於 Messenger 的整體成長，而不是在其發展的這個階段針對特定國家。

And Heather, this is David. Thanks for your question on seasonality. Of course seasonality is an important factor in an advertising business, and affects Q4 and makes it a typically strong quarter. At this point, given how new we are with the mobile business, I think it's really difficult for us to quantify the impact of seasonality effects. I think I will take some more time before we can understand it better than we do.

希瑟，這是大衛。感謝您關於季節性的提問。當然，季節性是廣告業務的一個重要因素，它會影響第四季並使其成為一個典型的強勁季度。目前，考慮到我們在行動業務方面還很新，我認為我們很難量化季節性的影響。我想我需要更多的時間才能讓我們更好地理解它。

Mark May, Citibank.

花旗銀行的馬克‧梅。

Thanks for taking my question. Just would love to get some updates on some of the efforts that you are making in terms of brand and real-time conversations. I think on the user side, we'd love to get some interest in terms of the usage and engagement with video content early on and real-time conversations, particularly around entertainment-related content. And then on the advertiser side, kind of early adoption by brand and TV-like advertisers, with some of the brand and video solutions that you have out there.

感謝您回答我的問題。只是想了解您在品牌和即時對話方面所做的一些努力的最新進展。我認為從用戶角度來看，我們希望儘早獲得用戶對視訊內容的使用和參與以及即時對話的興趣，特別是圍繞娛樂相關的內容。然後在廣告商方面，品牌和電視廣告商早期採用了一些現有的品牌和視訊解決方案。

And then for David, given the significant transition that the business continues to go through that is affecting these ad impression and average price metrics, can you give us a sense of the breakdown between the ad impressions between desktop and mobile? Thanks.

然後對大衛來說，考慮到業務繼續經歷的重大轉變正在影響這些廣告印象和平均價格指標，您能否讓我們了解一下桌面和行動裝置之間的廣告印象的細分？謝謝。

I'll start here on the public content piece and then I think Sheryl will get into some of the specifics, but I just want to put this into the context of the overall strategy here. We were just talking about some of the standalone experiences and Messenger, and public content is part of this overall spectrum of content that people want to share and consume as well. In some ways it's on the opposite -- the complete opposite side of the spectrum from one-on-one messaging, but it's also an area where I think the medium of newsfeed and Facebook works really well.

我將從公共內容部分開始，然後我認為 Sheryl 會講到一些細節，但我只是想把它放在整體策略的背景中。我們剛剛討論了一些獨立的體驗和 Messenger，而公共內容也是人們想要分享和消費的整個內容範圍的一部分。從某些方面來說，它是相反的——與一對一訊息傳遞完全相反，但我認為這也是新聞推播和 Facebook 媒介發揮良好作用的領域。

So we've been focused on improving the tools for public discussion, and folks to be able to share public content, including premium content from videos and making it so they can autoplay in feed. And this is an area where just like messaging and some of the other things that we've talked about, and you should expect us to keep focusing on a lot, it's part of the overall space of sharing that we think is quite valuable. I think Sheryl is going to get into some specifics.

因此，我們一直致力於改進公開討論的工具，讓人們能夠分享公共內容，包括影片中的優質內容，並使其能夠在資訊流中自動播放。這是一個像訊息傳遞和我們討論過的其他一些事情一樣的領域，你應該期待我們繼續關注它，它是我們認為非常有價值的整體共享空間的一部分。我認為謝麗爾將會談到一些具體細節。

Yes. I can start with video, and then go over to the overall brand question you started with. We have a video ads product, it works very well, it's part of what's driving our growth.

是的。我可以從影片開始，然後再討論您開始時提出的整體品牌問題。我們有一個影片廣告產品，效果非常好，它是推動我們成長的部分因素。

We also have recently started testing an auto play video ad test, it's a very small test. But overall, we are seeing what Mark has talked about, which is that marketers and users are using video more as they have the technology to do so, and we expect that to continue to grow.

我們最近也開始測試自動播放影片廣告測試，這是一個非常小的測試。但總體而言，我們看到了馬克所說的，即行銷人員和用戶正在更多地使用視頻，因為他們擁有這樣做的技術，我們預計這種趨勢將繼續增長。

In our overall brand effort we're making really good and steady progress as we are with all of our market segments. All of the AdAge Global 100 advertised with us over the past year, and the real key there is proving measurement to our clients. Our team led by Carolyn Iverson, and her people all around the world, really have to go client by client and show them that we can not just increase people's happiness or brand affiliation, but ring the cash register at the end of the door.

在我們的整體品牌建立中，我們在所有細分市場中都取得了良好且穩定的進展。在過去一年裡，所有 AdAge Global 100 都與我們合作做過廣告，而真正的關鍵在於向我們的客戶提供衡量標準。我們由卡洛琳·艾佛森 (Carolyn Iverson) 領導的團隊以及她在世界各地的員工必須逐一拜訪每個客戶，並向他們證明我們不僅能夠提高人們的幸福感或品牌歸屬感，還能讓顧客在門外收銀機裡結帳。

I think this is part of the big story for us in 2013, which is if you look back a year, we did not have that ability to look at the AB testers who saw our ads, and what the difference in sales is, and now we have that. And we still have a lot of hard work to do client by client ahead of us, but being able to prove that we have really strong ROI, and I think increasingly efficient ROI compared to the other marketing opportunities they have, is what is going to move the brand marketers to Facebook and to mobile.

我認為這是我們 2013 年大事件的一部分，那就是如果回顧一年，我們沒有能力查看看過我們廣告的 AB 測試人員以及銷售額的差異，而現在我們有了。我們還有很多艱苦的工作要做，要逐一完成每個客戶的任務，但能夠證明我們擁有真正強大的投資回報率，而且我認為，與他們擁有的其他行銷機會相比，我們的投資回報率越來越高效，這才是吸引品牌行銷人員轉向 Facebook 和行動端的關鍵。

Mark, yes, your second question about mobile and desktop impressions. As you know, per user, or per unit of time on the desktop, we show a higher number of ads because there's the right-hand column as in addition to newsfeed. But we are extremely pleased with how well the newsfeed ads continue to perform, and that's really what's driving up the average price per ad as I described. So these ads perform well from [others], are still continuing to contribute to the positive user experience that Mark described earlier.

