Google (GOOG) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Alphabet First Quarter 2019 Earnings Call.

女士們，先生們，美好的一天，歡迎參加 Alphabet 2019 年第一季度財報電話會議。

(Operator Instructions) I'd now like to turn the conference over to Ellen West, Head of Investor Relations.

（操作員說明）我現在想將會議轉交給投資者關係主管 Ellen West。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Alphabet's first Quarter 2019 Earnings Conference Call.

大家下午好，歡迎參加 Alphabet 2019 年第一季度收益電話會議。

With us today are Ruth Porat and Sundar Pichai.

今天和我們在一起的是 Ruth Porat 和 Sundar Pichai。

Now I'll quickly cover the safe harbor.

現在我將迅速覆蓋安全港。

Some of the statements that we make today regarding our business performance and operations and our expected level of capital expenditures may be considered forward looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially.

我們今天就我們的業務績效和運營以及我們預期的資本支出水平所做的一些陳述可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC.

如需更多信息，請參閱我們最近提交給 SEC 的 10-K 表格中討論的風險因素。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.

非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。

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

現在我將把電話轉給露絲。

Thank you, Ellen.

謝謝你，艾倫。

In the first quarter, total revenues of $36.3 billion were up 17% year-on-year and up 19% in constant currency following a strong 2018.

在 2018 年強勁增長之後，第一季度總收入為 363 億美元，同比增長 17%，按固定匯率計算增長 19%。

Once again, our results were driven by ongoing strength in mobile search along with important contributions from YouTube followed by Cloud.

再一次，我們的結果是由移動搜索的持續實力以及 YouTube 的重要貢獻推動的，其次是 Cloud。

For today's call, I will begin with a review of results for the quarter on a consolidated basis for Alphabet focusing on year-over-year changes.

在今天的電話會議中，我將首先回顧 Alphabet 的季度業績，重點關注同比變化。

I will then review results for Google followed by Other Bets and will include with our outlook.

然後，我將審查 Google 的結果，然後是其他賭注，並將包括在我們的展望中。

Sundar will then discuss business and product highlights, after which we will take your questions.

Sundar 隨後將討論業務和產品亮點，之後我們將回答您的問題。

Let me start with a summary of Alphabet's consolidated financial performance for the quarter.

讓我先總結一下 Alphabet 本季度的綜合財務業績。

Our total revenues of $36.3 billion reflect a negative currency impact year-over-year of $1.2 billion or $1 billion after the impact of our hedging program.

我們的總收入為 363 億美元，在我們的對沖計劃的影響之後，與去年同期相比產生了 12 億美元或 10 億美元的負面貨幣影響。

With respect to Alphabet revenues by geography, U.S. revenues were $16.5 billion, up 17% year-over-year.

在按地區劃分的 Alphabet 收入方面，美國收入為 165 億美元，同比增長 17%。

EMEA revenues were $11.8 billion, up 13% year-over-year and up 16% in constant currency, reflecting weakening of the euro and the British pound.

EMEA 收入為 118 億美元，同比增長 13%，按固定匯率計算增長 16%，反映了歐元和英鎊的疲軟。

APAC revenues were $6.1 billion, up 27% versus last year and up 31% in constant currency, reflecting primarily the weakness of the Australian dollar and the Indian rupee.

亞太地區收入為 61 億美元，比去年增長 27%，按固定匯率計算增長 31%，主要反映了澳元和印度盧比的疲軟。

Other Americas revenues were $1.9 billion, up 10% year-over-year and up 21% in constant currency, reflecting primarily the weakening of the Brazilian real and Argentine peso.

美洲其他地區的收入為 19 億美元，同比增長 10%，按固定匯率計算增長 21%，主要反映了巴西雷亞爾和阿根廷比索的疲軟。

Turning to profitability.

轉向盈利能力。

In our earnings press release, we provide a table to highlight the impact of the European Commission fine on operating come, net income and EPS results in the first quarter.

在我們的財報新聞稿中，我們提供了一張表格，以突出歐盟委員會罰款對第一季度營業收入、淨收入和每股收益結果的影響。

I will comment on results both with and without the impact of the fine as I review the results.

在審查結果時，我將評論有無罰款影響的結果。

On a consolidated basis, total cost of revenues including TAC, which I will discuss in the Google segment results, was $16 billion, up 19% year-on-year.

在綜合基礎上，包括 TAC 在內的總收入成本為 160 億美元，同比增長 19%。

Other cost of revenues on a consolidated basis was $9.2 billion, up 27% year-over-year primarily driven by Google-related expenses.

其他綜合收入成本為 92 億美元，同比增長 27%，主要受谷歌相關費用的推動。

The biggest contributor was costs associated with our data centers and other operations, including depreciation, followed by content acquisition costs primarily for YouTube and mostly for our advertising-supported content but also for our newer subscription businesses, YouTube Premium and YouTube TV, which have higher CAC as a percentage of revenues.

最大的貢獻者是與我們的數據中心和其他運營相關的成本，包括折舊，其次是內容獲取成本，主要用於 YouTube，主要用於我們的廣告支持內容，還有我們較新的訂閱業務 YouTube Premium 和 YouTube TV，它們的成本更高CAC佔收入的百分比。

Operating expenses, including the impact of the EC fine, were $13.7 billion.

包括歐盟罰款影響在內的運營費用為 137 億美元。

Excluding the impact of the fine, operating expenses were $12 billion, up 20% year-over-year.

排除罰款的影響，運營費用為 120 億美元，同比增長 20%。

The biggest increase was in R&D expenses with headcount growth in Cloud as the largest driver.

增幅最大的是研發費用，其中云員工人數增長是最大的推動力。

Growth in sales and marketing expenses primarily reflects additions to headcount.

銷售和營銷費用的增長主要反映了員工人數的增加。

Growth in G&A expenses is primarily due to legal matters, including the effect of a legal settlement gain recorded in the first quarter of 2018.

G&A 費用的增長主要是由於法律問題，包括 2018 年第一季度記錄的法律和解收益的影響。

Stock-based compensation totaled $2.8 billion.

基於股票的薪酬總額為 28 億美元。

Headcount at the end of the quarter was 103,459, up 4,688 from last quarter.

本季度末的員工人數為 103,459 人，比上一季度增加了 4,688 人。

Consistent with prior quarters, the majority of new hires were engineers and product managers.

與前幾個季度一致，大多數新員工是工程師和產品經理。

In terms of product areas, the most sizable headcount increases were in Cloud for both technical and sales roles.

就產品領域而言，雲技術和銷售職位的員工人數增幅最大。

Operating income was $6.6 billion.

營業收入為 66 億美元。

Excluding the impact of the EC fine, operating income was $8.3 billion, up 9% versus last year for an operating margin of 23%.

排除歐盟罰款的影響，營業收入為 83 億美元，比去年增長 9%，營業利潤率為 23%。

Other income and expense was $1.5 billion.

其他收入和支出為 15 億美元。

As I trust most of you are aware, in 2018, this line item was meaningfully elevated because of the introduction of a new accounting standard that requires recognition of unrealized gains and losses on equity securities.

我相信你們中的大多數人都知道，在 2018 年，由於引入了要求確認股本證券未實現損益的新會計準則，這一項目顯著提升。

We provide more detail on the line items within OI&E in our earnings press release.

我們在收益新聞稿中提供了有關 OI&E 內的項目的更多詳細信息。

Our effective tax rate was 18.3% for the first quarter reflecting a sizable impact from the nondeductibility of the EC fine.

我們第一季度的有效稅率為 18.3%，反映了歐共體罰款不可扣除的巨大影響。

Net income was $6.7 billion, and earnings per diluted share were $9.50.

淨收入為 67 億美元，每股攤薄收益為 9.50 美元。

Excluding the impact of the EC fine, net income was $8.3 billion and earnings per diluted share were $11.90.

剔除歐共體罰款的影響，淨收入為 83 億美元，每股攤薄收益為 11.90 美元。

Turning now to CapEx and operating cash flow.

現在轉向資本支出和運營現金流。

Cash CapEx for the quarter was $4.6 billion, which I will discuss in the Google segment results.

本季度的現金資本支出為 46 億美元，我將在 Google 部門結果中討論。

Operating cash flow was $12 billion with free cash flow of $7.4 billion.

經營現金流為 120 億美元，自由現金流為 74 億美元。

We ended the quarter with cash and marketable securities of approximately $113 billion.

我們在本季度末擁有約 1130 億美元的現金和有價證券。

Let me now turn to our segment financial results.

現在讓我談談我們的分部財務業績。

Starting with the Google segment.

從谷歌部分開始。

Revenues were $36.2 billion, up 17% year-over-year.

收入為 362 億美元，同比增長 17%。

In terms of the revenue detail, Google Sites revenues were $25.7 billion in the quarter, up 17% year-over-year.

在收入細節方面，谷歌網站本季度收入為 257 億美元，同比增長 17%。

In terms of dollar growth, results were led again by mobile search with a strong contribution from YouTube followed by desktop search.

就美元增長而言，移動搜索再次領先，YouTube 貢獻強勁，其次是桌面搜索。

Network revenues were $5 billion, up 8% year-on-year, continuing to reflect the performance of the primary drivers of growth, AdMob, followed by Google Ad Manager.

網絡收入為 50 億美元，同比增長 8%，繼續反映主要增長驅動力 AdMob 的表現，其次是 Google Ad Manager。

Other revenues for Google were $5.4 billion, up 25% year-over-year, fueled by Cloud and Play and partially offset by Hardware.

