Meta Platforms, Inc. (FB) 2014 Q1 法說會逐字稿

Good afternoon. My name is Jay and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook first-quarter 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 第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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

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

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

謝謝。下午好，歡迎參加 Facebook 第一季財報電話會議。今天與我一起討論我們業績的有執行長馬克‧祖克柏；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 and our annual report on Form 10-K filed with the SEC.

在我們開始之前，我想藉此機會提醒您，我們今天的演講將包括前瞻性陳述。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。今天的新聞稿和我們向美國證券交易委員會提交的 10-K 表年度報告中列出了可能導致這些結果出現重大差異的因素。

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.

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.

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。

The press release and an accompanying investor presentation are available on our website at investors. FB.com. And, now, I would like to turn the call over to Mark.

新聞稿和隨附的投資者介紹可在我們的網站投資者處查閱。FB.com。現在，我想把電話轉給馬克。

Thanks, Deborah. And thanks, everyone, for joining today. This was a busy quarter and a strong start to 2014. We continued to grow our community in size of engagement, with nearly 1.28 billion people now using Facebook each month, and almost 63% visiting daily. We also reached new milestones as a mobile company, with more than 1 billion monthly actives on mobile, and almost 55% of our daily actives only connecting on mobile.

謝謝，黛博拉。感謝大家今天的參與。這是一個繁忙的季度，也是 2014 年強勁的開端。我們持續擴大社群的參與規模，目前每月有近 12.8 億人使用 Facebook，其中近 63% 的人每天都會造訪。作為一家行動公司，我們也達到了新的里程碑，每月行動端活躍用戶超過 10 億，幾乎 55% 的每日活躍用戶僅透過行動裝置進行連線。

When you look at our business performance, we've also made some good progress. Our total revenue grew 72% year over year. Our advertising grew 82%, our strongest annual growth rate in nearly three years. And mobile accounted for 59% of our advertising revenue. These results show Facebook's business is strong and growing, and we are in a great position to continue making progress towards our mission.

當你看到我們的業務表現時，你會發現我們也取得了一些很好的進展。我們的總收入年增72%。我們的廣告成長了 82%，這是近三年來最強勁的年增長率。行動端占我們廣告收入的59%。這些結果表明 Facebook 的業務強勁且不斷成長，我們處於有利地位，可以繼續朝著我們的使命前進。

This quarter we made a number of big investments in our future. We reached agreements to acquire WhatsApp and Oculus. And we announced our new connectivity lab that's focused on developing technologies to expand Internet access around the world. These are important efforts that we believe will help us continue making progress towards our mission over the long term.

本季度，我們對未來進行了許多重大投資。我們達成協議收購 WhatsApp 和 Oculus。我們宣布成立新的連接實驗室，致力於開發擴大全球互聯網接入的技術。我們相信這些都是重要的努力，將有助於我們長期繼續朝著我們的使命前進。

But as this quarter shows, we are also staying focused on execution and carefully improving our core products and business. Execution gives us the strength to bet on the future. And our success over the long term depends on us serving our community today and delivering against our current strategy.

但如本季所示，我們也將繼續專注於執行並精心改進我們的核心產品和業務。執行力給予我們押注未來的力量。我們的長期成功取決於我們今天為社區提供的服務以及我們當前策略的實施。

So, with that in mind, I'd like to run through our progress this quarter towards our three big Company goals -- connecting everyone, understanding the world, and building the knowledge economy. Connecting everyone is about making Internet services available to everyone in the world, and allowing everyone to connect to the people and things that they care about.

因此，考慮到這一點，我想介紹一下本季度我們在實現公司三大目標方面取得的進展——連接每個人、了解世界和建立知識經濟。連結每個人，就是讓世界上的每個人都能享受網路服務，讓每個人都能與自己關心的人事物連結。

Our strategy for connecting everyone is based on two approaches. The first is about giving people new apps for sharing different kinds of content with different people. Today our apps are at different stages of maturity.

我們的連結每個人的策略是基於兩種方法。首先是向人們提供新的應用程序，以便與不同的人分享不同類型的內容。如今，我們的應用程式處於不同的成熟階段。

Our core Facebook app has an audience of over 1 billion people and has become an essential sharing infrastructure for the world. We are currently focused on building a great business around this, and our continuing revenue growth on mobile this quarter shows our strong momentum here.

我們的核心 Facebook 應用程式擁有超過 10 億用戶，並已成為全球重要的共享基礎設施。我們目前專注於圍繞這一目標打造偉大的業務，本季行動業務收入的持續成長彰顯了我們強勁的發展勢頭。

For the next set of apps, like Messenger, Instagram and, hopefully soon, WhatsApp, the current priority is growth. Messenger and Instagram both reached 200 million monthly actives this quarter. We believe these apps have a lot of room to grow and will start to be important businesses in the future. But monetization isn't our near-term priority here.

對於下一組應用程序，如 Messenger、Instagram 以及希望很快推出的 WhatsApp，目前的首要任務是成長。本季度，Messenger 和 Instagram 的月活躍用戶均達到了 2 億。我們相信這些應用程式有很大的成長空間，並將在未來成為重要的業務。但貨幣化並不是我們近期的首要任務。

And for the new apps that we're building as part is our Creative Labs effort we are still in the very early stages of development. We're working hard to develop the technical foundation for these services so we can rapidly launch new products and then refine them based on the initial feedback from our community.

對於我們正在建立的新應用程序，作為我們創意實驗室工作的一部分，我們仍處於開發的早期階段。我們正在努力開發這些服務的技術基礎，以便我們能夠快速推出新產品，然後根據社群的初步回饋進行改進。

For Creative Labs projects that demonstrate a lot of value, our next priority will be to grow them to reach 100 million people before we start developing them into significant businesses. We are pleased by the early reaction to Paper, our first app from Creative Labs. And we expect this to be a good test case for our strategy.

對於那些展現出巨大價值的創意實驗室項目，我們的下一個重點是讓它們覆蓋 1 億人，然後再開始將它們發展成重要的業務。我們很高興看到 Creative Labs 推出的首款應用程式 Paper 獲得了廣泛的早期反響。我們希望這能成為我們策略的良好測試案例。

The longer-term part of our strategy for connecting everyone is focused on internet.org, our effort to make affordable basic Internet services available to the entire world. We recently reached 100 million monthly actives in India. And through internet.org we are looking to build on this kind of success. We've already started to deliver results.

我們「連結每個人」策略的長期部分集中在 internet.org 上，我們致力於讓全世界都能享受到價格實惠的基本網路服務。我們最近在印度的每月活躍用戶數達到了 1 億。我們希望透過 internet.org 來鞏固這種成功。我們已經開始取得成果。

By partnering with mobile operators in the Philippines and Paraguay, we've doubled the number of people using mobile data with our partners, and brought almost 3 million more people onto the Internet. Our early test and research into new technologies, such as drones and other infrastructure to connect people, are promising.

透過與菲律賓和巴拉圭的行動營運商合作，我們將使用合作夥伴行動數據的人數增加了一倍，並讓近 300 萬人連接到網路。我們對無人機和其他連接人們的基礎設施等新技術的早期測試和研究是有前景的。

And over the long term, we also expect WhatsApp to play an important part in connecting everyone by offering a simple, fast and reliable messaging system that could be as ubiquitous as Facebook one day. We will have more to share after that deal closes.

從長遠來看，我們還希望 WhatsApp 能夠透過提供簡單、快速、可靠的訊息傳遞系統在連接每個人方面發揮重要作用，有朝一日，它可能會像 Facebook 一樣無處不在。交易完成後，我們將分享更多資訊。

Next, let's talk about understanding the world. Understanding the world is about using Facebook to build up long-term knowledge about the world, and helping to answer questions for people that no other service can.

接下來我們來談談認識世界。了解世界就是利用 Facebook 來累積有關世界的長期知識，並幫助人們解答其他服務無法解答的問題。

Next week Facebook holds our fifth f8 conference, the main event for our developer community. We do this because even with all the experiences we are building, we understand that there will always be more social experiences that we can't build. So, we want to keep serving developers better, and to help them build, grow and monetize their apps.

下週，Facebook 將舉辦第五屆 F8 大會，這是我們開發者社群的主要活動。我們這樣做是因為，即使我們正在建立所有這些體驗，我們也明白，總是會有更多我們無法建構的社交體驗。因此，我們希望繼續更好地為開發人員服務，並幫助他們建立、發展和貨幣化他們的應用程式。

We've made good progress here. On mobile, app installs have been one of our best-performing ad products, driving over 350 million installs to date. Over 60% of the top grossing apps on the Apple App Store and GooglePlay use mobile app ads, which is pretty impressive performance for a product that launched in January of last year.

我們在這裡取得了良好的進展。在行動裝置上，應用程式安裝一直是我們表現最好的廣告產品之一，迄今已帶來超過 3.5 億次安裝。Apple App Store 和 GooglePlay 上超過 60% 的暢銷應用程式都使用了行動應用程式廣告，對於去年 1 月推出的產品來說，這樣的表現相當令人印象深刻。

On desktop, games continue to be popular on our platform. And over the last 12 months desktop game developers generated more than $3 billion in payments volume on Facebook.

在桌面上，遊戲在我們的平台上繼續受到歡迎。在過去的 12 個月中，桌上遊戲開發商在 Facebook 上創造了超過 30 億美元的支付額。

It's worth noting that even though our mobile and desktop products seem completely different, they're both delivering the same value to developers -- the ability to reach a large targeted audience. That's what we provide. And regardless of the format, we will continue to improve this value.

值得注意的是，儘管我們的行動和桌面產品看起來完全不同，但它們都為開發人員提供了相同的價值——能夠接觸到大量目標受眾。這就是我們所提供的。並且無論採用何種格式，我們都將持續提升這項價值。

We see a big opportunity to continue improving the relevancy of the ads people see on and off Facebook, to help mobile developers better monetize their apps, and to help provide greater reach for marketers. I look forward to sharing more details next week at f8.

我們看到了一個巨大的機會，可以繼續提高人們在 Facebook 和 Facebook 外看到的廣告的相關性，幫助行動開發者更好地將他們的應用程式貨幣化，並幫助行銷人員擴大覆蓋範圍。我期待下週在 f8 上分享更多細節。

Finally, let's talk about our efforts to build the knowledge economy. Building the knowledge economy is about building out the technology platforms the world needs for the future so everyone can use information to do their jobs better. Advertising and the ability to reach people more broadly is one of the most important technology platforms for achieving this. We are investing a lot to serve four major kinds of partners -- small businesses, brands, developers, and e-commerce partners.

最後，我們來談談我們建立知識經濟的努力。建立知識經濟就是建構未來世界所需的技術平台，讓每個人都能利用資訊來更好地完成工作。廣告和更廣泛地接觸人們的能力是實現這一目標的最重要的技術平台之一。我們投入大量資金服務四大類合作夥伴－小型企業、品牌、開發者、電商夥伴。

After introducing News Feed ads, which increased the supply of ads in our system, our recent efforts have primarily focused on improving the relevance and quality of these ads. To do this, we've been working to improve the tools we provide for marketers so they have access to better targeting capabilities, simpler ad products, and more useful measurement tools. Our approach is less about developing new products for marketers, and more about improving existing ones and helping businesses use them efficiently.