馬克，是的，你的第二個問題是關於行動和桌面印象。如您所知，對於每個使用者或桌面上每個時間單位，我們會顯示更多的廣告，因為除了新聞提要之外，還有右側欄。但我們對新聞推播廣告的持續良好表現感到非常滿意，正如我所描述的，這才是真正推高每個廣告平均價格的因素。因此，這些廣告比其他廣告表現良好，仍在繼續為馬克之前描述的積極用戶體驗做出貢獻。

Anthony DiClemente, Nomura.

野村證券的安東尼·迪克萊門特。

First for David, I wonder if you can comment on the ad load on Facebook. Do you expect it to continue to remain stable or is there a possibility that the ad load creeps up over time? And on Instagram, I know it's a new product, and you guys are taking it slowly at first, but I wondered if you could also talk about how long it might take for Instagram to get to a similar ad load to Facebook levels?

首先，對於大衛來說，我想知道您是否可以對 Facebook 上的廣告負載發表評論。您是否預期它會繼續保持穩定，或者廣告負載是否有可能隨著時間的推移而逐漸增加？至於 Instagram，我知道它是一款新產品，而且你們一開始進展緩慢，但我想知道你們是否可以談談 Instagram 需要多長時間才能達到與 Facebook 類似的廣告負載水平？

And then one last question for Sheryl, I wonder Sheryl, is there a way when you compare Facebook to television for brand marketers, to look at the disparity of ROI, or I should say the improved ROI for Facebook, and sort of extrapolate where you think pricing could go, obviously pricing doubling quite a bit? How much more upside to Facebook newsfeed pricing can we expect to see based on the ROI differential? Thanks.

然後最後一個問題要問 Sheryl，我想知道 Sheryl，對於品牌行銷人員來說，當您將 Facebook 與電視進行比較時，是否有辦法查看投資回報率的差異，或者我應該說 Facebook 的投資回報率有所提高，並推斷出您認為定價可能會走向何方，顯然價格會翻一番？基於投資報酬率差異，我們預期 Facebook 新聞推送定價還有多少上漲空間？謝謝。

I just want to start off here, and then David can get into some of the details on the number of ads and all that. But the strategy has been for the last period, and will continue to be, to primarily focus on increasing the quality of the ads and the experience. And I really think that -- it's easy to look at the model and say okay, well if we ran more ads then the business would grow faster in the short term.

我只是想從這裡開始，然後大衛可以詳細介紹廣告數量等等。但過去一段時間的策略一直是，並將繼續是，主要專注於提高廣告品質和體驗。我真的認為——看著這個模型，我們很容易說，好吧，如果我們投放更多的廣告，那麼業務在短期內就會增長得更快。

But investing in quality is really actually the most important thing because it's what improves the experience for the people who use the products. It drives greater returns for advertisers, and over time it increases the potential size of our business. I think you could say that's a harder path for us to take, but I actually think that the results over the last couple of quarters have really shown that by focusing on improving quality instead of just increasing quantity, we can actually drive pretty incredible business results. So we think that there is more to do here, and that is what we are going to keep on doing.

但投資品質其實是最重要的，因為它可以改善產品使用者的體驗。它為廣告商帶來更大的回報，隨著時間的推移，它增加了我們業務的潛在規模。我想你可能會說這對我們來說是一條更艱難的道路，但事實上我認為過去幾個季度的結果確實表明，透過專注於提高品質而不是僅僅增加數量，我們實際上可以帶來非常令人難以置信的業務成果。因此我們認為這裡還有很多事情要做，這也是我們將繼續做的事情。

And I think I can take most of the rest of this. So in terms of ad load, the one piece of context maybe to start with is that the variable we are really focused on optimizing is not ad load per se but it's the user experience, as you can measure that based on engagement or user feedback, et cetera. And ad load is one of the variables that impacts that, but there is relevant variables as well, such as the positioning of the ads, the size of the ads, and of course, critically, the quality of the ads, so ad load only gives a part of the picture. And we are really one or two years into this and we're still learning how to provide the best experience.

我認為我可以承擔剩下的大部分工作。因此，就廣告負載而言，首先要了解的一個背景是，我們真正關注的最佳化變數不是廣告負載本身，而是使用者體驗，因為你可以根據參與度或使用者回饋等來衡量它。廣告負載是影響這一因素的變數之一，但也有相關變量，例如廣告的位置、廣告的大小，當然還有至關重要的廣告質量，因此廣告負載只能反映出部分情況。事實上，我們已經進行了一、兩年了，我們仍在學習如何提供最佳體驗。

I think one of the most important pieces of positive news from 2013 was as we ramped up newsfeed ads, they performed as well as they did delivering great value for marketers, having a very minimal effect on the user experience, and enabling Facebook to deliver the kind of results that we reported today. So going forward we'll continue to tweak what we do in terms of trying to find the right balance and optimize the performance of the ads for marketers and for users, but generally, as Mark said, the most important place for us to invest is going to be in improving the quality and relevance of the ads.

我認為 2013 年最重要的利多消息之一是，隨著我們加大新聞推播廣告的投放力度，它們表現良好，為行銷人員帶來了巨大的價值，對用戶體驗的影響極小，並使 Facebook 能夠實現我們今天報告的那種結果。因此，展望未來，我們將繼續調整我們的工作，努力找到適當的平衡，並為行銷人員和用戶優化廣告的效果，但總的來說，正如馬克所說，我們最重要的投資方向是提高廣告的品質和相關性。

You asked about Instagram and pricing, so let me just cover those quickly. Instagram, I would just say we're just really early with Instagram, so it's too early to talk about where we are going to be going. We're still trying to learn what the right way to approach that product is, and we're going to move slowly, because we think that's the right thing to do for Instagram.

