Google (GOOG) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Alphabet Inc. Fourth Quarter 2017 Earnings Call. (Operator Instructions)

女士們、先生們，大家好，歡迎來到 Alphabet Inc.。2017 年第四季財報電話會議。（操作員指示）

I'd now like to turn the conference over to Ellen West, Head of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係主管艾倫·韋斯特 (Ellen West)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Fourth Quarter 2017 Earnings Conference call. With us today are Ruth Porat and Sundar Pichai. Now I'll quickly cover the safe harbor.

謝謝。大家下午好，歡迎參加 Alphabet 2017 年第四季財報電話會議。今天和我們在一起的是露絲·波拉特 (Ruth Porat) 和桑達爾·皮查伊 (Sundar Pichai)。現在我將快速介紹安全港。

Some of the statements that we make today may be considered forward looking, including statements regarding our future investments, our long-term growth and innovation, the expected performance of our businesses and our expected level of capital expenditures. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our Form 10-K for 2016 filed with the SEC. Undue reliance should not be placed on any forward-looking statements and they are made based on assumptions as of today. We undertake no obligation to update them.

我們今天所做的一些聲明可能被視為前瞻性的，包括有關我們未來投資、我們的長期成長和創新、我們業務的預期表現以及我們預期的資本支出水準的聲明。這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們向美國證券交易委員會提交的 2016 年 10-K 表中討論的風險因素。不應過度依賴任何前瞻性陳述，這些陳述都是基於今天的假設做出的。我們不承擔更新它們的義務。

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。

As you know, we distribute our earnings release through our Investor Relations website located at abc.xyz/investor. This call is also being webcast from our IR website, where a replay of the call will be available later today.

如您所知，我們透過位於 abc.xyz/investor 的投資者關係網站發布我們的收益報告。此次電話會議也將在我們的 IR 網站上進行網路直播，今天稍後您將可以重播此次電話會議。

And now, I'll turn the call over to Ruth.

現在，我將把電話轉給露絲。

Thank you, Ellen. We had a fantastic 2017 with total revenues of $110.9 billion, up 23% over 2016; and operating income of $28.9 billion, up 22% year-on-year excluding the EC fine. Our momentum reflects a relentless focus on users, advertisers and enterprise customers, as well as the benefits of our commitment to long-term investing.

謝謝你，艾倫。我們度過了輝煌的 2017 年，總收入達到 1109 億美元，比 2016 年增長 23%；營業收入為 289 億美元，扣除歐盟罰款後同比增長 22%。我們的發展動能反映了對使用者、廣告商和企業客戶的持續關注，以及我們對長期投資的承諾所帶來的好處。

For the fourth quarter, revenues of $32.3 billion were up 24% year-on-year. The ongoing very strong performance in sites revenue, in particular, reflects the combined benefits of innovation and secular growth with mobile search again leading the way. Healthy growth in network revenues was again led by our programmatic business. Substantial growth in other revenues, namely hardware, Cloud and Play, continues to highlight the benefits of our investments.

第四季營收為 323 億美元，年增 24%。網站收入持續強勁的表現尤其體現了創新和長期成長的綜合效益，其中行動搜尋再次佔據領先地位。網路收入的健康成長再次由我們的程序化業務帶動。其他收入（即硬體、雲端和遊戲）的大幅成長持續凸顯了我們投資的收益。

Our outline for today's call is, first, I'll review the quarter on a consolidated basis for Alphabet, focusing on year-over-year changes. In order to facilitate comparisons of this quarter's results to prior periods, we have also provided the tax-affected line items, excluding the impact of the U.S. tax legislation enacted at the end of 2017. You can see the components in our earnings press release.

我們今天電話會議的概要是，首先，我將以合併的方式回顧 Alphabet 本季的業績，並專注於同比變化。為了便於將本季的業績與前期進行比較，我們還提供了受稅收影響的項目，不包括2017年底頒布的美國稅法的影響。您可以在我們的收益新聞稿中看到這些組成部分。

Second, I will review results for Google and then Other Bets. I will then conclude with our outlook. Sundar will then discuss business and product highlights, after which, we will take your questions.

其次，我將查看 Google 和其他投注的結果。最後我將總結我們的展望。隨後，Sundar 將討論業務和產品亮點，之後我們將回答您的問題。

Starting with a summary of Alphabet's consolidated financial performance for the quarter. Total revenues of $32.3 billion were up 24% year-over-year and strong across all regions. U.S. revenues were $15.4 billion, up 21% year-over-year. EMEA revenues were $10.3 billion, up 24% year-over-year. In fixed FX terms, EMEA grew 22%, reflecting strengthening of both the euro and the British pound. APAC revenues were $4.7 billion, up 30% versus last year and up 32% in fixed FX terms, reflecting weakening of the Japanese yen. Other Americas revenues were $1.9 billion, up 31% year-over-year and up 30% in fixed FX terms, reflecting strengthening of the Canadian dollar. On a consolidated basis, total cost of revenues, including TAC, which I'll discuss in the Google segment results, was $14.3 billion, up 34% year-on-year.

首先概述一下 Alphabet 本季的綜合財務表現。總營收達 323 億美元，年增 24%，所有地區均表現強勁。美國營收為 154 億美元，年增 21%。歐洲、中東和非洲地區營收為 103 億美元，年增 24%。以固定匯率計算，歐洲、中東和非洲地區成長了 22%，反映出歐元和英鎊的走強。亞太地區營收為 47 億美元，比去年成長 30%，以固定匯率計算成長 32%，反映出日圓走弱。其他美洲地區的營收為 19 億美元，年增 31%，以固定匯率計算成長 30%，反映出加幣的走強。從合併數據來看，包括 TAC 在內的總收入成本（我將在 Google 部門業績中討論）為 143 億美元，年增 34%。

Other cost of revenues on a consolidated basis was $7.8 billion, up 34% year-over-year, primarily driven by Google-related expenses, specifically cost associated with our data centers and other operations, including depreciation, hardware-related costs for our expanded Made by Google family of products and content acquisition costs primarily for YouTube.

合併後的其他收入成本為 78 億美元，年增 34%，主要由於與 Google 相關的費用，特別是與我們的資料中心和其他營運相關的成本，包括折舊、擴展的 Made by Google 產品系列的硬體相關成本以及主要用於 YouTube 的內容獲取成本。

Operating expenses were $10.4 billion, up 19% year-over-year, in particular, reflecting an increase in marketing spend given the holiday season. Stock-based compensation totaled $1.8 billion. Headcount at the end of the quarter was 80,110, up 2,009 people from last quarter. As in prior quarters, the majority of new hires were engineers and product managers.

營運費用為 104 億美元，年增 19%，這尤其反映了假日季行銷支出的增加。股票薪酬總額達18億美元。本季末員工總數為 80,110 人，較上季增加 2,009 人。與前幾季一樣，新員工大多是工程師和產品經理。

In terms of product areas, the most sizable headcount additions were once again made in Cloud for both technical and sales roles, consistent with the priority we placed on this business. Operating income was $7.7 billion, up 15% versus last year, and the operating margin was 24%. Other income and expense was $354 million. We provide more detail on the line items within OI&E in our earnings press release.

在產品領域方面，雲端運算領域再次增加了數量最多的員工，包括技術人員和銷售人員，這與我們對這項業務的重視程度一致。營業收入為 77 億美元，較去年同期成長 15%，營業利益率為 24%。其他收入和支出為3.54億美元。我們在收益新聞稿中提供了有關 OI&E 內項目的更多詳細資訊。

Our provision for income taxes on a reported basis includes $9.9 billion for items associated with the U.S. tax legislation, resulting in a reported net loss of $3 billion and loss per diluted share of $4.35. Excluding the impact of the U.S. tax legislation, our effective tax rate was 15%. Our net income was $6.8 billion, and earnings per diluted share were $9.70.

我們報告的所得稅準備金包括與美國稅法相關的 99 億美元項目，導致報告淨虧損 30 億美元，每股攤薄虧損 4.35 美元。不包括美國稅法的影響，我們的有效稅率為15%。我們的淨收入為 68 億美元，每股攤薄收益為 9.70 美元。

Turning now to CapEx and operating cash flow. Cash CapEx for the quarter was $4.3 billion. Operating cash flow was $10.3 billion with free cash flow of $6 billion. We ended the quarter with cash and marketable securities of approximately $102 billion.

現在轉向資本支出和經營現金流。本季現金資本支出為 43 億美元。經營現金流為 103 億美元，自由現金流為 60 億美元。本季結束時，我們的現金和有價證券總額約為 1,020 億美元。

Let me now turn to our segment financial results, starting with the Google segment.

現在讓我來談談我們各部門的財務業績，首先從谷歌部門開始。

Revenues were $31.9 billion, up 24% year-over-year. In terms of the revenue detail, Google sites revenues were $22.2 billion in the quarter, up 24% year-over-year, led again by mobile search, complemented by solid growth from desktop search and strong performance from YouTube. Network revenues were $5 billion, up 13% year-on-year, reflecting the ongoing momentum of programmatic and AdMob. Other revenues for Google were $4.7 billion, up 38% year-over-year, fueled by hardware, Cloud and Play.

營收為 319 億美元，年增 24%。從營收細節來看，本季Google網站營收為 222 億美元，比去年同期成長 24%，其中行動搜尋再次領先，桌面搜尋也實現了穩健成長，YouTube 也表現出色。網路營收為 50 億美元，年增 13%，反映出程式化廣告和 AdMob 的持續成長動能。谷歌的其他收入為 47 億美元，年增 38%，主要得益於硬體、雲端運算和 Play 等業務。

Finally, we continue to provide monetization metrics to give you a sense of the price and volume dynamics of our advertising businesses. You can find the details in our earnings press release.

最後，我們持續提供貨幣化指標，讓您了解我們的廣告業務的價格和數量動態。您可以在我們的收益新聞稿中找到詳細資訊。

Total traffic acquisition costs were $6.5 billion or 24% of total advertising revenues and up 33% year-over-year. The increase in site's TAC as a percentage of sites revenues as well as network TAC as a percentage of network revenues continues to reflect the fact that our strongest growth areas, namely mobile search and programmatic, carry higher TAC. Total TAC as a percentage of total advertising revenues was up year-over-year, reflecting primarily an increase in the site's TAC rate, which was modestly offset by a favorable revenue mix shift from network to sites. The increase in the site's TAC rate year-over-year was driven by changes in partner agreements and the ongoing shift to mobile, which carries higher TAC because more mobile searches are channeled through paid access points.