在引入新聞推播廣告增加了我們系統中的廣告供應量之後，我們最近的努力主要集中在提高這些廣告的相關性和品質。為了實現這一目標，我們一直致力於改進為行銷人員提供的工具，以便他們能夠獲得更好的定位能力、更簡單的廣告產品和更實用的衡量工具。我們的方法不在於為行銷人員開發新產品，而是為改進現有產品並幫助企業有效地使用它們。

Our goal is to make our ads as interesting and valuable as the organic content that you find on Facebook so that more people find ads useful, and businesses can engage effectively with our community and grow. Our most recent data shows that this approach is working well. And we continue to be really encouraged by the feedback we are seeing from people about our ads. There's still more work to be done here, but we've shown that we can continue to serve our community well while also growing a healthy business.

我們的目標是讓我們的廣告像您在 Facebook 上找到的自然內容一樣有趣和有價值，以便更多人發現廣告有用，並且企業可以有效地與我們的社區互動並發展。我們最新的數據顯示這種方法效果良好。我們繼續從人們對我們廣告的回饋中得到很大的鼓舞。這裡還有更多工作要做，但我們已經證明，我們可以繼續很好地服務我們的社區，同時發展健康的業務。

That's my update on how we've been executing against our strategy over the last quarter. It's been a busy quarter and a strong one. We are proud of our progress as a company and everything that we are accomplishing today. In large part this is due to the incredible quality of our team. And I'm very grateful for the support of everyone here at Facebook, as well as our stockholders and partners, as we continue working to achieve our mission.

這是我對我們上個季度策略執行情況的更新。這是一個繁忙而強勁的季度。我們為公司所取得的進步以及今天所取得的一切成就感到自豪。這在很大程度上歸功於我們團隊的卓越素質。我非常感謝 Facebook 所有人以及股東和合作夥伴的支持，我們將繼續努力實現我們的使命。

In addition to thanking our employees, I also want to thank one person in particular, David Ebersman, who is stepping down as CFO after almost five years. David has been a great partner in building Facebook. He set the right tone about operating efficiently. He set us up to make the long-term investments we need. And, most importantly, he's built an incredibly strong team, including Dave Wehner, who will be our next CFO. I've learned a lot from Dave, both personally and professionally, and am grateful for everything he's done to help make the world more open and connected.

除了感謝我們的員工之外，我還要特別感謝一個人，大衛·埃伯斯曼 (David Ebersman)，他在擔任首席財務官近五年後即將卸任。David 是 Facebook 創立過程中一位出色的合作夥伴。他為高效運作樹立了正確的基調。他幫助我們進行所需的長期投資。最重要的是，他組建了一支非常強大的團隊，其中包括將成為我們下一任財務長的 Dave Wehner。我從戴夫身上學到了很多東西，無論是個人方面還是職業方面，我感謝他為使世界更加開放和聯繫所做的一切。

Thank you. And now here is Sheryl.

謝謝。現在請謝麗爾 (Sheryl) 發言。

Thanks, Mark. And hi, everyone. Before I start, I want to join Mark in thanking David for being an extraordinary partner and friend over these past five years. As Mark said, he's contributed so much to our Company, and I've learned so much personally working with them.

謝謝，馬克。大家好。在開始之前，我想和馬克一起感謝大衛，在過去的五年裡，他一直是我非凡的合作夥伴和朋友。正如馬克所說，他為我們公司做出了巨大貢獻，我個人在與他們合作的過程中學到了很多。

Great people build great teams, and that's what David has done. And, so, I'm also really excited to continue working with Dave Wehner as he steps into his new role as our CFO.

優秀的人才打造優秀的團隊，這就是大衛所做的。因此，我非常高興能夠繼續與戴夫·韋納 (Dave Wehner) 合作，因為他將擔任我們的財務長這一新職位。

We are off to an outstanding start in 2014. Our total revenues were up 72% year over year. And our advertising revenue growth accelerated to 82%. That's our strongest year-over-year advertising growth rate in nearly three years.

2014年我們迎來了一個出色的開端。我們的總收入年增72%。我們的廣告收入成長率加速至82%。這是我們近三年來最強勁的廣告年增率。

We are really pleased with these results and the level of execution in our business. The team is staying focused on each element of our monetization strategy, capitalizing on the shift to mobile, growing the number of marketers who advertise with us, and investing in our ad products.

我們對這些結果以及我們業務的執行水準感到非常滿意。團隊將專注於我們的貨幣化策略的每個要素，利用向行動端的轉變，增加與我們一起做廣告的行銷人員數量，並投資於我們的廣告產品。

Mobile continues to be a big driver for us and a big opportunity. Mobile comprised 59% of our ad revenue in the quarter, up 6 percentage points from Q4. We continue to believe that this is because Facebook has the best mobile ad product in the market.

移動仍然是我們發展的一大推動力和巨大機會。本季度，行動廣告收入占我們廣告收入的 59%，比第四季成長了 6 個百分點。我們仍然相信這是因為 Facebook 擁有市場上最好的行動廣告產品。

We also continued to grow the number of marketers using Facebook and saw growth from existing advertisers, as well. Our growth is very broad-based, coming from all types of marketers, with particular strength with SMB and direct response. We saw strong performance this quarter from verticals such as mobile gaming, e-commerce and consumer package goods.

我們也持續增加使用 Facebook 的行銷人員數量，現有廣告商的數量也在增加。我們的成長基礎非常廣泛，來自各種類型的行銷人員，尤其在中小企業和直接回應方面具有優勢。本季度，我們看到手機遊戲、電子商務和消費包裝商品等垂直領域表現強勁。

I'm especially pleased with what we're seeing and hearing from clients around the world as they shift budgets to online, to mobile, and to Facebook. One recent powerful example is Sport Chek, Canada's largest sports retailer. They recently decided to pull their paper circulars, which their company had relied on as its primary ad vehicle for 92 years, for two weeks, and replace them completely with digital spend, a majority of which was on Facebook.

我對我們看到和聽到的來自世界各地客戶的消息感到特別高興，因為他們將預算轉移到了線上、行動裝置和 Facebook。最近的一個有力的例子是加拿大最大的體育用品零售商 Sport Chek。他們最近決定在兩週內停止使用紙本宣傳單（該公司 92 年來一直依賴紙質宣傳單作為主要廣告載體），並完全用數位廣告取而代之，其中大部分廣告是在 Facebook 上。

During those two weeks, national in-store sales grew 12% year over year. And in-store sales of the items they promoted on Facebook grew 23%. As a result, they're going to continue with their test. And their goal is to transition more than 25% of their print spend to digital and Facebook in the next year.

這兩週，全國店內銷售額年增了 12%。他們在 Facebook 上推廣的商品的店內銷售額成長了 23%。因此，他們將繼續進行測試。他們的目標是明年將超過 25% 的印刷支出轉移到數位媒體和 Facebook 上。

Last week I was in Europe meeting with clients, agencies, SMBs and developers. And what I heard from them was how Facebook was becoming increasingly important in driving their businesses.

上週我在歐洲會見了客戶、代理商、中小企業和開發商。我從他們那裡聽說 Facebook 在推動他們的業務方面變得越來越重要。

Investing to improve and expand our ad products remains a very important priority for us. Our goal is to continue to develop new ways to help marketers reach their customers. We've done this over the last couple of years by enhancing our targeting capabilities, simplifying our ad products, and improving our measurement tools. I'll touch on each of these three areas.

投資改進和擴大我們的廣告產品仍然是我們非常重要的優先事項。我們的目標是繼續開發新方法來幫助行銷人員接觸他們的客戶。在過去的幾年裡，我們透過增強定位能力、簡化廣告產品和改進測量工具來實現這一目標。我將分別談到這三個領域。

First, targeting. Along with Facebook's reach and scale, marketers value our proprietary targeting to help them reach the right customers and create more personalized and therefore more efficient and effective ad campaigns. 10 times more marketers are now using our custom audiences targeting feature compared to last year.

第一，瞄準目標。除了 Facebook 的覆蓋範圍和規模之外，行銷人員還重視我們專有的定位功能，以幫助他們接觸到合適的客戶，並創造更個人化、從而更有效率、更有效的廣告活動。與去年相比，現在使用我們的自訂受眾定位功能的行銷人員增加了 10 倍。

To share just one recent example, Ben & Jerry's wanted to drive more sales from its classic flavors. They used a wide range of our targeting capabilities, including Custom Audiences and Partner Categories, to reach premium ice cream buyers. Their campaign reached 14 million people, roughly 90% on mobile, and drove an 8.1% sales lift from those consumers. As more marketers use our targeting tools, our ads become more relevant for our users and drive even better results for marketers.

舉一個最近的例子，Ben & Jerry's 希望透過其經典口味來提高銷量。他們利用了我們廣泛的定位功能，包括自訂受眾和合作夥伴類別，來接觸優質冰淇淋買家。他們的活動涵蓋了 1400 萬人，其中約 90% 透過行動裝置進行，並推動這些消費者的銷售額成長 8.1%。隨著越來越多的行銷人員使用我們的定位工具，我們的廣告與用戶的相關性越來越高，並為行銷人員帶來更好的效果。

Second, we're simplifying and enhancing our ad tools for the over 1 million advertisers on Facebook. The tools that were previously available to only the biggest and most sophisticated advertisers, like Custom Audiences and Partner Categories, are now available on our self-service ad creation process. By making these tools more accessible, we believe we can grow the number of advertisers on our platform and improve their results. Additionally, for direct response marketers, we've added more specific calls to action in our ads, including buy now or install now buttons that greatly improve the efficacy of these ads.

其次，我們正在為 Facebook 上超過 100 萬的廣告商簡化和增強我們的廣告工具。以前只有最大、最成熟的廣告商才能使用的工具（例如自訂受眾和合作夥伴類別）現在可以在我們的自助廣告建立流程中使用。透過使這些工具更容易獲得，我們相信我們可以增加平台上的廣告商數量並改善他們的效果。此外，對於直接回應行銷人員，我們在廣告中添加了更具體的行動號召，包括「立即購買」或「立即安裝」按鈕，這大大提高了這些廣告的效果。

Finally, we are also really pleased with the results we're seeing from our investments in measurement tools. Our online conversion measurement tools enable our direct response advertisers to measure the impact their Facebook ad campaigns have on online sales. And we recently launched new off-line conversion tools to measure in-store sales, which have yielded positive initial results.

最後，我們對投資測量工具所取得的成果感到非常滿意。我們的線上轉換測量工具使我們的直接反應廣告商能夠衡量他們的 Facebook 廣告活動對線上銷售的影響。我們最近推出了新的線下轉換工具來衡量店內銷售額，並已取得了積極的初步成果。

Our ongoing service will continue to be on improving the quality, relevance and performance of our ads, and demonstrating value to marketers. We believe we still have a lot of opportunity to generate future returns by continuing to focus in these areas.