您詢問了 Instagram 和定價，所以讓我快速介紹一下。Instagram，我只能說，Instagram 才剛起步，所以現在談論我們的發展方向還為時過早。我們仍在努力了解推出該產品的正確方法，並且我們將緩慢推進，因為我們認為這對 Instagram 來說是正確的做法。

In terms of pricing, it was our expectation that if ads in newsfeed worked well, that they would deliver more value for marketers, be more engaging, and that they would contribute to the average price per ad on Facebook going up. And we also believe looking forward, if we continue to improve the quality and relevance of the ads we show, that that's a critical way that we can drive pricing up in the future.

在定價方面，我們期望，如果新聞推播中的廣告效果良好，它們將為行銷人員帶來更多價值，更具吸引力，並有助於提高 Facebook 上每個廣告的平均價格。我們也相信，展望未來，如果我們繼續提高所展示廣告的品質和相關性，這將是我們未來提高價格的關鍵方式。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

I just wanted to ask two things. First, you announced an initiative, or perhaps an algorithm tweak I think in early December to have more news stories in users' feeds, and I was just curious what the adoption has been thus far from users there, and what are the implications on usage and engagement, and then also ad load? And then secondly, can you give us an update on teen engagement trends? Thanks.

我只是想問兩件事。首先，你們在 12 月初宣布了一項計劃，或者可能是一項演算法調整，以便在用戶的推播中顯示更多新聞報道，我只是好奇到目前為止用戶的採用情況如何，這對使用率和參與度以及廣告負載有何影響？其次，您能否向我們介紹青少年參與趨勢的最新情況？謝謝。

Sure. So to start with the public content, the change that we made is basically -- a lot of what our algorithm looks at is straight engagement, so the amount of content that people click, like, comment, and share, in feed. But what we found were that when we asked people qualitatively what they preferred getting, it did not often match up, because a lot of things like memes scored very high in terms of getting a lot of people to like them, but were not necessarily when you asked people what they wanted to see in feed or what they were happy seeing, didn't score that way.

當然。因此，從公共內容開始，我們所做的改變基本上是——我們的演算法關注的許多內容是直接參與度，也就是人們在資訊流中點擊、喜歡、評論和分享的內容量。但我們發現，當我們定性地詢問人們他們喜歡得到什麼時，答案往往不一致，因為很多東西，比如模因，在獲得很多人喜歡方面得分很高，但當你問人們他們想在信息流中看到什麼或他們樂意看到什麼時，得分就不一定了。

So we ended up doing an adjustment to the algorithm which made it so that qualitatively things, and especially public content and news that people rated as higher quality, qualitatively scored more, and that was basically the adjustment to the algorithm. It had really no impact on ads, it was an organic content adjustment that we made to improve the quality of the experience. So I think David can talk about teens.

因此，我們最終對演算法進行了調整，使得定性事物（尤其是人們認為更高品質的公共內容和新聞）的定性得分更高，基本上就是對演算法的調整。它實際上對廣告沒有影響，這是我們為提高體驗品質而進行的自然內容調整。所以我認為大衛可以談談青少年。

Sure Doug. In terms of teens, don't have any new data to report today. As you know we take engagement very seriously, and we are focused on building great products that all our users, including teens, will find useful and engaging, and that's the most important thing for us to stay focused on.

當然可以，道格。就青少年而言，今天沒有任何新數據可以報告。如你所知，我們非常重視用戶的參與度，我們致力於打造優秀的產品，讓所有用戶（包括青少年）都覺得有用且引人入勝，這是我們需要持續關注的最重要的事情。

Scott Devitt, Morgan Stanley.

摩根士丹利的史考特·德維特。

I had a couple product questions for Mark. The first one on Graph Search, just wondering how users are engaging with the product, how developed the product is in terms of the way, what we can see today relative to what your longer-term aspirations are for the product?

我有幾個關於產品的問題想問馬克。第一個問題是關於 Graph Search 的，我只是想知道用戶如何使用該產品，該產品在方式上是如何開發的，相對於您對該產品的長期期望，我們今天可以看到什麼？

And just to follow-up on Doug's question, related to the news flow integration into newsfeed. Another feature that's been added more recently is trending, and attaching trending to news articles and newsfeed as well. So if you could talk more broadly about your interest in real time information and news as it relates to public content, that would be helpful. Thank you.

只是為了跟進 Doug 的問題，與新聞流整合到新聞源有關。最近新增的另一個功能是趨勢，並將趨勢附加到新聞文章和新聞提要中。因此，如果您可以更廣泛地談論您對與公共內容相關的即時資訊和新聞的興趣，那將會很有幫助。謝謝。

Graph Search. Starting with Graph Search, we are really early in the game on this. And I think you can see that, because we haven't even really rolled out our mobile version of Graph Search yet and we are a mobile company. We started on desktop, and the way that we are thinking about this is, there is just so much content that people have shared on Facebook that simply building the infrastructure to index all of it and start ranking it is a multi-year effort, which we are making our way through.

圖表搜尋。從圖譜搜尋開始，我們在這方面才剛起步。我想您已經看到了這一點，因為我們甚至還沒有真正推出我們的行動版 Graph Search，而我們是一家行動公司。我們從桌上型電腦開始，我們的想法是，人們在 Facebook 上分享的內容實在是太多了，僅僅構建索引所有內容並開始對其進行排名的基礎設施就需要多年的努力，我們正在努力實現這一目標。

So the first release indexed more than 1 trillion connections between all the people and interests, and events and groups and things that everyone was connected to. The second release that we did recently was around all the updates. There are more than 1 trillion status updates and unstructured text posts and photos and pieces of content that people have shared over the past 10 years, and indexing that was a really big deal, because as the number of people on the team who have worked on web search engines in the past have told me, 1 trillion pieces of content is more than the index in any web search engine.

因此，第一個版本索引了所有人與興趣、事件、團體和每個人所聯繫的事物之間的超過 1 兆條聯繫。我們最近發布的第二個版本涉及所有更新。在過去 10 年裡，人們分享的狀態更新、非結構化文字貼文、照片和內容超過 1 兆條，而對這些內容進行索引是一件大事，因為團隊中過去從事網路搜尋引擎工作的許多人告訴我，1 兆條內容比任何網路搜尋引擎中的索引都要多。

So we're kind of making our way through this. Pretty soon I think you should expect us to roll out the mobile version of this. I think that's going to be an important step because most of the usage and of Facebook overall is on mobile, so we expect that's where engagement will really start to come from on Graph Search over time.

