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

女士們、先生們，大家好，歡迎參加 Alphabet 2019 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係主管 Ellen West。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's first Quarter 2019 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 2019 年第一季財報電話會議。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 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表現和營運以及預期的資本支出水準所作的一些陳述可能被視為前瞻性的，而這些陳述涉及許多風險和不確定性，可能導致實際結果大不相同。

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

欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表中討論的風險因素。

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

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非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 發布並向公眾開放。

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

現在我將把電話轉給露絲。

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

謝謝你，艾倫。繼 2018 年的強勁表現後，第一季總營收達 363 億美元，年增 17%，以固定匯率計算成長 19%。再次，我們的業績得益於行動搜尋的持續強勁表現以及 YouTube 和雲端運算的重要貢獻。

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. I will then review results for Google followed by Other Bets and will include with our outlook. Sundar will then discuss business and product highlights, after which we will take your questions. Let me start with a summary of Alphabet's consolidated financial performance for the quarter.

在今天的電話會議上，我將首先回顧 Alphabet 本季的合併業績，並將重點放在同比變化上。然後，我將回顧 Google 及其它投資的結果，並將其納入我們的展望中。隨後，Sundar 將討論業務和產品亮點，之後我們將回答您的問題。首先，我來總結一下 Alphabet 本季的綜合財務表現。

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

我們的總收入為 363 億美元，反映了年比 12 億美元的負面貨幣影響，或受對沖計畫影響後的 10 億美元。從 Alphabet 各地區營收來看，美國營收為 165 億美元，較去年同期成長 17%。歐洲、中東和非洲地區的營收為 118 億美元，年增 13%，以固定匯率計算成長 16%，反映出歐元和英鎊的疲軟。亞太地區營收為 61 億美元，比去年成長 27%，以固定匯率計算成長 31%，主要反映了澳元和印度盧比的疲軟。其他美洲地區的營收為 19 億美元，年增 10%，以固定匯率計算成長 21%，主要反映了巴西雷亞爾和阿根廷比索的疲軟。

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

轉向盈利能力。在我們的收益新聞稿中，我們提供了一個表格來強調歐盟委員會罰款對第一季營業收入、淨收入和每股盈餘的影響。在審查結果時，我將對受到罰款影響和不受到罰款影響的結果進行評論。

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

綜合來看，包括 TAC 在內的總收入成本（我將在 Google 部門業績中討論）為 160 億美元，年增 19%。合併後的其他收入成本為 92 億美元，年增 27%，主要受Google相關費用的影響。最大的貢獻者是與我們的資料中心和其他營運相關的成本，包括折舊，其次是內容獲取成本，主要用於 YouTube 和我們的廣告支援內容，但也用於我們較新的訂閱業務 YouTube Premium 和 YouTube TV，它們的 CAC 佔收入的百分比較高。

Operating expenses, including the impact of the EC fine, were $13.7 billion. Excluding the impact of the fine, operating expenses were $12 billion, up 20% year-over-year. The biggest increase was in R&D expenses with headcount growth in Cloud as the largest driver. Growth in sales and marketing expenses primarily reflects additions to headcount. 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.

包括歐盟罰款的影響在內的營運費用為 137 億美元。不計罰款的影響，營運費用為120億美元，年增20%。增幅最大的是研發費用，其中雲端運算員工數量的成長是最大的推動力。銷售和行銷費用的成長主要反映了員工人數的增加。一般及行政費用的成長主要由於法律事務，包括 2018 年第一季記錄的法律和解收益的影響。

Stock-based compensation totaled $2.8 billion. Headcount at the end of the quarter was 103,459, up 4,688 from last quarter. Consistent with prior quarters, the majority of new hires were engineers and product managers. In terms of product areas, the most sizable headcount increases were in Cloud for both technical and sales roles.

股票薪酬總額為28億美元。本季末員工總數為 103,459 人，較上季增加 4,688 人。與前幾季一致，新員工大多是工程師和產品經理。就產品領域而言，雲端運算領域的技術人員和銷售人員數量增加最為顯著。

Operating income was $6.6 billion. Excluding the impact of the EC fine, operating income was $8.3 billion, up 9% versus last year for an operating margin of 23%. Other income and expense was $1.5 billion. 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. We provide more detail on the line items within OI&E in our earnings press release.

營業收入為 66 億美元。不計歐盟罰款的影響，營業收入為 83 億美元，較去年同期成長 9%，營業利益率為 23%。其他收入和支出為15億美元。我相信大多數人都知道，2018 年，由於引入了新的會計準則，要求確認股權證券的未實現損益，因此該項目的金額大幅增加。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 effective tax rate was 18.3% for the first quarter reflecting a sizable impact from the nondeductibility of the EC fine. Net income was $6.7 billion, and earnings per diluted share were $9.50. Excluding the impact of the EC fine, net income was $8.3 billion and earnings per diluted share were $11.90.

我們第一季的有效稅率為 18.3%，這反映了歐盟罰款不可扣除的巨大影響。淨收入為 67 億美元，每股攤薄收益為 9.50 美元。不計歐盟罰款的影響，淨收入為 83 億美元，每股稀釋收益為 11.90 美元。

Turning now to CapEx and operating cash flow. Cash CapEx for the quarter was $4.6 billion, which I will discuss in the Google segment results. Operating cash flow was $12 billion with free cash flow of $7.4 billion. We ended the quarter with cash and marketable securities of approximately $113 billion.

現在轉向資本支出和經營現金流。本季的現金資本支出為 46 億美元，我將在 Google 分部業績中討論這一點。經營現金流為 120 億美元，自由現金流為 74 億美元。本季末，我們的現金和有價證券總額約為 1,130 億美元。

Let me now turn to our segment financial results. Starting with the Google segment. Revenues were $36.2 billion, up 17% year-over-year. In terms of the revenue detail, Google Sites revenues were $25.7 billion in the quarter, up 17% year-over-year. In terms of dollar growth, results were led again by mobile search with a strong contribution from YouTube followed by desktop search.

現在讓我來談談我們分部的財務表現。從 Google 部分開始。營收為 362 億美元，年增 17%。就營收細節而言，本季Google Sites營收為257億美元，較去年同期成長17%。就美元成長而言，行動搜尋再次領先，其中 YouTube 的貢獻巨大，其次是桌面搜尋。

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

網路營收為 50 億美元，年增 8%，持續反映出主要成長動力 AdMob 和其次是 Google Ad Manager 的表現。谷歌的其他收入為 54 億美元，年增 25%，主要得益於雲端運算和 Play 業務，但硬體業務部分抵消了這一增長。

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. Strong growth in Play was driven particularly by performance in APAC. 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. We provide monetization metrics in our earnings press release to give you a sense of the price and volume dynamics of our advertising businesses.