我們將繼續致力於提高廣告的品質、相關性和效果，並向行銷人員展示價值。我們相信，透過繼續關注這些領域，我們仍然有很多機會獲得未來的回報。

We also have significant opportunities to develop newer products, like premium video, ads on Instagram, and our recently launched ad network test. Our initial efforts show a lot of promise and we've gotten good feedback from marketers in all of these areas. But it's still very early and we don't expect meaningful contributions from these projects this year.

我們還有重大機會開發新產品，例如優質影片、Instagram 上的廣告以及我們最近推出的廣告網路測試。我們最初的努力顯示出很大的希望，並且我們從所有這些領域的行銷人員那裡得到了良好的回饋。但現在還為時過早，我們並不期望這些項目今年能做出有意義的貢獻。

To summarize, our ads business is performing very well. I want to take a minute to congratulate and thank our teams all around the world, and our ads engineering, product, and design teams on all the progress we have made. I also want to thank our clients, agencies, TMDs and over partners who work with us every day to use our platforms to build relationships with their customers to create personalized marketing at scale.

總而言之，我們的廣告業務表現非常好。我想花一點時間祝賀並感謝我們在世界各地的團隊以及我們的廣告工程、產品和設計團隊所取得的所有進步。我還要感謝我們的客戶、代理商、TMD 和合作夥伴，他們每天與我們合作，利用我們的平台與他們的客戶建立關係，大規模地創建個人化行銷。

It's an exciting time for us as more marketers around the world gain conviction in the results they can achieve on Facebook. We have a great opportunity to build the world's first platform for personalized marketing at scale. It's early in that journey and we are going to stay focused on making the right investments in our ad business and executing against our plan.

這對我們來說是一個激動人心的時刻，因為世界各地越來越多的行銷人員對他們在 Facebook 上的成果充滿信心。我們有絕佳的機會打造世界上第一個大規模個人化行銷平台。這趟旅程才剛開始，我們將繼續專注於對廣告業務進行正確的投資並執行我們的計劃。

Thanks, everyone. And now here's David.

謝謝大家。現在輪到大衛了。

Thanks, Sheryl. And good afternoon, everyone. Before I dive into the numbers I wanted to say a few words about my decision to step down as CFO. This was a hard decision for me because of how much I love Facebook and all the people I work with here.

謝謝，謝麗爾。大家下午好。在深入討論這些數字之前，我想先談談我辭去財務長職務的決定。這對我來說是一個艱難的決定，因為我非常熱愛 Facebook 以及在這裡與我一起工作的所有人。

In particular, I can't thank Mark and Sheryl enough for their friendship and support, and for letting me be a part of their team. I'm confident that Facebook's best days lie ad. And I'm excited about the path Mark and Sheryl are leading the Company on.

我特別感謝馬克和謝麗爾的友誼和支持，並感謝他們讓我成為他們團隊的一員。我確信 Facebook 最好的日子在於廣告。我對馬克和謝麗爾帶領公司前進的道路感到興奮。

My decision is a personal one based on my desire to get back into healthcare where I spent my entire career before Facebook. And after 10 years as the CFO, half of them here, I'm ready for a different role and challenge.

我的決定是出於個人原因，因為我希望重返醫療保健行業，在加入 Facebook 之前，我的整個職業生涯都在這裡度過。擔任財務長已有 10 年，其中一半時間在這裡，我已經準備好迎接不同的角色和挑戰。

Right now feels like a great time for this change. The Business is doing well, the foundation is solid. And in Dave Wehner we have a terrific successor who is up to speed and ready to go. I have complete confidence in Dave and the rest of the finance team.

現在似乎是進行這項改變的絕佳時機。生意很好，基礎穩固。我們有一位出色的繼任者戴夫·韋納 (Dave Wehner)，他能迅速上手，隨時準備上任。我對戴夫和其他財務團隊充滿信心。

Dave will formally take over for me in June and he'll take my place on the next earnings call. I plan to stay with the Company through September to ensure a smooth transition. I also want to thank our shareholders for your partnership and support.

戴夫將於六月正式接替我，並將在下次收益電話會議上代替我。我計劃在公司待到九月以確保順利過渡。我還要感謝我們股東的合作與支持。

Now, to the quarter. Q1 was a strong quarter for us across the business. We increased our revenue growth rate, expanded operating margins, delivered free cash flow of over $900 million, and continued to make investments to position the Company for near-term and long-term growth.

現在，進入本季。第一季對於我們的整個業務來說都是強勁的一個季度。我們提高了收入成長率，擴大了營業利潤率，實現了超過 9 億美元的自由現金流，並繼續進行投資，為公司短期和長期成長做好準備。

Let's start with some people metrics. The number of people using Facebook on an average day in March grew to 802 million, up 137 million from a year ago. As Mark mentioned, this daily number represents almost 63% of the 1.28 billion people who used Facebook during the month. And overall engagement remains strong.

讓我們從一些人員指標開始。3 月平均每天使用 Facebook 的人數增加至 8.02 億，比去年同期增加了 1.37 億。正如馬克所提到的，這個每日數字幾乎佔了當月使用 Facebook 的 12.8 億人的 63%。整體參與度依然強勁。

Additionally, these stats don't include Instagram, which now has more than 200 million monthly active users, showing the remarkable progress by the team. Two years ago this month when the acquisition was announced Instagram had fewer than 22 million monthly actives.

此外，這些數據還不包括 Instagram，目前其每月活躍用戶超過 2 億，顯示了該團隊的顯著進步。兩年前的這個月，當 Instagram 宣布收購時，其每月活躍用戶不到 2,200 萬人。

Turning now to the financials. Q1 total revenue was $2.50 billion, up 72% versus Q1 last year. And total ad revenue was $2.27 billion, up 82%. Ad revenue growth was strong around the world, with each of our four geographic regions growing by over 70%.

現在來談談財務問題。第一季總營收為 25 億美元，較去年第一季成長 72%。總廣告收入為 22.7 億美元，成長 82%。全球廣告收入成長強勁，我們四個地理區域的成長率均超過 70%。

Mobile ad revenue was approximately $1.3 billion compared to around $377 million in Q1 last year. And, notably, mobile ad revenue was up 7% sequentially despite the seasonal benefits in Q4. Desktop ad revenue in Q1 was up 8% compared to Q1 last year.

行動廣告收入約為 13 億美元，而去年第一季約為 3.77 億美元。值得注意的是，儘管第四季出現季節性收益，但行動廣告收入仍較上季成長 7%。第一季的桌面廣告收入與去年第一季相比成長了 8%。

In Q1 the average effective price per ad displayed increased 118% year over year, while total ad impressions declined 17%. The decrease in ad impressions was due to factors including the continued shift towards mobile use, where people are shown fewer ads compared to desktop. The increase in average price per ad was primarily driven by a mix shift, with more ads being shown in News Feed. News Feed ads have significantly higher engagement, click through rates and price per ad compared to right-hand column ads, so a higher proportion of ads appearing in News Feeds drives up the overall average price per ad.

第一季度，每則廣告的平均有效價格年增 118%，而廣告總展示次數下降 17%。廣告展示次數的下降是由於多種因素造成的，包括人們繼續向行動裝置轉移，與桌上型電腦相比，行動裝置上顯示的廣告更少。每個廣告平均價格的上漲主要是由於廣告組合的變化，即更多的廣告顯示在新聞推播中。與右側欄廣告相比，新聞推播廣告的參與度、點擊率和每個廣告的價格明顯更高，因此新聞推播中出現的廣告比例越高，每個廣告的整體平均價格就越高。

The price volume trends were pretty consistent across our four geographic regions. Total payments and other fees revenue was $237 million, up 11% versus Q1 last year. However, the more meaningful comparison that better reflects the organic growth we saw in the payments business comes from looking at payments volume from games specifically, which was up 1% in Q1 compared to Q1 last year, down from the 8% year-over-year growth rate we saw in Q4.

我們四個地理區域的價格量趨勢相當一致。總支付和其他費用收入為 2.37 億美元，比去年第一季成長 11%。然而，更有意義的比較能夠更好地反映我們在支付業務中看到的有機增長，具體來看遊戲支付量，第一季與去年第一季相比增長了 1%，低於我們在第四季度看到的 8% 的同比增長率。

As we've discussed before, the shift to mobile is a significant headwind since our games payments revenue comes from desktop only where usage is flat or declining. So, growing this business going forward will be challenging.

正如我們之前所討論的，向行動端的轉變是一個重大阻力，因為我們的遊戲付費收入僅來自於桌面端，而桌面端的使用率持平或下降。因此，未來發展這項業務將充滿挑戰。

Turning to expenses, our Q1 GAAP expenses were $1.4 billion, up 32%. And our non-GAAP expenses were $1.1 billion, up 26%. Our headcount increased 39% from a year ago.

談到費用，我們的第一季 GAAP 費用為 14 億美元，成長 32%。我們的非公認會計準則支出為 11 億美元，成長 26%。我們的員工人數比一年前增加了 39%。

Our Q1 GAAP operating income was $1.1 billion, representing a 43% operating margin. And our non-GAAP operating income was $1.4 billion, represented a 55% margin, up from 39% last year. While the margin improvement was helped by some nonrecurring items that drove up costs in Q1 last year, we're pleased that the increase in margins came mostly from cost of revenue and G&A. As planned, we've created efficiencies in infrastructure and administration, while continuing to aggressively grow our investment in R&D, along with marketing and sales, to drive future performance.

我們第一季的 GAAP 營業收入為 11 億美元，營業利益率為 43%。我們的非公認會計準則營業收入為 14 億美元，利潤率為 55%，高於去年的 39%。雖然利潤率的提高受到去年第一季一些非經常性項目推高成本的影響，但我們很高興看到利潤率的成長主要來自收入成本和一般及行政費用。按照計劃，我們提高了基礎設施和管理效率，同時繼續積極增加對研發、行銷和銷售的投資，以推動未來的績效。

Our GAAP and non-GAAP tax rates were 40% and 36%, respectively. GAAP net income was $642 million, or $0.25 per share, and non-GAAP net income was $885 million, or $0.34 per share. In Q1 we spent $363 million on CapEx and generated $922 million in free cash flow. We ended Q1 with $12.6 billion in cash and investments.

我們的 GAAP 和非 GAAP 稅率分別為 40% 和 36%。GAAP 淨收入為 6.42 億美元，即每股 0.25 美元，非 GAAP 淨收入為 8.85 億美元，即每股 0.34 美元。第一季度，我們的資本支出為 3.63 億美元，產生了 9.22 億美元的自由現金流。我們第一季結束時擁有 126 億美元的現金和投資。

Now, looking forward. First, I want to note that the forward-looking comments I will share today do not reflect any impact from the recently announced acquisitions of WhatsApp and Oculus, neither of which has closed. After the deals close, we will update our guidance, as appropriate.