谷歌的其他收入為 54 億美元，同比增長 25%，主要由 Cloud 和 Play 推動，部分被硬件抵消。

Google Cloud Platform remains one of the fastest growing businesses in Alphabet with strong customer momentum reflected in particular in demand for our compute and data analytics products.

谷歌云平台仍然是 Alphabet 增長最快的業務之一，客戶勢頭強勁，尤其是對我們的計算和數據分析產品的需求。

Strong growth in Play was driven particularly by performance in APAC.

Play 的強勁增長尤其受到亞太地區業績的推動。

Hardware results reflect lower year-on-year sales of Pixel reflecting in part heavy promotional activity industry-wide given some of the recent pressures in the premium smartphone market.

硬件業績反映了 Pixel 的同比銷售額下降，部分原因是鑑於高端智能手機市場近期面臨一些壓力，整個行業的促銷活動很繁重。

We provide monetization metrics in our earnings press release to give you a sense of the price and volume dynamics of our advertising businesses.

我們在收益新聞稿中提供貨幣化指標，讓您了解我們廣告業務的價格和數量動態。

Total traffic acquisition costs were $6.9 billion or 22% of total advertising revenues and up 9% year-over-year.

總流量獲取成本為 69 億美元，佔廣告總收入的 22%，同比增長 9%。

Total TAC, as a percentage of total advertising revenues, was down year-over-year reflecting a favorable revenue mix shift from network to sites as well as a decrease in the network TAC rate.

總 TAC 佔廣告總收入的百分比同比下降，反映出從網絡到網站的有利收入組合轉變以及網絡 TAC 率的下降。

The sites TAC rate was flat year-over-year as the impact of the ongoing shift to mobile, which carries higher TAC, was offset by the growth in TAC free sites revenue primarily from YouTube.

網站的 TAC 率與去年同期持平，因為持續向移動設備轉移的影響（TAC 更高）被主要來自 YouTube 的無 TAC 網站收入的增長所抵消。

In Q1, the network TAC rate declined year-on-year primarily due to a favorable product mix shift.

第一季度，網絡 TAC 率同比下降主要是由於有利的產品組合轉變。

Google stock-based compensation totaled $2.6 billion for the quarter, up 13% year-over-year.

本季度谷歌股票薪酬總額為 26 億美元，同比增長 13%。

Operating income was $9.3 billion, up 11% versus last year, and the operating margin was 25.8%.

營業收入為 93 億美元，比去年增長 11%，營業利潤率為 25.8%。

Accrued CapEx for the quarter was $4.5 billion, reflecting investments in data centers, servers and office facilities.

本季度的應計資本支出為 45 億美元，反映了對數據中心、服務器和辦公設施的投資。

Let me now turn to and talk about Other Bets.

現在讓我來談談其他賭注。

Revenues were $170 million primarily generated by Fiber and Verily.

收入為 1.7 億美元，主要由 Fiber 和 Verily 產生。

Operating loss was $868 million.

經營虧損為 8.68 億美元。

Other Bets accrued CapEx was $59 million.

其他應計資本支出為 5900 萬美元。

Key recent accomplishments include: Waymo recently announced that it will expand its activities in Michigan opening a facility in Detroit that will be the first factory dedicated to the production of L4 autonomous vehicles.

最近的主要成就包括：Waymo 最近宣布將擴大其在密歇根州的活動，在底特律開設一家工廠，這將是第一家致力於生產 L4 自動駕駛汽車的工廠。

Last week, there were exciting announcements from 2 additional Other Bets that were originally incubated within X. Loon announced a long-term strategic relationship to advance the use of high-altitude vehicles to deliver connectivity with SoftBank's telecoms growth, HAPSMobile, which will invest $125 million in Loon.

上週，最初在 X 中孵化的另外 2 個 Other Bets 發布了令人興奮的公告。Loon 宣布了一項長期戰略合作關係，以推進使用高空飛行器來提供與軟銀電信業務增長的 HAPSMobile 的連接，該公司將投資 125 美元百萬在龍。

Wing became the first drone delivery company to receive air carrier certification from the FAA, an important step toward beginning a commercial service delivering goods from local businesses to homes in the U.S.

Wing 成為第一家獲得美國聯邦航空局 (FAA) 航空承運人認證的無人機送貨公司，這是朝著開始將貨物從當地企業運送到美國家庭的商業服務邁出的重要一步。

Let me close with some observations on our priorities and longer-term outlook.

最後讓我對我們的優先事項和長期前景發表一些看法。

As we highlighted on our last call, there was a significant swing year-over-year in the impact of currency movements on our results this quarter from a big tailwind in the first quarter of 2018 to a headwind in 2019.

正如我們在上次電話會議中強調的那樣，貨幣變動對我們本季度業績的影響與去年同期相比出現了顯著波動，從 2018 年第一季度的大順風到 2019 年的逆風。

These affect both revenues and operating income given the majority of our expenses are in the U.S. Based on the continued strengthening of the U.S. dollar relative to key currencies, we expect a continued headwind to our revenues and operating income again in the second quarter.

鑑於我們的大部分支出都在美國，這些都會影響收入和營業收入。基於美元相對於主要貨幣的持續走強，我們預計第二季度我們的收入和營業收入將繼續受到不利影響。

In terms of our key revenue drivers, with respect to Sites revenues as we indicated last quarter, the timing of product changes in ads at times can have an impact on year-on-year growth rates.

就我們的主要收入驅動因素而言，就我們上個季度指出的網站收入而言，廣告中產品變化的時間有時會影響同比增長率。

We will continue to make changes with a focus on the long-term best interest of users and advertisers.

我們將繼續做出改變，著眼於用戶和廣告商的長期最佳利益。

We remain confident about the sizable opportunity ahead to improve the advertiser and user experience through our ongoing commitment to product innovation, in particular by leveraging machine learning across our ads, products and properties.

我們對通過我們對產品創新的持續承諾，特別是通過在我們的廣告、產品和屬性中利用機器學習來改善廣告商和用戶體驗的巨大機會仍然充滿信心。

Turning to the key drivers of growth in other revenues.

轉向其他收入增長的主要驅動力。

We are pleased with the momentum of Google Cloud Platform with balanced growth of both new customers and expansion within existing customers driving revenue growth.

我們對谷歌云平台的發展勢頭感到滿意，新客戶的平衡增長和現有客戶的擴張推動了收入增長。

With respect to Hardware results, while the first quarter results reflect pressures in the premium smartphone industry, we are pleased with the ongoing momentum for assistant-enabled Home devices, particularly the Home Hub and Mini devices, and look forward to our May 7 announcement at I/O from the Hardware team.

關於硬件業績，雖然第一季度業績反映了高端智能手機行業的壓力，但我們對支持助手的家庭設備（尤其是 Home Hub 和 Mini 設備）的持續發展勢頭感到高興，並期待我們 5 月 7 日在硬件團隊的 I/O。

Turning to profitability.

轉向盈利能力。

With regard to Google OpEx, the first quarter results once again reflect our ongoing commitment to investing for the long term.

關於谷歌運營支出，第一季度業績再次反映了我們對長期投資的持續承諾。

You can see that in R&D, where we continue to invest in technical talent for priority areas like cloud, search and machine learning.

您可以在研發中看到這一點，我們繼續在雲、搜索和機器學習等優先領域投資技術人才。

In terms of sales and marketing, the pace of investment in Q1 reflected a timing shift in spend, and we expect these expenses to pick up in the second quarter.

在銷售和營銷方面，第一季度的投資步伐反映了支出的時間變化，我們預計這些費用將在第二季度回升。

In Other Bets OpEx, we are still early in the life of these companies and do plan to continue to invest meaningfully for the long-term opportunity.

在其他賭注運營支出中，我們仍處於這些公司的早期階段，並且確實計劃繼續為長期機會進行有意義的投資。

With respect to CapEx, the year-on-year decline reflects the purchase of a building in New York in the first quarter of 2018.

在資本支出方面，同比下降反映了 2018 年第一季度在紐約購買了一座建築物。

As discussed on our call last quarter, while we anticipate that our full year CapEx investments will exceed those in 2018, the growth in investments should be at a meaningfully lower rate than in 2018.

正如我們在上個季度的電話會議上所討論的，雖然我們預計我們的全年資本支出投資將超過 2018 年，但投資增長應該比 2018 年低得多。

We continue to expect a sizable investment in both compute requirements to support long-term growth as well as in office facilities.

我們繼續預計在支持長期增長的計算需求以及辦公設施方面進行大量投資。

In conclusion, we feel confident about the opportunities ahead, and we continue to invest thoughtfully for the long term.

總之，我們對未來的機會充滿信心，我們將繼續深思熟慮地進行長期投資。

I will now turn the call over to Sundar.

我現在將把電話轉給 Sundar。

Thanks, Ruth.

謝謝，露絲。

It's great to be here with you all.

很高興和大家在一起。

Q1 was a very busy quarter at Google, and it's only going to get busier.

第一季度在谷歌是一個非常忙碌的季度，而且只會變得更加忙碌。

Later this week, we'll host YouTube's upfront event, Brandcast, followed by our annual developer conference, Google I/O, next week and our advertising summit, Google Marketing Live, later in the month.

本週晚些時候，我們將舉辦 YouTube 的前期活動 Brandcast，接下來是下週的年度開發者大會 Google I/O，以及本月晚些時候的廣告峰會 Google Marketing Live。

You'll hear a lot more from each of these teams throughout May, so I hope you can join us.

整個 5 月，你會從這些團隊中聽到更多消息，所以我希望你能加入我們。

We've always been a company that's focused on the long term willing to make investments that will help our businesses and our customers' businesses succeed as technology continues to evolve.