總流量獲取成本為 65 億美元，佔總廣告收入的 24%，較去年同期成長 33%。網站 TAC 佔網站收入的百分比以及網路 TAC 佔網路收入的百分比的增加繼續反映出我們最強勁的成長領域（即行動搜尋和程式化）具有更高的 TAC。總 TAC 佔廣告總收入的百分比同比增長，主要反映了網站 TAC 率的增加，但這一增長被從網絡到網站的收入結構有利轉變所抵消。該網站的 TAC 率同比增長是由於合作夥伴協議的變化以及持續向行動端轉變，由於更多的行動搜尋透過付費存取點進行，因此行動端的 TAC 更高。

The underlying trend affecting the network TAC rate year-over-year continues to be the shift to programmatic, which carries higher TAC. Google's stock-based compensation totaled $1.7 billion for the year, up 1% year-over-year. Operating income was $8.8 billion, up 11% versus last year, and the operating margin was 27%. Accrued CapEx for the quarter was $3.8 billion, reflecting investments in production equipment, facilities and data center construction.

影響網路 TAC 率同比變化的潛在趨勢仍然是向程式化廣告的轉變，因為程式化廣告的 TAC 更高。谷歌全年的股票薪酬總額為 17 億美元，較去年同期成長 1%。營業收入為 88 億美元，較去年同期成長 11%，營業利益率為 27%。本季累計資本支出為 38 億美元，反映了對生產設備、設施和資料中心建設的投資。

Let me now turn and talk about Other Bets. I'll cover results for the full year 2017 because it remains most instructive to look at financials for Other Bets over a longer time horizon, as discussed on prior calls.

現在讓我來談談其他賭注。我將介紹 2017 年全年的業績，因為正如之前的電話會議所討論的那樣，從較長的時間範圍來觀察其他投資的財務狀況仍然最有指導意義。

Results for the quarter are in our earnings release. For the full year 2017, Other Bets revenues were $1.2 billion, up 49% versus 2016, primarily generated by Nest, Fiber and Verily. Operating loss was $3.4 billion for the full year 2017 versus an operating loss of $3.6 billion in 2016. Other Bets accrued CapEx was $507 million, down from $1.4 billion in 2016, primarily reflecting a reduced investment in Fiber. We're pleased with our progress across Other Bets. A couple of updates:

本季的業績已在我們的收益報告中公佈。2017 年全年，其他業務收入為 12 億美元，較 2016 年成長 49%，主要來自 Nest、Fiber 和 Verily。2017 年全年營業虧損為 34 億美元，而 2016 年營業虧損為 36 億美元。其他投資累計資本支出為 5.07 億美元，低於 2016 年的 14 億美元，主要反映了對光纖的投資減少。我們對「其他投注」方面取得的進展感到滿意。一些更新：

Nest turned in a strong holiday performance in the fourth quarter across an expanded family of products in energy, safety and security. In 2017, Nest products also became available in 12 new countries, more than double the number in 2016. Verily wrapped up its first field study, seeking to reduce the transmission of diseases through mosquitoes with positive results. And just last week Onduo, a joint venture between Verily and Sanofi, began a limited commercial launch of its diabetes management platform.

Nest 在第四季度假日季表現強勁，其能源、安全和保全產品系列也得到擴展。2017 年，Nest 產品也在 12 個新國家上市，數量是 2016 年的兩倍多。Verily 完成了首次實地研究，旨在減少透過蚊子傳播疾病，並取得了積極成果。就在上週，Verily 和賽諾菲的合資企業 Onduo 開始有限度地商業化推出其糖尿病管理平台。

At Waymo, progress is accelerating. For example, Waymo surpassed 4 million miles of driving in the real world, taking only 6 months to achieve the last million miles compared to about 18 months for our first million miles. And in November, Waymo announced that it is the only company to have a fleet of driverless cars on public roads that are completely autonomous without anyone in the driver seat. Let me close with some observations on our priorities and longer-term outlook,

Waymo 的進展正在加速。例如，Waymo 在現實世界中的行駛里程已超過 400 萬英里，僅用 6 個月就完成了最後一個 100 萬英里，而我們完成第一個 100 萬英里則花了大約 18 個月。11 月，Waymo 宣布，它是唯一一家在公共道路上擁有無人駕駛汽車的公司，這些汽車完全自主行駛，無需駕駛員。最後，我想談談我們對我們的優先事項和長期展望的一些看法。

Our 23% revenue growth in 2017 was powered in particular by the ongoing extraordinary performance of our sites business. Both mobile and desktop search continue to grow and benefit from our approach to innovation with strong momentum as we identify additional opportunities to enhance the user and advertiser experience.

2017 年我們的營收成長了 23%，這主要得益於我們站點業務持續出色的表現。隨著我們發現更多機會來提升用戶和廣告商的體驗，行動搜尋和桌面搜尋均持續成長，並受益於我們強勁的創新方式。

As we've consistently emphasized, alongside the continued momentum in our advertising business, we are focused on building a second wave of growth within Google over the medium and long term, which includes the rapidly growing revenue businesses in Google: Cloud, hardware and YouTube.

正如我們一直強調的那樣，除了廣告業務的持續增長勢頭之外，我們還專注於在中長期內打造谷歌的第二波增長，其中包括谷歌快速增長的收入業務：雲端運算、硬體和 YouTube。

With respect to Cloud, we are seeing the benefits of a fully featured enterprise offering and an expanded go-to-market team, bringing our advantages in infrastructure, data analytics, security and machine learning to more customers. And we're pleased with the momentum in our hardware business in 2017, driven by an expansion in both our product line and geographic availability.

就雲端而言，我們看到了功能齊全的企業產品和擴大的市場推廣團隊帶來的好處，將我們在基礎設施、數據分析、安全和機器學習方面的優勢帶給更多客戶。我們對 2017 年硬體業務的發展勢頭感到滿意，這得益於我們產品線和地理覆蓋範圍的擴展。

Finally, as we look further into the future for our third wave of growth, we remain excited about the longer-term potential for our Other Bets businesses.

最後，當我們進一步展望未來第三次成長浪潮時，我們仍然對「其他投資」業務的長期潛力感到興奮。

Overall, operating income was up 22% year-over-year in 2017, excluding the impact of the EC fine, although there was obviously fluctuation in the rate of operating income growth quarter-to-quarter. Within cost of revenues, the biggest component is traffic acquisition cost, reflecting our strong revenue growth in mobile search and the fact that mobile search carries higher TAC than our desktop business. While we expect sites TAC to continue to increase as a percentage of sites revenue, reflecting ongoing strength in mobile search, we anticipate that the pace of year-over-year growth in sites TAC, as a percentage of sites revenue, will slow after the first quarter of 2018.

整體來看，剔除歐盟罰款的影響，2017年營業收入年增22%，儘管營業收入成長率較上季波動明顯。在收入成本中，最大的組成部分是流量獲取成本，這反映了我們行動搜尋收入的強勁增長，以及行動搜尋的 TAC 高於我們的桌面業務的事實。雖然我們預計網站 TAC 佔網站收入的百分比將繼續增加，反映出行動搜尋的持續強勁，但我們預計，網站 TAC 佔網站收入的百分比的同比增長速度將在 2018 年第一季之後放緩。

Within OpEx, we are keenly focused on prioritization in order to optimize the resources we're investing for longer-term growth. As I discussed on last quarter's call, marketing spend in the fourth quarter is significantly elevated, in particular, supporting hardware, but also across Cloud and YouTube. For 2018, we remain excited about the investments we are making to drive the next phase of growth in our big bets in Google, in Cloud, hardware and YouTube, and our machine learning efforts, which are powering innovation across our businesses. You'll see us continue to support our priority areas with increased headcount, which will remain concentrated in R&D. With the closing of our deal with HTC earlier this week, for example, we've added 2,000 employees to support our hardware business.

在營運支出方面，我們非常注重優先排序，以便優化我們為長期成長而投資的資源。正如我在上個季度的電話會議上所討論的那樣，第四季度的行銷支出顯著增加，特別是在支援硬體方面，但也包括雲端和 YouTube 方面的支出。2018 年，我們仍然對正在進行的投資感到興奮，這些投資將推動我們在Google、雲端運算、硬體和 YouTube 以及機器學習領域的下一階段成長，為我們各項業務的創新提供動力。您將看到我們繼續透過增加員工人數來支持我們的優先領域，而這些員工仍將集中在研發領域。例如，隨著本週稍早與 HTC 達成交易，我們增加了 2,000 名員工來支援我們的硬體業務。

With respect to SBC, we've completed the transition to a single annual compensation cycle for employees with a full year equity refresh grant to employees in the first quarter of 2018. Our biannual grant to SVPs will also occur in the first quarter, and you will see the combined step up in our first quarter results.

就 SBC 而言，我們已完成向員工單一年度薪酬週期的過渡，並在 2018 年第一季向員工提供全年股權更新獎勵。我們每兩年向高級副總裁發放的獎金也將在第一季發放，您將在第一季的業績中看到綜合成長。

For our Other Bets in 2018, we will continue to calibrate the magnitude and pace of investment appropriate to their individual execution paths.

對於我們2018年的其他投資，我們將繼續根據各自的執行路徑調整投資規模和速度。

Finally, our framework for capital allocation is unchanged from our prior discussions. The primary use of cash continues to be to support organic growth in the business. We're excited about the significant opportunities we've identified in our businesses and continue to invest appropriately. We then layer in a sensitivity analysis regarding potential M&A as well as CapEx, in particular, computing infrastructure to support the needs of these growing businesses. The most sizable catalyst for added investment in compute power include the expanding application of machine learning efforts across Alphabet, as well as additional requirements for Google's Cloud, Search and YouTube businesses. This framework further considers complementary uses such as a share repurchase. After taking these potential investments into account, our Board has decided to extend our share repurchase program up to an additional $8.6 billion of Class C capital stock.