現在，期待著。首先，我想指出的是，我今天分享的前瞻性評論並不反映最近宣布的收購 WhatsApp 和 Oculus 的任何影響，這兩項收購都未完成。交易結束後，我們將根據需要更新我們的指導。

In terms of expenses, consistent with what we've said previously, we're planning that our total 2014 GAAP expenses, including cost of revenue and stock comp, will likely grow in the neighborhood of 35% to 40%. And that non-GAAP expenses, including cost of revenue but excluding stock comp, will likely grow in the neighborhood of 40% to 45%.

在費用方面，與我們之前所說的一致，我們計劃 2014 年 GAAP 總費用（包括收入成本和股票補償）可能會增加 35% 至 40% 左右。非 GAAP 費用（包括收入成本但不包括股票補償）可能會增加 40% 至 45% 左右。

For taxes, we expect GAAP and non-GAAP rates for the rest of 2014 to be similar to or a bit higher than our Q1 rates, although this could vary widely depending upon our international revenue and expense mix and other factors, including the impact from acquisitions. We continue to anticipate our 2014 CapEx will be approximately $2 billion to $2.5 billion.

對於稅收，我們預計 2014 年剩餘時間的 GAAP 和非 GAAP 稅率將與第一季的稅率相似或略高，儘管這可能會因我們的國際收入和支出組合以及其他因素（包括收購的影響）而有很大差異。我們繼續預期 2014 年資本支出將約為 20 億至 25 億美元。

We also continue to expect shares outstanding for calculating EPS to grow from around 2.6 billion at year-end 2013, by 2% to 2.5% in 2014, excluding the two large deals we've announced. Those deals, once closed, will add another 207 million shares, as well as additional unvested RSUs that will affect our share count over the subsequent four to five years.

我們也繼續預計，用於計算每股盈餘的流通股數將從 2013 年底的 26 億左右增長 2% 至 2014 年的 2.5%，不包括我們已宣布的兩筆大型交易。這些交易一旦完成，將增加另外 2.07 億股股票，以及額外的未歸屬 RSU，這將影響我們未來四到五年的股票數量。

Turning last to ad revenue. As you know, our year-over-year comparables will get more challenging going forward from here because of the timing of the ramp-up of News Feed ads in 2013. As the comps become more difficult, we continue to expect that over the rest of 2014, our year-over-year ad revenue growth rates will decline from the Q1 rate and be meaningfully lower by the end of the year.

最後談談廣告收入。如您所知，由於 2013 年新聞推播廣告的興起，我們今後的同比數據將變得更具挑戰性。隨著比較變得更加困難，我們繼續預計，在 2014 年剩餘時間內，我們的年比廣告收入成長率將較第一季下降，並在年底前大幅下降。

That being said, we believe we are still in the early stages of building our ads business. And we remain as optimistic as ever about the long-term opportunity to grow revenue impressively by improving the quality and relevance of our ads and increasing the value we bring to marketers.

話雖如此，我們相信我們仍處於廣告業務建設的早期階段。我們一如既往地對透過提高廣告品質和相關性以及增加我們為行銷人員帶來的價值來實現收入大幅增長的長期機會持樂觀態度。

In summary, Q1 was a great start to the year. We are very pleased with how well our ads performed, the strong marketer interest in our ads platform, particularly on mobile, and the investments we're making to build long-term shareholder value. Now let's open for questions.

總而言之，第一季是今年的一個好開始。我們對我們的廣告表現非常滿意，行銷人員對我們的廣告平台（尤其是行動廣告平台）表現出濃厚的興趣，以及我們為創造長期股東價值所做的投資。現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Heather Bellini with Goldman Sachs.

高盛的 Heather Bellini。

I was just wondering, Mark or Sheryl, if you can share with us your vision of payments for Facebook, and how the Company might be able to play a role in reducing the friction that exists today when users are trying to engage in mobile e-commerce. And then the follow-up question was just going to be if you could share with us what inning do you think we are in, in terms of improving the relevancy of the ads that you are showing? Thank you.

我只是想知道，馬克或謝麗爾，您是否可以與我們分享您對 Facebook 支付的看法，以及公司如何在減少用戶嘗試參與行動電子商務時存在的摩擦方面發揮作用。然後接下來的問題是，您是否可以與我們分享一下，在提高所展示廣告的相關性方面，您認為我們處於什麼階段？謝謝。

On payments, our payments business has been important in supporting some of the developer activity on Facebook, primarily games. And we continue to be interested in that. I think it's really important to know that our advertising business is very relevant for e-commerce. And that doesn't depend on taking payments, and it doesn't depend on a payment strategy, because we provide a really great opportunity for marketers to find customers who are then going to go ahead and buy their products both online and off-line.

在支付方面，我們的支付業務對於支援 Facebook 上的一些開發者活動（主要是遊戲）發揮了重要作用。我們繼續對此感興趣。我認為了解我們的廣告業務與電子商務非常相關非常重要。這並不依賴付款，也不依賴付款策略，因為我們為行銷人員提供了一個絕佳的機會來找到那些會在線上和線下購買其產品的客戶。

In terms of relevance, I think we are in really early innings. I think people can see it from their own experience. Most people I talk to, and certainly the data we have across the base of people who use Facebook, suggest that the ads are getting more relevant. But, there's a long way to go.

就相關性而言，我認為我們正處於早期階段。我想人們可以從自己的經驗中看到這一點。與我交流過的大多數人以及我們掌握的 Facebook 用戶群數據都表明，廣告的相關性正在增強。但是，還有很長的路要走。

Our goal is that every time you open News Feed, every time you look at Facebook, you see something, whether it's from consumers or whether it's from marketers, that really delights you, that you are genuinely happy to see. I think we hit that more than we used to with our ads. But I think the truth is we still have a long way to go to hit that bar, and that's the bar we are striving for.

我們的目標是，每次您打開新聞提要，每次您瀏覽 Facebook，您都會看到一些讓您感到高興、由衷高興的內容，無論它來自消費者還是行銷人員。我認為我們的廣告比以前更能達到這個目的。但我認為事實是，我們距離達到這個標準還有很長的路要走，而這正是我們正在努力追求的目標。

Douglas Anmuth with JPMorgan.

摩根大通的道格拉斯‧安穆斯 (Douglas Anmuth)。

David, just wanted to ask you a little bit more about margins, in particular. If we look at this quarter, it looks like the incremental margins here are 78% or so. So, I was hoping you could drill down a little more just on the drivers within cost of revenues and how you are thinking about the sustainability of that going forward.

大衛，我特別想問你一些關於利潤的問題。如果我們看一下本季，看起來這裡的增量利潤率約為 78％。因此，我希望您能夠更深入地探討收入成本中的驅動因素，以及您如何看待未來收入成本的可持續性。

And is the 40% to 45% growth that you mentioned in non-GAAP OpEx, is that taking into account the acquisitions at all? Just thinking about how you can get to that level of spend given what you are starting the year. Thanks.

您提到的非 GAAP 營運支出 40% 至 45% 的成長是否考慮了收購？只是想想，考慮到今年的支出狀況，如何才能達到這樣的支出水準。謝謝。

Thanks for the question, Doug. I think Q1 is traditionally a light spending quarter for us because we budget with an annual cycle and often it take some time to ramp up the new programs. So, I don't think it's surprising that Q1 year-over-year increase would come in a little lighter than we expect for the full year.

謝謝你的提問，道格。我認為第一季對我們來說傳統上是一個支出較少的季度，因為我們以年度週期進行預算，而且通常需要一些時間來啟動新專案。因此，我認為第一季同比成長率略低於我們預期的全年增幅並不奇怪。

Additionally, there were some one-time things that benefited the quarter that kept expenses down, particularly in cost of revenue as we continue to exit leased data centers and amend our supply chain. I think that, going forward, our expectation was and remains the 40% to 45% growth excluding the impact from the acquisitions. We will update that guidance once the integration plans are clearer and we have a better sense for what those spend patterns will look like.

此外，還有一些一次性措施使本季受益，從而降低了費用，特別是隨著我們繼續退出租賃資料中心並修改供應鏈，收入成本有所下降。我認為，展望未來，我們的預期是、並且仍然是 40% 至 45% 的成長（不包括收購的影響）。一旦整合計劃更加清晰，並且我們對這些支出模式有了更好的了解，我們將更新該指南。

In general, in terms of margins, the comments I would make are that we don't have a quarter-to-quarter target margin that we're managing closely to. To do so would require varying our spend patterns as revenue changes up and down over time. And I think that's the wrong way to focus on how you spend your money in the Company.

總體而言，就利潤率而言，我想說的是，我們沒有製定一個可以嚴格控制的季度利潤率目標。要做到這一點，就需要隨著收入隨時間的變化而改變我們的支出模式。我認為關注如何在公司花錢是錯誤的方式。

Our priority is really to try and make investments that are high quality, that drive the creation of value and make the business better. And since many of those investments take a longer period to mature, we want to be able to think about our spend increases over a longer-term horizon. As you can see, looking back at the last couple of years, and our plans for this year, there's been a pretty steady rate at which we've been growing spend, particularly in R&D and marketing and sales, where we really want to focus on making sure we are growing smartly and thoughtfully at a rate we can manage wisely, and doesn't get ahead of our ability to manage it.

我們的首要任務是嘗試進行高品質的投資，推動價值創造並使業務變得更好。由於許多投資需要較長時間才能成熟，我們希望能夠從更長遠的角度考慮支出的成長。正如您所看到的，回顧過去幾年以及我們今年的計劃，我們的支出一直保持著相當穩定的增長速度，特別是在研發、營銷和銷售方面，我們真正想要集中精力確保我們能夠以明智和深思熟慮的速度增長，並且不會超出我們的管理能力。

On cost of revenue and G&A, what you can see in the Q1 numbers is the fruits of a lot of labor trying to manage those parts of the business really efficiently, and free up resources to invest elsewhere. So, I think we've always believed that Facebook has the opportunity to be a sustainably high-margin business, and we continue to believe that, noting that there were some individual items that helped us in Q1.

關於收入成本和一般及行政費用，您可以從第一季的數據中看到，這是大量勞動力努力有效管理這些業務部分並釋放資源進行其他地方投資的成果。因此，我認為我們一直相信 Facebook 有機會成為一家可持續的高利潤企業，我們仍然相信這一點，並指出第一季有一些個別項目對我們有所幫助。

Carlos Kirjner with Sanford Bernstein.

柯基納 (Carlos Kirjner) 與桑福德伯恩斯坦 (Sanford Bernstein)。

I think for Mark, how do you think about the evolution of browser technology, HTML5, and development tools versus native apps? If you look two to three years out, do you think native apps could finally become less important for many use cases? Or, in other words, maybe you guys were not wrong when you tried HTML5, you were just too early. Thank you.

我認為對馬克來說，您如何看待瀏覽器技術、HTML5 和開發工具與原生應用程式的演進？如果展望兩到三年後，您是否認為原生應用程式對於許多用例來說最終會變得不那麼重要？或者換句話說，也許你們嘗試HTML5並沒有錯，只是太早了。謝謝。

Timing matters a lot. I do think that there's nothing wrong with the standard of HTML5 technically. I think a lot of what we see is what the main platform providers want to push as the standard for developing on their own platforms. What we've seen is that both Apple and Google have really favored and made it easier to build high-quality experiences in their own proprietary formats, rather than the open Web format.