Google Cloud Platform 仍然是 Alphabet 旗下成長最快的業務之一，其強勁的客戶發展動能尤其體現在對我們的運算和數據分析產品的需求上。Play 業務的強勁成長主要得益於亞太地區的業績。硬體業績反映出 Pixel 的銷量年減，這在一定程度上反映了由於高階智慧型手機市場近期面臨的一些壓力，整個產業大力開展促銷活動。我們在收益新聞稿中提供了貨幣化指標，讓您了解我們的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. 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. 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. In Q1, the network TAC rate declined year-on-year primarily due to a favorable product mix shift.

總流量獲取成本為 69 億美元，佔總廣告收入的 22%，較去年同期成長 9%。總 TAC 佔廣告總收入的百分比同比下降，反映出收入結構從網路轉向站點的有利轉變以及網路 TAC 率的下降。該網站的 TAC 費率與去年同期持平，因為持續向行動端轉移（行動端具有更高的 TAC）的影響被主要來自 YouTube 的 TAC 免費網站收入的成長所抵消。第一季度，網路 TAC 率年減，主要原因是產品組合有利轉變。

Google stock-based compensation totaled $2.6 billion for the quarter, up 13% year-over-year. Operating income was $9.3 billion, up 11% versus last year, and the operating margin was 25.8%. Accrued CapEx for the quarter was $4.5 billion, reflecting investments in data centers, servers and office facilities.

本季Google股票薪酬總額為 26 億美元，較去年同期成長 13%。營業收入為 93 億美元，較去年同期成長 11%，營業利益率為 25.8%。本季累計資本支出為 45 億美元，反映了對資料中心、伺服器和辦公設施的投資。

Let me now turn to and talk about Other Bets. Revenues were $170 million primarily generated by Fiber and Verily. Operating loss was $868 million. Other Bets accrued CapEx was $59 million. 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. 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. 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.

現在讓我來談談其他賭注。收入為 1.7 億美元，主要來自 Fiber 和 Verily。營業虧損為8.68億美元。其他投注累計資本支出為 5,900 萬美元。最近的主要成就包括：Waymo 最近宣布將擴大在密西根州的業務，在底特律開設一家工廠，這將是第一家專門生產 L4 自動駕駛汽車的工廠。上週，X 內部最初孵化的另外 2 個 Other Bets 也發布了令人興奮的公告。 Loon 宣布與軟銀電信成長部門 HAPSMobile 建立長期策略合作關係，以推進高空飛行器的應用，實現連接，HAPSMobile 將向 Loon 投資 1.25 億美元。Wing 成為第一家獲得美國聯邦航空管理局 (FAA) 航空承運人認證的無人機送貨公司，這是開始在美國開展從當地企業向家庭運送貨物的商業服務的重要一步。

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

最後，請容許我談談對我們的優先事項和長期展望的一些看法。正如我們在上次電話會議上所強調的那樣，本季貨幣波動對我們業績的影響與去年同期相比出現了顯著變化，從 2018 年第一季的巨大順風轉為 2019 年的逆風。由於我們的大部分支出都在美國，因此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，我們預計第二季我們的收入和營業收入將繼續面臨阻力。

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

就我們主要的收入驅動因素而言，就網站收入而言，正如我們上個季度所指出的，廣告產品變化的時間有時會對同比增長率產生影響。我們將繼續做出改變，以用戶和廣告商的長期最佳利益為重點。我們仍然相信，透過持續致力於產品創新，特別是在我們的廣告、產品和資產中利用機器學習，未來將有巨大的機會改善廣告商和用戶體驗。

Turning to the key drivers of growth in other revenues. 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. 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.

轉向其他收入成長的關鍵驅動力。我們對 Google Cloud Platform 的發展勢頭感到滿意，新客戶的成長與現有客戶的擴張均實現了均衡，從而推動了營收成長。就硬體表現而言，雖然第一季的業績反映了高階智慧型手機產業的壓力，但我們對支援助理的家庭設備（特別是 Home Hub 和 Mini 裝置）的持續發展勢頭感到滿意，並期待硬體團隊於 5 月 7 日在 I/O 大會上發佈公告。

Turning to profitability. With regard to Google OpEx, the first quarter results once again reflect our ongoing commitment to investing for the long term. You can see that in R&D, where we continue to invest in technical talent for priority areas like cloud, search and machine learning.

轉向盈利能力。就 Google OpEx 而言，第一季的業績再次反映了我們對長期投資的持續承諾。您可以在研發中看到，我們持續在雲端、搜尋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. 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.

在銷售和行銷方面，第一季的投資速度反映了支出的時間轉變，我們預計這些支出將在第二季回升。在其他投資營運支出方面，我們仍處於這些公司的早期階段，並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. 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. We continue to expect a sizable investment in both compute requirements to support long-term growth as well as in office facilities.

就資本支出而言，年減反映了2018年第一季在紐約購買了一棟建築。正如我們上個季度電話會議上所討論的那樣，雖然我們預計全年資本支出將超過 2018 年，但投資成長率應該會明顯低於 2018 年。我們仍然預計在計算需求方面將有相當大的投資，以支援長期成長以及辦公設施。

In conclusion, we feel confident about the opportunities ahead, and we continue to invest thoughtfully for the long term. I will now turn the call over to Sundar.

總之，我們對未來的機會充滿信心，並將繼續進行長期深思熟慮的投資。現在我將把電話轉給 Sundar。

Thanks, Ruth. It's great to be here with you all. Q1 was a very busy quarter at Google, and it's only going to get busier. 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. You'll hear a lot more from each of these teams throughout May, so I hope you can join us.

謝謝，露絲。很高興來到這裡與大家相聚。第一季是谷歌非常繁忙的一個季度，而且只會變得更加繁忙。本週晚些時候，我們將舉辦 YouTube 的預展活動 Brandcast，下週還將舉辦年度開發者大會 Google I/O，本月晚些時候還將舉辦廣告高峰會 Google Marketing Live。整個五月，您將聽到更多來自各個團隊的消息，所以我希望您能加入我們。

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. You saw this in the transition to mobile computing years ago, and we are seeing that today in the shift to AI. We feel very positive about the enormous opportunities ahead involving Search and Assistant, capturing new ad budgets, cloud computing, AI and other areas.