我們一直是一家專注於長期投資的公司，願意進行投資，以幫助我們的業務和客戶的業務隨著技術的不斷發展而取得成功。

You saw this in the transition to mobile computing years ago, and we are seeing that today in the shift to AI.

您在幾年前向移動計算的過渡中看到了這一點，而我們今天在向人工智能的轉變中看到了這一點。

We feel very positive about the enormous opportunities ahead involving Search and Assistant, capturing new ad budgets, cloud computing, AI and other areas.

我們對涉及搜索和助手、捕捉新廣告預算、雲計算、人工智能和其他領域的巨大機會感到非常樂觀。

What gives us these opportunities is Google's position to help people, businesses and society in countless ways through our products.

為我們提供這些機會的是谷歌通過我們的產品以無數方式幫助人們、企業和社會的地位。

Today, I will start by talking about our core mission of making information universally accessible and useful.

今天，我將首先談談我們的核心使命，即讓信息普遍可用和有用。

Then, I'll provide an update on our computing video and advertising platforms.

然後，我將提供有關我們的計算視頻和廣告平台的更新。

And finally, I'll discuss our Hardware and Cloud efforts.

最後，我將討論我們在硬件和雲方面的努力。

First, an update in our mission to make information accessible and useful is helping people every day.

首先，我們使信息易於訪問和有用的使命的更新是每天都在幫助人們。

A big focus for us is building products that are designed to help people in their day-to-day lives.

我們的一大重點是開發旨在幫助人們日常生活的產品。

Our Duplex technology within Google Assistant can now help you easily book a table at your favorite restaurant on all Android and iOS devices in 44 U.S. states.

Google 助理中的 Duplex 技術現在可以幫助您在美國 44 個州的所有 Android 和 iOS 設備上輕鬆預訂您最喜歡的餐廳的餐桌。

Just tell the Assistant where you want to go and when, and it'll do the rest.

只需告訴 Google 助理您想去哪里以及何時去，剩下的事情就交給它。

We've also begun testing AR walking navigation in Google Maps, which uses augmented reality and your phone's camera to show you where you are relative to the surroundings as you're walking.

我們還開始在 Google 地圖中測試 AR 步行導航，它使用增強現實和手機攝像頭向您顯示您在行走時相對於周圍環境的位置。

Just last week, we announced an improved job search experience in the U.S. that helps people easily discover quality remote jobs allowing them to work right from home.

就在上週，我們宣布改善美國的求職體驗，幫助人們輕鬆找到高質量的遠程工作，讓他們能夠在家工作。

As part of our Google News initiative, we kicked off the Local Experiments Project working with local publishers to uncover new approaches to their business models and operations, so they can continue bringing great local content to their readers.

作為 Google 新聞計劃的一部分，我們啟動了本地實驗項目，與本地出版商合作，探索他們的商業模式和運營的新方法，以便他們能夠繼續為讀者帶來精彩的本地內容。

AI is now spurring a new era of computing, which is more predictive and more assistive.

人工智能現在正在推動一個新的計算時代，它更具預測性和輔助性。

We are committed to doing deep research and working to advance this space in a responsible way.

我們致力於進行深入研究，並努力以負責任的方式推進這一領域。

AI is deeply embedded in our products from Search to Photos to Google Home, and we are also expanding others' ability to build on our advancements.

從搜索到照片再到 Google Home，人工智能已深深嵌入我們的產品中，我們還在擴展其他人的能力，以鞏固我們的進步。

Recently at TensorFlow's Annual Developer Summit, we announced TensorFlow 2.0, making it easier than ever to build and use ML through improvements like TensorFlow Privacy, which helps train models with differential privacy, meaning that users' data is better protected.

最近在 TensorFlow 的年度開發者峰會上，我們發布了 TensorFlow 2.0，通過 TensorFlow Privacy 等改進讓構建和使用 ML 變得比以往更容易，這有助於訓練具有差異隱私的模型，這意味著用戶的數據得到了更好的保護。

Now on to our computing, video on advertising platforms.

現在轉到我們的計算，廣告平台上的視頻。

There's tremendous momentum across the Android ecosystem and our other computing platforms as we head into Google I/O.

隨著我們進入 Google I/O，整個 Android 生態系統和我們的其他計算平台都出現了巨大的發展勢頭。

In the first quarter, we released the beta of Android Q, which brings added privacy protections, new tools for developers to engage users and more.

在第一季度，我們發布了 Android Q 測試版，它帶來了更多的隱私保護、開發人員吸引用戶的新工具等等。

Android Go edition, an optimized version of Android tailored for smartphones with 1 gig or less, delivers a powerful fast and secure experience specifically optimized for entry-level smartphones.

Android Go 版是專為 1 gig 或更少的智能手機量身定制的優化版 Android，可提供專為入門級智能手機優化的強大快速且安全的體驗。

Today, roughly 70% of entry-level Android devices are now activating with Go like Samsung's J2 Core.

如今，大約 70% 的入門級 Android 設備現在都使用 Go 激活，例如三星的 J2 Core。

We are seeing great momentum in Android Auto as well.

我們也看到了 Android Auto 的巨大發展勢頭。

At the Chicago Auto Show, Toyota announced that it'll include Android Auto in upcoming vehicles starting in 2020.

在芝加哥車展上，豐田宣布將從 2020 年開始在即將推出的車輛中加入 Android Auto。

That means all of the top 10 carmakers now support Android Auto.

這意味著所有排名前 10 位的汽車製造商現在都支持 Android Auto。

And in Google Play, first-time buyers grew by nearly 50% year-over-year.

在 Google Play 中，首次購買者同比增長近 50%。

I'm very pleased with how these platforms are growing and creating amazing experiences for users, developers and partners.

我對這些平台如何發展並為用戶、開發人員和合作夥伴創造令人驚嘆的體驗感到非常滿意。

Our newest platform, Stadia, which revolutionizes the way gamers access and play their favorite games and brings together the best of Google's infrastructure and open ecosystem approach.

我們最新的平台 Stadia 徹底改變了遊戲玩家訪問和玩自己喜歡的遊戲的方式，並將 Google 的最佳基礎設施和開放的生態系統方法結合在一起。

With Stadia, you'll be able to play advanced AAA games on any type of screen instantly without ever needing to download the game or install updates.

使用 Stadia，您將能夠立即在任何類型的屏幕上玩高級 AAA 遊戲，而無需下載遊戲或安裝更新。

The reception from gamers in the industry has been incredible, and we look forward to sharing more when it launches later this year.

業內游戲玩家的反應令人難以置信，我們期待在今年晚些時候推出時分享更多信息。

Next, our video platform, YouTube.

接下來是我們的視頻平台 YouTube。

YouTube's top priority is responsibility.

YouTube 的首要任務是責任。

As one example, earlier this year, YouTube announced changes that reduce recommendations of content that comes close to violating our guidelines or that misinforms in harmful ways.

例如，今年早些時候，YouTube 宣布了一些更改，以減少對接近違反我們的準則或以有害方式誤導的內容的推薦。

There are a lot more improvements which we will be rolling out in the next few weeks, and our work is ongoing.

我們將在接下來的幾週內推出更多改進，我們的工作正在進行中。

We have also expanded the content offering, availability and the functionality on some of our newer YouTube experiences.

我們還擴展了一些較新的 YouTube 體驗的內容供應、可用性和功能。

YouTube TV is now available nationwide with many new networks and channels added in Q1.

YouTube TV 現在在全國范圍內可用，第一季度增加了許多新的網絡和頻道。

YouTube Music and YouTube Premium are now available in 43 countries, up from 5 markets at the start of 2018.

YouTube Music 和 YouTube Premium 現已在 43 個國家/地區推出，高於 2018 年初的 5 個市場。

In mid-March, we launched YouTube Music in India, one of YouTube's fastest growing markets.

3 月中旬，我們在印度推出了 YouTube Music，這是 YouTube 增長最快的市場之一。

Since launch, the YouTube Music app has been downloaded more than 15 million times in the country.

自推出以來，YouTube Music 應用在該國的下載量已超過 1500 萬次。

YouTube's ad business for both brand and direct response campaigns continues to grow and support our creators.

YouTube 的品牌廣告和直接響應廣告業務不斷發展並支持我們的創作者。

In Q1, we again saw how YouTube is the go-to destination for watching the Super Bowl ads before, during and after the big game.

在第一季度，我們再次看到 YouTube 是在大型比賽之前、之中和之後觀看超級碗廣告的首選目的地。

This year, viewership of Super Bowl ads on YouTube during the game rose by nearly 60%.

今年，比賽期間 YouTube 上超級碗廣告的收視率增長了近 60%。

More broadly, across our ads business, our advertising product team, led by Prabhakar, continues to build new products for marketers with more than 100 enhancements introduced every quarter.

更廣泛地說，在我們的廣告業務中，由 Prabhakar 領導的廣告產品團隊繼續為營銷人員打造新產品，每季度推出 100 多項增強功能。

We do rigorous testing on each of these improvements to ensure that we are creating the best experience for users and advertisers.

我們對這些改進中的每一項都進行了嚴格的測試，以確保我們為用戶和廣告商創造最佳體驗。

Our focus has always been on investing for the long term rather than managing for results quarter-to-quarter.

我們的重點一直是長期投資，而不是按季度管理業績。

I feel really positive about the opportunities ahead and the innovations that we are bringing to marketers, many of which are powered by machine learning.

我對未來的機會和我們為營銷人員帶來的創新感到非常樂觀，其中許多都是由機器學習驅動的。

Philipp and our business teams have done a great job helping advertisers take full advantage of these new capabilities.