最後，我們的資本配置架構與先前討論的相同。現金的主要用途仍然是支持業務的有機成長。我們對在業務中發現的重大機會感到非常興奮，並將繼續進行適當的投資。然後，我們對潛在的併購以及資本支出進行敏感度分析，特別是計算基礎設施，以支援這些不斷增長的業務的需求。增加運算能力投資的最重要催化劑包括 Alphabet 內部機器學習應用的不斷擴展，以及 Google 的雲端、搜尋和 YouTube 業務的額外需求。該框架進一步考慮了股票回購等補充用途。考慮到這些潛在投資後，我們的董事會決定將我們的股票回購計畫延長至額外的 86 億美元 C 類資本股票。

In conclusion, 2017 was another great year, and we are very excited about the opportunities ahead. I will now turn it over to Sundar.

總而言之，2017 年又是偉大的一年，我們對未來的機會感到非常興奮。現在我將把發言權交給 Sundar。

Thanks, Ruth. Our teams are off to a great start in 2018. This year is special as it will mark 20 years since Google was founded. A lot has changed, but our mission, organizing the world's information and making it universally accessible and useful, remains the best guide for the next 10 years.

謝謝，露絲。我們的團隊在 2018 年取得了良好的開端。今年是特別的一年，因為這是Google成立20週年。雖然很多事情都發生了變化，但我們的使命——整合全球信息，使人人皆可訪問並從中受益——仍然是未來 10 年的最佳指南。

Technology is an incredibly dynamic industry. We've been laying a foundation for the next decade as we pivot to an AI-first company, powering the next generation of Google products, like the Google Assistant. And we have been making substantial investments in our 3 biggest bets: Cloud, YouTube and hardware. These bets have enormous potential and already, they are showing real momentum and gaining traction. Today, I'll start by sharing some of the exciting progress in these 3 big bets.

科技是一個極具活力的行業。我們致力於成為一家以人工智慧為先的公司，為 Google Assistant 等下一代 Google 產品提供支持，為未來十年奠定基礎。我們對三大賭注進行了大量投資：雲端、YouTube 和硬體。這些賭注具有巨大的潛力，並且已經顯示出真正的動力並獲得關注。今天，我將首先分享這三大賭注的一些令人興奮的進展。

First, Google Cloud. Google Cloud, which includes Google Cloud Platform and G Suite, has reached meaningful scale. And I'm excited to share today that it's already $1 billion-per-quarter business. In fact, we believe that Google Cloud Platform, based on publicly reported data for the 12 months ending December 2017, is the fastest-growing major public cloud provider in the world.

首先是Google雲端。包括 Google Cloud Platform 和 G Suite 在內的 Google Cloud 已經達到了相當規模。今天我很高興地告訴大家，我們的業務每季的營業額已經達到 10 億美元。事實上，根據截至 2017 年 12 月的 12 個月的公開報告數據，我們認為 Google Cloud Platform 是全球成長最快的主要公有雲供應商。

We're also increasingly doing larger, more strategic deals with customers. In fact, a number of deals worth over $1 million across all cloud products more than tripled from 2016 to 2017. The strength of our products and the value of working with Google is increasingly clear to partners and customers.

我們也越來越多地與客戶進行規模更大、更具策略性的交易。事實上，2016 年至 2017 年，所有雲端產品中價值超過 100 萬美元的交易數量增加了兩倍多。我們的產品優勢以及與 Google 合作的價值對於合作夥伴和客戶來說越來越清晰。

In the fourth quarter, we forged new and deepened existing partnerships with industry leaders, including Cisco for open hybrid enrollments, Salesforce for customer insights and productivity and SAP for AI and data insights across their products. These collaborations span our entire companies from engineering integration to marketing programs to joint sales, and they cover Google Cloud Platform, G Suite and Google Analytics.

在第四季度，我們與行業領先企業建立了新的合作夥伴關係並深化了現有的合作夥伴關係，包括與思科（在開放混合註冊方面）、與 Salesforce（在客戶洞察和生產力方面）以及與 SAP（在其產品中提供人工智慧和數據洞察方面）建立的合作夥伴關係。這些合作涵蓋我們整個公司，從工程整合到行銷計劃再到共同銷售，涵蓋 Google Cloud Platform、G Suite 和 Google Analytics。

We also saw accelerating customer traction on our (inaudible) included global brands like Bed, Bath & Beyond, Dentsu Aegis Network, Keller Williams, Mattel and Tyco Retail Solutions. And underscoring the increasing importance of Google Cloud to the enterprise, we surpassed another new milestone, 4 million paying customers on G Suite.

我們也看到，我們旗下的 Bed、Bath & Beyond、電通安吉斯集團、Keller Williams、Mattel 和 Tyco Retail Solutions 等全球品牌的客戶吸引力正在加速成長。我們又突破了一個新的里程碑：G Suite 付費客戶數達到 400 萬，凸顯了 Google Cloud 對企業日益增長的重要性。

Next, YouTube. Every month, more than 1.5 billion people come to YouTube to watch their favorable content on channels ranging from TheEllenShow, which has more than 22 million subscribers; to the NBA, with over 8 million subscribers; to SciShow, a really popular educational channel with more than 4.5 million subscribers. In fact, there are over 1 billion learning-related video views every day on YouTube. I learned that this week.

接下來是 YouTube。每個月，有超過 15 億人造訪 YouTube，觀看自己喜歡的頻道內容，其中包括擁有超過 2,200 萬訂閱者的 TheEllenShow； NBA，擁有超過 800 萬訂閱用戶；到 SciShow，一個非常受歡迎的教育頻道，擁有超過 450 萬訂閱者。事實上，YouTube 上每天與學習相關的影片的觀看次數超過 10 億次。我這週就了解到了這一點。

With all this great content, people are thinking of YouTube more as a key part of their TV viewing experience. For Tuesday night's State of the Union, more partners used YouTube to live stream the address than ever before, generating 5 million live views. And just yesterday, we announced a partnership with Major League Soccer's, LA Football Club. YouTube TV will be the exclusive home to watch all locally-televised English language matches in addition to their original programming and content.

有了這些精彩的內容，人們越來越認為 YouTube 是他們電視觀看體驗的重要組成部分。在周二晚上的國情咨文演講中，使用 YouTube 進行直播的合作夥伴比以往任何時候都多，直播觀看次數達到 500 萬次。就在昨天，我們宣布與美國職業足球大聯盟洛杉磯足球俱樂部建立合作關係。YouTube TV 將成為觀看所有本地電視轉播的英語比賽以及原創節目和內容的獨家平台。

YouTube TV is now also available on Roku. There is great momentum around the world with localized versions of YouTube now in 90 countries in 80 different languages. Just this morning, we announced that we are expanding the popular YouTube Go app to over 130 countries around the globe. The app has great data usage transparency and controls built in, which is especially useful for people living in regions with limited connectivity.

YouTube TV 現在也可在 Roku 上使用。YouTube 在全球發展勢頭強勁，目前已在 90 個國家推出 80 種不同語言的在地化版本。就在今天早上，我們宣布將把流行的 YouTube Go 應用程式擴展到全球 130 多個國家。該應用程式具有出色的數據使用透明度和內建控制功能，對於居住在連接受限地區的人特別有用。

In the fourth quarter, we also strengthened our relationship with the music industry, signing new licensing deals with Sony Music Entertainment and Universal Music Group. We also partnered with Ticketmaster to help fans buy tickets to see their favorite artists perform live.

第四季度，我們也加強了與音樂產業的關係，並與索尼音樂娛樂公司和環球音樂集團簽署了新的授權協議。我們還與 Ticketmaster 合作，幫助粉絲購買門票觀看他們最喜歡的藝術家的現場表演。

Third, our growing hardware business. Our Made by Google hardware products were very popular this holiday season. Device shipments in the fourth quarter have more than doubled year-over-year. Our retail partners also saw strong performance. Our devices are available in stores like Best Buy, Target and Walmart. I'm especially excited about the popularity of our Google devices for the home, like the Google Home Mini, Max and Chromecast. In the last year, we have sold tens of millions of these devices and counting. I want to call out the great work of our marketing and design teams. Our hardware is beautiful individually and as a family, and people love discovering the unique features like the built-in Google Assistant.

第三，我們不斷成長的硬體業務。我們的「Google製造」硬體產品在這個假期季節非常受歡迎。第四季設備出貨量年增一倍以上。我們的零售合作夥伴也表現出色。我們的設備在百思買、塔吉特和沃爾瑪等商店有售。我對我們的 Google 家用裝置（例如 Google Home Mini、Max 和 Chromecast）的受歡迎程度感到特別興奮。去年，我們已經銷售了數千萬台這樣的設備，而且還在持續成長中。我想讚揚我們的行銷和設計團隊的出色工作。我們的硬體無論從個體或整體來看都十分美觀，人們喜歡探索內建 Google Assistant 等獨特功能。

Earlier this week, we officially closed our deal with HTC, which will bring great talent to drive even more innovation in the years to come.

本週早些時候，我們正式與 HTC 達成協議，HTC 將引進優秀人才，在未來幾年推動更多創新。

Turning to our efforts in machine learning. Or AI research and innovation leads the world. Our mission to better organize the world's information has been transformed by these technologies with our search products and the Google Assistant at the heart. There's great momentum around the Google Assistant, as we bring it to more people on more devices. It's now available on more than 400 million devices, including speakers like Google Home as well as Android phones and tablets, iPhones, headphones, televisions, watches and more. People love to use the Assistant on all these devices. There was a lot of excitement around the Google Assistant at CES from partners and consumers, where we brought the Assistant to new surfaces, like smart displays from brands like JBL and Lenovo as well as Android Auto, which is now available in more than 400 car models from brands like GM, Hyundai and Volvo.

談談我們在機器學習方面的努力。或者說人工智慧研究和創新引領世界。這些技術以我們的搜尋產品和 Google Assistant 為核心，改變了我們更好地組織世界資訊的使命。隨著我們透過更多裝置將 Google Assistant 帶給更多用戶，Google Assistant 的發展勢頭十分強勁。目前，它已在超過 4 億台設備上可用，包括 Google Home 等揚聲器以及 Android 手機和平板電腦、iPhone、耳機、電視、手錶等。人們喜歡在所有這些設備上使用助手。在 CES 上，合作夥伴和消費者對 Google Assistant 表現出極大的興趣，我們將 Assistant 帶入了新的領域，例如 JBL 和聯想等品牌的智慧顯示器以及 Android Auto，目前 Android Auto 已應用於通用、現代和沃爾沃等品牌的 400 多種車型。

One area that's really benefiting from our advancements in AI is photography. The Pixel 2 phone is the leader in video rankings by industry standards with smoother and clearer videos, thanks to machine learning and our video stabilization technique.