我們一直是一家注重長遠發展的公司，願意進行投資，幫助我們的企業和客戶的企業在技術的不斷發展下取得成功。幾年前，您在向行動運算的轉變中看到了這一點，而今天我們在向人工智慧的轉變中也看到了這一點。我們對涉及搜尋和助理、獲取新的廣告預算、雲端運算、人工智慧和其他領域的未來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. Today, I will start by talking about our core mission of making information universally accessible and useful. Then, I'll provide an update on our computing video and advertising platforms. And finally, I'll discuss our Hardware and Cloud efforts.

谷歌能夠透過其產品以無數種方式幫助人們、企業和社會，這為我們提供了這些機會。今天，我首先要談談我們的核心使命：讓資訊人人皆可獲取、人人受益。然後，我將提供有關我們的計算影片和廣告平台的最新資訊。最後，我將討論我們的硬體和雲端運算工作。

First, an update in our mission to make information accessible and useful is helping people every day. A big focus for us is building products that are designed to help people in their day-to-day lives. 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. Just tell the Assistant where you want to go and when, and it'll do the rest. 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.

首先，我們不斷更新我們的使命，使資訊易於獲取和使用，這每天都在幫助人們。我們的重點是打造能夠幫助人們日常生活的產品。我們 Google Assistant 中的 Duplex 技術現在可以幫助您在美國 44 個州的所有 Android 和 iOS 裝置上輕鬆預訂您最喜愛的餐廳的餐桌。只需告訴助手您想去哪裡以及何時去，它就會完成剩下的工作。我們也開始在Google地圖中測試 AR 步行導航，它使用擴增實境和手機相機向您顯示您在步行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. 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.

就在上週，我們在美國宣布了改進的求職體驗，幫助人們輕鬆找到高品質的遠距工作，讓他們可以在家工作。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新的商業模式和營運方法，以便他們可以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. We are committed to doing deep research and working to advance this space in a responsible way. 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.

人工智慧正在引領運算的新時代，它更具預測性和輔助性。我們致力於深入研究並以負責任的方式推動這一領域的發展。從搜尋到照片再到 Google Home，人工智慧已深深嵌入我們的產品中，我們也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 年度開發者高峰會上，我們發布了 TensorFlow 2.0，透過 TensorFlow Privacy 等改進，讓建置和使用 ML 變得前所未有的簡單，這有助於訓練具有差異隱私的模型，這意味著用戶的資料得到更好的保護。

Now on to our computing, video on advertising platforms. There's tremendous momentum across the Android ecosystem and our other computing platforms as we head into Google I/O. 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. 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. Today, roughly 70% of entry-level Android devices are now activating with Go like Samsung's J2 Core.

現在開始討論計算、廣告平台上的影片。隨著 Google I/O 的臨近，Android 生態系統和我們的其他運算平台呈現出巨大的發展勢頭。第一季度，我們發布了 Android Q 測試版，它帶來了增強的隱私保護、為開發者提供吸引用戶的新工具等等。Android Go 版本是針對 1GB 或以下智慧型手機優化的 Android 版本，可提供專為入門級智慧型手機優化的強大、快速且安全的體驗。如今，大約 70% 的入門級 Android 設備都使用 Go 激活，就像三星的 J2 Core 一樣。

We are seeing great momentum in Android Auto as well. At the Chicago Auto Show, Toyota announced that it'll include Android Auto in upcoming vehicles starting in 2020. That means all of the top 10 carmakers now support Android Auto.

我們也看到 Android Auto 的發展勢頭強勁。在芝加哥車展上，豐田宣布將從 2020 年開始在即將推出的車型中搭載 Android Auto。這意味著所有十大汽車製造商現在都支援 Android Auto。

And in Google Play, first-time buyers grew by nearly 50% year-over-year. I'm very pleased with how these platforms are growing and creating amazing experiences for users, developers and partners. 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. 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. The reception from gamers in the industry has been incredible, and we look forward to sharing more when it launches later this year.

在 Google Play 中，首次購買者的數量比去年同期增加了近 50%。我很高興看到這些平台不斷發展，並為使用者、開發人員和合作夥伴創造令人驚嘆的體驗。我們最新的平台 Stadia 徹底改變了遊戲玩家存取和玩他們最喜歡的遊戲的方式，並彙集了 Google 最好的基礎設施和開放生態系統方法。借助 Stadia，您將能夠在任何類型的螢幕上立即玩高級 AAA 遊戲，而無需下載遊戲或安裝更新。業內遊戲玩家的反應令人難以置信，我們期待在今年稍後發佈時分享更多資訊。

Next, our video platform, YouTube. YouTube's top priority is responsibility. 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. There are a lot more improvements which we will be rolling out in the next few weeks, and our work is ongoing.

接下來是我們的影片平台YouTube。YouTube 的首要任務是責任。舉個例子，今年早些時候，YouTube 宣布了一些變化，減少了對接近違反我們的準則或以有害方式誤導的內容的推薦。我們將在未來幾週內推出更多改進，我們的工作仍在進行中。

We have also expanded the content offering, availability and the functionality on some of our newer YouTube experiences. YouTube TV is now available nationwide with many new networks and channels added in Q1. YouTube Music and YouTube Premium are now available in 43 countries, up from 5 markets at the start of 2018. In mid-March, we launched YouTube Music in India, one of YouTube's fastest growing markets. Since launch, the YouTube Music app has been downloaded more than 15 million times in the country.

我們也擴展了一些較新的 YouTube 體驗的內容提供、可用性和功能。YouTube TV 現已在全國推出，並在第一季增加了許多新的網路和頻道。YouTube Music 和 YouTube Premium 目前已在 43 個國家推出，而 2018 年初只有 5 個市場。3 月中旬，我們在印度推出了 YouTube Music，印度是 YouTube 成長最快的市場之一。自推出以來，YouTube 音樂應用程式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. 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. This year, viewership of Super Bowl ads on YouTube during the game rose by nearly 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. We do rigorous testing on each of these improvements to ensure that we are creating the best experience for users and advertisers. Our focus has always been on investing for the long term rather than managing for results quarter-to-quarter.