Philipp 和我們的業務團隊在幫助廣告商充分利用這些新功能方面做得非常出色。

For instance, more than 70% of our advertisers are already using automated bid strategies in Google Ads, and these ML powered technologies help customers get better results for their investments.

例如，超過 70% 的廣告客戶已經在 Google Ads 中使用自動出價策略，而這些支持機器學習的技術可幫助客戶獲得更好的投資結果。

In Q1, we began testing new shoppable ad units in Google Images, so brands can highlight multiple products available for sale in sponsored image results.

在第一季度，我們開始在 Google 圖片中測試新的可購物廣告單元，以便品牌可以在讚助圖片搜索結果中突出顯示多種可供銷售的產品。

You've also seen us make it easier for people to buy products and take action when shopping on Google Assistant and Search with a universal cart on mobile, desktop and Google Home devices.

您還看到我們讓人們在使用移動設備、桌面設備和 Google Home 設備上的通用購物車通過 Google 助理和搜索購物時更輕鬆地購買產品和採取行動。

Since we launched these capabilities a year ago, the number of participating merchants has increased sevenfold.

自一年前我們推出這些功能以來，參與的商家數量增加了七倍。

Lastly, at the Game Developers Conference, we introduced a host of new advertising solutions for developers like App Campaigns for Engagement, which help developers reengage players with relevant ads across Google's properties.

最後，在遊戲開發者大會上，我們為開發者推出了一系列新的廣告解決方案，例如 App Campaigns for Engagement，可幫助開發者通過 Google 資產中的相關廣告重新吸引玩家。

Next, I'll give an update on our Hardware and Cloud efforts.

接下來，我將介紹我們的硬件和雲工作的最新情況。

First, Hardware.

首先，硬件。

I'm very proud that in only a few short years, we have built a strong foundation in Hardware.

我很自豪在短短幾年內，我們在硬件方面建立了堅實的基礎。

For example, demand for our Google Home family of products remains strong, especially the Home Mini and Home Hub.

例如，對我們的 Google Home 系列產品的需求依然強勁，尤其是 Home Mini 和 Home Hub。

The breadth and depth of our product lines across Pixel, Nest and Home is amazing, and you will see us continue to develop this incredible lineup.

我們跨越 Pixel、Nest 和 Home 的產品線的廣度和深度令人驚嘆，您將看到我們繼續開發這個令人難以置信的產品線。

The team has also done a lot of work to scale our operations, and we'll continue to optimize our distribution, branding and points of presence.

該團隊還為擴大我們的運營規模做了大量工作，我們將繼續優化我們的分銷、品牌和存在點。

We also announced a new campus and engineering hub in Taiwan largely to support our Hardware efforts.

我們還宣佈在台灣建立一個新的校園和工程中心，主要是為了支持我們的硬件工作。

Not only are features like Night Sight and Pixel winning industry awards, but Net Promoter Scores tell us that many people who use our Hardware products truly love them, which is particularly important as we move into this new era of computing.

Night Sight 和 Pixel 等功能不僅贏得了行業獎項，而且淨推薦值告訴我們，許多使用我們硬件產品的人都非常喜歡它們，這在我們進入這個新的計算時代時尤為重要。

We are still early in our Hardware journey, and when I look ahead at the portfolio that we have created across Pixel, Home and Nest, I feel really good about the range of products that we have.

我們仍處於硬件之旅的早期階段，當我展望我們在 Pixel、Home 和 Nest 上創建的產品組合時，我對我們擁有的產品範圍感到非常滿意。

And finally, our growing Cloud business.

最後，我們不斷增長的雲業務。

Thomas has really hit the ground running.

托馬斯真的很成功。

Just a few weeks ago, I was on stage with him at our Cloud Next event, where we hosted a sold-out crowd of more than 30,000 attendees.

就在幾週前，我和他一起在我們的 Cloud Next 活動上登台演出，在那裡我們接待了超過 30,000 名與會者，座無虛席。

As I said at Next, moving to the Cloud should be simple and seamless.

正如我在 Next 中所說，遷移到雲端應該是簡單且無縫的。

I was excited to announce Anthos, which gives customers a very elegant solution to both hybrid Cloud and multicloud in a single technology stack.

我很高興地宣布 Anthos，它為客戶提供了一個非常優雅的混合雲和多雲解決方案，在一個單一的技術堆棧中。

The early feedback from analysts, customers and partners has been really great.

分析師、客戶和合作夥伴的早期反饋非常好。

We also announced innovations across many of our other products that enable developers to build and deploy AI, help enterprises to better secure their data, allow Android users to leverage their phones as a security key and much more.

我們還宣布了我們許多其他產品的創新，使開發人員能夠構建和部署人工智能，幫助企業更好地保護他們的數據，允許 Android 用戶將他們的手機用作安全密鑰等等。

We are also deeply committed to becoming the most customer-centric cloud provider for enterprise customers and making it easier for companies to do business with us thanks to new contracting, pricing and more.

我們還堅定地致力於成為最以客戶為中心的企業客戶雲提供商，並通過新的合同、定價等方式讓公司更容易與我們開展業務。

Today, 9 of the world's 10 largest media companies, 7 of the 10 largest retailers and more than half of the 10 largest companies in manufacturing, financial services, communications and software use Google Cloud.

如今，全球 10 家最大的媒體公司中有 9 家、10 家最大的零售商中的 7 家以及製造業、金融服務、通信和軟件領域的 10 家最大公司中的一半以上都在使用 Google Cloud。

Some of the companies that we announced at Next included the American Cancer Society and McKesson in health care, media and entertainment companies like USA TODAY and Viacom, consumer packaged goods brands like Unilever, manufacturing and industrial companies like Samsung and UPS and public sector organizations like Australia Post.

我們在 Next 上宣布的一些公司包括美國癌症協會和 McKesson 在醫療保健、媒體和娛樂公司（如今日美國和維亞康姆）、消費品品牌（如聯合利華）、製造和工業公司（如三星和 UPS）以及公共部門組織（如澳大利亞郵政。

Finally, to support our customers' growth, we also announced the addition of 2 new Cloud regions in Seoul and Salt Lake City, which we plan to open in 2020.

最後，為了支持客戶的增長，我們還宣佈在首爾和鹽湖城增加 2 個新的雲區域，我們計劃在 2020 年開放。

These new Cloud regions will build on our current footprint of 19 Cloud regions and 58 data centers around the world.

這些新的雲區域將建立在我們目前在全球 19 個雲區域和 58 個數據中心的基礎上。

20 years in and over 100,000 employees strong, I'm incredibly proud of the work that our teams at Google do every day.

從業 20 年，擁有超過 100,000 名員工，我為我們在 Google 的團隊每天所做的工作感到無比自豪。

We have so many bright opportunities ahead, and seizing those opportunities starts with our investment in the communities where we operate around the world and right here at home.

我們前面有很多光明的機會，抓住這些機會始於我們對我們在世界各地和國內開展業務的社區的投資。

In the U.S., not only are we expanding our workforce across the country, but we are helping people in every state gain the digital skills they need to succeed in today's economy.

在美國，我們不僅在全國范圍內擴大勞動力，而且還在幫助每個州的人們獲得在當今經濟中取得成功所需的數字技能。

In fact, just 1 year after kicking off our collaboration with Goodwill, 0.25 million Americans have learned new digital skills and 27,000 have found a job.

事實上，在我們與 Goodwill 開始合作僅一年後，就有 25 萬美國人學習了新的數字技能，並有 27,000 人找到了工作。

We also feel a deep responsibility to make sure that we -- that as we grow our business, we are doing it with minimal impact on the environment.

我們也深感有責任確保我們 - 隨著我們的業務發展，我們在做這件事時對環境的影響最小。

Today, a Google data center uses 50% less energy than a typical data center while delivering 7x more computing power than we did 5 years ago.

如今，谷歌數據中心的能耗比典型數據中心少 50%，而計算能力比 5 年前高出 7 倍。

Since 2017, we have matched 100% of the electricity consumption of our operations with purchases of renewable energy, and I'm proud that Google is the world's largest corporate buyer of renewable energy.

自 2017 年以來，我們已將 100% 的運營電力消耗與可再生能源的購買相匹配，我很自豪 Google 是全球最大的可再生能源企業買家。

I've never been more excited about Google and where we are headed.

我對 Google 和我們的發展方向感到前所未有的興奮。

I want to thank every Googler around the world for joining us on that journey.

我要感謝世界各地的每一位 Google 員工加入我們的旅程。

With that, I'll hand it back over to Ruth.

有了這個，我會把它交還給露絲。

Thank you, Sundar.

謝謝你，桑達爾。

And we will now take your questions.

我們現在將回答您的問題。

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

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe a couple of parts on the revenue performance in the quarter.

也許是本季度收入表現的幾個部分。

Ruth, you'd called out potential volatility on the Q4 earnings call.

露絲，你在第四季度財報電話會議上提到了潛在的波動性。

Wanted to understand a little bit about what you were calling out in Q4 and how that might have manifested itself in Q1 on the product side of the equation, so we could just better understand how much of it was isolated to Q1 or it might be a headwind as we move through the year.

想了解一點關於你在第四季度的呼籲以及這可能如何在第一季度的產品方面表現出來，所以我們可以更好地了解其中有多少是與第一季度隔離的，或者它可能是一個在我們度過這一年的逆風中。

And as you look at the individual performance of the ad divisions inside Sites, desktop, mobile search, YouTube, it seems like you were still calling out strength in mobile search and YouTube.