真正受益於人工智慧進步的一個領域是攝影。由於機器學習和我們的視訊穩定技術，Pixel 2 手機在業界標準的視訊排名中處於領先地位，視訊更流暢、更清晰。

And Google Photos continues to go from strength to strength. On New Year's Eve alone, over 3 billion photos and videos were uploaded to Google Photos.

Google Photos 繼續不斷壯大。光是在新年前夕，就有超過 30 億張照片和影片被上傳到 Google Photos。

More broadly, we want everyone to be able to use machine learning for their own needs. We recently gave Google Cloud customers access to Auto ML, which makes it far easier to build complex new [enrollments]. Since its launched a few weeks ago, over 10,000 customers have already signed up to try it.

更廣泛地說，我們希望每個人都能根據自己的需求使用機器學習。我們最近向 Google Cloud 客戶提供了 Auto ML 的存取權限，這使得建立複雜的新 [註冊] 變得更加容易。自幾週前推出以來，已有超過 10,000 名客戶報名試用。

Lastly, I'll give a quick update on our computing and advertising platforms. First, Android. To provide a better, more tailored experience for our next billion users, we made Android Oreo Go edition available for our device partners. This year, we expect to see Go devices from dozens of manufacturers and with great support for mobile operators and app developers around the world. I'm confident that this will bring the power of smartphones to many more people for the first time.

最後，我將簡要介紹我們的計算和廣告平台。首先，Android。為了為我們的下一個十億用戶提供更好、更個人化的體驗，我們為裝置合作夥伴提供了 Android Oreo Go 版本。今年，我們預計將看到來自數十家製造商的 Go 設備，並為世界各地的行動營運商和應用程式開發人員提供大力支援。我相信這將首次讓更多的人享受智慧型手機的強大功能。

Google Play is also growing well. Just last week, we introduced audiobooks so you can now catch up on your favorite books any time on multiple devices. And in Latin America, a number of unique monthly buyers on Google Play grew by over 50% year-over-year in 2017.

Google Play 也發展良好。就在上週，我們推出了有聲讀物，因此您現在可以隨時在多種裝置上收聽您喜歡的書籍。在拉丁美洲，2017 年 Google Play 的每月獨立購買者數量較去年同期增加了 50% 以上。

Chromebooks also continued to gain momentum and traction. Third party research tells us that fourth quarter sales of consumer Chromebooks in the U.S. grew by over 70% year-over-year.

Chromebook 也持續獲得發展動力和關注。第三方研究表明，美國消費級 Chromebook 第四季銷量年增超過 70%。

Moving to our advertising platforms, which help large and small businesses. As shoppers turn to their mobile phones this holiday shopping season, Google was central to helping them discover new brands, compare products and find the best deals. We redesigned the mobile shopping experience on Google, bringing more product information to the forefront like reviews and ratings. We are also making the payments experience simpler, safer and more consistent. We brought our payments efforts together as the new Google Pay, which shoppers can use to pay online in stores and across Google products like Chrome and the Play Store. Companies like Airbnb and Insta Cart are using Google Pay to speed up mobile check out. And Hotel Tonight found that customers using Google Pay are 65% more likely to complete their bookings.

轉向我們的廣告平台，為大大小小的企業提供協助。在這個假期購物季，隨著購物者紛紛使用手機購物，Google在幫助他們發現新品牌、比較產品和找到最優惠價格方面發揮了重要作用。我們重新設計了 Google 的行動購物體驗，將更多產品資訊（如評論和評分）放在首位。我們也致力於讓支付體驗更簡單、更安全、更一致。我們將所有支付功能整合為全新的 Google Pay，購物者可以使用它在商店以及 Chrome 和 Play Store 等 Google 產品上進行線上支付。Airbnb 和 Insta Cart 等公司正在使用 Google Pay 來加快行動結帳速度。Hotel Tonight 發現，使用 Google Pay 的顧客完成預訂的可能性高出 65%。

We also have really strong momentum in app promotion ads. The majority of our app promotion campaigns are now using universal app campaigns, which is part of our focus on simplifying the advertiser experience. Additionally, we introduced a new playable ad format in Google Play that allows users to sample games before they install. Ads in Google Play are performing really well for developers.

我們在應用程式推廣廣告方面也擁有非常強勁的發展動能。我們的大多數應用程式推廣活動現在都使用通用應用程式廣告系列，這是我們致力於簡化廣告客戶體驗的一部分。此外，我們在 Google Play 中推出了一種新的可玩廣告格式，讓用戶在安裝之前試玩遊戲。Google Play 中的廣告對開發者來說效果非常好。

And our app promotion business on YouTube is flourishing. We launched major initiatives, such as [tourism measurement] and location-based ad formats to drive online to offline commerce. We are focused on making sure YouTube is a great place for users and advertisers while helping creators earn money from popular content.

我們在 YouTube 上的應用程式推廣業務也蒸蒸日上。我們推出了一些重大舉措，例如（旅遊測量）和基於位置的廣告格式，以推動線上到線下的商業發展。我們致力於確保 YouTube 成為用戶和廣告商的理想平台，同時幫助創作者透過熱門內容賺錢。

In addition to the significant work we are doing to product users and stop abuse on the platform, just a few weeks ago, we announced changes to advertising on YouTube, including stricter monetization criteria, new manual reviews for all videos in Google Preferred and simpler controls for marketers. The feedback we have received from advertisers and creators so far has been really positive.

除了我們為產品用戶所做的重要工作和阻止平台濫用行為之外，就在幾週前，我們宣布了對 YouTube 廣告進行更改，包括更嚴格的貨幣化標準、對 Google Preferred 中所有影片進行新的手動審核以及為行銷人員提供更簡單的控制。到目前為止，我們從廣告商和創作者那裡收到的回饋非常積極。

So as you can see, we are making great strides in our biggest bets, and I'm proud of the work we are doing across the company. I'm also incredibly proud that as Google grows, we are making significant contributions to our partners, the economy and our local communities. Our business continues to benefit our partners around the world. This includes news publishers, app developers and YouTube creators who we share revenue with.

正如您所看到的，我們在最大的賭注上取得了長足的進步，我為我們整個公司所做的工作感到自豪。我也非常自豪，隨著Google的發展，我們正在為我們的合作夥伴、經濟和當地社區做出重大貢獻。我們的業務持續為全球各地的合作夥伴帶來利益。其中包括與我們分享收入的新聞出版商、應用程式開發人員和 YouTube 創作者。

Over the last 4 years, our partners have earned over $100 billion. That's incredible, and we are working on new ways to drive even more value to our partners. In the U.S. specifically, we have offices and data centers across 21 states, and we plan to hire thousands of people across the U.S. this year.

過去4年裡，我們的合作夥伴獲利超過1000億美元。這真是太棒了，我們正在研究新的方法為我們的合作夥伴創造更多價值。具體來說，在美國，我們在 21 個州設有辦公室和資料中心，今年我們計劃在美國各地招募數千名員工。

Last year in the U.S., we grew faster outside the Bay Area than in the Bay Area. To support this growth, we'll be making significant investments in offices across 9 states, including Colorado and Michigan. We'll also be building or opening 5 big new data centers in the U.S. And with digital skills in high demand by employers, our Grow with Google initiative will help jobseekers and small businesses gain education and skills to help them succeed.

去年在美國，我們在灣區以外的成長速度比灣區更快。為了支持這一成長，我們將對包括科羅拉多州和密西根州在內的 9 個州的辦事處進行大量投資。我們還將在美國建造或開設 5 個大型新資料中心。由於雇主對數位技能的需求很高，我們的「與 Google 一起成長」計畫將幫助求職者和小型企業獲得教育和技能，幫助他們取得成功。

Just a couple of weeks ago, we announced that we are creating an IT support certification program that will give thousands of people scholarships and job opportunities. More than 10,000 people have already signed up, which is amazing.

就在幾週前，我們宣布正在創建一個 IT 支援認證計劃，為數千人提供獎學金和就業機會。目前已有超過 1 萬人報名，真是太棒了。

I want to thank all our employees, Google users, partners and advertisers around the world. I couldn't be more excited about what's in store for all of us this year. With that, I'll hand it back over to Ruth.

我要感謝我們所有的員工、Google使用者、合作夥伴和世界各地的廣告商。我對我們今年將要發生的事情感到無比興奮。說完這些，我就把它交還給露絲。

Thank you, Sundar. And we will now take your questions.

謝謝你，桑達爾。現在我們將回答大家的提問。

(Operator Instructions) And our first question comes from Eric Sheridan of UBS.

（操作員指示）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe 2. One for Sundar, one for Ruth. Sundar, coming out of CES and the success you had with Google Home and the Google Assistant during the holiday period based on the blog post you guys put out, can you identify some of the key investments in either partnerships or hardware capabilities that you're targeting over the next 1 to 2 years to make sure the momentum around Assistant is sustained? And then, Ruth, looking at cost of goods sold, that came in quite a bit higher than we thought, and you were lapping a one-time charge, if we have it right, versus the year-ago period. Maybe you could talk a little bit about some of the pressures in cost of goods sold that were either seasonal or maybe a new normal in terms of a higher level going forward. Any color there would be really appreciated.

也許是 2 個。一個給 Sundar，一個給 Ruth。Sundar，從你們在 CES 上發布的部落格文章中可以看出，Google Home 和 Google Assistant 在假期期間取得了成功，能否指出你們計劃在未來 1 到 2 年內在合作夥伴關係或硬體功能方面進行哪些關鍵投資，以確保 Assistant 的發展勢頭能夠持續下去？然後，露絲，看看銷售成本，這個數字比我們想像的要高得多，如果我們沒記錯的話，與去年同期相比，你收取了一次性費用。也許您可以稍微談談銷售成本方面的一些壓力，這些壓力要么是季節性的，要么是未來更高水平的新常態。任何顏色都會受到歡迎。

Thanks, Eric. On the Google Assistant and Google Home, we are very excited about the momentum we saw in CES. It actually reflects work we've been doing for a while. Google Assistant in some ways brings together all the technology we've been building for years, and it's an extension and it's supported by Google Search as well. We are also thinking about our capabilities broadly beyond just one device alone. And that's what we are doing here across phones, across all surfaces. So that's something big we are focused on. And the second is we always build ecosystems, be it Android or Chrome or Chromebooks. We work with many, many partners and scale up things, right? And so we are leveraging those best practices and trying to build this in a way in which the entire ecosystem can ship products with the Google Assistant and generate values. So I think the framework is great. And long term, our investments in AI will directly manifest those capabilities for users through the Google Assistant. So I'm very bullish on it.