所以我們正在努力解決這個問題。我想您很快就會期待我們推出這款應用程式的行動版本。我認為這將是重要的一步，因為 Facebook 的大部分使用都是在行動裝置上，因此我們預計，隨著時間的推移，Graph Search 的參與度將真正從行動裝置開始提升。

But it's also only in English so far and we have to internationalize it, and there's a long road map of things that we need to do that I think is pretty clear, but it's just going to be incredibly useful when it's ready. So we look at this as an investment over a three to five-year period rather than a one to two or shorter kind of period. So that's how I think about that.

但到目前為止，它只有英文版本，我們必須使其國際化，我們需要做的事情有一個很長的路線圖，我認為這個路線圖非常清晰，但當它準備就緒時，它將非常有用。因此，我們將其視為一項三到五年的投資，而不是一到兩年或更短時期的投資。這就是我的想法。

The other question was about trending topics, and that really ties into the public content push that we have, and we talked a bit about this before. But in terms of -- we're trying to build great experiences for all types of content that people want to share and consume with all audiences.

另一個問題是關於熱門話題，這與我們的公共內容推送密切相關，我們之前已經討論過這個問題。但就…而言，我們正在努力為人們想要與所有受眾分享和消費的所有類型的內容打造出色的體驗。

We think public content is great. Folks who are making news or making -- premium content on TV or movies or celebrities and different types of folks are extremely interesting, and produce great content. We want to be a great place for people to share the content, or for people to be able to learn about it and consume it, so trending topics is one step in what you will see is a pretty long road map of things that we're going to do to make Facebook great for public content.

我們認為公共內容很棒。製作新聞或製作優質電視或電影內容或名人內容的人以及不同類型的人都非常有趣，並且製作出精彩的內容。我們希望成為人們分享內容、了解內容和消費內容的絕佳場所，因此，熱門話題只是我們將要採取的一系列措施中的一步，我們將透過這些措施使 Facebook 成為發佈公共內容的絕佳平台。

Eric Sheridan, UBS.

瑞銀的艾瑞克·謝裡丹。

First of all for Sheryl, I would like to get an update on how the company is thinking about mobile retargeting ads, you've seen a lot of success with retargeting on desktop, but how you can think about the evolution of retargeting in the mobile environment as a future product. And then second question for Mark, not a lot of talk on the payments business so far on the call, and just want to understand maybe an update around games or other areas of e-commerce that you think are opportunities for the payments business. Thanks.

首先，Sheryl，我想了解公司對行動重新導向廣告的看法，您已經看到桌面重新導向取得了很大的成功，但是您如何看待行動環境中重新導向作為未來產品的演變。然後第二個問題是問馬克，到目前為止，電話會議上還沒有談論太多關於支付業務的事情，只是想了解有關遊戲或其他電子商務領域的最新消息，你認為這些領域對支付業務來說是機會。謝謝。

On retargeting, retargeting has been proven really valuable across all platforms. We've allowed it through FBX, and increasingly we are allowing it through our own products as well as part of our custom audiences suite of offerings. We are offering website custom audiences and mobile app custom audiences and allow -- and these all allow marketers to target ads in privacy safe ways that improve the relevance and improve results. I think when people think about targeting, what they are really thinking about is relevance, and taking the data and using it in a privacy-safe way to increase the relevance of ads to users, and that's something we're working on.

關於重新定位，事實證明重新定位在所有平台上都非常有價值。我們已經透過 FBX 允許它，我們越來越多地透過我們自己的產品以及我們客製化受眾產品套件的一部分允許它。我們提供網站自訂受眾和行動應用程式自訂受眾，並允許 - 這些都允許行銷人員以隱私安全的方式定位廣告，以提高相關性並改善結果。我認為，當人們考慮定位時，他們真正考慮的是相關性，以及獲取數據並以隱私安全的方式使用它來增加廣告與用戶的相關性，而這正是我們正在努力的事情。

Yes, for payments -- I actually -- we don't think about our business so much as an advertising or a payments business, as much as a way for people to reach -- we build this network, and we help businesses reach people with relevant messages. And payments historically has been a great way for game developers, especially on desktop to -- an efficient way for us to monetize that business because instead of charging them up front for most of the ads, we can charge them only when their business grows because someone is paying for something. On mobile I think the natural evolution of this is for that to move towards app install ads, where we are not running the payment system on mobile, the operating systems are integrated with that.

是的，對於支付——實際上——我們並不認為我們的業務是廣告或支付業務，而是一種人們聯繫的方式——我們建立這個網絡，並幫助企業向人們傳達相關訊息。從歷史上看，付費對於遊戲開發者來說是一種很好的方式，尤其是在桌面遊戲開發者中——這是一種有效的盈利方式，因為我們不需要預先向他們收取大部分廣告費用，而是只有在他們的業務因為有人付費而增長時才向他們收費。在行動裝置上，我認為自然的演進是轉向應用程式安裝廣告，我們不會在行動裝置上運行支付系統，而是將作業系統與之整合。

But because a lot of the goods that people are buying in games are no marginal cost, a developer's economic incentive is to advertise to the point where, or to get more people to come into their flow to the point where -- for as many people as they can get to the buy the goods. So even though a game developer might be paying 30% to the operating system maker for payment, we're finding that people also really want to buy a lot of app install ads, and that has grown incredibly quickly and is one of the best parts of the ad work that we did over the last year.

但由於人們在遊戲中購買的許多商品沒有邊際成本，開發商的經濟動機就是進行廣告宣傳，或吸引更多的人加入他們的流程——讓盡可能多的人購買商品。因此，儘管遊戲開發人員可能要向作業系統製造商支付 30% 的費用，但我們發現人們也確實想購買大量的應用程式安裝廣告，而且這種趨勢增長得非常快，這是我們去年所做的廣告工作中最好的部分之一。

John Blackledge, Cowen and Company.