當您查看網站、桌面、移動搜索、YouTube 中廣告部門的個人表現時，您似乎仍在呼籲移動搜索和 YouTube 的優勢。

So could it be desktop search where we actually saw some weakness in the quarter?

那麼，我們實際上在本季度看到了一些弱點的桌面搜索是否可能是桌面搜索？

Sure.

當然。

Thanks, Eric.

謝謝，埃里克。

So I tried to step back and start at the highest level.

所以我試著退後一步，從最高水平開始。

Obviously, on a reported GAAP basis, revenue growth in Q1 reflects the FX headwind that we talked about in contrast to the tailwind last year.

顯然，根據報告的公認會計原則，第一季度的收入增長反映了我們談到的外匯逆風，與去年的順風形成鮮明對比。

And as you know well, we don't report Sites revenues on a fixed FX basis, but the delta between fixed and floating growth rates at the Alphabet level is a good proxy for the effect on Sites revenue.

如您所知，我們不會在固定外匯基礎上報告 Sites 收入，但 Alphabet 級別的固定增長率和浮動增長率之間的差值可以很好地代表 Sites 收入的影響。

Beyond that, I tried to draw out that the year-on-year growth rate in part reflects our strong 2018.

除此之外，我試圖指出，同比增長率部分反映了我們強勁的 2018 年。

And then more to your question, as we indicated last quarter, the other item is the timing of product changes in ads can impact year-on-year growth rates.

然後更多關於您的問題，正如我們上個季度所指出的那樣，另一個項目是廣告中產品更改的時間可能會影響同比增長率。

And we make changes with a focus on the best interest of users and advertisers.

我們做出改變的重點是用戶和廣告商的最大利益。

Over the long term, we do not manage by quarter, so we are introducing enhancements only after product testing.

從長遠來看，我們不按季度進行管理，因此我們僅在產品測試後才引入增強功能。

And that was -- it's sort of the overarching color that I was trying to give you.

那就是 - 這是我試圖給你的一種總體顏色。

And in terms of desktop, it was a modest contributor to revenue growth.

在台式機方面，它對收入增長的貢獻不大。

It does remain an important form factor for certain more complex tasks such as planning vacations or assessing insurance options.

對於某些更複雜的任務，例如計劃假期或評估保險選項，它確實仍然是一個重要的形式因素。

And as we've talked about on prior calls, we continue to see the ongoing importance of desktop for many users and many tasks, notwithstanding the growing utility of mobile.

正如我們在之前的電話會議中談到的那樣，我們繼續看到桌面對許多用戶和許多任務的持續重要性，儘管移動設備的實用性不斷增長。

So I led with the items that are really driving the growth, but that was a bit more color on desktop for you.

所以我領導了真正推動增長的項目，但這對你來說桌面上的顏色更多。

And our next question comes from Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

So 2 questions.

所以2個問題。

Just following up on Eric's on the revenue growth.

只是跟進埃里克的收入增長。

Ruth, can you just give us a little bit more detail on the paid click growth, the decel that we saw to 39% from the 50s and 60s last year.

露絲，您能否詳細介紹一下付費點擊的增長情況，從去年的 50 年代和 60 年代我們看到下降到 39%。

So that's just a comp issue or something more specific?

所以這只是一個比較問題或更具體的問題？

And then just on the spending side, wanted to understand a little more just how you're thinking about spending relative to 3 months ago.

然後只是在支出方面，想更多地了解與 3 個月前相比，您是如何考慮支出的。

I know you talked about both CapEx moderating and also headcount moderating 3 months ago.

我知道您在 3 個月前談到了資本支出調整和員工人數調整。

Just curious at least if headcount is still in that camp for your thinking, just given that it seems like there's a pretty big ramp expected under the new Cloud CEO.

至少只是好奇，如果你的想法仍然在那個陣營中，只是考慮到在新的 Cloud CEO 領導下似乎會有相當大的增長。

Okay.

好的。

So starting with clicks and CPCs.

所以從點擊次數和每次點擊費用開始。

As we've discussed on prior calls, the biggest driver affecting both CPCs and click trends is YouTube engagement ads with YouTube clicks representing the vast majority of total clicks.

正如我們在之前的電話會議中所討論的，影響每次點擊費用和點擊趨勢的最大驅動因素是 YouTube 互動廣告，其中 YouTube 點擊量佔總點擊量的絕大部分。

And so while YouTube clicks continued to grow at a substantial pace in the first quarter, the rate of YouTube click growth decelerated versus what was a strong Q1 last year, reflecting changes that we made in early 2018, which we believe are overall additive to the user and advertiser experience.

因此，儘管 YouTube 點擊量在第一季度繼續大幅增長，但與去年第一季度的強勁增長相比，YouTube 點擊量增長速度有所放緩，這反映了我們在 2018 年初做出的改變，我們認為這些改變對用戶和廣告客戶體驗。

And then in terms of your 2 spending -- the investment questions.

然後就你的兩項支出而言——投資問題。

In terms of headcount, first, we do continue to expect the growth rate to moderate slightly in 2019 from the year-on-year growth in 2018.

就員工人數而言，首先，我們確實繼續預計 2019 年的增長率將較 2018 年的同比增長略有放緩。

And as I indicated in opening comments, we are continuing to invest in technical talent for priority areas like Cloud, search and ML.

正如我在開場評論中指出的那樣，我們將繼續投資於雲、搜索和 ML 等優先領域的技術人才。

And so Cloud has been and continues to be the primary area of headcount growth and as Thomas indicated as well and I think Sundar did as well.

因此，雲一直是並將繼續成為員工人數增長的主要領域，正如 Thomas 所指出的那樣，我認為 Sundar 也是如此。

In terms of CapEx, just to fill out the last part, I think, of your question, relative to my comments last quarter that we expect the full year 2019 growth rate for CapEx to moderate quite significantly versus the year-on-year growth in 2018, there's no change in our expectation for the year on that point either.

就資本支出而言，我想只是為了填寫你的問題的最後一部分，相對於我上個季度的評論，我們預計 2019 年全年資本支出的增長率與2018 年，我們對這一年的預期也沒有變化。

The first quarter last year obviously included a sizable real estate acquisition in New York.

去年第一季度顯然包括在紐約進行的大規模房地產收購。

But overall, we continue to invest meaningfully in our technical infrastructure given our outlook for compute requirements to support long-term growth.

但總體而言，鑑於我們對支持長期增長的計算需求的展望，我們將繼續對我們的技術基礎設施進行有意義的投資。

Technical infrastructure is the biggest driver of CapEx growth, but we do also continue to invest in office facilities.

技術基礎設施是資本支出增長的最大推動力，但我們也繼續投資辦公設施。

In fact, as we announced in the first quarter, we expect CapEx of over $13 billion in 2019 just in the U.S. in data center construction and offices with major expansions in 14 states.

事實上，正如我們在第一季度宣布的那樣，我們預計 2019 年僅在美國的數據中心建設和在 14 個州進行大規模擴張的辦事處的資本支出將超過 130 億美元。

And more generally, while we're investing aggressively to support our outlook for compute requirements, we're also very focused on improving efficiency with our technical infrastructure.

更一般地說，雖然我們正在積極投資以支持我們對計算需求的展望，但我們也非常專注於通過我們的技術基礎設施提高效率。

And you can see that through our innovations in things like custom server hardware and TPUs, which can be more cost effective especially for machine learning workloads.

您可以通過我們在定制服務器硬件和 TPU 等方面的創新看到這一點，這可以更具成本效益，尤其是對於機器學習工作負載。

And our question comes from Heather Bellini of Goldman Sachs.

我們的問題來自高盛的 Heather Bellini。

Sundar, I had a question about Cloud.

Sundar，我有一個關於 Cloud 的問題。

You guys are obviously talking more and more about it.

你們顯然在談論它越來越多。

But when do you think you're going to be in a position to share revenue figures or even growth rates similar to what the others have been sharing for quite some time?

但是你認為你什麼時候能夠分享收入數據，甚至是類似於其他人已經分享了很長一段時間的增長率？

And then, I guess, a couple follow-ups to that are what would you say the biggest competitive differentiators are of GCP.

然後，我想，你會說 GCP 最大的競爭優勢是幾個後續行動。

And what also -- what changes has Thomas implemented for 2019?

還有什麼 - 托馬斯在 2019 年實施了哪些改變？

What are any of the big changes he's focused on that maybe are different than what you were doing before?

他關注的哪些重大變化可能與您之前所做的不同？

Thanks, Heather.

謝謝，希瑟。

Good question.

好問題。

Overall, I would say I think you saw it -- saw the momentum coming out of Next.

總的來說，我會說我認為你看到了——看到了 Next 的勢頭。

And I would say at a high level, the key differentiators, which we are focused and which we hear from customers too, the 5 key things are security and reliability, being really open about hybrid multi-cloud customers don't want to be locked into any 1 cloud provider.

我會在高層次上說，我們關注的關鍵差異化因素，我們也從客戶那裡聽到，5 個關鍵因素是安全性和可靠性，對混合多雲客戶真正開放，客戶不想被鎖定進入任何 1 個雲提供商。

We want to be a platform for open source, and so we're really working well there in enabling options, AI, ML as a capability.

我們希望成為一個開源平台，因此我們在啟用選項、AI、ML 作為一種能力方面做得很好。

And finally, as customers think about digital transformations, we bring all of Google's advances to bear to help them through the journey.

最後，當客戶考慮數字化轉型時，我們會利用 Google 的所有進步來幫助他們完成整個旅程。

I think I would say, Thomas is really building upon a strong foundation, but we're really accelerating and scaling up go to market both internally and through our channel partners has been a huge focus.