時機非常重要。我確實認為從技術上來說HTML5的標準沒有任何問題。我認為我們看到的很多東西都是主要平台提供者想要推動的，作為在他們自己的平台上開發的標準。我們看到，蘋果和谷歌都非常青睞以自己的專有格式（而非開放的網路格式）建立高品質的體驗，並且讓建立高品質的體驗變得更加容易。

So, while our bias, for a number of reasons, would have been to have really pushed on HTML5 -- and I don't want to sound like we've walked away from this because a large number of people access Facebook from the mobile web. I don't know if we break that out specifically but it's quite a large number of people. So, we are continuing to develop that. But for the foreseeable future, we see the best path to continuing to deliver great experiences be by working on the native app experience that we have now.

因此，儘管出於多種原因，我們的傾向是大力推廣 HTML5——但我不想聽起來好像我們已經放棄了這一點，因為有大量的人透過行動網路造訪 Facebook。我不知道我們是否具體地細分了這一點，但人數相當多。因此，我們正在繼續開發它。但在可預見的未來，我們認為繼續提供出色體驗的最佳方法是致力於現有的原生應用體驗。

Eric Sheridan with UBS.

瑞銀的 Eric Sheridan。

Congratulations, David, on your future endeavors, as well. Mark, maybe a quick question for you about the way in which you think Facebook, and the various applications Facebook is developing also, move towards a communication ecosystem longer term. A big picture question on where the various applications go, the ones that are in the process of being acquired and the ones you are developing organically.

大衛，我也祝賀你未來的努力。馬克，我想問您一個簡單的問題，您認為 Facebook 以及 Facebook 正在開發的各種應用程式從長遠來看將如何向通訊生態系統發展。一個大問題是，各種應用程式將走向何方，哪些應用程式正在被收購，哪些應用程式正在有機開發中。

And then second question, to use the baseball analogy again, as you continue to take ad impressions out of the Facebook platform, wonder if we should think about where you get to longer term on a level of ad impressions that you think are the perfect mix for balancing engagement and monetization, and what inning we are in that process. Thanks.

然後是第二個問題，再次使用棒球類比，當您繼續從 Facebook 平台上獲取廣告印象時，想知道我們是否應該考慮在廣告印象的長期水平上獲得什麼，您認為這是平衡參與度和貨幣化的完美組合，以及我們在這個過程中處於什麼階段。謝謝。

Sure. I think I can probably take both of those. In terms of building out a whole communication ecosystem, the way that we think about the new apps and products that we are building is that people want to share all kinds of different content with all kinds of different audiences.

當然。我想我大概可以接受這兩者。在建立整個通訊生態系統方面，我們對正在建立的新應用程式和產品的思考方式是，人們希望與各種不同的受眾分享各種不同的內容。

Sometimes you want to have a one-on-one conversation or text or chat or voice call. Up to having a small group conversation, to communicating, updating all your friends on something at once. And sometimes there's really good public content, whether it's news or premium video, or things like that.

有時您會想進行一對一的對話、文字、聊天或語音通話。可以進行小組對話，可以與所有朋友交流，可以同時更新某件事。有時確實存在一些非常好的公共內容，無論是新聞還是優質視頻，或諸如此類的東西。

At the intersection of each type of content and each audience, we think that there's a really compelling experience to be built. Facebook, historically, has focused on friends and public content. Now, with Messenger and WhatsApp, we are taking a couple of different approaches towards more private content, as well.

我們認為，在每種類型的內容和每個受眾的交匯處，都可以建立出真正引人注目的體驗。從歷史上看，Facebook 一直專注於好友和公開內容。現在，透過 Messenger 和 WhatsApp，我們也採取了幾種不同的方法來處理更多私密內容。

You're going to see us do more things in more private content, I think. That's an ecosystem that's growing incredibly quickly. And, also, that speaks to why WhatsApp and Messenger are both growing independently, quickly is because they actually serve pretty different use cases within private sharing and private context.

我認為，你會看到我們在更私密的內容方面做更多的事情。這是一個發展速度極快的生態系統。而且，這也解釋了為什麼 WhatsApp 和 Messenger 都能快速獨立發展，因為它們在私人共享和私人環境中實際上服務於非常不同的用例。

In terms of our investments, I think you want to look at it as -- I outlined this in my remarks but I think it's important enough to say again -- there are different stages of maturity for the different things that we're doing. The Facebook app by itself is the furthest along. More than 1 billion people use it. And it's not only one of the most used apps, probably the most used app, it's also the core of our business.

就我們的投資而言，我想你應該這樣看待它——我在我的演講中概述了這一點，但我認為再次強調這一點很重要——我們所做的不同事情有不同的成熟階段。Facebook 應用程式本身是發展最快的。超過 10 億人使用它。它不僅是使用最廣泛的應用程式之一，可能是使用最廣泛的應用程序，它也是我們業務的核心。

Then the second set of apps that we have are Messenger, Instagram, and soon, WhatsApp. Messenger and Instagram are each now greater than 200 million active users. I think the WhatsApp folks independently announced, I think it was yesterday, that they just passed 500 million actives.

我們的第二組應用程式是 Messenger、Instagram 以及即將推出的 WhatsApp。Messenger 和 Instagram 目前都擁有超過 2 億活躍用戶。我認為 WhatsApp 的員工昨天就獨立宣布了他們的活躍用戶數剛剛超過 5 億。

These are apps that are now at a pretty big scale. And the immediate priority is going to be getting them to 1 billion people. So we're continuing to focus on that before focusing on monetization in the way that we have with the core Facebook app. So, that's the second page.

這些應用程式現在規模相當大。當務之急是讓這些科技惠及 10 億人。因此，在關注核心 Facebook 應用程式的獲利方式之前，我們將繼續關注這一點。這是第二頁。

The third set are the new Facebook Creative Labs apps that we're just getting started. So, things like Paper and a number of other things that we might announce at some point. Those are even further along than even Messenger, Instagram and WhatsApp, where it will probably take a few years for those to even get to the stage that Instagram, Messenger and WhatsApp are at. Which, by themselves, are probably a few years away from being big and important business.

第三組是我們剛開始的 Facebook Creative Labs 新應用程式。因此，我們可能會在某個時候宣布諸如 Paper 之類的東西以及其他一些東西。它們甚至比 Messenger、Instagram 和 WhatsApp 更進一步，可能還需要幾年時間才能達到 Instagram、Messenger 和 WhatsApp 的階段。這些業務本身可能還需要幾年的時間才能發展成為規模大、重要的業務。

So, that's the pipeline of things that we see. And there's a full ecosystem of different ways that people want to share with different people.

這就是我們所看到的事物的流程。並且存在一個完整的生態系統，其中包含人們希望與不同的人分享的不同方式。

In terms of ads, going to your second question, I don't actually think we have a strategy to decrease ad impressions. I think what you are seeing, and what David mentioned, we have News Feed ads, which are higher quality and perform better, and then we have this legacy of right-hand column ads on desktop, which generally are just showing higher volume and they perform less well per ad unit.

關於廣告，回到你的第二個問題，我其實不認為我們有減少廣告印象的策略。我認為您所看到的以及 David 提到的是，我們有新聞推送廣告，它們質量更高，效果更好，然後我們在桌面上還有這種右側欄廣告，它們通常顯示的數量更高，但每個廣告單元的效果較差。

As we shift more toward News Feed, what you are seeing is the total raw number of impressions is decreasing, but actually, the amount of value that we're delivering is increasing. That might continue to shift as we continue to shift towards mobile.

隨著我們更多地轉向新聞推送，您會看到整體原始印象數正在減少，但實際上，我們提供的價值量正在增加。隨著我們繼續向行動端轉變，這種情況可能會繼續轉變。

But I think, overall, what we're trying to do is make it so that the individual load on a per person basis isn't increasing at a dramatic rate. But instead we are driving most of the wins in user experience, advertiser performance, and our own revenue through increasing the quality, primarily around News Feeds adds. And we think that there's quite a lot to go there, as Sheryl said.

但我認為，總的來說，我們要做的是使每個人的負擔不會急劇增加。但我們透過提高品質（主要是圍繞新聞推送添加）來推動用戶體驗、廣告商績效和我們自己的收入方面的大多數勝利。正如謝麗爾所說，我們認為還有很多事情要做。

We want to get to a state where the ad content is as good as the organic content. And we see that we are getting pretty close to that in a few countries, but we want to get to that everywhere.

我們希望廣告內容能夠達到與自然內容一樣好的狀態。我們看到，在某些國家我們已經非常接近這個目標，但我們希望在所有國家都能實現這一目標。

Peter Stabler with Wells Fargo.

富國銀行的 Peter Stabler。

I wanted to ask a question about engagement. By one measure, DAU over MAU, it's at an all-time high. But no doubt you always have a body of last users. I'm wondering if you could share any color on what types of algorithm or product tweaks that you've made have yielded the most return or the greatest return in terms of re-engaging last users. And then, secondly, just quickly, any color you could provide on your estimate of the overlap of Instagram and Facebook users, perhaps based on the linking of those accounts. Thank you very much.

我想問一個關於參與的問題。從某種程度上來說，DAU 與 MAU 之比達到了歷史最高水準。但毫無疑問，你總是有一批最後的用戶。我想知道您是否可以分享一下，您所做的哪些類型的演算法或產品調整在重新吸引最後用戶方面產生了最大的回報或最大回報。其次，您可以快速地根據 Instagram 和 Facebook 帳戶的關聯性，對 Instagram 和 Facebook 用戶重疊部分的估計提供一些資訊。非常感謝。

Unfortunately, I don't think I'm going to have much color on either of those. We are constantly doing things to make it so that people can share the content that they want, that they have the tools that they need, and that we're showing the most relevant content to people. That is always going to be the way that people use the service, not through some kind of trick or something that we are using to reengage people.

不幸的是，我認為我不會對這兩者做出太多的解釋。我們一直在努力讓人們分享他們想要的內容，擁有他們需要的工具，並且我們向人們展示最相關的內容。這始終是人們使用服務的方式，而不是透過某種技巧或我們使用的東西來重新吸引人們。

One state that I think is pretty interesting is that you would expect naturally that, as the community continues to grow, and we are getting into later and later adopters, that the percent of people who are using Facebook, who use it every day, would decrease. And I've actually predicted for a long time that eventually that will flatten out, and I thought it would decrease. But actually, it continues to increase, much to our surprise and joy. And now this quarter, I think we are at almost 63% of people who use Facebook in a month will use it in a given day.

我認為一個非常有趣的情況是，隨著社群的不斷壯大，以及採用者越來越晚，你會自然而然地想到，使用 Facebook 的人數、每天使用 Facebook 的人數比例會減少。事實上，我早就預測，最終這一數字將會趨於平穩，而且我認為它會下降。但實際上，它還在繼續成長，這讓我們既驚訝又高興。而現在本季度，我認為在一個月內使用 Facebook 的用戶中，幾乎有 63% 會在某一天使用它。

Another step that I think is actually quite interesting is we track how many people use Facebook not just every day. So, one day out of -- so, what percent of our monthly folks used it today. But what percent of people use it six out of seven days of the week. That number, for the first time in the last quarter, passed 50%.