謝謝，埃里克。關於 Google Assistant 和 Google Home，我們對在 CES 上看到的勢頭感到非常興奮。它實際上反映了我們一段時間以來所做的工作。從某種程度上來說，Google Assistant 整合了我們多年來一直在開發的所有技術，它是一個擴展，也得到了 Google 搜尋的支援。我們也在廣泛思考我們的能力，而不僅僅是單一的設備。這就是我們在手機、所有介面上所做的事情。所以這是我們關注的一件大事。第二，我們始終致力於建立生態系統，無論是 Android、Chrome 還是 Chromebook。我們與許多合作夥伴合作並擴大規模，對嗎？因此，我們正在利用這些最佳實踐，並嘗試以一種方式建立它，使整個生態系統能夠透過 Google Assistant 發布產品並產生價值。所以我認為這個框架很棒。從長遠來看，我們在人工智慧方面的投資將透過 Google Assistant 直接向用戶體現這些功能。所以我對此非常看好。

And then in terms of the gross margins, it obviously reflects our product mix. And as you know well, the TAC rate for each of sites and network as a percentage of those revenue lines does continue to increase because they're our strongest growth areas, namely mobile search and programmatic, and so carry higher TAC. But as I indicated in my opening comments, we do estimate that the year-on-year increase in the sites TAC rate will slow after the first quarter of 2018. And then the other thing to note, other cost of revenue does reflect the seasonality of hardware, having increased both the number of products in the Made by Google family as well as continuing to expand geographically in Western Europe and APAC. You can see that reflected here.

就毛利率而言，它顯然反映了我們的產品組合。眾所周知，每個網站和網路的 TAC 率佔這些收入線的百分比確實在持續增加，因為它們是我們成長最強勁的領域，即行動搜尋和程式化，因此具有更高的 TAC。但正如我在開場白中指出的那樣，我們確實估計，2018 年第一季之後站點 TAC 率的同比增長將會放緩。然後需要注意的另一件事是，其他收入成本確實反映了硬體的季節性，既增加了 Google 製造系列的產品數量，也繼續在西歐和亞太地區的地理範圍內擴張。您可以在這裡看到這一點。

And our next question comes from Heather Bellini of Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Two quick questions. One for Ruth and Sundar. I guess, Ruth, just to follow-up on your comments there, the partner agreements which you just cited. Is there any color you could give us on how these typically work? And what I mean by that is are they typically multiyear deals on average? And how do we think about these impacting the rate of change in tax since you were talking about the pace of growth in TAC as we look out, call it, in year 2 if these are multiyear deals? And then for Sundar, I guess, I wanted to follow up a little bit with what we saw at CES. But how do you think about voice? And given the significant number of devices in the market, how do you think in the future about traffic acquisition strategies on these devices as you look 5 years down the road? Is there any reason to think that the strategies might be different that you're going to follow as you look ahead than what we've seen over the past, call it, since the advent of the iPhone?

兩個簡單的問題。一個給露絲和桑達爾。我想，露絲，我只是想跟進一下你的評論，即你剛才提到的合作夥伴協議。您能告訴我們這些通常是如何運作的嗎？我的意思是，這些合約平均都是多年期的嗎？既然您談到了 TAC 的成長速度，那麼我們如何看待這些對稅收變化率的影響，如果這些是多年期交易，那麼在第二年我們稱之為 TAC 的成長速度？對於 Sundar 來說，我想稍微跟進一下我們在 CES 上看到的情況。但是你如何看待聲音？鑑於市場上的設備數量眾多，您如何看待未來 5 年內這些設備的流量獲取策略？是否有理由認為，您未來採取的策略可能與我們過去（例如 iPhone 問世以來）所見的策略有所不同？

So on your first question, there's not much really that I'm going to be able to add there. I mean, given the ongoing momentum in our mobile search business, this does continue to be relevant as you look forward, given mobile carries higher TAC. But the rate, as per your question, has also reflected changes in partnership agreement. So all factors considered, we expect the year-on-year increases will slow after the first quarter of '18. And as I've said on many of these calls, we're very pleased to have a very strong position in a rapidly growing market, and that momentum does continue. I guess, the only other thing to add is that Q4 TAC as a percentage of revenues does benefit from the fact that the fourth quarter is a seasonally strong quarter for YouTube. So quarter-on-quarter changes are less insightful because CAC is distinct from TAC. It's not in this number. But not much more to add there. Pass it to Sundar.

因此，對於您的第一個問題，我實際上沒有什麼可以補充的。我的意思是，鑑於我們行動搜尋業務的持續發展勢頭，鑑於行動具有更高的 TAC，這確實在未來仍然具有相關性。但正如您所問，該比率也反映了合作協議的變化。因此，綜合考慮所有因素，我們預計2018年第一季後同比增長將會放緩。正如我在許多電話會議上所說的那樣，我們很高興能夠在快速成長的市場中佔據非常強勢的地位，而且這種勢頭確實會持續下去。我想，唯一需要補充的是，第四季度 TAC 佔收入的百分比確實受益於第四季度是 YouTube 的季節性強勁季度這一事實。因此，季度環比變化不太具有洞察力，因為 CAC 與 TAC 不同。這個號碼裡面沒有這個。但沒有太多可補充的。將其傳遞給 Sundar。

And Heather, on voice, we are very excited by voice. We obviously see it being adopted strongly in countries like India. It's actually a significant part of just mobile search queries in general. And things like Google Assistant and doing Google Home kind of really accelerates the trend. But we definitely see more multi-modalities. So as you saw, we also announced many smart displays at CES. And I think that will be an exciting trend as well. So we'll bet on all of that. In general, I think about we want to be there for users when they need us and we want to serve everyone. That's why we work across the ecosystem. We do first-party devices. We do it globally. And so we are committed to doing that well. So I think it'll be an extension of how we have approached search from day 1 and trying to serve everyone. And so I don't, overall, see a big shift.

希瑟，關於聲音，我們對聲音感到非常興奮。我們明顯看到它在印度等國家被大力採用。它實際上是一般行動搜尋查詢的重要組成部分。而像 Google Assistant 和 Google Home 這樣的產品確實加速了這個趨勢。但我們確實看到了更多的多模態。正如您所看到的，我們還在 CES 上發布了許多智慧顯示器。我認為這也是一個令人興奮的趨勢。所以我們會打賭這一切。總的來說，我想當用戶需要我們時，我們希望為他們服務，我們希望為每個人服務。這就是我們在整個生態系統中開展工作的原因。我們生產第一方設備。我們在全球範圍內這樣做。因此我們致力於做好這件事。所以我認為這將是我們第一天開始的搜尋方式的延伸，並嘗試為每個人提供服務。因此，總體而言，我沒有看到很大的轉變。

And our next question comes from Douglas Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的道格拉斯·安穆斯。

Some big news earlier this week just in terms of Waymo with FCA talking about delivering thousands of minivans to Waymo later in the year. So I was hoping, Ruth, you could just talk to us more about the timing for that business and how we should think about the economic model there as you move to operations and deployment phase. And then, secondly, the cash, now obviously much more accessible in terms of what is held overseas. Can you just talk more about your plans there. Obviously, a bigger buyback there, but still not meaningful in terms of the overall size of the company.

本週早些時候，有關 Waymo 的一些重大消息傳來，FCA 表示將在今年稍後向 Waymo 交付數千輛小型貨車。所以我希望，露絲，你能和我們更多地談談這項業務的時機，以及在進入營運和部署階段時我們應該如何考慮那裡的經濟模式。其次，就海外持有的現金而言，現在顯然更容易取得了。您能否詳細談談您的計劃？顯然，那裡的回購規模更大，但就公司的整體規模而言仍然沒有意義。

Sure. So first on Waymo, we do remain very excited about the opportunity with Waymo and our continued progress on multiple fronts, in particular, the rider program in Phoenix, we're excited about and we're expanding our testing to more states. In November, we announced that Waymo's self-driving TAC reached a major milestone, becoming the only company to have a fleet of driverless cars on public roads that are completely autonomous. And that builds on our more than 4 million test miles driven in the real world in 7 states, 25 US cities, we're currently driving -- self-driving, I should say, 10,000 miles every day, with billions of miles in simulation and robust testing at our private facility. So more to your question, we do continue to explore a range of options beyond the program we're piloting in Phoenix, including ride-sharing and personal use vehicles logistics, deliveries and working with cities to help them address public transportation objectives. That being said, our first commercial application is the ride service that we will launch in 2018 that would be open to members of the public in Phoenix. And riders will be able to use our Waymo app to hail one of our fully driving -- self-driving cars without a driver at the wheel. So very excited about that. And then in terms of cash. I think the main point, as we think about it, is there's no change in our approach to our capital allocation framework. We've consistently been focused on long-term investing. We talked a lot about that already on this call. And our framework has been, therefore, very consistent. The priority, the first use is organic. It's investing in the many opportunities that we have. And the second is strategic. And we do remain active with smaller M&A deals, in particular, to support our Cloud business in hardware. The HTC deal, which we just closed, is a good example of that. Third is CapEx. So we continue to invest in machines to support growth we see across Google. But in particular, supporting Cloud, Search, YouTube and all that we're doing in machine learning. And then finally, that leaves return of capital. When we considered all of that, that's what led us to extend -- have the Board extend the share repurchase program, which we announced a couple of years ago. And we'll let you determine what that number represents in true Google fashion, but it's just a modest increase to what we've been doing previously.