我想我會說，Thomas 確實建立在一個堅實的基礎之上，但我們確實在加速和擴大市場，無論是在內部還是通過我們的渠道合作夥伴一直是一個巨大的焦點。

I'm incredibly excited that we just announced a couple of weeks ago that [Robbins Linness] joined us to head go-to-market.

幾週前我們剛剛宣布 [Robbins Linness] 加入我們進入市場，我感到非常興奮。

And just along with Thomas, both of them bring close to 3 decades of serving enterprise customers.

與 Thomas 一起，他們都為企業客戶服務了近 3 年。

And so that reflects the commitment we have.

這反映了我們的承諾。

I think we are building a strong business across all our verticals, and we definitely are seeing strong momentum and look forward to being able to share more at the appropriate time.

我認為我們正在所有垂直領域建立強大的業務，我們肯定看到了強勁的勢頭，並期待能夠在適當的時候分享更多。

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 2, 1 for Ruth, 1 for Sundar.

我有 2 個，Ruth 有 1 個，Sundar 有 1 個。

We noticed that larger than expected slowdown in the properties TAC in the quarter, that includes cost of mobile search, while the other cost of revenues, which includes YouTube content costs, seem to maintain that expected growth rate despite what you said about more moderate turns in Hardware.

我們注意到，本季度房地產 TAC 的放緩幅度大於預期，其中包括移動搜索成本，而其他收入成本（包括 YouTube 內容成本）似乎保持了預期的增長率，儘管您所說的轉向更為溫和在硬件。

So just wondering if that's a wise way to infer anything about the relative performance of mobile search revenue versus YouTube from those cost lines in the quarter.

因此，只是想知道這是否是一種明智的方法，可以從本季度的這些成本線中推斷出移動搜索收入與 YouTube 的相對錶現。

And then on Waymo, maybe for Sundar.

然後是 Waymo，也許是 Sundar。

We're hearing more and more about collaborations between ride-sharing networks and AV providers.

我們聽到越來越多關於拼車網絡和 AV 提供商之間合作的消息。

So the idea of mixed fleets or part human, part AV as a means of potential deployment of AV technology, so can you just comment if that mixed fleet approach would be something that you think Waymo would consider versus its own full ride service network?

因此，混合車隊或部分人工、部分 AV 作為 AV 技術潛在部署的一種方式的想法，那麼您能否評論一下，您認為 Waymo 會考慮這種混合車隊方法而不是其自己的全乘車服務網絡？

So in terms of the Sites TAC rate, a couple of things.

因此，就站點 TAC 率而言，有幾件事。

We've discussed this previous -- on previous calls.

我們在之前的電話中討論過這個問題。

We have expected the year-on-year growth in the TAC rate would begin to slow starting in the second quarter last year.

我們預計 TAC 率的同比增長將從去年第二季度開始放緩。

And you saw that through the balance of 2018.

你在 2018 年的餘額中看到了這一點。

And this quarter, the constant TAC rate versus last year reflects ongoing growth in mobile, but it also benefited from growth in YouTube, where the associated content and costs are included in other cost of sales.

本季度，與去年相比的固定 TAC 率反映了移動業務的持續增長，但它也受益於 YouTube 的增長，相關內容和成本包含在其他銷售成本中。

And so that's the most important thing to point to.

所以這是要指出的最重要的事情。

The other is --we've previously discussed is TAC as a percentage of revenues is also affected by a number of other factors such as changes in product mix, device mix, partner mix, et cetera.

另一個是——我們之前討論過 TAC 作為收入的百分比還受到許多其他因素的影響，例如產品組合、設備組合、合作夥伴組合等的變化。

So I'd really point you to the first point there.

所以我真的會向你指出那裡的第一點。

And then as it relates to Waymo, I guess a couple of things.

然後，當它與 Waymo 相關時，我猜有幾件事。

We continue to be most focused on the ride-sharing business here.

我們繼續最關注這裡的拼車業務。

We're pleased with the expansion in the number of Waymo riders that we've added since the last quarter.

我們對自上個季度以來增加的 Waymo 騎手數量的增加感到高興。

But as we've talked about on prior calls, we do continue to pursue a number of other opportunities, long-haul trucking, we've talked about, logistics, deliveries, personal use vehicles, last mile solutions for cities and then probably more to your question, licensing our technology.

但正如我們在之前的電話會議中談到的那樣，我們確實繼續尋求許多其他機會，長途卡車運輸，我們已經談到，物流，交付，個人使用車輛，城市的最後一英里解決方案，然後可能更多對於您的問題，授權我們的技術。

And we did announce in March that we're making one of our 3D LiDAR sensors available to companies outside of the self-driving car service beginning with robotics and physical security, in other words, in -- for warehouse use or for farming.

我們確實在 3 月份宣布，我們正在為自動駕駛汽車服務之外的公司提供我們的 3D LiDAR 傳感器之一，從機器人技術和物理安全開始，換句話說，用於倉庫使用或農業。

And our view is that, that can provide further operating leverage to our business.

我們的觀點是，這可以為我們的業務提供進一步的運營槓桿。

So we're actually looking at it in a number of different ways, but the primary focus continues to be on developing the ride-hailing business.

因此，我們實際上以多種不同的方式看待它，但主要關注點仍然是發展叫車業務。

And your next question comes from Stephen Ju of Crédit Suisse.

您的下一個問題來自瑞士信貸的 Stephen Ju。

So Sundar, I wanted to follow up on your Stadia commentary.

所以 Sundar，我想跟進你的 Stadia 評論。

How are your conversations with some of the larger PC and console publishers going right now?

您現在與一些大型 PC 和遊戲機發行商的對話進展如何？

You obviously offered them additional distribution outlet with billions of users, which is something that they probably didn't have before.

您顯然為他們提供了擁有數十億用戶的額外分銷渠道，這是他們以前可能沒有的。

But what is the pushback that you might be getting from publishers, if any?

但是，如果有的話，您可能會從出版商那裡得到什麼回擊？

I think their genuinely -- the main thing we see, genuine excitement because I think they see the opportunity for a shift, a point of inflection, but they realize the technical challenge of pulling something like this off, and so -- but once they get their hands on with the technology and then they see the experience, I think, it really wins people over.

我認為他們真的——我們看到的主要的東西，真正的興奮，因為我認為他們看到了轉變的機會，一個拐點，但他們意識到實現這樣的事情的技術挑戰，所以——但是一旦他們親身體驗這項技術，然後他們就會看到體驗，我認為，它真的贏得了人們的青睞。

And so we are having conversations across the board, and I think people are definitely engaging in a very committed way, and they're investing in it.

因此，我們正在全面進行對話，我認為人們肯定以一種非常投入的方式參與其中，並且他們正在對此進行投資。

And so it's up to us to bring it all together and have a [coupling] service later this year, and that's what the team is, heads down, working on.

因此，我們有責任在今年晚些時候將所有這些整合在一起並提供 [耦合] 服務，這就是團隊的現狀，埋頭苦幹。

But I think not pushback per se, but they want to see our commitment, which is what we demonstrate.

但我認為這本身不是回擊，而是他們希望看到我們的承諾，這就是我們所展示的。

And they are working hard to make the investments on their side.

他們正在努力進行投資。

And so it's a big joint effort, and it's working well.

所以這是一個很大的共同努力，而且運作良好。

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賴恩諾瓦克。

I have 2. The first one, let's go back to the product changes.

我有2個。第一個，讓我們回到產品變化。

Ruth, any more color on sort of which products or regions are most impacted by these changes?

露絲，還有哪些產品或地區受這些變化影響最大？

And just so we can understand a little bit, can you just help us with the key user experience you're trying to solve for and sort of the message to your advertisers who may be spending -- who may be growing their spend less now, but why that's going to be positive for the long term?

讓我們稍微了解一下，您能否幫助我們解決您試圖解決的關鍵用戶體驗問題，並向可能正在支出的廣告商傳達信息——他們現在的支出增長可能會減少，但為什麼從長遠來看這將是積極的？

And then, Sundar, just go to your comments about YouTube.

然後，Sundar，請查看您對 YouTube 的評論。

You mentioned more potential changes coming on YouTube in the next couple of weeks.

您提到了未來幾週內 YouTube 上將出現的更多潛在變化。

Can you just talk to us about that a little bit?

你能和我們談談嗎？

Maybe I'll start with the YouTube comments.

也許我會從 YouTube 評論開始。

I talked about, in the area of content responsibility, we are definitely focused on making sure we are constantly improving how we are handling both in terms of reducing the content that shouldn't be there on the platform and then more importantly, making sure, when we recommend content, that we are recommending high-quality content as well as reducing harmful content or low-quality content being recommended.

我談到，在內容責任領域，我們絕對專注於確保我們不斷改進我們的處理方式，減少平台上不應該出現的內容，更重要的是，確保，當我們推薦內容時，我們在推薦高質量內容的同時減少被推薦的有害內容或低質量內容。

I think we had a set of launch, which we have rolled out, but I think there are more launches coming, which will constantly improve what you see in YouTube and continues to be the most important area of focus for them.

我認為我們已經推出了一系列發布，但我認為還會有更多發布，這將不斷改善您在 YouTube 上看到的內容，並繼續成為他們最重要的關注領域。

On the first question in terms of products, I think we are -- I presume when you say back to product changes, I think you're talking about the advertising experience.

關於產品方面的第一個問題，我認為我們是——我想當你說回產品變化時，我認為你是在談論廣告體驗。

I think the main thing I would say is, I mean, we don't -- I think we have a long, long-term way of thinking about where we want to go and we have a disciplined framework by which we think and evolve our products.