YouTube 的品牌和直接回應活動的廣告業務持續成長並支持我們的創作者。在第一季度，我們再次看到 YouTube 成為超級盃比賽前、比賽中和比賽後觀看廣告的首選目的地。今年，超級盃比賽期間 YouTube 上廣告的觀看量增加了近 60%。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行銷人員打造新產品，每季推出 100 多項增強功能。我們對每項改進都進行了嚴格的測試，以確保為用戶和廣告商創造最佳體驗。我們的重點始終是長期投資，而不是逐季管理績效。

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

我對未來的機會和我們為行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推動的。Philipp 和我們的業務團隊在幫助廣告主充分利用這些新功能方面做得非常出色。例如，我們超過 70% 的廣告客戶已經在 Google Ads 中使用自動出價策略，這些由 ML 驅動的技術可協助客戶獲得更好的投資回報。

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

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，以便品牌可以在贊助圖片結果中突出顯示多種可供銷售的產品。您還看到，我們透過行動裝置、桌上型裝置和 Google Home 裝置上的通用購物車，讓人們更輕鬆地在 Google Assistant 和搜尋上購物時購買產品並採取行動。自從我們一年前推出這些功能以來，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“互動應用程式廣告系列”，它可以幫助開發者透過 Google 旗下產品上的相關廣告重新吸引玩家。

Next, I'll give an update on our Hardware and Cloud efforts. First, Hardware. I'm very proud that in only a few short years, we have built a strong foundation in Hardware. For example, demand for our Google Home family of products remains strong, especially the Home Mini and 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. 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.

接下來，我將介紹我們的硬體和雲端運算工作的最新進展。首先，硬體。我非常自豪，在短短幾年內，我們在硬體領域建立了堅實的基礎。例如，我們的 Google Home 系列產品的需求仍然強勁，尤其是 Home Mini 和 Home Hub。我們的 Pixel、Nest 和 Home 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。團隊還做了大量工作來擴大我們的業務，我們將繼續優化我們的分銷、品牌和接入點。

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

我們也宣佈在台灣建立新的園區和工程中心，主要是為了支援我們的硬體工作。Night Sight 和 Pixel 等功能不僅贏得了行業獎項，而且淨推薦值還告訴我們，許多使用我們硬體產品的人都非常喜歡它們，這在我們進入新計算時代時尤其重要。我們的硬體之旅才剛開始，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. Thomas has really hit the ground running. 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. As I said at Next, moving to the Cloud should be simple and seamless. I was excited to announce Anthos, which gives customers a very elegant solution to both hybrid Cloud and multicloud in a single technology stack.

最後，我們的雲端業務正在不斷發展。托馬斯確實已經開始行動了。就在幾週前，我和他一起參加了我們的 Cloud Next 活動，當時的門票銷售一空，超過 30,000 名與會者。正如我在 Next 中所說，遷移到雲端應該是簡單且無縫的。我很高興地宣布推出 Anthos，它為客戶提供了單一技術堆疊中混合雲和多雲的非常優雅的解決方案。

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

來自分析師、客戶和合作夥伴的早期回饋非常好。我們也宣布了許多其他產品的創新，使開發人員能夠建置和部署人工智慧，幫助企業更好地保護其數據，允許 Android 用戶利用他們的手機作為安全金鑰等等。我們也致力於成為企業客戶最以客戶為中心的雲端供應商，並透過新的合約、定價等方式使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. 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.

如今，全球 10 家最大的媒體公司中有 9 家、10 家最大的零售商中有 7 家以及製造業、金融服務業、通訊業和軟體業 10 家最大的公司中有一半以上都在使用 Google Cloud。我們在 Next 上宣布的公司包括醫療保健領域的美國癌症協會和麥克森公司、《今日美國》和維亞康姆等媒體和娛樂公司、聯合利華等消費包裝商品品牌、三星和 UPS 等製造和工業公司以及澳大利亞郵政等公共部門組織。

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

最後，為了支持客戶的成長，我們也宣佈在首爾和鹽湖城增加 2 個新的雲端區域，計劃於 2020 年開放。這些新的雲端區域將以我們目前在全球 19 個雲端區域和 58 個資料中心為基礎。

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

20 年來，Google擁有超過 10 萬名員工，我為Google團隊每天所做的工作感到無比自豪。我們面前有如此多的光明機遇，而要抓住這些機遇，首先要對我們在世界各地以及國內開展業務的社區進行投資。在美國，我們不僅在全國擴大勞動力，而且還幫助每個州的人們獲得在當今經濟中取得成功所需的數位技能。

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. 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. 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.

事實上，在我們與 Goodwill 開始合作僅僅一年後，就有 25 萬美國人學習了新的數位技能，27,000 人找到了工作。我們也深感責任重大，確保在發展業務的同時，將對環境的影響降到最低。如今，Google 資料中心的能耗比一般資料中心低 50%，而運算能力卻比 5 年前高 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. I've never been more excited about Google and where we are headed. I want to thank every Googler around the world for joining us on that journey.

自 2017 年以來，我們已透過購買再生能源來滿足 100% 的營運用電量，我很自豪谷歌是世界上最大的再生能源企業買家。我從未對谷歌和我們的發展方向感到如此興奮。我要感謝全世界每一位與我們一起踏上這趟旅程的Google員工。

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

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 a couple of parts on the revenue performance in the quarter. Ruth, you'd called out potential volatility on the Q4 earnings call. 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. 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. So could it be desktop search where we actually saw some weakness in the quarter?

也許是本季營收表現的幾個部分。露絲，你在第四季財報電話會議上提到了潛在的波動。想了解您在第四季度所呼籲的內容，以及這些內容在第一季度的產品方面可能如何體現，這樣我們就可以更好地了解其中有多少是孤立於第一季度的，或者它可能會成為我們全年發展的阻力。當您查看網站、桌面、行動搜尋、YouTube 內部廣告部門的單獨表現時，似乎您仍在強調行動搜尋和 YouTube 的優勢。那麼，我們在本季是否確實看到了桌面搜尋方面的一些疲軟？

Sure. Thanks, Eric. So I tried to step back and start at the highest level. 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. 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. Beyond that, I tried to draw out that the year-on-year growth rate in part reflects our strong 2018. 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. And we make changes with a focus on the best interest of users and advertisers.