我認為另一個相當有趣的舉措是，我們不僅僅追蹤每天使用 Facebook 的人數。那麼，其中一天 — — 那麼，我們每月員工中有多少百分比今天使用了它。但是有多少百分比的人每週七天中有六天都在使用它呢？上個季度，這一數字首次超過 50%。

So, that's pretty crazy, if you think about it. You have this really big engaged community, and not only are almost 63% of people touching it in a given day and using the service because it's really engaging content, but we've gone through a period where more than 50% of people have used it six out of seven days of the week, almost every single day of a week. That just speaks to, I think, the underlying fundamental strength in the content and the work that we're doing to serve the best content to the best people.

所以，如果你仔細想想，這真是太瘋狂了。你有一個非常龐大的參與社區，不僅有近 63% 的人在某一天接觸它並使用這項服務，因為它的內容非常吸引人，而且我們已經經歷了一個時期，超過 50% 的人每週七天中有六天都在使用它，幾乎每週每天都在使用它。我認為這正好說明了內容的根本優勢以及我們為向最優秀的人提供最優秀內容所做的工作。

Ben Schachter with Macquarie.

麥格理銀行的 Ben Schachter。

First, David, let me add my congratulations on your success. And good luck with the future role. Mark, beyond games, do you see other categories of apps that are ramping? And do you need to see that or can games continue to be the primary driver of app install and app engagement ads?

首先，大衛，請允許我對你的成功表示祝賀。祝你未來一切順利。馬克，除了遊戲之外，您是否看到其他類別的應用程式正在蓬勃發展？您是否需要看到這一點，或者遊戲可以繼續成為應用程式安裝和應用程式參與廣告的主要驅動力？

And then, separately, on Graph Search, do you see the potential for more partnerships for Graph Search in terms of additional data sets and distributions partners? Or is this more go-it-along? And then, finally, maybe for Sheryl or David, can you just give us a sense on pricing trends on app install ads? Thanks.

然後，另外，就 Graph Search 而言，您是否認為 Graph Search 在附加資料集和分發合作夥伴方面有更多合作的潛力？或者這更合乎情理？最後，Sheryl 或 David 能否向我們介紹應用程式安裝廣告的定價趨勢？謝謝。

On app installs, I actually think we see more diversity in the customers and developers on mobile now than we saw on desktop with Canvas. Canvas, the business, was almost entirely games. And now we see that a lot of it is games, but a lot of it is other kinds of folks because everyone who is building apps on mobile needs installs, and we have the number one products out there for delivering that. So, we see that happening and we feel pretty good about that.

在應用程式安裝方面，我實際上認為，我們現在看到的行動客戶和開發人員的多樣性比使用 Canvas 在桌面上看到的情況更加多樣化。Canvas 的業務幾乎都是遊戲。現在我們看到很多是遊戲，但很多是其他類型的應用，因為每個在行動裝置上建立應用程式的人都需要安裝，而我們擁有能夠滿足這項需求的頭號產品。所以，我們看到了這種情況的發生，並且對此感到非常高興。

On pricing, we don't break out pricing by type of ad. But overall in the ecosystem our prices are up. As Mark said, the effect of price per ad shown is driven up by more ads in News Feed. And that's because News Feed ads have significantly higher engagement and click-through rates.

在定價方面，我們不會根據廣告類型細分定價。但總體而言，我們的生態系統價格上漲了。正如馬克所說，新聞推播中廣告數量的增加會提高每次廣告展示價格的效果。這是因為新聞推播廣告的參與度和點擊率明顯較高。

Evan Wilson with Pacific Crest.

太平洋山脊酒店的埃文威爾森 (Evan Wilson)。

Just a small item. It looks like the Asia engagement metric, the MAU, was down sequentially, slightly. Was there something there that impacted that in Q1 or was there something competitive there you think might be impacting that part of the business, like the big mobile messaging services? Thanks.

只是一個小物件。看起來亞洲參與度指標（MAU）較上季略有下降。是否存在一些因素對第一季的業務產生了影響，或者您認為是否存在一些競爭因素可能會對這部分業務產生影響，例如大型行動訊息服務？謝謝。

I don't know that I would read anything into that yet. We haven't identified that as a trend that we are focused on at this point. The numbers do bounce around a little bit from quarter to quarter in various regions.

我還不知道我是否會讀到任何內容。我們還沒有將其確定為我們目前關注的趨勢。各個地區的季度數據確實會略有波動。

Anthony DiClemente with Nomura.

野村證券的 Anthony DiClemente。

Congratulations, David. And best of luck in your new endeavors, as well. One question for David and one for Sheryl.

恭喜你，大衛。也祝福您在新的事業中一切順利。一個問題問 David，另一個問題問 Sheryl。

David, I just wondered if you could talk about your mix of impressions in terms of brand versus direct response. How has that changed this quarter versus prior quarters? And what else can be said about that split?

大衛，我只是想知道您是否可以從品牌和直接反應的角度談談您的印象組合。本季與前幾季相比有何變化？關於這次分裂，還有什麼好說的呢？

And then, secondly, for Sheryl, just wondered if you could give us a little more of an update on premium video ads. Specifically, I'm curious as to how those are sold. Are they sold on an impression basis or on a performance basis, or some hybrid of the two?

其次，對於謝麗爾來說，我只是想知道您是否可以向我們提供更多有關優質影片廣告的更新資訊。具體來說，我很好奇它們是如何銷售的。它們是按印象還是按性能來銷售，還是兩者兼而有之？

And then I know you don't give pricing by property, but is there a way to think about the premium or premium multiple of price that premium video ads would go for as compared to core News Feed ads? Thanks for any color on that.

然後我知道您沒有根據屬性給出定價，但是有沒有辦法考慮優質視頻廣告與核心新聞推送廣告相比的溢價或溢價倍數？感謝您對此所做的任何解釋。

Thanks, Anthony. I'm happy to take the first part of the question. In the first quarter, we delivered strong performance across all the advertiser segments that we focus on. So, I think they are all growing nicely.

謝謝，安東尼。我很高興回答問題的第一部分。在第一季度，我們在所有關注的廣告客戶領域都取得了強勁的業績。所以，我認為它們都生長得很好。

We don't have a perfect measure for what kind of demand is brand versus DR, per se, because someone doesn't have to input that into the system when they come in. We have lots of things we do to try to find surrogates for that, and are happy to see that using some of that data we are seeing nice growth across the various segments.

就品牌與 DR 本身而言，我們無法完美衡量哪種需求，因為人們在進入系統時無需輸入。我們做了很多事情來嘗試尋找替代品，並且很高興地看到，透過利用一些數據，我們看到各個領域都出現了良好的成長。

On video ads, video represents a really big opportunity, really driven by consumer behavior. Smartphones are getting better and faster, and more people have phones that can provide a great video experience. So, you are seeing consumers do a lot more on video. There's also a lot more video going through News Feed that consumers are putting in, and that creates an opportunity for us, both on the consumer side and the ad side.

對於影片廣告來說，影片代表著一個巨大的機遇，而這實際上是由消費者行為驅動的。智慧型手機越來越好，越來越快，越來越多的人擁有可以提供出色視訊體驗的手機。所以，你會看到消費者在影片上做更多的事情。消費者透過新聞推送發布的影片也越來越多，這為我們在消費者和廣告方面創造了機會。

We have a current product in the market. It's a click to play video ad. It's part of a page post. You can post a video. Those are sold both CPM and CPC. And those are going really well, and I think explains some of the growth we're seeing in our ads business.

我們目前在市場上有產品。這是一個點擊播放的影片廣告。它是頁面帖子的一部分。你可以發布影片。這些是以 CPM 和 CPC 兩種方式出售的。這些都進展順利，我認為這解釋了我們的廣告業務所看到的一些成長。

We also have been in early conversations with some clients about what would be a CPM auto play video ad. In terms of the expectations for that, we really want to see auto play video ads be something that's pretty common in the News Feed experience based on consumer usage before we push very hard in the ads business.

我們也與一些客戶就 CPM 自動播放影片廣告進行了早期討論。就此期望而言，我們確實希望看到自動播放影片廣告能夠根據消費者的使用情況，成為 News Feed 體驗中相當常見的一種功能，之後我們才會大力推廣廣告業務。

So, we remain long term very excited. We do expect that product to demand a premium product. But as I said in my remarks, we won't see a material contribution from it this year.

因此，我們長期保持著非常興奮的狀態。我們確實希望該產品能夠成為優質產品。但正如我在發言中所說，今年我們不會看到它帶來實質的貢獻。

Mark Mahaney with RBC.

加拿大皇家銀行的 Mark Mahaney。

On those autoplay videos, as an average Facebook user, I've noticed them more and more in my News Feed, and I think they're really neat. I think all my friends love watching videos of my kids play basketball. The question I'd have for you is what have you seen internally in terms of engagement. I assume that since I'm seeing more, other people are too, and that users like having them in. But is there any way you could quantify or maybe talk broadly about the impact that's having on usage? Thank you.

作為一名普通的 Facebook 用戶，我越來越多地在新聞推送中看到這些自動播放的視頻，我認為它們真的很棒。我想我所有的朋友都喜歡看我的孩子打籃球的影片。我想問您的問題是，就參與度而言，您看到了內部的什麼情況。我認為，由於我看到的更多，其他人也看到更多，並且用戶喜歡看到它們。但是，您有什麼方法可以量化或廣泛地談論它對使用的影響嗎？謝謝。

Our goal is to make News Feed as engaging as possible. I think we look at the engagement we have on mobile, we are getting 20% of mobile time on Facebook in the US. And growing globally, as well. I think you see that that engagement is great.

我們的目標是讓新聞提要盡可能具有吸引力。我認為，看看我們在行動裝置上的參與度，美國用戶在 Facebook 上花費的行動時間佔了 20%。並且在全球範圍內也在成長。我想您會看到這種參與非常棒。

I'm sure your friends love seeing your kids play basketball. I think they'd probably like to see more of those. And when and if we deliver a really great ad experience, and ads that you love, something you're interested in, I think you're going to like that just as much. We look forward to the growth.

我確信你的朋友喜歡看你的孩子打籃球。我想他們可能希望看到更多這樣的內容。如果我們能提供真正出色的廣告體驗，以及您喜愛的、您感興趣的廣告，我想您也會同樣喜歡它。我們期待成長。

Justin Post with Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

I have a couple questions. On the app installs, can you help us at all understand what -- I know you gave us the number of total apps, but maybe how that revenue as a percentage of total, how important it is to you? And then there's a lot of competitors targeting that market with new products. Maybe you could outline some of Facebook's competitive advantages in that market.