我想我要說的主要是，我的意思是，我們沒有——我認為我們有一個長期的、長期的方式來思考我們想去哪裡，我們有一個嚴謹的框架來思考和發展我們的產品。

We don't necessarily look at it from a quarter-on-quarter basis, though we obviously have had consistent performances.

儘管我們顯然有一致的表現，但我們不一定要從季度環比來看。

We approach our work differently, and so you are going to have quarter-to-quarter variations once in a while.

我們以不同的方式處理我們的工作，因此您有時會出現季度變化。

But we remain confident about the opportunities we see.

但我們仍然對我們看到的機會充滿信心。

And I'm looking ahead to that, and we are focused on that.

我期待著這一點，我們專注於這一點。

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

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

Sundar, you'd reminded us how April and May are pretty big months for the company with a series of your large annual events.

Sundar，您通過一系列大型年度活動提醒我們，4 月和 5 月對於公司來說是非常重要的月份。

And of course, each of them -- each of those businesses have their own goals and targets.

當然，他們每個人——每個企業都有自己的目標和目標。

But we also hear -- continue to hear more about your teams working together, for example, a large cloud engagement leading to higher ad spending from an enterprise.

但我們也聽到 - 繼續聽到更多關於您的團隊合作的消息，例如，大型雲參與導致企業更高的廣告支出。

Can you talk to us just a little bit about how you balance having your leaders grow their own businesses with also incentivizing them to work together?

您能否與我們簡單談談您如何在讓領導者發展自己的業務與激勵他們一起工作之間取得平衡？

And then second and kind of completely differently, would love to just hear your updated views on data collection and use.

然後第二個完全不同的方式，很想听聽您對數據收集和使用的最新看法。

I'm sure you've continued to have some dialogue with politicians and regulators.

我敢肯定，您會繼續與政界人士和監管機構進行一些對話。

We've seen some reports on more potential changes in Chrome or within the advertising platform.

我們已經看到一些關於 Chrome 或廣告平台內部潛在變化的報告。

Would love to hear how maybe your latest discussions are in view -- are informing both the near- and long-term view on policies with regards to data collection and use.

很想听聽您最近的討論如何看待 - 正在告知有關數據收集和使用政策的近期和長期觀點。

Thanks.

謝謝。

And I mean you're right.

我的意思是你是對的。

These are a couple of very busy months, and it's particularly busy leading up to I/O.

這是幾個月非常忙碌的幾個月，在 I/O 之前尤其忙碌。

And I would say in terms of how we work together, first of all, as a company, I think we take our OKR process extraordinarily serious in a very committed way.

我想說的是，就我們如何合作而言，首先，作為一家公司，我認為我們非常認真地對待我們的 OKR 流程。

And we do write cross-company OKRs, and it really reinforces ways by which different groups can work together.

我們確實編寫了跨公司的 OKR，它確實加強了不同團隊可以一起工作的方式。

And we measure them and we will hold people accountable to that.

我們衡量它們，我們會讓人們對此負責。

That's an important part of how we get at businesses, both while they focus on their product areas, their business, they need to work together.

這是我們如何與企業打交道的一個重要部分，當他們專注於他們的產品領域和他們的業務時，他們需要一起工作。

Second, as a leadership attribute, it's something that's really important to me.

其次，作為領導力屬性，這對我來說非常重要。

And so it's something that the leaders across the table share that goal, and I think it's largely cultural as well.

因此，桌對面的領導者共享這個目標，我認為這在很大程度上也與文化有關。

Vis-à-vis, privacy, and it's actually one of our most important areas.

相對於隱私，它實際上是我們最重要的領域之一。

As a company, we've always tried to stay a step ahead.

作為一家公司，我們一直努力保持領先。

User expectations around privacy are constantly evolving, and we stretch ourselves to meet them.

用戶對隱私的期望在不斷發展，我們竭盡全力滿足它們。

And as part of that through this year, we are continuing to do a lot of work just with the overall goal of making sure privacy works for everyone and it's actually simple to use.

作為這一年的一部分，我們將繼續做大量工作，總體目標是確保隱私對每個人都有效，而且它實際上易於使用。

And as part of that, we'll have more changes through the course of this year, be it Chrome.

作為其中的一部分，我們將在今年進行更多更改，無論是 Chrome。

Chrome is super committed to making sure it's best in class in privacy and security, and we always put user experience first and follow through.

Chrome 非常致力於確保它在隱私和安全方面是一流的，我們始終將用戶體驗放在首位並堅持到底。

Through all these changes, we need to be mindful of the content ecosystem and the publisher ecosystem.

通過所有這些變化，我們需要注意內容生態系統和出版商生態系統。

Advertising continues to be an important way by which they create value and they see value.

廣告仍然是他們創造價值和看到價值的重要方式。

And so we are very thoughtful about how we approach our work.

因此，我們對如何處理我們的工作非常深思熟慮。

And there's been a lot of interest across the board.

各方都對此產生了濃厚的興趣。

I think we early on engaged with GDPR, they are big supporters of it in terms of being constructive and working early to get ready.

我認為我們很早就參與了 GDPR，就建設性和儘早做好準備而言，他們是它的大力支持者。

I think it's important U.S. supports -- has a clear framework on a federal basis for privacy regulation, and it's something we feel is timely as well.

我認為美國的支持很重要——在聯邦基礎上製定了明確的隱私監管框架，我們認為這也是及時的。

And so we have called for it and happy to be thought leaders as well as engage where needed.

因此，我們呼籲並樂於成為思想領袖並在需要時參與其中。

And our next question comes from Colin Sebastian of Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

I have a couple.

我有一對。

First one, follow-up on the revenue growth dynamics, specifically the sequential growth trend.

首先，跟踪收入增長動態，特別是環比增長趨勢。

I wonder if we should assume now that there's greater seasonality in core search just given the increasing mix of shopping and product ad formats.

我想知道我們現在是否應該假設考慮到購物和產品廣告格式的組合越來越多，核心搜索的季節性更強。

And Sundar, question on AI and machine learning.

還有 Sundar，關於 AI 和機器學習的問題。

Since clearly this remains an area of significant strength for the company, I'm wondering what stage of development you characterize these stools at being today?

由於顯然這對公司來說仍然是一個重要的優勢領域，我想知道您今天描述這些凳子的發展階段是什麼？

And whether we should expect the overall pace of advancement from AI to accelerate in terms of products and services?

我們是否應該期待人工智能在產品和服務方面的整體進步速度加快？

On the first question around seasonality and stuff, I mean, we -- throughout the course of the year, we always deal with many events, no patterns.

關於關於季節性和其他東西的第一個問題，我的意思是，我們 - 在一年中，我們總是處理許多事件，沒有模式。

There are a few patterns, which are consistent year-on-year, but there are always one-off events, which happen.

有一些模式，每年都是一致的，但總會發生一次性事件。

So there is in-built variation, so, which we work through every quarter, and so I think that's a natural part of what we do.

所以有內在的變化，所以，我們每個季度都會這樣做，所以我認為這是我們工作的一個自然部分。

There's definitely seasonality in businesses like Hardware, and that you are right.

像硬件這樣的企業肯定存在季節性，你是對的。

Commercial behavior has seasonality associated with it.

商業行為具有與之相關的季節性。

But we do deal a lot with one-off events as well and -- but we always work our way through it.

但我們也確實處理了很多一次性事件，而且 - 但我們總是努力通過它。

On machine learning, I do think we are at very early days.

在機器學習方面，我確實認為我們還處於早期階段。

I'm excited that, over the last 3 years, taking an AI-first approach, we've really incorporated machine learning core -- in a core way across our product to benefit our users.

我很高興，在過去的 3 年裡，我們採用 AI 優先的方法，真正將機器學習核心融入到我們的產品中——以核心方式讓我們的用戶受益。

And that's true for advertising as well.

廣告也是如此。

I think we are in early stages of making it easier for businesses to understand what they're looking for and us taking care of more and more work, and we are doing it across the board.

我認為我們正處於使企業更容易理解他們正在尋找的東西以及我們處理越來越多的工作的早期階段，我們正在全面開展這項工作。

But there is a lot of headroom here.

但是這裡有很多淨空。

And our next question comes from Justin Post of Bank of America.

我們的下一個問題來自美國銀行的賈斯汀波斯特。

Maybe one for Ruth and one for Sundar.

也許一個給 Ruth，一個給 Sundar。

First, Ruth, on mobile search, can you let us know how that did versus your expectations?

首先，Ruth，關於移動搜索，您能否告訴我們這與您的預期相比效果如何？

I know there's a lot of noise from YouTube in that line.

我知道那條線上有很多來自 YouTube 的噪音。

But how's mobile search doing?

但是移動搜索的表現如何？

And what are the key drivers now for mobile search?

現在移動搜索的主要驅動力是什麼？

Is it queries?

是查詢嗎？

Is it driving higher click-through rates, ad format changes?

它是否推動了更高的點擊率、廣告格式的變化？

What are the drivers as you think about the next couple years?

你認為未來幾年的驅動因素是什麼？

And then, Sundar, could you just -- on the Hardware business, I think there are some concerns that it's just not getting off to really strong trajectory, some comparisons to Microsoft 10 years ago.

然後，Sundar，你能不能 - 關於硬件業務，我認為有些人擔心它並沒有走上真正強勁的軌道，與 10 年前的微軟相比。

Really just help us understand how that Hardware business is important to Google and how you're thinking about it long term.