當然。首先關於 Waymo，我們對與 Waymo 合作的機會以及我們在多個方面的持續進展感到非常興奮，特別是鳳凰城的乘客計劃，我們對此感到非常興奮，我們正在將測試擴展到更多州。11 月，我們宣布 Waymo 的自動駕駛 TAC 達到了一個重要的里程碑，成為唯一一家在公共道路上擁有完全自動駕駛的無人駕駛汽車車隊的公司。這是基於我們在 7 個州、25 個美國城市的真實世界中行駛的超過 400 萬英里的測試里程，目前我們每天的自動駕駛里程應該說是 10,000 英里，並且在我們的私人設施中進行了數十億英里的模擬和嚴格測試。所以，更詳細地回答您的問題，除了我們在鳳凰城試點的項目之外，我們確實還在繼續探索一系列的選擇，包括共乘和個人用車物流、送貨以及與城市合作，幫助他們實現公共交通目標。話雖如此，我們的第一個商業應用是我們將於 2018 年推出的乘車服務，該服務將向鳳凰城的公眾開放。乘客可以使用我們的 Waymo 應用程式叫一輛完全無人駕駛的汽車——無需駕駛員在方向盤上。我對此感到非常興奮。然後就現金而言。我認為，我們認為的重點是，我們的資本配置框架方法並沒有改變。我們一直專注於長期投資。我們在這次通話中已經討論了很多這個問題。因此，我們的框架非常一致。優先考慮的是有機的。這是對我們擁有的眾多機會的投資。第二是戰略性的。我們確實仍然積極參與小型併購交易，特別是為了支援我們的硬體雲端業務。我們剛完成的 HTC 交易就是一個很好的例子。第三是資本支出。因此，我們將繼續投資機器來支援 Google 的成長。但具體來說，支援雲端、搜尋、YouTube 以及我們在機器學習領域所做的一切。最後，剩下的就是資本回報。當我們考慮到所有這些因素時，我們決定延長——讓董事會延長我們幾年前宣布的股票回購計劃。我們會讓您以真正的 Google 方式確定該數字代表什麼，但與我們之前所做的相比，這只是一個適度的增長。

And our next question comes from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. The first one, Ruth, you called out desktop search, I think, for the second straight quarter as being relatively strong. Could you just talk about some of the drivers of the strength of desktop. And how do you think about the sustainability of continued strong desktop growth into 2018 and beyond? The second one, kind of a question in search query volume. There's often speculation and question marks around how consumer behavior is changing in e-commerce and whether Google is still capturing as many e-commerce searches. Could you just talk to what you're seeing in retail search query volumes and search user growth within e-commerce in the United States?

我有 2 個。第一個問題，露絲，我認為您提到桌面搜尋連續第二個季度表現相對強勁。您能否談談桌面優勢的一些驅動因素？您如何看待 2018 年及以後桌面市場持續強勁成長的可持續性？第二個問題是關於搜尋查詢量的問題。人們經常猜測和質疑電子商務中的消費者行為如何變化，以及Google是否仍然佔據著盡可能多的電子商務搜尋份額。您能否談談您在美國電子商務零售搜尋查詢量和搜尋用戶成長方面看到的情況？

Overall, we -- obviously, search is very broad. And even when you talk about commercial, I think we serve across many, many categories, including things like -- from travel to hotels and to services, to products and so on. So we're very, very comprehensive. And obviously, e-commerce is evolving a lot, and we continue to invest there. Google Shopping is doing well. I mean, we work hard to make sure we bring the best experience possible, which is why [asset evolves] Search and Assistant be partner with companies like Walmart, for example, to make it much easier to buy products and so on. So we invest a lot there. You are right. Consumer behavior is changing, but we are comfortable given that breadth of how we do things and how that -- how we are focused on user experience there.

總的來說，我們——顯然，搜尋範圍非常廣泛。即使談到商業，我認為我們的服務涵蓋許多類別，包括旅遊、酒店、服務、產品等等。所以我們非常非常全面。顯然，電子商務正在迅速發展，我們將繼續在該領域進行投資。Google Shopping 表現良好。我的意思是，我們努力確保帶來最好的體驗，這就是為什麼[asset evolves] Search and Assistant 與沃爾瑪等公司合作，以使購買產品等變得更加容易。所以我們在那裡投入了大量資金。你是對的。消費者行為正在發生變化，但考慮到我們做事的廣度以及我們如何關注用戶體驗，我們對此感到滿意。

And on your question on desktop. There really isn't one particular item to call out here. And that's why last quarter, I tried to walk through the process that our team goes through and the way they look at innovations really stepping back and recognizing that the way we all use smartphones and desktop is continuing to evolve. And so therefore, there's utility and challenging assumptions about evolving user behavior and advertiser preferences, and that opens new lines of inquiry, which benefits not just mobile, but also desktop. And desktop did deliver solid revenue growth. It does remain an important form factor for certain more complex tasks such as planning vacations or assessing insurance options, and we're pleased with the ongoing strength. So I'll leave it to you to do any of the forecasting. But we just view it as yet another valuable form factor and are really pleased with the performance there.

關於您在桌面上的問題。這裡確實沒有什麼特別值得一提的事。這就是為什麼上個季度我試圖介紹我們的團隊所經歷的過程以及他們看待創新的方式，真正退一步並認識到我們使用智慧型手機和桌上型電腦的方式正在不斷發展。因此，關於不斷變化的用戶行為和廣告商偏好的假設既實用又具有挑戰性，這開闢了新的研究方向，不僅對行動裝置有利，而且對桌面設備也有利。而桌面確實帶來了穩健的收入成長。對於某些更複雜的任務（例如計劃假期或評估保險選項）來說，它確實仍然是一個重要的外形因素，我們對其持續的實力感到滿意。因此我將把預測工作留給你們去做。但我們只是將其視為另一個有價值的外形因素，並且對其性能感到非常滿意。

And our next question comes from Anthony DiClemente of Evercore.

我們的下一個問題來自 Evercore 的 Anthony DiClemente。

I have one for Sundar and one for Ruth. Sundar, on YouTube, you mentioned the 1.5 billion people come to YouTube. Any other information you can give us there on user growth or engagement trends, would be great, anything on time spent. I mean, particularly as YouTube becomes more mature, and mobile video, particularly in North America, gets more competitive. And then also on YouTube, anything around new products or features driving the monetization or ad business? And then Ruth, just a question on the growth in marketing spend. In the fourth quarter, I think you said that the 4Q is significantly elevated. Should we interpret that to mean that the growth rate in selling and marketing year-over-year should decelerate off the 4Q? And then just related to that, [in] getting a good return on investment from this marketing spend, particularly when you think about media mix and all the spend that we've seen on TV as compared to digital marketing.

我有一個給 Sundar，還有一個給 Ruth。Sundar，關於 YouTube，您提到有 15 億人造訪 YouTube。如果您能向我們提供有關用戶成長或參與度趨勢的任何其他信息，以及有關花費時間的任何信息，那就太好了。我的意思是，隨著 YouTube 變得越來越成熟，行動影片（尤其是在北美）的競爭也變得越來越激烈。那麼在 YouTube 上，有什麼新產品或新功能可以推動貨幣化或廣告業務嗎？然後是露絲，我問一個關於行銷支出成長的問題。在第四季度，我認為您說的是4Q明顯提升。我們是否應該將其解讀為銷售和行銷同比成長率應該從第四季開始放緩？與此相關的是，從這筆行銷支出中獲得良好的投資回報，特別是當你考慮媒體組合以及我們在電視上看到的所有支出與數位行銷的比較時。

Look, on YouTube, we are continuing to see great momentum. Maybe one area, which for example highlights how well it's doing is if you think about YouTube on TV, people actually watching YouTube on the big screen, our growth has been significant there. And so increasingly, people will use YouTube for -- we see it being used across every possible use case. And I said it earlier in the call, every day, we get over 1 billion user on educational content alone. People use it to go catch up on sports, music, entertainment. And so you can think about the breadth of -- historically, YouTube has been very strong on mobile. It continues to be strong on mobile. It's doing particularly well in the next billion user markets. Our growth last year was very strong there, which is why we supported it with investments like YouTube Go. And we are seeing it now growth well beyond mobile, especially in the living room. So a lot of momentum there.

你看，在 YouTube 上，我們繼續看到強勁的發展勢頭。也許有一個領域可以凸顯它的表現有多出色，例如如果你想想電視上的 YouTube，人們實際上是在大螢幕上觀看 YouTube，你會發現我們在那裡取得了顯著的成長。因此，人們將越來越多地使用 YouTube——我們發現它被用於所有可能的用例。我在之前的電話會議中說過，每天，光是教育內容的用戶就超過 10 億。人們用它來了解運動、音樂和娛樂。所以你可以考慮一下——從歷史上看，YouTube 在行動領域一直非常強大。它在行動領域繼續保持強勁勢頭。它在未來十億用戶市場中表現尤為出色。我們去年在那裡的成長非常強勁，這就是我們透過 YouTube Go 等投資來支持它的原因。我們現在看到它的成長遠遠超出了行動裝置的範圍，特別是在客廳。因此那裡有很大的發展勢頭。

And then in terms of sales and marketing. As I said, it particularly supported hardware, but was also supporting Cloud and YouTube. And as Sundar and I have said, these are important Google growth areas for us and we are investing to support growth in the business. The elevated levels this quarter did reflect both seasonality and strategic decision to invest in these brands. And so we view it as a very important part of the overall investment in what we view as very sizable opportunities. And it's both supporting the brand and the momentum there for going into 2018, but it's very specific product-focused as well.

然後是銷售和行銷方面。正如我所說，它特別支援硬件，但也支援雲端和 YouTube。正如 Sundar 和我所說，這些都是 Google 對我們來說重要的成長領域，我們正在進行投資以支持業務成長。本季的水平上升確實反映了季節性因素和投資這些品牌的策略決策。因此，我們認為這是整體投資中非常重要的一部分，我們認為這是一個非常大的機會。它既支持品牌，也為進入 2018 年奠定了基礎，但它也非常注重具體的產品。

And our next question comes from Dan Salmon of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Dan Salmon。

Sundar, I'll go with the European theme. First, curious to hear your thoughts on the potential impact of GDPR maybe both on your own sites and properties and how any business practices may need to be adjusted for that, but also for tools like Customer Match that your advertisers may use. And then, second, I'll take a shot at it. Any updates on your dialogue with EU officials and regulators on the proceedings there?