約翰·布萊克利奇，考恩公司。

Two questions. First, Mark, you referenced 2014 as a year of rolling out new, engaging mobile products. Maybe could you provide some color or highlight the types of products that users can expect, or maybe how you think about improving mobile engagement? And then just on Instagram, could you give us an update on the number of monthly active users ending 2013, and give us a sense of how the beta testing is going with advertisers and when it might be available for all advertisers? Thanks.

兩個問題。首先，馬克，您提到 2014 年是推出全新、引人入勝的行動產品的一年。也許您可以提供一些顏色或突出顯示用戶可以期待的產品類型，或者也許您如何考慮提高行動參與度？然後就 Instagram 而言，您能否向我們介紹一下截至 2013 年的月活躍用戶數量，並告訴我們與廣告商的 beta 測試進度如何，以及什麼時候可以向所有廣告商開放？謝謝。

Sure. Before I get into some of the newer types of things, which we've actually touched on most of them already on the call, I also want to take a moment just to emphasize that we are going to start building new experiences, but they're going to start small compared to where the core of Facebook is, right? So most of the results that we are going to see in terms of increasing engagement and sharing in our business are going to come from that core Facebook experience, because mathematically it's just so much bigger than everything else that is out there that the numbers -- these have to be multi-year investments to add up to that.

當然。在介紹一些較新的事物之前（實際上我們在電話會議上已經談到了大部分事物），我還想花點時間強調一下，我們將開始建立新的體驗，但與 Facebook 的核心相比，這些體驗會從小處著手，對嗎？因此，我們在業務參與度和分享度提升方面將看到的大部分成果都將來自於核心的 Facebook 體驗，因為從數學上講，它比其他任何東西都要大得多，這些數字——這些必須是多年的投資才能加起來。

You can look at, for example, comScore puts out these numbers every month or so that reference the amount of time that people spend in different mobile apps, and Facebook I think is almost 10 times bigger, 5 to 10 times bigger than the next app that is out there. So it's going to take a while for any of these things to turn into huge things, but that's -- so some of the things that we are thinking about are all of the different kinds of ways that people might want to share different kinds of content with different audiences.

例如，你可以看看 comScore 每個月都會發布的數據，這些數據參考了人們在不同行動應用程式上花費的時間，我認為 Facebook 幾乎是其他應用程式的 10 倍，5 到 10 倍。因此，這些事情要發展成大事還需要一段時間，但這就是——我們正在考慮的一些事情是人們可能希望與不同的受眾分享不同類型的內容的各種方式。

So I mean I talked about groups earlier on the call, that's something that 0.5 billion people are using, it's currently a feature within the Facebook app. Giving experiences like that room to breathe and really develop to be their own brand I think is a huge and valuable thing. It's not necessarily the next thing that we're going to go do, but it's kind of an example of the type of audience and type of content that people might want to share.

所以我的意思是，我之前在電話會議上談到了群組，這是 5 億人正在使用的東西，它目前是 Facebook 應用程式中的功能。我認為，為這樣的體驗提供呼吸的空間並真正發展成為自己的品牌是一件巨大而有價值的事情。這不一定是我們接下來要做的事情，但它可以作為人們可能想要分享的受眾類型和內容類型的一個例子。

Examples of things that we have done are Messenger, is a really big focus for us and we are focusing on that as a standalone experience. Instagram is a different kind of community than Facebook. We just launched Instagram Direct within Instagram, which is one-on-one or small group photo and video sharing, and you can kind of view that as the kind of experience that we're going to be rolling out, but there's a lot of space here for a lot of different kinds of things.

我們所做的事情的例子是 Messenger，這是我們非常關注的重點，我們將其作為獨立的體驗。Instagram 是一種與 Facebook 不同的社群。我們剛剛在 Instagram 中推出了 Instagram Direct，它可以進行一對一或小組照片和影片分享，您可以將其視為我們將要推出的一種體驗，但這裡還有很多空間可以容納很多不同類型的事物。

And what I think you should take away from this is that while the core business growth is going to come from the main app that exists, just because the numbers are so much bigger than everything else today that's just going to be where most of the momentum comes from, you should also expect us to start building a few of these other things that we'll focus on over a long period of time and hopefully build into meaningful things like Messenger and Instagram are today.

我認為你應該從中明白的是，雖然核心業務的增長將來自於現有的主要應用程序，只是因為其數量比今天其他所有應用程序都要大得多，所以大部分增長勢頭都來自於此，你也應該期待我們開始構建一些其他的東西，我們將長期關注這些東西，並希望構建今天的 Messenger 和 Instagram 那樣有意義的東西。

Brian Pitz, Jefferies.

布萊恩‧皮茨，傑富瑞集團。

Mark, last week on the Facebook developers blog there was an entry that noted you were testing placement of ads in third-party mobile apps. Just wondering if you could provide an update on how these tests may be going? And then separately, it appears that the growth on desktop ads reaccelerated during the quarter. Can you talk a bit about the drivers of that here? Thanks.

馬克，上週 Facebook 開發者部落格上有一篇文章提到，您正在測試在第三方行動應用程式中投放廣告。只是想知道您是否可以提供這些測試進展的最新情況？另外，桌面廣告的成長似乎在本季再次加速。您能在這裡談談其中的驅動因素嗎？謝謝。

On the Facebook ads in third-party mobile apps, it's a small test we just started that aims to show Facebook ads off of Facebook for mobile apps, so we don't have results yet. We are very excited about the mobile apps space in general. If you look at our mobile app installation ad, we've really done a great job working with developers to help users discover and download their apps.

關於第三方行動應用程式中的 Facebook 廣告，我們剛開始進行一項小測試，旨在向行動應用程式展示 Facebook 以外的 Facebook 廣告，因此我們還沒有結果。總體而言，我們對行動應用領域感到非常興奮。如果您看一下我們的行動應用程式安裝廣告，您會發現我們確實與開發人員合作做得非常出色，幫助用戶發現和下載他們的應用程式。

,And the product we rolled out last quarter, which is the engagement ads, then help developers get people engaged or reengaged in their apps. And so it's a small, important and growing space and we feel really good about the progress we've made with those ads on Facebook. When you look at off Facebook, really early test.