當然。謝謝，埃里克。所以我嘗試退一步，從最高水平開始。顯然，按照報告的 GAAP 計算，第一季的營收成長反映了我們之前談到的外匯逆風，與去年的順風形成鮮明對比。如您所知，我們不會以固定匯率為基礎報告網站收入，但 Alphabet 層面的固定成長率和浮動成長率之間的差異可以很好地衡量對網站收入的影響。除此之外，我想指出的是，年成長率在某種程度上反映了我們 2018 年的強勁表現。然後回答您的問題，正如我們上個季度所指出的，另一件事是廣告中產品變化的時機會影響同比增長率。我們所做的改變都以使用者和廣告商的最大利益為中心。

Over the long term, we do not manage by quarter, so we are introducing enhancements only after product testing. And that was -- it's sort of the overarching color that I was trying to give you. And in terms of desktop, it was a modest contributor to revenue growth. It does remain an important form factor for certain more complex tasks such as planning vacations or assessing insurance options. 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. So I led with the items that are really driving the growth, but that was a bit more color on desktop for you.

從長遠來看，我們不會按季度進行管理，因此我們只會在產品測試之後才推出增強功能。這就是——我想給你的整體色彩。就桌面而言，它對收入成長的貢獻很小。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。正如我們在之前的電話會議中談到的那樣，儘管行動裝置的實用性日益增強，但我們仍然看到桌面對於許多用戶和許多任務仍然具有重要意義。因此，我首先介紹了真正推動成長的項目，但這對您來說在桌面上顯得更加豐富多彩。

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. Just following up on Eric's on the revenue growth. 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. So that's just a comp issue or something more specific? 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. I know you talked about both CapEx moderating and also headcount moderating 3 months ago. 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.

所以有兩個問題。只是跟進 Eric 的收入成長。露絲，您能否向我們詳細介紹一下付費點擊的成長？我們看到付費點擊的成長速度從去年的 50% 到 60% 下降到了 39%。那麼這只是補償問題還是更具體的問題呢？然後就支出方面而言，我想進一步了解您相對於 3 個月前的支出情況。我知道您三個月前就談到了資本支出調節和員工人數調節。我只是好奇，至少員工總數是否仍然符合你的想法，因為看起來在新的雲端運算執行長的領導下，預計會有相當大的成長。

Okay. So starting with clicks and CPCs. 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. 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.

好的。因此從點擊次數和每次點擊費用開始。正如我們在先前的電話會議中討論過的，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。因此，儘管 YouTube 點擊量在第一季繼續大幅成長，但與去年第一季的強勁成長相比，YouTube 點擊量的成長速度有所放緩，這反映了我們在 2018 年初所做的改變，我們認為這些改變總體上增強了用戶和廣告商的體驗。

And then in terms of your 2 spending -- the investment questions. 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. And as I indicated in opening comments, we are continuing to invest in technical talent for priority areas like Cloud, search and ML. 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.

然後關於您的 2 項支出——投資問題。在員工人數方面，首先，我們確實繼續預期 2019 年的成長率將比 2018 年的年成長略有放緩。正如我在開場白中提到的，我們將繼續投資雲端運算、搜尋和機器學習等優先領域的技術人才。因此，雲端運算一直是並將繼續是員工數量成長的主要領域，正如托馬斯所指出的，我認為桑達爾也是如此。

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. The first quarter last year obviously included a sizable real estate acquisition in New York. But overall, we continue to invest meaningfully in our technical infrastructure given our outlook for compute requirements to support long-term growth. Technical infrastructure is the biggest driver of CapEx growth, but we do also continue to invest in office facilities. 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. 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. 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.

就資本支出而言，我想，只是為了回答你問題的最後一部分，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 年的同比增長相比將大幅放緩，我們對今年的預期也沒有變化。去年第一季顯然包括在紐約進行的一筆大規模房地產收購。但總體而言，考慮到我們對支援長期成長的運算需求的展望，我們將繼續對我們的技術基礎設施進行有意義的投資。技術基礎設施是資本支出成長的最大驅動力，但我們也持續投資辦公室設施。事實上，正如我們在第一季宣布的那樣，我們預計 2019 年僅在美國的資料中心建設和辦公室的資本支出將超過 130 億美元，並在 14 個州進行大規模擴建。更普遍地說，雖然我們正在積極投資以支持我們對計算需求的前景，但我們也非常注重提高技術基礎設施的效率。您可以透過我們在客製化伺服器硬體和 TPU 等方面的創新看到這一點，這些創新可以更具成本效益，尤其是對於機器學習工作負載而言。

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. You guys are obviously talking more and more about it. 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? And then, I guess, a couple follow-ups to that are what would you say the biggest competitive differentiators are of GCP. And what also -- what changes has Thomas implemented for 2019? What are any of the big changes he's focused on that maybe are different than what you were doing before?

Sundar，我有一個關於雲端的問題。你們顯然越來越多地談論這個話題。但是，您認為什麼時候才能與其他人分享類似的收入數據或成長率呢？然後，我想，接下來的幾個問題是，您認為 GCP 最大的競爭優勢是什麼。還有──湯瑪斯在 2019 年實施了哪些變革？他所關注的重大變化有哪些可能與您以前所做的不同？

Thanks, Heather. Good question. Overall, I would say I think you saw it -- saw the momentum coming out of Next. 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. 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. And finally, as customers think about digital transformations, we bring all of Google's advances to bear to help them through the journey.

謝謝，希瑟。好問題。總的來說，我想你看到了——看到了 Next 的勢頭。我想說，從高層次來看，我們關注的關鍵差異化因素以及我們從客戶那裡聽到的 5 個關鍵因素是安全性和可靠性，對混合多雲持真正開放態度的客戶不想被鎖定在任何一家雲端提供者上。我們希望成為一個開源平台，因此我們在啟用選項、AI、ML 等功能方面做得非常出色。最後，當客戶考慮數位轉型時，我們會利用 Google 的所有進步來幫助他們完成這趟旅程。

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. I'm incredibly excited that we just announced a couple of weeks ago that [Robbins Linness] joined us to head go-to-market. And just along with Thomas, both of them bring close to 3 decades of serving enterprise customers. And so that reflects the commitment we have. 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.

我想說的是，托馬斯確實在堅實的基礎上不斷發展，但我們確實在加速和擴大內部和透過通路合作夥伴進入市場，這是我們關注的重點。我非常高興，我們幾週前剛宣布 [Robbins Linness] 加入我們並負責行銷。和湯瑪斯一樣，他們兩人都有近 30 年的企業客戶服務經驗。這體現了我們的承諾。我認為我們正在所有垂直領域建立強大的業務，我們確實看到了強勁的發展勢頭，並期待能夠在適當的時候分享更多資訊。

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. 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. 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. And then on Waymo, maybe for Sundar. We're hearing more and more about collaborations between ride-sharing networks and AV providers. 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?