我有幾個問題。關於應用程式安裝，您能否幫助我們了解——我知道您給了我們應用程式的總數，但也許該收入佔總收入的百分比，這對您來說有多重要？現在有許多競爭對手推出新產品瞄準該市場。也許您可以概述 Facebook 在該市場的一些競爭優勢。

And then one for Dave. We will miss you. Maybe you could talk a little bit about maybe some things Facebook could do to offset some of the dilution from the acquisitions, if anything. Thank you.

然後還有一篇給戴夫的。我們會想念你的。也許您可以稍微談談 Facebook 可以採取哪些措施來抵消收購帶來的部分稀釋。謝謝。

On mobile app ads, we've seen really strong adoption. And this is a very nascent but growing market. I think people sometimes think that a lot of our mobile ad revenue is coming from this one type of ad. And our mobile ad revenue is very broad-based. We know what you see in News Feed, and what we see, are ads from brand marketers, direct response, SMDs and developers. So, we are pretty distributed there and pretty happy about that.

在行動應用廣告方面，我們看到了非常強勁的採用率。這是一個新興但正在成長的市場。我認為人們有時會認為我們的大部分行動廣告收入都來自這種類型的廣告。我們的行動廣告收入來源非常廣泛。我們知道您在新聞提要中看到的內容以及我們所看到的是來自品牌行銷人員、直接回應、SMD 和開發人員的廣告。所以，我們在那裡分佈得相當分散，並且對此感到非常高興。

I think it's not surprising that other people are entering this space. It's obviously growing. It's one that performs well. I think we continue to be excited by the results we are seeing for marketers and developers, the results we are seeing from consumers. And we think the fact that we've already been investing and learning and growing puts us in a great position to continue to have a very strong product offering, even in a more competitive space.

我認為其他人進入這個領域並不奇怪。它顯然在增長。它是一款性能出色的產品。我認為，我們繼續對行銷人員和開發人員所看到的成果以及消費者所看到的成果感到興奮。我們認為，我們已經進行的投資、學習和成長使我們處於有利地位，即使在競爭更激烈的領域也能繼續提供非常強大的產品。

Justin, on the acquisitions, the most important thing we will do to, really, I would say, justify the dilution will be to make those acquisitions successful, and over time ensure that the unique assets that we are buying contribute to Facebook's success and to our cash flows over time. The business is obviously in healthy shape right now in terms of the cash it's generating. We look forward at the moment to really continuing to prioritize, where it's appropriate, investing that in the business to drive future growth.

賈斯汀，關於收購，我想說，我們要做的最重要的事情就是讓這些收購成功，並確保我們購買的獨特資產能夠為 Facebook 的成功和我們的現金流做出貢獻，從而真正證明股權稀釋的合理性。從現金產生量來看，該業務目前顯然處於健康狀態。我們目前期待在適當的情況下繼續優先投資於業務以推動未來的成長。

Youssef Squali, Cantor Fitzgerald.

優素福·斯誇利，康托·菲茨杰拉德。

David, can you talk a little bit about the ad load during the quarter? We saw noticeable increases here in the holidays and through Q1 versus that 5% or 6% you mentioned back on the Q3 call. Is the new ad load we are seeing sustainable, do you think, going forward?

大衛，您能談談本季的廣告負荷嗎？與您在第三季電話會議上提到的 5% 或 6% 相比，我們在假期和第一季看到了明顯的成長。您認為我們看到的新廣告量未來是否可持續？

And, second, maybe Mark or Sheryl, can you just talk a little bit about timing for monetization of Instagram? Are there any thresholds, either in terms of users, user engagement, whatnot, before you can ramp that advertising, or advertise on that platform? I think, David, you were talking earlier about maybe reaching 1 billion, but I think that was a general comment. Thanks.

其次，馬克或謝麗爾，您能否簡單談談 Instagram 貨幣化的時機？在您擴大廣告規模或在該平台上投放廣告之前，是否有任何門檻（無論是在用戶、用戶參與度等方面）？大衛，我想您之前談到可能達到 10 億，但我認為那隻是一個一般性的評論。謝謝。

As Mark alluded to earlier as it relates to ad load, what we're trying to do is optimize across multiple variables that really produce the best experience for people who use the network and help us to grow the business. Ad load is one of the variables that we look at. Of course, we also look at things like the size of the ads, the prominence of the ads, and, of course, the quality of the ads. What we are trying to do is continually really tweak all of those variables, and then measure what impacts we are having on engagement, on feedback from people, on revenue, and trying to optimize using that data and the changes that we've made.

正如馬克之前提到的與廣告負載有關的情況，我們正在嘗試優化多個變量，以便真正為使用網路的人提供最佳體驗，並幫助我們發展業務。廣告負載是我們關注的變數之一。當然，我們也會考慮廣告的尺寸、廣告的突出程度，當然還有廣告的品質。我們正在嘗試做的是不斷調整所有這些變量，然後衡量我們對參與度、人們的回饋、收入的影響，並嘗試使用這些數據和我們所做的改變進行最佳化。

I think the story there is a really good one. Things continue to go very well, obviously in terms of revenue which you see, but also in terms of engagement, in terms of feedback we get from people when we survey them. So we think we remain in a really very strong position in that way.

我認為那裡的故事真的很精彩。事情繼續進展得非常順利，顯然從您所看到的收入來看，而且從參與度來看，從我們對人們進行調查時得到的反饋來看，也是如此。因此我們認為從這個角度來看我們仍然處於非常有利的地位。

I actually would not validate the assertion that you gave that the ad load increased dramatically in the timeframe you described because that's not consistent in aggregate with our data. What I can say is that every person who uses Facebook has their own experience. The experience, including the ad experience, is personalized based on the other content we have available, based on how much they've engaged with ads we've shown in the past, et cetera. Ideally, we'd like to personalize not just the organic content that you see, but also your ad experience in a way that's really optimized for you and your interests.

我實際上不會驗證您所說的廣告負載在您所描述的時間範圍內急劇增加的斷言，因為這與我們的數據總體上不一致。我可以說的是，每個使用 Facebook 的人都有自己的經驗。包括廣告體驗在內的體驗都是根據我們現有的其他內容、他們與我們過去展示的廣告的互動程度等進行個性化的。理想情況下，我們不僅希望個性化您看到的自然內容，還希望以真正針對您和您的興趣進行最佳化的方式個人化您的廣告體驗。

On Instagram, Instagram is a great product. I think that's why you see so much engagement from people who are using it, and the growth passing 200 million. It's also a great advertising product. And there's just tons of demand because the pictures themselves are so visually appealing, and also there's so much consumer engagement.

在 Instagram 上，Instagram 是一款很棒的產品。我認為這就是為什麼你會看到它的使用者如此踴躍，而且用戶數量增長超過 2 億。這也是一個很好的廣告產品。由於圖片本身俱有極強的視覺吸引力，而且消費者的參與度很高，因此需求量很大。

We are in really early days. We have seen some great results. Just to mention one, Levi's is running an ad which is basically pictures of people wearing denim in really beautiful outdoor spaces. They targeted people 18 to 34 in the United States, reached over 7 million people. And importantly, they drove a 24-point lift in ad recall, which was 3 times the control group.

我們確實還處於早期階段。我們已經看到了一些很好的成果。舉個例子，Levi's 正在播放一則廣告，基本上就是人們在非常美麗的戶外空間穿著牛仔褲的照片。他們針對美國 18 至 34 歲的族群，影響人數超過 700 萬人。重要的是，他們的廣告回憶率提高了 24 個百分點，是對照組的 3 倍。

I think that shows that just as people engage with the consumer pictures on Instagram, they're going to engage with the right pictures for marketers. That said, we are very focused on consumer growth and we move slowly and deliberately in monetization. So, we don't see the need or the urge to ramp this as quickly as we possibly could, but really want to grow it slowly, grow it deliberately, and continue the growth on the consumer side and the great returns for marketers.

我認為這表明，就像人們在 Instagram 上關註消費者圖片一樣，他們也會關注適合行銷人員的圖片。話雖如此，我們非常關註消費者成長，並且在貨幣化方面採取緩慢而謹慎的行動。因此，我們認為沒有必要或急於盡快擴大這一規模，而是真正希望緩慢地、有意識地擴大規模，並繼續實現消費者方面的成長，並為行銷人員帶來豐厚的回報。

Colin Sebastian with Robert Baird.

科林·塞巴斯蒂安和羅伯特·貝爾德。

The first one is, I wonder if there's any way we can generalize or correlate around the growth in mobile monetization with the shift to 4G LTE, and whether this could be a driver, as well, of improving monetization internationally, as those higher-speed networks are deployed in new markets. And then, secondly, regarding Nearby Friends, just wondering how you plan to tie that feature and data set into more of a commercialized local offering for businesses, whether that's geo targeting or other related services. Thank you.

第一個問題是，我想知道我們是否可以將行動貨幣化的成長與向 4G LTE 的轉變進行概括或關聯，以及隨著這些更高速的網路在新市場部署，這是否也可以成為改善國際貨幣化的驅動力。其次，關於“附近的朋友”，我只是想知道您計劃如何將該功能和資料集與企業更商業化的本地服務結合起來，無論是地理定位還是其他相關服務。謝謝。

A lot of what we are trying to do with internet.org is make it so that everyone has the cellular networks that they need to be able to get on the Internet and access basic services, which we think are text-based communication services, whether it's things like social networks or messaging or email or search. Whether it's stock prices. Basic stuff like that, that people use on a day-to-day basis but don't require a huge amount of data.

我們透過 internet.org 嘗試實現的目標之一是讓每個人都擁有上網所需的蜂窩網絡，並獲得基本服務，我們認為這些服務是基於文字的通訊服務，無論是社交網絡、訊息傳遞、電子郵件還是搜尋。無論是股票價格。像這樣的基本的東西，人們每天都會用到，但不需要大量的數據。

We are pretty happy with the early progress that we've made. We have a multi-year initiative to work with operators around the world to roll out a program where folks can have free basic services. As I mentioned before, a lot of the initial work, the initial partnerships were in the Philippines and Paraguay.

我們對所取得的早期進展感到非常高興。我們有一項多年計劃，與世界各地的營運商合作推出一項計劃，讓人們可以享受免費的基本服務。正如我之前提到的，許多最初的工作和最初的合作都在菲律賓和巴拉圭進行。

What we are really pleased with, even just a few months of work, we were able to help almost 3 million people get access to data for the first time. So, there's no doubt that going from having no access to data to having some access is a huge jump in terms of the activity in business that we see that's available from people.

讓我們真正高興的是，即使只經過幾個月的工作，我們也能夠幫助近 300 萬人首次取得數據。因此，毫無疑問，從無法存取數據到可以存取數據，就我們所看到的人們可進行的商業活動而言，這是一個巨大的飛躍。

Moving towards things like LTE later on in the funnel will be helpful as we move towards richer types of content, like higher resolution photos and videos, because that will be important, especially as the mix of content that people share moves towards richer media. But we are really focused on both. And we have a huge investment, as well, in the Internet.org, just making sure that everyone in the world gets connected.