我們在上個季度推出的產品是互動廣告，可以幫助開發人員吸引或重新吸引人們使用他們的應用程式。所以，這是一個雖小但很重要且不斷成長的領域，我們對 Facebook 上的廣告所取得的進展感到非常滿意。當你查看 Facebook 時，確實需要進行早期測試。

This is David, in terms of desktop, I'd say the two trends that really benefited desktop in the fourth quarter were similar to what we described earlier. One was just the holiday strength that we saw the business, and the second was the strong performance of newsfeed ads, which we show on both mobile and desktop, so that worked well for us in the fourth quarter. Just recognizing still that the user numbers on desktop continue to sort of decline modestly overall, and that's obviously an important headwind for the revenue from that part of the business.

我是大衛，就桌面而言，我想說第四季真正有利於桌面的兩個趨勢與我們之前描述的類似。一是我們看到假期業務的強勁成長，二是新聞推播廣告的強勁表現，我們在行動裝置和桌上型裝置上都展示了這些廣告，因此這對我們第四季很有幫助。我們仍然認識到，桌面用戶數量總體上仍在持續小幅下降，這顯然對該部分業務的收入構成了重大阻力。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

Mark, I had a follow from one of the previous questions on closing the loop in mobile. You guys have made a lot of progress improving the total mobile ad experience, yet there is still a lot of friction in downloading apps and making purchases today. You guys have recently rolled out some new ad formats, and you have some partnerships with the likes of Braintree and Stripe, and some of the other payment guys.

馬克，我之前問過一個關於在行動裝置上關閉循環的問題。你們在改善整體行動廣告體驗方面已經取得了很大進展，但目前在下載應用程式和進行購買時仍然存在很多摩擦。你們最近推出了一些新的廣告形式，並與 Braintree、Stripe 和其他一些支付公司建立了合作關係。

So what's your vision for removing some of this friction for marketers, and do you envision a scenario where users can buy physical or digital products within the Facebook mobile apps? Thanks.

那麼，您對消除行銷人員的這些摩擦有何願景？您是否設想過用戶可以在 Facebook 行動應用程式內購買實體或數位產品的場景？謝謝。

I can take this. Obviously the mobile app world is a new world and not just the functionality in ads are still developing, but the functionality of what then people can do. You can do a lot more on the desktop in many ways than you can on mobile.

我可以接受這個。顯然，行動應用程式世界是一個新世界，不僅廣告功能仍在開發中，而且人們可以做的事情的功能也在開發中。與行動裝置相比，您可以在桌面上以多種方式完成更多的事情。

I think the best role we play is to help connect consumers with marketers, and with companies and services, and I think reducing the friction there is really important. We don't have any plans to go into the direct e-commerce market, because the advertising products we provide I think are the best thing we can provide to help grow this market.

我認為我們發揮的最佳作用是幫助消費者與行銷人員、公司和服務建立聯繫，我認為減少這方面的摩擦非常重要。我們沒有進入直接電子商務市場的計劃，因為我認為我們提供的廣告產品是我們可以提供的幫助這個市場成長的最佳產品。

Tom Forte, Telsey Advisory Group.

湯姆福特 (Tom Forte)，Telsey 諮詢集團。

Congrats on a great quarter. On contextual advertising, this is essentially the holy grail for Facebook, and I think you understand this. Can you talk about where we are as far as innings are getting contextual ads, and can you talk about the role that Instagram plays with visually appealing ads, and the role that video plays? Thank you.

恭喜本季取得優異成績。就上下文廣告而言，這基本上是 Facebook 的聖杯，我想你明白這一點。您能否談談我們在獲取上下文廣告方面所處的位置，您能否談談 Instagram 在視覺吸引力廣告中所扮演的角色以及影片所扮演的角色？謝謝。

As I said and I've talked about each quarter targeting is a huge issue for us, and a huge opportunity and challenge. Our goal is in a privacy-safe way to get information we can about what consumers want and then help connect marketers, so that the ad experience is great for users, we're serving relevant ads. Whether that information comes from the kind of things people like on Facebook or other websites they visit, or contextual statements they might make in their status updates, our goal is to use that information in a privacy-safe way to improve the targeting of the ads on Facebook.

正如我所說，每個季度的目標對我們來說都是一個巨大的問題，也是一個巨大的機會和挑戰。我們的目標是以一種隱私安全的方式獲取有關消費者需求的信息，然後幫助聯繫行銷人員，以便為用戶提供良好的廣告體驗，我們提供相關的廣告。無論這些資訊來自人們在 Facebook 或他們訪問的其他網站上喜歡的內容，還是他們在狀態更新中可能做出的上下文陳述，我們的目標都是以隱私安全的方式使用這些信息，以改善 Facebook 上廣告的針對性。

To take one example, if you look at what's happening with our direct response business, which has been a very strong segment for us, if you look at people trying to find consumers, we offer the opportunity to get people before they search. We can judge interest based on other things, other things they are interested in, and give people the opportunity to find consumers before they search, so that they can then move them all the way down the funnel into purchase.

舉個例子，如果你看看我們的直接反應業務的情況，這對我們來說是一個非常強大的業務領域，如果你看看那些試圖尋找消費者的人，我們會提供在他們進行搜索之前就吸引他們的機會。我們可以根據其他事物、他們感興趣的其他事物來判斷興趣，並讓人們有機會在搜尋之前找到消費者，這樣他們就可以將他們一路引導到購買管道。

Jordan Rohan, Stifel.

喬丹·羅漢（Jordan Rohan），斯蒂費爾（Stifel）。

I'm curious if you could help me understand the international market development and monetization for Facebook's ad platform? Specifically can you speak to the build out of the international direct sales force, the channel partners, the number of international markets in which FBX is operational, and the extent of geographic rollout of the cost per install ad units in the newsfeed? Is that available everywhere? Where are we compared to the US? Thanks.

我很好奇您是否能幫助我了解 Facebook 廣告平台的國際市場發展和貨幣化？您能否具體談談國際直銷隊伍、通路夥伴的組成情況、FBX 營運的國際市場數量，以及新聞推播中每安裝廣告單元成本的地理推廣範圍？到處都有嗎？與美國相比我們處於什麼位置？謝謝。

The build out globally is going well. We've always been pretty conservative. We wait until we have a very strong user base in other countries, and we wait until there's a developed ad market, but we're growing. We have a PMD ecosystem which now covers 45 countries.