我有 2 個，1 個給 Ruth，1 個給 Sundar。我們注意到，本季包括行動搜尋成本在內的 TAC 屬性的成長放緩幅度大於預期，而其他收入成本（包括 YouTube 內容成本）似乎保持了預期的成長率，儘管您說硬體方面的轉變較為溫和。所以我只是想知道這是否是一種明智的方法，可以根據本季的成本線推斷行動搜尋收入與 YouTube 的相對錶現。然後是 Waymo，也許對 Sundar 來說。我們聽到越來越多有關共乘網路和 AV 提供者之間合作的消息。因此，混合車隊或部分人力、部分 AV 的想法是部署 AV 技術的潛在方式，那麼您能否評論一下，您認為 Waymo 會考慮混合車隊方式，而不是自己的全程服務網絡？

So in terms of the Sites TAC rate, a couple of things. We've discussed this previous -- on previous calls. We have expected the year-on-year growth in the TAC rate would begin to slow starting in the second quarter last year. And you saw that through the balance of 2018. 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. And so that's the most important thing to point to. 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. So I'd really point you to the first point there.

因此，就站點 TAC 率而言，有幾件事。我們在之前的電話會議中討論過這個問題。我們預計TAC率的年增率將從去年第二季開始放緩。您在 2018 年剩餘的時間裡就看到了這一點。本季度，與去年相比，固定 TAC 率反映了行動業務的持續成長，但也受益於 YouTube 的成長，其相關內容和成本包含在其他銷售成本中。這是需要指出的最重要的事情。另一個是——我們之前討論過，TAC 佔收入的百分比也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。因此我真正想向你指出第一點。

And then as it relates to Waymo, I guess a couple of things. We continue to be most focused on the ride-sharing business here. We're pleased with the expansion in the number of Waymo riders that we've added since the last quarter. 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. 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. And our view is that, that can provide further operating leverage to our business. 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.

然後，關於與 Waymo 的關係，我想有幾件事。我們繼續將重點放在這裡的共乘業務。我們很高興看到自上個季度以來 Waymo 乘客數量的增加。但正如我們在先前的電話會議中談到的那樣，我們確實在繼續尋求許多其他機會，例如長途貨運、物流、配送、個人用車、城市最後一英里解決方案，以及您提出的更多問題，即授權我們的技術。我們在三月確實宣布過，我們將向自動駕駛汽車服務以外的公司提供我們的一款 3D LiDAR 感測器，首先是機器人和物理安全領域，換句話說，就是用於倉庫或農業。我們認為，這可以為我們的業務提供進一步的經營槓桿。因此，我們實際上正在從多個不同角度看待這個問題，但主要重點仍然放在發展叫車業務上。

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. How are your conversations with some of the larger PC and console publishers going right now? You obviously offered them additional distribution outlet with billions of users, which is something that they probably didn't have before. But what is the pushback that you might be getting from publishers, if any?

所以 Sundar，我想跟進你對 Stadia 的評論。您目前與一些大型 PC 和遊戲機發行商的對話進度如何？您顯然為他們提供了擁有數十億用戶的額外分銷管道，這可能是他們以前所沒有的。但是，您可能會從出版商那裡得到什麼阻力？

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. 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. 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. But I think not pushback per se, but they want to see our commitment, which is what we demonstrate. And they are working hard to make the investments on their side. And so it's a big joint effort, and it's working well.

我認為他們真誠地——我們看到的主要事情是真誠的興奮，因為我認為他們看到了轉變的機會，一個轉折點，但他們意識到完成這樣的事情的技術挑戰，所以——但是一旦他們掌握了技術，然後他們看到了經驗，我認為，它真的會贏得人們的青睞。因此，我們正在進行全方位的對話，我認為人們肯定以非常投入的方式參與其中，並且正在為此投入資金。因此，我們需要將所有這些整合在一起，並在今年稍後推出一項[耦合]服務，而這正是我們的團隊正在努力實現的目標。但我認為這本身並不是反擊，而是他們想看到我們的承諾，而這正是我們所展現的。他們正在努力進行投資。所以這是一個巨大的共同努力，而且效果很好。

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萊恩·諾瓦克。

I have 2. The first one, let's go back to the product changes. Ruth, any more color on sort of which products or regions are most impacted by these changes? 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? And then, Sundar, just go to your comments about YouTube. You mentioned more potential changes coming on YouTube in the next couple of weeks. Can you just talk to us about that a little bit?

我有 2 個。第一個，讓我們回到產品變化。露絲，您能詳細說明哪些產品或地區受這些變化的影響最大嗎？為了讓我們能夠稍微理解一下，您能否幫助我們解決您試圖解決的關鍵用戶體驗問題，並向您的廣告客戶傳達一些訊息，他們現在可能正在減少支出，但為什麼這對長期來說是有利的？然後，Sundar，請談談你對 YouTube 的評論。您提到未來幾週 YouTube 可能會發生更多變化。您能跟我們簡單談談這件事嗎？

Maybe I'll start with the YouTube comments. 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. 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.

也許我應該從 YouTube 評論開始。我談到，在內容責任方面，我們絕對專注於確保我們不斷改進處理方式，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，我們推薦的是高品質內容，並減少推薦的有害內容或低品質內容。我認為我們已經推出了一系列發布功能，但我認為還會有更多發布功能，這將持續改善您在 YouTube 上看到的內容，並繼續成為他們關注的最重要領域。

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. 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. We don't necessarily look at it from a quarter-on-quarter basis, though we obviously have had consistent performances. We approach our work differently, and so you are going to have quarter-to-quarter variations once in a while. But we remain confident about the opportunities we see. And I'm looking ahead to that, and we are focused on that.

關於產品方面的第一個問題，我認為我們——我想當您談到產品變化時，您談論的是廣告體驗。我認為我要說的主要一點是，我的意思是，我們不會——我認為我們對我們想要去的地方有一個長期的思考方式，我們有一個嚴謹的框架來思考和改進我們的產品。儘管我們的表現顯然一直很穩定，但我們不一定從季度環比的角度來看這個問題。我們採用不同的方式來處理工作，因此偶爾會遇到季度間差異。但我們對於所看到的機會仍然充滿信心。我對此充滿期待，我們也將專注於此。

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, you'd reminded us how April and May are pretty big months for the company with a series of your large annual events. And of course, each of them -- each of those businesses have their own goals and targets. 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. 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? And then second and kind of completely differently, would love to just hear your updated views on data collection and use. I'm sure you've continued to have some dialogue with politicians and regulators. We've seen some reports on more potential changes in Chrome or within the advertising platform. 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.