隨著我們逐漸轉向更豐富的內容類型（例如更高解析度的照片和影片），在漏斗的後期轉向 LTE 之類的技術將會很有幫助，因為這很重要，特別是當人們分享的內容組合轉向更豐富的媒體時。但我們確實專注於兩者。我們對 Internet.org 也進行了巨大的投資，只是為了確保世界上每個人都能上網。

On Nearby Friends, it's a great new feature. It's an optional feature we just rolled out last week. I don't know if people have had a chance to try it yet. It's rolling out slowly but it's a great product experience, one we are excited to be able to offer. We use information like this to enhance all the services we provide, make things more relevant including relevant ads.

在“附近的朋友”中，這是一個很棒的新功能。這是我們上週剛推出的選用功能。我不知道人們是否有機會嘗試它。雖然它的推出速度很慢，但它是一種很棒的產品體驗，我們很高興能夠提供這種體驗。我們使用這樣的資訊來增強我們提供的所有服務，使內容（包括相關廣告）更具相關性。

Brian Wieser with Pivotal Research.

Pivotal Research 的 Brian Wieser。

First of all, I was wondering, with regard to the WhatsApp acquisition, I was wondering if you could update us on the status, if the current situation with Russia poses any issues given the development team space there. And then, separately, I was wondering if you could talk Nielsen and the use of OCR with respect to advertisers' interest in using OCR tools. Do you find that that's making a difference at the present time in terms of brands spending money with you, in general?

首先，關於 WhatsApp 收購，我想知道您是否可以向我們通報最新情況，看看俄羅斯目前的局勢是否會對那裡的開發團隊造成影響。然後，另外，我想知道您是否可以談談尼爾森和 OCR 的使用，以及廣告商對使用 OCR 工具的興趣。就目前品牌在你們這裡花錢的情況而言，你覺得這有什麼影響嗎？

On the first, their development team is located in Mountain View, not in Russia.

首先，他們的開發團隊位於山景城，而不是俄羅斯。

They are doing extremely well.

他們做得非常好。

Yes, they're doing really well.

是的，他們做得很好。

The deal hasn't closed so we don't have anything to share. But I would just point you to a blog post that Jan wrote, I think it was yesterday, announcing that they had just helped connect half a billion monthly actives. They are growing very quickly.

交易尚未完成，所以我們沒有任何資訊可以分享。但我只想向你指出 Jan 寫的一篇部落格文章，我記得是昨天寫的，宣布他們剛剛幫助連接了 5 億月活躍用戶。它們長得非常快。

I think that's up to about 460 million monthlies just a couple of months ago when we announced the deal with them in the first place. And I think that Jan specifically called out a few countries, including Russia and Brazil, and I think India, as some of the fastest growing markets for WhatsApp. I'd just direct you to that statement, and you should probably go read that for more information on how they're doing. And we will update you more when the deal closes.

我認為，就在幾個月前我們宣布與他們達成交易時，每個月的訂閱量就達到了約 4.6 億。我認為 Jan 特別提到了幾個國家，包括俄羅斯和巴西，我認為還有印度，它們是 WhatsApp 成長最快的市場。我只是引導您查看該聲明，您應該去閱讀它以了解他們做得如何的更多資訊。交易完成後，我們將向您提供更多資訊。

On Nielsen OCR, anything that helps advertisers measure their spend is really important. I've talked on the call a bunch about how measuring online and in-store sales really matters. It also matters to marketers to be able to measure their spend compared to other investments they can make.

在尼爾森 OCR 上，任何幫助廣告商衡量其支出的東西都非常重要。我在電話中多次談論衡量線上和店內銷售額的重要性。對於行銷人員來說，能夠衡量他們的支出與其他投資相比也很重要。

What OCR has done is given advertisers and marketers comparability between TV and digital and our spend. I think in those comparisons we do very well and I think that is part of the shift that's happening. And it's part of why we see growing interest from clients.

OCR 所做的就是讓廣告主和行銷人員能夠比較電視和數位廣告以及我們的支出。我認為在這些比較中我們做得很好，我認為這是正在發生的轉變的一部分。這也是我們看到客戶興趣日益增長的原因之一。

Ross Sandler with Deutsche Bank.

德意志銀行的羅斯桑德勒。

Just two quick questions. Facebook's on pace to represent around 20% of global display advertising or non search advertising in 2014. Do you view that as your addressable market? And, if so, what do you see as the potential market share you guys can capture relative to the -- I think, Sheryl, you said it is 23% mobile consumption, ex-China, globally today.

只要問兩個簡單的問題。2014 年，Facebook 將佔據全球展示廣告或非搜尋廣告的 20% 左右。您認為這是您的目標市場嗎？如果是這樣，您認為您可以佔據的潛在市場份額是多少？我認為，謝麗爾，您說過，目前除中國以外，全球的行動消費佔比為 23%。

And then the second question is, there's been some press recently that Facebook is looking at building peer-to-peer money transfer services. Is that a market that you view as an opportunity? Would that fit into Messenger or potentially a standalone app? Thanks.

第二個問題是，最近有媒體報導 Facebook 正在考慮建立點對點匯款服務。您是否將該市場視為一個機會？它適合 Messenger 還是可能成為獨立的應用程式？謝謝。

We've had a payments business for a while and we continue to have one, and nothing new to announce there. On the first question, I think our addressable market is much bigger than digital. And you see that in the trends.

我們開展支付業務已有一段時間了，我們將繼續開展該業務，並且沒有什麼新消息可以宣布。關於第一個問題，我認為我們的潛在市場比數位市場大得多。您可以從趨勢中看到這一點。

The big trend that's happening is the shift from consumer time. Last year was the very first time those lines crossed, and consumers spent more time in digital, which is mobile and desktop, than they did on TV. That continues to grow. So, where we are right now is, the average US consumer, as an example, spends 4.5 hours per day on TV, but 5.75 on digital. And that's largely being driven by mobile.

正在發生的大趨勢是消費者時間的轉變。去年是這兩條界線首次出現交叉，消費者在數位媒體（行動裝置和桌上型電腦）上花費的時間比在電視上花費的時間要多。這一數字還在持續成長。因此，我們現在的情況是，以美國消費者為例，他們平均每天花 4.5 小時看電視，但花 5.75 小時看數位媒體。這很大程度上是由行動裝置推動的。

That means that as consumer time and attention shifts, we think ad budget shifts, as well, particularly if you have good mobile ad products and you can measure results. So, we definitely believe there will be, and continues to be, a shift happening. I talked about a print shift happening with the example of Sport Chek in Canada.

這意味著，隨著消費者時間和注意力的轉變，我們認為廣告預算也會轉變，特別是如果你擁有好的行動廣告產品並且可以衡量結果。因此，我們堅信轉變將會發生，而且這種轉變還會持續發生。我以加拿大 Sport Chek 為例討論了印刷業的轉變。

But we see this across the board, that marketers are looking for the highest ROI they can find. And they should be comparing us and everyone else across. And they do that not just across digital but across print, across radio, across TV, across any other vehicle they can.

但我們普遍看到，行銷人員正在尋求他們能找到的最高投資報酬率。他們應該將我們與其他人進行比較。他們不僅透過數位媒體這樣做，還透過印刷品、廣播、電視以及任何其他可以使用的媒體來做到這一點。

I think our investments in measurement really pay off here. We say to our clients all around the world -- we want to earn your business because we want to be the best dollar and the best minute you spend. Because both their dollars and their time are so valuable. We want them to compare us to the other investments they could make, to see who can drive the most value to their bottom line. And that's what we are focused on, and that goes way beyond digital.

我認為我們在測量方面的投資確實得到了回報。我們對全世界的客戶說—我們想贏得您的業務，因為我們希望成為您花費的最有價值的金錢和最美好的時光。因為他們的金錢和時間都非常寶貴。我們希望他們將我們與他們可以進行的其他投資進行比較，看看誰能為他們的底線帶來最大的價值。這就是我們所關注的，它遠遠超出了數位化的範疇。

John Blackledge with Cowen and Company.

考恩公司 (Cowen and Company) 的約翰‧布萊克利奇 (John Blackledge)。

Just wondered if you could discuss how Facebook's potential mobile ad network would provide additional value to advertisers than other existing mobile ad networks. And then just a second question for David. I don't know if you could help quantify what meaningfully lower year-over-year ad revenue growth is, or just give us a sense of how to think about it for modeling purposes. Thank you.

只是想知道您是否可以討論一下 Facebook 的潛在行動廣告網路如何比其他現有的行動廣告網路為廣告主提供額外的價值。然後我再問大衛一個問題。我不知道您是否可以幫助量化同比廣告收入成長明顯下降的具體數字，或者只是讓我們了解如何從建模目的來思考這個問題。謝謝。

On the ad network, we are in very early testing for mobile ad network. We do see a big opportunity, here. We think because we are people-based we have an opportunity both to provide greater reach for marketers and developers who are working with Facebook across other platforms, but also improve the relevance of the ads people see, both on and off Facebook.

在廣告網路上，我們正​​處於行動廣告網路的早期測試中。我們確實在這裡看到了一個巨大的機會。我們認為，由於我們以人為本，我們有機會為在其他平台上與 Facebook 合作的行銷人員和開發人員提供更大的覆蓋範圍，同時也提高人們在 Facebook 內外看到的廣告的相關性。

I think that has been our core advantage and will continue to be. That said, it's really early days and we're in the early testing phase.

我認為這一直是我們的核心優勢，並將繼續如此。話雖如此，現在還為時過早，我們正處於早期測試階段。

John, obviously the Q1 ad revenue growth rate was 82%, which is fantastic and a real tribute to the team and the platform. One of the things that contributed to that growth rate is the ramp-up of News Feed ads, that in Q1 of last year we were still really early in that part of the journey. And, so, the comparison between the state of News Feed ads in the Q1 we are reporting now and a year ago is meaningfully different.

約翰，顯然第一季的廣告收入成長率達到了 82%，這真是太棒了，對團隊和平台來說是一個真正的讚揚。促成這一成長率的因素之一是新聞推播廣告的增加，去年第一季我們仍處於這一階段的早期階段。因此，我們現在報告的第一季新聞推播廣告狀況與一年前相比有著顯著的不同。

As you'll remember from last year, News Feed ads really ramped up in the second quarter, and revenue growth ramped up, as well. So, that's just going to impact the comparisons in the subsequent quarters of the year.

您可能還記得，去年第二季度，News Feed 廣告數量大幅增加，營收成長也隨之增加。所以，這只會影響今年後續幾季的比較。

Having said that, there's lots of things that we are focused on that will continue to drive our ad revenue growth, including more users and critically more marketer demand. So, bringing more marketers into the system, improving our products and tools to increase their returns and their ability to measure those returns, and generally improving the quality and relevance and value of the ads. Those are the things that we will stay focused on.

話雖如此，我們仍專注於很多事情，這些事情將繼續推動我們的廣告收入成長，包括更多的用戶和至關重要的更多行銷人員需求。因此，我們將更多的行銷人員納入系統，改進我們的產品和工具，以提高他們的回報和衡量回報的能力，並普遍提高廣告的品質、相關性和價值。這些都是我們將繼續關注的事情。

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

偉大的。感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

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。