全球建設進展順利。我們一直都相當保守。我們等到在其他國家擁有非常強大的使用者基礎，等到廣告市場發達，但我們正在成長。我們的 PMD 生態系統目前涵蓋 45 個國家。

I was actually in Turkey at the beginning of last week, and had a chance to meet with our advertising partners there, and they are increasingly using our platform to reach consumers. We are growing our offices, we are growing our offices in Asia particularly this year, and we've rolled out offices across Europe as well. In terms of rolling out products, we tend to roll out products in our most developed markets first, and as we extend those products, we then extend them to the rest of the world.

事實上，上週初我就在土耳其，有機會與那裡的廣告合作夥伴會面，他們越來越多地使用我們的平台來接觸消費者。我們正在擴大我們的辦事處，特別是今年我們在亞洲的辦事處正在擴大，並且我們也在歐洲各地設立了辦事處。在推出產品方面，我們傾向於先在最發達的市場推出產品，然後隨著這些產品的擴展，我們將它們擴展到世界其他地區。

Colin Sebastian, Robert Baird and Company.

科林·塞巴斯蒂安、羅伯特·貝爾德公司。

I just had a couple of questions. The first one on app install ads, if you could quantify how much those are driving growth in newsfeed advertising, and if not specifically, maybe on a relative basis to other mobile ad formats. And then second, Mark, the company has made some interesting hires in the area of machine learning, and I'm curious if you would characterize how important this initiative is for the Company, and how you think that AI will help Facebook over time? Thanks.

我只是有幾個問題。第一個問題是關於應用程式安裝廣告，您是否可以量化這些廣告對新聞推播廣告成長的推動作用，如果不能具體量化，那麼可以相對其他行動廣告格式來衡量。其次，馬克，公司在機器學習領域進行了一些有趣的招聘，我很好奇您是否能描述一下這一舉措對公司的重要性，以及您認為人工智慧將如何幫助 Facebook？謝謝。

On the first, we are excited about our mobile app install ads and our mobile app engagement ads. It's a small but growing category. We don't split out by segment.

首先，我們對我們的行動應用程式安裝廣告和行動應用程式參與廣告感到非常興奮。這是一個規模較小但正在成長的類別。我們不按細分市場進行劃分。

But one thing that's really important to note is that our mobile ad strength is very broad-based. Our mobile ads are not just bought by people who are looking to drive engagement or usage of mobile apps, but is very broad-based. We're being used by SMBs, brand advertisers, and direct response advertisers as well.

但有一點要特別注意，那就是我們的行動廣告實力非常廣泛。我們的行動廣告不僅是針對那些希望推動行動應用程式參與度或使用率的人們，而且其受眾範圍非常廣泛。中小型企業、品牌廣告商和直接回應廣告商也在使用我們。

Yes, and I can speak to some of the deep learning work. In the last quarter, Yann LeCun, one of the, really, the earliest folks, and one of the founders of deep learning and a professor at NYU, joined us to lead our AI Group. And this is a long-term research group that we have that -- it's going to fit into our strategy over a longer -- maybe a 5 or 10-year period.

是的，我可以談談一些深度學習的工作。上個季度，深度學習最早的創辦人之一、紐約大學教授 Yann LeCun 加入我們，領導我們的人工智慧小組。這是我們的一個長期研究小組——它將適應我們長期策略——可能是 5 年或 10 年。

And their goal is really just to try to understand how everything on Facebook is connected, right, by understanding what the posts that people write mean, and the content that is in the photos and videos that people are sharing, and help people with tasks. Like if you're sharing a voice clip in Messenger, being able to transcribe that for people so that they can receive it more easily.

他們的目標實際上只是試圖了解 Facebook 上的一切是如何联系在一起的，透過了解人們發表的貼文的含義以及人們分享的照片和影片中的內容，並幫助人們完成任務。例如，如果您在 Messenger 中分享語音片段，您可以將其轉錄給其他人，以便他們更輕鬆地接收。

So these are some pretty big tasks in AI that are things that we have teams that are working on that will need to be researched over time and will have obvious implications for the products that we do. But over time the real value will be if we can understand the meaning of all of the content that people are sharing; then we can just provide much more relevant experiences for people across everything that we do.

因此，這些是人工智慧中的一些相當大的任務，我們的團隊正在研究這些任務，這些任務需要隨著時間的推移進行研究，並且會對我們生產的產品產生明顯的影響。但隨著時間的推移，如果我們能夠理解人們所分享的所有內容的含義，那麼真正的價值就在於此；這樣，我們就可以透過所做的一切為人們提供更相關的體驗。

So I think you can kind of think about this, internally we talk about our strategy and if there's a 3-year strategy, a 5-year strategy, and a 10-year strategy, and the 3-year plan is really all about building new kinds of expenses for sharing like so many of the questions on this call have been about. The 5-year approach is really mostly about helping people use their network to answer interesting questions or solve problems that they have. And that's where all the Graph Search work, and the open graph work, and some of the early parts of the AI work that we're doing you're going to start to see over that period of time.

所以我認為你可以考慮一下，我們在內部討論我們的戰略，如果有 3 年戰略、5 年戰略和 10 年戰略，那麼 3 年計劃實際上就是建立新的共享費用類型，就像這次電話會議中的許多問題一樣。五年計畫實際上主要是幫助人們利用他們的人脈來回答有趣的問題或解決他們遇到的問題。這就是所有圖譜搜尋工作、開放圖譜工作以及我們正在進行的一些早期人工智慧工作，你們將在那段時間內開始看到它們。

And then over a 10-year period I think you'll really start to see a lot of the impact of some of the Internet.org work that we're doing where, hopefully, we'll see some impact a lot sooner than that as well. But over a 10-year period, if we can get a lot more of the world on the internet, that's going to really mean a quite different world in terms of what folks in a lot of developing countries have access to, in terms of some of the things I've said in my opening remarks around basic financial services, and people can get credit to start businesses and buy homes, really life changing stuff, or get access to health information, or education materials, which I think are just a really big deal. And over the long-term we've always wanted to help out with that, and I think that's where we are going to go on that.