Sundar，您提醒了我們，四月和五月對公司來說是非常重要的月份，因為公司將舉辦一系列大型年度活動。當然，每個企業都有自己的目標和指標。但我們也聽到——繼續聽到更多關於你們團隊合作的消息，例如，大規模的雲端運算參與導致企業廣告支出增加。您能否向我們簡單介紹一下，如何在讓領導者發展自己的事業的同時，激勵他們共同努力？第二，也是完全不同的一點，我很想聽聽您對資料收集和使用的最新看法。我相信您一直在與政界人士和監管者進行對話。我們看到了一些關於 Chrome 或廣告平台內部更多潛在變化的報導。我很想聽聽您最近的討論是如何看待資料收集和使用方面的政策的近期和長期觀點的。

Thanks. And I mean you're right. These are a couple of very busy months, and it's particularly busy leading up to I/O. 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. And we do write cross-company OKRs, and it really reinforces ways by which different groups can work together. And we measure them and we will hold people accountable to that. 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. Second, as a leadership attribute, it's something that's really important to me. And so it's something that the leaders across the table share that goal, and I think it's largely cultural as well.

謝謝。我的意思是你是對的。這幾個月非常忙碌，尤其是在 I/O 即將到來之際。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、非常投入地對待我們的 OKR 流程。我們確實編寫了跨公司的 OKR，它確實強化了不同團隊合作的方式。我們會對它們進行衡量，並要求人們為此負責。這是我們與企業合作的一個重要部分，當他們專注於自己的產品領域和業務時，他們需要共同努力。其次，作為一種領導特質，這對我來說非常重要。因此，這是與會領導人共同的目標，我認為這在很大程度上也是文化因素。

Vis-à-vis, privacy, and it's actually one of our most important areas. As a company, we've always tried to stay a step ahead. User expectations around privacy are constantly evolving, and we stretch ourselves to meet them. 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. And as part of that, we'll have more changes through the course of this year, be it 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.

就隱私而言，它實際上是我們最重要的領域之一。作為一家公司，我們始終努力保持領先地位。用戶對隱私的期望不斷發展，我們竭盡全力滿足這些期望。作為今年計劃的一部分，我們將繼續進行大量工作，總體目標是確保每個人都能享有隱私，並且使用起來非常簡單。作為其中的一部分，我們今年將推出更多變化，包括 Chrome。Chrome 致力於確保其在隱私和安全方面處於領先地位，並且我們始終將使用者體驗放在首位並貫徹始終。

Through all these changes, we need to be mindful of the content ecosystem and the publisher ecosystem. Advertising continues to be an important way by which they create value and they see value. And so we are very thoughtful about how we approach our work.

在所有這些變化中，我們需要關注內容生態系統和出版商生態系統。廣告仍然是他們創造價值和看到價值的重要方式。因此，我們非常認真地考慮如何開展工作。

And there's been a lot of interest across the board. 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. 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. And so we have called for it and happy to be thought leaders as well as engage where needed.

各界對此都表現出濃厚的興趣。我認為我們很早就參與了 GDPR，他們在建設性和提前做好準備方面給予了大力支持。我認為美國的支持很重要——在聯邦基礎上建立明確的隱私監管框架，我們也認為這是及時的。因此，我們呼籲這樣做，並很高興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貝爾德公司的科林·塞巴斯蒂安。

I have a couple. First one, follow-up on the revenue growth dynamics, specifically the sequential growth trend. 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. And Sundar, question on AI and machine learning. 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? And whether we should expect the overall pace of advancement from AI to accelerate in terms of products and services?

我有一對。第一，追蹤收入成長動態，特別是連續成長趨勢。我想知道，鑑於購物和產品廣告形式的混合日益增多，我們現在是否應該假設核心搜尋的季節性更強。Sundar，關於人工智慧和機器學習的問題。顯然，這仍然是公司的一個強大優勢領域，我想知道您認為這些凳子目前處於哪個發展階段？我們是否應該期待人工智慧在產品和服務方面的整體進步步伐加快？

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. There are a few patterns, which are consistent year-on-year, but there are always one-off events, which happen. 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. There's definitely seasonality in businesses like Hardware, and that you are right. Commercial behavior has seasonality associated with it. But we do deal a lot with one-off events as well and -- but we always work our way through it.

關於季節性和其他問題的第一個問題，我的意思是，我們——在一年的時間裡，我們總是處理許多事件，沒有模式。有一些模式是逐年一致的，但總會有一次性事件發生。因此存在著內在的變化，我們每季都會進行研究，所以我認為這是我們工作的一個自然組成部分。硬體等行業肯定存在季節性，這是正確的。商業行為具有季節性。但我們也確實處理了很多一次性事件，而且我們總是會想辦法解決。

On machine learning, I do think we are at very early days. 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. And that's true for advertising as well. 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. But there is a lot of headroom here.

對於機器學習，我確實認為我們還處於早期階段。我很高興，在過去 3 年裡，我們採取了人工智慧優先的方法，真正將機器學習核心融入我們的產品中，使我們的用戶受益。對於廣告來說也是如此。我認為我們正處於讓企業更容易了解他們正在尋找什麼的早期階段，我們正在處理越來越多的工作，而且我們正在全面開展這項工作。但這裡還有很大的發展空間。

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 (Justin Post)。

Maybe one for Ruth and one for Sundar. First, Ruth, on mobile search, can you let us know how that did versus your expectations? I know there's a lot of noise from YouTube in that line. But how's mobile search doing? And what are the key drivers now for mobile search? Is it queries? Is it driving higher click-through rates, ad format changes? What are the drivers as you think about the next couple years? 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. Really just help us understand how that Hardware business is important to Google and how you're thinking about it long term.