桑達爾，我會選擇歐洲主題。首先，我很好奇想聽聽您對 GDPR 的潛在影響的看法，它可能不僅對您自己的網站和財產產生影響，而且可能需要為此調整任何商業實踐，而且還會對您的廣告商可能使用的客戶匹配等工具產生影響。其次，我會嘗試看看。您與歐盟官員和監管機構就該訴訟程序的對話有何進展？

Good question. I was just in Europe last week. It was exciting to be there. There's clearly momentum we feel in terms of how Europe is doing, and we are very committed to the region. We are opening new offices there. We announced the AI center. We are committed to hiring more engineers and supporting staff there. So it's an important market for us. On things like GDPR, we want to be -- we have been thoughtfully engaged there. I think it's important to put privacy first for European citizens, and we are very supportive of the work that's underway there. And we are committed to complying with GDPR across all the services that we provide in Europe. There's still time. As a reminder, it doesn't go into effect until May or so. And we are working to make sure all our products are ready, and we'll work hard to make the transition well. In terms of, again, with EU -- with the European Commission, we have long had constructive conversations. We are understanding their concerns and responding with thoughtful changes, and we'll continue engaging in a thoughtful way.

好問題。我上週才去過歐洲。能夠去那裡真是令人興奮。我們明顯感覺到歐洲正在蓬勃發展，我們非常致力於該地區的發展。我們正在那裡開設新辦事處。我們宣布成立人工智慧中心。我們致力於在那裡僱用更多的工程師和支援人員。所以這對我們來說是一個重要的市場。對於 GDPR 之類的事情，我們希望——我們一直在認真地參與其中。我認為將歐洲公民的隱私放在首位非常重要，我們非常支持那裡正在進行的工作。我們致力於在歐洲提供的所有服務中遵守 GDPR。還有時間。提醒一下，它要到五月左右才會生效。我們正在努力確保所有產品都已準備就緒，並將努力順利完成過渡。就歐盟而言，我們與歐盟委員會長期以來一直進行著建設性的對話。我們理解他們的擔憂，並做出深思熟慮的改變，我們將繼續以深思熟慮的方式參與。

And our next question comes from Colin Sebastian of Robert Baird.

我們的下一個問題來自羅伯特貝爾德公司的科林塞巴斯蒂安。

First, Sundar, your comments on Google Cloud were upbeat. And I wonder how much of the momentum there is related to machine-learning capabilities offered as a service. If you could frame just how important that is for the Cloud business overall. And then as a follow-up, on Google Home or the voice-based Assistant, if there's any update in how you're thinking about monetization from a transactional perspective, a transactional model with perhaps retail partners? Or do you see an ad-based model emerging there as well?

首先，Sundar，你對 Google Cloud 的評價很樂觀。我想知道，作為一項服務提供的機器學習功能有多少發展勢頭。如果您能概括一下這對整個雲端業務來說有多重要的話。然後作為後續問題，關於 Google Home 或基於語音的助手，您是否從交易角度考慮過如何實現貨幣化，例如與零售合作夥伴的交易模式？或者您看到那裡也出現了基於廣告的模式？

On the first thing, Colin, on Cloud, particularly the last quarter, we obviously brought Auto ML to our Google Cloud customers. To me, that shows the rate at which we are bringing our internal advances. It's just a year ago, I remember, everyone reviewing with the team when they first showed me the Auto ML work. We spoke about it at Google I/O. And it's pretty cutting-edge work. And to turn it back around and to provide it to everyone in the world, I think that shows the power of what we can do with Google Cloud and get our state-of-the-art and get it to everyone. I think the momentum there, obviously, is due to our strength in machine learning, the kind of open agile development [enrollment] we provide security and then the combination with G Suite. But above all, I think we've always -- we've been doing cloud now for 19 years because Google itself was built on a cloud platform. But where the momentum is really coming from is over the past 2 years, we have put a lot of effort to make sure we are enterprise-scale ready. So now, we can handle any type of enterprise, any kind of regulatory complexities, security complexity and so on. And that's evident in the business wins we are seeing. So we are signing customers who are very large across the board globally, and I think that's driving a lot of momentum there. On your question on Google Home and voice-based Assistant and how we are thinking about monetization, there a lot of interesting ideas internally. So we acquire -- teams are excited about trying new things. We see a lot of potential. But the guidance have given the teams to be squarely focused on user experience. We are really getting started. I think these are going to be powerful technologies. But there are areas where we clearly feel all of us fall short for doing right by users and getting the expectation -- matching their expectations. So you'll see us focused on user experience there for a while to come.

首先，Colin，在雲端，特別是上個季度，我們顯然將 Auto ML 帶給了我們的 Google Cloud 客戶。對我來說，這顯示了我們內在進步的速度。我記得就在一年前，當他們第一次向我展示 Auto ML 工作時，每個人都在與團隊一起審查。我們在 Google I/O 上討論了這個問題。這是一項非常前沿的工作。並將其提供給世界上的每個人，我認為這展示了我們利用 Google Cloud 所能做到的強大功能，並將我們最先進的技術提供給每個人。我認為，這一發展勢頭顯然歸功於我們在機器學習方面的優勢、我們提供的開放敏捷開發[註冊]安全性以及與 G Suite 的結合。但最重要的是，我認為我們一直在做雲端運算，至今已經 19 年了，因為Google本身就是建立在雲端平台上的。但真正的動力來自於過去兩年來，我們付出了很多努力來確保我們已做好企業規模的準備。所以現在，我們可以處理任何類型的企業、任何類型的監管複雜性、安全複雜性等等。我們所看到的商業勝利就證明了這一點。因此，我們正在與全球範圍內的大型客戶簽約，我認為這將帶來很大的發展勢頭。關於您關於 Google Home 和基於語音的助理以及我們如何考慮貨幣化的問題，我們內部有很多有趣的想法。因此我們收購了——團隊對嘗試新事物感到興奮。我們看到了很多潛力。但指導意見要求團隊必須完全專注於使用者體驗。我們真的開始了。我認為這些將會是強大的技術。但我們清楚地感覺到，在某些方面，我們所有人都沒有做到正確對待使用者並滿足他們的期望。因此，您將看到我們在未來一段時間內將重點放在用戶體驗上。

And our next question comes from Michael Nathanson of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

One for Sundar, one for Ruth. Both on YouTube. So first question was, as Google Preferred kicks up a little heat on types of qualities that makes the cut for your videos, do you feel that you have to take a more active stance in looking at what is in Google Preferred -- sorry, YouTube Preferred? And how are you going to go about that? And then for Ruth, the past year was one where we heard a lot about brand safety. And I wonder, when you look back at the YouTube results in '17, is there any noticeable signs of maybe a shift in ad spending from some of the brands who are making those complaints? So those are my questions.

一個給 Sundar，一個給 Ruth。均在 YouTube 上。所以第一個問題是，隨著 Google Preferred 對你的影片的品質要求越來越高，你是否覺得你必須採取更積極的態度來看待 Google Preferred（抱歉，應該是 YouTube Preferred）中的內容？那你打算怎麼做呢？對露絲來說，過去的一年我們聽到了很多關於品牌安全的話題。我想知道，當你回顧 2017 年 YouTube 的結果時，是否有明顯跡象表明那些提出投訴的品牌的廣告支出發生了轉變？這些都是我的問題。

Thanks, Michael. Probably, we can talk about both as they're related. In -- we obviously want to make sure YouTube has a great experience for users, content creators and advertisers because it supports content creators. And we took a lot of steps last year, but particularly in December, we are up to a new rigorous approach. And that's a much more stringent standard for creators. For example, they need 1,000 subscribers to be eligible for monetization. We are manually reviewing Google Preferred videos. We obviously use machine learning to support that a lot, and they both go hand-in-hand. We've provided improved controls for marketers, and we are also working with trusted third-party vendors to assist brand suitability. So it's a comprehensive approach to make sure all of this works well. And so while there have been concerns and we are -- but we are working really hard to address them and respond strongly. And so I think it sets -- we are focused on the long-term opportunity here. And I think we are setting ourselves up well for the years ahead.

謝謝，麥可。或許，我們可以討論這兩者，因為它們是相關的。我們顯然希望確保 YouTube 為用戶、內容創作者和廣告商提供良好的體驗，因為它支援內容創作者。去年我們採取了許多措施，但特別是在 12 月，我們採取了一種新的嚴謹方法。這對創作者來說是一個更嚴格的標準。例如，他們需要 1,000 名訂閱者才有資格實現貨幣化。我們正在手動審核 Google Preferred 影片。我們顯然大量使用機器學習來支持這一點，而且它們相輔相成。我們為行銷人員提供了改進的控制，並且我們還與值得信賴的第三方供應商合作以協助品牌適應性。因此，這是一種全面的方法，以確保所有這些順利進行。儘管存在一些擔憂，我們正在努力解決這些問題並做出強有力的回應。所以我認為這決定了——我們專注於這裡的長期機會。我認為我們已經為未來做好了準備。

And the next question comes from Ken Sena of Wells Fargo Securities.

下一個問題來自富國證券的肯‧塞納。

So just a question on -- searches seem to be coming more qualified through travel as far as filtering the price that people want to pay, locations, amenities, et cetera. Is there any trend that goes along with that in terms of maybe depressing search volume growth to some extent because of the more filtered aspect? And then, secondly, does the higher qualification trend tie in at all to the shifts towards programmatic in terms of other parties that might be involved or the discussion that we've had around TAC? And then maybe, two, just as a follow-up. If you can provide just a little bit more color on Google Pay in terms of what might be different this round versus previous attempts?

所以只是一個問題——透過過濾人們願意支付的價格、地點、便利設施等，搜尋似乎透過旅行變得更加合格。是否存在伴隨這種趨勢的情況，即由於過濾程度更高，搜尋量的增長可能會受到一定程度的抑制？其次，就可能涉及的其他方而言，更高資質的趨勢是否與向程序化的轉變有關，或者與我們圍繞 TAC 進行的討論有關？然後也許還有兩個，只是作為後續行動。您能否就 Google Pay 提供更多細節，說明這一輪與之前的嘗試相比有何不同？

Maybe I'm not fully sure I understood all the specifics there. But at a high level, as people are on-the-go, they are traveling, etc., if anything, I think search is more invaluable than ever before. All the work we do in local searches applies incredibly when you travel. The properties we have, like Google Maps, et cetera, go along with it. So overall, I think they all add up to a better user experience, and hence, a better opportunity for us. Google Pay turns out to be an important part of all of this. As we move from just answers to helping users complete actions over time, including transactions, their ability to complete the transaction is an important part of it, and which is why making sure Google Pay, in a unified way, works as seamlessly as possible, is a big part of our long-term strategy.