然後在 10 年的時間裡，我認為您將真正開始看到我們正在做的一些 Internet.org 工作產生的巨大影響，希望我們也能更快地看到這些影響。但是，十年之後，如果我們能夠讓世界上更多的人接觸到互聯網，那麼這將意味著一個截然不同的世界，許多發展中國家的人們將能夠獲得我在開場白中提到的有關基本金融服務的一些信息，人們可以獲得信貸來創業、買房，獲得真正改變生活的東西，或者獲得健康信息或教育材料，我認為這真的是一件大事。從長遠來看，我們一直希望能夠為此提供幫助，我想這就是我們要繼續努力的方向。

Operator, we have time for one last call -- one last question.

接線員，我們還有時間進行最後一次通話－最後一個問題。

Mark Mahaney, RBC.

馬克·馬哈尼，RBC。

David, could you just talk about the sustainability of the gross margins that you had in the quarter, seemed pretty high? And then Mark, I know this question, hopefully this isn't redundant, when you think about the potential for ad quality at Facebook over the next three to five years, and you've gone through a lot of learnings over the last many years, or I guess two years on ads quality, how do you think about what the upside is?

大衛，您能否談談本季毛利率的可持續性？看起來相當高？然後馬克，我知道這個問題，希望這不是多餘的，當你考慮到未來三到五年 Facebook 廣告質量的潛力時，你在過去幾年裡已經經歷了很多學習，或者我猜是兩年來在廣告質量方面，你認為它的好處是什麼？

I know that is a broad general question, but you think about all the different drivers, have there been certain moments when you've seen real gap opportunities? Are there any proxies out there that you see that you say well this is where Facebook could be, any thoughts on how much higher, how much better over the years ad quality could be on Facebook? Thank you.

我知道這是一個很廣泛的一般性問題，但是你考慮所有不同的驅動因素，是否有某些時刻讓你看到了真正的差距機會？您是否看到任何代理機構，您可以說 Facebook 可以達到這樣的水平，您認為 Facebook 的廣告品質在未來幾年內可以提高多少、好多少？謝謝。

So Mark, I'll start with the question on gross margins. I think in Q4, as you know, gross margins tend to be seasonally strong because revenue goes up in the fourth quarter, and the costs associated with operating our infrastructure don't go up accordingly with the seasonal strength in advertising revenue. So directionally, I think it's important to note we really had a great year in 2013 in terms of the efficiency investments that we made, but going forward, this is a compute-heavy service that we provide. It requires a lot of data centers and servers and infrastructure, we're going to continue to invest in those things, and we do expect to increase our infrastructure costs over time while trying to do that as efficiently as possible.

那麼馬克，我將從毛利率的問題開始。我認為，如你所知，第四季度的毛利率往往會呈現季節性強勁，因為第四季度的收入會增加，而與營運基礎設施相關的成本不會隨著廣告收入的季節性強勁而相應增加。因此從方向上看，我認為值得注意的是，就我們所做的效率投資而言，2013 年確實是偉大的一年，但展望未來，我們提供的是一項計算密集型服務。它需要大量的資料中心、伺服器和基礎設施，我們將繼續投資這些東西，我們確實預計隨著時間的推移會增加我們的基礎設施成本，同時盡可能有效地做到這一點。

And in terms of quality, I just think that there is a lot of room to grow here. I said in my opening remarks that we have this long-term goal of making the advertising quality or content as good, and as relevant and timely, as the content that your friends are sharing with you. And at first blush, I think that seems kind of crazy, and that your friends' stuff will obviously always have the advantage of being immediately socially relevant to you, but at the same time, a lot of the folks who are advertising really invest in the quality of the content that they're producing and putting into their ads, and improving the targeting of their ads to deliver the right messages to the right people. And I don't think that there's a single step function that we're going to see here, although there are things like the video formats that really enable new kinds of rich experiences that folks who invest in building those can really benefit from.

就品質而言，我認為這裡還有很大的發展空間。我在開場白中說過，我們的長期目標是讓廣告品質或內容與朋友分享的內容一樣好、一樣相關、一樣及時。乍一看，我認為這似乎有點瘋狂，你朋友的東西顯然總是具有與你立即相關的社交優勢，但與此同時，許多廣告商確實投資於他們製作和放入廣告中的內容的質量，並提高廣告的針對性，向正確的人傳遞正確的信息。我不認為我們會在這裡看到單一的步驟功能，儘管有些東西，例如視訊格式，確實能夠帶來新的豐富體驗，投資於建立這些體驗的人們可以真正從中受益。

But at the same time, I think a lot of this is going to be incremental. So as we make improvements, more advertisers come into the system, and as more advertisers come into the system, we have more options of relevant content to show to people, and that improves the quality as well. So this is just going to be something that we are going to focus on for a while, and there's a long way to go before we get to the quality level that we want, but I think over a multi-year period we can get there or at least very close.

但同時，我認為其中許多都將是漸進的。因此，隨著我們不斷改進，更多的廣告商會進入系統，隨著更多的廣告商進入系統，我們可以向人們展示更多相關內容，從而提高品質。所以這只是我們一段時間內要關注的事情，要達到我們想要的品質水平還有很長的路要走，但我認為經過多年的努力，我們可以達到這個目標，或者至少非常接近。

And it's a nice way to end the call because one of the really big opportunities we have is to make these ads at scale more personal. So just as we can have social context obviously from the user content, we put social context into ads. So we can take these ads that marketers can deliver at scale, improve the targeting, and give them social context, which will help drive the kind of opportunities Mark is talking about to make the ads as relevant as the user content.

這是一個很好的結束通話的方式，因為我們面臨的一個真正巨大的機會就是讓這些廣告更加個人化。因此，正如我們可以從用戶內容中明顯地了解社交背景一樣，我們也將社交背景融入廣告中。因此，我們可以讓行銷人員大規模投放這些廣告，改善定位，並為其提供社交背景，這將有助於推動馬克所說的那種機會，使廣告與用戶內容一樣相關。

Thank you for joining us today. We appreciate your time, and we look forward to speaking to you again next quarter.

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。