也許一個是給露絲的，一個是給桑達爾的。首先，露絲，關於移動搜索，您能否告訴我們它與您的預期相比表現如何？我知道 YouTube 上對此有很多討論。但行動搜尋表現如何？目前行動搜尋的主要驅動因素是什麼？是查詢嗎？它是否會推動更高的點擊率和廣告格式的改變？您認為未來幾年的驅動因素是什麼？然後，Sundar，您能否——關於硬體業務，我認為有人擔心它並沒有走上真正強勁的發展軌跡，這與微軟 10 年前的情況有些相似。實際上只是幫助我們了解硬體業務對Google的重要性以及您對此的長期考慮。

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

因此，就行動搜尋和更廣泛的網站收入而言，我認為主要的一點是——我們都試圖在開場白中表明，我們認為廣告機會非常重要，特別是機器學習為用戶和廣告商帶來的機遇，以及我們對產品創新的承諾，以及在近一半美國廣告預算仍然用於線下、約 90% 美國商業仍然用於線下的環境背景下。我們專注於讓數位技術在其中發揮更大的作用，並透過提供有吸引力的投資回報率來利用其他行銷預算。

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. 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. Brand advertising is still the largest part of the business. It's growing at a strong pace, but we called out direct response given what we see as the upside potential.

除了人們在數位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標準、更好的廣告投放、更好的用戶體驗都有助於生態系統中每個人的利益成長。然後，從 YouTube 更廣泛的角度來看，正如我們上個季度所討論的那樣，我們確實繼續看到直接反應的顯著增長，並且我們仍然對其上行潛力感到興奮。品牌廣告仍然是業務的最大組成部分。它正在以強勁的速度成長，但考慮到我們所看到的上行潛力，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. 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. And so overall, we view this as a hugely important opportunity.

賈斯汀，關於硬體業務，正如我之前所說，我們仍處於起步階段，但我們的承諾非常堅定。我們確實認為這對於推動未來計算的發展以及確保我們的服務以我們期望的方式呈現給用戶至關重要。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. We see strong momentum. I think we are market leaders in the category and especially when you take a look at it on a global basis. And so for -- computing will continue to evolve even beyond phones. And so we want to make sure we are in there, and we are very committed to it for the long term.

當我們審視業務時，即使考慮到我們進入該領域的時間較短，我們已經——如果你考慮 Google Home 和 Assistant 產品等領域，我們做得非常好。我們看到了強勁的勢頭。我認為我們是該領域的市場領導者，尤其是從全球角度來看。因此，計算將繼續發展，甚至超越手機。因此，我們希望確保我們能夠做到這一點，並且我們非常致力於長期發展。

Our phones, definitely across as an industry, I think they are working through a phase where there is definite year-on-year headwinds. But I do think -- especially the ecosystem is constantly pushing it forward. 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. So I do think there is a lot more to come, and we are focused on it. 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.

我認為，我們的手機產業正處於一個明顯面臨同比不利因素的階段。但我確實認為——尤其是生態系統正在不斷推動它向前發展。我繼續對創新速度、即將到來的 5G 或可折疊手機的早期發展感到興奮，Android 在推動這些方面發揮了重要作用。所以我確實認為未來還會有更多事情發生，而且我們正專注於此。當我看到產品品質、產品改進、用戶在淨推薦值方面的回饋、我們正在開發的產品系列以及我們的產品如何逐年改進時，我仍然感到非常興奮。

And our next question comes from Ross Sandler of Barclays.

我們的下一個問題來自巴克萊銀行的羅斯·桑德勒。

I guess I'll just beat the dead horse on the deceleration comment again but maybe a different way, Ruth. So why did Europe and U.S. -- Europe ex FX and U.S. growth rates drop off much more than Asia and then other? Any comment on why the decel was more pronounced in Western markets? 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. 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?

我想我還是會再次重複關於減速的評論，但也許是用不同的方式，露絲。那麼，為什麼歐洲和美國（不包括外匯和美國的歐洲）的成長率比亞洲和其他地區的下降幅度更大呢？您能解釋一下為什麼西方市場的減速更明顯嗎？回顧一下，我們在第一季看到數位廣告行業總體上實現了相當穩健的增長率，而且您在二月份就已經多次提到這一點，所以顯然這對您來說並不意外。但是，Sites ex FX 的減速在多大程度上可能是由於這些市場中的廣告商需求問題，還是你們在產品方面所做的主動改變？

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. The -- I think the -- you had the U.S. -- U.S. and Europe had about the same delta year-on-year. Other Americas was more pronounced. That was really more of the impact of Hardware. 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. We're well positioned, growth throughout the region. 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.

因此，就地區而言，同比增長率反映了我對第一季產品的評論。我認為，美國和歐洲的年比增幅大致相同。其他美洲國家的情況更為明顯。這實際上更多的是硬體的影響。然後我想也許這就是你提出的問題的引導因素，亞太地區繼續表現強勁，繼續實現 30% 以上的增長，或者我認為在固定匯率基礎上實現 31% 的增長。我們處於有利地位，正在整個地區實現成長。Sundar 對我們所看到的一些事情發表了評論，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. And as we said earlier, we work through a set of product development pipeline in a very disciplined way focused on user experience. And that makes its way, too, and that's how we approach it.

對於您問題的最後一部分，我認為不存在任何需求問題。正如我們之前所說，我們以非常規範的方式完成了一系列產品開發流程，並專注於使用者體驗。這也是可行的，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.

我們的下一個問題也是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?

我只是想跟進一下關於歐洲、中東和非洲地區以及美國的最後一個問題。在銷售人員或如何設定配額方面，是否有任何市場變化，或者任何可能實際上是第一季季節性問題並可能在第二季度出現反彈的問題？

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. I would say more broadly overall in terms of go to market, our long-term investment thesis remains unchanged. We're excited about the opportunities ahead. We do continue to invest to ensure we remain well positioned for the long term. That applies across the businesses. And so there wasn't a change that anything other than the comments that I had made. 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. 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. We do expect a pickup in marketing expense in the second quarter, and other than that, really nothing to comment on.

在開場發言中，我說過，其中一點是，我們去年表現強勁，我們希望今年的表現能與去年相符。我想說的是，從更廣泛的角度來看，整體而言，我們的長期投資理念保持不變。我們對未來的機會感到興奮。我們確實會繼續投資，以確保我們長期保持有利地位。這適用於所有企業。因此，除了我所發表的評論之外，沒有任何改變。我想如果我可以擴大投資步伐的話，當我們正在關注全球投資和支持成長的步伐時，我們真正關注的是支持長期收入和獲利成長所需的條件。正如我在開場白中指出的那樣，營業利潤率確實受益於第一季行銷費用成長放緩的事實，但這是一個時機問題。我們確實預計第二季行銷費用會增加，除此之外，真的沒有什麼好評論的。

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 second quarter call. Thank you, and have a good afternoon.

感謝大家今天加入我們。我們期待在第二季電話會議上再次與您交談。謝謝，祝您下午愉快。

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。