也許我不能完全確定我是否理解了那裡的所有細節。但從更高的層面來看，由於人們總是在忙碌地旅行等等，所以我認為搜尋比以往任何時候都更有價值。我們在本地搜尋中所做的所有工作在您旅行時都非常有用。我們擁有的資產，例如Google地圖等，都與它相伴而生。所以總的來說，我認為它們都會帶來更好的用戶體驗，從而為我們帶來更好的機會。事實證明，Google Pay 是這一切的重要組成部分。當我們從僅僅提供答案轉向幫助用戶完成包括交易在內的操作時，他們完成交易的能力是其中的重要組成部分，這就是為什麼確保 Google Pay 以統一的方式盡可能無縫地運行是我們長期戰略的重要組成部分。

The next question comes from Stephen Ju of Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I think Ruth cited hardware in the prepared remarks as the largest contributor in the fourth quarter for the other revenue line. As you look at the road map going forward, you acquired the HTC engineers to bring that team in-house. So it looks like for the first time, you have an integrated hardware and a software team under one roof. So how do you think your product development pace and strategy will change for smartphones and other devices going forward? And also, does it make sense to bring the Nest team to be more integrated into core Google as well given the drive to increase the touch points for all the Google products [for the form] factors?

所以 Sundar，我認為 Ruth 在準備好的發言中提到硬體是第四季度其他收入線的最大貢獻者。當你看未來的路線圖時，你聘請了 HTC 工程師來將團隊納入公司內部。因此，看起來這是你們第一次在同一屋簷下擁有一個整合的硬體和軟體團隊。那麼您認為未來智慧型手機和其他設備的產品開發速度和策略將如何變化？此外，考慮到增加所有 Google 產品（就形式而言）的接觸點的動力，將 Nest 團隊進一步融入 Google 核心是否有意義？

Well, thanks, Stephen. Great question. You're right that part of the reason we are so excited about being able to bring this world-class team in-house is while we've been working together already, we've had to straddle a company boundary to do that. But now, having them as Googlers would really make that integrated development, which is so critical for us to do it better. We bring a unique approach to hardware. The combination of AI plus software, plus hardware. So being able to get those teams working together, I think, will really drive the pace forward. And the best example of that is you see the advances we have made with both still and media photography on our phones. And the Nest team is very, very closely aligned with the Google hardware team. They work hard to realize a lot of synergies there. We already shared a lot of our go-to-market efforts, and we increasingly are collaborating on product development as well. So we collaborate closely, and I'm excited at the possibilities there as well.

好吧，謝謝你，史蒂芬。好問題。您說得對，我們之所以對能夠將這個世界一流的團隊帶入公司感到如此興奮，部分原因是雖然我們已經開始合作，但我們必須跨越公司界限才能做到這一點。但現在，讓他們成為Google員工才真正實現了綜合發展，這對我們做得更好至關重要。我們為硬體帶來了獨特的方法。AI加軟體，加硬體的結合。因此，我認為，能夠讓這些團隊共同努力，將真正推動前進的步伐。最好的例子就是，您可以看到我們在手機靜態攝影和媒體攝影方面所取得的進步。Nest 團隊與 Google 硬體團隊的合作非常緊密。他們努力實現那裡的許多協同效應。我們已經分享了許多市場推廣的努力，我們也越來越多地進行產品開發方面的合作。因此，我們密切合作，我對那裡的可能性也感到興奮。

And our next question comes from Justin Post of Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀波斯特 (Justin Post)。

First for Sundar. It didn't feel like there was many visible search changes this year as far as coverage or ad formats. So would love to hear your thoughts on search innovation pipeline as you look out to '18 and key growth drivers going forward. And then, Ruth, in the prepared remarks, there was a lot of comments on investment in your medium-term business growth drivers, offices, data centers and other areas. I'm just wondering if you view 2018 upcoming as an investment year, or kind of more of the same of what we've seen over the last couple of years?

對於 Sundar 來說，這是第一次。就覆蓋範圍或廣告格式而言，今年的搜尋似乎沒有太多明顯的變化。因此，我很想聽聽您對 2018 年搜尋創新管道和未來關鍵成長動力的看法。然後，露絲，在準備好的發言中，有很多關於你們中期業務成長動力、辦公室、資料中心和其他領域的投資的評論。我只是想知道您是否將即將到來的 2018 年視為投資年，還是與過去幾年的情況大致相同？

So Justin, when you think about search, one of the ways that I encourage you to think, we think about user journeys. So a lot of the innovation that we are doing has gone on to not just an individual query in how we respond, but how we think about what our user is trying to accomplish over a series of sessions. Are you trying to plan a trip and how do we do it better? Do you have a health-related area where you're trying to learn more about it? And how do we help you through that? And so it's not always just changing a specific format, but understanding context better and bringing you that information through a journey. And I think so, there's a lot of innovation that's happening in that direction. And also underlying is what I said earlier. It's not just providing the answers. How do you help them get to that information and act on it? And so maybe you found something and you want to call that place, or maybe you're trying to order a birthday gift and we actually want you to -- want to go a step further and help that -- help you buy that gift. So that's along the lines. And the innovation is happening across search and Assistant in an integrated way.

所以賈斯汀，當你考慮搜尋時，我鼓勵你思考的方式之一就是考慮用戶旅程。因此，我們所做的許多創新不僅體現在我們如何回應單一查詢上，也體現在我們如何思考使用者在一系列會話中想要完成的任務上。您是否正在計劃一次旅行？我們如何做得更好？您是否想了解更多與健康相關的領域？我們如何幫助您解決這個問題？因此，它並不總是只是改變特定的格式，而是更好地理解背景並透過旅程為您提供這些資訊。我認為是這樣，在這個方向上正在發生很多創新。這也是我之前所說的根本內容。它不僅僅是提供答案。您如何幫助他們獲取這些資訊並採取行動？所以也許你發現了什麼東西並且想要打電話給那個地方，或者也許你想訂購生日禮物，我們實際上希望你——想更進一步並幫助你——幫助你購買那份禮物。事情是這樣的。創新正在以整合的方式在搜尋和助手之間進行。

And then in terms of your investment question, we've consistently been investing across Alphabet, and we've tried to be very clear about our investment priorities, all with a view to supporting healthy, long-term growth that goes back to the inception of the company. The year-on-year op inc growth that you've seen does include these sustained investments for all the areas that both Sundar and I have talked about. For the year, up 22% versus last year. Obviously, a lot of variability in growth quarter-to-quarter. And we just continue to be focused on doing the right things to support growth of the business. The fourth quarter does reflect the obvious seasonality. And again, we continue to look across the various products, their needs and try and prioritize, but we can remain committed to long-term growth.

關於您的投資問題，我們一直在 Alphabet 進行投資，我們試圖明確我們的投資重​​點，所有這些都是為了支持公司自成立之初以來的健康、長期成長。您所看到的營業收入年增率確實包括了 Sundar 和我談到的所有領域的持續投資。今年比去年增長了 22%。顯然，季度與季度之間的成長存在很大差異。我們只是繼續專注於做正確的事情來支持業務成長。第四季確實體現出了明顯的季節性。再次強調，我們將繼續關注各種產品及其需求，並嘗試確定優先順序，但我們仍將致力於長期成長。

And our next question comes from Ben Schachter of Macquarie.

我們的下一個問題來自麥格理的本·沙赫特。

Just a couple of questions. Can you discuss the evolution of the business model for Waymo? You're launching the ride hailing service in Phoenix. You've worked with manufacturers. You talked about other models. But when you think about the sort of 5 to 10-year view of that, what will the primary business model look like? And separately, can you talk about what is interesting from a strategic point of view about the video game business? You're making some key hires there. And I'm just wondering what you think Google can bring to that industry that would be innovative.

僅有幾個問題。您能討論一下 Waymo 商業模式的演變嗎？你們將在鳳凰城推出叫車服務。您曾與製造商合作。您談到了其他模型。但當你考慮 5 到 10 年後的情況時，主要的商業模式會是什麼樣子？另外，您能否從策略角度談談電玩業務的有趣之處？你們正在那裡招募一些關鍵人才。我只是想知道您認為谷歌能為該行業帶來什麼創新。

So on Waymo, really not much more to add. We're really pleased after years of work on technology where it was really about safety, safety, safety and developing the technology and the platform. And now, we're in a position where we have this opportunity to let people use and benefit from what we've developed. I think that safety has been a key driver and the opportunity for cities has been really exciting what it means about optimizing resource space that they have. So it's still very early days, and we're just -- we're pleased with all the progress the teams made. But it would be getting ahead of ourselves to go further out than we've laid out here.

因此，關於 Waymo，真的沒有什麼好補充的。我們真的很高興，經過多年的技術工作，我們的工作真正關注的是安全、安全、安全以及技術和平台的開發。現在，我們有機會讓人們使用我們開發的產品並受益。我認為安全一直是關鍵驅動因素，而這對於優化城市現有的資源空間意味著非常令人興奮的機會。所以現在還處於早期階段，我們對團隊的所有進展感到滿意。但如果超出我們在這裡所列出的範圍，那就太超前了。

On the video gaming side, I think, look, we are -- we today have a lot of momentum in these areas, both with YouTube as a platform, Google Play. So these are assets that really work well. And we'll continue investing there. Nothing new or interesting to share with you at this time.

在電玩遊戲方面，我認為，看，我們在這些領域今天擁有很大的發展勢頭，既有 YouTube 作為平台，也有 Google Play。所以這些資產確實發揮了很好的作用。我們將繼續在那裡投資。目前沒有什麼新鮮或有趣的事情可以與您分享。

And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Ellen West for closing remarks.

今天的問答環節到此結束。我想將會議交還給艾倫·韋斯特 (Ellen West) 做最後發言。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our first quarter call.

感謝大家今天加入我們。我們期待在第一季電話會議上再次與您交談。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝大家參加今天的會議。程式到此就結束了，大家可以斷開連線了。祝大家有個愉快的一天。