真的只是幫助我們了解硬件業務對 Google 的重要性以及您如何長期考慮它。

So in terms of mobile search and the Sites revenue more broadly, I think the main point is -- we both tried to indicate in opening comments is we view the advertising opportunity as significant, in particular the opportunity with machine learning both for users and advertisers as well as our commitment to product innovation and being the backdrop of an environment which nearly half of ad budgets in the U.S. are still spent offline and about 90% of commerce in the U.S. is still offline.

因此，就移動搜索和更廣泛的網站收入而言，我認為重點是——我們都試圖在開場評論中表明，我們認為廣告機會很重要，尤其是機器學習為用戶和廣告商帶來的機會以及我們對產品創新的承諾，以及美國近一半的廣告預算仍用於線下，美國約 90% 的商業仍處於線下的環境背景。

And we're focused on digital playing a bigger role in that and tapping into other marketing budgets by offering an attractive ROI.

我們專注於數字化在這方面發揮更大的作用，並通過提供有吸引力的投資回報率來利用其他營銷預算。

And then apart from people spending more time on digital content, to your question, we know that better measurement, better ad delivery, better user experiences all help grow the pie for everyone in the ecosystem.

然後除了人們在數字內容上花費更多時間之外，對於您的問題，我們知道更好的衡量、更好的廣告投放、更好的用戶體驗都有助於為生態系統中的每個人做大蛋糕。

And then more broadly within YouTube, as we talked about last quarter, we do continue to see significant growth in direct response, and we remain excited about the upside potential there.

然後更廣泛地在 YouTube 內部，正如我們上個季度談到的那樣，我們確實繼續看到直接反應的顯著增長，我們仍然對那裡的上行潛力感到興奮。

Brand advertising is still the largest part of the business.

品牌廣告仍然是業務的最大部分。

It's growing at a strong pace, but we called out direct response given what we see as the upside potential.

它正在以強勁的速度增長，但鑑於我們認為的上行潛力，我們呼籲直接回應。

And Justin, on the Hardware business, as I said earlier, we are still in our early days, but our commitment is very strong.

賈斯汀，在硬件業務上，正如我之前所說，我們仍處於早期階段，但我們的承諾非常堅定。

We really see this incredibly important to drive the future of computing forward and to make sure our services are presented to users in a -- in the way that we intended them to be.

我們真的認為這對於推動計算的未來發展並確保我們的服務以我們想要的方式呈現給用戶非常重要。

And so overall, we view this as a hugely important opportunity.

總的來說，我們認為這是一個非常重要的機會。

When we look at the business even for -- given we are more recent to it, we already -- if you take areas like Google Home and Assistant product, we are doing really well.

當我們甚至考慮到業務時——考慮到我們是最近的，我們已經——如果你關注谷歌主頁和智能助理產品等領域，我們做得非常好。

We see strong momentum.

我們看到強勁的勢頭。

I think we are market leaders in the category and especially when you take a look at it on a global basis.

我認為我們是該類別的市場領導者，尤其是當您在全球範圍內看待它時。

And so for -- computing will continue to evolve even beyond phones.

因此，計算將繼續發展，甚至超越手機。

And so we want to make sure we are in there, and we are very committed to it for the long term.

所以我們想確保我們在那裡，並且我們非常致力於長期。

Our phones, definitely across as an industry, I think they are working through a phase where there is definite year-on-year headwinds.

我們的手機，絕對是一個行業，我認為他們正在經歷一個同比明顯逆風的階段。

But I do think -- especially the ecosystem is constantly pushing it forward.

但我確實認為——尤其是生態系統正在不斷推動它向前發展。

I continue to be excited about the innovation speed, 5G coming or the early look into foldable phones, which Android plays a big part in driving.

我繼續對創新速度、5G 的到來或可折疊手機的早期研究感到興奮，Android 在推動這方面發揮了重要作用。

So I do think there is a lot more to come, and we are focused on it.

所以我確實認為還有很多事情要做，我們專注於它。

And I -- when I look at the product quality, how it's improving, user feedback in terms of Net Promoter Scores and the range of lineup that we are working and how our products are getting better year-on-year, I remain very excited.

我——當我看到產品質量、它如何改進、用戶對淨推薦值的反饋、我們正在工作的產品陣容以及我們的產品如何逐年變得更好時，我仍然非常興奮.

And our next question comes from Ross Sandler of Barclays.

我們的下一個問題來自巴克萊的羅斯桑德勒。

I guess I'll just beat the dead horse on the deceleration comment again but maybe a different way, Ruth.

我想我會再次在減速評論中擊敗死馬，但可能會以不同的方式，露絲。

So why did Europe and U.S. -- Europe ex FX and U.S. growth rates drop off much more than Asia and then other?

那麼，為什麼歐洲和美國——除外彙和美國外的歐洲和美國的增長率比亞洲和其他地區下降得更多？

Any comment on why the decel was more pronounced in Western markets?

對為何西方市場的減速更為明顯有何評論？

And then stepping back, we've seen pretty solid growth rates from the digital ad sector broadly in the first quarter, and you flagged a lot of this back in February, so clearly, this isn't a surprise to you.

然後退後一步，我們已經看到數字廣告行業在第一季度的整體增長率相當穩健，你在 2 月份就注意到了很多這樣的情況，所以很明顯，這對你來說並不意外。

But how much of the deceleration in Sites ex FX was from maybe advertiser demand issues in these markets versus proactive changes that you may have made on your end to the product?

但是 Sites ex FX 的減速有多少是來自這些市場中的廣告客戶需求問題，而不是您可能對產品做出的積極改變？

So in terms of the regions, the year-on-year growth rates reflect the product comments that I made with respect to the first quarter.

所以就地區而言，同比增長率反映了我對第一季度的產品評論。

The -- I think the -- you had the U.S. -- U.S. and Europe had about the same delta year-on-year.

- 我認為 - 你有美國 - 美國和歐洲的增量同比大致相同。

Other Americas was more pronounced.

其他美洲更為明顯。

That was really more of the impact of Hardware.

這實際上更多的是硬件的影響。

And then APAC, I think maybe is what was guiding some of your question, continues to be a very strong performer and continue to deliver in the 30% plus or I think 31% on a fixed FX basis.

然後是亞太地區，我認為這可能是指導您的一些問題的原因，它仍然是一個非常強勁的表現者，並繼續以 30% 以上的速度交付，或者我認為在固定外匯基礎上為 31%。

We're well positioned, growth throughout the region.

我們處於有利地位，在整個地區都有增長。

Sundar's comment on some of the things that we're seeing, the big focus on the next billion users and excited about the opportunities across the board there.

Sundar 對我們所看到的一些事情的評論，重點關注下一個十億用戶，並對那裡的全面機會感到興奮。

And I don't think there were any demand issues, to the last part of your question.

對於你問題的最後一部分，我認為沒有任何需求問題。

And as we said earlier, we work through a set of product development pipeline in a very disciplined way focused on user experience.

正如我們之前所說，我們以非常有紀律的方式通過一系列產品開發管道，專注於用戶體驗。

And that makes its way, too, and that's how we approach it.

這也是它的方式，這就是我們處理它的方式。

And our next question will be our final question today from the line of Brent Thill of Jefferies.

我們的下一個問題將是我們今天的最後一個問題，來自 Jefferies 的 Brent Thill。

Just a follow-up on the last question on EMEA and U.S. Was there any go-to-market changes in terms of the sales force or how you set quota or anything that may have been effectively a Q1 seasonality issue that may see some snapback in Q2?

只是對關於 EMEA 和美國的最後一個問題的跟進。在銷售人員或您如何設置配額或任何可能實際上是 Q1 季節性問題的方面是否有任何進入市場的變化，可能會出現一些回彈Q2？

The opening comment, I said that one of the points is that we had a strong year last year and we're looking at performance in line with that.

開場白，我說其中一個要點是我們去年表現強勁，我們正在關注與此相符的表現。

I would say more broadly overall in terms of go to market, our long-term investment thesis remains unchanged.

我會說更廣泛地說，就進入市場而言，我們的長期投資主題保持不變。

We're excited about the opportunities ahead.

我們對未來的機會感到興奮。

We do continue to invest to ensure we remain well positioned for the long term.

我們確實繼續投資，以確保我們在長期內保持良好的定位。

That applies across the businesses.

這適用於所有企業。

And so there wasn't a change that anything other than the comments that I had made.

因此，除了我所做的評論之外，沒有任何變化。

I think if I could just maybe expand on the investing pace, as we're looking at the pace of investing and supporting growth around the globe, what we're really looking at is what's needed to support long-term revenue and earnings growth.

我認為，如果我可以擴大投資步伐，因為我們正在關注全球投資和支持增長的步伐，我們真正關注的是支持長期收入和盈利增長所需的東西。

The operating margin did benefit in -- as I noted in my opening comments that -- from the fact that Q1 marketing expenses growth moderated, but that was a timing issue.

正如我在開場評論中指出的那樣，營業利潤率確實受益於第一季度營銷費用增長放緩的事實，但這是一個時間問題。

We do expect a pickup in marketing expense in the second quarter, and other than that, really nothing to comment on.

我們確實預計第二季度的營銷費用會有所回升，除此之外，真的沒什麼可評論的。

And that concludes our question-and-answer session for today.

今天的問答環節到此結束。

I'd like to turn the conference back over to Ellen West for closing remarks.

我想把會議轉回給 Ellen West 做閉幕詞。

Thanks, everyone, for joining us today.

謝謝大家，今天加入我們。

We look forward to speaking with you again on our second quarter call.

我們期待在第二季度電話會議上再次與您交談。

Thank you, and have a good afternoon.

謝謝，祝您下午愉快。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。